UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 29, 2019
TRUPANION, INC.
(Exact name of registrant as specified in its charter)

					
 	 	 	 	 	
Delaware	 	001-36537	 	83-0480694	
(State or other jurisdiction of
incorporation)	 	(Commission
File Number)	 	(IRS Employer
Identification No.)	
6100 4th Avenue S, Suite 200
Seattle, Washington 98108
(Address of principal executive offices, including zip code)

(855) 727 - 9079
(Registrant's telephone number, including area code)
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

	
		
o	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)	

	
		
o	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)	

	
		
o	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))	

	
		
o	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))	

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company  o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  o

Item 1.01      Entry Into a Material Definitive Agreement.
On April 29, 2019, Trupanion, Inc. (the "Company") and its subsidiaries Trupanion Managers USA, Inc., and 6100 Building, LLC (together, the “Subsidiaries”) entered into a Fourth Amendment to Loan and Security Agreement (the "Loan Amendment") with Pacific Western Bank, a California state chartered bank (the "PWB"), and Western Alliance Bank, an Arizona corporation ("WAB", and together with PWB, the "Lenders"), which amends that certain Loan and Security Agreement, dated as of December 16, 2016, as amended, by and between the Company, Subsidiaries and the Lenders (the “Original Loan Agreement”). Pursuant to the terms of the Original Loan Agreement, the Lenders agreed to provide the Company with an aggregate credit facility of $50,000,000. Capitalized terms not defined herein are defined in the Original Loan Agreement.
The Loan Amendment amends the Original Loan Agreement by, among other things, (i) reducing the interest rate to Prime Rate + 0.75%; (ii) extending the maturity date to June 28, 2022; and (iii) amending certain defined terms and covenants, including “Capitalized Expenditures” for certain cash outflows related to the Company’s elevator outfitting.
The foregoing description of certain terms contained in the Loan Amendment is not complete, and is qualified in its entirety by reference to: (i) the copy of the Loan and Security Agreement, filed as Exhibit 10.15 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2016, (ii) the copy of the First Amendment to the Loan and Security Agreement, filed as Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the period ending March 31, 2017, (iii) the copy of the Second Amendment to the Loan and Security Agreement, filed as Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the period ending September 30, 2017, (iv) the copy of the Third Amendment to the Loan and Security Agreement, filed as Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the period ending June 30, 2018 and (v) the terms and conditions of the actual Loan Amendment, which will be filed as an exhibit to the Company’s Quarterly Report on Form 10-Q for the period ending June 30, 2019.
Item 2.02     Results of Operations and Financial Condition.
On May 2, 2019, the Company issued a press release and will hold a conference call regarding the Company's financial results for the first quarter ended March 31, 2019. A copy of the Company's press release is attached hereto as Exhibit 99.1.
The information furnished with this report, including Exhibit 99.1, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any other filing under the Exchange Act or under the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such a filing.
Item 9.01     Financial Statements and Exhibits.

			
(d)	Exhibits	 	
 	 	 	
 	Exhibit No.	Description	
 	Exhibit 99.1	Press release issued by Trupanion, Inc. dated May 2, 2019	

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	

TRUPANION, INC.	
 	 	
By:	/s/ Tricia Plouf	
 	Name: Tricia Plouf	
 	Title: Chief Financial Officer	
Date: May 2, 2019

Exhibit 99.1

Trupanion Reports First Quarter 2019 Results
SEATTLE, WA. May 2, 2019 --  Trupanion , Inc. (Nasdaq: TRUP), a leading provider of medical insurance for cats and dogs, today announced financial results for the first quarter ended March 31, 2019.
“We executed consistently across our business in the first quarter,” said Darryl Rawlings, Founder and CEO of Trupanion. “We invested more capital at strong estimated internal rates of return and advanced several initiatives that are expected to position us well over the long term.”

First Quarter 2019 Financial and Business Highlights

•	Total revenue was $87.0 million, an increase of 25% compared to the first quarter of 2018.	
		
