Company: TRUE
Filing Date: 2025-11-24
Form Type: DEFM14A
Source: 0001104659-25-115451
Chunk: 108

Company: TrueCar, Inc.
Filing Date: 2025-11-24
Form: DEFM14A
Chunk 108
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 ​ | ​ | ​ | ​     | $ |   8 | ​ | ​ | ​ | ​     | $ |   9 | ​ | ​ | ​ | ​     | $ |  10 | ​ | ​ | ​ | ​     | $ |  11 | ​ | ​ |
| Unlevered Free Cash Flow(3) | ​ | ​ | ​     | $ | -26 | ​ | ​ | ​ | ​     | $ |  -9 | ​ | ​ | ​ | ​     | $ |   3 | ​ | ​ | ​ | ​     | $ |  29 | ​ | ​ | ​ | ​     | $ |  48 | ​ | ​ |

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TABLE OF CONTENTS

(1) Includes projected revenues related to the Company’s TrueCar+ initiative of: (i) $9 million in 2027; (ii) $57 million in 2028; and (iii) $99 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) $22 million in 2028; and (iii) $38 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. TrueCar Street Consensus Projections The TrueCar Street Projections were prepared utilizing the latest median street consensus based on all available Wall Street equity research analyst projections for 2025E and 2026E, which were extrapolated after 2026E due to limited broker estimates. The following table presents a summary of the TrueCar Street Consensus Projections. (1)

| ​                  | ​ | ​ | 2025E |   |     |   | ​ | ​ | 2026E |   |     |   | ​ | ​ | 2027E |   |     |   |