Good morning. My name is Chris, and I will be your conference operator today. At this time, I would like to welcome everyone to the Ritchie Bros. Auctioneers first quarter conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star, then the number one on your telephone keypad. If you would like to withdraw your question, please press star, then two key. Thank you. I'll now turn the call over to Mr. Sameer Rathod, Vice President of Investor Relations & Market Intelligence, to open the conference call. Mr. Rathod, you may begin your conference. Hello, and good morning, and thank you for joining us on today's call to discuss our first quarter 2022 results. Joining me today are Ann Fandozzi, our Chief Executive Officer, and Sharon Driscoll, our Chief Financial Officer. The following discussion will include forward-looking statements. Comments that are not a statement of fact, including projections of future performance, are considered forward-looking, involve risks and uncertainties. The risks and uncertainties that could cause our actual and operating results to differ significantly from our forward-looking statements are detailed in our SEC and Canadian securities filing, available on our investor relations website at investor.ritchiebros.com, as well as EDGAR and SEDAR. For the identification of discussion of non-GAAP financial measures, the most directly comparable GAAP financial measures, and the reconciliation between the two, see our presentation slides, earnings release, and Form 10-K, all available on our website. I would now like to introduce Ann Fandozzi. Ann? Thank you, Sameer, and good morning to everyone joining our call today. We drove solid results in the first quarter with 13% GTV growth, 19% service revenue growth, and 54% growth in non-GAAP adjusted operating income. As the unprecedented supply environment continues to drive equipment constraints, these results are a testament to the entire Ritchie Bros. team coming together to serve our customers around the globe. I see this quarter as early signs of our growth initiatives beginning to bear fruit. Our omni-channel platform is delivering strong outcomes for our customers with bids per lot and used equipment pricing remaining very strong in the first quarter. We are excited to welcome customers back to our flagship Orlando event, which was a huge success. It was wonderful to celebrate with our customers and continue to drive great results for them. We are fundamentally changing these types of events to focus more on in-person interactions, building even stronger relationships, and creating an environment where our customers can engage with our entire ecosystem, helping them discover the new Ritchie Bros. and the large array of value-added services which can strengthen their business outcomes. Our transformational journey continues, and I look forward to what we learn together with our customers and how we evolve these events in 2022. Now moving to Euro Auctions. I was very disappointed by the decision taken by the CMA to refer the proposed acquisition to a phase two review, and respectfully disagree with their very narrow definition of our collective market and resulting views. While we believe the proposed acquisition would have accelerated our strategy, we remain committed to forging ahead in our transformational journey to becoming the trusted global marketplace for insight services and transaction solutions. That said, the transaction will automatically terminate on 28th June 2022, and we redeemed all the deal contingent notes on 4th May that were held in escrow at par. We will continue to execute on growth, both through organic investments and key acquisitions, to accelerate our pace in achieving our transformation. Our vision is clear, and we want to give all of you the transparency on our journey. On a quarterly basis, there is considerable amount of noise, especially in this environment, which is why we want to share our learnings as we go, so you all have the confidence that our strategy is working. To that end, we are hosting an investor event next week on 18th May in Fort Worth. I hope all of you have a chance to listen to the webcast, or if you are interested in attending in person and haven't already RSVP'd, please contact Sameer. We want to give everyone a more detailed view on the acquisitions we have made, showcase their technologies, and how the pieces fit with our marketplace vision. We will also have time to go into learnings from our accelerate growth initiatives, such as the local yard strategy and sales coverage model. It will be a great event. I hope all of you take the time to listen to our story. Moving to our inventory management system. We continue to make strong progress, and in the first quarter, we added more organizations to the system than all last year combined with 103% sequential growth. The KPI we continue to focus on is the number of organizations. As we build out our marketplace functionality, we are able to have scale quickly through deeper