CDK Global, Inc. (CDK) 2022 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to CDK Global Q2 2022 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

女士們，先生們，感謝大家的支持，歡迎參加 CDK Global 2022 年第二季財報電話會議。 （操作員指示）請注意，今天的會議正在錄音。 （操作員指令）

I would now like to turn the conference over to your speaker for today, Reuben Gallegos. You may begin.

現在我想將會議交給今天的發言人 Reuben Gallegos。你可以開始了。

Thank you, and good afternoon. I'd like to welcome you to our second quarter fiscal 2022 earnings call. Joining me on today's call are CEO, Brian Krzanich; Chief Operating Officer, Joe Tautges; our CFO, Eric Guerin; and Mahesh Shah, our Chief Product and Technology Officer. Following their prepared remarks, we'll be taking questions.

謝謝，下午好。歡迎您參加我們的 2022 財年第二季財報電話會議。參加今天電話會議的還有執行長 Brian Krzanich；營運長 Joe Tautges；我們的財務長 Eric Guerin；以及我們的首席產品和技術長 Mahesh Shah。在他們發表準備好的發言後，我們將回答問題。

Our earnings press release was issued after the close of the market today and is posted on our Investor Relations website at investor.cdkglobal.com, where this call is being simultaneously webcast. In addition, our website includes an updated Excel schedule of supplemental financial information and a copy of our results presentation that we will be referencing during our prepared remarks.

我們的收益新聞稿是在今天市場收盤後發布的，並發佈在我們的投資者關係網站 investor.cdkglobal.com 上，本次電話會議將在該網站上同步進行網路直播。此外，我們的網站還包含更新的補充財務資訊的 Excel 表和我們的業績報告副本，我們將在準備好的演講中參考這些資訊。

Throughout today's call, we will be discussing our continuing operations only, which do not include the International business results, which are presented as discontinued operations.

在今天的電話會議中，我們將只討論我們的持續經營業務，其中不包括作為停止經營業務呈現的國際業務業績。

Unless otherwise noted, all references to financial amounts during our call are on a non-GAAP adjusted basis. Reconciliations of adjusted amounts to the most directly comparable GAAP amounts are included in this afternoon's press release. Please also note that all growth percentages, refer to the year-over-year change for that period, unless otherwise specified.

除非另有說明，否則電話會議中引用的所有財務金額均基於非 GAAP 調整後的基礎。今天下午的新聞稿中包含了調整後金額與最直接可比較的 GAAP 金額的對帳。另請注意，除非另有說明，所有增長百分比均指該時期的同比變化。

I would like to remind everyone that remarks made during this call may contain forward-looking statements. These statements involve risks and uncertainties as further detailed in our filings with the SEC, which could cause actual results to differ materially from those mentioned in the forward-looking statements.

我想提醒大家，本次電話會議的言論可能包含前瞻性陳述。這些聲明涉及風險和不確定性，我們向美國證券交易委員會提交的文件中進一步詳細說明，這可能導致實際結果與前瞻性聲明中提到的結果有重大差異。

And with that, it's my pleasure to turn the call over to BK.

現在，我很高興將電話轉給 BK。

Thanks, Reuben. And thanks to everyone for joining the call today. I hope you have all had a good start to the new year. As we begin the new calendar year and the halfway point for our fiscal year, I'd like to thank our employees, our customers and partners for their contributions to making Q2 another great quarter for CDK.

謝謝，魯本。感謝大家今天參加電話會議。我希望大家新的一年都有一個好的開始。當我們開始新的日曆年和財政年度的中點時，我要感謝我們的員工、客戶和合作夥伴，他們為 CDK 第二季度又一個偉大的季度做出了貢獻。

For the second quarter, CDK continued to execute to our expectations. With revenue of $437 million, EBITDA of $168 million and EPS of $0.74 per share, which is a remarkable result. Our focused investments in strengthening our core products, including significant improvements to our customer service and technology solutions have distinguished us from the competition and resulted in a 12th consecutive quarter of year-over-year site growth.

第二季度，CDK 繼續達到我們的預期。營收為 4.37 億美元，EBITDA 為 1.68 億美元，每股收益為 0.74 美元，這是一個了不起的成績。我們專注於加強我們的核心產品，包括對客戶服務和技術解決方案的重大改進，這使我們在競爭中脫穎而出，並連續 12 個季度實現同比增長。

Now before I get into some additional commentary on the industry, I wanted to mention that I'm excited that you'll have the opportunity to hear from Mahesh Shah, our Chief Product and Technology Officer, during today's call.

現在，在我對這個行業發表一些額外的評論之前，我想說一下，我很高興您有機會在今天的電話會議上聽取我們的首席產品和技術官 Mahesh Shah 的演講。

And many of you have asked for additional insight on our product road map, engineering acquisition integration and the R&D investment required to execute our road map. I'm excited about our progress in these areas. Felt this would be a great time to have Mahesh provide some comments and take a few questions at the end of the call.

你們中的許多人都要求對我們的產品路線圖、工程收購整合以及執行路線圖所需的研發投資提供更多見解。我對我們在這些領域的進展感到非常興奮。覺得這是一個讓 Mahesh 在通話結束時提供一些評論並回答幾個問題的好時機。

I believe there has never been a more exciting time to be in the automotive industry. And several trends are creating new opportunities for CDK to continue to drive innovations that elevate the consumer experience when buying and owning a vehicle. And the most significant trend is the demand by consumers to start the buying process online. However, most people still want to finalize the deal in store. In order to meet consumer expectations, OEMs and dealers will need to collaborate and provide a seamless experience, a one that transitions easily from digital to physical.

我相信，現在是汽車產業最令人興奮的時刻。多種趨勢為 CDK 創造了新的機遇，使其能夠繼續推動創新，並提升消費者購買和擁有汽車時的體驗。最顯著的趨勢是消費者需要開始線上購買流程。不過，大多數人仍然希望在商店完成交易。為了滿足消費者的期望，原始設備製造商和經銷商需要合作並提供無縫體驗，即輕鬆從數位過渡到實體的體驗。

A great example of this is our collaboration with Hyundai Motor America. The CDK Roadster solution is being used to connect HyundaiUSA.com visitors with its dealer network digital retailing capabilities, leveraging our robust retail APIs from Roadster.

我們與現代汽車美國公司的合作就是一個很好的例子。 CDK Roadster 解決方案用於將 HyundaiUSA.com 訪客與其經銷商網路數位零售功能連接起來，利用我們 Roadster 強大的零售 API。

Hyundai's new program further streamlines the car buying experience by helping consumers who start their shopping journey at HyundaiUSA.com to instantly discover local dealership pricing while seamlessly transitioning them to a local dealership for the completion of the purchase, whether online or in-store.

