TRUPANION, INC., 10-Q filed on 4/30/2021
Quarterly Report
v3.21.1
Cover Page Document - shares
3 Months Ended
Mar. 31, 2021
Apr. 23, 2021
Cover Page [Abstract]    
Entity Central Index Key 0001371285  
Entity Common Stock, Shares Outstanding   40,057,323
Entity Shell Company false  
Entity Filer Category Large Accelerated Filer  
Entity Interactive Data Current Yes  
Entity Current Reporting Status Yes  
Title of 12(b) Security Common stock, $0.00001 par value per share  
City Area Code (855)  
Entity Address, Address Line One 6100 4th Avenue S, Suite 200  
Entity Address, City or Town Seattle,  
Entity Incorporation, State or Country Code DE  
Document Period End Date Mar. 31, 2021  
Document Transition Report false  
Document Quarterly Report true  
Entity File Number 001-36537  
Entity Tax Identification Number 83-0480694  
Entity Address, State or Province WA  
Entity Address, Postal Zip Code 98108  
Local Phone Number 727 - 9079  
Trading Symbol TRUP  
Security Exchange Name NASDAQ  
Entity Small Business false  
Entity Emerging Growth Company false  
Current Fiscal Year End Date --12-31  
Document Type 10-Q  
Document Fiscal Year Focus 2021  
Document Fiscal Period Focus Q1  
Amendment Flag false  
Entity Registrant Name TRUPANION, INC.  
v3.21.1
Consolidated Statement of Operations - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Income Statement [Abstract]    
Revenue $ 154,685,000 $ 111,301,000
Cost of Revenue [Abstract]    
Veterinary invoice expense(1) 109,870,000 79,640,000
Other Cost of Services Sold 23,715,000 13,809,000
Cost of Revenue 133,585,000 93,449,000
Operating Expenses [Abstract]    
Technology and Development Expense 3,731,000 2,120,000
General and Administrative Expense 7,216,000 4,860,000
Selling and Marketing Expense 19,704,000 10,442,000
Depreciation and Amortization 3,093,000 1,381,000
Operating Expenses 33,744,000 18,803,000
Income (Loss) from Equity Method Investments (85,000) (59,000)
Operating loss (12,729,000) (1,010,000)
Interest expense (2,000) (379,000)
Other income, net (62,000) (282,000)
Income (Loss) before income taxes (12,665,000) (1,107,000)
Income tax (benefit) expense (217,000) 26,000
Net loss $ (12,448,000) $ (1,133,000)
Earnings Per Share, Basic and Diluted $ (0.31) $ (0.03)
Weighted Average Number of Shares Outstanding, Basic and Diluted 39,700,454 35,007,052
v3.21.1
Consolidated Statement of Comprehensive Income Statement - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Statement of Comprehensive Income [Abstract]    
Net loss $ (12,448) $ (1,133)
Foreign currency translation adjustments 618 (630)
Net unrealized gain (loss) on available-for-sale debt securities 0 (5)
Other comprehensive income (loss), net of taxes 618 (635)
Comprehensive Income (Loss) $ (11,830) $ (1,768)
v3.21.1
Consolidated Balance Sheet - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Assets [Abstract]    
Cash and cash equivalents $ 133,126 $ 139,878
Short-term Investments 91,331 89,862
Accounts and other receivables 117,884 99,065
Prepaid expenses and other assets 9,664 8,222
Total current assets 352,005 337,027
Restricted Cash and Cash Equivalents 6,321 6,319
Long-Term Investments, at fair value 5,808 5,566
Property and equipment, net 73,664 72,602
Intangible assets, net 26,105 27,134
Other Long-Term Assets 16,468 16,557
Goodwill 33,327 33,045
Total assets 513,698 498,250
Liabilities and Equity [Abstract]    
Accounts payable 5,262 6,059
Accrued liabilities and other current liabilities 23,365 22,864
Reserve for veterinary invoices 30,135 28,929
Deferred Revenue 110,912 92,547
Total current liabilities 169,674 150,399
Deferred Income Tax Liabilities, Net 4,477 4,705
Other liabilities 3,470 3,207
Total liabilities 177,621 158,311
Common stock 0 0
Preferred Stock 0 0
Additional paid-in capital 446,975 439,007
Accumulated other comprehensive loss 3,689 3,071
Accumulated deficit (103,808) (91,360)
Treasury stock, at cost (10,779) (10,779)
Stockholders' Equity Attributable to Parent 336,077 339,939
Total liabilities and stockholders' equity $ 513,698 $ 498,250
v3.21.1
Consolidated Balance Sheet Condensed Consolidated Balance Sheet Parentheticals - $ / shares
Mar. 31, 2021
Dec. 31, 2020
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 40,989,571 40,383,972
Common Stock, Shares, Outstanding 40,056,406 39,450,807
Preferred Stock, Par or Stated Value Per Share $ 0.00001 $ 0.00001
Preferred Stock, Shares Authorized 10,000,000 10,000,000
Preferred Stock, Shares Issued 0 0
Preferred Stock, Shares Outstanding 0 0
Treasury Stock, Shares 933,165 933,165
v3.21.1
Consolidated Statement of Stockholders' Equity - USD ($)
Total
Common Stock
Additional Paid-in Capital
Accumulated Deficit
Accumulated Other Comprehensive Income (Loss)
Treasury Stock
Beginning balance (in shares) at Dec. 31, 2019   34,947,017        
Beginning balance at Dec. 31, 2019 $ 136,760,000 $ 0 $ 232,731,000 $ (85,520,000) $ 250,000 $ (10,701,000)
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)   140,788        
Issuance of common stock in connection with the Company's equity award programs, net of tax withholdings 205,000   205,000      
Stock-based compensation expense 1,706,000   1,706,000      
Repurchase of common stock (in shares)   (3,300)        
Repurchase of common stock (78,000)         (78,000)
Other comprehensive income (loss) (635,000)       (635,000)  
Net income (loss) (1,133,000)     (1,133,000)    
Ending balance (in shares) at Mar. 31, 2020   35,084,505        
Ending balance at Mar. 31, 2020 $ 136,825,000 $ 0 234,642,000 (86,653,000) (385,000) (10,779,000)
Beginning balance (in shares) at Dec. 31, 2020 39,450,807 39,450,807        
Beginning balance at Dec. 31, 2020 $ 339,939,000 $ 0 439,007,000 (91,360,000) 3,071,000 (10,779,000)
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)   605,599        
Issuance of common stock in connection with the Company's equity award programs, net of tax withholdings (643,000)   (643,000)      
Stock-based compensation expense 8,611,000   8,611,000      
Other comprehensive income (loss) 618,000       618,000  
Net income (loss) $ (12,448,000)     (12,448,000)    
Ending balance (in shares) at Mar. 31, 2021 40,056,406 40,056,406        
Ending balance at Mar. 31, 2021 $ 336,077,000 $ 0 $ 446,975,000 $ (103,808,000) $ 3,689,000 $ (10,779,000)
v3.21.1
Consolidated Statement of Cash Flows - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Statement of Cash Flows [Abstract]    
Net income (loss) $ (12,448,000) $ (1,133,000)
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract]    
Depreciation and Amortization 3,093,000 1,381,000
Stock-based compensation expense 8,448,000 1,653,000
Other, Net (230,000) 73,000
Increase (Decrease) in Operating Assets [Abstract]    
Accounts and other receivables (18,805,000) (11,697,000)
Prepaid expenses and other assets (1,331,000) (195,000)
