RB Global Q1 2024 Earnings Report
Key Takeaways
RB Global reported a significant increase in revenue and net income for Q1 2024, primarily driven by the acquisition of IAA. Total revenue increased by 108% year-over-year to $1.1 billion, and net income available to common stockholders increased by 384% to $97.1 million. The company also updated its full-year 2024 outlook for GTV growth and Adjusted EBITDA.
GTV increased by 115% year-over-year to $4.1 billion, including $2.3 billion from IAA.
Total revenue increased by 108% year-over-year to $1.1 billion, including $588.6 million from IAA.
Net income available to common stockholders increased by 384% year-over-year to $97.1 million.
Diluted earnings per share increased by 289% to $0.53 per share.
RB Global
RB Global
Forward Guidance
The Company has updated its full-year 2024 outlook for select financial data.
Positive Outlook
- GTV growth is expected to be 41% to 44%.
- Adjusted EBITDA is projected to be $1,200 to $1,260 million.
- Full year 2024 tax rate (GAAP and Adjusted) is expected to be 25% to 27%.
- Capital expenditures are estimated to be $275 to $325 million.
- The company is committed to operational excellence and investing in profitable growth.
Challenges Ahead
- The company has not provided a reconciliation of Adjusted EBITDA outlook for fiscal 2024 to GAAP net income.
- Adjustments are uncertain and depend on various factors beyond the company's control.
- These adjustments could have a material impact on net income for fiscal 2024.
- The company is unable to predict with reasonable certainty the amount or timing of non-GAAP adjustments.
- The company's ability to achieve expected operating results in the amount, manner or timeframe expected or at all.