1
2
Company CodeTRUP
3
Company NameTrupanion, Inc.
4
Denominator1,000,000
5
1
Profile
2
SymbolPriceBetaVolavgMktcapLastdivRangeChangesCompanynameCurrencyCikIsinCusipExchange
Exchangeshortname
IndustryWebsiteDescriptionCeoSectorCountry
Fulltimeemployees
PhoneAddressCityStateZipDcfdiffDcfImageIpodateDefaultimageIsetfIsactivelytradingIsadrIsfund
3
TRUP54.561.7316491792300456928019.69-57.9-0.22Trupanion, Inc.USD1371285US8982021060898202106
NASDAQ Global Market
NASDAQ
Insurance - Specialty
https://www.trupanion.com
Trupanion, Inc., together with its subsidiaries, provides medical insurance for cats and dogs on a monthly subscription basis in the United States, Canada, Puerto Rico, and Australia. The company operates in two segments, Subscription Business and Other Business. It serves pet owners and veterinarians. The company was formerly known as Vetinsurance International, Inc. changed its name to Trupanion, Inc. in 2013. The company was founded in 2000 and is headquartered in Seattle, Washington.
Ms. Margaret Rosemary Maria Tooth
Financial Services
US1142855 727 9079
6100 4th Avenue South
SeattleWA9810850.707343.8526631252014-07-18FALSEFALSETRUEFALSEFALSE
4
5
6
Income Statement - FY
7
DateSymbol
Reportedcurrency
CikFillingdateAccepteddateCalendaryearPeriodRevenueCostofrevenueGrossprofitGrossprofitratio
Researchanddevelopmentexpenses
Generalandadministrativeexpenses
Sellingandmarketingexpenses
Sellinggeneralandadministrativeexpenses
Otherexpenses
Operatingexpenses
Costandexpenses
InterestincomeInterestexpense
Depreciationandamortization
EbitdaEbitdaratio
Operatingincome
Operatingincomeratio
Totalotherincomeexpensesnet
Incomebeforetax
Incomebeforetaxratio
Incometaxexpense
NetincomeNetincomeratioEpsEpsdiluted
Weightedaverageshsout
Weightedaverageshsoutdil
LinkFinallink
8
2023-12-31TRUPUSD13712852024-02-272024-02-26 21:42:242023FY11086050009775890001310160000.11818095712140300060207000-4249000060207000-317990000317990000-114904500090000001207700012474000-20484000-0.0184772755-40659000-0.0366758223-45035000-45035000-0.0406231255-342000-44693000-0.0403146296-1.08-1.084143688241436882
https://www.sec.gov/Archives/edgar/data/1371285/000137128524000029/0001371285-24-000029-index.htm
https://www.sec.gov/Archives/edgar/data/1371285/000137128524000029/trup-20231231.htm
9
2022-12-31TRUPUSD13712852023-02-162023-02-16 16:07:572022FY9051790007829940001221850000.1349843512251330003937900089500000128879000109210001649330009479270003000000426700010921000-29008000-0.0320467002-42748000-0.0472260183-1448000-44196000-0.0488257019476000-44672000-0.0493515647-1.1-1.14076535540765355
https://www.sec.gov/Archives/edgar/data/1371285/000137128523000047/0001371285-23-000047-index.htm
https://www.sec.gov/Archives/edgar/data/1371285/000137128523000047/trup-20221231.htm
10
2021-12-31TRUPUSD13712852022-02-172022-02-17 16:38:182021FY6989910005946450001043460000.14928089216866000318930007864700011054000011965000139371000734016000100001000011965000-23245000-0.0332550777-35025000-0.0501079413-195000-35220000-0.0503869149310000-35530000-0.0508304113-0.89-0.894013750540137505
https://www.sec.gov/Archives/edgar/data/1371285/000137128522000048/0001371285-22-000048-index.htm
https://www.sec.gov/Archives/edgar/data/1371285/000137128522000048/trup-20211231.htm
11
2020-12-31TRUPUSD13712852021-02-122021-02-12 8:22:302020FY502028000420127000819010000.1631403029994700021847000478370006968400070710008670200050682900013810001381000707100027250000.0054279841-4346000-0.0086568877-1381000-5727000-0.0114077302113000-5840000-0.0116328173-0.16-0.163585886935858869
https://www.sec.gov/Archives/edgar/data/1371285/000137128521000041/0001371285-21-000041-index.htm
https://www.sec.gov/Archives/edgar/data/1371285/000137128521000041/trup-20201231.htm
12
2019-12-31TRUPUSD13712852020-02-142020-02-13 17:37:282019FY383936000319012000649240000.16910110021007400020967000354510005641800016290006649200038550400013490001349000563200053410000.0139111727-291000-0.0007579388-1349000-1640000-0.0042715453169000-1809000-0.0047117228-0.0522-0.05223464534534645345
https://www.sec.gov/Archives/edgar/data/1371285/000137128520000032/0001371285-20-000032-index.htm
https://www.sec.gov/Archives/edgar/data/1371285/000137128520000032/a10-k2019.htm
13
2018-12-31TRUPUSD13712852019-02-142019-02-14 16:12:062018FY303956000252590000513660000.1689915646924800018164000249990004316300013090005241100030500100001198000451200047760000.0157128005-1045000-0.00343799761309000-934000-0.0030728132-7000-927000-0.0030497835-0.029-0.0293196119231961192
https://www.sec.gov/Archives/edgar/data/1371285/000137128519000039/0001371285-19-000039-index.htm
https://www.sec.gov/Archives/edgar/data/1371285/000137128519000039/a10-k2018.htm
14
2017-12-31TRUPUSD13712852018-02-142018-02-13 17:43:522017FY242667000199617000430500000.177403602597680001682000019104000359240001244000456920002453090000533000423200028340000.0116785554-2642000-0.01088734771244000-1931000-0.0079574067-428000-1503000-0.0061936728-0.0508-0.05082958832429588324
https://www.sec.gov/Archives/edgar/data/1371285/000137128518000014/0001371285-18-000014-index.htm
https://www.sec.gov/Archives/edgar/data/1371285/000137128518000014/a10-kq42017.htm
15
2016-12-31TRUPUSD13712852017-02-152017-02-15 16:12:052016FY188230000154942000332880000.17684747389534000152050001524700030452000-37000399860001949280001190002180003846000-2770000-0.0147160389-6698000-0.0355841258-61000-6858000-0.036434149738000-6896000-0.0366360304-0.24-0.242852760228527602
https://www.sec.gov/Archives/edgar/data/1371285/000137128517000024/0001371285-17-000024-index.htm
https://www.sec.gov/Archives/edgar/data/1371285/000137128517000024/a10-kq42016.htm
16
2015-12-31TRUPUSD13712852016-02-172016-02-16 18:38:432015FY146963000121734000252290000.171669059611215000155580001523100030789000900042004000163738000750003250002542000-14224000-0.0967862659-16775000-0.11414437659000-17091000-0.1162945775114000-17205000-0.117070283-0.62-0.622763844327638443
https://www.sec.gov/Archives/edgar/data/1371285/000137128516000128/0001371285-16-000128-index.htm
https://www.sec.gov/Archives/edgar/data/1371285/000137128516000128/a10-kq42015.htm
17
2014-12-31TRUPUSD13712852015-02-242015-02-24 17:27:352014FY11591000096036000198740000.17146061698990001431200011608000259200001487000358190001318550007300067260001674000-12784000-0.1102924683-15945000-0.1375636271487000-21184000-0.1827624881-7000-21177000-0.1827020965-0.76-0.762783094127830941
https://www.sec.gov/Archives/edgar/data/1371285/000137128515000006/0001371285-15-000006-index.htm
https://www.sec.gov/Archives/edgar/data/1371285/000137128515000006/a10-kq42014.htm
18
19
20
Balance Sheet - FY
21
DateSymbol
Reportedcurrency
CikFillingdateAccepteddateCalendaryearPeriod
Cashandcashequivalents
Shortterminvestments
Cashandshortterminvestments
NetreceivablesInventory
Othercurrentassets
Totalcurrentassets
Propertyplantequipmentnet
GoodwillIntangibleassets
Goodwillandintangibleassets
Longterminvestments
Taxassets
Othernoncurrentassets
Totalnoncurrentassets
OtherassetsTotalassets
Accountpayables
ShorttermdebtTaxpayables
Deferredrevenue
Othercurrentliabilities
Totalcurrentliabilities
Longtermdebt
Deferredrevenuenoncurrent
Deferredtaxliabilitiesnoncurrent
Othernoncurrentliabilities
Totalnoncurrentliabilities
Otherliabilities
Capitalleaseobligations
TotalliabilitiesPreferredstockCommonstock
Retainedearnings
Accumulatedothercomprehensiveincomeloss
Othertotalstockholdersequity
Totalstockholdersequity
Totalequity
Totalliabilitiesandstockholdersequity
Minorityinterest
Totalliabilitiesandtotalequity
Totalinvestments
TotaldebtNetdebtLinkFinallink
22
2023-12-31TRUPUSD13712852024-02-272024-02-26 21:42:242023FY147501000129667000277168000267899000-545067000562089000562089000103650000437130001874500062458000-55271000246859998533600022085899917829480001050500013500000235329000972900003444740001275800002353290002685000-2308420001347520000047922600000-216255000402999519574001303722000303722000782948000078294800074396000128930000-18571000
https://www.sec.gov/Archives/edgar/data/1371285/000137128524000029/0001371285-24-000029-index.htm
https://www.sec.gov/Archives/edgar/data/1371285/000137128524000029/trup-20231231.htm
23
2022-12-31TRUPUSD13712852023-02-162023-02-16 16:07:572022FY65605000156804000222409000232439000014248000469096000907010004198300024031000660140007841000037975000202531000067162700094710001103000020269200076350000289616000683540002026920003392000-197724000767140000036633000000-171562000-63010004831600003052970003052970006716270000671627000164645000694570003852000
https://www.sec.gov/Archives/edgar/data/1371285/000137128523000047/0001371285-23-000047-index.htm
https://www.sec.gov/Archives/edgar/data/1371285/000137128523000047/trup-20221231.htm
24
2021-12-31TRUPUSD13712852022-02-172022-02-17 16:38:182021FY87400000126012000213412000165217000012325000390954000779500003270900022663000553720007061000031245000171628000056258200089520000014691100067833000223696000-1469110001469110002827000385900066860000023038200000-126890000307700045601300033220000033220000056258200005625820001330730000-87400000
https://www.sec.gov/Archives/edgar/data/1371285/000137128522000048/0001371285-22-000048-index.htm
https://www.sec.gov/Archives/edgar/data/1371285/000137128522000048/trup-20211231.htm
25
2020-12-31TRUPUSD13712852021-02-122021-02-12 8:22:302020FY13987800089862000229740000990650000822200033702700072602000330450002713400060179000556600002287600016122300004982500006059000009254700051793000150399000-92547000925470004705000320700079120000015831100000-9136000030710004282280003399390003399390004982500000498250000954280000-139878000
https://www.sec.gov/Archives/edgar/data/1371285/000137128521000041/0001371285-21-000041-index.htm
https://www.sec.gov/Archives/edgar/data/1371285/000137128521000041/trup-20201231.htm
26
2019-12-31TRUPUSD13712852020-02-142020-02-13 17:37:282019FY291680006973200098900000544080000551300015882100070372000077310007731000432300001595300098379000025720000040870000052546000349920009162500026086000525460001118000-50935000288150000012044000000-8552000025000022203000013676000013676000025720000002572000007405500026086000-3082000
