RB Global Inc (RBA) 2025 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Jim, and I'll be your conference operator today. At this time, I'm pleased to welcome you all to the RB Global second-quarter 2025 earnings conference call (Operator Instructions) Today's session is also being recorded.

女士們、先生們，感謝你們的支持。我叫吉姆，今天我將擔任您的會議主持人。現在，我很高興歡迎大家參加 RB Global 2025 年第二季財報電話會議（操作員指示）今天的會議也正在錄製中。

And now to get us started with opening remarks and introductions, I am pleased to turn the floor over to Vice President of Investor Relations, Mr. Sameer Rathod. Please go ahead, sir.

現在，我們開始致開幕詞和介紹，我很高興將發言權交給投資者關係副總裁 Sameer Rathod 先生。先生，請繼續。

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

大家好，下午好。感謝您今天加入我們討論我們的第二季業績。我們的執行長 Jim Kessler 和財務長 Eric Guerin 今天和我一起參加了電話會議。

The following discussion will include forward-looking statements, including projections of future earnings, business and market trends. These statements should be considered in conjunction with the cautionary statements contained in our earnings release and periodic SEC reports.

以下討論將包括前瞻性陳述，包括對未來收益、業務和市場趨勢的預測。這些聲明應與我們的收益報告和定期 SEC 報告中包含的警告聲明一起考慮。

On this call, we will also discuss certain non-GAAP financial measures. For the identification of non-GAAP financial measures and the most directly comparable GAAP financial measures and the applicable reconciliation of the two, see our earnings release and periodic SEC reports.

在本次電話會議上，我們也將討論某些非公認會計準則財務指標。有關非 GAAP 財務指標和最直接可比較的 GAAP 財務指標的識別以及兩者的適用調節，請參閱我們的收益報告和定期的 SEC 報告。

At this time, I would like to turn the call over to our CEO, Jim Kessler. Jim?

現在，我想將電話轉給我們的執行長吉姆凱斯勒 (Jim Kessler)。吉姆？

Thanks, Samir, and good afternoon to everyone joining the call. I want to begin by recognizing the exceptional execution and dedication of our teammates who remain the foundation of our ability to consistently overdeliver on our commitments and position us for long-term growth.

謝謝，薩米爾，祝大家下午好。首先，我要讚揚我們隊友的出色表現和奉獻精神，他們是我們始終如一地超額履行承諾並為我們的長期發展奠定基礎。

As always, our approach remains unchanged as we stay focused on the factors within our control. Our disciplined execution was evident again in the quarter, with adjusted EBITDA increasing 7% on a 2% increase in gross transactional value.

像往常一樣，我們的方法保持不變，因為我們始終專注於我們能控制的因素。我們的嚴格執行在本季再次體現，調整後的 EBITDA 成長了 7%，總交易價值成長了 2%。

Starting with our automotive sector, the momentum continued as we outpaced the market for another quarter, achieving solid gains in market share. Unit volume increased by 9% year over year. With this increase in volume, I am especially proud to say that our teammates continue to perform at an exceptional level, consistently over delivering against all of our service level agreements.

從汽車產業開始，這一勢頭持續下去，我們又一個季度領先市場，市場份額穩步增長。單位數量較去年同期增加9%。隨著業務量的增加，我特別自豪地說，我們的隊友繼續表現出色，並且始終超額完成我們所有的服務等級協議。

On the demand side, our active buyer base continues to grow, reflecting the strength of our platform. Internationally, we are particularly pleased to welcome two new alliance partners which extends our global footprint and enhances biodiversity. We also continue to refine and optimize our multi-channel auction format to drive premium price performance. These efforts are translating into tangible results. We continue to deliver strong gross returns or salvage values as a percentage of pre-accident cash value, with US insurance average selling prices increasing approximately 1% year over year.

在需求方面，我們的活躍買家群體持續成長，反映了我們平台的實力。在國際上，我們特別高興地歡迎兩個新的聯盟夥伴，這擴大了我們的全球影響力並增強了生物多樣性。我們也將繼續改進和優化我們的多通路拍賣形式，以推動優質價格表現。這些努力正在轉化為實際的成果。我們繼續提供強勁的總回報或殘值（佔事故前現金價值的百分比），美國保險平均售價年增約 1%。

As we enter the peak season for cat events, speed and coordination remains mission-critical for our partners. We prepare year-round for these events through detailed simulations and cross-functional alignment across real estate, operations, logistics and merchandising. This ensures we can respond seamlessly when the time comes.

隨著我們進入貓類活動旺季，速度和協調對於我們的合作夥伴來說仍然至關重要。我們透過詳細的模擬和跨房地產、營運、物流和商品銷售的跨職能協調，全年為這些活動做好準備。這確保我們能夠在需要時做出無縫回應。

Our dedicated cat capacity continues to grow, and we have built an additional agility and flexibility through our partnership with NASCAR and our ability to leverage Ritchie Bros yards as needed. Last year, we demonstrated our unique ability to leverage the full strength of RB Global in managing the volume surge we experienced, and our teammates stand ready to respond again this year.

我們的專用雙體船運力持續成長，並且透過與 NASCAR 的合作以及在需要時利用 Ritchie Bros 船廠的能力，我們建立了額外的敏捷性和靈活性。去年，我們展示了我們獨特的能力，充分利用 RB Global 的全部實力來管理我們經歷的交易量激增，我們的隊友已準備好今年再次做出回應。

All of this directly translates into superior execution, enabling us to consistently over deliver on our commitments to our partners. We have a proven and scalable model for responding to cat events, which provides a sustainable competitive advantage.

