Trupanion, Inc. (TRUP) 2026 Q1 法說會逐字稿

Good day and welcome to the Trupanion first quarter 2026 earnings conference call. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加 Trupanion 2026 年第一季財報電話會議。(接線員指示) 請注意，本活動將被錄音。

I would now like to turn the conference over to Gil Melchior, Director of Investor Relations. Please go ahead.

現在我想把會議交給投資人關係總監 Gil Melchior。請開始。

Good afternoon and welcome to Trupanion's first quarter 2026 financial results conference call. Participating on today's call are Margi Tooth, Chief Executive Officer and President; and Fawwad Qureshi, Chief Financial Officer.

各位下午好，歡迎參加 Trupanion 2026 年第一季財務業績電話會議。今天參與會議的有：執行長兼總裁 Margi Tooth，以及財務長 Fawwad Qureshi。

Before we begin, please be advised that remarks today will contain forward-looking statements. All statements are then statements of historical facts are forward-looking statements. These include, but are not limited to. Statements regarding our future operations, key operating metrics, opportunities and financial performance, pricing and veterinary industry inflation.

在開始之前，請注意今天的發言將包含前瞻性陳述。除歷史事實陳述之外的所有陳述均為前瞻性陳述。其中包括但不限於：關於我們未來營運、關鍵營運指標、機會與財務表現、定價以及獸醫產業通膨的陳述。

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 today's earnings release, as well as the company's most recent reports, including Forms 10-K, 10-Q, and 8-K, filed with the Securities and Exchange Commission.

這些陳述涉及高度的已知與未知風險及不確定性，可能導致實際結果與所討論內容存在重大差異。關於這些及其他風險與不確定性的詳細討論，已載於今日的財報新聞稿，以及公司最近期的報告中，包括向美國證券交易委員會提交的 10-K、10-Q 與 8-K 表格。

Today's presentation contains references to non-GAAP financial measures that management uses to evaluate the company's performance, including without limitation, cost of paying veterinary invoices, bearable expenses, fixed expenses. Adjusted operating income, acquisition costs, internal rate of return, adjusted EBITDA, and free cash flow.

今天的簡報包含對非 GAAP 財務衡量指標的引用，管理層用以評估公司表現，包括但不限於：支付獸醫帳單成本、可控費用、固定費用。調整後營業利益、獲客成本、內部報酬率、調整後 EBITDA，以及自由現金流。

When we use the term adjusted operating income or margin, it is intended to refer to a non-GAAP operating income or margin before new pet acquisition and development expenses. Unless otherwise noted, all margins and expenses will be presented on a non-GAAP basis and excluding stock-based compensation expense and depreciation expense.

當我們使用「調整後營業利益」或「調整後營業利益率」一詞時，係指扣除新寵物獲取與開發費用之前的非 GAAP 營業利益或利益率。除非另有說明，所有利益率與費用將以非 GAAP 基礎呈列，並排除股份基礎給付費用與折舊費用。

These non-GAAP measures are in addition to another substitute for measures of financial performance prepared in accordance with the US GAAP. Investors are encouraged to review the reconciliations of these non-GAAP financial measures to the most directly comparable GAAP results, which can be found in today's press release.

這些非 GAAP 指標是對依照美國 GAAP 編製之財務績效衡量的補充，而非替代。我們鼓勵投資人查閱這些非 GAAP 財務衡量指標與最直接可比的 GAAP 結果之調節表，該等資料可於今日新聞稿中找到。

Lastly, I would like to remind everyone that today's conference call is also available via webcast on Trupanion's Investor Relations website. A replay will also be available on this site.

最後提醒各位，今天的電話會議也可透過 Trupanion 投資人關係網站的網路直播收看。該網站亦將提供重播。

I will now hand over the call to Margi.

現在我把電話交給 Margi。

Good afternoon, everyone, and thank you for joining us today.

各位下午好，感謝今天加入我們。

In the first quarter, we generated over $40 million of adjusted operating income, up 29% year-over-year and remain on track to deliver $180 million for the full year. In my shareholder letter published earlier this week, I highlighted the importance of adjusted operating income, which provides the flexibility to invest in growth and serves as a proxy for our core earnings power.

第一季我們創造超過 4,000 萬美元的調整後營業利益（AOI），年增 29%，並仍按計畫在全年達成 1.8 億美元。我在本週稍早發布的致股東信中強調調整後營業利益的重要性；它提供投資成長的彈性，並可作為我們核心獲利能力的替代指標。

As we enter a highly compelling period in the pet insurance industry, that flexibility presented by strong performance against this metric is increasingly important. The human-animal bond continues to strengthen, which means pet care once considered discretionary is now viewed by many as a necessity. Alongside this trend, the cost of veterinary support has increased significantly, limiting access to care for a growing number of uninsured pets.

隨著我們進入寵物保險產業極具吸引力的階段，這種由該指標強勁表現所帶來的彈性變得愈發重要。人與動物之間的連結持續加深，意味著過去被視為可有可無的寵物照護，如今被許多人視為必需品。伴隨此趨勢，獸醫支援的成本顯著上升，使得越來越多未投保的寵物在取得照護方面受到限制。

These dynamics create a meaningful and expanding opportunity for Trupanion. To fully capture what's ahead, we intend to embolden our messaging, broaden our existing product, introduce a brand new product, and continue to invest to grow the business. To do this, we'll leverage our adjusted operating income, which, as I noted in my shareholder letter, has compounded annually at 35% in the last two years and 45% over the last 10%.

這些動態為 Trupanion 創造了重要且持續擴大的機會。為了充分掌握未來機會，我們打算強化訊息傳達、擴充既有產品、推出全新產品，並持續投資以推動業務成長。為此，我們將運用調整後營業利益；如我在致股東信中所述，過去兩年該指標年複合成長 35%，過去 10 年為 45%。

The same growth of this nature requires discipline across pricing, retention, and new member acquisition. Simply put, for it to expand meaningfully, we must be priced accurately, maintain or improve retention, and add new members at our target value proposition, ultimately expanding our pet count and the number of pets we protect. Our track record demonstrates the ability to do this for more than two decades.

