Consolidated Statement of Operations - USD ($) |
3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
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Income Statement [Abstract] | ||||
Revenue | $ 168,260,000 | $ 117,920,000 | $ 322,945,000 | $ 229,221,000 |
Cost of Revenue [Abstract] | ||||
Veterinary invoice expense(1) | 118,282,000 | 82,049,000 | 228,152,000 | 161,689,000 |
Other Cost of Services Sold | 25,433,000 | 16,004,000 | 49,148,000 | 29,813,000 |
Cost of Revenue | 143,715,000 | 98,053,000 | 277,300,000 | 191,502,000 |
Operating Expenses [Abstract] | ||||
Technology and Development Expense | 4,079,000 | 2,293,000 | 7,810,000 | 4,413,000 |
General and Administrative Expense | 7,435,000 | 5,073,000 | 14,651,000 | 9,933,000 |
Selling and Marketing Expense | 19,390,000 | 9,242,000 | 39,094,000 | 19,684,000 |
Depreciation and Amortization | 3,158,000 | 1,723,000 | 6,251,000 | 3,104,000 |
Operating Expenses | 34,062,000 | 18,331,000 | 67,806,000 | 37,134,000 |
Income (Loss) from Equity Method Investments | 5,000 | (27,000) | (80,000) | (86,000) |
Operating (loss) income | (9,512,000) | 1,509,000 | (22,241,000) | 499,000 |
Interest expense | 3,000 | 341,000 | 1,000 | 720,000 |
Other income, net | (99,000) | (202,000) | (161,000) | (484,000) |
Income (Loss) before income taxes | (9,416,000) | 1,370,000 | (22,081,000) | 263,000 |
Income tax (benefit) expense | (195,000) | 17,000 | (412,000) | 43,000 |
Net (loss) income | $ (9,221,000) | $ 1,353,000 | $ (21,669,000) | $ 220,000 |
Earnings Per Share, Basic | $ (0.23) | $ 0.04 | $ (0.54) | $ 0.01 |
Earnings Per Share, Diluted | $ (0.23) | $ 0.04 | $ (0.54) | $ 0.01 |
Net income (loss) per share [Abstract] | ||||
Weighted Average Number of Shares Outstanding, Basic | 40,142,872 | 35,143,592 | 39,922,885 | 35,075,322 |
Weighted Average Number of Shares Outstanding, Diluted | 40,142,872 | 36,688,167 | 39,922,885 | 36,601,927 |
Consolidated Statement of Comprehensive Income Statement - USD ($) |
3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
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Statement of Comprehensive Income [Abstract] | ||||
Net (loss) income | $ (9,221,000) | $ 1,353,000 | $ (21,669,000) | $ 220,000 |
Foreign currency translation adjustments | 373,000 | 291,000 | 991,000 | (339,000) |
Net unrealized gain (loss) on available-for-sale debt securities | 1,000 | 5,000 | 1,000 | 0 |
Other comprehensive income (loss), net of taxes | 374,000 | 296,000 | 992,000 | (339,000) |
Comprehensive Income (Loss) | $ (8,847,000) | $ 1,649,000 | $ (20,677,000) | $ (119,000) |
Consolidated Balance Sheet Condensed Consolidated Balance Sheet Parentheticals - $ / shares |
Jun. 30, 2021 |
Dec. 31, 2020 |
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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 | 41,164,220 | 40,383,972 |
Common Stock, Shares, Outstanding | 40,231,055 | 39,450,807 |
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, Shares | 933,165 | 933,165 |
Nature of Operations and Summary of Significant Accounting Policies |
6 Months Ended |
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Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations and Summary of Significant Accounting Policies | 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, 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, 2020 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 12, 2021 (the 2020 10-K). The Company's accounting policies are described in Note 1 to the audited financial statements included in the 2020 10-K. Operating results for the three and six months ended June 30, 2021 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 2020 10-K for additional discussion of these estimates and assumptions. Reclassifications Depreciation and amortization expenses have been reclassified as a separate line item in the consolidated statement of operations and prior period amounts have been reclassified from their original presentation to conform to the current period presentation. The Company has elected to present depreciation and amortization expenses as a separate line item to better align with management's view of the Company's operating results.