https://www.sec.gov/Archives/edgar/data/1371285/000137128520000032/0001371285-20-000032-index.htm
https://www.sec.gov/Archives/edgar/data/1371285/000137128520000032/a10-k2019.htm
27
2018-12-31TRUPUSD13712852019-02-142019-02-14 16:12:062018FY26552000545590008111100031565000053000001179760006980300008071000807100035540000810600089534000020751000027670000033027000274090006320300012862000330270001002000-3175700015134000007833700000-83711000-75300021363700012917300012917300020751000002075100005811300012862000-13690000
https://www.sec.gov/Archives/edgar/data/1371285/000137128519000039/0001371285-19-000039-index.htm
https://www.sec.gov/Archives/edgar/data/1371285/000137128519000039/a10-k2018.htm
28
2017-12-31TRUPUSD13712852018-02-142018-02-13 17:43:522017FY2570600037590000632960002036700002895000865580007868000049720004972000323700021602000-183780001930100001058590002716000002273400020416000458660009324000227340001002000-2150100011559000005742500000-82784000-9200013131000048434000484340001058590000105859000408270009324000-16382000
https://www.sec.gov/Archives/edgar/data/1371285/000137128518000014/0001371285-18-000014-index.htm
https://www.sec.gov/Archives/edgar/data/1371285/000137128518000014/a10-kq42017.htm
29
2016-12-31TRUPUSD13712852017-02-152017-02-15 16:12:052016FY236370002957000053207000101180000206200065387000846400004910000491000028500000734000169580000823450002006000001346300015188000306570004767000134630001372000-126290006973000003763000000-81281000-377000126373000447150004471500082345000082345000324200004767000-18870000
https://www.sec.gov/Archives/edgar/data/1371285/000137128517000024/0001371285-17-000024-index.htm
https://www.sec.gov/Archives/edgar/data/1371285/000137128517000024/a10-kq42016.htm
30
2015-12-31TRUPUSD13712852016-02-172016-02-16 18:38:432015FY179560002528800043244000819600002193000536330009719000048540004854000268800002300017284000070917000128900000110420001128600023617000-110420001104200014330005110001944000002556100000-74385000-502000120243000453560004535600070917000070917000279760000-17956000
https://www.sec.gov/Archives/edgar/data/1371285/000137128516000128/0001371285-16-000128-index.htm
https://www.sec.gov/Archives/edgar/data/1371285/000137128516000128/a10-kq42015.htm
31
2014-12-31TRUPUSD13712852015-02-242015-02-24 17:27:352014FY530980002237100075469000788700001299000846550007862000048470004847000942000-32030000320300001365100009830600019620000093450001123700022544000149000000149500092000164870000039031000983060000-5718000011000181380005927500059275000983060000983060002331300014900000-38198000
https://www.sec.gov/Archives/edgar/data/1371285/000137128515000006/0001371285-15-000006-index.htm
https://www.sec.gov/Archives/edgar/data/1371285/000137128515000006/a10-kq42014.htm
32
33
34
Cash Flow - FY
35
DateSymbol
Reportedcurrency
CikFillingdateAccepteddateCalendaryearPeriodNetincome
Depreciationandamortization
Deferredincometax
Stockbasedcompensation
Changeinworkingcapital
Accountsreceivables
Inventory
Accountspayables
Otherworkingcapital
Othernoncashitems
Netcashprovidedbyoperatingactivities
Investmentsinpropertyplantandequipment
Acquisitionsnet
Purchasesofinvestments
Salesmaturitiesofinvestments
Otherinvestingactivites
Netcashusedforinvestingactivites
Debtrepayment
Commonstockissued
Commonstockrepurchased
Dividendspaid
Otherfinancingactivites
Netcashusedprovidedbyfinancingactivities
Effectofforexchangesoncash
Netchangeincash
Cashatendofperiod
Cashatbeginningofperiod
Operatingcashflow
Capitalexpenditure
FreecashflowLinkFinallink
36
2023-12-31TRUPUSD13712852024-02-272024-02-26 21:42:242023FY-4469300012474000-581090003316100016349000-35440000-19070001644000520520005945600018638000-182800000-16593600019027000015850007639000-583850002655000-1536000-14837000227700059126000424000818960001475010006560500018638000-18280000358000
https://www.sec.gov/Archives/edgar/data/1371285/000137128524000029/0001371285-24-000029-index.htm
https://www.sec.gov/Archives/edgar/data/1371285/000137128524000029/trup-20231231.htm
37
2022-12-31TRUPUSD13712852023-02-162023-02-16 16:07:572022FY-4467200010921000033393000-8693000-6698200003136000551530001051000-8000000-17088000-15034000-273006000239210000-1598000-67516000-5710002290000-10114000-69420007608000060743000-1459000-1623200084637000100869000-8000000-17088000-25088000
https://www.sec.gov/Archives/edgar/data/1371285/000137128523000047/0001371285-23-000047-index.htm
https://www.sec.gov/Archives/edgar/data/1371285/000137128523000047/trup-20221231.htm
38
2021-12-31TRUPUSD13712852022-02-172022-02-17 16:38:182021FY-35530000119650000282260004724000-66170000661700008796000-4072000-19270007458000-123550000-9567200057869000-1755000-5191300003607000-47320000-4732000-1125000252000-453280001008690001461970007458000-12355000-4897000
https://www.sec.gov/Archives/edgar/data/1371285/000137128522000048/0001371285-22-000048-index.htm
https://www.sec.gov/Archives/edgar/data/1371285/000137128522000048/trup-20211231.htm
39
2020-12-31TRUPUSD13712852021-02-122021-02-12 8:22:302020FY-584000070710000891200011248000-43272000432720009951000129700015300021544000-7451000-48133000-652860004406600057000-76747000-32450000192265000-1115000024374000170848000-160001156290001461970003056800021544000-745100014093000
https://www.sec.gov/Archives/edgar/data/1371285/000137128521000041/0001371285-21-000041-index.htm
https://www.sec.gov/Archives/edgar/data/1371285/000137128521000041/trup-20201231.htm
40
2019-12-31TRUPUSD13712852020-02-142020-02-13 17:37:282019FY-18090005632000068460005383000-22772000227720004110000127300010500016157000-53730000-6950600049762000-2891000-28008000-131670002982000-1667000042045000140440004230002616000305680002795200016157000-537300010784000
https://www.sec.gov/Archives/edgar/data/1371285/000137128520000032/0001371285-20-000032-index.htm
https://www.sec.gov/Archives/edgar/data/1371285/000137128520000032/a10-k2019.htm
41
2018-12-31TRUPUSD13712852019-02-142019-02-14 16:12:062018FY-9270004512000047750004560000-11248000-2628000453100013905000-24000012680000-598950002959000-5586200035413000-4066000-81451000-1000000065671000-183900003442900071229000-8120001646000279520002630600012680000-59895000-47215000
https://www.sec.gov/Archives/edgar/data/1371285/000137128519000039/0001371285-19-000039-index.htm
https://www.sec.gov/Archives/edgar/data/1371285/000137128519000039/a10-k2018.htm
42
2017-12-31TRUPUSD13712852018-02-142018-02-13 17:43:522017FY-15030004232000-103600034190004937000-10219000-179000301900012316000-3830009666000-31310001402000-3192000023372000-2779000-13056000-37060002545000-1170000050810005081000378000206900026306000242370009666000-31310006535000
https://www.sec.gov/Archives/edgar/data/1371285/000137128518000014/0001371285-18-000014-index.htm
https://www.sec.gov/Archives/edgar/data/1371285/000137128518000014/a10-kq42017.htm
43
2016-12-31TRUPUSD13712852017-02-152017-02-15 16:12:052016FY-68960003846000029460005006000-183000056000065200056240001040005006000-19410000-3161600027247000-198000-6508000-2040003745000-662000078760007672000111000628100024237000179560005006000-19410003065000
https://www.sec.gov/Archives/edgar/data/1371285/000137128517000024/0001371285-17-000024-index.htm
https://www.sec.gov/Archives/edgar/data/1371285/000137128517000024/a10-kq42016.htm
44
2015-12-31TRUPUSD13712852016-02-172016-02-16 18:38:432015FY-172050002542000030020001304000-328000-1041000-3470003020000-68000-10425000-4894000-300000-2480000020180000-109000-9923000-149000001335000-6430000692000-14208000-586000-351420001795600053098000-10425000-4894000-15319000
https://www.sec.gov/Archives/edgar/data/1371285/000137128516000128/0001371285-16-000128-index.htm
https://www.sec.gov/Archives/edgar/data/1371285/000137128516000128/a10-kq42015.htm
45
2014-12-31TRUPUSD13712852015-02-242015-02-24 17:27:352014FY-211770001674000-157400040840001102000-1260004070004490003720005090000-10801000-56330000-3489400028601000-6293000-11926000-320000007275500000201080006086300023000381590005309800014939000-10801000-5633000-16434000
https://www.sec.gov/Archives/edgar/data/1371285/000137128515000006/0001371285-15-000006-index.htm
https://www.sec.gov/Archives/edgar/data/1371285/000137128515000006/a10-kq42014.htm
46
47
48
Ratios - FY
49
SymbolDateCalendaryearPeriodCurrentratioQuickratioCashratio
Daysofsalesoutstanding
Daysofinventoryoutstanding
Operatingcycle
Daysofpayablesoutstanding
Cashconversioncycle
Grossprofitmargin
Operatingprofitmargin
Pretaxprofitmargin
NetprofitmarginEffectivetaxrateReturnonassetsReturnonequity
Returnoncapitalemployed
Netincomeperebt
EbtperebitEbitperrevenueDebtratioDebtequityratio
Longtermdebttocapitalization
Totaldebttocapitalization
Interestcoverage
Cashflowtodebtratio
Companyequitymultiplier
Receivablesturnover
Payablesturnover
Inventoryturnover
Fixedassetturnover
Assetturnover
Operatingcashflowpershare
Freecashflowpershare
CashpersharePayoutratio
Operatingcashflowsalesratio
Freecashflowoperatingcashflowratio
Cashflowcoverageratios
Shorttermcoverageratios
Capitalexpenditurecoverageratio
Dividendpaidandcapexcoverageratio
Dividendpayoutratio
Pricebookvalueratio
Pricetobookratio
Pricetosalesratio
Priceearningsratio
Pricetofreecashflowsratio
Pricetooperatingcashflowsratio
Pricecashflowratio
Priceearningstogrowthratio
PricesalesratioDividendyield
Enterprisevaluemultiple
Pricefairvalue
50
TRUP2023-12-312023FY1.6317312773.2140480850.42819196888.20376509-203.5103249-115.30655983.922226007-119.22878580.1181809571-0.03667582232-0.04062312546-0.040314629650.007594093483-0.05708297358-0.1471510131-0.092728417190.99240590651.107626848-0.036675822320.16467249420.42450003620.29580201340.2979993158-3.3666473460.14455906312.5778442134.13814534693.05940029-1.79352079710.695658471.4159369460.44979253020.0086396461976.688920272-0.33197592460.016812119740.019208069540.144559063113.805925931.0195842450.5627925235-0.33197592464.1624882954.1624882951.140387487-28.287187473531.39460867.831273267.831273215.557953111.1403874870.01173591135-60.811768694.162488295
