RB Global Earnings: GTV and Service Revenue Increase, but IAA Customer Loss Is a Setback

RB Global reported solid third-quarter earnings, but the loss of customers at IAA led us to temper our near-term sales expectations. As a result, we lowered our fair value estimate to $55 from $57. Management commented that the customer loss made up roughly 4% of total gross transaction value annually and approximately 5% of total unit volumes.