RB Global Inc. Files Q3 2024 10-Q Report

TL;DR

RB Global Inc. Q3 2024 10-Q is in. Check financials.

AI Summary

RB Global Inc. reported its third-quarter results for the period ending September 30, 2024. The company's financial performance for the quarter and year-to-date is detailed in this 10-Q filing, providing insights into its revenue streams and operational status.

Why It Matters

This filing provides investors and analysts with the official financial performance data for RB Global Inc. for the third quarter of 2024, crucial for evaluating the company's health and future prospects.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing with no immediate red flags or significant new risks indicated.

Key Numbers

• 2024-09-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
• 2024-01-01 — Year-to-Date Start Date (Marks the beginning of the fiscal year for year-to-date financial comparisons.)
• 2023-12-31 — Previous Fiscal Year End (Provides a reference point for year-over-year financial comparisons.)

Key Players & Entities

• RB GLOBAL INC. (company) — Filer of the 10-Q report
• 20240930 (date) — End of the reporting period
• 20241108 (date) — Filing date
• RITCHIE BROS AUCTIONEERS INC (company) — Former company name

FAQ

Filing Documents

• rba-20240930.htm (10-Q) — 1760KB
• rbq32024ex-101.htm (EX-10.1) — 152KB
• rbq32024ex-102.htm (EX-10.2) — 151KB
• rbq32024ex-311.htm (EX-31.1) — 10KB
• rbq32024ex-312.htm (EX-31.2) — 10KB
• rbq32024ex-321.htm (EX-32.1) — 5KB
• rbq32024ex-322.htm (EX-32.2) — 5KB
• rba-20240930_g1.jpg (GRAPHIC) — 4KB
• 0001628280-24-046505.txt ( ) — 8908KB
• rba-20240930.xsd (EX-101.SCH) — 61KB
• rba-20240930_cal.xml (EX-101.CAL) — 109KB
• rba-20240930_def.xml (EX-101.DEF) — 309KB
• rba-20240930_lab.xml (EX-101.LAB) — 751KB
• rba-20240930_pre.xml (EX-101.PRE) — 514KB
• rba-20240930_htm.xml (XML) — 1150KB

– 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 Sheets 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 41 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 September 30, Nine months ended September 30, 2024 2023 2024 2023 Revenue: Service revenue $ 779.9 $ 773.8 $ 2,488.1 $ 1,923.4 Inventory sales revenue 201.9 246.0 654.5 715.3 Total revenue 981.8 1,019.8 3,142.6 2,638.7 Operating expenses: Costs of services 339.7 316.8 1,041.5 680.5 Cost of inventory sold 193.5 230.0 612.8 673.4 Selling, general and administrative 177.8 203.5 584.5 546.2 Acquisition-related and integration costs 6.0 23.1 22.9 195.6 Depreciation and amortization 111.9 101.1 329.9 246.9 Total operating expenses 828.9 874.5 2,591.6 2,342.6 Gain on disposition of property, plant and equipment 0.5 0.5 3.2 4.4 Operating income 153.4 145.8 554.2 300.5 Interest expense ( 57.2 ) ( 63.7 ) ( 181.0 ) ( 149.6 ) Interest income 6.9 4.5 20.3 15.8 Other income (loss), net ( 1.2 ) 0.4 ( 2.2 ) 3.0 Foreign exchange gain (loss) 0.3 ( 0.7 ) ( 1.6 ) ( 1.4 ) Income before income taxes 102.2 86.3 389.7 168.3 Income tax expense 26.2 23.1 95.3 46.5 Net income $ 76.0 $ 63.2 $ 294.4 $ 121.8 Net income (loss) attributable to: Controlling interests $ 76.1 $ 63.4 $ 294.6 $ 122.2 Redeemable non-controlling interests ( 0.1 ) ( 0.2 ) ( 0.2 ) ( 0.4 ) Net income $ 76.0 $ 63.2 $ 294.4 $ 121.8 Net income attributable to controlling interests 76.1 63.4 294.6 122.2 Cumulative dividends on Series A Senior Preferred Shares ( 6.7 ) ( 6.7 ) ( 20.1 ) ( 17.6 ) Allocated earnings to Series A Senior Preferred Shares ( 2.5 ) ( 2.0 ) ( 9.8 ) ( 5.5 ) Net income available to common stockholders $ 66.9 $ 54.7 $ 264.7 $ 99.1 Earnings per share available to common stockholders: Basic $ 0.36 $ 0.30 $ 1.44 $ 0.61 Diluted $ 0.36 $ 0.30 $ 1.43 $ 0.61 Weighted average number of shares outstanding: Basic 184,304,993 182,148,717 183,752,510 161,724,677 Diluted 185,499,9

View Full Filing

View this 10-Q filing on SEC EDGAR