TrueCar, Inc.

Good day and welcome to the TrueCar 4th Quarter 2022 Financial Results Conference Call. Please note that this event is being recorded. I would now like to turn the conference over to Zainab Bukhari, Vice President, Investor Relations. Please go ahead.

Thank you, Nick. Hello and welcome to TrueCar's 4th Quarter 2022 Earnings Conference Call. Joining me today are Mike Darrow, our President and Chief Executive Officer, Dantoon Rikersen, our Chief Financial Officer, and Theresa Luong, our Chief Financial Officer. By now, I hope you've all had the opportunity to read our fourth quarter stockholder letter, which was released yesterday after market closed and is available on our investor relations website at ir.trucar.com. Before we get started, I want to remind you that we will be making forward-looking statements on this call. These forward-looking statements can be identified by the use of words such as believe, expect, plan, target, anticipate, become, seek, will, intend, confident, and similar expressions, and are not and should not be relied on as guarantees of future performance or results. Actual results could differ materially from those contemplated by our forward-looking statements. We caution you to review the risk factors section of our annual report on Form 10-K, our quarterly reports on Form 10-Q, and our other reports and filings with the Securities and Exchange Commission for a discussion of the factors that could cause our results to differ materially. The forward-looking statements we make on this call are based on information available to us as of today's date, and we disclaim any obligation to update any forward-looking statements except as required by law. In addition, we will also discuss certain GAAP and non-GAAP financial measures, reconciliations of all non-GAAP measures to the most directly comparable GAAP measures, are set forth in the investor relations section of our website at ir.trucar.com. The non-GAAP financial measures are not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP. With that, I will turn the call over to Trucar's President and Chief Executive Officer, Mike Darrow, for some opening comments. Mike?

Thanks, Zeynep. Good morning, everyone, and thanks for joining us. We highlighted some of the great progress we've made across our company in our fourth quarter stockholder letter. We also shared some of the exciting personnel enhancements we made to align around our key business priorities in 2023. We continue to refine our product experience and align our resources around delivering the automotive industry's first true modern-day marketplace for new certified pre-owned and used vehicles. As we look ahead, we have four key priorities for 2023. To rebuild our core business, expand the market footprint for Trucar Plus, lean into the used vehicle market, and focus our marketing on converting our healthy top of funnel traffic into sales for our dealers. These priorities are strategic for us and are informed by what we're seeing in the market today and what we heard from our dealer partners at NADA. We're confident that our efforts throughout 2022 have provided a solid foundation to execute towards these priorities in the coming year. To embrace the opportunities we identified for 2023, we reorganized our senior leadership team and added essential new hires to ensure the successful execution against these key priorities in 2023. Two of those leaders are here with me today, so I'll address them first. Jantoon, who previously held the role of both Chief Financial Officer and Chief Operating Officer, has become our COO in a dedicated role that initially will focus on rebuilding our core business and on the rollout and adoption of TrueCar Plus, in addition to our marketing plan to aggressively pursue conversion of our robust top-of-funnel traffic. We've also developed plans to add additional operating departments under Chantoon beginning in Q2. Chantoon has demonstrated that he's an effective leader and his influence over the operating functions will help ensure that our entire company remains focused on innovation that will be quickly scaled to deliver value to dealers and consumers. I'm excited to announce that we promoted Theresa Long to Chief Financial Officer from SVP of Financing recognizing her extensive knowledge of our company and her leadership in the many critical roles she had placed since joining Trucar in 2014, which include helping to take the company public, overseeing financial reporting, technical accounting, tax, forecasting, and business planning. Congratulations, Theresa. In December, we hired Jay Neiman to lead our field sales team as our head of sales. Jay has a proven track record in managing field sales and operations team and has quickly become a hands-on leader for the sales organization. Jay will report to Jantune and will lead our efforts to rebuild our core dealer network and expand our Truecar Plus footprint. We also recently hired Jay Ku as our first chief commerce officer, a creative role to which he will bring his extensive experience in full funnel marketing and conversions. In this capacity, Jay will be responsible for scaling the Trucar brand across multiple channels and helping us convert the millions of monthly unique visitors into sales for our dealers. Jay will report to Jantune. At this point, I'd like to turn it over to Jantune for an operating update.