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Amortized Cost | Gross Unrealized Holding Gains | Gross Unrealized Holding Losses | Fair Value | ||||||||||||
As of June 30, 2017 | |||||||||||||||
Available-for-sale: | |||||||||||||||
Foreign deposits | $ | 1,829 | $ | — | $ | — | $ | 1,829 | |||||||
Municipal bond | 1,000 | — | — | 1,000 | |||||||||||
$ | 2,829 | $ | — | $ | — | $ | 2,829 | ||||||||
Short-term investments: | |||||||||||||||
U.S. treasury securities | $ | 5,786 | $ | — | $ | (3 | ) | $ | 5,783 | ||||||
Certificates of deposit | 709 | 1 | — | 710 | |||||||||||
U.S. government funds | 26,070 | — | — | 26,070 | |||||||||||
$ | 32,565 | $ | 1 | $ | (3 | ) | $ | 32,563 | |||||||
Amortized Cost | Gross Unrealized Holding Gains | 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 |
June 30, 2017 | |||||||
Amortized Cost | Fair Value | ||||||
Available-for-sale: | |||||||
Due under one year | $ | — | $ | — | |||
Due after one year through five years | 1,829 | 1,829 | |||||
Due after five years through ten years | 1,000 | 1,000 | |||||
Due after ten years | — | — | |||||
$ | 2,829 | $ | 2,829 |
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As of June 30, 2017 | |||||||||||
Fair Value | Level 1 | Level 2 | |||||||||
Assets | |||||||||||
Restricted cash | $ | 600 | $ | 600 | $ | — | |||||
Foreign deposits | 1,829 | 1,829 | — | ||||||||
Municipal bond | 1,000 | — | 1,000 | ||||||||
Money market funds | 4,871 | 4,871 | — | ||||||||
Total | $ | 8,300 | $ | 7,300 | $ | 1,000 | |||||
As of December 31, 2016 | |||||||||||
Fair Value | Level 1 | Level 2 | |||||||||
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 |
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Number Of Options | Weighted-Average Exercise Price | Aggregate Intrinsic Value | ||||||||
(in thousands) | ||||||||||
Outstanding as of December 31, 2016 | 4,123,023 | $ | 5.06 | $ | 43,185 | |||||
Granted | 628,589 | 17.47 | ||||||||
Exercised | (494,970 | ) | 3.33 | 6,601 | ||||||
Forfeited | (49,065 | ) | 10.22 | |||||||
Outstanding as of June 30, 2017 | 4,207,577 | 7.05 | 64,482 | |||||||
Vested and Exercisable at June 30, 2017 | 2,871,578 | $ | 3.67 | $ | 53,737 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(in thousands) | |||||||||||||||
Claims expenses | $ | 89 | $ | 57 | $ | 159 | $ | 115 | |||||||
Other cost of revenue | 60 | 9 | 103 | 17 | |||||||||||
Sales and marketing | 198 | 165 | 385 | 247 | |||||||||||
Technology and development | 59 | 36 | 109 | 91 | |||||||||||
General and administrative | 482 | 476 | 913 | 969 | |||||||||||
Total stock-based compensation expense | $ | 888 | $ | 743 | $ | 1,669 | $ | 1,439 |
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Six Months Ended June 30, | ||||||||
2017 | 2016 | |||||||
(in thousands) | ||||||||
Claims reserve at beginning of year | $ | 8,538 | $ | 5,384 | ||||
Claims incurred during the period related to: | ||||||||
Current year | 74,244 | 58,162 | ||||||
Prior years | (257 | ) | 459 | |||||
Total claims incurred | 73,987 | 58,621 | ||||||
Claims paid during period related to: | ||||||||
Current year | 65,549 | 51,844 | ||||||
Prior years | 7,138 | 5,415 | ||||||
Total claims paid | 72,687 | 57,259 | ||||||
Non-cash claims expense | 229 | 187 | ||||||
Claims reserve at end of period | $ | 9,609 | $ | 6,559 |
Six Months Ended June 30, | ||||||||
2017 | 2016 | |||||||
(in thousands) | ||||||||
Claims reserve at beginning of year | $ | 983 | $ | 890 | ||||
Claims incurred during the period related to: | ||||||||
Current year | 6,337 | 4,427 | ||||||
Prior years | (128 | ) | 22 | |||||
Total claims incurred | 6,209 | 4,449 | ||||||
Claims paid during period related to: | ||||||||
Current year | 5,217 | 3,484 | ||||||
Prior years | 764 | 832 | ||||||
Total claims paid | 5,981 | 4,316 | ||||||
