LAKE SUCCESS, N.Y.,
May 9, 2011 /PRNewswire/ --
DealerTrack Holdings, Inc. (Nasdaq: TRAK) today reported financial
results for the first quarter ended March
31, 2011.
(Logo:
http://photos.prnewswire.com/prnh/20101028/DEALERTRACKLOGO
)
GAAP Results for the First Quarter 2011
- Revenue for the quarter was $77.2
million, as compared to $56.8
million for the first quarter of 2010.
- GAAP net income for the quarter was $24.7 million, as compared to GAAP net loss of
$(2.5) million for the first quarter
of 2010. GAAP net income for the first quarter of 2011 was
positively impacted by a $24.5
million non-cash reduction in the valuation allowance
against the company's net U.S. deferred tax assets.
- Diluted GAAP net income per share for the quarter was
$0.59, as compared to GAAP net loss
per share of $(0.06) for the first
quarter of 2010. Diluted GAAP net income per share for the
first quarter of 2011 was positively impacted by $0.58 per share for a non-cash reduction in the
valuation allowance against the company's net U.S. deferred tax
assets.
Non-GAAP Results for the First Quarter 2011
- Adjusted EBITDA for the quarter was $12.9 million, as compared to $4.9 million for the first quarter of 2010.
- Adjusted net income for the quarter was $7.5 million, as compared to $2.1 million for the first quarter of 2010.
- Diluted adjusted net income per share was $0.18 for the quarter, as compared to
$0.05 for the first quarter of 2010.
Guidance for 2011 Annual Performance
DealerTrack raises revenue and GAAP and non-GAAP earnings
guidance for the full year 2011 as follows:
Expected GAAP Results
- Revenue for the year is expected to be between $324.0 million and $330.0 million, net of
approximately $3.7 million of
contra-revenue, compared to the previous estimate of between
$316.0 million and $324.0
million.
- GAAP net income for the year is expected to be between
$24.0 million and $26.5 million,
compared to the previous estimate of between $2.9 million and $5.4 million.
- Diluted GAAP net income per share for the year is expected to
be between $0.56 and $0.62, compared
to the previous estimate of between $0.07
and $0.13.
Expected Non-GAAP Results
- Adjusted EBITDA for the year is expected to be between $62.0
million and $66.0 million, compared to the previous estimate of
between $57.0 million and $61.0 million.
- Adjusted net income for the year is expected to be between
$33.2 million and $35.7 million,
compared to the previous estimate of between $29.2 million and $31.7 million.
- Diluted adjusted net income per share for the year is expected
to be between $0.78 and $0.83
compared to the previous estimate of between $0.68 and $0.74.
GAAP net income and adjusted net income per share guidance for
the year are based on an assumed 42.8 million diluted weighted
average shares outstanding. The guidance assumes that new car
sales will be approximately 12.8 million units and used car sales
will be approximately 13.0 million units for 2011. The
assumptions for diluted weighted average shares outstanding and new
and used car sales are unchanged from our prior estimates.
Mark O'Neil, chairman and chief executive officer of
DealerTrack, commented, "We are very pleased with our results for
the first quarter as our transaction businesses benefitted from
strong car sales and a significant improvement in the credit
environment, particularly subprime lending. In addition, the
momentum in our subscription business is very strong, as dealers
are feeling more confident and increasingly willing to invest in
solutions that will improve their operations." O'Neil
continued, "Today's results illustrate the leverage in our business
model, which, if car sales and credit availability continue to
improve, will enable us to continue to deliver strong
results."
Conference Call
DealerTrack will host a conference call to discuss its first
quarter 2011 results and other matters on May 9, 2011 at 5:00 p.m.
Eastern Time. The conference call will be webcast live
on the Internet at
http://ir.dealertrack.com/eventdetail.cfm?eventid=95733. 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 website until May 31, 2011.
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. Adjusted EBITDA is
a non-GAAP financial measure that represents GAAP net income (loss)
excluding interest, taxes, depreciation and amortization expenses,
contra-revenue and may exclude certain items such as:
impairment charges, restructuring charges,
acquisition-related earn-out compensation expense and professional
service fees, realized gains or (losses) on securities 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 may also exclude
certain items, such as: impairment charges, restructuring charges,
acquisition-related earn-out compensation expense and professional
service fees, realized gains or (losses) on securities and certain
other non-recurring items. These adjustments to net income,
which are shown before taxes, are adjusted for their tax impact.
