RB Global (RBA) 8 Nov 242024 Q3 Earnings call transcript

Thank you for standing by. My name is Janine, and I will be your conference operator for today. At this time, I would like to welcome everyone to the RB Global Third Quarter Earnings Call. [Operator Instructions] I would now like to turn the conference over to Sameer Rathod, Vice President of Investor Relations and Market Intelligence. Please, go ahead.

thank quarter joining results. morning, discuss today good third our and you us for to Hello on discussion James similar Eric can believe, Financial me estimate, Guerin, our be our call. The Kessler, Chief words intend, Chief Officer, Executive identified by anticipate, are as statements plan, include expressions. forward-looking may Officer; such and the which following expect, with and opportunity this debt, a forward-looking limited revenue, and statements SEDAR. On forward-looking not will uncertainties. The are trends on EDGAR statement including partnerships value, to, measures. gross morning, certain quarterly most differ this report could as that annual the of that non-GAAP and non-GAAP including, we market financial not and financial are which report actual recent our of Investor detailed well risks items, Comments but in and other results are significantly issued earnings, projections and Form future transaction call, and release and as and XX-K, to potential on and such website available fact, forward-looking discuss from Relations uncertainties our cause involve also business risks considered measures, news are

and the two, XX-K, identification financial the non-GAAP financial of posted on directly XX-Q see Form reconciliation measures, of GAAP comparable measures our For news Form applicable the most release, our website.

to Jim? call are not non-GAAP turn as management measures. At to to measures cautioned financial cannot over financial time, undue unable are forward-looking forward-looking I'd necessary quantitative present like JI'm to components. all of We Kessler. this reliance the non-GAAP Investors reconciliation a predict on place

by on in to adjusted and customers. RB exceptional decline the than declining and less Thanks, of outstanding transactional our with in EBITDA Global's everyone results are value. to execution, a our team the call. third X% for Sameer, expressing face gross to X% highlights and to disciplined commitment quarter partners joining to overdelivering begin our morning commitments delivering consistently I gratitude my good want

driven loss by impacts our commercial was customer and and GTV discussed, transportation our challenging in in sector. construction previously As announced the sector automotive previously comps of

commercial first sector. the discuss Let's construction transportation and

prior to to in in these moments quarters, disposition approach macro the adopted wait-and-see their mentioned As are and business brief. customers Historically, uncertainty equipment evaluate and face a wait-and-see needs. conditions partners have of continue

However, has compare our they time the headwinds last progress and cause growth accepts for trajectory and market difficult increasing or We prices created execute de-fleeting higher business and new the lingering year-on-year our trade-in fleet underlying partner equipment purchasing in In the and volumes and environment either wait-and-see supply slowdown we approximately ideal that equipment. strategy that be or XX% a of a reacceleration assets. The a customers do transportation X-year with drives frame. Typically, in combined the believe stack short period the current decisions to given year of the marketplace that brief either start the needs. nature, the from the is match due to management aged elevated to COVID experienced cycle initiatives. impacts on of gain partners confidence we to our the ASP in best XXXX help their view scenario, comparisons navigate are the this which will are partners stimulates GTV there construction with

approximately expanded have to on sustainable organization focus American year-over-year driving a net continue our We XX% basis. by North on sales growth and

complex environment them the broader through investments As to macro capitalize be ramp resolves productivity solid our we a higher. to these up in We continues understand times. dedicated or lower and supporting when believe these are partners' we'll position challenges to

automotive the Now sector. move to let's

and with those as to response in a the our where devastating relief storms most to seamless affected. ensured recent of to live dedicated RB local thoughts and by to the providing cat We helping and hurricanes. Our All work. member preparedness areas we Global teammate's those most supported proud rapid charities these are communities year-round these dedication remains a affected impacted

