|
|
|
|
|
|
|
|
Years Ended December 31, | |||||||
2016 | 2015 | ||||||
Office and telephone equipment (5 years) | $ | 129 | $ | 127 | |||
PC and networking hardware (3–4 years) | 1,191 | 1,177 | |||||
Software (3–5 years) | 14,340 | 12,547 | |||||
Furniture and fixtures (5 years) | 618 | 711 | |||||
Vehicles (5 years) | 54 | 54 | |||||
Fixed assets under capital lease (over less of expected useful life or life of lease) | 478 | — | |||||
Leasehold improvement (over less of expected useful life or life of lease) | — | 621 | |||||
Property and equipment | 16,810 | 15,237 | |||||
Accumulated depreciation | (8,346 | ) | (5,518 | ) | |||
Property and equipment, net | $ | 8,464 | $ | 9,719 |
|
|
Amortized Cost | Gross Unrealized Holding Losses | Fair Value | |||||||||
As of December 31, 2016 | |||||||||||
Available-for-sale: | |||||||||||
Foreign deposits | $ | 1,587 | $ | — | $ | 1,587 | |||||
Municipal bond | 1,000 | (8 | ) | $ | 992 | ||||||
$ | 2,587 | $ | (8 | ) | $ | 2,579 | |||||
Short-term investments: | |||||||||||
U.S. Treasury securities | $ | 5,791 | $ | — | $ | 5,791 | |||||
Certificates of deposit | 707 | — | 707 | ||||||||
U.S. government funds | 23,072 | — | 23,072 | ||||||||
$ | 29,570 | $ | — | $ | 29,570 | ||||||
Amortized Cost | Gross Unrealized Holding Losses | Fair Value | |||||||||
As of December 31, 2015 | |||||||||||
Available-for-sale: | |||||||||||
Foreign deposits | $ | 1,442 | $ | — | $ | 1,442 | |||||
Municipal bond | 1,000 | (54 | ) | 946 | |||||||
$ | 2,442 | $ | (54 | ) | $ | 2,388 | |||||
Short-term investments: | |||||||||||
U.S. Treasury securities | $ | 5,683 | $ | — | $ | 5,683 | |||||
Certificates of deposit | 1,551 | — | $ | 1,551 | |||||||
U.S. government funds | 18,054 | — | $ | 18,054 | |||||||
$ | 25,288 | $ | — | $ | 25,288 |
December 31, 2016 | |||||||
Amortized Cost | Fair Value | ||||||
Available-for-sale: | |||||||
Due under one year | $ | — | $ | — | |||
Due after one year through five years | 1,587 | 1,587 | |||||
Due after five years through ten years | 1,000 | 992 | |||||
Due after ten years | — | — | |||||
$ | 2,587 | $ | 2,579 |
|
• | Level 1 inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date. |
• | Level 2 inputs: Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. |
• | Level 3 inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. |
As of December 31, 2016 | |||||||||||||||
Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||
Assets | |||||||||||||||
Restricted cash | $ | 600 | $ | 600 | $ | — | $ | — | |||||||
Foreign deposits | 1,587 | 1,587 | — | — | |||||||||||
Municipal bond | 992 | — | 992 | — | |||||||||||
Money market funds | 7,033 | 7,033 | — | — | |||||||||||
Total | $ | 10,212 | $ | 9,220 | $ | 992 | $ | — | |||||||
As of December 31, 2015 | |||||||||||||||
Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||
Assets | |||||||||||||||
Foreign deposits | $ | 1,442 | $ | 1,442 | $ | — | $ | — | |||||||
Municipal bond | 946 | — | 946 | — | |||||||||||
Money market funds | 7,545 | 7,545 | — | — | |||||||||||
Total | $ | 9,933 | $ | 8,987 | $ | 946 | $ | — |
|
|
Year ending December 31: | |||
2017 | $ | 1,510 | |
2018 | 1,860 | ||
2019 | 2,020 | ||
2020 | 2,101 | ||
2021 | 2,182 | ||
Thereafter | 11,029 | ||
Total minimum lease payments | $ | 20,702 |
Year ending December 31: | |||
2017 | $ | 3,624 | |
2018 | 1,681 | ||
2019 | 764 | ||
2020 | 119 | ||
2021 | 17 | ||
Thereafter | — | ||
Total minimum commitment | $ | 6,205 |
|
Years Ended December 31, | ||||||||||||
2016 | 2015 | 2014 | ||||||||||
Claims reserve at beginning of year - subscription business | $ | 5,384 | $ | 4,278 | $ | 4,573 | ||||||
Claims incurred during the year related to: | ||||||||||||
Current year - subscription business | 123,823 | 95,390 | 74,471 | |||||||||
Prior years - subscription business | 813 | 30 | (132 | ) | ||||||||
Total claims incurred | 124,636 | 95,420 | 74,339 | |||||||||
Claims paid during year related to: | ||||||||||||
Current year - subscription business | 115,314 | 89,768 | 69,956 | |||||||||
Prior years - subscription business | 5,832 | 4,239 | 4,442 | |||||||||
Total claims paid | 121,146 | 94,007 | 74,398 | |||||||||
Non-cash claims expense - subscription business | 336 | 307 | 236 | |||||||||
Claims reserve at end of year - subscription business | $ | 8,538 | $ | 5,384 | $ | 4,278 |
Years Ended December 31, | ||||||||||||
2016 | 2015 | 2014 | ||||||||||
Claims reserve at beginning of year - other business | $ | 890 | $ | 829 | $ | 1,039 | ||||||
Claims incurred during the year related to: | ||||||||||||
Current year - other business | 9,027 | 7,983 | 5,967 | |||||||||
Prior years - other business | (129 | ) | (79 | ) | (393 | ) | ||||||
Total claims incurred | 8,898 | 7,904 | 5,574 | |||||||||
Claims paid during year related to: | ||||||||||||