要達成同等性質的成長，需要在定價、續保留存與新會員獲取方面保持紀律。簡而言之，若要實質擴張，我們必須精準定價、維持或提升留存率，並以我們目標價值主張新增會員，最終擴大寵物數量以及我們所保障的寵物數。我們的歷史紀錄顯示，二十多年來我們一直具備做到這些的能力。

Today, we provide coverage for nearly 1 million pets under the Trupanion brand, and last year, more than a quarter of a million pet parents chose us because they wanted high-quality coverage for their pets. Yet, there are many more that didn't, and we need to be sharper in how we communicate what makes us different and why it matters.

目前，在 Trupanion 品牌下我們為接近 100 萬隻寵物提供保障；去年有超過 25 萬名寵物家長選擇我們，因為他們希望為寵物取得高品質保障。然而，仍有更多人沒有選擇我們，我們需要更精準地傳達我們的差異化以及其重要性。

Beyond that, we also recognize the opportunity of expanding the options available for our existing product to offer greater choice, as well as innovating pet insurance once again with a modern, digital-first lens with plans to bring a new solution to market later this year. The new product will carry the mark of Trupanion to enable us to better leverage our brand reputation, direct payment, pet acquisition investment, and to create room for upsell or cross-sell where appropriate to reach a broader customer segment.

除此之外，我們也看見擴充既有產品可選方案、提供更多選擇的機會；同時，我們也將以現代、數位優先的視角再次創新寵物保險，計畫在今年稍晚推出新的解決方案。新產品將帶有 Trupanion 的印記，使我們能更好地運用品牌聲譽、直接付款、寵物獲取投資，並在適當情況下創造加購或交叉銷售空間，以觸及更廣泛的客群。

As these initiatives come to life, we must also plan to operate with improving efficiency and cohesion. With that in mind, we're reorganizing our approach to growth to unify under a single leader and to create a consistent, bold and clear pet parent experience in support of this mandate, from lead generation through to conversion and retention.

隨著這些計畫逐步落地，我們也必須規劃以更高效率與更強協同來營運。基於此，我們正在重整成長策略的推進方式，統一由單一領導者負責，並打造一致、大膽且清晰的寵物家長體驗，以支持此使命，涵蓋從潛在客戶開發到轉換與留存的全流程。

That said, our overall expectations for the year remain unchanged with adjusted operating income continuing to propel growth and investment in the business as we benefit from the scale achieved across the operations, retention and the accuracy of our pricing.

即便如此，我們對今年的整體預期維持不變；調整後營業利益將持續推動成長與對業務的投資，同時我們也將受益於營運規模、留存表現以及定價準確性所帶來的優勢。

With that, I'll briefly turn to some notable developments and results from the quarter. At the beginning of this call, I mentioned our increase in total AOI to over $40 million. Our subscription business generated the majority of this, contributing $38 million, which directly translates to a record lifetime value per pet, up 29% year-over-year, giving us ongoing confidence to compound the business by investing at continuously higher levels.

接下來，我將簡要說明本季幾項值得注意的進展與成果。在本次電話會議開始時，我提到我們的 AOI 總額提升至超過 4,000 萬美元。其中大部分來自我們的訂閱業務，貢獻 3,800 萬美元，並直接反映為每隻寵物的創紀錄終身價值（LTV），年增 29%，使我們持續有信心透過在更高水準持續投資來複利式成長業務。

The pet acquisition investment in the quarter, which was 53% of our total AOI, fuels a growth plan expected to deliver returns across multiple time horizons, with benefits accruing beyond the current quarter, all while continuing to generate strong free cash flow.

本季的寵物獲取投資占我們 AOI 總額的 53%，推動一項預期可在多個時間跨度帶來回報的成長計畫，其效益將延伸至本季之後，同時我們仍持續產生強勁的自由現金流。

We added approximately 64,700 pets into our ecosystem in Q1. And we recognize there's still work to do in order to fully capitalize on the opportunity in front of us, yet we're encouraged by the mix the pets onboarded continue to demonstrate strong and durable per-pet economics.

第一季我們約新增 64,700 隻寵物進入我們的生態系。我們也認知到，為了充分把握眼前的機會仍有工作要做；但我們受到鼓舞的是，新加入的寵物組合持續展現強勁且具持久性的單寵經濟效益。

At the end of the quarter, we began the early rollout of the first of our strategic initiatives under our new strategic plan, adding flexibility to our core Trupanion product for pet parents wanting Trupanion at a lower entry point.

在本季末，我們開始針對新策略計畫下的第一項策略倡議進行早期推廣，為希望以較低入門門檻選擇 Trupanion 的寵物家長，提升我們核心 Trupanion 產品的彈性。

Initially available in Canada, we've expanded to a handful of US States and intend to expand broadly throughout the year. Early results are encouraging, with improved web conversion rates relative to prior periods, an indication that offering greater choice is resonating with pet parents.

最初僅在加拿大提供，我們已擴展至美國少數幾個州，並計劃在今年內廣泛擴張。初步結果令人鼓舞，網站轉換率較先前期間有所提升，顯示提供更多選擇正引起寵物家長的共鳴。

Worth noting, when presented with a broader set of options, pet parents are consistently selecting coverage levels that are somewhat in line with our core offering. Suggesting increased flexibility is expanding access without materially shifting selection toward lower coverage. As we move through the year, we remain focused on executing against these priorities with discipline, while continuing to build on a strong foundation.

