Company: TRUE
Filing Date: 2025-04-08
Form Type: DEF 14A
Source: 0001104659-25-033025
Chunk: 36

Company: TrueCar, Inc.
Filing Date: 2025-04-08
Form: DEF 14A
Chunk 36
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 of $(31.0) million compared to a net loss of $(49.8) million in 2023. • Adjusted EBITDA (2) of $1.6 million, representing an Adjusted EBITDA margin (4) of 0.9%, compared to Adjusted EBITDA of $(13.7) million, representing an Adjusted EBITDA margin of (8.6)%, in 2023. (1) We define units as the number of automobiles purchased from TrueCar Certified Dealers that are matched to users of TrueCar.com, our TrueCar branded mobile applications or the car-buying sites and mobile applications we maintain for our affinity group marketing partners. A unit is counted after we have matched the sale to a TrueCar user with a TrueCar Certified Dealer. We view units as a key indicator of the growth of our business, the effectiveness of our product and the size and geographic coverage of our network of TrueCar Certified Dealers. (2) Adjusted EBITDA is not a measure of our financial performance under GAAP and should not be considered as an alternative to net income, operating income or any other measures derived in accordance with GAAP. Refer to Annex A for a definition of Adjusted EBITDA and a reconciliation of Adjusted EBITDA to net income (loss), the most directly comparable GAAP measure. (3) Free cash flow is a non-GAAP financial measure calculated as net cash from operations minus capital expenditures. Free cash flow should not be considered as an alternative to cash flow from operating activities or any other measure of liquidity calculated and presented in accordance with GAAP. Refer to Annex A for a definition of free cash flow and a reconciliation of free cash flow to cash flow from operating activities, the most directly comparable GAAP measure. (4) Adjusted EBITDA margin is a non-GAAP financial measure calculated as Adjusted EBITDA divided by total revenue. Overview of 2024 Executive Compensation Our limited target total pay actions in 2024 demonstrate a strong adherence to the company’s pay-for-performance philosophy and aligning interests with shareholders. ✓ There were no increases to target cash compensation levels (base salary or target bonus) in 2024. Ms. Angel received no increase in compensation in connection with her appointment as COO. ✓ We made limited changes to our compensation peer group to better ensure that the group continues to reflect a reasonable size and scale relative to the size of our own business. Despite improved operational, financial, and share price growth