RB Global Inc (RBA) 2022 Q4 法說會逐字稿

Good morning. My name is Michelle, and I will be your conference operator today. At this time, I would like to welcome everyone to the Ritchie Bros. Auctioneers Fourth Quarter Conference Call.

早上好。我叫米歇爾，今天我將擔任你們的會議接線員。在此，歡迎大家參加利氏兄弟拍賣行第四季度電話會議。

(Operator Instructions) I will now turn the call over to Mr. Sameer Rathod, Vice President of Investor Relations and Market Intelligence, to open the call. Mr. Rathod, you may begin your conference.

（操作員說明）我現在將電話轉給投資者關係和市場情報副總裁 Sameer Rathod 先生來打開電話。 Rathod 先生，您可以開始您的會議了。

Thanks, and hello and good afternoon to everyone joining on our call today to discuss our fourth quarter and full-year 2022 results. Joining me on the call today are Ann Fandozzi, Ritchie Bros. Chief Executive Officer; and Eric Jacobs, Ritchie Bros. Chief Financial Officer.

謝謝，大家好，下午好，今天加入我們的電話會議，討論我們的第四季度和 2022 年全年業績。今天和我一起參加電話會議的還有利氏兄弟首席執行官 Ann Fandozzi；利氏兄弟首席財務官 Eric Jacobs。

The following discussion will include forward-looking statements, which can be identified by words such as expect, believe, estimate, anticipate, plan, intend, opportunities and similar expressions.

以下討論將包括前瞻性陳述，這些陳述可以用諸如預期、相信、估計、預期、計劃、打算、機會和類似表達等詞語來識別。

Comments that are not a statement of fact, including, but not limited to, projections of future earnings, revenue, gross transaction value, debt and other items, business and market trends and expectations regarding the proposed acquisition of IAA, including the anticipated timing, benefit, cost synergies and opportunities with respect to the transaction, are considered forward-looking and involve risks and uncertainties.

不屬於事實陳述的評論，包括但不限於對未來收益、收入、交易總值、債務和其他項目、業務和市場趨勢的預測，以及對擬議收購 IAA 的預期，包括預期時間，與交易相關的收益、成本協同效應和機會被認為是前瞻性的，並涉及風險和不確定性。

These factors include the satisfaction of the closing conditions, including shareholder approval, for the IAA transaction.

這些因素包括滿足 IAA 交易的交割條件，包括股東批准。

We note that during today's call, we will be discussing potential opportunities for the combined company and related information, including estimated amounts or ranges for such opportunities for illustrative purposes. This information is not intended to imply future targets, expectations or guidance and does not incorporate potential costs to achieve for specific timelines.

我們注意到，在今天的電話會議中，我們將討論合併後公司的潛在機會和相關信息，包括用於說明目的的此類機會的估計數量或範圍。此信息無意暗示未來的目標、期望或指導，也不包含為特定時間表實現的潛在成本。

The risks and uncertainties that could cause actual results to differ significantly from such forward-looking statements are detailed in our news release issued this afternoon as well as our most recent quarterly reports and annual reports on Form 10-K, which are available on our Investor Relations website and on EDGAR and SEDAR.

可能導致實際結果與此類前瞻性陳述顯著不同的風險和不確定性在我們今天下午發布的新聞稿以及我們最近的 10-K 表格季度報告和年度報告中有詳細說明，這些報告可在我們的投資者網站上獲取關係網站以及 EDGAR 和 SEDAR。

We also have and will make important filings with the SEC and applicable Canadian securities regulatory authorities in connection with the proposed IAA acquisition, including registration statement on Form S-4 filed with the SEC. You are urged to read those materials carefully.

我們還已經並將就擬議的 IAA 收購向美國證券交易委員會和適用的加拿大證券監管機構提交重要文件，包括向美國證券交易委員會提交的 S-4 表格註冊聲明。我們強烈建議您仔細閱讀這些材料。

On this call, we will also discuss certain non-GAAP financial measures, including forward-looking non-GAAP financial measures. For the identification of non-GAAP financial measures, the most directly comparable GAAP financial measures and the applicable reconciliation of the two, see our news release, Form 10-K and investor presentation posted to our website.

在這次電話會議上，我們還將討論某些非 GAAP 財務指標，包括前瞻性非 GAAP 財務指標。要確定非 GAAP 財務措施、最直接可比的 GAAP 財務措施以及兩者的適用調節，請參閱我們的新聞稿、10-K 表格和發佈在我們網站上的投資者介紹。

We are unable to present a quantitative reconciliation of forward-looking non-GAAP financial measures as management cannot predict all necessary components of such measures.

我們無法提供前瞻性非 GAAP 財務措施的定量調節，因為管理層無法預測此類措施的所有必要組成部分。

Investors are cautioned not to place undue reliance on forward-looking non-GAAP financial measures. All figures discussed today are U.S. dollars unless otherwise indicated. Following the prepared remarks, we will open the call to questions.

告誡投資者不要過分依賴前瞻性非 GAAP 財務指標。除非另有說明，否則今天討論的所有數字均為美元。在準備好的評論之後，我們將開始提問。

Now I'd like to turn the call over to Ritchie Bros. Chief Executive Officer, Ann Fandozzi.

現在我想把電話轉給利氏兄弟首席執行官 Ann Fandozzi。

Thank you, Sameer, and good afternoon to everyone joining us today. I'm excited to be here with you to discuss Ritchie Bros. phenomenal 2022 performance. We delivered record financial results and made significant progress in continuing to build our marketplace technology and advancing our growth initiatives, despite operating in a challenging environment of continued tight supply, inflationary headwinds, aggressive competition, foreign exchange volatility.

謝謝 Sameer，今天加入我們的大家下午好。我很高興能和你們一起討論利氏兄弟 2022 年非凡的表現。儘管在供應持續緊張、通脹逆風、激烈競爭、外匯波動等充滿挑戰的環境中運營，我們仍取得了創紀錄的財務業績，並在繼續構建我們的市場技術和推進我們的增長計劃方面取得了重大進展。

Speaking on behalf of the entire leadership team, I want to express my sincere appreciation to all of our employees who have shown time and again, their focus and dedication to delivering best-in-class service to our customers. Without our employees, none of this would be possible.

我謹代表整個領導團隊向我們所有的員工表示衷心的感謝，他們一次又一次地表現出專注和奉獻精神，為我們的客戶提供一流的服務。沒有我們的員工，這一切都不可能實現。

When I was appointed CEO in 2020, Ritchie Bros. had solid core assets and very talented employees, was profitable and generated a lot of cash, but the business was stagnant.

當我在 2020 年被任命為首席執行官時，利氏兄弟擁有堅實的核心資產和非常有才華的員工，盈利並產生了大量現金，但業務停滯不前。

Since then, we have recruited new leaders, and through organic initiatives, partnerships and strategic acquisitions, we have taken bold steps to redefine our operating model and reinvigorate profitable growth.

從那時起，我們招募了新的領導者，並通過有機舉措、合作夥伴關係和戰略收購，採取大膽措施重新定義我們的運營模式並重振盈利增長。

As a result, we are transforming Ritchie Bros. from a traditional auction business to a trusted global marketplace for insight services and transaction solutions, and we continued our journey by taking several important steps in 2022.

因此，我們正在將利氏兄弟從傳統的拍賣業務轉變為值得信賴的全球洞察服務和交易解決方案市場，並且我們在 2022 年採取了幾個重要步驟來繼續我們的旅程。

Ritchie Bros. 2.0, our marketplace technology platform, is in the process of piloting an all-new digital checkout experience, with self-serve invoices and settlements. This builds on our track record of innovation and further expands our ecosystem of solutions that make it easier for customers to do business with us.

