PART I - FINANCIAL INFORMATION [Condensed Consolidated Financial Statements (unaudited)](index=5&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements%20(unaudited)) TrueCar, Inc. reported a net loss of $12.4 million on $43.5 million revenue, with cash decreasing to $234.8 million and negative operating cash flow [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2022 | December 31, 2021 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $234,782 | $245,217 | | Total current assets | $261,909 | $269,938 | | Total assets | $363,356 | $387,670 | | **Liabilities & Equity** | | | | Total current liabilities | $29,221 | $31,481 | | Total liabilities | $54,129 | $57,884 | | Total stockholders' equity | $309,227 | $329,786 | [Condensed Consolidated Statements of Comprehensive Loss](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Loss) Statement of Comprehensive Loss (in thousands, except per share data) | Metric | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | | :--- | :--- | :--- | | Revenues | $43,533 | $65,105 | | Total costs and operating expenses | $57,666 | $73,740 | | Loss from operations | $(14,133) | $(8,635) | | Net loss | $(12,414) | $(8,418) | | Net loss per share, basic and diluted | $(0.13) | $(0.09) | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Cash Flow Summary (in thousands) | Cash Flow Activity | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | | :--- | :--- | :--- | | Net cash (used in) provided by operating activities | $(7,465) | $5,479 | | Net cash provided by (used in) investing activities | $9,421 | $(2,816) | | Net cash used in financing activities | $(12,391) | $(8,904) | | **Net (decrease) increase in cash** | **$(10,435)** | **$1,259** | - Investing activities in Q1 2022 included **$12.8 million** in cash received from the sale of an equity method investment, offset by **$3.4 million** in capital expenditures[20](index=20&type=chunk)[126](index=126&type=chunk) - Financing activities in Q1 2022 were primarily driven by **$11.5 million** used for the repurchase of common stock[20](index=20&type=chunk)[127](index=127&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail business, accounting policies, revenue disaggregation showing declines, share repurchases of 3.1 million shares for $11.0 million, and the sale of Accu-Trade interest Disaggregation of Revenue (in thousands) | Revenue Stream | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | | :--- | :--- | :--- | | Dealer revenue | $42,286 | $62,057 | | OEM incentives revenue | $1,028 | $2,797 | | Other revenue | $219 | $251 | | **Total revenues** | **$43,533** | **$65,105** | - During Q1 2022, the company repurchased and retired **3.1 million shares** of its common stock for **$11.0 million** under its authorized repurchase program, with **$64.5 million** remaining authorized for future repurchases as of March 31, 2022[74](index=74&type=chunk) - On March 1, 2022, the company sold its **20% ownership interest in Accu-Trade** at its carrying value[75](index=75&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=20&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Revenue declined 33.1% due to inventory shortages, leading to a 44.8% decrease in units, while monetization per unit increased and operating expenses decreased [Key Metrics](index=22&type=section&id=Key%20Metrics) Key Operating Metrics Comparison | Metric | Q1 2022 | Q1 2021 | % Change | | :--- | :--- | :--- | :--- | | Average Monthly Unique Visitors | 7,265,369 | 9,175,703 | (20.8%) | | Units | 91,600 | 165,858 | (44.8%) | | Monetization ($) | $473 | $391 | 21.0% | | Franchise Dealer Count | 8,299 | 10,446 | (20.6%) | | Independent Dealer Count | 4,106 | 3,702 | 10.9% | - The decrease in unique visitors was attributed to lower marketing spend, while the sharp decline in units was primarily due to low automobile inventory levels from the global chip shortage[87](index=87&type=chunk)[88](index=88&type=chunk) - Monetization increased due to a higher mix of used cars, which have higher monetization, and the lagging effect of subscription revenue from franchise and independent dealers[90](index=90&type=chunk) [Results of Operations](index=27&type=section&id=Results%20of%20Operations) - Total revenues decreased by **$21.6 million (33.1%)** YoY, primarily due to a **$19.8 million** drop in dealer revenue and a **$1.8 million** decrease in OEM incentives revenue, both impacted by the global semiconductor chip shortage[106](index=106&type=chunk) - Sales and marketing expenses decreased by **$13.0 million (32.5%)** YoY, reflecting an **$8.9 million** reduction in branded media spend and a **$2.7 million** decrease in employee-related expenses due to lower headcount[110](index=110&type=chunk) - Technology and development expenses decreased by **$0.9 million (8.4%)** YoY, mainly due to reduced headcount[111](index=111&type=chunk) - General and administrative expenses decreased by **$1.0 million (7.5%)** YoY, driven by lower stock-based compensation and professional services fees, partially offset by higher lease exit costs[112](index=112&type=chunk) [Liquidity and Capital Resources](index=31&type=section&id=Liquidity%20and%20Capital%20Resources) - As of March 31, 2022, the company's principal source of liquidity was **$234.8 million** in cash and cash equivalents[119](index=119&type=chunk) - The company has a **$35.0 million** revolving credit facility, with **$32.6 million** available as of March 31, 2022, and no amounts outstanding[121](index=121&type=chunk)[53](index=53&type=chunk) - The company repurchased **3.1 million shares** for **$11.0 million** in Q1 2022, with **$64.5 million** remaining under its share repurchase authorization[122](index=122&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=34&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company reports no material market risk exposure, including interest rate, inflation, or foreign currency risks, due to its primary U.S. operations - The company does not believe it has material exposure to market risks, including interest rate, inflation, or foreign currency exchange risk[135](index=135&type=chunk)[136](index=136&type=chunk)[137](index=137&type=chunk)[138](index=138&type=chunk) [Controls and Procedures](index=35&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective as of March 31, 2022, with no material changes to internal control over financial reporting - Management concluded that as of March 31, 2022, the company's disclosure controls and procedures were effective[140](index=140&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, internal controls[141](index=141&type=chunk) PART II - OTHER INFORMATION [Legal Proceedings](index=36&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 7 for details on legal proceedings, including ongoing stockholder derivative litigation - The company is subject to a purported stockholder derivative action, the Lee Derivative Litigation, which is currently stayed pending the outcome of a Special Committee investigation, and the company believes the complaint is without merit[58](index=58&type=chunk) [Risk Factors](index=36&type=section&id=Item%201A.%20Risk%20Factors) Significant risks include low auto inventory, supply chain disruptions, USAA partnership termination, TrueCar+ rollout challenges, intense competition, regulatory complexities, and COVID-19 impacts - Low automobile inventory levels, driven by factors like the semiconductor chip shortage, adversely impact the business by increasing competition for dealer advertising and reducing OEM incentive spending[146](index=146&type=chunk) - The termination of the partnership with USAA Federal Savings Bank has had and will continue to have a material adverse effect on the business, revenue, and operating results[155](index=155&type=chunk) - The company's success is critically dependent on the rollout of its end-to-end car-buying experience, TrueCar+, and failure to monetize it effectively would adversely affect business prospects[150](index=150&type=chunk) - The business is subject to a complex framework of laws and regulations concerning vehicle sales, advertising, and brokering, which could subject the company to claims or challenge its business model[199](index=199&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=71&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) In Q1 2022, the company repurchased 3,107,370 shares for $3.53 per share under its $150 million share repurchase program Share Repurchase Activity (Q1 2022) | Period | Total Number of Shares Purchased | Average Price Paid Per Share | Approximate Dollar Value Remaining | | :--- | :--- | :--- | :--- | | Jan 1, 2022 – Mar 31, 2022 | 3,107,370 | $3.53 | $64,473,300 | [Exhibits](index=72&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including corporate documents, executive certifications, and XBRL data files

