0001104659-20-026280.txt : 20200227 0001104659-20-026280.hdr.sgml : 20200227 20200227170545 ACCESSION NUMBER: 0001104659-20-026280 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20200227 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20200227 DATE AS OF CHANGE: 20200227 FILER: COMPANY DATA: COMPANY CONFORMED NAME: RITCHIE BROS AUCTIONEERS INC CENTRAL INDEX KEY: 0001046102 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-BUSINESS SERVICES, NEC [7389] IRS NUMBER: 000000000 STATE OF INCORPORATION: A6 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13425 FILM NUMBER: 20663529 BUSINESS ADDRESS: STREET 1: 9500 GLENLYON PARKWAY CITY: BURNABY STATE: A1 ZIP: V5J 0C6 BUSINESS PHONE: 7783315500 MAIL ADDRESS: STREET 1: 9500 GLENLYON PARKWAY CITY: BURNABY STATE: A1 ZIP: V5J 0C6 8-K 1 tm209505d1_8k.htm FORM 8-K
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

 Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report: February 27, 2020

 

Ritchie Bros. Auctioneers Incorporated

 (Exact Name of Registrant as Specified in Its Charter)

 

Canada 001-13425 98-0626225
(State or other jurisdiction of incorporation) (Commission File Number) (I.R.S. Employer Identification)

 

9500 Glenlyon Parkway, Burnaby, British Columbia, Canada V5J0C6

(Address of principal executive offices) (Zip Code)

 

(778) 331-5500

(Registrant’s Telephone Number, Including Area Code)

 

N/A

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a -12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d -2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e -4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class Trading Symbol(s) Name of each exchange on which registered
Common shares RBA New York Stock Exchange

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

 

 

 

 

 

Item 2.02 Results of Operations and Financial Condition

 

On February 27, 2020, Ritchie Bros. Auctioneers Incorporated (the “Company”) issued a press release announcing its financial results for the fourth quarter and fiscal year ended December 31, 2019. A copy of the press release is furnished as Exhibit 99.1 to this report.

 

In accordance with General Instruction B.2 of Form 8-K, the information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

 
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

 

On February 27, 2020, the Company announced the planned retirement of Todd Wohler, Chief Human Resources Officer. Wohler will retire, effective March 31, 2020.

 

Item 9.01 Financial Statements and Exhibits

 

(d) Exhibits

 

Exhibit Number   Description
99.1   News release, dated February 27, 2020 issued by Ritchie Bros. Auctioneers Incorporated
101   Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document
104   The Cover Page from this Current Report on Form 8-K, formatted as Inline XBRL

  

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Dated: February 27, 2020 Ritchie Bros. Auctioneers Incorporated
     
  By: /s/ Darren Watt
    Darren Watt
    General Counsel & Corporate Secretary

 

 

 

 

EXHIBIT INDEX

 

Exhibit Number   Description
99.1   News release, dated February 27, 2020 issued by Ritchie Bros. Auctioneers Incorporated
101   Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document
104   The Cover Page from this Current Report on Form 8-K, formatted as Inline XBRL

 

 

  

 EX-99.1 2 tm209505d1_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1 – News Release 

 

Ritchie Bros. reports fourth quarter and 2019 annual results

 

VANCOUVER, February 27, 2020 – Ritchie Bros. Auctioneers Incorporated (NYSE & TSX: RBA, the “Company”, “Ritchie Bros.”, “we”, “us”, or “our”) reports results for the fourth quarter and full year ended December 31, 2019.

 

(All figures are presented in U.S. dollars)

Fourth quarter highlights

 

Net income attributable to stockholders for Q4 2019 increased 45% to $51.6 million, diluted earnings per share (“EPS”) attributable to stockholders increased 47% to $0.47 from $0.32 per share, while diluted adjusted EPS attributable to stockholders (non-GAAP measure) increased 38% to $0.44 from $0.32 per share compared to the same period in 2018.

