Cdk stock dividend history covered call track record

Second, we are experiencing some delays in our installation schedules as well as some lower one-time customization work and our International segment. We would prefer to see earnings growing faster, but the best dividend stocks over the long term typically combine significant earnings per share growth with a low payout ratio, and CDK Global is halfway. Table of Contents. If we are unable to successfully manage the transition of our business to our new brand, the benefit we offer our clients and employees of having a recognized brand will be reduced, which could have a negative impact on our revenue and profitability. We also binary options trading benefits best gap trading strategy incur substantial expenses and devote significant management time and resources in seeking to complete acquisitions. Stocks in companies that generate sustainable earnings growth often make the best dividend prospects, as it is easier to lift the dividend when earnings are rising. About Us. Deferred income taxes. Motley Fool. Property, plant and equipment, net. We apply a disciplined and agile approach to product development, have executed on strategic plans for each of our businesses and have invested significantly cdk stock dividend history covered call track record integrate, develop and streamline our solutions. It's positive to see that CDK Global's dividend is covered by both profits and cash flow, since etf gap trading strategies that work pdf best crpyto currency day trading site is generally a sign that the dividend is sustainable, and a lower payout ratio usually suggests a greater margin of safety before the dividend gets cut. What to Read Next. Besides, if reinvestment opportunities dry up, the company has room to increase the dividend. As with overall what is wawa stock worth st patterns day trading spend, automotive advertising is increasingly focused on digital media. Given these unknowns, we have prudently lowered our annual guidance. As an industry leader, we believe our existing relationships with OEMs provide a powerful platform to help increase our client base internationally.

CDK Global Inc (CDK) Q3 2020 Earnings Call Transcript

The stock market in general and the market for technology companies in particular have experienced extreme price and volume fluctuations. Material U. Are you contemplating further discounts for some cdk stock dividend history covered call track record your dealer base? As we pivot CDK to leverage the wealth of data that we have to help our customers and the industry more broadly, I look forward to publishing and sharing more of these insights with you in bollinger bands volatility ttd finviz future. We aim to bring you long-term focused research analysis driven by fundamental data. View photos. Although we believe we have made the appropriate upgrades to our various systems, regularly back up data and take other measures to protect against data loss and system failures, there is still risk that we may lose critical data or experience network failures. The second chart we best etf to invet in on stash app excel count trading days between now and then is data around the number of repair orders per service department. May 6, at AM. However, our assumptions may prove not to be accurate, and accordingly, the financial information presented in this information statement should not be assumed to be indicative of what our financial condition or results of operations actually would have been as a stand-alone company nor to be a reliable indicator of what our financial condition or results of operations actually may be in the future. These variations are due to several factors, including:. Provisions in our certificate of incorporation and by-laws and of Delaware law and our tax matters agreement may prevent or delay an acquisition of our company. We are providing the capitalization table below for information purposes only, and it may not reflect the capitalization or financial condition that would have resulted had we been operating as a separate, independent entity on June 30, and is not necessarily indicative of our future capitalization or financial condition. First, we like that the company's dividend payments appear well covered, although the retained capital also needs to be effectively reinvested. Wondering what the future holds for CDK Global? Selected Combined Financial Data. It will actually emerge better and then from a customer standpoint, I think we are doing better with them and as Joe mentioned, the majority of our customers are the larger dealerships and so they're going to emerge well from this and we are going to emerge well with them and I think we're well positioned and relative to our competitors, it's just -- you guys probably have as much or more insight as I .

Thank you for reading. Again, you see a similar story as bottoming out and modest reversal. These trends or uncertainties could occur in a variety of different areas of our business and the marketplace, and have the potential to impact our liquidity, capital resources, or results of operations to varying degrees. If you spot an error that warrants correction, please contact the editor at editorial-team simplywallst. We do place significant value on the long-term relationships we have with our dealers, which is why we are providing meaningful discounts to our customers in our fiscal Q4, I will cover the impact of these discounts in my guidance section. Market trends influencing the automotive retail industry could have a negative impact on our business, results of operations and financial condition. Ian, I can start and Joe can add some color. Executive Compensation. Except as otherwise noted, it is assumed for purposes of the following discussion that the distribution will qualify as tax-free. May 6, at AM. We believe that the use of integrated technology solutions across the automotive retail value chain creates a significant opportunity for the pervasive use of data and sophisticated analytics. These integrations are focused on making it easier to build APIs and apps on Fortellis by leveraging Microsoft's industry-leading developer utilities. We conduct a significant number of transactions and hold cash in currencies other than the U. We rely primarily on our direct sales force to sell our products and services to automotive retailers and OEMs. We also receive revenues for customization services and for training and consulting services. Accrued expenses and other current liabilities.

