Le Lézard
Classified in: Business, Covid-19 virus
Subjects: EARNINGS, Conference Call, Webcast

IAA, Inc. Announces Second Quarter 2022 Financial Results


IAA, Inc. (NYSE: IAA) today announced its financial results for the second quarter of fiscal 2022, which ended July 3, 2022.

John Kett, Chief Executive Officer and President, stated, "We continue to navigate a dynamic macro environment as reflected in our second quarter results. Our topline performance continued to benefit from solid revenue per unit trends as well as progress against our strategic initiatives, and as expected, profitability was impacted by inflationary pressures and industry volume headwinds. Despite the evolving environment, I am proud of our team's unwavering focus on operational efficiency and delivering best-in-class service to our customers. As we look to the remainder of the year, regardless of the macro environment, we remain committed to executing on our strategic objectives, including improving our digital marketplace through data analytics and enhanced vehicle merchandising, while investing in technology and automation to further improve profitability and deliver value to all our stakeholders."

Key Second Quarter Measures:

(Dollars in millions, except per share amounts)

 

Quarter Ended

%

Change

Year to Date Ended

%

Change

July 3, 2022

June 27, 2021

July 3, 2022

June 27, 2021

Revenues

$520.3

$445.1

16.9%

$1,077.9

$868.6

24.1%

Net Income

$82.7

$82.9

(0.2)%

$164.2

$155.4

5.7%

Adjusted Net Income

$82.7

$93.3

(11.4)%

$172.0

$171.2

0.5%

Diluted EPS

$0.62

$0.61

1.6%

$1.22

$1.15

6.1%

Adjusted Diluted EPS

$0.62

$0.69

(10.1)%

$1.28

$1.27

0.8%

Adjusted EBITDA

$136.2

$152.6

(10.7)%

$286.0

$285.8

0.1%

Highlights for the Second Quarter Ended July 3, 2022:

Highlights for the Year-to-Date Ended July 3, 2022:

Other Financial Highlights as of July 3, 2022:

Please refer to the accompanying financial tables for a reconciliation of Net Debt, Leverage Ratio and Free Cash Flow to U.S. GAAP.

Outlook:

For fiscal 2022, the Company is updating its outlook, and now expects the following:

*Organic revenue growth and organic Adjusted EBITDA growth exclude the impact of acquisitions prior to their first anniversary as well as foreign currency movements.

The Company has not provided a reconciliation of organic revenue, Adjusted EBITDA or organic Adjusted EBITDA outlook for fiscal 2022 to GAAP revenues or net income, respectively, the most directly comparable GAAP financial measures because, without unreasonable efforts, it is unable to predict with reasonable certainty the amount or timing of non-GAAP adjustments that are used to calculate organic revenue, Adjusted EBITDA or organic Adjusted EBITDA, including but not limited to: in the case of organic revenue, (a) sales from acquired businesses recorded prior to the first anniversary of the acquisition and (b) the impact of foreign currency movements; in the case of Adjusted EBITDA, (a) non-income, tax-related accruals, (b) fair value adjustments related to contingent considerations, (c) severance, restructuring and other retention expenses, (d) the net loss or gain on the sale of assets or expenses associated with certain M&A, financing and other transactions, (e) acquisition costs, (f) certain professional fees, (g) other expenses that we do not believe are indicative of our ongoing operations, and (h) gains and losses related to foreign currency exchange rates; and in the case of organic Adjusted EBITDA, the same adjustments that are used to calculate Adjusted EBITDA, as well as (a) EBITDA from acquired businesses recorded prior to the first anniversary of the acquisition, and (b) the impact of foreign currency movements. These adjustments are uncertain, depend on factors that are beyond our control, and could have a material impact on revenues or net income for fiscal 2022.

Conference Call Information:

A conference call to discuss the second quarter fiscal 2022 financial results is scheduled for today, August 9, 2022, at 9:00 a.m. Eastern Time. Investors and analysts interested in participating in the call are invited to join a live audio webcast of the conference call. The webcast is available online at https://investors.iaai.com/.

