Rb Global Inc 10-Q for FY2022 Q1

Rb Global Inc. (RBA)

10-Q 2022-05-09 For: 2022-03-31

Added on April 09, 2026

About this 10-Q

Rb Global Inc filed this 10-Q on May 9, 2022, covering the quarter ended March 31, 2022 (FY2022 Q1).

Headline figures

Quarter ended March 31, 2022, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $393.92M; up 18.8% from $331.56M a year earlier
Net income: $178.09M; up 531.8% from net income of $28.19M a year earlier
Diluted EPS: $1.60; up 540.0% from $0.25 a year earlier

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☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2022

OR

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______ to ______


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

9500 Glenlyon Parkway
Burnaby, British Columbia, Canada		V5J 0C6
(Address of Principal Executive Offices)		(Zip Code)

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

Large accelerated filer	☒	Accelerated filer	☐	Non-accelerated filer	☐
Smaller reporting company	☐	Emerging growth company	☐


PART I – FINANCIAL INFORMATION
ITEM 1:	Consolidated Financial Statements	1
ITEM 2:	Management’s Discussion and Analysis of Financial Condition and Results of Operations	26
ITEM 3:	Quantitative and Qualitative Disclosures About Market Risk	53
ITEM 4:	Controls and Procedures	53

PART II – OTHER INFORMATION
ITEM 1:	Legal Proceedings	54
ITEM 1A:	Risk Factors	54
ITEM 2:	Unregistered Sales of Equity Securities and Use of Proceeds	54
ITEM 3:	Defaults Upon Senior Securities	54
ITEM 4:	Mine Safety Disclosures	54
ITEM 5:	Other Information	54
ITEM 6:	Exhibits	55

SIGNATURES		56


	Three months ended
	March 31,
	2022		2021
Revenue:
Service revenue	$	244,861	$	206,030
Inventory sales revenue		149,060		125,525
Total revenue		393,921		331,555

Operating expenses:
Costs of services		39,015		37,866
Cost of inventory sold		131,582		110,747
Selling, general and administrative expenses		126,606		114,239
Acquisition-related costs		9,637		2,922
Depreciation and amortization expenses		24,225		21,070
Foreign exchange loss (gain)		(164)		277
Total operating expenses		330,901		287,121
Gain on disposition of property, plant and equipment		169,820		68
Operating income		232,840		44,502

Interest expense		(20,686)		(8,946)
Change in fair value of derivatives, net		1,263		—
Other income, net		920		1,002
Income before income taxes		214,337		36,558

Income tax expense		36,236		8,419
Net income	$	178,101	$	28,139

Net income (loss) attributable to:
Stockholders	$	178,094	$	28,188
Non-controlling interests		7		(49)
Net income	$	178,101	$	28,139

Earnings per share attributable to stockholders:
Basic	$	1.61	$	0.26
Diluted	$	1.60	$	0.25

Weighted average number of shares outstanding:
Basic		110,647,700		109,972,997
Diluted		111,655,861		111,267,392


	March 31,		December 31,
	2022		2021
Assets

Cash and cash equivalents	$	440,120	$	326,113
Restricted cash		150,203		102,875
Trade and other receivables		292,418		150,895
Less: allowance for credit losses		(4,339)		(4,396)
Inventory		78,890		102,494
Other current assets		50,699		64,346
Income taxes receivable		19,517		19,895
Total current assets		1,027,508		762,222

Restricted cash		939,755		933,464
Property, plant and equipment		445,517		449,087
Other non-current assets		157,874		142,504
Intangible assets		341,771		350,516
Goodwill		947,798		947,715
Deferred tax assets		7,187		7,406
Total assets	$	3,867,410	$	3,592,914

Liabilities and Equity

Auction proceeds payable	$	539,739	$	292,789
Trade and other liabilities		258,595		280,308
Income taxes payable		24,967		5,677
Short-term debt		22,083		6,147
Current portion of long-term debt		3,564		3,498
Total current liabilities		848,948		588,419

Long-term debt		1,578,420		1,733,940
Other non-current liabilities		150,105		147,260
Deferred tax liabilities		64,572		52,232
Total liabilities		2,642,045		2,521,851

