VANCOUVER, BC, May 10, 2021 /CNW/ - Ritchie Bros.
Auctioneers Incorporated (NYSE: RBA) (TSX: RBA) (the
"Company", "Ritchie Bros.", "we",
"us", or "our") reported the following results for the three months
ended March 31, 2021.
(All figures are presented in U.S. dollars)
Net income attributable to stockholders increased 24% to
$28.2 million, compared to
$22.8 million in Q1 2020. Diluted
earnings per share ("EPS") attributable to stockholders increased
19% to $0.25 per share in Q1 2021
compared to $0.21 per share in Q1
2020.
"Our 11% increase in GTV growth in the quarter was driven by
solid underlying performance from all regions contributing to a 31%
increase in operating income."
"We continued to lead with innovation; flexing new digital
capabilities to improve the buyer and seller experience, ultimately
driving exceptional price realization for consignors during this
continued period of heightened economic uncertainty," said
Ann Fandozzi, CEO of Ritchie Bros.
Consolidated results:
- Total revenue in Q1 2021 increased 21% to $331.6 million as compared to Q1 2020
-
- Service revenue in Q1 2021 increased 13% to $206.0 million as compared to Q1 2020
- Inventory sales revenue in Q1 2021 increased 39% to
$125.5 million as compared to Q1
2020
- Total selling, general and administrative expenses ("SG&A")
in Q1 2021 increased 18% to $116.1
million as compared to Q1 2020
- Operating income in Q1 2021 increased 31% to $44.5 million as compared to Q1 2020
- Net income in Q1 2021 increased 23% to $28.1 million as compared to Q1 2020
- Adjusted Earnings Before Interest, Taxes, Depreciation and
Amortization* ("EBITDA") (non-GAAP measure) in Q1 2021 increased
18% to $66.3 million as compared to
Q1 2020
- Cash provided by operating activities was $180.7 million for Q1 2021
Auctions & Marketplaces segment results:
- GTV1 in Q1 2021 increased 11% to $1.3 billion and increased 8% when excluding the
impact of foreign exchange as compared to Q1 2020
- A&M total revenue in Q1 2021 increased 21% to $296.3 million as compared to Q1 2020
-
- Service revenue in Q1 2021 increased 10% to $170.8 million as compared to Q1 2020
- Inventory sales revenue in Q1 2021 increased 39% to
$125.5 million as compared to Q1
2020
Other Services segment results:
- Other Services total revenue in Q1 2021 increased 24% to
$35.3 million as compared to Q1
2020
-
- RBFS revenue in Q1 2021 increased 27% to $9.2 million as compared to Q1 2020
- Rouse revenue of $5.6 million was
recognized in Q1 2021, which was its first full quarter since its
acquisition on December 8, 2020
Other Company development:
- On March 11, 2021, the Company
announced that it was awarded the support of the U.S. Department of
Defense with new surplus term sale contracts as the Company was
declared the apparent high bidder for two new East and West
contracts, covering the consolidated surplus rolling stock and non-
rolling stock assets. These contracts were formally awarded to the
Company on April 1, 2021 and commence
on June 1, 2021.
______________________________
|
|
1
Gross Transaction Value ("GTV")
represents total proceeds from all items sold at the Company's live
on site auctions and online marketplaces. GTV is not a measure of
financial performance, liquidity, or revenue, and is not presented
in the Company's consolidated financial statements.
|
|
The Company presents
both GAAP and non-GAAP measures to provide investors with
additional information. Providing these non-GAAP measures along
with GAAP measures allows for increased comparability of our
ongoing performance from period to period. Non-GAAP financial
measures referred to in this news release are labeled as "non-GAAP
measure" or designated as such with an asterisk (*). Please see
page 9-10 for explanations of why the Company uses these non-GAAP
measures and the reconciliation to the most comparable GAAP
financial measures.
