$TRUP
TRUPANION, INC.

2022 Q3 Form 10-Q Financial Statement

#000137128522000187 Filed on August 04, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $233.8M $219.4M $206.0M
YoY Change 28.67% 30.4% 33.17%
Cost Of Revenue $203.7M $190.8M $176.1M
YoY Change 32.7% 32.78% 31.83%
Gross Profit $30.06M $28.58M $29.89M
YoY Change 6.72% 16.45% 41.68%
Gross Profit Margin 12.86% 13.03% 14.51%
Selling, General & Admin $32.75M $32.21M $30.99M
YoY Change 17.15% 20.07% 15.13%
% of Gross Profit 108.95% 112.69% 103.68%
Research & Development $6.553M $6.396M $5.229M
YoY Change 49.24% 56.8% 40.15%
% of Gross Profit 21.8% 22.38% 17.49%
Depreciation & Amortization $2.600M $2.707M $2.717M
YoY Change -11.68% -14.28% -12.16%
% of Gross Profit 8.65% 9.47% 9.09%
Operating Expenses $41.90M $41.31M $38.94M
YoY Change 18.74% 21.28% 15.4%
Operating Profit -$11.90M -$12.77M -$9.114M
YoY Change 65.45% 34.26% -28.4%
Interest Expense $1.408M $1.193M $79.00K
YoY Change 39666.67% 3850.0%
% of Operating Profit
Other Income/Expense, Net $889.0K $365.0K $314.0K
YoY Change 1357.38% 268.69% 406.45%
Pretax Income -$12.42M -$13.60M -$8.879M
YoY Change 74.14% 44.42% -29.89%
Income Tax $496.0K $19.00K -$24.00K
% Of Pretax Income
Net Earnings -$12.91M -$13.62M -$8.855M
YoY Change 89.38% 47.68% -28.59%
Net Earnings / Revenue -5.52% -6.21% -4.3%
Basic Earnings Per Share -$0.32 -$0.33 -$0.22
Diluted Earnings Per Share -$0.32 -$0.33 -$0.22
COMMON SHARES
Basic Shares Outstanding 40.75M shares 40.74M shares 40.58M shares
Diluted Shares Outstanding 40.80M shares 40.74M shares 40.58M shares

