10-Q Filing

TRUECAR, INC. CIK: 1327318 Q1 2017

Filing Information

Form Type	10-Q
Accession Number	`0001327318-17-000020`
Period End Date	20170331
Filing Date	20170510
Fiscal Year	2017
Fiscal Period	Q1
XBRL Instance	true-20170331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 76 Income Statement 32 Cash Flow Statement 62 Stockholders Equity 12

Balance Sheet 76 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts receivables- current	`AllowanceForDoubtfulAccountsReceivableCurrent`	$2.61M	USD	Point-in-time
Allowance for doubtful accounts receivables- current	`AllowanceForDoubtfulAccountsReceivableCurrent`	$2.60M	USD	Point-in-time
Related party accounts receivable- current	`AccountsReceivableRelatedPartiesCurrent`	$249.00K	USD	Point-in-time
Related party accounts receivable- current	`AccountsReceivableRelatedPartiesCurrent`	$393.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$114.52M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$107.72M	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
Related party accounts payable- current	`AccountsPayableRelatedPartiesCurrent`	$1.34M	USD	Point-in-time
Related party accounts payable- current	`AccountsPayableRelatedPartiesCurrent`	$2.92M	USD	Point-in-time
Related party accrued expenses and other current liabilities	`AccruedExpensesAndOtherCurrentLiabilitiesRelatedParties`	$2.90M	USD	Point-in-time
Accounts receivable, net of allowances of $2,614 and $2,600 at March 31, 2017 and December 31, 2016, respectively (includes related party receivables of $249 and $393 at March 31, 2017 and December 31, 2016, respectively)	`AccountsReceivableNetCurrent`	$36.87M	USD	Point-in-time
Accounts receivable, net of allowances of $2,614 and $2,600 at March 31, 2017 and December 31, 2016, respectively (includes related party receivables of $249 and $393 at March 31, 2017 and December 31, 2016, respectively)	`AccountsReceivableNetCurrent`	$35.86M	USD	Point-in-time
Related party accrued expenses and other current liabilities	`AccruedExpensesAndOtherCurrentLiabilitiesRelatedParties`	$992.00K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$7.20M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$6.04M	USD	Point-in-time
Preferred stock, par value ( in dollar per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value ( in dollar per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$8.95M	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	20.00M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$2.28M	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	20.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$166.53M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$152.91M	USD	Point-in-time
Preferred stock, share issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, share issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$68.54M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$66.94M	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
Goodwill	`Goodwill`	$53.27M	USD	Point-in-time
Goodwill	`Goodwill`	$53.27M	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
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$18.81M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	1.00B	shares	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	1.00B	shares	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$19.77M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	89.10M	shares	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.55M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	86.16M	shares	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.68M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	89.10M	shares	Point-in-time
Total assets	`Assets`	$294.45M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	86.16M	shares	Point-in-time
Total assets	`Assets`	$308.83M	USD	Point-in-time
Accounts payable (includes related party payables of $1,345 and $2,925 at March 31, 2017 and December 31, 2016, respectively)	`AccountsPayableCurrent`	$10.62M	USD	Point-in-time
Accounts payable (includes related party payables of $1,345 and $2,925 at March 31, 2017 and December 31, 2016, respectively)	`AccountsPayableCurrent`	$13.83M	USD	Point-in-time
Accrued employee expenses	`EmployeeRelatedLiabilitiesCurrent`	$17.38M	USD	Point-in-time
Accrued employee expenses	`EmployeeRelatedLiabilitiesCurrent`	$8.95M	USD	Point-in-time
Accrued expenses and other current liabilities (includes related party accrued expenses of $2,899 and $992 at March 31, 2017 and December 31, 2016, respectively)	`AccruedLiabilitiesCurrent`	$14.76M	USD	Point-in-time