Accounts Payable, Accrued Liabilities, and Other Liabilities 35,000 1,322,000
Claims Reserve 1,179,000 1,825,000
Deferred revenue 18,324,000 9,695,000
Net cash provided by operating activities (1,735,000) 2,924,000
Net Cash Provided by Investing Activities [Abstract]    
Payments to Acquire Held-to-maturity Securities (12,157,000) (11,579,000)
Maturities of Investment Securities 10,478,000 5,100,000
Purchases of property and equipment (2,883,000) (1,496,000)
Payments for (Proceeds from) Other Investing Activities (40,000) 9,000
Net cash used in investing activities (4,602,000) (7,966,000)
Net Cash Provided by Financing Activities [Abstract]    
Proceeds from exercise of stock options 1,238,000 559,000
Payments Related to Tax Withholding for Share-based Compensation (1,881,000) (321,000)
Proceeds from Debt Financing 0 3,744,000
Proceeds from (Payments for) Other Financing Activities 0 (78,000)
Net cash provided by financing activities (643,000) 3,904,000
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash, net 230,000 (809,000)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect (6,750,000) (1,947,000)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Beginning Balance 146,197,000 30,568,000
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Ending Balance 139,447,000 28,621,000
Supplemental Cash Flow Information [Abstract]    
Purchases of property and equipment included in accounts payable and accrued liabilities $ 753,000 $ 355,000
v3.21.1
Nature of Operations and Summary of Significant Accounting Policies
3 Months Ended
Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Nature of Operations and Summary of Significant Accounting Policies Nature of Operations and Significant Accounting Policies
Description of Business and Basis of Presentation
Trupanion, Inc. (collectively with its wholly-owned subsidiaries, the Company) provides medical insurance for cats and dogs throughout the United States, Canada, Puerto Rico, and Australia. The Company's data-driven, vertically-integrated approach enables the Company to provide pet owners with products that the Company believes are the highest value medical insurance, priced specifically for each pet’s unique characteristics.
The financial data as of December 31, 2020 was derived from the Company's audited consolidated financial statements. The accompanying unaudited interim consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) and, in management's opinion, have been prepared on the same basis as the audited financial statements and include all adjustments, consisting of normal recurring adjustments, necessary for the fair presentation of the Company's financial position, results of operations, comprehensive income (loss), stockholders' equity and cash flows for the interim periods. These unaudited interim consolidated financial statements should be read in conjunction with the Company’s audited financial statements included in the Company’s Annual Report on Form 10-K, filed with the U.S. Securities and Exchange Commission (SEC) on February 12, 2021 (the 2020 10-K). The Company's accounting policies are described in Note 1 to the audited financial statements included in the 2020 10-K. Operating results for the three months ended March 31, 2021 are not necessarily indicative of the results that may be expected for the full fiscal year or any other interim period.
Use of Estimates
The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from such estimates. See Note 1 to the audited financial statements included in the 2020 10-K for additional discussion of these estimates and assumptions.
Reclassifications
Depreciation and amortization expenses have been reclassified as a separate line item in the consolidated statement of operations and prior period amounts have been reclassified from their original presentation to conform to the current period presentation. The Company has elected to present depreciation and amortization expenses as a separate line item to better align with management's view of the Company's operating results.
v3.21.1
Net Loss per Share
3 Months Ended
Mar. 31, 2021
Earnings Per Share, Basic and Diluted [Abstract]  
Earnings Per Share [Text Block] Net Income (Loss) per Share
Basic net income (loss) per share is computed using the weighted average number of shares of common stock outstanding during the period. Diluted net income (loss) per share is calculated using the weighted average number of shares of common stock plus, when dilutive, potential shares of common stock outstanding using the treasury-stock method. Potential shares of common stock outstanding include stock options, unvested restricted stock awards and restricted stock units, and warrants.
The 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:
 Three Months Ended March 31,
 20212020
Stock options1,026,605 2,046,395 
Restricted stock awards and restricted stock units1,232,549 506,863 
v3.21.1
Investment Securities (Notes)
3 Months Ended
Mar. 31, 2021
Investments [Abstract]  
Investment
The amortized cost, gross unrealized holding gains and losses, and estimates of fair value of long-term and short-term investments by major security type and class of security were as follows as of March 31, 2021 and December 31, 2020 (in thousands):
Amortized
Cost
Gross
Unrealized
Holding
Gains
Gross
Unrealized
Holding
Losses
Fair
Value
As of March 31, 2021
Long-term investments:
Foreign deposits$4,806 $— $— $4,806 
Municipal bond1,000 — 1,002 
$5,806 $$— $5,808 
       Short-term investments:
              U.S. Treasury securities$6,476 $— $— $6,476 
              Certificates of deposit442 — — 442 
              U.S. government funds84,413 — — 84,413 
$91,331 $— $— $91,331 
 Amortized
Cost
Gross
Unrealized
Holding
Gains
Gross
Unrealized
Holding
Losses
Fair
Value
As of December 31, 2020
Long-term investments:
Foreign deposits$4,564 $— $— $4,564 
Municipal bond1,000 — 1,002 
$5,564 $$— $5,566 
Short-term investments:
U.S. Treasury securities$6,494 $— $(2)$6,492 
Certificates of deposit1,696 — — 1,696 
U.S. government funds81,672 — — 81,672 
$89,862 $— $(2)$89,860 
Maturities of debt securities classified as available-for-sale were as follows (in thousands):
 As of March 31, 2021
 Amortized
Cost
Fair
Value
Available-for-sale:
Due after one year through five years$5,806 $5,808 
$5,806 $5,808 

The Company does not expect any credit losses from its held-to-maturity investments, considering the composition of the investment portfolio and the credit loss history of these investments. For available-for-sale debt securities, the Company determined that the unrealized losses were immaterial and due to non-credit factors. The Company does not intend to sell, nor is it more likely than not that the Company will be required to sell, the securities prior to maturity or prior to the recovery of the amortized cost basis.
