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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2022

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______ to ______

Commission file number: 001-13425

Graphic

Ritchie Bros. Auctioneers Incorporated

(Exact Name of Registrant as Specified in its Charter)

Canada

 

98-0626225

(State or other jurisdiction of incorporation or organization)

 

(I.R.S. Employer Identification No.)

 

9500 Glenlyon Parkway

 

 

Burnaby, British Columbia, Canada

 

V5J 0C6

(Address of Principal Executive Offices)

 

(Zip Code)

(778) 331-5500

(Registrant’s Telephone Number, including Area Code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common shares

RBA

New York Stock Exchange

Common Share Purchase Rights

N/A

New York Stock Exchange

Indicate by checkmark whether the registrant (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer 

Accelerated filer 

Non-accelerated filer 

Smaller reporting company 

Emerging growth company 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act):

Yes No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practical date: 110,872,179 common shares, without par value, outstanding as of November 4, 2022.

PART I – FINANCIAL INFORMATION

ITEM 1:           CONSOLIDATED FINANCIAL STATEMENTS

Condensed Consolidated Income Statements

(Expressed in thousands of U.S. dollars, except share and per share data)

(Unaudited)

Three months ended

Nine months ended

September 30, 

September 30, 

    

2022

    

2021

    

2022

    

2021

Revenue:

  

  

  

  

Service revenue

$

246,696

$

214,193

$

778,059

$

672,971

Inventory sales revenue

 

164,783

 

115,489

 

511,887

 

384,627

Total revenue

 

411,479

 

329,682

 

1,289,946

 

1,057,598

Operating expenses:

 

  

 

  

 

  

 

  

Costs of services

 

41,521

 

35,108

 

125,575

 

114,275

Cost of inventory sold

 

147,253

 

102,993

 

455,006

 

344,763

Selling, general and administrative

 

133,193

 

106,508

 

404,077

 

330,307

Acquisition-related costs

 

2,031

 

10,255

 

15,067

 

16,226

Depreciation and amortization

 

24,290

 

21,907

 

72,813

 

64,912

Foreign exchange (gain) loss

 

(430)

 

360

 

(752)

 

788

Total operating expenses

 

347,858

 

277,131

 

1,071,786

 

871,271

Gain on disposition of property, plant and equipment

 

333

 

1,068

170,499

1,311

Operating income

 

63,954

 

53,619

 

388,659

 

187,638

Interest expense

 

(9,199)

 

(8,807)

 

(48,348)

 

(26,620)

Change in fair value of derivatives, net

 

 

 

1,263

 

Other income, net

 

2,866

 

602

 

5,426

 

2,800

Income before income taxes

 

57,621

 

45,414

 

347,000

 

163,818

Income tax expense

14,697

13,057

72,564

42,541

Net income

$

42,924

$

32,357

$

274,436

$

121,277

Net income attributable to:

 

  

 

  

 

  

 

  

Stockholders

$

42,909

$

32,336

$

274,368

$

121,273

Non-controlling interests

 

15

 

21

 

68

 

4

Net income

$

42,924

$

32,357

$

274,436

$

121,277

Earnings per share attributable to stockholders:

 

  

 

  

 

  

 

  

Basic

$

0.39

$

0.29

$

2.48

$

1.10

Diluted

$

0.38

$

0.29

$

2.45

$

1.09

Weighted average number of shares outstanding:

 

  

 

  

 

  

 

  

Basic

 

110,838,237

 

110,410,172

 

110,750,021

 

110,233,851

Diluted

 

112,209,535

 

111,391,396

 

111,858,095

 

111,333,247

See accompanying notes to the condensed consolidated financial statements.

Ritchie Bros.

