$TRUE
TrueCar, Inc.

2024 Q3 Form 10-Q Financial Statement

#000132731824000032 Filed on August 06, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2 2023 Q2
Revenue $46.54M $41.80M $39.29M
YoY Change 13.12% 6.37% -7.05%
Cost Of Revenue $7.736M $5.484M $3.931M
YoY Change 103.04% 39.51% 2.99%
Gross Profit $38.81M $36.31M $35.36M
YoY Change 3.96% 2.68% -8.05%
Gross Profit Margin 83.38% 86.88% 90.0%
Selling, General & Admin $34.61M $39.38M $39.91M
YoY Change 5.91% -1.32% 7.1%
% of Gross Profit 89.18% 108.46% 112.86%
Research & Development $7.179M $7.433M $13.51M
YoY Change -23.14% -44.98% 18.72%
% of Gross Profit 18.5% 20.47% 38.2%
Depreciation & Amortization $4.408M $4.684M $4.091M
YoY Change -9.93% 14.5% 8.08%
% of Gross Profit 11.36% 12.9% 11.57%
Operating Expenses $34.61M $39.38M $57.51M
YoY Change 5.91% -31.52% 54.34%
Operating Profit -$7.388M -$15.19M -$22.15M
YoY Change -22.88% -31.42% 58.56%
Interest Expense $1.560M $1.672M $1.730M
YoY Change -8.77% -3.35% 361.33%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$5.828M -$13.52M -$20.42M
YoY Change -25.98% -33.8% 50.2%
Income Tax $3.000K $3.000K $7.000K
% Of Pretax Income
Net Earnings -$5.831M -$13.52M -$20.42M
YoY Change -25.96% -33.8% 85.35%
Net Earnings / Revenue -12.53% -32.35% -51.98%
Basic Earnings Per Share
Diluted Earnings Per Share -$0.06 -$0.15 -$0.23
COMMON SHARES
Basic Shares Outstanding 90.89M shares 91.67M shares 89.20M shares
Diluted Shares Outstanding 90.32M shares 91.85M shares 89.38M shares

Balance Sheet

Concept 2024 Q3 2024 Q2 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $114.5M $128.0M $142.4M
YoY Change -20.09% -10.15% -28.68%
Cash & Equivalents $114.5M $128.0M $142.4M
Short-Term Investments
Other Short-Term Assets $2.710M $2.753M $8.773M
YoY Change 52.68% -68.62% 71.38%
Inventory
Prepaid Expenses $6.555M $6.895M $6.797M
Receivables $16.52M $16.30M $16.24M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $140.3M $153.9M $167.4M
YoY Change -16.18% -8.07% -26.34%
LONG-TERM ASSETS
Property, Plant & Equipment $16.39M $16.95M $33.64M
YoY Change -16.12% -49.62% 79.17%
Goodwill
YoY Change
Intangibles $3.568M $5.170M $11.58M
YoY Change -64.24% -55.35% -29.2%
Long-Term Investments
YoY Change
Other Assets $4.598M $3.976M $4.071M
YoY Change 20.97% -2.33% -4.26%
Total Long-Term Assets $27.23M $29.11M $49.29M
YoY Change -38.89% -40.94% -58.19%
TOTAL ASSETS
Total Short-Term Assets $140.3M $153.9M $167.4M
Total Long-Term Assets $27.23M $29.11M $49.29M
Total Assets $167.5M $183.0M $216.7M
YoY Change -20.96% -15.55% -37.22%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.742M $9.082M $9.537M
YoY Change -22.24% -4.77% -6.94%
Accrued Expenses $14.91M $14.20M $23.17M
YoY Change 42.63% -38.73% 98.07%
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 $29.93M $28.86M $32.71M
YoY Change -11.08% -11.75% 3.53%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $9.609M $10.27M $19.69M
YoY Change -47.78% -47.85% -22.4%
Total Long-Term Liabilities $9.609M $10.27M $19.69M
YoY Change -47.78% -47.85% -22.4%
TOTAL LIABILITIES
Total Short-Term Liabilities $29.93M $28.86M $32.71M
Total Long-Term Liabilities $9.609M $10.27M $19.69M
Total Liabilities $39.54M $39.13M $52.40M
YoY Change -24.06% -25.32% -8.24%
SHAREHOLDERS EQUITY
Retained Earnings -$587.5M -$581.7M -$552.5M
YoY Change 4.84% 5.27% 32.41%
Common Stock $715.5M $725.6M $716.8M
YoY Change -0.66% 1.22% 1.63%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $128.0M $143.9M $164.3M
YoY Change
Total Liabilities & Shareholders Equity $167.5M $183.0M $216.7M
YoY Change -20.96% -15.55% -37.22%

