RB Global, Inc (Ontario) (RBA) 2026 Q1 法說會逐字稿

Hello, everyone. Thank you for joining us and welcome to RB Global's first-quarter 2026 earnings call.

各位好。感謝各位加入我們，歡迎參加 RB Global 2026 年第一季財報電話會議。

(Operator Instructions)

(接線員指示)

I would now like to hand the conference over to Sameer Rathod, CFA, Vice President, Investor Relations and Market Intelligence. Please go ahead.

現在我想將會議交給 Sameer Rathod，CFA，投資人關係與市場情報副總裁。請開始。

Hello and good afternoon. Thank you for joining us today to discuss our first-quarter 2026 results.

各位好，午安。感謝各位今天加入我們，一同討論 2026 年第一季業績。

On the call with me today are Jim Kessler, our Chief Executive Officer; and Eric Guerin, our Chief Financial Officer.

今天與我一同出席電話會議的有：我們的執行長 Jim Kessler，以及財務長 Eric Guerin。

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.

以下討論將包含前瞻性陳述，包括對未來獲利、業務與市場趨勢的預測。這些陳述應與我們的財報新聞稿及定期向 SEC 提交之報告中所載的警示性聲明一併考量。

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

在本次電話會議中，我們也將討論若干非 GAAP 財務衡量指標。關於這些指標的辨識、最直接可比的 GAAP 財務衡量指標，以及相關調節表，請參閱我們的財報新聞稿與 SEC 申報文件。

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

現在，我想把電話會議交給我們的執行長 Jim Kessler。Jim？

Thanks, Sameer. Good afternoon to everyone joining the call.

謝謝你，Sameer。各位與會者午安。

I want to recognize our teams for their continued strong performance, particularly against the backdrop of the complex macro environment. As always, we are focused on the factors within our control to ensure we consistently over-deliver on our commitments and remain a trusted partner to our customers.

我想肯定我們團隊持續展現的強勁表現，尤其是在複雜的總體環境背景下。一如既往，我們專注於可控因素，確保我們持續超額達成承諾，並成為客戶信賴的合作夥伴。

Our execution in these areas was evident in the first quarter, as our growth strategy and operating model continued to demonstrate durability, with adjusted EBITDA increasing 11% on a 13% increase in GTV.

第一季我們在這些面向的執行成效相當明顯；我們的成長策略與營運模式持續展現韌性，調整後 EBITDA 在 GTV 成長 13% 的帶動下增加 11%。

As we have discussed, expanding and diversifying our business into complementary growth areas is a strategic priority. We are executing accordingly.

如同我們先前所討論，將業務擴展並多元化至互補的成長領域是我們的策略優先事項。我們正據此推進執行。

In support of that strategy, we recently received HSR approval for the BigIron transaction, satisfying a key regulatory condition. We now expect to close the transaction in the second quarter.

為支持該策略，我們近期已取得 BigIron 交易的 HSR 核准，滿足一項關鍵監管條件。我們目前預期將於第二季完成交割。

Turning to the commercial construction and transportation sector, our growth strategy continued to deliver, with GTV up 27%, year over year. We are cautiously optimistic, as customer feedback suggests early signs of improving confidence, supported by stabilizing used equipment values and continued activity in mega projects and civil infrastructure.

談到商用建築與運輸（CC&T）領域，我們的成長策略持續帶來成果，GTV 年增 27%。我們審慎樂觀，因為客戶回饋顯示信心改善的早期跡象，在二手設備價值趨於穩定，以及大型專案與土木基礎建設活動持續的支撐下。

At the same time, we believe that a portion of the quarter's volume growth reflects the early and uneven return of pent-up supply, as sellers who deferred decisions in 2025 began to re-enter the market.

同時，我們也認為本季部分成交量成長反映了先前積壓供給的早期且不均衡回流；在 2025 年延後決策的賣方開始重新進入市場。

Turning to the automotive sector, we delivered another strong quarter, despite navigating disruption among our market alliance partners and buyers in the Middle East. Our foremost priority remains the safety and well-being of our teammates in the region.

再看汽車領域，儘管我們在中東地區的市場聯盟夥伴與買方出現干擾，我們仍交出另一個強勁季度。我們最優先的事項仍是該地區同仁的安全與福祉。

Despite these headwinds, gross returns, measured as the salvage values as a percentage of pre-accident cash value, continue to expand, supporting approximately 10% year-over-year growth in US insurance average selling prices.

儘管面臨這些逆風，以毛回收率衡量（即殘值占事故前現金價值的百分比）仍持續擴大，支撐美國保險車輛平均售價約 10% 的年增幅。

We believe this performance underscores the resilience and breadth of our marketplace; and reflects our continued progress in enhancing the buyer experience and optimizing the auction format for our sellers.

我們認為這項表現凸顯了我們市場平台的韌性與廣度；也反映我們在提升買方體驗、並為賣方優化拍賣形式方面持續取得進展。

Unit volumes increased 1% year over year, marking the fifth consecutive quarter of outperformance, relative to the broader market.

單位成交量年增 1%，這是連續第五個季度相較整體市場表現更佳。

I am proud of our team's execution, as we exceeded all service level commitments, again.

我為團隊的執行感到自豪，因為我們再次超越所有服務水準承諾。

Last quarter, we announced an agreement in principle with one of our largest partners. I am pleased to report that it has now been fully executed.

上季我們宣布與我們最大合作夥伴之一達成原則性協議。我很高興地報告，該協議現已正式完成簽署並全面生效。

We remain confident in our goal of delivering net market share gains in 2026, as our focus on driving tangible P&L value for our partners continues to resonate and differentiate our platform.

我們仍對 2026 年實現淨市占提升的目標充滿信心，因為我們專注於為合作夥伴帶來可量化的損益表（P&L）價值，持續獲得認同並使我們的平台更具差異化。

Importantly, in a competitive market, we will remain selective in pursuing volumes. We are prioritizing partners that align with our culture and ensuring the value we realize from our differentiated marketplace platform reflects the meaningful benefits it delivers to our customers.

重要的是，在競爭激烈的市場中，我們將持續在追求成交量方面保持選擇性。我們優先選擇與我們文化一致的合作夥伴，並確保我們從具差異化的市場平台所取得的價值，能反映其為客戶帶來的實質效益。

Our confidence in our goal of continued market share gains was further reinforced at our industry leadership summit, which, again, achieved record attendance, highlighting our strong and growing partner engagement.

在我們的產業領導高峰會上，我們對持續提升市占的信心進一步獲得強化；該活動再次創下出席人數新高，凸顯我們強勁且持續成長的合作夥伴參與度。

Partners walked away excited and energized by our marketplace's overall strategic direction, backed by our transparent data-driven approach and continued innovation.

