Treatment.com AI to Present at The 2024 Cantech Letter Conference in Toronto, ONTreatment.com AI CEO, Dr. Essam Hamza, is to present live at 11:00 AM ET on Wednesday, October 9, 2024October 01, 2024 8:30 AM EDT | Source: Cantech LetterVancouver, British Columbia--(Newsfile Corp. - October 1, 2024) - Treatment.com AI Inc. (CSE: TRUE) (OTCQB: TREIF) (FSE: 939) ("Treatment"), a healthcare tech company focused on transforming patient care with AI-driven Clinical insights, is pleased to announce it ...

SANTA MONICA, Calif., Aug. 16, 2024 /PRNewswire/ -- TrueCar, Inc., (NASDAQ:TRUE), the easiest, most efficient and transparent online destination for buying and selling new and used vehicles, today announced that its Chief People Officer & Operations, Jill Angel, has been appointed as Chief Operating Officer, effective immediately. In this position, Ms. Angel is expected to continue to play a significant role in TrueCar's efforts to meet its long-term operational goals and oversee TrueCar's sales operations, ...

[PART I - FINANCIAL INFORMATION](index=5&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) [Item 1. Condensed Consolidated Financial Statements (unaudited)](index=5&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements%20%28unaudited%29) These unaudited statements detail TrueCar's financial position as of June 30, 2024, showing increased revenue, reduced net loss, and improved operating cash flow, despite a decrease in total assets and stockholders' equity [Condensed Consolidated Balance Sheets](index=7&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2024, total assets and stockholders' equity decreased to **$183.0 million** and **$143.9 million** respectively, primarily due to reduced cash and operating losses, while total liabilities also declined Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $127,954 | $136,964 | | Total current assets | $153,903 | $163,082 | | Total assets | $183,014 | $204,320 | | **Liabilities & Equity** | | | | Total current liabilities | $28,861 | $28,978 | | Total liabilities | $39,130 | $44,105 | | Total stockholders' equity | $143,884 | $160,215 | [Condensed Consolidated Statements of Comprehensive Loss](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Loss) For Q2 and H1 2024, revenues increased to **$41.8 million** and **$82.8 million** respectively, while net loss significantly narrowed to **$13.5 million** and **$19.4 million** compared to the prior year periods Financial Performance Summary (in thousands, except per share data) | Metric | Q2 2024 | Q2 2023 | H1 2024 | H1 2023 | | :--- | :--- | :--- | :--- | :--- | | Revenues | $41,795 | $39,293 | $82,847 | $76,273 | | Loss from operations | $(15,189) | $(22,147) | $(22,674) | $(43,314) | | Net loss | $(13,520) | $(20,424) | $(19,368) | $(39,989) | | Net loss per share | $(0.15) | $(0.23) | $(0.21) | $(0.45) | [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash provided by operating activities significantly improved to **$46,000** in H1 2024, while investing and financing activities used **$4.2 million** and **$4.9 million** respectively, resulting in a **$9.0 million** net decrease in cash Six Months Ended June 30 Cash Flow Summary (in thousands) | Cash Flow Activity | 2024 | 2023 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $46 | $(22,092) | | Net cash used in investing activities | $(4,181) | $(7,098) | | Net cash used in financing activities | $(4,875) | $(3,923) | | **Net decrease in cash** | **$(9,010)** | **$(33,113)** | [Notes to Condensed Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) These notes detail the company's digital automotive marketplace business, significant accounting policies, a June 2023 restructuring, a **$6.8 million** lease impairment, share repurchase program details, and revenue disaggregation by source - The company operates as a digital automotive marketplace, offering pricing transparency and connecting consumers with Certified Dealers, alongside Trade, Payments, and Sell Your Car solutions[27](index=27&type=chunk) - A Restructuring Plan initiated in June 2023 incurred **$7.2 million** in costs during 2023, with no further significant charges anticipated[49](index=49&type=chunk) - A legal dispute over a terminated Santa Monica office lease led to the full impairment of the **$6.8 million** right-of-use asset as of June 30, 2024[51](index=51&type=chunk) Revenue Disaggregation (in thousands) | Revenue Stream | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Dealer revenue | $74,602 | $71,485 | | OEM incentives revenue | $7,872 | $4,546 | | Other revenue | $373 | $242 | | **Total revenues** | **$82,847** | **$76,273** | - The share repurchase program was increased by **$54.2 million** in February 2024, extending authorization to **$100 million** until December 31, 2026, with **$98.8 million** remaining available as of June 30, 2024[68](index=68&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=21&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's H1 2024 performance, noting an **8.6%** revenue increase to **$82.8 million**, a narrowed net loss of **$19.4 million**, and positive Adjusted EBITDA of **$1.0 million**, despite challenging market conditions and the CDK Global cybersecurity incident [Overview and Market Environment](index=21&type=section&id=Overview%20and%20Market%20Environment) TrueCar, a leading automotive digital marketplace, is building an end-to-end online car buying experience, but faces headwinds from economic uncertainty, inventory shortages, rising interest rates, and the recent CDK Global cybersecurity incident - TrueCar is developing an end-to-end car buying experience to digitize more of the purchasing process[76](index=76&type=chunk) - The business is impacted by economic uncertainty, inventory shortages, rising interest rates, and the CDK Global cybersecurity incident that disrupted dealer systems[78](index=78&type=chunk) [Key Metrics](index=23&type=section&id=Key%20Metrics) H1 2024 key metrics show a **9.1%** decrease in average monthly unique visitors to **7.7 million**, but a **5.5%** increase in units sold to **167,807**, with monetization per unit rising to **$491** and a slight increase in franchise dealer count Key Operating Metrics Comparison | Metric | H1 2024 | H1 2023 | Change | | :--- | :--- | :--- | :--- | | Average Monthly Unique Visitors | 7,724,448 | 8,495,195 | -9.1% | | Units | 167,807 | 159,114 | +5.5% | | Monetization | $491 | $478 | +2.7% | | Franchise Dealer Count (end of period) | 8,274 | 8,152 | +1.5% | | Independent Dealer Count (end of period) | 3,200 | 3,489 | -8.3% | - The unit metric for Q2 and H1 2024 includes an estimated **1,220** vehicles purchased but unmatched due to the CDK outage[81](index=81&type=chunk)[83](index=83&type=chunk) [Results