Rb Global Inc. Q4 FY2025 Earnings Call

Hello, everyone. Thank you for joining us, and welcome to the RB Global Fourth Quarter 2025 Earnings Call. I will now hand the call over to Sameer Rathod, Vice President, Investor Relations and Market Intelligence. Please go ahead.

Hello, and good afternoon. Thank you for joining us today to discuss our full year and fourth quarter 2025 results. On the call with me today are Jim Kessler, our Chief Executive Officer; and Eric Guerin, our Chief Financial Officer. 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 report. On this call, we will also discuss certain non-GAAP financial measures. For the identification of these measures, the most directly comparable GAAP financial measures and the applicable reconciliation, please see our earnings release and SEC filings. At this time, I would like to turn the call over to our CEO, Jim Kessler. Jim?

Thanks, Sameer, and good afternoon to everyone joining the call. 2025 was a year of disciplined execution and deliberate strategic progress at RB Global. Across the organization, our teams advanced initiatives that are designed to strengthen our competitive standing, expand our partner relationships and position the company for durable long-term growth and shareholder value creation. That discipline was evident again in the fourth quarter. Adjusted EBITDA increased 10% on a 4% increase in gross transaction value, reflecting continued operating leverage, strong execution and tight cost management, even as we made intentional choices to support future growth. Before diving into the details, I want to clearly frame how we are approaching growth and profitability. Over the past year, we have been highly disciplined and selective in the contracts we've signed and deals we've executed. We are prioritizing scale, longevity and strategic positioning with a clear focus on expanding market share and increasing partner stickiness, enhancing lifetime value. Turning to the automotive sector. We delivered another solid quarter with unit volumes increasing 8% year-over-year, excluding the impact of catastrophic volumes in 2024. This marks the fourth consecutive quarter in which we have outpaced the market. I am proud that our team continued to deliver at a very high level and exceeded all of our service-level commitments in the fourth quarter, even as volumes grew meaningfully, underscoring the operational strength of our platform. Within the last 12 months, we've had several wins for our business. As part of these successes, we have signed a new multi-year agreement with one of our two largest partners while reaching an agreement in principle with the other. These agreements help to provide long-term visibility into expected volumes and deepen our strategic alignment with those customers and the industry. These renewals reinforce the trust our partners place in RB Global and reflect the exceptional service, quality and execution we consistently deliver at scale. Gross returns or salvage values as a percentage of pre-accident cash values continue to expand, supporting approximately 7% year-over-year growth in the U.S. insurance average selling price. This reflects ongoing improvements in the buying experience. During the quarter, we introduced new features that indicate when an item is guaranteed to sell, which we believe will increase buyer confidence and drive stronger pricing. We also enhanced our website to deliver more localized content and support, making it easier for customers worldwide to bid and buy seamlessly. Looking ahead to the next few years, we are energized by the strength of the request-for-proposals pipeline, with a significant portion expected to come from prospective partners with whom we currently have no business. Even modest penetration into these partners could represent meaningful incremental market share opportunities for RB Global. Many of these organizations will be joining us again at our upcoming Industry Leadership Summit in Florida, providing a valuable forum to deepen engagement and showcase the differentiated value of our platform. We are expecting a record number of attendees this year and we believe their participation reflects the trust our insurance partners place in RB Global to enhance their profitability. The more effectively we communicate and demonstrate our value proposition upstream of the transaction, the better positioned we should be to capture additional market share. In automotive, this means enabling our partners to optimize the vehicle towing to the most appropriate destination, whether that is one of our yards or a repair facility. Across the industry, billions of dollars are lost annually due to inefficient vehicle routing after an accident. In 2026, we plan to provide another innovative tool to help address this gap with the upstream rollout of IAA Total Loss Predictor, designed to enable dynamic vehicle routing and is expected to deliver meaningful cost savings and operational efficiencies for our partners. While this initiative will take time to scale, we view it as a foundational capability that will strengthen partner economics and increase our long-term stickiness. Turning to the commercial construction and transportation sector. Our growth strategy continued to deliver with GTV increasing 10% year-over-year, excluding the impact of Yellow Corporation bankruptcy. We remain cautiously optimistic as seller confidence shows early signs of improvement, supported by stabilizing used equipment values, lower interest rates and continued strength in mega projects and civil infrastructure. Our strategic initiatives are laying the foundation for sustained long-term growth. A key element of the strategy is to seek to offer solutions for every customer's disposition need. In response to growing customer demand, we are expanding our international channels by launching a new reserved auction format on rbauction.com. Reserved auctions are designed to provide sellers greater control over price realization by guaranteeing minimum value thresholds while maintaining flexibility to optimize liquidity. This format helps to enable sellers to manage time to liquidity. And if liquidity is needed sooner, assets can be transitioned into our unreserved channel. As we look toward 2026, we are also focused on continuing to improve our territory manager productivity. We recently launched an AI-enabled role plan, essentially a flight simulator for customer conversations. Territory managers, whether new or tenured, can now practice value messaging and channel and product knowledge with an AI consignor, receive immediate scoring and coaching and track team-level progress. This capability is expected to provide a scalable, cost-efficient way to standardize best practices, accelerate new hire ramp-up and enhance conversation. I will now pass the call to Eric to review the financials and provide our 2026 outlook.