A recorded replay of the conference call will be available within two hours of the conclusion of the call and can be accessed online at https://investors.iaai.com/ for one year.

About IAA, Inc.

IAA, Inc. (NYSE: IAA) is a leading global marketplace connecting vehicle buyers and sellers. Leveraging leading-edge technology and focusing on innovation, IAA's unique platform facilitates the marketing and sale of total-loss, damaged and low-value vehicles for a full spectrum of sellers. Headquartered near Chicago in Westchester, Illinois, IAA has nearly 4,500 employees and more than 210 facilities throughout the U.S., Canada and the United Kingdom. IAA serves a global buyer base - located throughout over 170 countries - and a full spectrum of sellers, including insurers, dealerships, fleet lease and rental car companies, and charitable organizations. Buyers have access to multiple digital bidding and buying channels, innovative vehicle merchandising, and efficient evaluation services, enhancing the overall purchasing experience. IAA offers sellers a comprehensive suite of services aimed at maximizing vehicle value, reducing administrative costs, shortening selling cycle time and delivering the highest economic returns. For more information, visit IAAI.com and follow IAA on Facebook, Twitter, Instagram, YouTube and LinkedIn.

Forward-Looking Statements: Certain statements contained in this release include "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. In particular, statements made that are not historical facts may be forward-looking statements and can be identified by words such as "should," "may," "will," "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," and similar expressions. In this release, such forward-looking statements include statements regarding our fiscal 2022 outlook, expectations regarding industry fundamentals and the value proposition we offer to our customer base and our ability to execute on our strategic initiatives. Such statements are based on management's current expectations, are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from the results projected, expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to: the impact of macroeconomic factors, including high fuel prices and rising inflation, on our revenues, gross profit and operating results; the loss of one or more significant vehicle seller customers or a reduction in significant volume from such sellers; our ability to meet or exceed customers' demand and expectations; significant current competition and the introduction of new competitors or other disruptive entrants in our industry; the risk that our facilities lack the capacity to accept additional vehicles and our ability to obtain land or renew/enter into new leases at commercially reasonable rates; our ability to effectively maintain or update information and technology systems; our ability to implement and maintain measures to protect against cyberattacks and comply with applicable privacy and data security requirements; our ability to successfully implement our business strategies or realize expected cost savings and revenue enhancements, including from our margin expansion plan; business development activities, including acquisitions and the integration of acquired businesses, and the risks that the anticipated benefits of any acquisitions may not be fully realized or take longer to realize than expected; our expansion into markets outside the U.S. and the operational, competitive and regulatory risks facing our non-U.S. based operations; our reliance on subhaulers and trucking fleet operations; changes in used-vehicle prices and the volume of damaged and total loss vehicles we purchase; economic conditions, including fuel prices, commodity prices, foreign exchange rates and interest rate fluctuations; trends in new- and used-vehicle sales and incentives; uncertainties regarding ongoing surges of COVID-19 infections, including new more contagious and / or vaccine-resistant variants, and the impact on the duration and severity of the COVID-19 pandemic, and the measures taken to reduce its spread, including the availability, rate of public acceptance and efficacy of COVID-19 vaccines; and other risks and uncertainties identified in our filings with the Securities and Exchange Commission (the "SEC"), including under "Risk Factors" in our Form 10-K for the year ended January 2, 2022 filed with the SEC on February 28, 2022 and Item 1A "Risk Factors" in our Quarterly Report on Form 10-Q filed with the SEC on May 10, 2022. Other risks and uncertainties that are not presently known to us or that we currently deem immaterial may also affect our business or operating results. The forward-looking statements included in this release are made as of the date hereof, and we undertake no obligation to publicly update or revise any forward-looking statement to reflect new information or events, except as required by law.

