+61733824444. Please contact Customer Service at csg@rbauction.com for assistance. Note, that the trailing 12 months adjusted EBITDA only includes 11 days of contribution from IAA. {0} can only contain letters and numbers. And with that, we also thank you for your time and have a wonderful rest of your day and your week. We have encountered a server error. Thank you so much. More broadly, integration is off to a strong start. Examples of valid formats would be 000-0000 or 0000000. +61352453333 Fax. Next slide please. But with the recent flood in Florida, we were able to see firsthand, it's one thing when you diligence. Aug 29, 2023 Rosser, MB PORTAGE LA PRAIRIE, MB Service revenues comprised of seller commissions, buyer fees and revenue from our marketplace services. Hello? In just over one month alone Mar 30 to May 2, 2023 our Western Canada Spring Ag auction season with 59 on-the-farm auctions saw: Some of our most rewarding work is helping Canadian farmers retire selling their equipment and land. There was 160 basis point contraction in the Ritchie Bros. inventory rate compared to the rate in the prior periods. And similarly looking to drive IAA share expansion through kind of SLAs and given where their utilization of the yards stands plenty of room to run. We're feeling great about, again everything that we had in our sights we put into the proxy, in terms of CapEx requirements, like Eric said, the Bolton replacements. {0} must be between {1} and {2} characters. Loading and unloading of equipment is only permitted during daylight hours. Just to your second part of your question regarding Florida. On a reported basis GTV increased 32% year-over-year. And now, were excited to be bringing our world-class ag auctions, solutions, service, and industry & market expertise to Ontario and the ag community in Eastern Canada! During the first quarter, this adjustment resulted in a $12 million reduction in our costs of services that would have otherwise occurred absences purchase accounting adjustment. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Ritchie Bros. bringing world-class ag auctions and service to Ontario. And then maybe just one last one, just a high level question, if you can maybe share some perspective on kind of what your integration team looks like, I think may have alluded to, at some point thinking about getting some external support there. The equipment selling in this auction is located and available for inspection at the following sites: Adelaide, SA Lot 2 Jobson Road Bolivar, SA, Australia 5110 Tel: +61.8.8280.6005, Brisbane, QLD 1-57 Burnside Road Yatala, QLD, Australia 4207 Tel: +61.7.3382.4444, Dubbo, NSW 41 Purvis Ln Dubbo, NSW, Australia 2830 Tel: +61.2.6884.4330, Geelong, VIC 200 O'Briens Road Corio, VIC, Australia 3214 Tel: +61.3.5245.3333, Mittagong, NSW 15 Drapers Rd Mittagong, NSW, Australia 2575 Tel: +61.2.4872.3909, Newcastle, NSW5-7 Foresight AveNewcastle, NSW, Australia 2322Tel: +61.2.6884.4425, Orange, NSW 31 Colliers AveOrange, NSW, Australia 2800Tel: +61.2.6884.4330, Perth, WA3363 Great Northern HwyMuchea, WA, Australia 6501Tel: +61.8.9437.9496, At Ritchie Bros., it's always free to register and bid online in any of our live auctions - we do not charge any fees in order to use this service, regardless of whether you bid via our website, our mobile app, or if you place a PriorityBid. Ritchie Bros. Auctioneers 1-57 Burnside Road, Yatala, QLD, Australia 4207 Tel. Find information about delivering or collecting equipment from this auction site, including: We have encountered a server error. All transportation companies entering our auction sites are expected to maintain the following insurance coverages: General Liability, Workers' Compensation and Cargo. Since the close of the acquisition, IAA's adjusted EBITDA has been broadly in line with our expectations. Please try again. Thank you. Upcoming Heavy Equipment Auctions | Ritchie Bros. Auctioneers Home Auctions Upcoming Heavy Equipment Auctions Friday Mar 17, 2023 (your time zone) Caorso, ITA Day 2 of 2 Register to Bid Online Search all 2,087 items Polotitlan, MEX Listing catalog (PDF) Register to Bid Online Enter Timed Auction Search all 995 items Las Vegas, NV, USA The risks and uncertainties that could cause actual results to differ significantly from such forward-looking statements are detailed in our news release issued this afternoon, as well as our most recent