2023 Q4 Form 10-Q Financial Statement
#000137128523000302 Filed on November 03, 2023
Income Statement
| Concept | 2023 Q4 | 2023 Q3 |
|---|---|---|
| Revenue | $295.9M | $285.9M |
| YoY Change | 20.26% | 22.28% |
| Cost Of Revenue | $255.8M | $250.6M |
| YoY Change | 20.45% | 23.03% |
| Gross Profit | $40.06M | $35.23M |
| YoY Change | 19.06% | 17.21% |
| Gross Profit Margin | 13.54% | 12.33% |
| Selling, General & Admin | $30.58M | $30.44M |
| YoY Change | -7.42% | -7.06% |
| % of Gross Profit | 76.33% | 86.38% |
| Research & Development | $5.969M | $5.302M |
| YoY Change | -14.18% | -19.09% |
| % of Gross Profit | 14.9% | 15.05% |
| Depreciation & Amortization | $3.024M | $2.990M |
| YoY Change | 4.38% | 15.0% |
| % of Gross Profit | 7.55% | 8.49% |
| Operating Expenses | $39.58M | $38.73M |
| YoY Change | -7.71% | -7.57% |
| Operating Profit | $487.0K | -$3.491M |
| YoY Change | -105.28% | -70.66% |
| Interest Expense | -$3.776M | $3.053M |
| YoY Change | 125.84% | 116.83% |
| % of Operating Profit | -775.36% | |
| Other Income/Expense, Net | $1.256M | $2.465M |
| YoY Change | -16.49% | 177.28% |
| Pretax Income | -$2.033M | -$4.079M |
| YoY Change | -78.14% | -67.15% |
| Income Tax | $130.0K | -$43.00K |
| % Of Pretax Income | ||
| Net Earnings | -$2.163M | -$4.000M |
| YoY Change | -76.7% | -69.03% |
| Net Earnings / Revenue | -0.73% | -1.4% |
| Basic Earnings Per Share | -$0.10 | |
| Diluted Earnings Per Share | -$0.05 | -$0.10 |
| COMMON SHARES | ||
| Basic Shares Outstanding | 41.55M shares | 41.37M shares |
| Diluted Shares Outstanding | 41.54M shares |
Balance Sheet
| Concept | 2023 Q4 | 2023 Q3 |
|---|---|---|
| SHORT-TERM ASSETS | ||
| Cash & Short-Term Investments | $277.2M | $265.9M |
| YoY Change | 24.62% | 45.35% |
| Cash & Equivalents | $147.5M | $150.3M |
| Short-Term Investments | $129.7M | $115.6M |
| Other Short-Term Assets | $17.02M | $17.40M |
| YoY Change | 19.47% | 17.55% |
| Inventory | ||
| Prepaid Expenses | ||
| Receivables | $267.9M | $277.9M |
| Other Receivables | $0.00 | $0.00 |
| Total Short-Term Assets | $562.1M | $561.2M |
| YoY Change | 19.82% | 33.04% |
| LONG-TERM ASSETS | ||
| Property, Plant & Equipment | $103.7M | $100.7M |
| YoY Change | 14.28% | 15.69% |
| Goodwill | $43.71M | $42.01M |
| YoY Change | 4.12% | 42.26% |
| Intangibles | $18.75M | $19.77M |
| YoY Change | -22.0% | 2.29% |
| Long-Term Investments | $300.0K | $11.40M |
| YoY Change | 0.0% | -79.32% |
| Other Assets | $18.92M | $18.65M |
| YoY Change | -0.11% | -13.49% |
| Total Long-Term Assets | $220.9M | $210.8M |
| YoY Change | 9.05% | -6.74% |
| TOTAL ASSETS | ||
| Total Short-Term Assets | $562.1M | $561.2M |
| Total Long-Term Assets | $220.9M | $210.8M |
| Total Assets | $782.9M | $772.0M |
| YoY Change | 16.57% | 19.16% |
| SHORT-TERM LIABILITIES | ||
| YoY Change | ||
| Accounts Payable | $10.51M | $8.967M |
| YoY Change | 10.92% | 17.57% |
| Accrued Expenses | $34.05M | $29.42M |
| YoY Change | 4.4% | -5.43% |
| Deferred Revenue | ||
| YoY Change | ||
| Short-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Long-Term Debt Due | $1.350M | $1.350M |
| YoY Change | 22.39% | 125.0% |
| Total Short-Term Liabilities | $344.5M | $347.6M |
| YoY Change | 18.94% | 23.53% |
| LONG-TERM LIABILITIES | ||
| Long-Term Debt | $127.6M | $127.6M |
| YoY Change | 86.65% | 138.2% |
| Other Long-Term Liabilities | $4.487M | $4.818M |
| YoY Change | -9.68% | 4.47% |
| Total Long-Term Liabilities | $4.487M | $132.4M |
| YoY Change | -9.68% | 127.6% |
| TOTAL LIABILITIES | ||
| Total Short-Term Liabilities | $344.5M | $347.6M |
| Total Long-Term Liabilities | $4.487M | $132.4M |
| Total Liabilities | $479.2M | $482.6M |
| YoY Change | 30.82% | 41.04% |
| SHAREHOLDERS EQUITY | ||
| Retained Earnings | -$216.3M | -$214.1M |
| YoY Change | 26.05% | 31.93% |
| Common Stock | ||
| YoY Change | ||
| Preferred Stock | ||
| YoY Change | ||
| Treasury Stock (at cost) | $16.53M | $16.53M |
| YoY Change | 0.0% | 0.0% |
| Treasury Stock Shares | ||
| Shareholders Equity | $303.7M | $289.5M |
| YoY Change | ||
| Total Liabilities & Shareholders Equity | $782.9M | $772.0M |
| YoY Change | 16.57% | 19.16% |
Cashflow Statement
| Concept | 2023 Q4 | 2023 Q3 |
|---|---|---|
| OPERATING ACTIVITIES | ||
| Net Income | -$2.163M | -$4.000M |
| YoY Change | -76.7% | -69.03% |
