TrueCar (TRUE) Misses Q1 EPS by 4c, Revenues Beat; Offers 2Q Revenues Guidance Above Consensus

TrueCar (NASDAQ: TRUE) reported Q1 EPS of ($0.09), $0.04 worse than the analyst estimate of ($0.05). Revenue for the quarter came in at $65.1 million versus the consensus estimate of $61.53 million.

First Quarter 2021 Financial Highlights

The following financial results reflect continuing operations only:

• First quarter total revenue of $65.1 million, up 1.8% from the fourth quarter of 2020 and down (17.5)% from the first quarter of 2020.
• Loss from continuing operations of $(8.4) million, or $(0.09) per share, compared to loss from continuing operations of $(10.4) million, or $(0.10) per share, in the first quarter of 2020.
• First quarter Adjusted EBITDA(1) of $2.1 million, representing an Adjusted EBITDA margin(2) of 3.2%, compared to Adjusted EBITDA of $6.7 million, representing an Adjusted EBITDA margin of 8.5%, in the first quarter of 2020.
• $274.6 million of cash and cash equivalents on the balance sheet as of March 31, 2021.

Management Commentary

"Through the unwavering and tireless efforts of the entire TrueCar team, we reported another strong quarter in Q1," said Mike Darrow, TrueCar's President and Chief Executive Officer. "We ended Q1 above both guidance and consensus forecasts with revenue of $65.1 million and Adjusted EBITDA of $2.1 million."

GUIDANCE:

TrueCar sees Q2 2021 revenue of $65-66 million, versus the consensus of $64.1 million.

Our guidance for the quarter ending June 30, 2021 is as follows:

• Revenues are expected to be in the range of $65 million to $66 million.
• Adjusted EBITDA is expected to be above breakeven.(8)

For earnings history and earnings-related data on TrueCar (TRUE) click here.

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