值得注意的是，當提供更廣泛的選項時，寵物家長一貫選擇的保障水準大致與我們的核心方案相符。這顯示提高彈性正在擴大可及性，同時並未在實質上使選擇明顯轉向較低保障。隨著我們推進今年的工作，我們仍將專注於以紀律執行這些優先事項，同時持續在堅實的基礎上再接再厲。

With that, I'll turn it over to Fawwad to walk through our Q1 financial results in more detail.

接下來，我把時間交給 Fawwad，請他更詳細地說明我們第一季的財務結果。

Thanks, Margi, and good afternoon, everyone.

謝謝你，Margi，各位下午好。

Today, I will share additional details around our first quarter performance as well as provide our outlook for the second quarter and full year 2026. Total revenue for the quarter was $384 million, up 12% year-over-year. Within our subscription business, revenue was $269.5 million, up 16% year-over-year and exceeding the high end of our expectations.

今天，我將分享我們第一季表現的更多細節，並提供我們對 2026 年第二季及全年展望。本季總營收為 3.84 億美元，年增 12%。在我們的訂閱業務中，營收為 2.695 億美元，年增 16%，並超出我們預期區間的上緣。

Total monthly average revenue per pet for the quarter was $85.79, up 11% over the prior-year-period. Total subscription pets increased 5% year-over-year to 1,106,000 pets as of March 31. This includes approximately 64,000 pets in Europe. Average monthly retention for the trailing 12 months was 98.35%, up versus the first quarter last year, which was 98.28%.

本季每隻寵物的月均總營收為 85.79 美元，較去年同期成長 11%。截至 3 月 31 日，訂閱寵物總數年增 5% 至 1,106,000 隻。其中包括歐洲約 64,000 隻寵物。過去 12 個月的月均留存率為 98.35%，高於去年第一季的 98.28%。

The subscription business cost to paying veterinary invoices was $190.9 million, resulting in a value proposition of 70.8% versus 71.8% in the prior-year period. This improvement came in light of an adverse development from prior periods of $3.1 million or approximately 120 basis points of subscription revenue, showcasing the strong performance in the quarter.

訂閱業務用於支付獸醫帳單的成本為 1.909 億美元，使價值主張為 70.8%，相較去年同期為 71.8%。在先前期間出現 310 萬美元（約占訂閱營收 120 個基點）的不利發展情況下仍能改善，展現本季的強勁表現。

As a percentage of subscription revenue, variable expenses were 9.1%, in line with the first quarter of last year. Fixed expenses as a percentage of revenue were 5.8%, down from 6.2% in the prior-year period. Combined, we saw fixed and variable spending at 14.9% of revenue in Q1, an improvement from 15.3% in the prior-year period.

以訂閱營收的百分比計，變動費用為 9.1%，與去年第一季持平。固定費用占營收比為 5.8%，低於去年同期的 6.2%。合計而言，我們在第一季的固定與變動支出合計為營收的 14.9%，較去年同期的 15.3% 改善。

Our subscription business delivered adjusted operating income of $38.4 million, an increase of 28% from last year and contributed 96% of our total AOI for the quarter. Subscription adjusted operating margin was 14.2%, the highest Q1 margin in our history and up from 12.9% in the prior year and represents approximately 130 basis points of margin expansion.

我們的訂閱業務實現調整後營業利益（AOI）3,840 萬美元，較去年成長 28%，並貢獻本季總 AOI 的 96%。訂閱調整後營業利益率為 14.2%，為我們歷史上第一季最高水準，較去年同期的 12.9% 提升，約擴張 130 個基點。

And now I'll turn to our other business segment, which is comprised of revenue from other products and services that have a lower margin profile than our subscription business. Our other business revenue was $114.6 million for the quarter, an increase of 5% year-over-year.

接下來談我們的其他業務部門，其由其他產品與服務的營收構成，毛利率水準低於我們的訂閱業務。本季其他業務營收為 1.146 億美元，年增 5%。

We expect growth for this segment to continue to decelerate as we are no longer enrolling new pets in the majority of US States for our largest partner in this segment. Adjusted operating income for this segment was $1.8 million or 1.6% of revenue.

我們預期該部門的成長將持續放緩，因為我們已不再在美國多數州為該部門最大的合作夥伴招募新寵物。該部門的調整後營業利益為 180 萬美元，占營收 1.6%。

In total, adjusted operating income was $40.2 million in Q1, up 29% from Q1 last year and in line with our expectations. We deployed $21.2 million of this AOI to acquire approximately 64,700 new subscription pets. Excluding the pets that are underwritten through an MGA structure, this translated into an average pet acquisition cost of $315 per pet in the quarter, up from $267 in the prior year period.

整體而言，第一季調整後營業利益為 4,020 萬美元，較去年第一季成長 29%，並符合我們的預期。我們將其中 2,120 萬美元的 AOI 用於取得約 64,700 隻新的訂閱寵物。剔除透過 MGA 架構承保的寵物後，本季平均每隻寵物的獲客成本為 315 美元，高於去年同期的 267 美元。

Invested $1.7 million in the quarter in development costs. Stock-based compensation expense was $8.8 million. As a result, net income for the quarter improved to $4.9 million or $0.11 cents per basic and diluted share as compared to a net loss of $1.5 million or $0.03 per basic and diluted share in the prior year period. This marks our fourth consecutive quarter of positive net income.

本季投入 170 萬美元於開發成本。以股票為基礎的薪酬費用為 880 萬美元。因此，本季淨利改善至 490 萬美元，或每股基本及稀釋後盈餘 0.11 美元，相較去年同期為淨損 150 萬美元，或每股基本及稀釋後虧損 0.03 美元。這是我們連續第四個季度實現正的淨利。

In terms of cash flow. Operating cash flow was $14.6 million in the quarter, compared to $16 million in the prior year period. Capital expenditures totaled $0.8 million, down from $1.9 million in Q1 of last year. As a result, free cash flow was $13.7 million, approximately in line with last year.

