RB Global Inc (RBA) 2024 Q4 法說會逐字稿

Hello, and welcome to the RB Global fourth quarter 2024 Earnings Call. (Operator Instructions)

您好，歡迎參加 RB Global 2024 年第四季財報電話會議。（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. You may begin.

現在，我想將會議交給投資者關係和市場情報副總裁 Sameer Rathod。你可以開始了。

Hello, and good afternoon. Thank you for joining us today to discuss our fourth quarter results. Jim Kessler, our Chief Executive Officer; and Eric Guerin, our Chief Financial Officer, are with me on the call today. The following discussion will include forward-looking statements, including projections of future earnings, business and market trends. These statements should be considered in conjunction with our cautionary statements contained in our earnings release and in our periodic SEC reports.

大家好，下午好。感謝您今天加入我們討論我們的第四季業績。我們的執行長 Jim Kessler；和我們的財務長 Eric Guerin 今天也和我一起參加了電話會議。以下討論將包括前瞻性陳述，包括對未來收益、業務和市場趨勢的預測。這些聲明應與我們收益報告和定期 SEC 報告中包含的警告聲明一起考慮。

On this call, we will also discuss certain 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 earnings release and periodic SEC reports. At this time, I would like to turn the call over to Jim Kessler. Jim?

在本次電話會議中，我們還將討論某些非 GAAP 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，請參閱我們的收益報告和定期的 SEC 報告。現在，我想將電話轉給吉姆凱斯勒。吉姆？

Thanks, Sameer, and good afternoon to everyone joining the call. I want to start by thanking our teammates for their hard work and dedication as we continue over delivering for our partners and customers. RB Global's fourth quarter highlights our commitment to disciplined execution and we finished the year strong, with fourth quarter adjusted EBITDA increasing 13% on a 2% increase in gross transactional value.

謝謝，Sameer，祝大家下午好。首先，我要感謝我們的隊友的辛勤工作和奉獻精神，我們將繼續為我們的合作夥伴和客戶提供優質服務。RB Global 的第四季度凸顯了我們對嚴格執行的承諾，我們以強勁的業績結束了這一年，第四季度調整後的 EBITDA 增長了 13%，總交易價值增長了 2%。

I want to provide an update on the strategic review we conducted in 2024 and share how the new leadership team is shaping the vision for RB Global's future. At the heart of our company, we are defined by our commitments to our partners and customers and more importantly, our ability to execute those commitments.

我想提供有關我們在 2024 年進行的策略審查的最新情況，並分享新領導團隊如何塑造 RB Global 的未來願景。我們公司的核心在於對合作夥伴和客戶的承諾，更重要的是，我們履行這些承諾的能力。

We recognize that the world around us has constantly evolved as are our partners' needs and expectations. However, what remains unchanged is their desire to work with a trusted partner, one who listens, understands their challenges, and takes a proactive approach to delivering solutions that drive superior business outcomes. This is the foundation of our growth strategy, put our partners first and over deliver on our commitments.

我們認識到，我們周圍的世界正在不斷發展，我們的合作夥伴的需求和期望也在不斷發展。然而，他們始終渴望與一個值得信賴的合作夥伴一起工作，一個能夠傾聽、理解他們面臨的挑戰並採取積極主動的方式提供解決方案以推動卓越業務成果的合作夥伴。這是我們成長策略的基礎，把我們的合作夥伴放在第一位，超額履行我們的承諾。

By consistently doing this, we will solidify our position as their trusted global partner for insights, services and transaction solutions. And of course, we will do this with an eye toward our operational efficiency and excellence.

透過持續這樣做，我們將鞏固我們作為他們在洞察力、服務和交易解決方案方面值得信賴的全球合作夥伴的地位。當然，我們這樣做的目的是提高營運效率和卓越性。

We see significant opportunities to drive transactions and grow our market share by creating a seamless and trusted experience for our sellers and buyers. We have three key areas of strategic focus. First, we aim for premium price performance for the assets transacted across our omnichannel marketplace while effectively accommodating our partners' liquidity preferences. This is about managing supply and creating deep liquidity pools by expanding the global buyer base. We are doing this by harnessing technology to merchandise assets at scale and providing a diverse and thoughtful, selective range of assets to meet each buyer's unique needs.

我們看到了透過為賣家和買家創造無縫和值得信賴的體驗來推動交易和擴大市場份額的巨大機會。我們有三個關鍵的策略重點領域。首先，我們的目標是讓全通路市場交易的資產實現優質的價格表現，同時有效地滿足合作夥伴的流動性偏好。這是為了透過擴大全球買家基礎來管理供應並創建深度流動性池。我們透過利用技術大規模銷售資產並提供多樣化、周到且選擇性的資產來滿足每個買家的獨特需求。

Second, we are focused on growing our enterprise partner base. This includes insurance companies in our automotive sector and large fleet owners in our CC&T sector. Our partners increasingly rely on our expertise to enhance their profitability by optimizing the life cycle of the assets they transact through us. The more effectively we can communicate and demonstrate our value upstream from the transaction the stronger our position will be in earning more transactions from partners and gaining market share. This means helping insurance partners with the first notice of loss, shortened total cycle times and reducing advanced charges.

其次，我們致力於擴大企業合作夥伴基礎。這包括我們汽車領域的保險公司和我們 CC&T 領域的大型車隊所有者。我們的合作夥伴越來越依賴我們的專業知識來優化他們透過我們交易的資產的生命週期，從而提高他們的獲利能力。我們越能有效地溝通並展示我們在交易上游的價值，我們在從合作夥伴獲得更多交易和獲得市場份額方面的地位就越強。這意味著幫助保險合作夥伴首次發出損失通知、縮短總週期時間並減少預付費用。

In CC&T this involves supporting partners with insights, minimizing maintenance costs with SmartEquip and streamlining asset transportation with VeriTread. At the end of the day, it's about driving a quantifier value to their P&L. Lastly, we remain focused on driving growth with our regional CC&P customers, comprised of small and midsized businesses that highly value personalized engagement and relationships with our territory managers.

在 CC&T 中，這涉及透過洞察力支持合作夥伴、使用 SmartEquip 最大限度地降低維護成本以及使用 VeriTread 簡化資產運輸。歸根究底，這是為了為公司的損益表帶來量化價值。最後，我們仍然專注於推動區域 CC&P 客戶的成長，這些客戶由高度重視個人化參與和與我們區域經理的關係的中小型企業組成。

By leveraging the expertise of our sales team as trusted advisers, we are confident in our ability to strengthen existing relationships and build new ones. As we optimize and expand our sales coverage, we are well positioned to capture additional market share and deliver sustained growth.