Thanks, Jim. Total GTV increased by 4% in the fourth quarter. Automotive GTV increased 3% in the quarter, driven by a 2% rise in unit volumes. Excluding the impact of catastrophic activity in the fourth quarter of 2024, GTV and unit volumes grew approximately 12% and 8%, respectively. Unit volume growth reflected continued new wins in the sector as well as organic growth from existing partners. Throughout 2025, the inflation differential between automotive repair costs and used vehicle pricing continued to narrow, though it remained positive in the fourth quarter. This dynamic continues to support an increase in the total loss ratio, with CCC Intelligent Solutions estimating that the total loss frequency across all categories increased by 10 basis points to 24.2% compared to the prior year period. It is important to note that last year's ratio was elevated due to various catastrophic events, making the year-over-year comparison more challenging. The average price per vehicle sold increased approximately 1% in the quarter or roughly 4%, excluding catastrophic impacts, driven by continued strength in U.S. insurance vehicles, partially offset by a higher mix of remarketed vehicles compared to the prior-year period. GTV in the commercial construction and transportation sector increased 9%. Excluding the impact of Yellow Corporation bankruptcy, GTV and unit volumes grew approximately 10% and 9%, respectively. The average price per lot sold increased primarily due to improvements in the asset mix. The favorable mix reflects the decline in lot volumes from the rental and transportation sectors, where assets typically carry lower average selling prices. For the full year, total GTV increased 2%, driven by new wins in our automotive sector, partially offset by cyclical pressure in our CC&T sector. Moving to service revenue. Service revenue increased 5% in the quarter, driven by a higher GTV and a modest increase in service revenue take rate. The service revenue take rate increased by approximately 10 basis points year-over-year to 21.4%, primarily due to a higher average buyer fee rate. For the full year, service revenue increased 4%, reflecting similar dynamics. Adjusted EBITDA increased 10% in the quarter. Growth was driven by higher GTV and take rate expansion, partially offset by a lower inventory return. Our team remains focused on managing our cost structure to maximize profit flow-through. This discipline, combined with our continued emphasis on operating efficiency, drove solid improvements in the quarter. Adjusted EBITDA as a percent of GTV expanded to 8.9%, up from 8.4% in the prior year. Full year adjusted EBITDA increased 7% on GTV growth, expansion in the service revenue take rate and higher inventory returns. Adjusted earnings per share in the fourth quarter and full year increased by 17% and 15%, respectively, driven by a higher operating income, lower net interest expense and a lower adjusted tax rate. Our adjusted and GAAP tax rates came in below prior guidance due to additional discrete tax deductions captured in our 2024 U.S. federal tax return. Moving to our outlook for 2026. We expect full-year gross transaction value to grow between 5% and 8% as we expect to continue to gain market share in 2026 across our sectors. We expect full-year adjusted EBITDA between $1.47 billion and $1.53 billion, representing approximately 7% growth at the midpoint. Consistent with our strategy, we remain focused on growing service revenue and view 2026 as a year of expected volume-led growth. We will continue to execute the operational excellence program with the goal of efficiently translating incremental volume into EBITDA growth. As such, we remain focused on what is in our control, advancing cost savings initiatives, deploying technology that improves yard-level efficiency and executing against our operating model to drive productivity and operating leverage. Moving to CapEx. We currently expect full-year capital expenditures, which includes PP&E, net of proceeds and additions to intangible assets, to be between $350 million and $400 million. We also expect our full-year 2026 GAAP and adjusted tax rate to be between 23% and 25%. With that, let's open the call for questions.