Current year - other business | 8,048 | 7,095 | 5,138 | |||||||||
Prior years - other business | 757 | 748 | 646 | |||||||||
Total claims paid | 8,805 | 7,843 | 5,784 | |||||||||
Non-cash claims expense - other business | — | — | — | |||||||||
Claims reserve at end of year - other business | $ | 983 | $ | 890 | $ | 829 |
Years Ended December 31, | ||||||||||||
2016 | 2015 | 2014 | ||||||||||
Claims reserve at beginning of year - subscription business | $ | 5,384 | $ | 4,278 | $ | 4,573 | ||||||
Claims incurred during the year related to: | ||||||||||||
Current year - subscription business | 123,823 | 95,390 | 74,471 | |||||||||
Prior years - subscription business | 813 | 30 | (132 | ) | ||||||||
Total claims incurred | 124,636 | 95,420 | 74,339 | |||||||||
Claims paid during year related to: | ||||||||||||
Current year - subscription business | 115,314 | 89,768 | 69,956 | |||||||||
Prior years - subscription business | 5,832 | 4,239 | 4,442 | |||||||||
Total claims paid | 121,146 | 94,007 | 74,398 | |||||||||
Non-cash claims expense - subscription business | 336 | 307 | 236 | |||||||||
Claims reserve at end of year - subscription business | $ | 8,538 | $ | 5,384 | $ | 4,278 |
Years Ended December 31, | ||||||||||||
2016 | 2015 | 2014 | ||||||||||
Claims reserve at beginning of year - other business | $ | 890 | $ | 829 | $ | 1,039 | ||||||
Claims incurred during the year related to: | ||||||||||||
Current year - other business | 9,027 | 7,983 | 5,967 | |||||||||
Prior years - other business | (129 | ) | (79 | ) | (393 | ) | ||||||
Total claims incurred | 8,898 | 7,904 | 5,574 | |||||||||
Claims paid during year related to: | ||||||||||||
Current year - other business | 8,048 | 7,095 | 5,138 | |||||||||
Prior years - other business | 757 | 748 | 646 | |||||||||
Total claims paid | 8,805 | 7,843 | 5,784 | |||||||||
Non-cash claims expense - other business | — | — | — | |||||||||
Claims reserve at end of year - other business | $ | 983 | $ | 890 | $ | 829 |
Years Ended December 31, | As of December 31, 2016 | ||||||||||||||||||||||
Incurred claims and claim adjustment expenses | Total of IBNR plus expected development on reported claims | Cumulative number of reported claims | |||||||||||||||||||||
Year Incurred | 2013 | 2014 | 2015 | 2016 | |||||||||||||||||||
(unaudited) | (unaudited) | (unaudited) | |||||||||||||||||||||
2013 | $ | 49,595 | $ | 49,475 | $ | 49,593 | $ | 49,629 | $ | 8 | 269,849 | ||||||||||||
2014 | $ | 71,008 | $ | 70,954 | $ | 71,118 | $ | 71 | 377,083 | ||||||||||||||
2015 | $ | 94,354 | $ | 94,908 | $ | 286 | 469,815 | ||||||||||||||||
2016 | $ | 123,478 | $ | 8,173 | 538,427 | ||||||||||||||||||
$ | 339,133 |
Years Ended December 31, | As of December 31, 2016 | ||||||||||||||||||||||
Incurred claims and claim adjustment expenses | Total of IBNR plus expected development on reported claims | Cumulative number of reported claims | |||||||||||||||||||||
Year Incurred | 2013 | 2014 | 2015 | 2016 | |||||||||||||||||||
(unaudited) | (unaudited) | (unaudited) | |||||||||||||||||||||
2013 | $ | 3,294 | $ | 2,841 | $ | 2,849 | $ | 2,849 | $ | — | 18,169 | ||||||||||||
2014 | $ | 5,966 | $ | 5,888 | $ | 5,887 | $ | 1 | 34,535 | ||||||||||||||
2015 | $ | 7,973 | $ | 7,845 | $ | 3 | 46,713 | ||||||||||||||||
2016 | $ | 9,027 | $ | 979 | 53,723 | ||||||||||||||||||
$ | 25,608 |
Years Ended December 31, | ||||||||||||||||
Year Incurred | 2013 | 2014 | 2015 | 2016 | ||||||||||||
(unaudited) | (unaudited) | (unaudited) | ||||||||||||||
2013 | $ | 45,276 | $ | 49,475 | $ | 49,593 | $ | 49,621 | ||||||||
2014 | $ | 66,845 | $ | 70,885 | $ | 71,047 | ||||||||||
2015 | $ | 89,012 | $ | 94,622 | ||||||||||||
2016 | $ | 115,305 | ||||||||||||||
Total | $ | 330,595 | ||||||||||||||
Total outstanding liabilities for unpaid claims and CAE | $ | 8,538 |
Years Ended December 31, | ||||||||||||||||
Year Incurred | 2013 | 2014 | 2015 | 2016 | ||||||||||||
(unaudited) | (unaudited) | (unaudited) | ||||||||||||||
2013 | $ | 2,196 | $ | 2,841 | $ | 2,849 | $ | 2,850 | ||||||||
2014 | $ | 5,137 | $ | 5,886 | $ | 5,886 | ||||||||||
2015 | $ | 7,085 | $ | 7,841 | ||||||||||||
2016 | $ | 8,048 | ||||||||||||||
Total | $ | 24,625 | ||||||||||||||
Total outstanding liabilities for unpaid claims and CAE | $ | 983 |
|
|
Years Ended December 31, | ||||||
2016 | 2015 | 2014 | ||||
Valuation assumptions: | ||||||
Expected term (in years) | 5.04-6.25 | 3.0-6.25 | 6.25 | |||
Expected volatility | 37.6%-42.1% | 37.2%–49.4% | 54.3%–59.3% | |||
Risk-free interest rate | 1.1%-2.0% | 1.1%–2.0% | 1.8%–2.0% | |||
Expected dividend yield | —% | —% | —% |
Number of Options | Weighted- Average Exercise Price | Aggregate Intrinsic Value (in thousands) | ||||||||
December 31, 2013 | 4,663,445 | 2.12 | 30,406 | |||||||
Granted | 754,200 | 9.64 | — | |||||||
