Document and Entity Information Document - shares |
6 Months Ended | |
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Jun. 30, 2018 |
Jul. 25, 2018 |
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Entity [Abstract] | ||
Entity Registrant Name | TRUPANION, INC. | |
Entity Central Index Key | 0001371285 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2018 | |
Document Fiscal Year Focus | 2018 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 32,776,401 |
Consolidated Statement of Operations - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
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Income Statement [Abstract] | ||||
Revenue | $ 73,392 | $ 58,275 | $ 143,152 | $ 113,004 |
Cost of Revenue [Abstract] | ||||
Veterinary invoice expense | 51,780 | 41,009 | 101,893 | 80,196 |
Other cost of revenue | 9,259 | 6,915 | 17,842 | 13,302 |
Gross profit | 12,353 | 10,351 | 23,417 | 19,506 |
Operating Expenses [Abstract] | ||||
Technology and Development | 2,298 | 2,322 | 4,462 | 4,725 |
General and administrative | 4,610 | 4,245 | 9,068 | 8,257 |
Sales and marketing | 5,702 | 4,372 | 11,640 | 8,461 |
Total operating expenses | 12,610 | 10,939 | 25,170 | 21,443 |
Operating loss | (257) | (588) | (1,753) | (1,937) |
Interest expense | 332 | 109 | 551 | 246 |
Other (income) expense, net | (303) | (1,112) | (443) | (1,140) |
Income (Loss) before income taxes | (286) | 415 | (1,861) | (1,043) |
Income tax expense (benefit) | 91 | 4 | (4) | 28 |
Net (loss) income | $ (377) | $ 411 | $ (1,857) | $ (1,071) |
Net income (loss) per share [Abstract] | ||||
Earnings Per Share, Basic and Diluted | $ (0.01) | $ 0.01 | $ (0.06) | $ (0.04) |
Weighted Average Number of Shares Outstanding, Basic | 30,721,037 | 29,510,907 | 30,485,121 | 29,383,502 |
Weighted Average Number of Shares Outstanding, Diluted | 30,721,037 | 32,734,624 | 30,485,121 | 29,383,502 |
Consolidated Statement of Comprehensive Income Statement - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
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Statement of Comprehensive Income [Abstract] | ||||
Net (loss) income | $ (377) | $ 411 | $ (1,857) | $ (1,071) |
Foreign currency translation adjustments | (129) | 111 | (319) | 123 |
Net unrealized gain on available-for-sale debt securities | 15 | 16 | 0 | 9 |
Other comprehensive (loss) income, net of taxes | (114) | 127 | (319) | 132 |
Comprehensive Income (Loss) | $ (491) | $ 538 | $ (2,176) | $ (939) |
Consolidated Balance Sheet Condensed Consolidated Balance Sheet Parentheticals - $ / shares |
Jun. 30, 2018 |
Dec. 31, 2017 |
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Common Stock [Member] | ||
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 | 33,475,275 | 30,778,796 |
Common Stock, Shares, Outstanding | 32,719,290 | 30,121,496 |
Preferred Stock [Member] | ||
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 [Member] | ||
Treasury Stock, Shares | 755,985 | 657,300 |
Nature of Operations and Summary of Significant Accounting Policies |
6 Months Ended |
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Jun. 30, 2018 | |
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 and Puerto Rico. The financial data as of December 31, 2017 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 (loss) income, 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 13, 2018 (the 2017 10-K). The Company's accounting policies are described in Note 1 to the audited financial statements included in the 2017 10-K. Operating results for the three and six months ended June 30, 2018 are not necessarily indicative of the results that may be expected for the full fiscal year or any other interim period. Follow-on Public Offering In June 2018, the Company completed a follow-on public offering (the June 2018 follow-on public offering) whereby the Company sold 2,090,909 shares of common stock (inclusive of 272,727 shares of common stock sold by the Company pursuant to the full exercise of the underwriters' option to purchase additional shares) at a price to the public of $33.00 per share. The Company received aggregate net proceeds from the June 2018 follow-on public offering of $65.9 million, after deducting underwriting discounts and commissions and offering expenses payable by the Company. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. 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 2017 10-K for additional discussion of these estimates and assumptions. Accumulated Other Comprehensive Loss There were no reclassifications out of accumulated other comprehensive loss during the three and six months ended June 30, 2018 and 2017. Income Taxes On December 22, 2017, the U.S. government enacted the Tax Cuts and Jobs Act (Tax Act), making broad and complex changes to the Internal Revenue Code. The Company has made significant judgments and estimates in accordance with its interpretation of the Tax Act. As additional guidance on the Tax Act becomes available, the Company may adjust its interpretation of the requirements, which may result in a material change to income tax benefit or expense in the period in which the adjustment is made. Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) amending the lease presentation guidance. The ASU requires organizations that lease assets to recognize the rights and obligations created by those leases on the consolidated balance sheets. This ASU is effective for fiscal years beginning after December 15, 2018 including interim periods within that reporting period, with early adoption permitted. The Company has determined this guidance will require recognition of a lease liability and corresponding asset on the consolidated balance sheets equal to the present value of minimum lease payments. The carrying amount of the asset is derived from the amount of the lease liability at the end of each reporting period. The Company plans to adopt this guidance as of January 1, 2019, and is in the process of evaluating the impact on its consolidated financial statements.
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Net Loss per Share |
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Earnings Per Share, Basic and Diluted [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Text Block] | Net (Loss) Income per Share Basic net (loss) income per share is computed using the weighted average number of shares of common stock outstanding during the period. Diluted net (loss) income per share is calculated using the weighted average number of shares of common stock plus, when dilutive, potential common shares outstanding using the treasury-stock method. Potential common shares outstanding include stock options, unvested restricted stock awards and restricted stock units, and warrants. The components of basic and diluted earnings per share were as follows:
The following potentially dilutive equity securities were not included in the diluted earnings per common share calculation because they would have had an antidilutive effect:
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Investment Securities (Notes) |
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Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment [Text Block] | Investment Securities The amortized cost, gross unrealized holding gains and losses, fair value of long-term investments, which are classified as available-for-sale, and fair value of short-term investments by major security type and class of security were as follows as of June 30, 2018 and December 31, 2017 (in thousands):
Maturities of debt securities classified as available-for-sale were as follows (in thousands):
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Investments [Text Block] | The amortized cost, gross unrealized holding gains and losses, fair value of long-term investments, which are classified as available-for-sale, and fair value of short-term investments by major security type and class of security were as follows as of June 30, 2018 and December 31, 2017 (in thousands):
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Fair Value |
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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):
The Company measures the fair value of restricted cash, foreign deposits, and money market funds 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 is disclosed in Note 3, Investment Securities. 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. Fair Value Disclosures As of June 30, 2018 and December 31, 2017, the Company's other long-term assets balance included a $2.5 million note receivable, recorded at its estimated collectible amount. The Company estimates that the carrying value of the note receivable approximates its 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 its 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 June 30, 2018 and December 31, 2017.
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Debt |
6 Months Ended |
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Jun. 30, 2018 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Debt On June 28, 2018, the Company amended its credit agreement, increasing its borrowing capacity from $30.0 million to $50.0 million, extending the maturity date to June 2021, and increasing the required amount of restricted cash. The facility is secured by any and all interests in the Company's assets that are not otherwise restricted. Interest on the revolving line of credit is payable monthly at the greater of 4.5%, or 1.25% plus the prime rate (6.25% at June 30, 2018). The credit agreement includes other ancillary services and letters of credit of up to $4.5 million, and requires a deposit of restricted cash of $1.4 million. As of June 30, 2018, the Company was in compliance with all financial and non-financial covenants required by the credit agreement. Borrowings on the revolving line of credit are limited to the lesser of $50.0 million and the total amount of cash and securities held by the Company's insurance subsidiaries (American Pet Insurance Company and Wyndham Insurance Company (SAC) Limited Segregated Account AX). As of June 30, 2018, available borrowing capacity on the line of credit was $20.2 million, with an outstanding balance of $1.9 million for ancillary services and letters of credit, and borrowings under the facility of $18.8 million, recorded net of financing fees of $0.2 million.
