TRUPANION, INC., 10-K filed on 2/27/2024
Annual Report
v3.24.0.1
Cover Page Document - USD ($)
 12 Months Ended
Dec. 31, 2023
Feb. 19, 2024
Jun. 30, 2023
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2023    
Document Transition Report false    
Entity File Number 001-36537    
Entity Registrant Name TRUPANION, INC.    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 83-0480694    
Entity Address, Address Line One 6100 4th Avenue S, Suite 200    
Entity Address, City or Town Seattle,    
Entity Address, State or Province WA    
Entity Address, Postal Zip Code 98108    
City Area Code (855)    
Local Phone Number 727 - 9079    
Title of 12(b) Security Common stock, $0.00001 par value per share    
Trading Symbol TRUP    
Security Exchange Name NASDAQ    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Entity Shell Company false    
Entity Public Float     $ 622,812,960
Entity Common Stock, Shares Outstanding   41,814,768  
Entity Central Index Key 0001371285    
Current Fiscal Year End Date --12-31    
Document Fiscal Year Focus 2023    
Document Fiscal Period Focus FY    
Amendment Flag false    
Document Financial Statement Error Correction [Flag] false    
v3.24.0.1
Audit Information
 12 Months Ended
Dec. 31, 2023
Audit Information [Abstract]  
Auditor Firm ID 42
Auditor Name Ernst & Young LLP
Auditor Location Seattle, Washington
v3.24.0.1
Consolidated Statement of Operations - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Statement [Abstract]      
Revenue $ 1,108,605 $ 905,179 $ 698,991
Veterinary invoice expense 831,055 649,737 486,062
Other cost of revenue 146,534 133,257 108,583
Total cost of revenue 977,589 782,994 594,645
Technology and development 21,403 25,133 16,866
General and administrative 60,207 39,379 31,893
New pet acquisition expense 77,372 89,500 78,647
Depreciation and amortization 12,474 10,921 11,965
Total operating expenses 171,456 164,933 139,371
Gain (loss) from investment in joint venture (219) (253) (171)
Operating loss (40,659) (43,001) (35,196)
Interest expense 12,077 4,267 10
Other expense (income), net (7,701) (3,072) 14
Loss before income taxes (45,035) (44,196) (35,220)
Income tax expense (benefit) (342) 476 310
Net loss $ (44,693) $ (44,672) $ (35,530)
Earnings Per Share, Basic $ (1.08) $ (1.10) $ (0.89)
Earnings Per Share, Diluted $ (1.08) $ (1.10) $ (0.89)
Weighted Average Number of Shares Outstanding, Basic 41,436,882 40,765,355 40,137,505
Weighted Average Number of Shares Outstanding, Diluted 41,436,882 40,765,355 40,137,505
v3.24.0.1
Consolidated Statement of Comprehensive Income Statement - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Net loss $ (44,693) $ (44,672) $ (35,530)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax 2,712 (4,412) (496)
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, after Tax 3,992 (4,966) 502
Other Comprehensive Income (Loss), Net of Tax, Total 6,704 (9,378) 6
Comprehensive Income (Loss), Net of Tax, Attributable to Parent, Total $ (37,989) $ (54,050) $ (35,524)
v3.24.0.1
Consolidated Balance Sheet - USD ($)
Dec. 31, 2023
Dec. 31, 2022
Assets [Abstract]    
Cash and cash equivalents $ 147,501,000 $ 65,605,000
Short-term investments 129,667,000 156,804,000
Accounts and other receivables 267,899,000 232,439,000
Prepaid expenses and other assets 17,022,000 14,248,000
Total current assets 562,089,000 469,096,000
Restricted cash 22,963,000 19,032,000
Long-term investments 12,866,000 7,841,000
Property, equipment, and internal-use software, net 103,650,000 90,701,000
Intangible assets, net 18,745,000 24,031,000
Other long-term assets 18,922,000 18,943,000
Goodwill 43,713,000 41,983,000
Total assets 782,948,000 671,627,000
Liabilities and Equity [Abstract]    
Accounts payable 10,505,000 9,471,000
Accrued liabilities and other current liabilities 34,052,000 32,616,000
Reserve for veterinary invoices 63,238,000 43,734,000
Deferred revenue 235,329,000 202,692,000
Long-Term Debt, Current Maturities 1,350,000 1,103,000
Total current liabilities 344,474,000 289,616,000
Long-Term Debt 127,580,000 68,354,000
Deferred tax liabilities 2,685,000 3,392,000
Other liabilities 4,487,000 4,968,000
Total liabilities 479,226,000 366,330,000
Common stock: $0.00001 par value per share 0 0
Preferred stock: $0.00001 par value per share 0 0
Additional paid-in capital 536,108,000 499,694,000
Accumulated other comprehensive income (loss) 403,000 (6,301,000)
Accumulated deficit (216,255,000) (171,562,000)
Treasury stock, at cost (16,534,000) (16,534,000)
Total stockholders' equity 303,722,000 305,297,000
Total liabilities and stockholders’ equity $ 782,948,000 $ 671,627,000
Common Stock, Par or Stated Value Per Share $ 0.00001 $ 0.00001
Common Stock, Shares Authorized 100,000,000 100,000,000
Preferred Stock, Shares Issued 0 0
Preferred Stock, Shares Authorized 10,000,000 10,000,000
Preferred Stock, Par or Stated Value Per Share $ 0.00001 $ 0.00001
v3.24.0.1
Consolidated Balance Sheet Condensed Consolidated Balance Sheet Parentheticals - USD ($)
Dec. 31, 2023
Dec. 31, 2022
Statement of Financial Position [Abstract]    
Common Stock, Par or Stated Value Per Share $ 0.00001 $ 0.00001
Common Stock, Shares Authorized 100,000,000 100,000,000
Common Stock, Shares, Issued 42,887,052 42,041,344
Common Stock, Shares, Outstanding 41,858,866 41,013,158
Preferred Stock, Par or Stated Value Per Share $ 0.00001 $ 0.00001
Preferred Stock, Shares Authorized 10,000,000 10,000,000
Preferred Stock, Shares Issued 0 0
Treasury Stock, Common, Shares 1,028,186 1,028,186
Allowance for Doubtful Accounts, Premiums and Other Receivables $ 1,085,000 $ 540,000
v3.24.0.1
Consolidated Statement of Stockholders' Equity - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid-in Capital
Accumulated Deficit
Accumulated Other Comprehensive Income (Loss)
Treasury Stock, Common [Member]
Beginning balance (in shares) at Dec. 31, 2020   39,450,807        
Beginning balance at Dec. 31, 2020 $ 339,939 $ 0 $ 439,007 $ (91,360) $ 3,071 $ (10,779)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Issuance of common stock in connection with the Company's equity award programs, net of tax withholdings (in shares)   1,024,378        
Issuance of common stock in connection with the Company's equity award programs, net of tax withholdings 1,117   1,117      
Stock-based compensation expense 28,902   28,902      
Other comprehensive income (loss) 6       6  
Net loss (35,530)     (35,530)    
Ending balance (in shares) at Dec. 31, 2021   40,475,185        
Ending balance at Dec. 31, 2021 332,200 $ 0 466,792 (126,890) 3,077 (10,779)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Stock Issued During Period, Value, New Issues     (16,534)      
Issuance of common stock in connection with the Company's equity award programs, net of tax withholdings (in shares)   632,994        
Issuance of common stock in connection with the Company's equity award programs, net of tax withholdings 2,124   2,124      
Stock-based compensation expense $ 35,026   35,026      
Repurchase of common stock (in shares) (95,021) (95,021)        
Treasury Stock, Value, Acquired, Cost Method $ (5,755)         (5,755)
Other comprehensive income (loss) (9,378)       (9,378)  
Net loss $ (44,672)     (44,672)    
Ending balance (in shares) at Dec. 31, 2022 41,013,158 41,013,158        
Ending balance at Dec. 31, 2022 $ 305,297 $ 0 499,694 (171,562) (6,301) 16,534
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Issuance of common stock in connection with the Company's equity award programs, net of tax withholdings (in shares)   845,708        
Issuance of common stock in connection with the Company's equity award programs, net of tax withholdings 1,118   1,118      
Stock-based compensation expense $ 35,296   35,296      
Repurchase of common stock (in shares) 0          
Other comprehensive income (loss) $ 6,704       6,704  
Net loss $ (44,693)     (44,693)    
Ending balance (in shares) at Dec. 31, 2023 41,858,866 41,858,866        
Ending balance at Dec. 31, 2023 $ 303,722 $ 0 $ 536,108 $ (216,255) $ 403 $ (16,534)
v3.24.0.1
Consolidated Statement of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Net Cash Provided by (Used in) Operating Activities [Abstract]      
Net loss $ (44,693,000) $ (44,672,000) $ (35,530,000)
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract]      
Depreciation and amortization 12,474,000 10,921,000 11,965,000
Stock-based compensation expense 33,161,000 33,393,000 28,226,000
Other, net 1,347,000 1,051,000 (1,927,000)
Increase (Decrease) in Operating Assets [Abstract]      
Accounts and other receivables (35,440,000) (66,982,000) (66,170,000)
Prepaid expenses and other assets (1,907,000) (5,227,000) (3,055,000)
Accounts payable, accrued liabilities, and other liabilities 1,644,000 3,136,000 8,796,000
Reserve for veterinary invoices 19,485,000 4,227,000 10,768,000
Deferred revenue 32,567,000 56,153,000 54,385,000
Net cash provided by (used in) operating activities 18,638,000 (8,000,000) 7,458,000
Net Cash Provided by (Used in) Investing Activities [Abstract]      
Purchases of investment securities (165,936,000) (273,006,000) (95,672,000)
Maturities and sales of investment securities 190,270,000 239,210,000 57,869,000
Cash paid in business acquisition, net of cash acquired 0 (15,034,000) 0
Purchases of property, equipment, and internal-use software (18,280,000) (17,088,000) (12,355,000)
Other 1,585,000 (1,598,000) (1,755,000)
Net cash provided by (used in) investing activities 7,639,000 (67,516,000) (51,913,000)
Net Cash Provided by (Used in) Financing Activities [Abstract]      
Payments for Repurchase of Common Stock 0 (5,755,000) 0
Proceeds from exercise of stock options 2,655,000 2,290,000 3,607,000
Shares withheld to satisfy tax withholding (1,536,000) (4,359,000) (4,732,000)
Proceeds from debt financing, net of financing fees 60,102,000 69,138,000 0
Repayment of debt financing (1,717,000) (571,000) 0
Other (378,000) 0 0
Net cash provided by (used in) financing activities 59,126,000 60,743,000 (1,125,000)
Net change in cash, cash equivalents, and restricted cash 85,827,000 (16,232,000) (45,328,000)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Continuing Operations 424,000 (1,459,000) 252,000
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Beginning Balance 84,637,000 100,869,000 146,197,000
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Ending Balance 170,464,000 84,637,000 100,869,000
Supplemental Cash Flow Information [Abstract]      
Income taxes paid (refund) (611,000) (2,498,000) (282,000)
Interest paid 12,100,000 3,353,000 16,000
Purchases of property, equipment, and internal-use software included in accounts payable and accrued liabilities $ 887,000 $ 1,324,000 $ 729,000
v3.24.0.1
Nature of Operations and Summary of Significant Accounting Policies (Notes)
 12 Months Ended
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Nature of Operations and Summary of Significant Accounting Policies Nature of Operations and Summary of Significant Accounting Policies
Description of Business
Trupanion, Inc. (collectively with its wholly-owned subsidiaries, the "Company") provides medical insurance for cats and dogs in the United States, Canada, Continental Europe, and Australia. The Company's data-driven, vertically-integrated approach enables the Company to provide pet owners with products that the Company believes are the highest value medical insurance, priced specifically for each pet’s unique characteristics.
Basis of Presentation
The consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") and include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
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.
Cash, Cash Equivalents and Restricted Cash
The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. At times, cash on deposit may be in excess of the applicable federal deposit insurance corporation limits.
The Company considers any cash account not held in trust for a third party that is contractually restricted to withdrawal or use to be restricted cash. The Company is required to maintain certain restricted cash balances to comply with insurance company regulations. As of December 31, 2023, the Company was in compliance with all requirements.
Accounts and Other Receivables
Accounts and other receivables are comprised of trade receivables and other miscellaneous receivables and are carried at their estimated collectible amounts. Trade receivables are primarily related to the Company’s other business segment where the Company generates revenue from underwriting policies through unaffiliated general agents. These policies are typically annual policies, with monthly payment terms through the end of the twelve-month period. The Company had $249.8 million and $220.8 million accounts receivable associated with underwriting these policies as of December 31, 2023 and 2022, respectively. During the year ended December 31, 2023, the Company incurred a non-recurring $3.8 million settlement of accounts receivable due to uncollected premiums in connection with the transition of underwriting a third-party business to other insurers.
Deferred Acquisition Costs
The Company incurs certain costs, including premium taxes, enrollment-based bonuses, and referral fees that directly relate to the successful acquisition of new or renewal customer contracts. These costs are deferred and are included in prepaid expenses and other assets on the consolidated balance sheet and amortized over the related policy term to the applicable financial statement line item, either new pet acquisition expense or other cost of revenue. Deferred acquisition costs as of December 31, 2023 and 2022 were $7.4 million and $6.0 million, respectively. Amortized deferred acquisition costs classified within new pet acquisition expense amounted to $6.0 million, $4.9 million, and $4.7 million and amortized deferred acquisition costs classified within other cost of revenue amounted to $45.6 million, $33.9 million, and $30.5 million, for the years ended December 31, 2023, 2022, and 2021, respectively.
Investments
The Company invests in investment grade fixed maturity securities of varying maturities. Available-for-sale securities are reported at fair value with unrealized gains and losses included in accumulated other comprehensive income (loss). Held-to-maturity securities are reported at amortized cost. Premiums or discounts on fixed maturity securities are amortized or accreted over the life of the security and included in interest income. There were $0.3 million in realized gains and $0.9 million in realized losses on sales of fixed maturity securities during the year ended December 31, 2023, and no realized gains or losses on sales of fixed maturity securities during the years ended December 31, 2022 and 2021.
Each reporting period, the Company evaluates whether declines in fair value of its investments below carrying value are the result of expected credit losses. This evaluation includes the Company's ability and intent to hold these investments until recovery of carrying value occurs, including an evaluation of all available information relevant to the collectability of the security, including past events, current conditions, and reasonable and supportable forecasts. Expected credit losses are recorded as an allowance through other expense (income), net on the Company's consolidated statements of operations.
Fair Value of Financial Instruments
The Company is required to disclose information on all assets and liabilities reported at fair value that enables an assessment of the inputs used in determining the reported fair values. The fair value hierarchy prioritizes valuation inputs based on the observable nature of those inputs. The fair value hierarchy applies only to the valuation inputs used in determining the reported fair value of the investments and is not a measure of the investment credit quality. The hierarchy defines three levels of valuation inputs:
Level 1 - Quoted prices in active markets for identical assets or liabilities
Level 2 - Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly
Level 3 - Unobservable inputs that reflect the Company's own assumptions about the assumptions market participants would use in pricing the asset or liability
The Company's financial instruments, in addition to those presented in Note 8, Fair Value, include cash and cash equivalents, accounts receivable, accounts payable, and accrued liabilities. The carrying amounts of accounts receivable, accounts payable, and accrued liabilities approximate fair value because of the short-term nature of these instruments.
Property, Equipment, and Internal-Use Software
Property, equipment, and internal-use software primarily consists of building, land and land improvements, office equipment, internal-use software related to the Company’s website, and internal support systems. Internal-use software is capitalized during the application development stage of the project. Property and equipment is recorded at cost and depreciated using the straight-line method over the estimated useful life of the respective asset:
LandNot depreciable
Land improvements10years
Building39years
Software3to5years
Office equipment3to5years
Goodwill and Intangible Assets
Goodwill and indefinite-lived intangible assets are not amortized. The Company reviews these assets for impairment at least annually or if indicators of potential impairment exist. Acquired finite-lived intangibles are amortized on a straight-line basis over the estimated useful lives of the assets. The Company has recognized no impairment loss on goodwill and indefinite-lived intangible assets for the years ended December 31, 2023, 2022, and 2021.
Asset Impairment
Long-lived assets, including property, equipment, internal-use software, and finite-lived intangible assets, are reviewed for impairment when events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Should an impairment exist, the impairment loss would be measured as the amount the asset's carrying value exceeds its fair value. The Company has recognized no impairment loss on long-lived assets, including property, equipment, internal-use software, and finite-lived intangible assets for the years ended December 31, 2023, 2022, and 2021.
Reserve for Veterinary Invoices
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. To determine the accrual, the Company makes assumptions based on its historical experience, including the number of veterinary invoices it expects to receive, the average cost of those veterinary invoices, the length of time between the date of the veterinary invoice and the date the Company receives it, the member's chosen deductible, and the Company's expected cost to process and administer the payments. As of each balance sheet date, the Company reevaluates its reserve and adjusts the estimate for new information.
Deferred Revenue
Deferred revenue is primarily related to the Company’s other business segment where the Company generates revenue from underwriting policies through unaffiliated general agents. These policies are typically annual policies for which revenue is recognized pro-rata over the twelve-month policy period. Deferred revenue also consists of subscription fees received or billed in advance of the subscription services within the Company's subscription business.
Revenue Recognition
The Company generates revenue primarily from subscription fees and through underwriting policies for unaffiliated general agents. For the year ended December 31, 2023, premiums from policies sourced by general agents accounted for 34% of our total revenue, and one general agent sourced members whose premiums accounted for over 10% of our total revenue. Revenue is recognized pro-rata over the terms of the customer contracts.
Veterinary Invoice Expense
Veterinary invoice expense includes the Company’s costs to review and pay veterinary invoices, administer the payments, and provide member services, and other operating expenses directly or indirectly related to this process. The Company also accrues for veterinary invoices that have been incurred but not yet received or paid and the estimated cost of processing these invoices. Veterinary invoice expense also includes amounts paid by unaffiliated general agents on our behalf, and an estimate of amounts incurred and not yet paid for the other business segment.
Other Cost of Revenue
Other cost of revenue for the subscription business segment includes direct and indirect member service expenses, Territory Partner renewal fees, credit card transaction fees and premium tax expenses. Other cost of revenue for the other business segment includes the commissions the Company pays to unaffiliated general agents and costs to administer the programs in the other business segment.
Technology and Development
Technology and development expenses primarily consist of personnel costs and related expenses for the Company's technology staff, which includes information technology development and infrastructure support and third-party services. It also includes expenses associated with development of new products and offerings.
General and Administrative
General and administrative expenses consist primarily of personnel costs and related expenses for the Company’s finance, actuarial, human resources, legal, regulatory, and general management functions, as well as facilities and professional services.
New Pet Acquisition Expense
New pet acquisition expense primarily consists of costs, including employee compensation, to educate veterinarians and consumers about the benefits of Trupanion, to generate leads and to convert leads into enrolled pets, as well as print, online and promotional advertising costs.
Other Expense (Income), Net
Other income, net, was $7.7 million, $3.1 million, and nil, including interest income of $9.0 million, $3.0 million, and $0.3 million offset by credit losses of $1.7 million, nil, and nil for the years ended December 31, 2023, 2022, and 2021, respectively.
Advertising
Advertising costs are expensed as incurred, with the exception of television advertisements, which are expensed the first time each advertisement is aired. Advertising costs amounted to $16.9 million, $25.5 million and $23.6 million, in the years ended December 31, 2023, 2022 and 2021, respectively.
Stock-Based Compensation
Compensation expense related to stock-based transactions, including employee and non-employee stock option awards, restricted stock awards, and restricted stock units, is measured and recognized in the financial statements based on fair value. The fair value of restricted stock awards and restricted stock units is the common stock price as of the measurement date. The fair value of stock options is estimated on the measurement date using the Black-Scholes option-pricing model that requires management to apply judgment and make estimates, including:

•Expected volatility —The Company estimates the expected volatility based on the historical volatility of a representative group of publicly traded companies with similar characteristics to the Company, and its own historical volatility;
•Expected term for awards granted to employees —The Company has based its expected term for awards issued to employees on the simplified method, as permitted by the SEC Staff Accounting Bulletin Topic 14, Share-Based Payment;
•Risk-free interest rate—The risk-free interest rate is based on the yields of U.S. Treasury securities with maturities similar to the expected term of the options; and
•Expected dividend yield—The Company has never declared or paid any cash dividends and does not presently plan to pay cash dividends in the foreseeable future. Consequently, the Company uses an expected dividend yield of zero.
Stock-based compensation expense for stock options, restricted stock awards, and restricted stock units is recognized on a straight-line basis over the requisite service period, which is generally the vesting period of the respective award. The Company recognizes forfeitures when they occur.
Income Taxes
The Company uses the asset and liability approach for accounting and reporting income taxes. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities, and their respective tax bases, operating loss, and tax credit carryforwards.
Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a tax rate change is recognized in the period that includes the enactment date. Valuation allowances are provided for when it is considered more likely than not that deferred tax assets will not be realized.
The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than a 50% likelihood of being realized. Penalties and interest are classified as a component of income taxes.
Foreign Currency Translation
The Company’s consolidated financial statements are reported in U.S. dollars. Assets and liabilities denominated in foreign currencies were translated to U.S. dollars, the reporting currency, at the exchange rates in effect on the balance sheet date. Revenue and expenses denominated in foreign currencies were translated to U.S. dollars using a weighted average rate for the relevant reporting period. Cumulative translation adjustments of $(0.1) million, $(2.8) million, and $1.6 million were recorded in accumulated other comprehensive loss (income) as of December 31, 2023, 2022, and 2021, respectively.

