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Share Name | Share Symbol | Market | Type |
---|---|---|---|
TrueCar Inc | NASDAQ:TRUE | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.055 | 2.08% | 2.695 | 2.57 | 2.81 | 2.775 | 2.6425 | 2.66 | 121,745 | 01:00:00 |
Fourth Quarter 2019 Financial Highlights
2019 Financial Highlights
Key Operating Metrics
Business Outlook
Our guidance for the first quarter ending March 31, 2020 is as follows:
Our guidance for the full year ending December 31, 2020 is as follows:
Conference Call Information
Members of our management will host a conference call today, February 20, 2020, to discuss our fourth quarter and full year 2019 results at 4:30 p.m. Eastern Time. To participate, domestic callers should dial 1-877-407-0789 and international callers should dial 1-201-689-8562. A replay of the call may be accessed the same day from 7:30 p.m. Eastern Time on Thursday, February 20, 2020 until 11:59 p.m. Eastern Time on Thursday, March 5, 2020 by dialing 1-844-512-2921 (domestic) or 1-412-317-6671 (international) and entering replay PIN 13698256. An archived version of the call will also be available upon completion on the Investor Relations section of our website at ir.truecar.com. We have used, and intend to continue to use, our Investor Relations website (ir.truecar.com), Twitter (@TrueCar) and Facebook (www.facebook.com/TrueCar) as means of disclosing material non-public information and for complying with our disclosure obligations under Regulation FD.
Forward-Looking Statements
This press release contains forward-looking statements. All statements contained in this press release other than statements of historical fact are forward-looking statements, including statements regarding our future revenue growth potential and opportunities and our outlook for the first quarter and full year 2020, including our expectations regarding future revenue and adjusted EBITDA. These forward-looking statements are subject to a number of risks, uncertainties and assumptions that may prove incorrect, any of which could cause our results to differ materially from those expressed or implied by such forward-looking statements, and include, among others, those risks and uncertainties described under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2018, our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2019, June 30, 2019 and September 30, 2019 filed with the Securities and Exchange Commission, or SEC, and our Annual Report on Form 10-K for the year ended December 31, 2019 to be filed with the SEC. Moreover, we operate in a very competitive and rapidly-changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can management assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. All forward-looking statements in this press release are based on information available to our management as of the date of this press release and, except as required by law, management assumes no obligation to update those forward-looking statements, which speak only as of their respective dates.
Use of Non-GAAP Financial Measures
This earnings release includes the following Non-GAAP financial measures: Adjusted EBITDA, Adjusted EBITDA margin, Non-GAAP net (loss) income and Non-GAAP net (loss) income per share. We define Adjusted EBITDA as net loss adjusted to exclude interest income, interest expense, depreciation and amortization, stock-based compensation, income (loss) from equity method investment, certain restructuring costs, certain executive departure costs, certain transaction expenses, certain litigation costs, changes in the fair value of contingent consideration and income taxes. We define Non-GAAP net (loss) income as net loss adjusted to exclude stock-based compensation, income (loss) from equity method investment, certain restructuring costs, certain executive departure costs, certain transaction expenses, certain litigation costs and changes in the fair value of contingent consideration. We have provided below a reconciliation of each of Adjusted EBITDA and Non-GAAP net (loss) income to net loss, the most directly comparable GAAP financial measure. Neither Adjusted EBITDA nor Non-GAAP net (loss) income should be considered as an alternative to net loss or any other measure of financial performance calculated and presented in accordance with GAAP.
We use Adjusted EBITDA and Non-GAAP net (loss) income as operating performance measures because each is (i) an integral part of our reporting and planning processes; (ii) used by our management and board of directors to assess our operational performance, and together with operational objectives, as a measure in evaluating employee compensation and bonuses; and (iii) used by our management to make financial and strategic planning decisions regarding future operating investments. We believe that using Adjusted EBITDA and Non-GAAP net (loss) income facilitates operating performance comparisons on a period-to-period basis because these measures exclude variations primarily caused by changes in the excluded items noted above. In addition, we believe that Adjusted EBITDA, Non-GAAP net (loss) income and similar measures are widely used by investors, securities analysts, rating agencies and other parties in evaluating companies as measures of financial performance and debt service capabilities.
