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Ritchie Bros Auctioneers (RBA)

Established in 1958, Ritchie Bros. is a global asset management and disposition company, oQering 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 o ers live auction events with online bidding; IronPlanet, an online marketplace with featured weekly auctions and providing the exclusive IronClad Assurance® equipment condition certi cation; Marketplace-E, a controlled marketplace o ering multiple price and timing options; Mascus, a leading European online equipment listing service; and Ritchie Bros. Private Treaty o ering privately negotiated sales. The company's suite of multichannel sales solutions also includes Ritchie Bros. Asset Solutions, a complete end-to-end asset management and disposition system. Ritchie Bros. also o ers sector-speciGc solutions including GovPlanet, TruckPlanet, and Kruse Energy, plus equipment Snancing and leasing through Ritchie Bros. Financial Services.

Company profile

Ticker
RBA
Exchange
CEO
Ann Fandozzi
Employees
Incorporated
Fiscal year end
SEC CIK
Subsidiaries
Ritchie Bros. Holdings Inc. • RBA Holdings Inc. • Ritchie Bros. Auctioneers (America) Inc. • Ritchie Bros. Properties Inc. • Ritchie Bros. Financial Services (America) Inc. • AssetNation, Inc. • SalvageSale Mexico Holding LLC • Ritchie Bros. Asset Solutions Inc. • Xcira, LLC • IronPlanet, Inc ...

RBA stock data

Analyst ratings and price targets

Last 3 months
Current price
Average target
$74.00
Low target
$73.00
High target
$75.00
RBC Capital
Maintains
Outperform
$73.00
8 Aug 22
B of A Securities
Upgraded
Buy
$75.00
14 Jul 22

Calendar

4 Aug 22
16 Aug 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 531.66M 531.66M 531.66M 531.66M 531.66M 531.66M
Cash burn (monthly) 332.81M (no burn) (no burn) (no burn) (no burn) (no burn)
Cash used (since last report) 522.71M n/a n/a n/a n/a n/a
Cash remaining 8.95M n/a n/a n/a n/a n/a
Runway (months of cash) 0.0 n/a n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
17 Jun 22 Adam DeWitt Dividend Equivalent Rights (DSUs) Common Shares Grant Acquire A No No 0 16 0 59
82.8% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 267 283 -5.7%
Opened positions 28 47 -40.4%
Closed positions 44 26 +69.2%
Increased positions 106 98 +8.2%
Reduced positions 98 100 -2.0%
13F shares Current Prev Q Change
Total value 5.47B 5.58B -2.0%
Total shares 91.74M 90.36M +1.5%
Total puts 20.1K 23K -12.6%
Total calls 26.9K 28.1K -4.3%
Total put/call ratio 0.7 0.8 -8.7%
Largest owners Shares Value Change
Massachusetts Financial Services 8.67M $511.78M -18.0%
JHG Janus Henderson 5.68M $335.58M -1.7%
Beutel, Goodman & Co 5.49M $324.53M +63.8%
Riverbridge Partners 4.8M $283.43M +2.3%
IVZ Invesco 4.65M $274.62M +19.2%
ArrowMark Colorado 3.94M $232.57M +6.5%
Vanguard 3.7M $218.62M +2.5%
Eagle Asset Management 3.29M $193.99M -0.0%
Baillie Gifford & Co 2.74M $162.06M +0.7%
Independent Franchise Partners 2.66M $156.85M +1.2%
Largest transactions Shares Bought/sold Change
Beutel, Goodman & Co 5.49M +2.14M +63.8%
Jarislowsky, Fraser 2.1M +2.1M NEW
Massachusetts Financial Services 8.67M -1.91M -18.0%
Luxor Capital 0 -1.35M EXIT
FIL 1.44M +1.12M +361.3%
Norges Bank 0 -1.05M EXIT
IVZ Invesco 4.65M +747.8K +19.2%
Wellington Management 444.43K -747.37K -62.7%
Vontobel Asset Management 2.02M +662.17K +48.9%
William Blair Investment Management 2.62M -584.96K -18.3%

Financial report summary

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Risks
  • Damage to our reputation could harm our business.
  • Failure to maintain safe sites could materially affect our business and reputation.
  • Our business is subject to the risks of operating internationally.
  • Our operating results are subject to quarterly variations.
  • Certain global conditions may affect our ability to conduct successful events.
  • U.S. civil liabilities may not be enforceable against us, our directors, or our officers.
  • Our debt instruments have restrictive covenants that could limit our financial flexibility.
Management Discussion
  • Total GTV increased 2% to $5.5 billion as compared to 2020. Total GTV decreased 0.4% in 2021 as compared to 2020, when excluding the impact of foreign exchange.
  • In 2021, GTV increased primarily in International and Canada, while remaining flat in the US. GTV volume increased primarily due to strong price performance across all regions as a result of high demand for used equipment, predominantly in the construction and transportation sectors, and these increases were partially offset by an unfavorable tight supply environment which impacted all regions. In International, GTV volume increases were driven by the lifting of border restrictions, improved economic climate and higher activity in Australia with new auctions, higher number of private treaty deals and a new agricultural event. We also saw strong performance in France with the growth of local satellite yards, partially offset by lower volume in Europe due to supply constraints. In Canada, we saw an increase in volumes across several auctions, most notably within the Canadian agricultural market with the shift to online driving a higher number of events and a larger buyer base. In addition, we saw a strong performance in Toronto throughout the year due to unprecedented demand. Canada also benefited from significant volume increases in RBFS from providing escrow services for private brokered transactions. These increases were partially offset by softer year-over-year performances across our Western region due to supply chain constraints. In the US, we saw strong performances by our US regional sales team and also GovPlanet. US region performance was strong with a $99.0 million pipeline construction equipment event in New Mexico and Texas as well as a $35.0 million construction event in Alabama, partially offset by lower year-over-year performances in our Fort Worth, Orlando, and Las Vegas auctions and our regional combined events. GovPlanet saw higher volumes with the new non-rolling and rolling stock contracts effective June 1, 2021. However, offsetting these increases, total US GTV was flat with lower volume in our US strategic accounts sales team and also the non-repeat of a collector car event. US strategic accounts were down mainly in the finance, OEM and
  • rental sectors as high asset utilization, supply chain challenges and new inventory availability have continued to impact disposition volumes.

Content analysis

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New words: coincide, Eric, expiry, extinguished, faster, heightened, inflationary, ix, journey, Maltby, national, outflow, reacquisition, relieved, transformational, vi, vii, viii, write, wrote
Removed: achieved, asterisk, attend, CODM, departure, designated, East, Force, gauge, Las, Mexico, Middle, partly, people, Producer, Productivity, regional, repurchased, satellite, softer, statistic, structure, Territory