透過利用我們的銷售團隊作為值得信賴的顧問的專業知識，我們有信心加強現有的關係並建立新的關係。隨著我們優化和擴大銷售覆蓋範圍，我們有能力佔領更多的市場份額並實現持續成長。

We will enable all of this by continuing to focus on modernizing our technology capabilities, investing in the development of our teammates and strategically deploying M&A to expand our capabilities and market reach. Looking back to 2024, we made significant progress on all these enablers to accelerate growth. I am proud of the advancements of our technology capabilities with the launch of rbauction.com on a modern technology stack.

我們將繼續專注於實現技術能力的現代化、投資於團隊成員的發展以及策略性地部署併購以擴大我們的能力和市場範圍，從而實現所有這些。回顧 2024 年，我們在所有這些加速成長的推動因素上都取得了重大進展。隨著 rbauction.com 在現代科技堆疊上的推出，我們技術能力的進步讓我感到很自豪。

This will be the cornerstone for efficient and scalable growth in the CC&T sector. We invested in our team and welcome several talented senior leaders to our organization, including Eric, our CFO; Steve Lewis, our COO; and Nancy King, our CTO.

這將成為 CC&T 領域高效、可擴展成長的基石。我們對我們的團隊進行了投資，並歡迎幾位才華橫溢的高級領導加入我們的組織，包括我們的首席財務官 Eric；我們的首席營運官史蒂夫·劉易斯 (Steve Lewis)；以及我們的首席技術官 Nancy King。

Lastly, we enhanced our omnichannel marketplace by acquiring a new channel, bloomin' BUCKET, a technology-enabled fixed-price marketplace. Now let's move to the business trends we have been seeing recently. Although we are hearing more confidence and optimism from our partners and customers in CC&T, they continue to evaluate business conditions in the face of continued uncertainty in 2025, much like last quarter, we would continue to describe the environment as wait and see.

最後，我們透過收購一個新管道－bloomin' BUCKET（一個技術支援的固定價格市場）增強了我們的全通路市場。現在讓我們來討論一下最近看到的商業趨勢。儘管我們從 CC&T 的合作夥伴和客戶那裡聽到了更多的信心和樂觀，但面對 2025 年持續的不確定性，他們仍在繼續評估業務狀況，就像上個季度一樣，我們將繼續將環境描述為觀望。

We are the ideal partner to help the industry navigate its fleet management needs and either a slowdown where the customers execute a deep fleeting strategy or a reacceleration where customers start purchasing new equipment and driving decisions on aged equipment. We are focused on driving sustainable growth and continue to invest in our North American sales organization.

我們是業界理想的合作夥伴，能夠幫助產業滿足其車隊管理需求，無論是在客戶執行深度車隊管理策略的放緩時期，還是在客戶開始購買新設備並做出老舊設備決策的再加速時期。我們專注於推動永續成長並繼續投資我們的北美銷售組織。

Now let's move to the automotive sector. I am proud of the team and pleased that we consistently delivered exceptional performance to all of our partners in the fourth quarter. All key SLA metrics remain strong at a very high level. Fourth quarter salvage industry volumes benefited from cat events and the ongoing secular growth and loss ratios fueled by the favorable spread between repair cost inflation and used vehicle inflation. In the fourth quarter, CCC Intelligence Solutions estimated that the total loss ratio increased nearly 230 basis points to approximately 23.8% compared to 21.5% in the same period last year.

現在讓我們轉向汽車領域。我為我們的團隊感到自豪，並很高興我們在第四季度持續為所有合作夥伴提供卓越的業績。所有關鍵的 SLA 指標仍保持在非常高的水平。第四季度，報廢汽車產業的銷售量受益於重大災難事件以及維修成本通膨和二手車通膨之間的有利差價推動的持續長期成長和損失率。第四季度，CCC Intelligence Solutions 估計總損失率較去年同期的 21.5% 增加了近 230 個基點，至約 23.8%。

We continue to attract new international buyers to our marketplace, achieving a record high percentage of vehicles sold to international buyers in our automotive sector. That said, we are starting to cycle over some of the significant process and technology improvements from last year and are, therefore, more exposed to the weakness in the broader macro environment. Average selling prices of salvage U.S. insurance vehicles declined less than 1%. And when excluding the impacts from cat declined approximately 2% year-over-year.

我們繼續吸引新的國際買家進入我們的市場，在我們的汽車領域向國際買家銷售的汽車比例創下了歷史新高。儘管如此，我們開始循環去年的一些重大流程和技術改進，因此更容易受到更廣泛的宏觀環境的疲軟影響。美國報廢保險車輛的平均售價下降不到 1%。若排除 Cat 的影響，則較去年同期下降約 2%。

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. As I conclude my first full year as CFO, I am proud of the financial discipline we've instilled as a team. This past year, we have maintained a strong focus on operational efficiency, strategically investing in long-term growth opportunities, and substantially reducing our leverage.

謝謝你，吉姆。當我結束擔任財務長的第一個完整年頭時，我為我們團隊灌輸的財務紀律感到自豪。過去的一年，我們高度重視營運效率，策略性地投資於長期成長機會，並大幅降低槓桿率。

Total GTV increased by 2%. Automotive GTV increased by 4%, driven by a 7% increase in unit volumes, partially offset by a decline in the average price per vehicle sold. Excluding catastrophe related impacts, our automotive sector GTV would have declined by approximately 4%.

總GTV增加了2％。汽車 GTV 增長了 4%，這得益於銷量增長了 7%，但每輛汽車的平均售價下降部分抵消了這一增長。排除災難相關的影響，我們汽車產業的 GTV 將下降約 4%。

While unit volumes would have increased by approximately 1%. Unit volume growth, excluding the impact of the cat in the quarter was driven by strong organic growth from existing partners, partially offset by the previously announced customer loss.

而單位產量將增加約1%。除去本季巨災因素的影響，單位銷售成長主要得益於現有合作夥伴的強勁有機成長，但被先前宣布的客戶流失部分抵銷。

We expect to completely lapse the volume loss associated with this customer in the second quarter of 2025. GTV in the commercial construction and transportation sector decreased by 1%, driven by a decline in the average price per lot sold, partially offset by an 18% increase in lot volumes.

我們預計在 2025 年第二季完全消除與該客戶相關的銷售損失。商業建築和運輸領域的 GTV 下降了 1%，因為每塊土地的平均售價下降，但土地數量增加了 18%，部分抵消了這種影響。

The average price per lot sold declined due to both asset mix and continued deflation in asset values. Asset mix headwinds stemmed from lot volume growth from rental and transportation industries, where asset values are intrinsically at lower ASPs.

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。

Excluding the impact of the yellow corporation bankruptcy, the GTV decline in the commercial construction and transportation sector would have been approximately 2%.

剔除黃色企業破產的影響，商業建築和運輸領域的GTV下降幅度約為2%。

By the end of the fourth quarter, most of the unit volumes related to yellow had been sold. Moving to service revenue increased by 8% due to a higher service revenue take rate and higher GTV.

