Company: TRUE
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0001327318-25-000006
Chunk: 161

Company: TrueCar, Inc.
Filing Date: 2025-02-20
Form: 10-K
Item: Item 7
Chunk 161
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 factors. Repurchases of our common stock may be made under a Rule 10b5-1 plan, which would permit common stock to be repurchased when we might otherwise be precluded from doing so under insider trading laws, open market purchases, privately-negotiated transactions, block purchases or otherwise in accordance with applicable federal securities laws. The Program may be suspended or discontinued at any time and does not obligate us to purchase any minimum number of shares. During the years ended December 31, 2024, 2023, and 2022 the Company repurchased and retired a total of 6.1 million, zero, and 9.8 million shares under the program for $20.0 million, zero, and $29.7 million respectively. As of December 31, 2024, the Company had a remaining authorization of $80.0 million for future share repurchases.

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Cash Flows

The following table summarizes net cash derived from operating, investing, and financing activities from operations:

  Year Ended December 31, 202420232022 (in thousands)Consolidated Cash Flow Data:   Net cash provided by (used in) operating activities$7,701 $(22,414)$(29,137)Net cash used in investing activities(7,860)(11,809)(8,028)Net cash used in financing activities(24,970)(4,331)(32,534)Net decrease in cash, cash equivalents and restricted cash$(25,129)$(38,554)$(69,699)

Operating Activities

Our net loss and cash flows provided by or used in operating activities are significantly influenced by our investments in headcount and infrastructure to support our growth and marketing and advertising expenses. Our net loss has been significantly greater than cash used in operating activities due to the inclusion of non-cash expenses and charges.

Cash provided by operating activities in 2024 was $7.7 million. This was primarily due to a loss from operations of $31.0 million, adjusted for non-cash items, including depreciation and amortization expense of $18.0 million, stock-based compensation expense of $11.7 million, impairment of right-of-use assets of $6.9 million, other non-cash expenses of $1.0 million, amortization of lease right-of-use assets of $1.0 million, and bad debt expense of $0.6 million. Net cash used in operating activities also reflected