RBA - Earnings call transcript Q1 2022

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Operator

Good morning. My name is Chris, and I'll be your conference operator today. At this time, I'd like to welcome everyone to the Ritchie Bros. Auctioneers First Quarter Conference Call. All lines have been placed on mute to prevent any background noise. there a remarks, session. speakers' the will question-and-answer be After [Operator Instructions]. Thank you. turn now to the Mr. will over call I Sameer and open Market Vice Intelligence Rathod, President to the of conference Investor Relations call. Mr. your may conference. you begin Rathod,

Sameer Rathod

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

cause of and are fact, following Joining include uncertainties. discussions significantly The are Officer; forward-looking our as EDGAR performance risks not Chief at of our our are future and statements. and actual Chief forward-looking on SEDAR. Fandozzi, our and filings operating today Driscoll, forward-looking uncertainties detailed differ projections website Financial risks that that a considered will including our to Securities statement me as and our Relations Executive SEC could Comments Canadian and investor.ritchiebros.com, results Ann Sharon are well statements in Officer. and from available The involve Investor

discussion GAAP on slides, introduce the and Ann? of I our Fandozzi. measures, presentation XX-K of earnings financial and identification like now would the website. see Ann between available all measures the reconciliation Form financial For two non-GAAP comparable our release directly to most a

Ann Fandozzi

morning drove joining XX% first income. to And call today. growth, our and We revenue service Thank Samir. with XX% you, non-GAAP in solid operating adjusted good the in growth, results everyone quarter GTV XX% growth

initiatives entire bear team to this of continues Bros. the environment beginning growth a constraints, the see And around these to equipment our fruit. I early supply quarter drive unprecedented the As to signs together Ritchie globe. to customers our are testament as coming serve results

first used lot very in strong pricing customers platform is omni-channel delivering Our remaining our outcome for equipment quarter. with per bids and strong the

results was our to great to excited back continue We them. It with was which are customers a to celebrate our huge drive success. for and flagship Orlando customers wonderful to event, welcome

and stronger interactions, array creating our customers on the Ritchie types entire the are can their events, We new an more our business even discover engage of which fundamentally to where of building and them can focus with relationships, Bros. in-person changing these services, strengthen helping outcomes. environment value-added ecosystem, large

continues, journey together I XXXX. how to these and our evolve we learn what with in customers we events transformational Our forward and look

moving I very taken by and CMA resulting by narrow Now Phase the review proposed disappointed and to collective refer our Auction. a definition respectfully acquisition with Euro was the disagree decision X the to of to very views. market

the our While XX, would we were June our to journey proposed becoming solutions. we marketplace automatically X will for That contingent committed insight and services on transformational notes acquisition at Escrow in held accelerated deal have par. trusted strategy, ahead forging we redeemed on remain all May the the the terminate global in that believe to And transaction said, XXXX. transaction

both on We our will achieving investments organic in through pace to and continue execute transformation. to key our acquisitions growth, accelerate

to share Our especially to all vision as there's why environment, we is of our in basis, the And go. on learnings a this which you want amount considerable quarterly clear. journey. And our want transparency give noise, on is of we we

webcast to our XX with May have haven't you week pieces next hope a marketplace all in Event the Fort To you that I made, RCP and are the showcase of fit strategy a an already we We or to that Investor we you if contact everyone the acquisitions attending more the detailed chance interested in and all So end, confidence their on give how our view want vision. please to are listen Sameer. have technologies, is on in Worth. hosting working. have person

hope will time from as and the all event. coverage such local take growth model. of accelerate to have It I you into time our sales story. to We listen our strategy to a initiatives, learning will also go growth the great be

our system, progress. is added XXX% more the quarter, continue in than sequential continue And focus organizations KPI we management to number with year first we to growth. Moving make inventory all The the of strong on to a last organizations. we combined to the system