截至第四季末，黃色相關的單位數量大部分已售出。由於服務收入收取率和 GTV 增加，服務收入增加了 8%。

The service take rate increased approximately 110 basis points year over year to 21.3%. Driven by a higher average buyer fee rate and growth in our marketplace services. Moving to adjusted IBEDA increased 13% on the expansion in our service revenue take rate, a higher level of GTV, and a higher contribution from inventory returns.

服務接受率年增約110個基點，達21.3%。受平均買家費率提高和我們市場服務成長的推動。調整後的 IBEDA 成長了 13%，這得益於我們服務收入提取率的擴大、GTV 水準的提高以及庫存回報的貢獻增加。

Our dedication to efficiency and disciplined execution was evident again in the fourth quarter, as adjusted IEDA as a percentage of GTV increased to 8.4% compared to 7.7% the prior year. Adjusted earnings per share increased by 16% on higher operating income and lower net interest expense, partially offset by a slightly higher adjusted tax rate.

我們對效率和嚴格執行的執著在第四季度再次體現，調整後的 IEDA 佔 GTV 的百分比從上年的 7.7% 上升至 8.4%。調整後每股收益成長 16%，原因是營業收入增加且淨利息支出減少，但調整後稅率略有上升，部分抵銷了這一影響。

Our solid operational performance and continued debt pay down drove a 0.1 of a turn decline in our adjusted net debt to trailing 12 months adjusted IBEDA to approximately 1.6 times compared to the third quarter of 2024.

我們穩健的營運表現和持續的債務償還推動我們的調整後淨債務下降 0.1 倍，過去 12 個月調整後的 IBEDA 與 2024 年第三季相比約為 1.6 倍。

Moving to the outlook, we wanted to provide our initial thoughts for 2025. We expect full year gross transaction values to grow between 0 and 3% year over year as we continue to gain market share in 2025. Note that we will face the most challenging comparison in the 1st quarter of 2025 and expect consolidated GTV to decline in mid single digits year over year.

談到展望，我們想提供 2025 年的初步想法。我們預計，隨著 2025 年我們的市佔率繼續擴大，全年總交易額將年增 0% 至 3%。請注意，我們將在 2025 年第一季面臨最具挑戰性的比較，預計合併 GTV 將同比下降中等個位數。

We remain dedicated to our operational excellence program while prudently investing in growth initiatives. We expect full year adjusted IEDA between $1.32 billion and $1.38 billion or approximately 1% and 6% year over year growth.

我們將繼續致力於我們的卓越營運計劃，同時審慎地投資於成長計劃。我們預計全年調整後的 IEDA 在 13.2 億美元至 13.8 億美元之間，或年增約 1% 至 6%。

We also expect our full year 2025 GAAP and adjusted tax rate to be consistent with 2024 and be between 25% and 28%. Moving to CapEx, we currently expect full year capital expenditures, which include PP&E net of proceeds on disposals and additions to intangible assets to be between $350 million and $400 million.

我們也預期 2025 年全年 GAAP 和調整後稅率將與 2024 年保持一致，介於 25% 至 28% 之間。談到資本支出，我們目前預計全年資本支出（包括 PP&E 的處置淨收益和無形資產的增加）將在 3.5 億美元至 4 億美元之間。

This is a step up compared to 2024, mainly due to our investment to support our greenfield expansion in Australia, selectively acquiring property to optimize our portfolio while supporting volume growth and continued investment in technology.

與 2024 年相比，這是一個進步，主要歸功於我們為支持在澳洲的綠地擴張而進行的投資，有選擇地收購房地產以優化我們的投資組合，同時支持銷售成長和對技術的持續投資。

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

現在，我們開始提問。

Thank you. (Operator Instructions)

謝謝。（操作員指令）

Steven Hansen with Raymond James.

史蒂文漢森和雷蒙詹姆斯。

Just a quick question on the market share gains that you described. I mean how do you feel about progressing that through the balance of '25? You've spoken to some wins already that are on your belt, do you expect additional wins through the balance of this year? Anything large and material or is it going to be small incremental wins as you go?

關於您所描述的市場佔有率成長，我只想問一個簡單的問題。我的意思是，對於在 25 年內取得進展，你有什麼看法？您已經談到自己已經取得的一些勝利，您是否預計今年還會取得更多的勝利？有任何重大的、實質的進步嗎，還是隨著你的進步而逐漸增加的小進步？

Steven, Jim. Great question. I'm just going to stick to what's in our control. We're going to be very focused on providing the highest level of service to our partners. And more specifically, the team is very focused on, especially in this environment, how do we add value to our partners so they can see in their P&L.

史蒂文、吉姆。好問題。我只是要堅持做我們能控制的事情。我們將高度專注於為我們的合作夥伴提供最高水準的服務。更具體地說，特別是在這種環境下，團隊非常關注如何為合作夥伴增加價值，以便他們能夠在損益表中看到。

And that's what the team is really focused on. And we believe by staying focused on that, that's going to produce the outcome, which we want as additional market share. But to fully answer your question, the one part of the equation is not in my control of when someone says yes. So what we're going to stay focused on is what is in our control and make sure we keep delivering value to our partners.

這正是團隊真正關注的重點。我們相信，透過專注於此，我們就能夠實現我們想要的結果，也就是增加市場佔有率。但要全面回答你的問題，當有人說「是」時，等式的一部分不受我控制。因此，我們將繼續專注於我們所能控制的事情，並確保我們繼續為合作夥伴提供價值。

And I'll just ask one more here and then turn it back in the queue. But just curious, Jim, I think you mentioned a couple of different items in terms of capital allocation priorities, and one of them was NA. I mean where does that land in sort of the collective priority list for you as it stands? It sounds like you've got a bunch of things you want to invest in. Just curious if M&A overrides the potential for buybacks at some point in the future as well.

我將在這裡再問一個問題，然後將其放回隊列中。但只是好奇，吉姆，我認為你在資本配置優先順序方面提到了幾個不同的項目，其中之一就是 NA。我的意思是，就目前情況而言，這在您的集體優先事項清單中處於什麼位置？聽起來你有很多東西想要投資。只是好奇，未來某個時候，併購是否也會超越回購的潛力。

Eric, do you want to take that one?

艾瑞克，你想拿那個嗎？

Yes. As we laid out a couple of quarters ago, our capital allocation framework, we've always had M&A listed on there. My focus for most of '24 was to get within our net debt to adjusted EBITDA range. As I articulated on this call, we're at 1.6 times. So we're in a good place there.

是的。正如我們幾個季度前提出的，我們的資本配置框架中始終將併購部分列在其中。在 24 年的大部分時間裡，我的重點是將我們的淨債務控制在調整後的 EBITDA 範圍內。正如我在這次電話會議中所說的那樣，我們的比例是 1.6 倍。因此我們目前的狀況很好。

So it's part of our strategy. It always has been, as we laid out earlier in '24. So we continue to look at M&A opportunities, but it's an end statement, not an ore. We'll continue to look at paying down debt. We'll look at M&A and we'll look at reinvesting in the business and organic opportunities, like I described on the capital allocation side.