Non-GAAP Financial Information

We refer to certain financial measures that are not recognized under United States generally accepted accounting principles ("GAAP"). Please see "Note Regarding Non-GAAP Financial Information" and "Reconciliation of GAAP to Non-GAAP Financial Information" for additional information and a reconciliation of the non-GAAP financial measures to the most comparable GAAP financial measures.

 

IAA, Inc.

Consolidated Statements of Income

(Amounts in Millions, Except Per Share)

(Unaudited)

 

 

Three Months Ended

 

Six Months Ended

 

July 3, 2022

 

June 27, 2021

 

July 3, 2022

 

June 27, 2021

 

 

 

 

 

 

 

 

Revenues:

 

 

 

 

 

 

 

Service revenues

$

416.6

 

$

382.5

 

 

$

851.6

 

$

742.9

 

Vehicle and parts sales

 

103.7

 

 

62.6

 

 

 

226.3

 

 

125.7

 

Total revenues

 

520.3

 

 

445.1

 

 

 

1,077.9

 

 

868.6

 

Operating expenses:

 

 

 

 

 

 

 

Cost of services

 

242.7

 

 

197.6

 

 

 

495.0

 

 

394.0

 

Cost of vehicle and parts sales

 

95.6

 

 

51.6

 

 

 

199.7

 

 

106.0

 

Selling, general and administrative

 

47.5

 

 

43.7

 

 

 

101.8

 

 

87.1

 

Depreciation and amortization

 

26.6

 

 

20.5

 

 

 

52.7

 

 

40.3

 

Total operating expenses

 

412.4

 

 

313.4

 

 

 

849.2

 

 

627.4

 

Operating profit

 

107.9

 

 

131.7

 

 

 

228.7

 

 

241.2

 

Interest expense, net

 

11.5

 

 

21.9

 

 

 

22.7

 

 

34.9

 

Other expense (income), net

 

3.6

 

 

(0.3

)

 

 

5.2

 

 

(0.7

)

Income before income taxes

 

92.8

 

 

110.1

 

 

 

200.8

 

 

207.0

 

Income taxes

 

10.1

 

 

27.2

 

 

 

36.6

 

 

51.6

 

Net income

$

82.7

 

$

82.9

 

 

$

164.2

 

$

155.4

 

 

 

 

 

 

 

 

 

Net income per share:

 

 

 

 

 

 

 

Basic

$

0.62

 

$

0.61

 

 

$

1.22

 

$

1.15

 

Diluted

$

0.62

 

$

0.61

 

 

$

1.22

 

$

1.15

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

Basic

 

133.9

 

 

134.8

 

 

 

134.1

 

 

134.7

 

Diluted

 

134.0

 

 

135.3

 

 

 

134.3

 

 

135.3

 

 

IAA, Inc.

Consolidated Balance Sheets

(Amounts in Millions)

(Unaudited)

 

 

July 3, 2022

 

January 2, 2022

Assets

 

 

 

 

 

 

 

Current assets

 

 

 

Cash and cash equivalents

$

137.6

 

$

109.4

Restricted cash

 

?

 

 

53.0

Accounts receivable, net of allowances of $9.3 and $9.1

 

394.8

 

 

465.7

Prepaid consigned vehicle charges

 

60.7

 

 

72.2

Other current assets

 

93.5

 

 

69.6

Total current assets

 

686.6

 

 

769.9

 

 

 

 

Non-current assets

 

 

 

Operating lease right-of-use assets, net of accumulated amortization of $288.1 and $238.3

 

1,122.9

 

 

1,024.4

Property and equipment, net of accumulated depreciation of $551.1 and $531.9

 

327.0

 

 

338.1

Goodwill

 

769.2

 

 

797.5

Intangible assets, net of accumulated amortization of $578.1 and $549.6

 

188.6

 

 

197.5

Other assets

 

31.3

 

 

26.9

Total non-current assets

 

2,439.0

 

 

2,384.4

Total assets

$

3,125.6

 

