$LMND
Business
Lemonade underwrites insurance and earns net premiums, ceding commissions, investment income and placement fees. Earned premium growth, claims, reinsurance and acquisition costs determine earnings. Insurance working capital and borrowing for customer growth create cash flows that differ from underwriting profit.
Three drivers
- Earned premium growth and effective reinsurance retention
- Attritional claims, catastrophe exposure and reserve development
- Customer acquisition spending and growth-financing repayment
Thesis
Our view
Premium growth can produce operating scale, but lower cession retains more insurance risk. The model distinguishes gross earned premium from in-force premium and keeps growth borrowing below operating cash generation.
What changes it
Test current-accident claims and renewal protection, then cash before borrowing and repayment of existing growth-financing cohorts.
Scenario ranges
Explicit downside/base/upside business assumptions; not price targets, probabilities or historical market-memory bands.
Model · 8 fiscal quarters (last eight)
| Fiscal quarter | 2024Q3 2024-09-30 | 2024Q4 2024-12-31 | 2025Q1 2025-03-31 | 2025Q2 2025-06-30 | 2025Q3 2025-09-30 | 2025Q4 2025-12-31 | 2026Q1 2026-03-31 | 2026Q2 2026-06-30 |
|---|---|---|---|---|---|---|---|---|
| Revenue ($M) | 136.61 | 148.8†2 | 151.23 | 164.14 | 194.51 | 228.1†2 | 258.03 | 294.44 |
| Gross profit ($M) | — | — | — | — | — | — | — | — |
| Operating income ($M) | — | — | — | — | — | — | — | — |
| Net income ($M) | -67.75 | -30.0†6 | -62.47 | -43.97 | -37.55 | -21.7†6 | -35.87 | -43.47 |
| EPS, diluted ($) | -0.958 | — | -0.869 | -0.6010 | -0.518 | — | -0.479 | -0.5610 |
| Diluted shares (M) | 71.111 | — | 72.912 | 73.413 | 74.211 | — | 76.312 | 77.013 |
| Cash ($M) | 329.814 | 376.015 | 309.216 | 377.517 | 345.918 | 385.019 | 374.320 | 367.619 |
| Long-term debt ($M) | — | — | — | — | — | — | — | — |
| Cash from operations ($M) | 16.3†21 | 13.8†22 | -47.223 | 5.5†24 | 4.5†21 | 20.7†22 | -0.623 | -3.4†24 |
| Capex ($M) | 2.2†25 | 3.2†26 | 2.327 | 2.1†28 | 1.9†25 | 3.1†26 | 3.527 | 4.6†28 |
| Free cash flow ($M) | 14.1†29 | 10.6†30 | -49.5†31 | 3.4†32 | 2.6†29 | 17.6†30 | -4.1†31 | -8.0†32 |
Estimates · base scenario
| Period | Revenue ($M) | EPS ($) | As of | Basis |
|---|---|---|---|---|
| 2026Q3 | 324.5 | — | 2026-09-19 | Desk base scenario. Revenue basis: Total revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance. |
| 2026Q4 | 340.1 | — | 2026-09-19 | Desk base scenario. Revenue basis: Total revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance. |
| 2027Q1 | 362.0 | — | 2026-09-19 | Desk base scenario. Revenue basis: Total revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance. |
| 2027Q2 | 389.0 | — | 2026-09-19 | Desk base scenario. Revenue basis: Total revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance. |
Earned premium, retained claims and growth-financing cash
Start with gross earned premium, not quarter-end in-force premium. Model effective premium retention, ceding commission, investment and other revenue separately. Build loss assumptions from attritional, catastrophe, loss-adjustment and prior-period components, with a separate net reinsurance-basis sensitivity. GAAP expense budgets reconcile to adjusted EBITDA without subtracting growth-financing interest twice. Roll General Catalyst and Hannover borrowing independently, retain cash interest within operating costs, and place net advances below unfinanced FCF. Base Q3 and FY2026 earned premium, revenue and adjusted EBITDA match management midpoints.
Reported anchors and guidance
| Measure | Period | Value | Basis |
|---|---|---|---|
| ifp | June 2026 | 1,434.30 | reported. USD millions; required surplus is approximately reported. IFP is an annualized period-end operating stock, not quarterly revenue. Source · 2026-08-04 |
| Q3 gross earned premium midpoint | 2026Q3 | 357.50 | derived. Calculated midpoint of the company range; not an additional company forecast. |
| Q3 revenue midpoint | 2026Q3 | 324.50 | derived. Calculated midpoint of the company range; not an additional company forecast. |
| Q3 adjusted EBITDA midpoint | 2026Q3 | -21.50 | derived. Calculated midpoint of the company range; not an additional company forecast. |
| FY2026 gross earned premium midpoint | FY2026 | 1,376.00 | derived. Calculated midpoint of the company range; not an additional company forecast. |
| FY2026 revenue midpoint | FY2026 | 1,217.00 | derived. Calculated midpoint of the company range; not an additional company forecast. |
| FY2026 adjusted EBITDA midpoint | FY2026 | -49.00 | derived. Calculated midpoint of the company range; not an additional company forecast. |
| H1 adjusted EBITDA reconstruction | H1 2026 | -35.80 | derived. Matches company reconciliation rather than treating EBITDA as GAAP operating income. |
| H1 cfo | H1 2026 | -4.00 | reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-04 |
| H1 unfinanced FCF | H1 2026 | -12.10 | derived. No growth financing added to operating cash. |
| H1 net growth borrowing | H1 2026 | 48.30 | derived. Financing cash, not income. |
| H1 cash after net growth borrowing | H1 2026 | 36.20 | derived. Reconciles to company adjusted FCF while displaying financing separately. |
| gc opening | June 2026 | 206.40 | reported. USD millions; required surplus is approximately reported. IFP is an annualized period-end operating stock, not quarterly revenue. Source · 2026-08-04 |
| Hannover outstanding borrowing cap | FY2027 | 150.00 | reported. Contractual maximum outstanding amount during 2027; the $250M limit applies in 2028. Source · 2026-06-24 |
| cash | June 2026 | 367.60 | reported. USD millions; required surplus is approximately reported. IFP is an annualized period-end operating stock, not quarterly revenue. Source · 2026-08-04 |
| restricted cash | June 2026 | 12.70 | reported. USD millions; required surplus is approximately reported. IFP is an annualized period-end operating stock, not quarterly revenue. Source · 2026-08-04 |
| investments | June 2026 | 777.70 | reported. USD millions; required surplus is approximately reported. IFP is an annualized period-end operating stock, not quarterly revenue. Source · 2026-08-04 |
| required surplus | June 2026 | 330.00 | reported. USD millions; required surplus is approximately reported. IFP is an annualized period-end operating stock, not quarterly revenue. Source · 2026-08-04 |
Downside scenario
| Period | Operating cash flow proxy ($M) | Unfinanced CFO less capex ($M) | Cash capital expenditure ($M) | Net loss and adjustment expense ($M) | GAAP pretax income proxy ($M) | Total revenue ($M) | Adjusted EBITDA proxy ($M) | Net earned premium ($M) | Gross earned premium ($M) | GAAP gross profit proxy ($M) | Cash after net growth borrowing ($M) | Growth advances less principal repayments ($M) |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026Q3 | -53.93 | -58.93 | 5.00 | 203.17 | -87.73 | 311.00 | -63.37 | 267.33 | 350.00 | 79.33 | -43.93 | 15.00 |
| 2026Q4 | -49.26 | -54.76 | 5.50 | 207.45 | -84.86 | 326.00 | -58.51 | 280.33 | 367.00 | 88.64 | -44.76 | 10.00 |
| 2027Q1 | -46.19 | -52.19 | 6.00 | 210.73 | -82.99 | 336.00 | -55.77 | 288.67 | 378.00 | 94.43 | -52.19 | 0.00 |
| 2027Q2 | -50.07 | -56.57 | 6.50 | 223.97 | -88.37 | 353.00 | -60.57 | 302.67 | 400.00 | 96.38 | -66.57 | -10.00 |
| FY2026 | -107.19 | -125.79 | 18.60 | 697.92 | -248.99 | 1,189.40 | -157.68 | 1,012.27 | 1,355.60 | 381.27 | -52.49 | 73.30 |
| FY2027 | -218.21 | -245.21 | 27.00 | 924.73 | -374.41 | 1,446.00 | -262.77 | 1,240.67 | 1,638.00 | 387.53 | -285.21 | -40.00 |
Base scenario
| Period | Operating cash flow proxy ($M) | Unfinanced CFO less capex ($M) | Cash capital expenditure ($M) | Net loss and adjustment expense ($M) | GAAP pretax income proxy ($M) | Total revenue ($M) | Adjusted EBITDA proxy ($M) | Net earned premium ($M) | Gross earned premium ($M) | GAAP gross profit proxy ($M) | Cash after net growth borrowing ($M) | Growth advances less principal repayments ($M) |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026Q3 | -12.36 | -17.36 | 5.00 | 186.67 | -46.16 | 324.50 | -21.50 | 282.83 | 357.50 | 108.73 | 12.64 | 30.00 |
| 2026Q4 | 16.64 | 11.14 | 5.50 | 191.64 | -18.96 | 340.10 | 8.30 | 294.83 | 379.90 | 117.52 | 36.14 | 25.00 |
| 2027Q1 | -1.75 | -7.75 | 6.00 | 207.46 | -38.55 | 362.00 | -10.00 | 314.33 | 405.00 | 121.54 | 2.25 | 10.00 |
| 2027Q2 | 8.94 | 2.44 | 6.50 | 223.74 | -29.36 | 389.00 | -0.00 | 339.00 | 435.00 | 129.81 | 2.44 | 0.00 |
| FY2026 | 0.29 | -18.31 | 18.60 | 665.61 | -141.51 | 1,217.00 | -49.00 | 1,042.27 | 1,376.00 | 439.55 | 84.99 | 103.30 |
| FY2027 | 72.79 | 45.79 | 27.00 | 931.45 | -83.41 | 1,625.00 | 35.00 | 1,420.33 | 1,815.00 | 545.65 | 45.79 | 0.00 |
Upside scenario
| Period | Operating cash flow proxy ($M) | Unfinanced CFO less capex ($M) | Cash capital expenditure ($M) | Net loss and adjustment expense ($M) | GAAP pretax income proxy ($M) | Total revenue ($M) | Adjusted EBITDA proxy ($M) | Net earned premium ($M) | Gross earned premium ($M) | GAAP gross profit proxy ($M) | Cash after net growth borrowing ($M) | Growth advances less principal repayments ($M) |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026Q3 | -9.04 | -14.04 | 5.00 | 181.87 | -42.84 | 334.00 | -18.19 | 293.33 | 364.00 | 122.51 | 15.96 | 30.00 |
| 2026Q4 | -2.17 | -7.67 | 5.50 | 192.29 | -37.77 | 357.00 | -10.51 | 312.67 | 394.00 | 132.64 | 17.33 | 25.00 |
| 2027Q1 | 4.56 | -1.44 | 6.00 | 209.43 | -32.24 | 390.00 | -3.63 | 343.33 | 430.00 | 145.57 | 13.56 | 15.00 |
| 2027Q2 | 6.00 | -0.50 | 6.50 | 234.32 | -32.30 | 430.00 | -2.76 | 381.00 | 473.00 | 157.19 | 4.50 | 5.00 |
| FY2026 | -15.21 | -33.81 | 18.60 | 661.46 | -157.01 | 1,243.40 | -64.50 | 1,070.60 | 1,396.60 | 468.45 | 69.49 | 103.30 |
| FY2027 | 24.95 | -2.05 | 27.00 | 995.79 | -131.25 | 1,823.00 | -11.87 | 1,622.33 | 2,001.00 | 664.43 | 17.95 | 20.00 |
All inputs and formulas — reproduce this model
| Input / calculation | Period / case | Value / unit | Evidence or assumption |
|---|---|---|---|
| H1 revenue h1_revenue | H1 2026 / shared | 552.40 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04 |
| H1 gross earned h1_gross_earned | H1 2026 / shared | 638.60 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04 |
| H1 net premium h1_net_premium | H1 2026 / shared | 464.60 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04 |
| H1 claims h1_claims | H1 2026 / shared | 287.30 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04 |
| H1 gross profit h1_gross_profit | H1 2026 / shared | 213.30 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-29 |
| H1 pretax h1_pretax | H1 2026 / shared | -76.40 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04 |
| H1 adj ebitda h1_adj_ebitda | H1 2026 / shared | -35.80 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-29 |
| H1 cfo h1_cfo | H1 2026 / shared | -4.00 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04 |
| H1 capex h1_capex | H1 2026 / shared | 8.10 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04 |
| H1 advances h1_advances | H1 2026 / shared | 89.90 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04 |
| H1 principal h1_principal | H1 2026 / shared | 41.60 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04 |
| H1 sbc h1_sbc | H1 2026 / shared | 45.70 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04 |
| H1 da h1_da | H1 2026 / shared | 5.10 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04 |
| H1 finance interest h1_finance_interest | H1 2026 / shared | 13.20 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04 |
| H1 investment income h1_investment_income | H1 2026 / shared | 19.50 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04 |
| H1 other interest h1_other_interest | H1 2026 / shared | 2.10 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-29 |
| H1 metromile amort benefit h1_metromile_amort_benefit | H1 2026 / shared | 0.10 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-29 |
| H1 claim recovery h1_claim_recovery | H1 2026 / shared | 1.70 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-29 |
| H1 taxes h1_taxes | H1 2026 / shared | 2.80 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04 |
| H1 net income h1_net_income | H1 2026 / shared | -79.20 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04 |
| H1 unfinanced FCF h1_fcf | H1 2026 / shared | -12.10 USD_millions | derived: No growth financing added to operating cash. Formula: subtract(h1_cfo, h1_capex). |
| H1 net growth borrowing h1_net_growth_financing | H1 2026 / shared | 48.30 USD_millions | derived: Financing cash, not income. Formula: subtract(h1_advances, h1_principal). |
| H1 cash after net growth borrowing h1_cash_after_financing | H1 2026 / shared | 36.20 USD_millions | derived: Reconciles to company adjusted FCF while displaying financing separately. Formula: sum(h1_fcf, h1_net_growth_financing). |
| H1 EBITDA addbacks h1_ebitda_add | H1 2026 / shared | -12.40 USD_millions | derived: Growth-financing interest is already in GAAP G&A. Formula: sum(h1_net_income, h1_taxes, h1_da, h1_sbc, h1_finance_interest). |
| H1 excluded income and benefits h1_ebitda_remove | H1 2026 / shared | 23.40 USD_millions | derived: Nonoperating investment income and nonrecurring benefit exclusions. Formula: sum(h1_investment_income, h1_other_interest, h1_metromile_amort_benefit, h1_claim_recovery). |
| H1 adjusted EBITDA reconstruction h1_ebitda_bridge | H1 2026 / shared | -35.80 USD_millions | derived: Matches company reconciliation rather than treating EBITDA as GAAP operating income. Formula: subtract(h1_ebitda_add, h1_ebitda_remove). |
| cash cash | June 2026 / shared | 367.60 USD_millions | reported: USD millions; required surplus is approximately reported. IFP is an annualized period-end operating stock, not quarterly revenue. Primary source · 2026-08-04 |
| restricted cash restricted_cash | June 2026 / shared | 12.70 USD_millions | reported: USD millions; required surplus is approximately reported. IFP is an annualized period-end operating stock, not quarterly revenue. Primary source · 2026-08-04 |
| investments investments | June 2026 / shared | 777.70 USD_millions | reported: USD millions; required surplus is approximately reported. IFP is an annualized period-end operating stock, not quarterly revenue. Primary source · 2026-08-04 |
| required surplus required_surplus | June 2026 / shared | 330.00 USD_millions | reported: USD millions; required surplus is approximately reported. IFP is an annualized period-end operating stock, not quarterly revenue. Primary source · 2026-08-04 |
| gc opening gc_opening | June 2026 / shared | 206.40 USD_millions | reported: USD millions; required surplus is approximately reported. IFP is an annualized period-end operating stock, not quarterly revenue. Primary source · 2026-08-04 |
| unpaid claims unpaid_claims | June 2026 / shared | 307.50 USD_millions | reported: USD millions; required surplus is approximately reported. IFP is an annualized period-end operating stock, not quarterly revenue. Primary source · 2026-08-04 |
| unearned premium unearned_premium | June 2026 / shared | 661.70 USD_millions | reported: USD millions; required surplus is approximately reported. IFP is an annualized period-end operating stock, not quarterly revenue. Primary source · 2026-08-04 |
| ifp ifp | June 2026 / shared | 1,434.30 USD_millions | reported: USD millions; required surplus is approximately reported. IFP is an annualized period-end operating stock, not quarterly revenue. Primary source · 2026-08-04 |
| Opening Hannover borrowing hannover_opening | June 2026 / shared | 0.00 USD_millions | assumption: Facility begins new growth funding January 2027; existing June borrowings are General Catalyst. |
| Hannover outstanding borrowing cap hannover_2027_cap | FY2027 / shared | 150.00 USD_millions | reported: Contractual maximum outstanding amount during 2027; the $250M limit applies in 2028. Primary source · 2026-06-24 |
| Q3 gross earned premium low q3_gep_low | 2026Q3 / shared | 356.00 USD_millions | management guidance: Company guidance; not a desk forecast. Primary source · 2026-07-29 |
| Q3 gross earned premium high q3_gep_high | 2026Q3 / shared | 359.00 USD_millions | management guidance: Company guidance; not a desk forecast. Primary source · 2026-07-29 |
| Midpoint divisor two | Model / shared | 200.0% ratio | assumption: Arithmetic constant. |
| Q3 gross earned premium endpoint sum q3_gep_sum | 2026Q3 / shared | 715.00 USD_millions | derived: Arithmetic intermediate. Formula: sum(q3_gep_low, q3_gep_high). |
| Q3 gross earned premium midpoint q3_gep | 2026Q3 / shared | 357.50 USD_millions | derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(q3_gep_sum, two). |
| Q3 revenue low q3_revenue_low | 2026Q3 / shared | 323.00 USD_millions | management guidance: Company guidance; not a desk forecast. Primary source · 2026-07-29 |
| Q3 revenue high q3_revenue_high | 2026Q3 / shared | 326.00 USD_millions | management guidance: Company guidance; not a desk forecast. Primary source · 2026-07-29 |
| Q3 revenue endpoint sum q3_revenue_sum | 2026Q3 / shared | 649.00 USD_millions | derived: Arithmetic intermediate. Formula: sum(q3_revenue_low, q3_revenue_high). |
| Q3 revenue midpoint q3_revenue | 2026Q3 / shared | 324.50 USD_millions | derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(q3_revenue_sum, two). |
| Q3 adjusted EBITDA low q3_ebitda_low | 2026Q3 / shared | -23.00 USD_millions | management guidance: Company guidance; not a desk forecast. Primary source · 2026-07-29 |
| Q3 adjusted EBITDA high q3_ebitda_high | 2026Q3 / shared | -20.00 USD_millions | management guidance: Company guidance; not a desk forecast. Primary source · 2026-07-29 |
| Q3 adjusted EBITDA endpoint sum q3_ebitda_sum | 2026Q3 / shared | -43.00 USD_millions | derived: Arithmetic intermediate. Formula: sum(q3_ebitda_low, q3_ebitda_high). |
| Q3 adjusted EBITDA midpoint q3_ebitda | 2026Q3 / shared | -21.50 USD_millions | derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(q3_ebitda_sum, two). |
| FY2026 gross earned premium low fy26_gep_low | FY2026 / shared | 1,374.00 USD_millions | management guidance: Company guidance; not a desk forecast. Primary source · 2026-07-29 |
| FY2026 gross earned premium high fy26_gep_high | FY2026 / shared | 1,378.00 USD_millions | management guidance: Company guidance; not a desk forecast. Primary source · 2026-07-29 |
| FY2026 gross earned premium endpoint sum fy26_gep_sum | FY2026 / shared | 2,752.00 USD_millions | derived: Arithmetic intermediate. Formula: sum(fy26_gep_low, fy26_gep_high). |
| FY2026 gross earned premium midpoint fy26_gep | FY2026 / shared | 1,376.00 USD_millions | derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(fy26_gep_sum, two). |
| FY2026 revenue low fy26_revenue_low | FY2026 / shared | 1,214.00 USD_millions | management guidance: Company guidance; not a desk forecast. Primary source · 2026-07-29 |
| FY2026 revenue high fy26_revenue_high | FY2026 / shared | 1,220.00 USD_millions | management guidance: Company guidance; not a desk forecast. Primary source · 2026-07-29 |
| FY2026 revenue endpoint sum fy26_revenue_sum | FY2026 / shared | 2,434.00 USD_millions | derived: Arithmetic intermediate. Formula: sum(fy26_revenue_low, fy26_revenue_high). |
| FY2026 revenue midpoint fy26_revenue | FY2026 / shared | 1,217.00 USD_millions | derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(fy26_revenue_sum, two). |
| FY2026 adjusted EBITDA low fy26_ebitda_low | FY2026 / shared | -51.00 USD_millions | management guidance: Company guidance; not a desk forecast. Primary source · 2026-07-29 |
| FY2026 adjusted EBITDA high fy26_ebitda_high | FY2026 / shared | -47.00 USD_millions | management guidance: Company guidance; not a desk forecast. Primary source · 2026-07-29 |
| FY2026 adjusted EBITDA endpoint sum fy26_ebitda_sum | FY2026 / shared | -98.00 USD_millions | derived: Arithmetic intermediate. Formula: sum(fy26_ebitda_low, fy26_ebitda_high). |
| FY2026 adjusted EBITDA midpoint fy26_ebitda | FY2026 / shared | -49.00 USD_millions | derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(fy26_ebitda_sum, two). |
| Gross earned premium downside_2026q3_gross_earned | 2026Q3 / downside | 350.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Effective earned premium retention downside_2026q3_retention | 2026Q3 / downside | 76.4% ratio | assumption: Consolidated calibration including product/treaty timing and other reinsurance; not 82% mechanically from quota cession. |
| Net earned premium downside_2026q3_net_premium | 2026Q3 / downside | 267.33 USD_millions | derived: Base revenue calibrates to management outlook with explicit effective retention. Formula: multiply(downside_2026q3_gross_earned, downside_2026q3_retention). |
| Ceded earned premium downside_2026q3_ceded_premium | 2026Q3 / downside | 82.67 USD_millions | derived: Premium transferred to external reinsurers in the consolidated revenue model. Formula: subtract(downside_2026q3_gross_earned, downside_2026q3_net_premium). |
| Ceding commission / ceded premium downside_2026q3_commission_rate | 2026Q3 / downside | 25.0% ratio | assumption: Desk assumption; not company guidance. |
| Ceding commission income downside_2026q3_ceding_commission | 2026Q3 / downside | 20.67 USD_millions | derived: Desk blended commission rate, not a claim about each treaty. Formula: multiply(downside_2026q3_ceded_premium, downside_2026q3_commission_rate). |
| Investment income downside_2026q3_investment_income | 2026Q3 / downside | 10.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Commission and other income downside_2026q3_other_revenue | 2026Q3 / downside | 13.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Total revenue downside_2026q3_revenue | 2026Q3 / downside | 311.00 USD_millions | derived: IFP is not counted as revenue. Formula: sum(downside_2026q3_net_premium, downside_2026q3_ceding_commission, downside_2026q3_investment_income, downside_2026q3_other_revenue). |
| Attritional loss ratio downside_2026q3_attritional_loss | 2026Q3 / downside | 60.0% ratio | assumption: Desk assumption; not company guidance. |
| Catastrophe loss ratio downside_2026q3_cat_loss | 2026Q3 / downside | 8.0% ratio | assumption: Desk assumption; not company guidance. |
| Loss adjustment ratio downside_2026q3_lae_ratio | 2026Q3 / downside | 5.0% ratio | assumption: Desk assumption; not company guidance. |
| Prior-period development ratio downside_2026q3_prior_development | 2026Q3 / downside | 0.0% ratio | assumption: Desk assumption; not company guidance. |
| Gross loss ratio proxy downside_2026q3_gross_loss_ratio | 2026Q3 / downside | 73.0% ratio | derived: Does not extrapolate Q2 favorable development of seven points indefinitely. Formula: sum(downside_2026q3_attritional_loss, downside_2026q3_cat_loss, downside_2026q3_lae_ratio, downside_2026q3_prior_development). |
| Net reinsurance loss-ratio difference downside_2026q3_net_reinsurance_basis | 2026Q3 / downside | 3.0% ratio | assumption: Desk assumption; not company guidance. |
| Net loss ratio proxy downside_2026q3_net_loss_ratio | 2026Q3 / downside | 76.0% ratio | derived: Sensitivity for retention/coverage/mix; not a full catastrophe treaty waterfall. Formula: sum(downside_2026q3_gross_loss_ratio, downside_2026q3_net_reinsurance_basis). |
| Net losses and adjustment expense downside_2026q3_claims | 2026Q3 / downside | 203.17 USD_millions | derived: Loss ratio includes ordinary claims handling economics. Formula: multiply(downside_2026q3_net_premium, downside_2026q3_net_loss_ratio). |
| Other insurance expense / gross earned premium downside_2026q3_insurance_cost_ratio | 2026Q3 / downside | 8.0% ratio | assumption: Desk assumption; not company guidance. |
| Other insurance expense downside_2026q3_other_insurance | 2026Q3 / downside | 28.00 USD_millions | derived: Servicing and insurance infrastructure expense. Formula: multiply(downside_2026q3_gross_earned, downside_2026q3_insurance_cost_ratio). |
| D&A allocated to gross profit downside_2026q3_gp_da | 2026Q3 / downside | 0.50 USD_millions | assumption: Desk assumption; not company guidance. |
| Claims insurance cost and allocated D&A downside_2026q3_gross_cost | 2026Q3 / downside | 231.67 USD_millions | derived: Gross-profit presentation allocates part of D&A already within company departmental costs. Formula: sum(downside_2026q3_claims, downside_2026q3_other_insurance, downside_2026q3_gp_da). |
| GAAP gross profit proxy downside_2026q3_gross_profit | 2026Q3 / downside | 79.33 USD_millions | derived: Allocated D&A is not deducted twice from pretax income. Formula: subtract(downside_2026q3_revenue, downside_2026q3_gross_cost). |
| General Catalyst new advances downside_2026q3_gc_advance | 2026Q3 / downside | 40.00 USD_millions | assumption: Desk assumption; not company guidance. |
| General Catalyst principal repayment downside_2026q3_gc_principal | 2026Q3 / downside | 25.00 USD_millions | assumption: Desk assumption; not company guidance. |
| GC opening plus advances downside_2026q3_gc_available | 2026Q3 / downside | 246.40 USD_millions | derived: Old cohorts remain outstanding after funding switches. Formula: sum(gc_opening, downside_2026q3_gc_advance). |
| General Catalyst ending borrowing downside_2026q3_gc_ending | 2026Q3 / downside | 221.40 USD_millions | derived: No debt extinguishment on January 2027 transition. Formula: subtract(downside_2026q3_gc_available, downside_2026q3_gc_principal). |
| Hannover new advances downside_2026q3_hannover_advance | 2026Q3 / downside | 0.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Hannover principal repayment downside_2026q3_hannover_principal | 2026Q3 / downside | 0.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Hannover opening plus advances downside_2026q3_hannover_available | 2026Q3 / downside | 0.00 USD_millions | derived: 2027 only; each quarter advance is below $60M monthly-cap equivalent. Formula: sum(hannover_opening, downside_2026q3_hannover_advance). |
| Hannover ending borrowing downside_2026q3_hannover_ending | 2026Q3 / downside | 0.00 USD_millions | derived: Every configured quarter stays at or below $150M 2027 cap. Formula: subtract(downside_2026q3_hannover_available, downside_2026q3_hannover_principal). |
| Opening plus closing gc balance downside_2026q3_gc_balance_sum | 2026Q3 / downside | 427.80 USD_millions | derived: Quarter average approximation. Formula: sum(gc_opening, downside_2026q3_gc_ending). |
| Average balance factor downside_2026q3_gc_half | 2026Q3 / downside | 50.0% ratio | assumption: Desk assumption; not company guidance. |
| Average gc borrowing downside_2026q3_gc_average | 2026Q3 / downside | 213.90 USD_millions | derived: Approximates intraquarter timing. Formula: multiply(downside_2026q3_gc_balance_sum, downside_2026q3_gc_half). |
| gc annual financing rate downside_2026q3_gc_annual_rate | 2026Q3 / downside | 16.0% ratio | assumption: GC 16% contractual target; Hannover assumes 4% Treasury reference plus 5.8%, not a quoted current Treasury rate. |
| Quarter fraction downside_2026q3_gc_quarter | 2026Q3 / downside | 25.0% ratio | assumption: Desk assumption; not company guidance. |
| gc interest downside_2026q3_gc_interest | 2026Q3 / downside | 8.56 USD_millions | derived: Cash interest approximation remains inside G&A and CFO. Formula: multiply(downside_2026q3_gc_average, downside_2026q3_gc_annual_rate, downside_2026q3_gc_quarter). |
| Opening plus closing hannover balance downside_2026q3_hannover_balance_sum | 2026Q3 / downside | 0.00 USD_millions | derived: Quarter average approximation. Formula: sum(hannover_opening, downside_2026q3_hannover_ending). |
| Average balance factor downside_2026q3_hannover_half | 2026Q3 / downside | 50.0% ratio | assumption: Desk assumption; not company guidance. |
| Average hannover borrowing downside_2026q3_hannover_average | 2026Q3 / downside | 0.00 USD_millions | derived: Approximates intraquarter timing. Formula: multiply(downside_2026q3_hannover_balance_sum, downside_2026q3_hannover_half). |
| hannover annual financing rate downside_2026q3_hannover_annual_rate | 2026Q3 / downside | 9.8% ratio | assumption: GC 16% contractual target; Hannover assumes 4% Treasury reference plus 5.8%, not a quoted current Treasury rate. |
| Quarter fraction downside_2026q3_hannover_quarter | 2026Q3 / downside | 25.0% ratio | assumption: Desk assumption; not company guidance. |
| hannover interest downside_2026q3_hannover_interest | 2026Q3 / downside | 0.00 USD_millions | derived: Cash interest approximation remains inside G&A and CFO. Formula: multiply(downside_2026q3_hannover_average, downside_2026q3_hannover_annual_rate, downside_2026q3_hannover_quarter). |
| Growth-financing interest downside_2026q3_finance_interest | 2026Q3 / downside | 8.56 USD_millions | derived: Old and new financing coexist. Formula: sum(downside_2026q3_gc_interest, downside_2026q3_hannover_interest). |
| Total SBC downside_2026q3_sbc | 2026Q3 / downside | 24.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Total depreciation and amortization downside_2026q3_da | 2026Q3 / downside | 2.80 USD_millions | assumption: Desk assumption; not company guidance. |
| Other interest income excluded from EBITDA downside_2026q3_other_interest | 2026Q3 / downside | 1.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Marketing technology and G&A excluding financing downside_2026q3_ordinary_opex | 2026Q3 / downside | 159.00 USD_millions | assumption: Combined GAAP cost budget including SBC and D&A. Base calibrated to adjusted EBITDA outlook; no undisclosed departmental split is asserted. |
| Marketing technology and G&A including interest downside_2026q3_operating_expense | 2026Q3 / downside | 167.56 USD_millions | derived: Growth financing is included once; total SBC/D&A already sit within GAAP cost budgets. Formula: sum(downside_2026q3_ordinary_opex, downside_2026q3_finance_interest). |