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Commitment and Contingencies |
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Jun. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Commitments and Contingencies Litigation From time to time, the Company is subject to litigation matters and claims arising from the ordinary course of business. The Company records a provision for a liability relating to legal matters when it is both probable that a material 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. Agreement for the Purchase of Corporate Headquarters In June 2018, the Company entered into a Real Estate Purchase and Sale Agreement (Real Estate Purchase Agreement) with Benaroya Capital Company, L.L.C to purchase certain properties (Properties) as defined within the Real Estate Purchase Agreement, located at 6100 Fourth Avenue South, Seattle, Washington. The purchase price will consist of $55.0 million in cash and 303,030 shares of common stock. The Company currently leases a portion of the Properties for use as its corporate headquarters and has recognized $1.0 million of rent expense under this lease for the six months ended June 30, 2018. Pursuant to this agreement, in June 2018, the Company made a $3.3 million earnest money deposit into an escrow account that, subject to limited exceptions, is non-refundable but creditable toward the purchase price of the Properties upon closing. Portions of the Properties are leased by unrelated parties, and the Company will assume those leases as part of its purchase. The closing date will be no later than January 1, 2019, and is subject to routine contingencies as provided in the Real Estate Purchase Agreement.
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Claims Reserve |
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Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplementary Insurance Information, for Insurance Companies Disclosure [Text Block] | Reserve for Veterinary Invoices The 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, including expected future trends in the number of veterinary invoices the Company will receive and the average cost of those veterinary invoices. The reserve is made for each of the Company's segments, subscription and other business, and are continually refined as the Company receives and pays veterinary invoices. Changes in management's assumptions and estimates may have a relatively large impact to the reserve and associated expense. Reserve for veterinary invoices Summarized below are the changes in the total liability for the Company's subscription business segment (in thousands):
The Company's reserve for the subscription business segment increased from $11.1 million at December 31, 2017 to $12.2 million at June 30, 2018. This change was comprised of $91.6 million in expense recorded during the period less $90.1 million in payments of veterinary invoices. The $91.6 million in veterinary invoice expense incurred includes an adjustment of $0.1 million to the reserves relating to prior years, which is the result of ongoing analysis of recent payment trends. For the six months ended June 30, 2017, the Company decreased prior year reserves by $0.3 million as a result of analysis of payment trends. Summarized below are the changes in total liability for the Company's other business segment (in thousands):
The Company’s reserve for the other business segment increased from $1.7 million at December 31, 2017 to $1.8 million at June 30, 2018. This change was comprised of $10.3 million in expense recorded during the period less $10.2 million in payments of veterinary invoices. The $10.3 million in veterinary invoice expense incurred includes a reduction of $0.3 million to the reserves relating to prior years, which is the result of ongoing analysis of recent payment trends. For the six months ended June 30, 2017, the Company decreased 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 year the veterinary invoice relates to, referred to as the year of occurrence.
