v3.25.2
Segments (Notes)
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting Disclosure [Text Block] Segments
The Company has two reporting segments: subscription business and other business. The subscription business segment generates revenue primarily from subscription payments related to the Company's direct-to-consumer products. The other business segment generates revenue from other product offerings, primarily by underwriting policies on behalf of third parties with whom the Company has a business-to-business relationship. The other business segment has, and targets, a lower margin profile than the Company's subscription business segment. The Company does not undertake marketing efforts for these policies and has a business-to-business relationship with these third-parties.
The Company's chief operating decision maker is its Chief Executive Officer. The chief operating decision maker reviews revenue and operating income (loss) to evaluate segment performance. Revenue, veterinary invoice expense, other cost of revenue, and new pet acquisition expenses are generally directly attributed to each segment. Other operating expenses, such as technology and development expense, general and administrative expense, and depreciation and amortization, are generally allocated proportionately based on revenue in each segment. Interest and other expenses and income taxes are not allocated to the segments, nor included in the measure of segment profit or loss. The Company does not analyze discrete segment balance sheet information related to long-term assets.
Operating income (loss) of the Company’s segments was as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Subscription business:
Revenue$242,156 $208,618 $475,220 $409,752 
Veterinary invoice expense172,874 155,480 341,055 307,835 
Other cost of revenue22,614 20,260 44,278 40,036 
Technology and development5,881 5,428 11,381 9,998 
General and administrative13,782 10,108 27,339 19,749 
New pet acquisition expense19,768 17,862 40,280 34,688 
Depreciation and amortization2,714 2,900 5,297 5,385 
Subscription business operating income (loss)4,523 (3,420)5,590 (7,939)
Other business:
Revenue111,401 106,182 220,312 211,169 
Veterinary invoice expense82,706 75,622 161,975 156,836 
Other cost of revenue20,536 23,169 42,294 39,718 
Technology and development2,705 2,762 5,277 5,152 
General and administrative6,340 5,145 12,675 10,177 
New pet acquisition expense75 12 79 29 
Depreciation and amortization1,248 1,476 2,456 2,776 
Other business operating loss(2,209)(2,004)(4,444)(3,519)
Loss from investment in joint venture— (47)(305)(150)
Operating income (loss)2,314 (5,471)841 (11,608)
Interest expense3,682 3,655 6,893 7,251 
Other (income), net(11,914)(3,220)(15,154)(6,063)
Income (loss) before income taxes$10,546 $(5,906)$9,102 $(12,796)
The following table presents the Company’s revenue by geographic region of the member (in thousands):
 Three Months Ended June 30,Six Months Ended June 30,
 2025202420252024
United States$293,979 $263,220 $579,803 $519,193 
Canada and other59,578 51,580 115,729 101,728 
Total revenue$353,557 $314,800 $695,532 $620,921 
Substantially all of the Company’s long-lived assets were located in the United States as of June 30, 2025 and December 31, 2024.