RB Global Inc (RBA) 2024 Q1 法說會逐字稿

Good afternoon. My name is Chris, and I will be your conference operator today. At this time, I would like to welcome everyone to the Ritchie Bros. Auctioneers First Quarter Conference Call. (Operator Instructions)

午安.我叫克里斯，今天我將擔任你們的會議操作員。此時此刻，我謹歡迎大家參加利氏兄弟拍賣行第一季電話會議。 （操作員說明）

I'll now turn the call over to Mr. Sameer Rathod, Vice President of Investor Relations and Market Intelligence to open the conference call. Mr. Rathod, you may begin your conference.

現在我將把電話轉給投資者關係和市場情報副總裁 Sameer Rathod 先生來宣布電話會議開始。 Rathod 先生，您可以開始會議了。

Hello and good afternoon. Thank you for joining us today to discuss our first quarter results. With me on the call today are Jim Kessler, our Chief Executive Officer; and Eric Guerin, our Chief Financial Officer.

你好，下午好。感謝您今天加入我們討論我們第一季的業績。今天與我一起參加電話會議的是我們的執行長吉姆凱斯勒 (Jim Kessler)；以及我們的財務長 Eric Guerin。

The following discussion will include forward-looking statements, which can be identified by such words such as expect, believe, estimate, anticipate, plan, intend, opportunity, and similar expressions. Comments that are not a statement of fact, including but not limited to, projections of future earnings, revenue, gross transaction value, debt and other items, business and market trends and expectations regarding the integration of IAA, including anticipated cost synergies are considered forward-looking and involve risks and uncertainties.

以下討論將包括前瞻性陳述，這些陳述可以透過諸如期望、相信、估計、預期、計劃、打算、機會和類似表達等詞語來識別。非事實陳述的評論，包括但不限於對未來收益、收入、總交易價值、債務和其他項目的預測、業務和市場趨勢以及對IAA 整合的預期，包括預期的成本協同效應，均被考慮為未來的內容- 看起來並涉及風險和不確定性。

The risks and uncertainties that could cause actual results to differ significantly from such forward-looking statements are detailed in our news release issued this afternoon as well as our most recent quarterly report and annual report on Form 10-K, which are available on our Investor Relations website and on EDGAR and SEDAR.

可能導致實際結果與此類前瞻性陳述顯著不同的風險和不確定性詳見我們今天下午發布的新聞稿以及我們最新的季度報告和10-K 表格年度報告（可在我們的投資者網站上取得）關係網站以及 EDGAR 和 SEDAR。

On this call, we will also discuss certain non-GAAP financial measures, including forward-looking non-GAAP financial measures. For the identification of non-GAAP financial measures, the most directly comparable GAAP financial measures and the applicable reconciliation of the 2, see our news release, Form 10-K and Form 10-Q posted on our website.

在這次電話會議上，我們也將討論某些非公認會計原則財務指標，包括前瞻性非公認會計原則財務指標。如需確定非 GAAP 財務指標、最直接可比較的 GAAP 財務指標以及兩者的適用調整表，請參閱我們網站上發布的新聞稿、表格 10-K 和表格 10-Q。

We are unable to present a quantitative reconciliation of forward-looking non-GAAP financial measures as management cannot predict all necessary components of such measures. Investors are cautioned not to place undue reliance on forward-looking non-GAAP financial measures.

我們無法提供前瞻性非公認會計準則財務指標的定量調節表，因為管理階層無法預測此類指標的所有必要組成部分。投資者應注意不要過度依賴前瞻性非公認會計準則財務指標。

At this time, I'd like to turn the call over to Jim. Jim?

這時，我想把電話轉給吉姆。吉姆？

Thank you, Sameer, and good afternoon to everyone. We are off to a solid start to the year with first quarter gross transactional value growth of 10% on a pro forma combined basis. I am proud of the team as they continue driving GTV growth. This strong performance directly reflects our One Team All-In culture and our dedication to over delivering on our commitments to our customers.

謝謝 Sameer，大家午安。我們今年開局良好，第一季總交易價值預計綜合成長 10%。我為這個團隊感到自豪，因為他們繼續推動 GTV 的成長。這一強勁表現直接反映了我們的「One Team All-In」文化以及我們對超額履行對客戶承諾的奉獻精神。

Furthermore, our focus on continuous improvement and drive an operational efficiency throughout the organization translate into strong adjusted earnings per share growth of 58%.

此外，我們對持續改善和提高整個組織的營運效率的關注轉化為調整後每股收益 58% 的強勁成長。

Let's start by discussing trends in our commercial construction and transportation sector. The equipment consignment market remains strong. However, we are beginning to see a normalization of equipment supply following the surge we experienced post pandemic. Strategic accounts, specifically within the rental vertical are carefully evaluating the cadence of their dispositions for the rest of the year as they access business conditions.

