$TRUE
TrueCar Inc

2023 Q4 Form 10-Q Financial Statement

#000132731823000043 Filed on November 07, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $41.29M $41.15M
YoY Change 12.61% 5.36%
Cost Of Revenue $4.266M $3.810M
YoY Change 19.5% -1.8%
Gross Profit $37.02M $37.33M
YoY Change 11.87% 6.14%
Gross Profit Margin 89.67% 90.73%
Selling, General & Admin $29.17M $32.68M
YoY Change -19.1% -10.46%
% of Gross Profit 78.8% 87.54%
Research & Development $6.898M $9.340M
YoY Change -41.11% -26.7%
% of Gross Profit 18.63% 25.02%
Depreciation & Amortization $4.523M $4.894M
YoY Change -5.59% 14.24%
% of Gross Profit 12.22% 13.11%
Operating Expenses $40.59M $32.68M
YoY Change -22.77% -10.46%
Operating Profit -$3.573M -$9.580M
YoY Change -81.65% -87.74%
Interest Expense $1.674M $1.710M
YoY Change 21.3% 94.54%
% of Operating Profit
Other Income/Expense, Net $0.00
YoY Change -100.0%
Pretax Income -$1.899M -$7.874M
YoY Change -89.48% -89.81%
Income Tax $3.000K $1.000K
% Of Pretax Income
Net Earnings -$1.902M -$7.875M
YoY Change -89.51% -89.79%
Net Earnings / Revenue -4.61% -19.14%
Basic Earnings Per Share
Diluted Earnings Per Share -$0.02 -$0.09
COMMON SHARES
Basic Shares Outstanding 90.78M shares 90.06M shares
Diluted Shares Outstanding 90.18M shares

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $137.0M $143.3M
YoY Change -21.97% -25.74%
Cash & Equivalents $137.0M $145.5M
Short-Term Investments
Other Short-Term Assets $1.787M $1.775M
YoY Change -30.25% -33.35%
Inventory
Prepaid Expenses $6.067M $6.086M
Receivables $18.26M $14.05M
Other Receivables $0.00 $0.00
Total Short-Term Assets $163.1M $167.4M
YoY Change -17.57% -22.56%
LONG-TERM ASSETS
Property, Plant & Equipment $18.88M $19.54M
YoY Change -0.12% 3.89%
Goodwill
YoY Change
Intangibles $8.375M $9.978M
YoY Change -40.05% -34.2%
Long-Term Investments
YoY Change
Other Assets $3.851M $3.801M
YoY Change -0.77% -6.59%
Total Long-Term Assets $41.24M $44.56M
YoY Change -23.2% -20.26%
TOTAL ASSETS
Total Short-Term Assets $163.1M $167.4M
Total Long-Term Assets $41.24M $44.56M
Total Assets $204.3M $211.9M
YoY Change -18.77% -22.09%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.875M $9.956M
YoY Change -20.57% 10.16%
Accrued Expenses $12.20M $10.46M
YoY Change 19.19% -6.84%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $28.98M $33.66M
YoY Change -5.85% 5.52%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.958M $18.40M
YoY Change -20.54% -24.2%
Total Long-Term Liabilities $3.958M $18.40M
YoY Change -20.54% -24.2%
TOTAL LIABILITIES
Total Short-Term Liabilities $28.98M $33.66M
Total Long-Term Liabilities $3.958M $18.40M
Total Liabilities $44.11M $52.07M
YoY Change -18.72% -7.31%
SHAREHOLDERS EQUITY
Retained Earnings -$562.3M -$560.4M
YoY Change 9.71% 13.35%
Common Stock $722.5M $720.3M
YoY Change 1.79% 1.41%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $160.2M $159.9M
YoY Change
Total Liabilities & Shareholders Equity $204.3M $211.9M
YoY Change -18.77% -22.09%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$1.902M -$7.875M
YoY Change -89.51% -89.79%
Depreciation, Depletion And Amortization $4.523M $4.894M
YoY Change -5.59% 14.24%
Cash From Operating Activities -$5.799M $5.470M
YoY Change -35.03% -182.11%
INVESTING ACTIVITIES
Capital Expenditures $2.340M $2.370M
YoY Change -30.11% -196.66%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$2.340M -$2.370M
YoY Change -30.11% -580.73%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -371.0K -40.00K
YoY Change -92.85% -92.5%
NET CHANGE
Cash From Operating Activities -5.799M 5.470M
Cash From Investing Activities -2.340M -2.370M
Cash From Financing Activities -371.0K -40.00K
Net Change In Cash -8.510M 3.060M
YoY Change -51.26% -145.66%
FREE CASH FLOW
Cash From Operating Activities -$5.799M $5.470M
Capital Expenditures $2.340M $2.370M
Free Cash Flow -$8.139M $3.100M
YoY Change -33.68% -173.63%