現代的新計劃進一步簡化了購車體驗，幫助在 HyundaiUSA.com 開始購物的消費者立即發現當地經銷商的價格，同時無縫過渡到當地經銷商完成購買，無論是在線還是在店內。

Another exciting trend that we are driving innovation around is the connected vehicle. According to Statista, 80% of cars sold in the U.S. are now connected. And by 2025, this will grow to roughly 100%. Yet in a recent study by CDK, only 58% of shoppers are even aware of connected car technology. This is an area where OEM and dealer collaboration will be essential.

我們正在推動創新的另一個令人興奮的趨勢是連網汽車。據 Statista 稱，目前美國銷售的 80% 汽車都已連網。到 2025 年，這一比例將增長至約 100%。然而，CDK 最近的一項研究表明，只有 58% 的購物者知道連網汽車技術。在這個領域，OEM 和經銷商的合作至關重要。

The customers are very excited about our work in leveraging artificial intelligence to drive insights at the intersection of connected car data and dealer systems. And OEMs and dealers are increasingly using data to provide customers with experiences that predict when a service is needed and even proactively schedule the appointment creating a seamless car owning experience.

客戶對於我們利用人工智慧在連網汽車數據和經銷商系統交叉領域推動洞察的工作感到非常興奮。原始設備製造商和經銷商越來越多地使用數據為客戶提供體驗，預測何時需要服務，甚至主動安排預約，創造無縫的汽車擁有體驗。

Lastly, I would be remiss if I didn't mention the implications of the growing adoption of electric vehicles. First, let's get grounded on the data. While EV is an exciting future, by 2030, research done by a global consulting firm, estimates that only 32% of the new car sales will be EV and EVs will make up less than 10% of the car park. Change is happening, but it's an evolution, and our dealer customers will play a central role. As the EV market scales, traditional OEMs will be the dominant distributor of EVs. Again, based on our research, by 2030, 83% of all EVs will be distributed through the dealer networks of incumbent OEMs.

最後，如果我不提及電動車日益普及的影響，那就太失禮了。首先，讓我們以數據為基礎。雖然電動車是一個令人興奮的未來，但一家全球顧問公司的研究估計，到 2030 年，新車銷售中只有 32% 將是電動車，而電動車在停車場中所佔比例將不到 10%。變化正在發生，但這是一種進化，我們的經銷商客戶將發揮核心作用。隨著電動車市場規模的擴大，傳統原始設備製造商將成為電動車的主要經銷商。同樣，根據我們的研究，到 2030 年，83% 的電動車將透過現有 OEM 的經銷商網路銷售。

These OEMs see the dealer as a strategic competitive differentiator against the direct-to-consumer EV players, and we'll be using their dealer networks to both assist with sales and provide a superior service experience.

這些 OEM 將經銷商視為與直接面向消費者的電動車廠商的策略競爭優勢，我們將利用他們的經銷商網路協助銷售並提供卓越的服務體驗。

Now in closing, this is an exciting time to be in the automotive industry. The auto market is large and growing, and we believe dealerships will remain the dominant channel for all car sales. CDK is uniquely positioned at the heart of the automotive ecosystem to connect our industry. And through our technology, we unite dealerships, software developers and OEMs. It's through these connections that we share expertise and facilitate collaboration for the benefit of everyone.

最後，對於汽車產業來說這是一個令人興奮的時刻。汽車市場規模龐大且不斷成長，我們相信經銷商仍將是所有汽車銷售的主要管道。 CDK 在汽車生態系統的核心中佔據著獨特的地位，連接著我們的產業。透過我們的技術，我們將經銷商、軟體開發商和原始設備製造商團結在一起。透過這些聯繫，我們可以分享專業知識並促進合作，從而讓每個人受益。

So now I'm excited to turn the call over to Mahesh.

所以現在我很高興將電話轉給馬赫什。

Thanks, BK, and good afternoon, everybody. I'm happy to join the call today and provide some highlights relating to the investments we've made in our product road map over the last couple of years. I'll start by sharing an overview of the architecture, our innovation efforts and provide an update on the progress we have made with acquisition integration over the last 12 months.

謝謝，BK，大家下午好。我很高興參加今天的電話會議，並提供一些有關我們過去幾年在產品路線圖上投資的亮點。我將首先概述我們的架構和創新工作，並提供過去 12 個月我們在收購整合方面取得的進展。

Hopefully, at the end of this, you'll have a better sense of how these efforts tie together as well as an appreciation for how they are already impacting customer response and contributing to our financials. I look forward to providing regular updates on these efforts and future earnings calls and in meetings with you over the course of the year.

希望在閱讀本文後，您能夠更好地了解這些努力如何結合在一起，並了解它們如何影響客戶反應並為我們帶來財務貢獻。我期待在今年的財報電話會議和與您的會議中定期更新這些努力和進展。

First off, regarding our architectural footprint. We have provided supplemental material this quarter, including a slide showing the architecture of our solutions. What we've built over the last 2 years is a connected cloud platform architecture that is deployed in the cloud and utilizes common building blocks, which are developed by CDK to speed innovation, integration and deployment of new functionality.

首先，關於我們的建築足跡。我們本季提供了補充資料，包括展示我們解決方案架構的幻燈片。我們在過去兩年中建構的是一個部署在雲端的互聯雲端平台架構，它利用由 CDK 開發的通用建構塊來加速新功能的創新、整合和部署。

This concept is not new in software development and a similar model has also been used in the automotive industry with the concept of a common chassis with reusable components that are paired with unique styles, engines and capability layered on top.

這個概念在軟體開發中並不新鮮，汽車產業也使用了類似的模型，即採用通用底盤，配備可重複使用的組件，並在其頂層搭配獨特的風格、引擎和功能。

In our space, components like document management and e-signature can be utilized by any application using our APIs without having to be built into each application separately. This unlocks a tremendous amount of efficiency we didn't have just 2 years ago. Data, which was once fragmented, is now connected, allowing us to deliver insights and to enable a trusted stream of data that is critical to the emerging connected car adoption.

在我們的領域，任何使用我們的 API 的應用程式都可以使用文件管理和電子簽名等元件，而無需單獨建置到每個應用程式中。這大大提高了我們兩年前還未曾有過的效率。曾經分散的數據現在已經連接起來，使我們能夠提供見解並實現可信賴的數據流，這對於新興的連網汽車應用至關重要。

Applications, which were once siloed with limited workflow capability are now integrated through shared services, making the sales process much simpler for dealers. This is enabled by hundreds of modern APIs that facilitate integration and by a cloud environment that uses standard containers and product images, which improve deployment and management of our products while running at scale across thousands of customer sites.