Our use of each of Adjusted EBITDA and Non-GAAP net (loss) income has limitations as an analytical tool, and you should not consider either in isolation or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are:
Because of these limitations, you should consider Adjusted EBITDA and Non-GAAP net (loss) income alongside other financial performance measures, including our net loss, our other GAAP results and various cash flow metrics. In addition, in evaluating Adjusted EBITDA and Non-GAAP net (loss) income, you should be aware that in the future we will incur expenses such as those that are the subject of adjustments in deriving Adjusted EBITDA and Non-GAAP net (loss) income and you should not infer from our presentation of Adjusted EBITDA and Non-GAAP net (loss) income that our future results will not be affected by these expenses or any unusual or non-recurring items.
About TrueCar
TrueCar is a leading automotive digital marketplace that enables car buyers to connect to our network of 16,500 Certified Dealers. We are building the industry's most personalized and efficient car buying experience as we seek to bring more of the purchasing process online. Consumers who visit our marketplace will find a suite of vehicle discovery tools, price ratings and market context on new and used cars -- all with a clear view of what's a great deal. When they are ready, TrueCar will enable them to connect with a local Certified Dealer who shares in our belief that truth, transparency and fairness are the foundation of a great car buying experience. As part of our marketplace, TrueCar powers car-buying programs for over 250 leading brands, including USAA, Sam’s Club, and American Express. Nearly half of all new-car buyers engage with TrueCar powered sites, where they buy smarter and drive happier. TrueCar is headquartered in Santa Monica, California, with offices in Austin, Texas and Boston, Massachusetts.
For more information, please visit www.truecar.com, and follow us on Facebook or Twitter. TrueCar media line: +1-844-469-8442 (US toll-free) | Email: pr@truecar.com
TRUECAR, INC. | |||||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||||
(In thousands, except per share data) | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||
Revenues | $ | 89,668 | $ | 91,074 | $ | 353,880 | $ | 353,571 | |||||||||||
Costs and operating expenses: | |||||||||||||||||||
Cost of revenue | 7,768 | 8,213 | 33,427 | 31,154 | |||||||||||||||
Sales and marketing | 56,410 | 55,952 | 229,342 | 213,415 | |||||||||||||||
Technology and development | 12,462 | 14,715 | 57,188 | 61,348 | |||||||||||||||
General and administrative | 15,644 | 13,135 | 65,148 | 54,140 | |||||||||||||||
Depreciation and amortization | 6,264 | 5,869 | 25,591 | 22,677 | |||||||||||||||
Total costs and operating expenses | 98,548 | 97,884 | 410,696 | 382,734 | |||||||||||||||
Loss from operations | (8,880 | ) | (6,810 | ) | (56,816 | ) | (29,163 | ) | |||||||||||
Interest income | 673 | 1,072 | 3,495 | 3,314 | |||||||||||||||
Interest expense | — | (664 | ) | — | (2,649 | ) | |||||||||||||
Loss from equity method investment | (543 | ) | — | (1,280 | ) | — | |||||||||||||
Loss before income taxes | (8,750 | ) | (6,402 | ) | (54,601 | ) | (28,498 | ) | |||||||||||
Provision for (benefit from) income taxes | 63 | (9 | ) | 289 | (177 | ) | |||||||||||||
Net loss | $ | (8,813 | ) | $ | (6,393 | ) | $ | (54,890 | ) | $ | (28,321 | ) | |||||||
Net loss per share: | |||||||||||||||||||
Basic and diluted | $ | (0.08 | ) | $ | (0.06 | ) | $ | (0.52 | ) | $ | (0.28 | ) | |||||||
Weighted average common shares outstanding, basic and diluted | 106,681 | 104,065 | 105,805 | 102,149 |
TRUECAR, INC. | ||||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||||
(In thousands) | ||||||||||
(Unaudited) | ||||||||||
December 31, | ||||||||||
2019 | 2018 | |||||||||
Assets | ||||||||||
Current assets | ||||||||||
Cash and cash equivalents | $ | 181,534 | $ | 196,128 | ||||||
Accounts receivable, net | 44,888 | 47,760 | ||||||||
Prepaid expenses | 7,215 | 7,468 | ||||||||
Other current assets | 6,104 | 4,103 | ||||||||
Total current assets | 239,741 | 255,459 | ||||||||