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Net Loss per Share |
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Earnings Per Share, Basic and Diluted [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Text Block] | Net Income (Loss) per Share Basic net income (loss) per share is computed using the weighted average number of shares of common stock outstanding during the period. Diluted net income (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, and warrants. The components of basic and diluted earnings per share were as follows (in thousands except share and per share information):
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:
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Investment Securities (Notes) |
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Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment | 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, 2021 and December 31, 2020 (in thousands):
Maturities of debt securities classified as available-for-sale were as follows (in thousands):
The Company does not expect any credit losses from its held-to-maturity investments, considering the composition of the investment portfolio and the credit loss history of these investments. For available-for-sale debt securities, the Company determined that the unrealized losses were immaterial and due to non-credit factors. The Company does not intend to sell, nor is it more likely than not that the Company will be required to sell, the securities prior to maturity or prior to the recovery of the amortized cost basis.
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Other Investments (Notes) |
6 Months Ended |
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Jun. 30, 2021 | |
Investments, All Other Investments [Abstract] | |
Investments and Other Noncurrent Assets [Text Block] | Other Investments Investment in Variable Interest Entity The Company has invested $7.0 million in preferred stock of a privately held corporation with a complementary business line. 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 shares issued by the variable interest entity in 2023 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. Additionally, the Company has extended a $2.5 million revolving line of credit to the variable interest entity to fund its inventory purchases. 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 was $2.5 million as of June 30, 2021 and December 31, 2020. The Company has also entered into a series of agreements to provide ancillary services to the variable interest entity at cost. The Company provided $0.4 million and $0.7 million of these services for the six months ended June 30, 2021 and 2020, respectively, which were recorded against its operating expenses. Investment in Joint Venture In September 2018, the Company acquired a non-controlling equity interest in a joint venture in Australia, whereby it has committed to licensing certain intellectual property and contributing up to $2.2 million AUD upon the achievement of specific operational milestones over a period of at least four years from the agreement execution date. As of June 30, 2021, the Company has contributed $0.6 million AUD. This equity investment is accounted for using the equity method and is classified in other long-term assets on the Company's consolidated balance sheet. The Company's share of income and losses from this equity method investment is included in gain (loss) from investment in joint venture on its consolidated statement of operations. Also included in this line item are income and expenses associated with administrative services provided to the joint venture.
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Fair Value |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Text Block] | Fair Value Investments The following tables summarize, 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):
The Company measures the fair value of restricted cash, money market funds, and foreign deposits based on quoted prices in active markets for identical assets. The fair value of the municipal bond 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. Short-term investments are carried at amortized cost, and the fair value and changes in unrealized gains (losses) are disclosed in Note 3, Investments. The fair value of these investments is determined in the same manner as for available-for-sale securities and is considered a Level 1 measurement. The Company's preferred stock investment in the variable interest entity (see Note 4) 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. Estimated fair value was $7.9 million as of June 30, 2021, unchanged from December 31, 2020, recorded in other long-term assets on the Company's consolidated balance sheet. Fair Value Disclosures The Company's other long-term assets balance included notes receivable of $6.1 million as of June 30, 2021 and December 31, 2020, 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. There was no significant activity in Level 3 of the hierarchy during the six months ended June 30, 2021. 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, 2021 and the year ended December 31, 2020.
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Commitment and Contingencies |
6 Months Ended |
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Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Commitments and Contingencies Certain state insurance regulators in the United States have contacted the Company regarding whether employees who had helped prospective members enroll by telephone in prior years were required to have an insurance license to conduct such telephone conversations. To date, the Company has resolved each of these matters in non-material amounts and believes it is compliant with the applicable regulations. The Company is currently engaged with a limited number of state insurance regulators to resolve this same legacy issue and believes it has adequately reserved for these matters. In addition, 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.
