In the weeks following the close of the transaction, we've already identified and implemented actions that will result in approximately $15 million in annual run rate cost synergies. There also tends to be more inventory revenue transactions in international markets. We offer a wide range of unused and used equipment and trucks for sale: Please go ahead. {0} must be a valid date of the format YYYY-MM-DD. Upcoming Auctions by Ritchie Bros. Auctioneers - Global Auction Guide We conduct hundreds of public equipment auctions around the world each year for the construction, transportation, agricultural, real estate and other industries. The well-known Schmitt dolomite quarry has produced what are considered some of the best German Azurites. In 1998, the year that Ritchie Bros. went public, the company's annual gross auction proceeds exceeded US$1 billion for the first time ever. Ritchie Bros. - Caorso, ITA - Timed Auction - Lots: 740 - 1351 Caorso, ITA 2023-07-01 . We expect this trend of lower commission rates to continue in coming quarters with the expected continued growth of strategic accounts. For me personally, IAA has been strengthening relationships with current and prospective customers in the automotive vertical to ensure we are doing all we can to drive value for them and reinforced by RB Global is the right partner. More broadly, integration is off to a strong start. The auctioneer (or Timed Auction system) will introduce each lot and ask for bids. He set up the company's first equipment auction in Vancouver shortly after. But I will tell you, I heard from some of our top customers, insurance carriers in Florida, literally saying, incredible performance, incredible kudos to the team. Now, supply chains have started to loosen for several categories, and macro economic uncertainty has increased. And on the IAA side, a very similar -- Eric said we're expecting Q2 there as well. Yes. Next slide, please. So, feeling very good about it. Just wondering where you stand on this right now? sorry Max. What we're doing now is think about -- so first of all, we closed 10 days before the end of Q1. So what are the expectations for a this year? After the speakers' remarks, there will be a question-and-answer. IronPlanet, Asset Appraisal Services, TruckPlanet, GovPlanet, Ritchie Bros. Energy, IronClad Assurance and Auctions you can trust are service marks of IronPlanet, Inc. All other marks and brands are the property of their respective owners. Yes, hello, Larry. Ritchie Bros. is a one-stop-shop for everything your equipment and truck business needs to succeed buying and selling solutions, market insights and valuation, global buyer demand, and fleet management tools. Its common shares are traded on the New York and Toronto stock exchanges. Please note that in our most recent earnings call, we indicated that we were expecting headwinds in our flow through on a Ritchie Bros. standalone basis as we continue to add the necessary resources to support higher units volumes. Inventory Management System for easy disposition workflow As we noted last quarter, we will be using the two class method as it is expected to be more diluted. 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 have detected that you have not used this window in the last 5 minutes. Great. So I guess when you're trying to understand the puts and takes to that GTV guidance for Q2 and what with also the quarter Ritchie business seems like it's also saw pickup in towards the end of the quarter? Ritchie Bros Auctioneers - Official MapQuest Both Ritchie Bros. and IAA benefited from higher buyers. Your one-stop destination for all . The aesthetics are choice, with the contrast in both color and form being very appealing. As we discussed last quarter, we expect a lower commission rates to the higher mix of GTV from Ritchie Bros. strategic accounts. Thanks, and hello and good afternoon to everyone joining on our call today to discuss our first quarter results. Learn more about how our auctions work. Hesse lies in the middle of Germany and is a state of contrasts: idyllic towns with half-timbered houses in northern and southern Hesse on the one hand, and, on the other, the famous . [4]:79 Further international expansion followed with the company's first auctions in Australia (1990), Mexico (1995), the Middle East (1997), Africa (2003), China (2013), and Finland (2013). And then similarly, though, revenue opportunities, prioritize highlighted and a portion of the integration team focused on kind of starting to put some of the tests in place to start testing hypotheses. For this for this coming quarter. So the announcement that went out, IAA was essentially there were three properties that they were purchasing to, or at least buyouts. I really don't want to break it out in terms of percentages of each since we're just giving a range but we expect both to do better. So again, very, very tight team with very high expertise. [4]:35,39, In 1965, Ken Ritchie left the company to spend more time with his family and the company's name was changed from Ritchie Bros. Auction Galleries Ltd. to Ritchie Bros. Auctioneers Ltd.