曾經工作流程能力有限的孤立應用程式現在可以透過共享服務進行集成，從而使經銷商的銷售流程變得更加簡單。這是透過數百個促進整合的現代 API 和使用標準容器和產品鏡像的雲端環境實現的，這些 API 和雲端環境可以在數千個客戶站點上大規模運行時改善我們產品的部署和管理。

The structure I just described is like what other software peers sometimes call a Platform as a Service, and it's central to our efforts to simplify the development and deployment of cloud-based applications.

我剛才描述的結構類似於其他軟體同行有時所說的平台即服務，它是我們簡化基於雲端的應用程式的開發和部署的努力的核心。

Now turning to our innovation efforts. Using our cloud platform, we are updating our products and moving faster and developing and deploying new software while driving innovation. Platforms are critical as they allow us to leverage reasonable components and deliver continuity of information across our products, ultimately, simplifying the experiences our customers have with our software.

現在來談談我們的創新努力。利用我們的雲端平台，我們正在更新我們的產品並加快發展速度，並在推動創新的同時開發和部署新的軟體。平台至關重要，因為它們使我們能夠利用合理的組件並在我們的產品中提供資訊的連續性，最終簡化客戶使用我們軟體的體驗。

We are using this public cloud-based platform to update our DMS software in areas that benefit our customers' workflow the most. And we are driving a very regular quarterly cadence of workflow and interface improvements. For example, we have now deployed several simplifications in our accounting workflows that enable customers to simply capture invoices by taking a picture with a mobile phone and loading them into the system for digital payment.

我們正在使用這個基於公有雲的平台來更新我們的 DMS 軟體，以最有利於我們客戶的工作流程。我們每季都會定期進行工作流程和介面改進。例如，我們現在已經在會計工作流程中採用了多項簡化措施，使客戶只需用手機拍照即可獲取發票，並將其加載到系統中進行數位支付。

Our Lightspeed product used by customers in power sports, marine and RVs has just undergone a significant upgrade and will be migrated to a public cloud over time. The refresh platform now includes capabilities like embedded tax, new signature and has led to revenue expansion opportunities in that customer set. On the truck and agriculture side, we are now introducing additional solutions such as Elead CRM, heavy equipment, integrated rental and cybersecurity are helping drive growth.

我們的 Lightspeed 產品供動力運動、船舶和房車領域的客戶使用，該產品剛剛進行了重大升級，並將隨著時間的推移遷移到公有雲。更新後的平台現在包括嵌入式稅收、新簽名等功能，並為該客戶群帶來了收入擴大機會。在卡車和農業方面，我們現在推出了其他解決方案，例如 Elead CRM、重型設備、綜合租賃和網路安全，以幫助推動成長。

Turning to acquisitions. The architectural work we've completed has allowed us to rapidly integrate our recent acquisitions and benefit our customers who are excited to deploy these new solutions and their dealerships. First off, I'm pleased to say we've integrated Roadster with our product portfolio and are now enabling a simplified sales process for dealers.

轉向收購。我們已完成的架構工作使我們能夠快速整合最近的收購，並使那些熱衷於部署這些新解決方案的客戶及其經銷商受益。首先，我很高興地說我們已經將 Roadster 融入我們的產品組合中，現在為經銷商提供了簡化的銷售流程。

Last quarter, we mentioned that the engineering teams of Roadster and Elead merged under one leader to help create an efficient development team. These teams have moved rapidly and we're happy with the progress and the resulting positive response from our customers.

上個季度，我們提到 Roadster 和 Elead 的工程團隊合併在一位領導之下，以幫助創建一支高效的開發團隊。這些團隊行動迅速，我們對所取得的進展以及客戶的積極回應感到非常滿意。

When using our CDK modern retail product suite, we are now able to support a simple online experience where dealer customers can complete a full purchase online or through a seamless and synchronized combination of online and in-store. Through a combination of Roadster in our cloud platform, we have now digitized the entire workflow.

使用我們的 CDK 現代零售產品套件時，我們現在能夠支援簡單的線上體驗，經銷商客戶可以在線上完成整個購買，或透過線上和店內的無縫同步組合完成購買。透過結合我們雲端平台中的Roadster，我們現在已經將整個工作流程數位化了。

Salty has been fully integrated into our portfolio, taking just 30 days to complete. Workflow automation to initiate the insurance process for a vehicle have been seamlessly integrated into the sales process and the product has already been deployed with a number of dealers. This is remarkable given we just closed the deal in Q1. Customer adoption has been brisk, and we have seen a significant level of interest from our dealers to deploy in the coming months.

Salty 已完全融入我們的產品組合，僅用 30 天就完成。啟動車輛保險流程的工作流程自動化已無縫整合到銷售流程中，並且該產品已在多家經銷商部署。考慮到我們剛剛在第一季完成這筆交易，這真是太了不起了。客戶採用得非常迅速，我們看到經銷商對未來幾個月的部署表現出了濃厚的興趣。

Neuron has continued to grow and recently added a large U.S. OEM as a customer. Our customers are using our data science capabilities and products, the performance suite and new real-time data APIs that allow OEMs and dealers to gain visibility to critical supply chain data such as inventory and vehicle information to support sales of new and used vehicles.

Neuron 持續發展，最近又增加了一家大型美國 OEM 作為客戶。我們的客戶正在使用我們的數據科學功能和產品、性能套件和新的即時數據 API，使 OEM 和經銷商能夠了解關鍵供應鏈數據（例如庫存和車輛資訊），以支援新車和二手車的銷售。

Neuron is also being leveraged as a built-in component of our core products including within CDK Service, where we have deployed the predictive service capability beginning with a top 5 OEM. The pipeline is healthy for FY '22, which will add to a healthy customer base of OEMs, dealers and automotive ISVs.

Neuron 也被用作我們核心產品的內建組件，包括 CDK 服務，我們已經從前 5 大 OEM 開始部署了預測服務功能。 22 財年的通路狀況良好，這將增加 OEM、經銷商和汽車 ISV 的健康客戶群。

Fortellis is critical to executing our strategy to become the enabler of product innovation and Fortellis' capabilities are foundational to our modernization efforts, providing an efficient way for us to enable the benefits of our open architecture approach.

Fortellis 對於執行我們成為產品創新推動者的策略至關重要，而 Fortellis 的能力是我們現代化努力的基礎，為我們提供了一種有效的方式來發揮我們的開放式架構方法的優勢。

In addition to internally-focused benefits, we continue to add new APIs and applications into our Fortellis marketplace both from CDK and third parties and connect them into our customer workflows, enabling a faster pace of innovation for our customers. We believe this will allow us to be much more agile in meeting our customers' needs today and tomorrow and will differentiate us as many OEMs and dealers look to pare back the number of software providers they use in order to lower the complexity and cost of their operation.

