Company: TRUE
Filing Date: 2025-11-13
Form Type: PREM14A
Source: 0001104659-25-111498
Chunk: 110

Company: TrueCar, Inc.
Filing Date: 2025-11-13
Form: PREM14A
Chunk 110
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 the United States (“

#### GAAP
”), or the guidelines established by the American Institute of Certified Public Accountants with respect to prospective financial information. The Projections included in this document have been prepared by, and are the responsibility of, TrueCar’s management. PricewaterhouseCoopers LLP (“

#### PwC
”), TrueCar’s independent auditor, has not audited, reviewed, examined, compiled nor applied agreed-upon procedures with respect to the accompanying Projections and, accordingly, PwC does not express an opinion or any other form of assurance with respect thereto. The PwC report incorporated by reference in this proxy statement relates to TrueCar’s previously issued financial statements. It does not extend to the Projections and should not be read to do so. PwC assumes no responsibility for the information contained in the Projections.

Adjusted EBITDA and Unlevered Free Cash Flow contained in the Projections summarized above are “

### non-GAAP financial measures
,” which are financial performance measures that are not calculated in accordance with GAAP. The non-GAAP financial measures used in the Projections were relied upon by the Board in connection with its evaluation of the Merger and, at the direction of the Board, by Morgan Stanley for purposes of its financial analyses and opinion delivered to the Board. The SEC rules which would otherwise require a reconciliation of a non-GAAP financial measure to a GAAP financial measure do not apply to non-GAAP financial measures included in disclosures relating to a proposed transaction such as the Merger if the disclosure is included in a document such as this proxy statement. In addition, reconciliations of non-GAAP financial measures were not relied upon by the Board in connection with its evaluation of the Merger or by Morgan Stanley for purposes of its opinion delivered to the Board. Accordingly, TrueCar has not provided a reconciliation of the financial measures included in the Projections to the relevant GAAP financial measures. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information presented in compliance with GAAP, and non-GAAP financial measures as used by TrueCar may not be comparable to similarly titled amounts used by other companies. Furthermore, there are limitations inherent in non-GAAP financial measures because they exclude charges and credits that are required to be included in a GAAP presentation. Accordingly, these non-GAAP financial measures should be considered together with, and not as an alternative to, financial measures prepared in accordance with GAAP.

The summary of the Pro