Good morning, ladies and gentlemen. My name is Donna, and I will be your conference operator today. Welcome to the Ritchie Brothers and IAA Investor Update 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 that 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. I would now like to turn the call over to Mr. Sameer Rathod, Vice President of Investor Relations and Market Intelligence at Ritchie Brothers, to open up the conference. Mr. Rathod, you may begin. Thanks, Donna, hello and good morning to everyone joining us on today's call to discuss updates that we announced this morning. As a reminder, we will not be discussing the fourth quarter or taking questions about the quarter. Joining me on the call today are Ann Fandozzi, Ritchie Brothers Chief Executive Officer, Eric Jacobs, Ritchie Brothers Chief Financial Officer, and John Kett, Chief Executive Officer of IAA. 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, gross transaction value, EBITDA and other items, expectations regarding the proposed acquisition of IAA, including the anticipated benefits and synergies of the IAA transaction and future opportunities for the combined business of Ritchie Brothers and IAA. The expected debt and capital allocation of the combined company and expectations regarding the announced investment by Starboard Value in Ritchie Brothers are considered forward-looking and involve risk and uncertainties. These factors include, but are not limited to, the satisfaction of the closing conditions, including the shareholder approval for the proposed 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 to achieve or specific timelines. The risks and uncertainties that could cause actual results to differ significantly from such forward-looking statements are detailed in our joint IAA transaction release issued this morning, as well as the most recent quarterly reports and annual report on Form 10-K of each of Ritchie Brothers and IAA, which are available on the respective Investor Relations website and on EDGAR and SEDAR as applicable. The investor presentation issued by Ritchie Brothers earlier today, which was posted to our website, and the registration statement on Form S-4 filed by Ritchie Brothers with the SEC on December 14th. We also will make important filings with the SEC and applicable Canadian security regulatory authorities in connection with the proposed IAA transaction. You are urged to read those materials carefully when they become available. 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 applicable reconciliation of the two, see our most recent Form 10-Q and the investor presentation posted to our website. We are unable to pro-present quantitative reconciliation of forward-looking non-GAAP financial measures as management cannot predict all the necessary components of such measures. Investors are cautioned to not place undue re-reliance on forward-looking non-GAAP measures. All figures discussed on today's call are U.S. dollars unless otherwise indicated. Following the prepared remarks, we will open up the call to questions regarding the two press releases and the investor presentation that we posted on the investor relations section of our website this morning. Now I'd like to turn the call over to Ritchie Brothers Chief Executive Officer, Ann Fandozzi. Thank you, Sameer. Good morning, everyone. I could not be more excited to be with you all this morning to discuss some updates on our pending transaction with IAA and why I am even more confident than ever in the incredible value creation opportunity that it presents. As you've seen by now, it's been a busy morning for us here at Ritchie Brothers and IAA. To recap, we announced three important updates this morning. First, we amended the terms of our transaction with IAA to enhance the value proposition for shareholders. Second, we announced that Starboard Value has made a $500 million strategic investment in Ritchie Brothers. Last, but certainly not least, we are providing an update on our integration planning and the substantial revenue opportunities that we believe can unlock through the pending transaction. Let me start by providing an overview of the amended merger agreement, which was unanimously approved by the board of directors of both Ritchie Brothers and IAA. Since we first announced the transaction in November, we have spent a significant amount of time meeting with and listening to our shareholders about the deal. John has done the same with IAA shareholders. The amended agreement we entered into with IAA incorporates the feedback we've received regarding the best structure of the transaction. Under the new terms of our revised merger agreement, shareholders of IAA will receive an additional $2.80 of cash per share. IAA shareholders will receive 0.5252 shares of Ritchie Brothers stock for each share of IAA common share they own. This represents an implied value of $44.40 per share based on Ritchie Brothers closing share price on Friday. 71% of the total consideration to IAA shareholders is in stock, it allows them to participate meaningfully in the significant upside potential of the combined company. Not only will Ritchie Brothers shareholders hold a larger ownership percentage of our combined company, we also announced a special dividend of $1.08 per share that will be payable to Ritchie Brothers shareholders of record as of a pre-closing record date to be determined, contingent upon successful closing of the merger. This $1.08 is equivalent to 1 year's worth of regular quarterly dividend payments. We also continue to expect the transaction to be accretive to our Adjusted EPS in the first full year post-close. When combining the revised consideration mix and special dividend with the Starboard equity investment, the net effect is essentially neutral to our pro forma net leverage ratio and de-leveraging profile over time. Simply put, the revised agreement will allow us to deliver substantial value for both Ritchie Brothers and IAA shareholders. Along with our revised transaction terms this morning, we also announced that in connection