10-Q Filing

TRUECAR, INC. CIK: 1327318 Q1 2016

Filing Information

Form Type	10-Q
Accession Number	`0001327318-16-000040`
Period End Date	20160331
Filing Date	20160510
Fiscal Year	2016
Fiscal Period	Q1
XBRL Instance	true-20160331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 76 Income Statement 34 Cash Flow Statement 66 Stockholders Equity 12

Balance Sheet 76 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts receivables- current	`AllowanceForDoubtfulAccountsReceivableCurrent`	$2.72M	USD	Point-in-time
Allowance for doubtful accounts receivables- current	`AllowanceForDoubtfulAccountsReceivableCurrent`	$2.56M	USD	Point-in-time
Related party accounts receivable- current	`AccountsReceivableRelatedPartiesCurrent`	$328.00K	USD	Point-in-time
Related party accounts receivable- current	`AccountsReceivableRelatedPartiesCurrent`	$906.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$112.37M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$105.97M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$143.07M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$147.54M	USD	Point-in-time
Related party accounts payable- current	`AccountsPayableRelatedPartiesCurrent`	$7.49M	USD	Point-in-time
Related party accounts payable- current	`AccountsPayableRelatedPartiesCurrent`	$2.13M	USD	Point-in-time
Related party accrued expenses and other current liabilities	`AccruedExpensesAndOtherCurrentLiabilitiesRelatedParties`	$318.00K	USD	Point-in-time
Accounts receivable, net of allowances of $2,555 and $2,720 at March 31, 2016 and December 31, 2015, respectively (includes related party receivables of $906 and $328 at March 31, 2016 and December 31, 2015, respectively)	`AccountsReceivableNetCurrent`	$29.91M	USD	Point-in-time
Related party accrued expenses and other current liabilities	`AccruedExpensesAndOtherCurrentLiabilitiesRelatedParties`	-	USD	Point-in-time
Accounts receivable, net of allowances of $2,555 and $2,720 at March 31, 2016 and December 31, 2015, respectively (includes related party receivables of $906 and $328 at March 31, 2016 and December 31, 2015, respectively)	`AccountsReceivableNetCurrent`	$33.76M	USD	Point-in-time
Preferred stock, par value ( in dollar per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$6.05M	USD	Point-in-time
Preferred stock, par value ( in dollar per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$5.14M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$606.00K	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	20.00M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$779.00K	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	20.00M	shares	Point-in-time
Preferred stock, share issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$141.62M	USD	Point-in-time
Preferred stock, share issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$152.96M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$70.10M	USD	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$71.39M	USD	Point-in-time
Common stock, par value (in dollars per shares)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value (in dollars per shares)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Goodwill	`Goodwill`	$53.27M	USD	Point-in-time
Goodwill	`Goodwill`	$53.27M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	1.00B	shares	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$23.82M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$22.78M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	1.00B	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	83.02M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	83.74M	shares	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$940.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$942.00K	USD	Point-in-time
Total assets	`Assets`	$302.37M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	83.02M	shares	Point-in-time
Total assets	`Assets`	$288.71M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	83.74M	shares	Point-in-time
Accounts payable (includes related party payables of $2,135 and $7,490 at March 31, 2016 and December 31, 2015, respectively)	`AccountsPayableCurrent`	$12.12M	USD	Point-in-time
Accounts payable (includes related party payables of $2,135 and $7,490 at March 31, 2016 and December 31, 2015, respectively)	`AccountsPayableCurrent`	$18.88M	USD	Point-in-time
Accrued employee expenses	`EmployeeRelatedLiabilitiesCurrent`	$7.80M	USD	Point-in-time
Accrued employee expenses	`EmployeeRelatedLiabilitiesCurrent`	$7.09M	USD	Point-in-time
Accrued expenses and other current liabilities (includes related party accrued expenses of $0 and $318 at March 31, 2016 and December 31, 2015, respectively)	`AccruedLiabilitiesCurrent`	$11.04M	USD	Point-in-time
Accrued expenses and other current liabilities (includes related party accrued expenses of $0 and $318 at March 31, 2016 and December 31, 2015, respectively)	`AccruedLiabilitiesCurrent`	$12.43M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$39.10M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$30.24M	USD	Point-in-time
Deferred tax liabilities	`DeferredTaxLiabilitiesNoncurrent`	$2.41M	USD	Point-in-time
