RB Global - Earnings Call - Q2 2025

Executive Summary

• Q2 2025 delivered a clean beat on revenue and adjusted EPS, with total revenue of $1.186B (+8% YoY) and diluted adjusted EPS of $1.07; both exceeded S&P Global consensus, driven by an 8% rise in automotive GTV and a 20 bps increase in service revenue take rate to 21.1%. Revenue consensus $1.138B*; EPS consensus $0.956*.
• Adjusted EBITDA rose 7% YoY to $364.5M on higher service revenue and take rate expansion, while GAAP EBITDA was lower; management highlighted adjusted EBITDA as a % of GTV up to 8.7% (vs 8.3% prior year), reflecting operating leverage.
• Guidance tightened and raised at the midpoint: FY25 adjusted EBITDA to $1.340–$1.370B (from $1.320–$1.380B), tax rate lowered to 24–27%, and quarterly dividend increased ~7% to $0.31; GTV growth guidance maintained at 0–3%.
• Narrative catalysts: continued automotive market share gains (units +9% YoY), improved service take rate, and strategic portfolio moves (LKQ SYNETIQ JV deconsolidation; J.M. Wood acquisition). Near-term caution persists in CC&T volumes and CAT-event uncertainty (not embedded in guidance), but efficiency and pricing mix offset some volume headwinds.

What Went Well and What Went Wrong

What Went Well

• Automotive momentum: GTV +8% YoY to $2.162B on unit volumes +9% YoY (U.S. insurance ASP +1% YoY), reflecting market share gains and buyer base growth. “We continued to gain automotive market share… unit volume increasing 9% year-over-year” — Jim Kessler.
• Take rate expansion and operating leverage: Service revenue take rate rose 20 bps to 21.1%, contributing to adjusted EBITDA +7% YoY and adjusted EPS +14% YoY; adjusted EBITDA/GTV reached 8.7% (vs 8.3%).
• Shareholder returns and confidence signals: Tightened/raised adjusted EBITDA guidance, lowered tax rate outlook, and increased quarterly dividend to $0.31 (from $0.29), underscoring confidence in earnings quality and cash generation.

What Went Wrong

• CC&T softness: GTV down 6% YoY; lot volumes fell 18% YoY amid customer “wait-and-see” posture, higher rates, and policy uncertainty; mix helped ASPs, but volumes remain the core headwind.
• Inventory profitability compression: Inventory rate declined 190 bps YoY to 4.1% on weaker performance across sectors and a $1.7M write-down tied to LKQ SYNETIQ; inventory return fell to 12.4 (from 14.3).
• JV deconsolidation and one-time charges: UK automotive parts JV (LKQ SYNETIQ) led to a $15.5M loss on deconsolidation plus $4.2M related costs; EBITDA “actual” (SPGI classification) trails adjusted EBITDA, complicating comps vs consensus.

Transcript

Speaker 4

Ladies and gentlemen, thank you for standing by. My name is Jim, and I'll be your conference operator today. At this time, I am pleased to welcome you all to the RB Global second quarter 2025 earnings conference call. As a reminder, all lines have been placed in a listen-only mode. Later you will have the opportunity to ask questions during our question and answer session. Today's session is also being recorded. Now, to get us started with opening remarks and introductions, I am pleased to turn the floor over to Vice President of Investor Relations, Mr. Sameer Rathod. Please go ahead, sir.

Speaker 2

Hello and good afternoon. Thank you for joining us today to discuss our second 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 the cautionary statements contained in our earnings release and periodic SEC reports. On this call, we will also discuss certain non-GAAP financial measures. For the identification of non-GAAP financial measures and 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 our CEO, Jim Kessler. Jim?

Speaker 1

Thanks, Sameer, and good afternoon to everyone joining the call. I want to begin by recognizing the exceptional execution and dedication of our teammates, who remain the foundation of our ability to consistently overdeliver on our commitments and position us for long-term growth. As always, our approach remains unchanged as we stay focused on the factors within our control. Our disciplined execution was evident again in the quarter, with adjusted EBITDA increasing 7% on a 2% increase in gross transactional value. Starting with our automotive sector, momentum continued as we outpaced the market for another quarter, achieving solid gains in market share. Unit volume increased by 9% year over year. With this increase in volume, I am especially proud to say that our teammates continue to perform at an exceptional level, consistently overdelivering against all of our service-level agreements.

