Cover Page Document
Cover Page Document - shares | 6 Months Ended | |
Jun. 30, 2023 | Jul. 28, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-36537 | |
Entity Registrant Name | TRUPANION, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 83-0480694 | |
Entity Address, Address Line One | 6100 4th Avenue S, Suite 400 | |
Entity Address, City or Town | Seattle, | |
Entity Address, State or Province | WA | |
Entity Address, Postal Zip Code | 98108 | |
City Area Code | (855) | |
Local Phone Number | 727 - 9079 | |
Title of 12(b) Security | Common stock, $0.00001 par value per share | |
Trading Symbol | TRUP | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 41,371,714 | |
Entity Central Index Key | 0001371285 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Consolidated Statement of Opera
Consolidated Statement of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Statement [Abstract] | ||||
Revenues | $ 270,566 | $ 219,411 | $ 526,895 | $ 425,410 |
Claims Expense | 206,738 | 157,616 | 400,875 | 302,542 |
Other Cost of Services Sold | 34,455 | 33,212 | 70,301 | 64,391 |
Cost of Revenue | 241,193 | 190,828 | 471,176 | 366,933 |
Technology and Development Expense | 5,232 | 6,396 | 10,132 | 11,625 |
General and Administrative Expense | 13,136 | 9,227 | 34,153 | 18,593 |
Selling and Marketing Expense | 20,769 | 22,982 | 42,411 | 44,609 |
Depreciation, Depletion and Amortization | 3,253 | 2,707 | 6,455 | 5,424 |
Operating Expenses | 42,390 | 41,312 | 93,151 | 80,251 |
Income (Loss) from Equity Method Investments | (73) | (42) | (144) | (111) |
Operating Income (Loss), Total | (13,090) | (12,771) | (37,576) | (21,885) |
Interest Expense | 2,940 | 1,193 | 5,327 | 1,272 |
Other Nonoperating Income (Expense) | (2,078) | (365) | (3,980) | (679) |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (13,952) | (13,599) | (38,923) | (22,478) |
Income Tax Expense (Benefit) | (238) | 19 | (429) | (5) |
Net Income (Loss) Available to Common Stockholders, Basic, Total | $ (13,714) | $ (13,618) | $ (38,494) | $ (22,473) |
Earnings Per Share, Basic and Diluted [Abstract] | ||||
Earnings Per Share, Basic | $ (0.33) | $ (0.33) | $ (0.93) | $ (0.55) |
Earnings Per Share, Diluted | $ (0.33) | $ (0.33) | $ (0.93) | $ (0.55) |
Weighted Average Number of Shares Outstanding, Basic | 41,383,411 | 40,738,738 | 41,246,411 | 40,660,797 |
Weighted Average Number of Shares Outstanding, Diluted | 41,383,411 | 40,738,738 | 41,246,411 | 40,660,797 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income Statement - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income (Loss) Available to Common Stockholders, Basic, Total | $ (13,714) | $ (13,618) | $ (38,494) | $ (22,473) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 1,256 | (3,349) | 2,811 | (4,247) |
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, after Tax | (1,103) | (1) | (612) | (1) |
Other Comprehensive Income (Loss), Net of Tax, Total | 153 | (3,350) | 2,199 | (4,248) |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ (13,561) | $ (16,968) | $ (36,295) | $ (26,721) |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Assets [Abstract] | ||
Cash and Cash Equivalents, at Carrying Value | $ 118,417 | $ 65,605 |
Short-term Investments | 117,648 | 156,804 |
Accounts and Other Receivables, Net, Current | 265,648 | 232,439 |
Prepaid Expense and Other Assets | 18,882 | 14,248 |
Assets, Current, Total | 520,595 | 469,096 |
Restricted Cash and Cash Equivalents | 18,131 | 19,032 |
Marketable Securities, Noncurrent | 9,818 | 7,841 |
Property, Plant and Equipment, Net | 97,984 | 90,701 |
Intangible Assets, Net (Excluding Goodwill) | 21,633 | 24,031 |
Other Assets, Noncurrent | 18,153 | 18,943 |
Goodwill | 43,877 | 41,983 |
Assets, Total | 730,191 | 671,627 |
Liabilities and Equity [Abstract] | ||
Accounts Payable, Current | 6,918 | 9,471 |
Accrued Liabilities, Current | 29,893 | 32,616 |
Liability for Claims and Claims Adjustment Expense | 56,202 | 43,734 |
Deferred Revenue | 236,545 | 202,692 |
Long-term Debt, Current Maturities | 1,100 | 1,103 |
Liabilities, Current, Total | 330,658 | 289,616 |
Long-term Debt, Excluding Current Maturities | 102,934 | 68,354 |
Deferred Income Tax Liabilities, Net | 2,940 | 3,392 |
Other Liabilities, Noncurrent | 4,901 | 4,968 |
Liabilities, Total | 441,433 | 366,330 |
Common Stock, Value, Outstanding | 0 | 0 |
Preferred Stock, Value, Outstanding | 0 | 0 |
Additional Paid in Capital | 519,450 | 499,694 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (4,102) | (6,301) |
Retained Earnings (Accumulated Deficit) | (210,056) | (171,562) |
Treasury Stock, Value | (16,534) | (16,534) |
Stockholders' Equity Attributable to Parent | 288,758 | 305,297 |
Liabilities and Equity | $ 730,191 | $ 671,627 |
Consolidated Balance Sheet Cond
Consolidated Balance Sheet Condensed Consolidated Balance Sheet Parentheticals - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Allowance for Doubtful Accounts, Premiums and Other Receivables | $ 701,000 | $ 540,000 |
Common Stock, Par or Stated Value Per Share | $ 0.00001 | $ 0.00001 |
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Common Stock, Shares, Issued | 42,498,924 | 42,041,344 |
Common Stock, Shares, Outstanding | 41,470,738 | 41,013,158 |
Preferred Stock, Par or Stated Value Per Share | $ 0.00001 | $ 0.00001 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Treasury Stock, Common, Shares | 1,028,186 | 1,028,186 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Equity - USD ($) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock, Common |
Common Stock, Shares, Outstanding, Beginning Balance at Dec. 31, 2021 | 40,475,185 | |||||
Stockholders' Equity Attributable to Parent, Beginning Balance at Dec. 31, 2021 | $ 332,200,000 | $ 0 | $ 466,792,000 | $ (126,890,000) | $ 3,077,000 | $ (10,779,000) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | 365,072 | |||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | (1,759,000) | (1,759,000) | ||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 16,785,000 | 16,785,000 | ||||
Other Comprehensive Income (Loss), Net of Tax | (4,248,000) | (4,248,000) | ||||
Net Income (Loss) Available to Common Stockholders, Basic | (22,473,000) | (22,473,000) | ||||
Common Stock, Shares, Outstanding, Ending Balance at Jun. 30, 2022 | 40,745,298 | |||||
Stockholders' Equity Attributable to Parent, Ending Balance at Jun. 30, 2022 | $ 314,754,000 | $ 0 | 481,818,000 | (149,363,000) | (1,171,000) | (16,530,000) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Treasury Stock, Shares, Acquired | (94,959) | (94,959) | ||||
Treasury Stock, Value, Acquired, Cost Method | $ (5,751,000) | 5,751,000 | ||||
Common Stock, Shares, Outstanding, Beginning Balance at Mar. 31, 2022 | 40,711,491 | |||||
Stockholders' Equity Attributable to Parent, Beginning Balance at Mar. 31, 2022 | 328,533,000 | $ 0 | 472,878,000 | (135,745,000) | 2,179,000 | (10,779,000) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | 128,766 | |||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | (60,000) | (60,000) | ||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 9,000,000 | 9,000,000 | ||||
Other Comprehensive Income (Loss), Net of Tax | (3,350,000) | (3,350,000) | ||||
Net Income (Loss) Available to Common Stockholders, Basic | (13,618,000) | (13,618,000) | ||||
Common Stock, Shares, Outstanding, Ending Balance at Jun. 30, 2022 | 40,745,298 | |||||
Stockholders' Equity Attributable to Parent, Ending Balance at Jun. 30, 2022 | 314,754,000 | $ 0 | 481,818,000 | (149,363,000) | (1,171,000) | (16,530,000) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Treasury Stock, Shares, Acquired | (94,959) | |||||
Treasury Stock, Value, Acquired, Cost Method | $ (5,751,000) | 5,751,000 | ||||
Common Stock, Shares, Outstanding, Beginning Balance at Dec. 31, 2022 | 41,013,158 | 41,013,158 | ||||
Stockholders' Equity Attributable to Parent, Beginning Balance at Dec. 31, 2022 | $ 305,297,000 | $ 0 | 499,694,000 | (171,562,000) | (6,301,000) | (16,534,000) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | 457,580 | |||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | (371,000) | (371,000) | ||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 20,127,000 | 20,127,000 | ||||
Other Comprehensive Income (Loss), Net of Tax | 2,199,000 | 2,199,000 | ||||
Net Income (Loss) Available to Common Stockholders, Basic | $ (38,494,000) | (38,494,000) | ||||
Common Stock, Shares, Outstanding, Ending Balance at Jun. 30, 2023 | 41,470,738 | 41,470,738 | ||||
Stockholders' Equity Attributable to Parent, Ending Balance at Jun. 30, 2023 | $ 288,758,000 | $ 0 | 519,450,000 | (210,056,000) | (4,102,000) | (16,534,000) |
Common Stock, Shares, Outstanding, Beginning Balance at Mar. 31, 2023 | 41,327,702 | |||||
Stockholders' Equity Attributable to Parent, Beginning Balance at Mar. 31, 2023 | 294,809,000 | $ 0 | 511,940,000 | (196,342,000) | (4,255,000) | (16,534,000) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | 143,036 | |||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | (342,000) | (342,000) | ||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 7,168,000 | 7,168,000 | ||||
Other Comprehensive Income (Loss), Net of Tax | 153,000 | 153,000 | ||||
Net Income (Loss) Available to Common Stockholders, Basic | $ (13,714,000) | (13,714,000) | ||||
Common Stock, Shares, Outstanding, Ending Balance at Jun. 30, 2023 | 41,470,738 | 41,470,738 | ||||
Stockholders' Equity Attributable to Parent, Ending Balance at Jun. 30, 2023 | $ 288,758,000 | $ 0 | $ 519,450,000 | $ (210,056,000) | $ (4,102,000) | $ (16,534,000) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Treasury Stock, Shares, Acquired | 0 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of Cash Flows [Abstract] | ||
Net Income (Loss) Available to Common Stockholders, Basic | $ (38,494) | $ (22,473) |
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] | ||
Depreciation, Depletion and Amortization | 6,455 | 5,424 |
Share-based Payment Arrangement, Noncash Expense | 18,968 | 16,183 |
Other Operating Income (Expense), Net | (585) | (74) |
Increase (Decrease) in Operating Assets [Abstract] | ||
Increase (Decrease) in Accounts Receivable | (33,184) | (39,127) |
Increase (Decrease) in Prepaid Expense and Other Assets | (3,213) | (2,821) |
Increase (Decrease) in Accounts Payable and Accrued Liabilities | (6,464) | 703 |
Increase (Decrease) in Claims Reserve and Loss Adjustment | 12,439 | (2,998) |
Increase (Decrease) in Unearned Premiums | 33,811 | 38,463 |
Net Cash Provided by (Used in) Operating Activities | (10,267) | (6,720) |
Net Cash Provided by (Used in) Investing Activities [Abstract] | ||
Payments to Acquire Held-to-maturity Securities | (79,931) | (47,368) |
Maturities of Investment Securities | 117,652 | 31,212 |
Payments to Acquire Property, Plant, and Equipment | (9,919) | (7,479) |
Payments for (Proceeds from) Other Investing Activities | 583 | (1,502) |
Net Cash Provided by (Used in) Investing Activities | 28,385 | (25,137) |
Net Cash Provided by (Used in) Financing Activities [Abstract] | ||
Proceeds from Issuance of Debt | 35,130 | 54,431 |
Repayments of Debt | (1,042) | (150) |
Payments for Repurchase of Common Stock | 0 | (5,751) |
Proceeds from Stock Options Exercised | 653 | 1,171 |
Payment, Tax Withholding, Share-based Payment Arrangement | (1,024) | (2,930) |