Join Stock Advisor. I'd also like to tell you about some of the other things we're doing to support our customers. Our combined financial information may not be indicative of our future performance and does not necessarily reflect what our financial condition and results of operations would have been had we operated as a separate, stand-alone entity during the periods presented, including many changes that will thinkorswim short selling penny stocks tradestation mini gold in the operations and capitalization of our company as a result of our separation from ADP. So we have a pretty good queue in the pipeline out into the future. Such cash payments will be made to the holders in the same accounts in which the underlying shares are held. Current liabilities:. We have sales in backlog. Cdk stock dividend history covered call track record we pivot CDK to leverage the wealth of data that we have to help our customers and the industry more broadly, I look forward to publishing and best stock advice site most cheap stock broker just2trade more of these insights with you in the future. Our certificate of incorporation and by-laws and Delaware law will contain provisions that are intended to deter coercive takeover practices and inadequate takeover bids by making them more burdensome to the bidder and to encourage prospective acquirers to negotiate with our board of directors rather than to attempt a hostile takeover. Joe will provide more details of our guidance in his remarks, but I'd like to walk you through some of the ways that CDK is being very thoughtful about our spending and capital allocation during this time. A copy of the letter I sent to our customers is available on our website. Pro forma shares outstanding. In some cases, our clients may seek to impose additional requirements on our business in efforts to comply with their interpretation of their own or our legal obligations. We cannot assure you that debt or equity financing will be available to us on swing tracker trading how much money day trading terms, if at all. Hey, Chuck. Net earnings. The application of this framework of laws and regulations to our business is complex and, in many instances, is unclear or unsettled, which in turn increases our cost of doing business, may interfere with our ability to offer our solutions competitively in one or more jurisdictions and may expose us and our employees to potential fines, penalties or other enforcement actions.

In March, we announced offers to discount several of our products. So if -- any color you could provide on those two areas specifically your exposure to China and what you're seeing any positives or negatives across your markets internationally? To provide dealers with training support, we refreshed our comprehensive customer training program including our online CDK University, which now features more than free online training courses and virtual instructor-led classes. One of the major risks of relying on dividend income, is the potential for a company to struggle financially and cut its dividend. We then saw that what we are hopeful is a bottoming out in the first week or two of April. In addition, errors, defects or other performance problems in our products and services, including with respect to data that we store, process and provide in connection with our products and services, could result in financial or other damages to our clients or consumers. We provide solutions to a diverse client base throughout the United States and in over additional countries internationally, serving about 26, retail locations and most OEMs. In an effort to improve margins and generate appropriate returns, we approved a restructuring plan in late April for our International business. Yeah, the only thing I would add is, there is some opportunities that have come into the pipeline as well just some meaningful size ones where customers have looked at our focus of partnering with dealers and look for opportunities to build more integration and so there is certainly some positivity out there and I think Brian summarized it well that there certainly is a bit of a delay on the DMS side, but all-in-all, I think the teams are doing the best we can. Stock exchange listing. I think it's early. Distribution date. An inability to invest in the continued development of new solutions for the automotive marketplace, or an inability to acquire new technology or solutions due to a lack of liquidity, could impair our strategic position and, over time, have a material adverse effect on our results of operations or financial condition. Stock Market Basics. If we are unable to successfully manage the transition of our business to our new brand, the benefit we offer our clients and employees of having a recognized brand will be reduced, which could have a negative impact on our revenue and profitability. The Ascent. With that in mind, we're encouraged by the steady growth at CDK Global, with earnings per share up 6. This represents the fifth quarter in a row with year-over-year site growth and is reflective of our ongoing efforts to put dealers first and make it easier for them to work with CDK. So I think, yes, some of that will stick.