So functionality, our are Q&A. talk I quickly And and over build discusses And we move to to scale we customers. outlook. Sharon. relationships through to able as have out deeper our marketplace financials, our stronger Sharon our with will then will we now, After about

Sharon Driscoll

Ann. Thank you,

to welcome with strength first the my GTV add In me call. across quarter broad increased this regions. everyone XX% Let all on

supply Accounts by sales acute new services We continue and teams, Recall to tightness. fleet challenges and the Strategic see large our very from offset our are impacted that owners, equipment team regional used these somewhat Group. our by most in customers contribution strong SAG

We see of robust mixed equipment, offset lower mix. lot increases by and continue to prices volumes adjusted in unfavorable

time very revenue We a as and total the and increased total total are year. lead pleased quarter continues revenue are constrained. with from approximately result see and still be to growth in evergreen GTV XX% line continues equipment of last model. compared service to service supply an first production overall strong this the Total used basis, XX%. organic increased delivery impact facing to reported SmartEquip, exceed excluding with Both revenue revenue our On service OEMs challenges with and given

organic robust and Our on approximately growth XX% the in as segment SmartEquip excluding up to quarter up continues well revenues. other services basis an XX% put increasing

Bros. refurbishment in ancillary growth the offset lower This We continue lower of unit partially to volumes see by in repair due logistics, overall quarter. financial of was strength growing to and revenues and services equipment. XX% Ritchie mix

of share reported we this the posted on operational per flow-through a results pre-tax strong earnings our performance drove quarterly higher gain generating strong earnings with company's cost. very to note also $X.XX in This revenue our transaction is important this gain increased income diluted $XXX the number, highest completed operating It SG&A that of million. in partially to sale combination history. Bolton quarter. yard the earnings was adjusted by offset non-GAAP on with performance Our And XX%

the and Canadian A&M service XX% A&M growth, note, sector increased within XX.X% healthy a quarter. Of our marketplaces. saw total auctions events. auction in our strong our revenue on-the-farm contribution GTV GTV service by at and for agriculture rate in as take driven a our to for came revenue part percentage of a robust Turning and

strong inventory in volumes to As the past, and be sales we've XX.X%. sales driven partially Inventory lumpy increased preferences. U.S. first in in inventory returns tend the strength quarter noted by by in offset XX% consigner with And Canada. remain at lower the

doing our service SmartEquip prior revenues performance year. both revenue pleased versus finding sales as equipment tough in supply Our overall on great inventory improved And services and sales X%. teams XX% are are with rate have equipment a total flat job we a Note environment. of of profit up year. plus was incremental SG&A SG&A SG&A that the cost Cost Total year-on-year. increasing increased roughly contribution last XX%. of With compared less about been would services to

growth our million accelerated about However modern as yard marketplace. and core sales a such strategy, our in was local architecture items, Thoughtworks look our payments $X.X model, journey advance our and This X%. with excluding primarily as advisory and this we initiatives, million these costs. new in $X.X driven restructuring SG&A highlighted you our coverage fuel Once includes new non-recurring continue well as our transform to share-based partnership to initiatives, by to to as our increase increased legal at SG&A, investments

team very travel saw in road. costs pick prudent potential the remain on expenses making We on of are gets unlock costs the also diligent and investments the back as our strategic We that vision. long-term up we

and technology strategy, which highlight that We to not out underpins our are will build marketplace current our continue growth, architecture, invest immune from for pressures. organic we inflationary

in the SG&A charges $XXX share-based quarter we payments, As between second XXXX ex million to our such, to one-time be expect non-recurring of $XXX million.

