2015 Q4 Form 10-Q Financial Statement

#000132731815000011 Filed on November 12, 2015

View on sec.gov

Income Statement

Concept 2015 Q4 2015 Q3 2014 Q3
Revenue $63.59M $72.41M $56.75M
YoY Change 14.64% 27.58% 51.13%
Cost Of Revenue $5.990M $5.950M $4.670M
YoY Change 20.04% 27.41% 27.95%
Gross Profit $57.60M $66.45M $52.09M
YoY Change 14.1% 27.57% 53.66%
Gross Profit Margin 90.58% 91.78% 91.79%
Selling, General & Admin $64.72M $60.44M $51.32M
YoY Change 39.09% 17.77% 73.43%
% of Gross Profit 112.36% 90.95% 98.52%
Research & Development $14.94M $12.34M $10.91M
YoY Change 52.29% 13.11% 98.0%
% of Gross Profit 25.94% 18.57% 20.94%
Depreciation & Amortization $4.800M $4.450M $3.350M
YoY Change 28.0% 32.84% 18.37%
% of Gross Profit 8.33% 6.7% 6.43%
Operating Expenses $84.78M $60.44M $51.32M
YoY Change 41.11% 17.77% 33.81%
Operating Profit -$27.18M -$10.80M -$13.53M
YoY Change 183.13% -20.16% 203.98%
Interest Expense -$90.00K $159.0K $27.00K
YoY Change 125.0% 488.89% -190.0%
% of Operating Profit
Other Income/Expense, Net $0.00 $0.00 $20.00K
YoY Change -100.0% -100.0% 100.0%
Pretax Income -$27.27M -$10.93M -$13.52M
YoY Change 183.18% -19.14% 201.79%
Income Tax $170.0K $173.0K $120.0K
% Of Pretax Income
Net Earnings -$27.44M -$11.11M -$13.64M
YoY Change 179.15% -18.59% 195.88%
Net Earnings / Revenue -43.15% -15.34% -24.03%
Basic Earnings Per Share
Diluted Earnings Per Share -$331.6K -$134.8K -$177.4K
COMMON SHARES
Basic Shares Outstanding 82.69M shares 82.38M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q4 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $112.4M $123.7M $113.0M
YoY Change -23.8% 9.47% 597.53%
Cash & Equivalents $112.4M $123.7M $113.0M
Short-Term Investments
Other Short-Term Assets $779.0K $1.848M $7.700M
YoY Change -74.38% -76.0% 2.67%
Inventory
Prepaid Expenses $6.048M $5.076M
Receivables $33.76M $37.39M $29.00M
Other Receivables $300.0K $0.00 $700.0K
Total Short-Term Assets $153.0M $168.0M $150.4M
YoY Change -17.1% 11.72% 276.0%
LONG-TERM ASSETS
Property, Plant & Equipment $71.39M $67.98M $28.70M
YoY Change 132.31% 136.86% 124.22%
Goodwill $53.27M $53.27M
YoY Change 0.0%
Intangibles $23.82M $24.85M
YoY Change -14.79%
Long-Term Investments
YoY Change
Other Assets $940.0K $989.0K $400.0K
YoY Change 95.02% 147.25% -20.0%
Total Long-Term Assets $149.4M $147.1M $111.4M
YoY Change 32.89% 32.03% 9.0%
TOTAL ASSETS
Total Short-Term Assets $153.0M $168.0M $150.4M
Total Long-Term Assets $149.4M $147.1M $111.4M
Total Assets $302.4M $315.1M $261.8M
YoY Change 1.83% 20.36% 84.11%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $18.88M $22.73M $12.40M
YoY Change 47.2% 83.33% 55.0%
Accrued Expenses $12.43M $13.31M $21.10M
YoY Change 5.45% -36.92% 64.84%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $5.000M
YoY Change -100.0% 8.7%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $39.10M $41.84M $38.40M
YoY Change 0.64% 8.96% 48.84%
LONG-TERM LIABILITIES
Long-Term Debt $27.00M $27.00M $6.000M
YoY Change 342.62% 350.0%
Other Long-Term Liabilities $1.178M $546.0K $500.0K
YoY Change 109.61% 9.2% 66.67%
Total Long-Term Liabilities $1.178M $546.0K $6.500M
YoY Change 109.61% -91.6% 2066.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $39.10M $41.84M $38.40M
Total Long-Term Liabilities $1.178M $546.0K $6.500M
Total Liabilities $69.68M $72.07M $47.10M
YoY Change 45.92% 53.01% 73.16%
SHAREHOLDERS EQUITY
Retained Earnings -$275.9M -$248.5M
YoY Change 30.77%
Common Stock $508.6M $491.5M
YoY Change 10.52%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $232.7M $243.0M $214.7M
YoY Change
Total Liabilities & Shareholders Equity $302.4M $315.1M $261.8M
YoY Change 1.83% 20.36% 84.11%