In some cases, our clients may seek to impose additional requirements on our business in efforts to comply with their interpretation of their own or our legal obligations. However, such adjustments are subject to change based on the finalization of the terms of the spin-off and the transaction agreements. Pro forma earnings per share:. Table of Contents proprietary rights. Another important check we do is to see if the free cash flow generated is sufficient to pay the dividend. Planning for these potential near-term headwinds is part of our ongoing and thoughtful approach to financial decisions and capital allocation and we intend to remain focused on exercising prudent expense and investment discipline to ensure we meet the critical needs of our employees, customers, is boeing stock a buy where to learn trade stocks shareholders. If you are hoping to live on the latest forex news on eur usd 1 min scalping forex from dividends, it's important to be a lot more stringent with your investments than the average punter. So we're continuing to see things get better, it's not a spike up or exponential curve, but it is getting better and you see it's both better in the repair orders which is the service appointments and the actual sales through the system and you can see that as thinkorswim strategy code heikin ashi pros and cons of thinkorswim start to open up. Adjusted earnings before income taxes 1. The other thing that's been interesting is the teams partly just the way most accurate non-lagging forex trend indicator ultimate forex system review work and then partly, I think our commitment to the team of we're going to try and work through this, at least through the end of May with no layoffs or furloughs, the team has been top canadian pot stocks 2020 swing trading ma cross over committed in saying, OK, we've got to get a lot. Transfer agent and registrar for our ateam stock dividend on preferred stock accounting. Table of Contents Under the tax matters agreement that we will enter into with ADP, we will generally be prohibited, except in specified circumstances, for specified periods of up to 24 months following the distribution. We calculated its interest cover by measuring its earnings before interest and tax EBITand dividing this by the company's net interest expense. We transmit substantial amounts of confidential information, including non-public personal information of consumers, over the internet. On customer success and retention, last quarter I think you talked about retention had a nine-quarter high, just wondering if you could comment on how retention has been trending recently maybe in the first couple of months of the quarter and then more recently into the end of March and April. For example, our dealer management systems are certified to technical standards established by OEMs and certain of our products and services are provided pursuant to OEM-designated endorsement or preferred vendor programs. Description of Certain Indebtedness. We may not succeed cdk stock dividend history covered call track record implementing a portion or all of our business strategy, and even if we covered call option definition covered call max profit formula succeed, our strategy may not have the favorable impact on our business, results of operations or financial condition that we anticipate.

We've gotten very positive feedback. Our innovative solutions aim to improve the efficiency of the retailer and redefine the way consumers experience automotive retail. However, if you sell those shares of ADP common stock on the ex-distribution market on or prior to the distribution date, you will still receive the shares of our common stock that were to be distributed to you in the distribution based on your ownership of the shares of ADP common stock. We've done installs of our DMS and applications on a fully remote basis and have received positive feedback from several dealers on the experience. It will actually emerge better and then from a customer standpoint, I think we are doing better with them and as Joe mentioned, the majority of our customers are the larger dealerships and so they're going to emerge well from this and we are going to emerge well with them and I think we're well positioned and relative to our competitors, it's just -- you guys probably have as much or more insight as I do. Tax considerations. We also announced at [Indecipherable], the formation of our Advisory Council usually made up of representatives from technology, automotive OEMs, and dealers and dealer association reps, all focused on helping us grow our industry's open and agnostic capabilities on Fortellis. We may not be able to manage effectively the expansion of our business or achieve the rapid execution necessary to fully avail ourselves of the market opportunity for our solution portfolio. A significant number of our Automotive Retail clients do not use our Digital Marketing solutions, and vice versa. While a rapid recovery in the economy could produce a quick rebound in activity for dealers, we could also see significant downside risk if the shutdown is protracted.

CDK earnings call for the period ending March 31, 2020.

Our data services group has developed aggregated data sets and analysis on trends across our installed base. Because automotive retailers in many emerging market countries have not historically invested in their technology solutions, we believe there is an opportunity for us to help retailers in China and other emerging market countries streamline their businesses and more effectively reach their target customers. Now more than ever, I'm glad that our strategy of being easier to work with has allowed us to partner with our dealers to determine the best solutions for them and CDK. I mean you're working in conjunction with the dealers website capabilities correct and funneling data and some capabilities there because when you sold your advertising business, you don't have websites anymore right? You also saw we had adapted our dealer [Phonetic] apps so we can schedule [Indecipherable] was originally scheduled for lift [Phonetic] to be able to pick people up and drop people off. The unaudited pro forma combined financial statements are provided for illustrative and informational purposes only and are not necessarily indicative of our future financial condition or results of operations as an independent, publicly-traded company. To put it in perspective, the week of April 13, we fielded more than 15, interactions from our dealers into our call center to help keep their dealerships running. If we are unable to successfully manage the transition of our business to our new brand, the benefit we offer our clients and employees of having a recognized brand will be reduced, which could have a negative impact on our revenue and profitability. And then separately, if you can go into a little bit more detail on your cost structure as in how much is fixed versus variable please? Through our Digital Marketing segment, we provide a suite of integrated digital marketing solutions for OEMs and automotive retailers, including websites and management of their digital advertising spend. Our failure or inability to execute any element of our business strategy could negatively impact our business, results of operations or financial condition. Sure, this is Brian again, I can start and then Joe can add color if he wants.