with the upcoming transaction financing, Ritchie Brothers and IAA expect to release preliminary unaudited full-year results for GTV, revenue, net income, and Adjusted EBITDA. We will do this in advance of our respective full year's earning releases. The results will be in line or above current FactSet mean consensus analyst estimates. Both companies will announce fourth quarter and full year financial results in mid to late February. This leads me to our next update, the strategic investment from Starboard Value. As I just outlined, the merger and transaction will deliver tremendous value to both Ritchie Brothers and IAA shareholders, value that is supported by Starboard's investment. Some of you may be thinking, "Wait, Starboard is known as an activist investor and typically enters companies when they believe a change in strategy is warranted." That is largely true, and they have been incredibly successful doing so, Starboard, at its core, is a value investor. They look for opportunities where they believe a tremendous amount of value can be unlocked and invest accordingly. I've known Jeff Smith and the team at Starboard professionally for many years. Jeff actually texted me his congratulations with the IAA acquisition the morning of our announcement. As he had previously been an investor in KAR and supported IAA spin, he knows the company and the salvage space well. He shares our view that the combination will unlock a tremendous amount of value for all shareholders and congratulated us on the transaction. Jeff and I have discussed the value creation opportunity this combination can deliver. Today's announcement is a huge vote of confidence. We look forward to welcoming Jeff to the board. I'm sure I don't need to go into a stellar track record as a board member. In fact, $485 million of investment is in the form of newly issued preferred shares with an initial conversion price of $73 a share, which exceeds Ritchie Brothers 52-week high of $72.66. Of note, Starboard's convertible preferred shares are non-voting for the purpose of the IAA transaction. These shareholders will not receive the cash dividend mentioned in the previous slide. The vision for our future that Starboard is investing in is exactly what I want to talk to you about today. In addition to Starboard, we are pleased that Ancora, a large IAA shareholder, now supports the combination and has committed to voting in favor of the transaction. We've talked a lot about the upside potential of the combined company. I now want to walk you through the specifics of the incredible growth opportunities we believe we can achieve. Prior to today, we've committed to $100 million-$120 million or more in cost synergies and have stated that revenue opportunities have the potential to eclipse these cost synergies. You have asked me to shed light specifically to the cost synergies and revenue opportunities we see. This morning we released details on the $350 million-$900 million EBITDA growth opportunity we see in front of us. I will dive into the specific areas that makes up the potential revenue upside shortly. When you look at them together, the two transactions we just went over will result in even more compelling value for both IAA and Ritchie Brothers shareholders. Ritchie Brothers shareholders will receive a slightly larger ownership stake in the combined company, as well as a special dividend equaling one year's worth of regular quarterly dividends. IAA shareholders will receive a larger cash consideration while retaining the ability to participate in the incredible upside potential of the combined company. We have a renowned investor who believes in our business and the value of this transaction joining the combined company's board following the transaction. Moreover, we have tremendous potential to drive growth through the combined company, which will result in significant value for shareholders of both companies. We expect this through our core business, our disciplined integration plan, accelerated growth by leveraging our combined yard footprint, and the revenue opportunities I just mentioned and will cover a little later. As we map out what a combined Ritchie Brothers and IAA will look like, we are highly focused on making sure that we continue to build on the momentum we have created at Ritchie Brothers core business. Since I joined Ritchie Brothers 3 years ago, we have been executing on our vision to transform our business into a leading digital marketplace. Not only have we driven growth in the tightest supply environment in the history of the company, we have also meaningfully outpaced the market in returns for our shareholders. You have asked me how we will ensure that the momentum that we've built will continue. Quite simply, it is by driving the same focus and accountability that we have instituted in every level of the company. Our sales teams drive GDP. It's that simple. We've instituted an exceptionally successful go-to-market model. As a result of this deal, there is literally no change to this model. The leaders of Ritchie Brothers sales and subverticals have no integration responsibilities and are committed to, and more importantly, held accountable for our continued progression towards the evergreen model of moving from low single digits to high single digits to low teens growth. We will also continue to build on our omni-channel marketplace technology that forms the basis of Ritchie Brothers 2.0. Our integration roadmap includes plans to keep the infrastructure we've been working on with Thoughtworks and Task, and continue to invest in enhancing our ability to attach services across our many verticals. Similar to sales, there are dedicated owners in place with strong accountability to continue to deliver on that vision. Turning to services, we've committed to our evergreen model that our services revenue growth will outpace GDP growth. That is, and will continue to be accomplished through expanding our service offerings and penetration. In similar fashion to every other part of Ritchie Brothers, there are dedicated owners in