played over Florida Ritchie Duke's strategic Energy's Florida, their by Bros. aiding Orlando efforts a yard. at workers hurricanes role restore restoration critical line providing the passed. space power to X,XXX power quick for in our equipment to in Additionally, allowed location and The for Central mobilization once

response witness our helping communicated our We these I several time we are of involved incredibly e-mails in from proud real were working collaborated had they cat agility partners, to received everyone and advantages heroic can execution. IAA our cat very closely Through was ensuring firsthand our with several our have to one-team we efforts with pleased in transparency excellence strategic the teammates. my and and commitments. trust events, our back. I recent flexible Florida. and adaptable from these during personally events. One enables culture our and side-by-side responded in lies a bring have visit our team's partners, in grateful for dedication that and program, communities advantage overdeliver all-in to during

our these recovery efforts. inspection Bros. team For of Ritchie vehicle XX% response comprised and approximately hurricanes, supporting team members,

the capacity. utilize we as have option yard strategic our to Ritchie additional Additionally, Orlando Bros.

confidently option. operations exercise However, to our existing thanks in this ample we without the cat capacity to managed region, needing

set. salvage growing this tool damage, to capability At harnessing inspection unmatched our by loss images exclusive is large analyzes decision-making. service enables also in are the Vision estimates, services vehicle AI-driven of an partners Value, a of the IAA vehicle that this power that vehicle to AI IAA our hydrated industry. Complementing machine quantify Vehicle value cutting-edge all the accelerate core IAA total carrier and Our is score, data a our

assesses flood and levels wetness. critical damaged capturing like waterline mat further vehicles, technology details Our

adjustment reduced accurate. innovation, Our by mission our have a Helene. process, the over Hurricane our week making and and streamline virtual times faster, investment more to assignment is more partners to cycle significantly it upstream in during technology straightforward Thanks

automotive progress quarter, our improving partners in continuously in marketplace, achieving third new sector. process of to our We the performance a record attracting sold to vehicles by and international continue buyers make In for price technology. the premium international high percentage to to continued drive our buyers we

of in salvage Our X% U.S. continues industry-leading resulted to prices which be average vehicles increasing an year-over-year, efforts by outcome. insurance selling

a Our exceptional partners trust we commitment resonating salvage our we the provider announce and is Suncorp to sole that immediate gaining We salvage Australian insurance the transparency fourth selected international share growth with in a to market with to believe leading in key here of by market salvage performance as have are automotive strategy is partners. markets our enter new and We're scale. quarter. A element excited that Group, provide their been provider.

greenfield and those supporting our multiyear the in contract of that contract We second to partner obtains XXXX. After quarter partnership We by we new could Suncorp provide up its selected XX,XXX quarter existing finalize or late and this locations first key strategically this X from and fully partnership final Board, expect are a start were Ritchie to blending reasons. for plan for terms of accommodate annually yards. We and anticipated terms Bros. this to operational. volume approval utilize Group units early execute once we locations we third-party

confidence as our commitments. in existing and in Ritchie our our strong on in Bros. partners' our cornerstone reputation, along with Australia, the to presence ability strong the brand served earning over-deliver expanding First,

suite will outlook. a widely our apart. I of processing financial for call Second, global vehicles, recognized auxiliary technology unmatched services salvage as in IAA digital third, the and combined performance solutions, to set Eric now brand IAA's with review industry-leading us and to premier our is pass cutting-edge,

Thank you, Jim.

more by X%, in Before this downturn. we a decreased and and Notably, industries transparent by average view per we've updated X%. X% a presentation management driven performance. Total to provide more investors how GTV X% volume unit vehicle clarity by highlight Automotive with start, broader enhance stable the like business price evaluates I'd to sold. that revenue significant our declined disaggregated GTV outpaced of drop