v3.21.1
Other Investments (Notes)
3 Months Ended
Mar. 31, 2021
Investments, All Other Investments [Abstract]  
Investments and Other Noncurrent Assets [Text Block] Other Investments
Investment in Variable Interest Entity
The Company has invested $7.0 million in preferred stock of a privately held corporation with a complementary business line. The Company does not have power over the activities that most significantly impact the economic performance of the variable interest entity and is, therefore, not the primary beneficiary. The Company has the option to purchase all of the outstanding common shares issued by the variable interest entity in 2023 at an amount approximating its expected fair value. The preferred stock investment in the variable interest entity is accounted for as an available-for-sale debt security and measured at fair value at each balance sheet date.
Additionally, the Company has extended a $2.5 million revolving line of credit to the variable interest entity to fund its inventory purchases. The Company's investment and amounts loaned under the line of credit are recorded in other long-term assets on its consolidated balance sheet. The outstanding loan balance under the line of credit was $2.5 million as of March 31, 2021 and December 31, 2020. The Company has also entered into a series of agreements to provide ancillary services to the variable interest entity at cost. The Company provided $0.2 million and $0.4 million of these services for the three months ended March 31, 2021 and 2020, respectively, which were recorded against its operating expenses.
Investment in Joint Venture
In September 2018, the Company acquired a non-controlling equity interest in a joint venture in Australia, whereby it has committed to licensing certain intellectual property and contributing up to $2.2 million AUD upon the achievement of specific operational milestones over a period of at least four years from the agreement execution date. As of March 31, 2021, the Company has contributed $0.6 million AUD. This equity investment is accounted for using the equity method and is classified in other long-term assets on the Company's consolidated balance sheet. The Company's share of income and losses from this equity method investment is included in gain (loss) from investment in joint venture on its consolidated statement of operations. Also included in this line item are income and expenses associated with administrative services provided to the joint venture.
v3.21.1
Fair Value
3 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]  
Fair Value Disclosures [Text Block] Fair Value
Investments
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 March 31, 2021
 Fair ValueLevel 1Level 2Level 3
Assets
Restricted cash$6,321 $6,321 $— $— 
Money market funds89,658 89,658 — — 
Fixed maturities:
Foreign deposits4,806 4,806 — — 
Municipal bond1,002 — 1,002 — 
Investment in variable interest entity7,949 — — 7,949 
Total$109,736 $100,785 $1,002 $7,949 
 As of December 31, 2020
 Fair ValueLevel 1Level 2Level 3
Assets
Restricted cash$6,319 $6,319 $— $— 
Money market funds99,054 99,054 — — 
Fixed maturities:
Foreign deposits4,564 4,564 — — 
Municipal bond1,002 — 1,002 — 
Investment in variable interest entity7,949 — — 7,949 
Total$118,888 $109,937 $1,002 $7,949 
The Company measures the fair value of restricted cash, money market funds, and foreign deposits based on quoted prices in active markets for identical assets. The fair value of the municipal bond is based on either recent trades in inactive markets or quoted market prices of similar instruments and other significant inputs derived from or corroborated by observable market data. Short-term investments are carried at amortized cost, and the fair value and changes in unrealized gains (losses) are disclosed in Note 3, Investments. The fair value of these investments is determined in the same manner as for available-for-sale securities and is considered a Level 1 measurement.

The Company's preferred stock investment in the variable interest entity (see Note 4) is accounted for as an available-for-sale debt security and measured at fair value at each balance sheet date. The estimated fair value of the preferred stock investment is a Level 3 measurement and is based on certain unobservable inputs such as the value of the underlying enterprise, volatility, time to liquidity, and market interest rates. An increase or decrease in any of these unobservable inputs would result in a change in the fair value measurement. Estimated fair value was $7.9 million as of March 31, 2021, unchanged from December 31, 2020, recorded in other long-term assets on the Company's consolidated balance sheet.
Fair Value Disclosures
The Company's other long-term assets balance included notes receivable of $6.1 million as of March 31, 2021 and December 31, 2020, recorded at their estimated collectible amount. The Company estimates that the carrying value of the notes receivable approximates the fair value. The estimated fair value represents a Level 3 measurement within the fair value hierarchy and is based on market interest rates and the assessed creditworthiness of the third party. There was no significant activity in Level 3 of the hierarchy during the three months ended March 31, 2021.

The Company recognizes transfers between levels of the fair value hierarchy on the date of the event or change in circumstances that caused the transfer. There were no transfers between levels for the three months ended March 31, 2021 and the year ended December 31, 2020.
v3.21.1
Commitment and Contingencies
3 Months Ended
Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Disclosure [Text Block] Commitments and Contingencies
Certain state insurance regulators in the United States have contacted the Company regarding whether employees who had helped prospective members enroll by telephone in prior years were required to have an insurance license to conduct such telephone conversations. To date, the Company has resolved each of these matters in non-material amounts and believes it is compliant with the applicable regulations. The Company is currently engaged with a limited number of state insurance regulators to resolve this same legacy issue and believes it has adequately reserved for these matters.
