Trupanion, Inc. · NASDAQ:TRUP
Trupanion — Q2 2023 Earnings Presentation
13 slides from Trupanion's earnings presentation, Aug 3, 2023
Slide 1: Three and Six Months Ended June 30, 2023 Supplementary Information
Three and Six Months Ended June 30, 2023 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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 (unaudited) Revenue: Subscription business $ 173,253 $ 145,808 $ 338,463 $ 285,647 Other business 97,313 73,603 188,432 139,763
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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 Veterinary invoice expense $ 206,738 $ 157,616 $ 400,875 $ 302,542 Less: Stock-based compensation expense1 (
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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 Subscription revenue $ 173,253 $ 145,808 $ 338,463 $ 285,647 Subscription cost of paying vet
Slide 6: Total Business adjusted operating income
Total Business: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Revenue $ 270,566 $ 219,411 $ 526,895 $ 425,410 Cost of paying veterinary invoices 205,882 156,594 399,180 300,347 Variable expenses 34,027 32,458 69,425 63,006 Fixed expenses 13,881 9,526 25,977 19,637 Adjuste
Slide 7: Reconciliation of adjusted EBITDA to net loss
The following tables reflect the reconciliation of adjusted EBITDA to net loss (in thousands): Six Months Ended June 30, 2023 2022 Net loss $ (38,494) $ (22,473) Excluding: Stock-based compensation expense 18,643 15,819 Depreciation and amortization expense 6,455 5,424 Interest income (3,780) (394)
Slide 8: Monthly per pet unit economics and estimated IRR
The following tables set forth our calculation of the monthly per pet unit economics for our subscription business, excluding activity related to managing general agent policies, for the trailing twelve months ended June 30, 2023 as well as the estimated IRR for a single average pet, assuming an add
Slide 9: Key operating metrics
The following tables set forth our key operating metrics. Six Months Ended June 30, 2023 2022 Total Business: Total pets enrolled (at period end) 1,679,659 1,348,145 Subscription Business: Total subscription pets enrolled (at period end) 943,958 770,318 Monthly average revenue per pet $ 64.00 $ 64.2
Slide 10: Lifetime value of a pet, including fixed expenses
Lifetime value of a pet, including fixed expenses. Lifetime value of a pet, including fixed expenses, is calculated based on subscription revenue less cost of revenue from our subscription business segment for the 12 months prior to the period end date excluding stock- based compensation expense rel
Slide 11: Reconciliation of new pet acquisition expense to acquisition cost
The following tables reflect the reconciliation of new pet acquisition expense, previously called "sales and marketing", to acquisition cost and net acquisition cost (in thousands): Six Months Ended June 30, 2023 2022 New pet acquisition expense $ 42,411 $ 44,609 Excluding: Stock-based compensation
Slide 12: Condensed Consolidated Statements of Cash Flows
Trupanion, Inc. Condensed Consolidated Statements of Cash Flows (in thousands) Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (unaudited) Operating activities Net loss $ (13,714) $ (13,618) $ (38,494) $ (22,473) Adjustments to reconcile net loss to cash provided by (used i
Slide 13: Condensed Consolidated Balance Sheets
Trupanion, Inc. Condensed Consolidated Balance Sheets (in thousands, except share data) June 30, 2023 December 31, 2022 (unaudited) Assets Current assets: Cash and cash equivalents $ 118,417 $ 65,605 Short-term investments 117,648 156,804 Accounts and other receivables, net of allowance for doubtful