Unit growth existing the partners previously volumes remained announced loss. stable as offset from headwinds from customer

continuing salvage see leading a higher share on net the gain market in ratio. continues we we growth industry to here quarter. sequentially believe secular and an fourth noted, to due Jim basis, the Overall costs lower in are industry volume loss used prices, salvage vehicle repair the in increase the in As total to to

offset driven decreased by the in a compared transportation lot per quarter, to by the points XX% partially last XX% price commercial in nearly continued the volumes. Average a mix both basis by in period growth the same third ] decline total lot Solutions due ratio sold, In asset deflation XX.X% per in sector in to ETT estimated construction and that XX.X% loss GTV price asset XXX [ values. the to and year. approximately increased declined lot average Intelligent sold

from rental growth Asset volume asset lower mix ASPs. where lot are at headwinds values industries, transportation and stemmed intrinsically from

construction commercial bankruptcy, would Excluding XX%. the sector GTV impact approximately the the decline of have Corporation Yellow transportation been and in

to revenue increased decline average rate driven revenue approximately revenue and Service was by partially XX.X%, expanding by a in offset fee expansion take basis rate revenue. XXX buyer growth to Moving our a Service GTV. rate. service higher services service our by marketplace points driven by take X%, in

and Moving service to partially offset our of revenue inventory EBITDA due GTV expansion lower rate. lower adjusted to an levels Adjusted in returns, EBITDA. by declined take

in face and X% reduction headwinds by was by to execution. anticipated we discretionary these a in adjusted efficiency. GTV. We operational we initiative. declined certain X% As our dedicated of strategic efficiency this remain addition face disciplined action in This the Through the ongoing to launching on quarter, focus efforts, of a targeted in decisive a decline cost EBITDA took

However, in areas we long-term strategic any investments are position that for not sacrificing growth. us

of progress can X.X% as in X.X%, adjusted compared year. You the percentage our GTV EBITDA prior seeing a to to by measure increasing

rate. decreased share tax Adjusted on earnings higher per a adjusted slightly by X%

continued with the second of Term to paydown we to paying to adjusted capital allocation trailing adjusted in plan Our EBITDA the debt A quarter. debt and the solid turn approximately drove X/XX compared our continue down X.Xx to strategy, operational net of Loan remainder year. decline performance Consistent XX-months our for a a

to our the GTV guidance outlook. X%. from Moving to range We X% full maintain year

volumes the the be end However, continued and range. and we takes transportation hurricane-related will on and we think the see of we construction pressure commercial various given the at ASPs, lower puts with

questions. guidance expenses we call solid $X.XXX EBITDA, fourth cost incremental Please third with quarter billion in for to efficiency. results incurred end that recent the adjusted operating our due the let's quarter the the $X.XX of the attention from that, lower For to are the and to increasing associated hurricanes. With billion, guidance continued open range incorporates note

Khan first The question the from line comes Sabahat of RBC. Instructions] from [Operator

that you of trends seeing where the that your of side, the sort in -- XXXX? given commercial share being are over have the some maybe of on of maybe your what you're perspective? just expect the partners you some instead can do view disposition thoughts shared Could on on know in particularly each given Any we what of you some segments, a you outlook? macro, early larger in medium on I bit have terms your -- maybe into customers you maybe But guess, I term may the what activity, cautious. some the perspectives --

I'm and just to a partners, us, for we're to he everything expert I'll in customers. how high our And is whatever going very give our we question. Great level in. we them deliver is look, help Sameer, as you pass environment since talk main we about to think then resident But it outlook as do focus economic

So are the to is quarter, it much and we on some we situation value add what needs how focused I'll their their as have you and Sameer, to just can. And outlook. our we do quarter, listening for to support pass currently that as this team really P&L next

compared overall, think from people I OEM different assessing you are outlook. weaker, to sales Yes. we're are companies. not construction other the what seeing anything Obviously, still Saba, hear

our in remember, best and happens. And partners can we our focused from drive servicing regardless we what investing again, secular organic like on we're said, think perspective, growth to initiatives I customers are Jim of growth.

