RB GLOBAL INC.
For the period ended Jun 30, 2026. Filed Aug 4, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 4, 2026
RBA$93.52-1.3%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-04.
0001628280-26-029808
ITEM 2. : Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-04.
0001628280-26-052582
ITEM 2. : Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 117 previous paragraphs and 136 current paragraphs.
71 unchanged; 29 reworded; 30 added; 17 removed; 0 previous and 6 current paragraphs rearranged.
Tables are not compared: 24 previous and 25 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (30)
Current report
During the second quarter of 2026, we revised our sector presentation. Historically, we organized sector disclosures into (i) Automotive, (ii) Commercial, Construction and Transportation ("CC&T"), and (iii) Other. Under the revised presentation, the former CC&T sector and certain asset categories previously included in Other have been combined into Heavy Equipment & Transportation ("HE&T").
Current report
HE&T includes heavy equipment and machinery, commercial transportation assets, and equipment serving the agriculture, forestry and energy industries. Other primarily includes consumer items, real estate, and dismantled vehicle parts 1. The composition of Automotive is unchanged and continues to include both salvage and non-salvage, or remarketed, passenger vehicles. Each sector includes both salvage and non-salvage transactions across all of our marketplace brands.
Current report
Prior-period GTV and lots sold information has been recast to conform to the current presentation. The recast relates solely to the classification of amounts between sectors and does not impact total consolidated GTV or lots sold.
Current report
•Total GTV increased 11% to $4.7 billion
Current report
◦Inventory sales revenue increased 28% to $383.7 million
Current report
•Net income increased 31% to $143.6 million
Current report
•Net income available to common stockholders increased 33% to $132.0 million
Current report
•Diluted adjusted EPS available to common stockholders increased 6% to $1.13 per share
Current report
Heavy Equipment & Transportation
Current report
•The Company repurchased and retired 1.5 million of common shares for proceeds of $150.0 million during the second quarter of 2026. As of June 30, 2026, $350.0 million remains available and authorized for common stock repurchases under the Normal Course Issuer Bid approved in the first quarter of 2026.
Current report
•On July 21, 2026, the Company increased its quarterly cash dividend from $0.31 to $0.33 per common share. Refer to Dividend Information for further information.
Current report
Gross Transaction Value
Current report
GTV increased 11% in the second quarter of 2026 and 12% in the first six months of 2026, primarily due to strong performance in the Automotive and HE&T sectors, supported by the inclusion of the results of J.M. Wood Auction Co., Inc. ("J.M. Wood"), acquired in the third quarter of 2025, Smith Broughton Pty Ltd (“Smith Broughton”), acquired in the fourth quarter of 2025, and BigIron, acquired in the second quarter of 2026.
Current report
Automotive
Current report
Automotive GTV increased 13% in the second quarter of 2026 and 10% in the first six months of 2026, primarily due to increases in average price per lot sold and unit volume, driven by market share gains and organic growth in the United States and International regions. These increases were partially offset by lower unit volumes in Canada.
Current report
Heavy Equipment & Transportation
Current report
HE&T GTV increased 8% in the second quarter of 2026, primarily due to the inclusion of J.M. Wood, BigIron, and Smith Broughton. Excluding the impact of these acquisitions, HE&T GTV decreased slightly due to lower unit volumes in Canada, partially offset by higher unit volumes in the International and United States regions.
Current report
HE&T GTV increased 15% in the first six months of 2026, primarily due to the inclusion of J.M. Wood, BigIron, and Smith Broughton. Excluding the impact of these acquisitions, HE&T GTV increased due to a higher average price per lot sold and higher unit volumes.
Current report
Transactional seller revenue
Current report
Transactional seller revenue decreased 1% in the second quarter of 2026, primarily due to Automotive price incentives tied to transaction volumes, including the impact of a customer contract executed during the second quarter that provides rebates based on full-year transaction volumes, and lower HE&T service GTV, partially offset by the inclusion of BigIron and J.M. Wood.