讓我們先討論商業建築和運輸業的趨勢。設備寄售市場依然強勁。然而，繼疫情後設備供應激增之後，我們開始看到設備供應正常化。策略客戶，特別是租賃垂直領域的策略客戶，正在根據業務狀況仔細評估今年剩餘時間的處置節奏。

Within the region's business, the higher interest rate environment, the higher replacement costs, and the upcoming U.S. election are leading some customers to postpone investments in new equipment, reducing their immediate need for transaction solutions. Growing our market share is a top priority, and we're executing our growth algorithm by expanding sales coverage.

在該地區的業務中，較高的利率環境、較高的重置成本以及即將到來的美國大選正在導致一些客戶推遲對新設備的投資，從而減少了他們對交易解決方案的迫切需求。擴大我們的市場份額是我們的首要任務，我們正在透過擴大銷售覆蓋範圍來執行我們的成長演算法。

In the first quarter, we actively recruited new talent to strengthen the Ritchie Bros. brand and to ensure we have the right coverage where we have identified the most significant growth opportunities. Our physical presence in digital omnichannel platform remain a key differentiator, making us the partner of choice. The yellow corporation bankruptcy demonstrates the power and versatility of our platform and how we over-deliver for our partners.

第一季度，我們積極招募新人才，以強化利氏兄弟品牌，並確保我們在發現最重要成長機會的領域擁有正確的覆蓋範圍。我們在數位全通路平台上的實體存在仍然是一個關鍵的差異化因素，使我們成為首選的合作夥伴。黃色公司的破產證明了我們平台的力量和多功能性以及我們如何為合作夥伴提供超額交付。

We complemented the broader logistical efforts of moving their assets to RB Global locations by utilizing (inaudible), a marketplace service on our platform to source competitively priced transportation services. Our extensive network of locations bolstered by IAA acquisition meant that 90% of yellow's assets were within 100 miles of one of our RB Global locations, enabling transportation cost savings and seamless care, custody and control of their equipment.

我們透過利用（聽不清楚）我們平台上的市場服務來尋找價格有競爭力的運輸服務，補充了將他們的資產轉移到 RB Global 地點的更廣泛的物流工作。收購IAA 增強了我們廣泛的地點網絡，這意味著Yellow 90% 的資產都位於我們RB Global 地點之一的100 英里範圍內，從而節省了運輸成本，並對其設備進行了無縫護理、保管和控制。

At the end of the quarter, we had approximately 9,000 trucks and trailers at IAA locations, which were flexed as RB Global satellite storage yards. Our ability to flex these yards eliminate a potential incremental expenses to execute short-term leases for storage.

截至本季末，我們在 IAA 地點擁有約 9,000 輛卡車和拖車，這些卡車和拖車被靈活用作 RB Global 衛星堆場。我們靈活使用這些堆場的能力消除了執行短期儲存租賃的潛在增量費用。

To be clear, even with this transaction, we have more than enough capacity in our yards to effectively service all of our partners. Our omnichannel platform's full potential is being deployed to optimize price realization. We began with strategic bulk sales late last year. As those continue, we are directing assets across various regions and channels and hosting yellow dedicated auctions.

需要明確的是，即使透過這筆交易，我們的船廠也有足夠的能力來有效地為所有合作夥伴提供服務。我們的全通路平台的全部潛力正在充分利用，以優化價格實現。我們從去年年底開始進行策略性批量銷售。隨著這些的繼續，我們正在跨不同地區和管道引導資產，並舉辦黃色專門拍賣。

This dynamic approach ensures we are constantly matching the supply of these assets with the best buyers. All of this is a testament to our marketplace's ability to cater to business of all sizes with a robust offering of services and transaction solutions.

這種動態方法確保我們不斷將這些資產的供應與最佳買家相匹配。所有這些都證明了我們的市場有能力透過提供強大的服務和交易解決方案來滿足各種規模的企業的需求。

Moving to the automotive sector. We hosted IAA's 21st Industry Leadership Summit under RB Global, which shattered attendance records. There have been attracted new and potential partners across North America's insurance, fleet and remarketing sectors. This premier event served as a platform to introduce RB Global's leadership team, our culture, our unwavering commitment to exceeding customers' expectations through a robust and consistent performance.

