Dafinchi AI

Trupanion, Inc.

TRUP

2025 Q2

Financial Services

Financial Performance Summary

Adjusted operating income (AOI) for the subscription business rose 45% to $33.4 million, with a margin expansion of 280 basis points to 13.8%.
Debt was reduced to $116.4 million after paying down $15 million with proceeds from an extraordinary dividend.
Net income improved to $9.4 million or $0.22 per share, compared to a net loss of $5.9 million or $0.14 per share in the prior year period.
Operating cash flow was $15 million, free cash flow was $12 million, up from $6.9 million and $4 million respectively in the prior year.
Subscription revenue increased 16% year-over-year to $242.2 million.
Total adjusted operating income was $34.8 million, up 40% from the prior year.
Total revenue for Q2 2025 was $353.6 million, up 12% year-over-year.

LPL Financial Holdings Inc.

LPLA

2025 Q2

Financial Services

Financial Performance Summary

Adjusted EPS was $4.51, a 16% increase year-over-year.
Client cash revenue was $414 million, up $5 million from Q1; client cash balances ended at $51 billion, down $2 billion sequentially.
Commission and advisory fees net of payout were $349 million, down $14 million from Q1.
Core G&A expenses were $426 million, below outlook range; full year 2025 outlook lowered to $1.720 billion to $1.750 billion excluding deals.
Corporate cash ended Q2 at $3.6 billion, up $3 billion from Q1 due to capital raises; expected to decrease post-Commonwealth close.
Depreciation and amortization were $96 million, up $4 million sequentially; expected to increase by $5 million in Q3.
Gross profit was $1.304 billion, up $32 million sequentially.
ICA yield was 342 basis points, up 5 basis points from Q1; expected to be flat in Q3.
Including Commonwealth, new core G&A outlook is $1.880 billion to $1.920 billion.
Interest expense was $102 million, up $22 million sequentially due to April debt issuance; expected to increase by $5 million in Q3.
Leverage ratio was 1.23x at end of Q2; expected to be 2.25x post-close with a path to 2x by end of 2026.
Organic net new assets were $21 billion, representing a 5% annualized growth rate.
Payout rate was 87.3%, up approximately 60 basis points from Q1, with an expected increase to 87.6% in Q3.
Promotional expense was $164 million, up $12 million from Q1; expected to increase by $35 million in Q3.
Service and fee revenue was $152 million, up $7 million from Q1; expected to increase by $20 million in Q3.
Tax rate was approximately 26% in Q2; expected around 27% in Q3.
Total assets increased to a record $1.9 trillion in Q2, driven by solid organic growth and higher equity markets.
Transaction revenue was $61 million, down $7 million sequentially; expected to increase by $5 million in Q3.

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