Accrued expenses and other current liabilities (includes related party accrued expenses of $2,899 and $992 at March 31, 2017 and December 31, 2016, respectively)	`AccruedLiabilitiesCurrent`	$12.58M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$35.36M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$42.76M	USD	Point-in-time
Deferred tax liabilities	`DeferredTaxLiabilitiesNoncurrent`	$3.10M	USD	Point-in-time
Deferred tax liabilities	`DeferredTaxLiabilitiesNoncurrent`	$2.99M	USD	Point-in-time
Lease financing obligations, net of current portion	`LeaseFinancingObligation`	$28.83M	USD	Point-in-time
Lease financing obligations, net of current portion	`LeaseFinancingObligation`	$29.00M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$2.68M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$2.40M	USD	Point-in-time
Total liabilities	`Liabilities`	$69.87M	USD	Point-in-time
Total liabilities	`Liabilities`	$77.26M	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, 2017 and December 31, 2016, respectively; no shares issued and outstanding at March 31, 2017 and December 31, 2016	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock $0.0001 par value; 20,000,000 shares authorized at March 31, 2017 and December 31, 2016, respectively; no shares issued and outstanding at March 31, 2017 and December 31, 2016	`PreferredStockValue`	-	USD	Point-in-time
Common stock $0.0001 par value; 1,000,000,000 shares authorized at March 31, 2017 and December 31, 2016; 89,098,426 and 86,159,527 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively	`CommonStockValue`	$9.00K	USD	Point-in-time
Common stock $0.0001 par value; 1,000,000,000 shares authorized at March 31, 2017 and December 31, 2016; 89,098,426 and 86,159,527 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively	`CommonStockValue`	$9.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$542.81M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$556.59M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-325.03M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-318.24M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$231.57M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$224.58M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$308.83M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$294.45M	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Revenues	`SalesRevenueNet`	$75.76M	USD	1 Quarter
Revenues	`SalesRevenueNet`	$61.86M	USD	1 Quarter
Cost of revenue (exclusive of depreciation and amortization presented separately below)	`CostOfServicesExcludingDepreciationDepletionAndAmortization`	$6.39M	USD	1 Quarter
Cost of revenue (exclusive of depreciation and amortization presented separately below)	`CostOfServicesExcludingDepreciationDepletionAndAmortization`	$6.22M	USD	1 Quarter
Sales and marketing (includes related party expenses of $4,056 and $3,301 for the three months ended March 31, 2017 and 2016, respectively)	`SellingAndMarketingExpense`	$42.18M	USD	1 Quarter
Sales and marketing (includes related party expenses of $4,056 and $3,301 for the three months ended March 31, 2017 and 2016, respectively)	`SellingAndMarketingExpense`	$32.11M	USD	1 Quarter
Technology and development	`TechnologyAndDevelopment`	$13.14M	USD	1 Quarter
Technology and development	`TechnologyAndDevelopment`	$13.63M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$13.63M	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`	$6.08M	USD	1 Quarter
Total costs and operating expenses	`CostsAndExpenses`	$81.92M	USD	1 Quarter
Total costs and operating expenses	`CostsAndExpenses`	$72.88M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-11.02M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-6.16M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$133.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$93.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$649.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$608.00K	USD	1 Quarter
Loss before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-11.53M	USD	1 Quarter
Loss before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-6.67M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$136.00K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$121.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-11.67M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-6.79M	USD	1 Quarter
Net loss per share, basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.08	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`	86.78M	shares	1 Quarter
Weighted average common shares outstanding, basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	83.46M	shares	1 Quarter
Comprehensive loss	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-6.79M	USD	1 Quarter
Comprehensive loss	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-11.67M	USD	1 Quarter

