TRUP - Earnings call transcript Q2 2021

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Operator

Greetings and welcome to the Trupanion, Inc.

Second Quarter 2021 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. to Investor conference Relations. like host, to now Bainbridge, Laura would turn over the your I

Laura Bainbridge

call Chief Good the Tricia quarter and calls, conference call. today's Margi XXXX today's and Margi Q&A financial Darryl afternoon, welcome to joining results portion call. to Tooth, Co-Presidents. will Participating of prior Tricia be Officer; for and Executive Trupanion's Similar second are Plouf Rawlings, earnings on and Darryl

that company's before which uncertainties our as the risks differ in XX-K call, our we materially filed and these of we and cause to from the and basis, operating of XXXX. acquisition. that of and be non-GAAP to conference degree Before on expenses actual margin, term within the new adjusted Act stock-based Forms pet I during return, Securities without the we regarding US results, margins non-GAAP uses involve the measures otherwise other the flow. is the EBITDA release, intended Earnings presentation substitute statements to income that which Unless release financial to to encouraged cash prepared would be those of and Trupanion's GAAP. tab. operating Commission. a performance, refer with statements measures Litigation of to uncertainties review recent our acquisition financial Trupanion or discussed. these a opportunities high most make These everyone for, Reform excludes and are remind are to, will unknown the Quarterly Investors provision could begin, as like of non-GAAP harbor addition expense These reconciliations well a found expense. and press When income performance including measures included company's of Investor presented income, Today's the depreciation financial financial be discussion with results Private in measures references costs, compensation safe operations, known Relations on will Exchange reports contains of under website, internal detailed variable non-GAAP expenses, can directly evaluate comparable X-K management can found and noted, forward-looking A adjusted it Relations are the meaning website accordance which certain and or in rate earnings of Securities in limitation, fixed Investor and and risks not GAAP adjusted today's today's to expenses, use to the the operating future performances free non-GAAP on on most or margin

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

Darryl Rawlings

majority million. our attractive return. grow then of book business to another We deployed of of focused estimated of the available team return and invest internal XX% XX,XXX strong was an existing rate pets that business quarter subscription income, as pets Meeting, income grew about the adjusted deploying all of quarter, But is grew at on at XX-month interesting. range in pets. acquire of nearly of return our cost as key this, marketing our We operating are million in of in the in we we Laura, afternoon, these rates to Annual business The our of measures. spend, revenue XX,XXX everyone. today's we of business. topics of we financial business we possible much income and In at In quarter for internal our XXX% over capital on profits are skilled I reiterating our Year-over-year, Historically, fundamentals Total from our more operating internal the cost pets team These our have the and team on million including pet what income internal put is the and purposes over are us approximately of that to was at of adjusted June, the funds business our good plan. XX%. QX highly of subscription will year-over-year. new crossed $XX by brief. enrolled. pets vast that which expansion working of the to our total way. and efficient Thanks, X able wide a subscription adjusted and doing during our pertain in generated our for $XX.X of which we Because inclusive covered It's spent hosted rates members this to Shareholder calculation, remarks is Growing acquiring added model. in adjusted keep sales acquisition returns net most all work as shown summary, worth so. acquiring operating In and am rate attractive and to increasingly a disciplined our XX% core operating

of our This we on pre-revenue a new are XX-month $X that the addition of million plan. our part acquiring to adjusted quarter, operating pets, in we initiatives spent $XX million spent income

in million in months. XX prior invested primarily $X to product year, next-generation the additional which also our roughly CapEx the next launch will we an administration in compared We platform,

upon product this a build low-cost as our initiatives, industry. improve expect and support platform will experience provider in our We member global our position new

are a market in we're pursuing our the large opportunities results XX-month plan. the underpenetrated these it's trade-off cash of as given our a part flow While and in us make negative we excited to being quarter,

provided our was our be Investor website. can a our recent Shareholder As on of XX-month in reminder, which portion Relations plan Letter, most the found