51
TRUP2022-12-312022FY1.6197171431.6197171430.226524087193.72757764093.727577644.41499551789.312582120.1349843512-0.04722601828-0.04882570188-0.04935156472-0.01077020545-0.06651310921-0.1463230887-0.11190253681.0107702051.03387293-0.047226018280.1034160330.22750632990.1829354130.1853402499-10.01827982-0.11517917562.1999135273.89426473282.6727906209.9798127911.347740636-0.1962450713-0.61542454375.455833759-0.1553993553-0.0088380309313.136-0.1151791756-7.25294651-0.468164794-0.3329171868-0.15539935536.3465324696.3465324692.140546039-43.37341787-77.23123896-242.1971654-242.1971654-1.8382067572.1405460390.003582824756-66.9273766.346532469
52
TRUP2021-12-312021FY1.7477022391.7477022390.390708819186.27322097086.273220975.4948414680.778379510.149280892-0.0501079413-0.05038691485-0.05083041126-0.008801817149-0.06315523781-0.1069536424-0.10335334011.0088018171.005567452-0.0501079413-0.2611370431-0.4422366045-0.7928749143-0.7928749143-3502.5-0.050765429411.6935039134.2307450266.4259383408.9671712641.2424695420.1858112506-0.12200559055.31702207200.01066966527-0.6566103513-0.0507654294100.60364225010.6036422501015.9523021815.952302187.581434933-149.151556-1082.163526710.5597727710.5597727-0.326907527.5814349330-224.218317315.95230218
53
TRUP2020-12-312020FY2.240885912.240885910.930046077472.02531532072.025315325.263967866.761347520.1631403029-0.008656887664-0.01140773025-0.01163281729-0.01973109831-0.01172102358-0.0171795528-0.012493855131.0197310981.317763461-0.008656887664-0.1857441044-0.2722459029-0.3740905122-0.3740905122-3.146994931-0.23278982571.4657041415.06766264669.3393299206.9147957361.0075825390.60079976310.39301295316.40678321400.042913941060.6541496472-0.232789825702.891423972.89142397012.6277514712.627751478.550648984-735.0454123304.5955586199.2510772199.2510772-3.5593108098.55064898401523.95860812.62775147
54
TRUP2019-12-312019FY1.7333806281.7333806280.318341064151.72455826051.724558264.67617205647.04838620.1691011002-0.0007579388231-0.004271545258-0.004711722787-0.1030487805-0.007033437014-0.01322755192-0.0017575117021.103048785.635738832-0.00075793882310.10142301710.19074290730.16018815320.1601881532-0.21571534470.61937437711.8806668627.05660932278.0552972805.4558062871.4927527220.46635413790.31126836812.85464035600.042082534590.66745064060.619374377103.0070723993.00707239909.4897237779.4897237773.380288964-717.4210192120.346311580.3252227380.32522273-8.967762743.3802889640242.4138979.489723777
55
TRUP2018-12-312018FY1.8666202551.8666202550.420106640537.90425259037.904252593.99839661133.905855980.1689915646-0.003437997605-0.00307281317-0.0030497835210.007494646681-0.00446725459-0.007176422317-0.0072415059560.99250535330.8937799043-0.0034379976050.061982555060.099571891960.090555144860.09055514486-0.87228714520.98584979011.6064502649.62952637491.2865919804.3544833321.4647776010.3967311357-1.4772602972.53779646300.04171656424-3.7235804420.985849790100.2117038150.21170381506.2995513646.2995513642.67713731-877.812242-17.2346065564.1744438764.1744438720.455441242.677137310167.51297086.299551364
56
57
Income Statement - Q
58
DateSymbol
Reportedcurrency
CikFillingdateAccepteddateCalendaryearPeriodRevenueCostofrevenueGrossprofitGrossprofitratio
Researchanddevelopmentexpenses
Generalandadministrativeexpenses
Sellingandmarketingexpenses
Sellinggeneralandadministrativeexpenses
Otherexpenses
Operatingexpenses
Costandexpenses
InterestincomeInterestexpense
Depreciationandamortization
EbitdaEbitdaratio
Operatingincome
Operatingincomeratio
Totalotherincomeexpensesnet
Incomebeforetax
Incomebeforetaxratio
Incometaxexpense
NetincomeNetincomeratioEpsEpsdiluted
Weightedaverageshsout
Weightedaverageshsoutdil
LinkFinallink
59
2024-09-30TRUPUSD13712852024-11-012024-11-01 16:02:502024Q3327456000278077000493790000.150795832179330001697700055610001697700023327500024910000159043400003820000438100096650000.029515415817460000.0053320141-28200014640000.00447082973900014250000.00435172970.03390.03394207699842076998
https://www.sec.gov/Archives/edgar/data/1371285/000137128524000282/0001371285-24-000282-index.htm
https://www.sec.gov/Archives/edgar/data/1371285/000137128524000282/trup-20240930.htm
60
2024-06-30TRUPUSD13712852024-08-092024-08-09 16:03:392024Q2314800000274531000402690000.1279193139819000015253000566300015253000-8912200089122000-32022400003655000437600021250000.0067503177-5471000-0.0173792884-5906000-5906000-0.0187611182-44000-5862000-0.0186213469-0.14-0.144207827142078271
https://www.sec.gov/Archives/edgar/data/1371285/000137128524000210/0001371285-24-000210-index.htm
https://www.sec.gov/Archives/edgar/data/1371285/000137128524000210/trup-20240630.htm
61
2024-03-31TRUPUSD13712852024-05-032024-05-03 16:02:462024Q1306121000269894000362270000.1183420935696000014673000-1122400014673000-7858600078586000-3121550000359600037850004910000.0016039409-6137000-0.0200476282-6890000-6890000-0.0225074399-38000-6852000-0.0223833059-0.16-0.164191709441917094
https://www.sec.gov/Archives/edgar/data/1371285/000137128524000120/0001371285-24-000120-index.htm
https://www.sec.gov/Archives/edgar/data/1371285/000137128524000120/trup-20240331.htm
62
2023-12-31TRUPUSD13712852024-02-272024-02-26 21:42:242023Q4295857000255793000400640000.1354167723596900013390000-101210003269000-7763100077631000-295370000-83800003697000302900046930000.0158623934870000.0016460655-2033000-2033000-0.006871563130000-2163000-0.0073109644-0.0518-0.05184171652741716527
https://www.sec.gov/Archives/edgar/data/1371285/000137128524000029/0001371285-24-000029-index.htm
https://www.sec.gov/Archives/edgar/data/1371285/000137128524000029/trup-20231231.htm
63
2023-09-30TRUPUSD13712852023-11-032023-11-03 16:01:592023Q3285853000250620000352330000.123255659453020001266400001266400024650003872800028934800030530003053000299000019640000.0068706643-3491000-0.01221257082469000-4079000-0.0142695721-43000-4036000-0.0141191452-0.0972-0.09724153657541536575
https://www.sec.gov/Archives/edgar/data/1371285/000137128523000302/0001371285-23-000302-index.htm
https://www.sec.gov/Archives/edgar/data/1371285/000137128523000302/trup-20230930.htm
64
2023-06-30TRUPUSD13712852023-08-042023-08-04 16:03:022023Q2270566000241193000293730000.10856131225232000148910001901400033905000207800042390000283583000294000029400003253000-7759000-0.0286769217-13090000-0.04838006252005000-13952000-0.0515659765-238000-13714000-0.050686339-0.33-0.334138341141383411
https://www.sec.gov/Archives/edgar/data/1371285/000137128523000218/0001371285-23-000218-index.htm
https://www.sec.gov/Archives/edgar/data/1371285/000137128523000218/trup-20230630.htm
65
2023-03-31TRUPUSD13712852023-05-052023-05-05 16:04:022023Q1256329000229983000263460000.10278197164900000210170002164200042659000320200050761000280744000238700023870003202000-19382000-0.075613762-24415000-0.0952486843-556000-24971000-0.0974177717-191000-24780000-0.0966726356-0.6-0.64110788941107889
https://www.sec.gov/Archives/edgar/data/1371285/000137128523000146/0001371285-23-000146-index.htm
https://www.sec.gov/Archives/edgar/data/1371285/000137128523000146/trup-20230331.htm
66
2022-12-31TRUPUSD13712852023-02-162023-02-16 16:07:572022Q4246009000212360000336490000.13677954876955000104720002245700032929000289700042781000255141000158700015870002897000-4816000-0.0195765196-9132000-0.0371205931-168000-9300000-0.037803495-15000-9285000-0.0377425216-0.23-0.234093650740936507
https://www.sec.gov/Archives/edgar/data/1371285/000137128523000047/0001371285-23-000047-index.htm
https://www.sec.gov/Archives/edgar/data/1371285/000137128523000047/trup-20221231.htm
67
2022-09-30TRUPUSD13712852022-11-042022-11-04 16:03:032022Q3233760000203701000300590000.12858915136553000103140002243400032748000260000041901000245602000140800014080002600000-8410000-0.0359770705-11842000-0.0506587953-576000-12418000-0.0531228611496000-12914000-0.0552446954-0.32-0.324079981940799819
https://www.sec.gov/Archives/edgar/data/1371285/000137128522000258/0001371285-22-000258-index.htm
https://www.sec.gov/Archives/edgar/data/1371285/000137128522000258/trup-20220930.htm
68
2022-06-30TRUPUSD13712852022-08-042022-08-04 16:05:592022Q2219411000190828000285830000.1302714996639600092270002298200032209000270700041312000232140000011930002707000-9699000-0.0442047117-12729000-0.0580144113-870000-13599000-0.061979572619000-13618000-0.0620661681-0.33-0.334073873840738738
https://www.sec.gov/Archives/edgar/data/1371285/000137128522000187/0001371285-22-000187-index.htm
https://www.sec.gov/Archives/edgar/data/1371285/000137128522000187/trup-20220630.htm
69
2022-03-31TRUPUSD13712852022-04-292022-04-28 17:34:352022Q1205999000176105000298940000.14511720935229000936600021627000309930002717000389390002150440000790002717000-6083000-0.0295292696-9045000-0.0439079801166000-8879000-0.043102151-24000-8855000-0.0429856456-0.22-0.224058198940581989
https://www.sec.gov/Archives/edgar/data/1371285/000137128522000130/0001371285-22-000130-index.htm
https://www.sec.gov/Archives/edgar/data/1371285/000137128522000130/trup-20220331.htm
70
2021-12-31TRUPUSD13712852022-02-172022-02-17 16:38:182021Q4194379000163844000305350000.1570900149466500089960001984500028841000-23600036276000200120000-200090002770000-3229000-0.0166118768-5763000-0.0296482645-258000-6008000-0.03090868871034000-7042000-0.0362281934-0.17-0.174041343440413434
https://www.sec.gov/Archives/edgar/data/1371285/000137128522000048/0001371285-22-000048-index.htm
https://www.sec.gov/Archives/edgar/data/1371285/000137128522000048/trup-20211231.htm
71
72
73
Cash Flow - Q
74
DateSymbol
Reportedcurrency
CikFillingdateAccepteddateCalendaryearPeriodNetincome
Depreciationandamortization
Deferredincometax
Stockbasedcompensation
Changeinworkingcapital
Accountsreceivables
Inventory
Accountspayables
Otherworkingcapital
Othernoncashitems
Netcashprovidedbyoperatingactivities
Investmentsinpropertyplantandequipment
Acquisitionsnet
Purchasesofinvestments
Salesmaturitiesofinvestments
Otherinvestingactivites
Netcashusedforinvestingactivites
Debtrepayment
Commonstockissued
Commonstockrepurchased
Dividendspaid
