Trupanion (TRUP) FY2023 results: revenue $1.1 billion, up 22.5% on the year

Trupanion, Inc. (TRUP) reported revenue of $1.1 billion for fiscal 2023, the year ended 31 December 2023, up 22.5% on the year before. Net income was -$45 million, and diluted earnings per share $-1.08. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2024.

Revenue

$1.1 billion

+22.5% on the year

FY2016FY2023

Operating margin

-3.7%

-4.8% a year earlier

FY2016FY2023

Net income

-$45 million

FY2016FY2023

Diluted EPS

-$1.08

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	1,109	905	699	+22.5%
Cost of revenue	978	783	595	+24.9%
Gross profit	131	122	104	+7.2%
Gross margin	11.8%	13.5%	14.9%
Operating income	-40.7	-43.0	-35.2
Operating margin	-3.7%	-4.8%	-5.0%
Interest expense	12.1	4.3	0.0	+183.0%
Pre-tax income	-45.0	-44.2	-35.2
Income tax	-0.3	0.5	0.3
Net income	-44.7	-44.7	-35.5
Net margin	-4.0%	-4.9%	-5.1%
Diluted EPS	-$1.08	-$1.10	-$0.89

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	18.6	-8.0	7.5
Capital expenditure	18.3	17.1	12.4	+7.0%
Free cash flow	0.4	-25.1	-4.9
Free cash flow margin	0.0%	-2.8%	-0.7%
Cash from investing	7.6	-67.5	-51.9
Cash from financing	59.1	60.7	-1.1	-2.7%
Depreciation and amortisation	12.5	10.9	12.0	+14.2%
Share-based compensation	33.2	33.4	28.2	-0.7%
Buybacks	0.0	5.8	0.0
Diluted shares, weighted	41m	41m	40m	+1.6%
Shares outstanding at period end	42m	41m	40m	+2.1%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	304	305	332	-0.5%
Debt	129	69.5	0.0	+85.6%
Other liabilities	350	297	230	+18.0%
Total liabilities and equity	783	672	563	+16.6%
Fixed assets	104	90.7	78.0	+14.3%
Goodwill	43.7	42.0	32.7	+4.1%
Intangible assets	18.7	24.0	22.7	-22.0%
Investments	143	165	133	-13.4%
Cash and equivalents	148	65.6	87.4	+124.8%
Other assets	327	285	209	+14.8%
Total assets	783	672	563	+16.6%

10-K for the year ended 31 December 2023, filed 27 February 2024: the filing.