Company: TRUE
Filing Date: 2025-11-24
Form Type: DEFM14A
Source: 0001104659-25-115451
Chunk: 106

Company: TrueCar, Inc.
Filing Date: 2025-11-24
Form: DEFM14A
Chunk 106
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 261 | ​ | ​ | ​ | ​     | $ | 321 | ​ | ​ | ​ | ​     | $ | 422 | ​ | ​ | ​ | ​     | $ | 514 | ​ | ​ |
| Adjusted EBITDA(2)          | ​ | ​ | ​     | $ |   1 | ​ | ​ | ​ | ​     | $ |  24 | ​ | ​ | ​ | ​     | $ |  39 | ​ | ​ | ​ | ​     | $ |  75 | ​ | ​ | ​ | ​     | $ | 105 | ​ | ​ |
| Capital Expenditures        | ​ | ​ | ​     | $ |   8 | ​ | ​ | ​ | ​     | $ |   8 | ​ | ​ | ​ | ​     | $ |   9 | ​ | ​ | ​ | ​     | $ |  10 | ​ | ​ | ​ | ​     | $ |  11 | ​ | ​ |
| Unlevered Free Cash Flow(3) | ​ | ​ | ​     | $ | -24 | ​ | ​ | ​ | ​     | $ |  -3 | ​ | ​ | ​ | ​     | $ |   3 | ​ | ​ | ​ | ​     | $ |  29 | ​ | ​ | ​ | ​     | $ |  50 | ​ | ​ |

(1) Includes projected revenues related to the Company’s TrueCar+ initiative of: (i) $10 million in 2027; (ii) $61 million in 2028; and (iii) $105 million in 2029. (2) Adjusted EBITDA is calculated as net income (loss) adjusted to exclude interest income, depreciation and amortization, stock-based compensation, changes in the fair value of contingent consideration liability, lease exit gain or loss, impairment of right-of-use assets, transaction costs associated with potential merger and acquisition activity, interest accretion for terminated leases, restructuring charges, goodwill impairment, severance, other income, and income taxes. Includes projected Adjusted EBITDA related to the Company’s TrueCar+ initiative of: (i) $1 million in 2027; (ii) $23 million in 2028; and (iii) $40 million in 2029. (3) Unlevered free cash flow is defined as Adjusted