Cashflow Statement

Concept 2015 Q4 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income -$27.44M -$11.11M -$13.64M
YoY Change 179.15% -18.59% 195.88%
Depreciation, Depletion And Amortization $4.800M $4.450M $3.350M
YoY Change 28.0% 32.84% 18.37%
Cash From Operating Activities -$1.660M $2.750M $1.530M
YoY Change -120.75% 79.74% 537.5%
INVESTING ACTIVITIES
Capital Expenditures -$10.21M -$5.600M -$7.550M
YoY Change 218.07% -25.83% 244.75%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $2.000M
YoY Change -100.0% -100.0% 769.57%
Cash From Investing Activities -$10.21M -$5.600M -$5.550M
YoY Change 260.78% 0.9% 183.16%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 530.0K 590.0K 5.170M
YoY Change -98.2% -88.59% 12.39%
NET CHANGE
Cash From Operating Activities -1.660M 2.750M 1.530M
Cash From Investing Activities -10.21M -5.600M -5.550M
Cash From Financing Activities 530.0K 590.0K 5.170M
Net Change In Cash -11.34M -2.260M 1.150M
YoY Change -132.83% -296.52% -60.07%
FREE CASH FLOW
Cash From Operating Activities -$1.660M $2.750M $1.530M
Capital Expenditures -$10.21M -$5.600M -$7.550M
Free Cash Flow $8.550M $8.350M $9.080M
YoY Change -23.73% -8.04% 273.66%

