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「第三季度對公司來說是一個非常強勁的財務季度，將持續增長的營業收入與訂閱性自由現金流增長66%相結合。」 trupanion的首席執行官兼總裁瑪吉·圖思說：「該表現的拉動因素是將獸醫保健費用與會員定價保持一致，從而實現我們的目標價值主張達到71%。今天，trupanion正在解決的問題比以往任何時候都要嚴重，過去12個月已經創造了$3000萬的自由現金流，我們已經做好了在這個全球市場未充分滲透的市場中觸達更多寵物的準備。」

trupanion的管理層將於今天舉行電話會議，審查2024年第三季度業績。電話會議預定於太平洋時間下午1:30之後/東部時間下午4:30開始。可通過trupanion網站的投資者關係部分訪問現場網絡廣播。 https://investors.trupanion.com/ 會議結束後，將在網上存檔3個月。參與者可通過撥打1-877-300-8521（美國）或1-412-317-6026（國際）訪問電話會議。會議結束後，還可以通過撥打1-844-512-2921（美國）或1-412-317-6671（國際）並輸入回放密碼10192561來收聽電話重播。

Trupanion 是美國、加拿大、歐洲大陸、澳洲和波多黎各寵物醫療保險領域的領導者，擁有超過 1,000,000 只寵物參保。20 多年來，Trupanion 爲寵物主人提供了心靈撫慰，讓他們能夠專注於寵物的康復，而不是財務壓力。Trupanion 致力於爲寵物主人提供最高價值的寵物醫療保險，在其寵物的一生內實現無限支付。憑藉其專利技術，Trupanion 是北美唯一能夠在結賬時秒速直接支付獸醫的供應商。Trupanion 在納斯達克上市，股票代碼爲「TRUP」。該公司成立於 2000 年，總部位於美國華盛頓州西雅圖。美國地區由其全資保險實體美國寵物保險公司發行保單，加拿大地區由 Accelerant 加拿大保險公司發行。Trupanion 澳洲是 Trupanion 與 Hollard 保險公司之間的合作伙伴關係。保單由 Trupanion Managers USA，Inc。銷售和管理（加州執照號 0G22803，NPN 9588590）。欲了解更多信息，請訪問 trupanion.com。

本新聞稿包含根據1933年證券法第27A條和1934年證券交易法第21E條釋義的前瞻性聲明，涉及trupanion的期望、計劃、前景和財務業績，包括但不限於其對繼續增長註冊和營業收入的期望，以及執行其業務計劃的能力。這些前瞻性聲明基於trupanion管理層截至本新聞發佈日期的當前期望和信念，並受特定風險和不確定性的影響，可能導致實際結果與前瞻性聲明中描述的有所不同。本新聞稿中的所有前瞻性聲明均基於trupanion截至此日期可獲得的信息，並trupanion無義務更新這些前瞻性聲明。

特別是，在下列因素等因素中，可能導致結果與這些前瞻性聲明所表達或暗示的結果有實質差異：在未來時期獲得或保持盈利能力和/或適當的現金流水平的能力；保持增長會員基礎和營業收入的能力；確定適當會員獲取支出時使用的假設的準確性；索賠的嚴重程度和頻率；保持高續約率的能力；定價醫療計劃訂閱時使用的假設的準確性以及準確估計新產品或優惠對索賠頻率的影響的能力；實際索賠費用超出估計；對制定價格修改的能力的監管以及對實際或預估索賠費用變化做出響應的決定的其他約束或推遲決定；我們領地夥伴模式以及領地夥伴，獸醫和其他第三方推薦醫療計劃訂閱給潛在會員的有效性和法定或監管的合規性；保留現有領地夥伴並增加領地夥伴和活躍醫院的數量；由我們及引薦我們會員的人遵守適用於我們業務的法律和法規，包括寵物醫療計劃的銷售；保持數據安全性的能力；加拿大貨幣兌換率波動；保護我們的專有和會員信息的能力；維護我們的文化和團隊的能力；保持所需的基於風險資本的能力；我們實施和維持有效控制，包括糾正財務報告內部控制中的實質缺陷的能力；保護和執行 trupanion 的知識產權的能力；成功實施與Aflac的聯盟的能力；繼續與第三方的關鍵合同關係；第三方索賠，包括訴訟和監管行動；認識到從對Trupanion 科技平台和網站的新解決方案和增強投資中獲益的能力；我們保留關鍵人員的能力；以及 trupanion 董事會根據公司未來業績或其他方面進行的討論和決定。

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, 2023 and any subsequently filed reports on Forms 10-Q, 10-K and 8-K. All documents are available through the SEC’s Electronic Data Gathering Analysis and Retrieval system at https://www.sec.gov or the Investor Relations section of Trupanion’s website at https://investors.trupanion.com.

