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| Statement |
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| 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% |
| The net result of these optimizing actions was a 91% year-over-year improvement in the full year gross profit |
| 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 |
| 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 |
| 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 |
| As always, we remain dedicated to constantly evolving with our customers and delivering strong environmental and economic outcomes with a continuously improving experience |
| 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% |
| 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 |
| These developments highlight Rubicon's commitment to innovation, digitization and sustainability, positioning the company as a leader in waste and recycling solutions |
| RUBICONConnect had significant wins in both adding new customers to the Rubicon family as well as extending relationships with existing Rubicon customers |
| 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 |
| 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 |
| 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 |
| 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 |
| Adjusted EBITDA was negative $437,000, an improvement of $17.1 million compared to negative $17.6 million in the fourth quarter of 2022 |
| Adjusted EBITDA was negative $33 million, an improvement of $41.3 million compared to negative $74.3 million for the full year of 2022 |
| Operating efficiently was also a key focus in 2023, and we achieved a $55 million annualized expense reduction |
| Amidst all these strategic moves, we remain committed to sustainability |
| 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 |
| 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 |
| Phil Rodoni Thank you for continuing this journey with us |
| 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 |
| Last year was marked by strategic partnerships, technology deployments and a continued focus on customer satisfaction and environmental impact reduction |
| The summit provided a collaborative platform for industry leaders to gain insights into our cutting-edge technological developments and directly engage with our team |
| Thanks again |
| 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 |
| Chris Spooner Thank you |
| Statement |
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| 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 |
| 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 |
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