XML 17 R7.htm IDEA: XBRL DOCUMENT v3.22.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities:    
Net loss $ (34,319) $ (103,627)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation and amortization 5,255 4,023
Stock-based compensation 5,258 3,208
Change in fair value of warrant liability (131) 26,137
Telematics devices unreturned 244 265
Amortization of debt issuance costs 0 11,695
Noncash interest and other expense 638 3,752
Changes in operating assets and liabilities:    
Premiums receivable (1,683) (2,678)
Reinsurance recoverable on paid loss (2,694) 5,707
Reinsurance recoverable on unpaid loss (4,408) 25,247
Prepaid reinsurance premium (359) 7,351
Prepaid expenses and other assets (7,443) (2,972)
Deferred transaction costs 0 3,581
Deferred policy acquisition costs, net (54) (1,437)
Accounts payable and accrued expenses (1,939) 1,400
Ceded reinsurance premium payable 8,798 (15,765)
Loss and loss adjustment expense reserves 3,478 4,488
Payable to carriers - premiums and LAE, net (25) 47
Unearned premium reserve 1,198 2,189
Deferred revenue 305 (649)
Other liabilities (100) (1,325)
Net cash used in operating activities (27,981) (29,363)
Cash flows from investing activities:    
Purchases of telematics devices, improvements, and equipment (12) (126)
Payments relating to capitalized website and software development costs (5,188) (1,551)
Net change in payable/(receivable) for securities (6,973) 822
Purchase of securities (11,970) (4,211)
Sales and maturities of marketable securities 7,013 5,805
Net cash (used in) provided by investing activities (17,130) 739
Cash flow from financing activities:    
Proceeds from notes payable 0 2,015
Payment on notes payable 0 (69,351)
Proceeds from merger with INSU II, net of issuance costs 0 336,469
Proceeds from exercise of common stock options and warrants 0 4,349
Net cash provided by financing activities 0 273,482
Net (decrease) increase in cash, cash equivalents, restricted cash and restricted cash equivalents including cash classified within assets held for sale (45,111) 244,858
Less: Net increase in cash classified within assets held for sale 2,393 0
Net (decrease) increase in cash, cash equivalents, restricted cash and restricted cash equivalents (47,504) 244,858
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period 163,821 50,188
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period 116,317 295,046
Supplemental cash flow data:    
Cash paid for interest 0 3,164
Non-cash investing and financing transactions:    
Transaction costs in accrued liabilities at period end 0 2,598
Warrants assumed from Business Combination 0 45,516
Net exercise of preferred stock warrants 0 56,160
Net exercise of promissory note 0 415
Capitalized website and software development costs included in accrued liabilities 231 137
Capitalized stock-based compensation 758 171
Reclassification of liability to equity for vesting of stock options $ 107 $ 284