Net Cash Provided by (Used in) Financing Activities | 33,717 | 46,771 |
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 76 | (696) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | 51,911 | 14,218 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Beginning Balance | 84,637 | 100,869 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Ending Balance | 136,548 | 115,087 |
Supplemental Cash Flow Information [Abstract] | ||
Capital Expenditures Incurred but Not yet Paid | $ 1,328 | $ 924 |
Nature of Operations and Summar
Nature of Operations and Summary of Significant Accounting Policies (Notes) | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations and Summary of Significant Accounting Policies [Text Block] | Nature of Operations and Significant Accounting Policies Description of Business and Basis of Presentation Trupanion, Inc. (collectively with its wholly-owned subsidiaries, the "Company") provides medical insurance for cats and dogs throughout the United States, Canada, Europe, Puerto Rico, and Australia. The Company's data-driven, vertically-integrated approach enables the Company to provide pet owners with products that the Company believes are the highest value medical insurance, priced specifically for each pet’s unique characteristics. The financial data as of December 31, 2022 was derived from the Company's audited consolidated financial statements. The accompanying unaudited interim consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) and, in management's opinion, have been prepared on the same basis as the audited financial statements and include all adjustments, consisting of normal recurring adjustments, necessary for the fair presentation of the Company's financial position, results of operations, comprehensive income (loss), stockholders' equity and cash flows for the interim periods. These unaudited interim consolidated financial statements should be read in conjunction with the Company’s audited financial statements included in the Company’s Annual Report on Form 10-K, filed with the U.S. Securities and Exchange Commission (SEC) on February 16, 2023 (the 2022 10-K). The Company's accounting policies are described in Note 1 to the audited financial statements included in the 2022 10-K. Operating results for the six months ended June 30, 2023 are not necessarily indicative of the results that may be expected for the full fiscal year or any other interim period. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from such estimates. See Note 1 to the audited financial statements included in the 2022 10-K for additional discussion of these estimates and assumptions. Accounts and Other Receivabl es |
Earnings Per Share (Notes)
Earnings Per Share (Notes) | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | Net Loss per Share Basic net loss per share is computed using the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share is calculated using the weighted average number of shares of common stock plus, when dilutive, potential shares of common stock outstanding using the treasury-stock method. Potential shares of common stock outstanding include stock options, unvested restricted stock awards and restricted stock units. The following potentially dilutive equity securities were not included in the diluted earnings per share of common stock calculation because they would have had an antidilutive effect: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Stock options 574,151 716,537 574,151 716,537 Restricted stock awards and restricted stock units 793,883 1,261,460 793,883 1,261,460 |
Investment Securities (Notes)
Investment Securities (Notes) | 6 Months Ended |
Jun. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment [Text Block] | Investments Available-for sale securities are classified as short-term versus long-term investments based on whether they represent the investment of funds available for current operations. All available-for-sale securities are considered short-term in nature, with the exception of certain long-term investments that are being held for statutory requirements. Held-to-maturity securities are classified as short-term versus long-term investments based on the effective maturity dates. The amortized cost, gross unrealized holding gains and losses, and estimates of fair value of long-term and short-term investments by major security type and class of security were as follows as of June 30, 2023 and December 31, 2022 (in thousands): Amortized Gross Gross Fair As of June 30, 2023 Long-term investments: Available-for-sale investments Foreign deposits $ 9,659 $ — $ — $ 9,659 $ 9,659 $ — $ — $ 9,659 Held-to-maturity investments U.S. treasury securities $ 159 $ — $ (5) $ 154 $ 159 $ — $ (5) $ 154 Short-term investments: Available-for-sale investments U.S. treasury securities $ 40,242 $ — $ (445) $ 39,797 Mortgage-backed securities and collateralized mortgage obligations 8,294 — (145) 8,149 Other asset-backed securities 12,367 — (134) 12,233 Municipal bond 1,000 — — 1,000 Corporate bonds 40,695 — (517) 40,178 $ 102,598 $ — $ (1,241) $ 101,357 Held-to-maturity investments U.S. treasury securities $ 12,932 $ — $ (51) $ 12,881 Certificates of deposit 3,359 — — 3,359 $ 16,291 $ — $ (51) $ 16,240 Amortized Gross Gross Fair As of December 31, 2022 Long-term investments: Available-for-sale investments Foreign deposits $ 7,683 $ — $ — $ 7,683 $ 7,683 $ — $ — $ 7,683 Held-to-maturity investments U.S. treasury securities $ 158 $ — $ (4) $ 154 $ 158 $ — $ (4) $ 154 Short-term investments: Available-for-sale investments U.S. treasury securities $ 42,833 $ — $ (186) $ 42,647 Mortgage-backed securities and collateralized mortgage obligations 8,015 — (97) 7,918 Other asset-backed securities 11,286 — (77) 11,209 Municipal bond 1,000 — (6) 994 Corporate bonds 37,793 — (262) 37,531 $ 100,927 $ — $ (628) $ 100,299 Held-to-maturity investments U.S. treasury securities $ 12,059 $ — $ (58) $ 12,001 Certificates of deposit 3,254 — — 3,254 U.S. government funds 41,192 — — 41,192 $ 56,505 $ — $ (58) $ 56,447 Maturities of investments classified as available-for-sale and held-to-maturity were as follows (in thousands): As of June 30, 2023 Amortized Fair Available-for-sale: Due under one year $ 3,940 $ 3,919 Due after one year through five years 87,656 86,715 $ 91,596 $ 90,634 Held-to-maturity: Due under one year $ 16,291 $ 16,240 Due after one year through five years 159 154 $ 16,450 $ 16,394 Available-for-sale collateralized: Mortgage-Backed Securities and Collateralized Mortgage Obligations $ 8,294 $ 8,149 Other Asset-Backed Securities 12,367 12,233 $ 20,661 $ 20,382 |
Other Investments (Notes)
Other Investments (Notes) | 6 Months Ended |
Jun. 30, 2023 | |
Investments, All Other Investments [Abstract] | |
Investments and Other Noncurrent Assets [Text Block] | Other InvestmentsThe Company has invested $7.0 million in the preferred stock of a variable interest entity, Baystride, Inc., a U.S.-based privately held corporation operating in the pet food industry. The Company does not have power over the activities that most significantly impact the economic performance of the variable interest entity and is, therefore, not the primary beneficiary. The Company has the option to purchase all of the outstanding common stock issued by the variable interest entity in August 2027 at an amount approximating its expected fair value. The preferred stock investment in the variable interest entity is accounted for as an available-for-sale debt security, and measured at fair value at each balance sheet date — see Note 6.Additionally, the Company has extended a $7.0 million revolving line of credit to the variable interest entity to fund its inventory purchases, which will increase annually by $2.0 million until the note’s maturity in 2027. Borrowing amounts are subject to limitations based on Baystride’s forecasted revenues and inventory balances. The Company's investment and amounts loaned under the line of credit are recorded in other long-term assets on its consolidated balance sheet. The outstanding loan balance under the line of credit, including accrued interest, was $5.2 million and $6.3 million as of June 30, 2023 and December 31, 2022, respectively. The Company has also entered into a series of agreements to provide ancillary services to, and receive reimbursement from, the variable interest entity at cost. The Company provided $0.3 million and $0.4 million of these services for the six months ended June 30, 2023 and 2022, respectively. |
Fair Value (Notes)
Fair Value (Notes) | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | Fair Value Fair Value Disclosures - Investments The following table summarizes, by major security type, the Company's assets that are measured at fair value on a recurring basis, and placement within the fair value hierarchy (in thousands): As of June 30, 2023 Fair Value Level 1 Level 2 Level 3 Assets Money market funds $ 1,061 $ 1,061 $ — $ — Fixed maturities: Mortgage-backed securities and collateralized mortgage obligations 8,149 — 8,149 — Other asset-backed securities 12,233 — 12,233 — Corporate bonds 40,178 — 40,178 — Foreign deposits 9,659 9,659 — — Municipal bond 1,000 — 1,000 — U.S. Treasury securities 39,797 — 39,797 — Preferred stock in variable interest entity 4,115 — — 4,115 Total $ 116,192 $ 10,720 $ 101,357 $ 4,115 As of December 31, 2022 Fair Value Level 1 Level 2 Level 3 Assets Money market funds $ 1,633 $ 1,633 $ — $ — Fixed maturities: Mortgage-backed securities and collateralized mortgage obligations 7,918 — 7,918 — Other asset-backed securities 11,209 — 11,209 — Corporate bonds 37,531 — 37,531 — Foreign deposits 7,683 7,683 — — Municipal bond 994 — 994 — U.S. Treasury securities 42,647 — 42,647 — Preferred stock in variable interest entity 4,115 — — 4,115 Total $ 113,730 $ 9,316 $ 100,299 $ 4,115 The Company measures the fair value of money market funds and foreign deposits based on quoted prices in active markets for identical assets. The Company's fixed maturity investments classified as either Level 1 or Level 2 in the above tables are priced exclusively by external sources, including pricing vendors, dealers/market makers, and exchange-quoted prices. The fair value of the Company's fixed maturity investments classified as Level 2 is based on either recent trades in inactive markets or quoted market prices of similar instruments and other significant inputs derived from or corroborated by observable market data. Held-to-maturity investments are carried at amortized cost and the fair value and changes in unrealized gains (losses) are disclosed in Note 4, Investments. The fair value of these investments is determined in the same manner as available-for-sale securities and are considered either a Level 1 or Level 2 measurement. The Company's preferred stock investment in the variable interest entity (see Note 5) is accounted for as an available-for-sale debt security, and measured at fair value at each balance sheet date. The estimated fair value of the preferred stock investment is a Level 3 measurement, and is based on certain unobservable inputs such as the value of the underlying enterprise, volatility, time to liquidity, and market interest rates. An increase or decrease in any of these unobservable inputs would result in a change in the fair value measurement. The estimated fair value was $4.1 million as of June 30, 2023, unchanged from December 31, 2022, and is recorded in other long-term assets on the Company's consolidated balance sheet. This investment has maintained an unrealized loss position of $2.9 million for less than twelve months. Fair Value Disclosures - Other Assets and Liabilities The Company's other long-term assets balance also included notes receivable of $8.2 million and $9.3 million as of June 30, 2023 and December 31, 2022, respectively, recorded at their estimated collectible amount. The Company estimates that the carrying value of the notes receivable approximates the fair value. The estimated fair value represents a Level 3 measurement within the fair value hierarchy, and is based on market interest rates and the assessed creditworthiness of the third party. The Company estimates the fair value of long-term debt based upon rates currently available to the Company for debt with similar terms and remaining maturities. This is a Level 3 measurement. Based upon the terms of the debt, the carrying amount of long-term debt approximated fair value at June 30, 2023. The Company recognizes transfers between levels of the fair value hierarchy on the date of the event or change in circumstances that caused the transfer. There were no transfers between levels for the six months ended June 30, 2023 and the year ended December 31, 2022. |
