Revenue Grew 10% and Non-GAAP Net Revenue Grew
15% Year over Year
Company Reports Positive Adjusted EBITDA in the
Third Quarter
Rocket Fuel Inc. (NASDAQ:FUEL), a leading programmatic marketing
platform provider that uses artificial intelligence (AI) at Big
Data scale to optimize marketing ROI for global agencies and
enterprise marketers, today reported results for the third quarter
ended September 30, 2015. Rocket Fuel posted 10% growth in revenue
and 15% growth in non-GAAP net revenue over the third quarter of
last year, and positive adjusted EBITDA of $3.4 million.
Management Changes
Rocket Fuel appointed Randy Wootton as the Company's Chief
Executive Officer and board member. Mr. Wootton's appointment is
further detailed in the press release issued earlier today. Monte
Zweben, who served as Interim CEO, remains on Rocket Fuel's Board
of Directors and will serve as Executive Chairman of the Board. Dr.
George John will resign from the Company and step down from Rocket
Fuel's Board of Directors.
The Company also announced the resignation of Chief Financial
Officer, David Sankaran, effective November 30, 2015. The Company
appointed Cal Hoagland, a partner of FLG Partners, LLC, a leading
Silicon Valley chief financial officer services and board advisory
firm, as Interim Chief Financial Officer of Rocket Fuel, effective
November 30, 2015. Mr. Hoagland has served as CFO and Interim CFO
for public and private enterprise software, SaaS and technology
companies, and will serve as Interim Chief Financial Officer until
such time as the Company completes its search for a permanent Chief
Financial Officer.
Financial Highlights for the Third Quarter of
2015
Revenue of $111.8 million increased 10%
compared to $102.1 million for the third quarter of 2014. Revenue
derived from the delivery of digital advertising to mobile, social,
and video channels was $40.2 million in the third quarter, a
decrease of 10% from $44.9 million for the third quarter of 2014.
Revenue derived from delivery of advertising to the mobile channel
was $32 million, an increase of 3% from $31 million in the third
quarter of 2014.
Non-GAAP net revenue of $68.2 million increased
15% compared to $59.1 million non-GAAP Net Revenue in the third
quarter of 2014. Non-GAAP Net Revenue is calculated by taking
revenue and subtracting media costs.
Net loss was $(136.6) million, or $(3.19) per
diluted share compared to a net loss of $(22.8) million, or $(0.61)
per diluted share in the third quarter of 2014.
Non-GAAP adjusted net loss for the quarter was
$(7.0) million, or $(0.16) per diluted share compared to an
adjusted net loss of $(6.6) million, or $(0.18) per diluted share,
for the third quarter of 2014.
Non-GAAP adjusted EBITDA was $3.4 million
compared to $(3.0) million in the third quarter of 2014, and
improved $2.0 million sequentially from $1.4 million in the second
quarter of 2015.
Cash and cash equivalents were $83.1 million as
of September 30, 2015, an increase of $2 million sequentially from
June 30, 2015.
Active Customer count was 1,541 during the
quarter, up from 1,446 in the third quarter of 2014.
Employee headcount was 962 as of September 30,
2015.
Goodwill Impairment Charge
The company recorded an estimated goodwill impairment charge of
$117.5 million during the third quarter. As required under GAAP,
the Company conducted a goodwill impairment test when the market
value of its shares fell below the carrying value of its net
assets. The preliminary results of that test indicate a full
impairment of goodwill, resulting in the estimated non-cash charge.
The Company will provide additional disclosure on this topic in its
forthcoming Form 10-Q.
Financial Outlook for the Fourth Quarter
2015
For the fourth quarter of 2015, the Company expects:
- Non-GAAP net revenue to be in the range of $68 million to $72
million.
- Non-GAAP Adjusted EBITDA in the range of $3 million to $7
million.
Conference Call and Webcast Information
The Rocket Fuel third quarter 2015 teleconference and webcast is
scheduled to begin at 2:00 PM Pacific time on Wednesday, November
4, 2015. To participate on the live call, analysts and investors
should dial 1-888-542-0999, or outside the U.S. 719-457-1517, at
least ten minutes prior to the call. Rocket Fuel will also offer a
live and archived webcast of the conference call, accessible from
the "Investors" section of its website at
http://investor.rocketfuel.com.