轉向汽車領域。我們在 RB Global 的領導下主辦了第 21 屆 IAA 產業領導力高峰會，打破了與會紀錄。北美保險、車隊和再行銷領域吸引了新的和潛在的合作夥伴。這次盛會是介紹 RB Global 領導團隊、我們的文化以及我們透過穩健且一致的績效超越客戶期望的堅定承諾的平台。

As we maintain and grow our partnerships with those who share similar values and want to build long-lasting partnerships based on trust and transparency, we hosted an inaugural session of the IAA Advisory Council in conjunction with the summit. It was the dynamic exchange between key insurance partners and our leadership team (inaudible) an overwhelmingly positive feedback in actionable short- and long-term items.

為了維持和發展與具有相似價值觀並希望建立基於信任和透明度的長期合作夥伴關係的夥伴關係，我們在高峰會期間主辦了 IAA 諮詢委員會的首次會議。這是主要保險合作夥伴和我們的領導團隊（聽不清楚）之間的動態交流，對可操作的短期和長期專案提供了壓倒性的正面回饋。

We're excited to keep the conversation going, tackle on these initiatives and solidify our industry-wide partnerships. We also use this event to highlight our performance improvements and the accurate measure of our games by launching our partner transparency program and dispelling any misconceptions. We laid out a framework and now communicate our service level agreement performance to the industry quarterly.

我們很高興能夠繼續進行對話，解決這些舉措並鞏固我們的全產業合作夥伴關係。我們還利用這次活動，透過啟動我們的合作夥伴透明度計劃並消除任何誤解，來強調我們的性能改進和對遊戲的準確衡量。我們制定了一個框架，現在每季向產業傳達我們的服務水準協議績效。

The feedback from our partners, especially about our data-driven operational improvements have been very positive. Speaking of operational improvements, I am proud of the team and pleased that our continuous improvement program continues to drive meaningful SLA improvements in the first quarter.

我們的合作夥伴的回饋，特別是關於我們數據驅動的營運改善的回饋非常積極。說到營運改進，我為團隊感到自豪，並很高興我們的持續改進計劃在第一季繼續推動有意義的 SLA 改進。

Our pickup compliance and internal measure of our (inaudible) performance continues to be strong at approximately 99% and our on-time (inaudible) performance, an internal measure of our ability to process vehicle (inaudible) that meet our customers' demands was approximately 98%.

我們的取貨合規性和對我們（聽不清楚）績效的內部衡量指標仍然保持在約99% 的水平，而我們的準時（聽不清楚）績效，即我們處理車輛（聽不清楚）以滿足客戶需求的能力的內部衡量指標，約為99%。

We also continue to make excellent strides in attracting new international automotive buyers to our marketplace, partially driven by IAA leveraging historical Ritchie Bros. relationships in Europe.

我們也正在吸引新的國際汽車買家進入我們的市場方面繼續取得巨大進步，部分原因是 IAA 利用了利氏兄弟在歐洲的歷史關係。

In the first quarter, the percentage of vehicles sold to international buyers hit an all-time high. These advancements, combined with our focus on continuous process improvement and investment in technology continue to drive average selling price higher with automotive ASPs climate in an industry-leading 3.3% year-over-year.

第一季度，向國際買家銷售的汽車比例創歷史新高。這些進步，加上我們對持續流程改善和技術投資的關注，繼續推高平均售價，汽車平均售價年增 3.3%，處於行業領先地位。

We're focused on continuous improvement because consistent strong performance has been a critical lever in our growth algorithm to unlock market share in this industry and the results speak for themselves. Our partners are noticing the positive shift, transform culture built on trust, transparency, collaboration and clear focus on consistently delivering exceptional results. This momentum propels us forward and we're optimistic it will translate into market share gains in the coming quarters.

我們專注於持續改進，因為持續強勁的業績一直是我們成長演算法中釋放該行業市場份額的關鍵槓桿，而結果不言而喻。我們的合作夥伴注意到了積極的轉變，改變了建立在信任、透明度、協作和明確關注持續交付卓越成果基礎上的文化。這種勢頭推動我們前進，我們樂觀地認為它將在未來幾季轉化為市場份額的成長。

Now I will pass the call to Eric to review our financial performance and outlook.

現在我將打電話給艾瑞克，回顧我們的財務表現和前景。

Thank you, Jim. Before we jump into the details, please note that year-over-year comparisons for GTV and revenue refer to a comparison to the pro forma combined results of Ritchie Bros. and IAA for the prior year period. Total GTV increased by 10%. Automotive GTV increased by 6%, benefited from higher unit volumes and as Jim noted, a 3.3% higher average selling price. The existing customer portfolio drove the growth in unit volumes as the salvage industry continues to benefit from a rebound in the total loss ratio. In the first quarter, (inaudible) estimated that the loss ratio increased to approximately 21.1% compared to 19.6% in the same period last year.

