RB Global Inc (RBA) 2024 Q3 法說會逐字稿

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)

感謝您的支持。我叫 Janine，今天我將擔任您的會議主持人。現在，我歡迎大家參加 RB Global 第三季財報電話會議。（操作員指令）

I would now like to turn the conference over to Sameer Rathod, Vice President of Investor Relations and Market Intelligence. Please go ahead.

現在，我想將會議交給投資者關係和市場情報副總裁 Sameer Rathod。請繼續。

Hello and good morning. Thank you for joining us today to discuss our third-quarter results. Jim Kessler, our Chief Executive Officer; and Eric Guerin, our Chief Financial Officer, are with me on the call.

你好，早安。感謝您今天加入我們討論我們的第三季業績。我們的執行長 Jim Kessler；和我們的財務長 Eric Guerin 也和我一起參加了電話會議。

The following discussion may include forward-looking statements which can be identified by such words as expect, believe, estimate, anticipate, plan, intend, opportunity, and similar expressions. Comments that are not a statement of fact, including, but not limited to, projections of future earnings, revenue, gross transaction value, debt, potential partnerships and other items, and business and market trends are considered forward-looking and involve risks and uncertainties.

以下討論可能包括前瞻性陳述，可以透過預期、相信、估計、預期、計劃、打算、機會和類似的表達來識別。非事實陳述的評論，包括但不限於對未來收益、收入、總交易價值、債務、潛在合作夥伴關係和其他項目以及業務和市場趨勢的預測，被視為前瞻性的，涉及風險和不確定性。

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 morning as well as our most recent quarterly report and annual report on Form 10-K, which are available on the Investor Relations website and EDGAR and SEDAR.

可能導致實際結果與此類前瞻性陳述存在重大差異的風險和不確定因素在我們今天上午發布的新聞稿以及我們最近的季度報告和 10-K 表年度報告中詳細說明，這些報告可在投資者關係網站以及 EDGAR 和 SEDAR 上查閱。

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 applicable reconciliation of the two, see our news release, Form 10-K, Form 10-Q posted on our website. We are unable to present a quantitative reconciliation of forward-looking non-GAAP financial measures as management cannot predict all necessary components. Investors are cautioned not to place undue reliance on forward-looking non-GAAP financial measures.

在本次電話會議上，我們也將討論某些非公認會計準則財務指標，包括前瞻性的非公認會計準則財務指標。有關非 GAAP 財務指標的識別、最直接可比較的 GAAP 財務指標以及兩者的適用調節，請參閱我們網站上發布的新聞稿、表格 10-K 和表格 10-Q。由於管理階層無法預測所有必要的組成部分，我們無法提供前瞻性非公認會計準則財務指標的定量對帳。提醒投資者不要過度依賴前瞻性的非公認會計準則財務指標。

At this time, I'd like to turn the call over to Jim Kessler. Jim?

現在，我想將電話轉給吉姆凱斯勒。吉姆？

Thanks, Sameer, and good morning to everyone joining the call. I want to begin by expressing my gratitude to our exceptional team for consistently overdelivering on our commitments and delivering outstanding results to our partners and customers.

謝謝，Sameer，大家早安。首先，我要向我們出色的團隊表示感謝，他們始終超額履行我們的承諾，並為我們的合作夥伴和客戶提供了出色的成果。

RB Global's third-quarter highlights our commitment to disciplined execution, with adjusted EBITDA declining less than 1% in the face of a 7% decline in gross transactional value. As previously discussed, GTV was driven by challenging comps in our commercial construction and transportation sector and the impacts of previously announced customer loss in our automotive sector.

RB Global 第三季凸顯了我們對嚴格執行的承諾，在總交易價值下降 7% 的情況下，調整後的 EBITDA 下降不到 1%。如前所述，GTV 的成長受到商業建築和運輸領域的競爭壓力以及先前宣布的汽車領域客戶流失的影響。

Let's first discuss the commercial construction and transportation sector. As mentioned in prior quarters, partners and customers continue to evaluate business conditions in the face of macro uncertainty and have adopted a wait-and-see approach to their equipment disposition needs. Historically, these wait-and-see moments are brief. However, they do cause headwinds in our marketplace for the supply of higher ASP assets.

我們首先來討論商業建築和運輸領域。正如前幾季所提到的，合作夥伴和客戶在宏觀不確定性面前繼續評估業務狀況，並對設備處置需求採取了觀望態度。從歷史上看，這些觀望時刻是短暫的。然而，它們確實為我們市場帶來更高平均售價資產供應的阻力。

The current environment combined with the elevated volumes and prices that we experienced last year due to the lingering impacts from COVID has created difficult year-on-year comparisons that match the underlying progress of our growth initiatives. We believe the best view of the business trajectory is to compare to 2022 or a two-year stack with construction and transportation GTV increasing approximately 10% in this timeframe.

當前的環境，加上我們去年因新冠疫情的持續影響而經歷的銷量和價格上漲，使得同比對比變得困難，難以與我們增長計劃的基本進展相匹配。我們認為，觀察業務發展軌蹟的最佳方式是與 2022 年或兩年的疊加進行比較，在此期間，建築和運輸 GTV 將增長約 10%。

Typically, the wait-and-see period are short in nature given that the market either accepts the slowdown and partners execute a de-fleeting strategy or partners gain confidence that there will be a brief reacceleration and start purchasing new equipment, which stimulates the trade-in cycle and drives decisions on aged equipment. In either scenario, we are the ideal partner to help our customers navigate their fleet management needs.

通常情況下，觀望期本質上很短，因為市場要么接受經濟放緩，合作夥伴執行減量策略，要么合作夥伴相信市場將出現短暫的再加速並開始購買新設備，從而刺激以舊換新周期並推動對老舊設備的決策。無論哪種情況，我們都是幫助客戶滿足車隊管理需求的理想合作夥伴。

We continue to focus on driving sustainable growth and have expanded our North American sales organization by approximately 10% year over year on a net basis. As productivity continues to ramp up these investments, we believe we'll be in a solid position to capitalize when the broader macroenvironment resolves lower or higher. We understand our partners' challenges and are dedicated to supporting them through these complex times.