of Operations](index=28&type=section&id=Results%20of%20Operations) H1 2024 revenues increased **8.6%** to **$82.8 million**, while total operating expenses decreased to **$105.5 million** due to restructuring, resulting in a significantly reduced loss from operations of **$22.7 million** - H1 2024 revenue increased by **$6.6 million** (**8.6%**) year-over-year, driven by TCWS expansion, TCMS product introduction, and new OEM incentive programs[102](index=102&type=chunk) - Sales and marketing expenses for H1 2024 decreased by **$7.9 million** (**14.7%**) due to reduced employee-related costs following the 2023 restructuring[108](index=108&type=chunk) - Technology and development expenses for H1 2024 decreased by **$10.5 million** (**40.2%**), primarily due to lower employee-related costs post-restructuring[110](index=110&type=chunk) - General and administrative expenses for H1 2024 increased by **$1.4 million** (**5.7%**), largely due to a **$4.8 million** net increase in impairment charges on right-of-use assets for office leases[112](index=112&type=chunk) [Liquidity and Capital Resources](index=32&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2024, TrueCar maintained strong liquidity with **$128.0 million** in cash and cash equivalents, sufficient to fund operations for at least 12 months, and repurchased **425,009** shares for **$1.2 million** under its program with **$98.8 million** remaining authorization - Principal liquidity sources include cash and cash equivalents totaling **$128.0 million** as of June 30, 2024[117](index=117&type=chunk) - The board increased the share repurchase program, raising remaining authorization to **$100 million** and extending it to December 31, 2026[119](index=119&type=chunk) - Net cash provided by operating activities for H1 2024 was a minimal **$46,000**, a significant improvement from **$22.1 million** used in H1 2023[123](index=123&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=34&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company states that its exposure to market risk, including changes in interest rates, inflation, and currency exchange rates, has not materially changed from the disclosures in its Annual Report on Form 10-K for the year ended December 31, 2023 - No material changes in the company's exposure to market risk have occurred since the end of 2023[130](index=130&type=chunk) [Item 4. Controls and Procedures](index=35&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures and concluded they were effective as of June 30, 2024, with no material changes in internal control over financial reporting during the quarter - The principal executive and financial officers concluded that disclosure controls and procedures were effective at a reasonable assurance level as of June 30, 2024[132](index=132&type=chunk) - No material changes in internal control over financial reporting occurred during the quarter[133](index=133&type=chunk) [PART II - OTHER INFORMATION](index=36&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=36&type=section&id=Item%201.%20Legal%20Proceedings) The company refers to Note 5 of the financial statements for information on legal proceedings, with the key ongoing matter being a lawsuit and cross-complaint with the landlord of its former Santa Monica headquarters over the termination of the lease - Details on legal proceedings are referenced in Note 5, "Commitments and Contingencies," within the financial statements[135](index=135&type=chunk) [Item 1A. Risk Factors](index=36&type=section&id=Item%201A.%20Risk%20Factors) The company outlines significant business, stock ownership, and general risks, including dependency on the automotive ecosystem, success of new offerings, dealer relationships, competition, regulatory complexities, stock price volatility, and potential impacts from catastrophic events - The business is sensitive to automotive ecosystem risks, including low inventory, supply chain issues, and the recent CDK Global cybersecurity incident disrupting dealer operations[138](index=138&type=chunk) - Success heavily relies on the rollout and monetization of new offerings, especially the TrueCar+ end-to-end car-buying experience[142](index=142&type=chunk) - The June 2023 restructuring, involving a **24%** workforce reduction, may lead to unintended consequences such as employee attrition and loss of institutional knowledge[145](index=145&type=chunk) - Maintaining dealer relationships, managing subscription rates, and expanding the dealer network are critical, as a significant portion of revenue is derived from dealers[147](index=147&type=chunk) - The business is subject to a complex legal framework governing vehicle sales, advertising, and brokering, potentially leading to claims or challenges to its business model[190](index=190&type=chunk) - The company faces significant competition from internet search engines, online automotive sites like CarGurus and Cars.com, and online retailers such as Carvana and CarMax[187](index=187&type=chunk) - The stock price may remain volatile, and failure to meet publicly announced guidance could lead to a price decline[241](index=241&type=chunk)[242](index=242&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=75&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During the second quarter of 2024, TrueCar repurchased **425,009** shares of its common stock at an average price of **$2.86** per share, with approximately **$98.8 million** remaining available for future repurchases under its program expiring December 31, 2026 Share Repurchase Activity (Q2 2024) | Period | Total Shares Purchased | Average Price Paid Per Share | | :--- | :--- | :--- | | April 2024 | — | N/A | | May 2024 | — | N/A | | June 2024 | 425,009 | $2.86 | | **Total** | **425,009** | **$2.86** | - As of June 30, 2024, approximately **$98.8 million** remained available under the company's share repurchase authorization[264](index=264&type=chunk) [Item 5. Other Information](index=76&type=section&id=Item%205.%20Other%20Information) The company reported that during the second quarter of 2024, no director or officer adopted, modified, or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement - No director or officer adopted, modified, or terminated a Rule 10b5-1 trading arrangement during the three months ended June 30, 2024[266](index=266&type=chunk) [Item 6. Exhibits](index=77&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including amendments to corporate documents, a lease amendment, officer certifications required by the Sarbanes-Oxley Act, and XBRL data files - Key exhibits filed include CEO and CFO certifications (**31.1**, **31.2**, **32.1**) and Inline XBRL documents (**101 series**)[269](index=269&type=chunk)