$

3,154.3

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

 

Current liabilities

 

 

 

Accounts payable

$

191.2

 

$

163.5

Short-term right-of-use operating lease liability

 

88.0

 

 

94.3

Accrued employee benefits and compensation expenses

 

27.1

 

 

44.2

Other accrued expenses

 

73.1

 

 

124.6

Current maturities of long-term debt

 

24.4

 

 

181.3

Total current liabilities

 

403.8

 

 

607.9

 

 

 

 

Non-current liabilities

 

 

 

Long-term debt

 

1,105.6

 

 

1,120.6

Long-term right-of-use operating lease liability

 

1,079.4

 

 

984.8

Deferred income tax liabilities

 

70.9

 

 

74.8

Other liabilities

 

27.4

 

 

32.6

Total non-current liabilities

 

2,283.3

 

 

2,212.8

 

 

 

 

Stockholders' equity

 

 

 

Total stockholders' equity

 

438.5

 

 

333.6

Total liabilities and stockholders' equity

$

3,125.6

 

$

3,154.3

 

IAA, Inc.

Consolidated Statements of Cash Flows

(Amounts in Millions)

(Unaudited)

 

 

Six Months Ended

 

July 3, 2022

 

June 27, 2021

Operating activities

 

 

 

Net income

$

164.2

 

 

$

155.4

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

Depreciation and amortization

 

52.7

 

 

 

40.3

 

Operating lease expense

 

86.8

 

 

 

73.3

 

Stock-based compensation

 

5.8

 

 

 

5.4

 

Provision for credit losses

 

0.4

 

 

 

(0.2

)

Loss on extinguishment of debt

 

?

 

 

 

10.3

 

Amortization of debt issuance costs

 

1.4

 

 

 

1.9

 

Deferred income taxes

 

(2.3

)

 

 

5.6

 

Change in contingent consideration liabilities

 

3.0

 

 

 

?

 

Other

 

3.7

 

 

 

(0.2

)

Changes in operating assets and liabilities:

 

 

 

Operating lease payments

 

(95.9

)

 

 

(69.7

)

Accounts receivable and other assets

 

66.7

 

 

 

32.2

 

Accounts payable and accrued expenses

 

(56.2

)

 

 

(3.6

)

Net cash provided by operating activities

 

230.3

 

 

 

250.7

 

 

 

 

 

Investing activities

 

 

 

Acquisition of business, net of cash acquired

 

?

 

 

 

(4.0

)

Purchases of property, equipment and computer software

 

(75.1

)

 

 

(57.8

)

Proceeds from the sale of property and equipment

 

38.7

 

 

 

0.4

 

Other

 

(1.6

)

 

 

(1.3

)

Net cash used by investing activities

 

(38.0

)

 

 

(62.7

)

 

 

 

 

Financing activities

 

 

 

Net increase in book overdrafts

 

49.3

 

 

 

?

 

Proceeds from debt issuance

 

?

 

 

 

650.0

 

Payments of long-term debt

 

(173.1

)

 

 

(774.0

)

Deferred financing costs

 

(0.1

)

 

 

(4.6

)

Finance lease payments

 

(6.7

)

 

 

(5.9

)

Purchase of treasury stock

 

(27.2

)

 

 

?

 

Issuance of common stock under stock plans

 

0.3

 

 

 

0.4

 

Proceeds from issuance of employee stock purchase plan shares

 

0.7

 

 

 

0.8

 

Tax withholding payments for vested RSUs

 

(6.9

)

 

 

(7.2

)

Payment of contingent consideration

 

(51.4

)

 

 

?

