Exhibit 12.1
Trupanion, Inc. | |||||||||||||||||||
Statement of Ratios of Earnings to Fixed Charges and Preferred Stock Dividends | |||||||||||||||||||
(in thousands) | |||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||
2013 | 2014 | 2015 | 2016 | 2017 | |||||||||||||||
Earnings: | |||||||||||||||||||
Net loss before income taxes | $ | (8,267 | ) | $ | (21,184 | ) | $ | (17,091 | ) | $ | (6,858 | ) | $ | (1,931 | ) | ||||
Add: amortization of capitalized interest1 | (64 | ) | (241 | ) | 127 | 50 | 3 | ||||||||||||
Add: fixed charges | 913 | 10,900 | 277 | 345 | 849 | ||||||||||||||
Earnings as defined | $ | (7,418 | ) | $ | (10,525 | ) | $ | (16,687 | ) | $ | (6,463 | ) | $ | (1,079 | ) | ||||
Fixed Charges and Preferred Stock Dividends: | |||||||||||||||||||
Interest expense2 | $ | 875 | $ | 10,857 | $ | 231 | $ | 287 | $ | 744 | |||||||||
Estimated interest component of rent expenses3 | 38 | 43 | 46 | 58 | 105 | ||||||||||||||
Total fixed charges | 913 | 10,900 | 277 | 345 | 849 | ||||||||||||||
Preferred stock dividends | — | — | — | — | — | ||||||||||||||
Total fixed charges and preferred stock dividends | $ | 913 | $ | 10,900 | $ | 277 | $ | 345 | $ | 849 | |||||||||
Ratio of earnings to fixed charges | — | — | — | — | — | ||||||||||||||
Ratio of earnings to combined fixed charges and preferred stock dividends | — | — | — | — | — |
1Amortization of capitalized interest expense is presented net of capitalized interest.
2Includes an amount originally recorded as discount on a loan incurred in 2013, which was written off by the Company in conjunction with the IPO occurring in 2014.
3The estimated interest component of rent expenses is calculated based on the interest rates on the Company’s credit facility.