Company: TRUE
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001327318-25-000016
Chunk: 202

Company: TrueCar, Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 8
Chunk 202
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 uses the annual estimated effective tax rate applied to the actual year-to-date loss, adjusted for discrete items, if any, that are taken into account in the relevant period. The Company’s annual estimated effective tax rate differs from the statutory rate primarily as a result of state taxes and changes in the Company’s valuation allowance.The Company recorded income tax expense of less than $0.1 million for each of the three months ended March 31, 2025 and 2024. The Company’s provision for income taxes for the three months ended March 31, 2025 and 2024 reflects state income tax expense. The Company continues to maintain a full valuation allowance as it is more likely than not that the Company’s net deferred tax assets will not be realized.There were no material changes to the Company’s unrecognized tax benefits in the three months ended March 31, 2025, and the Company does not expect to have significant changes to unrecognized tax benefits through the end of the fiscal year. The Company is subject to United States federal and state taxation. Due to the presence of net operating loss carryforwards, income tax years from 2014 through the present remain open for examination by the Internal Revenue Service (the “IRS”) and income tax years from 2008 through the present remain open for examination by various state taxing authorities. The Company is not currently under IRS or state tax examination.

8.    Net Loss Per Share

The following table sets forth the computation of basic and diluted net loss per share (in thousands, except per share data): Three Months Ended March 31, 20252024Net loss$(10,136)$(5,848)Weighted average common shares outstanding, basic and diluted87,305 91,234 Net loss per share, basic and diluted$(0.12)$(0.06)The following table presents the number of anti-dilutive shares excluded from the calculation of diluted loss per share at March 31, 2025 and 2024 (in thousands): March 31, 20252024Options to purchase common stock1,291 1,942 Unvested restricted stock units7,855 7,635 Unvested performance stock units5,521 3,254 Total shares excluded from net loss per share14,667 12,831 Share Repurchase ProgramIn July 2020, the Company’s board of directors authorized an open market stock repurchase program (the “Program”) of up to $75