Question-and-Answer Session
Operator
Yes, one impulse please. One impulse please, for your initial question. Your initial doubt comes from Cherilyn Radbourne from TD Securities.
Cherilyn Radbourne
Thanks unequivocally most and good morning.
Rob McLeod
Good morning. Thanks for your patience.
Ravi Saligram
Yes. Our apologies. First contemptible about whatever glitch that occurred.
Cherilyn Radbourne
So initial doubt we had was on your U.S. auction revenue. That was down year-over-year for a initial 3 buliding of a year, yet it appears to have posted some flattering good expansion in Q4. So we am usually extraordinary how most of that was GAP expansion and how most was good opening of a underwritten business?
Rob McLeod
Hi, Cherilyn, it’s Rob. And we would say, it’s especially GAP growth. We were — as we know — as we saw on a remarks, a income rate did tumble in entertain 4 and a U.S. creates adult half of a marketplace or half of a business. And so unequivocally it was geared to a GAP growth. And obviously, that’s since we have a concentration going brazen on improving that at-risk opening and also perplexing to lessen some of a sensitivity in that rate as well.
Cherilyn Radbourne
And we consider it was mentioned during your Jan Investor Day that we had a integrate of good swift dispersals in a fourth quarter. Were those in a U.S. market?
Rob McLeod
I can’t remember a accurate criticism that we finished in a Jan meetings, yet we consider one of them was in Canada for certain and a other one substantially was in a United States.
Cherilyn Radbourne
Okay. And thereafter final one for me. Just to be transparent on what arrange of impact on income we are awaiting from unfamiliar sell in 2015. Can we give us a bit of operation there on a net eminence basis?
Rob McLeod
You meant a impact on…
Cherilyn Radbourne
The net impact on possibly EBIT or net income, whatever we prefer.
Rob McLeod
Right. And so in a remarks we pronounced in a Evergreen indication that we have the, let’s say, net advantage expansion in a high-single digits, and potentially it would — unfamiliar sell would pull that down to low-single digits.
Cherilyn Radbourne
Okay. Thank you. That’s all my questions. we will get behind into a queue.
Ravi Saligram
Cherilyn, one thing to remember on a net advantage is a taxation rate. So when we demeanour during a operational health of a business really, so we had said, if it’s consistent banking on an organic basis, we’re looking during low-double digits, yet that would come down to high-single digits as an impact of a FX.
Operator
Your subsequent doubt comes from Sara O’Brien. Please go ahead.
Sara O’Brien
Hi, good morning. Ravi, can we assistance us establish a concentration to urge a income rate? When — in a time when we are looking to advantage marketplace share to grow GAP during a same time. we am usually wondering if there is an bit of an trade-off expectancy there that we get a tiny some-more assertive on a underwritten apportionment of a business if we didn’t in Q4. And would that not maybe continue some vigour on that income rate?
Ravi Saligram
Sara, that’s a good question. To me, it is and it’s how we conduct a execution. This is a wanton analogy is that we need to travel and gnaw resin during a same time. And so to me holding distributed risk on intelligent deals is a good thing and we are not going to take a feet off a accelerator on doing at-risk deals on underwritten. That’s a rival advantage. That’s regulating a strength of a change sheet.
And as we’ve shown in Canada, Canada has a unequivocally predicted good rate. Occasionally, they competence have some deals that competence go all right, yet in general, they do intensely well. The U.S. has been inconsistent, and we’ve finished a lot of research on this. Part of a emanate is indeed smaller deals rather than bigger deals. And this is where we have looked during arrange of a inner control mechanisms and a expertise. And one of a things we are looking during we have a good imagination with a comparison research analyst, who have unequivocally clever estimation accuracy.
And we are now going to make certain that on a smaller deals that they are concerned and in a whole routine some-more than that and have a partial of a capitulation process. So we consider a smaller deals paint a good area for us. And this is where there is also an critical thing on sales training, as we are removing a lot of new sales people into a fold, fortitude to sight them about a whole methodology and transferring best practices is going to be utterly important.
So a net summary here is that we usually need to get — we do a extensive job, a fact that we have finished $10 billion of at-risk business over 11 years and any year we have been profitable. Yes, there are few deals that we remove on an sold basement yet a infancy we do flattering well.
So we consider it is usually removing a change right and not doing a — if we travel — carrying a ability to travel divided from things that during a opening demeanour like they will be unprofitable, unless it has a genuine captivating outcome of stuffing a auction with good loyal elect business.
