RBA - Earnings call transcript Q1 2021

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Operator

Good morning. My name is Mike and I will be your conference operator today. At this time, I would like to welcome everyone to the Ritchie Bros. Auctioneers Inc’s.

First Quarter Conference Call. placed for been background have lines on any mute noise. All a speakers remarks, the question-and-answer there'll After be session. Instructions]. [Operator you. Thank I will now turn the call over to Mr. President conference Sameer to Vice of and Relations Rathod, Market open the call. Investor Intelligence Mr. conference. Rathod, you may your begin

Sameer Rathod

and call discuss today's morning. us results. quarter to thank for our you Hello joining good for XXXX first And

for could of now Ann? discussed Ann call on to at discuss which or Presentation Financial webcast of detailed forward-looking financial Fandozzi available today team, this future risks securities risks other with and for figures in the our and members dollars fact, XX-Q. to call. earnings the viewed management as our release our review to and significantly investor.ritchiebros.com. slides GAAP measures our our Joining non-GAAP value, most SEDAR. Ann Executive discussion live website and two the and forward-looking as the certain will the financial are can non-GAAP and well over revenue, along of that our me financial will Fandozzi. EDGAR today indicated. financial filings unless portion earnings call, Canadian comparable available otherwise Sharon U.S. transaction projections on from identification The from including in form are website. Relations are and and statements. or we These our operating Officer and Officer Investor will recorded the other Form be The We cause be I'll On or encourage reconciliation the items following directly release differ forward-looking commentary accompany you see Comments actual XX-Q available results turn our who involves through Chief are our the growth, measures between measures of this are statements not uncertainties. downloaded All today. are slides and website considered Driscoll uncertainties our SEC earnings, Q&A our Chief and include statement a of that

Ann Fandozzi

Sameer, team and would today. difficult months, you, to has safety. to our the like and all members. everyone an continues our and call Thank our with joining a our call commitment It of on morning and unwavering by to congratulating XX focus been the team I good thanking health start customers to needs

omni-channel shareholders. numbers service We operating see continue environment customers platform to our underscore to revenue leverage the XX%, as walk in XX%. strong for And will and These through Sharon the deliver model and GTV XX% our increased continued increased you and shortly. dynamic. the for numbers results the financial despite outcomes increased our adjusted uncertainty continues robust income

us we last from Let me talk bit a in the When were about quarter progressed. in how uncertainty environment. February, the heard we seeing indicated you little

drive pull Our have marketing published down to wait taking costs a for customers. And very Instead, spend. save and our our by consigners and see to would results wisdom been to marketing. response best for demand our Orlando of and In the to supply, were conventional auction constrained back higher doubled clearly commitment we've levels approach. on increasing showed outcome

equipment to upgrade and continue bolster our improve experience. For our And demand regional digital we sellers to digital to and pricing. we events for our buyers, continue bundle techniques used marketing our drive

organizations our equipment strong year. of rallying and gain in improvements to auctions as strong this used consigners compared for we And help sales pricing to led confidence. [pride] pricing Houston seeing Our to Orlando a last leverage

We are with first very happy the quarter.

later COVID meaningful into in our However, as this year we note year-over-year as I XXXX. will typical comparisons less to that distorted want heavily get become seasonality

within components intense have an and customer to our focus fiercely all the drives continue control. on We

like and by are and headwinds off significantly strength causing manage So environment is we external residential uneven like are non-residential conditions to second pockets Overall a while be environment pockets quarter offset the the cope benefiting to with when of changes. is slower of continues the volatility construction of able also the to globe. and weakness lumpiness varying supply This around dynamic start. the with

stimulus, happens as consigners We Some waiting with equipment vaccines given size to see the are scope others busy, are changing of distributions. they timing, been and have issues there macro supply well. know chain what digest continuously as developments, changes, production infrastructure path

control. in core our While everything The of the customer that remains in are parts we to areas certain on and are world. executing COVID the do in rages we