合作夥伴在會後對我們市場平台的整體策略方向感到振奮且充滿期待，這得益於我們透明、以數據驅動的方法以及持續創新。

I will now pass the call to Eric to review the financials and updated 2026 outlook.

接下來我將把電話會議交給 Eric，請他說明財務表現以及更新後的 2026 年展望。

Thanks, Jim.

謝謝你，Jim。

Total GTV increased by 13% to $4.3 billion in the first quarter. Automotive GTV increased by 7% in the quarter, driven primarily by higher average selling prices and a 1% increase in unit volumes.

第一季總 GTV 成長 13%，達 43 億美元。汽車業務 GTV 本季成長 7%，主要由平均售價上升以及單位成交量增加 1% 所帶動。

The average price per vehicle sold increased approximately 6% in the quarter, reflecting strength across both the salvage and remarketed vehicles.

本季每輛車的平均售價約增加 6%，反映報廢車與再行銷車輛兩者皆呈現強勁表現。

Unit volume growth reflected continued new wins in the sector, though first-quarter growth moderated, partially due to changes in the auction calendar at the start of the year.

單位成交量的成長反映該領域持續取得新案，但第一季成長有所放緩，部分原因是年初拍賣日程的變動。

In recent months, the inflation differential between automotive repair costs and used-vehicle prices has widened slightly, which continues to support an increase in the total loss ratio.

近幾個月，汽車維修成本與二手車價格之間的通膨差距略為擴大，持續支撐全損比率上升。

CCC Intelligent Solutions estimates the total loss frequency across all categories increased by 70 basis points to 23.6% compared to the prior year period.

CCC Intelligent Solutions 估計，所有類別的全損發生率較去年同期增加 70 個基點至 23.6%。

GTV in the commercial construction and transportation sector increased 27%, driven by strength in both unit volumes and ASPs.

商用建築與運輸（CC&T）領域的 GTV 成長 27%，由單位成交量與平均售價（ASP）雙雙走強所帶動。

First -quarter results benefited from an outsized contribution related to the auction calendars of certain acquired businesses, which typically host their largest events early in the year. Excluding acquisitions, CC&T GTV increased approximately 16%.

第一季業績受惠於部分併購業務拍賣日程帶來的較大貢獻，這些業務通常在年初舉辦其規模最大的活動。若排除併購影響，CC&T GTV 約成長 16%。

As market conditions continue to normalize, we are seeing early but inconsistent signs of pent-up supply returning, which contributed to higher transaction activities during the quarter.

隨著市場狀況持續正常化，我們看到積壓供給回流的早期但不一致跡象，這也促使本季交易活動增加。

Our ability to capture the growth is enabled by maintaining the industry's most comprehensive network of territory managers, alongside the continued roll-out of targeted programs designed to improve productivity and deepen customer engagement.

我們之所以能掌握成長，得益於維持業界最完整的區域經理網絡，同時持續推動一系列具針對性的方案，以提升生產力並深化客戶互動。

The average price per lot sold increased due to improvements in the asset mix, while like-for-like pricing remained relatively flat, year over year.

每批次（lot）成交的平均價格因資產組合改善而上升，而同類可比（like-for-like）價格年比則大致持平。

Excluding the impact of our recent acquisitions, total GTV across all sectors increased 9%. We are seeing strong organic growth in the underlying business.

若排除近期併購的影響，所有領域的總 GTV 成長 9%。我們看到基礎業務展現強勁的有機成長。

Moving to service revenue, service revenue increased 5% in the quarter, driven by higher GTV, partially offset by a decline in the service revenue take-rate.

接著看服務收入，服務收入本季成長 5%，由較高的 GTV 所帶動，但部分被服務收入抽成率（take-rate）下降所抵銷。

The service revenue take-rate declined 160 basis points year over year to 20.7%. A portion of this decline is optical, reflecting a larger mix of higher ASP assets, when compared to the prior year.

服務收入抽成率（take-rate）年減160個基點至20.7%。這一下滑部分屬於表觀因素，反映相較去年，高ASP資產的組合占比提高。

Under our aggressive buyer fee schedule, higher-priced assets fall into lower-percentage fee tiers, which can make the reported take-rate lower.

在我們較為積極的買方費用表下，價格較高的資產會落在較低百分比的費率級距，這可能使得揭露的抽成率看起來較低。

While the percentage rate is lower, higher ASP items are attractive, from a total service revenue dollar perspective. There were additional impacts on the service revenue take-rate from recent acquisitions and divestments.

雖然百分比費率較低，但從服務收入總額（美元）角度來看，較高ASP的項目仍具吸引力。近期的收購與處分也對服務收入抽成率造成額外影響。

Adjusted EBITDA increased 11% in the quarter, driven by higher GTV volumes and increased contribution from inventory returns. These benefits were partially offset by lower service revenue take-rate.

本季調整後EBITDA成長11%，主要由較高的GTV量以及庫存退回帶來的貢獻增加所帶動。上述效益部分被較低的服務收入抽成率所抵銷。

Our continued focus on cost discipline supported strong profit flow through, with adjusted EBITDA growth of 11% outpacing service revenue growth of 5%.

我們持續聚焦成本紀律，支撐了強勁的利潤轉化，使調整後EBITDA成長11%，超過服務收入5%的成長。

Adjusted earnings per share in the first quarter increased by 13%, primarily driven by a higher operating income and a lower net interest expense.

第一季調整後每股盈餘成長13%，主要由較高的營業利益以及較低的淨利息費用所驅動。

Now, turning to guidance, we are raising our 2026 outlook and now expect gross transaction value to grow between 6% and 9% for the full year, with adjusted EBITDA growth of approximately 8% at the midpoint.

接著談展望，我們上調2026年展望，現在預期全年總交易價值（GTV）成長介於6%至9%，調整後EBITDA在中位數的成長約為8%。

Note that our updated guidance does not reflect any impact from BigIron.

請注意，我們更新後的指引未反映BigIron的任何影響。

Consistent with our strategy, we remain focused on growing adjusted EBITDA at a faster rate than service revenue and view 2026 as a year of volume-led growth.

與我們的策略一致，我們仍專注於讓調整後EBITDA以快於服務收入的速度成長，並將2026年視為由交易量帶動成長的一年。

We are concentrating on the elements within our control, including advancing cost-savings initiatives; deploying technology, designed to enhance yard-level efficiency; and executing against our operating model to drive productivity and operating leverage.