Exercised | (176,595 | ) | 1.20 | 1,428 | ||||||
Forfeited | (128,494 | ) | 5.40 | — | ||||||
December 31, 2014 | 5,112,556 | 3.19 | 21,116 | |||||||
Granted | 698,764 | 7.84 | — | |||||||
Exercised | (632,829 | ) | 2.12 | 3,703 | ||||||
Forfeited | (306,542 | ) | 7.65 | — | ||||||
December 31, 2015 | 4,871,949 | 3.71 | 29,644 | |||||||
Granted | 666,664 | 13.37 | — | |||||||
Exercised | (1,119,367 | ) | 3.35 | 11,980 | ||||||
Forfeited | (296,223 | ) | 8.14 | — | ||||||
December 31, 2016 | 4,123,023 | 5.06 | 43,185 | |||||||
Vested and exercisable at December 31, 2016 | 3,119,438 | $ | 3.06 | $ | 38,856 |
Weighted- Average Grant Date Fair Value | Fair Value of Options Vested | |||||||
(per share) | (in thousands) | |||||||
Year: | ||||||||
2014 | $ | 5.33 | $ | 2,203 | ||||
2015 | $ | 3.46 | $ | 3,796 | ||||
2016 | $ | 5.64 | $ | 6,688 |
Number of Shares | Weighted- Average Grant Date Fair Value Per Restricted Stock | ||||||
Nonvested stock award balance at December 31, 2013 | 722,226 | $ | 4.77 | ||||
Restricted stock awards granted | 6,126 | 5.79 | |||||
Awards upon which restrictions lapsed | (143,967 | ) | 4.81 | ||||
Restricted stock awards forfeited | — | — | |||||
Nonvested stock award balance at December 31, 2014 | 584,385 | 4.77 | |||||
Restricted stock awards granted | 2,385 | 7.26 | |||||
Awards upon which restrictions lapsed | (119,262 | ) | 4.80 | ||||
Restricted stock awards forfeited | — | — | |||||
Nonvested stock award balance at December 31, 2015 | 467,508 | 4.77 | |||||
Restricted stock awards granted | — | — | |||||
Awards upon which restrictions lapsed | (116,877 | ) | 4.77 | ||||
Restricted stock awards forfeited | — | — | |||||
Nonvested stock award balance at December 31, 2016 | 350,631 | 4.77 |
Years Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Claims expenses | $ | 234 | $ | 219 | $ | 236 | |||||
Other cost of revenue | 41 | 44 | 79 | ||||||||
Sales and marketing | 532 | 446 | 553 | ||||||||
Technology and development | 246 | 404 | 461 | ||||||||
General and administrative | 1,893 | 1,889 | 2,755 | ||||||||
Total stock-based compensation | $ | 2,946 | $ | 3,002 | $ | 4,084 |
|
|
Years Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Revenue: | |||||||||||
Subscription business | $ | 173,356 | $ | 133,406 | $ | 103,502 | |||||
Other business | 14,874 | 13,557 | 12,408 | ||||||||
188,230 | 146,963 | 115,910 | |||||||||
Claims expenses: | |||||||||||
Subscription business | 124,636 | 95,420 | 74,206 | ||||||||
Other business | 8,898 | 7,904 | 5,707 | ||||||||
133,534 | 103,324 | 79,913 | |||||||||
Other cost of revenue: | |||||||||||
Subscription business | 16,685 | 14,008 | 10,963 | ||||||||
Other business | 4,723 | 4,402 | 5,160 | ||||||||
21,408 | 18,410 | 16,123 | |||||||||
Gross profit: | |||||||||||
Subscription business | 32,035 | 23,978 | 18,333 | ||||||||
Other business | 1,253 | 1,251 | 1,541 | ||||||||
33,288 | 25,229 | 19,874 | |||||||||
Sales and marketing: | |||||||||||
Subscription business | 15,029 | 15,151 | 11,484 | ||||||||
Other business | 218 | 80 | 124 | ||||||||
15,247 | 15,231 | 11,608 | |||||||||
Technology and development | 9,534 | 11,215 | 9,899 | ||||||||
General and administrative | 15,205 | 15,558 | 14,312 | ||||||||
Operating loss | $ | (6,698 | ) | $ | (16,775 | ) | $ | (15,945 | ) |
Years Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
United States | $ | 151,361 | $ | 116,585 | $ | 86,494 | |||||
Canada | 36,869 | 30,378 | 29,416 | ||||||||
Total revenue | $ | 188,230 | $ | 146,963 | $ | 115,910 |
|
As of December 31, | ||||||||||||
2016 | 2015 | 2014 | ||||||||||
Statutory net income | $ | 4,081 | $ | 1,386 | $ | 990 | ||||||
Statutory capital and surplus | 30,451 | 26,068 | 23,661 |
|
|
Years Ended December 31, | ||||||||||||
2016 | 2015 | 2014 | ||||||||||
United States | $ | (6,906 | ) | $ | (17,222 | ) | $ | (21,371 | ) | |||
Foreign | 48 | 131 | 187 | |||||||||
$ | (6,858 | ) | $ | (17,091 | ) | $ | (21,184 | ) |
Years Ended December 31, | ||||||||||||
2016 | 2015 | 2014 | ||||||||||
Current: | ||||||||||||
U.S. federal & state | $ | 25 | $ | 31 | $ | 26 | ||||||
Foreign | 13 | 84 | (30 | ) | ||||||||
38 | 115 | (4 | ) | |||||||||
Deferred: | ||||||||||||
U.S. federal & state | — | — | — | |||||||||
Foreign | — | (1 | ) | (3 | ) | |||||||
— | (1 | ) | (3 | ) | ||||||||
Income tax expense (benefit) | $ | 38 | $ | 114 | $ | (7 | ) |
Years Ended December 31, | |||||||||
2016 | 2015 | 2014 | |||||||
Federal income taxes at statutory rate | 34.0 | % | 34.0 | % | 34.0 | % | |||
Equity compensation | 7.7 | (1.2 | ) | (0.9 | ) | ||||
Change in valuation allowance | (41.1 | ) | (34.9 | ) | (32.5 | ) | |||
Other, net | (1.2 | ) | 1.4 | (0.5 | ) | ||||
Effective income tax rate | (0.6 | )% | (0.7 | )% | 0.1 | % |
Years Ended December 31, | ||||||||
2016 | 2015 | |||||||
