$RBA

2023 Q2 Form 10-Q Financial Statement

#000155837023009098 Filed on May 10, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $1.107B $512.4M
YoY Change 128.36% 30.08%
Cost Of Revenue $579.2M $227.9M
YoY Change 161.83% 33.59%
Gross Profit $527.3M $284.5M
YoY Change 100.24% 27.39%
Gross Profit Margin 47.65% 55.52%
Selling, General & Admin $194.5M $148.2M
YoY Change 34.81% 17.06%
% of Gross Profit 36.89% 52.09%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $109.6M $36.20M
YoY Change 351.07% 49.43%
% of Gross Profit 20.79% 12.72%
Operating Expenses $304.1M $148.2M
YoY Change 110.78% 17.06%
Operating Profit $223.2M -$24.90M
YoY Change 142.96% -110.69%
Interest Expense -$60.40M $20.90M
YoY Change -427.14% 1.03%
% of Operating Profit -27.06%
Other Income/Expense, Net $200.0K $2.400M
YoY Change -87.8% 160.87%
Pretax Income $119.4M -$37.50M
YoY Change 59.11% -117.5%
Income Tax $32.60M -$9.300M
% Of Pretax Income 27.3%
Net Earnings $77.40M -$28.10M
YoY Change 45.04% -115.78%
Net Earnings / Revenue 7.0% -5.48%
Basic Earnings Per Share $0.43 -$0.28
Diluted Earnings Per Share $0.42 -$0.28
COMMON SHARES
Basic Shares Outstanding 181.8M 111.1M
Diluted Shares Outstanding 182.8M 120.5M

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $432.9M $568.3M
YoY Change 17.86% 29.12%
Cash & Equivalents $432.9M $568.3M
Short-Term Investments
Other Short-Term Assets $280.7M $82.90M
YoY Change 675.16% 63.51%
Inventory $179.9M $207.3M
Prepaid Expenses $56.00M $23.00M
Receivables $894.7M $789.0M
Other Receivables $44.10M $20.50M
Total Short-Term Assets $1.832B $1.830B
YoY Change 83.81% 78.07%
LONG-TERM ASSETS
Property, Plant & Equipment $1.138B $1.145B
YoY Change 157.01% 156.98%
Goodwill $4.705B $4.769B
YoY Change 397.4% 403.18%
Intangibles $2.735B $2.671B
YoY Change 722.15% 681.4%
Long-Term Investments $8.300M
YoY Change
Other Assets $1.464B $74.70M
YoY Change 769.39% -52.68%
Total Long-Term Assets $10.08B $10.04B
YoY Change 431.28% 253.47%
TOTAL ASSETS
Total Short-Term Assets $1.832B $1.830B
Total Long-Term Assets $10.08B $10.04B
Total Assets $11.91B $11.87B
YoY Change 311.59% 206.87%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $136.8M $558.4M
YoY Change -46.25% 115.94%
Accrued Expenses $334.9M $217.5M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $17.20M $23.60M
YoY Change 99.14% 6.87%
Long-Term Debt Due $18.60M $95.70M
YoY Change 302.86% 2585.19%
Total Short-Term Liabilities $1.384B $1.405B
YoY Change 74.55% 65.44%
LONG-TERM LIABILITIES
Long-Term Debt $3.132B $3.125B
YoY Change 389.58% 97.96%
Other Long-Term Liabilities $1.314B $59.30M
YoY Change 742.79% -60.49%
Total Long-Term Liabilities $4.446B $3.184B
YoY Change 458.79% 84.2%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.384B $1.405B
Total Long-Term Liabilities $4.446B $3.184B
Total Liabilities $6.510B $6.513B
YoY Change 294.55% 146.53%
SHAREHOLDERS EQUITY
Retained Earnings $887.1M $858.2M
YoY Change -12.63% -13.31%
Common Stock $4.085B $4.073B
YoY Change 1225.12% 1294.07%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.402B $4.862B
YoY Change
Total Liabilities & Shareholders Equity $11.91B $11.87B
YoY Change 311.59% 206.87%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income $77.40M -$28.10M
YoY Change 45.04% -115.78%
Depreciation, Depletion And Amortization $109.6M $36.20M
YoY Change 351.07% 49.43%
Cash From Operating Activities $107.2M -$57.30M
YoY Change 731.52% -130.95%
INVESTING ACTIVITIES
Capital Expenditures $96.70M $23.50M
YoY Change -1022.01% 1073.83%
Acquisitions
YoY Change
Other Investing Activities $27.20M -$2.783B
YoY Change -750.87% -1789.4%
Cash From Investing Activities -$69.50M -$2.823B
YoY Change 373.85% -1921.94%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $501.1M
YoY Change 207.99%
Cash From Financing Activities -174.3M 2.959B
YoY Change -82.14% -1740.94%
NET CHANGE
Cash From Operating Activities 107.2M -57.30M
Cash From Investing Activities -69.50M -2.823B
Cash From Financing Activities -174.3M 2.959B
Net Change In Cash -136.6M 81.10M
YoY Change -86.03% -51.62%
FREE CASH FLOW
Cash From Operating Activities $107.2M -$57.30M
Capital Expenditures $96.70M $23.50M
Free Cash Flow $10.50M -$80.80M
YoY Change -55.09% -144.12%

