Rubicon Technologies Inc (RBT) 2023 Q4 法說會逐字稿

Good afternoon, and welcome to Rubicon Technologies fourth-quarter and full year 2023 earnings call. My name is Jeannie, and I'll be your operator for today's call. As a reminder, this conference call is being recorded. (Operator Instruction)

下午好，歡迎參加 Rubicon Technologies 第四季和 2023 年全年財報電話會議。我叫珍妮，我是今天電話的接線生。謹此提醒，本次電話會議正在錄音中。（操作員說明）

Thank you. It is now my pleasure to introduce Chris Spooner, Executive Vice President of Finance. You may begin.

謝謝。現在我很高興向大家介紹財務執行副總裁 Chris Spooner。你可以開始了。

Thank you. Hello, everyone, and welcome to Rubicon's fourth-quarter and full year 2023 earnings call. A few quick reminders before we begin. This call is being webcast and can be accessed on the Investors section of our website, which can be found at investors.rubicon.com. Today, we will present Rubicon's financial results for the fourth quarter and full year of 2023, which will be followed by a question-and-answer session.

謝謝。大家好，歡迎參加 Rubicon 的第四季和 2023 年全年財報電話會議。在我們開始之前有一些快速提醒。本次電話會議正在進行網路直播，您可以在我們網站的投資者部分訪問，該部分的網址為investors.rubicon.com。今天，我們將介紹 Rubicon 2023 年第四季和全年的財務業績，隨後將進行問答環節。

During the call, management will be making forward-looking statements that are subject to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. These statements are not guarantees of future performance, and our actual results may differ materially due to known and unknown risks and uncertainties as discussed in greater detail in our earnings release and our SEC filings. We assume no obligation to update forward-looking statements, except as required by law.

在電話會議期間，管理階層將做出前瞻性聲明，這些聲明受到 1995 年《私人證券訴訟改革法案》安全港條款的約束。這些聲明並不是對未來業績的保證，由於已知和未知的風險和不確定性，我們的實際結果可能會存在重大差異，正如我們的收益發布和美國證券交易委員會文件中更詳細討論的那樣。除法律要求外，我們不承擔更新前瞻性聲明的義務。

Additionally, we will refer to non-GAAP financial measures during our call today, including, but not limited to, adjusted gross profit and adjusted EBITDA. We provide these non-GAAP results for informational purposes, and they should not be considered in isolation from the most directly comparable GAAP measures. A discussion of why we believe these non-GAAP measures are useful to investors, certain limitations of using these measures, and reconciliations to the most directly comparable GAAP measure can be found in our earnings release and our filings with the SEC.

此外，我們將在今天的電話會議中提及非公認會計準則財務指標，包括但不限於調整後毛利和調整後 EBITDA。我們提供這些非 GAAP 結果僅供參考，不應將它們與最直接可比較的 GAAP 指標分開考慮。關於為什麼我們認為這些非公認會計原則措施對投資者有用、使用這些措施的某些限制以及與最直接可比較的公認會計原則措施的調節的討論，可以在我們的收益報告和向美國證券交易委員會提交的文件中找到。

Joining me on the call today are Phil Rodoni, Rubicon's Chief Executive Officer; and Kevin Schubert, Rubicon's President and Chief Financial Officer. With that, I would like to turn the call over to Phil.

今天和我一起參加電話會議的是 Rubicon 執行長 Phil Rodoni； Rubicon 總裁兼財務長 Kevin Schubert。有了這個，我想把電話轉給菲爾。

Thank you, Chris, and thank you to everyone for joining us today. Last year was transformational for Rubicon. Our goals for the year were to materially improve our operational performance and strengthen our financial position, and I am proud to say that we accomplished both strategic objectives while achieving record financial performance and continuing to deliver better environmental outcomes for our customers.

謝謝克里斯，也謝謝大家今天加入我們。去年對 Rubicon 來說是變革性的一年。我們今年的目標是大幅改善我們的營運績效並加強我們的財務狀況，我很自豪地說，我們實現了這兩個策略目標，同時實現了創紀錄的財務業績，並繼續為我們的客戶提供更好的環境成果。

In the fourth quarter, we continued to grow adjusted gross profit with an increase of 37% year-over-year and expanded adjusted gross profit margin by 264 basis points. Adjusted EBITDA also improved by $17 million year over year to a loss of $437,000, an improvement of 98% from the fourth quarter of 2022. In addition, it is worth noting that the adjusted EBITDA figure includes approximately $3.8 million of noncash operating expenses.

第四季度，我們調整後毛利持續成長，年增37%，調整後毛利率擴大264個基點。調整後 EBITDA 也較去年同期增加 1,700 萬美元，虧損 43.7 萬美元，較 2022 年第四季減少 98%。此外，值得注意的是，調整後的 EBITDA 數字包括約 380 萬美元的非現金營運費用。

Core to our success in 2023 was a successful completion of a number of key finance measures that included recapitalizing our debt, closing a new term loan, expanding our revolver capacity, and securing additional financing. The completion of these tasks gave us the financial flexibility we needed and improved our liquidity position. Full details of those actions can be found in our Q3 2023 filings.