end of free million, our months which delivering with Bolton non-GAAP adjusted draws at And deal is adjusted credit par net associated to repay on debt XXX% stated reduced XX the to to Euro of received our the that our to evergreen interest XX quarter, notes net times well cash our accrued quarter-end, model May flow the as date. X, above contingent proceeds Our transactions very on we $XXX EBITDA transaction months remains X.X cash flow adjusted with outstanding At trailing redeemed revolving we robust Auction from targets. to subsequent non-GAAP facilities. with our use income, trailing operating of the

modeling of quarter that, in we expense in million million $XX Ann. of approximately hand third the of project will financial over I to rate operating, And run currently good XXXX with organic $XX dimensions. For starting currently quarter interest it a a forecasted second purposes, across all very on quarter, the back with based overall

Ann Fandozzi

Thank you, Sharon.

that in omnichannel our becoming that, operator, continues insights, being test, learn current disposition reasons to trusted all and is outside outlook, And marketplace it and consider and turning and the best constrained view and future. continuing on very the the continue services solutions Now questions. on the in customers time growth with Utilization executing growth tight our to line in our trends The global providing pent-up by chain we vision can please the remains focused point our our on said, here. control. are are is in transaction persist. initiatives That will we our change a no which to With we services for to supply to what for environment time, today's for as invest equipment, and environment focusing and very levels age. in supply equipment need certainly high, environment this solutions. This Until for open teams see of control. used there for

Operator

begin Instructions]. and we Thank gentlemen, you. Ladies will [Operator session. question-and-answer the now

Gary, Your Barrington first question Prestopino, Research. Gary go from comes ahead. please

Gary Prestopino

really coming you situation the Hi, mentioned the new Ann, that channels? with Good the changed Hey, with equipment used nothing's and thank you. out morning. there through inventory

Ann Fandozzi

Gary. similar we're Yes, a tightness. so seeing Hi,

are when point, environment onion. environment not at nothing the supply tight make very both the our make order in growth even in really sight, the obviously just general contrast executing as saw clear and some be on, will side, sharp our end say no chain though there we initiatives of there the I sure a initiative up, the I know we out of teams peel it the that -- So kind to I taking supply the we're in to mean, end in we an want is. on the financials. is is that's most to unchanged. And way catches When so

Gary Prestopino

Right.

in came I'm GTV auction some that I'm big was So of that from the in Nova surprised a had just of that of growth quarter, were the you strong normally little shifting market almost, that's there mean, how then QX QX I new it to an gains a is. reading not And you auction bit Scotia. wrong. site up. I share mean, sure indicative really

Ann Fandozzi

You are reading it right, Gary.

the maybe not I is word. So say, surprise would

the back, trajectory is if think we've into on right, that I step been a take up unquestionable. guys the you

bit little into a but QX like quarters some still right. stronger, much up less, up shows that quarters Some the

think out again, this you bearing tremendous view they're you thing notable look trends team of if are the in we're exactly environment. over I performance we in of already pieces just that that by And largely time, a those all the signify in this as control. is place; putting fruit our The nice say environment. this

extrapolate them bearing in the environment local of the can on as the turns. will more much all you turns, and making, environment the the investments SG&A street, the are yards, today that seeing So the fruit we're bear when that fruit feet you're

Operator

[Operator you. Thank Instructions].

Condon, Baird. Kevin, question ahead. please Your Kevin from next go comes

Kevin Condon

impact that in fully my from metric and question. early as growth. at beyond? morning. XXXX. to hold advisor to saw the guess XXXX some some we I then service GTV that for rates ask, strong we increase in implemented wanted taking higher think in good And potentially, relative Can Thanks those are I or fee baked QX mentioned maybe revenue and filing Hi, when fees I looked

Ann Fandozzi

to M&A Hi, about is we things I was I'm which question. and of through. when of make Ann. your provides on Kevin, kind SG&A there's service to an advisors the all impact our Yes, that understanding please. we've it been us insights. want There revenues, sure then And think the

Kevin Condon

I buyer GTV XX% the want revenue to of in quarter; services, fee mentioned was revenues may a is say you service for service to be think a percentage that benefited GTV. as your the relative Yes, that which correct? just raised filing I

