RB GLOBAL, INC. Cautionary Note Regarding Forward-Looking Statements
Forward-looking statements may appear throughout this Quarterly Report on Form 10-Q, including the following section "Management's Discussion and Analysis of Financial Condition and Results of Operations". Forward-looking statements are typically identified by such words as "aim", "anticipate", "believe", "could", "continue", "estimate", "expect", "intend", "may", "ongoing", "plan", "potential", "predict", "will", "should", "would", "could", "likely", "generally", "future", "long-term", or the negative of these terms, and similar expressions intended to identify forward-looking statements. Forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties that may cause actual results to differ materially, and include, among others, statements relating to: ? our future strategy, objectives, targets, projections and performance;
? potential growth and market opportunities;
? potential future mergers and acquisitions;
? our ability to integrate potential acquisitions;
? the impact of our new initiatives, services, investments, and acquisitions on
us and our customers;
? our future capital expenditures and returns on those expenditures; and
financing available to us from our credit facilities or other sources, our
? ability to refinance borrowings, and the sufficiency of our working capital to
meet our financial needs.
While we have not described all potential risks related to our business and owning our common shares, the important factors discussed in "Part II, Item 1A: Risk Factors" of this Quarterly Report on Form 10-Q and in "Part I, Item 1A: Risk Factors" of our Annual Report on Form 10-K for the year endedDecember 31, 2021 , which is available on our website at https://investor.ritchiebros.com, on EDGAR at www.sec.gov, or on SEDAR at www.sedar.com, are among those that we consider may affect our performance materially or could cause our actual financial and operational results to differ significantly from our expectations. Except as required by applicable securities law and regulations of relevant securities exchanges, we do not intend to update publicly any forward-looking statements, even if our expectations have been affected by new information, future events or other developments.
Unless indicated otherwise, all tabular dollar amounts, including related
footnotes, presented below are expressed in thousands of
We prepare our consolidated financial statements in accordance withUnited States generally accepted accounting principles ("US GAAP"). Except for Gross Transaction Value ("GTV")1, which is a measure of operational performance and not a measure of financial performance, liquidity, or revenue, the amounts discussed below are based on our consolidated financial statements. In the accompanying analysis of financial information, we sometimes use information derived from consolidated financial data but not presented in our financial statements prepared in accordance with US GAAP. Certain of these data are considered "non-GAAP financial measures" under theSEC rules. The definitions of and reasons we use these non-GAAP financial measures and the reconciliations to their most directly comparable US GAAP financial measures are included either with the first use thereof or in the Non-GAAP Measures section within the Management's Discussion and Analysis of Financial Condition and Results of Operations. Non-GAAP financial measures referred to in this Quarterly Report on Form 10-Q are labeled as "non-GAAP measure". Please see pages 51-53 for explanations of why we use these non-GAAP measures and the reconciliation to the most comparable GAAP financial measures.
Overview
Ritchie Bros. Auctioneers Incorporated ("Ritchie Bros.", the "Company", "we", or "us") (NYSE & TSX: RBA) was founded in 1958 inKelowna, British Columbia , Canada and is a world leader in asset management technologies and disposition of commercial assets, selling$5.5 billion of used equipment and other assets during 2021. Our expertise, unprecedented global reach, market insights, and trusted portfolio of brands provide us with a unique position within the used equipment market.
1 GTV represents total proceeds from all items sold at our auctions and online marketplaces. GTV is not a measure of financial performance, liquidity, or revenue, and is not presented in our consolidated financial statements.
Ritchie Bros. 28 Table of Contents
Through our unreserved auctions, online marketplaces, listings, and private
brokerage services, we sell a broad range of primarily used commercial and
industrial assets as well as government surplus. Construction and transportation
assets comprise the majority of the equipment sold by GTV dollar value.
Customers selling equipment through our sales channels include end users (such
as construction companies), equipment dealers, original equipment manufacturers
("OEMs") and other equipment owners (such as rental companies). Our customers
participate in a variety of sectors, including construction, transportation,
agriculture, energy, and natural resources.