我們的市場技術平台利氏兄弟 2.0 正在試行全新的數字結賬體驗，包括自助發票和結算。這建立在我們的創新記錄之上，並進一步擴展了我們的解決方案生態系統，使客戶更容易與我們開展業務。

We continue to test satellite yard locations and have learned that these can attract new customers into our ecosystem.

我們繼續測試衛星場位置，並了解到這些可以吸引新客戶進入我們的生態系統。

We have implemented a new sales coverage model that has enabled GTV growth, whether through our inside sales team working in tandem with our satellite yards, to target the long tail of sellers, where 80% of the equipment sits across our [venue] verticals, or the accelerated investments we are making to put more sales resources in the field to expand our customer relationships.

我們已經實施了一種新的銷售覆蓋模型，無論是通過我們的內部銷售團隊與我們的衛星場合作，還是通過我們的內部銷售團隊與我們的衛星場合作，都實現了 GTV 的增長，以瞄準賣家的長尾，其中 80% 的設備位於我們的 [場館] 垂直領域，或者我們正在加速投資以在該領域投入更多銷售資源以擴大我們的客戶關係。

SmartEquip, Rouse, Ritchie Bros. Financial Services and our Inventory Management System, all continue to grow as stand-alone solutions and have record performance. While we are excited about the performance of these solutions so far, we see even greater opportunities ahead as our digital marketplace strategy scales.

SmartEquip、Rouse、Ritchie Bros. Financial Services 和我們的庫存管理系統，都作為獨立解決方案繼續發展，並取得了創紀錄的業績。雖然我們對這些解決方案迄今為止的表現感到興奮，但隨著我們數字市場戰略的擴展，我們看到了更大的機遇。

And speaking of records, let's talk about some of the ones we set over the past year, $6 billion in annual GTV, over $700 million transacted on our Marketplace-E platform, over $1 billion funded volume by Ritchie Bros. Financial Services, over 75,000 active listings on Ritchie [List].

說到記錄，讓我們談談我們在過去一年中創造的一些記錄，60 億美元的年度 GTV，超過 7 億美元的交易額在我們的 Marketplace-E 平台上，超過 10 億美元的 Ritchie Bros. Financial Services 融資額，超過 75,000 Ritchie [List] 上的活躍列表。

Total number of organizations activated in our IMS was up an incredible 465% year-over-year at the end of December. Also, adjusted earnings per share increased 24% year-over-year to a record $2.41. We are so proud of the milestones we've achieved in 2022.

截至 12 月底，在我們的 IMS 中激活的組織總數同比增長了 465%，令人難以置信。此外，調整後每股收益同比增長 24% 至創紀錄的 2.41 美元。我們為 2022 年取得的里程碑感到自豪。

Let me transition from discussing the past to discussing what we expect for the future. Clearly, there are a few themes that are emerging. First, there are still a lot of projects out there, and our customers remain busy.

讓我從討論過去過渡到討論我們對未來的期望。顯然，有一些正在出現的主題。首先，那裡還有很多項目，我們的客戶仍然很忙。

That said, customers are beginning to expect some softening in their end markets. This is coming while they are starting to see loosening in the new equipment supply in some verticals. What we know for certain is that this is a critical trend for our customers, and we want to serve them and help them navigate their most complex challenges.

也就是說，客戶開始預計他們的終端市場會出現一些疲軟。這是在他們開始看到某些垂直領域的新設備供應鬆動的時候到來的。我們可以肯定的是，這對我們的客戶來說是一個關鍵趨勢，我們希望為他們服務並幫助他們應對最複雜的挑戰。

This is one of the many reasons we are so excited by the IAA acquisition to help us grow GTV with our Ritchie Brothers customers, using excess IAA yard capacity to form the basis of significantly scaling our satellite yards.

這是我們對 IAA 的收購感到非常興奮的眾多原因之一，它可以幫助我們與利氏兄弟客戶一起發展 GTV，利用 IAA 的過剩堆場容量為顯著擴展我們的衛星堆場奠定基礎。

We identified IAA as a potential combination for Ritchie Bros. back in mid-2020 and together with our Board of Directors, have evaluated a possible acquisition of IAA for more than a year.

早在 2020 年年中，我們就將 IAA 確定為利氏兄弟的潛在合併，並與我們的董事會一起評估了一年多對 IAA 的可能收購。

The strategic logic of this combination is clear. With IAA, we believe we can accelerate growth for Ritchie Bros., drive margin expansion and expand our reach into an attractive adjacent vertical by adding our services and operating expertise. We have the opportunity to fulfill IAA's full potential as well.

這種結合的戰略邏輯很明確。通過 IAA，我們相信我們可以通過增加我們的服務和運營專業知識來加速 Ritchie Bros. 的增長，推動利潤增長並將我們的影響力擴大到有吸引力的相鄰垂直領域。我們也有機會充分發揮 IAA 的潛力。

IAA operates in a solid vehicle market, which has strong secular tailwinds. IAA is a leading player in this attractive market and has shown countercyclicality and resilience throughout the economic cycles.

IAA 在穩固的汽車市場中運營，該市場具有強大的長期順風。 IAA 是這個有吸引力的市場的領先者，並在整個經濟周期中表現出反週期性和彈性。

IAA has an expansive yard footprint that complements Ritchie Bros., with approximately 45% available capacity. IAA's 210 yards that are already new Ritchie Bros. customers, will allow us to accelerate our stand-alone yard strategy.

IAA 擁有廣闊的場地佔地面積，與 Ritchie Bros. 相得益彰，可用容量約為 45%。 IAA 的 210 碼已經是利氏兄弟的新客戶，這將使我們能夠加快我們的獨立碼戰略。

The key here is that we are better together. And combining the footprint will allow us to create a network of locations that will provide us with the agility to meet all our customers' needs and unlock higher levels of growth and margin expansion.

這裡的關鍵是我們在一起會更好。結合足跡將使我們能夠創建一個地點網絡，使我們能夠靈活地滿足所有客戶的需求，並實現更高水平的增長和利潤擴張。

As we recently highlighted, we see a potential to unlock $350 million to $900 million in EBITDA growth opportunities, including our expected $100 million to $120 million or more of clearly identified and achievable cost synergies. Investors should take in knowing that the team at Ritchie Bros. has extensive knowledge in the automotive industry and a proven track record of acquiring and integrating companies.

正如我們最近強調的那樣，我們看到有可能釋放 3.5 億至 9 億美元的 EBITDA 增長機會，包括我們預期的 1 億至 1.2 億美元或更多明確確定和可實現的成本協同效應。投資者應該知道利氏兄弟的團隊在汽車行業擁有廣泛的知識，並且在收購和整合公司方面有著良好的記錄。

And speaking of integration, the integration planning has already started. We have established an Integration Management Office, or IMO, comprised of dedicated experienced operators and leaders to ensure this integration plan is executed seamlessly.

而說到整合，整合規劃已經開始了。我們已經建立了一個集成管理辦公室 (IMO)，由經驗豐富的專業操作員和領導組成，以確保無縫執行此集成計劃。

The IMO will be supported by a leading third-party consultancy firms and overseen by an internal steering committee that will have [further] charters, milestones and KPIs to drive accountability.

IMO 將得到一家領先的第三方諮詢公司的支持，並由一個內部指導委員會監督，該委員會將擁有 [進一步] 章程、里程碑和 KPI 來推動問責制。

As we announced just a few weeks ago, we amended the terms of our transaction structure with IAA to further enhance the value proposition for both Ritchie Bros. and IAA shareholders. We are pleased with the feedback we have received from many new and existing shareholders who recognize the compelling benefits of the acquisition.

