Ritchie Bros. Auctioneers Incorporated (NYSE:RBA) Q3 2017 Earnings Conference Call - Final Transcript

Nov 10, 2017 • 11:00 am ET


Ritchie Bros. Auctioneers Incorporated (NYSE:RBA) Q3 2017 Earnings Conference Call - Final Transcript


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Good morning. My name is Christina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Ritchie Bros. Auctioneers Third Quarter Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions]. Thank you.

I will now turn the call over to Mr. Zaheed Mawani of Investor Relations to open the conference call. Mr. Mawani, you may begin your conference.

Zaheed Mawani

Good morning, and thank you for joining us on today's call to discuss our third quarter results. I'm joined this morning by Ravi Saligram, our Chief Executive Officer and Sharon Driscoll, our Chief Financial Officer. Also with us today for the Q&A portion of the call, will be other members of the leadership team. Ravi and Sharon will open the call with prepared remarks regarding the quarter and the other leaders will join them to answer questions for the Q&A portion.

The following discussion will include forward-looking statements as defined by the SEC and Canadian rules and regulations. Comments that are not a statement of fact, including projections of future earnings, revenue, gross auction proceeds, or 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 transaction value 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 results were made available yesterday evening after market closed. We encourage you to review our earnings release and Form 10-Q report, which includes our MD&A and financial statements which 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, the most directly comparable GAAP financial measure and a reconciliation between the two, see our earnings release and Form 10-Q. Additionally, our third quarter of 2017 earnings news released yesterday evening incorrectly listed the affected site closures. The correct sites to be closed have now been updated and a complete and correct release was reissued. Presentation slides 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 US 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 in using full unrounded figures.

I'll now turn the call over to Ravi Saligram, our Chief Executive Officer. Ravi?

Ravi Saligram

Thank you, Zaheed. Good morning, everyone. I'll kick off the call with a quick synopsis of what's going well, the