[4]:35 Ken established his own auction company, but returned to work with his brothers in 1968. 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. Viewing is only available on equipment that has been delivered to the site (check each individual items listing on our website, and under the Detailed equipment information tab, look for In Yard Yes/No). more, This review is the subjective opinion of a Tripadvisor member and not of Tripadvisor LLC. 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? This growth was partially offset by declines in GTV in Canada and international due to significant auction events that did not repeat in those parts of the world, as well as the impact of foreign currency exchange rates. This decrease was due primarily to increased competition and unfavorable mix of inventory packages and the recent quarter. The quarry was closed in 1999. Turning to IAA, the financial results were in line with our expectations and included an 8% year-over-year increase in service revenue and a pro forma full quarter basis and approximately 5% decline in GTV. All lines have been placed on mute to prevent any background noise. Ritchie Bros. also conducted the world's largest industrial equipment auction, and their largest in company history, in Orlando, FL in February 2019. Mr. Rathod, you may begin sir. Okay, that's great. As a gift to the heavy equipment industries it launched RitchieWiki in September 2008 at MINExpo International in Las Vegas, Nevada. For each item listed on our website youll find detailed equipment information; multiple hi-resolution photos of the exterior, interior, engine, components; results of basic functional tests; and more. There are many other historical and interesting stops in the older section of Hanau. So that'll be the first time that we are going to automate the transaction function within Ritchie Bros. 2.0 and items coming into IMS, or route fleet manager, so really think about we've said all along the journey, we've said all along the IMS now called route fleet managers and gateway. In 2016, Ritchie Bros. launched its mobile app, allowing people to search, find and bid on equipment via mobile devices. The increase in biographies help offset the decrease in seller commission rates, which we previously discussed. This quality, highly-representative miniature shows exactly why this is the case. And on the IAA side, as you noticed_ as US vehicle prices are expected to reduce, that increases the total loss ratio. Ritchie Bros. Auctioneers and IronPlanet have joined together to offer you unparalleled choice, innovative solutions and expert advice on the best way to manage the sale of your assets through an easy-to-use online platform with multiple price and timing options. You can also filter by location, make, model, year and other criteria. At the end of the quarter, our fixed to floating interest rate mix was approximately 40% to 60% respectively. We are cycling over the all time high pricing for the first quarter of 2022 and seeing our lot volumes increase and lower dollar value, rental and transportation assets. Excluding the impact of the IAA acquisition, lot volumes were up 28% year-over-year in a quarter driven by strategic account. I'm a geeky [ph] engineer. So for Ritchie Bros. at a high level, and we highlighted this previously, the way to think about our businesses that side of the business is, think about the kind of the construction equipment, that yellow iron that hasn't exactly started to loosen up yet. Thank you. So absolutely we've been meeting with the top insurance carriers and other customers of IAA as well. No worries. permanent auction sites and local storage yards, 5 things to look for when buying used equipment, Inspection tips: buying a used truck tractor. Brothers Grim Monument: First Stop on your Fairy Tale Road trip - See 99 traveler reviews, 36 candid photos, and great deals for Hanau, Germany, at Tripadvisor. And this impact on earnings per share is expected to continue. When planning a trip along the Grimm Fairy Tale route, this statue is often listed as a great place to start your journey. So they get a little feel for each other's business as we move forward and start executing. And of course, sooner always better than later. So IAA had a tough comp for Q1 and it was down I think 5%. 