Reclassifications
Certain reclassifications have been made to prior-year amounts to conform to current-year reporting classifications. These reclassifications had no impact on net earnings, total assets, total liabilities, or total shareholders' equity.
Insurance Operations
Effective January 1, 2015, the Company formed a segregated account in Bermuda as part of Wyndham Insurance Company (SAC) Limited (WICL) and entered into a revised fronting and reinsurance arrangement with Omega General Insurance Company (Omega) to include its newly formed segregated account. The Company maintains all risk with the business written in Canada and consolidates the entity in its financial statements. Dividends are allowed subject to the Segregated Accounts Company Act of 2000, which allows for dividends only to the extent that the entity remains solvent and the value of its assets remain greater than the aggregate of its liabilities and its issued share capital and share premium accounts.

For the Company’s Canadian business, all plans are written by Omega and the risk is assumed by the Company through a fronting and reinsurance agreement. Premiums are recognized and earned pro rata over the terms of the related customer contracts. Revenue recognized from the agreement in 2023, 2022, and 2021 was $167.6 million, $135.9 million and $112.0 million, respectively, and deferred revenue relating to this arrangement at December 31, 2023 and 2022 was $9.5 million and $6.4 million, respectively. Reinsurance revenue was 15%, 15%, and 16% of total revenue in 2023, 2022, and 2021, respectively. Cash designated for the purpose of paying claims related to this reinsurance agreement was $11.2 million and $7.2 million at December 31, 2023 and 2022, respectively. In addition, as required by the Office of the Superintendent of Financial Institutions regulations related to the Company’s reinsurance agreement with Omega, the Company is required to fund a Canadian Trust account with the greater of CAD $2.0 million or 120% of unearned Canadian premium plus 20% of outstanding Canadian claims, including all incurred but not reported claims. As of December 31, 2023, the account balance was CAD $15.7 million and the Company was in compliance with all requirements.

The Company has not transferred any risk to third-party reinsurers.
Concentrations of Credit Risk
Financial instruments, which potentially subject the Company to concentration of credit risk, consist primarily of cash and cash equivalents, investments, and debt. The Company manages its risk by investing cash equivalents and investment securities in money market instruments and securities of the U.S. government, U.S. government agencies and high-credit-quality issuers of debt securities.
v3.24.0.1
Net Loss per Share (Notes)
 12 Months Ended
Dec. 31, 2023
Earnings Per Share [Abstract]  
Net Loss Per Share Net Loss per Share
Basic net loss per share is computed using the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share is calculated using the weighted average number of shares of common stock plus, when dilutive, potential shares of common stock outstanding using the treasury-stock method. Potential shares of common stock outstanding include stock options, unvested restricted stock awards and restricted stock units.
The following potentially dilutive equity securities were not included in the diluted earnings per share of common stock calculation because they would have had an antidilutive effect:
 As of December 31,
 202320222021
Stock options408,970 629,650 807,205 
Restricted stock awards and restricted stock units714,382 1,112,552 1,087,627 
v3.24.0.1
Business Combinations (Notes)
 12 Months Ended
Dec. 31, 2022
Business Combinations [Abstract]  
Business Combination Business Combinations
PetExpert
On November 16, 2022, the Company acquired 100% of voting equity interest in Royal Blue s.r.o., the parent company of PetExpert, a veterinary-centric, managing general agent for pet insurance with operations in the Czech Republic, Slovakia, and Belgium for approximately $12.3 million in net cash. The acquisition provides the Company with a foothold in Europe, allowing for expansion within different countries within the region. Additionally, the acquired technology from PetExpert 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 $0.2 million of acquisition-related costs that were recorded in general and administrative expenses.
The acquisition is recorded using the purchase method of accounting in accordance with Accounting Standards Codification (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 excess of the purchase price over the estimated fair values of the net tangible and intangible assets acquired is recorded as goodwill. The application of the purchase method of accounting resulted in the recognition of intangible assets, the estimated fair values of which involved a discounted cash flow model and certain assumptions and estimates, including but not limited to, revenue growth rates and margins, attrition rates, and discount rates. These estimates are inherently uncertain and unanticipated events and circumstances may occur which could affect the accuracy or validity of estimates used in purchase accounting. The purchase price allocation recorded in a business combination may change during the measurement period, which is a period not to exceed one year from the date of acquisition, as additional information about conditions existing at the acquisition date becomes available.
The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date (in thousands):
November 16,
2022
Current assets, net of cash acquired$295 
Property and equipment and other long-term assets27 
Amortizable intangible assets5,121 
Goodwill9,541 
Current liabilities and short-term loan(1,677)
Deferred tax liability and other liabilities(1,056)
Total consideration transferred, net of cash acquired$12,251 

The Company acquired intangible assets which included developed technologies and customer relationships with an estimated useful life of 5.0 years. The goodwill recognized is attributable primarily to going concern value such as assembled workforce, future technology development, future customers, and expected synergies from incorporating the operations into the Company’s portfolio. It has been assigned to the subscription business segment. None of the goodwill associated with this acquisition is expected to be deductible for income tax purposes.
As of the acquisition date, the Company assumed a credit agreement entered into by PetExpert in 2021 that provides for a revolving line of credit. This line of credit was due and paid in full in May 2023.
Smart Paws
On August 31, 2022, the Company completed an acquisition of 100% of the equity of Smart Paws GmbH (Smart Paws), a managing general agent for pet insurance with operations in Germany and Switzerland, for approximately $2.8 million in net cash. The acquisition of Smart Paws provides the Company with a foothold in Europe, allowing for expansion within different countries within the region. The Company incurred $0.1 million of acquisition related costs that were included in general and administrative expenses during the year ended December 31, 2022.
The Company acquired a definite-lived intangible asset valued at $1.1 million with an estimated useful life of 5.0 years. Goodwill of $2.6 million was recognized as a result of the acquisition and attributable primarily to going concern value such as assembled workforce, future customers, and expected synergies from incorporating the operations into the Company’s portfolio. None of the goodwill associated with this acquisition is expected to be deductible for income tax purposes.
The results of PetExpert and Smart Paws operations have been included in the consolidated financial statements since the acquisition date, but were immaterial to the Company's consolidated financial statements.
v3.24.0.1
Property Plant and Equipment (Notes)
 12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Abstract]  
Property and Equipment, Net Property, Equipment, and Internal-Use Software, Net
Property, equipment, and internal-use software, net consisted of the following (in thousands):
 December 31,
 20232022
Land and improvements$15,911 $15,911 
Building and improvements48,974 48,963 
Software40,097 34,779 
Office equipment and other6,129 6,814 
Construction in progress34,627 21,415 
Property, equipment and internal-use software, at cost145,738 127,882 
Less: Accumulated depreciation(42,088)(37,181)
Property and equipment, net$103,650 $90,701 
Depreciation expense related to property, equipment, and internal-use software was $6.7 million, $6.1 million and $7.1 million for the years ended December 31, 2023, 2022 and 2021, respectively.
v3.24.0.1
Intangible Assets (Notes)
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
Goodwill arises from business acquisitions in which the purchase price exceeds the fair value of tangible and intangible assets acquired less assumed liabilities.
The following is a summary of goodwill by reportable segment for the years ended December 31, 2023 and 2022 (in thousands):
Subscription BusinessOther BusinessTotal
Balance as of January 1, 2022$32,709 $— $32,709 
Acquisitions12,159 — 12,159 
Effects of foreign currency(2,885)— (2,885)
Balance as of December 31, 202241,983 — 41,983 
Effects of foreign currency1,730 — 1,730 
Balance as of December 31, 2023$43,713 $— $43,713 
The following table presents the detail of intangible assets other than goodwill for the periods presented (in thousands):
Gross Carrying ValueAccumulated AmortizationNet Carrying ValueWeighted Average Useful Life Remaining as of December 31, 2023
December 31, 2023:
Licenses$4,773 $— $4,773 N/A
Leases848 (848)— —
Trade name1,294 (412)882 6.8
Developed technologies17,278 (9,023)8,255 2.6
Customer relationships8,379 (4,855)3,524 2.1
Patents, trademarks, and other2,459 (1,148)1,311 5.0
Total Intangibles$35,031 $(16,286)$18,745 2.8
December 31, 2022:
Licenses$4,773 $— $4,773 
Leases2,959 (2,866)93 
Trade name1,228 (266)962 
Developed technologies16,770 (5,164)11,606 
Customer relationships7,980 (3,001)4,979 
Patents, trademarks, and other2,768 (1,150)1,618 
Total Intangibles$36,478 $(12,447)$24,031 
The Company acquired an insurance company in 2007, which originally included licenses in 23 states. These licenses were valued at $4.8 million. The Company is currently licensed in all 50 states, the District of Columbia and Puerto Rico. Insurance licenses are renewed annually upon payment of various fees assessed by the issuing state. Renewal costs are expensed as incurred. Insurance licenses are considered an indefinite-lived intangible asset given the planned renewal of the certificates of authority and applicable licenses for the foreseeable future.
Amortization expense associated with intangible assets was $5.7 million, $4.8 million, and $4.9 million for the years ended December 31, 2023, 2022, and 2021, respectively.
As of December 31, 2023, expected amortization expense relating to purchased intangible assets for each of the next five years and thereafter is as follows (in thousands):
Year ending December 31:
2024$5,345 
20254,556 
20261,482 
20271,311 
2028164 
Thereafter443 
Total$13,301 
v3.24.0.1
Investment Securities (Notes)
 12 Months Ended
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Investments Investments
Available-for sale securities are classified as short-term versus long-term investments based on whether they represent the investment of funds available for current operations. All available-for-sale securities are considered short-term in nature, with the exception of certain long-term investments that are being held for statutory requirements. Held-to-maturity securities are classified as short-term versus long-term investments based on the effective maturity dates. The amortized cost, gross unrealized holding gains and losses, and estimates of fair value of long-term and short-term investments by major security type and class of security were as follows as of December 31, 2023 and 2022 (in thousands):
Amortized
Cost		Gross
Unrealized
Holding
Gains		Gross
Unrealized
Holding
Losses		Fair
Value
As of December 31, 2023
Long-term investments:
Available-for-sale investments
Foreign deposits$11,869 $— $— $11,869 
$11,869 $— $— $11,869 
Held-to-maturity investments
U.S. treasury securities$997 $8 $— $1,005 
$997 $8 $— $1,005 
Short-term investments:
Available-for-sale investments
              U.S. treasury securities$44,425 $326 $(64)$44,687 
Mortgage-backed securities and collateralized mortgage obligations10,460 69 (75)10,454 
Other asset-backed securities12,422 67 (53)12,436 
Corporate bonds36,404 332 (123)36,613 
$103,711 $794 $(315)$104,190 
Held-to-maturity investments
U.S. Treasury securities$13,179 $21 $(15)$13,185 
              Certificates of deposit12,298 — — 12,298 
$25,477 $21 $(15)$25,483 
 Amortized
Cost		Gross
Unrealized
Holding
Gains		Gross
Unrealized
Holding
Losses		Fair
Value
As of December 31, 2022
Long-term investments:
Available-for-sale investments
Foreign deposits$7,683 $— $— $7,683 
$7,683 $— $— $7,683 
Held-to-maturity investments
U.S. treasury securities$158 $— $(4)$154 
$158 $— $(4)$154 
Short-term investments:
Available-for-sale investments
U.S. treasury securities$42,833 $17 $(203)$42,647 
Mortgage-backed securities and collateralized mortgage obligations8,015 8 (105)7,918 
Other asset-backed securities11,286 8 (85)11,209 
Municipal bond1,000 — (6)994 
Corporate bonds37,793 95 (357)37,531 
$100,927 $128 $(756)$100,299 
Held-to-maturity investments
U.S. Treasury securities$12,059 $— $(58)$12,001 
Certificates of deposit3,254 — — 3,254 
U.S. government funds41,192 — — 41,192 
$56,505 $— $(58)$56,447 
Maturities of investments classified as available-for-sale and held-to-maturity were as follows (in thousands):
 December 31, 2023
 Amortized
Cost		Fair
Value
Available-for-sale:
Due under one year$2,420 $2,408 
Due after one year through five years90,278 90,761 
$92,698 $93,169 
Available-for-sale collateralized:
Mortgage-backed securities and collateralized mortgage obligations$10,460 $10,454 
Other asset-backed securities12,422 12,436 
$22,882 $22,890 
Held-to-maturity:
Due under one year$25,477 $25,483 
Due after one year through five years997 1,005 
$26,474 $26,488 
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 investments, the Company determined that there were unrealized losses of $0.3 million and $0.8 million for the years ended December 31, 2023 and 2022, respectively. As of December 31, 2023, $18.9 million in available-for-sale investments have been in a loss position for more than twelve months, with total unrealized losses of $0.2 million. As of December 31, 2023, $25.9 million available-for-sale investments have been in a loss position for less than twelve months, with total unrealized losses of $0.1 million. As of December 31, 2022, no available-for-sale investments had been in a loss position for more than twelve months. As of December 31, 2022, $76.3 million available-for-sale investments had been in a loss position for less than twelve months, with total unrealized losses of $0.8 million. These losses relate to interest rate changes. The Company does not expect any credit losses from its available-for-sale investments, considering the composition of the investment portfolio and the credit rating of these investments. For those securities, the Company determined it is not likely to, and does not intend to, sell prior to a potential recovery.
Proceeds from the sales of fixed maturities classified as available-for-sale were $114.7 million and $43.0 million during the years ended December 31, 2023 and 2022, respectively.
v3.24.0.1
Other Investments (Notes)
 12 Months Ended
Dec. 31, 2023
Other Investments [Abstract]  
Other Investments
7. Other Investments
Preferred Stock Investment
The Company has invested $7.0 million in the preferred stock of a variable interest entity, Baystride, Inc., a U.S.-based privately held corporation operating in the pet food industry. The Company does not have power over the activities that most significantly impact the economic performance of the entity and is, therefore, not the primary beneficiary. The Company has the option to purchase all of the outstanding common stock issued by the entity in August 2027 at an amount approximating its expected fair value. The preferred stock investment in the entity is redeemable, and therefore, is accounted for as an available-for-sale debt security, and measured at fair value at each balance sheet date — see Note 8.
Additionally, the Company has extended a $7.0 million revolving line of credit to the variable interest entity to fund its inventory purchases, which will increase annually by $2.0 million until the note’s maturity in 2027. Borrowing amounts are subject to limitations based on Baystride’s forecasted revenues and inventory balances. The Company's investment and amounts loaned under the line of credit are recorded in other long-term assets on its consolidated balance sheet. The outstanding loan balance under the line of credit, including accrued interest, was $4.0 million and $6.3 million as of December 31, 2023 and 2022, respectively. The Company has also entered into a series of agreements to provide ancillary services to, and receive reimbursement from, the variable interest entity at cost. The Company provided $0.4 million and $0.8 million of these services for the years ended December 31, 2023 and 2022, respectively.
Allowance for Credit Loss
The Company regularly evaluates its investments for expected credit losses. The Company considers past events, current conditions, and reasonable and supportable forecasts in estimating an allowance for credit losses. Additionally, the Company considers the ultimate collection of cash flows from its investments and whether the Company has the intent to sell, or if it is more likely than not the Company would be required to sell the security prior to recovery of its amortized cost. Such evaluations are revised as conditions change and new information becomes available. Based on these considerations, the Company has established an allowance for credit losses related to its investment in the preferred stock of a variable interest entity. The following table presents a rollforward of the allowance for credit losses for this investment.
 Balance as of January 1, 2022 $— 
(Addition to) allowance for credit losses — 
 Balance as of December 31, 2022 — 
(Addition to) allowance for credit losses (1,674)
 Balance as of December 31, 2023 $(1,674)
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 December 31, 2023, the Company has contributed $1.3 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.
Equity Method Investments and Joint Ventures Disclosure [Text Block]
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 December 31, 2023, the Company has contributed $1.3 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.
Accounts Receivable, Allowance for Credit Loss The following table presents a rollforward of the allowance for credit losses for this investment.
 Balance as of January 1, 2022 $— 
(Addition to) allowance for credit losses — 
 Balance as of December 31, 2022 — 
(Addition to) allowance for credit losses (1,674)
 Balance as of December 31, 2023 $(1,674)
v3.24.0.1
Fair Value (Notes)
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Fair Value Fair Value
Fair Value Disclosures
The following table summarizes, by major security type, the Company's assets that are measured at fair value on a recurring basis, and placement within the fair value hierarchy (in thousands):
 As of December 31, 2023
 Fair ValueLevel 1Level 2Level 3
Assets
Money market funds$67,360 $67,360 $— $— 
Fixed maturities:
Mortgage-backed securities and collateralized mortgage obligations10,454 — 10,454 — 
Other asset-backed securities12,436 — 12,436 — 
Corporate bonds36,613 — 36,613 — 
Foreign deposits11,869 11,869 — — 
U.S. Treasury securities44,687 — 44,687 — 
Preferred stock investment5,326 — — 5,326 
Total$188,745 $79,229 $104,190 $5,326 
 As of December 31, 2022
 Fair ValueLevel 1Level 2Level 3
Assets
Money market funds$1,633 $1,633 $— $— 
Fixed maturities:
Mortgage-backed securities and collateralized mortgage obligations7,918 — 7,918 — 
Other asset-backed securities11,209 — 11,209 — 
Corporate bonds37,531 — 37,531 — 
Foreign deposits7,683 7,683 — — 
Municipal bond994 — 994 — 
U.S. Treasury securities42,647 — 42,647 — 
Preferred stock investment4,115 — — 4,115 
Total$113,730 $9,316 $100,299 $4,115 
The Company measures the fair value of money market funds and foreign deposits, classified as Level 1, based on quoted prices in active markets for identical assets. The Company's fixed maturity investments classified as either Level 1 or Level 2 in the above tables are priced exclusively by external sources, including pricing vendors, dealers/market makers, and exchange-quoted prices. The fair value of the Company's fixed maturity investments classified as Level 2 is based on either recent trades in inactive markets or quoted market prices of similar instruments and other significant inputs derived from or corroborated by observable market data. Held-to-maturity investments are carried at amortized cost and the fair value and changes in unrealized gains (losses) are disclosed in Note 6, Investments. The fair value of these investments is determined in the same manner as available-for-sale securities and are considered either a Level 1 or Level 2 measurement.
The Company's preferred stock investment (see Note 7) is accounted for as an available-for-sale debt security, and measured at fair value at each balance sheet date. The estimated fair value of the preferred stock investment is a Level 3 measurement, and is based on certain unobservable inputs such as the value of the underlying enterprise, volatility, time to liquidity, and market interest rates. An increase or decrease in any of these unobservable inputs would result in a change in the fair value measurement. The estimated fair value was $5.3 million and $4.1 million as of December 31, 2023 and 2022, respectively, and is recorded in other long-term assets on the Company's consolidated balance sheet.
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 years ended December 31, 2023 and 2022.
The following table presents the change in fair value of the Company’s investment carried at fair value and classified as Level 3 as of December 31, 2023 (in thousands):
Preferred Stock Investment
Balance as of January 1, 2021$7,949 
Unrealized gain included in other comprehensive income (loss)493 
Balance as of December 31, 2021$8,442 
Unrealized loss included in other comprehensive income (loss)(4,327)
Balance as of December 31, 2022$4,115 
Reversal of cumulative unrealized loss included in other comprehensive income (loss)2,885 
Credit loss included in earnings(1,674)
Balance as of December 31, 2023$5,326 

Fair Value Disclosures - Other Assets and Liabilities
The Company's other long-term assets balance also included notes receivable of $6.8 million and $9.3 million as of December 31, 2023 and 2022, respectively, recorded at their estimated collectible amount. The Company estimates that the carrying value of the notes receivable approximates the fair value. The estimated fair value represents a Level 3 measurement within the fair value hierarchy, and is based on market interest rates and the assessed creditworthiness of the third party.
The Company estimates the fair value of long-term debt based upon rates currently available to the Company for debt with similar terms and remaining maturities. This is a Level 3 measurement. Based upon the terms of the debt, the carrying amount of long-term debt approximated fair value at December 31, 2023.
v3.24.0.1
Commitment and Contingencies (Notes)
 12 Months Ended
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Legal Proceedings
From time to time the Company is or may become subject to various legal proceedings arising in the ordinary course of business, including proceedings against members, other entities or regulatory bodies. Estimated liabilities are recorded when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. At this time, the Company does not believe any such matters to be material individually or in the aggregate. These views are subject to change following the outcome of future events or the results of future developments.
v3.24.0.1
Claims Reserve (Notes)
 12 Months Ended
Dec. 31, 2023
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid [Abstract]  
Reserve for Veterinary Invoices Reserve for Veterinary Invoices
The reserve for veterinary invoices is an estimate of the future amount the Company will pay for veterinary invoices that haven't been processed or received but 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):
 Year Ended December 31,
Subscription202320222021
Reserve at beginning of year$21,543 $22,407 $19,925 
Veterinary invoices during the period related to:
Current year540,396 439,679 357,859 
Prior years2,800 (2,799)(1,411)
Total veterinary invoice expense543,196 436,880 356,448 
Amounts paid during the period related to:
Current year506,294 414,778 333,182 
Prior years23,001 18,739 16,109 
Total paid529,295 433,517 349,291 
Non-cash expenses3,896 4,227 4,675 
Reserve at end of period$31,548 $21,543 $22,407 
The Company had unfavorable development on veterinary invoice reserves for the subscription business segment of $2.8 million for the year ended December 31, 2023, favorable development on veterinary invoice reserves of $2.8 million for the year ended December 31, 2022, and favorable development on veterinary invoice reserves of $1.4 million for the year ended December 31, 2021, all of which were the result of ongoing analysis of recent payment trends.