Adjusted EBITDA and adjusted net income are presented because
management believes they provide additional information with
respect to the performance of our fundamental business activities
as the purchase accounting treatment of acquisitions can have a
negative impact on our GAAP results because the depreciation and
amortization expenses associated with acquired assets, as well as
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 nonGAAP 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 and has provided a
reconciliation of adjusted EBITDA to GAAP net income and adjusted
net income to GAAP net income in Attachment 4 to this press
release.
About DealerTrack (www.dealertrack.com)
DealerTrack's intuitive and high-value software solutions and
services enhance efficiency and profitability for all major
segments of the retail automotive industry, including dealers,
lenders, OEMs, agents and aftermarket providers. DealerTrack,
whose solution set for dealers is the industry's most
comprehensive, operates the largest online credit application
network in the United States,
connecting approximately 17,000 dealers with more than 1,000
lenders. DealerTrack's Dealer Management System (DMS) provides
dealers with easy-to-use tools and real-time data access to enhance
their efficiency, while DealerTrack AAX delivers the inventory
management tools and services needed to accelerate used-vehicle
turn rates and help increase profits for dealers.
DealerTrack's Sales and F&I solutions allow dealers to
streamline the entire sales process as they structure deals from a
single integrated platform. Its Compliance solution helps
dealers meet legal and regulatory requirements and protect their
assets. DealerTrack also offers additional solutions for the
automotive industry including electronic motor vehicle registration
and titling applications, paper title storage, and digital document
services. DealerTrack's family of companies also includes data and
consulting service providers ALG and Chrome Systems. For more
information, visit www.dealertrack.com.
Safe Harbor for Forward-Looking and Cautionary
Statements
Statements in this press release regarding DealerTrack's
expected 2011 performance, 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; reductions in auto 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.
|
Attachment (1) Actual
Results
|
|
|
Three-Month
Period
DEALERTRACK
HOLDINGS, INC.
Consolidated
Statements of Operations
(Dollars in
thousands, except per share data)
(Unaudited)
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
March
31,
|
|
|
2011
|
|
2010
|
|
|
|
|
|
|
|
Net revenue
|
$
77,191
|
|
$
56,785
|
|
|
Cost of revenue
|
42,866
|
|
30,717
|
|
|
Product development
|
3,742
|
|
3,598
|
|
|
Selling, general and
administrative
|
31,601
|
|
27,408
|
|
|
Total
operating expenses
|
78,209
|
|
61,723
|
|
|
Loss from operations
|
(1,018)
|
|
(4,938)
|
|
|
Interest and other income,
net
|
246
|
|
691
|
|
|
Realized gain on
securities
|
-
|
|
582
|
|
|
Loss before benefit from income
taxes
|
(772)
|
|
(3,665)
|
|
|
Benefit from income
taxes
|
25,500
|
|
1,214
|
|
|
Net income
(loss)
|
$
24,728
|
|
$
(2,451)
|
|
|
|
|
|
|
|
Basic net income (loss) per
share
|
$
0.61
|
|
$
(0.06)
|
|
|
Diluted net income (loss) per
share
|
$
0.59
|
|
$
(0.06)
|
|
|
Weighted average shares
outstanding (basic)
|
40,851,659
|
|
40,154,275
|
|
|
Weighted average shares
outstanding (diluted)
|
42,103,811
|
|
40,154,275
|
|
|
|
|
|
|
|
Adjusted EBITDA (non-GAAP)
(a)
|
$
12,901
|
|
$
4,942
|
|
|
Adjusted EBITDA margin
(non-GAAP) (b)
|
17%
|
|
9%
|
|
|
Adjusted net income (non-GAAP)
(a)
|
$
7,490
|
|
$
2,065
|
|
|
Diluted adjusted net income per
share (non-GAAP) (c)
|
$
0.18
|
|
$
0.05
|
|
|
|
|
|
|
|
Stock-based compensation expense
was classified as follows:
|
|
|
|
|
|
Cost of revenue
|
$
427
|
|
$
403
|
|
|
Product
development
|
$
185
|
|
$
151
|
|
|
Selling, general and
administrative
|
$
2,330
|
|
$
2,188
|
|
|
|
|
|
|
|
(a) See
Reconciliation Data in Attachment 4.
