TrueCar, Inc. (NASDAQ:TRUE) Q2 2020 Earnings Conference Call - Final Transcript
Aug 06, 2020 • 04:30 pm ET
Greetings, and welcome to TrueCar's Second Quarter 2020 Earnings Conference Call. [Operator Instructions]
I will now turn the conference over to your host, Danny Vivier, Vice President of Investor Relations. Mr. Vivier, you may begin.
Thank you, operator. Hello, and welcome to TrueCar's Second Quarter 2020 Earnings Conference Call. Joining me today is Mike Darrow, our President and Chief Executive Officer; and Noel Watson, our Chief Financial Officer. As a reminder, we will be making forward-looking statements on this call. These forward-looking statements can be identified by their use of words such as believe, expect, plan, anticipate, becoming, toward, will, intend, confident and similar expressions and are not and should not be relied on as a guarantee 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 or 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 the 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 true.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.
Now I'll turn the call over to Mike.
Thank you, Danny, and good afternoon, everyone. Before jumping into the details of the quarter, I'd like to say a few words on today's announcement regarding the sale of our ALG business. Over the past six months, we've been deeply engaged with multiple parties who expressed interest in ALG. A sale to J.D. Power is an exceptional outcome, both in terms of the $135 million sale price and the potential ALG has with its new owner. Given the complementary nature of their portfolio of automotive data assets, it became clear early on that J.D. Power was the right home for ALG. TrueCar already had a broad data-driven relationship with J.D. Power, and this transaction will serve to further deepen that relationship. It's been a privilege for me to work with the ALG team for the past four years, and I look forward to watching them thrive under new ownership. Noel will provide additional commentary on the transaction later in the call.
Now let's turn to Q2 performance. We just turned the corner on what was truly an unprecedented second quarter. From the initial government-mandated lockdowns to the closure of thousands of our customer outlets, the impact has been both profound and unpredictable. I remain extremely proud of my TrueCar colleagues, who continue to demonstrate compassion and resolve