Sara O’Brien
Okay. And usually from my understanding, a smaller deals, is that especially a U.S materialisation contra Canada that a at-risk business would be some-more tiny deals contra incomparable lots?
Ravi Saligram
I think, no. Everyone has tiny deals, yet it’s usually we do most improved in Canada on tiny deals. And so in tools of Europe, in Southern Europe we do utterly well, yet not as most in Northern Europe. So we’ve now unequivocally finished a unequivocally minute research on a opening by distance of deals, by embankment and we’re regulating these analytics to assistance cascade and with a classification to get this focus.
So a not that smaller deals are wrong. In fact, we do — that’s bread and butter of a business since that those deals MA from a end-users, mid-market end-users. So it is usually removing a tiny bit some-more proficient with it.
Sara O’Brien
Okay. And thereafter usually try to reconcile, noticing a early days in 2015, yet a opinion for potentially prosaic GAP in a stream FX sourroundings where you’ve usually seen a Edmonton auction adult 60% year-on-year, 30% in U.S. dollars and a Orlando auction? Just wondering, is there something — is it a regressive superintendence or is this something that we design will kind of wear possibly on pricing or something else via a year?
Rob McLeod
Yeah. Great question, Sara. And we consider a unequivocally critical thing to remember is that entertain one 2014 was prosaic compared to entertain one 2013. It was a unequivocally severe sourroundings during this time final year and so — and thereafter we had expansion in any one of a following 3 buliding in 2014. And so to see expansion on ‘15 contra 2014 is unequivocally simply a delay of where we finished a year.
Ravi Saligram
Sara we wanted to tiny bit of tone on that is, demeanour a superintendence is customarily a best we can during that sold time formed on what we know. And a story has been a tiny bit of over guarantee on a deliver. This group unequivocally wants to over broach on a promises. So let me if we get it that.
Sara O’Brien
Okay. And maybe usually for understanding, what FX rate are we assuming? Is it a $1.25 or is it another operation for a Canadian dollar?
Rob McLeod
Yeah. We have rates both for Canadian Dollar, Euro, Australian dollar and those are unequivocally a categorical ones that impact a lines of business. And we’re unequivocally regulating a stream rates and so a rates that are in outcome in a final week or so to design a impact on a business in 2015. And so as we say, if those rates insist than that’s a outcome and it’s a plea forecasting them, obviously.
Ravi Saligram
I mean, clearly, Sara, as we know, any tellurian company…
Rob McLeod
Yeah.
Ravi Saligram
… confronting this emanate currently with a unfamiliar sell rates. That’s since we are some-more laser focused on a organic health of a association and what is a organic health of a operations and hence, are perplexing to apart a FX from that. And what we are unequivocally laser concentration on is, how do we expostulate that organic growth, since we can’t control a FX.
Sara O’Brien
Fair enough. Okay. Thank you.
Ravi Saligram
Thanks, Sara.
Operator
Your subsequent doubt comes from Nate Brochmann from William Blair. Please go ahead.
Nate Brochmann
Good morning, everyone.
Ravi Saligram
Good morning, Nate.
Nate Brochmann
Hey. we wanted to tackle bit some-more on Sara’s questions, if we can gathering that a tiny bit serve in terms of usually meditative about a topline growth? Clearly, we still listened seems that we still have some movement in a underlying handling environment, both in terms of pricing and construction activity and whatnot?
And in serve to that, we mean, clearly, we know that this is a “transition” year, yet we would assume that incrementally as we get a sales force training adult and going and we have some transparent movement in a sales force entrance out of a lot of year eventuality it seems like, we would consider that there be a tiny bit of a incremental additional kind of pull or additional kind of extract that kind of go along with those kind of some-more handling tailwinds?
And, again, we get a clarity of being regressive and that’s positively right proceed after a lot of years have not been means to envision this business. But usually wondering if we kind of explore, maybe both a handling sourroundings as good as some of a initiatives, either those get behind in a following years as they get put in place or either there competence be some advantage after this year that we’re not unequivocally anticipating?
Ravi Saligram
So, Ben, good morning again. And 3 — I’d contend 3 factors. Number one is Canada and since Canada has been on a outrageous expansion trajectory, 5 years of growth, superb work. It’s formidable during this theatre still to unequivocally envision where these oil and gas prices will have an effect. We’re unequivocally speedy apparently with a Edmonton auction, that usually occurred.
