Alberta MLAs push for U.S. trade at Boston conference
A team of Alberta MLAs is in Boston this week to advocate for barrier-free trade with the United States.
The three MLAs, Glenn van Dijken, Angela Pitt and Chelsae Petrovic, will be attending the National Conference of State Legislators, a large summit where lawmakers from across the U.S. discuss policy and partnerships.
According to the province, they're pushing for barrier-free trade with our American neighbours, highlighting Alberta as a reliable source for energy and agriculture.
'Given the sheer number of influential American legislators attending the NCSL, it's crucial to make sure Alberta is well represented in the room,' said van Dijken in a statement.
The U.S. is Alberta's biggest trading partner, receiving more than $162 billion in exports last year. Energy products accounted for about $133.4 billion.
The MLAs left for Boston on Aug. 2 and will return on Aug 7. Their schedules show them participating in a series of policy sessions, meetings and networking events.
The trip south of the border comes amid the larger trade dispute between Canada and the U.S.
While speaking on a U.S. talk show over the weekend, Dominic Leblanc, Canada's minister responsible for Canada-U.S. trade, said recent meetings in Washington were cordial and constructive.
He added that he remains optimistic a deal can be done.
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RB Global Reports Second Quarter 2025 Results
Article content WESTCHESTER, Ill. — RB Global, Inc. (NYSE & TSX: RBA, the 'Company', 'RB Global', 'we', 'us', 'their', or 'our') reported the following results for the three months ended June 30, 2025. Article content 'I am pleased to report that we continued to gain automotive market share in the second quarter, with total automotive unit volume increasing 9% year-over-year,' said Jim Kessler, CEO of RB Global. 'Our teammates delivered another strong quarter, consistently over delivering against all our partner and customer expectations.' Article content 'We drove strong operating leverage in the quarter resulting in solid financial performance,' said Eric J. Guerin, Chief Financial Officer. 'Our ability to execute in a shifting macro environment highlights our teammates' dedication to our customers and partners.' Article content Second Quarter Financial Highlights 1,2,3: Article content Total gross transaction value ('GTV') increased 2% year over year to $4.2 billion. Total revenue increased 8% year over year to $1.2 billion. Service revenue increased 3% year over year at $887.2 million. Inventory sales revenue increased 26% year over year to $298.8 million. Net income decreased 1% year-over-year to $109.7 million. Net income available to common stockholders decreased 1% year over year to $99.5 million. Diluted earnings per share available to common stockholders decreased 2% to $0.53 per share. Diluted adjusted earnings per share available to common stockholders increased 14% year over year to $1.07 per share. Adjusted earnings before interest, taxes, depreciation and amortization ('EBITDA') increased 7% year over year to $364.5 million. Article content 2025 Financial Outlook Article content The Company has updated its full-year 2025 outlook for select financial data, as shown below: Article content __________________________ 1 For information regarding RB Global's use and definition of certain measures, see 'Key Operating Metrics' and 'Non-GAAP Measures' sections in this press release. 2 All figures are presented in U.S. dollars. 3 For the second quarter of 2025 as compared to the second quarter of 2024. 