Quarterly Reports and Annual Report on Form 10-K, which are available on our Investor Relations website on EDGAR and SEDAR. Thank you. And yes, as I said, originally, it's been kind of a in some ways a homecoming, just for the folks on the call that may not be aware, the business I ran prior to Ritchie Bros was called Abra Auto Body and Collision, these same insurance customers, literally the same people were my customers there. Brisbane, AUS: Equipment Delivery and Pick Up | Ritchie Bros. Auctioneers Equipment must be removed from the auction site through the truck gate. Upcoming auctions. In the 11th and 12th centuries, Soest was a metropolis of its time, with well over 10,000 residents! This is the company page of Ritchie Bros Brisbane located in Australia, Queensland, Yatala, Queensland. This is an online Timed Auction Items in this auction are selling via our automated Timed Auction system There will be no onsite bidding for this auction We'll evaluate and see whether or not makes more sense. All items are subject to 10% GST. Ritchie Bros Brisbane - Yatala, Queensland, Australia - Mascus Ann, do you have any sort of incremental early thoughts on getting traction in international markets on IAA side. As we have said previously, we view the IAA business as an additional vertical for our broader marketplace. Your next question comes from Michael Doumet at Scotiabank. If you plan a model GTV, we expect the trend of higher unit volumes and our commercial construction and transportation sector to continue in the second quarter. Starts 8:00 AM (2:00 PM Tuesday your time zone) Timed auction starts 8:00 AM Saturday Feb 20, 2021. So we are right at that second building block and launching that into Sacramento next month. The other category is broadly comprised of transactions from our agriculture, oil and gas, and government surplus verticals, as well as equipment attachments now there is sundry items. So absolutely we've been meeting with the top insurance carriers and other customers of IAA as well. On a pro forma combined basis, we were at roughly 35% to 65% split between commissions and buyer fees respectively. The transaction fee applies to on-site, online and proxy purchases. Visit website. One of the things we committed to and obviously, is almost a maniacal focus on day to day execution. /heavy-equipment-auctions/ring-coverage-details?eventId=2023322&a=bid, /heavy-equipment-auctions/ring-coverage-details?eventId=2023322&a=view, /heavy-equipment-auctions/ring-coverage-details?eventId=2023322&a=tal, /online-bidding-registration?eventId=2023322, /myaccount/-/speedy-today-auction/2023322. Okay. With that, I will now hand the call over to our Chief Financial Officer, Eric Jacobs, to discuss our financial results for the first quarter, and to provide some additional outlook and commentary. Please contact Customer Service at csg@rbauction.com for assistance. +61733824444 Fax. So a lot of refreshing all of those relationships. So again, very, very tight team with very high expertise. I believe I'm back in. Some equipment may require modifications to meet foreign import and safety regulations. Right? {0} must be a valid date of the format YYYY-MM-DD. We would like to thank you all for participating and ask you to please disconnect your lines. All of those were in the process in terms of the cap numbers. Thank you. Thank you, Ann. {0} must be a valid date of the format YYYY-MM-DD. Ritchie Bros.' unmatched global marketing and ability to drive demand means you get the best returns possible. We are starting to see the light at the end of the tunnel. This was driven by a continued rebound in unit volume growth, partially offset by lower prices, unfavorable asset mix and unfavorable foreign currency exchange rates. Our new corporate identity reflects our structure as a diverse portfolio of verticals under a singular umbrella and our vision for the future of our company as a premier global marketplace leader. Impact of the convertible preferred equity in the first quarter, decreased our adjusted diluted earnings per share available for common shareholders by approximately $0.5 per share. Okay, excellent. We look forward to seeing you there! It also includes integration costs such as severance. Thank you. Another thing to see the capabilities, exactly as they were accessed team at IAA has built for catastrophic events with this overflow NASCAR lots and how the