所有這些都直接轉化為卓越的執行力，使我們能夠始終如一地超額履行對合作夥伴的承諾。我們擁有經過驗證且可擴展的災難事件應對模型，這為我們提供了可持續的競爭優勢。

We are also excited to announce a new joint venture in the UK with LKQ Corporation, a global leader in alternative and specialty parts. As a result, our SYNETIQ automotive parts in dismantling business will be jointly operated with LKQ and rebranded as LKQ SYNETIQ.

我們也很高興地宣布與替代和特種零件領域的全球領導者 LKQ 公司在英國成立新的合資企業。因此，我們的 SYNETIQ 汽車零件拆解業務將與 LKQ 共同經營，並更名為 LKQ SYNETIQ。

RB Global will retain 100% of the salvaged auction part of the business, which has been rebranded and will operate as IAA. This is a win-win, where both organizations will bring their respective areas of expertise to the joint venture. Our regional partners are excited about the vision and value we bring to the industry. The joint venture will streamline the distribution of green parts into the repair network and elevate the customer experience.

RB Global 將保留 100% 的回收拍賣業務部分，該部分已更名並將作為 IAA 運營。這是一個雙贏的局面，兩個組織都將為合資企業帶來各自的專業領域。我們的區域合作夥伴對我們為產業帶來的願景和價值感到興奮。合資企業將簡化綠色零件在維修網路中的分銷，並提升客戶體驗。

Moving to the commercial, construction, and transportation sector, I am pleased to share that we have successfully closed the acquisition of J.M. Wood. This transaction represents a strategic enhancement of a footprint in Alabama and the broader Southeast United States. We are proud to welcome a high-performance team with deep regional expertise to our organization.

談到商業、建築和運輸領域，我很高興地告訴大家，我們已成功完成對 J.M. Wood 的收購。此次交易標誌著該公司在阿拉巴馬州乃至美國東南部地區的戰略升級。我們非常榮幸地歡迎一支擁有深厚區域專業知識的高績效團隊加入我們的組織。

They have built their business much like ours by cultivating long-standing relationships founded on trust and exceptional service. By combining their strong brand, customer focus, and regional presence with our global reach, digital platform, and value-added services, we are well positioned to deliver even greater value to our customers and drive continued growth.

他們透過建立在信任和卓越服務基礎上的長期關係，建立了與我們類似的業務。透過將他們強大的品牌、客戶關注度和區域影響力與我們的全球影響力、數位平台和增值服務相結合，我們能夠為客戶提供更大的價值並推動持續成長。

While customers and partners in our commercial construction and transportation end markets continue to navigate macroeconomic uncertainty, we remain focused on factors within our control. We continue to invest in driving sustainable growth and enhancing operational efficiency. This includes ongoing optimization of our territory manager network and deployment of targeted productivity initiatives across the organization. Our disciplined approach is designed to position us as the partner of choice, ensuring we remain top of mind when customers are ready to engage and transact.

雖然我們商業建築和運輸終端市場的客戶和合作夥伴繼續應對宏觀經濟的不確定性，但我們仍然專注於我們可控制的因素。我們持續投資以推動永續成長並提高營運效率。這包括持續優化我們的區域經理網路和在整個組織內部署有針對性的生產力計劃。我們嚴謹的方法旨在將我們定位為首選合作夥伴，確保在客戶準備參與和交易時我們始終是首選。

Before I hand the call over to Eric to review our financial performance and outlook, I would like to thank our incredible team worldwide for their hard work, discipline, and perseverance. You power our momentum. We have the right strategy, the right people, and the right foundation in place, and I'm excited about the opportunities ahead as we continue to deliver long-term value for our customers, partners, and shareholders.

在我將電話交給 Eric 來回顧我們的財務表現和前景之前，我想感謝我們全球出色的團隊的辛勤工作、紀律和毅力。您為我們的前進提供了動力。我們擁有正確的策略、合適的人才和正確的基礎，我對未來的機會感到興奮，因為我們將繼續為我們的客戶、合作夥伴和股東提供長期價值。

Eric?

艾瑞克？

Thanks, Jim. Total GTV increased by 2%. Automotive GTV increased by 8%, driven by a 9% increase in unit volumes, partially offset by a decline in the average price per vehicle sold. Unit volume growth was driven by strong organic growth from existing partners and a year-over-year increase in market share across salvage and remarketed vehicles. As Jim noted, US insurance ASP increased 1%.

謝謝，吉姆。總GTV增加了2%。汽車 GTV 增長了 8%，這得益於銷量增長了 9%，但每輛汽車的平均售價下降部分抵消了這一增長。單位銷售成長得益於現有合作夥伴的強勁有機成長以及報廢汽車和再行銷汽車市場份額的同比增長。正如吉姆所指出的，美國保險平均售價上漲了 1%。

However, the average price per lot sold declined primarily due to a higher proportion of re-marketed vehicles compared to insurance vehicles relative to the prior year. Second-quarter salvage industry volumes benefited from ongoing secular growth in loss ratios fueled by the favorable spread between repair cost inflation and used vehicle inflation.

然而，每批車輛的平均售價下降，主要是因為與前一年相比，二手車的比例高於保險車輛。第二季報廢汽車產業的交易量受益於損失率的持續長期成長，這得益於維修成本通膨和二手車通膨之間的有利差額。

CCC Intelligent Solutions estimated that the total loss ratio increased by nearly 70 basis points in the second quarter to approximately 22.2% compared to 21.5% in the same period last year. GTV in the commercial construction and transportation sector decreased by 6%, driven by an 18% decline in lot volumes, partially offset by an increase in average selling price.