Intangible Assets, Goodwill and
Intangible Assets, Goodwill and Other (Notes) | 6 Months Ended |
Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill Disclosure [Text Block] | Goodwill Goodwill arises from business acquisitions in which the purchase price exceeds the fair value of tangible and intangible assets acquired less assumed liabilities. The following is a summary of goodwill by reportable segment for the six months ended June 30, 2023 (in thousands): Subscription Business Other Business Total Balance as of December 31, 2022 $ 41,983 $ — $ 41,983 Acquisitions — — — Effects of foreign currency 1,894 — 1,894 Balance as of June 30, 2023 $ 43,877 $ — $ 43,877 |
Commitment and Contingencies (N
Commitment and Contingencies (Notes) | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Commitments and Contingencies Legal Proceedings From time to time the Company is or may become subject to various legal proceedings arising in the ordinary course of business, including proceedings against members, other entities or regulatory bodies. Estimated liabilities are recorded when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. At this time, the Company does not believe any such matters to be material individually or in the aggregate. These views are subject to change following the outcome of future events or the results of future developments. |
Claims Reserve (Notes)
Claims Reserve (Notes) | 6 Months Ended |
Jun. 30, 2023 | |
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid [Abstract] | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Disclosure [Text Block] | Reserve for Veterinary Invoices The reserve for veterinary invoices is an estimate of the future amount the Company will pay for veterinary invoices that are dated as of, or prior to, its balance sheet date. The reserve also includes the Company's estimate of related internal processing costs. The reserve estimate involves actuarial projections, and is based on management's assessment of facts and circumstances currently known, and assumptions about anticipated patterns. The Company uses generally accepted actuarial methodologies, such as paid loss development methods, in estimating the amount of the reserve for veterinary invoices. The reserve is made for each of the Company's segments, subscription and other business, and is continually refined as the Company receives and pays veterinary invoices. Changes in management's assumptions and estimates may have a relatively large impact to the reserve and associated expense. Reserve for veterinary invoices Summarized below are the changes in the total liability for the Company's subscription business segment (in thousands): Six Months Ended June 30, Subscription 2023 2022 Reserve at beginning of year $ 21,543 $ 22,407 Veterinary invoices during the period related to: Current year 261,249 210,149 Prior years 2,035 (2,321) Total veterinary invoice expense 263,284 207,828 Amounts paid during the period related to: Current year 236,697 190,348 Prior years 20,168 16,469 Total paid 256,865 206,817 Non-cash expenses 1,771 2,325 Reserve at end of period $ 26,191 $ 21,093 The Company's reserve for the subscription business segment increased $4.7 million from $21.5 million at December 31, 2022 to $26.2 million at June 30, 2023. This change was primarily comprised of $263.3 million in expense recorded during the period less $256.9 million in payments of veterinary invoices. This $263.3 million in veterinary invoice expense incurred included an increase of $2.0 million to the reserves relating to prior years, which was the result of ongoing analysis of recent payment trends. For the six months ended June 30, 2022, the Company's adjustment to prior year reserves was a reduction of $2.3 million as a result of analysis of payment trends. Summarized below are the changes in total liability for the Company's other business segment (in thousands): Six Months Ended June 30, Other Business 2023 2022 Reserve at beginning of year $ 22,191 $ 17,264 Veterinary invoices during the period related to: Current year 136,780 94,175 Prior years 811 539 Total veterinary invoice expense 137,591 94,714 Amounts paid during the period related to: Current year 109,389 79,362 Prior years 20,382 17,072 Total paid 129,771 96,434 Non-cash expenses — — Reserve at end of period $ 30,011 $ 15,544 The Company’s reserve for the other business segment increased $7.8 million from $22.2 million at December 31, 2022 to $30.0 million at June 30, 2023. This change was comprised of $137.6 million in expense recorded during the period less $129.8 million in payments of veterinary invoices. This $137.6 million in veterinary invoice expense incurred included an increase of $0.8 million to the reserves relating to prior years, which was the result of ongoing analysis of recent payment trends. For the six months ended June 30, 2022, the Company's adjustment to prior year reserves was an increase of $0.5 million as a result of analysis of payment trends. Reserve for veterinary invoices, by year of occurrence In the following tables, the reserve for veterinary invoices for each segment is presented as the amount (in thousands) by the year to which the veterinary invoice relates, referred to as the year of occurrence. Subscription As of June 30, 2023 Year of Occurrence 2021 and prior $ 129 2022 3,280 2023 22,782 $ 26,191 Other Business As of June 30, 2023 Year of Occurrence 2021 and prior $ 250 2022 2,370 2023 27,391 $ 30,011 |
Debt (Notes)
Debt (Notes) | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Long-term Debt [Text Block] | Debt On March 25, 2022, the Company entered into a credit agreement with Piper Sandler Finance, LLC, acting as the administrative agent, that provides the Company with $150.0 million in credit (the Credit Facility) consisting of: (a) an initial term loan in an aggregate principal amount of $60.0 million (Initial Term Loan), which was funded at closing; (b) commitments for delayed draw term loans in an aggregate principal amount not in excess of $75.0 million (Delayed Draw Term Loans, and together with the Initial Term Loan, the Term Loans), which may be drawn from time to time until September 25, 2023. On December 29, 2022 and February 17, 2023, the Company borrowed Delayed Draw Term loans of $15.0 million and $35.0 million, respectively; and (c) commitments for revolving loans in an aggregate principal amount at any time outstanding not in excess of $15.0 million (Revolving Loans), which may be drawn at any time prior to March 25, 2027. The Credit Facility bears interest at a floating base rate plus an applicable margin. The stated interest rate as of June 30, 2023 was approximately 10.39% for the original $60.0 million term loan, the $15.0 million term loan, and the $35.0 million term loan. The Company incurred total debt issuance cost of approximately $5.9 million, which is reported in the consolidated balance sheet as a direct reduction from the carrying amount of the Credit Facility, and is amortized as interest expense over the term of five years. The Credit Facility is secured by substantially all assets of the Company and its subsidiaries. Proceeds from the Credit Facility may be used for permitted acquisitions and investments, working capital and other general corporate purposes. The Credit Agreement contains financial and other covenants . As of June 30, 2023, the Company was in compliance with all financial and other covenants . To the extent not previously paid, the Initial Term Loan is due and payable on March 25, 2027, the Delayed Draw Term Loans are due and payable on the earlier of the five-year anniversary of their initial funding or March 25, 2028, and Revolving Loans are due and payable on March 25, 2027. The Company must repay 0.25% of any then-outstanding Term Loans, together with accrued and unpaid interest, on a quarterly basis. Future principal payments on outstanding borrowings as of June 30, 2023 are as follows (in thousands): Year Ending December 31, June 30, 2023 2023 $ 550 2024 1,100 2025 1,100 2026 1,100 2027 71,863 Thereafter 33,250 Total $ 108,963 |
Stock-based Compensation (Notes
Stock-based Compensation (Notes) | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Stock-Based Compensation Stock-based compensation expense includes stock options and restricted stock units granted to employees and other service providers and has been reported in the Company’s consolidated statements of operations depending on the function performed by the employee or other service provider. Stock-based compensation expense recognized in each category of the consolidated statements of operations was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Veterinary invoice expense $ 866 $ 1,047 $ 1,719 $ 2,234 Other cost of revenue 441 783 906 1,432 Technology and development 627 1,101 1,335 2,009 General and administrative 2,948 3,066 11,167 5,489 New pet acquisition expense 1,755 2,637 3,841 5,019 Total expensed stock-based compensation 6,637 8,634 18,968 16,183 Capitalized stock-based compensation 531 366 1,159 602 Total stock-based compensation $ 7,168 $ 9,000 $ 20,127 $ 16,785 As of June 30, 2023, the Company had 695,574 unvested restricted stock units. Stock-based compensation expenses of $54.9 million related to unvested restricted stock units are expected to be recognized over a weighted average period of approximately 2.2 years. In March 2023, two executives terminated employment with the Company and one executive signed a separation agreement effective June 1, 2023. In conjunction with these departures, the Company accelerated the vesting of certain RSUs as of the termination date and extended the purchase date of certain vested options from 90 to 365 days. These award modifications resulted in the recognition of $4.8 million share-based compensation expense during the six months ended June 30, 2023. Stock Options A summary of the Company's stock option activity is as follows: Number of Options Weighted Average Exercise Price per Share Aggregate Intrinsic Value (in thousands) Outstanding as of December 31, 2022 629,650 $ 13.53 $ 21,410 Granted — — — Exercised (55,039) 12.03 1,089 Forfeited (460) 15.64 — Outstanding as of June 30, 2023 574,151 13.67 3,465 Exercisable as of June 30, 2023 574,151 $ 13.67 $ 3,465 As of June 30, 2023, stock options outstanding and stock options exercisable had a weighted average remaining contractual life of 2.4 years. Restricted Stock Awards and Restricted Stock Units A summary of the Company’s restricted stock award and restricted stock unit activity is as follows: Number of Weighted Average Unvested shares as of December 31, 2022 1,112,552 $ 84.46 Granted 63,079 34.50 Vested (425,192) 80.23 Forfeited (54,865) 87.37 Unvested shares as of June 30, 2023 695,574 $ 82.24 |