| Claims insurance and departmental expense downside_2026q3_total_cost | 2026Q3 / downside | 398.73 USD_millions | derived: Gross-profit allocated D&A is already in departmental cost; do not subtract again. Formula: sum(downside_2026q3_claims, downside_2026q3_other_insurance, downside_2026q3_operating_expense). |
| GAAP pretax result downside_2026q3_pretax | 2026Q3 / downside | -87.73 USD_millions | derived: Investment/other income remain in revenue per company presentation. Formula: subtract(downside_2026q3_revenue, downside_2026q3_total_cost). |
| Pretax plus noncash and financing addbacks downside_2026q3_ebitda_add | 2026Q3 / downside | -52.37 USD_millions | derived: No tax addback needed starting from pretax. Formula: sum(downside_2026q3_pretax, downside_2026q3_sbc, downside_2026q3_da, downside_2026q3_finance_interest). |
| Excluded investment and other interest downside_2026q3_ebitda_income_remove | 2026Q3 / downside | 11.00 USD_millions | derived: No repeat of ERC or pre-acquisition claims recoveries. Formula: sum(downside_2026q3_investment_income, downside_2026q3_other_interest). |
| Adjusted EBITDA proxy downside_2026q3_adj_ebitda | 2026Q3 / downside | -63.37 USD_millions | derived: SBC, D&A and growth-financing interest removed under company definition. Formula: subtract(downside_2026q3_ebitda_add, downside_2026q3_ebitda_income_remove). |
| Income tax cash/expense allowance downside_2026q3_cash_tax | 2026Q3 / downside | 1.50 USD_millions | assumption: Desk assumption; not company guidance. |
| Net income proxy downside_2026q3_net_income | 2026Q3 / downside | -89.23 USD_millions | derived: Assumes cash tax approximates expense; no EPS share bridge. Formula: subtract(downside_2026q3_pretax, downside_2026q3_cash_tax). |
| Unearned premium cash inflow downside_2026q3_unearned_inflow | 2026Q3 / downside | 62.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Claims reserve cash inflow downside_2026q3_claims_reserve_inflow | 2026Q3 / downside | 8.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Unearned premium and claims reserve inflows downside_2026q3_insurance_inflows | 2026Q3 / downside | 70.00 USD_millions | derived: Insurance liabilities support cash but carry future obligations. Formula: sum(downside_2026q3_unearned_inflow, downside_2026q3_claims_reserve_inflow). |
| Premium receivable cash use downside_2026q3_premium_receivables | 2026Q3 / downside | 60.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Net reinsurance and other cash use downside_2026q3_reinsurance_other | 2026Q3 / downside | 8.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Premium receivables and reinsurance cash use downside_2026q3_insurance_uses | 2026Q3 / downside | 68.00 USD_millions | derived: Includes treaty deposits, funds withheld and commission timing. Formula: sum(downside_2026q3_premium_receivables, downside_2026q3_reinsurance_other). |
| Insurance working-capital inflow downside_2026q3_insurance_wc | 2026Q3 / downside | 2.00 USD_millions | derived: Does not treat insurance float as unrestricted parent capital. Formula: subtract(downside_2026q3_insurance_inflows, downside_2026q3_insurance_uses). |
| Noncash premium bad-debt allowance downside_2026q3_bad_debt | 2026Q3 / downside | 6.50 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating cash flow proxy downside_2026q3_cfo | 2026Q3 / downside | -53.93 USD_millions | derived: Financing interest remains cash cost; advances and principal excluded. Formula: sum(downside_2026q3_net_income, downside_2026q3_sbc, downside_2026q3_da, downside_2026q3_bad_debt, downside_2026q3_insurance_wc). |
| Cash capex downside_2026q3_capex | 2026Q3 / downside | 5.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Unfinanced free cash flow downside_2026q3_fcf | 2026Q3 / downside | -58.93 USD_millions | derived: No debt proceeds included. Formula: subtract(downside_2026q3_cfo, downside_2026q3_capex). |
| New growth advances downside_2026q3_growth_advances | 2026Q3 / downside | 40.00 USD_millions | derived: Subject to contract eligibility and caps. Formula: sum(downside_2026q3_gc_advance, downside_2026q3_hannover_advance). |
| Growth principal repayments downside_2026q3_growth_principal | 2026Q3 / downside | 25.00 USD_millions | derived: Repays existing cohort obligations. Formula: sum(downside_2026q3_gc_principal, downside_2026q3_hannover_principal). |
| Net growth borrowing downside_2026q3_net_growth_financing | 2026Q3 / downside | 15.00 USD_millions | derived: Financing cash flow, not revenue or CFO. Formula: subtract(downside_2026q3_growth_advances, downside_2026q3_growth_principal). |
| Cash after net growth borrowing downside_2026q3_cash_after_financing | 2026Q3 / downside | -43.93 USD_millions | derived: Company-style adjusted FCF perimeter, with financing disclosed separately. Formula: sum(downside_2026q3_fcf, downside_2026q3_net_growth_financing). |
| Gross earned premium downside_2026q4_gross_earned | 2026Q4 / downside | 367.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Effective earned premium retention downside_2026q4_retention | 2026Q4 / downside | 76.4% ratio | assumption: Consolidated calibration including product/treaty timing and other reinsurance; not 82% mechanically from quota cession. |
| Net earned premium downside_2026q4_net_premium | 2026Q4 / downside | 280.33 USD_millions | derived: Base revenue calibrates to management outlook with explicit effective retention. Formula: multiply(downside_2026q4_gross_earned, downside_2026q4_retention). |
| Ceded earned premium downside_2026q4_ceded_premium | 2026Q4 / downside | 86.67 USD_millions | derived: Premium transferred to external reinsurers in the consolidated revenue model. Formula: subtract(downside_2026q4_gross_earned, downside_2026q4_net_premium). |
| Ceding commission / ceded premium downside_2026q4_commission_rate | 2026Q4 / downside | 25.0% ratio | assumption: Desk assumption; not company guidance. |
| Ceding commission income downside_2026q4_ceding_commission | 2026Q4 / downside | 21.67 USD_millions | derived: Desk blended commission rate, not a claim about each treaty. Formula: multiply(downside_2026q4_ceded_premium, downside_2026q4_commission_rate). |
| Investment income downside_2026q4_investment_income | 2026Q4 / downside | 10.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Commission and other income downside_2026q4_other_revenue | 2026Q4 / downside | 14.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Total revenue downside_2026q4_revenue | 2026Q4 / downside | 326.00 USD_millions | derived: IFP is not counted as revenue. Formula: sum(downside_2026q4_net_premium, downside_2026q4_ceding_commission, downside_2026q4_investment_income, downside_2026q4_other_revenue). |
| Attritional loss ratio downside_2026q4_attritional_loss | 2026Q4 / downside | 60.0% ratio | assumption: Desk assumption; not company guidance. |
| Catastrophe loss ratio downside_2026q4_cat_loss | 2026Q4 / downside | 6.0% ratio | assumption: Desk assumption; not company guidance. |
| Loss adjustment ratio downside_2026q4_lae_ratio | 2026Q4 / downside | 5.0% ratio | assumption: Desk assumption; not company guidance. |
| Prior-period development ratio downside_2026q4_prior_development | 2026Q4 / downside | 0.0% ratio | assumption: Desk assumption; not company guidance. |
| Gross loss ratio proxy downside_2026q4_gross_loss_ratio | 2026Q4 / downside | 71.0% ratio | derived: Does not extrapolate Q2 favorable development of seven points indefinitely. Formula: sum(downside_2026q4_attritional_loss, downside_2026q4_cat_loss, downside_2026q4_lae_ratio, downside_2026q4_prior_development). |
| Net reinsurance loss-ratio difference downside_2026q4_net_reinsurance_basis | 2026Q4 / downside | 3.0% ratio | assumption: Desk assumption; not company guidance. |
| Net loss ratio proxy downside_2026q4_net_loss_ratio | 2026Q4 / downside | 74.0% ratio | derived: Sensitivity for retention/coverage/mix; not a full catastrophe treaty waterfall. Formula: sum(downside_2026q4_gross_loss_ratio, downside_2026q4_net_reinsurance_basis). |
| Net losses and adjustment expense downside_2026q4_claims | 2026Q4 / downside | 207.45 USD_millions | derived: Loss ratio includes ordinary claims handling economics. Formula: multiply(downside_2026q4_net_premium, downside_2026q4_net_loss_ratio). |
| Other insurance expense / gross earned premium downside_2026q4_insurance_cost_ratio | 2026Q4 / downside | 8.0% ratio | assumption: Desk assumption; not company guidance. |
| Other insurance expense downside_2026q4_other_insurance | 2026Q4 / downside | 29.36 USD_millions | derived: Servicing and insurance infrastructure expense. Formula: multiply(downside_2026q4_gross_earned, downside_2026q4_insurance_cost_ratio). |
| D&A allocated to gross profit downside_2026q4_gp_da | 2026Q4 / downside | 0.55 USD_millions | assumption: Desk assumption; not company guidance. |
| Claims insurance cost and allocated D&A downside_2026q4_gross_cost | 2026Q4 / downside | 237.36 USD_millions | derived: Gross-profit presentation allocates part of D&A already within company departmental costs. Formula: sum(downside_2026q4_claims, downside_2026q4_other_insurance, downside_2026q4_gp_da). |
| GAAP gross profit proxy downside_2026q4_gross_profit | 2026Q4 / downside | 88.64 USD_millions | derived: Allocated D&A is not deducted twice from pretax income. Formula: subtract(downside_2026q4_revenue, downside_2026q4_gross_cost). |
| General Catalyst new advances downside_2026q4_gc_advance | 2026Q4 / downside | 40.00 USD_millions | assumption: Desk assumption; not company guidance. |
| General Catalyst principal repayment downside_2026q4_gc_principal | 2026Q4 / downside | 30.00 USD_millions | assumption: Desk assumption; not company guidance. |
| GC opening plus advances downside_2026q4_gc_available | 2026Q4 / downside | 261.40 USD_millions | derived: Old cohorts remain outstanding after funding switches. Formula: sum(downside_2026q3_gc_ending, downside_2026q4_gc_advance). |
| General Catalyst ending borrowing downside_2026q4_gc_ending | 2026Q4 / downside | 231.40 USD_millions | derived: No debt extinguishment on January 2027 transition. Formula: subtract(downside_2026q4_gc_available, downside_2026q4_gc_principal). |
| Hannover new advances downside_2026q4_hannover_advance | 2026Q4 / downside | 0.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Hannover principal repayment downside_2026q4_hannover_principal | 2026Q4 / downside | 0.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Hannover opening plus advances downside_2026q4_hannover_available | 2026Q4 / downside | 0.00 USD_millions | derived: 2027 only; each quarter advance is below $60M monthly-cap equivalent. Formula: sum(downside_2026q3_hannover_ending, downside_2026q4_hannover_advance). |
| Hannover ending borrowing downside_2026q4_hannover_ending | 2026Q4 / downside | 0.00 USD_millions | derived: Every configured quarter stays at or below $150M 2027 cap. Formula: subtract(downside_2026q4_hannover_available, downside_2026q4_hannover_principal). |
| Opening plus closing gc balance downside_2026q4_gc_balance_sum | 2026Q4 / downside | 452.80 USD_millions | derived: Quarter average approximation. Formula: sum(downside_2026q3_gc_ending, downside_2026q4_gc_ending). |
| Average balance factor downside_2026q4_gc_half | 2026Q4 / downside | 50.0% ratio | assumption: Desk assumption; not company guidance. |
| Average gc borrowing downside_2026q4_gc_average | 2026Q4 / downside | 226.40 USD_millions | derived: Approximates intraquarter timing. Formula: multiply(downside_2026q4_gc_balance_sum, downside_2026q4_gc_half). |
| gc annual financing rate downside_2026q4_gc_annual_rate | 2026Q4 / downside | 16.0% ratio | assumption: GC 16% contractual target; Hannover assumes 4% Treasury reference plus 5.8%, not a quoted current Treasury rate. |
| Quarter fraction downside_2026q4_gc_quarter | 2026Q4 / downside | 25.0% ratio | assumption: Desk assumption; not company guidance. |
| gc interest downside_2026q4_gc_interest | 2026Q4 / downside | 9.06 USD_millions | derived: Cash interest approximation remains inside G&A and CFO. Formula: multiply(downside_2026q4_gc_average, downside_2026q4_gc_annual_rate, downside_2026q4_gc_quarter). |
| Opening plus closing hannover balance downside_2026q4_hannover_balance_sum | 2026Q4 / downside | 0.00 USD_millions | derived: Quarter average approximation. Formula: sum(downside_2026q3_hannover_ending, downside_2026q4_hannover_ending). |
| Average balance factor downside_2026q4_hannover_half | 2026Q4 / downside | 50.0% ratio | assumption: Desk assumption; not company guidance. |
| Average hannover borrowing downside_2026q4_hannover_average | 2026Q4 / downside | 0.00 USD_millions | derived: Approximates intraquarter timing. Formula: multiply(downside_2026q4_hannover_balance_sum, downside_2026q4_hannover_half). |
| hannover annual financing rate downside_2026q4_hannover_annual_rate | 2026Q4 / downside | 9.8% ratio | assumption: GC 16% contractual target; Hannover assumes 4% Treasury reference plus 5.8%, not a quoted current Treasury rate. |
| Quarter fraction downside_2026q4_hannover_quarter | 2026Q4 / downside | 25.0% ratio | assumption: Desk assumption; not company guidance. |
| hannover interest downside_2026q4_hannover_interest | 2026Q4 / downside | 0.00 USD_millions | derived: Cash interest approximation remains inside G&A and CFO. Formula: multiply(downside_2026q4_hannover_average, downside_2026q4_hannover_annual_rate, downside_2026q4_hannover_quarter). |
| Growth-financing interest downside_2026q4_finance_interest | 2026Q4 / downside | 9.06 USD_millions | derived: Old and new financing coexist. Formula: sum(downside_2026q4_gc_interest, downside_2026q4_hannover_interest). |
| Total SBC downside_2026q4_sbc | 2026Q4 / downside | 25.30 USD_millions | assumption: Desk assumption; not company guidance. |
| Total depreciation and amortization downside_2026q4_da | 2026Q4 / downside | 3.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Other interest income excluded from EBITDA downside_2026q4_other_interest | 2026Q4 / downside | 1.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Marketing technology and G&A excluding financing downside_2026q4_ordinary_opex | 2026Q4 / downside | 165.00 USD_millions | assumption: Combined GAAP cost budget including SBC and D&A. Base calibrated to adjusted EBITDA outlook; no undisclosed departmental split is asserted. |
| Marketing technology and G&A including interest downside_2026q4_operating_expense | 2026Q4 / downside | 174.06 USD_millions | derived: Growth financing is included once; total SBC/D&A already sit within GAAP cost budgets. Formula: sum(downside_2026q4_ordinary_opex, downside_2026q4_finance_interest). |
| Claims insurance and departmental expense downside_2026q4_total_cost | 2026Q4 / downside | 410.86 USD_millions | derived: Gross-profit allocated D&A is already in departmental cost; do not subtract again. Formula: sum(downside_2026q4_claims, downside_2026q4_other_insurance, downside_2026q4_operating_expense). |
| GAAP pretax result downside_2026q4_pretax | 2026Q4 / downside | -84.86 USD_millions | derived: Investment/other income remain in revenue per company presentation. Formula: subtract(downside_2026q4_revenue, downside_2026q4_total_cost). |
| Pretax plus noncash and financing addbacks downside_2026q4_ebitda_add | 2026Q4 / downside | -47.51 USD_millions | derived: No tax addback needed starting from pretax. Formula: sum(downside_2026q4_pretax, downside_2026q4_sbc, downside_2026q4_da, downside_2026q4_finance_interest). |
| Excluded investment and other interest downside_2026q4_ebitda_income_remove | 2026Q4 / downside | 11.00 USD_millions | derived: No repeat of ERC or pre-acquisition claims recoveries. Formula: sum(downside_2026q4_investment_income, downside_2026q4_other_interest). |
| Adjusted EBITDA proxy downside_2026q4_adj_ebitda | 2026Q4 / downside | -58.51 USD_millions | derived: SBC, D&A and growth-financing interest removed under company definition. Formula: subtract(downside_2026q4_ebitda_add, downside_2026q4_ebitda_income_remove). |
| Income tax cash/expense allowance downside_2026q4_cash_tax | 2026Q4 / downside | 1.70 USD_millions | assumption: Desk assumption; not company guidance. |
| Net income proxy downside_2026q4_net_income | 2026Q4 / downside | -86.56 USD_millions | derived: Assumes cash tax approximates expense; no EPS share bridge. Formula: subtract(downside_2026q4_pretax, downside_2026q4_cash_tax). |
| Unearned premium cash inflow downside_2026q4_unearned_inflow | 2026Q4 / downside | 69.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Claims reserve cash inflow downside_2026q4_claims_reserve_inflow | 2026Q4 / downside | 9.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Unearned premium and claims reserve inflows downside_2026q4_insurance_inflows | 2026Q4 / downside | 78.00 USD_millions | derived: Insurance liabilities support cash but carry future obligations. Formula: sum(downside_2026q4_unearned_inflow, downside_2026q4_claims_reserve_inflow). |
| Premium receivable cash use downside_2026q4_premium_receivables | 2026Q4 / downside | 67.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Net reinsurance and other cash use downside_2026q4_reinsurance_other | 2026Q4 / downside | 9.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Premium receivables and reinsurance cash use downside_2026q4_insurance_uses | 2026Q4 / downside | 76.00 USD_millions | derived: Includes treaty deposits, funds withheld and commission timing. Formula: sum(downside_2026q4_premium_receivables, downside_2026q4_reinsurance_other). |
| Insurance working-capital inflow downside_2026q4_insurance_wc | 2026Q4 / downside | 2.00 USD_millions | derived: Does not treat insurance float as unrestricted parent capital. Formula: subtract(downside_2026q4_insurance_inflows, downside_2026q4_insurance_uses). |
| Noncash premium bad-debt allowance downside_2026q4_bad_debt | 2026Q4 / downside | 7.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating cash flow proxy downside_2026q4_cfo | 2026Q4 / downside | -49.26 USD_millions | derived: Financing interest remains cash cost; advances and principal excluded. Formula: sum(downside_2026q4_net_income, downside_2026q4_sbc, downside_2026q4_da, downside_2026q4_bad_debt, downside_2026q4_insurance_wc). |
| Cash capex downside_2026q4_capex | 2026Q4 / downside | 5.50 USD_millions | assumption: Desk assumption; not company guidance. |
| Unfinanced free cash flow downside_2026q4_fcf | 2026Q4 / downside | -54.76 USD_millions | derived: No debt proceeds included. Formula: subtract(downside_2026q4_cfo, downside_2026q4_capex). |
| New growth advances downside_2026q4_growth_advances | 2026Q4 / downside | 40.00 USD_millions | derived: Subject to contract eligibility and caps. Formula: sum(downside_2026q4_gc_advance, downside_2026q4_hannover_advance). |
| Growth principal repayments downside_2026q4_growth_principal | 2026Q4 / downside | 30.00 USD_millions | derived: Repays existing cohort obligations. Formula: sum(downside_2026q4_gc_principal, downside_2026q4_hannover_principal). |
| Net growth borrowing downside_2026q4_net_growth_financing | 2026Q4 / downside | 10.00 USD_millions | derived: Financing cash flow, not revenue or CFO. Formula: subtract(downside_2026q4_growth_advances, downside_2026q4_growth_principal). |
| Cash after net growth borrowing downside_2026q4_cash_after_financing | 2026Q4 / downside | -44.76 USD_millions | derived: Company-style adjusted FCF perimeter, with financing disclosed separately. Formula: sum(downside_2026q4_fcf, downside_2026q4_net_growth_financing). |
| Gross earned premium downside_2027q1_gross_earned | 2027Q1 / downside | 378.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Effective earned premium retention downside_2027q1_retention | 2027Q1 / downside | 76.4% ratio | assumption: Consolidated calibration including product/treaty timing and other reinsurance; not 82% mechanically from quota cession. |
| Net earned premium downside_2027q1_net_premium | 2027Q1 / downside | 288.67 USD_millions | derived: Base revenue calibrates to management outlook with explicit effective retention. Formula: multiply(downside_2027q1_gross_earned, downside_2027q1_retention). |
| Ceded earned premium downside_2027q1_ceded_premium | 2027Q1 / downside | 89.33 USD_millions | derived: Premium transferred to external reinsurers in the consolidated revenue model. Formula: subtract(downside_2027q1_gross_earned, downside_2027q1_net_premium). |
| Ceding commission / ceded premium downside_2027q1_commission_rate | 2027Q1 / downside | 25.0% ratio | assumption: Desk assumption; not company guidance. |
| Ceding commission income downside_2027q1_ceding_commission | 2027Q1 / downside | 22.33 USD_millions | derived: Desk blended commission rate, not a claim about each treaty. Formula: multiply(downside_2027q1_ceded_premium, downside_2027q1_commission_rate). |
| Investment income downside_2027q1_investment_income | 2027Q1 / downside | 10.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Commission and other income downside_2027q1_other_revenue | 2027Q1 / downside | 15.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Total revenue downside_2027q1_revenue | 2027Q1 / downside | 336.00 USD_millions | derived: IFP is not counted as revenue. Formula: sum(downside_2027q1_net_premium, downside_2027q1_ceding_commission, downside_2027q1_investment_income, downside_2027q1_other_revenue). |
| Attritional loss ratio downside_2027q1_attritional_loss | 2027Q1 / downside | 60.0% ratio | assumption: Desk assumption; not company guidance. |
| Catastrophe loss ratio downside_2027q1_cat_loss | 2027Q1 / downside | 5.0% ratio | assumption: Desk assumption; not company guidance. |
| Loss adjustment ratio downside_2027q1_lae_ratio | 2027Q1 / downside | 5.0% ratio | assumption: Desk assumption; not company guidance. |
| Prior-period development ratio downside_2027q1_prior_development | 2027Q1 / downside | 0.0% ratio | assumption: Desk assumption; not company guidance. |
| Gross loss ratio proxy downside_2027q1_gross_loss_ratio | 2027Q1 / downside | 70.0% ratio | derived: Does not extrapolate Q2 favorable development of seven points indefinitely. Formula: sum(downside_2027q1_attritional_loss, downside_2027q1_cat_loss, downside_2027q1_lae_ratio, downside_2027q1_prior_development). |
| Net reinsurance loss-ratio difference downside_2027q1_net_reinsurance_basis | 2027Q1 / downside | 3.0% ratio | assumption: Desk assumption; not company guidance. |
| Net loss ratio proxy downside_2027q1_net_loss_ratio | 2027Q1 / downside | 73.0% ratio | derived: Sensitivity for retention/coverage/mix; not a full catastrophe treaty waterfall. Formula: sum(downside_2027q1_gross_loss_ratio, downside_2027q1_net_reinsurance_basis). |
| Net losses and adjustment expense downside_2027q1_claims | 2027Q1 / downside | 210.73 USD_millions | derived: Loss ratio includes ordinary claims handling economics. Formula: multiply(downside_2027q1_net_premium, downside_2027q1_net_loss_ratio). |
| Other insurance expense / gross earned premium downside_2027q1_insurance_cost_ratio | 2027Q1 / downside | 8.0% ratio | assumption: Desk assumption; not company guidance. |
| Other insurance expense downside_2027q1_other_insurance | 2027Q1 / downside | 30.24 USD_millions | derived: Servicing and insurance infrastructure expense. Formula: multiply(downside_2027q1_gross_earned, downside_2027q1_insurance_cost_ratio). |
| D&A allocated to gross profit downside_2027q1_gp_da | 2027Q1 / downside | 0.60 USD_millions | assumption: Desk assumption; not company guidance. |
| Claims insurance cost and allocated D&A downside_2027q1_gross_cost | 2027Q1 / downside | 241.57 USD_millions | derived: Gross-profit presentation allocates part of D&A already within company departmental costs. Formula: sum(downside_2027q1_claims, downside_2027q1_other_insurance, downside_2027q1_gp_da). |
| GAAP gross profit proxy downside_2027q1_gross_profit | 2027Q1 / downside | 94.43 USD_millions | derived: Allocated D&A is not deducted twice from pretax income. Formula: subtract(downside_2027q1_revenue, downside_2027q1_gross_cost). |
| General Catalyst new advances downside_2027q1_gc_advance | 2027Q1 / downside | 0.00 USD_millions | assumption: Desk assumption; not company guidance. |
| General Catalyst principal repayment downside_2027q1_gc_principal | 2027Q1 / downside | 30.00 USD_millions | assumption: Desk assumption; not company guidance. |
| GC opening plus advances downside_2027q1_gc_available | 2027Q1 / downside | 231.40 USD_millions | derived: Old cohorts remain outstanding after funding switches. Formula: sum(downside_2026q4_gc_ending, downside_2027q1_gc_advance). |
| General Catalyst ending borrowing downside_2027q1_gc_ending | 2027Q1 / downside | 201.40 USD_millions | derived: No debt extinguishment on January 2027 transition. Formula: subtract(downside_2027q1_gc_available, downside_2027q1_gc_principal). |
| Hannover new advances downside_2027q1_hannover_advance | 2027Q1 / downside | 30.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Hannover principal repayment downside_2027q1_hannover_principal | 2027Q1 / downside | 0.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Hannover opening plus advances downside_2027q1_hannover_available | 2027Q1 / downside | 30.00 USD_millions | derived: 2027 only; each quarter advance is below $60M monthly-cap equivalent. Formula: sum(downside_2026q4_hannover_ending, downside_2027q1_hannover_advance). |
| Hannover ending borrowing downside_2027q1_hannover_ending | 2027Q1 / downside | 30.00 USD_millions | derived: Every configured quarter stays at or below $150M 2027 cap. Formula: subtract(downside_2027q1_hannover_available, downside_2027q1_hannover_principal). |
| Opening plus closing gc balance downside_2027q1_gc_balance_sum | 2027Q1 / downside | 432.80 USD_millions | derived: Quarter average approximation. Formula: sum(downside_2026q4_gc_ending, downside_2027q1_gc_ending). |
| Average balance factor downside_2027q1_gc_half | 2027Q1 / downside | 50.0% ratio | assumption: Desk assumption; not company guidance. |
| Average gc borrowing downside_2027q1_gc_average | 2027Q1 / downside | 216.40 USD_millions | derived: Approximates intraquarter timing. Formula: multiply(downside_2027q1_gc_balance_sum, downside_2027q1_gc_half). |
| gc annual financing rate downside_2027q1_gc_annual_rate | 2027Q1 / downside | 16.0% ratio | assumption: GC 16% contractual target; Hannover assumes 4% Treasury reference plus 5.8%, not a quoted current Treasury rate. |
| Quarter fraction downside_2027q1_gc_quarter | 2027Q1 / downside | 25.0% ratio | assumption: Desk assumption; not company guidance. |
| gc interest downside_2027q1_gc_interest | 2027Q1 / downside | 8.66 USD_millions | derived: Cash interest approximation remains inside G&A and CFO. Formula: multiply(downside_2027q1_gc_average, downside_2027q1_gc_annual_rate, downside_2027q1_gc_quarter). |
| Opening plus closing hannover balance downside_2027q1_hannover_balance_sum | 2027Q1 / downside | 30.00 USD_millions | derived: Quarter average approximation. Formula: sum(downside_2026q4_hannover_ending, downside_2027q1_hannover_ending). |
| Average balance factor downside_2027q1_hannover_half | 2027Q1 / downside | 50.0% ratio | assumption: Desk assumption; not company guidance. |
| Average hannover borrowing downside_2027q1_hannover_average | 2027Q1 / downside | 15.00 USD_millions | derived: Approximates intraquarter timing. Formula: multiply(downside_2027q1_hannover_balance_sum, downside_2027q1_hannover_half). |
| hannover annual financing rate downside_2027q1_hannover_annual_rate | 2027Q1 / downside | 9.8% ratio | assumption: GC 16% contractual target; Hannover assumes 4% Treasury reference plus 5.8%, not a quoted current Treasury rate. |
| Quarter fraction downside_2027q1_hannover_quarter | 2027Q1 / downside | 25.0% ratio | assumption: Desk assumption; not company guidance. |
| hannover interest downside_2027q1_hannover_interest | 2027Q1 / downside | 0.37 USD_millions | derived: Cash interest approximation remains inside G&A and CFO. Formula: multiply(downside_2027q1_hannover_average, downside_2027q1_hannover_annual_rate, downside_2027q1_hannover_quarter). |
| Growth-financing interest downside_2027q1_finance_interest | 2027Q1 / downside | 9.02 USD_millions | derived: Old and new financing coexist. Formula: sum(downside_2027q1_gc_interest, downside_2027q1_hannover_interest). |
| Total SBC downside_2027q1_sbc | 2027Q1 / downside | 26.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Total depreciation and amortization downside_2027q1_da | 2027Q1 / downside | 3.20 USD_millions | assumption: Desk assumption; not company guidance. |
| Other interest income excluded from EBITDA downside_2027q1_other_interest | 2027Q1 / downside | 1.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Marketing technology and G&A excluding financing downside_2027q1_ordinary_opex | 2027Q1 / downside | 169.00 USD_millions | assumption: Combined GAAP cost budget including SBC and D&A. Base calibrated to adjusted EBITDA outlook; no undisclosed departmental split is asserted. |
| Marketing technology and G&A including interest downside_2027q1_operating_expense | 2027Q1 / downside | 178.02 USD_millions | derived: Growth financing is included once; total SBC/D&A already sit within GAAP cost budgets. Formula: sum(downside_2027q1_ordinary_opex, downside_2027q1_finance_interest). |
| Claims insurance and departmental expense downside_2027q1_total_cost | 2027Q1 / downside | 418.99 USD_millions | derived: Gross-profit allocated D&A is already in departmental cost; do not subtract again. Formula: sum(downside_2027q1_claims, downside_2027q1_other_insurance, downside_2027q1_operating_expense). |
| GAAP pretax result downside_2027q1_pretax | 2027Q1 / downside | -82.99 USD_millions | derived: Investment/other income remain in revenue per company presentation. Formula: subtract(downside_2027q1_revenue, downside_2027q1_total_cost). |
