Delaware
|
000-51653
|
52-2336218
|
||
(State or other jurisdiction
|
(Commission
|
(I.R.S. Employer
|
||
of incorporation)
|
File Number)
|
Identification No.)
|
1111 Marcus Ave., Suite M04, Lake Success, NY
|
11042
|
|
(Address of principal executive offices)
|
(Zip Code)
|
Exhibit No.
|
Description
|
|
99.1
|
Registrant’s Press Release dated November 7, 2011.
|
DealerTrack Holdings, Inc.
|
||
By: /s/ Eric D. Jacobs
|
||
Eric D. Jacobs
|
||
Senior Vice President, Chief Financial and Administrative Officer
|
Exhibit
|
||
No.
|
Description
|
|
99.1
|
Registrant’s Press Release dated November 7, 2011.
|
§
|
Revenue for the quarter was $95.8 million, as compared to $63.1 million for the third quarter of 2010.
|
§
|
GAAP net income for the quarter was $5.4 million, as compared to $1.2 million for the third quarter of 2010.
|
§
|
Diluted GAAP net income per share for the quarter was $0.13, as compared to $0.03 for the third quarter of 2010.
|
§
|
Adjusted EBITDA for the quarter was $23.0 million, as compared to $12.9 million for the third quarter of 2010.
|
§
|
Adjusted net income for the quarter was $14.7 million, as compared to $6.6 million for the third quarter of 2010.
|
§
|
Diluted adjusted net income per share was $0.34 for the quarter, as compared to $0.16 for the third quarter of 2010.
|
§
|
Revenue for the nine months was $262.0 million, as compared to $181.8 million for the same period in 2010.
|
§
|
GAAP net income for the nine months was $32.3 million, as compared to a GAAP net loss of $(1.4) million for the same period in 2010.
|
§
|
Diluted GAAP net income per share for the nine months was $0.76, as compared to a GAAP net loss of $(0.03) per share for the same period in 2010.
|
§
|
Adjusted EBITDA for the nine months was $57.0 million, as compared to $27.6 million for the same period in 2010.
|
§
|
Adjusted net income for the nine months was $33.2 million, as compared to $13.7 million for the same period in 2010.
|
§
|
Diluted adjusted net income per share for the nine months was $0.78, as compared to $0.33 per share for the same period in 2010.
|
§
|
Revenue for the year is expected to be between $344.0 million and $347.0 million, compared to the previous estimate of between $336.0 million and $340.0 million.
|
§
|
GAAP net income for the year is expected to be between $65.0 million and $67.0 million, compared to the previous estimate of between $24.5 and $27.0 million.
|
§
|
Diluted GAAP net income per share for the year is expected to be between $1.53 and $1.58, compared to the previous estimate of between $0.57 and $0.63.
|
§
|
Adjusted EBITDA for the year is expected to be between $72.0 million and $75.0 million, compared to the previous estimate of between $66.0 million and $70.0 million.
|
§
|
Adjusted net income for the year is expected to be between $40.0 million and $42.0 million, compared to the previous estimate of between $34.5 million and $37.0 million.
|
§
|
Diluted adjusted net income per share for the year is expected to be between $0.94 and $0.99 compared to the previous estimate of between $0.81 and $0.86.
