Company: TRUE
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0001327318-25-000006
Chunk: 40

Company: TrueCar, Inc.
Filing Date: 2025-02-20
Form: 10-K
Item: Item 8
Chunk 40
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 to the Company’s revenue recognition.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to revenue recognition, including controls over revenue transactions recognized for the TrueCar Auto Buying Program. These procedures also included, among others, evaluating the revenue recognized for a sample of revenue transactions by obtaining and inspecting source documents which included sales contracts, customer rate cards, evidence of delivery, invoices, and cash receipts from customers, where applicable.

/s/ PricewaterhouseCoopers LLP

Los Angeles, California 

February 19, 2024

We have served as the Company’s auditor since 2009.

F-3

TrueCar, Inc.

Consolidated Balance Sheets

(in thousands, except par value and share data) December 31, 20242023Assets  Current assets  Cash and cash equivalents (includes restricted cash of $0 and $1,855 at December 31, 2024 and 2023, respectively)$111,835 $136,964 Accounts receivable, net of allowances of $783 and $1,118 at December 31, 2024 and 2023, respectively15,742 18,264 Prepaid expenses4,499 6,067 Other current assets3,052 1,787 Total current assets135,128 163,082 Property and equipment, net15,735 18,880 Operating lease right-of-use assets2,351 10,132 Intangible assets, net1,970 8,375 Other assets4,507 3,851 Total assets$159,691 $204,320 Liabilities and Stockholders’ Equity  Current liabilities  Accounts payable$7,928 $6,875 Accrued employee expenses4,892 6,667 Operating lease liabilities, current2,964 3,240 Accrued expenses and other current liabilities17,109 12,196 Total current liabilities32,893 28,978 Operating lease liabilities, net of current portion8,313 11,169 Other liabilities348 3,958 Total liabilities41,554 44,105 Commitments and contingencies (Note 9)Stockholders’ Equity  Preferred stock — $0.0001 par value; 20,000,000 shares authorized at December 31, 2024