$TRUE
TrueCar Inc

2023 Q3 Form 10-Q Financial Statement

#000132731823000029 Filed on August 04, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q2
Revenue $41.15M $39.29M $42.28M
YoY Change 5.36% -7.05% -35.72%
Cost Of Revenue $3.810M $3.931M $3.817M
YoY Change -1.8% 2.99% -33.57%
Gross Profit $37.33M $35.36M $38.46M
YoY Change 6.14% -8.05% -35.92%
Gross Profit Margin 90.73% 90.0% 90.97%
Selling, General & Admin $32.68M $39.91M $37.26M
YoY Change -10.46% 7.1% -27.41%
% of Gross Profit 87.54% 112.86% 96.89%
Research & Development $9.340M $13.51M $11.38M
YoY Change -26.7% 18.72% 5.57%
% of Gross Profit 25.02% 38.2% 29.59%
Depreciation & Amortization $4.894M $4.091M $3.785M
YoY Change 14.24% 8.08% -17.56%
% of Gross Profit 13.11% 11.57% 9.84%
Operating Expenses $32.68M $57.51M $37.26M
YoY Change -10.46% 54.34% -27.41%
Operating Profit -$9.580M -$22.15M -$13.97M
YoY Change -87.74% 58.56% 109.1%
Interest Expense $1.710M $1.730M $375.0K
YoY Change 94.54% 361.33% -209.01%
% of Operating Profit
Other Income/Expense, Net $0.00
YoY Change -100.0%
Pretax Income -$7.874M -$20.42M -$13.59M
YoY Change -89.81% 50.2% 94.69%
Income Tax $1.000K $7.000K -$2.574M
% Of Pretax Income
Net Earnings -$7.875M -$20.42M -$11.02M
YoY Change -89.79% 85.35% 51.3%
Net Earnings / Revenue -19.14% -51.98% -26.07%
Basic Earnings Per Share
Diluted Earnings Per Share -$0.09 -$0.23 -$121.1K
COMMON SHARES
Basic Shares Outstanding 90.06M shares 89.20M shares 90.42M shares
Diluted Shares Outstanding 90.18M shares 89.38M shares 91.02M shares

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $143.3M $142.4M $199.7M
YoY Change -25.74% -28.68% -25.23%
Cash & Equivalents $145.5M $142.4M $199.7M
Short-Term Investments
Other Short-Term Assets $1.775M $8.773M $5.119M
YoY Change -33.35% 71.38% 28.26%
Inventory
Prepaid Expenses $6.086M $6.797M $7.914M
Receivables $14.05M $16.24M $14.57M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $167.4M $167.4M $227.3M
YoY Change -22.56% -26.34% -24.84%
LONG-TERM ASSETS
Property, Plant & Equipment $19.54M $33.64M $18.78M
YoY Change 3.89% 79.17% -3.5%
Goodwill $59.78M
YoY Change 16.74%
Intangibles $9.978M $11.58M $16.36M
YoY Change -34.2% -29.2% 183.22%
Long-Term Investments $0.00
YoY Change -100.0%
Other Assets $3.801M $4.071M $4.252M
YoY Change -6.59% -4.26% -9.97%
Total Long-Term Assets $44.56M $49.29M $117.9M
YoY Change -20.26% -58.19% -6.54%
TOTAL ASSETS
Total Short-Term Assets $167.4M $167.4M $227.3M
Total Long-Term Assets $44.56M $49.29M $117.9M
Total Assets $211.9M $216.7M $345.2M
YoY Change -22.09% -37.22% -19.46%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.956M $9.537M $10.25M
YoY Change 10.16% -6.94% -37.5%
Accrued Expenses $10.46M $23.17M $11.70M
YoY Change -6.84% 98.07% -17.88%
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 $33.66M $32.71M $31.59M
YoY Change 5.52% 3.53% -22.89%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $18.40M $19.69M $25.38M
YoY Change -24.2% -22.4% 115240.91%
Total Long-Term Liabilities $18.40M $19.69M $25.38M
YoY Change -24.2% -22.4% 115240.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $33.66M $32.71M $31.59M
Total Long-Term Liabilities $18.40M $19.69M $25.38M
Total Liabilities $52.07M $52.40M $57.10M
YoY Change -7.31% -8.24% -18.78%
SHAREHOLDERS EQUITY
Retained Earnings -$560.4M -$552.5M -$417.3M
YoY Change 13.35% 32.41% 12.41%
Common Stock $720.3M $716.8M $705.3M
YoY Change 1.41% 1.63% -3.3%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $159.9M $164.3M $288.1M
YoY Change
Total Liabilities & Shareholders Equity $211.9M $216.7M $345.2M
YoY Change -22.09% -37.22% -19.46%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income -$7.875M -$20.42M -$11.02M
YoY Change -89.79% 85.35% 51.3%
Depreciation, Depletion And Amortization $4.894M $4.091M $3.785M
YoY Change 14.24% 8.08% -17.56%
Cash From Operating Activities $5.470M -$9.991M -$6.085M
YoY Change -182.11% 64.19% -164.0%
INVESTING ACTIVITIES
Capital Expenditures $2.370M $3.243M -$2.501M
YoY Change -196.66% -229.67% -3.44%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 -$12.09M
YoY Change -100.0% -100.0%
Cash From Investing Activities -$2.370M -$3.243M -$14.59M
YoY Change -580.73% -77.78% 463.47%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -40.00K -1.009M -14.42M
YoY Change -92.5% -93.0% 0.02%
NET CHANGE
Cash From Operating Activities 5.470M -9.991M -6.085M
Cash From Investing Activities -2.370M -3.243M -14.59M
Cash From Financing Activities -40.00K -1.009M -14.42M
Net Change In Cash 3.060M -14.24M -35.10M
YoY Change -145.66% -59.42% 367.95%
FREE CASH FLOW
Cash From Operating Activities $5.470M -$9.991M -$6.085M
Capital Expenditures $2.370M $3.243M -$2.501M
Free Cash Flow $3.100M -$13.23M -$3.584M
YoY Change -173.63% 269.25% -129.62%