謝謝你，吉姆。在我們詳細介紹之前，請注意，GTV 和收入的同比比較是指與利氏兄弟和 IAA 上一年期間的預計合併業績的比較。總 GTV 成長了 10%。汽車 GTV 增長了 6%，得益於單位銷量的增加以及吉姆指出的平均售價上漲 3.3%。隨著打撈行業繼續受益於總損失率的反彈，現有客戶組合推動了單位數量的成長。第一季度，（聽不清楚）預估虧損增至約21.1%，去年同期為19.6%。

The previously announced customer loss partially offset organic growth. Note that starting in the second quarter, we will see the full impact of the customer loss on GTV and unit volumes. GTV in the commercial construction and transportation sector increased 20%, driven by increases in (inaudible) volumes, partially offset by declines in average price per lot sold.

先前宣布的客戶流失部分抵消了有機成長。請注意，從第二季開始，我們將看到客戶流失對 GTV 和銷售的全面影響。商業建築和運輸領域的 GTV 增長了 20%，這主要得益於（聽不清）銷量的增長，但部分被每塊地塊銷售平均價格的下降所抵消。

The decline in average price per lot sold was due to asset mix as lot volume growth came from rental and transportation assets or asset values are intrinsically at lower ASPs and continued declines in pricing on an apples-to-apples basis. Note that GTV growth in commercial construction and transportation, excluding the impact of the yellow bankruptcy, would have been approximately 13%.

每批次銷售平均價格的下降是由於資產組合所致，因為批次數量的增長來自租賃和運輸資產，或者資產價值本質上處於較低的平均售價，並且價格在同類基礎上持續下降。請注意，商業建築和運輸領域的 GTV 成長（排除黃色破產的影響）約為 13%。

Moving to service revenue. Service revenue increased by 14%, with our service revenue take rate expanding approximately 80 basis points to 20.8%. Service revenue increased due to growth in GTV, a higher average buyer fee rate and growth in our marketplace services revenue. Marketplace service revenue growth was driven by higher ancillary revenue and a higher auction-related fee structure.

轉向服務收入。服務收入成長了 14%，服務收入佔比擴大了約 80 個基點，達到 20.8%。由於 GTV 的成長、平均買家費率的提高以及我們的市場服務收入的成長，服務收入有所增長。市場服務收入的成長是由較高的輔助收入和較高的拍賣相關費用結構所推動的。

As you think about inflation and deflation asset values, it is essential to note that our revenue model has been demonstrated to be resilient to swings in asset values in our marketplace. Historically, we have seen unit volumes and price move in opposite directions. GTV growth and take rate expansion have allowed us to grow service revenue above broader economic inflation.

當您考慮通貨膨脹和通貨緊縮資產價值時，您必須注意的是，我們的收入模式已被證明能夠適應市場中資產價值的波動。從歷史上看，我們看到單位數量和價格呈相反方向變動。 GTV 的成長和收視率的擴大使我們的服務收入成長高於更廣泛的經濟通膨。

Inventory revenue declined 12%, with lower revenue contributions from the automotive, commercial construction and transportation sectors. Inventory rate for the quarter contracted 100 basis points year-over-year to approximately 8.8%. The lower inventory rate was due to commercial construction and transportation and automotive partially offset by strength in our government surplus business.

庫存收入下降 12%，其中汽車、商業建築和運輸業的收入貢獻較低。本季庫存率年減 100 個基點至約 8.8%。庫存率較低的原因是商業建築、運輸和汽車，但部分被我們政府盈餘業務的強勁所抵消。

As previously noted, we expect the environment for at-risk deals to remain competitive in our commercial construction and transportation sector.

如前所述，我們預期商業建築和運輸業的高風險交易環境將保持競爭力。

Turning to earnings. Adjusted earnings per share increased 58% on strong operational performance and the full quarter impact of the IAA inclusion, partially offset by higher share count, higher net interest expense and the impact of the Series A senior preferred shares.

轉向收益。由於強勁的營運業績和納入 IAA 的整個季度影響，調整後每股收益增長了 58%，但部分被股票數量增加、淨利息支出增加和 A 系列高級優先股的影響所抵消。

At the end of the first quarter, our adjusted net debt to trailing 12-month adjusted EBITDA was approximately 2x. This accomplishment comes nearly a year ahead of schedule, showcasing our commitment to over-deliver, the strength of the strategy and our ability to execute. We wanted to lay out our guided principles for deploying our capital to maximize shareholder value.

在第一季末，我們調整後的淨債務與過去 12 個月調整後 EBITDA 的比率約為 2 倍。這項成就比原計劃提前了近一年，展現了我們超額交付的承諾、策略的實力和執行能力。我們希望制定部署資本以實現股東價值最大化的指導原則。

Let me walk you through our priorities. We see our target net leverage around 2x. That said, we could flex either way for a period of time. In the near term, we plan on continuing to pay down Term Loan A for the remainder of the year. We will continue to invest in the business strategically and are not changing our 2024 CapEx guidance.

