TrueCar, Inc. (NASDAQ:TRUE) today announced its financial
results for the fourth quarter and year-ended December 31,
2016.
Management Commentary
"We have come a long way in the year since I joined TrueCar, and
we are excited about re-accelerating our top-line growth while also
improving our margins. At this point, I am very confident
that we now clearly understand and have our hands placed securely
on the practical levers that we believe will enable us to continue
to drive double-digit rates of unit and revenue growth for some
time," said Chip Perry, TrueCar's President and Chief Executive
Officer.
"We are pleased with the financial results in the fourth quarter
of 2016," continued Mike Guthrie, TrueCar’s Chief Financial
Officer. "We have set the stage for strong growth and margin
expansion over the next few years."
Fourth Quarter 2016 Financial Highlights
- Total revenue of $74.1 million, up 17% from $63.6 million in
the fourth quarter of 2015.
- Net loss of $(8.0) million, or $(0.09) per basic and diluted
share, compared to net loss of $(27.4) million, or $(0.33) per
share, in the fourth quarter of 2015.
- Non-GAAP net loss of $(0.5) million, or $(0.01) per basic and
diluted share, compared to Non-GAAP net loss of $(5.2) million, or
$(0.06) per share, in the fourth quarter of 2015.
(1) Non-GAAP net loss is a Non-GAAP financial measure.
Refer to its definition and accompanying reconciliation to GAAP net
loss below.
(2) Adjusted EBITDA is a Non-GAAP financial measure. Refer
to its definition and accompanying reconciliation to GAAP net loss
below.
(3) Franchise dealer count: 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 by dealers in the
TrueCar Certified Dealer network at their locations, and includes
both single-location proprietorships as well as large consolidated
dealer groups. Note that this number excludes 376 Genesis
franchises on our program as of December 31, 2016 due to
Hyundai’s recent 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.
2016 Financial Highlights
- Total revenue of $277.5 million, up 7% from $259.8 million in
FY 2015.
- Net loss of $(41.7) million, or $(0.49) per basic and diluted
share, compared to net loss of $(64.9) million, or $(0.79) per
share, in FY 2015.
- Non-GAAP net loss of $(11.1) million, or $(0.13) per basic and
diluted share, compared to Non-GAAP net loss of $(11.0) million, or
$(0.13) per share, in FY 2015.
- Adjusted EBITDA of $15.0 million, representing an Adjusted
EBITDA margin of 5.4%, compared to Adjusted EBITDA of $7.6 million,
representing an Adjusted EBITDA margin of 2.9%, in FY 2015.
Key Operating Metrics
- Average monthly unique visitors(4) increased 19% to 7.0
million in the fourth quarter of 2016, up from approximately 5.9
million in the fourth quarter of 2015. In FY 2016, average
monthly unique visitors increased 17% to approximately 7.0 million,
up from 6.0 million in FY 2015.
- Units(5) were 218,807 in the fourth quarter of 2016, up
from 183,157 in the fourth quarter of 2015. In FY 2016, units were
806,953, up from 750,108 in FY 2015.
- Monetization(6) was $320 during the fourth quarter of
2016, compared to $324 during the fourth quarter of 2015.
Monetization was $322 during FY 2016 and FY 2015.
- Franchise dealer count was 11,151 as of December 31, 2016,
a record and a 23% increase from 9,094 as of December 31,
2015.
Business Outlook
TrueCar’s guidance for the first quarter ending March 31, 2017
is as follows:
- Units are expected to be in the range of 205,000 units to
210,000 units.
- Revenues are expected to be in the range of $71 million to $73
million.
- Adjusted EBITDA is expected to be in the range of $4 million to
$5 million(7).
TrueCar's guidance for the full year ending December 31,
2017 is as follows:
- Units are expected to be in the range of 920,000 units to
930,000 units.
- Revenues are expected to be in the range of $315 million to
$320 million.
