Company: TRUE
Filing Date: 2025-11-24
Form Type: DEFM14A
Source: 0001104659-25-115451
Chunk: 107

Company: TrueCar, Inc.
Filing Date: 2025-11-24
Form: DEFM14A
Chunk 107
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 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).

| ​                           | ​ | ​ | 2025E |   |     |   | ​ | ​ | 2026E |   |     |   | ​ | ​ | 2027E |   |     |   | ​ | ​ | 2028E |   |     |   | ​ | ​ | 2029E |   |     |   | ​ |
|:----------------------------|:--|:--|:------|:--|----:|:--|:--|:--|:------|:--|----:|:--|:--|:--|:------|:--|----:|:--|:--|:--|:------|:--|----:|:--|:--|:--|:------|:--|----:|:--|:--|
| Revenue(1)                  | ​ | ​ | ​     | $ | 184 | ​ | ​ | ​ | ​     | $ | 223 | ​ | ​ | ​ | ​     | $ | 281 | ​ | ​ | ​ | ​     | $ | 375 | ​ | ​ | ​ | ​     | $ | 461 | ​ | ​ |
| Adjusted EBITDA(2)          | ​ | ​ | ​     | $ |  -3 | ​ | ​ | ​ | ​     | $ |  18 | ​ | ​ | ​ | ​     | $ |  36 | ​ | ​ | ​ | ​     | $ |  71 | ​ | ​ | ​ | ​     | $ | 101 | ​ | ​ |
| Capital Expenditures        | ​ | ​ | ​     | $ |   8 |