|
Financial Overview
(Unaudited)
(in U.S. $000's,
except EPS and percentages)
|
Three months ended
March 31,
|
|
|
|
|
|
|
|
% Change
|
|
2021
|
|
2020
|
|
2021 over
2020
|
Service
revenue:
|
|
|
|
|
|
|
|
|
Commissions
|
$
|
103,975
|
|
$
|
93,484
|
|
11
|
%
|
Fees
|
|
102,055
|
|
|
89,639
|
|
14
|
%
|
Total service
revenue
|
|
206,030
|
|
|
183,123
|
|
13
|
%
|
Inventory sales
revenue
|
|
125,525
|
|
|
90,132
|
|
39
|
%
|
Total
revenue
|
|
331,555
|
|
|
273,255
|
|
21
|
%
|
Costs of
services
|
|
36,027
|
|
|
39,355
|
|
(8)
|
%
|
Cost of inventory
sold
|
|
110,747
|
|
|
81,585
|
|
36
|
%
|
Selling, general and
administrative expenses
|
|
116,078
|
|
|
98,385
|
|
18
|
%
|
Operating
expenses
|
|
287,053
|
|
|
239,173
|
|
20
|
%
|
Operating
income
|
|
44,502
|
|
|
34,082
|
|
31
|
%
|
Operating income as a
% of total revenue
|
|
13.4
|
%
|
|
12.5
|
%
|
90
|
bps
|
Net income
attributable to stockholders
|
|
28,188
|
|
|
22,809
|
|
24
|
%
|
Diluted EPS
attributable to stockholders
|
$
|
0.25
|
|
$
|
0.21
|
|
19
|
%
|
Effective tax
rate
|
|
23.0
|
%
|
|
19.8
|
%
|
320
|
bps
|
Total GTV
|
|
1,274,539
|
|
|
1,147,025
|
|
11
|
%
|
Service
GTV
|
|
1,149,014
|
|
|
1,056,893
|
|
9
|
%
|
Service revenue as a
% of total GTV - Rate
|
|
16.2
|
%
|
|
16.0
|
%
|
20
|
bps
|
Inventory
GTV
|
|
125,525
|
|
|
90,132
|
|
39
|
%
|
Service revenue as a
% of total revenue
|
|
62.1
|
%
|
|
67.0
|
%
|
(490)
|
bps
|
Inventory sales
revenue as a % of total revenue
|
|
37.9
|
%
|
|
33.0
|
%
|
490
|
bps
|
Cost of inventory
sold as a % of operating expenses
|
|
38.6
|
%
|
|
34.1
|
%
|
450
|
bps
|
Service GTV as a % of
total GTV - Mix
|
|
90.2
|
%
|
|
92.1
|
%
|
(190)
|
bps
|
Inventory sales
revenue as a % of total GTV - Mix
|
|
9.8
|
%
|
|
7.9
|
%
|
190
|
bps
|
Segment Overview
|
|
|
|
|
|
|
|
(in U.S
$000's)
|
|
Three months ended
March 31, 2021
|
|
|
A&M
|
|
|
Other
|
Consolidated
|
Service
revenue
|
$
|
170,755
|
|
|
35,275
|
$
|
206,030
|
Inventory sales
revenue
|
|
125,525
|
|
|
—
|
|
125,525
|
Total
revenue
|
|
296,280
|
|
|
35,275
|
|
331,555
|
Ancillary and
logistical service expenses
|
|
—
|
|
|
12,269
|
|
12,269
|
Other costs of
services
|
|
21,590
|
|
|
2,168
|
|
23,758
|
Cost of inventory
sold
|
|
110,747
|
|
|
—
|
|
110,747
|
SG&A
expenses
|
|
104,345
|
|
|
11,733
|
|
116,078
|
Segment
profit
|
$
|
59,598
|
|
|
9,105
|
$
|
68,703
|
Total GTV
|
|
1,274,539
|
|
|
N/A
|
|
N/A
|
A&M service
revenue as a % of total GTV- Rate
|
|
13.4
|
%
|
|
N/A
|
|
N/A
|
|
|
|
|
|
|
|
|
(in U.S
$000's)
|
Three months ended
March 31, 2020
|
|
|
A&M
|
|
|
Other
|
Consolidated
|
Service
revenue
|
$
|
154,743
|
|
$
|
28,380
|
$
|
183,123
|
Inventory sales
revenue
|
|
90,132
|
|
|
—
|
|
90,132
|
Total
revenue
|
|
244,875
|
|
|
28,380
|
|
273,255
|
Ancillary and
logistical service expenses
|
|
—
|
|
|
12,758
|
|
12,758
|
Other costs of
services
|
|
25,095
|
|
|
1,502
|
|
26,597
|
Cost of inventory
sold
|
|
81,585
|
|
|
—
|
|
81,585
|
SG&A
expenses
|
|
91,585
|
|
|
6,800
|
|
98,385
|
Segment
profit
|
$
|
46,610
|
|
$
|
7,320
|
$
|
53,930
|
Total GTV
|
|
1,147,025
