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DealerTrack Holdings Reports Results for Fourth Quarter and 2010 and Issues Guidance for 2011

LAKE SUCCESS, N.Y. Feb. 16, 2011 December 31, 2010

http://photos.prnewswire.com/prnh/20101028/DEALERTRACKLOGO

GAAP Results for the Fourth Quarter 2010

  • $62.0 million $53.2 million
  • $(26.4) million $(0.7) million $28.4 million
  • $(0.65) $(0.02) $0.70

Non-GAAP Results for the Fourth Quarter 2010

  • $14.5 million $8.2 million
  • $7.8 million $4.8 million
  • $0.19 $0.12

December 31, 2010

  • $243.8 million $225.6 million
  • $(27.8) million $(4.3) million $28.4 million
  • $(0.69) $(0.11) $0.70

December 31, 2010

  • $42.1 million $34.4 million
  • $21.9 million $20.0 million
  • $0.53 $0.49

Guidance for 2011 Annual Performance

i

Expected GAAP Results

  • $316.0 million and $324.0 million $3.7 million
  • $2.9 million and $5.4 million
  • $0.07 and $0.13

Expected Non-GAAP Results

  • $29.2 million and $31.7 million
  • $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 for 2011 new car sales will be approximately 12.8 million units and used car sales will be approximately 13.0 million units.  The guidance also includes the impact of DealerTrack’s recent acquisition of triVIN Holdings, Inc. which closed at the end of January.

Mark O’Neil, chairman and chief executive officer of DealerTrack, commented, "We are very pleased with our non-GAAP results for the fourth quarter as our businesses benefited from an improving operating environment."  O’Neil continued, "We are continuing to see the benefits of our investments as we generated an adjusted EBITDA margin in excess of 20 percent for the second consecutive quarter."

Conference Call

February 16, 2011 5:00 p.m. Eastern Time http://ir.dealertrack.com/eventdetail.cfm?eventid=91881 March 9, 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 )

the United States 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.

www.dealertrack.com www.sec.gov

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

December 31,

2010

2009

Net revenue

$      62,006

$      53,247

Cost of revenue

30,404

27,237

Product development

3,095

2,957

Selling, general and administrative

25,368

25,638

     Total operating expenses

58,867

55,832

Income (loss) from operations

3,139

(2,585)

Interest and other income, net

211

867

Income (loss) before (provision for) benefit from income taxes

3,350

(1,718)

(Provision for) benefit from income taxes

(29,797)

1,037

 Net loss

$    (26,447)

$         (681)

Basic net loss per share

$        (0.65)

$        (0.02)

Diluted net loss per share

$        (0.65)

$        (0.02)

Weighted average shares outstanding (basic)

40,595,939

39,787,985

Weighted average shares outstanding (diluted)

40,595,939

39,787,985

Adjusted EBITDA (non-GAAP) (a)

$      14,463

$        8,177

Adjusted EBITDA margin (non-GAAP) (b)

23%

15%

Adjusted net income (non-GAAP) (a)

$        7,787

$        4,820

Diluted adjusted net income per share (non-GAAP) (c)(d)

$          0.19

$          0.12

Stock-based compensation expense was classified as follows:  

Cost of revenue

$           361

$           525

Product development

$           143

$           153

Selling, general and administrative

$        2,050

$        2,322

(a)     See Reconciliation Data in Attachment 4.

(b)     Represents adjusted EBITDA as a percentage of net revenue.

(c)     For the three months ended December 31, 2010, the adjusted net income per share of approximately $0.19 is based on 41,774,695 diluted weighted average shares outstanding.

(d)     For the three months ended December 31, 2009, the adjusted net income per share of approximately $0.12 is based on 40,898,826 diluted weighted average shares outstanding.

Attachment (1) Actual Results

Twelve-Month Period

DEALERTRACK HOLDINGS, INC.

Consolidated Statements of Operations

(Dollars in thousands, except per share data)

(Unaudited)

Twelve Months Ended

December 31,

2010

2009

Net revenue

$    243,826

$    225,626

Cost of revenue

124,070

113,875

Product development

13,386

13,994

Selling, general and administrative

105,715

108,707

     Total operating expenses

243,171

236,576

Income (loss) from operations

655

(10,950)

Interest and other income, net

1,527

1,704

Realized gain on securities

582

1,393

Income (loss) before (provision for) benefit from income taxes

2,764

(7,853)

(Provision for) benefit from income taxes

(30,597)

3,519

 Net loss

$    (27,833)

$      (4,334)

Basic net loss per share

$        (0.69)

$        (0.11)

Diluted net loss per share

$        (0.69)

$        (0.11)

Weighted average shares outstanding (basic)

40,322,939

39,524,544

Weighted average shares outstanding (diluted)

40,322,939

39,524,544

Adjusted EBITDA (non-GAAP) (a)

$      42,070

$      34,438

Adjusted EBITDA margin (non-GAAP) (b)

17%

15%

Adjusted net income (non-GAAP) (a)

$      21,943

$      19,967

Diluted adjusted net income per share (non-GAAP) (c) (d)

$          0.53

$          0.49

Stock-based compensation expense was classified as follows:  

Cost of revenue

$        1,640

$        2,354

Product development

$           614

$           755

Selling, general and administrative (e)

$        8,979

$      13,880

(a)     See Reconciliation Data in Attachment 4.

(b)     Represents adjusted EBITDA as a percentage of net revenue.

(c)     For the twelve months ended December 31, 2010, the adjusted net income per share of appr oximately $0.53 i s based on 41,299,993 diluted weighted average shares outstanding.

(d)     For the twelve months ended December 31, 2009, t he adjusted net income per shar e of approximately $0.49 is based on 40,509,324 diluted weighted average shares outstanding.

(e)     Included in stock-based compensation expense for the year ended December 31, 2009 was $3.9 million of stock-based compensation expense related to the realignment of our workforce and business on January 5, 2009, which was primarily allocated to selling, general and administrative expenses.

Attachment (2) Condensed Consolidated Balance Sheets

DEALERTRACK HOLDINGS, INC.

Condensed Consolidated Balance Sheets

(Dollars in thousands)

(Unaudited)

December 31, 2010

December 31, 2009

ASSETS

Cash and cash equivalents

$               192,563

$               197,509

Short-term investments

490

1,484

Accounts receivable, net

24,273

17,478

Prepaid expenses and other current assets

17,929

9,620

Total current assets

235,255

226,091

Property and equipment, net

18,875

13,514

Software and website development costs, net

29,875

21,158

Intangible assets, net

23,163

41,604

Goodwill

136,408

134,747

Deferred taxes and other long-term assets

15,387

35,213

Total assets

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