 

Consolidated results:

·Total revenue in Q4 2019 decreased 7% to $332.2 million as compared to Q4 2018
oService revenue in Q4 2019 increased 10% to $218.5 million as compared to Q4 2018
oInventory sales revenue in Q4 2019 decreased 28% to $113.7 million as compared to Q4 2018

·Total selling, general and administrative expenses (“SG&A”) was $95.8 million compared to $95.6 million in Q4 2018

·Operating income in Q4 2019 increased 27% to $71.5 million as compared to Q4 2018

 

Auctions & Marketplaces (“A&M”) segment results:

·GTV1 in Q4 2019 increased 3.5% to $1.4 billion compared to Q4 2018
·A&M total revenue in Q4 2019 decreased 7% to $298.0 million as compared to Q4 2018
oService revenue in Q4 2019 increased 13% to $184.2 million as compared to Q4 2018
oInventory sales revenue in Q4 2019 decreased 28% to $113.7 million as compared to Q4 2018

 

Other Company development:

·The Company announced on December 16, 2019 that Ann Fandozzi will be joining the Company as its new Chief Executive Officer (“CEO”), and member of the Board of Directors, effective January 6, 2020.

 

Full year highlights

Net income attributable to stockholders for 2019 increased 23% to $149.0 million compared to $121.5 million in 2018. Diluted earnings per share (“EPS”) attributable to stockholders increased 23% to $1.36 from $1.11 per share, while diluted adjusted EPS attributable to stockholders (non-GAAP measure) increased 23% to $1.33 from $1.08 per share in 2018.

 

Consolidated results:

·Total revenue increased 13% to $1.3 billion as compared to 2018

o    Service revenue increased 7% to $804.0 million as compared to 2018

o    Inventory sales revenue increased 22% to $514.6 million as compared to 2018

·Total SG&A was $382.4 million in 2019 compared to $382.7 million in 2018
·Operating income increased 21% to $223.2 million as compared to 2018
·Cash provided by operating activities was $332.8 million for the year ended December 31, 2019
·Declared quarterly dividends aggregating to $0.76 per common share in 2019

 

Auctions & Marketplaces segment results:

 

·GTV increased 3.6% to $5.1 billion compared to 2018
·A&M total revenue increased 14% to $1.2 billion as compared to 2018
oService revenue increased 8% to $678.8 million as compared to 2018
oInventory sales revenue increased 22% to $514.6 million as compared to 2018

 

 

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 9-11 for explanations of why the Company uses these non-GAAP measures and, if applicable, the reconciliation to the most comparable GAAP financial measures.

 

Ritchie Bros.   1

 

 

“We are pleased with our strong fourth quarter delivering 47% reported earnings per share growth and 38% adjusted earnings per share growth. Our online marketplaces and US region both led the way with online delivering 16.4% GTV growth and the US posting double digit GTV growth.”

 

“Through the dedication of our entire team we grew our full year GTV by 4%, with Total Revenue topping $1.3 billion and 23% growth in earnings per share. We generated strong operating cash flow for the year and are pleased with the overall strength of our balance sheet,“ said Ann Fandozzi, CEO of Ritchie Bros.

 

Fandozzi concluded, “I have been impressed and energized by the strength and the quality of our team. 2020 is poised to be another exciting year for Ritchie Bros. as we look to continue progressing our multichannel strategy and leveraging technology to drive more value for our customers."

 

Financial Overview

(Unaudited)

 