|
|
|
(b)
Represents adjusted EBITDA as a percentage of net
revenue.
|
|
|
(c) For
the three months ended March 31, 2010, the adjusted net income per
share of approximately $0.05 is
|
|
|
based on 41,148,416
diluted weighted average shares
outstanding.
|
|
|
|
|
|
|
Attachment (2) Condensed
Consolidated Balance Sheets
|
|
|
|
|
|
DEALERTRACK
HOLDINGS, INC.
Condensed
Consolidated Balance Sheets
(Dollars in
thousands)
(Unaudited)
|
|
|
|
|
|
|
|
March 31,
2011
|
|
December 31,
2010
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
Cash and cash
equivalents
|
$
57,549
|
|
$
192,563
|
|
|
Short-term
investments
|
578
|
|
490
|
|
|
Customer funds
|
2,408
|
|
-
|
|
|
Customer funds
receivable
|
14,141
|
|
-
|
|
|
Accounts receivable,
net
|
33,864
|
|
24,273
|
|
|
Prepaid expenses and other
current assets
|
25,905
|
|
17,929
|
|
|
Total current
assets
|
134,445
|
|
235,255
|
|
|
|
|
|
|
|
Property and equipment,
net
|
22,504
|
|
18,875
|
|
|
Software and website development
costs, net
|
32,625
|
|
29,875
|
|
|
Intangible assets,
net
|
102,728
|
|
23,163
|
|
|
Goodwill
|
212,223
|
|
136,408
|
|
|
Deferred taxes and other
long-term assets
|
46,049
|
|
15,387
|
|
|
Total assets
|
$
550,574
|
|
$
458,963
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY
|
|
|
|
|
|
Accounts payable and accrued
expenses
|
$
32,355
|
|
$
28,575
|
|
|
Deferred revenue
|
7,196
|
|
5,010
|
|
|
Customer funds
payable
|
16,549
|
|
-
|
|
|
Other current
liabilities
|
803
|
|
728
|
|
|
Total current
liabilities
|
56,903
|
|
34,313
|
|
|
|
|
|
|
|
Long-term liabilities
|
52,549
|
|
15,733
|
|
|
Total
liabilities
|
109,452
|
|
50,046
|
|
|
Total stockholders'
equity
|
441,122
|
|
408,917
|
|
|
Total liabilities and
stockholders' equity
|
$
550,574
|
|
$
458,963
|
|
|
|
|
|
|
Attachment (3) Consolidated
Statements of Cash Flows
|
|
|
|
|
|
DEALERTRACK
HOLDINGS, INC.
Consolidated
Statements of Cash Flows
(Dollars in
thousands)
(Unaudited)
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
March
31,
|
|
|
2011
|
|
2010
|
|
|
Operating
activities:
|
|
|
|
|
|
Net income (loss)
|
$ 24,728
|
|
$ (2,451)
|
|
|
Adjustments to reconcile net
income (loss) to net cash used in operating activities:
|
|
|
|
|
|
Depreciation and
amortization
|
11,745
|
|
9,240
|
|
|
Deferred tax (benefit)
provision
|
(24,670)
|
|
13,372
|
|
|
Stock-based compensation
expense
|
2,942
|
|
2,742
|
|
|
Provision for doubtful
accounts and sales credits
|
1,737
|
|
1,463
|
|
|
Amortization of deferred
interest
|
-
|
|
41
|
|
|
Deferred
compensation
|
50
|
|
-
|
|
|
Stock-based compensation
windfall tax benefit
|
(1,304)
|
|
(629)
|
|
|
Realized gain on
securities
|
-
|
|
(582)
|
|
|
Changes in operating
assets and liabilities, net of effects of acquisitions:
|
|
|
|
|
|
Accounts
receivable
|
(6,420)
|
|
(5,004)
|
|
|
Customer funds and
customer funds receivable
|
(6,057)
|
|
-
|
|
|
Prepaid expenses and other
current assets
|
(3,301)
|
|
(18,016)
|
|
|
Accounts payable and
accrued expenses
|
(11,350)
|
|
5,219
|
|
|
Customer funds
payable
|
6,057
|
|
-
|
|
|
