SEC Form 10-Q filed by RB Global Inc.

5/7/25 4:08:47 PM ET

$RBA

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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


x			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2025

OR

o			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______ to ______

Commission file number: 001-13425

RB Global, Inc.



(Exact Name of Registrant as Specified in its Charter)

Canada						98-0626225
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

Two Westbrook Corporate Center, Suite 500,
Westchester, Illinois, USA						60154
(Address of Principal Executive Offices)						(Zip Code)

(708) 492-7000

(Registrant’s Telephone Number, including Area Code)

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
Common Share Purchase Rights	N/A	New York Stock Exchange

Indicate by checkmark whether the registrant (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

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. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act): Yes o No x

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practical date: 185,191,774 common shares, without par value, outstanding as of April 30, 2025.

Table of Contents

RB GLOBAL, INC.

FORM 10-Q

INDEX


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
	Index for Notes to the Condensed Consolidated Financial Statements	6
ITEM 2:	Management’s Discussion and Analysis of Financial Condition and Results of Operations	19
ITEM 3:	Quantitative and Qualitative Disclosures About Market Risk	34
ITEM 4:	Controls and Procedures	34

PART II – OTHER INFORMATION
ITEM 1:	Legal Proceedings	35
ITEM 1A:	Risk Factors	35
ITEM 2:	Unregistered Sales of Equity Securities and Use of Proceeds	35
ITEM 3:	Defaults Upon Senior Securities	35
ITEM 4:	Mine Safety Disclosures	35
ITEM 5:	Other Information	35
ITEM 6:	Exhibits	36

SIGNATURES		37

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PART I – FINANCIAL INFORMATION

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 March 31,
	2025		2024
Revenue:
Service revenue	$	852.5	$	849.1
Inventory sales revenue	256.1		215.6
Total revenue	1,108.6		1,064.7

Operating expenses:
Costs of services	361.9		353.0
Cost of inventory sold	235.0		196.6
Selling, general and administrative	205.0		198.1
Acquisition-related and integration costs	3.1		12.8
Depreciation and amortization	114.5		107.7
Total operating expenses	919.5		868.2
Gain on disposition of property, plant and equipment	0.4		2.4
Operating income	189.5		198.9

Interest expense	(49.9)		(63.9)
Interest income	3.0		6.6
Other income (loss), net	0.7		(0.8)
Foreign exchange loss	(0.4)		(0.9)
Income before income taxes	142.9		139.9

Income tax expense	29.6		32.5
Net income	$	113.3	$	107.4

Net income (loss) attributable to:
Controlling interests	$	113.4	$	107.4

Redeemable non-controlling interests	(0.1)		—
Net income	$	113.3	$	107.4

Net income attributable to controlling interests	113.4		107.4
Cumulative dividends on Series A Senior Preferred Shares	(6.7)		(6.7)
Allocated earnings to Series A Senior Preferred Shares	(3.8)		(3.6)
Net income available to common stockholders	$	102.9	$	97.1


Basic earnings per share available to common stockholders	$	0.56	$	0.53
Diluted earnings per share available to common stockholders	$	0.55	$	0.53


Basic weighted average number of shares outstanding	184,824,362		183,059,321
Diluted weighted average number of shares outstanding	186,352,974		184,581,054

See accompanying notes to the condensed consolidated financial statements.


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Condensed Consolidated Statements of Comprehensive Income (Expressed in millions of U.S. dollars) (Unaudited)


	Three months ended March 31,
	2025		2024
Net income	$	113.3	$	107.4
Other comprehensive income (loss), net of income tax:
Foreign currency translation adjustment	10.5		(25.0)
Comprehensive income	$	123.8	$	82.4

Comprehensive income (loss) attributable to:
Controlling interests	$	123.8	$	82.4
Non-controlling interests	0.1		—
Redeemable non-controlling interests	(0.1)		—
Comprehensive income	$	123.8	$	82.4

See accompanying notes to the condensed consolidated financial statements.


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Condensed Consolidated Balance Sheets (Expressed in millions of U.S. dollars, except share data) (Unaudited)


	March 31, 2025		December 31, 2024
Assets
Current assets:
Cash and cash equivalents	$	578.1	$	533.9
Restricted cash	143.7		174.9
Trade and other receivables, net of allowance for credit losses of $7.3 and $7.2, respectively	770.4		709.4
Prepaid consigned vehicle charges	61.3		67.9
Inventory	132.7		121.5
Other current assets	77.0		77.0
Income taxes receivable	19.4		30.2
Total current assets	1,782.6		1,714.8

Property, plant and equipment, net	1,318.9		1,275.4
Operating lease right-of-use assets	1,509.1		1,529.1
Other non-current assets	141.0		98.4
Intangible assets, net	2,611.0		2,668.7
Goodwill	4,515.2		4,511.8
Deferred tax assets	9.5		8.8
Total assets	$	11,887.3	$	11,807.0

Liabilities, Temporary Equity and Stockholders' Equity
Current liabilities:
Auction proceeds payable	$	556.3	$	378.0
Trade and other liabilities	619.0		782.0
Current operating lease liabilities	113.2		113.3
Income taxes payable	7.7		26.2
Short-term debt	62.8		27.7
Current portion of long-term debt	4.1		4.1
Total current liabilities	1,363.1		1,331.3

Long-term operating lease liabilities	1,417.7		1,431.1
Long-term debt	2,622.6		2,622.1
Other non-current liabilities	103.5		97.4
Deferred tax liabilities	604.5		608.7
Total liabilities	6,111.4		6,090.6

Temporary equity:
Series A Senior Preferred Shares; shares authorized, issued and outstanding: 485,000,000	482.0		482.0
Redeemable non-controlling interest	8.0		8.1

Stockholders' equity:
Senior preferred and junior preferred stock; unlimited shares authorized; shares issued and outstanding, other than Series A Senior Preferred Shares: nil	—		—
Common stock and additional paid-in capital, no par value; unlimited shares authorized; shares issued and outstanding: 185,148,007	4,256.6		4,258.5
Retained earnings	1,141.3		1,090.3
Accumulated other comprehensive loss	(114.4)		(124.8)
Stockholders' equity	5,283.5		5,224.0
Non-controlling interests	2.4		2.3
Total stockholders' equity	5,285.9		5,226.3
Total liabilities, temporary equity and stockholders' equity	$	11,887.3	$	11,807.0

See accompanying notes to the condensed consolidated financial statements.