On the demand side, our active buyer base continues to grow, reflecting the strength of our platform. Internationally, we are particularly pleased to welcome two new alliance partners, which extend our global footprint and enhance buyer diversity. We also continue to refine and optimize our multi-channel auction format to drive premium price performance. These efforts are translated into tangible results. We continue to deliver strong gross returns, or salvaged values, as a percentage of pre-accident cash value, with U.S. insurance average selling prices increasing approximately 1% year over year. As we enter the peak season for CAT events, speed and coordination remain mission-critical for our partners. We prepare year-round for these events through detailed simulations and cross-functional alignment across real estate operations, logistics, and merchandising. This ensures we can respond seamlessly when the time comes.

Our dedicated CAT capacity continues to grow, and we have built in additional agility and flexibility through our partnership with NASCAR and our ability to leverage Ritchie Bros. yards as needed. Last year, we demonstrated our unique ability to leverage the full strength of RB Global in managing the volume surge we experienced, and our teammates stand ready to respond again this year. All of this directly translates into superior execution, enabling us to consistently overdeliver on our commitments to our partners. We have a proven and scalable model for responding to CAT events, which provides a sustainable competitive advantage. We are also excited to announce a new joint venture in the UK with LKQ Corporation, a global leader in alternative and specialty parts. As a result, our Synetiq automotive parts and dismantling business will be jointly operated with LKQ and rebranded as LKQ Synetiq.

RB Global will retain 100% of the salvage auction part of the business, which has been rebranded and will operate as IAA. This is a win-win where both organizations will bring their respective areas of expertise to the joint venture. Our regional partners are excited about the vision and value we bring to the industry. The joint venture will streamline the distribution of green parts into the repair network and elevate the customer experience. Moving to the commercial construction and transportation sector, I am pleased to share that we have successfully closed the acquisition of JM Wood. This transaction represents a strategic enhancement of our footprint in Alabama and the broader Southeast U.S. We are proud to welcome a high-performing team with deep regional expertise to our organization. They have built their business much like ours by cultivating long-standing relationships founded on trust and exceptional service.

By combining their strong brand, customer focus, and regional presence with our global reach, digital platform, and value-added services, we are well-positioned to deliver even greater value to our customers and drive continued growth. While customers and partners in our commercial construction and transportation markets continue to navigate macroeconomic uncertainty, we remain focused on factors within our control. We continue to invest in driving sustainable growth and enhancing operational efficiency. This includes ongoing optimization of our territory manager network and deployment of targeted productivity initiatives across the organization. Our disciplined approach is designed to position us as the partner of choice, ensuring we remain top of mind when customers are ready to engage and transact. Before I hand the call over to Eric to review our financial performance and outlook, I would like to thank our incredible team worldwide for their hard work, discipline, and perseverance. You power our momentum.

We have the right strategy, the right people, and the right foundation in place, and I'm excited about the opportunities ahead as we continue to deliver long-term value for our customers, partners, and shareholders. Eric.

Speaker 4

Thanks, Jim. Total GTV increased by 2%. Automotive GTV increased by 8%, driven by a 9% increase in unit volumes, partially offset by a decline in the average price per vehicle sold. Unit volume growth was driven by strong organic growth from existing partners and a year-over-year increase in market share across salvaged and remarketed vehicles. As Jim noted, U.S. insurance ASP increased 1%. However, the average price per lot sold declined primarily due to a higher proportion of remarketed vehicles compared to insurance vehicles relative to the prior year. Second quarter salvaged industry volumes benefited from ongoing secular growth in loss ratios, fueled by the favorable spread between repair cost inflation and used vehicle inflation. CCC Intelligent Solutions estimated that the total loss ratio increased by nearly 70 basis points in the second quarter to approximately 22.2%, compared to 21.5% in the same period last year.

GTV in the commercial construction and transportation sector decreased by 6%, driven by an 18% decline in lot volumes, partially offset by an increase in average selling price. As you compare today's environment to that of 2024, it's essential to consider several key dynamics. Last year, our performance benefited from a significant release of aged fleet from our rental partners, a byproduct of prior COVID-related supply chain disruptions, as well as the unique impact of the Yellow Corporation bankruptcy, the largest in its category. Today, we are navigating a more complex macro backdrop characterized by higher interest rates, evolving trade policy uncertainty, and a more cautious posture from customers and partners amid growing optimism around mega projects. Excluding the impact of the Yellow Corporation bankruptcy, unit volumes would have declined approximately 2% year over year.