and stronger relationships with our customers. After Sharon discusses our financials, I will talk about our outlook, and then we will move to Q&A. Now over to Sharon. Thank you, Ann. Let me add my welcome to everyone on this call. In the first quarter, GTV increased 13% with broad strength across all regions. We continue to see very strong contribution from our regional sales teams, somewhat offset by acute supply challenges in our strategic accounts group. Recall that our SAG team services large fleet owners, and these customers are the most impacted by new and used equipment tightness. We continue to see robust increases in mix-adjusted prices of equipment, offset by lower lot volumes and unfavorable mix. We are pleased with the first quarter and see this as a very strong result given OEMs are still facing challenges with production and delivery lead times, and overall supply of used equipment continues to be constrained. Both total reported revenue and service revenue increased 19% compared to last year. On an organic basis, excluding the impact from SmartEquip, total service revenue increased approximately 17%. Total service revenue continues to exceed total GTV growth in line with our Evergreen Model. Our other services segment continues to put up robust growth as well, increasing 29% in the quarter and up approximately 15% on an organic basis excluding SmartEquip revenues. We continue to see strength in Ritchie Bros. Financial Services growing 71% in the quarter. This growth was partially offset by lower ancillary revenues of logistics, refurbishments, and repair due to lower unit volumes and overall mix of equipment. Our non-GAAP adjusted operating income increased 54% on strong revenue performance with flow-through to earnings partially offset by higher SG&A costs. It is also important to note that the sale of our Bolton yard was completed this quarter, and we posted a pre-tax gain on this transaction of $169 million. This gain, in combination with our very strong operational performance, drove our $1.60 reported diluted earnings per share number, generating the highest quarterly earnings results in the company's history. Turning to auctions and marketplaces, A&M service revenue increased 17% and our take rate for A&M service revenue as a percentage of total GTV came in at a robust 13.9% for the quarter. Of note, our Canadian GTV saw strong growth, in part driven by a healthy contribution within our agriculture sector and our on the farm auction event. As we have noted in the past, inventory sales tend to be lumpy and driven by consignor preferences. In the first quarter, inventory sales increased 19% with strength in the U.S., partially offset by lower volumes in Canada. Inventory returns remained strong at 11.7%. Our sales teams are doing a great job finding equipment in this tough equipment supply environment. Overall, we are pleased with our revenue rate performance as both profit on inventory sales and service revenues improved versus prior year. Cost of services plus SG&A was up 9%, with total SG&A increasing 11% compared to last year. Note that cost of services less the incremental contribution of SmartEquip would have been roughly flat year-on-year. Total SG&A increased about 11%. However, this includes $5.4 million in share-based payments and $2.3 million in non-recurring advisory, legal, and restructuring costs. Once you look at SG&A excluding these highlighted items, our core SG&A increased about 8%. This increase was primarily driven by investments to fuel our accelerated growth initiatives, such as our new sales coverage model and our new local yard strategies, as well as our partnership with Thoughtworks to advance our modern architecture initiative as we continue our journey to transform to a marketplace. We also saw a cost pickup in travel expenses as the team gets back on the road. We remain very diligent on costs, and we are making prudent investments that unlock the long-term potential of our strategic vision. We will continue to invest for organic growth, build out our technology architecture, which underpins our marketplace strategy and highlights that we are not immune from current inflationary pressures. As such, we expect our SG&A in the second quarter of 2022, ex share-based payments, one-time non-recurring charges, to be between $128 million-$133 million. Our cash flow remains very robust with 12 trailing-month operating free cash flow of $446 million, which is 193% of our non-GAAP adjusted net income, delivering well above our stated Evergreen Model target. At the end of the quarter, our adjusted net debt to trailing 12 month non-GAAP adjusted EBITDA reduced to 0.5 times as we used proceeds received from the Bolton transaction to repay outstanding draws on our revolving credit facility. Subsequent to quarter end, on May fourth, we redeemed at par our debt contingent notes associated with the Euro Auctions transaction with accrued interest to that date. For modeling purposes, we currently project interest