CDK Global has announced financial results for its fiscal 2019 second quarter ended December 31, 2018, showing revenues for the second quarter were $509.4 million.
Effective July 1, 2018, CDK has adopted ASU 2014-09 “Revenue from Contracts with Customers” and related ASUs (ASC 606), using the modified retrospective transition approach. The company will not recast historical information and will report financial results in fiscal 2019 under both standards for the transition year for comparability purposes.
“We had a great second quarter, and we are encouraged by the revenue growth momentum in the business,” said Brian Krzanich, president and CEO. “During my first ninety days at CDK, I’ve seen opportunities across the business to improve how we partner with our dealer and OEM customers. We’re committed to providing great automotive experiences to our dealers, OEMs, and their customers by delivering world class software, support, and data insights, while enabling long-term, sustainable growth.”
CDK North America retail services showed revenues of $447.9 million (ASC 606). Revenues for ASC 605 increased 12 percent to $445 million.
CDK International showed revenues of $72 million (ASC 606), while revenues for ASC 605 decreased 3 percent to $84.6 million, and increased 1 percent on a constant currency basis.