We don’t know. Is that a augury for a rest of a year? Don’t know. It’s tough to predict. So Canada, clearly and how Canada will do is a cause for us, as we suspicion about a year and a guidance. And frankly, as we know, a Edmonton auction usually finished final night, so we are speedy also by a pricing trend. And a strength that we saw in sectors outward of oil and gas is usually a strength of that. Number two?
Nate Brochmann
Approximately? How most of your..?
Rob McLeod
Increased appearance from other tools of Canada, that was utterly interesting? In Eastern Canada, for example, acquired a larger share of a auction than they have averaged over a final year? Another critical factor, we consider when it comes to banking is deputy cost of new equipment. And for Canadians, new apparatus prices are heavily shabby by unfamiliar exchange.
It’s mostly labelled in U.S. or it’s built in a U.S. And so deputy costs renewed, a Canadian buyers has jumped significantly. So that helps to spin people to a used marketplace for late model. So that competence also have been a cause assisting to support a fortitude of a pricing turn we saw here this week.
Nate Brochmann
Yeah. So we theory we still onslaught going behind to an progressing question. we don’t remember if Cherilyn or Sara asked it. But usually about where we are entrance adult with this arrange of prosaic GAP for a year. And you’ve come off some movement in a fourth quarter. You’ve got some movement in these early auctions in a first. we know we wish to surpass expectations yet we can’t set expectancy so low that — and thereafter kick them. You design to get credit for that since in a meantime, you’re going to face some inspection over low target.
So, I’m struggling to establish that. You’ve got a lot of sensitivity in a appetite markets, that should giveaway adult apparatus for you. We’ve seen it in Houston and Edmonton. You’ve got all these initiatives underway. EquipmentOne had some movement in a fourth quarter, so how does this all shake out?
Ravi Saligram
So, we consider Ben, there is positively no goal here to — we’re giving we a best views formed on a plan. And these skeleton were grown formed on a ‘14 opening and as we looked into a full year. So it’s not perplexing to say, hey, let delayed round it so that we can do improved and get credit. we consider we wish to give a shareholders a best viewpoint formed on where we are.
Having pronounced that look, we think, we have focused some-more on what we can control, that is how we’re going to grow a bottom business on an organic basis. And when we consider about that, what we’ve pronounced unequivocally is that both GAP and revenues, we talked about it in terms of mid-single digits. And so who knows how we can predict. What is going to occur with sell rates via a year and that’s a one, that’s a penetrating focus.
And we should also recognize, given that we’ve pronounced both GAP and revenue, since in Evergreen Model we had pronounced that a income would indeed be reduce than GAP growth. And a courtesy there was a underwritten contracts and removing into new sectors, we’ve indeed signaled that it will be during a same arrange of levels, that is same we’re going to — we are committed to creation improvements in a at-risk rates.
So to me, we would rather concentration on a organic expansion rates and where a concentration is and delivering that since a unfamiliar sell is a tiny bit out of a control. And we were usually revelation we a intensity impact if banking rates persist. This is a new team. We’ve usually put in a new strategy. We’re removing a classification to stabilise in a transition year, so a lot depends on how we can get movement on a execution. So formed on that this is a best box and if things improve, we’ll clearly be communicating that.
Nate Brochmann
Okay. Thanks unequivocally much.
Ravi Saligram
Thanks, Ben.
Operator
Thank you. Your subsequent doubt comes from Ross Gilardi from Bank of America. Please go ahead.
Ross Gilardi
Yeah. Good morning. Can we hear me, okay?
Ravi Saligram
Yes. We can. Thank you.
Ross Gilardi
Yeah. Thanks. Hey, Ravi, I’m usually wondering if we could pronounce a tiny bit some-more about Orlando and what we saw from a pricing perspective. we consider we mentioned that pricing was flattering good. we wasn’t transparent if we were articulate about your auction income rate or if we were articulate about used apparatus pricing. Anecdotally, we’re discussion that a pricing was down a tiny bit month-on-months in Orlando where it’s customarily adult flattering nicely. So can we pronounce to that? Is that accurate? And if it is, since do we consider used apparatus prices are softening adult right now?