| Depreciation, Depletion And Amortization | $3.024M | $2.990M |
| YoY Change | 4.38% | 15.0% |
| Cash From Operating Activities | $17.51M | $11.40M |
| YoY Change | 1618.16% | -595.87% |
| INVESTING ACTIVITIES | ||
| Capital Expenditures | $3.970M | $4.390M |
| YoY Change | -27.53% | -206.27% |
| Acquisitions | ||
| YoY Change | ||
| Other Investing Activities | -$13.48M | $1.100M |
| YoY Change | -46.24% | -114.29% |
| Cash From Investing Activities | -$17.45M | -$3.300M |
| YoY Change | -42.88% | -72.1% |
| FINANCING ACTIVITIES | ||
| Cash Dividend Paid | ||
| YoY Change | ||
| Common Stock Issuance & Retirement, Net | ||
| YoY Change | ||
| Debt Paid & Issued, Net | ||
| YoY Change | ||
| Cash From Financing Activities | 566.0K | 24.84M |
| YoY Change | -96.14% | -3598.59% |
| NET CHANGE | ||
| Cash From Operating Activities | 17.51M | 11.40M |
| Cash From Investing Activities | -17.45M | -3.300M |
| Cash From Financing Activities | 566.0K | 24.84M |
| Net Change In Cash | 623.0K | 32.94M |
| YoY Change | -104.2% | -322.03% |
| FREE CASH FLOW | ||
| Cash From Operating Activities | $17.51M | $11.40M |
| Capital Expenditures | $3.970M | $4.390M |
| Free Cash Flow | $13.54M | $7.010M |
| YoY Change | -403.61% | 282.64% |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| CY2023Q3 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
0 | shares |
| CY2022Q3 | us-gaap |
Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
|
4000 | usd |
| CY2022Q3 | us-gaap |
Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
|
-4846000 | usd |
| CY2022Q3 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
-12914000 | usd |
| CY2022Q3 | us-gaap |
Stockholders Equity
StockholdersEquity
|
305738000 | usd |
| CY2022Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
305297000 | usd |
| us-gaap |
Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
|
15000 | usd | |
| us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
27520000 | usd | |
| us-gaap |
Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
|
-807000 | usd | |
| us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
-42530000 | usd | |
| CY2023Q3 | us-gaap |
Stockholders Equity
StockholdersEquity
|
289465000 | usd |
| CY2021Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
332200000 | usd |
| us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
-35387000 | usd | |
| us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
9445000 | usd | |
| us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
8024000 | usd | |
| us-gaap |
Share Based Compensation
ShareBasedCompensation
|
25860000 | usd | |
| us-gaap |
Share Based Compensation
ShareBasedCompensation
|
24826000 | usd | |
| us-gaap |
Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
|
1134000 | usd | |
| us-gaap |
Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
|
-28000 | usd | |
| us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
45593000 | usd | |
| us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
58948000 | usd | |
| us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
2761000 | usd | |
| us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
4420000 | usd | |
| us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
-3832000 | usd | |
| us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
748000 | usd | |
| trup |
Increase Decreasein Claims Reserveand Loss Adjustment
IncreaseDecreaseinClaimsReserveandLossAdjustment
|
17697000 | usd | |
| trup |
Increase Decreasein Claims Reserveand Loss Adjustment
IncreaseDecreaseinClaimsReserveandLossAdjustment
|
63000 | usd | |
| us-gaap |
Increase Decrease In Unearned Premiums
IncreaseDecreaseInUnearnedPremiums
|
43979000 | usd | |
| us-gaap |
Increase Decrease In Unearned Premiums
IncreaseDecreaseInUnearnedPremiums
|
56047000 | usd | |
| us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
1131000 | usd | |
| us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-9019000 | usd | |
| us-gaap |
Payments To Acquire Held To Maturity Securities
PaymentsToAcquireHeldToMaturitySecurities
|
109389000 | usd | |
| us-gaap |
Payments To Acquire Held To Maturity Securities
PaymentsToAcquireHeldToMaturitySecurities
|
125660000 | usd | |
| us-gaap |
Proceeds From Sale And Maturity Of Held To Maturity Securities
ProceedsFromSaleAndMaturityOfHeldToMaturitySecurities
|
147365000 | usd | |
| us-gaap |