Your first question comes from Sabahat Khan with RBC Capital Markets.

Can you elaborate on the 2026 guidance and the commentary regarding market share capture? Are the comments related to the annualization of wins you've already announced on the IAA side, or do they reflect expected gains that haven't been publicly announced yet? Please provide some clarity on the market share commentary in your 2026 outlook.

Yes. Thanks for the question. As Jim had mentioned in his prepared remarks, we've signed with one of our large carriers and have reached an agreement in principle. So that is including all of the information that we have in front of us today is included in my guidance. So that would include, yes, run rate year-over-year and any additional terms that we have agreement to.

Great. Could you elaborate on the flow-through of GTV to revenue? I understand the GSA had a different take rate structure last year, but can you help us consider how we should view the 5% to 8% GTV flow-through to revenue? Also, could you provide some directional insights on how that might develop for the rest of the year?

Yes. I think what we're going to see is a little bit of pressure on the take rate, but we're really happy with the unit economics that we described with the GSA contract. I think Australia, we're really happy with how that's progressing, but that profile is a little bit different. So as I said in my prepared remarks, we're really focused on making sure that the unit economics fit into our model and driving volume. So we may see a little bit of pressure on the take rate percentage, but again, from a unit perspective, we are very pleased with the direction we're going in 2026.

Your next question comes from the line of Gary Prestopino with Barrington.

Jim, a couple of questions here. In the CCT sector, you said you're seeing early signs of improvement. Could you maybe give us some idea, a little more granularity on that comment?

Yes. This situation is still challenging to interpret. We're in a unique environment with tariffs, interest rates, and various external factors, but we're beginning to notice our partners communicating differently than before, which makes us optimistic about future possibilities. However, it's still early to determine if we are returning to a normalized cycle that hasn't occurred in five years. We're starting to hear new discussions compared to the last two years, and we can see some positive momentum in the third and fourth quarters.

Okay. And then the second question was on the salvage side. You talked about you're rolling out a new product or service, a total loss predictor. Could you maybe elaborate a little bit on that?

Yes. The one thing that we've been working with our partners, and we call it the ultimate way to get efficient is if you think about a car getting into an accident, and at the scene of the accident, the ability to get that car to either a repair facility or a salvage yard using our predictor, which is in the high 90s of being able to do it with the four-corner picture of a car. If you do that, you cut out a lot of expense, storage, rental car fees, everything else that goes along with it. So that's where our partners are focused and that's where we're using AI to really help us innovate in this area. And at this point, we've tested the predictor multiple times and multiple different partners, and we feel really confident that we have a product that we can use to really add value to our partners.

So at the point of an accident, your predictor can say, okay, this car is totaled...

Yes. The great thing is that at the point of an accident, we can provide our service. Additionally, if the vehicle mistakenly goes to a collision center, we can handle it there without requiring a teardown, which decreases the car's value. Our service can be utilized at various locations, including storage yards. However, the most value is derived from addressing the situation right at the scene of the accident.

Your next question comes from Krista Friesen of CIBC.

Congrats on the quarter. Maybe just to follow up on the last question as an example. So you've developed this AI internally. Are you seeing maybe your customers, the insurance companies develop this sort of AI as well or even just new entrants into the business? And I guess, kind of more broadly, I'm just trying to get at what you're seeing in terms of AI from competitors and/or clients?

Yes. Look, I think the one thing when you think about the range of insurance carriers from the number one in terms of how many people they have under-insured to a smaller insurance carrier, everyone has a different capability of where they invest capital and where they have a need, right? So you might have some of the biggest insurance carriers that want to build their own tech, and what we would do is plug into that, right? They need to know to be able to do the calculation what is the auction value and we can easily plug in through APIs to their technology. And think about medium-sized to smaller carriers that are looking for an end-to-end solution; we can provide that whole solution for them. So I think there's going to be a different range of how people partner. I can see us with a lot of different third parties and towers, right, that necessarily might not be under our control. That could be a third party that an insurance carrier uses where we plug into their APIs. So what we're really focused on is we know there is a big effort for our partners to be able to reduce advanced charges, and how do we play a role in that. In some cases, that could be our technology. In other cases, we're plugging in an API and providing a piece of the puzzle that they need to be able to make that correct decision. So we're open to all the above. And what we're really trying to do is listen to our partners and what their needs are and how do we plug in and add value when we can.