|
|
|
N/A
|
|
N/A
|
A&M service
revenue as a % of total GTV- Rate
|
|
13.5
|
%
|
|
N/A
|
|
N/A
|
Q1 2021 Consolidated Performance Overview
In response to the COVID-19 pandemic, in March 2020, we transitioned all our traditional
live on site auctions to online bidding utilizing our existing
online bidding technology and simultaneously ceased all public
attendance at our live auction theaters. Our core online auction
channels (IronPlanet.com, GovPlanet.com, Marketplace-E) continued
to operate as usual.
Total GTV increased 11% to $1.3
billion and increased 8% when excluding the impact of
foreign exchange in Q1 2021. GTV volumes rose partly due to
significant auction calendar shifts arising from auctions that were
delayed due to COVID-19 in the prior year including (1)
Montreal, Canada, (2) Los Angeles, US and (3) Caorso, Italy, which were partially offset by lower
volumes at the Las Vegas, US
auction partly impacted by the non-repeat of a large North American
trade show occurring at the same time, and the non-repeat of a
collector car event. In addition, all regions experienced very
strong auction price performance due to high demand for used
equipment, in part aided by our digital marketing efforts. Total
GTV increased primarily in Canada
due to the shifting of the Montreal auction, and strong year-over-year
performance at our Canadian agricultural auctions. The
International sales team also delivered positive year-over-year
performance partly due to a soft prior quarter in Europe as a result of the direct impact of
COVID-19. International also had an increase in the number of new
auctions held as economic conditions improved and border
restrictions were lifted and also benefited from the addition of
satellite yards in France, the
shifting of the Caorso auction back into Q1 2021, and a large
private treaty deal in Australia.
Total GTV also increased in the US primarily driven by strong price
performance and increased volume from the combination of several
regional auction events, the shifting of the Los Angeles auction, and higher volumes at the
Fort Worth, US auction. This
increase was partially offset by lower performance at the
Orlando, US auction.
Total revenue increased 21% to $331.6 million in Q1 2021, with inventory revenue
increasing significantly by 39% mainly as a result of a change in
GTV mix, and total service revenue increased by 13%.
Service revenue increased 13% with fees revenue
increasing 14% and commissions revenue increasing 11%. Fees revenue
was up 14% in line with total GTV growth, the acquisition of Rouse,
and the continued growth in RBFS fee revenue. Commissions revenue
was up 11% partially in line with higher services GTV of 9%, but
also driven by improved rates and strong performances on guarantee
commission contracts across all regions. We also had improved rates
in the straight commission contracts within the GovPlanet business
and in Canada. These increases
were partially offset by softer straight commission rate
performance from a higher proportion of GTV sourced from US
strategic accounts.