Our with for in drive bids We buyer digital to generation believe helping increases is of per sold. lot increase pricing. demand equipment continues demand to marketing our base global used deliver team a XX% this

to We through to follow And quarter this Sam continue our drive do Lyons he leverage Sharon we the Q&A. international we markets. commitment. with I And accounts that organization we our And led has international practices help scale. leadership bring quarter, to After protocols against our a a strategic pleased drive in pillars. Last am very strong COVID our changed to then financials, in also we continue the we on discusses of much Sharon. in how now executing about our accepted at growth to and talked operating execution will global quarter, the that announce about North place. to strategic talk are I over best position will how America to

Sharon Driscoll

good like Canada year-on-year our morning XX% Thank total to contributed some quarter last color to by are strength growth GTV on the strong we and would currency compared international. All our GVT to for Overall, by growth. around I and a pleased year. of channels everyone. led X% with year-on-year constant add used basis prices or in growth, aided Ann equipment you, geographic our

grew the in sold only GTV First X%. U.S. by

And hampered challenges. consigners. that was continued international of this supply this at source a our Last Orlando equipment COVID of came by XXXX auction reduced driven internationally the However, significantly year, our meaningful Orlando lack in even of for sourced year. growth from part GTV was

source within GTV U.S. the growth single-digits. only at in the high Looking

I to to to benefited a last compared approximately Las of $X the collector car Additionally, our non-repeat related our and due event. with auction Vegas auction changes that note would shifts Combined the calendar. quarter in events Conexpo the year when the met GTV million of headwind we COVID

shifts, total quarter auction of these XX total With XX the year-on-year. and lot days year days sale to XX% to number compared in increased sold X% last increased days

difficult, growth to GTV QX, service good through over grew well last the as is provide that think impact we the year. as noted, calendar comparisons with sense the grew experienced as are to that restrictions of of Total a given comparison same Ann base underlying COVID go COVID and our going on that GTV of the assist a be year-on-year our As out XX% investors using We On XXXX stated, as comparison revenue auction as XXXX, service border we reasons international volume XX.X%. basis, looking X.X%. at filtering XXXX for previously revenue the noise for trends. and increased basis better year-on-year

in think continue reflective model service indicator We and growth performance quarter. of our business that underlying line to revenue most overall trends the for is of best top business the

XXXX approach $XX macro as we into quarter building as was we and was during The some And the Orlando concerns the million some see wait took results strong consigner lock the pre-COVID to due its exceptionally to issues. of of and processed saw to cautious answered XX% quarter. warranted, increase price they some the those compared witnessed in contributed hesitancy event down going slowly to Our aforementioned or tracking results. Orlando Texas nearly XX% of tone the a given the auctions growth

first of our protocols in earnings in XXXX leverage our on our to over despite and cost XX% of I in share. our noted of want would to as be second see at to the We to protocols beginning what per the to the operating sales As we model. the we adjusted experienced up in off underscoring the cost lumpiness timeframe the an reduction that compared and same COVID GTV These specifically our flat of of XXX% services to be dynamic Ann cycling quarter expect of a leverage are the similar day. strong think discuss QX. is our environment year-on-year. a being cost with and operating quarter to we further Rouse and note adjusted rest that XQ to X.X% continue you the continues as not pivot drove services with important will quarter in saw increase X.X% income increase U.S. costs is transaction. actions and XX% the year, also incurred bidding Note in in COVID decline start in It service services associated related slow due the a about to online acquisition

related of in As which million continuing part share the $X.X the quarter company employment of those based the costs incurred the million costs amortization costs. related to of of acquisition, $X.X acquisition of

to of be out earnings, charges. $XX.X continue employment our amortization they of future These be total adjusted in share the recurring We approximately costs million continuing will will based costs expect not as will XXXX.

