First Quarter 2022 Earnings Release

CDK GLOBAL, INC. REPORTS FIRST QUARTER FISCAL 2022 RESULTS

Revenue Up 6% in the Quarter; Record Total DMS Sites

HOFFMAN ESTATES, IL, November 2, 2021 - CDK Global, Inc. (NASDAQ: CDK) today announced financial results for its fiscal 2022 first quarter ended September 30, 2021.

"This fiscal year is pivotal for CDK as we work to transform the automotive industry by connecting dealers, manufacturers, software developers and consumers and delivering a modern retail experience through refreshed products and services. Now that we've completely digitized the sales and service processes within the traditional dealership model, we are taking the next step of bringing the industry new capabilities, like Salty's Embedded Insurance®, to help consumers manage the many decisions that come with buying and owning a car," said Brian Krzanich, CDK chief executive officer. "This progress is the direct result of the investments we've made over the last few years, and we are energized by the results we are driving in our core business and financial metrics, which include accelerated revenue growth and an 11th consecutive quarter of increased auto site count."

"We had a strong start to the year, with 6% revenue growth and bottom-line results that position us well for the year," said Eric Guerin, CDK chief financial officer. "The quarter met our expectations and sets us on a trajectory to meet our financial goals for fiscal 2022 while continuing to invest in our business and in our customers' success."

First Quarter Fiscal 2022 Results

	CDK Global, Inc.	Q1 FY2022	Change from
	($ million except per share)	Q1 FY2021
	Revenue	$440.0	+6%
	GAAP Earnings before income taxes	98.3	+31%
	Non-GAAP Adjusted earnings before income taxes	126.2	+12%
	GAAP Diluted earnings attributable to CDK per share	0.59	+28%
	Non-GAAP Adjusted diluted earnings attributable to CDK per share	0.77	+22%
	GAAP Effective tax rate	25.5%	-1050 bps
	Non-GAAP Effective tax rate	23.9%	-570 bps
	GAAP Net earnings attributable to CDK	71.7	+29%
	GAAP Net earnings attributable to CDK margin	16.3%	280 bps
	Non-GAAP Adjusted EBITDA	170.3	+2%
	Non-GAAP Adjusted EBITDA margin	38.7%	-180 bps

The non-GAAP results and guidance presented in this press release represent non-GAAP financial measures. Reconciliations of these measures to the most directly comparable GAAP measures are provided in the tables at the end of this press release.

Fiscal 2022 Annual Guidance

Fiscal 2022 guidance is unchanged on both a GAAP and Non-GAAP basis.

	CDK Global, Inc. - GAAP BASIS	FY 2022 GAAP
	($ million except per share)	GUIDANCE
	Revenue	$1,780	- $1,820
	GAAP Diluted earnings attributable to CDK per share	$1.95	- $2.15
	GAAP Net earnings attributable to CDK	$235	- $265
	GAAP Effective tax rate	27.5%	- 28.5%
	CDK Global, Inc. - Non-GAAP BASIS	FY 2022 ADJ.
	($ million except per share)	GUIDANCE
	Revenue	$1,780	- $1,820
	Non-GAAP Adjusted diluted earnings attributable to CDK per share	$2.70	- $2.90
	Non-GAAP Adjusted EBITDA	$655	- $685
	Non-GAAP Adjusted effective tax rate	25.5%	- 26.5%

Website Schedules

Other financial information, including financial statements and supplementary schedules presented on a GAAP and adjusted basis, and the schedule of quarterly revenue have been updated for the first quarter ended September 30, 2021 and will be posted to the CDK Investor Relations website, https://investors.cdkglobal.com in the "Financial Information" section.

Webcast and Conference Call

An analyst conference call will be held today, Tuesday, November 2, 2021 at 4:00 p.m. CT. A live webcast of the call will be available on a listen-only basis. To listen to the webcast, go to the CDK Investor Relations website, https:// investors.cdkglobal.com and click on the webcast icon. A supplemental slide presentation will be available to download and print about 30 minutes before the webcast at the CDK Investor Relations website at https://investors.cdkglobal.com. CDK financial news releases, current financial information, SEC filings and Investor Relations presentations are accessible at the same website.

About CDK Global

CDK Global (NASDAQ: CDK) is a leading provider of integrated data and technology solutions to the automotive, heavy truck, recreation, and heavy equipment industries. Focused on enabling end-to-end, omnichannel retail commerce through open, agnostic technology, CDK Global provides solutions to dealers and original equipment manufacturers, serving over 15,000 retail locations in North America. CDK's solutions connect people with technology by automating and integrating all parts of the dealership and buying process, including the acquisition, sale, financing, insuring, parts supply, repair and maintenance of vehicles. Visit cdkglobal.com.

Safe Harbor for Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the Private Security Litigation Reform Act of 1995. All statements regarding the Company's business outlook, including the Company's GAAP and adjusted fiscal 2022 guidance; other plans; objectives; forecasts; goals; beliefs; business strategies; future events; business conditions; results of operations; financial position and business outlook and trends; and other information, may be forward-looking statements. Words such as "might," "will," "may," "could," "should," "estimates," "expects," "continues," "contemplates," "anticipates," "projects," "plans," "potential," "predicts," "intends," "believes," "forecasts," "future," "assumes," and variations of such words or similar expressions are intended to identify forward-looking statements. These statements are based on management's expectations and assumptions and are subject to risks and uncertainties that may cause actual results to differ materially from those expressed, or implied by, these forward-looking statements.