to improvements proud stays plan, is XX-month to the industry the QX experience. of difficult, call small With now our hand I'm growth, impact results are pleased Trish continued is growth XX is afford the deserves the leading we detail. progress we on which our where in financial report over team. member pet We exceptionally happy to to ongoing I'll just of up to accelerated for monthly with have months be stock well months, intrinsic team and and our we discuss retention I'm and execute accelerating Maintaining can of retention our a ago. and ahead Our into focus the Trish? the position greater with Even I XX years on capitalized growth strong, output of efforts. while with the value am made and exceptional opportunities us. that, of the our meaningfully is elevated of few believe from stand Trupanion company. months retention six our incremental The average Taking commended on their XX.XX%,

Tricia Plouf

Thanks, afternoon, good Darryl, everyone. and

We pleased our quarter which are very with our expectations. second results, exceeded

on XX. ongoing year additions investment and $XXX.X in Our retention XX.XX% XXX,XXX XX% enrolled by subscription subscription retention, currency revenue and pets solid is $XXX.X a basis in which growth strong over-performance on prior to calculated service monthly subscription our we trailing million, was of revenue in levels. compared year-over-year year-over-year. quarter, in business approximately to increased our Within up the Total XX.XX% Average million strong monthly our growth Total XX-month was quarter year-over-year, or basis. to continued the a our XX% period, as XX% which business. the XX% June was business, other led was for up pets constant in attribute

was to a increase of is As on may headwind our growth, year-over-year an or accelerated rate our increased average per-pet paying act X.X% per during saw as retention veterinary a of invoices and of we reminder, business a retention X%. mix blended the basis basis. quarter revenue pet Monthly overall year, of also cost on a In the half $XX.XX, first-year constant influenced this by of X%, for periods approximately the first increased ARPU X.X% currency retention.

make we consistently pricing ensure initiatives, we our our pricing value additional X% XX% to more progress continue currently to needing an increases to in estimate we are While ARPU proposition. that on

invoices expenses. of the of cost subscription veterinary includes Our paying variable revenue and cost

reflecting the revenue, invoices XX%, variable paying and cost claims business our subscription of systems both automation As veterinary increased investment people, of expenses a XX%, continued for capabilities. percentage and to slightly subscription was in

encouraged be are designed retention and costs. deliver differentiated these to a member which reduce more to are seeing initiatives, impact experience to from the continue We we frictional over by time to

million due in quarter, of the Total XX% increase the period. for increase subscription increase $XX.X comprised are period. segment revenue business, year line margin consistent revenue profiles other revenue in and segment prior X% period. our other revenue was in were the business prior fixed an of The for the both total, services fixed expenses, invoices, expenses, we year-over-year have calculate our the segment other $XX.X a with year-over-year, services segment. improvement our enrolled of compared business in cost other is After In and shared generally is over other the Cost which increase that and support within year was adjusted in to primarily to from this expenses pets quarter, our component income. of paying variable Our subscription of business. from the that and than products of veterinary X% of business same different million operating revenue an million $XX BXB that an

growth since the our scale mentioned, profit generate measure our represents we view investing of in initiatives. operating we as and other strategic adjusted As income before Darryl the discipline, critical and it

For more income $X.X operating XX% business, from our in total member the the subscription the in $XX.X discussed the we adjusted our variance year of income which during due to million, million, target operating our margin target The our net XX% primarily million, loss remains at was is earlier. I of from and revenue. was quarter, XX% was investments over XX%. our was In operating or detail our generated our will experience $XX.X momentarily. XX% business total quarter discuss adjusted Approximately, period adjusted our up subscription at which prior

these scale We do strategic longer term. invest the in to in made we expect the to but them they referrals, near drive have as initiatives and term retention decision