In addition, from time to time the Company is or may become subject to various legal proceedings arising in the ordinary course of business, including proceedings against members, other entities or regulatory bodies. Estimated liabilities are recorded when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. At this time, the Company does not believe any such matters to be material individually or in the aggregate. These views are subject to change following the outcome of future events or the results of future developments.
v3.21.1
Claims Reserve
3 Months Ended
Mar. 31, 2021
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid [Abstract]  
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Disclosure [Text Block] Reserve for Veterinary InvoicesThe reserve for veterinary invoices is an estimate of the future amount the Company will pay for veterinary invoices that are dated as of, or prior to, its balance sheet date. The reserve also includes the Company's estimate of related internal processing costs. The reserve estimate involves actuarial projections, and is based on management's assessment of facts and circumstances currently known, and assumptions about anticipated patterns. The Company uses generally accepted actuarial methodologies, such as paid loss development methods, in estimating the amount of the reserve for veterinary invoices. The reserve is made for each of the Company's segments, subscription and other business, and is continually refined as the Company receives and pays veterinary invoices. Changes in management's assumptions and estimates may have a relatively large impact to the reserve and associated expense.
Reserve for veterinary invoices
Summarized below are the changes in the total liability for the Company's subscription business segment (in thousands):
 Three Months Ended March 31,
Subscription20212020
Reserve at beginning of year$19,925 $15,541 
Veterinary invoices during the period related to:
Current year84,216 64,816 
Prior years(490)372 
Total veterinary invoice expense83,726 65,188 
Amounts paid during the period related to:
Current year68,214 54,000 
Prior years12,468 10,765 
Total paid80,682 64,765 
Non-cash expenses2,369 226 
Reserve at end of period$20,600 $15,738 

The Company's reserve for the subscription business segment increased from $19.9 million at December 31, 2020 to $20.6 million at March 31, 2021. This change was comprised of $83.7 million in expense recorded during the period less $80.7 million in payments of veterinary invoices. The $83.7 million in veterinary invoice expense incurred included a reduction of $0.5 million to the reserves relating to prior years, which was the result of ongoing analysis of recent payment trends. For the three months ended March 31, 2020, the Company increased prior year reserves by $0.4 million as a result of analysis of payment trends.
Summarized below are the changes in total liability for the Company's other business segment (in thousands):
 Three Months Ended March 31,
Other Business20212020
Reserve at beginning of year$9,004 $5,653 
Veterinary invoices during the period related to:
Current year26,414 14,323 
Prior years(270)129 
Total veterinary invoice expense26,144 14,452 
Amounts paid during the period related to:
Current year18,031 8,180 
Prior years7,582 4,801 
Total paid25,613 12,981 
Non-cash expenses— — 
Reserve at end of period$9,535 $7,124 

The Company’s reserve for the other business segment increased from $9.0 million at December 31, 2020 to $9.5 million at March 31, 2021. This change was comprised of $26.1 million in expense recorded during the period less $25.6 million in payments of veterinary invoices. The $26.1 million in veterinary invoice expense incurred included a reduction of $0.3 million to the reserves relating to prior years, which was the result of ongoing analysis of recent payment trends. For the three months ended March 31, 2020, the Company increased prior year reserves by $0.1 million as a result of analysis of payment trends.
Reserve for veterinary invoices, by year of occurrence
In the following tables, the reserve for veterinary invoices for each segment is presented as the amount (in thousands) by the year to which the veterinary invoice relates, referred to as the year of occurrence.
SubscriptionAs of March 31, 2021
Year of Occurrence
2019 and prior$1,758 
20205,209 
202113,633 
$20,600 

Other Business As of March 31, 2021
Year of Occurrence
2019 and prior$
20201,151 
20218,383 
$9,535 
v3.21.1
Stock-based Compensation
3 Months Ended
Mar. 31, 2021
Share-based Payment Arrangement [Abstract]  
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] Stock-Based Compensation
Stock-based compensation expense includes stock options and restricted stock units granted to employees and other service providers and has been reported in the Company’s consolidated statements of operations depending on the function performed by the employee or other service provider. Stock-based compensation expense recognized in each category of the consolidated statements of operations was as follows (in thousands):
 Three Months Ended March 31,
 20212020
Veterinary invoice expense$2,299 $178 
Other cost of revenue935 90 
Technology and development664 100 
General and administrative1,819 729 
Sales and marketing2,731 556 
Total expensed stock-based compensation8,448 1,653 
Capitalized stock-based compensation162 53 
Total stock-based compensation$8,610 $1,706 

As of March 31, 2021, the Company had 16,795 unvested stock options and 1,232,549 unvested restricted stock units that are expected to vest. Stock-based compensation expenses of $0.1 million related to unvested stock options and $82.1 million related to unvested restricted stock units are expected to be recognized over a weighted average period of approximately 0.1 years and 3.2 years, respectively.
Stock Options
A summary of the Company's stock option activity is as follows:
Number of OptionsWeighted Average Exercise Price per ShareAggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 20201,459,290 $9.93 $160,200 
Granted— — — 
Exercised(431,056)2.87 40,965 
Forfeited(1,629)15.71 — 
Outstanding as of March 31, 20211,026,605 12.88 65,010 
Exercisable as of March 31, 20211,009,810 $12.79 $64,038 

As of March 31, 2021, stock options outstanding and stock options exercisable had a weighted average remaining contractual life of 4.9 years and 4.9 years, respectively.
Restricted Stock Units
A summary of the Company’s restricted stock unit activity is as follows:
Number of 
Shares
Weighted Average
Grant Date Fair Value per Share
Unvested shares as of December 31, 2020782,755 $34.81 
Granted651,321 101.93 
Vested(195,178)42.68 
Forfeited(6,349)61.96 
Unvested shares as of March 31, 20211,232,549 $68.89 
v3.21.1
Stockholders' Equity (Notes)
3 Months Ended
Mar. 31, 2021
Stockholders' Equity Attributable to Parent [Abstract]  
Stockholders' Equity Note Disclosure [Text Block] Stockholders' Equity
Common Stock and Preferred Stock
As of March 31, 2021, the Company had 100,000,000 shares of common stock authorized and 40,056,406 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 March 31, 2021, the Company had 10,000,000 shares of undesignated preferred stock authorized for future issuance and did not have any outstanding shares of preferred stock. The holders of common stock are also entitled to receive dividends as and when declared by the board of directors of the Company, 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.
v3.21.1
Segments
3 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]  
Segment Reporting Disclosure [Text Block] Segments
The Company has two reporting segments: subscription business and other business. The subscription business segment currently includes revenue from subscription fees related the Company's "Trupanion" branded products, while the other business segment is comprised of revenue from other product offerings that generally have a business-to-business relationship and a different margin profile than our subscription segment, including revenue from writing policies on behalf of third parties and revenue from other products and software solutions.
