Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 03, 2022 | |
Document and Entity Information | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-13425 | |
Entity Registrant Name | Ritchie Bros. Auctioneers Incorporated | |
Entity Incorporation, State or Country Code | CA | |
Entity Tax Identification Number | 98-0626225 | |
Entity Address, Address Line One | 9500 Glenlyon Parkway | |
Entity Address, Address Line Two | Burnaby | |
Entity Address, City or Town | British Columbia | |
Entity Address, Country | CA | |
Entity Address, Postal Zip Code | V5J 0C6 | |
City Area Code | 778 | |
Local Phone Number | 331-5500 | |
Title of 12(b) Security | Common shares | |
Trading Symbol | RBA | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 110,809,591 | |
Entity Central Index Key | 0001046102 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Income S
Condensed Consolidated Income Statements - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenue: | ||||
Total revenue | $ 484,546,000 | $ 396,361,000 | $ 878,467,000 | $ 727,916,000 |
Operating expenses: | ||||
Selling, general and administrative expenses | 144,277,000 | 109,560,000 | 270,883,000 | 223,799,000 |
Acquisition-related costs | 3,399,000 | 3,049,000 | 13,036,000 | 5,971,000 |
Depreciation and amortization expenses | 24,298,000 | 21,935,000 | 48,523,000 | 43,005,000 |
Foreign exchange loss (gain) | (158,000) | 151,000 | (322,000) | 428,000 |
Total operating expenses | 393,026,000 | 307,019,000 | 723,927,000 | 594,140,000 |
Gain on disposition of property, plant and equipment | (347,000) | (175,000) | (170,167,000) | (243,000) |
Operating income | 91,867,000 | 89,517,000 | 324,707,000 | 134,019,000 |
Interest expense | (18,463,000) | (8,867,000) | (39,149,000) | (17,813,000) |
Change in fair value of derivatives, net | 1,263,000 | |||
Other income, net | 1,639,000 | 1,196,000 | 2,559,000 | 2,198,000 |
Income before income taxes | 75,043,000 | 81,846,000 | 289,380,000 | 118,404,000 |
Income tax expense | 21,632,000 | 21,065,000 | 57,868,000 | 29,484,000 |
Net income | 53,411,000 | 60,781,000 | 231,512,000 | 88,920,000 |
Net income (loss) attributable to: | ||||
Stockholders | 53,365,000 | 60,749,000 | 231,459,000 | 88,937,000 |
Non-controlling interests | 46,000 | 32,000 | 53,000 | (17,000) |
Net income | $ 53,411,000 | $ 60,781,000 | $ 231,512,000 | $ 88,920,000 |
Earnings per share attributable to stockholders: | ||||
Basic | $ 0.48 | $ 0.55 | $ 2.09 | $ 0.81 |
Diluted | $ 0.48 | $ 0.55 | $ 2.07 | $ 0.80 |
Weighted average number of shares outstanding: | ||||
Basic | 110,760,339 | 110,311,615 | 110,705,182 | 110,144,229 |
Diluted | 111,705,102 | 111,334,184 | 111,681,644 | 111,302,711 |
Service Revenues [Member] | ||||
Revenue: | ||||
Total revenue | $ 286,502,000 | $ 252,748,000 | $ 531,363,000 | $ 458,778,000 |
Operating expenses: | ||||
Direct expenses | 45,039,000 | 41,301,000 | 84,054,000 | 79,167,000 |
Inventory Sales Revenue [Member] | ||||
Revenue: | ||||
Total revenue | 198,044,000 | 143,613,000 | 347,104,000 | 269,138,000 |
Operating expenses: | ||||
Direct expenses | $ 176,171,000 | $ 131,023,000 | $ 307,753,000 | $ 241,770,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Condensed Consolidated Statements of Comprehensive Income | ||||
Net income | $ 53,411 | $ 60,781 | $ 231,512 | $ 88,920 |
Other comprehensive income (loss), net of income tax: | ||||
Foreign currency translation adjustment | (22,775) | 1,468 | (23,942) | (8,892) |
Total comprehensive income | 30,636 | 62,249 | 207,570 | 80,028 |
Total comprehensive income (loss) attributable to: | ||||
Stockholders | 30,612 | 62,215 | 207,549 | 80,059 |
Non-controlling interests | 24 | 34 | 21 | (31) |
Total comprehensive income | $ 30,636 | $ 62,249 | $ 207,570 | $ 80,028 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Assets | ||
Cash and cash equivalents | $ 367,289 | $ 326,113 |
Restricted cash | 164,371 | 102,875 |
Trade and other receivables | 295,241 | 150,895 |
Less: allowance for credit losses | (3,763) | (4,396) |
Inventory | 124,964 | 102,494 |
Other current assets | 36,212 | 64,346 |
Income taxes receivable | 12,525 | 19,895 |
Total current assets | 996,839 | 762,222 |
Restricted Cash | 933,464 | |
Property, plant and equipment | 442,743 | 449,087 |
Other non-current assets | 168,360 | 142,504 |
Intangible assets | 332,615 | 350,516 |
Goodwill | 945,950 | 947,715 |
Deferred tax assets | 7,458 | 7,406 |
Total assets | 2,893,965 | 3,592,914 |
Liabilities and Equity | ||
Auction proceeds payable | 493,688 | 292,789 |
Trade and other liabilities | 254,514 | 280,308 |
Income taxes payable | 31,362 | 5,677 |
Short-term debt | 8,637 | 6,147 |
Current portion of long-term debt | 4,617 | 3,498 |
Total current liabilities | 792,818 | 588,419 |
Long-term debt | 639,755 | 1,733,940 |
Other non-current liabilities | 155,911 | 147,260 |
Deferred tax liabilities | 61,396 | 52,232 |
Total liabilities | 1,649,880 | 2,521,851 |
Commitments and Contingencies (Note 22 and Note 23 respectively) | ||
Share capital: | ||
Common stock; no par value, unlimited shares authorized, issued and outstanding shares: 110,791,788 (December 31, 2021: 110,618,049) | 235,244 | 227,504 |
Additional paid-in capital | 73,014 | 59,535 |
Retained earnings | 1,015,301 | 839,609 |
Accumulated other comprehensive loss | (79,883) | (55,973) |
Stockholders' equity | 1,243,676 | 1,070,675 |
Non-controlling interest | 409 | 388 |
Total stockholders' equity | 1,244,085 | 1,071,063 |
Total liabilities and equity | $ 2,893,965 | $ 3,592,914 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2022 | Dec. 31, 2021 |
Condensed Consolidated Balance Sheets | ||
Common stock, no par value | $ 0 | $ 0 |
Common stock, issued shares | 110,791,788 | 110,618,049 |
Common stock, outstanding shares | 110,791,788 | 110,618,049 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Common stock [Member] | Additional paid-in capital ("APIC") [Member] | Retained earnings [Member] | Accumulated other comprehensive loss [Member] | Non-controlling interest ("NCI") [Member] | Total |
Balance at Dec. 31, 2020 | $ 200,451 | $ 49,171 | $ 791,918 | $ (34,295) | $ 5,154 | $ 1,012,399 |
Balance, shares at Dec. 31, 2020 | 109,876,428 | |||||
Net income | 88,937 | (17) | 88,920 | |||
Other comprehensive income (loss) | (8,878) | (14) | (8,892) | |||
Comprehensive income | 88,937 | (8,878) | (31) | 80,028 | ||
Stock option exercises | $ 13,157 | (2,458) | 10,699 | |||
Stock option exercises, shares | 311,153 | |||||
Issuance of common stock related to vesting of share units | $ 2,058 | (11,377) | (9,319) | |||
Issuance of common stock related to vesting of share units, shares | 234,737 | |||||
Forfeiture of common stock related to business combinations, shares | (55,510) | |||||
Share based continuing employment costs related to business combinations | 5,231 | $ 5,231 | ||||
Shares forfeited | (55,510) | |||||
Stock option compensation expense | 3,770 | $ 3,770 | ||||
Equity-classified share unit expense | 7,182 | 7,182 | ||||
Equity-classified share units dividend equivalents | 281 | (281) | ||||
Cash dividends paid | (48,537) | (26) | (48,563) | |||
Balance at Jun. 30, 2021 | $ 215,666 | 51,800 | 832,037 | (43,173) | 5,097 | 1,061,427 |
Balance, shares at Jun. 30, 2021 | 110,366,808 | |||||
Balance at Mar. 31, 2021 | $ 210,765 | 43,612 | 795,781 | (44,639) | 5,089 | 1,010,608 |
Balance, shares at Mar. 31, 2021 | 110,253,056 | |||||
Net income | 60,749 | 32 | 60,781 | |||
Other comprehensive income (loss) | 1,466 | 2 | 1,468 | |||
Comprehensive income | 60,749 | 1,466 | 34 | 62,249 | ||
Stock option exercises | $ 4,889 | (910) | 3,979 | |||
Stock option exercises, shares | 113,290 | |||||
Issuance of common stock related to vesting of share units | $ 12 | (30) | (18) | |||
Issuance of common stock related to vesting of share units, shares | 462 | |||||
Share based continuing employment costs related to business combinations | 2,678 | 2,678 | ||||
Stock option compensation expense | 1,909 | 1,909 | ||||
Equity-classified share unit expense | 4,404 | 4,404 | ||||
Equity-classified share units dividend equivalents | 137 | (137) | ||||
Cash dividends paid | (24,356) | (26) | (24,382) | |||
Balance at Jun. 30, 2021 | $ 215,666 | 51,800 | 832,037 | (43,173) | 5,097 | 1,061,427 |
Balance, shares at Jun. 30, 2021 | 110,366,808 | |||||
Balance at Dec. 31, 2021 | $ 227,504 | 59,535 | 839,609 | (55,973) | 388 | 1,071,063 |
Balance, shares at Dec. 31, 2021 | 110,618,049 | |||||
Net income | 231,459 | 53 | 231,512 | |||
Other comprehensive income (loss) | (23,910) | (32) | (23,942) | |||
Comprehensive income | 231,459 | (23,910) | 21 | 207,570 | ||
Stock option exercises | $ 3,554 | (692) | 2,862 | |||
Stock option exercises, shares | 80,183 | |||||
Issuance of common stock related to vesting of share units | $ 2,367 | (5,945) | (3,578) | |||
Issuance of common stock related to vesting of share units, shares | 93,556 | |||||
Share based continuing employment costs related to business combinations | $ 1,819 | 2,394 | 4,213 | |||
Stock option compensation expense | 5,623 | 5,623 | ||||
Equity-classified share unit expense | 11,684 | 11,684 | ||||
Equity-classified share units dividend equivalents | 415 | (415) | ||||
Cash dividends paid | (55,352) | (55,352) | ||||
Balance at Jun. 30, 2022 | $ 235,244 | 73,014 | 1,015,301 | (79,883) | 409 | 1,244,085 |
Balance, shares at Jun. 30, 2022 | 110,791,788 | |||||
Balance at Mar. 31, 2022 | $ 231,064 | 61,123 | 989,923 | (57,130) | 385 | 1,225,365 |
Balance, shares at Mar. 31, 2022 | 110,735,243 | |||||
Net income | 53,365 | 46 | 53,411 | |||
Other comprehensive income (loss) | (22,753) | (22) | (22,775) | |||
Comprehensive income | 53,365 | (22,753) | 24 | 30,636 | ||
Stock option exercises | $ 2,347 | (471) | 1,876 | |||
Stock option exercises, shares | 55,935 | |||||
Issuance of common stock related to vesting of share units | $ 14 | (43) | (29) | |||
Issuance of common stock related to vesting of share units, shares | 610 | |||||
Share based continuing employment costs related to business combinations | $ 1,819 | 261 | 2,080 | |||
Stock option compensation expense | 3,056 | 3,056 | ||||
Equity-classified share unit expense | 8,794 | 8,794 | ||||
Equity-classified share units dividend equivalents | 294 | (294) | ||||
Cash dividends paid | (27,693) | (27,693) | ||||
Balance at Jun. 30, 2022 | $ 235,244 | $ 73,014 | $ 1,015,301 | $ (79,883) | $ 409 | $ 1,244,085 |
Balance, shares at Jun. 30, 2022 | 110,791,788 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Operating activities: | ||
Net income | $ 231,512 | $ 88,920 |
Adjustments for items not affecting cash: | ||
Depreciation and amortization expenses | 48,523 | 43,005 |
Share-based payments expense | 21,527 | 16,183 |
Deferred income tax expense | 9,480 | 1,719 |
Unrealized foreign exchange (gain) loss | (1,965) | (65) |
Gain on disposition of property, plant and equipment | (170,167) | (243) |
Loss on redemption of 2021 Notes | 4,792 | |
Amortization of debt issuance costs | 2,352 | 1,443 |
Amortization of right-of-use assets | 8,586 | 6,280 |
Change in fair value of derivatives | (1,263) | |
Other, net | 2,805 | 1,568 |
Net changes in operating assets and liabilities | 41,844 | 52,577 |
Net cash provided by operating activities | 198,026 | 211,387 |
Investing activities: | ||
Acquisitions, net of cash acquired | (63) | 728 |
Property, plant and equipment additions | (4,522) | (4,616) |
Proceeds on disposition of property, plant and equipment | 165,132 | 342 |
Intangible asset additions | (15,730) | (17,361) |
Issuance of loans receivable | (6,093) | (2,622) |
Repayment of loans receivable | 1,554 | 226 |
Net cash provided by (used in) investing activities | 140,278 | (23,303) |
Financing activities: | ||
Dividends paid to stockholders | (55,352) | (48,537) |
Dividends paid to NCI | (26) | |
Proceeds from exercise of options and share option plans | 2,862 | 10,699 |
Payment of withholding taxes on issuance of shares | (3,716) | (9,155) |
Net increase (decrease) in short-term debt | 2,722 | 6,842 |
Repayment of long-term debt | (1,093,772) | (5,328) |
Debt issue costs | (3,677) | |
Repayment of finance lease obligations | (5,390) | (5,355) |
Net cash used in financing activities | (1,156,323) | (50,860) |
Effect of changes in foreign currency rates on cash, cash equivalents, and restricted cash | (12,773) | (1,396) |
Increase | (830,792) | 135,828 |
Beginning of period | 1,362,452 | 306,895 |
Cash, cash equivalents, and restricted cash, end of period | $ 531,660 | $ 442,723 |
General Information
General Information | 6 Months Ended |
Jun. 30, 2022 | |
General Information | |
General Information | 1. General information Ritchie Bros. Auctioneers Incorporated and its subsidiaries (collectively referred to as the “Company”, “Ritchie Bros.”, “we”, “us”, or “our”) provide a marketplace for insights, services and transaction solutions for commercial assets. The Company offers its customers end-to-end transaction solutions for used commercial and other durable assets through its omnichannel platform, which includes auctions, online marketplaces, listing services, and private brokerage services. The Company also offers a wide array of value-added services connected to commercial assets as well as asset management software and data as a service solutions to help customers make more accurate and reliable business decisions. Ritchie Bros. Auctioneers Incorporated is a company incorporated in Canada under the Canada Business Corporations Act, whose shares are publicly traded on the Toronto Stock Exchange (“TSX”) and the New York Stock Exchange (“NYSE”). |
Significant accounting policies
Significant accounting policies | 6 Months Ended |
Jun. 30, 2022 | |
Significant accounting policies | |
Significant accounting policies | 2. Significant accounting policies (a) Basis of preparation These unaudited condensed consolidated interim financial statements have been prepared in accordance with United States generally accepted accounting principles (“US GAAP”). They include the accounts of Ritchie Bros. Auctioneers Incorporated and its subsidiaries from their respective dates of formation or acquisition. All significant intercompany balances and transactions have been eliminated. Certain information and footnote disclosure required by US GAAP for complete annual financial statements have been omitted and, therefore, these unaudited condensed consolidated interim financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2021, included in the Company’s Annual Report on Form 10-K, filed with the Securities and Exchange Commission (“SEC”). These unaudited condensed consolidated interim financial statements follow the same accounting policies and methods of application as our most recent annual audited consolidated financial statements except as described in Note 2(b) “ New and amended accounting standards and accounting policies”. In the opinion of management, these unaudited condensed consolidated interim financial statements reflect all adjustments, consisting of normal recurring adjustments, which are necessary to present fairly, in all material respects, the Company’s consolidated financial position, results of operations, cash flows and changes in equity for the interim periods presented. The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. On February 24, 2022, the geopolitical situation in Eastern Europe intensified with Russia’s invasion of Ukraine, sharply Reclassification Certain amounts in the prior period financial statements have been reclassified from selling, general and administrative expenses to cost of services for certain employee costs related to equipment inspections to conform to the presentation of the current period financial statements. 2. Significant accounting policies (continued) (b) New and amended accounting standards and accounting policies New accounting policies Sale and leaseback The transfer of the asset shall not be accounted for as a sale if the leaseback would be classified as a finance lease or a sales-type lease. For sale and leaseback transactions, the Company applies the requirements of ASC 606 Revenue from Contracts with Customers Leases New and amended accounting standards In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers . The update primarily addresses the accounting for contract assets and contract liabilities from revenue contracts with customers acquired in a business combination. The update requires that an acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC 606 - Revenue from Contracts with Customers , whereas prior to the adoption of the update, contract assets acquired and contract liabilities assumed in a business combination were recognized at fair value on the acquisition date. The amendments in this update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption of the amendments is permitted, including adoption in an interim period. An entity that early adopts in an interim period should apply the amendments (1) retrospectively to all business combinations for which the acquisition date occurs on or after the beginning of the fiscal year that includes the interim period of early application and (2) prospectively to all business combinations that occur on or after the date of initial application. The Company has early adopted the update as of October 1, 2021 and therefore has applied the amendments to all acquisitions completed since January 1, 2021, which includes only the acquisition of SmartEquip, which was completed on November 2, 2021. |