除了內部關注的優勢之外，我們還繼續向我們的 Fortellis 市場添加來自 CDK 和第三方的新 API 和應用程序，並將它們連接到我們的客戶工作流程中，從而加快我們的客戶創新速度。我們相信，這將使我們能夠更加靈活地滿足客戶當前和未來的需求，並將使我們脫穎而出，因為許多原始設備製造商和經銷商都希望減少他們使用的軟體供應商的數量，以降低其營運的複雜性和成本。

The traction we've seen has been remarkable and gives us confidence this platform is resonating with our customers and partners as a prime resource for software development and innovation for the automotive industry.

我們看到的吸引力非常顯著，並且讓我們有信心，這個平台正在與我們的客戶和合作夥伴產生共鳴，成為汽車行業軟體開發和創新的主要資源。

I'm proud of what we have built over the last few years. And as I look into the next few quarters, we will continue to invest in innovation efforts, which allow us to execute our road map while keeping R&D expense as a percent of revenue at current levels, which I think are healthy and sustainable. I'm excited about the ongoing innovation this will introduce for our customers in the coming year, and I look forward to meeting with you again soon.

我對我們過去幾年所取得的成就感到自豪。展望未來幾個季度，我們將繼續投資於創新工作，這使我們能夠執行路線圖，同時將研發費用佔收入的百分比保持在當前水平，我認為這是健康和可持續的。我很高興看到我們在未來一年將為客戶不斷推出創新，並期待很快再次與您見面。

Now I'll turn the call over to Joe.

現在我將電話轉給喬。

Thanks, Mahesh, and welcome, everyone, to the call. I want to start by adding some context around the strategy and technology updates that BK and Mahesh covered earlier with respect to our go-to-market activities.

謝謝，馬赫什 (Mahesh)，歡迎大家參加電話會議。首先，我想介紹一下 BK 和 Mahesh 之前提到的有關我們進入市場活動的策略和技術更新的背景。

We are proud of the performance we had this quarter with revenue growth of 7.5%. Our growth is being driven through leveraging the deep customer relationships built by our sales organization, the delivery of superior customer experience by all of our customer-facing teams and our market-leading solutions and technology.

我們對本季的業績感到自豪，營收成長了 7.5%。我們的成長得益於我們的銷售機構建立的深厚客戶關係、所有面向客戶的團隊提供的卓越客戶體驗以及我們市場領先的解決方案和技術。

The way we think about growth is: number one, maintaining foundational building blocks where we grow our installed base of customers. We have been doing this quarter-after-quarter, both in our foundational DMS as well as in our broader applications, and you are seeing that come through in the financials.

我們對成長的看法是：第一，維護我們擴大客戶群的基礎構件。我們每個季度都在基礎 DMS 以及更廣泛的應用程式中進行這項操作，並且您會在財務中看到這一點。

Number two, serve the market with innovative solutions that address key market trends, which you've seen in our investments around the success and adoption of digital retailing and modernizing the service experience. Mahesh talked about the depth of the technology investment we have made in these areas, and that's already making a meaningful contribution to our revenue per site growth.

第二，透過創新解決方案服務市場，解決關鍵的市場趨勢，這一點您已經從我們在數位零售的成功和採用以及現代化服務體驗方面的投資中看到了。馬赫什 (Mahesh) 談到了我們在這些領域進行的技術投資深度，這已經為我們每個站點的收入成長做出了有意義的貢獻。

As we continue to scale these innovative solutions into the market, we are seeing unprecedented adoption and attribute this to our relationships with our customers and the trust we have built with them.

隨著我們不斷將這些創新解決方案推向市場，我們看到了前所未有的採用，並將其歸功於我們與客戶的關係以及我們與他們建立的信任。

And lastly, over the last couple of years, we have planted several seeds for investment, both organically and inorganically that are additive and gives us confidence we can grow well into the future. Mahesh touched upon several of these new investments, including Salty, Neuron and Fortellis.

最後，在過去的幾年裡，我們播下了幾顆投資的種子，既有有機的，也有無機的，它們都有附加價值，讓我們有信心在未來能很好地發展。 Mahesh 談到了幾項新投資，包括 Salty、Neuron 和 Fortellis。

I'm excited to share with you that yesterday we officially announced CarSource. CarSource is an online wholesale marketplace that connects dealers to used vehicle inventories nationwide through a seamless integration with CDK's industry-leading dealership management system, CDK Drive.

我很高興地與大家分享，昨天我們正式宣布了 CarSource。 CarSource 是一個線上批發市場，透過與 CDK 行業領先的經銷商管理系統 CDK Drive 無縫集成，將經銷商與全國各地的二手車庫存連接起來。

The new solution is an added benefit to dealers using CDK Drive that creates opportunities for time and money savings. It enables automated inventory listings to the marketplace from a large trusted network of actively governed and screen sellers nationwide.

新的解決方案為使用 CDK Drive 的經銷商帶來了額外的好處，創造了節省時間和金錢的機會。它能夠從全國範圍內積極管理和篩選的賣家組成的大型可信任網路自動向市場提供庫存清單。

It also allows dealers, including those using other dealer management systems to search or bid on vehicles at no cost and offers the most competitive wholesale transaction fees with discounts for CDK customers. This is another great example of how we are leveraging our unique position within the automotive ecosystem to create a seamless, integrated experience across all aspects of selling, buying and owning a vehicle from sourcing to retail sale and beyond.

它還允許經銷商（包括使用其他經銷商管理系統的經銷商）免費搜尋或競標車輛，並為 CDK 客戶提供最具競爭力的批發交易費用和折扣。這是另一個很好的例子，說明我們如何利用我們在汽車生態系統中的獨特地位，在從採購到零售等各個環節的銷售、購買和擁有汽車方面創造無縫的綜合體驗。

We're also very excited about how all these innovations are generating even more strategic conversations with OEMs. Over the last 6 months, we have had several significant planning meetings with OEMs to engage with them on their most strategic projects.

我們也非常興奮這些創新如何與 OEM 產生更具策略性的對話。在過去的 6 個月中，我們與 OEM 舉行了幾次重要的規劃會議，與他們合作進行最具策略性的專案。

Let me give you an example. A few months ago, we were asked by a top 3 OEM to partner with them on an opportunity to totally modernize the entire service experience. This included building a mobile application that would leverage connected car data, connect the customer with their local dealership, manage service alerts, warranty items and related highlights.

讓我給你舉個例子。幾個月前，一家全球排名前三的 OEM 邀請我們與他們合作，徹底實現整個服務體驗的現代化。這包括建立一個可以利用連網汽車數據的行動應用程序，將客戶與當地經銷商聯繫起來，管理服務警報、保固項目和相關亮點。

Then it facilitates the service point. The goal is to have a true digital-first experience that gives the consumer the ability to engage with the vehicle and the dealer to share all relevant service information when the appointment is scheduled. That way, when a consumer arrives at the dealer, it is seamless, integrated and a wonderful guest experience and an opportunity for everybody to win.