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Claims Reserve |
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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 InvoicesThe 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):
The Company's reserve for the subscription business segment increased from $19.9 million at December 31, 2020 to $21.0 million at June 30, 2021. This change was comprised of $171.0 million in expense recorded during the period less $166.8 million in payments of veterinary invoices. The $171.0 million in veterinary invoice expense incurred included a reduction 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, 2020, the Company increased prior year reserves by $0.4 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):
The Company’s reserve for the other business segment increased from $9.0 million at December 31, 2020 to $14.8 million at June 30, 2021. This change was comprised of $57.2 million in expense recorded during the period less $51.3 million in payments of veterinary invoices. The $57.2 million in veterinary invoice expense incurred included a reduction of $0.3 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, 2020, the Company decreased prior year reserves by $0.2 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.
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Stock-based Compensation |
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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):
As of June 30, 2021, the Company had 418 unvested stock options and 1,175,228 unvested restricted stock units that are expected to vest. Stock-based compensation expenses of $76.9 million related to unvested restricted stock units are expected to be recognized over a weighted average period of approximately 3.0 years. Stock Options A summary of the Company's stock option activity is as follows:
As of June 30, 2021, stock options outstanding and stock options exercisable had a weighted average remaining contractual life of 4.5 years. Restricted Stock Units A summary of the Company’s restricted stock unit activity is as follows:
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Stockholders' Equity (Notes) |
6 Months Ended |
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Jun. 30, 2021 | |
Stockholders' Equity Attributable to Parent [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Stockholders' Equity Common Stock and Preferred Stock As of June 30, 2021, the Company had 100,000,000 shares of common stock authorized and 40,231,055 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, 2021, 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 did not repurchase any shares during the three months ended June 30, 2021.
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Segments |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Disclosure [Text Block] | SegmentsThe Company has two reporting segments: subscription business and other business. The subscription business segment currently includes revenue from subscription fees related to the Company's "Trupanion" branded products, while the other business segment is comprised of revenue from other product offerings that generally have a business-to-business relationship and a different margin profile than our subscription segment, including revenue from writing policies on behalf of third parties and revenue from other products and software solutions. The chief operating decision maker reviews revenue and operating income (loss) to evaluate segment performance. Revenue, veterinary invoice expense, other cost of revenue, and sales and marketing 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 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):
The following table presents the Company’s revenue by geographic region of the member (in thousands):
Substantially all of the Company’s long-lived assets were located in the United States as of June 30, 2021 and December 31, 2020.
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Business Combinations |
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination Disclosure | Business Combination On October 30, 2020, the Company completed an acquisition of 100% of the equity of Aquarium Software Limited (Aquarium), a U.K.-based insurance software provider, for approximately $48.3 million in net cash. The acquired technology from Aquarium focuses on the pet space and, along with the acquired personnel, is intended to enable the Company to improve its back-end software to help facilitate growth opportunities. The Company incurred $0.6 million acquisition-related costs that were recorded in general and administrative expenses. The acquisition is recorded using the purchase method of accounting in accordance with ASC 805, Business Combinations, which requires that the assets acquired and liabilities assumed to be recorded at their respective fair values at the acquisition date. The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date (in thousands):
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Related Parties (Notes) |
6 Months Ended |
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Jun. 30, 2021 | |
Related Parties [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 $0.8 million and $1.6 million of expenses for consulting services provided by the investee during the three and six months ended June 30, 2021, respectively. |
Nature of Operations and Summary of Significant Accounting Policies (Policies) |
6 Months Ended |
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Jun. 30, 2021 | |
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, 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, 2020 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 12, 2021 (the 2020 10-K). The Company's accounting policies are described in Note 1 to the audited financial statements included in the 2020 10-K. Operating results for the three and six months ended June 30, 2021 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 2020 10-K for additional discussion of these estimates and assumptions. Reclassifications Depreciation and amortization expenses have been reclassified as a separate line item in the consolidated statement of operations and prior period amounts have been reclassified from their original presentation to conform to the current period presentation. The Company has elected to present depreciation and amortization expenses as a separate line item to better align with management's view of the Company's operating results.
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Basis of Accounting, Policy [Policy Text Block] | The financial data as of December 31, 2020 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 12, 2021 (the 2020 10-K). The Company's accounting policies are described in Note 1 to the audited financial statements included in the 2020 10-K. Operating results for the three and six months ended June 30, 2021 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 2020 10-K for additional discussion of these estimates and assumptions. Reclassifications Depreciation and amortization expenses have been reclassified as a separate line item in the consolidated statement of operations and prior period amounts have been reclassified from their original presentation to conform to the current period presentation. The Company has elected to present depreciation and amortization expenses as a separate line item to better align with management's view of the Company's operating results.
