Market Overview

Trupanion Reports Second Quarter 2018 Results

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SEATTLE, Aug. 02, 2018 (GLOBE NEWSWIRE) -- Trupanion, Inc. (NASDAQ:TRUP), a leading provider of medical insurance for cats and dogs, today announced financial results for the second quarter ended June 30, 2018.

"Overall, Q2 was a productive quarter of consistent growth that culminated with a successful equity financing.  This financing positions us to further decrease fixed expenses and increase the funds available to us to invest in pet acquisition, by acquiring our home office in Seattle," said Darryl Rawlings, CEO of Trupanion. 

Second Quarter 2018 Financial and Business Highlights

  • Total revenue was $73.4 million, an increase of 26% compared to the second quarter of 2017.
  • Total enrolled pets (including pets from our other business segment) was 472,480 at June 30, 2018, an increase of 23% over June 30, 2017.
  • Subscription business revenue was $63.9 million, an increase of 21% compared to the second quarter of 2017.
  • Subscription enrolled pets was 401,033 at June 30, 2018, an increase of 16% over June 30, 2017.
  • Net loss of $(0.4) million, or $(0.01) per basic and diluted share, compared to net income of $0.4 million, or $0.01 per basic and diluted share, in the second quarter of 2017. Excluding the one-time gain on the sale of an equity method investment, second quarter 2017 net loss was $(0.6) million, or $(0.02) per basic and diluted share.
  • Adjusted EBITDA was $2.0 million, compared to adjusted EBITDA of $1.4 million in the second quarter of 2017.
  • Operating cash flow was $(0.5) million and free cash flow was $(1.8) million for the second quarter of 2018. Excluding an earnest money deposit of $3.3 million during the quarter related to our home office acquisition, free cash flow was $1.4 million, compared to free cash flow of $1.0 million in the second quarter of 2017, which included operating cash flow of $1.8 million. 

First Half 2018 Financial and Business Highlights

  • Total revenue was $143.2 million, an increase of 27% compared to the first half of 2017.
  • Subscription business revenue was $125.4 million, an increase of 22% compared to the first half of 2017.
  • Net loss of $(1.9) million, or $(0.06) per basic and diluted share, compared to net loss of $(1.1) million, or $(0.04) per basic and diluted share, in the first half of 2017.
  • Adjusted EBITDA was $2.4 million, compared to adjusted EBITDA of $1.8 million in the first half of 2017.
  • Operating cash flow was $1.6 million and free cash flow was $(0.8) million for the first half of 2018. Excluding an earnest money deposit of $3.3 million during the quarter related to our home office acquisition, free cash flow was $2.5 million, compared to free cash flow of $2.4 million in the first half of 2017, which included operating cash flow of $3.7 million.   

Revenue by Quarter
A chart accompanying this announcement is available at 
http://resource.globenewswire.com/Resource/Download/eb042ad3-0a51-4c96-9f8c-92c78eb4d992 

Conference Call
Trupanion's management will host a conference call today to review its second quarter 2018 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: 13681416.

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 currency exchange rates; the ability to protect our proprietary and member information; the ability to maintain our culture and team, including key personnel; 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; and the ability to recognize benefits from investments in new solutions and enhancements to Trupanion's technology platform and website.

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, 2017 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
June 30,
  Six Months Ended
June 30,
 