這樣就方便了服務點。目標是擁有真正的數位優先體驗，使消費者能夠在預約時與車輛和經銷商互動並共享所有相關的服務資訊。這樣，當消費者到達經銷商時，他們就能獲得無縫、一體化的絕妙客戶體驗，同時也是每個人獲勝的機會。

This is what's resonating with our customers and what is driving CDK to the strategic center between dealers and OEMs. We have always played an important role in facilitating collaboration between dealers and OEMs, and we expect that to expand and accelerate.

這就是引起我們客戶共鳴的原因，也是推動 CDK 成為經銷商和 OEM 之間的策略中心的原因。我們在促進經銷商和 OEM 之間的合作方面始終發揮著重要作用，我們期望這種合作能夠擴大和加速。

Now I'll share a few highlights from the quarter. Our team performed well on both sales and installations this quarter. We were able to surpass our expectations on both metrics despite a typically seasonally slower quarter that has fewer selling days and despite the abnormally low auto inventory environment.

現在我將分享本季的一些亮點。本季我們的團隊在銷售和安裝方面都表現出色。儘管本季是典型的季節性淡季，銷售天數較少，且汽車庫存環境異常低，但我們在這兩個指標上都超出了預期。

As a result of the low auto sales due to the ongoing supply chain issues, our transaction-related revenue was down slightly compared to last year with credit check providing some resiliency in Q2 to offset lower vehicle registration revenue. We expect these headwinds to persist into the third quarter.

由於持續的供應鏈問題導致汽車銷售低迷，我們的交易相關收入與去年相比略有下降，但信用檢查在第二季度提供了一定的彈性，以抵消車輛登記收入的下降。我們預計這些不利因素將持續到第三季。

Revenue per site for auto remains strong, and we hit a new RPS record in our adjacency business. Auto revenue per site grew 4% with contributions from the Roadster acquisition, representing approximately 2% and the remainder from higher-layered application penetration. We had continued traction with our strategic applications with adoption of CDK Service, Doc Cloud and Cloud Connect.

汽車單站點收入依然強勁，我們在鄰接業務中創下了新的 RPS 記錄。每個站點的汽車收入成長了 4%，其中 Roadster 的收購貢獻了約 2%，其餘部分則來自更高層次的應用程式滲透。透過採用 CDK 服務、Doc Cloud 和 Cloud Connect，我們的策略應用繼續受到青睞。

Additionally, the universal product sales team that we discussed last quarter continues to ramp and has gained traction with Elead and now includes a Roadster-focused sales team. We are excited about their ability to establish relationships with new customers by leveraging exciting new products like Roadster and Salty.

此外，我們在上個季度討論過的通用產品銷售團隊繼續擴大規模，並與 Elead 建立了合作關係，現在包括一支專注於 Roadster 的銷售團隊。我們對他們利用 Roadster 和 Salty 等令人興奮的新產品與新客戶建立關係的能力感到非常興奮。

Auto sites were up 2%, the fastest growth we've seen since 2015, while adjacency sites grew over 4% and hit another all-time high. Within auto, the strength of our product portfolio has led us to over 80 competitive wins in Q2.

汽車網站成長了 2%，這是自 2015 年以來我們看到的最快成長，而鄰近網站則成長了 4% 以上，創下了歷史新高。在汽車領域，我們強大的產品組合使我們在第二季度贏得了 80 多場競爭勝利。

Additionally, we have had another quarter of significant year-over-year cycle of CDK Service and Elead CRM. We are seeing an increase of Roadster installations, both at sites with our DMS and those where a competitor DMS is installed, and we see a significant pipeline of interest from dealers looking to add this product to their workflows in response to the modern retail trends Brian articulated earlier.

此外，CDK 服務和 Elead CRM 又經歷了一個同比顯著成長的季度。我們看到 Roadster 的安裝量正在增加，無論是在使用我們的 DMS 的站點還是在安裝了競爭對手 DMS 的站點，並且我們看到大量經銷商對該產品感興趣，他們希望將該產品添加到他們的工作流程中，以響應 Brian 先前闡述的現代零售趨勢。

The adjacency business had another strong quarter, with revenue per site growing 6%. The improvements Mahesh mentioned earlier, have generated interest from customers who are looking to modernize their DMS to help improve their operations. Our solutions in this space are very competitive, and we expect to see continued site growth in both recreational and heavy equipment parts of our business.

鄰接業務又度過了一個強勁的季度，每個站點的收入成長了 6%。 Mahesh 之前提到的改進引起了那些希望 DMS 現代化以幫助改善營運的客戶的興趣。我們在這個領域的解決方案非常有競爭力，我們預計我們的業務的休閒和重型設備部分都將繼續成長。

We can add unique value to both dealers and OEMs with our end-to-end platform, which gives our customers and partners the greatest flexibility to adapt to their markets. I am pleased with our competitive position at this point in the year. Our teams have the right products and incentives to deliver market-leading value to our customers and continue to drive our growth in coming quarters.

我們可以透過端到端平台為經銷商和原始設備製造商增加獨特的價值，為我們的客戶和合作夥伴提供最大的靈活性以適應他們的市場。我對我們今年目前的競爭地位感到滿意。我們的團隊擁有合適的產品和激勵措施，可以為我們的客戶提供市場領先的價值，並在未來幾季繼續推動我們的成長。

I'll now turn it over to Eric for the financial results and outlook.

現在我將把財務表現和展望交給 Eric。

Thanks, Joe, and good afternoon, everyone. I'll start by walking you through our second quarter results and related metrics, then conclude with commentary on our outlook for the remainder of fiscal 2022.

謝謝，喬，大家下午好。我將首先向您介紹我們的第二季業績和相關指標，然後最後評論我們對 2022 財年剩餘時間的展望。

Second quarter revenue was $436.7 million, up 7.5% versus last year. Revenue growth, excluding the impact of the acquisitions, was approximately 5%. Subscription revenue was $349 million, up 6% from the same period in fiscal 2021.

第二季營收為4.367億美元，較去年同期成長7.5%。除去收購的影響，營收成長約 5%。訂閱營收為3.49億美元，較2021財年同期成長6%。

This includes growth in core DMS and applications and from the impact of acquisitions, partially offset by the impact of ASC 842 lease accounting, which shifts a portion of the revenues for certain products out of our subscription revenue to other revenue and modest headwinds from the partner program.