place to drive each of the services with accountability for results. Of course, the foundation of a great integration is strong oversight and focus. To that end, we have formed a classic integration management office or IMO structure with key functions and dedicated teams. We have also engaged a leading third-party consultant to ensure successful execution of the integration playbook. To be very specific, less than 1% of Ritchie Brothers staff is included in the IMO stakeholders, and our intention is to provide regular updates to shareholders on our progress. Let's start with costs. As the integration teams continue their work ahead of close, we have even more confidence in our ability to achieve the $100 million-$120+ million in annual run rate cost synergies we expect by the end of 2025. Our IMO is developing a comprehensive plan and timetable to rapidly capture these savings, including the quick wins we believe we can achieve shortly after close. We believe as we integrate, we will uncover additional opportunities as well. I'll now turn it over to Eric Jacobs, our CFO, to discuss our capital allocation outlook. Thanks, Ann. We remain true to our disciplined capital allocation strategy that balances deleveraging and growth investments with capital returns. Some investors have asked for additional information regarding our deleveraging plans. We have now provided this to you. As we discussed previously, we intend to rapidly delever our balance sheet post-close to approximately 2x net debt to Adjusted EBITDA in 24 months following close. We believe we will be able to lower our leverage ratio to 1.5x within 36 months post-close. Strengthening our balance sheet combined with the significant cash flow we expect to generate will provide us with substantial flexibility going forward. We expect to have ample capital to continue to invest in our growth initiatives while returning capital to shareholders, which we expect to do by maintaining our dividend. Over time, we also intend to return additional incremental capital to shareholders through growing our dividend and implementing share buybacks once we have reached an appropriate level of leverage. All of this will translate to substantial value for our shareholders. Back to you, Ann. Thanks, Eric. Let me begin the opportunities discussion with speaking about how we intend to accelerate growth for both Ritchie Brothers and IAA. The combination presents us with a unique opportunity to enhance our ability to serve our customers and optimize unit economics of each yard, given the multiple verticals we serve. On the Ritchie Brothers side, IAA's approximately 10,000 acres of capacity, not including CAT capacity under optional contracts, will allow us to accelerate our satellite yard strategy. More importantly, approximately 75% of IAA's existing yards have five or more acres of capacity, which is in line with the target size of our satellite yard model. These locations are generally in metropolitan areas, which will get us closer to our customer base. We primarily see these locations holding transportation assets, which IAA already handles, as well as light construction. When you combine that with our plans to leverage the best of the best of our yard operating systems and processes, we currently believe we will be able to run all yards more effectively and efficiently than Ritchie Brothers does today, given the technology investments that IAA has made over time to their yards. Over the last several years, IAA has done tremendous work to enhance their catastrophic event response capabilities, as is evidenced by their great performance during Hurricane Ian last year. In fact, the data shows that they were able to pick up cars faster than their competitors. This is a better KPI for IAA's underlying performance than time to sale, which we often see used, as time to sale is largely driven by unique insurance partner preferences. Our more than approximately 200 acre footprint in Florida and 250 acre footprint in Texas will allow us to substantially improve IAA's capacity to support insurance carriers during these catastrophic events. Given our combined team's expertise in the zoning and regulatory environments, we are confident that we will be able to clear any hurdles to use for locations we want. We also bring relationships with logistics firms, significant experience managing complex events and an efficient yard model that will enhance IAA service. We believe there will be opportunity to optimize logistics capabilities enabled primarily by having multiple verticals at locations. More than anything, many on Ritchie Brothers management team have deep experience with insurance carriers, and we understand what they value. We have a proven track record of solving difficult problems and enhancing customer services from our prior roles working with those same insurance companies. We have literally been there and done that. We are confident that by combining our yard footprints and operating models, we will be able to win business and increase IAA's market share. Our footprint and capabilities in international markets across North America, Mexico and Australia will allow us to expand IAA into new markets that will accelerate their international strategy. We have the established infrastructure, relationships and regulatory expertise to help IAA enter these markets, which represent a compelling growth opportunity. Since we announced the transaction, a common question we continue to receive is what is the size and scale of the revenue opportunity? We previously released an EBITDA sensitivity table. Today we are providing further granularity to the categories to develop a sense of how we see the potential. Overall, you see there are so many ways to win with this acquisition. Between the cost synergies and revenue opportunities, we see the potential magnitude of incremental EBITDA as being anywhere from $350 million-$900 million. If this number sounds big, that's because it is big. As you've seen with me, we're gonna test and learn our way there. The figures we released today are