•	Total enrolled pets (including pets from our other business segment) was 548,002 at March 31, 2019, an increase of 23% over March 31, 2018.	
		
•	Subscription business revenue was $74.2 million, an increase of 21% compared to the first quarter of 2018.	
		
•	Subscription enrolled pets was 445,148 at March 31, 2019, an increase of 15% over March 31, 2018.	
		
•	Net loss was $(1.3) million, or $(0.04) per basic and diluted share, compared to a net loss of $(1.5) million, or $(0.05) per basic and diluted share, in the first quarter of 2018.	
		
•	Adjusted EBITDA was $1.7 million, compared to adjusted EBITDA of $0.4 million in the first quarter of 2018.	
		
•	Operating cash flow was $4.0 million and free cash flow was $3.1 million for the first quarter of 2019. This compared to operating cash flow of $2.1 million and free cash flow of $1.1 million in the first quarter of 2018.	

Revenue by Quarter -

Conference Call
Trupanion’s management will host a conference call today to review its first quarter 2019 results. The call is scheduled to begin shortly after 1:30 p.m. PT/ 4:30 p.m. ET. A live webcast will be accessible through the Investor Relations section of Trupanion’s website at http://investors.trupanion.com and will be archived online for 3 months upon completion of the conference call. Participants can access the conference call by dialing 1-877-407-0784 (United States) or 1-201-689-8560 (International). A telephonic replay of the call will also be available, one hour after the completion of the call, by dialing 1-844-512-2921 (United States) or 1-412-317-6671 (International) and entering the replay pin number: 13689741.

About Trupanion
Trupanion is a leader in medical insurance for cats and dogs throughout the United States and Canada. For almost two decades, Trupanion has given pet owners peace of mind so they can focus on their pet's recovery, not financial stress. Trupanion is committed to providing pet owners with the highest value in pet medical insurance with unlimited payouts for the life of their pets. Trupanion is listed on NASDAQ under the symbol "TRUP". The company was founded in 2000 and is headquartered in Seattle, WA. Trupanion policies are issued, in the United States, by its wholly-owned insurance entity American Pet Insurance Company and, in Canada, by Omega General Insurance Company. For more information, please visit  trupanion.com .

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 relating to, among other things, expectations, plans, prospects and financial results for Trupanion, including, but not limited to, its expectations regarding its ability to execute its business plans. These forward-looking statements are based upon the current expectations and beliefs of Trupanion’s management as of the date of this press release, and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. All forward-looking statements made in this press release are based on information available to Trupanion as of the date hereof, and Trupanion has no obligation to update these forward-looking statements.

In particular, the following factors, among others, could cause results to differ materially from those expressed or implied by such forward-looking statements: the ability to achieve or maintain profitability and/or appropriate levels of cash flow in future periods; the ability to keep growing our membership base and revenue; the accuracy of assumptions used in determining appropriate member acquisition expenditures; the severity and frequency of claims; the ability to maintain high retention rates; the accuracy of assumptions used in pricing medical plan subscriptions and the ability to accurately estimate the impact of new products or offerings on claims frequency; actual claims expense exceeding estimates; regulatory and other constraints on the ability to institute, or the decision to otherwise delay, pricing modifications in response to changes in actual or estimated claims expense; the effectiveness and statutory or regulatory compliance of our Territory Partner model and of our Territory Partners, veterinarians and other third parties in recommending medical plan subscriptions to potential members; the ability to retain existing Territory Partners and increase the number of Territory Partners and active hospitals; compliance by us and those referring us members with laws and regulations that apply to our business, including the sale of a pet medical plan; the ability to maintain the security of our data; fluctuations in the Canadian currency exchange rate; the ability to protect our proprietary and member information; the ability to maintain our culture and team; the ability to maintain the requisite amount of risk-based capital; our ability to implement and maintain effective controls, including over financial reporting; the ability to protect and enforce Trupanion’s intellectual property rights; the ability to continue key contractual relationships with third parties; third-party claims including litigation and regulatory actions; the ability to recognize benefits from investments in new solutions and enhancements to Trupanion’s technology platform and website; and our ability to retain key personnel.