However, related costs will the be on line statements. visible on this the acquisition face of

lower that increased Before Ritchie logistics service Rouse financial I segment services contribution million full in by XX% I and would note turn other and offset the Brothers services due our quarter revenue strong $X.X marketplaces, auctions and revenue. growth year-on-year to from to partially ancillary

revenue marketplaces. in as A&M note quarter. for coming grew percentage is revenue are mix and how auctions to to important a service a again, growth revenue on consigners total It -- of XX.X% service significantly depending the contract at can the preference GTV structured. A&M deals skew on XX% solid with for the total Now once

inventory between customers to are all capacity That stand our they driven by inventory and lumpy, any XX% We increasing said, continue to choose. sales ready so contracts agnostic oriented regions. be and in serve service

Canada to XX% benefits deals, non-rolling given saw from Our deals. two border construction the driven face back construction large Inventory last regions year, easier international U.S. year. XXX GovPlanet coming saw to closures benefits from stocks comps while COVID rates basis increased also compared online. the points last and

and at the the stronger overall to increases, executive results. that employees significantly drove which And contracts performance growth the rate was exceed based of severance, with increased of comp particularly Overall, growth Our pleased equipment revenue impacted disciplined risk management XX% Rouse SG&A begin we by approach our QX used inventory deals, XXXX. strong in quarter. SG&A combined does quarter. fully performance changes during our with to impacts of XX% service very services year-on-year, foreign prices exchange are very these addition in incentive

and uncertainty our results XXXX, incentive no to bonus of basis growth versus the the think in the because SG&A performance our strong of accrual our X.X% compensation is core share-based Excluding severance We X.X%. SG&A little the that required quarter, current grew only in a moment impacts better quarter. in very

promotion these expense vaccine and advertising was down travel, in given pace anticipate the Although start levels escalating year-on-year, to from particularly the our U.S. current we costs of deployment

to sales We sales and our the eager cultivating are and a developing talented force driven on road back get customer relationships. organization is

As it do so. is becoming safer to

in adjusted It needs that operating trailing but net quarter our to our XX to the to our and of on balance resolve remain the focus to I and cash the free very like strong flow And Our been XXX% to a their challenges, had basis of unique proud customers. thanks debt team. to I to meet net in basis. that. employees cash of dedicated target. quarter safety very with would sheet position my for quarter. an came I'm With months income X.X EBITDA our a continue on leverage Evergreen ahead pleased an flow and We liquidity decreasing unprecedented well am health on strong four in four note continued has with times at very trailing to XXX% add

to Let Ann. the me call turn back

Ann Fandozzi

for Thanks, the marketplace pleased are trusted commercial to assets. solutions Sharon. services we new I for on the and progress our insights, transaction become strategy am very at making global

for days made now described me a to regional run customer team buyer demands. we last have responsible team more Let the in to value as last the to are and creation. enhancements us pillar experience, The seller by seller who dedicated through experience. help long-term delivering developments the key events best quarter, Customer XX drive drive our

creating and for walks the are architecture, system, confidence. Modern the list While employees and valuation in step [bin] an we architecture equipment related social our asking with Ritchie inspection them virtual ideas. initiatives. those industry videos build is experience, to tools continues the taking crowdsourcing and like and we buyer roadmap team Brothers management Inventory we by in our to them quarter between are the of strides launched Rouse successfully micro of wide Services. to ESG service. of are important our system first modern completed our engaging what yard buyer in our make cloud-based And our enhancing giving equipment digitally with Employee for we equipment, process enhanced a

Lastly, accelerating growth.

seeing our internationally sites with are We only and positive with incremental signs sellers. but new GTV, satellite very not buyers

KPIs by the sites into our fourth are encouraged are and quarter rolling We now third plans. and new

Texas. are the a the of we learnings in a in coverage how learning that model And place, to in We have early team refine quickly new stages we using sales works and it our strategy. these now lot about are

indicate we globally. accounts strategic earlier, me rolling-out heard you are as Lastly,

considerations remainder XXXX. Now share turning to to and outlook, trends for the some I current would like of

safety while Our of our on health employees execution. priority remains the unchanged. focusing Number and one,

True controls continuing and our improving our of on tight environment, the are customers strategic execution keeping experience. Our constrained a priorities pillars, on execution costs our North focusing growth in

by We here. see to liquidity. come as distress and we see consigners flow focus achieve risks some opportunities there's We their and we expected and more well. to continue XXXX, beginning to on see level supply inventory of balanced did think to uncertainty not the cash In upside management

