Company: TRUE
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001327318-25-000065
Chunk: 227

Company: TrueCar, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 8
Chunk 227
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5202420252024 (in thousands)Reconciliation of Net Income (Loss) to Adjusted EBITDA:  Net income (loss)$4,997 $(5,831)$(12,766)$(25,199)Non-GAAP adjustments: Interest income(950)(1,560)(2,973)(4,876)Depreciation and amortization2,569 4,408 9,883 13,677 Stock-based compensation3,166 2,953 9,791 8,774 Restructuring charges (1)369 — 972 1,474 Change in fair value of contingent consideration liability— 102 36 281 Impairment of right-of-use (“ROU”) assets (2)— — — 6,880 Interest accretion for terminated lease (3)107 125 334 210 Transaction costs (4)727 1 2,535 1 Other income (5)(11,397)— (11,397)— Provision for income taxes2 3 11 13 Adjusted EBITDA$(410)$201 $(3,574)$1,235 

(1)The excluded amounts represent charges associated with the departure of our former CRO in the third quarter of 2025, the reorganization of the dealer sales and service organization in the second quarter of 2025, and the realignment of the Company’s leadership structure which began in the third quarter of 2023 and concluded in the second quarter of 2024. We consider these charges to be unrelated to our underlying results of operations and believe that their exclusion is appropriate to facilitate period-to-period operating performance comparisons.

(2)The excluded amount represents impairment charges on our ROU assets associated with certain of our existing office locations. We consider these charges to be unrelated to our underlying results of operations and believe that their exclusion is appropriate to facilitate period-to-period operating performance comparisons.

(3)The excluded amount represents the accretion of interest on the lease liability associated with the terminated office lease at 1401 Ocean Avenue, Santa Monica, California. We consider these charges to be unrelated to our underlying results of operations and believe that their exclusion is appropriate to facilitate period-to-period operating performance comparisons.

(4)The excluded amount represents external legal, accounting, and other third-party fees and costs incurred in connection with negotiating the Merger. In the comparable prior periods we did not adjust for transaction