$TRUE
TrueCar Inc

2020 Q2 Form 10-Q Financial Statement

#000132731820000042 Filed on August 07, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2
Revenue $58.55M $88.08M
YoY Change -33.52% 0.26%
Cost Of Revenue $5.560M $5.640M
YoY Change -1.42% -27.23%
Gross Profit $52.99M $73.16M
YoY Change -27.57% -8.66%
Gross Profit Margin 90.5% 83.07%
Selling, General & Admin $45.88M $81.62M
YoY Change -43.78% 24.59%
% of Gross Profit 86.58% 111.56%
Research & Development $12.80M $15.46M
YoY Change -17.21% -1.47%
% of Gross Profit 24.16% 21.13%
Depreciation & Amortization $5.175M $6.767M
YoY Change -23.53% 19.77%
% of Gross Profit 9.77% 9.25%
Operating Expenses $45.88M $81.62M
YoY Change -43.78% 24.59%
Operating Profit -$10.87M -$24.68M
YoY Change -55.98% 265.96%
Interest Expense -$450.0K $0.00
YoY Change -100.0%
% of Operating Profit
Other Income/Expense, Net $0.00
YoY Change
Pretax Income -$11.31M -$23.99M
YoY Change -52.85% 260.39%
Income Tax $100.0K $100.0K
% Of Pretax Income
Net Earnings -$11.24M -$24.06M
YoY Change -53.28% 263.33%
Net Earnings / Revenue -19.2% -27.32%
Basic Earnings Per Share
Diluted Earnings Per Share -$102.9K -$222.5K
COMMON SHARES
Basic Shares Outstanding 107.5M shares 105.3M shares
Diluted Shares Outstanding 107.5M shares

Balance Sheet

Concept 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $173.1M $176.6M
YoY Change -1.98% -11.03%
Cash & Equivalents $173.1M $176.6M
Short-Term Investments
Other Short-Term Assets $5.800M $34.00M
YoY Change -82.94% 584.01%
Inventory
Prepaid Expenses $8.311M $9.006M
Receivables $41.54M $49.29M
Other Receivables $6.600M $200.0K
Total Short-Term Assets $228.7M $268.9M
YoY Change -14.92% 5.57%
LONG-TERM ASSETS
Property, Plant & Equipment $27.78M $32.28M
YoY Change -13.96% -54.5%
Goodwill $63.12M $73.31M
YoY Change -13.9% 37.62%
Intangibles $14.17M $20.35M
YoY Change -30.39% 45.58%
Long-Term Investments $21.01M $22.90M
YoY Change -8.28%
Other Assets $3.567M $4.738M
YoY Change -24.72% -8.67%
Total Long-Term Assets $162.7M $192.7M
YoY Change -15.55% 34.35%
TOTAL ASSETS
Total Short-Term Assets $228.7M $268.9M
Total Long-Term Assets $162.7M $192.7M
Total Assets $391.4M $461.5M
YoY Change -15.18% 15.94%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.02M $20.40M
YoY Change -50.9% 10.6%
Accrued Expenses $13.04M $49.39M
YoY Change -73.6% 234.4%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $38.08M $87.08M
YoY Change -56.27% 118.22%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $1.142M $2.484M
YoY Change -54.03% -40.72%
Total Long-Term Liabilities $1.142M $2.484M
YoY Change -54.03% -40.72%
TOTAL LIABILITIES
Total Short-Term Liabilities $38.08M $87.08M
Total Long-Term Liabilities $1.142M $2.484M
Total Liabilities $74.24M $130.1M
YoY Change -42.94% 75.64%
SHAREHOLDERS EQUITY
Retained Earnings -$454.0M -$415.6M
YoY Change 9.23% 15.18%
Common Stock $771.2M $747.0M
YoY Change 3.24% 9.08%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $317.2M $331.4M
YoY Change
Total Liabilities & Shareholders Equity $391.4M $461.5M
YoY Change -15.18% 15.94%