我們在 2023 年取得成功的核心是成功完成了多項關鍵財務措施，包括調整我們的債務資本、結束新的定期貸款、擴大我們的左輪產能以及確保額外融資。這些任務的完成為我們提供了所需的財務靈活性，並改善了我們的流動性狀況。這些行動的完整細節可以在我們的 2023 年第三季文件中找到。

Operating efficiently was also a key focus in 2023, and we achieved a $55 million annualized expense reduction. While managing this company-wide shift and against the backdrop of economic challenges, we drove a 37% growth in adjusted gross profit year over year in the fourth quarter, and we not only met but exceeded our goal of achieving a double-digit adjusted gross profit margin, accomplishing this goal ahead of schedule. The net result of these optimizing actions was a 91% year-over-year improvement in the full-year gross profit.

高效營運也是 2023 年的重點，我們實現了年化費用削減 5,500 萬美元。在應對這一全公司範圍的轉變的同時，在經濟挑戰的背景下，我們第四季度的調整後毛利同比增長了37%，我們不僅達到了甚至超過了實現兩位數調整後毛利潤的目標利潤率，提前完成此目標。這些優化措施的最終結果是全年毛利年增了 91%。

Amidst all these strategic moves, we remain committed to sustainability. We diverted over 1.6 million tonnes of materials from landfills, translating to approximately 2.1 million metric tons of CO2 emissions avoided during 2023. Looking ahead, some challenges remain, but we remain focused on continuing the accelerated growth in our high-margin SaaS offerings and advancing key strategic optimization efforts, including, for example, a small but meaningful reduction of less than 20 people in February that was designed to optimize our workforce. As always, we remain dedicated to constantly evolving with our customers and delivering strong environmental and economic outcomes with a continuously improving experience.

在所有這些策略舉措中，我們仍然致力於永續發展。我們從垃圾掩埋場轉移了超過 160 萬噸材料，相當於 2023 年避免了約 210 萬噸二氧化碳排放。展望未來，一些挑戰仍然存在，但我們仍然專注於繼續加速增長我們的高利潤SaaS 產品，並推進關鍵的戰略優化工作，例如，包括在2 月份按計劃減少了不到20 人的小規模但有意義的裁員優化我們的勞動力。一如既往，我們仍然致力於與客戶一起不斷發展，透過不斷改進的體驗提供強大的環境和經濟成果。

Continuing our review of 2023, I'd like to take a moment to highlight a few of Rubicon's wins in pursuit of delivering efficiency and sustainability solutions to our customers while prioritizing innovative technology.

繼續回顧 2023 年，我想花點時間重點介紹 Rubicon 在為客戶提供效率和永續性解決方案、同時優先考慮創新技術方面所取得的一些勝利。

RUBICONConnect had significant wins in both adding new customers to the Rubicon family as well as extending relationships with existing Rubicon customers. These new multiyear agreements are with prestigious commercial clients in a wide range of industries such as Neiman Marcus and Vail Properties. The renewals include a five-year contract extension with Gap, Inc. and two-year extensions with both Goodyear Tires and Americold. We look forward to deepening the relationships with these customers in the coming years as well as welcoming more commercial clients into the Rubicon family so that they, too, can achieve better environmental and financial outcomes.

RUBICONConnect 在為 Rubicon 系列添加新客戶以及擴展與現有 Rubicon 客戶的關係方面都取得了重大勝利。這些新的多年協議是與 Neiman Marcus 和 Vail Properties 等各行各業的知名商業客戶簽訂的。此次續約包括與 Gap, Inc. 的合約延長五年，以及與固特異輪胎和 Americold 的合約延長兩年。我們期待在未來幾年加深與這些客戶的關係，並歡迎更多商業客戶加入 Rubicon 大家庭，讓他們也能取得更好的環境和財務成果。

In June 2023, we hosted our second annual Next Summit, the premier technology summit for leaders and innovators in solid waste, fleet operations and sustainability. The summit provided a collaborative platform for industry leaders to gain insights into our cutting-edge technological developments and directly engage with our team. A top priority for Rubicon is to provide new and innovative technology that is tailored to customers' needs, which are often born from these collaborative sessions with our customers.

2023 年 6 月，我們主辦了第二屆年度 Next Summit，這是一個針對固體廢棄物、車隊營運和永續發展領域的領導者和創新者的頂級技術高峰會。此次高峰會為產業領導者提供了一個協作平台，讓他們深入了解我們的尖端技術發展並直接與我們的團隊互動。Rubicon 的首要任務是提供根據客戶需求量身定制的創新技術，這些技術通常源於與客戶的協作會議。

Some of these features, which were rolled out last year, include a billing module for streamlined invoicing and AI-driven features to combat illegal waste disposal, ensuring operational efficiency and effectiveness for our clients. The third annual Next Summit will take place in New York City in June of 2024, bringing together fleet and commercial partners to facilitate collaboration between waste, recycling, and sustainability experts.

