Good morning. My name is Michelle, I will be your conference operator today. At this time, I would like to welcome everyone to the Ritchie Bros Auctioneers Fourth 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 one on your telephone keypad. If you would like to withdraw your question, please press star then the two key. Thank you. I will now turn the call over to Mr. Sameer Rathod, Vice President of Investor Relations and Market Intelligence, to open the call. Mr. Rathod, you may begin your conference. Thanks. Hello and good afternoon to everyone joining on our call today to discuss our fourth quarter and full year 2022 results. Joining me on the call today are Ann Fandozzi, Ritchie Bros Chief Executive Officer, and Eric Jacobs, Ritchie Bros Chief Financial Officer. The following discussion will include forward-looking statements which can be identified by words such as expect, believe, estimate, anticipate, plan, intend, opportunities, and similar expressions. Comments that are not a statement of fact, including, but not limited to, projections of future earnings, revenue, or gross transaction value, debt, and other items, business and market trends, and expectations regarding the proposed acquisition of IAA, including the anticipated timing, benefit, cost synergies, and opportunities with respect to the transaction are considered forward-looking and involve risk and uncertainties. These factors include the satisfaction of the closing conditions, including shareholder approval for the IAA transaction. We note that during today's call, we will be discussing potential opportunities for the combined company and related information, including estimated amounts or ranges for such opportunities for illustrative purposes. This information is not intended to imply future targets, expectations, or guidance, and does not incorporate potential costs achieved or specific timelines. The risk and uncertainties that could cause actual results to differ significantly from such forward-looking statements are detailed in our news release issued this afternoon, as well as our most recent quarterly reports and annual reports on Form 10-K, which are available on our investor relations website and on EDGAR and SEDAR. We also have, and will make, important filings with the SEC and applicable Canadian Securities Regulatory Authorities in connection with the proposed IAA acquisition, including registration statement on Form S-4, filed with SEC. You are urged to read those materials carefully. On this call, we will also discuss certain non-GAAP financial measures, including forward-looking non-GAAP financial measures. For the identification of non-GAAP financial measures, the most directly comparable GAAP financial measures, and the applicable reconciliation of the two, see our news release, Form 10-K, an investor presentation posted to our website. We are unable to present quantitative reconciliation of forward-looking non-GAAP financial measures as management cannot predict all necessary components of such measures. Investors are cautioned not to place undue reliance on forward-looking non-GAAP financial measures. All figures discussed today are U.S. dollars unless otherwise indicated. Following the prepared remarks, we will open the call to questions. I'd like to turn the call over to Ritchie Bros Chief Executive Officer, Ann Fandozzi. Thank you, Sameer, and good afternoon to everyone joining us today. I'm excited to be here with you to discuss Ritchie Bros' phenomenal 2022 performance. We delivered record financial results and made significant progress in continuing to build our marketplace technology and advancing our growth initiatives despite operating in a challenging environment of continued tight supply, inflationary headwinds, aggressive competition, and foreign exchange volatility. Speaking on behalf of the entire leadership team, I want to express my sincere appreciation to all of our employees who have shown time and again their focus and dedication to delivering best-in-class service to our customers. Without our employees, none of this would be possible. When I was appointed CEO in 2020, Ritchie Bros had solid core assets and very talented employees, was profitable and generated a lot of cash, but the business was stagnant. Since then, we have recruited new leaders and through organic initiatives, partnerships, and strategic acquisitions, we have taken bold steps to redefine our operating model and reinvigorate profitable growth. As a result, we are transforming Ritchie Bros from a traditional auction business to a trusted global marketplace for insight services and transaction solutions, and we continued our journey by taking several important steps in 2022. Ritchie Bros 2.0, our marketplace technology platform, is in the process of piloting an all-new digital checkout experience with self-serve invoices and settlements. This builds on our track record of innovation and further expands our ecosystem of solutions that make it easier for customers to do business with us. We continue to test satellite yard locations and have learned that these can attract new customers into our ecosystem. We have implemented a new sales coverage model that has enabled GTV growth, whether through our inside sales team working in tandem with our satellite yards to target the long tail of sellers where 80% of the equipment sits across our many verticals. The accelerated investments we are making to put more sales resources in the field to expand our customer relationships. SmartEquip, Rouse, Ritchie