Trupanion (TRUP) FY2022 results: revenue $905 million, up 29.5% on the year

Trupanion, Inc. (TRUP) reported revenue of $905 million for fiscal 2022, the year ended 31 December 2022, up 29.5% on the year before. Net income was -$45 million, and diluted earnings per share $-1.10. The figures are the company's own, from the 10-K it filed with the SEC on 16 February 2023.

Revenue

$905 million

+29.5% on the year

FY2015FY2022

Operating margin

-4.8%

-5.0% a year earlier

FY2015FY2022

Net income

-$45 million

FY2015FY2022

Diluted EPS

-$1.10

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	905	699	502	+29.5%
Cost of revenue	783	595	420	+31.7%
Gross profit	122	104	81.9	+17.1%
Gross margin	13.5%	14.9%	16.3%
Operating income	-43.0	-35.2	-4.9
Operating margin	-4.8%	-5.0%	-1.0%
Interest expense	4.3	0.0	1.4	+42,570.0%
Pre-tax income	-44.2	-35.2	-5.7
Income tax	0.5	0.3	0.1	+53.5%
Net income	-44.7	-35.5	-5.8
Net margin	-4.9%	-5.1%	-1.2%
Diluted EPS	-$1.10	-$0.89	-$0.16

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2022	FY2021	FY2020	On the year
Operating cash flow	-8.0	7.5	21.5
Capital expenditure	17.1	12.4	7.5	+38.3%
Free cash flow	-25.1	-4.9	14.1
Free cash flow margin	-2.8%	-0.7%	2.8%
Cash from investing	-67.5	-51.9	-76.7
Cash from financing	60.7	-1.1	171
Depreciation and amortisation	10.9	12.0	7.1	-8.7%
Share-based compensation	33.4	28.2	8.9	+18.3%
Buybacks	5.8	0.0	n/a
Diluted shares, weighted	41m	40m	36m	+1.6%
Shares outstanding at period end	41m	40m	39m	+1.3%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	305	332	340	-8.1%
Debt	69.5	0.0	0.0
Other liabilities	297	230	158	+28.9%
Total liabilities and equity	672	563	498	+19.4%
Fixed assets	90.7	78.0	72.6	+16.4%
Goodwill	42.0	32.7	33.0	+28.4%
Intangible assets	24.0	22.7	27.1	+6.0%
Investments	165	133	95.4	+23.7%
Cash and equivalents	65.6	87.4	140	-24.9%
Other assets	285	209	130	+36.3%
Total assets	672	563	498	+19.4%

10-K for the year ended 31 December 2022, filed 16 February 2023: the filing.