Ritchie Bros. Q2 highlights included a 22 percent jump in revenue versus Q2 of last year.
"As our marketplace vision takes shape, Ritchie Bros. momentum continues with 10 percent GTV growth in the quarter despite a persistently tight supply environment, said Ann Fandozzi, CEO of Ritchie Bros. "We are learning and gaining confidence from our growth initiatives and will continue to prudently invest in local yards, sales coverage, and services to accelerate our topline while we advance our marketplace technology.
"We are pleased with our continued strong financial performance in the quarter with service revenue growth significantly outpacing our double digit GTV growth," Fandozzi said.
"For example, Ritchie Bros. Financial Services revenue grew 69 percent as our investments in this area continue to bear fruit," said Eric Jacobs, CFO of Ritchie Bros.
Net income attributable to stockholders decreased 12 percent to $53.4 million, compared to $60.7 million in the second quarter of 2021. Diluted earnings per share ("EPS") attributable to stockholders decreased 13 percent to $0.48 per share in the second quarter of 2022 as compared to $0.55 per share in the second quarter of 2021. Non-GAAP diluted adjusted EPS attributable to stockholders increased 10 percent to $0.74 per share in the second quarter of 2022 compared to $0.67 per share in the second quarter of 2021.
For the second quarter of 2022 as compared to the second quarter of 2021:
Consolidated results:
Total revenue increased 22 percent to $484.5 million- Service revenue increased 13 percent to $286.5 million
- Inventory sales revenue increased 38 percent to $198.0 million
- Operating income increased 3 percent to $91.9 million
- Non-GAAP adjusted operating income increased 12 percent to $119.6 million
- Net income decreased 12 percent to $53.4 million
- Non-GAAP adjusted earnings before interest, taxes, depreciation and amortization ("EBITDA) increased 11 percent to $136.2 million
- Cash provided by operating activities was $198.0 million for the first six months of 2022
- Cash on hand at the end of second quarter of 2022 was $531.7 million, of which $367.3 million was unrestricted
- GTV2 increased 10 percent to $1.7 billion and increased 13 percent when excluding the impact of foreign exchange
- A&M total revenue increased 22 percent to $433.0 million
- Service revenue increased 10 percent to $235.0 million
- Inventory sales revenue increased 38 percent to $198.0 million
- Other Services segment results:
- Other Services total revenue increased 29 percent to $51.5 million
- RBFS revenue increased 69 percent to $19.9 million
- SmartEquip revenue of $5.0 million was recognized in the second quarter of 2022, which was its second full quarter since its acquisition in November 2021.