CCC智慧解決方案估計，第二季總損失率較去年同期的21.5%增加近70個基點至約22.2%。商業建築和運輸領域的 GTV 下降了 6%，因為地塊數量下降了 18%，但平均售價的上漲部分抵消了這一影響。

As you compare today's environment to that of 2024, it's essential to consider several key dynamics. Last year, our performance benefited from a significant release of aged fleet from our rental partners, a byproduct of prior COVID-related supply chain disruptions, as well as the unique impact of the Yellow Corporation bankruptcy, the largest in its category.

當將今天的環境與 2024 年的環境進行比較時，必須考慮幾個關鍵動態。去年，我們的業績受益於租賃合作夥伴大量釋放老舊車隊，這是先前與新冠疫情相關的供應鏈中斷的副產品，也是同類公司中規模最大的破產案的獨特影響。

Today, we are navigating a more complex macro backdrop characterized by higher interest rates, evolving trade policy uncertainty, and a more cautious posture from customers and partners amid growing optimism around mega projects. Excluding the impact of the Yellow Corporation bankruptcy, unit volumes would have declined approximately 2% year over year. The average price per lot sold increased primarily due to an improvement in the asset mix.

如今，我們正面臨更加複雜的宏觀環境，其特點是利率上升、貿易政策不確定性不斷增加，以及客戶和合作夥伴在對大型專案的樂觀情緒日益高漲的情況下採取更加謹慎的態度。如果不考慮黃色公司破產的影響，單位銷售量將年減約 2%。每塊地皮的平均售價上漲主要是因為資產組合的改善。

Asset mix tailwind stemmed the decline in lot volume from the rental and transportation industries where asset values are intrinsically at lower ASPs. Excluding the impact of the Yellow Corporation bankruptcy from the prior period, the decline in GTV for the commercial construction and transportation sector would have been approximately 1%.

資產組合順風阻止了租賃和運輸行業的地塊數量下降，這些行業的資產價值本質上處於較低的平均售價。若不計前期黃色公司破產的影響，商業建築和運輸業的 GTV 下降幅度約為 1%。

Moving to service revenue. Service revenue increased 3% on a higher level of GTV and a higher service revenue take rate. The service revenue take rate increased approximately 20 basis points year over year to 21.1%, driven by a higher average buyer fee rate structure, partially offset by a lower average commission rate and a decline in our marketplace services businesses.

轉向服務收入。由於 GTV 水準和服務收入抽成率提高，服務收入成長了 3%。服務收入收取率年增約 20 個基點，達到 21.1%，這得益於平均買家費用率結構提高，但平均佣金率降低和市場服務業務下滑部分抵消了這一影響。

Moving to adjusted EBITDA. Adjusted EBITDA increased 7% on GTV growth and expansion in the service revenue take rate. Our dedication to efficiency and disciplined execution was evident again in the second quarter, as adjusted EBITDA as a percentage of GTV increased to 8.7% compared to 8.3% the prior year.

轉向調整後的 EBITDA。由於 GTV 成長和服務收入分成率的擴大，調整後的 EBITDA 成長了 7%。我們對效率和嚴格執行的執著在第二季度再次體現，調整後的 EBITDA 佔 GTV 的百分比從上年的 8.3% 上升至 8.7%。

Adjusted earnings per share increased by 14%, driven by a higher operating income, a lower net interest expense, and an adjusted lower tax rate.

調整後每股收益成長 14%，這得益於更高的營業收入、更低的淨利息支出以及調整後的較低稅率。

Before moving on to the outlook, I would like to highlight the financial implications of the LKQ joint venture that Jim just discussed. Given the relative size of the auto parts dismantling business, we do not expect any material impact on our top line or profitability for the remainder of 2025 as a result of this transaction.

在討論展望之前，我想先強調 Jim 剛才討論的 LKQ 合資企業的財務影響。鑑於汽車零件拆解業務的相對規模，我們預計此交易不會對我們的 2025 年剩餘時間內的營業收入或獲利能力產生任何重大影響。

Going forward, we will account for this JV using the equity method with our portion of the results included within other income. In connection with the JV, we revalued the assets which resulted in a one-time loss on the consolidation of $15.5 million and incurred an additional charge of $4.2 million associated with the deal for a total loss of $19.7 million.

展望未來，我們將採用權益法對該合資企業進行核算，並將我們的份額結果納入其他收入。就合資企業而言，我們重新評估了資產，導致合併時產生一次性損失 1,550 萬美元，並產生了與交易相關的 420 萬美元額外費用，總損失為 1,970 萬美元。

Now moving to the outlook. For GTV growth, we are now expecting to be at the lower end of our guidance range. That said, we are raising and tightening our adjusted EBITDA guidance range to $1.34 billion to $1.37 billion. Additionally, as a reflection of our continued confidence in the strength of our strategy and our ability to drive sustainable long-term growth, we are increasing our quarterly dividend approximately 7% to $0.31 per quarter from $0.29 per quarter.

現在轉向展望。對於 GTV 成長，我們現在預計處於指導範圍的低端。也就是說，我們將提高並收緊調整後的 EBITDA 指引範圍至 13.4 億美元至 13.7 億美元。此外，為了體現我們對策略實力和推動可持續長期成長的能力的持續信心，我們將季度股息從每季 0.29 美元提高約 7% 至每季 0.31 美元。

As you refine your models for the second half of the year, please note that our guidance does not incorporate any contribution from cat-related GTV given the unknowable nature of extreme weather events.

當您完善下半年的模型時，請注意，鑑於極端天氣事件的不可知性，我們的指導不包含與貓相關的 GTV 的任何貢獻。

Recall that cat volumes contributed approximately $169 million in automotive GTV in the fourth quarter of 2024, which will affect the year-over-year growth comparison for that period. To drive long term profitable growth, we are investing in key technological initiatives and optimizing our sales force to improve the customer experience. The team also remains focused on structurally optimizing costs to help us navigate the current environment.