Financial Data and Key Metrics Changes - In Q2 2024, total revenue was $41.8 million, reflecting a year-over-year growth of 6.4% and a quarter-over-quarter growth of 1.8% [8] - Adjusted EBITDA profitability was achieved at $0.1 million, marking a $5.4 million improvement year-over-year [8] - The CDK Global malware attack is estimated to have caused approximately $750,000 in lost revenue during the quarter [9] Business Line Data and Key Metrics Changes - The launch of TrueCar+ on July 17, 2024, allows consumers to purchase over 3,000 vehicles online, marking a significant step in the company's service offerings [9][19] - Revenue from TrueCar Marketing Solutions products grew from zero to a $1 million quarterly run rate, indicating strong adoption among dealers [18] - OEM incentive revenue declined by 14% year-over-year and 37% sequentially due to timing issues related to new program activations [15] Market Data and Key Metrics Changes - New vehicle sales grew by 19.5% quarter-over-quarter, compared to an industry-wide growth of 8.9% [14] - The company is entering a market environment with increasing vehicle supply, which is expected to positively impact sales [13] Company Strategy and Development Direction - The company aims to return to $300 million in revenue by 2026, with a long-term growth target of over 20% [12][23] - Key strategies include activating new dealers, reducing dealer churn, growing average revenue per dealer, and expanding OEM partnerships [12] - The company is focused on enhancing its value proposition to dealers by providing better support and innovative solutions [12][63] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth profile of the business despite challenges posed by the CDK malware attack and market conditions [16][33] - The management highlighted the importance of adapting to changing dealer needs and market dynamics to drive sales efficiency [61] - There is optimism regarding the recovery of OEM incentive revenue in the second half of the year, driven by increased dealer engagement [33] Other Important Information - The company has a strong balance sheet with no debt and approximately $180 million in cash equivalents at the end of Q2 [24] - Share repurchases totaled 425,000 shares for $1.2 million during Q2, with an additional 1.26 million shares repurchased for $4.5 million in early July [24] Q&A Session Summary Question: Can you elaborate on the drivers behind the highest level of revenue activations and upgrades in Q2? - Management indicated that macro changes and improved sales team effectiveness contributed to the revenue activations, alongside the launch of new product offerings [27][30] Question: What updates can you provide on OEM incentives revenue and the impact of the CDK hack? - Management noted that the pressure on OEMs is increasing, and they are optimistic about revenue growth in the OEM segment despite the recent challenges [33] Question: How should we think about the direct channel and advertising spend in the back half of the year? - Management acknowledged that while advertising spend increased, the impact on unit growth may take time to materialize, and they remain focused on driving consumer demand [40][43] Question: Can you discuss the sequential decline in gross margins? - The decline was attributed to the expanded TrueCar wholesale solutions product offering, which has a lower margin profile compared to previous models [48] Question: What is the timeline for scaling TC+ and how has the initial launch gone? - Management reported that the initial launch has gone well, with ongoing learning and adjustments being made to improve the product before scaling [66][70]