Deferred tax liabilities	`DeferredTaxLiabilitiesNoncurrent`	$2.54M	USD	Point-in-time
Lease financing obligations, net of current portion	`LeaseFinancingObligation`	$27.14M	USD	Point-in-time
Lease financing obligations, net of current portion	`LeaseFinancingObligation`	$26.99M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$1.18M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$1.13M	USD	Point-in-time
Total liabilities	`Liabilities`	$61.05M	USD	Point-in-time
Total liabilities	`Liabilities`	$69.68M	USD	Point-in-time
Commitments and contingencies (Note 6)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 6)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock $0.0001 par value; 20,000,000 shares authorized at March 31, 2016 and December 31, 2015, respectively; no shares issued and outstanding at March 31, 2016 and December 31, 2015	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock $0.0001 par value; 20,000,000 shares authorized at March 31, 2016 and December 31, 2015, respectively; no shares issued and outstanding at March 31, 2016 and December 31, 2015	`PreferredStockValue`	-	USD	Point-in-time
Common stock $0.0001 par value; 1,000,000,000 shares authorized at March 31, 2016 and December 31, 2015; 83,739,806 and 83,016,735 shares issued and outstanding at March 31, 2016 and December 31, 2015, respectively	`CommonStockValue`	$8.00K	USD	Point-in-time
Common stock $0.0001 par value; 1,000,000,000 shares authorized at March 31, 2016 and December 31, 2015; 83,739,806 and 83,016,735 shares issued and outstanding at March 31, 2016 and December 31, 2015, respectively	`CommonStockValue`	$8.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$508.58M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$515.22M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-275.90M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-287.57M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$232.69M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$227.66M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$302.37M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$288.71M	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Revenues	`SalesRevenueNet`	$61.86M	USD	1 Quarter
Revenues	`SalesRevenueNet`	$58.55M	USD	1 Quarter
Cost of revenue (exclusive of depreciation and amortization presented separately below)	`CostOfServicesExcludingDepreciationDepletionAndAmortization`	$6.22M	USD	1 Quarter
Cost of revenue (exclusive of depreciation and amortization presented separately below)	`CostOfServicesExcludingDepreciationDepletionAndAmortization`	$5.79M	USD	1 Quarter
Sales and marketing (includes related party expenses of $3,301 and $3,918 for the three months ended March 31, 2016 and 2015)	`SellingAndMarketingExpense`	$32.11M	USD	1 Quarter
Sales and marketing (includes related party expenses of $3,301 and $3,918 for the three months ended March 31, 2016 and 2015)	`SellingAndMarketingExpense`	$31.71M	USD	1 Quarter
Technology and development	`TechnologyAndDevelopment`	$13.14M	USD	1 Quarter
Technology and development	`TechnologyAndDevelopment`	$9.76M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$18.77M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$15.50M	USD	1 Quarter
Depreciation and amortization	`OperatingExpensesDepreciationAmortizationAndGainLossOnDisposalOfAssets`	$5.90M	USD	1 Quarter
Depreciation and amortization	`OperatingExpensesDepreciationAmortizationAndGainLossOnDisposalOfAssets`	$3.92M	USD	1 Quarter
Total costs and operating expenses	`CostsAndExpenses`	$72.88M	USD	1 Quarter
Total costs and operating expenses	`CostsAndExpenses`	$69.95M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-11.02M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-11.40M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$20.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$93.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$45.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$608.00K	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	$11.00K	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	-	USD	1 Quarter
Loss before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-11.53M	USD	1 Quarter
Loss before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-11.41M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$209.00K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$136.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-11.67M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-11.62M	USD	1 Quarter
Net loss per share, basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.14	USD	1 Quarter
Net loss per share, basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.14	USD	1 Quarter
Weighted average common shares outstanding, basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	80.46M	shares	1 Quarter
Weighted average common shares outstanding, basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	83.46M	shares	1 Quarter
Comprehensive loss	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-11.67M	USD	1 Quarter
Comprehensive loss	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-11.62M	USD	1 Quarter