回想一下，2024 年第四季度，貓咪數量為汽車 GTV 貢獻了約 1.69 億美元，這將影響該時期的同比增長比較。為了推動長期獲利成長，我們正在投資關鍵技術措施並優化銷售團隊以改善客戶體驗。團隊也將繼續致力於結構性優化成本，以幫助我們應對當前的環境。

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

現在，讓我們開始提問。

(Operator Instructions) Sabahat Khan, RBC.

（操作員指示）Sabahat Khan，RBC。

Maybe just following up on sort of those last comments there around kind of H2. Just given the performance through H1, it feels like there might be a bit more room potentially on the full-year EBITDA than even the guidance uptick suggests.

也許只是對 H2 周圍的最後評論進行跟進。僅從上半年的表現來看，感覺全年 EBITDA 的潛在成長空間可能比指導性上調所暗示的還要大一些。

So if you can maybe just give us some of the puts and takes from your perspective in addition to the color you just shared around what might be keeping you a bit more cautious? Or just what are some of the things you're keeping an eye on the pros and the cons through the back half of the year that may have prevented the guidance increase from being a bit more meaningful just given the performance here to date? Thanks.

因此，除了您剛才分享的內容之外，您是否可以從您的角度給我們一些優缺點分析，哪些因素可能會讓您更加謹慎？或者，您在今年下半年關注的利弊有哪些，這些因素可能會阻止指導性成長變得更有意義，因為考慮到迄今為止的表現？謝謝。

Yeah, thank you for the question. This is Eric. As you look at the back half of the year, as I said in my prepared remarks, we do see still the cautious or the wait and see on some of our partners and a lot more focus on potential mega projects later in the year. And I think that's something that's continued, and I want to make sure we take that in consideration.

是的，謝謝你的提問。這是埃里克。正如我在準備好的發言中所說，回顧今年下半年，我們確實看到我們對一些合作夥伴仍持謹慎或觀望態度，而更多地關註今年晚些時候的潛在大型項目。我認為這將會持續下去，我想確保我們考慮到這一點。

But if you look at the EBITDA at midpoint, front half of the year versus back half of the year, even with this guidance, you'll see an acceleration in growth in the second half versus the front half. So I feel comfortable with where I am on the guidance, and we'll obviously, as we do each quarter, assess the best path. But right now, I think the tightening of the range and then moving the midpoint conservatively here is the best approach for us.

但如果你看中期的 EBITDA，將上半年與下半年進行比較，即使有這樣的指導，你也會看到下半年的成長速度比上半年有所加快。因此，我對目前的指導感到滿意，而且我們顯然會像每個季度一樣，評估最佳路徑。但目前，我認為縮小範圍然後保守地移動中點對我們來說是最好的方法。

Great. And then just for my follow up, I guess we could just speak a little bit more into the CC&T side, and I think similar commentary shared last quarter around the customers there, the equipment owners there being still a bit cautious, uncertain.

偉大的。然後，為了我的後續問題，我想我們可以再多談談 CC&T 方面，我認為上個季度那裡的客戶和設備所有者也分享了類似的評論，他們仍然有點謹慎和不確定。

Are you -- as we get into sort of calendar Q3, are you seeing any indications of the folks deciding either way? Either they're keeping machines or want to bring them to market? It was obviously a lot of volatility during Q2 with the tariffs, but just curious, if you saw any change in Q2 versus Q1 and anything into Q3 as we look ahead to the back half. Thank you.

當我們進入日曆第三季時，您是否看到任何跡象表明人們正在做出決定？他們要么保留機器，要么想將它們推向市場？顯然，第二季的關稅波動很大，但我只是好奇，當我們展望下半年時，您是否看到第二季與第一季相比有任何變化，以及第三季有任何變化。謝謝。

Yeah, look, it's Jim. I think we're too close into Q3 to really give you a clear answer at this point. And look, the tariffs are a piece of it, interest rates and what's going to happen with it. You go back and forth, are they going to stay or they're going to come down? What's going on? Trump and our Fed Chairman have an argument back and forth all the time. So for us, as we think about it, you can see the progression of what happened from the first to the second.

是的，看，這是吉姆。我認為我們已經接近第三季了，目前無法給你一個明確的答案。看看吧，關稅是其中的一部分，還有利率以及隨之而來的結果。你來回走動，他們是要留下來還是要下來？這是怎麼回事？川普和我們的聯準會主席一直在爭論。因此，對我們來說，當我們思考這個問題時，你可以看到從第一次到第二次發生的事情的進展。

We continue to feel good about progression that it should happen, but to Eric's early comments, there's still some uncertainty that's hard for us to judge based on what's happened on the macro side of the business, but we feel really good that we're -- when this dam breaks, we are ready to accept the business and our partners will use us, like they always have in the past, so we're excited to take it. But right now we feel like it's better to be a little bit conservative on that side of our comments.

我們繼續對應該發生的進展感到樂觀，但正如埃里克早期的評論所說，仍然存在一些不確定性，我們很難根據業務宏觀方面發生的事情來判斷，但我們感覺非常好——當這座大壩決堤時，我們準備接受業務，我們的合作夥伴也會像過去一樣利用我們，所以我們很高興接受它。但現在我們覺得，我們對此的評論最好還是保守一點。

Steven Hansen, Raymond James.

史蒂文漢森、雷蒙詹姆斯。

With the J.M. Wood acquisition now closed, I'm just curious about how you're thinking about the broader M&A pipeline out there. The assets you've acquired thus far have been pretty disparate to J.M Wood and then Boom & Bucket come to mind. I mean what's in the -- what are you on the hunt for now and how does the pipeline look going forward? What are you looking to augment the platform with?