我們正聚焦於可控要素，包括推進節省成本計畫；部署旨在提升場站層級效率的技術；以及依照我們的營運模式執行，以提升生產力與營運槓桿。

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

接下來，我們開放提問。

(Operator Instructions)

（接線員指示）

Gary Prestopino, Barrington.

Gary Prestopino，Barrington。

Hey, Jim. [Erickson] here. How are you guys?

嗨，Jim。我是[Erickson]。你們最近如何？

Good. How are you doing, Gary?

很好。Gary，你近況如何？

Just fine. Thank you.

還不錯。謝謝。

Hey, Jim, as I look back on my notes from last quarter, you had mentioned that there was a plethora of [RFPs] in the auto sector that were in the pipeline. Did any of them come to market this quarter? Were there any wins that you could cite that you got from these RFPs that came to market?

嗨，Jim，回頭看我上季的筆記，你提到汽車領域有大量的[RFPs]在管線中。這一季有任何案子進入市場嗎？這些進入市場的RFP中，有沒有你們拿下的案子可以分享？

Hey, Gary. I do not recall talking about how many RFPs were out there. We typically don't. I really don't have a comment on that question.

嗨，Gary。我不記得我有談到外面有多少RFP。我們通常不會談這個。我對這個問題沒有特別評論。

Okay. What you said was you have a strong RFP pipeline so it's just trying to get an idea of what basically came to mind.

好的。你說的是你們有很強的RFP管線，所以我只是想了解一下大概有哪些進展。

I think what we talked about is, when you look over the next three years; when you think about what comes up in RFP, a lot of the stuff that will come up isn't representative of our current customer base.

我想我們談的是，當你看未來三年；當你思考哪些項目會以RFP形式出現時，很多即將出現的項目其實並不代表我們目前的客戶基礎。

It's something that we have an opportunity to go after. But it was nowhere inside of a corridor or anything like that. It was over a longer period of time.

這是我們有機會去爭取的。但它並不在任何區間（corridor）之內或類似的框架。它是更長時間跨度的事情。

John Healy, North Coast Research.

John Healy，North Coast Research。

Jim, I wanted to ask: Last couple of days, we've seen some earnings reports from auto insurers. I think GEICO, in particular, talked about some dramatic increases in claims frequency (inaudible) -- hit the profit line for those guys.

Jim，我想問：過去幾天我們看到一些汽車保險公司的財報。我想GEICO特別提到出險頻率大幅上升（聽不清）——對他們的獲利造成影響。

Could you talk to what you're seeing out of insurers, as it relates to claim frequency? If, given the recent strength in used car prices, might it be likely or prudent to think that maybe total loss frequency may plateau in the near term?

你能談談你們從保險公司那邊看到的情況，尤其是與出險頻率相關的部分嗎？另外，考量近期二手車價格走強，是否可能或較為審慎地認為，近端全損頻率可能會趨於持平？

Just curious to get your thoughts on the puts-and-takes, as it relates to the funnel of your business. Thanks.

想請教你對於利弊權衡（puts-and-takes）的看法，尤其是與你們業務漏斗相關的部分。謝謝。

Hey, John. Good question. I'll pass this over to Sameer, who handles a lot of this external information.

嗨，John。問得很好。我把這題交給Sameer，他負責處理很多這類外部資訊。

Hey, John. Sameer here.

嗨，John。我是Sameer。

I think, in terms of how we view the market, I think I've looked at the data you're talking about in terms of used-car pricing increasing a little bit with some of the third-party data.

我想，就我們如何看待市場而言，我也看了你提到的數據，也就是一些第三方資料顯示二手車價格小幅上升。

The way we look at it internally is looking at that inflation spread between cost of repair versus what the Census Bureau comes up with for used-car pricing inflation.

我們內部的看法是，觀察維修成本通膨與美國人口普查局所提供的二手車價格通膨之間的通膨差（spread）。

I think the wholesale pricing leads a little bit compared to the retail level. At the moment, we're not noticing any dramatic shifts in terms of claim frequency or anything like that. But we wouldn't comment specifically about any of our providers.

我認為批發價格相較於零售端會稍微領先一些。目前我們沒有注意到出險頻率或類似指標出現任何劇烈變化。但我們不會針對任何供應方作具體評論。

Understood. And then, just to follow-up: Obviously, there's a percentage of your vehicles that go to the Middle East. Given the tensions and the war activity, are cars able to get there, right now, in any capacity? Is that having some bleed-through impact yet on ASPs on the salvage side?

了解。再追問一下：顯然你們有一定比例的車輛會運往中東。考量緊張局勢與戰事活動，目前車輛是否仍能在某種程度上運抵當地？這是否已對報廢車（salvage）端的ASP造成一些外溢影響？

Yeah. Hey, John, I'll start. If Sameer or Eric want to jump in, Eric and Sameer, feel free.

是的。嗨，John，我先回答。如果Sameer或Eric想補充，Eric和Sameer請隨時加入。

Look, we look at our whole market alliance and not just one specific segment. Based on what we're seeing in our whole alliance, anytime you have a disruption like you do and you have a conflict in the Middle East, it's going to affect a segment.

你看，我們會看整個市場聯盟，而不只是一個特定區隔。根據我們在整個聯盟中看到的情況，只要出現像中東衝突這樣的干擾，就會影響到某個區隔。

We believe we can manage the other segments. Eric gave our guidance. We feel really confident in that.

我們相信我們可以管理其他區隔。Eric已提供我們的指引。我們對此非常有信心。

Based in that guidance is the optimism that we believe international still leads for us and what it can be for us. Like everything, we have Middle East business with Ritchie Bros. and IAA.

該指引所依據的是我們的樂觀判斷：我們相信國際市場仍是我們的領先動能，以及它對我們可能帶來的機會。如同其他業務一樣，我們在中東也有Ritchie Bros.與IAA的業務。

Our real concern is more the safety of our team.

我們真正更關切的是團隊的安全。

We believe it's something we can manage, inside of our business and inside of the guidance that we gave.

我們相信這是我們能在業務內部、以及在我們所給出的指引範圍內加以管理的事情。

Understood. Congratulations.

了解。恭喜。

Thank you.

謝謝。

Steven Hansen, Raymond James.

Steven Hansen，Raymond James。

Yeah. Good afternoon, guys. Thanks for the time.

是的。各位下午好。感謝撥冗。

Look, really strong GTV performance in CC&T. Obviously, I think, even ex-acquisition, you said, up 16%, if I caught that correctly. Just trying to square your comments around seeing pent-up supply returning to market quickly early on.

