RB Global Inc. Q2 2024 10-Q Filing

TL;DR

RB Global Q2 10-Q out: Revenue details for services & inventory sales vs. last year.

AI Summary

RB Global Inc. filed its 10-Q for the period ending June 30, 2024. The company reported revenues from service operations and inventory sales for both the second quarter and the first half of the year, comparing them to the same periods in 2023. Specific financial figures for these revenue streams are detailed within the filing.

Why It Matters

This filing provides investors with a detailed look at RB Global's financial performance for the second quarter and first half of 2024, crucial for understanding revenue trends and operational health.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing with no immediate red flags.

Key Numbers

• 2024 Q2 — Reporting Period (Second quarter financial performance)
• 2023 Q2 — Prior Year Period (Comparison for Q2 revenue)
• 2024 H1 — Reporting Period (First half financial performance)
• 2023 H1 — Prior Year Period (Comparison for H1 revenue)

Key Players & Entities

• RB GLOBAL INC. (company) — Filer
• 0001046102 (company) — Central Index Key
• RITCHIE BROS AUCTIONEERS INC (company) — Former Company Name
• 20240630 (date) — Period of Report
• 20240806 (date) — Filing Date

FAQ

Filing Documents

• rba-20240630.htm (10-Q) — 1768KB
• rbq22024ex-311.htm (EX-31.1) — 10KB
• rbq22024ex-312.htm (EX-31.2) — 10KB
• rbq22024ex-321.htm (EX-32.1) — 5KB
• rbq22024ex-322.htm (EX-32.2) — 5KB
• rba-20240630_g1.jpg (GRAPHIC) — 4KB
• 0001628280-24-034972.txt ( ) — 8379KB
• rba-20240630.xsd (EX-101.SCH) — 60KB
• rba-20240630_cal.xml (EX-101.CAL) — 107KB
• rba-20240630_def.xml (EX-101.DEF) — 306KB
• rba-20240630_lab.xml (EX-101.LAB) — 725KB
• rba-20240630_pre.xml (EX-101.PRE) — 502KB
• rba-20240630_htm.xml (XML) — 1141KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION ITEM 1: Condensed Consolidated Financial Statements: 1 Condensed Consolidated Income Statements 1 Condensed Consolidated Statements of Comprehensive Income 2 Condensed Consolidated Balance Shee ts 3 Condensed Consolidated Statements of Changes in Temporary Equity and Stockholders' Equity 4 Condensed Consolidated Statements of Cash Flows 6 Notes to the Condensed Consolidated Financial Statements 7 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 22 ITEM 3:

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 40 ITEM 4:

Controls and Procedures

Controls and Procedures 41

– OTHER INFORMATION

PART II – OTHER INFORMATION ITEM 1:

Legal Proceedings

Legal Proceedings 42 ITEM 1A:

Risk Factors

Risk Factors 42 ITEM 2: Unregistered Sales of Equity Securities and Use of Proceeds 42 ITEM 3: Defaults Upon Senior Securities 42 ITEM 4: Mine Safety Disclosures 42 ITEM 5: Other Information 42 ITEM 6: Exhibits 43

SIGNATURES

SIGNATURES 44 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 June 30, Six months ended June 30, 2024 2023 2024 2023 Revenue: Service revenue $ 859.1 $ 806.1 $ 1,708.2 $ 1,149.6 Inventory sales revenue 237.0 300.4 452.6 469.3 Total revenue 1,096.1 1,106.5 2,160.8 1,618.9 Operating expenses: Costs of services 348.8 287.3 701.8 363.7 Cost of inventory sold 222.7 291.9 419.3 443.4 Selling, general and administrative 208.6 194.5 406.7 342.7 Acquisition-related and integration costs 4.1 46.3 16.9 172.5 Depreciation and amortization 110.3 109.6 218.0 145.8 Total operating expenses 894.5 929.6 1,762.7 1,468.1 Gain on disposition of property, plant and equipment 0.3 2.7 2.7 3.9 Operating income 201.9 179.6 400.8 154.7 Interest expense ( 59.9 ) ( 65.0 ) ( 123.8 ) ( 85.9 ) Interest income 6.8 5.0 13.4 11.3 Other income (loss), net ( 0.2 ) 0.2 ( 1.0 ) 2.6 Foreign exchange loss ( 1.0 ) ( 0.4 ) ( 1.9 ) ( 0.7 ) Income before income taxes 147.6 119.4 287.5 82.0 Income tax expense 36.6 32.6 69.1 23.4 Net income $ 111.0 $ 86.8 $ 218.4 $ 58.6 Net income attributable to: Controlling interests $ 111.1 $ 86.9 $ 218.5 $ 58.8 Redeemable non-controlling interests ( 0.1 ) ( 0.1 ) ( 0.1 ) ( 0.2 ) Net income $ 111.0 $ 86.8 $ 218.4 $ 58.6 Net income attributable to controlling interests 111.1 86.9 218.5 58.8 Cumulative dividends on Series A Senior Preferred Shares ( 6.7 ) ( 6.7 ) ( 13.4 ) ( 10.9 ) Allocated earnings to Series A Senior Preferred Shares ( 3.7 ) ( 2.8 ) ( 7.3 ) ( 3.7 ) Net income available to common stockholders $ 100.7 $ 77.4 $ 197.8 $ 44.2 Earnings per share available to common stockholders: Basic $ 0.55 $ 0.43 $ 1.08 $ 0.29 Diluted $ 0.54 $ 0.42 $ 1.07 $ 0.29 Weighted average number of shares outstanding: Basic 183,887,145 181,860,026 183,473,233 151,343,397 Diluted 184,912,584 182,810,399 184,74

View Full Filing

View this 10-Q filing on SEC EDGAR