Summarized below are the changes in total liability for the Company's other business segment (in thousands):
 Year Ended December 31,
Other Business202320222021
Reserve at beginning of year$22,191 $17,264 $9,004 
Veterinary invoices during the period related to:
Current year287,361 211,729 129,826 
Prior years498 1,128 (212)
Total veterinary invoice expense287,859 212,857 129,614 
Amounts paid during the period related to:
Current year256,616 190,031 112,574 
Prior years21,744 17,899 8,780 
Total paid278,360 207,930 121,354 
Non-cash expenses— — — 
Reserve at end of period$31,690 $22,191 $17,264 

The Company had unfavorable development on veterinary invoice reserves for the other business segment of $0.5 million for the year ended December 31, 2023, unfavorable development on veterinary invoice reserves of $1.1 million for the year ended December 31, 2022, and favorable development on veterinary invoice reserves of $0.2 million for the year ended December 31, 2021, all of which were the result of ongoing analysis of recent payment trends.
Reserve for veterinary invoices, by year of occurrence

In the following tables, the cumulative number of veterinary invoices represents the total number received as of December 31, 2023, by year the veterinary invoice relates to, referred to as the year of occurrence. If a pet is injured or becomes ill, multiple trips to the veterinarian may result in several invoices. Each of these veterinary invoices is included in the cumulative number, regardless of whether the veterinary invoice was paid. Information for years 2020 through 2022 is provided as required supplementary information. Amounts in these tables are presented on a constant currency basis to remove the impact of changes in the foreign currency exchange rate on development. The cumulative expenses as of the end of each year are revalued using the currency exchange rate as of December 31, 2023.
The following table summarizes the development of veterinary invoice expense, on a constant currency basis, for the Company's subscription business segment by year of occurrence (in thousands, except for cumulative number of veterinary invoices data):
Cumulative veterinary invoice expensesReserveCumulative number of veterinary invoices
As of December 31,As of December 31,
Subscription202020212022202320232023
Year of Occurrence(unaudited)(unaudited)(unaudited)
2020$279,236 $278,325 $277,839 $278,342 $— 1,205,693 
2021$354,083 $351,797 $352,320 $— 1,482,674 
2022$438,148 $439,448 $1,342 1,775,110 
2023$542,362 $30,206 1,981,465 
$1,612,472 $31,548 

The following table summarizes the development of veterinary invoice expense, on a constant currency basis, for the Company's other business segment by year of occurrence (in thousands, except for cumulative number of veterinary invoices data):
Cumulative veterinary invoice expensesReserveCumulative number of veterinary invoices
As of December 31,As of December 31,
Other Business202020212022202320232023
Year of Occurrence(unaudited)(unaudited)(unaudited)
2020$72,289 $72,026 $72,255 $72,352 $— 536,416 
2021$129,814 $130,650 $130,577 $— 906,658 
2022$211,724 $212,163 $945 1,289,524 
2023$287,365 $30,745 1,414,664 
$702,457 $31,690 

Cumulative paid veterinary invoice expense

In the following tables, amounts are by the year the veterinary invoice relates to, referred to as the year of occurrence. Amounts in these tables are presented on a constant currency basis to remove the impact of changes in the foreign currency exchange rate. The cumulative amounts paid as of the end of each year are revalued using the currency exchange rate as of December 31, 2023. Information for years 2020 through 2022 is provided as required supplementary information.

The following table summarizes the amounts paid for veterinary invoices, inclusive of related internal processing costs and reported on a constant currency basis, for the subscription segment (in thousands):
Year Ended December 31,
Subscription2020202120222023
Year of Occurrence(unaudited)(unaudited)(unaudited)
2020$261,780 $276,589 $277,839 $278,342 
2021$334,187 $350,925 $352,320 
2022$417,419 $438,106 
2023$512,156 
$1,580,924 
Total amounts unpaid and recorded as a liability$31,548 
The following table summarizes the amounts paid for veterinary invoices, inclusive of related internal processing costs and reported on a constant currency basis, for the other business segment (in thousands):
Year Ended December 31,
Other Business2020202120222023
Year of Occurrence(unaudited)(unaudited)(unaudited)
2020$63,362 $72,013 $72,255 $72,352 
2021$112,562 $130,157 $130,577 
2022$190,026 $211,218 
2023$256,620 
$670,767 
Total amounts unpaid and recorded as a liability$31,690 
v3.24.0.1
Debt (Notes)
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Long-Term Debt [Text Block] Debt
On March 25, 2022, the Company entered into a credit agreement with Piper Sandler Finance, LLC, acting as the administrative agent, that provides the Company with $150.0 million in credit (the Credit Facility) consisting of:
(a) an initial term loan in an aggregate principal amount of $60.0 million (Initial Term Loan), which was funded at closing;
(b) commitments for delayed draw term loans in an aggregate principal amount not in excess of $75.0 million (Delayed Draw Term Loans, and together with the Initial Term Loan, the Term Loans), which may be drawn from time to time until September 25, 2023. On December 29, 2022, February 17, 2023, and September 21, 2023, the Company borrowed Delayed Draw Term loans of $15.0 million, $35.0 million, and $25.0 million, respectively; and
(c) commitments for revolving loans in an aggregate principal amount at any time outstanding not in excess of $15.0 million (Revolving Loans), which may be drawn at any time prior to March 25, 2027.
The Credit Facility bears interest at a floating base rate plus an applicable margin. The stated interest rate as of December 31, 2023 was approximately 10.5% for the original $60.0 million term loan and for the aggregate $75.0 million term loans. The Company incurred total debt issuance cost of approximately $5.9 million, which is reported in the consolidated balance sheet as a direct reduction from the carrying amount of the Credit Facility, and is amortized as interest expense over the term of five years.
The Credit Facility is secured by substantially all assets of the Company and its subsidiaries. Proceeds from the Credit Facility may be used for permitted acquisitions and investments, working capital and other general corporate purposes. The Credit Agreement contains financial and other covenants. As of December 31, 2023, the Company was in compliance with all financial and other covenants.
To the extent not previously paid, the Initial Term Loan is due and payable on March 25, 2027, the Delayed Draw Term Loans are due and payable on the earlier of the five-year anniversary of their initial funding or March 25, 2028, and Revolving Loans are due and payable on March 25, 2027. The Company must repay 0.25% of any then-outstanding Term Loans, together with accrued and unpaid interest, on a quarterly basis.
Future principal payments on outstanding borrowings as of December 31, 2023 are as follows (in thousands):
Year Ending December 31,December 31, 2023
2024$1,350 
20251,350 
20261,350 
202772,113 
202857,125 
Thereafter— 
Total$133,288 
v3.24.0.1
Stock-based Compensation (Notes)
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Stock-based Compensation 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 for the years ended December 31, 2023, 2022 and 2021 was as follows (in thousands):
 Year Ended December 31,
 202320222021
Veterinary invoice expense$3,667 $4,145 $4,538 
Other cost of revenue1,612 2,339 2,610 
Technology and development2,846 4,742 3,056 
General and administrative17,717 12,831 8,862 
New pet acquisition expense7,319 9,336 9,160 
Total expensed stock-based compensation33,161 33,393 28,226 
Capitalized stock-based compensation2,135 1,633 676 
Total stock-based compensation$35,296 $35,026 $28,902 
As of December 31, 2023, the Company had 714,382 unvested restricted stock units. Stock-based compensation expense of $44.6 million related to unvested restricted stock units are expected to be recognized over a weighted average period of approximately 2.4 years.
In March 2023, two executives terminated employment with the Company and one executive signed a separation agreement effective June 1, 2023. In conjunction with these departures, the Company accelerated the vesting of certain RSUs as of the termination date and extended the purchase date of certain vested options from 90 to 365 days. These award modifications resulted in the recognition of $4.8 million share-based compensation expense during the year ended December 31, 2023.
Stock Options
The grant date fair value of stock option awards are estimated on the date of grant using the Black-Scholes option-pricing model. The Company did not grant any new stock options during the years ended December 31, 2023, 2022, and 2021.
The following table presents information regarding stock options granted, exercised and forfeited for the periods presented:
Number
of
Options		Weighted Average
Exercise
Price per Share		Aggregate
Intrinsic
Value
(in thousands)
Outstanding as of January 1, 20211,459,290 $9.93 $160,200 
Granted— — — 
Exercised(647,164)5.59 58,200 
Forfeited(4,921)13.66 — 
Outstanding as of December 31, 2021807,205 13.39 95,765 
Granted— — — 
Exercised(174,721)12.82 10,931 
Forfeited(2,834)18.87 — 
Outstanding as of December 31, 2022629,650 13.53 21,410 
Granted— — — 
Exercised(213,848)12.47 3,720 
Forfeited(6,832)12.80 — 
Outstanding as of December 31, 2023408,970 14.09 6,715 
Exercisable at December 31, 2023408,970 $14.09 $6,715 
As of December 31, 2023, stock options outstanding and stock options exercisable had a weighted average remaining contractual life of 2.5 years.

The fair value of options vested were as follows for the years ended December 31, 2023, 2022, and 2021. The Company didn't grant any stock options in these three years.
Fair Value of Options Vested
(in thousands)
Year:
2021$313 
2022$— 
2023$— 
Restricted Stock Awards and Restricted Stock Units
A summary of the Company’s restricted stock award and restricted stock unit activity for the years ended December 31, 2023, 2022 and 2021 is as follows:
Number of 
Shares		Weighted Average
Grant Date Fair Value per
Share
Unvested shares as of January 1, 2021782,755 $34.81 
Granted787,730 101.32 
Vested(426,725)40.10 
Forfeited(56,133)72.93 
Unvested shares as of December 31, 20211,087,627 78.94 
Granted623,401 84.11 
Vested(516,077)72.81 
Forfeited(82,399)81.91 
Unvested shares as of December 31, 20221,112,552 84.46 
Granted366,870 26.77 
Vested(669,413)72.52 
Forfeited(95,627)79.60 
Unvested shares as of December 31, 2023714,382 $66.64 
v3.24.0.1
Stockholder's Equity (Notes)
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
Stockholders' Equity Stockholders’ Equity
Common Stock and Preferred Stock
As of December 31, 2023, the Company had 100,000,000 shares of common stock authorized and 41,858,866 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 December 31, 2023, the Company had 10,000,000 shares of undesignated preferred stock authorized for future issuance and did not have any outstanding shares of preferred stock. The holders of common stock are also entitled to receive dividends as and when declared by the board of directors of the Company (the Board), whenever funds are legally available. These rights are subordinate to the dividend rights of holders of any senior classes of stock outstanding at the time. The Company does not intend to declare or pay any cash dividends in the foreseeable future.
Share Repurchase Program
In April 2021, the Board approved a share repurchase program, pursuant to which the Company may, between May 2021 and May 2026, repurchase outstanding shares of the Company's common stock. The Company repurchased no shares during the year ended December 31, 2023. The Company repurchased 95,021 shares under this program during the year ended December 31, 2022.
v3.24.0.1
Segments (Notes)
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Segments Segments
The Company has two aggregated reporting segments: subscription business and other business. The subscription business segment consists of products that have been created to meet the needs of their distribution channels and have similar target margin profiles. This segment generates revenue primarily from subscription fees related to the Company's direct-to-consumer products. The other business segment generates revenue primarily by underwriting policies on behalf of third parties. The Company does not undertake marketing efforts for these policies and has a business-to-business relationship with these third-parties. The other business segment also includes other products and insurance software solutions that have a different margin profile from the Company’s subscription business segment.
The chief operating decision maker reviews revenue and operating income (loss) to evaluate segment performance. Revenue, veterinary invoice expense, other cost of revenue, and new pet acquisition expenses are generally directly attributed to each segment. Other operating expenses, such as technology and development expense, general and administrative expense, and depreciation and amortization, are generally allocated proportionately based on revenue in each segment. Interest and other expenses and income taxes are not allocated to the segments, nor included in the measure of segment profit or loss. The Company does not analyze discrete segment balance sheet information related to long-term assets.
Operating income (loss) of the Company’s segments were as follows (in thousands):
Year Ended December 31,
202320222021
Subscription business:
Revenue$712,906 $596,610 $494,862 
Veterinary invoice expense543,196 436,880 356,448 
Other cost of revenue70,490 60,804 51,216 
Technology and development13,765 16,555 11,942 
General and administrative36,256 25,964 22,579 
New pet acquisition expense77,172 88,959 78,148 
Depreciation and amortization8,021 7,205 8,494 
Subscription business operating loss(35,994)(39,757)(33,965)
Other business:
Revenue395,699 308,569 204,129 
Veterinary invoice expense287,859 212,857 129,614 
Other cost of revenue76,044 72,453 57,367 
Technology and development7,638 8,578 4,924 
General and administrative23,951 13,415 9,314 
New pet acquisition expense200 541 499 
Depreciation and amortization4,453 3,716 3,471 
Other business operating loss(4,446)(2,991)(1,060)
Gain (loss) from investment in joint venture(219)(253)(171)
Total operating loss(40,659)(43,001)(35,196)
Interest expense12,077 4,267 10 
Other expense (income), net(7,701)(3,072)14 
Loss before income taxes$(45,035)$(44,196)$(35,220)
The following table presents the Company’s revenue by geographic region of the member (in thousands):
 Year Ended December 31,
 202320222021
United States$935,312 $764,349 $580,966 
Canada and other173,293 140,830 118,025 
Total revenue$1,108,605 $905,179 $698,991 
Substantially all of the Company’s long-lived assets were located in the United States as of December 31, 2023 and 2022.
v3.24.0.1
Dividend Restrictions Statutory Surplus (Notes)
 12 Months Ended
Dec. 31, 2023
Insurance [Abstract]  
Dividend Restrictions And Statutory Surplus Dividend Restrictions and Statutory Surplus
The Company’s business operations are conducted through subsidiaries, one of which is an insurance company domiciled in New York, American Pet Insurance Company (APIC), and one of which is a segregated cell business, Wyndham Segregated Account AX, located in Bermuda. In 2022, the Company incorporated a new wholly-owned insurance subsidiary, GPIC Insurance Company (GPIC), domiciled in Canada. In 2021, the Company established two new wholly-owned insurance subsidiaries in the United States, ZPIC Insurance Company (ZPIC) and QPIC Insurance Company (QPIC), domiciled in Missouri and Nebraska, respectively. In addition to general state law restrictions on payments of dividends and other distributions to stockholders applicable to all corporations, insurance companies are subject to further regulations that, among other things, may require such companies to maintain certain levels of equity and restrict the amount of dividends and other distributions that may be paid to their parent corporations.
Applicable regulations generally restrict the ability of the insurance entities to pay dividends to its holding company parent. These restrictions are based in part on the prior year’s statutory income and surplus. In the United States, dividends up to specified levels are generally considered ordinary and may be paid without prior approval. Dividends, in larger amounts, known as extraordinary dividends, are subject to approval by the insurer's domiciliary state regulator. An extraordinary dividend or distribution is generally defined as a dividend or distribution that, in the aggregate in any 12-month period, exceeds the lesser of (i) 10% of surplus as of the preceding December 31 or (ii) the insurer’s adjusted net investment income for the 12-month period immediately preceding the declaration or distribution of the current dividend increased by the excess, if any, of net investment income over dividends declared or distributed during the period commencing thirty-six months prior to the declaration or distribution of the current dividend and ending twelve months prior thereto, and not including realized capital gains. APIC paid dividends of $7.6 million to the Company during the year ended December 31, 2023. None of the Company's U.S. insurance subsidiaries paid dividends to the Company during the years ended December 31, 2022 and 2021.
The Company's insurance subsidiary in Bermuda is regulated by the Bermuda Monetary Authority. Under the Bermuda Companies Act of 1981, as amended, a Bermuda company may not declare or pay a dividend or make a distribution out of contributed surplus if there are reasonable grounds for believing that: (a) the company is, or would be after the payment, unable to pay its liabilities as they become due; or (b) the realizable value of the company’s assets would thereby be less than its liabilities. The Segregated Accounts Company Act of 2000 further requires that dividends out of a segregated account can only be paid to the extent that the cell remains solvent. The value of its assets must remain greater than the aggregate of its liabilities, issued share capital, and share premium accounts. Per our contractual agreements with Wyndham Insurance Company (SAC) Limited, the allowable dividend is equivalent to the positive undistributed profit attributable to the shares. This insurance subsidiary paid the Company a dividend of $7.3 million, $6.9 million, and $5.6 million during the years ended December 31, 2023, 2022 and 2021, respectfully.
The statutory net income for 2023, 2022 and 2021 and statutory capital and surplus at December 31, 2023, 2022 and 2021, for APIC were as follows (in thousands):
 As of December 31,
 202320222021
Statutory net income$40,076 $35,227 $24,409 
Statutory capital and surplus$199,613 $162,232 $124,189 
As of December 31, 2023, APIC maintained $199.6 million of statutory capital and surplus which was above the required amount of $137.6 million of statutory capital and surplus to avoid additional regulatory oversight.
During the year ended December 31, 2023, the Company funded $3.8 million, $0.2 million, and CAD $8.5 million of statutory capital to APIC, ZPIC and GPIC, respectively. During the year ended December 31, 2022, the Company funded $8.0 million and $7.8 million of statutory capital to ZPIC and QPIC, respectively. ZPIC, QPIC and GPIC will each be required to maintain a level of surplus as determined by their respective domiciliary regulators. As of December 31, 2023, neither ZPIC, QPIC nor GPIC has begun underwriting any insurance policies.
As of December 31, 2023, the Company had $14.6 million on deposit with various states in which it is licensed to write policies.
v3.24.0.1
Retirement Plan (Notes)
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Employee Benefits Employee Benefits
The Company has a 401(k) plan for its U.S. employees. The plan allows employees to contribute a percentage of their pretax earnings annually, subject to limitations imposed by the Internal Revenue Service. The plan also allows the Company to make a matching contribution, subject to certain limitations. As of December 31, 2023, the Company has made no matching contributions to the 401(k) plan.
v3.24.0.1
Related Party Disclosures (Notes)
 12 Months Ended
Dec. 31, 2023
Related Party Transactions [Abstract]  
Related Parties Related Parties
In 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 $2.2 million and $3.5 million of expenses for consulting services provided by the investee related to pet acquisition during the years ended December 31, 2023 and 2022, respectively, recorded as new pet acquisition expense on the Company's consolidated statement of operations.
v3.24.0.1
Schedule 1-Parent Only Disclosures [Schedule] (Notes)
 12 Months Ended
Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract]  
Schedule 1 - Condensed Financial Information of Registrant
Trupanion, Inc.
Condensed Statements of Operations and Comprehensive Loss
(Parent Company Only, in thousands)
 Year Ended December 31,
 202320222021
Expenses:
Veterinary invoice expense$253 $4,144 $4,538 
Other cost of revenue240 2,340 2,610 
Technology and development1,507 4,930 3,130 
General and administrative5,345 16,346 11,714 
New pet acquisition expense806 9,351 9,177 
Depreciation and amortization494 289 473 
Total expenses8,645 37,400 31,642 
Loss from investment in joint venture(237)(192)(33)
Operating loss(8,882)(37,592)(31,675)
Interest expense11,998 4,255 (2)
Other income, net(14,442)(8,047)(5,755)
Loss before equity in undistributed earnings of subsidiaries(6,438)(33,800)(25,918)
Income tax benefit15,766 14,544 12,272 
Equity (loss) in undistributed earnings of subsidiaries(54,021)(25,416)(21,884)
Net loss$(44,693)$(44,672)$(35,530)
Other comprehensive income (loss), net of taxes:
Other comprehensive income (loss) of subsidiaries6,704 (9,378)6 
Other comprehensive income (loss)6,704 (9,378)6 
Comprehensive loss$(37,989)$(54,050)$(35,524)
Trupanion, Inc.
Condensed Balance Sheets
(Parent Company Only)
(In thousands, except share data)
 December 31,
 20232022
Assets
Current assets:
Cash and cash equivalents$10,994 $16,052 
Accounts and other receivables1 5,739 
Prepaid expenses and other assets804 697 
Total current assets11,799 22,488 
Restricted cash22,963 19,032 
Property and equipment, net3,981 2,398 
Intangible assets, net5,808 5,710 
Other long-term assets12,540 13,960 
Advances to and investments in subsidiaries377,031 312,559 
Total assets$434,122 $376,147 
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable, accrued liabilities, and other current liabilities$336 $484 
Long-term debt - current portion1,350 750 
Total current liabilities1,686 1,234 
Long-term debt127,580 68,354 
Deferred tax liabilities1,106 1,100 
Other liabilities28 162 
Total liabilities130,400 70,850 
Stockholders’ equity:
Common stock: $0.00001 par value per share, 100,000,000 shares authorized; 42,887,052 and 41,858,866 shares issued and outstanding at December 31, 2023; 42,041,344 and 41,013,158 shares issued and outstanding at December 31, 2022
— — 
Preferred stock: $0.00001 par value per share, 10,000,000 shares authorized; no shares issued and outstanding
— — 
Additional paid-in capital536,108 499,694 
Accumulated other comprehensive income (loss)403 (6,301)
Accumulated deficit(216,255)(171,562)
Treasury stock, at cost: 1,028,186 shares at December 31, 2023 and 2022
(16,534)(16,534)
Total stockholders’ equity303,722 305,297 
Total liabilities and stockholders’ equity$434,122 $376,147 
Trupanion, Inc.
Condensed Statements of Cash Flows
(Parent Company Only, in thousands)
 Year Ended December 31,
 202320222021
Operating activities
Net loss$(44,693)$(44,672)$(35,530)
Adjustments to reconcile net loss to cash provided by (used in) operating activities:
Loss attributable to investments in subsidiaries39,184 19,331 17,501 
Dividends from subsidiaries14,837 6,942 5,567 
Depreciation and amortization494 289 473 
Stock-based compensation expense4,575 33,393 28,226 
Other, net4,200 533 (161)
Changes in operating assets and liabilities6,194 (166)(1,219)
Net cash provided by operating activities24,791 15,650 14,857 
Investing activities
Cash paid in business acquisition, net of cash acquired— (15,034)— 
Purchases of property and equipment(172)(516)(280)
Advances to and investments in subsidiaries(87,198)(71,671)(71,721)
Other investments 1,586 (1,598)(1,755)
Net cash used in investing activities(85,784)(88,819)(73,756)
Financing activities
Proceeds from debt financing, net of financing fees59,972 69,138 — 
Repayments of debt financing(1,225)(487)— 
Repurchase of common stock— (5,755)— 
Proceeds from exercise of stock options2,655 2,290 3,607 
Taxes paid related to net share settlement of equity awards(1,536)(4,359)(4,732)
Net cash (used in) provided by financing activities59,866 60,827 (1,125)
Net change in cash, cash equivalents, and restricted cash(1,127)(12,342)(60,024)
Cash, cash equivalents, and restricted cash at beginning of period35,084 47,426 107,450 
Cash, cash equivalents, and restricted cash at end of period$33,957 $35,084 $47,426 