聽著，CC&T 的 GTV 表現非常強勁。很明顯，我想，即使排除併購因素，你們說成長了 16%，如果我沒聽錯的話。我只是想把你們先前提到的「被壓抑的供給在早期迅速回到市場」這些評論對起來理解。

Do you see evidence that's going to continue through into the next quarter or two? How do the auctions in the calendar -- how are they stacking up, thus far, through registrations?

你們有看到證據顯示這種情況會延續到接下來一兩個季度嗎？就拍賣行事曆來看——截至目前從註冊情況來看，拍賣的排程/堆疊狀況如何？

I'm trying to get a sense for whether that's an upfront surge and then, plateauing out; or if it's going to continue through the balance of the year.

我想了解的是，這是前期的一波衝高然後趨於持平；還是會延續到今年剩餘時間。

Hey, Steven. I'll start. Eric and Sameer, again, feel free to jump in.

嗨，Steven。我先開始回答。Eric 和 Sameer，也請隨時補充。

Look, I think one of the issues with the cycles that we face is there's just some lumpiness, along with organic growth. To be honest, we're just staying focused on growing market share in each of the markets that we perform in CC&T. That's really what our focus is on.

聽著，我認為我們面對的景氣循環其中一個問題是，除了有機成長之外，還會有一些波動性。坦白說，我們就是專注在 CC&T 所服務的每一個市場提升市占率。這才是我們真正的重點。

The one thing we can't control is when people make decisions of when they want to dispose of equipment. But when they're ready, our team is ready to handle it.

有一件事我們無法控制，就是人們何時決定要處置設備。但當他們準備好了，我們的團隊也準備好承接。

I think we're going to have a little bit of lumpiness. But we feel really cautiously optimistic about what we're seeing from our partners and what the future quarters are going to look like for us.

我認為我們會有一些波動。但就我們從合作夥伴那裡看到的情況，以及未來幾季對我們而言可能呈現的樣貌，我們抱持審慎樂觀。

That's great. Just one quick follow-up, if I may? It's just on the M&A side.

很好。如果可以的話，我再快速追問一個？是關於併購（M&A）方面。

You've been active. You referenced BigIron closing early. You've also got some disclosure here that you acquired Blackmon in the US South, by the looks of it here. A smaller deal.

你們一直很積極。你們提到 BigIron 提前完成交割。另外，看起來你們也披露收購了美國南部的 Blackmon。是一筆較小的交易。

But just trying to get a sense for why that was attractive and what the pipeline looks like. Thanks.

但我想了解的是，為什麼那筆交易有吸引力，以及你們的併購管線目前看起來如何。謝謝。

Yes. Really, for Blackmans, who we acquired, their main business is in Arkansas and a little bit in Dallas. Arkansas wasn't a geography that we had a presence in. They also had a sector in railroads that we found attractive that we wanted to be able to leverage with the acquisition.

是的。就我們收購的 Blackmans 而言，他們的主要業務在阿肯色州，另外在達拉斯也有一點。阿肯色州是我們原本沒有佈局的地理區域。他們在鐵路相關領域也有一個我們覺得很有吸引力的板塊，我們希望透過這次收購加以運用。

And then, Big Iron, we find that sector of ag very attractive in the US; something that we've been doing for a number of years up in Canada.

至於 Big Iron，我們認為美國的農業（ag）領域非常有吸引力；而這也是我們在加拿大已經做了很多年的事情。

Those two things are what made us attractive to both targets.

這兩點就是讓我們對這兩個標的都具吸引力的原因。

Craig Kennison, Baird.

Craig Kennison，Baird。

Hey. Good afternoon. Thank you for taking my question.

嗨。各位下午好。謝謝讓我提問。

It might be for you, Sameer, but I'm wondering if you can help us unpack volume trends for the automotive space. In particular, I'm interested in what the headwind was from the absence of catastrophes in this quarter versus the same period last year.

這題可能要請 Sameer 回答，但我想請你幫我們拆解一下汽車領域的量（volume）趨勢。特別是，我想了解本季相較去年同期，因為缺少重大災害事件（catastrophes）而帶來的逆風有多大。

And then, what were the tailwinds from share gains and the total loss rate, as it relates to your 1% growth rate, overall?

另外，就你們整體 1% 的成長率而言，市占提升與全損率（total loss rate）帶來的順風各是多少？

Craig, I'll start and pass it over to Sameer so we can talk through some of the push-and-takes.

Craig，我先回答，然後交給 Sameer，我們可以把其中的拉鋸因素（push-and-takes）講清楚。

Look, it's always tough, when you think about quarter by quarter. We look at our business a little bit longer-term than that. But we feel really confident about the unit volume increase for us, as we think about the next couple of quarters coming up.

聽著，當你以逐季來看時，總是很難。我們看待業務的時間尺度會比那更長一些。但當我們展望接下來幾季時，我們對自身的單位量（unit volume）成長非常有信心。

With that, I'll pass over to Sameer to add any color about headwinds and tailwinds?

那我把時間交給 Sameer，請他補充一些關於逆風與順風的說明？

Yeah. Craig. I think it's fair to say there are industry dynamics at play In terms of underinsurance; things like that.

好的。Craig。我認為可以說，產業動態確實在發揮作用，例如保險不足（underinsurance）之類的因素。

You can see -- we reported 1% unit volume growth. We feel really comfortable saying that we are gaining share, US and globally.

你可以看到——我們報告的單位量成長是 1%。我們很有把握地說，我們正在美國以及全球範圍內提升市占。

Thank you. And then, maybe just as a follow-up: Could you just comment on how we should think about your take-rate evolving over time, especially as we include -- or when we include BigIron in results?

謝謝。那再追問一下：你能否評論一下，我們應該如何看待你們的抽成率（take-rate）隨時間的變化，特別是在把 BigIron 納入業績之後——或當我們把 BigIron 納入業績時？

Yeah, Craig, I'll start. Eric, feel free to jump in.

好的，Craig，我先說。Eric，也請隨時補充。

Look, I think I mentioned this a number of times: We run our business based on dollars and not a percentage. As we then attract the sectors like agriculture -- and especially when you get into a real estate component -- that percentage is going to change.

聽著，我想我已經提過很多次：我們經營業務是以「金額（dollars）」為基礎，而不是以百分比。當我們吸引像農業這樣的產業——尤其是當你進入含有不動產成分的情境——那個百分比就會改變。

As we close this deal -- I'm sure Sameer and Eric will help all of you understand that; what it looks like. But, again, I just want to clarify: We run this business based on dollars and how do we get that to flow through the most efficient way into our P&L; and not by a percentage.