1

Condensed Consolidated Statements of Comprehensive Income

(Expressed in thousands of U.S. dollars)

(Unaudited)

Three months ended

Nine months ended

    

September 30, 

September 30, 

2022

    

2021

    

2022

    

2021

Net income

$

42,924

$

32,357

$

274,436

$

121,277

Other comprehensive income (loss), net of income tax:

 

 

  

 

  

 

  

Foreign currency translation adjustment

 

(30,515)

 

(8,859)

 

(54,457)

 

(17,751)

Total comprehensive income

$

12,409

$

23,498

$

219,979

$

103,526

Total comprehensive income (loss) attributable to:

 

  

 

  

 

  

 

  

Stockholders

$

12,420

$

23,487

$

219,969

$

103,546

Non-controlling interests

 

(11)

 

11

 

10

 

(20)

$

12,409

$

23,498

$

219,979

$

103,526

See accompanying notes to the condensed consolidated financial statements.

Ritchie Bros.

2

Condensed Consolidated Balance Sheets

(Expressed in thousands of U.S. dollars, except share data)

(Unaudited)

September 30, 

December 31, 

    

2022

    

2021

Assets

Cash and cash equivalents

$

438,771

$

326,113

Restricted cash

 

76,303

 

102,875

Trade and other receivables

 

307,409

 

150,895

Less: allowance for credit losses

(3,963)

(4,396)

Inventory

 

101,302

 

102,494

Other current assets

 

27,512

 

64,346

Income taxes receivable

 

6,523

 

19,895

Total current assets

 

953,857

 

762,222

Restricted cash

933,464

Property, plant and equipment

 

444,538

 

449,087

Other non-current assets

 

147,900

 

142,504

Intangible assets

 

323,228

 

350,516

Goodwill

 

946,770

 

947,715

Deferred tax assets

 

6,281

 

7,406

Total assets

$

2,822,574

$

3,592,914

Liabilities and Equity

 

  

 

  

Auction proceeds payable

$

441,439

$

292,789

Trade and other liabilities

 

266,139

 

280,308

Income taxes payable

 

38,678

 

5,677

Short-term debt

 

1,630

 

6,147

Current portion of long-term debt

 

4,296

 

3,498

Total current liabilities

 

752,182

 

588,419

Long-term debt

 

633,048

 

1,733,940

Other non-current liabilities

 

137,228

 

147,260

Deferred tax liabilities

 

60,916

 

52,232

Total liabilities

 

1,583,374

 

2,521,851

Commitments and Contingencies (Note 22 and Note 23 respectively)

 

Stockholders' equity:

 

  

 

  

Share capital:

 

  

 

  

Common stock; no par value, unlimited shares authorized, issued and outstanding shares: 110,870,783 (December 31, 2021: 110,618,049)

 

239,141

 

227,504

Additional paid-in capital

 

81,937

 

59,535

Retained earnings

 

1,028,096

 

839,609

Accumulated other comprehensive loss

 

(110,372)

 

(55,973)

Stockholders' equity

 

1,238,802

 

1,070,675

Non-controlling interest

 

398

 

388

Total stockholders' equity

 

1,239,200

 

1,071,063

Total liabilities and equity

$

2,822,574

$

3,592,914

See accompanying notes to the condensed consolidated financial statements.

Ritchie Bros.

3

Condensed Consolidated Statements of Changes in Equity

(Expressed in thousands of U.S. dollars, except where noted)

(Unaudited)

Attributable to stockholders

 

    

    

Additional

Accumulated

Non-

Common stock

paid-In

other

controlling

Number of

capital

Retained

comprehensive

interest

Total

Three months ended September 30, 2022

    

shares

    

Amount

    

("APIC")

    

earnings

    

loss

    

("NCI")

    

equity

    

Balance, June 30, 2022

110,791,788

$

235,244

$

73,014

$

1,015,301

$

(79,883)

$

409

$

1,244,085

Net income

 

 

 

42,909

 

 

15

 

42,924

Other comprehensive loss

 

 

 

 

(30,489)

 

(26)

 

(30,515)

 

 

 

42,909

 

(30,489)

 

(11)

 

12,409

Stock option exercises

75,511

 

3,536

 

(636)

 

 

 

 

2,900

Issuance of common stock related to vesting of share units

3,484

 

58

 

(198)

 

 

 

 

(140)

Share-based continuing employment costs related to business combinations

 

303

 

1,560

 

 

 

 

1,863

Stock option compensation expense

3,249

3,249

Equity-classified share units expense

4,766

 