We also provide our customers with a wide array of value added services aligned
with our growth strategy to create a global marketplace for used equipment
services and solutions. Our other services include access to equipment
financing, asset appraisals and inspections, online equipment listing,
logistical services, and ancillary services such as equipment refurbishment. We
offer our customers asset technology solutions to manage the end to end
disposition process of their assets and provide market data intelligence to make
more accurate and reliable business decisions. Additionally, we offer our
customers an innovative technology platform that supports equipment lifecycle
management and parts procurement integration with both original equipment
manufacturers and dealers, as well as software as a service platform for
end-to-end parts procurement and digital catalogs and diagrams.
We operate globally with locations in 12 countries, including the United States ,
Canada , the Netherlands , Australia , and the United Arab Emirates , and maintain a
presence in 48 countries where customers are able to sell from their own yards.
In addition, we employ more than 2,700 full-time employees worldwide.
Discontinuation of the proposed acquisition of Euro Auctions
OnAugust 9, 2021 , we entered into a Sale and Purchase Agreement ("SPA") pursuant to which we agreed to purchaseEuro Auctions Limited ,William Keys & Sons Holdings Limited ,Equipment & Plant Services Ltd , andEquipment Sales Ltd. (collectively, "Euro Auctions"), each being a private limited company incorporated inNorthern Ireland (the "Euro Auctions Acquisition"), for a purchase price of approximately £775 million (approximately$1.02 billion ) in cash, which was to be paid on closing. OnApril 29, 2022 , the Company announced its decision to discontinue the Phase 2 review by the Competition and Markets Authority ("CMA"). The SPA automatically terminated onJune 28, 2022 .
Impact of COVID-19 to our Business
In
In response, we transitioned all of our traditional live onsite auctions to online bidding utilizing our existing online bidding technology. As restrictions ease, we began to return to travel and to welcome in-person attendance at several of our live onsite auctions, and we continue to consider a transition back to our other onsite auction events throughout the year. The health and welfare of our employees, customers and suppliers continues to be a top priority and we continue to operate with precautionary measures in place, as appropriate. In the first six months of 2022, our ability to move equipment to and from our auction sites and across borders has improved with travel restrictions and quarantine requirements continuing to lift particularly inAustralia andEurope , but with certain countries withinAsia continuing to experience lockdowns. Inthe United States andCanada , COVID-19 has not materially impacted our ability to operate our businesses and move equipment. Globally, we continued to see heightened shipping, fuel and freight costs combined with extended lead times, making transportation of equipment both more costly and more challenging, negatively impacting the buying and selling behaviour of our customers. Additionally, COVID-19 in combination with various macro economic factors impacted the supply chains of new equipment production, which in turn negatively affected the supply of used equipment being sold throughout our regions, most predominantly inNorth America . For a further discussion of risks to our business and operating results arising from COVID-19, please refer to the "Risk Factors" section of our Annual Report on Form 10-K for the year endedDecember 31, 2021 .
Impact of
OnFebruary 24, 2022 , the geopolitical situation inEastern Europe intensified withRussia's invasion ofUkraine , sharply affecting economic and global financial markets. Subsequent economic sanctions onRussia have exacerbated ongoing economic challenges, including issues such as rising inflation, global supply chain disruption and increase in fuel prices. The rise in fuel cost has impacted us to some extent due to the surge in transportation costs which has impacted both the cost and timing of export and import of equipment between countries globally and contributed to an increase in operating costs of our Ritchie Bros. 29 Table of Contents equipment in our operations. Increases in European natural gas prices may also result in an acceleration of a slowdown in the economy, especially inEurope where, historically, Eastern European countries have contributed to importing and exporting equipment for our operations. We do not have any operations inRussia orUkraine , or any material operations in neighboring countries and only have a limited number of direct customers in the effected region. However, we cannot estimate the extent of the ongoing impacts of the conflict, other unforeseen conditions, future developments, including the continued evolvement of military activity and sanctions imposed withRussia's invasion ofUkraine , which could adversely affect the domestic economy generally and our business specifically.
Service Offerings
We offer our equipment seller and buyer customers multiple distinct,
complementary, multi-channel brand solutions that address the range of their
needs. Our global customer base has a variety of transaction options, breadth of
services, and the widest selection of used equipment available to them. For a
complete listing of channels and brand solutions available under our Auctions &
Marketplace ("A&M") segment, as well as our Other Services segment, please refer
to our Annual Report on Form 10-K for the year ended December 31, 2021 , which is
available on our website at www.rbauction.com, on EDGAR at www.sec.gov, oron SEDAR at www.sedar.com. Contract options
We offer consignors several contract options to meet their individual needs and sale objectives. Through our A&M business, options include:
? Straight commission contracts, where the consignor receives the gross proceeds
from the sale less a pre-negotiated commission rate;
? Guarantee contracts, where the consignor receives a guaranteed minimum amount
plus an additional amount if proceeds exceed a specified level; and
? Inventory contracts, where we purchase, take custody, and hold used equipment
and other assets before they are resold in the ordinary course of business.