就現金流而言。本季營運現金流為 1,460 萬美元，去年同期為 1,600 萬美元。資本支出合計 80 萬美元，低於去年第一季的 190 萬美元。因此，自由現金流為 1,370 萬美元，約與去年持平。

This quarter, we continue to execute on the investments that Margi outlined in the shareholder letter and that I talked about last quarter. In addition to opportunities to accelerate growth in our core business in North America and international, these include Landspath, our food initiative, investments in technology to strengthen our competitive advantage in areas like claims automation and improved member experience, and financial investments such as paying down debt.

本季我們持續執行 Margi 在股東信中所概述、以及我在上季提到的各項投資。除在北美與國際核心業務加速成長的機會外，還包括 Landspath（我們的食品計畫）、在技術方面的投資以強化我們在理賠自動化與提升會員體驗等領域的競爭優勢，以及償還債務等財務投資。

Turning to the balance sheet, we ended the quarter with $383.7 million in cash and short-term investments. And a total debt balance of $109.3 million, a reduction of $19.5 million versus Q1 last year. Now I'll turn to our outlook.

回到資產負債表，我們在本季末持有 3.837 億美元的現金及短期投資。總負債餘額為 1.093 億美元，較去年第一季減少 1,950 萬美元。接下來我將說明我們的展望。

For the full year of 2026, we now expect total revenue in the range of $1.556 billion to $1.581 billion. We are narrowing the range for subscription revenue, which is now expected to be between $1.119 billion and $1.135 billion, continuing to expect approximately 14% year-over-year growth at the midpoint.

對於 2026 年全年，我們目前預期總營收介於 15.56 億至 15.81 億美元。我們縮窄了訂閱營收的區間，目前預期介於 11.19 億至 11.35 億美元，並持續預期以區間中點計約有 14% 的年增率。

We also continue to expect total adjusted operating income to be in the range of $173 million to $187 million or 19% year-over-year growth at the midpoint. For the second quarter of 2026, total revenue is expected to be in the range of $386 million to $392 million. Subscription revenue is expected to be between $274 million to $277 million, representing approximately 14% year-over-year growth at the midpoint.

我們也持續預期全年調整後營業利益總額介於 1.73 億至 1.87 億美元，以區間中點計年增 19%。對於 2026 年第二季，預期總營收介於 3.86 億至 3.92 億美元。訂閱營收預期介於 2.74 億至 2.77 億美元，以區間中點計約年增 14%。

Total adjusted operating income is expected to be in the range of $40 million to $43 million. This represents approximately 19% growth year-over-year at the midpoint. As a reminder, our revenue projections are subject to conversion rate movements predominantly between the US. And Canadian currencies. For our second quarter and full-year guidance, we used a 73% conversion rate in our projections.

預期調整後營業利益總額介於 4,000 萬至 4,300 萬美元。以區間中點計，約為年增 19%。提醒一下，我們的營收預測主要會受到美元與加幣之間匯率變動的影響。以及加幣。在第二季與全年指引中，我們在預測中採用 73% 的換算匯率。

Let me now pass it back to Margi.

現在我把時間交還給 Margi。

Thanks, Fawad. We enter our new strategic plan from a position of strength with a clear strategy and disciplined focus on the highest return priorities to drive durable growth and long-term shareholder value.

謝謝你，Fawad。我們以穩健的優勢進入新的策略計畫，具備清晰的策略，並以紀律性聚焦於最高報酬的優先事項，以推動可持續的成長與長期股東價值。

Speaking of which, this weekend, we'll host our annual Q&A following the Berkshire Hathaway shareholder meeting in Omaha. Each year, this presents us with a rather unique opportunity to hold an open forum with a community of long-term, like-minded investors. We hope to see many of you there.

說到這個，本週末我們將在奧馬哈、伯克希爾哈撒韋股東大會後舉辦年度問答活動。每年，這都為我們提供一個相當獨特的機會，能與一群長期、理念相近的投資人社群進行公開論壇交流。希望能在那裡見到各位中的許多人。

With that, we'll open it up for questions.

接下來，我們開放提問。

Thank you. (Operator Instructions)

謝謝。(接線員指示)

Wilma Burdis, Raymond James.

Raymond James 的 Wilma Burdis。

Hey, good evening and looking forward to seeing you guys in Omaha. In the shareholder letter, we noticed that the number of hospitals with Trupanion software increased 30% in 25%.

嗨，晚安，也很期待在奧馬哈見到你們。在股東信中，我們注意到使用 Trupanion 軟體的醫院數量增加了 30%，在 25% 中。

Year-over-year. And I think you noted in there that the I'm going to call it productivity has come down a little bit, so seeing less new pets for those new hospitals. Can you talk about why that pet count growth hasn't kept pace and is that a good leading indicator? Yeah.

年增率。而且我想你們在信中提到，我姑且稱之為生產力略有下降，所以這些新醫院帶來的新寵物數較少。你們能談談為什麼寵物數的成長沒有跟上嗎？這是否是一個良好的領先指標？是的。

Hi, Wilma. Yeah, it's a great question. So as I mentioned in the shareholder letters, typically when we think about gross per adds, we know that the higher that number goes, usually that you get an increase in same-store sales and actually hospital numbers go up. What we've seen over the last year is the change in same-store sales has come down, so that means consistency of introducing the concept of insurance come down.

嗨，Wilma。是的，這是個很好的問題。如我在股東信中提到的，通常我們在看每次新增（gross per adds）時，我們知道這個數字越高，通常同店銷售會增加，實際上醫院數量也會上升。我們在過去一年看到的是，同店銷售的變化下降了，這表示推廣保險概念的一致性降低了。

However, the footprint has widened and that's led to more software. So, this is as a direct result of the teams, the territory partners really leaning into the solution we provide for people in a sense of leverage our software as a hospital team to help pet parents deal with the invoice when it comes through. So, it's the start of what typically becomes an active hospital than a same-sore sale.