Current report
Transactional buyer revenue
Current report
Costs of services increased 8% in the second quarter of 2026, primarily due to Automotive sector volume growth, which drove higher tow costs, employee compensation costs, property costs, and search and titling fees, and the inclusion of employee compensation costs related to recently acquired companies.
Current report
Selling, general and administrative expenses decreased 5% in the second quarter of 2026, primarily due to decreases in employee compensation costs, including share-based payment expense, and lower professional fees driven by the non-recurrence of the debt refinancing and certain other strategic initiatives which occurred in the second quarter of 2025. These decreases were partially offset by the inclusion of recently acquired companies, increased travel, advertising and promotion costs associated with industry events, and increased software license costs.
Current report
Selling, general and administrative expenses decreased 1% in the first six months of 2026 for the same reasons discussed above and the recovery of the portion of accrued DST recorded within selling, general and administrative recorded in the first quarter of 2026.
Current report
Acquisition-related and integration costs increased 185% in the second quarter of 2026 and 140% for the first six months of 2026, primarily due to expense recognized over the requisite service periods for acquisition-related deferred payment arrangements, associated with the acquisitions of J.M. Wood and BigIron.
Current report
Operating income increased 19% in the second quarter of 2026 and 17% in the first six months of 2026, primarily driven by higher flow-through from service revenue, increased inventory return, the non-recurrence of the loss on deconsolidation associated with the LKQ SYNETIQ transaction recognized in the second quarter of 2025, and lower selling, general and administrative expenses. These increases were partially offset by higher depreciation and amortization expense.
Current report
The effective tax rate decreased 180 bps to 22.8% in the second quarter of 2026 and 40 bps to 22.3% in the first six months of 2026, primarily due to a lower valuation allowance and a higher estimated Foreign-Derived Intangible Income ("FDII") benefit compared to the comparative quarter. These favorable impacts were partially offset by a higher estimate of non-deductible expenses.
Current report
The increase in net cash provided by financing activities was primarily due to higher borrowings under our Credit Agreement, including a borrowing of $300.0 million to fund the acquisition of BigIron, partially offset by $150.0 million of repurchases and retirements of common stock.
Current report
NM - Not meaningful
Current report
Second quarter of 2026
Removed paragraphs (17)
Previous report
The sectors discussed below are organized by asset class and include Automotive, Commercial, Construction and Transportation (“CC&T”), and Other. Automotive includes automobiles, including passenger vehicles and buses. CC&T includes equipment needed for earth moving, lift and material handling, as well as vocational and commercial trucks and trailers. Other primarily includes assets and equipment related to the agricultural, forestry and energy industries, government surplus assets, smaller consumer recreational transportation items and parts sold in our vehicle dismantling business 1. Each respective sector includes salvage and non-salvage transactions.
Previous report
•Total GTV increased 13% to $4.3 billion
Previous report
◦Inventory sales revenue increased 32% to $336.9 million
Previous report
•Net income increased 20% to $135.6 million
Previous report
•Net income available to common stockholders increased 21% to $124.6 million
Previous report
•Diluted adjusted EPS available to common stockholders increased 13% to $1.01 per share
Previous report
CC&T
Previous report
•During the first quarter of 2026, the Company obtained Toronto Stock Exchange approval to commence a normal course issuer bid (“NCIB”) to purchase up to the lesser of (a) 10.0 million Company common shares, and (b) that number of Company common shares worth an aggregate of $500.0 million. The Company intends to make repurchases on an opportunistic basis with decisions regarding the amount and the timing of repurchases based on market conditions at the time, the Company’s share price, and other strategic investment opportunities available to the Company as well as other factors.