所以這是我們戰略的一部分。正如我們早在 24 年就指出的那樣，情況一直如此。因此，我們會繼續尋找併購機會，但這只是最終結論，而不是最終目標。我們將繼續考慮償還債務。我們將研究併購，並將研究對業務和有機機會的再投資，就像我在資本配置方面所描述的那樣。

So we'll look at technology. and continue to look at properties.

因此，我們將關注技術。並繼續查看屬性。

Appreciate the call thanks guys.

非常感謝你們的來電，謝謝大家。

Michael Feniger with Bank of America

美國銀行的 Michael Feniger

Yeah, thanks for taking my questions. Just on the GTV growth outlook, you mentioned, obviously Q1, a tough comp. Is there any help you can kind of give us between the split of auto, which seems like you guys are gaining share versus the commercial transportation? Clearly, you guys have a tough comp you're cycling through the Yellow, still a good performance in Q4. Just curious, I know you guys have Orlando in a few days, you're seeing how that builds.

是的，感謝您回答我的問題。就 GTV 成長前景而言，您提到，顯然第一季的業績比較艱難。在汽車運輸方面，您能為我們提供什麼協助嗎？看起來你們的市佔率正在相對於商業運輸成長？顯然，你們在黃色賽道上競爭非常激烈，在 Q4 中仍然表現良好。只是好奇，我知道你們幾天後要去奧蘭多，看看情況如何。

I'm just curious what you're kind of expecting with some of the puts and takes, how we should kind of think of that GTV makeup right there.

我只是好奇你對於某些事情有什麼期待，我們應該如何看待 GTV 的組成。

Yes. I'll start and Michael -- and then I'll pass it over to Eric to add any more color if he would like. Let me just start with automotive first. Just as a reminder, the carrier loss that we announced a little bit over a year ago. This is the last quarter that we have to do with that conversation.

是的。我先開始，麥可 — — 然後我會把它交給艾瑞克，讓他加更多顏色，如果他願意的話。讓我先從汽車產業開始。提醒一下，我們在一年多前就宣布了營運商虧損的消息。這是我們進行該次談話的最後一個季度。

And then all other gains that we talked about start to kick in. So I think we feel really good about the trajectory of automotive of where it is. When we get into CC&T along with Yellow, I just want to remind the group -- and this really goes back to when COVID created very erratic supply chain and equipment wasn't getting produced and then a couple of years later, equipment got new equipment got produced and then there was a lot of disposal and with the very large strategic accounts we have, we got the benefit over a year ago, well, that disposal never going up against it. And I don't consider that -- I think about it like Yellow. It was really the COVID was a onetime event that happened.

然後，我們談到的所有其他收益開始發揮作用。所以我認為我們對汽車目前的發展軌跡感到非常滿意。當我們與 Yellow 一起討論 CC&T 時，我只想提醒小組——這實際上可以追溯到 COVID 造成的非常不穩定的供應鏈，設備無法生產，然後幾年後，設備得到了新設備，然後進行了大量的處置，並且憑藉我們擁有的非常龐大的戰略賬戶，我們在一年多前獲得了收益，嗯，這種處置從未與之相抵靠。但我並不這麼認為——我像 Yellow 一樣思考這個問題。COVID 確實是一次性事件。

We got the benefit. So to me, when you really look over 2 years, you kind of get a normalized growth rate that you would expect for this sector. And that's what you will see. So that's why we're just calling it out because they're very unique things that have happened over that time period. And then when we start looking into the back half, it starts to look normal without those things.

我們得到了好處。因此對我來說，當你真正回顧過去的兩年時，你就會得到該行業預期的正常化成長率。這就是您將要看到的。這就是我們為什麼要指出這一點，因為這些都是在那個時期發生的非常獨特的事情。然後，當我們開始看後半部時，沒有了這些東西，它看起來很正常。

We still have yellow that we have to deal with for the whole year, but that starts to become less as you go out the year. Eric, is there anything you would like to add?

我們全年都需要處理黃色問題，但隨著時間的推移，黃色問題會逐漸減少。艾瑞克，您還有什麼要補充的嗎？

I think, Jim, you covered it.

我想，吉姆，你已經做到了。

Jim, if I could just squeeze one more in. I'd love to get your sense of what you're hearing on the auto side. Obviously, you guys are gaining share which is what you can control. There's just a lot of headlines around tariffs and what that might mean for the auto side. Just -- is there any impact how that would flow through to the salvage side?

吉姆，如果我能再擠一點時間的話。我很想了解您對汽車方面的看法。顯然，你們正在獲得份額，這是你們可以控制的。目前有很多關於關稅及其對汽車行業影響的新聞頭條。只是──這會對打撈方面產生什麼影響嗎？

Are you hearing that come up with buyers or sellers, the knock-on effect of what tariffs might mean to the new truck -- new automobile side, how that might flow through the salvage or maybe there really isn't an impact. I'd just love to get that sense.

您是否聽說過，對於買家或賣家來說，關稅會對新卡車或新車產生什麼連鎖反應，這可能會對廢品回收產生什麼影響，或者可能真的沒有影響。我只是想體會這種感覺。

Thanks.

謝謝。

Yes. Look, first, we'll just start with, as we think about the tariffs first between Mexico and Canada, everything got delayed, right? Of course, we're still working through with our customers and our partners what would that mean if something happens. I think the great thing about our marketplace no matter if it's a CC&T or the automotive side, there was a need for these assets and it's really up to our team with insights and data, how do we help them navigate this world because there is a need for these assets as we go through it. So we're going to be very focused on what's really going to happen, how do we navigate it, how do we use all the data and insights.

是的。首先，我們先考慮墨西哥和加拿大之間的關稅，一切都被推遲了，對嗎？當然，我們仍在與客戶和合作夥伴一起研究如果發生某些事情會意味著什麼。我認為我們的市場最棒的地方在於，無論是 CC&T 還是汽車方面，都需要這些資產，而這實際上取決於我們的團隊的洞察力和數據，我們如何幫助他們駕馭這個世界，因為在我們經歷的過程中需要這些資產。因此，我們將高度關注真正會發生什麼，我們如何應對，如何使用所有數據和見解。

And again, what we want to get back to is making sure we're adding value to our partners no matter what environment we have. And the one benefit we do have with RB Global is being a global company. We have access to a lot of liquidity in a lot of markets and a lot of different things that we can help our partners navigate through this time. And I think the one thing that we're hearing the most accretion apprehension about from the automotive side of our partner is really automotive parts is really what we hear more the concern of what's going to happen to the supply chain -- if tariffs get enacted versus the salvage car itself. But Eric, Sameer, anything from either you that you'd like to add?