Jim grew America did about mention the by so we that sales force North And XX%.

maybe at high that. a know efficiencies talk you Maybe if a I -- and Great. you've going of number level, things like initiatives got just on can Okay. through

buckets journey, see through of the on keep we look should on we kind come of that talk eye maybe about are should over margin years? the to As the margin you improvement think we or improvement year, if few you just opportunities next an milestones ahead where next big you can

comments -- Really making specific give not going past the just we're nothing the items, to very been to quarter. back but for we've go

structure on we we the we do the For How margins. us, expand very can things. line. about effective and optimize do do that top focused as do we this we're how the our we And do think grow How we at most business, business. X how

getting X to So things. critical to journey X-quarter just as this for a something business much us, those and a we're a isn't we're that is thing. focus in And on. it's or journey always our X- flow-through going This and very on optimizing always focus that item our going was

comes question from Our CIBC. next Friesen from Krista

especially sounds Can on like some we It speak are the like of you'd well with the you business? get quite your announcement where progressing on far to just are core side, away how obviously the IAA to things of to? those KPIs call. the And from

Yes.

it's Jim. So

So I'll jump in.

we're I it very of proud KPI we're So am XX the SLAs, we into at, I standpoint the call our agreements think where strategic with partners. our acquisition. months and from

in that net at marketplace, really of base I on quickly overdelivering consistently right the that they're do We advanced gross are that's focus we and I buckets gained. But than we I focus grow driving. And driving that we're and partners. is how those for our returns which believe and in answer truly to believe can believe and I how look consistently at ultimately, like normal range. but are doing have hitting items, we our title, it, end anyone that the you are the return a And pieces top cycle we're we really more will the the done else, they're that we now. other share you calculate for and to very and then your seeing the value industry-leading have are question, for what there's charges, our we buyer our partners. XX numbers, storage a time, our it now believe first on underlying months buckets get about that And buckets, X just is partners really, partners

And one follow-up. maybe just

But at more focusing Or Or bit out to maybe M&A? we you tuck-in what how You thoughts allocation on year. there? spoke little for your point? as to priorities allocation your that remainder capital the capital XXXX, look you thinking the are of are a are some about

Yes.

So for -- thank you for the question.

focus A our XXXX, of is on Loan remainder the Term the For paydown.

of As allocation we couple a capital laid framework. ago, our quarters out

our continue will from in business, on and We real both to focus estate the footprint. investing from technology

will maintain Term then always We A. our M&A paying looking Loan on M&A we And at and down our funnel. are

to continue sense tuck-in business for where for the makes it us. at we'll look opportunities So

Prestopino Our next question comes Barrington. from Gary the line of from

Sameer. Eric and Jim, X questions.

to function What what all, you in like of went $XX there into this was comparisons up that there control a is First year-over-year is just numbers an talked there easier? -- decline mode quarter? were you of something about we Or really -- Eric, absolute million. where year's SG&A a got jacked last looked of expenses of in there that them the and about made

a Gary, there's couple of that. of components

As focused operating articulating is since gotten I've we here, and have on I been efficiency. are Jim

there side, spending quarter, prepared to headwinds third focus. knew be my is in some that continue the going as we we a in focus remarks. I did So articulated to the more discretionary Also, were on GTV some on as

won't but related it's give bonus in So be the year-over-year. I put to initiatives look the majority those when overall, of business. would piece efficiencies really But a There right, year-over-year. exact it's changes. an not year-over-year it that the to operating are place for of That initiatives we've are focus it. real attainment, on is you that percentage,

put a And just have Australia an RFP? sole get this of operations is that side. were with And Australia. my Or negotiation you? Could now did -- second was you was heavy maybe the then was the right with the between as to that it what you contract? in how deals that -- on just you kind side I cross-sell Okay. Because say business able you? maybe to doing wasn't question in you're this on don't Suncorp out it come salvage new equipment any with a

just from the would of I a in insurance managed they Look, business the carriers Suncorp say standpoint, their like any U.S.