|
Three Months Ended
|
||||||||
September 30,
|
||||||||
2011
|
2010
|
|||||||
Net revenue
|
$ | 95,793 | $ | 63,128 | ||||
Cost of revenue (a)
|
52,803 | 32,837 | ||||||
Product development
|
3,661 | 3,354 | ||||||
Selling, general and administrative (a)
|
32,285 | 24,526 | ||||||
Total operating expenses
|
88,749 | 60,717 | ||||||
Income from operations
|
7,044 | 2,411 | ||||||
Interest and other (expense) income, net
|
(191 | ) | 286 | |||||
Income before provision for income taxes
|
6,853 | 2,697 | ||||||
Provision for income taxes, net
|
(1,492 | ) | (1,515 | ) | ||||
Net income
|
$ | 5,361 | $ | 1,182 | ||||
Basic net income per share
|
$ | 0.13 | $ | 0.03 | ||||
Diluted net income per share
|
$ | 0.13 | $ | 0.03 | ||||
Weighted average shares outstanding (basic)
|
41,396,431 | 40,404,126 | ||||||
Weighted average shares outstanding (diluted)
|
42,497,367 | 41,354,680 | ||||||
Adjusted EBITDA (non-GAAP) (b)
|
$ | 23,041 | $ | 12,855 | ||||
Adjusted EBITDA margin (non-GAAP) (c)
|
24 | % | 20 | % | ||||
Adjusted net income (non-GAAP) (b)
|
$ | 14,654 | $ | 6,631 | ||||
Diluted adjusted net income per share (non-GAAP)
|
$ | 0.34 | $ | 0.16 | ||||
Stock-based compensation expense was classified as follows:
|
||||||||
Cost of revenue
|
$ | 456 | $ | 438 | ||||
Product development
|
$ | 176 | $ | 164 | ||||
Selling, general and administrative
|
$ | 2,113 | $ | 2,248 | ||||
(a)
|
We have reclassed approximately $1.2 million of salary and benefit costs for the three months ended September 30, 2010 from selling, general and administrative to cost of revenue.
|
(b)
|
See Reconciliation Data in Attachment 4.
|
(c)
|
Represents adjusted EBITDA as a percentage of net revenue.
|
Attachment (1) Actual Results
|
||||||||
Nine-Month Period
|
||||||||
DEALERTRACK HOLDINGS, INC.
|
||||||||
Consolidated Statements of Operations
|
||||||||
(Dollars in thousands, except share and per share data)
|
||||||||
(Unaudited)
|
||||||||
Nine Months Ended
|
||||||||
September 30,
|
||||||||
2011
|
2010
|
|||||||
Net revenue
|
$ | 262,035 | $ | 181,820 | ||||
Cost of revenue (a)
|
145,942 | 96,977 | ||||||
Product development
|
10,903 | 10,291 | ||||||
Selling, general and administrative (a)
|
93,340 | 77,036 | ||||||
Total operating expenses
|
250,185 | 184,304 | ||||||
Income (loss) from operations
|
11,850 | (2,484 | ) | |||||
Interest and other (expense) income, net
|
(132 | ) | 1,316 | |||||
Realized gain on securities
|
409 | 582 | ||||||
Income (loss) before benefit from income taxes
|
12,127 | (586 | ) | |||||
Benefit from (provision for) income taxes, net
|
20,128 | (800 | ) | |||||
Net income (loss)
|
$ | 32,255 | $ | (1,386 | ) | |||
Basic net income (loss) per share
|
$ | 0.78 | $ | (0.03 | ) | |||
Diluted net income (loss) per share
|
$ | 0.76 | $ | (0.03 | ) | |||
Weighted average shares outstanding (basic)
|
41,146,197 | 40,246,374 | ||||||
Weighted average shares outstanding (diluted)
|
42,366,861 | 40,246,374 | ||||||
Adjusted EBITDA (non-GAAP) (b)
|
$ | 56,996 | $ | 27,597 | ||||
Adjusted EBITDA margin (non-GAAP) (c)
|
22 | % | 15 | % | ||||
Adjusted net income (non-GAAP) (b)
|
$ | 33,194 | $ | 13,703 | ||||
Diluted adjusted net income per share (non-GAAP) (d)
|
0.78 | $ | 0.33 | |||||
Stock-based compensation expense was classified as follows:
|
||||||||
Cost of revenue
|
$ | 1,308 | $ | 1,279 | ||||
Product development
|
$ | 548 | $ | 471 | ||||
Selling, general and administrative
|
$ | 6,857 | $ | 6,929 |
(a)
|
We have reclassed approximately $3.3 million of salary and benefit costs for the nine months ended September 30, 2010 from selling, general and administrative to cost of revenue.
|
(b)
|
See Reconciliation Data in Attachment 4.
|
(c)
|
Represents adjusted EBITDA as a percentage of net revenue.
|
(d)
|
For the nine months ended September 30, 2010, the adjusted net income per share of approximately $0.33 is based on 41,201,433 diluted weighted average shares outstanding.
|
Attachment (2) Condensed Consolidated Balance Sheets
|
||||||||
DEALERTRACK HOLDINGS, INC.