| Pretax plus noncash and financing addbacks downside_2027q1_ebitda_add | 2027Q1 / downside | -44.77 USD_millions | derived: No tax addback needed starting from pretax. Formula: sum(downside_2027q1_pretax, downside_2027q1_sbc, downside_2027q1_da, downside_2027q1_finance_interest). |
| Excluded investment and other interest downside_2027q1_ebitda_income_remove | 2027Q1 / downside | 11.00 USD_millions | derived: No repeat of ERC or pre-acquisition claims recoveries. Formula: sum(downside_2027q1_investment_income, downside_2027q1_other_interest). |
| Adjusted EBITDA proxy downside_2027q1_adj_ebitda | 2027Q1 / downside | -55.77 USD_millions | derived: SBC, D&A and growth-financing interest removed under company definition. Formula: subtract(downside_2027q1_ebitda_add, downside_2027q1_ebitda_income_remove). |
| Income tax cash/expense allowance downside_2027q1_cash_tax | 2027Q1 / downside | 1.90 USD_millions | assumption: Desk assumption; not company guidance. |
| Net income proxy downside_2027q1_net_income | 2027Q1 / downside | -84.89 USD_millions | derived: Assumes cash tax approximates expense; no EPS share bridge. Formula: subtract(downside_2027q1_pretax, downside_2027q1_cash_tax). |
| Unearned premium cash inflow downside_2027q1_unearned_inflow | 2027Q1 / downside | 76.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Claims reserve cash inflow downside_2027q1_claims_reserve_inflow | 2027Q1 / downside | 10.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Unearned premium and claims reserve inflows downside_2027q1_insurance_inflows | 2027Q1 / downside | 86.00 USD_millions | derived: Insurance liabilities support cash but carry future obligations. Formula: sum(downside_2027q1_unearned_inflow, downside_2027q1_claims_reserve_inflow). |
| Premium receivable cash use downside_2027q1_premium_receivables | 2027Q1 / downside | 74.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Net reinsurance and other cash use downside_2027q1_reinsurance_other | 2027Q1 / downside | 10.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Premium receivables and reinsurance cash use downside_2027q1_insurance_uses | 2027Q1 / downside | 84.00 USD_millions | derived: Includes treaty deposits, funds withheld and commission timing. Formula: sum(downside_2027q1_premium_receivables, downside_2027q1_reinsurance_other). |
| Insurance working-capital inflow downside_2027q1_insurance_wc | 2027Q1 / downside | 2.00 USD_millions | derived: Does not treat insurance float as unrestricted parent capital. Formula: subtract(downside_2027q1_insurance_inflows, downside_2027q1_insurance_uses). |
| Noncash premium bad-debt allowance downside_2027q1_bad_debt | 2027Q1 / downside | 7.50 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating cash flow proxy downside_2027q1_cfo | 2027Q1 / downside | -46.19 USD_millions | derived: Financing interest remains cash cost; advances and principal excluded. Formula: sum(downside_2027q1_net_income, downside_2027q1_sbc, downside_2027q1_da, downside_2027q1_bad_debt, downside_2027q1_insurance_wc). |
| Cash capex downside_2027q1_capex | 2027Q1 / downside | 6.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Unfinanced free cash flow downside_2027q1_fcf | 2027Q1 / downside | -52.19 USD_millions | derived: No debt proceeds included. Formula: subtract(downside_2027q1_cfo, downside_2027q1_capex). |
| New growth advances downside_2027q1_growth_advances | 2027Q1 / downside | 30.00 USD_millions | derived: Subject to contract eligibility and caps. Formula: sum(downside_2027q1_gc_advance, downside_2027q1_hannover_advance). |
| Growth principal repayments downside_2027q1_growth_principal | 2027Q1 / downside | 30.00 USD_millions | derived: Repays existing cohort obligations. Formula: sum(downside_2027q1_gc_principal, downside_2027q1_hannover_principal). |
| Net growth borrowing downside_2027q1_net_growth_financing | 2027Q1 / downside | 0.00 USD_millions | derived: Financing cash flow, not revenue or CFO. Formula: subtract(downside_2027q1_growth_advances, downside_2027q1_growth_principal). |
| Cash after net growth borrowing downside_2027q1_cash_after_financing | 2027Q1 / downside | -52.19 USD_millions | derived: Company-style adjusted FCF perimeter, with financing disclosed separately. Formula: sum(downside_2027q1_fcf, downside_2027q1_net_growth_financing). |
| Gross earned premium downside_2027q2_gross_earned | 2027Q2 / downside | 400.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Effective earned premium retention downside_2027q2_retention | 2027Q2 / downside | 75.7% ratio | assumption: Consolidated calibration including product/treaty timing and other reinsurance; not 82% mechanically from quota cession. |
| Net earned premium downside_2027q2_net_premium | 2027Q2 / downside | 302.67 USD_millions | derived: Base revenue calibrates to management outlook with explicit effective retention. Formula: multiply(downside_2027q2_gross_earned, downside_2027q2_retention). |
| Ceded earned premium downside_2027q2_ceded_premium | 2027Q2 / downside | 97.33 USD_millions | derived: Premium transferred to external reinsurers in the consolidated revenue model. Formula: subtract(downside_2027q2_gross_earned, downside_2027q2_net_premium). |
| Ceding commission / ceded premium downside_2027q2_commission_rate | 2027Q2 / downside | 25.0% ratio | assumption: Desk assumption; not company guidance. |
| Ceding commission income downside_2027q2_ceding_commission | 2027Q2 / downside | 24.33 USD_millions | derived: Desk blended commission rate, not a claim about each treaty. Formula: multiply(downside_2027q2_ceded_premium, downside_2027q2_commission_rate). |
| Investment income downside_2027q2_investment_income | 2027Q2 / downside | 10.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Commission and other income downside_2027q2_other_revenue | 2027Q2 / downside | 16.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Total revenue downside_2027q2_revenue | 2027Q2 / downside | 353.00 USD_millions | derived: IFP is not counted as revenue. Formula: sum(downside_2027q2_net_premium, downside_2027q2_ceding_commission, downside_2027q2_investment_income, downside_2027q2_other_revenue). |
| Attritional loss ratio downside_2027q2_attritional_loss | 2027Q2 / downside | 60.0% ratio | assumption: Desk assumption; not company guidance. |
| Catastrophe loss ratio downside_2027q2_cat_loss | 2027Q2 / downside | 6.0% ratio | assumption: Desk assumption; not company guidance. |
| Loss adjustment ratio downside_2027q2_lae_ratio | 2027Q2 / downside | 5.0% ratio | assumption: Desk assumption; not company guidance. |
| Prior-period development ratio downside_2027q2_prior_development | 2027Q2 / downside | 0.0% ratio | assumption: Desk assumption; not company guidance. |
| Gross loss ratio proxy downside_2027q2_gross_loss_ratio | 2027Q2 / downside | 71.0% ratio | derived: Does not extrapolate Q2 favorable development of seven points indefinitely. Formula: sum(downside_2027q2_attritional_loss, downside_2027q2_cat_loss, downside_2027q2_lae_ratio, downside_2027q2_prior_development). |
| Net reinsurance loss-ratio difference downside_2027q2_net_reinsurance_basis | 2027Q2 / downside | 3.0% ratio | assumption: Desk assumption; not company guidance. |
| Net loss ratio proxy downside_2027q2_net_loss_ratio | 2027Q2 / downside | 74.0% ratio | derived: Sensitivity for retention/coverage/mix; not a full catastrophe treaty waterfall. Formula: sum(downside_2027q2_gross_loss_ratio, downside_2027q2_net_reinsurance_basis). |
| Net losses and adjustment expense downside_2027q2_claims | 2027Q2 / downside | 223.97 USD_millions | derived: Loss ratio includes ordinary claims handling economics. Formula: multiply(downside_2027q2_net_premium, downside_2027q2_net_loss_ratio). |
| Other insurance expense / gross earned premium downside_2027q2_insurance_cost_ratio | 2027Q2 / downside | 8.0% ratio | assumption: Desk assumption; not company guidance. |
| Other insurance expense downside_2027q2_other_insurance | 2027Q2 / downside | 32.00 USD_millions | derived: Servicing and insurance infrastructure expense. Formula: multiply(downside_2027q2_gross_earned, downside_2027q2_insurance_cost_ratio). |
| D&A allocated to gross profit downside_2027q2_gp_da | 2027Q2 / downside | 0.65 USD_millions | assumption: Desk assumption; not company guidance. |
| Claims insurance cost and allocated D&A downside_2027q2_gross_cost | 2027Q2 / downside | 256.62 USD_millions | derived: Gross-profit presentation allocates part of D&A already within company departmental costs. Formula: sum(downside_2027q2_claims, downside_2027q2_other_insurance, downside_2027q2_gp_da). |
| GAAP gross profit proxy downside_2027q2_gross_profit | 2027Q2 / downside | 96.38 USD_millions | derived: Allocated D&A is not deducted twice from pretax income. Formula: subtract(downside_2027q2_revenue, downside_2027q2_gross_cost). |
| General Catalyst new advances downside_2027q2_gc_advance | 2027Q2 / downside | 0.00 USD_millions | assumption: Desk assumption; not company guidance. |
| General Catalyst principal repayment downside_2027q2_gc_principal | 2027Q2 / downside | 35.00 USD_millions | assumption: Desk assumption; not company guidance. |
| GC opening plus advances downside_2027q2_gc_available | 2027Q2 / downside | 201.40 USD_millions | derived: Old cohorts remain outstanding after funding switches. Formula: sum(downside_2027q1_gc_ending, downside_2027q2_gc_advance). |
| General Catalyst ending borrowing downside_2027q2_gc_ending | 2027Q2 / downside | 166.40 USD_millions | derived: No debt extinguishment on January 2027 transition. Formula: subtract(downside_2027q2_gc_available, downside_2027q2_gc_principal). |
| Hannover new advances downside_2027q2_hannover_advance | 2027Q2 / downside | 30.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Hannover principal repayment downside_2027q2_hannover_principal | 2027Q2 / downside | 5.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Hannover opening plus advances downside_2027q2_hannover_available | 2027Q2 / downside | 60.00 USD_millions | derived: 2027 only; each quarter advance is below $60M monthly-cap equivalent. Formula: sum(downside_2027q1_hannover_ending, downside_2027q2_hannover_advance). |
| Hannover ending borrowing downside_2027q2_hannover_ending | 2027Q2 / downside | 55.00 USD_millions | derived: Every configured quarter stays at or below $150M 2027 cap. Formula: subtract(downside_2027q2_hannover_available, downside_2027q2_hannover_principal). |
| Opening plus closing gc balance downside_2027q2_gc_balance_sum | 2027Q2 / downside | 367.80 USD_millions | derived: Quarter average approximation. Formula: sum(downside_2027q1_gc_ending, downside_2027q2_gc_ending). |
| Average balance factor downside_2027q2_gc_half | 2027Q2 / downside | 50.0% ratio | assumption: Desk assumption; not company guidance. |
| Average gc borrowing downside_2027q2_gc_average | 2027Q2 / downside | 183.90 USD_millions | derived: Approximates intraquarter timing. Formula: multiply(downside_2027q2_gc_balance_sum, downside_2027q2_gc_half). |
| gc annual financing rate downside_2027q2_gc_annual_rate | 2027Q2 / downside | 16.0% ratio | assumption: GC 16% contractual target; Hannover assumes 4% Treasury reference plus 5.8%, not a quoted current Treasury rate. |
| Quarter fraction downside_2027q2_gc_quarter | 2027Q2 / downside | 25.0% ratio | assumption: Desk assumption; not company guidance. |
| gc interest downside_2027q2_gc_interest | 2027Q2 / downside | 7.36 USD_millions | derived: Cash interest approximation remains inside G&A and CFO. Formula: multiply(downside_2027q2_gc_average, downside_2027q2_gc_annual_rate, downside_2027q2_gc_quarter). |
| Opening plus closing hannover balance downside_2027q2_hannover_balance_sum | 2027Q2 / downside | 85.00 USD_millions | derived: Quarter average approximation. Formula: sum(downside_2027q1_hannover_ending, downside_2027q2_hannover_ending). |
| Average balance factor downside_2027q2_hannover_half | 2027Q2 / downside | 50.0% ratio | assumption: Desk assumption; not company guidance. |
| Average hannover borrowing downside_2027q2_hannover_average | 2027Q2 / downside | 42.50 USD_millions | derived: Approximates intraquarter timing. Formula: multiply(downside_2027q2_hannover_balance_sum, downside_2027q2_hannover_half). |
| hannover annual financing rate downside_2027q2_hannover_annual_rate | 2027Q2 / downside | 9.8% ratio | assumption: GC 16% contractual target; Hannover assumes 4% Treasury reference plus 5.8%, not a quoted current Treasury rate. |
| Quarter fraction downside_2027q2_hannover_quarter | 2027Q2 / downside | 25.0% ratio | assumption: Desk assumption; not company guidance. |
| hannover interest downside_2027q2_hannover_interest | 2027Q2 / downside | 1.04 USD_millions | derived: Cash interest approximation remains inside G&A and CFO. Formula: multiply(downside_2027q2_hannover_average, downside_2027q2_hannover_annual_rate, downside_2027q2_hannover_quarter). |
| Growth-financing interest downside_2027q2_finance_interest | 2027Q2 / downside | 8.40 USD_millions | derived: Old and new financing coexist. Formula: sum(downside_2027q2_gc_interest, downside_2027q2_hannover_interest). |
| Total SBC downside_2027q2_sbc | 2027Q2 / downside | 27.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Total depreciation and amortization downside_2027q2_da | 2027Q2 / downside | 3.40 USD_millions | assumption: Desk assumption; not company guidance. |
| Other interest income excluded from EBITDA downside_2027q2_other_interest | 2027Q2 / downside | 1.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Marketing technology and G&A excluding financing downside_2027q2_ordinary_opex | 2027Q2 / downside | 177.00 USD_millions | assumption: Combined GAAP cost budget including SBC and D&A. Base calibrated to adjusted EBITDA outlook; no undisclosed departmental split is asserted. |
| Marketing technology and G&A including interest downside_2027q2_operating_expense | 2027Q2 / downside | 185.40 USD_millions | derived: Growth financing is included once; total SBC/D&A already sit within GAAP cost budgets. Formula: sum(downside_2027q2_ordinary_opex, downside_2027q2_finance_interest). |
| Claims insurance and departmental expense downside_2027q2_total_cost | 2027Q2 / downside | 441.37 USD_millions | derived: Gross-profit allocated D&A is already in departmental cost; do not subtract again. Formula: sum(downside_2027q2_claims, downside_2027q2_other_insurance, downside_2027q2_operating_expense). |
| GAAP pretax result downside_2027q2_pretax | 2027Q2 / downside | -88.37 USD_millions | derived: Investment/other income remain in revenue per company presentation. Formula: subtract(downside_2027q2_revenue, downside_2027q2_total_cost). |
| Pretax plus noncash and financing addbacks downside_2027q2_ebitda_add | 2027Q2 / downside | -49.57 USD_millions | derived: No tax addback needed starting from pretax. Formula: sum(downside_2027q2_pretax, downside_2027q2_sbc, downside_2027q2_da, downside_2027q2_finance_interest). |
| Excluded investment and other interest downside_2027q2_ebitda_income_remove | 2027Q2 / downside | 11.00 USD_millions | derived: No repeat of ERC or pre-acquisition claims recoveries. Formula: sum(downside_2027q2_investment_income, downside_2027q2_other_interest). |
| Adjusted EBITDA proxy downside_2027q2_adj_ebitda | 2027Q2 / downside | -60.57 USD_millions | derived: SBC, D&A and growth-financing interest removed under company definition. Formula: subtract(downside_2027q2_ebitda_add, downside_2027q2_ebitda_income_remove). |
| Income tax cash/expense allowance downside_2027q2_cash_tax | 2027Q2 / downside | 2.10 USD_millions | assumption: Desk assumption; not company guidance. |
| Net income proxy downside_2027q2_net_income | 2027Q2 / downside | -90.47 USD_millions | derived: Assumes cash tax approximates expense; no EPS share bridge. Formula: subtract(downside_2027q2_pretax, downside_2027q2_cash_tax). |
| Unearned premium cash inflow downside_2027q2_unearned_inflow | 2027Q2 / downside | 83.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Claims reserve cash inflow downside_2027q2_claims_reserve_inflow | 2027Q2 / downside | 11.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Unearned premium and claims reserve inflows downside_2027q2_insurance_inflows | 2027Q2 / downside | 94.00 USD_millions | derived: Insurance liabilities support cash but carry future obligations. Formula: sum(downside_2027q2_unearned_inflow, downside_2027q2_claims_reserve_inflow). |
| Premium receivable cash use downside_2027q2_premium_receivables | 2027Q2 / downside | 81.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Net reinsurance and other cash use downside_2027q2_reinsurance_other | 2027Q2 / downside | 11.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Premium receivables and reinsurance cash use downside_2027q2_insurance_uses | 2027Q2 / downside | 92.00 USD_millions | derived: Includes treaty deposits, funds withheld and commission timing. Formula: sum(downside_2027q2_premium_receivables, downside_2027q2_reinsurance_other). |
| Insurance working-capital inflow downside_2027q2_insurance_wc | 2027Q2 / downside | 2.00 USD_millions | derived: Does not treat insurance float as unrestricted parent capital. Formula: subtract(downside_2027q2_insurance_inflows, downside_2027q2_insurance_uses). |
| Noncash premium bad-debt allowance downside_2027q2_bad_debt | 2027Q2 / downside | 8.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating cash flow proxy downside_2027q2_cfo | 2027Q2 / downside | -50.07 USD_millions | derived: Financing interest remains cash cost; advances and principal excluded. Formula: sum(downside_2027q2_net_income, downside_2027q2_sbc, downside_2027q2_da, downside_2027q2_bad_debt, downside_2027q2_insurance_wc). |
| Cash capex downside_2027q2_capex | 2027Q2 / downside | 6.50 USD_millions | assumption: Desk assumption; not company guidance. |
| Unfinanced free cash flow downside_2027q2_fcf | 2027Q2 / downside | -56.57 USD_millions | derived: No debt proceeds included. Formula: subtract(downside_2027q2_cfo, downside_2027q2_capex). |
| New growth advances downside_2027q2_growth_advances | 2027Q2 / downside | 30.00 USD_millions | derived: Subject to contract eligibility and caps. Formula: sum(downside_2027q2_gc_advance, downside_2027q2_hannover_advance). |
| Growth principal repayments downside_2027q2_growth_principal | 2027Q2 / downside | 40.00 USD_millions | derived: Repays existing cohort obligations. Formula: sum(downside_2027q2_gc_principal, downside_2027q2_hannover_principal). |
| Net growth borrowing downside_2027q2_net_growth_financing | 2027Q2 / downside | -10.00 USD_millions | derived: Financing cash flow, not revenue or CFO. Formula: subtract(downside_2027q2_growth_advances, downside_2027q2_growth_principal). |
| Cash after net growth borrowing downside_2027q2_cash_after_financing | 2027Q2 / downside | -66.57 USD_millions | derived: Company-style adjusted FCF perimeter, with financing disclosed separately. Formula: sum(downside_2027q2_fcf, downside_2027q2_net_growth_financing). |
| Gross earned premium downside_2027q3_gross_earned | 2027Q3 / downside | 420.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Effective earned premium retention downside_2027q3_retention | 2027Q3 / downside | 75.6% ratio | assumption: Consolidated calibration including product/treaty timing and other reinsurance; not 82% mechanically from quota cession. |
| Net earned premium downside_2027q3_net_premium | 2027Q3 / downside | 317.33 USD_millions | derived: Base revenue calibrates to management outlook with explicit effective retention. Formula: multiply(downside_2027q3_gross_earned, downside_2027q3_retention). |
| Ceded earned premium downside_2027q3_ceded_premium | 2027Q3 / downside | 102.67 USD_millions | derived: Premium transferred to external reinsurers in the consolidated revenue model. Formula: subtract(downside_2027q3_gross_earned, downside_2027q3_net_premium). |
| Ceding commission / ceded premium downside_2027q3_commission_rate | 2027Q3 / downside | 25.0% ratio | assumption: Desk assumption; not company guidance. |
| Ceding commission income downside_2027q3_ceding_commission | 2027Q3 / downside | 25.67 USD_millions | derived: Desk blended commission rate, not a claim about each treaty. Formula: multiply(downside_2027q3_ceded_premium, downside_2027q3_commission_rate). |
| Investment income downside_2027q3_investment_income | 2027Q3 / downside | 10.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Commission and other income downside_2027q3_other_revenue | 2027Q3 / downside | 17.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Total revenue downside_2027q3_revenue | 2027Q3 / downside | 370.00 USD_millions | derived: IFP is not counted as revenue. Formula: sum(downside_2027q3_net_premium, downside_2027q3_ceding_commission, downside_2027q3_investment_income, downside_2027q3_other_revenue). |
| Attritional loss ratio downside_2027q3_attritional_loss | 2027Q3 / downside | 60.0% ratio | assumption: Desk assumption; not company guidance. |
| Catastrophe loss ratio downside_2027q3_cat_loss | 2027Q3 / downside | 9.0% ratio | assumption: Desk assumption; not company guidance. |
| Loss adjustment ratio downside_2027q3_lae_ratio | 2027Q3 / downside | 5.0% ratio | assumption: Desk assumption; not company guidance. |
| Prior-period development ratio downside_2027q3_prior_development | 2027Q3 / downside | 0.0% ratio | assumption: Desk assumption; not company guidance. |
| Gross loss ratio proxy downside_2027q3_gross_loss_ratio | 2027Q3 / downside | 74.0% ratio | derived: Does not extrapolate Q2 favorable development of seven points indefinitely. Formula: sum(downside_2027q3_attritional_loss, downside_2027q3_cat_loss, downside_2027q3_lae_ratio, downside_2027q3_prior_development). |
| Net reinsurance loss-ratio difference downside_2027q3_net_reinsurance_basis | 2027Q3 / downside | 3.0% ratio | assumption: Desk assumption; not company guidance. |
| Net loss ratio proxy downside_2027q3_net_loss_ratio | 2027Q3 / downside | 77.0% ratio | derived: Sensitivity for retention/coverage/mix; not a full catastrophe treaty waterfall. Formula: sum(downside_2027q3_gross_loss_ratio, downside_2027q3_net_reinsurance_basis). |
| Net losses and adjustment expense downside_2027q3_claims | 2027Q3 / downside | 244.35 USD_millions | derived: Loss ratio includes ordinary claims handling economics. Formula: multiply(downside_2027q3_net_premium, downside_2027q3_net_loss_ratio). |
| Other insurance expense / gross earned premium downside_2027q3_insurance_cost_ratio | 2027Q3 / downside | 8.0% ratio | assumption: Desk assumption; not company guidance. |
| Other insurance expense downside_2027q3_other_insurance | 2027Q3 / downside | 33.60 USD_millions | derived: Servicing and insurance infrastructure expense. Formula: multiply(downside_2027q3_gross_earned, downside_2027q3_insurance_cost_ratio). |
| D&A allocated to gross profit downside_2027q3_gp_da | 2027Q3 / downside | 0.70 USD_millions | assumption: Desk assumption; not company guidance. |
| Claims insurance cost and allocated D&A downside_2027q3_gross_cost | 2027Q3 / downside | 278.65 USD_millions | derived: Gross-profit presentation allocates part of D&A already within company departmental costs. Formula: sum(downside_2027q3_claims, downside_2027q3_other_insurance, downside_2027q3_gp_da). |
| GAAP gross profit proxy downside_2027q3_gross_profit | 2027Q3 / downside | 91.35 USD_millions | derived: Allocated D&A is not deducted twice from pretax income. Formula: subtract(downside_2027q3_revenue, downside_2027q3_gross_cost). |
| General Catalyst new advances downside_2027q3_gc_advance | 2027Q3 / downside | 0.00 USD_millions | assumption: Desk assumption; not company guidance. |
| General Catalyst principal repayment downside_2027q3_gc_principal | 2027Q3 / downside | 35.00 USD_millions | assumption: Desk assumption; not company guidance. |
| GC opening plus advances downside_2027q3_gc_available | 2027Q3 / downside | 166.40 USD_millions | derived: Old cohorts remain outstanding after funding switches. Formula: sum(downside_2027q2_gc_ending, downside_2027q3_gc_advance). |
| General Catalyst ending borrowing downside_2027q3_gc_ending | 2027Q3 / downside | 131.40 USD_millions | derived: No debt extinguishment on January 2027 transition. Formula: subtract(downside_2027q3_gc_available, downside_2027q3_gc_principal). |
| Hannover new advances downside_2027q3_hannover_advance | 2027Q3 / downside | 30.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Hannover principal repayment downside_2027q3_hannover_principal | 2027Q3 / downside | 10.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Hannover opening plus advances downside_2027q3_hannover_available | 2027Q3 / downside | 85.00 USD_millions | derived: 2027 only; each quarter advance is below $60M monthly-cap equivalent. Formula: sum(downside_2027q2_hannover_ending, downside_2027q3_hannover_advance). |
| Hannover ending borrowing downside_2027q3_hannover_ending | 2027Q3 / downside | 75.00 USD_millions | derived: Every configured quarter stays at or below $150M 2027 cap. Formula: subtract(downside_2027q3_hannover_available, downside_2027q3_hannover_principal). |
| Opening plus closing gc balance downside_2027q3_gc_balance_sum | 2027Q3 / downside | 297.80 USD_millions | derived: Quarter average approximation. Formula: sum(downside_2027q2_gc_ending, downside_2027q3_gc_ending). |
| Average balance factor downside_2027q3_gc_half | 2027Q3 / downside | 50.0% ratio | assumption: Desk assumption; not company guidance. |
| Average gc borrowing downside_2027q3_gc_average | 2027Q3 / downside | 148.90 USD_millions | derived: Approximates intraquarter timing. Formula: multiply(downside_2027q3_gc_balance_sum, downside_2027q3_gc_half). |
| gc annual financing rate downside_2027q3_gc_annual_rate | 2027Q3 / downside | 16.0% ratio | assumption: GC 16% contractual target; Hannover assumes 4% Treasury reference plus 5.8%, not a quoted current Treasury rate. |
| Quarter fraction downside_2027q3_gc_quarter | 2027Q3 / downside | 25.0% ratio | assumption: Desk assumption; not company guidance. |
| gc interest downside_2027q3_gc_interest | 2027Q3 / downside | 5.96 USD_millions | derived: Cash interest approximation remains inside G&A and CFO. Formula: multiply(downside_2027q3_gc_average, downside_2027q3_gc_annual_rate, downside_2027q3_gc_quarter). |
| Opening plus closing hannover balance downside_2027q3_hannover_balance_sum | 2027Q3 / downside | 130.00 USD_millions | derived: Quarter average approximation. Formula: sum(downside_2027q2_hannover_ending, downside_2027q3_hannover_ending). |
| Average balance factor downside_2027q3_hannover_half | 2027Q3 / downside | 50.0% ratio | assumption: Desk assumption; not company guidance. |
| Average hannover borrowing downside_2027q3_hannover_average | 2027Q3 / downside | 65.00 USD_millions | derived: Approximates intraquarter timing. Formula: multiply(downside_2027q3_hannover_balance_sum, downside_2027q3_hannover_half). |
| hannover annual financing rate downside_2027q3_hannover_annual_rate | 2027Q3 / downside | 9.8% ratio | assumption: GC 16% contractual target; Hannover assumes 4% Treasury reference plus 5.8%, not a quoted current Treasury rate. |
| Quarter fraction downside_2027q3_hannover_quarter | 2027Q3 / downside | 25.0% ratio | assumption: Desk assumption; not company guidance. |
| hannover interest downside_2027q3_hannover_interest | 2027Q3 / downside | 1.59 USD_millions | derived: Cash interest approximation remains inside G&A and CFO. Formula: multiply(downside_2027q3_hannover_average, downside_2027q3_hannover_annual_rate, downside_2027q3_hannover_quarter). |
| Growth-financing interest downside_2027q3_finance_interest | 2027Q3 / downside | 7.55 USD_millions | derived: Old and new financing coexist. Formula: sum(downside_2027q3_gc_interest, downside_2027q3_hannover_interest). |
| Total SBC downside_2027q3_sbc | 2027Q3 / downside | 28.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Total depreciation and amortization downside_2027q3_da | 2027Q3 / downside | 3.60 USD_millions | assumption: Desk assumption; not company guidance. |
| Other interest income excluded from EBITDA downside_2027q3_other_interest | 2027Q3 / downside | 1.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Marketing technology and G&A excluding financing downside_2027q3_ordinary_opex | 2027Q3 / downside | 188.00 USD_millions | assumption: Combined GAAP cost budget including SBC and D&A. Base calibrated to adjusted EBITDA outlook; no undisclosed departmental split is asserted. |
| Marketing technology and G&A including interest downside_2027q3_operating_expense | 2027Q3 / downside | 195.55 USD_millions | derived: Growth financing is included once; total SBC/D&A already sit within GAAP cost budgets. Formula: sum(downside_2027q3_ordinary_opex, downside_2027q3_finance_interest). |
| Claims insurance and departmental expense downside_2027q3_total_cost | 2027Q3 / downside | 473.50 USD_millions | derived: Gross-profit allocated D&A is already in departmental cost; do not subtract again. Formula: sum(downside_2027q3_claims, downside_2027q3_other_insurance, downside_2027q3_operating_expense). |
| GAAP pretax result downside_2027q3_pretax | 2027Q3 / downside | -103.50 USD_millions | derived: Investment/other income remain in revenue per company presentation. Formula: subtract(downside_2027q3_revenue, downside_2027q3_total_cost). |
| Pretax plus noncash and financing addbacks downside_2027q3_ebitda_add | 2027Q3 / downside | -64.35 USD_millions | derived: No tax addback needed starting from pretax. Formula: sum(downside_2027q3_pretax, downside_2027q3_sbc, downside_2027q3_da, downside_2027q3_finance_interest). |
| Excluded investment and other interest downside_2027q3_ebitda_income_remove | 2027Q3 / downside | 11.00 USD_millions | derived: No repeat of ERC or pre-acquisition claims recoveries. Formula: sum(downside_2027q3_investment_income, downside_2027q3_other_interest). |
