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• | Second quarter total revenue relatively flat from a year ago at $88.1 million. |
• | Second quarter net loss of $(24.1) million, or $(0.23) per share, compared to net loss of $(6.6) million, or $(0.07) per share, in the second quarter of 2018. |
• | Second quarter Non-GAAP net loss(1) of $(2.2) million, or $(0.02) per share, compared to Non-GAAP net income of $3.2 million, or $0.03 per share, in the second quarter of 2018. |
• | Second quarter Adjusted EBITDA(2) of $3.7 million, representing an Adjusted EBITDA margin(3) of 4.1%, compared to Adjusted EBITDA of $8.7 million, representing an Adjusted EBITDA margin of 9.9%, in the second quarter of 2018. |
• | Average monthly unique visitors(4) decreased 7% to 7.2 million in the second quarter of 2019, down from 7.8 million in the second quarter of 2018. |
• | Units(5) were 249,856 in the second quarter of 2019, compared to 250,269 in the second quarter of 2018. |
• | Monetization(6) was $333 during the second quarter of 2019, compared to $332 during the second quarter of 2018. |
• | Franchise dealer count(7) was 12,681 as of June 30, 2019, compared to 12,368 as of June 30, 2018. |
• | Independent dealer count(8) was 4,014 as of June 30, 2019, compared to 3,166 as of June 30, 2018. |
(1) | Non-GAAP net (loss) income is a Non-GAAP financial measure. Refer to its definition and accompanying reconciliation to GAAP net (loss) income below. |
(2) | Adjusted EBITDA is a Non-GAAP financial measure. Refer to its definition and accompanying reconciliation to GAAP net (loss) income below. |
(3) | Adjusted EBITDA margin is a Non-GAAP financial measure, calculated as Adjusted EBITDA divided by total revenue. |
(4) | We define a monthly unique visitor as an individual who has visited our website, our landing page on our affinity group marketing partner sites or our mobile applications within a calendar month. We calculate average monthly unique visitors as the sum of the monthly unique visitors divided by the number of months in the period. |
(5) | We define units as the number of automobiles purchased from TrueCar Certified Dealers that are matched to users of TrueCar.com, our mobile applications or the car-buying sites and mobile applications we maintain for our affinity group marketing partners. |
(6) | We define monetization as the average transaction revenue per unit, which we calculate by dividing all of our transaction revenue (dealer revenue and OEM incentives revenue) in a given period by the number of units in that period. |
(7) | We define franchise dealer count as the number of franchise dealers in the network of TrueCar Certified Dealers at the end of a given period. This number is calculated by counting the number of brands of new cars sold at each individual location, or rooftop, regardless of the size of the dealership that owns the rooftop. Note that this number excludes Genesis franchises on our program due to Hyundai’s transition of Genesis to a stand-alone brand. In order to facilitate period over period comparisons, we have continued to count each Hyundai franchise that also has a Genesis franchise as one franchise dealer rather than two. |
(8) | We define independent dealer count as the number of dealers in the network of TrueCar Certified Dealers at the end of a given period that exclusively sell used vehicles and are not directly affiliated with a new car manufacturer. This number is calculated by counting each location, or rooftop, individually, regardless of the size of the dealership that owns the rooftop. |
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The $5.7 million decrease related to changes in operating assets and liabilities primarily reflected an increase in accounts receivable of $4.5 million primarily related to the timing of billings to and payments from OEMs; an increase in prepaid expenses of $2.9 million primarily related to an increase in prepaid marketing, insurance, and other costs; an increase in other current assets of $0.8 million primarily related to an increase in the contract asset balance for estimated variable consideration to be received upon the occurrence of subsequent vehicle sales; and an increase in other assets of $0.8 million primarily related to a long-term prepayment for cloud computing services.
These sources of cash were partially offset by an increase in other current assets of $29.7 million related to a $28.3 million insurance receivable associated with the aforementioned proposed legal settlement that will be covered by liability insurance, a decrease in accounts payable of $5.8 million primarily related to decreased accrued marketing spend and marketing fees payable to our affinity group partners and advertisers, a decrease in operating lease liabilities of $3.1 million, and an increase in prepaid expenses of $2.5 million primarily related to software expenses and hosting fees.
Amortization expense consists primarily of amortization recorded on intangible assets, capitalized software costs and leasehold improvements.
Sales and marketing expenses consist primarily of: television, digital, and radio advertising; media production costs; affinity group partner marketing fees, which also include loan subvention costs where we pay certain affinity group marketing partners a portion of consumers' borrowing costs for car loan products offered by these affinity group marketing partners, and common stock warrants issued to USAA; marketing sponsorship programs; and digital customer acquisition.
We do not expect to incur interest expense in the remaining quarters of 2019, unless we draw down on our credit facility or incur other forms of debt financing.
27 27 The following table...Read more
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Cash Flows The following table...Read more
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Cost of revenue increased $2.1...Read more
In addition, through TCDS, we...Read more
Depreciation and amortization expenses increased...Read more
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Net cash provided by operations...Read more
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Cash used in investing activities...Read more
Capitalized software costs decreased $1.5...Read more
Capitalized software costs decreased $1.0...Read more
The increase in our revenues...Read more
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In addition, sales and marketing...Read more
The increase of $3.7 million...Read more
The increase of $8.2 million...Read more
In addition, we customize and...Read more
The increase was primarily due...Read more
On an ongoing basis, we...Read more
Our monetization increased 2.1% to...Read more
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General and administrative expenses increased...Read more
General and administrative expenses increased...Read more
Technology and development expenses increased...Read more
Technology and development expenses increased...Read more
We define Non-GAAP net (loss)...Read more
(6) There is no income...Read more
Our benefit from income taxes...Read more
Additional funds may not be...Read more
The decrease of $4.0 million...Read more
We believe that using Adjusted...Read more
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(4) The excluded amounts represent...Read more
(4) The excluded amounts represent...Read more
The $3.2 million increase related...Read more
The amount available under the...Read more
Although we expect our cost...Read more
Financial Statements, Disclosures and Schedules
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Truecar, Inc. provided additional information to their SEC Filing as exhibits
Ticker: TRUE
CIK: 1327318
Form Type: 10-Q Quarterly Report
Accession Number: 0001327318-19-000040
Submitted to the SEC: Fri Aug 09 2019 12:44:39 PM EST
Accepted by the SEC: Fri Aug 09 2019
Period: Sunday, June 30, 2019
Industry: Computer Programming Data Processing