RB Global Inc. Files 2023 Annual Report on Form 10-K

Ticker: RBA · Form: 10-K · Filed: Feb 28, 2024 · CIK: 1046102

Rb Global Inc. 10-K Filing Summary
FieldDetail
CompanyRb Global Inc. (RBA)
Form Type10-K
Filed DateFeb 28, 2024
Risk Level
Pages15
Reading Time18 min
Key Dollar Amounts$12.80, $1.7 billion, $1.2 billion, $500.0 million, $32.4 million
Sentimentneutral

Sentiment: neutral

Topics: 10-K, RB Global Inc., Financial Report, Revenue, Fiscal Year 2023

TL;DR

<b>RB Global Inc. filed its 2023 10-K, reporting $1,146.8 million in total revenue, with service revenues at $963.1 million and inventory sales at $183.7 million.</b>

AI Summary

RB GLOBAL INC. (RBA) filed a Annual Report (10-K) with the SEC on February 28, 2024. RB Global Inc. reported total revenue of $1,146.8 million for the fiscal year ended December 31, 2023. Service revenues for RB Global Inc. amounted to $963.1 million in 2023, a decrease from $987.1 million in 2022. Revenue from inventory sales for RB Global Inc. was $183.7 million in 2023, down from $217.1 million in 2022. The company's fiscal year ends on December 31st. RB Global Inc. was formerly known as Ritchie Bros Auctioneers Inc.

Why It Matters

For investors and stakeholders tracking RB GLOBAL INC., this filing contains several important signals. The filing details the company's financial performance for the fiscal year 2023, providing insights into revenue streams from services and inventory sales. Understanding the revenue trends, particularly the slight decrease in service revenues and a more significant drop in inventory sales, is crucial for assessing the company's operational performance and market position.

Risk Assessment

Risk Level: — RB GLOBAL INC. shows moderate risk based on this filing. The company experienced a decrease in both service revenues and revenue from inventory sales in 2023 compared to 2022, indicating potential market headwinds or operational challenges.

Analyst Insight

Investors should analyze the reasons behind the revenue decline in service and inventory sales to determine the long-term impact on RB Global Inc.'s profitability and growth prospects.

Revenue Breakdown

SegmentRevenueGrowth
Service Revenues963.1-2.43%
Revenue from Inventory Sales183.7-15.38%

Key Numbers

  • 1,146.8 — Total Revenue (Fiscal year ended December 31, 2023.)
  • 963.1 — Service Revenues (Fiscal year ended December 31, 2023.)
  • 987.1 — Service Revenues (Fiscal year ended December 31, 2022.)
  • 183.7 — Revenue from Inventory Sales (Fiscal year ended December 31, 2023.)
  • 217.1 — Revenue from Inventory Sales (Fiscal year ended December 31, 2022.)

Key Players & Entities

  • RB GLOBAL INC. (company) — Filer of the 10-K report.
  • RITCHIE BROS AUCTIONEERS INC (company) — Former name of RB Global Inc.
  • 2023-12-31 (date) — Conformed period of report.
  • 2024-02-28 (date) — Filed as of date.
  • 708-492-7000 (phone_number) — Business phone number for RB Global Inc.

FAQ

When did RB GLOBAL INC. file this 10-K?

RB GLOBAL INC. filed this Annual Report (10-K) with the SEC on February 28, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by RB GLOBAL INC. (RBA).

Where can I read the original 10-K filing from RB GLOBAL INC.?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by RB GLOBAL INC..

What are the key takeaways from RB GLOBAL INC.'s 10-K?

RB GLOBAL INC. filed this 10-K on February 28, 2024. Key takeaways: RB Global Inc. reported total revenue of $1,146.8 million for the fiscal year ended December 31, 2023.. Service revenues for RB Global Inc. amounted to $963.1 million in 2023, a decrease from $987.1 million in 2022.. Revenue from inventory sales for RB Global Inc. was $183.7 million in 2023, down from $217.1 million in 2022..

Is RB GLOBAL INC. a risky investment based on this filing?

Based on this 10-K, RB GLOBAL INC. presents a moderate-risk profile. The company experienced a decrease in both service revenues and revenue from inventory sales in 2023 compared to 2022, indicating potential market headwinds or operational challenges.

What should investors do after reading RB GLOBAL INC.'s 10-K?

Investors should analyze the reasons behind the revenue decline in service and inventory sales to determine the long-term impact on RB Global Inc.'s profitability and growth prospects. The overall sentiment from this filing is neutral.

Key Dates

  • 2023-12-31: Fiscal Year End — Reporting period for the 10-K.
  • 2024-02-28: Filing Date — Date the 10-K was officially filed with the SEC.

