Trupanion, Inc. (NASDAQ:TRUP) Q3 2023 Earnings Conference Call November 2, 2023 4:30 PM ET
Company Participants
Laura Bainbridge – Senior Vice President-Corporate Communications
Darryl Rawlings – Chief Executive Officer and Chair of the Board
Margi Tooth – President
Wei Li – Corporate Controller and Senior Vice President-Finance
Fawwad Qureshi – Chief Financial Officer
Conference Call Participants
Maria Ripps – Canaccord
Shweta Khajuria – Evercore ISI
Josh Shanker – Bank of America
Jon Block – Stifel
Wilma Burdis – Raymond James
Katie Sakys – Autonomous Research
John Barnidge – Piper Sandler
Operator
Hello, and welcome to the Trupanion Third Quarter 2023 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note, this event is being recorded.
I would like now to turn the conference over to Laura Bainbridge, Senior Vice President of Corporate Communications. Please go ahead.
Laura Bainbridge
Good afternoon, and welcome to Trupanion’s third quarter 2023 financial results conference call. Participating on today’s call are Darryl Rawlings, Chief Executive Officer and Chair of the Board; Margi Tooth, President; and Wei Li, Corporate Controller and SVP of Finance; and Fawwad Qureshi, Trupanion’s Chief Financial Officer. For ease of reference, we’ve included a slide presentation to accompany today’s discussion, which is available on today’s webcast.
Before we begin, I would like to remind everyone that during today’s conference call, we will make certain forward-looking statements regarding the future operations, opportunities and financial performance of Trupanion within the meaning of the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995.
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 our earnings release, which can be found on our Investor Relations website, 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 expense. 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 U.S. GAAP.