For a detailed discussion of these and other cautionary statements, please refer to the risk factors discussed in filings with the Securities and Exchange Commission (SEC), including but not limited to, Trupanion’s Annual Report on Form 10-K for the year ended December 31, 2018 and any subsequently filed reports on Forms 10-Q and 8-K. All documents are available through the SEC’s Electronic Data Gathering Analysis and Retrieval system at www.sec.gov or the Investor Relations section of Trupanion’s website at http://investors.trupanion.com .

Non-GAAP Financial Measures
Trupanion’s stated results may include certain non-GAAP financial measures. These non-GAAP financial measures may not provide information that is directly comparable to that provided by other companies in its industry as other companies in its industry may calculate or use non-GAAP financial measures differently. In addition, there are limitations in using non-GAAP financial measures because the non-GAAP financial measures are not prepared in accordance with GAAP, may be different from non-GAAP financial measures used by other companies and exclude expenses that may have a material impact on Trupanion’s reported financial results. The presentation and utilization of non-GAAP financial measures is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with GAAP. Trupanion urges its investors to review the reconciliation of its non-GAAP financial measures to the most directly comparable GAAP financial measures in its consolidated financial statements, and not to rely on any single financial or operating measure to evaluate its business. These reconciliations are included below and on Trupanion’s Investor Relations website .

Because of varying available valuation methodologies, subjective assumptions and the variety of equity instruments that can impact a company’s non-cash expenses, Trupanion believes that providing various non-GAAP financial measures that exclude stock-based compensation expense and depreciation and amortization expense allows for more meaningful comparisons between its operating results from period to period. Trupanion offsets sales and marketing expense with sign-up fee revenue in the calculation of net acquisition cost because it collects sign-up fee revenue from new members at the time of enrollment and considers it to be an offset to a portion of Trupanion’s sales and marketing expenses. Trupanion believes this allows it to calculate and present financial measures in a consistent manner across periods. Trupanion’s management believes that the non-GAAP financial measures and the related financial measures derived from them are important tools for financial and operational decision-making and for evaluating operating results over different periods of time.

	
									
 	Trupanion, Inc.
Consolidated Statements of Operations
(in thousands, except share data)	
 	 	Three Months Ended March 31,	
 	 	2019	 	2018	
 	 	(unaudited)	
 	Revenue:	 	 	 	
 	Subscription business	$	74,222		 	$	61,517		
 	Other business	12,756		 	8,243		
 	Total revenue	86,978		 	69,760		
 	Cost of revenue:	 	 	 	
 	Subscription business (1)	60,387		 	51,014		
 	Other business	11,559		 	7,682		
 	   Total cost of revenue (2)	71,946		 	58,696		
 	Gross profit:	 	 	 	
 	Subscription business	13,835		 	10,503		
 	Other business	1,197		 	561		
 	Total gross profit	15,032		 	11,064		
 	Operating expenses:	 	 	 	
 	Technology and development (1)	2,669		 	2,164		
 	General and administrative (1)	5,419		 	4,458		
 	Sales and marketing (1)	8,227		 	5,938		
 	Total operating expenses	16,315		 	12,560		
 	Operating loss	(1,283	)	 	(1,496	)	
 	Interest expense	317		 	219		
 	Other income, net	(344	)	 	(140	)	
 	Loss before income taxes	(1,256	)	 	(1,575	)	
 	Income tax expense (benefit)	40		 	(95	)	
 	Net loss	$	(1,296	)	 	$	(1,480	)	
 	 	 	 	 	
 	Net loss per share:	 	 	 	
 	   Basic and Diluted	$	(0.04	)	 	$	(0.05	)	
 	Weighted average common shares outstanding:	 	 	 	
 	Basic and Diluted	34,292,367		 	30,246,585		
 	 	 	 	 	
