MENU
SEARCHDealertrack updated its 2013 guidance to reflect strong second quarter performance and 26 percent year-over-year revenue growth.
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.
The increasingly important profit center continued making gains in the first quarter, according to StoneEagle data, ancillary products proving more popular as consumers hold onto their buys longer.
Read More →
For dealer-owned reinsurance entities, avoiding volatility entirely can mean falling behind inflation and missing market rebounds that drive long term surplus growth. Missing just a handful of strong market days can materially impact cumulative returns—an important reminder for long horizon trust and investment strategies.
Read More →
In this video, Ryan Ruff explains the rule that elite sales professionals use to turn ordinary conversations into unforgettable customer experiences.
Read More →
What’s the atmosphere saying about you to your customers? You can make minor adjustments and additions that transform your space into one that creates trust with the people on the other side of the desk.
Read More →
How can auto dealerships help F&I managers fulfill their vital role in the most effective ways? Industry expert Rick McCormick shares his insights on the best ways to train these professionals and help them maintain good habits.
Read More →
More consumers and businesses are opting for all-season options for various reasons as safety, sustainability and convenience push practical change.
Read More →
It’s time to take the next digital step to free F&I managers to handle the most challenging aspects of customer meetings.
Read More →
Some of it should be given to the customer, but that doesn’t mean the F&I office relinquishes the process. In fact, a different approach both builds trust and boosts sales.
Read More →
Talk to F&I customers like you’d talk to a friend, without industry lingo or sales-like questions, and use hard proof to show, not tell, them about a need.
Read More →