2022 Q1 Form 10-K Financial Statement

#000155837022001365 Filed on February 17, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q4 2021
Revenue $393.9M $359.4M $1.417B
YoY Change 18.81% -6.27% 2.88%
Cost Of Revenue $170.6M $141.9M $594.8M
YoY Change 16.21% -19.64% -3.38%
Gross Profit $223.3M $217.5M $822.2M
YoY Change 20.85% 5.15% 7.94%
Gross Profit Margin 56.69% 60.51% 58.02%
Selling, General & Admin $126.6M $128.1M $464.6M
YoY Change 10.83% 18.3% 11.28%
% of Gross Profit 56.69% 58.92% 56.51%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $24.23M $22.98M $87.89M
YoY Change 14.97% 19.05% 17.31%
% of Gross Profit 10.85% 10.57% 10.69%
Operating Expenses $126.6M $151.1M $464.6M
YoY Change 10.83% 18.42% 11.28%
Operating Profit $232.8M $66.36M $240.1M
YoY Change 423.21% -8.96% -8.74%
Interest Expense $20.69M -$11.63M $36.99M
YoY Change 131.23% 27.75% 4.01%
% of Operating Profit 8.88% -17.52% 15.4%
Other Income/Expense, Net $920.0K $526.0K $3.326M
YoY Change -8.18% -67.13% -59.91%
Pretax Income $214.3M $41.41M $205.2M
YoY Change 486.29% -36.96% -13.0%
Income Tax $36.24M $10.84M $53.38M
% Of Pretax Income 16.91% 26.17% 26.01%
Net Earnings $178.1M $30.60M $151.9M
YoY Change 531.81% -37.38% -10.72%
Net Earnings / Revenue 45.21% 8.51% 10.72%
Basic Earnings Per Share $1.61 $1.38
Diluted Earnings Per Share $1.60 $274.1K $1.36
COMMON SHARES
Basic Shares Outstanding 110.6M 110.5M 110.3M
Diluted Shares Outstanding 111.7M 111.4M

Balance Sheet

Concept 2022 Q1 2021 Q4 2021
SHORT-TERM ASSETS
Cash & Short-Term Investments $440.1M $326.1M $326.1M
YoY Change 49.5% 16.97% 16.97%
Cash & Equivalents $440.1M $326.1M $326.1M
Short-Term Investments
Other Short-Term Assets $50.70M $64.35M $167.2M
YoY Change 54.56% 135.92% 201.84%
Inventory $78.89M $102.5M $102.5M
Prepaid Expenses
Receivables $288.1M $150.9M $118.9M
Other Receivables $19.52M $19.90M $47.54M
Total Short-Term Assets $1.028B $762.2M $762.2M
YoY Change 21.79% 36.9% 36.89%
LONG-TERM ASSETS
Property, Plant & Equipment $445.5M $449.1M $563.5M
YoY Change -7.95% -8.75% -7.41%
Goodwill $947.8M $947.7M
YoY Change 12.75% 12.74%
Intangibles $341.8M $350.5M
YoY Change 15.28% 16.47%
Long-Term Investments
YoY Change
Other Assets $157.9M $142.5M $958.7M
YoY Change 6.04% -3.46% 3252.0%
Total Long-Term Assets $2.840B $2.831B $2.831B
YoY Change 59.27% 57.72% 57.73%
TOTAL ASSETS
Total Short-Term Assets $1.028B $762.2M $762.2M
Total Long-Term Assets $2.840B $2.831B $2.831B
Total Assets $3.867B $3.593B $3.593B
YoY Change 47.23% 52.79% 52.79%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $258.6M $280.3M $85.74M
YoY Change 13.57% 14.97% 13.57%
Accrued Expenses $116.6M $128.0M
YoY Change 17.16% 16.37%
Deferred Revenue
YoY Change
Short-Term Debt $22.08M $6.147M $6.147M
YoY Change -14.85% -78.91% -78.88%
Long-Term Debt Due $3.564M $3.498M $3.498M
YoY Change -66.11% -66.24% -66.37%
Total Short-Term Liabilities $848.9M $588.4M $588.4M
YoY Change 8.16% 14.35% 14.34%
LONG-TERM LIABILITIES
Long-Term Debt $1.578B $1.734B $1.748B
YoY Change 152.06% 176.86% 171.67%
Other Long-Term Liabilities $150.1M $147.3M $133.3M
YoY Change -5.75% -3.75% -1.93%
Total Long-Term Liabilities $1.729B $1.881B $1.881B
YoY Change 120.06% 141.4% 141.4%
TOTAL LIABILITIES
Total Short-Term Liabilities $848.9M $588.4M $588.4M
Total Long-Term Liabilities $1.729B $1.881B $1.881B
Total Liabilities $2.642B $2.522B $2.522B
YoY Change 63.48% 88.32% 87.62%
SHAREHOLDERS EQUITY
Retained Earnings $989.9M $839.6M
YoY Change 24.4% 6.02%
Common Stock $292.2M $287.0M
YoY Change 14.86% 14.99%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.225B $1.071B $1.071B
YoY Change
Total Liabilities & Shareholders Equity $3.867B $3.593B $3.593B
YoY Change 47.23% 52.79% 52.79%