我們持續致力於推動永續成長，並將北美銷售機構的規模年淨擴大了約 10%。隨著生產力不斷提高這些投資，我們相信，當更廣泛的宏觀環境變高或變低時，我們將處於穩固的地位來利用這些投資。我們了解合作夥伴所面臨的挑戰，並致力於在這些複雜時期為他們提供支援。

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

現在讓我們轉向汽車領域。我們的隊友全年致力於 CAT 準備，確保對最近的颶風做出快速、無縫的反應。我們所有的心都與那些受到這場毀滅性風暴影響的人們同在，作為這些社區的驕傲成員，RB Global 始終致力於幫助我們生活和工作的地方。我們支持受災最嚴重地區的當地慈善機構，為受災最嚴重的人提供救濟。

Additionally, Ritchie Bros. played a critical role in aiding Duke Energy's power restoration efforts in Florida, by providing space for over 4,000 line workers and their equipment at our Orlando yard. The strategic location allowed for quick mobilization to restore power to Central Florida once the hurricanes passed. We are grateful for the heroic efforts of everyone involved in helping bring these communities back.

此外，利氏兄弟公司在協助杜克能源公司在佛羅裡達州的電力恢復工作中發揮了關鍵作用，在我們位於奧蘭多的場地為超過 4,000 名線路工人及其設備提供了空間。這個戰略位置使得颶風過後能夠快速動員起來恢復佛羅裡達州中部的電力。我們感謝所有參與幫助這些社區重建的英勇努力。

I was incredibly proud to witness our team's dedication first-hand during my recent visit to Florida. Through our trust and transparency program, we have collaborated closely with our partners, working side by side and communicated in real-time during these cat events. I have personally received several e-mails from our partners, and they were very pleased with our agility and excellence in execution.

在我最近訪問佛羅裡達州期間，我親眼目睹了我們團隊的奉獻精神，感到無比自豪。透過我們的信任和透明計劃，我們與合作夥伴密切合作，在這些貓事件期間並肩工作並進行即時溝通。我個人收到了幾封我們合作夥伴發來的電子郵件，他們對我們的敏捷性和卓越的執行力感到非常滿意。

IAA had several strategic advantages and responded to CAT events, ensuring we can overdeliver our commitments. One advantage lies in our one-team, all-in culture that enables a flexible and adaptable response from our teammates. For these hurricanes, approximately 15% of our response team comprised Ritchie Bros. team members, supporting recovery and vehicle inspection efforts.

IAA 具有多項戰略優勢，並對 CAT 事件做出了回應，確保我們能夠超額履行承諾。我們的一個優勢在於全員參與的團隊文化，這使得我們的隊友能夠靈活地做出適應性反應。對於這些颶風，我們的應變團隊中約有 15% 由利氏兄弟團隊成員組成，負責支援復原和車輛檢查工作。

Additionally, we have the strategic option to utilize our Ritchie Bros. Orlando yard as additional capacity. However, thanks to our ample existing CAT capacity in the region, we confidently managed operations without needing to exercise this option.

此外，我們還有一個策略選擇，那就是利用我們的 Ritchie Bros。奧蘭多船廠作為額外運能。然而，由於我們在該地區現有的 CAT 容量充足，我們可以自信地管理運營，而不需要行使此選項。

Our carrier partners are also harnessing the power of our IAA inspection services to accelerate total loss decision-making. At the core of this service is our exclusive IAA vehicle score, a cutting-edge machine vision AI that analyzes vehicle images to quantify damage, a capability unmatched in the salvage industry.

我們的承運合作夥伴也正在利用我們的 IAA 檢查服務來加速全損決策。這項服務的核心是我們獨特的 IAA 車輛評分，這是一項尖端的機器視覺 AI，可以分析車輛圖像以量化損壞程度，這是救援行業無與倫比的能力。

Complementing this is IAA Vehicle Value, an AI-driven tool that enables vehicle value estimates, all hydrated by our large and growing data set. Our technology further assesses flood-damaged vehicles, capturing critical details like waterline levels and mat wetness. Our mission is to streamline the virtual adjustment process, making it faster, more straightforward, and more accurate. Thanks to our investment in technology and innovation, our partners have significantly reduced upstream assignment cycle times by over a week during Hurricane Helene.

與此相輔相成的是 IAA 車輛價值，這是一種由人工智慧驅動的工具，可以進行車輛價值估算，所有這些都由我們龐大且不斷增長的數據集提供支援。我們的技術進一步評估了被洪水損壞的車輛，捕捉了水線水位和墊子濕度等關鍵細節。我們的使命是簡化虛擬調整流程，使其更快、更直接、更準確。由於我們在技術和創新方面的投資，我們的合作夥伴在颶風海倫期間將上游任務週期時間顯著縮短了一周多。

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

我們透過不斷改進流程和技術，繼續為我們的合作夥伴提供優質的價格績效。第三季度，我們在吸引新的國際買家進入我們的市場方面繼續取得進展，汽車領域向國際買家銷售的車輛比例創下了歷史新高。

Our efforts resulted in average selling prices of salvage US insurance vehicles increasing by 1% year over year, which continues to be an industry-leading outcome. Our exceptional performance and commitment to trust and transparency is resonating with our partners. We believe we are gaining a salvage market share here in the fourth quarter.

我們的努力使得美國報廢保險車輛的平均售價年增了 1%，這仍然是業界領先的成果。我們卓越的表現以及對信任和透明的承諾得到了合作夥伴的共鳴。我們相信，我們將在第四季度獲得打撈市場份額。

A key element of our international automotive salvage growth strategy is to enter new markets with partners that provide immediate scale. We're excited to announce that we have been selected by Suncorp Group, a leading insurance provider in the Australian market as their sole salvage provider. We expect to execute a multiyear contract and start supporting our partner in the late first quarter or early second quarter of 2025.

我們的國際汽車報廢成長策略的關鍵要素是與能夠立即實現規模化的合作夥伴一起進入新市場。我們很高興地宣布，我們已被澳大利亞市場領先的保險提供者 Suncorp Group 選為其唯一的救助提供者。我們預計將在 2025 年第一季末或第二季初簽訂多年合約並開始為我們的合作夥伴提供支援。

After we finalize contract terms and Suncorp Group obtains final approval of those terms from its Board, we anticipated that this partnership could provide up to 65,000 units annually once we are fully operational. We plan to accommodate this volume by strategically blending new greenfield locations and utilizing existing Ritchie Bros. locations and third-party yards.

在我們最終確定合約條款並且 Suncorp Group 獲得董事會對這些條款的最終批准後，我們預計，一旦我們全面投入運營，此合作關係每年可提供多達 65,000 個單位。我們計劃透過策略性地融合新的綠地地點和利用現有的利氏兄弟地點和第三方場地來滿足這一產量。

We were selected for this partnership for three key reasons. First, the Ritchie Bros. strong existing and expanding presence in Australia along with our strong brand reputation served as the cornerstone in earning our partners' confidence in our ability to overdeliver on our commitments. Second, IAA is widely recognized as a premier global brand in salvage solutions. And third, IAA's cutting-edge, industry-leading digital technology for processing vehicles, combined with our unmatched suite of auxiliary services set us apart.