讓我向您介紹我們的優先事項。我們的目標淨槓桿約為 2 倍。也就是說，我們可以在一段時間內採取任何一種方式。短期內，我們計劃在今年剩餘時間內繼續償還定期貸款 A。我們將繼續對業務進行策略性投資，並且不會改變我們的 2024 年資本支出指導。

Historically, the company has grown through acquisitions. And as we advance, we will continue to monitor opportunities to help us accelerate growth and unlock our strategic vision. For 2024, we are principally focused on integrating and driving returns for the recent acquisitions. Delivery superior returns to our shareholders is a core principle, and we believe in returning excess capital. This approach demonstrates our confidence in executing and exceeding expectations.

從歷史上看，該公司是透過收購實現發展的。隨著我們的進步，我們將繼續專注於機會，幫助我們加速成長並釋放我們的策略願景。 2024 年，我們主要專注於整合和推動近期收購的回報。為股東提供卓越的回報是我們的核心原則，我們相信返還多餘的資本。這種方法顯示了我們對執行和超越期望的信心。

Our financial strength assures our customers we can consistently over-deliver on our commitments. Moving to the outlook. We are reiterating our full year GTV guidance as GTV growth in the first quarter broadly aligned with our expectations. As Jim noted in his remarks, we are starting to see a normalization of equipment supply in our construction and transportation sector.

我們的財務實力確保我們能夠始終如一地超額兌現我們的承諾。轉向展望。我們重申全年 GTV 指引，因為第一季的 GTV 成長與我們的預期基本一致。正如吉姆在演講中指出的那樣，我們開始看到建築和運輸業的設備供應正常化。

Additionally, we will see the full impact of the previously announced customer loss beginning in the second quarter. Given these 2 factors, we anticipate that our year-over-year GTV growth for the remainder of the year will considerably moderate compared to the first quarter. That said, we are increasing our adjusted EBITDA guidance to $1.2 billion to $1.26 billion based on strong flow-through from the top line and continued operational excellence. We're also tightening our tax rate guidance to reflect the lower-than-expected tax rate in the first quarter.

此外，我們將從第二季開始看到先前宣布的客戶流失的全面影響。考慮到這兩個因素，我們預計今年剩餘時間的 GTV 同比成長將比第一季大幅放緩。也就是說，基於營收的強勁現金流和持續的卓越運營，我們將調整後的 EBITDA 指導值提高至 12 億至 12.6 億美元。我們也收緊了稅率指導，以反映第一季低於預期的稅率。

With that, let's open the call for questions.

接下來，讓我們開始提問。

(Operator Instructions) Your first question comes from Sabahat Khan, RBC Capital Markets.

（操作員說明）您的第一個問題來自 RBC 資本市場的 Sabahat Khan。

Great. So I guess just taking the Q1 results into account and sort of the guidance increase, can you maybe just walk through a bit more of the details around sort of the expected cadence for the rest of the year and how you settled on sort of the $30 million increase to the EBITDA line.

偉大的。因此，我想只要考慮到第一季的結果和指導性的增加，您是否可以詳細介紹今年剩餘時間的預期節奏以及您如何確定 30 美元的價格EBITDA 線增加 100 萬美元。

Just any more color in addition to the outlook commentary you just provided would be great.

除了您剛剛提供的展望評論之外，只要有更多的顏色就太好了。

Yes. Thank you for the question. As I mentioned in the prepared remarks, Q1 came in pretty much in line with our expectations. So the guidance movement of $30 million was based on our forecast and where we were seeing the year flow out.

是的。感謝你的提問。正如我在準備好的發言中提到的，第一季的表現幾乎符合我們的預期。因此，3000 萬美元的指導變動是基於我們的預測以及我們預計今年的支出狀況。

So again, Q1 was in line with what we were expecting and the increase of the guidance was tied to that performance.

因此，第一季再次符合我們的預期，指導的增加與業績掛鉤。

And then provide a little bit of color on sort of the capital allocation philosophy here, with the leverage where it is today, I think indicating that you're at the levels, the 2x and below levels one year early. Can you maybe just talk about the preference between sort of the organic versus how are you thinking about some of these opportunities that you have in front of you? And what is directionally a comfortable leverage ratio for you as you look at the business mix?