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Other Investments Investment in Variable Interest Entity (Policies) |
6 Months Ended |
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Jun. 30, 2021 | |
Investments, All Other Investments [Abstract] | |
Variable Interest Entity Disclosure [Text Block] | Investment in Variable Interest Entity The Company has invested $7.0 million in preferred stock of a privately held corporation with a complementary business line. 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 shares issued by the variable interest entity in 2023 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. Additionally, the Company has extended a $2.5 million revolving line of credit to the variable interest entity to fund its inventory purchases. 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 was $2.5 million as of June 30, 2021 and December 31, 2020.
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Other Investments Investment in Joint Venture (Policies) |
6 Months Ended |
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Jun. 30, 2021 | |
Investments, All Other Investments [Abstract] | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | Investment in Joint VentureIn September 2018, the Company acquired a non-controlling equity interest in a joint venture in Australia, whereby it has committed to licensing certain intellectual property and contributing up to $2.2 million AUD upon the achievement of specific operational milestones over a period of at least four years from the agreement execution date. As of June 30, 2021, the Company has contributed $0.6 million AUD. This equity investment is accounted for using the equity method and is classified in other long-term assets on the Company's consolidated balance sheet. The Company's share of income and losses from this equity method investment is included in gain (loss) from investment in joint venture on its consolidated statement of operations. Also included in this line item are income and expenses associated with administrative services provided to the joint venture. |
Fair Value Notes Receivable (Policies) |
6 Months Ended |
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Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | The Company's other long-term assets balance included notes receivable of $6.1 million as of June 30, 2021 and December 31, 2020, 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. There was no significant activity in Level 3 of the hierarchy during the six months ended June 30, 2021. 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, 2021 and the year ended December 31, 2020.
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Claims Reserve Claims Reserve (Policies) |
6 Months Ended |
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Jun. 30, 2021 | |
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid [Abstract] | |
Liability Reserve Estimate, Policy [Policy Text Block] | Reserve for Veterinary InvoicesThe 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 Segments (Policies) |
6 Months Ended |
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Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment Reporting, Policy [Policy Text Block] | The Company has two reporting segments: subscription business and other business. The subscription business segment currently includes revenue from subscription fees related to the Company's "Trupanion" branded products, while the other business segment is comprised of revenue from other product offerings that generally have a business-to-business relationship and a different margin profile than our subscription segment, including revenue from writing policies on behalf of third parties and revenue from other products and software solutions.The chief operating decision maker reviews revenue and operating income (loss) to evaluate segment performance. Revenue, veterinary invoice expense, other cost of revenue, and sales and marketing 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 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) |
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted |
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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:
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Investment Securities Available-for-Sale (Tables) |
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Investments [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, 2021 and December 31, 2020 (in thousands):
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Available-for-sale Securities [Table Text Block] | Maturities of debt securities classified as available-for-sale were as follows (in thousands):
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Fair Value (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value, asset & liabilities measured on recurring basis [Table Text Block] | The following tables summarize, 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):
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Claims Reserve (Tables) |
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Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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):
The Company's reserve for the subscription business segment increased from $19.9 million at December 31, 2020 to $21.0 million at June 30, 2021. This change was comprised of $171.0 million in expense recorded during the period less $166.8 million in payments of veterinary invoices. The $171.0 million in veterinary invoice expense incurred included a reduction 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, 2020, the Company increased prior year reserves by $0.4 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):
The Company’s reserve for the other business segment increased from $9.0 million at December 31, 2020 to $14.8 million at June 30, 2021. This change was comprised of $57.2 million in expense recorded during the period less $51.3 million in payments of veterinary invoices. The $57.2 million in veterinary invoice expense incurred included a reduction of $0.3 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, 2020, the Company decreased prior year reserves by $0.2 million as a result of analysis of payment trends.
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IBRN plus expected development on reported claims[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.
