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Solera Holdings, Inc. Reports Second Quarter Fiscal Year 2011 Results

DALLAS Feb. 2, 2011

December 31, 2010

GAAP Results

  • $168.2 million $163.3 million
  • $30.9 million $23.3 million
  • $0.44 $0.33

"We believe that the worst of the recession is now behind us.  We are active in over 55 countries and expanding; we are happy with the steady increase in customer demand for our high value products and services; and we continue to execute acquisitions consistent with our M-M-C (Management-Margin-Core) acquisition discipline," said Tony Aquila, founder, chairman and CEO of Solera Holdings, Inc. "In addition, our constant currency EBITDA margin was at 43.4%, up 250 basis points year over year, reflecting a 13.2% increase over the prior year second quarter. This marks the third consecutive quarter that we exceeded our "Pursue 42%" Adjusted EBITDA margin target."

Non-GAAP Results

  • $72.0 million $66.8 million
  • $42.4 million $37.8 million
  • $0.60 $0.54

Business Statistics

  • $96.8 million
  • $71.4 million
  • $68.1 million
  • $59.7 million
  • $17.8 million
  • $22.6 million

Updated Fiscal Year 2011 Outlook:

June 30, 2011

                                                                                                Previous Fiscal Year          Current Fiscal Year                            2011 Outlook                  2011 Outlook                    ----------------------------  ----------------------------     Revenues       $666 million -- $672 million  $668 million -- $672 million     Net Income     $104 million -- $110 million  $107 million -- $111 million     Adjusted      EBITDA        $283 million -- $288 million  $285 million -- $289 million     Adjusted      Net Income    $162 million -- $166 million  $165 million -- $168 million     Adjusted Net      Income      per diluted      share         $2.27 -- $2.33                $2.31 -- $2.35                

The Fiscal Year 2011 outlook above assumes constant currency exchange rates from those currently prevailing, no acquisitions of businesses, and an assumed 28% tax rate to calculate Adjusted Net Income.

Exchange rates between most of the major foreign currencies we use to transact our business and the U.S. dollar have fluctuated significantly over the last few years, and we expect that they will continue to fluctuate. The majority of our revenues and costs are denominated in Euros, Pound Sterling, Swiss francs, Canadian dollars and other international currencies.  The following table provides the average quarterly exchange rates for the Euro and Pound Sterling since the beginning of fiscal year 2010:

                                                                         Average Pound                                             Average Euro-to-  Sterling-to-U.S.                                                U.S. Dollar     Dollar Exchange                     Period                    Exchange Rate         Rate     --------------------------------------     -------------     ----------              Quarter ended September 30, 2009           $1.43          $1.64         Quarter ended December 31, 2009             1.48           1.63         Quarter ended March 31, 2010                1.39           1.56          Quarter ended June 30, 2010                 1.28           1.49         Quarter ended September 30, 2010            1.29           1.55         Quarter ended December 31, 2010             1.36           1.58                

December 31, 2010 December 31, 2009 December 31, 2010 $6.6 million December 31, 2010

All percentage amounts and ratios were calculated using the underlying data in whole dollars. We measure constant currency, or the effects on our results that are attributed to FX Changes, by measuring the incremental difference between translating the prior period and the current results at the monthly average rates for the same period from the prior year.

Quarterly Dividend:

$0.075 $0.075 March 1, 2011 February 16, 2011

Earnings Conference Call:

December 31, 2010 5:00 p.m. (Eastern Time) February 2, 2011 www.solerainc.com February 16, 2011 February 16, 2011 Dallas

SOLERA HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

FOR THE THREE AND SIX MONTHS ENDED DECEMBER 31, 2010 AND 2009

(In thousands, except per share amounts)

(Unaudited)

Three Months Ended December 31,

Six Months Ended December 31,

2010

2009

2010

2009

Revenues

$                168,160

$                 163,318

$                327,068

$                 314,087

Cost of revenues:

  Operating expenses

33,697

33,718

64,839

66,689

  Systems development and programming costs

17,247

18,850

32,759

35,498

Total cost of revenues (excluding depreciation and amortization)  

50,944

52,568

97,598

102,187

Selling, general and administrative expenses

44,847

43,463

86,673

81,799

Depreciation and amortization

20,354

22,685

39,906

44,320

Restructuring charges, asset impairments, and other costs of exit and disposal activities

(991)

1,731

1,499

3,460

Acquisition and related costs

633

524

1,837

2,138

Interest expense

7,365

8,610

14,684

17,374

Other expense, net

3,349

150

2,673

564

126,501

129,731

244,870

251,842

Income before income tax provision

41,659

33,587

82,198

62,245

Income tax provision

7,722

7,908

16,322

14,439

Net income

33,937

25,679

65,876

47,806

Less: Net income attributable to noncontrolling interests

3,018

2,401

5,833

4,545

Net income attributable to Solera Holdings, Inc.

