Trupanion Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	19.43	-9.63	-44.69	-44.67	-35.53
Depreciation & Amortization	15.84	16.47	12.47	10.92	11.97
Gain (Loss) on Sale of Investments	-7.78	-	-	-	-
Stock-Based Compensation	38.31	33.43	33.16	33.39	28.23
Change in Accounts Receivable	-27.21	-6.72	-35.44	-66.98	-66.17
Change in Accounts Payable	26.03	2.08	1.64	3.14	8.8
Change in Unearned Revenue	18.68	17.2	32.57	56.15	54.39
Change in Insurance Reserves / Liabilities	4.13	-11.31	19.49	4.23	10.77
Change in Other Net Operating Assets	-1.17	3.22	-1.91	-5.23	-3.06
Other Operating Activities	2.1	-1.75	1.35	1.05	-1.93
Operating Cash Flow	89.49	48.29	18.64	-8	7.46
Operating Cash Flow Growth	85.32%	159.08%	-	-	-65.38%
Capital Expenditures	-14.13	-9.72	-18.28	-17.09	-12.36
Cash Acquisitions	-	-	-	-15.03	-
Investment in Securities	-83.42	-5.84	24.33	-33.8	-37.8
Other Investing Activities	1.66	2.1	1.59	-1.6	-1.76
Investing Cash Flow	-95.89	-13.46	7.64	-67.52	-51.91
Long-Term Debt Issued	114.21	-	60.1	69.14	-
Total Debt Repaid	-134.44	-1.35	-1.72	-0.57	-
Net Debt Issued (Repaid)	-20.23	-1.35	58.39	68.57	-
Issuance of Common Stock	1.69	0.75	2.66	2.29	3.61
Repurchases of Common Stock	-3.71	-2.52	-1.54	-10.11	-4.73
Other Financing Activities	-0.61	-0.84	-0.38	-	-
Financing Cash Flow	-22.86	-3.96	59.13	60.74	-1.13
Foreign Exchange Rate Adjustments	1.19	-1.88	0.42	-1.46	0.25
Miscellaneous Cash Flow Adjustments	-	0.07	-	-	-
Net Cash Flow	-28.07	29.07	85.83	-16.23	-45.33
Free Cash Flow	75.36	38.57	0.36	-25.09	-4.9
Free Cash Flow Growth	95.38%	10674.02%	-	-	-
Free Cash Flow Margin	5.24%	3.00%	0.03%	-2.77%	-0.70%
Free Cash Flow Per Share	1.73	0.92	0.01	-0.61	-0.12
Cash Interest Paid	13.09	13.19	12.1	3.35	0.02
Cash Income Tax Paid	-	-	-	2.5	0.28
Levered Free Cash Flow	-23.28	11.41	48.06	-41.35	-25.72
Unlevered Free Cash Flow	-14.68	20.47	55.6	-38.68	-25.71
Change in Working Capital	20.46	4.47	16.35	-8.69	4.72

Source: S&P Global Market Intelligence. Insurance template. Financial Sources.