我們之所以選擇與該機構合作主要有三個原因。首先，利氏兄弟在澳洲現有且不斷擴大的業務以及良好的品牌聲譽是我們贏得合作夥伴信任的基石，讓我們相信我們有能力超額履行承諾。其次，IAA 被廣泛認為是打撈解決方案領域的全球頂級品牌。第三，IAA 的尖端、業界領先的車輛處理數位技術，加上我們無與倫比的輔助服務套件，使我們脫穎而出。

I will now pass the call to Eric to review our financial performance and outlook.

我現在將電話轉給 Eric 來審查我們的財務業績和前景。

Thank you, Jim. Before we start, I'd like to highlight that we've updated our disaggregated revenue presentation to enhance clarity and provide investors with a more transparent view of how management evaluates business performance. Total GTV declined by 7%. Automotive GTV decreased by 1% driven by stable unit volume and a 1% drop in average price per vehicle sold. Notably, this 1% outpaced the broader industry's more significant downturn. Unit volumes remain stable as growth from existing partners offset headwinds from the previously announced customer loss.

謝謝你，吉姆。在我們開始之前，我想強調一下，我們已經更新了分類收入展示，以提高清晰度並為投資者提供管理層如何評估業務績效的更透明的視圖。總GTV下降了7%。由於銷量穩定和每輛汽車平均售價下降 1%，汽車 GTV 下降了 1%。值得注意的是，這 1% 的降幅超過了整個產業更為顯著的下滑幅度。由於現有合作夥伴的成長抵消了先前宣布的客戶流失所帶來的阻力，單位銷售量保持穩定。

As Jim noted, on a net basis, we believe we are continuing to gain market share in the salvage industry sequentially here in the fourth quarter. Overall volume in the salvage industry continues to see secular growth due to the higher repair costs and lower used vehicle prices, leading to an increase in the total loss ratio. In the third quarter, CCC Intelligent Solutions estimated that the total loss ratio increased nearly 180 basis points to approximately 21.7% compared to 19.9% in the same period last year. GTV in the commercial construction and transportation sector decreased by 10% driven by a decline in the average price per lot sold, partially offset by a 19% growth in lot volumes.

正如吉姆所說，從淨值來看，我們相信我們在第四季度的打撈行業市場份額將繼續連續增長。由於維修成本上升和二手車價格下降，報廢業總體量持續成長，導致總損失率上升。第三季度，CCC Intelligent Solutions 估計總損失率較去年同期的 19.9% 增加了近 180 個基點，至約 21.7%。商業建築和運輸領域的 GTV 下降了 10%，因為售出地塊的平均價格下降，但地塊數量增加了 19%，部分抵消了這一下降。

Average price per lot sold declined due to both asset mix and continued deflation in asset values. Asset mix headwinds stem from lot volume growth from rental and transportation industries where asset values are intrinsically at lower ASP. Excluding the impact of the Yellow Corporation bankruptcy, GTV decline in the commercial construction and transportation sector would have been approximately 14%.

由於資產組合和資產價值持續下跌，每塊土地的平均售價下降。資產組合阻力源自租賃和運輸業的地塊數量成長，這些產業的資產價值本質上處於較低的平均售價。排除黃色公司破產的影響，商業建築和運輸領域的GTV下降幅度約為14％。

Moving to service revenue. Service revenue increased by 1% driven by our service revenue take rate expanding approximately 150 basis points to 21.5%. Service revenue take rate expansion was driven by growth in our marketplace services and a higher average buyer fee rate.

轉向服務收入。服務收入成長了 1%，這得益於我們的服務收入率擴大了約 150 個基點，達到 21.5%。服務收入收取率的擴大得益於我們市場服務的成長和更高的平均買家費率。

Moving to adjusted EBITDA, adjusted EBITDA declined due to lower levels of GTV and lower inventory returns partially offset by an expansion in our service revenue take rate. As we anticipated, certain headwinds this quarter, we took decisive action by launching a targeted discretionary cost reduction initiative. This was in addition to our ongoing strategic focus on operational efficiency. Through these efforts, adjusted EBITDA declined by 1% in the face of a 7% decline in GTV. We remain dedicated to efficiency and disciplined execution. However, we are not sacrificing any investments in strategic areas that position us for long term growth.

轉向調整後的 EBITDA，調整後的 EBITDA 下降是由於 GTV 水平較低和庫存回報率較低，但服務收入提取率的擴大部分抵消了這一影響。正如我們預期的那樣，本季面臨一些阻力，我們採取果斷行動，推出了有針對性的可自由支配的成本削減計劃。這是我們持續專注於營運效率的策略重點的補充。透過這些努力，在 GTV 下降 7% 的情況下，調整後的 EBITDA 下降了 1%。我們始終致力於提高效率和嚴謹的執行。然而，我們不會犧牲任何有利於我們長期成長的策略領域的投資。

You can measure our progress by seeing adjusted EBITDA as a percentage of GTV increasing to 7.8% compared to 7.4% the prior year. Adjusted earnings per share decreased by 1% on a slightly higher adjusted tax rate. Our solid operational performance and continued debt paydown drove a one-tenth of a turn decline in our adjusted net debt to trailing 12 months adjusted EBITDA to approximately 1.7 times compared to the second quarter. Consistent with our capital allocation strategy, we plan to continue paying down term loan A for the remainder of the year.

您可以透過查看調整後的 EBITDA 佔 GTV 的百分比從去年的 7.4% 增加到 7.8% 來衡量我們的進步。由於調整後的稅率略有提高，調整後每股收益下降了 1%。我們穩健的營運業績和持續的債務償還推動我們的調整後淨債務下降十分之一，過去 12 個月調整後的 EBITDA 與第二季度相比下降至約 1.7 倍。根據我們的資本配置策略，我們計劃在今年剩餘時間內繼續償還定期貸款 A。

Moving to the outlook, we maintain our full year GTV guidance range from 0% to 2%. However, given the various puts and takes we see with the hurricane related volumes and continued pressure on commercial construction and transportation ASPs, we think we will be at the lower end of the range. For adjusted EBITDA, we are increasing the lower end of the guidance range to $1.235 billion from $1.22 billion due to the solid third quarter results and continued attention to cost efficiency. Please note that our guidance incorporates incremental operating expenses incurred in the fourth quarter associated with the recent hurricanes.