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Stock-based Compensation |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Stock-Based Compensation and Stockholders' Equity Stock-based Compensation Stock-based compensation expense includes stock options, restricted stock awards, and restricted stock units granted to employees and non-employees and has been reported in the Company’s consolidated statements of operations depending on the function performed by the employee or non-employee. Stock-based compensation expense recognized in the consolidated statements of operations was as follows (in thousands):
As of June 30, 2018, for all employees, the Company had 683,338 unvested stock options and 555,984 unvested restricted stock awards and restricted stock units that are expected to vest. Stock-based compensation expense of $4.3 million related to unvested stock options and $8.4 million related to unvested restricted stock awards and restricted stock units, each expected to be recognized over a weighted average period of approximately 2.3 years. Stock Options A summary of the Company's stock option activity is as follows:
As of June 30, 2018, stock options outstanding and stock options exercisable had a weighted average remaining contractual life of 4.8 years and 4.1 years, respectively. Restricted Stock Awards and Restricted Stock Units A summary of the Company’s restricted stock award and restricted stock unit activity is as follows:
Stockholders’ Equity In the June 2018 follow-on public offering, the Company sold 2,090,909 shares of common stock (inclusive of 272,727 shares of common stock sold by the Company pursuant to the full exercise of the underwriters' option to purchase additional shares) at a price to the public of $33.00 per share. The Company received aggregate net proceeds of $65.9 million, after deducting underwriting discounts and commissions and offering expenses payable by the Company. During the six months ended June 30, 2018, 330,000 of the Company's outstanding warrants were exercised. As of June 30, 2018, warrants to purchase 480,000 shares of the Company's common stock at $10.00 per share remained outstanding. The warrants automatically convert to common stock in 2019.
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Segments |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Disclosure [Text Block] | Segments The Company has two segments: subscription business and other business. The subscription business segment includes monthly subscription fees related to the Company’s medical insurance which is marketed directly to consumers, while the other business segment includes all other business that is not directly marketed to consumers. The chief operating decision maker uses two measures to evaluate segment performance: revenue and gross profit. Additionally, other operating expenses, such as sales and marketing expenses, are allocated to each segment and evaluated when material. 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. Revenue and gross profit of the Company’s segments were as follows (in thousands):
The following table presents the Company’s revenue by geographic region of the member (in thousands): Substantially all of the Company’s long-lived assets were located in the United States as of June 30, 2018 and December 31, 2017.
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Subsequent Events (Notes) |
6 Months Ended |
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Jun. 30, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Subsequent EventsOn July 18, 2018, the Company purchased an equity interest, as a limited partner, in a privately held corporation for approximately $3.0 million. The Company has a contingent commitment to purchase an additional $4.0 million of equity for eighteen months following the initial investment. In conjunction with the investment, the Company has extended a revolving line of credit with a maximum borrowing capacity of $2.5 million. |
Nature of Operations and Summary of Significant Accounting Policies (Policies) |
6 Months Ended |
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Jun. 30, 2018 | |
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 and Puerto Rico. The financial data as of December 31, 2017 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 (loss) income, 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 13, 2018 (the 2017 10-K). The Company's accounting policies are described in Note 1 to the audited financial statements included in the 2017 10-K. Operating results for the three and six months ended June 30, 2018 are not necessarily indicative of the results that may be expected for the full fiscal year or any other interim period. Follow-on Public Offering In June 2018, the Company completed a follow-on public offering (the June 2018 follow-on public offering) whereby the Company sold 2,090,909 shares of common stock (inclusive of 272,727 shares of common stock sold by the Company pursuant to the full exercise of the underwriters' option to purchase additional shares) at a price to the public of $33.00 per share. The Company received aggregate net proceeds from the June 2018 follow-on public offering of $65.9 million, after deducting underwriting discounts and commissions and offering expenses payable by the Company.