Cashflow Statement

Concept 2024 Q3 2024 Q2 2023 Q2
OPERATING ACTIVITIES
Net Income -$5.831M -$13.52M -$20.42M
YoY Change -25.96% -33.8% 85.35%
Depreciation, Depletion And Amortization $4.408M $4.684M $4.091M
YoY Change -9.93% 14.5% 8.08%
Cash From Operating Activities $1.800M -$2.003M -$9.991M
YoY Change -67.09% -79.95% 64.19%
INVESTING ACTIVITIES
Capital Expenditures $1.970M $1.621M $3.243M
YoY Change -16.88% -50.02% -229.67%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities -$1.970M -$1.621M -$3.243M
YoY Change -16.88% -50.02% -77.78%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -13.27M -2.109M -1.009M
YoY Change 33087.5% 109.02% -93.0%
NET CHANGE
Cash From Operating Activities 1.800M -2.003M -9.991M
Cash From Investing Activities -1.970M -1.621M -3.243M
Cash From Financing Activities -13.27M -2.109M -1.009M
Net Change In Cash -13.44M -5.733M -14.24M
YoY Change -539.38% -59.75% -59.42%
FREE CASH FLOW
Cash From Operating Activities $1.800M -$2.003M -$9.991M
Capital Expenditures $1.970M $1.621M $3.243M
Free Cash Flow -$170.0K -$3.624M -$13.23M
YoY Change -105.48% -72.62% 269.25%

Facts In Submission

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Organization and Nature of Business<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%">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: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%">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: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%">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 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 related to right-of-use assets and lease liabilities, assets and liabilities assumed in business combinations, and performance-based stock units.</span></div>
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CY2024Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
16946000 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
18880000 usd
CY2024Q2 true Property Plant And Equipment Gross Assets Not Placed In Service
PropertyPlantAndEquipmentGrossAssetsNotPlacedInService
600000 usd
CY2023Q4 true Property Plant And Equipment Gross Assets Not Placed In Service
PropertyPlantAndEquipmentGrossAssetsNotPlacedInService
1000000 usd
CY2024Q2 us-gaap Adjustment For Amortization
AdjustmentForAmortization
3000000 usd
CY2023Q2 us-gaap Adjustment For Amortization
AdjustmentForAmortization
2800000 usd
us-gaap Adjustment For Amortization
AdjustmentForAmortization
5800000 usd
us-gaap Adjustment For Amortization
AdjustmentForAmortization
5600000 usd
CY2023 us-gaap Restructuring Charges
RestructuringCharges
7200000 usd
CY2023Q4 us-gaap Restructuring Reserve
RestructuringReserve
951000 usd
us-gaap Restructuring Charges
RestructuringCharges
0 usd
us-gaap Payments For Restructuring
PaymentsForRestructuring
951000 usd
CY2024Q2 us-gaap Restructuring Reserve
RestructuringReserve
0 usd
CY2024Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3189000 usd
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3891000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5821000 usd
CY2024Q2 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
177000 usd
CY2023Q2 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
225000 usd
CY2024Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
3366000 usd
CY2023Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
4116000 usd
CY2024Q2 us-gaap Net Income Loss
NetIncomeLoss
-13520000 usd
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
-20424000 usd
us-gaap Net Income Loss
NetIncomeLoss
-19368000 usd
us-gaap Net Income Loss
NetIncomeLoss
-39989000 usd
CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
91849000 shares
CY2024Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
91849000 shares
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
89383000 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
89383000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
91542000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
91542000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
89017000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
89017000 shares
CY2024Q2 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
-0.15
CY2024Q2 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-0.15
CY2023Q2 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-0.23
CY2023Q2 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
-0.23
us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-0.21
us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
-0.21
us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-0.45
us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
-0.45
us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-0.45
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
11386000 shares
CY2024Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
45800000 usd
CY2024Q1 true Stock Repurchase Program Additional Authorized Amount
StockRepurchaseProgramAdditionalAuthorizedAmount
54200000 usd
CY2024Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
100000000 usd
CY2024Q2 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
425009 shares
us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
425009 shares
CY2024Q2 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
1200000 usd
us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
1200000 usd
us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
0 shares
CY2023Q2 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
0 shares
CY2024Q2 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
98800000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
82847000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
76273000 usd
CY2024Q2 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
900000 usd
CY2023Q4 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
900000 usd
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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