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Condensed Consolidated Statements of Changes in Temporary Equity and Stockholders' Equity (Expressed in millions of U.S. dollars, except where noted) (Unaudited)


	Three months ended March 31, 2025
				Redeemable non- controlling interest		Attributable to common stockholders					Non- controlling interest			Total stockholders' equity
	Senior A Senior Preferred Shares					Common stock and additional paid-in capital			Retained earnings				Accumulated other comprehensive loss
	Shares	Amount				Shares	Amount

Balance, December 31, 2024	485,000,000	$	482.0	$	8.1	184,732,582	$	4,258.5	$	1,090.3	$	(124.8)		$	2.3	$	5,226.3
Net income (loss)	—	—		(0.1)		—	—		113.4		—			—		113.4
Other comprehensive income	—	—		—		—	—		—		10.4			0.1		10.5


Share-based payments expense	—	—		—		—	13.6		—		—			—		13.6
Issuance of common stock	—	—		—		415,425	4.3		—		—			—		4.3
Tax withholding related to vesting of share units	—	—		—		—	(20.1)		—		—			—		(20.1)
Series A Senior Preferred Share dividends	—	—		—		—	—		(8.6)		—			—		(8.6)
Common stock dividends and dividend equivalents	—	—		—		—	0.3		(53.8)		—			—		(53.5)



Balance, March 31, 2025	485,000,000	$	482.0	$	8.0	185,148,007	$	4,256.6	$	1,141.3	$	(114.4)		$	2.4	$	5,285.9


	Three months ended March 31, 2024
				Redeemable non- controlling interest		Attributable to common stockholders					Non- controlling interest			Total stockholders' equity
	Senior A Senior Preferred Shares					Common stock and additional paid-in capital			Retained earnings				Accumulated other comprehensive loss
	Shares	Amount				Shares	Amount

















Balance, December 31, 2023	485,000,000	$	482.0	$	8.4	182,843,942	$	4,142.2	$	918.5	$	(44.0)		$	2.3	$	5,019.0
Net income	—	—		—		—	—		107.4		—			—		107.4
Other comprehensive loss	—	—		—		—	—		—		(25.0)			—		(25.0)

Share-based payments expense	—	—		—		—	14.1		—		—			—		14.1
Issuance of common stock	—	—		—		766,482	22.1		—		—			—		22.1
Tax withholding related to vesting of share units	—	—		—		—	(11.2)		—		—			—		(11.2)
Series A Senior Preferred Share dividends	—	—		—		—	—		(8.5)		—			—		(8.5)
Common stock dividends and dividend equivalents	—	—		—		—	0.4		(49.7)		—			—		(49.3)



Balance, March 31, 2024	485,000,000	$	482.0	$	8.4	183,610,424	$	4,167.6	$	967.7	$	(69.0)		$	2.3	$	5,068.6

See accompanying notes to the condensed consolidated financial statements.


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Condensed Consolidated Statements of Cash Flows (Expressed in millions of U.S. dollars) (Unaudited)


	Three months ended March 31,
	2025		2024
Cash provided by (used in):
Operating activities:
Net income	$	113.3	$	107.4
Adjustments for items not affecting cash:
Depreciation and amortization	114.5		107.7
Share-based payments expense	15.6		15.1
Deferred income tax benefit	(5.0)		(9.8)
Unrealized foreign exchange (gain) loss	(0.3)		0.5
Gain on disposition of property, plant and equipment	(0.4)		(2.4)
Allowance for expected credit losses	1.1		3.2


Amortization of debt issuance costs	2.1		3.7
Amortization of right-of-use assets	38.7		37.5
Other, net	2.6		3.7
Net changes in operating assets and liabilities	(125.4)		(141.8)
Net cash provided by operating activities	156.8		124.8
Investing activities:


Property, plant and equipment additions	(54.3)		(45.2)
Proceeds on disposition of property, plant and equipment	1.1		0.5
Intangible asset additions	(27.7)		(28.4)
Proceeds from repayment of loans receivable	1.4		0.9
Issuance of loans receivable	(22.1)		(4.4)
Other, net	(0.3)		(0.9)
Net cash used in investing activities	(101.9)		(77.5)
Financing activities:

Dividends paid to common stockholders	(53.5)		(49.3)
Dividends paid to Series A Senior Preferred shareholders	(8.6)		(8.5)
Proceeds from exercise of options and share option plans	4.3		22.1
Payment of withholding taxes on issuance of shares	(15.2)		(10.4)
Net increase in short-term debt	34.5		11.7

Repayment of long-term debt	(1.0)		(151.1)

Repayment of finance lease and equipment financing obligations	(6.5)		(6.5)
Proceeds from equipment financing obligations	1.0		1.1

Net cash used in financing activities	(45.0)		(190.9)
Effect of changes in foreign currency rates on cash, cash equivalents, and restricted cash	3.1		(6.9)
Net increase (decrease) in cash, cash equivalents, and restricted cash	13.0		(150.5)
Cash, cash equivalents, and restricted cash, beginning of period	708.8		747.9
Cash, cash equivalents, and restricted cash, end of period	$	721.8	$	597.4

See accompanying notes to the condensed consolidated financial statements.