4 Capital expenditures is defined as property, plant and equipment, net of proceeds on disposals, plus intangible asset additions. Article content Additional Financial and Operational Highlights Article content Three months ended June 30, Six months ended June 30, % Change % Change (in U.S. dollars in millions, except EPS and percentages) 2025 2024 2025 over 2024 2025 2024 2025 over 2024 GTV $ 4,198.1 $ 4,104.1 2 % $ 8,027.0 $ 8,181.5 (2 )% Service revenue 887.2 859.1 3 % 1,739.7 1,708.2 2 % Service revenue take rate 21.1 % 20.9 % 20bps 21.7 % 20.9 % 80bps Inventory sales revenue $ 298.8 $ 237.0 26 % $ 554.9 $ 452.6 23 % Inventory return 12.4 14.3 (13 )% 33.5 33.3 1 % Inventory rate 4.1 % 6.0 % (190)bps 6.0 % 7.4 % (140)bps Net income $ 109.7 $ 111.0 (1 )% $ 223.0 $ 218.4 2 % Net income available to common stockholders 99.5 100.7 (1 )% 202.4 197.8 2 % Adjusted EBITDA 364.5 342.0 7 % 692.4 673.1 3 % Diluted earnings per share available to common stockholders $ 0.53 $ 0.54 (2 )% $ 1.09 $ 1.07 2 % Diluted adjusted earnings per share available to common stockholders $ 1.07 $ 0.94 14 % $ 1.96 $ 1.84 7 % Revenue Three months ended June 30, Six months ended June 30, % Change % Change (in U.S. dollars in millions, except percentages) 2025 2024 2025 over 2024 2025 2024 2025 over 2024 Transactional seller revenue $ 241.0 $ 250.7 (4 )% $ 457.8 $ 489.3 (6 )% Transactional buyer revenue 560.6 510.0 10 % 1,117.3 1,035.4 8 % Marketplace services revenue 85.6 98.4 (13 )% 164.6 183.5 (10 )% Total service revenue 887.2 859.1 3 % 1,739.7 1,708.2 2 % Inventory sales revenue 298.8 237.0 26 % 554.9 452.6 23 % Total revenue $ 1,186.0 $ 1,096.1 8 % $ 2,294.6 $ 2,160.8 6 % For the Second Quarter: GTV increased 2% year over year to $4.2 billion, primarily due to an increase in the automotive sector, partially offset by a decline in the commercial construction and transportation ('CC&T') sector. Automotive GTV increased due to growth in lot volume from existing partners, as well as year-over-year market share gains, partially offset by a lower average price per lot sold. The decrease in CC&T GTV was primarily driven by the lower lot volumes as customer take a wait-and-see approach given the current macro-economic environment, combined with lower volumes from our enterprise customers, as we benefited from certain significant large customer dispositions in the prior period. Partially offsetting lower volumes, the average price per lot sold increased due to an improved mix. Service revenue increased 3% year-over-year to $887.2 million, driven by higher GTV and an increase in service revenue take rate. Service revenue take rate expanded 20 basis points year over year to 21.1% driven by a higher buyer fee rate structure, partially offset by lower marketplace services revenue and a lower average commission rate. The decline in marketplace services revenue was driven by lower fees earned from transportation services compared to the prior period. Inventory sales revenue increased 26% year over year to $298.8 million, primarily due to higher inventory revenue from the CC&T sector. The inventory rate declined 190 basis points year over year to 4.1%, primarily due to weaker performance across all sectors. Inventory rate and returns include an inventory write-down of $1.7 million related to the LKQ SYNETIQ transaction. Net income available to common stockholders decreased to $99.5 million, primarily driven by the decrease in operating income, partially offset by lower interest expense due to lower long-term debt levels driven by repayments of principal and lower interest rates, partly as a result of the recent refinancing of our Credit Agreement. Adjusted EBITDA 1 Article content Total Lots Sold by Sector Three months ended June 30, Six months ended June 30, % Change % Change (in '000's of lots sold, except percentages) 2025 2024 2025 over 2024 2025 2024 2025 over 2024 Automotive 595.9 547.7 9 % 1,221.5 1,132.3 8 % Commercial construction and transportation 97.5 118.2 (18) % 185.1 227.0 (18) % Other 2 153.8 173.6 (11) % 295.7 319.2 (7) % Total lots sold 847.2 839.5 1 % 1,702.3 1,678.5 1 % Article content __________________________ 1 For information regarding RB Global's use and definition of this measure, see 'Key Operating Metrics' and 'Non-GAAP Measures' sections in this press release. 