Rubicon Project (RUBI) Tops Q3 EPS by 5c, Revenues Miss

Rubicon Project (NYSE: RUBI) reported Q3 EPS of ($0.02), $0.05 better than the analyst estimate of ($0.07). Revenue for the quarter came in at $37.6 million versus the consensus estimate of $38.63 million.

Recent Highlights

• Revenue was $37.6 million for Q3 2019, up 27% from Q3 2018
• We expect revenue for Q4 2019 to be between $47.0 to $48.5 million
• Audio and video were growth drivers in Q3 2019 year over year
• Significant operating efficiency realized in Q3 2019 from traffic shaping and enterprise-wide implementation of filtering
• Net loss for Q3 2019 was $6.2 million, or loss per share of $0.12, compared to net loss of $13.8 million, or loss per share of $0.27 for the third quarter of 2018
• Adjusted EBITDA(1) was $6.1 million representing a 16% margin, compared to Adjusted EBITDA loss of $1.4 million for the third quarter of 2018
• Non-GAAP loss per share(1) was $0.02, compared to $0.18 non-GAAP loss per share for the third quarter of 2018
• We expect to be cash flow positive for full year 2019 (2)
• RTK.io acquisition closed just after the end of the quarter

“For the third quarter we delivered solid revenue growth, demonstrated powerful financial leverage and operating efficiency, and delivered strong adjusted EBITDA margins,” said Michael G. Barrett, President and CEO of Rubicon Project. “Our very strong bottom line performance, which generated adjusted EBITDA margins of 16%, was based on significant efficiency gains from full implementation of our traffic shaping technology and from top line growth, driven by growth in audio and video.”

For earnings history and earnings-related data on Rubicon Project (RUBI) click here.

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