1. Organization and Presentation
The accompanying condensed financial statements present the financial position, results of operations and cash flows for Trupanion, Inc. These condensed unconsolidated financial statements should be read in conjunction with the consolidated financial statements of Trupanion, Inc. and its subsidiaries and the notes thereto (the Consolidated Financial Statements). Investments in subsidiaries are accounted for using the equity method of accounting. Trupanion, Inc. received cash dividends from subsidiaries of $14.9 million, $6.9 million and $5.6 million for the years ended December 31, 2023, 2022 and 2021, respectively. These cash dividends were recorded within Trupanion, Inc.'s other income and were eliminated within the consolidated financial statements of Trupanion, Inc.
The Company has made an immaterial presentation error correction within the Condensed Statements of Cash Flows, reclassifying prior years' dividends from subsidiaries from investing to operating activities. Additional information about Trupanion, Inc.’s accounting policies pertaining to intangible assets, commitments and contingencies, stock-based compensation, stockholders’ equity, and income taxes are set forth in Notes 5, 9, 12, 13, and 17, respectively, to the Consolidated Financial Statements.
v3.24.0.1
Nature of Operations and Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business and Basis of Presentation
Description of Business
Trupanion, Inc. (collectively with its wholly-owned subsidiaries, the "Company") provides medical insurance for cats and dogs in the United States, Canada, Continental Europe, and Australia. The Company's data-driven, vertically-integrated approach enables the Company to provide pet owners with products that the Company believes are the highest value medical insurance, priced specifically for each pet’s unique characteristics.
Basis of Presentation
The consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") and include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
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.
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]
Cash, Cash Equivalents and Restricted Cash
The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. At times, cash on deposit may be in excess of the applicable federal deposit insurance corporation limits.
The Company considers any cash account not held in trust for a third party that is contractually restricted to withdrawal or use to be restricted cash. The Company is required to maintain certain restricted cash balances to comply with insurance company regulations. As of December 31, 2023, the Company was in compliance with all requirements.
Trade and Other Accounts Receivable, Policy [Policy Text Block]
Accounts and Other Receivables
Accounts and other receivables are comprised of trade receivables and other miscellaneous receivables and are carried at their estimated collectible amounts. Trade receivables are primarily related to the Company’s other business segment where the Company generates revenue from underwriting policies through unaffiliated general agents. These policies are typically annual policies, with monthly payment terms through the end of the twelve-month period. The Company had $249.8 million and $220.8 million accounts receivable associated with underwriting these policies as of December 31, 2023 and 2022, respectively. During the year ended December 31, 2023, the Company incurred a non-recurring $3.8 million settlement of accounts receivable due to uncollected premiums in connection with the transition of underwriting a third-party business to other insurers.
Deferred Policy Acquisition Costs, Policy [Policy Text Block]
Deferred Acquisition Costs
The Company incurs certain costs, including premium taxes, enrollment-based bonuses, and referral fees that directly relate to the successful acquisition of new or renewal customer contracts. These costs are deferred and are included in prepaid expenses and other assets on the consolidated balance sheet and amortized over the related policy term to the applicable financial statement line item, either new pet acquisition expense or other cost of revenue. Deferred acquisition costs as of December 31, 2023 and 2022 were $7.4 million and $6.0 million, respectively. Amortized deferred acquisition costs classified within new pet acquisition expense amounted to $6.0 million, $4.9 million, and $4.7 million and amortized deferred acquisition costs classified within other cost of revenue amounted to $45.6 million, $33.9 million, and $30.5 million, for the years ended December 31, 2023, 2022, and 2021, respectively.
Investment, Policy [Policy Text Block]
Investments
The Company invests in investment grade fixed maturity securities of varying maturities. Available-for-sale securities are reported at fair value with unrealized gains and losses included in accumulated other comprehensive income (loss). Held-to-maturity securities are reported at amortized cost. Premiums or discounts on fixed maturity securities are amortized or accreted over the life of the security and included in interest income. There were $0.3 million in realized gains and $0.9 million in realized losses on sales of fixed maturity securities during the year ended December 31, 2023, and no realized gains or losses on sales of fixed maturity securities during the years ended December 31, 2022 and 2021.
Each reporting period, the Company evaluates whether declines in fair value of its investments below carrying value are the result of expected credit losses. This evaluation includes the Company's ability and intent to hold these investments until recovery of carrying value occurs, including an evaluation of all available information relevant to the collectability of the security, including past events, current conditions, and reasonable and supportable forecasts. Expected credit losses are recorded as an allowance through other expense (income), net on the Company's consolidated statements of operations.
Fair Value Measurement, Policy [Policy Text Block]
Fair Value of Financial Instruments
The Company is required to disclose information on all assets and liabilities reported at fair value that enables an assessment of the inputs used in determining the reported fair values. The fair value hierarchy prioritizes valuation inputs based on the observable nature of those inputs. The fair value hierarchy applies only to the valuation inputs used in determining the reported fair value of the investments and is not a measure of the investment credit quality. The hierarchy defines three levels of valuation inputs:
Level 1 - Quoted prices in active markets for identical assets or liabilities
Level 2 - Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly
Level 3 - Unobservable inputs that reflect the Company's own assumptions about the assumptions market participants would use in pricing the asset or liability
The Company's financial instruments, in addition to those presented in Note 8, Fair Value, include cash and cash equivalents, accounts receivable, accounts payable, and accrued liabilities. The carrying amounts of accounts receivable, accounts payable, and accrued liabilities approximate fair value because of the short-term nature of these instruments.
Property, Plant and Equipment, Policy [Policy Text Block]
Property, Equipment, and Internal-Use Software
Property, equipment, and internal-use software primarily consists of building, land and land improvements, office equipment, internal-use software related to the Company’s website, and internal support systems. Internal-use software is capitalized during the application development stage of the project. Property and equipment is recorded at cost and depreciated using the straight-line method over the estimated useful life of the respective asset:
LandNot depreciable
Land improvements10years
Building39years
Software3to5years
Office equipment3to5years
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block]
Goodwill and Intangible Assets
Goodwill and indefinite-lived intangible assets are not amortized. The Company reviews these assets for impairment at least annually or if indicators of potential impairment exist. Acquired finite-lived intangibles are amortized on a straight-line basis over the estimated useful lives of the assets. The Company has recognized no impairment loss on goodwill and indefinite-lived intangible assets for the years ended December 31, 2023, 2022, and 2021.
Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block]
Asset Impairment
Long-lived assets, including property, equipment, internal-use software, and finite-lived intangible assets, are reviewed for impairment when events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Should an impairment exist, the impairment loss would be measured as the amount the asset's carrying value exceeds its fair value. The Company has recognized no impairment loss on long-lived assets, including property, equipment, internal-use software, and finite-lived intangible assets for the years ended December 31, 2023, 2022, and 2021.
Liability Reserve Estimate, Policy [Policy Text Block]
Reserve for Veterinary Invoices
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. To determine the accrual, the Company makes assumptions based on its historical experience, including the number of veterinary invoices it expects to receive, the average cost of those veterinary invoices, the length of time between the date of the veterinary invoice and the date the Company receives it, the member's chosen deductible, and the Company's expected cost to process and administer the payments. As of each balance sheet date, the Company reevaluates its reserve and adjusts the estimate for new information.
Deferred Revenue, Policy [Policy Text Block]
Deferred Revenue
Deferred revenue is primarily related to the Company’s other business segment where the Company generates revenue from underwriting policies through unaffiliated general agents. These policies are typically annual policies for which revenue is recognized pro-rata over the twelve-month policy period. Deferred revenue also consists of subscription fees received or billed in advance of the subscription services within the Company's subscription business.
Revenue Recognition, Policy [Policy Text Block]
Revenue Recognition
The Company generates revenue primarily from subscription fees and through underwriting policies for unaffiliated general agents. For the year ended December 31, 2023, premiums from policies sourced by general agents accounted for 34% of our total revenue, and one general agent sourced members whose premiums accounted for over 10% of our total revenue. Revenue is recognized pro-rata over the terms of the customer contracts.
Cost of Sales, Policy [Policy Text Block]
Veterinary Invoice Expense
Veterinary invoice expense includes the Company’s costs to review and pay veterinary invoices, administer the payments, and provide member services, and other operating expenses directly or indirectly related to this process. The Company also accrues for veterinary invoices that have been incurred but not yet received or paid and the estimated cost of processing these invoices. Veterinary invoice expense also includes amounts paid by unaffiliated general agents on our behalf, and an estimate of amounts incurred and not yet paid for the other business segment.
Other Costs of Revenue, Policy [Policy Text Block]
Other Cost of Revenue
Other cost of revenue for the subscription business segment includes direct and indirect member service expenses, Territory Partner renewal fees, credit card transaction fees and premium tax expenses. Other cost of revenue for the other business segment includes the commissions the Company pays to unaffiliated general agents and costs to administer the programs in the other business segment.
Research and Development Expense, Policy [Policy Text Block]
Technology and Development
Technology and development expenses primarily consist of personnel costs and related expenses for the Company's technology staff, which includes information technology development and infrastructure support and third-party services. It also includes expenses associated with development of new products and offerings.
Selling, General and Administrative Expenses, Policy [Policy Text Block]
General and Administrative
General and administrative expenses consist primarily of personnel costs and related expenses for the Company’s finance, actuarial, human resources, legal, regulatory, and general management functions, as well as facilities and professional services.
New Pet Acquisition Expense
New pet acquisition expense primarily consists of costs, including employee compensation, to educate veterinarians and consumers about the benefits of Trupanion, to generate leads and to convert leads into enrolled pets, as well as print, online and promotional advertising costs.
Nonoperating Income (Expense)
Other Expense (Income), Net
Other income, net, was $7.7 million, $3.1 million, and nil, including interest income of $9.0 million, $3.0 million, and $0.3 million offset by credit losses of $1.7 million, nil, and nil for the years ended December 31, 2023, 2022, and 2021, respectively.
Advertising Costs, Policy [Policy Text Block]
Advertising
Advertising costs are expensed as incurred, with the exception of television advertisements, which are expensed the first time each advertisement is aired. Advertising costs amounted to $16.9 million, $25.5 million and $23.6 million, in the years ended December 31, 2023, 2022 and 2021, respectively.
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]
Stock-Based Compensation
Compensation expense related to stock-based transactions, including employee and non-employee stock option awards, restricted stock awards, and restricted stock units, is measured and recognized in the financial statements based on fair value. The fair value of restricted stock awards and restricted stock units is the common stock price as of the measurement date. The fair value of stock options is estimated on the measurement date using the Black-Scholes option-pricing model that requires management to apply judgment and make estimates, including:

•Expected volatility —The Company estimates the expected volatility based on the historical volatility of a representative group of publicly traded companies with similar characteristics to the Company, and its own historical volatility;
•Expected term for awards granted to employees —The Company has based its expected term for awards issued to employees on the simplified method, as permitted by the SEC Staff Accounting Bulletin Topic 14, Share-Based Payment;
•Risk-free interest rate—The risk-free interest rate is based on the yields of U.S. Treasury securities with maturities similar to the expected term of the options; and
•Expected dividend yield—The Company has never declared or paid any cash dividends and does not presently plan to pay cash dividends in the foreseeable future. Consequently, the Company uses an expected dividend yield of zero.
Stock-based compensation expense for stock options, restricted stock awards, and restricted stock units is recognized on a straight-line basis over the requisite service period, which is generally the vesting period of the respective award. The Company recognizes forfeitures when they occur.
Income Tax, Policy [Policy Text Block]
Income Taxes
The Company uses the asset and liability approach for accounting and reporting income taxes. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities, and their respective tax bases, operating loss, and tax credit carryforwards.
Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a tax rate change is recognized in the period that includes the enactment date. Valuation allowances are provided for when it is considered more likely than not that deferred tax assets will not be realized.
The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than a 50% likelihood of being realized. Penalties and interest are classified as a component of income taxes.
Foreign Currency Transactions and Translations Policy [Policy Text Block]
Foreign Currency Translation
The Company’s consolidated financial statements are reported in U.S. dollars. Assets and liabilities denominated in foreign currencies were translated to U.S. dollars, the reporting currency, at the exchange rates in effect on the balance sheet date. Revenue and expenses denominated in foreign currencies were translated to U.S. dollars using a weighted average rate for the relevant reporting period. Cumulative translation adjustments of $(0.1) million, $(2.8) million, and $1.6 million were recorded in accumulated other comprehensive loss (income) as of December 31, 2023, 2022, and 2021, respectively.
Reinsurance Accounting Policy [Policy Text Block]
Insurance Operations
Effective January 1, 2015, the Company formed a segregated account in Bermuda as part of Wyndham Insurance Company (SAC) Limited (WICL) and entered into a revised fronting and reinsurance arrangement with Omega General Insurance Company (Omega) to include its newly formed segregated account. The Company maintains all risk with the business written in Canada and consolidates the entity in its financial statements. Dividends are allowed subject to the Segregated Accounts Company Act of 2000, which allows for dividends only to the extent that the entity remains solvent and the value of its assets remain greater than the aggregate of its liabilities and its issued share capital and share premium accounts.

For the Company’s Canadian business, all plans are written by Omega and the risk is assumed by the Company through a fronting and reinsurance agreement. Premiums are recognized and earned pro rata over the terms of the related customer contracts. Revenue recognized from the agreement in 2023, 2022, and 2021 was $167.6 million, $135.9 million and $112.0 million, respectively, and deferred revenue relating to this arrangement at December 31, 2023 and 2022 was $9.5 million and $6.4 million, respectively. Reinsurance revenue was 15%, 15%, and 16% of total revenue in 2023, 2022, and 2021, respectively. Cash designated for the purpose of paying claims related to this reinsurance agreement was $11.2 million and $7.2 million at December 31, 2023 and 2022, respectively. In addition, as required by the Office of the Superintendent of Financial Institutions regulations related to the Company’s reinsurance agreement with Omega, the Company is required to fund a Canadian Trust account with the greater of CAD $2.0 million or 120% of unearned Canadian premium plus 20% of outstanding Canadian claims, including all incurred but not reported claims. As of December 31, 2023, the account balance was CAD $15.7 million and the Company was in compliance with all requirements.