  2018   2017   2018   2017  
                 
  (unaudited)  
Revenue:                
Subscription business $ 63,867     $ 52,641     $ 125,384     $ 102,870    
Other business 9,525    5,634    17,768    10,134   
Total revenue 73,392     58,275     143,152     113,004    
Cost of revenue:                
Subscription business(1) 52,333     42,591     103,347     83,837    
Other business 8,706     5,333     16,388     9,661    
  Total cost of revenue(2) 61,039     47,924     119,735     93,498    
Gross profit:                
Subscription business 11,534     10,050     22,037     19,033    
Other business 819     301     1,380     473    
Total gross profit 12,353     10,351     23,417     19,506    
Operating expenses:                
Technology and development(1) 2,298     2,322     4,462     4,725    
General and administrative(1) 4,610     4,245     9,068     8,257    
Sales and marketing(1) 5,702     4,372     11,640     8,461    
Total operating expenses 12,610     10,939     25,170     21,443    
Operating loss (257 )   (588 )   (1,753 )   (1,937 )  
Interest expense 332     109     551     246    
Other (income) expense, net (303 )   (1,112 )   (443 )   (1,140 )  
(Loss) income before income taxes (286 )   415     (1,861 )   (1,043 )  
Income tax expense (benefit) 91     4     (4 )   28    
Net (loss) income $ (377 )   $ 411     $ (1,857 )   $ (1,071 )  
Net (loss) income per share:                
  Basic and diluted $ (0.01 )   $ 0.01     $ (0.06 )   $ (0.04 )  
Weighted average common shares outstanding:                
Basic 30,721,037     29,510,907     30,485,121     29,383,502    
Diluted 30,721,037     32,734,624     30,485,121     29,383,502    
                 
(1)Includes stock-based compensation expense as follows:                
  Three Months Ended
June 30,
  Six Months Ended
June 30,
 
   
  2018   2017   2018   2017  
Cost of revenue $ 252     $ 149     $ 449     $ 262    
Technology and development 60     59     109     109    
General and administrative 625     482     1,074     913    
Sales and marketing 349     198     622     385    
Total stock-based compensation expense $ 1,286     $ 888     $ 2,254     $ 1,669    
                 
(2)The breakout of cost of revenue between veterinary invoice expense and other cost of revenue is as follows:  
   
  Three Months Ended
June 30,
  Six Months Ended
June 30,
 
  2018   2017   2018   2017  
Veterinary invoice expense $ 51,780     $ 41,009     $ 101,893     $ 80,196    
Other cost of revenue 9,259     6,915     17,842     13,302    
  Total cost of revenue $ 61,039     $ 47,924     $ 119,735     $ 93,498    
                                 


 
Trupanion, Inc.
Consolidated Balance Sheets
(in thousands, except share data)
 
  June 30,
2018
  December 31,
2017
  (unaudited)    
Assets      
Current assets:      
Cash and cash equivalents $ 95,424     $ 25,706  
Short-term investments 42,802     37,590  
Accounts and other receivables 28,552     20,367  
Prepaid expenses and other assets 6,890     2,895  
Total current assets 173,668     86,558  
Restricted cash 1,400     600  
Long-term investments, at fair value 3,311     3,237  
Property and equipment, net 8,208     7,868  
Intangible assets, net 5,158     4,972  
Other long-term assets 2,554     2,624  
Total assets $ 194,299     $ 105,859  
Liabilities and stockholders' equity      
Current liabilities:      
Accounts payable $ 2,373     $ 2,716  
Accrued liabilities and other current liabilities 10,424     7,660  
Reserve for veterinary invoices 13,996     12,756  
Deferred revenue 30,339     22,734  
Total current liabilities 57,132     45,866  
Long-term debt 18,628     9,324  
Deferred tax liabilities 1,002     1,002  
Other liabilities 1,285     1,233  
Total liabilities 78,047     57,425  
Stockholders' equity:      
Common stock: $0.00001 par value, 100,000,000 shares authorized; 33,475,275 and 32,719,290 shares issued and outstanding at June 30, 2018; 30,778,796 and 30,121,496 shares issued and outstanding at December 31, 2017      
Preferred stock: $0.00001 par value, 10,000,000 shares authorized; no shares issued and outstanding      
Additional paid-in capital 207,505     134,511  
Accumulated other comprehensive loss (411 )   (92 )
Accumulated deficit (84,641 )   (82,784 )
Treasury stock, at cost: 755,985 shares at June 30, 2018 and 657,300 shares at December 31, 2017 (6,201 )   (3,201 )
Total stockholders' equity 116,252     48,434  
Total liabilities and stockholders' equity $ 194,299     $ 105,859  
               


 
Trupanion, Inc.
Consolidated Statements of Cash Flows
(in thousands)
 
  Three Months Ended
June 30,
  Six Months Ended
June 30,
  2018   2017   2018   2017
               