   Three months ended December 31,   Year ended December 31, 
           % Change           % Change 
(in U.S. $000's, except EPS)  2019   2018   2019 over 2018   2019   2018   2019 over 2018 
Service revenue:                              
Commissions  $114,107   $106,621    7%  $431,781   $420,160    3%
Fees   104,362    91,158    14%   372,243    329,355    13%
Total service revenue   218,469    197,779    10%   804,024    749,515    7%
Inventory sales revenue   113,725    158,193    (28)%   514,617    420,511    22%
Total revenue   332,194    355,972    (7)%   1,318,641    1,170,026    13%
Service revenue as a % of total revenue   65.8%   55.6%   1020 bps    61.0%   64.1%   -310 bps 
Inventory sales revenue as a % of total revenue   34.2%   44.4%   -1020 bps    39.0%   35.9%   310 bps 
Costs of services   42,258    46,315    (9)%   164,977    159,058    4%
Cost of inventory sold   108,136    142,505    (24)%   480,839    374,339    28%
Selling, general and administrative expenses   95,800    95,624    0%   382,389    382,676    (0)%
Operating expenses   260,710    299,645    (13)%   1,095,439    984,837    11%
Cost of inventory sold as a % of operating expenses   41.5%   47.6%   -610 bps    43.9%   38.0%   590 bps 
Operating income   71,484    56,327    27%   223,202    185,189    21%
Operating income margin   21.5%   15.8%   570 bps    16.9%   15.8%   110 bps 
Net income attributable to stockholders   51,573    35,486    45%   149,039    121,479    23%
Adjusted net income attributable to stockholders*   48,183    35,486    36%   145,649    117,669    24%
Diluted earnings per share attributable to stockholders  $0.47   $0.32    47%  $1.36   $1.11    23%
Diluted adjusted EPS attributable to stockholders*  $0.44   $0.32    38%  $1.33   $1.08    23%
Effective tax rate   19.9%   25.2%   -530 bps    21.8%   20.3%   150 bps 
                               
Total GTV   1,383,908    1,337,614    3.5%   5,140,587    4,964,165    3.6%
Service revenue as a % of total GTV- Rate   15.8%   14.8%   100 bps    15.6%   15.1%   50 bps 
Inventory sales revenue as a % of total GTV- Mix   8.2%   11.8%   -360 bps    10.0%   8.5%   150 bps 

 

 

 

 

 

 

 

 

 

 

Ritchie Bros.   2

 

 

Segment Overview

 

(in U.S $000's)  Three months ended December 31, 2019   Year ended December 31, 2019 
   A&M   Other   Consolidated   A&M   Other   Consolidated 
Service revenue  $184,243   $34,226   $218,469   $678,823   $125,201   $804,024 
Inventory sales revenue   113,725    -    113,725    514,617    -    514,617 
Total revenue   297,968    34,226    332,194    1,193,440    125,201    1,318,641 
Ancillary and logistical service expenses   -    15,736    15,736    -    59,252    59,252 
Other costs of services   25,022    1,500    26,522    99,821    5,904    105,725 
Cost of inventory sold   108,136    -    108,136    480,839    -    480,839 
SG&A expenses   89,230    6,570    95,800    358,016    24,373    382,389 
Segment profit  $75,580   $10,420   $86,000   $254,764   $35,672   $290,436 
Total GTV   1,383,908    N/A    N/A    5,140,587    N/A    N/A 
A&M service revenue as a % of total GTV- Rate   13.3%   N/A    N/A    13.2%   N/A    N/A 

 

(in U.S $000's)  Three months ended December 31, 2018   Year ended December 31, 2018 
   A&M   Other   Consolidated   A&M   Other   Consolidated 
Service revenue  $162,931   $34,848   $197,779   $626,007   $123,508   $749,515 
Inventory sales revenue   158,193    -    158,193    420,511    -    420,511 
Total revenue   321,124    34,848    355,972    1,046,518    123,508    1,170,026 
Ancillary and logistical service expenses   -    20,334    20,334    -    66,576    66,576 
Other costs of services   24,542    1,439    25,981    87,430    5,052    92,482 
Cost of inventory sold   142,505    -    142,505    374,339    -    374,339 
SG&A expenses   91,046    4,578    95,624    363,549    19,127    382,676 
Segment profit  $63,031   $8,497   $71,528   $221,200   $32,753   $253,953 
Total GTV   1,327,614    N/A    N/A    4,964,165    N/A    N/A 
A&M service revenue as a % of total GTV- Rate   12.3%   N/A    N/A    12.6%   N/A    N/A 

 

Consolidated Quarterly Performance Overview

 

GTV increased 3.5% to $1.4 billion. The increase in GTV was driven by a 16% increase in online marketplaces and 1% growth in live on site industrial auctions. Online marketplaces growth was driven by strong performance from our Marketplace-E platform, our strategic accounts team, and GovPlanet. Our live industrial GTV improvement was led by our US region posting double-digit growth which was partially offset with softer performance in our International and Canadian regions.