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Index for Notes to the Condensed Consolidated Financial Statements (Unaudited)


Note 1	Description of Business and Basis of Preparation	7
Note 2	Recent Accounting Pronouncements	7
Note 3	Acquisitions	8
Note 4	Segment Information	8
Note 5	Revenue	9
Note 6	Operating Expenses	9
Note 7	Income Taxes	10
Note 8	Earnings Per Share Available to Common Stockholders	11
Note 9	Supplemental Cash Flow Information	11
Note 10	Fair Value Measurement	12
Note 11	Derivative Financial Instruments	12
Note 12	Trade and Other Receivables	12
Note 13	Trade and Other Liabilities	13
Note 14	Debt	14
Note 15	Temporary Equity, Equity and Dividends	15
Note 16	Share-based Payments	16
Note 17	Leases	18
Note 18	Contingencies	18


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Notes to the Condensed Consolidated Financial Statements (Unaudited)

Note 1. Description of Business and Basis of Preparation

Description of Business

RB Global, Inc. and its subsidiaries (collectively referred to as the “Company”, “RB Global”, "we", "us" or “our”) is a leading, omnichannel marketplace that provides value-added insights, services and transaction solutions for buyers and sellers of commercial assets and vehicles worldwide. The Company has auction sites in 14 countries and a digital platform to serve customers in more than 170 countries across a variety of asset classes, including automotive, commercial transportation, construction, government surplus, lifting and material handling, energy, mining and agriculture.

The Company's marketplace brands include Ritchie Bros., the world's largest auctioneer of commercial assets and vehicles offering online bidding, and IAA, a leading global digital marketplace connecting vehicle buyers and sellers. RB Global's portfolio of brands also includes Rouse Services, which provides a complete end-to-end asset management, data-driven intelligence and performance benchmarking system, SmartEquip, an innovative technology platform that supports customers' management of the equipment lifecycle and integrates parts procurement with both original equipment manufacturers and dealers, and VeriTread, an online marketplace for heavy haul transport.

RB Global, Inc. is a company incorporated in Canada under the Business Corporations Act (Ontario), whose shares are publicly traded on the New York Stock Exchange (“NYSE”) and the Toronto Stock Exchange (“TSX”).

Basis of Preparation

These unaudited condensed consolidated interim financial statements have been prepared in accordance with United States generally accepted accounting principles (“US GAAP”) for interim financial information and accordingly, do not include all of the information and footnotes required by US GAAP for complete financial statements. They should be read in conjunction with the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the Securities and Exchange Commission ("SEC") on February 26, 2025.

These unaudited condensed consolidated interim financial statements include the accounts of the Company and entities consolidated under US GAAP, follow the same accounting policies and methods of application as the Company's most recent annual audited consolidated financial statements, and reflect all adjustments of a normal recurring nature necessary for fair financial statement presentation. Significant intercompany balances and transactions have been eliminated. The preparation of financial statements in conformity with US GAAP requires management to make judgments, estimates, and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

Unless otherwise indicated, all amounts in the following tables are in millions except share and per share amounts.

Note 2. Recent Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which will require enhanced annual disclosures within rate reconciliations and disaggregated income taxes paid information. The amendments are effective for the Company for the fiscal year ended December 31, 2025.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which will require disaggregated disclosure of specific expense categories in the notes to the financial statements. The amendments are effective for the Company for the fiscal year ended December 31, 2027, and interim periods in the fiscal year ended December 31, 2028.

The Company is in the process of evaluating the impact that the above pronouncements may have on its consolidated financial statements and related disclosures.


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Note 3. Acquisitions

On March 10, 2025, the Company entered into an agreement to acquire J.M. Wood Auction Co., Inc. ("J.M. Wood"), an auction business located in Alabama, United States, for approximately $235 million, subject to certain adjustments. The purchase price will be paid in cash, with 67% of the estimated purchase price paid at closing and the remainder (subject to post-closing adjustments) to be paid in equal installments on the first, second, and third anniversaries of closing. In addition to the purchase price, the Company will pay an agreed upon amount for inventory held for auction at the time of closing.

The acquisition is expected to be completed in the second or third quarter of 2025, subject to customary closing conditions, including, among other conditions, the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. The purchase agreement also contains certain rights to terminate the agreement by either the sellers or the Company.

Note 4. Segment Information

The Company has one operating and reportable segment which reflects the manner in which the Company’s Chief Operating Decision Maker (“CODM”), its Chief Executive Officer, reviews and assesses the performance of the business and allocates resources.

The information used by the CODM to assess performance and allocate resources includes various measures of segment profit, however, for the purposes of the disclosures required by ASC 280, Segment Reporting, the Company has determined that the measure most consistent with the measurement principles used in measuring the corresponding amounts in the consolidated financial statements is net income. Consolidated financial information is used to monitor forecast versus actual results in order to make key operating decisions. The CODM does not evaluate the performance of the Company or allocate resources at any level below the consolidated level or based on the Company's assets or liabilities.

The following table presents the significant segment expenses, in the context of deriving net income, that are regularly provided to and reviewed by the CODM, reconciled to the segment’s net income:


	Three months ended March 31,
	2025		2024
Total revenue	$	1,108.6	$	1,064.7
Significant segment expenses
Costs of services	361.9		353.0
Cost of inventory sold	235.0		196.6
Selling, general and administrative	205.0		198.1
Acquisition-related and integration costs	3.1		12.8
Depreciation and amortization	114.5		107.7
Interest expense	49.9		63.9
Income tax expense	29.6		32.5
Other segment items1	(3.7)		(7.3)
Net income	$	113.3	$	107.4

1 Other segment items consist of gain on disposition of property, plant and equipment, change in fair value of derivatives, net, interest income, and foreign exchange loss, as reported on the consolidated income statements.