Inventory sales revenue increased 39% representing higher
inventory sales volume primarily driven by strong performance
across all regions, most notably in International. Some of this
positive year-over-year performance is a result of a soft prior
quarter in Europe due to the
direct impact of COVID-19. We also saw volume growth across various
countries in Europe with new
auctions and a large private treaty deal in Australia. We also had positive year-over-year
improvement in the inventory sales margin rate performance in the
US and Canada.
Costs of services decreased 8% to $36.0 million. In response to the COVID-19
pandemic, in prior year, we transitioned our traditional live on
site auctions to online bidding, utilizing TAL solutions for
selected International and on-the-farm agricultural events and
implementing travel restrictions. These operational changes
resulted in temporary cost reductions in travel, advertising, and
promotion expenses. We also saw cost reductions in building,
facilities and technology expenses resulting from the non-repeat of
site preparation costs related to a collector car event in Q1 2020.
In addition, we incurred lower ancillary and logistical service
expenses, in line with the decrease in ancillary fees earned on
redeployment of assets in the US. This decrease was partially
offset by the first full quarter of costs of services incurred from
Rouse since acquisition.
Cost of inventory increased 36% to $110.7 million, primarily in line with higher
activity in inventory sales revenue. Cost of inventory sold
increased at a lower rate than the increase of inventory sales
revenue, indicating an increase in the revenue rates. The improved
inventory revenue rates were primarily due to the achievement of
positive rate performance across all of our regions with strong
pricing.
Selling, general and administrative ("SG&A") expenses
increased 18% to $116.1 million
primarily due to higher short-term and long-term incentive
costs driven by strong performance, higher wages and salaries due
to higher headcount to support our growth initiatives, higher
severance costs, and a first full quarter of costs incurred from
Rouse since acquisition. These increases were partially offset by
lower travel, advertising, and promotion costs as we implemented
travel restrictions.
Foreign exchange had a favourable impact on total revenue and an
unfavourable impact on expenses. These impacts were primarily due
to the fluctuations in the Australian dollar, Canadian dollar, and
the Euro exchange rates relative to the U.S. dollar.
Net income attributable to stockholders increased 24% to
$28.2 million primarily related to
higher operating income, offset partly by the non-repeat of
$1.7 million contingent consideration
received related to the disposition of an equity investment in Q1
2020. Net income was also partially offset by the increase in the
effective tax rate.
Primarily for the same reasons noted above, diluted EPS
attributable to stockholders increased 19% to $0.25 per share for Q1 2021 from $0.21 per share in Q1 2020.
Dividend Information
Quarterly dividend
On May 7,
2021, the Company declared a quarterly cash dividend of
$0.22 per common share payable on
June 16, 2021 to shareholders of
record on May 26, 2021.
Q1 2021 Earnings Conference Call
Ritchie Bros. is hosting a conference call to
discuss its financial results for the quarter ended March 31, 2021 at 8am
Pacific time / 11 am Eastern
time / 4pm GMT on May 11, 2021. The replay of the webcast will be
available through June 11, 2021.
Conference call and webcast details are available at the
following link:
https://investor.ritchiebros.com
About Ritchie
Bros.
Established in 1958, Ritchie Bros. (NYSE and TSX: RBA) is a world
leader in asset management technologies and disposition of
commercial assets. We offer customers end-to-end solutions for
buying and selling used heavy equipment, trucks, and other assets.
Operating in a number of sectors, including construction,
transportation, agriculture, energy, oil and gas, mining, and
forestry, the company's selling channels include: Ritchie Bros. Auctioneers, the world's largest
industrial auctioneer offers live auction events with online
bidding; IronPlanet, an online marketplace with featured weekly
auctions and providing the exclusive IronClad Assurance® equipment
condition certification; Marketplace-E, a controlled marketplace
offering multiple price and timing options; Mascus, a leading
European online equipment listing service; Rouse, a leader in
market intelligence on sales and rental equipment data; and
Ritchie Bros. Private Treaty,
offering privately negotiated sales. Our suite of multichannel
sales solutions also includes RB Asset Solutions, a complete
end-to-end asset management and disposition system. We also offer
sector-specific solutions including GovPlanet, TruckPlanet, and
Kruse Energy Auctioneers, plus equipment financing and leasing
through Ritchie Bros. Financial
Services. For more information about Ritchie Bros., visit RitchieBros.com.