not guidance. They are the full spectrum of the possible opportunities we believe we could capitalize on. The opportunity to create value here is incredible and why we've been so excited about this combination. Let me spend a few minutes unpacking this number to give you a sense of how we intend to get there. First, there are $100 million-$120 million or more of cost synergies. These are 100% in our control, and we're committed to deliver them. On the IAA side, we see a combined opportunity to achieve anywhere between $115 million-$350 million of EBITDA by leveraging our domestic and international footprint, knowledge of and relationships with insurance carriers, and leadership expertise to drive growth. The wide range of this number underscores the shorter-term line-of-sight opportunities as well as longer ones, which will require more time to bring to fruition. We've made tremendous learnings over the past 2 years of our satellite yard strategy. We believe that by accelerating that strategy and capacity, especially at a time when we expect the availability of equipment to ease, we can drive GTV growth with new customers and drive incremental EBITDA of $40 million-$125 million. The way to think about this wide range is the low end correlates to opportunities where Ritchie Brothers already has existing sales associates, and the top end would require additional sales resources where IAA has capacity. As we accelerate GTV growth for both Ritchie Brothers and IAA, we also have substantial opportunity to drive growth in our financing and other attached services. In fact, we see between $25 million and $100 million of opportunity from deploying Ritchie Brothers financial services sales force to IAA customers. To be clear, we do not think we will be providing to customers looking to scrap the equipment or break it down for parts. Our assumptions here focus on the rebuilders. Long term, we see a significant opportunity to expand in additional verticals with IAA, namely whole car and incremental salvage markets. What we know for sure that we already have a strong, distributed and motivated sales team at Ritchie Brothers that can leverage this opportunity. The aggregate and cost revenue opportunities we've discussed today represent a significant upside to our standalone plan and underscore why we are so confident in the extensive shareholder value opportunity this transaction. In fact, on a fully diluted basis, the combination cost synergies and revenue opportunities deliver anywhere between $21 and $61 per share. If you further believe that this combined business will warrant some level of multiple expansion, this would add an additional $5-$15 per fully diluted share. Fundamentally, all of the news we put out today comes down to creating value. We've always been confident in the significant value creation opportunities that this transaction would lead to, and the updates we announced today only make us more confident in the incredible opportunity we have ahead with IAA. We now not only have a clearer picture of what those value creation opportunities are, we have even more attractive transaction terms for our shareholders. Thank you all for joining us today. Obviously, we are very passionate about this transaction, and I hope you share in our excitement for the future of Ritchie Brothers. We look forward to continuing to discuss the benefits of the transaction with our shareholders. With that, we'd be happy to take your questions. Operator, please open the line. Thank you. The floor is now open for questions. If you would like to ask a question, please press star one on your telephone keypad at this time. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star key. Again, that's star one to register a question at this time. The first question is coming from John Healy of Northcoast Research. Please go ahead. Good morning, congrats on the progress team. Wanted to just maybe kick off a little bit, both for Ann and John. Maybe you could talk just a little bit about the reception you've gotten from the insurance industry. You know, would love to hear kind of the feedback that you've gotten early days here. Additionally, there's been some, you know, speculation that there might be some movements amongst larger carriers this year. Would love to hear from John if anything's changed on kind of the competitive front with some of your large partners. I noticed there wasn't anything disclosed in the in the filings that you guys put out, so would just love if you could maybe just touch on those two things. Sure. Good question, John. Thanks. Go ahead, Ann. No, please. Oh, great. Yeah, I mean, first off, I think recapping since we've announced the deal going back to November, I mean, the enthusiasm of our customers around this deal has been really positive. I think a couple things. One, I think they see the power of the combination and what that's gonna do for IAA to help us execute the strategy that we've talked about, number one. Number two, I think because of the reputation and Ann and her team's experience in this market, I think she's well known and liked. I think the combination of those two things really has them excited about the combination. In terms of our market today, no, I mean, I think things are relatively stable. You know, certainly we have really good dialogue with our customers. As I said, in talking to them about this transaction, I think there's a fair amount of enthusiasm about it. Yeah, no, I think we're again looking forward to putting the groups together and really leveraging all the things that Ann and Eric just outlined. Great. Yeah, if I could just. Go ahead, Ann. I'm sorry, John. If I could just add to that for a second. Yeah, it's been in some way like a homecoming. You know, as John said, this was kind of my space and that of kind of a large subsegment of the management team here at Ritchie Brothers before. That's what gave us confidence in our ability to bring these two businesses together. We know these insurance carriers well. You know, I've personally, since announcing the deal on November 