The Company has not transferred any risk to third-party reinsurers.
Concentration Risk, Credit Risk, Policy [Policy Text Block]
Concentrations of Credit Risk
Financial instruments, which potentially subject the Company to concentration of credit risk, consist primarily of cash and cash equivalents, investments, and debt. The Company manages its risk by investing cash equivalents and investment securities in money market instruments and securities of the U.S. government, U.S. government agencies and high-credit-quality issuers of debt securities.
New Accounting Pronouncements, Policy [Policy Text Block]
Recent Accounting Pronouncements
In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07 related to improving segment disclosures. This ASU enhances disclosures about significant segment expenses, allows for multiple measures of a segment's profit or loss, and requires additional disclosures about the Chief Operating Decision Maker. The ASU is effective for annual periods beginning after December 15, 2023, including interim periods within that reporting period, with early adoption permitted. As of year-end, the Company is still evaluating the impact on its consolidated financial statements.
In December 2023, the FASB issued ASU 2023-09 which improves and expands upon the income tax disclosures, primarily related to the rate reconciliation and income taxes paid information. The ASU is effective for annual periods beginning after December 15, 2024, including interim periods within that reporting period, with early adoption permitted. As of year-end, the Company is still evaluating the impact on its consolidated financial statements.
v3.24.0.1
Other Investments details (Policies)
 12 Months Ended
Dec. 31, 2023
Other Investments [Abstract]  
Variable Interest Entity Disclosure [Text Block] Investment
The Company has invested $7.0 million in the preferred stock of a variable interest entity, Baystride, Inc., a U.S.-based privately held corporation operating in the pet food industry. The Company does not have power over the activities that most significantly impact the economic performance of the entity and is, therefore, not the primary beneficiary. The Company has the option to purchase all of the outstanding common stock issued by the entity in August 2027 at an amount approximating its expected fair value. The preferred stock investment in the entity is redeemable, and therefore, is accounted for as an available-for-sale debt security, and measured at fair value at each balance sheet date — see Note 8.
Additionally, the Company has extended a $7.0 million revolving line of credit to the variable interest entity to fund its inventory purchases, which will increase annually by $2.0 million until the note’s maturity in 2027. Borrowing amounts are subject to limitations based on Baystride’s forecasted revenues and inventory balances. The Company's investment and amounts loaned under the line of credit are recorded in other long-term assets on its consolidated balance sheet. The outstanding loan balance under the line of credit, including accrued interest, was $4.0 million and $6.3 million as of December 31, 2023 and 2022, respectively. The Company has also entered into a series of agreements to provide ancillary services to, and receive reimbursement from, the variable interest entity at cost. The Company provided $0.4 million and $0.8 million of these services for the years ended December 31, 2023 and 2022, respectively.
v3.24.0.1
Fair Value Notes Receivable (Policies)
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Loans, Notes, Trade and Other Receivables Disclosure
The Company's other long-term assets balance also included notes receivable of $6.8 million and $9.3 million as of December 31, 2023 and 2022, respectively, recorded at their estimated collectible amount. The Company estimates that the carrying value of the notes receivable approximates the fair value. The estimated fair value represents a Level 3 measurement within the fair value hierarchy, and is based on market interest rates and the assessed creditworthiness of the third party.
The Company estimates the fair value of long-term debt based upon rates currently available to the Company for debt with similar terms and remaining maturities. This is a Level 3 measurement. Based upon the terms of the debt, the carrying amount of long-term debt approximated fair value at December 31, 2023.
v3.24.0.1
Segment Reporting (Policies)
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Segment Reporting, Policy
The Company has two aggregated reporting segments: subscription business and other business. The subscription business segment consists of products that have been created to meet the needs of their distribution channels and have similar target margin profiles. This segment generates revenue primarily from subscription fees related to the Company's direct-to-consumer products. The other business segment generates revenue primarily by underwriting policies on behalf of third parties. The Company does not undertake marketing efforts for these policies and has a business-to-business relationship with these third-parties. The other business segment also includes other products and insurance software solutions that have a different margin profile from the Company’s subscription business segment.
The chief operating decision maker reviews revenue and operating income (loss) to evaluate segment performance. Revenue, veterinary invoice expense, other cost of revenue, and new pet acquisition expenses are generally directly attributed to each segment. Other operating expenses, such as technology and development expense, general and administrative expense, and depreciation and amortization, are generally allocated proportionately based on revenue in each segment. Interest and other expenses and income taxes are not allocated to the segments, nor included in the measure of segment profit or loss. The Company does not analyze discrete segment balance sheet information related to long-term assets.
v3.24.0.1
Organization, Consolidation and Presentation of Financial Statements (Tables)
 12 Months Ended
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedules of Concentration of Risk, by Risk Factor For the year ended December 31, 2023, premiums from policies sourced by general agents accounted for 34% of our total revenue, and one general agent sourced members whose premiums accounted for over 10% of our total revenue.
v3.24.0.1
Net Loss per Share (Tables)
 12 Months Ended
Dec. 31, 2023
Earnings Per Share [Abstract]  
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]
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:
 As of December 31,
 202320222021
Stock options408,970 629,650 807,205 
Restricted stock awards and restricted stock units714,382 1,112,552 1,087,627 
v3.24.0.1
Business Combinations (Tables)
 12 Months Ended
Dec. 31, 2022
Business Combinations [Abstract]  
Business Combination, Separately Recognized Transactions
The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date (in thousands):
November 16,
2022
Current assets, net of cash acquired$295 
Property and equipment and other long-term assets27 
Amortizable intangible assets5,121 
Goodwill9,541 
Current liabilities and short-term loan(1,677)
Deferred tax liability and other liabilities(1,056)
Total consideration transferred, net of cash acquired$12,251 
v3.24.0.1
Property Plant and Equipment (Tables)
 12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment
Property, equipment, and internal-use software, net consisted of the following (in thousands):
 December 31,
 20232022
Land and improvements$15,911 $15,911 
Building and improvements48,974 48,963 
Software40,097 34,779 
Office equipment and other6,129 6,814 
Construction in progress34,627 21,415 
Property, equipment and internal-use software, at cost145,738 127,882 
Less: Accumulated depreciation(42,088)(37,181)
Property and equipment, net$103,650 $90,701 
v3.24.0.1
Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Finite-Lived Intangible Assets
The following table presents the detail of intangible assets other than goodwill for the periods presented (in thousands):
Gross Carrying ValueAccumulated AmortizationNet Carrying ValueWeighted Average Useful Life Remaining as of December 31, 2023
December 31, 2023:
Licenses$4,773 $— $4,773 N/A
Leases848 (848)— —
Trade name1,294 (412)882 6.8
Developed technologies17,278 (9,023)8,255 2.6
Customer relationships8,379 (4,855)3,524 2.1
Patents, trademarks, and other2,459 (1,148)1,311 5.0
Total Intangibles$35,031 $(16,286)$18,745 2.8
December 31, 2022:
Licenses$4,773 $— $4,773 
Leases2,959 (2,866)93 
Trade name1,228 (266)962 
Developed technologies16,770 (5,164)11,606 
Customer relationships7,980 (3,001)4,979 
Patents, trademarks, and other2,768 (1,150)1,618 
Total Intangibles$36,478 $(12,447)$24,031 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
As of December 31, 2023, expected amortization expense relating to purchased intangible assets for each of the next five years and thereafter is as follows (in thousands):
Year ending December 31:
2024$5,345 
20254,556 
20261,482 
20271,311 
2028164 
Thereafter443 
Total$13,301 
Schedule of Goodwill Goodwill and Intangible Assets
Goodwill arises from business acquisitions in which the purchase price exceeds the fair value of tangible and intangible assets acquired less assumed liabilities.
The following is a summary of goodwill by reportable segment for the years ended December 31, 2023 and 2022 (in thousands):
Subscription BusinessOther BusinessTotal
Balance as of January 1, 2022$32,709 $— $32,709 
Acquisitions12,159 — 12,159 
Effects of foreign currency(2,885)— (2,885)
Balance as of December 31, 202241,983 — 41,983 
Effects of foreign currency1,730 — 1,730 
Balance as of December 31, 2023$43,713 $— $43,713 
v3.24.0.1
Investment Securities Debt and Equity Securities (Tables)
 12 Months Ended
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Unrealized Gain (Loss) on Investments 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 December 31, 2023 and 2022 (in thousands):
Amortized
Cost		Gross
Unrealized
Holding
Gains		Gross
Unrealized
Holding
Losses		Fair
Value
As of December 31, 2023
Long-term investments:
Available-for-sale investments
Foreign deposits$11,869 $— $— $11,869 
$11,869 $— $— $11,869 
Held-to-maturity investments
U.S. treasury securities$997 $8 $— $1,005 
$997 $8 $— $1,005 
Short-term investments:
Available-for-sale investments
              U.S. treasury securities$44,425 $326 $(64)$44,687 
Mortgage-backed securities and collateralized mortgage obligations10,460 69 (75)10,454 
Other asset-backed securities12,422 67 (53)12,436 
Corporate bonds36,404 332 (123)36,613 
$103,711 $794 $(315)$104,190 
Held-to-maturity investments
U.S. Treasury securities$13,179 $21 $(15)$13,185 
              Certificates of deposit12,298 — — 12,298 
$25,477 $21 $(15)$25,483 
 Amortized
Cost		Gross
Unrealized
Holding
Gains		Gross
Unrealized
Holding
Losses		Fair
Value
As of December 31, 2022
Long-term investments:
Available-for-sale investments
Foreign deposits$7,683 $— $— $7,683 
$7,683 $— $— $7,683 
Held-to-maturity investments
U.S. treasury securities$158 $— $(4)$154 
$158 $— $(4)$154 
Short-term investments:
Available-for-sale investments
U.S. treasury securities$42,833 $17 $(203)$42,647 
Mortgage-backed securities and collateralized mortgage obligations8,015 8 (105)7,918 
Other asset-backed securities11,286 8 (85)11,209 
Municipal bond1,000 — (6)994 
Corporate bonds37,793 95 (357)37,531 
$100,927 $128 $(756)$100,299 
Held-to-maturity investments
U.S. Treasury securities$12,059 $— $(58)$12,001 
Certificates of deposit3,254 — — 3,254 
U.S. government funds41,192 — — 41,192 
$56,505 $— $(58)$56,447 
Investments Classified by Contractual Maturity Date
Maturities of investments classified as available-for-sale and held-to-maturity were as follows (in thousands):
 December 31, 2023
 Amortized
Cost		Fair
Value
Available-for-sale:
Due under one year$2,420 $2,408 
Due after one year through five years90,278 90,761 
$92,698 $93,169 
Available-for-sale collateralized:
Mortgage-backed securities and collateralized mortgage obligations$10,460 $10,454 
Other asset-backed securities12,422 12,436 
$22,882 $22,890 
Held-to-maturity:
Due under one year$25,477 $25,483 
Due after one year through five years997 1,005 
$26,474 $26,488 
v3.24.0.1
Other Investments (Tables)
 12 Months Ended
Dec. 31, 2023
Other Investments [Abstract]  
Accounts Receivable, Allowance for Credit Loss The following table presents a rollforward of the allowance for credit losses for this investment.
 Balance as of January 1, 2022 $— 
(Addition to) allowance for credit losses — 
 Balance as of December 31, 2022 — 
(Addition to) allowance for credit losses (1,674)
 Balance as of December 31, 2023 $(1,674)
v3.24.0.1
Fair Value (Tables)
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Fair value, asset & liabilities measured on recurring basis [Table Text Block]
The following table summarizes, by major security type, the Company's assets that are measured at fair value on a recurring basis, and placement within the fair value hierarchy (in thousands):
 As of December 31, 2023
 Fair ValueLevel 1Level 2Level 3
Assets
Money market funds$67,360 $67,360 $— $— 
Fixed maturities:
Mortgage-backed securities and collateralized mortgage obligations10,454 — 10,454 — 
Other asset-backed securities12,436 — 12,436 — 
Corporate bonds36,613 — 36,613 — 
Foreign deposits11,869 11,869 — — 
U.S. Treasury securities44,687 — 44,687 — 
Preferred stock investment5,326 — — 5,326 
Total$188,745 $79,229 $104,190 $5,326 
 As of December 31, 2022
 Fair ValueLevel 1Level 2Level 3
Assets
Money market funds$1,633 $1,633 $— $— 
Fixed maturities:
Mortgage-backed securities and collateralized mortgage obligations7,918 — 7,918 — 
Other asset-backed securities11,209 — 11,209 — 
Corporate bonds37,531 — 37,531 — 
Foreign deposits7,683 7,683 — — 
Municipal bond994 — 994 — 
U.S. Treasury securities42,647 — 42,647 — 
Preferred stock investment4,115 — — 4,115 
Total$113,730 $9,316 $100,299 $4,115 
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
The following table presents the change in fair value of the Company’s investment carried at fair value and classified as Level 3 as of December 31, 2023 (in thousands):
Preferred Stock Investment
Balance as of January 1, 2021$7,949 
Unrealized gain included in other comprehensive income (loss)493 
Balance as of December 31, 2021$8,442 
Unrealized loss included in other comprehensive income (loss)(4,327)
Balance as of December 31, 2022$4,115 
Reversal of cumulative unrealized loss included in other comprehensive income (loss)2,885 
Credit loss included in earnings(1,674)
Balance as of December 31, 2023$5,326 
v3.24.0.1
Claims Reserve (Tables)
 12 Months Ended
Dec. 31, 2023
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):
 Year Ended December 31,
Subscription202320222021
Reserve at beginning of year$21,543 $22,407 $19,925 
Veterinary invoices during the period related to:
Current year540,396 439,679 357,859 
Prior years2,800 (2,799)(1,411)
Total veterinary invoice expense543,196 436,880 356,448 
Amounts paid during the period related to:
Current year506,294 414,778 333,182 
Prior years23,001 18,739 16,109 
Total paid529,295 433,517 349,291 
Non-cash expenses3,896 4,227 4,675 
Reserve at end of period$31,548 $21,543 $22,407 
The Company had unfavorable development on veterinary invoice reserves for the subscription business segment of $2.8 million for the year ended December 31, 2023, favorable development on veterinary invoice reserves of $2.8 million for the year ended December 31, 2022, and favorable development on veterinary invoice reserves of $1.4 million for the year ended December 31, 2021, all of which were the result of ongoing analysis of recent payment trends.

Summarized below are the changes in total liability for the Company's other business segment (in thousands):
 Year Ended December 31,
Other Business202320222021
Reserve at beginning of year$22,191 $17,264 $9,004 
Veterinary invoices during the period related to:
Current year287,361 211,729 129,826 
Prior years498 1,128 (212)
Total veterinary invoice expense287,859 212,857 129,614 
Amounts paid during the period related to:
Current year256,616 190,031 112,574 
Prior years21,744 17,899 8,780 
Total paid278,360 207,930 121,354 
Non-cash expenses— — — 
Reserve at end of period$31,690 $22,191 $17,264 

The Company had unfavorable development on veterinary invoice reserves for the other business segment of $0.5 million for the year ended December 31, 2023, unfavorable development on veterinary invoice reserves of $1.1 million for the year ended December 31, 2022, and favorable development on veterinary invoice reserves of $0.2 million for the year ended December 31, 2021, all of which were the result of ongoing analysis of recent payment trends.
Short-duration Insurance Contracts, Claims Development [Table Text Block]
The following table summarizes the development of veterinary invoice expense, on a constant currency basis, for the Company's subscription business segment by year of occurrence (in thousands, except for cumulative number of veterinary invoices data):
Cumulative veterinary invoice expensesReserveCumulative number of veterinary invoices
As of December 31,As of December 31,
Subscription202020212022202320232023
Year of Occurrence(unaudited)(unaudited)(unaudited)
2020$279,236 $278,325 $277,839 $278,342 $— 1,205,693 
2021$354,083 $351,797 $352,320 $— 1,482,674 
2022$438,148 $439,448 $1,342 1,775,110 
2023$542,362 $30,206 1,981,465 
$1,612,472 $31,548 

The following table summarizes the development of veterinary invoice expense, on a constant currency basis, for the Company's other business segment by year of occurrence (in thousands, except for cumulative number of veterinary invoices data):
Cumulative veterinary invoice expensesReserveCumulative number of veterinary invoices
As of December 31,As of December 31,
Other Business202020212022202320232023
Year of Occurrence(unaudited)(unaudited)(unaudited)
2020$72,289 $72,026 $72,255 $72,352 $— 536,416 
2021$129,814 $130,650 $130,577 $— 906,658 
2022$211,724 $212,163 $945 1,289,524 
2023$287,365 $30,745 1,414,664 
$702,457 $31,690 
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Table Text Block]
The following table summarizes the amounts paid for veterinary invoices, inclusive of related internal processing costs and reported on a constant currency basis, for the subscription segment (in thousands):
Year Ended December 31,
Subscription2020202120222023
Year of Occurrence(unaudited)(unaudited)(unaudited)
2020$261,780 $276,589 $277,839 $278,342 
2021$334,187 $350,925 $352,320 
2022$417,419 $438,106 
2023$512,156 
$1,580,924 
Total amounts unpaid and recorded as a liability$31,548 
The following table summarizes the amounts paid for veterinary invoices, inclusive of related internal processing costs and reported on a constant currency basis, for the other business segment (in thousands):
Year Ended December 31,
Other Business2020202120222023
Year of Occurrence(unaudited)(unaudited)(unaudited)
2020$63,362 $72,013 $72,255 $72,352 
2021$112,562 $130,157 $130,577 
2022$190,026 $211,218 
2023$256,620 
$670,767 
Total amounts unpaid and recorded as a liability$31,690 
v3.24.0.1
Debt (Tables)
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Maturities of Long-Term Debt [Table Text Block]
Future principal payments on outstanding borrowings as of December 31, 2023 are as follows (in thousands):
Year Ending December 31,December 31, 2023
2024$1,350 
20251,350 
20261,350 
202772,113 
202857,125 
Thereafter— 
Total$133,288 
v3.24.0.1
Stock-based Compensation (Tables)
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs Stock-based compensation expense recognized in each category of the consolidated statements of operations for the years ended December 31, 2023, 2022 and 2021 was as follows (in thousands):
 Year Ended December 31,
 202320222021
Veterinary invoice expense$3,667 $4,145 $4,538 
Other cost of revenue1,612 2,339 2,610 
Technology and development2,846 4,742 3,056 
General and administrative17,717 12,831 8,862 
New pet acquisition expense7,319 9,336 9,160 
Total expensed stock-based compensation33,161 33,393 28,226 
Capitalized stock-based compensation2,135 1,633 676 
Total stock-based compensation$35,296 $35,026 $28,902 
As of December 31, 2023, the Company had 714,382 unvested restricted stock units. Stock-based compensation expense of $44.6 million related to unvested restricted stock units are expected to be recognized over a weighted average period of approximately 2.4 years.
In March 2023, two executives terminated employment with the Company and one executive signed a separation agreement effective June 1, 2023. In conjunction with these departures, the Company accelerated the vesting of certain RSUs as of the termination date and extended the purchase date of certain vested options from 90 to 365 days. These award modifications resulted in the recognition of $4.8 million share-based compensation expense during the year ended December 31, 2023.
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions
Stock Options
The grant date fair value of stock option awards are estimated on the date of grant using the Black-Scholes option-pricing model. The Company did not grant any new stock options during the years ended December 31, 2023, 2022, and 2021.
Schedule of Share-based Compensation, Stock Options, Activity
The following table presents information regarding stock options granted, exercised and forfeited for the periods presented:
Number
of
Options		Weighted Average
Exercise
Price per Share		Aggregate
Intrinsic
Value
(in thousands)
Outstanding as of January 1, 20211,459,290 $9.93 $160,200 
Granted— — — 
Exercised(647,164)5.59 58,200 
Forfeited(4,921)13.66 — 
Outstanding as of December 31, 2021807,205 13.39 95,765 
Granted— — — 
Exercised(174,721)12.82 10,931 
Forfeited(2,834)18.87 — 
Outstanding as of December 31, 2022629,650 13.53 21,410 
Granted— — — 
Exercised(213,848)12.47 3,720 
Forfeited(6,832)12.80 — 
Outstanding as of December 31, 2023408,970 14.09 6,715 
Exercisable at December 31, 2023408,970 $14.09 $6,715 
As of December 31, 2023, stock options outstanding and stock options exercisable had a weighted average remaining contractual life of 2.5 years.
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value [Table Text Block]
The fair value of options vested were as follows for the years ended December 31, 2023, 2022, and 2021. The Company didn't grant any stock options in these three years.
Fair Value of Options Vested
(in thousands)
Year:
2021$313 
2022$— 
2023$— 
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity
A summary of the Company’s restricted stock award and restricted stock unit activity for the years ended December 31, 2023, 2022 and 2021 is as follows:
Number of 
Shares		Weighted Average
Grant Date Fair Value per
Share
Unvested shares as of January 1, 2021782,755 $34.81 
Granted787,730 101.32 
Vested(426,725)40.10 
Forfeited(56,133)72.93 
Unvested shares as of December 31, 20211,087,627 78.94 
Granted623,401 84.11 
Vested(516,077)72.81 
Forfeited(82,399)81.91 
Unvested shares as of December 31, 20221,112,552 84.46 
Granted366,870 26.77 
Vested(669,413)72.52 
Forfeited(95,627)79.60 
Unvested shares as of December 31, 2023714,382 $66.64 
v3.24.0.1
Comprehensive Income (Loss) (Tables)
 12 Months Ended
Dec. 31, 2023
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract]  
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] Accumulated Comprehensive Income (Loss)
A summary of the components of accumulated other comprehensive income (loss) is as follows (in thousands):
Foreign Currency TranslationNet Unrealized Gain (Loss) on Available-for-Sale SecuritiesTotal
Balance as of January 1, 2021$2,120 $951 $3,071 
Other comprehensive income (loss)(496)502 6 
Balance as of December 31, 2021$1,624 $1,453 $3,077 
Other comprehensive income (loss)(4,412)(4,966)(9,378)
Balance as of December 31, 2022$(2,788)$(3,513)$(6,301)
Other comprehensive income (loss)2,712 3,992 6,704 
Balance as of December 31, 2023$(76)$479 $403 
v3.24.0.1
Segments (Tables)
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Revenue and Gross Profit from Segments [Table Text Block] perating income (loss) of the Company’s segments were as follows (in thousands):
Year Ended December 31,
202320222021
Subscription business:
Revenue$712,906 $596,610 $494,862 
Veterinary invoice expense543,196 436,880 356,448 
Other cost of revenue70,490 60,804 51,216 
Technology and development13,765 16,555 11,942 
General and administrative36,256 25,964 22,579 
New pet acquisition expense77,172 88,959 78,148 
Depreciation and amortization8,021 7,205 8,494 
Subscription business operating loss(35,994)(39,757)(33,965)
Other business:
Revenue395,699 308,569 204,129 
Veterinary invoice expense287,859 212,857 129,614 
Other cost of revenue76,044 72,453 57,367 
Technology and development7,638 8,578 4,924 
General and administrative23,951 13,415 9,314 
New pet acquisition expense200 541 499 
Depreciation and amortization4,453 3,716 3,471 
Other business operating loss(4,446)(2,991)(1,060)
Gain (loss) from investment in joint venture(219)(253)(171)
Total operating loss(40,659)(43,001)(35,196)
Interest expense12,077 4,267 10 
Other expense (income), net(7,701)(3,072)14 
Loss before income taxes$(45,035)$(44,196)$(35,220)
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):
 Year Ended December 31,
 202320222021
United States$935,312 $764,349 $580,966 
Canada and other173,293 140,830 118,025 
Total revenue$1,108,605 $905,179 $698,991 
v3.24.0.1
Dividend Restrictions Statutory Surplus (Tables)
 12 Months Ended
Dec. 31, 2023
Insurance [Abstract]  
Statutory Accounting Practices Disclosure [Table Text Block]
The statutory net income for 2023, 2022 and 2021 and statutory capital and surplus at December 31, 2023, 2022 and 2021, for APIC were as follows (in thousands):
 As of December 31,
 202320222021
Statutory net income$40,076 $35,227 $24,409 
Statutory capital and surplus$199,613 $162,232 $124,189 
v3.24.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Tax, Domestic and Foreign
Loss before income taxes was as follows for the years ended December 31, 2023, 2022 and 2021 (in thousands):
 Year Ended December 31,
 202320222021
United States$(41,019)$(43,794)$(34,052)
Foreign(4,016)(402)(1,168)
$(45,035)$(44,196)$(35,220)
Schedule of Components of Income Tax Expense (Benefit)
The components of income tax expense (benefit) were as follows (in thousands):
 Year Ended December 31,
 202320222021
Current:
U.S. federal & state$(8)$82 $58 
Foreign464 814 2,066 
456 896 2,124 
Deferred:
U.S. federal & state7 11 (15)
Foreign(805)(431)(1,799)
(798)(420)(1,814)
Income tax expense (benefit)$(342)$476 $310 
Schedule of Effective Income Tax Rate Reconciliation
A reconciliation of income tax expense at the statutory federal income tax rate and income taxes as reflected in the financial statements is presented below:
 Year Ended December 31,    
 202320222021
Federal income taxes at statutory rate21.0 %21.0 %21.0 %
U.S. state income taxes7.9 3.5 7.5 
Equity compensation(9.2)2.5 30.4 
Change in valuation allowance(19.1)(26.7)(58.4)
Other, net(0.1)(1.7)(1.7)
Credits0.3 0.3 0.3 
Effective income tax rate0.8 %(1.1)%(0.9)%
Schedule of Deferred Tax Assets and Liabilities
The principal components of the Company’s deferred tax assets and liabilities were as follows (in thousands):
 As of December 31,         
 20232022
Deferred tax assets:
Deferred revenue$10,017 $8,610 
Accruals and reserves2,190 1,860 
Net operating loss carryforwards71,231 63,772 
Depreciation and amortization2,310 1,421 
Equity compensation1,875 3,179 
Credits1,147 997 
Other1,995 1,661 
Total deferred tax assets90,765 81,500 
Deferred tax liabilities:
Deferred costs(1,549)(1,322)
Intangible assets(3,103)(3,603)
Other(3,471)(2,398)
Total deferred tax liabilities(8,123)(7,323)
Total deferred taxes82,642 74,177 
Less deferred tax asset valuation allowance(85,245)(77,507)
Net deferred tax liability$(2,603)$(3,330)
Schedule of Unrecognized Tax Benefits Roll Forward
A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows (in thousands):
  
