Trupanion Q1 Revenue Soars to $311.5M

TL;DR

TRUP revenue up to $311.5M in Q1 2024, but costs are climbing too.

AI Summary

Trupanion, Inc. reported its first quarter 2024 results, ending March 31, 2024. The company's revenue for the quarter was $311.5 million, a significant increase from the $265.1 million reported in the same period of 2023. Operating expenses also rose, with claims expenses reaching $196.1 million and technology and services costs at $45.1 million for Q1 2024.

Why It Matters

This filing shows Trupanion's continued growth in revenue, indicating strong demand for its pet insurance services, but also rising costs associated with that growth.

Risk Assessment

Risk Level: medium — The company shows strong revenue growth, but also increasing operating expenses, which could impact profitability if not managed effectively.

Key Numbers

• $311.5M — Q1 2024 Revenue (Represents significant year-over-year growth.)
• $265.1M — Q1 2023 Revenue (Provides a basis for year-over-year comparison.)
• $196.1M — Q1 2024 Claims Expense (A major cost driver for the company.)
• $45.1M — Q1 2024 Technology and Services Costs (Indicates investment in platform and operations.)
• $31.5M — Q1 2024 Other Expense (Represents miscellaneous operating costs.)

Key Players & Entities

• TRUPANION, INC. (company) — Filer
• 20240331 (date) — Reporting Period End Date
• $311.5 million (dollar_amount) — Q1 2024 Revenue
• $265.1 million (dollar_amount) — Q1 2023 Revenue
• $196.1 million (dollar_amount) — Q1 2024 Claims Expense
• $45.1 million (dollar_amount) — Q1 2024 Technology and Services Costs

FAQ

From the Filing

0001371285-24-000120.txt : 20240503 0001371285-24-000120.hdr.sgml : 20240503 20240503160246 ACCESSION NUMBER: 0001371285-24-000120 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 71 CONFORMED PERIOD OF REPORT: 20240331 FILED AS OF DATE: 20240503 DATE AS OF CHANGE: 20240503 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TRUPANION, INC. CENTRAL INDEX KEY: 0001371285 STANDARD INDUSTRIAL CLASSIFICATION: HOSPITAL & MEDICAL SERVICE PLANS [6324] ORGANIZATION NAME: 02 Finance IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-36537 FILM NUMBER: 24912899 BUSINESS ADDRESS: STREET 1: 6100 4TH AVENUE SOUTH STREET 2: SUITE 400 CITY: SEATTLE STATE: WA ZIP: 98108 BUSINESS PHONE: 888-733-2685 MAIL ADDRESS: STREET 1: 6100 4TH AVENUE SOUTH STREET 2: SUITE 400 CITY: SEATTLE STATE: WA ZIP: 98108 FORMER COMPANY: FORMER CONFORMED NAME: TRUPANION INC. DATE OF NAME CHANGE: 20131114 FORMER COMPANY: FORMER CONFORMED NAME: VETINSURANCE INTERNATIONAL INC DATE OF NAME CHANGE: 20060802 10-Q 1 trup-20240331.htm 10-Q trup-20240331 0001371285 12/31 2024 Q1 false 0001371285 2024-01-01 2024-03-31 0001371285 2024-04-26 xbrli:shares iso4217:USD 0001371285 2023-01-01 2023-03-31 iso4217:USD xbrli:shares 0001371285 trup:ClaimsExpenseMember 2024-01-01 2024-03-31 0001371285 trup:ClaimsExpenseMember 2023-01-01 2023-03-31 0001371285 us-gaap:OtherExpenseMember 2024-01-01 2024-03-31 0001371285 us-gaap:OtherExpenseMember 2023-01-01 2023-03-31 0001371285 trup:TechnologyservicescostsMember 2024-01-01 2024-03-31 0001371285 trup:TechnologyservicescostsMember 2023-01-01 2023-03-31 0001371285 us-gaap:GeneralAndAdministrativeExpenseMember 2024-01-01 2024-03-31 0001371285 us-gaap:GeneralAndAdministrativeExpenseMember 2023-01-01 2023-03-31 0001371285 us-gaap:SellingAndMarketingExpenseMember 2024-01-01 2024-03-31 0001371285 us-gaap:SellingAndMarketingExpenseMember 2023-01-01 2023-03-31 0001371285 2024-03-31 0001371285 2023-12-31 0001371285 us-gaap:CommonStockMember 2023-12-31 0001371285 us-gaap:AdditionalPaidInCapitalMember 2023-12-31 0001371285 us-gaap:RetainedEarningsMember 2023-12-31 0001371285 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-12-31 0001371285 us-gaap:TreasuryStockCommonMember 2023-12-31 0001371285 us-gaap:CommonStockMember 2024-01-01 2024-03-31 0001371285 us-gaap:AdditionalPaidInCapitalMember 2024-01-01 2024-03-31 0001371285 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-01-01 2024-03-31 0001371285 us-gaap:RetainedEarningsMember 2024-01-01 2024-03-31 0001371285 us-gaap:CommonStockMember 2024-03-31 0001371285 us-gaap:AdditionalPaidInCapitalMember 2024-03-31 0001371285 us-gaap:RetainedEarningsMember 2024-03-31 0001371285 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-03-31 0001371285 us-gaap:TreasuryStockCommonMember 2024-03-31 0001371285 us-gaap:CommonStockMember 2022-12-31 0001371285 us-gaap:AdditionalPaidInCapitalMember 2022-12-31 0001371285 us-gaap:RetainedEarningsMember 2022-12-31 0001371285 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-12-31 0001371285 us-gaap:TreasuryStockCommonMember 2022-12-31 0001371285 2022-12-31 0001371285 us-gaap:CommonStockMember 2023-01-01 2023-03-31 0001371285 us-gaap:AdditionalPaidInCapitalMember 2023-01-01 2023-03-31 0001371285 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-01-01 2023-03-31 0001371285 us-gaap:RetainedEarningsMember 2023-01-01 2023-03-31 0001371285 us-gaap:CommonStockMember 2023-03-31 0001371285 us-gaap:AdditionalPaidInCapitalMember 2023-03-31 0001371285 us-gaap:RetainedEarningsMember 2023-03-31 0001371285 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-03-31 0001371285 us-gaap:TreasuryStockCommonMember 2023-03-31 0001371285 2023-03-31 0001371285 us-gaap:EmployeeStockOptionMember 2024-01-01 2024-03-31 0001371285 us-gaap:EmployeeStockOptionMember 2023-01-01 2023-03-31 0001371285 us-gaap:RestrictedStockUnitsRSUMember 2024-01-01 2024-03-31 0001371285 us-gaap:RestrictedStockUnitsR