不過，我們的覆蓋版圖擴大了，這帶動了更多軟體導入。因此，這是團隊、也就是區域合作夥伴（territory partners）更積極投入我們所提供解決方案的直接結果；從某種意義上說，醫院團隊運用我們的軟體作為槓桿，協助寵物家長在帳單出來時處理付款問題。所以，這是通常會發展成活躍醫院、進而帶動同店銷售的起點。

We would expect to see that number, the same-sore sales down when pet. Lower. We expect to see it build overtime and it's the constant juggling the territory partners have to do with going wide and going deep. And I think they've done a fantastic job to see that growth in our software usage because what that does is it really underpins the core value proposition that we have.

我們預期當寵物數。較低時，會看到同店銷售下滑。我們預期它會隨時間逐步建立，而區域合作夥伴必須在「擴面」與「深耕」之間持續權衡調度。我認為他們在推動我們軟體使用量成長方面做得非常出色，因為這確實支撐了我們的核心價值主張。

So it means that we're helping more members by paying them directly, which we can see in the scale and efficiency across the business. And I'd expect to see that number of active hospitals grow overtime as we continue with that pet count add.

這也意味著我們透過直接付款給會員來幫助更多會員，而我們可以在整體業務的規模與效率上看到這一點。隨著我們持續增加寵物數新增量，我也預期活躍醫院的數量會隨時間成長。

Thanks. And as a bit of a follow-up on that, I mean, maybe you could talk about, is there a timeframe for some of that to flow through? But I'd also just really like to hear a little bit more about the new product, and maybe you could explain the coinsurance and the deductible changes that you outlined in the shareholder letter, and just talk a little bit more about price point and just maybe give us some additional details on how that's going to work.

謝謝。另外就此追問一下，我是說，也許你可以談談，這些變化大概需要多久才會反映出來？但我也很想再多聽一些關於新產品的內容；也許你可以解釋一下你們在股東信中提到的共同保險（coinsurance）與自付額（deductible）調整，並再談談定價區間，或提供一些額外細節，說明它將如何運作。

Thanks.

謝謝。

Yeah, sure. I will try and remember that. So starting with the timeframe, I mean, the hospital channel is always a very strong channel for us. We'd expect it to you get active hospitals go up, then things for sales will come down, then the team has to go back in and manage that. It's a constant of the territory partners, and that's really where we have that deep moat.

好的，當然。我會盡量記住你剛剛的問題。先從時間點來說，醫院通路一直是我們非常強的通路。我們預期當活躍醫院增加時，同店銷售會下降，接著團隊必須再回去管理它。這是區域合作夥伴的常態運作，而這也正是我們擁有深厚護城河的地方。

It will build over time, and like I said, it tends to correlate with our overall growth per ad number, so we'll kind of update you as we go with that one. In terms of I think you asked. About the new product, what we can say more about. I mean, I'd really stick to the details of the shareholder letter, but at the highest level.

它會隨時間逐步建立；如我所說，它往往與我們整體每次新增成長（growth per ad）數字相關，所以我們會在推進過程中持續向各位更新。至於我想你問到的。關於新產品，我們還能多說些什麼。我的意思是，我會主要聚焦在股東信中的細節，但從最高層次來看。

The intention behind the two big initiatives we have for North America this year, to recap, one is expanding on our core product. This is the first time in 25 years that we will be expanding the coverage levels to offer broader price points, and we do that through the flexibility with increasing deductible, as well as adjusting into different levels of co-insurance.

回顧一下，我們今年在北美的兩項重大倡議，其一是擴展我們的核心產品。這是 25 年來我們第一次擴大保障層級，以提供更廣泛的價格帶；我們透過提高自付額的彈性，以及調整到不同的共同保險比例來做到這點。

Which really does expand those price points quite significantly. We started to roll this out very late in Q1, and the early signs have been encouraging. And as I mentioned in my opening remarks, we've actually seen very little change in terms of the overall options selected by pet parents when they get to see and play around with a different co-pay and different deductible levels. So it gives people more of an understanding of what's involved in the value proposition, which is great, and that's what our intention was, but also gives more optionality.

這確實能相當顯著地擴大價格帶。我們在第一季非常接近尾聲時開始推出，早期跡象令人鼓舞。而如我在開場致詞中提到的，當寵物家長能看到並試算不同的自付比例（co-pay）與不同自付額水準時，我們實際上看到他們在整體選項選擇上幾乎沒有太大變化。因此，這讓大家更理解我們價值主張所包含的內容，這很好、也正是我們的初衷，同時也提供更多選擇彈性。

And then I think the third part of your question was around. The brand new product, which as I shared, is really designed to appeal to the new audiences that have been coming into the category. So as pricing has risen from a cost of care perspective, we've seen a new generation of pet parents, the millennials and Gen. Zs who are looking to come into the space, they want to protect their pets. It is treated as part of the family, but sometimes that entry-level price point for any product out there can be too high.

然後我想你問題的第三部分是關於。全新產品；如我分享的，它的設計主要是為了吸引近來進入這個類別的新受眾。因此，隨著醫療照護成本上升、帶動定價上升，我們看到新一代的寵物家長——千禧世代與 Z 世代——希望進入這個市場，他們想要保護自己的寵物。寵物被視為家庭的一份子，但有時市面上任何產品的入門價格帶都可能過高。

They're looking for quality, they're looking for transparency, they're looking for vet direct pay, but they want a. Different solution to one that the many offer, including Trupanion today. And so we're leaning into the brand equity we have built over the 25 years, the trust and the vet clinics, the territory partners that enable that high retention rate to create something that is leveraging our data and leveraging it roots the business, but creating something very unique.