7th, have spoken to many of them about the combination, and the reception we're getting is incredibly positive, as John is saying, with literally it feels like a homecoming, and you know, lots of confidence. Great. Just one logistics question. Would just love to get your thoughts on just kind of timing of events to come. In the release, it sounds like you guys will start to work on the financing, but was just hoping maybe you could give us like a timeline of where we're at. I think you mentioned first half closure, but any more color that you could maybe lend there? Let's just kind of talk about some of the things that we've put out. First, you know, we'll be announcing a full year financials, you know, in due course. Because of the financing, we will be giving some numbers, revenue GTV, you know, EBITDA earlier. As we mentioned today, we feel that those will be in line or above expectations. We feel very good about that. Next up will be after the financing is completed, will be our vote, which is slated for March 14th. The closing, assuming a positive outcome, will be shortly thereafter. Gotcha. Thank you. Thank you. The next question is coming from Michael Feniger of Bank of America. Please go ahead. Yeah, thank you for taking my question. Just to circle back, just to put a finer note on it. Ann, when you said the preliminary rev GTV EBITDA is in line or above expectations, are you referring to Ritchie Brothers? Is that an IAA comment? Is that both? Just to clarify. Michael, all of the above. Okay. I think through the presentation, you talked about the new terms being neutral to the older terms in terms of leverage. I think you're raising the cash portion a little bit. You're paying a special dividend. Now I realize, you know, Starboard investment is part of that. Maybe just help us understand how the leverage terms are staying neutral. If you could just walk us through that, Eric, since the cash portion is higher and there's a special dividend. Is that special dividend contingent on the. Is it after the vote, or if the vote's yes in closing? Just trying to get some clarity there. I got kicked off the video for and the phone for 30 seconds. I missed that question. I heard my name raised. Perfect. Michael. Yeah, do you wanna restate the question? Yeah. Apologies. Eric, what I was asking was, you know, people see that the cash portion was raised a little bit and there's a special dividend, yet obviously Starboard has an investment, and I think you mentioned the terms of the new deal are still neutral to where you expect leverage to come out. I was hoping you could just walk us through that. Sure. The special dividend will be paid, contingent on the deal based on a record date to be set, prior to close. That's how the special dividend will be handled. The cash component, you know, we're in our financing raise right now. We've already completed the Term Loan A component of that. We expect to be launching some additional financing, relatively soon, and that will raise additional capital, together with whatever capital we have on our balance sheet as well as, you know, the Starboard investment. We have sufficient capital to do all of the above. Great. Then just to add, Michael, to Eric's comments, the form of the Starboard investment, the $415 million is common. $485 million is a perpetual convertible preferred instrument with no put right. We fully expect that to get equity treatment and for the benefit of all the shareholders, that equity can premium price of $73. It's obviously more accretive to shareholders than the base deal, number one. Number two, just so that we're clear, the $1.08 in dividends, as Eric stated, is paid to Ritchie Brothers s hareholders. Is that subject to the deal closing? Correct. Okay. great. And then just lastly, I'm sure there's other questions. I squeeze one more in. Ann, you mentioned how you view this as a win-win. you know, it is still fairly large, and you went through the slide deck on how you guys are handling it in terms of looking at the cost, breaking down the cost synergies, breaking down your revenue synergies. I'm curious, you know, What keeps you up at night that we would, that we need to monitor? Is it, you know, we're seeing headlines of used auto pricing is starting to go down significantly, how that impacts the salvage market. Just what would keep you up at night knowing that this is a fairly sizable transaction merger? You know, I know it's a win-win in terms of how you're viewing long-term value creation. Just curious what are you looking at that would, that we should be keeping our eyes on as well? Thank you. Yeah, Michael, let me start, and then I'm gonna turn it over to John in particular to talk about, you know, what used car pricing means to salvage. Drum roll. It's great thing. Let me put it this way. I have a perpetual paranoia that should make the shareholders very happy on the phone. What keeps me up at night is, you know, thinking two, three steps in advance about what we don't know, right? The things we know we're dealing with, the things we don't know, we try to find out, we test and learn. Obviously the backdrop of the environment that we can click through, right? For example, you know, no one knows if we're going into a recession or not. The good news is that both Ritchie Brothers and IAA are counter-cyclical businesses. If we go into a recession, obviously pricing drops, but the volumes more than make up for it. In the case of Ritchie Brothers today and IAA, once we can put them on our marketplace platform, doubly benefit because we can attach services. You know, if volume comes back, you know, at an equal pace to, you know, that pricing is dropping, we actually win because we can't sell multiple services on a, on a single piece of equipment. As we get more and more equipment, we can sell more and more services, which is, you know, just pure margin. It's incredible, but it's unknown. Obviously, the question I get asked on every earnings call, and we'll just wait for that to happen on the next earnings call, is when will the, you know, equipment