As fork to pressure banks or accounts. begin delinquent to more the apply

infrastructure watching both timing spend. driving to magnitude also stimulus are and for of government We begin

the We to fleet that remains strong implications to fence, realignment also are see act and in on potential All there dispersals continues the equipment as that COVID of terms to environment. said, the pricing risks equipment due the the of cloud consigners outlook. start

issues, ability their produce chain to in terms various later or have supply all of this OEMs year. currently equipment inhibiting from heard We

there on Although to the for distribution a of risk progress global think the remarkable is with had continue vaccine, border U.S. vaccine murky. newer strains And made COVID, timetable additional be of restrictions. we

soften Lastly, quarter. sentiment, all, to optimistic. advance question. as the in changes cautiously open the monitor environment pricing we With we and operator, that through the which continue All of could and the lines current carefully any impact remain our the tone progress equipment please outlook in potential

Operator

[Operator Instructions].

We compile Q&A will the pause to for moment a roster.

Kennison Baird. from Your first Craig comes from question

Craig Kennison

the days you good the the for sense down quarter expectation Hey, the in second wanted a and transaction you in balance should morning. a of as particular, the to value? have for to number question. get we for Thank take QX and look be gross what of year sale Really that at taking try my narrow auction

Sharon Driscoll

can that So take Craig, hi, it’s Sharon. I question.

calendar is QX. fluid range probably current project You know, what quarter. as today what I I year would throughout each anyway Albeit as I think the other. in we the our in see other experienced direction auction that over out our of auction COVID certainly fairly sort What is it's similar would in to calendar point we from that start a related that's would cycle shift a shifts last the scraping month see

LA used use as particularly for kind So I in Montreal. as we resulted say QX. was and of outlook would for But a similar --

Craig Kennison

you you're in GTV the of roughly that clear, in the But of anchoring similar X% expect Sharon. in days what's or number similar selling be terms metric to helpful, That's on? just growth

Sharon Driscoll

number days. of The

Craig Kennison

in growth the actual number. the the Not but number

Sharon Driscoll

the days. Yeah, of number actual

Craig Kennison

-- And to I'm press versus sorry does compare does year? though, last how what that

Sharon Driscoll

You know we on we've out it's the calendar website, guide terms it information the certainly days could that of me available presented that see or given if website. if you have in on

Craig Kennison

get I'll you queue. a that. much. take we'll back look Thank Okay, so at the in

Operator

comes Your from Michael next question Scotiabank. from Doumet

Michael Doumet

and Sharon. Hey, good morning Ann

COVID you we're equipment inventory well to obviously online proven comment more is the and to feels and know, the that as a the Obviously, the tight of but to You completed cycle resilient differences about implant differences XXXX. this reading some loss, similar U.S. lot on shift heavy better major in U.S., inventories lot a GTV our of versus lot driving of tightness performance? has a Ritchie's the can integration with

Ann Fandozzi

Ann, I'll Yeah, Sharon here XXXX. and color so not hi, can its having been add Michael start in then some

first way in met So world, control. themselves out you our the the is our guys control of on prides team really looking the at and me, which really

would folks example. QX quarter, Orlando, into effects Orlando let's you pricing tightness. at that equipment use to So were going of take be We there expos, clear just and kind were out a very I'm the Vegas And very, listen signals the the got we as if coming hey about by to we that repeat my equipment, XX%. saying, looking the an on hold Conexpo. down primarily knew on, driven Conexpo wouldn't we

tall our our So North staring and said, True down we comp were year-on-year a outcome what's team for the our healthy stood customers. North and driving True is the best so okay, fairly

on are of wisdom whatever demand, for back we kind to can pulling conventional are we the double of drive we we'll costs, going to we it instead are So call best have. marketing, drive to of, going kind saving customers going we outcome down,

them demand described consigners the the played how for great it. any forward out. use on our look We customers, that a very, a we can that of at to result is proud cry are rallying verbatim standing the into will And That price understanding kind backdrop was sort side to grey very a playbook for a driving flinching, to of the that things almost of look, and shade the fence come in pleased out of it drive, the then which of our really tall, in I then sitting like it’s super of as the so them to customers playing bring kind on the not of way by who team then market. of that results say bring that kind

Sharon, here, kind Let me to of pause XXXX? vis-à-vis add anything

Sharon Driscoll

-- really clearly we're different between in than ‘XX, And significantly all and think demand demand sectors I robust XXXX environment of sorry, here is would on gas oil construction. difference only we point the demand kind the for into whereas starting quite all really were across products are between we relying to demand is seeing its see construction strong. I sectors is is shifting

Operator

question comes from Cherilyn next Your Radbourne TD from Securities.