2 Total GTV and total lots sold in the other sector exclude the results from LKQ SYNETIQ from June 21 2025, the date of its deconsolidation from the Company. Article content The below table reconciles as reported operating expenses by line item to adjusted operating expenses to exclude the impact of adjustments as defined in our Non-GAAP Measures. Article content For the three months ended June 30, 2025 (in U.S. dollars in millions) Cost of services Cost of inventory sold Selling, general and administrative expenses Acquisition- related and integration costs Depreciation and amortization Total operating expenses As reported $ 353.9 $ 286.4 $ 222.2 $ 2.7 $ 116.7 $ 981.9 Share-based payments expense — — (25.2 ) — — (25.2 ) Acquisition- related and integration costs — — — (2.7 ) — (2.7 ) Amortization of acquired intangible assets — — — — (68.3 ) (68.3 ) Prepaid consigned vehicle charges 0.2 — — — — 0.2 Executive transition costs — — (3.1 ) — — (3.1 ) Loss on deconsolidation and related costs — (1.7 ) (2.5 ) — — (4.2 ) Debt refinancing costs — — (3.9 ) — — (3.9 ) Remeasurements in connection with business combinations — — (0.1 ) — — (0.1 ) Other legal, advisory, restructuring and non-income tax expenses — — (4.3 ) — — (4.3 ) Adjusted $ 354.1 $ 284.7 $ 183.1 $ — $ 48.4 $ 870.3 Article content For the six months ended June 30, 2025 (in U.S. dollars in millions) Cost of services Cost of inventory sold Selling, general and administrative expenses Acquisition- related and integration costs Depreciation and amortization Total operating expenses As reported $ 715.8 $ 521.4 $ 427.2 $ 5.8 $ 231.2 $ 1,901.4 Share-based payments expense — — (39.6 ) — — (39.6 ) Acquisition- related and integration costs — — — (5.8 ) — (5.8 ) Amortization of acquired intangible assets — — — — (136.6 ) (136.6 ) Loss on disposition of property, plant and equipment and related costs — — (0.2 ) — — (0.2 ) Prepaid consigned vehicle charges 0.5 — — — — 0.5 Executive transition costs — — (5.8 ) — — (5.8 ) Loss on deconsolidation and related costs — (1.7 ) (2.5 ) — — (4.2 ) Debt refinancing costs — — (3.9 ) — — (3.9 ) Remeasurements in connection with business combinations — — (0.1 ) — — (0.1 ) Other legal, advisory, restructuring and non-income tax expenses (1.0 ) — (7.3 ) — — (8.3 ) Adjusted $ 715.3 $ 519.7 $ 367.8 $ — $ 94.6 $ 1,697.4 Article content Dividend Information Article content Quarterly Dividend Article content On August 5, 2025, the Company declared a quarterly cash dividend of $0.31 per common share, payable on September 18, 2025, to shareholders of record on August 28, 2025. Article content Other Company Developments Article content On July 14, 2025, we completed the acquisition of J.M. Wood Auction Co., Inc., an auction business based in Alabama, United States, for consideration of approximately $235 million, plus approximately $8 million for inventory held for auction at the time of closing. On June 21, 2025, through our wholly-owned subsidiary SYNETIQ Ltd., we entered into an agreement with LKQ Europe to jointly provide vehicle parts dismantling and distribution services through the newly created venture, LKQ SYNETIQ. The Company retained a 40% equity interest and LKQ Europe acquired a 60% equity interest in LKQ SYNETIQ in exchange for proceeds of £8.0 million (approximately $11.0 million) to be paid in equal installments on the third, fourth, and fifth anniversaries of the closing date. Article content Second Quarter 2025 Earnings Conference Call Article content RB Global is hosting a conference call to discuss its financial results for the quarter ended June 30, 2025, at 4:30 PM ET on August 6, 2025. The replay of the webcast will be available through August 6, 2026. Article content Conference call and webcast details are available at the following link: About RB Global RB Global, Inc. (NYSE: RBA) (TSX: RBA) is a leading, omnichannel marketplace that provides value-added insights, services and transaction solutions for buyers and sellers of commercial assets and vehicles worldwide. Through our auction sites and digital platform, we have a wide global presence and serve customers across a variety of asset classes, including automotive, commercial transportation, construction, government surplus, lifting and material handling, energy, mining and agriculture. Our marketplace brands include Ritchie Bros., the world's largest auctioneer of commercial assets and vehicles offering online bidding, and IAA, Inc. ('IAA'), a leading global digital marketplace connecting vehicle buyers and sellers. Our portfolio of brands also includes Rouse