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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities:    
Net loss $ (234.1) $ (171.0)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 6.8 2.5
Stock-based compensation 43.6 30.7
Amortization of discount on bonds 5.9 (1.5)
Provision for bad debt 6.4 3.8
Changes in operating assets and liabilities:    
Premium receivable (49.8) (46.9)
Reinsurance recoverable (32.2) (21.8)
Prepaid reinsurance premium (32.1) (58.9)
Deferred acquisition costs (1.4) (2.5)
Other assets (5.1) (15.0)
Unpaid loss and loss adjustment expense 46.5 27.7
Unearned premium 71.5 79.4
Trade payables (0.3) 1.6
Funds held for reinsurance treaties 28.6 35.0
Deferred ceding commissions 6.5 13.7
Ceded premium payable (5.8) 11.8
Other liabilities and accrued expenses 10.6 16.7
Net cash used in operating activities (134.4) (94.7)
Cash flows from investing activities:    
Acquisition of business, net of cash acquired 98.8 0.0
Proceeds from short-term investments sold or matured 150.0 0.0
Proceeds from bonds sold or matured 90.0 7.9
Cost of short-term investments acquired (118.3) (107.5)
Cost of bonds acquired (119.4) (700.1)
Purchases of property and equipment (7.5) (7.4)
Net cash provided by (used in) investing activities 93.6 (807.1)
Cash flows from financing activities:    
Proceeds from Follow-on Offering, net of underwriting discounts and commissions and offering costs 0.0 640.3
Proceeds from stock exercises 3.3 8.7
Net cash provided by financing activities 3.3 649.0
Effect of exchange rate changes on cash, cash equivalents and restricted cash (8.1) 1.0
Net decrease in cash, cash equivalents and restricted cash (45.6) (251.8)
Cash, cash equivalents and restricted cash at beginning of period 270.6 571.4
Cash, cash equivalents and restricted cash at end of period 225.0 319.6
Supplemental disclosure of cash flow information:    
Cash paid for income taxes 3.4 2.1
Non-cash transactions:    
Warrants assumed from acquisition of Metromile $ 0.8 $ 0.0