March 2022 Trupanion Investor Presentation | --- | --- | |------ ...

Trupanion, Inc. (NASDAQ:TRUP) Q4 2021 Earnings Conference Call February 16, 2022 4:30 PM ET Company Participants Laura Bainbridge - IR Darryl Rawlings - CEO Tricia Plouf - Co-President & COO Drew Wolff - CFO Margi Tooth - Co-President Conference Call Participants John Barnidge - Piper Sandler Shweta Khajuria - Evercore ISI Jonathan Block - Stifel Maria Ripps - Canaccord Ryan Tunis - Autonomous Research Greg Gibas - Northland Securities Operator Greetings and welcome to the Trupanion, Inc. Fourth Quarter 202 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____ to ____ Commission File Number: 001-36537 TRUPANION, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation ...

November 2021 Trupanion Investor Presentation | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------- ...

Trupanion, Inc. (NASDAQ:TRUP) Q3 2021 Earnings Conference Call November 3, 2021 4:30 PM ET Company Participants Laura Bainbridge - IR Darryl Rawlings - CEO Tricia Plouf - Co-President Drew Wolff - CFO Margi Tooth - Co-President Conference Call Participants Maria Ripps - Canaccord Genuity John Barnidge - Piper Sandler Josh Shanker - Bank of America Ryan Tunis - Autonomous Research Jean Lee - Evercore ISI Michael Parolari - Raymond James Greg Gibas - Northland Securities Operator Greetings and welcome to the ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 or ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____ to ____ Commission File Number: 001-36537 TRUPANION, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorp ...

Financial Data and Key Metrics Changes - Total revenue for Q2 2021 was $168.3 million, representing a 43% year-over-year growth [15][25] - Adjusted operating income grew 32% to $18.5 million [12][21] - Net loss for the quarter was $9.2 million, compared to a net income of $1.4 million in the prior year period [23] Business Line Data and Key Metrics Changes - Subscription revenue was $120.4 million, up 30% year-over-year [15] - Total enrolled subscription pets increased 22% year-over-year to approximately 643,000 pets [15] - Other business segment revenue was $47.9 million, an increase of 88% year-over-year [19] Market Data and Key Metrics Changes - Average monthly retention rate was 98.72%, slightly up from 98.66% in the prior year [16] - Monthly average revenue per pet increased by 7.2% year-over-year to $63.69 [16] Company Strategy and Development Direction - The company is focused on a 60-month plan that includes expanding product offerings and international growth [10][14] - Investments in member experience and new product development are prioritized to drive retention and referrals [21][22] - The company aims to maintain a target adjusted operating margin of 15% [21][52] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential of the pet insurance market, citing low penetration rates in North America [38] - The company anticipates continued strong growth despite potential challenges from wage inflation and other economic factors [42] - Management is optimistic about the progress made in the first half of the year and the execution of the 60-month plan [32] Other Important Information - The company held cash and investments of over $219 million and had no debt at the end of the quarter [24] - Operating cash flow was negative $2.2 million, reflecting accelerated pet growth and investment initiatives [24] Q&A Session Summary Question: Update on ARPU and five-year plan progress measurement - Management indicated ARPU is expected to increase by 5% to 6% for the full year and discussed measuring progress through milestones in various initiatives [30][32] Question: Changes in consumer behavior and vet traffic amidst COVID - Management reported no significant changes in consumer behavior or vet traffic, with lead volume and conversion rates remaining positive [37][38] Question: Breeder channel opportunities - Management confirmed ongoing investments in the breeder channel, emphasizing its potential for high lifetime value [39] Question: Anticipated impacts of wage inflation on pricing - Management acknowledged wage inflation as a challenge but noted that they are aligned with veterinarians to manage costs effectively [42] Question: Update on lower medium price point plans - Management confirmed the launch of a new product in Canada and emphasized maintaining strong growth in the core subscription business [50][52] Question: Frequency of claims and utilization trends - Management stated that frequency levels have stabilized and returned to normal since the initial COVID impact [57] Question: Guidance on pet acquisition cost (PAC) - Management provided guidance on PAC, targeting around $280, while emphasizing a disciplined approach to spending [59]

