Reports 26% Year over Year Revenue
GrowthUpdates 2013 Guidance to Reflect Strong Performance and
Acquisitions
Dealertrack Technologies, Inc. (NASDAQ: TRAK) today reported
financial results for the third quarter ended September 30,
2013.
GAAP Results for the Third Quarter 2013
- Revenue for the quarter was $124.6
million, as compared to $99.1 million for the third quarter of
2012.
- GAAP net income for the quarter was
$5.8 million, as compared to a GAAP net loss of $(2.9) million for
the third quarter of 2012.
- Diluted GAAP net income per share for
the quarter was $0.13, as compared to a diluted GAAP net loss per
share of $(0.07) for the third quarter of 2012.
GAAP net loss for the three months ended September 30, 2012,
included a $3.3 million, or $0.08 per share, non-cash charge (net
of taxes) from a fair value adjustment to a warrant.
Non-GAAP Results for the Third Quarter 2013
- Adjusted EBITDA for the quarter was
$32.6 million, as compared to $27.0 million for the third quarter
of 2012.
- Adjusted net income for the quarter was
$17.6 million, as compared to $12.5 million for the third quarter
of 2012.
- Diluted adjusted net income per share
for the quarter was $0.39, as compared to $0.28 for the third
quarter of 2012.
GAAP Results for the Nine Months Ended September 30,
2013
- Revenue for the nine months was $355.4
million, as compared to $287.1 million for the same period in
2012.
- GAAP net income for the nine months was
$9.6 million, as compared to $20.0 million for the same period in
2012.
- Diluted GAAP net income per share for
the nine months was $0.21, as compared to $0.45 for the same period
in 2012.
GAAP net income for the nine months ended September 30, 2012,
included a $15.9 million, or $0.36 per share, gain (net of taxes)
for the contribution of the net assets of Chrome to the Chrome Data
Solutions joint venture; a $3.4 million, or $0.08 per share, gain
(net of taxes) from the sale of certain Chrome branded assets that
were not contributed to the Chrome Data joint venture; and a $3.9
million, or $0.09 per share, non-cash charge (net of taxes) from a
fair value adjustment to a warrant.
Non-GAAP Results for the Nine Months Ended September 30,
2013
- Adjusted EBITDA for the nine months was
$89.7 million, as compared to $71.5 million for the same period in
2012.
- Adjusted net income for the nine months
was $46.7 million, as compared to $35.4 million for the same period
in 2012.
- Diluted adjusted net income per share
for the nine months was $1.04, as compared to $0.81 for the same
period in 2012.
Mark F. O’Neil, chairman and chief executive officer of
Dealertrack Technologies, commented, “We are pleased with our
strong third quarter performance, with revenue that increased 26
percent in total and 18 percent on an organic basis, from a year
ago. During the quarter we saw continuing momentum in both our
subscription and transaction businesses, which were accentuated by
positive industry trends in automotive sales and credit.
Investments that we have been making in our business, including our
acquisitions of CFM and VINtek, further bolster our leading
position as a technology provider to automotive dealers and
lenders. With a broadening product suite, we are in the early stage
of realizing our vision to enable a transformation of automotive
retailing with our integrated technology solutions. As such, we
remain optimistic in our ability to continue driving strong organic
growth in the quarters and years ahead.”
Updated Guidance for 2013
Dealertrack updated its 2013 annual guidance as follows to
reflect its strong third quarter performance and the impact of its
most recent acquisitions:
Expected GAAP Results
- Revenue for the year is expected to be
between $477.0 million and $480.0 million, an increase from prior
guidance of between $464.0 million and $468.0 million.
- GAAP net income for the year is
expected to be between $7.0 million and $9.0 million, a decrease
compared to prior guidance of between $10.0 million and $12.0
million.
- Diluted GAAP net income per share for
the year is expected to be between $0.15 and $0.20, a decrease
compared to prior guidance of between $0.22 and $0.27 per
share.