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Note 5. Revenue

The following table presents revenue disaggregated by type:


	Three months ended March 31,
	2025		2024
Transactional seller revenue	$	216.8	$	238.6
Transactional buyer revenue	556.7		525.4
Marketplace services revenue	79.0		85.1
Total service revenue	852.5		849.1

Inventory sales revenue	256.1		215.6
Total revenue	$	1,108.6	$	1,064.7

The following table presents revenue disaggregated by geographic area, based on the location of the underlying auction activity or rendering of services:


	Three months ended March 31,
	2025		2024
United States	$	854.7	$	791.2
Canada	124.9		142.4
Europe	90.6		87.1
Australia	17.1		27.6
Other	21.3		16.4
Total revenue	$	1,108.6	$	1,064.7

Note 6. Operating Expenses

Acquisition-Related and Integration Costs

Acquisition-related and integration costs consist of operating expenses incurred in connection with business combinations, such as due diligence, financing, investment-banking, consulting, advisory, legal, severance, integration and other acquisition-related costs.

The following table presents acquisition-related and integration costs by significant acquisition:


	Three months ended March 31,
	2025		2024








IAA acquisition	$	2.1	$	12.6
Other acquisitions	1.0		0.2
Acquisition-related and integration costs	$	3.1	$	12.8


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Note 6. Operating Expenses (continued)

Depreciation and Amortization


	Three months ended March 31,
	2025		2024
Depreciation	$	26.3	$	24.9
Amortization	88.2		82.8
Depreciation and amortization	$	114.5	$	107.7

Note 7. Income Taxes

Income tax expense for interim periods is based upon an estimate of the annual effective tax rate, adjusted for the effects of any significant and infrequent or unusual items required to be recognized discretely within the current interim period. The estimated income tax expense reflects, among other items, management’s best estimate of operating results. It does not include the estimated impact of foreign exchange rate fluctuations or unusual and/or infrequent items, which may cause significant variations in the customary relationship between income tax expense and income before income taxes.

The variance in the Company's effective tax rate of 20.7% for the three months ended March 31, 2025 and the statutory federal and provincial tax rate in British Columbia, Canada of 27.0% relates primarily to deductions for share-based payments in excess of the related book expense and estimated income taxed in jurisdictions with lower tax rates.

The Company is routinely subject to tax audits and reviews in various jurisdictions around the world. Tax authorities may challenge the manner in which the Company has filed its tax returns and reported its income.

On December 3, 2024, the CRA issued the Company a Notice of Assessment and Statement of Interest for CA $79.1 million (Canadian dollars) ($55.0 million), for the taxation years 2010 through 2015, inclusive of CA$37.7 million ($26.2 million) in income taxes, and CA$41.4 million ($28.8 million) in interest and penalties. The CRA is asserting that one of the Company’s Luxembourg subsidiaries, which was in operation from 2010 to 2020, was a resident in Canada from 2010 through 2015 and that its worldwide income should be subject to Canadian income taxation.

In February 2025, the Company filed a Notice of Objection with the CRA as it believes it is and has been in full compliance with Canadian tax laws and it intends to pursue all available administrative and judicial remedies necessary to resolve this matter. In addition, the Company paid a deposit of CA$39.5 million ($27.4 million) to the CRA in early February 2025, recorded within other non-current assets, the minimum required by law as part of the CRA’s objection process. In the event that the Company prevails in its objection or subsequent legal proceedings, the deposit would be refunded with interest to the Company.

In the event that the Company’s tax filing position is not upheld by either the CRA or by a court of last resort, the Company would incur and record the amounts assessed in income tax, interest and penalties in its consolidated financial statements, which could have a material negative effect on the Company’s results of operations.

In addition, in late 2024, the CRA requested information regarding the 2016 to 2020 taxation years for the same matter, which the Company provided in January 2025. The Company has not received a notice of assessment relating to the 2016 to 2020 taxation years. Depending on the outcome of this matter, the Company could incur additional income taxes, penalties and interest relating to the 2016 to 2020 taxation years, which could have a material negative effect on its results of operations.

At March 31, 2025 and December 31, 2024, the Company has not recorded any amounts relating to this matter in the consolidated financial statements because it is the Company’s conclusion that it is more likely than not that the Company’s tax filing position will ultimately be sustained. The Company is unable to predict the ultimate outcome of this matter and the final disposition of any appeals, which could take numerous years to resolve.


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Note 8. Earnings Per Share Available to Common Stockholders


	Three months ended March 31,
	2025		2024
Net income available to common stockholders	$	102.9	$	97.1

Basic weighted average shares outstanding	184,824,362		183,059,321
Weighted average effect of dilutive securities:
Share units	919,988		825,864
Stock options and employee share purchase plan	608,624		695,869
Diluted weighted average shares outstanding	186,352,974		184,581,054

Earnings per share available to common stockholders:
Basic	$	0.56	$	0.53
Diluted	$	0.55	$	0.53

Note 9. Supplemental Cash Flow Information

Net Changes in Operating Assets and Liabilities


	Three months ended March 31,
	2025		2024
Trade and other receivables	$	(54.1)	$	(220.0)
Prepaid consigned vehicle charges	6.7		6.4
Inventory	(10.5)		(13.0)
Advances against auction contracts	(7.9)		4.4
Prepaid expenses and deposits	8.4		(9.4)
Income taxes receivable	10.9		(4.8)
Auction proceeds payable	177.3		165.0
Trade and other liabilities	(173.7)		(62.1)
Income taxes payable	(18.8)		25.0
Operating lease obligations	(33.5)		(33.7)
Other, including CRA deposit	(30.2)		0.4
Net changes in operating assets and liabilities	$	(125.4)	$	(141.8)

Other Supplemental Cash Flow Information


	Three months ended March 31,
	2025		2024
Interest paid, net of interest capitalized	$	73.6	$	85.6
Interest received	3.0		6.6
Net income taxes paid	43.2		23.0


Non-cash purchase of property, plant and equipment under finance lease	12.5		2.3
Non-cash operating right of use assets obtained in exchange for new lease obligations	18.9		27.6