Services ('Rouse'), which provides a complete end-to-end asset management, data-driven intelligence and performance benchmarking system; SmartEquip Inc. ('SmartEquip'), an innovative technology platform that supports customers' management of the equipment lifecycle and integrates parts procurement with both OEMs and dealers; and VeriTread LLC ('VeriTread'), an online marketplace for heavy haul transport. Article content Forward-looking Statements Article content This news release contains forward-looking statements and forward-looking information within the meaning of applicable U.S. and Canadian securities legislation (collectively, 'forward-looking statements'), including, in particular, statements regarding future financial and operational results, opportunities, and any other statements regarding events or developments that RB Global believes or anticipates will or may occur in the future. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as 'expect', 'plan', 'anticipate', 'project', 'target', 'potential', 'schedule', 'forecast', 'budget', 'confident', 'estimate', 'intend' or 'believe' and similar expressions or their negative connotations, or statements that events or conditions 'will', 'would', 'may', 'remain', 'could', 'should' or 'might' occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond RB Global's control, including risks and uncertainties related to: our ability to integrate acquisitions, including the recently acquired J.M. Wood; the fact that operating costs and business disruption may be greater than expected; the effect of the consummation of the merger on the trading price of RB Global's common shares; the ability of RB Global to retain and hire key personnel and employees; the significant costs associated with the merger; the outcome of any legal proceedings that have been or could be instituted against RB Global; the ability of the Company to realize anticipated synergies in the amount, manner or timeframe expected or at all; the failure of the Company to achieve expected operating results in the amount, manner or timeframe expected or at all; changes in capital markets and the ability of the Company to generate cash flow and/or finance operations in the manner expected or to de- lever in the timeframe expected; the failure of RB Global or the Company to meet financial forecasts and/or key performance targets including the Company's key operating metrics; the Company's ability to commercialize new platform solutions and offerings; legislative, regulatory and economic developments affecting the combined business; general economic and market developments and conditions, including as a result of global trade tensions and as a result of current, proposed or future tariffs; the evolving legal, regulatory and tax regimes under which RB Global operates; unpredictability and severity of catastrophic events, including, but not limited to, pandemics, acts of terrorism or outbreak of war or hostilities, as well as RB Global's response to any of the aforementioned factors. Other risks that could cause actual results to differ materially from those described in the forward-looking statements are included in RB Global's periodic reports and other filings with the Securities and Exchange Commission ('SEC') and/or applicable Canadian securities regulatory authorities, including the risk factors identified under Item 1A 'Risk Factors' and the section titled 'Summary of Risk Factors' in RB Global's most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and RB Global's periodic reports and other filings with the SEC, which are available on the SEC, SEDAR and RB Global' websites. The foregoing list is not exhaustive of the factors that may affect RB Global's forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate, and actual results may differ materially from those expressed in, or implied by, these forward-looking statements. Forward-looking statements are made as of the date of this news release and RB Global does not undertake any obligation to update the information contained herein unless required by applicable securities legislation. For the reasons set forth above, you should not place