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Trupanion (TRUP)

Trupanion is a leader in medical insurance for cats and dogs throughout the United States and Canada. For over two decades, Trupanion has given pet owners peace of mind so they can focus on their pet's recovery, not financial stress. Trupanion is committed to providing pet owners with the highest value in pet medical insurance with unlimited payouts for the life of their pets. Trupanion is listed on NASDAQ under the symbol 'TRUP'. The company was founded in 2000 and is headquartered in Seattle, WA. Trupanion policies are issued, in the United States, by its wholly-owned insurance entity American Pet Insurance Company and, in Canada, by Omega General Insurance Company.

Company profile

Ticker
TRUP
Exchange
Website
CEO
Darryl Rawlings
Employees
Incorporated
Location
Fiscal year end
Former names
TRUPANION INC., VETINSURANCE INTERNATIONAL INC
SEC CIK
Subsidiaries
American Pet Insurance Company • Trupanion Managers USA, Inc. • Canada Pet Health Insurance Services, Inc. • Wyndham Insurance Company • 6100 Building, LLC • Trupanion Canadian Shareholders Ltd. • Trupanion Alberta Holding Company, ULC • Trupanion Administration Canada, Inc. • Aquarium Software Limited • Aquarium HR Limited ...

TRUP stock data

Analyst ratings and price targets

Last 3 months
Current price
Average target
$73.00
Low target
$69.00
High target
$77.00
Jefferies
Initiated
Buy
$77.00
21 Sep 22
Piper Sandler
Downgraded
Neutral
$69.00
4 Aug 22

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

4 Aug 22
28 Sep 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 115.09M 115.09M 115.09M 115.09M 115.09M 115.09M
Cash burn (monthly) 6.95M 713.92K 4.53M 2.99M 1.04M (no burn)
Cash used (since last report) 20.51M 2.11M 13.38M 8.83M 3.08M n/a
Cash remaining 94.58M 112.98M 101.71M 106.25M 112.01M n/a
Runway (months of cash) 13.6 158.3 22.4 35.5 107.4 n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
22 Sep 22 Darryl Rawlings Common Stock Option exercise Acquire M No No 14.95 4,000 59.8K 569,043
22 Sep 22 Darryl Rawlings Stock Option Common Stock Option exercise Dispose M No No 14.95 4,000 59.8K 6,000
14 Sep 22 Darryl Rawlings Common Stock Sell Dispose S Yes Yes 65.5716 4,000 262.29K 857,109
29 Aug 22 Darryl Rawlings Common Stock Sell Dispose S Yes Yes 69.3417 4,000 277.37K 861,109
25 Aug 22 Tricia Plouf Common Stock Payment of exercise Dispose F No No 77.49 704 54.55K 39,298
25 Aug 22 Tricia Plouf Common Stock Option exercise Acquire M No No 0 2,895 0 40,002
25 Aug 22 Tricia Plouf Common Stock Payment of exercise Dispose F No No 77.49 528 40.91K 37,107
25 Aug 22 Tricia Plouf Common Stock Option exercise Acquire M No No 0 2,171 0 37,635
25 Aug 22 Tricia Plouf Common Stock Payment of exercise Dispose F No No 77.49 433 33.55K 35,464
25 Aug 22 Tricia Plouf Common Stock Option exercise Acquire M No No 0 1,782 0 35,897
9.3% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 207 235 -11.9%
Opened positions 21 32 -34.4%
Closed positions 49 63 -22.2%
Increased positions 80 87 -8.0%
Reduced positions 58 72 -19.4%
13F shares Current Prev Q Change
Total value 2.54B 3.57B -28.8%
Total shares 41.23M 39.15M +5.3%
Total puts 195.8K 399.6K -51.0%
Total calls 223.6K 431.2K -48.1%
Total put/call ratio 0.9 0.9 -5.5%
Largest owners Shares Value Change
BLK Blackrock 5.49M $331.03M -2.0%
Vanguard 3.93M $236.72M +1.7%
Nine Ten Capital Management 3.64M $219.26M +55.4%
AFL Aflac 3.64M $219.13M 0.0%
Capital World Investors 2.78M $167.71M +15.6%
Alliancebernstein 2.24M $135.1M -5.1%
Wellington Management 1.5M $90.37M +8.4%
Capital International Investors 1.49M $89.63M 0.0%
RenaissanceRe Ventures 1.48M $112.6M 0.0%
STT State Street 1.37M $82.45M +9.7%
Largest transactions Shares Bought/sold Change
Nine Ten Capital Management 3.64M +1.3M +55.4%
Polar Capital 700K +450K +180.0%
Capital World Investors 2.78M +374.7K +15.6%
Polen Capital Management 0 -198.27K EXIT
Gilder Gagnon Howe & Co 806.13K +152.12K +23.3%
Dimensional Fund Advisors 33.37K -142.39K -81.0%
Marshall Wace 340.01K +141.05K +70.9%
Citadel Advisors 73.33K -131.45K -64.2%
STT State Street 1.37M +120.72K +9.7%
Renaissance Technologies 176.2K +119.7K +211.9%