The average price per lot sold increased primarily due to an improvement in the asset mix. Asset mix tailwinds stemmed a decline in lot volume from the rental and transportation industries, where asset values are intrinsically at lower ASPs. Excluding the impact of the Yellow Corporation bankruptcy from the prior period, the decline in GTV for the commercial construction and transportation sector would have been approximately 1%. Moving to service revenue, service revenue increased 3% on a higher level of GTV and a higher service revenue take rate. The service revenue take rate increased approximately 20 basis points year over year to 21.1%, driven by a higher average buyer fee rate structure, partially offset by a lower average commission rate and a decline in our marketplace services business. Moving to adjusted EBITDA, adjusted EBITDA increased 7% on GTV growth and expansion in the service revenue take rate.

Our dedication to efficiency and disciplined execution was evident again in the second quarter, as adjusted EBITDA as a percentage of GTV increased to 8.7% compared to 8.3% the prior year. Adjusted earnings per share increased by 14%, driven by a higher operating income, a lower net interest expense, and an adjusted lower tax rate. Before moving on to the outlook, I would like to highlight the financial implications of the LKQ joint venture that Jim just discussed. Given the relative size of the auto parts dismantling business, we do not expect any material impact on our top line or profitability for the remainder of 2025 as a result of this transaction. Going forward, we will account for this JV using the equity method, with our portion of the results included within other income.

In connection with the JV, we revalued the assets, which resulted in a one-time loss on de-consolidation of $15.5 million and incurred an additional charge of $4.2 million associated with the deal, for a total loss of $19.7 million. Now moving to the outlook. For GTV growth, we are now expecting to be at the lower end of our guidance range. That said, we are raising and tightening our adjusted EBITDA guidance range to $1.34 to $1.37 billion. Additionally, as a reflection of our continued confidence in the strength of our strategy and our ability to drive sustainable long-term growth, we are increasing our quarterly dividend approximately 7% to $0.31 per quarter from $0.29 per quarter. As you refine your models for the second half of the year, please note that our guidance does not incorporate any contribution from CAT-related GTV, given the unknowable nature of extreme weather events.

Recall that CAT volumes contributed approximately $169 million in automotive GTV in the fourth quarter of 2024, which will affect the year-over-year growth comparison for that period. To drive long-term profitable growth, we are investing in key technological initiatives and optimizing our sales force to improve the customer experience. The team also remains focused on structurally optimizing costs to help us navigate the current environment. With that, let's open the call for questions. Ladies and gentlemen, at this time, if you would like to ask a question, simply press star and one on your telephone keypad. If you find your question has been asked and you would like to remove yourself, you may also press star one once more to remove yourself. That is star one if you have a question or to remove yourself from the queue today.

We'll hear first from the line of Sabahat Khan at RBC Capital Markets. Please go ahead, your line is open.

Speaker 0

Good afternoon. Maybe just following up on those last comments there around H2. Just given the performance through H1, it feels like there might be a bit more room potentially on the fuller EBITDA than even the guidance uptake suggests. If you can maybe just give us some of the puts and takes from your perspective in addition to the color you just shared around what might be keeping you a bit more cautious or just what are some of the things you're keeping an eye on, the pros and the cons through the back half of the year that may have prevented the guidance increase from being a bit more meaningful just given the performance here today. Thanks.

Speaker 4

Yeah, thank you for the question. This is Eric. As you look at the back half of the year, as I said in my prepared remarks, we do see still the cautious or the wait-and-see on some of our partners and a lot more focus on potential mega projects later in the year. I think that's something that's continued, and I want to make sure we take that into consideration. If you look at the EBITDA at midpoint, front half of the year versus back half of the year, even with this guidance, you'll see an acceleration in growth in the second half versus the front half. I feel comfortable with where I am on the guidance and will obviously, as we do each quarter, assess the best path.

Right now, I think that the tightening of the range and then moving the midpoint conservatively here is the best approach for us.

