TrueCar, Inc.

Good day, and welcome to the Truecar Second Quarter 2023 Financial Results Conference Call. Please note this event is being recorded today. I would now like to turn the conference over to John Thune, Rikersman, President and Chief Executive Officer of Truecar. Please go ahead.

Thank you, Operator. Hello, everyone, and welcome to the Truecar Second Quarter 2023 Earnings Conference Call. Joining me today is Teresa Luong, our Chief Financial Officer. I hope you all had the opportunity to read our second quarter stockholder letter, which was released yesterday after market close and is available on our investor relations website at ir.trucar.com. Before we get started, I need to read our safe harbor. 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, intent, 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 factor section of our annual report on Form 10-K, our quarterly reports on Form 10-Q, and our reports and filings with the Security and Exchange Commission for a discussion of the factors that could cause our results to differ materially. The forward-looking statements we make on the score 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 be to the most direct comparable GAAP measures are set forth in the investor relations section of our website at ir.truecar.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. That was fun. Now with that, I will provide a summary of the quarter. So now we get into the real stuff. It is an exciting time at Truecar. Okay. It's time. of change in the time of focus. We've turned the ship and our laser focus on growing the business. In Q2, we achieved quarter-over-quarter revenue growth, significantly improved our bottom line, and we're targeting Q3 year-over-year revenue growth, followed by double-digit revenue growth and adjusted EBITDA profitability in Q4. In mid-June, we streamlined organization and eliminated 102 positions or 24% of our headcount. Although these are always difficult decisions, it was an important step to be nimbler as a company and a more focused company. We have so many diamonds in the rough that are ready to shine. We're excited to polish those together over the many quarters to come and transform this business for long-term success. As an example, Did you know that more than 50% of the nationwide supply of electric vehicles, excluding Tesla, is available in Trucar? We have a unique opportunity to disrupt our markets and redefine our value propositions to both our consumers and dealers through our various cohorts. We're excited to bring you along on this journey with us, and we'll elaborate more on this in the coming quarters as we launch our cohorts. Now, operator, let's open the call for questions from our analysts.

We will now begin the question and answer session. To ask a question, you may press star, then 1 on your telephone keypad. If you're using a speakerphone, please pick up your handset before pressing the keys. And to withdraw your question, please press star, then 2. At this time, we will pause just momentarily to assemble our roster.