他們追求品質、追求透明度、追求獸醫端直接付款（vet direct pay），但他們想要一個。不同於多數業者所提供的解決方案，包括 Trupanion 目前的方案。因此，我們將更深入運用 25 年來建立的品牌資產、信任、獸醫診所，以及支撐高留存率的區域合作夥伴，來打造一個能運用我們數據、並扎根於公司核心能力、同時又非常獨特的產品。

It will be -- I'm not going to give too much to weigh, but it's going to be a digital first product in the sense of everything will happen online. We're going to make it. The products that people want it to be for them in the right space, meaning we're not going to direct them to a specific communication channel. It will be where they want to communicate, how they want to communicate, and it will be built in a manner that will allow them to have a lot more optionality than we have today, even with the new price point. So we are very excited about it.

它將會——我不想透露太多細節，但它會是一個以數位優先（digital first）的產品，也就是所有事情都會在線上完成。我們會讓它。成為人們在合適情境下想要的產品，意思是我們不會把他們導向特定的溝通管道。它會在他們想溝通的地方、以他們想要的方式溝通，而且會以一種架構打造，讓他們擁有比我們今天更多的選擇彈性，即使是在新的價格帶之下也是如此。所以我們對此非常興奮。

We've got the teams working on it, and we'll update you over the next few months as we go.

我們已經有團隊在處理，接下來幾個月會隨著進展向各位更新。

Josh Shanker, Bank of America.

Josh Shanker，美國銀行。

Yeah, thank you for taking my question. In the shareholder letter, you talked about going forward that the IRR disclosure no longer is meaningful because there's so many products. And so it means something different depending on the mix of products.

是的，謝謝讓我提問。在致股東信中，你提到未來 IRR 的揭露不再有意義，因為產品太多了。因此它會因產品組合不同而代表不同意義。

So two questions. How should we think about the internal rate of return on various products? If you're taking that away, and it probably was a garbage number anyways, it didn't help us. But two, maybe it's worthwhile thinking about what the IRR is on the Trumpanion flagship product as a way of understanding what incremental dollars of marketing are doing.

所以有兩個問題。我們應該如何看待各類產品的內部報酬率（IRR）？如果你們把這個指標拿掉——而且它可能本來就是個很糟的數字，對我們也沒幫助。但第二點，也許值得思考的是，揭露 Trupanion 旗艦產品的 IRR，作為理解新增行銷投入的邊際美元在做什麼的一種方式。

Yeah, no, thanks, Josh. Thanks for the question. I'm glad you brought this up. So there are a couple of reasons for us making this change. First and foremost, as you mentioned, and as I said in the shareholder, the blended IRR metric is no longer relevant as it was at the beginning of when we first started sharing it, given the size and maturity of the core business today. And that's because we have multiple products in multiple geographies that all create very different ARPUs, very different returns.

是的，謝謝，Josh。謝謝你的問題。我很高興你提出這點。我們做這個改變有幾個原因。首先也是最重要的，如你所提、也如我在致股東信中所說，隨著今日核心業務的規模與成熟度，混合（blended）IRR 指標已不再像我們一開始分享時那樣具有相關性。因為我們在多個地理區域有多種產品，會產生非常不同的 ARPU、非常不同的報酬。

With the same intention to get to the same guardrails, but it takes time to do that. So we're moving away from it to improve the clarity and focus on metrics that we believe more accurately represent the economics and the value of the business today. And the most important one of those being AOI, Adjusted Operating Income. So as I outlined in the shell of the letter, IRR.

雖然目標一致、都是要回到相同的護欄（guardrails），但達成需要時間。因此我們將逐步淡出該指標，以提升清晰度，並聚焦在我們認為更能準確反映當前業務經濟性與價值的指標。其中最重要的是 AOI，也就是調整後營業利益（Adjusted Operating Income）。所以如我在信件架構中所概述的，IRR。

For example, it assumes that newly enrolled pets that we get today behave the same way as the existing book of business. And when you have over a million pets from the book, that becomes increasingly more complex. So it becomes therefore less accurate as the business scales and the market penetrates more heavily.

例如，它假設我們今天新投保（新加入）的寵物，其行為表現會與既有保單組合（book of business）相同。當你在既有保單中有超過一百萬隻寵物時，這就變得愈來愈複雜。因此，隨著業務規模擴大、以及市場滲透加深，該指標會變得較不精準。

Similarly, as I mentioned, you've got the products and the geographies, which create further confusion. And just to give you a little bit more context around that, when we first started sharing IRR. Metrics, our adjusted operating income at the time was $5 million. It was a total the team had to spend to deploy. Today, it's over $155 million, which naturally becomes far more dynamic and complex and is therefore significantly less suited to a single blended metric, and it's also competitively sensitive.

同樣地，如我提到的，產品與地理區域也會造成進一步的混淆。再補充一些背景：當我們最初開始分享 IRR 指標時，當時的調整後營業利益是 500 萬美元。（續）那是團隊可用來投入部署的總額。今天已超過 1.55 億美元，這自然變得更具動態性且更複雜，因此非常不適合用單一的混合指標來概括，而且也涉及競爭敏感資訊。

To take the second part of your question, when we think about. The core Japanian product, from our perspective, we don't want to share the level of insight into what we're spending, where we're spending because of the competitive sensitivity.

針對你問題的第二部分，當我們思考。就核心 Trupanion 產品而言，從我們的角度，我們不希望分享我們花了多少、花在哪裡的那種洞見，因為這具有競爭敏感性。

But we are still adhering to those. Internally, says Guarders, we have not changed how we operate. And the AOI that we're generating will demonstrate that we are enrolling pets that continue to have that higher margin, the right margin, we're priced appropriately, we're retaining them, and we remain committed to leveraging that internally, like I said.

但我們仍然遵循那些。在內部的所謂護欄（guardrails）；我們的營運方式並沒有改變。而我們所產生的 AOI 會證明：我們正在招募（承保）持續具備較高毛利、合適毛利的寵物，我們定價得當，我們能留住它們，而且如我所說，我們仍致力於在內部運用這些原則。

Yeah, I will just say that with the IRR performance this quarter, it did improve sequentially, and we feel like this is the right step to give clarity to our audience.