That's really helpful information. For my follow-up, could you provide a bit more detail regarding your CapEx guidance? Specifically, how much is allocated to investments in ancillary services compared to other capital expenditures?

Yes. I think the breakdown I can share is, what we've typically spent, and I think this is about the mix for '26 is about 1/3 on technology related and 2/3 related to traditional PP&E, whether that be land or other types of physical assets that we'd be acquiring. So it's a 2/3, 1/3 mix on capital.

Your next question comes from Steven Hansen with Raymond James.

Just a point of clarification first. The new multi-year contract that you described, just to clarify, those are renewals and not incremental volume from existing customers? Or do you anticipate growing scope with those contract renewals?

Yes. Let me start, and Eric, feel free to jump in. So they are renewals. And look, I'm not going to get into specific contracts, but I'm just going to reiterate what Eric said in the beginning. Our expectation is that we're going to be able to continue to gain share in that, which means our expectation is that we're going to get incremental cars as we proceed going through it. Eric, do you have any...

No, I think that's where we are. Our expectation is we will gain incremental share related to the volume and contracts that we're working through.

Yes. And Steven, just to make sure we're clear, we think we're well positioned to grow faster than the market in '26. It's probably the easiest way of saying it.

Okay. That's fair. That's actually quite helpful. Just want to circle back as a follow-up here on the cost to serve and the services gross margin, quite an improvement in the period. Do you want to maybe just give us a sense for what's driving some of that? And how you feel like your cost structure has evolved here recently? I know you took a ton of cost out through the back half of last year. But just trying to get a sense for how should we expect that going forward?

Yes. Jim and I have been focused on ensuring that our business continues to generate operating leverage, which is our main priority. This applies to the operational model we mentioned for 2025, our efficiency improvements in our yards, optimizing SG&A, and speeding up the ramp-up of our sales reps and territory managers, as Jim highlighted earlier. This allows us to capture GTV more quickly. We are consistently seeking opportunities to enhance our overall P&L. This approach is part of our ongoing operations; it’s not a project with a deadline but an ongoing commitment to how we run the business.

And I think just to make sure for the group that we're being very clear about something that we're never going to stop as long as this management team is in place, we are going to be looking for ways to consistently grow our top line, we are going to be looking at how to drive incremental margins to our business and how to do it in the most efficient way when you think about SG&A and expenses and how we manage that. Like that process is never going to stop, right? So we're constantly going to strive to over-deliver on what I just mentioned. And then, of course, as we think about capital, we want to make sure we get the highest return we can if we're spending capital on anything. And I think the great thing is, over the last two years, for Eric and I and the leadership team, we've built this culture. And now it's starting to get ingrained in everything we do. But I just want to make sure these aren't one-time things, right? These are areas of focus, a philosophy and a culture that we've built that's starting to really get ingrained inside the organization.

Your next question comes from Michael Feniger with Bank of America.

You guys generated nearly $1 billion of cash from ops this year. You touched on the CapEx side of how you're thinking about 2026. Just curious, Eric, if there's anything we should be aware of in terms of the conversion rate for cash flow from EBITDA this year? And I know you talked about in terms of how you're thinking about allocating capital for the best returns. I'm just kind of curious how you guys are thinking about with the volatility in the shares at times, if there's a share repurchase program or maybe a more formal program around that, given some of the volatility there and that you guys have this favorable outlook in the next few years of share gains and a good backdrop.

Thank you for the question. We are continuously reviewing our capital allocation strategy. We will keep exploring opportunities to reduce our debt, which we have been actively doing. We finished the quarter with a net debt-to-adjusted EBITDA ratio of 1.4 times; we are also investing in the business, as you mentioned, through capital expenditures; and we are looking at small acquisitions, similar to the Smith Broughton deal we just completed and the J.M. Wood acquisition we executed earlier this year. We will maintain this focus and prioritize dividends as well. We also consider the appropriate timing for share buyback authorizations, and we review this with the Board every quarter. When it makes sense, we will evaluate the implementation of such an authorization to effectively deploy our capital.