等我們完成這筆交易——我相信 Sameer 和 Eric 會協助各位理解它會呈現什麼樣子。但我再次想澄清：我們經營這門生意是看金額，以及如何以最有效率的方式讓它流入我們的損益表（P&L）；而不是看百分比。

With that, I'll pass it over to Eric.

那我把時間交給 Eric。

Yeah. I think, Jim, you commented on it.

好的。我想，Jim，你也提到了這點。

We've been pretty clear. Even if you look at the 160 basis points -- and I said this in my prepared remarks -- when you get higher ASP performance, which we did with our aggressive tiering on the buyer side, you get a less take-rate but we like those dollars that flow through to our top line.

我們一直說得很清楚。即使你看那 160 個基點——我在事先準備的發言裡也提過——當你有更高的 ASP 表現（平均售價），而我們確實透過在買方端更積極的分層（tiering）做到這點時，你會得到較低的抽成率（take-rate），但我們喜歡那些能流入我們營收（top line）的金額。

I think, to Jim's point, we're really focused on making sure we have the most efficient P&L. We've talked about in the past, GSA has a different take-rate.

我想呼應 Jim 的觀點，我們非常專注於確保我們擁有最高效率的損益表（P&L）。我們過去也談過，GSA 的抽成率不同。

We will provide more detail in the ag space. That has a different take-rate, when you look at farm land and things like that. Our focus is making sure we optimize the P&L.

我們會在農業領域提供更多細節。當你看農地（farm land）等項目時，那也會有不同的抽成率。我們的重點是確保我們把損益表最佳化。

Great. Thank you.

很好。謝謝。

Sabahat Khan, RBC Capital Markets.

Sabahat Khan，RBC Capital Markets。

Thanks. Good afternoon. Maybe more for a question for Eric and for the whole team.

謝謝。各位下午好。這可能更像是要問 Eric 以及整個團隊的問題。

Hoping to get a bit more color on -- just given the performance through quarter one, if you can just dig a little bit into what you baked into the guidance in terms of puts-and-takes.

希望能多了解一些——鑑於第一季的表現，你們能否再深入說明一下，在指引（guidance）中就各項拉鋸因素（puts-and-takes）你們納入了哪些假設？

Did the quarter go as expected and the guidance increase maybe just reflect some more confidence? Or were there share shifts or other trends in the quarter that made you a bit more confident to be able to kick up the guide?

本季表現是否如預期？而指引上調是否只是反映信心提升？或者本季是否出現市占移轉或其他趨勢，讓你們更有信心能把指引往上調？

Just trying to understand more the qualitative and the quantitative puts-and-takes to the extent you can share. Thanks.

我只是想更了解在你們可分享的範圍內，質化與量化層面的各項拉鋸與取捨。謝謝。

Yeah. Thanks for the question.

是的。謝謝你的提問。

Q1 was in line with our expectations; a little bit ahead. That's what's highlighted in the guidance.

第一季符合我們的預期；而且略優於預期。這也反映在指引中。

What I would say, there are some headwinds, as we know, with fuel and some other costs. But we have that built into our guidance.

我想說的是，如我們所知，燃料以及其他一些成本確實帶來逆風。但我們已把這些因素納入指引。

On the automotive side, we're gaining share. We believe our 1% growth is continuing to grow share there. In CC&T, we also believe that we're gaining share.

在汽車業務方面，我們正在提升市占。我們相信我們的 1% 成長仍在持續帶動該領域市占提升。在 CC&T 方面，我們也相信我們正在提升市占。

We reflected both of those impacts into the updated guidance.

我們已將這兩項影響反映到更新後的指引中。

I don't know, Jim, if you had any additional comments there or (multiple speakers) --?

我不確定，Jim，你是否還有其他補充，或（多位講者）--？

Yeah. Just at a high level, I think, what Eric and for myself -- hearing from the team, we are operating at a very high level, right now, in every avenue of our business.

是的。就高層次來看，我想 Eric 和我自己——從團隊那邊聽到的——我們目前在業務的各個面向都以非常高的水準在運作。

I think we feel the confidence of the team's execution of why we're able to increase guidance.

我想我們對團隊的執行力很有信心，這也是我們能夠上調指引的原因。

Great. And then, just one on the capital allocation and the M&A side, along the lines of Steven's question.

很好。接著再問一題關於資本配置與併購（M&A），延續 Steven 的問題。

Balance sheet's in good shape. You guys have announced -- at least put out there a share buyback program. You had alluded a bit to ag being of interest in the past.

資產負債表狀況良好。你們已宣布——至少已對外提出——股票回購計畫。你們過去也曾提到對農業（ag）有興趣。

Are you able to maybe -- just even in broad brushes -- just talk about whether it's more capabilities or still regions in the US or around the world that you hope to fill in with M&A?

你們是否能——即使只是概略地——談談透過併購想補足的是能力面，或仍是美國境內或全球的某些區域版圖？

Where would buybacks, at this point in the game, rank in the preference order on the pipeline?

以目前這個階段來看，回購在你們管線中的偏好排序大概會排在什麼位置？

Yeah. Yeah. I can start. And then, Jim can fill in.

是的。是的。我可以先說。然後 Jim 再補充。

Look, what we've said is -- and you can look at what we've done. Whether it be JM Wood, it gave us a different region in the country; a different capability with municipalities.

你看，我們一直說——你也可以看看我們做過的事。不論是 JM Wood，它讓我們在國內取得不同的區域；也在市政客戶方面帶來不同的能力。

Jim commented on Blackmon; gives us a different region, then gives us access to rail.

Jim 提到 Blackmon；它讓我們進入不同的區域，並讓我們取得鐵路相關的切入點。

I think, if you look at what we've done, you'll see that is the pattern, whether it gives us new capabilities or a different region.

我想，如果你看我們做過的事，你會看到這就是一貫的模式：不論是帶來新能力或不同區域。

We talked about [DLG] last ,year when we went into Australia.

我們去年談到 [DLG]，當時我們進入澳洲市場。

Those are the types of opportunities that we are looking at as RB Global. They give us an opportunity to get new capabilities; new regions. We're excited about the opportunities.

這些就是我們以 RB Global 身分正在尋找的機會類型。它們讓我們有機會取得新能力、新區域。我們對這些機會感到興奮。

Again, we have ag that we just talked about with BigIron.

再者，我們也有剛剛提到的農業（ag），透過 BigIron。

I don't know, Jim, any additional color there?

Jim，你還有什麼補充說明嗎？

Yeah. Yeah.

有。有。

Eric, what I would just add is I think what is great and what really makes me excited about our future business is we have the ability to do all the above that you described.