正如我們幾週前宣布的那樣，我們修改了與 IAA 的交易結構條款，以進一步提升利氏兄弟和 IAA 股東的價值主張。我們很高興收到許多新股東和現有股東的反饋，他們認識到此次收購的巨大好處。

We encourage shareholders to vote ahead of the March [4] meeting to help us bring this transaction to fruition and realize the value inherent in bringing our 2 companies together. Let me now hand the call to Eric Jacobs to highlight some additional information about our fourth quarter financial results.

我們鼓勵股東在 3 月 [4] 的會議之前投票，以幫助我們實現這項交易並實現將我們兩家公司合併的內在價值。現在讓我把電話轉給埃里克·雅各布斯，以強調有關我們第四季度財務業績的一些額外信息。

Thank you, Ann. Welcome, everyone, who's joining our call this afternoon. Like Ann, I'm pleased with our record results. And I would like to thank our entire team who did an extraordinary job focusing on and growing the business.

謝謝你，安。歡迎大家今天下午加入我們的電話會議。和安一樣，我對我們創紀錄的成績感到滿意。我要感謝我們的整個團隊，他們在關注和發展業務方面做得非常出色。

Turning to our actual results. In the fourth quarter, GTV increased 6% year-over-year to $1.5 billion. This was driven by a continued rebound in our lot volumes, partially offset by deflating prices, unfavorable asset mix and the unfavorable impact of foreign exchange. When you exclude the negative impact of foreign exchange, GTV increased 9% on a constant currency basis.

轉向我們的實際結果。第四季度，GTV 同比增長 6% 至 15 億美元。這是由於我們的手數持續反彈，部分被價格下跌、不利的資產組合和外彙的不利影響所抵消。如果排除外彙的負面影響，GTV 按固定匯率計算增長 9%。

Breaking this down a little further, lot volumes were up 20% year-over-year, driven by record fourth quarter volumes from our strategic account customers.

進一步細分，在我們的戰略客戶創紀錄的第四季度交易量的推動下，交易量同比增長 20%。

However, the average price per lot sold was down 12% versus the fourth quarter of 2021 as much of the unit volume increase came from rental and transportation assets. This drives an overall lower-value asset mix for us, and it also comes with some price compression from loosening [used] supply.

但是，與 2021 年第四季度相比，每批售出的平均價格下降了 12%，因為單位數量增長的大部分來自租賃和運輸資產。這為我們帶來了整體低價值資產組合，並且還伴隨著[二手]供應鬆動帶來的價格壓縮。

Geographically, we saw strength in GTV from North America, driven by solid execution from our Canadian team. At the same time, our international regions impressive growth was masked and offset by a negative foreign exchange impact from the strong U.S. dollar.

在地理上，我們看到了來自北美的 GTV 的實力，這得益於我們加拿大團隊的紮實執行力。與此同時，我們國際地區令人印象深刻的增長被強勢美元帶來的負面外匯影響所掩蓋和抵消。

If you're thinking about modeling GTV, recall that the first quarter tends to be the smallest from a seasonal perspective.

如果您正在考慮對 GTV 建模，請回想一下，從季節性角度來看，第一季度往往是最小的。

We also expect the trend of higher unit volumes, offset by continued pressure on average selling prices due to assets and softer category pricing, to continue in the first quarter. In addition, it is important to note that during the first quarter of 2022, we were experiencing our highest average unit selling price period post-COVID due to low supply.

我們還預計，第一季度將繼續出現銷量增加的趨勢，但被資產和類別定價疲軟導致的平均售價持續承受壓力所抵消。此外，值得注意的是，在 2022 年第一季度，由於供應不足，我們正在經歷 COVID 後平均單位售價最高的時期。

Taking all this into account as well as foreign currency, we expect GTV in the first quarter to grow low to mid-single digits year-over-year and less than our fourth quarter GTV growth rate. Also, as a general comment, we expect to close IAA in the latter half of March. Therefore, we are recommending that analysts and investors model Ritchie Bros. on a stand-alone basis for the first quarter.

考慮到所有這些因素以及外幣因素，我們預計第一季度的 GTV 同比增長低至中等個位數，低於我們第四季度的 GTV 增長率。此外，作為一般性評論，我們預計將在 3 月下半月關閉 IAA。因此，我們建議分析師和投資者在第一季度單獨為利氏兄弟建模。

Turning to revenue. Total service revenue in the fourth quarter increased 11%, driven by the uplift in buyer fees that was implemented during the past year as well as continued growth in our marketplace services. We also benefited from a full-quarter contribution from SmartEquip compared to the last year. Excluding the impact of SmartEquip from both periods, total service revenue increased 10% year-over-year.

談到收入。第四季度的總服務收入增長了 11%，這得益於去年實施的買家費用上調以及我們市場服務的持續增長。與去年相比，我們還受益於 SmartEquip 的整個季度貢獻。排除這兩個時期 SmartEquip 的影響，總服務收入同比增長 10%。

With regards to our earnings, adjusted EBITDA increased 24% on strong flow-through from the top line. Also, adjusted earnings per share increased 36% to $0.68.

關於我們的收益，調整後的 EBITDA 增長了 24%，這得益於收入的強勁流動。此外，調整後每股收益增長 36% 至 0.68 美元。

An anticipated increase in lot volumes in 2023 will likely require added resources in our operations and back office to support as we are still navigating through somewhat manual processes. Therefore, we may experience a headwind to our flow-through and adjusted EBITDA margin during the year as we process these volumes.

預計 2023 年的批量增加可能需要我們的運營和後台部門增加資源來支持，因為我們仍在通過一些手動流程進行導航。因此，在我們處理這些交易量的過程中，我們可能會在這一年中遇到對我們的流通和調整後的 EBITDA 利潤率的不利影響。

Regarding taxes, in the fourth quarter, the effective tax rate, excluding the impact of adjusted items, was approximately 23.6%, slightly lower than the 23.7% in the same quarter last year. Tax rate was lower than we expected in the fourth quarter due to changes in the estimate of the impact of U.S. tax reform.

稅收方面，第四季度剔除調整項目影響的實際稅率約為23.6%，略低於去年同期的23.7%。由於對美國稅改影響的估計發生變化，第四季度的稅率低於我們的預期。

We expect the effective tax rate, excluding the impact of adjusted items and the IAA transaction, to be between 24% and 27% for the first quarter. Our GAAP tax rate could be much different from the effective tax rate due to the impact of acquisition costs.

我們預計第一季度的實際稅率在 24% 至 27% 之間，不包括調整項目和 IAA 交易的影響。由於收購成本的影響，我們的 GAAP 稅率可能與實際稅率有很大不同。

Turning to our Auctions and Marketplaces segment. A&M services revenue increased 11%. In our A&M take rate, our A&M service revenue as a percentage of total GTV came in at a robust 14.4% for the quarter, up approximately 70 basis points compared to the prior-year period. This increase was primarily driven by an uplift in buyer fees.

轉向我們的拍賣和市場部分。 A&M 服務收入增長了 11%。在我們的 A&M 比率中，我們的 A&M 服務收入佔 GTV 總額的百分比在本季度達到強勁的 14.4%，比去年同期增長約 70 個基點。這一增長主要是由於買家費用的上漲。

Note that our commissions revenue as a percentage of GTV declined this quarter due to the higher level of GTV sourced from strategic accounts, which typically realize lower commission levels compared to our regional business. We expect this trend of slightly lower commission take rate to continue into the first quarter as our strategic account group momentum continues.

請注意，本季度我們的佣金收入佔 GTV 的百分比有所下降，原因是來自戰略客戶的 GTV 水平較高，與我們的區域業務相比，這些客戶通常實現較低的佣金水平。隨著我們的戰略客戶群勢頭持續，我們預計這種佣金率略低的趨勢將持續到第一季度。

Moving to A&M inventory sales. As a reminder, inventory sales tend to be lumpy and are driven by consignor preferences. In the fourth quarter, inventory sales increased 50% year-over-year, with strong growth contributed from all regions, particularly the United States.