storms are tracked, and which sites light up for the potential of where the volume is going to go. For the identification of non-GAAP financial measures, the most directly comparable GAAP financial measures and the applicable reconciliation of the two, see our news release, Form 10-K and Investor presentation posted on our website. Tell us how much you're willing to pay and we'll bid the lowest amount required for you to win! Please note that each sector can be comprised of salvage and non-salvage transactions from both Ritchie Bros. and IAA. The cost to achieve these synergies in the first quarter was approximately $14 million. Please go ahead. Check the schedule before auction day so you know when and where to bid. {0} must be must be greater than 2 characters or be entered as "GD". Thanks. Your email address will not be published. Ritchie Bros. - Brisbane's next auction is coming up on | Facebook Please go ahead. Brisbane, AUS - Oct 20, 2021 | Ritchie Bros. Auctioneers Home Auctions Brisbane, AUS Oct 20, 2021 Bidding is now open! To signify this new chapter as a combined company, we are unveiling a new corporate name RB Global. More. At the end of the quarter, our fixed to floating interest rate mix was approximately 40% to 60% respectively. This adjustment will also result in additional $52 million reduction in our cost of services primarily in the second quarter of this year with any remaining amount and subsequent periods. Thank you. So yes, we do expect it to do better. Stationary, in this instance, will mean equipment that, while possibly mobile, cannot be reasonably driven across the yard or driven onto a trailer for transportation. Register online today (www.ironplanet.com.au) in order to bid. Buy used equipment. After the speakers' remarks, there will be a question-and-answer. Novotel - Brisbane Airport. Thank you. Ritchie Bros. - Home - Facebook Now, let me move to the next slide. Every item is sold to the highest bidder on auction day, with no minimum bids or reserve prices. {0} can only contain letters and numbers. 7 Staghorn Ave Gold Coast, QLD 4217. On a pro forma combined basis GTV increased 1% year-over-year, driven by the strength in the commercial construction and transportation category, offset by the weakness in automotive that Ann discussed. Please go ahead. The increase in service revenue for IAA was primarily driven by previously implemented buyer fee increases. {0} must be a valid date of the format YYYY-MM-DD. The Covid-19 pandemic has continued to accelerate acceptance of large-scale online equipment sales and purchases. Auction Site | Ritchie Bros. Auctioneers Auction Site | Ritchie Bros. Auctioneers Purchases must be paid in full within seven (7) days of the end of the auction. Ritchie Bros. had had a very strong. Australia's premier unreserved auction features items from across Ritchie Bros. national yard network giving you a wider selection. Brisbane, AUS: Terms and Conditions | Ritchie Bros. Auctioneers Okay, great. In the commercial construction and transportation category inventory revenue tends to be driven by consigner preferences which can vary over time. The next RBA auction will be held at their sale site of 1-57 Burnside Rd (cnr of Burnside Rd and Pacific Hwy), Yatala. About Ritchie Bros. Auctioneers About Ritchie Bros. Careers Media Investors Blog Security Center. And historically, if you look at our CapEx under that definition, more than half for both companies was on internally developed software. Claim it now. {0} must be must be greater than 2 characters or be entered as "GD". Any items not subject to GST will be indicated as "Not Subject to GST". Ritchie Bros. Auctioneers is looking for an outside sales professional to serve our customers as a Territory Sales Manager in Brisbane, Darling Downs and Mackay on a permanent basis. As we continue to work on finalizing purchase accounting, we may identify our value adjustments, which may have an impact on our income statement in the future. Eric do you want to add anything? Ritchie Bros. sets multiple records at unreserved equipment auctions in Our expenses also increased year-over-year due to headcount investments to process the growth in services revenue and higher levels of travel expenses associated with customer events, industry conferences and internal annual kickoff meetings. The way we look at Florida is really for overflow for catastrophic events. Includes the cost of our inspectors for auction services and costs of services. 