Financial report summary

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Competition
Lemonade
Risks
  • Investing in our common stock involves a high degree of risk. You should carefully consider the risks and uncertainties described below, together with all of the other information in this report, including our consolidated financial statements and related notes, as well as in our other filings with the SEC, in evaluating our business and before investing in our common stock. The risks and uncertainties described below are not the only ones we face. Additional risks and uncertainties that are not expressly stated, that we are unaware of, or that we currently believe are not material, may also become important factors that affect us. If any of the following risks occur, our business, operating results, financial condition and prospects could be materially harmed. In that event, the price of our common stock could decline, and you could lose part or all of your investment.
  • Our results of operations may be adversely impacted by the COVID-19 pandemic.
  • We have incurred significant cumulative net losses since our inception and may not be able to achieve or maintain profitability in the future.
  • We may not maintain our current rate of revenue growth.
  • We base our decisions regarding new pet acquisition expenditures primarily on the projected internal rate of return on marketing spend. Our estimates and assumptions may not accurately reflect our future results - we may overspend on new pet acquisition, and we may not be able to recover our pet acquisition costs or generate profits from these investments.
  • We depend in part on Internet search engines to attract potential new members to visit our website. If Internet search engines’ methodologies are modified or our search result page rankings decline for other reasons, our new member growth could decline, and our business and operating results could be harmed.
  • If we are unable to grow our member base and maintain high member retention rates, our growth prospects and revenue will be adversely affected.
  • We rely significantly on Territory Partners, veterinarians and other third parties, including strategic partners, to generate leads.
  • Territory Partners are independent contractors and, as such, may pose additional risks to our business.
  • The prices of our subscriptions are based on assumptions and estimates. If our actual experience differs from the assumptions and estimates used in pricing our subscriptions or if we are unable to obtain any necessary regulatory approval for our pricing, our revenue and financial condition could be adversely affected.
  • Our actual veterinary invoice expense may exceed our current reserve established for veterinary invoices and may adversely affect our operating results and financial condition.
  • If more veterinary hospitals install and use our patented proprietary software, the number or amounts of veterinary invoices we receive is likely to increase.
  • Our use of capital may be constrained by risk-based capital regulations or contractual obligations.
  • Our success depends on our ability to review, process, and pay veterinary invoices timely and accurately.
  • We may not identify fraudulent or improperly inflated veterinary invoices.
  • We are and will continue to be faced with many competitive challenges, any of which could adversely affect our prospects, operating results and financial condition.
  • If we are unable to maintain and enhance our brand recognition and reputation, our business and operating results will be harmed.
  • Our business depends on our ability to maintain and scale the infrastructure necessary to operate our technology platform and could be adversely affected by a system failure.
  • If we fail to effectively manage our growth, our business, operating results and financial condition may suffer.
  • Emerging claim and coverage issues may adversely affect our business.
  • Our operating results may vary, which could make period-to-period comparisons less meaningful, and make our future results difficult to predict.
  • Mergers or other strategic transactions involving our competitors could weaken our competitive position, which could adversely affect our ability to compete effectively and harm our results of operations.
  • Changes in the economy may affect consumer spending on our subscription and this may negatively impact our business, operating results and financial condition.
  • We depend on key personnel to operate our business and, if we are unable to retain, attract and integrate qualified personnel, our ability to develop and successfully grow our business could be harmed.
  • We may continue to create, invest in or acquire businesses, products and technologies, which could divert our management’s attention, result in additional dilution to our stockholders, otherwise disrupt our operations or harm our operating results.
  • We may not realize the benefits of our current and planned strategic relationships.
  • Our business and financial condition is subject to risks related to our writing of policies for unaffiliated third parties.
  • In Canada, our medical plan is written by Omega General Insurance Company. If Omega were to terminate its underwriting arrangement with us, our business could be adversely affected.
  • Changes in foreign exchange rates may adversely affect our revenue and operating results.
  • We are expanding our operations internationally, and we may therefore become subject to a number of risks associated with international expansion and operations.
  • Our decision to set up multiple insurance subsidiaries may complicate our business and harm our results of operations.
