Dealertrack Technologies, Inc. (NASDAQ: TRAK) today reported
financial results for the fourth quarter and year ended December
31, 2012.
GAAP Results for the Fourth Quarter 2012
- Revenue for the quarter was $101.8
million, as compared to $91.3 million for the fourth quarter of
2011.
- GAAP net income for the quarter was
$0.5 million, as compared to GAAP net income of $32.9 million for
the fourth quarter of 2011.
- Diluted GAAP net income per share for
the quarter was $0.01, as compared to GAAP net income per share of
$0.76 for the fourth quarter of 2011.
GAAP net income for the fourth quarter 2011 was positively
impacted by a $26.8 million (net of tax), or $0.62 per share,
non-cash gain related to the sale of ALG and a $2.8 million, or
$0.06 per share, non-cash tax benefit related to a reversal in the
valuation allowance against the company’s net U.S. deferred tax
assets including disposed deferred tax liabilities.
Non-GAAP Results for the Fourth Quarter 2012
- Adjusted EBITDA for the quarter was
$25.8 million, as compared to $20.3 million for the fourth quarter
of 2011.
- Adjusted net income for the quarter was
$13.7 million, as compared to $10.3 million for the fourth quarter
of 2011.
- Diluted adjusted net income per share
for the quarter was $0.31, as compared to $0.24 for the fourth
quarter of 2011.
GAAP Results for the Year Ended December 31, 2012
- Revenue for the year was $388.9
million, as compared to $353.3 million for 2011.
- GAAP net income for the year was $20.5
million, as compared to $65.1 million for 2011.
- Diluted GAAP net income per share for
the year was $0.46, as compared to $1.53 for 2011.
GAAP net income for 2011 was positively impacted by a $26.8
million (net of tax), or $0.63 per share, non-cash gain related to
the sale of ALG and a $25.1 million, or $0.59 per share, non-cash
tax benefit related to a reversal in the valuation allowance
against the company’s net U.S. deferred tax assets including
disposed deferred tax liabilities.
Non-GAAP Results for the Year Ended December 31, 2012
- Adjusted EBITDA for the year was $97.3
million, as compared to $85.9 million for 2011.
- Adjusted net income for the year was
$49.1 million, as compared to $43.4 million for 2011.
- Diluted adjusted net income per share
for the year was $1.12, as compared to $1.02 for 2011.
Mark F. O’Neil, chairman and chief executive officer of
Dealertrack Technologies, commented, “We had a strong finish to
2012 with full-year revenue that was significantly above our
original expectations and exceeded $100 million for the first time
on a quarterly basis. With a broad suite of technology solutions
for auto dealers, we believe we are making progress helping dealers
transform auto retailing through an integrated suite of software.
As we continue to realize this vision, we believe the business
momentum we generated in 2012 will carry us into 2013 and
beyond.”
Guidance for 2013
Dealertrack’s guidance for 2013, which does not include the
impact of the pending acquisition of Casey & Casey NPS, Inc.,
is as follows:
Expected GAAP Results
- Revenue for the year is expected to be
between $447.0 million and $456.0 million, an increase of 15% to
17% from 2012.
- GAAP net income for the year is
expected to be between $10.0 million and $13.0 million.
- Diluted GAAP net income per share for
the year is expected to be between $0.22 and $0.29.
Expected Non-GAAP Results
- Adjusted EBITDA for the year is
expected to be between $111.0 million and $115.0 million.
- Adjusted net income for the year is
expected to be between $54.0 million and $57.0 million.
- Diluted adjusted net income per share
for the year is expected to be between $1.19 and $1.26.
Diluted GAAP net income and adjusted net income per share
guidance for the year is based on an estimated 45.4 million diluted
weighted average shares outstanding. The guidance assumes that new
car sales by franchised dealers will be approximately 15.2 million
units and used car sales by franchised dealers will be
approximately 15.0 million units in 2013.
Conference Call
Dealertrack will host a conference call to discuss its fourth
quarter and full year 2012 results and other matters on February
25, 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 website until March 11, 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. 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.