We collectively refer to guarantee and inventory contracts as underwritten or "at-risk" contracts.
Value-added services
We also provide a wide array of value-added services to make the process of
selling and buying equipment convenient for our customers, including repair and
refurbishment services, financial services through Ritchie Bros. Financial
Services ("RBFS"), logistical services through RB Logistics, end-to-end asset
management and disposition services through RB Asset Solutions, as well as
other services such as appraisals, insights, data intelligence and performance ? benchmarking solutions. We offer equipment listing services under the
RitchieList brand in
selling more efficient and safe for customers, including a secure transaction
management service, complete with invoicing. We also provide an innovative
technology platform that supports customers' management of the equipment lifecycle and integrates parts procurement with both original equipment manufacturers and dealers. Seasonality Our GTV and resulting A&M segment revenue are affected by the seasonal nature of our business. GTV and our A&M segment revenue tend to increase during the second and fourth calendar quarters, during which time we generally conduct more business than in the first and third calendar quarters. Given the operating leverage inherent in our business model, the second and fourth quarter also tend to produce higher operating margins, given the higher volume and revenue generated in those quarters.
Revenue Mix Fluctuations
Our revenue is comprised of service revenue and inventory sales revenue. Service revenue from A&M segment activities includes commissions earned at our auctions, online marketplaces, and private brokerage services, and various auction-related fees, including listing and buyer transaction fees. We also recognize revenues from our Other Services segment as fees within service revenue. Inventory sales revenue is recognized as part of our A&M activities and relates to revenues earned through our inventory contracts. Inventory sales revenue can fluctuate significantly, as it changes based on whether our customers sell using a straight or guarantee commission contract, or an inventory contract at time of selling. Straight or guarantee commission contracts will result in the commission being recognized as service revenue, while inventory contracts will result in the gross transaction value of the equipment sold being recorded as inventory sales revenue with the related cost recognized in cost of inventory sold. As a result, a change in the revenue mix between service revenues and inventory sales revenue can have a significant impact on revenue growth percentages. Ritchie Bros. 30 Table of Contents Performance Overview Net income attributable to stockholders decreased 12% 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% 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% 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% to
o Service revenue increased 13% to
o Inventory sales revenue increased 38% to
? Operating income increased 3% to
? Non-GAAP adjusted operating income increased 12% to
? Net income decreased 12% to
? Non-GAAP adjusted earnings before interest, taxes, depreciation and
amortization ("EBITDA") increased 11% to
? Cash provided by operating activities was
months of 2022
Cash on hand at the end of the second quarter of 2022 was
six month period ending
Notes in the quarter for
Auctions & Marketplaces segment results:
? GTV increased 10% to
of foreign exchange
? A&M total revenue increased 22% to
o Service revenue increased 10% to
o Inventory sales revenue increased 38% to
Other Services segment results:
? Other Services total revenue increased 29% to
o RBFS revenue increased 69% to
o
2022, which was its second full quarter since its acquisition in
In addition, the total number of organizations activated on our business inventory management system ("IMS"), a gateway into our marketplace, increased by 50% as compared to the first quarter of 2022.
Other Company developments:
On
Chief Financial Officer, is remaining with the Company in an advisory capacity
to assist with the transition prior to her previously announced retirement.
