Lemonade Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	-165.5	-202.2	-236.9	-297.8	-241.3
Depreciation & Amortization	15.2	20	20	12.2	3.7
Gain (Loss) on Sale of Investments	-5.8	-6.1	-2.6	6.7	-4.2
Stock-Based Compensation	61.3	64.5	59.9	59.3	44.1
Change in Accounts Receivable	-123.2	-90.2	-50.5	-43.8	-47.2
Reinsurance Recoverable	17	-32	18.4	-52.6	-40.8
Change in Accounts Payable	-4	3.9	-0.5	-0.7	-0.4
Change in Unearned Revenue	94.6	125.5	67.4	68.3	98
Change in Insurance Reserves / Liabilities	5	35.8	6.1	74	51.6
Change in Other Net Operating Assets	119	-29.9	-7.9	-17	-58.3
Other Operating Activities	-2.3	-	-	-	-
Operating Cash Flow	-16.5	-11.4	-119.1	-163	-144.6
Capital Expenditures	-9.4	-9.4	-9.2	-10.1	-9.4
Cash Acquisitions	-	-	-	98.8	-
Investment in Securities	-79.7	50	97.9	92.4	-795.4
Investing Cash Flow	-89.1	40.6	88.7	181.1	-804.8
Long-Term Debt Issued	133	96.1	19.1	-	-
Total Debt Repaid	-58.3	-27.7	-4.2	-	-
Net Debt Issued (Repaid)	74.7	68.4	14.9	-	-
Issuance of Common Stock	31.9	19.3	0.5	3.6	649.6
Financing Cash Flow	106.6	87.7	15.4	3.6	649.6
Foreign Exchange Rate Adjustments	10.1	-2.7	-	-5.8	-1
Net Cash Flow	11.1	114.2	-15	15.9	-300.8
Free Cash Flow	-25.9	-20.8	-128.3	-173.1	-154
Free Cash Flow Margin	-3.51%	-3.95%	-29.85%	-67.43%	-119.94%
Free Cash Flow Per Share	-0.35	-0.29	-1.84	-2.67	-2.52
Cash Interest Paid	16.3	5	0.3	-	-
Cash Income Tax Paid	2.5	2.5	0.7	3.4	3.2
Levered Free Cash Flow	115.35	50.45	193.66	-142.4	-210.5
Unlevered Free Cash Flow	126.16	54.33	193.91	-142.4	-210.5
Change in Working Capital	58.5	101.1	28.7	47.9	46.9

Source: S&P Global Market Intelligence. Insurance template. Financial Sources.