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. Buyers place bids on items, and every item is sold to the highest bidder, regardless of the final price. Regarding income taxes, we currently expect the effective tax rate excluding the impact of adjusted items to be between 24% and 26% for the second quarter. And then maybe we get a little bit of color on sort of the underlying trends. Funding Universe. You can also browse by industry (for ex. So we say it's low to mid single, low to mid single digits for Q2 on a combined basis. Understanding again, what it is they require and how best we can meet them mapping those plans. If I add the dividends, is that effectively what you're going to or you're targeting for free cash flow this year? Our heavy equipment auctions are conducted at 40+ permanent facilities around the globe, with in-person and online bidding. So that very first building block was the IMS. Hello. Your next question comes from Michael Feniger at Bank of America. I just try to understand the price volume outlook a little bit more. The other piece of it was really think about kind of exactly duplicate of functions, like HR, where we took actions, and the bulk of the one time costs in order to achieve think about the bulk of those are severances those kinds of things. We made this change to reflect how we are managing the business post the acquisition of IAA and the implementation of our new senior leadership structure. 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. Bid online, on-site, buy now or make an offer. The visitor center is located at Am Markt 14-18, 63450, Hanau for those using GPS. And secondly, and I know you touched on this even recently on the call here, as it relates to site leverage, should we expect cross leverage on the Florida site this year or that and to test and learn and more likely 2024? And IAA had some current plans. If I could just squeeze one in like the guidance for Q2 on GTV. [Operator Instructions] Your next question will come from Maxim Sytchev at National Bank. Perfect. learn more about the bidding and buying process here. So we are right at that second building block and launching that into Sacramento next month. In March 2023, Ritchie Bros. completed the acquisition of U.S. auto retailer IAA Inc. in a stock and cash deal worth $7billion. We are proud to partner with the Defense Logistics Agency (DLA) and Marine Corps to offer you trusted and dependable military equipment for sale. The aesthetics are choice, with the contrast in both color and form being very appealing. Yes. Today, the company has 40+ auction sites worldwide including:[12], In 1999, Ritchie Bros. acquired Forke Brothers, an equipment auction company based in Nebraska, USA and one of its major competitors. That said we are obviously very, very focused on both driving Ritchie Bros. GTV using IAA real estate as part of our satellite yard strategy. Kay acquired this miniature in 1972, and it was #6649 in her collection. So, I mean, it's at least 150 to 175. Find out how to bid online in real time at any live Ritchie Bros. auction around the world. As always, we will keep you informed of our learnings and progress as we move forward in the coming quarters. The auctioneer increases the call price until there are no more bids being placed. In the automotive sector, we are expecting a modest increase in unit volumes and continued pressure on average selling prices. Viewing is available two weeks prior to the start of each auction. Yes. Buy Azurite mineral specimens on iRocks.com. 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. Ritchie Bros. Auctioneers Reviews | Read Customer Service Reviews of To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. [4]:17 Ritchie Bros. began selling used equipment in the 1960s. It was raining on the day of the auction. There was also an increase in marketplace services revenue at Ritchie Bros. Other notable management team members at Ritchie Bros. include Jim Kessler (President & COO), Eric Jacobs (CFO), Matt Ackley (Chief Digital Officer), Carmen Thiede (Chief Transformation & People Officer), Jeff Jeter (Chief Revenue Officer), Baron Concors (Chief Product & Technology Officer), Kevin Geisner (Chief Strategy Officer), and Darren Watt (Chief Legal Officer). I'm just trying to understand the Ritchie EBITDA grew 3% year-over-year in that bridge chart yet your service revenue growth was 13%. Ritchie Bros. when we sold Bolton plan on buying three properties, although, as Ann said, those are all reflected in our projections that we had in the last four. One adjustment that we've already made is related to IAA's prepaid consigned vehicle charges of $73 million, which were adjusted to their fair value of $9 million in the opening balance sheet. Funding Universe. We will now report GTV in three sectors or categories; automotive, commercial construction and transportation, and other. Ritchie Bros. opened its first permanent auction site in Nisku (Edmonton), Alberta, Canada in 1976. When youre ready to bid and buy, you can register and bid in person at select live auctions, bid online in any live