Cashflow Statement

Concept 2022 Q1 2021 Q4 2021
OPERATING ACTIVITIES
Net Income $178.1M $30.60M $151.9M
YoY Change 531.81% -37.38% -10.72%
Depreciation, Depletion And Amortization $24.23M $22.98M $87.89M
YoY Change 14.97% 19.05% 17.31%
Cash From Operating Activities $185.1M $13.47M $317.6M
YoY Change 2.46% -274.91% 23.16%
INVESTING ACTIVITIES
Capital Expenditures $2.002M -$10.90M $9.816M
YoY Change 28.66% -18.03% -31.18%
Acquisitions
YoY Change
Other Investing Activities $164.7M -$170.8M -$170.6M
YoY Change 54803.0% -32.55% -26.98%
Cash From Investing Activities $154.9M -$181.7M -$214.1M
YoY Change -1644.05% -31.82% -22.64%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $162.7M $5.328M
YoY Change 6095.66% -61.14%
Cash From Financing Activities -180.3M 1.064B 960.9M
YoY Change 443.95% -5316.49% -962.1%
NET CHANGE
Cash From Operating Activities 185.1M 13.47M 317.6M
Cash From Investing Activities 154.9M -181.7M -214.1M
Cash From Financing Activities -180.3M 1.064B 960.9M
Net Change In Cash 167.6M 895.9M 1.056B
YoY Change 24.42% -404.12% -1031.15%
FREE CASH FLOW
Cash From Operating Activities $185.1M $13.47M $317.6M
Capital Expenditures $2.002M -$10.90M $9.816M
Free Cash Flow $183.1M $24.37M $307.8M
YoY Change 2.23% 335.18% 26.34%