loosen up in, kind of Ritchie Brothers core, you know, yellow iron? Like no one knows, you know, no one knows that. You can argue, you know, maybe global slowdown, but then offset by, you know, stimulus, you know, all kinds of things. I'm gonna answer it with constant paranoia across the board, but keeping our finger firmly on the pulse of the fact that the businesses are countercyclical. Both businesses win in good times. They really win in bad times, and making sure that we can take advantage of those things and eyes wide open, you know, every minute of every day. John, would you like to take the question about used car? Sure, yeah. I mean, used car pricing, when you think about our marketplace, it really has. There's two areas where it affects. It obviously affects ARPU, right? Because the used car price is one of the drivers of value in our marketplace, and our fees are attached to that. What you've seen over the last couple of years as we have made changes to our fee structure, we've really leaned more towards sort of fixed charges. We're less sensitive to changes in value than we used to be. I think that's one really important element when you think about used car prices coming down on the revenue per unit line. The great news about used car prices coming down is that it means there's gonna be more volume because the way insurance companies total vehicles is they look at the repair cost divided by the used value, and if it exceeds a certain threshold, they're going to total the vehicle. As used car prices come down, we're certainly not seeing repair costs come down, so a higher frequency of vehicles are gonna be totaled. We would expect to see more vehicles come into our marketplace. One, to a certain extent, offsets the other, which again is another one of the sort of countercyclical characteristics of the salvage marketplace. Thank you. The next question is coming from Michael Doumet of Scotiabank. Please go ahead. Hi. Good morning, everybody. Nice update and appreciate the additional disclosures. You know, there's a view out there that Ritchie and IAA will need to significantly step up capital spend post-transaction, particularly as it relates to making investments in land assets and towing assets. Just wondering if you can speak to those expectations specifically. Yeah, Michael, thank you for putting the question forward. I think there's some confusion about kind of how IAA treats capital, you know, allocation in their yards and vis-a-vis their competitors, their competitive set. The first thing is when we put out all of our previous proxies, the S-4s that you guys saw, the full complement of the required CapEx was included there. That's the first thing for folks to know. The second is to talk for a minute about a strategic decision IAA made, and we can certainly make a different one together as we move forward if we think that there's a different return on invested capital, a better return on invested capital for shareholders out there. IAA leases their yards, where their competitors typically own yards, as does Ritchie Brothers, by the way. We own our yards. That's first and foremost. To the extent we think that owning yards is a better use of capital than leasing yards and drives a higher ROIC, we're happy to do that and kind of let the math guide us, t hat's number one. Number two, for catastrophic events, what IAA has chosen to do, which I think is very clever, is effectively have optionality for the overflow needs for catastrophic events. They neither lease them perpetually nor own them, but rather have partnerships out there with folks. For example, like with NASCAR to use their paddock space. There's an incredible amount of capacity for catastrophic events IAA has at their disposal that is neither in their underlying lease numbers nor in the kind of overall capital expenditures, because again, that's not how they choose to deploy capital. That is a very long answer to the yard question. That's, you know, overwhelmingly when you take a look at IAA's competition, that is in fact how capital is used. It is used to acquire yards, both for kind of steady-state use, but even more for catastrophic events that sit idle much of the time waiting for kind of these events to happen so that service can be provided. That answers that question. In terms of tow, fascinating area for us to dig into. First of all, you know, if you just calculate the cost of, you know, a couple hundred or even 1,000 tow vehicles in terms of CapEx, it actually becomes a fairly de minimis number for this size company if we were to make the investment. It's interesting for us, this is the area we wanna dig into as we look forward, that may be a very unique advantage for the combined entity. What I mean by that is Ritchie Brothers yards routinely have tow vehicles and, you know, flatbed trucks that are coming in and out that have a lot of dead deadhead space, basically open capacity, right? In our model for Ritchie Brothers, sellers pay for transportation and buyers pay for transportation. We do not pay for any transportation. It means that when a seller's piece of equipment or, in fact, a vehicle shows up at our yards, that tow vehicle leaves empty and often is not full when it shows up. Our question is, can we leverage this incredible network of logistics to find a better answer for the salvage car industry overall, and specifically our combination with IAA, a better answer for Ritchie Brothers customers that will allow us to offset some of their costs or maybe even enhance a revenue proposition for us? With that in mind, we announced a little while ago that we took a majority position ownership in a logistics marketplace called VeriTread. Really aiming to solve this question and problem, but we're very excited about it. That is a long answer to 100% of what we see our capital needs are. In fact, we accelerated some capital expenses in order to drive the opportunities that much from the combination. They have all been put forward in the materials we previously put out there. Just again, the confusion around the capital