| Adjusted EBITDA proxy downside_2027q3_adj_ebitda | 2027Q3 / downside | -75.35 USD_millions | derived: SBC, D&A and growth-financing interest removed under company definition. Formula: subtract(downside_2027q3_ebitda_add, downside_2027q3_ebitda_income_remove). |
| Income tax cash/expense allowance downside_2027q3_cash_tax | 2027Q3 / downside | 2.30 USD_millions | assumption: Desk assumption; not company guidance. |
| Net income proxy downside_2027q3_net_income | 2027Q3 / downside | -105.80 USD_millions | derived: Assumes cash tax approximates expense; no EPS share bridge. Formula: subtract(downside_2027q3_pretax, downside_2027q3_cash_tax). |
| Unearned premium cash inflow downside_2027q3_unearned_inflow | 2027Q3 / downside | 90.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Claims reserve cash inflow downside_2027q3_claims_reserve_inflow | 2027Q3 / downside | 12.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Unearned premium and claims reserve inflows downside_2027q3_insurance_inflows | 2027Q3 / downside | 102.00 USD_millions | derived: Insurance liabilities support cash but carry future obligations. Formula: sum(downside_2027q3_unearned_inflow, downside_2027q3_claims_reserve_inflow). |
| Premium receivable cash use downside_2027q3_premium_receivables | 2027Q3 / downside | 88.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Net reinsurance and other cash use downside_2027q3_reinsurance_other | 2027Q3 / downside | 12.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Premium receivables and reinsurance cash use downside_2027q3_insurance_uses | 2027Q3 / downside | 100.00 USD_millions | derived: Includes treaty deposits, funds withheld and commission timing. Formula: sum(downside_2027q3_premium_receivables, downside_2027q3_reinsurance_other). |
| Insurance working-capital inflow downside_2027q3_insurance_wc | 2027Q3 / downside | 2.00 USD_millions | derived: Does not treat insurance float as unrestricted parent capital. Formula: subtract(downside_2027q3_insurance_inflows, downside_2027q3_insurance_uses). |
| Noncash premium bad-debt allowance downside_2027q3_bad_debt | 2027Q3 / downside | 8.50 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating cash flow proxy downside_2027q3_cfo | 2027Q3 / downside | -63.70 USD_millions | derived: Financing interest remains cash cost; advances and principal excluded. Formula: sum(downside_2027q3_net_income, downside_2027q3_sbc, downside_2027q3_da, downside_2027q3_bad_debt, downside_2027q3_insurance_wc). |
| Cash capex downside_2027q3_capex | 2027Q3 / downside | 7.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Unfinanced free cash flow downside_2027q3_fcf | 2027Q3 / downside | -70.70 USD_millions | derived: No debt proceeds included. Formula: subtract(downside_2027q3_cfo, downside_2027q3_capex). |
| New growth advances downside_2027q3_growth_advances | 2027Q3 / downside | 30.00 USD_millions | derived: Subject to contract eligibility and caps. Formula: sum(downside_2027q3_gc_advance, downside_2027q3_hannover_advance). |
| Growth principal repayments downside_2027q3_growth_principal | 2027Q3 / downside | 45.00 USD_millions | derived: Repays existing cohort obligations. Formula: sum(downside_2027q3_gc_principal, downside_2027q3_hannover_principal). |
| Net growth borrowing downside_2027q3_net_growth_financing | 2027Q3 / downside | -15.00 USD_millions | derived: Financing cash flow, not revenue or CFO. Formula: subtract(downside_2027q3_growth_advances, downside_2027q3_growth_principal). |
| Cash after net growth borrowing downside_2027q3_cash_after_financing | 2027Q3 / downside | -85.70 USD_millions | derived: Company-style adjusted FCF perimeter, with financing disclosed separately. Formula: sum(downside_2027q3_fcf, downside_2027q3_net_growth_financing). |
| Gross earned premium downside_2027q4_gross_earned | 2027Q4 / downside | 440.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Effective earned premium retention downside_2027q4_retention | 2027Q4 / downside | 75.5% ratio | assumption: Consolidated calibration including product/treaty timing and other reinsurance; not 82% mechanically from quota cession. |
| Net earned premium downside_2027q4_net_premium | 2027Q4 / downside | 332.00 USD_millions | derived: Base revenue calibrates to management outlook with explicit effective retention. Formula: multiply(downside_2027q4_gross_earned, downside_2027q4_retention). |
| Ceded earned premium downside_2027q4_ceded_premium | 2027Q4 / downside | 108.00 USD_millions | derived: Premium transferred to external reinsurers in the consolidated revenue model. Formula: subtract(downside_2027q4_gross_earned, downside_2027q4_net_premium). |
| Ceding commission / ceded premium downside_2027q4_commission_rate | 2027Q4 / downside | 25.0% ratio | assumption: Desk assumption; not company guidance. |
| Ceding commission income downside_2027q4_ceding_commission | 2027Q4 / downside | 27.00 USD_millions | derived: Desk blended commission rate, not a claim about each treaty. Formula: multiply(downside_2027q4_ceded_premium, downside_2027q4_commission_rate). |
| Investment income downside_2027q4_investment_income | 2027Q4 / downside | 10.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Commission and other income downside_2027q4_other_revenue | 2027Q4 / downside | 18.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Total revenue downside_2027q4_revenue | 2027Q4 / downside | 387.00 USD_millions | derived: IFP is not counted as revenue. Formula: sum(downside_2027q4_net_premium, downside_2027q4_ceding_commission, downside_2027q4_investment_income, downside_2027q4_other_revenue). |
| Attritional loss ratio downside_2027q4_attritional_loss | 2027Q4 / downside | 60.0% ratio | assumption: Desk assumption; not company guidance. |
| Catastrophe loss ratio downside_2027q4_cat_loss | 2027Q4 / downside | 6.0% ratio | assumption: Desk assumption; not company guidance. |
| Loss adjustment ratio downside_2027q4_lae_ratio | 2027Q4 / downside | 5.0% ratio | assumption: Desk assumption; not company guidance. |
| Prior-period development ratio downside_2027q4_prior_development | 2027Q4 / downside | 0.0% ratio | assumption: Desk assumption; not company guidance. |
| Gross loss ratio proxy downside_2027q4_gross_loss_ratio | 2027Q4 / downside | 71.0% ratio | derived: Does not extrapolate Q2 favorable development of seven points indefinitely. Formula: sum(downside_2027q4_attritional_loss, downside_2027q4_cat_loss, downside_2027q4_lae_ratio, downside_2027q4_prior_development). |
| Net reinsurance loss-ratio difference downside_2027q4_net_reinsurance_basis | 2027Q4 / downside | 3.0% ratio | assumption: Desk assumption; not company guidance. |
| Net loss ratio proxy downside_2027q4_net_loss_ratio | 2027Q4 / downside | 74.0% ratio | derived: Sensitivity for retention/coverage/mix; not a full catastrophe treaty waterfall. Formula: sum(downside_2027q4_gross_loss_ratio, downside_2027q4_net_reinsurance_basis). |
| Net losses and adjustment expense downside_2027q4_claims | 2027Q4 / downside | 245.68 USD_millions | derived: Loss ratio includes ordinary claims handling economics. Formula: multiply(downside_2027q4_net_premium, downside_2027q4_net_loss_ratio). |
| Other insurance expense / gross earned premium downside_2027q4_insurance_cost_ratio | 2027Q4 / downside | 8.0% ratio | assumption: Desk assumption; not company guidance. |
| Other insurance expense downside_2027q4_other_insurance | 2027Q4 / downside | 35.20 USD_millions | derived: Servicing and insurance infrastructure expense. Formula: multiply(downside_2027q4_gross_earned, downside_2027q4_insurance_cost_ratio). |
| D&A allocated to gross profit downside_2027q4_gp_da | 2027Q4 / downside | 0.75 USD_millions | assumption: Desk assumption; not company guidance. |
| Claims insurance cost and allocated D&A downside_2027q4_gross_cost | 2027Q4 / downside | 281.63 USD_millions | derived: Gross-profit presentation allocates part of D&A already within company departmental costs. Formula: sum(downside_2027q4_claims, downside_2027q4_other_insurance, downside_2027q4_gp_da). |
| GAAP gross profit proxy downside_2027q4_gross_profit | 2027Q4 / downside | 105.37 USD_millions | derived: Allocated D&A is not deducted twice from pretax income. Formula: subtract(downside_2027q4_revenue, downside_2027q4_gross_cost). |
| General Catalyst new advances downside_2027q4_gc_advance | 2027Q4 / downside | 0.00 USD_millions | assumption: Desk assumption; not company guidance. |
| General Catalyst principal repayment downside_2027q4_gc_principal | 2027Q4 / downside | 30.00 USD_millions | assumption: Desk assumption; not company guidance. |
| GC opening plus advances downside_2027q4_gc_available | 2027Q4 / downside | 131.40 USD_millions | derived: Old cohorts remain outstanding after funding switches. Formula: sum(downside_2027q3_gc_ending, downside_2027q4_gc_advance). |
| General Catalyst ending borrowing downside_2027q4_gc_ending | 2027Q4 / downside | 101.40 USD_millions | derived: No debt extinguishment on January 2027 transition. Formula: subtract(downside_2027q4_gc_available, downside_2027q4_gc_principal). |
| Hannover new advances downside_2027q4_hannover_advance | 2027Q4 / downside | 30.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Hannover principal repayment downside_2027q4_hannover_principal | 2027Q4 / downside | 15.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Hannover opening plus advances downside_2027q4_hannover_available | 2027Q4 / downside | 105.00 USD_millions | derived: 2027 only; each quarter advance is below $60M monthly-cap equivalent. Formula: sum(downside_2027q3_hannover_ending, downside_2027q4_hannover_advance). |
| Hannover ending borrowing downside_2027q4_hannover_ending | 2027Q4 / downside | 90.00 USD_millions | derived: Every configured quarter stays at or below $150M 2027 cap. Formula: subtract(downside_2027q4_hannover_available, downside_2027q4_hannover_principal). |
| Opening plus closing gc balance downside_2027q4_gc_balance_sum | 2027Q4 / downside | 232.80 USD_millions | derived: Quarter average approximation. Formula: sum(downside_2027q3_gc_ending, downside_2027q4_gc_ending). |
| Average balance factor downside_2027q4_gc_half | 2027Q4 / downside | 50.0% ratio | assumption: Desk assumption; not company guidance. |
| Average gc borrowing downside_2027q4_gc_average | 2027Q4 / downside | 116.40 USD_millions | derived: Approximates intraquarter timing. Formula: multiply(downside_2027q4_gc_balance_sum, downside_2027q4_gc_half). |
| gc annual financing rate downside_2027q4_gc_annual_rate | 2027Q4 / downside | 16.0% ratio | assumption: GC 16% contractual target; Hannover assumes 4% Treasury reference plus 5.8%, not a quoted current Treasury rate. |
| Quarter fraction downside_2027q4_gc_quarter | 2027Q4 / downside | 25.0% ratio | assumption: Desk assumption; not company guidance. |
| gc interest downside_2027q4_gc_interest | 2027Q4 / downside | 4.66 USD_millions | derived: Cash interest approximation remains inside G&A and CFO. Formula: multiply(downside_2027q4_gc_average, downside_2027q4_gc_annual_rate, downside_2027q4_gc_quarter). |
| Opening plus closing hannover balance downside_2027q4_hannover_balance_sum | 2027Q4 / downside | 165.00 USD_millions | derived: Quarter average approximation. Formula: sum(downside_2027q3_hannover_ending, downside_2027q4_hannover_ending). |
| Average balance factor downside_2027q4_hannover_half | 2027Q4 / downside | 50.0% ratio | assumption: Desk assumption; not company guidance. |
| Average hannover borrowing downside_2027q4_hannover_average | 2027Q4 / downside | 82.50 USD_millions | derived: Approximates intraquarter timing. Formula: multiply(downside_2027q4_hannover_balance_sum, downside_2027q4_hannover_half). |
| hannover annual financing rate downside_2027q4_hannover_annual_rate | 2027Q4 / downside | 9.8% ratio | assumption: GC 16% contractual target; Hannover assumes 4% Treasury reference plus 5.8%, not a quoted current Treasury rate. |
| Quarter fraction downside_2027q4_hannover_quarter | 2027Q4 / downside | 25.0% ratio | assumption: Desk assumption; not company guidance. |
| hannover interest downside_2027q4_hannover_interest | 2027Q4 / downside | 2.02 USD_millions | derived: Cash interest approximation remains inside G&A and CFO. Formula: multiply(downside_2027q4_hannover_average, downside_2027q4_hannover_annual_rate, downside_2027q4_hannover_quarter). |
| Growth-financing interest downside_2027q4_finance_interest | 2027Q4 / downside | 6.68 USD_millions | derived: Old and new financing coexist. Formula: sum(downside_2027q4_gc_interest, downside_2027q4_hannover_interest). |
| Total SBC downside_2027q4_sbc | 2027Q4 / downside | 29.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Total depreciation and amortization downside_2027q4_da | 2027Q4 / downside | 3.80 USD_millions | assumption: Desk assumption; not company guidance. |
| Other interest income excluded from EBITDA downside_2027q4_other_interest | 2027Q4 / downside | 1.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Marketing technology and G&A excluding financing downside_2027q4_ordinary_opex | 2027Q4 / downside | 199.00 USD_millions | assumption: Combined GAAP cost budget including SBC and D&A. Base calibrated to adjusted EBITDA outlook; no undisclosed departmental split is asserted. |
| Marketing technology and G&A including interest downside_2027q4_operating_expense | 2027Q4 / downside | 205.68 USD_millions | derived: Growth financing is included once; total SBC/D&A already sit within GAAP cost budgets. Formula: sum(downside_2027q4_ordinary_opex, downside_2027q4_finance_interest). |
| Claims insurance and departmental expense downside_2027q4_total_cost | 2027Q4 / downside | 486.56 USD_millions | derived: Gross-profit allocated D&A is already in departmental cost; do not subtract again. Formula: sum(downside_2027q4_claims, downside_2027q4_other_insurance, downside_2027q4_operating_expense). |
| GAAP pretax result downside_2027q4_pretax | 2027Q4 / downside | -99.56 USD_millions | derived: Investment/other income remain in revenue per company presentation. Formula: subtract(downside_2027q4_revenue, downside_2027q4_total_cost). |
| Pretax plus noncash and financing addbacks downside_2027q4_ebitda_add | 2027Q4 / downside | -60.08 USD_millions | derived: No tax addback needed starting from pretax. Formula: sum(downside_2027q4_pretax, downside_2027q4_sbc, downside_2027q4_da, downside_2027q4_finance_interest). |
| Excluded investment and other interest downside_2027q4_ebitda_income_remove | 2027Q4 / downside | 11.00 USD_millions | derived: No repeat of ERC or pre-acquisition claims recoveries. Formula: sum(downside_2027q4_investment_income, downside_2027q4_other_interest). |
| Adjusted EBITDA proxy downside_2027q4_adj_ebitda | 2027Q4 / downside | -71.08 USD_millions | derived: SBC, D&A and growth-financing interest removed under company definition. Formula: subtract(downside_2027q4_ebitda_add, downside_2027q4_ebitda_income_remove). |
| Income tax cash/expense allowance downside_2027q4_cash_tax | 2027Q4 / downside | 2.50 USD_millions | assumption: Desk assumption; not company guidance. |
| Net income proxy downside_2027q4_net_income | 2027Q4 / downside | -102.06 USD_millions | derived: Assumes cash tax approximates expense; no EPS share bridge. Formula: subtract(downside_2027q4_pretax, downside_2027q4_cash_tax). |
| Unearned premium cash inflow downside_2027q4_unearned_inflow | 2027Q4 / downside | 97.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Claims reserve cash inflow downside_2027q4_claims_reserve_inflow | 2027Q4 / downside | 13.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Unearned premium and claims reserve inflows downside_2027q4_insurance_inflows | 2027Q4 / downside | 110.00 USD_millions | derived: Insurance liabilities support cash but carry future obligations. Formula: sum(downside_2027q4_unearned_inflow, downside_2027q4_claims_reserve_inflow). |
| Premium receivable cash use downside_2027q4_premium_receivables | 2027Q4 / downside | 95.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Net reinsurance and other cash use downside_2027q4_reinsurance_other | 2027Q4 / downside | 13.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Premium receivables and reinsurance cash use downside_2027q4_insurance_uses | 2027Q4 / downside | 108.00 USD_millions | derived: Includes treaty deposits, funds withheld and commission timing. Formula: sum(downside_2027q4_premium_receivables, downside_2027q4_reinsurance_other). |
| Insurance working-capital inflow downside_2027q4_insurance_wc | 2027Q4 / downside | 2.00 USD_millions | derived: Does not treat insurance float as unrestricted parent capital. Formula: subtract(downside_2027q4_insurance_inflows, downside_2027q4_insurance_uses). |
| Noncash premium bad-debt allowance downside_2027q4_bad_debt | 2027Q4 / downside | 9.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating cash flow proxy downside_2027q4_cfo | 2027Q4 / downside | -58.26 USD_millions | derived: Financing interest remains cash cost; advances and principal excluded. Formula: sum(downside_2027q4_net_income, downside_2027q4_sbc, downside_2027q4_da, downside_2027q4_bad_debt, downside_2027q4_insurance_wc). |
| Cash capex downside_2027q4_capex | 2027Q4 / downside | 7.50 USD_millions | assumption: Desk assumption; not company guidance. |
| Unfinanced free cash flow downside_2027q4_fcf | 2027Q4 / downside | -65.76 USD_millions | derived: No debt proceeds included. Formula: subtract(downside_2027q4_cfo, downside_2027q4_capex). |
| New growth advances downside_2027q4_growth_advances | 2027Q4 / downside | 30.00 USD_millions | derived: Subject to contract eligibility and caps. Formula: sum(downside_2027q4_gc_advance, downside_2027q4_hannover_advance). |
| Growth principal repayments downside_2027q4_growth_principal | 2027Q4 / downside | 45.00 USD_millions | derived: Repays existing cohort obligations. Formula: sum(downside_2027q4_gc_principal, downside_2027q4_hannover_principal). |
| Net growth borrowing downside_2027q4_net_growth_financing | 2027Q4 / downside | -15.00 USD_millions | derived: Financing cash flow, not revenue or CFO. Formula: subtract(downside_2027q4_growth_advances, downside_2027q4_growth_principal). |
| Cash after net growth borrowing downside_2027q4_cash_after_financing | 2027Q4 / downside | -80.76 USD_millions | derived: Company-style adjusted FCF perimeter, with financing disclosed separately. Formula: sum(downside_2027q4_fcf, downside_2027q4_net_growth_financing). |
| Total revenue ($M) downside_fy2026_revenue | FY2026 / downside | 1,189.40 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, downside_2026q3_revenue, downside_2026q4_revenue). |
| Gross earned premium ($M) downside_fy2026_gross_earned | FY2026 / downside | 1,355.60 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_gross_earned, downside_2026q3_gross_earned, downside_2026q4_gross_earned). |
| Net earned premium ($M) downside_fy2026_net_premium | FY2026 / downside | 1,012.27 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_net_premium, downside_2026q3_net_premium, downside_2026q4_net_premium). |
| Net loss and adjustment expense ($M) downside_fy2026_claims | FY2026 / downside | 697.92 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_claims, downside_2026q3_claims, downside_2026q4_claims). |
| GAAP gross profit proxy ($M) downside_fy2026_gross_profit | FY2026 / downside | 381.27 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_gross_profit, downside_2026q3_gross_profit, downside_2026q4_gross_profit). |
| GAAP pretax income proxy ($M) downside_fy2026_pretax | FY2026 / downside | -248.99 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_pretax, downside_2026q3_pretax, downside_2026q4_pretax). |
| Adjusted EBITDA proxy ($M) downside_fy2026_adj_ebitda | FY2026 / downside | -157.68 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_adj_ebitda, downside_2026q3_adj_ebitda, downside_2026q4_adj_ebitda). |
| Operating cash flow proxy ($M) downside_fy2026_cfo | FY2026 / downside | -107.19 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, downside_2026q3_cfo, downside_2026q4_cfo). |
| Cash capital expenditure ($M) downside_fy2026_capex | FY2026 / downside | 18.60 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, downside_2026q3_capex, downside_2026q4_capex). |
| Unfinanced CFO less capex ($M) downside_fy2026_fcf | FY2026 / downside | -125.79 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_fcf, downside_2026q3_fcf, downside_2026q4_fcf). |
| Growth advances less principal repayments ($M) downside_fy2026_net_growth_financing | FY2026 / downside | 73.30 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_net_growth_financing, downside_2026q3_net_growth_financing, downside_2026q4_net_growth_financing). |
| Cash after net growth borrowing ($M) downside_fy2026_cash_after_financing | FY2026 / downside | -52.49 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_financing, downside_2026q3_cash_after_financing, downside_2026q4_cash_after_financing). |
| Total revenue ($M) downside_fy2027_revenue | FY2027 / downside | 1,446.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_revenue, downside_2027q2_revenue, downside_2027q3_revenue, downside_2027q4_revenue). |
| Gross earned premium ($M) downside_fy2027_gross_earned | FY2027 / downside | 1,638.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_gross_earned, downside_2027q2_gross_earned, downside_2027q3_gross_earned, downside_2027q4_gross_earned). |
| Net earned premium ($M) downside_fy2027_net_premium | FY2027 / downside | 1,240.67 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_net_premium, downside_2027q2_net_premium, downside_2027q3_net_premium, downside_2027q4_net_premium). |
| Net loss and adjustment expense ($M) downside_fy2027_claims | FY2027 / downside | 924.73 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_claims, downside_2027q2_claims, downside_2027q3_claims, downside_2027q4_claims). |
| GAAP gross profit proxy ($M) downside_fy2027_gross_profit | FY2027 / downside | 387.53 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_gross_profit, downside_2027q2_gross_profit, downside_2027q3_gross_profit, downside_2027q4_gross_profit). |
| GAAP pretax income proxy ($M) downside_fy2027_pretax | FY2027 / downside | -374.41 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_pretax, downside_2027q2_pretax, downside_2027q3_pretax, downside_2027q4_pretax). |
| Adjusted EBITDA proxy ($M) downside_fy2027_adj_ebitda | FY2027 / downside | -262.77 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_adj_ebitda, downside_2027q2_adj_ebitda, downside_2027q3_adj_ebitda, downside_2027q4_adj_ebitda). |
| Operating cash flow proxy ($M) downside_fy2027_cfo | FY2027 / downside | -218.21 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_cfo, downside_2027q2_cfo, downside_2027q3_cfo, downside_2027q4_cfo). |
| Cash capital expenditure ($M) downside_fy2027_capex | FY2027 / downside | 27.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_capex, downside_2027q2_capex, downside_2027q3_capex, downside_2027q4_capex). |
| Unfinanced CFO less capex ($M) downside_fy2027_fcf | FY2027 / downside | -245.21 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_fcf, downside_2027q2_fcf, downside_2027q3_fcf, downside_2027q4_fcf). |
| Growth advances less principal repayments ($M) downside_fy2027_net_growth_financing | FY2027 / downside | -40.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_net_growth_financing, downside_2027q2_net_growth_financing, downside_2027q3_net_growth_financing, downside_2027q4_net_growth_financing). |
| Cash after net growth borrowing ($M) downside_fy2027_cash_after_financing | FY2027 / downside | -285.21 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_cash_after_financing, downside_2027q2_cash_after_financing, downside_2027q3_cash_after_financing, downside_2027q4_cash_after_financing). |
| Gross earned premium base_2026q3_gross_earned | 2026Q3 / base | 357.50 USD_millions | assumption: Desk assumption; not company guidance. |
| Effective earned premium retention base_2026q3_retention | 2026Q3 / base | 79.1% ratio | assumption: Consolidated calibration including product/treaty timing and other reinsurance; not 82% mechanically from quota cession. |
| Net earned premium base_2026q3_net_premium | 2026Q3 / base | 282.83 USD_millions | derived: Base revenue calibrates to management outlook with explicit effective retention. Formula: multiply(base_2026q3_gross_earned, base_2026q3_retention). |
| Ceded earned premium base_2026q3_ceded_premium | 2026Q3 / base | 74.67 USD_millions | derived: Premium transferred to external reinsurers in the consolidated revenue model. Formula: subtract(base_2026q3_gross_earned, base_2026q3_net_premium). |
| Ceding commission / ceded premium base_2026q3_commission_rate | 2026Q3 / base | 25.0% ratio | assumption: Desk assumption; not company guidance. |
| Ceding commission income base_2026q3_ceding_commission | 2026Q3 / base | 18.67 USD_millions | derived: Desk blended commission rate, not a claim about each treaty. Formula: multiply(base_2026q3_ceded_premium, base_2026q3_commission_rate). |
| Investment income base_2026q3_investment_income | 2026Q3 / base | 10.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Commission and other income base_2026q3_other_revenue | 2026Q3 / base | 13.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Total revenue base_2026q3_revenue | 2026Q3 / base | 324.50 USD_millions | derived: IFP is not counted as revenue. Formula: sum(base_2026q3_net_premium, base_2026q3_ceding_commission, base_2026q3_investment_income, base_2026q3_other_revenue). |
| Attritional loss ratio base_2026q3_attritional_loss | 2026Q3 / base | 58.0% ratio | assumption: Desk assumption; not company guidance. |
| Catastrophe loss ratio base_2026q3_cat_loss | 2026Q3 / base | 3.5% ratio | assumption: Desk assumption; not company guidance. |
| Loss adjustment ratio base_2026q3_lae_ratio | 2026Q3 / base | 5.0% ratio | assumption: Desk assumption; not company guidance. |
| Prior-period development ratio base_2026q3_prior_development | 2026Q3 / base | -1.5% ratio | assumption: Desk assumption; not company guidance. |
| Gross loss ratio proxy base_2026q3_gross_loss_ratio | 2026Q3 / base | 65.0% ratio | derived: Does not extrapolate Q2 favorable development of seven points indefinitely. Formula: sum(base_2026q3_attritional_loss, base_2026q3_cat_loss, base_2026q3_lae_ratio, base_2026q3_prior_development). |
| Net reinsurance loss-ratio difference base_2026q3_net_reinsurance_basis | 2026Q3 / base | 1.0% ratio | assumption: Desk assumption; not company guidance. |
| Net loss ratio proxy base_2026q3_net_loss_ratio | 2026Q3 / base | 66.0% ratio | derived: Sensitivity for retention/coverage/mix; not a full catastrophe treaty waterfall. Formula: sum(base_2026q3_gross_loss_ratio, base_2026q3_net_reinsurance_basis). |
| Net losses and adjustment expense base_2026q3_claims | 2026Q3 / base | 186.67 USD_millions | derived: Loss ratio includes ordinary claims handling economics. Formula: multiply(base_2026q3_net_premium, base_2026q3_net_loss_ratio). |
| Other insurance expense / gross earned premium base_2026q3_insurance_cost_ratio | 2026Q3 / base | 8.0% ratio | assumption: Desk assumption; not company guidance. |
| Other insurance expense base_2026q3_other_insurance | 2026Q3 / base | 28.60 USD_millions | derived: Servicing and insurance infrastructure expense. Formula: multiply(base_2026q3_gross_earned, base_2026q3_insurance_cost_ratio). |
| D&A allocated to gross profit base_2026q3_gp_da | 2026Q3 / base | 0.50 USD_millions | assumption: Desk assumption; not company guidance. |
| Claims insurance cost and allocated D&A base_2026q3_gross_cost | 2026Q3 / base | 215.77 USD_millions | derived: Gross-profit presentation allocates part of D&A already within company departmental costs. Formula: sum(base_2026q3_claims, base_2026q3_other_insurance, base_2026q3_gp_da). |
| GAAP gross profit proxy base_2026q3_gross_profit | 2026Q3 / base | 108.73 USD_millions | derived: Allocated D&A is not deducted twice from pretax income. Formula: subtract(base_2026q3_revenue, base_2026q3_gross_cost). |
| General Catalyst new advances base_2026q3_gc_advance | 2026Q3 / base | 55.00 USD_millions | assumption: Desk assumption; not company guidance. |
| General Catalyst principal repayment base_2026q3_gc_principal | 2026Q3 / base | 25.00 USD_millions | assumption: Desk assumption; not company guidance. |
| GC opening plus advances base_2026q3_gc_available | 2026Q3 / base | 261.40 USD_millions | derived: Old cohorts remain outstanding after funding switches. Formula: sum(gc_opening, base_2026q3_gc_advance). |
| General Catalyst ending borrowing base_2026q3_gc_ending | 2026Q3 / base | 236.40 USD_millions | derived: No debt extinguishment on January 2027 transition. Formula: subtract(base_2026q3_gc_available, base_2026q3_gc_principal). |
| Hannover new advances base_2026q3_hannover_advance | 2026Q3 / base | 0.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Hannover principal repayment base_2026q3_hannover_principal | 2026Q3 / base | 0.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Hannover opening plus advances base_2026q3_hannover_available | 2026Q3 / base | 0.00 USD_millions | derived: 2027 only; each quarter advance is below $60M monthly-cap equivalent. Formula: sum(hannover_opening, base_2026q3_hannover_advance). |
| Hannover ending borrowing base_2026q3_hannover_ending | 2026Q3 / base | 0.00 USD_millions | derived: Every configured quarter stays at or below $150M 2027 cap. Formula: subtract(base_2026q3_hannover_available, base_2026q3_hannover_principal). |
| Opening plus closing gc balance base_2026q3_gc_balance_sum | 2026Q3 / base | 442.80 USD_millions | derived: Quarter average approximation. Formula: sum(gc_opening, base_2026q3_gc_ending). |