 

Total revenue decreased 7% to $332.2 million with a decrease in Inventory sales revenue of 28%, partially offset by an increase in Service revenue of 10%.


Service revenue growth of 10% was driven by a 14% increase in fee revenue and a 7% improvement in commissions revenue. The increase in fees revenue was driven by the harmonization of buyer fees, and higher total GTV. The increase in commissions revenue was in line with overall GTV volume growth related to commissions contracts.

 

Inventory sales revenue decreased 28% primarily due to the non-repeat of significant inventory contracts in International and Canada. Inventory sales revenue as a percent of total GTV decreased to 8.2% in Q4 2019 from 11.8% in Q4 2018.

 

Costs of services decreased 9% to $42.3 million primarily driven by lower revenue in the RB Logistics business.

 

Cost of inventory decreased 24% to $108.1 million, in line with the overall decrease in inventory sales volume and reflecting comparative softer rate performance in Canada and International compared to Q4 2018.

 

Selling, general and administrative (“SG&A”) expenses increased slightly to $95.8 million due to additional headcount to support our growth initiatives and additional investments in the fourth quarter to support marketing efforts focused on generating buyer demand, offset by a $4.1 million share-based payment expense recovery related to the departure of our former CEO.

 

 

 

Ritchie Bros.   3

 

 

 

Net income attributable to stockholders increased 45% to $51.6 million. The increase was primarily due to higher operating income combined with lower interest expense. Included in operating income is a foreign exchange gain of $4.1 million in Q4 2019 compared to $0.2 million in Q4 2018.  Adjusted net income attributable to stockholders (non-GAAP measure) increased 36%, to $48.2 million in Q4 2019 compared to $35.5 million in Q4 2018.

 

Primarily for the same reasons noted above, diluted EPS attributable to stockholders increased 47% to $0.47 per share compared to $0.32 per share in Q4 2018. Diluted adjusted EPS attributable to stockholders (non-GAAP measure) increased 38% to $0.44 per share in Q4 2019 compared to $0.32 per share in Q4 2018.

 

Dividend Information

Quarterly dividend

The Company declared on January 24, 2020, a quarterly cash dividend of $0.20 per common share payable on March 6, 2020 to shareholders of record on February 14, 2020.

 

Management Announcement

The Company announced today the planned retirement of Todd Wohler, Chief Human Resources Officer (“CHRO”). Mr. Wohler will retire as CHRO, effective March 31, 2020 after five years with the Company. Mr. Wohler had intended to retire earlier but agreed to stay on during the CEO transition. The Company is grateful to him for his significant contributions as CHRO.

 

Related to the above, the Company is pleased to announce the appointment of Carmen Thiede as Chief Human Resources Officer, effective April 13, 2020. Ms. Thiede brings significant experience to the Company gained during her impressive career in human resources leadership across diverse industries including automotive, financial and technological services at RBC, Ameriprise Financial Services, Regis Corporation and ABRA Auto Body & Glass. Ms. Thiede has a Master’s Degree in Human Resources and Industrial Relations from the University of Minnesota - Carlson School of Management.

 

Q4 2019 Earnings Conference Call

Ritchie Bros. is hosting a conference call to discuss its financial results for the quarter ended December 31, 2019, at 8:00 am Pacific time / 11:00 am Eastern time / 4:00 pm GMT on February 28, 2020. The replay of the webcast will be available through March 28, 2020.

 

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 global asset management and disposition company, offering 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; and Ritchie Bros. Private Treaty, offering privately negotiated sales. The company’s suite of multichannel sales solutions also includes RB Asset Solutions, a complete end-to-end asset management and disposition system. Ritchie Bros. also offers 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.