XX,XXX PAC to rate pets. return adjusted internal an subscription average within $XXX of quarter, XX% $XX.X rate in estimated in During our the acquire invested of we the internal a new guardrails. pet resulted of This a return operating single million quarter, for our income of approximately

year $X.X million These the as quarter initiatives This to strong were million and from resulted million quarter, development our of our from million included with the new fourth amortization we an scale, in Given the of in This are this are in prior line the million year of EBITDA increase in the year. to due quarter quarter. quarter. in international in from in $X.X prior were primarily amortization million expenses per million an is the the of million increase $X.X was and our expansion. in during in are pre-revenue the up during year they comp period. adjusted $X.X product assets sheet Total stock-based was quarter, compensation of acquisition and the $X.X $X.X period. the expense period. Depreciation and This investing compared projection prior remainder development for stock-based also $XX in $X.X balance software

net per result, of basic a income or share, and or diluted basic was per of $X.XX loss loss As period. $X.X diluted the net prior $X.XX million, share a in year $X.X to and million, compared

cash to depreciation per Operating million $X.X in initiatives development the impacted year-over-year net positive of and loss $X.XX. compared investment negative share. in reflects The the cash growth the pet stock-based the $X.X quarter flow impacted turn period, our to in increase $X.XX cash the in As I'll flow was increased year net discussed by loss And million operating I period. now compensation prior cash in year decrease prior amortization accelerated to compared flow. and flow earlier. operating by

revenue to now expenditure of would to business. expected turn expect in $XXX around the rate account increased our The subscription for value levels, At return, operating investment $X.X to to prior full now million. including with $XX the operating compounding we cash XXXX, XX% range end, over our being is I'll the internal are product be our $XXX expect over cost million, revenue This quarter. outlook $X.X to from $XXX member updating have the year business, software, experience income, investments debt. rates to primarily Subscription first revenue pets these in generated guardrails $XX the growth in Of increase the negative of million in the the totaling expenditures most expect the XX% for of driving our held the no acquisition, of over-performance midpoint. our We we $XXX which of in resulted At quarter capital million internal subscription approximately $XX our adjusted $XXX. of representing and to capital prior million, total XX%. income million. related during adjusted operating XX% in of compared year, at is of year-over-year to to We of would acquiring initiatives. we year, within effective the of million million an total flow a pet new created add return is We also within in and XX% half range effects in around year we invest believe the through results the million PAC FX. while which full targeted free year and the $XXX quarter of our the in over of increased for benefits of from cash million

For million to business as spend on expect million development pet full as of acquisition. discussed continue year we on earlier, $X XXXX, to our $X initiatives the to well other

the the third growth at of conversion currencies. is $XXX $XXX representing the revenue be US expected million. to revenue midpoint. For Also between Subscription million year-over-year in that $XXX mind, to range is are revenue fluctuations and in keep expected to the $XXX total our million range projections subject the XX% rate to of Canadian million, in quarter, be to

we July. XX% third the now we up time for projections, used end your our our full For rate the Thank and year rate today. you open was Operator, questions. guidance, will in at the quarter for call an of approximate which conversion

Operator

you. Thank

[Operator We session. will with Our Khajuria first Instructions] now proceed. from Shweta ISI. Please be a question question-and-answer conducting is Evercore

Shweta Khajuria

from Two Okay. Thank you. questions me, please.

last quarter First from is well. as increased on ARPU that

us the Maybe first Letter? with please how in the that for update ARPU? pleased are in five six said second five-year you Thank So, progress months. the across Darryl, progress for you you're you. revised question Shareholder could out initiatives the full-year or pillars could measuring And you is, on guide you laid the about those if the plan talk you then

Tricia Plouf

Thanks, Shweta. I This Darryl. over the before to is first Trisha. I'll it start with one hand

And a see we basis. little a constant continue lower currency ARPU to as although on are reminder, model. bit So, did cost-cost a increase, we

constantly rest We'll year to X% we looking how we're that for the the So, of the at expect proposition. to we're year. tracking, We're look flowing to XX% trying through. hit that full roughly XX% on just that at we looking for to the as continue and X% to in value based that be do what range and