Deferred revenue and other
current liabilities
|
788
|
|
(69)
|
|
|
Other long-term
liabilities
|
705
|
|
184
|
|
|
Deferred rent
|
92
|
|
30
|
|
|
Other long-term
assets
|
809
|
|
(13,206)
|
|
|
Net cash used in operating
activities
|
(3,449)
|
|
(7,666)
|
|
|
|
|
|
|
|
Investing
activities:
|
|
|
|
|
|
Capital expenditures
|
(3,102)
|
|
(2,527)
|
|
|
Capitalized software and website
development costs
|
(3,359)
|
|
(2,244)
|
|
|
Payment for acquisition of
business and intangible assets, net of acquired cash
|
(128,482)
|
|
(2,278)
|
|
|
Net cash used in investing
activities
|
(134,943)
|
|
(7,049)
|
|
|
|
|
|
|
|
Financing
activities:
|
|
|
|
|
|
Principal payments on capital
lease obligations
|
(159)
|
|
(126)
|
|
|
Proceeds from the exercise of
employee stock options
|
2,215
|
|
97
|
|
|
Proceeds from employee stock
purchase plan
|
175
|
|
236
|
|
|
Purchase of treasury
stock
|
(437)
|
|
(590)
|
|
|
Stock-based compensation
windfall tax benefit
|
1,304
|
|
629
|
|
|
Net cash provided by
financing activities
|
3,098
|
|
246
|
|
|
|
|
|
|
|
Net decrease in cash and cash
equivalents
|
(135,294)
|
|
(14,469)
|
|
|
Effect of exchange rate changes
on cash and cash equivalents
|
280
|
|
170
|
|
|
Cash and cash equivalents,
beginning of period
|
192,563
|
|
197,509
|
|
|
Cash and cash equivalents, end
of period
|
$ 57,549
|
|
$ 183,210
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
March
31,
|
|
|
2011
|
|
2010
|
|
|
Supplemental
disclosure:
|
|
|
|
|
|
Cash paid for:
|
|
|
|
|
|
Income taxes
|
$ 1,280
|
|
$ 2,536
|
|
|
Interest
|
14
|
|
18
|
|
|
Non-cash investing and financing
activities:
|
|
|
|
|
|
Accrued capitalized
hardware, software and fixed assets
|
3,725
|
|
1,843
|
|
|
Capitalized stock-based
compensation
|
31
|
|
18
|
|
|
Receivable for sale of
securities
|
-
|
|
1,419
|
|
|
Assets acquired under
capitalized leases
|
-
|
|
289
|
|
|
|
|
|
|
Attachment (4) Reconciliation
Data
|
|
|
|
|
|
DEALERTRACK
HOLDINGS, INC.
Reconciliation of GAAP Net
Income (Loss) to Non-GAAP Adjusted EBITDA
(Dollars in
thousands)
(Unaudited)
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
March
31,
|
|
|
2011
|
|
2010
|
|
|
|
|
|
|
|
GAAP net income
(loss)
|
$ 24,728
|
|
$ (2,451)
|
|
|
Interest income
|
(104)
|
|
(126)
|
|
|
Interest expense
|
32
|
|
59
|
|
|
Benefit from income
taxes
|
(25,500)
|
|
(1,214)
|
|
|
Depreciation of property and
equipment and amortization of capitalized software and website
costs
|
4,885
|
|
4,006
|
|
|
Amortization of acquired
identifiable intangibles
|
6,860
|
|
5,234
|
|
|
EBITDA (non-GAAP)
|
10,901
|
|
5,508
|
|
|
Adjustments:
|
|
|
|
|
|
Contra-revenue
|
943
|
|
-
|
|
|
Integration and other
related costs (including stock-based compensation)
|
652
|
|
-
|
|
|
Acquisition related
and other professional fees
|
330
|
|
16
|
|
|
Acquisition related
earn-out compensation expense
|
75
|
|
-
|
|
|
Realized gain on
securities
|
-
|
|
(582)
|
|
|
Adjusted EBITDA
(non-GAAP)
|
$ 12,901
|
|
$ 4,942
|
|
|
|
|
|
|
Attachment (4) Reconciliation
Data
|
|
|
|
|
|
DEALERTRACK
HOLDINGS, INC.