|
||||||||
Condensed Consolidated Balance Sheets
|
||||||||
(Dollars in thousands)
|
||||||||
(Unaudited)
|
||||||||
September 30, 2011
|
December 31, 2010
|
|||||||
ASSETS
|
||||||||
Cash and cash equivalents
|
$ | 64,951 | $ | 192,563 | ||||
Investments
|
44 | 490 | ||||||
Customer funds
|
2,054 | - | ||||||
Customer funds receivable
|
19,135 | - | ||||||
Accounts receivable, net
|
40,532 | 24,273 | ||||||
Prepaid expenses and other current assets
|
25,092 | 17,929 | ||||||
Total current assets
|
151,808 | 235,255 | ||||||
Investments - long-term
|
- | 2,254 | ||||||
Property and equipment, net
|
20,780 | 18,875 | ||||||
Software and website development costs, net
|
36,538 | 29,875 | ||||||
Intangible assets, net
|
100,978 | 23,163 | ||||||
Goodwill
|
233,428 | 136,408 | ||||||
Deferred taxes and other long-term assets
|
39,336 | 13,133 | ||||||
Total assets
|
$ | 582,868 | $ | 458,963 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Accounts payable and accrued expenses
|
$ | 38,732 | $ | 28,575 | ||||
Customer funds payable
|
21,189 | - | ||||||
Deferred revenue
|
8,298 | 5,010 | ||||||
Other current liabilities
|
317 | 728 | ||||||
Total current liabilities
|
68,536 | 34,313 | ||||||
Long-term liabilities
|
59,851 | 15,733 | ||||||
Total liabilities
|
128,387 | 50,046 | ||||||
Total stockholders' equity
|
454,481 | 408,917 | ||||||
Total liabilities and stockholders' equity
|
$ | 582,868 | $ | 458,963 |
Attachment (3) Consolidated Statements of Cash Flows
|
||||||||
DEALERTRACK HOLDINGS, INC.
|
||||||||
Consolidated Statements of Cash Flows
|
||||||||
(Dollars in thousands)
|
||||||||
(Unaudited)
|
||||||||
Nine Months Ended
|
||||||||
September 30,
|
||||||||
2011
|
2010
|
|||||||
Operating activities:
|
||||||||
Net income (loss)
|
$ | 32,255 | $ | (1,386 | ) | |||
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
37,620 | 27,475 | ||||||
Deferred tax benefit
|
(22,813 | ) | (2,650 | ) | ||||
Stock-based compensation expense
|
8,713 | 8,679 | ||||||
Provision for doubtful accounts and sales credits
|
4,828 | 4,015 | ||||||
Loss on sale of property and equipment
|
- | 19 | ||||||
Amortization of deferred interest
|
15 | 68 | ||||||
Deferred compensation
|
150 | - | ||||||
Stock-based compensation windfall tax benefit
|
(2,255 | ) | (1,398 | ) | ||||
Realized gain on securities
|
(409 | ) | (582 | ) | ||||
Amortization of debt issuance costs
|
213 | - | ||||||
Changes in operating assets and liabilities, net of effects of acquisitions:
|
||||||||
Accounts receivable
|
(16,449 | ) | (10,938 | ) | ||||
Prepaid expenses and other current assets
|
(1,649 | ) | (4,108 | ) | ||||
Accounts payable and accrued expenses
|
(3,969 | ) | (5,121 | ) | ||||
Deferred revenue
|
1,726 | 115 | ||||||
Other liabilities — long-term
|
965 | 6 | ||||||
Deferred rent
|
37 | 89 | ||||||
Other assets — long-term
|
(223 | ) | (11,408 | ) | ||||
Net cash provided by operating activities
|
38,755 | 2,875 | ||||||
Investing activities:
|
||||||||
Capital expenditures
|
(6,860 | ) | (9,669 | ) | ||||
Sale of investments
|
2,935 | 1,420 | ||||||
Capitalized software and website development costs
|
(14,807 | ) | (13,369 | ) | ||||
Payment for acquisition of business and intangible assets, net of acquired cash
|
(151,962 | ) | (3,028 | ) | ||||
Net cash used in investing activities
|
(170,694 | ) | (24,646 | ) |
Nine Months Ended
|
||||||||
September 30,
|
||||||||
2011
|
2010
|
|||||||
Financing activities:
|
||||||||
Principal payments on capital lease obligations
