CDK Global has reported financial results for its fiscal 2019 third quarter ended March 31.
Effective July 1, 2018, CDK adopted ASU 2014-09 “Revenue from Contracts with Customers” and related ASUs (“ASC 606”), using the modified retrospective transition approach. ASC 606 third quarter revenues were $602 million, while ASC 605 revenues increased 4% to $600 million.
“We had a good third quarter, and I’m pleased with the positive momentum in the business we’re seeing as we deliver on our commitment to provide great automotive experiences for our customers,” said Brian Krzanich, president and CEO. “We’re transforming the way we deliver value to, interact with, and grow with our customers, and I’m excited about the opportunities ahead for us.”
CDK retail solutions for North America had ASC 606 revenues of $450.6 million, while ASC 605 revenues increased 11% to $452.4 million.