再次強調，我們要確保無論處於何種環境，都能為我們的合作夥伴增加價值。RB Global 帶給我們的一個優勢就是我們是一家全球性公司。我們可以在許多市場中獲得大量流動性，並且可以透過許多不同的方式來幫助我們的合作夥伴度過這段時期。我認為，我們從汽車行業的合作夥伴那裡聽到最多的擔憂實際上是關於汽車零件的，我們聽到更多的是擔心如果對報廢汽車本身徵收關稅，供應鏈將會發生什麼。但 Eric、Sameer，你們還有什麼要補充的嗎？

Okay, I think that is that that is you got it.

好的，我想就是這樣了。

Craig Kennison with Baird.

克雷格·肯尼森 (Craig Kennison) 和貝爾德。

Hey, good afternoon, Jim, you mentioned in the CC&T business, kind of a wait and see market. And I think that was an appropriate description last quarter as well. Wondering what you see as a potential trigger to change the nature of this market so that transactions start to flow a little better?

嘿，下午好，吉姆，你提到了 CC&T 業務，這是一種觀望市場。我認為這對上個季度來說也是一個恰當的描述。您想知道什麼可能成為改變這個市場性質的觸發因素，讓交易開始變得更順暢嗎？

Yes. Look, for us, we're constantly in communication with our partners. I think interest rates not really coming down further, where I think everyone would have hoped there would have been some more cuts, which were there then attracted, okay, do I invest in new equipment going through it, wait and see with tariffs. I think some of our partners are waiting to see these mega projects, do they come to fruition, what's going to happen with the new administration. I think everyone has hope of what's going to happen.

是的。對我們來說，我們一直與合作​​夥伴保持溝通。我認為利率實際上並沒有進一步下降，我想每個人都希望利率會進一步下降，然後利率就會被吸引，好吧，我是否要投資新設備，等待並觀察關稅。我想我們的一些合作夥伴正在等待看到這些大型計畫是否會取得成果，以及新政府會帶來什麼改變。我想每個人對即將發生的事情都有希望。

But like all this, we have to manage our balance sheet and our cash flow. And the great thing for our business, we realize we're not going to control their decision of when they make the decision to do dispositions. But again, we're going to add value, no matter if the data insights, if it's transportation services, inspections, appraisals, everything we can do to help them optimize their P&L and when they're ready for dispositions.

但與所有這一切一樣，我們必須管理我們的資產負債表和現金流。對於我們的業務來說，最棒的事情是，我們意識到我們無法控制何時做出處置的決定。但是，我們再次強調，我們將增加價值，無論是數據洞察，還是運輸服務、檢查、評估，我們都可以做一切事情來幫助他們優化損益表，並在他們準備好處置時提供幫助。

And I think we showed it when COVID happened and all that new equipment came in, they had a disposal of equipment. I don't think there was anyone else with our scale that could have helped them in that time to manage premium price to get this through the auction channels that we have.

我認為我們在 COVID 發生時就展示了這一點，當所有新設備運來時，他們都對設備進行了處理。我認為，沒有其他像我們這樣規模的公司能夠在當時幫助他們透過我們擁有的拍賣管道實現溢價。

So I think we've showed when someone is ready to make the decision, we're the right partner and to be able to help them with it. So that's what we stay focused on.

因此我認為我們已經表明，當有人準備好做出決定時，我們是合適的合作夥伴，能夠幫助他們。所以這就是我們關注的重點。

And maybe as a follow-up, it looks like the federal government is taking a harder look at efficiency through DOGE. I'm curious if you're seeing any uptick in activity on your platform as it relates to potential RFPs or projects associated with assets that just may not be needed anymore.

也許作為後續行動，聯邦政府似乎正在透過 DOGE 更加嚴格地審視效率。我很好奇，您是否看到平台上的活動增加，因為它與潛在的 RFP 或與可能不再需要的資產相關的項目有關。

Look, it's a hard question, right? Because when you think about the categories on a large scale, we definitely see the surplus items and in different brands that we serve that fit that. But I wouldn't call it anything abnormal right at this point yet.

瞧，這是一個很難的問題，對吧？因為當你從大規模的角度考慮類別時，我們肯定會看到剩餘商品，而我們所服務的不同品牌也符合這個標準。但目前我還不認為有什麼不正常。

Okay, thank you.

好的，謝謝。

Gary Prestopino with Barrington

加里·普雷斯托皮諾和巴林頓

Hi, good afternoon, Jim and Eric. Jim, since we're almost over a year into this with the IAA transaction, can you give us some idea of how much you've reduced the cycle times and how much you've increased the salvage returns for your customers on average?

嗨，吉姆和埃里克，下午好。吉姆，由於我們進行 IAA 交易已經快一年了，您能否告訴我們，你們將週期時間縮短了多少，以及平均為客戶增加了多少殘值？

Yes. We're not going to go to specific metrics. We actually issue a quarterly KPI report to all insurance partners that explain this. What I would just say to this group is we are very confident that we are going to consistently overperform to the SLAs that we've committed to, to our partners and we're going to be relentless. We are not going to stop, we're going to continue to drive up those numbers, and we're going to innovate and look for ways to do it.

是的。我們不會去探討具體的指標。我們實際上向所有保險合作夥伴發布了一份季度 KPI 報告來解釋這一點。我只想對這個團隊說的是，我們非常有信心，我們將始終如一地超額履行我們向合作夥伴承諾的服務等級協定 (SLA)，而且我們將堅持不懈。我們不會停下來，我們會繼續提高這些數字，我們會創新並尋找方法來實現它。

But I just want to share our confidence. We're about a year into issuing to the global insurance space, no matter if you do business with us, if you don't, we issue it to all the leaders of the insurance companies and just to create transparency and to show our confidence of our performance, and I believe it's very consistent performance over the last 18 months that I'm very proud of for the team.

但我只是想分享我們的信心。我們向全球保險領域發布信息已經大約一年了，無論您是否與我們開展業務，我們都會向所有保險公司的領導人發布信息，只是為了提高透明度並展示我們對業績的信心，我相信我們在過去 18 個月中的表現非常穩定，我為團隊感到非常自豪。

And then just in terms of your international buyers of salvage, these tariffs that are being floated around or whatever they are put in place, would that be much of an impact to them? I guess what I'm getting at with the reciprocal tariffs, there was a lot of noise about the differential on the tariff from an American car imported into Europe versus a European car imported into the United States, meaning new cars. But are there really is there really the potential for onerous tariffs on salvage that's exported out of this country?