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Basis of Accounting, Policy [Policy Text Block] | The financial data as of December 31, 2017 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 (loss) income, 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 13, 2018 (the 2017 10-K). The Company's accounting policies are described in Note 1 to the audited financial statements included in the 2017 10-K. Operating results for the three and six months ended June 30, 2018 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 EstimatesThe preparation of consolidated financial statements in conformity with U.S. 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 2017 10-K for additional discussion of these estimates and assumptions. |
Comprehensive Income, Policy [Policy Text Block] | Accumulated Other Comprehensive LossThere were no reclassifications out of accumulated other comprehensive loss during the three and six months ended June 30, 2018 and 2017. |
Income Tax, Policy [Policy Text Block] | Income TaxesOn December 22, 2017, the U.S. government enacted the Tax Cuts and Jobs Act (Tax Act), making broad and complex changes to the Internal Revenue Code. The Company has made significant judgments and estimates in accordance with its interpretation of the Tax Act. As additional guidance on the Tax Act becomes available, the Company may adjust its interpretation of the requirements, which may result in a material change to income tax benefit or expense in the period in which the adjustment is made. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting PronouncementsIn February 2016, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) amending the lease presentation guidance. The ASU requires organizations that lease assets to recognize the rights and obligations created by those leases on the consolidated balance sheets. This ASU is effective for fiscal years beginning after December 15, 2018 including interim periods within that reporting period, with early adoption permitted. The Company has determined this guidance will require recognition of a lease liability and corresponding asset on the consolidated balance sheets equal to the present value of minimum lease payments. The carrying amount of the asset is derived from the amount of the lease liability at the end of each reporting period. The Company plans to adopt this guidance as of January 1, 2019, and is in the process of evaluating the impact on its consolidated financial statements. |
Fair Value Notes Receivable (Policies) |
6 Months Ended |
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Jun. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | As of June 30, 2018 and December 31, 2017, the Company's other long-term assets balance included a $2.5 million note receivable, recorded at its estimated collectible amount. The Company estimates that the carrying value of the note receivable approximates its 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 its 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 June 30, 2018 and December 31, 2017. |
Fair Value Fair Value (Policies) |
6 Months Ended |
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Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments, Policy [Policy Text Block] | The Company measures the fair value of restricted cash, foreign deposits, and money market funds 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 is disclosed in Note 3, Investment Securities. 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. |
Claims Reserve Claims Reserve (Policies) |
6 Months Ended |
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Jun. 30, 2018 | |
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, including expected future trends in the number of veterinary invoices the Company will receive and the average cost of those veterinary invoices. The reserve is made for each of the Company's segments, subscription and other business, and are continually refined as the Company receives and pays veterinary invoices. Changes in management's assumptions and estimates may have a relatively large impact to the reserve and associated expense. |
Segments Segments (Policies) |
6 Months Ended |
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Jun. 30, 2018 | |
Segment Reporting [Abstract] | |
Segment Reporting, Policy [Policy Text Block] | The Company has two segments: subscription business and other business. The subscription business segment includes monthly subscription fees related to the Company’s medical insurance which is marketed directly to consumers, while the other business segment includes all other business that is not directly marketed to consumers. The chief operating decision maker uses two measures to evaluate segment performance: revenue and gross profit. Additionally, other operating expenses, such as sales and marketing expenses, are allocated to each segment and evaluated when material. 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. |
Net Loss per Share (Tables) |
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Earnings Per Share, Basic and Diluted [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The components of basic and diluted earnings per share were as follows:
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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 common share calculation because they would have had an antidilutive effect:
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Investment Securities Available-for-Sale (Tables) |
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Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment [Table Text Block] | The amortized cost, gross unrealized holding gains and losses, fair value of long-term investments, which are classified as available-for-sale, and fair value of short-term investments by major security type and class of security were as follows as of June 30, 2018 and December 31, 2017 (in thousands):
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Available-for-sale Securities [Table Text Block] | Maturities of debt securities classified as available-for-sale were as follows (in thousands):
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Fair Value (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value, asset & liabilities measured on recurring basis [Table Text Block] | The following 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):
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Claims Reserve (Tables) |
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Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense [Table Text Block] | Summarized below are the changes in the total liability for the Company's subscription business segment (in thousands):
The Company's reserve for the subscription business segment increased from $11.1 million at December 31, 2017 to $12.2 million at June 30, 2018. This change was comprised of $91.6 million in expense recorded during the period less $90.1 million in payments of veterinary invoices. The $91.6 million in veterinary invoice expense incurred includes an adjustment of $0.1 million to the reserves relating to prior years, which is the result of ongoing analysis of recent payment trends. For the six months ended June 30, 2017, the Company decreased prior year reserves by $0.3 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):
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IBRN plus expected development on reported claims[Table Text Block] | In the following tables, the reserve for veterinary invoices for each segment is presented as the amount (in thousands) by year the veterinary invoice relates to, referred to as the year of occurrence.