The chief operating decision maker reviews revenue and operating income (loss) to evaluate segment performance. Revenue, veterinary invoice expense, other cost of revenue, and sales and marketing expenses are generally directly attributed to each segment. Other operating expenses, such as technology and development expense, general and administrative expense, and depreciation and amortization, are allocated proportionately based on revenue in each segment. Interest and other expenses and income taxes are not allocated to the segments, nor included in the measure of segment profit or loss. The Company does not analyze discrete segment balance sheet information related to long-term assets.
Operating income (loss) of the Company’s segments were as follows (in thousands):
 Three Months Ended March 31,
 20212020
Subscription business:
Revenue$113,292 $89,484 
Veterinary invoice expense83,726 65,188 
Other cost of revenue11,811 8,234 
Technology and development2,733 1,704 
General and administrative5,285 3,907 
Sales and marketing19,533 10,279 
Depreciation and amortization2,265 1,111 
Subscription business operating income (loss)(12,061)(939)
Other business:
Revenue41,393 21,817 
Veterinary invoice expense26,144 14,452 
Other cost of revenue11,904 5,575 
Technology and development998 416 
General and administrative1,931 953 
Sales and marketing171 163 
Depreciation and amortization828 270 
Other business operating income (loss)(583)(12)
Gain (loss) from investment in joint venture(85)(59)
Total operating income (loss)$(12,729)$(1,010)

The following table presents the Company’s revenue by geographic region of the member (in thousands):
 Three Months Ended March 31,
 20212020
United States$127,759 $92,524 
Canada and other26,926 18,777 
Total revenue$154,685 $111,301 
Substantially all of the Company’s long-lived assets were located in the United States as of March 31, 2021 and December 31, 2020.
v3.21.1
Business Combinations
3 Months Ended
Mar. 31, 2021
Business Combinations [Abstract]  
Business Combination Disclosure Business Combination
On October 30, 2020, the Company completed an acquisition of 100% of the equity of Aquarium Software Limited (Aquarium), a U.K.-based insurance software provider, for approximately $48.3 million in net cash. The acquired technology from Aquarium focuses on the pet space and, along with the acquired personnel, is intended to enable the Company to improve its back-end software to help facilitate growth opportunities. The Company incurred $0.6 million acquisition-related costs that were recorded in general and administrative expenses.
The acquisition is recorded using the purchase method of accounting in accordance with ASC 805, Business Combinations, which requires that the assets acquired and liabilities assumed to be recorded at their respective fair values at the acquisition date. The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date (in thousands):
October 30,
2020
Current assets, net of cash acquired$1,469 
Property and equipment171 
Amortizable intangible assets19,512 
Goodwill31,352 
Other long-term assets1,421 
Current liabilities(1,269)
Deferred tax liability and other liabilities(4,361)
Total Consideration Transferred, net of cash acquired$48,295 
The results of Aquarium’s operations have been included in the consolidated financial statements since the acquisition date, but have been immaterial to the Company's consolidated financial statements.
v3.21.1
Related Parties (Notes)
3 Months Ended
Mar. 31, 2021
Related Parties [Abstract]  
Related Party Transactions Disclosure [Text Block] Related PartiesIn August 2018, the Company invested $0.3 million in a limited liability entity in exchange for a 17.5% ownership interest. The investee is considered to be a related party, as the Company has the ability to exercise significant influence over the investee. In February 2020, the Company entered into a service agreement with the investee, under which the Company incurred $0.8 million of expenses for consulting services provided by the investee during the three months ended March 31, 2021.
v3.21.1
Nature of Operations and Summary of Significant Accounting Policies (Policies)
3 Months Ended
Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Business Description and Basis of Presentation [Text Block]
Description of Business and Basis of Presentation
Trupanion, Inc. (collectively with its wholly-owned subsidiaries, the Company) provides medical insurance for cats and dogs throughout the United States, Canada, Puerto Rico, and Australia. The Company's data-driven, vertically-integrated approach enables the Company to provide pet owners with products that the Company believes are the highest value medical insurance, priced specifically for each pet’s unique characteristics.
The financial data as of December 31, 2020 was derived from the Company's audited consolidated financial statements. The accompanying unaudited interim consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) and, in management's opinion, have been prepared on the same basis as the audited financial statements and include all adjustments, consisting of normal recurring adjustments, necessary for the fair presentation of the Company's financial position, results of operations, comprehensive income (loss), stockholders' equity and cash flows for the interim periods. These unaudited interim consolidated financial statements should be read in conjunction with the Company’s audited financial statements included in the Company’s Annual Report on Form 10-K, filed with the U.S. Securities and Exchange Commission (SEC) on February 12, 2021 (the 2020 10-K). The Company's accounting policies are described in Note 1 to the audited financial statements included in the 2020 10-K. Operating results for the three months ended March 31, 2021 are not necessarily indicative of the results that may be expected for the full fiscal year or any other interim period.
Use of Estimates
The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from such estimates. See Note 1 to the audited financial statements included in the 2020 10-K for additional discussion of these estimates and assumptions.
Reclassifications
Depreciation and amortization expenses have been reclassified as a separate line item in the consolidated statement of operations and prior period amounts have been reclassified from their original presentation to conform to the current period presentation. The Company has elected to present depreciation and amortization expenses as a separate line item to better align with management's view of the Company's operating results.
Basis of Accounting, Policy [Policy Text Block] The financial data as of December 31, 2020 was derived from the Company's audited consolidated financial statements. The accompanying unaudited interim consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) and, in management's opinion, have been prepared on the same basis as the audited financial statements and include all adjustments, consisting of normal recurring adjustments, necessary for the fair presentation of the Company's financial position, results of operations, comprehensive income (loss), stockholders' equity and cash flows for the interim periods. These unaudited interim consolidated financial statements should be read in conjunction with the Company’s audited financial statements included in the Company’s Annual Report on Form 10-K, filed with the U.S. Securities and Exchange Commission (SEC) on February 12, 2021 (the 2020 10-K). The Company's accounting policies are described in Note 1 to the audited financial statements included in the 2020 10-K. Operating results for the three months ended March 31, 2021 are not necessarily indicative of the results that may be expected for the full fiscal year or any other interim period.