Reconciliation of GAAP Net
Income (Loss) to Non-GAAP Adjusted Net Income
(Dollars in
thousands)
(Unaudited)
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
March
31,
|
|
|
2011
|
|
2010
|
|
|
|
|
|
|
|
GAAP net income
(loss)
|
$ 24,728
|
|
$ (2,451)
|
|
|
Adjustments:
|
|
|
|
|
|
Amortization of acquired
identifiable intangibles
|
6,860
|
|
5,234
|
|
|
Stock-based compensation
(excluding integration and other related costs)
|
2,815
|
|
2,742
|
|
|
Integration and other
related costs (including stock-based compensation)
|
652
|
|
-
|
|
|
Acquisition related and
other professional fees
|
330
|
|
16
|
|
|
Contra-revenue
|
943
|
|
-
|
|
|
Acquisition related
earn-out compensation expense (a)
|
75
|
|
-
|
|
|
Amended state tax return
impact (non-taxable)
|
32
|
|
-
|
|
|
Realized gain on
securities (non-taxable)
|
-
|
|
(582)
|
|
|
Deferred tax asset
valuation allowance (non-taxable)
|
(24,548)
|
|
-
|
|
|
Tax impact of adjustments
(b)
|
(4,397)
|
|
(2,894)
|
|
|
Adjusted net income
(non-GAAP)
|
$ 7,490
|
|
$ 2,065
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) $45 thousand of the
acquisition related earn-out compensation expense is
non-taxable.
|
|
|
|
|
(b) The tax
impact of adjustments for the three months ended March 31, 2011,
are based on a U.S. statutory tax rate of 38.3% 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 37.6% and 38.0%, respectively. The tax
impact of adjustments for the three months ended March 31, 2010,
are based on a U.S. effective tax rate of 36.8% 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 35.9% and 36.8%, respectively.
|
|
|
|
|
|
|
Attachment (4) Reconciliation
Data
|
|
|
|
|
|
DEALERTRACK
HOLDINGS, INC.
Reconciliation of
Forward-looking GAAP Net Income to Forward-looking Non-GAAP
Adjusted EBITDA
(Dollars in
millions)
(Unaudited)
|
|
|
|
|
|
|
|
Year Ending
December 31, 2011
|
|
|
Expected
Range
|
|
|
|
|
|
|
|
GAAP net income
|
$ 24.0
|
|
$ 26.5
|
|
|
Interest, net
|
(0.1)
|
|
(0.1)
|
|
|
Benefit from income
taxes
|
(16.5)
|
|
(15.3)
|
|
|
Depreciation and
amortization
|
20.7
|
|
21.0
|
|
|
Amortization of acquired
identifiable intangibles
|
28.2
|
|
28.2
|
|
|
EBITDA (non-GAAP)
|
56.3
|
|
60.3
|
|
|
Adjustments:
|
|
|
|
|
|
Non-recurring costs
(a)
|
2.0
|
|
2.0
|
|
|
Contra-revenue
|
3.7
|
|
3.7
|
|
|
Adjusted EBITDA
(non-GAAP)
|
$ 62.0
|
|
$ 66.0
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Includes certain
professional fees, and integration and other related
costs.
|
|
|
|
|
|
|
|
|
|
Attachment (4) Reconciliation
Data
|
|
|
|
|
|
DEALERTRACK
HOLDINGS, INC.
Reconciliation of
Forward-looking GAAP Net Income to Forward-looking Non-GAAP
Adjusted Net Income
(Dollars in
millions)
(Unaudited)
|
|
|
Year Ending
December 31, 2011
|
|
|
Expected
Range
|
|
|
|
|
|
|
|
GAAP net income
|
$ 24.0
|
|
$ 26.5
|
|
|
Adjustments:
|
|
|
|
|
|
Stock-based
compensation
|
12.0
|
|
12.0
|
|
|
Amortization of acquired
identifiable intangibles
|
28.2
|
|
28.2
|
|
|
Non-recurring costs
(a)
|
2.0
|
|
2.0
|
|
|
Deferred tax asset
valuation allowance (non-taxable)
|
(19.0)
|
|
(19.0)
|
|
|
Contra-revenue
|
3.7
|
|
3.7
|
|
|
Tax impact of adjustments
(b)
|
(17.7)
|
|
(17.7)
|
|
|
Adjusted net income
(non-GAAP)
|
$ 33.2
|
|
$ 35.7
|
|
|
|
|
|
|
|
(a) Includes certain
professional fees and integration and other related
costs.