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CY2014Q4 us-gaap Intangible Assets Net Excluding Goodwill
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us-gaap Interest Expense
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CY2014Q3 us-gaap Investment Income Interest
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us-gaap Investment Income Interest
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CY2015Q3 us-gaap Investment Income Interest
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us-gaap Investment Income Interest
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71000 USD
CY2015Q3 us-gaap Letters Of Credit Outstanding Amount
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CY2014Q4 us-gaap Liabilities
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CY2015Q3 us-gaap Liabilities
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CY2014Q4 us-gaap Liabilities And Stockholders Equity
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CY2015Q3 us-gaap Liabilities And Stockholders Equity
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315107000 USD
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38854000 USD
CY2015Q3 us-gaap Liabilities Current
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41840000 USD
CY2014Q4 us-gaap Line Of Credit
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0 USD
CY2015Q3 us-gaap Line Of Credit
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0 USD
CY2015Q3 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
30400000 USD
us-gaap Net Cash Provided By Used In Continuing Operations
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69180000 USD
us-gaap Net Cash Provided By Used In Continuing Operations
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-23833000 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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81072000 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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5505000 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-6988000 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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-19626000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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-4904000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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-9712000 USD
CY2014Q3 us-gaap Net Income Loss
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-38595000 USD
CY2015Q3 us-gaap Net Income Loss
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1 Segment
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OperatingIncomeLoss
-13527000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
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CY2015Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-10800000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
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800000 USD
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OperatingLeasesRentExpenseNet
2100000 USD
CY2015Q3 us-gaap Operating Leases Rent Expense Net
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1200000 USD
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OperatingLeasesRentExpenseNet
3200000 USD
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3040000 USD
CY2015Q3 us-gaap Other Assets Current
OtherAssetsCurrent
1848000 USD
CY2014Q4 us-gaap Other Assets Noncurrent
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482000 USD
CY2015Q3 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
989000 USD
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-13640000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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-38595000 USD
CY2015Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-11105000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-37467000 USD
CY2014Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
562000 USD
CY2015Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
546000 USD
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20000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
30000 USD
CY2015Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
0 USD
us-gaap Other Nonoperating Income Expense
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14000 USD
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CY2015Q3 us-gaap Preferred Stock Shares Authorized
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CY2015Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
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CY2014Q4 us-gaap Preferred Stock Shares Outstanding
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0 shares
CY2015Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
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PreferredStockValue
0 USD
CY2015Q3 us-gaap Preferred Stock Value
PreferredStockValue
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CY2015Q3 us-gaap Prepaid Expense Current
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0 USD
us-gaap Proceeds From Issuance Initial Public Offering
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69702000 USD
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0 USD
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us-gaap Proceeds From Stock Options Exercised
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1909000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
5566000 USD
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
9461000 USD
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
0 USD
CY2014Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
50655000 USD
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PropertyPlantAndEquipmentGross
95320000 USD
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30731000 USD
CY2015Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
67978000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
5000000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
0 USD
CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-210989000 USD
CY2015Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-248456000 USD
CY2014Q3 us-gaap Sales Revenue Net
SalesRevenueNet
56751000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
151178000 USD
CY2015Q3 us-gaap Sales Revenue Net
SalesRevenueNet
72405000 USD
us-gaap Sales Revenue Net
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196250000 USD
CY2014Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
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us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
97458000 USD
CY2015Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
43969000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
116135000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
20978000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
26151000 USD
CY2014Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
9771000 USD
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
21925000 USD
CY2015Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
7920000 USD
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
27215000 USD
us-gaap Stock Issued During Period Value Share Based Compensation
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CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
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CY2015Q3 us-gaap Stockholders Equity
StockholdersEquity
243041000 USD
CY2014Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
76880000 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
68315000 shares
CY2015Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
82417000 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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81637000 shares
us-gaap Nature Of Operations
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Organization and Nature of Business</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">TrueCar, Inc. (&#8220;TrueCar&#8221;) is an Internet-based information, technology, and communication services company. Hereinafter, TrueCar, Inc. and its wholly owned subsidiaries TrueCar.com, Inc. and ALG, Inc. are collectively referred to as &#8220;TrueCar&#8221; or the &#8220;Company&#8221;; TrueCar.com, Inc. is referred to as &#8220;TrueCar.com&#8221; and ALG, Inc. is referred to as &#8220;ALG&#8221;. TrueCar was incorporated in the state of Delaware in February 2005 and began business operations in April 2005. Its principal corporate offices are located in Santa Monica, California.</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">TrueCar has established an intelligent, data driven platform that allows users to obtain market based pricing data on new and used cars and to connect with TrueCar&#8217;s network of Certified Dealers. TrueCar&#8217;s platform operates on a common technology infrastructure, powered by proprietary data and analytics. Users access TrueCar&#8217;s platform through the TrueCar.com website and TrueCar mobile applications or through the car buying websites and mobile applications that TrueCar operates for its affinity group marketing partners (&#8220;Auto Buying Programs&#8221;). An affinity group is comprised of a network of members or employees that provide discounts to its members.</font></div><div style="line-height:120%;padding-bottom:16px;padding-top:8px;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">ALG provides forecasts and consulting services regarding determination of the residual value of an automobile at future given points in time, which are used to underwrite automotive loans and leases and by financial institutions to measure exposure and risk across loan, lease, and fleet portfolios. ALG also obtains automobile purchase data from a variety of sources and uses this data to provide consumers and dealers with highly accurate, geographically specific, real-time pricing information.</font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-bottom:16px;padding-top:8px;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the dates of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Assets and liabilities which are subject to judgment and use of estimates include sales allowances and allowances for doubtful accounts, the fair value of assets and liabilities assumed in business combinations, fair value of the capitalized facility leases, the recoverability of goodwill and long-lived assets, valuation allowances with respect to deferred tax assets, useful lives associated with property and equipment and intangible assets, contingencies, and the valuation and assumptions underlying stock-based compensation and other equity instruments. On an ongoing basis, the Company evaluates its estimates compared to historical experience and trends, which form the basis for making judgments about the carrying value of assets and liabilities. In addition, the Company engaged valuation specialists to assist with management&#8217;s determination of the valuation of its capitalized facility leases, fair values of assets and liabilities assumed in business combinations, and in periods prior to the Company&#8217;s initial public offering, valuation of common stock.</font></div></div>

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