Non-cash claims expense | — | — | ||||||
Claims reserve at end of period | $ | 1,211 | $ | 1,023 |
As of June 30, 2017 | |||
Year Incurred | |||
2015 | $ | 229 | |
2016 | 913 | ||
2017 | 8,467 | ||
$ | 9,609 |
As of June 30, 2017 | |||
Year Incurred | |||
2015 | $ | 2 | |
2016 | 88 | ||
2017 | 1,121 | ||
$ | 1,211 |
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Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Revenue: | |||||||||||||||
Subscription business | $ | 52,641 | $ | 42,162 | $ | 102,870 | $ | 81,305 | |||||||
Other business | 5,634 | 3,670 | 10,134 | 7,226 | |||||||||||
58,275 | 45,832 | 113,004 | 88,531 | ||||||||||||
Claims expenses: | |||||||||||||||
Subscription business | 37,664 | 30,111 | 73,987 | 58,621 | |||||||||||
Other business | 3,345 | 2,355 | 6,209 | 4,449 | |||||||||||
41,009 | 32,466 | 80,196 | 63,070 | ||||||||||||
Other cost of revenue: | |||||||||||||||
Subscription business | 4,927 | 4,047 | 9,850 | 7,740 | |||||||||||
Other business | 1,988 | 1,053 | 3,452 | 2,151 | |||||||||||
6,915 | 5,100 | 13,302 | 9,891 | ||||||||||||
Gross profit: | |||||||||||||||
Subscription business | 10,050 | 8,004 | 19,033 | 14,944 | |||||||||||
Other business | 301 | 262 | 473 | 626 | |||||||||||
10,351 | 8,266 | 19,506 | 15,570 | ||||||||||||
Sales and marketing: | |||||||||||||||
Subscription business | 4,309 | 3,509 | 8,350 | 7,311 | |||||||||||
Other business | 63 | 55 | 111 | 93 | |||||||||||
4,372 | 3,564 | 8,461 | 7,404 | ||||||||||||
Technology and development | 2,322 | 2,164 | 4,725 | 4,451 | |||||||||||
General and administrative | 4,245 | 3,495 | 8,257 | 7,217 | |||||||||||
Operating loss | $ | (588 | ) | $ | (957 | ) | $ | (1,937 | ) | $ | (3,502 | ) |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
United States | $ | 47,306 | $ | 36,748 | $ | 91,440 | $ | 71,225 | |||||||
Canada | 10,969 | 9,084 | 21,564 | 17,306 | |||||||||||
Total revenue | $ | 58,275 | $ | 45,832 | $ | 113,004 | $ | 88,531 |
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Amortized Cost | Gross Unrealized Holding Gains | Gross Unrealized Holding Losses | Fair Value | ||||||||||||
As of June 30, 2017 | |||||||||||||||
Available-for-sale: | |||||||||||||||
Foreign deposits | $ | 1,829 | $ | — | $ | — | $ | 1,829 | |||||||
Municipal bond | 1,000 | — | — | 1,000 | |||||||||||
$ | 2,829 | $ | — | $ | — | $ | 2,829 | ||||||||
Short-term investments: | |||||||||||||||
U.S. treasury securities | $ | 5,786 | $ | — | $ | (3 | ) | $ | 5,783 | ||||||
Certificates of deposit | 709 | 1 | — | 710 | |||||||||||
U.S. government funds | 26,070 | — | — | 26,070 | |||||||||||
$ | 32,565 | $ | 1 | $ | (3 | ) | $ | 32,563 | |||||||
Amortized Cost | Gross Unrealized Holding Gains | 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 |
June 30, 2017 | |||||||
Amortized Cost | Fair Value | ||||||
Available-for-sale: | |||||||
Due under one year | $ | — | $ | — | |||
Due after one year through five years | 1,829 | 1,829 | |||||
Due after five years through ten years | 1,000 | 1,000 | |||||
Due after ten years | — | — | |||||
$ | 2,829 | $ | 2,829 |
|
As of June 30, 2017 | |||||||||||
Fair Value | Level 1 | Level 2 | |||||||||
Assets | |||||||||||
Restricted cash | $ | 600 | $ | 600 | $ | — | |||||
Foreign deposits | 1,829 | 1,829 | — | ||||||||
Municipal bond | 1,000 | — | 1,000 | ||||||||
Money market funds | 4,871 | 4,871 | — | ||||||||
Total | $ | 8,300 | $ | 7,300 | $ | 1,000 | |||||
As of December 31, 2016 | |||||||||||
Fair Value | Level 1 | Level 2 | |||||||||
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 |
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Number Of Options | Weighted-Average Exercise Price | Aggregate Intrinsic Value | ||||||||
(in thousands) | ||||||||||
Outstanding as of December 31, 2016 | 4,123,023 | $ | 5.06 | $ | 43,185 | |||||