- Adjusted EBITDA is expected to be in the range of $20 million
to $24 million(7).
(4) Average monthly unique visitors: 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 that period.(5) Units: We define
units as the number of automobiles purchased by our users from
TrueCar Certified Dealers through TrueCar.com and our mobile
applications or the car buying sites and mobile applications we
maintain for our affinity group marketing partners.(6)
Monetization: We define monetization as the average transaction
revenue per unit, which we calculate by dividing all of our
transaction revenue in a given period by the number of units in
that period.(7) We are unable to provide reconciliations of
forward-looking Adjusted EBITDA without unreasonable effort because
we are unable to provide a forward-looking estimate of certain
reconciling items between GAAP net loss and Adjusted EBITDA due to
uncertainty regarding, and the potential variability of, warrant
expense due to achievement of minimum performance milestones based
on the level of vehicle sales and certain litigation costs due to
timing, status, and cost of litigation, both of which may have a
significant impact on GAAP results.
Conference Call Information
Members of TrueCar management will host a conference call
today, February 16, 2017, to discuss the fourth quarter and
full year 2016 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. In addition, a
live webcast of the call will be accessible through the Investor
Relations section of TrueCar’s website at ir.true.com and will be
archived online for 90 days upon completion of the conference call.
A replay of the call will also be available the same day from 7:30
p.m. until 11:59 p.m. Eastern Time, on Thursday, March 2,
2017, by dialing 1-844-512-2921 (domestic) or 1-412-317-6671
(international) and entering the replay pin number:
13652551. TrueCar has used, and intends to continue to use,
its Investor Relations website (ir.true.com), Twitter (@TrueCar),
and Facebook (www.facebook.com/TrueCar), as means of disclosing
material non-public information and for complying with its
disclosure obligations under Regulation FD.
Forward-Looking Statements
This press release contains forward-looking statements. All
statements other than statements of historical facts contained in
this press release, including statements regarding TrueCar’s future
growth potential and opportunities, outlook for the first quarter
and full year 2017, future financial results, including
expectations regarding future revenue and Adjusted EBITDA growth
and margin expansion, planned operational improvements, business
strategy, plans and objectives and market expectations are
forward-looking statements. These forward-looking statements are
subject to a number of risks, uncertainties, and assumptions that
may prove incorrect, any of which could cause TrueCar’s results to
differ materially from those expressed or implied by such
forward-looking statements. Among the risks and uncertainties
that could cause TrueCar’s results to differ materially from those
expressed or implied by such forward-looking statements include:
the ability to maintain and improve our relationship with, and
perception among, car dealerships and grow our network of Certified
Dealers, on an overall basis, among dealers representing high
volume brands and in key geographies; reliance on third-party
service providers; dependence upon affinity group marketing
partners, especially USAA; compliance with U.S. federal and
state laws and regulations directly or indirectly applicable
to TrueCar's business; the ability to compete effectively
in an increasingly competitive market and to grow and
enhance TrueCar's brand; the continuing ability to
provide customers access to our products and services; the
successful improvement of TrueCar's technology infrastructure;
macro-economic issues that affect the automobile industry; the
ability to attract, retain, and integrate qualified personnel,
including recently hired members of management and the hiring of
additional personnel in our technology team; the ability to
successfully resolve litigation to which TrueCar is
subject; and other risks and uncertainties described more fully
under the heading “Risk Factors” in TrueCar’s Annual Report on
Form 10-K for the year ended December 31, 2015 and its
subsequent Quarterly Reports on Form 10-Q filed with the Securities
and Exchange Commission, or SEC, and its Annual Report on Form 10-K
for the year ended December 31, 2016 to be filed with the SEC.