然後在這裡提供一些有關資本配置理念的顏色，以及今天的槓桿率，我認為這表明您早一年就處於 2 倍及以下的水平。您能否談談對有機產品和您如何看待擺在您面前的一些機會之間的偏好？當您考慮業務組合時，對於您來說，方向上合適的槓桿率是多少？

Yes. So the 2x is comfortable for us. As I said in the prepared remarks, we are going to flex a little bit probably on both sides of that 2. Our focus for the remainder of the year is to continue to pay down on Term Loan A and invest in the business. So we're going to continue our investment in technology and our footprint as we evaluate that. So those are our priorities.

是的。所以 2x 對我們來說很舒服。正如我在準備好的發言中所說，我們可能會在 2 的兩側稍微靈活一些。因此，在我們評估這一點時，我們將繼續對技術和足跡進行投資。所以這些都是我們的首要任務。

And as I noted as well, we'll continue to look at acquisitions, but that's not our focus this year. It's really to focus on integrating IAA and the other acquisitions we've done. So we'll continue to focus in that space.

正如我也指出的那樣，我們將繼續考慮收購，但這不是我們今年的重點。真正的重點是整合 IAA 和我們已經完成的其他收購。因此，我們將繼續關注該領域。

Your next question comes from Steve Hansen, Raymond James.

您的下一個問題來自史蒂夫漢森、雷蒙詹姆斯。

Congrats on a great quarter. I just wanted to go back to the auto performance here. Jim, I think you referenced some of the things you've been doing to outperform on the ASP basis. But can you maybe just unpack that a little bit further and just give us a sense for where you think you're getting the best upside of the performance versus what we're seeing in the broader indices?

恭喜您度過了一個出色的季度。我只是想回到這裡的汽車表演。 Jim，我認為您提到了您為在 ASP 基礎上跑贏大盤所做的一些事情。但是，您能否進一步解釋這一點，讓我們了解您認為與我們在更廣泛的指數中看到的情況相比，您在哪些方面獲得了最佳的表現優勢？

Yes, I will. Look, I don't think it's one thing. So it's a hard question to go through all the tactics that we're applying. But I'll just give you a basic one. We did a press release and we've added trim level data for the buyers, right? The technology improvement. We were one of the first to implement something like that. We know when we can give the buyers more information, and we can achieve a higher ASP on the auto side. But our whole team is -- we've heard from our partners the areas where they deem very important to them and ASP is one that they're focused on. So as we think about our tactics, we have many different things we're trying from different auction channels, trim level data, data for buyers to make sure we maintain ASPs we can.

是的，我會。聽著，我不認為這是一回事。因此，徹底了解我們正在應用的所有策略是一個難題。但我只會給你一個基本的。我們發布了新聞稿，並為買家添加了裝飾水平數據，對嗎？技術進步。我們是最早實施此類措施的公司之一。我們知道什麼時候可以給買家提供更多信息，我們就可以在汽車方面實現更高的平均售價。但我們的整個團隊 - 我們從合作夥伴那裡聽說了他們認為對他們非常重要的領域，而 ASP 是他們關注的領域。因此，當我們考慮我們的策略時，我們正在從不同的拍賣管道、裝飾水平數據、買家數據中嘗試許多不同的事情，以確保我們能夠維持平均售價。

And then I think as you described your SLA performance has been in the high 90s now, and it sounds like relatively consistent on a consistent basis. The discussions with the partners that you described at your recent event. I mean it sounds like this is saving the path to potential market share gains over time. But I mean, any visibility on when that might come to fruition or any sort of color on timing in terms of some of these contracts coming due?

然後我認為，正如您所描述的，您的 SLA 性能現在已經處於 90 年代的高水平，並且聽起來在一致的基礎上相對一致。您在最近的活動中描述的與合作夥伴的討論。我的意思是，這聽起來像是隨著時間的推移，這正在挽救潛在市場份額增長的道路。但我的意思是，對於何時實現這一目標有任何可見性，或者對其中一些即將到期的合約的時間表有何看法？

Great question. And look, I'm going to stick to kind of what I went over last quarter when we had this question. As an organization, we're very focused on what's in our control. And what is in our control is how we deliver against our commitments and our SLAs. And I am extremely comfortable that we're over delivering for our partners.

很好的問題。看，我將堅持上個季度我們提出這個問題時所討論的內容。作為一個組織，我們非常關注我們控制範圍內的事情。我們可以控制的是如何兌現我們的承諾和 SLA。我對我們為合作夥伴提供的服務感到非常滿意。

And as we do our quarterly QBRs with each partners, we're getting that feedback from them. But look, I'm a realist, when we talked about the U-shape -- we just hit a year anniversary of the 2 companies coming together. But we're going to stay focused on what's important to us and our partners, and that's what's in our control. And then I expect good things to happen as we continue down this path and being consistent and my expectation is we're going to be consistent with where we're at right now.