And Jim, I'm kind of curious, when you think of autonomous vehicles, is this becoming more and more in the conversation? Just how do you guys think big picture about autonomous vehicles? When you think of the dynamics of the market, your own competitive moat and some of your physical assets. Just kind of curious if you can touch on that as it seems like every couple of quarters, we hear more about autonomous vehicles being part of the auto market.

Yes, that's a great question. I want to start by sharing my background. I've spent over 10 years involved in rideshare, collision, and salvage, addressing similar questions across different markets. Currently, we do not anticipate any near-term risks. Long-term safety features like ADAS and autonomous vehicles may reduce collision rates and vehicle ownership, but it's premature to speculate on the immediate and secondary effects. What's clear is that there are over 600 million vehicles on the road in North America and Europe. I believe we are well positioned to continue being a significant player in the salvage vehicle market. This question has been raised for over a decade, and we have clearly articulated our stance.

Great. And just lastly, just to squeeze one more in. I mean, you guys reported 4% GTV growth and 10% EBITDA growth. So we all saw the flow-through there. And just to understand the puts and takes. I know you guys walked through this. You guys are investing for growth. In a normal environment, is a 50% to 60% flow-through the right sense on an auction basis? Is '26 maybe a bigger increase in investment for you guys for the long term? Or is that just going to kind of be a continual thing in '26, '27? Just kind of trying to get a sense of the investments and how we should think about the flow-through there.

Let me start with our philosophy. Eric will discuss the numbers, but I want to emphasize that regardless of our flow-through rate, our commitment as a management team is to continually improve it. I believe nothing is ever good enough, and we won't set a cap on its potential. While we know the highest flow-through rate possible is 100, our focus should be on how we can consistently enhance that rate and achieve growth. As the world changes, our strategies will adapt as well. Our core belief is that we will always seek ways to improve, and now I'll turn it over to Eric to share the specific numbers.

Yes. I think the way I would look at it is, as Jim described, look, we're going to continue to look to optimize the P&L, but we're also going to make sure that we are looking at it long term. So there are opportunities as we go into '26 that we will make some investments in the business, and then the flow-through will be a little bit later in the year. I would give you an example of Australia, like we said, in '25, right? We do the investment a little ahead of time and then you start to see the flow-through. So I would say, longer term, I'm fully aligned, obviously, with Jim, that we will optimize the P&L, but we will not do things that are shortsighted, that will impact our customer experience or not enable us to grow. So I think that's what you're seeing a little bit in '26 as we're doing some of these investments, and we'll continue to focus on driving top line growth and making the P&L as efficient as possible.

Your next question comes from Maxim Sytchev with NBCM.

Jim, I was wondering if you don't mind just commenting a little bit more around the repair versus scrap. Maybe not a debate, but any puts and takes there, especially as used cars' inflation appears to slow down. Maybe any commentary there would be super helpful.

Look, Max, just want to clarify. Look, I'm not going to speak to the collision space and repairable space. I think that's up to someone else to do. But just give me a little bit more color that you would want on our space specifically, I'm happy to give it.

No. In terms of the overall trends, we have discussed previously the weight of vehicles, and it doesn't appear that there will be any significant changes from that standpoint.

No, no, no. I'll pass that to Sameer.

Yes. Max, great question. I think if you look at the recent data, as Eric noted in his prepared remarks, that spread between cost of repair inflation versus used car vehicles was narrowing throughout 2025. But I think if I look at the most recent data, that started to go the other way, which we see favorable for the total loss ratio to expand. I think in terms of longer-term drivers of salvage, I think we've discussed the average vehicle is getting heavier; there's dynamics around that, among other things that could continue to drive that loss ratio higher. So I would say no changes structurally, if anything, it's incrementally looking a little better.

Okay. Great. And then just in terms of the reserve auction channel for international buyers and sellers. Jim, do you mind maybe commenting in terms of how big of an opportunity that could be down the line?