Previous report
Total GTV
Previous report
GTV increased 13% in the first quarter of 2026, driven by organic growth across all regions and sectors and the inclusion of J.M. Wood Auction Co., Inc. ("J.M. Wood") and Smith Broughton Pty Ltd ("Smith Broughton") following their acquisitions by the Company on July 14, 2025 and November 28, 2025, respectively.
Previous report
Automotive sector GTV increased 7% in the first quarter of 2026, primarily due to an increase in average price per lot sold from favorable pricing across all regions and international market share gains, partially offset by lower unit volumes due to timing and the non-repeat of prior year catastrophic events in the United States.
Previous report
CC&T sector GTV increased 27% in the first quarter of 2026, primarily due to higher average price per lot sold, higher unit volumes and a favorable foreign exchange impact. Higher average price per lot sold is attributable to improved asset mix and strong pricing in the United States. Higher unit volumes are attributable to additional auction events in Canada and the United States, organic growth in all regions and the inclusion of J.M. Wood and Smith Broughton in 2026.
Previous report
Selling, general and administrative expenses increased 4% in the first quarter of 2026, primarily due to increases in employee compensation costs, travel, advertising and promotion costs, and the inclusion of J.M. Wood and Smith Broughton. Employee compensation costs increased primarily due to higher short-term incentive compensation. Travel, advertising and promotion costs increased primarily due to industry event costs. These increases were partially offset by the recovery of accrued DST, as discussed above.
Previous report
Acquisition-related and integration costs increased 100% in the first quarter of 2026, primarily due to costs associated with the acquisition of J.M. Wood.
Previous report
Operating income increased 15% in the first quarter of 2026, primarily due to higher flow-through of service revenue and high inventory return, as discussed above. These increases were partially offset by the increase in depreciation and amortization expense as a result of intangible asset additions, along with the increase in selling, general, and administrative expenses, as discussed above.
Previous report
The effective tax rate increased 100 bps to 21.7% in the first quarter of 2026, primarily due to increased non-deductible expenses.
Previous report
The increase in net cash provided by financing activities was primarily due to an increase in short-term revolving facility borrowings, reflecting short-term liquidity requirements in certain countries, partially offset by the acquisition of the VeriTread non-controlling interests.
Reworded paragraphs (29)
Previous wording
For a complete overview of our business, refer to Part I, Item 1: Business of our Annual Report on Form 10-K for the year ended December 31, 2025.
Current wording
For a complete overview of our business, refer to Part I, Item 1: Business of our Annual Report on Form 10-K for the year ended December 31, 2025. The Company completed the acquisitions of BigIron Auction Company ("BigIron") and Blackmon Auctions ("Blackmon") during the second quarter of 2026.
Previous wording
1 Until June 21, 2025, the date of its deconsolidation in connection with the LKQ SYNETIQ transaction described in the audited financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2025.
Current wording
1 Until June 21, 2025, the date of deconsolidation of our parts dismantling business in connection with the LKQ SYNETIQ transaction described in the audited financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2025.
Previous wording
For the first quarter of 2026, as compared to the first quarter of 2025:
Current wording
For the second quarter of 2026, as compared to the second quarter of 2025:
Previous wording
•Total revenue increased 11% to $1.2 billion
Current wording
•Total revenue increased 11% to $1.3 billion
Previous wording
◦Service revenue increased 5% to $897.7 million
Current wording
◦Service revenue increased 5% to $933.4 million
Previous wording
•Diluted earnings per share (“EPS”) available to common stockholders increased 20% to $0.66 per share
Current wording
•Diluted earnings per share (“EPS”) available to common stockholders increased 34% to $0.71 per share
Previous wording
•Adjusted earnings before interest, taxes, depreciation and amortization ("EBITDA") increased 11% to $362.7 million
Current wording
•Adjusted earnings before interest, taxes, depreciation and amortization ("EBITDA") increased 6% to $387.2 million
Previous wording
Various macroeconomic conditions and trends, including inflationary pressures, actual or potential tariffs, and volatility in interest rates, affect our business, GTV, and operating costs. Our GTV is further influenced by unit volume growth and changes in average selling prices, which in part are driven by prevailing market conditions.