當我們與每個合作夥伴進行季度 QBR 時，我們會從他們那裡得到回饋。但你看，我是一個現實主義者，當我們談論 U 型時，我們剛剛迎來兩家公司合併一周年。但我們將繼續專注於對我們和我們的合作夥伴來說重要的事情，這是我們可以控制的。然後，當我們繼續沿著這條道路走下去並保持一致時，我期望美好的事情會發生，我的期望是我們將與我們現在所處的位置保持一致。

Next question comes from Michael Doumet, Scotiabank.

下一個問題來自豐業銀行的 Michael Doumet。

Maybe circling back just to the guidance. I mean if I use the midpoint of the guidance, you're effectively calling for 0 GTV growth through the balance of the year and very little EBITDA growth. And obviously, I understand the dynamic with the customer loss, but just trying to understand the assumption on the commercial side because it does feel conservative. Just is the expectation for negative comps effectively in the second half?

也許只是回到指導。我的意思是，如果我使用指導的中點，那麼您實際上是在呼籲全年的 GTV 增長為零，並且 EBITDA 增長很少。顯然，我理解客戶流失的動態，但只是試圖理解商業方面的假設，因為它確實感覺保守。下半年的負面業績預期是否有效？

Look, I just want to remind everyone, I'll start with the auto side of the obvious thing that we're going to experience in the back half of this year of the carrier loss that we announced last year. Those cars are out of our network at this point or they're very small as we are into the second quarter. So an obvious thing of what everyone is already aware of on the auto side of what's going to happen. And then when you get into the construction and industrial side, and we said this in our remarks, when the pandemic hit and people couldn't get equipment, they held on to the equipment longer, new equipment start to come in. So last year, we got an influx of rental equipment, certain sectors that really came to us and rental transportation.

聽著，我只是想提醒大家，我將從汽車方面開始，我們將在今年下半年經歷去年宣布的運營商損失的明顯事情。這些汽車目前不在我們的網路中，或者在我們進入第二季度時它們非常小。因此，顯而易見的是，每個人都已經意識到汽車方面將要發生的事情。然後當你進入建築和工業方面時，我們在講話中說過，當大流行來襲並且人們無法獲得設備時，他們保留設備的時間更長，新設備開始進來。租賃設備、某些真正來到我們這裡的產業以及租賃運輸。

So as we go into the back half of the year, it's a heavy comp that we have to go up against, we believe our partners are going to normalize in the back half of the year, which is still a great place for us to be. It's just not the place where we were a year ago when you had the pandemic and all that pent-up equipment and everything came in. So that's what we're using to set the guidance.

因此，當我們進入下半年時，我們必須面對一個沉重的競爭，我們相信我們的合作夥伴將在今年下半年正常化，這對我們來說仍然是一個很好的地方。這已經不是一年前發生大流行病時的樣子，所有被壓抑的設備和所有東西都進來了。

Understood. And then maybe just flipping to cost. If I look at the SG&A, I mean, look, you've been on a flat trend for several quarters here. How much more can you do with this cost base? Or has the rationalization kind of run its course here? Or is there maybe more you can do either way, depending on whether you want to support more volumes on it or lower costs?

明白了。然後也許只是轉向成本。如果我看一下 SG&A，我的意思是，你看，幾個季度以來你一直處於平穩趨勢。利用這個成本基礎你還能做多少事？或者合理化已經到此為止了嗎？或者，您可以透過任何一種方式做更多的事情，這取決於您是想支援更多的數量還是降低成本？

Yes. And let me just answer that by just from a philosophy that we have as a leadership team. We are never going to stop managing this business effectively and efficiently. It's core of what we do every day. It's part of what our directors, our Vice Presidents or our extended leadership team. So we are never going to stop of how do we optimize this business, right? And that goes to margin expansion. That goes to SG&A management. It is what we're building in the culture. So we're just never going to stop. So I really don't have an answer of (inaudible) stop. We're going to be diligent and constantly look to make sure we're as efficient as possible.

是的。讓我從我們作為領導團隊的理念來回答這個問題。我們永遠不會停止有效和有效率地管理這項業務。這是我們每天所做的核心。這是我們的董事、副總裁或擴展領導團隊的一部分。所以我們永遠不會停止如何優化這項業務，對嗎？這就是利潤率的擴張。這涉及SG&A 管理。這就是我們正在建構的文化。所以我們永遠不會停止。所以我真的沒有（聽不清楚）停止的答案。我們將勤奮並持續確保我們盡可能有效率。

Your next question comes from Maxim Sytchev, National Bank Financial.

