Trupanion, Inc. · NASDAQ:TRUP
Trupanion — Q1 2023 Earnings Presentation
12 slides from Trupanion's earnings presentation, May 4, 2023
Slide 1: Three Months Ended March 31, 2023 and 2022 Shareholder Letter Supplementary Information
Three Months Ended March 31, 2023 and 2022 Shareholder Letter Supplementary Information
Slide 2: *Excludes miscellaneous revenue
*Excludes miscellaneous revenue 2
Slide 3: Condensed Consolidated Statements of Operations
Trupanion, Inc. Condensed Consolidated Statements of Operations (in thousands, except share data) Three Months Ended March 31, 2023 2022 (unaudited) Revenue: Subscription business $ 165,210 $ 139,839 Other business 91,119 66,160 Total revenue 256,329 205,999 Cost of revenue: Subscription business(1)
Slide 4: Reconciliation between GAAP and non-GAAP measures
The following tables reflect the reconciliation between GAAP and non-GAAP measures (in thousands except percentages): Three Months Ended March 31, 2023 2022 Veterinary invoice expense $ 194,137 $ 144,926 Less: Stock-based compensation expense1 (839) (1,173) Other business cost of paying veterinary i
Slide 5: Reconciliation of GAAP to non-GAAP measures by segment
The following tables reflect the reconciliation of GAAP measures to non-GAAP measures (in thousands, except percentages): By Segment: Three Months Ended March 31, 2023 2022 Subscription revenue $ 165,210 $ 139,839 Subscription cost of paying veterinary invoices 128,149 99,417 Subscription variable e
Slide 6: Total Business reconciliation and percentage of revenue
Total Business: Three Months Ended March 31, 2023 2022 Revenue $ 256,329 $ 205,999 Cost of paying veterinary invoices 193,298 143,753 Variable expenses 35,398 30,548 Fixed expenses 12,096 10,111 Adjusted operating income 15,537 21,587 Acquisition cost 19,610 19,299 Development expenses 898 1,258 Sto
Slide 7: Reconciliation of adjusted EBITDA to net loss
The following table reflects the reconciliation of adjusted EBITDA to net loss (in thousands): Three Months Ended Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sept. 30, Jun. 30, 2023 2022 2022 2022 2022 2021 2021 2021 Net loss $ (24,780) $ (9,285) $ (12,914) $ (13,618) $ (8,855) $ (7,042) $
Slide 8: Key operating metrics
The following table sets forth our key operating metrics: Three Months Ended Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sept. 30, Jun. 30, 2023 2022 2022 2022 2022 2021 2021 2021 Total Business: Total pets enrolled (at period end) 1,616,865 1,537,573 1,439,605 1,348,145 1,267,253 1,176,77
Slide 9: Definitions of non-GAAP measures and key metrics
Average pet acquisition cost.† Average pet acquisition cost (PAC) is calculated as net acquisition cost divided by the total number of new subscription pets enrolled in that period. Net acquisition cost, a non-GAAP financial measure, is calculated in a reporting period as new pet acquisition expense
Slide 10: Condensed Consolidated Statements of Cash Flows
Trupanion, Inc. Condensed Consolidated Statements of Cash Flows (in thousands) Three Months Ended March 31, 2023 2022 (unaudited) Operating activities Net loss $ (24,780) $ (8,855) Adjustments to reconcile net loss to cash provided by (used in) operating activities: Depreciation and amortization 3,2
Slide 11: Condensed Consolidated Balance Sheets
Trupanion, Inc. Condensed Consolidated Balance Sheets (in thousands, except share data) March 31, 2023 December 31, 2022 (unaudited) Assets Current assets: Cash and cash equivalents $ 126,714 $ 65,605 Short-term investments 117,910 156,804 Accounts and other receivables, net of allowance for doubtfu
Slide 12: Reconciliation of common shares outstanding to total share count
The following table reflects the reconciliation of common shares outstanding to total share count as presented and described within the 2022 Shareholder Letter: Year Ended December 31, 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 Common shares outstanding 41,013,158 40,475,185 39,450,807 3