 

 

 

 

 

 

 

Ritchie Bros.   4

 

 

 

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 Q4 performance, growth prospects and payment of dividends. 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 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 IronPlanet, and to receive the anticipated benefits of the IronPlanet acquisition; and the risks and uncertainties set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, 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.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ritchie Bros.   5

 

 

GTV and Consolidated Financial Information

 

GTV and Consolidated Income Statements – Fourth Quarter

(Expressed in thousands of United States dollars, except share and per share amounts)

(Unaudited)

 

(in U.S. $000's, except EPS)  Three months ended December 31,   Year ended December 31, 
           % Change           % Change 
   2019   2018   2019 over 2018   2019   2018   2019 over 2018 
GTV  $1,383,908   $1,337,614    3%  $5,140,587   $4,964,165    4%
Revenues:                              
Service revenues  $218,469   $197,779    10%  $804,024   $749,515    7%
Inventory sales revenue   113,725    158,193    (28)%   514,617    420,511    22%
Total revenues   332,194    355,972    (7)%   1,318,641    1,170,026    13%
Operating expenses:                              
Costs of services   42,258    46,315    (9)%   164,977    159,058    4%
Cost of inventory sold   108,136    142,505    (24)%   480,839    374,339    28%
Selling, general and administration expenses   95,800    95,624    0%   382,389    382,676    (0)%
Acquisition-related costs   25    54    (54)%   777    5,093    (85)%
Depreciation and amortization expenses   18,582    17,163    8%   70,501    66,614    6%
Gain on disposition of property, plant and equipment   (36)   (1,773)   (98)%   (1,107)   (2,731)   (59)%
Foreign exchange loss (gain)   (4,055)   (243)   1569%   (2,937)   (212)   1285%
Total operating expenses   260,710    299,645    (13)%   1,095,439    984,837    11%
Operating income   71,484    56,327    27%   223,202    185,189    21%
Interest expense   (10,254)   (11,807)   (13)%   (41,277)   (44,527)   (7)%
Other, net   3,158    2,855    11%   8,838    11,850    (25)%
Income before income taxes   64,388    47,375    36%   190,763    152,512    25%
Income tax expense   12,823    11,915    8%   41,623    31,006    34%
Net income  $51,565   $35,460    45%  $149,140   $121,506    23%
Net income (loss) attributable to:                              
Stockholders  $51,573   $35,486    45%  $149,039   $121,479    23%
Non-controlling interests   (8)   (26)   (69)%   101    27    274%
   $51,565   $35,460    45%  $149,140   $121,506    23%
Earnings per share attributable to stockholders:                              
Basic  $0.47   $0.33    42%  $1.37   $1.12    22%
Diluted  $0.47   $0.32    47%  $1.36   $1.11    23%
Weighted average number of share outstanding:                              
Basic   108,609,481    108,649,637    (0)%   108,519,739    108,063,349    0%
Diluted   110,194,557    109,983,224    0%   109,759,123    109,388,236    0%

 

Ritchie Bros.6

 

 

 

Consolidated Balance Sheets

(Expressed in thousands of United States dollars, except share data)

(Unaudited)

 

As at December 31,  2019   2018 
Assets          
Cash and cash equivalents  $359,671   $237,744 
Restricted cash   60,585    67,823 
Trade and other receivables   137,402    129,257 
Inventory   64,956    113,294 
Other current assets   50,160    49,055 
Income taxes receivable   6,810    6,365 
Total current assets   679,584    603,538 
           
Property, plant and equipment   484,482    486,599 
Other non-current assets   145,679    29,395 
Intangible assets   233,380    245,622 
Goodwill   672,310    671,594 
Deferred tax assets   13,995    15,648 
Total assets  $2,229,430   $2,052,396 
           