Bros Financial Services, and our Inventory Management System all continue to grow as standalone solutions and have record performance. While we are excited about the performance of these solutions so far, we see even greater opportunities ahead as our digital marketplace strategy scales. Speaking of records, let's talk about some of the ones we set over the past year. $6 billion in annual GTV. Over $700 million transacted on our Marketplace-E platform. Over $1 billion funded volume by Ritchie Bros Financial Services. Over 75,000 active listings on RitchieLink. Total number of organizations activated on IMS was up an incredible 465% year-over-year at the end of December. Adjusted earnings per share increased 24% year-over-year to a record $2.41. We are so proud of the milestones we've achieved in 2022. Let me transition from discussing the past to discussing what we expect for the future. Clearly, there are a few themes that are emerging. First, there are still a lot of projects out there and our customers remain busy. That said, customers are beginning to expect some softening in their end markets. This is coming while they are starting to see loosening in new equipment supply in some verticals. What we know for certain is that this is a critical time for our customers, and we want to serve them and help them navigate their most complex challenges. This is one of the many reasons we are so excited by the IAA acquisition. To help us grow GTV with our Ritchie Bros customers using access IAA yard capacity to form the basis of significantly scaling our satellite yards. We identified IAA as a potential combination for Ritchie Bros back in mid-2020, and together with our board of directors, have evaluated a possible acquisition of IAA for more than a year. The strategic logic of this combination is clear. With IAA, we believe we can accelerate growth for Ritchie Bros, drive margin expansion, and expand our reach into an attractive adjacent vertical. By adding our services and operating expertise, we have the opportunity to fulfill IAA's full potential as well. IAA operates in a salvage vehicle market which has strong secular tailwinds. IAA is a leading player in this attractive market and has shown counter-cyclicality and resilience throughout the economic cycles. IAA has an expansive yard footprint that complements Ritchie Bros with approximately 45% available capacity. IAA's 210 yards that are already near Ritchie Bros customers will allow us to accelerate our standalone yard strategy. The key here is that we are better together, and combining the footprints will allow us to create a network of locations that will provide us with the agility to meet all our customers' needs and unlock higher levels of growth and margin expansion. As we recently highlighted, we see a potential to unlock $350 million-$900 million in EBITDA growth opportunities, including our expected $100 million-$120 million or more of clearly identified and achievable cost synergies. Investors should take comfort in knowing that the team at Ritchie Bros has extensive knowledge in the automotive industry and a proven track record of acquiring and integrating companies. Speaking of integration, the integration planning has already started. We have established an integration management office, or IMO, comprised of dedicated, experienced operators and leaders to ensure this integration plan is executed seamlessly. The IMO will be supported by a leading third-party consultancy firm and overseen by an internal steering committee that will have clear charters, milestones, and KPIs to drive accountability. As we announced just a few weeks ago, we amended the terms of our transaction structure with IAA to further enhance the value proposition for both Ritchie Bros and IAA shareholders. We are pleased with the feedback we have received from many new and existing shareholders who recognize the compelling benefits of the acquisition. We encourage shareholders to vote ahead of the March fourteenth meeting to help us bring this transaction to fruition and realize the value inherent in bringing our two companies together. Let me now hand the call to Eric Jacobs to highlight some additional information about our fourth quarter financial results. Thank you, Ann. Welcome everyone who's joining our call this afternoon. Like Ann, I'm pleased with our record results. I would like to thank our entire team who did an extraordinary job focusing on and growing the business. Turning to our actual results. In the fourth quarter, GTV increased 6% year-over-year to $1.5 billion. This was driven by a continued rebound in our lot volumes, partially offset by deflating prices, unfavorable asset mix, and the unfavorable impact of foreign exchange. When you exclude the negative impact of foreign exchange, GTV increased 9% on a constant currency basis. Breaking this down a little further, lot volumes were up 20% year-over-year, driven by record fourth quarter volumes from our strategic account customers. The average price per lot sold was down 12% versus the fourth quarter of 2021, as much of the unit volume increase came from rental and transportation assets. This drives an overall lower value asset mix for us, and it also comes with some price compression from loosening used supply. Geographically, we saw strength in GTV from North America, driven by solid execution from our Canadian team. At the same time, our international region's impressive growth was masked and offset by a negative foreign exchange impact from the strong