Trupanion, Inc. · NASDAQ:TRUP
Trupanion — Q4 2024 Earnings Presentation
13 slides from Trupanion's earnings presentation, Feb 19, 2025
Slide 1: Quarterly Earnings Supplement Q4 2024
Quarterly Earnings Supplement Q4 2024
Slide 2: Total Subscription Revenue Growth
$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 $134.1 Miscellaneous Revenue 2021 $127.1 Total Subscription Revenue Growth $120.4 $113.3 $106.4 2020 $99.4 $92.5 $89.5 $86.6 2019 $82.6 $77.7 Revenue from New Subscription Pets $74.2 $70.9 2018 $67.4 $
Slide 3: Subscription Revenue By Cohort
Subscription Revenue By Cohort $240.0 ($ 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 Pre-2010 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Slide 4: Product Offerings
Product Offerings Other Business Subscription Segment Segment Other Subscription Other Subscription Trupanion Core Products Pets Best Products North America North America International Veteran Affairs PetExpert* Service Dog PHI Direct (Czechia, Slovakia, Belgium, Poland) Program Legacy Worksite Furk
Slide 5: Estimated Internal Rates of Return (Trupanion Core)
Estimated Internal Rates of Return (Trupanion Core) • 51,300 gross new pets • $74.19 new pet ARPU • 11.8% per pet adjusted operating margin (AOM)* • 68.0 month average subscriber life* • $598 pet lifetime value (LVP)* • $269 pet acquisition cost (PAC); $14.7 million (87%) total PAC spend • 34% Inter
Slide 6: Estimated Internal Rates of Return (Other Subscription Products)
Estimated Internal Rates of Return (Other Subscription Products) • 5,500 gross new pets in North America and Europe • $47.77 new pet ARPU • 21.3 month average subscriber life* • Per pet AOM & negative IRR reflect products not at operating scale • $191 PAC; $1.1 million (6%) total PAC spend *Calculat
Slide 7: Managing General Agent Metrics
Managing General Agent Metrics • 3,400 gross new pets in Europe • $1.1M (7%) of total PAC spend • The majority of international policies are currently underwritten by third parties and therefore, per pet subscription metrics exclude these policies
Slide 8: Estimated Internal Rates of Return by P&L
Estimated Internal Rates of Return by P&L Q4 2024 Q4 2024 Q4 2024 Q4 2024 Other Subscription Managing General Total Sub Segment Trupanion Core Products* Agent Products Gross new pets 60,200 51,300 5,500 3,400 Quarterly new pet ARPU $71.66 $74.19 $47.77 Not included Quarterly pet acquisition cost $26
Slide 9: 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 Year Ended December 31, December 31, 2024 2023 2024 2023 Net cash provided by operating activities $23,701 $17,507 $48,288 $18,638 Purchases of
Slide 10: Outlook
Outlook Q1 2025 Full Year 2025 Revenue $334M-$340M $1.379B-$1.414B Subscription revenue $230M-$233M $961M-$984M Adjusted operating income $26M-$29M $120M-$140M CAD FX Rate 69% 69%
Slide 11: Appendix
Appendix trwpanion Medical insurance for the life of your pet.
Slide 12: Estimated Internal Rates of Return (New Methodology)
Estimated Internal Rates of Return (New Methodology) Q4 2024 Quarterly average revenue per new pet $71.66 Estimated trailing 3-year profit per pet per month $8.43 X 64.9 months = $548 (Lifetime value of a pet, including fixed expenses) (11.8% margin) Year 0 1 2 3 4 5 Months* 6 12 12 12 12 10.9 64.9
Slide 13: Definitions – New Methodology
Definitions – New Methodology • 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 su