undue reliance on forward-looking statements. Article content Key Operating Metrics Article content We regularly review a number of metrics, including the following key operating metrics, to evaluate our business, measure our performance, identify trends affecting our business, and make operating decisions. We believe these key operating metrics are useful to investors because management uses these metrics to assess the growth of our business and the effectiveness of our operational strategies. Article content We define our key operating metrics as follows: Article content : Represents total proceeds from all items sold on our auctions and online marketplaces, third-party online marketplaces, private brokerage services and other disposition channels. GTV is not a measure of financial performance, liquidity, or revenue, and is not presented in the Company's consolidated financial statements. Article content Total service revenue take rate: Article content Total service revenue divided by total GTV. Article content Inventory return: Article content Inventory sales revenue less cost of inventory sold. Article content Inventory rate: Article content Inventory return divided by inventory sales revenue. Article content GTV and Selected Condensed Consolidated Financial Information (Expressed in millions of U.S. dollars, except share and per share data) (Unaudited) Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 GTV $ 4,198.1 $ 4,104.1 $ 8,027.0 $ 8,181.5 Revenue: Service revenue $ 887.2 $ 859.1 $ 1,739.7 $ 1,708.2 Inventory sales revenue 298.8 237.0 554.9 452.6 Total revenue 1,186.0 1,096.1 2,294.6 2,160.8 Operating expenses: Costs of services 353.9 348.8 715.8 701.8 Cost of inventory sold 286.4 222.7 521.4 419.3 Selling, general and administrative 222.2 208.6 427.2 406.7 Acquisition-related and integration costs 2.7 4.1 5.8 16.9 Depreciation and amortization 116.7 110.3 231.2 218.0 Total operating expenses 981.9 894.5 1,901.4 1,762.7 Gain on disposition of property, plant and equipment — 0.3 0.4 2.7 Loss on deconsolidation (15.5 ) — (15.5 ) — Operating income 188.6 201.9 378.1 400.8 Interest expense (47.5 ) (59.9 ) (97.4 ) (123.8 ) Interest income 4.0 6.8 7.0 13.4 Other income (loss), net 0.2 (0.2 ) 0.9 (1.0 ) Foreign exchange gain (loss) 0.2 (1.0 ) (0.2 ) (1.9 ) Income before income taxes 145.5 147.6 288.4 287.5 Income tax expense 35.8 36.6 65.4 69.1 Net income $ 109.7 $ 111.0 $ 223.0 $ 218.4 Net income (loss) attributable to: Controlling interests $ 109.8 $ 111.1 $ 223.2 $ 218.5 Redeemable non-controlling interests (0.1 ) (0.1 ) (0.2 ) (0.1 ) Net income $ 109.7 $ 111.0 $ 223.0 $ 218.4 Net income attributable to controlling interests $ 109.8 $ 111.1 $ 223.2 $ 218.5 Cumulative dividends on Series A Senior Preferred Shares (6.7 ) (6.7 ) (13.4 ) (13.4 ) Allocated earnings to Series A Senior Preferred Shares (3.6 ) (3.7 ) (7.4 ) (7.3 ) Net income available to common stockholders $ 99.5 $ 100.7 $ 202.4 $ 197.8 Basic earnings per share available to common stockholders $ 0.54 $ 0.55 $ 1.09 $ 1.08 Diluted earnings per share available to common stockholders $ 0.53 $ 0.54 $ 1.09 $ 1.07 Basic weighted average number of shares outstanding 185,365,576 183,887,145 185,096,464 183,473,233 Article content Condensed Consolidated Statements of Cash Flows (Expressed in millions of U.S. dollars) (Unaudited) Six months ended June 30, 2025 2024 Cash provided by (used in): Operating activities: Net income $ 223.0 $ 218.4 Adjustments for items not affecting cash: Depreciation and amortization 231.2 218.0 Share-based payments expense 41.6 35.1 Deferred income tax benefit — (31.0 ) Unrealized foreign exchange loss 0.2 0.4 Gain on disposition of property, plant and equipment (0.4 ) (2.7 ) Loss on deconsolidation 15.5 — Allowance for expected credit losses 1.5 4.9 Amortization of debt issuance costs 4.8 6.7 Amortization of right-of-use assets 78.2 75.8 Other, net 5.5 9.6 Net changes in operating assets and liabilities (117.8 ) (73.1 ) Net cash provided by operating activities 483.3 462.1 Investing activities: Property, plant and equipment additions (139.1 ) (73.9 ) Proceeds on disposition of property, plant and equipment 2.1 1.0 