Company: TRUE
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0001327318-25-000006
Chunk: 162

Company: TrueCar, Inc.
Filing Date: 2025-02-20
Form: 10-K
Item: Item 7
Chunk 162
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 a decrease of $0.8 million from changes in operating assets and liabilities, which primarily reflected a decrease in operating lease liabilities of $3.5 million, a decrease in accrued employee expenses of $1.9 million, and an increase in prepaid expenses and other assets of  $0.8 million. These decreases were offset by an increase in accrued expenses and other current liabilities of $2.5 million, a decrease in accounts receivable of $1.9 million, and an increase in accounts payable of $0.9 million.

Cash used in operating activities in 2023 was $22.4 million. This was primarily due to a loss from operations of $49.8 million, adjusted for non-cash items, including stock-based compensation expense of $14.3 million, depreciation and amortization expense of $17.7 million, amortization of lease right-of-use assets of $3.0 million, an increase in the fair value of contingent consideration liabilities of $0.9 million, impairments and write offs of assets of $2.4 million, and bad debt expense of $0.7 million, partially offset by a gain on lease exit of $1.6 million. Net cash used in operating activities also reflected a decrease of $10.6 million from changes in operating assets and liabilities, which primarily reflected a decrease in operating lease liabilities of $6.7 million, a decrease in accrued employee expenses of $0.4 million, a decrease in accounts payable of $1.8 million, and an increase in accounts receivable of $5.2 million which was primarily related to an increase in revenue in the fourth quarter of 2023 over 2022. These decreases were offset by an increase in accrued expenses and other current liabilities of $2.0 million, which was primarily due to an increase in marketing fees payable to our affinity group partners and advertisers and a decrease in prepaid expenses and other assets of $1.3 million.

Cash used in operating activities in 2022 was $29.1 million. This was primarily due to a loss from operations of $118.7 million, adjusted for non-cash items, including a goodwill impairment charge of $59.8 million, stock-based compensation expense of $17.7 million, depreciation and amortization expense of $16.5 million, gain from equity method investment of $1.8 million, amortization of lease right-of-use assets of $3.9 million, and bad debt expense of $0.7 million.