TrueCar, Inc. today announced its financial results for the second quarter ended June 30, 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.”
Second Quarter 2018 Financial Highlights
- Total revenue of $87.9 million.
- Net loss of $(6.6) million, or $(0.07) per basic and diluted share, compared to a net loss of $(8.1) million, or $(0.09) per basic and diluted share, in the second quarter of 2017.
- Non-GAAP net income of $3.2 million, or $0.03 per basic and diluted share, compared to Non-GAAP net income of $1.1 million, or $0.01 per basic and diluted share, in the second quarter of 2017.
- Adjusted EBITDA of $8.7 million, representing an Adjusted EBITDA margin 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.
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