J.M. Wood 收購案現已完成，我很好奇您對更廣泛的併購管道有何看法。您迄今為止所收購的資產與 J.M Wood 和 Boom & Bucket 的資產截然不同。我的意思是——您現在正在尋找什麼以及未來的發展前景如何？您希望用什麼來增強該平台？

Yes. So look, I don't think we're going to get into specifics of our strategy, but we believe there are a lot of opportunities in the M&A side that stay core to our business. On the salvage side, we believe in organic growth that we can expand internationally. Inside of whole core, we already do that today. We believe there's a big upside there.

是的。所以，我認為我們不會詳細闡述我們的策略，但我們相信併購方面有很多機會是我們業務的核心。在打撈方面，我們相信有機成長使我們能夠進行國際擴張。在整個核心內部，我們今天已經這樣做了。我們相信這其中蘊藏著巨大的優勢。

We see a lot of tuck-ins that can happen, especially when you think about the global footprint that we have. So similar things that we've done with J.M. Wood, we see a whole pipeline there, but we're going to really stay focused on the things that really complement our business that really do what we're good at, which is processing transactions and provided services to our buyers and sellers. And we think we have a ton of opportunity and a ton of upside in the verticals that I mentioned.

我們看到很多可能發生的合併，特別是當你考慮到我們的全球影響力時。因此，我們與 J.M. Wood 合作做過類似的事情，我們在那裡看到了整個管道，但我們將真正專注於真正補充我們業務的事情，真正做我們擅長的事情，即處理交易並為我們的買家和賣家提供服務。我們認為，我們在我提到的垂直領域中擁有大量的機會和巨大的優勢。

That's very helpful. And just as a follow up. Earlier this year, you announced a fairly new marquee win in the UK with a prominent customer there. There's been some merger activity in the UK with large carriers. Just curious if that presents any opportunity or point of risk as you think about that new set of business that you're going to be going after here.

這非常有幫助。這只是後續行動。今年早些時候，您宣布與英國的一位知名客戶達成了相當新的重大勝利。英國已經出現了一些大型航空公司的合併活動。我只是好奇，當您考慮在這裡開展的新業務時，這是否帶來了任何機會或風險點。

Yeah, no, great question. We see it more as an opportunity than a risk. We currently already do business with both: one, we do exclusive; one, we have a smaller percentage of the business. But we think of it as an opportunity of gaining more market share in that market.

是的，不，很好的問題。我們認為這更多的是一個機會而不是風險。目前，我們已經與這兩家公司都有業務往來：一是獨家合作；二是佔比較小的合作。但我們認為這是在該市場獲得更多市場份額的機會。

Krista Friesen, CIBC.

Krista Friesen，加拿大帝國商業銀行。

Maybe just to follow on the IAA side of the business. Can you give us an update on how Australia is going and the build out there and just how that's progressing?

也許只是為了關注 IAA 方面的業務。您能否向我們介紹一下澳洲的最新情況以及那裡的建設和進展？

No, thank you for your question. So something that we're really excited about, and we spent a lot of work getting ready, to get Australia up and running, and I am so proud of the team. We are going to process our first set of cars for sale in the next 10 days.

不，謝謝你的提問。所以我們對此感到非常興奮，我們花了很多精力做好準備，讓澳洲開始運作起來，我為這個團隊感到驕傲。我們將在未來 10 天內處理第一批待售汽車。

So all the work to get our sites ready to get the process, the systems up and running, the integration, with Suncorp, and we're really excited to see all that work come to fruition. And not only coming into fruition with Suncorp, but what it means for future market share for us once when we have the infrastructure set up, so we're really excited. But in the next 10 days, we'll be processing our first cars.

因此，我們所有的工作都是為了讓我們的網站做好準備，讓流程、系統啟動並運行，與 Suncorp 進行整合，我們非常高興看到所有這些工作都取得了成果。這不僅意味著與 Suncorp 的合作將取得成果，而且當我們的基礎設施建立起來後，這將對我們未來的市場份額產生重大影響，因此我們感到非常興奮。但在接下來的 10 天裡，我們將處理我們的第一批汽車。

Okay, that's great. And then maybe just here in North America. Obviously, still gaining market share. Can you speak to the competitive dynamics that you're seeing right now in the market?

好的，太好了。然後也許就只在北美。顯然，市場佔有率仍在不斷擴大。能談談目前市場上的競爭動態嗎？

Look. It's always hard when you talk about competitive dynamics. What we really stay focused on is what's in our control, and what's in our control is delivering the best operational performance against the SLA's that our partners value, and we're laser focused on being industry leading in that, and with the cat season coming up to make sure we're able to provide the best service for that.

看。談論競爭動態總是很難。我們真正關注的是我們能控制的事情，我們能控制的是根據我們的合作夥伴重視的 SLA 提供最佳的營運績效，我們專注於成為該領域的行業領先者，隨著貓季節的到來，我們將確保能夠為此提供最好的服務。

So we continue with our transparency program where we're issuing our SLAs and our numbers to each and every insurance carrier if they do business with us or not, so they know how we're performing. And I am so pleased with our continued high-level performance that we have. I think it's only going to become a good thing for us and an opportunity that we're going to have as we think about the next five years. And as people think who they want their partner to be, I think we are going to be one of the ones they want to partner with.

因此，我們繼續推行透明計劃，無論保險公司是否與我們開展業務，我們都會向他們發布 SLA 和數據，以便他們了解我們的表現。我對我們持續的高水準表現感到非常高興。我認為這對我們來說只會是一件好事，也是我們展望未來五年將面臨的機會。當人們思考他們想要的伴侶是誰時，我認為我們將成為他們想要合作的對象之一。

Craig Kennison, Baird.