Commitments and Contingencies (Note 22 and Note 23 respectively)
Stockholders' equity:
Share capital:
Common stock; no par value, unlimited shares authorized, issued and outstanding shares: 110,735,243 (December 31, 2021: 110,618,049)		231,064		227,504
Additional paid-in capital		61,123		59,535
Retained earnings		989,923		839,609
Accumulated other comprehensive loss		(57,130)		(55,973)
Stockholders' equity		1,224,980		1,070,675
Non-controlling interest		385		388
Total stockholders' equity		1,225,365		1,071,063
Total liabilities and equity	$	3,867,410	$	3,592,914


	Attributable to stockholders
				Additional				Accumulated		Non-
	Common stock			paid-In				other		controlling
	Number of			capital		Retained		comprehensive		interest		Total
Three months ended March 31, 2022	shares	Amount		("APIC")		earnings		loss		("NCI")		equity

Balance, December 31, 2021	110,618,049	$	227,504	$	59,535	$	839,609	$	(55,973)	$	388	$	1,071,063
Net income	—		—		—		178,094		—		7		178,101
Other comprehensive loss	—		—		—		—		(1,157)		(10)		(1,167)
	—		—		—		178,094		(1,157)		(3)		176,934
Stock option exercises	24,248		1,207		(221)		—		—		—		986
Issuance of common stock related to vesting of share units	92,946		2,353		(5,902)		—		—		—		(3,549)
Share-based continuing employment costs related to business combinations	—		—		2,133		—		—		—		2,133
Stock option compensation expense					2,567								2,567
Equity-classified share units expense	—		—		2,890		—		—		—		2,890
Equity-classified share units divided equivalents	—		—		121		(121)		—		—		—
Cash dividends paid	—		—		—		(27,659)		—		—		(27,659)
Balance, March 31, 2022	110,735,243	$	231,064	$	61,123	$	989,923	$	(57,130)	$	385	$	1,225,365


Three months ended March 31, 2021

Balance, December 31, 2020	109,876,428	$	200,451	$	49,171	$	791,918	$	(34,295)	$	5,154	$	1,012,399
Net income	—		—		—		28,188		—		(49)		28,139
Other comprehensive income	—		—		—		—		(10,344)		(16)		(10,360)
	—		—		—		28,188		(10,344)		(65)		17,779
Stock option exercises	197,863		8,268		(1,549)		—		—		—		6,719
Issuance of common stock related to vesting of share units	234,275		2,046		(11,347)		—		—		—		(9,301)
Issuance (forfeiture) of common stock related to business combinations	(55,510)		—		—		—		—		—		—
Share-based continuing employment costs related to business combinations	—		—		2,553		—		—		—		2,553
Stock option compensation expense	—		—		1,861		—		—		—		1,861
Equity-classified share units expense	—		—		2,779		—		—		—		2,779
Equity-classified share units dividend equivalents	—		—		144		(144)		—		—		—
Cash dividends paid	—		—		—		(24,181)		—		—		(24,181)
Balance, March 31, 2021	110,253,056	$	210,765	$	43,612	$	795,781	$	(44,639)	$	5,089	$	1,010,608


Three months ended March 31,	2022		2021
Cash provided by (used in):
Operating activities:
Net income	$	178,101	$	28,139
Adjustments for items not affecting cash:
Depreciation and amortization expenses		24,225		21,070
Share-based payments expense		7,590		7,193
Deferred income tax expense		12,434		963
Unrealized foreign exchange (gain) loss		(248)		459
Gain on disposition of property, plant and equipment		(169,820)		(68)
Amortization of debt issuance costs		848		720
Amortization of right-of-use assets		3,455		3,172
Change in fair value of derivatives		(1,263)		—
Other, net		1,111		1,184
Net changes in operating assets and liabilities		128,701		117,855
Net cash provided by operating activities		185,134		180,687
Investing activities:
Acquisitions, net of cash acquired		(63)		—
Property, plant and equipment additions		(2,002)		(1,556)
Proceeds on disposition of property, plant and equipment		164,659		66
Intangible asset additions		(7,762)		(8,769)
Issuance of loans receivable		(1,099)		—
Repayment of loans receivable		1,212		224
Net cash provided by (used in) investing activities		154,945		(10,035)
Financing activities:
Dividends paid to stockholders		(27,659)		(24,181)
Proceeds from exercise of options and share option plans		986		6,719
Payment of withholding taxes on issuance of shares		(1,531)		(7,542)
Net increase (decrease) in short-term debt		15,376		(2,886)
Repayment of long-term debt		(162,698)		(2,626)
Debt issue costs		(2,261)		—
Repayment of finance lease obligations		(2,506)		(2,629)
Net cash used in financing activities		(180,293)		(33,145)
Effect of changes in foreign currency rates on cash, cash equivalents, and restricted cash		7,840		(2,782)
Increase		167,626		134,725
Beginning of period		1,362,452		306,895
Cash, cash equivalents, and restricted cash, end of period	$	1,530,078	$	441,620