$                  30,919

$                   23,278

$                  60,043

$                   43,261

Net income attributable to Solera Holdings, Inc. per common share:

 Basic

$                      0.44

$                       0.33

$                      0.85

$                       0.62

 Diluted

$                      0.44

$                       0.33

$                      0.85

$                       0.62

Dividends paid per share

$                      0.08

$                       0.06

$                      0.15

$                       0.13

Weighted-average shares used in the calculation of net income attributable to Solera Holdings, Inc. per common share:

 Basic

70,245

69,469

70,115

69,380

 Diluted

70,602

69,693

70,438

69,526

Non-GAAP Financial Measures

We use a number of non-GAAP financial measures that are not intended to be used in lieu of GAAP presentations, but are provided 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 to facilitate the evaluation of our business on a comparable basis to other companies. The three primary non-GAAP financial measures that we use are Adjusted EBITDA, Adjusted Net Income, and Adjusted Net Income per diluted common share. We believe that Adjusted EBITDA, Adjusted Net Income and Adjusted Net Income per diluted common share are useful to investors in providing information regarding our operating results. We rely on Adjusted EBITDA as a primary measure to review and assess the operating performance of our company and our management team in connection with our executive compensation and bonus plans. Adjusted EBITDA also allows us to compare our current operating results with corresponding prior periods as well as to the operating results of other companies in our industry. We present Adjusted Net Income and Adjusted Net Income per diluted common share because we believe both of these measures provide useful information regarding our operating results in addition to our GAAP measures. We believe that Adjusted Net Income and Adjusted Net Income per diluted common share provide investors with valuable insight into our profitability exclusive of unusual adjustments, and provide further insight into the cash impact resulting from the different treatments of goodwill for financial reporting and tax purposes.

the United States

  • Adjusted EBITDA is a non-GAAP financial measure that represents GAAP net income attributable to Solera Holdings, Inc., excluding (i) interest expense, (ii) provision for income taxes, (iii) depreciation and amortization, (iv) stock-based compensation expense, (v) restructuring charges, asset impairments, and other costs associated with exit or disposal activities, (vi) other (income) expense, net and (vii) acquisition and related costs. Acquisition and related costs include legal and professional fees and other transaction costs associated with completed and contemplated business combinations and asset acquisitions, costs associated with integrating acquired businesses, including costs incurred to eliminate workforce redundancies and for product rebranding, and other charges incurred as a direct result of our acquisition efforts. These other charges include changes to the fair value of contingent purchase consideration, acquired assets and assumed liabilities subsequent to the completion of the purchase price allocation, purchase price that is deemed to be compensatory in nature and gains and losses resulting from the settlement of a pre-existing contractual relationship with an acquire. A reconciliation of our Adjusted EBITDA to GAAP net income attributable to Solera Holdings, Inc., the most directly comparable GAAP measure, is provided in the attached table.

SOLERA HOLDINGS, INC.

RECONCILIATION TO ADJUSTED EBITDA

FOR THE THREE AND SIX MONTHS ENDED DECEMBER 31, 2010 AND 2009

(In thousands, except per share amounts)

(Unaudited)

Three Months Ended
December 31,

Six Months Ended
December 31,

2010

2009

2010

2009

Net income attributable to Solera Holdings, Inc.

$ 30,919

$ 23,278

$   60,043

$   43,261

Add: Income tax provision

7,722

7,908

16,322

14,439

Net income attributable to Solera Holdings, Inc. before income tax provision

38,641

31,186

76,365

57,700

Add: Depreciation and amortization

20,354

22,685

39,906

44,320

Add: Restructuring charges, asset impairments and other costs of exit and disposal activities

(991)

1,731

1,499

3,460

Add: Acquisition and related costs

633

524

1,837

2,138

Add: Interest expense

7,365

8,610

14,684

17,374

Add: Other expense, net

3,349

150

2,673

564

Add: Stock-based compensation expense

2,684

1,945

4,754

3,433

Adjusted EBITDA

$ 72,035

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