RB Global (RBA) Q4 2024 earnings summary

Executive summary

• Finished the year strong, achieving significant progress on strategic priorities, operational efficiency, and growth initiatives.

• Enhanced long-term growth foundation and reduced leverage through disciplined capital allocation.

Financial highlights

• Q4 2024 service revenue increased 8% year-over-year to $875.5M, with total revenue up 10% to $1.14B.

• Q4 2024 GTV rose 2% year-over-year to $4.1B; full year GTV up 14% to $15.9B.

• Service revenue take rate expanded by 110bps year-over-year, reaching 21.3%.

• Adjusted EBITDA for Q4 2024 was $346M, up 13% year-over-year; full year Adjusted EBITDA up 26% to $1.3B.

• Adjusted diluted EPS rose to $0.95 from $0.82 year-over-year; Q4 net income grew 41% to $118.4M.

Outlook and guidance

• 2025 GTV growth expected between 0% and 3%, with guidance not anticipating significant GTV from catastrophic events.

• Adjusted EBITDA for 2025 projected at $1.32B to $1.38B.

• Full-year 2025 tax rate expected between 25% and 28%.

• Capital expenditures for 2025 forecasted at $350M to $400M, supporting expansion and technology investments.