Eric，我想補充的是，我認為很棒、也真正讓我對我們未來業務感到興奮的是：我們有能力把你剛剛描述的這些選項全部都做到。

Take a look at Australia, how we entered the salvage market. We did that organically. The team did a fantastic job of going into a new country for salvage and executing against the plan really flawlessly.

看看我們在澳洲是如何進入報廢車（salvage）市場的。我們是以有機成長的方式做到的。團隊在一個新國家拓展報廢車業務，並且幾乎完美地按計畫執行，做得非常出色。

And then, if you look at the acquisition of IAA and the Ritchie Bros., I think the team did an amazing job.

然後，如果你看 IAA 與 Ritchie Bros. 的收購案，我認為團隊做得非常好。

What we're always going to look at is, can we do this organically? But, at the end of the day, what we're looking for is what gives our investors the best return. If it's organically, we're going to choose that path. If it's an M&A, we're going to do that path.

我們永遠會先看：能不能用有機方式來做？但歸根結底，我們要找的是能為投資人帶來最佳報酬的方案。如果是有機成長，我們就會選那條路。如果是併購（M&A），我們就走併購那條路。

Hopefully, what everyone has seen from us over the last three years, our ability and our playbook to do M&A, either organically or through acquisition, this is something that this team is really good at. It's something I'm excited about for the future.

希望大家在過去三年已經看到，我們不論是有機成長或透過收購，在併購（M&A）上的能力與作業手冊；這支團隊非常擅長這件事。我也對未來感到很期待。

Thanks very much.

非常感謝。

Thanks very much.

非常感謝。

(Operator Instructions)

（接線員指示）

Jeff Lick, Stephens.

Jeff Lick，Stephens。

Thanks very much for taking my question.

非常感謝讓我提問。

I was wondering -- just one point of clarification: The agreement that you talked about today -- the auto agreement -- is that the one that you talked about in the last call which was not signed but it was an agreement in principle? Just a clarification there.

我想確認一點：你們今天提到的那份協議——汽車相關協議——是否就是你們在上一通電話中提到、當時尚未簽署但已達成原則性協議的那一份？只是想釐清一下。

Correct.

正確。

Also, on the (multiple speakers) -- okay. Perfect. Thank you so much.

另外，關於（多位講者）——好的。太好了。非常感謝。

Yeah.

是的。

And then, average insurance prices, I think you said they were up [10]. I'm just curious what's driving that because that's a bit of an acceleration over the last two quarters. I think it's -- [2.5] was Q3 and [7] was Q4. Just curious what's driving that.

另外，平均保險價格，我想你說上升了[10]。我只是好奇是什麼在推動，因為這比過去兩季的增幅更快一些。我記得第三季大概是 [2.5]，第四季是 [7]。想了解是什麼在推動。

Yeah. That's for Sameer. You want to (multiple speakers) --?

是的。這題給 Sameer。你要（多位講者）--？

Yeah.

是的。

I think what we said is US insurance ASPs were up 10%. I think this speaks to the strength of the marketplace.

我想我們說的是，美國保險業務的 ASP（平均售價）上升 10%。我認為這反映了市場的強勁。

We've made a number of enhancements for the buyer on our website. We've talked about (inaudible) descriptive in the past. We've talked about optimizing auction formats.

我們在網站上針對買家做了多項強化。過去我們談過（聽不清楚）描述資訊。我們也談過優化拍賣形式。

And so a lot of this is some of the improvements we've been making on our website and then, the continued march to get more and more buyers onto our marketplace.

因此，這很大一部分來自我們持續在網站上做的改善，以及持續推進讓越來越多買家加入我們的交易市場。

And then, just a quick follow-up: On the Middle East situation that you referenced, I'm not sure if you said it but what type of impact did that have on units, if anything?

最後快速追問：關於你提到的中東局勢，我不確定你是否有說到，但那對成交單位數（units）有什麼影響嗎？如果有的話。

We're not quantifying the number of units. But, as you can imagine, it was -- we do have market alliance partners in that region that are being impacted.

我們不會量化單位數量。不過，如你所想像的——我們在該地區確實有市場聯盟合作夥伴正受到影響。

Yeah. Jeff, I would just add (multiple speakers) --

是的。Jeff，我想補充一下（多位發言者）——

Jim, I'm not sure if you had anything.

Jim，我不確定你是否還有要補充的。

Yeah. Yeah. I'll just add, Jeff.

有。有。我就補充一下，Jeff。

Like I mentioned before, our market alliance is very large, with multiple countries that we deal with. Right now, based on what's going on, we think we have an avenue of how to navigate this.

如我先前提到的，我們的市場聯盟規模非常大，涵蓋我們合作的多個國家。就目前的情況而言，我們認為我們有一條可行的路徑來應對並穿越這些狀況。

Like everyone, we're hoping the conflict ends sooner than later. But, right now, as we think about guidance and everything else, we believe we have everything in our control that we can manage this.

和大家一樣，我們希望衝突能儘早結束。但就目前而言，當我們思考財測指引以及其他事項時，我們相信在我們可控範圍內，我們已掌握所有能用來管理這件事的手段。

I think we feel comfortable where we're at, right now.

我想我們對目前的狀況感到安心。

Awesome. Well, thanks for taking my questions. Congrats on an impressive Q1.

太棒了。謝謝你回答我的問題。恭喜第一季表現令人印象深刻。

Thank you, Jeff.

謝謝你，Jeff。

Michael Feniger, Bank of America.

美國銀行的 Michael Feniger。

Hey, guys. Thanks for squeezing me in. I appreciate it.

嗨，各位。謝謝讓我插個問題。我很感激。

Yeah, Eric, you kept -- SG&A was up, I think, 4%, year over year. Cost of service was flat, when GTV's up [11].

是的，Eric，你提到——SG&A 我想年增約 4%。在 GTV 年增[11]的情況下，服務成本持平。

Can you just talk about the performance in the quarter? What's sustainable?

你能談談本季的表現嗎？哪些是可持續的？

I heard you, earlier, talk about cost savings and yard efficiency. Did that show up in the quarter? Is that some of these initiatives you're talking about? Is that more on the con that we should be thinking about?

我先前聽你談到節省成本與場地效率。這在本季有反映出來嗎？這是你所說的部分措施嗎？還是說這更偏向我們應該視為不利因素的部分？

Yeah. I think --- thanks for the question. Ongoing -- and Jim and I have been very clear about this -- our expectation is that creating operating leverage within this P&L is evergreen. We'll continue to look for opportunities across the business.