Deferred tax assets: | ||||||||
Current: | ||||||||
Unearned premium reserves | $ | 918 | $ | 745 | ||||
Loss reserves | 27 | 167 | ||||||
Other | 782 | 690 | ||||||
Noncurrent: | ||||||||
Net operating loss carryforwards | 22,632 | 20,514 | ||||||
Depreciation and amortization | 535 | 451 | ||||||
Equity compensation | 1,137 | 713 | ||||||
Other | 156 | 96 | ||||||
Total deferred tax assets | 26,187 | 23,376 | ||||||
Deferred tax liabilities: | ||||||||
Current: | ||||||||
Deferred costs | (226 | ) | (189 | ) | ||||
Noncurrent: | ||||||||
Intangible assets | (1,623 | ) | (1,623 | ) | ||||
Other | (77 | ) | (72 | ) | ||||
Total deferred tax liabilities | (1,926 | ) | (1,884 | ) | ||||
Total deferred taxes | 24,261 | 21,492 | ||||||
Less deferred tax asset valuation allowance | (25,879 | ) | (23,110 | ) | ||||
Net deferred taxes | $ | (1,618 | ) | $ | (1,618 | ) |
Years Ended December 31, | ||||||||||||
2016 | 2015 | 2014 | ||||||||||
Balance, beginning of year | $ | 80 | $ | 65 | $ | 390 | ||||||
Decreases to tax positions related to prior periods | — | — | (346 | ) | ||||||||
Increases to tax positions related to the current year | 40 | 15 | 21 | |||||||||
Balance, end of year | $ | 120 | $ | 80 | $ | 65 |
|
|
Three Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2016 | Sept. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sept. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | ||||||||||||||||||||||||
(in thousands, except share amounts) | |||||||||||||||||||||||||||||||
Total revenues | $ | 51,340 | $ | 48,359 | $ | 45,832 | $ | 42,699 | $ | 40,201 | $ | 37,865 | $ | 35,587 | $ | 33,310 | |||||||||||||||
Gross profit | 9,218 | 8,500 | 8,266 | 7,304 | 7,270 | 6,591 | 5,786 | 5,582 | |||||||||||||||||||||||
Net loss | (1,723 | ) | (1,637 | ) | (964 | ) | (2,572 | ) | (3,001 | ) | (4,643 | ) | (4,625 | ) | (4,936 | ) | |||||||||||||||
Net loss per share attributable to common stockholders: | |||||||||||||||||||||||||||||||
Basic and diluted | (0.06 | ) | (0.06 | ) | (0.03 | ) | (0.09 | ) | (0.11 | ) | (0.17 | ) | (0.17 | ) | (0.18 | ) | |||||||||||||||
Weighted average shares used to compute net loss per share attributable to common stockholders: | |||||||||||||||||||||||||||||||
Basic and diluted | 29,020,559 | 28,732,417 | 28,348,348 | 27,999,248 | 27,856,450 | 27,755,310 | 27,597,721 | 27,337,302 |
|
Trupanion, Inc. Condensed Balance Sheets (Parent Company Only) (In thousands, except for share and per share data) | ||||||||
As of December 31, | ||||||||
2016 | 2015 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 3,401 | $ | 6,040 | ||||
Accounts and other receivable | 1,492 | 517 | ||||||
Prepaid expenses and other assets | 106 | 364 | ||||||
Total current assets | 4,999 | 6,921 | ||||||
Restricted cash | 600 | — | ||||||
Equity method investment | 271 | 300 | ||||||
Property and equipment, net | 1,070 | 641 | ||||||
Intangible assets, net | 4,773 | 4,784 | ||||||
Advances to and investments in subsidiaries | 40,086 | 34,488 | ||||||
Total assets | $ | 51,799 | $ | 47,134 | ||||
Liabilities and stockholders’ equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 19 | $ | 11 | ||||
Accrued liabilities | 145 | 144 | ||||||
Deferred tax liabilities | 250 | 169 | ||||||
Other liabilities | 328 | — | ||||||
Total current liabilities | 742 | 324 | ||||||
Long-term debt | 4,767 | — | ||||||
Deferred tax liabilities | 1,372 | 1,454 | ||||||
Other liabilities | 203 | — | ||||||
Total liabilities | 7,084 | 1,778 | ||||||
Stockholders’ equity: | ||||||||
Common stock, $0.00001 par value per share, 100,000,000 shares authorized at December 31, 2016 and 200,000,000 shares authorized at December 31, 2015, 30,156,247 and 29,498,947 shares issued and outstanding at December 31, 2016; 29,017,168 and 28,396,189 shares issued and outstanding at December 31, 2015. | — | — | ||||||
Preferred stock: $0.00001 par value per share, 10,000,000 shares authorized at December 31, 2016 and December 31, 2015, and 0 shares issued and outstanding at December 31, 2016 and December 31, 2015. | — | — | ||||||
Additional paid-in capital | 129,574 | 122,844 | ||||||
Accumulated other comprehensive (loss) income | (377 | ) | (502 | ) | ||||
Accumulated deficit | (81,281 | ) | (74,385 | ) | ||||
Treasury stock, at cost: 657,300 shares at December 31, 2016, and 620,979 shares at December 31, 2015. | (3,201 | ) | (2,601 | ) | ||||
Total stockholders’ equity | 44,715 | 45,356 | ||||||
Total liabilities and stockholders’ equity | $ | 51,799 | $ | 47,134 |
Trupanion, Inc. Condensed Statements of Cash Flows (Parent Company Only) (In thousands) | |||||||||||
Years Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Operating activities | |||||||||||
Net loss | $ | (6,896 | ) | $ | (17,205 | ) | (21,177 | ) | |||