轉向 A&M 庫存銷售。提醒一下，庫存銷售往往是不穩定的，並且受發貨人偏好的驅動。第四季度，庫存銷售同比增長 50%，所有地區的強勁增長都貢獻了力量，尤其是美國。

For the quarter, the inventory rate came in at 10.4%, which reflects excellent performance in a dynamic pricing environment by our at-risk teams. This inventory rate is at the higher end of historical ranges. As we focus on accelerating GTV, we will continue structuring our at-risk deals to win where it makes sense.

本季度的庫存率為 10.4%，這反映了我們的風險團隊在動態定價環境中的出色表現。該庫存率處於歷史範圍的較高端。當我們專注於加速 GTV 時，我們將繼續構建我們的風險交易，以在有意義的地方獲勝。

Turning to expenses. Our cost of services plus selling, general and administrative expenses were up 7%. Selling, general and administrative expenses, exclusive of share-based payments and other nonrecurring charges, were up approximately 7% as well. This is at the low end of the range, given last quarter, and less than total service revenue growth, which helped drive our flow-through.

談到開支。我們的服務成本加上銷售、一般和管理費用上漲了 7%。銷售、一般和管理費用（不包括基於股份的支付和其他非經常性費用）也增長了約 7%。鑑於上個季度，這是該範圍的低端，並且低於總服務收入增長，這有助於推動我們的流動。

For the first quarter, we expect selling, general and administrative expenses to be between $125 million and $130 million on a Ritchie Bros. stand-alone basis, exclusive of share-based payments and other nonrecurring charges.

對於第一季度，我們預計利氏兄弟單獨的銷售、一般和管理費用將在 1.25 億美元至 1.3 億美元之間，不包括基於股份的支付和其他非經常性費用。

Turning to cash flow and liquidity. Our cash flow remains very robust with trailing 12-month operating free cash flow of $556 million, which is 206% of our non-GAAP adjusted net income or 145% if you exclude the bolt-on property sales proceeds.

轉向現金流和流動性。我們的現金流仍然非常強勁，過去 12 個月的運營自由現金流為 5.56 億美元，占我們非 GAAP 調整後淨收入的 206%，如果不包括附加房地產銷售收益，則為 145%。

Our adjusted net debt amount was $116 million. At the end of the fourth quarter, our net debt to trailing 12-month non-GAAP adjusted EBITDA ratio was 0.3x.

我們調整後的淨債務額為 1.16 億美元。第四季度末，我們的淨債務與過去 12 個月的非 GAAP 調整後 EBITDA 之比為 0.3 倍。

In connection with the IAA transaction, we currently plan on marketing and closing additional note financings. We estimate these financings will add an incremental $11 million to $12 million in interest expense to our first quarter, assuming a mid to late March close for the financings.

關於 IAA 交易，我們目前計劃營銷和完成額外的票據融資。我們估計這些融資將為我們的第一季度增加 1100 萬至 1200 萬美元的利息支出，假設融資於 3 月中下旬結束。

As a result, we expect interest expense in the first quarter to be between $20 million and $21 million, inclusive of the contemplated financings to fund the IAA acquisition.

因此，我們預計第一季度的利息支出將在 2000 萬美元至 2100 萬美元之間，其中包括為 IAA 收購提供資金的預期融資。

Also for modeling purposes, we expect quarterly interest expense to be between $62 million and $66 million starting the second quarter of 2023, subject to the expected closing of IAA, and based on an anticipated total debt amount of $3.3 billion and a blended interest rate of between 7.3% and 7.8%. As I've stated previously, we will be focusing on delevering quickly post closing.

同樣出於建模目的，我們預計從 2023 年第二季度開始，季度利息支出將在 6200 萬美元至 6600 萬美元之間，這取決於 IAA 的預期關閉，並基於 33 億美元的預期總債務額和 33 億美元的混合利率在 7.3% 和 7.8% 之間。正如我之前所說，我們將專注於在收盤後快速去槓桿化。

I wanted to end my comments by explaining how we expect to account for the convertible preferred equity that was recently issued to Starboard and the impact it will have on calculating our earnings per share, both reported and adjusted.

我想通過解釋我們期望如何解釋最近發行給 Starboard 的可轉換優先股及其對計算我們的報告和調整後每股收益的影響來結束我的評論。

I will not go through all the numbers and calculations on the slide. However, U.S. generally accepted accounting principles require us to compute earnings per share using either the two-class method or the if-converted method, whichever is more dilutive and produces the lower earnings per share amount. Currently, we are expecting the two-class method, which is detailed on this slide, to be more dilutive.

我不會詳細介紹幻燈片上的所有數字和計算。然而，美國公認的會計原則要求我們使用兩類法或 if-converted 法計算每股收益，以稀釋性更強且每股收益金額較低者為準。目前，我們預計這張幻燈片中詳細介紹的兩類方法會更加稀釋。

It's important to note that the two-class method will not have an impact on our adjusted EBITDA. It will only impact our earnings per share due to the specific GAAP reporting requirements.

重要的是要注意，兩類方法不會對我們調整後的 EBITDA 產生影響。由於特定的 GAAP 報告要求，它只會影響我們的每股收益。

While we do not provide adjusted EPS guidance, the preferred dividend in the two-class method could impact adjusted EPS by at least an estimated $0.04 to $0.05 per share per quarter on a full-quarter basis, going forward.

雖然我們不提供調整後的每股收益指導，但兩類方法中的優先股息可能會影響調整後的每股收益，預計在整個季度的基礎上每季度每股至少 0.04 美元至 0.05 美元，向前發展。

I will end my remarks here. Thank you all again for your time today. And now back to Ann.

我的發言到此結束。再次感謝大家今天的時間。現在回到安。

Thank you, Eric. Overall, 2022 was a dynamic year as we supported our customers through the continued fallout from the pandemic, a fluid geopolitical environment and continued economic uncertainty. Regardless of the macroeconomic environment we faced in 2023, I know that Ritchie Bros. strategic vision for growth and our commitment to our customers to help them make the very best decisions will allow us to continue our transformation journey.

謝謝你，埃里克。總體而言，2022 年是充滿活力的一年，因為我們在大流行病的持續影響、多變的地緣政治環境和持續的經濟不確定性中為我們的客戶提供支持。無論我們在 2023 年面臨的宏觀經濟環境如何，我知道利氏兄弟的增長戰略願景和我們對客戶幫助他們做出最佳決策的承諾將使我們能夠繼續我們的轉型之旅。

We finished this year with strong momentum, and the team is here in Orlando kicking off our auction calendar for 2023. Recall that despite Orlando being our largest event of the year, as we transform into a marketplace, any one specific event, even Orlando, does not dictate performance for the entire quarter.

我們以強勁的勢頭結束了今年，團隊在奧蘭多開始了我們 2023 年的拍賣日程。回想一下，儘管奧蘭多是我們今年最大的活動，但隨著我們轉變為市場，任何一個特定的活動，即使是奧蘭多，不決定整個季度的表現。

I want to close by saying that we are excited by the expected close of the IAA acquisition and its expected benefits to Ritchie Bros. for years and decades to come.

最後，我想說的是，我們對 IAA 收購的預期完成及其在未來幾年和幾十年給利氏兄弟帶來的預期收益感到興奮。

With that, let's open the call for questions.

有了這個，讓我們打開問題的電話。

(Operator Instructions) Your first question comes from Michael Doumet of Scotiabank.

（操作員說明）您的第一個問題來自豐業銀行的 Michael Doumet。

First of all, congrats on these great results. First question, I wanted to ask on GTV. Another really good number. I guess, going forward, the expectation, as the economy slows, is that we'll see transactions volume rise. So for Q4, you talked about volumes being up 20%.