是的。我想——謝謝你的問題。長期而言——而且 Jim 和我在這點上一直說得很清楚——我們的預期是，在這份損益表中創造營運槓桿是一項長青目標。我們會持續在整個業務中尋找機會。

Now, it may be lumpy in some quarters. Sometimes, there may be additional investment in SG&A ahead of volume, then you have that volume come in after.

當然，在某些季度可能會有波動。有時候，SG&A 可能會在量能到來之前先增加投資，之後量能才會進來。

When we look at cost of services and in the yard, I think our operations team -- I think this is to Jim's comment -- we really feel like, across the business, we're hitting on all cylinders.

當我們看服務成本以及場地端時，我認為我們的營運團隊——我想這呼應 Jim 的評論——我們真的覺得在整個業務上，我們各方面都運轉得很順暢。

Our operations team has just done a wonderful job. They're making sure we are operating as efficient as possible.

我們的營運團隊做得非常出色。他們確保我們以盡可能高的效率運作。

Those types of initiatives will continue, as we move forward. It's not an event. It's just the way we operate the business.

這類措施在我們往前推進時會持續進行。這不是一次性的事件。這就是我們經營業務的方式。

Great. Just, is there anything we should think about with towing costs? Obviously, higher fuel. How does that flow through? Is there a chance -- if fuel stays a certain degree, a certain level, do we see players, such as yourself, pass that through? Do we see fees be implemented?

很好。另外，關於拖運成本有什麼需要注意的嗎？顯然燃油價格更高。這會如何傳導？是否有可能——如果油價維持在某個程度、某個水準——像你們這樣的業者會把成本轉嫁出去？會不會實施額外費用？

I'm just curious what you're feeling now and how we should think about that with the business.

我只是好奇你們現在的感受，以及我們應該如何在業務上看待這件事。

Yeah. Thanks for the question. Yeah. We've built into our guidance the headwind related to the fuel.

是的。謝謝你的問題。是的。我們已在指引中納入與燃油相關的不利因素。

We do have some contracts where we can pass that through. Others that doesn't get passed through, it would be a headwind for the business.

我們確實有一些合約可以把這部分成本轉嫁出去。其他無法轉嫁的合約，則會對業務形成不利因素。

We'll continue to manage that, as we move forward through the year.

我們會在今年接下來的時間持續管理這件事。

Great. I'm just going to sneak one quick one in.

很好。我再快速插一個問題。

Obviously, we heard a lot about CC&T. You guys mentioned share gains.

顯然，我們聽到很多關於 CC&T 的內容。你們提到市占提升。

I am curious. I think, last quarter, you talked about Europe -- this reserved auction strategy -- some things you're piloting there. Can we see that broadly, also, be adopted in the US, to a bigger degree, potentially, in the rental channel?

我很好奇。我記得上季你們談到歐洲——這個保留價拍賣策略——你們在那邊試行的一些做法。我們是否也可能看到這在美國更廣泛地採用，尤其可能在租賃通路上更大程度地推行？

I'm just curious. It sounds like there's actually a lot of opportunities to share gains in CC&T. We have not heard that in a while. Most of the focus is on auto.

我只是好奇。聽起來 CC&T 其實有很多市占提升的機會。我們有一段時間沒聽到這樣的說法了。大多數焦點都在汽車業務上。

Just curious if you could flesh out some things you guys are seeing out there that gets you excited.

想請你們多談談一些你們在市場上看到、讓你們感到興奮的事情。

Yeah. Hey, Michael. There's a bunch. We can probably take the next hour talking about what gets us excited.

是的。嗨，Michael。有很多。我們大概可以用接下來一小時來談哪些事情讓我們感到興奮。

But let me just address first the reserve -- and just wanted to remind the group: We did our first pilot in the first quarter. We are very happy how that pilot went. We are continuing to do more of those auctions internationally.

不過我先回應保留價——也想提醒大家：我們在第一季做了第一次試點。我們對試點結果非常滿意。我們也正在國際市場持續進行更多這類拍賣。

When we think about it, we just don't think about it as reserve. We think about it as fixed-price auctions.

當我們思考這件事時，我們不只是把它視為保留價。我們把它視為定價拍賣（fixed-price auctions）。

We're really excited of how big that serviceable, addressable market is for us to go after. We play in a very small part of it today.

我們對可服務、可觸及的市場規模之大感到非常興奮，這是我們可以去爭取的。我們目前只在其中很小的一部分參與。

Yes, along with our traditional auction business, we can gain share. In this fixed price side of the marketplace, we think we have tremendous upside that we play in a very small part of it today.

是的，除了我們傳統的拍賣業務之外，我們也能提升市占。在這個市場的定價端，我們認為有非常可觀的上行空間，而我們目前只涉足其中很小的一部分。

Great. Thank you.

很好。謝謝。

Yeah. The only thing I would add there is we are going to do the reserve auction where that is where -- or how business is done.

是的。我唯一想補充的是，我們會在那些——也就是業務慣例如此運作的市場——去做保留價拍賣。

There are opportunities in those markets. But it's not our expectation that that would go into markets on a broad base that are currently unreserved and operate that way.

那些市場確實有機會。但我們並不預期會在目前普遍採無保留價、且以那種方式運作的市場中，大範圍導入這種做法。

Krista Friesen, CIBC.

CIBC 的 Krista Friesen。

Hi. Thanks for taking my question.

嗨。謝謝讓我提問。

Maybe I was just wondering if you could give us a little bit more color on how things are going in Australia; and if there's any lessons learned there in terms of your land-and-expand strategy, as you're thinking about other countries to move into.

我想請問你們是否可以多提供一些澳洲業務進展的細節；以及就你們的「先落地、再擴張」（land-and-expand）策略而言，是否有任何經驗教訓可供借鏡，當你們思考要進入其他國家時。

Yeah. I'll start. Eric or Sameer, feel free to jump in.

是的。我先開始。Eric 或 Sameer，歡迎隨時補充。

We are really happy about the performance on a lot of our operational metrics, which are similar to what you see in the US, when you talk about net returns and our ability to execute.

我們對許多營運指標的表現感到非常滿意，這些指標與你在美國看到的類似，像是淨回報以及我們的執行能力。

ASPs are not as good as they are in the US but (inaudible) in our projection and our expectations. I think we feel really good.

ASP（平均售價）不如美國那麼好，但（聽不清）符合我們的預測與預期。我覺得我們的感受非常好。

I think, as you think about other countries, what we want to make sure is we go into countries that operate similarly to the Canada market, to Australia, to the UK; that we're able to leverage the scale and the playbook that we've built by doing this.