| Average balance factor base_2026q3_gc_half | 2026Q3 / base | 50.0% ratio | assumption: Desk assumption; not company guidance. |
| Average gc borrowing base_2026q3_gc_average | 2026Q3 / base | 221.40 USD_millions | derived: Approximates intraquarter timing. Formula: multiply(base_2026q3_gc_balance_sum, base_2026q3_gc_half). |
| gc annual financing rate base_2026q3_gc_annual_rate | 2026Q3 / base | 16.0% ratio | assumption: GC 16% contractual target; Hannover assumes 4% Treasury reference plus 5.8%, not a quoted current Treasury rate. |
| Quarter fraction base_2026q3_gc_quarter | 2026Q3 / base | 25.0% ratio | assumption: Desk assumption; not company guidance. |
| gc interest base_2026q3_gc_interest | 2026Q3 / base | 8.86 USD_millions | derived: Cash interest approximation remains inside G&A and CFO. Formula: multiply(base_2026q3_gc_average, base_2026q3_gc_annual_rate, base_2026q3_gc_quarter). |
| Opening plus closing hannover balance base_2026q3_hannover_balance_sum | 2026Q3 / base | 0.00 USD_millions | derived: Quarter average approximation. Formula: sum(hannover_opening, base_2026q3_hannover_ending). |
| Average balance factor base_2026q3_hannover_half | 2026Q3 / base | 50.0% ratio | assumption: Desk assumption; not company guidance. |
| Average hannover borrowing base_2026q3_hannover_average | 2026Q3 / base | 0.00 USD_millions | derived: Approximates intraquarter timing. Formula: multiply(base_2026q3_hannover_balance_sum, base_2026q3_hannover_half). |
| hannover annual financing rate base_2026q3_hannover_annual_rate | 2026Q3 / base | 9.8% ratio | assumption: GC 16% contractual target; Hannover assumes 4% Treasury reference plus 5.8%, not a quoted current Treasury rate. |
| Quarter fraction base_2026q3_hannover_quarter | 2026Q3 / base | 25.0% ratio | assumption: Desk assumption; not company guidance. |
| hannover interest base_2026q3_hannover_interest | 2026Q3 / base | 0.00 USD_millions | derived: Cash interest approximation remains inside G&A and CFO. Formula: multiply(base_2026q3_hannover_average, base_2026q3_hannover_annual_rate, base_2026q3_hannover_quarter). |
| Growth-financing interest base_2026q3_finance_interest | 2026Q3 / base | 8.86 USD_millions | derived: Old and new financing coexist. Formula: sum(base_2026q3_gc_interest, base_2026q3_hannover_interest). |
| Total SBC base_2026q3_sbc | 2026Q3 / base | 24.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Total depreciation and amortization base_2026q3_da | 2026Q3 / base | 2.80 USD_millions | assumption: Desk assumption; not company guidance. |
| Other interest income excluded from EBITDA base_2026q3_other_interest | 2026Q3 / base | 1.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Marketing technology and G&A excluding financing base_2026q3_ordinary_opex | 2026Q3 / base | 146.53 USD_millions | assumption: Combined GAAP cost budget including SBC and D&A. Base calibrated to adjusted EBITDA outlook; no undisclosed departmental split is asserted. |
| Marketing technology and G&A including interest base_2026q3_operating_expense | 2026Q3 / base | 155.39 USD_millions | derived: Growth financing is included once; total SBC/D&A already sit within GAAP cost budgets. Formula: sum(base_2026q3_ordinary_opex, base_2026q3_finance_interest). |
| Claims insurance and departmental expense base_2026q3_total_cost | 2026Q3 / base | 370.66 USD_millions | derived: Gross-profit allocated D&A is already in departmental cost; do not subtract again. Formula: sum(base_2026q3_claims, base_2026q3_other_insurance, base_2026q3_operating_expense). |
| GAAP pretax result base_2026q3_pretax | 2026Q3 / base | -46.16 USD_millions | derived: Investment/other income remain in revenue per company presentation. Formula: subtract(base_2026q3_revenue, base_2026q3_total_cost). |
| Pretax plus noncash and financing addbacks base_2026q3_ebitda_add | 2026Q3 / base | -10.50 USD_millions | derived: No tax addback needed starting from pretax. Formula: sum(base_2026q3_pretax, base_2026q3_sbc, base_2026q3_da, base_2026q3_finance_interest). |
| Excluded investment and other interest base_2026q3_ebitda_income_remove | 2026Q3 / base | 11.00 USD_millions | derived: No repeat of ERC or pre-acquisition claims recoveries. Formula: sum(base_2026q3_investment_income, base_2026q3_other_interest). |
| Adjusted EBITDA proxy base_2026q3_adj_ebitda | 2026Q3 / base | -21.50 USD_millions | derived: SBC, D&A and growth-financing interest removed under company definition. Formula: subtract(base_2026q3_ebitda_add, base_2026q3_ebitda_income_remove). |
| Income tax cash/expense allowance base_2026q3_cash_tax | 2026Q3 / base | 1.50 USD_millions | assumption: Desk assumption; not company guidance. |
| Net income proxy base_2026q3_net_income | 2026Q3 / base | -47.66 USD_millions | derived: Assumes cash tax approximates expense; no EPS share bridge. Formula: subtract(base_2026q3_pretax, base_2026q3_cash_tax). |
| Unearned premium cash inflow base_2026q3_unearned_inflow | 2026Q3 / base | 62.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Claims reserve cash inflow base_2026q3_claims_reserve_inflow | 2026Q3 / base | 8.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Unearned premium and claims reserve inflows base_2026q3_insurance_inflows | 2026Q3 / base | 70.00 USD_millions | derived: Insurance liabilities support cash but carry future obligations. Formula: sum(base_2026q3_unearned_inflow, base_2026q3_claims_reserve_inflow). |
| Premium receivable cash use base_2026q3_premium_receivables | 2026Q3 / base | 60.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Net reinsurance and other cash use base_2026q3_reinsurance_other | 2026Q3 / base | 8.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Premium receivables and reinsurance cash use base_2026q3_insurance_uses | 2026Q3 / base | 68.00 USD_millions | derived: Includes treaty deposits, funds withheld and commission timing. Formula: sum(base_2026q3_premium_receivables, base_2026q3_reinsurance_other). |
| Insurance working-capital inflow base_2026q3_insurance_wc | 2026Q3 / base | 2.00 USD_millions | derived: Does not treat insurance float as unrestricted parent capital. Formula: subtract(base_2026q3_insurance_inflows, base_2026q3_insurance_uses). |
| Noncash premium bad-debt allowance base_2026q3_bad_debt | 2026Q3 / base | 6.50 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating cash flow proxy base_2026q3_cfo | 2026Q3 / base | -12.36 USD_millions | derived: Financing interest remains cash cost; advances and principal excluded. Formula: sum(base_2026q3_net_income, base_2026q3_sbc, base_2026q3_da, base_2026q3_bad_debt, base_2026q3_insurance_wc). |
| Cash capex base_2026q3_capex | 2026Q3 / base | 5.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Unfinanced free cash flow base_2026q3_fcf | 2026Q3 / base | -17.36 USD_millions | derived: No debt proceeds included. Formula: subtract(base_2026q3_cfo, base_2026q3_capex). |
| New growth advances base_2026q3_growth_advances | 2026Q3 / base | 55.00 USD_millions | derived: Subject to contract eligibility and caps. Formula: sum(base_2026q3_gc_advance, base_2026q3_hannover_advance). |
| Growth principal repayments base_2026q3_growth_principal | 2026Q3 / base | 25.00 USD_millions | derived: Repays existing cohort obligations. Formula: sum(base_2026q3_gc_principal, base_2026q3_hannover_principal). |
| Net growth borrowing base_2026q3_net_growth_financing | 2026Q3 / base | 30.00 USD_millions | derived: Financing cash flow, not revenue or CFO. Formula: subtract(base_2026q3_growth_advances, base_2026q3_growth_principal). |
| Cash after net growth borrowing base_2026q3_cash_after_financing | 2026Q3 / base | 12.64 USD_millions | derived: Company-style adjusted FCF perimeter, with financing disclosed separately. Formula: sum(base_2026q3_fcf, base_2026q3_net_growth_financing). |
| Gross earned premium base_2026q4_gross_earned | 2026Q4 / base | 379.90 USD_millions | assumption: Desk assumption; not company guidance. |
| Effective earned premium retention base_2026q4_retention | 2026Q4 / base | 77.6% ratio | assumption: Consolidated calibration including product/treaty timing and other reinsurance; not 82% mechanically from quota cession. |
| Net earned premium base_2026q4_net_premium | 2026Q4 / base | 294.83 USD_millions | derived: Base revenue calibrates to management outlook with explicit effective retention. Formula: multiply(base_2026q4_gross_earned, base_2026q4_retention). |
| Ceded earned premium base_2026q4_ceded_premium | 2026Q4 / base | 85.07 USD_millions | derived: Premium transferred to external reinsurers in the consolidated revenue model. Formula: subtract(base_2026q4_gross_earned, base_2026q4_net_premium). |
| Ceding commission / ceded premium base_2026q4_commission_rate | 2026Q4 / base | 25.0% ratio | assumption: Desk assumption; not company guidance. |
| Ceding commission income base_2026q4_ceding_commission | 2026Q4 / base | 21.27 USD_millions | derived: Desk blended commission rate, not a claim about each treaty. Formula: multiply(base_2026q4_ceded_premium, base_2026q4_commission_rate). |
| Investment income base_2026q4_investment_income | 2026Q4 / base | 10.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Commission and other income base_2026q4_other_revenue | 2026Q4 / base | 14.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Total revenue base_2026q4_revenue | 2026Q4 / base | 340.10 USD_millions | derived: IFP is not counted as revenue. Formula: sum(base_2026q4_net_premium, base_2026q4_ceding_commission, base_2026q4_investment_income, base_2026q4_other_revenue). |
| Attritional loss ratio base_2026q4_attritional_loss | 2026Q4 / base | 57.5% ratio | assumption: Desk assumption; not company guidance. |
| Catastrophe loss ratio base_2026q4_cat_loss | 2026Q4 / base | 2.5% ratio | assumption: Desk assumption; not company guidance. |
| Loss adjustment ratio base_2026q4_lae_ratio | 2026Q4 / base | 5.0% ratio | assumption: Desk assumption; not company guidance. |
| Prior-period development ratio base_2026q4_prior_development | 2026Q4 / base | -1.0% ratio | assumption: Desk assumption; not company guidance. |
| Gross loss ratio proxy base_2026q4_gross_loss_ratio | 2026Q4 / base | 64.0% ratio | derived: Does not extrapolate Q2 favorable development of seven points indefinitely. Formula: sum(base_2026q4_attritional_loss, base_2026q4_cat_loss, base_2026q4_lae_ratio, base_2026q4_prior_development). |
| Net reinsurance loss-ratio difference base_2026q4_net_reinsurance_basis | 2026Q4 / base | 1.0% ratio | assumption: Desk assumption; not company guidance. |
| Net loss ratio proxy base_2026q4_net_loss_ratio | 2026Q4 / base | 65.0% ratio | derived: Sensitivity for retention/coverage/mix; not a full catastrophe treaty waterfall. Formula: sum(base_2026q4_gross_loss_ratio, base_2026q4_net_reinsurance_basis). |
| Net losses and adjustment expense base_2026q4_claims | 2026Q4 / base | 191.64 USD_millions | derived: Loss ratio includes ordinary claims handling economics. Formula: multiply(base_2026q4_net_premium, base_2026q4_net_loss_ratio). |
| Other insurance expense / gross earned premium base_2026q4_insurance_cost_ratio | 2026Q4 / base | 8.0% ratio | assumption: Desk assumption; not company guidance. |
| Other insurance expense base_2026q4_other_insurance | 2026Q4 / base | 30.39 USD_millions | derived: Servicing and insurance infrastructure expense. Formula: multiply(base_2026q4_gross_earned, base_2026q4_insurance_cost_ratio). |
| D&A allocated to gross profit base_2026q4_gp_da | 2026Q4 / base | 0.55 USD_millions | assumption: Desk assumption; not company guidance. |
| Claims insurance cost and allocated D&A base_2026q4_gross_cost | 2026Q4 / base | 222.58 USD_millions | derived: Gross-profit presentation allocates part of D&A already within company departmental costs. Formula: sum(base_2026q4_claims, base_2026q4_other_insurance, base_2026q4_gp_da). |
| GAAP gross profit proxy base_2026q4_gross_profit | 2026Q4 / base | 117.52 USD_millions | derived: Allocated D&A is not deducted twice from pretax income. Formula: subtract(base_2026q4_revenue, base_2026q4_gross_cost). |
| General Catalyst new advances base_2026q4_gc_advance | 2026Q4 / base | 55.00 USD_millions | assumption: Desk assumption; not company guidance. |
| General Catalyst principal repayment base_2026q4_gc_principal | 2026Q4 / base | 30.00 USD_millions | assumption: Desk assumption; not company guidance. |
| GC opening plus advances base_2026q4_gc_available | 2026Q4 / base | 291.40 USD_millions | derived: Old cohorts remain outstanding after funding switches. Formula: sum(base_2026q3_gc_ending, base_2026q4_gc_advance). |
| General Catalyst ending borrowing base_2026q4_gc_ending | 2026Q4 / base | 261.40 USD_millions | derived: No debt extinguishment on January 2027 transition. Formula: subtract(base_2026q4_gc_available, base_2026q4_gc_principal). |
| Hannover new advances base_2026q4_hannover_advance | 2026Q4 / base | 0.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Hannover principal repayment base_2026q4_hannover_principal | 2026Q4 / base | 0.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Hannover opening plus advances base_2026q4_hannover_available | 2026Q4 / base | 0.00 USD_millions | derived: 2027 only; each quarter advance is below $60M monthly-cap equivalent. Formula: sum(base_2026q3_hannover_ending, base_2026q4_hannover_advance). |
| Hannover ending borrowing base_2026q4_hannover_ending | 2026Q4 / base | 0.00 USD_millions | derived: Every configured quarter stays at or below $150M 2027 cap. Formula: subtract(base_2026q4_hannover_available, base_2026q4_hannover_principal). |
| Opening plus closing gc balance base_2026q4_gc_balance_sum | 2026Q4 / base | 497.80 USD_millions | derived: Quarter average approximation. Formula: sum(base_2026q3_gc_ending, base_2026q4_gc_ending). |
| Average balance factor base_2026q4_gc_half | 2026Q4 / base | 50.0% ratio | assumption: Desk assumption; not company guidance. |
| Average gc borrowing base_2026q4_gc_average | 2026Q4 / base | 248.90 USD_millions | derived: Approximates intraquarter timing. Formula: multiply(base_2026q4_gc_balance_sum, base_2026q4_gc_half). |
| gc annual financing rate base_2026q4_gc_annual_rate | 2026Q4 / base | 16.0% ratio | assumption: GC 16% contractual target; Hannover assumes 4% Treasury reference plus 5.8%, not a quoted current Treasury rate. |
| Quarter fraction base_2026q4_gc_quarter | 2026Q4 / base | 25.0% ratio | assumption: Desk assumption; not company guidance. |
| gc interest base_2026q4_gc_interest | 2026Q4 / base | 9.96 USD_millions | derived: Cash interest approximation remains inside G&A and CFO. Formula: multiply(base_2026q4_gc_average, base_2026q4_gc_annual_rate, base_2026q4_gc_quarter). |
| Opening plus closing hannover balance base_2026q4_hannover_balance_sum | 2026Q4 / base | 0.00 USD_millions | derived: Quarter average approximation. Formula: sum(base_2026q3_hannover_ending, base_2026q4_hannover_ending). |
| Average balance factor base_2026q4_hannover_half | 2026Q4 / base | 50.0% ratio | assumption: Desk assumption; not company guidance. |
| Average hannover borrowing base_2026q4_hannover_average | 2026Q4 / base | 0.00 USD_millions | derived: Approximates intraquarter timing. Formula: multiply(base_2026q4_hannover_balance_sum, base_2026q4_hannover_half). |
| hannover annual financing rate base_2026q4_hannover_annual_rate | 2026Q4 / base | 9.8% ratio | assumption: GC 16% contractual target; Hannover assumes 4% Treasury reference plus 5.8%, not a quoted current Treasury rate. |
| Quarter fraction base_2026q4_hannover_quarter | 2026Q4 / base | 25.0% ratio | assumption: Desk assumption; not company guidance. |
| hannover interest base_2026q4_hannover_interest | 2026Q4 / base | 0.00 USD_millions | derived: Cash interest approximation remains inside G&A and CFO. Formula: multiply(base_2026q4_hannover_average, base_2026q4_hannover_annual_rate, base_2026q4_hannover_quarter). |
| Growth-financing interest base_2026q4_finance_interest | 2026Q4 / base | 9.96 USD_millions | derived: Old and new financing coexist. Formula: sum(base_2026q4_gc_interest, base_2026q4_hannover_interest). |
| Total SBC base_2026q4_sbc | 2026Q4 / base | 25.30 USD_millions | assumption: Desk assumption; not company guidance. |
| Total depreciation and amortization base_2026q4_da | 2026Q4 / base | 3.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Other interest income excluded from EBITDA base_2026q4_other_interest | 2026Q4 / base | 1.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Marketing technology and G&A excluding financing base_2026q4_ordinary_opex | 2026Q4 / base | 127.07 USD_millions | assumption: Combined GAAP cost budget including SBC and D&A. Base calibrated to adjusted EBITDA outlook; no undisclosed departmental split is asserted. |
| Marketing technology and G&A including interest base_2026q4_operating_expense | 2026Q4 / base | 137.02 USD_millions | derived: Growth financing is included once; total SBC/D&A already sit within GAAP cost budgets. Formula: sum(base_2026q4_ordinary_opex, base_2026q4_finance_interest). |
| Claims insurance and departmental expense base_2026q4_total_cost | 2026Q4 / base | 359.06 USD_millions | derived: Gross-profit allocated D&A is already in departmental cost; do not subtract again. Formula: sum(base_2026q4_claims, base_2026q4_other_insurance, base_2026q4_operating_expense). |
| GAAP pretax result base_2026q4_pretax | 2026Q4 / base | -18.96 USD_millions | derived: Investment/other income remain in revenue per company presentation. Formula: subtract(base_2026q4_revenue, base_2026q4_total_cost). |
| Pretax plus noncash and financing addbacks base_2026q4_ebitda_add | 2026Q4 / base | 19.30 USD_millions | derived: No tax addback needed starting from pretax. Formula: sum(base_2026q4_pretax, base_2026q4_sbc, base_2026q4_da, base_2026q4_finance_interest). |
| Excluded investment and other interest base_2026q4_ebitda_income_remove | 2026Q4 / base | 11.00 USD_millions | derived: No repeat of ERC or pre-acquisition claims recoveries. Formula: sum(base_2026q4_investment_income, base_2026q4_other_interest). |
| Adjusted EBITDA proxy base_2026q4_adj_ebitda | 2026Q4 / base | 8.30 USD_millions | derived: SBC, D&A and growth-financing interest removed under company definition. Formula: subtract(base_2026q4_ebitda_add, base_2026q4_ebitda_income_remove). |
| Income tax cash/expense allowance base_2026q4_cash_tax | 2026Q4 / base | 1.70 USD_millions | assumption: Desk assumption; not company guidance. |
| Net income proxy base_2026q4_net_income | 2026Q4 / base | -20.66 USD_millions | derived: Assumes cash tax approximates expense; no EPS share bridge. Formula: subtract(base_2026q4_pretax, base_2026q4_cash_tax). |
| Unearned premium cash inflow base_2026q4_unearned_inflow | 2026Q4 / base | 69.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Claims reserve cash inflow base_2026q4_claims_reserve_inflow | 2026Q4 / base | 9.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Unearned premium and claims reserve inflows base_2026q4_insurance_inflows | 2026Q4 / base | 78.00 USD_millions | derived: Insurance liabilities support cash but carry future obligations. Formula: sum(base_2026q4_unearned_inflow, base_2026q4_claims_reserve_inflow). |
| Premium receivable cash use base_2026q4_premium_receivables | 2026Q4 / base | 67.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Net reinsurance and other cash use base_2026q4_reinsurance_other | 2026Q4 / base | 9.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Premium receivables and reinsurance cash use base_2026q4_insurance_uses | 2026Q4 / base | 76.00 USD_millions | derived: Includes treaty deposits, funds withheld and commission timing. Formula: sum(base_2026q4_premium_receivables, base_2026q4_reinsurance_other). |
| Insurance working-capital inflow base_2026q4_insurance_wc | 2026Q4 / base | 2.00 USD_millions | derived: Does not treat insurance float as unrestricted parent capital. Formula: subtract(base_2026q4_insurance_inflows, base_2026q4_insurance_uses). |
| Noncash premium bad-debt allowance base_2026q4_bad_debt | 2026Q4 / base | 7.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating cash flow proxy base_2026q4_cfo | 2026Q4 / base | 16.64 USD_millions | derived: Financing interest remains cash cost; advances and principal excluded. Formula: sum(base_2026q4_net_income, base_2026q4_sbc, base_2026q4_da, base_2026q4_bad_debt, base_2026q4_insurance_wc). |
| Cash capex base_2026q4_capex | 2026Q4 / base | 5.50 USD_millions | assumption: Desk assumption; not company guidance. |
| Unfinanced free cash flow base_2026q4_fcf | 2026Q4 / base | 11.14 USD_millions | derived: No debt proceeds included. Formula: subtract(base_2026q4_cfo, base_2026q4_capex). |
| New growth advances base_2026q4_growth_advances | 2026Q4 / base | 55.00 USD_millions | derived: Subject to contract eligibility and caps. Formula: sum(base_2026q4_gc_advance, base_2026q4_hannover_advance). |
| Growth principal repayments base_2026q4_growth_principal | 2026Q4 / base | 30.00 USD_millions | derived: Repays existing cohort obligations. Formula: sum(base_2026q4_gc_principal, base_2026q4_hannover_principal). |
| Net growth borrowing base_2026q4_net_growth_financing | 2026Q4 / base | 25.00 USD_millions | derived: Financing cash flow, not revenue or CFO. Formula: subtract(base_2026q4_growth_advances, base_2026q4_growth_principal). |
| Cash after net growth borrowing base_2026q4_cash_after_financing | 2026Q4 / base | 36.14 USD_millions | derived: Company-style adjusted FCF perimeter, with financing disclosed separately. Formula: sum(base_2026q4_fcf, base_2026q4_net_growth_financing). |
| Gross earned premium base_2027q1_gross_earned | 2027Q1 / base | 405.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Effective earned premium retention base_2027q1_retention | 2027Q1 / base | 77.6% ratio | assumption: Consolidated calibration including product/treaty timing and other reinsurance; not 82% mechanically from quota cession. |
| Net earned premium base_2027q1_net_premium | 2027Q1 / base | 314.33 USD_millions | derived: Base revenue calibrates to management outlook with explicit effective retention. Formula: multiply(base_2027q1_gross_earned, base_2027q1_retention). |
| Ceded earned premium base_2027q1_ceded_premium | 2027Q1 / base | 90.67 USD_millions | derived: Premium transferred to external reinsurers in the consolidated revenue model. Formula: subtract(base_2027q1_gross_earned, base_2027q1_net_premium). |
| Ceding commission / ceded premium base_2027q1_commission_rate | 2027Q1 / base | 25.0% ratio | assumption: Desk assumption; not company guidance. |
| Ceding commission income base_2027q1_ceding_commission | 2027Q1 / base | 22.67 USD_millions | derived: Desk blended commission rate, not a claim about each treaty. Formula: multiply(base_2027q1_ceded_premium, base_2027q1_commission_rate). |
| Investment income base_2027q1_investment_income | 2027Q1 / base | 10.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Commission and other income base_2027q1_other_revenue | 2027Q1 / base | 15.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Total revenue base_2027q1_revenue | 2027Q1 / base | 362.00 USD_millions | derived: IFP is not counted as revenue. Formula: sum(base_2027q1_net_premium, base_2027q1_ceding_commission, base_2027q1_investment_income, base_2027q1_other_revenue). |
| Attritional loss ratio base_2027q1_attritional_loss | 2027Q1 / base | 57.0% ratio | assumption: Desk assumption; not company guidance. |
| Catastrophe loss ratio base_2027q1_cat_loss | 2027Q1 / base | 3.0% ratio | assumption: Desk assumption; not company guidance. |
| Loss adjustment ratio base_2027q1_lae_ratio | 2027Q1 / base | 5.0% ratio | assumption: Desk assumption; not company guidance. |
| Prior-period development ratio base_2027q1_prior_development | 2027Q1 / base | 0.0% ratio | assumption: Desk assumption; not company guidance. |
| Gross loss ratio proxy base_2027q1_gross_loss_ratio | 2027Q1 / base | 65.0% ratio | derived: Does not extrapolate Q2 favorable development of seven points indefinitely. Formula: sum(base_2027q1_attritional_loss, base_2027q1_cat_loss, base_2027q1_lae_ratio, base_2027q1_prior_development). |
| Net reinsurance loss-ratio difference base_2027q1_net_reinsurance_basis | 2027Q1 / base | 1.0% ratio | assumption: Desk assumption; not company guidance. |
| Net loss ratio proxy base_2027q1_net_loss_ratio | 2027Q1 / base | 66.0% ratio | derived: Sensitivity for retention/coverage/mix; not a full catastrophe treaty waterfall. Formula: sum(base_2027q1_gross_loss_ratio, base_2027q1_net_reinsurance_basis). |
| Net losses and adjustment expense base_2027q1_claims | 2027Q1 / base | 207.46 USD_millions | derived: Loss ratio includes ordinary claims handling economics. Formula: multiply(base_2027q1_net_premium, base_2027q1_net_loss_ratio). |
| Other insurance expense / gross earned premium base_2027q1_insurance_cost_ratio | 2027Q1 / base | 8.0% ratio | assumption: Desk assumption; not company guidance. |
| Other insurance expense base_2027q1_other_insurance | 2027Q1 / base | 32.40 USD_millions | derived: Servicing and insurance infrastructure expense. Formula: multiply(base_2027q1_gross_earned, base_2027q1_insurance_cost_ratio). |
| D&A allocated to gross profit base_2027q1_gp_da | 2027Q1 / base | 0.60 USD_millions | assumption: Desk assumption; not company guidance. |
| Claims insurance cost and allocated D&A base_2027q1_gross_cost | 2027Q1 / base | 240.46 USD_millions | derived: Gross-profit presentation allocates part of D&A already within company departmental costs. Formula: sum(base_2027q1_claims, base_2027q1_other_insurance, base_2027q1_gp_da). |
| GAAP gross profit proxy base_2027q1_gross_profit | 2027Q1 / base | 121.54 USD_millions | derived: Allocated D&A is not deducted twice from pretax income. Formula: subtract(base_2027q1_revenue, base_2027q1_gross_cost). |
| General Catalyst new advances base_2027q1_gc_advance | 2027Q1 / base | 0.00 USD_millions | assumption: Desk assumption; not company guidance. |
| General Catalyst principal repayment base_2027q1_gc_principal | 2027Q1 / base | 30.00 USD_millions | assumption: Desk assumption; not company guidance. |
| GC opening plus advances base_2027q1_gc_available | 2027Q1 / base | 261.40 USD_millions | derived: Old cohorts remain outstanding after funding switches. Formula: sum(base_2026q4_gc_ending, base_2027q1_gc_advance). |
| General Catalyst ending borrowing base_2027q1_gc_ending | 2027Q1 / base | 231.40 USD_millions | derived: No debt extinguishment on January 2027 transition. Formula: subtract(base_2027q1_gc_available, base_2027q1_gc_principal). |
| Hannover new advances base_2027q1_hannover_advance | 2027Q1 / base | 40.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Hannover principal repayment base_2027q1_hannover_principal | 2027Q1 / base | 0.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Hannover opening plus advances base_2027q1_hannover_available | 2027Q1 / base | 40.00 USD_millions | derived: 2027 only; each quarter advance is below $60M monthly-cap equivalent. Formula: sum(base_2026q4_hannover_ending, base_2027q1_hannover_advance). |
| Hannover ending borrowing base_2027q1_hannover_ending | 2027Q1 / base | 40.00 USD_millions | derived: Every configured quarter stays at or below $150M 2027 cap. Formula: subtract(base_2027q1_hannover_available, base_2027q1_hannover_principal). |
| Opening plus closing gc balance base_2027q1_gc_balance_sum | 2027Q1 / base | 492.80 USD_millions | derived: Quarter average approximation. Formula: sum(base_2026q4_gc_ending, base_2027q1_gc_ending). |
| Average balance factor base_2027q1_gc_half | 2027Q1 / base | 50.0% ratio | assumption: Desk assumption; not company guidance. |
| Average gc borrowing base_2027q1_gc_average | 2027Q1 / base | 246.40 USD_millions | derived: Approximates intraquarter timing. Formula: multiply(base_2027q1_gc_balance_sum, base_2027q1_gc_half). |
| gc annual financing rate base_2027q1_gc_annual_rate | 2027Q1 / base | 16.0% ratio | assumption: GC 16% contractual target; Hannover assumes 4% Treasury reference plus 5.8%, not a quoted current Treasury rate. |
| Quarter fraction base_2027q1_gc_quarter | 2027Q1 / base | 25.0% ratio | assumption: Desk assumption; not company guidance. |
| gc interest base_2027q1_gc_interest | 2027Q1 / base | 9.86 USD_millions | derived: Cash interest approximation remains inside G&A and CFO. Formula: multiply(base_2027q1_gc_average, base_2027q1_gc_annual_rate, base_2027q1_gc_quarter). |
| Opening plus closing hannover balance base_2027q1_hannover_balance_sum | 2027Q1 / base | 40.00 USD_millions | derived: Quarter average approximation. Formula: sum(base_2026q4_hannover_ending, base_2027q1_hannover_ending). |
| Average balance factor base_2027q1_hannover_half | 2027Q1 / base | 50.0% ratio | assumption: Desk assumption; not company guidance. |
| Average hannover borrowing base_2027q1_hannover_average | 2027Q1 / base | 20.00 USD_millions | derived: Approximates intraquarter timing. Formula: multiply(base_2027q1_hannover_balance_sum, base_2027q1_hannover_half). |
| hannover annual financing rate base_2027q1_hannover_annual_rate | 2027Q1 / base | 9.8% ratio | assumption: GC 16% contractual target; Hannover assumes 4% Treasury reference plus 5.8%, not a quoted current Treasury rate. |
| Quarter fraction base_2027q1_hannover_quarter | 2027Q1 / base | 25.0% ratio | assumption: Desk assumption; not company guidance. |
| hannover interest base_2027q1_hannover_interest | 2027Q1 / base | 0.49 USD_millions | derived: Cash interest approximation remains inside G&A and CFO. Formula: multiply(base_2027q1_hannover_average, base_2027q1_hannover_annual_rate, base_2027q1_hannover_quarter). |
| Growth-financing interest base_2027q1_finance_interest | 2027Q1 / base | 10.35 USD_millions | derived: Old and new financing coexist. Formula: sum(base_2027q1_gc_interest, base_2027q1_hannover_interest). |