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 new pet acquisition 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 new pet acquisition expense. 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. Condensed Consolidated Statements of Operations (in thousands, except share data)
	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(unaudited)
Revenue:
Subscription business	$	218,986	$	182,906	$	628,738	$	521,369
Other business	108,470		102,947		319,639		291,379
Total revenue	327,456		285,853		948,377		812,748
Cost of revenue:
Subscription business(1)	177,365		157,444		525,237		455,055
Other business	100,712		93,176		297,265		266,741
Total cost of revenue(2)	278,077		250,620		822,502		721,796
Operating expenses:
Technology and development(1)	7,933		5,302		23,083		15,434
General and administrative(1)	16,977		12,664		46,903		46,817
New pet acquisition expense(1)	18,308		17,772		53,025		60,183
Depreciation and amortization	4,381		2,990		12,542		9,445
Total operating expenses	47,599		38,728		135,553		131,879
Gain (loss) from investment in joint venture	(34)		4		(184)		(140)
Operating income (loss)	1,746		(3,491)		(9,862)		(41,067)
Interest expense	3,820		3,053		11,071		8,380
Other income, net	(3,538)		(2,465)		(9,601)		(6,445)
Income (loss) before income taxes	1,464		(4,079)		(11,332)		(43,002)
Income tax expense (benefit)	39		(43)		(43)		(472)
Net income (loss)	$	1,425	$	(4,036)	$	(11,289)	$	(42,530)

Net income (loss) per share:
Basic	$	0.03	$	(0.10)	$	(0.27)	$	(1.03)
Diluted	$	0.03	$	(0.10)	$	(0.27)	$	(1.03)

Weighted average shares of common stock outstanding:
Basic	42,233,903		41,536,575		42,076,998		41,344,195
Diluted	42,822,505		41,536,575		42,076,998		41,344,195


(1)Includes stock-based compensation expense as follows:	Three Months Ended September 30,				Nine Months Ended September 30,

	2024		2023		2024		2023
Cost of revenue	$	1,401	$	1,176	$	4,186	$	3,801
Technology and development	1,259		650		3,774		1,985
General and administrative	4,125		3,281		11,435		14,448
New pet acquisition expense	1,555		1,785		5,743		5,626
Total stock-based compensation expense	$	8,340	$	6,892	$	25,138	$	25,860

(2)The breakout of cost of revenue between veterinary invoice expense and other cost of revenue is as follows:
	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Veterinary invoice expense	$	238,814	$	212,441	$	703,485	$	613,316
Other cost of revenue	39,263		38,179		119,017		108,480
Total cost of revenue	$	278,077	$	250,620	$	822,502	$	721,796