Proceeds From Sale And Maturity Of Held To Maturity Securities
ProceedsFromSaleAndMaturityOfHeldToMaturitySecurities
|
104492000 | usd | |
| CY2023Q3 | us-gaap |
Available For Sale Securities Debt Maturities Within One Year Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearAmortizedCost
|
2657000 | usd |
| CY2023Q3 | us-gaap |
Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
|
2612000 | usd |
| CY2023Q3 | us-gaap |
Available For Sale Securities Debt Maturities After One Through Five Years Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsAmortizedCost
|
88588000 | usd |
| CY2023Q3 | us-gaap |
Available For Sale Securities Debt Maturities After One Through Five Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue
|
87450000 | usd |
| CY2023Q3 | us-gaap |
Available For Sale Securities Debt Maturities Without Single Maturity Date Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesWithoutSingleMaturityDateAmortizedCost
|
91245000 | usd |
| CY2023Q3 | us-gaap |
Available For Sale Securities Debt Maturities Without Single Maturity Date Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithoutSingleMaturityDateFairValue
|
90062000 | usd |
| CY2023Q3 | us-gaap |
Held To Maturity Securities Debt Maturities Within One Year Net Carrying Amount
HeldToMaturitySecuritiesDebtMaturitiesWithinOneYearNetCarryingAmount
|
16485000 | usd |
| CY2023Q3 | us-gaap |
Held To Maturity Securities Debt Maturities Within One Year Fair Value
HeldToMaturitySecuritiesDebtMaturitiesWithinOneYearFairValue
|
16356000 | usd |
| CY2023Q3 | us-gaap |
Held To Maturity Securities Debt Maturities After One Through Five Years Net Carrying Amount
HeldToMaturitySecuritiesDebtMaturitiesAfterOneThroughFiveYearsNetCarryingAmount
|
997000 | usd |
| CY2023Q3 | us-gaap |
Held To Maturity Securities Debt Maturities After One Through Five Years Fair Value
HeldToMaturitySecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue
|
993000 | usd |
| CY2023Q3 | us-gaap |
Held To Maturity Securities Debt Maturities Single Maturity Date Amortized Cost Basis
HeldToMaturitySecuritiesDebtMaturitiesSingleMaturityDateAmortizedCostBasis
|
17482000 | usd |
| CY2023Q3 | us-gaap |
Held To Maturity Securities Debt Maturities Single Maturity Date Fair Value
HeldToMaturitySecuritiesDebtMaturitiesSingleMaturityDateFairValue
|
17349000 | usd |
| CY2023Q3 | us-gaap |
Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
|
1500000 | usd |
| CY2023Q3 | us-gaap |
Assets Fair Value Disclosure
AssetsFairValueDisclosure
|
115401000 | usd |
| CY2022Q4 | us-gaap |
Noncontrolling Interest In Variable Interest Entity
NoncontrollingInterestInVariableInterestEntity
|
4115000 | usd |
| CY2022Q4 | us-gaap |
Assets Fair Value Disclosure
AssetsFairValueDisclosure
|
113730000 | usd |
| CY2022Q4 | us-gaap |
Noncontrolling Interest In Variable Interest Entity
NoncontrollingInterestInVariableInterestEntity
|
4100000 | usd |
| CY2023Q3 | us-gaap |
Noncontrolling Interest In Variable Interest Entity
NoncontrollingInterestInVariableInterestEntity
|
4100000 | usd |
| CY2023Q3 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
41536575 | shares |
| CY2023Q3 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
41536575 | shares |
| CY2022Q3 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
40799819 | shares |
| CY2022Q3 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
40799819 | shares |
| CY2022Q4 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
0 | shares |
| us-gaap |
Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
|
2196000 | usd | |
| us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
25970000 | usd | |
| us-gaap |
Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
|
5755000 | usd | |
| us-gaap |
Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
|
-9094000 | usd | |
| us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
-35387000 | usd | |
| CY2022Q3 | us-gaap |
Stockholders Equity
StockholdersEquity
|
305738000 | usd |
| us-gaap |
Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
|
0 | usd | |
| us-gaap |
Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
|
2755000 | usd | |
| us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
14310000 | usd | |
| us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
11610000 | usd | |
| us-gaap |
Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