是的，我只想補充，本季 IRR 的表現確實較前一季改善，我們認為這是為受眾提供更清晰資訊的正確一步。

Thank you for that. And so I guess downtown away from that, when you start a new business, there's obviously you have to spend to make it work, and you do have a number of new businesses. What tools should give us confidence about Land's Path and FERC and PHI Direct?

謝謝你的說明。那我想接著問：當你開始一項新業務時，顯然必須投入支出才能讓它運作，而你們確實有不少新業務。有哪些工具能讓我們對 Land's Path、FERC 以及 PHI Direct 有信心？

I mean, early on, it was very hard for you to figure out whether or not those businesses could leave Canada even because they were still incubating, and I think the firm is still there. We know that Trupanion, the core product works. What sort of signs can we look at that the newer, younger products are worth putting money behind them to get them to grow?

我的意思是，在早期，你們很難判斷那些業務是否甚至能走出加拿大，因為它們仍在孵化中，我覺得這種不確定性仍然存在。我們知道 Trupanion 的核心產品是可行的。我們可以觀察哪些跡象，來判斷較新、較年輕的產品值得投入資金支持、以推動其成長？

Yeah, it's a great question. I think we are going to continue to provide the visibility as we have done today on AOI. And as we deploy more of that, and obviously, we'll be sharing how much we're deploying, we would expect to see that AOI grow commensurate with the investment we're making. I would say the transparency we've had, to your point, with early doors, [PHI, Ferkin], any of the new products and channels we've introduced.

是的，這是個很好的問題。我認為我們會持續像目前一樣，提供 AOI 的能見度。隨著我們投入更多資本，且我們也會分享投入了多少，我們預期 AOI 會隨著我們所做的投資相應成長。我會說，正如你所提，我們在早期階段對 [PHI、Ferkin] 以及我們導入的任何新產品與通路，都保持了透明度。

It's not necessary for us to share the details on every single test we're doing, every single product. What we're trying to do is orientate people to the metric that we believe best captures all of those products and their performance over time because we want to get to a place where we are continuously investing that adjusted operating income with high levels of return, which you'll see as that compounds. We've shown for the last couple of years that the rate of compounding has increased with AOI.

我們沒有必要分享我們正在做的每一個測試、每一個產品的所有細節。我們想做的是引導大家聚焦在我們認為最能涵蓋所有這些產品、並能隨時間反映其表現的指標；因為我們希望達到一個狀態：持續以高報酬率投資這些調整後營業利益，而你們會看到其複利效果。過去幾年我們已經展示，AOI 的複利成長速度正在提升。

Our goal is to continue to do that. And as I mentioned in the shareholder letter, we expect to generate well in excess of $500 million. And the reason we made that comment in the letter is to demonstrate there's a lot of fuel for us to continue to grow this business.

我們的目標是持續做到這點。而且如我在致股東信中提到，我們預期產生遠超過 5 億美元的金額。我們在信中做出那樣的說明，是為了表明我們有大量燃料可以持續推動這項業務成長。

And we will do that with the varying products that lands passing one of them. We won't disclose how much we're putting into one versus the other, but we will continue to compound the AOI. That's our goal, that's our intention. So what would you add anything to that?

而我們會透過不同產品來做到這點，Land's Path 是其中之一。我們不會揭露在某一項與另一項之間各投入多少，但我們會持續讓 AOI 複利成長。這是我們的目標，也是我們的意圖。那你還要補充什麼嗎？

Yeah, I think the other thing I would add is something we've been talking about I mentioned last time is just the versatility of AOI. So it's a pool of capital that, to Mark's point, gives us optionality to invest in a variety of things. When we think about how we will get to mid-teens growth in sub AOI over the next three years, and we've proven there's multiple ways to drive AOI, clearly seen pricing.

是的，我想我會補充另一點：這也是我們一直在談、我上次也提到的——也就是 AOI 的多用途性。它是一個資本池，如 Mark 所說，讓我們有選擇權去投資各種事情。當我們思考未來三年如何讓（扣除 AOI 相關項目後的）AOI 達到中段十位數的成長時，我們已證明有多種方式可以推動 AOI，最明顯的是定價。

Out of necessity, but it's become, I think, something that we've H1 d and become proficient about over the last couple of years. Retention continues to be resilient. It was up 9 points in 2025 from a full-year basis. It was up quarter-on-quarter. It was also up year-over-year, about 7 points. And then, of course, adding members. We added over a quarter of a million gross adds last year. We added, as Margi mentioned, 64,700 gross bets this quarter. And then operational efficiencies. I think one of the things that.

起初是出於必要，但我認為這已成為我們在過去幾年中投入心力並變得熟練的一件事。留存率持續展現韌性。以 2025 全年基礎來看，上升了 9 個百分點。也較上一季上升。同時也較去年同期上升，約 7 個百分點。當然還有新增會員。去年我們新增（gross adds）超過 25 萬。而且如 Margi 提到，本季我們新增 64,700 筆總新增寵物（gross pets）。再來是營運效率。我認為其中一件事是。

We're very excited about is just the ability to leverage technology and the company was well ahead of the curve when it came to leveraging innovative technologies. In those days, it was machine learning, now it's AI. Our automation rate in the quarter jumped to 62%, so that's up from 56% last year. And that's great for everyone. It's a better experience for members. It costs us less in terms of processing the claims, the actual processing costs. So you're seeing that in the loss ratio at 70.8% to start the year there.

我們非常興奮的是，能夠運用科技，而公司在運用創新技術方面早已走在趨勢前端。當時是機器學習，現在是 AI。我們本季的自動化率躍升至 62%，高於去年的 56%。這對所有人都很棒。會員的體驗更好。就理賠處理而言，我們的實際處理成本更低。因此你會在損失率上看到這點，年初至今為 70.8%。

Think is a strong position for us to be in, particularly given the first half, second-half seasonality that we've seen. So, yeah, I think when you look at AOI, that's the thing that I would pay attention to in terms of are we being judicious in deploying it.

