10-Q Filing

TRUECAR, INC. CIK: 1327318 Q1 2018

Filing Information

Form Type	10-Q
Accession Number	`0001327318-18-000026`
Period End Date	20180331
Filing Date	20180509
Fiscal Year	2018
Fiscal Period	Q1
XBRL Instance	true-20180331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 76 Income Statement 32 Cash Flow Statement 60 Stockholders Equity 13

Balance Sheet 76 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts receivables- current	`AllowanceForDoubtfulAccountsReceivableCurrent`	$2.90M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$195.82M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$107.72M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$197.76M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$114.52M	USD	Point-in-time
Allowance for doubtful accounts receivables- current	`AllowanceForDoubtfulAccountsReceivableCurrent`	$3.03M	USD	Point-in-time
Accounts receivable, net of allowances of $2,897 and $3,030 at March 31, 2018 and December 31, 2017, respectively (includes related party receivables of $266 and $169 at March 31, 2018 and December 31, 2017, respectively)	`AccountsReceivableNetCurrent`	$37.33M	USD	Point-in-time
Related party accounts receivable- current	`AccountsReceivableRelatedPartiesCurrent`	$169.00K	USD	Point-in-time
Accounts receivable, net of allowances of $2,897 and $3,030 at March 31, 2018 and December 31, 2017, respectively (includes related party receivables of $266 and $169 at March 31, 2018 and December 31, 2017, respectively)	`AccountsReceivableNetCurrent`	$39.17M	USD	Point-in-time
Related party accounts receivable- current	`AccountsReceivableRelatedPartiesCurrent`	$266.00K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$5.47M	USD	Point-in-time
Related party accounts payable- current	`AccountsPayableRelatedPartiesCurrent`	$2.62M	USD	Point-in-time
Related party accounts payable- current	`AccountsPayableRelatedPartiesCurrent`	$3.20M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$5.63M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$1.15M	USD	Point-in-time
Related party accrued expenses and other current liabilities	`AccruedExpensesAndOtherCurrentLiabilitiesRelatedParties`	$52.00K	USD	Point-in-time
Related party accrued expenses and other current liabilities	`AccruedExpensesAndOtherCurrentLiabilitiesRelatedParties`	$1.05M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$4.53M	USD	Point-in-time
Preferred stock, par value ( in dollar per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Total current assets	`AssetsCurrent`	$243.32M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$243.55M	USD	Point-in-time
Preferred stock, par value ( in dollar per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$71.39M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$70.71M	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	20.00M	shares	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
Goodwill	`Goodwill`	$53.27M	USD	Point-in-time
Goodwill	`Goodwill`	$53.27M	USD	Point-in-time
Preferred stock, share issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$15.91M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$14.95M	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
Common stock, par value (in dollars per shares)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.39M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$4.50M	USD	Point-in-time
Common stock, par value (in dollars per shares)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Total assets	`Assets`	$387.42M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	1.00B	shares	Point-in-time
Total assets	`Assets`	$384.83M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	1.00B	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	100.90M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	100.43M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	100.90M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	100.43M	shares	Point-in-time
Accounts payable (includes related party payables of $2,621 and $3,200 at March 31, 2018 and December 31, 2017, respectively)	`AccountsPayableCurrent`	$18.02M	USD	Point-in-time
Accounts payable (includes related party payables of $2,621 and $3,200 at March 31, 2018 and December 31, 2017, respectively)	`AccountsPayableCurrent`	$18.62M	USD	Point-in-time
Accrued employee expenses	`EmployeeRelatedLiabilitiesCurrent`	$6.57M	USD	Point-in-time
Accrued employee expenses	`EmployeeRelatedLiabilitiesCurrent`	$3.27M	USD	Point-in-time
Accrued expenses and other current liabilities (includes related party accrued expenses of $1,055 and $52 at March 31, 2018 and December 31, 2017, respectively)	`AccruedLiabilitiesCurrent`	$12.79M	USD	Point-in-time
Accrued expenses and other current liabilities (includes related party accrued expenses of $1,055 and $52 at March 31, 2018 and December 31, 2017, respectively)	`AccruedLiabilitiesCurrent`	$12.81M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$37.98M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$34.09M	USD	Point-in-time
Deferred tax liabilities	`DeferredTaxLiabilitiesNoncurrent`	$739.00K	USD	Point-in-time
Deferred tax liabilities	`DeferredTaxLiabilitiesNoncurrent`	$812.00K	USD	Point-in-time
Lease financing obligations, net of current portion	`LeaseFinancingObligation`	$29.13M	USD	Point-in-time
Lease financing obligations, net of current portion	`LeaseFinancingObligation`	$29.27M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$3.80M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$4.07M	USD	Point-in-time
Total liabilities	`Liabilities`	$68.17M	USD	Point-in-time
Total liabilities	`Liabilities`	$71.72M	USD	Point-in-time
Commitments and contingencies (Note 7)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 7)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock $0.0001 par value; 20,000,000 shares authorized at March 31, 2018 and December 31, 2017, respectively; no shares issued and outstanding at March 31, 2018 and December 31, 2017	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock $0.0001 par value; 20,000,000 shares authorized at March 31, 2018 and December 31, 2017, respectively; no shares issued and outstanding at March 31, 2018 and December 31, 2017	`PreferredStockValue`	-	USD	Point-in-time
Common stock $0.0001 par value; 1,000,000,000 shares authorized at March 31, 2018 and December 31, 2017; 100,897,465 and 100,428,656 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively	`CommonStockValue`	$10.00K	USD	Point-in-time
Common stock $0.0001 par value; 1,000,000,000 shares authorized at March 31, 2018 and December 31, 2017; 100,897,465 and 100,428,656 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively	`CommonStockValue`	$10.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$673.46M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$664.19M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-351.08M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-354.22M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$319.25M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$313.12M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$384.83M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$387.42M	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Revenues	`SalesRevenueNet`	$75.76M	USD	1 Quarter
Revenues	`SalesRevenueNet`	$81.06M	USD	1 Quarter
Cost of revenue (exclusive of depreciation and amortization presented separately below)	`CostOfServicesExcludingDepreciationDepletionAndAmortization`	$7.45M	USD	1 Quarter
Cost of revenue (exclusive of depreciation and amortization presented separately below)	`CostOfServicesExcludingDepreciationDepletionAndAmortization`	$6.39M	USD	1 Quarter
Sales and marketing (includes related party expenses of $4,541 and $4,056 for the three months ended March 31, 2018 and 2017, respectively)	`SellingAndMarketingExpense`	$42.18M	USD	1 Quarter
Sales and marketing (includes related party expenses of $4,541 and $4,056 for the three months ended March 31, 2018 and 2017, respectively)	`SellingAndMarketingExpense`	$48.42M	USD	1 Quarter
Technology and development	`TechnologyAndDevelopment`	$13.63M	USD	1 Quarter
Technology and development	`TechnologyAndDevelopment`	$15.59M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$13.48M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$13.63M	USD	1 Quarter
Depreciation and amortization	`OperatingExpensesDepreciationAmortizationAndGainLossOnDisposalOfAssets`	$5.17M	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`	$90.12M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-9.06M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-6.16M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$133.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$604.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$649.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$661.00K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-6.67M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-9.12M	USD	1 Quarter
(Benefit from) / provision for income taxes	`IncomeTaxExpenseBenefit`	$-61.00K	USD	1 Quarter
(Benefit from) / provision for income taxes	`IncomeTaxExpenseBenefit`	$121.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-9.05M	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`	$-0.09	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`	100.57M	shares	1 Quarter
Comprehensive loss	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-6.79M	USD	1 Quarter
Comprehensive loss	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-9.05M	USD	1 Quarter

