RB GLOBAL INC. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>RB Global Inc. (RBA) filed its Q1 2024 10-Q report, detailing financial positions and activities as of March 31, 2024.</b>

AI Summary

RB GLOBAL INC. (RBA) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. RB Global Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company was formerly known as RITCHIE BROS AUCTIONEERS INC. The filing includes financial data for the periods ending March 31, 2024, December 31, 2023, and December 31, 2022. No material subsequent events requiring disclosure were identified as of May 9, 2024.

Why It Matters

For investors and stakeholders tracking RB GLOBAL INC., this filing contains several important signals. This 10-Q provides a detailed look at RB Global's financial health and operational performance for the first quarter of 2024, crucial for investors assessing recent business trends. The filing includes comparative financial data from previous periods, allowing for analysis of financial trends and performance changes over time.

Risk Assessment

Risk Level: low — RB GLOBAL INC. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) with no immediately apparent negative trends or significant risk factors highlighted within the provided text.

Analyst Insight

Review the detailed financial statements and segment revenues within the 10-Q to understand the drivers of RB Global's performance in Q1 2024.

Key Numbers

• 2024-03-31 — Period End Date (Quarterly report period)
• 2024-05-09 — Filing Date (Date the report was filed)
• 2023-12-31 — Previous Year End Date (Balance sheet comparison point)
• 2022-12-31 — Prior Year End Date (Balance sheet comparison point)

Key Players & Entities

• RB GLOBAL INC. (company) — Filer name
• RITCHIE BROS AUCTIONEERS INC (company) — Former company name
• 0001046102 (company) — Central Index Key
• 2024-03-31 (date) — Period of report
• 2024-05-09 (date) — Filed as of date

FAQ

Industry Context

RB Global Inc. operates in the business services sector, specifically focusing on auctioneering and related services.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures.

What Investors Should Do

1. Analyze the revenue segments for Q1 2024 to identify growth or decline in specific business areas.
2. Compare balance sheet items as of March 31, 2024, with December 31, 2023, and December 31, 2022, to assess financial position changes.
3. Review any notes to the financial statements for further details on accounting policies or significant transactions.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-09: Filing Date — Date the 10-Q was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial filing provided for analysis; no prior filing data is available for comparison.

Filing Documents

• rba-20240331.htm (10-Q) — 1407KB
• rbq12024ex-311.htm (EX-31.1) — 10KB
• rbq12024ex-312.htm (EX-31.2) — 10KB
• rbq12024ex-321.htm (EX-32.1) — 5KB
• rbq12024ex-322.htm (EX-32.2) — 5KB
• rba-20240331_g1.jpg (GRAPHIC) — 4KB
• 0001628280-24-022241.txt (&nbsp;) — 7649KB
• rba-20240331.xsd (EX-101.SCH) — 62KB
• rba-20240331_cal.xml (EX-101.CAL) — 110KB
• rba-20240331_def.xml (EX-101.DEF) — 321KB
• rba-20240331_lab.xml (EX-101.LAB) — 736KB
• rba-20240331_pre.xml (EX-101.PRE) — 514KB
• rba-20240331_htm.xml (XML) — 911KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION ITEM 1: Condensed Consolidated Financial Statements 1 ITEM 2:

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 21 ITEM 3:

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 39 ITEM 4:

Controls and Procedures

Controls and Procedures 39

– OTHER INFORMATION

PART II – OTHER INFORMATION ITEM 1:

Legal Proceedings

Legal Proceedings 41 ITEM 1A:

Risk Factors

Risk Factors 41 ITEM 2: Unregistered Sales of Equity Securities and Use of Proceeds 41 ITEM 3: Defaults Upon Senior Securities 41 ITEM 4: Mine Safety Disclosures 41 ITEM 5: Other Information 41 ITEM 6: Exhibits 42

SIGNATURES

SIGNATURES 43 Table of Contents

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

: CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

ITEM 1: CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Condensed Consolidated Income Statements (Expressed in millions of U.S. dollars, except share and per share data) (Unaudited) Three months ended March 31, 2024 2023 Revenue: Service revenue $ 849.1 $ 343.6 Inventory sales revenue 215.6 168.8 Total revenue 1,064.7 512.4 Operating expenses: Costs of services 353.0 76.4 Cost of inventory sold 196.6 151.5 Selling, general and administrative 198.1 148.2 Acquisition-related and integration costs 12.8 126.2 Depreciation and amortization 107.7 36.2 Total operating expenses 868.2 538.5 Gain on disposition of property, plant and equipment 2.4 1.2 Operating income (loss) 198.9 ( 24.9 ) Interest expense ( 63.9 ) ( 20.9 ) Interest income 6.6 6.3 Other income (loss), net ( 0.8 ) 2.4 Foreign exchange loss ( 0.9 ) ( 0.4 ) Income (loss) before income taxes 139.9 ( 37.5 ) Income tax expense (benefit) 32.5 ( 9.3 ) Net income (loss) $ 107.4 $ ( 28.2 ) Net income (loss) attributable to: Controlling interests $ 107.4 $ ( 28.1 ) Redeemable non-controlling interests — ( 0.1 ) Net income (loss) $ 107.4 $ ( 28.2 ) Net income (loss) attributable to controlling interests 107.4 ( 28.1 ) Cumulative dividends on Series A Senior Preferred Shares ( 6.7 ) ( 4.3 ) Allocated earnings to Series A Senior Preferred Shares ( 3.6 ) ( 1.8 ) Net income (loss) available to common stockholders $ 97.1 $ ( 34.2 ) Earnings (loss) per share available to common stockholders: Basic $ 0.53 $ ( 0.28 ) Diluted $ 0.53 $ ( 0.28 ) Weighted average number of shares outstanding: Basic 183,059,321 120,487,251 Diluted 184,581,054 120,487,251 See accompanying notes to the condensed consolidated financial statements. RB Global, Inc. 1 Table of Contents Condensed Consolidated Statements of Comprehensive Income (Expressed in millions of U.S. dollars) (Unaudited) Three months ended March 31, 2024 2023 Net income (loss) $ 107.4 $ ( 28.2 ) Other comprehensive income (lo

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View this 10-Q filing on SEC EDGAR