Mr. Jim Kessler reports

RB GLOBAL REPORTS SECOND QUARTER 2023 RESULTS

RB Global Inc. has released the following results for the three months ended June 30, 2023.

Second Quarter Financial Highlights1, 2,3:

• GTV increased 146 per cent year-over-year to $4.1 billion, which includes $2.2 billion from the impact of the acquisition of IAA, Inc. ("IAA").
  • Total revenue increased 128 per cent year-over-year to $1.1 billion, which includes $560.4 million from the impact of the acquisition of IAA.
  • Service revenue increased 181 per cent year-over-year to $806.1 million, which includes $476.6 million from the impact of the acquisition of IAA.
• Inventory sales revenue increased 52 per cent year-over-year to $300.4 million, which includes $83.8 million from the impact of the acquisition of IAA.
• Net income increased 63 per cent year-over-year to $86.8 million.
• Diluted earnings per share available to common stockholders decreased 13 per cent to $0.42 per share.
• Diluted adjusted earnings per share available to common stockholders increased 15 per cent year-over-year to $0.85 per share.
• Adjusted EBITDA increased 126 per cent year-over-year to $307.8 million.

"Solid second-quarter results and the growth we are seeing across the business demonstrates our customers' enthusiasm for RB Global's solutions and our success in delivering outstanding experiences for them," said Jim Kessler, CEO of RB Global. "The IAA integration is progressing well. We look forward with great confidence in RB Global's long runway for profitable growth and value creation, and remain committed to executing on our marketplace strategy."

For the Second Quarter:

• GTV increased 146 per cent year-over-year to $4.1 billion, primarily from the inclusion of $2.2 billion GTV from IAA. GTV increased 9 per cent year-over-year on a pro forma combined basis, primarily led by strength in the commercial construction and transportation sector followed by a rebound in the automotive sector. GTV increased 10 per cent year-over-year on a pro forma combined basis when excluding the impact of foreign exchange.
• Service revenue increased 181 per cent year-over-year to $806.1 million, primarily from the inclusion of $476.6 million of service revenue from IAA. Service revenue increased 15 per cent year-over-year on a pro forma combined basis on higher GTV and higher service revenue take rate. Service revenue take rate expanded 100 basis points on a pro forma combined basis year-over-year to 19.5 per cent driven by a higher average buyer fees rate and higher marketplace services revenue partially offset by a lower average commissions rate. Marketplace services was driven by increased activity in ancillary service businesses and activities, as well as new higher auction-related fee structures in the construction and transportation sector.
• Inventory sales revenue increased 52 per cent year-over-year, mainly due to the inclusion of of $83.8 million of inventory sales revenue from IAA. Inventory sales revenue decreased 1 per cent year-over-year on a pro forma combined basis on lower automotive related revenue partially offset by higher commercial construction and transportation related revenue. Inventory rate declined 710 basis points year-over-year on a pro forma combined basis to 2.8 per cent. The decline in inventory rate year-over-year on a pro forma combined basis can be attributed to prices declining faster than anticipated between purchase price and sale date of inventory, primarily in the Company's commercial construction and transportation sector.
• Net income available to common stockholders increased to $77.4 million, mainly due to an increase in operating income and lower effective tax rate, partially offset by higher net interest expense and allocated earnings to Series A Senior Preferred shareholders.
• Adjusted EBITDA1 increased 126 per cent year-over-year mainly driven by the inclusion of IAA.
• Total debt decreased by $103.4 million, driven by the $100.0 million repayment of U.S. dollar Term Loan A facility.

Dividend Information

Quarterly Dividend

On August 2, 2023, the Company declared a quarterly cash dividend of $0.27 per common share, payable on September 13, 2023 to shareholders of record on August 23, 2023.

Second Quarter 2023 Earnings Conference Call

RB Global is hosting a conference call to discuss its financial results for the quarter ended June 30, 2023 at 1:30pm PT / 4:30pm ET / 8:30pm GMT on August 3, 2023. The replay of the webcast will be available through September 1, 2023.

About RB Global

RB Global, Inc. (NYSE: RBA) (TSX: RBA) is a leading, omnichannel marketplace that provides value-added insights, services and transaction solutions for buyers and sellers of commercial assets and vehicles worldwide. Through its auction sites in 14 countries and digital platform, RB Global serves customers in more than 170 countries across a variety of asset classes, including automotive, commercial transportation, construction, government surplus, lifting and material handling, energy, mining and agriculture. The company's marketplace brands include Ritchie Bros., the world's largest auctioneer of commercial assets and vehicles offering online bidding, and IAA, a leading global digital marketplace connecting vehicle buyers and sellers. RB Global's portfolio of brands also includes Rouse Services, which provides a complete end-to-end asset management, data-driven intelligence and performance benchmarking system; SmartEquip, an innovative technology platform that supports customers' management of the equipment lifecycle and integrates parts procurement with both OEMs and dealers; Xcira, a leader in live simulcast auction technologies; and VeriTread, an online marketplace for heavy haul transport.

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