Speaker 0

Great. For my follow-up, I guess we could just dig a little bit more into the CCNT side. I think similar commentary shared last quarter around the customers there, the equipment owners there being still a bit cautious, uncertain. Are you, as we get into sort of calendar Q3, seeing any indications of the folks deciding either way, either they're keeping machines or want to bring them to market? There's obviously a lot of volatility during Q2 with the tariffs, but just curious if you saw any change in Q2 versus Q1 and anything into Q3 as we look ahead to the back half. Thank you.

Speaker 1

Yeah, look, it's Jim. I think we're too close into Q3 to really give you a clear answer at this point. The tariffs are a piece of it. Interest rates and what's going to happen with it, you go back and forth, are they going to stay or are they going to come down? What's going on? Trump and our Fed Chairman have an argument back and forth all the time. For us, as we think about it, you can see the progression of what happened from the first to the second. We continue to feel good about progression, that it should happen. To Eric's early comments, there's still some uncertainty that's hard for us to judge based on what's happened on the macro side of the business.

We feel really good that when this dam breaks, we are ready to accept the business and our partners will use us like they always have in the past. We're excited to take it. Right now, we feel like it's better to be a little bit conservative on that side of our comments.

Speaker 0

Great. Thanks, Eric.

Speaker 4

Our next question will come from Steven Hansen at Raymond James.

Good afternoon, guys. Thanks for the time. With the JM Wood acquisition now closed, I'm just curious how you're thinking about the broader M&A pipeline out there. The assets you've acquired thus far have been pretty disparate to JM Wood, and then Bloom and Bucket come to mind. I mean, what are you on the hunt for now and how does that pipeline look going forward? What are you looking to augment the platform with?

Speaker 1

Yeah, look, I don't think we're going to get into specifics of our strategy, but we believe there are a lot of opportunities on the M&A side that stay core to our business. On the salvage side, we believe in organic growth that we can expand internationally. Inside of WholeCar, we already view that today. We believe there's big upside there. We see a lot of tuck-ins that can happen, especially when you think about the global footprint that we have. Similar things that we've done with JM Wood, we see a whole pipeline there. We're going to really stay focused on the things that really complement our business, that really do what we're good at, which is processing transactions and providing services to our buyers and sellers. We think we have a ton of opportunity and a ton of upside in the verticals that I mentioned.

That's very helpful. Just as a follow-up, earlier this year, you announced a fairly new marquee win in the UK with a prominent customer there. There's been some merger activity in the UK with large carriers. I'm just curious if that presents any opportunity or point of risk as you think about that new set of business that you're going to be going after here.

Yeah, no, great question. We see it more as an opportunity than a risk. We currently already do business with both. One, we do exclusive. One, we have a smaller percentage of the business, but we think of it as an opportunity of gaining more market share in that market.

Okay, very good. Thank you.

Speaker 4

Our next question will come from Krista Friesen at CIBC.

Speaker 3

Hey, thanks for taking my question. Maybe just a follow-on on the IAA side of the business. Can you give us an update on how Australia is going and the build-out there, and just how that's progressing?

Speaker 1

No, thank you for your question. Something that we're really excited about, and we spent a lot of work getting ready to get Australia up and running, and I am so proud of the team. We are going to process our first set of cars for sale in the next 10 days. All the work to get our sites ready, to get the process, the systems up and running, the integration with Suncorp, and we're really excited to see all that work come to fruition and not only, you know, coming into fruition with Suncorp, but what it means for future market share for us once we have the infrastructure set up. We're really excited. In the next 10 days, we'll be processing our first cars.

Speaker 3

Okay, that's great. Maybe just here in North America, obviously still gaining market share. Can you speak to the competitive dynamics that you're seeing right now in the market?

Speaker 1

Look, it's always hard when you talk about competitive dynamics. What we really stay focused on is what's in our control. What's in our control is delivering the best operational performance against the SLAs that our partners value. We're laser-focused on being industry-leading in that, with the CAT season coming up, to make sure we're able to provide the best service for that. We continue with our transparency program where we're issuing our SLAs and our numbers to each and every insurance carrier, if they do business with us or not, so they know how we're performing. I am so pleased with our continued high-level performance that we have. I think it's only going to become a good thing for us and an opportunity that we're going to have as we think about the next five years.

As people think who they want their partner to be, I think we are going to be one of the ones they want to partner with.