Significant judgments, estimate
Significant judgments, estimates and assumptions | 6 Months Ended |
Jun. 30, 2022 | |
Significant judgments, estimates and assumptions | |
Significant judgments, estimates and assumptions | 3. Significant judgments, estimates and assumptions The preparation of financial statements in conformity with US GAAP requires management to make judgments, estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Future differences arising between actual results and the judgments, estimates and assumptions made by the Company at the reporting date, or future changes to estimates and assumptions, could necessitate adjustments to the underlying reported amounts of assets, liabilities, revenues and expenses in future reporting periods. Judgments, estimates and underlying assumptions are evaluated on an ongoing basis by management and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. However, existing circumstances and assumptions about future developments may change due to market changes or circumstances and such changes are reflected in the assumptions when they occur. Significant items subject to estimates and judgments during the six months ended June 30, 2022 were made in accounting for the completed sale and leaseback transaction of our Bolton property (Note 15 & Note 21). The Company determined the following estimates in calculating the gain on sale: the present value of market rental payments of the Bolton property sold, the expected lease term in the leaseback arrangement and the Company’s incremental borrowing rate based on information available at the commencement date of the lease. |
Seasonality
Seasonality | 6 Months Ended |
Jun. 30, 2022 | |
Seasonality | |
Seasonality | 4. Seasonality The Company’s operations are both seasonal and event driven. Revenue tends to be the highest during the second and fourth calendar quarters as the Company generally conducts more auctions during these quarters. Volumes tend to also be lower during the third quarter, as supply of used equipment is lower as it is actively being used and not available for sale. Late December through mid-February and mid-July through August are traditionally less active periods. |
Business combinations
Business combinations | 6 Months Ended |
Jun. 30, 2022 | |
Business combinations | |
Business combinations | 5. Business combinations (a) SmartEquip acquisition On November 2, 2021, the Company acquired all of the issued and outstanding common shares of SmartEquip for a total cash purchase price of $173,743,000. During the first quarter of 2022, the Company finalized the net working capital adjustment under the purchase agreement and increased the purchase price by $63,000, resulting in a total purchase price of $173,806,000. SmartEquip is an innovative technology platform that supports customers' management of the equipment lifecycle and integrates parts procurement with both original equipment manufacturers and dealers. The acquisition was accounted for in accordance with ASC 805, Business Combinations SmartEquip purchase price allocation 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 The deferred tax assets are presented net of a $1,486,000 valuation allowance. The following table summarizes the fair values of the identifiable intangible assets acquired: 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 5. Business combinations (continued) SmartEquip purchase price allocation (continued) The amounts included in the SmartEquip provisional purchase price allocation are preliminary in nature and are subject to adjustment as additional information is obtained about the facts and circumstances that existed at the date of the acquisition. The final determination of the fair values of certain assets and liabilities will be completed within the measurement period of up to one year from the acquisition date. Adjustments to the preliminary values during the measurement period may impact the amounts recorded as assets and liabilities with a corresponding adjustment to goodwill and will be recognized in the period in which the adjustments are determined. Goodwill Goodwill has been assigned and allocated to “Other” for segmented information purposes and is based on an analysis of the fair value of net assets acquired. Goodwill relates to benefits expected from the acquisition of SmartEquip’s business, its assembled workforce and associated technical expertise, as well as anticipated synergies from applying the Company’s auction expertise and transactional capabilities to SmartEquip’s existing customer base. The transaction is considered a non-taxable business combination and the goodwill is not deductible for tax purposes. Transactions recognized separately from the acquisition of assets and assumptions of liabilities At the date of acquisition, the Company issued 63,971 common shares to certain previous shareholders of SmartEquip in return for their continuing employment service. The common shares are expected to vest one During the quarter ended June 30, 2022, the Company recorded $668,000 of acquisition-related costs, all of which related to share-based continuing employment costs. (b) Euro Auctions acquisition On August 9, 2021, the Company entered into a Sale and Purchase Agreement (“SPA”) pursuant to which it agreed to purchase Euro Auctions Limited, William Keys & Sons Holdings Limited, Equipment & Plant Services Ltd, and Equipment Sales Ltd. (collectively, “Euro Auctions”), each being a private limited company incorporated in Northern Ireland (the “Euro Auctions Acquisition”). Under the terms of the SPA, the Company was to acquire all of the outstanding shares of Euro Auctions from their existing shareholders for approximately £775,000,000 (approximately $1.02 billion) cash consideration, to be paid on closing. |
Segmented information
Segmented information | 6 Months Ended |
Jun. 30, 2022 | |
Segmented information | |
Segmented information | 6. Segmented information The Company’s principal business activity is the management and disposition of used industrial equipment and other durable assets. The Company’s operations are comprised of one reportable segment and other business activities that are not reportable as follows: ● Auctions and Marketplaces – This is the Company’s only reportable segment, which consists of the Company’s live onsite auctions, its online auctions and marketplaces, and its brokerage service; ● Other includes the results of Ritchie Bros. Financial Services (“RBFS”), Rouse, Mascus online services, SmartEquip, and the results from various value-added services and make-ready activities, including the Company’s equipment refurbishment services, and Ritchie Bros. Logistical Services (“RB Logistics”). Three months ended June 30, 2022 Six months ended June 30, 2022 A&M Other Consolidated A&M Other Consolidated Service revenue: Commissions $ 136,403 $ — $ 136,403 $ 252,778 $ — $ 252,778 Fees 98,588 51,511 150,099 183,217 95,368 278,585 Total service revenue 234,991 51,511 286,502 435,995 95,368 531,363 Inventory sales revenue 198,044 — 198,044 347,104 — 347,104 Total revenue $ 433,035 $ 51,511 $ 484,546 $ 783,099 $ 95,368 $ 878,467 Costs of services 28,985 16,054 45,039 54,559 29,495 84,054 Cost of inventory sold 176,171 — 176,171 307,753 — 307,753 Selling, general and administrative 125,535 18,742 144,277 234,346 36,537 270,883 Segment profit $ 102,344 $ 16,715 $ 119,059 $ 186,441 $ 29,336 $ 215,777 Acquisition-related costs 3,399 13,036 Depreciation and amortization 24,298 48,523 Foreign exchange gain (158) (322) Total operating expenses $ 393,026 723,927 Gain on disposition of property, plant and equipment 347 170,167 Operating income $ 91,867 $ 324,707 Interest expense (18,463) (39,149) Change in fair value of derivatives — 1,263 Other income, net 1,639 2,559 Income tax expense (21,632) (57,868) Net income $ 53,411 $ 231,512 Three months ended June 30, 2021 Six months ended June 30, 2021 A&M Other Consolidated A&M Other Consolidated Service revenue: Commissions $ 129,334 $ — $ 129,334 $ 233,309 $ — $ 233,309 Fees 83,334 40,080 123,414 151,430 74,039 225,469 Total service revenue 212,668 40,080 252,748 384,739 74,039 458,778 Inventory sales revenue 143,613 — 143,613 269,138 — 269,138 Total revenue $ 356,281 $ 40,080 $ 396,361 $ 653,877 $ 74,039 $ 727,916 Costs of services 25,176 16,125 41,301 49,480 29,687 79,167 Cost of inventory sold 131,023 — 131,023 241,770 — 241,770 Selling, general and administrative 99,215 10,345 109,560 201,996 21,803 223,799 Segment profit $ 100,867 $ 13,610 $ 114,477 $ 160,631 $ 22,549 $ 183,180 Acquisition-related costs 3,049 5,971 Depreciation and amortization 21,935 43,005 Foreign exchange loss 151 428 Total operating expenses $ 307,019 594,140 Gain on disposition of property, plant and equipment 175 243 Operating income $ 89,517 $ 134,019 Interest expense (8,867) (17,813) Other income, net 1,196 2,198 Income tax expense (21,065) (29,484) Net income $ 60,781 $ 88,920 6. Segmented information (continued) The Chief Operating Decision Maker does not evaluate the performance of the Company’s operating segments or assess allocation of resources based on segment assets and liabilities, nor does the Company classify liabilities on a segmented basis. The Company’s geographic breakdown of total revenue and location is as follows: United Total revenue for the three months ended: States Canada Australia Europe Other Consolidated June 30, 2022 $ 215,466 $ 143,466 $ 71,734 $ 36,989 $ 16,891 $ 484,546 June 30, 2021 183,391 98,690 44,514 55,467 14,299 396,361 Total revenue for the six months ended: June 30, 2022 $ 463,416 $ 208,699 $ 100,809 $ 74,809 $ 30,734 $ 878,467 June 30, 2021 390,805 147,168 64,077 102,643 23,223 727,916 |
Revenues
Revenues | 6 Months Ended |
Jun. 30, 2022 | |
Revenue | |
Revenues | 7. Revenue The Company’s revenue from the rendering of services is as follows: Three months ended Six months ended June 30, June 30, 2022 2021 2022 2021 Service revenue: Commissions $ 136,403 $ 129,334 $ 252,778 $ 233,309 Fees 150,099 123,414 278,585 225,469 286,502 252,748 531,363 458,778 Inventory sales revenue 198,044 143,613 347,104 269,138 $ 484,546 $ 396,361 $ 878,467 $ 727,916 |
Operating expenses
Operating expenses | 6 Months Ended |
Jun. 30, 2022 | |
Operating expenses | |
Operating expenses | 8. Operating expenses Costs of services Three months ended Six months ended June 30, June 30, 2022 2021 2022 2021 Employee compensation expenses $ 17,045 $ 14,953 $ 32,966 $ 29,483 Ancillary and logistical service expenses 13,446 14,819 24,201 27,088 Travel, advertising and promotion expenses 7,200 5,299 12,372 9,817 Other costs of services 4,323 3,926 7,636 7,774 Buildings, facilities and technology expenses 3,025 2,304 6,879 5,005 $ 45,039 $ 41,301 $ 84,054 $ 79,167 Selling, general and administrative Three months ended Six months ended June 30, June 30, 2022 2021 2022 2021 Wages, salaries and benefits $ 84,301 $ 67,932 $ 161,787 $ 144,889 Share-based compensation expense 13,640 7,540 19,026 11,318 Buildings, facilities and technology expenses 23,327 17,479 43,412 34,822 Travel, advertising and promotion expenses 9,392 6,824 17,366 11,986 Professional fees 7,616 5,202 17,363 10,234 Other selling, general and administrative 6,001 4,583 11,929 10,550 $ 144,277 $ 109,560 $ 270,883 $ 223,799 Acquisition-related costs Three months ended Six months ended June 30, June 30, 2022 2021 2022 2021 SmartEquip: Share-based continuing employment costs $ 668 $ — $ 1,326 $ — Other acquisition-related costs — — 516 — Euro Auctions: Other acquisition-related costs 1,317 — 8,012 — Rouse: Share-based continuing employment costs 1,414 2,678 2,887 5,231 Other acquisition-related costs — 371 295 740 $ 3,399 $ 3,049 $ 13,036 $ 5,971 Depreciation and amortization Three months ended Six months ended June 30, June 30, 2022 2021 2022 2021 Depreciation $ 7,889 $ 8,345 $ 15,636 $ 16,182 Amortization 16,409 13,590 32,887 26,823 $ 24,298 $ 21,935 $ 48,523 $ 43,005 |
Income taxes
Income taxes | 6 Months Ended |
Jun. 30, 2022 | |
Income taxes | |
Income taxes | 9. Income taxes At the end of each interim period, the Company estimates the effective tax rate expected to be applicable for the full fiscal year. The estimate reflects, among other items, management’s best estimate of operating results. It does not include the estimated impact of foreign exchange rates or unusual and/or infrequent items, which may cause significant variations in the customary relationship between income tax expense and income before income taxes. For the three months ended June 30, 2022, income tax expense was $21,632,000, compared to an income tax expense of $21,065,000 for the same period in 2021. The effective tax rate was 29% in the second quarter of 2022, compared to 26% in the second quarter of 2021. The effective tax rate increased in the three months ended June 30, 2022 compared to the three months ended June 30, 2021 primarily due to higher return to provision adjustments and higher income taxes related to tax uncertainties. Partially offsetting this increase was a lower estimate of non-deductible expenses. For the six months ended June 30, 2022, income tax expense was $57,868,000, compared to an income tax expense of $29,484,000 for the same period in 2021. The effective tax rate was 20% for the six months ended June 30, 2022, compared to 25% for the six months ended June 30, 2021. The effective tax rate decreased in the six months ended June 30, 2022 compared to the six months ended June 30, 2021 primarily due to the non-taxable gain portion on the sale of a parcel of land including all buildings in Bolton, Ontario and a decrease in the estimate of non-deductible expenses. Partially offsetting this decrease was a higher estimate of income taxed in jurisdictions with higher tax rates and a lower tax deduction for performance share units (“PSUs”) and restricted share units (“RSUs”) expenses that exceeded the related compensation expense. The Canada Revenue Agency (“CRA”) is currently conducting an audit of the Company’s 2014, 2015, 2017, and 2018 taxation years. Management believes that the Company is in full compliance with Canadian tax laws. However, the CRA could challenge the manner in which the Company has filed its income tax returns and reported its income. In the event that the CRA challenges the manner in which the Company has filed its tax returns and reported its income, the Company will have the option to appeal any such decision. If the Company is not successful, however, the CRA audit could potentially result in additional income taxes, penalties, and interest, which could have a material adverse effect on the Company. |
Earnings per share attributable
Earnings per share attributable to stockholders | 6 Months Ended |
Jun. 30, 2022 | |
Earnings per share attributable to stockholders | |