Moreover, TrueCar operates in a very competitive and rapidly
changing environment. New risks emerge from time to time. It
is not possible for TrueCar's management to predict all risks, nor
can management assess the impact of all factors on its 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 TrueCar may make. All
forward-looking statements in this press release are based on
information available to TrueCar's management as of the date
hereof, and except as required by law, management assumes no
obligation to update these 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, Non-GAAP net loss, and Non-GAAP net loss
per share. We define Adjusted EBITDA as net loss adjusted to
exclude interest income, interest expense, depreciation and
amortization, stock-based compensation, non-cash warrant expense,
certain litigation costs, severance charges, real estate exit
costs, and income taxes. We define Non-GAAP net loss as net loss
adjusted to exclude stock-based compensation, non-cash warrant
expense, certain litigation costs, severance charges and real
estate exit costs. We have provided below a reconciliation of each
of Adjusted EBITDA and Non-GAAP net loss to net loss, the most
directly comparable GAAP financial measure. Neither Adjusted EBITDA
nor Non-GAAP net loss 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 as operating
performance measures as 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 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 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 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:
- Adjusted EBITDA does not reflect the payment or receipt of
interest or the payment of income taxes;
- Neither Adjusted EBITDA nor Non-GAAP net loss reflects changes
in, or cash requirements for, our working capital needs;
- Although depreciation and amortization are non-cash charges,
the assets being depreciated and amortized may have to be replaced
in the future, and Adjusted EBITDA does not reflect cash capital
expenditure requirements for such replacements or for new capital
expenditures or any other contractual commitments;
- Neither Adjusted EBITDA nor Non-GAAP net loss reflects the cash
costs to advance our claims in respect of certain litigation or the
costs to defend ourselves in various complaints filed against
us;
- Neither Adjusted EBITDA nor Non-GAAP net loss reflects the
severance costs due to certain former executives and former members
of our product and technology teams affected by a
reorganization;
- Neither Adjusted EBITDA nor Non-GAAP net loss reflects the real
estate exit costs associated with consolidation of the Company's
office locations in Santa Monica, California;
- Neither Adjusted EBITDA nor Non-GAAP net loss consider the
potentially dilutive impact of shares issued or to be issued in
connection with stock-based compensation or warrant issuances;
and
- Other companies, including companies in our own industry, may
calculate Adjusted EBITDA and Non-GAAP net loss differently than we
do, limiting their usefulness as comparative measures.
Because of these limitations, you should consider Adjusted
EBITDA and Non-GAAP net loss 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, 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 and
you should not infer from our presentation of Adjusted EBITDA and
Non-GAAP net loss that our future results will not be affected by
these expenses or any unusual or non-recurring items.
About TrueCar
TrueCar, Inc. (NASDAQ:TRUE) is a digital automotive
marketplace that provides comprehensive 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. TrueCar operates its own
branded site and its nationwide network of more than 13,000
Certified Dealers, and also powers car-buying programs for some of
the largest U.S. membership and service organizations, including
USAA, AARP, American Express, AAA and Sam's Club. Over one third of
all new car buyers engage with the TrueCar network during their
purchasing process. TrueCar is headquartered in Santa Monica,
California, with offices in San Francisco and Austin, Texas. For
more information, go to www.truecar.com. Follow TrueCar on Facebook
or Twitter.