Expected Non-GAAP Results
- Adjusted EBITDA for the year is
expected to be between $116.0 million and $118.0 million, and is a
$0.5 million increase at the mid-point of our prior guidance of
$115.0 to $118.0 million.
- Adjusted net income for the year is
expected to be between $57.0 million and $59.0 million, which
remains unchanged from prior guidance.
- Diluted adjusted net income per share
for the year is expected to be between $1.26 and $1.31, which
remains unchanged from prior guidance.
The updated guidance reflects the benefit Dealertrack has seen
from increased car sales trends in the first nine months of 2013
and what it expects for the remainder of the year. Forecasts for
full year car sales remain unchanged at 15.5 million units for new
cars and 15.4 million units for used cars. Diluted GAAP net income
and adjusted net income per share guidance for the year is based on
an estimated 45.2 million diluted weighted average shares
outstanding, which is unchanged from prior guidance.
Conference Call
Dealertrack will host a conference call to discuss its third
quarter 2013 results on November 5, 2013 at 5:00 p.m. Eastern Time.
The conference call will be webcast live on the Internet at
ir.dealertrack.com. In addition, a live audio of the call will be
accessible to the public by calling 877-303-6648 (domestic) or
970-315-0443 (international); no access code is necessary. Callers
should dial in approximately 10 minutes before the call begins. A
replay will be available on the Dealertrack Technologies, Inc.
website until November 27, 2013.
Non-GAAP Financial Measures
The non-GAAP measures of adjusted EBITDA and adjusted net income
disclosures are not presented in accordance with generally accepted
accounting principles (GAAP) and are not intended to be used in
lieu of GAAP presentations of net income (loss). Adjusted
EBITDA is a non-GAAP financial measure that represents GAAP net
income (loss) excluding interest, taxes, depreciation and
amortization expenses, stock-based compensation, contra-revenue and
certain items, as applicable, such as: impairment charges,
restructuring charges, impact of acquisition-related activity
(including contingent consideration changes, compensation expense,
basis difference amortization, and professional service fees),
realized gains on sales of previously impaired securities, gains or
losses on sales or disposals of subsidiaries and other
assets, rebranding expense and certain other non-recurring
items.
Adjusted net income is a non-GAAP financial measure that
represents GAAP net income (loss) excluding stock-based
compensation expense, the amortization of acquired identifiable
intangibles, contra-revenue, and certain items, as applicable, such
as: impairment charges, restructuring charges, impact of
acquisition-related activity (including contingent consideration
changes, compensation expense, basis difference amortization, and
professional service fees), realized gains on sales of previously
impaired securities, gains or losses on sales or disposals of
subsidiaries and other assets, adjustments to deferred tax asset
valuation allowances, non-cash interest expense, rebranding expense
and certain other non-recurring items. These adjustments to
net income (loss), which are shown before taxes, are adjusted for
their tax impact at their applicable statutory rates.
Adjusted EBITDA and adjusted net income are presented because
management believes that they provide additional information with
respect to the performance of our fundamental business activities
and are also frequently used by securities analysts, investors and
other interested parties in the evaluation of comparable
companies. Adjusted EBITDA and adjusted net income are
also presented because the acquisition method of accounting can
have a negative impact on our GAAP results because the depreciation
and amortization expenses associated with acquired assets, in
particular intangibles which tend to have a relatively short useful
life, can be substantial in the first several years following an
acquisition. As a result, we monitor our adjusted EBITDA and
adjusted net income and other business statistics as a measure of
operating performance in addition to net income and the other
measures included in our consolidated financial
statements. Management believes the adjusted EBITDA and
adjusted net income information is useful to investors for these
reasons. Adjusted EBITDA and adjusted net income are non-GAAP
financial measures and should not be viewed as an alternative to
GAAP measures of performance. Management believes the most
directly comparable GAAP financial measure for adjusted EBITDA and
adjusted net income is GAAP net income (loss) and has provided a
reconciliation of adjusted EBITDA to GAAP net income (loss) and
adjusted net income to GAAP net income (loss) in this press
release.