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Stock-based Compensation (Tables) |
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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):
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Share-based Compensation, Stock Options, Activity [Table Text Block] | A summary of the Company's stock option activity is as follows:
As of June 30, 2021, stock options outstanding and stock options exercisable had a weighted average remaining contractual life of 4.5 years.
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Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | A summary of the Company’s restricted stock unit activity is as follows:
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Segments (Tables) |
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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):
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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):
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Net Loss per Share Computation of Net Income (Loss) Per Share (Details) - USD ($) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
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Schedule of Earnings Per Share, Basic and Diluted [Line Items] | ||||
Net income (loss) | $ (9,221,000) | $ 1,353,000 | $ (21,669,000) | $ 220,000 |
Investment Securities (Details) Available-for-Sale - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Debt Securities, Available-for-sale [Abstract] | ||
Available-for-sale securities, debt maturities, year two through five, amortized cost basis | $ 6,224 | |
Available-for-sale securities, debt maturities, year two through five, fair value | 6,226 | |
Available-for-sale securities, amortized cost | 6,224 | |
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Fair Value | $ 6,226 | $ 5,566 |
Other Investments (Details) - USD ($) $ in Millions |
6 Months Ended | |||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Dec. 31, 2020 |
Dec. 31, 2019 |
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Investments, All Other Investments [Abstract] | ||||
Purchase of Equity Interest | $ 7.0 | |||
Financing Receivable, Revolving | $ 2.5 | |||
Loans Receivable, Net | 2.5 | $ 2.5 | ||
Other Commitment | 2.2 | |||
Payments to Acquire Interest in Joint Venture | 0.6 | |||
Services performed for Variable Interest Entity | $ 0.4 | $ 0.7 |
Fair Value (Details) Narrative - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Dec. 31, 2020 |
Dec. 31, 2019 |
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Note Receivable, Fair Value [Abstract] | ||||||
Net unrealized gain (loss) on available-for-sale debt securities | $ 1 | $ 5 | $ 1 | $ 0 | ||
Notes Receivable, Fair Value Disclosure | 6,100 | 6,100 | $ 6,100 | |||
Purchase of Equity Interest | $ 7,000 | |||||
Noncontrolling Interest in Variable Interest Entity | $ 7,949 | $ 7,949 | $ 7,949 |
Claims Reserve (Details) Claims Loss Roll-forward - Other business - USD ($) $ in Thousands |
6 Months Ended | |||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Dec. 31, 2020 |
Dec. 31, 2019 |
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SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | ||||
Claims Reserve | $ 14,843 | $ 6,940 | $ 9,004 | $ 5,653 |
Current Year Claims Incurred | 57,487 | 30,650 | ||
Prior Year Claims Incurred | (314) | (179) | ||
Total Claims Incurred | 57,173 | 30,471 | ||
Current Year Claims Paid | 43,038 | 23,994 | ||
Prior Years Claims Paid | 8,296 | 5,190 | ||
Total Claims Paid | 51,334 | 29,184 | ||
Claims expense non-cash | 0 | $ 0 | ||
Claims Reserve by Loss Year | ||||
Incurred but Not Reported (IBNR) Claims Liability | 14,843 | |||
Short-duration Insurance Contracts, Accident Year 2019 [Member] | ||||
Claims Reserve by Loss Year | ||||
Incurred but Not Reported (IBNR) Claims Liability | 394 | |||
Short-duration Insurance Contracts, Accident Year 2020 [Member] | ||||
Claims Reserve by Loss Year | ||||
Incurred but Not Reported (IBNR) Claims Liability | $ 14,449 |
Claims Reserve (Details) Narrative - USD ($) $ in Thousands |
6 Months Ended | |||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Dec. 31, 2020 |
Dec. 31, 2019 |
