Company: TRUE
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001327318-25-000016
Chunk: 213

Company: TrueCar, Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 8
Chunk 213
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. Depreciation consists primarily of depreciation expense recorded on property and equipment. Amortization expense consists primarily of amortization recorded on intangible assets, capitalized software costs, and leasehold improvements.

 Interest Income. Interest income consists of interest earned on our cash and cash equivalents.

Provision for Income Taxes. We are subject to federal and state income taxes in the United States. We provided a full valuation allowance against our net deferred tax assets at March 31, 2025 and December 31, 2024, as it is more likely than not that some or all of our deferred tax assets will not be realized. As a result of the valuation allowance, our income tax expense is significantly less than the federal statutory rate of 21%. For the three months ended March 31, 2025 and 2024, our provision for income taxes reflects state income tax expense.

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Results of Operations

The following table sets forth our selected consolidated statements of operations data for each of the periods indicated.

Three Months Ended March 31,  20252024 (in thousands)Consolidated Statements of Operations Data:  Revenues$44,810 $41,052 Costs and operating expenses: Cost of revenue (exclusive of depreciation and amortization presented separately below)8,890 4,261 Sales and marketing 25,017 22,082 Technology and development8,119 8,123 General and administrative10,084 9,486 Depreciation and amortization3,898 4,585 Total costs and operating expenses56,008 48,537 Loss from operations(11,198)(7,485)Interest income1,068 1,644 Loss before income taxes(10,130)(5,841)Provision for income taxes6 7 Net loss$(10,136)$(5,848)Other Non-GAAP Financial Information:  Adjusted EBITDA$(3,802)$936 

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Comparison of the Three Months Ended March 31, 2025 and 2024 

Revenues Three Months Ended March 31,  20252024 (in thousands)Dealer revenue$40,839 $36,046 OEM incentives revenue3,773 4,864 Other revenue198 142 Total revenues$44,810 $41,052 

Three months ended March 31, 2025 compared to three months ended March 31, 2024