...CDK Global Inc.'s performance in the second half of 2022 is in line with our expectations, though profitability was hurt by acquisition-related expenses. Pro forma revenues were $916 million, up over 4% compared with the same period a year ago because of growth in dealer sites, application add-ons, and price increases. However, going-private expenses related to Brookfield's acquisition of the company as well as costs related to expense reduction initiatives hurt profitability. As a result of the acquisition, the company incurred a meaningful amount of transaction and integration costs (around $83 million) that we do not expect to repeat, and about $55 million costs related to business transformation activities. Cost savings initiatives will likely improve profitability. While we expect recessionary pressures could dent the transactions business, we think benefits from expense reduction actions could offset those headwinds and keep credit metrics somewhat consistent. We forecast EBITDA margins...