Liabilities and Equity          
Auction proceeds payable  $276,188   $203,503 
Trade and other payables   194,279    201,255 
Income taxes payable   7,809    2,312 
Short-term debt   4,705    19,896 
Current portion of long-term debt   18,277    13,126 
Total current liabilities   501,258    440,092 
           
Long-term debt   627,204    698,172 
Other non-current liabilities   151,238    41,980 
Deferred tax liabilities   42,743    35,519 
Total liabilities   1,322,443    1,215,763 
           
Commitments          
Contingencies          
Contingently redeemable performance share units   -    923 
Stockholders' equity:          
Share capital:          
Common stock; no par value, unlimited shares authorized, issued and outstanding shares: 109,337,781 (December 31, 2018: 108,682,030)   194,771    181,780 
Additional paid-in capital   52,110    56,885 
Retained earnings   714,051    648,255 
Accumulated other comprehensive loss   (59,099)   (56,277)
Stockholders' equity   901,833    830,643 
Non-controlling interest   5,154    5,067 
Total stockholders' equity   906,987    835,710 
Total liabilities and equity  $2,229,430   $2,052,396 

 

Ritchie Bros.7

 

 

 

Consolidated Statements of Cash Flows

(Expressed in thousands of United States dollars)

(Unaudited)

 

Year ended December 31,  2019   2018   2017 
Cash provided by (used in):               
Operating activities:               
Net income  $149,140   $121,506   $75,306 
Adjustments for items not affecting cash:               
Depreciation and amortization expenses   70,501    66,614    52,694 
Impairment loss   -    -    8,911 
Stock option compensation expense   4,697    8,252    13,700 
Equity-classified share units expense   8,047    11,256    3,529 
Deferred income tax expense (recovery)   8,826    6,239    (17,268)
Unrealized foreign exchange (gain) loss   (3,058)   951    254 
Gain on disposition of property, plant and equipment   (1,107)   (2,731)   (1,656)
Amortization of debt issuance costs   4,086    4,995    3,056 
Gain on disposition of equity investment   -    (4,935)   - 
Amoritzation of right-of-use assets   12,280    -    - 
Other, net   2,779    (2,317)   (1,237)
Net changes in operating assets and liabilities   76,602    (65,550)   10,279 
Net cash provided by operating activities   332,793    144,280    147,568 
Investing activities:               
Acquisition of IronPlanet, net of cash acquired   -    -    (675,851)
Property, plant and equipment additions   (13,589)   (16,860)   (10,812)
Intangible asset additions   (27,415)   (26,152)   (28,584)
Proceeds on disposition of property, plant and equipment   5,929    10,586    4,985 
Proceeds on disposal of equity investment   -    6,147    - 
Other, net   (982)   (4,674)   (692)
Net cash used in investing activities   (36,057)   (30,953)   (710,954)
Financing activities:               
Share repurchase   (42,012)   -    - 
Dividends paid to stockholders   (82,535)   (75,678)   (72,785)
Dividends paid to NCI   -    -    (41)
Issuances of share capital   41,094    28,524    9,936 
Payment of withholding taxes on issuance of shares   (5,260)   (3,901)   - 
Proceeds from short-term debt   13,169    19,715    6,971 
Repayment of short-term debt   (28,684)   (6,628)   (24,479)
Proceeds from long-term debt   -    -    325,000 
Repayment of long-term debt   (76,282)   (91,013)   (108,985)
Debt issue costs   -    -    (12,624)
Repayment of finance lease obligations   (6,708)   (3,950)   (2,322)
Other, net   -    (1,176)   (1,408)
Net cash provided by (used in) financing activities   (187,218)   (134,107)   119,263 
Effect of changes in foreign currency rates on cash, cash equivalents, and restricted cash   5,171    (4,769)   17,150 
Increase (decrease)   114,689    (25,549)   (426,973)
Beginning of period   305,567    331,116    758,089 
Cash, cash equivalents, and restricted cash, end of period  $420,256   $305,567   $331,116 

 

Ritchie Bros.8

 

 

 

Selected Data

(Unaudited)

 

Live industrial auction data

 

   Three months ended December 31   Year ended December 31, 
           % Change           % Change 
   2019   2018   2019 over 2018   2019   2018   2019 over 2018 
Number of auctions   54    53    2%   194    183    6%
Bidder registrations   223,800    171,500    30%   732,550    555,000    32%
Consignors   15,850    14,900    6%   58,850    53,950    9%
Buyers   44,350    38,500    15%   153,400    135,250    13%
Lots   117,650    103,500    14%   422,800    377,000    12%

 

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.

