$TRUP
TRUPANION, INC.

2024 Q4 Form 10-Q Financial Statement

#000137128524000282 Filed on November 01, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3
Revenue $327.5M
YoY Change 14.55%
Cost Of Revenue $278.1M
YoY Change 10.96%
Gross Profit $49.38M
YoY Change 40.15%
Gross Profit Margin 15.08%
Selling, General & Admin $35.29M
YoY Change 15.93%
% of Gross Profit 71.46%
Research & Development $7.933M
YoY Change 49.62%
% of Gross Profit 16.07%
Depreciation & Amortization $4.381M
YoY Change 46.52%
% of Gross Profit 8.87%
Operating Expenses $47.60M
YoY Change 22.91%
Operating Profit $1.746M
YoY Change -150.01%
Interest Expense $3.820M
YoY Change 25.12%
% of Operating Profit 218.79%
Other Income/Expense, Net $3.538M
YoY Change 43.53%
Pretax Income $1.464M
YoY Change -135.89%
Income Tax $39.00K
% Of Pretax Income 2.66%
Net Earnings $1.425M
YoY Change -135.63%
Net Earnings / Revenue 0.44%
Basic Earnings Per Share $0.03
Diluted Earnings Per Share $0.03
COMMON SHARES
Basic Shares Outstanding 42.34M shares 42.16M shares
Diluted Shares Outstanding 42.82M shares

Balance Sheet

Concept 2024 Q4 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $293.1M
YoY Change 10.21%
Cash & Equivalents $137.5M
Short-Term Investments $155.6M
Other Short-Term Assets $16.69M
YoY Change -4.07%
Inventory
Prepaid Expenses
Receivables $289.8M
Other Receivables $0.00
Total Short-Term Assets $599.6M
YoY Change 6.84%
LONG-TERM ASSETS
Property, Plant & Equipment $102.9M
YoY Change 2.12%
Goodwill $45.18M
YoY Change 7.57%
Intangibles $14.89M
YoY Change -24.69%
Long-Term Investments $14.22M
YoY Change 24.69%
Other Assets $16.00M
YoY Change -14.16%
Total Long-Term Assets $216.5M
YoY Change 2.71%
TOTAL ASSETS
Total Short-Term Assets $599.6M
Total Long-Term Assets $216.5M
Total Assets $816.1M
YoY Change 5.71%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.14M
YoY Change 13.04%
Accrued Expenses $33.46M
YoY Change 13.73%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $1.350M
YoY Change 0.0%
Total Short-Term Liabilities $361.9M
YoY Change 4.1%
LONG-TERM LIABILITIES
Long-Term Debt $127.5M
YoY Change -0.03%
Other Long-Term Liabilities $4.376M
YoY Change -9.17%
Total Long-Term Liabilities $131.9M
YoY Change -0.36%
TOTAL LIABILITIES
Total Short-Term Liabilities $361.9M
Total Long-Term Liabilities $131.9M
Total Liabilities $495.9M
YoY Change 2.77%
SHAREHOLDERS EQUITY
Retained Earnings -$227.5M
YoY Change 6.28%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $16.53M
YoY Change 0.0%
Treasury Stock Shares
Shareholders Equity $320.2M
YoY Change
Total Liabilities & Shareholders Equity $816.1M
YoY Change 5.71%

Cashflow Statement

Concept 2024 Q4 2024 Q3
OPERATING ACTIVITIES
Net Income $1.425M
YoY Change -135.63%
Depreciation, Depletion And Amortization $4.381M
YoY Change 46.52%
Cash From Operating Activities $15.30M
YoY Change 34.17%
INVESTING ACTIVITIES
Capital Expenditures $1.913M
YoY Change -56.42%
Acquisitions
YoY Change
Other Investing Activities $453.0K
YoY Change -58.82%
Cash From Investing Activities -$1.460M
YoY Change -55.76%
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
YoY Change -104.18%
NET CHANGE
Cash From Operating Activities 15.30M
Cash From Investing Activities -1.460M
Cash From Financing Activities -1.039M
Net Change In Cash 12.80M
YoY Change -61.15%
FREE CASH FLOW
Cash From Operating Activities $15.30M
Capital Expenditures $1.913M
Free Cash Flow $13.38M
YoY Change 90.9%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
dei Document Type
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dei Entity File Number
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dei Current Fiscal Year End Date
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dei Entity Registrant Name
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TRUPANION, INC.
dei Entity Incorporation State Country Code
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dei Entity Tax Identification Number
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dei Entity Address City Or Town
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dei Security12b Title
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dei Trading Symbol
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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 nine months ended September 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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CY2024Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
8433000 usd
CY2023Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
7393000 usd
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
25563000 usd
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
27520000 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Accelerated Compensation Cost
ShareBasedCompensationArrangementByShareBasedPaymentAwardAcceleratedCompensationCost
4800000 usd
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
408970 shares
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
14.09
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
6715000 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
55445 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
13.14
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
1352000 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
500 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
14.93
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
353025 shares
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
14.24
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
9793000 usd
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
353025 shares
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
14.24
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
9793000 usd
CY2024Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000 shares
CY2024Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
42340695 shares
CY2024Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2024Q3 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
0 shares
CY2023Q3 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
0 shares
CY2024Q3 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-34000 usd
CY2023Q3 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
4000 usd
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-184000 usd
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-140000 usd
CY2024Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
1746000 usd
CY2023Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-3491000 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
-9862000 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
-41067000 usd
CY2024Q3 us-gaap Interest Expense
InterestExpense
3820000 usd
CY2023Q3 us-gaap Interest Expense
InterestExpense
3053000 usd
us-gaap Interest Expense
InterestExpense
11071000 usd
us-gaap Interest Expense
InterestExpense
8380000 usd
CY2024Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
3538000 usd
CY2023Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
2465000 usd
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
9601000 usd
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
6445000 usd
CY2024Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
1464000 usd
CY2023Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-4079000 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-11332000 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-43002000 usd
CY2024Q3 us-gaap Revenues
Revenues
327456000 usd
CY2023Q3 us-gaap Revenues
Revenues
285853000 usd
us-gaap Revenues
Revenues
948377000 usd
us-gaap Revenues
Revenues
812748000 usd
CY2024Q3 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
150000000.0 usd
CY2024Q3 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
150000000.0 usd
CY2024Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
true
CY2024Q3 ecd Trd Arr Adoption Date
TrdArrAdoptionDate
August 28, 2024
CY2024Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
true
CY2024Q3 ecd Trd Arr Termination Date
TrdArrTerminationDate
December 27, 2025
CY2024Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
true

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