Stockholders' Equity (Notes)
Stockholders' Equity (Notes) | 6 Months Ended |
Jun. 30, 2023 | |
Equity, Attributable to Parent [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Stockholders' Equity Common Stock and Preferred Stock As of June 30, 2023, the Company had 100,000,000 shares of common stock authorized and 41,470,738 shares of common stock outstanding. Holders of common stock are entitled to one vote on each matter properly submitted to the stockholders of the Company except those related to matters concerning possible outstanding preferred stock. At June 30, 2023, the Company had 10,000,000 shares of undesignated preferred stock authorized for future issuance and did not have any outstanding shares of preferred stock. The holders of common stock are also entitled to receive dividends as and when declared by the board of directors of the Company (the Board), whenever funds are legally available. These rights are subordinate to the dividend rights of holders of any senior classes of stock outstanding at the time. The Company does not intend to declare or pay any cash dividends in the foreseeable future. Share Repurchase Program In April 2021, the Board approved a share repurchase program, pursuant to which the Company may, between May 2021 and May 2026, repurchase outstanding shares of the Company's common stock. The Company repurchased no shares during the three and six months ended June 30, 2023 and 94,959 shares during the three and six months ended June 30, 2022. |
Comprehensive Income (Loss) (No
Comprehensive Income (Loss) (Notes) | 6 Months Ended |
Jun. 30, 2023 | |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent, Alternative [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | Accumulated Comprehensive Income (Loss) A summary of the components of accumulated other comprehensive income (loss) is as follows (in thousands): For the three months ended June 30, 2023 Foreign Currency Translation Net Unrealized Gain (Loss) on Available-for-Sale Securities Total Balance as of April 1, 2023 $ (1,233) $ (3,022) $ (4,255) Other comprehensive income (loss) 1,256 (1,103) 153 Balance as of June 30, 2023 $ 23 $ (4,125) $ (4,102) For the three months ended June 30, 2022 Foreign Currency Translation Net Unrealized Gain (Loss) on Available-for-Sale Securities Total Balance as of April 1, 2022 $ 726 $ 1,453 $ 2,179 Other comprehensive income (loss) (3,349) (1) (3,350) Balance as of June 30, 2022 $ (2,623) $ 1,452 $ (1,171) For the six months ended June 30, 2023 Foreign Currency Translation Net Unrealized Gain (Loss) on Available-for-Sale Securities Total Balance as of January 1, 2023 $ (2,788) $ (3,513) $ (6,301) Other comprehensive income (loss) 2,811 (612) 2,199 Balance as of June 30, 2023 $ 23 $ (4,125) $ (4,102) For the six months ended June 30, 2022 Foreign Currency Translation Net Unrealized Gain (Loss) on Available-for-Sale Securities Total Balance as of January 1, 2022 $ 1,624 $ 1,453 $ 3,077 Other comprehensive income (loss) (4,247) (1) (4,248) Balance as of June 30, 2022 $ (2,623) $ 1,452 $ (1,171) |
Segments (Notes)
Segments (Notes) | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | Segments The Company has two reporting segments: subscription business and other business. The subscription business segment consists of products that have been created to meet the needs of their distribution channels and have similar target margin profiles. This segment generates revenue primarily from subscription fees related to the Company's direct-to-consumer products. The other business segment generates revenue primarily by underwriting policies on behalf of third parties. The Company does not undertake marketing efforts for these policies and has a business-to-business relationship with these third-parties. The other business segment also includes other products and software solutions that have a different margin profile from the Company’s subscription business segment. The chief operating decision maker reviews revenue and operating income (loss) to evaluate segment performance. Revenue, veterinary invoice expense, other cost of revenue, and new pet acquisition expenses are generally directly attributed to each segment. Other operating expenses, such as technology and development expense, general and administrative expense, and depreciation and amortization, are generally allocated proportionately based on revenue in each segment. Interest and other expenses and income taxes are not allocated to the segments, nor included in the measure of segment profit or loss. The Company does not analyze discrete segment balance sheet information related to long-term assets. Operating income (loss) of the Company’s segments were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Subscription business: Revenue $ 173,253 $ 145,808 $ 338,463 $ 285,647 Veterinary invoice expense 134,295 107,238 263,283 207,828 Other cost of revenue 17,225 15,202 34,328 29,875 Technology and development 3,350 4,250 6,508 7,800 General and administrative 8,411 6,132 19,484 12,490 New pet acquisition expense 20,707 22,796 42,298 44,314 Depreciation and amortization 2,083 1,799 4,147 3,643 Subscription business operating loss (12,818) (11,609) (31,585) (20,303) Other business: Revenue 97,313 73,603 188,432 139,763 Veterinary invoice expense 72,443 50,378 137,592 94,714 Other cost of revenue 17,230 18,010 35,973 34,516 Technology and development 1,882 2,146 3,624 3,825 General and administrative 4,725 3,095 14,669 6,103 New pet acquisition expense 62 186 113 295 Depreciation and amortization 1,170 908 2,308 1,781 Other business operating income (loss) (199) (1,120) (5,847) (1,471) Gain (loss) from investment in joint venture (73) (42) (144) (111) Total operating loss $ (13,090) $ (12,771) $ (37,576) $ (21,885) The following table presents the Company’s revenue by geographic region of the member (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 United States $ 228,673 $ 184,790 $ 445,598 $ 357,538 Canada and other 41,893 34,621 81,297 67,872 Total revenue $ 270,566 $ 219,411 $ 526,895 $ 425,410 Substantially all of the Company’s long-lived assets were located in the United States as of June 30, 2023 and December 31, 2022. |
Related Parties (Notes)
Related Parties (Notes) | 6 Months Ended |
Jun. 30, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | Related PartiesIn August 2018, the Company invested $0.3 million in a limited liability entity in exchange for a 17.5% ownership interest. The investee is considered to be a related party, as the Company has the ability to exercise significant influence over the investee. In February 2020, the Company entered into a service agreement with the investee, under which the Company incurred $1.5 million and $1.8 million of expenses for consulting services provided by the investee related to pet acquisition during the six months ended June 30, 2023 and 2022, respectively, recorded as new pet acquisition expense on the Company's consolidated statement of operations. |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2023 shares | |
Trading Arrangements, by Individual | |
Material Terms of Trading Arrangement | Rule 10b5-1 PlanSince our initial public offering, Darryl Rawlings, our Chief Executive Officer and a member of our board of directors, has maintained a Rule 10b5-1 plan through his wholly owned personal wealth management vehicle as a part of a long-term strategy to reduce a minority of his holdings of our common stock. On May 23, 2023, Mr. Rawlings terminated the trading plan that he adopted on November 10, 2022, for an aggregate of 88,000 shares. Such plan was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act. |
Name | Darryl Rawlings |
Title | Chief Executive Officer and a member of our board of directors |
Adoption Date | November 10, 2022 |
Rule 10b5-1 Arrangement Terminated | true |
Non-Rule 10b5-1 Arrangement Terminated | true |
Termination Date | May 23, 2023 |
Aggregate Available | 88,000 |
Nature of Operations and Summ_2
Nature of Operations and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business Description and Basis of Presentation [Text Block] | Description of Business and Basis of Presentation Trupanion, Inc. (collectively with its wholly-owned subsidiaries, the "Company") provides medical insurance for cats and dogs throughout the United States, Canada, Europe, Puerto Rico, and Australia. The Company's data-driven, vertically-integrated approach enables the Company to provide pet owners with products that the Company believes are the highest value medical insurance, priced specifically for each pet’s unique characteristics. |
Basis of Accounting, Policy [Policy Text Block] | The Company's accounting policies are described in Note 1 to the audited financial statements included in the 2022 10-K. Operating results for the six months ended June 30, 2023 are not necessarily indicative of the results that may be expected for the full fiscal year or any other interim period. |
Use of Estimates [Policy Text Block] | Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from such estimates. See Note 1 to the audited financial statements included in the 2022 10-K for additional discussion of these estimates and assumptions. Accounts and Other Receivabl es |
Other Investments (Policies)
Other Investments (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Investments, All Other Investments [Abstract] | |
Consolidation, Variable Interest Entity, Policy [Policy Text Block] | Additionally, the Company has extended a $7.0 million revolving line of credit to the variable interest entity to fund its inventory purchases, which will increase annually by $2.0 million until the note’s maturity in 2027. Borrowing amounts are subject to limitations based on Baystride’s forecasted revenues and inventory balances. The Company's investment and amounts loaned under the line of credit are recorded in other long-term assets on its consolidated balance sheet. The outstanding loan balance under the line of credit, including accrued interest, was $5.2 million and $6.3 million as of June 30, 2023 and December 31, 2022, respectively. The Company has also entered into a series of agreements to provide ancillary services to, and receive reimbursement from, the variable interest entity at cost. The Company provided $0.3 million and $0.4 million of these services for the six months ended June 30, 2023 and 2022, respectively. |
Fair Value (Policies)