Cashflow Statement

Concept 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income -$11.24M -$24.06M
YoY Change -53.28% 263.33%
Depreciation, Depletion And Amortization $5.175M $6.767M
YoY Change -23.53% 19.77%
Cash From Operating Activities -$3.860M -$360.0K
YoY Change 972.22% -107.02%
INVESTING ACTIVITIES
Capital Expenditures -$2.780M -$2.500M
YoY Change 11.2% -41.72%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities -$2.780M -$2.500M
YoY Change 11.2% -41.72%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.120M -480.0K
YoY Change 550.0% -126.37%
NET CHANGE
Cash From Operating Activities -3.860M -360.0K
Cash From Investing Activities -2.780M -2.500M
Cash From Financing Activities -3.120M -480.0K
Net Change In Cash -9.760M -3.340M
YoY Change 192.22% -225.56%
FREE CASH FLOW
Cash From Operating Activities -$3.860M -$360.0K
Capital Expenditures -$2.780M -$2.500M
Free Cash Flow -$1.080M $2.140M
YoY Change -150.47% -77.28%

Facts In Submission

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us-gaap Nature Of Operations
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Organization and Nature of Business<div style="text-indent:27pt;margin-top:6pt;margin-bottom:12pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">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="text-indent:27pt;margin-top:6pt;margin-bottom:12pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">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="text-indent:27pt;margin-top:6pt;margin-bottom:12pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">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="text-indent:27pt;margin-top:6pt;margin-bottom:12pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">Through its subsidiary TCDS, the Company provides its Retail Solutions offerings, which combine its TrueCar Trade and Payments products. Our Trade solution 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. The Company’s Payments solution leverages the digital retailing technology of its DealerScience subsidiary, acquired in December 2018, to help consumers calculate accurate monthly payments.</span></div>
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
us-gaap Use Of Estimates
UseOfEstimates
<div style="text-indent:27pt;margin-top:6pt;margin-bottom:12pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%;">Use of Estimates</span></div><div style="text-indent:27pt;margin-top:6pt;margin-bottom:12pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">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 assets and liabilities assumed in business combinations, right-of-use assets and lease liabilities, 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, timing and costs associated with our asset retirement obligations, 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 right-of-use assets and lease liabilities, 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><div style="text-indent:27pt;margin-top:6pt;margin-bottom:12pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%;">Risks and Uncertainties</span></div><div style="text-indent:27pt;margin-top:6pt;margin-bottom:12pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">In March 2020, the World Health Organization declared a novel strain of coronavirus (“COVID-19”) a pandemic that continues to spread throughout the United States and the world. The COVID-19 pandemic has impacted and could further impact the Company’s operations and the operations of its customers due to facility closures, travel and logistics restrictions and quarantines. As a result, the Company’s business has been negatively affected in a number of ways. Most directly, a number of states and local governments have taken steps that have prohibited or curtailed the sale of automobiles during the pandemic. In some jurisdictions, shelter-at-home orders, or other orders related to the pandemic, impede car sales. On top of these legal restrictions, the economic uncertainty and rapidly increasing number of consumers who are unemployed, as well as the decrease in consumers’ willingness to make discretionary trips outside of the home, have decreased the demand for cars. The severity of the impact of COVID-19 on the Company’s business will depend on a number of factors, including, but not limited to, the duration and severity of the pandemic and the extent and severity of the impact on the Company’s customers, all of which are uncertain and cannot be predicted. The Company’s future results of operations and liquidity could be adversely impacted by delays in payments of outstanding receivable amounts beyond normal payment terms and concessions that the Company may provide to its customers. Even after the COVID-19 pandemic has subsided, the Company may continue to experience adverse impacts to its business as a result of any impacts to its business and any economic recession or depression that has occurred or may occur in the future.</span></div>
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2500000 USD
true Payment For Contingent Consideration Liability
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121000 USD
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2800000 USD
CY2020Q2 us-gaap Contract With Customer Asset Net
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3300000 USD
CY2019Q4 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
2800000 USD

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