Use of Non-GAAP Measures
This press release includes information relating to non-GAAP net
revenue, non-GAAP adjusted EBITDA and non-GAAP adjusted net income
(loss), which are financial measures that have not been prepared in
accordance with generally accepted accounting principles in the
United States ("GAAP"). These non-GAAP financial measures have been
included in this press release because they are measures used by
our management and board of directors to understand and evaluate
our core operating performance and trends, to prepare and approve
our annual budget, and to develop short- and long-term operational
plans.
We define non-GAAP net revenue as GAAP revenue less media costs.
Media costs consist of costs for advertising impressions we
purchase from real-time advertising exchanges or other third
parties. A limitation of non-GAAP net revenue is that it is a
measure designed for internal purposes that may be unique to Rocket
Fuel and may not enhance the comparability of Rocket Fuel's results
to other companies in the same industry that have similar business
arrangements but present the impact of media costs differently. Our
management compensates for this limitation by also considering the
comparable GAAP financial measures of revenue, media costs and
other cost of revenue.
We define non-GAAP adjusted EBITDA as GAAP net income (loss)
before interest expense, other income (expense), net, income tax
provision (benefit), depreciation and amortization expense,
stock-based compensation expense and related payroll taxes,
acquisition and restructuring related expenses, and impairment
charges. Non-GAAP adjusted EBITDA has a number of limitations,
including the following: although depreciation and amortization are
non-cash charges, the assets being depreciated and amortized may
have to be replaced in the future and non-GAAP adjusted EBITDA does
not reflect cash capital expenditure requirements for such
replacements or for new capital expenditure requirements; non-GAAP
adjusted EBITDA does not reflect changes in, or cash requirements
for, our working capital needs; non-GAAP adjusted EBITDA does not
consider the potentially dilutive impact of equity-based
compensation; non-GAAP adjusted EBITDA does not reflect acquisition
and restructuring related expenses, tax and interest expenses that
may represent payments reducing the cash available to us; and other
companies, including those in our industry, may calculate non-GAAP
adjusted EBITDA differently, which reduces its usefulness as a
comparative measure. Because of these limitations, our management
considers non-GAAP adjusted EBITDA alongside other financial
performance measures, including cash flow metrics, net income
(loss) and our other GAAP results.
We define non-GAAP adjusted net income (loss) as GAAP net income
(loss) excluding stock-based compensation expense, amortization of
intangible assets, acquisition and restructuring related expenses
and the estimated tax impact of the foregoing items, and impairment
charges. A limitation of non-GAAP adjusted net income (loss) is
that it is a measure that may be unique to Rocket Fuel and may not
enhance the comparability of Rocket Fuel's results to other
companies in the same industry that define adjusted net loss
differently. This measure may also exclude expenses that may have a
material impact on Rocket Fuel's reported financial results. Our
management compensates for these limitations by also considering
the comparable GAAP financial measure of net income (loss).
For a reconciliation of non-GAAP financial measures to the
nearest comparable GAAP financial measures, see "Reconciliation
from GAAP Revenue to Non-GAAP Net Revenue," "Reconciliation from
GAAP Net Income (Loss) to Non-GAAP Adjusted EBITDA" and
"Reconciliation from GAAP Net Income (Loss) to Non-GAAP Adjusted
Net Income (Loss)" included in this press release.
These non-GAAP financial measures are not intended to be
considered in isolation from, as substitutes for, or as superior
to, the corresponding financial measures prepared in accordance
with GAAP.
Cautions Regarding Forward-Looking
Statements
This press release and the webcast of the same date contain
"forward-looking statements" regarding future events and our future
financial performance, including but not limited to: the expected
speed of the CEO transition; expected progress towards positioning
the company for future growth; the anticipated positive impact of
our sales restructuring activities; expectations regarding our
stated strategic priorities and other business initiatives
including but not limited to our ability to grow our brand business
and channel strategy; our expectations for margins going forward;
potential restructuring charges relating to leases; our target DSO;
expectations regarding capital and general cash spending and cash
balances; the expected financial strength provided by our balance
sheet; and expectations for fourth quarter non-GAAP net revenue and
non-GAAP adjusted EBITDA. Words such as "expect," "believe,"
"intend," "plan," "goal", "focus" and other similar words are also
intended to identify such forward-looking statements.