Earnings per share attributable to stockholders | 10. Earnings per share attributable to stockholders Basic earnings per share (“EPS”) attributable to stockholders was calculated by dividing the net income attributable to stockholders by the weighted average (“WA”) number of common shares outstanding during the period. Diluted EPS attributable to stockholders was calculated by dividing the net income attributable to stockholders by the weighted average number of shares of common stock outstanding if the potentially dilutive securities had been issued. Potentially dilutive securities include unvested PSUs, unvested RSUs, and outstanding stock options. The dilutive effect of potentially dilutive securities is reflected in diluted EPS by application of the treasury stock method. Under the treasury stock method, an increase in the fair market value of the Company’s common stock can result in a greater dilutive effect from potentially dilutive securities. Three months ended Six months ended June 30, 2022 June 30, 2022 Net income WA Per Net income WA Per attributable to number share attributable to number share stockholders of shares amount stockholders of shares amount Basic $ 53,365 110,760,339 $ 0.48 $ 231,459 110,705,182 $ 2.09 Effect of dilutive securities: Share units — 397,274 — — 423,767 (0.01) Stock options — 547,489 — — 552,695 (0.01) Diluted $ 53,365 111,705,102 $ 0.48 $ 231,459 111,681,644 $ 2.07 Three months ended Six months ended June 30, 2021 June 30, 2021 Net income WA Per Net income WA Per attributable to number share attributable to number share stockholders of shares amount stockholders of shares amount Basic $ 60,749 110,311,615 $ 0.55 $ 88,937 110,144,229 $ 0.81 Effect of dilutive securities: Share units — 322,371 — — 450,752 — Stock options — 700,198 — — 707,730 (0.01) Diluted $ 60,749 111,334,184 $ 0.55 $ 88,937 111,302,711 $ 0.80 |
Supplemental cash flow informat
Supplemental cash flow information | 6 Months Ended |
Jun. 30, 2022 | |
Supplemental cash flow information | |
Supplemental cash flow information | 11. Supplemental cash flow information Net changes in operating assets and liabilities Six months ended June 30, 2022 2021 Trade and other receivables $ (152,893) $ (134,522) Inventory (25,842) (2,207) Advances against auction contracts (11,238) (761) Prepaid expenses and deposits 20,774 3,157 Income taxes receivable 6,985 (3,847) Auction proceeds payable 205,910 230,309 Trade and other liabilities (22,639) (20,686) Income taxes payable 25,866 (12,723) Operating lease obligation (6,936) (6,329) Other 1,857 186 Net changes in operating assets and liabilities $ 41,844 $ 52,577 Interest and tax payments Six months ended June 30, 2022 2021 Interest paid, net of interest capitalized $ 20,846 $ 16,387 Interest received 1,415 635 Net income taxes paid 13,855 43,249 Non-cash purchase of property, plant and equipment under finance lease 5,261 4,568 Non-cash right of use assets obtained in exchange for new lease obligations 18,472 9,451 Cash, cash equivalents, and restricted cash June 30, December 31, 2022 2021 Cash and cash equivalents $ 367,289 $ 326,113 Restricted cash Current 164,371 102,875 Non-current — 933,464 Cash, cash equivalents, and restricted cash $ 531,660 $ 1,362,452 |
Fair value measurement
Fair value measurement | 6 Months Ended |
Jun. 30, 2022 | |
Fair value measurement | |
Fair value measurement | 12. Fair value measurement All assets and liabilities for which fair value is measured or disclosed in the consolidated financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement or disclosure: ● Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities that the entity can access at measurement date; ● Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly; and ● Level 3: Unobservable inputs for the asset or liability. 12. Fair value measurement (continued) June 30, 2022 December 31, 2021 Carrying Carrying Category amount Fair value amount Fair value Fair values disclosed: Cash and cash equivalents Level 1 $ 367,289 $ 367,289 $ 326,113 $ 326,113 Restricted cash Level 1 164,371 164,371 1,036,339 1,036,339 Loans receivable Level 2 11,749 11,678 7,267 7,267 Derivative financial assets Deal contingent forward contract Level 3 — — 751 751 Forward currency contracts Level 2 37 37 — — Derivative financial liabilities Deal contingent forward contract Level 3 — — 2,005 2,005 Short-term debt Level 2 8,637 8,637 6,147 6,147 Long-term debt Senior unsecured notes (as defined in Note 17) 2016 Notes Level 1 495,434 489,800 494,531 508,125 2021 USD Notes Level 2 — — 598,052 625,125 2021 CAD Notes Level 2 — — 332,337 339,100 Term loan Level 2 91,989 92,348 92,821 93,226 Long-term revolver loans Level 2 56,949 57,000 219,699 219,772 The carrying value of the Company’s cash and cash equivalents, restricted cash, trade and other receivables, advances against auction contracts, loan receivables maturing within a year, auction proceeds payable, trade and other payables, and short-term debt approximate their fair values due to their short terms to maturity. The fair value of the loan receivables with a maturity date greater than one year are determined by estimating discounted cash flows using market rates. The carrying values of the term loan and long-term revolver loan, before deduction of deferred debt issue costs, approximate their fair values as the interest rates on the loans is short-term in nature. The fair values of the senior unsecured notes are determined by reference to a quoted market price of the notes traded in an over-the-counter broker market. The Company holds derivative financial assets and liabilities that are required to be measured at fair value on a recurring basis. The fair values of the deal contingent forward contracts were determined using a probability weighted mark to market valuation and observable Level 2 inputs, including foreign currency spot exchange rates, forward pricing curves, and an unobservable Level 3 input, the expected date of settlement. The change in the valuation of the derivatives due to the range of possible expected settlement dates was not significant to the financial statements. The fair value of the forward currency contracts are determined using observable Level 2 inputs, including foreign currency spot exchange rates and forward pricing curves. The fair value considers the credit risk of the Company and its counterparties. |
Derivative financial instrument
Derivative financial instruments | 6 Months Ended |
Jun. 30, 2022 | |
Derivative financial instruments | |
Derivative financial instruments | 13. Derivative financial instruments The Company’s derivative financial instruments are accounted for as derivatives under ASC 815, Derivatives and Hedging 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 specific monetary loan receivables. During the three and six month periods ended June 30, 2022, a loss of $1,866,000 and $1,296,000 respectively was recognized for the change in fair values of the forward currency contracts within foreign exchange loss (gain) in the consolidated income statement. The Company also held two deal contingent foreign exchange forward currency contracts to manage its exposure to foreign currency exchange rate fluctuations against the U.S. and Canadian dollar on £343,000,000 £775,000,000 £ £ |
Trade and other receivables
Trade and other receivables | 6 Months Ended |
Jun. 30, 2022 | |
Trade and other receivables | |
Trade and other receivables | 14. Trade and other receivables Trade receivables are generally secured by the equipment that they relate to as it is Company policy that equipment is not released until payment has been collected. The following table presents the activity in the allowance for expected credit losses for the period ended June 30, 2022: Balance at December 31, 2021 $ (4,396) Current period provision (120) Write-offs charged against the allowance 753 Balance at June 30, 2022 $ (3,763) |
Other current assets
Other current assets | 6 Months Ended |
Jun. 30, 2022 | |
Other current assets | |
Other current assets | 15. Other current assets June 30, December 31, 2022 2021 Advances against auction contracts $ 14,783 $ 4,102 Assets held for sale 323 17,538 Prepaid expenses and deposits 21,069 41,955 Derivative financial asset 37 751 $ 36,212 $ 64,346 Assets held for sale Balance at December 31, 2021 $ 17,538 Reclassified from (to) property, plant and equipment (10,148) Disposal (7,067) Balance at June 30, 2022 $ 323 On March 17, 2022, the Company completed the sale and leaseback of a parcel of land including all buildings, in Bolton, Ontario, for a total sale consideration of $208,195,000 Canadian dollars (approximately $165 million) net of closing and transaction costs, and recognized a gain on disposition of property, plant and equipment of $169,092,000. The net book value of the Bolton property was $7,067,000. The payments for the lease were not considered to be at market rates given an initial two year rent free period and, accordingly, the Company adjusted the sales proceeds and the gain to fair value. The Bolton property continues to be used for auction operations under the operating leaseback agreement until the completion of the acquisition and development of a replacement property located in Amaranth, Ontario. (Note 21) As at December 31, 2021, the Company also classified vacant land in Casa Grande, Arizona with a net book value of $10,500,000 as an asset held for sale. During the quarter ended June 30, 2022, the Company assessed that the property no longer met the asset held for sale criteria and therefore reclassified the net book value of the property to property, plant and equipment. |
Other non-current assets
Other non-current assets | 6 Months Ended |
Jun. 30, 2022 | |
Other non-current assets | |
Other non-current assets | 16. Other non-current assets June 30, December 31, 2022 2021 Right-of-use assets $ 134,219 $ 114,414 Tax receivable 10,641 10,289 Loans receivable 7,199 — Deferred debt issue costs 4,223 5,236 Other 12,078 12,565 $ 168,360 $ 142,504 The Company recognized a right-of-use asset of $16,587,000 as a result of the sale and leaseback transaction on the Bolton property in March 2022 (Note 15 and 21) and recognized a right-of-use asset of $9,020,000 as a result of a new lease signed on an auction site in Maltby, United Kingdom in June 2022 (Note 21). 16. Other non-current assets (continued) Loans receivable As at June 30, 2022, the Company held four financing lending arrangements that are fully collateralized and secured by certain equipment. These financing lending arrangements have a term of one |
Debt
Debt | 6 Months Ended |
Jun. 30, 2022 | |
Debt | |
Debt | 17. Debt Carrying amount June 30, December 31, 2022 2021 Short-term debt $ 8,637 $ 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 3.08%, due in monthly installments of interest only, maturing in September 2026 92,348 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 2.53%, due in monthly installments of interest only, maturing in September 2026 57,000 117,000 Less: unamortized debt issue costs (410) (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 (4,566) (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 Less: unamortized debt issue costs - (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") - 333,464 Less: unamortized debt issue costs - (1,127) Total long-term debt 644,372 1,737,438 Total debt $ 653,009 $ 1,743,585 Long-term debt: Current portion $ 4,617 $ 3,498 Non-current portion 639,755 1,733,940 Total long-term debt $ 644,372 $ 1,737,438 As at June 30, 2022, the Company had unused committed revolving credit facilities aggregating $673,459,000 that are available until September 2026 subject to certain covenant restrictions, unused uncommitted revolving credit facilities aggregating $5,000,000 that are available until October 2023, and unused uncommitted revolving credit facilities aggregating $5,000,000 with no maturity date. 17. Debt (continued) Short-term debt Short-term debt is comprised of drawings in different currencies on the Company’s committed revolving credit facilities and has a weighted average interest rate of 2.7% (December 31, 2021: 1.8%). Long-term debt a) Revolving facilities and delayed-draw term loan facility During 2016, the Company entered into a credit agreement with a syndicate of lenders. The credit agreement is comprised of multicurrency revolving facilities (the “Revolving Facilities”) and a delayed-draw term loan facility (the “DDTL Facility”, together with the Revolving Facilities, the “Facilities”). The credit agreement was most recently amended in September 2021, which, among other things (i) extended the maturity date of the Facilities from October 27, 2023 to September 21, 2026, (ii) increased the total size of the Facilities provided under the Credit Agreement to up to $1,045,000,000, including $295,000,000 of commitments under the DDTL Facility, (iii) reduced the applicable margin for base rate loans and LIBOR loans at each pricing tier level, (iv) reduced the applicable percentage per annum used to calculate the commitment fee in respect of the unused commitments under the Facilities at each pricing tier level, and (v) included customary provisions to provide for the eventual replacement of LIBOR as a benchmark interest rate. Immediately prior to the amendment, the aggregate principal amount outstanding under the DDTL Facility was $90,000,000 ($118,889,995 Canadian dollars). In connection with the amendment, the Company refinanced that amount with the proceeds from a borrowing under the DDTL Facility. Under the terms of the amendment, there are no mandatory principal repayments of borrowings under the DDTL Facility until the earlier of when the remaining $205,000,000 is drawn or the third quarter of 2022. The Company did not draw on the remaining $205,000,000 before it expired on June 28, 2022 and, therefore, mandatory principal repayments will begin in the third quarter of 2022. Once principal payments become mandatory, they are subject to an annual amortization rate of 5%, payable in quarterly installments, with the balance payable at maturity. As a result of the expiry of the DDTL Facility, the Company wrote off $710,000 of deferred debt issuance costs in the quarter recognized in non-current asset to interest expense. As of June 30, 2022, the Company had unamortized deferred debt issue costs relating to the Facilities of $4,633,000. b) Senior unsecured notes 2016 Notes On December 21, 2016, the Company completed the offering of $500,000,000 aggregate principal amount of 5.375% senior unsecured notes due January 15, 2025 (the “2016 Notes”). Interest on the 2016 Notes is payable semi-annually. The 2016 Notes are jointly and severally guaranteed on an unsecured basis, subject to certain exceptions, by certain of the Company’s subsidiaries. IronPlanet, Rouse, SmartEquip, and certain of their respective subsidiaries were added as additional guarantors in connection with the acquisitions of IronPlanet, Rouse and SmartEquip, respectively. 2021 Notes On December 21, 2021, the Company completed the offering of two series of senior notes: (i) $600,000,000 aggregate principal amount of 4.750% senior notes due December 15, 2031 (the “2021 USD Notes”) and (ii) $425,000,000 Canadian dollar aggregate principal amount of 4.950% senior notes due December 15, 2029 (the “2021 CAD Notes”, and together with the 2021 USD Notes, the “2021 Notes”). The gross proceeds from the 2021 Notes offering together with certain additional amounts including prepaid interest were placed into escrow accounts and |
Other non-current liabilities
Other non-current liabilities | 6 Months Ended |
Jun. 30, 2022 | |
Other non-current liabilities | |
Other non-current liabilities | 18. Other non-current liabilities June 30, December 31, 2022 2021 Operating lease liability $ 118,737 $ 109,882 Tax payable 19,657 18,859 Finance lease liability 13,458 13,983 Other 4,059 4,536 $ 155,911 $ 147,260 |
Equity and dividends
Equity and dividends | 6 Months Ended |
Jun. 30, 2022 | |
Equity and dividends | |
