UPDATE: TrueCar (TRUE) Reports In-Line Q2 EPS, Revenues In-Line; Offers FY18 Revenue Mid-Point Outlook Above Consensus
TrueCar (NASDAQ: TRUE) reported Q2 EPS of $0.03, in-line with the analyst estimate of $0.03. Revenue for the quarter came in at $87.9 million versus the consensus estimate of $87.89 million.
- Second quarter total revenue up 7% from a year ago to $87.9 million.
- Second quarter net loss of $(6.6) million, or $(0.07) per share, compared to net loss of $(8.1) million, or $(0.09) per share, in the second quarter of 2017.
- Second quarter Non-GAAP net income(1) of $3.2 million, or $0.03 per share, compared to Non-GAAP net income of $1.1 million, or $0.01 per share, in the second quarter of 2017.
- Second quarter Adjusted EBITDA(2) of $8.7 million, representing an Adjusted EBITDA margin(3) of 9.9%, compared to Adjusted EBITDA of $7.4 million, representing an Adjusted EBITDA margin of 9.0%, in the second quarter of 2017.
- Units(4) were 250,269 in the second quarter of 2018, up 3% from 242,130 in the second quarter of 2017.
- Franchise dealer count(5) was 12,368 as of June 30, 2018, compared to 12,205 as of March 31, 2018.
- Independent dealer count(6) was 3,166 as of June 30, 2018, compared to 3,006 as of March 31, 2018.
“Our results in the second quarter are in line with our expectations and we are maintaining our full year revenue and Adjusted EBITDA guidance. Our execution to date sets us up to continue to perform against each of our key strategies in the third and fourth quarters, unlocking double digit revenue growth in the second half of this year,” said John Pierantoni, Interim Chief Financial Officer.
Chip Perry, TrueCar’s President and Chief Executive Officer, continued, “We are laser-focused on implementing the changes in our business that will enable us to return to a 20% growth rate next year. We expect this growth to flow from our upcoming, powerful new consumer experience supported by larger marketing spend, the accelerating growth of our Trade and OEM products, and ongoing expansion of our dealer network.”
GUIDANCE:
TrueCar sees FY2018 revenue of $360-365 million, versus the consensus of $361.25 million.
For earnings history and earnings-related data on TrueCar (TRUE) click here.