marketplace is a to operate normal So they Ritchie side process Australia, the were it thing from in business kind a go of known in they operate which our Canada. their through. we very over big was great how about RFP business Bros. Australia, that us. The of similar for We

and everything Canada built. So tools IAA technology was that the and and of the

RFP an the to Suncorp, insurance that able happy it very think the as a but I partners that we Australia together, will So the in. And interest team all obvious contract. had tool only have very get I'm not that came in became was awarded

Craig from come question next Our from Kennison Baird.

might for I believe XX% that increase I'm in we the and manager when you mentioned an base. wondering on can the productivity translate of salesperson if your GTV? curve into you territory comment of to sort expect just typical

Yes.

So it's Jim.

that the we constantly be to in street with The in on we there's we we're the the don't holes we get Are for, the salary. for partners don't our the do just side. x exactly map regional we first very where salespeople, as to And in constantly the the certain of us, we salesperson in XX%, business? is thing, make side curve. But and into have going look investments best detail can have on pay should where one about of a It's conversations at think we add someone looking in because you the the increase have not equipment. it of very clear feet We model?

the invest on we that can hire, right too they get that personality, right know don't And it's something into position. side, person person quickly hire happens the pretty when be much in. And right also with also other when the And quickly. how it's can pretty manage constantly You you that the you to make and going right generate. something GTV that the we

inside, an provide think while had more and manager changed And of current sales inside model. a sort model? I territory update back, on invested you in outside then you the Could the

Yes, yes.

prefer region very it's customers thing much in age are progress have business. of that's apparent our groups model. There of in high-touch the as different still their both The a side careers type business the that in and technology one we team So the touch. with demographic some controls that inside of for share sales a we self-service having support. But and that the market built high is model, have which still a out a there a prefers lot our still there's that

But realize So as to we for want industry, make we're and this right technology transforms, infrastructure it change, is of while constantly the But So type a investing we right? place. takes in do environment. it thing one sure have to the it we in this the future. a right the in high-touch

comes from Blake next the Greenhalgh BoA. Our from line of question

past Now in first looking equipment just channel the Trump's back tightness that election, to the there's in we're term, used XXXX.

So, of just a of wanted about thinking guys similarities what to you sense terms are a and get second differences? term for in

I are comments happened that have can I and it's Yes. across that of going to of look a happen. believe answer But going our our in doing of I you right in see, of trends -- different the answer been in accurately wish Jim. we question, I think favor job, election. that can Look, you could what's an if macro I'd what's probably -- -- a on it lot when some what

in that's is another favor that for thing I just our think ultimately our industry.

So that we're any really comment -- of speculation can't to control. but we going on not kind

stabilizing That's fair. any guys win like seems question, in of It you in sort some And CapEx IAA. business of just sense 'XX? then second starting to and are

So to we get up? a see there. just step thoughts could Or trying

Yes.

our the some deal to will investment through announced just So be there budgeting going we related process, Suncorp today. XXXX but we're still that

and allocation come capital out call. guidance on we'll the process, with through go our we'll QX So

a Unfortunately, And have just would as top add loss the in is the last we had capacity Eric, to the with on only a side. from I we IAA of year. that U.S., announce reminder, thing

have we So capacity. do

into course, of just capacity the fill Canada, to when back you'll that. market, before So up was the that your to see But you U.S. share, market a new Australia, going and keep new in think capital. into gaining about have we Eric's lost of and point, to that we get want back mind,

of comes line from Sytchev the Maxim Our from next question MDS.

the take you about we maybe higher? bit trend this commenting medium term? over to because metric Would rate How on that little mind think continues a should

Yes.