Intangible asset additions (61.2 ) (56.2 ) Proceeds from repayment of loans receivable 5.1 4.0 Issuance of loans receivable (33.0 ) (5.5 ) Other, net (1.8 ) (1.1 ) Net cash used in investing activities (227.9 ) (131.7 ) Financing activities: Dividends paid to common stockholders (107.3 ) (98.9 ) Dividends paid to Series A Senior Preferred shareholders (17.1 ) (17.0 ) Proceeds from exercise of options and share option plans 27.2 51.9 Payment of withholding taxes on issuance of shares (20.2 ) (11.2 ) Net increase in short-term debt 56.0 16.2 Proceeds from long-term debt 275.0 — Repayment of long-term debt (326.0 ) (252.2 ) Payment of debt issuance costs (4.4 ) — Repayment of finance lease and equipment financing obligations (16.0 ) (12.9 ) Proceeds from equipment financing obligations 1.9 1.7 Net cash used in financing activities (130.9 ) (322.4 ) Effect of changes in foreign currency rates on cash, cash equivalents, and restricted cash 22.7 (10.3 ) Net increase (decrease) in cash, cash equivalents, and restricted cash 147.2 (2.3 ) Cash, cash equivalents, and restricted cash, beginning of period 708.8 747.9 Cash, cash equivalents, and restricted cash, end of period $ 856.0 $ 745.6 Article content Non-GAAP Measures Article content This news release references non-GAAP measures. These measures do not have a standardized meaning and are, therefore, unlikely to be comparable to similar measures presented by other companies. The presentation of this financial information, which is not prepared under any comprehensive set of accounting rules or principles, is not intended to be considered in isolation of, or as a substitute for, the financial information prepared and presented in accordance with U.S. GAAP. Article content The Company has not provided a reconciliation of Adjusted EBITDA outlook for fiscal 2025 to GAAP net income, the most directly comparable GAAP financial measure, because without unreasonable efforts, it is unable to predict with reasonable certainty the amount or timing of non-GAAP adjustments that are used to calculate Adjusted EBITDA, including but not limited to: (a) the net loss or gain on the sale of property plant & equipment, or other assets (b) loss on deconsolidation and related costs (c) acquisition-related or integration costs relating to our mergers and acquisition activity, including severance costs, (d) other legal, advisory, restructuring and non-income tax expenses, (e) share-based payments compensation expense which value is directly impacted by the fluctuations in our share price and other variables, and (f) other expenses that we do not believe are indicative of our ongoing operations. These adjustments are uncertain, depend on various factors that are beyond our control and could have a material impact on net income for fiscal 2025. Article content Please refer to the quarterly report on Form 10-Q for the quarter ended June 30, 2025 for a summary of adjusting items during the trailing twelve months ended June 30, 2025 and June 30, 2024. Article content Adjusted Net Income Available to Common Stockholders and Diluted Adjusted EPS Available to Common Stockholders Reconciliation Article content The Company believes that adjusted net income available to common stockholders provides useful information about the growth or decline of the net income available to common stockholders for the relevant financial period and eliminates the financial impact of adjusting items the Company does not consider to be part of the normal operating results. Diluted adjusted EPS available to common stockholders eliminates the financial impact of adjusting items from net income available to common stockholders that the Company does not consider to be part of the normal operating results. Article content Adjusted net income available to common stockholders is calculated as net income available to common stockholders, excluding the effects of adjusting items that we do not consider to be part of our normal operating results, such as share- based payments expense, acquisition-related and integration costs, amortization of acquired intangible assets, executive transition costs and certain other items. Article