Current wording
Various macroeconomic conditions and trends, including inflationary pressures, actual or potential tariffs, and volatility in interest rates, affect our business, GTV, and operating costs. GTV may be further influenced by unit volume growth and changes in average selling prices, which in part are driven by prevailing market conditions.
Previous wording
Industry volumes are influenced by a broad range of factors, including macroeconomic conditions, demographic trends, government initiatives, and infrastructure investment. Structural shifts in the market—such as the expansion of data centers, increased manufacturing activity, and re‑shoring efforts—also play a significant role in shaping demand. During the first quarter of 2026, we continued to observe early indications of improving seller confidence, supported by stabilizing values for used equipment, a more favorable interest rate environment, and continued strength in large-scale construction projects, including civil infrastructure and mega projects. We also believe that a portion of the quarter's volume growth reflects the release of pent-up supply, as sellers deferred decisions throughout 2025.
Current wording
Industry volumes are influenced by a broad range of factors, including macroeconomic conditions, demographic trends, government initiatives, infrastructure investment, ongoing investment in food and farm productivity, and commodity prices. Structural shifts in the market, such as the expansion of data centers, increased manufacturing activity, and re‑shoring efforts, also play a significant role in shaping demand. We continued to observe early indications of improving seller confidence in select end markets, supported by stabilizing values for used equipment and continued strength in large-scale construction projects. However, customer decision-making became more deliberate during the second quarter as uncertainty increased.
Previous wording
Industry unit volume growth is influenced by both the total number of accidents and the proportion of those accidents classified as total losses. Accident frequency is primarily driven by the number of vehicles in operation and aggregate miles traveled. A substantial percentage of these accidents are insured, and insurer involvement plays an important role in determining whether a vehicle is deemed a total loss. At the same time, underinsured accidents can create headwinds for volumes, as insufficient coverage may delay or reduce total‑loss designations and thereby limit the flow of vehicles into salvage channels.
Current wording
Industry unit volume growth is influenced by both the total number of accidents and the proportion of those accidents classified as total losses. Accident frequency is primarily driven by the number of vehicles in operation and aggregate miles traveled. A substantial percentage of these accidents are insured, and insurer involvement plays an important role in determining whether a vehicle is deemed a total loss. At the same time, underinsured accidents continue to create headwinds for industry volumes, as insufficient coverage may delay or reduce total‑loss designations and thereby limit the flow of vehicles into salvage channels.
Previous wording
Total‑loss determinations are shaped by several factors, including used vehicle pricing, vehicle age, design complexity, technology content, and repair costs. In the first quarter of 2026, the inflation differential between automotive repair costs and used vehicle prices expanded and remains positive. This dynamic supports a higher percentage of total‑loss determinations relative to overall accidents, creating a favorable environment for salvage activity despite the moderating effect of underinsured incidents.
Current wording
Total‑loss determinations are shaped by several factors, including used vehicle pricing, vehicle age, design complexity, technology content, and repair costs. In the second quarter of 2026, the inflation differential between automotive repair costs and used vehicle prices remained positive. This dynamic supports a higher percentage of total‑loss determinations relative to overall accidents, creating a favorable environment for salvage activity despite the moderating impact of underinsured incidents.
Previous wording
•On March 4, 2026, the Company entered into a definitive agreement to acquire 100% of the equity interest in Big Iron Auction Company (“BigIron”), a U.S.-based online marketplace for agricultural equipment, land, and livestock, for approximately $350.0 million, subject to customary purchase price adjustments. The acquisition is expected to accelerate the Company’s strategic expansion into the U.S. agriculture sector. On April 21, 2026, the U.S. Federal Trade Commission granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. The acquisition is subject to other customary closing conditions and is expected to close in the second quarter of 2026.