Adjustments to reconcile net loss to cash (used in) provided by operating activities: | |||||||||||
Loss attributable to equity method investments | 1,316 | 11,511 | 10,519 | ||||||||
Depreciation and amortization | 251 | 126 | 67 | ||||||||
Amortization of debt discount and prepaid loan fees | 58 | 21 | 5,033 | ||||||||
Warrant expense | — | — | (1,574 | ) | |||||||
Stock-based compensation expense | 2,946 | 3,002 | 4,084 | ||||||||
Changes in operating assets and liabilities | 1,742 | (1,383 | ) | 465 | |||||||
Net cash (used in) provided by operating activities | (583 | ) | (3,928 | ) | (2,583 | ) | |||||
Investing activities | |||||||||||
Purchases of property and equipment | 1 | (149 | ) | (243 | ) | ||||||
Equity method investment | — | (300 | ) | — | |||||||
Advances to and investments in subsidiaries | (9,333 | ) | (19,900 | ) | (22,209 | ) | |||||
Net cash used in investing activities | (9,332 | ) | (20,349 | ) | (22,452 | ) | |||||
Financing activities | |||||||||||
Tax withholding on restricted stock | (662 | ) | (643 | ) | — | ||||||
Proceeds from exercise of stock options | 3,745 | 1,335 | 211 | ||||||||
Proceeds from (repayment of) debt financing | 4,988 | (14,900 | ) | (15,000 | ) | ||||||
Other financing costs | (195 | ) | — | (103 | ) | ||||||
Net Proceeds from IPO | — | — | 72,755 | ||||||||
Net cash (used in) provided by financing activities | 7,876 | (14,208 | ) | 57,863 | |||||||
Effect of foreign exchange rates on cash, net | — | (517 | ) | 175 | |||||||
Net (decrease) increase in cash, cash equivalents, and restricted cash | (2,039 | ) | (39,002 | ) | 33,003 | ||||||
Cash, cash equivalents, and restricted cash at beginning of year | 6,040 | 45,042 | 12,039 | ||||||||
Cash, cash equivalents, and restricted cash at end of year | $ | 4,001 | $ | 6,040 | 45,042 | ||||||
Supplemental disclosures | |||||||||||
Interest paid | (153 | ) | (155 | ) | (1,494 | ) | |||||
Noncash investing and financing activities: | |||||||||||
Warrants issued in conjunction with debt issuance | — | — | 1,124 | ||||||||
Cashless exercise of preferred stock warrants | — | — | 1,270 | ||||||||
Cashless exercise of common stock warrants | 600 | — | — | ||||||||
Common stock warrant reclassification to equity | — | — | 3,180 |
|
Years Ended December 31, | ||||||||||||
2016 | 2015 | 2014 | ||||||||||
Deferred acquisition costs capitalized | $ | 12,251 | $ | 10,184 | $ | 7,995 | ||||||
Deferred acquisition costs amortized: | ||||||||||||
Sales and marketing | 1,401 | 1,490 | 858 | |||||||||
Other cost of revenue | 10,743 | 8,606 | 7,052 | |||||||||
Total amortization | 12,144 | 10,096 | 7,910 | |||||||||
Balance at December 31, | $ | 664 | $ | 557 | $ | 469 |
Years Ended December 31, | ||||||||||||
2016 | 2015 | 2014 | ||||||||||
Interest income | $ | (119 | ) | $ | (75 | ) | $ | (73 | ) | |||
Foreign exchange loss | — | 36 | 41 | |||||||||
Loss on disposal of fixed assets | 24 | 20 | 111 | |||||||||
Warrant remeasurement | — | — | (1,574 | ) | ||||||||
Other | 37 | 10 | 8 | |||||||||
Other income, net | $ | (58 | ) | $ | (9 | ) | $ | (1,487 | ) |
Years Ended December 31, | ||||||||||||
2016 | 2015 | 2014 | ||||||||||
Deferred acquisition costs capitalized | $ | 12,251 | $ | 10,184 | $ | 7,995 | ||||||
Deferred acquisition costs amortized: | ||||||||||||
Sales and marketing | 1,401 | 1,490 | 858 | |||||||||
Other cost of revenue | 10,743 | 8,606 | 7,052 | |||||||||
Total amortization | 12,144 | 10,096 | 7,910 | |||||||||
Balance at December 31, | $ | 664 | $ | 557 | $ | 469 |
|
Years Ended December 31, | |||||||
2016 | 2015 | ||||||
Office and telephone equipment (5 years) | $ | 129 | $ | 127 | |||
PC and networking hardware (3–4 years) | 1,191 | 1,177 | |||||
Software (3–5 years) | 14,340 | 12,547 | |||||
Furniture and fixtures (5 years) | 618 | 711 | |||||
Vehicles (5 years) | 54 | 54 | |||||
Fixed assets under capital lease (over less of expected useful life or life of lease) | 478 | — | |||||
Leasehold improvement (over less of expected useful life or life of lease) | — | 621 | |||||
Property and equipment | 16,810 | 15,237 | |||||
Accumulated depreciation | (8,346 | ) | (5,518 | ) | |||
Property and equipment, net | $ | 8,464 | $ | 9,719 |
|
Years Ended December 31, | ||||||||||||
2016 | 2015 | 2014 | ||||||||||
Deferred acquisition costs capitalized | $ | 12,251 | $ | 10,184 | $ | 7,995 | ||||||
Deferred acquisition costs amortized: | ||||||||||||
Sales and marketing | 1,401 | 1,490 | 858 | |||||||||
Other cost of revenue | 10,743 | 8,606 | 7,052 | |||||||||
Total amortization | 12,144 | 10,096 | 7,910 | |||||||||
Balance at December 31, | $ | 664 | $ | 557 | $ | 469 |
Years Ended December 31, | ||||||||||||
2016 | 2015 | 2014 | ||||||||||
Interest income | $ | (119 | ) | $ | (75 | ) | $ | (73 | ) | |||
Foreign exchange loss | — | 36 | 41 | |||||||||