content Net income available to common stockholders is calculated as net income attributable to controlling interests, less cumulative dividends on Series A Senior Preferred Shares and allocated earnings to participating securities. Article content Diluted adjusted EPS available to common stockholders is calculated by dividing adjusted net income available to common stockholders by the weighted average number of dilutive shares outstanding, except that it is computed based upon the lower of the two-class method or the if-converted method, which includes the effects of the assumed conversion of the Series A Senior Preferred Shares and the effect of shares issuable under the Company's stock-based incentive plans, if such effect is dilutive. Article content Three months ended June 30, Six months ended June 30, % Change % Change (in U.S. dollars in millions, except share, per share data, and percentages) 2025 2024 2025 over 2024 2025 2024 2025 over 2024 Net income available to common stockholders $ 99.5 $ 100.7 (1 )% $ 202.4 $ 197.8 2 % Share-based payments expense 25.2 18.1 39 % 39.6 31.4 26 % Acquisition-related and integration costs 2.7 4.1 (34 )% 5.8 16.9 (66 )% Amortization of acquired intangible assets 68.3 69.0 (1 )% 136.6 138.6 (1 )% (Gain) loss on disposition of property, plant and equipment and related costs — 0.4 NM (0.2 ) (1.4 ) (86 )% Prepaid consigned vehicles charges (0.2 ) (1.3 ) (85 )% (0.5 ) (3.4 ) (85 )% Executive transition costs 3.1 2.0 55 % 5.8 3.7 57 % Loss on deconsolidation and related costs 19.7 — NM 19.7 — NM Debt refinancing costs 3.9 — NM 3.9 — NM Remeasurements in connection with business combinations 0.1 — NM 0.1 — NM Other legal, advisory, restructuring and non-income tax expenses 4.3 7.7 (44 )% 8.2 10.0 (18 )% Related tax effects of the above (22.4 ) (24.0 ) (7 )% (49.7 ) (48.8 ) 2 % Related allocation of the above to participating securities (3.7 ) (2.6 ) 42 % (6.0 ) (5.2 ) 15 % Adjusted net income available to common stockholders $ 200.5 $ 174.1 15 % $ 365.7 $ 339.6 8 % Weighted average number of dilutive shares outstanding 186,649,132 184,912,584 1 % 186,502,548 184,746,818 1 % Diluted earnings per share available to common stockholders $ 0.53 $ 0.54 (2 )% $ 1.09 $ 1.07 2 % Diluted adjusted earnings per share available to common stockholders $ 1.07 $ 0.94 14 % $ 1.96 $ 1.84 7 % NM = Not meaningful Article content Adjusted EBITDA Article content The Company believes adjusted EBITDA provides useful information about the growth or decline of its net income when compared between different financial periods. The Company uses adjusted EBITDA as a key performance measure because the Company believes it facilitates operating performance comparisons from period to period and provides management with the ability to monitor its controllable incremental revenues and costs. Article content Adjusted EBITDA is calculated by adding back depreciation and amortization, interest expense, income tax expense, and subtracting interest income from net income, as well as adding back the adjusting items. Article content Adjusted Net Debt and Adjusted Net Debt/Adjusted EBITDA Reconciliation Article content The Company believes that comparing adjusted net debt/adjusted EBITDA on a trailing twelve-month basis for different financial periods provides useful information about the performance of its operations as an indicator of the amount of time it would take to settle both the Company's short and long-term debt. The Company does not consider this to be a measure of its liquidity, which is its ability to settle only short-term obligations, but rather a measure of how well it funds liquidity. Measures of liquidity are noted under 'Liquidity and Capital Resources' in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2025. Article content Adjusted net debt is calculated by subtracting cash and cash equivalents from short and long-term debt and long-term debt in escrow. Adjusted net debt/Adjusted EBITDA is calculated by dividing adjusted net debt by adjusted EBITDA. Article content Article content Article content Article content Article content Contacts Article content Article content Article content