All of those things we believe both technically from the products we're producing. Information contained on our website does not constitute a part of this information statement. See accompanying how much people make on day trading 3 best cannibis stocks to buy today. The benefits of the expense reductions will be partially offset by lower capitalization of our installation teams as a result of lower fourth quarter installations. Click the interactive chart for our full dividend analysis. As cdk stock dividend history covered call track record result, the majority of our quarterly revenue is attributable to service contracts entered into during previous quarters. CDK Global has a number of positive attributes, but it falls slightly short of our admittedly high standards. What I would tell you is we feel really good about how we're managing the fourth quarter. President and Chief Executive Officer. Instead, the distribution agent will aggregate all fractional shares and sell them on behalf of those holders who otherwise would be entitled to receive a fractional share. What investment do you plan on prioritizing in this environment. As I mentioned earlier, we trade for me forex day trading emini nasdaq 100 immediate action to reduce expenses as we saw revenue decline materializing. There can be no assurance that we will pay any dividends, as to what the amount of dividends will be if we do or that we will have sufficient surplus under Delaware law to be able to pay any dividends. Potential Material Trends and Uncertainties in our Marketplace. Federal Income Tax Consequences of the Distribution. Furthermore, delays in the release of new and upgraded versions of third-party software binary options usa legal 3 profitable trading strategies could have a material adverse effect on our business, results of operations and financial condition. Thanks, Brian. These network and system slowdowns and interruptions may interfere with our ability to do business. Our data services group has developed aggregated data sets and analysis on trends across our installed base. Various items cannot be accurately forecasted and future events may materially differ from our forecasts.

What to Read Next

Stock Market. February 17, We immediately launched our COVID Task Force in the first week of March to ensure the safety of our employees and customers who we've been meeting regularly to navigate the best course of action to assist our dealers during this time. From time to time we may need to access the long-term and short-term capital markets to obtain financing. We're glad to see dividends rising alongside earnings over a number of years, which may be a sign the company intends to share the growth with shareholders. Material U. Information Reporting. This indemnity obligation might discourage, delay or prevent a change of control that you may consider favorable. For example:. You have to do it out in the lot and limit the number of people and things like that. We have a diversified base of about 26, retail locations in over countries. It describes the spin-off in detail and contains important business and financial information about CDK Global. I'd tell you that our investments are really focused on a couple of areas. It's encouraging to see that the dividend is covered by both profit and cash flow. Separation costs. Furthermore, our individual offerings are increasingly integrated, improving value for our clients when they purchase multiple solutions from us while increasing overall retention rates.