Otherfinancingactivites
Netcashusedprovidedbyfinancingactivities
Effectofforexchangesoncash
Netchangeincash
Cashatendofperiod
Cashatbeginningofperiod
Operatingcashflow
Capitalexpenditure
FreecashflowLinkFinallink
75
2024-09-30TRUPUSD13712852024-11-012024-11-01 16:02:502024Q314250004381000083400002637000-379400001377000-15019000-148800015295000-19130000-2612600026089000490000-1460000-675000-4710005880000-481000-10390004820003652800016087100012434300015295000-191300013382000
https://www.sec.gov/Archives/edgar/data/1371285/000137128524000282/0001371285-24-000282-index.htm
https://www.sec.gov/Archives/edgar/data/1371285/000137128524000282/trup-20240930.htm
76
2024-06-30TRUPUSD13712852024-08-092024-08-09 16:03:392024Q2-5862000437600008646000-188000-7508000034040001906000172820006856000-28800000-6205600036673000546000-27717000-33700099000-3430000-377000-958000-150000-221120001243430001464550006856000-28800003976000
https://www.sec.gov/Archives/edgar/data/1371285/000137128524000210/0001371285-24-000210-index.htm
https://www.sec.gov/Archives/edgar/data/1371285/000137128524000210/trup-20240630.htm
77
2024-03-31TRUPUSD13712852024-05-032024-05-03 16:02:462024Q1-6852000378500008152000-2449000-107180000-513100013113000155200002434000-30650000-1919300019005000516000-2737000-338000372000-2450000-75000-286000-313000-10460001464550001475010002434000-3065000-631000
https://www.sec.gov/Archives/edgar/data/1371285/000137128524000120/0001371285-24-000120-index.htm
https://www.sec.gov/Archives/edgar/data/1371285/000137128524000120/trup-20240331.htm
78
2023-12-31TRUPUSD13712852024-02-272024-02-26 21:42:242023Q4-21630003029000-133590007301000685900010153000-12961000547600041910001584000017507000-39700000-5654700042905000165000-17447000-3370001374000-240000-1369600011460005690001254000-283500014750100015033600017507000-397000013537000
https://www.sec.gov/Archives/edgar/data/1371285/000137128524000029/0001371285-24-000029-index.htm
https://www.sec.gov/Archives/edgar/data/1371285/000137128524000029/trup-20231231.htm
79
2023-09-30TRUPUSD13712852023-11-032023-11-03 16:01:592023Q3-40360002990000068920006101000-124090001240900026320003469000-54900011398000-43910000-2945800029713000837000-3299000-24634000628000-272000047800024840000-9060003203300016858100013654800011398000-43910007007000
https://www.sec.gov/Archives/edgar/data/1371285/000137128523000302/0001371285-23-000302-index.htm
https://www.sec.gov/Archives/edgar/data/1371285/000137128523000302/trup-20230930.htm
80
2023-06-30TRUPUSD13712852023-08-042023-08-04 16:03:022023Q2-137140003253000186530006637000607000-17337000552000-131600018708000-18841000-3405000-47350000-4513600043859000483000-5529000-435000513000-1710000513000-93000-184000-9211000136548000145759000-3405000-4735000-8140000
https://www.sec.gov/Archives/edgar/data/1371285/000137128523000218/0001371285-23-000218-index.htm
https://www.sec.gov/Archives/edgar/data/1371285/000137128523000218/trup-20230630.htm
81
2023-03-31TRUPUSD13712852023-05-052023-05-05 16:04:022023Q1-2478000032020000123310002782000-158470000-514800023777000-397000-6862000-51840000-347950007379300010000033914000-34523000140000-8530000140000338100002600006112200014575900084637000-6862000-5184000-12046000
https://www.sec.gov/Archives/edgar/data/1371285/000137128523000146/0001371285-23-000146-index.htm
https://www.sec.gov/Archives/edgar/data/1371285/000137128523000146/trup-20230331.htm
82
2022-12-31TRUPUSD13712852023-02-162023-02-16 16:07:572022Q4-9285000289700008567000-2183000-803400002388000346300010230001019000-5478000-12279000-147346000134718000-167000-30552000-2710002290000-57900001324200014682000505000-1434600084637000989830001019000-5478000-4459000
https://www.sec.gov/Archives/edgar/data/1371285/000137128523000047/0001371285-23-000047-index.htm
https://www.sec.gov/Archives/edgar/data/1371285/000137128523000047/trup-20221231.htm
83
2022-09-30TRUPUSD13712852022-11-042022-11-04 16:03:032022Q3-12914000260000008643000-730000-1982100004500019046000102000-2299000-4131000-2755000-782920007328000071000-11827000-150000413000-8540000-119000-710000-1268000-1610400098983000115087000-2299000-4131000-6430000
https://www.sec.gov/Archives/edgar/data/1371285/000137128522000258/0001371285-22-000258-index.htm
https://www.sec.gov/Archives/edgar/data/1371285/000137128522000258/trup-20220930.htm
84
2022-06-30TRUPUSD13712852022-08-042022-08-04 16:05:592022Q2-13618000270700008634000-858000-1531200002509000119450005000-3130000-39260000-2447600019013000-1497000-10886000-182000571000-63830000243000-5994000-835000-20845000115087000135932000-3130000-3926000-7056000
https://www.sec.gov/Archives/edgar/data/1371285/000137128522000187/0001371285-22-000187-index.htm
https://www.sec.gov/Archives/edgar/data/1371285/000137128522000187/trup-20220630.htm
85
2022-03-31TRUPUSD13712852022-04-292022-04-28 17:34:352022Q1-8855000271700007549000-4922000-2381500023815000-1806000-3116000-79000-3590000-35530000-2289200012199000-5000-14251000-54463000600000-22980000550630005276500013900035063000135932000100869000-3590000-3553000-7143000
https://www.sec.gov/Archives/edgar/data/1371285/000137128522000130/0001371285-22-000130-index.htm
https://www.sec.gov/Archives/edgar/data/1371285/000137128522000130/trup-20220331.htm
86
2021-12-31TRUPUSD13712852022-02-172022-02-17 16:38:182021Q4-70420002770000068080003616000-661700005764000044430007703000-9960005156000-38180000-3338400018803000-1707000-2010600003607000-10020000-3056000-451000305000-150960001008690001159650005156000-38180001338000
https://www.sec.gov/Archives/edgar/data/1371285/000137128522000048/0001371285-22-000048-index.htm
https://www.sec.gov/Archives/edgar/data/1371285/000137128522000048/trup-20211231.htm
87
88
89
Balance Sheet - Q
90
DateSymbol
Reportedcurrency
CikFillingdateAccepteddateCalendaryearPeriod
Cashandcashequivalents
Shortterminvestments
Cashandshortterminvestments
NetreceivablesInventory
Othercurrentassets
Totalcurrentassets
Propertyplantequipmentnet
GoodwillIntangibleassets
Goodwillandintangibleassets
Longterminvestments
Taxassets
Othernoncurrentassets
Totalnoncurrentassets
OtherassetsTotalassets
Accountpayables
ShorttermdebtTaxpayables
Deferredrevenue
Othercurrentliabilities
Totalcurrentliabilities
Longtermdebt
Deferredrevenuenoncurrent
Deferredtaxliabilitiesnoncurrent
Othernoncurrentliabilities
Totalnoncurrentliabilities
Otherliabilities
Capitalleaseobligations
TotalliabilitiesPreferredstockCommonstock
Retainedearnings
Accumulatedothercomprehensiveincomeloss
Othertotalstockholdersequity
Totalstockholdersequity
Totalequity
Totalliabilitiesandstockholdersequity
Minorityinterest
Totalliabilitiesandtotalequity
Totalinvestments
TotaldebtNetdebtLinkFinallink
91
2024-09-30TRUPUSD13712852024-11-012024-11-01 16:02:502024Q31374770001555800002930570002898230000166920005995720001028620004518300014888000600710001421500003939800021654600008161180001013600013500000260238000901290003618530001275480002602380002166000-2558620001340900000049594300000-22754400032430005444760003201750003201750008161180000816118000169795000128898000-8579000
https://www.sec.gov/Archives/edgar/data/1371285/000137128524000282/0001371285-24-000282-index.htm
https://www.sec.gov/Archives/edgar/data/1371285/000137128524000282/trup-20240930.htm
92
2024-06-30TRUPUSD13712852024-08-092024-08-09 16:03:392024Q2124343000152870000277213000285944000-563157000578860000578860000104022000430280001593000058958000141190007547001324399992170860000795946000663000013500000252583000952420003558050001275590002525830002239000-2480880001342930000049009800000-228969000-177100053658800030584800030584800079594600007959460001528700001289089994565999
https://www.sec.gov/Archives/edgar/data/1371285/000137128524000210/0001371285-24-000210-index.htm
https://www.sec.gov/Archives/edgar/data/1371285/000137128524000210/trup-20240630.htm
93
2024-03-31TRUPUSD13712852024-05-032024-05-03 16:02:462024Q1146455000128734000275189000278492000-55368100057076500057076500010436500042983000172210006020400013007000-2724700003135890002186950000789460000834800013500000249135000927480003515810001274820002491350002399000-2445080011345079991048608900000-223107000-15810005280590003033710003033710007894600000789460000128734000128832000-17623000
https://www.sec.gov/Archives/edgar/data/1371285/000137128524000120/0001371285-24-000120-index.htm
https://www.sec.gov/Archives/edgar/data/1371285/000137128524000120/trup-20240331.htm
94
2023-12-31TRUPUSD13712852024-02-272024-02-26 21:42:242023Q4147501000129667000277168000267899000-545067000562089000562089000103650000437130001874500062458000-55271000594099910408100022085899917829480001050500013500000235329000972900003444740001275800002353290002685000-2308420001347520000047922600000-216255000402999519574001303722000303722000782948000078294800074396000128930000-18571000
https://www.sec.gov/Archives/edgar/data/1371285/000137128524000029/0001371285-24-000029-index.htm
https://www.sec.gov/Archives/edgar/data/1371285/000137128524000029/trup-20231231.htm
95
2023-09-30TRUPUSD13712852023-11-032023-11-03 16:01:592023Q3150336000115570000265906000277913000017386000561205000100730000420050001977000061775000114340000368900002108290000772034000896700013500000246511000907600003475880001275800002465110002583000-2416930001349810000048256900000-214092000-71080005106650002894650002894650007720340000772034000127004000128930000-21406000
https://www.sec.gov/Archives/edgar/data/1371285/000137128523000302/0001371285-23-000302-index.htm
https://www.sec.gov/Archives/edgar/data/1371285/000137128523000302/trup-20230930.htm
96
2023-06-30TRUPUSD13712852023-08-042023-08-04 16:03:022023Q21184170001176480002360650002656480000188820005205950009798400043877000216330006551000098180000362840002095960000730191000691800011000000236545000860950003306580001029340002365450002940000-2316440001107750000044143300000-210056000-41020005029160002887580002887580007301910000730191000127466000104034000-14383000
https://www.sec.gov/Archives/edgar/data/1371285/000137128523000218/0001371285-23-000218-index.htm
https://www.sec.gov/Archives/edgar/data/1371285/000137128523000218/trup-20230630.htm
