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Ritchie Bros Auctioneers Inc (RBA) SEC Filing 10-K Annual Report for the fiscal year ending Saturday, December 31, 2022

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Ritchie Bros Auctioneers Inc

HISTORY TOOLS
CIK: 1046102 Ticker: RBA

Exhibit 99.1

 

 

  News Release

 

Ritchie Bros. announces preliminary fourth quarter & full year 2022 financial results

 

VANCOUVER, February 13, 2023

– Ritchie Bros. Auctioneers Incorporated (NYSE & TSX: RBA, the “Company”, “Ritchie Bros.”, “we”, “us”, or “our”) announced today certain preliminary, unaudited financial results for the fourth quarter and full year 2022.

 

(All figures are presented in U.S. dollars)

 

“Ritchie Bros.’ strong finish to 2022 is a testament to our team’s continued focus on the customer paired with solid execution. We are excited about the anticipated closing of the IAA transaction and accelerating progress toward our vision of creating a trusted Global Marketplace for Insights, Services and Transaction solutions for Commercial Assets and Vehicles,” said Ann Fandozzi, CEO of Ritchie Bros.

 

For the year ended on December 31, 2022, the Company expects the following:

·Gross transaction value (“GTV”)1 of approximately $6.0 billion
·Total revenue of approximately $1.7 billion
·Net income of approximately $317 million to $320 million
·Adjusted EBITDA2 of approximately $461 million to $465 million
·Short- and long-term debt of approximately $610 million
·Net debt3 of approximately $116 million

 

For the quarter ended on December 31, 2022, the Company expects the following:

·GTV of approximately $1.5 billion
·Total revenue of approximately $444 million
·Net income of approximately $42 million to $45 million
·Adjusted EBITDA of approximately $118 million to $122 million

 

The above statements are based on management’s initial review of operations for the quarter and year ended on December 31, 2022, and remain subject to change based on management’s ongoing review of the Company’s fourth quarter and full year results.

 

About Ritchie Bros.

 

Established in 1958, Ritchie Bros. (NYSE and TSX: RBA) is a global asset management and disposition company, offering customers end-to-end solutions for buying and selling used heavy equipment, trucks and other assets. Operating in a number of sectors, including construction, commercial transportation, agriculture, energy, mining, and forestry, the company’s selling channels include: Ritchie Bros. Auctioneers, the world’s largest industrial auctioneer offering live auction events with online bidding; IronPlanet, an online marketplace with weekly featured auctions and providing the exclusive IronClad Assurance® equipment condition certification; Marketplace-E, a controlled marketplace offering multiple price and timing options; Ritchie List, a self-serve listing service for North America; Mascus, a leading European online equipment listing service; Ritchie Bros. Private Treaty, offering privately negotiated sales; and sector-specific solutions GovPlanet, TruckPlanet, and Ritchie Bros. Energy. The Company’s suite of solutions also includes Ritchie Bros. Asset Solutions and Rouse Services LLC, which together provides a complete end-to-end asset management, data-driven intelligence and performance benchmarking system; SmartEquip, an innovative technology platform that supports customers’ management of the equipment lifecycle and integrates parts procurement with both OEMs and dealers; plus equipment financing and leasing through Ritchie Bros. Financial Services. For more information about Ritchie Bros., visit RitchieBros.com.

 

 

 

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.

2 For information regarding Ritchie Bros. use and definition of this measure, see “Non-GAAP Measures” section in this press release

3 For information regarding Ritchie Bros. use and definition of this measure, see “Non-GAAP Measures” section in this press release

 

The following information was filed by Ritchie Bros Auctioneers Inc (RBA) on Monday, February 13, 2023 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Definitive Proxy Statement (Form DEF 14A)
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Ritchie Bros Auctioneers Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2023 10-K Annual Report includes:

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Inside Ritchie Bros Auctioneers Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Income Statements
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Equity
Consolidated Statements Of Comprehensive Income
Business Combinations
Business Combinations (Narrative) (Details)
Business Combinations (Schedule Of Purchase Price Allocation) (Details)
Business Combinations (Tables)
Commitments
Commitments (Details)
Contingencies
Contingencies (Details)
Debt
Debt (Narrative) (Details)
Debt (Schedule Of Future Principal Loan Repayments) (Details)
Debt (Summary Of Debt) (Details)
Debt (Tables)
Derivative Financial Instruments
Derivative Financial Instruments (Details)
Earnings Per Share Attributable To Stockholders
Earnings Per Share Attributable To Stockholders (Details)
Earnings Per Share Attributable To Stockholders (Tables)
Equity And Dividends
Equity And Dividends (Narrative) (Details)
Equity And Dividends (Schedule Of Quarterly Dividends Declared And Paid) (Details)
Equity And Dividends (Schedule Of Shares Issuance Activity) (Details)
Equity And Dividends (Tables)
Fair Value Measurement
Fair Value Measurement (Details)
Fair Value Measurement (Tables)
General Information
Goodwill
Goodwill (Details)
Goodwill (Tables)
Income Taxes
Income Taxes (Narrative) (Details)
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details)
Income Taxes (Schedule Of Effective Income Tax Rate Reconciliation) (Details)
Income Taxes (Schedule Of Non-Capital Loss Carryforwards) (Details)
Income Taxes (Schedule Of Unrecognized Tax Benefits) (Details)
Income Taxes (Summary Of Income Tax Expense (Recovery)) (Details)
Income Taxes (Tables)
Intangible Assets
Intangible Assets (Narrative) (Details)
Intangible Assets (Schedule Of Annual Amortization Expense) (Details)
Intangible Assets (Schedule Of Indefinite-Lived And Definite-Lived Intangible Assets) (Details)
Intangible Assets (Tables)
Inventory
Inventory (Details)
Leases
Leases (Assets Recorded Under Finance Leases) (Details)
Leases (Breakdown Of Lease Expense) (Details)
Leases (Future Minimum Finance Lease Payments) (Details)
Leases (Future Minimum Operating Lease Payments) (Details)
Leases (Narrative) (Details)
Leases (Tables)
Operating Expenses
Operating Expenses (Schedule Of Acquisition Related Costs) (Details)
Operating Expenses (Schedule Of Depreciation And Amortization Expenses) (Details)
Operating Expenses (Schedule Of Direct Operating Expenses) (Details)
Operating Expenses (Schedule Of Selling, General And Administrative Expenses) (Details)
Operating Expenses (Tables)
Other Current Assets
Other Current Assets (Narrative) (Details)
Other Current Assets (Schedule Of Other Current Assets) (Details)
Other Current Assets (Summary Of Assets Held For Sale) (Details)
Other Current Assets (Tables)
Other Income
Other Income (Details)
Other Non-Current Assets
Other Non-Current Assets (Details)
Other Non-Current Assets (Narrative) (Details)
Other Non-Current Assets (Tables)
Other Non-Current Liabilities
Other Non-Current Liabilities (Details)
Other Non-Current Liabilities (Tables)
Property, Plant And Equipment
Property, Plant And Equipment (Narrative) (Details)
Property, Plant And Equipment (Schedule Of Property, Plant And Equipment) (Details)
Property, Plant And Equipment (Tables)
Revenues
Revenues (Details)
Revenues (Tables)
Segmented Information
Segmented Information (Geographic Information Of Revenue And Location Of Assets) (Details)
Segmented Information (Narrative) (Details)
Segmented Information (Schedule Of Carrying Value Goodwill) (Details)
Segmented Information (Schedule Of Revenue And Net Income By Segment) (Details)
Segmented Information (Tables)
Share-Based Payments
Share-Based Payments (Compensation Costs) (Details)
Share-Based Payments (Narrative) (Details)
Share-Based Payments (Summary Of Share Unit Activity) (Details)
Share-Based Payments (Summary Of Stock Option Activity) (Details)
Share-Based Payments (Summary Of Stock Option Pricing Assumptions) (Details)
Share-Based Payments (Tables)
Significant Accounting Policies
Significant Accounting Policies (Amortization Of Intangible Assets) (Details)
Significant Accounting Policies (Depreciation Of Assets Based On Usage) (Details)
Significant Accounting Policies (Narrative) (Details)
Significant Accounting Policies (Policies)
Significant Accounting Policies (Tables)
Significant Judgments, Estimates And Assumptions
Subsequent Event
Subsequent Event (Details)
Supplemental Cash Flow Information
Supplemental Cash Flow Information (Schedule Of Cash, Cash Equivalents And Restricted Cash) (Details)
Supplemental Cash Flow Information (Schedule Of Net Changes In Operating Assets And Liabilities) (Details)
Supplemental Cash Flow Information (Schedule Of Supplemental Cash Flow) (Details)
Supplemental Cash Flow Information (Tables)
Trade And Other Liabilities
Trade And Other Liabilities (Details)
Trade And Other Liabilities (Tables)
Trade And Other Receivables
Trade And Other Receivables (Details)
Trade And Other Receivables (Tables)
Ticker: RBA
CIK: 1046102
Form Type: 10-K Annual Report
Accession Number: 0001558370-23-001652
Submitted to the SEC: Tue Feb 21 2023 5:02:24 PM EST
Accepted by the SEC: Tue Feb 21 2023
Period: Saturday, December 31, 2022
Industry: Business Services

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