 	(1) Includes stock-based compensation expense as follows:	Three Months Ended March 31,	
 			
 	 	2019	 	2018	
 	Cost of revenue	$	247		 	$	197		
 	Technology and development	63		 	49		
 	General and administrative	618		 	449		
 	Sales and marketing	429		 	273		
 	Total stock-based compensation expense	$	1,357		 	$	968		
 	 	 	 	 	
 	(2) The breakout of cost of revenue between veterinary invoice expense and other cost of revenue is as follows:	
 	 	Three Months Ended March 31,	
 	 	2019	 	2018	
 	Veterinary invoice expense	$	61,282		 	$	50,113		
 	Other cost of revenue	10,664		 	8,583		
 	     Total cost of revenue	$	71,946		 	$	58,696		

	
								
Trupanion, Inc.
Consolidated Balance Sheets
(in thousands, except share data)	
 	March 31, 2019	 	December 31, 2018	
 	(unaudited)	 	 	
Assets	 	 	 	
Current assets:	 	 	 	
Cash and cash equivalents	$	26,622		 	$	26,552		
Short-term investments	61,648		 	54,559		
Accounts and other receivables	37,568		 	31,565		
Prepaid expenses and other assets	4,847		 	5,300		
Total current assets	130,685		 	117,976		
Restricted cash	1,400		 	1,400		
Long-term investments, at fair value	3,701		 	3,554		
Property and equipment, net	69,365		 	69,803		
Intangible assets, net	7,839		 	8,071		
Other long-term assets	8,315		 	6,706		
Total assets	$	221,305		 	$	207,510		
Liabilities and stockholders’ equity	 	 	 	
Current liabilities:	 	 	 	
Accounts payable	$	2,897		 	$	2,767		
Accrued liabilities and other current liabilities	12,059		 	11,347		
Reserve for veterinary invoices	17,175		 	16,062		
Deferred revenue	38,594		 	33,027		
Total current liabilities	70,725		 	63,203		
Long-term debt	18,078		 	12,862		
Deferred tax liabilities	1,002		 	1,002		
Other liabilities	1,491		 	1,270		
Total liabilities	91,296		 	78,337		
Stockholders’ equity:	 	 	 	
Common stock: $0.00001 par value per share, 100,000,000 shares authorized; 35,397,330 and 34,467,465 shares issued and outstanding at March 31, 2019; 34,781,121 and 34,025,136 shares issued and outstanding at December 31, 2018	—		 	—		
Preferred stock: $0.00001 par value per share, 10,000,000 shares authorized; no shares issued and outstanding	—		 	—		
Additional paid-in capital	226,262		 	219,838		
Accumulated other comprehensive loss	(545	)	 	(753	)	
Accumulated deficit	(85,007	)	 	(83,711	)	
Treasury stock, at cost: 929,865 shares at March 31, 2019 and 755,985 shares at December 31, 2018	(10,701	)	 	(6,201	)	
Total stockholders’ equity	130,009		 	129,173		
Total liabilities and stockholders’ equity	$	221,305		 	$	207,510		

	
								