|
TRUECAR, INC. |
CONSOLIDATED STATEMENTS OF
OPERATIONS |
(In thousands, except per share
data) |
(Unaudited) |
|
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
|
|
|
|
|
|
|
|
Revenues |
$ |
74,081 |
|
|
$ |
63,588 |
|
|
$ |
277,507 |
|
|
$ |
259,838 |
|
Costs and operating
expenses: |
|
|
|
|
|
|
|
Cost of
revenue |
6,257 |
|
|
5,987 |
|
|
25,167 |
|
|
23,657 |
|
Sales and
marketing |
41,609 |
|
|
34,867 |
|
|
154,406 |
|
|
151,002 |
|
Technology and development |
13,265 |
|
|
14,942 |
|
|
53,580 |
|
|
48,021 |
|
General
and administrative |
14,649 |
|
|
29,851 |
|
|
59,908 |
|
|
83,494 |
|
Depreciation and amortization |
5,538 |
|
|
5,125 |
|
|
23,345 |
|
|
17,646 |
|
Total
costs and operating expenses |
81,318 |
|
|
90,772 |
|
|
316,406 |
|
|
323,820 |
|
Loss from
operations |
(7,237 |
) |
|
(27,184 |
) |
|
(38,899 |
) |
|
(63,982 |
) |
Interest income |
90 |
|
|
36 |
|
|
376 |
|
|
107 |
|
Interest expense |
(645 |
) |
|
(121 |
) |
|
(2,530 |
) |
|
(443 |
) |
Other (expense)
income |
— |
|
|
(1 |
) |
|
— |
|
|
13 |
|
Loss before provision
for income taxes |
(7,792 |
) |
|
(27,270 |
) |
|
(41,053 |
) |
|
(64,305 |
) |
Provision for income
taxes |
158 |
|
|
174 |
|
|
655 |
|
|
606 |
|
Net loss |
$ |
(7,950 |
) |
|
$ |
(27,444 |
) |
|
$ |
(41,708 |
) |
|
$ |
(64,911 |
) |
Net loss per
share: |
|
|
|
|
|
|
|
Basic and
diluted |
$ |
(0.09 |
) |
|
$ |
(0.33 |
) |
|
$ |
(0.49 |
) |
|
$ |
(0.79 |
) |
Weighted average common
shares outstanding, basic and diluted |
85,698 |
|
|
82,735 |
|
|
84,483 |
|
|
81,914 |
|
|
|
|
|
|
|
|
|
|
|
|
|
TRUECAR, INC. |
CONSOLIDATED BALANCE SHEETS |
(In thousands) |
(Unaudited) |
|
|
December 31, 2016 |
|
December 31, 2015 |
Assets |
|
|
|
Current assets |
|
|
|
Cash and
cash equivalents |
$ |
107,721 |
|
|
$ |
112,371 |
|
Accounts
receivable, net |
36,867 |
|
|
33,761 |
|
Prepaid
expenses |
6,044 |
|
|
6,048 |
|
Other
current assets |
2,278 |
|
|
779 |
|
Total
current assets |
152,910 |
|
|
152,959 |
|
Property
and equipment, net |
66,941 |
|
|
71,390 |
|
Goodwill |
53,270 |
|
|
53,270 |
|
Intangible assets, net |
19,774 |
|
|
23,815 |
|
Other
assets |
1,553 |
|
|
940 |
|
Total
assets |
$ |
294,448 |
|
|
$ |
302,374 |
|
|
|
|
|
Liabilities and
Stockholders’ Equity |
|
|
|
Current
liabilities |
|
|
|
Accounts
payable |
$ |
13,827 |
|
|
$ |
18,880 |
|
Accrued
employee expenses |
8,951 |
|
|
7,799 |
|
Accrued
expenses and other current liabilities |
12,583 |
|
|
12,425 |
|
Total
current liabilities |
35,361 |
|
|
39,104 |
|
Deferred
tax liabilities |
2,994 |
|
|
2,413 |
|
Lease
financing obligations, net of current portion |
28,833 |
|
|
26,987 |
|
Other
liabilities |
2,679 |
|
|
1,178 |
|
Total
liabilities |
69,867 |
|
|
69,682 |
|
|
|
|
|
Stockholders’
Equity |
|
|
|
Common
stock |
9 |
|
|
8 |
|
Additional paid-in capital |
542,807 |
|
|
508,584 |
|
Accumulated deficit |
(318,235 |
) |
|
(275,900 |
) |
Total
stockholders’ equity |
224,581 |
|
|
232,692 |
|
Total
liabilities and stockholders’ equity |
$ |
294,448 |
|
|
$ |
302,374 |
|
|
|
|
|
|
|
|
|
TRUECAR, INC. |
RECONCILIATION OF NET LOSS TO ADJUSTED
EBITDA |
(In thousands) |
(Unaudited) |
|
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
