$TRUE
TrueCar Inc

2019 Q2 Form 10-Q Financial Statement

#000132731819000040 Filed on August 09, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q2
Revenue $88.08M $87.85M
YoY Change 0.26% 7.37%
Cost Of Revenue $5.640M $7.750M
YoY Change -27.23% 8.7%
Gross Profit $73.16M $80.10M
YoY Change -8.66% 7.24%
Gross Profit Margin 83.07% 91.18%
Selling, General & Admin $81.62M $65.51M
YoY Change 24.59% 5.07%
% of Gross Profit 111.56% 81.78%
Research & Development $15.46M $15.69M
YoY Change -1.47% 11.04%
% of Gross Profit 21.13% 19.59%
Depreciation & Amortization $6.767M $5.650M
YoY Change 19.77% -0.35%
% of Gross Profit 9.25% 7.05%
Operating Expenses $81.62M $65.51M
YoY Change 24.59% 5.07%
Operating Profit -$24.68M -$6.745M
YoY Change 265.96% -9.54%
Interest Expense $0.00 $662.0K
YoY Change -100.0% 1.53%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$23.99M -$6.657M
YoY Change 260.39% -15.29%
Income Tax $100.0K -$35.00K
% Of Pretax Income
Net Earnings -$24.06M -$6.622M
YoY Change 263.33% -17.84%
Net Earnings / Revenue -27.32% -7.54%
Basic Earnings Per Share
Diluted Earnings Per Share -$222.5K -$65.45K
COMMON SHARES
Basic Shares Outstanding 105.3M shares 100.9M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $176.6M $198.5M
YoY Change -11.03% 9.25%
Cash & Equivalents $176.6M $198.5M
Short-Term Investments
Other Short-Term Assets $34.00M $4.971M
YoY Change 584.01% 376.61%
Inventory
Prepaid Expenses $9.006M $8.357M
Receivables $49.29M $42.85M
Other Receivables $200.0K $0.00
Total Short-Term Assets $268.9M $254.7M
YoY Change 5.57% 12.25%
LONG-TERM ASSETS
Property, Plant & Equipment $32.28M $70.96M
YoY Change -54.5% 3.74%
Goodwill $73.31M $53.27M
YoY Change 37.62% 0.0%
Intangibles $20.35M $13.98M
YoY Change 45.58% -21.64%
Long-Term Investments $22.90M
YoY Change
Other Assets $4.738M $5.188M
YoY Change -8.67% 212.72%
Total Long-Term Assets $192.7M $143.4M
YoY Change 34.35% 1.58%
TOTAL ASSETS
Total Short-Term Assets $268.9M $254.7M
Total Long-Term Assets $192.7M $143.4M
Total Assets $461.5M $398.1M
YoY Change 15.94% 8.16%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $20.40M $18.45M
YoY Change 10.6% 2.37%
Accrued Expenses $49.39M $14.77M
YoY Change 234.4% 23.14%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $87.08M $39.91M
YoY Change 118.22% 6.67%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $29.30M
YoY Change -100.0% 1.03%
Other Long-Term Liabilities $2.484M $4.190M
YoY Change -40.72% 10.79%
Total Long-Term Liabilities $2.484M $4.190M
YoY Change -40.72% 10.79%
TOTAL LIABILITIES
Total Short-Term Liabilities $87.08M $39.91M
Total Long-Term Liabilities $2.484M $4.190M
Total Liabilities $130.1M $74.08M
YoY Change 75.64% 0.78%
SHAREHOLDERS EQUITY
Retained Earnings -$415.6M -$360.8M
YoY Change 15.18% 8.33%
Common Stock $747.0M $684.8M
YoY Change 9.08% 9.11%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $331.4M $324.0M
YoY Change
Total Liabilities & Shareholders Equity $461.5M $398.1M
YoY Change 15.94% 8.16%

Cashflow Statement

Concept 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income -$24.06M -$6.622M
YoY Change 263.33% -17.84%
Depreciation, Depletion And Amortization $6.767M $5.650M
YoY Change 19.77% -0.35%
Cash From Operating Activities -$360.0K $5.130M
YoY Change -107.02% -33.38%
INVESTING ACTIVITIES
Capital Expenditures -$2.500M -$4.290M
YoY Change -41.72% -11.91%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$2.500M -$4.290M
YoY Change -41.72% -11.91%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -480.0K 1.820M
YoY Change -126.37% -97.17%
NET CHANGE
Cash From Operating Activities -360.0K 5.130M
Cash From Investing Activities -2.500M -4.290M
Cash From Financing Activities -480.0K 1.820M
Net Change In Cash -3.340M 2.660M
YoY Change -225.56% -96.04%
FREE CASH FLOW
Cash From Operating Activities -$360.0K $5.130M
Capital Expenditures -$2.500M -$4.290M
Free Cash Flow $2.140M $9.420M
YoY Change -77.28% -25.06%