U.S. dollar. If you're thinking about modeling GTV, recall that the first quarter tends to be the smallest from a seasonal perspective. We also expect the trend of higher unit volumes offset by continued pressure on average selling prices due to asset mix and softer category pricing to continue in the first quarter. In addition, it is important to note that during the first quarter of 2022, we were experiencing our highest average unit selling price period, post-COVID, due to low supply. Taking all this into account, as well as foreign currency, we expect GTV in the first quarter to grow low to mid-single digits year-over-year and less than our fourth quarter GTV growth rate. As a general comment, we expect to close IAA in the latter half of March. Therefore, we are recommending that analysts and investors model Ritchie Bros on a standalone basis for the first quarter. Turning to revenue. Total service revenue in the fourth quarter increased 11%, driven by the uplift in buyer fees that was implemented during the past year, as well as continued growth in our marketplace services. We also benefited from a full quarter contribution from SmartEquip compared to the last year. Excluding the impact of SmartEquip from both periods, total service revenue increased 10% year-over-year. With regards to our earnings, adjusted EBITDA increased 24% on strong flow-through from the top line. Adjusted earnings per share increased 36% to $0.68. An anticipated increase in lot volumes in 2023 will likely require added resources in our operations and back office to support as we are still navigating through somewhat manual processes. We may experience a headwind to our flow-through and adjusted EBITDA margin during the year as we process these volumes. Regarding taxes, in the fourth quarter, the effective tax rate, excluding the impacts of adjusted items, was approximately 23.6%, slightly lower than the 23.7% in the same quarter last year. Tax rate was lower than we expected in the fourth quarter due to changes in the estimate of the impact of U.S. tax reform. We expect the effective tax rate, excluding the impact of adjusted items and the IAA transaction, to be between 24% and 27% for the first quarter. Our GAAP tax rate could be much different from the effective tax rate due to the impact of acquisition costs. Turning to our auctions and marketplace segment. A&M services revenue increased 11% and our A&M take rate or A&M service revenue as a percentage of total GTV came in at a robust 14.4% for the quarter, up approximately 70 basis points compared to the prior year period. This increase is primarily driven by an uplift in buyer fees. Note that our commissions revenue as a percentage of GTV declined this quarter due to the higher level of GTV sourced from strategic accounts, which typically realize lower commission levels compared to our regional business. We expect this trend of slightly lower commission take rate to continue into the first quarter as our strategic account group momentum continues. Moving to A&M inventory sales. As a reminder, inventory sales tend to be lumpy and are driven by consignor preferences. In the fourth quarter, inventory sales increased 50% year-over-year, with strong growth contributed from all regions, particularly the United States. For the quarter, the inventory rate came in at 10.4%, which reflects excellent performance in a dynamic pricing environment by our at-risk teams. This inventory rate is at the higher end of historical ranges. As we focus on accelerating GTV, we will continue structuring our at-risk deals to win where it makes sense. Turning to expenses. Our cost of services plus sell and general administrative expenses were up 7%. Sell and general administrative expenses, exclusive of share-based payments and other non-recurring charges, were up approximately 7% as well. This is at the low end of the range given last quarter and less than total service revenue growth, which helped drive our flow-through. For the first quarter, we expect sell and general administrative expenses to be between $125 million and $130 million on a Ritchie Bros standalone basis, exclusive of share-based payments and other non-recurring charges. Turning to cash flow and liquidity. Our cash flow remains very robust with trailing 12-month operating free cash flow of $556 million, which is 206% of our non-GAAP adjusted net income or 145% if you exclude the Bolton property sales proceeds. Our adjusted net debt amount was $116 million. At the end of the fourth quarter, our net debt to trailing 12-month non-GAAP adjusted EBITDA ratio was 0.3x. In connection with the IAA transaction, we currently plan on marketing and closing additional note financings. We estimate these financings will add an incremental $11 million-$12 million in interest expense to our first quarter, assuming a mid to late March close for the financings. As a result, we expect interest expense in the first quarter to be between $20 million and $21 million, inclusive of the contemplated financings to fund the IAA acquisition. Also, for modeling purposes, we expect quarterly interest expense to be between $62 million and $66 million starting in the second quarter of 2023, subject to the expected closing of IAA and based on an anticipated total debt amount of $3.3 billion and a blended interest rate of between 7.3% and 7.8%. As I've stated previously, we will be focusing on de-levering quickly post-closing. I wanted to end my comments by explaining how we expect to account for the convertible preferred