Forward-looking Statements
This news release contains
forward-looking statements and forward-looking information within
the meaning of applicable U.S. and Canadian securities legislation
(collectively, "forward-looking statements"), including, in
particular, statements regarding future financial and operational
results, including future auctions and estimated GTV thereof,
growth and value prospects and payment of dividends, and the
expected benefits of the Rouse acquisition. Forward-looking
statements are statements that are not historical facts and are
generally, although not always, identified by words such as
"expect", "plan", "anticipate", "project", "target", "potential",
"schedule", "forecast", "budget", "estimate", "intend", or
"believe" and similar expressions or their negative connotations,
or statements that events or conditions "will", "would", "may",
"could", "should", or "might" occur. All such forward-looking
statements are based on the opinions and estimates of management as
of the date such statements are made. Forward-looking statements
necessarily involve assumptions, risks and uncertainties, certain
of which are beyond the Company's control, including the duration
and impact of the COVID-19 pandemic on the Company's operations,
the operations of customers, and general economic conditions; the
numerous factors that influence the supply of and demand for used
equipment; economic and other conditions in local, regional and
global sectors; the Company's ability to successfully integrate
acquired companies, and to receive the anticipated benefits of such
acquisitions; and the risks and uncertainties set forth in the
Company's Annual Report on Form 10-K for the year ended
December 31, 2020 and the Company's
Form 10-Q for the quarter ended March 31,
2021, which are available on the SEC, SEDAR, and Company
websites. The foregoing list is not exhaustive of the factors that
may affect the Company's forward-looking statements. There can be
no assurance that forward-looking statements will prove to be
accurate, and actual results may differ materially from those
expressed in, or implied by, these forward-looking statements.
Forward looking statements are made as of the date of this news
release and the Company does not undertake any obligation to update
the information contained herein unless required by applicable
securities legislation. For the reasons set forth above, you should
not place undue reliance on forward looking statements.
GTV and Selected Condensed Consolidated Financial
Information
GTV and Condensed Consolidated Income Statements – First
Quarter
(Expressed in thousands of United States dollars, except share, per share
amounts and percentages)
(Unaudited)
|
|
|
|
|
|
|
(in U.S. $000's,
except EPS)
|
Three months ended
March 31,
|
|
|
|
|
|
%
Change
|
|
|
2021
|
|
2020
|
2021 over
2020
|
GTV
|
$
|
1,274,539
|
$
|
1,147,025
|
11
|
%
|
Revenues:
|
|
|
|
|
|
|
Service
revenues
|
$
|
206,030
|
$
|
183,123
|
13
|
%
|
Inventory sales
revenue
|
|
125,525
|
|
90,132
|
39
|
%
|
Total
revenues
|
|
331,555
|
|
273,255
|
21
|
%
|
Operating
expenses:
|
|
|
|
|
|
|
Costs of
services
|
|
36,027
|
|
39,355
|
(8)
|
%
|
Cost of inventory
sold
|
|
110,747
|
|
81,585
|
36
|
%
|
Selling, general and