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CY2023Q1 us-gaap Nature Of Operations
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 7pt 0pt;">1.    General Information</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Ritchie Bros. Auctioneers Incorporated and its subsidiaries (collectively referred to as the “Company”, “Ritchie Bros.”, “we”, “us”, or “our”) provide a marketplace for insights, services and transaction solutions for commercial assets and vehicles. 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 and vehicles as well as asset management software and data as a service solutions to help customers make more accurate and reliable business decisions. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">On March 20, 2023, the Company acquired all the issued and outstanding shares of IAA, Inc. (“IAA”), which has been consolidated from the date of acquisition. IAA is a leading global digital marketplace connecting vehicle buyers and sellers and facilitates the marketing and sale of total loss, damaged and low-value vehicles for a full spectrum of sellers. IAA has more than 200 facilities throughout the United States, Canada and the United Kingdom. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">On January 3, 2023, the Company also acquired a 75% interest in VeriTread LLC (“VeriTread”), which has been consolidated from the date the Company obtained control on January 18, 2023. VeriTread is a transportation technology company in the United States that provides an online marketplace solution for open deck transport, connecting shippers and service providers.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Ritchie Bros. Auctioneers Incorporated is a company incorporated in Canada under the Canada Business Corporations Act, whose shares are publicly traded on the New York Stock Exchange (“NYSE”) and the Toronto Stock Exchange (“TSX”). The Company moved its headquarters to Westchester, Illinois, United States from Burnaby, British Columbia, Canada after the close of the IAA acquisition.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">​</span></p>
CY2023Q1 us-gaap Prior Period Reclassification Adjustment Description
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Reclassifications</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">The following reclassifications have been made in the presentation of prior period financial statements to conform to the presentation of the current period financial statements:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(i)</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">reclassification in 2022 of </span><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">$23.3</span><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"> million from trade and other liabilities to auction proceeds payable relating to amounts payable to consignors from our auctions and marketplaces, which are held for various reasons beyond the typical payment terms of 21 days; </span></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 18pt;"><span style="margin-left:0pt;visibility:hidden;">​</span></p><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">reclassification in 2022 of </span><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">$122.9</span><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"> million from other non-current assets to operating lease right-of-use assets, </span><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">$12.7</span><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"> million from trade and other liabilities to current operating lease liabilities, and </span><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">$111.9</span><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"> million from other non-current liabilities to long-term operating lease liabilities; and</span></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 18pt;"><span style="margin-left:0pt;visibility:hidden;">​</span></p><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">reclassification of </span><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">$0.2</span><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"> million foreign exchange gain for the three-month period ended March 31, 2022, from operating income to below operating income.</span></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p>
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CY2023Q1 rba Significant Judgments Estimated And Assumptions
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 5pt 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 5pt 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 5pt 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 0pt 5pt 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. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 5pt 0pt;">Significant items subject to estimates and judgments during the three months ended March 31, 2023 related to the preliminary purchase price allocations for the acquisitions of IAA and VeriTread and the valuation of the redeemable non-controlling interest recognized in connection with the acquisition of VeriTread.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 5pt 0pt;">Given the date of the acquisition in relation to the reporting date, the fair value estimates of assets acquired and liabilities assumed is pending the completion of various items, including obtaining further information regarding the identification and valuation of all assets acquired and liabilities assumed.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 5pt 0pt;">Accounting for business combinations requires estimates with respect to the fair value of the assets acquired and liabilities assumed. Such estimates of fair value require valuation methods which rely on significant estimates and assumptions. In connection with the acquisitions of IAA and VeriTread, the valuation of intangible assets required significant estimates and assumptions and included estimates regarding future cash flows, growth rates, attrition rates, royalty rates, obsolescence rates, discount rates, terminal value and forecasted period assumptions, as applicable. 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 the occurrence of future events. In addition, in connection with the acquisition of IAA, the valuation of property, plant, and equipment required significant estimates and assumptions, including estimates regarding market value. Preliminary estimates were based on valuation market, income and cost approaches, as applicable.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">In connection with the acquisition of VeriTread, management applied judgement and assessed that it is probable that the redeemable non-controlling interest will be redeemed at a future date. At the end of each reporting period, if redemption of the redeemable non-controlling interest continues to be probable, then the carrying value of the redeemable non-controlling interest is adjusted to its estimated redemption value as one of the allowable methods under the applicable accounting standards. The valuation of the redemption value at acquisition, and at each reporting period, requires management to assess whether VeriTread and the Company will be able to successfully achieve certain integration milestones and performance targets over a three-year period. The valuation of the estimated redemption value also includes estimates such as future cash flows, growth rates and discount rates, among others. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">​</span></p>
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CY2023Q1 rba Increase Decrease In Auction Proceeds Payable
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