Trupanion, Inc. Condensed Consolidated Balance Sheets (in thousands, except share data)
	September 30, 2024		December 31, 2023
	(unaudited)
Assets
Current assets:
Cash and cash equivalents	$	137,477	$	147,501
Short-term investments	155,580		129,667
Accounts and other receivables, net of allowance for doubtful accounts of $1,015 at September 30, 2024 and $1,085 at December 31, 2023	289,823		267,899
Prepaid expenses and other assets	16,692		17,022
Total current assets	599,572		562,089
Restricted cash	23,394		22,963
Long-term investments	14,215		12,866
Property, equipment and internal-use software, net	102,862		103,650
Intangible assets, net	14,888		18,745
Other long-term assets	16,004		18,922
Goodwill	45,183		43,713
Total assets	$	816,118	$	782,948
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	10,136	$	10,505
Accrued liabilities and other current liabilities	33,461		34,052
Reserve for veterinary invoices	56,668		63,238
Deferred revenue	260,238		235,329
Long-term debt - current portion	1,350		1,350
Total current liabilities	361,853		344,474
Long-term debt	127,548		127,580
Deferred tax liabilities	2,166		2,685
Other liabilities	4,376		4,487
Total liabilities	495,943		479,226
Stockholders’ equity:
Common stock: $0.00001 par value per share, 100,000,000 shares authorized; 43,368,881 and 42,340,695 issued and outstanding at September 30, 2024; 42,887,052 and 41,858,866 shares issued and outstanding at December 31, 2023	—		—
Preferred stock: $0.00001 par value per share, 10,000,000 shares authorized; no shares issued and outstanding	—		—
Additional paid-in capital	561,010		536,108
Accumulated other comprehensive income (loss)	3,243		403
Accumulated deficit	(227,544)		(216,255)
Treasury stock, at cost: 1,028,186 shares at September 30, 2024 and December 31, 2023	(16,534)		(16,534)
Total stockholders’ equity	320,175		303,722
Total liabilities and stockholders’ equity	$	816,118	$	782,948


Trupanion, Inc. Condensed Consolidated Statements of Cash Flows (in thousands)
	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(unaudited)
Operating activities
Net income (loss)	$	1,425	$	(4,036)	$	(11,289)	$	(42,530)
Adjustments to reconcile net loss to cash provided by (used in) operating activities:
Depreciation and amortization	4,381		2,990		12,542		9,445
Stock-based compensation expense	8,341		6,892		25,138		25,860
Other, net	(136)		(549)		(453)		(1,134)
Changes in operating assets and liabilities:
Accounts and other receivables	(3,794)		(12,409)		(22,020)		(45,593)
Prepaid expenses and other assets	101		452		2,398		(2,761)
Accounts payable, accrued liabilities, and other liabilities	1,377		2,632		(350)		(3,832)
Reserve for veterinary invoices	(3,934)		5,258		(6,469)		17,697
Deferred revenue	7,535		10,168		25,088		43,979
Net cash provided by (used in) operating activities	15,296		11,398		24,585		1,131
Investing activities
Purchases of investment securities	(26,125)		(29,458)		(107,375)		(109,389)
Maturities and sales of investment securities	26,089		29,713		81,767		147,365


Purchases of property, equipment, and internal-use software	(1,914)		(4,391)		(7,858)		(14,310)


Other	490		837		1,552		1,420
Net cash provided by (used in) investing activities	(1,460)		(3,299)		(31,914)		25,086
Financing activities

Proceeds from debt financing, net of financing fees	—		24,972		—		60,102

Proceeds from exercise of stock options	258		628		729		1,281
Shares withheld to satisfy tax withholding	(802)		(272)		(1,390)		(1,296)
Repayments of debt financing	(338)		(338)		(1,013)		(1,380)
Other financing	(157)		(150)		(609)		(150)
Net cash provided by (used in) financing activities	(1,039)		24,840		(2,283)		58,557
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash, net	481		(906)		19		(830)
Net change in cash, cash equivalents, and restricted cash	13,278		32,033		(9,593)		83,944
Cash, cash equivalents, and restricted cash at beginning of period	147,593		136,548		170,464		84,637
Cash, cash equivalents, and restricted cash at end of period	$	160,871	$	168,581	$	160,871	$	168,581


The following tables set forth our key operating metrics.

	Nine Months Ended September 30,
	2024			2023
Total Business:
Total pets enrolled (at period end)	1,688,903			1,712,177
Subscription Business:
Total subscription pets enrolled (at period end)	1,032,042			969,322
Monthly average revenue per pet	$	71.94		$	64.63
Lifetime value of a pet, including fixed expenses	$	493		$	428
Average pet acquisition cost (PAC)	$	227		$	232
Average monthly retention	98.29		%	98.55		%