Loss on disposal of fixed assets | 24 | 20 | 111 | |||||||||
Warrant remeasurement | — | — | (1,574 | ) | ||||||||
Other | 37 | 10 | 8 | |||||||||
Other income, net | $ | (58 | ) | $ | (9 | ) | $ | (1,487 | ) |
|
Amortized Cost | Gross Unrealized Holding Losses | Fair Value | |||||||||
As of December 31, 2016 | |||||||||||
Available-for-sale: | |||||||||||
Foreign deposits | $ | 1,587 | $ | — | $ | 1,587 | |||||
Municipal bond | 1,000 | (8 | ) | $ | 992 | ||||||
$ | 2,587 | $ | (8 | ) | $ | 2,579 | |||||
Short-term investments: | |||||||||||
U.S. Treasury securities | $ | 5,791 | $ | — | $ | 5,791 | |||||
Certificates of deposit | 707 | — | 707 | ||||||||
U.S. government funds | 23,072 | — | 23,072 | ||||||||
$ | 29,570 | $ | — | $ | 29,570 | ||||||
Amortized Cost | Gross Unrealized Holding Losses | Fair Value | |||||||||
As of December 31, 2015 | |||||||||||
Available-for-sale: | |||||||||||
Foreign deposits | $ | 1,442 | $ | — | $ | 1,442 | |||||
Municipal bond | 1,000 | (54 | ) | 946 | |||||||
$ | 2,442 | $ | (54 | ) | $ | 2,388 | |||||
Short-term investments: | |||||||||||
U.S. Treasury securities | $ | 5,683 | $ | — | $ | 5,683 | |||||
Certificates of deposit | 1,551 | — | $ | 1,551 | |||||||
U.S. government funds | 18,054 | — | $ | 18,054 | |||||||
$ | 25,288 | $ | — | $ | 25,288 |
December 31, 2016 | |||||||
Amortized Cost | Fair Value | ||||||
Available-for-sale: | |||||||
Due under one year | $ | — | $ | — | |||
Due after one year through five years | 1,587 | 1,587 | |||||
Due after five years through ten years | 1,000 | 992 | |||||
Due after ten years | — | — | |||||
$ | 2,587 | $ | 2,579 |
|
As of December 31, 2016 | |||||||||||||||
Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||
Assets | |||||||||||||||
Restricted cash | $ | 600 | $ | 600 | $ | — | $ | — | |||||||
Foreign deposits | 1,587 | 1,587 | — | — | |||||||||||
Municipal bond | 992 | — | 992 | — | |||||||||||
Money market funds | 7,033 | 7,033 | — | — | |||||||||||
Total | $ | 10,212 | $ | 9,220 | $ | 992 | $ | — | |||||||
As of December 31, 2015 | |||||||||||||||
Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||
Assets | |||||||||||||||
Foreign deposits | $ | 1,442 | $ | 1,442 | $ | — | $ | — | |||||||
Municipal bond | 946 | — | 946 | — | |||||||||||
Money market funds | 7,545 | 7,545 | — | — | |||||||||||
Total | $ | 9,933 | $ | 8,987 | $ | 946 | $ | — |
|
Year ending December 31: | |||
2017 | $ | 1,510 | |
2018 | 1,860 | ||
2019 | 2,020 | ||
2020 | 2,101 | ||
2021 | 2,182 | ||
Thereafter | 11,029 | ||
Total minimum lease payments | $ | 20,702 |
Year ending December 31: | |||
2017 | $ | 3,624 | |
2018 | 1,681 | ||
2019 | 764 | ||
2020 | 119 | ||
2021 | 17 | ||
Thereafter | — | ||
Total minimum commitment | $ | 6,205 |
|
Years Ended December 31, | ||||||||||||
2016 | 2015 | 2014 | ||||||||||
Claims reserve at beginning of year - subscription business | $ | 5,384 | $ | 4,278 | $ | 4,573 | ||||||
Claims incurred during the year related to: | ||||||||||||
Current year - subscription business | 123,823 | 95,390 | 74,471 | |||||||||
Prior years - subscription business | 813 | 30 | (132 | ) | ||||||||
Total claims incurred | 124,636 | 95,420 | 74,339 | |||||||||
Claims paid during year related to: | ||||||||||||
Current year - subscription business | 115,314 | 89,768 | 69,956 | |||||||||
Prior years - subscription business | 5,832 | 4,239 | 4,442 | |||||||||
Total claims paid | 121,146 | 94,007 | 74,398 | |||||||||
Non-cash claims expense - subscription business | 336 | 307 | 236 | |||||||||
Claims reserve at end of year - subscription business | $ | 8,538 | $ | 5,384 | $ | 4,278 |
Years Ended December 31, | ||||||||||||
2016 | 2015 | 2014 | ||||||||||
Claims reserve at beginning of year - other business | $ | 890 | $ | 829 | $ | 1,039 | ||||||
Claims incurred during the year related to: | ||||||||||||
Current year - other business | 9,027 | 7,983 | 5,967 | |||||||||
Prior years - other business | (129 | ) | (79 | ) | (393 | ) | ||||||
Total claims incurred | 8,898 | 7,904 | 5,574 | |||||||||
Claims paid during year related to: | ||||||||||||
Current year - other business | 8,048 | 7,095 | 5,138 | |||||||||
Prior years - other business | 757 | 748 | 646 | |||||||||
Total claims paid | 8,805 | 7,843 | 5,784 | |||||||||
Non-cash claims expense - other business | — | — | — | |||||||||
Claims reserve at end of year - other business | $ | 983 | $ | 890 | $ | 829 |
Years Ended December 31, | As of December 31, 2016 | ||||||||||||||||||||||
Incurred claims and claim adjustment expenses | Total of IBNR plus expected development on reported claims | Cumulative number of reported claims | |||||||||||||||||||||
Year Incurred | 2013 | 2014 | 2015 | 2016 | |||||||||||||||||||
(unaudited) | (unaudited) | (unaudited) | |||||||||||||||||||||