克雷格·肯尼森，貝爾德。

On the IAA side, I'm curious if you can give us an update in your perspective on the trend in uninsured or underinsured motorists and the extent to which it's impacting your volume.

在 IAA 方面，我很好奇您是否可以向我們介紹一下您對無保險或保險不足的駕駛員趨勢的看法，以及它對您的業務量的影響程度。

Yeah, no, great question. Look, the way I look at this in terms of the total, I think that question definitely has more of an impact on repairable type of claims than it does on total. For us, we haven't really seen a dramatic impact on our side of the business. It's something that we look at, it's conversations that we have with our partners. But I do think that's more of a repairable thing, but it's something that we look at, but we haven't seen any significant impact on our side of the business.

是的，不，很好的問題。從總體來看，我認為這個問題對可修復類型的索賠的影響肯定比對整體的影響更大。對我們來說，我們並沒有真正看到對我們的業務產生巨大影響。這是我們關注的事情，也是我們與合作夥伴的對話。但我確實認為這更像是一個可修復的問題，但這是我們所關注的問題，但我們還沒有看到它對我們的業務產生任何重大影響。

Thanks. And on the CC&T side, I'm wondering if you look at the tax law that was just passed. Whether there's anything in there that maybe over the next, let's say, four or five years gives you optimism about some mega projects or just more construction activity that would be undeniably good for your business if you want to get past this hesitancy moment.

謝謝。在 CC&T 方面，我想知道您是否查看了剛剛通過的稅法。如果您想擺脫這種猶豫，那麼在未來四到五年內，其中是否有什麼東西可以讓您對一些大型項目或更多的建築活動感到樂觀，這無疑對您的業務有利。

Yeah, look, I'll start and if Eric wants to jump in with anything. Look, bonus depreciation and things in the bill, we feel optimistic about. But I made this comment on a couple of calls ago. For me, I believe in the intrinsic value of our business. And for me, like these mega projects, it's just timing of when asset gets disposed of and gets back into the auction cycle and everything else.

是的，聽著，我先開始，如果艾瑞克想加入的話。看，我們對獎金折舊和帳單中的內容感到樂觀。但我在幾次通話之前就發表了這一評論。對我來說，我相信我們業務的內在價值。對我來說，就像這些大型專案一樣，這只是資產處置和重新進入拍賣週期和其他一切的時機。

So I don't get tied up into when it happens. Of course, I would like to happen sooner and often as you go through all that. But we look at it very optimistically of what the future holds, but we try not to get into exactly when it's going to happen.

因此我不會被事情發生的時間所束縛。當然，我希望這一切能夠更早、更頻繁地發生。但我們非常樂觀地看待未來，但我們盡量不去猜測它究竟何時會發生。

Michael Feniger, Bank of America.

美國銀行的麥可費尼格。

Just GTV, I think the guidance is now at the lower end of the range versus your initial assessment, but Q2 was better than I think everyone had expected. Just on the commercial construction side, ex Yellow down 1%, is there anything you want to flag of why that was so much better that maybe doesn't repeat in Q3, Q4 or gives you hesitancy of that sustainable improvement is it -- with the mix? Is there anything you would want to highlight there?

僅就 GTV 而言，我認為目前的指導與您最初的評估相比處於範圍的低端，但第二季度的表現比我認為每個人預期的都要好。僅在商業建築方面，例如黃色下降了 1%，您是否想指出為什麼情況會好得多，以至於可能不會在第三季度、第四季度重複出現，或者讓您對這種可持續的改善感到猶豫——通過組合？有什麼是您想要強調的嗎？

And just the second question, service revenue up 3%, EBITDA up 7%, really good flow through. Is there anything we should be aware of in the second half in terms of investments, inflationary costs, some of the investments you might be making on customer experience that maybe tempers maybe some flow-through in the back half relative to what we saw with a strong second quarter? Thanks, gentleman.

第二個問題，服務收入成長 3%，EBITDA 成長 7%，流動性非常好。在投資、通膨成本方面，我們在下半年該注意什麼？在客戶體驗方面，您可能會進行一些投資，這些投資可能會相對於我們在第二季強勁的表現，緩和下半年的一些流通嗎？謝謝，先生。

Yeah, thanks for the question. Maybe starting on GTV and the guidance there, and I think Jim commented on this. Look, we are optimistic based on the performance improvement. I agree with your comments, the Q1 to Q2 ex Yellow being down in the 1% range.

是的，謝謝你的提問。也許從 GTV 和那裡的指導開始，我認為 Jim 對此發表了評論。看，我們對性能的提升感到樂觀。我同意你的評論，第一季至第二季（黃色除外）下降了 1% 左右。

And again, not forecasting or giving specific guidance on the next quarter, but we think that trend will continue. So we're, again, cautiously optimistic about where we're going here with the improvement from Q1 to Q2 and seeing that continue into Q3.

再次強調，我們不對下一季做出預測或給予具體指導，但我們認為這種趨勢將會持續下去。因此，我們再次對第一季到第二季的改善以及持續到第三季的改善持謹慎樂觀的態度。

The thing on the overall GTV, and I mentioned it in my prepared comments, that we had about $170 million last year in Q4 related to cat events, right? And I don't include that in my guide because I can't forecast that. I don't know what that number is going to be.

關於整體 GTV 的事情，我在準備好的評論中提到過，去年第四季度我們在貓事件方面花費了大約 1.7 億美元，對嗎？我沒有將其納入我的指南中，因為我無法預測。我不知道這個數字是多少。

So that's part of the hesitation in moving that range too much because we just don't know what that impact is, and that will be a tough compare in the fourth quarter. Hopefully, we don't have as big a cat season for people will be impacted. But we'll be prepared to obviously react and help our partners, but that's the impact on GTV.