Current wording
•On May 15, 2026, the Company completed its acquisition of BigIron, a U.S.-based online marketplace for agricultural equipment, land, and livestock. The acquisition is expected to accelerate the Company’s strategic expansion into the U.S. agriculture sector.
Previous wording
•On April 13, 2026, the Company acquired the business assets of Blackmon Auctions (“Blackmon”), a U.S.-based auction provider serving the construction, transportation, agriculture, and real estate sectors. The acquisition is expected to strengthen the Company’s presence and expand its footprint in the south central U.S. Blackmon conducts both live and online auctions and processed more than $60 million of GTV in 2025.
Current wording
•On April 13, 2026, the Company acquired the business assets of Blackmon, a U.S.-based auction provider serving the construction, transportation, agriculture, and real estate sectors. The acquisition is expected to strengthen the Company’s presence and expand its footprint in the south central U.S.
Previous wording
Transactional seller revenue increased 11% in the first quarter of 2026, primarily due to service GTV growth in the CC&T and Automotive sectors, as discussed above, and a higher average seller commission rate in the CC&T sector due to a favorable contract mix.
Current wording
Transactional seller revenue increased 5% in the first six months of 2026, primarily due to the inclusion of the J.M. Wood and BigIron, Automotive and HE&T service GTV growth, and a higher HE&T average seller commission rate due to a favorable contract mix, partially offset by the impact of Automotive price incentives tied to transaction volumes.
Previous wording
Transactional buyer revenue increased 4% in the first quarter of 2026 driven by higher volumes, partially offset by lower average buyer fee rate due to asset mix and acquired businesses contributing at a lower rate.
Current wording
Transactional buyer revenue increased 9% in the second quarter of 2026 and 6% in the first six months of 2026, driven by higher Automotive GTV and higher HE&T GTV, due tothe inclusion of J.M. Wood and BigIron, partially offset by lower average buyer fee rate due to acquired businesses contributing at lower rates.
Previous wording
Inventory sales revenue increased 32% in the first quarter of 2026, primarily due to higher CC&T inventory sales driven by higher unit volumes, partially due to the inclusion of J.M. Wood, and higher average price per lot sold. These increases were partially offset by lower Automotive inventory sales.
Current wording
Inventory sales revenue increased 28% in the second quarter of 2026 and 30% in the first six months of 2026, primarily due to higher HE&T inventory sales driven by higher unit volumes and contract mix, andthe inclusion of J.M. Wood and Smith Broughton. These increases were partially offset by lower Automotive inventory sales.
Previous wording
Costs of services increased 1% in the first quarter of 2026, primarily due to higher employee compensation costs and increased property costs, driven by increased operating lease expense related to growth in operations. These increases were partially offset by the recovery of accrued Canadian Digital Services Tax ("DST") relating to the period of July 1, 2024 to March 26, 2026, following its repeal on March 26, 2026. Note that DST incurred post-July 1, 2024 was recorded within cost of services, while the retrospectively enacted portion, relating to the period of January 1, 2022 to June 30, 2024, was recorded within selling, general and administrative.
Current wording
Costs of services increased 4% in the first six months of 2026 for the reasons discussed above, partially offset by the recovery of accrued Canadian Digital Services Tax ("DST") relating to the period of July 1, 2024 to March 26, 2026, recorded in the first quarter of 2026 following its repeal on March 26, 2026. Note that DST incurred post-July 1, 2024 was previously recorded within cost of services, while the retrospectively enacted portion, relating to the period of January 1, 2022 to June 30, 2024, was previously recorded within selling, general and administrative.
Previous wording
Inventory rate increased 80bps to 9.0% in the first quarter of 2026, primarily due to favorable pricing in the CC&T sector in the United States and Canada.
Current wording
Inventory rate increased 180bps to 5.9% in the second quarter of 2026 and 140bps to 7.4% in the first six months of 2026, primarily due to favorable pricing in the HE&T sector in all regions.