About Dealertrack
Technologies (www.dealertrack.com)
Dealertrack Technologies' intuitive and high-value web-based
software solutions and services enhance efficiency and
profitability for all major segments of the automotive retail
industry, including dealers, lenders, OEMs, third-party retailers,
agents and aftermarket providers. In addition to the industry's
largest online credit application network, connecting more than
20,000 dealers with more than 1,300 lenders, Dealertrack
Technologies delivers the industry's most comprehensive solution
set for automotive retailers, including Dealer Management System
(DMS), Inventory, Sales and F&I, Interactive and Registration
and Titling solutions. For more information visit
www.dealertrack.com.
Safe Harbor for Forward-Looking and Cautionary
Statements
Statements in this press release regarding Dealertrack’s
expected 2013 performance based on both GAAP and non-GAAP measures,
the long-term outlook for its business and all other statements in
this release other than the recitation of historical facts are
forward-looking statements (as defined in the Private Securities
Litigation Reform Act of 1995). These statements involve a number
of risks, uncertainties and other factors that could cause actual
results, performance or achievements of Dealertrack to be
materially different from any future results, performance or
achievements expressed or implied by these forward-looking
statements.
Factors that might cause such a difference include: economic
trends that affect the automotive retail industry or the indirect
automotive financing industry including the number of new and used
cars sold; credit availability; reductions in automotive
dealerships; increased competitive pressure from other industry
participants, including Open Dealer Exchange, RouteOne, CUDL,
Finance Express and AppOne; the impact of some vendors of software
products for automotive dealers making it more difficult for
Dealertrack’s customers to use Dealertrack’s solutions and
services; security breaches, interruptions, failures and/or other
errors involving Dealertrack’s systems or networks; the failure or
inability to execute any element of Dealertrack’s business
strategy, including selling additional products and services to
existing and new customers; Dealertrack’s success in implementing
an ERP system; the volatility of Dealertrack’s stock price; new
regulations or changes to existing regulations; the integration of
recent acquisitions and the expected benefits, as well as the
integration and expected benefits of any future acquisitions that
Dealertrack may pursue; Dealertrack’s success in expanding its
customer base and product and service offerings, the impact of
recent economic trends, and difficulties and increased costs
associated with raising additional capital; the impairment of
intangible assets, such as trademarks and goodwill; and other risks
listed in Dealertrack’s reports filed with the Securities and
Exchange Commission (SEC), including its most recent Annual Report
on Form 10-K. These filings can be found on Dealertrack’s website
at www.dealertrack.com and the SEC’s website at www.sec.gov.
Forward-looking statements included herein speak only as of the
date hereof and Dealertrack disclaims any obligation to revise or
update such statements to reflect events or circumstances after the
date hereof or to reflect the occurrence of unanticipated events or
circumstances, except as required by law.
DEALERTRACK TECHNOLOGIES, INC. Consolidated Statements of
Operations (In thousands, except per share amounts)
(Unaudited)
Three Months EndedSeptember
30,
Nine Months EndedSeptember
30,
2013 2012 2013 2012 Net revenue
$ 124,582 $ 99,084 $ 355,423 $ 287,097 Cost of revenue 70,199
55,475 200,974 162,337 Product development 3,952 2,874 11,646 8,812
Selling, general and administrative 43,519 35,307
127,511 103,502 Total operating expenses
117,670 93,656 340,131 274,651 Income from
operations 6,912 5,428 15,292 12,446 Interest expense, net (3,058)
(3,033) (9,526) (6,984) Other income (expense), net 419 (5,267) 547
(6,117) Gain on disposal of subsidiary and sale of other assets — —
— 33,193 Earnings from equity method investment, net 1,544
429 4,042 737 Income (loss) before provision
for income taxes, net 5,817 (2,443) 10,355 33,275 Provision for
income taxes, net (22) (488) (755)
(13,320) Net income (loss) $ 5,795 $ (2,931) $ 9,600 $ 19,955
Basic net income (loss) per share $ 0.13 $ (0.07) $ 0.22 $
0.47 Diluted net income (loss) per share $ 0.13 $ (0.07) $ 0.21 $
0.45 Weighted average common stock outstanding (basic) 43,796
42,661 43,509 42,413 Weighted average common stock outstanding
(diluted) 45,757 42,661 45,109 43,909 Adjusted EBITDA
(non-GAAP) (a) $ 32,589 $ 27,044 $ 89,653 $ 71,500 Adjusted EBITDA
margin (non-GAAP) (b) 26 % 27 % 25 % 25 % Adjusted net income
(non-GAAP) (a) $ 17,646 $ 12,455 $ 46,708 $ 35,396 Shares used for
diluted adjusted net income per share (c) 45,469 44,081 45,109
43,909 Diluted adjusted net income per share (non-GAAP) $ 0.39 $
0.28 $ 1.04 $ 0.81 Stock-based compensation expense was
classified as follows: Cost of revenue $ 661 $ 603 $ 2,139 $ 1,828
Product development 182 169 545 589 Selling, general and
administrative 2,760 2,718 8,045 7,785
$ 3,603 $ 3,490 $ 10,729 $ 10,202
(a) See Reconciliation Data.
