TrueCar (TRUE) Posts Adjusted Q2 Results

TrueCar (Nasdaq: TRUE) is correcting erroneous media reports misstating that the Company failed to meet analyst consensus EPS estimates following its second quarter earnings release on Thursday, August 7, 2014. Moreover, TrueCar provided third quarter and full year 2014 guidance above analyst consensus estimates.

Specifically, for the second quarter of 2014, TrueCar reported:

• GAAP earnings per diluted share loss of ($0.22), in-line with analyst consensus estimates of ($0.22).
• Non-GAAP earnings per diluted share loss of ($0.02), exceeding analyst consensus estimates of ($0.03).

The Company is providing the comparable figures above in response to erroneous reports issued by the financial press on Thursday, August 7th and Friday, August 8th, 2014 that incorrectly compared TrueCar's GAAP earnings per share loss to analyst consensus non-GAAP earnings per share loss. As a result, the financial press reported the Company missed earnings expectations by a wide-margin, when in fact, the Company met or exceeded analyst estimates across virtually every financial and operating metric.

For example:

• Unit sales were 149,527 and represented 55% growth over Q2 of last year. That exceeded consensus analyst expectations of 135,901 units by 10%.
• Quarterly revenue was $50.5 million, an increase of 62% over the same quarter last year and 11% over analyst consensus estimates of $45.5 million.
• As of June 30, there were 7,682 TrueCar Certified Franchise Dealers across the US, representing 24.4% of all new car franchises. The number of Certified dealers increased by 24% from last year at this time and also exceeded analyst consensus estimates.
• Transaction revenue per Certified Franchise Dealer grew by 36% over the second quarter of last year. This was also in excess of analyst consensus estimates.

After the close on Thursday, TrueCar's research analysts at Goldman Sachs & Co., J.P. Morgan, RBC Capital Markets, Cowen and Company and JMP Securities, increased their expectations for TrueCar's financial performance in Q3, Q4 and for 2014 as a whole. In addition, four of the five firms increased their price target for TrueCar's stock.

For a more robust list of TrueCar's achievements in Q214, please see visit the Company's investor relations section of its website at www.true.com.

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