chime I'll rate start a where have Eric, if a through. and evaluate process everything it Look, goes of anything. that to in then with competition, inflation, with you goes So things, take we and we want bunch

sure So make we're going competitive think we as position a about it. we're to in very

priorities. we on again, do we to that evaluation process happening efficiently we it's We margins, We rate just as see back very annual go as do at what's what should to doing. And in market make in look, going an possible to plays to constantly consistent it something want want we take and have basis expand the and X our want it and with and I We is that. continue an want GTV. And grow that evaluate. to look of what a to to a it, role we're that. competition We

we other to it, to of could happy future, constantly the at that at they're this moment, decisions and influence to it's and going where what some look in making at. do we're that decide look of have at, what very people And we're we we're but something

comment any share dynamic sort now, there you market any America color on can right by North chance? Jim in is of And provide or

going Look, specifically share. we're market to not comment on

we're from that I believe probably going can the to comment think and we that you gaining share, our notes that's make. we're see

is we're with that's as us good laser-focused we're sides we our be do as we what what overdelivering value about we what they can think value and into at market What long But drive of what see that's future. how in on control. is their that us value feel Global. the And partners. this like our we we're and RB to our drive partners for And we're we both IAA. and value the what can them, grow and commitments for P&L. And driving our our can Ritchie And control can we when help focus to business. applies ultimately is, for share focused partnership what Our on is and Bros. to in going

John question the Our Healy Northcoast. from comes of next line from

quarter, question have had the I of one. tier you you market the kind about win Last about that know to -- answered second talked you kind try second share, think Jim, of market. I of this just the but I the

there talking trophies particularly line have that on other year? I quarter, give the you in confidence next pilots that can to just or ask whether or just things, they're Suncorp. along they're that. Are This that that America you case North more tests you're things whether have about

I momentum think on the you marketplace. that and think investors you're do things care that's as I or hope guys you give a color there's in working announce will more on other things, that

So just curious if there are other can year? kind of you next tests that or pilots underway gain that give you confidence into share further

No, different same the asked everyone question. love I ways the

people, think opportunities And to And going it. as number driving X% very is good we as talking it in partners pilot, for be the their that and that's a in always gives just the that over there's and and about I business me behind me share. months going those, people to always right When it value see long can that do confidence that. the wants with, total has something. needs, see So it. And partners industry, We all we is, something we're gives on want salvage definitely multiply and can it going through. potential our millions talked be the do they someone looking that market understanding we're of cars focused going of appreciate number Look, we're what lot being What partners they're do to XX that exist up now. that confidence zeros their driving not do if look, to I the your of big you ASPs of all we believe driving do and could gross partners so that Ritchie we're what that we're for X that don't partners believe similarities our pilots. our X%. our show doing insight And public in now, now in IAA to loss have after as it, to and that future There's ratio to saying to in that that a of we're test you for we're business it right showing company, and people you're doing able what numbers you numbers. that But is creates ultimately, to you component, right? But in everything of As Bros. returns a we're And we number the be you there's partners think returns for that that to can have announce make to P&L, we're because on you're see key get to business choice, the and our helping value is, going the if business. whatever things side drive laser side, communicating whatever you're I'm focused my on some say, what interest net business need this dictate to with And them future and get also, share partners. that value, else a don't, you -- is think for that know drive equate do see P&L. And to partners to our going the it. say this EPS, and with pilot, want you're I about we existing in give their dollars not for trying I -- to we're as their business a drive today. and it pick right your people with, doesn't market to you

follow-up I just questions. X then appreciate that. And

adds to typically long action of sales the become as next there productive? margin the any that put force Suncorp, year. in the folks you dilute those on business year? big that business until like And upfront Are Just on then kind next might contribution costs XX%, also how that

good question. No,

and playbook, and when that entering Australia the then Australia, general, salvage And last think upfront on built the can a bring the support about we've a is as about that about I through or a us going buyer really, But already with we I'll technology, in Eric the year So helped market. over into of we're we the demand I have process. let already have into entry think what start, exists. And tools, any just the love process it already present chime I'll of we to is, in what have of marketing what kind cost and that international, anything RFP market. we footprint, playbook team, okay, that

