CDK executives did not comment on the company’s earnings results on Thursday.
CDK does not disclose the number of DMS customer automotive sites with their earnings results for the third fiscal quarter. As of December 31, the CDK numbered 9,181 automotive DMS customer sites. In a press release Thursday, he said the third quarter saw “strong subscription growth due to site growth, revenue growth on the site and greater use of modern retail capabilities at dealerships.”
Brookfield Business Partners plans to acquire the company later this year in a deal worth $ 8.3 billion. If the deal closes, which is expected in the third quarter of this year, Brookfield will acquire all CDK shares outstanding, with CDK shareholders receiving $ 54.87 per share in cash. After the closing, CDK shares will no longer be traded publicly.
The share price of CDK closed on Thursday at $ 54.42.
Revenues for the third financial quarter: $ 459.7 million, up 6% from a year earlier
Net income in the third quarter owned by CDK: $ 66.1 million, down 92% from a year earlier
Net income in the third quarter from long-term activities: $ 70.1 million, up 49% from a year earlier
Adjusted EBITDA for the third quarter: $ 174.5 million, up 5% from a year earlier
Instructions for fiscal year 2022: The CDK said Thursday that it does not share financial instructions for the fourth fiscal quarter or for the 2022 fiscal year. The company in February offered a benchmark of revenue of $ 1.79 billion to $ 1.82 billion and CDK-owned net income of $ 245 million to $ 275 million for the fiscal year.