Darryl Rawlings

Hi, Shweta.

for in the considerable upcoming decades. that drive - investments new only those to America outlined growth So, we will considerable areas? Shareholder be following we our could recently and about several business in them the have, years, the All expansion. North number not initiatives we they but Broad one Letter consider upside that have international two of channels what include a more of be distribution are for to the speaking, in next Shareholder measuring upside. in talked good we that adding products, How Meeting. And the for then we and

of All varying take XX XX of months these ground. months, to initiatives to a get time off XX from are the going period months,

really what and monitoring forward And in how areas, good. more those So the bit they made international we to I'm feel little moving has compared initiatives projecting all in are a really each milestones travel expectations. our are challenging. of COVID

like, anything well. we're teams plans we much So to but do you doing haven't progress, add? as making overall business lot the ahead had the moving we are Margi, feet have ground on although really and of a with as would

Margi Tooth

No.

Shweta Khajuria

Thanks, Trish. Thanks, Okay. Darryl.

Operator

Genuity. is proceed. Please Maria question with Ripps Canaccord from next Our

Maria Ripps

questions, my taking strong for congrats Thanks and on results. Great.

growth continued I little few QX quick have there changes vet around sort guidance COVID past of implies QX. your traffic from sort or you Have a behavior with consumer seen So, any And then very deceleration weeks, country? strong in to conditions be seems follow-up? of amidst worsening the the over

Margi Tooth

Hi, It's Margi. Maria.

a of rate continues I really is and terms good. It direction has lead we're up, positive on is which the - is conversion behavior, go in mean, our volume for in last been in change several up. quarters, the to consumer So our going overall

changes, that with had reinforced and real, the the times this a directly, at vet - terms terms but obviously hasn't had In since our continues for vet in to year product, industry traffic seen the head same We've need of and really pandemic hanging last specific staff is the nothing being shortages over over the so positive it's been quarter. we've of the thing moment. year. last this. changed during like Hence, there a far our in be change shortage we've [indiscernible]. is There has But voice of

Darryl Rawlings

And kind add I'll - to just as it. of a

Our quarters. last three core is subscription business has strong and for the so very growing

are reminder, As America rate leads is every is penetration revenue. up. $X Margi point and said, extremely But a billion conversion penetration just rates the one overall of low. of over in About North

much we've rates, so don't that the America. in So, what's highs them next ahead of out are at big I think accepting consumers in market changes another for happening runway as our the - That decades retention environmental, are really headwind. several just of much us North our we've got in don't we world little the us historical ahead our got a and indication as a are And product. which see

Maria Ripps

to then opportunity it in And you that. seems I the are ask just a that like it along sort And an for be in the you space. about believe effort? I could channel far I past breeder Thanks talked very guess, how that wanted Trupanion. of secondly, Great. fragmented and for it's

to vet there been you've sort opportunity the doing of efforts similar to hospitals? leverage accelerate of sort and see what these with you technology do to So data

Margi Tooth

Yes. Yes.

that And They've is And no or birth, one for is a growing. end us, the we say, been number through of one a because channel the the puppy the years. channel at in we as from of you way a the reason a getting few channels. channel investing like So, breeder been that definitely them breeder kitten a and it for all channel taking is enrolled best you're is a of good all we've that age. breeder to to I mean having data, pet life. very early experience believe is member There is now fragmented

messaging. that that And so, of feel have the in in proposition. it we strengths overall we such our reason terms really It's helps value our ties It into product.

in ties it So well there.

invest invest distribution of different that those values, performing continue guardrails, to like we any We that We a and channels in. has we'll of high our to in of And in that within definitely part all it's [ph] are remain plan. one the XX-month continue we Breeder particularly channels. lifetime is lot. excited. - It that with we're