These forward-looking statements are subject to a number of
risks and uncertainties that may cause actual results to differ
materially from the results anticipated by such statements,
including, without limitation: our limited operating history,
particularly as a relatively new public company; our history of
losses; fluctuations in our operating results, including but not
limited to fluctuations due to seasonality; risks associated with
our growth, including growth outside of the U.S.; failure to
achieve expected synergies and efficiencies of operations between
Rocket Fuel and [x+1]; failure to adequately address competition
from agency trading desks; failure to achieve the expected benefits
of our efficiency plan including various cost-cutting measures; and
general market, political, economic and business conditions.
Additional factors that could cause actual results to differ
materially from those anticipated by our forward-looking statements
are under the caption "Risk Factors" in our Annual Report on Form
10-K filed with the Securities and Exchange Commission ("SEC") on
March 16, 2015 and in subsequent SEC filings. These forward-looking
statements are made as of the date of this press release and the
related webcast, and Rocket Fuel expressly disclaims any obligation
or undertaking to update the forward-looking statements contained
herein or therein to reflect events that occur or circumstances
that exist after the date on which the statements were made.
About Rocket Fuel
A leading Programmatic Marketing Platform provider, Rocket Fuel
offers brands, agencies, and platform partners managed services, as
well as a SaaS-based Data Management Platform (DMP) and Demand Side
Platform (DSP), to optimize performance, awareness, and lift across
marketing objectives, channels and devices. By applying artificial
intelligence at big data scale, Rocket Fuel's Moment Scoring™
technology performs a real-time calculation of each ad opportunity
based on a marketer's goal to determine the likelihood a consumer
will engage in a desired action. Moment Scoring goes beyond 1:1
marketing by learning to predict what marketing actions to take
with a campaign at a precise moment in time, which results in a
much more efficient use of marketing dollars. Rocket Fuel serves 96
of the Ad Age 100, three of the top five agency holding company
trading desks, and partners with some of the world's leading CRM
platforms, marketing platforms and systems integrators.
Headquartered in Redwood City, California, Rocket Fuel has more
than 20 offices worldwide and trades on the NASDAQ Global Select
Market under the ticker symbol "FUEL." For more information, please
visit http://www.rocketfuel.com or call 1-888-717-8873.
Rocket Fuel, the Rocket Fuel logo, Moment Scoring, Advertising
That Learns and Marketing That Learns are trademarks or registered
trademarks of Rocket Fuel Inc. in the United States and other
countries.
Rocket Fuel
Inc. |
UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS |
(In
thousands) |
|
|
September 30, |
December 31, |
|
2015 |
2014 |
Assets |
|
|
Current Assets: |
|
|
Cash and cash equivalents |
$ 83,083 |
$ 107,056 |
Accounts receivable, net |
110,660 |
135,400 |
Deferred tax assets, net |
1,709 |
1,716 |
Prepaid expenses |
3,499 |
3,698 |
Other current assets |
1,689 |
12,531 |
Total current assets |
200,640 |