您的下一個問題來自國家銀行金融部門的 Maxim Sytchev。

Jim, just one question for you, if I may. I mean given the context and the difficulty of completing IAA, what are your thoughts regarding the size of any potential transactions and sort of the need to do that? And where it will be the most accretive, whether strategically or financially?

吉姆，如果可以的話，我想問你一個問題。我的意思是，考慮到完成 IAA 的背景和難度，您對任何潛在交易的規模以及這樣做的必要性有何看法？無論是在策略上還是在財務上，哪裡將是最具增值性的？

Look, it's a great question. And again, we're very focused as a leadership team on the business that we have, the verticals that we have, and look, all the verticals that we're in right now, we love the margin profile and the financial outlook of each of them, right? So as we think about what we want to do in the future. And Eric talked about this. As we think about the future, we know there are certain places where there are holes on the map, right, that would fit in nice with us as we think about the future, if that's M&A. But right now, we want to make sure we're driving the business that we have.

聽著，這是一個很好的問題。再說一遍，作為一個領導團隊，我們非常專注於我們擁有的業務、我們擁有的垂直領域，並且看，我們現在所處的所有垂直領域，我們喜歡每個領域的利潤狀況和財務前景其中，對吧？所以當我們思考我們未來想要做什麼。埃里克談到了這一點。當我們思考未來時，我們知道地圖上有些地方有漏洞，對吧，當我們思考未來時，如果這是併購的話，這將非常適合我們。但現在，我們希望確保我們正在推動我們現有的業務。

We're running it effectively and efficiently, and we're always going to be opportunistic of what fits in for us. But right now, we're so focused on running this business and running a very profitable effective company, and that's where our focus is right now.

我們正在有效且有效率地運行它，並且我們總是會機會主義地尋找適合我們的東西。但現在，我們非常專注於經營這項業務並經營一家非常有利可圖的高效公司，這就是我們現在的重點。

Your next question comes from Steve Hansen, Raymond James.

您的下一個問題來自史蒂夫漢森、雷蒙詹姆斯。

Just a quick follow-up. The one thing that struck me as interesting on the inventory rate was the sequential improvement. I know it's down year-over-year, but on a sequential basis, we saw a nice improvement. I mean you described that business as still being competitive in the broader landscape. But how do you feel about the sustainability of that sort of high single-digit rate?

只是快速跟進。庫存率方面令我感興趣的一件事是連續改善。我知道它逐年下降，但從環比來看，我們看到了很好的改善。我的意思是，您描述該業務在更廣泛的領域仍然具有競爭力。但您對這種高個位數成長率的可持續性有何看法？

Yes. Well, look, I think we're going to just go back to the same guidance that we've been giving quarter after quarter. Look, it's a competitive market, sometimes the deals go in your favor, sometimes they don't, right? And each time a deal is different depending on if it's Canada, the U.S., international, who we're competing against.

是的。好吧，我認為我們將回到我們每個季度都給出的相同指導方針。看，這是一個競爭激烈的市場，有時交易對你有利，有時則不然，對嗎？每次交易都會有所不同，這取決於我們的競爭對手是加拿大、美國還是國際市場。

We're in this to grow share, and we have the best data to make the best decisions of where to use that data. So the guidance that we kind of said that low to middle historical end, I think, is still a place where and we're expecting. But I think there's going to be times when you see what you saw this quarter where it's going to look like that. But look, I think we're in the best position for any of these competitive deals (inaudible) and the data and analytic tools that we have to make the best decisions and we're very confident that it's a place where we can compete and be successful at.

我們致力於增加份額，並且我們擁有最好的數據來做出在何處使用這些數據的最佳決策。因此，我認為，我們所說的中低歷史終點的指導仍然是我們所期待的。但我認為，有時你會看到本季所看到的情況，它看起來會是這樣的。但是，我認為我們對於這些有競爭力的交易（聽不清楚）以及我們必須做出最佳決策的數據和分析工具處於最佳位置，我們非常有信心這是一個我們可以競爭和競爭的地方。取得成功。

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

目前沒有其他問題。請繼續。

All right. Hey, first and foremost, I want to thank the RB Global team for everyone's hard work, dedication, commitment to our customers and over-delivering on those commitments. Thank you so much for your hard work. And I just want to thank everyone on this call. Thank you for your confidence in RB and we look forward to talking to you the next time. Thank you so much.

好的。嘿，首先，我要感謝 RB Global 團隊每個人的辛勤工作、奉獻精神、對客戶的承諾以及超額兌現這些承諾。非常感謝您的辛勤工作。我只想感謝這次電話會議中的所有人。感謝您對 RB 的信任，我們期待下次與您交談。太感謝了。

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

謝謝。女士們、先生們，今天的電話會議到此結束。我們感謝您的參與，並請您斷開線路。