|
(387 | ) | (388 | ) | ||||
Proceeds from the exercise of employee stock options
|
5,177 | 1,024 | ||||||
Proceeds from employee stock purchase plan
|
509 | 556 | ||||||
Purchase of treasury stock
|
(446 | ) | (612 | ) | ||||
Payment for debt issuance costs
|
(1,909 | ) | - | |||||
Stock-based compensation windfall tax benefit
|
2,255 | 1,398 | ||||||
Net cash provided by financing activities
|
5,199 | 1,978 | ||||||
Net decrease in cash and cash equivalents
|
(126,740 | ) | (19,793 | ) | ||||
Effect of exchange rate changes on cash and cash equivalents
|
(872 | ) | 108 | |||||
Cash and cash equivalents, beginning of period
|
192,563 | 197,509 | ||||||
Cash and cash equivalents, end of period
|
$ | 64,951 | $ | 177,824 | ||||
Supplemental disclosure:
|
||||||||
Cash paid for:
|
||||||||
Income taxes
|
$ | 5,125 | $ | 5,421 | ||||
Interest
|
141 | 47 | ||||||
Non-cash investing and financing activities:
|
||||||||
Consideration issued for acquisition of eCarList
|
12,956 | - | ||||||
Accrued capitalized hardware, software and fixed assets
|
1,756 | 2,697 | ||||||
Deferred compensation reversal to equity
|
150 | - | ||||||
Capitalized stock-based compensation
|
98 | 46 | ||||||
Assets acquired under capital leases
|
34 | 289 |
Attachment (4) Reconciliation Data
|
||||||||
DEALERTRACK HOLDINGS, INC.
|
||||||||
(Dollars in thousands)
|
||||||||
(Unaudited)
|
||||||||
Three Months Ended
|
||||||||
September 30,
|
||||||||
2011
|
2010
|
|||||||
GAAP net income
|
$ | 5,361 | $ | 1,182 | ||||
Interest income
|
(71 | ) | (132 | ) | ||||
Interest expense
|
334 | 36 | ||||||
Provision for income taxes, net
|
1,492 | 1,515 | ||||||
Depreciation of property and equipment and amortization of capitalized software and website costs
|
5,338 | 4,510 | ||||||
Amortization of acquired identifiable intangibles
|
7,543 | 4,661 | ||||||
EBITDA (non-GAAP)
|
19,997 | 11,772 | ||||||
Adjustments:
|
||||||||
Contra-revenue
|
1,175 | 605 | ||||||
Integration and other related costs (including amounts related to stock-based compensation)
|
51 | - | ||||||
Acquisition related and other professional fees
|
1,390 | 478 | ||||||
Acquisition related compensation expense
|
428 | - | ||||||
Adjusted EBITDA (non-GAAP)
|
$ | 23,041 | $ | 12,855 |
Attachment (4) Reconciliation Data
|
||||||||
DEALERTRACK HOLDINGS, INC.
|
||||||||
Reconciliation of GAAP Net Income (Loss) to Non-GAAP Adjusted EBITDA
|
||||||||
(Dollars in thousands)
|
||||||||
(Unaudited)
|
||||||||
Nine Months Ended
|
||||||||
September 30,
|
||||||||
2011
|
2010
|
|||||||
GAAP net income (loss)
|
$ | 32,255 | $ | (1,386 | ) | |||
Interest income
|
(270 | ) | (381 | ) | ||||
Interest expense
|
578 | 155 | ||||||
(Benefit from) provision for income taxes, net
|
(20,128 | ) | 800 | |||||
Depreciation of property and equipment and amortization of capitalized software and website costs
|
15,509 | 12,651 | ||||||
Amortization of acquired identifiable intangibles
|
22,111 | 14,824 | ||||||
EBITDA (non-GAAP)
|
50,055 | 26,663 | ||||||
Adjustments:
|
||||||||
Contra-revenue
|
3,232 | 801 | ||||||
Integration and other related costs (including amounts related to stock-based compensation)
|
1,009 | - | ||||||
Acquisition related and other professional fees
|
2,606 | 715 | ||||||
Acquisition related compensation expense
|
503 | - | ||||||
Realized gain on securities
|
(409 | ) | (582 | ) | ||||
Adjusted EBITDA (non-GAAP)
|
$ | 56,996 | $ | 27,597 |
Attachment (4) Reconciliation Data
|
||||||||
DEALERTRACK HOLDINGS, INC.