|
-1420000 | usd | |
| us-gaap |
Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
|
1431000 | usd | |
| us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
25086000 | usd | |
| us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-36964000 | usd | |
| us-gaap |
Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
|
60102000 | usd | |
| us-gaap |
Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
|
54312000 | usd | |
| us-gaap |
Repayments Of Debt
RepaymentsOfDebt
|
1380000 | usd | |
| us-gaap |
Repayments Of Debt
RepaymentsOfDebt
|
300000 | usd | |
| us-gaap |
Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
|
0 | usd | |
| us-gaap |
Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
|
5755000 | usd | |
| us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
1281000 | usd | |
| us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
1584000 | usd | |
| us-gaap |
Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
|
1296000 | usd | |
| us-gaap |
Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
|
3780000 | usd | |
| us-gaap |
Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
|
-150000 | usd | |
| us-gaap |
Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
|
0 | usd | |
| us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
58557000 | usd | |
| us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
46061000 | usd | |
| us-gaap |
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
-830000 | usd | |
| us-gaap |
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
-1964000 | usd | |
| us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
83944000 | usd | |
| us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
-1886000 | usd | |
| CY2022Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
84637000 | usd |
| CY2021Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
100869000 | usd |
| CY2023Q3 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
168581000 | usd |
| CY2022Q3 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
98983000 | usd |
| us-gaap |
Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
|
741000 | usd | |
| us-gaap |
Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
|
1838000 | usd | |
| us-gaap |
Nature Of Operations
NatureOfOperations
|
Nature of Operations and Significant Accounting Policies<div style="margin-bottom:5pt;margin-top:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Description of Business and Basis of Presentation</span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">Trupanion, Inc. (collectively with its wholly-owned subsidiaries, the "Company") provides medical insurance for cats and dogs throughout the United States, Canada, Europe, 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. </span></div><div style="margin-bottom:5pt;margin-top:5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The financial data as of December 31, 2022 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 16, 2023 (the 2022 10-K). The Company's accounting policies are described in Note 1 to the audited financial statements included in the 2022 10-K. Operating results for the three and nine months ended September 30, 2023 are not necessarily indicative of the results that may be expected for the full fiscal year or any other interim period.</span></div><div style="margin-bottom:5pt;margin-top:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 2022 10-K for additional discussion of these estimates and assumptions.</span></div><div style="margin-top:5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Accounts and Other Receivabl</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">es </span></div>Accounts and other receivables are comprised of trade receivables and other miscellaneous receivables and are carried at their estimated collectible amounts. Trade receivables are primarily related to the Company’s other business segment where the Company generates revenue from underwriting policies through unaffiliated general agents. During the nine months ended September 30, 2023, the Company incurred a non-recurring $3.8 million settlement of accounts receivable due to uncollected premiums in connection with the transition of underwriting a third-party business to other insurers. | ||
| us-gaap |
Use Of Estimates
UseOfEstimates
|