首先，祝賀這些偉大的結果。第一個問題，我想在GTV上問。另一個非常好的數字。我想，展望未來，隨著經濟放緩，我們將看到交易量上升。因此，對於第四季度，您談到銷量增長了 20%。

Is there a way that you can help us quantify the upside to lot volumes as supply conditions normalize? And I guess, Eric, why would you expect slower GTV growth in Q1 despite the volume trend that we're seeing?

有沒有一種方法可以幫助我們量化隨著供應條件正常化而增加的成交量？我想，埃里克，儘管我們看到了銷量趨勢，但為什麼您會預計第一季度的 GTV 增長會放緩？

Michael, let me start, Ann here, and then I'll turn it over to Eric. So let me just set the stage. When we think about our GTV and obviously, we're -- thank you for your kind words about the quarter, we're exceptionally proud of the team and how they performed.

邁克爾，讓我先開始，安在這裡，然後我會把它交給埃里克。所以，讓我來佈置一下吧。當我們想到我們的 GTV 時，很明顯，我們 - 感謝您對本季度的客氣話，我們為團隊及其表現感到非常自豪。

When you think about GTV, there's actually three things to keep in mind. So I'm just going to take a step back for a second. There's obviously volumes, right? We talk about them as lot. There's obviously pricing, but there's also mix. And so it is important for us, as we consider modeling and when we talk about our business, to really consider all three.

當您想到 GTV 時，實際上需要牢記三件事。所以我要退後一步。顯然有體積，對吧？我們經常談論它們。顯然有定價，但也有混合。因此，當我們考慮建模和談論我們的業務時，真正考慮這三個方面對我們來說很重要。

And then when we talk about mix, there's even two flavors of mix. There is the customer mix Eric spoke about in the remarks that preceded the Q&A. Meaning, obviously, if they're large strategic accounts, they have very different seller fee structures than kind of our regional business. And then there is the mix of the product itself. Even there, it's what the product is mix and then also the age of the product.

然後當我們談論混合時，甚至有兩種混合口味。 Eric 在問答之前的評論中談到了客戶組合。意思是，很明顯，如果他們是大型戰略客戶，他們的賣家費用結構與我們的區域業務截然不同。然後是產品本身的組合。即使在那裡，它也是產品的組合，然後是產品的年齡。

So it's not just volume and price. It's just something that I ask everybody to caution. And with that, let me turn it over to Eric to speak specifically on your question.

所以這不僅僅是數量和價格。這只是我要求大家注意的事情。說到這裡，讓我把它交給埃里克來具體談談你的問題。

Thanks, Ann. So Michael, I -- a couple of things. So the strategic accounts, those assets that we talked about in transportation, in particular, and some rental, the price being lower for those assets, that's going to impact GTV.

謝謝，安。所以邁克爾，我 - 幾件事。因此，戰略賬戶，尤其是我們在運輸方面談到的那些資產，以及一些租金，這些資產的價格較低，這將影響 GTV。

You also have last year, as I mentioned, price was really high. And we had some unique lots. We had some real estate deals in Canada, some agriculture that was -- that's not expected to repeat in the first quarter of 2023.

正如我提到的，去年你也有，價格真的很高。我們有一些獨特的地段。我們在加拿大進行了一些房地產交易，一些農業交易——預計在 2023 年第一季度不會重演。

And then international, you still have some slight headwinds on foreign currency. And those regions are performing a little differently than they did last year as well. So that's why we think that overall GTV will be still relatively strong, but down a little bit from what we saw in Q4.

然後在國際上，您仍然對外匯有一些不利因素。這些地區的表現也與去年略有不同。所以這就是為什麼我們認為整體 GTV 仍將相對強勁，但比我們在第四季度看到的略有下降。

That's helpful. And maybe the second question, with IAA's results out tonight as well, the combined EBITDA for 2022 looks like it's closer to $1 billion versus, I think, the $950 million and most of the outperformance comes from the Ritchie side. IAA also did outperform. Can you maybe just speak to the outperformance and maybe what we think or what we should think on a go-forward basis?

這很有幫助。也許是第二個問題，由於 IAA 今晚也公佈了結果，2022 年的綜合 EBITDA 看起來更接近 10 億美元，而我認為是 9.5 億美元，而且大部分出色表現來自 Ritchie 方面。 IAA 也確實表現出色。您能否談談表現出色以及我們的想法或我們應該在前進的基礎上思考什麼？

Yes. I think the headline -- and Michael, yes, thank you, we're obviously very proud of our team and proud of the IAA team for delivering. I think the headline here is execution and commitments, right?

是的。我認為標題 - 邁克爾，是的，謝謝你，我們顯然為我們的團隊感到自豪，並為 IAA 團隊的交付感到自豪。我認為這裡的標題是執行和承諾，對嗎？

So I think one thing you've seen from the Ritchie Bros. team, certainly in the 3 years that I've been here, is that we set objectives, we stretch, we test, we learn, and we obviously manage the things that are controlled very, very fiercely.

所以我想你從利氏兄弟團隊看到的一件事，當然是在我來這裡的 3 年裡，就是我們設定目標，我們延伸，我們測試，我們學習，我們顯然管理的事情被控制得非常非常嚴厲。

You saw that from us in 2022. You saw it in '21, and exceptionally proud of the work we did -- the team has done and kind of set ourselves up for success.

你在 2022 年從我們身上看到了這一點。你在 21 年看到了它，並對我們所做的工作感到非常自豪——團隊已經完成並為成功做好了準備。

IAA, you certainly saw it in Q4 and tuning themselves to a very similar bar. Obviously, we've been working together for quite some time on both on this acquisition and getting to know each other's cultures. And we're very proud of how they've done. They're driving the things in their control. And we're confident that when we come together, we're only going to make all of that better. Here's Eric to add.

IAA，你肯定在第四季度看到了它，並將自己調整到一個非常相似的欄。顯然，我們在這次收購和了解彼此的文化方面已經合作了很長一段時間。我們為他們的表現感到非常自豪。他們正在推動他們控制的事情。我們相信，當我們走到一起時，我們只會讓這一切變得更好。下面是 Eric 的補充。

So relatively simply stated, we had strong top line performance due to the buyer upfront fees and inventory rates. So that strong top line performance helped flow through to the bottom line as long -- as well as the strong cost containment that we had in the quarter.

所以相對簡單地說，由於買家的預付費用和庫存率，我們的收入表現強勁。因此，強勁的營收表現有助於長期影響利潤——以及我們在本季度的強大成本控制。

So we were able to process some of those -- that significant amount of volume with -- on an efficient basis. That said, we do expect more volumes and just want to caution that we -- that's -- with our manual processes, that's something that we still have to deal with.

因此，我們能夠在高效的基礎上處理其中的一些——大量的數據。就是說，我們確實期望有更多的數量並且只是想提醒我們 - 也就是說 - 通過我們的手動流程，這是我們仍然必須處理的事情。

Amazing. Really helpful, and best of luck for the deal to close.

驚人的。真的很有幫助，祝交易順利完成。

Thank you.

謝謝。

The next question comes from Michael Feniger of Bank of America.

下一個問題來自美國銀行的 Michael Feniger。

Just to follow up on that, I mean the flow-through in the quarter was really impressive. I recognize a lot of lot growth is coming up and there's more labor there, but you're also more virtual than you've been in the past. So I think your cost of service that, that increase would be lower.