equity that was recently issued to Starboard and the impact it will have on calculating our earnings per share, both reported and adjusted. I will not go through all the numbers and calculations on the slide. However, U.S. generally accepted accounting principles require us to compute earnings per share using either the two-class method or the if-converted method, whichever is more dilutive and produces the lower earnings per share amount. Currently, we are expecting the two-class method, which is detailed on this slide, to be more dilutive. It's important to note that the two-class method will not have an impact on our adjusted EBITDA. It will only impact our earnings per share due to the specific GAAP reporting requirements. While we do not provide adjusted EPS guidance, the preferred dividend in the two-class method could impact adjusted EPS by at least an estimated $0.04-$0.05 per share per quarter on a full quarter basis going forward. I will end my remarks here. Thank you all again for your time today. Now back to Ann. Thank you, Eric. Overall, 2022 was a dynamic year as we supported our customers through the continued fallout from the pandemic, a fluid geopolitical environment, and continued economic uncertainty. Regardless of the macroeconomic environment we face in 2023, I know that Ritchie Bros' strategic vision for growth and our commitment to our customers to help them make the very best decisions will allow us to continue our transformation journey. We finished this year with strong momentum, and the team is here in Orlando kicking off our auction calendar for 2023. Recall that despite Orlando being our largest event of the year, as we transform into a marketplace, any one specific event, even Orlando, does not dictate performance for the entire quarter. I want to close by saying that we are excited by the expected close of the IAA acquisition and its expected benefits to Ritchie Bros for years and decades to come. Let's open the call 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 the one on your touch-tone phone. You will hear a three-tone prompt acknowledging your request. Should you wish to decline from the polling pro-process, please press the star followed by the 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 Michael Doumet of Scotiabank. Please go ahead. Hey, good evening, Ann and Eric. First of all, you know, congrats on these great results. First question, I wanted to ask on GTV, another really good number. You know, I guess going forward, the expectation, you know, as the economy slows is that we'll see transactions volume rise. For Q4, you talked about lot volumes being up 20%. Is there a way that you can help us quantify the upside to lot volumes as supply conditions normalize? I guess, Eric, why would you expect slower GTV growth in Q1, you know, despite the volume trend that we're seeing? Hi, Michael. Let me start, Ann here, and then I'll turn it over to Eric. Let me just set the stage. When we think about our GTV, and obviously, we're, thank you for your kind words about the quarter. You know, we're exceptionally proud of the team and how they performed. When you think about GTV, there's actually three things to keep in mind. I'm just going to take a step back for a second. There's obviously volumes, right? We talk about them as lots. There's obviously pricing, but there's also mix. It is important for us as we consider modeling and when we talk about our business to really consider all three. Then when we talk about mix, there's even two flavors of mix. There's the customer mix Eric spoke about in the, in the remarks that preceded the Q&A. Meaning obviously, if they're large strategic accounts, you know, they have very different seller fee structures than kind of our regional business. There's the mix of the product itself. Even there, it's what the product is, mix, also the age of the product. It, you know, it's not just volume and price. It's just something that I ask everybody to caution. With that, let me turn it over to Eric to speak specifically on your question. Thanks, Ann. Michael, a couple of things. The strategic accounts, those are assets that we talked about in the transportation in particular and some rental, the price being lower for those assets, you know, that's going to impact GTV. You also have, last year, as I mentioned, price was really high, and we had some unique lots. You know, we had some real estate deals in Canada, some agriculture that was, you know, that's not expected to repeat in the first quarter of 2023. International, you still have some slight headwinds on foreign currency, and, you know, those regions are performing a little differently than they did last year as well. That's why we think that the overall GTV will be still relatively strong, but down a little bit from what we saw in Q4. Thanks. That's helpful. Maybe the second question, you know, with IAA's results out tonight as well, you know, the combined EBITDA for 2022 looks like it's closer to $1 billion versus, I think, the $950 in the S4. Most of the outperformance comes from, you know, the Ritchie side. IAA also did outperform. Can you maybe just speak to the outperformance and maybe what we think or what we should think on a go-forward basis? Michael, thank you. We're obviously very proud of our team and proud of the IAA team for delivering. I think the headline here is execution and commitments, right? I think one thing you've seen from the Ritchie Bros team, certainly in the three years that I've been here, is that, you know, we