Ritchie Bros. 31
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Results of Operations
Financial overview
Three months ended June 30, Six months ended June 30,
% Change % Change
(in U.S. $000 's, except EPS and
percentages) 2022 2021 2022 over 2021 2022 2021 2022 over 2021
Service revenue:
Commissions $ 136,403 $ 129,334 5 % $ 252,778 $ 233,309 8 %
Fees 150,099 123,414 22 % 278,585 225,469 24 %
Total service revenue 286,502 252,748 13 % 531,363 458,778 16 %Inventory sales revenue 198,044 143,613
38 % 347,104 269,138 29 %
Total revenue 484,546 396,361 22 % 878,467 727,916 21 %
Costs of services 45,039 41,301 9 % 84,054 79,167 6 %Cost of inventory sold 176,171 131,023 34 % 307,753 241,770 27 % Selling, general and administrative 144,277 109,560 32 % 270,883 223,799 21 % Total operating expenses 393,026 307,019 28 % 723,927 594,140 22 % Gain on disposition of property, plant and equipment 347 175 98 % 170,167 243 69,928 % Operating income 91,867 89,517 3 % 324,707 134,019 142 % Operating income as a % of total revenue 19.0 % 22.6 % (360) bps 37.0 % 18.4 % 1,860 bps Non-GAAP adjusted operating income 119,579 106,973 12 % 208,439 164,748 27 % Non-GAAP adjusted operating income as a % of total revenue 24.7 % 27.0 % (230) bps 23.7 % 22.6 % 110 bps Net income attributable to stockholders 53,365 60,749 (12) % 231,459 88,937 160 % Non-GAAP adjusted net income attributable to stockholders 83,072 74,545 11 % 134,035 110,540 21 % Non-GAAP adjusted EBITDA 136,219 122,970 11 % 192,624 195,874 (2) % Diluted earnings per share attributable to stockholders$ 0.48 $ 0.55 (13) %$ 2.07 $ 0.80 159 % Non-GAAP diluted adjusted EPS attributable to stockholders$ 0.74 $ 0.67
10 %$ 1.20 $ 0.99 21 % Effective tax rate 28.8 % 25.7 % 310 bps 20.0 % 24.9 % (490) bps Total GTV 1,684,276 1,527,642 10 % 3,123,381 2,802,182 11 % Service GTV 1,486,232 1,384,029 7 % 2,776,277 2,533,044 10 % Service revenue as a % of total GTV 17.0 % 16.5 % 50 bps 17.0 % 16.4 % 60 bps Inventory GTV 198,044 143,613 38 % 347,104 269,138 29 % Service GTV as a % of total GTV - Mix 88.2 % 90.6 % (240) bps 88.9 % 90.4 % (150) bps Inventory sales revenue as a % of total GTV - Mix 11.8 % 9.4 % 240 bps 11.1 % 9.6 % 150 bps
Certain amounts in the prior period have been reclassified from selling, general and administrative expenses to cost of services, refer to note 2(a) of the consolidated financial statements
Total GTV
Total GTV increased 10% to
In second quarter of 2022, GTV increased year-over-year with consistently strong used equipment values, aided by inflation, partially offset by lower lot counts, unfavourable mix and an unfavourable impact of foreign exchange. InCanada , several large inventory packages inWestern Canada and strong year-over-year performances at our agricultural events primarily contributed to the growth in GTV volume.Canada also benefited from higher GTV generated by RBFS via PurchaseSafe which provides escrow services for private brokered transactions. Inthe United States , we saw favourable year-over-year performances across a number of our auctions and began to see the results of our strategic growth initiatives, including from our local yards, and investments made in our sales teams inTexas . In International,Australia saw significant growth in GTV volume driven by a higher number of inventory packages and strong performances from a large new national auction event attributable primarily to overall improved market conditions and the lifting of border restrictions. For the first six months of 2022, total GTV increased 11% driven by the same macro economic factors as discussed above, with higher volumes growth across all regions, despite a continued unfavourable supply environment. InCanada , GTV growth was driven by strong performances across several agricultural events, strong execution by our Canadian strategic accounts teams, higher volume from RBFS, and higher numbers of inventory packages as discussed above. Inthe United States , GTV volume increased primarily for the same reasons as discussed above. In addition, we saw a large dispersal of construction equipment in ourPhoenix, Arizona auction and positive year-over year performance at our flagshipOrlando, Florida event. In International, the increase in GTV volume was primarily driven byAustralia for the same reasons as discussed above, as well as due to a new event in Corio,Victoria and two agricultural events. Ritchie Bros. 32 Table of Contents Total revenue Total revenue increased 22% to$484.5 million in the second quarter of 2022, with total service revenue increasing by 13% and inventory sales revenue increasing by 38%. Total revenue increased 21% to$878.5 million for the first six months of 2022, with total service revenue increasing by 16% and inventory sales revenue increasing by 29%.