那麼，對於國際廢品買家來說，這些浮動的關稅或任何已經實施的措施，會對他們造成很大影響嗎？我想說的是，關於互惠關稅，人們對於美國汽車進口到歐洲和歐洲汽車進口到美國（也就是新車）的關稅差異議論紛紛。但是，對於從該國出口的打撈物，是否真的有可能徵收高關稅呢？

Look, it's a hard question for us to navigate since I don't think anyone has been really clear about what things are part of the tariff. So it's very hard to really give you a detailed answer. Again, our belief is these assets are needed. And what we worry more about is probably the short-term impact in the long term. We probably think of these as a tailwind as you think about price and ASP of what it means to it.

聽著，這對我們來說是一個很難回答的問題，因為我認為沒有人真正清楚哪些東西屬於關稅的一部分。因此很難真正給你一個詳細的答案。我們再次堅信這些資產是需要的。而我們更擔心的可能是短期對長期的影響。當您考慮價格和 ASP 對其意味著什麼時，我們可能會將其視為順風。

But again, what we want to make sure we do with our partners is we need to show value for them in their P&L. And we know we can navigate this environment from a global base with the footprint that we have. We're one of the few that are truly global, no matter if it's Europe, Mexico, Canada to navigate this with our partners. So I think it's more short term and long term, I think there could be a tailwind as we think about what happens to price.

但是，我們再次強調，我們要確保與合作夥伴一起在損益表中展示他們的價值。我們知道，我們可以利用我們現有的足跡，從全球角度駕馭這個環境。我們是少數真正全球化的公司之一，無論是歐洲、墨西哥或加拿大，我們都與合作夥伴一起開拓這個市場。所以我認為這更多的是短期和長期的，我認為當我們考慮價格會發生什麼變化時，可能會出現順風。

Okay, thank you.

好的，謝謝。

Maxim Sychev with NBF.

NBF 的 Maxim Sychev。

And how are you, Jim I was wondering if you don't mind going back to the first point of the strategy, like the desire to achieve premium price performance across channels. Do you mind maybe building a little bit in terms of what exactly you're going to be doing from an operational perspective in order to achieve that?

您好嗎，吉姆？我想知道您是否介意回到策略的第一點，例如希望在各個管道實現高性價比。您是否介意從營運角度稍微闡述為了實現這個目標您具體要做什麼？

Yes. The one thing that we take very serious from all of our partners is how do we continue to innovate and drive what we call premium price, but also if you're a buyer in our marketplace, we want to make sure you have all the information and data you need to make a true decision to have confidence in what you're purchasing. So we know it's important in the marketplace. So we look at different auction channels. And we try to balance the liquidity in a time you need for cash along with, okay, ASP.

是的。我們對所有合作夥伴都非常重視的一件事就是我們如何繼續創新並推動我們所謂的溢價，但如果您是我們市場上的買家，我們希望確保您擁有做出真正決定所需的所有資訊和數據，對您所購買的產品充滿信心。所以我們知道它在市場上很重要。因此，我們會研究不同的拍賣管道。我們會嘗試在您需要現金時平衡流動性以及 ASP。

So with all of our channels, if you want to be in CCCT and be a marketplace where we're kind of put a buy now price and negotiate for you and if you have a long period of time, we know that channel can produce a higher percent than if you're in a Ritchie Brothers live event, and it's an unreserved auction. But the one thing about the Ritchie Live Event, you know you're going to get liquidity, right? So we look at it on a liquidity scale to price scale, and we actively listen to our partners of what needs do you have and how do we help you solve it and the boom in bucket transaction is a great example of an innovation of how do we help build another marketplace to drive a higher price. So we're really -- our auction channels, how we market, how we bring new buyers to the marketplaces that we serve and then making sure for the buyers, they have the most accurate information and description for any equipment or autos in our channel. And a good example in auto, we added trim level data to all of our automotive deals.

因此，對於我們所有的管道，如果您想加入 CCCT 並成為一個市場，我們會為您設定一個立即購買價格並為您進行協商，如果您有較長的時間，我們知道該管道可以產生比您參加里奇兄弟 (Ritchie Brothers) 現場活動更高的百分比，而且這是一場無底價拍賣。但是關於里奇現場活動，有一件事你知道你會獲得流動性，對嗎？因此，我們從流動性規模到價格規模來看待這個問題，我們積極傾聽合作夥伴的意見，了解您有什麼需求以及我們如何幫助您解決問題，而桶式交易的繁榮就是我們如何幫助建​​立另一個市場來推動更高價格的創新的一個很好的例子。因此，我們真正的重點是——我們的拍賣管道、我們的行銷方式、我們如何將新買家帶入我們服務的市場，然後確保買家能夠獲得我們管道中任何設備或汽車的最準確資訊和描述。汽車領域的一個很好的例子是，我們在所有汽車交易中添加了裝飾級別數據。

I think we're over 95%. You actually get the right description trend and we're the first ones to do that, which we have seen it added to our ASP. So they're just examples of the things we constantly think about.

我認為我們已經超過 95% 了。您實際上獲得了正確的描述趨勢，我們是第一個這樣做的人，我們已經看到它添加到我們的 ASP 中。所以它們只是我們不斷思考的事情的例子。

And maybe one quick question for Eric, if I may. In terms of the CapEx investments, how should we think about sort of the incremental ROI in this? Is this to support future growth? Or is it to support already sort of on market share and you have to enable those investments to support those clients. How should we think about this?

如果可以的話，我可能想問艾瑞克一個簡單的問題。就資本支出投資而言，我們該如何考慮其中的增量投資報酬率？這是為了支持未來的成長嗎？還是已經支援某種市場份額並且您必須啟用這些投資來支援這些客戶。我們該如何看待這個問題？

Thank you.

謝謝。

Yes, Maxim. I would say it's both of the above. Some of it is existing looking at opportunities where it makes sense. We would look to purchase some properties. As I articulated on the remarks, we won the Australia automotive business.

是的，馬克西姆。我想說以上兩種情況都有。其中一些是現存的，正在尋找有意義的機會。我們想購買一些房產。正如我在演講中所說，我們贏得了澳洲汽車業務。

We're really excited about the opportunity, but that comes with some incremental investment. But again, we're excited about that win. And that opportunity. So it's really a combination of the things above. On the tech side, we have Nancy on board now.

我們對這個機會感到非常興奮，但這需要一些增量投資。但我們再次對這場勝利感到興奮。還有那個機會。所以它實際上是上述事物的組合。在技​​術方面，我們現在有 Nancy 加入我們。

We are continuing on our path to improve our technology and improve the experience for our customers. So we're excited about those investments, and they all have a lens that we look at it with a return on investment analysis.

我們將繼續努力改進我們的技術並改善客戶體驗。因此，我們對這些投資感到興奮，並且我們都從投資回報分析的角度來看待它們。

And Max, I would just add to Eric's point, when you think about Australia, Yes, we got our first win. But as you can imagine, this investment is based on multiple wins that we expect to get over a period of time to really make this investment, get down to the ROI that we want, getting the #2 player to say, yes, was a great team effort, and again, very proud of the team. But our expectation, as we look 5 years out, we expect there to be more wins, so we get ROI that we want.

