Last week, Autotrader.com announced they are filing for Initial Public Offering (IPO). With a few days to examine the 250 page document, detailing the filing, the numbers are in. What kind of profitability does Autotader.com have? Revenue? Expenses? It is all out there now. But we found more interest in what they paid for their last round of purchases. Here are the numbers as best can be summarized:
VinSolutions was acquired for $134.6M cash and up to $15M in earn-outs with $13M paid as of April 2012
- VinSolutions revenue was $12.8M as of March 31, 2012
- $4.6M operations costs, $2.1M marketing, $3.3M general administrative
vAuto was acquired for $192.8M cash and up to $34.5M in earn-outs with all paid in full
- Revenue was $35M between Jan 1 – Oct 15, 2010
HomeNet was acquired for $61.6M cash
- purpose was to enhance internal technology development capabilities and not to provide revenue
- took goodwill impairment charges attributable to HomeNet of $36.4M in 2011 and a further $11.1M in Q1 2012
- intangible asset impairment charge attributable to HomeNet of $4.5M in Q1 2012 based on “events occurring in late April 2012”: “significant customer migration issues during a late-April 2012” and higher costs from an “imminent data license agreement”
KBB was acquired for $532.4M in cash without earn-outs
Maybes based on two non-binding letters of intent for un-named companies in March of 2012 around $16M
- acquire the assets of a dealer inventory management tool provider?
- acquire equity interest in an online data provider?
For more information on what an Initial Public Offering is see the simple definition of IPO. A colorful discussion is happening about this within the DealerRefresh forums right now: Autotrader going public.