Factors that could cause actual results to differ materially from those contemplated by the forward-looking statements include: the Company's expectations regarding the continuing impacts on the Company's business of the COVID-19 pandemic; the Company's success in obtaining, retaining and selling additional services to customers; the pricing of the Company's products and services; overall market and economic conditions, including interest rate and foreign currency trends, and technology trends; adverse global economic conditions and credit markets and volatility in the countries in which we do business; auto sales and related industry changes; competitive conditions; changes in regulation; changes in technology, security breaches, interruptions, failures and other errors involving the Company's systems; availability of skilled technical employees/labor/ personnel; the impact of new acquisitions and divestitures; employment and wage levels; availability of capital for the payment of debt service obligations or dividends or the repurchase of shares; any changes to the Company's credit ratings and the impact of such changes on financing costs, rates, terms, debt service obligations, access to capital market and working capital needs; the impact of the Company's indebtedness, access to cash and financing, and ability to secure financing, or financing at attractive rates; the onset of or developments in litigation involving contract, intellectual property, competition, shareholder, and other matters, and governmental investigations; and the ability of the Company's significant stockholders and their affiliates to significantly influence the Company's decisions or cause it to incur significant costs.

There may be other factors that may cause the Company's actual results, performance or achievements to differ materially from those expressed in, or implied by, the forward-looking statements. The Company gives no assurances that any of the events anticipated by the forward-looking statements will occur or, if any of them do, what impact they will have on its results of operations and financial condition. You should carefully read the factors described in the Company's reports filed with the Securities and Exchange Commission ("SEC"), including those discussed under "Part I, Item 1A. Risk Factors" in its Annual Report on Form 10-K for a description of certain risks that could, among other things, cause the Company's actual results to differ from any forward-looking statements contained herein. These filings can be found on the Company's website at https://investors.cdkglobal.com and the SEC's website at www.sec.gov.

The Company disclaims any obligation to update or revise any forward-looking statements that may be made to reflect new information or future events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events, other than as required by law.

Investor Relations Contact:	Media Contact:
Reuben Gallegos	Tony Macrito
847.485.4000	630.805.0782
[e-mail]	[e-mail]

CDK Global, Inc.

Consolidated Statements of Operations

(In millions, except per share amounts)

(Unaudited)

		Three Months Ended
		September 30,
		2021			2020
Revenue	$	440.0	$	413.7
Expenses:
Cost of revenue		226.7			224.7
Selling, general and administrative expenses		97.6			88.6
Litigation provision		-			12.0
Total expenses		324.3			325.3
Operating earnings		115.7			88.4
Interest expense		(21.4)			(34.7)
Gain on extinguishment of debt		2.1			-
Loss from equity method investment		(1.2)			(3.4)
Other income, net		3.1			24.7
Earnings before income taxes		98.3			75.0
Provision for income taxes		(25.1)			(27.0)
Net earnings from continuing operations
	73.2			48.0
Net earnings from discontinued operations		0.5			10.0
Net earnings		73.7			58.0
Less: net earnings attributable to noncontrolling interest		2.0			2.3
Net earnings attributable to CDK	$	71.7	$	55.7
Net earnings attributable to CDK per share - basic:
Continuing operations	$	0.59	$	0.38
Discontinued operations		-			0.08
Total net earnings attributable to CDK per share - basic	$	0.59	$	0.46
Net earnings attributable to CDK per share - diluted:
Continuing operations	$	0.59	$	0.38
Discontinued operations		-			0.08
Total net earnings attributable to CDK per share - diluted	$	0.59	$	0.46
Weighted average common shares outstanding:
Basic		121.2			121.7
Diluted		122.1			122.3

The International Business is presented as discontinued operations and prior year amounts associated with the International Business have been reclassified as such. For additional information refer to Form 10-Q, Item 1 of Part I, "Notes to the Consolidated Financial Statements," Note 1 - Basis of Presentation and Note 4 - Discontinued Operations.

CDK Global, Inc.

Consolidated Balance Sheets

(In millions) (Unaudited)

	September			June 30,
		30,
		2021			2021
Assets
Current assets:
Cash and cash equivalents	$	80.8	$	157.0
Accounts receivable, net		234.8			236.4
Other current assets		161.1			168.9
Total current assets		476.7			562.3
Property, plant and equipment, net		66.4			71.8
Other assets		458.3			448.7
Goodwill		1,296.6			1,297.1
Intangible assets, net		337.1			332.7
Total assets	$	2,635.1	$	2,712.6
Liabilities and Stockholders' Equity
Current liabilities:
Current maturities of long-term debt and finance lease liabilities	$	4.8	$	7.1
Accounts payable		23.6			29.0
Accrued expenses and other current liabilities		194.8			188.1
Litigation liabilities		34.0			34.0
Accrued payroll and payroll-related expenses		48.3			81.5
Deferred revenue		29.6			28.6
Total current liabilities		335.1			368.3
Long-term liabilities:
Debt and finance lease liabilities		1,586.1			1,586.5
Deferred revenue		39.1			40.4
Deferred income taxes		112.2			111.4
Other liabilities		101.3			111.1
Total liabilities		2,173.8			2,217.7
Stockholders' Equity:
Preferred stock		-			-
Common stock		1.6			1.6
Paid-in capital		704.1			715.1
Retained earnings		2,050.6			1,997.4
Treasury stock, at cost		(2,379.5)			(2,306.0)
Accumulated other comprehensive income		70.6			72.7
Total CDK stockholders' equity		447.4			480.8
Noncontrolling interest		13.9			14.1
Total stockholders' equity		461.3			494.9
Total liabilities and stockholders' equity	$	2,635.1	$	2,712.6