Foreign currency fluctuation also had an unfavourable impact on our revenue
primarily due to the depreciation of the Euro, the Australian dollar and the
Canadian dollar relative to the
Service Revenue
Service revenue is comprised of commissions that are earned on service GTV, and fees which are earned on total GTV, as well as from our other services such as Ancillary Services, RBFS, Rouse, Mascus, RB Logistics, RB Asset Solutions andSmartEquip . In the second quarter of 2022, total service revenue increased 13% with fees revenue increasing 22% and commissions revenue increasing 5%. Service GTV increased 7% to$1.5 billion mainly inthe United States andCanada . Fees revenue increased 22% with buyer fees growing faster than the GTV increase of 10%, reflecting the increase in buyer fee rates implemented in early 2022. Fees revenue also increased due to higher RBFS revenues on higher funded volumes, and the inclusion of fees fromSmartEquip since its acquisition onNovember 2, 2021 . Commissions revenue increased 5%, slightly less than the 7% increase in service GTV, primarily driven by the non-repeat of several high performing guarantee contracts inCanada , as well as a lower commissions revenue from a higher proportion of GTV contributed by RBFS from facilitating financing arrangements. For the first six months of 2022, total service revenue increased 16% with fees revenue increasing 24% and commissions revenue increasing 8%. Service GTV increased 10% to$2.8 billion across all regions with increases most notably inthe United States andCanada . Fees revenue increased 24% with buyer fees growing faster than GTV of 11% for the same reasons as discussed above.
Commissions revenue increased 8%, slightly less than the 10% increase in service GTV for the same reasons as discussed above.
Inventory Sales Revenue
Inventory sales revenue as a percentage of total GTV increased to 11.8% from 9.4% in the second quarter of 2022 and increased to 11.1% from 9.6% in the first six months of 2022. In the second quarter of 2022, inventory sales revenue increased 38% primarily due to higher activity inCanada . The improved year-over-year performance inCanada was driven primarily by two large inventory contracts in the transportation sector. In International, inventory sales revenue grew inAustralia from higher inventory contracts sold at a large new national auction event, as well as a result of the overall improvement in market conditions and the lifting of border restrictions. Inthe United States , higher volume of inventory contracts contributed to higher inventory sales revenue. For the first six months of 2022, inventory sales revenue increased 29% primarily inthe United States andCanada for the same reasons as discussed above. In addition, inthe United States , inventory sales revenue also grew from a large dispersal of construction equipment in ourPhoenix, Arizona auction, partially offset by a lower volume of inventory contracts in ourOrlando, Florida andAtlanta, Georgia events.
Underwritten Contracts
We offer our customers the opportunity to use underwritten commission contracts to serve their disposition strategy needs, entering into such contracts where the risk and reward profile of the terms are agreeable. Our underwritten contracts, which include inventory and guarantee contracts increased to 21.0% in the second quarter of 2022 compared to 17.6% in the second quarter of 2021. For the first six months of 2022, our underwritten contracts were 19.2% compared to 16.3% in the prior period. Operating Income For the second quarter of 2022, operating income increased 3% or$2.4 million to$91.9 million , primarily due to flow through from higher revenues, partially offset by higher selling, general and administrative expenses. Selling, general and administrative expenses increased due to higher short-term incentive expenses and share-based payments driven by strong performance. Share-based payments also increased as a result of a higher expense relating to share-based awards issued to senior executives, and higher expense from the premium-priced options and PSU's with market conditions granted in late 2021. We saw higher wages, salaries and benefits expenses driven by higher headcount, in part due to the acquisition ofSmartEquip , as well as to accelerate our growth initiatives and our Ritchie Bros. 33 Table of Contents
transformational journey to become a trusted global marketplace. Building, facilities and technology costs also increased mainly due to the amortization of the right-of-use asset of theBolton property from the sale and lease back arrangement completed in the first quarter of 2022, as well as higher costs as we shift to cloud-based solutions to improve customer experiences. In addition, we saw higher travel, advertising and promotion costs from increased activity in global travel as well as inflation, and higher marketing expenses to promote new initiatives. Professional fees also increased, primarily driven by our investment in new modern architecture to support our future marketplace and services strategy. Inflation also resulted in higher personnel and travel costs. For the first six months of 2022, operating income increased 142% due to the inclusion of a gain of$169.1 million on property, plant and equipment from the sale of theBolton property in the first quarter of 2022. Operating income increased 16%, when excluding the impact of the gain, primarily due to flow through from higher revenue, partially offset by higher selling, general and administrative expenses mainly due the same reasons as discussed above.