Purchase price	$	173,806

Assets acquired:
Cash and cash equivalents	$	2,039
Trade and other receivables		2,926
Other current assets		486
Property, plant and equipment		120
Other non-current assets		75
Deferred tax assets		8,932
Intangible assets		71,700

Liabilities assumed:
Trade and other liabilities		1,239
Deferred revenue		3,565
Other non-current liabilities		119
Deferred tax liabilities		18,192

Fair value of identifiable net assets acquired		63,163
Goodwill acquired on acquisition	$	110,643


	Fair value		Weighted average
Asset	at acquisition		amortization period
Customer relationships	$	50,700	4 - 15 years
Software and technology assets		18,900	7 years
Trade names and trademarks		1,000	3 years
Backlog		1,100	2 years
Total	$	71,700	11.3 years


	Three months ended March 31, 2022
	A&M		Other		Consolidated
Service revenue:
Commissions	$	116,375	$	—	$	116,375
Fees		84,629		43,857		128,486
Total service revenue		201,004		43,857		244,861
Inventory sales revenue		149,060		—		149,060
Total revenue	$	350,064	$	43,857	$	393,921
Costs of services		25,574		13,441		39,015
Cost of inventory sold		131,582		—		131,582
Selling, general and administrative expenses ("SG&A")		108,811		17,795		126,606
Segment profit	$	84,097	$	12,621	$	96,718
Acquisition-related costs						9,637
Depreciation and amortization expenses ("D&A")						24,225
Foreign exchange gain						(164)
Total operating expenses					$	330,901
Gain on disposition of property, plant and equipment ("PPE")						169,820
Operating income					$	232,840
Interest expense						(20,686)
Change in fair value of derivatives						1,263
Other income, net						920
Income tax expense						(36,236)
Net income					$	178,101


	United
Total revenue for the three months ended:	States		Canada		Australia		Europe		Other		Consolidated
March 31, 2022	$	247,950	$	65,233	$	29,075	$	37,820	$	13,843	$	393,921
March 31, 2021		207,414		48,478		19,563		47,176		8,924		331,555


	Net income		WA	Per
	attributable to		number	share
Three months ended March 31, 2022	stockholders		of shares	amount
Basic	$	178,094	110,647,700	$	1.61
Effect of dilutive securities:
Share units		—	450,259		—
Stock options		—	557,902		(0.01)
Diluted	$	178,094	111,655,861	$	1.60


		March 31, 2022				December 31, 2021
		Carrying				Carrying
	Category	amount		Fair value		amount		Fair value
Fair values disclosed:
Cash and cash equivalents	Level 1	$	440,120	$	440,120	$	326,113	$	326,113
Restricted cash	Level 1		1,089,958		1,089,958		1,036,339		1,036,339
Loans receivable	Level 2		7,278		7,278		7,267		7,267
Derivative financial assets
Deal contingent forward contract	Level 3		—		—		751		751
Forward currency contract	Level 2		576		576		—		—
Derivative financial liabilities
Deal contingent forward contract	Level 3		—		—		2,005		2,005
Short-term debt	Level 2		22,083		22,083		6,147		6,147
Long-term debt
Senior unsecured notes (as defined in Note 17)
2016 Notes	Level 1		494,973		507,188		494,531		508,125
2021 USD Notes	Level 2		597,397		589,500		598,052		625,125
2021 CAD Notes	Level 2		338,007		330,624		332,337		339,100
Term loan	Level 2		94,661		95,044		92,821		93,226
Long-term revolver loans	Level 2		56,946		57,000		219,699		219,772