Ann Fandozzi

That correct, okay, it. yes, got is

our how were marketplace, perform it So understand. and we then I'll charge to I'll turn Yes, you when We right. start I so when a about we think over Sharon. services,

adjust we always then largely, and we solution services, that for the When obviously, talked competitive And fees And is we pricing about really Number number So competitive tiers. of pricing market those fact for has the the on that we're before. for services, the services. provide. And provide is market. tiers we the to think equipment calls us we're spoke one. charging tiers, with the but make adjust about something aren't structure, transaction our actually there's understanding price two, higher, Sharon charged And we services, that less we these of have nuance the we about the at financial money sure much as of and insight shows fee what before that a really we to same historically, it vis-à-vis, making we services looking didn't have of company cognizant services, pricing, kind this now landscape. do

of nuance So a there's that. kind of

marketplace of to way they're pricing, be, that. well at as that of tiers ensuring a the kind that So look our intending position as there's really we are two of as competitive sides staying

once doing doing competitive market. to add? than a keeping anything that what So, on both pace in we and than making we're on that review more sure down a up just we're fact, year pricing to on basis ensure with the with -- more it's it Sharon, regular

Sharon Driscoll

prior-year this I increase that on we March prior-year a different year and something of this year kind do the that's look think was January effective effective than was the fees bit only timeframe at a this X. basis, the in only I the is think changed impact and regular

particularly So we year echo up you is of growth buyers. value a fees. the the as prior driving, from why fee the are really But current reflect and service the double point that a with impact for that's bit of to year Ann's just well change end this as the to

Kevin Condon

Okay, a asset Thank press a on with selected you equipment few it's financing could if ask that you. European one announcing then a firm I valuation. quick timing, Asset ago, that a helps the Solutions there. insight has And follow-up lot weeks season, your had release,

examples larger concept. Or could if wanted provided, services wins to, far, if just point there that what you it? serve more of any like a RBA so of would how on to other terms this one potentially the in the or monetize to ask what agreement that Just was, detail for are proof look of you

Ann Fandozzi

Kevin. Yes,

So insight let services, proud the yards, it talking the were as Officer. our our Marketing seeing again, street kind me pass we've to the over you Matt it's, that, then of and I'm shoots, We offerings. green feet Ackley, of Chief start, so been local of about to initiative, when on going the whether it's start whether our piece

starting very, very to of proud as are that take hold well. is We that

that, it? with light want to Matt, So you some shed on

Matt Ackley

primarily of Sure, yes. This there's quality total was their this vis-à-vis hey, regulations XXXX. as Ann mentioned, happened banks insights are data with offering. many to what a key was our our there assess related portfolios use bank, of that in to part deal over European the the data a European some And of

platform of in was in our our the bank. that, on provide And it when are and about if kind tip to insights then click to dispose think to such it's go that of of deal able on our domains. suffice go. of as with the button. we're on piece So of the to some technology, just on it's go top we becomes ready assets in based that future, spear they vast our the that way it flow to this to need of can into they using is the particular relationship those a and services initial also transactional it assets and able platform, then if hey, are the data, to And the But say, build offer other

Operator

Instructions]. [Operator you. Thank

Michael, Your Michael ahead. comes Scotiabank. from next question go of please Doumet

Michael Doumet

everybody. Great quarter, Hey, obviously. good morning,

the whether demand forward point, as demand? demand. increases, sustainability increase, up to think about just to that's some to versus the are the fee how about and we supply essentially what back wondering the to we you thinking stronger thinking how up on, wondering maybe essentially And supply I'm maybe go catches fee as to catches of should is seeing think maybe And here. commission moving buyer increase, it. Just at

Ann Fandozzi

hi Yes, Michael, Ann. it's

less I and think back we that fees and me to investors about, model commitment actually increases. Okay, conversation take to to evergreen And you be. about I'll just about ourselves, And our is to light. fee is shed made let this the way all how think us this why to of to comes the more

model, So Ritchie has GTV XXXX, Bros. when December single-digits we very transformation rolled low and the commitments, out the as was look, time. we grown which only we evergreen made strong said of GTV, kind highlighted as the the marketplace quite some following for as to we

