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Stock-based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2025
Share-Based Payment Arrangement [Abstract] |
Fair value assumptions | The fair value of each option granted for the three months ended March 31, 2025 and 2024 is estimated on the date of grant using the Black-Scholes model based on the following assumptions:
|  | Three Months Ended March 31,
|  | 2025 |  | 2024
Weighted average expected term (years) |  | 5.6 |  | 5.6
Risk-free interest rate |  | 4.1% |  | 4.2%
Volatility |  | 80% |  | 78%
Expected dividend yield |  | 0% |  | 0%
Stock options activity | The following tables summarize activity of stock options and restricted stock units ("RSUs"): Stock options
|  | Number of Options |  | Weighted- Average Exercise Price |  | Weighted-Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value
|  |  |  |  |  |  |  | ($ in millions)
Outstanding as of December 31, 2024 |  | 9,376,193 |  | $ | 36.03 |  |  | 6.81 |  | $ | 106.78 |
Granted |  | 11,742 |  |  | $ | 34.28 |  |  |  |  |
Exercised |  | (73,035) |  |  | $ | 21.70 |  |  |  |  |
Canceled/Forfeited |  | (54,786) |  |  | $ | 58.84 |  |  |  |  |
Outstanding as of March 31, 2025 |  | 9,260,114 |  | $ | 35.99 |  |  | 6.59 |  | $ | 69.58 |
Options exercisable as of March 31, 2025 |  | 5,374,409 |  | $ | 30.85 |  |  | 5.95 |  | $ | 42.59 |
Options unvested as of March 31, 2025 |  | 3,885,705 |  | $ | 43.10 |  |  | 7.48 |  | $ | 26.99 |
Restricted stock units activity | Restricted Stock Units
|  | Number of Shares |  | Weighted Average Grant Date Fair Value
Outstanding as of December 31, 2024 |  | 4,278,383 |  |  | $ | 20.00 |
Granted |  | 263,363 |  |  | $ | 34.48 |
Vested |  | (418,970) |  |  | $ | 20.04 |
Canceled/Forfeited |  | (104,802) |  |  | $ | 19.33 |
Outstanding as of March 31, 2025 |  | 4,017,974 |  |  | $ | 20.96 |
Stock-based compensation expense | Stock-based compensation expense from stock options and RSUs, including equity awards from the Assumed Plans as discussed above and warrants (Note 10), are included and classified in the condensed consolidated statements of operations and comprehensive income as follows ($ in millions):
|  |  |  | Three Months Ended March 31,
|  |  |  |  |  | 2025 |  | 2024
Loss and loss adjustment expense, net |  |  |  |  |  | $ | 0.5 |  |  | $ | 0.5 |
Other insurance expense |  |  |  |  |  | 0.7 |  |  | 0.6 |
Sales and marketing (1) |  |  |  |  |  | (4.3) |  |  | 2.0 |
Technology development |  |  |  |  |  | 6.8 |  |  | 6.4 |
General and administrative |  |  |  |  |  | 6.6 |  |  | 5.4 |
Total stock-based compensation expense |  |  |  |  |  | $ | 10.3 |  |  | $ | 14.9 |
(1) Includes the impact of the canceled unvested warrant shares for contract year 2 related to the termination of the Warrant Agreement with Chewy in the amount of $5.2 million for the three months ended March 31, 2025 and compensation expense related to warrant shares of $0.9 million for the three months ended March 31, 2024. Stock-based compensation expense classified by award type are included in the condensed consolidated statements of operations and comprehensive income as follows ($ in millions):
|  |  |  | Three Months Ended March 31,
|  |  |  |  |  | 2025 |  | 2024
Stock options |  |  |  |  |  | $ | 6.5 |  |  | $ | 7.7 |
RSUs |  |  |  |  |  | 9.0 |  |  | 6.3 |
Warrant shares |  |  |  |  |  | (5.2) |  |  | 0.9 |
Total stock-based compensation expense |  |  |  |  |  | $ | 10.3 |  |  | $ | 14.9 |

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- Definition Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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