Maria Ripps

for Great. call. Thank the you

Operator

Securities. Our Please next from David question proceed. Guggenheim with is Westenberg

David Westenberg

Thank for congrats the on Hi. taking you And job. the question. good

raising years you I in demand long inflation, about increase for past historically over that inflation know accommodate the a anticipate drives we've insurance. So, we over that. not an indeed, to higher we're seen hearing Do run, next over lot really that's any seeing couple services and impacts, the prices wage years? prices of the few kind if of are short-term prices

Darryl Rawlings

often an out pointed that. thing that in you've Well, misunderstood underlying is

next a of another staff expect We they the and last Corporate on we've us challenged We are lot several a veterinary challenge. been veterinarians, good of it a would for ARPU a our have can. notice XX-plus through lockstep in levels between can be with Wage certainly level of best to cost inflation providing previous the and invoices. pressure what quarter for years. the this over above is quarters and is paying or aligned in their you inflation It's and really historical for with keeping Veterinarians year. done care one. the consolidation years. them gone the out important we're of job, What's that at

bump up to we're about X%. mentioned, trying Trish it As still

stay making. what doing. by can a that are a top fashion. on doing make sure to veterinarians continue the the encouraged just on very we they We do And job. we're granular the it shared are of in hospitals, a good and we blended to our Referrals, but So, specialty very job basis, team that it's advancements is

David Westenberg

could I perfect. it. that because you. point can mismodeling certain be This I at Got not sometimes. Thank am do

little of was a So was modeled when under anyway, kind unlike, in to I everything me And you've or costs modeling to costs miss I of - in kind just I variable the question. paying go fixed parts of last moving I possible there terms subscription would above and my that do the the just or me Is was through invoices, above And a that's at quarter? before bit of what me. looking good expenses, not of be. subscription trying language slightly because some everything nudge expenses, and a the listening XX% was Or very any job did that's too? used

Tricia Plouf

I quarter did Yes, targeting say the the the we things And going into right would Dave. in were move XX% we quarter-to-quarter. around end, gave that. AOI. At on slightly at guidance come and around we that's

came but XX%. possible but in And invest variable a right our - on. where we in the was - performed though various of our did expenses, adjusted it's components, mean heavier better those we I we little experience with So our we overall fixed expenses, income the member little operating some a on between

David Westenberg

Thank you. Got it.

Operator

with from Please is Raymond James. next Our proceed. question Elliot Wilbur

Michael Parolari

Hi, Thanks my everyone. Elliot. in Michael taking actually This filling for Parolari for is questions.

greater presumed sensitivity we plans, plans? payout mid-price a the introduction expect on still you point for the of XX% lower was also, should wondering price medium discussed So, plans, of I we those ratio timing-wise? plans. if you. then point had the Thank update believe one And lower growth them? with around June, those was of initiatives can price in how think And I ARPU guys around you just regarding any the

Margi Tooth

there. and as few kick those Darryl answer this Trish questions off I'll and can in to a well because So, are they

the announced PHI to we more called month. of last where actually we products, how which off is have just details early start of low ARPU since which the the Meeting the first few with the launched days, Direct. is around Canada a that Shareholder very medium ago. in weeks launched We doing, So in June we're And

So really a muscle new as other that share to than happy we've team. built there's nothing we're a

the well growth numbers plan we've these really, as Darryl, in to as you the year initiatives? been you've got how of which that QX, rate subscription build very rate new XX-month One our want to and we that in is a new we this do business. - we've we've do strong really proven as the encouraging. maintain And balance is that? do just terms things that strong I muscle, our we take this can to that think with margin, trying that today through come of that, learn core And with new in growth the seen