Our GTV. significantly that beyond driving GTV, single-digits, channel. services kind that how offer grow to occur revenue consistent XX% double-digits, commission, the of billion further marketplace get above outside middle we We going. also $XXX the into like we obviously the low auction is our on committed pace would commitment and make transactions, that high underlying But go this single-digits, much with further will which dipping That's keep the to of above we underlying money. of of services

we that. very very, So were clear about

will So right. what from we as see always deliver, you us

just again, everybody, right forward. into up one about we not it's quarter, of about drive two it's to quarters, not as this a as So vision reminder constant the drumbeat a about it's

will you of the that from base. transactions, in get marketplace about going to time before. and And the ways. you think it's faster GTV than revenue growth then for fees GTV we growing hold going fees so of come will is will as and be pace you're revenue again, is market And that lots as think constantly this still. services the what And flows, to When us it outpacing those underlying going growing the the But faster services of those to to see has over charge line. much ebbs be

to at will use, rate our is widening, growth the GTV the double-digit, of really, your kind really the That's about side. pace above to a right you your think services is would And GTV low is way and to modeling revenue a however, commitment, mid because other we it's then dynamic kind us allowed even just was to then think you is think high then that then about there's, we the less a than pace, are focused. the commitment only if the commitment effectively market and just of view, is adjusted Our in way if the again, And remains modeling; of point single-digits, But to pricing, the a keep up on grow pricing faster will. have steeper as of up, any, tune continue but about point about time. kind it's up PacMan, our GTV.

is We we rate. growth, organic, marketplace. on can laser-focused then be organic it, growth, driving guys M&A, on that significantly way the you that into really and are see services play will and GTV if out driving will growth rate evolve above this that that the then our revenue the And accelerates grow growth

I modeling the to -- of specific kind hope as side more of So if Sharon relates don't I kind you wanted it. peer, of it there's something if to add? the know that answers you

Sharon Driscoll

that No, I think was fine.

Michael Doumet

like results in obviously great color. was Yes, quarter. great And, that the

was So helpful. that

very wondering GTV you quarter, XX% down break that The in is if in second just was close that obviously a question to maybe around Canada can, nice. bit. little I the

international. Ag. was it the strong the contribution was looks board, from calendar us, including in a large Looks it shift pretty like For like a there across

sustainability think well? to year balance that about of for for me how of there as the GTV wondering Just the the

Ann Fandozzi

to historically large, transactions. early Kari would and have they in And large, during at Chief do and Yes, when again, be they're where going not a to balmy it of its months saw out They have fundamental to start on-farm in really then the impersonal fundamental was weather. so auctions; had shift it turn mercy of Candidly, our for Revenue weather would known the be we shift year. would the Ag online let Canada I'm Officer. over and our business. COVID you Taylor, to me

to an so And kind of we those opening up in the up resulting of for Through our those natural transactions, technology, was of team, Canada investment kind opening online, our there shift growth. transactions, leading calendar throttling largely and of the in and the a lots And a most is before. doing the online able were strength pricing incredible. that unlocked that has the has the starkly never where way could Canada. notable of things in QX just in right, it Lots and in team market have to you been been transition that Canadian that see we very has COVID

Let add? anything Kari here and me pause to

Kari Taylor

Thanks, Ann.

