Lemonade, Inc. (FRA:LE0)

Lemonade Cash Flow Statement

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

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net Income	-173.8	-202.2	-236.9	-297.8	-241.3	-122.3
Depreciation & Amortization	17.3	20	20	12.2	3.7	1.7
Gain (Loss) on Sale of Investments	-6	-6.1	-2.6	6.7	-4.2	-0.3
Stock-Based Compensation	60.1	64.5	59.9	59.3	44.1	10.6
Change in Accounts Receivable	-114.8	-90.2	-50.5	-43.8	-47.2	-34.2
Reinsurance Recoverable	22.2	-32	18.4	-52.6	-40.8	-28.7
Change in Accounts Payable	4.1	3.9	-0.5	-0.7	-0.4	0.7
Change in Unearned Revenue	105.2	125.5	67.4	68.3	98	78.2
Change in Insurance Reserves / Liabilities	17.9	35.8	6.1	74	51.6	18.1
Change in Other Net Operating Assets	40.8	-29.9	-7.9	-17	-58.3	-99.4
Other Operating Activities	-2.3	-	-	-	-	12.2
Operating Cash Flow	-23.4	-11.4	-119.1	-163	-144.6	-91.7
Capital Expenditures	-9.5	-9.4	-9.2	-10.1	-9.4	-4.4
Cash Acquisitions	-	-	-	98.8	-	-
Investment in Securities	-58.2	50	97.9	92.4	-795.4	54.5
Investing Cash Flow	-67.7	40.6	88.7	181.1	-804.8	50.1
Long-Term Debt Issued	-	96.1	19.1	-	-	-
Total Debt Repaid	-50.4	-27.7	-4.2	-	-	-
Net Debt Issued (Repaid)	71.5	68.4	14.9	-	-	-
Issuance of Common Stock	31.6	19.3	0.5	3.6	649.6	341.1
Financing Cash Flow	103.1	87.7	15.4	3.6	649.6	341.1
Foreign Exchange Rate Adjustments	5.7	-2.7	-	-5.8	-1	1.6
Net Cash Flow	17.7	114.2	-15	15.9	-300.8	301.1
Free Cash Flow	-32.9	-20.8	-128.3	-173.1	-154	-96.1
Free Cash Flow Margin	-5.00%	-3.95%	-29.85%	-67.43%	-119.94%	-101.80%
Free Cash Flow Per Share	-0.45	-0.29	-1.84	-2.67	-2.52	-2.85
Cash Interest Paid	13.8	5	0.3	-	-	-
Cash Income Tax Paid	2.7	2.5	0.7	3.4	3.2	1.6
Levered Free Cash Flow	34.31	52.76	193.66	-142.4	-210.5	-24.2
Unlevered Free Cash Flow	43.5	56.64	193.91	-142.4	-210.5	-24.2
Change in Working Capital	64.1	101.1	28.7	47.9	46.9	4.2

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