Fair Value (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement, Policy [Policy Text Block] | The Company's other long-term assets balance also included notes receivable of $8.2 million and $9.3 million as of June 30, 2023 and December 31, 2022, respectively, recorded at their estimated collectible amount. The Company estimates that the carrying value of the notes receivable approximates the fair value. The estimated fair value represents a Level 3 measurement within the fair value hierarchy, and is based on market interest rates and the assessed creditworthiness of the third party. The Company estimates the fair value of long-term debt based upon rates currently available to the Company for debt with similar terms and remaining maturities. This is a Level 3 measurement. Based upon the terms of the debt, the carrying amount of long-term debt approximated fair value at June 30, 2023. The Company recognizes transfers between levels of the fair value hierarchy on the date of the event or change in circumstances that caused the transfer. There were no transfers between levels for the six months ended June 30, 2023 and the year ended December 31, 2022. |
Claims Reserve (Policies)
Claims Reserve (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid [Abstract] | |
Liability Reserve Estimate, Policy [Policy Text Block] | The reserve for veterinary invoices is an estimate of the future amount the Company will pay for veterinary invoices that are dated as of, or prior to, its balance sheet date. The reserve also includes the Company's estimate of related internal processing costs. The reserve estimate involves actuarial projections, and is based on management's assessment of facts and circumstances currently known, and assumptions about anticipated patterns. The Company uses generally accepted actuarial methodologies, such as paid loss development methods, in estimating the amount of the reserve for veterinary invoices. The reserve is made for each of the Company's segments, subscription and other business, and is continually refined as the Company receives and pays veterinary invoices. Changes in management's assumptions and estimates may have a relatively large impact to the reserve and associated expense. |
Segments (Policies)
Segments (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Segment Reporting, Policy [Policy Text Block] | The Company has two reporting segments: subscription business and other business. The subscription business segment consists of products that have been created to meet the needs of their distribution channels and have similar target margin profiles. This segment generates revenue primarily from subscription fees related to the Company's direct-to-consumer products. The other business segment generates revenue primarily by underwriting policies on behalf of third parties. The Company does not undertake marketing efforts for these policies and has a business-to-business relationship with these third-parties. The other business segment also includes other products and software solutions that have a different margin profile from the Company’s subscription business segment. The chief operating decision maker reviews revenue and operating income (loss) to evaluate segment performance. Revenue, veterinary invoice expense, other cost of revenue, and new pet acquisition expenses are generally directly attributed to each segment. Other operating expenses, such as technology and development expense, general and administrative expense, and depreciation and amortization, are generally allocated proportionately based on revenue in each segment. Interest and other expenses and income taxes are not allocated to the segments, nor included in the measure of segment profit or loss. The Company does not analyze discrete segment balance sheet information related to long-term assets. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following potentially dilutive equity securities were not included in the diluted earnings per share of common stock calculation because they would have had an antidilutive effect: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Stock options 574,151 716,537 574,151 716,537 Restricted stock awards and restricted stock units 793,883 1,261,460 793,883 1,261,460 |
Investments, Debt and Equity Se
Investments, Debt and Equity Securities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Unrealized Gain (Loss) on Investments [Table Text Block] | The amortized cost, gross unrealized holding gains and losses, and estimates of fair value of long-term and short-term investments by major security type and class of security were as follows as of June 30, 2023 and December 31, 2022 (in thousands): Amortized Gross Gross Fair As of June 30, 2023 Long-term investments: Available-for-sale investments Foreign deposits $ 9,659 $ — $ — $ 9,659 $ 9,659 $ — $ — $ 9,659 Held-to-maturity investments U.S. treasury securities $ 159 $ — $ (5) $ 154 $ 159 $ — $ (5) $ 154 Short-term investments: Available-for-sale investments U.S. treasury securities $ 40,242 $ — $ (445) $ 39,797 Mortgage-backed securities and collateralized mortgage obligations 8,294 — (145) 8,149 Other asset-backed securities 12,367 — (134) 12,233 Municipal bond 1,000 — — 1,000 Corporate bonds 40,695 — (517) 40,178 $ 102,598 $ — $ (1,241) $ 101,357 Held-to-maturity investments U.S. treasury securities $ 12,932 $ — $ (51) $ 12,881 Certificates of deposit 3,359 — — 3,359 $ 16,291 $ — $ (51) $ 16,240 Amortized Gross Gross Fair As of December 31, 2022 Long-term investments: Available-for-sale investments Foreign deposits $ 7,683 $ — $ — $ 7,683 $ 7,683 $ — $ — $ 7,683 Held-to-maturity investments U.S. treasury securities $ 158 $ — $ (4) $ 154 $ 158 $ — $ (4) $ 154 Short-term investments: Available-for-sale investments U.S. treasury securities $ 42,833 $ — $ (186) $ 42,647 Mortgage-backed securities and collateralized mortgage obligations 8,015 — (97) 7,918 Other asset-backed securities 11,286 — (77) 11,209 Municipal bond 1,000 — (6) 994 Corporate bonds 37,793 — (262) 37,531 $ 100,927 $ — $ (628) $ 100,299 Held-to-maturity investments U.S. treasury securities $ 12,059 $ — $ (58) $ 12,001 Certificates of deposit 3,254 — — 3,254 U.S. government funds 41,192 — — 41,192 $ 56,505 $ — $ (58) $ 56,447 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Maturities of investments classified as available-for-sale and held-to-maturity were as follows (in thousands): As of June 30, 2023 Amortized Fair Available-for-sale: Due under one year $ 3,940 $ 3,919 Due after one year through five years 87,656 86,715 $ 91,596 $ 90,634 Held-to-maturity: Due under one year $ 16,291 $ 16,240 Due after one year through five years 159 154 $ 16,450 $ 16,394 Available-for-sale collateralized: Mortgage-Backed Securities and Collateralized Mortgage Obligations $ 8,294 $ 8,149 Other Asset-Backed Securities 12,367 12,233 $ 20,661 $ 20,382 |
Fair Value (Tables)
Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | The following table summarizes, by major security type, the Company's assets that are measured at fair value on a recurring basis, and placement within the fair value hierarchy (in thousands): As of June 30, 2023 Fair Value Level 1 Level 2 Level 3 Assets Money market funds $ 1,061 $ 1,061 $ — $ — Fixed maturities: Mortgage-backed securities and collateralized mortgage obligations 8,149 — 8,149 — Other asset-backed securities 12,233 — 12,233 — Corporate bonds 40,178 — 40,178 — Foreign deposits 9,659 9,659 — — Municipal bond 1,000 — 1,000 — U.S. Treasury securities 39,797 — 39,797 — Preferred stock in variable interest entity 4,115 — — 4,115 Total $ 116,192 $ 10,720 $ 101,357 $ 4,115 As of December 31, 2022 Fair Value Level 1 Level 2 Level 3 Assets Money market funds $ 1,633 $ 1,633 $ — $ — Fixed maturities: Mortgage-backed securities and collateralized mortgage obligations 7,918 — 7,918 — Other asset-backed securities 11,209 — 11,209 — Corporate bonds 37,531 — 37,531 — Foreign deposits 7,683 7,683 — — Municipal bond 994 — 994 — U.S. Treasury securities 42,647 — 42,647 — Preferred stock in variable interest entity 4,115 — — 4,115 Total $ 113,730 $ 9,316 $ 100,299 $ 4,115 |
Intangible Assets, Goodwill a_2
Intangible Assets, Goodwill and Other (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill [Table Text Block] | The following is a summary of goodwill by reportable segment for the six months ended June 30, 2023 (in thousands): Subscription Business Other Business Total Balance as of December 31, 2022 $ 41,983 $ — $ 41,983 Acquisitions — — — Effects of foreign currency 1,894 — 1,894 Balance as of June 30, 2023 $ 43,877 $ — $ 43,877 |
Claims Reserve (Tables)
Claims Reserve (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |
Short-duration Insurance Contracts, Claims Development [Table Text Block] | In the following tables, the reserve for veterinary invoices for each segment is presented as the amount (in thousands) by the year to which the veterinary invoice relates, referred to as the year of occurrence. Subscription As of June 30, 2023 Year of Occurrence 2021 and prior $ 129 2022 3,280 2023 22,782 $ 26,191 Other Business As of June 30, 2023 Year of Occurrence 2021 and prior $ 250 2022 2,370 2023 27,391 $ 30,011 |
Subscription business [Member] | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense [Table Text Block] | Summarized below are the changes in the total liability for the Company's subscription business segment (in thousands): Six Months Ended June 30, Subscription 2023 2022 Reserve at beginning of year $ 21,543 $ 22,407 Veterinary invoices during the period related to: Current year 261,249 210,149 Prior years 2,035 (2,321) Total veterinary invoice expense 263,284 207,828 Amounts paid during the period related to: Current year 236,697 190,348 Prior years 20,168 16,469 Total paid 256,865 206,817 Non-cash expenses 1,771 2,325 Reserve at end of period $ 26,191 $ 21,093 |
Other Segments [Member] | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense [Table Text Block] | Summarized below are the changes in total liability for the Company's other business segment (in thousands): Six Months Ended June 30, Other Business 2023 2022 Reserve at beginning of year $ 22,191 $ 17,264 Veterinary invoices during the period related to: Current year 136,780 94,175 Prior years 811 539 Total veterinary invoice expense 137,591 94,714 Amounts paid during the period related to: Current year 109,389 79,362 Prior years 20,382 17,072 Total paid 129,771 96,434 Non-cash expenses — — Reserve at end of period $ 30,011 $ 15,544 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Maturities of Long-term Debt [Table Text Block] | Future principal payments on outstanding borrowings as of June 30, 2023 are as follows (in thousands): Year Ending December 31, June 30, 2023 2023 $ 550 2024 1,100 2025 1,100 2026 1,100 2027 71,863 Thereafter 33,250 Total $ 108,963 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Stock-based compensation expense includes stock options and restricted stock units granted to employees and other service providers and has been reported in the Company’s consolidated statements of operations depending on the function performed by the employee or other service provider. Stock-based compensation expense recognized in each category of the consolidated statements of operations was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Veterinary invoice expense $ 866 $ 1,047 $ 1,719 $ 2,234 Other cost of revenue 441 783 906 1,432 Technology and development 627 1,101 1,335 2,009 General and administrative 2,948 3,066 11,167 5,489 New pet acquisition expense 1,755 2,637 3,841 5,019 Total expensed stock-based compensation 6,637 8,634 18,968 16,183 Capitalized stock-based compensation 531 366 1,159 602 Total stock-based compensation $ 7,168 $ 9,000 $ 20,127 $ 16,785 |