Previous wording
Net income available to common stockholders increased 21% in the first quarter of 2026, primarily due to higher operating income, as discussed above, and lower interest expense due to lower outstanding principal and lower variable interest rates. These increases are partially offset by an increase in income tax expense, as discussed above.
Current wording
Net income available to common stockholders increased 33% in the second quarter of 2026 and 27% in the first six months of 2026, primarily due to higher operating income as discussed above, and lower interest expense. These increases were partially offset by an increase in income tax expense.
Previous wording
Foreign exchange did not have a material impact on our results of operations in the first quarter of 2026, when compared to the prior year quarter.
Current wording
Foreign exchange did not have a material impact on our results of operations in the second quarter of 2026, when compared to the corresponding period in the prior year.
Previous wording
Our liquidity is primarily affected by fluctuations in cash flow from operations, significant acquisitions, dividend payments, capital spending, and repayments of debt. We are also committed under various letters of credit and provide certain guarantees in the normal course of business.
Current wording
Our liquidity is primarily affected by fluctuations in cash flow from operations, significant acquisitions, dividend payments, capital spending, common share repurchases, and repayments of debt. We are also committed under various letters of credit and provide certain guarantees in the normal course of business.
Previous wording
We believe our principal sources of liquidity, which include cash and cash equivalents, cash flow from operations, and unused capacity under our revolving credit facilities of $1.0 billion (discussed in further detail below), are sufficient to fund our current and planned operating activities. In the current interest rate environment, we will continue to evaluate and pursue the most financially beneficial arrangements to fund future capital expenditures, which may include lease agreements or cash purchases.
Current wording
We believe our principal sources of liquidity, which include cash and cash equivalents, cash flow from operations, and unused capacity under our revolving credit facilities of $700.5 million (discussed in further detail below), are sufficient to fund current and planned operating activities. In the current interest rate environment, we will continue to evaluate and pursue the most financially beneficial arrangements to fund future capital expenditures, which may include lease agreements or cash purchases.
Previous wording
Our most significant short-term cash requirements include, among others, (i) dividend payments, (ii) settlements with consignors, (iii) employee compensation, with the majority of short-term incentive compensation paid annually in the first quarter, (iv) income tax installments, (v) scheduled debt repayments and interest payments, (vi) committed information technology and other capital expenditures, (vii) lease and equipment financing obligation payments, and (viii) other working capital requirements.
Current wording
Our most significant short-term cash requirements include, among others, (i) dividend payments, (ii) settlements with consignors, (iii) employee compensation, with the majority of annual short-term incentive compensation paid annually in the first quarter, (iv) income tax installments, (v) scheduled debt repayments and interest payments, (vi) committed information technology and other capital expenditures, (vii) lease and equipment financing obligation payments, and (viii) other working capital requirements. We may also repurchase common shares pursuant to our common stock repurchase program.
Previous wording
Our ability to borrow under the Credit Agreement is subject to compliance with financial covenants, including a consolidated leverage ratio and a consolidated interest coverage ratio. We were in compliance with all financial and other covenants applicable to our debt agreements at March 31, 2026. In the event of sustained deterioration of global markets and economies, we expect the covenants pertaining to our leverage ratio would be the most restrictive to our ability to access funding under our Credit Agreement. We continue to evaluate courses of action to maintain current levels of liquidity and compliance with our debt covenants.
Current wording
Our ability to borrow under the Credit Agreement is subject to compliance with financial covenants, including a consolidated leverage ratio and a consolidated interest coverage ratio. We were in compliance with all financial and other covenants applicable to our debt agreements at June 30, 2026. In the event of a sustained deterioration of global markets and economies, we expect the covenants pertaining to our leverage ratio would be the most restrictive to our ability to access funding under the Credit Agreement. We continually evaluate courses of action to maintain current levels of liquidity and compliance with our debt covenants.