這包括核心 DMS 和應用程式的成長以及收購的影響，部分被 ASC 842 租賃會計的影響所抵消，這將某些產品的部分收入從我們的訂閱收入轉移到其他收入和來自合作夥伴計劃的適度阻力。

Transaction revenue was $38 million, slightly down versus the same period in fiscal '21 due to lower vehicle registration revenue, given lower auto sales stemming from ongoing supply chain disruptions. Other revenue was $49 million, up 26%, reflecting higher hardware sales.

交易收入為 3,800 萬美元，較 21 財年同期略有下降，原因是持續的供應鏈中斷導致汽車銷售下降，導致車輛登記收入下降。其他收入為 4,900 萬美元，成長 26%，反映了硬體銷售額的增加。

Now turning to earnings. Second quarter EBITDA grew 8% to $168 million. Higher EBITDA was driven by income on higher revenue and favorable software capitalization, partially offset by higher employee-related costs and increased travel and entertainment expenses. Our effective tax rate was 25.4 in the quarter. Earnings per share for the quarter rose 25.4% to $0.74, primarily due to lower interest expense and higher revenue. Free cash flow was $125 million, up from $112 million last year.

現在來談談收益。第二季 EBITDA 成長 8%，達到 1.68 億美元。 EBITDA 成長主要是因為營業收入增加和軟體資本化前景看好，但被員工相關成本增加和差旅及娛樂費用增加部分抵銷。本季我們的有效稅率為 25.4。本季每股收益成長 25.4% 至 0.74 美元，主要由於利息支出下降和收入增加。自由現金流為 1.25 億美元，高於去年的 1.12 億美元。

We paid dividends of $18 million in the quarter, and we also repurchased $107 million of our common stock bringing us to $208 million of repurchases since we restarted the program late last year. We continue to expect to repurchase between $200 million and $250 million of stock by the end of fiscal 2022. Our balance sheet remains strong with net debt to adjusted EBITDA of 2.6x in the range of our target of 2.5x to 3x.

我們在本季支付了 1,800 萬美元的股息，同時也回購了 1.07 億美元的普通股，自去年年底重啟該計畫以來，我們的回購總額已達到 2.08 億美元。我們仍預計在 2022 財年末回購價值 2 億至 2.5 億美元的股票。我們的資產負債表依然強勁，淨負債與調整後 EBITDA 的比率為 2.6 倍，介於我們 2.5 倍至 3 倍的目標範圍內。

Now turning to guidance. I am narrowing the range for fiscal 2022 revenue and adjusted EBITDA and raising the midpoint and range for adjusted EPS. We expect full year revenue between $1.785 billion to $1.815 billion, EBITDA between $660 million and $680 million, and EPS between $2.85 and $2.95 with an effective tax rate range between 25% and 26%.

現在轉向指導。我正在縮小 2022 財年收入和調整後 EBITDA 的範圍，並提高調整後 EPS 的中點和範圍。我們預計全年營收在 17.85 億美元至 18.15 億美元之間，EBITDA 在 6.6 億美元至 6.8 億美元之間，EPS 在 2.85 美元至 2.95 美元之間，有效稅率範圍在 25% 至 26% 之間。

In summary, we are on track to meet our financial targets for the year while continuing to invest in innovation and customer success. I'm proud of our employees' execution in Q2 and look forward to driving profitable growth as we move through the remainder of fiscal 2022 and beyond.

總而言之，我們預計將實現今年的財務目標，同時繼續對創新和客戶成功進行投資。我為我們員工在第二季度的表現感到自豪，並期待在 2022 財年剩餘時間及以後推動獲利成長。

Thank you. And we will now open the line for questions. Operator?

謝謝。我們現在開始回答提問。操作員？

(Operator Instructions) Our first question comes from Josh Baer with Morgan Stanley.

（操作員指示）我們的第一個問題來自摩根士丹利的 Josh Baer。

I wanted to ask just on a couple of the key KPIs and metrics for you guys. As far as DMS sites, just the strength across autos and adjacencies was great to see again. Could you just double-click there and kind of touch on how we should think about the sustainability of those site additions? And then I have one on average revenue per site as well.

我只想問一下你們的幾個關鍵 KPI 和指標。就 DMS 站點而言，很高興再次看到汽車和鄰接範圍內的實力。您能否雙擊那裡並談談我們應該如何考慮這些網站新增內容的可持續性？然後我還有一個關於每個站點的平均收入的數據。

Josh, this is BJ. You bet. I mean, we're really proud of it. If you take a look at it, I think this is something like 12 quarters in a row now that we've had growth in our DMS sites. And I think I always tell people you really want to look at the growth in DMS sites and the revenue per site.

喬希，這是 BJ。當然。我的意思是，我們對此感到非常自豪。如果你看一下，我認為我們的 DMS 站點已經連續 12 個季度實現成長。我總是告訴人們，你真正想專注的是 DMS 站點的成長和每個站點的收入。

Those 2 metrics tell you, are we growing and are people spending more with us? And so we think this is absolutely sustainable that we can keep growing in that 1.5% to 2% rate. And that's -- if you look at the forecast that Eric just talked about for the year end guidance, that projects a 1.5% to 2% rate for the year. Joe, anything?

這兩個指標可以告訴你，我們是否在成長以及人們在我們這裡花的錢是否增加了？因此我們認為這絕對是可持續的，我們可以繼續保持 1.5% 到 2% 的成長速度。如果你看一下艾瑞克剛才談到的年底指引預測，你就會知道今年的利率預計為 1.5% 至 2%。喬，有什麼事嗎？

Yes. No, I just think you see everybody coming together, Josh. When we look at it, just you heard Mahesh talk about the technology between our sales team and our service team, everything is coming together, and we feel really good about where the teams performed and what we have ahead.

是的。不，我只是認為你看到每個人都團結在一起，喬希。當我們看著它時，正如您聽到馬赫什 (Mahesh) 談論我們的銷售團隊和服務團隊之間的技術一樣，一切都融合在一起，我們對團隊的表現以及我們的未來感到非常滿意。

Got it. And then on the revenue per site, we saw the growth on a year-over-year basis. But was wondering why did that move lower on a sequential basis? What was causing that? And how should that average revenue per site trend going forward?

知道了。然後，我們看到每個站點的收入年增。但令人疑惑的是，為什麼其價格會連續下降？是什麼原因造成的？那麼未來每個站點的平均收入趨勢將如何呢？

Yes, Josh. Thanks for the question. This is Eric. One of the big drivers there is we did have some large enterprises actually renew with us in the prior quarter. So we were a little bit higher in Q1. I would see that grow as we move forward in Q3 and Q4 on a sequential basis.

是的，喬希。謝謝你的提問。這是埃里克。其中一個重要的驅動因素是，上一季確實有一些大型企業與我們進行了續約。因此我們在第一季的業績略高一些。隨著第三季和第四季的連續推進，我認為這一數字將會成長。

Okay. So the renewal in the prior quarter, could you just explain that? How that impacted last quarter and then this quarter?