Property and equipment, net | 29,797 | 61,511 | ||||||||
Operating lease right-of-use assets | 36,064 | — | ||||||||
Goodwill | 73,311 | 73,311 | ||||||||
Intangible assets, net | 17,260 | 23,451 | ||||||||
Equity method investment | 21,894 | — | ||||||||
Other assets | 3,620 | 7,228 | ||||||||
Total assets | $ | 421,687 | $ | 420,960 | ||||||
Liabilities and Stockholders’ Equity | ||||||||||
Current liabilities | ||||||||||
Accounts payable | $ | 21,336 | $ | 26,305 | ||||||
Accrued employee expenses | 5,969 | 4,349 | ||||||||
Operating lease liabilities, current | 5,875 | — | ||||||||
Accrued expenses and other current liabilities | 20,990 | 10,908 | ||||||||
Total current liabilities | 54,170 | 41,562 | ||||||||
Deferred tax liabilities | 783 | 568 | ||||||||
Lease financing obligation, net of current portion | — | 22,987 | ||||||||
Operating lease liabilities, net of current portion | 37,127 | — | ||||||||
Other liabilities | 2,336 | 9,290 | ||||||||
Total liabilities | 94,416 | 74,407 | ||||||||
Stockholders’ Equity | ||||||||||
Common stock | 11 | 10 | ||||||||
Additional paid-in capital | 759,322 | 720,025 | ||||||||
Accumulated deficit | (432,062 | ) | (373,482 | ) | ||||||
Total stockholders’ equity | 327,271 | 346,553 | ||||||||
Total liabilities and stockholders’ equity | $ | 421,687 | $ | 420,960 |
TRUECAR, INC. | |||||||||||||||||||
RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA | |||||||||||||||||||
(In thousands) | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||
Net loss | $ | (8,813 | ) | $ | (6,393 | ) | $ | (54,890 | ) | $ | (28,321 | ) | |||||||
Non-GAAP adjustments: | |||||||||||||||||||
Interest income | (673 | ) | (1,072 | ) | (3,495 | ) | (3,314 | ) | |||||||||||
Interest expense | — | 664 | — | 2,649 | |||||||||||||||
Depreciation and amortization | 6,264 | 5,869 | 25,591 | 22,677 | |||||||||||||||
Stock-based compensation (1) | 6,592 | 8,903 | 37,974 | 37,219 | |||||||||||||||
Share of net loss of equity method investment | 543 | — | 1,280 | — | |||||||||||||||
Certain litigation costs (2) | 139 | 161 | 1,575 | 2,157 | |||||||||||||||
Executive departure costs (3) | 138 | — | 5,089 | — | |||||||||||||||
Restructuring charges (4) | — | — | 3,280 | — | |||||||||||||||
Transaction costs (5) | — | 620 | 1,926 | 620 | |||||||||||||||
Change in fair value of contingent consideration | 75 | — | 300 | — | |||||||||||||||
Provision for (benefit from) income taxes | 63 | (9 | ) | 289 | (177 | ) | |||||||||||||
Adjusted EBITDA | $ | 4,328 | $ | 8,743 | $ | 18,919 | $ | 33,510 |
TRUECAR, INC. | |||||||||||||||||||
RECONCILIATION OF NET LOSS TO NON-GAAP NET (LOSS) INCOME | |||||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||
Net loss | $ | (8,813 | ) | $ | (6,393 | ) | $ | (54,890 | ) | $ | (28,321 | ) | |||||||
Non-GAAP adjustments: | |||||||||||||||||||
Stock-based compensation (1) | 6,592 | 8,903 | 37,974 | 37,219 | |||||||||||||||
Loss from equity method investment | 543 | — | 1,280 | — | |||||||||||||||
Certain litigation costs (2) | 139 | 161 | 1,575 | 2,157 | |||||||||||||||
Executive departure costs (3) | 138 | — | 5,089 | — | |||||||||||||||
Restructuring charges (4) | — | — | 3,280 | — | |||||||||||||||
Transaction costs (5) | — | 620 | 1,926 | 620 | |||||||||||||||
Changes in the fair value of contingent consideration | 75 | — | 300 | — | |||||||||||||||
Non-GAAP net (loss) income (6) | $ | (1,326 | ) | $ | 3,291 | $ | (3,466 | ) | $ | 11,675 | |||||||||
Non-GAAP net (loss) income per share: | |||||||||||||||||||
Basic | $ | (0.01 | ) | $ | 0.03 | $ | (0.03 | ) | $ | 0.11 | |||||||||
Diluted | $ | (0.01 | ) | $ | 0.03 | $ | (0.03 | ) | $ | 0.11 | |||||||||
Weighted average common shares outstanding: | |||||||||||||||||||
Basic | 106,681 | 104,065 | 105,805 | 102,149 | |||||||||||||||
Diluted | 106,681 | 105,945 | 105,805 | 104,378 |
Investor Relations Contact: Danny Vivier Vice President, Investor Relations and Strategic Finance 424-258-8017 dvivier@truecar.com Public Relations & Media Contact Shadee Malekafzali Senior Director, Public Relations 424-258-8694 shadee@truecar.com
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