Risk Factors Update Summary
- Increased pet acquisition expenses from $77.4 million to $77.7 million for the year ended December 31, 2022 to 2023.
- Accumulated deficit increased from $171 million to $216 million as of December 31, 2022 to 2023.
- Revenue generated from subscriptions decreased from 66% to 64% for the year ended December 31, 2022 to 2023.
- Net operating loss carryforwards increased from approximately $258 million to $271 million expiring in 2026.
- Total revenue from policies sourced by general agents increased from 32% to 34% for the year ended December 31, 2022 to 2023.
- Term loans issued increased from $75 million to $135 million under the Credit Facility as of December 31, 2022 to 2023.
- Quarterly revenue and liquidity thresholds are included as financial covenants in the Credit Facility.
Full Text Changes in Most Recent 10-K
Intended use: review the highlighted statements. These are additions to the risk factors disclosure in the most recent 10-K filing compared to the previous 10-K filing. Deleted and moved text is less important and is shown for context.
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