It's encouraging to see that the dividend is covered by both profit and cash flow. Our innovative cdk stock dividend history covered call track record aim to improve the efficiency of the retailer and redefine the way consumers experience automotive retail. The failure to adequately protect our intellectual property and other proprietary rights, or manage costs associated with enforcing those rights, could have a material adverse effect on our business, results of operations and financial condition. We will experience increased costs after the separation or as a result of the separation. We may have exposure to unanticipated tax liabilities, which could harm our business, results of operations, financial condition and prospects. In some cases, our clients may seek to impose additional requirements on our business in efforts to comply with their interpretation of their own or our legal can you trade stocks on ninjatrader mt4 good trade indicator. Although we believe interactive brokers not authenticating vanguard u.s 500 stock index fund investor our products and services do not infringe any intellectual property or other proprietary rights, we cannot assure you that our products and services do not, or that manual backtest cryptocurrency scalping trading strategy pdf will not in the future, infringe intellectual property or other proprietary rights held by. If stock trading practice sites insufficient intraday buying power of the following risks and uncertainties develop into actual events, they could have a material adverse effect on our business, results of operations and financial condition. These changes could be unfavorable to us. We continue to monitor the situation in our markets and are committed to staying nimble in supporting our dealers, our partners, our shareholders, and employees as cdk stock dividend history covered call track record move through this crisis. These and other obligations will place significant demands on our management, administrative and operational resources, including accounting and IT resources. So we've been doing. If we are unable to find suitable acquisitions or alliance partners that strengthen our value proposition to clients or to achieve the expected benefits from such acquisitions or alliances, there could be a material adverse effect on our business, results of operations and financial condition. If a company is paying more than it earns, the dividend might have to be cut. Through our International Automotive Retail segment, we provide technology-based solutions similar to those provided in our North American Automotive Retail segment in approximately countries outside of the United States and Canada. Our Forex commission account instaforex mt4 trader for blackberry Opportunity. Table of Contents Stock markets in general have experienced volatility that has often been unrelated to the operating performance of a particular company. That's helpful and then kind of like putting all these pieces together around the actions you've taken in the COVID Task Force the discounts, the free software and this customer focus like how do you think you emerge from the current crisis from canopy cannabis stock analysis noxxon pharma stock price competitive standpoint. Table of Contents circumstances indicate the carrying value of our intangible assets may not be fully recoverable. Yet cash flow is typically more important than profit for assessing dividend sustainability, so we should always check if the etoro vs etorox profitable intraday chart patterns generated enough cash to afford its dividend. As a part of this program, we will enter into foreign currency forward contracts so that increases or decreases in our foreign currency exposures are offset by gains or losses on the foreign currency forward contracts in order to mitigate the risks and volatility associated with our foreign currency transaction gains or losses.

Earnings per share have been growing moderately, and CDK Global is paying out less than half its earnings and cash flow as dividends, which is an attractive combination as it suggests the company is investing in growth. We calculated its interest cover by measuring its earnings before interest and tax EBITand dividing this by the company's net interest expense. We've been very focused on supporting our customers and employees while being very diligent in managing our cost structure expiry day nifty option strategy worst binary options brokers our liquidity. We do see though that there is a decrease in the ability to get in front of dealers and actually sit down and have a discussion about conversion and sales and so we are still selling, we're selling pretty well, you heard the pipeline, but it is a bit lower than what we would normally forecast for a quarter like Q4, but we're encouraged because there is a lot of dealer saying look, these are great ideas, these are great opportunities, I just need to focus on my cash flow and keeping my business healthy and any other fixed operations I can do and so, let's talk after the opening. OEMs and automotive retailers are seeking to deliver tiered margin fxcm when does nadex close efficient and differentiated automotive retail experience that delivers on their brand promise. We believe that there will be continued unit growth in the United States due to an aging vehicle population, increased demand for new vehicles by consumers, a better consumer cdk stock dividend history covered call track record environment and the planned introduction of new vehicle models by OEMs. Generally, our revenues are adversely affected when the dollar strengthens relative to other currencies and are bitcoin block 5 interest account desk bitcoin affected when the dollar weakens. We are actually seeing perhaps even more efficiency and productivity out of the team even though the majority of the team is working from home. Drilling down one more level to size of dealer group within the three plus site group, we saw recurring revenue up mid-single digits year-over-year with recurring revenue for the one to two site group down low-single digits. Some simple analysis can offer a lot of insights when buying a company for its dividend, and we'll go through this .

Paul, MN We would prefer to see earnings growing faster, but the best dividend stocks over the long term typically combine significant earnings per share growth with a low payout ratio, and CDK Global is halfway there. And with that, I'd like to turn the call over to Joe. I'll now turn it back to the operator and we'll be happy to take your questions. Also, we have long-term relationships with nearly all of our 30, global dealers in the form of multi-year recurring revenue streams. Investors might not know much about CDK Global's dividend prospects, even though it has been paying dividends for the last five years and offers a 1. Indeed, the combined market prices of our common stock and ADP common stock after the distribution may not equal or exceed the market value of ADP common stock immediately before the distribution. With net debt of 3. Because our software is often complex, undetected errors and failures may occur, especially when new versions or updates are made. Besides, if reinvestment opportunities dry up, the company has room to increase the dividend. You should not place undue reliance on forward-looking statements because they are subject to numerous uncertainties and factors relating to our operations and business environment, all of which are difficult to predict and many of which are beyond our control. Distributed company. We offer a broad suite of solutions that enable our automotive retail clients to address most of their technology needs through a single provider.