RB Global, Inc.			11

Table of Contents

Note 10. Fair Value Measurement

The following table summarizes the fair values and carrying amounts of the Company's financial instruments that are required to be recorded or disclosed at fair value on a recurring basis:


		March 31, 2025				December 31, 2024
	Category	Carrying amount		Fair value		Carrying amount		Fair value
Loans receivable	Level 2	$	75.0	$	75.1	$	53.6	$	53.3


Contingent consideration liability	Level 3	4.9		4.9		4.8		4.8
Long-term debt
Secured Notes	Level 1	545.2		561.0		544.8		563.8
Unsecured Notes	Level 1	791.3		837.0		790.9		837.5
Term loans	Level 2	1,290.2		1,296.3		1,290.5		1,297.5

The fair value of loans receivable with a maturity date greater than one year are determined by estimating discounted cash flows using market rates. The fair value of the contingent consideration liability, which relates to IAA's acquisition of Marisat, Inc. in 2021, is determined using certain unobservable inputs, including the likelihood of the achievement of volume targets. The fair values of the Secured Notes and Unsecured Notes are determined by reference to a quoted market price traded in an over-the-counter broker market. The carrying values of the term loans, before deduction of deferred debt issuance costs, approximate their fair values as the interest rates on the loans are short-term in nature.

Note 11. Derivative Financial Instruments

The Company enters into forward currency contracts from time to time to manage its exposure to foreign currency exchange rate fluctuations recognized by its subsidiaries on certain loans receivable and significant intercompany balances. The fair value of derivative financial instruments was not material at March 31, 2025 or December 31, 2024. The gross notional amount of forward currency contracts outstanding at March 31, 2025 was $53.7 million (December 31, 2024: $48.1 million).

Note 12. Trade and Other Receivables


	March 31, 2025		December 31, 2024
Advanced charges receivable	$	326.4	$	347.3
Trade accounts receivable	385.8		301.7
Consumption taxes receivable	10.3		25.6
Loans receivable	42.3		35.4
Other receivables	12.9		6.6
Trade and other receivables, gross	777.7		716.6
Less: allowance for credit losses	(7.3)		(7.2)
Trade and other receivables, net	$	770.4	$	709.4

The Company generally has possession of assets or asset titles collateralizing a significant portion of trade receivables. Trade receivables are due for settlement within seven days of the date of sale, after which they are interest bearing. Consumption taxes receivable are deemed fully recoverable unless disputed by the relevant tax authority. Other receivables are unsecured and non-interest bearing.


RB Global, Inc.			12

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Note 12. Trade and Other Receivables (continued)

Allowance for Credit Losses

The following table presents the activity in the allowance for expected credit losses:


	Three months ended March 31,
	2025		2024
Allowance for credit losses, beginning of period	$	7.2	$	6.4
Provision	1.1		3.2
Write-offs charged against the allowance	(1.0)		(1.2)
Allowance for credit losses, end of period	$	7.3	$	8.4

Loans Receivable

The following table presents the consolidated balance sheet presentation of the loans receivable:


	March 31, 2025		December 31, 2024
Loans receivable
Trade and other receivables	$	42.3	$	35.4
Other non-current assets	32.7		18.2
Total loans receivable	$	75.0	$	53.6

The Company participates in certain lending arrangements that are fully collateralized and secured by certain equipment, and in some arrangements, also secured by other assets. These arrangements typically have terms of one to five years. In an event of default under these agreements, the Company will be entitled to the proceeds of disposition of the collateral to recover its loans receivable balance. The related allowance for credit losses is not significant.

Note 13. Trade and Other Liabilities


	March 31, 2025		December 31, 2024
Accrued liabilities	$	193.2	$	237.3
Trade payables	142.5		139.7
Book overdrafts	167.9		276.5
Deferred revenue	18.9		20.6
Taxes payable	56.9		63.4
Current portion of finance leases and equipment financing obligations	27.4		26.0
Share unit liabilities	9.4		8.4
Other payables	2.8		10.1
Trade and other liabilities	$	619.0	$	782.0

Taxes payable includes value added tax, sales tax, and digital services tax.


RB Global, Inc.			13

Table of Contents

Note 14. Debt



	Interest Rate 1		March 31, 2025		December 31, 2024
Short-term debt	6.48	%	$	62.8	$	27.7

Long-term debt:
Term loans (maturing September 2026):
Term Loan A Facility loan denominated in Canadian dollars, secured	5.27	%	71.2		72.5
Term Loan A Facility loan denominated in US dollars, secured	6.64	%	1,225.0		1,225.0
Less: unamortized debt issuance costs			(6.0)		(7.0)
Senior secured and unsecured notes:
Senior secured notes due in March 2028	6.75	%	550.0		550.0
Less: unamortized debt issuance costs			(4.8)		(5.2)
Senior unsecured notes due in March 2031	7.75	%	800.0		800.0
Less: unamortized debt issuance costs			(8.7)		(9.1)
Total long-term debt			2,626.7		2,626.2
Less: current portion of long-term debt			4.1		4.1
Long-term debt			$	2,622.6	$	2,622.1

1 Interest rates on short-term debt and term loans reflect the weighted-average interest rates on borrowings as of March 31, 2025.

At March 31, 2025, the Company had unused committed revolving credit facilities aggregating $676.0 million that are available until September 2026, subject to certain covenant restrictions, and unused uncommitted revolving credit facilities aggregating $15.0 million with no maturity date. The Company was in compliance with all financial and other covenants applicable to the credit facilities at March 31, 2025.

Term Loans

In 2016, the Company entered into a credit agreement with a syndicate of lenders (as amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”). The Credit Agreement is comprised of multicurrency revolving facilities (the “Revolving Facilities”) and the Term Loan A facility (the “TLA Facility”). The TLA Facility is comprised of a facility denominated in U.S. dollars (the “USD TLA Facility”) and a facility denominated in Canadian dollars (the “CAD TLA Facility”).