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $182.9M $243.0M $259.0M
YoY Change -17.42% 10.76% 15.38%
Cash & Equivalents $85.51M $101.6M $122.5M
Short-Term Investments $97.44M $141.4M $136.6M
Other Short-Term Assets $14.80M $15.25M $14.49M
YoY Change 33.63% 44.74% 49.36%
Inventory
Prepaid Expenses
Receivables $224.1M $204.2M $189.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $421.8M $462.5M $462.6M
YoY Change 8.01% 25.04% 31.41%
LONG-TERM ASSETS
Property, Plant & Equipment $87.07M $83.04M $80.37M
YoY Change 15.42% 11.61% 9.1%
Goodwill $29.53M $29.41M $31.79M
YoY Change -9.38% -12.21% -4.6%
Intangibles $19.33M $19.76M $21.32M
YoY Change -17.86% -21.35% -18.34%
Long-Term Investments $55.12M $300.0K $300.0K
YoY Change 18273.0% 0.0% 0.0%
Other Assets $21.55M $19.25M $17.72M
YoY Change 37.39% 16.81% 7.61%
Total Long-Term Assets $226.1M $172.6M $172.1M
YoY Change 41.15% 6.54% 6.41%
TOTAL ASSETS
Total Short-Term Assets $421.8M $462.5M $462.6M
Total Long-Term Assets $226.1M $172.6M $172.1M
Total Assets $647.9M $635.2M $634.6M
YoY Change 17.65% 19.4% 23.54%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.627M $6.477M $5.795M
YoY Change 17.66% 33.19% 10.13%
Accrued Expenses $31.11M $31.18M $29.75M
YoY Change 20.29% 38.37% 27.31%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $600.0K $609.0K $609.0K
YoY Change
Total Short-Term Liabilities $281.4M $260.2M $245.7M
YoY Change 33.22% 37.04% 44.79%
LONG-TERM LIABILITIES
Long-Term Debt $53.56M $53.62M $53.66M
YoY Change
Other Long-Term Liabilities $4.612M $4.123M $4.062M
YoY Change 24.25% 13.3% 17.06%
Total Long-Term Liabilities $58.17M $57.75M $57.72M
YoY Change 1467.13% 1486.86% 1563.52%
TOTAL LIABILITIES
Total Short-Term Liabilities $281.4M $260.2M $245.7M
Total Long-Term Liabilities $58.17M $57.75M $57.72M
Total Liabilities $342.2M $320.4M $306.1M
YoY Change 56.42% 62.02% 72.32%
SHAREHOLDERS EQUITY
Retained Earnings -$162.3M -$149.4M -$135.7M
YoY Change 35.4% 32.15% 30.77%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $16.53M $16.53M $10.78M
YoY Change 53.39% 53.35% 0.0%
Treasury Stock Shares 1.028M shares 1.028M shares 933.2K shares
Shareholders Equity $305.7M $314.8M $328.5M
YoY Change
Total Liabilities & Shareholders Equity $647.9M $635.2M $634.6M
YoY Change 17.65% 19.4% 23.54%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$12.91M -$13.62M -$8.855M
YoY Change 89.38% 47.68% -28.59%
Depreciation, Depletion And Amortization $2.600M $2.707M $2.717M
YoY Change -11.68% -14.28% -12.16%
Cash From Operating Activities -$2.299M -$3.130M -$3.590M
YoY Change -136.94% 43.45% 106.92%
INVESTING ACTIVITIES
Capital Expenditures -$4.131M -$3.926M $3.553M
YoY Change 49.3% 35.85% 23.24%
Acquisitions
YoY Change
Other Investing Activities -$7.696M -$6.960M $5.000K
YoY Change -26.03% -37.56% -87.5%
Cash From Investing Activities -$11.83M -$10.89M -$14.25M
YoY Change -10.2% -22.44% 209.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -710.0K -5.994M $52.77M
YoY Change 152.67% -2526.72% -8306.07%
NET CHANGE
Cash From Operating Activities -2.299M -3.130M -$3.590M
Cash From Investing Activities -11.83M -10.89M -$14.25M
Cash From Financing Activities -710.0K -5.994M $52.77M
Net Change In Cash -14.84M -20.01M $35.06M
YoY Change 105.26% 25.29% -619.45%
FREE CASH FLOW
Cash From Operating Activities -$2.299M -$3.130M -$3.590M
Capital Expenditures -$4.131M -$3.926M $3.553M
Free Cash Flow $1.832M $796.0K -$7.143M
YoY Change -79.62% 12.43% 54.68%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
dei Entity Central Index Key
EntityCentralIndexKey
0001371285
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2022
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Amendment Flag
AmendmentFlag
false
dei Document Type
DocumentType
10-Q
dei Document Quarterly Report
DocumentQuarterlyReport
true
dei Document Period End Date
DocumentPeriodEndDate
2022-06-30
dei Document Transition Report
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false
dei Entity File Number
EntityFileNumber
001-36537
dei Entity Registrant Name
EntityRegistrantName
TRUPANION, INC.
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
DE
dei Entity Tax Identification Number
EntityTaxIdentificationNumber
83-0480694
dei Entity Address Address Line1
EntityAddressAddressLine1
6100 4th Avenue S, Suite 400
dei Entity Address City Or Town
EntityAddressCityOrTown
Seattle,
dei Entity Address State Or Province
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WA
dei Entity Address Postal Zip Code
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dei City Area Code
CityAreaCode
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dei Local Phone Number
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727 - 9079
dei Security12b Title
Security12bTitle
Common stock, $0.00001 par value per share
dei Trading Symbol
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dei Security Exchange Name
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Nature of Operations and Significant Accounting Policies<div style="margin-bottom:5pt;margin-top:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Description of Business and Basis of Presentation</span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">Trupanion, Inc. (collectively with its wholly-owned subsidiaries, the "Company") provides medical insurance for cats and dogs throughout the United States, Canada, Puerto Rico, and Australia. The Company's data-driven, vertically-integrated approach enables the Company to provide pet owners with products that the Company believes are the highest value medical insurance, priced specifically for each pet’s unique characteristics. </span></div><div style="margin-bottom:5pt;margin-top:5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The financial data as of December 31, 2021 was derived from the Company's audited consolidated financial statements. The accompanying unaudited interim consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) and, in management's opinion, have been prepared on the same basis as the audited financial statements and include all adjustments, consisting of normal recurring adjustments, necessary for the fair presentation of the Company's financial position, results of operations, comprehensive income (loss), stockholders' equity and cash flows for the interim periods. These unaudited interim consolidated financial statements should be read in conjunction with the Company’s audited financial statements included in the Company’s Annual Report on Form 10-K, filed with the U.S. Securities and Exchange Commission (SEC) on February 17, 2022 (the 2021 10-K). The Company's accounting policies are described in Note 1 to the audited financial statements included in the 2021 10-K. Operating results for the three and six months ended June 30, 2022 are not necessarily indicative of the results that may be expected for the full fiscal year or any other interim period.</span></div><div style="margin-bottom:5pt;margin-top:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from such estimates. See Note 1 to the audited financial statements included in the 2021 10-K for additional discussion of these estimates and assumptions.</span></div>
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
716537 shares
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
13.39
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
33584000 usd
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
716537 shares
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
13.39
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
33584000 usd
CY2022Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000 shares
CY2022Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-42000 usd
CY2021Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
5000 usd
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-111000 usd
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-80000 usd
CY2022Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-12771000 usd
CY2021Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-9512000 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
-21885000 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
-22241000 usd
CY2022Q2 us-gaap Revenues
Revenues
219411000 usd
CY2021Q2 us-gaap Revenues
Revenues
168260000 usd
us-gaap Revenues
Revenues
425410000 usd
us-gaap Revenues
Revenues
322945000 usd
CY2022Q2 us-gaap Equity Method Investments
EquityMethodInvestments
300000 usd
CY2022Q2 us-gaap Equity Method Investment Ownership Percentage
EquityMethodInvestmentOwnershipPercentage
0.175
us-gaap Related Party Transaction Selling General And Administrative Expenses From Transactions With Related Party
RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty
1800000 usd
us-gaap Related Party Transaction Selling General And Administrative Expenses From Transactions With Related Party
RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty
1600000 usd

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