(b) Represents adjusted EBITDA as a
percentage of net revenue.
(c) For the three months ended September
30, 2013, the diluted weighted average shares outstanding of
45,468,700 does not include 288,000 shares related to our senior
convertible notes. For the three months ended September 30, 2012,
the diluted weighted average shares outstanding of 44,081,500 was
used as there was a net loss during the quarter.
DEALERTRACK TECHNOLOGIES, INC. Condensed Consolidated
Balance Sheets (Dollars in thousands) (Unaudited)
September 30, December 31, 2013
2012 ASSETS Cash and cash equivalents $ 145,716 $ 143,811
Marketable securities 18,784 34,031 Customer funds and customer
funds receivable 28,177 16,076 Accounts receivable, net 57,490
43,679 Deferred tax assets, net 4,412 4,412 Prepaid expenses and
other current assets 28,680 19,142 Total current
assets 283,259 261,151 Marketable securities – long-term —
4,428 Property and equipment, net 29,833 27,407 Investments – cost
and equity 120,535 122,808 Software and website development costs,
net 61,596 46,182 Intangible assets, net 106,609 117,599 Goodwill
278,741 270,646 Deferred tax assets, net 44,031 43,611 Other assets
– long-term 16,039 16,684 Total assets $ 940,643 $
910,516 LIABILITIES AND STOCKHOLDERS’ EQUITY Accounts
payable and accrued expenses $ 42,983 $ 50,852 Customer funds
payable 28,177 16,076 Deferred revenue 9,021 7,959 Deferred tax
liabilities 3,141 3,031 Due to acquirees — 11,124
Total current liabilities 83,322 89,042 Long-term liabilities
255,050 250,157 Total liabilities 338,372
339,199 Total stockholders' equity 602,271
571,317 Total liabilities and stockholders' equity $ 940,643 $
910,516
DEALERTRACK
TECHNOLOGIES, INC. Consolidated Statements of Cash Flows
(Dollars in thousands) (Unaudited) Nine
Months Ended September 30, 2013 2012 Operating
activities: Net income $ 9,600 $ 19,955 Adjustments to
reconcile net income to net cash provided by operating activities:
Depreciation and amortization 44,913 37,659 Deferred tax (benefit)
provision (906 ) 9,261 Stock-based compensation expense 10,729
10,202 Provision for doubtful accounts and sales credits 8,041
5,520 Earnings from equity method investment, net (4,042 ) (737 )
Deferred compensation 134 112 Stock-based compensation windfall tax
benefit (5,644 ) (4,226 ) Gain on disposal of subsidiary and sale
of other assets — (33,193 ) Realized gain on sale of securities
(362 ) (4 ) Amortization of debt issuance costs and debt discount
7,043 5,244 Change in contingent consideration (500 ) (900 ) Change
in fair value of warrant — 6,310 Amortization of deferred interest
946 574 Changes in operating assets and liabilities, net of effects
of acquisitions: Accounts receivable (21,835 ) (17,312 ) Prepaid
expenses and other current assets (4,474 ) 2,848 Other assets –
long-term 7,029 6,796 Accounts payable and accrued expenses (10,686
) (5,186 ) Deferred rent 134 151 Deferred revenue 987 1,912 Other
liabilities – long-term (325 ) (2,190 ) Net cash
provided by operating activities 40,782 42,796
Consolidated Statements of Cash Flows (continued)
Nine Months Ended September 30, 2013
2012 Investing activities: Capital