allocation needs for yards is just because of the choices that IAA has made in terms of overflow, catastrophic events, not being on their books at all, and then the rest of the being leased instead of owned. Hopefully that answers the question. Thank you. It certainly does. Thanks for the color in. Maybe just a second one. I mean, the revenue synergies opportunity here, they're large numbers, it's a big range. Any way you can give us a sense for how much you think you can target within the same timeline of your cost synergies? If not, maybe just speak to, you know, generally what you view as some of the lower hanging fruit, and just to help us better align expectations. Yeah. This is part of why we kind of put the range out there. With the range, as you'll see on page 20 of the presentation, we didn't just put numbers out. We actually put underneath each one how we're thinking about it. For example, in the case of growing Ritchie Brothers GTV, I'm gonna use this as just one example so that, you know, folks can understand how we approach this and gives you a sense for kind of timeliness. The range of us driving GTV, using the satellite yard, the open capacity at IAA is $40 million-$125 million. It's a wide range. Why so wide? All of it has open capacity at IAA that we can use. The 40 is coincident with where Ritchie Brothers already have sales coverage. Think about kind of an ability to turbocharge that opportunity quickly, where the 125, the incremental $85 million IAA has capacity. Brothers currently doesn't have a sales force. As you heard me speak about before, we have gone to great strides to have a new sales force model, series of tools that we're co-developing that allow us to onboard our sales folks very, very quickly. Each and every line item will show you know, an ability to drive the outcome on the left. Almost think of it as kind of with existing resources or marginal need for resources to get to the 350, includes $100 million of cost synergies. To get to the 900 requires more time, because, for example, you know, we need to hire salespeople, or kind of driving penetration rates and financing equal to Ritchie Brothers, you know, just takes a little bit of time. It's taken us, call it 2 years to get that done here at Ritchie Brothers since I've come in. It gives you a sense for kind of the boundaries. They're very I mean, both numbers are very big. I think why I use the words the revenue opportunities eclipse the cost synergies. We shared this page with our board, a version of this page, when we were going through, you know, kind of approvals and speaking through the opportunity to see why our excitement and theirs was as high as it was. Perfect. Very interesting. Best of luck, guys. Thank you. Thank you. Once again, that is star one if you would like to register a question at this time. The next question is coming from Gary Prestopino of Barrington Research. Please go ahead. Hey, good morning, all. just wanna be clear, that special dividend is outside of the actual cash that you've announced in the deal. Is that correct? The cash per share? I'm sorry, what do you mean by outside of the cash per share? Well, it's not the $12.80, I think it is. That doesn't include the special dividend. That you're paying $12.80, and you're paying the special dividend, or does that $12.80 include the special dividend? The dividend is only for Ritchie Brothers shareholders. Okay. Ann, maybe you. The $12.80 goes to the IAA shareholders. Okay, thanks. Then, Ann, maybe, and I know it's early, but in talking with some of the insurance companies, that you're you know, that through with the IAA potential acquisition, has anybody committed to giving you more vehicles at this point? Or are they saying what they would like to see for the ability to commit more vehicles to your combined platform? Yeah. Hi, Gary. Yeah, it is early and we have not combined. No, that is not happening. However, I will say, if you strip out one notable insurance carrier that we understand, you know, and IAA holds full accountability for losing based on kind of historic underperformance with catastrophic events, IAA has actually been holding or growing share with the rest of the insurance carriers. It's because they're driving really incredible outcomes and in fact have industry-leading technology whereby, you know, these insurance carriers are actually vertically integrated into IAA. The team has done a great job. Yes, you know, when a top three insurance carrier takes a significant portion of the business, 100% due to catastrophic event performance, largely of the past, you know, the combined numbers don't look great. If you strip that out, the combined numbers actually look pretty good in terms of share growth. We're excited. Again, as I have said, what I've been doing with the insurance carriers is reestablishing my relationships back to the homecoming and obviously having conversations about, hey, I know, you know, what is happening today, you know, what more can we be doing in the future? Kind of starting to lay that foundation of reestablishing the relationships, but really building on the incredible foundation that the IAA management team has laid, and knowing where, you know, where the opportunities are that we can do even better together. Thank you. Thank you. The next question is coming from Sabahat Khan of RBC. Please go ahead. Hi. Great. Thanks. Good morning. I guess just looking for some more color on, I think you mentioned you've hired or are looking to hire an external partner or consultant to help with integration. Can you maybe talk about, you know, which elements of the integration that you're looking to get more assistance with? Maybe if this transaction is to close, maybe kind of what the integration plan looks like, sort of, you know, what's first? Is it operations? Is it technology? If you can maybe just give a little bit of color on both. Absolutely. This is an area that is near and dear to my heart, having acquired and integrated quite a few businesses in the past. We have, in fact, secured the services of the top, since I