Q2 2024 TrueCar Inc Earnings Call Transcript
Key Points
- TrueCar Inc (TRUE) reported a 6.4% year-over-year revenue growth in Q2 2024, reaching $41.8 million.
- The company achieved adjusted EBITDA profitability of $0.1 million, marking a $5.4 million improvement year-over-year.
- TrueCar Inc (TRUE) launched the TrueCar+ pilot, enabling consumers to purchase vehicles entirely online, which is a significant milestone.
- The company expanded its franchise and independent dealer network, driven by strong growth in new dealer activations.
- TrueCar Inc (TRUE) observed a significant lift in the adoption rate of its enhanced subscription offering, driven by the integration of TCMS products.
- The CDK Global malware attack resulted in approximately $750,000 of lost revenue during the quarter.
- OEM incentive revenue declined 14% year-over-year and 38% sequentially due to timing issues and the CDK Global outage.
- Despite growth in dealer activations, dealer cancellations partially offset the gains.
- Gross margins declined sequentially due to expenses associated with the expanded TrueCar wholesale solutions product offering.
- The company faces challenges in achieving its long-term revenue growth target of 20%-plus, with current growth being limited by various factors.
Good day and welcome to the TrueCar second-quarter 2024 financial results conference call. Please note, this event is being recorded. I would now like to turn the conference over to Jantoon Reigersman, President and Chief Executive Officer of TrueCar. Please go ahead.
Thank you, operator. Hello, everyone, and welcome to the TrueCar second-quarter 2024 earnings conference call. Joining me today is Oliver Foley, our Chief Financial Officer. I hope you have all had the opportunity to read our most recent stockholder letter, which was released yesterday after market close and is available on our Investor Relations website at ir.truecar.com.
Before we get started, I need to read our usual Safe Harbor. I want to remind you that we will be making forward-looking statements on this call, including statements regarding our revenue growth, expected free cash flow margin as well as aspirational goals for the year 2026.
Forward-looking statements can be identified by the use
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