Ritchie Bros.	1


Ritchie Bros.	2


Ritchie Bros.	3


Ritchie Bros.	4


Balance, December 31, 2021	$	(4,396)
Current period provision		(223)
Write-offs charged against the allowance		280
Balance, March 31, 2022	$	(4,339)


Balance, December 31, 2021	$	17,538
Reclassified from property, plant and equipment		359
Disposal		(7,067)
Balance, March 31, 2022	$	10,830


	Carrying amount
	March 31,		December 31,
	2022		2021
Short-term debt	$	22,083	$	6,147

Long-term debt:

Revolving facilities and delayed-draw term loan facility:
Delayed-draw term loan denominated in Canadian dollars, secured, bearing interest at a weighted average rate of 2.30%, due in monthly installments of interest only, maturing in September 2026		95,044		93,283
Long-term revolver loan denominated in Canadian dollars, secured, bearing interest at a weighted average rate of 2.29%, due in monthly installments of interest only, maturing in September 2026		-		46,206
Long-term revolver loan denominated in Canadian dollars, secured, bearing interest at a weighted average rate of 2.29%, due in monthly installments of interest only, maturing in September 2026		-		56,492
Long-term revolver loan denominated in U.S. dollars, secured, bearing interest at a weighted average rate of 1.89%, due in monthly installments of interest only, maturing in September 2026		57,000		117,000
Less: unamortized debt issue costs		(437)		(463)

Senior unsecured notes:
Bearing interest at 5.375% due in semi-annual installments, with the full amount of principal due in January 2025 (the "2016 Notes")		500,000		500,000
Less: unamortized debt issue costs		(5,027)		(5,469)
Bearing interest at 4.75% due in semi-annual installments, with the full amount of principal due in December 2031 (the "2021 USD Notes")		600,000		600,000
Less: unamortized debt issue costs		(2,603)		(1,948)
Bearing interest at 4.95% due in semi-annual installments, with the full amount of principal due in December 2029 (the "2021 CAD Notes")		339,755		333,464
Less: unamortized debt issue costs		(1,748)		(1,127)
Total long-term debt		1,581,984		1,737,438

Total debt	$	1,604,067	$	1,743,585

Long-term debt:
Current portion	$	3,564	$	3,498
Non-current portion		1,578,420		1,733,940
Total long-term debt	$	1,581,984	$	1,737,438


	Rouse			SmartEquip			Total

								Weighted average
	Common	Fair value		Common	Fair value		Common	fair value
	shares	per common		shares	per common		shares	per common
	issued	shares		issued	shares		issued	shares
Outstanding, December 31, 2021	189,665	$	71.09	63,971	$	68.39	253,636	$	70.41
Granted	—		—	—		—	—		—
Vested	—		—	—		—	—		—
Forfeited	—		—	—		—	—		—
Outstanding, March 31, 2022	189,665	$	71.09	63,971	$	68.39	253,636	$	70.41

Outstanding, December 31, 2020	312,193	$	71.09	—	$	—	312,193	$	71.09
Granted	—		—	—		—	—		—
Vested	—		—	—		—	—		—
Forfeited	(55,510)		71.09	—		—	(55,510)		71.09
Outstanding, March 31, 2021	256,683	$	71.09	—	$	—	256,683	$	71.09


	Stock options							Premium-priced stock options
				WA							WA
	Common	WA		remaining		Aggregate		Common	WA		remaining		Aggregate
	shares under	exercise		contractual		intrinsic		shares under	exercise		contractual		intrinsic
	option	price		life (in years)		value		option	price		life (in years)		value
Outstanding, December 31, 2021	2,208,057		42.55		7.7		41,884	1,017,064		91.24		5.7		—
Granted	629,877		57.70		—		—	—		—		—		—
Exercised	(25,942)		38.01		—		573	—		—		—		—
Forfeited	(6,255)		43.02		—		—	(9,576)		90.93		—		—
Outstanding, March 31, 2022	2,805,737		45.99		8.0		37,437	1,007,488		91.24		5.4		—
Exercisable, March 31, 2022	1,338,173		37.19		6.7		29,251	1,192		90.93		5.6		—