set objectives, we stretch, we test, we learn, you know, and we obviously manage the things in our control very fiercely. You saw that from us in 2022. We saw it in 2021. You know, exceptionally proud of the work we did, the team has done and kind of set ourselves up for success. IAA, you know, you certainly saw it in Q4, and, you know, tuning themselves to a very similar bar. You know, obviously, we've been working together for quite some time, you know, on both on this acquisition and getting to know each other's cultures, and, you know, we're very proud of how they've done. They're driving the things in their control. We're confident that when we come together, we're only gonna make all of that better. Here's Eric to add. Relatively simply stated, you know, we had strong top-line performance, due to the buyer uplift fees and inventory rates. That, you know, that strong top line performance helped flow through to the bottom line as long, you know, as well as the strong cost containment that we had in the quarter. We were able to process some of those that significant amount of volume with, you know, on an efficient basis. That said, we do expect more volumes and just wanna caution that we, you know, that's, you know, with our manual processes, that's something that we still have to deal with. Amazing. Really helpful. Best of luck for the deal to close. Thank you. Thank you. The next question comes from Michael Feniger of Bank of America. Please go ahead. Thanks for taking my question. Just to follow up on that, I mean, the flow through in the quarter was really impressive. I recognize a lot of lot growth is coming up, and there's more labor there. You're also more virtual than you've been in the past. I would think your cost to service that increase would be lower. Just trying to unpack the comments around the flow through for next year. Eric, like, if service revenue is up 10%, can we expect EBITDA to be up 10% as well, or 20%? Just trying to get the framework on how operating leverage should work next year given the pickup on volumes. Yeah, Michael. Let me start at the end. Hello. There's been some kind of news out there about this. You know, you're more virtual, so you're saving costs. I remind us that on every earnings call, we talk SG&A and why it's continuing to increase. Let's be clear. When we went fully virtual, you know, we stopped ramping, but we added quite a bit of technology to offset that so that the customer experience is even better. We now have full 360 videos. If you take a look at the cost in the SG&A to process the equipment, they actually have not come down. I know there's this kind of, you know, Ritchie Bros are saving a ton of money. During COVID, where the savings came was really the travel and you know, those kinds of things where obviously we encourage our salespeople to get back out there because, you know, we're happy to spend the SG&A dollars on salespeople and travel and entertainment as long as those you know, result in GTV. If you just look kind of brass tacks, you know, the yards have stayed the same. We've actually added some from a satellite basis. The only cost that was cut was really the cost of ramping, which has been more than offset by all of the kind of buyer-facing incremental value-added services we put in place, most notable the 360 technology, which requires quite a bit of labor to kind of bring that to fruition for every check-in. It's just kind of a move from one bucket to another, if you will. Those are the facts. Let me turn it over to Eric to talk about, you know, kind of flow through and the question you're asking. Yeah. Thanks, Michael. Look, we don't give formal guidance quarter to quarter. Some of the requests that the part of the request you had is a little difficult for us. Let me just talk about longer term. We do expect that we'll have more flow through and you'll start seeing more efficiency gains. That'll come when the marketplace technology is launched in a way that we can reduce, quite frankly, in the back office, some of the manual processes that we have. You know, Ann's talked about this quite a bit and when we've talked to analysts, investors about the IAA acquisition and that, you know, their investments in the yard technology of, c ompare, you know, and you take our investments in the marketplace technology, that those go hand in hand and allow us to scale, each of our businesses much more efficiently than we can standalone. That's a significant benefit for us that we see coming, come down the pipe. Great. Ann, this is more of just a big picture question for you. Simply, the core business is performing incredibly well. You just grew EBITDA 24% with all indications that growth is actually gonna accelerate in 2023. Ritchie's outlook is bright and it's executing a time when the macro is very uncertain for a majority of other companies. I guess why not put more capital behind a playbook that is definitely working? Or why do you feel this is a time to do a big integration right now? Thanks, everyone. Yeah, thank you for asking that question. Michael, it's literally the case of it makes both businesses stronger. This is not, I know early on people were saying, hey, you know, question mark around why is this deal happening? Is there any weakness in the core business of Ritchie Brothers? Nothing can be further from the truth. The answer is this makes Ritchie Brothers better. It makes it stronger. Let me give you just a few examples. Right? Again, exactly what Eric just spoke to, which mean, you know, our