All stock-based compensation expense is excluded from the
calculation of the adjusted EBITDA non-GAAP measure. This may
reduce the comparability with prior periods. This non-cash expense
was included in presentations prior to the fourth quarter of
2011.
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 purchase accounting treatment of acquisitions 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
19,000 dealers with more than 1,200 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 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.
DEALERTRACK TECHNOLOGIES, INC. Consolidated Statements of
Operations (In thousands, except per share amounts)
(Unaudited) Three Months
Ended Twelve Months Ended December 31,
December 31, 2012 2011 2012 2011
Net revenue $ 101,775 $ 91,259 $ 388,872
$ 353,294 Cost of revenue 58,358 52,031 220,695
197,152 Product development 2,920 3,263 11,732 13,012 Selling,
general and administrative 39,016 33,575
142,518 128,892 Total operating
expenses 100,294 88,869 374,945
339,056 Income from operations 1,481 2,390
13,927 14,238 Interest expense, net (3,072 ) (288 ) (10,056 ) (596
) Other income (expense), net 589 1,184 (5,532 ) 1,360 Gain on
disposal of subsidiaries and sale of other assets - 47,321 33,193
47,321 Earnings from equity method investment, net 430 - 1,167 -
Realized gain on securities - -
4 409 (Loss) income before benefit from
(provision for) income taxes, net (572 ) 50,607 32,703 62,732
Benefit from (provision for) income taxes, net 1,071
(17,727 ) (12,249 ) 2,403 Net income $
499 $ 32,880 $ 20,454 $ 65,135
Basic net income per share $ 0.01 $ 0.79 $ 0.48 $ 1.58 Diluted net
income per share $ 0.01 $ 0.76 $ 0.46 $ 1.53 Weighted average
common stock outstanding (basic) 42,765 41,613 42,508 41,270
Weighted average common stock outstanding (diluted) 44,221 43,038
43,999 42,527 Adjusted EBITDA (non-GAAP) (a) $ 25,773 $
20,315 $ 97,273 $ 85,904 Adjusted EBITDA margin (non-GAAP) (b) 25 %
22 % 25 % 24 % Adjusted EBITDA - previous presentation (non-GAAP)
(a) (c) $ 22,383 $ 17,415 $ 83,681 $ 74,409 Adjusted EBITDA margin
- previous presentation (non-GAAP) (b) 22 % 19 % 22 % 21 % Adjusted
net income (non-GAAP) (a) $ 13,673 $ 10,250 $ 49,068 $ 43,443
Diluted adjusted net income per share (non-GAAP) $ 0.31 $ 0.24 $
1.12 $ 1.02 Stock-based compensation expense was classified
as follows: Cost of revenue $ 601 $ 483 $ 2,429 $ 1,791 Product
development 160 187 749 735 Selling, general and administrative
2,629 2,230 10,414
9,086 $ 3,390 $ 2,900 $ 13,592 $ 11,612
(a) See Reconciliation Data. (b) Represents adjusted
EBITDA as a percentage of net revenue. (c) Includes expense for
stock based compensation. Stock based compensation expense was
included in adjusted EBITDA prior to Q4 2011.