<div style="margin-bottom:5pt;margin-top:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 2022 10-K for additional discussion of these estimates and assumptions.</span></div><div style="margin-top:5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Accounts and Other Receivabl</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">es </span></div>Accounts and other receivables are comprised of trade receivables and other miscellaneous receivables and are carried at their estimated collectible amounts. Trade receivables are primarily related to the Company’s other business segment where the Company generates revenue from underwriting policies through unaffiliated general agents. During the nine months ended September 30, 2023, the Company incurred a non-recurring $3.8 million settlement of accounts receivable due to uncollected premiums in connection with the transition of underwriting a third-party business to other insurers. | ||
| us-gaap |
Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
|
3800000 | usd | |
| CY2022Q4 | us-gaap |
Goodwill
Goodwill
|
41983000 | usd |
| us-gaap |
Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
|
0 | usd | |
| us-gaap |
Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
|
22000 | usd | |
| CY2023Q3 | us-gaap |
Goodwill
Goodwill
|
42005000 | usd |
| CY2022Q4 | us-gaap |
Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
|
600000 | usd |
| CY2023Q3 | us-gaap |
Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
|
20100000 | usd |
| CY2023Q3 | us-gaap |
Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
|
500000 | usd |
| CY2023Q3 | us-gaap |
Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
|
72400000 | usd |
| CY2023Q3 | us-gaap |
Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
|
1000000 | usd |
| us-gaap |
Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
|
83900000 | usd | |
| us-gaap |
Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
|
5900000 | usd | |
| CY2020Q4 | trup |
Purchaseof Equity Interest
PurchaseofEquityInterest
|
7000000 | usd |
| CY2023Q3 | us-gaap |
Financing Receivable Revolving
FinancingReceivableRevolving
|
7000000 | usd |
| CY2023Q3 | trup |
Financing Receivable Revolving Annual Increase
FinancingReceivableRevolvingAnnualIncrease
|
2000000 | usd |
| CY2023Q3 | us-gaap |
Notes Receivable Net
NotesReceivableNet
|
4600000 | usd |
| CY2022Q4 | us-gaap |
Notes Receivable Net
NotesReceivableNet
|
6300000 | usd |
| trup |
Servicesperformedfor Variable Interest Entity
ServicesperformedforVariableInterestEntity
|
300000 | usd | |
| trup |
Servicesperformedfor Variable Interest Entity
ServicesperformedforVariableInterestEntity
|
600000 | usd | |
| CY2023Q3 | us-gaap |
Noncontrolling Interest In Variable Interest Entity
NoncontrollingInterestInVariableInterestEntity
|
4115000 | usd |
| CY2023Q3 | us-gaap |
Notes Receivable Fair Value Disclosure
NotesReceivableFairValueDisclosure
|
7500000 | usd |
| CY2022Q4 | us-gaap |
Notes Receivable Fair Value Disclosure
NotesReceivableFairValueDisclosure
|
9300000 | usd |
| us-gaap |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
|
1660000 | usd | |
| us-gaap |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
|
1144000 | usd | |
| CY2023Q3 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
|
7393000 | usd |
| CY2022Q3 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
|
9185000 | usd |
| us-gaap |
Line Of Credit Facility Initiation Date1
LineOfCreditFacilityInitiationDate1
|
2022-03-25 | ||
| CY2023Q3 | us-gaap |
Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
|
150000000 | usd |
| CY2023Q3 | us-gaap |
Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
|
0.1054 | |
| CY2023Q3 | us-gaap |
Deferred Finance Costs Gross
DeferredFinanceCostsGross
|
5900000 | usd |
| us-gaap |
Line Of Credit Facility Expiration Date1
LineOfCreditFacilityExpirationDate1
|
2027-03-25 | ||
| CY2023Q3 | trup |
Line Of Credit Facility Periodic Payment Principal Percentage
LineOfCreditFacilityPeriodicPaymentPrincipalPercentage
|
0.0025 | |
| us-gaap |
Line Of Credit Facility Frequency Of Payments
LineOfCreditFacilityFrequencyOfPayments
|
quarterly | ||
| CY2023Q3 | us-gaap |
Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
|
338000 | usd |
| CY2023Q3 | us-gaap |
Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
|
1350000 | usd |
| CY2023Q3 | us-gaap |
Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
|
1350000 | usd |
| CY2023Q3 | us-gaap |
Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
|
1350000 | usd |
| CY2023Q3 | us-gaap |
Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
|
72113000 | usd |
| CY2023Q3 | us-gaap |
Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
|
57188000 | usd |
| CY2023Q3 | us-gaap |
Line Of Credit
LineOfCredit
|
133689000 | usd |
| CY2023Q3 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
6892000 | usd |
| CY2022Q3 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
8643000 | usd |
| us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
25860000 | usd | |
| us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
24826000 | usd | |
| CY2023Q3 | us-gaap |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
|
501000 | usd |
| CY2022Q3 | us-gaap |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
|
542000 | usd |
| us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
|
27520000 | usd | |
| us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
|
25970000 | usd | |
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Accelerated Compensation Cost
ShareBasedCompensationArrangementByShareBasedPaymentAwardAcceleratedCompensationCost
|
4800000 | usd | |
| CY2022Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
629650 | shares |
| CY2022Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
13.53 | |
| CY2022Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
|
21410000 | usd |
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
|
0 | shares | |
| us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
|
0 | ||
| us-gaap |
Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
|
103805 | shares | |
| us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
|
12.43 | ||
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
|
1964000 | usd | |
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
|
3015 | shares | |
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
|
20.58 | ||
| CY2023Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
522830 | shares |
| CY2023Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
13.70 | |
| CY2023Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
|
7579000 | usd |
| CY2023Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
|
522830 | shares |
| CY2023Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
|
13.70 | |
| CY2023Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
|
7579000 | usd |
| CY2023Q3 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
100000000 | shares |
| CY2023Q3 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
41627208 | shares |
| CY2023Q3 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
10000000 | shares |
| CY2023Q3 | us-gaap |
Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
|
0 | shares |
| CY2022Q3 | us-gaap |
Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
|
62 | shares |
| us-gaap |
Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
|
95021 | shares | |
| CY2023Q3 | us-gaap |
Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
|
4000 | usd |
| CY2022Q3 | us-gaap |
Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
|
-57000 | usd |
| us-gaap |
Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
|
-140000 | usd | |
| us-gaap |
Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
|
-168000 | usd | |
| CY2023Q3 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-3491000 | usd |
| CY2022Q3 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-11899000 | usd |
| us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-41067000 | usd | |
| us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-33784000 | usd | |
| CY2023Q3 | us-gaap |
Revenues
Revenues
|
285853000 | usd |
| CY2022Q3 | us-gaap |
Revenues
Revenues
|
233760000 | usd |
| us-gaap |
Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
|
1900000 | usd | |
| us-gaap |
Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
|
2500000 | usd | |
| CY2023Q3 | us-gaap |
Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
|
150000000 | usd |
| CY2023Q3 | us-gaap |
Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
|
150000000 | usd |
| CY2023Q3 | ecd |
Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
|
true | |
| CY2023Q3 | ecd |
Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
|
true |