auction, or bid via a variety of other convenient online options. So those contributed. If you cannot find the statue on your own, stop at the visitor center (an excellent one), pick up some great brochures on the Fairy Tale Route and Hanau and they will direct you to the statue. Instead of making the bidders walk around in the rain during the auction, they set up the auction under the eaves of a nearby shop and drove the equipment in to be sold piece by piece. I could be wrong. I guess it's on the 15 million synergies, can you provide maybe a little bit color on where they came from? Ritchie Bros. Asset Solutions - RB Asset Solutions Thanks. So the pieces of the building blocks we highlighted in our thesis for the acquisitions are holding, very strong. Ritchie Bros. website. On an as reported basis, our inventory revenue increased 30% year-over-year with an inventory rate of 11.7%. It is my mistake for not reading the fine print that was changed as of Jan 1st this year. {0} must be must be greater than 2 characters or be entered as "GD". Examples of valid formats would be 000-0000 or 0000000. In the commercial construction and transportation category inventory revenue tends to be driven by consigner preferences which can vary over time. Once again, this is consistent with our prior historical reporting. We have encountered a server error. And then I'll turn it over to Eric. Buy new and used heavy equipment and trucks for sale at our live unreserved public auctions from your home, office or jobsite. We didn't -- there's never -- it's not part of the plan. So as you've noted, the total loss ratio has a long way to go to recover from pre-pandemic levels. [20][21] It was announced in May 2023 a new name for the parent company, RB Global.[22]. So very, very excited about driving those things that are in our control. [3], Starting with that first auction at the Scout Hall, Ritchie Bros. maintained a strict policy of conducting unreserved auctions meaning there were no minimum bids and no reserve prices. Ritchie Bros. and IronPlanet have combined as one company to bring you the best in unreserved onsite auctions, online weekly auctions and additional marketplaces for selling and buying equipment. Don't see any difference on the people side and a matter of starting to test. See our FAQs on bidding and buying, along with how-to videos. 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. Learn how to bid in our automated online Timed Auctions an automated online auction system with no auctioneer and multiple bidding options. They entered the auction business in 1958 when they needed CA$2,000 to pay a bank debt on short notice. What are they telling you about changes you can make and whether it will actually lead to incremental market share? So as we said previously, the percentage of employees that are part of the innovation team is a very, very low percentage of employees. Please go ahead. Ideally, really what the buyer fee is from a fixed variable standpoint? The equipment sold at the Liverpool auction had been used to rebuild the Falkland Islands following the war there. Hey, Eric. Used Heavy Construction Equipment & Trucks For Sale | IronPlanet EBITDA pretty much most of the earnings metrics for the business. 2008-09-09", "Auction Sites and Local Representatives - Ritchie Bros. Auctioneers", "Ritchie Bros. Auctioneers - Unreserved Equipment Auctions", "News Release - November 19, 2009 - Ritchie Bros. Auctioneers", "Ritchie Bros. Acquires Petrowsky Auctioneers", "Ritchie Bros. acquires North Battleford-based Kramer Auctions", "Leake Auctions acquired by Ritchie Bros", "Euro Auctions: Brothers delighted with 775m deal for Tyrone firm", "Ritchie Bros completes $7 billion IAA acquisition", "Canada's Ritchie Bros to buy auto retailer IAA in $7.3 bln deal", "Ritchie Bros. Auctioneers to Change Names to RB Global", "News Releases - February 26, 2018 | Ritchie Bros. Auctioneers", "Ritchie Bros. Our team continues to deliver great outcomes for our customers with unwavering focus and execution. Ritchie Brothers Auctioneers, 3201 Pulaski Hwy, North East, MD The GTV decline was primarily driven by lower average selling prices, in line with broader industry trends, as well as expected modestly lower unit volumes due to the previously announced loss of significant volume from one customer. Claim this business (410) 287-4330. So as we stated, the integration work is off to a very, very strong start with one month reported and already, that level of synergies. You can learn more about the bidding and buying process here. 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. In 1974, John Ritchie left the company, selling his share of the business to his brother Dave. 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. It continues to do incredibly well.
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