$TRUP
TRUPANION, INC.

2024 Q3 Form 10-Q Financial Statement

#000137128524000210 Filed on August 09, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $327.5M $314.8M
YoY Change 14.55% 16.35%
Cost Of Revenue $278.1M $274.5M
YoY Change 10.96% 13.82%
Gross Profit $49.38M $40.27M
YoY Change 40.15% 37.1%
Gross Profit Margin 15.08% 12.79%
Selling, General & Admin $35.29M $33.13M
YoY Change 15.93% -2.29%
% of Gross Profit 71.46% 82.26%
Research & Development $7.933M $8.190M
YoY Change 49.62% 56.54%
% of Gross Profit 16.07% 20.34%
Depreciation & Amortization $4.381M $4.376M
YoY Change 46.52% 34.52%
% of Gross Profit 8.87% 10.87%
Operating Expenses $47.60M $45.69M
YoY Change 22.91% 7.79%
Operating Profit $1.746M -$5.471M
YoY Change -150.01% -58.2%
Interest Expense $3.820M $3.655M
YoY Change 25.12% 24.32%
% of Operating Profit 218.79%
Other Income/Expense, Net $3.538M $3.220M
YoY Change 43.53% 54.96%
Pretax Income $1.464M -$5.906M
YoY Change -135.89% -57.67%
Income Tax $39.00K -$44.00K
% Of Pretax Income 2.66%
Net Earnings $1.425M -$5.862M
YoY Change -135.63% -57.26%
Net Earnings / Revenue 0.44% -1.86%
Basic Earnings Per Share $0.03 -$0.14
Diluted Earnings Per Share $0.03 -$0.14
COMMON SHARES
Basic Shares Outstanding 42.16M shares 42.02M shares
Diluted Shares Outstanding 42.82M shares 42.08M shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $293.1M $277.2M
YoY Change 10.21% 17.43%
Cash & Equivalents $137.5M $124.3M
Short-Term Investments $155.6M $152.9M
Other Short-Term Assets $16.69M $15.70M
YoY Change -4.07% -16.84%
Inventory
Prepaid Expenses
Receivables $289.8M $285.9M
Other Receivables $0.00 $0.00
Total Short-Term Assets $599.6M $578.9M
YoY Change 6.84% 11.19%
LONG-TERM ASSETS
Property, Plant & Equipment $102.9M $104.0M
YoY Change 2.12% 6.16%
Goodwill $45.18M $43.03M
YoY Change 7.57% -1.93%
Intangibles $14.89M $15.93M
YoY Change -24.69% -26.36%
Long-Term Investments $14.22M $14.12M
YoY Change 24.69% 43.81%
Other Assets $16.00M $16.74M
YoY Change -14.16% -7.8%
Total Long-Term Assets $216.5M $217.1M
YoY Change 2.71% 3.57%
TOTAL ASSETS
Total Short-Term Assets $599.6M $578.9M
Total Long-Term Assets $216.5M $217.1M
Total Assets $816.1M $795.9M
YoY Change 5.71% 9.01%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.14M $6.630M
YoY Change 13.04% -4.16%
Accrued Expenses $33.46M $34.67M
YoY Change 13.73% 15.97%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.350M $1.350M
YoY Change 0.0% 22.73%
Total Short-Term Liabilities $361.9M $355.8M
YoY Change 4.1% 7.61%
LONG-TERM LIABILITIES
Long-Term Debt $127.5M $127.6M
YoY Change -0.03% 23.92%
Other Long-Term Liabilities $4.376M $4.495M
YoY Change -9.17% -8.28%
Total Long-Term Liabilities $131.9M $132.1M
YoY Change -0.36% 22.46%
TOTAL LIABILITIES
Total Short-Term Liabilities $361.9M $355.8M
Total Long-Term Liabilities $131.9M $132.1M
Total Liabilities $495.9M $490.1M
YoY Change 2.77% 11.02%
SHAREHOLDERS EQUITY
Retained Earnings -$227.5M -$229.0M
YoY Change 6.28% 9.0%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $16.53M $16.53M
YoY Change 0.0% 0.0%
Treasury Stock Shares
Shareholders Equity $320.2M $305.8M
YoY Change
Total Liabilities & Shareholders Equity $816.1M $795.9M
YoY Change 5.71% 9.01%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income $1.425M -$5.862M
YoY Change -135.63% -57.26%
Depreciation, Depletion And Amortization $4.381M $4.376M
YoY Change 46.52% 34.52%
Cash From Operating Activities $15.30M $6.856M
YoY Change 34.17% -301.35%
INVESTING ACTIVITIES
Capital Expenditures $1.913M $2.880M
YoY Change -56.42% -39.18%
Acquisitions
YoY Change
Other Investing Activities $453.0K -$24.84M
YoY Change -58.82% 3028.09%
Cash From Investing Activities -$1.460M -$27.72M
YoY Change -55.76% 401.3%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.039M -958.0K
YoY Change -104.18% 930.11%
NET CHANGE
Cash From Operating Activities 15.30M 6.856M
Cash From Investing Activities -1.460M -27.72M
Cash From Financing Activities -1.039M -958.0K
Net Change In Cash 12.80M -21.82M
YoY Change -61.15% 141.71%
FREE CASH FLOW
Cash From Operating Activities $15.30M $6.856M
Capital Expenditures $1.913M $2.880M
Free Cash Flow $13.38M $3.976M
YoY Change 90.9% -148.85%

Facts In Submission

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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 in the United States, Canada, Continental Europe, Australia, and Puerto Rico. 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, 2023 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 27, 2024 (the "2023 10-K"). The Company's accounting policies are described in Note 1 to the audited financial statements included in the 2023 10-K. Operating results for the six months ended June 30, 2024 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 2023 10-K for additional discussion of these estimates and assumptions.</span></div>
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