|
||||||||
Reconciliation of GAAP Net Income to Non-GAAP Adjusted Net Income
|
||||||||
(Dollars in thousands)
|
||||||||
(Unaudited)
|
||||||||
Three Months Ended
|
||||||||
September 30,
|
||||||||
2011
|
2010
|
|||||||
GAAP net income
|
$ | 5,361 | $ | 1,182 | ||||
Adjustments:
|
||||||||
Deferred tax asset valuation allowance (non-taxable)
|
1,197 | - | ||||||
Amortization of acquired identifiable intangibles
|
7,543 | 4,661 | ||||||
Stock-based compensation (excluding amounts included in integration and other related costs)
|
2,745 | 2,850 | ||||||
Contra-revenue
|
1,175 | 605 | ||||||
Integration and other related costs (including amounts related to stock based compensation)
|
51 | - | ||||||
Acquisition related and other professional fees
|
1,390 | 478 | ||||||
Acquisition related compensation expense
|
428 | - | ||||||
Amended state tax return impact (non-taxable)
|
(271 | ) | 101 | |||||
Tax impact of adjustments (a)
|
(4,965 | ) | (3,246 | ) | ||||
Adjusted net income (non-GAAP)
|
$ | 14,654 | $ | 6,631 |
(a)
|
The tax impact of adjustments for the three months ended September 30, 2011, are 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 37.3% and 37.0%, respectively. The tax impact of adjustments for the three months ended September 30, 2010, are based on a U.S. effective 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 37.4% and 38.1%, respectively.
|
Attachment (4) Reconciliation Data
|
||||||||
DEALERTRACK HOLDINGS, INC.
|
||||||||
Reconciliation of GAAP Net Income (Loss) to Non-GAAP Adjusted Net Income
|
||||||||
(Dollars in thousands)
|
||||||||
(Unaudited)
|
||||||||
Nine Months Ended
|
||||||||
September 30,
|
||||||||
2011
|
2010
|
|||||||
GAAP net income (loss)
|
$ | 32,255 | $ | (1,386 | ) | |||
Adjustments:
|
||||||||
Deferred tax asset valuation allowance (non-taxable)
|
(22,350 | ) | - | |||||
Amortization of acquired identifiable intangibles
|
22,111 | 14,824 | ||||||
Stock-based compensation (excluding amounts included in integration and other related costs)
|
8,595 | 8,679 | ||||||
Contra-revenue
|
3,232 | 801 | ||||||
Integration and other related costs (including amounts related to stock based compensation)
|
1,009 | - | ||||||
Acquisition related and other professional fees
|
2,606 | 715 | ||||||
Acquisition related compensation expense (a)
|
503 | - | ||||||
Amended state tax return impact (non-taxable)
|
(239 | ) | 101 | |||||
Realized gain on securities (non-taxable)
|
(409 | ) | (582 | ) | ||||
Tax impact of adjustments (b)
|
(14,119 | ) | (9,449 | ) | ||||
Adjusted net income (non-GAAP)
|
$ | 33,194 | $ | 13,703 |
(a)
|
$45 thousand of the acquisition related compensation expense is non-taxable.