Trupanion, Inc.
Consolidated Statements of Cash Flows
(in thousands)	
 	Three Months Ended March 31,	
 	2019	 	2018	
 	(unaudited)	
Operating activities	 	 	 	
Net loss	$	(1,296	)	 	$	(1,480	)	
Adjustments to reconcile net loss to cash provided by operating activities:	 	 	 	
Depreciation and amortization	1,613		 	927		
Stock-based compensation expense	1,357		 	968		
Other, net	(3	)	 	23		
Changes in operating assets and liabilities:	 	 	 	
Accounts and other receivables	(5,894	)	 	(3,926	)	
Prepaid expenses and other assets	325		 	(129	)	
Accounts payable, accrued liabilities, and other liabilities	1,256		 	910		
Reserve for veterinary invoices	1,078		 	743		
Deferred revenue	5,523		 	4,041		
Net cash provided by operating activities	3,959		 	2,077		
Investing activities	 	 	 	
Purchases of investment securities	(17,350	)	 	(7,140	)	
Maturities of investment securities	10,205		 	5,300		
Purchases of property, equipment and intangible assets	(878	)	 	(992	)	
Other	(1,479	)	 	—		
Net cash used in investing activities	(9,502	)	 	(2,832	)	
Financing activities	 	 	 	
Proceeds from exercise of stock options	661		 	481		
Shares withheld to satisfy tax withholding	(197	)	 	—		
Proceeds from debt financing, net of financing fees	5,200		 	5,500		
Other financing	(271	)	 	(216	)	
Net cash provided by financing activities	5,393		 	5,765		
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash, net	220		 	70		
Net change in cash, cash equivalents, and restricted cash	70		 	5,080		
Cash, cash equivalents, and restricted cash at beginning of period	27,952		 	26,306		
Cash, cash equivalents, and restricted cash at end of period	$	28,022		 	$	31,386		

	
																																
The following table sets forth our key operating metrics:	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Three Months Ended	
 	Mar. 31, 2019	 	Dec. 31, 2018	 	Sept. 30, 2018	 	Jun. 30, 2018	 	Mar. 31, 2018	 	Dec. 31, 2017	 	Sept. 30, 2017	 	Jun. 30, 2017	
Total pets enrolled (at period end)	548,002		 	521,326		 	497,942		 	472,480		 	446,533		 	423,194		 	404,069		 	383,293		
Total subscription pets enrolled (at period end)	445,148		 	430,770		 	416,527		 	401,033		 	385,640		 	371,683		 	359,102		 	346,409		
Monthly average revenue per pet	$	56.13		 	$	55.15		 	$	54.55		 	$	53.96		 	$	53.62		 	$	53.17		 	$	52.95		 	$	51.47		
Lifetime value of a pet (LVP)	$	724		 	$	710		 	$	714		 	$	732		 	$	727		 	$	727		 	$	701		 	$	654		
Average pet acquisition cost (PAC)	$	205		 	$	186		 	$	155		 	$	150		 	$	165		 	$	184		 	$	151		 	$	143		
Average monthly retention	98.58	%	 	98.60	%	 	98.61	%	 	98.64	%	 	98.63	%	 	98.63	%	 	98.61	%	 	98.57	%	

	
								
The following table reflects the reconciliation of cash provided by operating activities to free cash flow (in thousands):	
 	 	 	 	
 	Three Months Ended March 31,	
 	2019	 	2018	
Net cash provided by operating activities	$	3,959		 	$	2,077		
Purchases of property and equipment	(878	)	 	(992	)	
Free cash flow	$	3,081		 	$	1,085		

	
									
The following table reflects the reconciliation of GAAP measures to non-GAAP measures (in thousands, except percentages):	
 	 	 	 	 	
 	 	Three Months Ended March 31,	
 	 	2019	 	2018	
Veterinary invoice expense	 	$	61,282		 	$	50,113		
Stock-based compensation expense	 	(161	)	 	(120	)	
Cost of goods	 	$	61,121		 	$	49,993		
% of revenue	 	70.3	%	 	71.7	%	
 	 	 	 	 	
Other cost of revenue	 	$	10,664		 	$	8,583		
Stock-based compensation expense	 	(86	)	 	(77	)	
Variable expenses	 	$	10,578		 	$	8,506		
% of revenue	 	12.2	%	 	12.2	%	
 	 	 	 	 	
Subscription gross profit	 	$	13,835		 	$	10,503		
Stock-based compensation expense	 	247		 	197		
Non-GAAP subscription gross profit	 	$	14,082		 	$	10,700		
% of subscription revenue	 	19.0	%	 	17.4	%	
 	 	 	 	 	