|
|
|
|
|
|
|
|
Net loss |
$ |
(7,950 |
) |
|
$ |
(27,444 |
) |
|
$ |
(41,708 |
) |
|
$ |
(64,911 |
) |
Non-GAAP
adjustments: |
|
|
|
|
|
|
|
Interest
income |
(90 |
) |
|
(36 |
) |
|
(376 |
) |
|
(107 |
) |
Interest
expense |
645 |
|
|
121 |
|
|
2,530 |
|
|
443 |
|
Depreciation and amortization |
5,538 |
|
|
5,125 |
|
|
23,345 |
|
|
17,646 |
|
Stock-based compensation (1) |
6,706 |
|
|
16,412 |
|
|
24,739 |
|
|
42,563 |
|
Warrant
(reduction) expense |
33 |
|
|
(15 |
) |
|
46 |
|
|
(803 |
) |
Certain
litigation costs (2) |
345 |
|
|
429 |
|
|
960 |
|
|
6,171 |
|
Severance
charges (3) |
— |
|
|
3,161 |
|
|
1,783 |
|
|
3,732 |
|
Lease
exit costs (4) |
381 |
|
|
2,232 |
|
|
3,065 |
|
|
2,232 |
|
Provision
for income taxes |
158 |
|
|
174 |
|
|
655 |
|
|
606 |
|
Adjusted
EBITDA |
$ |
5,766 |
|
|
$ |
159 |
|
|
$ |
15,039 |
|
|
$ |
7,572 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes stock-based compensation of $10.7 million incurred
in the fourth quarter of 2015 related to the departure of certain
executives.
(2) The excluded amounts relate to legal costs incurred in
connection with a claim we filed against Sonic Automotive
Holdings, Inc. (the "Sonic Litigation"), complaints filed by
non-TrueCar dealers and the California New Car Dealers Association
against TrueCar, and securities and consumer class action lawsuits.
We believe the exclusion of these costs is appropriate to
facilitate comparisons of our core operating performance on a
period-to-period basis. We do not believe significant trademark
litigation like the Sonic Litigation is reflective of a trend in
our underlying operations. Based on the nature of the specific
claims underlying the excluded litigation matters, once these
matters are resolved, we do not believe our operations are likely
to entail defending against the types of claims raised by these
matters. We expect the cost of defending these claims to continue
to be significant pending resolution.
(3) We incurred $1.3 million in severance costs in the second
quarter of 2016 related to a reorganization of our product and
technology teams to better align our resources with business
objectives as we transition from multiple software platforms to a
unified architecture. In addition, we incurred severance cost
of $0.5 million related to an executive who terminated during the
second quarter of 2016. We incurred severance costs of $2.8 million
and $3.4 million for executive-level employees who terminated
during the quarter and year ended December 31, 2015, respectively.
In addition, we also incurred $0.3 million of related recruiting
fees for the placement of our new CEO in the fourth quarter of
2015. We believe excluding the impact of these terminations is
consistent with our use of these non-GAAP measures as we do not
believe they are a useful indicator of ongoing operating
results.
(4) Represents the initial estimate and updates to that estimate
of lease termination costs associated with the consolidation of the
Company's office locations in Santa Monica, California in December
2015. We believe that their exclusion is appropriate to facilitate
period-to-period operating performance comparisons.