260,401 |
Property, equipment and software, net |
87,647 |
89,441 |
Restricted cash |
2,235 |
2,915 |
Intangible assets, net |
55,046 |
69,299 |
Goodwill |
— |
115,412 |
Other assets |
1,326 |
1,797 |
Total assets |
$ 346,894 |
$ 539,265 |
|
|
|
Liabilities and Stockholders'
Equity |
|
|
Current Liabilities: |
|
|
Accounts payable |
$ 61,414 |
$ 76,085 |
Accrued and other current
liabilities |
32,484 |
33,258 |
Deferred revenue |
1,651 |
593 |
Current portion of capital
leases |
7,421 |
5,482 |
Revolving credit facility,
net |
39,720 |
39,705 |
Current portion of term loan,
net |
6,000 |
6,000 |
Total current liabilities |
148,690 |
161,123 |
Term loan - Less current
portion, net |
19,047 |
23,335 |
Capital leases - Less current portion |
11,257 |
12,341 |
Deferred rent - Less current portion |
24,955 |
26,818 |
Deferred tax liabilities |
2,061 |
2,068 |
Other liabilities |
1,171 |
814 |
Total liabilities |
207,181 |
226,499 |
|
|
|
Stockholders' Equity: |
|
|
Common stock |
43 |
42 |
Additional paid-in capital |
446,410 |
421,630 |
Accumulated other comprehensive
loss |
(88) |
(120) |
Accumulated deficit |
(306,652) |
(108,786) |
Total stockholders' equity |
139,713 |
312,766 |
Total Liabilities and Stockholders'
Equity |
$ 346,894 |
$ 539,265 |
|
|
|
Rocket Fuel
Inc. |
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS |
(In thousands, except
loss per share data) |
|
|
Three Months
Ended |
Nine Months
Ended |
|
September
30, |
September
30, |
|
2015 |
2014 |
2015 |
2014 |
Revenue |
$ 111,836 |
$ 102,098 |
$ 336,235 |
$ 269,137 |
Costs and expenses: |
|
|
|
|
Media costs |
43,673 |
43,006 |
138,389 |
110,643 |
Other cost of revenue (1) |
20,105 |
11,946 |
59,887 |
28,767 |
Research and development
(1) |
11,022 |
11,200 |
34,136 |
26,875 |
Sales and marketing (1) |
41,681 |
40,421 |
126,309 |
103,969 |
General and administrative
(1) |
12,328 |
19,320 |
44,663 |
41,795 |
Impairment of goodwill |
117,521 |
— |
117,521 |
— |
Restructuring |
— |
— |
6,471 |
— |
Total costs and expenses |
246,330 |
125,893 |
527,376 |
312,049 |
Operating loss |
(134,494) |
(23,795) |
(191,141) |
(42,912) |
Interest expense |
1,087 |
1,157 |
3,472 |
2,085 |
Other (income) expense,
net |
797 |
1,999 |
2,309 |
2,443 |
Loss before income taxes |
$ (136,378) |
$ (26,951) |
$ (196,922) |
$ (47,440) |
Income tax (benefit)
provision |
213 |
(4,120) |
942 |
(3,625) |
Net loss |
$ (136,591) |
$ (22,831) |
$ (197,864) |
$ (43,815) |
|
|
|
|
|
Basic and diluted net loss per share
attributable to common stockholders |
$ (3.19) |
$ (0.61) |
$ (4.67) |
$ (1.23) |
Basic and diluted weighted-average shares
used to compute net loss per share attributable to common
stockholders |
42,763 |
37,230 |
42,350 |
35,490 |
(1) Includes unaudited stock-based compensation expense as
follows (in thousands):
|
Three Months
Ended |
Nine Months
Ended |
|
September
30, |
September
30, |
|
2015 |
2014 |
2015 |
2014 |
Other cost of revenue |
$ 465 |
$ 282 |
$ 1,567 |
$ 810 |
Research and development |
1,688 |
1,279 |
5,769 |
3,577 |
Sales and marketing |
2,478 |
2,683 |
7,634 |
7,598 |
General and administrative |
1,676 |
1,685 |
5,218 |
4,900 |
|
$ 6,307 |
$ 5,929 |
$ 20,188 |
$ 16,885 |
|
|
|
|
|
Rocket Fuel
Inc. |
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS |
(In
thousands) |
|
Three Months
Ended |
Nine Months
Ended |
|
September