| Total SBC base_2027q1_sbc | 2027Q1 / base | 26.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Total depreciation and amortization base_2027q1_da | 2027Q1 / base | 3.20 USD_millions | assumption: Desk assumption; not company guidance. |
| Other interest income excluded from EBITDA base_2027q1_other_interest | 2027Q1 / base | 1.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Marketing technology and G&A excluding financing base_2027q1_ordinary_opex | 2027Q1 / base | 150.34 USD_millions | assumption: Combined GAAP cost budget including SBC and D&A. Base calibrated to adjusted EBITDA outlook; no undisclosed departmental split is asserted. |
| Marketing technology and G&A including interest base_2027q1_operating_expense | 2027Q1 / base | 160.69 USD_millions | derived: Growth financing is included once; total SBC/D&A already sit within GAAP cost budgets. Formula: sum(base_2027q1_ordinary_opex, base_2027q1_finance_interest). |
| Claims insurance and departmental expense base_2027q1_total_cost | 2027Q1 / base | 400.55 USD_millions | derived: Gross-profit allocated D&A is already in departmental cost; do not subtract again. Formula: sum(base_2027q1_claims, base_2027q1_other_insurance, base_2027q1_operating_expense). |
| GAAP pretax result base_2027q1_pretax | 2027Q1 / base | -38.55 USD_millions | derived: Investment/other income remain in revenue per company presentation. Formula: subtract(base_2027q1_revenue, base_2027q1_total_cost). |
| Pretax plus noncash and financing addbacks base_2027q1_ebitda_add | 2027Q1 / base | 1.00 USD_millions | derived: No tax addback needed starting from pretax. Formula: sum(base_2027q1_pretax, base_2027q1_sbc, base_2027q1_da, base_2027q1_finance_interest). |
| Excluded investment and other interest base_2027q1_ebitda_income_remove | 2027Q1 / base | 11.00 USD_millions | derived: No repeat of ERC or pre-acquisition claims recoveries. Formula: sum(base_2027q1_investment_income, base_2027q1_other_interest). |
| Adjusted EBITDA proxy base_2027q1_adj_ebitda | 2027Q1 / base | -10.00 USD_millions | derived: SBC, D&A and growth-financing interest removed under company definition. Formula: subtract(base_2027q1_ebitda_add, base_2027q1_ebitda_income_remove). |
| Income tax cash/expense allowance base_2027q1_cash_tax | 2027Q1 / base | 1.90 USD_millions | assumption: Desk assumption; not company guidance. |
| Net income proxy base_2027q1_net_income | 2027Q1 / base | -40.45 USD_millions | derived: Assumes cash tax approximates expense; no EPS share bridge. Formula: subtract(base_2027q1_pretax, base_2027q1_cash_tax). |
| Unearned premium cash inflow base_2027q1_unearned_inflow | 2027Q1 / base | 76.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Claims reserve cash inflow base_2027q1_claims_reserve_inflow | 2027Q1 / base | 10.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Unearned premium and claims reserve inflows base_2027q1_insurance_inflows | 2027Q1 / base | 86.00 USD_millions | derived: Insurance liabilities support cash but carry future obligations. Formula: sum(base_2027q1_unearned_inflow, base_2027q1_claims_reserve_inflow). |
| Premium receivable cash use base_2027q1_premium_receivables | 2027Q1 / base | 74.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Net reinsurance and other cash use base_2027q1_reinsurance_other | 2027Q1 / base | 10.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Premium receivables and reinsurance cash use base_2027q1_insurance_uses | 2027Q1 / base | 84.00 USD_millions | derived: Includes treaty deposits, funds withheld and commission timing. Formula: sum(base_2027q1_premium_receivables, base_2027q1_reinsurance_other). |
| Insurance working-capital inflow base_2027q1_insurance_wc | 2027Q1 / base | 2.00 USD_millions | derived: Does not treat insurance float as unrestricted parent capital. Formula: subtract(base_2027q1_insurance_inflows, base_2027q1_insurance_uses). |
| Noncash premium bad-debt allowance base_2027q1_bad_debt | 2027Q1 / base | 7.50 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating cash flow proxy base_2027q1_cfo | 2027Q1 / base | -1.75 USD_millions | derived: Financing interest remains cash cost; advances and principal excluded. Formula: sum(base_2027q1_net_income, base_2027q1_sbc, base_2027q1_da, base_2027q1_bad_debt, base_2027q1_insurance_wc). |
| Cash capex base_2027q1_capex | 2027Q1 / base | 6.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Unfinanced free cash flow base_2027q1_fcf | 2027Q1 / base | -7.75 USD_millions | derived: No debt proceeds included. Formula: subtract(base_2027q1_cfo, base_2027q1_capex). |
| New growth advances base_2027q1_growth_advances | 2027Q1 / base | 40.00 USD_millions | derived: Subject to contract eligibility and caps. Formula: sum(base_2027q1_gc_advance, base_2027q1_hannover_advance). |
| Growth principal repayments base_2027q1_growth_principal | 2027Q1 / base | 30.00 USD_millions | derived: Repays existing cohort obligations. Formula: sum(base_2027q1_gc_principal, base_2027q1_hannover_principal). |
| Net growth borrowing base_2027q1_net_growth_financing | 2027Q1 / base | 10.00 USD_millions | derived: Financing cash flow, not revenue or CFO. Formula: subtract(base_2027q1_growth_advances, base_2027q1_growth_principal). |
| Cash after net growth borrowing base_2027q1_cash_after_financing | 2027Q1 / base | 2.25 USD_millions | derived: Company-style adjusted FCF perimeter, with financing disclosed separately. Formula: sum(base_2027q1_fcf, base_2027q1_net_growth_financing). |
| Gross earned premium base_2027q2_gross_earned | 2027Q2 / base | 435.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Effective earned premium retention base_2027q2_retention | 2027Q2 / base | 77.9% ratio | assumption: Consolidated calibration including product/treaty timing and other reinsurance; not 82% mechanically from quota cession. |
| Net earned premium base_2027q2_net_premium | 2027Q2 / base | 339.00 USD_millions | derived: Base revenue calibrates to management outlook with explicit effective retention. Formula: multiply(base_2027q2_gross_earned, base_2027q2_retention). |
| Ceded earned premium base_2027q2_ceded_premium | 2027Q2 / base | 96.00 USD_millions | derived: Premium transferred to external reinsurers in the consolidated revenue model. Formula: subtract(base_2027q2_gross_earned, base_2027q2_net_premium). |
| Ceding commission / ceded premium base_2027q2_commission_rate | 2027Q2 / base | 25.0% ratio | assumption: Desk assumption; not company guidance. |
| Ceding commission income base_2027q2_ceding_commission | 2027Q2 / base | 24.00 USD_millions | derived: Desk blended commission rate, not a claim about each treaty. Formula: multiply(base_2027q2_ceded_premium, base_2027q2_commission_rate). |
| Investment income base_2027q2_investment_income | 2027Q2 / base | 10.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Commission and other income base_2027q2_other_revenue | 2027Q2 / base | 16.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Total revenue base_2027q2_revenue | 2027Q2 / base | 389.00 USD_millions | derived: IFP is not counted as revenue. Formula: sum(base_2027q2_net_premium, base_2027q2_ceding_commission, base_2027q2_investment_income, base_2027q2_other_revenue). |
| Attritional loss ratio base_2027q2_attritional_loss | 2027Q2 / base | 56.5% ratio | assumption: Desk assumption; not company guidance. |
| Catastrophe loss ratio base_2027q2_cat_loss | 2027Q2 / base | 3.5% ratio | assumption: Desk assumption; not company guidance. |
| Loss adjustment ratio base_2027q2_lae_ratio | 2027Q2 / base | 5.0% ratio | assumption: Desk assumption; not company guidance. |
| Prior-period development ratio base_2027q2_prior_development | 2027Q2 / base | 0.0% ratio | assumption: Desk assumption; not company guidance. |
| Gross loss ratio proxy base_2027q2_gross_loss_ratio | 2027Q2 / base | 65.0% ratio | derived: Does not extrapolate Q2 favorable development of seven points indefinitely. Formula: sum(base_2027q2_attritional_loss, base_2027q2_cat_loss, base_2027q2_lae_ratio, base_2027q2_prior_development). |
| Net reinsurance loss-ratio difference base_2027q2_net_reinsurance_basis | 2027Q2 / base | 1.0% ratio | assumption: Desk assumption; not company guidance. |
| Net loss ratio proxy base_2027q2_net_loss_ratio | 2027Q2 / base | 66.0% ratio | derived: Sensitivity for retention/coverage/mix; not a full catastrophe treaty waterfall. Formula: sum(base_2027q2_gross_loss_ratio, base_2027q2_net_reinsurance_basis). |
| Net losses and adjustment expense base_2027q2_claims | 2027Q2 / base | 223.74 USD_millions | derived: Loss ratio includes ordinary claims handling economics. Formula: multiply(base_2027q2_net_premium, base_2027q2_net_loss_ratio). |
| Other insurance expense / gross earned premium base_2027q2_insurance_cost_ratio | 2027Q2 / base | 8.0% ratio | assumption: Desk assumption; not company guidance. |
| Other insurance expense base_2027q2_other_insurance | 2027Q2 / base | 34.80 USD_millions | derived: Servicing and insurance infrastructure expense. Formula: multiply(base_2027q2_gross_earned, base_2027q2_insurance_cost_ratio). |
| D&A allocated to gross profit base_2027q2_gp_da | 2027Q2 / base | 0.65 USD_millions | assumption: Desk assumption; not company guidance. |
| Claims insurance cost and allocated D&A base_2027q2_gross_cost | 2027Q2 / base | 259.19 USD_millions | derived: Gross-profit presentation allocates part of D&A already within company departmental costs. Formula: sum(base_2027q2_claims, base_2027q2_other_insurance, base_2027q2_gp_da). |
| GAAP gross profit proxy base_2027q2_gross_profit | 2027Q2 / base | 129.81 USD_millions | derived: Allocated D&A is not deducted twice from pretax income. Formula: subtract(base_2027q2_revenue, base_2027q2_gross_cost). |
| General Catalyst new advances base_2027q2_gc_advance | 2027Q2 / base | 0.00 USD_millions | assumption: Desk assumption; not company guidance. |
| General Catalyst principal repayment base_2027q2_gc_principal | 2027Q2 / base | 35.00 USD_millions | assumption: Desk assumption; not company guidance. |
| GC opening plus advances base_2027q2_gc_available | 2027Q2 / base | 231.40 USD_millions | derived: Old cohorts remain outstanding after funding switches. Formula: sum(base_2027q1_gc_ending, base_2027q2_gc_advance). |
| General Catalyst ending borrowing base_2027q2_gc_ending | 2027Q2 / base | 196.40 USD_millions | derived: No debt extinguishment on January 2027 transition. Formula: subtract(base_2027q2_gc_available, base_2027q2_gc_principal). |
| Hannover new advances base_2027q2_hannover_advance | 2027Q2 / base | 40.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Hannover principal repayment base_2027q2_hannover_principal | 2027Q2 / base | 5.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Hannover opening plus advances base_2027q2_hannover_available | 2027Q2 / base | 80.00 USD_millions | derived: 2027 only; each quarter advance is below $60M monthly-cap equivalent. Formula: sum(base_2027q1_hannover_ending, base_2027q2_hannover_advance). |
| Hannover ending borrowing base_2027q2_hannover_ending | 2027Q2 / base | 75.00 USD_millions | derived: Every configured quarter stays at or below $150M 2027 cap. Formula: subtract(base_2027q2_hannover_available, base_2027q2_hannover_principal). |
| Opening plus closing gc balance base_2027q2_gc_balance_sum | 2027Q2 / base | 427.80 USD_millions | derived: Quarter average approximation. Formula: sum(base_2027q1_gc_ending, base_2027q2_gc_ending). |
| Average balance factor base_2027q2_gc_half | 2027Q2 / base | 50.0% ratio | assumption: Desk assumption; not company guidance. |
| Average gc borrowing base_2027q2_gc_average | 2027Q2 / base | 213.90 USD_millions | derived: Approximates intraquarter timing. Formula: multiply(base_2027q2_gc_balance_sum, base_2027q2_gc_half). |
| gc annual financing rate base_2027q2_gc_annual_rate | 2027Q2 / base | 16.0% ratio | assumption: GC 16% contractual target; Hannover assumes 4% Treasury reference plus 5.8%, not a quoted current Treasury rate. |
| Quarter fraction base_2027q2_gc_quarter | 2027Q2 / base | 25.0% ratio | assumption: Desk assumption; not company guidance. |
| gc interest base_2027q2_gc_interest | 2027Q2 / base | 8.56 USD_millions | derived: Cash interest approximation remains inside G&A and CFO. Formula: multiply(base_2027q2_gc_average, base_2027q2_gc_annual_rate, base_2027q2_gc_quarter). |
| Opening plus closing hannover balance base_2027q2_hannover_balance_sum | 2027Q2 / base | 115.00 USD_millions | derived: Quarter average approximation. Formula: sum(base_2027q1_hannover_ending, base_2027q2_hannover_ending). |
| Average balance factor base_2027q2_hannover_half | 2027Q2 / base | 50.0% ratio | assumption: Desk assumption; not company guidance. |
| Average hannover borrowing base_2027q2_hannover_average | 2027Q2 / base | 57.50 USD_millions | derived: Approximates intraquarter timing. Formula: multiply(base_2027q2_hannover_balance_sum, base_2027q2_hannover_half). |
| hannover annual financing rate base_2027q2_hannover_annual_rate | 2027Q2 / base | 9.8% ratio | assumption: GC 16% contractual target; Hannover assumes 4% Treasury reference plus 5.8%, not a quoted current Treasury rate. |
| Quarter fraction base_2027q2_hannover_quarter | 2027Q2 / base | 25.0% ratio | assumption: Desk assumption; not company guidance. |
| hannover interest base_2027q2_hannover_interest | 2027Q2 / base | 1.41 USD_millions | derived: Cash interest approximation remains inside G&A and CFO. Formula: multiply(base_2027q2_hannover_average, base_2027q2_hannover_annual_rate, base_2027q2_hannover_quarter). |
| Growth-financing interest base_2027q2_finance_interest | 2027Q2 / base | 9.96 USD_millions | derived: Old and new financing coexist. Formula: sum(base_2027q2_gc_interest, base_2027q2_hannover_interest). |
| Total SBC base_2027q2_sbc | 2027Q2 / base | 27.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Total depreciation and amortization base_2027q2_da | 2027Q2 / base | 3.40 USD_millions | assumption: Desk assumption; not company guidance. |
| Other interest income excluded from EBITDA base_2027q2_other_interest | 2027Q2 / base | 1.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Marketing technology and G&A excluding financing base_2027q2_ordinary_opex | 2027Q2 / base | 149.86 USD_millions | assumption: Combined GAAP cost budget including SBC and D&A. Base calibrated to adjusted EBITDA outlook; no undisclosed departmental split is asserted. |
| Marketing technology and G&A including interest base_2027q2_operating_expense | 2027Q2 / base | 159.82 USD_millions | derived: Growth financing is included once; total SBC/D&A already sit within GAAP cost budgets. Formula: sum(base_2027q2_ordinary_opex, base_2027q2_finance_interest). |
| Claims insurance and departmental expense base_2027q2_total_cost | 2027Q2 / base | 418.36 USD_millions | derived: Gross-profit allocated D&A is already in departmental cost; do not subtract again. Formula: sum(base_2027q2_claims, base_2027q2_other_insurance, base_2027q2_operating_expense). |
| GAAP pretax result base_2027q2_pretax | 2027Q2 / base | -29.36 USD_millions | derived: Investment/other income remain in revenue per company presentation. Formula: subtract(base_2027q2_revenue, base_2027q2_total_cost). |
| Pretax plus noncash and financing addbacks base_2027q2_ebitda_add | 2027Q2 / base | 11.00 USD_millions | derived: No tax addback needed starting from pretax. Formula: sum(base_2027q2_pretax, base_2027q2_sbc, base_2027q2_da, base_2027q2_finance_interest). |
| Excluded investment and other interest base_2027q2_ebitda_income_remove | 2027Q2 / base | 11.00 USD_millions | derived: No repeat of ERC or pre-acquisition claims recoveries. Formula: sum(base_2027q2_investment_income, base_2027q2_other_interest). |
| Adjusted EBITDA proxy base_2027q2_adj_ebitda | 2027Q2 / base | -0.00 USD_millions | derived: SBC, D&A and growth-financing interest removed under company definition. Formula: subtract(base_2027q2_ebitda_add, base_2027q2_ebitda_income_remove). |
| Income tax cash/expense allowance base_2027q2_cash_tax | 2027Q2 / base | 2.10 USD_millions | assumption: Desk assumption; not company guidance. |
| Net income proxy base_2027q2_net_income | 2027Q2 / base | -31.46 USD_millions | derived: Assumes cash tax approximates expense; no EPS share bridge. Formula: subtract(base_2027q2_pretax, base_2027q2_cash_tax). |
| Unearned premium cash inflow base_2027q2_unearned_inflow | 2027Q2 / base | 83.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Claims reserve cash inflow base_2027q2_claims_reserve_inflow | 2027Q2 / base | 11.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Unearned premium and claims reserve inflows base_2027q2_insurance_inflows | 2027Q2 / base | 94.00 USD_millions | derived: Insurance liabilities support cash but carry future obligations. Formula: sum(base_2027q2_unearned_inflow, base_2027q2_claims_reserve_inflow). |
| Premium receivable cash use base_2027q2_premium_receivables | 2027Q2 / base | 81.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Net reinsurance and other cash use base_2027q2_reinsurance_other | 2027Q2 / base | 11.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Premium receivables and reinsurance cash use base_2027q2_insurance_uses | 2027Q2 / base | 92.00 USD_millions | derived: Includes treaty deposits, funds withheld and commission timing. Formula: sum(base_2027q2_premium_receivables, base_2027q2_reinsurance_other). |
| Insurance working-capital inflow base_2027q2_insurance_wc | 2027Q2 / base | 2.00 USD_millions | derived: Does not treat insurance float as unrestricted parent capital. Formula: subtract(base_2027q2_insurance_inflows, base_2027q2_insurance_uses). |
| Noncash premium bad-debt allowance base_2027q2_bad_debt | 2027Q2 / base | 8.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating cash flow proxy base_2027q2_cfo | 2027Q2 / base | 8.94 USD_millions | derived: Financing interest remains cash cost; advances and principal excluded. Formula: sum(base_2027q2_net_income, base_2027q2_sbc, base_2027q2_da, base_2027q2_bad_debt, base_2027q2_insurance_wc). |
| Cash capex base_2027q2_capex | 2027Q2 / base | 6.50 USD_millions | assumption: Desk assumption; not company guidance. |
| Unfinanced free cash flow base_2027q2_fcf | 2027Q2 / base | 2.44 USD_millions | derived: No debt proceeds included. Formula: subtract(base_2027q2_cfo, base_2027q2_capex). |
| New growth advances base_2027q2_growth_advances | 2027Q2 / base | 40.00 USD_millions | derived: Subject to contract eligibility and caps. Formula: sum(base_2027q2_gc_advance, base_2027q2_hannover_advance). |
| Growth principal repayments base_2027q2_growth_principal | 2027Q2 / base | 40.00 USD_millions | derived: Repays existing cohort obligations. Formula: sum(base_2027q2_gc_principal, base_2027q2_hannover_principal). |
| Net growth borrowing base_2027q2_net_growth_financing | 2027Q2 / base | 0.00 USD_millions | derived: Financing cash flow, not revenue or CFO. Formula: subtract(base_2027q2_growth_advances, base_2027q2_growth_principal). |
| Cash after net growth borrowing base_2027q2_cash_after_financing | 2027Q2 / base | 2.44 USD_millions | derived: Company-style adjusted FCF perimeter, with financing disclosed separately. Formula: sum(base_2027q2_fcf, base_2027q2_net_growth_financing). |
| Gross earned premium base_2027q3_gross_earned | 2027Q3 / base | 470.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Effective earned premium retention base_2027q3_retention | 2027Q3 / base | 78.4% ratio | assumption: Consolidated calibration including product/treaty timing and other reinsurance; not 82% mechanically from quota cession. |
| Net earned premium base_2027q3_net_premium | 2027Q3 / base | 368.67 USD_millions | derived: Base revenue calibrates to management outlook with explicit effective retention. Formula: multiply(base_2027q3_gross_earned, base_2027q3_retention). |
| Ceded earned premium base_2027q3_ceded_premium | 2027Q3 / base | 101.33 USD_millions | derived: Premium transferred to external reinsurers in the consolidated revenue model. Formula: subtract(base_2027q3_gross_earned, base_2027q3_net_premium). |
| Ceding commission / ceded premium base_2027q3_commission_rate | 2027Q3 / base | 25.0% ratio | assumption: Desk assumption; not company guidance. |
| Ceding commission income base_2027q3_ceding_commission | 2027Q3 / base | 25.33 USD_millions | derived: Desk blended commission rate, not a claim about each treaty. Formula: multiply(base_2027q3_ceded_premium, base_2027q3_commission_rate). |
| Investment income base_2027q3_investment_income | 2027Q3 / base | 10.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Commission and other income base_2027q3_other_revenue | 2027Q3 / base | 17.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Total revenue base_2027q3_revenue | 2027Q3 / base | 421.00 USD_millions | derived: IFP is not counted as revenue. Formula: sum(base_2027q3_net_premium, base_2027q3_ceding_commission, base_2027q3_investment_income, base_2027q3_other_revenue). |
| Attritional loss ratio base_2027q3_attritional_loss | 2027Q3 / base | 56.0% ratio | assumption: Desk assumption; not company guidance. |
| Catastrophe loss ratio base_2027q3_cat_loss | 2027Q3 / base | 4.0% ratio | assumption: Desk assumption; not company guidance. |
| Loss adjustment ratio base_2027q3_lae_ratio | 2027Q3 / base | 5.0% ratio | assumption: Desk assumption; not company guidance. |
| Prior-period development ratio base_2027q3_prior_development | 2027Q3 / base | 0.0% ratio | assumption: Desk assumption; not company guidance. |
| Gross loss ratio proxy base_2027q3_gross_loss_ratio | 2027Q3 / base | 65.0% ratio | derived: Does not extrapolate Q2 favorable development of seven points indefinitely. Formula: sum(base_2027q3_attritional_loss, base_2027q3_cat_loss, base_2027q3_lae_ratio, base_2027q3_prior_development). |
| Net reinsurance loss-ratio difference base_2027q3_net_reinsurance_basis | 2027Q3 / base | 1.0% ratio | assumption: Desk assumption; not company guidance. |
| Net loss ratio proxy base_2027q3_net_loss_ratio | 2027Q3 / base | 66.0% ratio | derived: Sensitivity for retention/coverage/mix; not a full catastrophe treaty waterfall. Formula: sum(base_2027q3_gross_loss_ratio, base_2027q3_net_reinsurance_basis). |
| Net losses and adjustment expense base_2027q3_claims | 2027Q3 / base | 243.32 USD_millions | derived: Loss ratio includes ordinary claims handling economics. Formula: multiply(base_2027q3_net_premium, base_2027q3_net_loss_ratio). |
| Other insurance expense / gross earned premium base_2027q3_insurance_cost_ratio | 2027Q3 / base | 8.0% ratio | assumption: Desk assumption; not company guidance. |
| Other insurance expense base_2027q3_other_insurance | 2027Q3 / base | 37.60 USD_millions | derived: Servicing and insurance infrastructure expense. Formula: multiply(base_2027q3_gross_earned, base_2027q3_insurance_cost_ratio). |
| D&A allocated to gross profit base_2027q3_gp_da | 2027Q3 / base | 0.70 USD_millions | assumption: Desk assumption; not company guidance. |
| Claims insurance cost and allocated D&A base_2027q3_gross_cost | 2027Q3 / base | 281.62 USD_millions | derived: Gross-profit presentation allocates part of D&A already within company departmental costs. Formula: sum(base_2027q3_claims, base_2027q3_other_insurance, base_2027q3_gp_da). |
| GAAP gross profit proxy base_2027q3_gross_profit | 2027Q3 / base | 139.38 USD_millions | derived: Allocated D&A is not deducted twice from pretax income. Formula: subtract(base_2027q3_revenue, base_2027q3_gross_cost). |
| General Catalyst new advances base_2027q3_gc_advance | 2027Q3 / base | 0.00 USD_millions | assumption: Desk assumption; not company guidance. |
| General Catalyst principal repayment base_2027q3_gc_principal | 2027Q3 / base | 35.00 USD_millions | assumption: Desk assumption; not company guidance. |
| GC opening plus advances base_2027q3_gc_available | 2027Q3 / base | 196.40 USD_millions | derived: Old cohorts remain outstanding after funding switches. Formula: sum(base_2027q2_gc_ending, base_2027q3_gc_advance). |
| General Catalyst ending borrowing base_2027q3_gc_ending | 2027Q3 / base | 161.40 USD_millions | derived: No debt extinguishment on January 2027 transition. Formula: subtract(base_2027q3_gc_available, base_2027q3_gc_principal). |
| Hannover new advances base_2027q3_hannover_advance | 2027Q3 / base | 40.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Hannover principal repayment base_2027q3_hannover_principal | 2027Q3 / base | 10.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Hannover opening plus advances base_2027q3_hannover_available | 2027Q3 / base | 115.00 USD_millions | derived: 2027 only; each quarter advance is below $60M monthly-cap equivalent. Formula: sum(base_2027q2_hannover_ending, base_2027q3_hannover_advance). |
| Hannover ending borrowing base_2027q3_hannover_ending | 2027Q3 / base | 105.00 USD_millions | derived: Every configured quarter stays at or below $150M 2027 cap. Formula: subtract(base_2027q3_hannover_available, base_2027q3_hannover_principal). |
| Opening plus closing gc balance base_2027q3_gc_balance_sum | 2027Q3 / base | 357.80 USD_millions | derived: Quarter average approximation. Formula: sum(base_2027q2_gc_ending, base_2027q3_gc_ending). |
| Average balance factor base_2027q3_gc_half | 2027Q3 / base | 50.0% ratio | assumption: Desk assumption; not company guidance. |
| Average gc borrowing base_2027q3_gc_average | 2027Q3 / base | 178.90 USD_millions | derived: Approximates intraquarter timing. Formula: multiply(base_2027q3_gc_balance_sum, base_2027q3_gc_half). |
| gc annual financing rate base_2027q3_gc_annual_rate | 2027Q3 / base | 16.0% ratio | assumption: GC 16% contractual target; Hannover assumes 4% Treasury reference plus 5.8%, not a quoted current Treasury rate. |
| Quarter fraction base_2027q3_gc_quarter | 2027Q3 / base | 25.0% ratio | assumption: Desk assumption; not company guidance. |
| gc interest base_2027q3_gc_interest | 2027Q3 / base | 7.16 USD_millions | derived: Cash interest approximation remains inside G&A and CFO. Formula: multiply(base_2027q3_gc_average, base_2027q3_gc_annual_rate, base_2027q3_gc_quarter). |
| Opening plus closing hannover balance base_2027q3_hannover_balance_sum | 2027Q3 / base | 180.00 USD_millions | derived: Quarter average approximation. Formula: sum(base_2027q2_hannover_ending, base_2027q3_hannover_ending). |
| Average balance factor base_2027q3_hannover_half | 2027Q3 / base | 50.0% ratio | assumption: Desk assumption; not company guidance. |
| Average hannover borrowing base_2027q3_hannover_average | 2027Q3 / base | 90.00 USD_millions | derived: Approximates intraquarter timing. Formula: multiply(base_2027q3_hannover_balance_sum, base_2027q3_hannover_half). |
| hannover annual financing rate base_2027q3_hannover_annual_rate | 2027Q3 / base | 9.8% ratio | assumption: GC 16% contractual target; Hannover assumes 4% Treasury reference plus 5.8%, not a quoted current Treasury rate. |
| Quarter fraction base_2027q3_hannover_quarter | 2027Q3 / base | 25.0% ratio | assumption: Desk assumption; not company guidance. |
| hannover interest base_2027q3_hannover_interest | 2027Q3 / base | 2.21 USD_millions | derived: Cash interest approximation remains inside G&A and CFO. Formula: multiply(base_2027q3_hannover_average, base_2027q3_hannover_annual_rate, base_2027q3_hannover_quarter). |
| Growth-financing interest base_2027q3_finance_interest | 2027Q3 / base | 9.36 USD_millions | derived: Old and new financing coexist. Formula: sum(base_2027q3_gc_interest, base_2027q3_hannover_interest). |
| Total SBC base_2027q3_sbc | 2027Q3 / base | 28.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Total depreciation and amortization base_2027q3_da | 2027Q3 / base | 3.60 USD_millions | assumption: Desk assumption; not company guidance. |
| Other interest income excluded from EBITDA base_2027q3_other_interest | 2027Q3 / base | 1.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Marketing technology and G&A excluding financing base_2027q3_ordinary_opex | 2027Q3 / base | 145.68 USD_millions | assumption: Combined GAAP cost budget including SBC and D&A. Base calibrated to adjusted EBITDA outlook; no undisclosed departmental split is asserted. |
| Marketing technology and G&A including interest base_2027q3_operating_expense | 2027Q3 / base | 155.04 USD_millions | derived: Growth financing is included once; total SBC/D&A already sit within GAAP cost budgets. Formula: sum(base_2027q3_ordinary_opex, base_2027q3_finance_interest). |
| Claims insurance and departmental expense base_2027q3_total_cost | 2027Q3 / base | 435.96 USD_millions | derived: Gross-profit allocated D&A is already in departmental cost; do not subtract again. Formula: sum(base_2027q3_claims, base_2027q3_other_insurance, base_2027q3_operating_expense). |
| GAAP pretax result base_2027q3_pretax | 2027Q3 / base | -14.96 USD_millions | derived: Investment/other income remain in revenue per company presentation. Formula: subtract(base_2027q3_revenue, base_2027q3_total_cost). |
| Pretax plus noncash and financing addbacks base_2027q3_ebitda_add | 2027Q3 / base | 26.00 USD_millions | derived: No tax addback needed starting from pretax. Formula: sum(base_2027q3_pretax, base_2027q3_sbc, base_2027q3_da, base_2027q3_finance_interest). |
| Excluded investment and other interest base_2027q3_ebitda_income_remove | 2027Q3 / base | 11.00 USD_millions | derived: No repeat of ERC or pre-acquisition claims recoveries. Formula: sum(base_2027q3_investment_income, base_2027q3_other_interest). |
| Adjusted EBITDA proxy base_2027q3_adj_ebitda | 2027Q3 / base | 15.00 USD_millions | derived: SBC, D&A and growth-financing interest removed under company definition. Formula: subtract(base_2027q3_ebitda_add, base_2027q3_ebitda_income_remove). |
| Income tax cash/expense allowance base_2027q3_cash_tax | 2027Q3 / base | 2.30 USD_millions | assumption: Desk assumption; not company guidance. |
