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TRUP 8-K filings in 2024
Every material Form 8-K Trupanion filed with the SEC in 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Trupanion reported third-quarter 2024 results for the period ended September 30, 2024, with total revenue up 15% from a year earlier and a net profit after a net loss in the same quarter of 2023. Subscription revenue grew 20%, and the company reported $13.4 million in free cash flow for the quarter. The filing furnishes the results press release as Exhibit 99.1 and does not include updated guidance.
Total revenue was $327.5 million, up 15% from the third quarter of 2023.
Net income was $1.4 million, or $0.03 per diluted share, compared with a net loss of $4.0 million, or $0.10 per share, a year earlier.
Adjusted EBITDA was $14.5 million, compared with $6.1 million in the third quarter of 2023.
Free cash flow was $13.4 million in the quarter, compared with $7.0 million a year earlier.
Trupanion appointed John Gallagher as Chief Operating Officer effective September 4, 2024. He will lead the North American growth teams and oversee the Contact Center and Claims support teams, and has been with the company since 2016.
Gallagher's base salary rises from $300,000 to $375,000, and his bonus target rises from 50% to 75% of base salary.
He will receive RSUs with an approximate value of $575,000, expected to be granted in early November 2024.
RSUs vest over four years, with 25% vesting on the one-year anniversary of grant and the rest vesting quarterly thereafter.
Trupanion reported second quarter 2024 results for the period ended June 30, 2024. Total revenue rose 16% from a year earlier to $314.8 million, and the net loss narrowed to $5.9 million, or $0.14 per share, from $13.7 million, or $0.33 per share, in the second quarter of 2023. Shareholders get improved revenue, profit and cash flow measures, though the filing gives no forward guidance.
Total revenue was $314.8 million, up 16% from $270.6 million in the second quarter of 2023.
Net loss was $5.9 million ($0.14 per share), compared with $13.7 million ($0.33 per share) a year earlier.
Adjusted EBITDA was $7.4 million, compared with a loss of $3.2 million in the second quarter of 2023.
Free cash flow was $4.0 million, compared with negative $8.1 million a year earlier; subscription revenue rose 20% to $208.6 million.
Trupanion said Darryl Rawlings' resignation as chief executive became effective August 1, 2024, and Margi Tooth, the company's president, became CEO, as part of a previously disclosed succession plan. The board also appointed Ms. Tooth as a director, and her compensation was set in connection with the role change.
Margi Tooth became CEO effective August 1, 2024; she was appointed a director on July 30, 2024, effective the same date.
Her base salary rises from $400,000 to $550,000, effective August 1, 2024.
She receives RSUs valued at $1,500,000 (divided by share price per the filing's formula), vesting over four years with 25% after one year.
Ms. Tooth is not independent under NASDAQ rules and will not serve on Board committees.
Trupanion reported first quarter 2024 total revenue of $306.1 million, up 19% from a year earlier, and a net loss of $6.9 million, narrowed from $24.8 million. The board also appointed President Margi Tooth as chief executive effective August 1, 2024, succeeding founder Darryl Rawlings, who will remain Chair of the Board.
Q1 2024 total revenue was $306.1 million, up 19% from $256.3 million in Q1 2023.
Net loss was $6.9 million, or $(0.16) per share, versus a net loss of $24.8 million, or $(0.60) per share, a year earlier.
Adjusted EBITDA was $4.8 million, compared with $(4.9) million in Q1 2023.
Darryl Rawlings resigned as CEO effective August 1, 2024 and will receive a $200,000 annual consulting fee for pet food program work.
Two Trupanion board members, Dan Levitan and Dr. Zay Satchu, told the company on April 2, 2024 that they will not stand for re-election at the 2024 Annual Stockholders' Meeting in June 2024. The filing says the decision was not the result of any disagreement with Trupanion or the board, and both intend to keep serving as directors until that meeting.
Directors Dan Levitan and Dr. Zay Satchu will not seek re-election.
Notice was given on April 2, 2024; the 2024 Annual Meeting is set for June 2024.
The filing states no disagreement with the company or the board led to the decisions.
Both directors plan to remain on the board until the annual meeting.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.
Only material 8-Ks get a brief: results, deals, executive changes, restructuring, impairments, delisting notices, restatements, cybersecurity incidents and other disclosed events. Routine filings (vote results, exhibits only) are skipped. Every Trupanion filing is on SEC EDGAR ↗. 8-K briefs of other companies →