30, |
September
30, |
|
2015 |
2014 |
2015 |
2014 |
OPERATING ACTIVITIES: |
|
|
|
|
Net loss |
$ (136,591) |
$ (22,831) |
$ (197,864) |
$ (43,815) |
Adjustments to reconcile net
loss to net cash provided by (used in) operating activities: |
|
|
|
|
Impairment of goodwill |
117,521 |
— |
117,521 |
— |
Depreciation and
amortization |
14,055 |
5,749 |
38,078 |
12,525 |
Impairment of leasehold
improvements |
— |
— |
2,704 |
— |
Stock-based compensation |
6,307 |
5,952 |
20,188 |
17,193 |
Deferred taxes |
20 |
— |
— |
(3,894) |
Excess tax benefit from
stock-based activity |
— |
(16) |
— |
(179) |
Other non-cash adjustments,
net |
71 |
189 |
1,115 |
422 |
Changes in operating assets and
liabilities, net of effects of acquisition: |
|
|
|
|
Accounts receivable |
8,771 |
(1,883) |
24,133 |
(5,062) |
Prepaid expenses and other
assets |
3,574 |
2,216 |
9,892 |
(12,398) |
Accounts payable |
(2,093) |
14,173 |
(13,631) |
13,925 |
Accrued and other
liabilities |
(1,671) |
(4,180) |
(1,489) |
(1,475) |
Deferred rent |
(206) |
4,722 |
684 |
20,471 |
Deferred revenue |
(280) |
(134) |
1,058 |
323 |
Net cash provided by (used in)
operating activities |
9,478 |
3,957 |
2,389 |
(1,964) |
|
|
|
|
|
INVESTING ACTIVITIES: |
|
|
|
|
Purchases of property,
equipment and software |
(712) |
(21,145) |
(10,797) |
(40,286) |
Business acquisition, net |
(367) |
(97,444) |
(367) |
(97,444) |
Capitalized internal-use
software development costs |
(3,159) |
(1,904) |
(9,207) |
(5,459) |
Change in restricted cash |
— |
— |
636 |
(2,203) |
Net cash used in investing
activities |
(4,238) |
(120,493) |
(19,735) |
(145,392) |
|
|
|
|
|
FINANCING ACTIVITIES: |
|
|
|
|
Proceeds from the issuance of
common stock in public offering, net of issuance costs |
— |
273 |
— |
115,403 |
Proceeds from employee stock
plans, net |
234 |
796 |
3,373 |
6,467 |
Excess tax benefit from
stock-based activity |
— |
16 |
— |
179 |
Tax withholdings related to net
share settlements of restricted stock units |
(441) |
(188) |
(974) |
(241) |
Repayment of capital lease
obligations |
(1,582) |
(129) |
(4,337) |
(559) |
Proceeds from debt facilities,
net of debt issuance costs |
— |
35,000 |
(242) |
35,000 |
Repayment of debt
facilities |
(1,500) |
(11,133) |
(4,500) |
(11,133) |
Net cash (used in) provided by
financing activities |
(3,289) |
24,635 |
(6,680) |
145,116 |
|
|
|
|
|
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND
EQUIVALENTS |
67 |
(7) |
53 |
(1) |
CHANGE IN CASH AND CASH EQUIVALENTS |
2,018 |
(91,908) |
(23,973) |
(2,241) |
CASH AND CASH EQUIVALENTS—Beginning of
period |
81,065 |
203,540 |
107,056 |
113,873 |
CASH AND CASH EQUIVALENTS—End of period |
$ 83,083 |
$ 111,632 |
$ 83,083 |
$ 111,632 |
|
|
|
|
|
SUPPLEMENTAL DISCLOSURES OF OTHER CASH FLOW
INFORMATION: |
|
|
|
|
Cash paid for income taxes, net of
refunds |
$ 380 |
$ (10) |
$ 834 |
$ 195 |
Cash paid for interest |
1,009 |
807 |
2,930 |
1,598 |
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING
AND FINANCING ACTIVITIES: |
|
|
|
|
Purchases of property and equipment recorded
in accounts payable and accruals |
$ 1,664 |
$ 7,523 |
$ 1,664 |
$ 7,523 |
Property, plant and equipment acquired under
capital lease obligations |
3,330 |
505 |
5,116 |
7,855 |
Vesting of early exercised options |
36 |
98 |
133 |
674 |
Stock-based compensation capitalized in
internal-use software costs |
