Lemonade, Inc.
Cash Flow Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $-165.5M | $-202.2M | $-236.9M | $-297.8M | $-241.3M | $-122.3M | $-108.5M | $-52.9M |
| Depreciation & Amortization | $15.2M | $20.0M | $20.0M | $12.2M | $3.7M | $1.7M | — | — |
| Depreciation | $9.7M | $10.7M | $10.2M | $6.9M | $3.7M | $1.7M | $600.0K | $100.0K |
| Amortization | — | — | — | — | — | — | — | — |
| Stock-Based Compensation | $61.3M | $64.5M | $59.9M | $59.3M | $44.1M | $10.6M | $4.3M | $2.1M |
| Net Cash from Operating Activities | $-16.5M | $-11.4M | $-119.1M | $-163.0M | $-144.6M | $-91.7M | $-78.1M | $-40.8M |
| Investing Activities | ||||||||
| Capital Expenditures | $9.4M | $9.4M | $9.2M | $10.1M | $9.4M | $4.4M | $2.7M | $700.0K |
| Business Acquisitions | — | $0 | $0 | $-98.8M | $0 | $0 | — | — |
| Net Cash from Investing Activities | $-89.1M | $40.6M | $88.7M | $181.1M | $-804.8M | $50.1M | $-54.0M | $6.4M |
| Financing Activities | ||||||||
| Dividends Paid | — | — | — | — | — | — | — | — |
| Stock Repurchases | — | — | — | — | — | — | — | — |
| Net Cash from Financing Activities | $106.6M | $87.7M | $15.4M | $3.6M | $649.6M | $341.1M | $300.1M | $119.9M |
| Net Change in Cash | $11.1M | $114.2M | $-15.0M | $15.9M | $-300.8M | $301.1M | $167.9M | $85.5M |
| Free Cash Flow | $-25.9M | $-20.8M | $-128.3M | $-173.1M | $-154.0M | $-96.1M | $-80.8M | $-41.5M |