Total Subscription Revenue Growth ($ in millions) $182.2 $172.6 $175.0 $164.7 $158.3 $152.4 $150.0 $145.8 $139.8 $128.7 $122.0 | $125.0 $114.8| $107.7 $100.0 $100.0 $87.6 $83.6 $75.0 $50.0 $25.0 1 $4.4 $5.3 $6.3 $7.6 $8.8 $9.9$10.7 $0 J == ■| ■| ■| 2010 2015 2017 2018 2019 2021 2022 2023 2011 2012 2013 2014 2020 2016 $200.0 ($ in millions) Product Offerings *Managing General Agents (insurance commission revenue). We intend to transition these products to a Trupanion branded product over time. 1 4.0% 12.9% 1 ...

Trupanion, Inc. (NASDAQ:TRUP) Q3 2023 Earnings Conference Call November 2, 2023 4:30 PM ET Company Participants Laura Bainbridge – Senior Vice President-Corporate Communications Darryl Rawlings – Chief Executive Officer and Chair of the Board Margi Tooth – President Wei Li – Corporate Controller and Senior Vice President-Finance Fawwad Qureshi – Chief Financial Officer Conference Call Participants Maria Ripps – Canaccord Shweta Khajuria – Evercore ISI Josh Shanker – Bank of America Jon Block – Stifel Wilma ...

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, 2023 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 was $270.6 million, representing a 23% year-over-year increase and exceeding expectations [84] - Adjusted operating income for the quarter was $16.8 million, down 19% from the prior year but up 8% sequentially [88] - Free cash flow improved by $3.9 million sequentially, moving towards a goal of positive free cash flow by Q4 [41][90] Business Line Data and Key Metrics Changes - Subscription revenue was $173.3 million for the quarter, up 19% year-over-year [84] - The average monthly revenue per pet was $64.41, with new pet ARPU in North America at $61.49 [8][9] - The cost to acquire a pet was $236, with a 24% reduction compared to the prior year [18][26] Market Data and Key Metrics Changes - Total subscription pets increased by 23% year-over-year to over 943,000 pets as of June 30, 2023 [56] - The average retention rate across North America's subscription products was 98.61%, slightly down from 98.74% in the prior year [56] - The company added approximately 4,000 new pets in Continental Europe during the quarter [80] Company Strategy and Development Direction - The company is focused on expanding adjusted operating margins, deploying capital efficiently, and returning to free cash flow positive by Q4 2023 [25][44] - A decentralized management approach is being implemented to enhance capital allocation and operational efficiency [5][11] - The company plans to provide more granular reporting on the internal rate of return for new pets, reflecting a shift in strategy towards a more diversified product and market approach [28][76] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about early signs of margin expansion and the effectiveness of pricing actions taken [14][32] - The company is monitoring inflationary pressures and expects to see further margin improvements if these pressures remain consistent [14][125] - Management remains confident in achieving free cash flow positive status by the end of 2023, supported by improved operational efficiencies [41][90] Other Important Information - The company is experiencing a shift in its business model with new products and channels contributing to growth, particularly in Continental Europe [51][50] - Fixed expenses as a percentage of revenue increased to 5.1%, influenced by costs related to new subscription products [58] - Stock-based compensation expense was $6.5 million during the quarter, with expectations to remain around $7 million per quarter for the remainder of the year [89] Q&A Session Summary Question: Update on California rate increases and filing process - Management provided an update on the California rate filing, indicating progress and a collaborative relationship with regulators [21][94] Question: Adjusted operating income target and approvals - Management confirmed that the adjusted operating income target is based on expected approvals and current pricing strategies [68][114] Question: Impact of California rate approval delays - Management stated that if delays occur, they will adjust their growth strategy based on market performance and margin strength [97][98] Question: Employee count and severance expenses - Management confirmed a 3% reduction in headcount during Q2, with some severance expenses included in fixed costs [129] Question: Retention rates and impact of lower-end plans - Management noted that retention rates are slightly impacted by lower-end plans but remain strong overall [120][137] Question: Future guidance and revenue projections - Management provided guidance for Q3 and full-year revenue, indicating expectations for continued growth despite some uncertainties [91][156]

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 June 30, 2023 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 incorporati ...

Trupanion, Inc. (NASDAQ:TRUP) Q1 2023 Earnings Conference Call May 4, 2023 4:30 PM ET Company Participants Laura Bainbridge - Investor Relations Darryl Rawlings - Chief Executive Officer Margi Tooth - President Drew Wolff - Chief Financial Officer Conference Call Participants John Barnidge - Piper Sandler Maria Ripps - Canaccord Josh Shanker - Bank of America Katie Sakys - Autonomous Research Jon Block - Stifel Operator Greetings and welcome to the Trupanion First Quarter 2023 Earnings Conference Call. [Ope ...