Equity and dividends | 19. Equity and dividends Share capital Common stock Unlimited number of common shares, without par value. Preferred stock Unlimited number of senior preferred shares, without par value, issuable in series. Unlimited number of junior preferred shares, without par value, issuable in series. All issued shares are fully paid. No preferred shares have been issued. Shares issued for business combinations The Company has issued the following common shares in connection with the acquisitions of Rouse and SmartEquip. These shares were issued to certain previous unitholders and shareholders of Rouse and SmartEquip, based on the fair market value of the Company’s common shares at the acquisition date. The Company records share-based continuing employment costs in acquisition-related costs over the vesting period, with an increase to additional paid-in capital. The vesting of shares issued for business combinations is subject to continuing employment with the Company over various dates over a three year period from their respective acquisition dates. As and when the common shares vest, the Company will recognize the fair value of the issued common shares from additional paid-in capital to share capital. 19. Equity and dividends (continued) Shares issued for business combinations (continued) 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 (27,816) 71.09 — — (27,816) 71.09 Forfeited — — — — — — Outstanding, June 30, 2022 161,849 $ 71.09 63,971 $ 68.39 225,820 $ 70.33 Outstanding, December 31, 2020 312,193 $ 71.09 — $ — 312,193 $ 71.09 Granted — — — — — — Vested — — — — — — Forfeited (55,510) 71.09 — — (55,510) 71.09 Outstanding, June 30, 2021 256,683 $ 71.09 — $ — 256,683 $ 71.09 In the three months ended June 30, 2022, the Company recognized $1,819,000 of share capital from additional paid-in capital for the portion of common shares previously issued in connection with the acquisition of Rouse that have vested as of June 30, 2022. As at June 30, 2022, the unrecognized share-based continuing employment cost was $6,520,000 (June 30, 2021: $11,898,000), which is expected to be recognized over a weighted average period of 1.4 years. Dividends Declared and paid The Company declared and paid the following dividends during the six months ended June 30, 2022 and 2021: Dividend Total Declaration date per share Record date dividends Payment date Six months ended June 30, 2022: Fourth quarter 2021 January 21, 2022 $ 0.2500 February 11, 2022 $ 27,659 March 4, 2022 First quarter 2022 May 6, 2022 0.2500 May 27, 2022 27,693 June 17, 2022 Six months ended June 30, 2021: Fourth quarter 2020 January 22, 2021 $ 0.2200 February 12, 2021 $ 24,181 March 5, 2021 First quarter 2021 May 7, 2021 0.2200 May 26, 2021 24,279 June 16, 2021 Declared and undistributed Subsequent to June 30, 2022, the Company’s Board of Directors declared a quarterly dividend of $0.27 cents per common share, payable on September 14, 2022 to stockholders of record on August 24, 2022. This dividend payable has not been recognized as a liability in the consolidated financial statements. The payment of this dividend is expected to not have any tax consequences for the Company. Foreign currency translation reserve Foreign currency translation adjustments within other comprehensive income include intra-entity foreign currency transactions that are of a long-term investment nature, which generated a net loss of $8,553,000 and $9,437,000 for the three and six months ended June 30, 2022 (2021: net gain of $1,095,000 and net loss of $2,559,000). |
Share-based payments
Share-based payments | 6 Months Ended |
Jun. 30, 2022 | |
Share-based payments | |
Share-based payments | 20. Share-based payments Share-based payments consist of the following compensation costs: Three months ended Six months ended June 30, June 30, 2022 2021 2022 2021 Selling, general and administrative: Stock option compensation expense $ 3,056 $ 1,909 $ 5,623 $ 3,770 Equity-classified share units 8,801 4,404 11,691 7,557 Liability-classified share units 1,075 526 319 (1,389) Employee share purchase plan - employer contributions 708 701 1,393 1,380 13,640 7,540 19,026 11,318 Acquisition-related costs: Share-based continuing employment costs 2,080 2,678 4,213 5,231 2,080 2,678 4,213 5,231 $ 15,720 $ 10,218 $ 23,239 $ 16,549 Stock option plans The Company has the following three stock option plans that provide for the award of stock options and premium-priced stock options to selected employees, directors, and officers of the Company: (i) Amended and Restated Stock Option Plan, (ii) IronPlanet 1999 Stock Plan, and (iii) IronPlanet 2015 Stock Plan. Stock option activity for the six months ended June 30, 2022 is presented below: 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 689,437 58.02 — — 119,157 91.37 — — Exercised (80,183) 35.70 — 1,964 — — — — Forfeited (36,126) 42.85 — — (17,789) 90.93 — — Outstanding, June 30, 2022 2,781,185 46.58 7.8 51,797 1,118,432 91.26 5.2 — Exercisable, June 30, 2022 1,307,090 37.42 6.5 36,130 — — — — Stock options The Company uses the Black Scholes option pricing model to fair value stock options. Significant assumptions used to estimate the fair value of stock options granted during the six months ended June 30, 2022 and 2021 are presented in the following table on a weighted average basis: Six months ended June 30, 2022 2021 Risk free interest rate 2.2 % 0.5 % Expected dividend yield 1.74 % 1.66 % Expected lives of the stock options 4 years 4 years Expected volatility 31.7 % 32.3 % At June 30, 2022, the unrecognized stock-based compensation cost related to the non-vested stock options was $11,746,000, which is expected to be recognized over a weighted average period of 2.4 years. 20. Share-based payments (continued) Premium-priced stock options The Company also grants premium-priced stock options to the senior executives with exercise prices above the fair market value of the Company’s common shares on grant dates. The premium-priced stock options vest and become exercisable upon the third anniversary of their grant date. The premium-priced stock options granted in August and November 2021 expire on the sixth anniversary of their grant date, and those granted in June 2022 expire in August 2027 to coincide with the expiry of the August 2021 grant. The fair values of the premium-priced stock options were calculated on the grant date using a Monte Carlo simulation model. The weighted average estimated grant date fair value of premium-priced options during the three month period ended June 30, 2022 was $8.00 per option. The significant assumptions used to estimate the fair values were as follows: Six months ended June 30, 2022 2021 Risk free interest rate 3.0 % — % Expected dividend yield 1.63 % — % Expected lives of the stock options 4 years — years Expected volatility 30.2 % — % At June 30, 2022, the unrecognized stock-based compensation cost related to the premium-priced stock options was $7,380,000, which is expected to be recognized over a weighted average period of 2.4 years. Share unit plans Share unit activity for the six months ended June 30, 2022 is presented below: 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 at December 31, 2021 523,618 $ 45.90 88,305 $ 65.45 79,112 $ 54.96 156,589 $ 35.28 Granted 225,382 58.66 14,574 69.92 33,827 57.68 12,124 56.78 Vested and settled (93,241) 36.42 — — (22,349) 46.01 — — Forfeited (3,474) 51.04 — — (3,891) 61.55 — — Outstanding at June 30, 2022 652,285 $ 51.64 102,879 $ 66.08 86,699 $ 58.03 168,713 $ 36.82 The total market value of liability-classified share units vested and released during the first six months of 2022 was nil (as at December 31, 2021: nil). Senior executive and employee PSU plans The Company grants PSUs under a senior executive PSU plan and an employee PSU plan (the “PSU Plans”). Under the PSU Plans, the number of PSUs that vest is conditional upon specified market, service, and/or performance vesting conditions being met. The PSU Plans allow the Company to choose whether to settle the awards in cash or in shares. The Company intends to settle by issuance of shares. With respect to settling in shares, the Company has the option to either (i) arrange for the purchase of shares on the open market on the employee’s behalf based on the cash value that otherwise would be delivered, or (ii) issue a number of shares equal to the number of units that vest. Fair values of equity-classified PSUs are estimated on grant date using the market close price of the Company's common shares listed on the NYSE, as these are not subject to market vesting conditions. At June 30, 2022, the unrecognized share unit expense related to equity-classified PSU’s was $21,018,000, which is expected to be recognized over a weighted average period of 2.1 years. 20. Share-based payments (continued) PSUs with market conditions The Company also grants PSUs to senior executives with a market condition where vesting is conditional upon the total stockholder return performance of the Company’s stock relative to the performance of a peer group over a three year performance period from the date of grant. The PSUs granted in August and November 2021 have a three year performance period and the PSUs granted in June 2022 have approximately a 2 year performance period to coincide with the remaining performance period of the August 2021 grant. The fair value per PSU granted during the three month period ended June 30, 2022 of $69.92 was calculated on the grant date using the Monte Carlo simulation model which takes into consideration a required post-vesting holding period of one year with a discount value of $5.34 per PSU. The discount was calculated using the Chaffe Protective Put Method and an effective tax rate of 35%. The significant assumptions used to estimate the fair value are presented in the following table: Six months ended June 30, 2022 2021 Risk free interest rate 2.7 % — % Expected dividend yield 1.63 % — % Expected lives of the PSUs 2 years — years Expected volatility 33.4 % — % Average expected volatility of comparable companies 34.4 % — % At June 30, 2022, the unrecognized share unit expense related to equity-classified PSUs with market conditions was $5,062,000, which is expected to be recognized over a weighted average period of 2.1 years. RSUs The Company has restricted share unit plans (RSU plans) that are equity-settled and not subject to market vesting conditions. Fair values of RSUs are estimated on grant date using the market close price of the Company's common shares listed on the NYSE. At June 30, 2022, the unrecognized share unit expense related to equity-classified RSUs was $2,849,000, which is expected to be recognized over a weighted average period of 1.6 years. DSUs The Company has deferred share unit plans (DSU plans) that are cash-settled and not subject to market vesting conditions. Fair values of deferred share units (“DSUs”) are estimated on grant date and at each reporting date using the market close price of the Company’s common shares listed on the NYSE. DSUs are granted under the DSU plan to members of the Board of Directors. There is no unrecognized share unit expense related to liability-classified DSUs as they vest immediately and are expensed upon grant. At June 30, 2022, the Company had a total share unit liability of $10,976,000 (as at December 31, 2021: $10,056,000) in respect of share units under the DSU plans. Employee share purchase plan The Company has an employee share purchase plan that allows all employees that have completed two months of service to contribute funds to purchase common shares at the current market value at the time of share purchase. Employees may contribute up to 4% of their salary. The Company will match between 50% and 100% of the employee’s contributions, depending on the employee’s length of service with the Company. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2022 | |
Leases | |
Leases | 21. Leases The Company enters into commercial leases for various auctions sites and offices, the majority of which are non-cancellable, and additional operating leases for computer equipment, motor vehicles and small office equipment. The majority of the Company’s operating leases have a fixed term with a remaining life between one month and 18 years, with renewal options included in the contracts. The leases have varying contract terms, escalation clauses and renewal options. The Company also enters into finance lease arrangements for certain vehicles, computer and yard equipment and office furniture, the majority of these leases have a fixed term with a remaining life of one month to six years with renewal options included in the contracts. On March 17, 2022, the Company completed the sale and leaseback of its Bolton property, a parcel of land including all buildings, in Bolton, Ontario (Note 15). The Company intends to lease the Bolton property for a period of 28 months until such time that the replacement property is available for the relocation of the Company’s operations. The lease has an initial rent-free period of two years and an option to renew the lease for two On June 30, 2022, the Company also recorded $9,020,000 in ROU asset and long term lease liability The Company’s breakdown of lease expense is as follows: Three months ended Six months ended June 30, June 30, 2022 2021 2022 2021 Operating lease cost $ 6,229 $ 4,392 $ 10,940 $ 8,992 Finance lease cost Amortization of leased assets 2,616 2,815 5,248 5,403 Interest on lease liabilities 186 205 360 426 Short-term lease cost 2,901 1,922 6,364 4,583 Sublease income — (15) — (30) $ 11,932 $ 9,319 $ 22,912 $ 19,374 |
Commitments
Commitments | 6 Months Ended |
Jun. 30, 2022 | |
Commitments | |
Commitments | 22. Commitments Commitment for inventory purchases The Company was awarded two new contracts with the United States Government Defense Logistics Agency (the “DLA”) on April 1, 2021. The new contracts (one for the Eastern portion of the United States and one for the Western portion of the United States) cover both surplus non-rolling and rolling stock. Both contracts commenced on June 1, 2021 and have a base term of two years with three one-year renewal options. During the first two years of the contracts, the Company is committed to purchase on a combined basis up to either: (i) 600,000 assets, or (ii) assets with an expected minimum value of up to $77,000,000; whichever is less. At June 30, 2022, the Company has purchased 263,503 assets with a total value of $54,520,000 pursuant to the two year period of this contract, which commenced on June 1, 2021. |
Contingencies
Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
Contingencies | |
Contingencies | 23. Contingencies Legal and other claims The Company is subject to legal and other claims that arise in the ordinary course of its business. Management does not believe that the results of these claims will have a material effect on the Company’s consolidated balance sheet or consolidated income statement. Guarantee contracts In the normal course of business, the Company will in certain situations guarantee to a consignor a minimum level of proceeds in connection with the sale at auction of that consignor’s equipment. At June 30, 2022, there were $30,791,000 of assets guaranteed under contract, of which 88% is expected to be sold prior to September 30, 2022, with the remainder to be sold by December 31, 2022 (as at December 31, 2021: $43,450,000 of which 61% was expected to be sold prior to the end of March 31, 2022 with the remainder to be sold by December 31, 2022). The outstanding guarantee amounts are undiscounted and before estimated proceeds from sale at auction. |
Significant accounting polici_2
Significant accounting policies (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Significant accounting policies | |
Basis of preparation | (a) Basis of preparation These unaudited condensed consolidated interim financial statements have been prepared in accordance with United States generally accepted accounting principles (“US GAAP”). They include the accounts of Ritchie Bros. Auctioneers Incorporated and its subsidiaries from their respective dates of formation or acquisition. All significant intercompany balances and transactions have been eliminated. Certain information and footnote disclosure required by US GAAP for complete annual financial statements have been omitted and, therefore, these unaudited condensed consolidated interim financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2021, included in the Company’s Annual Report on Form 10-K, filed with the Securities and Exchange Commission (“SEC”). These unaudited condensed consolidated interim financial statements follow the same accounting policies and methods of application as our most recent annual audited consolidated financial statements except as described in Note 2(b) “ New and amended accounting standards and accounting policies”. In the opinion of management, these unaudited condensed consolidated interim financial statements reflect all adjustments, consisting of normal recurring adjustments, which are necessary to present fairly, in all material respects, the Company’s consolidated financial position, results of operations, cash flows and changes in equity for the interim periods presented. The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. On February 24, 2022, the geopolitical situation in Eastern Europe intensified with Russia’s invasion of Ukraine, sharply Reclassification Certain amounts in the prior period financial statements have been reclassified from selling, general and administrative expenses to cost of services for certain employee costs related to equipment inspections to conform to the presentation of the current period financial statements. |