97
2023-03-31TRUPUSD13712852023-05-052023-05-05 16:04:022023Q11267140001179100002446240002482440000174910005103590009447200043031000230230006605400084400000385890002075550000717914000738400012630000225513000778550003120150001029360002255130003130000-2204890001110900000042310500000-196342000-42550004954060002948090002948090007179140000717914000126350000104199000-22515000
https://www.sec.gov/Archives/edgar/data/1371285/000137128523000146/0001371285-23-000146-index.htm
https://www.sec.gov/Archives/edgar/data/1371285/000137128523000146/trup-20230331.htm
98
2022-12-31TRUPUSD13712852023-02-162023-02-16 16:07:572022Q465605000156804000222409000232439000014248000469096000907010004198300024031000660140007841000037975000202531000067162700094710001103000020269200076350000289616000683540002026920003392000-197724000767140000036633000000-171562000-63010004831600003052970003052970006716270000671627000164645000694570003852000
https://www.sec.gov/Archives/edgar/data/1371285/000137128523000047/0001371285-23-000047-index.htm
https://www.sec.gov/Archives/edgar/data/1371285/000137128523000047/trup-20221231.htm
99
2022-09-30TRUPUSD13712852022-11-042022-11-04 16:03:032022Q38550600097438000182944000224082000014802000421828000870660002952600019327000488530005511900003503000022606800006478960007627000600000020250400070654000281385000535600002025040002601000-197892000607730000034215800000-162277000-6017000474032000305738000305738000647896000064789600015255700054160000-31346000
https://www.sec.gov/Archives/edgar/data/1371285/000137128522000258/0001371285-22-000258-index.htm
https://www.sec.gov/Archives/edgar/data/1371285/000137128522000258/trup-20220930.htm
100
2022-06-30TRUPUSD13712852022-08-042022-08-04 16:05:592022Q210161500014142000024303500020424900001524800046253200083041000294050001975800049163000771600003271800017263800006351700006477000609000018529200067812000260190000536230001852920002480000-181169000602260000032041600000-149363000-1171000465288000314754000314754000635170000063517000014913600054232000-47383000
https://www.sec.gov/Archives/edgar/data/1371285/000137128522000187/0001371285-22-000187-index.htm
https://www.sec.gov/Archives/edgar/data/1371285/000137128522000187/trup-20220630.htm
101
2022-03-31TRUPUSD13712852022-04-292022-04-28 17:34:352022Q112246200013657100025903300018903500001448800046255600080368000317940002131700053111000738400003119200017205500006346110005795000609000017099000068270000245664000536620001709900002690000-166928000604140000030607800000-1357450002179000462099000328533000328533000634611000063461100014395500054271000-68191000
https://www.sec.gov/Archives/edgar/data/1371285/000137128522000130/0001371285-22-000130-index.htm
https://www.sec.gov/Archives/edgar/data/1371285/000137128522000130/trup-20220331.htm
102
2021-12-31TRUPUSD13712852022-02-172022-02-17 16:38:182021Q487400000126012000213412000165217000012325000390954000779500003270900022663000553720007061000031245000171628000056258200089520000014691100067833000223696000-1469110001469110002827000-14305200066860000023038200000-126890000307700045601300033220000033220000056258200005625820001330730000-87400000
https://www.sec.gov/Archives/edgar/data/1371285/000137128522000048/0001371285-22-000048-index.htm
https://www.sec.gov/Archives/edgar/data/1371285/000137128522000048/trup-20211231.htm
103
104
153
Treasury rates
154
155
2024-10-2120241021
156
DateMonth1Month2Month3Month6Year1Year2Year3Year5Year7Year10Year20Year30
157
2024-11-014.754.744.614.424.284.214.184.224.34.374.684.57
158
2024-10-314.764.764.644.434.274.164.124.154.214.284.584.47
159
2024-10-304.874.774.674.444.284.154.144.144.24.294.64.49
160
2024-10-294.884.774.74.454.294.114.084.114.184.284.614.52
161
2024-10-284.884.774.74.464.284.124.094.114.194.284.614.53
162
2024-10-254.894.794.734.514.294.114.054.074.154.254.584.51
163
2024-10-244.874.784.74.484.254.074.024.034.124.214.544.47
164
2024-10-234.884.84.734.484.274.074.034.054.144.244.584.51
165
2024-10-224.894.814.724.474.244.033.9844.14.24.554.49
166
2024-10-214.924.824.734.474.244.023.953.984.074.194.544.49
167
2024-03-055.55.475.475.354.944.544.324.134.154.134.394.27
168
169
Market Risk Premium
170
171
CountryContinent
Countryriskpremium
Totalequityriskpremium
172
AlbaniaEurope6.5811.18
173
AlgeriaAfrica6.5811.18
174
Andorra (Principality of)Europe2.787.38
175
AngolaAfrica9.5114.11
176
AnguillaNorth America18.7518.75
177
Antigua and BarbudaNorth America18.7518.75
178
ArgentinaSouth America17.5522.15
179
ArmeniaAsia5.269.86
180
ArubaNorth America2.787.38
181
AustraliaOceania04.6
182
AustriaEurope0.585.18
183
AzerbaijanAsia3.668.26
184
BahamasNorth America6.5811.18
185
BahrainAsia8.0412.64
186
BangladeshAsia6.5811.18
187
BarbadosNorth America9.5114.11
188
BelarusEurope23.4928.09
189
BelgiumEurope0.885.48
190
BelizeNorth America13.1717.77
191
BeninAfrica6.5811.18
192
BermudaNorth America1.245.84
193
BoliviaSouth America10.9715.57
194
Bosnia and HerzegovinaEurope9.5114.11
195
BotswanaAfrica1.756.35
196
BrazilSouth America4.49
197
British Virgin IslandsNorth America4.49
198
BruneiAsia0.885.48
199
BulgariaEurope2.346.94
200
Burkina FasoAfrica10.9715.57
201
CambodiaAsia8.0412.64
202
CameroonAfrica10.9715.57
203
CanadaNorth America04.6
204
Cape VerdeAfrica9.5114.11
205
Cayman IslandsNorth America0.885.48
206
Channel IslandsNorth America5.895.89
207
ChileSouth America1.245.84
208
ChinaAsia1.035.63
209
ColombiaSouth America2.787.38
210
Congo (Democratic Republic of)Africa9.5114.11
211
Congo (Republic of)Africa13.1717.77
212
Cook IslandsOceania6.5811.18
213
Costa RicaNorth America6.5811.18
214
CroatiaEurope2.787.38
215
CubaNorth America17.5522.15
216
CuracaoNorth America2.897.89
217
CuraçaoNorth America2.787.38
218
CyprusAsia2.787.38
219
Czech RepublicEurope0.885.48
220
DenmarkEurope04.6
221
Dominican RepublicNorth America5.269.86
222
EcuadorSouth America14.6319.23
223
EgyptAfrica10.9715.57
224
El SalvadorNorth America14.6319.23
225
EstoniaEurope1.035.63
226
EthiopiaAfrica13.1717.77
227
Falkland IslandsSouth America10.3610.36
228
FijiOceania6.5811.18
229
FinlandEurope0.585.18
230
FranceEurope0.725.32
231
French GuianaSouth America10.3610.36
232
GabonAfrica10.9715.57
233
GambiaAfrica6.5811.18
234
GeorgiaAsia4.49
235
GermanyEurope04.6
236
GhanaAfrica14.6319.23
237
GibraltarEurope5.895.89
238
GreeceEurope3.668.26
239
GreenlandNorth America3.668.26
240
GuatemalaNorth America3.668.26
241
GuernseyEurope1.035.63
242
Guernsey (States of)Europe1.035.63
243
GuineaAfrica13.1717.77
244
Guinea-BissauAfrica8.0412.64
245
GuyanaSouth America2.346.94
246
HaitiNorth America14.6319.23
247
HondurasNorth America6.5811.18
248
Hong KongAsia0.885.48
249
HungaryEurope2.787.38
250
IcelandEurope1.245.84
251
IndiaAsia3.217.81
252
IndonesiaAsia2.787.38
253
IranAsia9.5114.11
254
IraqAsia10.9715.57
255
IrelandEurope0.885.48
256
Isle of ManEurope0.885.48
257
IsraelAsia1.035.63
258
ItalyEurope3.217.81
259
Ivory CoastAfrica5.269.86
260
JamaicaNorth America6.5811.18
261
JapanAsia1.035.63
262
Jersey (States of)Europe0.885.48
263
JordanAsia6.5811.18
264
KazakhstanAsia2.787.38
265
KenyaAfrica9.5114.11
266
Korea, D.P.R.Asia23.4928.09
267
KuwaitAsia1.035.63
268
KyrgyzstanAsia9.5114.11
269
LaosAsia14.6319.23
270
LatviaEurope1.756.35
271
LebanonAsia23.4928.09
272
LiberiaAfrica17.5522.15
273
LibyaAfrica2.787.38
274
LiechtensteinEurope04.6
275
LithuaniaEurope1.245.84
276
LuxembourgEurope04.6
277
MacaoAsia0.915.91
278
MacauAsia0.885.48
279
MacedoniaEurope5.269.86
280
MadagascarAfrica9.5114.11
281
MalawiAfrica17.5522.15
282
MalaysiaAsia1.756.35
283
MaldivesAsia10.9715.57
284
MaliAfrica13.1717.77
285
MaltaEurope1.245.84
286
MartiniqueNorth America1.245.84
287
MauritiusAfrica3.217.81
288
MexicoNorth America2.787.38
289
MoldovaEurope9.5114.11
290
MonacoEurope5.895.89
291
MongoliaAsia9.5114.11
292
MontenegroEurope6.5811.18
293
MontserratNorth America3.217.81
294
MoroccoAfrica3.668.26
295
MozambiqueAfrica13.1717.77
296
MyanmarAsia14.6319.23
297
NamibiaAfrica6.5811.18
298
NetherlandsEurope04.6
299
Netherlands AntillesEurope18.7518.75
300
New ZealandOceania04.6
301
NicaraguaNorth America9.5114.11
302
NigerAfrica13.1717.77
303
NigeriaAfrica10.9715.57
304
NorwayEurope04.6
305
OmanAsia3.668.26
306
PakistanAsia14.6319.23
307
Palestinian AuthorityAsia6.766.76
308
PanamaNorth America2.787.38
309
Papua New GuineaOceania8.0412.64
310
ParaguaySouth America3.668.26
311
PeruSouth America2.346.94
312
PhilippinesAsia2.787.38
313
PolandEurope1.245.84
314
PortugalEurope1.756.35
315
QatarAsia0.885.48
316
Ras Al Khaimah (Emirate of)Asia1.756.35
317
ReunionAfrica6.286.28
318
RomaniaEurope3.217.81
319
RussiaEurope6.5811.18
320
RwandaAfrica8.0412.64
321
Saint LuciaNorth America18.7518.75
322
Saudi ArabiaAsia1.035.63
323
SenegalAfrica5.269.86
324
SerbiaEurope4.49
325
SharjahAsia3.668.26
326
Sierra LeoneAfrica14.6319.23
327
SingaporeAsia04.6
328
SlovakiaEurope1.245.84
329
SloveniaEurope1.756.35
330
Solomon IslandsOceania10.9715.57
331
SomaliaAfrica17.5522.15
332
South AfricaAfrica4.49
333
South KoreaAsia0.725.32
334
SpainEurope2.346.94
335
Sri LankaAsia17.5522.15
336
St. MaartenNorth America4.49
337
St. Vincent & the GrenadinesNorth America9.5114.11
338
SudanAfrica23.4928.09
339
SurinameSouth America14.6319.23
340
SwazilandAfrica9.5114.11
341
SwedenEurope04.6
342
SwitzerlandEurope04.6
343
SyriaAsia23.4928.09
344
TaiwanAsia0.885.48
345
TajikistanAsia9.5114.11
346
TanzaniaAfrica8.0412.64
347
ThailandAsia2.346.94
348
TogoAfrica9.5114.11
349
Trinidad and TobagoNorth America4.49
350
Trinidad &' TobagoNorth America4.49
351
TunisiaAfrica13.1717.77
352
TurkeyAsia9.5114.11
353
Turks and Caicos IslandsNorth America2.437.43
354
Turks & Caicos IslandsNorth America2.346.94
355
UgandaAfrica8.0412.64
356
UkraineEurope17.5522.15
357
United Arab EmiratesAsia0.725.32
358
United KingdomEurope0.885.48
359
United StatesNorth America04.6
360
UruguaySouth America2.787.38
361
UzbekistanAsia5.269.86
362
VenezuelaSouth America23.4928.09
363
VietnamAsia4.49
364
YemenAsia14.6319.23
365
ZambiaAfrica14.6319.23
366
ZimbabweAfrica13.1717.77
1
2
Trupanion, Inc.