Ravi Saligram
So, we think, let me take a brief during it and then, Rob can also supplement some color. So series one, when we contend record income performance, it was unequivocally a underwritten portfolio behaving good and that had a estimable impact compared to final year. And that was a motorist since of a concentration on that and some sold packages achieved intensely good for us that we’re unequivocally gratified with.
Now it’s an engaging thing, as we are dissecting a Orlando auction. The brew clearly was utterly opposite from that of final year. We had a lot some-more claims final year. We had reduction this year. This year, we have lot some-more travel resources than final year and travel on a GAP lot is most reduce than construction per lot. So when we demeanour during those variables that’s how a object impact.
And in Orlando in particular, what we saw is a form of apparatus we have. We had a sound apparatus ages in Orlando. We’re a tiny comparison than final year and that’s not indispensably a trend during all, yet it usually what we were means to get. It’s also since we were been a bit some-more resourceful about a forms of packages. Especially, play packages that we — some of that we walked divided since we felt they would not be indispensably essential for us on an underwritten basis.
So there’s a whole multiple of stuff. And for me, it is tough to ascertain right now rather that is a genuine clarity of softening. On a other hand, when we demeanour during Edmonton, we indeed saw — we could contend there was flattering plain pricing in Edmonton and newer apparatus and opposite a board. So, we consider it’s a bit early to tell to come to any arrange of reasonable end either pricing is softening. Rob, would we have any other tone to supplement to that?
Rob McLeod
Well, maybe usually a tiny bit some-more specifics on a brew of a equipment. There is a lot of explanation before to a auction about a expansion in a series of items, a series of lots in a auction. And therefore, extrapolated what a approaching GAP was going to be, that is always a gossamer thing to do. Part of that expansion in a lots for certain was tiny apparatus and so what we sell in a Timed Auction lot element that had a aloft expansion rate than a vast apparatus if we will.
And also, we consider it was in Sara’s explanation after a auction she came and visited us there. The feedback that she got from people there during a auction was that there was a lot of — sorry, we would contend in a opposite way. There wasn’t as many shiny, bright, glossy apparatus in a auction this year compared to final year and there was fewer kind of one or two-year aged pieces.
And we consider that goes accurately what Ravi said, is that those one to two-year or even code new apparatus routinely come into a auction in some form of an underwritten package. And we were a tiny bit some-more resourceful this year in posterior those packages, that has an impact on that age and that mix.
Ross Gilardi
Okay. Thanks unequivocally much. And thereafter usually Ravi, we wish to ask we usually some-more large picture. we meant some-more Ritchie’s business is clearly going online and you’ve had a lot of success there yet. You’re pulling for a auction income rate to go adult over a subsequent several years. Don’t we have usually a normal underlying, some underlying erosion in auction income rate over time as usually a altogether business indication moves some-more to an electronic, how do we equivalent that?
Ravi Saligram
I’m contemptible — since a online things shouldn’t have an impact on a rates since it’s a multi-channel and a some-more bidders we have, typically that drives adult a foe yet Rob, do we have some more.
Rob McLeod
I theory it’s — we am not certain if we are meditative about a different, dual channels, a above-board auction on EquipmentOne. But on a above-board auction, a infancy of a income comes from a consigner and their appearance — a online appearance is apparently from a customer and now there isn’t any eminence between a fees that we’ll accept from buyers either they bid online or their on-site. And so — as there is some-more bidders and buyers online, it doesn’t indeed change a income model. Whereas on a EquipmentOne, a infancy of a — apparently it’s all online and a infancy of a income does come from that buyers in a form of a buyers fee.
Ravi Saligram
And a final criticism I’d like to make that is in terms of EquipmentOne, a altogether — a margins we’ll make on EquipmentOne are unequivocally identical to a auction business. So it’s unequivocally not that we are trade one for another.
Rob McLeod
Did that answer your question, Ross?
Ross Gilardi
Yeah. Okay. That’s great, guys. Maybe I’ll follow-up thereafter yet conclude we for that.
Ravi Saligram
Great. Thanks so much.
Operator
Your subsequent doubt comes from Yuri Lynk from Canaccord Genuity. Please go ahead.
Yuri Lynk
Hey. Thanks for wise me in. Can we pronounce about a rival dynamics and how they competence be impacting a auction income rate? we mean, it used to be that during this indicate in a cycle when late indication used apparatus supply is improving that your at-risk business would decrease into a midst to low 20s and instead, we are kind of stubbornly high and indeed adult this year. So can we usually explain a puts and takes behind that and where we can design that series going forward?