好的。那麼，您能解釋一下上一季的更新情況嗎？這對上個季度和本季有何影響？

Yes. So in the prior quarter when we renewed it, it's part of the 606 calculation. It was a quite large enterprise. So as that renewed, it shifted some of the calculation in the quarter. I would look at the year-over-year, as you saw in Joe's comments, increasing year-over-year. And what I would anticipate is that will normalize as we move forward, and we would see sequential growth moving forward in Q3 and Q4.

是的。因此，在我們更新它的上一季度，它是 606 計算的一部分。這是一個相當大的企業。因此，隨著這種情況的更新，它改變了本季的一些計算。我會看同比情況，正如你在喬的評論中看到的那樣，同比增長。我預計，隨著我們向前推進，這種情況將會正常化，我們將看到第三季和第四季持續成長。

Yes. That's helpful.

是的。這很有幫助。

Yes, maybe just to add, I mean, we've talked about before, we've seen is in that mid-single-digit range. And like Eric said, I think as you look at what we have ahead in the second half and the momentum we have, we feel that it will return as we go forward Q3, Q4 and be at a level of increase that you're used to seeing.

是的，也許只是補充一下，我的意思是，我們之前已經談過了，我們看到的是處於中等個位數範圍內。正如艾瑞克所說的那樣，我認為當你看到我們下半年的前景和勢頭時，我們感覺隨著我們進入第三季度和第四季度，這種勢頭將會回歸，並達到你所習慣看到的增長水平。

Our next question comes from Gary Prestopino with Barrington.

下一個問題來自 Barrington 的 Gary Prestopino。

A couple of questions here. Are we getting to the point now, BK, that with this great set of products that you have that complements the DMS product overall, are you getting more DMS interest from the fact that you have this great product line that is helping the dealers sell cars digitally, helping on CRM, et cetera, et cetera? Can you maybe comment on that?

這裡有幾個問題。 BK，我們現在是否可以討論這個問題，你們擁有這套出色的產品，可以整體補充 DMS 產品，你們擁有的這一系列出色的產品線是否可以幫助經銷商以數字方式銷售汽車、幫助進行 CRM 等等，從而引起 DMS 的更多興趣？您能對此發表評論嗎？

Sure. I can start and then part of the reason I wanted to have Mahesh on the call, and I think you'll see him more and more now is we're really proud of the products. We're proud of where we're at right now. And I think it's good for you to hear from the guys who are really doing the work. But absolutely, if you look at the strength we've seen already with Roadster, right?

當然。我可以開始，然後我想讓馬赫什 (Mahesh) 參加電話會議的部分原因是，我想現在你會越來越多地看到他，因為我們對這些產品感到非常自豪。我們為現在的狀況感到自豪。我認為聽聽那些真正在做這項工作的人的意見對你是有好處的。但絕對如此，如果你看看我們已經看到的 Roadster 的實力，對吧？

So we said we would integrate it within the first 100 days. Mahesh and team absolutely did that. The Roadster team has done a great job integrating in. Salty is another great example, fully integrated in.

所以我們說我們會在前 100 天內將其整合起來。 Mahesh 和他的團隊確實做到了這一點。 Roadster 團隊在整合方面做得非常出色。 Salty 是另一個很好的例子，已經完全整合。

All of these products are now really powering -- the dealerships have options, they have choices. They really like portfolio. And what they even like more is we talk to them about our road map for the future, where we're headed with digital retail, where we're headed with several other efforts. You saw things like, Gary, we announced yesterday -- yesterday or day before, CarSource.

所有這些產品現在都真正發揮了作用——經銷商有了選擇，有了選擇。他們確實喜歡投資組合。他們更喜歡的是，我們和他們討論我們未來的路線圖，我們的數位零售發展方向，以及其他一些努力的方向。加里，你看到了類似這樣的事情，我們昨天——昨天或前天——宣布了 CarSource 的消息。

That's another great example where we're delivering products to them now that actually they don't have to pay us for a -- from a software standpoint, we actually generate revenue or save them money and Salty and CarSource are 2 great examples of that. So all of those things are driving people to our business. And that's why we think we can keep this 1.5% to 2% CMS growth.

這是另一個很好的例子，我們現在向他們提供產品，實際上他們不必為此付費——從軟體的角度來看，我們實際上創造了收入或為他們節省了資金，Salty 和 CarSource 就是兩個很好的例子。所有這些都在吸引人們選擇我們的公司。這就是我們認為可以維持 1.5% 到 2% CMS 成長率的原因。

Okay. And then that gets me to my second question with CarSource. That is a transactional revenue product for CDK. You're not charging a subscription for the software or anything, right?

好的。這就引出了我對 CarSource 的第二個疑問。這是 CDK 的交易收入產品。您不會對軟體或其他任何東西收取訂閱費，對嗎？

Yes. We're -- Gary, good to talk with you. No, we're really excited, as Brian said, about the launch of our wholesale auction marketplace. And it integrates fully into the DMS. And really as soon as the dealer brings that used vehicle into the dealership, automatically saves them time to post it to the marketplace.

是的。我們—加里，很高興與您交談。不，正如布萊恩所說，我們對於批發拍賣市場的推出感到非常興奮。並且它完全整合到DMS中。事實上，一旦經銷商將二手車帶入經銷店，就會自動節省將其發佈到市場的時間。

And then you're right, it will be a transaction fee per car traded but it's an opportunity where we're going to come at a price point that allows the dealer to save meaningful amounts of money and fully integrate the post kind of the transaction within the platform.

您說得對，這將是按每輛汽車交易收取的交易費，但這是一個機會，我們將以一個價格點來讓經銷商節省大量資金，並將交易的後期完全整合到平台中。

So do you have the -- I'm sorry, go ahead, Brian.

那你有—抱歉，請說，布萊恩。

No, I was just going to say, Gary, look, one of the things a lot of people don't realize is the number of cars per month, dealers exchange between each other. And so it's a large number of cars, many more than I think people typically think. So we really have to even get a small percentage of that business, and they save just a ton of money doing that for us.

不，我只是想說，加里，你看，很多人沒有意識到的事情之一是經銷商之間每月交換的汽車數量。所以汽車的數量是很大的，比人們通常想像的要多得多。所以我們實際上必須獲得該業務的一小部分，而他們這樣做卻為我們節省了大量資金。

Do you have the capability with CarSource to do an independent inspection that kind of gives a degree of confidence from the dealer that's buying? Or is this -- or are you not doing any kind of -- or is the inspection being done by the dealer? Or how is that done? Because that's a real friction point with these online auction dealer-to-dealer platforms.