 

Adjusted Net Income Attributable to Stockholders* and Diluted Adjusted EPS Attributable to Stockholders* Reconciliation

 

The Company believes that adjusted net income attributable to stockholders* provides useful information about the growth or decline of the net income attributable to stockholders for the relevant financial period and eliminates the financial impact of adjusting items the Company does not consider to be part of the normal operating results. Diluted Adjusted EPS attributable to stockholders* eliminates the financial impact of adjusting items which are after-tax effects of significant non-recurring items that the Company does not consider to be part of the normal operating results, such as acquisition-related costs, management reorganization costs, and certain other items, which the Company refers to as ‘adjusting items’.

 

The following table reconciles adjusted net income attributable to stockholders* and diluted adjusted EPS attributable to stockholders* to net income attributable to stockholders and diluted EPS attributable to stockholders, which are the most directly comparable GAAP measures in the consolidated income statements.

 

(in U.S. $000's, except share and per share data)  Three months ended December 31   Year ended December 31, 
           % Change           % Change 
   2019   2018   2019 over 2018   2019   2018   2019 over 2018 
Net income attributable to stockholders  $51,573   $35,486    45%  $149,039   $121,479    23%
Pre-tax adjusting items:                              
Share-based payment expense recovery   (4,078)   -    -100%   (4,078)   -    -100%
Deferred income tax effect of adjusting items:                              
Share-based payment expense recovery   688    -    100%   688    -    100%
Adjusted net income attributable to stockholders*  $48,183   $35,486    36%  $145,649   $117,669    24%
Weighted average number of dilutive shares outstanding   110,194,557    109,983,224    0%   109,759,123    109,388,236    0%
Diluted earnings per share attributable to stockholders  $0.47   $0.32    47%  $1.36   $1.11    23%
Diluted adjusted EPS attributable to stockholders*  $0.44   $0.32    38%  $1.33   $1.08    23%

 

(1) Please refer to page 11 for a summary of adjusting items for the three month and year ended Decembre 31, 2019, and 2018.

(2) Adjusted net income attributable to stockholders* represents net income attributable to stockholders excluding the effects of adjusting items.

(3) Diluted adjusted EPS attributable to stockholders* is calculated by dividing adjusted net income attributable to stockholders*, net of the effect of dilutive securities, by the weighted average number of dilutive shares outstanding.

 

Ritchie Bros.9

 

 

 

Adjusted Net Debt* and Adjusted Net Debt/Adjusted EBITDA* Reconciliation

 

The Company believes that comparing adjusted net debt/adjusted EBITDA* on a trailing 12-month basis for different financial periods provides useful information about the performance of the Company’s operations as an indicator of the amount of time it would take the Company to settle both the short and long-term debt. The Company does not consider this to be a measure of liquidity, which is the ability to settle only short-term obligations, but rather a measure of how well the Company funds liquidity.

 

The following table reconciles adjusted net debt* to debt, adjusted EBITDA* to net income, and adjusted net debt*/adjusted EBITDA* to debt/ net income, respectively, which are the most directly comparable GAAP measures in, or calculated from, our consolidated financial statements.