expense of $18 million in the second quarter, with a run rate of approximately $12 million starting in the third quarter of 2022 based on currently forecasted organic operating needs. Overall, a very good quarter across all financial dimensions. With that, I will hand it back over to Ann. Thank you, Sharon. Now turning to our current trends and outlook. There is no change in our view here. The environment remains very tight for equipment for all the supply chain reasons which continue to persist. That said, we see this environment as a point in time and consider it outside of our control. Utilization levels are high, and equipment is being used and continues to age. This pent-up supply will certainly need disposition services in the future. Until that time, we are focused on growth in today's constrained environment by focusing on what we can control. With our teams providing the very best omni-channel solutions for our customers, continuing to test, learn, and invest in growth initiatives, and executing on our vision to becoming the global trusted marketplace for insights, services, and transaction solutions. With that, operator, please open the line for questions. Thank you. Ladies and gentlemen, we will now begin the question and answer session. Should you have a question, please press star followed by one on your touch tone phone. You will hear a three-tone prompt acknowledging your request, and your questions will be polled in the order they are received. Should you wish to decline from the polling process, please press star followed by two. If you are using a speakerphone, please lift the handset before pressing any keys. One moment please for your first question. Your first question comes from Gary Prestopino, Barrington Research. Gary, please go ahead. Hi. Thank you. Good morning. Hey, Ann, you mentioned that nothing's really changed out there with the inventory situation, with the new and used equipment coming through the channels. Hi, Gary. Yep. So we're seeing a similar tightness, so I just want to make sure we peel the onion. When I say nothing is unchanged, I mean kind of the general supply environment out there. It's still tight, and you know, not a very clear end in sight, even though we obviously know there will be an end at some point, when the supply chain catches up. That's in stark contrast to, you know, the initiatives our teams are taking on, both on the growth initiative side, the way we're executing in order to really, you know, make the most of the environment as it is, and you saw that in our financials. Right. Were you a little bit surprised at the growth of GTV in the quarter? I mean, you know, there was some shifting of an auction from Q2- Q1 in Nova Scotia. I'm not sure how big that auction normally is. Then you had a new site that came up. I mean, that's just really indicative of strong market share gains, unless I'm reading it wrong. You are reading it right, Gary. So I would say, maybe surprised is not the word. I think the trajectory that we've been on, if you guys take a step back, is up and to the right, unquestionably. You know, some quarters that shows up much stronger. Some quarters like Q4, a little bit less, but still up and to the right. I think the notable trend, though, if you look over time, exactly as you say, signify just a tremendous performance by this team in this environment. Again, we view that largely out of our control. The nice thing is that we're putting all of the pieces in place. They're already bearing fruit in this environment. You can extrapolate that when the environment turns, the local yards, the feet on the street, all of the investments we're making, you're seeing them in the SG&A, are bearing fruit today and will bear that much more fruit as the environment turns. Thank you. Thank you. Ladies and gentlemen, as a reminder, should you have a question, please press star one on your touch tone phone. Your next question comes from Kevin Condon, Baird. Kevin, please go ahead. Hi, good morning. Thanks for taking my question. I wanted to ask. I think the filing mentioned some higher buy fee rates, implemented late in 2021 and early in 2022. I mean, we saw some impact from that maybe when we looked at the strong service revenue relative to GTV growth. Can that metric hold or, you know, potentially, I guess, increase, you know, as those fees are fully baked in in Q2 and beyond? Hi, Kevin, it's Ann. I wanna make sure that I'm understanding your question. There was an SG&A impact on kind of advisors to us when you think about M&A and all of the things we've been through. Then there is our service revenue. Yes. When we provide the insights. Yeah, please. Yeah. I think the filing had just mentioned that you raised a buyer fee for your services, which may have benefited service revenue relative to GTV. I wanna say service revenue as a percentage of GTV was 17% in a quarter. Is that correct? That is correct. Yep. Okay. Got it. I understand. Yep. When you think about when we perform our