  • If we are unable to maintain effective internal control over financial reporting in the future, investors may lose confidence in the accuracy and completeness of our financial reports and the market price of our common stock may be negatively affected.
  • If our security measures are breached and unauthorized access is obtained to our data, including our members’ data, we may lose our competitive advantage, our systems may be perceived as not being secure and we may incur third-party liability.
  • We are subject to a number of risks related to accepting automatic fund transfers and credit card and debit card payments.
  • We have limited experience owning an office building and may face unexpected costs.
  • Failure to adequately protect our intellectual property could substantially harm our business and operating results.
  • Assertions by third parties of infringement or other violation by us of their intellectual property rights could result in significant costs and substantially harm our business and operating results.
  • The outcome of litigation or regulatory proceedings could subject us to significant monetary damages, restrict our ability to conduct our business, harm our reputation and otherwise negatively impact our business.
  • Our current and future indebtedness could limit our ability to expand our business or respond to changes, and we may be unable to generate sufficient cash flow to satisfy any of our debt service obligations.
  • Covenants in our Credit Facility may restrict our operations, and if we do not effectively manage our business to comply with these covenants, our financial condition could be adversely affected.
  • We may have additional tax liabilities.
  • Our ability to use our net operating loss carryforwards and certain other tax attributes may be limited.
  • We may not maintain the amount of risk-based capital required to avoid additional regulatory oversight, which may adversely affect our ability to operate our business.
  • We may require additional capital to meet our risk-based capital requirements, pursue our business objectives and respond to business opportunities, challenges or unforeseen circumstances. If capital is not available to us at any time, our business, operating results and financial condition may be harmed.
  • Our business is heavily regulated, and if we fail to comply with the numerous applicable laws and regulations our business and operating results could be harmed.
  • States may adopt new laws that may adversely affect our operating results and financial condition.
  • We may not receive approval for changes to an existing product, for a proposed new product or for pricing changes, or we may not receive such approvals in a timely manner.
  • We may be affected by mandatory participation in plans that could result in contributions from insurance subsidiaries we own.
  • Regulations that require individuals or entities that sell medical insurance for cats and dogs or process claims to be licensed may be interpreted to apply to our business more broadly than we expect them to, which could require us to modify our business practices, create liabilities, damage our reputation, and harm our business.
  • We are subject to numerous laws and regulations, and compliance with one law or regulation may result in non-compliance with another.
  • Failure to comply with federal, state and provincial laws and regulations relating to privacy and security of personal information, and civil liabilities relating to breaches of privacy and security of personal information, could create liabilities for us, damage our reputation and harm our business.
  • Law and regulations of the Internet, email and texting could adversely affect our business.
  • Applicable insurance laws regarding the change in control of our company may impede potential acquisitions that our stockholders might consider to be desirable.
  • Our segregated account in Bermuda, WICL segregated account AX, could be adversely impacted by regulatory compliance of an unaffiliated third party.
  • Our accounting is becoming more complex, and relies upon estimates or judgments relating to our critical accounting policies. If our accounting is erroneous or based on assumptions that change or prove to be incorrect, our operating results could fall below the expectations of securities analysts and investors, resulting in a decline in our stock price.
  • Our actual operating results may differ significantly from our guidance.
  • Future securities issuances could result in significant dilution to our stockholders and impair the market price of our common stock.
  • If securities or industry analysts do not publish research, or publish inaccurate or unfavorable research, about our business, our stock price and trading volume could decline.
  • The market price of our common stock has been and is likely to continue to be volatile, and you may be unable to sell your shares at or above the price at which you purchased them.
  • We do not intend to pay dividends on our common stock and, therefore, any returns will be limited to the value of our stock.
  • Our directors and principal stockholders own a significant percentage of our stock and will be able to exert significant control over matters subject to stockholder approval.
  • Provisions in our restated certificate of incorporation, restated bylaws and Delaware law might discourage, delay or prevent a change in control of our company or changes in our management and, therefore, depress the market price of our common stock.

Content analysis

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Positive
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Legalese
Litigous
Readability
H.S. sophomore Good
New words: announced, eneded, floating, notwithstanding, objective, prevailing, Rule
Removed: qualitative, quantitative, shared