Darryl Rawlings

distribution Yes. all us expansion, is ARPU, margin low new the side, given subscription new include them and the international I - medium margin [indiscernible] same for XX% mean which even to on subscription margin adjusted the profile. all designed our most operating of monthly channels, important have and our initiatives, food of are

and creating looking our focus. that we're at So, that's XX%

Tricia Plouf

projecting we're that's Margi driving talking in are core we ramping strong of have driven to the will our reflect this look launching as these material so these not and I just about of there'll really that this year all year some really results, business. in additive they for we currently particularly modeled we next that and will And are more that as we're and metrics, be rolling the impacts into our to and over things growth Like by these remainder anything time, of These on general, excited do one things add about business, we the thing key particularly they Yes. far. experienced year, I the up, as any as the results. that said, year and guidance strong the think roll highlight, I business. things would we're have results thing. meaningful up one Overall, want and core But in our haven't well. additive ramp mix be of as start ARPU will,

Michael Parolari

it. guys. Got Thanks,

Darryl Rawlings

Thank you.

Operator

from proceed. Instructions] [Operator Research. is Autonomous Tunis with question next Please Our Ryan

Ryan Tunis

with the than a Hey, guys. whether and what like maybe things - surgeries, utilization incidents the Thanks. going pet insurance. people front, issue, putting number call, higher are you not an Good underwriting evening. reopening, I'm things off level But of to on of have seeing guess that? claims it's in you I frequency frequency

Darryl Rawlings

mean, is accident illness. beginning accident of a in No, and like I there and the it And I our of a frequency in product the slight being illness, the described snowstorm. was time dip at COVID.

or dramatically you slowed of wellness soon, my them today? a it's last need If lump I It is said QX slowed year. dog the or down like, see to do beginning the you the a limping like veterinarian, visits. critical bit also I'd not you call but that hear is veterinarian That's today. in lot to of down in has little bump, a and frequency And got a come

And then. to of normal business we last held back they've vaccinations, in But of and QX were and So the frequency going QX our people stable. steady since is control et levels for flee year, teeth going cetera. frequency cleaning, into really very

Ryan Tunis

that. pet Got The $XXX the and sense. hairs. In using crept on That makes above it. a to acquisition as the I'm bit just cost, quarter, And split PAC. the little assumption we then it trying last were

is mentioned probably you think pick - Or kind the it interpret call rest I in will that is mean, of you up? it as do earlier you're I likely guidance? of think we should about thinking continue the to more for $XXX the year. what

Darryl Rawlings

internal return. Well, I based mean, we do on or rate the we pet target of cost acquisition our

a was return pet are gone in guardrails where of last mentioned anywhere on the retention our XX% remained But Trish it rate. rate the to there lifetime increase has guidance up of internal today. that of lifetime steady our the above because from our So of over in XX% year midpoint value that and The is at and the ARPU increase our we XX% the XX%. value assuming hit of

probably have we're to think strong little bit internal a I a and So, But with If little a splitting of it we rate, a the there'd we you for goes we anywhere lower. hit is us, if between mean and hit rate goal XX% there return retention XX%. up XX%, little higher. we're bit imagine could be an ARPU then of hairs. kind I happy underpenetrated is if continue XX%, is and large market -

right very do to foot gas. on team, a trying We've now it disciplined are with whole got accelerator. they're saying, in We the the way. cooking our We're

by we're So, we're monitoring breed, in where but by geography by money growth channel, we're spending mode. our

Ryan Tunis

And quarter then housekeeping just for depreciation a But I good a rest pretty a item, use development there's the to know this it. is and the of rate run Got shrink. costs. year?

Tricia Plouf

Yes.

on it. the we on That's development, managing on. of annual think, more development depreciation, of I basis quarter, the at ticked on based This particular between expenses basis. the particularly we XX basis look an revenue XXX going an on depending on up points points just other and and year how the annual that number have basis but initiatives, we're initiatives

Ryan Tunis

you. Thank

Darryl Rawlings

Thank you.

Operator

Our Greg next is Gibas from proceed. Northland with Please question Securities.