Cherilyn Radbourne

morning. much, very good Thanks and

So is that judge with to all between investors press the to the is really how auctions. company which always that's the is large have release pretty go on And results important. performing quarters, business

I two the least the navigate large an quarters, picture. haven't painted cycle, necessarily we full at and auctions last unusual over think those if

the whether curious investment the provide to just need other thought to company visibility I'm has So to given community? disclose possibly metrics to the better

Ann Fandozzi

perfect. Hi, I'm hi, you. sorry. Yeah, over Cherilyn. Sharon, to

Sharon Driscoll

Okay.

close-off. Okay Cherilyn. that take and outlet will kind I of

we added the the has to I sales. releases the think that things have of press one been regional

think additional some I have of So releases those we added that events. the most color, with recently

You in metrics we I visible or additional into analysts look quarter But know, information releases we queue based investors open helpful, we're look it what find we're in clearly of to to more opportunities. at at and think make is our incorporate public. -- But for is that feedback any we in this different terms might And, can that helpful. comparison quarter albeit that are auctions certainly, quarter some updates. is the did on also ways continuing not very

there information a that basis don't I have to out Then anyways. on add. regular is So else anything

Ann Fandozzi

on that look Yeah, guys right. help looking with just the Sharon's we way echoing at the words business the commitment business, you is to our at

true what that bids metric, is on in that the that XXX% live of place What driving Which how the ultimately are demand are translate and item, of of focusing long the are to when translates and two selection page to for transactions is much And digital kind spending for of are clicking the an driving, kind really where are our How so for And can confidence? metrics sellers be we the pricing? the us, generation in they're of buyers? really in? people headline metrics. how does that antiquated very you but and on is our that we digital which kinds much like saw and all online, online, metrics each we we're that world per focusing is of on which these it get instead queue a actually and really want

our want new but buyers. these mindset, all we're the the way, our our to we echoing for see for in very okay stand in eggs very -- putting the of of provide to words, since so experience live we events, sellers completely to the basket, we're So, we the longer large -- metrics guys that basket are best open and best driving our no eggs that world in experience Sharon’s putting and all

Operator

Our next from question comes from Prestopino Barrington Research. Gary

Gary Prestopino

of XX% to Hey, you ‘XX? statistic QX, good interesting here me. is against do I have But lot morning, This that everyone. bids pretty comp wondering, was per

Ann Fandozzi

That section. I it will pull in front great me. it Gary, question, in have Q&A of a we're don't But still we is the while

the call, so we this back. will we out And pull before close

Operator

from from comes next Your Blair. question Larry William De Maria

Larry De Maria

couple Hi, here. thanks. A Good morning. quick questions

dates QX? talk which to should assume Is reference, modeling guess the ag Or or that? that First, the auctions X% that go range? X% should about to part, core be can day for. for looking to that Just first to in the comment? that we clarify Does the of the be point clarify the the something Thank growth? that up different? Or second X.X% at you. as somewhere the to what to back Is includes SG&A I we we'll you auction I And look If website have part. just all well.

Sharon Driscoll

I'll its both Sharon. handle Larry so questions. Yeah, of the

it So yes, as days, day first, include selling ag would auction well. the any

comment. be revenue of would was the third looking it context So was the SG&A growth. into online, less then put more different SG&A just formats. It everything well a all forward as And to as around performance versus inclusive quarter discussion

the how around Netherlands. FX. there in would we things well the Canada, pressure, significant of headcount on wanted increased couple in out we teams unpack forward. the as just the our equally to particularly costs could would I operations like because takes were A we then it of it number, is you it into counter you and note, at that that administrative just goes of GTV kind as make because the normalization have and to puts look The So so that globe, of that because across do due that to in and called particularly FX FX determinations

quarter, optimistic So given. that certainly, future And the have that's But on FX that been also therefore, out, carries not component quarters, would performance be more also also year-on-year the hope the albeit are severance our employees was one-time and impact in will SG&A it of adjusted and not in we will the so a event, add. been carry bonus and increase on not for non-comparable on unusual Rouse that on. carry

Operator

question from [Operator Michael Instructions] Your next comes Finnegan from Bank of America.

