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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.