2017 Q4 Form 10-Q Financial Statement

#000132731817000031 Filed on November 09, 2017

View on sec.gov

Income Statement

Concept 2017 Q4 2017 Q3 2016 Q3
Revenue $83.13M $82.44M $75.14M
YoY Change 12.22% 9.72% 3.78%
Cost Of Revenue $7.620M $7.090M $6.320M
YoY Change 21.73% 12.18% 6.22%
Gross Profit $75.52M $75.35M $68.82M
YoY Change 11.35% 9.49% 3.57%
Gross Profit Margin 90.85% 91.4% 91.59%
Selling, General & Admin $65.51M $63.38M $56.32M
YoY Change 16.44% 12.52% -6.81%
% of Gross Profit 86.75% 84.11% 81.84%
Research & Development $15.95M $15.36M $13.15M
YoY Change 20.2% 16.81% 6.56%
% of Gross Profit 21.12% 20.38% 19.11%
Depreciation & Amortization $4.910M $5.730M $6.030M
YoY Change -10.07% -4.98% 35.51%
% of Gross Profit 6.5% 7.6% 8.76%
Operating Expenses $86.42M $63.38M $56.32M
YoY Change 15.13% 12.52% -6.81%
Operating Profit -$10.90M -$9.146M -$6.691M
YoY Change 50.55% 36.69% -38.05%
Interest Expense -$180.0K $654.0K $645.0K
YoY Change -67.86% 1.4% 305.66%
% of Operating Profit
Other Income/Expense, Net $0.00
YoY Change
Pretax Income -$11.08M -$9.398M -$7.245M
YoY Change 42.23% 29.72% -33.73%
Income Tax $30.00K $121.0K $191.0K
% Of Pretax Income
Net Earnings -$8.480M -$9.519M -$7.436M
YoY Change 6.67% 28.01% -33.04%
Net Earnings / Revenue -10.2% -11.55% -9.9%
Basic Earnings Per Share
Diluted Earnings Per Share -$84.68K -$96.48K -$87.72K
COMMON SHARES
Basic Shares Outstanding 99.99M shares 98.50M shares 84.61M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q4 2017 Q3 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $197.8M $196.4M $103.0M
YoY Change 83.66% 90.68% -16.73%
Cash & Equivalents $197.8M $196.4M $103.0M
Short-Term Investments
Other Short-Term Assets $1.145M $2.821M $1.417M
YoY Change -49.74% 99.08% -23.32%
Inventory
Prepaid Expenses $5.475M $7.114M $7.205M
Receivables $39.17M $39.59M $35.87M
Other Receivables $100.0K $0.00 $0.00
Total Short-Term Assets $243.6M $245.9M $147.5M
YoY Change 59.28% 66.77% -12.23%
LONG-TERM ASSETS
Property, Plant & Equipment $70.71M $68.38M $67.24M
YoY Change 5.63% 1.7% -1.09%
Goodwill $53.27M $53.27M $53.27M
YoY Change 0.0% 0.0% 0.0%
Intangibles $15.91M $16.88M $20.74M
YoY Change -19.53% -18.62% -16.53%
Long-Term Investments
YoY Change
Other Assets $1.391M $1.589M $1.251M
YoY Change -10.43% 27.02% 26.49%
Total Long-Term Assets $141.3M $140.1M $142.5M
YoY Change -0.18% -1.67% -3.12%
TOTAL ASSETS
Total Short-Term Assets $243.6M $245.9M $147.5M
Total Long-Term Assets $141.3M $140.1M $142.5M
Total Assets $384.8M $386.0M $290.0M
YoY Change 30.7% 33.13% -7.98%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $18.62M $21.31M $13.01M
YoY Change 34.66% 63.8% -42.77%
Accrued Expenses $12.79M $10.95M $11.81M
YoY Change 1.65% -7.24% -11.27%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $37.98M $38.96M $33.37M
YoY Change 7.4% 16.73% -20.24%
LONG-TERM LIABILITIES
Long-Term Debt $29.10M $29.10M $28.80M
YoY Change 1.04% 1.04% 6.67%
Other Long-Term Liabilities $3.797M $3.474M $2.574M
YoY Change 41.73% 34.97% 371.43%
Total Long-Term Liabilities $3.797M $3.474M $2.574M
YoY Change 41.73% 34.97% 371.43%
TOTAL LIABILITIES
Total Short-Term Liabilities $37.98M $38.96M $33.37M
Total Long-Term Liabilities $3.797M $3.474M $2.574M
Total Liabilities $71.72M $74.91M $67.57M
YoY Change 2.65% 10.86% -6.24%
SHAREHOLDERS EQUITY
Retained Earnings -$351.1M -$342.6M -$310.3M
YoY Change 10.32% 10.42% 24.89%
Common Stock $664.2M $653.7M $532.7M
YoY Change 22.36% 22.73% 8.38%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $313.1M $311.1M $222.4M
YoY Change
Total Liabilities & Shareholders Equity $384.8M $386.0M $290.0M
YoY Change 30.7% 33.13% -7.98%