TrueCar® SUPPLEMENTAL MATERIALS Second Quarter 2024 Quarter Ended June 30, 2024 SUPPLEMENTAL MATERIALS 2 Important Information This presentation contains forward-looking statements. All statements other than statements of historical fact contained in this presentation, including our expectations regarding future expected revenue growth and free cash flow margins, are forward-looking statements. These forwardlooking statements are subject to a number of risks, uncertainties and assumptions that may prove inc ...

Q2 2024 Stockholder Letter Buy your car online. Have it delivered. Meet TrueC Actual photo of our billboard located off US 101, near San Francisco International Airport. Photo taken on August 3rd, 2024. To Our Fellow Stockholders As we review the results of our second quarter performance, we have taken the opportunity to reflect on our exciting long-term goals for TrueCar and the progress we are making towards our targets. We have established ambitious goals for our organization, and we remain steadfast in ...

TrueCar (TRUE) is expected to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended June 2024. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on August 5. On the ...

Live call and webcast will occur on August 6 at 9:00 a.m. ETSANTA MONICA, Calif., July 23, 2024 /PRNewswire/ -- TrueCar, Inc., (NASDAQ:TRUE) will report financial results for the second quarter ended June 30, 2024 on Monday, August 5, 2024 after market close, in a stockholder letter that will be accessible from the company's Investor Relations website at ir.truecar.com.Jantoon Reigersman, President and Chief Executive Officer, and Oliver Foley, Chief Financial Officer, will host a call on Tuesday August 6 a ...

SANTA MONICA, Calif., July 17, 2024 /PRNewswire/ -- TrueCar, Inc. (NASDAQ: TRUE), the most trusted digital automotive marketplace, today proudly announces the launch of the next evolution of TrueCar+ (www.truecar.com/plus), which now empowers consumers – for the first time – to purchase from over 3,200 new, used, and certified pre-owned vehicles from start to finish completely online.Whereas other online car shopping platforms are limited to used vehicles only, do not include key purchasing steps, or are ex ...

Stagwell's (STGW) Brand New Galaxy rebrands as Assembly, bolstering Assembly's media and more capabilities across the consumer journeyWARSAW, Poland and NEW YORK, June 6, 2024 /PRNewswire/ -- Stagwell (NASDAQ: STGW), the challenger network built to transform marketing, today announced that Brand New Galaxy is rebranding as Assembly and bringing expanded digital commerce capabilities and expertise into Assembly around the globe. This new and bigger Assembly of data, talent, and tech enables the connection of ...