Mr. Jim Kessler reports

RB GLOBAL REPORTS STRONG THIRD QUARTER 2023 RESULTS

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

"Our strong GTV growth was driven by every sector and underscores our team's dedication and commitment to being trusted partners to our valued customers," said Jim Kessler, chief executive officer of RB Global. "As we continue to advance our integration of IAA, we remain focused on operational excellence to drive profitable growth."

Third quarter financial highlights:

• GTV increased 185 per cent year over year to $3.9-billion, which includes $2.2-billion from the impact of the acquisition of IAA Inc.
• Total revenue increased 148 per cent year over year to $1.0-billion, which includes $557.4-million from the impact of the acquisition of IAA:
  • Service revenue increased 214 per cent year over year to $773.8-million, which includes $478.3-million from the impact of the acquisition of IAA.
  • Inventory sales revenue increased 49 per cent year over year to $246.0-million, which includes $79.1-million from the impact of the acquisition of IAA.
• Net income increased 47 per cent year over year to $63.2-million.
• Net income available to common stockholders increased 28 per cent year over year to $54.7-million.
• Diluted earnings per share available to common stockholders decreased 21 per cent to 30 cents per share.
• Diluted adjusted earnings per share available to common stockholders increased 36 per cent year over year to 72 cents per share.
• Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) increased 179 per cent year over year to $285.8-million.

Other company developments:

• In October, 2023, the company, along with Nations Capital LLC, received bankruptcy court approval to be the agent and liquidator of Yellow Corp.'s transportation assets. The company and Nations intend to utilize the expansive footprint of RB Global to manage the relocation, transportation, refurbishment, inventory, storage and sale of the rolling stock assets, including approximately 60,000 units of trucks, trailers and miscellaneous equipment located across the United States and Canada at over 300 terminal locations. The company and Nations intend to implement a multifaceted sales strategy, including private treaty and strategic bulk sales, as well as live and fully digital formats.
• In October, 2023, the company received notice from one of IAA's customers, which comprised approximately 4 per cent of GTV, 5 per cent of lot volumes and 3 per cent of total consolidated revenues on an annual run-rate basis, that it would be shifting its assignment volume away from IAA. The company expects the assignment volume shift to begin in the fourth quarter of 2023, with the majority of the impact on revenues beginning in the first quarter of 2024.

Dividend information

Quarterly dividend

On Nov. 7, 2023, the company declared a quarterly cash dividend of 27 cents per common share, payable on Dec. 21, 2023, to shareholders of record on Nov. 30, 2023.

Third quarter 2023 earnings conference call

RB Global is hosting a conference call to discuss its financial results for the quarter ended Sept. 30, 2023, at 4:30 p.m. ET on Nov. 9, 2023. The replay of the webcast will be available through Dec. 1, 2023.

Conference call and webcast details are available at the company's website.

About RB Global Inc.

RB Global (New York Stock Exchange: RBA) (Toronto Stock Exchange: 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 13 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 on-line 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 life cycle and integrates parts procurement with both original equipment manufacturers and dealers; Xcira, a leader in live simulcast auction technologies; and VeriTread, an on-line marketplace for heavy haul transport.

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