Previous wording
If we were to consider further acquisitions to deliver on our strategic growth drivers, we may seek financing through the equity or debt markets. The issuance of additional equity securities may result in dilution to existing shareholders. Issuance of preferred equity securities could provide for rights, preferences or privileges senior to those of our common stock. Further, this additional capital may not be available on reasonable terms, or at all.
Current wording
If we were to consider further acquisitions to deliver on our strategic growth drivers, we may seek financing through the equity or debt markets. The issuance of additional equity securities may result in dilution to existing shareholders. Issuance of preferred equity securities could provide for rights, preferences or privileges senior to those of our common shares. Further, this additional capital may not be available on reasonable terms, or at all.
Previous wording
The increase in net cash provided by operating activities was primarily due to higher net income from operations and a favorable net change in operating assets and liabilities. The favorable net change in operating assets and liabilities was primarily due to timing of book overdrafts, income tax installment payments and inventory sales and purchases, and the non-repeat of the deposit paid to the CRA in the first quarter of 2025. These changes were partially offset by the settlement of accrued liabilities, including the final arbitration ruling to the former-CEO, the timing of auction settlements, and the timing and size of auctions.
Current wording
The decrease in net cash provided by operating activities was primarily due to an unfavorable net change in operating assets and liabilities, partially offset by higher net income. The unfavorable net change in operating assets and liabilities was primarily due to the timing and size of auctions and settlement of accrued liabilities, including the final arbitration ruling to the former-CEO. These unfavorable net changes were partially offset by the timing of income tax installment payments and book overdrafts, and the non-repeat of the deposit paid to the CRA in the first quarter of 2025.
Previous wording
The decrease in net cash used in investing activities was primarily due to decreased loan issuances.
Current wording
The increase in net cash used in investing activities was primarily due to the acquisitions of BigIron and Blackmon, net of cash received.
Previous wording
We declared and paid a dividend of $0.31 per common share during the three months ended March 31, 2026. We declared, but have not yet paid, a dividend of $0.31 per common share subsequent to March 31, 2026. All dividends that we pay are “eligible dividends” for Canadian income tax purposes unless indicated otherwise.
Current wording
We declared and paid a dividend of $0.31 per common share during the three months ended June 30, 2026. We declared, but have not yet paid, a dividend of $0.33 per common share subsequent to June 30, 2026. All dividends that we pay are “eligible dividends” for Canadian income tax purposes, unless otherwise indicated.
Previous wording
The adjusting items recognized in prior quarters are discussed in Part I, Item 7: Management’s Discussion and Analysis of Financial Condition and Results of Operations of our Annual Report on Form 10-K for the year ended December 31, 2025.
Current wording
The adjusting items recognized in the comparative quarters are discussed in Part I, Item 7: Management’s Discussion and Analysis of Financial Condition and Results of Operations of our Annual Report on Form 10-K for the year ended December 31, 2025.
Rearranged current paragraphs (6)
Current report — wording carried from elsewhere
•$17.9 million stock-based compensation expense.
Current report — wording carried from elsewhere
•$7.7 million of acquisition-related and integration costs, primarily related to the J.M. Wood, BigIron and Blackmon acquisitions.
Current report — wording carried from elsewhere
•$74.2 million amortization of acquired intangible assets from completed acquisitions, primarily IAA.
Current report — wording carried from elsewhere
•$0.9 million loss on disposition of property, plant and equipment and related costs.
Current report — wording carried from elsewhere
•$3.3 million of other legal, advisory, and non-income tax expense, primarily consisting of certain legal costs associated with isolated matters not expected to recur in the ordinary course of business, professional and legal fees associated with transactions and strategic initiatives, and accretion 1 associated with the J.M. Wood acquisition deferred payment liability.
Current report — wording carried from elsewhere
•$2.4 million of restructuring costs, primarily severance relating to organizational changes.