Michael Finnegan

thanks for questions. taking everyone, Hey, my

Just live competitors open are saw not of least on person to person And in to guys think be up the hearing clear, three about do that Sharon and we're think curious you buyer that help XXXX? fee. smaller us are returning some for I'm a the planning case? if U.S.? about or is in to impact to planning you follow quantify how up, to auctions not to I you have at are of And at something remaining in the regional back anyway, we could rate? quarters if implementation the could that just higher that, that is in

Sharon Driscoll

here, Ann. on question, comment then I Sharon operations over it's pass I So why start fee the the will and to don't

buyers. both are couple provide that of would things a value a the to constant whether journey matches And determination fees say of you're value the structure fee a think you providing. I sellers and that around fee, about that I

do we at basis. that on a we something look is it clearly and regular so And

our I say with In kind fee but that this fee past, the fee past increases this our dissimilar do we certainly modeling, we to terms forward-looking I results. what what look to is would the this increases done that certainly in of indication we've took, do of to most as of recent would give that don't of fee estimates not could uptick assisting results to would

Ann Fandozzi

it’s And Ann. Michael

pick up from Let me there. just it

judge we kind integration do market environment opportunity practice. So review continue it at that Ritchie we the market? and And the annual we more online. the -- our industries was with you go thinking the IronPlanet where way on a But end, is need guys up. -- of do the fees we look bringing, there fee we like can the a And what kind fees about other ourselves fee and last way. of last around Brothers the of fees It's is had That's look in costs competitive the harmonization, pieces call we regular stack way at at most conversations to or are the go it. there to on up normal a most just against versus how basis, is the people we're

just for kind customers, what restate want of as us obvious a aligning no you've increase. understand price it's is of incredible make be the opportunities to solutions, do increased pricing. with it -- them obviously of is small with great normal base increased output evaluation And be ability answer you're that's general marketing, of to going for to can saw we to resulting you And You loss? an course some everyone digital that driving about really practices the cycle market it and more -- just which just and this the I the with is I this of what kind sure So can first solutions we're backdrop your in the you cover because proud really operations trying exact our And of of as if obviously to on backdrop really question, the heard from ever expect to cost increasing will. driven a to here, output kind market happened intended,

Michael Finnegan

are at I'm increasing houses with people you shifted how players now, moment, with give reopening back auction have are in safety curious underway? Just that's the as vaccinations viewing COVID protocols, back the please. will smaller any there's having guys if person. some guys if one the be shift there Online, with I'm that during right curious hearing you U.S. we're

Sharon Driscoll

Yeah.

best great And again, to kudos have really for experience Operating day, North with True gone Kessler, best so sale the for our our lengths, sellers understand, being operations by experience led to Jim and really the and Chief team, deconstruct we then to virus. our Officer,

So on let's this together. of kind journey get just

sellers what appraise need control, equipment, up, an is Brothers their money. inspect market sellers, most large care drop it, it, and can sets for easily it that to right, it, them by the so and So custody and Ritchie ability really sell it get take

we KPIs get way. exactly driving the that clear of that, and showcase those And kind And are very drive and right do so to equipment demand. in

before the transactions even anyway. online COVID auction day actual were For buyers XX% happening of

So we need. they is foremost, it deep really what and first dug the selection. buyers need into And

greatly events you of matters kind size obviously, will to in give regional Buyers into and that more So to combining mega saw selection you steps also confidence. in events us taking buyers. if

through Orlando there's in that COVID literally so come right. right kind allowed tires two We have Edmonton of week, before of come last distancing come. confidence, of on of a during didn't in heavily bets. we're equipment, X,XXXs to gain scheduling we've COVID time, leaning and to At safe COVID of social digital making people come with the environment. the to even albeit again, they're the X,XXXs buyers XX% even and same kick is person big the people tools, and And buyers One ways because