Share-based Compensation, Stock Options, Activity [Table Text Block] | A summary of the Company's stock option activity is as follows: Number of Options Weighted Average Exercise Price per Share Aggregate Intrinsic Value (in thousands) Outstanding as of December 31, 2022 629,650 $ 13.53 $ 21,410 Granted — — — Exercised (55,039) 12.03 1,089 Forfeited (460) 15.64 — Outstanding as of June 30, 2023 574,151 13.67 3,465 Exercisable as of June 30, 2023 574,151 $ 13.67 $ 3,465 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | A summary of the Company’s restricted stock award and restricted stock unit activity is as follows: Number of Weighted Average Unvested shares as of December 31, 2022 1,112,552 $ 84.46 Granted 63,079 34.50 Vested (425,192) 80.23 Forfeited (54,865) 87.37 Unvested shares as of June 30, 2023 695,574 $ 82.24 |
Comprehensive Income (Loss) (Ta
Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent, Alternative [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | A summary of the components of accumulated other comprehensive income (loss) is as follows (in thousands): For the three months ended June 30, 2023 Foreign Currency Translation Net Unrealized Gain (Loss) on Available-for-Sale Securities Total Balance as of April 1, 2023 $ (1,233) $ (3,022) $ (4,255) Other comprehensive income (loss) 1,256 (1,103) 153 Balance as of June 30, 2023 $ 23 $ (4,125) $ (4,102) For the three months ended June 30, 2022 Foreign Currency Translation Net Unrealized Gain (Loss) on Available-for-Sale Securities Total Balance as of April 1, 2022 $ 726 $ 1,453 $ 2,179 Other comprehensive income (loss) (3,349) (1) (3,350) Balance as of June 30, 2022 $ (2,623) $ 1,452 $ (1,171) For the six months ended June 30, 2023 Foreign Currency Translation Net Unrealized Gain (Loss) on Available-for-Sale Securities Total Balance as of January 1, 2023 $ (2,788) $ (3,513) $ (6,301) Other comprehensive income (loss) 2,811 (612) 2,199 Balance as of June 30, 2023 $ 23 $ (4,125) $ (4,102) For the six months ended June 30, 2022 Foreign Currency Translation Net Unrealized Gain (Loss) on Available-for-Sale Securities Total Balance as of January 1, 2022 $ 1,624 $ 1,453 $ 3,077 Other comprehensive income (loss) (4,247) (1) (4,248) Balance as of June 30, 2022 $ (2,623) $ 1,452 $ (1,171) |
Segments (Tables)
Segments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Revenue and Gross Profit from Segments [Table Text Block] | Operating income (loss) of the Company’s segments were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Subscription business: Revenue $ 173,253 $ 145,808 $ 338,463 $ 285,647 Veterinary invoice expense 134,295 107,238 263,283 207,828 Other cost of revenue 17,225 15,202 34,328 29,875 Technology and development 3,350 4,250 6,508 7,800 General and administrative 8,411 6,132 19,484 12,490 New pet acquisition expense 20,707 22,796 42,298 44,314 Depreciation and amortization 2,083 1,799 4,147 3,643 Subscription business operating loss (12,818) (11,609) (31,585) (20,303) Other business: Revenue 97,313 73,603 188,432 139,763 Veterinary invoice expense 72,443 50,378 137,592 94,714 Other cost of revenue 17,230 18,010 35,973 34,516 Technology and development 1,882 2,146 3,624 3,825 General and administrative 4,725 3,095 14,669 6,103 New pet acquisition expense 62 186 113 295 Depreciation and amortization 1,170 908 2,308 1,781 Other business operating income (loss) (199) (1,120) (5,847) (1,471) Gain (loss) from investment in joint venture (73) (42) (144) (111) Total operating loss $ (13,090) $ (12,771) $ (37,576) $ (21,885) |
Revenue from External Customers by Geographic Areas [Table Text Block] | The following table presents the Company’s revenue by geographic region of the member (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 United States $ 228,673 $ 184,790 $ 445,598 $ 357,538 Canada and other 41,893 34,621 81,297 67,872 Total revenue $ 270,566 $ 219,411 $ 526,895 $ 425,410 |
Nature of Operations and Summ_3
Nature of Operations and Summary of Significant Accounting Policies (Details) | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Accounts Receivable, Allowance for Credit Loss, Writeoff | $ 3,800,000 |
Net Loss per Share (Details) Sc
Net Loss per Share (Details) Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Share-based Payment Arrangement, Option [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 574,151 | 716,537 | 574,151 | 716,537 |
Restricted Stock Units (RSUs) [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 793,883 | 1,261,460 | 793,883 | 1,261,460 |
Investment Securities (Details)
Investment Securities (Details) - Investment Schedule - AFS - USD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Schedule of Investments [Line Items] | |||
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Fair Value | $ 90,634,000 | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position | (1,200,000) | $ (600,000) | |
Proceeds from Sale of Debt Securities, Available-for-Sale | 58,800,000 | $ 0 | |
Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, Year One | 3,940,000 | ||
Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year One Through Five | 87,656,000 | ||
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Amortized Cost | 91,596,000 | ||
Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One | 3,919,000 | ||
Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five | 86,715,000 | ||
Other Long-Term Investments | |||
Schedule of Investments [Line Items] | |||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 | |
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Fair Value | 9,659,000 | 7,683,000 | |
Debt Securities, Available-for-Sale, Amortized Cost | 9,659,000 | 7,683,000 | |
Debt Securities, Available-for-Sale, Unrealized Gain | 0 | 0 | |
Short-Term Investments | |||
Schedule of Investments [Line Items] | |||
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 0 | 0 | |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | (51,000) | (58,000) | |
Debt Securities, Held-to-maturity, Fair Value | 16,240,000 | 56,447,000 | |
Debt Securities, Available-for-Sale, Unrealized Gain | 0 | 0 | |
Debt Securities, Held-to-Maturity, Amortized Cost, before Other-than-temporary Impairment | 16,291,000 | 56,505,000 | |
Collateralized Mortgage-Backed Securities | |||
Schedule of Investments [Line Items] | |||
Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, Year One | 8,294,000 | ||
Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year One Through Five | 12,367,000 | ||
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Amortized Cost | 20,661,000 | ||
Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One | 8,149,000 | ||
Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five | 12,233,000 | ||
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value | 20,382,000 | ||
Collateralized Mortgage-Backed Securities | Short-Term Investments | |||
Schedule of Investments [Line Items] | |||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (145,000) | (97,000) | |
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Fair Value | 8,149,000 | 7,918,000 | |
Debt Securities, Available-for-Sale, Amortized Cost | 8,294,000 | 8,015,000 | |
Debt Securities, Available-for-Sale, Unrealized Gain | 0 | 0 | |
Asset-Backed Securities | Short-Term Investments | |||
Schedule of Investments [Line Items] | |||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (134,000) | (77,000) | |
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Fair Value | 12,233,000 | 11,209,000 | |
Debt Securities, Available-for-Sale, Amortized Cost | 12,367,000 | 11,286,000 | |
Debt Securities, Available-for-Sale, Unrealized Gain | 0 | 0 | |
Corporate Bond Securities | Short-Term Investments | |||
Schedule of Investments [Line Items] | |||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (517,000) | (262,000) | |
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Fair Value | 40,178,000 | 37,531,000 | |
Debt Securities, Available-for-Sale, Amortized Cost | 40,695,000 | 37,793,000 | |
Debt Securities, Available-for-Sale, Unrealized Gain | 0 | 0 | |
Deposits [Member] | Other Long-Term Investments | |||
Schedule of Investments [Line Items] | |||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 | |
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Fair Value | 9,659,000 | 7,683,000 | |
Debt Securities, Available-for-Sale, Amortized Cost | 9,659,000 | 7,683,000 | |
Debt Securities, Available-for-Sale, Unrealized Gain | 0 | 0 | |
Municipal Bonds [Member] | Short-Term Investments | |||
Schedule of Investments [Line Items] | |||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0 | (6,000) | |
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Fair Value | 1,000,000 | 994,000 | |
Debt Securities, Available-for-Sale, Amortized Cost | 1,000,000 | 1,000,000 | |
Debt Securities, Available-for-Sale, Unrealized Gain | 0 | 0 | |
US Treasury and Government | Other Long-Term Investments | |||
Schedule of Investments [Line Items] | |||
Debt Securities, Held-to-maturity | 159,000 | 158,000 | |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 0 | 0 | |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | (5,000) | (4,000) | |
Debt Securities, Held-to-maturity, Fair Value | 154,000 | 154,000 | |
US Treasury and Government | Short-Term Investments | |||
Schedule of Investments [Line Items] | |||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (445,000) | (186,000) | |
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Fair Value | 39,797,000 | 42,647,000 | |
Debt Securities, Available-for-Sale, Amortized Cost | 40,242,000 | 42,833,000 | |
Debt Securities, Available-for-Sale, Unrealized Gain | 0 | 0 | |
Total Short-Term Available-for-Sale [Domain] | Short-Term Investments | |||
Schedule of Investments [Line Items] | |||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (1,241,000) | (628,000) | |
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Fair Value | 101,357,000 | 100,299,000 | |
Debt Securities, Available-for-Sale, Amortized Cost | 102,598,000 | 100,927,000 | |
Total Long-Term Held-to-Maturity | Other Long-Term Investments | |||
Schedule of Investments [Line Items] | |||
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 0 | 0 | |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | (5,000) | (4,000) | |
Debt Securities, Held-to-maturity, Fair Value | 154,000 | 154,000 | |
Debt Securities, Held-to-Maturity, Amortized Cost, before Other-than-temporary Impairment | 159,000 | 158,000 | |
US Treasury Securities [Member] | Short-Term Investments | |||
Schedule of Investments [Line Items] | |||
Debt Securities, Held-to-maturity | 12,932,000 | 12,059,000 | |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 0 | 0 | |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | (51,000) | (58,000) | |
Debt Securities, Held-to-maturity, Fair Value | 12,881,000 | 12,001,000 | |
Certificates of Deposit [Member] | Short-Term Investments | |||
Schedule of Investments [Line Items] | |||