我認為，當你思考其他國家時，我們想確保進入的國家其運作方式與加拿大市場、澳洲、英國相似；如此我們就能運用我們透過這些經驗建立的規模與作戰手冊。

But we want countries that have similar economics, dynamics. What they need is to actually see a salvage company come in that can improve the process and the workflows that exist today.

但我們希望這些國家具有相似的經濟性與動態。它們真正需要的是看到一家報廢／殘值處理公司進入，能改善目前既有的流程與工作流程。

We would look for countries that match the countries I mentioned.

我們會尋找與我提到的那些國家相匹配的市場。

Okay. Perfect. Thank you.

好的。太好了。謝謝。

And then, just on the automotive side, it sounds like you're gaining share there. Are you seeing any irrational behavior from any competitors in the marketplace, when it comes to pricing or anything?

另外，在汽車業務方面，聽起來你們正在提升市占。在定價或其他方面，你們有看到任何競爭對手在市場上出現不理性的行為嗎？

Yeah. Look, we don't really talk about competitors in any of that.

是的。你看，我們其實不太談競爭對手或那類事情。

What we stay focused on is what we can control. We want to be in a very rational marketplace. That's our goal. But we don't really get into comments about what any one competitor is doing.

我們專注在我們能控制的事情上。我們希望市場是非常理性的。那是我們的目標。但我們不太會評論任何單一競爭對手在做什麼。

Fair enough. Thank you for the color. I'll jump back in the queue.

了解。謝謝你提供的說明。我回到排隊序列。

John Gibson, BMO Capital Markets.

John Gibson，BMO Capital Markets。

Good afternoon. Thanks for taking my question.

午安。謝謝讓我提問。

Just had one on the CC&T side; just general trends that you're seeing. Are you seeing any more insourcing of used-equipment sales by dealers or maybe the opposite?

我只有一個關於 CC&T 端的問題；想問你們看到的一般趨勢。你們是否看到經銷商更多把二手機具銷售內部化（insourcing），或是相反的情況？

Your results suggest that it's going the other way. But just wondering what you're seeing with -- especially with some of the newer equipment that's coming onto the market.

你們的結果看起來顯示是往相反方向走。但我想了解你們看到的情況——尤其是一些較新的設備正在進入市場。

Yeah. Look, for us, here, at Ritchie Bros., we've seen every different cycle that you can imagine in different cases from dealers. I wouldn't say anything's different than what we've seen in the past.

是的。你看，對我們 Ritchie Bros. 來說，我們看過經銷商在各種情境下、你能想像到的每一種循環。我不會說有任何不同於我們過去看到的情況。

Okay. Great. Thanks a lot. I'll turn it back.

好的。很好。非常感謝。我把時間交回去。

Maxim Sytchev, NBCM.

Maxim Sytchev，NBCM。

Good afternoon, gentlemen.

各位先生，午安。

Is it possible to quantify the pull-forward for CC&T in the quarter, at all?

是否有可能量化本季 CC&T 的提前拉貨（pull-forward）影響？

I'll pass this to Eric.

我把這題交給 Eric。

Yeah. No. I don't think we can quantify the pull-forward. It's more just timing of the auction calendars.

是的。不。我不認為我們能量化提前拉貨。這比較只是拍賣行事曆的時間安排。

We also talked about, on the automotive side, early in the year, we had a number of storms; some things moved.

我們也提到，在汽車業務方面，今年年初我們遇到幾場風暴；有些事情因此移動了。

I think our goal is to make sure that we optimize our marketplace for our buyers and sellers. If things move across quarters, that's not our primary objective for us.

我認為我們的目標是確保為買方與賣方最佳化我們的市場。如果有些事情跨季度移動，這並不是我們的主要目標。

But -- because given the policy uncertainty, there was some hesitance, maybe, to transact at some point, do you feel, right now, buyers and sellers are ready to go? How would you qualify that, if there is such a thing?

但是——鑑於政策不確定性，可能在某些時點交易會有些猶豫；你們覺得目前買方與賣方已準備好進場了嗎？如果可以的話，你會怎麼描述這種狀態？

Yeah. I would say we're cautiously optimistic. But I wouldn't straight-line our Q1 performance and say that's what we're expecting for the full year.

是的。我會說我們是審慎樂觀。但我不會把我們第一季的表現直接線性外推，認為全年就會是那樣。

I've highlighted in the guidance what we expect for the full-year performance so you can use that as a reference point.

我已在指引中說明我們對全年表現的預期，你可以把那作為參考點。

Does that help?

這樣有幫助嗎？

Yeah. Absolutely. And then, another quick question, in terms of the DST impact, can you just qualify what was included and excluded from the adjusted EBITDA, by any chance?

有。當然。另外再快速問一題，關於 DST 的影響，你能否說明一下調整後 EBITDA 中包含了哪些、排除了哪些？

Yeah. We provided a reconciliation on that.

可以。我們有提供相關的調節表（reconciliation）。

But, broad brush, it was, overall, I think, about $11 million or so impact. We carved out almost half of that.

但概括來說，整體影響我想大約是 1,100 萬美元左右。我們剔除了其中將近一半。

But it's disclosed in our financials.

不過這些都已在我們的財務報表中揭露。

Just one quick last one: Was there anything unusual around the very strong free cash flow and working capital efficiency in Q1?

最後再快速一題：第一季自由現金流非常強、營運資金效率也很高，是否有任何不尋常的因素？

Yeah. Nothing unusual.

是的。沒有任何不尋常。

Okay. Perfect. Thank you so much.

好的。太好了。非常感謝。

No problem.

不客氣。

There are no further questions at this time.

目前沒有其他問題。

I would now like to turn the call back to RB Global CEO, Jim Kessler, for closing remarks. Please go ahead.

我現在想把電話交回 RB Global 執行長 Jim Kessler 作結語。請開始。

Thank you. To close, I want to recognize the teams across RB Global for our strong start to 2026 and the execution discipline that delivered our first-quarter results.

謝謝。在結束之前，我想肯定 RB Global 各團隊在 2026 年強勁的開局，以及以嚴謹的執行紀律帶來我們第一季的成果。

As we move through the year, our priorities are straightforward: deepen our customer engagement; run the business efficiently; and keep investing in the platform capabilities that drive durable share gains and profitable growth.

隨著我們走過今年，我們的優先事項很明確：深化客戶互動；高效率地營運業務；並持續投資於平台能力，以推動可持續的市占提升與獲利成長。

We appreciate your time today and your continued interest in RB Global.

感謝各位今天撥冗參與，也感謝各位持續關注 RB Global。

Everyone, have a good week. Talk to you soon.

各位，祝大家本週愉快。很快再聊。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位出席。您現在可以掛線。