138.24K Follower s. Follow. Excluding the loss of volume from this customer ,volumes increased 1.6% driven by organic growth from other insurance customers. {0} must be between {1} and {2} characters. It also includes expenses for our corporate functions. We believe segmenting our GTV by sector who better allow us to talk about various end market trends impacting the business. Thank you. Ritchie Bros. sets multiple records at unreserved equipment auctions in Let me first discuss our types of revenue. We've already kicked off detailed planning through our integration management office and implemented our new senior leadership organization. It also includes lift in material handling equipment, vocational transportation trucks, as well as truck trailers. Exterior washing; . That is not the thing that we're controlling. I guess it's on the 15 million synergies, can you provide maybe a little bit color on where they came from? So again, another stellar performance. The following discussion will include forward-looking statements which can be identified by words such as expect, believe, estimate, anticipate, plan, intend, opportunities and similar expressions. And now back to Ann. Support Contact us Frequently Asked Questions Buying Selling Please go ahead. With their first unreserved auction being held on Thursday March 21st in Brisbane; Ritchie Bros. are expecting high interest in both excavators and low-loader equipment in particular. So as we said before, no further land is required to execute what it is we put forward. Regular site hours Mon-Fri, 8am - 5pm See all representatives. I'd love to. Equipment cannot be removed from the auction site until it is paid for in full. Yes. It wasn't a big event. If you're the highest bidder when the auctioneer announces that an item has been sold, you're the new owner of that item. Historically, both Ritchie Bros. and IAA have had inventory revenue. Your next question comes from Craig Kennison at R. W. Baird. Taking all this into account. So it'll be clean numbers and allow us to perform and take a lot of the benefit from this total loss ratio recovery. View all 2,100 items in our IronPlanet Super Auction. And so as we're running the local yard strategy, again, the two pilots that are starting and doing we're excited, no issues with using the lands, the capacity available at IAA, so on and so forth. Get the latest business insights from Dun & Bradstreet. {0} can only contain letters, numbers, dash (-) and dot (.). The owner's contact information must be provided with equipment being delivered. As a result, we delivered strong first quarter performance, including double digit GTV and service revenue growth, excluding the impact of the IAA acquisition, which closed on March 20. Before you buy or sell, create an account and check recent auction results 780,000+ items listed! Brisbane and Geelong yards are open for inspections during the following hours: 8 am to 5 pm 16-20 March 8 am to 5 pm 23-31 March. Try again If you have any other inquiries contact us by phone or email: Email csg@rbauction.com Phone U.S. & Canada: 1.800.211.3983 Europe: +31.765.242.600 Middle East: +971.4.812.0600 International: +1.778.331.5939 A substantial portion of the growth in adjusted EBITDA came from the inclusion of IAA this quarter. Comments that are not a statement of fact including, but not limited to projections of future earnings, revenue, gross transaction value, debt and other items, business and market trends and expectations regarding innovation of IAA, including the anticipated cost synergies are considered forward-looking and involve risks and uncertainties. Ritchie Bros. bringing world-class ag auctions and service to Ontario Great, thanks and good afternoon. Buyers cannot remove their purchases from the auction site until their invoice is paid in full. If you have an ad-blocker enabled you may be blocked from proceeding. Gardening event in Brisbane, QLD, Australia by Ritchie Bros. on Friday, November 22 2019 with 264 people interested and 48 people going. So we're very pleased with that. 1-57 Burnside Road, Yatala, QLD, Australia 4207. This is consistent with how each company has historically reported. With the IAA acquisition now closed, we are embarking on an exciting new chapter for our business. We are starting to see a slight increase in the automotive