Facts In Submission

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Organization and Nature of Business<div style="margin-bottom:12pt;margin-top:6pt;text-indent:27pt"><span style="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 TrueCar Dealer Solutions, Inc., Digital Motors Corporation, and TrueCar Wholesale Solutions, Inc. are collectively referred to as “TrueCar” or the “Company”; TrueCar Dealer Solutions, Inc. is referred to as “TCDS,” Digital Motors Corporation is referred to as “Digital Motors,” and TrueCar Wholesale Solutions, Inc. is referred to as “TCWS.” 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="margin-bottom:12pt;margin-top:6pt;text-indent:27pt"><span style="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="margin-top:6pt;text-indent:27pt"><span style="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 Trade and Payments solutions. TCDS also supports the Company’s Sell Your Car product. The Sell Your Car and Trade solutions give consumers information on the value of the vehicle they wish to sell or trade-in and enables them to obtain a guaranteed trade-in price before setting foot in the dealership. This valuation is, in turn, backed by a 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 helps consumers calculate accurate monthly payments.</span></div>
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<div style="margin-bottom:6pt;margin-top:12pt;text-indent:27pt"><span style="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="margin-bottom:6pt;margin-top:6pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of condensed 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 condensed consolidated financial statements, and the reported amounts of revenues and expenses </span></div>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, the recoverability and related impairment of long-lived assets, valuation allowances with respect to deferred tax assets, useful lives associated with property and equipment and intangible assets, measurement of right-of-use assets and operating lease liabilities, contingencies, and the valuation and assumptions underlying stock-based compensation awards. 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 fair values of assets and liabilities assumed in business combinations and performance-based stock units.
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true Allowance For Doubtful Accounts Receivable Reduction In Revenue
AllowanceForDoubtfulAccountsReceivableReductionInRevenue
1496000 usd
true Allowance For Doubtful Accounts Receivable Reduction In Revenue
AllowanceForDoubtfulAccountsReceivableReductionInRevenue
1469000 usd
CY2023Q2 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
245000 usd
CY2022Q2 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
18000 usd
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
340000 usd
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
178000 usd
CY2023Q2 true Allowance For Doubtful Accounts Receivable Write Offs Net Of Recoveries
AllowanceForDoubtfulAccountsReceivableWriteOffsNetOfRecoveries
955000 usd
CY2022Q2 true Allowance For Doubtful Accounts Receivable Write Offs Net Of Recoveries
AllowanceForDoubtfulAccountsReceivableWriteOffsNetOfRecoveries
1605000 usd
true Allowance For Doubtful Accounts Receivable Write Offs Net Of Recoveries
AllowanceForDoubtfulAccountsReceivableWriteOffsNetOfRecoveries
1737000 usd
true Allowance For Doubtful Accounts Receivable Write Offs Net Of Recoveries
AllowanceForDoubtfulAccountsReceivableWriteOffsNetOfRecoveries
3141000 usd
CY2023Q2 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
1172000 usd
CY2022Q2 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
1605000 usd
CY2023Q2 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
1172000 usd
CY2022Q2 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
1605000 usd
us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
1800000 usd
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
89383000 shares
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
91016000 shares
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
91016000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
89017000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
89017000 shares
CY2023Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
105368000 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
103391000 usd
CY2023Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
85060000 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
84489000 usd
CY2023Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
20308000 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
18902000 usd
CY2023Q2 true Property Plant And Equipment Gross Assets Not Placed In Service
PropertyPlantAndEquipmentGrossAssetsNotPlacedInService
2300000 usd
CY2022Q4 true Property Plant And Equipment Gross Assets Not Placed In Service
PropertyPlantAndEquipmentGrossAssetsNotPlacedInService
1500000 usd
CY2023Q2 us-gaap Restructuring Charges
RestructuringCharges
7100000 usd
CY2022Q4 us-gaap Restructuring Reserve
RestructuringReserve
0 usd
us-gaap Restructuring Charges
RestructuringCharges
7141000 usd
us-gaap Payments For Restructuring
PaymentsForRestructuring
3731000 usd
CY2023Q2 us-gaap Restructuring Reserve
RestructuringReserve
3410000 usd
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
93457000 shares
CY2023Q2 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
-0.23
CY2023Q2 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-0.23
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
93457000 shares
us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-0.45
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8599000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7985000 usd
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
447000 usd
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
536000 usd
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
9046000 usd
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
8521000 usd
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
-20424000 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
-11019000 usd
us-gaap Net Income Loss
NetIncomeLoss
-39989000 usd
us-gaap Net Income Loss
NetIncomeLoss
-23433000 usd
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
89383000 shares
us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
-0.45
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
0 shares
CY2023Q2 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
45800000 usd
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
39293000 usd
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
42275000 usd
CY2022Q4 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
900000 usd
CY2023Q2 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
1100000 usd

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