|
(b)
|
The tax impact of adjustments for the nine months ended September 30, 2011, are 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 37.1% and 37.0%, respectively. The tax impact of adjustments for the nine months ended September 30, 2010, are based on a U.S. effective 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 37.5% and 38.2%, 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
|
$ | 65.0 | $ | 67.0 | ||||
Interest, net
|
0.6 | 0.6 | ||||||
Benefit from income taxes, net
|
(7.0 | ) | (5.9 | ) | ||||
Depreciation and amortization
|
21.0 | 20.9 | ||||||
Amortization of acquired identifiable intangibles
|
29.6 | 29.6 | ||||||
EBITDA (non-GAAP)
|
109.2 | 112.2 | ||||||
Adjustments:
|
||||||||
Non-recurring costs (a)
|
6.2 | 6.2 | ||||||
Gain on sale of subsidiary
|
(47.5 | ) | (47.5 | ) | ||||
Contra-revenue
|
4.1 | 4.1 | ||||||
Adjusted EBITDA (non-GAAP)
|
$ | 72.0 | $ | 75.0 |
(a)
|
Includes certain professional fees, integration and other related costs, acquisition related compensation expense and gain on sale of securities.
|
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
|
$ | 65.0 | $ | 67.0 | ||||
Adjustments:
|
||||||||
Stock-based compensation
|
11.5 | 11.5 | ||||||
Amortization of acquired identifiable intangibles
|
29.6 | 29.6 | ||||||
Non-recurring costs (a)
|
6.2 | 6.2 | ||||||
Gain on sale of subsidiary, net of tax (b)
|
(28.8 | ) | (28.8 | ) | ||||
Deferred tax asset valuation allowance (non-taxable)
|
(28.5 | ) | (28.5 | ) | ||||
Contra-revenue
|
4.1 | 4.1 | ||||||
Tax impact of adjustments (c)
|
(19.1 | ) | (19.1 | ) | ||||
Adjusted net income (non-GAAP)
|
$ | 40.0 | $ | 42.0 |
(a)
|
Includes certain professional fees, integration and other related costs, acquisition related compensation expense and gain on sale of securities.
|
(b)
|
Gain on sale of ALG, Inc. is reflected net of $18.7 million in taxes.
|
(c)
|
The tax impact of adjustments are based on a blended tax rate of 37.2% applied to taxable adjustments.
|
Attachment (5) Summary of Business Statistics
|
||||||||||||||||||||
DEALERTRACK HOLDINGS, INC.
|
||||||||||||||||||||
Summary of Business Statistics (Unaudited)
|
||||||||||||||||||||
Three months ended
|
||||||||||||||||||||
Sep 30,
|
Jun 30,
|
Mar 31,
|
Dec 31,
|
Sep 30,
|
||||||||||||||||
2011
|
2011
|
2011
|
2010
|
2010
|
||||||||||||||||
Active U.S. dealers (a)
|
17,629 | 17,660 | 17,373 | 16,829 | 16,961 | |||||||||||||||
Active U.S. lenders (b)
|
1,103 | 1,062 | 1,010 | 970 | 921 | |||||||||||||||
Transactions processed (in thousands) (c)
|
19,772 | 19,135 | 16,774 | 11,997 | 13,296 | |||||||||||||||
Active U.S. lender to dealer relationships (d)
|
150,514 | 149,398 | 146,660 | 137,058 | 137,388 | |||||||||||||||
Subscribing dealers (e)
|
15,860 | 14,488 | 14,239 | 13,996 | 13,856 |
(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. 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 Aftermarket, 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
|
||||||||||||||||||||
Sep 30,
|
Jun 30,
|
Mar 31,
|
Dec 31,
|
Sep 30,
|
||||||||||||||||
2011
|
2011
|
2011
|
2010
|
2010
|
||||||||||||||||
Transaction revenue (in thousands)
|
$ | 50,411 | $ | 48,505 | $ | 38,435 | $ | 25,091 | $ | 27,188 | ||||||||||
Subscription revenue (in thousands)
|
$ | 39,261 | $ | 34,716 | $ | 33,865 | $ | 32,205 | $ | 31,273 | ||||||||||
Other revenue (in thousands)
|
$ | 6,121 | $ | 5,830 | $ | 4,891 | $ | 4,710 | $ | 4,667 | ||||||||||
Average transaction price (a)
|
$ | 2.60 | $ | 2.58 | $ | 2.35 | $ | 2.16 | $ | 2.09 | ||||||||||
$ | 834 | $ | 807 | $ | 798 | $ | 769 | $ | 759 |
(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 transaction related contra-revenue.
|
(b)
|
Revenue used in the calculation adds back subscription related contra-revenue.
|