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CDK Global, Inc. (NASDAQ: CDK) reported a 6% year-over-year revenue growth for Q3 FY2022, totaling $459.7 million. The growth was fueled by core and acquisition-related businesses, along with strong subscription performance. GAAP diluted EPS was $0.56, down 92% year-over-year; non-GAAP adjusted diluted EPS rose 13% to $0.78. Operating cash flow was $324.5 million. CDK is set to be acquired by Brookfield Business Partners, with a tender offer of $54.87 per share announced.
CDK Global announced initial results from its tender offers for three series of senior notes due 2024, 2027, and 2029. The Tender Offers are aimed at purchasing outstanding notes, with adjustments to interest rates, and amendments to the indentures governing the notes. As of May 3, 2022, over 57% of the 2024 notes, 81% of the 2027 notes, and nearly 98% of the 2029 notes were validly tendered. The Consent Time for 2024 Notes was extended to May 6, while the expiration date for all offers is now May 20, 2022. CDK anticipates completing a merger in Q3 2022.
CDK Global announced tender offers to purchase any and all outstanding Senior Notes, including 4.500% due 2024, 4.875% due 2027, and 5.250% due 2029. The offers aim to eliminate restrictive covenants under the indentures governing these notes as part of its Acquisition plan with Central Parent LLC. The acquisition is scheduled for completion in Q3 2022. The tender offers expire on May 17, 2022, with specific timelines for consent and tender. The proposal includes a total consideration with additional payments for accrued interest.
Numa has joined the CDK Global Partner Program, enhancing its AI-driven customer response platform for auto dealerships. This collaboration allows Numa to integrate with CDK’s extensive ecosystem, improving customer experiences in fixed operations. Numa’s technology ensures 100% call response, reduces BDC costs by 22%, and boosts customer satisfaction by 16%. CDK Global, valued at approximately $2 billion, supports over 15,000 retail locations in North America. The addition of Numa is expected to modernize service departments and streamline communications between dealers and customers.
CDK Global, Inc. has entered into a definitive agreement to be acquired by Brookfield Business Partners for an enterprise value of $8.3 billion. Shareholders will receive $54.87 per share, a 30% premium over the closing price prior to speculation about the sale. The Board unanimously approved the agreement and recommends shareholders tender their shares. The deal is expected to close in the third quarter of 2022, pending conditions including majority share tendering and regulatory approvals.
CDK Global's 2022 Trendsetter's Guide reveals that inventory shortages (82%) and staffing challenges (46%) remain significant for automotive dealers. Despite these hurdles, trendsetting dealers are focusing on mobile services and OEM partnerships to enhance their businesses. Key findings show 73% plan to offer service pick-up, 87% will invest in technology training, and 76% aim to strengthen OEM relationships. Surprisingly, concerns over digital marketplaces and alternative powertrains are low. The report emphasizes a positive outlook for franchise dealers in the evolving automotive landscape.
CDK Global, a leading automotive retail technology company, is showcasing its innovations at the 2022 NADA Show in Las Vegas. The exhibit features product demonstrations and insights that support over 15,000 retail locations in North America. With a revenue of approximately $2 billion, CDK emphasizes new trends and innovations in automotive retail, including advanced AI solutions such as CDK Neuron and new integrations that enhance dealership operations. The company aims to transform the auto retail experience for dealers and consumers alike.
CDK Global announced the launch of CDK Unify, a program set to enhance automotive retail software, at the upcoming NADA Show 2022 in Las Vegas from March 11-13. This new program aims to provide dealerships with a flexible, user-friendly interface and role-based workflows in a unified cloud environment. The official launch is scheduled for the fourth quarter of this year. CDK is actively seeking feedback from dealers and OEMs to refine its features before the release.
CDK Global, a key player in automotive retail technology, has opened applications for the Fueling Careers Scholarship Program. This initiative, in collaboration with the National Association of Minority Automobile Dealers, supports minority high school students. Annually, it awards up to five scholarships of
CDK Global reports that 94% of auto dealerships are reevaluating their sales processes to enhance customer experiences.
Consumer desire for low-effort purchasing experiences drives this change, with 41% of customers highlighting long wait times as a major pain point.
Despite 85% of dealerships having digital retailing solutions, inefficiencies remain during in-person transactions, leading to frustrations in sales, internet development, and finance departments.
Improvements in system integrations and workflow efficiency are necessary for dealerships to meet evolving consumer expectations.
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