您是否有能力與 CarSource 合作進行獨立檢查，從而讓購買的經銷商有一定程度的信心？或者這是——或者您沒有做任何類型的——或者是經銷商正在進行檢查？或者說這是怎麼做到的？因為這是這些線上拍賣經銷商對經銷商平台的一個真正摩擦點。

Agree. Agree. And we've been very careful around how we've structured this. It's a full-service opportunity or full service offering. And so we partner with a nationwide inspection company to be able to make sure that inspections are performed. And we spent a lot of time, Gary, piloting this in the Midwest over the last several months and just the feedback from dealers has been positive. We've traded vehicles and we're ready to scale it.

同意。同意。我們對於如何建構這個體系非常謹慎。這是一個全方位服務機會或全方位服務產品。因此，我們與一家全國性的檢查公司合作，以確保檢查的順利進行。加里，過去幾個月我們花了很多時間在中西部地區試行這項計劃，經銷商的回饋也很正面。我們已經交易了車輛並且準備擴大規模。

So for sure, like you said, really important part of their operation and something we think where they can trade cars more quickly so they don't have the vehicle on their lot longer as auto populates and to save the money on executing the deal.

所以可以肯定的是，就像你說的，這是他們運營中真正重要的一部分，我們認為他們可以更快地交易汽車，這樣他們就不會在汽車普及後將車輛停在停車場上，從而節省執行交易的費用。

Our next question comes from Ian Zaffino with Oppenheimer.

我們的下一個問題來自奧本海默公司的伊恩·扎菲諾。

All right. I may have missed this. I don't know if you touched on this, but congratulations on the continued site count growth. Can you give us a little bit more color on that? Where have you seen most of those gains? I mean, how is the smaller side doing? And then also, was it driven by, let's say, one big contract? Or is it pretty diversified?

好的。我可能錯過了這個。我不知道您是否提到了這一點，但祝賀網站數量持續增長。您能否向我們詳細介紹一下這一點？您在哪裡看到了大部分的收益？我的意思是，較小的一方表現得怎麼樣？那麼，這是不是由一份大合約推動的？或者說它相當多元？

Ian, good to talk with you. So a couple of things going on. First, as Brian talked about, our offer is really resonating, and we're winning. We're winning across the board, whether it's smaller dealers, bigger dealers.

伊恩，很高興與您交談。有幾件事正在發生。首先，正如布萊恩所說，我們的提議確實引起了共鳴，而且我們正在獲勝。無論是小型經銷商還是大型經銷商，我們都贏了。

The other dynamic you're seeing come in is dealers are driving a significant amount of consolidation, and it's really these larger, more complex dealers, which is well suited within our technology.

您看到的另一個動態是經銷商正在推動大量整合，而這些規模更大、更複雜的經銷商確實非常適合我們的技術。

And what I would say is we're starting to get a tailwind and expect that to continue as well from the consolidation because we over-index to those larger dealers. And so yes, I think that while we don't break out the segments or the different portions of the portfolio, we're doing better, I think, across the board and really our offer's resonating.

我想說的是，我們開始獲得順風，並且預計這種順風也將透過整合繼續下去，因為我們對那些大型經銷商的​​指數化過度。所以是的，我認為，雖然我們沒有細分市場或投資組合的不同部分，但我認為，我們在各方面做得都更好，而且我們的報價確實引起了共鳴。

Maybe Mahesh some comments around your view on the technology and the workflow integration that you've done that's really enabling dealers?

也許 Mahesh 可以針對您對真正能夠幫助經銷商的技術和工作流程整合的看法發表一些評論嗎？

Yes, what you're seeing across all these questions is we're really trying to simplify some of these workflows across these dealers. And as these dealers get larger and larger, it gets even more complex.

是的，從所有這些問題可以看出，我們確實在嘗試簡化這些經銷商之間的一些工作流程。隨著這些經銷商的規模越來越大，情況變得更加複雜。

So accounting as an example, the more dealers under the same dealer groups, the more complex the accounting, and that really plays to our product strengths as you look at all of these things. And what we're really just driving is simplifying these workflows as we bring it all together with the DMS.

以會計為例，同一經銷商集團下的經銷商越多，會計就越複雜，而從所有這些方面來看，這確實發揮了我們的產品優勢。我們真正要做的就是透過 DMS 將所有這些工作流程整合在一起，從而簡化這些工作流程。

Okay. Great. And then on the subscription revenue side, was there any impact on like lease accounting ASC 842 or -- which will be 6%?

好的。偉大的。那麼在訂閱收入方面，對租賃會計 ASC 842 有什麼影響嗎——或者說是 6%？

Yes. Thanks for the question. In my prepared remarks, I highlight that there's ongoing movement with ASC 842, some kind of geography movement, some moving from subscription to other revenue. We don't break it out specifically in detail, but there'll be ongoing movement just based on that accounting treatment.

是的。謝謝你的提問。在我準備好的發言中，我強調 ASC 842 正在持續變化，某種地理變化，有些從訂閱轉向其他收入。我們不會詳細地解釋這一點，但僅基於該會計處理就會有持續的變動。

Okay. So we don't know the direction per se like -- or the actual impact?

好的。所以我們不知道本身的方向或實際影響是什麼？

Yes. I don't give a specific number. What I would say is there'll continue to be movement. It's not a significant number, but we will have that ongoing movement as that lease accounting on hardware moves some of that subscription revenue to other revenue because you recognize it upfront for 842.

是的。我沒有給出具體的數字。我想說的是，行動將會持續下去。這不是一個很大的數字，但我們會持續進行這種變動，因為硬體租賃會計會將部分訂閱收入轉移到其他收入，因為您預先確認了 842 的收入。

I'm showing no further questions in queue at this time. I'll turn the call back over to CDK's CEO, Brian Krzanich, for some concluding remarks.

顯示隊列中目前沒有其他問題。我將把電話轉回給 CDK 的執行長 Brian Krzanich，請他發表一些總結性演講。

Okay. I just -- I really want to thank everybody for joining the call. Those were great questions. I really appreciate it. I just want to end with, I'm really proud of what the team has accomplished. I want to thank all of our partners and customers for continuing to work with us and continuing to trust us to help them run their businesses.

好的。我只是——我真的要感謝大家參加這次電話會議。這些都是非常好的問題。我非常感激。最後我想說，我為團隊所取得的成就感到非常自豪。我要感謝我們所有的合作夥伴和客戶繼續與我們合作並繼續信任我們來幫助他們經營業務。

Looking forward to the rest of fiscal '22 and really looking forward to bringing you next quarter's results. So thank you very much for joining the call today, and we'll see you in a quarter.

我們期待 22 財年的剩餘時間，也真誠期待為您帶來下一季的業績。非常感謝您今天的電話會議，我們將在一個季度後與您見面。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。