	Three Months Ended
	Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024			Dec. 31, 2023			Sep. 30, 2023			Jun. 30, 2023			Mar. 31, 2023			Dec. 31, 2022
Total Business:
Total pets enrolled (at period end)	1,688,903			1,699,643			1,708,017			1,714,473			1,712,177			1,679,659			1,616,865			1,537,573
Subscription Business:
Total subscription pets enrolled (at period end)	1,032,042			1,020,934			1,006,168			991,426			969,322			943,958			906,369			869,862
Monthly average revenue per pet	$	74.27		$	71.72		$	69.79		$	67.07		$	65.82		$	64.41		$	63.58		$	63.11
Lifetime value of a pet, including fixed expenses	$	493		$	450		$	428		$	419		$	428		$	470		$	541		$	641
Average pet acquisition cost (PAC)	$	243		$	231		$	207		$	217		$	212		$	236		$	247		$	283
Average monthly retention	98.29		%	98.34		%	98.41		%	98.49		%	98.55		%	98.61		%	98.65		%	98.69		%


The following table reflects the reconciliation between GAAP and non-GAAP measures (in thousands except percentages):
	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Veterinary invoice expense	$	238,814		$	212,441		$	703,485		$	613,316
Less:
Stock-based compensation expense(1)	(830)			(870)			(2,535)			(2,565)
Other business cost of paying veterinary invoices(4)	(82,507)			(72,694)			(239,342)			(210,286)
Subscription cost of paying veterinary invoices (non-GAAP)	$	155,477		$	138,877		$	461,608		$	400,465
% of subscription revenue	71.0		%	75.9		%	73.4		%	76.8		%

Other cost of revenue	$	39,263		$	38,179		$	119,017		$	108,480
Less:
Stock-based compensation expense(1)	(536)			(282)			(1,479)			(1,158)
Other business variable expenses(4)	(18,126)			(20,482)			(57,713)			(56,455)
Subscription variable expenses (non-GAAP)	$	20,601		$	17,415		$	59,825		$	50,867
% of subscription revenue	9.4		%	9.5		%	9.5		%	9.8		%

Technology and development expense	$	7,933		$	5,302		$	23,083		$	15,434
General and administrative expense	16,977			12,664			46,903			46,817
Less:
Stock-based compensation expense(1)	(5,258)			(3,754)			(14,465)			(16,072)
Non-recurring transaction or restructuring expenses(2)	—			(8)			—			(4,175)
Development expenses(3)	(1,474)			(1,594)			(4,307)			(3,417)
Fixed expenses (non-GAAP)	$	18,178		$	12,610		$	51,214		$	38,587
% of total revenue	5.6		%	4.4		%	5.4		%	4.7		%

New pet acquisition expense	$	18,308		$	17,772		$	53,025		$	60,183
Less:
Stock-based compensation expense(1)	(1,503)			(1,679)			(5,426)			(5,433)
Other business pet acquisition expense(4)	(8)			(10)			(31)			(123)
Subscription acquisition cost (non-GAAP)	$	16,797		$	16,083		$	47,568		$	54,627
% of subscription revenue	7.7		%	8.8		%	7.6		%	10.5		%

(1) Trupanion employees may elect to take restricted stock units in lieu of cash payment for their bonuses. We account for such expense as stock-based compensation according to GAAP, but we do not include it in any non-GAAP adjustments. Stock-based compensation associated with bonuses was approximately $0.2 million and $1.3 million for the three and nine months ended September 30, 2024, respectively. (2) Consists of business acquisition transaction expenses, severance and legal costs due to certain executive departures, and a $3.8 million non-recurring settlement of accounts receivable in the first quarter of 2023 related to uncollected premiums in connection with the transition of underwriting a third-party business to other insurers. (3) Consists of costs related to product exploration and development that are pre-revenue and historically have been insignificant. (4) Excludes the portion of stock-based compensation expense attributable to the other business segment.


The following table reflects the reconciliation of GAAP measures to non-GAAP measures (in thousands, except percentages):
	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Operating income (loss)	$	1,746	$	(3,491)	$	(9,862)	$	(41,067)
Non-GAAP expense adjustments
Acquisition cost	16,805		16,093		47,599		54,750
Stock-based compensation expense(1)	8,127		6,585		23,905		25,228
Development expenses(3)	1,474		1,594		4,307		3,417
Depreciation and amortization	4,381		2,990		12,542		9,445
Non-recurring transaction or restructuring expenses(2)	—		8		—		4,175
Gain (loss) from investment in joint venture	(34)		4		(184)		(140)
Total adjusted operating income (non-GAAP)	$	32,567	$	23,775	$	78,675	$	56,088