馬克斯，我只想補充艾瑞克的觀點，當你想到澳洲時，是的，我們贏得了第一場勝利。但你可以想像，這項投資是基於我們期望在一段時間內獲得的多次勝利，以真正進行這項投資，實現我們想要的投資回報率，讓 2 號球員說，是的，這是一個偉大的團隊努力，並且再次為團隊感到自豪。但我們的預期是，展望五年後，我們預計將會取得更多勝利，從而獲得我們想要的投資報酬率。

Okay. Excellent.

好的。出色的。

Steven Hansen of Raymond James.

雷蒙德詹姆斯 (Raymond James) 的史蒂文漢森 (Steven Hansen)。

Just curious, Jim, you referenced in the past a few other initiatives, one being hiring additional sales reps to broaden your territory reach or your REIT, I guess, from the origination standpoint. Give us an update as to how that strategy has been going from a market share gain perspective?

只是好奇，吉姆，你過去提到過其他一些舉措，其中之一就是僱用額外的銷售代表來擴大你的地域範圍，或者你的房地產投資信託基金，我想，從發起的角度來看。請從市場佔有率成長的角度向我們介紹一下該策略的進展？

Yes. It's going really well, we really feel really comfortable. What we want to get better at is when you hire someone, how do you get them up to speed as quickly as possible, right? So we just brought in someone new on our HR team, someone who I worked before in my collision days. So I feel really good that's going to help our team get up to speed.

是的。一切進展順利，我們覺得非常舒服。我們想要改進的是，當你僱用某人時，你如何讓他們盡快適應工作，對嗎？因此，我們剛剛為人力資源團隊招募了一位新人，他是我之前在碰撞期間共事過的人。所以我覺得非常好，這將有助於我們的團隊快速進步。

But we see a great ROI in the program. And what I feel really good about is as we get really efficient at bringing people in and getting them up to speed, there are areas where we know we can still add people to take market share. So we're going to stay focused on a program, but we feel really good about the ROI that we get. And like I said, what we have to get better at is how do you get someone up to speed as quickly as possible.

但我們看到了該計劃的巨大投資報酬率。讓我感到非常高興的是，隨著我們在引進人才和讓他們快速適應新環境方面變得非常高效，我們知道在某些領域我們仍然可以增加人才來搶佔市場份額。因此，我們將繼續專注於這個項目，但我們對獲得的投資回報率感到非常滿意。正如我所說的，我們必須提高的是如何讓別人盡快適應。

Okay, that's helpful. And then just the last one for me is just -- I think it's -- I'm not sure how fair it is, but you've been criticized in the past with your cat performance. It sounds like your comments here today suggest your SLAs on cat performance have been meeting or exceeding most expectations. I mean does that take away some of the hindrance you've had in the past on winning market share back? I mean, do you view that as a step change forward, I guess, is the question in terms of your ability to win new business and performing well on cat. Thanks.

好的，這很有幫助。對我來說最後一個問題是——我認為——我不確定這是否公平，但你過去曾因你的貓表演而受到批評。聽起來您今天在這裡的評論表明您對貓性能的 SLA 已經滿足或超出了大多數人的預期。我的意思是，這是否會消除你們過去在贏回市場份額時遇到的一些障礙？我的意思是，您是否認為這是一個向前邁出的一步的改變，我想，問題在於您贏得新業務和在 Cat 上表現良好的能力。謝謝。

Great question. And kind of how I would -- look, I wasn't here for some of the perceived issues that people put on IAA's shoulders. But the one thing I can tell you, since I've been here, when I look back at some of the data, I believe IAA has performed very well in most cats I know there was a partner issue in the past. So for me, what I'm really focused on for that partner is to show how consistent and reliable our services. And for this specific season that we just pay us the e-mails I got from our current partners about our performance and how well the team did.

好問題。而我想說的是，我來這裡不是為了解決人們認為 IAA 應該承擔的一些問題。但有一件事我可以告訴你，自從我來到這裡，當我回顧一些數據時，我相信 IAA 在大多數我認識的過去有伴侶問題的貓身上表現得非常好。因此對我來說，我真正關注的是向合作夥伴展示我們的服務是多麼的一致和可靠。對於這個特定的賽季，我們只需向我們目前的合作夥伴發送有關我們的表現以及球隊表現的電子郵件。

I'm very proud of it. And I'm -- there's only two of us, and I'm willing to put our performance up against everyone. And again, the one thing that we did is we immediately e-mailed out our performance results to everyone. So everyone in the industry you can see how well we performed and how we did perform. They can choose if they thought it was well or not, but I consider that we did really well.

我對此感到非常自豪。而我──我們只有兩個人，我願意用我們的表現與所有人一較高下。再次強調，我們所做的事情之一就是立即透過電子郵件將我們的績效結果發送給每個人。因此，業內的每個人都可以看到我們的表現有多出色，以及我們的表現如何。他們可以選擇認為好或不好，但我認為我們做得很好。

So I don't think there should be any doubt in anyone's mind that if it's the daily business of process and salvage or a categories event that there should be any worry if IAA can perform or not. But again, some of that is up to other people to make that decision and not mine, but I feel really good about the transparency that we have done for this whole year and this cat event. And I believe the team did a great job this year.

因此我認為任何人都不應該懷疑，如果這是日常的處理和打撈業務或類別事件，那麼就不應該擔心 IAA 是否能夠履行職責。但同樣，有些決定權在其他人手中，而不是我，但我對我們今年全年和這次貓咪活動所表現出的透明度感到非常滿意。我相信今年球隊表現非常出色。

Appreciate the call guys thanks.

感謝你們的來電，謝謝。

Michael Feniger with Bank of America.

美國銀行的邁克爾費尼格 (Michael Feniger)。

Hey guys, thanks for letting me jump back on. I just want to ask -- the SG&A, I think, was down year-over-year, at least on the reported number, while GTV was up I'm just curious, I know you guys are investing back in the business. Is there anything you want to flag on the cost line that we should be aware of? And just lastly, Jim, I'm just curious, obviously, great performance this year on the take rate. As we think about 2025, what are you guys kind of embedding in that outlook? Are you assuming the take rate stay where it is?

嘿夥計們，感謝你們讓我重新開始。我只是想問一下——我認為，銷售、一般及行政費用同比下降，至少從報告的數字來看，而 GTV 上升了。我只是好奇，我知道你們正在重新投資於業務。您是否想在成本線上標記一些我們應該注意的事項？最後，吉姆，我很好奇，顯然，今年的接受率表現很棒。當我們展望 2025 年時，你們對此有何展望？您是否認為接受率會維持在目前水準？

Is there assumption that there will be an increase in buyer fees or incremental growth from marketplace services? Anything you guys have put into place early this year that is driving that take rate? Just -- anything that can kind of help us out on that part would be great.