Use of Estimates [Policy Text Block]
Use of Estimates
The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from such estimates. See Note 1 to the audited financial statements included in the 2020 10-K for additional discussion of these estimates and assumptions.
Reclassifications
Depreciation and amortization expenses have been reclassified as a separate line item in the consolidated statement of operations and prior period amounts have been reclassified from their original presentation to conform to the current period presentation. The Company has elected to present depreciation and amortization expenses as a separate line item to better align with management's view of the Company's operating results.
v3.21.1
Other Investments Investment in Variable Interest Entity (Policies)
3 Months Ended
Mar. 31, 2021
Investments, All Other Investments [Abstract]  
Variable Interest Entity Disclosure [Text Block]
Investment in Variable Interest Entity
The Company has invested $7.0 million in preferred stock of a privately held corporation with a complementary business line. The Company does not have power over the activities that most significantly impact the economic performance of the variable interest entity and is, therefore, not the primary beneficiary. The Company has the option to purchase all of the outstanding common shares issued by the variable interest entity in 2023 at an amount approximating its expected fair value. The preferred stock investment in the variable interest entity is accounted for as an available-for-sale debt security and measured at fair value at each balance sheet date.
Additionally, the Company has extended a $2.5 million revolving line of credit to the variable interest entity to fund its inventory purchases. The Company's investment and amounts loaned under the line of credit are recorded in other long-term assets on its consolidated balance sheet. The outstanding loan balance under the line of credit was $2.5 million as of March 31, 2021 and December 31, 2020.
v3.21.1
Other Investments Investment in Joint Venture (Policies)
3 Months Ended
Mar. 31, 2021
Investments, All Other Investments [Abstract]  
Equity Method Investments and Joint Ventures Disclosure [Text Block] Investment in Joint VentureIn September 2018, the Company acquired a non-controlling equity interest in a joint venture in Australia, whereby it has committed to licensing certain intellectual property and contributing up to $2.2 million AUD upon the achievement of specific operational milestones over a period of at least four years from the agreement execution date. As of March 31, 2021, the Company has contributed $0.6 million AUD. This equity investment is accounted for using the equity method and is classified in other long-term assets on the Company's consolidated balance sheet. The Company's share of income and losses from this equity method investment is included in gain (loss) from investment in joint venture on its consolidated statement of operations. Also included in this line item are income and expenses associated with administrative services provided to the joint venture.
v3.21.1
Fair Value Notes Receivable (Policies)
3 Months Ended
Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]
The Company's other long-term assets balance included notes receivable of $6.1 million as of March 31, 2021 and December 31, 2020, recorded at their estimated collectible amount. The Company estimates that the carrying value of the notes receivable approximates the fair value. The estimated fair value represents a Level 3 measurement within the fair value hierarchy and is based on market interest rates and the assessed creditworthiness of the third party. There was no significant activity in Level 3 of the hierarchy during the three months ended March 31, 2021.

The Company recognizes transfers between levels of the fair value hierarchy on the date of the event or change in circumstances that caused the transfer. There were no transfers between levels for the three months ended March 31, 2021 and the year ended December 31, 2020.
v3.21.1
Claims Reserve Claims Reserve (Policies)
3 Months Ended
Mar. 31, 2021
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid [Abstract]  
Liability Reserve Estimate, Policy [Policy Text Block] Reserve for Veterinary InvoicesThe reserve for veterinary invoices is an estimate of the future amount the Company will pay for veterinary invoices that are dated as of, or prior to, its balance sheet date. The reserve also includes the Company's estimate of related internal processing costs. The reserve estimate involves actuarial projections, and is based on management's assessment of facts and circumstances currently known, and assumptions about anticipated patterns. The Company uses generally accepted actuarial methodologies, such as paid loss development methods, in estimating the amount of the reserve for veterinary invoices. The reserve is made for each of the Company's segments, subscription and other business, and is continually refined as the Company receives and pays veterinary invoices. Changes in management's assumptions and estimates may have a relatively large impact to the reserve and associated expense.
v3.21.1
Segments Segments (Policies)
3 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]  
Segment Reporting, Policy [Policy Text Block] The Company has two reporting segments: subscription business and other business. The subscription business segment currently includes revenue from subscription fees related the Company's "Trupanion" branded products, while the other business segment is comprised of revenue from other product offerings that generally have a business-to-business relationship and a different margin profile than our subscription segment, including revenue from writing policies on behalf of third parties and revenue from other products and software solutions.The chief operating decision maker reviews revenue and operating income (loss) to evaluate segment performance. Revenue, veterinary invoice expense, other cost of revenue, and sales and marketing expenses are generally directly attributed to each segment. Other operating expenses, such as technology and development expense, general and administrative expense, and depreciation and amortization, are allocated proportionately based on revenue in each segment. Interest and other expenses and income taxes are not allocated to the segments, nor included in the measure of segment profit or loss. The Company does not analyze discrete segment balance sheet information related to long-term assets.
