Ritchie Bros. Auctioneers Incorporated (NYSE:RBA) Q3 2019 Earnings Conference Call - Final Transcript

Nov 08, 2019 • 11:00 am ET


Ritchie Bros. Auctioneers Incorporated (NYSE:RBA) Q3 2019 Earnings Conference Call - Final Transcript


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Good morning. My name is Chris 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. [Operator Instructions] 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

Thank you Chris and good morning and thank you for joining us on today's call to discuss our third quarter 2019 results. Joining me today are Sharon Driscoll and Karl Werner our Interim Co-Chief Executive Officers along with other members of management who will be available for the Q&A portion of the call. The following discussion will include forward-looking statements. Comments that are not a statement of fact including projections of future earnings revenue gross transaction value and other items are considered forward-looking and involve risks and uncertainties.

These risks and uncertainties that could cause our actual financial and operating results to differ significantly from our corporate statements are detailed in our sec and Canadian securities filings available on our Investor Relations website and investor Richie brothers. com. We encourage you to review our earnings release and form 10 to which are available on our website as well as at parents leader. on this call, we will discuss certain non GAAP financial measures for the identification of non dfghth financial measures. The most directly comparable gap financial measure and reconciliation between the two see our earnings release informed MQ presentation slides accompany our commentary today. The slides can be viewed to our live or recorded webcast or downloaded from our website. All fingers discussed today on today's call or in US dollars unless otherwise indicated.

I'll now turn the call over to Sharon Driscoll. Sharon?

Sharon R. Driscoll

Thank you Zaheed. Good morning everyone and thank you for joining our third quarter earnings call. Our solid results in the quarter reflect continued progress against our strategy to provide multichannel solutions for buyers and sellers in all segments of the used-equipment market. We are very pleased with the progress on our strategic initiatives and particularly with the performance in our U.S. region and with our global online growth. We continue to make good progress in the quarter with our MARS implementation and our RB Asset Solution products and services along with our Marketplace-E solution is resonating very well with customers. This quarter highlights the solid execution by our sales and operations teams to deliver positive results for our consignors particularly at a time when global markets faced heightened economic and political pressures. Before we jump into the quarter I want to take this opportunity on behalf of both Carl and I to thank all of our team members globally for their tremendous energy and commitment in the quarter to deliver these results.

We delivered 18% total revenue growth with a 28% improvement in adjusted diluted earnings per share and generated greater than 200% increases in our operating free cash flow. These results were led by