2013 | $ | 49,595 | $ | 49,475 | $ | 49,593 | $ | 49,629 | $ | 8 | 269,849 | ||||||||||||
2014 | $ | 71,008 | $ | 70,954 | $ | 71,118 | $ | 71 | 377,083 | ||||||||||||||
2015 | $ | 94,354 | $ | 94,908 | $ | 286 | 469,815 | ||||||||||||||||
2016 | $ | 123,478 | $ | 8,173 | 538,427 | ||||||||||||||||||
$ | 339,133 |
Years Ended December 31, | As of December 31, 2016 | ||||||||||||||||||||||
Incurred claims and claim adjustment expenses | Total of IBNR plus expected development on reported claims | Cumulative number of reported claims | |||||||||||||||||||||
Year Incurred | 2013 | 2014 | 2015 | 2016 | |||||||||||||||||||
(unaudited) | (unaudited) | (unaudited) | |||||||||||||||||||||
2013 | $ | 3,294 | $ | 2,841 | $ | 2,849 | $ | 2,849 | $ | — | 18,169 | ||||||||||||
2014 | $ | 5,966 | $ | 5,888 | $ | 5,887 | $ | 1 | 34,535 | ||||||||||||||
2015 | $ | 7,973 | $ | 7,845 | $ | 3 | 46,713 | ||||||||||||||||
2016 | $ | 9,027 | $ | 979 | 53,723 | ||||||||||||||||||
$ | 25,608 |
Years Ended December 31, | ||||||||||||||||
Year Incurred | 2013 | 2014 | 2015 | 2016 | ||||||||||||
(unaudited) | (unaudited) | (unaudited) | ||||||||||||||
2013 | $ | 45,276 | $ | 49,475 | $ | 49,593 | $ | 49,621 | ||||||||
2014 | $ | 66,845 | $ | 70,885 | $ | 71,047 | ||||||||||
2015 | $ | 89,012 | $ | 94,622 | ||||||||||||
2016 | $ | 115,305 | ||||||||||||||
Total | $ | 330,595 | ||||||||||||||
Total outstanding liabilities for unpaid claims and CAE | $ | 8,538 |
Years Ended December 31, | ||||||||||||||||
Year Incurred | 2013 | 2014 | 2015 | 2016 | ||||||||||||
(unaudited) | (unaudited) | (unaudited) | ||||||||||||||
2013 | $ | 2,196 | $ | 2,841 | $ | 2,849 | $ | 2,850 | ||||||||
2014 | $ | 5,137 | $ | 5,886 | $ | 5,886 | ||||||||||
2015 | $ | 7,085 | $ | 7,841 | ||||||||||||
2016 | $ | 8,048 | ||||||||||||||
Total | $ | 24,625 | ||||||||||||||
Total outstanding liabilities for unpaid claims and CAE | $ | 983 |
|
Weighted- Average Grant Date Fair Value | Fair Value of Options Vested | |||||||
(per share) | (in thousands) | |||||||
Year: | ||||||||
2014 | $ | 5.33 | $ | 2,203 | ||||
2015 | $ | 3.46 | $ | 3,796 | ||||
2016 | $ | 5.64 | $ | 6,688 |
Years Ended December 31, | ||||||
2016 | 2015 | 2014 | ||||
Valuation assumptions: | ||||||
Expected term (in years) | 5.04-6.25 | 3.0-6.25 | 6.25 | |||
Expected volatility | 37.6%-42.1% | 37.2%–49.4% | 54.3%–59.3% | |||
Risk-free interest rate | 1.1%-2.0% | 1.1%–2.0% | 1.8%–2.0% | |||
Expected dividend yield | —% | —% | —% |
Number of Options | Weighted- Average Exercise Price | Aggregate Intrinsic Value (in thousands) | ||||||||
December 31, 2013 | 4,663,445 | 2.12 | 30,406 | |||||||
Granted | 754,200 | 9.64 | — | |||||||
Exercised | (176,595 | ) | 1.20 | 1,428 | ||||||
Forfeited | (128,494 | ) | 5.40 | — | ||||||
December 31, 2014 | 5,112,556 | 3.19 | 21,116 | |||||||
Granted | 698,764 | 7.84 | — | |||||||
Exercised | (632,829 | ) | 2.12 | 3,703 | ||||||
Forfeited | (306,542 | ) | 7.65 | — | ||||||
December 31, 2015 | 4,871,949 | 3.71 | 29,644 | |||||||
Granted | 666,664 | 13.37 | — | |||||||
Exercised | (1,119,367 | ) | 3.35 | 11,980 | ||||||
Forfeited | (296,223 | ) | 8.14 | — | ||||||
December 31, 2016 | 4,123,023 | 5.06 | 43,185 | |||||||
Vested and exercisable at December 31, 2016 | 3,119,438 | $ | 3.06 | $ | 38,856 |
Number of Shares | Weighted- Average Grant Date Fair Value Per Restricted Stock | ||||||
Nonvested stock award balance at December 31, 2013 | 722,226 | $ | 4.77 | ||||
Restricted stock awards granted | 6,126 | 5.79 | |||||
Awards upon which restrictions lapsed | (143,967 | ) | 4.81 | ||||
Restricted stock awards forfeited | — | — | |||||
Nonvested stock award balance at December 31, 2014 | 584,385 | 4.77 | |||||
Restricted stock awards granted | 2,385 | 7.26 | |||||
Awards upon which restrictions lapsed | (119,262 | ) | 4.80 | ||||
Restricted stock awards forfeited | — | — | |||||
Nonvested stock award balance at December 31, 2015 | 467,508 | 4.77 | |||||
Restricted stock awards granted | — | — | |||||
Awards upon which restrictions lapsed | (116,877 | ) | 4.77 | ||||
Restricted stock awards forfeited | — | — | |||||
Nonvested stock award balance at December 31, 2016 | 350,631 | 4.77 |
Years Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Claims expenses | $ | 234 | $ | 219 | $ | 236 | |||||
Other cost of revenue | 41 | 44 | 79 | ||||||||
Sales and marketing | 532 | 446 | 553 | ||||||||
Technology and development | 246 | 404 | 461 | ||||||||
General and administrative | 1,893 | 1,889 | 2,755 | ||||||||
Total stock-based compensation | $ | 2,946 | $ | 3,002 | $ | 4,084 |
|
Years Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Revenue: | |||||||||||
Subscription business | $ | 173,356 | $ | 133,406 | $ | 103,502 | |||||
Other business | 14,874 | 13,557 | 12,408 | ||||||||
188,230 | 146,963 | 115,910 | |||||||||
Claims expenses: | |||||||||||
