Company: TRUE
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0001327318-25-000006
Chunk: 159

Company: TrueCar, Inc.
Filing Date: 2025-02-20
Form: 10-K
Item: Item 7
Chunk 159
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 to year ended December 31, 2023. Interest income decreased $0.6 million, or 8.5%, for 2024 as compared to 2023 primarily due to lower cash balances in interest-bearing accounts.

Year ended December 31, 2023 compared to year ended December 31, 2022. Interest income increased $4.2 million, or 161.9%, for 2023 as compared to 2022 primarily due to higher interest rates.

Other Income

For the year ended December 31, 2022, other income consisted of a gain from the sale of a domain name.

(Gain) loss from Equity Method Investment

 Years Ended December 31,% Change 2024202320222024 vs. 20232023 vs. 2022 (dollars in thousands)  (Gain) loss from equity method investment$— $— $(1,845)— %(100.0)%

71

For the year ended December 31, 2022 we recognized a gain of $1.8 million from changes in fair value of a derivative asset recognized from the sale of our equity method investment in Accu-Trade. No gain or loss was recognized at the time of the sale as the fair value of the sales proceeds received, including the initial fair value of the derivative asset, was equal to the then carrying value of the investment.

Provision for (Benefit from) Income Taxes

 Years Ended December 31,% Change 2024202320222024 vs. 20232023 vs. 2022 (dollars in thousands)  Provision for (benefit from) income taxes$15 $17 $(2,560)(11.8)%100.7 %

Years ended December 31, 2024, December 31, 2023 and December 31, 2022. For the years ended December 31, 2024 and December 31, 2023, our provision for income taxes of less than $0.1 million reflects state income tax expense. For the year ended December 31, 2022, our benefit from income taxes of $2.6 million primarily reflects the release of valuation allowance resulting from net deferred tax liabilities recorded in Digital Motors acquisition accounting providing a source of income in assessing realization of consolidated net deferred tax assets.

Liquidity and Capital Resources

At December 31, 202