DEALERTRACK
TECHNOLOGIES, INC. Condensed Consolidated Balance Sheets
(Dollars in thousands) (Unaudited)
December 31,2012
December 31,2011
ASSETS Cash and cash equivalents $ 143,811 $ 78,709
Marketable securities 34,031 46 Customer funds 1,999 1,097 Customer
funds receivable 14,077 18,695 Accounts receivable, net 43,679
37,588 Deferred tax assets, net 4,412 9,171 Prepaid expenses and
other current assets 19,142 23,011 Total current
assets 261,151 168,317 Marketable securities - long-term
4,428 - Property and equipment, net 27,407 21,637 Software and
website development costs, net 46,182 37,341 Investments 122,808
89,000 Intangible assets, net 117,599 96,441 Goodwill 270,646
200,840 Deferred tax assets, net 43,611 34,421 Other assets -
long-term 16,684 12,356 Total assets $ 910,516 $
660,353 LIABILITIES AND STOCKHOLDERS' EQUITY Accounts
payable and accrued expenses $ 50,752 $ 41,194 Customer funds
payable 16,076 19,792 Deferred revenue 7,959 9,115 Deferred tax
liabilities 3,031 3,443 Due to acquirees 11,124 - Capital leases
payable 100 255 Total current liabilities 89,042
73,799 Long-term liabilities 250,157 91,798 Total
liabilities 339,199 165,597 Total stockholders'
equity 571,317 494,756 Total liabilities and
stockholders' equity $ 910,516 $ 660,353
DEALERTRACK
TECHNOLOGIES, INC. Consolidated Statements of Cash Flows
(Dollars in thousands) (Unaudited)
Twelve Months Ended December 31, 2012
2011 Operating activities: Net income $ 20,454 $
65,135 Adjustments to reconcile net income to net cash provided by
operating activities: Depreciation and amortization 51,678 50,688
Deferred tax provision (benefit) 751 (3,370 ) Stock-based
compensation expense 13,592 11,612 Provision for doubtful accounts
and sales credits 7,306 7,008 Earnings from equity method
investment, net (1,167 ) - Amortization of deferred interest 927 31
Deferred compensation 150 200 Stock-based compensation windfall tax
benefit (6,716 ) - Gain on disposal of subsidiaries and sale of
other assets (33,193 ) (47,321 ) Amortization of debt issuance
costs and debt discount 7,566 333 Change in contingent
consideration (900 ) (2,000 ) Change in fair value of warrant 6,310
(1,000 ) Realized gain on securities (4 ) (409 ) Changes in
operating assets and liabilities, net of effects of acquisitions:
Accounts receivable (13,321 ) (17,157 ) Prepaid expenses and other
current assets 10,985 (3,983 ) Other assets — long-term 6,202 922
Accounts payable and accrued expenses 1,075 (609 ) Deferred rent
397 30 Deferred revenue (188 ) 2,850 Other liabilities — long-term
(1,181 ) 1,966 Net cash provided by operating
activities 70,723 64,926
Consolidated Statements of Cash
Flows (continued) Twelve Months Ended December
31, 2012 2011 Investing activities:
Capital expenditures (9,951 ) (9,555 ) Capitalized software and
website development costs (22,762 ) (20,086 ) Proceeds from sale of
Chrome-branded asset 5,500 - Purchases of marketable securities
(70,175 ) - Proceeds from sales and maturities of marketable
securities 30,856 2,935 Cash contributed for equity method
investment (1,750 ) - Payment for cost method investment - (7,500 )
Payment for acquisition of business and intangible assets, net of
acquired cash (129,882 ) (151,962 ) Net cash used in
investing activities (198,164 ) (186,168 )
Financing
activities: Principal payments on capital lease obligations and
financing arrangements (538 ) (472 ) Proceeds from the exercise of
employee stock options 7,829 10,101 Proceeds from employee stock
purchase plan 821 669 Purchases of treasury stock (831 ) (484 )
Proceeds from issuance of senior convertible notes 200,000 -
Payments for debt issuance costs (7,723 ) (1,908 ) Payments for
convertible note hedges (43,940 ) - Proceeds from issuance of
warrants 29,740 - Stock-based compensation windfall tax benefit
6,716 -
Net cash provided by financing
activities
192,074 7,906 Net increase (decrease) in cash and cash
equivalents 64,633 (113,336 ) Effect of exchange rate changes on
cash and cash equivalents 469 (518 ) Cash and cash equivalents,
beginning of year 78,709 192,563 Cash
and cash equivalents, end of year $ 143,811 $ 78,709
Supplemental disclosure: Cash paid for: Income
taxes $ 3,275 $ 6,100 Interest 2,072 279 Non-cash investing and
financing activities: Non-cash consideration issued for investment