展望未來，我們維持全年 GTV 指引範圍從 0% 至 2%。然而，考慮到我們看到的與颶風相關的交易量的各種變化以及商業建築和運輸平均售價的持續壓力，我們認為我們將處於該範圍的低端。對於調整後的 EBITDA，由於第三季業績穩健且持續關注成本效率，我們將預期範圍的下限從 12.2 億美元上調至 12.35 億美元。請注意，我們的指引包含了第四季度與最近颶風相關的增量營運費用。

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

現在，我們開始提問。

(Operator Instructions) Sabahat Khan, RBC.

(操作員指令) Sabahat Khan，RBC。

Could you maybe, I guess given where we are sort of in the macro, some of the trends that you have in each of your segments, can you just maybe share some perspectives on what you're -- particularly, in the commercial side, what you're seeing into 2025? Any early perspective? I know you shared some thoughts on customers being a bit cautious, but what do you expect maybe over the medium term instead in terms of disposition activity given the -- maybe the view that some of your larger partners may have on the outlook?

我想，考慮到我們所處的宏觀階段，以及您在各個細分市場中所看到的一些趨勢，您能否分享一些您對 2025 年商業方面的看法？有任何早期觀點嗎？我知道您分享了一些關於客戶有點謹慎的想法，但考慮到您的一些較大合作夥伴對前景的看法，您對中期處置活動有何預期？

Great question. And I'll just give you a very high level, then I'm going to pass it to Sameer since he is our resident expert, as we think about everything, outlook and customers. But look, for us, our main focus is as we talk to our partners, how do we help them deliver in whatever economic environment we're in? So our team is really focused on the situation we currently have this quarter, next quarter, listening to what their needs are and how do we support that and add as much value to their P&L as we can. And Sameer, I'll pass it to you just for some outlook.

好問題。我會給你一個非常高的水平，然後我會把它交給薩米爾，因為他是我們的常駐專家，因為我們考慮一切，包括前景和客戶。但對我們來說，我們的主要關注點是，當我們與合作夥伴交談時，我們如何幫助他們在所處的經濟環境中實現目標？因此，我們的團隊非常關注本季和下個季度的現狀，了解他們的需求以及我們如何支持他們，並盡可能為他們的損益表增加價值。Sameer，我將把它傳給你，只是為了提供一些看法。

Yeah. Hey, Saba. I think overall, we're not seeing anything different compared to what you hear from other companies. Obviously, construction OEM sales are weaker. I think from our perspective again, like Jim said, we're focused on servicing our customers and partners that we can regardless of what happens. And remember, we are investing in organic growth initiatives to drive secular growth. And so Jim did mention that we grew the North America sales force by about 10%.

是的。嘿，薩巴。我認為總體而言，與您從其他公司聽到的消息相比，我們沒有看到任何不同。顯然，建築OEM銷售較弱。我認為從我們的角度來看，就像吉姆所說的那樣，無論發生什麼，我們都專注於為我們的客戶和合作夥伴提供服務。請記住，我們正在投資有機成長計劃以推動長期成長。吉姆確實提到，我們的北美銷售團隊成長了約 10%。

Great. And maybe at a high level, if you can just maybe talk through, I know you've got a number of initiatives going on, efficiencies and things like that. As we kind of look ahead to the next year, if you can just talk about where you are on the margin improvement journey, maybe milestones we should keep an eye on or big buckets of margin improvement opportunities that you think we should see come through over the next few years here.

偉大的。也許在高層次上，如果您可以討論一下，我知道您已經正在進行許多舉措、效率等方面的工作。當我們展望明年時，您能否談談您在利潤率提升歷程中取得的進展，也許我們應該關注的里程碑，或者您認為我們應該在未來幾年看到的大量利潤率提升機會。

Specific items, but just go back to the comments we've been making for the past quarter, for us, as we think, how do we grow the top line, how do we expand margins and how do we do this at the most effective structure that we can and how do we optimize the business? So for us, this isn't a one or two quarter thing. This is a journey that we're always going to focus on those three things and optimizing our business and getting as much flow through which is just a very critical item in our journey and it's something that we're always going to focus on.

具體項目，但回到我們上個季度的評論，對於我們來說，我們認為，我們如何增加營收，如何擴大利潤率，如何以最有效的結構做到這一點，以及如何優化業務？所以對我們來說，這不是一兩個季度的事情。在這趟旅程中，我們將始終專注於這三件事，優化我們的業務並獲得盡可能多的流量，這是我們旅程中非常關鍵的一件事，也是我們將始終關注的事情。

Krista Friesen, CIBC.

Krista Friesen，加拿大帝國商業銀行。

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

聽起來 IAA 方面的事情顯然進展得相當順利，尤其是您在電話會議上宣布的消息。您能否談談業務的一些核心 KPI 以及我們距離您希望達到的目標還有多遠？

Yeah. So it's Jim. So I'll jump in. So I think we're 18 months into the acquisition and I am very proud from the KPI standpoint of where we're at and we call it SLAs, our strategic agreements with our partners. We are hitting industry leading numbers and we have done it consistently for about 12 months now. I truly believe we are driving more value to our partners than anyone else and I believe our partners are seeing that in the share that we have gained. But just to answer your first question, really, what we focus on is advanced storage charges, cycle time, how quickly can you get a title gross returns?

是的。所以是吉姆。所以我就加入吧。所以我認為我們已經完成收購 18 個月了，從 KPI 的角度來看，我對我們所處的階段感到非常自豪，我們稱之為 SLA，即與合作夥伴達成的戰略協議。我們正在達到行業領先的數字，並且我們已經連續 12 個月保持這一水平。我堅信，我們為合作夥伴創造的價值比其他任何人都要多，而且我相信我們的合作夥伴從我們所獲得的份額中看到了這一點。但只是為了回答你的第一個問題，實際上，我們關注的是提前儲存費用、週期時間，你多快能獲得總回報？

And then ultimately, that will calculate a net return for our partners and they're really the four buckets and there's other underlying pieces like buyer base and how do you grow it? That's normal in the marketplace. But they're really the buckets that we look at and the buckets that we're driving. And I believe we're at the very top end of that range. And our focus right now is consistently overdelivering on those items which I believe we are doing for our partners.

最終，這將計算出我們合作夥伴的淨回報，它們實際上有四個部分，還有其他基礎部分，例如買家群，以及如何擴大它？這在市場上很正常。但它們確實是我們所關注的桶子和我們正在推動的桶子。我相信我們已處於該範圍的最高端。我們現在的重點是持續超額完成我認為我們正在為合作夥伴做的事情。

And maybe just one follow up. You spoke to your capital allocation priorities for the remainder of the year. But as we look out to 2025, how are you thinking about capital allocation at that point or are you maybe focusing a little bit more on some tuck-in M&A or what are your thoughts there?