 

Net cash used by financing activities

 

(215.1

)

 

 

(140.5

)

Effect of exchange rate changes on cash and restricted cash

 

(2.0

)

 

 

1.8

 

Net (decrease) increase in cash, cash equivalents and restricted cash

 

(24.8

)

 

 

49.3

 

Cash, cash equivalents and restricted cash at beginning of period

 

162.4

 

 

 

232.8

 

Cash, cash equivalents and restricted cash at end of period

$

137.6

 

 

$

282.1

 

Cash paid for interest, net

$

21.8

 

 

$

23.5

 

Cash paid for taxes, net

$

53.5

 

 

$

44.7

 

 

Note Regarding Non-GAAP Financial Information

This press release includes the following non-GAAP financial measures: organic revenue growth, Adjusted SG&A expenses, Adjusted net income, Adjusted diluted earnings per share ("Adjusted EPS"), Adjusted earnings before interest, income taxes, depreciation and amortization ("Adjusted EBITDA"), organic Adjusted EBITDA, free cash flow, and leverage ratio (defined as Net Debt divided by latest twelve month's ("LTM") Adjusted EBITDA). These measures are reconciled to their most directly comparable GAAP financial measures as provided in "Reconciliation of GAAP to Non-GAAP Financial Information" below.

Each of the non-GAAP measures disclosed in this press release should be considered in addition to, and not as a replacement for or superior to, the comparable GAAP measure, and may not be comparable to similarly titled measures reported by other companies. Management uses these financial measures and key performance indicators to assess the Company's financial operating performance, and we believe that these measures provide useful information to investors by offering additional ways of viewing the Company's results, as noted below.

Reconciliation of GAAP to Non-GAAP Financial Information

IAA, Inc.

Reconciliation of Organic Revenue Growth

(Amounts in Millions)

(Unaudited)

 

 

Three Months Ended
July 3, 2022
vs.
June 27, 2021

 

Six Months Ended
July 3, 2022
vs.
June 27, 2021

 

 

 

 

Revenue Growth

$

75.2

 

 

$

209.3

 

Add:

 

 

 

Acquisitions revenue

 

(39.5

)

 

 

(89.0

)

Foreign currency impact

 

4.1

 

 

 

4.9

 

Organic Revenue Growth

$

39.8

 

 

$

125.2

 

IAA, Inc.

Reconciliation of Adjusted Selling, General and Administrative Expenses

(Amounts in Millions)

(Unaudited)

 

 

Three Months Ended

 

Six Months Ended

 

July 3, 2022

 

June 27, 2021

 

July 3, 2022

 

June 27, 2021

 

 

 

 

 

 

 

 

Selling, general and administrative expenses

$

47.5

 

$

43.7

 

$

101.8

 

$

87.1

Less non-GAAP adjustments:

 

 

 

 

 

 

 

Non-income, tax related accrual

 

?

 

 

?

 

 

?

 

 

2.7

Fair value adjustments related to contingent consideration

 

1.2

 

 

?

 

 

3.0

 

 

?

Retention / severance / restructuring

 

?

 

 

?

 

 

0.1

 

 

0.6

Professional fees

 

0.9

 

 

0.3

 

 

1.3

 

 

1.0

Acquisition costs

 

?

 

 

0.1

 

 

0.5

 

 

0.1

Adjusted selling, general and administrative expenses

$

45.4

 

$

43.3

 

$

96.9

 

$

82.7

IAA, Inc.

Reconciliation of Adjusted Net Income

(Amounts in Millions, Except Per Share)

(Unaudited)

 

 

Three Months Ended

 

Six Months Ended

 

July 3, 2022

 

June 27, 2021

 

July 3, 2022

 

June 27, 2021

 

 

 

 

 

 

 

 

Net Income

$

82.7

 

 

$

82.9

 

 

$

164.2

 

 

$

155.4

 

Add back non-GAAP adjustments

 

 

 

 

 

 

 

Loss on extinguishment of debt

 

?

 

 

 

10.3

 

 

 

?

 

 

 

10.3

 

Non-income, tax related accrual

 

?

 

 

 

?

 

 

 

?

 

 

 

2.7

 

Fair value adjustments related to contingent consideration

 

1.2

 

 

 

?