 

 

4,766

Equity-classified share units divided equivalents

182

(182)

 

 

 

Cash dividends paid

 

 

 

(29,932)

 

 

 

(29,932)

Balance, September 30, 2022

110,870,783

$

239,141

$

81,937

$

1,028,096

$

(110,372)

$

398

$

1,239,200

Three months ended September 30, 2021

  

 

  

 

  

 

  

 

  

 

  

 

  

Balance, June 30, 2021

110,366,808

$

215,666

$

51,800

$

832,037

$

(43,173)

$

5,097

$

1,061,427

Net income

 

 

 

 

32,336

 

 

21

 

32,357

Other comprehensive loss

 

 

 

 

 

(8,849)

 

(10)

 

(8,859)

 

 

 

 

32,336

 

(8,849)

 

11

 

23,498

Stock option exercises

 

100,703

3,942

(725)

 

 

3,217

Issuance of common stock related to vesting of share units

 

85

1

(7)

 

 

(6)

Acquisition of remaining interest in NCI

 

 

 

(672)

 

69

 

 

(4,692)

 

(5,295)

Share-based continuing employment costs related to business combinations

2,707

 

2,707

Stock option compensation expense

 

2,133

 

 

2,133

Equity-classified share units expense

 

 

2,283

 

 

2,283

Equity-classified share units dividend equivalents

 

 

 

76

 

(76)

 

 

 

Cash dividends paid

 

 

(27,607)

 

(27,607)

Balance, September 30, 2021

 

110,467,596

$

219,609

$

57,595

$

836,759

$

(52,022)

$

416

$

1,062,357

Ritchie Bros.

4

    

Attributable to stockholders

    

    

Additional

Accumulated

Non-

Common stock

paid-In

other

controlling

Number of

capital

Retained

comprehensive

interest

Total

Nine months ended September 30, 2022

    

shares

    

Amount

    

("APIC")

    

earnings

    

loss

    

("NCI")

    

equity

    

Balance, December 31, 2021

110,618,049

$

227,504

$

59,535

$

839,609

$

(55,973)

$

388

$

1,071,063

Net income

 

 

 

274,368

 

 

68

 

274,436

Other comprehensive loss

 

 

 

 

(54,399)

 

(58)

 

(54,457)

 

 

 

274,368

 

(54,399)

 

10

 

219,979

Stock option exercises

155,694

 

7,090

 

(1,327)

 

 

 

 

5,763

Issuance of common stock related to vesting of share units

97,040

 

2,426

 

(6,143)

 

 

 

 

(3,717)

Share-based continuing employment costs related to business combinations

2,121

3,954

 

 

6,075

Stock option compensation expense

8,871

 

 

8,871

Equity-classified share units expense

 

 

16,450

 

 

 

 

16,450

Equity-classified share units dividend equivalents

 

 

597

 

(597)

 

 

 

Cash dividends paid

 

 

 

(85,284)

 

 

 

(85,284)

Balance, September 30, 2022

110,870,783

$

239,141

$

81,937

$

1,028,096

$

(110,372)

$

398

$

1,239,200

Nine months ended September 30, 2021

 

  

 

  

 

  

 

  

 

  

 

  

 

  

Balance, December 31, 2020

 

109,876,428

$

200,451

$

49,171

$

791,918

$

(34,295)

$

5,154

$

1,012,399

Net income

 

 

 

 

121,273

 

 

4

 

121,277

Other comprehensive loss

 

 

 

 

 

(17,727)

 

(24)

 

(17,751)

 

 

 

 

121,273

 

(17,727)

 

(20)

 

103,526

Stock option exercises

 

411,856

17,099

(3,184)

 

 

13,915

Issuance of common stock related to vesting of share units

 

234,822

2,059

(11,384)

 

 

(9,325)

Acquisition of remaining interest in NCI

 

 

 

(672)

 

70

 

 

(4,614)

 

(5,216)

Share-based continuing employment costs related to business combinations

 

(55,510)

7,938

 

7,938

Stock option compensation expense

 

 

5,903