也許只需要一個後續行動。您談到了今年剩餘時間的資本配置重點。但是當我們展望 2025 年時，您當時是如何考慮資本配置的，或者您會更專注於一些附加併購，或者您對此有何想法？

Yeah. So for -- thank you for the question. For the remainder of 2024, our focus is on the term loan A paydown. As we laid out a couple of quarters ago, our capital allocation framework, we will continue to focus on investing in the business both from technology and from our real estate footprint. We will maintain paying down on our term loan A and then we are always looking at M&A and our M&A funnel. So we'll continue to look at tuck-in opportunities for the business where it makes sense for us.

是的。所以—感謝您的提問。2024 年剩餘時間，我們的重點是定期貸款 A 的償還。正如我們幾個季度前提出的資本配置框架，我們將繼續專注於從技術和房地產兩個方面對業務進行投資。我們將繼續償還定期貸款 A，然後我們始終關注併購和我們的併購管道。因此，我們將繼續尋找對我們有意義的業務整合機會。

Gary Prestopino, Barrington.

加里·普雷斯托皮諾，巴林頓。

Two questions. First of all, Eric, it looked like there was an absolute decline in SG&A year over year of about $26 million. It -- what is that, is that a function of what you talked about where you went into a mode of we really got a controlled expenses this quarter or is there -- were there just something in last year's numbers that got them up and made the comparisons easier?

兩個問題。首先，埃里克，看起來銷售、一般及行政開支同比絕對下降了約 2600 萬美元。它—那是什麼，它是您談到的一項功能嗎？ 您進入了一種模式，即我們本季度確實控制了費用，還是—去年的數字中是否存在一些東西使它們上升並使比較更容易？

Yeah, there's a couple of components of that. As Jim and I have been articulating since I've gotten here is we are focused on operating efficiency. So that is going to continue to be a focus. Also in the third quarter, we did focus on some more discretionary spending as we knew there were some headwinds on the GTV side as I articulated in my prepared remarks. So those are real initiatives that year over year are our changes. There is a piece of it year over year. I won't give an exact percentage but it's not the majority of it. That would be related to bonus attainment, right when you look year over year. But overall, it's really the initiatives that we've put in place to focus on operating efficiencies for the business.

是的，其中有幾個組成部分。正如我和吉姆自從我來到這裡以來一直強調的那樣，我們專注於營運效率。因此這將繼續成為關注的焦點。此外，在第三季度，我們確實把重點放在了一些可自由支配的開支上，因為我們知道 GTV 方面存在一些阻力，正如我在準備好的發言中所說的那樣。所以這些都是真正的舉措，我們的改變逐年增加。年復一年，這種情況一直存在。我不會給出確切的百分比，但這不是大多數。如果你逐年回顧的話，這與獎金的獲得有關。但整體而言，我們採取的措施其實是為了提高業務營運效率。

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

我的第二個問題與新業務的成功有關。你能說說這是怎麼發生的嗎？我不是——這可能是您在重型設備方面所做的交叉銷售，您之所以能夠獲得這份合同，是因為您現在在澳大利亞沒有打撈方面的任何業務。它是以 RFP 的形式提出的嗎，還是只是與您單獨談判？

Look, I would just say from a Suncorp standpoint, they managed their business like any of the insurance carriers in the US. So it was kind of a normal RFP process that they go through and we were known from our Ritchie Brothers side of the business over in Australia, which is a big marketplace for us. And the great thing about Australia, they operate their business very similar to how we operate in Canada. So IAA in Canada and the tools and the technology and everything that was built, so as the RFP came together, it became very obvious that we had a tool that not only Suncorp, but I think all insurance partners in Australia will have an interest in. And I'm very happy that the team was able to get awarded for the contract.

看，我只想說，從 Suncorp 的角度來看，他們像美國任何一家保險公司一樣管理自己的業務。所以這就像他們要經歷的一種正常的 RFP 流程，而且我們從澳洲的利氏兄弟業務中了解到，這對我們來說是一個巨大的市場。澳洲的偉大之處在於，他們的經營方式與我們在加拿大的經營方式非常相似。因此，加拿大的 IAA 以及工具、技術以及所建造的一切，在 RFP 匯總在一起時，很明顯我們擁有一個不僅 Suncorp 而且我認為澳大利亞所有保險合作夥伴都會感興趣的工具。我很高興球隊能夠獲得這份合約。

Craig Kennison, Baird.

克雷格·肯尼森，貝爾德。

I believe you mentioned an increase of 10% in your territory manager base. Wondering if you could just comment on sort of the productivity curve for the typical sales person and when we might expect that to translate into GTV.

我記得您提到您的區域經理數量增加了 10%。想知道您是否可以評論一下典型銷售人員的生產力曲線，以及我們何時可以預期將其轉化為 GTV。

The first thing, the 10% as we think about the increase in sales people, we're constantly going to be looking for do we have holes in our model? Are we not in conversations with certain partners? Because we just don't have feet in the street to have it on the regional side of the business. And we constantly look at that map and where should we add someone where there's equipment, the curve. But for us, one of the best investments we can make is on the sales person side. It's very clear, you pay excellent salary, you know how much GTV they can generate and when we hire the right person with the right personality, that happens pretty quickly. And it's going to be something that we constantly invest in. And also on the other side when you don't make the right hire, it's also something that you could -- you can manage pretty quickly too and get the right person into that position.

首先，當我們考慮銷售人員增加 10% 時，我們會不斷尋找我們的模型是否有漏洞？我們不是正在與某些合作夥伴進行對話嗎？因為我們還沒有在區域業務方面開展業務。我們不斷地查看地圖，尋找應該在有設備的地方增加人員，以及曲線。但對我們來說，我們可以做的最佳投資之一是在銷售人員方面。很明顯，你支付優厚的薪水，你就知道他們可以產生多少 GTV，當我們僱用到具有合適個性的合適人選時，這一切就會很快發生。我們將對此不斷投資。另一方面，當您沒有聘用合適的人選時，您也可以很快地進行管理，並找到合適的人選擔任該職位。

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

不久前，我認為您在內部銷售方面投入了更多資金，並改變了區域經理模式。您能否提供有關當前內外模型的更新資訊？

In our model, the one thing that's apparent in the region side of the business -- type of business, there are some customers as different age groups and progress in their careers that prefer a self service model, which we have built with our technology and have the inside sales team for support. But there's still a demographic that is out there that controls a lot of the market share that still prefers to high touch. And so we're constantly investing in the future. But the one thing in this industry, it takes a while for it to change, right? And so we want to make sure as it transforms, we have the right technology and the right infrastructure in place. But we do realize this is a high touch type of environment.