own efficiency. We've spoken at length. Our processes are manual. We have not invested specifically in any of that yard or back office technology. Again, painfully, a couple of years ago, those that have been in the story for a while, we actually had a material accounting weakness because of how manual our processes are. IAA does 10x the number of transactions that we do with a fraction of the workforce. Not only are you gonna get more efficiency, you're gonna get better flow through kind of from that side. We've been spending our money and our resources on marketplace technology, so we can attach services and drive growth rates, something that IAA has not done. We're excited to be able to unleash them. We're buying, you know, a business that is similarly countercyclical to ours. We can unlock a huge strategic advantage for us in terms of kind of cost absorption and efficiency. We unlock a major growth lever in the form of our satellite yards. Please understand there's some confusion out there about, you know, if somebody has a crane or an excavator, that's not what's coming to the satellite yards. That's not what's being driven in the satellite yard strategy. If you have a crane or an excavator, you have no issue trucking it hundreds of miles to one of Ritchie Bros sites. It's great. What's coming to our satellite yards is largely transportation and very, very small equipment. You know, those are the things where the transportation is just, you know, is precluded for sellers to take it to one of the core Ritchie Bros yards. Overnight, we get 10x the footprint in order to take that equipment, as you say, when we expect those very lots to unlock. We're incredibly excited. On the IAA side, we get a countercyclical, profitable business that we can make even better and unlock their potential. This is a and, it is not an or strategy. Thank you. Thank you. The next question comes from Larry DeMaria of William Blair. Please go ahead. Hi. Thank you. Good afternoon, everybody. Quick question. First off, Ann, you know, there's intense competition on your intro comments. Just give some more color on that. You know, the system auctions that are doing these buyer fees, is that what you're referring to? Secondly, on the IMS, being up 465%, if that leads new business, can you talk about conversion rates and what that really means? Yeah. Larry, if you could just. There's a lot of background noise. If you can just restate your first question. I understand the second one was about IMS and 465, but if you can just restate the first. Sure. Sorry. Quite a plane here. The intense competition you noted in the initial comment, can you just give some clarity to what you're talking about there in terms of the competitive environment? Thank you. Yeah. Correct. Thank you for, thank you for restating it. The intense competition is really a function of what I stated, is a function of kind of the low supply that still exists out there. Every single kind of at-risk deal that Ritchie Bros, you know, those are not gimmies. Those are met with quite a bit of competition, which is why you heard Eric speak about the kind of depressed, you know, as we kind of lean more into those come at a lower margin, obviously than kind of that core consignment regional business. That's what that competition refers to. Again, you know, similarly, you know, more inventory deals, they're competitive, lower margin. Similarly, more strategic account business obviously comes at lower margin as well, you know, the volume more than counteracts it, that's why we like it, but that's an explanation for what's happening there. Under IMS, the 465% the way to think about IMS is we're still in that first phase, right? It is the gateway into the ecosystem for the marketplace, much like the listings business that we launched. It is a gateway because we wanna bring customers in. Today, IMS is really, if a customer wants to consign with Ritchie Bros, they're brought in through the IMS. You're seeing the 465% growth rate really reflected in our team's ability to onboard all of these customers into the system so that we can then transact for them. The next phase is really as the next phase of the marketplace technology clicks. The next phase is really to kind of pull through their non-transaction inventory into the system, that'll be the next set of KPIs that we put forward. Then the phase after that is obviously the monetization of those assets. Really the way to think about the 465% is the onboarding of customers. That kind of critical first step into the gateway is going incredibly well. Okay, thank you. Thank you. Once again, ladies and gentlemen, if you do have a question, please press star one at this time. The next question comes from Gary Prestopano from Barrington Research. Please go ahead. Hi, Ann and Eric. Couple of questions. Just in the legacy business, as you're looking at 2023, I would assume that you're not really looking at any betterment of supply on the GTV side or are you looking for just gradual improvement as the year goes on? Yeah. Gary. Hello. Yeah, it's interesting. You're seeing the lots click up, but What you guys don't see is that the mix clicks down. That's why it's gonna be gradual. I like the word that you used and why, you know, Eric cautioned that, you know, Q1 in terms of a growth rate will be, you know, kind of below Q4, because again, there's this interrelationship between the price which is starting to come down, the lots which are starting to increase, but then the mix which kind of more than offsets