in Chrome Data Solutions 42,301 - Non-cash consideration issued for
acquisition of ClickMotive 250 - Non-cash consideration issued for
acquisition of eCarList - 12,956 Non-cash consideration issued for
investment in TrueCar and license - 86,100 Accrued capitalized
hardware, software and fixed assets 7,316 2,456 Assets acquired
under capital leases and financing arrangements 774 39
DEALERTRACK TECHNOLOGIES, INC. Reconciliation of GAAP Net
Income to Non-GAAP Adjusted EBITDA (Dollars in
thousands) (Unaudited)
Three Months Ended Twelve Months Ended December
31, December 31, 2012 2011 2012
2011 GAAP net income $ 499 $ 32,880 $ 20,454 $ 65,135
Interest income (150 ) (61 ) (745 ) (331 ) Interest expense - cash
931 349 3,357 927 Interest expense - non-cash 2,291 - 7,444 -
Provision for (benefit from) income taxes, net (1,071 ) 17,727
12,249 (2,403 ) Depreciation of property and equipment and
amortization of capitalized software and website costs 6,170 5,452
23,345 20,961 Amortization of acquired identifiable intangibles
7,849 7,616 28,333
29,727 EBITDA (non-GAAP) 16,519 63,963 94,437 114,016
Adjustments: Gain on disposal of subsidiaries and sale of other
assets - (47,321 ) (33,193 ) (47,321 ) Acquisition-related and
other professional fees 589 2,115 2,711 4,721 Contra-revenue 1,025
1,016 4,215 4,248 Integration and other related costs (including
amounts related to stock-based compensation) 826 214 1,530 1,223
Change in fair value of warrant - (1,000 ) 6,310 (1,000 )
Rebranding expense 1,053 - 1,909 - Acquisition-related contingent
consideration changes and compensation expense, net 1,374 (1,572 )
1,777 (1,069 ) Amortization of equity method investment basis
difference 997 - 3,985 - Realized gain on sale of previously
impaired securities - - -
(409 ) Adjusted EBITDA - previous presentation (non-GAAP) $
22,383 $ 17,415 $ 83,681 $ 74,409 Stock-based compensation
(excluding amounts included in integration and other related costs)
3,390 2,900 13,592
11,495 Adjusted EBITDA (non-GAAP) $ 25,773 $ 20,315
$ 97,273 $ 85,904
DEALERTRACK
TECHNOLOGIES, INC. Reconciliation of GAAP Net Income to
Non-GAAP Adjusted Net Income (Dollars in thousands)
(Unaudited) Three Months
Ended Twelve Months Ended December 31,
December 31, 2012 2011 2012 2011
GAAP net income $ 499 $ 32,880 $ 20,454 $ 65,135
Adjustments: Deferred tax asset valuation allowance (non-taxable) -
438 - (21,912 ) Amortization of acquired identifiable intangibles
7,849 7,616 28,333 29,727 Stock-based compensation (excluding
integration and other related costs) 3,390 2,900 13,592 11,495 Gain
on disposal of subsidiaries and sale of other assets - (47,321 )
(33,193 ) (47,321 ) Interest expense - non-cash (not tax-impacted)
2,291 - 7,444 - Acquisition-related and other professional fees 589
2,115 2,711 4,721 Contra-revenue 1,025 1,016 4,215 4,248
Integration and other related costs (including amounts related to
stock-based compensation) 826 214 1,583 1,223 Change in fair value
of warrant - (1,000 ) 6,310 (1,000 ) Amortization of equity method
investment basis difference 997 - 3,985 - Rebranding expense 1,053
- 1,909 - Acquisition-related contingent consideration changes and
compensation expense, net 1,374 (1,572 ) 1,777 (1,069 ) Accelerated
depreciation of certain technology assets - - 1,004 - Disposed
deferred tax liabilities (non-taxable) - (3,221 ) - (3,221 )
Amended state tax returns impact (non-taxable) - - - (239 )
Realized gain on sale of previously impaired securities
(non-taxable) - - - (409 ) Tax impact of adjustments (a)
(6,220 ) 16,185 (11,056 ) 2,065
Adjusted net income (non-GAAP) $ 13,673 $ 10,250 $
49,068 $ 43,443
(a) The tax impact of adjustments for the three and twelve
months ended December 31, 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 37.8%, respectively, for the three months ended December
31, 2012, and 38.1% and 37.7%, respectively, for the twelve months
ended December 31, 2012. The tax impact of adjustments for the
three and twelve months ended December 31, 2011 were based on a
U.S. statutory tax rate of 37.4% 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 35.6% and 35.2%, respectively, for the three months ended
December 31, 2011, and 37.2% and 37.0%, respectively, for the
twelve months ended December 31, 2011.