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Stock-based Compensation (Tables) |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Stock-based compensation expense includes stock options, restricted stock awards, and restricted stock units granted to employees and non-employees and has been reported in the Company’s consolidated statements of operations depending on the function performed by the employee or non-employee. Stock-based compensation expense recognized in the consolidated statements of operations was as follows (in thousands):
As of June 30, 2018, for all employees, the Company had 683,338 unvested stock options and 555,984 unvested restricted stock awards and restricted stock units that are expected to vest. Stock-based compensation expense of $4.3 million related to unvested stock options and $8.4 million related to unvested restricted stock awards and restricted stock units, each expected to be recognized over a weighted average period of approximately 2.3 years |
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Share-based Compensation, Stock Options, Activity [Table Text Block] | A summary of the Company's stock option activity is as follows:
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Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | A summary of the Company’s restricted stock award and restricted stock unit activity is as follows:
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Stock-based Compensation Stockholder's Equity (Tables) |
6 Months Ended |
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Jun. 30, 2018 | |
Class of Warrant or Right [Line Items] | |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | During the six months ended June 30, 2018, 330,000 of the Company's outstanding warrants were exercised. As of June 30, 2018, warrants to purchase 480,000 shares of the Company's common stock at $10.00 per share remained outstanding. The warrants automatically convert to common stock in 2019. |
Stock-based Compensation Follow-on Public Offering (Tables) |
6 Months Ended |
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Jun. 30, 2018 | |
Equity [Abstract] | |
Follow-on Public Offering, June 2018 [Table Text Block] | In the June 2018 follow-on public offering, the Company sold 2,090,909 shares of common stock (inclusive of 272,727 shares of common stock sold by the Company pursuant to the full exercise of the underwriters' option to purchase additional shares) at a price to the public of $33.00 per share. The Company received aggregate net proceeds of $65.9 million, after deducting underwriting discounts and commissions and offering expenses payable by the Company.On July 18, 2018, the Company purchased an equity interest, as a limited partner, in a privately held corporation for approximately $3.0 million. The Company has a contingent commitment to purchase an additional $4.0 million of equity for eighteen months following the initial investment. In conjunction with the investment, the Company has extended a revolving line of credit with a maximum borrowing capacity of $2.5 million. |
Segments (Tables) |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue and Gross Profit from Segments [Table Text Block] | Revenue and gross profit of the Company’s segments were as follows (in thousands):
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Revenue from External Customers by Geographic Areas [Table Text Block] | The following table presents the Company’s revenue by geographic region of the member (in thousands):
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Subsequent Events (Tables) |
6 Months Ended |
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Jun. 30, 2018 | |
Subsequent Events [Abstract] | |
Follow-on Public Offering, June 2018 [Table Text Block] | In the June 2018 follow-on public offering, the Company sold 2,090,909 shares of common stock (inclusive of 272,727 shares of common stock sold by the Company pursuant to the full exercise of the underwriters' option to purchase additional shares) at a price to the public of $33.00 per share. The Company received aggregate net proceeds of $65.9 million, after deducting underwriting discounts and commissions and offering expenses payable by the Company.On July 18, 2018, the Company purchased an equity interest, as a limited partner, in a privately held corporation for approximately $3.0 million. The Company has a contingent commitment to purchase an additional $4.0 million of equity for eighteen months following the initial investment. In conjunction with the investment, the Company has extended a revolving line of credit with a maximum borrowing capacity of $2.5 million. |