  (unaudited)
Operating activities              
Net (loss) income $ (377 )   $ 411     $ (1,857 )   $ (1,071 )
Adjustments to reconcile net (loss) income to cash (used in) provided by operating activities:              
Depreciation and amortization 964     1,077     1,891     2,113  
Stock-based compensation expense 1,286     888     2,254     1,669  
Gain on sale of equity method investment     (1,036 )       (1,036 )
Other, net 15     (41 )   38     56  
Changes in operating assets and liabilities:              
Accounts and other receivables (4,242 )   (3,596 )   (8,168 )   (6,968 )
Prepaid expenses and other assets (3,939 )   36     (4,068 )   (183 )
Accounts payable, accrued liabilities, and other liabilities 1,657     1,208     2,567     913  
Reserve for veterinary invoices 550     166     1,293     1,259  
Deferred revenue 3,620     2,711     7,661     6,929  
Net cash (used in) provided by operating activities (466 )   1,824     1,611     3,681  
Investing activities              
Purchases of investment securities (13,246 )   (9,723 )   (20,386 )   (14,895 )
Maturities of investment securities 9,715     7,841     15,015     11,712  
Proceeds from sale of equity method investment     1,402         1,402  
Purchases of property and equipment (1,378 )   (802 )   (2,370 )   (1,264 )
Other investments 113     (43 )   113     (2,753 )
Net cash used in investing activities (4,796 )   (1,325 )   (7,628 )   (5,798 )
Financing activities              
Proceeds from public offering of common stock, net of offering costs 65,886         65,886      
Proceeds from exercise of stock options 1,175     610     1,656     1,647  
Proceeds from exercise of warrants 300         300      
Proceeds from debt financing, net of financing fees 3,750     1,499     9,250     1,459  
Other financing (140 )   (101 )   (356 )   (203 )
Net cash provided by financing activities 70,971     2,008     76,736     2,903  
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash, net (271 )   160     (201 )   181  
Net change in cash, cash equivalents, and restricted cash 65,438     2,667     70,518     967  
Cash, cash equivalents, and restricted cash at beginning of period 31,386     22,537     26,306     24,237  
Cash, cash equivalents, and restricted cash at end of period $ 96,824     $ 25,204     $ 96,824     $ 25,204  


The following tables set forth our key operating metrics:
                                 
  Six Months Ended                          
  June 30,                          
  2018   2017                          
Total subscription pets enrolled (at period end) 401,033     346,409                            
Total pets enrolled (at period end) 472,480     383,293                            
Monthly average revenue per pet $ 53.79     $ 50.99                            
Lifetime value of a pet (LVP) $ 732     $ 654                            
Average pet acquisition cost (PAC) $ 158     $ 135                            
Average monthly retention 98.64 %   98.57 %                          
                                 
                                 
  Three Months Ended
  Jun. 30,
2018
  Mar. 31,
2018
  Dec. 31, 2017   Sept. 30, 2017   Jun. 30,
2017
  Mar. 31,
2017
  Dec. 31,
2016
  Sept. 30, 2016  
Total subscription pets enrolled (at period end) 401,033     385,640     371,683     359,102     346,409     334,909     323,233     312,282    
Total pets enrolled (at period end) 472,480     446,533     423,194     404,069     383,293     364,259     343,649     334,070    
Monthly average revenue per pet $ 53.96     $ 53.62     $ 53.17     $ 52.95     $ 51.47     $ 50.50     $ 49.17     $ 48.37    
Lifetime value of a pet (LVP) $ 732     $ 727     $ 727     $ 701     $ 654     $ 637     $ 631     $ 624    
Average pet acquisition cost (PAC) $ 150     $ 165     $ 184     $ 151     $ 143     $ 128     $ 133     $ 120    
Average monthly retention 98.64 %   98.63 %   98.63 %   98.61 %   98.57 %   98.58 %   98.60 %   98.61 %  
                                 


 
The following table reflects the reconciliation of net cash (used in) provided by operating activities to free cash flow and free cash flow, excluding earnest money deposit (in thousands):
                 