Bros. Ritchie So entering a thing. into market a is a support presence where great has already

and still you a demand so that sometimes, Now to all buyers it's -- stuff. have you different drive

what instead execution we this But market theory, answer you about I'm if other talk gets I'm playbook, sales in against back and happy. about productivity. want I of Eric, which then future. Then is So come capital, the can it a that excited really going to me excited we the most have to into have potentials, about is put the actual,

no Yes, problem.

impact margin. the on material a will have EBITDA, So significant not it or on

for I the in think said will evaluate real we've on past, the real estate what's side, business. footprint that we the estate like right

some And of be purchased. that may

impact Some of capital that we spend that an And estate may from may put our as real that, decision be have perspective. leased, through on tree. that our but evaluate a we'll

our takes out TM, those into take of average of and can it not kind we are, basic from kind have, TM. numbers Territory doesn't into salary to and a going some what months look to what for numbers, specifics then the And of averages equipment rate, be and break not of you you number but quickly at going pretty of a to get see when what to a typical of look at lot we're take sales you but our you place think breakeven doesn't use Manager. But even can and about for productivity, figure able a GTV can get is look I'm an lot to look, specific it a take

comes next of question [Operator Our line Gibson Real Instructions] from from Capital the John Markets.

start in recent wondering to we've from margins off, higher to some bump take Just and cat function about see you modest the Or XXXX Is guidance. to the here of starting QX? rates that this are volumes improving seen? events

challenge. more a knew we as QX we remarks, indicated Yes. little in was the of prepared going I When look to a margin, my that bit be at

discretionary at reduction, wanted one did then line, I make I additional year quarter capture remaining. the little that going guidance we our spend and QX with the to a better some bit So looked to in when we we EBITDA into that's took the continue initiative sure on performance, QX. full around And and

about we tightening range. feel really good So that

you events I'll the in on a bit of thing, just how color around a profitability events. good are, cat how depends line, weird it. big operate EBITDA little And and top of it from Cat depending cat on it's events do standpoint, those a really just give things where a model are from your but one

think about think this the how received event a But I So multiple And how cat but e-mails about partners, a team happy a top you the daily performed was the us. normal very would I I'm handled cat about event, selling type line, not especially our it it vehicles. compared for salvage I've helps wouldn't it. of event, as on of profitable not to and decent-sized of for we it and

year or for then spend towards that based then technology big purchases going? And the implies can of CapEx bit the Wondering guidance we in it. majority on And more services? QX. Got for see if land down where Is a investing in year? come the more it is and specifically, here a capital pretty your your

it We talked road properties And we'll do land, on we flex the put we about strategic provide that Yes. decision map. technology of we have property, on through more the We our earlier. same spend specific like the then kind to if don't a bit technology and tree. our versus and split will little and on flex

So make the progresses guidance, current we'll see and process on sure year we're the year. To that and go range. our your we how is robust evergreen question maintaining pretty within QX, through to answer we're it

That concludes comments. our session. Q&A the back to I to would over turn James closing final Kessler for like call

much. so you Thank

all off, of partners, our and and X,XXX thing we ultimately want going to to able margins I since our I've accomplish to is how the to First which impressed be for I've been operating side, large commitments sure on I thank make Ritchie side, consistently teammates believe Bros. market, all events efficiently. want the growing efforts, for the been on expand we're unbelievably our to our that do overdelivering first over IAA through I to their just cat and the the need

the taking the want hard I sees I about all today. excited thank the potential Global really and your on front to make we want that So hears how thank future call everyone us. time of RB team everyone for work. And secondly, are sure to in for everyone management whole the here everyone at

enjoy have And to so the Thank wanted and hope you weekend. time. much. you everyone, Just great a you one day, thank more

This concludes call for conference our today.

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