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Amortized Cost | Gross Unrealized Holding Losses | Fair Value | |||||||||
As of March 31, 2017 | |||||||||||
Available-for-sale: | |||||||||||
Foreign deposits | $ | 1,671 | $ | — | $ | 1,671 | |||||
Municipal bond | 1,000 | (15 | ) | 985 | |||||||
$ | 2,671 | $ | (15 | ) | $ | 2,656 | |||||
Short-term investments: | |||||||||||
U.S. treasury securities | $ | 6,186 | $ | (1 | ) | $ | 6,185 | ||||
Certificates of deposit | 687 | — | 687 | ||||||||
U.S. government funds | 23,920 | — | 23,920 | ||||||||
$ | 30,793 | $ | (1 | ) | $ | 30,792 | |||||
Amortized Cost | Gross Unrealized Holding Losses | Fair Value | |||||||||
As of December 31, 2016 | |||||||||||
Available-for-sale: | |||||||||||
Foreign deposits | $ | 1,587 | $ | — | $ | 1,587 | |||||
Municipal bond | 1,000 | (8 | ) | 992 | |||||||
$ | 2,587 | $ | (8 | ) | $ | 2,579 | |||||
Short-term investments: | |||||||||||
U.S. treasury securities | $ | 5,791 | $ | — | $ | 5,791 | |||||
Certificates of deposit | 707 | — | 707 | ||||||||
U.S. government funds | 23,072 | — | 23,072 | ||||||||
$ | 29,570 | $ | — | $ | 29,570 |
March 31, 2017 | |||||||
Amortized Cost | Fair Value | ||||||
Available-for-sale: | |||||||
Due under one year | $ | — | $ | — | |||
Due after one year through five years | 1,671 | 1,671 | |||||
Due after five years through ten years | 1,000 | 985 | |||||
Due after ten years | — | — | |||||
$ | 2,671 | $ | 2,656 |
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• | Level 1 inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date. |
• | Level 2 inputs: Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. |
• | Level 3 inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. |
As of March 31, 2017 | |||||||||||||||
Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||
Assets | |||||||||||||||
Restricted cash | $ | 600 | $ | 600 | $ | — | $ | — | |||||||
Foreign deposits | 1,671 | 1,671 | — | — | |||||||||||
Municipal bond | 985 | — | 985 | — | |||||||||||
Money market funds | 4,497 | 4,497 | — | — | |||||||||||
Total | $ | 7,753 | $ | 6,768 | $ | 985 | $ | — | |||||||
As of December 31, 2016 | |||||||||||||||
Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||
Assets | |||||||||||||||
Restricted cash | $ | 600 | $ | 600 | $ | — | $ | — | |||||||
Foreign deposits | 1,587 | 1,587 | — | — | |||||||||||
Municipal bond | 992 | — | 992 | — | |||||||||||
Money market funds | 7,033 | 7,033 | — | — | |||||||||||
Total | $ | 10,212 | $ | 9,220 | $ | 992 | $ | — |
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Number Of Options | Weighted-Average Exercise Price | Aggregate Intrinsic Value | ||||||||
(in thousands) | ||||||||||
December 31, 2016 | 4,123,023 | $ | 5.06 | $ | 43,185 | |||||
Granted | 152,199 | 15.82 | ||||||||
Exercised | (257,679 | ) | 4.02 | 3,068 | ||||||
Forfeited | (34,445 | ) | 8.85 | |||||||
March 31, 2017 | 3,983,098 | 5.50 | 35,439 | |||||||
Vested and exercisable at March 31, 2017 | 2,986,493 | $ | 3.29 | $ | 32,695 |
Three Months Ended March 31, | |||||||
2017 | 2016 | ||||||
(in thousands) | |||||||
Claims expenses | $ | 70 | $ | 58 | |||
Other cost of revenue | 43 | 8 | |||||
Sales and marketing | 187 | 82 | |||||
Technology and development | 50 | 55 | |||||
General and administrative | 431 | 493 | |||||
Total stock-based compensation expense | $ | 781 | $ | 696 |
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Three Months Ended March 31, | ||||||||
2017 | 2016 | |||||||
(in thousands) | ||||||||
Claims reserve at beginning of year | $ | 8,538 | $ | 5,384 | ||||
Claims incurred during the period related to: | ||||||||
Current year | 36,518 | 28,123 | ||||||
Prior years | (195 | ) | 387 | |||||
Total claims incurred | 36,323 | 28,510 | ||||||
Claims paid during period related to: | ||||||||
Current year | 28,868 | 22,940 | ||||||
Prior years | 6,400 | 4,913 | ||||||
Total claims paid | 35,268 | 27,853 | ||||||
Non-cash claims expense | 93 | 94 | ||||||
Claims reserve at end of period | $ | 9,500 | $ | 5,947 |
Three Months Ended March 31, | ||||||||
2017 | 2016 | |||||||
(in thousands) | ||||||||
Claims reserve at beginning of year | $ | 983 | $ | 890 | ||||
Claims incurred during the period related to: | ||||||||
Current year | 3,048 | 2,104 | ||||||
Prior years | (184 | ) | (10 | ) | ||||
Total claims incurred | 2,864 | 2,094 | ||||||
Claims paid during period related to: | ||||||||
Current year | 2,092 | 1,357 | ||||||
Prior years | 634 | 720 | ||||||
Total claims paid | 2,726 | 2,077 | ||||||
Non-cash claims expense | — | — | ||||||
Claims reserve at end of period | $ | 1,121 | $ | 907 |
As of March 31, 2017 | |||
Total of IBNR plus expected development on reported claims | |||
Year Incurred | |||
2015 | $ | 174 | |
2016 | 1,725 | ||
2017 | 7,557 |
As of March 31, 2017 | |||
Total of IBNR plus expected development on reported claims | |||
Year Incurred | |||
2015 | $ | 2 | |
2016 | 162 | ||
2017 | 957 |
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Three Months Ended March 31, | |||||||
2017 | 2016 | ||||||
Revenue: | |||||||
Subscription business | $ | 50,229 | $ | 39,143 | |||
Other business | 4,500 | 3,556 | |||||
54,729 | 42,699 | ||||||
Claims expenses: | |||||||
Subscription business | 36,323 | 28,510 | |||||
Other business | 2,864 | 2,094 | |||||
39,187 | 30,604 | ||||||
Other cost of revenue: | |||||||
Subscription business | 4,923 | 3,693 | |||||
Other business | 1,464 | 1,098 | |||||
6,387 | 4,791 | ||||||
Gross profit: | |||||||
Subscription business | 8,983 | 6,940 | |||||
Other business | 172 | 364 | |||||
9,155 | 7,304 | ||||||
Sales and marketing: | |||||||
Subscription business | 4,041 | 3,802 | |||||
Other business | 48 | 38 | |||||
4,089 | 3,840 | ||||||
Technology and development | 2,403 | 2,287 | |||||
General and administrative | 4,012 | 3,722 | |||||
Operating loss | $ | (1,349 | ) | $ | (2,545 | ) |
Three Months Ended March 31, | |||||||
2017 | 2016 | ||||||
United States | $ | 44,134 | $ | 34,477 | |||
Canada | 10,595 | 8,222 | |||||
Total revenue | $ | 54,729 | $ | 42,699 |
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Amortized Cost | Gross Unrealized Holding Losses | Fair Value | |||||||||
As of March 31, 2017 | |||||||||||
Available-for-sale: | |||||||||||
Foreign deposits | $ | 1,671 | $ | — | $ | 1,671 | |||||
Municipal bond | 1,000 | (15 | ) | 985 | |||||||
$ | 2,671 | $ | (15 | ) | $ | 2,656 | |||||
Short-term investments: | |||||||||||
U.S. treasury securities | $ | 6,186 | $ | (1 | ) | $ | 6,185 | ||||
Certificates of deposit | 687 | — | 687 | ||||||||
U.S. government funds | 23,920 | — | 23,920 | ||||||||
$ | 30,793 | $ | (1 | ) | $ | 30,792 | |||||
Amortized Cost | Gross Unrealized Holding Losses | Fair Value | |||||||||
As of December 31, 2016 | |||||||||||
Available-for-sale: | |||||||||||
Foreign deposits | $ | 1,587 | $ | — | $ | 1,587 | |||||
Municipal bond | 1,000 | (8 | ) | 992 | |||||||
$ | 2,587 | $ | (8 | ) | $ | 2,579 | |||||
Short-term investments: | |||||||||||
U.S. treasury securities | $ | 5,791 | $ | — | $ | 5,791 | |||||
Certificates of deposit | 707 | — | 707 | ||||||||
U.S. government funds | 23,072 | — | 23,072 | ||||||||
$ | 29,570 | $ | — | $ | 29,570 |
March 31, 2017 | |||||||
Amortized Cost | Fair Value | ||||||
Available-for-sale: | |||||||
Due under one year | $ | — | $ | — | |||
Due after one year through five years | 1,671 | 1,671 | |||||
Due after five years through ten years | 1,000 | 985 | |||||
Due after ten years | — | — | |||||
$ | 2,671 | $ | 2,656 |
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As of March 31, 2017 | |||||||||||||||
Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||
Assets | |||||||||||||||
Restricted cash | $ | 600 | $ | 600 | $ | — | $ | — | |||||||
Foreign deposits | 1,671 | 1,671 | — | — | |||||||||||
Municipal bond | 985 | — | 985 | — | |||||||||||
Money market funds | 4,497 | 4,497 | — | — | |||||||||||
Total | $ | 7,753 | $ | 6,768 | $ | 985 | $ | — | |||||||