administration expenses
|
|
116,078
|
|
98,385
|
18
|
%
|
Acquisition-related
costs
|
|
2,922
|
|
—
|
100
|
%
|
Depreciation and
amortization expenses
|
|
21,070
|
|
19,293
|
9
|
%
|
Gain on disposition of
property, plant and equipment
|
|
(68)
|
|
(47)
|
45
|
%
|
Foreign exchange (gain)
loss
|
|
277
|
|
602
|
(54)
|
%
|
Total operating
expenses
|
|
287,053
|
|
239,173
|
20
|
%
|
Operating
income
|
|
44,502
|
|
34,082
|
31
|
%
|
Interest
expense
|
|
(8,946)
|
|
(9,182)
|
(3)
|
%
|
Other income,
net
|
|
1,002
|
|
3,577
|
(72)
|
%
|
Income before income
taxes
|
|
36,558
|
|
28,477
|
28
|
%
|
Income tax
expense
|
|
8,419
|
|
5,648
|
49
|
%
|
Net income
|
$
|
28,139
|
$
|
22,829
|
23
|
%
|
Net income
attributable to:
|
|
|
|
|
|
|
Stockholders
|
$
|
28,188
|
$
|
22,809
|
24
|
%
|
Non-controlling
interests
|
|
(49)
|
|
20
|
(345)
|
%
|
|
$
|
28,139
|
$
|
22,829
|
23
|
%
|
Earnings per share
attributable to stockholders:
|
|
|
|
|
|
|
Basic
|
$
|
0.26
|
$
|
0.21
|
24
|
%
|
Diluted
|
$
|
0.25
|
$
|
0.21
|
19
|
%
|
Weighted average
number of share outstanding:
|
|
|
|
|
|
|
Basic
|
|
109,972,997
|
|
109,248,880
|
1
|
%
|
Diluted
|
|
111,267,392
|
|
110,482,837
|
1
|
%
|
Condensed Consolidated Balance Sheets
(Expressed in
thousands of United States
dollars, except share data)
(Unaudited)
|
|
|
|
|
|
March 31, 2021
|
December 31, 2020
|
|
|
|
|
|
Assets
|
|
|
|
|
Cash and cash
equivalents
|
$
|
294,380
|
$
|
278,766
|
Restricted
cash
|
|
147,240
|
|
28,129
|
Trade and other
receivables
|
|
294,291
|
|
135,001
|
Less: allowance for
credit losses
|
|
(5,576)
|
|
(5,467)
|
Inventory
|
|
72,314
|
|
86,278
|
Other current
assets
|
|
32,802
|
|
27,274
|
Income taxes
receivable
|
|
8,224
|
|
6,797
|
Total current
assets
|
|
843,675
|
|
556,778
|
|
|
|
|
|
Property, plant and
equipment
|
|
483,981
|
|
492,127
|
Other non-current
assets
|
|
148,882
|
|
147,608
|
Intangible
assets
|
|
296,480
|
|
300,948
|
Goodwill
|
|
840,632
|
|
840,610
|
Deferred tax
assets
|
|
13,044
|
|
13,458
|
Total
assets
|
$
|
2,626,694
|
$
|
2,351,529
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
Auction proceeds
payable
|
$
|
517,521
|
$
|
214,254
|
Trade and other
payables
|
|
227,679
|
|
243,786
|
Income taxes
payable
|
|
3,215
|
|
17,032
|
Short-term
debt
|
|
25,933
|
|
29,145
|
Current portion of
long-term debt
|
|
10,517
|
|
10,360
|
Total current
liabilities
|
|
784,865
|
|
514,577
|
|
|
|
|
|
Long-term
debt
|
|
626,202
|
|
626,288
|
Other non-current
liabilities
|
|
159,266
|
|
153,000
|
Deferred tax
liabilities
|
|
45,753
|
|
45,265
|
Total
liabilities
|
|
1,616,086
|
|
1,339,130
|
|
|
|
|
|
Commitments and
Contingencies
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
Share
capital:
|
|
|
|
|
Common stock; no par
value, unlimited shares
|
|
|
|
|
authorized, issued and
outstanding shares:
|
|
|
|
|
110,253,056 (December
31, 2020: 109,876,428)
|
|
210,765
|
|
200,451
|
Additional paid-in
capital
|
|
43,612
|
|
49,171
|
Retained
earnings
|
|
795,781
|
|
791,918
|
Accumulated other
comprehensive loss
|
|
(44,639)
|
|
(34,295)
|
Stockholders'
equity
|
|
1,005,519
|
|
1,007,245
|
Non-controlling
interest
|
|
5,089
|
|
5,154
|
Total stockholders'
equity
|
|
1,010,608
|
|
1,012,399
|
Total liabilities and
equity
|
$
|
2,626,694
|
$
|
2,351,529
|