只是為了跟進這一點，我的意思是本季度的流量確實令人印象深刻。我認識到很多增長正在到來，那裡有更多的勞動力，但你也比過去更加虛擬。所以我認為你的服務成本，增加會更低。

So just trying to unpack the comments around the flow-through for next year. Eric, like, if service revenue is up 10%, can we expect EBITDA to be up 10% as well or 20%? Just trying to get the framework on how operating leverage should work next year, given the pickup on volumes.

所以我只是想解開圍繞明年流程的評論。埃里克，如果服務收入增長 10%，我們能否預期 EBITDA 也增長 10% 或 20%？鑑於交易量的回升，只是試圖獲得明年運營槓桿應該如何運作的框架。

Yes, Michael, so let me start [at the low]. So there's been some kind of news out there about this. You're more virtual, so you're saving costs. I remind us that on every earnings call, we talk SG&A and why it's continuing to increase. So let's be clear.

是的，邁克爾，所以讓我從[低]開始。所以有一些關於這方面的新聞。你更虛擬，所以你節省了成本。我提醒我們，在每次財報電話會議上，我們都會討論 SG&A 及其持續增長的原因。所以讓我們說清楚。

When we went fully virtual, we stopped ramping, but we added quite a bit of technology to offset that so that the customer experience is even better. We now have full 360 video. So if you take a look at the cost in the SG&A to process the equipment, they actually have not come down.

當我們完全虛擬化時，我們停止了增長，但我們添加了相當多的技術來抵消這種影響，從而使客戶體驗更好。我們現在有完整的 360 視頻。因此，如果您看一下 SG&A 中處理設備的成本，它們實際上並沒有下降。

So I know there's this kind of Ritchie Bros. are saving a ton of money during COVID, where the savings came was really the travel and those kind of things, where, obviously, we encourage our salespeople to get back out there because we're happy to spend the SG&A dollars on salespeople in travel and entertainment as long as those result in GTV.

所以我知道有這種 Ritchie Bros. 在 COVID 期間節省了大量資金，節省下來的實際上是旅行和那些事情，顯然，我們鼓勵我們的銷售人員回到那裡，因為我們很樂意將 SG&A 的錢花在旅遊和娛樂方面的銷售人員身上，只要能帶來 GTV。

So if you just look kind of brass-tacks, the yards have stayed the same. We've actually added some from a satellite [basis]. The only cost that was cut was really the cost of ramping, which has been more than offset by all of the kind of buyer facing incremental value-added services to put in place, most notable the 360 technology, which requires quite a bit of labor to kind of bring that to fruition for every check in. It's just kind of a move from one bucket to another if you will.

因此，如果您看起來有點像黃銅釘，那麼碼就保持不變。我們實際上已經從衛星 [基礎] 中添加了一些。唯一被削減的成本實際上是爬坡成本，這已經被所有面臨增量增值服務的買家所抵消，最引人注目的是 360 技術，它需要相當多的勞動力每次簽到都能實現這一點。如果你願意的話，這只是從一個桶到另一個桶的移動。

Those are the facts. But let me turn it over to Eric to talk about kind of flow-through in the question you're asking.

這些都是事實。但是讓我把它交給埃里克來談談你提出的問題中的某種流程。

Yes. Thanks, Michael. So look, we don't give formal guidance quarter-to-quarter. So some of the requests that yes, the part of the request you had is a little difficult for us. But let me just talk about longer term.

是的。謝謝，邁克爾。所以看，我們不會按季度給出正式的指導。所以有些請求，是的，你提出的那部分請求對我們來說有點困難。但讓我談談長期。

And we do expect that we'll have more flow-through, and you'll start seeing more efficiency gains. But that will come when the marketplace technology is launched in a way that we can reduce, quite frankly, in some of the back office, some of the manual processes that we have.

我們確實希望我們會有更多的流量，你會開始看到更多的效率提升。但是，當市場技術以一種我們可以減少的方式推出時，這將會到來，坦率地說，在一些後台辦公室，我們擁有的一些手動流程。

Also, Ann's talked about this quite a bit. When we talked to analysts, investors about the IAA acquisition and that their investments in the yard technology and you take our investments in the marketplace technology that those go hand in hand, and it will allow us to scale on each of our businesses much more efficiently than we can stand-alone. So that's a significant benefit for us that we see come down the pipe.

此外，Ann 也多次談到了這一點。當我們與分析師、投資者討論 IAA 的收購以及他們對堆場技術的投資時，您將我們對市場技術的投資齊頭並進，這將使我們能夠更有效地擴展我們的每項業務比我們可以獨立。因此，這對我們來說是一個重大的好處，我們看到它正在下降。

Great. And Ann, this is more of just a big-picture question for you. Simply, the core business is performing incredibly well. You just grew EBITDA 24%, with all indications that growth is actually going to accelerate in '23. So Ritchie's outlook is bright, and it's executing at time when the macro is very uncertain for a majority of other companies.

偉大的。安，這對你來說更像是一個大問題。簡而言之，核心業務的表現非常出色。您剛剛將 EBITDA 增長了 24%，所有跡象表明增長實際上將在 23 年加速。因此，Ritchie 的前景一片光明，而且它是在大多數其他公司的宏觀經濟非常不確定的時候執行的。

So I guess, why not put more capital behind the playbook that is definitely working? Or why do you feel this is a time to do a big integration right now?

所以我想，為什麼不在絕對有效的劇本後面投入更多資金呢？或者你為什麼覺得現在是進行大整合的時候？

Yes. Thank you for asking that question. So Michael, it's literally the case of it makes both businesses stronger. This is not -- I know early on, people were saying, "Hey, question mark around why is this deal happening? Is there any weakness in the core business of Ritchie Bros.? Nothing can be further from the truth."

是的。謝謝你問這個問題。所以邁克爾，它確實使兩家企業都變得更強大。這不是——我很早就知道，人們在說，“嘿，問號為什麼要進行這筆交易？利氏兄弟的核心業務是否存在任何弱點？沒有什麼比事實更離譜了。”

The answer is, this makes Ritchie Bros. better. It makes it stronger. Let me give just a few examples, right? So again, exactly what Eric just spoke to, which means our own efficiency.

答案是，這讓利氏兄弟變得更好。它使它更強大。讓我舉幾個例子，對嗎？再一次，正是埃里克剛才所說的，這意味著我們自己的效率。

We've spoken at length, our processes are manual. We have not invested specifically in any of that yard or back-office technology. Again, painfully a couple of years ago, those that have been in the story for a while, we actually had a material accounting weakness because of how manual our processes are.

我們已經說得很詳細了，我們的流程是手動的。我們沒有專門投資於任何院子或後台技術。再一次，痛苦的是幾年前，那些已經出現了一段時間的故事，我們實際上有一個重大的會計弱點，因為我們的流程是多麼的手動。

IAA does 10x the number of transactions that we do, with a fraction of the workforce. So not only are you going to get more efficiency, you're going to get better flow-through kind of from that side.

IAA 處理的交易數量是我們的 10 倍，而勞動力卻很少。因此，您不僅會獲得更高的效率，而且會從那方面獲得更好的流程。

We've been spending our money and our resources on marketplace technology, so we can attach services and drive growth rates, something that IAA has not done. We're excited to be able to unleash them.

我們一直在將我們的資金和資源花在市場技術上，因此我們可以附加服務並推動增長率，這是 IAA 沒有做到的。我們很高興能夠釋放它們。

So we're buying a business that is similarly countercyclical to ours. We can unlock a huge strategic advantage for us in terms of kind of cost absorption and efficiency. We unlock a major growth lever in the form of our satellite yards.

因此，我們正在購買一家與我們類似的反週期業務。我們可以在成本吸收和效率方面為我們釋放巨大的戰略優勢。我們以衛星場的形式解鎖了一個主要的增長槓桿。

Please understand there's some confusion out there about if somebody has a crane or an excavator, that's not what's coming to the satellite yards. That's not what's being driven in the satellite yard strategy. If you have a crane or an excavator, you have no issue trucking it hundreds of miles to one of Ritchie's sites. That's great.