New and amended accounting standards and accounting policies | (b) New and amended accounting standards and accounting policies New accounting policies Sale and leaseback The transfer of the asset shall not be accounted for as a sale if the leaseback would be classified as a finance lease or a sales-type lease. For sale and leaseback transactions, the Company applies the requirements of ASC 606 Revenue from Contracts with Customers Leases New and amended accounting standards In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers . The update primarily addresses the accounting for contract assets and contract liabilities from revenue contracts with customers acquired in a business combination. The update requires that an acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC 606 - Revenue from Contracts with Customers , whereas prior to the adoption of the update, contract assets acquired and contract liabilities assumed in a business combination were recognized at fair value on the acquisition date. The amendments in this update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption of the amendments is permitted, including adoption in an interim period. An entity that early adopts in an interim period should apply the amendments (1) retrospectively to all business combinations for which the acquisition date occurs on or after the beginning of the fiscal year that includes the interim period of early application and (2) prospectively to all business combinations that occur on or after the date of initial application. The Company has early adopted the update as of October 1, 2021 and therefore has applied the amendments to all acquisitions completed since January 1, 2021, which includes only the acquisition of SmartEquip, which was completed on November 2, 2021. |
Business Combinations (Tables)
Business Combinations (Tables) - SmartEquip [Member] | 6 Months Ended |
Jun. 30, 2022 | |
Business Acquisition [Line Items] | |
Schedule of purchase price allocation | 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 |
Schedule of fair values of the identifiable intangible assets acquired and their related estimated useful lives | 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 |
Segmented information (Tables)
Segmented information (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Segmented information | |
Schedule of Revenue and Net income by Segment | Three months ended June 30, 2022 Six months ended June 30, 2022 A&M Other Consolidated A&M Other Consolidated Service revenue: Commissions $ 136,403 $ — $ 136,403 $ 252,778 $ — $ 252,778 Fees 98,588 51,511 150,099 183,217 95,368 278,585 Total service revenue 234,991 51,511 286,502 435,995 95,368 531,363 Inventory sales revenue 198,044 — 198,044 347,104 — 347,104 Total revenue $ 433,035 $ 51,511 $ 484,546 $ 783,099 $ 95,368 $ 878,467 Costs of services 28,985 16,054 45,039 54,559 29,495 84,054 Cost of inventory sold 176,171 — 176,171 307,753 — 307,753 Selling, general and administrative 125,535 18,742 144,277 234,346 36,537 270,883 Segment profit $ 102,344 $ 16,715 $ 119,059 $ 186,441 $ 29,336 $ 215,777 Acquisition-related costs 3,399 13,036 Depreciation and amortization 24,298 48,523 Foreign exchange gain (158) (322) Total operating expenses $ 393,026 723,927 Gain on disposition of property, plant and equipment 347 170,167 Operating income $ 91,867 $ 324,707 Interest expense (18,463) (39,149) Change in fair value of derivatives — 1,263 Other income, net 1,639 2,559 Income tax expense (21,632) (57,868) Net income $ 53,411 $ 231,512 Three months ended June 30, 2021 Six months ended June 30, 2021 A&M Other Consolidated A&M Other Consolidated Service revenue: Commissions $ 129,334 $ — $ 129,334 $ 233,309 $ — $ 233,309 Fees 83,334 40,080 123,414 151,430 74,039 225,469 Total service revenue 212,668 40,080 252,748 384,739 74,039 458,778 Inventory sales revenue 143,613 — 143,613 269,138 — 269,138 Total revenue $ 356,281 $ 40,080 $ 396,361 $ 653,877 $ 74,039 $ 727,916 Costs of services 25,176 16,125 41,301 49,480 29,687 79,167 Cost of inventory sold 131,023 — 131,023 241,770 — 241,770 Selling, general and administrative 99,215 10,345 109,560 201,996 21,803 223,799 Segment profit $ 100,867 $ 13,610 $ 114,477 $ 160,631 $ 22,549 $ 183,180 Acquisition-related costs 3,049 5,971 Depreciation and amortization 21,935 43,005 Foreign exchange loss 151 428 Total operating expenses $ 307,019 594,140 Gain on disposition of property, plant and equipment 175 243 Operating income $ 89,517 $ 134,019 Interest expense (8,867) (17,813) Other income, net 1,196 2,198 Income tax expense (21,065) (29,484) Net income $ 60,781 $ 88,920 6. Segmented information (continued) |
Geographic Information of Revenue | United Total revenue for the three months ended: States Canada Australia Europe Other Consolidated June 30, 2022 $ 215,466 $ 143,466 $ 71,734 $ 36,989 $ 16,891 $ 484,546 June 30, 2021 183,391 98,690 44,514 55,467 14,299 396,361 Total revenue for the six months ended: June 30, 2022 $ 463,416 $ 208,699 $ 100,809 $ 74,809 $ 30,734 $ 878,467 June 30, 2021 390,805 147,168 64,077 102,643 23,223 727,916 |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Revenue | |
Revenue from the Rendering of Services | Three months ended Six months ended June 30, June 30, 2022 2021 2022 2021 Service revenue: Commissions $ 136,403 $ 129,334 $ 252,778 $ 233,309 Fees 150,099 123,414 278,585 225,469 286,502 252,748 531,363 458,778 Inventory sales revenue 198,044 143,613 347,104 269,138 $ 484,546 $ 396,361 $ 878,467 $ 727,916 |
Operating expenses (Tables)
Operating expenses (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Operating expenses | |
Schedule of Direct Operating Expenses | Three months ended Six months ended June 30, June 30, 2022 2021 2022 2021 Employee compensation expenses $ 17,045 $ 14,953 $ 32,966 $ 29,483 Ancillary and logistical service expenses 13,446 14,819 24,201 27,088 Travel, advertising and promotion expenses 7,200 5,299 12,372 9,817 Other costs of services 4,323 3,926 7,636 7,774 Buildings, facilities and technology expenses 3,025 2,304 6,879 5,005 $ 45,039 $ 41,301 $ 84,054 $ 79,167 |
Schedule of Selling, General and Administrative Expenses | Three months ended Six months ended June 30, June 30, 2022 2021 2022 2021 Wages, salaries and benefits $ 84,301 $ 67,932 $ 161,787 $ 144,889 Share-based compensation expense 13,640 7,540 19,026 11,318 Buildings, facilities and technology expenses 23,327 17,479 43,412 34,822 Travel, advertising and promotion expenses 9,392 6,824 17,366 11,986 Professional fees 7,616 5,202 17,363 10,234 Other selling, general and administrative 6,001 4,583 11,929 10,550 $ 144,277 $ 109,560 $ 270,883 $ 223,799 |
Schedule Of Acquisition Related Expenses | Three months ended Six months ended June 30, June 30, 2022 2021 2022 2021 SmartEquip: Share-based continuing employment costs $ 668 $ — $ 1,326 $ — Other acquisition-related costs — — 516 — Euro Auctions: Other acquisition-related costs 1,317 — 8,012 — Rouse: Share-based continuing employment costs 1,414 2,678 2,887 5,231 Other acquisition-related costs — 371 295 740 $ 3,399 $ 3,049 $ 13,036 $ 5,971 |
Schedule of Depreciation and Amortization Expenses | Three months ended Six months ended June 30, June 30, 2022 2021 2022 2021 Depreciation $ 7,889 $ 8,345 $ 15,636 $ 16,182 Amortization 16,409 13,590 32,887 26,823 $ 24,298 $ 21,935 $ 48,523 $ 43,005 |
Earnings per share attributab_2
Earnings per share attributable to stockholders (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Earnings per share attributable to stockholders | |
Computation of Basic and Diluted Earnings Per Share | Three months ended Six months ended June 30, 2022 June 30, 2022 Net income WA Per Net income WA Per attributable to number share attributable to number share stockholders of shares amount stockholders of shares amount Basic $ 53,365 110,760,339 $ 0.48 $ 231,459 110,705,182 $ 2.09 Effect of dilutive securities: Share units — 397,274 — — 423,767 (0.01) Stock options — 547,489 — — 552,695 (0.01) Diluted $ 53,365 111,705,102 $ 0.48 $ 231,459 111,681,644 $ 2.07 Three months ended Six months ended June 30, 2021 June 30, 2021 Net income WA Per Net income WA Per attributable to number share attributable to number share stockholders of shares amount stockholders of shares amount Basic $ 60,749 110,311,615 $ 0.55 $ 88,937 110,144,229 $ 0.81 Effect of dilutive securities: Share units — 322,371 — — 450,752 — Stock options — 700,198 — — 707,730 (0.01) Diluted $ 60,749 111,334,184 $ 0.55 $ 88,937 111,302,711 $ 0.80 |
Supplemental cash flow inform_2
Supplemental cash flow information (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Supplemental cash flow information | |
Schedule of Net Changes in Operating Assets and Liabilities | Six months ended June 30, 2022 2021 Trade and other receivables $ (152,893) $ (134,522) Inventory (25,842) (2,207) Advances against auction contracts (11,238) (761) Prepaid expenses and deposits 20,774 3,157 Income taxes receivable 6,985 (3,847) Auction proceeds payable 205,910 230,309 Trade and other liabilities (22,639) (20,686) Income taxes payable 25,866 (12,723) Operating lease obligation (6,936) (6,329) Other 1,857 186 Net changes in operating assets and liabilities $ 41,844 $ 52,577 |
Schedule of Supplemental Cash Flow | Six months ended June 30, 2022 2021 Interest paid, net of interest capitalized $ 20,846 $ 16,387 Interest received 1,415 635 Net income taxes paid 13,855 43,249 Non-cash purchase of property, plant and equipment under finance lease 5,261 4,568 Non-cash right of use assets obtained in exchange for new lease obligations 18,472 9,451 |
Schedule of Cash, Cash Equivalents and Restricted Cash | June 30, December 31, 2022 2021 Cash and cash equivalents $ 367,289 $ 326,113 Restricted cash Current 164,371 102,875 Non-current — 933,464 Cash, cash equivalents, and restricted cash $ 531,660 $ 1,362,452 |
Fair value measurement (Tables)
Fair value measurement (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Fair value measurement | |
Fair Value Assets Recurring and Nonrecurring | June 30, 2022 December 31, 2021 Carrying Carrying Category amount Fair value amount Fair value Fair values disclosed: Cash and cash equivalents Level 1 $ 367,289 $ 367,289 $ 326,113 $ 326,113 Restricted cash Level 1 164,371 164,371 1,036,339 1,036,339 Loans receivable Level 2 11,749 11,678 7,267 7,267 Derivative financial assets Deal contingent forward contract Level 3 — — 751 751 Forward currency contracts Level 2 37 37 — — Derivative financial liabilities Deal contingent forward contract Level 3 — — 2,005 2,005 Short-term debt Level 2 8,637 8,637 6,147 6,147 Long-term debt Senior unsecured notes (as defined in Note 17) 2016 Notes Level 1 495,434 489,800 494,531 508,125 2021 USD Notes Level 2 — — 598,052 625,125 2021 CAD Notes Level 2 — — 332,337 339,100 Term loan Level 2 91,989 92,348 92,821 93,226 Long-term revolver loans Level 2 56,949 57,000 219,699 219,772 |
Trade and other receivables (Ta
Trade and other receivables (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Trade and other receivables | |
Schedule of activity in the allowance for expected credit losses | Balance at December 31, 2021 $ (4,396) Current period provision (120) Write-offs charged against the allowance 753 Balance at June 30, 2022 $ (3,763) |
Other current assets (Tables)
Other current assets (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Other current assets | |
Schedule of Other current assets | June 30, December 31, 2022 2021 Advances against auction contracts $ 14,783 $ 4,102 Assets held for sale 323 17,538 Prepaid expenses and deposits 21,069 41,955 Derivative financial asset 37 751 $ 36,212 $ 64,346 |
Summary of Assets held for sale | Balance at December 31, 2021 $ 17,538 Reclassified from (to) property, plant and equipment (10,148) Disposal (7,067) Balance at June 30, 2022 $ 323 |
Other non-current assets (Table
Other non-current assets (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Other non-current assets | |
Schedule of Other non-current assets | June 30, December 31, 2022 2021 Right-of-use assets $ 134,219 $ 114,414 Tax receivable 10,641 10,289 Loans receivable 7,199 — Deferred debt issue costs 4,223 5,236 Other 12,078 12,565 $ 168,360 $ 142,504 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Debt | |
Schedule of Debt | Carrying amount June 30, December 31, 2022 2021 Short-term debt $ 8,637 $ 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 3.08%, due in monthly installments of interest only, maturing in September 2026 92,348 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 2.53%, due in monthly installments of interest only, maturing in September 2026 57,000 117,000 Less: unamortized debt issue costs (410) (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 (4,566) (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 Less: unamortized debt issue costs - (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") - 333,464 Less: unamortized debt issue costs - (1,127) Total long-term debt 644,372 1,737,438 Total debt $ 653,009 $ 1,743,585 Long-term debt: Current portion $ 4,617 $ 3,498 Non-current portion 639,755 1,733,940 Total long-term debt $ 644,372 $ 1,737,438 |
Other non-current liabilities (
Other non-current liabilities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Other non-current liabilities | |
Schedule of other non-current liabilities | June 30, December 31, 2022 2021 Operating lease liability $ 118,737 $ 109,882 Tax payable 19,657 18,859 Finance lease liability 13,458 13,983 Other 4,059 4,536 $ 155,911 $ 147,260 |
Equity and dividends (Tables)
Equity and dividends (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of shares issuance activity | 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 at December 31, 2021 523,618 $ 45.90 88,305 $ 65.45 79,112 $ 54.96 156,589 $ 35.28 Granted 225,382 58.66 14,574 69.92 33,827 57.68 12,124 56.78 Vested and settled (93,241) 36.42 — — (22,349) 46.01 — — Forfeited (3,474) 51.04 — — (3,891) 61.55 — — Outstanding at June 30, 2022 652,285 $ 51.64 102,879 $ 66.08 86,699 $ 58.03 168,713 $ 36.82 |
Schedule of Quarterly Dividends Declared and Paid | The Company declared and paid the following dividends during the six months ended June 30, 2022 and 2021: Dividend Total Declaration date per share Record date dividends Payment date Six months ended June 30, 2022: Fourth quarter 2021 January 21, 2022 $ 0.2500 February 11, 2022 $ 27,659 March 4, 2022 First quarter 2022 May 6, 2022 0.2500 May 27, 2022 27,693 June 17, 2022 Six months ended June 30, 2021: Fourth quarter 2020 January 22, 2021 $ 0.2200 February 12, 2021 $ 24,181 March 5, 2021 First quarter 2021 May 7, 2021 0.2200 May 26, 2021 24,279 June 16, 2021 |
Shares issued for business combination [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of shares issuance activity | 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 (27,816) 71.09 — — (27,816) 71.09 Forfeited — — — — — — Outstanding, June 30, 2022 161,849 $ 71.09 63,971 $ 68.39 225,820 $ 70.33 Outstanding, December 31, 2020 312,193 $ 71.09 — $ — 312,193 $ 71.09 Granted — — — — — — Vested — — — — — — Forfeited (55,510) 71.09 — — (55,510) 71.09 Outstanding, June 30, 2021 256,683 $ 71.09 — $ — 256,683 $ 71.09 |
Share-based payments (Tables)
Share-based payments (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Compensation Costs Related to Share-Based Payments | Three months ended Six months ended June 30, June 30, 2022 2021 2022 2021 Selling, general and administrative: Stock option compensation expense $ 3,056 $ 1,909 $ 5,623 $ 3,770 Equity-classified share units 8,801 4,404 11,691 7,557 Liability-classified share units 1,075 526 319 (1,389) Employee share purchase plan - employer contributions 708 701 1,393 1,380 13,640 7,540 19,026 11,318 Acquisition-related costs: Share-based continuing employment costs 2,080 2,678 4,213 5,231 2,080 2,678 4,213 5,231 $ 15,720 $ 10,218 $ 23,239 $ 16,549 |
Summary of Stock Option Activity | 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 689,437 58.02 — — 119,157 91.37 — — Exercised (80,183) 35.70 — 1,964 — — — — Forfeited (36,126) 42.85 — — (17,789) 90.93 — — Outstanding, June 30, 2022 2,781,185 46.58 7.8 51,797 1,118,432 91.26 5.2 — Exercisable, June 30, 2022 1,307,090 37.42 6.5 36,130 — — — — |
Summary of Share Unit Activity | 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 at December 31, 2021 523,618 $ 45.90 88,305 $ 65.45 79,112 $ 54.96 156,589 $ 35.28 Granted 225,382 58.66 14,574 69.92 33,827 57.68 12,124 56.78 Vested and settled (93,241) 36.42 — — (22,349) 46.01 — — Forfeited (3,474) 51.04 — — (3,891) 61.55 — — Outstanding at June 30, 2022 652,285 $ 51.64 102,879 $ 66.08 86,699 $ 58.03 168,713 $ 36.82 |
Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of Significant Assumptions Used to Estimate the Fair Value of Stock Options | Six months ended June 30, 2022 2021 Risk free interest rate 2.2 % 0.5 % Expected dividend yield 1.74 % 1.66 % Expected lives of the stock options 4 years 4 years Expected volatility 31.7 % 32.3 % |
Premium Priced Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of Significant Assumptions Used to Estimate the Fair Value of Stock Options | Six months ended June 30, 2022 2021 Risk free interest rate 3.0 % — % Expected dividend yield 1.63 % — % Expected lives of the stock options 4 years — years Expected volatility 30.2 % — % |
Performance Share Units With Market Conditions [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of Significant Assumptions Used to Estimate the Fair Value of Stock Options | Six months ended June 30, 2022 2021 Risk free interest rate 2.7 % — % Expected dividend yield 1.63 % — % Expected lives of the PSUs 2 years — years Expected volatility 33.4 % — % Average expected volatility of comparable companies 34.4 % — % |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Leases | |
Breakdown of Lease Expense | Three months ended Six months ended June 30, June 30, 2022 2021 2022 2021 Operating lease cost $ 6,229 $ 4,392 $ 10,940 $ 8,992 Finance lease cost Amortization of leased assets 2,616 2,815 5,248 5,403 Interest on lease liabilities 186 205 360 426 Short-term lease cost 2,901 1,922 6,364 4,583 Sublease income — (15) — (30) $ 11,932 $ 9,319 $ 22,912 $ 19,374 |
Business Combinations (Narrativ
Business Combinations (Narrative) (Details) | 3 Months Ended | 6 Months Ended | ||||||
May 04, 2022 | Nov. 02, 2021 USD ($) shares | Aug. 09, 2021 USD ($) | Aug. 09, 2021 GBP (£) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | |
Business Acquisition [Line Items] | ||||||||
Acquisition-related costs | $ 3,399,000 | $ 3,049,000 | $ 13,036,000 | $ 5,971,000 | ||||
SmartEquip [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Total consideration | $ 173,806,000 | 173,806,000 | ||||||
Increased in purchase price due to adjustment in net working capital adjustment | 63,000 | |||||||
Total purchase price | $ 173,743,000 | |||||||
Maximum period to identify and measure the assets acquired and liabilities assumed | 1 year | |||||||
Common stock consideration (in shares) | shares | 63,971 | |||||||
Number of common shares expected to vest | 0.33% | |||||||
Vesting period | 3 years | |||||||
Cash consideration under the terms of the SPA, to be paid on closing | £ | £ 775,000,000 | |||||||
Acquisition-related costs related to share-based continuing employment costs | 668,000 | |||||||
SmartEquip [Member] | Employment Costs [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Common stock consideration fair value | $ 4,375,000 | |||||||
Acquisition-related costs | 668,000 | 1,326,000 | ||||||
SmartEquip [Member] | Other Related Costs [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Acquisition-related costs | 516,000 | |||||||
Rouse Services LLC [Member] | Employment Costs [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Acquisition-related costs | 1,414,000 | 2,678,000 | 2,887,000 | 5,231,000 | ||||
Rouse Services LLC [Member] | Other Related Costs [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Acquisition-related costs | $ 371,000 | 295,000 | $ 740,000 | |||||
Euro Auctions Limited [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Cash consideration under the terms of the SPA, to be paid on closing | $ 1,020,000,000 | |||||||
Euro Auctions Limited [Member] | Other Related Costs [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Acquisition-related costs | $ 1,317,000 | $ 8,012,000 | ||||||
2021 USD Notes [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Redemption price percentage | 100% |
Business Combinations (Schedule
Business Combinations (Schedule of Purchase Price Allocation) (Details) - USD ($) | 6 Months Ended | ||
Nov. 02, 2021 | Jun. 30, 2022 | Dec. 31, 2021 | |
Business Acquisition [Line Items] | |||
Goodwill acquired on acquisition | $ 945,950,000 | $ 947,715,000 | |
SmartEquip [Member] | |||
Business Acquisition [Line Items] | |||
Purchase price | $ 173,806,000 | $ 173,806,000 | |
Cash and cash equivalents | 2,039,000 | ||
Trade and other receivables | 2,926,000 | ||
Other current assets | 486,000 | ||
Property, plant and equipment | 120,000 | ||
Other non-current assets | 75,000 | ||
Deferred tax assets | 8,932,000 | ||
Intangible assets | 71,700,000 | ||
Trade and other liabilities | 1,239,000 | ||
Deferred revenue | 3,565,000 | ||
Other non-current liabilities | 119,000 | ||
Deferred tax liabilities | 18,192,000 | ||
Fair value of identifiable net assets acquired | 63,163,000 | ||
Goodwill acquired on acquisition | 110,643,000 | ||
Deferred tax assets, valuation allowance | $ 1,486,000 | ||
Weighted average amortization period | 11 years 3 months 18 days | ||
SmartEquip [Member] | Customer Relationships [Member] | |||
Business Acquisition [Line Items] | |||
Intangible assets | $ 50,700,000 | ||
SmartEquip [Member] | Software and technology assets [Member] | |||
Business Acquisition [Line Items] | |||
Intangible assets | $ 18,900,000 | ||
Weighted average amortization period | 7 years | ||
SmartEquip [Member] | Trade Names and Trademarks [Member] | |||
Business Acquisition [Line Items] | |||
Intangible assets | $ 1,000,000 | ||
Weighted average amortization period | 3 years | ||
SmartEquip [Member] | Backlog [Member] | |||
Business Acquisition [Line Items] | |||
Intangible assets | $ 1,100,000 | ||
Weighted average amortization period | 2 years | ||
Minimum [Member] | SmartEquip [Member] | Customer Relationships [Member] | |||
Business Acquisition [Line Items] | |||
Weighted average amortization period | 4 years | ||
Maximum [Member] | SmartEquip [Member] | Customer Relationships [Member] | |||
Business Acquisition [Line Items] | |||
Weighted average amortization period | 15 years |
Segmented information (Narrativ
Segmented information (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2022 segment | |
Segmented information | |
Number of reportable segments | 1 |
Segmented information (Schedule
Segmented information (Schedule of Revenue and Net income by Segment) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Segment Reporting [Line Items] | ||||
Revenue | $ 484,546,000 | $ 396,361,000 | $ 878,467,000 | $ 727,916,000 |
Selling, general and administrative expenses ("SG&A") | 144,277,000 | 109,560,000 | 270,883,000 | 223,799,000 |
Acquisition-related costs | 3,399,000 | 3,049,000 | 13,036,000 | 5,971,000 |
Depreciation and amortization expenses ("D&A") | 24,298,000 | 21,935,000 | 48,523,000 | 43,005,000 |
Foreign exchange loss (gain) | (158,000) | 151,000 | (322,000) | 428,000 |
Total operating expenses | 393,026,000 | 307,019,000 | 723,927,000 | 594,140,000 |
Gain on disposition of property, plant and equipment ("PPE") | (347,000) | (175,000) | (170,167,000) | (243,000) |
Operating income | 91,867,000 | 89,517,000 | 324,707,000 | 134,019,000 |
Interest expense | (18,463,000) | (8,867,000) | (39,149,000) | (17,813,000) |
Change in fair value of derivatives, net | 1,263,000 | |||
Debt extinguishment costs | (4,792,000) | |||
Other income, net | 1,639,000 | 1,196,000 | 2,559,000 | 2,198,000 |
Income tax expense | (21,632,000) | (21,065,000) | (57,868,000) | (29,484,000) |
Net income | 53,411,000 | 60,781,000 | 231,512,000 | 88,920,000 |
Operating Segments [Member] | ||||
Segment Reporting [Line Items] | ||||
Revenue | 484,546,000 | 396,361,000 | 878,467,000 | 727,916,000 |
Selling, general and administrative expenses ("SG&A") | 144,277,000 | 109,560,000 | 270,883,000 | 223,799,000 |
Segment profit | 119,059,000 | 114,477,000 | 215,777,000 | 183,180,000 |
Acquisition-related costs | 3,399,000 | 3,049,000 | 13,036,000 | 5,971,000 |
Depreciation and amortization expenses ("D&A") | 24,298,000 | 21,935,000 | 48,523,000 | 43,005,000 |
Foreign exchange loss (gain) | (158,000) | 151,000 | (322,000) | 428,000 |
Total operating expenses | 393,026,000 | 307,019,000 | 723,927,000 | 594,140,000 |
Gain on disposition of property, plant and equipment ("PPE") | 347,000 | 175,000 | 170,167,000 | 243,000 |
Operating income | 91,867,000 | 89,517,000 | 324,707,000 | 134,019,000 |
Interest expense | (18,463,000) | (8,867,000) | (39,149,000) | (17,813,000) |
Change in fair value of derivatives, net | 1,263,000 | |||
Other income, net | 1,639,000 | 1,196,000 | 2,559,000 | 2,198,000 |
Income tax expense | (21,632,000) | (21,065,000) | (57,868,000) | (29,484,000) |
Net income | 53,411,000 | 60,781,000 | 231,512,000 | 88,920,000 |
Auctions and Marketplaces [Member] | Operating Segments [Member] | ||||
Segment Reporting [Line Items] | ||||
Revenue | 433,035,000 | 356,281,000 | 783,099,000 | 653,877,000 |
Selling, general and administrative expenses ("SG&A") | 125,535,000 | 99,215,000 | 234,346,000 | 201,996,000 |
Segment profit | 102,344,000 | 100,867,000 | 186,441,000 | 160,631,000 |
Other Reporting Unit [Member] | Operating Segments [Member] | ||||
Segment Reporting [Line Items] | ||||
Revenue | 51,511,000 | 40,080,000 | 95,368,000 | 74,039,000 |
Selling, general and administrative expenses ("SG&A") | 18,742,000 | 10,345,000 | 36,537,000 | 21,803,000 |
Segment profit | 16,715,000 | 13,610,000 | 29,336,000 | 22,549,000 |
Service Revenues [Member] | ||||
Segment Reporting [Line Items] | ||||
Revenue | 286,502,000 | 252,748,000 | 531,363,000 | 458,778,000 |
Direct expenses | 45,039,000 | 41,301,000 | 84,054,000 | 79,167,000 |
Service Revenues [Member] | Operating Segments [Member] | ||||
Segment Reporting [Line Items] | ||||
Revenue | 286,502,000 | 252,748,000 | 531,363,000 | 458,778,000 |
Direct expenses | 45,039,000 | 41,301,000 | 84,054,000 | 79,167,000 |
Service Revenues [Member] | Auctions and Marketplaces [Member] | Operating Segments [Member] | ||||
Segment Reporting [Line Items] | ||||
Revenue | 234,991,000 | 212,668,000 | 435,995,000 | 384,739,000 |
Direct expenses | 28,985,000 | 25,176,000 | 54,559,000 | 49,480,000 |
Service Revenues [Member] | Other Reporting Unit [Member] | Operating Segments [Member] | ||||
Segment Reporting [Line Items] | ||||
Revenue | 51,511,000 | 40,080,000 | 95,368,000 | 74,039,000 |
Direct expenses | 16,054,000 | 16,125,000 | 29,495,000 | 29,687,000 |
Commissions | ||||
Segment Reporting [Line Items] | ||||
Revenue | 136,403,000 | 129,334,000 | 252,778,000 | 233,309,000 |
Commissions | Operating Segments [Member] | ||||
Segment Reporting [Line Items] | ||||
Revenue | 136,403,000 | 129,334,000 | 252,778,000 | 233,309,000 |
Commissions | Auctions and Marketplaces [Member] | Operating Segments [Member] | ||||
Segment Reporting [Line Items] | ||||
Revenue | 136,403,000 | 129,334,000 | 252,778,000 | 233,309,000 |
Fees | ||||
Segment Reporting [Line Items] | ||||
Revenue | 150,099,000 | 123,414,000 | 278,585,000 | 225,469,000 |
Fees | Operating Segments [Member] | ||||
Segment Reporting [Line Items] | ||||
Revenue | 150,099,000 | 123,414,000 | 278,585,000 | 225,469,000 |
Fees | Auctions and Marketplaces [Member] | Operating Segments [Member] | ||||
Segment Reporting [Line Items] | ||||
Revenue | 98,588,000 | 83,334,000 | 183,217,000 | 151,430,000 |
Fees | Other Reporting Unit [Member] | Operating Segments [Member] | ||||
Segment Reporting [Line Items] | ||||
Revenue | 51,511,000 | 40,080,000 | 95,368,000 | 74,039,000 |
Inventory Sales Revenue [Member] | ||||
Segment Reporting [Line Items] | ||||
Revenue | 198,044,000 | 143,613,000 | 347,104,000 | 269,138,000 |
Direct expenses | 176,171,000 | 131,023,000 | 307,753,000 | 241,770,000 |
Inventory Sales Revenue [Member] | Operating Segments [Member] | ||||
Segment Reporting [Line Items] | ||||
Revenue | 198,044,000 | 143,613,000 | 347,104,000 | 269,138,000 |
Direct expenses | 176,171,000 | 131,023,000 | 307,753,000 | 241,770,000 |
Inventory Sales Revenue [Member] | Auctions and Marketplaces [Member] | Operating Segments [Member] | ||||
Segment Reporting [Line Items] | ||||
Revenue | 198,044,000 | 143,613,000 | 347,104,000 | 269,138,000 |
Direct expenses | $ 176,171,000 | $ 131,023,000 | $ 307,753,000 | $ 241,770,000 |
Segmented information (Geograph
Segmented information (Geographic Information of Revenue and location of assets) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenue | $ 484,546 | $ 396,361 | $ 878,467 | $ 727,916 | |
Property, plant and equipment | 442,743 | 442,743 | $ 449,087 | ||
United States [Member] | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenue | 215,466 | 183,391 | 463,416 | 390,805 | |
Canada [Member] | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenue | 143,466 | 98,690 | 208,699 | 147,168 | |
Australia [Member] | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenue | 71,734 | 44,514 | 100,809 | 64,077 | |
Europe [Member] | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenue | 36,989 | 55,467 | 74,809 | 102,643 | |
Other [Member] | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenue | $ 16,891 | $ 14,299 | $ 30,734 | $ 23,223 |
Revenue (Details)
Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenue | $ 484,546 | $ 396,361 | $ 878,467 | $ 727,916 |
Service Revenues [Member] | ||||
Revenue | 286,502 | 252,748 | 531,363 | 458,778 |
Commissions | ||||
Revenue | 136,403 | 129,334 | 252,778 | 233,309 |
Fees | ||||
Revenue | 150,099 | 123,414 | 278,585 | 225,469 |
Inventory Sales Revenue [Member] | ||||
Revenue | $ 198,044 | $ 143,613 | $ 347,104 | $ 269,138 |
Operating expenses (Schedule of
Operating expenses (Schedule of Direct Operating Expenses) (Details) - Service Revenues [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Ancillary and logistical service expenses | $ 13,446 | $ 14,819 | $ 24,201 | $ 27,088 |
Employee compensation expenses | 17,045 | 14,953 | 32,966 | 29,483 |
Buildings, facilities and technology expenses | 3,025 | 2,304 | 6,879 | 5,005 |
Travel, advertising and promotion expenses | 7,200 | 5,299 | 12,372 | 9,817 |
Other costs of services | 4,323 | 3,926 | 7,636 | 7,774 |
Total direct expenses | $ 45,039 | $ 41,301 | $ 84,054 | $ 79,167 |
Operating expenses (Schedule _2
Operating expenses (Schedule of Selling, General and Administrative Expenses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Operating expenses | ||||
Wages, salaries and benefits | $ 84,301 | $ 67,932 | $ 161,787 | $ 144,889 |
Share-based compensation expense | 13,640 | 7,540 | 19,026 | 11,318 |
Buildings, facilities and technology expenses | 23,327 | 17,479 | 43,412 | 34,822 |
Travel, advertising and promotion expenses | 9,392 | 6,824 | 17,366 | 11,986 |
Professional fees | 7,616 | 5,202 | 17,363 | 10,234 |
Other SG&A expenses | 6,001 | 4,583 | 11,929 | 10,550 |
Total selling, general and administrative expenses | $ 144,277 | $ 109,560 | $ 270,883 | $ 223,799 |
Operating expenses (Schedule _3
Operating expenses (Schedule of Acquisition Related Costs) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Acquisition-related costs | $ 3,399 | $ 3,049 | $ 13,036 | $ 5,971 |
SmartEquip [Member] | Employment Costs [Member] | ||||
Acquisition-related costs | 668 | 1,326 | ||
SmartEquip [Member] | Other Related Costs [Member] | ||||
Acquisition-related costs | 516 | |||
Euro Auctions Limited [Member] | Other Related Costs [Member] | ||||
Acquisition-related costs | 1,317 | 8,012 | ||
Rouse Services LLC [Member] | Employment Costs [Member] | ||||
Acquisition-related costs | $ 1,414 | 2,678 | 2,887 | 5,231 |
Rouse Services LLC [Member] | Other Related Costs [Member] | ||||
Acquisition-related costs | $ 371 | $ 295 | $ 740 |
Operating expenses (Schedule _4
Operating expenses (Schedule of Depreciation and Amortization Expenses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Operating expenses | ||||
Depreciation expense | $ 7,889 | $ 8,345 | $ 15,636 | $ 16,182 |
Amortization expense | 16,409 | 13,590 | 32,887 | 26,823 |
Total depreciation and amortization expenses | $ 24,298 | $ 21,935 | $ 48,523 | $ 43,005 |
Income taxes (Details)
Income taxes (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income taxes | ||||
Income tax expense | $ 21,632,000 | $ 21,065,000 | $ 57,868,000 | $ 29,484,000 |
Effective income tax rate | 0.29% | 0.26% | 20% | 25% |
Earnings per share attributab_3
Earnings per share attributable to stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Net income (loss) attributable to: | ||||
Basic | $ 53,365 | $ 60,749 | $ 231,459 | $ 88,937 |
Diluted | $ 53,365 | $ 60,749 | $ 231,459 | $ 88,937 |
Weighted average number of shares outstanding: | ||||
Basic | 110,760,339 | 110,311,615 | 110,705,182 | 110,144,229 |
Effect of dilutive securities: | 111,334,184 | |||
Diluted | 111,705,102 | 111,334,184 | 111,681,644 | 111,302,711 |
Per Share Amount | ||||
Basic | $ 0.48 | $ 0.55 | $ 2.09 | $ 0.81 |