Condensed Consolidated Statements of Cash
Flows
(Expressed in thousands of United States dollars)
(Unaudited)
|
|
|
|
|
Three months ended
March 31,
|
2021
|
2020
|
Cash provided by
(used in):
|
|
|
|
|
Operating
activities:
|
|
|
|
|
Net income
|
$
|
28,139
|
$
|
22,829
|
Adjustments for items
not affecting cash:
|
|
|
|
|
Depreciation and
amortization expenses
|
|
21,070
|
|
19,293
|
Stock-based
compensation expense
|
|
7,193
|
|
2,973
|
Deferred income tax
expense
|
|
963
|
|
1,331
|
Unrealized foreign
exchange loss
|
|
459
|
|
782
|
Gain on disposition of
property, plant and equipment
|
|
(68)
|
|
(47)
|
Amortization of debt
issuance costs
|
|
720
|
|
756
|
Amortization of
right-of-use assets
|
|
3,172
|
|
3,343
|
Gain on contingent
consideration from equity investment
|
|
—
|
|
(1,700)
|
Other, net
|
|
1,184
|
|
1,282
|
Net changes in
operating assets and liabilities
|
|
117,855
|
|
(46,710)
|
Net cash provided by
operating activities
|
|
180,687
|
|
4,132
|
Investing
activities:
|
|
|
|
|
Property, plant and
equipment additions
|
|
(1,556)
|
|
(3,495)
|
Proceeds on disposition
of property, plant and equipment
|
|
66
|
|
333
|
Intangible asset
additions
|
|
(8,769)
|
|
(7,220)
|
Issuance of loans
receivable
|
|
—
|
|
(2,984)
|
Repayment of loans
receivable
|
|
224
|
|
180
|
Distribution from
equity investment
|
|
—
|
|
4,212
|
Proceeds on contingent
consideration from equity investment
|
|
—
|
|
1,700
|
Net cash used in
investing activities
|
|
(10,035)
|
|
(7,274)
|
Financing
activities:
|
|
|
|
|
Share
repurchase
|
|
—
|
|
(53,170)
|
Dividends paid to
stockholders
|
|
(24,181)
|
|
(21,905)
|
Proceeds from exercise
of options and share option plans
|
|
6,719
|
|
7,054
|
Payment of withholding
taxes on issuance of shares
|
|
(7,542)
|
|
(2,984)
|
Net increase (decrease)
in short-term debt
|
|
(2,886)
|
|
29,069
|
Repayment of long-term
debt
|
|
(2,626)
|
|
(4,236)
|
Repayment of finance
lease obligations
|
|
(2,629)
|
|
(2,189)
|
Net cash used in
financing activities
|
|
(33,145)
|
|
(48,361)
|
Effect of changes in
foreign currency rates on cash, cash equivalents, and restricted
cash
|
|
(2,782)
|
|
(12,828)
|
Increase
|
|
134,725
|
|
(64,331)
|
Beginning of
period
|
|
306,895
|
|
420,256
|
Cash, cash
equivalents, and restricted cash, end of period
|
$
|
441,620
|
$
|
355,925
|
Selected Data
(Unaudited)
Total auction metrics
|
|
|
|
|
|
Three months ended
March 31,
|
|
|
|
% Change
|
|
2021
|
2020
|
2021 over
2020
|
Number of auction
sales days
|
93
|
87
|
7
|
%
|
Bids per lot
sold
|
27
|
19
|
42
|
%
|
Total lots
sold
|
116,259
|
100,805
|
15
|
%
|
Non-GAAP Measures
This news release references to
non-GAAP measures. Non-GAAP measures do not have a standardized
meaning and are, therefore, unlikely to be comparable to similar
measures presented by other companies. The presentation of this
financial information, which is not prepared under any
comprehensive set of accounting rules or principles, is not
intended to be considered in isolation of, or as a substitute for,
the financial information prepared and presented in accordance with
generally accepted accounting principles. Non-GAAP financial
measures referred to in this report are labeled as "non-GAAP
measure" or designated as such with an asterisk (*).