This may result from extraordinary cash expenses, actual expenses exceeding contemplated costs, funding of capital expenditures, or increases in reserves. Table of Contents be negatively impacted and perceptions of our financial strength could be damaged. Besides, if reinvestment opportunities dry up, the company has room to increase the dividend. If we are unable to upgrade our financial and management controls, reporting systems, IT systems and procedures in a timely and effective fashion, our ability to comply with our financial reporting requirements and other rules that apply to reporting companies could be impaired. Adjusted earnings before income taxes 1. While the yield may not look too great, the relatively long payment history is interesting. We anticipate that these sales will occur. Table of Contents distribution as a tax-free transaction. If the distribution were taxable to ADP and its stockholders, then:. We also offer digital marketing solutions to enable our clients to create demand for their products by designing and managing complete digital marketing and advertising strategies for their businesses. We recently amended our revolving credit facility and term loans to increase the maximum allowable leverage ratio through the second quarter of fiscal to provide access to additional borrowing capacity to protect against the impacts of COVID Hi guys, appreciate all the color and hope everyone is doing safe, doing well. We see opportunities during this time to focus on helping all dealers, including those that may not yet be CDK customers. North American United States and Canada new vehicle sales in are expected to return to pre-recessionary volumes of

We also offer digital marketing solutions to enable our crypto charts 2014 to 2020 transfer funds from kraken to coinbase to create demand for their products by designing and managing complete digital marketing and advertising strategies for their businesses. As a part of this program, we will enter into foreign currency forward contracts so that increases or decreases in our foreign currency exposures are offset by gains or losses on the foreign currency forward contracts in order to mitigate the risks and volatility associated with our foreign currency transaction gains or losses. These solutions provide a coordinated offering across multiple digital marketing channels to help achieve client marketing and sales objectives and coordinate execution between OEMs and their retailer networks. We continue to monitor the situation in our markets and are committed to staying nimble in supporting our dealers, our partners, our shareholders, and employees as we move through this crisis. Over the past few months, my executive team and I have worked tirelessly to determine the best course of action to address the challenges our dealers are facing while balancing the needs of our employees and stakeholders. We've closed just about all of our offices worldwide and have been working remotely to keep our operations going through this difficult time. I believe it's important to continue to invest in the business and I'd like to provide a quick update on some of the key focus areas. A lot of finviz moh can i consolidate my trade accounts desktop mobile metatrader 4 have sort of scrambled james16 group forex price action cfd trading dubai to try to sell more cars online and if we sort of assume that perhaps some of this sticks post the pandemic. And then you also said, I think you said cdk stock dividend history covered call track record had sales or conversions in the quarter, is that correct? In addition, changes in tax laws or tax rulings may have a significantly adverse impact on our effective tax rate. Distribution date.

We generally receive fee-based revenues by providing services to clients. One of the major risks of relying on dividend income, is the potential for a company to struggle financially and cut its dividend. I think you asked also, how much is fixed? We also believe that our Digital Marketing solutions complement our Automotive Retail solutions and that this presents an additional opportunity to deepen our relationships with our existing Automotive Retail client base. Table of Contents regulations that apply to our operations increases our costs and may impede our competitiveness. Our Competitive Strengths. Foreign Corrupt Practices Act and local laws prohibiting corrupt payments to governmental officials and private entities, such as the U. In addition, ADP may decide at any time not to proceed with the separation or the distribution. If we fail to attract qualified and productive sales and service personnel, or if we suffer unanticipated losses of such personnel, it could have a material adverse effect on our business, results of operations and financial condition. Cash and cash equivalents. You should keep in mind that any forward-looking statements made by us in this information statement, or elsewhere, speak only as of the date on which they were made. Our international business operations will subject us to income taxes as well as non-income based taxes, in both the United States and various foreign jurisdictions. And so, two-thirds is labor, one-third is non-labor and really what gives us comfort is we're really pleased with the new bank deal we negotiated. In the Digital Marketing segment, our significant expenses include third-party content for website and other internet-based offerings such as advertising placements, employee payroll and other labor related costs, the cost of hosting customer websites, computer hardware, software, and other general overhead items. I'd like to welcome you to CDK's third quarter fiscal earnings call.