3
4
US | Financial Services | Insurance - Specialty
5
6
Quick LookStock Price per Share / Intrinsic Value - Price Fair Value
7
9.4912.6315.956.354.16
8
Country
US
Currency
USD
Exchange
NASDAQ
9
Avg Volume
649,179
FTEs
1,142
EV/EBITDA
(60.8x)
10
Price
55
ROE
-14.7%
P/E
(28.3x)
11
Market Cap
2.3B
ROA
-5.7%
P/B
4.2x
12
Beta
1.73
Gross Margin
11.8%
Debt/Equity
0.4x
13
52 Week
19.69-57.9
DPS
-33.2%
Current Ratio
1.6x
14
20192020202120222023
15
P/E - Price / Earnings RatioEV/EBITDA - Enterprise Value Multiplier
16
17
-717.42-735.05-149.15-43.37-28.29242.411,523.96-224.22-66.93-60.81
18
19
20
21
22
23
24
25
26
27
28
2019202020212022202320192020202120222023
29
30
P/B - Price Book Value RatioDebt / Equity - Debt Equity Ratio
31
32
9.4912.6315.956.354.160.19-0.27-0.440.230.42
33
34
35
36
37
38
39
40
41
42
43
2019202020212022202320192020202120222023
1
2
About the Company
3
4
Company NameTrupanion, Inc.
5
CEOMs. Margaret Rosemary Maria Tooth
6
CountryUS
7
SectorFinancial Services
8
IndustryInsurance - Specialty
9
Websitehttps://www.trupanion.com
10
ExchangeNASDAQ Global Market
11

Description		Trupanion, Inc., together with its subsidiaries, provides medical insurance for cats and dogs on a monthly subscription basis in the United States, Canada, Puerto Rico, and Australia. The company operates in two segments, Subscription Business and Other Business. It serves pet owners and veterinarians. The company was formerly known as Vetinsurance International, Inc. changed its name to Trupanion, Inc. in 2013. The company was founded in 2000 and is headquartered in Seattle, Washington.
12
1
2
Income Statement - (USD 'MM)
3
4
Year2014201520162017201820192020202120222023
5
6
Revenue 116 147 188 243 304 384 502 699 905 1,109
7
 Cost of Revenue (96) (122) (155) (200) (253) (319) (420) (595) (783) (978)
8
Gross Profit 20 25 33 43 51 65 82 104 122 131
9
 Gross Margin, %17.1%17.2%17.7%17.7%16.9%16.9%16.3%14.9%13.5%11.8%
10
EBITDA (13) (14) (3) 3 5 5 3 (23) (29) (20)
11
 EBITDA, %-11.0%-9.7%-1.5%1.2%1.6%1.4%0.5%-3.3%-3.2%-1.8%
12
Operating Income (EBIT) (16) (17) (7) (3) (1) (0) (4) (35) (43) (41)
13
 EBIT, %-13.8%-11.4%-3.6%-1.1%-0.3%-0.1%-0.9%-5.0%-4.7%-3.7%
14
Profit Before Tax (21) (17) (7) (2) (1) (2) (6) (35) (44) (45)
15
 Earnings Before Tax, %-18.3%-11.6%-3.6%-0.8%-0.3%-0.4%-1.1%-5.0%-4.9%-4.1%
16
Net Profit After Tax (21) (17) (7) (2) (1) (2) (6) (36) (45) (45)
17
 Profit Margin, %-18.3%-11.7%-3.7%-0.6%-0.3%-0.5%-1.2%-5.1%-4.9%-4.0%
18
19
Cash Flow Statement - (USD 'MM)
20
21
Year2014201520162017201820192020202120222023
22
23
 Net Income (21) (17) (7) (2) (1) (2) (6) (36) (45) (45)
24
 Depreciation & Amortization 2 3 4 4 5 6 7 12 11 12
25
 Deferred income taxes (2) - - (1) - - - - - (58)
26
 Stock-based compensation 4 3 3 3 5 7 9 28 33 33
27
 Change in working capital 1 1 5 5 5 5 11 5 (9) 16
28
 Other non-cash items 5 (0) 0 (0) (0) 0 0 (2) 1 59
29
Operating Cash Flow (11) (10) 5 10 13 16 22 7 (8) 19
30
 Investments in PPE (6) (5) (2) (3) (60) (5) (7) (12) (17) (18)
31
 Acquisitions - (0) - 1 3 - (48) - (15) -
32
 Investment purchases (35) (25) (32) (32) (56) (70) (65) (96) (273) (166)
33
 Sales/Maturities of investments 29 20 27 23 35 50 44 58 239 190
34
 Other Investing Activites (6) (0) (0) (3) (4) (3) 0 (2) (2) 2
35
Investing Cash Flow (12) (10) (7) (13) (81) (28) (77) (52) (68) 8
36
 Debt repayment (32) (15) (0) (4) (10) (13) (32) - (1) (58)
37
 Dividends payments - - - - - - - - (7) (15)
38
 Common Stock Repurchased - (1) (1) (1) (2) (2) (1) (5) (10) (2)
39
 Common Stock Issuance 73 1 4 3 66 3 192 4 2 3
40
 Other Financing Activites 20 1 8 5 34 42 24 (5) 76 2
41
Financing Cash Flow 61 (14) 8 5 71 14 171 (1) 61 59
42
Cash at beginning of period 15 53 18 24 26 28 31 146 101 66
43
Net cash flow / Change in cash 38 (35) 6 2 2 3 116 (45) (16) 82
44
Cash at end of period 53 18 24 26 28 31 146 101 85 148
45
46
Balance Sheet Statement - (USD 'MM)
47
48
Year2014201520162017201820192020202120222023
49
50
 Cash and cash equivalents 53 18 24 26 27 29 140 87 66 148
51
 Short Term Investments 22 25 30 38 55 70 90 126 157 130
52
Cash and Short Term Investments 75 43 53 63 81 99 230 213 222 277
53
 Account Receivables 8 8 10 20 32 54 99 165 232 268
54
 Inventory - - - - - - - - - (545)
55
 Other Current Assets 1 2 2 3 5 6 8 12 14 562
56
Total Current Assets 85 54 65 87 118 159 337 391 469 562
57
 Goodwill - - - - - - 33 33 42 44
58
 Intangible Assets 5 5 5 5 8 8 27 23 24 19
59
Goodwill and Intangible Assets 5 5 5 5 8 8 60 55 66 62
60
 Long Term Investments 1 3 3 3 4 4 6 7 8 (55)
61
 Property, Plant & Equipment Net 8 10 8 8 70 70 73 78 91 104
62
 Other non-current Assets 32 0 1 (18) 8 16 23 31 38 85
63
Total non-current Assets 14 17 17 19 90 98 161 172 203 221
64
Total assets 98 71 82 106 208 257 498 563 672 783
65
 Short Term debt - - - - - - - - 1 1
66
 Account Payables 2 1 2 3 3 4 6 9 9 11
67
 Deferred revenue 9 11 13 23 33 53 93 147 203 235
68
 Other Current Liabilities 11 11 15 20 27 35 52 68 76 97
69
Total current liabilities 23 24 31 46 63 92 150 224 290 344
70
 Long Term debt 15 (11) 5 9 13 26 (93) (147) 68 128
71
 Deferred Revenue Non Current - 11 13 23 33 53 93 147 203 235
72
 Deferred Tax Liabilities Non Current 1 1 1 1 1 1 5 3 3 3
73
 Other non-current Liabilities 0 1 (13) (22) (32) (51) 3 4 (198) (231)
74
Total non-current liabilities 16 2 7 12 15 29 8 7 77 135
75
Total liabilities 39 26 38 57 78 120 158 230 366 479
76
 Common Stock - - - - - - - - - -
77
 Retained earnings (57) (74) (81) (83) (84) (86) (91) (127) (172) (216)
78
 Other Income/Loss 0 (1) (0) (0) (1) 0 3 3 (6) 0
79
 Other Stockholders Equity 18 120 126 131 214 222 428 456 483 520
80
Total shareholders equity 59 45 45 48 129 137 340 332 305 304
81
Minority Interest - - - - - - - - - -
82
Total Equity 59 45 45 48 129 137 340 332 305 304
83
Total debt 15 - 5 9 13 26 - - 69 129
84
Total Investments 23 28 32 41 58 74 95 133 165 74
85
Net Debt (38) (18) (19) (16) (14) (3) (140) (87) 4 (19)
1
2
Income Statement - (USD 'MM)
3
4
Year2021-Q42022-Q12022-Q22022-Q32022-Q42023-Q12023-Q22023-Q32023-Q42024-Q12024-Q22024-Q3
5
6
Revenue 194 206 219 234 246 256 271 286 296 306 315 327
7
 Cost of Revenue (164) (176) (191) (204) (212) (230) (241) (251) (256) (270) (275) (278)
8
Gross Profit 31 30 29 30 34 26 29 35 40 36 40 49
9
 Gross Margin, %15.7%14.5%13.0%12.9%13.7%10.3%10.9%12.3%13.5%11.8%12.8%15.1%
10
EBITDA (3) (6) (10) (8) (5) (19) (8) 2 5 0 2 10
11
 EBITDA, %-1.7%-3.0%-4.4%-3.6%-2.0%-7.6%-2.9%0.7%1.6%0.2%0.7%3.0%
12
Operating Income (EBIT) (6) (9) (13) (12) (9) (24) (13) (3) 0 (6) (5) 2
13
 EBIT, %-3.0%-4.4%-5.8%-5.1%-3.7%-9.5%-4.8%-1.2%0.2%-2.0%-1.7%0.5%
14
Profit Before Tax (6) (9) (14) (12) (9) (25) (14) (4) (2) (7) (6) 1
15
 Earnings Before Tax, %-3.1%-4.3%-6.2%-5.3%-3.8%-9.7%-5.2%-1.4%-0.7%-2.3%-1.9%0.4%
16
Net Profit After Tax (7) (9) (14) (13) (9) (25) (14) (4) (2) (7) (6) 1
17
 Profit Margin, %-3.6%-4.3%-6.2%-5.5%-3.8%-9.7%-5.1%-1.4%-0.7%-2.2%-1.9%0.4%
18
19
Cash Flow Statement - (USD 'MM)
20
21
Year2021-Q42022-Q12022-Q22022-Q32022-Q42023-Q12023-Q22023-Q32023-Q42024-Q12024-Q22024-Q3
22
23
 Net Income (7) (9) (14) (13) (9) (25) (14) (4) (2) (7) (6) 1
24
 Depreciation & Amortization 3 3 3 3 3 3 3 3 3 4 4 4
25
 Deferred income taxes - - - - - - 19 - (13) - - -
26
 Stock-based compensation 7 8 9 9 9 12 7 7 7 8 9 8
27
 Change in working capital 4 (5) (1) (1) (2) 3 1 6 7 (2) (0) 3
28
 Other non-cash items (1) (0) 0 0 1 (0) (19) (1) 16 16 17 (1)
29
Operating Cash Flow 5 (4) (3) (2) 1 (7) (3) 11 18 2 7 15
30
 Investments in PPE (4) (4) (4) (4) (5) (5) (5) (4) (4) (3) (3) (2)
31
 Acquisitions - - - (3) (12) - - - - - - -
32
 Investment purchases (33) (23) (24) (78) (147) (35) (45) (29) (57) (19) (62) (26)
33
 Sales/Maturities of investments 19 12 19 73 135 74 44 30 43 19 37 26
34
 Other Investing Activites (2) (0) (1) 0 (0) 0 0 1 0 1 1 0
35
Investing Cash Flow (20) (14) (11) (12) (31) 34 (6) (3) (17) (3) (28) (1)
36
 Debt repayment - (54) (0) (0) (0) (35) (0) (25) (0) (0) (0) (1)
37
 Dividends payments - - - - - - - - (14) - - -
38
 Common Stock Repurchased (1) (2) (6) (1) (1) (1) (0) (0) (0) (0) (0) 1
39