-- driven the strong is of And the week she scale steady out initiatives, even really sales by much combination to the going on. model things a both also discussion frequency Australia, an Week. next I'll the just growth is further local and new yards. progress most yards which coverage calling both starting in think of and having our of I deeper yards we're of out and sell. new really Lots the example Investor geography of of learnings local at taking to we're coverage be more we're into sales tests

Ann Fandozzi

Kari. you, Thank

Michael Doumet

guys. answers the looks the here. for growth are initiatives working Thanks Yes. Really

Operator

you. Thank

question comes go RBC. Khan, Sabahat next please Your Sabahat, ahead. from

Sabahat Khan

Thanks I sheet could just morning. around I your how one capital the right, And now you on with at guess come that the All allocation? and maybe type pursuing is about the and be no interested might options? in the of earlier word on point. great. are good thinking you future in of can balance growth comments your this longer from where guess M&A touch you

Ann Fandozzi

going and over I'm then turn start to Yes, me Sharon. it to let

look, need look you M&A. our any we and that If click And yes, share say, We is for there we at would how we accelerate there look targets click a this there out with then what word, that have When and So about then a we M&A to we to think M&A, marketplace. just things robust to it would pipeline that -- acquire. down. acceleration, a very we we a we're we which journey? business that along transforming is is are are have there is on said is single to all down of journey two

business. say, relate this we to the the of, we we Bros. really need potential other and to healthy The very we a see it and Rouse needs is, need Ritchie that in is is need side for the ecosystem to first an And this and need an provide a growth that's accelerate, a hurdle to it very, business with and okay, the team high we're that headed business. strong certainly believe underlying interesting to business management We can that this us for there we really ensure SmartEquip, team is that that where can broader of is acceleration in the love marketplace.

is reminder, reserved about rate. it's assets, not it's we call we're listing kill as about transaction an So just so seeing great. a growth bunch that that healthy as those, benefit example, a And with can we a business, that Rouse, bolster we assets, side, auction continuing, of transacting, Bros. example, very of for Rouse actually the Marketplace-E, Ritchie the run, double-digit other that's those rates, already and

again, Rouse like the to kill much We our MPE before acquisition. higher see rate than our have Analytics that applied And Rouse growth. the the the other to driving in flow-through significantly you customers functionality

So Bros. has future, today, it strong businesses, very SmartEquip has do. we to it's they of ecosystem in have at really the Rouse to like for deliver M&A, just Ritchie like example then near be very, the done look or how and an something will

M&A have up. add? pursue very we robust to leverage to anything a ratio, of our certainly that will Sharon, And But the optionality kind we as fits I have them, So trajectories. they those given pipeline come here saying pause

Sharon Driscoll

have both fantastic of support partners our poised is that so organic we and business, I our our markets the come this that big be way. take the Yes, transaction. receptive opportunities from receptive what think the markets Euro that growth and from it's shape, to our credit we would the away balance is, But add been so to the disappointed incredibly inorganic bank had were again, ideas, able is I and just in sheet to that growth are potential to really withdraw

we at growth although continue so complete our to capital alternate are Ann the to were And we not to give transaction able do deliver markets that. supportive, that that able us And looking access on very said, to be we're disappointed as ways to to are and will strategy.

Sabahat Khan

could include similar this larger And for which I this need not from more Thanks we're given like more that guess, it hillock, its geographic this should I geography was are just other or auction more transactions or just is of that have color. Rouse M&A it one-off one capabilities, of your just Or more a already, side, pipeline added perspective you on maybe similar is going if could follow-up a the presence obviously type that Maybe sort channel in? assets things technology of we people that type things or in we expect oriented. forward? your

Ann Fandozzi

President is think very and going you're to to over our I Officer, to the Chief asking Jim in that there's Yes, so always then insightful, Operating turn let acquisition. me "an" the Kessler, I'm it and start an question

and lot again it footprint of of Auctions, second a on equally kind on offers, of give would sense. the right it's very a but looking important. capabilities, to we're is bigger and it Auctions our So sourcing buy looking But we're a time, on so business, be good that from learned important that taking out of capabilities, models, forth. for we're so to forward. plenty to that twofer went that it Euro that is a things for in that and the us going the surface, part and things Europe it But Euro But understand model, made scale will for looking enhance we're obviously offered something every there. with one functions selling we've us all of there's And unique geographically

turn Let over to Jim. it me and pause here

Jim Kessler

Hey, you I question. so a Ann. No, think it's great Thank much.

