Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Taxes

Schedule of components of net deferred tax assets

The components of the net deferred tax assets are as follows ($ in millions):

	December 31,
	2018		2019
Deferred tax assets (liabilities):
Net operating loss carryforwards	$	27.3	$	62.1
Stock‑based compensation		0.4		0.4
Net unearned premium		1.1		2.9
Startup costs		0.6		1.0
Other		—		0.4
Total gross deferred tax assets		29.4		66.8
Deferred tax liabilities:
Deferred acquisition costs		—		(0.4)
Depreciation and amortization		—		(0.4)
Total gross deferred tax liabilities		—		(0.8)
Valuation allowance		(29.4)		(66.0)
Total deferred tax assets, net	$	—	$	—

Schedule of (Loss) income before tax

(Loss) income before tax consists of the following ($ in millions):

	December 31,
	2018		2019
United States	$	(53.0)	$	(109.5)
Foreign		0.4		1.6
Total	$	(52.6)	$	(107.9)

Schedule of components of Income tax expense

Income tax expense consists of the following ($ in millions):

	December 31,
	2018		2019
Current:
Federal	$	—	$	—
State		—		—
Foreign		0.3		0.6
Total current		0.3		0.6
Deferred:
Federal	$	—	$	—
State		—		—
Foreign		—		—
Total deferred		—		—
Total income tax expense	$	0.3	$	0.6

Schedule of reconciliation statutory income tax rate

A reconciliation of the Company’s statutory income tax rate to the Company’s effective income tax rate is as follows:

	December 31,
	2018		2019
Income at US statutory rate	21.0	%	21.0	%
State taxes, net of federal benefit	12.0	%	13.9	%
Permanent differences	(1.4)	%	(1.7)	%
Tax law change	0.5	%	—
Foreign rate differential	—		0.1	%
Valuation allowance	(33.6)	%	(33.9)	%
Other	0.9	%	—
Total income taxes	(0.6)	%	(0.6)	%