	Equity-classified awards									Liability-classified awards
	PSUs			PSUs with Market Conditions			RSUs			DSUs
		WA grant			WA grant			WA grant				WA grant
		date fair			date fair			date fair				date fair
	Number	value		Number	value		Number	value			Number	value
Outstanding, December 31, 2021	523,618	$	45.90	88,305	$	65.45	79,112	$	54.96		156,589	$	35.28
Granted	151,873		57.52	—		—	33,440		57.67		5,966		54.27
Vested and settled	(93,241)		36.42	—		—	(21,221)		46.43		—		—
Forfeited	(1,165)		50.35	—		—	(866)		54.15		—		—
Outstanding, March 31, 2022	581,085	$	50.45	88,305	$	65.45	90,465	$	57.97		162,555	$	35.97


	Three months ended March 31,
							% Change
(in U.S. $000's, except EPS and percentages)	2022			2021			2022 over 2021
Service revenue:
Commissions	$	116,375		$	103,975			12	%
Fees		128,486			102,055			26	%
Total service revenue		244,861			206,030			19	%
Inventory sales revenue		149,060			125,525			19	%
Total revenue		393,921			331,555			19	%
Costs of services		39,015			37,866			3	%
Cost of inventory sold		131,582			110,747			19	%
Selling, general and administrative expenses		126,606			114,239			11	%
Total operating expenses		330,901			287,121			15	%
Gain on disposition of property, plant and equipment		169,820			68			249,635	%
Operating income		232,840			44,502			423	%
Operating income as a % of total revenue		59.1	%		13.4	%		4570	bps
Non-GAAP adjusted operating income*		88,860			57,775			54	%
Non-GAAP adjusted operating income* as a % of total revenue		22.6	%		17.4	%		520	bps
Net income attributable to stockholders		178,094			28,188			532	%
Non-GAAP adjusted net income attributable to stockholders*		50,963			35,995			42	%
Diluted earnings per share attributable to stockholders	$	1.60		$	0.25			540	%
Non-GAAP diluted adjusted EPS attributable to stockholders*	$	0.46		$	0.32			44	%
Effective tax rate		16.9	%		23.0	%		(610)	bps

Total GTV		1,439,105			1,274,539			13	%
Service GTV		1,290,045			1,149,014			12	%
Service revenue as a % of total GTV		17.0	%		16.2	%		80	bps
Inventory GTV		149,060			125,525			19	%

Service GTV as a % of total GTV - Mix		89.6	%		90.2	%		(60)	bps
Inventory sales revenue as a % of total GTV - Mix		10.4	%		9.8	%		60	bps


					% Change
					2022 over
Value of one local currency to U.S dollar	2022		2021		2021
Period-end exchange rate - March 31,
Canadian dollar		0.7994		0.7961	0	%
Euro		1.1074		1.1726	(6)	%
Australian dollar		0.7491		0.7595	(1)	%

Average exchange rate -Three months ended March 31,
Canadian dollar		0.7892		0.7896	(0)	%
Euro		1.1225		1.2059	(7)	%
Australian dollar		0.7236		0.7728	(6)	%


	Three months ended March 31, 2022
(in U.S $000's)	A&M		Other		Consolidated
Service revenue:
Commissions	$	116,375	$	—	$	116,375
Fees		84,629		43,857		128,486
Total service revenue		201,004		43,857		244,861
Inventory sales revenue		149,060		—		149,060
Total revenue	$	350,064	$	43,857	$	393,921
Ancillary and logistical service expenses		—		10,755		10,755
Other costs of services		25,574		2,686		28,260
Cost of inventory sold		131,582		—		131,582
SG&A expenses		108,811		17,795		126,606
Segment profit	$	84,097	$	12,621	$	96,718


		Three months ended March 31,
					% Change
(in U.S. $000's)		2022		2021	2022 over 2021
Total GTV by Geography
United States	$	919,852	$	881,653	4	%
Canada		309,768		210,611	47	%
International		209,485		182,275	15	%
Total GTV		1,439,105		1,274,539	13	%

Service GTV by Geography
United States		831,161		815,316	2	%
Canada		300,703		200,896	50	%
International		158,181		132,802	19	%
Total Service GTV¹		1,290,045		1,149,014	12	%