Adjusted EBITDA*
The Company believes that adjusted EBITDA* provides useful
information about the growth or decline of our net income when
compared between different financial periods.
The following table reconciles adjusted EBITDA* to net income,
which is the most directly comparable GAAP measures in, or
calculated from, our consolidated income statements:
|
|
|
|
|
|
|
(in U.S. $000's,
except percentages)
|
Three months ended
March 31,
|
|
|
|
|
|
%
Change
|
|
2021
|
2020
|
2021 over
2020
|
Net income
|
$
|
28,139
|
$
|
22,829
|
23
|
%
|
Add: depreciation and
amortization expenses
|
|
21,070
|
|
19,293
|
9
|
%
|
Add: interest
expense
|
|
8,946
|
|
9,182
|
(3)
|
%
|
Less: interest
income
|
|
(303)
|
|
(873)
|
(65)
|
%
|
Add: income tax
expense
|
|
8,419
|
|
5,648
|
49
|
%
|
Adjusted
EBITDA*
|
$
|
66,271
|
$
|
56,079
|
18
|
%
|
|
|
(1)
|
Please refer to page
10 for a summary of adjusting items for the three months and year
ended March 31, 2021 and March 31, 2020.
|
(2)
|
Adjusted EBITDA* is
calculated by adding back depreciation and amortization expenses,
interest expense, and income tax expense, and subtracting interest
income from net income excluding the pre-tax effects of adjusting
items.
|
Adjusting items during the trailing 12-months ended
March 31, 2021 were:
Recognized in the first quarter of 2021
- There were no adjustment items recognized in the first quarter
of 2021.
Recognized in the fourth quarter of 2020
- $5.2 million ($3.9 million after tax, or $0.04 per diluted share) of acquisition-related
costs related to the acquisition of Rouse.
- $1.5 million ($0.01 per diluted share) of current income tax
expense recognized related to an unfavourable adjustment to reflect
final regulations published in Q2 2020 regarding hybrid financing
arrangements.
Recognized in the third quarter of 2020
- $4.3 million ($3.2 million after tax, or $0.03 per diluted share) of severance costs
related to the realignment of leadership to support the new global
operations organization, in line with strategic growth priorities
led by the new CEO.
Recognized in the second quarter of 2020
- $6.2 million ($0.06 per diluted share) in current and deferred
income tax expense related to an unfavourable adjustment to reflect
final regulations published regarding hybrid financing
arrangements.
Adjusting items during the trailing 12-months ended
March 31, 2020 were:
Recognized in the first quarter of 2020
- There were no adjustment items recognized in the first quarter
of 2020.
Recognized in the fourth quarter of 2019
- $4.1 million ($3.4 million after tax, or $0.03 per diluted share) in share-based payment
expense recovery related to the departure of our former CEO.
Recognized in the third quarter of 2019
- There were no adjustment items recognized in the third quarter
of 2019.
Recognized in the second quarter of 2019
- There were no adjustment items recognized in the second quarter
of 2019.
View original
content:http://www.prnewswire.com/news-releases/ritchie-bros-reports-first-quarter-2021-results-301287748.html
SOURCE Ritchie Bros.
Auctioneers