[PART I - FINANCIAL INFORMATION](index=5&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements (unaudited)](index=5&type=section&id=Item%201.%20Financial%20Statements) The company reports a 43% revenue increase to $168.3 million for Q2 2021 but a net loss of $9.2 million Consolidated Statements of Operations Highlights (in thousands, except per share data) | Metric | Three Months Ended June 30, 2021 | Three Months Ended June 30, 2020 | Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | | :--- | :--- | :--- | :--- | :--- | | **Revenue** | $168,260 | $117,920 | $322,945 | $229,221 | | **Operating (loss) income** | $(9,512) | $1,509 | $(22,241) | $499 | | **Net (loss) income** | $(9,221) | $1,353 | $(21,669) | $220 | | **Diluted (loss) income per share** | $(0.23) | $0.04 | $(0.54) | $0.01 | Consolidated Balance Sheet Highlights (in thousands) | Metric | June 30, 2021 | December 31, 2020 | | :--- | :--- | :--- | | **Cash and cash equivalents** | $117,332 | $139,878 | | **Total assets** | $531,966 | $498,250 | | **Total liabilities** | $197,761 | $158,311 | | **Total stockholders' equity** | $334,205 | $339,939 | Consolidated Statements of Cash Flows Highlights (in thousands) | Metric | Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | | :--- | :--- | :--- | | **Net cash (used in) provided by operating activities** | $(3,922) | $7,774 | | **Net cash used in investing activities** | $(18,636) | $(8,878) | | **Net cash (used in) provided by financing activities** | $(393) | $2,383 | - The company operates through a 'subscription business' and an 'other business' segment, with Q2 2021 revenues of **$120.4 million** and **$47.9 million**, respectively[61](index=61&type=chunk)[63](index=63&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=21&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses strong revenue growth from pet enrollment, offset by higher marketing spend and a resulting net loss [Overview and Key Operating Metrics](index=21&type=section&id=Overview%20and%20Key%20Operating%20Metrics) The company's growth is driven by member acquisition, with total enrolled pets up 38% to over one million - The business model prioritizes acquiring pets at a targeted internal rate of return over short-term profit[69](index=69&type=chunk) Key Operating Metrics (as of June 30, 2021) | Metric | Q2 2021 | Q2 2020 | % Change | | :--- | :--- | :--- | :--- | | Total Pets Enrolled | 1,024,226 | 744,727 | 38% | | Total Subscription Pets Enrolled | 643,395 | 529,400 | 22% | | Monthly Average Revenue per Pet | $63.69 | $59.40 | 7% | | Average Pet Acquisition Cost (PAC) | $284 | $199 | 43% | | Average Monthly Retention | 98.72% | 98.66% | +0.06 p.p. | [Results of Operations](index=27&type=section&id=Results%20of%20Operations) Q2 2021 revenue grew 43% to $168.3 million, but a 110% rise in marketing costs led to a $9.5 million operating loss Revenue by Segment (Three Months Ended June 30) | Segment | 2021 (in thousands) | 2020 (in thousands) | % Change | | :--- | :--- | :--- | :--- | | Subscription business | $120,373 | $92,453 | 30% | | Other business | $47,887 | $25,467 | 88% | | **Total revenue** | **$168,260** | **$117,920** | **43%** | - Sales and marketing expenses **increased by $10.1 million (110%)** year-over-year in Q2 2021, driving a 46% increase in new subscription pet enrollments[118](index=118&type=chunk) - Depreciation and amortization expense **increased 83% to $3.2 million** in Q2 2021, primarily due to incremental amortization from a recent acquisition[120](index=120&type=chunk)[121](index=121&type=chunk) - Total stock-based compensation expense was **$6.5 million for Q2 2021**, a significant increase from $2.2 million in Q2 2020[123](index=123&type=chunk) [Liquidity and Capital Resources](index=34&type=section&id=Liquidity%20and%20Capital%20Resources) The company holds $219.4 million in cash and investments, with sufficient liquidity for the next 12 months - The insurance subsidiary, APIC, held **$93.2 million** in risk-based capital, exceeding the required **$79.1 million** as of year-end 2020[134](index=134&type=chunk) - A new wholly-owned insurance subsidiary, ZPIC Insurance Company, was established in Q2 2021[135](index=135&type=chunk) - A share repurchase program was approved in April 2021, but **no shares were repurchased** during the quarter[129](index=129&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=37&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes to market risk disclosures are reported for the period ended June 30, 2021 - Management believes there have been **no material changes** to the company's market risks since the end of the previous fiscal year[144](index=144&type=chunk) [Item 4. Controls and Procedures](index=37&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2021 - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were **effective** as of the end of the period[145](index=145&type=chunk) - **No material changes** in internal control over financial reporting occurred during the quarter[146](index=146&type=chunk) [PART II - OTHER INFORMATION](index=38&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=38&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently involved in any legal proceedings expected to have a material impact - The company is subject to ordinary course litigation but does not currently consider any matters to be **material**[150](index=150&type=chunk) [Item 1A. Risk Factors](index=38&type=section&id=Item%201A.%20Risk%20Factors) Key business risks include the COVID-19 pandemic, a history of net losses, and regulatory compliance challenges - The company has incurred significant net losses since inception, with an **accumulated deficit of $91.4 million** as of December 31, 2020[157](index=157&type=chunk) - A key risk involves the potential **misclassification of its Territory Partners** as independent contractors[175](index=175&type=chunk) - The insurance subsidiary must maintain required risk-based capital levels, which was **$79.1 million** as of December 31, 2020[184](index=184&type=chunk) - The business is subject to **extensive and complex insurance regulations**, with non-compliance posing significant risks[247](index=247&type=chunk)[251](index=251&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=61&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reports no unregistered sales of equity securities during the period - None[282](index=282&type=chunk) [Item 3. Defaults Upon Senior Securities](index=61&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reports no defaults upon senior securities during the period - None[283](index=283&type=chunk) [Item 4. Mine Safety Disclosures](index=61&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section is not applicable to the company's operations - Not applicable[284](index=284&type=chunk) [Item 5. Other Information](index=61&type=section&id=Item%205.%20Other%20Information) The company reports no other material information for the period - None[285](index=285&type=chunk) [Item 6. Exhibits](index=62&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed as part of the quarterly report

Trupanion, Inc. (NASDAQ:TRUP) Q1 2021 Earnings Conference Call April 29, 2021 4:30 PM ET Company Participants Laura Bainbridge - Investor Relations Darryl Rawlings - Chief Executive Officer Tricia Plouf - Co-President and Chief Financial Officer Margi Tooth - Co-President Conference Call Participants Maria Ripps - Canaccord Genuity Shweta Khajuria - Evercore ISI David Westenberg - Guggenheim Securities Jon Block - Stifel Ryan Tunis - Autonomous Research Elliot Wilbur - Raymond James Operator Greetings, and ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 or ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____ to ____ Commission File Number: 001-36537 TRUPANION, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporat ...