TRUP - Trupanion Inc. (TRUP) Q1 2024 Earnings Call Transcript

2024-05-02 23:16:07 ET

Trupanion, Inc. (TRUP)

Q1 2024 Earnings Conference Call

May 01, 2024, 04:30 PM ET

Company Participants

Laura Bainbridge - SVP, Corporate Communications

Darryl Rawlings - Founder, Chair and CEO

Margi Tooth - President

Fawwad Qureshi - CFO

Conference Call Participants

Jian Li - Evercore ISI

Josh Shanker - Bank of America

Maria Ripps - Canaccord Genuity

Jon Block - Stifel

John Barnidge - Piper Sandler

Katie Sacchi - Autonomous research

Wilma Burdis - Raymond James

Presentation

Operator

Good day, everyone, and welcome to the Trupanion First Quarter 2024 Earnings Call. All participants will be in a listen-only mode. [Operator Instructions]. After today's presentation, there will be an opportunity to ask questions. [Operator Instructions]. Please note that today's event is being recorded.

I would now like to turn the conference over to Laura Bainbridge, SVP of Corporate Communications. Please go ahead.

Laura Bainbridge

Good afternoon, and welcome to Trupanion's first quarter 2024 financial results conference call. Participating on today's call are Darryl Rawlings, Chief Executive Officer; Margi Tooth, President; and Fawwad Qureshi, Chief Financial Officer.

For ease of reference, we've included a slide presentation to accompany today's discussion, which will also be made available on our Investor Relations website, under our quarterly earnings tab. Before we begin, please be advised that remarks today contain forward looking statements. All statements, other than statements of historical facts are forward looking statements. These include, but are not limited to, statements regarding our future operations, opportunities and financial performance, our ability to remediate our material weaknesses, and the Company's CEO succession efforts.

These statements involve a high degree of known and unknown risks and uncertainties that could cause actual results to differ materially from those discussed. A detailed discussion of these and other risks and uncertainties are included in today's earnings release, as well as the Company's most recent reports on forms 10-K and 8-K filed with the securities and Exchange Commission.

Today's presentation contains references to non-GAAP financial measures that management uses to evaluate the Company's performance, including, without limitation, variable expenses, fixed expenses, adjusted operating income, acquisition costs, internal rate of return, adjusted EBITDA, and free cash flow. When we use the term adjusted operating income or margin, it is intended to refer to our non-GAAP operating income or margin before new pet acquisition and development expenses.

Unless otherwise noted, margins and expenses will be presented on a non-GAAP basis, which excludes stock-based compensation expense and depreciation expense. These non-GAAP measures are in addition to, and not a substitute for, measures of financial performance prepared in accordance with the US. GAAP. Investors are encouraged to review the reconciliations of these non-GAAP financial measures to the most directly comparable GAAP results, which can be found in today's press release or on Trupanion's Investor Relations website under the Quarterly Earnings tab....

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