其中一些功能於去年推出，包括用於簡化發票的計費模組和人工智慧驅動的功能，以打擊非法廢棄物處置，確保客戶的營運效率和有效性。第三屆 Next Summit 將於 2024 年 6 月在紐約市舉行，車隊和商業合作夥伴將齊聚一堂，促進廢棄物、回收和永續發展專家之間的合作。

Rubicon's commitment to sustainability was once again evident in 2023 through the launch of our Technical Advisory Services, empowering customers to achieve their sustainability goals through tailored solutions and strategic partnerships. These developments highlight Rubicon's commitment to innovation, digitization and sustainability, positioning the company as a leader in waste and recycling solutions.

Rubicon 在 2023 年透過推出技術諮詢服務再次體現了對永續發展的承諾，使客戶能夠透過量身定制的解決方案和策略合作夥伴關係實現其永續發展目標。這些發展凸顯了 Rubicon 對創新、數位化和永續發展的承諾，使該公司成為廢棄物和回收解決方案的領導者。

Last year was marked by strategic partnerships, technology deployments, and a continued focus on customer satisfaction and environmental impact reduction.

去年的特點是戰略合作夥伴關係、技術部署以及對客戶滿意度和減少環境影響的持續關注。

I will now turn the call over to Kevin to provide a review of the fourth-quarter and full year 2023 financials.

現在，我將把電話轉給 Kevin，讓他回顧 2023 年第四季和全年財務狀況。

Thanks, Phil. I will now take a few minutes to review our fourth-quarter and full year 2023 results, beginning with the fourth quarter. Revenue was $170.7 million, an increase of $4.7 million or 2.8%, compared to $166 million in the fourth quarter of 2022, mainly driven by business expansion with existing customers, including new business lines.

謝謝，菲爾。我現在將花幾分鐘回顧我們的第四季和 2023 年全年業績（從第四季開始）。營收為 1.707 億美元，較 2022 年第四季的 1.66 億美元成長 470 萬美元，即 2.8%，主要是由現有客戶的業務擴張（包括新業務線）推動的。

Adjusted gross profit was $18.3 million, an increase of $4.9 million or 36.5%, compared to $13.4 million in the fourth quarter of 2022, driven by additional higher-margin business with existing customers, which also drove adjusted gross profit margin expansion of over 260 basis points to 10.7% from 8.1%.

調整後毛利為1,830 萬美元，較2022 年第四季的1,340 萬美元增加490 萬美元，即36.5%，這是由於現有客戶的利潤率較高的業務增加所致，這也推動了調整後毛利率擴大了260 個基點以上從 8.1% 升至 10.7%。

Adjusted EBITDA was negative $437,000, an improvement of $17.1 million compared to negative $17.6 million in the fourth quarter of 2022. And as Phil previously mentioned, the adjusted EBITDA figure includes approximately $3.8 million of noncash operating expenses.

調整後 EBITDA 為負 437,000 美元，與 2022 年第四季的負 1,760 萬美元相比，增加了 1,710 萬美元。正如菲爾之前提到的，調整後的 EBITDA 數字包括約 380 萬美元的非現金營運費用。

Now turning to our full year results. Revenue was $697.6 million, an increase of $22.2 million or 3.3% compared to $675.4 million for the full year of 2022. Adjusted gross profit was $72.2 million, an increase of $18.9 million or 35.5% compared to $53.3 million for the full year 2022, driven by additional higher-margin business with existing customers, which also drove adjusted gross profit margin expansion of over 245 basis points to 10.4% from 7.9%. Adjusted EBITDA was negative $33 million, an improvement of $41.3 million compared to negative $74.3 million for the full year of 2022.

現在轉向我們的全年業績。營收為 6.976 億美元，較 2022 年全年的 6.754 億美元增加 2,220 萬美元，成長 3.3%。調整後毛利為7,220 萬美元，與2022 年全年的5,330 萬美元相比，增加了1,890 萬美元，即35.5%，這是由於與現有客戶的利潤率較高的業務增加所致，這也推動了調整後毛利率擴張超過245 個基點，至從 7.9% 升至 10.4%。調整後 EBITDA 為負 3,300 萬美元，與 2022 年全年的負 7,430 萬美元相比，增加了 4,130 萬美元。

I will now turn it back over to Phil before we take questions.

在我們提問之前，我現在將其轉回給菲爾。

Thank you for continuing this journey with us. We look forward to updating you on our progress in the coming quarters. With that, I will turn the call over to the operator, who can open the line for questions.

感謝您與我們一起繼續這段旅程。我們期待向您通報我們未來幾季的最新進展。這樣，我會將電話轉給接線員，接線員可以打開電話詢問問題。

(Operator Instructions) We have no questions at this time. I will turn the call back over to Mr. Rodoni for final remarks.

（操作員說明）目前我們沒有任何問題。我會將電話轉回給羅多尼先生以供最後發言。

Thank you, everyone, for joining us today, and we look forward to updating you in the future. Thanks again.

感謝大家今天加入我們，我們期待未來為您提供最新消息。再次感謝。

This concludes today's call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。