Solera Holdings, Inc. Announces Third Quarter Fiscal Year 2009 Results
GAAP Third Quarter Revenue of $ 139.3 Million; GAAP Net Income per Share of $0.17, up 52.7% from Prior Year; Company Updates Previously Issued Guidance for Fiscal Year 2009
SAN DIEGO, May 7 -- Solera Holdings, Inc. , the leading global provider of software and services to the automobile insurance claims processing industry, today reported results for the third quarter of fiscal year 2009.
GAAP Results for the Quarter Ended March 31, 2009: -- Revenue for the third quarter of fiscal year 2009 was $139.3 million, a 0.9% increase over the prior year third quarter revenue of $138.0 million. After adjusting for changes in foreign currency exchange rates, revenue for the third quarter of fiscal year 2009 increased approximately 17.7% over the prior year third quarter; -- GAAP net income for the third quarter of fiscal year 2009 was $12.0 million, a 64.0% improvement over the prior year third quarter GAAP net income of $7.3 million; -- GAAP diluted net income per share for the third quarter of fiscal year 2009 was $0.17, a 52.7% per share improvement over the prior year third quarter diluted net income per share of $0.11. Non-GAAP Results for the Quarter Ended March 31, 2009: -- Adjusted EBITDA for the third quarter of fiscal year 2009 was $53.0 million, a 10.0% increase over the prior year third quarter Adjusted EBITDA of $48.1 million; -- Adjusted Net Income for the third quarter of fiscal year 2009 was $27.5 million, a 30.9% increase over the prior year third quarter Adjusted Net Income of $21.0 million; -- Adjusted Net Income per diluted share (or cash earnings per diluted share) for the third quarter of fiscal year 2009 was $0.40, a 21.9% increase over the prior year third quarter Adjusted Net Income per diluted share of $0.32.
"With third quarter revenue of $139.3 million, we continued to demonstrate solid organic growth. Our Adjusted EBITDA margin of 38.0% was ahead of consensus and very solid given the strong US Dollar versus most of the currencies we use to transact our business," said Tony Aquila, founder, chairman and CEO of Solera Holdings, Inc. "Consistent with the last few quarters, we had an overall increase in the number of claims we processed despite weakness in some markets. This illustrates the diversity and strength of our portfolio of mature and evolving markets, and the value of our products and services to our customers."
Business Statistics for the Quarter Ended March 31, 2009: -- EMEA revenue for the third quarter of fiscal year 2009 was $87.9 million, a 2.3% increase over the prior year third quarter revenue of $85.9 million. After adjusting for the changes in foreign currency exchange rates (the "FX Changes"), EMEA revenue for the third quarter of fiscal year 2009 increased 24.8% over the prior year third quarter. After excluding revenue during the third quarter of fiscal year 2009 from the acquisition of HPI, Ltd. and the FX Changes, EMEA revenue for the quarter grew approximately 9.7% over the prior year third quarter on an organic basis; -- Americas revenue for the third quarter of fiscal year 2009 was $51.4 million, a 1.4% decrease versus the prior year third quarter revenue of $52.1 million. After the FX Changes, Americas revenue for the third quarter of fiscal year 2009 increased 6.1% over the prior year third quarter. After excluding revenue during the third quarter of fiscal year 2009 from InPart Servicos Ltda. and the FX Changes, Americas revenue for the quarter grew approximately 4.7% over the prior year third quarter on an organic basis; -- Revenue from insurance company customers for the third quarter of fiscal year 2009 was $56.8 million, a 1.1% increase over the $56.2 million in revenue from insurance company customers in the prior year third quarter. After FX Changes, insurance company customer revenue increased 15.7% over the prior year third quarter; -- Revenue from collision repair facility customers for the third quarter of fiscal year 2009 was $48.7 million, a 7.5% decrease versus the $52.6 million in revenue from collision repair facility customers in the prior year third quarter. After FX Changes, collision repair facility customer revenue increased 9.6% over the prior year third quarter; -- Revenue from independent assessor customers for the third quarter of fiscal year 2009 was $13.0 million, a 9.6% decrease versus the $14.4 million in revenue from independent assessor customers in the prior year third quarter. After FX Changes, independent assessor customer revenue increased 5.8% over the prior year third quarter; -- Revenue from automotive recycling and other customers for the third quarter of fiscal year 2009 was $20.8 million, a 39.8% increase versus the $14.8 million in revenue from automotive recycling and other customers in the prior year third quarter. After FX Changes, automotive recycling and other customer revenue increased 66.2% over the prior year third quarter.