expenditures (11,060 ) (6,610 ) Capitalized software and website
development costs (26,701 ) (14,824 ) Proceeds from sale of
Chrome-branded asset — 5,500 Purchases of marketable securities
(27,393 ) (70,175 ) Proceeds from sales and maturities of
marketable securities 46,237 16,106 Return of equity method
investment 102 — Cash contributed for equity method investment —
(1,750 ) Payment for acquisition of businesses, net of acquired
cash (21,121 ) (73,994 ) Net cash used in investing
activities (39,936 ) (145,747 )
Financing activities:
Principal payments on capital lease obligations and financing
arrangements (99 ) (496 ) Proceeds from stock purchase plan and
exercise of stock options 8,207 6,092 Repayment of a note payable
(11,439 ) — Proceeds from government grants 210 — Proceeds from
issuance of senior convertible notes — 200,000 Payments for debt
issuance costs — (7,723 ) Payments for convertible note hedges —
(43,940 ) Proceeds from issuance of warrants — 29,740 Purchases of
treasury stock (935 ) (784 ) Stock-based compensation windfall tax
benefit 5,644 4,226 Net cash provided
by financing activities 1,588 187,115 Net increase in cash
and cash equivalents 2,434 84,164 Effect of exchange rate changes
on cash and cash equivalents (529 ) 827 Cash and cash equivalents,
beginning of period 143,811 78,709 Cash
and cash equivalents, end of period $ 145,716 $ 163,700
Supplemental disclosure: Cash paid for:
Income taxes $ 3,607 $ 2,708 Interest 4,120 1,965 Non-cash
investing and financing activities: Accrued capitalized hardware,
software and fixed assets 2,405 2,603 Assets acquired under capital
leases and financing arrangements 206 772 Non-cash consideration
issued for investment in Chrome Data Solutions — 42,301
DEALERTRACK
TECHNOLOGIES, INC. Reconciliation of GAAP Net Income to
Non-GAAP Adjusted EBITDA (Dollars in thousands)
(Unaudited)
Three Months EndedSeptember
30,
Nine Months EndedSeptember
30,
2013 2012 2013 2012 GAAP net
income (loss) $ 5,795 $ (2,931 ) $ 9,600 $ 19,955 Interest income
(171 ) (181 ) (412 ) (595 ) Interest expense – cash 852 984 2,895
2,426 Interest expense – non-cash 2,377 2,230 7,043 5,153 Provision
for income taxes, net 22 488 755 13,320 Depreciation of property
and equipment and amortization of capitalized software and website
costs 8,331 5,780 22,077 17,175 Amortization of acquired
identifiable intangibles 7,761 6,952
22,836 20,484 EBITDA (non-GAAP) 24,967
13,322 64,794 77,918 Adjustments: Stock-based compensation 3,603
3,490 10,729 10,202 Contra-revenue 1,069 1,092 3,804 3,190
Acquisition-related and other professional fees 1,365 1,385 2,421
2,122 Acquisition-related contingent consideration changes and
compensation expense, net 57 445 686 403 Integration and other
related costs 1,023 483 3,389 704 Gain on disposal of subsidiary
and sale of other assets — — — (33,193 ) Amortization of equity
method investment basis difference 706 996 2,118 2,989 Rebranding
expense 155 521 2,068 855 Realized gain on sale of previously
impaired securities (non-taxable) (356 ) — (356 ) — Change in fair
value of warrant — 5,310 —
6,310 Adjusted EBITDA (non-GAAP) $ 32,589
$ 27,044 $ 89,653 $ 71,500
DEALERTRACK TECHNOLOGIES, INC. Reconciliation of GAAP Net
