Ritchie Bros. Auctioneers Incorporated (NYSE:RBA) Q3 2016 Earnings Conference Call - Final Transcript

Nov 10, 2016 • 11:00 am ET


Ritchie Bros. Auctioneers Incorporated (NYSE:RBA) Q3 2016 Earnings Conference Call - Final Transcript


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Good morning. My name is Scott, and I will be your conference operator today. At this time, I'd like to welcome everyone to the Ritchie Bros. Auctioneers Q3 2016 Earnings Call. [Operator instructions] Thank you.

Jamie Kokoska, Director of Investor Relations, you may begin your conference.

Jamie Kokoska

Thank you, Scott. Good morning, everyone, and thanks for joining us on our fiscal third quarter 2016 results conference call. Discussing Ritchie Bros. performance today are Ravi Saligram, Chief Executive Officer; and Sharon Driscoll, Chief Financial Officer. Joining them for the Q&A session following the formal remarks will be Jim Barr, Group President; Randy Wall, President of Canada; Terry Dolan, President of US and Latin America; and Doug Olive, SVP of Pricing and Valuations.

The following discussion will include forward-looking statements as defined by SEC and Canadian rules and regulations. Comments that are not a statement of fact, including projections of future earnings, revenue, gross auction proceeds, and other items are considered forward-looking and involve risks and uncertainties. The risks and uncertainties that could cause our actual financial and operating results to differ significantly from our forward-looking statements are detailed in our SEC and Canadian securities filings, available on the SEC and SEDAR websites, as well as our Investor Relations website at investor.ritchiebros.com.

Our definition of gross auction proceeds may differ from those used by other participants in our industry. It is not a measure of financial performance, liquidity or revenue, and is not presented in our statement of operations. Our third quarter 2016 results were made available yesterday after market close. We encourage you to review our earnings release and Form 10-Q interim report, which includes our MD&A and financial statements and are available on our website, as well as EDGAR and SEDAR.

On this call, we will discuss certain non-GAAP financial measures. For the identification of non-GAAP financial measures to the most directly comparable GAAP financial measures and a reconciliation between the two, see our earnings release and Form 10-Q.

Presentation slides do accompany our commentary today. These slides can be viewed through the live or recorded webcast or downloaded from our website. All figures discussed on today's call are in U.S. dollars unless otherwise indicated. While we may use million or billion dollar figures for brevity in today's discussion, all percent changes have been calculated using full and rounded figures.

I will now turn the call over to Ravi Saligram, Chief Executive Officer.

Ravichandra Saligram

Thank you, Jamie, and good morning, everybody, and thanks to everyone for joining us on our earnings call today. As you likely saw in our earnings release yesterday, our third quarter results were impacted by both an impairment charge related to EquipmentOne and acquisition related costs associated primarily with our announced acquisition of IronPlanet. While these costs certainly created some noise in the quarter and negatively impacted our reported results, overall, we are still really pleased and how -- with how our underlying business performed during the quarter. And our hope today is to provide you with some clarity