¹ Service GTV is calculated as total GTV less inventory sales revenue


	Three months ended March 31,
			% Change
(in U.S. $000's, except percentages)	2022	2021	2022 over 2021
A&M Revenue by Geography
United States
Service revenue	138,870	124,205	12	%
Inventory sales revenue	88,691	66,337	34	%
A&M revenue- United States	227,561	190,542	19	%
Canada
Service revenue	38,815	28,059	38	%
Inventory sales revenue	9,065	9,715	(7)	%
A&M revenue- Canada	47,880	37,774	27	%
International
Service revenue	23,319	19,807	18	%
Inventory sales revenue	51,304	49,473	4	%
A&M revenue- International	74,623	69,280	8	%
Total
Service revenue	201,004	172,071	17	%
Inventory sales revenue	149,060	125,525	19	%
A&M total revenue	350,064	297,596	18	%


	Three months ended March 31,
					% Change
(in U.S. $000's, except share and per share data, and percentages)	2022		2021		2022 over 2021
Net income attributable to stockholders	$	178,094	$	28,188	532	%
Share-based payments expense		5,386		3,778	43	%
Acquisition-related costs		9,637		2,922	230	%
Amortization of acquired intangible assets		8,532		6,641	28	%
Gain on disposition of property, plant and equipment		(169,820)		(68)	249,635	%
Change in fair value of derivatives		(1,263)		—	(100)	%
Non-recurring advisory, legal and restructuring costs		2,285		—	100	%
Related tax effects of the above		18,112		(5,466)	(431)	%
Non-GAAP adjusted net income attributable to stockholders*	$	50,963	$	35,995	42	%
Weighted average number of dilutive shares outstanding		111,655,861		111,267,392	0	%

Diluted earnings per share attributable to stockholders	$	1.60	$	0.25	540	%
Non-GAAP diluted adjusted EPS attributable to Stockholders*	$	0.46	$	0.32	44	%


	As at and for the 12 months ended March 31,
							% Change
(in U.S. $millions, except percentages)	2022			2021			2022 over 2021
Short-term debt	$	22.1		$	25.9		(15)	%
Long-term debt		1,582.0			636.7		148	%
Debt		1,604.1			662.6		142	%
Less: long-term debt in escrow		(939.8)			—		(100)	%
Less: Cash and cash equivalents		(440.1)			(294.4)		49	%
Non-GAAP adjusted net debt*		224.2			368.2		(39)	%
Net income	$	301.8		$	175.7		72	%
Add: depreciation and amortization expenses		91.0			76.7		19	%
Add: interest expense		48.7			35.3		38	%
Less: interest income		(1.6)			(1.8)		(11)	%
Add: income tax expense		81.2			68.3		19	%
EBITDA		521.1			354.2		47	%
Share-based payments expense		24.7			23.3		6	%
Acquisition-related costs		36.9			8.9		315	%
Gain on disposition of property, plant and equipment		(171.2)			(1.6)		10,600	%
Change in fair value of derivatives		—			—		—	%
Non-recurring advisory, legal and restructuring costs		5.8			3.9		49	%
Non-GAAP adjusted EBITDA*	$	417.3		$	388.7		7	%
Debt/net income		5.3	x		3.8	x	39	%
Non-GAAP adjusted net debt/Non-GAAP adjusted EBITDA		0.5	x		0.9	x	(44)	%


	12 months ended March 31,
					% Change
(in U.S. $ millions, except percentages)	2022		2021		2022 over 2021
Cash provided by operating activities	$	322.0	$	436.6		(26)	%
Property, plant and equipment additions		10.3		12.3		(16)	%
Intangible asset additions		32.7		30.4		8	%
Proceeds on disposition of property plant and equipment		(166.5)		(16.1)		934	%
Net capital spending	$	(123.5)	$	26.6		(564)	%
OFCF*	$	445.5	$	410.0		9	%



Exhibit
Number		Document
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, 2022, 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, 2022, formatted in Inline XBRL and contained in Exhibit 101


	RITCHIE BROS. AUCTIONEERS INCORPORATED


Dated: May 9, 2022	By:	/s/ Ann Fandozzi
		Ann Fandozzi
		Chief Executive Officer

Dated: May 9, 2022	By:	/s/ Sharon R. Driscoll
		Sharon R. Driscoll
		Chief Financial Officer


Date: May 9, 2022

/s/ Ann Fandozzi

Ann Fandozzi
Chief Executive Officer