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 0 | 0 | |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | 0 | 0 | |
Debt Securities, Held-to-maturity, Fair Value | 3,359,000 | 3,254,000 | |
Debt Securities, Held-to-Maturity, Amortized Cost, before Other-than-temporary Impairment | $ 3,359,000 | 3,254,000 | |
US Government Debt Securities [Member] | Short-Term Investments | |||
Schedule of Investments [Line Items] | |||
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 0 | ||
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | 0 | ||
Debt Securities, Held-to-maturity, Fair Value | 41,192,000 | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Other-than-temporary Impairment | $ 41,192,000 |
Investment Securities (Detail_2
Investment Securities (Details) - Investment Schedule - HTM - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Schedule of Held-to-Maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss, Maturity, Allocated and Single Maturity Date, Year One | $ 16,291,000 | |
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss, Maturity, Allocated and Single Maturity Date, after Year One through Five | 159,000 | |
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss, Maturity, Allocated and Single Maturity Date | 16,450,000 | |
Debt Securities, Held-to-Maturity, Fair Value, Maturity, Allocated and Single Maturity Date, Year One | 16,240,000 | |
Debt Securities, Held-to-Maturity, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five | 154,000 | |
Debt Securities, Held-to-Maturity, Maturity, Allocated and Single Maturity Date, Fair Value | 16,394,000 | |
Short-Term Investments | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 0 | $ 0 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | 51,000 | 58,000 |
Debt Securities, Held-to-maturity, Fair Value | 16,240,000 | 56,447,000 |
US Treasury and Government | Other Long-Term Investments | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Debt Securities, Held-to-maturity | 159,000 | 158,000 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 0 | 0 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | 5,000 | 4,000 |
Debt Securities, Held-to-maturity, Fair Value | $ 154,000 | $ 154,000 |
Other Investments (Details)
Other Investments (Details) - USD ($) $ in Millions | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2020 | |
Investments, All Other Investments [Abstract] | ||||
Purchase of Equity Interest | $ 7 | |||
Financing Receivable, Revolving | $ 7 | |||
Financing Receivable, after Allowance for Credit Loss | 5.2 | $ 6.3 | ||
Services performed for Variable Interest Entity | 0.3 | $ 0.4 | ||
Financing Receivable, Revolving, Annual Increase | $ 2 |
Fair Value (Details) - Investme
Fair Value (Details) - Investments Schedule - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Fair Value | $ 90,634,000 | $ 90,634,000 | |||
Noncontrolling Interest in Variable Interest Entity | 4,115,000 | 4,115,000 | $ 4,115,000 | ||
Assets, Fair Value Disclosure | 116,192,000 | 116,192,000 | 113,730,000 | ||
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, after Tax | (1,103,000) | $ (1,000) | (612,000) | $ (1,000) | |
Fair Value, Inputs, Level 1 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Noncontrolling Interest in Variable Interest Entity | 0 | 0 | 0 | ||
Assets, Fair Value Disclosure | 10,720,000 | 10,720,000 | 9,316,000 | ||
Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Noncontrolling Interest in Variable Interest Entity | 0 | 0 | 0 | ||
Assets, Fair Value Disclosure | 101,357,000 | 101,357,000 | 100,299,000 | ||
Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Noncontrolling Interest in Variable Interest Entity | 4,115,000 | 4,115,000 | 4,115,000 | ||
Assets, Fair Value Disclosure | 4,115,000 | 4,115,000 | 4,115,000 | ||
Money Market Funds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Cash and Cash Equivalents, Fair Value Disclosure | 1,061,000 | 1,061,000 | 1,633,000 | ||
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Cash and Cash Equivalents, Fair Value Disclosure | 1,061,000 | 1,061,000 | 1,633,000 | ||
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 | 0 | ||
Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 | 0 | ||
Deposits [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Fair Value | 9,659,000 | 9,659,000 | 7,683,000 | ||
Deposits [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Fair Value | 9,659,000 | 9,659,000 | 7,683,000 | ||
Deposits [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Fair Value | 0 | 0 | 0 | ||
Deposits [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Fair Value | 0 | 0 | 0 | ||
Municipal Bonds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Fair Value | 1,000,000 | 1,000,000 | 994,000 | ||
Municipal Bonds [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value | 0 | 0 | 0 | ||
Municipal Bonds [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Fair Value | 1,000,000 | 1,000,000 | 994,000 | ||
Municipal Bonds [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value | 0 | 0 | 0 | ||
Collateralized Mortgage-Backed Securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Fair Value | 8,149,000 | 8,149,000 | 7,918,000 | ||
Collateralized Mortgage-Backed Securities | Fair Value, Inputs, Level 1 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value | 0 | 0 | 0 | ||
Collateralized Mortgage-Backed Securities | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Fair Value | 8,149,000 | 8,149,000 | 7,918,000 | ||
Collateralized Mortgage-Backed Securities | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value | 0 | 0 | 0 | ||
Asset-Backed Securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Fair Value | 12,233,000 | 12,233,000 | 11,209,000 | ||
Asset-Backed Securities | Fair Value, Inputs, Level 1 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value | 0 | 0 | 0 | ||
Asset-Backed Securities | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Fair Value | 12,233,000 | 12,233,000 | 11,209,000 | ||
Asset-Backed Securities | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value | 0 | 0 | 0 | ||
Total Corporate Bond Securities Member LT and ST [Domain] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Fair Value | 40,178,000 | 40,178,000 | 37,531,000 | ||
Total Corporate Bond Securities Member LT and ST [Domain] | Fair Value, Inputs, Level 1 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value | 0 | 0 | 0 | ||
Total Corporate Bond Securities Member LT and ST [Domain] | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Fair Value | 40,178,000 | 40,178,000 | 37,531,000 | ||
Total Corporate Bond Securities Member LT and ST [Domain] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value | 0 | 0 | 0 | ||
Total US Treasury LT and ST Member [Domain] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Fair Value | 39,797,000 | 39,797,000 | 42,647,000 | ||
Total US Treasury LT and ST Member [Domain] | Fair Value, Inputs, Level 1 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value | 0 | 0 | 0 | ||
Total US Treasury LT and ST Member [Domain] | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Fair Value | 39,797,000 | 39,797,000 | 42,647,000 | ||
Total US Treasury LT and ST Member [Domain] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value | $ 0 | 0 | $ 0 | ||
Variable Interest Entity, Not Primary Beneficiary | Change from Purchase Price | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, after Tax | $ 2,900,000 |
Fair Value (Details) - Narrativ
Fair Value (Details) - Narrative - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Fair Value Disclosures [Abstract] | ||
Noncontrolling Interest in Variable Interest Entity | $ 4,115,000 | $ 4,115,000 |
Notes Receivable, Fair Value Disclosure | $ 8,200,000 | $ 9,300,000 |
Intangible Assets, Goodwill a_3
Intangible Assets, Goodwill and Other (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
Goodwill [Line Items] | ||
Goodwill | $ 43,877,000 | $ 41,983,000 |
Goodwill, Foreign Currency Translation Gain (Loss) | 1,894,000 | |
Goodwill, Acquired During Period | 0 | |
Goodwill, Acquired During Period | 0 | |
Subscription business [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 43,877,000 | 41,983,000 |
Goodwill, Foreign Currency Translation Gain (Loss) | 1,894,000 | |
Goodwill, Acquired During Period | 0 | |
Goodwill, Acquired During Period | 0 | |
Other Segments [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 0 | $ 0 |
Goodwill, Foreign Currency Translation Gain (Loss) | 0 | |
Goodwill, Acquired During Period | 0 | |
Goodwill, Acquired During Period | $ 0 |
Claims Reserve (Details) - Rese
Claims Reserve (Details) - Reserve Rollforward - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Subscription business [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Liability for Unpaid Claims and Claims Adjustment Expense, Net, Beginning Balance | $ 21,543 | $ 22,407 |
Current Year Claims and Claims Adjustment Expense | 261,249 | 210,149 |
Prior Year Claims and Claims Adjustment Expense | 2,035 | (2,321) |
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims | 263,284 | 207,828 |
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid, Current Year | 236,697 | 190,348 |
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid, Prior Years | 20,168 | 16,469 |
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid | 256,865 | 206,817 |
Claims expense non-cash | 1,771 | 2,325 |
Liability for Unpaid Claims and Claims Adjustment Expense, Net, Ending Balance | 26,191 | 21,093 |
Other Segments [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Liability for Unpaid Claims and Claims Adjustment Expense, Net, Beginning Balance | 22,191 | 17,264 |
Current Year Claims and Claims Adjustment Expense | 136,780 | 94,175 |
Prior Year Claims and Claims Adjustment Expense | 811 | 539 |
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims | 137,591 | 94,714 |
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid, Current Year | 109,389 | 79,362 |
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid, Prior Years | 20,382 | 17,072 |
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid | 129,771 | 96,434 |
Claims expense non-cash | 0 | 0 |
Liability for Unpaid Claims and Claims Adjustment Expense, Net, Ending Balance | $ 30,011 | $ 15,544 |
Claims Reserve (Details) - Narr
Claims Reserve (Details) - Narrative - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Subscription business [Member] | ||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | ||
Liability for Unpaid Claims and Claims Adjustment Expense, Period Increase (Decrease) | $ 4,700 | |
Liability for Unpaid Claims and Claims Adjustment Expense, Net, Beginning Balance | 21,543 | $ 22,407 |
Liability for Unpaid Claims and Claims Adjustment Expense, Net, Ending Balance | 26,191 | 21,093 |
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims | 263,284 | 207,828 |
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid | 256,865 | 206,817 |
Prior Year Claims and Claims Adjustment Expense | 2,035 | (2,321) |
Other Segments [Member] | ||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | ||
Liability for Unpaid Claims and Claims Adjustment Expense, Period Increase (Decrease) | 7,800 | |
Liability for Unpaid Claims and Claims Adjustment Expense, Net, Beginning Balance | 22,191 | 17,264 |