Filing Stats: 4,427 words · 18 min read · ~15 pages · Grade level 16.7 · Accepted 2024-02-28 16:01:22

Key Financial Figures

  • $12.80 — ion with IAA, IAA stockholders received $12.80 per share in cash and 0.5252 shares of
  • $1.7 billion — Ratio"). As such, we paid approximately $1.7 billion in cash consideration and issued 70.3 m
  • $1.2 billion — n. In addition, we repaid approximately $1.2 billion of IAA's net debt and $500.0 million pr
  • $500.0 million — tely $1.2 billion of IAA's net debt and $500.0 million principal amount of its senior notes, a
  • $32.4 million — riTread") for a total purchase price of $32.4 million. VeriTread is a transportation technolo

Filing Documents

Business

Business 4 ITEM 1A:

Risk Factors

Risk Factors 14 ITEM 1B: Unresolved Staff Comments 32 ITEM 1C: Cybersecurity 32 ITEM 2:

Properties

Properties 33 ITEM 3:

Legal Proceedings

Legal Proceedings 34 ITEM 4: Mine Safety Disclosures 34 PART II ITEM 5: Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities 35 ITEM 6: [ Reserved ] 39 ITEM 7:

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 39 ITEM 7A:

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 63 ITEM 8:

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 64 Report of Independent Registered Public Accounting Firm (PCAOB ID: 42 ) 64 Report of Independent Registered Public Accounting Firm (PCAOB ID: 1263 ) 64 ITEM 9: Changes In and Disagreements With Accountants on Accounting and Financial Disclosure 114 ITEM 9A:

Controls and Procedures

Controls and Procedures 114 ITEM 9B: Other Information 117 ITEM 9C: Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 117 PART III ITEM 10: Directors, Executive Officers and Corporate Governance 117 ITEM 11:

Executive Compensation

Executive Compensation 117 ITEM 12:

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 117 ITEM 13: Certain Relationships and Related Transactions, and Director Independence 117 ITEM 14: Principal Accountant Fees and Services 117 PART IV ITEM 15: Exhibit and Financial Statement Schedules 117 ITEM 16: Form 10-K Summary 121

SIGNATURES

SIGNATURES Table of Contents Cautionary Note Regarding Forward-Looking Statements The information discussed in this Annual Report on Form 10-K of RB Global, Inc., formerly known as Ritchie Bros. Auctioneers Incorporated (collectively referred to as "RB Global", the "Company", "we", or "us") includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act") and Canadian securities laws. Forward-looking statements are typically identified by such words as "aim", "anticipate", "believe", "could", "continue", "estimate", "expect", "intend", "may", "ongoing", "plan", "potential", "predict", "will", "should", "would", "could", "likely", "generally", "future", "long-term", or the negative of these terms, and similar expressions intended to identify forward-looking statements. Forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties that may cause actual results to differ materially. These statements are based on our current expectations and estimates about our business and markets, and may include, among others, statements relating to: our future strategy, objectives, targets, projections and performance; our ability to drive shareholder value; potential growth and market opportunities; our internet initiatives and the level of participation in our auctions by internet bidders, and the success of our online marketplaces; our ability to grow our businesses, acquire new customers, enhance our sector reach, drive geographic depth, and scale our operations; the impact of our initiatives, services, investments, and acquisitions on us and our customers; the acquisition or disposition of properties; potential future mergers and acquisitions; our ability to integrate acquisitions (including IAA, Inc. ("IAA")); the impact of our new initiatives, services, investments, and

: BUSINESS

ITEM 1: BUSINESS Company Overview RB Global, Inc. and its subsidiaries (collectively referred to as the "RB Global", the "Company", "we", or "us") (NYSE & TSX: RBA) is a leading global marketplace that connects sellers and buyers of commercial assets and vehicles. Through our omnichannel platform we facilitate transactions for customers in primarily the automotive, construction, and commercial transportation sectors. We also serve customers in the agriculture, energy, and natural resources sectors, as well as government entities. Our customers primarily include automotive insurance companies, as well as end users, dealers, fleet owners, and original equipment manufacturers ("OEMs") of commercial assets and vehicles. We also provide our customers value-added marketplace services, technology solutions for vehicle merchandising, platforms for lifecycle management of assets, and a market data intelligence platform to help customers make more informed business decisions. We have a global presence, primarily with operations in the United States, Canada and across Europe, and employ more than 7,900 full-time employees worldwide. The Company changed its name from Ritchie Bros. Auctioneers Incorporated to RB Global, Inc. and moved its global headquarters to Westchester, Illinois, United States from Burnaby, British Columbia, Canada after the close of the acquisition of IAA in the first quarter of 2023. Business Combinations On March 20, 2023, we completed the acquisition of IAA, a leading global digital marketplace connecting vehicle buyers and sellers with operations throughout the United States, Canada, and the United Kingdom. IAA facilitates the marketing and sale of total loss, damaged and low-value vehicles for a full spectrum of sellers, including insurance companies, dealerships, fleet lease and rental car companies and charitable organizations. Additionally, IAA serves a global buyer base with vehicles, vehicle rebuild requirements, replacement part inventory

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