Yes. Look, when we look at certain countries, one of the disadvantages on the Ritchie side that we have, and I'll take Germany and the Nordics specifically, they typically operate in a reserve model, and we're typically an unreserved model. So it limits our ability to go out and get market share. So what I'm really happy with, we're really giving the tools to our territory managers now to go out and really press to get market share. But it's a country-by-country thing of culture and what they're used to and how they go to market. But look, some of the biggest countries in Europe, in the Nordics and Germany typically operate in this reserve model. And look, as we go into different cultures and countries, it's easier for a consignor and a seller to get used to a reserve model with a little bit of a backstop and then jump into an unreserved model. So we're just really happy to be able to now give our territory managers everything they need to compete.

Your next question comes from John Gibson with BMO Capital Markets.

Just wondering what did you see for total volumes across the auto salvage business for you and your peers, particularly given the lack of catastrophic events in 2025? And then what is your outlook for total salvage volumes that's incorporated into your 2026 expectations?

Yes. We do not provide that level of detail in our guidance. From our perspective, we believe we will continue to gain market share and grow at a faster rate than the market. This viewpoint was also reflected in both Jim's prepared remarks and mine. So that is our outlook regarding salvage.

Yes, John, I would just add, if you look at our financials, we give you total unit volumes in automotive. So that gives you some sense. So we don't provide disclosure beyond that.

Great. Congrats on the quarter.

Your next question comes from the line of John Healy with Northcoast Research.

Kind of wanted to go and reverse a little bit. We were talking AI earlier in the call. I think this time last week was probably when the marketplace stock started getting people concerned that they could be AI casualties. So Jim, I would just love to get your thoughts just high level, do you see AI as more of a friend or a foe to the business? Obviously, there will be positives and negatives, I'm sure. But could you just get to maybe an overarching view, how you and the Board are thinking about it? What kind of safeguards or evolution you're making maybe beyond just some of the tools that insurers can use to ultimately expedite their decision to total out or repair a vehicle?

Great question and happy to do it. Look, when I think about AI, I think our advantage is really built on scaled and trusted execution that AI can't easily replicate. Our physical infrastructure, the embedded workflows that we have with each and every partner, the full scale of the transaction ecosystem that we built over 70 years, the data that we have, that is our proprietary data all working together to drive this experience of bringing buyers and sellers together and the outcomes that we produce for our partners, I think it's just going to be really hard for AI alone to be able to disrupt that. But look, we've long viewed technology as an enabler for us. We use innovation to improve our customer experience, how we add value, and increase productivity for our teams. It's really helping us drive operational efficiencies, right, where we don't have to add a person every single time. We do believe AI will change how work gets done. But it won't change like who ultimately wins in this space, right? But look, we think there's good that comes with AI. But when we think about our business getting disrupted, we think we have a lot of things like I already mentioned that enable us to use AI as an enabler and it will not affect our business.

Great. And just one follow-up question to that. When I think about the assets of the salvage side, in particular, as well as the CC&T business, I mean, to me, the biggest assets are your real estate, your brand and just the reach of your customer knowing you. So when you look at AI, the piece that I think I get most curious about is real estate. Does this evolution have the potential to change the way cycle times work in the industry? And do you think either business has vulnerability to it from a real estate standpoint, meaning that you would potentially need less real estate going forward? And does that maybe open the door to competition? So I'd just love to get your thoughts on AI and the angle of real estate as well.

Well, John, look, I'll just give you an example. I am down here in Orlando this week for our big event. We have 200 acres that are completely full with equipment right now that we've had to inspect, take care of, and manage. We have people walking our yards to look at this equipment. They are about to spend a ton of money on this equipment, $200,000, $400,000. I don't think AI is going to disrupt that as we go. But I do think AI can help us turn inventory quicker in our sites, which we are using today to do that. If you look at the IAA side, we've actually opened up some capacity that we can use for other productive things and how we monetize the business. So we're going to use it to become more efficient. But look, when I'm sitting here in Orlando today, it's hard for me to get my mind wrapped around how AI is going to disrupt what I'm looking at right now.

There are no further questions at this time. I will now turn the call back to Jim Kessler for closing remarks.

Thank you very much. In closing, I would like to express my gratitude to our RB Global team worldwide for their disciplined execution and ongoing commitment, which are key to our performance and momentum. We are well positioned for the opportunities that lie ahead and remain dedicated to implementing our strategy, fulfilling our commitments, and creating long-term shareholder value. Thank you for your continued support and interest in RB Global, and I look forward to speaking with everyone soon.

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