** charts before earnings **
** charts after earnings **
Missed on Q4 EPS and revs and issued downside guidance for Q1 and FY19 revs; average monthly unique visitors to co's site decreased 10% year/year to 6.5 mln in the quarter. Downgraded at RBC Capital Mkts (to Sector Perform), B. Riley FBR (to Neutral), and Craig Hallum (to Hold). Also acquired 20% stake in vehicle appraisal technology company Accu-Trade. At two-year lows.
TrueCar misses by $0.02, misses on revs; guides Q1 revs below consensus; guides FY19 revs below consensus
- Reports Q4 (Dec) earnings of $0.03 per share, $0.02 worse than the S&P Capital IQ Consensus of $0.05; revenues rose 9.6% year/year to $91.1 mln vs the $96.03 mln S&P Capital IQ Consensus. Average monthly unique visitors decreased 10% to 6.5 million in the fourth quarter of 2018, down from approximately 7.3 million in the fourth quarter of 2017. In FY 2018, average monthly unique visitors increased 2% to approximately 7.5 million, up from 7.4 million in FY 2017. Units were 257,017 in the fourth quarter of 2018, up from 239,521 in the fourth quarter of 2017.
- Co issues downside guidance for Q1, sees Q1 revs of $84-86 mln vs. $93.07 mln S&P Capital IQ Consensus. Q1 Guidance: Adjusted EBITDA is expected to be in the range of $3 million to $5 million.
- Co issues downside guidance for FY19, sees FY19 revs of $371-378 mln vs. $410.27 mln S&P Capital IQ Consensus. FY19 Guidance: Adjusted EBITDA is expected to be in the range of $35 million to $40 million.
TrueCar also acquires a 20% stake in vehicle appraisal technology company Accu-Trade, LLC; terms not disclosed
Accu-Trade's mobile-first product offering, leveraging Galves Market Data, provides instant, VIN-specific appraisals anytime and on any device with insights including real-time mileage, option, history, and condition-specific valuation adjustments; local market data, common problems, recall notices, and historical trends; and vehicle history reports and guidebook integrations.