services, I'll start, and then I'll turn it over to Sharon. You know, we're a marketplace, right? Largely, we charge fees for insight services, you know, financial services, and then obviously our transaction solution services. When we think about that fee structure, we're always cognizant of the competitive landscape. We've talked about pricing before on these calls that, you know, it's something historically the company really didn't do much of, and now we're really looking at the competitive market and understanding kind of the services we provide vis-à-vis, you know, what the market is charging for those services, number one. Number 2, there's a nuance of the fact that we have pricing tiers, and Sharon has spoke about this before. As the equipment price is higher, we have to adjust tiers. It shows us pricing, but we adjust tiers to make sure that we actually aren't making less money for the same services we provide. There's kind of a nuance of that. There's really two sides of the way that we look at pricing, ensuring that, you know, that our tiers are staying as they're intending to be, as well as kind of a competitive marketplace position of that. In fact, we review it on a regular basis, with pricing doing what it's doing more than, you know, more than once a year, to ensure that we're competitive both, on up and on down, just, you know, making sure that we're keeping pace with the market. Sharon, anything to add? I think only this is something that we do look at on a regular basis, and I think the only impact this year that's a bit different than prior year was prior year, the increase was effective kind of in the much timeframe, and this year the fees changed effective January first. That's why you end up with a bit of a double impact of the growth from the prior year fee change as well as the current year fees. To echo Ann's point, this is really just to reflect the service and value that we are driving, particularly for the buyers. Okay. That helps a lot with the timing insight there. Thank you. If I could ask one quick follow-up. A few weeks ago, you had a press release announcing that a European equipment financing firm had selected your asset solution to use in its asset valuation. Just wanted to ask if that was, you know, one of the larger wins for RBAS so far, if there are other examples you could point to, you know, if this serves as, you know, potentially a proof of concept, or, you know, just what any more detail on what that agreement would look like in terms of the services provided or you know, how you monetize it. Yeah. Kevin, so let me start, and then I'm going to pass it over to Matt Ackley, our Chief Marketing Officer. We were so proud that again, when you start seeing the green shoots, whether it's you know, the feet on the street initiative, whether it's the local yards, as we've been talking about kind of our insight services piece of our offerings, we are very, very proud that that is starting to take hold as well. With that, Matt, you want to shed some light on it? Sure. Yeah. This was a, you know, as Anne mentioned, insights are a key part of our total offering, and this was primarily a data deal with that European bank. Many of the banks over there use our data to assess the quality of their portfolios vis-a-vis, you know, there are some European regulations related to what happened in 2008. It's kind of the way to think about it is the tip of the spear is that, you know, hey, if we're able to go in and offer our data, then we also are able to go in and provide other services on top of that based on our technology, such that if and when in the future, you know, they need to dispose of assets, you know, they are on the platform, it's ready to go, and it just becomes, you know, suffice it to say, a click of a button, and then some of those assets can flow into our transactional domains. But this particular deal was using the insights piece of our RBAS platform to build that initial relationship with the bank. Great. Thanks for the color there. Thank you. Thank you. Ladies and gentlemen, as a reminder, should you have a question, please press star one on your touch tone phone. Your next question comes from Michael Doumet, Scotiabank. Michael, please go ahead. Hey, good morning, everybody. Great quarter, obviously. Just to go back to the fee increase, I'm just wondering how to think about it, you know, and whether that's you essentially moving on, you know, what we are seeing is stronger buyer demand here. Thinking forward, at some point, you know, as supply essentially catches up to demand, I'm wondering how we should think about the sustainability of the fee increase and maybe, you know, the thinking as to maybe the commission increases, maybe supply catches up versus demand. Yeah. Michael Doumet. Hi, it's Ann Fandozzi. Okay. Let me shed light, and this is why I think the way to think about this conversation is less about fees and fee increases and more about I'll just take us back to the Evergreen Model commitment we