在我們的模型中，在業務的區域方面（業務類型）有一點很明顯，有些客戶屬於不同的年齡段，並且在職業生涯中取得了不同的進步，他們更喜歡自助服務模式，這是我們利用我們的技術構建的，並有內部銷售團隊提供支持。但仍有一部分人口控制著大量的市場份額，他們仍然喜歡高接觸。因此我們不斷投資未來。但這個行業有一個現象，需要一段時間才能改變，對吧？因此，我們希望確保在轉型過程中，我們擁有正確的技術和正確的基礎設施。但我們確實意識到這是一個高接觸的環境。

Blake Green Hodge, BLA.

布萊克格林霍奇，BLA。

Yeah, now that we're past the election, just looking back to Trump's first term, there's tightness in the used equipment channel in 2017. So just wanted to get a sense of what you guys are thinking about the second term in terms of similarities and differences.

是的，現在我們已經過了大選，回顧川普的第一個任期，2017 年二手設備通路供應緊張。所以只是想了解你們對第二任期的相似點和不同點的看法。

Yeah. Look, it's Jim. I wish I could answer that question, right? I'd probably be doing a different job if I could answer that accurately of what's going to happen. But I think in some of our comments that you can see, we believe a lot of the macro trends are in our favor of what's going on when you look across and having what happened in the election, I think that's just another thing that ultimately is in our favor and for our industry. So but we're not going to comment on any kind of speculation that we really can't control.

是的。瞧，這是吉姆。我希望我能回答這個問題，對嗎？如果我能準確回答接下來會發生什麼，我可能會從事其他工作。但我認為，從我們的一些評論中你可以看出，我們相信很多宏觀趨勢都是對我們有利的，從目前的情況來看，考慮到選舉結果，我認為這最終對我們和我們的行業是有利的。所以我們不會對任何我們無法控制的猜測發表評論。

Yeah, that's fair. And then second question, just any sense of CapEx in '25? Seems like you guys are sort of stabilizing and starting to win some business in IAA. So could we see a step up or just trying to get thoughts there?

是的，很公平。然後第二個問題，對 25 年的資本支出有什麼看法？看起來你們已經逐漸穩定下來，並開始在 IAA 中贏得一些業務。那麼，我們是否可以看到進步，還是只是試圖將想法傳達到那裡？

Yeah. So we're still going through our 2025 budget process, but there will be some investment related to the Suncorp deal that we just announced today. So we'll go through the capital allocation process and we'll come out with guidance on our Q4 call.

是的。因此，我們仍在進行 2025 年預算流程，但將會有一些與我們今天剛宣布的 Suncorp 交易相關的投資。因此，我們將經歷資本配置流程，並在第四季度電話會議上提出指導。

Yeah. And the only thing I would add on top of that with Eric is just as a reminder in the US, we have capacity and from the IAA side. Unfortunately, we had to announce a loss last year. So we do have capacity. So to Eric's point, Australia, of course, is going into a new market. You'll see that but when you think about US and Canada and gaining market share, just keeping that in the back of your mind, the capacity that was lost that we want to fill back up before we have to get into new capital.

是的。我和 Eric 唯一想補充的是，提醒一下，在美國，我們有能力，並且從 IAA 方面來說。不幸的是，去年我們不得不宣布虧損。所以我們確實有能力。所以正如艾瑞克所說，澳洲當然正在進入一個新的市場。您會看到這一點，但是當您想到美國和加拿大並獲得市場份額時，請牢記這一點，我們希望在投入新資本之前先填補失去的產能。

From the line of Maxium from NVF.

來自 NVF 的 Maxium 系列。

Do you mind maybe commenting a little bit on take rate because that macro continues to trend higher. How should be thinking about this over the medium term?

您是否介意對接受率發表一些評論，因為宏觀趨勢繼續走高。從中期來看應該如何考慮這個問題？

Yeah. So I'll start and then Eric, if you want to chime in with anything, look, we have a process where we evaluate take rate and it goes with a bunch of things, inflation, competition, everything that goes through. So we're going to make sure we're in a very competitive position as we think about it. We have an annual process that we make an evaluation of, of what should we do with it and we're going to continue that. We look at it on a very consistent basis to see what's happening in the market and what is competition doing.

是的。所以我先開始，然後艾瑞克，如果你想插話，看，我們有一個評估接受率的過程，它與很多因素有關，通貨膨脹、競爭，所有經歷的因素。因此，我們要確保我們處於非常有競爭力的地位。我們每年都會進行一次評估，評估應該如何處理它，我們會繼續這樣做。我們非常持續地關注它，以了解市場正在發生什麼以及競爭對手在做什麼。

And again, look, I just want to go back to our three priorities. We want to grow GTV, we want to expand margins and we want to do it as efficiently as possible and take rate plays a role in that. And I mean it's something that we constantly evaluate. And some of it, we have to look at other people of what decisions they're making and that could influence what we decide to do in the future. But we're very happy where we're at at this moment. And it's something that we're constantly going to look at.

再說一遍，我只想回到我們的三個優先事項。我們希望增加GTV，我們希望擴大利潤率，我們希望盡可能有效率地做到這一點，而佣金率在其中發揮重要作用。我的意思是，這是我們不斷評估的事情。其中有些，我們必須觀察其他人所做的決定，這可能會影響我們將來的決定。但我們對目前的狀況感到非常滿意。我們會持續關注此事。

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

您能就目前北美的市佔率動態提供什麼評論或資訊嗎？

Look, we're not going to comment specifically on market share and I think you can see from our notes that we believe we're gaining share and that's probably the comment that, that we're going to make. Our focus for market share and this applies to both sides of our business and when we think about Ritchie Brothers and IAA, what our value is what the value we can drive to our partners and what they can see in their P&L and we feel like as long as we're overdelivering our commitments and we're driving that value in partnership with them, that's going to be good for us and ultimately help us grow into the future. But what we're focused on is what we can control and what we can control is how do we drive value for our partners. And that's what we're laser focused on at RB Global.

看，我們不會對市場份額發表具體評論，我想你可以從我們的記錄中看到，我們相信我們的份額正在增加，這可能是我們將要發表的評論。我們關注的是市場份額，這適用於我們業務的兩個方面，當我們考慮利氏兄弟和 IAA 時，我們的價值在於我們能為合作夥伴帶來什麼價值，他們可以在他們的損益表中看到什麼，我們覺得只要我們超額履行承諾，並與他們合作推動這一價值，這對我們就有好處，並最終幫助我們在未來成長。但我們關注的是我們能夠控制的事情，我們能夠控制的是如何為我們的合作夥伴創造價值。這正是 RB Global 所關注的重點。

John Healy, Northcoast.