total loss ratio to approximately 19.4% from 18.2% in the same period last year, which is positively impacting volumes. Right. in the currency of the auction. Registration and deposits Registration to bid is free. Australia, AUS - Jun 21, 2023 | Ritchie Bros. Auctioneers To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. As we focus on accelerating our commercial, construction and transportation GTV, we will continue to structure average deals to win where it makes financial sense. Is this happening to you frequently? Timed auction starts 8:00 AM Saturday Jun 17, 2023, 6 Orchid Avenue, Surfers Paradise, Gold Coast, QLD, 4217, Australia, 11 The Circuit, Brisbane Airport, Queensland 4008, Australia. We support businesses of all sizes with our quick and easy application and approval process. Perfect. So very, very excited about driving those things that are in our control. First, as you look at our results, please note that we are now reporting our financials as one business segment. Thanks. Thank you. Access online bidding You can also try again to check if the website is back online. The P&L has 148 Obviously that includes a lot of other costs in the IAA. Wonderful. Tel. No matter how big or small your business, we can help you sellit's fast, efficient and hassle-free. Your registration has been denied. Maybe in the Richie business, I think you called out some fleet realignments that help maybe just have the base level trends on that business or going and maybe just the dynamics on the IAA side as well, obviously, a lot of headlines around used car prices moderating maybe how that trend is going, and maybe how volumes are trying to get some base level trends on both businesses at this point in here. So that that was a big if you're looking at sort of the trends, what happened. RitchieBros @ritchiebros Australia Queensland Brisbane Professional & Other Places Building Is this your business? Many of us have worked with them over the years. Cost of services also includes indirect costs incurred to earn auction revenue or marketplace services. We wanted to continue to highlight how we will be accounting for the convertible preferred equity that was issued in the first quarter and the impact it will have on calculating our earnings per share, both reported and adjusted. We previously sold our Bolton facility for $169 million pre-tax gain in the first quarter of 2022 with the plan of investing proceeds from the sale into several new yards. But again, early seeing a light and actually seeing the equipment are two very different things. Geographically, we saw strength of Ritchie Bros' down on GTV growth in the United States. I could be wrong. But whenever he's in Brisbane or Melbourne, he makes a point of stopping by the Ritchie Bros. auction site - and he often receives visits from Ritchie Bros. staff in return. Obviously, you're doing a nice job driving volume, which you've done for a while here. {0} can only contain letters and numbers. Please disable your ad-blocker and refresh. Cookie Preferences. And so you can kind of get a sense in the near term, what our cap set x requirements are. +61.7.3382.4433 Ritchie Bros. does right by buyers and sellers." Today, John is settled back in Shepparton with his wife. Government Surplus Auction (1383) Tue, 27 Jun. So if you recall, the various buckets that we highlighted, we were very clear that the first set of synergies was going to come from kind of duplicate of executive ranks. Obviously, we understand, we can't predict the weather, but hopefully you cite. That's it from me. Operator, you can now open the call for questions. On a pro forma combined basis, inventory revenue declined 10% and the inventory rate declined 300 basis points year-over-year, primarily due to lower use vehicle pricing, coupled with less non insurance vehicles being purchased due to a tightened supply environment and fewer contractual bulk automotive sales than the prior year quarter. What does a Freightliner M2 cost? Equipment keys must remain in the unit being delivered. Now, Id like to turn the call to Ann Fandozzi. +61733824433 Maps and Directions Maps and Directions : . {0} must be between {1} and {2} characters. Ritchie Bros. Auctioneers Incorporated (NYSE:RBA) Q1 2023 Earnings Conference Call May 10, 2023 12:00 PM ET, Sameer Rathod - Vice President of Investor Relations and Market Intelligence. The equipment selling in this