Income tax expense and effective tax rate
At the end of each interim period, we estimate the effective tax rate expected to be applicable for the full fiscal year. The estimate reflects, among other items, management's best estimate of operating results. It does not include the estimated impact of foreign exchange rates or unusual and/or infrequent items, which may cause significant variations in the customary relationship between income tax expense and income before income taxes. For the second quarter of 2022, income tax expense increased 3% to$21.6 million and our effective tax rate increased 310 bps to 28.8% as compared to the second quarter of 2021. For the first six months of 2022, income tax expense increased 96.3% to$57.9 million and our effective tax rate decreased 490 bps to 20.0% as compared to the first six months of 2021. The increase in the effective tax rate for the second quarter of 2022 compared to the second quarter of 2021 was primarily due to higher return to provision adjustments and higher income taxes related to tax uncertainties. Partially offsetting this increase was a lower estimate of non-deductible expenses. The decrease in the effective tax rate for the first six months of 2022 compared to the first six months of 2021 was primarily due to the non-taxable gain portion on the sale of theBolton property. Partially offsetting this decrease was a higher estimate of income taxed in jurisdictions with higher tax rates and a lower tax deduction for PSU and RSU share unit expenses that exceeded the related compensation expense.
Net income
In the second quarter of 2022, net income attributable to stockholders decreased 12% to$53.4 million primarily due to higher interest expense, which included the loss on redemption of the 2021 Notes and certain related interest expense incurred in the quarter in connection with the discontinued Euro Auctions acquisition. For the first six months of 2022, net income attributable to stockholders increased 160% to$231.5 million , primarily due to the gain of$169.1 million on property, plant and equipment from the sale of theBolton property recognized in the first quarter of 2022, as well as higher operating income, offset by higher interest expense incurred on our 2021 Notes.
Diluted EPS
Diluted EPS attributable to stockholders decreased 13% to$0.48 per share for the second quarter of 2022 and increased 159% to$2.07 per share for the first six months of 2022, in line with net income. Ritchie Bros. 34 Table of Contents
We conduct global operations in many different currencies, with our presentation currency being theU.S. dollar. The following table presents the variance in select foreign exchange rates over the comparative reporting periods:
% Change
2022 over
Value of one local currency to U.S. dollar 2022 2021 2021
Period-end exchange rate -June 30 , Canadian dollar 0.7768 0.8067 (4) % Euro 1.0477 1.1857 (12) % Australian dollar 0.6898 0.7499 (8) % Average exchange rate - Three months endedJune 30 , Canadian dollar 0.7836 0.8139 (4) % Euro 1.0658 1.2046 (12) % Australian dollar 0.7151 0.7698 (7) % Average exchange rate - Six months endedJune 30 , Canadian dollar 0.7864 0.8139 (3) % Euro 1.0941 1.2046 (9) % Australian dollar 0.7194 0.7698 (7) %
For the second quarter of 2022, foreign exchange had an unfavourable impact on total revenue and a favourable impact on expenses. These impacts were primarily due to the fluctuations in the Euro, Australian dollar and Canadian dollar exchange rates relative to theU.S. dollar.
Non-GAAP Measures
As part of management's non-GAAP measures, we may eliminate the financial impact of adjusting items which are after-tax effects of significant recurring and non-recurring items that we do not consider to be part of our normal operating results. Non-GAAP adjusted net income attributed to stockholders increased 11% to$83.1 million in the second quarter of 2022 and increased 21% to$134.0 million for the first six months of 2022.
Non-GAAP diluted Adjusted EPS attributable to stockholders increased 10% to
Non-GAAP adjusted EBITDA increased 11% to
Debt at the end of the second quarter of 2022 represented 2.2 times net income as at and for the 12 months endedJune 30, 2022 , compared to debt at the second quarter of 2021, which represented 3.7 times net income as at and for the 12 months endedJune 30, 2021 . The non-GAAP adjusted net debt/non-GAAP adjusted EBITDA was 0.7 times as at and for the 12 months endedJune 30, 2022 , compared to 0.9 times as at and for the 12 months endedJune 30, 2021 .
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