$RBA

RITCHIE BROS AUCTIONEERS INC

CIK:0001046102|SEC Filings

Condensed Consolidated Income Statements - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue:
Total revenue	$ 1,317.1	$ 1,186.0	$ 2,551.7	$ 2,294.6
Operating expenses:
Selling, general and administrative	210.8	222.2	425.0	427.2
Acquisition-related and integration costs	7.7	2.7	13.9	5.8
Depreciation and amortization	130.4	116.7	257.1	231.2
Total operating expenses	1,091.4	981.9	2,110.3	1,901.4
Gain (loss) on disposition of property, plant and equipment	(0.9)	0.0	0.9	0.4
Loss on deconsolidation	0.0	(15.5)	0.0	(15.5)
Operating income	224.8	188.6	442.3	378.1
Interest expense	(42.4)	(47.5)	(86.4)	(97.4)
Interest income	3.3	4.0	5.9	7.0
Other income (loss), net	0.8	0.2	(1.5)	0.9
Foreign exchange gain (loss)	(0.5)	0.2	(1.1)	(0.2)
Income before income taxes	186.0	145.5	359.2	288.4
Income tax expense	42.4	35.8	80.0	65.4
Net income	143.6	109.7	279.2	223.0
Net income (loss) attributable to non-controlling interests	0.1	(0.1)	0.2	(0.2)
Net income attributable to controlling interests	143.5	109.8	279.0	223.2
Cumulative dividends on Series A Senior Preferred Shares	(6.7)	(6.7)	(13.4)	(13.4)
Allocated earnings to Series A Senior Preferred Shares	(4.8)	(3.6)	(9.4)	(7.4)
Adjustment of redeemable non-controlling interest	0.0	0.0	0.4	0.0
Net income available to common stockholders	$ 132.0	$ 99.5	$ 256.6	$ 202.4
Earnings per share available to common stockholders
Basic earnings per share available to common stockholders (usd per share)	$ 0.71	$ 0.54	$ 1.38	$ 1.09
Diluted earnings per share available to common stockholders (usd per share)	$ 0.71	$ 0.53	$ 1.37	$ 1.09
Weighted average number of shares outstanding:
Basic weighted average number of shares outstanding (in shares)	185.8	185.4	185.9	185.1
Diluted weighted average number of shares outstanding (in shares)	186.9	186.6	187.2	186.5
Service revenue
Revenue:
Total revenue	$ 933.4	$ 887.2	$ 1,831.1	$ 1,739.7
Operating expenses:
Direct expenses	381.6	353.9	746.7	715.8
Inventory sales revenue
Revenue:
Total revenue	383.7	298.8	720.6	554.9
Operating expenses:
Direct expenses	$ 360.9	$ 286.4	$ 667.6	$ 521.4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities:
Net income	$ 279.2	$ 223.0
Adjustments for items not affecting cash:
Depreciation and amortization	257.1	231.2
Stock-based compensation expense	33.5	41.6
Amortization of right-of-use assets	82.8	78.2
Loss on deconsolidation	0.0	15.5
Other, net	5.6	11.6
Net changes in operating assets and liabilities	(292.4)	(117.8)
Net cash provided by operating activities	365.8	483.3
Investing activities:
Acquisitions, net of cash acquired	(331.1)	0.0
Property, plant and equipment additions	(129.6)	(139.1)
Proceeds on disposition of property, plant and equipment	3.3	2.1
Intangible asset additions	(54.3)	(61.2)
Proceeds from loans receivable	3.2	5.1
Issuance of loans receivable	(15.7)	(33.0)
Other, net	(0.1)	(1.8)
Net cash used in investing activities	(524.3)	(227.9)
Financing activities:
Payments of dividends	(132.8)	(124.4)
Repurchases and retirements of common stock	(150.0)	0.0
Proceeds from exercise of stock options and employee stock purchase plan	25.4	27.2
Payments of tax withholding related to vesting of share units	(22.3)	(20.2)
Net proceeds from short-term debt	147.0	56.0
Repayment of long-term debt	(166.7)	(326.0)
Proceeds from the issuance of long-term debt	456.4	275.0
Payment of debt issuance costs	0.0	(4.4)
Repayments of finance lease and equipment financing obligations	(16.6)	(16.0)
Proceeds from equipment financing obligations	1.5	1.9
Acquisition of VeriTread non-controlling interests	(14.3)	0.0
Net cash provided by (used in) financing activities	127.6	(130.9)
Effect of changes in exchange rates on cash, cash equivalents, and restricted cash	(8.2)	22.7
Net increase in cash, cash equivalents, and restricted cash	(39.1)	147.2
Cash, cash equivalents, and restricted cash, beginning of period	694.8	708.8
Cash, cash equivalents, and restricted cash, end of period	$ 655.7	$ 856.0

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 524.9	$ 531.5
Restricted cash	130.8	163.3
Trade and other receivables, net of allowance for credit losses of $8.1 and $8.6, respectively	854.4	706.3
Prepaid consigned vehicle charges	66.1	62.4
Inventory	137.9	139.8
Other current assets	95.6	107.8
Income taxes receivable	78.7	73.7
Total current assets	1,888.4	1,784.8
Property, plant and equipment, net	1,610.0	1,522.3
Operating lease right-of-use assets	1,526.8	1,545.5
Other non-current assets	130.7	149.4
Intangible assets, net	2,393.2	2,464.5
Goodwill	4,930.0	4,668.0
Deferred tax assets	8.5	8.5
Total assets	12,487.6	12,143.0
Current liabilities:
Auction proceeds payable	542.4	457.9
Trade and other liabilities	691.4	836.5
Current operating lease liabilities	130.3	128.2
Income taxes payable	5.1	6.7
Short-term debt	18.5	137.5
Current portion of long-term debt	51.1	51.2
Total current liabilities	1,438.8	1,618.0
Long-term operating lease liabilities	1,445.5	1,456.8
Long-term debt	2,834.5	2,282.8
Other non-current liabilities	159.2	158.5
Deferred tax liabilities	559.2	559.2
Total liabilities	6,437.2	6,075.3
Temporary equity:
Series A Senior Preferred Shares; shares authorized, issued and outstanding: 485.0 million	482.0	482.0
Redeemable non-controlling interest	0.0	12.6
Stockholders' equity:
Senior preferred and junior preferred stock; unlimited shares authorized; shares issued and outstanding, other than Series A Senior Preferred Shares: nil	0.0	0.0
Common stock and additional paid-in capital, no par value; unlimited shares authorized; shares issued and outstanding: 185.1 million and 185.9 million, respectively	4,249.7	4,365.1
Retained earnings	1,400.3	1,254.6
Accumulated other comprehensive loss	(82.1)	(48.3)
Stockholders' equity	5,567.9	5,571.4
Non-controlling interests	0.5	1.7
Total stockholders' equity	5,568.4	5,573.1
Total liabilities, temporary equity and stockholders' equity	$ 12,487.6	$ 12,143.0