Speaker 3

That's great. Thank you. I'll jump back in the queue.

Speaker 4

Our next question will come from the line of Craig Kennison with Baird.

Yeah, hey, good afternoon. Thanks for taking my question. On the IAA side, I'm curious if you can give us an update and your perspective on the trend in uninsured or underinsured motorists and the extent to which it's impacting your volume?

Speaker 1

Yeah, no, great question. Look, the way I look at this in terms of a total, I think that question definitely has more of an impact on repairable type of claims than it does on total. For us, we haven't really seen a dramatic impact on our side of the business. It's something that we look at. It's conversations that we have with our partners. I do think that's more of a repairable thing, it's something that we look at, and we haven't seen any significant impact on our side of the business.

Thank you. On the CCNT side, I'm wondering if you look at the tax law that was just passed, whether there's anything in there that maybe over the next four or five years gives you optimism about some mega projects or just more construction activity that would be undeniably good for your business if you, once you get past this hesitancy moment.

Yeah, I'll start. If Eric wants to jump in with anything, bonus depreciation and things in the bill we feel optimistic about. I made this comment a couple of calls ago. For me, I believe in an intrinsic value of our business. For me, these mega projects, it's just timing of when asset gets disposed of and gets back into the auction cycle and everything else. I don't get tied up into when it happens. Of course, I would like it to happen sooner and often as you go through all that. We look at it very optimistically for what the future holds. We try not to get into exactly when it's going to happen.

Speaker 4

Great. Thanks, Jim. Our next question will come from Michael Feniger at Bank of America.

Thanks, gentlemen, for taking my questions. Just GTV, I think the guidance is now at the lower end of the range versus your initial assessment. Q2 was better than I think everyone had expected. Just on the commercial construction side, ex-yellow down 1%. Is there anything you want to flag, why that was so much better that maybe doesn't repeat in Q3, Q4, or gives you hesitancy of that sustainable improvement? Is it with the mix? Is there anything you would want to highlight there? The second question, you know, service revenue up 3%, EBITDA up 7%, really good flow-through. Is there anything we should be aware of in the second half in terms of investments, inflationary costs, some of the investment you might be making on customer experience? Just that maybe tempers some flow-through in the back half relative to what we saw with a strong second quarter.

Thanks, gentlemen.

Yeah, thanks for the question. Maybe starting on GTV and the guidance there. I think Jim commented on this. Look, we are optimistic based on the performance improvement. I agree with your comments, the Q1 to Q2, ex-yellow being down in this 1% range. Again, not forecasting or giving specific guidance on the next quarter, but we think that trend will continue. We're, again, cautiously optimistic about where we're going here with the improvement from Q1 to Q2 and seeing that continue into Q3. The thing on the overall GTV, and I mentioned it in my prepared comments, we had about $170 million last year in Q4 related to CAT events, right? I don't include that in my guide because I can't forecast it. I don't know what that number is going to be.

That's part of the hesitation in moving that range too much, because we just don't know what that impact is. That'll be a tough compare in the fourth quarter if hopefully we don't have as big a CAT season for people to be impacted. We'll be prepared to obviously react and help our partners. That's the impact on GTV. On your second one on EBITDA, I think I commented to the earlier question. Our expectation is that our EBITDA rate growth year over year will increase in the back half of the year. We don't have any significant changes. What I would note, even though we had a little bit of a headwind related to Australia in Q2, we'll start to see some improvement in that. As Jim mentioned, we'll have some volume going through there in Q3, and then we have BLG coming online.

I think it's just making sure how those new agreements perform as we get into the third quarter.

Thank you.

You're welcome. A reminder to our phone audience, if you would like to ask a question or if you have a follow-up, it is star and one. We'll return to the line of Steven Hansen with Raymond James.

Yeah, thanks, guys. I understand the reluctance to guide on the CAT events. That makes sense. Is it possible to maybe just bookend it for us a little bit around what the range of outcomes have been over the last five years as you look back through sort of the performance, just to give us a sense for what it could be? I mean, it could be zero, I suppose, but just give us a rough sense for the bookend in the last five years.