請理解，對於是否有人擁有起重機或挖掘機存在一些混淆，這不是衛星場的東西。這不是衛星場戰略所推動的。如果您有起重機或挖掘機，用卡車將其運到數百英里以外的 Ritchie 站點毫無問題。那太棒了。

What's coming to our satellite yards is largely transportation and very, very small equipment. Those are the things where the transportation is just -- is precluded for sellers to take it to one of the core Ritchie Bros. yards. Overnight, we get 10x the footprint in order to take that equipment, as you say, when we expect those very lots to unlock.

來到我們衛星場的主要是運輸工具和非常非常小的設備。那些是運輸的地方 - 賣家無法將其帶到核心 Ritchie Bros. 碼之一。一夜之間，我們得到了 10 倍的足跡，以便拿走該設備，正如您所說，當我們希望解鎖這些設備時。

So we're incredibly excited. And then on the IAA side, we get a countercyclical profitable business that we can make even better and unlock their potential. So this is a and, it is not an or strategy.

所以我們非常興奮。然後在 IAA 方面，我們獲得了一個反週期盈利的業務，我們可以做得更好並釋放它們的潛力。所以這是一個and，它不是一個or策略。

The next question comes from Larry De Maria of William Blair.

下一個問題來自威廉布萊爾的拉里德瑪麗亞。

Quick questions. First off, Ann, you noted intense competition on your intro comments. Just give us some more color on that. We are seeing some auctions that are doing ], is that what you're referring to? And secondly, on the IMS, we have 465%. Is it new business? Can you talk about conversion rates and what that really means?

快速提問。首先，安，你注意到你的介紹評論競爭激烈。只是給我們一些更多的顏色。我們看到一些拍賣正在進行 ]，這是您指的嗎？其次，在 IMS 上，我們有 465%。是新業務嗎？您能談談轉化率及其真正含義嗎？

Yes, Larry, so if you could just -- there's a lot of background noise. If you can just restate your first question. I understand the second one was about IMS and 465%, but if you can just restate the first...

是的，拉里，所以如果你能的話——這裡有很多背景噪音。如果你能重申你的第一個問題。我知道第二個是關於 IMS 和 465%，但如果你能重述第一個……

Sure. Sorry. The intense competition you noted in the initial comment, can you just give some clarity to what you're talking about there in terms of the competitive environment?

當然。對不起。您在最初的評論中提到了激烈的競爭，您能否就競爭環境方面的問題澄清一下您所談論的內容？

Yes, correct. Thank you for restating it. So the intense competition is really a function of what I stated, is a function of kind of the low supply that still exists out there. So every single kind of at-risk deal that Ritchie Bros., those are not gimmes. Those are met with quite a bit of competition, which is why you heard Eric speak about the kind of depressed.

是，對的。謝謝你重申它。因此，激烈的競爭實際上是我所說的功能，是仍然存在的低供應的功能。因此，利氏兄弟的每一種風險交易都不是噱頭。那些人遇到了相當多的競爭，這就是為什麼你聽到埃里克談到那種沮喪的原因。

As we kind of lean more into those, those come at a lower margin, obviously, than kind of that core consignment regional business. So that's what that competition refers to.

隨著我們更傾向於這些業務，顯然，與核心寄售區域業務相比，這些業務的利潤率較低。這就是那場比賽所指的。

And again, similarly, so more inventory deals, they're impeditive lower margin and then similarly more strategic account business obviously comes at lower margin as well. But the volume more than counteract. That's why we like it, but that's an explanation for what's happening there.

再次，同樣地，更多的庫存交易，它們阻礙了較低的利潤率，然後同樣更具戰略性的客戶業務顯然也出現了較低的利潤率。但音量不僅僅是抵消。這就是我們喜歡它的原因，但這是對那裡發生的事情的解釋。

Under IMS, the 465%. So the way to think about IMS is we're still in that first phase, right? It is the gateway into the ecosystem for the marketplace, much like the listings business that we launched. It is a gateway because we want to bring customers in.

在 IMS 下，為 465%。因此，考慮 IMS 的方式是我們仍處於第一階段，對嗎？它是進入市場生態系統的門戶，就像我們推出的列表業務一樣。它是一個門戶，因為我們想吸引客戶。

So today, IMS is really -- if a customer wants to consign with Ritchie Bros., they're brought in through the IMS. So you're seeing the 465% growth rate really reflected in our team's ability to onboard all of these customers into the system so that we can then transact for them.

所以今天，IMS 真的是——如果客戶想委託 Ritchie Bros.，他們是通過 IMS 引入的。所以你看到 465% 的增長率確實反映在我們團隊將所有這些客戶加入系統的能力中，以便我們可以為他們進行交易。

The next phase is really as the next phase of the marketplace technology clicks. The next phase is really to kind of pull through their nontransaction inventory into the system, and that will be the next set of KPIs that we put forward. And then the phase after that is obviously the monetization of those assets.

下一階段實際上是市場技術點擊的下一階段。下一階段實際上是將他們的非交易庫存拉入系統，這將是我們提出的下一組 KPI。之後的階段顯然是這些資產的貨幣化。

So really, the way to think about the 465% is the onboarding of customers, that kind of critical first step into the gateway is going incredibly well.

所以真的，考慮 465% 的方法是客戶的入職，這種進入網關的關鍵第一步進展得非常順利。

(Operator Instructions) The next question comes from Gary Prestopino from Barrington Research.

（操作員說明）下一個問題來自 Barrington Research 的 Gary Prestopino。

A couple of questions. In -- just in the legacy business, as you're looking at 2023, I would assume that you're not really looking at any betterment of supply on the GMV side? Or is that -- or are you looking for just gradual improvement as the year goes on?

幾個問題。在 - 就傳統業務而言，當您展望 2023 年時，我認為您並沒有真正考慮 GMV 方面的供應改善？或者是 - 或者您是否希望隨著時間的推移逐漸改進？

Yes, Gary. So yes, it's interesting. So you're seeing the lots click up, but you're seeing -- what you guys don't see is that the mix clicks down. So that's why it's going to be gradual.

是的，加里。所以是的，這很有趣。所以你看到很多點擊了，但你看到了 - 你們沒有看到的是混合點擊下降。所以這就是為什麼它會是漸進的。

I like the word that you used and why Eric cautioned that Q1, in terms of a growth rate, will be kind of below Q4 because, again, there is this interrelationship between the price, which is starting to come down; the lots, which are starting to increase.

我喜歡你使用的詞，以及為什麼埃里克警告說，就增長率而言，第一季度將低於第四季度，因為價格之間存在這種相互關係，價格開始下降；地段，開始增加。

But then the mix, which kind of more than offsets the two. That's why gradual is the name of the game. We're in this crossover period where the volumes are starting to click, but it's primarily the lower-end stuff, and the pricing is coming down. So that's why we're optimistic, but cautiously so, and kind of seeing the build through the year.

但隨後的混合，這不僅僅是抵消了兩者。這就是為什麼漸進是遊戲的名稱。我們正處於銷量開始上升的交叉時期，但主要是低端產品，價格也在下降。所以這就是為什麼我們保持樂觀但謹慎的態度，並且在某種程度上看到了這一年的建設。

So when you're talking about the bigger ticket items are not as plentiful and more like transportation items like trucks, things like that, vans, is that fair...

因此，當您談論大件商品時，它們並沒有那麼多，更像是卡車之類的交通工具，貨車之類的東西，這公平嗎……

Very well said. And the low end -- kind of the low end, kind of scissor lifts, those kind of things that transact for much smaller numbers instead of...