 

(in U.S. $ millions)  Year ended December 31, 
           % Change 
   2019   2018   2019 over 2018 
Short-term debt  $4.7   $19.9    -76%
Long-term debt   645.5    711.3    -9%
Debt   650.2    731.2    -11%
Less: cash and cash equivalents   (359.7)   (237.7)   51%
Adjusted net debt*   290.5    493.5    -41%
Net income  $149.1   $121.5    23%
Add: depreciation and amortization expenses   70.5    66.6    6%
Add: interest expense   41.3    44.5    -7%
Less: interest income   (3.8)   (2.9)   31%
Add: income tax expense   41.6    31.0    34%
Pre-tax adjusting items:               
Share-based payment expense recovery   (4.1)   -    -100%
Severance and retention   -    1.5    -100%
Gain on sale of equity accounted for investment   -    (4.9)   100%
Adjusted EBITDA*  $294.6   $257.3    14%
Debt/net income   4.4x   6x   (16)%
Adjusted net debt*/adjusted EBITDA*   1x   1.9x   (36)%

 

(1)Please refer to page 11 for a summary of adjusting items for the year ended December 31, 2019, and 2018.
(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.
(3)Adjusted net debt* is calculated by subtracting cash and cash equivalents from short and long-term debt.
(4)Adjusted net debt*/adjusted EBITDA* is calculated by dividing adjusted net debt* by adjusted EBITDA*.

 

Operating Free Cash Flow* (“OFCF”) Reconciliation

 

The Company believes OFCF*, when compared on a trailing 12-month basis to different financial periods provides an effective measure of the cash generated by the business and provides useful information regarding cash flows remaining for discretionary return to stockholders, mergers and acquisitions, or debt reduction. The balance sheet scorecard includes OFCF* as a performance metric. OFCF* is also an element of the performance criteria for certain annual short-term and long-term incentive awards.

 

The following table reconciles OFCF* to cash provided by operating activities, which is the most directly comparable GAAP measure in, or calculated from, the consolidated statements of cash flows:

 

(in U.S. $ millions)  Year ended December 31, 2019 
           % Change 
   2019   2018   2019 over 2018 
Cash provided by operating activities  $332.8   $144.3    131%
Property, plant and equipment additions   13.6    16.9    -20%
Intangible asset additions   27.4    26.1    5%
Proceeds on disposition of property plant and equipment   (5.9)   (10.6)   -44%
Net capital spending  $35.1   $32.4    8%
OFCF*  $297.7   $111.9    166%

 

(1)OFCF* is calculated by subtracting net capital spending from cash provided by operating activities.

 

Ritchie Bros.10

 

 

 

Adjusting items for the year ended December 31, 2019:

 


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.

 

Recognized in the first quarter of 2019

·There were no adjustment items recognized in the first quarter of 2019.

 

Adjusting items for the year ended December 31, 2018:

 

Recognized in the fourth quarter of 2018

·There were no adjustment items recognized in the fourth quarter of 2018.

 

Recognized in the third quarter of 2018

·$1.5 million ($1.1 million after tax, or $0.01 per diluted share) of severance and retention costs in a corporate reorganization that followed the IronPlanet acquisition;
·$4.9 million ($4.9 million after tax, or $0.04 per diluted share) due to gain on sale of an equity accounted for investment.

 

Recognized in the second quarter of 2018

·There were no adjustment items recognized in the second quarter of 2018.

 

Recognized in the first quarter of 2018

·There were no adjustment items recognized in the first quarter of 2018.

 

For further information, please contact:

Zaheed Mawani

Vice President, Investor Relations

Phone: 1.778.331.5219

Email: zmawani@rbauction.com

 

Ritchie Bros.11

 

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Cover
Feb. 27, 2020
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Feb. 27, 2020
Entity File Number 001-13425
Entity Registrant Name Ritchie Bros. Auctioneers Incorporated
Entity Central Index Key 0001046102
Entity Tax Identification Number 98-0626225
Entity Incorporation, State or Country Code Z4
Entity Address, Address Line One 9500 Glenlyon Parkway
Entity Address, City or Town Burnaby
Entity Address, State or Province BC
Entity Address, Country CA
Entity Address, Postal Zip Code V5J0C6
City Area Code 778
Local Phone Number 331-5500
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common shares
Trading Symbol RBA
Security Exchange Name NYSE
Entity Emerging Growth Company false
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