On April 3, 2025, the Company amended the Credit Agreement to, among other things, increase the aggregate principal amount of Revolving Facilities from $750.0 million to $1.3 billion, reduce the USD TLA Facility from $1.225 billion to $950.0 million, reduce certain loan margins and fees, adjust certain covenants for more financial flexibility, and extend the maturity of the Credit Agreement from September 21, 2026 to April 3, 2030. TLA Facility loans bear interest at a benchmark rate plus an applicable margin and are subject to quarterly installment payments of 1.25% of principal, with the balance payable at maturity. As of March 31, 2025, there are no mandatory principal repayments remaining on the USD TLA Facility until maturity of the debt, however, with the refinancing completed in April 2025, quarterly installment payments will begin in the third quarter of 2025.

Senior Secured and Unsecured Notes

On March 15, 2023, the Company completed the offering of (i) $550.0 million aggregate principal amount of 6.750% senior secured notes due March 15, 2028 (the “Secured Notes”) and (ii) $800.0 million aggregate principal amount of 7.750% senior unsecured notes due March 15, 2031 (the “Unsecured Notes”, and together with the Secured Notes, the “Notes”). Interest on the Notes is payable in cash semi-annually in arrears on March 15 and September 15 of each year, and began on September 15, 2023. The Secured Notes are jointly and severally guaranteed on a senior secured basis and the Unsecured Notes are jointly and severally guaranteed on a senior unsecured basis by certain of the Company’s subsidiaries.


RB Global, Inc.			14

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Note 15. Temporary Equity, Equity and Dividends

Series A Senior Preferred Shares

The Series A Senior Preferred Shares are convertible into common stock and were issued at an initial conversion price of $73.00 per share, which is subject to customary anti-dilution adjustment provisions. The conversion price is $71.58 per share as of March 31, 2025. The Series A Senior Preferred Shares carry a 5.5% preferred dividend, which is payable quarterly, in cash or in shares at the Company's option, and are entitled to participate on an as-converted basis in the Company's regular quarterly common share dividends, subject to a $0.27 per share per quarter floor.

On the fourth anniversary of the issuance date of February 1, 2023, holders will have the right to increase the preferred dividend to 7.50%, and on the ninth anniversary of the issuance date, holders will have the right to increase the preferred dividend to a fixed percentage equal to the greater of (a) 600 bps over the daily simple SOFR as then in effect and (b) 10.50%, subject, in each case, to the Company’s right to redeem the Series A Senior Preferred Shares for which a dividend rate increase has been demanded.

Upon consummation of one or more specified change of control transactions, the holders will have the right to require the Company to repurchase the Series A Senior Preferred Shares in cash provided, however, that each holder, at its option, may elect instead to convert its Series A Senior Preferred Shares into the applicable change of control consideration. In addition, the Company has the right to redeem the Series A Senior Preferred Shares in the event of a change of control transaction where the successor entity is not traded on certain eligible markets. The possible future redemption of the Series A Senior Preferred Shares as a result of a change in control has been assessed as not probable at March 31, 2025.

Holders of the Series A Senior Preferred Shares are entitled to vote together with the common stock on an as-converted basis on all matters permitted by applicable law, subject to certain exceptions to enable compliance with applicable antitrust law. The Series A Senior Preferred Shares rank, with respect to rights as to dividends, distributions, redemptions and payments upon the liquidation, dissolution and winding up of the Company, (a) senior to all of the junior preferred stock, common stock and any other class or series of capital shares of the Company, issued or authorized after the Series A Senior Preferred Shares issuance date, the terms of which do not expressly provide that such class or series ranks senior to or on a parity with the Series A Senior Preferred Shares, (b) on a parity basis with each other class or series of capital shares issued or authorized after the Series A Senior Preferred Shares issuance date, the terms of which expressly provide that such class or series ranks on a parity basis with the Series A Senior Preferred Shares, and (c) junior with each other class or series of capital shares issued or authorized after the Series A Senior Preferred Shares issuance date, the terms of which expressly provide that such class or series ranks on a senior basis to the Series A Senior Preferred Shares.

During the three months ended March 31, 2025, holders of the Series A Senior Preferred Shares were entitled to preferred dividends of $6.7 million (three months ended March 31, 2024 - $6.7 million) and participating dividends of $1.9 million (three months ended March 31, 2024 - $1.8 million).

Redeemable Non-controlling Interest

Redeemable non-controlling interest relates to a put/call agreement with one of the minority unitholders of VeriTread under which the holder can put its remaining 21% interest in VeriTread to the Company if certain performance targets are met. At March 31, 2025 the Company assessed that redemption of the redeemable non-controlling interest remains probable and that there has been no material change to the estimated redemption value.

The Company has separately recognized a 4% non-controlling interest in VeriTread within stockholders' equity as that interest is not redeemable.


RB Global, Inc.			15

Table of Contents

Note 15. Temporary Equity, Equity and Dividends (continued)

Common Stock Dividends

The following table summarizes the details of common stock dividends declared and paid during the three months ended March 31, 2025 and 2024:

Declaration date

Dividend
per share

Record date

Total
dividends

Payment date

Three months ended March 31, 2025:

Fourth quarter 2024

January 17, 2025

0.29

February 14, 2025

53.5

March 3, 2025

Three months ended March 31, 2024:

Fourth quarter 2023

January 19, 2024

0.27

February 9, 2024

49.3

March 1, 2024

Subsequent to March 31, 2025, the Company’s Board of Directors declared a quarterly dividend of $0.29 per common share, payable on June 20, 2025 to common stockholders of record on May 29, 2025.