是否假設買家費用會增加或市場服務會逐漸增加？你們今年年初採取了什麼措施來提高這個比率？只是——任何能在這方面幫助我們的事情都是很好的。

Yes. No, let me start at a high level, then I'll pass it to Eric if he wants to add any more detail. And we have a very disciplined take rate, see, review process that we do every single year, and we follow it again this year. So I'm not going to get into any specifics of what we have in our forecast or assumptions. But we follow a very disciplined process that we implement typically in the first of the year, then we do evaluations as we go throughout the year to see if any adjustments need to be made.

是的。不，讓我從高層次開始，然後如果 Eric 想添加更多細節，我會將其傳遞給他。我們每年都會執行一套非常嚴格的接受率、檢視和審查流程，今年我們仍然遵循這項流程。所以我不會詳細談論我們的預測或假設。但我們遵循一個非常嚴謹的流程，通常在年初實施，然後在全年進行評估，看看是否需要做出任何調整。

So Eric, do you have any other fee or conversation?

那麼 Eric，你還有其他費用或談話嗎？

Not on GTV. Yes, I think on the SG&A side, your first question there -- as I came on board and Jim shares this philosophy, right, we're going to continue to focus on managing our operating efficiency while over-delivering against our partners expectations. So I think the SG&A performance is just in line with that continuous discipline that we've instilled in the organization to make sure that we manage our costs effectively but also make sure we invest in the business. We just talked about the sales force expansion and how we're continuing that effort and are happy to do that. So it's this balance of making sure the remove costs that don't need to be there, but also continue to invest in the business.

不在GTV上。是的，我認為在銷售、一般及行政費用方面，您的第一個問題是——當我加入時，吉姆也認同這一理念，對吧，我們將繼續專注於管理我們的營運效率，同時超額完成合作夥伴的期望。因此，我認為銷售、一般及行政開支的表現與我們在組織中灌輸的持續紀律相一致，以確保我們有效地管理成本，同時也確保我們對業務進行投資。我們剛剛談到了銷售團隊的擴張以及我們如何繼續這項努力，並且很高興這樣做。因此，這就是確保消除不必要的成本與繼續對業務進行投資之間的平衡。

And that's going to be a discipline that will continue under my tenure, and I'm sure under James'.

在我的任期內，這種紀律仍將繼續實行，我相信，在詹姆斯的任期內，這種紀律也會繼續實行。

And Michael, I would just add to Eric's comment is just to remind you the group, the way RB Global became RV Global is through a lot of integration -- a lot of acquisitions that kind of happen over time. So what we're really pushing are keen to Eric's point, is making sure we're running this business very effectively and efficiently and we're going to be relentless with that. We're going to keep going until we feel like we really have a very effective, efficient organization with the structure, roles and responsibilities. It's something we're never going to not focus on it, right? Even if we think we're the best and we're optimal, there's always going to be a push to how do we get better at what we're doing from inefficiently.

邁克爾，我想補充一下埃里克的評論，只是想提醒大家，RB Global 之所以能成為 RV Global，是經過大量的整合——隨著時間的推移，進行了大量的收購。因此，我們真正要推動的是，正如艾瑞克所指出的，確保我們能夠非常有效和有效率地經營這項業務，並且我們將堅持不懈地做到這一點。我們會繼續努力，直到我們覺得我們確實擁有一個具有結構、角色和職責的非常有效、有效率的組織。這是我們永遠不會不關注的事情，對吧？即使我們認為自己是最好的、最理想的，我們總是會思考如何從低效率的狀態中變得更好。

But to Eric's point, the one thing we're never going to lose is we have to over deliver on our commitments to our partners, and we have to add value in their P&L. What makes me feel really good is when we go into a partner for any kind of quarterly review, and they tell me they can see what we're talking about in their P&L. Then I know -- that's when I know I feel really good about what the team is doing, but we're going to be relentless to make sure we operate at a very efficient business and right or wrong, some of the things in our favor is when you grow by acquisitions in you're older company that tends to give you the ability to have some of that opportunities in front of you.

但正如艾瑞克所說，我們永遠不會失去的一件事就是我們必須超額履行對合作夥伴的承諾，我們必須為他們的損益表增加價值。讓我感到非常高興的是，當我們與合作夥伴進行任何類型的季度審查時，他們告訴我，他們可以在他們的損益表中看到我們所說的內容。然後我知道——那時我知道我對團隊所做的事情感到非常滿意，但我們會堅持不懈地確保我們以非常高效的業務運營，無論對錯，對我們有利的一些事情是，當你通過收購你的老公司而成長時，這往往會讓你有能力在你面前獲得一些機會。

This concludes the question-and-answer session. I'll turn the call to CEO, Jim Kessler for closing remarks.

問答環節到此結束。我將請執行長吉姆凱斯勒 (Jim Kessler) 致最後總結。

Thank you so much. And just wanted to thank everyone for their participation. We really do appreciate it. The one thing I would be remiss is the executive team is down here in Orlando. We are at the World Famous Orlando auction on a construction, transportation side of the business.

太感謝了。我只是想感謝大家的參與。我們非常感激。我唯一疏忽的是執行團隊就在奧蘭多這裡。我們正在參加世界著名的奧蘭多拍賣會，拍賣建築、運輸方面的業務。

This week is always an exciting week. We just had our customer appreciation event last night, probably the most well attended since I've been here and probably in the history of the company. But when you have a week like this with the amount of GTV, we're going to process in a very short period of time. I just wanted to thank all of our teammates. Thank you for all your hard work.

這一周總是令人興奮的一周。我們昨晚剛舉行了客戶答謝活動，這可能是我來這裡以來，甚至是公司歷史上出席人數最多的一次活動。但是當你有一周這樣的 GTV 數量時，我們會在很短的時間內處理。我只是想感謝我們所有的隊友。感謝您的辛勤工作。

It is very much appreciated. And then the great thing is, after this week, next week, we turn our attention on the automotive side, IAA has their industry event next week where we'll see a lot of our partners and get to talk about '24 and then talk about '25 innovation and what's to come. And how we're going to add value. So I just want to thank all of our teammates. Thank you for all your hard work.

非常感謝。然後最棒的事情是，在本周和下週之後，我們將把注意力轉向汽車方面，IAA 下週將舉辦行業活動，我們將在活動中見到很多合作夥伴，討論 24 年和 25 年的創新以及未來的發展。以及我們將如何增加價值。所以我只想感謝我們所有的隊友。感謝您的辛勤工作。

We really appreciate it, and we're going to keep it going. So thank you so much, and everyone, have a great night.

我們對此深表感激，並將繼續這樣做。非常感謝大家，祝大家有個愉快的夜晚。

This concludes today's conference call. Thank you for joining. You may now disconnect.

今天的電話會議到此結束。感謝您的加入。您現在可以斷開連線。