PR Newswire
WESTCHESTER, Ill., Aug. 3, 2023
Reports strong financial results and significant progress on integration
WESTCHESTER, Ill., Aug. 3, 2023 /PRNewswire/ - RB Global, Inc. (NYSE: RBA) (TSX: RBA), the "Company", "RB Global", "we", "us", "their", or "our") reported the following results for the three months ended June 30, 2023.
Second Quarter Financial Highlights1, 2,3:
- GTV increased 146% year-over-year to $4.1 billion, which includes $2.2 billion from the impact of the acquisition of IAA, Inc. ("IAA").
- Total revenue increased 128% year-over-year to $1.1 billion, which includes $560.4 million from the impact of the acquisition of IAA.
- Service revenue increased 181% year-over-year to $806.1 million, which includes $476.6 million from the impact of the acquisition of IAA.
- Inventory sales revenue increased 52% year-over-year to $300.4 million, which includes $83.8 million from the impact of the acquisition of IAA.
- Net income increased 63% year-over-year to $86.8 million.
- Diluted earnings per share available to common stockholders decreased 13% to $0.42 per share.
- Diluted adjusted earnings per share available to common stockholders increased 15% year-over-year to $0.85 per share.
- Adjusted EBITDA increased 126% year-over-year to $307.8 million.
"Solid second-quarter results and the growth we are seeing across the business demonstrates our customers' enthusiasm for RB Global's solutions and our success in delivering outstanding experiences for them," said Jim Kessler, CEO of RB Global. "The IAA integration is progressing well. We look forward with great confidence in RB Global's long runway for profitable growth and value creation, and remain committed to executing on our marketplace strategy."
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1 For information regarding RB Global use and definition of this measure, see "Key Operating Metrics" and "Non-GAAP Measures" sections in this press release. |
2 All figures are presented in U.S. dollars. |
3 For the second quarter of 2023 as compared to the second quarter of 2022 |
Additional Financial and Operational Highlights
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||
% Change | % Change | |||||||||||||||||||
(in U.S. dollars in millions, except EPS and percentages) | 2023 | 2022 | 2023 over 2022 | 2023 | 2022 | 2023 over 2022 | ||||||||||||||
GTV | $ | 4,144.0 | $ | 1,684.3 | 146 | % | $ | 6,043.2 | $ | 3,123.4 | 93 | % | ||||||||
Service revenue | 806.1 | 286.5 | 181 | % | 1,149.6 | 531.4 | 116 | % | ||||||||||||
Service revenue take rate | 19.5 | % | 17.0 | % | 250 | bps | 19.0 | % | 17.0 | % | 200 | bps | ||||||||
Inventory sales revenue | $ | 300.4 | $ | 198.0 | 52 | % | $ | 469.3 | $ | 347.1 | 35 | % | ||||||||
Inventory return | 8.5 | 21.8 | (61) | % | 25.9 | 39.3 | (34) | % | ||||||||||||
Inventory rate | 2.8 | % | 11.0 | % | (820) | bps | 5.5 | % | 11.3 | % | (580) | bps | ||||||||
Net income available to common stockholders | 77.4 | 53.4 | 45 | % | 44.2 | 231.5 | (81) | % | ||||||||||||
Adjusted EBITDA | 307.8 | 136.2 | 126 | % | 440.5 | 241.0 | 83 | % | ||||||||||||
Diluted earnings per share available to common stockholders | $ | 0.42 | $ | 0.48 | (13) | % | $ | 0.29 | $ | 2.07 | (86) | % | ||||||||
Diluted adjusted earnings per share available to common stockholders | $ | 0.85 | $ | 0.74 | 15 | % | $ | 1.47 | $ | 1.20 | 23 | % | ||||||||
GTV by Geography
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||
% Change | % Change | |||||||||||||||||
(in U.S. dollars in millions, except percentages) | 2023 | 2022 | 2023 over 2022 | 2023 | 2022 | 2023 over 2022 | ||||||||||||
United States | $ | 2,911.5 | $ | 803.6 | 262 | % | $ | 4,312.4 | $ | 1,723.4 | 150 | % | ||||||
Canada | 890.2 | 626.4 | 42 | % | 1,182.1 | 936.2 | 26 | % | ||||||||||
International | 342.3 | 254.3 | 35 | % | 548.7 | 463.8 | 18 | % | ||||||||||
Total GTV | $ | 4,144.0 | $ | 1,684.3 | 146 | % | $ | 6,043.2 | $ | 3,123.4 | 93 | % | ||||||
GTV by Sector
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||
% Change | % Change | |||||||||||||||||
(in U.S. dollars in millions, except percentages) | 2023 | 2022 | 2023 over 2022 | 2023 | 2022 | 2023 over 2022 | ||||||||||||
Automotive | $ | 2,107.9 | $ | 52.0 | 3,954 | % | $ | 2,439.6 | $ | 91.2 | 2,575 | % | ||||||
Commercial Construction and Transportation | 1,482.3 | 1,156.1 | 28 | % | 2,672.3 | 2,182.3 | 22 | % | ||||||||||
Other | 553.8 | 476.2 | 16 | % | 931.3 | 849.9 | 10 | % | ||||||||||
Total GTV | $ | 4,144.0 | $ | 1,684.3 | 146 | % | $ | 6,043.2 | $ | 3,123.4 | 93 | % | ||||||
Lots Sold by Sector
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||
% Change | % Change | |||||||||||||||||
(in '000's of lots sold, except percentages) | 2023 | 2022 | 2023 over 2022 | 2023 | 2022 | 2023 over 2022 | ||||||||||||
Automotive | 574.0 | 5.8 | 9,797 | % | 661.6 | 9.9 | 6,583 | % | ||||||||||
Commercial construction and transportation | 84.4 | 47.9 | 76 | % | 141.0 | 87.1 | 62 | % | ||||||||||
Other | 142.9 | 115.0 | 24 | % | 248.2 | 199.0 | 25 | % | ||||||||||
Total Lots | 801.3 | 168.7 | 375 | % | 1,050.8 | 296.0 | 255 | % | ||||||||||
The following table presents the selected results from RBA and IAA:
Three months ended June 30, 2023 | Six months ended June 30, 2023 | |||||||||||||||||||
(in U.S. dollars in millions) | RBA | IAA | Total | RBA | IAA * | Total | ||||||||||||||
Commissions | $ | 146.6 | $ | 86.7 | $ | 233.3 | $ | 264.7 | $ | 99.1 | $ | 363.8 | ||||||||
Buyer fees | 103.7 | 361.4 | 465.1 | 191.0 | 413.5 | 604.5 | ||||||||||||||
Marketplace services revenue | 79.2 | 28.5 | 107.7 | 150.2 | 31.1 | 181.3 | ||||||||||||||
Total service revenue | 329.5 | 476.6 | 806.1 | 605.9 | 543.7 | 1,149.6 | ||||||||||||||
Inventory sales revenue | 216.6 | 83.8 | 300.4 | 372.7 | 96.6 | 469.3 | ||||||||||||||
Total revenue | $ | 546.1 | $ | 560.4 | $ | 1,106.5 | $ | 978.6 | $ | |||||||||||