Subscription business | 124,636 | 95,420 | 74,206 | ||||||||
Other business | 8,898 | 7,904 | 5,707 | ||||||||
133,534 | 103,324 | 79,913 | |||||||||
Other cost of revenue: | |||||||||||
Subscription business | 16,685 | 14,008 | 10,963 | ||||||||
Other business | 4,723 | 4,402 | 5,160 | ||||||||
21,408 | 18,410 | 16,123 | |||||||||
Gross profit: | |||||||||||
Subscription business | 32,035 | 23,978 | 18,333 | ||||||||
Other business | 1,253 | 1,251 | 1,541 | ||||||||
33,288 | 25,229 | 19,874 | |||||||||
Sales and marketing: | |||||||||||
Subscription business | 15,029 | 15,151 | 11,484 | ||||||||
Other business | 218 | 80 | 124 | ||||||||
15,247 | 15,231 | 11,608 | |||||||||
Technology and development | 9,534 | 11,215 | 9,899 | ||||||||
General and administrative | 15,205 | 15,558 | 14,312 | ||||||||
Operating loss | $ | (6,698 | ) | $ | (16,775 | ) | $ | (15,945 | ) |
Years Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
United States | $ | 151,361 | $ | 116,585 | $ | 86,494 | |||||
Canada | 36,869 | 30,378 | 29,416 | ||||||||
Total revenue | $ | 188,230 | $ | 146,963 | $ | 115,910 |
|
As of December 31, | ||||||||||||
2016 | 2015 | 2014 | ||||||||||
Statutory net income | $ | 4,081 | $ | 1,386 | $ | 990 | ||||||
Statutory capital and surplus | 30,451 | 26,068 | 23,661 |
|
Years Ended December 31, | ||||||||||||
2016 | 2015 | 2014 | ||||||||||
United States | $ | (6,906 | ) | $ | (17,222 | ) | $ | (21,371 | ) | |||
Foreign | 48 | 131 | 187 | |||||||||
$ | (6,858 | ) | $ | (17,091 | ) | $ | (21,184 | ) |
Years Ended December 31, | ||||||||||||
2016 | 2015 | 2014 | ||||||||||
Current: | ||||||||||||
U.S. federal & state | $ | 25 | $ | 31 | $ | 26 | ||||||
Foreign | 13 | 84 | (30 | ) | ||||||||
38 | 115 | (4 | ) | |||||||||
Deferred: | ||||||||||||
U.S. federal & state | — | — | — | |||||||||
Foreign | — | (1 | ) | (3 | ) | |||||||
— | (1 | ) | (3 | ) | ||||||||
Income tax expense (benefit) | $ | 38 | $ | 114 | $ | (7 | ) |
Years Ended December 31, | |||||||||
2016 | 2015 | 2014 | |||||||
Federal income taxes at statutory rate | 34.0 | % | 34.0 | % | 34.0 | % | |||
Equity compensation | 7.7 | (1.2 | ) | (0.9 | ) | ||||
Change in valuation allowance | (41.1 | ) | (34.9 | ) | (32.5 | ) | |||
Other, net | (1.2 | ) | 1.4 | (0.5 | ) | ||||
Effective income tax rate | (0.6 | )% | (0.7 | )% | 0.1 | % |
Years Ended December 31, | ||||||||
2016 | 2015 | |||||||
Deferred tax assets: | ||||||||
Current: | ||||||||
Unearned premium reserves | $ | 918 | $ | 745 | ||||
Loss reserves | 27 | 167 | ||||||
Other | 782 | 690 | ||||||
Noncurrent: | ||||||||
Net operating loss carryforwards | 22,632 | 20,514 | ||||||
Depreciation and amortization | 535 | 451 | ||||||
Equity compensation | 1,137 | 713 | ||||||
Other | 156 | 96 | ||||||
Total deferred tax assets | 26,187 | 23,376 | ||||||
Deferred tax liabilities: | ||||||||
Current: | ||||||||
Deferred costs | (226 | ) | (189 | ) | ||||
Noncurrent: | ||||||||
Intangible assets | (1,623 | ) | (1,623 | ) | ||||
Other | (77 | ) | (72 | ) | ||||
Total deferred tax liabilities | (1,926 | ) | (1,884 | ) | ||||
Total deferred taxes | 24,261 | 21,492 | ||||||
Less deferred tax asset valuation allowance | (25,879 | ) | (23,110 | ) | ||||
Net deferred taxes | $ | (1,618 | ) | $ | (1,618 | ) |
Years Ended December 31, | ||||||||||||
2016 | 2015 | 2014 | ||||||||||
Balance, beginning of year | $ | 80 | $ | 65 | $ | 390 | ||||||
Decreases to tax positions related to prior periods | — | — | (346 | ) | ||||||||
Increases to tax positions related to the current year | 40 | 15 | 21 | |||||||||
Balance, end of year | $ | 120 | $ | 80 | $ | 65 |
|
Three Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2016 | Sept. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sept. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | ||||||||||||||||||||||||
(in thousands, except share amounts) | |||||||||||||||||||||||||||||||
Total revenues | $ | 51,340 | $ | 48,359 | $ | 45,832 | $ | 42,699 | $ | 40,201 | $ | 37,865 | $ | 35,587 | $ | 33,310 | |||||||||||||||
Gross profit | 9,218 | 8,500 | 8,266 | 7,304 | 7,270 | 6,591 | 5,786 | 5,582 | |||||||||||||||||||||||
Net loss | (1,723 | ) | (1,637 | ) | (964 | ) | (2,572 | ) | (3,001 | ) | (4,643 | ) | (4,625 | ) | (4,936 | ) | |||||||||||||||
Net loss per share attributable to common stockholders: | |||||||||||||||||||||||||||||||
Basic and diluted | (0.06 | ) | (0.06 | ) | (0.03 | ) | (0.09 | ) | (0.11 | ) | (0.17 | ) | (0.17 | ) | (0.18 | ) | |||||||||||||||
Weighted average shares used to compute net loss per share attributable to common stockholders: | |||||||||||||||||||||||||||||||
Basic and diluted | 29,020,559 | 28,732,417 | 28,348,348 | 27,999,248 | 27,856,450 | 27,755,310 | 27,597,721 | 27,337,302 |
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