IAA Sees Q4 Net Income Of $74 Mln - $77 Mln

(RTTNews) - IAA, Inc. (IAA), which is in deal to be bought by Ritchie Bros. Auctioneers Inc. (RBA, RBA.TO), Monday announced its preliminary fourth-quarter results, expecting net income of $74 million to $77 million.

For the quarter, the marketplace connecting vehicle buyers and sellers expects adjusted EBITDA of $137 million to $141 million and consolidated revenue of approximately $524 million.

Gross Transaction Value or GTV is expected to be around $2 billion.

For the year ended on January 1, 2023, the company expects net income of $288 million to $291 million, adjusted EBITDA of $536 million to $540 million, consolidated revenue of approximately $2.1 billion and GTV of approximately $8.3 billion.

Separately, Ritchie Bros. Auctioneers announced that it has commenced mailing its proxy materials in connection with the company's Special Meeting of Shareholders to vote on the proposed acquisition of IAA.

The Special Meeting is scheduled for March 14. Ritchie Bros. shareholders of record as of January 25 are eligible to vote at the Special Meeting.