Cash Flow Statement 66 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-11.67M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-11.62M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$5.90M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$3.90M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$203.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$125.00K	USD	1 Quarter
Bad debt expense and other reserves	`ProvisionForDoubtfulAccountsAndOtherReserves`	$65.00K	USD	1 Quarter
Bad debt expense and other reserves	`ProvisionForDoubtfulAccountsAndOtherReserves`	$384.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$5.89M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$9.45M	USD	1 Quarter
Common stock warrant expense	`AdjustmentOfWarrantsGrantedForServices`	$-147.00K	USD	1 Quarter
Common stock warrant expense	`AdjustmentOfWarrantsGrantedForServices`	-	USD	1 Quarter
Non-cash interest expense on lease financing obligation	`NoncashInterestExpense`	-	USD	1 Quarter
Non-cash interest expense on lease financing obligation	`NoncashInterestExpense`	$158.00K	USD	1 Quarter
Write-off and loss on disposal of fixed assets	`GainLossOnDispositionOfAssets1`	$-258.00K	USD	1 Quarter
Write-off and loss on disposal of fixed assets	`GainLossOnDispositionOfAssets1`	$-28.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$256.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-3.47M	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-920.00K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-608.00K	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-173.00K	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-1.34M	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$2.00K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$206.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-683.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-6.06M	USD	1 Quarter
Accrued employee expenses	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-708.00K	USD	1 Quarter
Accrued employee expenses	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-7.41M	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilities`	$1.51M	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilities`	$708.00K	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$-46.00K	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$65.00K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-3.16M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-490.00K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$5.17M	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$6.31M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-5.17M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-6.31M	USD	1 Quarter
Repurchase of common stock option awards	`PaymentsforRepurchaseofStockOptionAwards`	$100.00K	USD	1 Quarter
Repurchase of common stock option awards	`PaymentsforRepurchaseofStockOptionAwards`	-	USD	1 Quarter
Proceeds from exercise of common stock options	`ProceedsFromStockOptionsExercised`	$3.89M	USD	1 Quarter
Proceeds from exercise of common stock options	`ProceedsFromStockOptionsExercised`	$659.00K	USD	1 Quarter
Taxes paid related to net share settlement of equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$362.00K	USD	1 Quarter
Taxes paid related to net share settlement of equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$161.00K	USD	1 Quarter
Proceeds from financing obligation drawdown	`ProceedsFromBuildToSuitLeaseFinancingObligations`	-	USD	1 Quarter
Proceeds from financing obligation drawdown	`ProceedsFromBuildToSuitLeaseFinancingObligations`	$345.00K	USD	1 Quarter
Payments for lease financing obligation	`RepaymentsofFinancingLeaseObligation`	$15.00K	USD	1 Quarter
Payments for lease financing obligation	`RepaymentsofFinancingLeaseObligation`	-	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$398.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$3.86M	USD	1 Quarter
Net decrease in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$-4.47M	USD	1 Quarter
Net decrease in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$-6.40M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$112.37M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$105.97M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$143.07M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$147.54M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$112.37M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$105.97M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$143.07M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$147.54M	USD	Point-in-time
Recognition of leased facility asset acquired and lease financing obligation	`RecognitionOfLeasedFacilityAssetAndRelatedLeaseFinancingObligation`	$22.41M	USD	1 Quarter
Recognition of leased facility asset acquired and lease financing obligation	`RecognitionOfLeasedFacilityAssetAndRelatedLeaseFinancingObligation`	-	USD	1 Quarter
Stock-based compensation capitalized for software development	`EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount`	$245.00K	USD	1 Quarter
Stock-based compensation capitalized for software development	`EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount`	$331.00K	USD	1 Quarter
Change in capitalized assets included in accounts payable, accrued employee expenses and other accrued expenses	`CapitalExpendituresIncurredButNotYetPaid`	$1.18M	USD	1 Quarter
Change in capitalized assets included in accounts payable, accrued employee expenses and other accrued expenses	`CapitalExpendituresIncurredButNotYetPaid`	$-2.71M	USD	1 Quarter

Stockholders Equity 12 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	$232.69M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$227.66M	USD	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	83.02M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	83.74M	shares	Point-in-time
Net loss	`NetIncomeLoss`	$-11.67M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-11.62M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$6.14M	USD	1 Quarter
Shares issued in connection with employee stock plans, net of shares withheld for employee taxes	`StockIssuedDuringPeriodValueShareBasedCompensation`	$498.00K	USD	1 Quarter
Ending Balance	`StockholdersEquity`	$232.69M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$227.66M	USD	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	83.02M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	83.74M	shares	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.