the two. That's why gradual is the name of the game. We're in this crossover period where the volumes are starting to click, but it's primarily the lower end stuff, and the pricing is coming down. That's why we're optimistic, but cautiously so and kind of seeing the build through the year. When you're talking about the bigger ticket items are not as plentiful and more like transportation items like trucks, things like that, vans, is that fair? Very well said. The low end, kind of the low end, you know, kind of scissor lifts, those kinds of things that transact for much smaller numbers. You said it beautifully. Okay. Could you give us an idea of how many satellite yards you now have worldwide and in the United States? We have 25 worldwide, and in the United States we have. I don't wanna misspeak, but I wanna say about 12 are in the U.S. We, yep. We are largely where we were last quarter, in that we closed a few this last quarter and then opened a few. Net-net, we're right about at the same level we were at. Is the plan going forward with the acquisition of IAA, is that going to suffice for what you may have done as far as adding satellite yards in the U.S. pre the acquisition, or is it the plan is to still continue to add satellite yards? Gary, not only will it suffice, it is literally a almost a decade's worth of acceleration for that initiative. Again, what is coming to satellite yards are things for which you know, trucking them to a core Ritchie Bros yard is, you know, a huge deterrent because as a percentage of the final transaction price, it's just too much. It's primarily transportation. Again, a reminder for everybody, our number one selling SKU is actually a Ford F-150 pickup truck. Nobody's gonna take their Ford F-150, you know, 10-year-old truck and truck it 300 mi. That's not gonna happen. These things are coming to our satellite yards. These low-end scissor lifts, you know, that are $1,000. Those are the transaction items. We literally. That's why the acreage required is so small, right? We're talking about 5 acres are these satellite yards. The name of the game is as close as you can put them to the sellers, they will go. The idea of the IAA yards is that they already exist. They already have capacity. They're already staffed. Literally every unit that goes to those yards is just incremental, obviously, revenue and then the flow through. It's an incredible model and as much as a decade's worth of acceleration. Thank you. Thank you. The next question comes from Bryan Fast of Raymond James. Please go ahead. Yeah, thanks. Good afternoon. Just on other services revenue, can you discuss what were some of the key drivers to that year-over-year growth, or was it kind of broad-based across those various services? Hello, it's Eric. We're seeing growth across all the different areas, you know, whether it's RBFS, Rouse, SmartEquip, all doing well as standalone businesses. Over time, the more, you know, the goal is to tightly integrate those into the marketplace so that they can scale even more effectively. On a standalone basis, all doing well. Just the follow-up to that is then being able to unleash that same technology and offering on the additional assets that come from IAA, which is just pure margin impact. Maybe could you talk a bit about the margins realized on inventory sales, I guess now that it's at the top end of the range, maybe just the sustainability of those levels. Look, we'd like to spend a caution that, you know, if you look at the trend over time, you know, we are at the high end of the range and it's not something. It's some of those kind of mixed blessings from my perspective. You know, it's great to see higher margins there, but, you know, we also want to make sure that we are, you know, competing aggressively for business and not losing deals because we're, you know, not, you know, we're trying to get that last couple basis points. You know, we think there's a huge opportunity as the volumes come that we, you know, we want to go after it. You know, that's part of the caution. You know, there is a lot of competition out there. We wanna make sure that we're, that we're doing everything we can. It's, it's more of a, you know, cautionary tale just to say, look, just don't, you know, if you're thinking about modeling, you may not wanna model at that kind of level, in the, you know, in the, in the short-term future because, you know, we're looking at that as a way just to say, you know, look, let's. Yes, we do have great data, to compete effectively, but, you know, we don't think that's something that, is gonna stay at that level for at least, you know, the short-term future. Okay. That's it for me. Thanks. Thank you. There are no further questions at this time. Please continue with closing remarks. Wonderful. Thank you so much. I'll take it from here. As always, I'm gonna end with thanking everybody on the call for joining us, but really a heartfelt thank you to the incredible Ritchie Bros team, many of whom are currently at our Orlando auction, you know, knee-deep in all things customer-related. Huge thank you to all of you. Let me just say that, you know, the we're very, very proud of the team and everything that has been accomplished. We are very excited about the upcoming IAA acquisition and literally the value that it can unlock for Ritchie Bros core and acceleration and, you know, putting us on a very, very different footing for years and decades to come. Thank you all. Ladies and gentlemen, this does conclude the conference call for today.