Trupanion, Inc. Files 10-Q for Q2 2024

TL;DR

TRUP 10-Q filed. Q2 results out, check financials.

AI Summary

Trupanion, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported financial results for the second quarter and the first half of the year. Key financial data and operational updates are detailed within the filing.

Why It Matters

This filing provides investors with the latest financial performance and operational details of Trupanion, Inc., crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: medium — As a 10-Q filing, it contains detailed financial information and forward-looking statements that inherently carry investment risk.

Key Numbers

• 20240630 — Period End Date (Quarterly financial reporting period)
• 20240809 — Filing Date (Date the report was submitted to the SEC)

Key Players & Entities

• TRUPANION, INC. (company) — Filer
• 20240630 (date) — Period of Report
• 20240809 (date) — Filing Date
• SEATTLE (location) — Business Address City

FAQ

Key Financial Figures

• $0.00001 — ange on which registered Common stock, $0.00001 par value per share TRUP The Nasdaq Sto

Filing Documents

• trup-20240630.htm (10-Q) — 1750KB
• ex102nedcompprogram.htm (EX-10.2) — 50KB
• ex311q22024.htm (EX-31.1) — 9KB
• ex312q22024.htm (EX-31.2) — 9KB
• ex321q22024.htm (EX-32.1) — 4KB
• ex322q22024.htm (EX-32.2) — 4KB
• 0001371285-24-000210.txt ( ) — 7253KB
• trup-20240630.xsd (EX-101.SCH) — 31KB
• trup-20240630_cal.xml (EX-101.CAL) — 48KB
• trup-20240630_def.xml (EX-101.DEF) — 187KB
• trup-20240630_lab.xml (EX-101.LAB) — 540KB
• trup-20240630_pre.xml (EX-101.PRE) — 380KB
• trup-20240630_htm.xml (XML) — 1065KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited) 1

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 20

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 40

Controls and Procedures

Item 4. Controls and Procedures 40

- OTHER INFORMATION

PART II - OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 41

Risk Factors

Item 1A. Risk Factors 41

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 65

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 65

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 65

Other Information

Item 5. Other Information 65

Exhibits

Item 6. Exhibits 66

Signatures

Signatures 67 Note About Forward-Looking Statements This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended ("Exchange Act"), and Section 27A of the Securities Act of 1933, as amended ("Securities Act"). All statements contained in this Quarterly Report on Form 10-Q other than statements of historical fact, including statements regarding our future results of operations and financial position, our business strategy and plans and our objectives for future operations, are forward-looking statements. The words "believe," "may," "will," "potentially," "estimate," "target," "continue," "anticipate," "intend," "could," "would," "project," "plan" and "expect," and similar expressions that convey uncertainty of future events or outcomes, are intended to identify forward-looking statements. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described in Part II. Item 1A. "Risk Factors" and elsewhere in this Quarterly Report on Form 10-Q. Moreover, we operate in a very competitive and rapidly changing environment, and new risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this Quarterly Report on Form 10-Q may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. You should not rely on forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, w

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements TRUPANION, INC. Condensed Consolidated Statements of Operations (in thousands, except share data) (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Revenue $ 314,800 $ 270,566 $ 620,921 $ 526,895 Cost of revenue: Veterinary invoice expense (1) 231,102 206,738 464,671 400,875 Other cost of revenue (1) 43,429 34,455 79,754 70,301 Total cost of revenue 274,531 241,193 544,425 471,176 Operating expenses: Technology and development (1) 8,190 5,232 15,150 10,132 General and administrative (1) 15,253 13,136 29,926 34,153 New pet acquisition expense (1) 17,874 20,769 34,717 42,411 Depreciation and amortization 4,376 3,253 8,161 6,455 Total operating expenses 45,693 42,390 87,954 93,151 Loss from investment in joint venture ( 47 ) ( 73 ) ( 150 ) ( 144 ) Operating loss ( 5,471 ) ( 13,090 ) ( 11,608 ) ( 37,576 ) Interest expense 3,655 2,940 7,251 5,327 Other income, net ( 3,220 ) ( 2,078 ) ( 6,063 ) ( 3,980 ) Loss before income taxes ( 5,906 ) ( 13,952 ) ( 12,796 ) ( 38,923 ) Income tax benefit ( 44 ) ( 238 ) ( 82 ) ( 429 ) Net loss $ ( 5,862 ) $ ( 13,714 ) $ ( 12,714 ) $ ( 38,494 ) Net loss per share: Basic and diluted $ ( 0.14 ) $ ( 0.33 ) $ ( 0.30 ) $ ( 0.93 ) Weighted average shares of common stock outstanding: Basic and diluted 42,078,271 41,383,411 41,997,683 41,246,411 (1) Includes stock-based compensation expense as follows: Veterinary invoice expense $ 854 $ 866 $ 1,778 $ 1,719 Other cost of revenue 541 441 1,007 906 Technology and development 1,261 627 2,515 1,335 General and administrative 3,861 2,948 7,310 11,167 New pet acquisition expense 2,129 1,755 4,188 3,841 See accompanying notes to the condensed consolidated financial statements. 1 TRUPANION, INC. Condensed Consolidated Statements of Comprehensive Income (Loss) (in thousands) (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Net loss $ ( 5,862 ) $ ( 13,714 ) $

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View this 10-Q filing on SEC EDGAR