| Net income proxy base_2027q3_net_income | 2027Q3 / base | -17.26 USD_millions | derived: Assumes cash tax approximates expense; no EPS share bridge. Formula: subtract(base_2027q3_pretax, base_2027q3_cash_tax). |
| Unearned premium cash inflow base_2027q3_unearned_inflow | 2027Q3 / base | 90.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Claims reserve cash inflow base_2027q3_claims_reserve_inflow | 2027Q3 / base | 12.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Unearned premium and claims reserve inflows base_2027q3_insurance_inflows | 2027Q3 / base | 102.00 USD_millions | derived: Insurance liabilities support cash but carry future obligations. Formula: sum(base_2027q3_unearned_inflow, base_2027q3_claims_reserve_inflow). |
| Premium receivable cash use base_2027q3_premium_receivables | 2027Q3 / base | 88.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Net reinsurance and other cash use base_2027q3_reinsurance_other | 2027Q3 / base | 12.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Premium receivables and reinsurance cash use base_2027q3_insurance_uses | 2027Q3 / base | 100.00 USD_millions | derived: Includes treaty deposits, funds withheld and commission timing. Formula: sum(base_2027q3_premium_receivables, base_2027q3_reinsurance_other). |
| Insurance working-capital inflow base_2027q3_insurance_wc | 2027Q3 / base | 2.00 USD_millions | derived: Does not treat insurance float as unrestricted parent capital. Formula: subtract(base_2027q3_insurance_inflows, base_2027q3_insurance_uses). |
| Noncash premium bad-debt allowance base_2027q3_bad_debt | 2027Q3 / base | 8.50 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating cash flow proxy base_2027q3_cfo | 2027Q3 / base | 24.84 USD_millions | derived: Financing interest remains cash cost; advances and principal excluded. Formula: sum(base_2027q3_net_income, base_2027q3_sbc, base_2027q3_da, base_2027q3_bad_debt, base_2027q3_insurance_wc). |
| Cash capex base_2027q3_capex | 2027Q3 / base | 7.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Unfinanced free cash flow base_2027q3_fcf | 2027Q3 / base | 17.84 USD_millions | derived: No debt proceeds included. Formula: subtract(base_2027q3_cfo, base_2027q3_capex). |
| New growth advances base_2027q3_growth_advances | 2027Q3 / base | 40.00 USD_millions | derived: Subject to contract eligibility and caps. Formula: sum(base_2027q3_gc_advance, base_2027q3_hannover_advance). |
| Growth principal repayments base_2027q3_growth_principal | 2027Q3 / base | 45.00 USD_millions | derived: Repays existing cohort obligations. Formula: sum(base_2027q3_gc_principal, base_2027q3_hannover_principal). |
| Net growth borrowing base_2027q3_net_growth_financing | 2027Q3 / base | -5.00 USD_millions | derived: Financing cash flow, not revenue or CFO. Formula: subtract(base_2027q3_growth_advances, base_2027q3_growth_principal). |
| Cash after net growth borrowing base_2027q3_cash_after_financing | 2027Q3 / base | 12.84 USD_millions | derived: Company-style adjusted FCF perimeter, with financing disclosed separately. Formula: sum(base_2027q3_fcf, base_2027q3_net_growth_financing). |
| Gross earned premium base_2027q4_gross_earned | 2027Q4 / base | 505.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Effective earned premium retention base_2027q4_retention | 2027Q4 / base | 78.9% ratio | assumption: Consolidated calibration including product/treaty timing and other reinsurance; not 82% mechanically from quota cession. |
| Net earned premium base_2027q4_net_premium | 2027Q4 / base | 398.33 USD_millions | derived: Base revenue calibrates to management outlook with explicit effective retention. Formula: multiply(base_2027q4_gross_earned, base_2027q4_retention). |
| Ceded earned premium base_2027q4_ceded_premium | 2027Q4 / base | 106.67 USD_millions | derived: Premium transferred to external reinsurers in the consolidated revenue model. Formula: subtract(base_2027q4_gross_earned, base_2027q4_net_premium). |
| Ceding commission / ceded premium base_2027q4_commission_rate | 2027Q4 / base | 25.0% ratio | assumption: Desk assumption; not company guidance. |
| Ceding commission income base_2027q4_ceding_commission | 2027Q4 / base | 26.67 USD_millions | derived: Desk blended commission rate, not a claim about each treaty. Formula: multiply(base_2027q4_ceded_premium, base_2027q4_commission_rate). |
| Investment income base_2027q4_investment_income | 2027Q4 / base | 10.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Commission and other income base_2027q4_other_revenue | 2027Q4 / base | 18.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Total revenue base_2027q4_revenue | 2027Q4 / base | 453.00 USD_millions | derived: IFP is not counted as revenue. Formula: sum(base_2027q4_net_premium, base_2027q4_ceding_commission, base_2027q4_investment_income, base_2027q4_other_revenue). |
| Attritional loss ratio base_2027q4_attritional_loss | 2027Q4 / base | 55.5% ratio | assumption: Desk assumption; not company guidance. |
| Catastrophe loss ratio base_2027q4_cat_loss | 2027Q4 / base | 3.0% ratio | assumption: Desk assumption; not company guidance. |
| Loss adjustment ratio base_2027q4_lae_ratio | 2027Q4 / base | 5.0% ratio | assumption: Desk assumption; not company guidance. |
| Prior-period development ratio base_2027q4_prior_development | 2027Q4 / base | 0.0% ratio | assumption: Desk assumption; not company guidance. |
| Gross loss ratio proxy base_2027q4_gross_loss_ratio | 2027Q4 / base | 63.5% ratio | derived: Does not extrapolate Q2 favorable development of seven points indefinitely. Formula: sum(base_2027q4_attritional_loss, base_2027q4_cat_loss, base_2027q4_lae_ratio, base_2027q4_prior_development). |
| Net reinsurance loss-ratio difference base_2027q4_net_reinsurance_basis | 2027Q4 / base | 1.0% ratio | assumption: Desk assumption; not company guidance. |
| Net loss ratio proxy base_2027q4_net_loss_ratio | 2027Q4 / base | 64.5% ratio | derived: Sensitivity for retention/coverage/mix; not a full catastrophe treaty waterfall. Formula: sum(base_2027q4_gross_loss_ratio, base_2027q4_net_reinsurance_basis). |
| Net losses and adjustment expense base_2027q4_claims | 2027Q4 / base | 256.93 USD_millions | derived: Loss ratio includes ordinary claims handling economics. Formula: multiply(base_2027q4_net_premium, base_2027q4_net_loss_ratio). |
| Other insurance expense / gross earned premium base_2027q4_insurance_cost_ratio | 2027Q4 / base | 8.0% ratio | assumption: Desk assumption; not company guidance. |
| Other insurance expense base_2027q4_other_insurance | 2027Q4 / base | 40.40 USD_millions | derived: Servicing and insurance infrastructure expense. Formula: multiply(base_2027q4_gross_earned, base_2027q4_insurance_cost_ratio). |
| D&A allocated to gross profit base_2027q4_gp_da | 2027Q4 / base | 0.75 USD_millions | assumption: Desk assumption; not company guidance. |
| Claims insurance cost and allocated D&A base_2027q4_gross_cost | 2027Q4 / base | 298.07 USD_millions | derived: Gross-profit presentation allocates part of D&A already within company departmental costs. Formula: sum(base_2027q4_claims, base_2027q4_other_insurance, base_2027q4_gp_da). |
| GAAP gross profit proxy base_2027q4_gross_profit | 2027Q4 / base | 154.93 USD_millions | derived: Allocated D&A is not deducted twice from pretax income. Formula: subtract(base_2027q4_revenue, base_2027q4_gross_cost). |
| General Catalyst new advances base_2027q4_gc_advance | 2027Q4 / base | 0.00 USD_millions | assumption: Desk assumption; not company guidance. |
| General Catalyst principal repayment base_2027q4_gc_principal | 2027Q4 / base | 30.00 USD_millions | assumption: Desk assumption; not company guidance. |
| GC opening plus advances base_2027q4_gc_available | 2027Q4 / base | 161.40 USD_millions | derived: Old cohorts remain outstanding after funding switches. Formula: sum(base_2027q3_gc_ending, base_2027q4_gc_advance). |
| General Catalyst ending borrowing base_2027q4_gc_ending | 2027Q4 / base | 131.40 USD_millions | derived: No debt extinguishment on January 2027 transition. Formula: subtract(base_2027q4_gc_available, base_2027q4_gc_principal). |
| Hannover new advances base_2027q4_hannover_advance | 2027Q4 / base | 40.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Hannover principal repayment base_2027q4_hannover_principal | 2027Q4 / base | 15.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Hannover opening plus advances base_2027q4_hannover_available | 2027Q4 / base | 145.00 USD_millions | derived: 2027 only; each quarter advance is below $60M monthly-cap equivalent. Formula: sum(base_2027q3_hannover_ending, base_2027q4_hannover_advance). |
| Hannover ending borrowing base_2027q4_hannover_ending | 2027Q4 / base | 130.00 USD_millions | derived: Every configured quarter stays at or below $150M 2027 cap. Formula: subtract(base_2027q4_hannover_available, base_2027q4_hannover_principal). |
| Opening plus closing gc balance base_2027q4_gc_balance_sum | 2027Q4 / base | 292.80 USD_millions | derived: Quarter average approximation. Formula: sum(base_2027q3_gc_ending, base_2027q4_gc_ending). |
| Average balance factor base_2027q4_gc_half | 2027Q4 / base | 50.0% ratio | assumption: Desk assumption; not company guidance. |
| Average gc borrowing base_2027q4_gc_average | 2027Q4 / base | 146.40 USD_millions | derived: Approximates intraquarter timing. Formula: multiply(base_2027q4_gc_balance_sum, base_2027q4_gc_half). |
| gc annual financing rate base_2027q4_gc_annual_rate | 2027Q4 / base | 16.0% ratio | assumption: GC 16% contractual target; Hannover assumes 4% Treasury reference plus 5.8%, not a quoted current Treasury rate. |
| Quarter fraction base_2027q4_gc_quarter | 2027Q4 / base | 25.0% ratio | assumption: Desk assumption; not company guidance. |
| gc interest base_2027q4_gc_interest | 2027Q4 / base | 5.86 USD_millions | derived: Cash interest approximation remains inside G&A and CFO. Formula: multiply(base_2027q4_gc_average, base_2027q4_gc_annual_rate, base_2027q4_gc_quarter). |
| Opening plus closing hannover balance base_2027q4_hannover_balance_sum | 2027Q4 / base | 235.00 USD_millions | derived: Quarter average approximation. Formula: sum(base_2027q3_hannover_ending, base_2027q4_hannover_ending). |
| Average balance factor base_2027q4_hannover_half | 2027Q4 / base | 50.0% ratio | assumption: Desk assumption; not company guidance. |
| Average hannover borrowing base_2027q4_hannover_average | 2027Q4 / base | 117.50 USD_millions | derived: Approximates intraquarter timing. Formula: multiply(base_2027q4_hannover_balance_sum, base_2027q4_hannover_half). |
| hannover annual financing rate base_2027q4_hannover_annual_rate | 2027Q4 / base | 9.8% ratio | assumption: GC 16% contractual target; Hannover assumes 4% Treasury reference plus 5.8%, not a quoted current Treasury rate. |
| Quarter fraction base_2027q4_hannover_quarter | 2027Q4 / base | 25.0% ratio | assumption: Desk assumption; not company guidance. |
| hannover interest base_2027q4_hannover_interest | 2027Q4 / base | 2.88 USD_millions | derived: Cash interest approximation remains inside G&A and CFO. Formula: multiply(base_2027q4_hannover_average, base_2027q4_hannover_annual_rate, base_2027q4_hannover_quarter). |
| Growth-financing interest base_2027q4_finance_interest | 2027Q4 / base | 8.73 USD_millions | derived: Old and new financing coexist. Formula: sum(base_2027q4_gc_interest, base_2027q4_hannover_interest). |
| Total SBC base_2027q4_sbc | 2027Q4 / base | 29.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Total depreciation and amortization base_2027q4_da | 2027Q4 / base | 3.80 USD_millions | assumption: Desk assumption; not company guidance. |
| Other interest income excluded from EBITDA base_2027q4_other_interest | 2027Q4 / base | 1.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Marketing technology and G&A excluding financing base_2027q4_ordinary_opex | 2027Q4 / base | 147.47 USD_millions | assumption: Combined GAAP cost budget including SBC and D&A. Base calibrated to adjusted EBITDA outlook; no undisclosed departmental split is asserted. |
| Marketing technology and G&A including interest base_2027q4_operating_expense | 2027Q4 / base | 156.21 USD_millions | derived: Growth financing is included once; total SBC/D&A already sit within GAAP cost budgets. Formula: sum(base_2027q4_ordinary_opex, base_2027q4_finance_interest). |
| Claims insurance and departmental expense base_2027q4_total_cost | 2027Q4 / base | 453.53 USD_millions | derived: Gross-profit allocated D&A is already in departmental cost; do not subtract again. Formula: sum(base_2027q4_claims, base_2027q4_other_insurance, base_2027q4_operating_expense). |
| GAAP pretax result base_2027q4_pretax | 2027Q4 / base | -0.53 USD_millions | derived: Investment/other income remain in revenue per company presentation. Formula: subtract(base_2027q4_revenue, base_2027q4_total_cost). |
| Pretax plus noncash and financing addbacks base_2027q4_ebitda_add | 2027Q4 / base | 41.00 USD_millions | derived: No tax addback needed starting from pretax. Formula: sum(base_2027q4_pretax, base_2027q4_sbc, base_2027q4_da, base_2027q4_finance_interest). |
| Excluded investment and other interest base_2027q4_ebitda_income_remove | 2027Q4 / base | 11.00 USD_millions | derived: No repeat of ERC or pre-acquisition claims recoveries. Formula: sum(base_2027q4_investment_income, base_2027q4_other_interest). |
| Adjusted EBITDA proxy base_2027q4_adj_ebitda | 2027Q4 / base | 30.00 USD_millions | derived: SBC, D&A and growth-financing interest removed under company definition. Formula: subtract(base_2027q4_ebitda_add, base_2027q4_ebitda_income_remove). |
| Income tax cash/expense allowance base_2027q4_cash_tax | 2027Q4 / base | 2.50 USD_millions | assumption: Desk assumption; not company guidance. |
| Net income proxy base_2027q4_net_income | 2027Q4 / base | -3.03 USD_millions | derived: Assumes cash tax approximates expense; no EPS share bridge. Formula: subtract(base_2027q4_pretax, base_2027q4_cash_tax). |
| Unearned premium cash inflow base_2027q4_unearned_inflow | 2027Q4 / base | 97.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Claims reserve cash inflow base_2027q4_claims_reserve_inflow | 2027Q4 / base | 13.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Unearned premium and claims reserve inflows base_2027q4_insurance_inflows | 2027Q4 / base | 110.00 USD_millions | derived: Insurance liabilities support cash but carry future obligations. Formula: sum(base_2027q4_unearned_inflow, base_2027q4_claims_reserve_inflow). |
| Premium receivable cash use base_2027q4_premium_receivables | 2027Q4 / base | 95.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Net reinsurance and other cash use base_2027q4_reinsurance_other | 2027Q4 / base | 13.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Premium receivables and reinsurance cash use base_2027q4_insurance_uses | 2027Q4 / base | 108.00 USD_millions | derived: Includes treaty deposits, funds withheld and commission timing. Formula: sum(base_2027q4_premium_receivables, base_2027q4_reinsurance_other). |
| Insurance working-capital inflow base_2027q4_insurance_wc | 2027Q4 / base | 2.00 USD_millions | derived: Does not treat insurance float as unrestricted parent capital. Formula: subtract(base_2027q4_insurance_inflows, base_2027q4_insurance_uses). |
| Noncash premium bad-debt allowance base_2027q4_bad_debt | 2027Q4 / base | 9.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating cash flow proxy base_2027q4_cfo | 2027Q4 / base | 40.77 USD_millions | derived: Financing interest remains cash cost; advances and principal excluded. Formula: sum(base_2027q4_net_income, base_2027q4_sbc, base_2027q4_da, base_2027q4_bad_debt, base_2027q4_insurance_wc). |
| Cash capex base_2027q4_capex | 2027Q4 / base | 7.50 USD_millions | assumption: Desk assumption; not company guidance. |
| Unfinanced free cash flow base_2027q4_fcf | 2027Q4 / base | 33.27 USD_millions | derived: No debt proceeds included. Formula: subtract(base_2027q4_cfo, base_2027q4_capex). |
| New growth advances base_2027q4_growth_advances | 2027Q4 / base | 40.00 USD_millions | derived: Subject to contract eligibility and caps. Formula: sum(base_2027q4_gc_advance, base_2027q4_hannover_advance). |
| Growth principal repayments base_2027q4_growth_principal | 2027Q4 / base | 45.00 USD_millions | derived: Repays existing cohort obligations. Formula: sum(base_2027q4_gc_principal, base_2027q4_hannover_principal). |
| Net growth borrowing base_2027q4_net_growth_financing | 2027Q4 / base | -5.00 USD_millions | derived: Financing cash flow, not revenue or CFO. Formula: subtract(base_2027q4_growth_advances, base_2027q4_growth_principal). |
| Cash after net growth borrowing base_2027q4_cash_after_financing | 2027Q4 / base | 28.27 USD_millions | derived: Company-style adjusted FCF perimeter, with financing disclosed separately. Formula: sum(base_2027q4_fcf, base_2027q4_net_growth_financing). |
| Total revenue ($M) base_fy2026_revenue | FY2026 / base | 1,217.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, base_2026q3_revenue, base_2026q4_revenue). |
| Gross earned premium ($M) base_fy2026_gross_earned | FY2026 / base | 1,376.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_gross_earned, base_2026q3_gross_earned, base_2026q4_gross_earned). |
| Net earned premium ($M) base_fy2026_net_premium | FY2026 / base | 1,042.27 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_net_premium, base_2026q3_net_premium, base_2026q4_net_premium). |
| Net loss and adjustment expense ($M) base_fy2026_claims | FY2026 / base | 665.61 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_claims, base_2026q3_claims, base_2026q4_claims). |
| GAAP gross profit proxy ($M) base_fy2026_gross_profit | FY2026 / base | 439.55 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_gross_profit, base_2026q3_gross_profit, base_2026q4_gross_profit). |
| GAAP pretax income proxy ($M) base_fy2026_pretax | FY2026 / base | -141.51 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_pretax, base_2026q3_pretax, base_2026q4_pretax). |
| Adjusted EBITDA proxy ($M) base_fy2026_adj_ebitda | FY2026 / base | -49.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_adj_ebitda, base_2026q3_adj_ebitda, base_2026q4_adj_ebitda). |
| Operating cash flow proxy ($M) base_fy2026_cfo | FY2026 / base | 0.29 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, base_2026q3_cfo, base_2026q4_cfo). |
| Cash capital expenditure ($M) base_fy2026_capex | FY2026 / base | 18.60 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, base_2026q3_capex, base_2026q4_capex). |
| Unfinanced CFO less capex ($M) base_fy2026_fcf | FY2026 / base | -18.31 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_fcf, base_2026q3_fcf, base_2026q4_fcf). |
| Growth advances less principal repayments ($M) base_fy2026_net_growth_financing | FY2026 / base | 103.30 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_net_growth_financing, base_2026q3_net_growth_financing, base_2026q4_net_growth_financing). |
| Cash after net growth borrowing ($M) base_fy2026_cash_after_financing | FY2026 / base | 84.99 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_financing, base_2026q3_cash_after_financing, base_2026q4_cash_after_financing). |
| Total revenue ($M) base_fy2027_revenue | FY2027 / base | 1,625.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_revenue, base_2027q2_revenue, base_2027q3_revenue, base_2027q4_revenue). |
| Gross earned premium ($M) base_fy2027_gross_earned | FY2027 / base | 1,815.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_gross_earned, base_2027q2_gross_earned, base_2027q3_gross_earned, base_2027q4_gross_earned). |
| Net earned premium ($M) base_fy2027_net_premium | FY2027 / base | 1,420.33 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_net_premium, base_2027q2_net_premium, base_2027q3_net_premium, base_2027q4_net_premium). |
| Net loss and adjustment expense ($M) base_fy2027_claims | FY2027 / base | 931.45 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_claims, base_2027q2_claims, base_2027q3_claims, base_2027q4_claims). |
| GAAP gross profit proxy ($M) base_fy2027_gross_profit | FY2027 / base | 545.65 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_gross_profit, base_2027q2_gross_profit, base_2027q3_gross_profit, base_2027q4_gross_profit). |
| GAAP pretax income proxy ($M) base_fy2027_pretax | FY2027 / base | -83.41 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_pretax, base_2027q2_pretax, base_2027q3_pretax, base_2027q4_pretax). |
| Adjusted EBITDA proxy ($M) base_fy2027_adj_ebitda | FY2027 / base | 35.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_adj_ebitda, base_2027q2_adj_ebitda, base_2027q3_adj_ebitda, base_2027q4_adj_ebitda). |
| Operating cash flow proxy ($M) base_fy2027_cfo | FY2027 / base | 72.79 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_cfo, base_2027q2_cfo, base_2027q3_cfo, base_2027q4_cfo). |
| Cash capital expenditure ($M) base_fy2027_capex | FY2027 / base | 27.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_capex, base_2027q2_capex, base_2027q3_capex, base_2027q4_capex). |
| Unfinanced CFO less capex ($M) base_fy2027_fcf | FY2027 / base | 45.79 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_fcf, base_2027q2_fcf, base_2027q3_fcf, base_2027q4_fcf). |
| Growth advances less principal repayments ($M) base_fy2027_net_growth_financing | FY2027 / base | 0.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_net_growth_financing, base_2027q2_net_growth_financing, base_2027q3_net_growth_financing, base_2027q4_net_growth_financing). |
| Cash after net growth borrowing ($M) base_fy2027_cash_after_financing | FY2027 / base | 45.79 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_cash_after_financing, base_2027q2_cash_after_financing, base_2027q3_cash_after_financing, base_2027q4_cash_after_financing). |
| Gross earned premium upside_2026q3_gross_earned | 2026Q3 / upside | 364.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Effective earned premium retention upside_2026q3_retention | 2026Q3 / upside | 80.6% ratio | assumption: Consolidated calibration including product/treaty timing and other reinsurance; not 82% mechanically from quota cession. |
| Net earned premium upside_2026q3_net_premium | 2026Q3 / upside | 293.33 USD_millions | derived: Base revenue calibrates to management outlook with explicit effective retention. Formula: multiply(upside_2026q3_gross_earned, upside_2026q3_retention). |
| Ceded earned premium upside_2026q3_ceded_premium | 2026Q3 / upside | 70.67 USD_millions | derived: Premium transferred to external reinsurers in the consolidated revenue model. Formula: subtract(upside_2026q3_gross_earned, upside_2026q3_net_premium). |
| Ceding commission / ceded premium upside_2026q3_commission_rate | 2026Q3 / upside | 25.0% ratio | assumption: Desk assumption; not company guidance. |
| Ceding commission income upside_2026q3_ceding_commission | 2026Q3 / upside | 17.67 USD_millions | derived: Desk blended commission rate, not a claim about each treaty. Formula: multiply(upside_2026q3_ceded_premium, upside_2026q3_commission_rate). |
| Investment income upside_2026q3_investment_income | 2026Q3 / upside | 10.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Commission and other income upside_2026q3_other_revenue | 2026Q3 / upside | 13.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Total revenue upside_2026q3_revenue | 2026Q3 / upside | 334.00 USD_millions | derived: IFP is not counted as revenue. Formula: sum(upside_2026q3_net_premium, upside_2026q3_ceding_commission, upside_2026q3_investment_income, upside_2026q3_other_revenue). |
| Attritional loss ratio upside_2026q3_attritional_loss | 2026Q3 / upside | 57.0% ratio | assumption: Desk assumption; not company guidance. |
| Catastrophe loss ratio upside_2026q3_cat_loss | 2026Q3 / upside | 2.0% ratio | assumption: Desk assumption; not company guidance. |
| Loss adjustment ratio upside_2026q3_lae_ratio | 2026Q3 / upside | 5.0% ratio | assumption: Desk assumption; not company guidance. |
| Prior-period development ratio upside_2026q3_prior_development | 2026Q3 / upside | -2.0% ratio | assumption: Desk assumption; not company guidance. |
| Gross loss ratio proxy upside_2026q3_gross_loss_ratio | 2026Q3 / upside | 62.0% ratio | derived: Does not extrapolate Q2 favorable development of seven points indefinitely. Formula: sum(upside_2026q3_attritional_loss, upside_2026q3_cat_loss, upside_2026q3_lae_ratio, upside_2026q3_prior_development). |
| Net reinsurance loss-ratio difference upside_2026q3_net_reinsurance_basis | 2026Q3 / upside | 0.0% ratio | assumption: Desk assumption; not company guidance. |
| Net loss ratio proxy upside_2026q3_net_loss_ratio | 2026Q3 / upside | 62.0% ratio | derived: Sensitivity for retention/coverage/mix; not a full catastrophe treaty waterfall. Formula: sum(upside_2026q3_gross_loss_ratio, upside_2026q3_net_reinsurance_basis). |
| Net losses and adjustment expense upside_2026q3_claims | 2026Q3 / upside | 181.87 USD_millions | derived: Loss ratio includes ordinary claims handling economics. Formula: multiply(upside_2026q3_net_premium, upside_2026q3_net_loss_ratio). |
| Other insurance expense / gross earned premium upside_2026q3_insurance_cost_ratio | 2026Q3 / upside | 8.0% ratio | assumption: Desk assumption; not company guidance. |
| Other insurance expense upside_2026q3_other_insurance | 2026Q3 / upside | 29.12 USD_millions | derived: Servicing and insurance infrastructure expense. Formula: multiply(upside_2026q3_gross_earned, upside_2026q3_insurance_cost_ratio). |
| D&A allocated to gross profit upside_2026q3_gp_da | 2026Q3 / upside | 0.50 USD_millions | assumption: Desk assumption; not company guidance. |
| Claims insurance cost and allocated D&A upside_2026q3_gross_cost | 2026Q3 / upside | 211.49 USD_millions | derived: Gross-profit presentation allocates part of D&A already within company departmental costs. Formula: sum(upside_2026q3_claims, upside_2026q3_other_insurance, upside_2026q3_gp_da). |
| GAAP gross profit proxy upside_2026q3_gross_profit | 2026Q3 / upside | 122.51 USD_millions | derived: Allocated D&A is not deducted twice from pretax income. Formula: subtract(upside_2026q3_revenue, upside_2026q3_gross_cost). |
| General Catalyst new advances upside_2026q3_gc_advance | 2026Q3 / upside | 55.00 USD_millions | assumption: Desk assumption; not company guidance. |
| General Catalyst principal repayment upside_2026q3_gc_principal | 2026Q3 / upside | 25.00 USD_millions | assumption: Desk assumption; not company guidance. |
| GC opening plus advances upside_2026q3_gc_available | 2026Q3 / upside | 261.40 USD_millions | derived: Old cohorts remain outstanding after funding switches. Formula: sum(gc_opening, upside_2026q3_gc_advance). |
| General Catalyst ending borrowing upside_2026q3_gc_ending | 2026Q3 / upside | 236.40 USD_millions | derived: No debt extinguishment on January 2027 transition. Formula: subtract(upside_2026q3_gc_available, upside_2026q3_gc_principal). |
| Hannover new advances upside_2026q3_hannover_advance | 2026Q3 / upside | 0.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Hannover principal repayment upside_2026q3_hannover_principal | 2026Q3 / upside | 0.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Hannover opening plus advances upside_2026q3_hannover_available | 2026Q3 / upside | 0.00 USD_millions | derived: 2027 only; each quarter advance is below $60M monthly-cap equivalent. Formula: sum(hannover_opening, upside_2026q3_hannover_advance). |
| Hannover ending borrowing upside_2026q3_hannover_ending | 2026Q3 / upside | 0.00 USD_millions | derived: Every configured quarter stays at or below $150M 2027 cap. Formula: subtract(upside_2026q3_hannover_available, upside_2026q3_hannover_principal). |
| Opening plus closing gc balance upside_2026q3_gc_balance_sum | 2026Q3 / upside | 442.80 USD_millions | derived: Quarter average approximation. Formula: sum(gc_opening, upside_2026q3_gc_ending). |
| Average balance factor upside_2026q3_gc_half | 2026Q3 / upside | 50.0% ratio | assumption: Desk assumption; not company guidance. |
| Average gc borrowing upside_2026q3_gc_average | 2026Q3 / upside | 221.40 USD_millions | derived: Approximates intraquarter timing. Formula: multiply(upside_2026q3_gc_balance_sum, upside_2026q3_gc_half). |
| gc annual financing rate upside_2026q3_gc_annual_rate | 2026Q3 / upside | 16.0% ratio | assumption: GC 16% contractual target; Hannover assumes 4% Treasury reference plus 5.8%, not a quoted current Treasury rate. |
| Quarter fraction upside_2026q3_gc_quarter | 2026Q3 / upside | 25.0% ratio | assumption: Desk assumption; not company guidance. |
| gc interest upside_2026q3_gc_interest | 2026Q3 / upside | 8.86 USD_millions | derived: Cash interest approximation remains inside G&A and CFO. Formula: multiply(upside_2026q3_gc_average, upside_2026q3_gc_annual_rate, upside_2026q3_gc_quarter). |
| Opening plus closing hannover balance upside_2026q3_hannover_balance_sum | 2026Q3 / upside | 0.00 USD_millions | derived: Quarter average approximation. Formula: sum(hannover_opening, upside_2026q3_hannover_ending). |
| Average balance factor upside_2026q3_hannover_half | 2026Q3 / upside | 50.0% ratio | assumption: Desk assumption; not company guidance. |
| Average hannover borrowing upside_2026q3_hannover_average | 2026Q3 / upside | 0.00 USD_millions | derived: Approximates intraquarter timing. Formula: multiply(upside_2026q3_hannover_balance_sum, upside_2026q3_hannover_half). |
| hannover annual financing rate upside_2026q3_hannover_annual_rate | 2026Q3 / upside | 9.8% ratio | assumption: GC 16% contractual target; Hannover assumes 4% Treasury reference plus 5.8%, not a quoted current Treasury rate. |
| Quarter fraction upside_2026q3_hannover_quarter | 2026Q3 / upside | 25.0% ratio | assumption: Desk assumption; not company guidance. |