PART I - FINANCIAL INFORMATION [Financial Statements (unaudited)](index=5&type=section&id=Item%201.%20Financial%20Statements) The company's Q1 2023 revenue grew 24% to $256.3 million, while its net loss widened to $24.8 million amid rising costs and negative operating cash flow Condensed Consolidated Statements of Operations (Q1 2023 vs Q1 2022) | Metric | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | **Revenue** | $256,329 thousand | $205,999 thousand | | **Total Cost of Revenue** | $229,983 thousand | $176,105 thousand | | **Operating Loss** | ($24,486) thousand | ($9,114) thousand | | **Net Loss** | ($24,780) thousand | ($8,855) thousand | | **Net Loss per Share (Basic and Diluted)** | ($0.60) | ($0.22) | Condensed Consolidated Balance Sheets (As of March 31, 2023) | Metric | March 31, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Total Current Assets** | $510,359 thousand | $469,096 thousand | | **Total Assets** | $717,914 thousand | $671,627 thousand | | **Total Current Liabilities** | $312,015 thousand | $289,616 thousand | | **Total Liabilities** | $423,105 thousand | $366,330 thousand | | **Total Stockholders' Equity** | $294,809 thousand | $305,297 thousand | Condensed Consolidated Statements of Cash Flows (Q1 2023 vs Q1 2022) | Metric | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | **Net cash used in operating activities** | ($6,862) thousand | ($3,590) thousand | | **Net cash provided by (used in) investing activities** | $33,914 thousand | ($14,251) thousand | | **Net cash provided by financing activities** | $33,810 thousand | $52,765 thousand | | **Net change in cash, cash equivalents, and restricted cash** | $61,122 thousand | $35,063 thousand | - The company incurred a **non-recurring $3.8 million settlement** of accounts receivable due to uncollected premiums from a third-party business transition[31](index=31&type=chunk) - The reserve for veterinary invoices increased by a total of $4.6 million across business segments, including **$2.8 million in unfavorable development** of prior year reserves[49](index=49&type=chunk)[50](index=50&type=chunk) - In Q1 2023, the company borrowed an additional **$35.0 million** under its Delayed Draw Term Loans, bringing total outstanding debt to **$109.4 million**[53](index=53&type=chunk)[57](index=57&type=chunk) - Stock-based compensation expense increased to **$12.3 million** from $7.5 million YoY, which included a **$4.8 million charge** for accelerated RSU vesting for departing executives[58](index=58&type=chunk)[59](index=59&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=22&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Revenue growth of 24% was driven by a 28% increase in enrolled pets, though operating loss widened due to higher veterinary costs and G&A expenses Key Operating Metrics (Subscription Business) | Metric | Mar. 31, 2023 | Mar. 31, 2022 | | :--- | :--- | :--- | | Total subscription pets enrolled | 906,369 | 736,691 | | Monthly average revenue per pet | $63.58 | $64.21 | | Lifetime value of a pet | $541 | $730 | | Average pet acquisition cost (PAC) | $247 | $301 | | Average monthly retention | 98.65% | 98.75% | - The company operates in two segments: a direct-to-consumer 'subscription business' and an 'other business' segment for third-party underwriting and software solutions[72](index=72&type=chunk) - General and administrative expenses **increased 124% to $21.0 million**, primarily due to a $5.8 million increase in stock-based compensation and a $3.8 million non-recurring settlement[116](index=116&type=chunk) - The company's main insurance subsidiary, APIC, was required to maintain at least **$142.4 million of risk-based capital** and held $162.2 million as of December 31, 2022[130](index=130&type=chunk) [Results of Operations](index=33&type=section&id=Results%20of%20Operations) Total revenue grew 24% to $256.3 million, propelled by pet enrollment growth, but higher veterinary costs increased the subscription segment's cost of revenue Revenue by Segment (Q1 2023 vs Q1 2022) | Segment | Q1 2023 Revenue (in thousands) | Q1 2022 Revenue (in thousands) | % Change | | :--- | :--- | :--- | :--- | | Subscription business | $165,210 | $139,839 | 18% | | Other business | $91,119 | $66,160 | 38% | | **Total revenue** | **$256,329** | **$205,999** | **24%** | Cost of Revenue as a % of Segment Revenue | Segment | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | Subscription business | 88% | 82% | | Other business | 92% | 92% | - The increase in subscription cost of revenue was primarily due to a **19% increase in subscription pets**, rising veterinary invoice expenses, and increased claims from software adoption[113](index=113&type=chunk) [Liquidity and Capital Resources](index=39&type=section&id=Liquidity%20and%20Capital%20Resources) The company held $244.6 million in cash, cash equivalents, and short-term investments, with liquidity sourced from operations and a $150.0 million credit facility - The company's primary liquidity requirements are paying veterinary invoices, funding operations, investing in member acquisition, and servicing debt[121](index=121&type=chunk) - As of March 31, 2023, the company had **$244.6 million in cash, cash equivalents and short-term investments**, and $40.0 million available under its Credit Facility[123](index=123&type=chunk) - Total assets held outside of regulated insurance entities were **$227.9 million** as of March 31, 2023, subject to capital and dividend regulations[123](index=123&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=42&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes to market risk exposure were reported for Q1 2023, with reference to the 2022 Form 10-K for full details - Management believes there have been **no material changes to market risk exposure** in Q1 2023 and refers to the 2022 Form 10-K for detailed disclosures[140](index=140&type=chunk) [Controls and Procedures](index=42&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2023, with no material changes to internal controls - The CEO and CFO concluded that as of the end of the quarter, the company's disclosure controls and procedures were **effective**[141](index=141&type=chunk) - There were no changes in internal control over financial reporting during the quarter that have materially affected, or are reasonably likely to **materially affect**, internal controls[142](index=142&type=chunk) PART II - OTHER INFORMATION [Legal Proceedings](index=43&type=section&id=Item%201.%20Legal%20Proceedings) The company is subject to ordinary course legal proceedings, none of which are currently deemed to be material - The company is subject to litigation and claims arising from the ordinary course of business but does not currently believe any such matters to be **material**[146](index=146&type=chunk) [Risk Factors](index=43&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant risks including a history of net losses, reliance on estimates, member retention, regulatory capital requirements, and competition - The company has a history of significant cumulative net losses (**$171.6 million accumulated deficit** as of Dec 31, 2022) and may not achieve or maintain profitability[149](index=149&type=chunk) - The company's pricing is based on complex assumptions; if **actual experience differs** or regulatory approval for price changes is delayed, financial condition could be adversely affected[154](index=154&type=chunk)[156](index=156&type=chunk) - The business relies significantly on independent contractor 'Territory Partners' to generate leads, which poses risks related to **control, classification, and retention**[162](index=162&type=chunk)[167](index=167&type=chunk) - Actual veterinary invoice expenses may exceed reserves, and increasing use of direct-pay software is likely to **increase the number and amount of invoices received**, potentially pressuring margins[172](index=172&type=chunk)[175](index=175&type=chunk) - Insurance subsidiaries are required to maintain minimum levels of risk-based capital, which may **constrain the use of capital** for growth and operations[176](index=176&type=chunk) - The business is **heavily regulated** by numerous authorities, and failure to comply with complex laws could result in significant liabilities and harm the business[241](index=241&type=chunk)[242](index=242&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=65&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company issued 259 shares of its common stock to a strategic distributor in a private placement exempt from registration - In Q1 2023, the company issued **259 shares of common stock** to a strategic distributor, relying on the private placement exemption under Section 4(a)(2) of the Securities Act[271](index=271&type=chunk) [Exhibits](index=66&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including corporate documents, agreements, and required Sarbanes-Oxley Act certifications