Year Ended December 31,
 202320222021
Balance, beginning of year$151 $138 $133 
Increases (decreases) to tax positions related to prior periods(72)8 — 
Increases to tax positions related to the current year1 5 5 
Balance, end of year$80 $151 $138 
v3.24.0.1
SEC Schedule, Article 12-04, Condensed Financial Information of Registrant (Tables)
 12 Months Ended
Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract]  
Condensed Statement of Comprehensive Income
Trupanion, Inc.
Condensed Statements of Operations and Comprehensive Loss
(Parent Company Only, in thousands)
 Year Ended December 31,
 202320222021
Expenses:
Veterinary invoice expense$253 $4,144 $4,538 
Other cost of revenue240 2,340 2,610 
Technology and development1,507 4,930 3,130 
General and administrative5,345 16,346 11,714 
New pet acquisition expense806 9,351 9,177 
Depreciation and amortization494 289 473 
Total expenses8,645 37,400 31,642 
Loss from investment in joint venture(237)(192)(33)
Operating loss(8,882)(37,592)(31,675)
Interest expense11,998 4,255 (2)
Other income, net(14,442)(8,047)(5,755)
Loss before equity in undistributed earnings of subsidiaries(6,438)(33,800)(25,918)
Income tax benefit15,766 14,544 12,272 
Equity (loss) in undistributed earnings of subsidiaries(54,021)(25,416)(21,884)
Net loss$(44,693)$(44,672)$(35,530)
Other comprehensive income (loss), net of taxes:
Other comprehensive income (loss) of subsidiaries6,704 (9,378)6 
Other comprehensive income (loss)6,704 (9,378)6 
Comprehensive loss$(37,989)$(54,050)$(35,524)
Condensed Balance Sheet
Trupanion, Inc.
Condensed Balance Sheets
(Parent Company Only)
(In thousands, except share data)
 December 31,
 20232022
Assets
Current assets:
Cash and cash equivalents$10,994 $16,052 
Accounts and other receivables1 5,739 
Prepaid expenses and other assets804 697 
Total current assets11,799 22,488 
Restricted cash22,963 19,032 
Property and equipment, net3,981 2,398 
Intangible assets, net5,808 5,710 
Other long-term assets12,540 13,960 
Advances to and investments in subsidiaries377,031 312,559 
Total assets$434,122 $376,147 
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable, accrued liabilities, and other current liabilities$336 $484 
Long-term debt - current portion1,350 750 
Total current liabilities1,686 1,234 
Long-term debt127,580 68,354 
Deferred tax liabilities1,106 1,100 
Other liabilities28 162 
Total liabilities130,400 70,850 
Stockholders’ equity:
Common stock: $0.00001 par value per share, 100,000,000 shares authorized; 42,887,052 and 41,858,866 shares issued and outstanding at December 31, 2023; 42,041,344 and 41,013,158 shares issued and outstanding at December 31, 2022
— — 
Preferred stock: $0.00001 par value per share, 10,000,000 shares authorized; no shares issued and outstanding
— — 
Additional paid-in capital536,108 499,694 
Accumulated other comprehensive income (loss)403 (6,301)
Accumulated deficit(216,255)(171,562)
Treasury stock, at cost: 1,028,186 shares at December 31, 2023 and 2022
(16,534)(16,534)
Total stockholders’ equity303,722 305,297 
Total liabilities and stockholders’ equity$434,122 $376,147 
Condensed Cash Flow Statement
Trupanion, Inc.
Condensed Statements of Cash Flows
(Parent Company Only, in thousands)
 Year Ended December 31,
 202320222021
Operating activities
Net loss$(44,693)$(44,672)$(35,530)
Adjustments to reconcile net loss to cash provided by (used in) operating activities:
Loss attributable to investments in subsidiaries39,184 19,331 17,501 
Dividends from subsidiaries14,837 6,942 5,567 
Depreciation and amortization494 289 473 
Stock-based compensation expense4,575 33,393 28,226 
Other, net4,200 533 (161)
Changes in operating assets and liabilities6,194 (166)(1,219)
Net cash provided by operating activities24,791 15,650 14,857 
Investing activities
Cash paid in business acquisition, net of cash acquired— (15,034)— 
Purchases of property and equipment(172)(516)(280)
Advances to and investments in subsidiaries(87,198)(71,671)(71,721)
Other investments 1,586 (1,598)(1,755)
Net cash used in investing activities(85,784)(88,819)(73,756)
Financing activities
Proceeds from debt financing, net of financing fees59,972 69,138 — 
Repayments of debt financing(1,225)(487)— 
Repurchase of common stock— (5,755)— 
Proceeds from exercise of stock options2,655 2,290 3,607 
Taxes paid related to net share settlement of equity awards(1,536)(4,359)(4,732)
Net cash (used in) provided by financing activities59,866 60,827 (1,125)
Net change in cash, cash equivalents, and restricted cash(1,127)(12,342)(60,024)
Cash, cash equivalents, and restricted cash at beginning of period35,084 47,426 107,450 
Cash, cash equivalents, and restricted cash at end of period$33,957 $35,084 $47,426 
v3.24.0.1
Nature of Operations and Summary of Significant Accounting Policies Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2023
USD ($)
Dec. 31, 2023
CAD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2023
CAD ($)
Accounting Policies [Abstract]          
Accounts Receivable, Unaffiliated General Agents $ 249,800,000   $ 220,800,000    
Deferred Policy Acquisition Costs 7,400,000   6,000,000    
Realized Investment Gains (Losses)     0 $ 0  
Impairment, Amount, License Intangibles 0   0 0  
Interest Income, Other 9,000,000   3,000,000 300,000  
Advertising Expense 16,900,000   25,500,000 23,600,000  
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax (100,000)   (2,800,000) 1,600,000  
Premiums Recognized from Fronting Agreement 167,600,000   135,900,000 $ 112,000,000  
Deferred Revenue from Fronting Agreement 9,500,000   6,400,000    
Cash Designated for Paying Reinsurance Claims $ 11,200,000   $ 7,200,000    
Reinsurance Trust Minimum Payment   $ 2.0      
Reinsurance Trust Payment Unearned Premium Percentage 120.00% 120.00%      
Reinsurance Payment of Percentage of Canadian Claims outstanding 20.00% 20.00%      
Reinsurance Trust Balance         $ 15.7
Reinsurance, Reinsured Risk, Percentage 15.00% 15.00% 15.00% 16.00%  
Accounts Receivable, Allowance for Credit Loss, Writeoff $ 3,800,000        
Debt Securities, Available-for-Sale, Realized Gain 300,000        
Debt Securities, Available-for-Sale, Realized Loss 900,000        
Goodwill and Intangible Asset Impairment 0        
Accounts Receivable, Allowance for Credit Loss $ 1,700,000   $ 0 $ 0  
Revenue Benchmark [Member] | Product Concentration Risk [Member] | General Agents [Member]          
Concentration Risk [Line Items]          
Concentration Risk, Percentage 34.00% 34.00%      
v3.24.0.1
Nature of Operations and Summary of Significant Accounting Policies Deferred Acquisition Costs (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Selling and Marketing Expense [Member]      
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Line Items]      
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters, Amortization of Deferred Policy Acquisition Cost $ 6.0 $ 4.9 $ 4.7
Cost of Sales [Member]      
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Line Items]      
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters, Amortization of Deferred Policy Acquisition Cost $ 45.6 $ 33.9 $ 30.5
v3.24.0.1
Nature of Operations and Summary of Significant Accounting Policies Property, Plant, and Equipment, Useful Life (Details)
Dec. 31, 2023
Land Improvements [Member]  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 10 years
Building [Member]  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 39 years
Software and Software Development Costs [Member] | Minimum [Member]  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 3 years
Software and Software Development Costs [Member] | Maximum [Member]  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 5 years
Office Equipment [Member] | Minimum [Member]  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 3 years
Office Equipment [Member] | Maximum [Member]  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 5 years
v3.24.0.1
Net Loss per Share (Details) Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share - shares
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Stock options      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 408,970 629,650 807,205
Restricted stock awards and restricted stock units      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 714,382 1,112,552 1,087,627
v3.24.0.1
Business Combinations, Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Nov. 16, 2022
Business Acquisition [Line Items]        
Goodwill, Acquired During Period   $ 12,159,000    
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities       $ (1,677,000)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities       (1,056,000)
Cash paid in business acquisition, net of cash acquired $ 0 15,034,000 $ 0  
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets       295,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment       27,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles       $ 5,121,000
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life 2 years 9 months 18 days      
Smart Paws Acquisition        
Business Acquisition [Line Items]        
Finite-Lived Intangible Assets Acquired   1,100,000    
Goodwill, Acquired During Period   2,600,000    
Business Combination, Acquisition Related Costs   100,000    
Cash paid in business acquisition, net of cash acquired   $ 2,800,000    
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life   5 years    
Pet Expert Acquisition        
Business Acquisition [Line Items]        
Goodwill, Acquired During Period   $ 9,541,000    
Cash paid in business acquisition, net of cash acquired   12,251,000    
Business Acquisition, Transaction Costs   $ 200,000    
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life   5 years    
v3.24.0.1
Property Plant and Equipment (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Property, Plant and Equipment [Line Items]      
Construction in Progress, Gross $ 34,627 $ 21,415  
Property, Plant and Equipment, Gross 145,738 127,882  
Less: Accumulated depreciation (42,088) (37,181)  
Property and equipment, net 103,650 90,701  
Depreciation expense 6,700 6,100 $ 7,100
Land and Land Improvements [Member]      
Property, Plant and Equipment [Line Items]      
Property, Plant and Equipment, Gross 15,911 15,911  
Building and Building Improvements [Member]      
Property, Plant and Equipment [Line Items]      
Property, Plant and Equipment, Gross 48,974 48,963  
Software      
Property, Plant and Equipment [Line Items]      
Property, Plant and Equipment, Gross 40,097 34,779  
Computer Equipment [Member]      
Property, Plant and Equipment [Line Items]      
Property, Plant and Equipment, Gross $ 6,129 $ 6,814  
v3.24.0.1
Intangible Assets (Details) - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]      
Indefinite-Lived License Agreements $ 4,773,000 $ 4,773,000  
Finite-Lived Intangible Asset, Acquired-in-Place Leases 848,000 2,959,000  
Finite-Lived Trade Names, Gross 1,294,000 1,228,000  
Finite-Lived Developed Technologies, Gross 17,278,000 16,770,000  
Finite-Lived Customer Relationships, Gross 8,379,000 7,980,000  
Finite-Lived Patents, Gross 2,459,000 2,768,000  
Intangible Assets, Gross (Excluding Goodwill) 35,031,000 36,478,000  
Finite-Lived Intangible Assets, Accumulated Amortization (16,286,000) (12,447,000)  
Intangible assets, net 18,745,000 24,031,000  
Goodwill 43,713,000 41,983,000 $ 32,709,000
Goodwill, Acquired During Period   12,159,000  
Goodwill, Foreign Currency Translation Gain (Loss) $ 1,730,000 (2,885,000)  
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life 2 years 9 months 18 days    
Subscription business [Member]      
Finite-Lived Intangible Assets [Line Items]      
Goodwill $ 43,713,000 41,983,000 32,709,000
Goodwill, Acquired During Period   12,159,000  
Goodwill, Foreign Currency Translation Gain (Loss) 1,730,000 (2,885,000)  
Other business      
Finite-Lived Intangible Assets [Line Items]      
Goodwill 0 0 $ 0
Goodwill, Acquired During Period   0  
Goodwill, Foreign Currency Translation Gain (Loss) 0 0  
Leases, Acquired-in-Place [Member]      
Finite-Lived Intangible Assets [Line Items]      
Finite-Lived Intangible Assets, Accumulated Amortization (848,000) (2,866,000)  
Intangible assets, net 0 93,000  
Trade Names [Member]      
Finite-Lived Intangible Assets [Line Items]      
Finite-Lived Intangible Assets, Accumulated Amortization (412,000) (266,000)  
Intangible assets, net $ 882,000 962,000  
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life 6 years 9 months 18 days    
Technology-Based Intangible Assets [Member]      
Finite-Lived Intangible Assets [Line Items]      
Finite-Lived Intangible Assets, Accumulated Amortization $ (9,023,000) (5,164,000)  
Intangible assets, net $ 8,255,000 11,606,000  
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life 2 years 7 months 6 days    
Customer Relationships [Member]      
Finite-Lived Intangible Assets [Line Items]      
Finite-Lived Intangible Assets, Accumulated Amortization $ (4,855,000) (3,001,000)  
Intangible assets, net $ 3,524,000 4,979,000  
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life 2 years 1 month 6 days    
Patents [Member]      
Finite-Lived Intangible Assets [Line Items]      
Finite-Lived Intangible Assets, Accumulated Amortization $ (1,148,000) (1,150,000)  
Intangible assets, net $ 1,311,000 $ 1,618,000  
Patents, trademarks, and other      
Finite-Lived Intangible Assets [Line Items]      
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life 5 years    
v3.24.0.1
Intangible Assets, Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]      
Goodwill $ 43,713,000 $ 41,983,000 $ 32,709,000
Goodwill, Foreign Currency Translation Gain (Loss) 1,730,000 (2,885,000)  
Indefinite-Lived License Agreements 4,773,000 4,773,000  
Amortization of Intangible Assets $ 5,700,000 $ 4,800,000 $ 4,900,000
v3.24.0.1
Intangible Assets, Expected Amortization (Details)
$ in Thousands
Dec. 31, 2023
USD ($)
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]  
Operating Leases, Future Minimum Payments Receivable, Current $ 5,345
Operating Leases, Future Minimum Payments Receivable, in Two Years 4,556
Operating Leases, Future Minimum Payments Receivable, in Three Years 1,482
Operating Leases, Future Minimum Payments Receivable, in Four Years 1,311
Operating Leases, Future Minimum Payments Receivable, in Five Years 164
Operating Leases, Future Minimum Payments Receivable, Thereafter 443
Operating Leases, Future Minimum Payments Receivable $ 13,301
v3.24.0.1
Investment Securities (Details) Investment Schedule - AFS - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Schedule of Investments [Line Items]    
Debt Securities, Available-for-Sale, Unrealized Loss Position $ 300,000 $ 800,000
Proceeds from Sale of Debt Securities, Available-for-Sale 114,700,000 43,000,000
Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, Year One 2,420,000  
Available-for-sale securities, due after one year through five years, amortized cost basis 90,278,000  
Debt Securities, Available-for-Sale, Maturity, without Single Maturity Date, Amortized Cost 92,698,000  
Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One 2,408,000  
Available-for-sale securities, due after one year through five years, fair value 90,761,000  
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer 18,900,000 0
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months 25,900,000 76,300,000
Debt Securities, Available-for-sale 93,169,000  
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss 200,000  
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss 100,000 800,000
Other Long-Term Investments    
Schedule of Investments [Line Items]    
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax 0 0
Debt Securities, Available-for-Sale, Amortized Cost 11,869,000 7,683,000
Debt Securities, Available-for-Sale, Unrealized Gain 0 0
Debt Securities, Available-for-sale 11,869,000 7,683,000
Short-Term Investments    
Schedule of Investments [Line Items]    
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain 21,000 0
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss 15,000 58,000
Debt Securities, Held-to-maturity, Fair Value 25,483,000 56,447,000
Debt Securities, Available-for-Sale, Unrealized Gain 794,000 128,000
Debt Securities, Held-to-maturity, Amortized Cost 25,477,000 56,505,000
Collateralized Mortgage-Backed Securities    
Schedule of Investments [Line Items]    
Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, Year One 10,460,000  
Available-for-sale securities, due after one year through five years, amortized cost basis 12,422,000  
Debt Securities, Available-for-Sale, Maturity, without Single Maturity Date, Amortized Cost 22,882,000  
Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One 10,454,000  
Available-for-sale securities, due after one year through five years, fair value 12,436,000  
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value 22,890,000  
Debt Securities, Available-for-sale 10,454,000 7,918,000
Collateralized Mortgage-Backed Securities | Short-Term Investments    
Schedule of Investments [Line Items]    
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax (75,000) (105,000)
Debt Securities, Available-for-Sale, Amortized Cost 10,460,000 8,015,000
Debt Securities, Available-for-Sale, Unrealized Gain 69,000 8,000
Debt Securities, Available-for-sale 10,454,000 7,918,000
Asset-Backed Securities    
Schedule of Investments [Line Items]    
Debt Securities, Available-for-sale 12,436,000 11,209,000
Asset-Backed Securities | Short-Term Investments    
Schedule of Investments [Line Items]    
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax (53,000) (85,000)
Debt Securities, Available-for-Sale, Amortized Cost 12,422,000 11,286,000
Debt Securities, Available-for-Sale, Unrealized Gain 67,000 8,000
Debt Securities, Available-for-sale 12,436,000 11,209,000
Corporate Bond Securities | Short-Term Investments    
Schedule of Investments [Line Items]    
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax (123,000) (357,000)
Debt Securities, Available-for-Sale, Amortized Cost 36,404,000 37,793,000
Debt Securities, Available-for-Sale, Unrealized Gain 332,000 95,000
Debt Securities, Available-for-sale 36,613,000 37,531,000
US Treasury and Government | Other Long-Term Investments    
Schedule of Investments [Line Items]    
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain 8,000 0
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss 0 4,000
Debt Securities, Held-to-maturity, Fair Value 1,005,000 154,000
US Treasury and Government | Short-Term Investments    
Schedule of Investments [Line Items]    
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax (64,000) (203,000)
Debt Securities, Available-for-Sale, Amortized Cost 44,425,000 42,833,000
Debt Securities, Available-for-Sale, Unrealized Gain 326,000 17,000
Debt Securities, Available-for-sale 44,687,000 42,647,000
Total Short-Term Available-for-Sale [Domain] | Short-Term Investments    
Schedule of Investments [Line Items]    
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax (315,000) (756,000)
Debt Securities, Available-for-Sale, Amortized Cost 103,711,000 100,927,000
Debt Securities, Available-for-sale 104,190,000 100,299,000
Deposits [Member]    
Schedule of Investments [Line Items]    
Debt Securities, Available-for-sale 11,869,000 7,683,000
Deposits [Member] | Other Long-Term Investments    
Schedule of Investments [Line Items]    
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax 0 0
Debt Securities, Available-for-Sale, Amortized Cost 11,869,000 7,683,000
Debt Securities, Available-for-Sale, Unrealized Gain 0 0
Debt Securities, Available-for-sale 11,869,000 7,683,000
Municipal Bonds [Member]    
Schedule of Investments [Line Items]    
Debt Securities, Available-for-sale   994,000
Municipal Bonds [Member] | Short-Term Investments    
Schedule of Investments [Line Items]    
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax   (6,000)
Debt Securities, Available-for-Sale, Amortized Cost   1,000,000
Debt Securities, Available-for-Sale, Unrealized Gain   0
Debt Securities, Available-for-sale   994,000
Total Long-Term Held-to-Maturity | Other Long-Term Investments    
Schedule of Investments [Line Items]    
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain 8,000  
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss 0 4,000
Debt Securities, Held-to-maturity, Fair Value 1,005,000 154,000
Debt Securities, Held-to-maturity, Amortized Cost 997,000 158,000
US Treasury Securities [Member] | Short-Term Investments    
Schedule of Investments [Line Items]    
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain 21,000 0
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss 15,000 58,000
Debt Securities, Held-to-maturity, Fair Value 13,185,000 12,001,000
Certificates of Deposit [Member] | Short-Term Investments    
Schedule of Investments [Line Items]    
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain 0 0
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss 0 0
Debt Securities, Held-to-maturity, Fair Value 12,298,000 3,254,000
Debt Securities, Held-to-maturity, Amortized Cost $ 12,298,000 3,254,000
