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Dealertrack Reports Strong Q2 Financial Results

August 8, 2013

LAKE SUCCESS, N.Y. — Dealertrack Technologies Inc. posted strong gains in its financial results for the second quarter ended June 30.

Revenue for the quarter sat at $121.8 million vs. $96.4 million for the second quarter of 2012. GAAP net income for the quarter was $3.8 million, compared to $5.9 million for the same quarter one year ago. And diluted GAAP net income per share for the quarter was $0.09, as compared to $0.13 for the second quarter of 2012.

GAAP net income for the second quarter of 2012 was positively impacted by a $3.5 million, or $0.08 per share, gain (net of taxes) from the sale of certain Chrome branded assets that were not contributed to our Chrome Data joint venture.

Updated Guidance for 2013

Dealertrack updated its 2013 annual guidance as follows to reflect its strong second quarter performance and increasing revenue growth trends: Revenue for the year is expected to be between $464 million and $468 million, an increase from prior guidance of between $453 million and $462 million.

GAAP net income for the year is expected to be between $10 million and $12 million, compared to prior guidance of between $9.5 million and $12.5 million. Diluted GAAP net income per share for the year is expected to be between $0.22 and $0.27, compared to prior guidance of between $0.21 and $0.28 per share.

“Customers are increasingly embracing our vision of transforming automotive retail through integrated technology solutions,” said Mark F. O’Neil, chairman and chief executive officer of Dealertrack Technologies.

“During the second quarter, we saw accelerating organic subscription revenue growth. We also saw strong trends in transaction revenue independent of healthy car sales and credit trends, as we increased average transaction price per car sold through growing adoption and cross selling of registration, titling and lien services. We are optimistic that these positive trends will continue through the end of the year, as reflected in the increase of our full year guidance, and believe they position us for sustainable growth in the years ahead."

Non-GAAP Results for the Second Quarter 2013

  • Adjusted EBITDA for the quarter was $32.8 million, as compared to $25 million for the second quarter of 2012.
  • Adjusted net income for the quarter was $16.7 million, as compared to $13.7 million for the second quarter of 2012.
  • Diluted adjusted net income per share for the quarter was $0.37, as compared to $0.31 for the second quarter of 2012.

GAAP Results for the Six Months Ended June 30

  • Revenue for the six months was $230.8 million, as compared to $188 million for the same period in 2012.
  • GAAP net income for the six months was $3.8 million, as compared to GAAP net income of $22.9 million for the same period in 2012.
  • Diluted GAAP net loss per share for the six months was $0.09, as compared to GAAP net income per share of $0.52 for the same period in 2012.

GAAP net income for the six months ended June 30, 2012 was positively impacted by a $16.1 million, or $0.37 per share, gain (net of taxes) for the contribution of the net assets of Chrome to the Chrome Data Solutions joint venture and a $3.5 million, or $0.08 per share, gain (net of taxes) from the sale of certain Chrome branded assets that were not contributed to our Chrome Data joint venture.

Non-GAAP Results for the Six Months Ended June 30

  • Adjusted EBITDA for the six months was $57.1 million, as compared to $44.5 million for the same period in 2012.
  • Adjusted net income for the six months was $28.7 million, as compared to $23.2 million for the same period in 2012.
  • Diluted adjusted net income per share for the six months was $0.64, as compared to $0.53 for the same period in 2012.

 

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