Foreign Currency Translation Adjustment

Foreign currency translation adjustment, a component of other comprehensive income (loss), includes the following:


	Three months ended March 31,
	2025		2024
Gains (losses) on intercompany foreign currency transactions of a long-term investment nature	$	3.1	$	(4.3)

Note 16. Share-based Payments

The following table presents the components of share-based payment expense by consolidated income statement classification:


	Three months ended March 31,
	2025		2024
Selling, general and administrative:
Stock option compensation expense	$	0.4	$	1.5
Equity-classified share units	11.6		8.3
Liability-classified share units	0.8		1.3
Employee share purchase plan	2.6		2.9
	15.4		14.0
Acquisition-related and integration costs:
Acceleration of share-based payments expense	—		0.9
Share-based continuing employment costs	0.2		0.2
	0.2		1.1
	$	15.6	$	15.1


RB Global, Inc.			16

Table of Contents

Note 16. Share-based Payments (continued)

Share units

The following table presents share unit activity for the three months ended March 31, 2025:


	Equity-classified									Liability-classified
	Performance Share Units (Performance Conditions)			Performance Share Units (Market Conditions)			Restricted Share Units			Deferred Share Units
	Number	WA grant date fair value		Number	WA grant date fair value		Number	WA grant date fair value		Number	WA grant date fair value
Outstanding, December 31, 2024	450,175	$	64.73	268,954	$	105.53	607,805	$	66.00	73,490	$	40.29
Granted	148,585	95.64		148,355	139.95		436,754	97.16		219	97.30
Vested and settled	(132,018)	58.74		—	—		(250,885)	62.27		—	—
Forfeited	(2,930)	67.31		(1,645)	120.49		(11,630)	69.99		—	—
Outstanding at March 31, 2025	463,812	$	76.32	415,664	$	117.76	782,044	$	84.54	73,709	$	40.45

Performance Share Units ("PSUs")

During the three months ended March 31, 2025, the Company granted PSUs to executives and senior employees, approximately half of which have performance vesting conditions and approximately half of which have market vesting conditions, conditional upon the Company's total shareholder return relative to a peer group. The PSUs have three-year performance and market vesting periods.

The fair values of PSUs with performance vesting conditions were estimated using the closing price of the Company's common shares listed on the NYSE on the respective grant dates and the fair value of PSUs with market vesting conditions was estimated using a Monte Carlo simulation model on the respective grant dates, incorporating the following significant assumptions, presented on a weighted average basis:


	Three months ended March 31,
	2025		2024
Risk free interest rate	4.0	%	4.5	%

Expected lives of the PSUs	3 years		3 years
Expected volatility	30.5	%	32.2	%
Average expected volatility of comparable companies	34.7	%	48.3	%

Restricted Share Units ("RSUs")

During the three months ended March 31, 2025, the Company granted RSUs to employees which have service vesting conditions. The RSUs vest over a three-year graded vesting period or cliff vest after three years, depending on the terms of the grant.

The fair values of RSUs were estimated using the closing price of the Company's common shares listed on the NYSE on the respective grant dates.


RB Global, Inc.			17


	Three months ended March 31,
					% Change
(in U.S. dollars in millions, except percentages)	2025		2024		2025 over 2024
Service revenue	$	852.5	$	849.1	—%
Inventory sales revenue	256.1		215.6		19%
Total revenue	$	1,108.6	$	1,064.7	4%
Costs of services	361.9		353.0		3%
Cost of inventory sold	235.0		196.6		20%
Selling, general and administrative	205.0		198.1		3%
Acquisition-related and integration costs	3.1		12.8		(76)%
Depreciation and amortization	114.5		107.7		6%
Total operating expenses	$	919.5	$	868.2	6%
Gain on disposition of property, plant and equipment	0.4		2.4		(83)%
Operating income	189.5		198.9		(5)%
Net income	113.3		107.4		5%
Net income available to common stockholders	102.9		97.1		6%
Effective tax rate	20.7%		23.2%		(250)bps

Total GTV	$	3,828.9	$	4,077.4	(6)%
Service GTV	3,572.8		3,861.8		(7)%
Inventory GTV	256.1		215.6		19%

Inventory return	$	21.1	$	19.0	11%
Inventory rate	8.2%		8.8%		(60)bps


	Three months ended March 31,
			% Change
(in '000's of lots sold, except percentages)	2025	2024	2025 over 2024
Automotive	625.6	584.6	7	%
Commercial construction and transportation	87.6	108.8	(19)	%
Other	141.9	145.6	(3)	%
Total lots sold	855.1	839.0	2	%


			% Change
Value of one local currency to U.S. dollar	2025	2024	2025 over 2024
Period-end exchange rate - March 31,
Canadian dollar	0.6949	0.7386	(6)	%
Euro	1.0819	1.0798	—	%
British pound sterling	1.2920	1.2625	2	%
Australian dollar	0.6242	0.6521	(4)	%

Average exchange rate - Three months ended March 31,
Canadian dollar	0.6966	0.7419	(6)	%
Euro	1.0516	1.0861	(3)	%
British pound sterling	1.2588	1.2683	(1)	%
Australian dollar	0.6273	0.6579	(5)	%


(in U.S. dollars in millions)	March 31, 2025		December 31, 2024
Committed
Multicurrency revolving credit facilities	$	750.0	$	750.0
Uncommitted
Foreign demand revolving credit facilities	15.0		15.0
Total revolving credit facilities	$	765.0	$	765.0
Unused
Multicurrency revolving credit facilities	$	676.0	$	705.9
Foreign demand revolving credit facilities	15.0		15.0
Total revolving credit facilities unused	$	691.0	$	720.9


	Three months ended March 31,
					Change
(in U.S. dollars in millions)	2025		2024		2025 over 2024
Cash provided by (used in):
Operating activities	$	156.8	$	124.8	$	32.0
Investing activities	(101.9)		(77.5)		(24.4)
Financing activities	(45.0)		(190.9)		145.9
Effect of changes in foreign currency rates	3.1		(6.9)		10.0
Net decrease in cash, cash equivalents, and restricted cash	$	13.0	$	(150.5)	$	163.5