因此，這是我們在將該範圍移動過多時猶豫不決的部分原因，因為我們不知道其影響是什麼，而且在第四季度這將是一個艱難的比較。希望我們不會迎來貓咪大爆發的季節，因為人們不會受到太大的影響。但我們會做好準備，做出明顯反應，幫助我們的合作夥伴，但這會對 GTV 產生影響。

On your second one on EBITDA, I think I commented to the earlier question. Our expectation is that our EBITDA rate growth year over year will increase in the back half of the year. So we don't have any significant changes.

關於 EBITDA 的第二個問題，我想我已經對先前的問題做出評論了。我們預計，今年下半年我們的 EBITDA 成長率將年成長。所以我們沒有任何重大的改變。

What I would note, even though we had a little bit of a headwind related to Australia in Q2, we'll start to see some improvement in that. As Jim mentioned, we'll have some volume going through there in Q3, and then we have DLG coming online. So I think it's just making sure how those new agreements perform as we get into the third quarter.

我想指出的是，儘管我們在第二季度遇到了一些與澳洲相關的阻力，但我們將開始看到一些改善。正如吉姆所提到的，我們將在第三季有一些交易量，然後 DLG 就會上線。所以我認為這只是為了確保這些新協議在進入第三季時的表現。

(Operator Instructions) Steven Hansen, Raymond James.

（操作員指示）史蒂文漢森、雷蒙詹姆斯。

I understand the reluctance to guide on the cat events if that makes sense, but is it possible to maybe just book into it [for us] a little bit around what the range of outcomes have been over the last five years as you look back through sort of the performance just to give us a sense of what it could be. I mean, it could be zero, I suppose, but just give us a rough sense for the book ends in the last five years.

如果有意義的話，我理解大家不願意對貓咪賽事進行指導，但是，當您回顧過去五年的表現時，是否可以稍微為我們記錄一下過去五年中出現的各種結果，以便讓我們了解一下未來可能會是什麼樣子。我的意思是，我想它可能是零，但只是讓我們大致了解一下過去五年內這本書的結局。

Yeah. And Steven, look, I think you just hit it, right? If you look at the last five years, you had years where it's been zero. And I don't want to say exactly zero, so you have some hail and some other things that aren't because of a hurricane and a flood event.

是的。史蒂文，你看，我想你剛剛擊中了它，對嗎？如果你回顧過去五年，你會發現有些年份這數字為零。我不想說完全是零，所以會有一些冰雹和其他一些不是由颶風和洪水事件引起的災害。

And so it's really hard for us. Last year was one of the largest years in the last five years. So it's such a hard thing. This thing could be zero, it could be what it was last year, it could be more if something happens, so it's such a hard thing for us to be able to guide to.

所以這對我們來說真的很難。去年是過去五年中最大的一年。所以這是一件非常困難的事。這個數字可能是零，可能是和去年一樣，如果發生什麼事情，數字可能會更高，所以我們很難對其進行指導。

So I think the way Eric described it is the right way to do it, and that's why we gave you the last year number to give you something of, okay, what did it do last year and knowing that there's nothing in our guidance for this year makes the most sense to us.

所以我認為 Eric 描述的方式是正確的，這就是為什麼我們給你去年的數字，讓你知道去年做了什麼，並且知道今年的指導中沒有任何內容對我們來說最有意義。

Okay, fair enough. And just wanted to follow up just around the broader enterprise strategy, Jim, I know you've talked about this in the past and your desire to pull more volume from larger enterprise customers. Are there any specific initiatives you'd want to call out that you're working on today that you think are advancing that progress and where you sort of stand at that broader initiatives mix?

好吧，夠公平。吉姆，我只是想跟進更廣泛的企業策略，我知道您過去曾談論過這個問題，您希望從大型企業客戶那裡獲得更多銷售。您是否想指出您目前正在進行的、能夠推動這一進程的具體舉措，以及您在更廣泛的舉措組合中處於什麼位置？

Yeah. Look, I think when I think about CC&T, one of the things that we want to make sure of, and it was mentioned earlier in one of the questions with Boom & Bucket, as we think about the auction channel, we feel really good about where we are and what we provide to our partners. But we also realize they're trying to get a better blended net recovery right? So they know we provide great recovery in auction channel, but there's a wholesale channel, there's a retail channel.

是的。你看，我認為當我考慮 CC&T 時，我們想要確保的事情之一，正如之前在 Boom & Bucket 的一個問題中提到的，當我們考慮拍賣渠道時，我們對我們所處的位置以及我們為合作夥伴提供的服務感到非常滿意。但我們也意​​識到他們正在努力實現更好的混合淨復甦，對嗎？所以他們知道我們在拍賣通路提供了巨大的復甦，但還有批發通路和零售通路。

And our ability to get upstream is one of the areas where we're really focused on with our partners and we're piloting stuff on Boom & Bucket. We have MPE that you heard us talk about before. That channel is doing really well for us this year.

我們的上游能力是我們與合作夥伴真正關注的領域之一，我們正在 Boom & Bucket 上進行試點。我們有您之前聽我們談論過的 MPE。該頻道今年的表現確實非常好。

So it's really that blended net recovery for our partners and being the only person with a buyer base that's able to do that, that really creates and makes us different than anyone else and really builds a moat around our relationships at that level, so that's what we're focused on.