made to ourselves, to our investors, to all of you, and how that actually comes to be. When we rolled out the Evergreen Model, which, you know, was December 2020, and we kind of highlighted the transformation to the marketplace, we made the following commitments. We said, "Look, GTV, as strong as Ritchie Bros. is, GTV has only grown very low single digits for quite some time. Our commitment is to get that to grow middle single digits, high single digits, low double digits, kind of keep that pace going. We further committed to driving our services revenue significantly above the underlying GTV, right? Consistent with this marketplace vision that we would obviously offer services on the underlying GTV. That's how we make money. But we would also go above and beyond dipping much further into the $300 billion of transactions, you know, 90% of which occur outside of the auction channel. We were very, very clear about that. What you will always see from us as we deliver, right? Again, just as a reminder to everybody, it's not about one quarter, it's not about two quarters. It's about a constant drumbeat of up into the right, as we drive this vision forward. You will constantly see services revenue outpacing, and then the growth of that pace. This is what you're gonna hold us to over time. GTV is gonna be growing much faster than it has before, but the services revenue will be growing faster still. It's gonna come from, you know, lots of ways. When you think about the fees that we charge for the underlying GTV transactions, again, think of those as marketplace-based. As the market ebbs and falls, those fees will get in line. Our commitment, however, is really the way to think about your modeling is the GTV growth rate was low single digits. Our commitment is mid, then high, then double digits. The services revenue is above GTV and will continue to grow at a faster pace than GTV, kind of widening. Think about a Pac-Man. It's up to the right and then even steeper on the other side. That's really the way as you think about your modeling. It's less about a point in time. You know, again, we adjusted the tiers up because pricing is up. That would've only allowed us effectively to just kind of keep pace, if you will. But then there's, you know, kind of a market dynamic point of view to our pricing. Just the commitment remains, and we are focused. We are laser-focused on driving growth, organic, driving M&A if it accelerates our organic growth, and then we can grow on it, and then really evolving to this marketplace. The way that you guys will see that play out is that the services revenue growth rate will be significantly above the GTV growth rate. I hope that kind of answers the kind of modeling side of it. I don't know if there's something more specific as it relates to this year, Sharon, you wanted to add. No, I think that was fine. Yeah. Look, that was great color and, you know, obviously great result in the quarter, so that was helpful. The second question's around, GTV in Canada. That was up close to 50% in the quarter, obviously very nice. So wondering if you can, you know, maybe break that down a little bit for us. It looks like there was, a large contribution from, you know, a shift in the calendar. Ag looked like it was pretty strong across the board, including international. So just wondering how to think about the sustainability of, that GTV there and, maybe for the balance of the year as well. Yeah. Let me start, and then I'm gonna turn it over to Kari Taylor, our Chief Revenue Officer. Canada had a fundamental shift during COVID, and you saw it in our really ag business. The fundamental shift was online, where historically when we would have to do on-farm transactions, they would have to be large in-person auctions. They would be at the mercy of weather, candidly. Canada not known for its balmy weather in early months of the year. There was kind of a natural throttling of growth. Through COVID, and our kind of leaning in and investment in our technology, we were able to shift those transactions largely online, opening up the calendar for the Canada team, opening up the strength of those transactions and the resulting pricing. It has been incredible, and you see it very starkly in Q1 in Canada. Lots and lots of things the Canadian team is doing right. That is the most notable, where the transition to online has just unlocked that market in a way that we never could have before. Let me pause here and Kari, anything to add? Thanks, Ann Fandozzi. I think also, we're calling out the steady progress of our sales initiatives, which is really both a combination of the new coverage model and local yards. An example of the local yards is just really strong growth out of Australia, driven by both frequency and having new geography to sell. I'll be going much more deeper into the discussion of sales coverage and local yards next week at Investor Week. Lots of learnings, things we're starting to scale and even further tests we're taking on. Thank