我認為這對我們而言是個強勢的位置，特別是考量到我們看到的上半年、下半年季節性。所以，是的，我想當你看 AOI 時，我會關注的是我們在部署它時是否審慎。

David Westenberg, Piper Sandler.

David Westenberg，Piper Sandler。

Good afternoon. This is Skye on for David. Thanks for taking the question. Just on the macro side, as it relates to pet adoption trends, how are you thinking about the growth in puppies and kittens? Are you seeing a shift in portfolio of the cats?

下午好。我是 Skye，代替 David 發言。謝謝讓我提問。就總體面而言，關於寵物領養趨勢，你們如何看待幼犬與幼貓的成長？你們是否看到貓在投保組合中的占比出現變化？

If so, how are you targeting cats? And does this have an impact on the timing of payouts?

如果有的話，你們如何鎖定貓這個族群？這是否會影響理賠給付的時間點？

Thanks. I'll leave it there.

謝謝。我就先問到這裡。

Yeah, thank you, Sky. We have definitely seen a shift in overall, I would say, lead volume coming from the vet channel. We've heard across the industry, we're seeing sort of the downturn in terms of vet visits, wellness visits. I mean, from a lead volume perspective for us, we still see a healthy lead volume. It was flattish in Q1, it's actually shown an uptick in Q2, which is great.

好的，謝謝你，Skye。我們確實看到整體而言，我會說，來自獸醫通路的潛在客戶量出現變化。我們在整個產業都聽到、也看到獸醫就診、健康檢查就診量有些下滑。不過就我們的潛在客戶量而言，仍然維持健康水準。第一季大致持平，第二季其實出現回升，這很棒。

I think, yeah, we are seeing more cats. We noticed that two years ago when we started to see more kittens coming into the category. Overall, though, so in terms of the opportunity, it remains at least a million pets, 1.2 million pets approximately that are entered into practice management systems every month. We have a lot of markets still to capitalize on. So in terms of the opportunity there, we're not talking to all of those puppies and kittens at this point.

我想，是的，我們看到更多貓。兩年前我們就注意到，開始有更多幼貓進入這個類別。不過整體而言，就機會來看，每個月大約仍有至少 100 萬隻、約 120 萬隻寵物被輸入到診所管理系統中。我們仍有許多市場可以開發。因此就那裡的機會而言，目前我們還沒有觸及所有這些幼犬與幼貓。

Adoption trends do appear to be slowing, which is part of the pressure being put into the vet industry. But from our perspective, that just still gives us a long runway ahead of us. So our channels tend to be breeder, vet, shelter, as well as our members referring their friends and adding pets. We're still seeing a healthy portion of that population doing that. It still remains one of our second biggest channels.

領養趨勢看起來確實在放緩，這也是獸醫產業承受壓力的一部分。但從我們的角度來看，這仍然意味著我們前方還有很長的成長跑道。所以我們的通路通常包括繁殖者、獸醫、收容所，以及我們的會員推薦朋友並新增寵物。我們仍看到相當健康的比例在做這些事。這仍然是我們第二大的通路之一。

So we'll continue to work with the veterinary industry to help them. We've helped show that through our costs, as you can see, that people are still taking their pets into the vet when they have Trupanion, it is the solution to the barrier that the veterinarians are seeing preventing people coming into the hospital, and we know that there's a long runway ahead of us, but.

因此我們會持續與獸醫產業合作來協助他們。我們已透過成本面證明了這點，如你所見，當人們有 Trupanion 時，仍會帶寵物去看獸醫；它能解決獸醫所看到、阻礙人們進院就診的門檻問題。我們也知道前方還有很長的跑道，但。

Overall, we added 64,700 pets in the quarter, as Forward just mentioned, and as I mentioned earlier, and I think the margin of those pets is where it needs to be. From a cat point of view, we love all pets. We're not trying to target one over the other.

整體而言，本季我們新增了 64,700 隻寵物，正如 Forward 剛提到的，以及我先前也提過；我認為這些寵物的利潤率達到我們需要的水準。就貓的角度而言，我們喜歡所有寵物。我們並不打算偏向鎖定某一種而非另一種。

And we have a lot of cat activity going on. We also have a lot of dog activity going on, and the goal is to continue to build on that number over time.

而且我們在貓方面有很多活動在進行。我們在狗方面也有很多活動在進行，而目標是隨時間持續擴大這個數字。

Thank you. This concludes our question-and-answer session. I would like to turn the conference back over to Margi Tooth for any closing remarks.

謝謝。問答環節到此結束。我想把會議交回給 Margi Tooth，請她做結語。

Thank you. I'd just like to say a big thanks to everyone for the questions today and your participation. Hopefully, we've come across to show that we're excited about the long-term opportunity ahead, which remains as significant as it has ever been.

謝謝。我想對今天大家的提問與參與致上誠摯的感謝。希望我們已清楚傳達，我們對於前方的長期機會感到振奮，而這個機會的重要性一如既往。

With demand continuing to grow, we are absolutely committed to executing with discipline against this opportunity, which means leveraging our strong adjusted operating income to invest where we see the highest returns and to help more pets access the care they need, as I just mentioned. With that, we appreciate your time today and look forward to updating you on our progress in the next quarter.

隨著需求持續成長，我們絕對致力於以紀律執行、把握這個機會；這意味著運用我們強勁的調整後營業收入，投資於我們看到回報最高的領域，並協助更多寵物獲得其所需的照護，正如我剛提到的。最後，感謝各位今天撥冗參與，我們期待在下個季度向各位更新我們的進展。

Thank you.

謝謝。

Thank you. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

謝謝。本次電話會議到此結束。感謝各位參加今天的簡報。您現在可以掛線。

Thank you.

謝謝。