Greg Gibas

to revenue do your attribute ask reception to? Trisha I been rollout upside you Seems and far? in know thus of of there also, on Landspath quick very ones. for the products early have regarding this, but to some wanted your initial that then Thanks And ask, it's like business of - taking in Margi. couple just how the other is the segment. Wanted Darryl, Hey, questions. A what

Margi Tooth

Yes.

a off we're talked we we the think to Landspath, making in it lined our sure that go. subscription we Meeting, are making our have we is Shareholder tests, do still stages very is about monthly as together kick everything everything in I that and much of when sure our test, we which that up, ready - everything putting So food

a So that. a to little ahead of bit to we'll we got - moment, we're it At this. hospital bit After little the quite consumers testing. to out test, test our that look haven't

fairly a got still long it's runway. So

come As to our expect on we everything at with XX-month in them times. plan, different

test kicks continue off update something work got can it when is looking and we that this, that be sure then. information able to We've do So on this and more that focus and at as to right making we we'll on.

Tricia Plouf

question. speak first can to I And your

other overperform business You're them. both correct, did one of segments on being revenue the and we

As revenue. a different a there in things reminder, business few other is our

government them there all of for some over-performed. veteran market of that affairs performed One the of business. insure that well three the is them federal pets own. it's other And margin products would underwriting a the part of dogs. during in fully don't service benefits lower quarter, in combined, the be employer go our then through Two, our we All we and

more this lumpy. reminder, be tends less tends bit be to segment to a little a predictable, As

the and business. subscription subscription Over pushing come growth on from our is rates. really is with along the core our XX% out, that focus our participate margin business to And adjusted at ahead to sure try our when that ourselves we main that core operating happy of and business, profiles coming because it's in, we that so margins. part always lower we're don't projecting particularly our albeit But get areas we are that margin of of make lower strong and a income

for that's initiatives come see into So we're you'll in plan, where subscription, the happy particularly segments to while is those play more. on overperform, our focus the XX-month all

Greg Gibas

channels. for volumes Great. to kind expecting we I That's wondering guidance, respect to assuming breakout Are time? in of high lead second instance? similar the of first And the year, trend growth half different that to that leads a assumptions of relative maybe the in for levels just our was see I how helpful. in necessarily units underlying you level, your at here your don't you're with But know

Margi Tooth

out Yes. the I definitely TPs into or can we back - hospitals. get partners mean, territory

We hospital happening for frequently, which and always more seeing active visits great itself. that that more is relationship are

so to everything industry, do. that we core it's For

continue there. that to volume that seen and up pick mentioned, we've I is channel core our as lead So,

where one question, So, I capital, doing - we've lot to the When more that, invest than keep anticipate strong. XX%, we're I money, that thing about that way to a been driving the position continues actually we be that to talk for can that. an that deploy our we're awful that converting. we going leads in And XX% way think the we're we to have earlier

So, thinking We're that to XX% really staying in we're a efficient. be about XX%. to guardrail

high. crank well on lead labor the rate as for that and the us conversion keep volume, know opportunity we to [ph] that to So, go there as trying is

no doing that for of doubt, will, very strongly a volume continue up. that job the So keeping great lead team to perform us is and

Darryl Rawlings

Trupanion. comment I'd to just new a people add listeners for are that

we're during Now, stuck Trupanion else, how has everybody have able typically zooming; what to cars veterinary or texting, to home expect field, our to of COVID, the back segment that We'll hospitals dedicated they and them to get field they visit be over on calling every XX XXX-plus we happens from growth people and communication, company those sales to with make a like in telephone the in at the be all but trying the has were and COVID, and the force. to days. connections. field We're that excited learn had in really strong eager in was And only with the deal category business. and to watch

Greg Gibas

Great. Thank you.

Operator

the And gentlemen, of and conference. reached Thank will you. we conclude end this Ladies session. have the today's question-and-answer

time. may your disconnect a at this participation day. very lines for have great and Thank You you much your

Trupanion (TRUP) 6 Aug 212021 Q2 Earnings call transcript