Cash Flow Statement 60 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-9.05M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-6.79M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$5.17M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$6.08M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$107.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$-73.00K	USD	1 Quarter
Bad debt expense and other reserves	`ProvisionForDoubtfulAccountsAndOtherReserves`	$412.00K	USD	1 Quarter
Bad debt expense and other reserves	`ProvisionForDoubtfulAccountsAndOtherReserves`	$335.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$5.91M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$9.10M	USD	1 Quarter
Non-cash interest expense on lease financing obligation	`NoncashInterestExpense`	$172.00K	USD	1 Quarter
Non-cash interest expense on lease financing obligation	`NoncashInterestExpense`	$173.00K	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`	$-5.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-593.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-1.50M	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$157.00K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$1.16M	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$347.00K	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$6.70M	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$126.00K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$151.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-1.13M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-3.31M	USD	1 Quarter
Accrued employee expenses	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$7.97M	USD	1 Quarter
Accrued employee expenses	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-3.11M	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilities`	$2.10M	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilities`	$917.00K	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$270.00K	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$-274.00K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$3.44M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$5.02M	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$5.33M	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$5.47M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-5.33M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-5.47M	USD	1 Quarter
Proceeds from exercise of common stock options	`ProceedsFromStockOptionsExercised`	$7.73M	USD	1 Quarter
Proceeds from exercise of common stock options	`ProceedsFromStockOptionsExercised`	$681.00K	USD	1 Quarter
Taxes paid related to net share settlement of equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$732.00K	USD	1 Quarter
Taxes paid related to net share settlement of equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$477.00K	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$7.25M	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-51.00K	USD	1 Quarter
Net (decrease) increase in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$6.80M	USD	1 Quarter
Net (decrease) increase in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$-1.94M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$195.82M	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`	$197.76M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$114.52M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$195.82M	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`	$197.76M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$114.52M	USD	Point-in-time
Stock-based compensation capitalized for software development	`EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount`	$218.00K	USD	1 Quarter
Stock-based compensation capitalized for software development	`EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount`	$334.00K	USD	1 Quarter
Capitalized assets included in accounts payable, accrued employee expenses and other accrued expenses	`CapitalExpendituresIncurredButNotYetPaid`	$918.00K	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`	$2.00K	USD	1 Quarter
Taxes payable related to net share settlement of equity awards included in accrued employee expenses	`TaxesPayableRelatedtoTaxWithholdingforSharebasedCompensation`	$111.00K	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 13 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	$319.25M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$313.12M	USD	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	100.90M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	100.43M	shares	Point-in-time
Cumulative-effect of accounting change adopted as of January 1, 2018	`CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption`	$5.92M	USD	Point-in-time
Net loss	`NetIncomeLoss`	$-9.05M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-6.79M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$9.43M	USD	1 Quarter
Shares issued in connection with employee stock plans, net of shares withheld for employee taxes	`StockIssuedDuringPeriodValueShareBasedCompensation`	$-166.00K	USD	1 Quarter
Ending Balance	`StockholdersEquity`	$319.25M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$313.12M	USD	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	100.90M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	100.43M	shares	Point-in-time

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