  Three Months Ended
June 30,
  Six Months Ended
June 30,
 
  2018   2017   2018   2017  
Net cash (used in) provided by operating activities $ (466 )   $ 1,824     $ 1,611     $ 3,681    
Purchases of property and equipment (1,378 )   (802 )   (2,370 )   (1,264 )  
Free cash flow $ (1,844 )   $ 1,022     $ (759 )   $ 2,417    
Exclude earnest money deposit 3,250         3,250        
Free cash flow, excluding earnest money deposit $ 1,406     $ 1,022     $ 2,491     $ 2,417    


The following table reflects the reconciliation of GAAP measures to non-GAAP measures (in thousands, except percentages):  
                   
    Three Months Ended
June 30,
  Six Months Ended
June 30,
 
    2018   2017   2018   2017  
Veterinary invoice expense   $ 51,780     $ 41,009     $ 101,893     $ 80,196    
Stock-based compensation expense   (148 )   (89 )   (268 )   (159 )  
Cost of goods   $ 51,632     $ 40,920     $ 101,625     $ 80,037    
% of revenue   70.4 %   70.2 %   71.0 %   70.8 %  
                   
Other cost of revenue   $ 9,259     $ 6,915     $ 17,842     $ 13,302    
Stock-based compensation expense   (104 )   (60 )   (181 )   (103 )  
Variable expenses   $ 9,155     $ 6,855     $ 17,661     $ 13,199    
% of revenue   12.5 %   11.8 %   12.3 %   11.7 %  
                   
Subscription gross profit   $ 11,534     $ 10,050     $ 22,037     $ 19,033    
Stock-based compensation expense   252     149     449     262    
Non-GAAP subscription gross profit   $ 11,786     $ 10,199     $ 22,486     $ 19,295    
% of subscription revenue   18.5 %   19.4 %   17.9 %   18.8 %  
                   
Gross profit   $ 12,353     $ 10,351     $ 23,417     $ 19,506    
Stock-based compensation expense   252     149     449     262    
Non-GAAP gross profit   $ 12,605     $ 10,500     $ 23,866     $ 19,768    
% of revenue   17.2 %   18.0 %   16.7 %   17.5 %  
                   
Technology and development expense   $ 2,298     $ 2,322     $ 4,462     $ 4,725    
General and administrative expense   4,610     4,245     9,068     8,257    
Depreciation and amortization expense   (964 )   (1,077 )   (1,891 )   (2,113 )  
Stock-based compensation expense   (685 )   (541 )   (1,183 )   (1,022 )  
Fixed expenses   $ 5,259     $ 4,949     $ 10,456     $ 9,847    
% of revenue   7.2 %   8.5 %   7.3 %   8.7 %  
                   
Sales and marketing expense   $ 5,702     $ 4,372     $ 11,640     $ 8,461    
Stock-based compensation expense   (349 )   (198 )   (622 )   (385 )  
Acquisition cost   $ 5,353     $ 4,174     $ 11,018     $ 8,076    
% of revenue   7.3 %   7.2 %   7.7 %   7.1 %  


 
The following tables reflect the reconciliation of acquisition cost and net acquisition cost to sales and marketing expense (in thousands):
                               
  Six Months Ended                        
  June 30,                        
  2018   2017                        
Sales and marketing expenses $ 11,640     $ 8,461                          
Excluding:                              
Stock-based compensation expense (622 )   (385 )                        
Acquisition cost 11,018     8,076                          
Net of:                              
Sign-up fee revenue (1,240 )   (1,061 )                        
Other business segment sales and marketing expense (175 )   (111 )                        
Net acquisition cost $ 9,603     $ 6,904                          
                               