 

 

 

3.0

 

 

 

?

 

Retention / severance / restructuring

 

?

 

 

 

?

 

 

 

0.1

 

 

 

0.6

 

Gain on sale of assets

 

(0.4

)

 

 

?

 

 

 

(0.6

)

 

 

(0.2

)

Professional fees

 

0.9

 

 

 

0.3

 

 

 

1.3

 

 

 

1.0

 

Acquisition costs

 

?

 

 

 

0.1

 

 

 

0.5

 

 

 

0.1

 

Non-operating foreign exchange loss/(gain)

 

3.6

 

 

 

(0.3

)

 

 

5.5

 

 

 

(0.6

)

Amortization of acquired intangible assets

 

5.6

 

 

 

3.2

 

 

 

11.4

 

 

 

6.4

 

Non-GAAP adjustments to income before income taxes

 

10.9

 

 

 

13.6

 

 

 

21.2

 

 

 

20.3

 

 

 

 

 

 

 

 

 

Income tax impact of Non-GAAP adjustments to income before income taxes

 

(2.3

)

 

 

(3.4

)

 

 

(4.8

)

 

 

(5.1

)

Discrete tax items

 

(8.6

)

 

 

0.2

 

 

 

(8.6

)

 

 

0.6

 

Non-GAAP adjustments to net income

 

?

 

 

 

10.4

 

 

 

7.8

 

 

 

15.8

 

Adjusted net income

$

82.7

 

 

$

93.3

 

 

$

172.0

 

 

$

171.2

 

 

 

 

 

 

 

 

 

GAAP diluted EPS

$

0.62

 

 

$

0.61

 

 

$

1.22

 

 

$

1.15

 

EPS impact of Non-GAAP Adjustments

 

?

 

 

 

0.08

 

 

 

0.06

 

 

 

0.12

 

Adjusted diluted EPS

$

0.62

 

 

$

0.69

 

 

$

1.28

 

 

$

1.27

 

Note: Amounts will not always recalculate due to rounding

 

IAA, Inc.

Reconciliation of Adjusted EBITDA and Organic Adjusted EBITDA

(Amounts in Millions)

(Unaudited)

 

 

Three Months Ended

 

Six Months Ended

 

July 3, 2022

 

June 27, 2021

 

July 3, 2022

 

June 27, 2021

 

 

 

 

 

 

 

 

Net income

$

82.7

 

 

$

82.9

 

 

$

164.2

 

 

$

155.4

 

Add: income taxes

 

10.1

 

 

 

27.2

 

 

 

36.6

 

 

 

51.6

 

Add: interest expense, net

 

11.5

 

 

 

21.9

 

 

 

22.7

 

 

 

34.9

 

Add: depreciation & amortization

 

26.6

 

 

 

20.5

 

 

 

52.7

 

 

 

40.3

 

EBITDA

 

130.9

 

 

 

152.5

 

 

 

276.2

 

 

 

282.2

 

Add back non-GAAP adjustments

 

 

 

 

 

 

 

Non-income, tax related accrual

 

?

 

 

 

?

 

 

 

?

 

 

 

2.7

 

Fair value adjustments related to contingent consideration

 

1.2

 

 

 

?

 

 

 

3.0

 

 

 

?

 

Retention / severance / restructuring

 

?

 

 

 

?

 

 

 

0.1

 

 

 

0.6

 

Gain on sale of assets

 

(0.4

)

 

 

?

 

 

 

(0.6

)

 

 

(0.2

)

Professional fees

 

0.9

 

 

 

0.3

 

 

 

1.3

 

 

 

1.0

 

Acquisition costs

 

?

 

 

 

0.1

 

 

 

0.5

 

 

 

0.1

 

Non-operating foreign exchange loss/(gain)

 

3.6

 

 

 

(0.3

)

 

 

5.5

 

 

 

(0.6

)

Adjusted EBITDA

 

136.2

 

 

 

152.6

 

 

 

286.0

 

 

 

285.8

 

Currency movements

 

0.1

 

 

 

?