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ProfitLoss
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ProfitLoss
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DepreciationDepletionAndAmortization
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DepreciationDepletionAndAmortization
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DepreciationDepletionAndAmortization
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CY2021 us-gaap Share Based Compensation
ShareBasedCompensation
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ShareBasedCompensation
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ShareBasedCompensation
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DeferredIncomeTaxExpenseBenefit
3859000
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DeferredIncomeTaxExpenseBenefit
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DeferredIncomeTaxExpenseBenefit
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CY2021 us-gaap Foreign Currency Transaction Gain Loss Unrealized
ForeignCurrencyTransactionGainLossUnrealized
107000
CY2020 us-gaap Foreign Currency Transaction Gain Loss Unrealized
ForeignCurrencyTransactionGainLossUnrealized
-2453000
CY2019 us-gaap Foreign Currency Transaction Gain Loss Unrealized
ForeignCurrencyTransactionGainLossUnrealized
3058000
CY2021 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
1436000
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GainLossOnSaleOfPropertyPlantEquipment
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4086000
CY2021 rba Amortization Of Right Of Use Assets
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12240000
CY2019 rba Amortization Of Right Of Use Assets
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CY2020 us-gaap Gain Loss On Sale Of Business
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CY2021 rba Change In Fair Value Of Derivatives
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CY2021 us-gaap Other Operating Activities Cash Flow Statement
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CY2020 us-gaap Other Operating Activities Cash Flow Statement
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1466000
CY2019 us-gaap Other Operating Activities Cash Flow Statement
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2779000
CY2021 us-gaap Increase Decrease In Operating Capital
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CY2021 us-gaap Net Cash Provided By Used In Operating Activities
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CY2020 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
257872000
CY2019 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
332793000
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170976000
CY2020 us-gaap Payments To Acquire Interest In Subsidiaries And Affiliates
PaymentsToAcquireInterestInSubsidiariesAndAffiliates
250039000
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PaymentsToAcquirePropertyPlantAndEquipment
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CY2020 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
14263000
CY2019 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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CY2021 us-gaap Proceeds From Sale Of Property Held For Sale
ProceedsFromSaleOfPropertyHeldForSale
1911000
CY2020 us-gaap Proceeds From Sale Of Property Held For Sale
ProceedsFromSaleOfPropertyHeldForSale
16385000
CY2019 us-gaap Proceeds From Sale Of Property Held For Sale
ProceedsFromSaleOfPropertyHeldForSale
5929000
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CY2020 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
28873000
CY2019 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
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4212000
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CY2020 us-gaap Net Cash Provided By Used In Investing Activities
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CY2019 us-gaap Net Cash Provided By Used In Investing Activities
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CY2021 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
9283000
CY2020 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
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CY2019 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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CY2020 us-gaap Repayments Of Long Term Debt
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CY2019 us-gaap Repayments Of Long Term Debt
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FinanceLeasePrincipalPayments
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CY2020 us-gaap Net Cash Provided By Used In Financing Activities
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CY2019 us-gaap Net Cash Provided By Used In Financing Activities
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306895000
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021 us-gaap Nature Of Operations
NatureOfOperations
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:18pt;text-indent:-18pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">1.     General information</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">Ritchie Bros. Auctioneers Incorporated and its subsidiaries (collectively referred to as the “Company”) provide a marketplace for insights, services and transaction solutions for commercial assets. The Company offers its customers end-to-end transaction solutions for used commercial and other durable assets through its omnichannel platform, which includes auctions, online marketplaces, listing services, and private brokerage services. The Company also offers a wide array of value-added services connected to commercial assets as well as asset management software and data as a service solutions to help customers make more accurate and reliable business decisions. Ritchie Bros. Auctioneers Incorporated is a company incorporated in Canada under the Canada Business Corporations Act, whose shares are publicly traded on the Toronto Stock Exchange (“TSX”) and the New York Stock Exchange (“NYSE”). </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">On November 2, 2021, the Company acquired all the issued and outstanding common shares of SmartEquip Inc. (“SmartEquip”), which has been consolidated from the date of acquisition. SmartEquip is an innovative technology platform that supports customers' management of the equipment lifecycle and integrates parts procurement with both original equipment manufacturers and dealers. SmartEquip generates its revenues by delivering to its customers a real-time service and diagnostic support for the assets in their fleets and enables the electronic procurement of parts from original equipment manufacturers and their dealers. Please refer to Note 4 for further information.</p>
CY2021 rba Significant Judgments Estimated And Assumptions
SignificantJudgmentsEstimatedAndAssumptions
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:18pt;text-indent:-18pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">3.     Significant judgments, estimates and assumptions</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">The preparation of financial statements in conformity with US GAAP requires management to make judgments, estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">Future differences arising between actual results and the judgments, estimates and assumptions made by the Company at the reporting date, or future changes to estimates and assumptions, could necessitate adjustments to the underlying reported amounts of assets, liabilities, revenues and expenses in future reporting periods.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Judgments, estimates and underlying assumptions are evaluated on an ongoing basis by management and are based on historical experience and other factors including expectations of future events that are believed to be reasonable under the circumstances. However, existing circumstances and assumptions about future developments may change due to market changes or circumstances and such changes are reflected in the assumptions when they occur. Accounting for business combinations requires estimates with respect to the fair value of the assets acquired and liabilities assumed. Such estimates of fair value may require valuation methods which use significant estimates and assumptions. At the acquisition of SmartEquip and Rouse, we estimated the fair value of the intangible assets acquired, using valuation methods, which required management to make estimates with respect to expected future cash flows and growth rates, gross margins, attrition rates, royalty rates, discount rates, terminal value, and forecast period. The Company based these estimates on historical and anticipated results, industry trends, economic analysis, and various other assumptions that it believes are reasonable, including assumptions as to future events. </p>
CY2021 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
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CY2020 us-gaap Revenues
Revenues
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CY2019 us-gaap Revenues
Revenues
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23106000
CY2021 us-gaap Revenues
Revenues
1416971000
CY2020 us-gaap Revenues
Revenues
1377260000
CY2019 us-gaap Revenues
Revenues
1318641000
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21879000
CY2019 rba Labor And Related Expense Share Based Compensation Expense
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CY2021 rba Building Facility And Technology Expense
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73490000
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30197000
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293931000
CY2020 rba Labor And Related Expense Wages Salaries And Benefits
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265029000
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229624000
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BuildingFacilityAndTechnologyExpense
62755000
CY2019 rba Building Facility And Technology Expense
BuildingFacilityAndTechnologyExpense
61177000
CY2021 rba Travel Advertising And Promotion Expense
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25940000
CY2020 rba Travel Advertising And Promotion Expense
TravelAdvertisingAndPromotionExpense
25780000
CY2019 rba Travel Advertising And Promotion Expense
TravelAdvertisingAndPromotionExpense
38248000
CY2021 us-gaap Professional Fees
ProfessionalFees
25969000
CY2020 us-gaap Professional Fees
ProfessionalFees
18220000
CY2019 us-gaap Professional Fees
ProfessionalFees
15572000
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22163000
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OtherSellingGeneralAndAdministrativeExpense
23860000
CY2019 us-gaap Other Selling General And Administrative Expense
OtherSellingGeneralAndAdministrativeExpense
21364000
CY2021 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
464599000
CY2020 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
417523000
CY2019 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
382389000
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BusinessCombinationAcquisitionRelatedCosts
6014000
CY2019 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
777000
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-550000
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ProceedsFromSaleMaturityAndCollectionsOfInvestments
1700000
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205232000
CY2021 us-gaap Depreciation
Depreciation
32401000
CY2020 us-gaap Depreciation
Depreciation
31330000
CY2019 us-gaap Depreciation
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43450000
CY2021 rba Guarantor Obligations Proceeds On Auction Sale Proceeds Percentage
GuarantorObligationsProceedsOnAuctionSaleProceedsPercentage
0.61
CY2020 rba Guarantor Obligations Proceeds On Auction Sale
GuarantorObligationsProceedsOnAuctionSale
22773000
CY2020 rba Guarantor Obligations Proceeds On Auction Sale Proceeds Percentage
GuarantorObligationsProceedsOnAuctionSaleProceedsPercentage
0.23

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