Building Purchase [Table Text Block] | n July 18, 2018, the Company purchased an equity interest, as a limited partner, in a privately held corporation for approximately $3.0 million. The Company has a contingent commitment to purchase an additional $4.0 million of equity for eighteen months following the initial investment. In conjunction with the investment, the Company has extended a revolving line of credit with a maximum borrowing capacity of $2.5 million. |
Nature of Operations and Summary of Significant Accounting Policies (Details) Narrative - USD ($) $ / shares in Units, $ in Thousands |
6 Months Ended | |
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Jun. 30, 2018 |
Jun. 30, 2017 |
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Organization and Basis of Presentation [Line Items] | ||
Common Stock, Shares, Issued | 2,090,909 | |
Common Stock, Shares, Issued to Underwriter | 272,727 | |
Shares Issued, Price Per Share | $ 33.00 | |
Proceeds from Issuance or Sale of Equity | $ 65,886 | $ 0 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $ 0 | $ 0 |
Net Loss per Share (Details) Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share - shares |
3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
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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 | 3,696,242 | 1,035,163 | 3,696,242 | 4,207,577 |
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 | 555,984 | 0 | 555,984 | 351,668 |
Warrant [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 480,000 | 0 | 480,000 | 810,000 |
Investment Securities (Details) Available-for-Sale - USD ($) $ in Thousands |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
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Available-for-sale Securities [Abstract] | |||
Available-for-sale securities, debt maturities, year two through five, amortized cost basis | $ 2,311 | ||
Available-for-sale securities, debt maturities, year two through five, fair value | 2,311 | ||
Available-for-sale securities, debt maturities, year six through ten, amortized cost basis | 1,000 | ||
Available-for-sale securities, debt maturities, year six through ten, fair value | 1,000 | ||
Available-for-sale securities, amortized cost | 3,311 | $ 3,237 | |
Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Fair Value | $ 3,311 | $ 3,311 | $ 3,237 |
Debt (Details) Narrative - USD ($) $ in Millions |
6 Months Ended | |
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Jun. 30, 2018 |
Mar. 31, 2018 |
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Debt Disclosure [Abstract] | ||
Payments to Acquire Buildings | $ 55.0 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 50.0 | $ 30.0 |
Line of credit facility, interest rate description | greater of 4.5%, or 1.25% plus the prime rate | |
Line of Credit Facility, Interest Rate During Period | 6.25% | |
Line of Credit Facility, Ancillary Services and Letter of Credit | $ 4.5 | |
Restricted Cash and Cash Equivalents | 1.4 | |
Line of Credit Facility, Remaining Borrowing Capacity | 20.2 | |
Line of Credit Facility, Ancillary Services and Letter of Credit | 1.9 | |
Long-term Line of Credit | 18.8 | |
Line of Credit Financing Fee | $ 0.2 |
Commitment and Contingencies Agreement for the Purchase of Corporate Headquarter (Details) $ in Millions |
6 Months Ended |
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Jun. 30, 2018
USD ($)
shares
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Commitments and Contingencies Disclosure [Abstract] | |
Payments to Acquire Buildings | $ 55.0 |
Payments to Acquire Buildings, Shares | shares | 303,030 |
Operating Leases, Rent Expense | $ 1.0 |
Earnest Money Deposits | $ 3.3 |
Claims Reserve (Details) Narrative - USD ($) $ in Thousands |
6 Months Ended | ||||
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Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2016 |
Dec. 31, 2017 |
Dec. 31, 2016 |
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Subscription business | |||||
Supplementary Insurance Information, by Segment [Line Items] | |||||
Claims Reserve | $ 12,212 | $ 9,609 | $ 11,059 | $ 8,538 | |
Total Claims Incurred | 91,583 | 73,987 | |||
Total Claims Paid | 90,097 | 72,687 | |||