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 $ 10.0 $ 13.0 Interest, net 13.0
13.0 Income taxes, net 6.1 8.0 Amortization of basis difference
from joint venture 2.8 2.8 Depreciation and amortization 25.1 24.2
Amortization of acquired identifiable intangibles 29.7
29.7 EBITDA (non-GAAP) 86.7 90.7 Adjustments: Stock-based
compensation (excluding amounts included in integration and other
related costs) 15.1 15.1 Non-recurring costs (a) 4.0 4.0
Contra-revenue 5.2 5.2 Adjusted EBITDA - (non-GAAP) $
111.0 $ 115.0
(a) Includes certain professional fees, integration and other
related costs, acquisition-related compensation expense, rebranding
and fair value adjustments.
DEALERTRACK TECHNOLOGIES, INC. 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 $ 10.0 $ 13.0
Adjustments: Stock-based compensation 15.1 15.1 Amortization of
acquired identifiable intangibles 29.7 29.7 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) 4.0 4.0
Contra-revenue 5.2 5.2 Tax impact of adjustments (b) (22.0 )
(22.0 ) Adjusted net income (non-GAAP) $ 54.0 $ 57.0
(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 38% applied to taxable adjustments.
DEALERTRACK TECHNOLOGIES, INC. Summary of Business
Statistics (Unaudited) Three months ended
Dec 31, Sep 30, Jun 30,
Mar 31, Dec 31, 2012 2012 2012
2012 2011 Active U.S. dealers (a) 19,067
19,107 18,638 18,345 17,543 Active U.S. lenders (b) 1,261 1,237
1,212 1,165 1,120 Transactions processed (in thousands) (c) 20,782
22,738 22,562 21,751 18,769 Active U.S. lender to dealer
relationships (d) 174,628 178,809 177,570 172,075 164,776
Subscribing dealers (e) 17,619 16,421 16,280 16,143 16,003
(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 creditapplication processing transaction using
the U.S. Dealertrack network during the most recently ended
calendar month. The number ofactive 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, DealerTrackProcessing 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 givenperiod. 2011 results are recalculated
to reflect an improved methodology of accumulating relationships.
As previously reported:December 31, 2011 - 151,126.
(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.
DEALERTRACK TECHNOLOGIES, INC. Summary of Business
Statistics (Unaudited) Three months ended Dec
31, Sep 30, Jun 30, Mar
31, Dec 31, 2012 2012 2012
2012 2011 Transaction revenue (in thousands) $
54,589 $ 58,789 $ 57,493 $ 54,140 $ 47,541 Subscription revenue (in
thousands) $ 42,212 $ 35,723 $ 33,932 $ 33,281 $ 38,779 Other
revenue (in thousands) $ 4,974 $ 4,572 $ 4,971 $ 4,196 $ 4,939
Average transaction price (a) $ 2.67 $ 2.63 $ 2.59 $ 2.53 $ 2.58
Transaction revenue per car sold (b) $ 7.18 $ 6.47 $ 6.12 $ 8.61 $
7.17 Average monthly subscription revenue per subscribing
dealership (c) (d) $ 749 $ 694 $ 697 $ 691 $ 813 Average monthly
subscription revenue per subscribing dealership (excluding Chrome)
(e) $ 749 $ 694 $ 697 $ 691 $ 690
(a) Represents the average revenue earned
per transaction processed in the U.S. Dealertrack, Dealertrack
Aftermarket, DealertrackProcessing Solutions and Dealertrack Canada
networks during a given period. Revenue used in calculation adds
back transaction related contra-revenue.
(b) Represents transaction revenue
(includes contra-revenue) divided by our estimate of total new and
used car sales for the period in the U.S. and Canada.
(c) Revenue used in the calculation adds back subscription related
contra-revenue.
(d) Subscribing dealers and subscription
revenue from Dealertrack CentralDispatch have been excluded from
the calculation as amajority of these customers are not
dealers.
(e) Excludes subscription revenue from Chrome.
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