Facts In Submission

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us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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CashAndCashEquivalentsAtCarryingValue
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CashAndCashEquivalentsAtCarryingValue
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CashAndCashEquivalentsAtCarryingValue
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us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
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us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
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us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
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true Proceeds Receivablefrom Issuanceof Sharesunder Incentiveand Sharebased Compensation Plans Including Stock Options
ProceedsReceivablefromIssuanceofSharesunderIncentiveandSharebasedCompensationPlansIncludingStockOptions
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true Proceeds Receivablefrom Issuanceof Sharesunder Incentiveand Sharebased Compensation Plans Including Stock Options
ProceedsReceivablefromIssuanceofSharesunderIncentiveandSharebasedCompensationPlansIncludingStockOptions
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true Taxes Payable Relatedto Tax Withholdingfor Sharebased Compensation
TaxesPayableRelatedtoTaxWithholdingforSharebasedCompensation
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us-gaap Nature Of Operations
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<div style="line-height:120%;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;">Organization and Nature of Business</span></div><div style="line-height:120%;padding-bottom:16px;padding-top:8px;text-indent:36px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">TrueCar, Inc. is an Internet-based information, technology, and communication services company. Hereinafter, TrueCar, Inc. and its wholly owned subsidiaries ALG, Inc., TrueCar Dealer Solutions, Inc. and DealerScience, LLC are collectively referred to as “TrueCar” or the “Company,” ALG, Inc. is referred to as “ALG,” TrueCar Dealer Solutions, Inc. is referred to as “TCDS” and DealerScience, LLC is referred to as “DealerScience.” 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.</span></div><div style="line-height:120%;padding-bottom:16px;padding-top:8px;text-indent:48px;font-size:10pt;"><span 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 (“OEMs”) 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’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 (“Auto Buying Programs”). An affinity group is comprised of a network of members or employees that provides discounts to its members.</span></div><div style="line-height:120%;padding-bottom:16px;padding-top:8px;text-indent:48px;font-size:10pt;"><span 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.</span></div><div style="line-height:120%;padding-bottom:16px;padding-top:8px;text-indent:48px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Through its subsidiary TCDS, the Company provides its TrueCar Trade product, which gives consumers information on the value of their trade-in vehicles and enables them to obtain a guaranteed trade-in price before setting foot in the dealership. This valuation is, in turn, backed by a third-party guarantee to dealers that the vehicles will be repurchased at the indicated price if the dealer does not want to keep them. In addition, through TCDS, the Company acted as an agent for DealerSync, Inc. (“DealerSync”) until June 2019 and in that capacity offered dealers its products and services, including a dealer website creation and management service and a software platform that assists dealers in managing, marketing and growing their business. </span></div><div style="line-height:120%;padding-bottom:16px;padding-top:8px;text-indent:48px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Additionally, in December 2018, the Company acquired DealerScience, which, through TCDS, provides dealers with advanced digital retailing software tools that allow them to calculate accurate monthly payments, expedite vehicle desking, which is the process of presenting and agreeing upon financial terms and financing options, and streamline the consumer’s experience.</span></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="line-height:120%;padding-bottom:16px;padding-top:8px;text-indent:36px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;">Use of Estimates</span></div><div style="line-height:120%;padding-bottom:16px;padding-top:8px;text-indent:36px;font-size:10pt;"><span 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 that are subject to judgment and use of estimates include sales allowances and allowances for doubtful accounts, contract assets, the fair value of a warrant asset and the related liability, the fair value of assets and liabilities assumed in business combinations, right-of-use assets and lease liabilities, the fair value of capitalized lease facilities, 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’s determination of the valuation of the fair value of a warrant asset and the related liability, right-of-use assets and lease liabilities, the fair value of capitalized lease facilities, the fair values of assets and liabilities assumed in business combinations, the fair value of reporting units in connection with annual goodwill impairment testing, the fair value of performance shares, and in periods prior to the Company’s initial public offering, valuation of common stock.</span></div>
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
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us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
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us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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us-gaap Earnings Per Share Basic And Diluted
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us-gaap Earnings Per Share Basic And Diluted
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us-gaap Net Income Loss
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us-gaap Net Income Loss
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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21642000 shares
CY2018Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2019Q2 us-gaap Contract With Customer Asset Net
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3400000 USD
CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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88075000 USD

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