Trupanion, Inc. · NASDAQ:TRUP
Trupanion — Q1 2025 Earnings Presentation
9 slides from Trupanion's earnings presentation, May 1, 2025
Slide 1: Quarterly Earnings Supplement Q1 2025
Quarterly Earnings Supplement Q1 2025
Slide 2: Total Subscription Revenue Growth
2025 $233.1 $227.8 2024 $219.0 $208.6 $201.1 $191.5 2023 $182.9 $173.3 $165.2 $158.6 2022 $152.4 $145.8 $139.8 Miscellaneous Revenue $134.1 2021 $127.1 $120.4 $113.3 $106.4 $99.4 2020 $92.5 $89.5 $86.6 Total Subscription Revenue Growth $82.6 2019 Revenue from New Subscription Pets $77.7 $74.2 $70.9
Slide 3: Subscription Revenue By Cohort
Subscription Revenue By Cohort $260.0 $240.0 ($ in millions) $220.0 $200.0 $180.0 $160.0 $140.0 $120.0 $100.0 $80.0 $60.0 $40.0 $20.0 - 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Pre-2010 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Slide 4: Product Offerings
Product Offerings Subscription Segment Other Business Segment Other Subscription Other Subscription Trupanion Core Products Products North America Pets Best North America Europe PetExpert* PHI Direct (Czechia, Slovakia, Belgium, Poland) Veteran Affairs Service Dog Program Furkin Smart Paws (Germany,
Slide 5: Subscription Pet Count
Subscription Pet Count Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Gross new pets 63,661 60,162 65,753 64,324 67,228 Core Trupanion 53,611 51,331 55,667 53,120 52,651 Other Subscription North America 6,018 5,309 6,369 7,586 10,635 Other Subscription Europe 4,032 3,522 3,717 3,618 3,942 Total subscriptio
Slide 6: Estimated Internal Rates of Return
Estimated Internal Rates of Return Q1 2025 Quarterly average revenue per new pet $73.51 Estimated profit per pet per month based on a trailing $8.63 X 63.7 months = $550 (Lifetime value of a pet, including fixed expenses) 3-year margin (11.7% margin) Year 0 1 2 3 4 5 Months* 6 12 12 12 12 9.7 63.7 E
Slide 7: Free Cash Flow
Free Cash Flow The following table reflects the reconciliation of cash provided by operating activities to free cash flow (in thousands): Three Months Ended March 31, 2025 2024 Net cash provided by operating activities $15,964 $2,434 Purchases of property, equipment, and internal–use software $(1,92
Slide 8: Outlook
Outlook Q2 2025 Full Year 2025 Revenue $344M-$350M $1.390B-$1.425B Subscription revenue $238M-$241M $966M-$989M Adjusted operating income $27M-$30M $122M-$142M CAD FX Rate 72% 72%
Slide 9: Definitions – Estimated IRR
Definitions – Estimated IRR • Average revenue per new pet. Average revenue per new pet is calculated from total premium for all new pets enrolled for the period divided by the total number of new subscription pet months in the period. Total new subscription pet months in a period represents the sum