Granted | 628,589 | 17.47 | ||||||||
Exercised | (494,970 | ) | 3.33 | 6,601 | ||||||
Forfeited | (49,065 | ) | 10.22 | |||||||
Outstanding as of June 30, 2017 | 4,207,577 | 7.05 | 64,482 | |||||||
Vested and Exercisable at June 30, 2017 | 2,871,578 | $ | 3.67 | $ | 53,737 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(in thousands) | |||||||||||||||
Claims expenses | $ | 89 | $ | 57 | $ | 159 | $ | 115 | |||||||
Other cost of revenue | 60 | 9 | 103 | 17 | |||||||||||
Sales and marketing | 198 | 165 | 385 | 247 | |||||||||||
Technology and development | 59 | 36 | 109 | 91 | |||||||||||
General and administrative | 482 | 476 | 913 | 969 | |||||||||||
Total stock-based compensation expense | $ | 888 | $ | 743 | $ | 1,669 | $ | 1,439 |
|
Six Months Ended June 30, | ||||||||
2017 | 2016 | |||||||
(in thousands) | ||||||||
Claims reserve at beginning of year | $ | 8,538 | $ | 5,384 | ||||
Claims incurred during the period related to: | ||||||||
Current year | 74,244 | 58,162 | ||||||
Prior years | (257 | ) | 459 | |||||
Total claims incurred | 73,987 | 58,621 | ||||||
Claims paid during period related to: | ||||||||
Current year | 65,549 | 51,844 | ||||||
Prior years | 7,138 | 5,415 | ||||||
Total claims paid | 72,687 | 57,259 | ||||||
Non-cash claims expense | 229 | 187 | ||||||
Claims reserve at end of period | $ | 9,609 | $ | 6,559 |
Six Months Ended June 30, | ||||||||
2017 | 2016 | |||||||
(in thousands) | ||||||||
Claims reserve at beginning of year | $ | 983 | $ | 890 | ||||
Claims incurred during the period related to: | ||||||||
Current year | 6,337 | 4,427 | ||||||
Prior years | (128 | ) | 22 | |||||
Total claims incurred | 6,209 | 4,449 | ||||||
Claims paid during period related to: | ||||||||
Current year | 5,217 | 3,484 | ||||||
Prior years | 764 | 832 | ||||||
Total claims paid | 5,981 | 4,316 | ||||||
Non-cash claims expense | — | — | ||||||
Claims reserve at end of period | $ | 1,211 | $ | 1,023 |
As of June 30, 2017 | |||
Year Incurred | |||
2015 | $ | 229 | |
2016 | 913 | ||
2017 | 8,467 | ||
$ | 9,609 |
As of June 30, 2017 | |||
Year Incurred | |||
2015 | $ | 2 | |
2016 | 88 | ||
2017 | 1,121 | ||
$ | 1,211 |
|
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Revenue: | |||||||||||||||
Subscription business | $ | 52,641 | $ | 42,162 | $ | 102,870 | $ | 81,305 | |||||||
Other business | 5,634 | 3,670 | 10,134 | 7,226 | |||||||||||
58,275 | 45,832 | 113,004 | 88,531 | ||||||||||||
Claims expenses: | |||||||||||||||
Subscription business | 37,664 | 30,111 | 73,987 | 58,621 | |||||||||||
Other business | 3,345 | 2,355 | 6,209 | 4,449 | |||||||||||
41,009 | 32,466 | 80,196 | 63,070 | ||||||||||||
Other cost of revenue: | |||||||||||||||
Subscription business | 4,927 | 4,047 | 9,850 | 7,740 | |||||||||||
Other business | 1,988 | 1,053 | 3,452 | 2,151 | |||||||||||
6,915 | 5,100 | 13,302 | 9,891 | ||||||||||||
Gross profit: | |||||||||||||||
Subscription business | 10,050 | 8,004 | 19,033 | 14,944 | |||||||||||
Other business | 301 | 262 | 473 | 626 | |||||||||||
10,351 | 8,266 | 19,506 | 15,570 | ||||||||||||
Sales and marketing: | |||||||||||||||
Subscription business | 4,309 | 3,509 | 8,350 | 7,311 | |||||||||||
Other business | 63 | 55 | 111 | 93 | |||||||||||
4,372 | 3,564 | 8,461 | 7,404 | ||||||||||||
Technology and development | 2,322 | 2,164 | 4,725 | 4,451 | |||||||||||
General and administrative | 4,245 | 3,495 | 8,257 | 7,217 | |||||||||||
Operating loss | $ | (588 | ) | $ | (957 | ) | $ | (1,937 | ) | $ | (3,502 | ) |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
United States | $ | 47,306 | $ | 36,748 | $ | 91,440 | $ | 71,225 | |||||||
Canada | 10,969 | 9,084 | 21,564 | 17,306 | |||||||||||
Total revenue | $ | 58,275 | $ | 45,832 | $ | 113,004 | $ | 88,531 |
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