US Government Debt Securities [Member] | Short-Term Investments    
Schedule of Investments [Line Items]    
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain   0
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss   0
Debt Securities, Held-to-maturity, Fair Value   41,192,000
Debt Securities, Held-to-maturity, Amortized Cost   $ 41,192,000
v3.24.0.1
Investment Securities (Details) - Investment Schedule - HTM - USD ($)
Dec. 31, 2023
Dec. 31, 2022
Short-Term Investments    
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss, Maturity, Allocated and Single Maturity Date, Year One $ 25,477,000  
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss, Maturity, Allocated and Single Maturity Date, after Year One through Five 997,000  
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss, Maturity, Allocated and Single Maturity Date 26,474,000  
Debt Securities, Held-to-Maturity, Fair Value, Maturity, Allocated and Single Maturity Date, Year One 25,483,000  
Debt Securities, Held-to-Maturity, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five 1,005,000  
Debt Securities, Held-to-Maturity, Maturity, Allocated and Single Maturity Date, Fair Value 26,488,000  
Debt Securities, Available-for-sale 93,169,000  
Other Long-Term Investments    
Short-Term Investments    
Debt Securities, Available-for-sale 11,869,000 $ 7,683,000
Short-Term Investments    
Short-Term Investments    
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain 21,000 0
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss (15,000) (58,000)
Debt Securities, Held-to-maturity, Fair Value 25,483,000 56,447,000
US Treasury and Government | Other Long-Term Investments    
Short-Term Investments    
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss 997,000 158,000
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain 8,000 0
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss 0 (4,000)
Debt Securities, Held-to-maturity, Fair Value 1,005,000 154,000
US Treasury and Government | Short-Term Investments    
Short-Term Investments    
Debt Securities, Available-for-sale 44,687,000 42,647,000
US Treasury Securities [Member] | Short-Term Investments    
Short-Term Investments    
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss 13,179,000 12,059,000
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain 21,000 0
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss (15,000) (58,000)
Debt Securities, Held-to-maturity, Fair Value $ 13,185,000 $ 12,001,000
v3.24.0.1
Other Investments (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2023
AUD ($)
Dec. 31, 2021
USD ($)
Other Investments [Abstract]        
Purchase of Equity Interest       $ 7,000,000
Increase (Decrease) in Notes Receivables $ 7,000,000      
Line of Credit outstanding balance, Variable Interest Entity 4,000,000 $ 6,300,000    
Services performed for Variable Interest Entity 400,000 800,000    
Financing Receivable, Revolving, Annual Increase 2,000,000      
Other Commitment     $ 2.2  
Payments to Acquire Interest in Joint Venture 1,300,000      
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Line Items]        
Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease) (1,674,000)      
Accounts Receivable, Allowance for Credit Loss 1,700,000 0   0
Preferred Stock        
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Line Items]        
Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease) (1,674,000) 0    
Accounts Receivable, Allowance for Credit Loss $ (1,674,000) $ 0   $ 0
v3.24.0.1
Fair Value (Details) Unobservable - USD ($)
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Noncontrolling Interest in Variable Interest Entity $ 5,326,000 $ 4,115,000    
Assets, Fair Value Disclosure 188,745,000 113,730,000    
Fair Value, Inputs, Level 1 [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Noncontrolling Interest in Variable Interest Entity 0 0    
Assets, Fair Value Disclosure 79,229,000 9,316,000    
Fair Value, Inputs, Level 2 [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Noncontrolling Interest in Variable Interest Entity 0 0    
Assets, Fair Value Disclosure 104,190,000 100,299,000    
Fair Value, Inputs, Level 3 [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Noncontrolling Interest in Variable Interest Entity 5,326,000 4,115,000 $ 8,442,000 $ 7,949,000
Assets, Fair Value Disclosure 5,326,000 4,115,000    
Money Market Funds [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Cash and Cash Equivalents, Fair Value Disclosure 67,360,000 1,633,000    
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Cash and Cash Equivalents, Fair Value Disclosure 67,360,000 1,633,000    
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Cash and Cash Equivalents, Fair Value Disclosure 0 0    
Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Cash and Cash Equivalents, Fair Value Disclosure $ 0 $ 0    
v3.24.0.1
Fair Value (Details) Unobservable - Credit Loss Rollforward - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Noncontrolling Interest in Variable Interest Entity $ 5,326,000 $ 4,115,000    
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Other expense (income), net Other expense (income), net Other expense (income), net  
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, after Tax $ 2,885,000 $ (4,327,000) $ 493,000  
Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease) (1,674,000)      
Fair Value, Inputs, Level 3 [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Noncontrolling Interest in Variable Interest Entity $ 5,326,000 $ 4,115,000 $ 8,442,000 $ 7,949,000
v3.24.0.1
Fair Value Narrative (Details) - USD ($)
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Fair Value Disclosures [Abstract]        
Noncontrolling Interest in Variable Interest Entity $ 5,326,000 $ 4,115,000    
Notes Receivable, Fair Value Disclosure 6,800,000 9,300,000    
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]        
Noncontrolling Interest in Variable Interest Entity 5,326,000 4,115,000    
Debt Securities, Available-for-sale 93,169,000      
Fair Value, Inputs, Level 3 [Member]        
Fair Value Disclosures [Abstract]        
Noncontrolling Interest in Variable Interest Entity 5,326,000 4,115,000 $ 8,442,000 $ 7,949,000
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]        
Noncontrolling Interest in Variable Interest Entity 5,326,000 4,115,000 $ 8,442,000 $ 7,949,000
Fair Value, Inputs, Level 1 [Member]        
Fair Value Disclosures [Abstract]        
Noncontrolling Interest in Variable Interest Entity 0 0    
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]        
Noncontrolling Interest in Variable Interest Entity 0 0    
Fair Value, Inputs, Level 2 [Member]        
Fair Value Disclosures [Abstract]        
Noncontrolling Interest in Variable Interest Entity 0 0    
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]        
Noncontrolling Interest in Variable Interest Entity 0 0    
Collateralized Mortgage-Backed Securities        
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]        
Debt Securities, Available-for-sale 10,454,000 7,918,000    
Collateralized Mortgage-Backed Securities | Fair Value, Inputs, Level 3 [Member]        
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]        
Debt Securities, Available-for-sale 0 0    
Collateralized Mortgage-Backed Securities | Fair Value, Inputs, Level 1 [Member]        
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]        
Debt Securities, Available-for-sale 0 0    
Collateralized Mortgage-Backed Securities | Fair Value, Inputs, Level 2 [Member]        
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]        
Debt Securities, Available-for-sale 10,454,000 7,918,000    
Asset-Backed Securities        
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]        
Debt Securities, Available-for-sale 12,436,000 11,209,000    
Asset-Backed Securities | Fair Value, Inputs, Level 3 [Member]        
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]        
Debt Securities, Available-for-sale 0 0    
Asset-Backed Securities | Fair Value, Inputs, Level 1 [Member]        
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]        
Debt Securities, Available-for-sale 0 0    
Asset-Backed Securities | Fair Value, Inputs, Level 2 [Member]        
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]        
Debt Securities, Available-for-sale 12,436,000 11,209,000    
Total Corporate Bond Securities Member LT and ST [Domain]        
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]        
Debt Securities, Available-for-sale 36,613,000 37,531,000    
Total Corporate Bond Securities Member LT and ST [Domain] | Fair Value, Inputs, Level 3 [Member]        
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]        
Debt Securities, Available-for-sale 0 0    
Total Corporate Bond Securities Member LT and ST [Domain] | Fair Value, Inputs, Level 1 [Member]        
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]        
Debt Securities, Available-for-sale 0 0    
Total Corporate Bond Securities Member LT and ST [Domain] | Fair Value, Inputs, Level 2 [Member]        
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]        
Debt Securities, Available-for-sale 36,613,000 37,531,000    
Deposits [Member]        
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]        
Debt Securities, Available-for-sale 11,869,000 7,683,000    
Deposits [Member] | Fair Value, Inputs, Level 3 [Member]        
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]        
Debt Securities, Available-for-sale 0 0    
Deposits [Member] | Fair Value, Inputs, Level 1 [Member]        
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]        
Debt Securities, Available-for-sale 11,869,000 7,683,000    
Deposits [Member] | Fair Value, Inputs, Level 2 [Member]        
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]        
Debt Securities, Available-for-sale 0 0    
Total US Treasury LT and ST Member [Domain]        
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]        
Debt Securities, Available-for-sale 44,687,000 42,647,000    
Total US Treasury LT and ST Member [Domain] | Fair Value, Inputs, Level 3 [Member]        
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]        
Debt Securities, Available-for-sale 0 0    
Total US Treasury LT and ST Member [Domain] | Fair Value, Inputs, Level 1 [Member]        
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]        
Debt Securities, Available-for-sale 0 0    
Total US Treasury LT and ST Member [Domain] | Fair Value, Inputs, Level 2 [Member]        
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]        
Debt Securities, Available-for-sale 44,687,000 42,647,000    
Municipal Bonds [Member]        
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]        
Debt Securities, Available-for-sale   994,000    
Municipal Bonds [Member] | Fair Value, Inputs, Level 3 [Member]        
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]        
Debt Securities, Available-for-sale   0    
Municipal Bonds [Member] | Fair Value, Inputs, Level 1 [Member]        
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]        
Debt Securities, Available-for-sale   0    
Municipal Bonds [Member] | Fair Value, Inputs, Level 2 [Member]        
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]        
Debt Securities, Available-for-sale   994,000    
Money Market Funds [Member]        
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]        
Cash and Cash Equivalents, Fair Value Disclosure 67,360,000 1,633,000    
Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member]        
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]        
Cash and Cash Equivalents, Fair Value Disclosure 0 0    
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member]        
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]        
Cash and Cash Equivalents, Fair Value Disclosure 67,360,000 1,633,000    
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member]        
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]        
Cash and Cash Equivalents, Fair Value Disclosure $ 0 $ 0    
v3.24.0.1
Claims Reserve (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Subscription business [Member]      
Liability for Claims and Claims Adjustment Expense [Line Items]      
Claims reserve at beginning of year $ 21,543 $ 22,407 $ 19,925
Current Year Claims and Claims Adjustment Expense 540,396 439,679 357,859
Prior Year Claims and Claims Adjustment Expense 2,800 (2,799) (1,411)
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims 543,196 436,880 356,448
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid, Current Year 506,294 414,778 333,182
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid, Prior Years 23,001 18,739 16,109
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid 529,295 433,517 349,291
Claims expense non-cash 3,896 4,227 4,675
Claims reserve at end of year 31,548 21,543 22,407
Other Segments [Member]      
Liability for Claims and Claims Adjustment Expense [Line Items]      
Claims reserve at beginning of year 22,191 17,264 9,004
Current Year Claims and Claims Adjustment Expense 287,361 211,729 129,826
Prior Year Claims and Claims Adjustment Expense 498 1,128 (212)
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims 287,859 212,857 129,614
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid, Current Year 256,616 190,031 112,574
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid, Prior Years 21,744 17,899 8,780
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid 278,360 207,930 121,354
Claims expense non-cash 0 0 0
Claims reserve at end of year $ 31,690 $ 22,191 $ 17,264
v3.24.0.1
Claims Reserve Cumulative claims paid and claims adjustment expenses (Details)
$ in Thousands
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Subscription business [Member]        
Claims Development [Line Items]        
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 1,612,472      
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 31,548      
Subscription business [Member] | Short-duration Insurance Contracts, Accident Year 2018 [Member]        
Claims Development [Line Items]        
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net 278,342 $ 277,839 $ 278,325 $ 279,236
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net $ 0      
Short-duration Insurance Contract, Cumulative Number of Reported Claims 1,205,693      
Subscription business [Member] | Short-Duration Insurance Contract, Accident Year 2019        
Claims Development [Line Items]        
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 352,320 351,797 354,083  
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net $ 0      
Short-duration Insurance Contract, Cumulative Number of Reported Claims 1,482,674      
Subscription business [Member] | Short-Duration Insurance Contract, Accident Year 2020        
Claims Development [Line Items]        
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 439,448 438,148    
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net $ 1,342      
Short-duration Insurance Contract, Cumulative Number of Reported Claims 1,775,110      
Subscription business [Member] | Short-Duration Insurance Contract, Accident Year 2021        
Claims Development [Line Items]        
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 542,362      
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net $ 30,206      
Short-duration Insurance Contract, Cumulative Number of Reported Claims 1,981,465      
Other Segments [Member]        
Claims Development [Line Items]        
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 702,457      
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 31,690      
Other Segments [Member] | Short-duration Insurance Contracts, Accident Year 2018 [Member]        
Claims Development [Line Items]        
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net 72,352 72,255 72,026 $ 72,289
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net $ 0      
Short-duration Insurance Contract, Cumulative Number of Reported Claims 536,416      
Other Segments [Member] | Short-Duration Insurance Contract, Accident Year 2019        
Claims Development [Line Items]        
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 130,577 130,650 $ 129,814  
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net $ 0      
Short-duration Insurance Contract, Cumulative Number of Reported Claims 906,658      
Other Segments [Member] | Short-Duration Insurance Contract, Accident Year 2020        
Claims Development [Line Items]        
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 212,163 $ 211,724    
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net $ 945      
Short-duration Insurance Contract, Cumulative Number of Reported Claims 1,289,524      
Other Segments [Member] | Short-Duration Insurance Contract, Accident Year 2021        
Claims Development [Line Items]        
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 287,365      
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net $ 30,745      
Short-duration Insurance Contract, Cumulative Number of Reported Claims 1,414,664      
v3.24.0.1
Claims Reserve Incurred claims and claim adjustment expense (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Subscription business [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 1,580,924      
Liability for Unpaid Claims and Claims Adjustment Expense, Net 31,548 $ 21,543 $ 22,407 $ 19,925
Subscription business [Member] | Short-duration Insurance Contracts, Accident Year 2018 [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net 278,342 277,839 276,589 261,780
Subscription business [Member] | Short-Duration Insurance Contract, Accident Year 2019        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net 352,320 350,925 334,187  
Subscription business [Member] | Short-Duration Insurance Contract, Accident Year 2020        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net 438,106 417,419    
Subscription business [Member] | Short-Duration Insurance Contract, Accident Year 2021        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net 512,156      
Other Segments [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net 670,767      
Liability for Unpaid Claims and Claims Adjustment Expense, Net 31,690 22,191 17,264 9,004
Other Segments [Member] | Short-duration Insurance Contracts, Accident Year 2018 [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net 72,352 72,255 72,013 $ 63,362
Other Segments [Member] | Short-Duration Insurance Contract, Accident Year 2019        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net 130,577 130,157 $ 112,562  
Other Segments [Member] | Short-Duration Insurance Contract, Accident Year 2020        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net 211,218 $ 190,026    
Other Segments [Member] | Short-Duration Insurance Contract, Accident Year 2021        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 256,620      
v3.24.0.1
Debt (Details) - Narrative - USD ($)
 12 Months Ended
Dec. 31, 2023
Sep. 21, 2023
Feb. 16, 2023
Dec. 31, 2022
Dec. 29, 2022
Line of Credit Facility [Line Items]          
Line of Credit Facility, Expiration Date Mar. 25, 2027        
Long-Term Debt $ 127,580,000     $ 68,354,000  
Line of Credit Facility, Initiation Date Mar. 25, 2022        
Line of credit facility, maximum borrowing capacity $ 150,000,000        
Debt Instrument, Interest Rate, Stated Percentage 10.50%        
Debt Issuance Costs, Gross $ 5,900,000        
Line of Credit Facility, Periodic Payment, Principal Percentage 0.25%        
Initial Loan          
Line of Credit Facility [Line Items]          
Long-Term Debt $ 60,000,000        
Delayed Draw Term Loan          
Line of Credit Facility [Line Items]          
Long-Term Debt   $ 25,000,000 $ 35,000,000   $ 15,000,000
Unfunded Loan Commitment          
Line of Credit Facility [Line Items]          
Line of Credit Facility, Remaining Borrowing Capacity $ 75,000,000        
Line of Credit, Date of Last Availability Sep. 25, 2023        
Line of Credit Facility, Expiration Date Mar. 25, 2028        
Revolving Credit Facility          
Line of Credit Facility [Line Items]          
Line of Credit Facility, Remaining Borrowing Capacity $ 15,000,000        
Line of Credit, Date of Last Availability Mar. 25, 2027        
Line of Credit Facility, Expiration Date Mar. 25, 2027        
v3.24.0.1
Debt (Details) - Schedule of Maturities
$ in Thousands
Dec. 31, 2023
USD ($)
Debt Disclosure [Abstract]  
Long-Term Debt, Maturity, Year One $ 1,350
Long-Term Debt, Maturity, Year Two 1,350
Long-Term Debt, Maturity, Year Three 1,350
Long-Term Debt, Maturity, Year Four 72,113
Long-Term Debt, Maturity, Year Five 57,125
Long-Term Debt, Maturity, after Year Five 0
Long-term Line of Credit $ 133,288
v3.24.0.1
Stock-based Compensation Expense Category (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Stock-based Compensation      
Share-based Compensation Arrangement by Share-based Payment Award, Capitalized Cost $ 2,135 $ 1,633 $ 676
Total stock-based compensation 35,296 35,026 28,902
