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Rubicon Project Announces Record Quarterly Results; Reports

The following excerpt is from the company's SEC filing.

Non-GAAP Net Revenue Growth Year-Over-Year

Triple-Digit Growth Rates Experienced in Mobile Managed Revenue, Non-GAAP EPS and Adjusted EBITDA

Third quarter

of 2015 GAAP revenue of

$64.3 million

, an increase of


of 2015 non-GAAP net revenue

$57.9 million

of 2015 Adjusted EBITDA

$12.6 million


of 2015 non-GAAP earnings per share

LOS ANGELES, California –

October 27, 2015

– Rubicon Project (NYSE: RUBI) today reported its results of operations for the

third quarter


September 30, 2015

“Rubicon Project’s talented team, solid execution and innovative technologies drove another quarter of record performance for our business,” said Frank Addante, CEO, Founder and Chief Product Architect of Rubicon Project.

“As we enter the fourth quarter and look to 2016, the market for advertising automation continues to heat up as both buyers and sellers seek powerful new tools to shape the future of consumer engagement,” Addante added. “From mobile to desktop to video, Rubicon Project’s differentiated position as a leading independent platform for the buying and selling of advertising uniquely positions us to continue to grow and win in the market.”

Third Quarter of 2015 Results Summary

(in millions, except per share amounts)

Three Months Ended

September 30, 2014


Non-GAAP net revenue

Net loss



Net loss per share



Non-GAAP earnings per share

Operational Performance Measures:

Managed revenue

$244.4 million

$168.2 million

Take rate

, up from

Balance Sheet:

The Company had cash and liquid assets of

$108.1 million

and was debt free as of

Q4 and Full Year 2015 Outlook

Q4 2015

$87.5 - $98.5 million

$242 - $253 million

$75.0 - $80.0 million

$219 - $224 million

$20.0 - $21.0 million

$43 - $44 million

$0.32 to $0.34

$0.64 to $0.66

Initial Full Year 2016 Outlook

$315 - $355 million

$270 - $300 million

$45 - $60 million

$0.65 to $0.78


Non-GAAP net revenue, Adjusted EBITDA, and non-GAAP earnings (loss) per share are non-GAAP financial measures. Please see the discussion in the section called “Certain Operational and Financial Performance Measures” and the reconciliations and calculations included at the end of this earnings press release.

Managed revenue is an operational measure that represents advertising spending transacted on the Company's platform. Take rate is an operational measure that represents non-GAAP net revenue divided by managed revenue. For further discussion, please see "Certain Operational and Financial Performance Measures" at the end of this earnings press release.

Third Quarter 2015 Results Conference Call and Webcast:

The Company will host a conference call on

at 1:30 PM (PT) / 4:30 PM (ET) to discuss the results for its third quarter of 2015. To access the conference call by telephone, interested parties should dial (866) 652-5200 (domestic) or (412) 317-6060 (international) and ask to join the Rubicon Project conference call. A telephonic replay of the conference call will be available for one week. To access the telephonic replay, interested parties should dial (877) 344-7529 (domestic) and (412) 317-0088 (international) and use conference ID 10074492.

A live audio webcast of the conference call will be available within the "Events and Presentations" section of Rubicon Project’s investor relations website at

. The webcast will be available for replay following the conclusion of the live call.

About Rubicon Project

Founded in 2007, Rubicon Project’s mission is to keep the Internet free and open and fuel its growth by making it easy and safe to buy and sell advertising. Rubicon Project pioneered advertising automation technology to enable the world’s leading brands, content creators and application developers to trade and protect trillions of advertising requests each month and to improve the advertising experiences of consumers. Rubicon Project is a publicly traded company (NYSE: RUBI) headquartered in Los Angeles, California.


#Automation #Excellence #CultureMatters

Note: The Rubicon Project and the Rubicon Project logo are registered service marks of The Rubicon Project, Inc. All other marks mentioned are the property of their respective owners.

Forward-Looking Statements:

This press release and management’s prepared remarks during the conference call referred to above include, and management’s answers to questions during the conference call may include, forward-looking statements, including statements based upon or relating to our expectations, assumptions, estimates, and projections. In some cases, you can identify forward-looking statements by terms such as “may,” “might,” “will,” “objective,” “intend,” “should,” “could,” “can,” “would,” “expect,” “believe,” “design,” “anticipate,” “estimate,” “predict,” “potential,” “plan” or the negative of these terms, and similar expressions. Forward-looking statements include, but are not limited to, our belief that the market for advertising automation is continuing to heat up as both buyers and sellers seek powerful new tools to shape the future of consumer engagement; our belief that our leadership position as a leading independent platform for buying and selling of advertising uniquely positions us to continue to grow and win in the market; our guidance and other statements concerning our anticipated performance, including revenue, margin, cash flow, balance sheet, and profit expectations; development of our technology; introduction of new offerings; scope and duration of client relationships; business mix; sales growth; client utilization of our offerings; market conditions and opportunities; performance measures including Adjusted EBITDA, non-GAAP earnings (loss) per share, managed revenue, non-GAAP net revenue, paid impressions, average CPM, and take rate; and factors that could affect these and other aspects of our business.

Forward-looking statements are not guarantees of future performance; they reflect our current views with respect to future events and are based on assumptions and estimates and subject to known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from expectations or results projected or implied by forward-looking statements. These risks include our ability to grow rapidly and to manage our growth effectively; our ability to develop innovative new technologies and remain a market leader; our ability to attract and retain buyers and sellers and increase our business with them; our vulnerability to loss of, or reduction in spending by, large buyers; the freedom of buyers and sellers to direct their spending and inventory to competing sources of inventory and demand; our ability to use our solution to purchase and sell higher value advertising and to expand the use of our solution by buyers and sellers utilizing evolving digital media platforms; our ability to introduce new solutions and bring them to market in a timely manner in response to client demands and industry trends, including shift in digital advertising growth from display to mobile channels; uncertainty of our estimates and expectations associated with new offerings, including private marketplace, mobile, orders, automated guaranteed, and intent marketing solutions; our ability to maintain a supply of advertising inventory from sellers; uncertainty of our estimates and assumptions about the mix of gross and net reported transactions; declining margins associated with our buyer cloud transactions; our belief that more transparent pricing in buyer cloud transactions may give us a competitive advantage, resulting in stronger relationships with our customers and driving higher spending with us in the future; our limited operating history and history of losses; our ability to continue to expand into new geographic markets; our ability to adapt effectively to shifts in digital advertising to mobile and video channels; increased prevalence of ad blocking technologies; the slowing growth rate of online digital display advertising; the growing percentage of online and mobile advertising spending captured by owned and operated sites (such as Facebook and Google) where we are unable to participate; the effects of increased competition in our market and increasing concentration of advertising spending, including mobile spending, in a small number of very large competitors, and our ability to compete effectively and to maintain our pricing and take rate; requests from buyers and sellers for discounts, fee concessions, or revisions, rebates, and greater levels of pricing transparency and specificity; potential adverse effects of malicious activity such as fraudulent inventory and malware; the effects of seasonal trends on our results of operations;...