RB Global (RBA) Q1 FY2024 earnings: revenue $1.1 billion, up 107.8% on the year

RB Global Inc. (RBA) reported revenue of $1.1 billion for Q1 FY2024, the quarter ended 31 March 2024, up 107.8% on the same quarter a year earlier. Net income was $107 million, and diluted earnings per share $0.53. The figures are the company's own, from the 10-Q it filed with the SEC on 9 May 2024.

Revenue$1.1 billionup 107.8%

Net income$107 million

Diluted EPS$0.53

QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	1,065	1,041	n/a	n/a
Selling, general and administrative	198	198	n/a	n/a
Operating income	199	171	n/a	n/a
Operating margin	18.7%	16.4%	n/a
Interest expense	63.9	64.2	n/a	n/a
Pre-tax income	140	114	n/a	n/a
Income tax	32.5	30.0	n/a	n/a
Effective tax rate	23.2%	26.3%	n/a
Net income	107	84.3	n/a	n/a
Net margin	10.1%	8.1%	n/a
Diluted EPS	$0.53	$0.60	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	125	337	n/a	n/a
Capital expenditure	45.2	74.3	n/a	n/a
Free cash flow	79.6	263	n/a	n/a
Free cash flow margin	7.5%	25.3%	n/a
Cash from investing	-77.5	-106	n/a	n/a
Cash from financing	-191	-52.6	n/a	n/a
Depreciation and amortisation	108	105	n/a	n/a
Share-based compensation	15.1	15.9	n/a	n/a
Dividends paid	49.3	49.3	n/a	n/a
Dividend per share	$0.27	$0.27	n/a	n/a
Diluted shares, weighted	185m	168m	n/a	n/a
Shares outstanding at period end	184m	183m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Shareholders' equity	5,066	5,017	n/a	n/a
Non-controlling interest	2.3	2.3	n/a	n/a
Redeemable equity	482	482	n/a	n/a
Debt	2,951	3,090	n/a	n/a
Operating lease liabilities	1,341	1,354	n/a	n/a
Finance lease liabilities	n/a	16.4	n/a	n/a
Other liabilities	2,203	2,076	n/a	n/a
Total liabilities and equity	12,045	12,037	n/a	n/a
Fixed assets	1,215	1,201	n/a	n/a
Goodwill	4,529	4,537	n/a	n/a
Intangible assets	2,854	2,914	n/a	n/a
Cash and equivalents	463	576	n/a	n/a
Receivables	945	732	n/a	n/a
Inventory	173	166	n/a	n/a
Other assets	1,868	1,911	n/a	n/a
Total assets	12,045	12,037	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	1,020	1,041	1,065	1,096	982	1,142	1,109	1,186	1,093	1,203	1,235	1,317
SG&A	204	198	198	209	178	189	205	222	218	260	214	211
Operating income	146	171	199	202	153	207	190	189	158	177	218	225
Operating margin	14%	16%	19%	18%	16%	18%	17%	16%	14%	15%	18%	17%
Interest expense	63.7	64.2	63.9	59.9	57.2	52.7	49.9	47.5	48.2	46.0	44.0	42.4
Pre-tax income	86.3	114	140	148	102	160	143	146	112	136	173	186
Tax rate	27%	26%	23%	25%	26%	26%	21%	25%	15%	19%	22%	23%
Net income	63.4	84.3	107	111	76.1	118	113	110	95.5	110	136	144
Net margin	6%	8%	10%	10%	8%	10%	10%	9%	9%	9%	11%	11%
Diluted EPS	$0.30	$0.60	$0.53	$0.54	$0.36	$0.58	$0.55	$0.53	$0.43	$0.53	$0.66	$0.71
Operating cash flow	157	337	125	337	285	184	157	326	240	255	224	142
Capital expenditure	61.4	74.3	45.2	28.7	36.9	56.6	54.3	84.8	51.2	68.7	51.5	78.1
Free cash flow	95.4	263	79.6	309	248	128	102	242	188	186	173	63.6
Buybacks	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	150
Dividends paid	49.2	49.3	49.3	49.6	53.5	53.6	53.5	53.8	58.2	n/a	n/a	n/a
Shares outstanding	182m	183m	184m	184m	184m	185m	185m	186m	186m	186m	186m	185m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 March 2024, filed 9 May 2024, accession 0001628280-24-022241: the filing on EDGAR. All of RB Global Inc.'s filings: EDGAR company page.

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