Subscription Business:
Subscription operating income (loss)	$	3,824	$	(5,709)	$	(4,109)	$	(37,294)
Non-GAAP expense adjustments
Acquisition cost	16,797		16,083		47,568		54,627
Stock-based compensation expense(1)	6,215		4,996		18,723		19,229
Development expenses(3)	986		1,257		2,855		2,439
Depreciation and amortization	2,929		1,913		8,315		6,060
Non-recurring transaction or restructuring expenses(2)	—		5		—		223
Subscription adjusted operating income (non-GAAP)	$	30,751	$	18,545	$	73,352	$	45,284

Other Business:
Other business operating income (loss)	$	(2,044)	$	2,214	$	(5,569)	$	(3,633)
Non-GAAP expense adjustments
Acquisition cost	8		10		31		123
Stock-based compensation expense(1)	1,912		1,589		5,182		5,999
Development expenses(3)	488		337		1,452		978
Depreciation and amortization	1,452		1,077		4,227		3,385
Non-recurring transaction or restructuring expenses(2)	—		3		—		3,952
Other business adjusted operating income (non-GAAP)	$	1,816	$	5,230	$	5,323	$	10,804

(1) Trupanion employees may elect to take restricted stock units in lieu of cash payment for their bonuses. We account for such expense as stock-based compensation in accordance with GAAP, but we do not include it in any non-GAAP adjustments. Stock-based compensation associated with bonuses was approximately $0.2 million and $1.3 million for the three and nine months ended September 30, 2024, respectively.
(2) Consists of business acquisition transaction expenses, severance and legal costs due to certain executive departures, and a $3.8 million non-recurring settlement of accounts receivable in the first quarter of 2023 related to uncollected premiums in connection with the transition of underwriting a third-party business to other insurers.
(3) Consists of costs related to product exploration and development that are pre-revenue and historically have been insignificant.


The following table reflects the reconciliation of GAAP measures to non-GAAP measures (in thousands, except percentages):
	Three Months Ended September 30,						Nine Months Ended September 30,

	2024			2023			2024			2023
Subscription revenue	$	218,986		$	182,906		$	628,738		$	521,369
Subscription cost of paying veterinary invoices	155,477			138,877			461,608			400,465
Subscription variable expenses	20,601			17,415			59,825			50,867
Subscription fixed expenses*	12,157			8,069			33,953			24,753
Subscription adjusted operating income (non-GAAP)	$	30,751		$	18,545		$	73,352		$	45,284
Other business revenue	108,470			102,947			$	319,639		$	291,379
Other business cost of paying veterinary invoices	82,507			72,694			239,342			210,286
Other business variable expenses	18,126			20,482			57,713			56,455
Other business fixed expenses*	6,021			4,541			17,261			13,834
Other business adjusted operating income (non-GAAP)	$	1,816		$	5,230		$	5,323		$	10,804
Revenue	327,456			285,853			$	948,377		$	812,748
Cost of paying veterinary invoices	237,984			211,571			700,950			610,751
Variable expenses	38,727			37,897			117,538			107,322
Fixed expenses*	18,178			12,610			51,214			38,587
Total business adjusted operating income (non-GAAP)	$	32,567		$	23,775		$	78,675		$	56,088

As a percentage of revenue:	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Subscription revenue	100.0		%	100.0		%	100.0		%	100.0		%
Subscription cost of paying veterinary invoices	71.0		%	75.9		%	73.4		%	76.8		%
Subscription variable expenses	9.4		%	9.5		%	9.5		%	9.8		%
Subscription fixed expenses*	5.6		%	4.4		%	5.4		%	4.7		%
Subscription adjusted operating income (non-GAAP)	14.0		%	10.1		%	11.7		%	8.7		%

Other business revenue	100.0		%	100.0		%	100.0		%	100.0		%
Other business cost of paying veterinary invoices	76.1		%	70.6		%	74.9		%	72.2		%
Other business variable expenses	16.7		%	19.9		%	18.1		%	19.4		%
Other business fixed expenses*	5.6		%	4.4		%	5.4		%	4.7		%
Other business adjusted operating income (non-GAAP)	1.7		%	5.1		%	1.7		%	3.7		%