 Common Stock Issuance 4 1 1 0 2 0 1 1 1 0 0 (0)
40
 Other Financing Activites (3) 55 0 (0) 13 0 1 0 1 (0) (0) (0)
41
Financing Cash Flow (0) 53 (6) (1) 15 34 (0) 25 1 (0) (1) (1)
42
Cash at beginning of period 116 101 136 115 99 85 146 137 150 148 146 124
43
Net cash flow / Change in cash (15) 35 (21) (16) (14) 61 (9) 32 (3) (1) (22) 37
44
Cash at end of period 101 136 115 99 85 146 137 169 148 146 124 161
45
46
Balance Sheet Statement - (USD 'MM)
47
48
Year2021-Q42022-Q12022-Q22022-Q32022-Q42023-Q12023-Q22023-Q32023-Q42024-Q12024-Q22024-Q3
49
50
 Cash and cash equivalents 87 122 102 86 66 127 118 150 148 146 124 137
51
 Short Term Investments 126 137 141 97 157 118 118 116 130 129 153 156
52
Cash and Short Term Investments 213 259 243 183 222 245 236 266 277 275 277 293
53
 Account Receivables 165 189 204 224 232 248 266 278 268 278 286 290
54
 Inventory - - - - - - - - (545) (554) (563) -
55
 Other Current Assets 12 14 15 15 14 17 19 17 562 571 579 17
56
Total Current Assets 391 463 463 422 469 510 521 561 562 571 579 600
57
 Goodwill 33 32 29 30 42 43 44 42 44 43 43 45
58
 Intangible Assets 23 21 20 19 24 23 22 20 19 17 16 15
59
Goodwill and Intangible Assets 55 53 49 49 66 66 66 62 62 60 59 60
60
 Long Term Investments 7 7 8 55 8 8 10 11 (55) 13 14 14
61
 Property, Plant & Equipment Net 78 80 83 87 91 94 98 101 104 104 104 103
62
 Other non-current Assets 31 31 33 35 38 39 36 37 104 314 32 39
63
Total non-current Assets 172 172 173 226 203 208 210 211 221 219 217 217
64
Total assets 563 635 635 648 672 718 730 772 783 789 796 816
65
 Short Term debt - 1 1 1 1 1 1 1 1 1 1 1
66
 Account Payables 9 6 6 8 9 7 7 9 11 8 7 10
67
 Deferred revenue 147 171 185 203 203 226 237 247 235 249 253 260
68
 Other Current Liabilities 68 68 68 71 76 78 86 91 97 93 95 90
69
Total current liabilities 224 246 260 281 290 312 331 348 344 352 356 362
70
 Long Term debt (147) 54 54 54 68 103 103 128 128 127 128 128
71
 Deferred Revenue Non Current 147 171 185 203 203 226 237 247 235 249 253 260
72
 Deferred Tax Liabilities Non Current 3 3 2 3 3 3 3 3 3 2 2 2
73
 Other non-current Liabilities (143) (167) (181) (198) (198) (220) (232) (242) (231) (245) (248) (256)
74
Total non-current liabilities 7 60 60 61 77 111 111 135 135 135 134 134
75
Total liabilities 230 306 320 342 366 423 441 483 479 486 490 496
76
 Common Stock - - - - - - - - - - - -
77
 Retained earnings (127) (136) (149) (162) (172) (196) (210) (214) (216) (223) (229) (228)
78
 Other Income/Loss 3 2 (1) (6) (6) (4) (4) (7) 0 (2) (2) 3
79
 Other Stockholders Equity 456 462 465 474 483 495 503 511 520 528 537 544
80
Total shareholders equity 332 329 315 306 305 295 289 289 304 303 306 320
81
Minority Interest - - - - - - - - - - - -
82
Total Equity 332 329 315 306 305 295 289 289 304 303 306 320
83
Total debt - 54 54 54 69 104 104 129 129 129 129 129
84
Total Investments 133 144 149 153 165 126 127 127 74 129 153 170
85
Net Debt (87) (68) (47) (31) 4 (23) (14) (21) (19) (18) 5 (9)
1
2
Weighted Average Cost Of Capital (WACC)
3
4
Share price, USD54.56
5
Beta1.73
6
Diluted Shares Outstanding, MM41
7
 Cost of Debt, %3.4%
8
 Tax Rate, %-1.1%
9
After-tax Cost of Debt, %3.5%
10
* Risk-Free Rate, %4.4%
11
** Market Risk Premium, %0.0%
12
Cost of Equity, %4.4%
13
 Total Debt - (USD 'MM)129Debt
14
 Total Equity - (USD 'MM)2,261Equity
15
Total Capital - (USD 'MM)2,390
16
Debt Weighting, %5.4%
17
Equity Weighting, %94.6%
18
WACC, %4.3%
19
20
21
Tax Rate
22
20192020202120222023
23
Historical tax rate, %-10.3%-2.0%-0.9%-1.1%0.8%
24
Selected tax rate, %-1.1%
25
26
27
Cost Of Debt (Effective interest rate method)
28
29
20192020202120222023
30
Interest expense - (USD 'MM)110412
31
Total debt - (USD 'MM)129129129129129
32
Effective interest rate, %1.1%0.0%3.3%9.4%
33
34
Average effective interest rate, %3.4%
1
2
Operating Data - (USD 'MM)
3
4
Year2019202020212022202320242025202620272028
5
A/FActualActualActualActualActualForecastForecastForecastForecastForecast
6
7
Revenue 384 502 699 905 1,109 1,447 1,888 2,463 3,214 4,194
8
Revenue Growth, %30.8%39.2%29.5%22.5%30.5%30.5%30.5%30.5%30.5%
9
EBITDA 5 3 (23) (29) (20) (28) (37) (48) (63) (82)
10
EBITDA, %1.4%0.5%-3.3%-3.2%-1.8%-2.0%-2.0%-2.0%-2.0%-2.0%
11
Depreciation 6 7 12 11 12 20 26 34 44 57
12
Depreciation, %1.5%1.4%1.7%1.2%1.1%1.4%1.4%1.4%1.4%1.4%
13
EBIT (0) (4) (35) (40) (33) (48) (63) (82) (107) (139)
14
EBIT, %-0.1%-0.9%-5.0%-4.4%-3.0%-3.3%-3.3%-3.3%-3.3%-3.3%
15
16
Balance Sheet Data - (USD 'MM)
17
18
Year2019202020212022202320242025202620272028
19
A/FActualActualActualActualActualForecastForecastForecastForecastForecast
20
21
Total Cash 99 230 213 222 277 455 594 775 1,011 1,320
22
Total Cash, %25.8%45.8%30.5%24.6%25.0%31.5%31.5%31.5%31.5%31.5%
23
Account Receivables 54 99 165 232 268 337 440 574 749 977
24
Account Receivables, %14.2%19.7%23.6%25.7%24.2%23.3%23.3%23.3%23.3%23.3%
25
Inventories - - - - (545) (711) (928) (1,211) (1,580) (2,062)
26
Inventories, %0.0%0.0%0.0%0.0%-49.2%-49.2%-49.2%-49.2%-49.2%-49.2%
27
Accounts Payable 4 6 9 9 11 16 21 28 36 47
28
Accounts Payable, %1.1%1.2%1.3%1.0%0.9%1.1%1.1%1.1%1.1%1.1%
29
Capital Expenditure (5) (7) (12) (17) (18) (25) (32) (42) (55) (71)
30
Capital Expenditure, %1.4%1.5%1.8%1.9%1.6%1.7%1.7%1.7%1.7%1.7%
31
32
Build Up Free Cash Flow - (USD 'MM)
33
34
Year2019202020212022202320242025202620272028
35
A/FActualActualActualActualActualForecastForecastForecastForecastForecast
36
37
Revenue 384 502 699 905 1,109 1,447 1,888 2,463 3,214 4,194
38
EBITDA 5 3 (23) (29) (20) (28) (37) (48) (63) (82)
39
EBIT (0) (4) (35) (40) (33) (48) (63) (82) (107) (139)
40
Tax Rate, %-10.3%-2.0%-0.9%-1.1%0.8%-0.8%-0.8%-0.8%-0.8%-0.8%
41
EBIAT (0) (4) (36) (40) (33) (48) (63) (82) (108) (140)
42
Depreciation 6 7 12 11 12 20 26 34 44 57
43
Accounts Receivable (23) (45) (66) (67) (35) (69) (103) (134) (175) (228)
44
Inventories - - - - 545 166 217 283 369 482
45
Accounts Payable 1 2 3 1 1 6 5 6 8 11
46
Capital Expenditure (5) (7) (12) (17) (18) (25) (32) (42) (55) (71)
47
UFCF (22) (47) (99) (113) 472 49 50 65 84 110
48
WACC, %4.3%4.3%4.3%4.3%4.3%
49
PV UFCF 47 45 57 71 89
50
SUM PV UFCF 310
51
52
Valuation - (USD 'MM)
53
Terminal Value (Perpetuity Growth method) - (USD 'MM)
Intrinsic Value
54
Long-term growth rate, %4.0%
Enterprise Value - (USD 'MM)
29,089
55
WACC, %4.3%
Net Debt - (USD 'MM)
-19
56
Free cash flow (t + 1)114
Equity Value - (USD 'MM)
29,108
57
Terminal Value35,560
Shares Outstanding, MM
41
58
Present Value of Terminal Value28,779
Equity Value Per Share, USD
702.46
1
2
Free Cash Flow - (USD 'MM)
3
4
Year2019202020212022202320242025202620272028
5
A/FActualActualActualActualActualForecastForecastForecastForecastForecast
6
7
Revenue 384 502 699 905 1,109 1,447 1,888 2,463 3,214 4,194
8
Revenue Growth, %30.8%39.2%29.5%22.5%30.5%30.5%30.5%30.5%30.5%
9
Operating Cash Flow 16 22 7 (8) 19 22 29 38 49 65
10
Operating Cash Flow, %4.2%4.3%1.1%-0.9%1.7%1.5%1.5%1.5%1.5%1.5%
11
Capital Expenditure (5) (7) (12) (17) (18) (25) (32) (42) (55) (71)
12
Capital Expenditure, %1.4%1.5%1.8%1.9%1.6%1.7%1.7%1.7%1.7%1.7%
13
Free Cash Flow 11 14 (5) (25) 0 (2) (3) (4) (5) (7)
14
Free Cash Flow, %2.8%2.8%-0.7%-2.8%0.0%-0.2%-0.2%-0.2%-0.2%-0.2%
15
16
Build Up Free Cash Flow - (USD 'MM)
17
18
Year2019202020212022202320242025202620272028
19
A/FActualActualActualActualActualForecastForecastForecastForecastForecast
20
21
Free Cash Flow 11 14 (5) (25) 0 (2) (3) (4) (5) (7)
22
WACC, %4.3%4.3%4.3%4.3%4.3%
23
PV UFCF (2) (3) (3) (4) (5)
24
SUM PV UFCF (18)
25
26
Valuation - (USD 'MM)
27
Terminal Value (Perpetuity Growth method) - (USD 'MM)
Intrinsic Value
28
29
Long-term growth rate, %4.0%
Enterprise Value - (USD 'MM)
-1,754
30
WACC, %4.3%
Net Debt - (USD 'MM)
-19
31
Free cash flow (t + 1)-7
Equity Value - (USD 'MM)
-1,735
32
Terminal Value-2,144
Shares Outstanding, MM
41
33
Present Value of Terminal Value-1,735
Equity Value Per Share, USD
-41.87
1
2
Liquidity Measurement RatiosRatio Description
3
4
Year20192020202120222023Sparkline
5
6
Current Ratio1.732.241.751.621.63A current ratio of 1.0 or greater is an indication that the company is well-positioned to cover its current or short-term liabilities.