last broke videos, you we time doing I we talked, are YouTube. we say of So heard think

walkthrough our uploads, do we service IronClad do video our yards. With did. the we of we concierge number a videos, even we launched inspections, of But

can So see that for very are wanted to that through knowledgeable them staff that was it. take there out the customers yard what

back QX, your we because the the safe almost activities if we But towards ‘XX, XX% their and question, with Michael. of that to take what want of start-up order were the And are XXXX, lot that and Hopefully the to had driving take going to bringing turbulent we so there. bidding and continue have seller's we're a XXXX. XXX% since next will do practices XX% need. buyers about And is much from very online. up in our sold to allowing bids the that were since They're formats queues of only in so since before XXXX for key the we're we an what XX%. up physical happening, to make really it's per it's we So answer in the digital will, while you them COVID selections answered continue it is when question, need QX, very a that an half going the QX of XXXX, those flat, eye from

Operator

Your next question James. comes Fast from Raymond from Bryan

Bryan Fast

on see just get formed I'm Gordon always What we the with more hoping morning, can Good expect to partnership? color to Thanks. Brothers. alliance that everybody. from

Ann Fandozzi

it's Bryan, Hello, Ann.

Let me start question. would – take this

bankruptcy we not formalize are and We there Brothers. our however, the in really Gordon with insolvency partner it's did time, And it with space. proud kind them partnership new. Australia our for So some it's We targeted of at region. with very

the way that we needed on is the the basis of a region in tried the they and around the bring in for to true So formalized space. partnership insolvency. come we're where go-to-market bankruptcy excited through, regions. those us Brothers insolvency strengthened really Gordon bringing and best bankruptcy elements and that companies are partner focus other of very the When we Australia, partnership, have this that all have assets. Again, of we to in the focuses two We of life. and world. on disposition together very, kind that in We And just and work

Operator

from And of your comes America. from next Bank question Michael Finnegan

Michael Finnegan

you of the of uptake, KPIs in need year return And fleet beginning up. on just follow if the guys base manage provide that. guys, cost and can terms Hey, that any I'm of like, curious. around anything IMS sorry, to funding color give any a you from

have strategy can initiative So an of tracking? how we and that idea

Ann Fandozzi

Yeah.

on kind guys giving KPIs should So basis. Michael, And on you regular we what those are working still committed a be. we're to of

about then usage. kind IMS the of and think the So the way functionality underlying is really, to

basis up. But we’re bigger up And of rolling looking of focusing little just terms a in basis year-on-year looking a basis, so that on at monthly on Rouse, at Since in metric of story kind the the we're the on of unique users. IMS looking a usage, since users. rolling bit So XX% unique at metric acquisition QX, we're over we're on in really fundamentals. candidly, a a

So Brothers, tool. in and to and pricing pricing tools the we had defacto agnostic, they're information, Rouse the publish kind Ritchie great obviously marketplace, our lengths, of third-party went leader valuation

buyers and like those view customers to to putting understand the there's in a that very point we for able about transparency and time So together before part to get the getting great kind plans QX so methodologies really we've equipment, we the time, place. so great the greatest, way to latest spoken equipment to information. the the VIN a bringing giving best, are a spent for the a of of customers on a spend a common be At real access QX same need it of ensure of deal

if data other adding And to will and to take fundamentals So the on one the what place system they're while side, think really, of us at using as we equation. on look of of are continuing drive pieces value-added even fundamentals to users about IMS, VIN monitoring the in and keep side. on the kind unique solution, pricing inform cloud the you how get the to the IMS, the the kind those a then we

Operator

time. There the are call no further this turn the I questions will at to presenters. back over

Ann Fandozzi

Because so joining out. Sameer dropped to you close -- much him. I'm going it on call for the Thank dropped I believe us. off

incredible Suzanne very how every behalf but thank for And being Sharon again, and so on driving the and thank each entire of an member step and customers will about team base everyone once for really Leadership quarter of Executive you way. the So Sameer, there other our Team. and our much. I I Thank

Operator

participating. call. today's for conference concludes This Thank you

may disconnect. You now

RB Global (RBA) 11 May 212021 Q1 Earnings call transcript