Rubicon Technologies, Inc.

Chris Pooner, Executive Vice President of Finance, you may begin.

Thank you. Hello, everyone, and welcome to Rubicon's first quarter 2024 earnings call. A few quick reminders before we begin. This call is being webcast and can be accessed on the investor section of our website, which can be found at investors.rubicon.com. Today, we will present Rubicon's financial results for the first quarter 2024, which will be followed by a question and answer session. 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. 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 in our filings with the SEC. For the purposes of this call, please note that all financials discussed are inclusive of discontinued operations as defined by the recently announced transaction. Please refer to our 10-Q filings for more information and disclosures regarding transaction and its implications on the financials. Joining me on the call today are Phil Radone, Rubicon's Chief Executive Officer, and Kevin Schuber, Rubicon's President and Chief Financial Officer. With that, I would now like to turn the call over to Phil.

Thank you, Chris, and thank you to everyone for joining us today. We kicked off the year with an eventful first quarter. Despite headwinds, we had another quarter of year-over-year adjusted gross profit growth with an increase of 5.9% and adjusted gross profit margin expansion of 138 basis points. We continue to push forward with the efforts to reduce expenses, which drove a decrease in SG&A of 9.3% in the first quarter compared to a prior year. As many of you may have seen, We announced that the company completed a $94.2 million transaction with Rodina Capital that included the sale of Rubicon's Fleet Technology business unit. This sale is happening at an opportune time with both the Fleet Technology business and the ongoing Rubicon Connect business at inflection points of growth, and this transaction provides the resources for each unit to accelerate their growth. This transaction is transformational for Rubicon. improving its balance sheet by reducing debt and providing additional liquidity to enable the company to quickly achieve its objectives, accelerate its journey to profitability, and continue growing its core business. Importantly, it marks a return to Rubicon's core principles, a business centered on a customer-focused approach that has been instrumental in the company's growth from the outset. This strategic move underscores Rubicon's dedication to the Rubicon Connect product which serves commercial waste generators from small to medium-sized businesses to Fortune 500 companies. Many of the company's commercial customers are looking to Rubicon to help them achieve sustainability goals with tailored zero-waste and circular economy solutions, including through the company's recently launched technical advisory services. This new capital will be dedicated to improving services and strengthening Rubicon's longstanding relationship with more than 8,000 vendor and dollar partners 90% of which are small independent businesses. I'd like to take a moment to highlight a recent customer win in Rubicon's pursuit of delivering efficiency and sustainability solutions to our customers while prioritizing innovative technology. Rubicon participated in a competitive evaluation and won a significant contract with a new customer in the grocery sector at the beginning of the second quarter. Providing waste and recycling services to over 500 stores across the United States and Canada This is a valuable contract for Rubicon with strong potential for incremental growth opportunities along the way. This customer is already experiencing the full benefits of Rubicon's platform for scalable waste and recycling services, which supports their efforts to reduce environmental impacts while providing exceptional value and service to their own customers. As a leader in sustainability with multiple waste streams, this customer's needs and values align with what Rubicon does best, reducing costs and increasing diversion rates. Rubicon has achieved both with other grocery customers, and we look forward to driving similar results with this new relationship. This new customer is just a glimpse into what the future holds for this new phase of Rubicon. We look forward to adding more large customers and continuing to strengthen and expand relationships with our current customers. I will now turn the call over to Kevin to provide a review of the first quarter 2024 financials. Thanks, Phil.