v3.21.1
Earnings Per Share (Tables)
3 Months Ended
Mar. 31, 2021
Earnings Per Share [Abstract]  
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share
The following potentially dilutive equity securities were not included in the diluted earnings per share of common stock calculation because they would have had an antidilutive effect:
 Three Months Ended March 31,
 20212020
Stock options1,026,605 2,046,395 
Restricted stock awards and restricted stock units1,232,549 506,863 
v3.21.1
Investment Securities Available-for-Sale (Tables)
3 Months Ended
Mar. 31, 2021
Investments [Abstract]  
Unrealized Gain (Loss) on Investments [Table Text Block]
The amortized cost, gross unrealized holding gains and losses, and estimates of fair value of long-term and short-term investments by major security type and class of security were as follows as of March 31, 2021 and December 31, 2020 (in thousands):
Amortized
Cost
Gross
Unrealized
Holding
Gains
Gross
Unrealized
Holding
Losses
Fair
Value
As of March 31, 2021
Long-term investments:
Foreign deposits$4,806 $— $— $4,806 
Municipal bond1,000 — 1,002 
$5,806 $$— $5,808 
       Short-term investments:
              U.S. Treasury securities$6,476 $— $— $6,476 
              Certificates of deposit442 — — 442 
              U.S. government funds84,413 — — 84,413 
$91,331 $— $— $91,331 
 Amortized
Cost
Gross
Unrealized
Holding
Gains
Gross
Unrealized
Holding
Losses
Fair
Value
As of December 31, 2020
Long-term investments:
Foreign deposits$4,564 $— $— $4,564 
Municipal bond1,000 — 1,002 
$5,564 $$— $5,566 
Short-term investments:
U.S. Treasury securities$6,494 $— $(2)$6,492 
Certificates of deposit1,696 — — 1,696 
U.S. government funds81,672 — — 81,672 
$89,862 $— $(2)$89,860 
Available-for-sale Securities [Table Text Block]
Maturities of debt securities classified as available-for-sale were as follows (in thousands):
 As of March 31, 2021
 Amortized
Cost
Fair
Value
Available-for-sale:
Due after one year through five years$5,806 $5,808 
$5,806 $5,808 
v3.21.1
Fair Value (Tables)
3 Months Ended
Mar. 31, 2021
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 March 31, 2021
 Fair ValueLevel 1Level 2Level 3
Assets
Restricted cash$6,321 $6,321 $— $— 
Money market funds89,658 89,658 — — 
Fixed maturities:
Foreign deposits4,806 4,806 — — 
Municipal bond1,002 — 1,002 — 
Investment in variable interest entity7,949 — — 7,949 
Total$109,736 $100,785 $1,002 $7,949 
 As of December 31, 2020
 Fair ValueLevel 1Level 2Level 3
Assets
Restricted cash$6,319 $6,319 $— $— 
Money market funds99,054 99,054 — — 
Fixed maturities:
Foreign deposits4,564 4,564 — — 
Municipal bond1,002 — 1,002 — 
Investment in variable interest entity7,949 — — 7,949 
Total$118,888 $109,937 $1,002 $7,949 
v3.21.1
Claims Reserve (Tables)
3 Months Ended
Mar. 31, 2021
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):
 Three Months Ended March 31,
Subscription20212020
Reserve at beginning of year$19,925 $15,541 
Veterinary invoices during the period related to:
Current year84,216 64,816 
Prior years(490)372 
Total veterinary invoice expense83,726 65,188 
Amounts paid during the period related to:
Current year68,214 54,000 
Prior years12,468 10,765 
Total paid80,682 64,765 
Non-cash expenses2,369 226 
Reserve at end of period$20,600 $15,738 

The Company's reserve for the subscription business segment increased from $19.9 million at December 31, 2020 to $20.6 million at March 31, 2021. This change was comprised of $83.7 million in expense recorded during the period less $80.7 million in payments of veterinary invoices. The $83.7 million in veterinary invoice expense incurred included a reduction of $0.5 million to the reserves relating to prior years, which was the result of ongoing analysis of recent payment trends. For the three months ended March 31, 2020, the Company increased prior year reserves by $0.4 million as a result of analysis of payment trends.
Summarized below are the changes in total liability for the Company's other business segment (in thousands):
 Three Months Ended March 31,
Other Business20212020
Reserve at beginning of year$9,004 $5,653 
Veterinary invoices during the period related to:
Current year26,414 14,323 
Prior years(270)129 
Total veterinary invoice expense26,144 14,452 
Amounts paid during the period related to:
Current year18,031 8,180 
Prior years7,582 4,801 
Total paid25,613 12,981 
Non-cash expenses— — 
Reserve at end of period$9,535 $7,124 

The Company’s reserve for the other business segment increased from $9.0 million at December 31, 2020 to $9.5 million at March 31, 2021. This change was comprised of $26.1 million in expense recorded during the period less $25.6 million in payments of veterinary invoices. The $26.1 million in veterinary invoice expense incurred included a reduction of $0.3 million to the reserves relating to prior years, which was the result of ongoing analysis of recent payment trends. For the three months ended March 31, 2020, the Company increased prior year reserves by $0.1 million as a result of analysis of payment trends.
IBRN plus expected development on reported claims[Table Text Block]
In the following tables, the reserve for veterinary invoices for each segment is presented as the amount (in thousands) by the year to which the veterinary invoice relates, referred to as the year of occurrence.
SubscriptionAs of March 31, 2021
Year of Occurrence
2019 and prior$1,758 
20205,209 
202113,633 
$20,600 

Other Business As of March 31, 2021
Year of Occurrence
2019 and prior$
20201,151 
20218,383 
$9,535 
v3.21.1
Stock-based Compensation (Tables)
3 Months Ended
Mar. 31, 2021
Share-based Payment Arrangement [Abstract]  
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]
Stock-based compensation expense includes stock options and restricted stock units granted to employees and other service providers and has been reported in the Company’s consolidated statements of operations depending on the function performed by the employee or other service provider. Stock-based compensation expense recognized in each category of the consolidated statements of operations was as follows (in thousands):
 Three Months Ended March 31,
 20212020
Veterinary invoice expense$2,299 $178 
Other cost of revenue935 90 
Technology and development664 100 
General and administrative1,819 729 
Sales and marketing2,731 556 
Total expensed stock-based compensation8,448 1,653 
Capitalized stock-based compensation162 53 
Total stock-based compensation$8,610 $1,706 
As of March 31, 2021, the Company had 16,795 unvested stock options and 1,232,549 unvested restricted stock units that are expected to vest. Stock-based compensation expenses of $0.1 million related to unvested stock options and $82.1 million related to unvested restricted stock units are expected to be recognized over a weighted average period of approximately 0.1 years and 3.2 years, respectively.
Share-based Compensation, Stock Options, Activity [Table Text Block]
A summary of the Company's stock option activity is as follows:
Number of OptionsWeighted Average Exercise Price per ShareAggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 20201,459,290 $9.93 $160,200 
Granted— — — 
Exercised(431,056)2.87 40,965 
Forfeited(1,629)15.71 — 
Outstanding as of March 31, 20211,026,605 12.88 65,010 
Exercisable as of March 31, 20211,009,810 $12.79 $64,038 

As of March 31, 2021, stock options outstanding and stock options exercisable had a weighted average remaining contractual life of 4.9 years and 4.9 years, respectively.