Income to Non-GAAP Adjusted Net Income (Dollars in
thousands) (Unaudited)
Three Months EndedSeptember
30,
Nine Months EndedSeptember
30,
2013 2012 2013 2012 GAAP net
income (loss) $ 5,795 $ (2,931 ) $ 9,600 $ 19,955 Adjustments:
Interest expense – non-cash (not tax-impacted) 2,377 2,230 7,043
5,153 Amortization of acquired identifiable intangibles 7,761 6,952
22,836 20,484 Stock-based compensation 3,603 3,490 10,729 10,202
Contra-revenue 1,069 1,092 3,804 3,190 Gain on disposal of
subsidiary and sale of other assets — — — (33,193 )
Acquisition-related and other professional fees 1,365 1,385 2,421
2,122 Acquisition-related contingent consideration changes and
compensation expense, net 57 445 686 403 Integration and other
related costs 1,023 536 3,632 757 Rebranding expense 155 521 2,068
855 Amortization of equity method investment basis difference 706
996 2,118 2,989 Realized gain on sale of previously impaired
securities (non-taxable) (356 ) — (356 ) — Accelerated depreciation
of certain technology assets — 75 — 1,004 Change in fair value of
warrant — 5,310 — 6,310 Amended state tax returns impact
(non-taxable) (75 ) — (19 ) — Tax impact of adjustments (a)
(5,834 ) (7,646 ) (17,854 ) (4,835 ) Adjusted
net income (non-GAAP) $ 17,646 $ 12,455 $ 46,708
$ 35,396
(a) The tax impact of adjustments for the
three and nine months ended September 30, 2013 are based on a U.S.
statutory tax rate of 37.2% applied to taxable adjustments other
than amortization of acquired identifiable intangibles and
stock-based compensation expense, which are based on a blended tax
rate of 37.1% and 36.8%, respectively, for the three months ended
September 30, 2013, and 37.1% and 36.8%, respectively, for the nine
months ended September 30, 2013. The tax impact of adjustments for
the three and nine months ended September 30, 2012 are based on a
U.S. statutory tax rate of 38.2% applied to taxable adjustments
other than amortization of acquired identifiable intangibles and
stock-based compensation expense, which are based on a blended tax
rate of 38.1% and 37.6%, respectively, for the three months ended
September 30, 2012, and 38.1% and 37.6%, respectively, for the nine
months ended September 30, 2012.
A reconciliation of GAAP to non-GAAP
measures is included in our investor presentation, which also
includes the impact of reconciled items on individual income
statement classifications.
DEALERTRACK
TECHNOLOGIES, INC. Reconciliation of Forward-looking GAAP
Net Income to Forward-looking Non-GAAP Adjusted EBITDA
(Dollars in millions) (Unaudited) Year Ending
December 31, 2013 Expected Range GAAP net income
$ 7.0 $ 9.0 Interest, net 13.0 13.0 Income taxes, net 0.5 1.0
Amortization of basis difference from joint venture 2.8 2.8
Depreciation and amortization 30.5 30.0 Amortization of acquired
identifiable intangibles 31.5 31.5 EBITDA (non-GAAP) 85.3 87.3
Adjustments: Stock-based compensation 15.0 15.0 Non-recurring costs
(a) 10.0 10.0 Contra-revenue 5.7 5.7 Adjusted EBITDA - (non-GAAP) $
116.0 $ 118.0 (a) Includes certain professional fees,
integration and other related costs, acquisition-related
compensation expense, rebranding and fair value adjustments.