約翰·希利，北海岸。

Jim, I know you just answered the question about market share, but I have to try this one. Last quarter, you talked about kind of the win that you had kind of. Second, and I think the second tier of the market this quarter, you're talking about Suncorp. Are are there other things that particularly in North America that whether they're pilots or whether they're tests or just things along that line that give you confidence that you can have more trophies on the case next year?

吉姆，我知道你剛剛回答了有關市場份額的問題，但我必須嘗試這個。上個季度，您談到了自己所取得的勝利。第二，我認為本季市場的第二層是 Suncorp。還有其他什麼事情，特別是在北美，無論是試點還是測試或類似的事情，都可以讓您有信心明年贏得更多的獎盃？

I just have to ask that and I think investors, do care and as you announce things, I think that there's a hope that you guys will give more color on other things that you're working on or momentum that's in the marketplace. So just curious if there are other kind of tests or pilots underway that give you confidence that you can gain further share into next year.

我只是要問這個問題，我認為投資者確實會關心，當你們宣布一些事情時，我認為你們會更多地透露你們正在研究的其他事情或市場發展勢頭。所以我很好奇是否有其他類型的測試或試點正在進行中，讓您有信心在明年獲得更多的份額。

No, I love the different ways that everyone asks the same question. So we definitely appreciate it. Look, what gives me confidence is after 18 months and talking all of our partners and understanding their needs, what we're driving for our partners right now. And look, we talked about it. ASPs being up 1% when you multiply 1% over the number of that exist in the salvage industry. That is a very big number and that has a lot of zeros behind it. And as long as we're focused on those, there's always going to be a pilot, someone that wants to test something and do something, what we're trying to announce and give insight into.

不，我喜歡每個人用不同的方式問同一個問題。因此我們非常感激。看，讓我有信心的是，經過 18 個月的溝通，我們與所有合作夥伴進行了交流，了解了他們的需求，並知道了我們現在為合作夥伴推動的事情。瞧，我們已經討論過了。當你將 1% 乘以打撈產業現有的數量時，ASP 就會上漲 1%。這是一個非常大的數字，而且後面有很多零。只要我們專注於這些，就總會有一個試點，有人想測試某件事、做某件事，我們正試著宣布並深入了解這件事。

Because people get to make their choice, right? If you do a pilot, you get it, you don't, that doesn't dictate it. But what we know for future market share value if I'm driving the four key things that you know, our partners want for net returns on the ie a side. And also there's some similarities to the Ritchie Brothers side, as you think about gross returns and everything else that our partners need and helping them drive their business. We're laser focused on communicating with our partners and people that we do business with people that we don't do business with of the value that we're driving and the potential that it could equate so they can see it in their P&L and we're not just saying in numbers, this numbers, we want to be able to say this is the number you're going to see and pick whatever millions of dollars that is in this component.

因為人們可以做出自己的選擇，對吧？如果你參加試點，你會明白，如果你不明白，那就不會決定一切。但是，如果我推動四個關鍵因素，我們對未來市場份額價值的了解就是，我們的合作夥伴希望獲得淨回報。而且，這與利氏兄弟公司也有一些相似之處，例如考慮總回報以及我們的合作夥伴所需的一切，並幫助他們推動業務發展。我們專注於與我們的合作夥伴以及與我們有業務往來的人和沒有業務往來的人進行溝通，告訴他們我們正在推動的價值以及可能產生的潛力，以便他們可以在他們的損益表中看到它，我們不只是用數字來表示，我們希望能夠說這是你將要看到的數字，並選擇這個部分中的數百萬美元。

And you're going to see your total loss ratio in your P&L if you're a public company EPS whatever it is, you're going to see that drive through. And I think as all good business people, they're looking for partners that can do that. And I believe we're showing that right now. And I, and that's what gives me confidence in the future of we're going to have market share. There's always going to be opportunities to do pilots. But ultimately, you have to show -- can you drive value for my business? And I believe we're doing that right now for our existing partners and I think it creates interest in partners that we're not doing business with today.

如果你是一家上市公司，你會在損益表中看到你的總損失率，無論每股盈餘是多少，你都會看到這項變化。我認為，所有優秀的商人都在尋找能夠做到這一點的合作夥伴。我相信我們現在就正在展示這一點。這讓我對我們未來佔據市場份額充滿信心。總是會有進行試飛的機會的。但最終，你必須證明──你能為我的企業創造價值嗎？我相信我們現在正在為現有的合作夥伴這樣做，而且我認為這會引起那些我們目前還沒有合作的合作夥伴的興趣。

I appreciate that. And then just a few follow up questions just on Suncorp, as you kind of put that business in action next year, are there any like big upfront costs that might dilute the margin contribution to that business next year and then also on the force a 10%? How long until those folks typically become productive?

我很感激。然後還有幾個關於 Suncorp 的後續問題，當您明年開始運營該業務時，是否有任何大額的前期成本可能會稀釋明年該業務的利潤貢獻，然後強制 10% 的利潤貢獻？這些人通常要花多久時間才能有生產力？

No, good question. So I'll start and then I'll let Eric chime in on any of the upfront cost or anything. With the Australia entry into the market but really when I think about international, just in general, we have a playbook of technology tools process that we can bring to the salvage market. And what we built over the last year is okay. What is that playbook? And that helped us present it as we're going through the RFP process. And what I love about any entering into Australia, we already have a footprint, we already have a support team, think about marketing buyer demand, that kind of already exists.

不，這是好問題。所以我先開始，然後我會讓 Eric 加入有關前期成本或其他任何內容的討論。隨著澳洲進入市場，但實際上當我考慮國際時，總的來說，我們有一套技術工具流程的劇本，可以帶到打撈市場。我們去年所建造的一切都是不錯的。那份劇本是什麼？這有助於我們在 RFP 流程中進行展示。我喜歡進入澳洲的任何機會，我們已經有足跡，我們已經有一個支援團隊，想想行銷買家的需求，這些都已經存在了。

So entering into a market where Ritchie Brothers already has a support presence is a great thing. Now, you sold it to different buyers sometimes. So you have to drive demand and all that stuff. So I'm really happy. But what I'm most excited about is we have a playbook and set a theory, this is going to put execution against it and actual, which gets me excited about other market potentials and that we have into the future, then Eric if you want to answer the capital and then I can come back and, and talk about the sales productivity.