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block]
A summary of the Company’s restricted stock unit activity is as follows:
Number of 
Shares
Weighted Average
Grant Date Fair Value per Share
Unvested shares as of December 31, 2020782,755 $34.81 
Granted651,321 101.93 
Vested(195,178)42.68 
Forfeited(6,349)61.96 
Unvested shares as of March 31, 20211,232,549 $68.89 
v3.21.1
Segments (Tables)
3 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]  
Revenue and Gross Profit from Segments [Table Text Block]
Operating income (loss) of the Company’s segments were as follows (in thousands):
 Three Months Ended March 31,
 20212020
Subscription business:
Revenue$113,292 $89,484 
Veterinary invoice expense83,726 65,188 
Other cost of revenue11,811 8,234 
Technology and development2,733 1,704 
General and administrative5,285 3,907 
Sales and marketing19,533 10,279 
Depreciation and amortization2,265 1,111 
Subscription business operating income (loss)(12,061)(939)
Other business:
Revenue41,393 21,817 
Veterinary invoice expense26,144 14,452 
Other cost of revenue11,904 5,575 
Technology and development998 416 
General and administrative1,931 953 
Sales and marketing171 163 
Depreciation and amortization828 270 
Other business operating income (loss)(583)(12)
Gain (loss) from investment in joint venture(85)(59)
Total operating income (loss)$(12,729)$(1,010)
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):
 Three Months Ended March 31,
 20212020
United States$127,759 $92,524 
Canada and other26,926 18,777 
Total revenue$154,685 $111,301 
v3.21.1
Net Loss per Share (Details) Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share - shares
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Employee Stock Option [Member]    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 1,026,605 2,046,395
Restricted Stock Units (RSUs) [Member]    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 1,232,549 506,863
v3.21.1
Net Loss per Share Computation of Net Income (Loss) Per Share (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Schedule of Earnings Per Share, Basic and Diluted [Line Items]    
Net income (loss) $ (12,448) $ (1,133)
v3.21.1
Investment Securities (Details) Investment Schedule - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Schedule of Investments [Line Items]    
Debt Securities, Held-to-maturity $ 91,331 $ 89,862
Debt Securities, Available-for-sale 5,806 5,564
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax 2 2
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain 0 0
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax 0 0
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Fair Value 5,808 5,566
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss 0 2
Debt Securities, Held-to-maturity, Fair Value 91,331 89,860
Deposits [Member]    
Schedule of Investments [Line Items]    
Debt Securities, Available-for-sale 4,806 4,564
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax 0 0
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax 0 0
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Fair Value 4,806 4,564
Municipal Bonds [Member]    
Schedule of Investments [Line Items]    
Debt Securities, Available-for-sale 1,000 1,000
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax 2 2
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax 0 0
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Fair Value 1,002 1,002
US Treasury Securities [Member]    
Schedule of Investments [Line Items]    
Debt Securities, Held-to-maturity 6,476 6,494
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain 0 0
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss 0 2
Debt Securities, Held-to-maturity, Fair Value 6,476 6,492
Certificates of Deposit [Member]    
Schedule of Investments [Line Items]    
Debt Securities, Held-to-maturity 442 1,696
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 442 1,696
US Government Debt Securities [Member]    
Schedule of Investments [Line Items]    
Debt Securities, Held-to-maturity 84,413 81,672
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 $ 84,413 $ 81,672
v3.21.1
Investment Securities (Details) Available-for-Sale - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Debt Securities, Available-for-sale [Abstract]    
Available-for-sale securities, debt maturities, year two through five, amortized cost basis $ 5,806  
Available-for-sale securities, debt maturities, year two through five, fair value 5,808  
Available-for-sale securities, amortized cost 5,806  
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Fair Value $ 5,808 $ 5,566
v3.21.1
Other Investments (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Dec. 31, 2020
Dec. 31, 2019
Investments, All Other Investments [Abstract]        
Purchase of Equity Interest       $ 7.0
Financing Receivable, Revolving $ 2.5      
Loans Receivable, Net 2.5   $ 2.5  
Other Commitment 2.2      
Payments to Acquire Interest in Joint Venture 0.6      
Services performed for Variable Interest Entity $ 0.2 $ 0.4    
v3.21.1
Fair Value (Details) Unobservable - USD ($)
Mar. 31, 2021
Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Fair Value $ 5,808,000 $ 5,566,000
Noncontrolling Interest in Variable Interest Entity 7,949,000 7,949,000
Assets, Fair Value Disclosure 109,736,000 118,888,000
Notes Receivable, Fair Value Disclosure 6,100,000 6,100,000
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 100,785,000 109,937,000
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 1,002,000 1,002,000
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 7,949,000 7,949,000
Assets, Fair Value Disclosure 7,949,000 7,949,000
Cash and Cash Equivalents [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Restricted Cash 6,321,000 6,319,000
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Restricted Cash 6,321,000 6,319,000
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Restricted Cash 0 0
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 3 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Restricted Cash 0 0
Deposits [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Fair Value 4,806,000 4,564,000
Cash and Cash Equivalents, Fair Value Disclosure 89,658,000 99,054,000
Deposits [Member] | Fair Value, Inputs, Level 1 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Fair Value 4,806,000 4,564,000
Cash and Cash Equivalents, Fair Value Disclosure 89,658,000 99,054,000
Deposits [Member] | Fair Value, Inputs, Level 2 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Fair Value 0 0
Cash and Cash Equivalents, Fair Value Disclosure 0 0
Deposits [Member] | Fair Value, Inputs, Level 3 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Fair Value 0 0
Cash and Cash Equivalents, Fair Value Disclosure 0 0
Municipal bond    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Fair Value 1,002,000 1,002,000
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value 1,002,000 1,002,000
Municipal bond | Fair Value, Inputs, Level 1 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value 0 0
Municipal bond | Fair Value, Inputs, Level 2 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value 1,002,000 1,002,000
Municipal bond | Fair Value, Inputs, Level 3 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value $ 0 $ 0
v3.21.1
Fair Value (Details) Narrative - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Dec. 31, 2020
Dec. 31, 2019
Note Receivable, Fair Value [Abstract]        
Net unrealized gain (loss) on available-for-sale debt securities $ 0 $ (5)    
Notes Receivable, Fair Value Disclosure 6,100   $ 6,100  
Purchase of Equity Interest       $ 7,000
Noncontrolling Interest in Variable Interest Entity $ 7,949   $ 7,949