Claims expenses      
Stock-based Compensation      
Total stock-based compensation 3,667 4,145 4,538
Other cost of revenue      
Stock-based Compensation      
Total stock-based compensation 1,612 2,339 2,610
Technology and development      
Stock-based Compensation      
Total stock-based compensation 2,846 4,742 3,056
General and administrative      
Stock-based Compensation      
Total stock-based compensation 17,717 12,831 8,862
Sales and marketing      
Stock-based Compensation      
Total stock-based compensation 7,319 9,336 9,160
Total Expense [Member]      
Stock-based Compensation      
Total stock-based compensation $ 33,161 $ 33,393 $ 28,226
v3.24.0.1
Stock-based Compensation (Details) Narrative
 12 Months Ended
Dec. 31, 2023
USD ($)
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Options outstanding, weighted average remaining contractual term 2 years 6 months
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term 2 years 6 months
Share-Based Payment Arrangement, Accelerated Cost $ 4,800,000
Restricted stock awards and restricted stock units  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Restricted stock, outstanding | shares 714,382
Compensation cost not yet recognized $ 44,600,000
Weighted average remaining vesting period 2 years 4 months 24 days
v3.24.0.1
Stock-based Compensation Option Activity (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Number of Options        
Beginning balance 629,650 807,205 1,459,290  
Granted 0 0 0  
Exercised 213,848 174,721 647,164  
Forfeited 6,832 2,834 4,921  
Ending Balance 408,970 629,650 807,205  
Exercisable at December 31, 2023 408,970      
Weighted Average Exercise Price per Share        
Beginning Balance (usd per share) $ 13.53 $ 13.39 $ 9.93  
Granted (usd per share) 0 0 0  
Exercised (usd per share) 12.47 12.82 5.59  
Forfeited (usd per share) 12.80 18.87 13.66  
Ending Balance (usd per share) 14.09 $ 13.53 $ 13.39  
Vested and exercisable at December 31, 2014 (usd per share) $ 14.09      
Aggregate Intrinsic Value (in thousands)        
Outstanding $ 6,715 $ 21,410 $ 95,765 $ 160,200
Exercised 3,720 $ 10,931 $ 58,200  
Exercisable at December 31, 2023 $ 6,715      
v3.24.0.1
Stock-based Compensation Options Granted (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Share-Based Payment Arrangement [Abstract]      
Fair Value of Options Vested (in thousands) $ 0 $ 0 $ 313
v3.24.0.1
Stock-based Compensation Restricted Stock Awards (Details) - Restricted Stock - $ / shares
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]      
Beginning balance 1,112,552 1,087,627 782,755
Granted 366,870 623,401 787,730
Vested (669,413) (516,077) (426,725)
Forfeited (95,627) (82,399) (56,133)
Ending balance 714,382 1,112,552 1,087,627
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Weighted Average Grant Date Fair Value [Roll Forward]      
Beginning balance (usd per share) $ 84.46 $ 78.94 $ 34.81
Restricted stock awards granted (usd per share) 26.77 84.11 101.32
Awards upon which restrictions lapsed (usd per share) 72.52 72.81 40.10
Restricted stock awards forfeited (usd per share) 79.60 81.91 72.93
Ending balance (usd per share) $ 66.64 $ 84.46 $ 78.94
v3.24.0.1
Stockholder's Equity Narrative (Details) - shares
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Class of Stock Disclosures [Abstract]    
Common Stock, Shares Authorized 100,000,000 100,000,000
Common Stock, Shares, Outstanding 41,858,866 41,013,158
Preferred Stock, Shares Authorized 10,000,000 10,000,000
Treasury Stock, Shares, Acquired 0 95,021
v3.24.0.1
Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Stockholders' Equity Attributable to Parent $ 303,722 $ 305,297 $ 332,200 $ 339,939
Other comprehensive income (loss) 6,704 (9,378) 6  
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, after Tax 3,992 (4,966) 502  
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax 2,712 (4,412) (496)  
Accumulated Foreign Currency Adjustment Attributable to Parent        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Stockholders' Equity Attributable to Parent (76) (2,788) 1,624 2,120
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax 2,712 (4,412) (496)  
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Stockholders' Equity Attributable to Parent 479 (3,513) 1,453 951
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, after Tax 3,992 (4,966) 502  
Accumulated Other Comprehensive Income (Loss)        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Stockholders' Equity Attributable to Parent 403 (6,301) 3,077 $ 3,071
Other comprehensive income (loss) $ 6,704 $ (9,378) $ 6  
v3.24.0.1
Segments (Details) Business Segment - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Segment Reporting Information [Line Items]      
Revenue $ 1,108,605 $ 905,179 $ 698,991
Veterinary invoice expense 831,055 649,737 486,062
Other cost of revenue 146,534 133,257 108,583
Technology and development 21,403 25,133 16,866
General and administrative 60,207 39,379 31,893
New pet acquisition expense 77,372 89,500 78,647
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest (45,035) (44,196) (35,220)
Gain (loss) from investment in joint venture (219) (253) (171)
Operating loss (40,659) (43,001) (35,196)
Interest expense 12,077 4,267 10
Other expense (income), net (7,701) (3,072) 14
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest (45,035) (44,196) (35,220)
Subscription business      
Segment Reporting Information [Line Items]      
Revenue 712,906 596,610 494,862
Veterinary invoice expense 543,196 436,880 356,448
Other cost of revenue 70,490 60,804 51,216
Technology and development 13,765 16,555 11,942
General and administrative 36,256 25,964 22,579
New pet acquisition expense 77,172 88,959 78,148
Depreciation and amortization 8,021 7,205 8,494
Operating loss (35,994) (39,757) (33,965)
Other business      
Segment Reporting Information [Line Items]      
Revenue 395,699 308,569 204,129
Veterinary invoice expense 287,859 212,857 129,614
Other cost of revenue 76,044 72,453 57,367
Technology and development 7,638 8,578 4,924
General and administrative 23,951 13,415 9,314
New pet acquisition expense 200 541 499
Depreciation and amortization 4,453 3,716 3,471
Operating loss $ (4,446) $ (2,991) $ (1,060)
v3.24.0.1
Segments (Details) Revenue by Geography - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Segment Reporting Information [Line Items]      
Revenues $ 1,108,605 $ 905,179 $ 698,991
United States      
Segment Reporting Information [Line Items]      
Revenues 935,312 764,349 580,966
Canada and other      
Segment Reporting Information [Line Items]      
Revenues $ 173,293 $ 140,830 $ 118,025
v3.24.0.1
Dividend Restrictions Statutory Surplus (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Statutory Accounting Practices [Line Items]      
Dividends from subsidiaries $ 14,900    
Deposit Assets 14,600    
American Pet Insurance Company (APIC) [Member]      
Statutory Accounting Practices [Line Items]      
Dividends from subsidiaries 7,600    
Statutory Accounting Practices, Statutory Net Income Amount 40,076 $ 35,227 $ 24,409
Statutory Accounting Practices, Statutory Capital and Surplus, Balance 199,613 162,232 124,189
Statutory Accounting Practices, Statutory Capital and Surplus Required 137,600    
Statutory Accounting Practices, Statutory Capital Funding 3,800    
Wyndham Insurance Company (SAC) Limited [Member]      
Statutory Accounting Practices [Line Items]      
Dividends from subsidiaries 7,300 6,900 $ 5,600
ZPIC Insurance Company (ZPIC) [Member]      
Statutory Accounting Practices [Line Items]      
Statutory Accounting Practices, Statutory Capital Funding 200 8,000  
QPIC Insurance Company (QPIC) [Member]      
Statutory Accounting Practices [Line Items]      
Statutory Accounting Practices, Statutory Capital Funding   $ 7,800  
GPIC Insurance Company (GPIC)      
Statutory Accounting Practices [Line Items]      
Statutory Accounting Practices, Statutory Capital Funding $ 8,500    
v3.24.0.1
Income Taxes Income before taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Tax Disclosure [Abstract]      
United States $ (41,019) $ (43,794) $ (34,052)
Foreign (4,016) (402) (1,168)
Loss before income taxes $ (45,035) $ (44,196) $ (35,220)
v3.24.0.1
Income Taxes Income tax benefits (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Tax Disclosure [Abstract]      
U.S. federal & state $ (8) $ 82 $ 58
Foreign 464 814 2,066
Current income tax expense (benefit) 456 896 2,124
U.S. federal & state 7 11 (15)
Foreign (805) (431) (1,799)
Deferred Income Tax Expense (Benefit) (798) (420) (1,814)
Income tax (benefit) expense $ (342) $ 476 $ 310
v3.24.0.1
Income Taxes Tax Rate Reconciliation (Details)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Tax Disclosure [Abstract]      
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent 21.00% 21.00% 21.00%
Effective Income Tax Rate Reconciliation, Nondeductible Expense, US State Income Taxes, Percent 7.90% 3.50% 7.50%
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Compensation Cost, Percent (9.20%) 2.50% 30.40%
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent (19.10%) (26.70%) (58.40%)
Effective Income Tax Rate Reconciliation, Other Adjustments, Percent (0.10%) (1.70%) (1.70%)
Effective Income Tax Rate Reconciliation, Tax Credit, Percent 0.30% 0.30% 0.30%
Effective income tax rate 0.80% (1.10%) (0.90%)
v3.24.0.1
Income Taxes Deferred tax assets and liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Deferred tax assets:    
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Unearned Premiums Reserve $ 10,017 $ 8,610
Accruals and reserves 2,190 1,860
Net operating loss carryforwards 71,231 63,772
Depreciation and amortization 2,310 1,421
Equity compensation 1,875 3,179
Credits 1,147 997
Other 1,995 1,661
Total deferred tax assets 90,765 81,500
Deferred tax liabilities:    
Deferred costs (1,549) (1,322)
Intangible assets (3,103) (3,603)
Other (3,471) (2,398)
Total deferred tax liabilities (8,123) (7,323)
Deferred Tax Assets, Net 82,642 74,177
Less deferred tax asset valuation allowance (85,245) (77,507)
Net deferred tax liability $ (2,603) $ (3,330)
v3.24.0.1
Income Taxes Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2023
USD ($)
Income Tax Disclosure [Abstract]  
Operating loss carryforwards $ 71.2
Deferred Income Taxes and Tax Credits 1.1
Operating Loss Carryforwards, Limitations on Use, Value 0.5
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount $ 7.7
Operating Loss Carryforward Expiration Date 2026
v3.24.0.1
Income Taxes Unrecognized Tax Benefits (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]      
Balance, beginning of year $ 151 $ 138 $ 133
Increases (decreases) to tax positions related to prior periods (72) (8) 0
Increases to tax positions related to the current year 1 5 5
Balance, end of year $ 80 $ 151 $ 138
v3.24.0.1
Retirement Plan Details (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Retirement Benefits [Abstract]      
Defined Contribution Plan, Employer Discretionary Contribution Amount $ 0.0 $ 0.0 $ 0.0
v3.24.0.1
Related Party Disclosures (Details) - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]    
Related Party Transaction, Amounts of Transaction $ 2,200,000 $ 3,500,000
Equity Method Investments $ 300,000  
Limited Liability Entity    
Schedule of Equity Method Investments [Line Items]    
Equity Method Investment, Ownership Percentage 17.50%  
v3.24.0.1
Schedule 1-Parent Only Disclosures Condensed Statements of Operations and Comprehensive Loss (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Condensed Financial Statements, Captions [Line Items]      
Revenue $ 1,108,605 $ 905,179 $ 698,991
Technology and development 21,403 25,133 16,866
General and administrative 60,207 39,379 31,893
New pet acquisition expense 77,372 89,500 78,647
Gain (loss) from investment in joint venture (219) (253) (171)
Operating loss (40,659) (43,001) (35,196)
Interest expense 12,077 4,267 10
Other expense (income), net 7,701 3,072 (14)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent, Total (37,989) (54,050) (35,524)
Parent Company      
Condensed Financial Statements, Captions [Line Items]      
Veterinary invoice expense 253 4,144 4,538
Other costs of revenue 240 2,340 2,610
Technology and development 1,507 4,930 3,130
General and administrative 5,345 16,346 11,714
New pet acquisition expense 806 9,351 9,177
Depreciation and amortization 494 289 473
Total expenses 8,645 37,400 31,642
Gain (loss) from investment in joint venture (237) (192) (33)
Operating loss (8,882) (37,592) (31,675)
Interest expense 11,998 4,255 (2)
Other expense (income), net 14,442 8,047 5,755
Loss before equity in undistributed earnings of subsidiaries (6,438) (33,800) (25,918)
Income tax benefit 15,766 14,544 12,272
Equity (loss) in undistributed earnings of subsidiaries (54,021) (25,416) (21,884)
Net loss (44,693) (44,672) (35,530)
Other comprehensive income (loss) of subsidiaries 6,704 (9,378) 6
Comprehensive Income (Loss), Net of Tax, Attributable to Parent, Total $ (37,989) $ (54,050) $ (35,524)
v3.24.0.1
Schedule 1-Parent Only Disclosures Condensed Balance Sheet (Details) - USD ($)
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Assets [Abstract]        
Cash and cash equivalents $ 147,501,000 $ 65,605,000    
Accounts and other receivables 267,899,000 232,439,000    
Prepaid expenses and other assets 17,022,000 14,248,000    
Total current assets 562,089,000 469,096,000    
Restricted cash 22,963,000 19,032,000    
Property, equipment, and internal-use software, net 103,650,000 90,701,000    
Intangible assets, net 18,745,000 24,031,000    
Other long-term assets 18,922,000 18,943,000    
Total assets 782,948,000 671,627,000    
Liabilities and Equity [Abstract]        
Long-Term Debt, Current Maturities 1,350,000 1,103,000    
Total current liabilities 344,474,000 289,616,000    
Long-Term Debt 127,580,000 68,354,000    
Deferred tax liabilities 2,685,000 3,392,000    
Other liabilities 4,487,000 4,968,000    
Total liabilities 479,226,000 366,330,000    
Common stock: $0.00001 par value per share 0 0    
Preferred stock: $0.00001 par value per share 0 0    
Additional paid-in capital 536,108,000 499,694,000    
Accumulated other comprehensive income (loss) 403,000 (6,301,000)    
Accumulated deficit (216,255,000) (171,562,000)    
Treasury stock, at cost (16,534,000) (16,534,000)    
Total stockholders' equity 303,722,000 305,297,000 $ 332,200,000 $ 339,939,000
Total liabilities and stockholders’ equity $ 782,948,000 $ 671,627,000    
Common Stock, Shares Authorized 100,000,000 100,000,000    
Common Stock, Par or Stated Value Per Share $ 0.00001 $ 0.00001    
Preferred Stock, Shares Issued 0 0    
Preferred Stock, Shares Authorized 10,000,000 10,000,000    
Preferred Stock, Par or Stated Value Per Share $ 0.00001 $ 0.00001    
Treasury Stock, Common, Shares 1,028,186 1,028,186    
Parent Company        
Assets [Abstract]        
Cash and cash equivalents $ 10,994,000 $ 16,052,000    
Accounts and other receivables 1,000 5,739,000    
Prepaid expenses and other assets 804,000 697,000    
Total current assets 11,799,000 22,488,000    
Restricted cash 22,963,000 19,032,000    
Property, equipment, and internal-use software, net 3,981,000 2,398,000    
Intangible assets, net 5,808,000 5,710,000    
Other long-term assets 12,540,000 13,960,000    
Advances to and investments in subsidiaries 377,031,000 312,559,000    
Total assets 434,122,000 376,147,000    
Liabilities and Equity [Abstract]        
Accounts payable, accrued liabilities, and other current liabilities 336,000 484,000    
Long-Term Debt, Current Maturities 1,350,000 750,000    
Total current liabilities 1,686,000 1,234,000    
Long-Term Debt 127,580,000 68,354,000    
Deferred tax liabilities 1,106,000 1,100,000    
Other liabilities 28,000 162,000    
Total liabilities 130,400,000 70,850,000    
Common stock: $0.00001 par value per share 0 0    
Preferred stock: $0.00001 par value per share 0 0    
Additional paid-in capital 536,108,000 499,694,000    
Accumulated other comprehensive income (loss) 403,000 (6,301,000)    
Accumulated deficit (216,255,000) (171,562,000)    
Treasury stock, at cost (16,534,000) (16,534,000)    
Total stockholders' equity 303,722,000 305,297,000    
Total liabilities and stockholders’ equity $ 434,122,000 $ 376,147,000    
Common Stock, Shares Authorized 100,000,000 100,000,000    
Common Stock, Par or Stated Value Per Share $ 0.00001 $ 0.00001    
Preferred Stock, Shares Outstanding 0 0    
Preferred Stock, Shares Issued 0 0    
Preferred Stock, Shares Authorized 10,000,000 10,000,000    
Preferred Stock, Par or Stated Value Per Share $ 0.00001 $ 0.00001    
Treasury Stock, Common, Shares   1,028,186    
v3.24.0.1
Parent-Only Condensed Consolidated Balance Sheet Parentheticals (Details) - $ / shares
Dec. 31, 2023
Dec. 31, 2022
Common Stock, Par or Stated Value Per Share $ 0.00001 $ 0.00001
Common Stock, Shares Authorized 100,000,000 100,000,000
Common Stock, Shares, Issued 42,887,052 42,041,344
Common Stock, Shares, Outstanding 41,858,866 41,013,158
Preferred Stock, Par or Stated Value Per Share $ 0.00001 $ 0.00001
Preferred Stock, Shares Authorized 10,000,000 10,000,000
Preferred Stock, Shares Issued 0 0
Parent Company    
Common Stock, Par or Stated Value Per Share $ 0.00001 $ 0.00001
Common Stock, Shares Authorized 100,000,000 100,000,000
Common Stock, Shares, Issued 42,887,052 42,041,344
Common Stock, Shares, Outstanding 41,858,866 41,013,158
Preferred Stock, Par or Stated Value Per Share $ 0.00001 $ 0.00001
Preferred Stock, Shares Authorized 10,000,000 10,000,000
Preferred Stock, Shares Issued 0 0
Preferred Stock, Shares Outstanding 0 0
v3.24.0.1
Schedule 1-Parent Only Disclosures Condensed Statements of Cash Flows (Details) - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract]      
Stock-based compensation expense $ 33,161,000 $ 33,393,000 $ 28,226,000
Other, net 1,347,000 1,051,000 (1,927,000)
Net cash provided by (used in) operating activities 18,638,000 (8,000,000) 7,458,000
Net Cash Provided by (Used in) Investing Activities [Abstract]      
Cash paid in business acquisition, net of cash acquired 0 (15,034,000) 0
Purchases of property, equipment, and internal-use software (18,280,000) (17,088,000) (12,355,000)
Other 1,585,000 (1,598,000) (1,755,000)
Net cash provided by (used in) investing activities 7,639,000 (67,516,000) (51,913,000)
Dividends from subsidiaries 14,900,000    
Net Cash Provided by (Used in) Financing Activities [Abstract]      
Payments for Repurchase of Common Stock 0 (5,755,000) 0
Proceeds from exercise of stock options 2,655,000 2,290,000 3,607,000
Shares withheld to satisfy tax withholding (1,536,000) (4,359,000) (4,732,000)
Repayment of debt financing (1,717,000) (571,000) 0
Net cash provided by (used in) financing activities 59,126,000 60,743,000 (1,125,000)
Net change in cash, cash equivalents, and restricted cash 85,827,000 (16,232,000) (45,328,000)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Beginning Balance 84,637,000 100,869,000 146,197,000
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Ending Balance 170,464,000 84,637,000 100,869,000
Parent Company      
Net Cash Provided by (Used in) Operating Activities [Abstract]      
Net loss (44,693,000) (44,672,000) (35,530,000)
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract]      
Loss attributable to investments in subsidiaries (39,184,000) (19,331,000) (17,501,000)
Depreciation and amortization 494,000 289,000 473,000
Stock-based compensation expense 4,575,000 33,393,000 28,226,000
Other, net 4,200,000 533,000 (161,000)
Changes in operating assets and liabilities 6,194,000 (166,000) (1,219,000)
Net cash provided by (used in) operating activities 24,791,000 15,650,000 14,857,000
Net Cash Provided by (Used in) Investing Activities [Abstract]      
Cash paid in business acquisition, net of cash acquired 0 (15,034,000) 0
Purchases of property, equipment, and internal-use software (172,000) (516,000) (280,000)
Advances to and investments in subsidiaries (87,198,000) (71,671,000) (71,721,000)
Other 1,586,000 (1,598,000) (1,755,000)
Net cash provided by (used in) investing activities (85,784,000) (88,819,000) (73,756,000)
Dividends from subsidiaries 14,837,000 6,942,000 5,567,000
Net Cash Provided by (Used in) Financing Activities [Abstract]      
Payments for Repurchase of Common Stock 0 5,755,000 0
Proceeds from exercise of stock options 2,655,000 2,290,000 3,607,000
Shares withheld to satisfy tax withholding (1,536,000) (4,359,000) (4,732,000)
Proceeds from debt financing, net of financing fees 59,972,000 69,138,000 0
Repayment of debt financing (1,225,000) (487,000) 0
Net cash provided by (used in) financing activities 59,866,000 60,827,000 (1,125,000)
Net change in cash, cash equivalents, and restricted cash (1,127,000) (12,342,000) (60,024,000)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Beginning Balance 35,084,000 47,426,000 107,450,000
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Ending Balance 33,957,000 $ 35,084,000 $ 47,426,000
Subsidiary Issuer      
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract]      
Stock-based compensation expense $ 28,300,000