Rob McLeod
Yeah. Thanks, Yuri. Yeah, it’s indeed a — we am not certain that your topic is 100% scold since when we go behind and demeanour in 2010 — 2009, 2010 for sure, a at-risk volume fell opposite ancestral averages. It was kind of in a low 20% operation and that was a indicate in time where apparatus was unequivocally tight. And thereafter if we go behind a tiny bit further, a final — a good aged days if we will contend pre-2008, including 2008, a volume of at-risk business was indeed comparatively high. And also there was poignant sensitivity in a opening of that at-risk business. Even yet a marketplace was unequivocally frothy, there was extensive volumes of exchange and used apparatus during that time.
And so it’s not — we don’t consider it’d be suitable to contend that now that a marketplace has liberated adult and there’s some-more transactions, there’ll reduction at-risk business. And also that’s since we are so focused on a at-risk performances since there is a risk in that marketplace or in that marketplace sourroundings to pursue those deals and not be vital adequate about it.
Ravi Saligram
So usually one other commentary, it’s unequivocally a at-risk biz. Our core is — we’ve got to consider about as to unequivocally — they are not jointly exclusive. But dual opposite forms of businesses, a loyal elect business, that is a bread and butter and thereafter an at-risk business. And at-risk business unequivocally for us has many vital uses. There are certain owners that competence wish to do a full dispersion and they maybe a lot some-more gentle with carrying a guaranteed performance. There maybe people who are initial time into a auction and into an above-board auction and this is approach for us to move them in, to give them some reassurance.
On a other hand, infrequently we pursue things as a rival initiative. And what we are always perplexing to do is establish any package since we do 100s of at-risk deals and their varying sizes and varying geographies thereafter to unequivocally say. Down a line thing is can it also assistance move in other packages.
Sometimes that’s true, someday that’s not. We hoop those on a possess merits. But we consider what we now know is usually with improving execution and how we do some of a deals, that’s a laser concentration on improving a performance. Having pronounced that, we are not going to decelerate on a at-risk business since a rival advantage and something that we consider we are unequivocally proficient.
Yuri Lynk
Okay. That creates sense. Just collateral allocation, we meant you’re substantially going to have around after we compensate a division $60 million in giveaway money upsurge this year. The forms of acquisitions that you’re looking at, can we give us some season of a distance or a number? And if they are some-more of a earthy auction site or they — are we looking some-more during boosting your practical presence?
Ravi Saligram
So we consider during this indicate obviously, we can’t name targets. But to give we a clarity for, it’s — they are unequivocally perplexing to expostulate plan and a preference, since we can never time acquisitions and say, if opportunistically something comes adult and it’s a right thing, we’ll go for it. But strategically, a series one priority would be some-more in a core business in terms of auctions and with a sold concentration in areas. So it could be we competence have a geography, that is not as strong, so let us a sold embankment in a easterly of a United States.
So if there is a internal actor that has clever repute and even if it’s in construction, yet within construction, say, they are good during a certain aspects or certain niches and have a good brand, that maybe an engaging prospect. And for us, that’s also talent merger since we are unequivocally inspired for bringing some-more talent as we grow.
And so that competence be an instance or things that give us zone imagination and contend travel or an cultivation as we mentioned in one of a strengths of Canada is when we bought Kevin Tink’s association and All Peace, that is specialized in agriculture, not usually did we get that as a beachhead, yet we got Kevin, who after on rose to turn a President of Canada and has been a large cause with his group to expostulate a expansion there. So those were a sorts of things we are looking for since as we know, we don’t have most of unequivocally foothold in cultivation in a United States.
So these are a times that we are at. But carrying pronounced that, we are [indiscernible] looking during what other forms of things that that competence be in new channels and on online place as well. But a initial priority would be a core unless something opportunistically arises.
Yuri Lynk
Okay. we theory a distance of these would be rather tiny and we would be awaiting we to hurl adult a series of them over time and that’s how we consider about it, or are there bigger players out there?
Ravi Saligram
No, we consider — as I’ve mentioned they are tuck-ins and bolt-ons and they are smaller and we wish to try to do a hurl up, yet unequivocally deliberate, make certain a formation goes well. We’ve not finished this most in a past, so we need to unequivocally be counsel and cautious. And by a approach a superintendence we supposing was unequivocally organic and didn’t embody any arrange of acquisitions in there so.
