Trupanion, Inc. Files Q3 2024 10-Q Report

TL;DR

Trupanion's Q3 2024 10-Q is in. Check financials for latest performance.

AI Summary

Trupanion, Inc. filed its 10-Q for the period ending September 30, 2024. The company reported financial results for the third quarter and the first nine months of the year. Key financial metrics 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 — 10-Q filings are standard for public companies, but the specific financial details and market conditions can introduce varying levels of risk.

Key Numbers

• Q3 2024 — Reporting Period (Third quarter financial results)
• First Nine Months 2024 — Reporting Period (Year-to-date financial results)

Key Players & Entities

• TRUPANION, INC. (company) — Filer
• 20240930 (date) — Period of Report
• 20241101 (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-20240930.htm (10-Q) — 1790KB
• ex311q32024.htm (EX-31.1) — 9KB
• ex312q32024.htm (EX-31.2) — 9KB
• ex321q32024.htm (EX-32.1) — 4KB
• ex322q32024.htm (EX-32.2) — 4KB
• 0001371285-24-000282.txt ( ) — 7194KB
• trup-20240930.xsd (EX-101.SCH) — 31KB
• trup-20240930_cal.xml (EX-101.CAL) — 44KB
• trup-20240930_def.xml (EX-101.DEF) — 200KB
• trup-20240930_lab.xml (EX-101.LAB) — 547KB
• trup-20240930_pre.xml (EX-101.PRE) — 393KB
• trup-20240930_htm.xml (XML) — 992KB

- 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 21

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 41

Controls and Procedures

Item 4. Controls and Procedures 41

- OTHER INFORMATION

PART II - OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 42

Risk Factors

Item 1A. Risk Factors 42

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 66

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 66

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 66

Other Information

Item 5. Other Information 66

Exhibits

Item 6. Exhibits 67

Signatures

Signatures 68 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Revenue $ 327,456 $ 285,853 $ 948,377 $ 812,748 Cost of revenue: Veterinary invoice expense (1) 238,814 212,441 703,485 613,316 Other cost of revenue (1) 39,263 38,179 119,017 108,480 Total cost of revenue 278,077 250,620 822,502 721,796 Operating expenses: Technology and development (1) 7,933 5,302 23,083 15,434 General and administrative (1) 16,977 12,664 46,903 46,817 New pet acquisition expense (1) 18,308 17,772 53,025 60,183 Depreciation and amortization 4,381 2,990 12,542 9,445 Total operating expenses 47,599 38,728 135,553 131,879 Gain (loss) from investment in joint venture ( 34 ) 4 ( 184 ) ( 140 ) Operating income (loss) 1,746 ( 3,491 ) ( 9,862 ) ( 41,067 ) Interest expense 3,820 3,053 11,071 8,380 Other income, net ( 3,538 ) ( 2,465 ) ( 9,601 ) ( 6,445 ) Income (loss) before income taxes 1,464 ( 4,079 ) ( 11,332 ) ( 43,002 ) Income tax expense (benefit) 39 ( 43 ) ( 43 ) ( 472 ) Net income (loss) $ 1,425 $ ( 4,036 ) $ ( 11,289 ) $ ( 42,530 ) Net income (loss) per share: Basic $ 0.03 $ ( 0.10 ) $ ( 0.27 ) $ ( 1.03 ) Diluted $ 0.03 $ ( 0.10 ) $ ( 0.27 ) $ ( 1.03 ) Weighted average shares of common stock outstanding: Basic 42,233,903 41,536,575 42,076,998 41,344,195 Diluted 42,822,505 41,536,575 42,076,998 41,344,195 (1) Includes stock-based compensation expense as follows: Veterinary invoice expense $ 847 $ 895 $ 2,625 $ 2,614 Other cost of revenue 554 281 1,561 1,187 Technology and development 1,259 650 3,774 1,985 General and administrative 4,125 3,281 11,435 14,448 New pet acquisition expense 1,555 1,785 5,743 5,626 See accompanying notes to the condensed consolidated financial statements. 1 TRUPANION, INC. Condensed Consolidated Statements of Comprehensive Income (Loss) (in thousands) (un

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