|
TRUECAR, INC. |
RECONCILIATION OF NET LOSS TO NON-GAAP NET
LOSS |
(In thousands, except per share
amounts) |
(Unaudited) |
|
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
|
|
|
|
|
|
|
|
Net loss |
$ |
(7,950 |
) |
|
$ |
(27,444 |
) |
|
$ |
(41,708 |
) |
|
$ |
(64,911 |
) |
Non-GAAP
adjustments: |
|
|
|
|
|
|
|
Stock-based compensation (1) |
6,706 |
|
|
16,412 |
|
|
24,739 |
|
|
42,563 |
|
Warrant
(reduction) expense |
33 |
|
|
(15 |
) |
|
46 |
|
|
(803 |
) |
Certain
litigation costs (2) |
345 |
|
|
429 |
|
|
960 |
|
|
6,171 |
|
Severance
charges (3) |
— |
|
|
3,161 |
|
|
1,783 |
|
|
3,732 |
|
Lease
exit costs (4) |
381 |
|
|
2,232 |
|
|
3,065 |
|
|
2,232 |
|
Non-GAAP net loss
(5) |
$ |
(485 |
) |
|
$ |
(5,225 |
) |
|
$ |
(11,115 |
) |
|
$ |
(11,016 |
) |
|
|
|
|
|
|
|
|
Non-GAAP net loss per
share: |
|
|
|
|
|
|
|
Basic |
$ |
(0.01 |
) |
|
$ |
(0.06 |
) |
|
$ |
(0.13 |
) |
|
$ |
(0.13 |
) |
Diluted |
$ |
(0.01 |
) |
|
$ |
(0.06 |
) |
|
$ |
(0.13 |
) |
|
$ |
(0.13 |
) |
|
|
|
|
|
|
|
|
Weighted average common
shares outstanding: |
|
|
|
|
|
|
|
Basic |
85,698 |
|
|
82,735 |
|
|
84,483 |
|
|
81,914 |
|
Diluted |
85,698 |
|
|
82,735 |
|
|
84,483 |
|
|
81,914 |
|
(1) Includes stock-based compensation of $10.7 million incurred
in the fourth quarter of 2015 related to the departure of certain
executives.
(2) The excluded amounts relate to legal costs incurred in
connection with a claim we filed against Sonic Automotive
Holdings, Inc. (the "Sonic Litigation"), complaints filed by
non-TrueCar dealers and the California New Car Dealers Association
against TrueCar, and securities and consumer class action lawsuits.
We believe the exclusion of these costs is appropriate to
facilitate comparisons of our core operating performance on a
period-to-period basis. We do not believe significant trademark
litigation like the Sonic Litigation is reflective of a trend in
our underlying operations. Based on the nature of the specific
claims underlying the excluded litigation matters, once these
matters are resolved, we do not believe our operations are likely
to entail defending against the types of claims raised by these
matters. We expect the cost of defending these claims to continue
to be significant pending resolution.
(3) We incurred $1.3 million in severance costs in the second
quarter of 2016 and in the year ended December 31, 2016 related to
a reorganization of our product and technology teams to better
align our resources with business objectives as we transition from
multiple software platforms to a unified architecture. In
addition, we incurred severance cost of $0.5 million related to an
executive who terminated during the second quarter of 2016. We
incurred severance costs of $2.8 million and $3.4 million for
executive-level employees who terminated during the quarter and
year ended December 31, 2015, respectively. In addition, we also
incurred $0.3 million of related recruiting fees for the placement
of our new CEO in the fourth quarter of 2015. We believe excluding
the impact of these terminations is consistent with our use of
these non-GAAP measures as we do not believe they are a useful
indicator of ongoing operating results.
(4) Represents the initial estimate and updates to that estimate
of lease termination costs associated with the consolidation of the
Company's office locations in Santa Monica, California in December
2015. We believe that their exclusion is appropriate to facilitate
period-to-period operating performance comparisons.
(5) There is no income tax impact related to the adjustments
made to calculate Non-GAAP net loss because of our available
net operating loss carryforwards and the full valuation allowance
recorded against our net deferred tax assets at December 31, 2016
and December 31, 2015.
Investor/Media Contact:
Alison Sternberg
Vice President, Investor Relations and Communications
424-258-8771
asternberg@truecar.com
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