732 |
421 |
2,018 |
1,183 |
Issuance of common stock in connection with
acquisition |
— |
82,421 |
— |
82,421 |
|
Rocket Fuel
Inc. |
UNAUDITED NON-GAAP
MEASURES |
(In thousands, except
per share data) |
|
|
Three Months
Ended |
Nine Months
Ended |
|
September
30, |
September
30, |
|
2015 |
2014 |
2015 |
2014 |
Non-GAAP net revenue |
$ 68,163 |
$ 59,092 |
$ 197,846 |
$ 158,494 |
Non-GAAP adjusted EBITDA |
$ 3,422 |
$ (2,954) |
$ (8,810) |
$ (3,810) |
Non-GAAP adjusted net income (loss) |
$ (6,957) |
$ (6,591) |
$ (39,233) |
$ (16,519) |
Non-GAAP adjusted diluted net income (loss)
per share |
$ (0.16) |
$ (0.18) |
$ (0.93) |
$ (0.47) |
|
|
|
|
|
|
|
|
|
|
Rocket Fuel
Inc. |
UNAUDITED
RECONCILIATION FROM GAAP REVENUE TO NON-GAAP NET
REVENUE |
(In
thousands) |
|
|
Three Months
Ended |
Nine Months
Ended |
|
September
30, |
September
30, |
|
2015 |
2014 |
2015 |
2014 |
Revenue |
$ 111,836 |
$ 102,098 |
$ 336,235 |
$ 269,137 |
Less: Media costs |
43,673 |
43,006 |
138,389 |
110,643 |
Non-GAAP net revenue |
$ 68,163 |
$ 59,092 |
$ 197,846 |
$ 158,494 |
|
|
|
|
|
|
|
|
|
|
Rocket Fuel
Inc. |
UNAUDITED
RECONCILIATION FROM GAAP NET LOSS TO NON-GAAP ADJUSTED
EBITDA |
(In
thousands) |
|
|
Three Months
Ended |
Nine Months
Ended |
|
September
30, |
September
30, |
|
2015 |
2014 |
2015 |
2014 |
Net loss |
$ (136,591) |
$ (22,831) |
$ (197,864) |
$ (43,815) |
Adjustments: |
|
|
|
|
Interest expense, net |
1,087 |
1,157 |
3,472 |
2,085 |
Income tax (benefit)
provision |
213 |
(4,120) |
942 |
(3,625) |
Depreciation and amortization
expense |
14,055 |
5,749 |
38,078 |
12,525 |
Stock-based compensation
expense |
6,307 |
5,929 |
20,188 |
16,885 |
Other (income) expense,
net |
797 |
1,999 |
2,309 |
2,443 |
Acquisition expense |
— |
9,136 |
— |
9,236 |
Restructuring expense |
— |
— |
6,471 |
— |
Payroll tax expense related to
stock-based compensation |
33 |
27 |
73 |
456 |
Impairment of goodwill |
117,521 |
— |
117,521 |
— |
Total adjustments |
140,013 |
19,877 |
189,054 |
40,005 |
Non-GAAP adjusted EBITDA |
$ 3,422 |
$ (2,954) |
$ (8,810) |
$ (3,810) |
|
|
|
|
|
|
|
|
|
|
Rocket Fuel
Inc. |
UNAUDITED
RECONCILIATION FROM GAAP NET LOSS TO |
NON-GAAP ADJUSTED NET
INCOME (LOSS) |
(In thousands, except
per share data) |
|
|
Three Months
Ended |
Nine Months
Ended |
|
September
30, |
September
30, |
|
2015 |
2014 |
2015 |
2014 |
Net loss |
$ (136,591) |
$ (22,831) |
$ (197,864) |
$ (43,815) |
Stock-based compensation
expense |
6,307 |
5,929 |
20,188 |
16,885 |
Amortization of intangible
assets |
5,799 |
1,175 |
14,253 |
1,175 |
Acquisition expense |
— |
9,136 |
— |
9,236 |
Restructuring expense |
— |
— |
6,471 |
— |
Tax impact of the above
items |
7 |
— |
198 |
— |
Impairment of goodwill |
117,521 |
— |
117,521 |
— |
Non-GAAP adjusted net income (loss) |
$ (6,957) |
$ (6,591) |
$ (39,233) |
$ (16,519) |
|
|
|
|
|
Basic and diluted net loss per share
attributable to common stockholders |
$ (3.19) |
$ (0.61) |
$ (4.67) |
$ (1.23) |
|
|
|
|
|
Non-GAAP adjusted net income
(loss) per diluted share |
$ (0.16) |
$ (0.18) |
$ (0.93) |
$ (0.47) |
|
|
|
|
|
Weighted average shares used in
computing non-GAAP adjusted net income (loss) per diluted
share |
42,763 |
37,230 |
42,350 |
35,490 |
CONTACT: Investor Relations:
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ir@rocketfuel.com
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