Prior Year Claims Incurred | 119 | (257) | $ (300) | ||
Other business | |||||
Supplementary Insurance Information, by Segment [Line Items] | |||||
Claims Reserve | 1,784 | 1,211 | $ 1,697 | $ 983 | |
Total Claims Incurred | 10,310 | 6,209 | |||
Total Claims Paid | 10,223 | 5,981 | |||
Prior Year Claims Incurred | $ (279) | $ (128) |
Claims Reserve Claims Reserve (Details) - USD ($) $ in Thousands |
6 Months Ended | ||||
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Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2016 |
Dec. 31, 2017 |
Dec. 31, 2016 |
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Subscription business | |||||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||||
Claims Reserve | $ 12,212 | $ 9,609 | $ 11,059 | $ 8,538 | |
Current Year Claims Incurred | 91,464 | 74,244 | |||
Prior Year Claims Incurred | 119 | (257) | $ (300) | ||
Current Year Claims Paid | 80,841 | 65,549 | |||
Prior Years Claims Paid | 9,256 | 7,138 | |||
Total Claims Paid | 90,097 | 72,687 | |||
Claims expense non-cash | 333 | 229 | |||
Total Claims Incurred | 91,583 | 73,987 | |||
Other business | |||||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||||
Claims Reserve | 1,784 | 1,211 | $ 1,697 | $ 983 | |
Current Year Claims Incurred | 10,589 | 6,337 | |||
Prior Year Claims Incurred | (279) | (128) | |||
Current Year Claims Paid | 8,916 | 5,217 | |||
Prior Years Claims Paid | 1,307 | 764 | |||
Total Claims Paid | 10,223 | 5,981 | |||
Claims expense non-cash | 0 | 0 | |||
Total Claims Incurred | $ 10,310 | $ 6,209 |
Stock-based Compensation Stockholder Equity (Details) - USD ($) $ / shares in Units, $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
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Stockholders' Equity Attributable to Parent [Abstract] | ||
Stock Issued During Period, Shares, New Issues | 2,090,909 | |
Redemption of warrants | 330,000 | |
Class of Warrant or Right, Outstanding | 480,000 | |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 10.00 | |
Common Stock, Shares, Issued to Underwriter | 272,727 | |
Shares Issued, Price Per Share | $ 33.00 | |
Proceeds from Issuance or Sale of Equity | $ 65,886 | $ 0 |
Segments (Details) Business Segment - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
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Segment Reporting Information [Line Items] | ||||
Revenue | $ 73,392 | $ 58,275 | $ 143,152 | $ 113,004 |
Veterinary invoice expense | 51,780 | 41,009 | 101,893 | 80,196 |
Other cost of revenue | 9,259 | 6,915 | 17,842 | 13,302 |
Gross profit | 12,353 | 10,351 | 23,417 | 19,506 |
Sales and marketing | 5,702 | 4,372 | 11,640 | 8,461 |
Technology and Development | 2,298 | 2,322 | 4,462 | 4,725 |
General and administrative | 4,610 | 4,245 | 9,068 | 8,257 |
Operating loss | (257) | (588) | (1,753) | (1,937) |
Subscription business | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 63,867 | 52,641 | 125,384 | 102,870 |
Veterinary invoice expense | 46,446 | 37,664 | 91,583 | 73,987 |
Other cost of revenue | 5,887 | 4,927 | 11,764 | 9,850 |
Gross profit | 11,534 | 10,050 | 22,037 | 19,033 |
Sales and marketing | 5,614 | 4,309 | 11,465 | 8,350 |
Other business | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 9,525 | 5,634 | 17,768 | 10,134 |
Veterinary invoice expense | 5,334 | 3,345 | 10,310 | 6,209 |
Other cost of revenue | 3,372 | 1,988 | 6,078 | 3,452 |
Gross profit | 819 | 301 | 1,380 | 473 |
Sales and marketing | $ 88 | $ 63 | $ 175 | $ 111 |
Segments (Details) Revenue by Geography - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
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Segment Reporting Information [Line Items] | ||||
Revenues | $ 73,392 | $ 58,275 | $ 143,152 | $ 113,004 |
CANADA | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 13,961 | 10,969 | 27,712 | 21,564 |
UNITED STATES | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | $ 59,431 | $ 47,306 | $ 115,440 | $ 91,440 |
Subsequent Events (Details) - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2018 |
Jul. 18, 2018 |
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Subsequent Event [Line Items] | ||
Investment Company, Committed Capital | $ 4.0 | |
Increase (Decrease) in Notes Receivables | 2.5 | |
Payments to Acquire Buildings | $ 55.0 | |
Payments to Acquire Buildings, Shares | 303,030 | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Purchase of Equity Interest | $ 3.0 |