 

 

 

0.1

 

 

 

?

 

Acquisitions EBITDA

 

(3.4

)

 

 

?

 

 

 

(10.6

)

 

 

?

 

Organic Adjusted EBITDA

$

132.9

 

 

$

152.6

 

 

$

275.5

 

 

$

285.8

 

Note: Amounts will not always recalculate due to rounding

 

IAA, Inc.

Reconciliation of Adjusted LTM EBITDA

(Amounts in millions)

(Unaudited)

 

 

Quarter Ended

 

LTM
Ended

 

9/26/21

 

1/2/22

 

4/3/22

 

7/3/22

 

7/3/22

 

 

 

 

 

 

 

 

 

 

Net income

$

65.7

 

 

$

73.3

 

$

81.5

 

 

$

82.7

 

 

$

303.2

 

Add: income taxes

 

19.8

 

 

 

22.2

 

 

26.5

 

 

 

10.1

 

 

 

78.6

 

Add: interest expense, net

 

11.1

 

 

 

11.7

 

 

11.2

 

 

 

11.5

 

 

 

45.5

 

Add: depreciation & amortization

 

21.2

 

 

 

25.0

 

 

26.1

 

 

 

26.6

 

 

 

98.9

 

EBITDA

 

117.8

 

 

 

132.2

 

 

145.3

 

 

 

130.9

 

 

 

526.2

 

Add back non-GAAP adjustments

 

 

 

 

 

 

 

 

 

Fair value adjustments related to contingent consideration

 

?

 

 

 

2.3

 

 

1.8

 

 

 

1.2

 

 

 

5.3

 

Retention / severance / restructuring

 

1.3

 

 

 

0.4

 

 

0.1

 

 

 

?

 

 

 

1.8

 

(Gain)/Loss on sale of assets

 

(0.2

)

 

 

0.3

 

 

(0.2

)

 

 

(0.4

)

 

 

(0.5

)

Acquisition costs

 

1.7

 

 

 

4.8

 

 

0.5

 

 

 

?

 

 

 

7.0

 

Professional fees

 

?

 

 

 

?

 

 

0.4

 

 

 

0.9

 

 

 

1.3

 

Non-operating foreign exchange loss

 

0.5

 

 

 

0.4

 

 

1.9

 

 

 

3.6

 

 

 

6.4

 

Adjusted EBITDA

$

121.1

 

 

$

140.4

 

$

149.8

 

 

$

136.2

 

 

$

547.5

 

Note: Amounts will not always recalculate due to rounding

 

IAA, Inc.

Reconciliation of Net Debt

(Amounts in Millions)

(Unaudited)

 

 

 

July 3, 2022

Term Loan

 

$

641.9

Senior Notes

 

 

500.0

Capital Leases

 

 

28.5

Total Debt

 

 

1,170.4

Less: Cash

 

 

137.6

Net Debt

 

$

1,032.8

IAA, Inc.

Reconciliation of Free Cash Flow

(Amounts in Millions)

(Unaudited)

 

 

 

Three Months Ended

 

Six Months Ended

 

 

July 3, 2022

 

June 27, 2021

 

July 3, 2022

 

June 27, 2021

 

 

 

 

 

 

 

 

 

Net cash provided by operating activities

 

$

132.6

 

 

$

129.4

 

 

$

230.3

 

 

$

250.7

 

Proceeds from the sale of property and equipment

 

 

1.6

 

 

 

0.2

 

 

 

38.7

 

 

 

0.4

 

Less: Purchases of property, equipment and computer software

 

 

(44.2

)

 

 

(27.5

)

 

 

(75.1

)

 

 

(57.8

)

 

 

 

 

 

 

 

 

 

Free cash flow

 

$

90.0

 

 

$

102.1

 

 

$

193.9

 

 

$

193.3

 

 


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