Exhibit 99.1

IAA, Inc. Announces First Quarter 2021 Financial Results

Revenue and Net Income Growth of 15.5% and 62.2%, Respectively, Driven by Continued Strength in Revenue Per Unit

Refinances Senior Secured Credit Facility, Resulting in Lower Interest Costs and Increased Liquidity

Introduces 2021 Outlook

WESTCHESTER, Ill.--(BUSINESS WIRE)--May 4, 2021--IAA, Inc. (NYSE: IAA) today announced its financial results for the first quarter of fiscal 2021, which ended March 28, 2021.

John Kett, Chief Executive Officer and President, stated, “We had a strong start to the year as we delivered record revenue and net income for the first quarter. The primary driver for these results continued to be our revenue per unit performance, which has benefited from strong industry trends as well as our buyer digital transformation work. Our margin expansion plan has also yielded increased profitability as gross margin increased 380 bps year-over-year for the period.”

Mr. Kett continued, “As we look forward, given the visibility we now have to our key business drivers, we are introducing a 2021 outlook. This outlook incorporates known share shifts, both negative and positive, as well as anticipated continued strength in revenue per unit. We believe that the progress we have made on our strategic initiatives since becoming an independent company has continued to improve our competitive positioning, and we look forward to executing against our goals throughout the balance of 2021 and beyond.”




 

Key First Quarter Measures:

(Dollars in millions, except per share amounts)




 

 

Quarter Ended
March 28, 2021

Quarter Ended
March 29, 2020

%

Change

Revenues

$423.5

$366.6

15.5%

Net Income

$72.5

$44.7

62.2%

Adjusted Net Income1

$77.9

$49.9

56.1%

Diluted EPS

$0.54

$0.33

63.6%

Adjusted Diluted EPS1

$0.58

$0.37

56.8%

Adjusted EBITDA1

$133.2

$100.0

33.2%

1 Starting in 2021, we are no longer adding back COVID-19 costs in the calculation of Adjusted Net Income, Adjusted Diluted EPS and Adjusted EBITDA. As a result, our presentation of such metrics for the first quarter of fiscal 2021 may not be directly comparable to the corresponding metrics for prior periods, including the first quarter of fiscal 2020.


The following information was filed by Iaa, Inc. (IAA) on Tuesday, May 4, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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