Trupanion, Inc. (NASDAQ:TRUP) Q4 2022 Earnings Conference Call February 15, 2023 4:30 PM ET Company Participants Laura Bainbridge - Investor Relations Darryl Rawlings - Chief Executive Officer Margi Tooth - President Drew Wolff - Chief Financial Officer Conference Call Participants Elliot Wilbur - Raymond James John Barnidge - Piper Sandler Corey Grady - Jefferies Ryan Tunis - Autonomous Research Jon Block - Stifel Operator Greetings and welcome to the Trupanion Fourth Quarter and Full Year 2022 Earnings Ca ...

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, 2022 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) Delaware 83-0480694 (State or other jurisdict ...

Trupanion, Inc. (NASDAQ:TRUP) Q3 2022 Earnings Conference Call November 3, 2022 4:30 PM ET Company Participants Laura Bainbridge – Investor Relations Darryl Rawlings – Chief Executive Officer Margi Tooth – President Drew Wolff – Chief Financial Officer Tricia Plouf – Chief Operating Officer Conference Call Participants Shweta Khajuria – Evercore ISI Corey Grady – Jefferies John Barnidge – Piper Sandler Josh Shanker – Bank of America Elliot Wilbur – Raymond James Ryan Tunis – Autonomous Research Maria Ripps ...