Cash Flow Statement 62 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-11.67M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-6.79M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$6.08M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$5.90M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$125.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$107.00K	USD	1 Quarter
Bad debt expense and other reserves	`ProvisionForDoubtfulAccountsAndOtherReserves`	$384.00K	USD	1 Quarter
Bad debt expense and other reserves	`ProvisionForDoubtfulAccountsAndOtherReserves`	$412.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$5.91M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$5.89M	USD	1 Quarter
Non-cash interest expense on lease financing obligation	`NoncashInterestExpense`	$158.00K	USD	1 Quarter
Non-cash interest expense on lease financing obligation	`NoncashInterestExpense`	$172.00K	USD	1 Quarter
Write-off and loss on disposal of fixed assets	`GainLossOnDispositionOfAssets1`	$-35.00K	USD	1 Quarter
Write-off and loss on disposal of fixed assets	`GainLossOnDispositionOfAssets1`	$-258.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-3.47M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-593.00K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-920.00K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$1.16M	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$6.70M	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-173.00K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$126.00K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$2.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-3.31M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-6.06M	USD	1 Quarter
Accrued employee expenses	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$7.97M	USD	1 Quarter
Accrued employee expenses	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-708.00K	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilities`	$708.00K	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilities`	$2.10M	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$-274.00K	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$-46.00K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-490.00K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$5.02M	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$5.47M	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$6.31M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-6.31M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-5.47M	USD	1 Quarter
Repurchase of common stock option awards	`PaymentsforRepurchaseofStockOptionAwards`	-	USD	1 Quarter
Repurchase of common stock option awards	`PaymentsforRepurchaseofStockOptionAwards`	$100.00K	USD	1 Quarter
Proceeds from exercise of common stock options	`ProceedsFromStockOptionsExercised`	$659.00K	USD	1 Quarter
Proceeds from exercise of common stock options	`ProceedsFromStockOptionsExercised`	$7.73M	USD	1 Quarter
Taxes paid related to net share settlement of equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$161.00K	USD	1 Quarter
Taxes paid related to net share settlement of equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$477.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$7.25M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$398.00K	USD	1 Quarter
Net decrease in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$6.80M	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`	$114.52M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$107.72M	USD	Point-in-time
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 end of period	`CashAndCashEquivalentsAtCarryingValue`	$114.52M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$107.72M	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
Stock-based compensation capitalized for software development	`EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount`	$245.00K	USD	1 Quarter
Stock-based compensation capitalized for software development	`EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount`	$218.00K	USD	1 Quarter
Capitalized assets included in accounts payable, accrued employee expenses and other accrued expenses	`CapitalExpendituresIncurredButNotYetPaid`	$216.00K	USD	1 Quarter
Capitalized assets included in accounts payable, accrued employee expenses and other accrued expenses	`CapitalExpendituresIncurredButNotYetPaid`	$1.49M	USD	1 Quarter
Proceeds receivable from exercise of stock options included in other current assets	`ProceedsReceivablefromIssuanceofSharesunderIncentiveandSharebasedCompensationPlansIncludingStockOptions`	$615.00K	USD	1 Quarter
Proceeds receivable from exercise of stock options included in other current assets	`ProceedsReceivablefromIssuanceofSharesunderIncentiveandSharebasedCompensationPlansIncludingStockOptions`	-	USD	1 Quarter
Taxes payable related to net share settlement of equity awards included in accrued employee expenses	`TaxesPayableRelatedtoTaxWithholdingforSharebasedCompensation`	-	USD	1 Quarter
Taxes payable related to net share settlement of equity awards included in accrued employee expenses	`TaxesPayableRelatedtoTaxWithholdingforSharebasedCompensation`	$212.00K	USD	1 Quarter

Stockholders Equity 12 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	$231.57M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$224.58M	USD	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	89.10M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	86.16M	shares	Point-in-time
Net loss	`NetIncomeLoss`	$-11.67M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-6.79M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$6.12M	USD	1 Quarter
Shares issued in connection with employee stock plans, net of shares withheld for employee taxes	`StockIssuedDuringPeriodValueShareBasedCompensation`	$7.66M	USD	1 Quarter
Ending Balance	`StockholdersEquity`	$231.57M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$224.58M	USD	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	89.10M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	86.16M	shares	Point-in-time

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