	Three months ended March 31,
					% Change
(in U.S. dollars in millions, except share, per share data, and percentages)	2025		2024		2025 over 2024
Net income available to common stockholders	$	102.9	$	97.1	6	%
Share-based payments expense	14.4		13.3		8	%
Acquisition-related and integration costs	3.1		12.8		(76)	%
Amortization of acquired intangible assets	68.3		69.6		(2)	%
Gain on disposition of property, plant and equipment and related costs	(0.2)		(1.8)		(89)	%
Prepaid consigned vehicles charges	(0.3)		(2.1)		(86)	%

Other legal, advisory, restructuring and non-income tax expenses	3.9		2.2		77	%
Executive transition costs	2.7		1.7		59	%

Related tax effects of the above	(27.3)		(24.8)		10	%
Related allocation of the above to participating securities	(2.3)		(2.5)		(8)	%
Adjusted net income available to common stockholders	$	165.2	$	165.5	—	%
Weighted average number of dilutive shares outstanding	186,352,974		184,581,054		1	%
Diluted earnings per share available to common stockholders	$	0.55	$	0.53	4	%
Diluted adjusted earnings per share available to common stockholders	$	0.89	$	0.90	(1)	%


	Three months ended March 31,
					% Change
					2025 over
(in U.S. dollars in millions, except percentages)	2025		2024		2024
Net income	$	113.3	$	107.4	5	%
Add: depreciation and amortization	114.5		107.7		6	%
Add: interest expense	49.9		63.9		(22)	%
Less: interest income	(3.0)		(6.6)		(55)	%
Add: income tax expense	29.6		32.5		(9)	%
EBITDA	304.3		304.9		—	%
Share-based payments expense	14.4		13.3		8	%
Acquisition-related and integration costs	3.1		12.8		(76)	%
Gain on disposition of property, plant and equipment and related costs	(0.2)		(1.8)		(89)	%
Prepaid consigned vehicles charges	(0.3)		(2.1)		(86)	%
Other legal, advisory, restructuring and non-income tax expenses	3.9		2.2		77	%
Executive transition costs	2.7		1.7		59	%
Adjusted EBITDA	$	327.9	$	331.0	(1)	%


	At and for the twelve months ended March 31,
							% Change
(in U.S. dollars in millions, except percentages)	2025			2024			2025 over 2024
Short-term debt	$	62.8		$	24.8		153	%
Long-term debt	2,626.7			2,926.2			(10)	%
Debt	2,689.5			2,951.0			(9)	%
Less: cash and cash equivalents	(578.1)			(462.8)			25	%
Adjusted net debt	2,111.4			2,488.2			(15)	%
Net income	$	418.7		$	341.6		23	%
Add: depreciation and amortization	451.2			423.7			6	%
Add: interest expense	219.7			256.8			(14)	%
Less: interest income	(22.6)			(22.3)			1	%
Add: income tax expense	134.4			118.1			14	%
EBITDA	1,201.4			1,117.9			7	%
Share-based payments expense	57.4			52.2			10	%
Acquisition-related and integration costs	19.3			102.7			(81)	%
Loss (gain) on disposition of property, plant and equipment and related costs	0.4			(2.5)			NM
Remeasurements in connection with business combinations	1.2			—			NM
Prepaid consigned vehicles charges	(3.0)			(56.6)			(95)	%
Other legal, advisory, restructuring and non-income tax expenses	15.1			4.1			268	%
Executive transition costs	7.7			13.7			(44)	%
Adjusted EBITDA	$	1,299.5		$	1,231.5		6	%
Debt/net income	6.4		x	8.6		x	(26)	%
Adjusted net debt/adjusted EBITDA	1.6		x	2.0		x	(20)	%


Exhibit Number						Document
4.1						Second Amended and Restated Shareholder Rights Plan Agreement dated as of February 24, 2025 between RB Global, Inc. and Computershare Investor Services, Inc., as Rights Agent (incorporated by reference to Exhibit 41 to the Company’s Annual Report on Form 10-K filed on February 26, 2025)
10.1*						Equity Purchase Agreement by and among Ritchie Bros. Auctioneers (America) Inc., J.M. Wood Auction Co., Inc., the Equityholders of J.M. Wood Auction Co., Inc., and Bryant S. Wood, as Seller Representative, dated March 10, 2025
31.1						Certification of Chief Executive Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended
31.2						Certification of Chief Financial Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended
32.1						Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2						Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101						Interactive Data Files Pursuant to Rule 405 of Regulation S-T, for the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, formatted in Inline XBRL: (i) Condensed Consolidated Income Statements; (ii) Condensed Consolidated Balance Sheets; (iii) Condensed Consolidated Statements of Changes in Equity; (iv) Condensed Consolidated Statements of Cash Flows; and (v) Notes to the Condensed Consolidated Financial Statements
104						Cover page from the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, formatted in Inline XBRL and contained in Exhibit 101


	RB GLOBAL, INC.


Dated: May 7, 2025	By:	/s/ Jim Kessler
		Jim Kessler Chief Executive Officer

Dated: May 7, 2025	By:	/s/ Eric J. Guerin
		Eric J. Guerin Chief Financial Officer

Date	Price Target	Rating	Analyst
9/5/2024	$105.00	Outperform	BMO Capital Markets
6/18/2024		Sector Outperform	CIBC
7/20/2023	$60.00 → $75.00	Mkt Perform → Outperform	Raymond James
5/18/2023	$61.00	Sector Perform → Outperform	National Bank Financial
12/5/2022	$59.00 → $65.00	Sector Perform → Sector Outperform	Scotiabank
11/14/2022	$65.00	Neutral → Buy	Northcoast
11/8/2022	$74.00 → $55.00	Buy → Neutral	BofA Securities
11/7/2022		Mkt Perform → Outperform	Barrington Research

SEC Form 10-Q filed by RB Global Inc.

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