opportunity parts, definitely do have like there's Ann's and to two area or auctions country, be in just Euro to certain it. definitely region when a look when the auction of we a So we those transactions in chance point opportunistic to so and want at

they're And ability today. Ritchie generate could very players thing there auction be is Services, the potential Ritchie the have Bros. need a Financial And and about Financial an SmartEquip at have to that yes, about auction they the fit we Bros. Rouse, each we with and partner revenue transaction, the an then think XXX% when but marketplace, think complementary that of to So Services. that unique other second auction thing transaction. outside look that

we have else, on buying equipment services the that Ritchie it really that their might time, just and their bidder other equipment also of with and have but inside and they're And marketplace will behalf. same also, buy but of and with So, will a but and complement parts we're similar disposed with buy line equipment, us, still them they where characteristic, of the insights things look what an a generate ability to have that going at bring a auction, thing today Bros. the do and we financing outside stream to would and same the a inside revenue to equipment can they second go of there's piece time. of at when out of someone's we and somewhere works great find and credit piece that that third not of

path on the of we're that's right So now. kind

Sabahat Khan

focusing folks there from area guess you suggesting, pretty I little a bringing terms on to signed that what folks just I you one, you secondly, are drove of sizable would what tweak it then, the onto And to the effect, weren't what's could more of up, is that the Okay. you're next is get there, in terms And signed feedback up you guess market just organizations in just need while that the IMS, before? about an platform you of snowballing are you signed the any last say number up? changes, increase that that, I in working called maybe over of hearing what might talk are

Ann Fandozzi

it we're you of that marketplace is called contract. so the the IMS are that's, stickiness equally And And the about organizations, strategic is sure the kind it for the gateway so underlying single Again, we're is, the keeping and right is in beginning Yes, now, very into vision marketplace. biggest annual that is proud that of, kind on because growth But should revenue transformation driving think have the we're on we're focused ultimate result this performance, if the benefit really services vision right making the to will, that proud. there's and way business initiatives of incredible our the because getting we're focused of the we cycle. flow-through. ecosystem. now linchpin; pace,

now customers So before was a annual IMS at auction. we're auction that, dealing kind has for seller contracts. IMS a with that one one And one went they auction signing although contract market that way time before the to are the completely pivoted to for we of it, a still having those we're able why functionality basis, it full of which kind being much on marketplace, the table the out sets so to take of transact is organizations, the ecosystem. for in focused building our and advantage we're on regular

to fast that really ultimate stickiness up much makes so So it's business with reason -- that how with leadership future organization, with both the sets to us fact has it ourselves do do growing the is, IMS IMS. us much easier business sales customers to through for continue do taken The big with. customers, single ability an the our easier to been business the customers that this to our seamlessly to to Gary's us. makes benefit has The in understand biggest

the how really, really we're and it's is growing going. And it's with drumbeat on So continuing just pleased itself. kind of

Operator

Thank this at you. further proceed. There are no time. questions Please

Ann Fandozzi

Thank you so much.

this depending is this in. you be this of to me, the time on to happen Ann. I part you all morning world to your afternoon, just thank back want taking Okay, or for what

as you hearing have we're to the initiatives about able service we about guys performance us more starting would drive. now as about excited announcement, a fruit. for public that, really fact that a Sameer the to kill the were a that than And bear really talk But been excited Just over about year summary, are me.

all week, join and healthy. next is just more join our meantime, and you we're out in But even much are will Presentations Investor safe stay we about please to the But virtually, us in-person. thank please excited. so there continues hoping everybody Our telling and story us Thank you be you.

Operator

and lines. thank disconnect participating your please ask Ladies for and We gentlemen, that you. this you call your concludes you conference today. for Thank

RB Global (RBA) 10 May 222022 Q1 Earnings call transcript