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Subscription business | ||||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | ||||
Claims Reserve | $ 21,013 | $ 17,440 | $ 19,925 | $ 15,541 |
Total Claims Incurred | 170,979 | 131,218 | ||
Total Claims Paid | 166,802 | 128,805 | ||
Prior Year Claims Incurred | (816) | 393 | ||
Other business | ||||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | ||||
Claims Reserve | 14,843 | 6,940 | $ 9,004 | $ 5,653 |
Total Claims Incurred | 57,173 | 30,471 | ||
Total Claims Paid | 51,334 | 29,184 | ||
Prior Year Claims Incurred | $ (314) | $ (179) |
Stockholders' Equity (Details) - shares |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Stockholders' Equity Attributable to Parent [Abstract] | ||
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Common Stock, Shares, Outstanding | 40,231,055 | 39,450,807 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Segments (Details) Business Segment - USD ($) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
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Segment Reporting Information [Line Items] | ||||
Revenue | $ 168,260,000 | $ 117,920,000 | $ 322,945,000 | $ 229,221,000 |
Veterinary invoice expense(1) | 118,282,000 | 82,049,000 | 228,152,000 | 161,689,000 |
Other Cost of Services Sold | 25,433,000 | 16,004,000 | 49,148,000 | 29,813,000 |
Operating Expenses | 34,062,000 | 18,331,000 | 67,806,000 | 37,134,000 |
Technology and Development Expense | 4,079,000 | 2,293,000 | 7,810,000 | 4,413,000 |
General and administrative | 7,435,000 | 5,073,000 | 14,651,000 | 9,933,000 |
Sales and marketing | 19,390,000 | 9,242,000 | 39,094,000 | 19,684,000 |
Depreciation and Amortization | 3,158,000 | 1,723,000 | 6,251,000 | 3,104,000 |
Income (Loss) from Equity Method Investments | 5,000 | (27,000) | (80,000) | (86,000) |
Operating (loss) income | (9,512,000) | 1,509,000 | (22,241,000) | 499,000 |
Subscription business | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 120,373,000 | 92,453,000 | 233,665,000 | 181,937,000 |
Veterinary invoice expense(1) | 87,253,000 | 66,030,000 | 170,979,000 | 131,218,000 |
Other Cost of Services Sold | 12,493,000 | 8,564,000 | 24,304,000 | 16,798,000 |
Technology and Development Expense | 2,918,000 | 1,798,000 | 5,651,000 | 3,502,000 |
General and administrative | 5,319,000 | 3,977,000 | 10,604,000 | 7,884,000 |
Sales and marketing | 19,272,000 | 9,051,000 | 38,805,000 | 19,330,000 |
Cost, Depreciation and Amortization | 2,259,000 | 1,351,000 | ||
Depreciation and Amortization | 4,524,000 | 2,462,000 | ||
Operating (loss) income | (9,141,000) | 1,682,000 | (21,202,000) | 743,000 |
Other business | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 47,887,000 | 25,467,000 | 89,280,000 | 47,284,000 |
Veterinary invoice expense(1) | 31,029,000 | 16,019,000 | 57,173,000 | 30,471,000 |
Other Cost of Services Sold | 12,940,000 | 7,440,000 | 24,844,000 | 13,015,000 |
Technology and Development Expense | 1,161,000 | 495,000 | 2,159,000 | 911,000 |
General and administrative | 2,116,000 | 1,096,000 | 4,047,000 | 2,049,000 |
Sales and marketing | 118,000 | 191,000 | 289,000 | 354,000 |
Cost, Depreciation and Amortization | 899,000 | 372,000 | ||
Depreciation and Amortization | 1,727,000 | 642,000 | ||
Operating (loss) income | $ (376,000) | $ (146,000) | $ (959,000) | $ (158,000) |
Segments (Details) Revenue by Geography - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
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Segment Reporting Information [Line Items] | ||||
Revenues | $ 168,260 | $ 117,920 | $ 322,945 | $ 229,221 |
UNITED STATES | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 139,128 | 99,056 | 266,887 | 191,580 |
Canada and other | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | $ 29,132 | $ 18,864 | $ 56,058 | $ 37,641 |
Related Parties (Details) |
3 Months Ended | 6 Months Ended |
---|---|---|
Jun. 30, 2021
USD ($)
|
Jun. 30, 2021
USD ($)
|
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Related Parties [Abstract] | ||
Equity Method Investments | $ 300,000 | $ 300,000 |
Equity Method Investment, Ownership Percentage | 17.50% | 17.50% |
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | $ 800,000 | $ 1,600,000 |