Revenue	100.0		%	100.0		%	100.0		%	100.0		%
Cost of paying veterinary invoices	72.7		%	74.0		%	73.9		%	75.1		%
Variable expenses	11.8		%	13.3		%	12.4		%	13.2		%
Fixed expenses*	5.6		%	4.4		%	5.4		%	4.7		%
Total business adjusted operating income (non-GAAP)	9.9		%	8.3		%	8.3		%	6.9		%

*Fixed expenses represent shared services that support both our subscription and other business segments and, as such, are generally allocated to each segment pro-rata based on revenues.

Adjusted operating income is a non-GAAP financial measure that adjusts operating income (loss) to remove the effect of acquisition cost, development expenses, non-recurring transaction or restructuring expenses, and gain (loss) from investment in joint venture. Non-cash items, such as stock-based compensation expense and depreciation and amortization, are also excluded. Acquisition cost, development expenses, gain (loss) from investment in joint venture, stock-based compensation expense, and depreciation and amortization are expected to remain recurring expenses for the foreseeable future, but are excluded from this metric to measure scale in other areas of the business. Management believes acquisition costs primarily represent the cost to acquire new subscribers and are driven by the amount of growth we choose to pursue based primarily on the amount of our adjusted operating income period over period. Accordingly, this measure is not indicative of our core operating income performance. We also exclude development expenses, gain (loss) from investment in joint venture, stock-based compensation expense, and depreciation and amortization because some investors may not view those items as reflective of our core operating income performance.

Management uses adjusted operating income and the margin on adjusted operating income to understand the effects of scale in its non-acquisition cost and development expenses and to plan future advertising expenditures, which are designed to acquire new pets. Management uses this measure as a principal way of understanding the operating performance of its business exclusive of acquisition cost and new product exploration and development initiatives. Management believes disclosure of this metric provides investors with the same data that the Company employs in assessing its overall operations and that disclosure of this measure may provide useful information regarding the efficiency of our utilization of revenues, return on advertising dollars in the form of new subscribers and future use of available cash to support the continued growth of our business.


The following tables reflect the reconciliation of adjusted EBITDA to net income (loss) (in thousands):

	Nine Months Ended September 30,
	2024		2023
Net loss	$	(11,289)	$	(42,530)
Excluding:
Stock-based compensation expense	23,906		25,228
Depreciation and amortization expense	12,542		9,445
Interest income	(9,412)		(6,169)
Interest expense	11,071		8,380
Other non-operating expenses	—		—
Income tax benefit	(43)		(472)
Non-recurring transaction or restructuring expenses	—		4,175
(Gain) loss from equity method investment	(33)		(110)
Adjusted EBITDA	$	26,742	$	(2,053)

	Three Months Ended
	Sep. 30, 2024		Jun. 30, 2024		Mar. 31, 2024		Dec. 31, 2023		Sep. 30, 2023		Jun. 30, 2023		Mar. 31, 2023		Dec. 31, 2022
Net income (loss)	$	1,425	$	(5,862)	$	(6,852)	$	(2,163)	$	(4,036)	$	(13,714)	$	(24,780)	$	(9,285)
Excluding:
Stock-based compensation expense	8,127		8,381		7,398		6,636		6,585		6,503		12,140		8,412
Depreciation and amortization expense	4,381		4,376		3,785		3,029		2,990		3,253		3,202		2,897
Interest income	(3,232)		(3,135)		(3,045)		(2,842)		(2,389)		(2,051)		(1,729)		(1,614)
Interest expense	3,820		3,655		3,596		3,697		3,053		2,940		2,387		1,587
Other non-operating expenses	—				—				—		—		—		—
Income tax expense (benefit)	39		(44)		(38)		130		(43)		(238)		(191)		(15)
Non-recurring transaction or restructuring expenses	—				—				8		65		4,102		193
(Gain) loss from equity method investment	(33)				—				(110)		—		—		—
Adjusted EBITDA	$	14,527	$	7,371	$	4,844	$	8,487	$	6,058	$	(3,242)	$	(4,869)	$	2,175