TrueCar (TRUE) Tops Q3 EPS by 1c, Miss on Revenues; FY17 Revenue Outlook Below Consensus

TrueCar (NASDAQ: TRUE) reported Q3 EPS of $0.02, $0.01 better than the analyst estimate of $0.01. Revenue for the quarter came in at $82.4 million versus the consensus estimate of $86.98 million.

Business Outlook

TrueCar’s guidance for the fourth quarter ending December 31, 2017 is as follows:

• Units are expected to be in the range of 240,000 to 245,000.
• Revenues are expected to be in the range of $81.0 million to $83.0 million.
• Adjusted EBITDA is expected to be in the range of $6.0 million to $7.0 million.(9)

Guidance for the full year ending December 31, 2017 is as follows:

• Units are expected to be in the range of 953,000 to 958,000.
• Revenues are expected to be in the range of $321.0 million to $323.0 million.
• Adjusted EBITDA is expected to be in the range of $27.4 million to $28.4 million.(9)

Highlights

• Third quarter total revenue up 10% from a year ago to $82.4 million.
• Third quarter net loss of $(9.5) million, or $(0.10) per share, compared to net loss of $(7.4) million, or $(0.09) per share, in the third quarter of 2016.
• Third quarter Non-GAAP net income(1) of $1.9 million, or $0.02 per share, compared to Non-GAAP net loss of $(1.0) million, or $(0.01) per share, in the third quarter of 2016.
• Third quarter Adjusted EBITDA(2) of $8.0 million, representing an Adjusted EBITDA margin(3) of 9.7%, compared to Adjusted EBITDA of $5.8 million, representing an Adjusted EBITDA margin of 7.7%, in the third quarter of 2016.
• Units(4) were 253,527 in the third quarter of 2017, up 15% from 220,633 in the third quarter of 2016.
• Franchise dealer count(5) was 12,286 as of September 30, 2017, a record and an increase from 12,204 as of June 30, 2017.
• Independent dealer count(6) was 2,938 as of September 30, 2017, a record and an increase from 2,860 as of June 30, 2017.

GUIDANCE:

TrueCar sees FY2017 revenue of $321-323 million, versus the consensus of $328.46 million.

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

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