說得好。低端——有點低端，有點像剪式升降機，那種交易數量少得多的東西，而不是……

Okay. And then could you give us an idea of how many satellite yards you now have worldwide and in the United States?

好的。然後你能告訴我們你現在在全球和美國有多少個衛星場嗎？

We have 25 worldwide. And in the United States, we have -- I don't want to misspeak, but I want to say about a dozen are in the U.S. We -- yes, so we are largely where we were last quarter, in that we closed a few this last quarter and then opened a few. So net-net, we're right about at the same level we were at.

我們在全球有 25 個。在美國，我們有——我不想說錯，但我想說大約有十幾個在美國。我們——是的，所以我們基本上和上個季度一樣，因為我們關閉了一個幾本上季再開幾本。所以 net-net，我們在同一水平上是正確的。

The plan going forward with the acquisition of IAA, is that going to suffice for what you may have done as far as adding satellite yards in the U.S. pre the acquisition? Or is the plan is to still continue to add satellite yards?

收購 IAA 的計劃是否足以滿足您在收購前在美國增加衛星場所做的工作？還是計劃繼續增加衛星碼？

Gary, not only will it suffice, it is literally almost a decade's worth of acceleration for that initiative. Again, what is coming to satellite yards are things for which trucking them to a core Ritchie Bros. yard is a huge deterrent because as a percentage of the final transaction price, it's just too much. So primarily transportation.

加里，這不僅足夠了，而且對於該計劃而言，它實際上是近十年的加速價值。再一次，衛星堆場的東西是用卡車運到利氏兄弟核心堆場的東西，這是一個巨大的威懾力，因為佔最終交易價格的百分比太多了。所以主要是運輸。

Again, a reminder for everybody, our single -- our #1 selling SKU is actually a Ford F-150 pickup truck. Nobody is going to take their Ford F-150, 10-year-old truck and truck at 300 miles, that's not going to happen.

再次提醒大家，我們的單品——我們銷量第一的 SKU 實際上是福特 F-150 皮卡。沒有人會駕駛他們的福特 F-150、使用了 10 年的卡車和卡車行駛 300 英里，這不會發生。

These things are coming to our satellite yards. These low-end scissor lifts that are $1,000, those are the transaction items. We literally -- that's why the acreage required is so small, right? We're talking about 5 acres that are these satellite yards.

這些東西正在進入我們的衛星場。這些1000美元的低端剪叉式升降機，那些是交易項目。我們真的 - 這就是為什麼所需的面積如此之小，對吧？我們說的是這些衛星場佔地 5 英畝。

The name of the game is as close as you can put them to the sellers, they will go. And the idea of the IAA yard is that they already exist, they already have capacity. They're already [stacked]. So literally, every unit that goes to those yards is just incremental, obviously, revenue and then the flow-through. It's an incredible model and as much as a decade's worth of acceleration.

遊戲的名稱盡可能接近賣家，他們會離開。 IAA 船廠的想法是他們已經存在，他們已經有能力。他們已經[堆疊]。所以從字面上看，進入這些院子的每個單位都只是增量，顯然是收入，然後是流量。這是一個令人難以置信的模型，具有長達十年的加速價值。

The next question comes from Bryan Fast of Raymond James.

下一個問題來自 Raymond James 的 Bryan Fast。

Yes. Just on other services revenue, can you discuss what were some of the key drivers for that year-over-year growth? Or was it kind of broad based across those various services?

是的。就其他服務收入而言，您能否討論一下同比增長的一些關鍵驅動因素是什麼？或者它在這些不同的服務中是否具有廣泛的基礎？

It's Eric. So we're seeing growth across all the different areas, whether it's RBFS, Rouse, SmartEquip, all doing well as stand-alone businesses. And over time, we built the more -- the goal is to tightly integrate those into the marketplace so that they can scale even more effectively. But on a stand-alone basis, all doing well.

是埃里克。因此，我們看到所有不同領域的增長，無論是 RBFS、Rouse、SmartEquip，都作為獨立業務表現良好。隨著時間的推移，我們建立了更多 - 目標是將它們緊密集成到市場中，以便它們可以更有效地擴展。但在獨立的基礎上，一切都做得很好。

And just a follow-up to that is then -- and then being able to unleash that same technology and offering on the additional assets that come from IAA, which is just pure margin of that.

然後就是後續行動 - 然後能夠釋放相同的技術並提供來自 IAA 的額外資產，這只是其中的純粹利潤。

And then maybe could you talk a bit about the margins realized on inventory sales, I guess, now that it's at the top end of the range? Maybe just the sustainability of those levels.

然後也許你能談談庫存銷售實現的利潤率，我想，現在它處於範圍的頂端？也許只是這些水平的可持續性。

Look, we do want to caution that if you look at the trend over time, we are at the high end of the range. And it's not -- some of those are kind of mixed blessings from my perspective. It's great to see higher margins there.

看，我們確實想提醒您，如果您觀察一段時間內的趨勢，我們處於該範圍的高端。它不是——從我的角度來看，其中一些是喜憂參半的。很高興在那裡看到更高的利潤率。

But we also want to make sure that we are competing aggressively for business and not losing deals because we're not -- we're trying to get that last couple of basis points. So we think there's a huge opportunity as the volumes come, that we want to go after it. That's part of the cost.

但我們也想確保我們正在積極競爭業務而不是失去交易，因為我們不是 - 我們正在努力獲得最後幾個基點。所以我們認為隨著數量的增加，我們想要抓住它，這是一個巨大的機會。這是成本的一部分。

And then there is a lot of competition out there. So we want to make sure that we're doing everything we can.

然後那裡有很多競爭。所以我們要確保我們正在盡我們所能。

So -- it's more of a cautionary tale just to say, look, just don't -- if you're thinking of modeling and you may not want to model at that kind of level in the short-term future because we are -- we're looking at that as a way just to say, look, let's -- yes, we do have great data to compete effectively, but we don't think that's something that is going to stay at that level for at least the short-term future.

所以 - 這更像是一個警示故事，只是說，看，只是不要 - 如果你正在考慮建模並且你可能不想在短期內以這種水平建模，因為我們是 - - 我們將其視為一種方式，只是說，看，讓我們 - 是的，我們確實有很好的數據來有效競爭，但我們認為至少在短期的未來。

There are no further questions at this time. Please continue with closing remarks.

目前沒有其他問題。請繼續結束語。

Wonderful. Thank you so much. And I'll take it from here. As always, I'm going to end with thanking everybody on the call for joining us, but really a heartfelt thank you to the incredible Ritchie Bros. team, many of whom are currently at our Orlando auction, knee deep in all things customer-related. So a huge thank you to all of you.

精彩的。太感謝了。我會從這裡拿走它。一如既往，我要結束時感謝所有參加電話會議的人，但真的要衷心感謝令人難以置信的利氏兄弟團隊，他們中的許多人目前正在我們的奧蘭多拍賣會上，他們對客戶的所有事情都深信不疑——有關的。非常感謝你們所有人。

And let me just say that the -- we're very, very proud of the team and everything that has been accomplished. And we are very excited about the upcoming IAA acquisition and literally the value that it can unlock for Ritchie Bros. core and acceleration and -- putting us in a very, very different footing for years and decades to come. So thank you all.

我只想說——我們為團隊和所取得的一切感到非常、非常自豪。我們對即將到來的 IAA 收購感到非常興奮，從字面上看，它可以為 Ritchie Bros. 的核心和加速釋放價值，並讓我們在未來幾年和幾十年處於非常非常不同的立足點。所以謝謝大家。

Ladies and gentlemen, this does conclude the conference call for today. We thank you for your participation and ask that you please disconnect your lines.

女士們，先生們，今天的電話會議到此結束。我們感謝您的參與，並請您斷開您的線路。