you, Kari. Yep. Thanks for the answers, guys. Really looks like the growth initiatives are working here. Thank you. Your next question comes from Sabahat Khan, RBC. Sabahat, please go ahead. All right, great. Thanks, and good morning. I guess just on one of the earlier comments around, you know, where the growth could come from in the future, with your balance sheet where it is at now and no longer pursuing your options, I guess, how are you thinking about capital allocation? Maybe if you can touch on, you know, the type of M&A you might be interested in, at this point? Yeah. Let me start, and then I'm gonna turn it over to Sharon. You know, what we have said all along is that, you know, we're on a journey to transforming to a marketplace. When we think of M&A, and we have a very robust pipeline, it is about a single word, which is acceleration. You know, are there M&A targets out there that would accelerate our journey? If yes, then we click down, and this is just to share with you how we look at M&A. We then click down and we say, look, there are two things that we need from any business that we would look to acquire. The first is we need a healthy business. We need a business that's strong, that we believe in the underlying growth potential of, we love the management team. This is, you know, we can certainly see it with Rouse and SmartEquip. It needs to really meet a very, very high hurdle for us to say, okay, this is an interesting business. On the other side, this is as it relates to accelerate, we need to ensure that there is an acceleration that that business and that team can provide to the broader ecosystem of Ritchie Bros. and really for where we're headed in the marketplace. As an example, Rouse, very healthy business. You know, double-digit growth rates continuing. We can actually bolster those. That's great. On the other side, we're already seeing the benefit of Rouse, for example, with Ritchie Bros. Marketplace-E. Just as a reminder, that is a reserved auction that we run. It's not about listing a bunch of assets, it's about those assets transacting, and we call that transaction a kill rate. We have applied the Rouse analytics, much like other Rouse customers to our MPE functionality, driving the kill rate significantly higher than before the acquisition. Again, you see that in the flow through to our growth. It's just an example of how we look at M&A. It has to be very, very strong businesses, and then they have to really deliver something for the Ritchie Bros. ecosystem today, like Rouse has done or in the near future, like SmartEquip will do. I will pause here saying we have a very robust M&A pipeline that kind of fits those trajectories. Given our leverage ratio, we certainly have the optionality to pursue them as they come up. Sharon, anything to add? I think what I would add is, you know, again, we were incredibly disappointed that we had to withdraw from the Euro Auctions transaction. You know, really the big takeaway from that is the markets are so receptive that the credit markets and our bank partners have been so receptive to our growth ideas and the growth potential of this business. Our balance sheet is in fantastic shape. It's just poised to be able to support both organic and inorganic opportunities that come our way. Although we're disappointed that we were not able to complete that transaction, as Ann said, you know, we are looking at alternate ways to be able to continue to deliver on our growth strategy, and the markets are very supportive and will give us access to capital to do that. Thanks for that color. If I could just maybe have one more follow-up on the M&A side, I guess. Euro Auctions is obviously a larger transaction added, you know, similar types of capabilities to what you have already. What was that from your perspective, a one-off given its geographic presence, or could your pipeline include other similar sort of auction assets, more just, hey, look, we need more capability in this geography or this type of or this channel that we're not in? Or is it more things like Rouse we should expect going forward? Maybe just things that, you know, are more technology-oriented. Yeah. Let me start, and then I'm gonna turn it over to James Kessler, our President and Chief Operating Officer. I think the question you're asking is very insightful in that there's always an and to the acquisition. On the surface of, you know, Euro Auctions would give us a bigger footprint in Europe, obviously, and again, right, scale, all of the things that went with it, made a lot of sense. The second part of it is equally important, and that is that it offered us kind of unique capabilities. Euro Auctions functioned on a sourcing model, one we've learned from and we're gonna be taking forward. It's important to understand that there's plenty of things to buy out there, but we're looking for that twofer every time. We're looking for a very good business, but we're looking for something that will enhance our capabilities geographically, selling