因此，進入利氏兄弟已有支持的市場是一件很棒的事。現在，你有時會將其賣給不同的買家。所以你必須推動需求和所有這些東西。所以我真的很高興。但最讓我興奮的是，我們有一本劇本，並製定了一個理論，這將付諸實施並付諸實踐，這讓我對其他市場潛力以及我們未來的發展感到興奮，然後埃里克，如果你想回答資本問題，然後我可以回來談談銷售效率。

Yeah, no problem. So on the on the even, it will not have a significant or material impact on margin. I think on the real estate side, like we said in the past, we will evaluate what's the right real estate footprint for that business and some of that may be purchased, some of that may be leased, but we'll put that through our decision tree and evaluate that that may have impact on our capital spend from a real estate perspective.

是的，沒問題。因此，至少它不會對利潤產生重大或實質的影響。我認為在房地產方面，就像我們過去所說的那樣，我們將評估什麼是適合該業務的正確房地產足跡，其中一些可能被購買，一些可能被租賃，但我們會將其納入我們的決策樹並評估這可能會從房地產的角度對我們的資本支出產生的影響。

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

然後從銷售效率來看，我不會給出具體的數字，但你可以想想一個典型 TM 的平均工資是多少，看看 GTV 數字，看看我們的收入率，對於一個區域經理來說，不需要很多設備就能很快實現收支平衡。但我們不會去詳細討論這些數字到底是多少，但你可以使用一些基本的平均值，看看我們所得到的，你就會發現不需要花幾個月的時間就能算出 ATM 的盈虧平衡時間。

(Operator Instructions) John Gibson, BMO Capital Markets.

（操作員指示） John Gibson，BMO 資本市場。

Just to start off, wondering about the modest bump to 2024. Is this a function of approving margins and take rates that we've seen or are you starting to see some higher volume from the recent cat events here in Q4?

首先，我想問一下到 2024 年是否會有適度的成長。這是我們已經看到的批准保證金和接受率的函數，還是您是否開始看到第四季度最近的災難事件導致的交易量增加？

Yeah, when we look at the margin as I indicated in my prepared remarks, we knew that Q3 was going to be a little bit more of a challenge. We took the initiative around some additional discretionary spend reduction and that's to continue into Q4. And then when I looked at the Q3 performance, we did a little bit better on the EBITDA line and I wanted to make sure we captured that in our full year guidance with one quarter remaining. So we feel really good tightening that range.

是的，正如我在準備好的發言中所指出的，當我們看利潤率時，我們知道第三季將會面臨更大的挑戰。我們主動採取了一些額外的可自由支配的支出削減措施，這將持續到第四季度。然後，當我查看第三季度的業績時，我們發現我們的 EBITDA 表現稍好一些，我想確保在剩下一個季度的情況下，我們在全年預期中能夠捕捉到這一點。因此，我們很高興能夠縮小這個範圍。

And I'll give just a little bit of color just around cat events. Cat events are one of those weird things where from a top line, it's a good thing, but depending on how big the cat events are and from a profitability standpoint, it really depends on your model and how do you operate in it. So this was a decent sized cat event for us. Very happy of how the team handled it and how we performed for our partners. And I've received multiple emails about it, but I wouldn't think about a cat event. It helps you on the top line, but I wouldn't think about it as you know, a normal profitable type of event. And, especially not compared to the daily selling of vehicles.

我將僅對貓事件進行一些簡要的介紹。災難事件是一種奇怪的事情，從營收角度來看，這是好事，但這取決於災難事件的規模，從獲利角度來看，這實際上取決於你的模型以及你在模型中如何運作。所以這對我們來說是一次規模相當大的貓咪活動。我對團隊的處理方式以及我們為合作夥伴所做的表現感到非常高興。我已經收到了多封有關此事的電子郵件，但我不會考慮舉辦貓咪活動。它能幫助你獲得收入，但我不會認為這是一種正常的盈利類型的活動。並且，尤其與日常汽車銷售量相比。

And then based on your CapEx guidance for the year implies a pretty big spending in Q4, wondering if we could see that come down a bit for the year and then more specifically, where is the majority of your capital going? Is it to land purchases or more investing in technology and services?

然後根據您今年的資本支出指導，意味著第四季度的支出相當大，想知道我們是否可以看到今年的支出有所下降，然後更具體地說，您的大部分資本流向了哪裡？是購買土地還是更多地投資於技術和服務？

Yeah, we don't provide the specific split on technology versus land and we will flex it like we talked about earlier. We put the properties through our strategic kind of decision tree and if we have to flex and spend a little bit more on property. We'll do that and then the same on our, our technology road map. So it is a pretty robust and evergreen process. We go through the year to ask you a question on Q4. We're maintaining our current guidance and we'll see how the year progresses to make sure.

是的，我們沒有提供技術與土地的具體分配，我們會像之前談到的那樣靈活處理。我們會將這些房產放入我們的策略決策樹中，看看我們是否需要靈活變通並在房產上多花一點錢。我們會這樣做，然後在我們的技術路線圖上也做同樣的事情。所以這是一個相當強大和持久的過程。我們回顧這一年，就第四季向您提問。我們將維持目前的指導方針，並將觀察今年的進展以確保萬無一失。

That includes our Q&A section and I'd like to turn to pull over back to Jim Kessler for final comments.

這包括我們的問答部分，我想把話題轉到吉姆凱斯勒身上，聽取他的最後評論。

Thank you so much. First off, I just want to make sure, going through the first large cat event since, since I've been over on the ie a side and for the Ritchie Brothers side, I want to thank all of our 8,000 teammates for all their efforts and I've been unbelievably impressed how consistently we're over delivering on our commitments to our partners, which I believe is ultimately the thing that we need to do to be able to accomplish, growing our market and expanding margins and operating efficiently. So I want to thank everyone for all your hard work and, secondly, thank everyone for taking the time on the call today.

太感謝了。首先，我只想確保，這是自我加入 ie a 隊和里奇兄弟隊以來第一次參加大型貓科動物賽事，我要感謝我們所有 8,000 名隊友的所有努力，我對我們始終如一地超額履行對合作夥伴的承諾感到難以置信，我相信這是我們最終需要做的事情，才能實現目標，擴大我們的市場，提高利潤率並高效運營。所以我要感謝大家的辛勤工作，其次，感謝大家今天抽出時間參加電話會議。

I really want to make sure everyone hears how excited we are about the future potential that the whole management team and everyone here at RB Global sees in front of us and just wanted to thank you one more time and everyone have a great day and hope you enjoy the weekend. Thank you so much.

我真的想讓大家聽到我們對整個管理團隊和 RB Global 每個人所看到的未來​​潛力感到多麼興奮，我只想再次感謝你們，祝大家有美好的一天，並希望你們享受週末。太感謝了。

Our conference call for today and you may now disconnect.

今天的電話會議到此結束，您現在可以掛斷電話了。