auction is located and available for inspection at the following sites: Brisbane, AUS 1-57 Burnside Road Yatala, QLD, Australia 4207 Tel: +61.7.3382.4444, Geelong, VIC 200 O'Briens Road Corio, VIC, Australia 3214Tel: +61.3.5245.3333, Perth, WA 3363 Great Northern Hwy Muchea WA, Australia 6501Tel: +61.8.9437.9496, Dubbo, NSW 41 Purvis Ln Dubbo, NSW, Australia 2830Tel: +61.7.3382.4444, Adelaide, SA Lot 2 Jobson Road Bolivar SA 5110Tel: +61.3.5245.3333, Never miss a lot - Place a PriorityBid before the live auction starts, Tell us how much you're willing to pay and we'll bid the lowest amount required for you to win. Your next question comes from Michael Feniger at Bank of America. Access to and from the auction yard is only permitted through the truck entrance. Because you benefited all in price, and so on higher commission rates. So curious in your thoughts on really on driving better mix? Before turning to earnings, let me discuss our expense categories. Now, supply chains have started to loosen for several categories, and macro economic uncertainty has increased. So as you've noted, the total loss ratio has a long way to go to recover from pre-pandemic levels. Yes, hello, Larry. So just trying to understand there's anything we should be aware of in the first quarter on the SG&A as growth picked up? Yes, so as at let's pick up. That's what I was getting at whether you thought we'd see some cat business on the Florida site this year. As of March 31, our total net debt was approximately $2.7 billion and our total net debt to trailing 12 month adjusted EBITDA was 5.4 times. And we kind of gave some of the reasons for that. I also want to note that we will be reporting our results on a calendar quarter basis in line with how Ritchie Bros. has done so in the past, but differing from the 13 week fiscal quarter that IAA previously reported on. About See all 1-57 Burnside Road Brisbane, QLD, Australia 4207 Brisbane (Yatala), QLD auction site of Ritchie Bros., the world's largest industrial auctioneer Follow the Ritchie Bros Australia page @ritchiebrosaus for updates and information on our Australian & New Zealand auctions. LTD. of Brisbane, QUEENSLAND. Thank you, Sameer, and good afternoon to everyone joining our call today. Timed auction starts 8:00 AM Saturday Feb 20, 2021, 6 Orchid Avenue, Surfers Paradise, Gold Coast, QLD, 4217, Australia, 11 The Circuit, Brisbane Airport, Queensland 4008, Australia. Safety vests and proper footwear must be worn at all times. As part of the integration, we expect to use technology as a way of us gaining some of the synergies, particularly in finance, those have heard me talk about the lot of the manual nature, a lot of the processing for Ritchie Bros. that gets addressed with some of the technology enhancements that we're doing. Both reports can be found under the Sustainability tab of our Investor Relations website. North Rhine-Westphalia (Dsseldorf): Horseback Riding, Riding Stable Car Rentals; Hotels Buying Information +-Buying process overview How . Never miss a lot - Place a PriorityBid before the live auction starts. Based on our progress, we continue to expect to deliver $100 million to $120 million plus of annual run rate synergies by the end of 2025. Learn more about PriorityBid. We are deep, deep, deep into the integration work, and it is off to a very strong start. Thanks. Ritchie Bros. to host its largest EOFY auction to date - Big Rigs Hello. What we are controlling, is driving the very best service levels for our customers, understanding what those are very minute the customer by customer, mapping our operations to ensure the day in and day out, we deliver the very best service in the industry, and then share becomes an output. It can be an emotional, stressful time, but we take care of the whole process, and youll have a cheque in hand within 21 days of selling. And then now you want to be able to form transactions. The current environment makes it more difficult to match customers with our lending partners. So why don't I take the second part, and I let Eric talk about the pro forma CapEx numbers. Ritchie Bros. Auctioneers Incorporated (RBA) Q1 2023 Earnings Call Ladies and gentlemen, we will now begin the question and answer session. regulations limit the number of people onsite. This gross will be partially offset by continued pressure on average selling prices due to asset mix and software category pricing.