Liability for Unpaid Claims and Claims Adjustment Expense, Net, Ending Balance | 30,011 | 15,544 |
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims | 137,591 | 94,714 |
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid | 129,771 | 96,434 |
Prior Year Claims and Claims Adjustment Expense | $ 811 | $ 539 |
Claims Reserve (Details) - Re_2
Claims Reserve (Details) - Reserve by Year of Occurrence $ in Thousands | Jun. 30, 2023 USD ($) |
Subscription business [Member] | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 26,191 |
Other Segments [Member] | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 30,011 |
Short-Duration Insurance Contract, Accident Year 2020 [Member] | Subscription business [Member] | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 129 |
Short-Duration Insurance Contract, Accident Year 2020 [Member] | Other Segments [Member] | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 250 |
Short-Duration Insurance Contract, Accident Year 2021 [Member] | Subscription business [Member] | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 3,280 |
Short-Duration Insurance Contract, Accident Year 2021 [Member] | Other Segments [Member] | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 2,370 |
Short-duration Insurance Contracts, Accident Year 2022 [Member] | Subscription business [Member] | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 22,782 |
Short-duration Insurance Contracts, Accident Year 2022 [Member] | Other Segments [Member] | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 27,391 |
Debt (Details) - Narrative
Debt (Details) - Narrative - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Initiation Date | Mar. 25, 2022 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 150,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 10.39% | |
Debt Issuance Costs, Gross | $ 5,900 | |
Line of Credit Facility, Expiration Date | Mar. 25, 2027 | |
Line of Credit Facility, Periodic Payment, Principal Percentage | 0.25% | |
Line of Credit Facility, Frequency of Payments | quarterly | |
Delayed Draw Term Loan | ||
Line of Credit Facility [Line Items] | ||
Long-term Debt | $ 35,000 | $ 15,000 |
Initial Loan | ||
Line of Credit Facility [Line Items] | ||
Long-term Debt | $ 60,000 | |
Unfunded Loan Commitment [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Remaining Borrowing Capacity | $ 75,000 | |
Line of Credit, Date of Last Availability | Sep. 25, 2023 | |
Line of Credit Facility, Expiration Date | Mar. 25, 2028 | |
Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Remaining Borrowing Capacity | $ 15,000 | |
Line of Credit, Date of Last Availability | Mar. 25, 2027 | |
Line of Credit Facility, Expiration Date | Mar. 25, 2027 |
Debt (Details) - Schedule of Ma
Debt (Details) - Schedule of Maturities $ in Thousands | Jun. 30, 2023 USD ($) |
Debt Disclosure [Abstract] | |
Long-Term Debt, Maturity, Year One | $ 550 |
Long-Term Debt, Maturity, Year Two | 1,100 |
Long-Term Debt, Maturity, Year Three | 1,100 |
Long-Term Debt, Maturity, Year Four | 1,100 |
Long-Term Debt, Maturity, Year Five | 71,863 |
Long-Term Debt, Maturity, after Year Five | 33,250 |
Long-term Line of Credit, Total | $ 108,963 |
Stock-based Compensation (Detai
Stock-based Compensation (Details) - Expense Category - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based Payment Arrangement, Expense | $ 6,637 | $ 8,634 | $ 18,968 | $ 16,183 |
Share-based Compensation Arrangement by Share-based Payment Award, Capitalized Cost | 531 | 366 | 1,159 | 602 |
Share-based Payment Arrangement, Expensed and Capitalized, Amount | 7,168 | 9,000 | 20,127 | 16,785 |
Claims Expense [Member] | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based Payment Arrangement, Expense | 866 | 1,047 | 1,719 | 2,234 |
Other Expense [Member] | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based Payment Arrangement, Expense | 441 | 783 | 906 | 1,432 |
Technology and Development Expense [Member] | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based Payment Arrangement, Expense | 627 | 1,101 | 1,335 | 2,009 |
General and Administrative Expense [Member] | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based Payment Arrangement, Expense | 2,948 | 3,066 | 11,167 | 5,489 |
Selling and Marketing Expense [Member] | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based Payment Arrangement, Expense | $ 1,755 | $ 2,637 | $ 3,841 | $ 5,019 |
Share-based Compensation (Detai
Share-based Compensation (Details) - Narrative - USD ($) | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-Based Payment Arrangement, Accelerated Cost | $ 4,800,000 | |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 695,574 | 1,112,552 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 54,900,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 2 years 2 months 12 days | |
Equity Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 2 years 4 months 24 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term | 2 years 4 months 24 days |
Stock-based Compensation (Det_2
Stock-based Compensation (Details) - Stock Options - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period [Abstract] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 574,151 | 629,650 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | (55,039) | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | (460) | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number | 574,151 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 13.67 | $ 13.53 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | 0 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | 12.03 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | 15.64 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ 13.67 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Aggregate Intrinsic Value [Abstract] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 3,465 | $ 21,410 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 1,089 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value | $ 3,465 |
Stock-based Compensation (Det_3
Stock-based Compensation (Details) - Restricted Stock Units - Restricted Stock Units (RSUs) [Member] - $ / shares | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 695,574 | 1,112,552 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 63,079 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (425,192) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (54,865) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 82.24 | $ 84.46 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 34.50 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | 80.23 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 87.37 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - shares | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Equity, Attributable to Parent [Abstract] | |||
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 | |
Common Stock, Shares, Outstanding | 41,470,738 | 41,013,158 | |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 | |
Treasury Stock, Shares, Acquired | 0 | 94,959 |
Comprehensive Income (Loss) (De
Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Stockholders' Equity Attributable to Parent, Beginning Balance | $ 294,809 | $ 328,533 | $ 305,297 | $ 332,200 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 1,256 | (3,349) | 2,811 | (4,247) |
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, after Tax | (1,103) | (1) | (612) | (1) |
Other Comprehensive Income (Loss), Net of Tax | 153 | (3,350) | 2,199 | (4,248) |
Stockholders' Equity Attributable to Parent, Ending Balance | 288,758 | 314,754 | 288,758 | 314,754 |
Accumulated Foreign Currency Adjustment Attributable to Parent | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Stockholders' Equity Attributable to Parent, Beginning Balance | (1,233) | 726 | (2,788) | 1,624 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 1,256 | (3,349) | 2,811 | (4,247) |
Stockholders' Equity Attributable to Parent, Ending Balance | 23 | (2,623) | 23 | (2,623) |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Stockholders' Equity Attributable to Parent, Beginning Balance | (3,022) | 1,453 | (3,513) | 1,453 |
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, after Tax | (1,103) | (1) | (612) | (1) |
Stockholders' Equity Attributable to Parent, Ending Balance | (4,125) | 1,452 | (4,125) | 1,452 |
AOCI Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Stockholders' Equity Attributable to Parent, Beginning Balance | (4,255) | 2,179 | (6,301) | 3,077 |
Other Comprehensive Income (Loss), Net of Tax | 153 | (3,350) | 2,199 | (4,248) |
Stockholders' Equity Attributable to Parent, Ending Balance | $ (4,102) | $ (1,171) | $ (4,102) | $ (1,171) |
Segments (Details) - Business S
Segments (Details) - Business Segments - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 270,566 | $ 219,411 | $ 526,895 | $ 425,410 |
Claims Expense | 206,738 | 157,616 | 400,875 | 302,542 |
Other Cost of Services Sold | 34,455 | 33,212 | 70,301 | 64,391 |
Technology and Development Expense | 5,232 | 6,396 | 10,132 | 11,625 |
General and Administrative Expense | 13,136 | 9,227 | 34,153 | 18,593 |
Selling and Marketing Expense | 20,769 | 22,982 | 42,411 | 44,609 |
Depreciation, Depletion and Amortization | 3,253 | 2,707 | 6,455 | 5,424 |
Income (Loss) from Equity Method Investments | (73) | (42) | (144) | (111) |
Operating Income (Loss), Total | (13,090) | (12,771) | (37,576) | (21,885) |
Subscription business [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 173,253 | 145,808 | 338,463 | 285,647 |
Claims Expense | 134,295 | 107,238 | 263,283 | 207,828 |
Other Cost of Services Sold | 17,225 | 15,202 | 34,328 | 29,875 |
Technology and Development Expense | 3,350 | 4,250 | 6,508 | 7,800 |
General and Administrative Expense | 8,411 | 6,132 | 19,484 | 12,490 |
Selling and Marketing Expense | 20,707 | 22,796 | 42,298 | 44,314 |
Depreciation, Depletion and Amortization | 2,083 | 1,799 | 4,147 | 3,643 |
Operating Income (Loss), Total | (12,818) | (11,609) | (31,585) | (20,303) |
Other Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 97,313 | 73,603 | 188,432 | 139,763 |
Claims Expense | 72,443 | 50,378 | 137,592 | 94,714 |
Other Cost of Services Sold | 17,230 | 18,010 | 35,973 | 34,516 |
Technology and Development Expense | 1,882 | 2,146 | 3,624 | 3,825 |
General and Administrative Expense | 4,725 | 3,095 | 14,669 | 6,103 |
Selling and Marketing Expense | 62 | 186 | 113 | 295 |
Depreciation, Depletion and Amortization | 1,170 | 908 | 2,308 | 1,781 |
Operating Income (Loss), Total | $ (199) | $ (1,120) | $ (5,847) | $ (1,471) |
Segments (Details) - Revenue by
Segments (Details) - Revenue by Geography - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 270,566 | $ 219,411 | $ 526,895 | $ 425,410 |
United States | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 228,673 | 184,790 | 445,598 | 357,538 |
Canada and other | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | $ 41,893 | $ 34,621 | $ 81,297 | $ 67,872 |
Related Parties (Details)
Related Parties (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Schedule of Equity Method Investments [Line Items] | ||
Related Party Transaction, Amounts of Transaction | $ 1.5 | $ 1.8 |
Limited Liability Entity [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | $ 0.3 | |
Equity Method Investment, Ownership Percentage | 17.50% |