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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>
us-gaap Use Of Estimates
UseOfEstimates
<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.
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
CY2023Q3 us-gaap Restricted Cash
RestrictedCash
2200000 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
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
1073000 usd
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
3099000 usd
CY2023Q3 true Allowance For Doubtful Accounts Receivable Reduction In Revenue
AllowanceForDoubtfulAccountsReceivableReductionInRevenue
585000 usd
CY2022Q3 true Allowance For Doubtful Accounts Receivable Reduction In Revenue
AllowanceForDoubtfulAccountsReceivableReductionInRevenue
601000 usd
true Allowance For Doubtful Accounts Receivable Reduction In Revenue
AllowanceForDoubtfulAccountsReceivableReductionInRevenue
2081000 usd
true Allowance For Doubtful Accounts Receivable Reduction In Revenue
AllowanceForDoubtfulAccountsReceivableReductionInRevenue
2070000 usd
CY2023Q3 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
125000 usd
CY2022Q3 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
243000 usd
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
465000 usd
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
421000 usd
CY2023Q3 true Allowance For Doubtful Accounts Receivable Write Offs Net Of Recoveries
AllowanceForDoubtfulAccountsReceivableWriteOffsNetOfRecoveries
881000 usd
CY2022Q3 true Allowance For Doubtful Accounts Receivable Write Offs Net Of Recoveries
AllowanceForDoubtfulAccountsReceivableWriteOffsNetOfRecoveries
1185000 usd
true Allowance For Doubtful Accounts Receivable Write Offs Net Of Recoveries
AllowanceForDoubtfulAccountsReceivableWriteOffsNetOfRecoveries
2618000 usd
true Allowance For Doubtful Accounts Receivable Write Offs Net Of Recoveries
AllowanceForDoubtfulAccountsReceivableWriteOffsNetOfRecoveries
4326000 usd
CY2023Q3 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
1001000 usd
CY2022Q3 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
1264000 usd
CY2023Q3 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
1001000 usd
CY2022Q3 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
1264000 usd
us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
1800000 usd
CY2023Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
99854000 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
103391000 usd
CY2023Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
80319000 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
84489000 usd
CY2023Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
19535000 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
18902000 usd
CY2023Q3 true Property Plant And Equipment Gross Assets Not Placed In Service
PropertyPlantAndEquipmentGrossAssetsNotPlacedInService
1300000 usd
CY2022Q4 true Property Plant And Equipment Gross Assets Not Placed In Service
PropertyPlantAndEquipmentGrossAssetsNotPlacedInService
1500000 usd
CY2023Q3 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
6005000 usd
CY2023Q3 us-gaap Restructuring Reserve
RestructuringReserve
1136000 usd
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3273000 usd
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5189000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
11872000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
13174000 usd
CY2023Q3 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
204000 usd
CY2022Q3 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
248000 usd
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
651000 usd
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
784000 usd
CY2023Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
3477000 usd
CY2022Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
5437000 usd
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
12523000 usd
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
13958000 usd
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
-7875000 usd
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
-77113000 usd
us-gaap Net Income Loss
NetIncomeLoss
-47864000 usd
us-gaap Net Income Loss
NetIncomeLoss
-100546000 usd
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
90176000 shares
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
90176000 shares
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
90687000 shares
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
90687000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
89407000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
89407000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
92508000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
92508000 shares
CY2023Q3 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
-0.09
CY2023Q3 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-0.09
CY2022Q3 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
-0.85
CY2022Q3 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-0.85
us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
-0.54
us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-0.54
us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
-1.09
us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-1.09
us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-1.09
us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
-1.09
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
11831000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
15655000 shares
CY2020Q3 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
75000000 usd
CY2021Q2 true Stock Repurchase Program Additional Authorized Amount
StockRepurchaseProgramAdditionalAuthorizedAmount
75000000 usd
CY2021Q2 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
150000000 usd
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
0 shares
CY2023Q3 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
45800000 usd
CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
41146000 usd
CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
39052000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
117419000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
124860000 usd
CY2022Q4 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
900000 usd
CY2023Q3 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
1000000 usd
CY2022Q4 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
900000 usd

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