Diluted | $ 0.48 | $ 0.55 | $ 2.07 | $ 0.80 |
Share Units [Member] | ||||
Weighted average number of shares outstanding: | ||||
Effect of dilutive securities: | 397,274 | 322,371 | 423,767 | 450,752 |
Per Share Amount | ||||
Effect of dilutive securities: | (0.01) | |||
Stock Options [Member] | ||||
Weighted average number of shares outstanding: | ||||
Effect of dilutive securities: | 547,489 | 552,695 | 707,730 | |
Diluted | 700,198 | |||
Per Share Amount | ||||
Effect of dilutive securities: | (0.01) | (0.01) |
Supplemental cash flow inform_3
Supplemental cash flow information (Schedule of Net Changes In Operating Assets and Liabilities) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Increase (Decrease) in Operating Capital [Abstract] | ||
Trade and other receivables | $ (152,893) | $ (134,522) |
Inventory | (25,842) | (2,207) |
Advances against auction contracts | (11,238) | (761) |
Prepaid expenses and deposits | 20,774 | 3,157 |
Income taxes receivable | 6,985 | (3,847) |
Auction proceeds payable | 205,910 | 230,309 |
Trade and other payables | (22,639) | (20,686) |
Income taxes payable | 25,866 | (12,723) |
Operating lease obligation | (6,936) | (6,329) |
Other | 1,857 | 186 |
Net changes in operating assets and liabilities | $ 41,844 | $ 52,577 |
Supplemental cash flow inform_4
Supplemental cash flow information (Schedule of Supplemental cash flow) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Supplemental Cash Flow Information [Abstract] | ||
Interest paid, net of interest capitalized | $ 20,846 | $ 16,387 |
Interest received | 1,415 | 635 |
Net income taxes paid | 13,855 | 43,249 |
Non-cash purchase of property, plant and equipment under finance lease | 5,261 | 4,568 |
Non-cash right of use assets obtained in exchange for new lease obligations | $ 18,472 | $ 9,451 |
Supplemental cash flow inform_5
Supplemental cash flow information (Schedule of Cash, Cash Equivalents and Restricted Cash) (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Supplemental cash flow information | ||||
Cash and cash equivalents | $ 367,289 | $ 326,113 | ||
Restricted cash - Current | 164,371 | 102,875 | ||
Restricted Cash - Non-current | 933,464 | |||
Cash, cash equivalents, and restricted cash | $ 531,660 | $ 1,362,452 | $ 442,723 | $ 306,895 |
Fair value measurement (Details
Fair value measurement (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative financial asset | $ 37 | $ 751 |
Carrying Amount [Member] | Recurring [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 367,289 | 326,113 |
Restricted Cash | 164,371 | 1,036,339 |
Carrying Amount [Member] | Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loan receivables | 11,749 | 7,267 |
Carrying Amount [Member] | Recurring [Member] | Level 2 [Member] | Forward Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative financial asset | 37 | |
Carrying Amount [Member] | Recurring [Member] | Level 3 [Member] | Deal Contingent Forward Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative financial asset | 751 | |
Derivative financial liability | 2,005 | |
Deal contingent forward | 2,005 | |
Fair Value [Member] | Recurring [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 367,289 | 326,113 |
Restricted Cash | 164,371 | 1,036,339 |
Fair Value [Member] | Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loan receivables | 11,678 | 7,267 |
Fair Value [Member] | Recurring [Member] | Level 2 [Member] | Forward Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative financial asset | 37 | |
Fair Value [Member] | Recurring [Member] | Level 3 [Member] | Deal Contingent Forward Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative financial asset | 751 | |
Derivative financial liability | 2,005 | |
Deal contingent forward | 2,005 | |
Short-term Debt [Member] | Carrying Amount [Member] | Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt instrument | 8,637 | 6,147 |
Short-term Debt [Member] | Fair Value [Member] | Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt instrument | 8,637 | 6,147 |
Long-term Debt [Member] | 2016 Notes [Member] | Carrying Amount [Member] | Recurring [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt instrument | 495,434 | 494,531 |
Long-term Debt [Member] | 2016 Notes [Member] | Fair Value [Member] | Recurring [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt instrument | 489,800 | 508,125 |
Long-term Debt [Member] | 2021 USD Notes [Member] | Carrying Amount [Member] | Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt instrument | 598,052 | |
Long-term Debt [Member] | 2021 USD Notes [Member] | Fair Value [Member] | Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt instrument | 625,125 | |
Long-term Debt [Member] | 2021 CAD Notes [Member] | Carrying Amount [Member] | Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt instrument | 332,337 | |
Long-term Debt [Member] | 2021 CAD Notes [Member] | Fair Value [Member] | Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt instrument | 339,100 | |
Delayed Draw Term Loans [Member] | Long-term Debt [Member] | Carrying Amount [Member] | Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt instrument | 91,989 | 92,821 |
Delayed Draw Term Loans [Member] | Long-term Debt [Member] | Fair Value [Member] | Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt instrument | 92,348 | 93,226 |
Revolver Loan [Member] | Long-term Debt [Member] | Carrying Amount [Member] | Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt instrument | 56,949 | 219,699 |
Revolver Loan [Member] | Long-term Debt [Member] | Fair Value [Member] | Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt instrument | $ 57,000 | $ 219,772 |
Derivative financial instrume_2
Derivative financial instruments (Details) $ in Thousands | 3 Months Ended | 6 Months Ended |
Mar. 31, 2022 CAD ($) contract | Jun. 30, 2022 USD ($) | |
Derivative [Line Items] | ||
Change in fair value of derivatives, net | $ 1,263 | |
Forward Contracts [Member] | ||
Derivative [Line Items] | ||
Change in fair value of derivatives, net | $ (1,296,000) | |
Number of derivative instruments held | contract | 2 | |
Derivative exposure | $ 343,000,000 | |
Purchase consideration, proposed auction acquisitions | 775,000,000 | |
Forward Contracts [Member] | US Dollar | ||
Derivative [Line Items] | ||
Notional amounts | 216,000,000 | |
Forward Contracts [Member] | Canada Dollars | ||
Derivative [Line Items] | ||
Notional amounts | $ 127,000,000 |
Trade and other receivables (De
Trade and other receivables (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Activity in the allowance for expected credit losses | |
Loans receivable | $ 7,199 |
Balance, December 31, 2021 | (4,396) |
Current period provision | (120) |
Write-off charged against the allowance | 753 |
Balance, March 31, 2022 | $ (3,763) |
Financing Receivable [Member] | Minimum [Member] | |
Activity in the allowance for expected credit losses | |
Term of financing lending arrangement | 1 year |
Financing Receivable [Member] | Maximum [Member] | |
Activity in the allowance for expected credit losses | |
Term of financing lending arrangement | 4 years |
Other current assets (Narrative
Other current assets (Narrative) (Details) | 6 Months Ended | ||||
Mar. 17, 2022 USD ($) | Mar. 17, 2022 CAD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Proceeds on disposition of assets | $ 165,132,000 | $ 342,000 | |||
Initial lease term | 2 years | 2 years | |||
Recognized gain on disposition of property, plant and equipment | $ 169,092,000 | ||||
Lease term | 2 years | ||||
Renewal term | 1 year | ||||
Assets held for sale | $ 323,000 | $ 17,538,000 | |||
Bolton, Ontario [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Lease term | 2 years | ||||
Sale consideration | $ 165,000,000 | $ 208,195,000 | |||
Net book value of property plant and equipment | $ 7,067,000 | ||||
Arizona, United States [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Assets held for sale | $ 10,500,000 |
Other current assets (Schedule
Other current assets (Schedule of Other Current Assets) (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Other current assets | ||
Advances against auction contracts | $ 14,783 | $ 4,102 |
Assets held for sale | 323 | 17,538 |
Prepaid expenses and deposits | 21,069 | 41,955 |
Derivative financial asset | 37 | 751 |
Other Current Assets | $ 36,212 | $ 64,346 |
Other current assets (Summary o
Other current assets (Summary of Assets Held For Sale) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Mar. 17, 2022 | |
Other current assets | ||
Beginning balance | $ 17,538 | |
Reclassified from (to) property, plant and equipment | (10,148) | |
Disposal | (7,067) | |
Ending balance | $ 323 | |
Renewal term | 1 year |
Other non-current assets (Narra
Other non-current assets (Narrative) (Details) - USD ($) | 6 Months Ended | |||
Jun. 30, 2022 | Mar. 31, 2022 | Mar. 17, 2022 | Dec. 31, 2021 | |
Loans receivable | $ 11,749,000 | $ 7,267,000 | ||
Right-of-use assets | 134,219,000 | 114,414,000 | ||
Maltby auction site | ||||
Right-of-use assets | 9,020,000 | |||
Bolton Properties Sale Leaseback Transaction [Member] | ||||
Right-of-use assets | $ 16,587,000 | $ 16,587,000 | ||
Non-current Loans Receivable [Member] | ||||
Loans receivable | 7,199,000 | 0 | ||
Trade and Other Receivables [Member] | ||||
Loans receivable | $ 4,550,000 | $ 7,267,000 | ||
Financing Receivable [Member] | Minimum [Member] | ||||
Term of financing lending arrangement | 1 year | |||
Financing Receivable [Member] | Maximum [Member] | ||||
Term of financing lending arrangement | 4 years |
Other non-current assets (Detai
Other non-current assets (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Other non-current assets | ||
Right-of-use assets | $ 134,219 | $ 114,414 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other non-current assets | Other non-current assets |
Tax receivable | $ 10,641 | $ 10,289 |
Loans receivable | 7,199 | |
Deferred debt issue costs | 4,223 | 5,236 |
Other | 12,078 | 12,565 |
Other non-current assets | $ 168,360 | $ 142,504 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) | 6 Months Ended | ||||||||||
Jun. 28, 2022 | May 04, 2022 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 27, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 21, 2021 USD ($) | Sep. 30, 2021 USD ($) | Aug. 31, 2021 USD ($) | Aug. 31, 2021 CAD ($) | Dec. 21, 2016 USD ($) | |
Debt [Line Items] | |||||||||||
Repayment of debt | $ 1,093,772,000 | $ 5,328,000 | |||||||||
Gain (loss) on redemption of debt | (4,792,000) | ||||||||||
Loss on redemption of 2021 Notes | $ 4,792,000 | ||||||||||
2021 Notes | |||||||||||
Debt [Line Items] | |||||||||||
Redemption price percentage | 100% | ||||||||||
Gain (loss) on redemption of debt | $ (4,792,000) | ||||||||||
Loss on redemption of 2021 Notes | $ 4,792,000 | ||||||||||
Revolving Credit Facility [Member] | |||||||||||
Debt [Line Items] | |||||||||||
Weighted average interest rate | 2.70% | 1.80% | |||||||||
Fourth Amendment of the Credit Agreement [Member] | |||||||||||
Debt [Line Items] | |||||||||||
Maximum borrowing capacity | $ 1,045,000,000 | ||||||||||
Unamortized deferred debt issue costs | $ 4,633,000 | ||||||||||
5.375% Senior Unsecured Note, Due January 2025 [Member] | Senior Unsecured Notes [Member] | |||||||||||
Debt [Line Items] | |||||||||||
Principal amount | $ 500,000,000 | ||||||||||
Outstanding debt | 500,000,000 | $ 500,000,000 | |||||||||
Unamortized deferred debt issue costs | $ 4,566,000 | 5,469,000 | |||||||||
Interest rate | 5.375% | 5.375% | |||||||||
Maturity date | Jan. 15, 2025 | ||||||||||
4.75% Senior Unsecured Note, Due December 2031 (2021 USD Notes) | Senior Unsecured Notes [Member] | |||||||||||
Debt [Line Items] | |||||||||||
Weighted average interest rate | 4.75% | ||||||||||
Outstanding debt | 600,000,000 | ||||||||||
Unamortized deferred debt issue costs | 1,948,000 | ||||||||||
4.95% Senior Unsecured Note, Due December 2029 (2021 CAD Notes) | Senior Unsecured Notes [Member] | |||||||||||
Debt [Line Items] | |||||||||||
Weighted average interest rate | 4.95% | ||||||||||
Outstanding debt | 333,464,000 | ||||||||||
Unamortized deferred debt issue costs | $ 1,127,000 | ||||||||||
2021 USD Notes [Member] | |||||||||||
Debt [Line Items] | |||||||||||
Redemption price percentage | 100% | ||||||||||
2021 USD Notes [Member] | 2021 Notes | |||||||||||
Debt [Line Items] | |||||||||||
Principal amount | $ 600,000,000 | ||||||||||
Interest rate | 4.75% | ||||||||||
2021 CAD Notes [Member] | 2021 Notes | |||||||||||
Debt [Line Items] | |||||||||||
Principal amount | $ 425,000,000 | ||||||||||
Interest rate | 4.95% | ||||||||||
Revolving Credit Facility [Member] | Revolving credit facilities, Maturing September 2026 [Member] | |||||||||||
Debt [Line Items] | |||||||||||
Maximum borrowing capacity | $ 673,459,000 | ||||||||||
Revolving Credit Facility [Member] | Revolving credit facilities, Maturing October 2023 [Member] | |||||||||||
Debt [Line Items] | |||||||||||
Available borrowing capacity | 5,000,000 | ||||||||||
Revolving Credit Facility [Member] | Revolving credit facilities, No Maturity [Member] | |||||||||||
Debt [Line Items] | |||||||||||
Available borrowing capacity | $ 5,000,000 | ||||||||||
Delayed-draw Term Loan Facility [Member] | Third Amendment of the Credit Agreement [Member] | |||||||||||
Debt [Line Items] | |||||||||||
Outstanding debt | $ 90,000,000 | $ 118,889,995 | |||||||||
Delayed-draw Term Loan Facility [Member] | Fourth Amendment of the Credit Agreement [Member] | |||||||||||
Debt [Line Items] | |||||||||||
Maximum borrowing capacity | 295,000,000 | ||||||||||
Remaining borrowing capacity | $ 205,000,000 | $ 205,000,000 | |||||||||
Amortize in equal quarterly installments (as a percent) | 5% |
Debt (Summary of Debt) (Details
Debt (Summary of Debt) (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2022 | Dec. 31, 2021 | Dec. 21, 2016 | |
Debt [Line Items] | |||
Short-term debt | $ 8,637 | $ 6,147 | |
Total long-term debt | 644,372 | 1,737,438 | |
Total debt | 653,009 | 1,743,585 | |
Current portion | 4,617 | 3,498 | |
Non-current portion | 639,755 | 1,733,940 | |
Delayed Draw Term Loans [Member] | |||
Debt [Line Items] | |||
Less: unamortized debt issue costs | (410) | (463) | |
2.30% Term Loan, Due September 2026 [Member] | Delayed Draw Term Loans [Member] | |||
Debt [Line Items] | |||
Long-term Debt | $ 92,348 | 93,283 | |
Weighted average interest rate | 3.08% | ||
Long-term revolver loan, 2.29% Maturing September 2026 [Member] | Revolver Loan [Member] | |||
Debt [Line Items] | |||
Long-term Debt | 46,206 | ||
Weighted average interest rate | 2.29% | ||
Long-term revolver loan, 2.29% Maturing September 2026 [Member] | Revolver Loan [Member] | |||
Debt [Line Items] | |||
Long-term Debt | 56,492 | ||
Weighted average interest rate | 2.29% | ||
Long-term revolver loan, 1.89% Maturing September 2026 [Member] | Revolver Loan [Member] | |||
Debt [Line Items] | |||
Long-term Debt | $ 57,000 | 117,000 | |
Weighted average interest rate | 2.53% | ||
5.375% Senior Unsecured Note, Due January 2025 [Member] | Senior Unsecured Notes [Member] | |||
Debt [Line Items] | |||
Long-term Debt | $ 500,000 | 500,000 | |
Less: unamortized debt issue costs | $ (4,566) | (5,469) | |
Interest rate | 5.375% | 5.375% | |
Maturity date | Jan. 15, 2025 | ||
4.75% Senior Unsecured Note, Due December 2031 (2021 USD Notes) | Senior Unsecured Notes [Member] | |||
Debt [Line Items] | |||
Long-term Debt | 600,000 | ||
Less: unamortized debt issue costs | (1,948) | ||
Weighted average interest rate | 4.75% | ||
4.95% Senior Unsecured Note, Due December 2029 (2021 CAD Notes) | Senior Unsecured Notes [Member] | |||
Debt [Line Items] | |||
Long-term Debt | 333,464 | ||
Less: unamortized debt issue costs | $ (1,127) | ||
Weighted average interest rate | 4.95% |
Other non-current liabilities_2
Other non-current liabilities (Details) - USD ($) | Jun. 30, 2022 | Mar. 17, 2022 | Dec. 31, 2021 |
Other non-current liabilities | |||
Operating lease liability | $ 118,737,000 | $ 4,477,000 | $ 109,882,000 |
Tax payable | 19,657,000 | 18,859,000 | |
Finance lease liability | $ 13,458,000 | $ 13,983,000 | |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Total other non-current liabilities | Total other non-current liabilities | |
Other | $ 4,059,000 | $ 4,536,000 | |
Total other non-current liabilities | $ 155,911,000 | $ 147,260,000 | |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Total other non-current liabilities | Total other non-current liabilities |
Equity and dividends (Narrative