Cashflow Statement

Concept 2017 Q4 2017 Q3 2016 Q3
OPERATING ACTIVITIES
Net Income -$8.480M -$9.519M -$7.436M
YoY Change 6.67% 28.01% -33.04%
Depreciation, Depletion And Amortization $4.910M $5.730M $6.030M
YoY Change -10.07% -4.98% 35.51%
Cash From Operating Activities $5.210M $4.190M -$530.0K
YoY Change -2.98% -890.57% -119.27%
INVESTING ACTIVITIES
Capital Expenditures -$4.620M -$4.850M -$3.080M
YoY Change 22.55% 57.47% -45.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$4.620M -$4.850M -$3.080M
YoY Change 22.55% 57.47% -45.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 770.0K 15.34M 3.480M
YoY Change -75.48% 340.8% 489.83%
NET CHANGE
Cash From Operating Activities 5.210M 4.190M -530.0K
Cash From Investing Activities -4.620M -4.850M -3.080M
Cash From Financing Activities 770.0K 15.34M 3.480M
Net Change In Cash 1.360M 14.68M -130.0K
YoY Change -71.31% -11392.31% -94.25%
FREE CASH FLOW
Cash From Operating Activities $5.210M $4.190M -$530.0K
Capital Expenditures -$4.620M -$4.850M -$3.080M
Free Cash Flow $9.830M $9.040M $2.550M
YoY Change 7.55% 254.51% -69.46%

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-15194000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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-2602000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
16913000 USD
CY2016Q3 us-gaap Net Income Loss
NetIncomeLoss
-7436000 USD
us-gaap Net Income Loss
NetIncomeLoss
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CY2017Q3 us-gaap Net Income Loss
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us-gaap Net Income Loss
NetIncomeLoss
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1
CY2016Q3 us-gaap Operating Income Loss
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us-gaap Operating Income Loss
OperatingIncomeLoss
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CY2017Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
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us-gaap Operating Income Loss
OperatingIncomeLoss
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CY2016Q4 us-gaap Other Assets Current
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CY2017Q3 us-gaap Other Assets Current
OtherAssetsCurrent
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CY2016Q4 us-gaap Other Assets Noncurrent
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CY2017Q3 us-gaap Other Assets Noncurrent
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CY2016Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
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us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
12872000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
15194000 USD
CY2016Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2017Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
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CY2016Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
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CY2017Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
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CY2016Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2017Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2016Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2017Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2016Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2017Q3 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2016Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
6044000 USD
CY2017Q3 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
7114000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
17398000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
5406000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
71868000 USD
CY2016Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
115047000 USD
CY2017Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
130405000 USD
CY2016Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
66941000 USD
CY2017Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
68380000 USD
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-318235000 USD
CY2017Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-342609000 USD
CY2016Q3 us-gaap Sales Revenue Net
SalesRevenueNet
75139000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
203426000 USD
CY2017Q3 us-gaap Sales Revenue Net
SalesRevenueNet
82440000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
240016000 USD
CY2016Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
42557000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
112797000 USD
CY2017Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
48383000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
137498000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
18033000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
22661000 USD
CY2016Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
6533000 USD
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
18793000 USD
CY2017Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
10351000 USD
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
23654000 USD
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
17398000 USD
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
69874000 USD
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
224581000 USD
CY2017Q3 us-gaap Stockholders Equity
StockholdersEquity
311133000 USD
CY2016Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
84822000 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
84075000 shares
CY2017Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
98665000 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
93108000 shares
us-gaap Nature Of Operations
NatureOfOperations
<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 is a digital automotive marketplace that (i) provides pricing transparency about what other people paid for their cars and enables consumers to engage with TrueCar Certified Dealers who are committed to providing a superior purchase experience; (ii) empowers Certified Dealers to attract these informed, in-market consumers in a cost-effective, accountable manner; and (iii) allows automobile manufacturers (&#8220;OEMs&#8221;) to more effectively target their incentive spending at deep-in-market consumers during their purchase process. TrueCar has established a diverse software ecosystem on a common technology infrastructure, powered by proprietary data and analytics. Consumers 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 provides discounts to its members.</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;">ALG provides forecasts, consulting, and other 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, lease exit liabilities, 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, the fair value of reporting units in connection with annual goodwill impairment testing, and in periods prior to the Company&#8217;s initial public offering, valuation of common stock.</font></div></div>

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