Gross profit	 	$	15,032		 	$	11,064		
Stock-based compensation expense	 	247		 	197		
Non-GAAP gross profit	 	$	15,279		 	$	11,261		
% of revenue	 	17.6	%	 	16.1	%	
 	 	 	 	 	
Technology and development expense	 	$	2,669		 	$	2,164		
General and administrative expense	 	5,419		 	4,458		
Depreciation and amortization expense	 	(1,613	)	 	(927	)	
Stock-based compensation expense	 	(681	)	 	(498	)	
Fixed expenses	 	$	5,794		 	$	5,197		
% of revenue	 	6.7	%	 	7.4	%	
 	 	 	 	 	
Sales and marketing expense	 	$	8,227		 	$	5,938		
Stock-based compensation expense	 	(429	)	 	(273	)	
Acquisition cost	 	$	7,798		 	$	5,665		
% of revenue	 	9.0	%	 	8.1	%	

	
																																
The following table reflects the reconciliation of acquisition cost and net acquisition cost to sales and marketing expense (in thousands):	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Three Months Ended	
 	Mar. 31, 2019	 	Dec. 31, 2018	 	Sept. 30, 2018	 	Jun. 30, 2018	 	Mar. 31, 2018	 	Dec. 31, 2017	 	Sept. 30, 2017	 	Jun. 30, 2017	
Sales and marketing expenses	$	8,227		 	$	6,994		 	$	6,365		 	$	5,702		 	$	5,938		 	$	5,781		 	$	4,862		 	$	4,372		
Excluding:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Stock-based compensation expense	(429	)	 	(355	)	 	(358	)	 	(349	)	 	(273	)	 	(172	)	 	(165	)	 	(198	)	
Acquisition cost	7,798		 	6,639		 	6,007		 	5,353		 	5,665		 	5,609		 	4,697		 	4,174		
Net of:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Sign-up fee revenue	(703	)	 	(655	)	 	(693	)	 	(624	)	 	(616	)	 	(550	)	 	(558	)	 	(517	)	
Other business segment sales and marketing expense	(130	)	 	(102	)	 	(99	)	 	(88	)	 	(87	)	 	(56	)	 	(51	)	 	(63	)	
Net acquisition cost	$	6,965		 	$	5,882		 	$	5,215		 	$	4,641		 	$	4,962		 	$	5,003		 	$	4,088		 	$	3,594		

	
																																
The following table reflects the reconciliation of adjusted EBITDA to net income (loss) (in thousands):	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Three Months Ended	
 	Mar. 31, 2019	 	Dec. 31, 2018	 	Sept. 30, 2018	 	Jun. 30, 2018	 	Mar. 31, 2018	 	Dec. 31, 2017	 	Sept. 30, 2017	 	Jun. 30, 2017	
Net (loss) income	$	(1,296	)	 	$	(275	)	 	$	1,205		 	$	(377	)	 	$	(1,480	)	 	$	(838	)	 	$	406		 	$	411		
Excluding:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Stock-based compensation expense	1,357		 	1,222		 	1,299		 	1,286		 	968		 	855		 	895		 	888		
Depreciation and amortization expense	1,613		 	1,485		 	1,136		 	964		 	927		 	1,024		 	1,095		 	1,077		
Interest income	(342	)	 	(234	)	 	(317	)	 	(179	)	 	(132	)	 	(3	)	 	(97	)	 	(76	)	
Interest expense	317		 	311		 	336		 	332		 	219		 	163		 	124		 	109		
Income tax expense (benefit) expense	40		 	4		 	(7	)	 	91		 	(95	)	 	(482	)	 	26		 	4		
(Gain) loss from equity method investment	—		 	—		 	—		 	(107	)	 	—		 	—		 	—		 	(1,036	)	
Adjusted EBITDA	$	1,689		 	$	2,513		 	$	3,652		 	$	2,010		 	$	407		 	$	719		 	$	2,449		 	$	1,377		

Contacts : 

Investors:
Laura Bainbridge, Head of Investor Relations
206.607.1929
InvestorRelations@trupanion.com