  Three Months Ended
  Jun. 30,
2018
  Mar. 31,
2018
  Dec. 31, 2017   Sept. 30, 2017   Jun. 30,
2017
  Mar. 31,
2017
  Dec. 31, 2016   Sept. 30, 2016
Sales and marketing expenses $ 5,702     $ 5,938     $ 5,781     $ 4,862     $ 4,372     $ 4,089     $ 3,951     $ 3,892  
Excluding:                              
Stock-based compensation expense (349 )   (273 )   (172 )   (165 )   (198 )   (187 )   (113 )   (172 )
Acquisition cost 5,353     5,665     5,609     4,697     4,174     3,902     3,838     3,720  
Net of:                              
Sign-up fee revenue (624 )   (616 )   (550 )   (558 )   (517 )   (544 )   (526 )   (525 )
Other business segment sales and marketing expense (88 )   (87 )   (56 )   (51 )   (63 )   (48 )   (62 )   (63 )
Net acquisition cost $ 4,641     $ 4,962     $ 5,003     $ 4,088     $ 3,594     $ 3,310     $ 3,250     $ 3,132  
                               


The following tables reflect the reconciliation of adjusted EBITDA to net (loss) income (in thousands):
                               
  Six Months Ended                        
  June 30,                        
  2018   2017                        
Net loss $ (1,857 )   $ (1,071 )                        
Excluding:                              
Stock-based compensation expense 2,254     1,669                          
Depreciation and amortization expense 1,891     2,113                          
Interest income (311 )   (127 )                        
Interest expense 551     246                          
Income tax (benefit) expense (4 )   28                          
Gain from equity method investment (107 )   (1,029 )                        
Adjusted EBITDA $ 2,417     $ 1,829                          
                               
  Three Months Ended
  Jun. 30,
2018
  Mar. 31,
2018
  Dec. 31, 2017   Sept. 30, 2017   Jun. 30,
2017
  Mar. 31,
2017
  Dec. 31, 2016   Sept. 30, 2016
Net (loss) income $ (377 )   $ (1,480 )   $ (838 )   $ 406     $ 411     $ (1,482 )   $ (1,723 )   $ (1,637 )
Excluding:                              
Stock-based compensation expense 1,286     968     855     895     888     781     731     776  
Depreciation and amortization expense 964     927     1,024     1,095     1,077     1,036     1,229     1,093  
Interest income (179 )   (132 )   (3 )   (97 )   (76 )   (51 )   (41 )   (29 )
Interest expense 332     219     163     124     109     137     81     66  
Income tax expense (benefit) 91     (95 )   (482 )   26     4     24     7     13  
(Gain) loss from equity method investment (107 )               (1,036 )   7     18     22  
Adjusted EBITDA $ 2,010     $ 407     $ 719     $ 2,449     $ 1,377     $ 452     $ 302     $ 304  
                               


 
The following tables reflect the reconciliation of net loss, excluding gain on sale of equity method investment, to net (loss) income, and basic and diluted earnings per share, excluding gain on sale of equity method investment, to basic and diluted earnings per share (in thousands, except share data): 
                 
  Three Months Ended   Six Months Ended  
  June 30,   June 30,  
  2018   2017   2018   2017  
Net (loss) income $ (377 )   $ 411     $ (1,857 )   $ (1,071 )  
Excluding:                
Gain on sale of equity method investment     (1,036 )       (1,036 )  
Net loss, excluding gain on sale of equity method investment $ (377 )   $ (625 )   $ (1,857 )   $ (2,107 )  
                 
  Three Months Ended   Six Months Ended  
  June 30,   June 30,  
  2018   2017   2018   2017  
Basic and diluted earnings per share $ (0.01 )   $ 0.01     $ (0.06 )   $ (0.04 )  
Excluding:                
Gain on sale of equity method investment     (0.03 )       (0.03 )  
Basic and diluted earnings per share, excluding gain on sale of equity method investment $ (0.01 )   $ (0.02 )   $ (0.06 )   $ (0.07 )  
                 
Basic weighted average common shares outstanding 30,721,037     29,510,907     30,485,121     29,383,502    
Diluted weighted average common shares outstanding 30,721,037     32,734,624     30,485,121     29,383,502    
                         

Contacts

Investors:
Laura Bainbridge, Addo Investor Relations
310.829.5400
InvestorRelations@trupanion.com

Media:
Scott Janzen, Trupanion Director of Communications
888.612.1138 ext 3450
scott.janzen@trupanion.com

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