Reconciliation of Forward-looking GAAP Net Income to
Forward-looking Non-GAAP Adjusted Net Income (Dollars in
millions) (Unaudited) Year Ending December 31,
2013 Expected Range GAAP net income $ 7.0 $ 9.0
Adjustments: Stock-based compensation 15.0 15.0 Amortization of
acquired identifiable intangibles 31.5 31.5 Amortization of basis
difference from joint venture 2.8 2.8 Non-cash interest expense
(not tax-impacted) 9.2 9.2 Non-recurring costs (a) 10.0 10.0
Contra-revenue 5.7 5.7 Tax impact of adjustments (b) (24.2) (24.2)
Adjusted net income (non-GAAP) $ 57.0 $ 59.0 (a)
Includes certain professional fees, integration and other related
costs, acquisition-related compensation expense, rebranding,
accelerated depreciation and fair value adjustments. (b) The tax
impact of adjustments are based on a blended tax rate of 37%
applied to taxable adjustments.
DEALERTRACK TECHNOLOGIES, INC.
Summary of Business Statistics Three months ended
(Unaudited) Sep 30, Jun 30, Mar
31, Dec 31, Sep 30, 2013 2013
2013 2012 2012 Active U.S. dealers (a)
20,238 20,205 20,041 19,067 19,107 Active U.S. lenders (b) 1,378
1,355 1,291 1,261 1,237 Transactions processed (in thousands) (c)
27,172 26,176 24,106 20,782 22,738 Active U.S. lender to dealer
relationships (d) 191,548 184,273 181,578 174,628 178,809
Subscribing dealers (e) 18,255 18,076 17,832 17,619 16,421
Transaction revenue (in thousands) $ 73,514 $ 71,645 $ 61,364 $
54,589 $ 58,789 Subscription revenue (in thousands) $ 45,223 $
44,623 $ 42,778 $ 42,212 $ 35,723 Other revenue (in thousands) $
5,845 $ 5,514 $ 4,917 $ 4,974 $ 4,572 Average transaction
price (f) $ 2.74 $ 2.79 $ 2.60 $ 2.67 $ 2.63 Transaction revenue
per car sold (g) $ 7.70 $ 7.38 $ 8.99 $ 7.18 $ 6.47 Average monthly
subscription revenue per subscribing dealership (h) $ 758 $ 757 $
737 $ 749 $ 694 (a) We consider a dealer to be active in our
U.S. network as of a date if the dealer completed at least one
revenue-generating credit application processing transaction using
the U.S. Dealertrack network during the most recently ended
calendar month. The number of active U.S. dealers is based on the
number of dealer accounts as communicated by lenders on the U.S.
Dealertrack network. (b) We consider a lender to be active
in our U.S. network as of a date if it is accepting credit
application data electronically from U.S. dealers in the U.S.
Dealertrack network. (c) Represents revenue-generating
transactions processed in the U.S. Dealertrack, Dealertrack
Aftermarket Services, Dealertrack Processing Solutions and
Dealertrack Canada networks at the end of a given period.
(d) Each lender to dealer relationship represents a pair between an
active U.S. lender and an active U.S. dealer at the end of a given
period. (e) Represents the number of dealerships in the U.S.
and Canada with one or more active subscriptions at the end of a
given period. Subscriptions to Dealertrack CentralDispatch have
been excluded as these customers include brokers and carriers in
addition to dealers. (f) Represents the average revenue
earned per transaction processed in the U.S. Dealertrack,
Dealertrack Aftermarket Services, Dealertrack Processing Solutions
and Dealertrack Canada networks during a given period. Revenue used
in calculation adds back (excludes) transaction related
contra-revenue. (g) Represents transaction services revenue
divided by our estimate of total new and used car sales for the
period in the U.S. and Canada. Revenue used in calculation adds
back (excludes) transaction related contra-revenue. (h)
Represents subscription services revenue divided by average
subscribing dealers for a given period in the U.S. and Canada.
Revenue used in the calculation adds back (excludes) subscription
related contra-revenue. In addition, subscribing dealers and
subscription services revenue from Dealertrack CentralDispatch have
been excluded from the calculation as a majority of these customers
are not dealers.
TRAK-E
Dealertrack Technologies, Inc.MEDIA CONTACT:Ken Engberg,
516-734-3692kenneth.engberg@dealertrack.comorINVESTOR
CONTACT:Garo Toomajanian,
888-450-0478investorrelations@dealertrack.com
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