models, so on and so forth. Let me pause here and turn it over to Jim. Hey, Ann. Thank you so much. No, and I think it's a great question. To Ann's point, in two parts. Definitely, auctions and auction transactions when there's opportunity, just like Euro Auctions in a certain area or region of a country, we definitely want to look at those and be opportunistic when we have the chance to do it. 100%, yes, there could be other auction players that fit the need that we have today. Then the second thing with the marketplace, when we look at a potential partner and think about Rouse, SmartEquip, and Ritchie Bros. Financial Services, you know, they're very complementary to an auction transaction, but the unique thing that they each have is an ability to generate revenue outside of that auction transaction. Think about Ritchie Bros. Financial Services. You know, it works great when someone's buying a piece of equipment with us, but also there's a second and third bidder, and we might not have that equipment to dispose of at the time, but they're gonna go out and find that equipment somewhere else, and they can bring their line of credit with them and buy that piece of equipment, and we're still financing that on their behalf. And the same thing with insights and parts and services and other things that we would look to buy inside of the marketplace will have a similar characteristic where they really complement what we do today inside of auction, but also will have an ability to generate a revenue stream outside of just Ritchie Bros. at the same time. That's kind of the path we're on right now. Okay. Just a last one on just the IMS. I guess you called it a pretty sizable increase in the number of organizations signed up. I guess maybe you could talk about, you know, what drove that. Is it just, you know, snowballing effect? Is there an area of the market that you weren't focusing on before? Just secondly, what are you hearing in terms of feedback from the folks that are signed up, that you're bringing onto the platform in terms of, you know, any changes they're suggesting, what's working there, what you might need to tweak over the next little while to get more folks signed up? You know, that's what we're very proud of. There's kind of the underlying business performance we're proud of, but we're equally focused on driving the marketplace vision and making sure that the strategic initiatives are kind of keeping pace, if you will. Because our ultimate vision is this transformation to a marketplace, again, that should result in really incredible services, revenue growth and free cash flow growth. IMS is the linchpin. We have called it the gateway into the ecosystem. Right now, the way to think about it is we're focused on organizations because that is the beginning of the stickiness cycle. The single biggest benefit they're getting right now is the annual contract. Where before, the way that we went to market before IMS was kind of one auction at a time, dealing with one seller for one auction, signing a contract for that auction. IMS has completely pivoted that. They are now annual contracts. Although the marketplace, we're still building out the functionality to take full advantage of it, which is why we're focused so much on the organizations, it sets the table for being able to transact on a regular basis and kind of having those customers in our ecosystem. That has been the single biggest benefit to IMS, to both customers, ourselves, and ability to seamlessly continue to do business through IMS. The reason it's growing so fast is, you know, our sales organization really with Kari's leadership has understands how much easier this makes for customers to do business with us. The fact that it sets up the ultimate stickiness with our customers in the future makes us that much easier to do business with. It's just kind of the drumbeat is continuing and growing on itself, and we're really, really pleased with how it's going. Thank you. Thank you. There are no further questions at this time. Please proceed. Thank you so much. Okay, back to me. This is Ann. I just wanna thank you all for taking your time this morning or this afternoon, depending on what part of the world you happen to be in. Just as a summary, we're you know really excited about the performance we were able to drive. More than that, really excited about the fact that the initiatives that you guys have been hearing about us talk about for over a year now are starting to bear fruit. As a public service announcement, 'cause Samir would kill me, our investor presentations are next week. Please join us virtually. Please join us in person. We will be telling you even more about our story and where all of this is headed. In the meantime, thank you so much, and hoping everybody out there stays and continues to stay healthy. Thank you. Thank you. Ladies and gentlemen, this concludes your Conference Call for today. We thank you for participating and ask that you please disconnect your lines.