Equity and dividends (Narrative) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Aug. 03, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Dividends Payable [Line Items] | |||||
Preferred shares issued | 0 | 0 | |||
Shares forfeited | 55,510 | ||||
Gain (Loss) from intra-entity foreign currency transactions | $ (8,553,000) | $ 1,095,000 | $ (9,437,000) | $ (2,559,000) | |
Shares issued for business combination [Member] | |||||
Dividends Payable [Line Items] | |||||
Share capital from additional paid-in capital | 1,819,000 | 1,819,000 | |||
Unrecognized share based continuing employment costs | $ 6,520,000 | $ 11,898,000 | $ 6,520,000 | $ 11,898,000 | |
Unrecognized share based continuing employment costs, weighted average period for recognition | 1 year 4 months 24 days | ||||
Subsequent Event [Member] | |||||
Dividends Payable [Line Items] | |||||
Dividends declared (USD per share) | $ 0.27 | ||||
Dividends payable date | Sep. 14, 2022 | ||||
Dividends, date of record | Aug. 24, 2022 | ||||
Rouse Services LLC [Member] | |||||
Dividends Payable [Line Items] | |||||
Shares forfeited | 55,510 |
Equity and dividends (Schedule
Equity and dividends (Schedule of shares issuance activity) (Details) - $ / shares | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Common shares issued | ||
Outstanding beginning balance, Shares | 253,636 | 312,193 |
Granted, Shares | ||
Vested, Shares | (27,816) | |
Forfeited, Shares | (55,510) | |
Outstanding ending balance, Shares | 225,820 | 256,683 |
Fair Value of common shares | ||
Outstanding beginning balance, Weighted average grant date fair value (per share) | $ 70.41 | $ 71.09 |
Granted, Weighted average grant date fair value (per share) | ||
Vested, Weighted average grant date fair value (per share) | 71.09 | |
Forfeited, Weighted average grant date fair value (per share) | 71.09 | |
Outstanding ending balance, Weighted average grant date fair value (per share) | $ 70.33 | $ 71.09 |
SmartEquip [Member] | ||
Common shares issued | ||
Outstanding beginning balance, Shares | 63,971 | |
Granted, Shares | ||
Outstanding ending balance, Shares | 63,971 | |
Fair Value of common shares | ||
Outstanding beginning balance, Weighted average grant date fair value (per share) | $ 68.39 | |
Granted, Weighted average grant date fair value (per share) | ||
Outstanding ending balance, Weighted average grant date fair value (per share) | $ 68.39 | |
Rouse Services LLC [Member] | ||
Common shares issued | ||
Outstanding beginning balance, Shares | 189,665 | 312,193 |
Granted, Shares | ||
Vested, Shares | (27,816) | |
Forfeited, Shares | (55,510) | |
Outstanding ending balance, Shares | 161,849 | 256,683 |
Fair Value of common shares | ||
Outstanding beginning balance, Weighted average grant date fair value (per share) | $ 71.09 | $ 71.09 |
Granted, Weighted average grant date fair value (per share) | ||
Vested, Weighted average grant date fair value (per share) | 71.09 | |
Forfeited, Weighted average grant date fair value (per share) | 71.09 | |
Outstanding ending balance, Weighted average grant date fair value (per share) | $ 71.09 | $ 71.09 |
Equity and dividends (Schedul_2
Equity and dividends (Schedule of Quarterly Dividends Declared and Paid) (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Fourth Quarter 2021 [Member] | ||
Dividends Payable [Line Items] | ||
Declaration date | Jan. 21, 2022 | |
Dividend per share | $ 0.2500 | |
Record date | Feb. 11, 2022 | |
Total dividends | $ 27,659 | |
Payment date | Mar. 04, 2022 | |
Fourth Quarter 2020 [Member] | ||
Dividends Payable [Line Items] | ||
Declaration date | Jan. 22, 2021 | |
Dividend per share | $ 0.2200 | |
Record date | Feb. 12, 2021 | |
Total dividends | $ 24,181 | |
Payment date | Mar. 05, 2021 | |
First Quarter 2022 | ||
Dividends Payable [Line Items] | ||
Declaration date | May 06, 2022 | |
Dividend per share | $ 0.2500 | |
Record date | May 27, 2022 | |
Total dividends | $ 27,693 | |
Payment date | Jun. 17, 2022 | |
First Quarter 2021 | ||
Dividends Payable [Line Items] | ||
Declaration date | May 07, 2021 | |
Dividend per share | $ 0.2200 | |
Record date | May 26, 2021 | |
Total dividends | $ 24,279 | |
Payment date | Jun. 16, 2021 |
Share-based payments (Narrative
Share-based payments (Narrative) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Nov. 30, 2021 | Aug. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Maximum employee contribution, percentage | 4% | |||||
Granted, Shares | ||||||
Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Employer matching contribution, percentage | 50% | |||||
Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Employer matching contribution, percentage | 100% | |||||
Performance Share Unit Plans [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Market value of shares vested and released | $ 0 | $ 0 | ||||
Stock Options [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unrecognized compensation costs | $ 11,746,000 | $ 11,746,000 | $ 11,746,000 | |||
Unrecognized compensation costs, period for recognition | 2 years 4 months 24 days | |||||
Premium Priced Stock Options [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Weighted average grant date fair value of options granted | $ 8 | |||||
Unrecognized compensation costs | 7,380,000 | $ 7,380,000 | $ 7,380,000 | |||
Unrecognized compensation costs, period for recognition | 2 years 4 months 24 days | |||||
Performance Share Units [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unrecognized compensation costs | $ 21,018,000 | $ 21,018,000 | $ 21,018,000 | |||
Unrecognized compensation costs, period for recognition | 2 years 1 month 6 days | |||||
Performance Share Units With Market Conditions [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Weighted average grant-date fair value of awards | $ 69.92 | |||||
Performance period | 2 years | 3 years | 3 years | |||
Award holding period | 1 year | |||||
Discount value | $ 5.34 | |||||
Effective tax rate | 35% | |||||
Unrecognized compensation costs | $ 5,062,000 | $ 5,062,000 | $ 5,062,000 | |||
Unrecognized compensation costs, period for recognition | 2 years 1 month 6 days | |||||
Restricted Share Units [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unrecognized compensation costs | 2,849,000 | 2,849,000 | $ 2,849,000 | |||
Unrecognized compensation costs, period for recognition | 1 year 7 months 6 days | |||||
Deferred Share Units [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unrecognized compensation costs | 0 | 0 | $ 0 | |||
Share unit liability | $ 10,976,000 | $ 10,976,000 | $ 10,976,000 | $ 10,056,000 |
Share-based payments (Compensat
Share-based payments (Compensation Costs) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total compensation costs related to share based payments | $ 15,720 | $ 10,218 | $ 23,239 | $ 16,549 |
Selling, General and Administrative Expenses [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Stock option compensation expense | 3,056 | 1,909 | 5,623 | 3,770 |
Equity-classified share units | 8,801 | 4,404 | 11,691 | 7,557 |
Liability-classified share units | 1,075 | 526 | 319 | (1,389) |
Employee share purchase plan - employer contributions | 708 | 701 | 1,393 | 1,380 |
Total compensation costs related to share based payments | 13,640 | 7,540 | 19,026 | 11,318 |
Acquisition-related Costs [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share based continuing employment costs | 2,080 | 2,678 | 4,213 | 5,231 |
Total compensation costs related to share based payments | $ 2,080 | $ 2,678 | $ 4,213 | $ 5,231 |
Share-based payments (Summary o
Share-based payments (Summary of Stock Option Activity) (Details) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | |
Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding beginning balance, Common shares under option | shares | 2,208,057 | |
Granted, Common shares under option | shares | 689,437 | |
Exercised, Common shares under option | shares | (80,183) | |
Forfeited, Common shares under option | shares | (36,126) | |
Outstanding ending balance, Common shares under option | shares | 2,781,185 | 2,208,057 |
Exercisable, Common shares under option | shares | 1,307,090 | |
Outstanding beginning balance, Weighted average exercise price (per share) | $ / shares | $ 42.55 | |
Granted, Weighted average exercise price (per share) | $ / shares | 58.02 | |
Exercised, Weighted average exercise price (per share) | $ / shares | 35.70 | |
Forfeited, Weighted average exercise price (per share) | $ / shares | 42.85 | |
Outstanding ending balance, Weighted average exercise price (per share) | $ / shares | 46.58 | $ 42.55 |
Exercisable, Weighted average exercise price (per share) | $ / shares | $ 37.42 | |
Outstanding, Weighted average remaining contractual life (in years) | 7 years 9 months 18 days | 7 years 8 months 12 days |
Exercisable, Weighted average remaining contractual life (in years) | 6 years 6 months | |
Outstanding beginning balance, Aggregate intrinsic value | $ | $ 41,884 | |
Exercised, Aggregate intrinsic value | $ | 1,964 | |
Outstanding ending balance, Aggregate intrinsic value | $ | 51,797 | $ 41,884 |
Exercisable, Aggregate intrinsic value | $ | $ 36,130 | |
Premium Priced Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding beginning balance, Common shares under option | shares | 1,017,064 | |
Granted, Common shares under option | shares | 119,157 | |
Forfeited, Common shares under option | shares | (17,789) | |
Outstanding ending balance, Common shares under option | shares | 1,118,432 | 1,017,064 |
Outstanding beginning balance, Weighted average exercise price (per share) | $ / shares | $ 91.24 | |
Granted, Weighted average exercise price (per share) | $ / shares | 91.37 | |
Forfeited, Weighted average exercise price (per share) | $ / shares | 90.93 | |
Outstanding ending balance, Weighted average exercise price (per share) | $ / shares | $ 91.26 | $ 91.24 |
Outstanding, Weighted average remaining contractual life (in years) | 5 years 2 months 12 days | 5 years 8 months 12 days |
Share-based payments (Summary_2
Share-based payments (Summary of Stock Option Pricing Assumptions) (Details) | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk free interest rate | 2.20% | 0.50% |
Expected dividend yield | 1.74% | 1.66% |
Expected lives of the stock options | 4 years | 4 years |
Expected volatility | 31.70% | 32.30% |
Premium Priced Stock Options [Member] | Stock Option Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk free interest rate | 3% | |
Expected dividend yield | 1.63% | |
Expected lives of the stock options | 4 years | |
Expected volatility | 30.20% | |
Performance Share Units With Market Conditions [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk free interest rate | 2.70% | |
Expected dividend yield | 1.63% | |
Expected lives of the stock options | 2 years | |
Expected volatility | 33.40% | |
Average expected volatility of comparable companies | 34.40% |
Share-based payments (Summary_3
Share-based payments (Summary of Share Unit Activity) (Details) - $ / shares | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding beginning balance, Shares | 253,636 | 312,193 |
Granted, Shares | ||
Vested, Shares | (27,816) | |
Forfeited, Shares | (55,510) | |
Outstanding ending balance, Shares | 225,820 | 256,683 |
Outstanding beginning balance, Weighted average grant date fair value (per share) | $ 70.41 | $ 71.09 |
Granted, Weighted average grant date fair value (per share) | ||
Forfeited, Weighted average grant date fair value (per share) | 71.09 | |
Outstanding ending balance, Weighted average grant date fair value (per share) | $ 70.33 | $ 71.09 |
Performance Share Units [Member] | Equity Securities [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding beginning balance, Shares | 523,618 | |
Granted, Shares | 225,382 | |
Vested, Shares | (93,241) | |
Forfeited, Shares | (3,474) | |
Outstanding ending balance, Shares | 652,285 | |
Outstanding beginning balance, Weighted average grant date fair value (per share) | $ 45.90 | |
Granted, Weighted average grant date fair value (per share) | 58.66 | |
Vested and settled, Weighted average grant date fair value (per share) | 36.42 | |
Forfeited, Weighted average grant date fair value (per share) | 51.04 | |
Outstanding ending balance, Weighted average grant date fair value (per share) | $ 51.64 | |
Performance Share Units With Market Conditions [Member] | Equity Securities [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding beginning balance, Shares | 88,305 | |
Granted, Shares | 14,574 | |
Outstanding ending balance, Shares | 102,879 | |
Outstanding beginning balance, Weighted average grant date fair value (per share) | $ 65.45 | |
Granted, Weighted average grant date fair value (per share) | 69.92 | |
Outstanding ending balance, Weighted average grant date fair value (per share) | $ 66.08 | |
Restricted Share Units [Member] | Equity Securities [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding beginning balance, Shares | 79,112 | |
Granted, Shares | 33,827 | |
Vested, Shares | (22,349) | |
Forfeited, Shares | (3,891) | |
Outstanding ending balance, Shares | 86,699 | |
Outstanding beginning balance, Weighted average grant date fair value (per share) | $ 54.96 | |
Granted, Weighted average grant date fair value (per share) | 57.68 | |
Vested and settled, Weighted average grant date fair value (per share) | 46.01 | |
Forfeited, Weighted average grant date fair value (per share) | 61.55 | |
Outstanding ending balance, Weighted average grant date fair value (per share) | $ 58.03 | |
Deferred Share Units [Member] | Debt securities | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding beginning balance, Shares | 156,589 | |
Granted, Shares | 12,124 | |
Outstanding ending balance, Shares | 168,713 | |
Outstanding beginning balance, Weighted average grant date fair value (per share) | $ 35.28 | |
Granted, Weighted average grant date fair value (per share) | 56.78 | |
Outstanding ending balance, Weighted average grant date fair value (per share) | $ 36.82 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) - USD ($) | Mar. 17, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Lessee, Lease, Description [Line Items] | ||||
Operating lease fixed term | 2 years | |||
Initial lease term | 2 years | |||
Recognized gain on disposition of property, plant and equipment | $ 169,092,000 | |||
Renewal term | 1 year | |||
Right-of-use assets | $ 134,219,000 | $ 114,414,000 | ||
Operating lease liability | $ 4,477,000 | $ 118,737,000 | $ 109,882,000 | |
Operating lease, additional leases term | 2 years | |||
Bolton Properties Sale Leaseback Transaction [Member] | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating leases, remaining life | 28 months | |||
Right-of-use assets | $ 16,587,000 | $ 16,587,000 | ||
Minimum [Member] | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating leases, remaining life | 1 month | |||
Finance leases, remaining life | 1 month | |||
Maximum [Member] | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating leases, remaining life | 18 years | |||
Finance leases, remaining life | 6 years | |||
Maltby auction site | ||||
Lessee, Lease, Description [Line Items] | ||||
Right-of-use assets | $ 9,020,000 | |||
Operating lease liability | $ 9,020,000 |
Leases (Breakdown of Lease Expe
Leases (Breakdown of Lease Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Leases | ||||
Operating lease cost | $ 6,229 | $ 4,392 | $ 10,940 | $ 8,992 |
Amortization of leased assets | 2,616 | 2,815 | 5,248 | 5,403 |
Interest on lease liabilities | 186 | 205 | 360 | 426 |
Short-term lease cost | 2,901 | 1,922 | 6,364 | 4,583 |
Sublease income | (15) | (30) | ||
Lease expense | $ 11,932 | $ 9,319 | $ 22,912 | $ 19,374 |
Commitments (Details)
Commitments (Details) | 6 Months Ended | |
Jun. 01, 2021 USD ($) item | Jun. 30, 2022 USD ($) item | |
Commitments | ||
Contract period for inventory purchase | 2 years | |
Number of one year renewal options | item | 3 | |
Period for options to extend contract period | 1 year | |
Purchase commitment quantity | item | 600,000 | 263,503 |
Purchase commitment | $ | $ 77,000,000 | |
Purchase commitment amount purchased | $ | $ 54,520,000 |
Contingencies (Details)
Contingencies (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Contingencies | ||
Assets guaranteed under contract | $ 30,791,000 | $ 43,450,000 |
Percentage of assets expected to be sold | 88% | 61% |
Uncategorized Items - rba-20220
Label | Element | Value |
Fourth Amendment of the Credit Agreement [Member] | Delayed-draw Term Loan Facility [Member] | ||
Write off of Deferred Debt Issuance Cost | us-gaap_WriteOffOfDeferredDebtIssuanceCost | $ 710,000 |