|
|
|
|
|
|
(b) The tax impact of
adjustments are based on a blended tax rate of 38.6% applied to
taxable adjustments.
|
|
|
|
|
|
|
Attachment (5) Summary of
Business Statistics
|
|
|
|
|
|
|
|
|
|
|
|
DEALERTRACK
HOLDINGS, INC.
Summary of
Business Statistics (Unaudited)
Three months
ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mar
31,
|
|
Dec
31,
|
|
Sep
30,
|
|
Jun
30,
|
|
Mar
31,
|
|
|
2011
|
|
2010
|
|
2010
|
|
2010
|
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Active U.S. dealers
(a)
|
17,373
|
|
16,829
|
|
16,961
|
|
17,120
|
|
17,102
|
|
|
Active U.S. lenders
(b)
|
1,010
|
|
970
|
|
921
|
|
891
|
|
847
|
|
|
Transactions processed (in
thousands) (c)
|
16,774
|
|
11,997
|
|
13,296
|
|
12,239
|
|
11,841
|
|
|
Active U.S. lender to dealer
relationships (d)
|
146,660
|
|
137,058
|
|
137,388
|
|
137,919
|
|
127,724
|
|
|
Subscribing dealers
(e)
|
14,239
|
|
13,996
|
|
13,856
|
|
13,468
|
|
13,705
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) We consider a dealer
to be active 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. For the three months ended March 31, 2010,
the number of active U.S. dealers was updated from the number
originally reported (16,860). For the three months ended June
30, 2010, the number of active U.S. dealers was updated from the
number originally reported (17,343). The number of active
U.S. dealers is based on the number of dealer accounts as
communicated by lenders on the DealerTrack network.
|
|
|
(b) We consider a lender
to be active in our DealerTrack network as of a date if it is
accepting credit application data electronically from U.S. dealers
in the DealerTrack network.
|
|
|
(c) Represents
revenue-generating transactions processed in the DealerTrack,
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.
|
|
|
|
|
(e) Represents the number
of dealerships with one or more active subscriptions on the
DealerTrack or DealerTrack Canada networks at the end of a given
period.
|
|
|
|
|
|
|
|
|
|
|
|
|
Attachment (5) Summary of
Business Statistics
|
|
|
|
|
|
|
|
|
|
|
|
DEALERTRACK
HOLDINGS, INC.
Summary of
Business Statistics (Unaudited)
Three months
ended
|
|
|
|
|
Mar
31,
|
|
Dec
31,
|
|
Sep
30,
|
|
Jun
30,
|
|
Mar
31,
|
|
|
2011
|
|
2010
|
|
2010
|
|
2010
|
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transaction revenue (in
thousands)
|
$38,435
|
|
$25,091
|
|
$27,188
|
|
$26,851
|
|
$22,870
|
|
|
Subscription revenue (in
thousands)
|
$33,865
|
|
$32,205
|
|
$31,273
|
|
$30,341
|
|
$29,728
|
|
|
Other revenue (in
thousands)
|
$4,891
|
|
$4,710
|
|
$4,667
|
|
$4,715
|
|
$4,187
|
|
|
Average transaction price
(a)
|
$2.35
|
|
$2.16
|
|
$2.09
|
|
$2.19
|
|
$1.93
|
|
|
Average monthly subscription
revenue per subscribing dealership
|
$798
|
|
$769
|
|
$759
|
|
$749
|
|
$719
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Represents the average
revenue earned per transaction processed in the DealerTrack,
DealerTrack Aftermarket, DealerTrack Processing Solutions and
DealerTrack Canada networks during a given period. Revenue
used in calculation adds back contra-revenue.
|
|
|
|
|
|
|
|
|
|
|
|
TRAK-E
SOURCE DealerTrack Holdings, Inc.