Company: TRUE
Filing Date: 2025-11-13
Form Type: PREM14A
Source: 0001104659-25-111498
Chunk: 106

Company: TrueCar, Inc.
Filing Date: 2025-11-13
Form: PREM14A
Chunk 106
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   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 EBITDA burdened by stock-based compensation plus changes in net working capital, less Capital Expenditures. October 2025 Management Projections At the direction of the Board, TrueCar’s management prepared and delivered updated draft projections to the Board for their review at a meeting of the Board on October 12, 2025, to account for the Company’s actual performance through the first three quarters of 2025, along with expectations for future financial performance as a standalone company (the “ October Projections ” or “ Management Case Projections ”). The following table presents a summary of the draft of the October Management Projections, which were prepared assuming TrueCar’s business continued to operate on a standalone basis (dollars in millions).

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