因此，這實際上是為我們的合作夥伴實現混合淨復甦，並且作為唯一能夠做到這一點的買家基礎的人，這真正創造了我們並使我們與眾不同，並且真正在這一層面上圍繞我們的關係建立了護城河，所以這就是我們所關注的。

Maxim Sytchev, NBF.

Maxim Sytchev，NBF。

I just had a quick question around the attached rates and CC&T. Is it possible to provide a bit of an update on how RBFS is doing, et cetera, and how, I guess, the more recurring type of revenue is being driven right now in that bucket? Thanks.

我只是想問一下有關附加費率和 CC&T 的問題。是否可以提供一些關於 RBFS 運行情況的最新消息，等等，以及我猜，目前該類別中更經常性的收入是如何產生的？謝謝。

Yeah. I think we're not talking specifically to each one of these, Max, but what we -- what I would say is we feel good about RBFS now. It's a different interest rate environment and the attached rate may not be as high as it was in the past, but we feel good about that business. We've talked in the past also about Veritread.

是的。我認為我們並不是專門針對其中的每一個，Max，但是我們 - 我想說的是我們現在對 RBFS 感覺很好。這是一個不同的利率環境，附加利率可能不像過去那麼高，但我們對這項業務感到滿意。我們過去也曾談論過 Veritread。

Look, every transaction needs transportation, and we offer that service, and that is a place where we believe there's growth for us and it's a helpful part of the transaction for our partners where we think we can add additional value, so we continue to focus there as well. So those are just a couple examples between RBFS and Veritread of areas we look to attach to the transaction.

你看，每筆交易都需要運輸，我們提供這項服務，我們相信這是我們能夠實現成長的領域，也是我們合作夥伴交易中有益的一部分，我們認為我們可以增加額外的價值，所以我們也會繼續關注這一點。因此，這些只是 RBFS 和 Veritread 之間我們希望附加到交易的幾個範例。

And it would it be fair to say that the transportation capacity will be benefiting both the IAA side as well? Can you provide a bit of an update there as well? Thanks.

是否可以公平地說，運輸能力也會使 IAA 雙方受益？您能提供一些更新資訊嗎？謝謝。

Yeah, Max, it's Jim. So IAA does have a transport business, but it's very small in infancy, so I would kind of think about the CC&T side and think about the sell side and buy side where transportation, both sides, need that service if it's coming to our yard, so that's what makes us really excited about it that you can get both sides of the transaction.

是的，馬克斯，我是吉姆。因此，IAA 確實有運輸業務，但處於起步階段，規模很小，因此我會考慮 CC&T 方面，考慮賣方和買方，如果貨物要運送到我們的院子，雙方都需要這項服務，所以這讓我們感到非常興奮，因為交易雙方都可以參與。

Yeah, makes sense. And then, Eric, just a quick question for you. In terms of -- I know that you don't like to specifically guide on sort of the take rate, but anything that we should keep in mind for the remainder of the year in terms of potential [transfers]? Thanks.

是的，有道理。然後，艾瑞克，我想問你一個簡單的問題。就這一點而言——我知道你不喜歡具體指導某種接受率，但在今年剩餘時間內，我們應該記住任何潛在的[轉會]？謝謝。

Yeah. You said it. I don't guide specifically to the take rate, but I would say we feel good about the take rate. As I said in my prepared comments, we did see some expansion in the take rate. And again, the way I look at the take rate is our earn rate, right?

是的。你說得對。我不會具體指導接受率，但我想說我們對接受率感覺良好。正如我在準備好的評論中所說，我們確實看到了接受率的擴大。再說一次，我看待接受率的方式就是我們的收益率，對嗎？

What can we -- additional value-added activities can we provide to the transaction for our partners to make it more frictionless, and we'll continue to focus there. So I don't see anything in the back half for the year that I would note that would be different than where we are today, that would move us significantly in either direction.

我們可以為我們的合作夥伴提供哪些額外的增值活動來使交易更加順暢，我們將繼續關注這一點。因此，我認為今年下半年的情況不會與我們現在的情況有任何不同，也不會在任何一個方向上發生重大變化。

And ladies and gentlemen, at this time, I am pleased to turn the floor back to our CEO, Mr. Jim Kessler, for any additional or closing remarks.

女士們、先生們，現在，我很高興將發言權交還給我們的執行長吉姆凱斯勒先生，請他發表任何補充意見或結束語。

Thank you so much. And like always, I want to thank all the RB Global teammates for all your hard work. Hopefully you can hear from Sameer, Eric and myself our excitement about our future. And really that excitement comes from the strong foundation that our team has built. We're really excited about what we can bring to our partners into the future, but I just really wanted to thank our teammates for all their hard work because without them we would not be at this point.

太感謝了。和往常一樣，我要感謝所有 RB Global 隊友的辛勤工作。希望您能聽到 Sameer、Eric 和我對未來的興奮之情。這種興奮確實來自於我們團隊建立的堅實基礎。我們真的很高興能為我們的合作夥伴帶來未來，但我只是想感謝我們的隊友們的辛勤工作，因為沒有他們，我們就不會走到今天這一步。

And just for everyone from an external standpoint, all of our investors and everyone who keeps an eye on the stock, thank you for your interest. And again, reiterate in our excitement for the future. Thank you for your time and we look forward to talking to everyone over the next couple of weeks, so thank you so much.

對於從外部角度來看的每個人，我們所有的投資者和關注股票的每個人，都感謝你們的關注。再次重申我們對未來的興奮。感謝您的時間，我們期待在接下來的幾週內與大家交談，非常感謝您。

Ladies and gentlemen, this does conclude today's RB Global conference, and we thank you all for your participation. You may now disconnect.

女士們、先生們，今天的 RB 全球會議到此結束，感謝大家的參與。您現在可以斷開連線。