TrueCar, Inc. (NASDAQ:TRUE) Q1 2022 Results Earnings Conference Call May 10, 2022 9:00 AM ET Company Participants Zaineb Bokhari - Vice President, Investor Relations Mike Darrow - President and Chief Executive Officer Jantoon Reigersman - Chief Financial Officer and Chief Operating Officer Conference Call Participants Tom White - D.A. Davidson Marvin Fong - BTIG Rajat Gupta - JPMorgan Chris Pierce - Needham Operator Good day, and welcome to the TrueCar First Quarter 2022 Financial Results Conference Call. P ...

TrueCar, Inc. (NASDAQ:TRUE) Q4 2021 Earnings Conference Call February 23, 2022 9:00 AM ET Company Participants Zaineb Bokhari - Investor Relations Mike Darrow - President and Chief Executive Officer Jantoon Reigersman - Chief Financial Officer Conference Call Participants Rajat Gupta - JP Morgan Marvin Fong - BTIG Chris Pierce - Needham & Company Naved Khan - Truist Securities Operator Good day, and welcome to the TrueCar Fourth Quarter 2021 Financial Results Conference Call. Please note this event is being ...

TrueCar, Inc. (NASDAQ:TRUE) Q2 2021 Earnings Conference Call August 5, 2021 4:30 PM ET Company Participants Scott Watkinson - Senior Vice President & Deputy General Counsel Mike Darrow - President & Chief Executive Officer Jantoon Reigersman - Chief Financial Officer Conference Call Participants Steve Dyer - Craig-Hallum Marvin Fong - BTIG Rajat Gupta - JPMorgan Operator Good day, and welcome to the Truecar Second Quarter 2021 Financial Results Conference Call. All participants will be in listen-only mode. ...