Speaker 1

Yeah, and Steven, look, I think you just hit it, right? If you look at the last five, you had years where it's been zero. I don't want to say exactly zero, so you have some hail and some other things that aren't because of a hurricane and a flood event. It's really hard for us. Last year was one of the largest years in the last five years. It's such a hard thing. This thing could be zero. It could be what it was last year. It could be more. Something happened. It's such a hard thing for us to be able to guide to. I think the way Eric described it is the right way to do it. That's why we gave you the last year number to give you something of, okay, what did it do last year?

Knowing that there's nothing in our guidance for this year makes the most sense to us.

Okay, fair enough. Just one other follow-up, it's around the broader enterprise strategy. Jim, I know you've talked about this in the past and your desire to pull more volume from large enterprise customers. Are there any specific initiatives you'd want to call out that you're working on today that you think are advancing that progress and where you sort of stand at that broader initiative next?

Yeah, look, I think when I think about CCNT, one of the things that we want to make sure of, and it was mentioned earlier in one of the questions with Boom and Bucket, as we think about the auction channel, we feel really good about where we are and what we provide to our partners. We also realize they're trying to get a better blended net recovery, right? They know we provide great recovery in an auction channel, but there's a wholesale channel, there's a retail channel. Our ability to get upstream is one of the areas where we're really focused on with our partners. We're piloting stuff on Boom and Bucket. We have MPE that you heard us talk about before. That channel is doing really well for us this year. It's really that blended net recovery for our partners.

Being the only person with a buyer base that's able to do that really creates and makes us different than anyone else and really builds a moat around our relationships at that level. That's what we're focused on.

Speaker 4

Our next question today will come from Maxim Sytchev at NBF.

Speaker 3

Hi, gentlemen. I just had a quick question around the tax rates and CCNT. Is it possible to provide a bit of an update on how RBFS is doing, etc., and how, I guess, the more recurring type of revenue is being driven right now in that bucket? Thanks.

Speaker 4

Yeah, I think we're not talking specifically to each one of these maps, but what I would say is we feel good about RBFS. Now, it's a different interest rate environment, and you know, the attached rate may not be as high as it was in the past, but we feel good about that business. We've talked in the past also about VeriTread. Look, every transaction needs transportation, and we offer that service. That is a place where we believe there's growth for us, and it's a helpful part of the transaction for our partners where we think we can add additional value. We continue to focus there as well. Those are just a couple of examples between RBFS and VeriTread of areas we look to attach to the transaction.

Speaker 3

Would it be fair to say that the transportation capacity will be benefiting both the IAA side as well? Can you provide a bit of an update there as well? Thanks.

Speaker 1

Yeah, hey, Max, it's Jim. IAA does have a transport business, but it's very small in infancy. I would kind of think about the CCNT side and think about the sell side and buy side where transportation, both sides need that service if it's coming to our yard. That's what makes us really excited about it, that you can get both sides of the transaction.

Speaker 3

Yeah, makes sense. Eric, maybe just a quick question for you. In terms of, I know that you don't like to specifically guide on sort of the take rate, but anything that we should keep in mind for the remainder of the year in terms of potential trends there? Thanks.

Speaker 4

Yeah, Max, you said it. I don't guide specifically to the take rate, but I would say we feel good about the take rate. As I said in my prepared comments, we did see some expansion in the take rate. The way I look at the take rate is our earn rate, right? What additional value-added activities can we provide to the transaction for our partners to make it more frictionless? We'll continue to focus there. I don't see anything in the back half of the year that I would note that would be different than where we are today, that would move us significantly in either direction. Ladies and gentlemen, at this time, I am pleased to turn the floor back to our CEO, Mr. Jim Kessler, for any additional or closing remarks.

Speaker 1

Thank you so much. Like always, I want to thank all the RB Global teammates for all your hard work. Hopefully, you can hear from Sameer, Eric, and myself our excitement about our future. That excitement comes from the strong foundation that our team has built. We're really excited about what we can bring to our partners into the future. I just really wanted to thank our teammates for all their hard work, because without them, we would not be at this point. For everyone from an external standpoint, all of our investors and everyone who keeps an eye on the stock, thank you for your interest. Again, reiterating our excitement for the future, thank you for your time, and we look forward to talking to everyone over the next couple of weeks. Thank you so much.

Speaker 4

Ladies and gentlemen, this does conclude today's RB Global conference, and we thank you all for your participation. You may now disconnect.