Trupanion Cash Flow Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	15.46	-9.63	-44.69	-44.67	-35.53	-5.84
Depreciation & Amortization	15.73	16.47	12.47	10.92	11.97	7.07
Gain (Loss) on Sale of Investments	-7.78	-	-	-	-	-
Stock-Based Compensation	37.08	33.43	33.16	33.39	28.23	8.91
Change in Accounts Receivable	-12.62	-6.72	-35.44	-66.98	-66.17	-43.27
Change in Accounts Payable	13.45	2.08	1.64	3.14	8.8	9.95
Change in Unearned Revenue	19.78	17.2	32.57	56.15	54.39	39.75
Change in Insurance Reserves / Liabilities	-2.61	-11.31	19.49	4.23	10.77	7.66
Change in Other Net Operating Assets	0.28	3.22	-1.91	-5.23	-3.06	-2.84
Other Operating Activities	-0.13	-1.75	1.35	1.05	-1.93	0.15
Operating Cash Flow	83.93	48.29	18.64	-8	7.46	21.54
Operating Cash Flow Growth	99.39%	159.08%	-	-	-65.38%	33.34%
Capital Expenditures	-12.06	-9.72	-18.28	-17.09	-12.36	-7.45
Cash Acquisitions	-	-	-	-15.03	-	-48.13
Investment in Securities	-25.43	-5.84	24.33	-33.8	-37.8	-21.22
Other Investing Activities	2.19	2.1	1.59	-1.6	-1.76	0.06
Investing Cash Flow	-35.3	-13.46	7.64	-67.52	-51.91	-76.75
Long-Term Debt Issued	-	-	60.1	69.14	-	6.21
Total Debt Repaid	-16.05	-1.35	-1.72	-0.57	-	-32.45
Net Debt Issued (Repaid)	-16.05	-1.35	58.39	68.57	-	-26.24
Issuance of Common Stock	1.43	0.75	2.66	2.29	3.61	198.28
Repurchases of Common Stock	-4	-2.52	-1.54	-10.11	-4.73	-1.12
Other Financing Activities	-0.85	-0.84	-0.38	-	-	-0.08
Financing Cash Flow	-19.46	-3.96	59.13	60.74	-1.13	170.85
Foreign Exchange Rate Adjustments	-1.2	-1.88	0.42	-1.46	0.25	-0.02
Net Cash Flow	27.97	29	85.83	-16.23	-45.33	115.63
Free Cash Flow	71.86	38.57	0.36	-25.09	-4.9	14.09
Free Cash Flow Growth	137.46%	10674.02%	-	-	-	30.68%
Free Cash Flow Margin	5.13%	3.00%	0.03%	-2.77%	-0.70%	2.81%
Free Cash Flow Per Share	1.66	0.92	0.01	-0.61	-0.12	0.39
Cash Interest Paid	13.19	13.19	12.1	3.35	0.02	1.36
Cash Income Tax Paid	0.55	0.55	0.61	2.5	0.28	-0.03
Levered Free Cash Flow	18.81	11.41	48.06	-41.35	-25.72	-2.63
Unlevered Free Cash Flow	27.01	20.47	55.6	-38.68	-25.71	-1.76
Change in Working Capital	18.28	4.47	16.35	-8.69	4.72	11.25

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