Yuri Lynk
Got it. Okay. Thanks unequivocally much.
Ravi Saligram
I consider final question, is it Jamie?
Operator
Last doubt is from Scott Schneeberger from Oppenheimer. Please go ahead.
Scott Schneeberger
Thanks for squeezing me in. we usually had a integrate and I’ll make them genuine quick. Curious on a explanation and refurbish on Tier 4. And then, I’ll ask my follow-up after. Thanks.
Ravi Saligram
Rob, do we wish to criticism on Tie 4 or Randy?
Rob McLeod
I’ll usually burst in and thereafter Randy can burst in as well. And we theory a introduction of final Tier 4 has been comparatively new and a comments that we are discussion behind from a business are that it’s not as frightful a judgment as it competence had been a year or dual year ago since they indeed can know a impacts on their business of a Tier 4 apparatus and they know a pricing of a equipment.
Also we consider now nearby to concept ability, concept ability from any OEM to de-tier a equipment, and so how that — does that presumably helps a residual value or a resell value in year three, year four, year 5 to be means to attract a larger ubiquitous marketplace. And so we consider that is helped with a acceptance of Tier 4. Randy, do we have any comments?
Randy Wall
The usually thing we would supplement to that is that there still is a notice and welfare on many used apparatus people that they cite a famous apportion and a Tier 3 object is — can be in direct on a used market. So it’s assisting those object values.
Scott Schneeberger
Thanks, guys. Appreciate it. Then usually lastly Ravi, it’s for you. With courtesy to a domain manager, we apparently see what a expansion is. Is there any explanation on productivity, we know it’s short-term, yet thoughts there? And thereafter insemination programs and is any tinkering there or are we gentle with a status? Thanks.
Ravi Saligram
Thanks, Scott. we consider so first, sales force, a series of sales people did boost in ’14, yet a sales force capability as totalled by GAP or income writer did boost a tiny bit in ’14, 2.5%. So it is modest. we consider going brazen contra some of a mantra in a past that any year we usually need to keep adding sales people and that’s what’s going to drive, we are going to be a tiny bit some-more counsel about it.
Clearly, we are going to concede for replacements as turnover occurs. But we are not going on usually a debauch to say, let’s just, keep adding sales people, since we consider we have a flattering good element in a sales force of over 300 people. Now we consider for us a thing is to sight them, rise them and unequivocally get them to be savvy about a underwritten business etcetera.
So a one place that’s a sales force capability keeps improving significantly is Canada. So no surprise. So we need to get those gains in other countries. And if we do supplement salespeople to me, it has to be some-more to build imagination in other sectors. So rather than going behind and employing a construction-oriented TMs, it would be some-more travel formed TMs or travel imagination are during TMs that we already started doing for instance in a U.S. We now have about a group of 6 during TMs. So in Europe we usually hired a dilettante act person. So we consider that’s arrange of a viewpoint that we are taking.
Then your subsequent doubt on compensation, during this indicate as we pronounced in a Investor Day we had altered a sales force remuneration to be formed on revenues integrate of years ago. In domain that seems fine though, we consider we competence wish to — we are going to investigate it and tweak it and make certain that it’s aligned with a strategy. But for this year, we are going with where we are yet and substantially demeanour during some tweaks. The one change is indeed during that a informal sales manager level, where we — partial of a pattern was that how did they sinecure TMs and that’s going to be no longer a criterion. It’s unequivocally going to be formed on revenues and profits, yet sales force in ubiquitous good concentration on a revenues side so.
Scott Schneeberger
That’s great. Thanks unequivocally much.
Ravi Saligram
Thanks. We conclude everyone’s calm and we apologize for that technical glitch that occurred. we consider as we’re usually jacket adult a call, we consider we are unequivocally pivoted to execution. we know there have been questions about either this superintendence was conservative. Look we gave a best view.
One of a large doubt outlines for us unequivocally is Canada. And during a time we did this with oil and gas prices, we don’t know how they’ll behave. So that’s unequivocally a biggest doubt mark. Clearly we have got 5 years of lane record. It’s got a good group in Canada. So we’ll usually have to see how that progresses. The Edmonton auction was clearly a positive. And so with that, conclude we unequivocally most for being on a call.
Operator
Ladies and gentlemen, this concludes your discussion call for today. We conclude we for participating and ask that we greatfully undo your lines.
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