Trupanion : Q1 2025 Earnings Call Supplement
TRUP
Published on 05/01/2025 at 17:04
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
Miscellaneous Revenue
$139.8
$134.1
2021
$127.1
$120.4
$113.3
$106.4
2020
$99.4
$92.5
$89.5
($ in millions)
$86.6
2019
Revenue from New Subscription Pets
$82.6
$77.7
$74.2
$70.9
2018
$67.4
$63.9
$61.5
$59.0
2017
$56.5
$52.6
$50.2
$47.4
2016
$44.6
$42.2
$39.1
Revenue from Existing Subscription Pets
$36.7
2015
$34.4
$32.2
$30.1
$28.6
2014
$27.1
$24.9
$22.9
$21.4
2013
$20.0
$18.4
$17.0
$15.7
2012
$14.5
$13.2
$12.0
$10.7
2011
$9.9
$8.8
$7.6
$6.3
2010
$5.3
$4.4
$250.0
$200.0
$150.0
$100.0
$50.0
$0
$3.1
$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
Subscription Segment
Trupanion Core
North America
Other Subscription Products
North America
Other Subscription Products
Europe
*Managing General Agents (insurance commiss ion revenue). We intend to transition these products to a Trupanion branded produc t over time
Aflac
Trupanion
(Germany, Switzerland)
Smart Paws
(Germany, Switzerland)
PetExpert*
(Czechia, Slovakia,
Belgium, Poland)
Chewy
Furkin
PHI Direct
Other Business Segment
Legacy Worksite
Benefits
(Corporate & Veterinary
Hospital)
Veteran Affairs Service Dog Program
Pets Best
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 subscription pets enrolled
(at period end)
1,052,845
1,041,212
1,032,042
1,020,934
1,006,168
Excluding MGA pets enrolled
1,003,732
994,072
983,452
974,906
962,688
Q1 2025
Quarterly average revenue per new pet
$73.51
Estimated profit per pet per month based on a trailing
3-year margin (11.7% margin)
$8.63
X
63.7
months =
$550
(Lifetime value of a pet, including fixed expenses)
Year
0
1
2
3
4
5
Months*
6
12
12
12
12
9.7
63.7
Estimated profit per pet per month
$9
$9
$9
$9
$9
$9
Estimated profit per pet
$52
$104
$104
$104
$104
$84
$550
Capital charge**
$(4)
$(9)
$(9)
$(9)
$(9)
$(7)
Quarterly pet acquisition cost (PAC)
$(267)
Q1 2025 IRR
Cash flows
$(219)
$95
$95
$95
$95
$77
31%
* This represents the average subscriber life in months, for the period presented, which is calculated as the quotient obtained by dividing one by one minus the
average monthly retention rate.
** We include a capital charge in this calculation to estimate cost of capital on reserves which must be set aside to meet regulatory capital requirements. These
reserves are included on our balance sheet.
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
$(1,928)
$(3,065)
Free cash flow
$14,036
$(631)
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%
period. Total new subscription pet months in a period represents the sum of all new subscription pets enrolled for each month during the period.
acquisition expenses we may want to incur to attract new pet enrollments, we refer to the lifetime value of a pet, including fixed expenses, as well as our estimated internal rate of return calculation for
an average pet, which also includes an estimated surplus capital charge, to inform the amount of acquisition spend in relation to the estimated payback period.
Disclaimer
Trupanion Inc. published this content on May 01, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 01, 2025 at 21:02 UTC.