As of December 31, 2016 | |||||||||||||||
Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||
Assets | |||||||||||||||
Restricted cash | $ | 600 | $ | 600 | $ | — | $ | — | |||||||
Foreign deposits | 1,587 | 1,587 | — | — | |||||||||||
Municipal bond | 992 | — | 992 | — | |||||||||||
Money market funds | 7,033 | 7,033 | — | — | |||||||||||
Total | $ | 10,212 | $ | 9,220 | $ | 992 | $ | — |
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Number Of Options | Weighted-Average Exercise Price | Aggregate Intrinsic Value | ||||||||
(in thousands) | ||||||||||
December 31, 2016 | 4,123,023 | $ | 5.06 | $ | 43,185 | |||||
Granted | 152,199 | 15.82 | ||||||||
Exercised | (257,679 | ) | 4.02 | 3,068 | ||||||
Forfeited | (34,445 | ) | 8.85 | |||||||
March 31, 2017 | 3,983,098 | 5.50 | 35,439 | |||||||
Vested and exercisable at March 31, 2017 | 2,986,493 | $ | 3.29 | $ | 32,695 |
Three Months Ended March 31, | |||||||
2017 | 2016 | ||||||
(in thousands) | |||||||
Claims expenses | $ | 70 | $ | 58 | |||
Other cost of revenue | 43 | 8 | |||||
Sales and marketing | 187 | 82 | |||||
Technology and development | 50 | 55 | |||||
General and administrative | 431 | 493 | |||||
Total stock-based compensation expense | $ | 781 | $ | 696 |
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Three Months Ended March 31, | ||||||||
2017 | 2016 | |||||||
(in thousands) | ||||||||
Claims reserve at beginning of year | $ | 8,538 | $ | 5,384 | ||||
Claims incurred during the period related to: | ||||||||
Current year | 36,518 | 28,123 | ||||||
Prior years | (195 | ) | 387 | |||||
Total claims incurred | 36,323 | 28,510 | ||||||
Claims paid during period related to: | ||||||||
Current year | 28,868 | 22,940 | ||||||
Prior years | 6,400 | 4,913 | ||||||
Total claims paid | 35,268 | 27,853 | ||||||
Non-cash claims expense | 93 | 94 | ||||||
Claims reserve at end of period | $ | 9,500 | $ | 5,947 |
Three Months Ended March 31, | ||||||||
2017 | 2016 | |||||||
(in thousands) | ||||||||
Claims reserve at beginning of year | $ | 983 | $ | 890 | ||||
Claims incurred during the period related to: | ||||||||
Current year | 3,048 | 2,104 | ||||||
Prior years | (184 | ) | (10 | ) | ||||
Total claims incurred | 2,864 | 2,094 | ||||||
Claims paid during period related to: | ||||||||
Current year | 2,092 | 1,357 | ||||||
Prior years | 634 | 720 | ||||||
Total claims paid | 2,726 | 2,077 | ||||||
Non-cash claims expense | — | — | ||||||
Claims reserve at end of period | $ | 1,121 | $ | 907 |
As of March 31, 2017 | |||
Total of IBNR plus expected development on reported claims | |||
Year Incurred | |||
2015 | $ | 174 | |
2016 | 1,725 | ||
2017 | 7,557 |
As of March 31, 2017 | |||
Total of IBNR plus expected development on reported claims | |||
Year Incurred | |||
2015 | $ | 2 | |
2016 | 162 | ||
2017 | 957 |
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Three Months Ended March 31, | |||||||
2017 | 2016 | ||||||
Revenue: | |||||||
Subscription business | $ | 50,229 | $ | 39,143 | |||
Other business | 4,500 | 3,556 | |||||
54,729 | 42,699 | ||||||
Claims expenses: | |||||||
Subscription business | 36,323 | 28,510 | |||||
Other business | 2,864 | 2,094 | |||||
39,187 | 30,604 | ||||||
Other cost of revenue: | |||||||
Subscription business | 4,923 | 3,693 | |||||
Other business | 1,464 | 1,098 | |||||
6,387 | 4,791 | ||||||
Gross profit: | |||||||
Subscription business | 8,983 | 6,940 | |||||
Other business | 172 | 364 | |||||
9,155 | 7,304 | ||||||
Sales and marketing: | |||||||
Subscription business | 4,041 | 3,802 | |||||
Other business | 48 | 38 | |||||
4,089 | 3,840 | ||||||
Technology and development | 2,403 | 2,287 | |||||
General and administrative | 4,012 | 3,722 | |||||
Operating loss | $ | (1,349 | ) | $ | (2,545 | ) |
Three Months Ended March 31, | |||||||
2017 | 2016 | ||||||
United States | $ | 44,134 | $ | 34,477 | |||
Canada | 10,595 | 8,222 | |||||
Total revenue | $ | 54,729 | $ | 42,699 |
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