7
Current Assets / Current Liabilities
8
9
Quick Ratio1.732.241.751.623.21The quick ratio is more conservative than the current ratio because it excludes inventory and other current assets, which generally are more difficult to turn into cash. A higher quick ratio means a more liquid current position.
10
(Cash and Cash Equivalents+Short Term Investments+Account Receivables) / Current Liabilities
11
12
Cash Ratio0.320.930.390.230.43The cash ratio is almost like an indicator of a firm’s value under the worst-case scenario where the company is about to go out of business.
13
Cash and Cash Equivalents / Current Liabilities
14
15
Days of Sales Outstanding51.7272.0386.2793.7388.20DSO tells you how many days after the sale it takes people to pay you on average.
16
((Account Receivables (start)+Account Receivables (end)) / 2) / (Revenue / 365)
17
18
Days of Inventory Outstanding0.000.000.000.00-203.51DIO tells you how many days inventory sits on the shelf on average.
19
((Inventory (start)+Inventory (end)) / 2) / (COGS / 365)
20
21
Operating Cycle51.7272.0386.2793.73-115.31(DSO + DIO) Basically the Operating Cycle tells you how many days it takes for something to go from first being in inventory to receiving the cash after the sale.
22
DSO + DIO
23
24
Days of Payables Outstanding4.685.265.494.413.92DPO tells you how many days the company takes to pay its suppliers.
25
((Account Payables (start)+Account Payables (end)) / 2) / (COGS / 365)
26
27
Cash Conversion Cycle47.0566.7680.7889.31-119.23The cash conversion cycle (CCC = DSO + DIO – DPO) measures the number of days a company's cash is tied up in the production and sales process of its operations and the benefit it derives from payment terms from its creditors. The shorter this cycle, the more liquid the company's working capital position is. The CCC is also known as the "cash" or "operating" cycle.
28
DSO + DIO − DPO
29
30
31
32
Profitability Indicator RatiosRatio Description
33
34
Year20192020202120222023Sparkline
35
36
Gross Profit Margin16.9%16.3%14.9%13.5%11.8%You can think of it as the amount of money from product sales left over after all of the direct costs associated with manufacturing the product have been paid.
37
Gross Profit / Revenue
38
39
Operating Profit Margin-0.1%-0.9%-5.0%-4.7%-3.7%If companies can make enough money from their operations to support the business, the company is usually considered more stable.
40
Operating Income / Revenue
41
42
Pretax Profit Margin-0.4%-1.1%-5.0%-4.9%-4.1%Profit is the main goal of for-profit organizations. The goal is to make a profit through growth and to grow every year. As a result, one of the most important roles of the financial and investment analyst is to track and forecast profitability.
43
Income Before Tax / Revenue
44
45
Net Profit Margin-0.5%-1.2%-5.1%-4.9%-4.0%Generally, a net profit margin in excess of 10% is considered excellent, though it depends on the industry and the structure of the business.
46
Net Income / Revenue
47
48
Effective Tax Rate-10.3%-2.0%-0.9%-1.1%0.8%If there’s one takeaway, it should be that a company’s tax situation is all but a living, breathing organism in its own right.
49
Provision For Income Taxes / Income Before Tax
50
51
Return On Assets-0.01-0.01-0.06-0.07-0.06ROA Return on assets gives an indication of the capital intensity of the company, which will depend on the industry; companies that require large initial investments will generally have lower return on assets. ROAs over 5% are generally considered good.
52
Net Income / Avg Total Assets
53
54
Return On Equity-0.01-0.02-0.11-0.15-0.15ROE this ratio calculates how much money is made based on the investors' investment in the company.investors want to see a high return on equity ratio because this indicates that the company is using its investors' funds effectively.
55
Net Income / Avg Total Equity
56
57
Return On Capital Employed0.00-0.01-0.10-0.11-0.09ROCE shows investors how many dollars in profits each dollar of capital employed generates.
58
Net Income / (Avg Total Assets - Avg Current Liabilities)
59
60
61
Debt RatiosRatio Description
62
63
Year20192020202120222023Sparkline
64
65
Debt Ratio0.10-0.19-0.260.100.16The debt ratio tells us the degree of leverage used by the company.
66
Total Liabilities / Total Assets
67
68
Debt Equity Ratio0.19-0.27-0.440.230.42This is a measurement of the percentage of the company’s balance sheet that is financed by suppliers, lenders, creditors and obligors versus what the shareholders have committed.
69
Total Debt / Total Equity
70
71
Long-term Debt to Capitalization
0.16-0.37-0.790.180.30While a high capitalization ratio can increase the return on equity because of the tax shield of debt, a higher proportion of debt increases the risk of bankruptcy for a company.
72
Long−Term Debt / (Long−Term Debt + Shareholders Equity)
73
74
Total Debt to Capitalization0.16-0.37-0.790.190.30Capitalization ratio describes to investors the extent to which a company is using debt to fund its business and expansion plans.
75
Total Debt / (Total Debt + Shareholders Equity)
76
77
Interest Coverage Ratio-0.22-3.15-3,502.50-10.02-3.37The lower a company’s interest coverage ratio is, the more its debt expenses burden the company.
78
EBIT / Interest Expenses
79
80
Cash Flow to Debt Ratio0.62-0.23-0.05-0.120.14The cash flow to debt ratio reveals the ability of a business to support its debt obligations from its operating cash flows
81
Operating Cash Flows / Total Debt
82
83
Company Equity Multiplier1.881.471.692.202.58This is a measure of financial leverage.
84
Total Assets / Total Equity
85
86
87
Operating Performance RatiosRatio Description
88
89
Year20192020202120222023Sparkline
90
91
Fixed Asset Turnover5.466.918.979.9810.70Calculates how efficiently a company is a producing sales with its machines and equipment.
92
Revenue / Avg Fixed Assets
93
94
Asset Turnover1.491.011.241.351.42The Asset Turnover ratio can often be used as an indicator of the efficiency with which a company is deploying its assets in generating revenue.
95
Revenue / Avg Total Assets
96
97
98
99
Cash Flow Indicator RatiosRatio Description
100
101
Year20192020202120222023Sparkline
102
103
Operating Cash Flow Sales Ratio0.040.040.01-0.010.02Gives investors an idea of the company's ability to turn sales into cash.
104
Operating Cash Flow / Revenue
105
106
Free Cash Flow Operating Cash Flow Ratio
0.670.65-0.663.140.02The higher the percentage of free cash flow embedded in a company's operating cash flow, the greater the financial strength of the company.
107
Free Cash Flow / Operating Cash Flow
108
109
Cash Flow Coverage Ratios0.62-0.23-0.05-0.120.14The operating cash flow is simply the amount of cash generated by the company from its main operations, which are used to keep the business funded.
110
Operating Cash Flow / Total Debt
111
112
Short-Term Coverage Ratios0.000.000.00-7.2513.81The short-term debt coverage ratio compares the sum of a company's short-term borrowings and the current portion of its long-term debt to operating cash flow.
113
Operating Cash Flow / Short-Term Debt
114
115
Capital Expenditure Coverage Ratios-3.01-2.89-0.600.47-1.02The larger the operating cash flow coverage for these items, the greater the company's ability to meet its obligations, along with giving the company more cash flow to expand its business, withstand hard times, and not be burdened by debt servicing and the restrictions typically included in credit agreements.
116
Operating Cash Flow / Capital Expenditure
117
118
Dividend Paid and Capex Coverage Ratios3.012.890.60-0.330.56For conservative investors focused on cash flow coverage, comparing the sum of a company's capital expenditures and cash dividends to its operating cash flow is a stringent measurement that puts cash flow to the ultimate test. If a company is able to cover both of these outlays of funds from internal sources and still have cash left over, it is producing what might be called "free cash flow on steroids". This circumstance is a highly favorable investment quality.
119
Operating Cash Flow / (Dividends Paid + Capital Expenditure)
120
121
Dividend Payout Ratio0.000.000.00-0.16-0.33The dividend payout ratio is an indicator of how well earnings support the dividend payment.
122
DPS (Dividends per Share) / EPS (Net Income per Share)
123
124
125
126
Investment Valuation RatiosRatio Description
127
128
Year20192020202120222023Sparkline
129
130
Price Book Value Ratio9.4912.6315.956.354.16The price-to-book value ratio, expressed as a multiple (i.e. how many times a company's stock is trading per share compared to the company's book value per share), is an indication of how much shareholders are paying for the net assets of a company.
131
Stock Price per Share / Equity per Share
132
133
Price Cash Flow Ratio80.33199.25710.56-242.2067.83The price/cash flow ratio is used by investors to evaluate the investment attractiveness, from a value standpoint, of a company's stock.
134
Stock Price per Share / Operating Cash Flow per Share
135
136
Price Earnings Ratio-717.42-735.05-149.15-43.37-28.29The financial reporting of both companies and investment research services use a basic earnings per share (EPS) figure divided into the current stock price to calculate the P/E multiple (i.e. how many times a stock is trading (its price) per each dollar of EPS).
137
Stock Price per Share / EPS
138
139
Price Earnings to Growth Ratio-8.97-3.56-0.33-1.8415.56
140
Price Earnings Ratio / Expected Revenue GrowthThe PEG ratio is a refinement of the P/E ratio and factors in a stock's estimated earnings growth into its current valuation.The general consensus is that if the PEG ratio indicates a value of 1, this means that the market is correctly valuing (the current P/E ratio) a stock in accordance with the stock's current estimated earnings per share growth. If the PEG ratio is less than 1, this means that EPS growth is potentially able to surpass the market's current valuation.
141
142
Price Sales Ratio3.388.557.582.141.14The P/E ratio and P/S reflects how many times investors are paying for every dollar of a company's sales. Since earnings are subject, to one degree or another, to accounting estimates and management manipulation, many investors consider a company's sales (revenue) figure a more reliable ratio component in calculating a stock's price multiple than the earnings figure.
143
Stock Price per Share / Revenue per Share
144
145
Dividend Yield0.0000.0000.0000.0040.012Income investors value a dividend-paying stock, while growth investors have little interest in dividends, preferring to capture large capital gains. Whatever your investing style, it is a matter of historical record that dividend-paying stocks have performed better than non-paying-dividend stocks over the long term.
146
Dividend per Share / Stock Price per Share
147
148
Enterprise Value Multiplier242.411,523.96-224.22-66.93-60.81Overall, this measurement allows investors to assess a company on the same basis as that of an acquirer. As a rough calculation, enterprise value multiple serves as a proxy for how long it would take for an acquisition to earn enough to pay off its costs in years(assuming no change in EBITDA).
149
Enterprise Value / EBITDA
150
151
Price Fair Value9.4912.6315.956.354.16Helps investors determine whether a stock is trading at, below, or above its fair value estimate,A price/fair value ratio below 1 suggests the stock is trading at a discount to its fair value, while a ratio above 1 suggests it is trading at a premium to its fair value.
152
Stock Price per Share / Intrinsic Value
153
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