Industry Newsenterprise softwareautomotive dealerscdk global
CDK Global Reports Double-Digit Earnings Decline
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5.2
Brookfield Business Partners-backed CDK Global reported a roughly 18% drop in pro forma EBITDA to about $127 million in the fourth quarter, with revenue largely unchanged at $390 million versus $392 million a year earlier and free cash flow of $8 million. The results, delivered to investors late Tuesday, coincide with post-cyberattack costs, a fall in its $4 billion term loan quote to about 68 cents, and Moody’s lowering its outlook.
Scoring Rationale
Authoritative Bloomberg reporting of meaningful credit and earnings stress, limited novelty and confined to a niche software segment.
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