don't wanna kind of give them a commercial here, but the top consultancy in integration, and have been working with them, you know, kind of through the IMO in order to put the pieces in place, to drive the value that we know is there. Part of working with this team is the fact that many of us have worked with not only this consultancy, which is the very best, but actually with this sub-team, so they know how quickly we love to move with these things. You know, the idea of driving and really the focus of the IMO in terms of integration is primarily focused on the cost synergies and getting to the 100-120 quickly. When you think about the prioritization and, you know, where you intend to start, think about things like executive costs, public company costs being the lowest hanging fruit, right? John and I are on the call together today, so it's safe to say, you know, you don't need two CEOs. Think about it that way. Think about kind of those executive ranks, kind of being affected fairly quickly, the public company costs. If you take a look at page 14 of the deck that we put out, those are significant. you know, those are almost half of the cost of the hundreds of $120+ million of the combined synergies. Then you kind of peel through in terms of back office, HR, procurement, and you kind of start peeling those down. This is the area where IMO is focused. What we have is, you know, less, you know, significantly less than 1% of Ritchie Brothers combined will even be focused on this at all. Again, allowing us to ensure that the base business that we have worked so hard to drive momentum into thrives. It's a very small percentage of Ritchie Brothers folks, but we have the functional teams identified, the integration management office identified, and then the pieces, the trajectories and the timelines firmly identified. Great. Thanks so much for that. Maybe just one more. I think in the release this morning, you guys noted another board member beyond Starboard, from industry that would join. I guess, say, if this transaction is to close, any more other gaps, whether on the management side or the board side, that you would look to add, as you start the integration process? We actually feel really great about the team. I think, as we've mentioned before, in some ways, you know, the Ritchie Brothers management team was purpose-built for this combination, you know, having spent, myself, for example, three years here at Ritchie Brothers driving the momentum, but then previously in the kind of insurance and car space. So we feel very good about that. The board is, you know, the Ritchie Brothers board is fantastic, and you've seen kind of the results that they've helped us drive. Then the four members coming over from IAA, we're very excited about lots of expertise in the insurance space. The latest name that was put forward was Tim O'Day. We're very excited. Tim comes from the collision space, my previous world, so we know him well. You know, other members of the IA board. No, we feel very good about the combination. Great. Thanks very much. Thank you. The next question is coming from Bret Jordan of Jefferies. Please go ahead. Hey, John. Could you give us some details on sort of the size and timing of the Hurricane Ian impact in the last quarter and then this quarter? I mean, obviously, your peer called out the revenues and margin impact last quarter, but just so we can sort of back that out of your ongoing performance. Yeah, Bret. We'll have that obviously as we release our fourth quarter earnings. You know, it like typical storms, there's the costs all occur first, and then we're still selling off some of the inventory, so some of it is going to, you know, spill over into 2023. You know, we haven't disclosed those details, but certainly as part of our fourth quarter earnings, we'll certainly be talking about, you know, impact of CAT on our business. I guess it made landfall at the very end of your third quarter. Was there any expense in the third quarter, or is it really all in the fourth just given the timing of the storm? I believe there was very little in the third quarter. All right, great. Thank you. Thanks, Bret. Thank you. The next question is coming from Andrew Childs of Barclays. Please go ahead. Thanks. Good morning. It's actually [Vince] from Barclays. Just a quick question. Back in the fall when the transaction was announced, the plan was for the IAA bonds to come out at close. With the updated transaction terms that were announced this morning, is there any changes to your intent to take out those bonds at close? I don't know the answer to that, but we can. Oh, go ahead, Eric. Sorry. No, there's no change in our plans. Great. That's all I have. Thank you. Thank you. At this time, I'd like to turn the floor back over to management for any additional or closing comments. Okay. Ann Fandozzi again. I'd like to thank everybody. I know we sprung this on you, very, very quickly in an early morning call, especially for the folks that are on the West Coast. We appreciate you joining us. You know, the announcements we've had today about, you know, a new merger agreement with IAA that we believe is better for all shareholders. You know, obviously the incredible investment by Starboard and Jeffrey Smith joining us, we couldn't be more excited with the vote of confidence and especially the fact that, you know, his equity instrument converts at $73 a share, making it, you know, obviously more accretive for our shareholders, and his belief and Starboard's belief in kind of where the opportunities of this business lie. You know, hearing you and answering your questions around how do we intend to stay focused, how do we manage this level of integration, and then what is the value of these revenue opportunities of which you speak, and th e fact that you allowed us to do all of that this morning, I am very grateful for and I wish you a wonderful rest of your day. Thank you. Ladies and gentlemen, this concludes today's event. You may disconnect your lines or log off the webcast at this time, and enjoy the rest of your day.