| hannover interest upside_2026q3_hannover_interest | 2026Q3 / upside | 0.00 USD_millions | derived: Cash interest approximation remains inside G&A and CFO. Formula: multiply(upside_2026q3_hannover_average, upside_2026q3_hannover_annual_rate, upside_2026q3_hannover_quarter). |
| Growth-financing interest upside_2026q3_finance_interest | 2026Q3 / upside | 8.86 USD_millions | derived: Old and new financing coexist. Formula: sum(upside_2026q3_gc_interest, upside_2026q3_hannover_interest). |
| Total SBC upside_2026q3_sbc | 2026Q3 / upside | 24.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Total depreciation and amortization upside_2026q3_da | 2026Q3 / upside | 2.80 USD_millions | assumption: Desk assumption; not company guidance. |
| Other interest income excluded from EBITDA upside_2026q3_other_interest | 2026Q3 / upside | 1.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Marketing technology and G&A excluding financing upside_2026q3_ordinary_opex | 2026Q3 / upside | 157.00 USD_millions | assumption: Combined GAAP cost budget including SBC and D&A. Base calibrated to adjusted EBITDA outlook; no undisclosed departmental split is asserted. |
| Marketing technology and G&A including interest upside_2026q3_operating_expense | 2026Q3 / upside | 165.86 USD_millions | derived: Growth financing is included once; total SBC/D&A already sit within GAAP cost budgets. Formula: sum(upside_2026q3_ordinary_opex, upside_2026q3_finance_interest). |
| Claims insurance and departmental expense upside_2026q3_total_cost | 2026Q3 / upside | 376.84 USD_millions | derived: Gross-profit allocated D&A is already in departmental cost; do not subtract again. Formula: sum(upside_2026q3_claims, upside_2026q3_other_insurance, upside_2026q3_operating_expense). |
| GAAP pretax result upside_2026q3_pretax | 2026Q3 / upside | -42.84 USD_millions | derived: Investment/other income remain in revenue per company presentation. Formula: subtract(upside_2026q3_revenue, upside_2026q3_total_cost). |
| Pretax plus noncash and financing addbacks upside_2026q3_ebitda_add | 2026Q3 / upside | -7.19 USD_millions | derived: No tax addback needed starting from pretax. Formula: sum(upside_2026q3_pretax, upside_2026q3_sbc, upside_2026q3_da, upside_2026q3_finance_interest). |
| Excluded investment and other interest upside_2026q3_ebitda_income_remove | 2026Q3 / upside | 11.00 USD_millions | derived: No repeat of ERC or pre-acquisition claims recoveries. Formula: sum(upside_2026q3_investment_income, upside_2026q3_other_interest). |
| Adjusted EBITDA proxy upside_2026q3_adj_ebitda | 2026Q3 / upside | -18.19 USD_millions | derived: SBC, D&A and growth-financing interest removed under company definition. Formula: subtract(upside_2026q3_ebitda_add, upside_2026q3_ebitda_income_remove). |
| Income tax cash/expense allowance upside_2026q3_cash_tax | 2026Q3 / upside | 1.50 USD_millions | assumption: Desk assumption; not company guidance. |
| Net income proxy upside_2026q3_net_income | 2026Q3 / upside | -44.34 USD_millions | derived: Assumes cash tax approximates expense; no EPS share bridge. Formula: subtract(upside_2026q3_pretax, upside_2026q3_cash_tax). |
| Unearned premium cash inflow upside_2026q3_unearned_inflow | 2026Q3 / upside | 62.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Claims reserve cash inflow upside_2026q3_claims_reserve_inflow | 2026Q3 / upside | 8.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Unearned premium and claims reserve inflows upside_2026q3_insurance_inflows | 2026Q3 / upside | 70.00 USD_millions | derived: Insurance liabilities support cash but carry future obligations. Formula: sum(upside_2026q3_unearned_inflow, upside_2026q3_claims_reserve_inflow). |
| Premium receivable cash use upside_2026q3_premium_receivables | 2026Q3 / upside | 60.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Net reinsurance and other cash use upside_2026q3_reinsurance_other | 2026Q3 / upside | 8.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Premium receivables and reinsurance cash use upside_2026q3_insurance_uses | 2026Q3 / upside | 68.00 USD_millions | derived: Includes treaty deposits, funds withheld and commission timing. Formula: sum(upside_2026q3_premium_receivables, upside_2026q3_reinsurance_other). |
| Insurance working-capital inflow upside_2026q3_insurance_wc | 2026Q3 / upside | 2.00 USD_millions | derived: Does not treat insurance float as unrestricted parent capital. Formula: subtract(upside_2026q3_insurance_inflows, upside_2026q3_insurance_uses). |
| Noncash premium bad-debt allowance upside_2026q3_bad_debt | 2026Q3 / upside | 6.50 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating cash flow proxy upside_2026q3_cfo | 2026Q3 / upside | -9.04 USD_millions | derived: Financing interest remains cash cost; advances and principal excluded. Formula: sum(upside_2026q3_net_income, upside_2026q3_sbc, upside_2026q3_da, upside_2026q3_bad_debt, upside_2026q3_insurance_wc). |
| Cash capex upside_2026q3_capex | 2026Q3 / upside | 5.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Unfinanced free cash flow upside_2026q3_fcf | 2026Q3 / upside | -14.04 USD_millions | derived: No debt proceeds included. Formula: subtract(upside_2026q3_cfo, upside_2026q3_capex). |
| New growth advances upside_2026q3_growth_advances | 2026Q3 / upside | 55.00 USD_millions | derived: Subject to contract eligibility and caps. Formula: sum(upside_2026q3_gc_advance, upside_2026q3_hannover_advance). |
| Growth principal repayments upside_2026q3_growth_principal | 2026Q3 / upside | 25.00 USD_millions | derived: Repays existing cohort obligations. Formula: sum(upside_2026q3_gc_principal, upside_2026q3_hannover_principal). |
| Net growth borrowing upside_2026q3_net_growth_financing | 2026Q3 / upside | 30.00 USD_millions | derived: Financing cash flow, not revenue or CFO. Formula: subtract(upside_2026q3_growth_advances, upside_2026q3_growth_principal). |
| Cash after net growth borrowing upside_2026q3_cash_after_financing | 2026Q3 / upside | 15.96 USD_millions | derived: Company-style adjusted FCF perimeter, with financing disclosed separately. Formula: sum(upside_2026q3_fcf, upside_2026q3_net_growth_financing). |
| Gross earned premium upside_2026q4_gross_earned | 2026Q4 / upside | 394.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Effective earned premium retention upside_2026q4_retention | 2026Q4 / upside | 79.4% ratio | assumption: Consolidated calibration including product/treaty timing and other reinsurance; not 82% mechanically from quota cession. |
| Net earned premium upside_2026q4_net_premium | 2026Q4 / upside | 312.67 USD_millions | derived: Base revenue calibrates to management outlook with explicit effective retention. Formula: multiply(upside_2026q4_gross_earned, upside_2026q4_retention). |
| Ceded earned premium upside_2026q4_ceded_premium | 2026Q4 / upside | 81.33 USD_millions | derived: Premium transferred to external reinsurers in the consolidated revenue model. Formula: subtract(upside_2026q4_gross_earned, upside_2026q4_net_premium). |
| Ceding commission / ceded premium upside_2026q4_commission_rate | 2026Q4 / upside | 25.0% ratio | assumption: Desk assumption; not company guidance. |
| Ceding commission income upside_2026q4_ceding_commission | 2026Q4 / upside | 20.33 USD_millions | derived: Desk blended commission rate, not a claim about each treaty. Formula: multiply(upside_2026q4_ceded_premium, upside_2026q4_commission_rate). |
| Investment income upside_2026q4_investment_income | 2026Q4 / upside | 10.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Commission and other income upside_2026q4_other_revenue | 2026Q4 / upside | 14.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Total revenue upside_2026q4_revenue | 2026Q4 / upside | 357.00 USD_millions | derived: IFP is not counted as revenue. Formula: sum(upside_2026q4_net_premium, upside_2026q4_ceding_commission, upside_2026q4_investment_income, upside_2026q4_other_revenue). |
| Attritional loss ratio upside_2026q4_attritional_loss | 2026Q4 / upside | 56.0% ratio | assumption: Desk assumption; not company guidance. |
| Catastrophe loss ratio upside_2026q4_cat_loss | 2026Q4 / upside | 2.0% ratio | assumption: Desk assumption; not company guidance. |
| Loss adjustment ratio upside_2026q4_lae_ratio | 2026Q4 / upside | 5.0% ratio | assumption: Desk assumption; not company guidance. |
| Prior-period development ratio upside_2026q4_prior_development | 2026Q4 / upside | -1.5% ratio | assumption: Desk assumption; not company guidance. |
| Gross loss ratio proxy upside_2026q4_gross_loss_ratio | 2026Q4 / upside | 61.5% ratio | derived: Does not extrapolate Q2 favorable development of seven points indefinitely. Formula: sum(upside_2026q4_attritional_loss, upside_2026q4_cat_loss, upside_2026q4_lae_ratio, upside_2026q4_prior_development). |
| Net reinsurance loss-ratio difference upside_2026q4_net_reinsurance_basis | 2026Q4 / upside | 0.0% ratio | assumption: Desk assumption; not company guidance. |
| Net loss ratio proxy upside_2026q4_net_loss_ratio | 2026Q4 / upside | 61.5% ratio | derived: Sensitivity for retention/coverage/mix; not a full catastrophe treaty waterfall. Formula: sum(upside_2026q4_gross_loss_ratio, upside_2026q4_net_reinsurance_basis). |
| Net losses and adjustment expense upside_2026q4_claims | 2026Q4 / upside | 192.29 USD_millions | derived: Loss ratio includes ordinary claims handling economics. Formula: multiply(upside_2026q4_net_premium, upside_2026q4_net_loss_ratio). |
| Other insurance expense / gross earned premium upside_2026q4_insurance_cost_ratio | 2026Q4 / upside | 8.0% ratio | assumption: Desk assumption; not company guidance. |
| Other insurance expense upside_2026q4_other_insurance | 2026Q4 / upside | 31.52 USD_millions | derived: Servicing and insurance infrastructure expense. Formula: multiply(upside_2026q4_gross_earned, upside_2026q4_insurance_cost_ratio). |
| D&A allocated to gross profit upside_2026q4_gp_da | 2026Q4 / upside | 0.55 USD_millions | assumption: Desk assumption; not company guidance. |
| Claims insurance cost and allocated D&A upside_2026q4_gross_cost | 2026Q4 / upside | 224.36 USD_millions | derived: Gross-profit presentation allocates part of D&A already within company departmental costs. Formula: sum(upside_2026q4_claims, upside_2026q4_other_insurance, upside_2026q4_gp_da). |
| GAAP gross profit proxy upside_2026q4_gross_profit | 2026Q4 / upside | 132.64 USD_millions | derived: Allocated D&A is not deducted twice from pretax income. Formula: subtract(upside_2026q4_revenue, upside_2026q4_gross_cost). |
| General Catalyst new advances upside_2026q4_gc_advance | 2026Q4 / upside | 55.00 USD_millions | assumption: Desk assumption; not company guidance. |
| General Catalyst principal repayment upside_2026q4_gc_principal | 2026Q4 / upside | 30.00 USD_millions | assumption: Desk assumption; not company guidance. |
| GC opening plus advances upside_2026q4_gc_available | 2026Q4 / upside | 291.40 USD_millions | derived: Old cohorts remain outstanding after funding switches. Formula: sum(upside_2026q3_gc_ending, upside_2026q4_gc_advance). |
| General Catalyst ending borrowing upside_2026q4_gc_ending | 2026Q4 / upside | 261.40 USD_millions | derived: No debt extinguishment on January 2027 transition. Formula: subtract(upside_2026q4_gc_available, upside_2026q4_gc_principal). |
| Hannover new advances upside_2026q4_hannover_advance | 2026Q4 / upside | 0.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Hannover principal repayment upside_2026q4_hannover_principal | 2026Q4 / upside | 0.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Hannover opening plus advances upside_2026q4_hannover_available | 2026Q4 / upside | 0.00 USD_millions | derived: 2027 only; each quarter advance is below $60M monthly-cap equivalent. Formula: sum(upside_2026q3_hannover_ending, upside_2026q4_hannover_advance). |
| Hannover ending borrowing upside_2026q4_hannover_ending | 2026Q4 / upside | 0.00 USD_millions | derived: Every configured quarter stays at or below $150M 2027 cap. Formula: subtract(upside_2026q4_hannover_available, upside_2026q4_hannover_principal). |
| Opening plus closing gc balance upside_2026q4_gc_balance_sum | 2026Q4 / upside | 497.80 USD_millions | derived: Quarter average approximation. Formula: sum(upside_2026q3_gc_ending, upside_2026q4_gc_ending). |
| Average balance factor upside_2026q4_gc_half | 2026Q4 / upside | 50.0% ratio | assumption: Desk assumption; not company guidance. |
| Average gc borrowing upside_2026q4_gc_average | 2026Q4 / upside | 248.90 USD_millions | derived: Approximates intraquarter timing. Formula: multiply(upside_2026q4_gc_balance_sum, upside_2026q4_gc_half). |
| gc annual financing rate upside_2026q4_gc_annual_rate | 2026Q4 / upside | 16.0% ratio | assumption: GC 16% contractual target; Hannover assumes 4% Treasury reference plus 5.8%, not a quoted current Treasury rate. |
| Quarter fraction upside_2026q4_gc_quarter | 2026Q4 / upside | 25.0% ratio | assumption: Desk assumption; not company guidance. |
| gc interest upside_2026q4_gc_interest | 2026Q4 / upside | 9.96 USD_millions | derived: Cash interest approximation remains inside G&A and CFO. Formula: multiply(upside_2026q4_gc_average, upside_2026q4_gc_annual_rate, upside_2026q4_gc_quarter). |
| Opening plus closing hannover balance upside_2026q4_hannover_balance_sum | 2026Q4 / upside | 0.00 USD_millions | derived: Quarter average approximation. Formula: sum(upside_2026q3_hannover_ending, upside_2026q4_hannover_ending). |
| Average balance factor upside_2026q4_hannover_half | 2026Q4 / upside | 50.0% ratio | assumption: Desk assumption; not company guidance. |
| Average hannover borrowing upside_2026q4_hannover_average | 2026Q4 / upside | 0.00 USD_millions | derived: Approximates intraquarter timing. Formula: multiply(upside_2026q4_hannover_balance_sum, upside_2026q4_hannover_half). |
| hannover annual financing rate upside_2026q4_hannover_annual_rate | 2026Q4 / upside | 9.8% ratio | assumption: GC 16% contractual target; Hannover assumes 4% Treasury reference plus 5.8%, not a quoted current Treasury rate. |
| Quarter fraction upside_2026q4_hannover_quarter | 2026Q4 / upside | 25.0% ratio | assumption: Desk assumption; not company guidance. |
| hannover interest upside_2026q4_hannover_interest | 2026Q4 / upside | 0.00 USD_millions | derived: Cash interest approximation remains inside G&A and CFO. Formula: multiply(upside_2026q4_hannover_average, upside_2026q4_hannover_annual_rate, upside_2026q4_hannover_quarter). |
| Growth-financing interest upside_2026q4_finance_interest | 2026Q4 / upside | 9.96 USD_millions | derived: Old and new financing coexist. Formula: sum(upside_2026q4_gc_interest, upside_2026q4_hannover_interest). |
| Total SBC upside_2026q4_sbc | 2026Q4 / upside | 25.30 USD_millions | assumption: Desk assumption; not company guidance. |
| Total depreciation and amortization upside_2026q4_da | 2026Q4 / upside | 3.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Other interest income excluded from EBITDA upside_2026q4_other_interest | 2026Q4 / upside | 1.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Marketing technology and G&A excluding financing upside_2026q4_ordinary_opex | 2026Q4 / upside | 161.00 USD_millions | assumption: Combined GAAP cost budget including SBC and D&A. Base calibrated to adjusted EBITDA outlook; no undisclosed departmental split is asserted. |
| Marketing technology and G&A including interest upside_2026q4_operating_expense | 2026Q4 / upside | 170.96 USD_millions | derived: Growth financing is included once; total SBC/D&A already sit within GAAP cost budgets. Formula: sum(upside_2026q4_ordinary_opex, upside_2026q4_finance_interest). |
| Claims insurance and departmental expense upside_2026q4_total_cost | 2026Q4 / upside | 394.77 USD_millions | derived: Gross-profit allocated D&A is already in departmental cost; do not subtract again. Formula: sum(upside_2026q4_claims, upside_2026q4_other_insurance, upside_2026q4_operating_expense). |
| GAAP pretax result upside_2026q4_pretax | 2026Q4 / upside | -37.77 USD_millions | derived: Investment/other income remain in revenue per company presentation. Formula: subtract(upside_2026q4_revenue, upside_2026q4_total_cost). |
| Pretax plus noncash and financing addbacks upside_2026q4_ebitda_add | 2026Q4 / upside | 0.49 USD_millions | derived: No tax addback needed starting from pretax. Formula: sum(upside_2026q4_pretax, upside_2026q4_sbc, upside_2026q4_da, upside_2026q4_finance_interest). |
| Excluded investment and other interest upside_2026q4_ebitda_income_remove | 2026Q4 / upside | 11.00 USD_millions | derived: No repeat of ERC or pre-acquisition claims recoveries. Formula: sum(upside_2026q4_investment_income, upside_2026q4_other_interest). |
| Adjusted EBITDA proxy upside_2026q4_adj_ebitda | 2026Q4 / upside | -10.51 USD_millions | derived: SBC, D&A and growth-financing interest removed under company definition. Formula: subtract(upside_2026q4_ebitda_add, upside_2026q4_ebitda_income_remove). |
| Income tax cash/expense allowance upside_2026q4_cash_tax | 2026Q4 / upside | 1.70 USD_millions | assumption: Desk assumption; not company guidance. |
| Net income proxy upside_2026q4_net_income | 2026Q4 / upside | -39.47 USD_millions | derived: Assumes cash tax approximates expense; no EPS share bridge. Formula: subtract(upside_2026q4_pretax, upside_2026q4_cash_tax). |
| Unearned premium cash inflow upside_2026q4_unearned_inflow | 2026Q4 / upside | 69.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Claims reserve cash inflow upside_2026q4_claims_reserve_inflow | 2026Q4 / upside | 9.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Unearned premium and claims reserve inflows upside_2026q4_insurance_inflows | 2026Q4 / upside | 78.00 USD_millions | derived: Insurance liabilities support cash but carry future obligations. Formula: sum(upside_2026q4_unearned_inflow, upside_2026q4_claims_reserve_inflow). |
| Premium receivable cash use upside_2026q4_premium_receivables | 2026Q4 / upside | 67.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Net reinsurance and other cash use upside_2026q4_reinsurance_other | 2026Q4 / upside | 9.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Premium receivables and reinsurance cash use upside_2026q4_insurance_uses | 2026Q4 / upside | 76.00 USD_millions | derived: Includes treaty deposits, funds withheld and commission timing. Formula: sum(upside_2026q4_premium_receivables, upside_2026q4_reinsurance_other). |
| Insurance working-capital inflow upside_2026q4_insurance_wc | 2026Q4 / upside | 2.00 USD_millions | derived: Does not treat insurance float as unrestricted parent capital. Formula: subtract(upside_2026q4_insurance_inflows, upside_2026q4_insurance_uses). |
| Noncash premium bad-debt allowance upside_2026q4_bad_debt | 2026Q4 / upside | 7.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating cash flow proxy upside_2026q4_cfo | 2026Q4 / upside | -2.17 USD_millions | derived: Financing interest remains cash cost; advances and principal excluded. Formula: sum(upside_2026q4_net_income, upside_2026q4_sbc, upside_2026q4_da, upside_2026q4_bad_debt, upside_2026q4_insurance_wc). |
| Cash capex upside_2026q4_capex | 2026Q4 / upside | 5.50 USD_millions | assumption: Desk assumption; not company guidance. |
| Unfinanced free cash flow upside_2026q4_fcf | 2026Q4 / upside | -7.67 USD_millions | derived: No debt proceeds included. Formula: subtract(upside_2026q4_cfo, upside_2026q4_capex). |
| New growth advances upside_2026q4_growth_advances | 2026Q4 / upside | 55.00 USD_millions | derived: Subject to contract eligibility and caps. Formula: sum(upside_2026q4_gc_advance, upside_2026q4_hannover_advance). |
| Growth principal repayments upside_2026q4_growth_principal | 2026Q4 / upside | 30.00 USD_millions | derived: Repays existing cohort obligations. Formula: sum(upside_2026q4_gc_principal, upside_2026q4_hannover_principal). |
| Net growth borrowing upside_2026q4_net_growth_financing | 2026Q4 / upside | 25.00 USD_millions | derived: Financing cash flow, not revenue or CFO. Formula: subtract(upside_2026q4_growth_advances, upside_2026q4_growth_principal). |
| Cash after net growth borrowing upside_2026q4_cash_after_financing | 2026Q4 / upside | 17.33 USD_millions | derived: Company-style adjusted FCF perimeter, with financing disclosed separately. Formula: sum(upside_2026q4_fcf, upside_2026q4_net_growth_financing). |
| Gross earned premium upside_2027q1_gross_earned | 2027Q1 / upside | 430.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Effective earned premium retention upside_2027q1_retention | 2027Q1 / upside | 79.8% ratio | assumption: Consolidated calibration including product/treaty timing and other reinsurance; not 82% mechanically from quota cession. |
| Net earned premium upside_2027q1_net_premium | 2027Q1 / upside | 343.33 USD_millions | derived: Base revenue calibrates to management outlook with explicit effective retention. Formula: multiply(upside_2027q1_gross_earned, upside_2027q1_retention). |
| Ceded earned premium upside_2027q1_ceded_premium | 2027Q1 / upside | 86.67 USD_millions | derived: Premium transferred to external reinsurers in the consolidated revenue model. Formula: subtract(upside_2027q1_gross_earned, upside_2027q1_net_premium). |
| Ceding commission / ceded premium upside_2027q1_commission_rate | 2027Q1 / upside | 25.0% ratio | assumption: Desk assumption; not company guidance. |
| Ceding commission income upside_2027q1_ceding_commission | 2027Q1 / upside | 21.67 USD_millions | derived: Desk blended commission rate, not a claim about each treaty. Formula: multiply(upside_2027q1_ceded_premium, upside_2027q1_commission_rate). |
| Investment income upside_2027q1_investment_income | 2027Q1 / upside | 10.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Commission and other income upside_2027q1_other_revenue | 2027Q1 / upside | 15.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Total revenue upside_2027q1_revenue | 2027Q1 / upside | 390.00 USD_millions | derived: IFP is not counted as revenue. Formula: sum(upside_2027q1_net_premium, upside_2027q1_ceding_commission, upside_2027q1_investment_income, upside_2027q1_other_revenue). |
| Attritional loss ratio upside_2027q1_attritional_loss | 2027Q1 / upside | 55.0% ratio | assumption: Desk assumption; not company guidance. |
| Catastrophe loss ratio upside_2027q1_cat_loss | 2027Q1 / upside | 2.0% ratio | assumption: Desk assumption; not company guidance. |
| Loss adjustment ratio upside_2027q1_lae_ratio | 2027Q1 / upside | 5.0% ratio | assumption: Desk assumption; not company guidance. |
| Prior-period development ratio upside_2027q1_prior_development | 2027Q1 / upside | -1.0% ratio | assumption: Desk assumption; not company guidance. |
| Gross loss ratio proxy upside_2027q1_gross_loss_ratio | 2027Q1 / upside | 61.0% ratio | derived: Does not extrapolate Q2 favorable development of seven points indefinitely. Formula: sum(upside_2027q1_attritional_loss, upside_2027q1_cat_loss, upside_2027q1_lae_ratio, upside_2027q1_prior_development). |
| Net reinsurance loss-ratio difference upside_2027q1_net_reinsurance_basis | 2027Q1 / upside | 0.0% ratio | assumption: Desk assumption; not company guidance. |
| Net loss ratio proxy upside_2027q1_net_loss_ratio | 2027Q1 / upside | 61.0% ratio | derived: Sensitivity for retention/coverage/mix; not a full catastrophe treaty waterfall. Formula: sum(upside_2027q1_gross_loss_ratio, upside_2027q1_net_reinsurance_basis). |
| Net losses and adjustment expense upside_2027q1_claims | 2027Q1 / upside | 209.43 USD_millions | derived: Loss ratio includes ordinary claims handling economics. Formula: multiply(upside_2027q1_net_premium, upside_2027q1_net_loss_ratio). |
| Other insurance expense / gross earned premium upside_2027q1_insurance_cost_ratio | 2027Q1 / upside | 8.0% ratio | assumption: Desk assumption; not company guidance. |
| Other insurance expense upside_2027q1_other_insurance | 2027Q1 / upside | 34.40 USD_millions | derived: Servicing and insurance infrastructure expense. Formula: multiply(upside_2027q1_gross_earned, upside_2027q1_insurance_cost_ratio). |
| D&A allocated to gross profit upside_2027q1_gp_da | 2027Q1 / upside | 0.60 USD_millions | assumption: Desk assumption; not company guidance. |
| Claims insurance cost and allocated D&A upside_2027q1_gross_cost | 2027Q1 / upside | 244.43 USD_millions | derived: Gross-profit presentation allocates part of D&A already within company departmental costs. Formula: sum(upside_2027q1_claims, upside_2027q1_other_insurance, upside_2027q1_gp_da). |
| GAAP gross profit proxy upside_2027q1_gross_profit | 2027Q1 / upside | 145.57 USD_millions | derived: Allocated D&A is not deducted twice from pretax income. Formula: subtract(upside_2027q1_revenue, upside_2027q1_gross_cost). |
| General Catalyst new advances upside_2027q1_gc_advance | 2027Q1 / upside | 0.00 USD_millions | assumption: Desk assumption; not company guidance. |
| General Catalyst principal repayment upside_2027q1_gc_principal | 2027Q1 / upside | 30.00 USD_millions | assumption: Desk assumption; not company guidance. |
| GC opening plus advances upside_2027q1_gc_available | 2027Q1 / upside | 261.40 USD_millions | derived: Old cohorts remain outstanding after funding switches. Formula: sum(upside_2026q4_gc_ending, upside_2027q1_gc_advance). |
| General Catalyst ending borrowing upside_2027q1_gc_ending | 2027Q1 / upside | 231.40 USD_millions | derived: No debt extinguishment on January 2027 transition. Formula: subtract(upside_2027q1_gc_available, upside_2027q1_gc_principal). |
| Hannover new advances upside_2027q1_hannover_advance | 2027Q1 / upside | 45.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Hannover principal repayment upside_2027q1_hannover_principal | 2027Q1 / upside | 0.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Hannover opening plus advances upside_2027q1_hannover_available | 2027Q1 / upside | 45.00 USD_millions | derived: 2027 only; each quarter advance is below $60M monthly-cap equivalent. Formula: sum(upside_2026q4_hannover_ending, upside_2027q1_hannover_advance). |
| Hannover ending borrowing upside_2027q1_hannover_ending | 2027Q1 / upside | 45.00 USD_millions | derived: Every configured quarter stays at or below $150M 2027 cap. Formula: subtract(upside_2027q1_hannover_available, upside_2027q1_hannover_principal). |
| Opening plus closing gc balance upside_2027q1_gc_balance_sum | 2027Q1 / upside | 492.80 USD_millions | derived: Quarter average approximation. Formula: sum(upside_2026q4_gc_ending, upside_2027q1_gc_ending). |
| Average balance factor upside_2027q1_gc_half | 2027Q1 / upside | 50.0% ratio | assumption: Desk assumption; not company guidance. |
| Average gc borrowing upside_2027q1_gc_average | 2027Q1 / upside | 246.40 USD_millions | derived: Approximates intraquarter timing. Formula: multiply(upside_2027q1_gc_balance_sum, upside_2027q1_gc_half). |
| gc annual financing rate upside_2027q1_gc_annual_rate | 2027Q1 / upside | 16.0% ratio | assumption: GC 16% contractual target; Hannover assumes 4% Treasury reference plus 5.8%, not a quoted current Treasury rate. |
| Quarter fraction upside_2027q1_gc_quarter | 2027Q1 / upside | 25.0% ratio | assumption: Desk assumption; not company guidance. |
| gc interest upside_2027q1_gc_interest | 2027Q1 / upside | 9.86 USD_millions | derived: Cash interest approximation remains inside G&A and CFO. Formula: multiply(upside_2027q1_gc_average, upside_2027q1_gc_annual_rate, upside_2027q1_gc_quarter). |
| Opening plus closing hannover balance upside_2027q1_hannover_balance_sum | 2027Q1 / upside | 45.00 USD_millions | derived: Quarter average approximation. Formula: sum(upside_2026q4_hannover_ending, upside_2027q1_hannover_ending). |
| Average balance factor upside_2027q1_hannover_half | 2027Q1 / upside | 50.0% ratio | assumption: Desk assumption; not company guidance. |
| Average hannover borrowing upside_2027q1_hannover_average | 2027Q1 / upside | 22.50 USD_millions | derived: Approximates intraquarter timing. Formula: multiply(upside_2027q1_hannover_balance_sum, upside_2027q1_hannover_half). |
| hannover annual financing rate upside_2027q1_hannover_annual_rate | 2027Q1 / upside | 9.8% ratio | assumption: GC 16% contractual target; Hannover assumes 4% Treasury reference plus 5.8%, not a quoted current Treasury rate. |
| Quarter fraction upside_2027q1_hannover_quarter | 2027Q1 / upside | 25.0% ratio | assumption: Desk assumption; not company guidance. |
| hannover interest upside_2027q1_hannover_interest | 2027Q1 / upside | 0.55 USD_millions | derived: Cash interest approximation remains inside G&A and CFO. Formula: multiply(upside_2027q1_hannover_average, upside_2027q1_hannover_annual_rate, upside_2027q1_hannover_quarter). |
| Growth-financing interest upside_2027q1_finance_interest | 2027Q1 / upside | 10.41 USD_millions | derived: Old and new financing coexist. Formula: sum(upside_2027q1_gc_interest, upside_2027q1_hannover_interest). |
| Total SBC upside_2027q1_sbc | 2027Q1 / upside | 26.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Total depreciation and amortization upside_2027q1_da | 2027Q1 / upside | 3.20 USD_millions | assumption: Desk assumption; not company guidance. |
| Other interest income excluded from EBITDA upside_2027q1_other_interest | 2027Q1 / upside | 1.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Marketing technology and G&A excluding financing upside_2027q1_ordinary_opex | 2027Q1 / upside | 168.00 USD_millions | assumption: Combined GAAP cost budget including SBC and D&A. Base calibrated to adjusted EBITDA outlook; no undisclosed departmental split is asserted. |
| Marketing technology and G&A including interest upside_2027q1_operating_expense | 2027Q1 / upside | 178.41 USD_millions | derived: Growth financing is included once; total SBC/D&A already sit within GAAP cost budgets. Formula: sum(upside_2027q1_ordinary_opex, upside_2027q1_finance_interest). |
| Claims insurance and departmental expense upside_2027q1_total_cost | 2027Q1 / upside | 422.24 USD_millions | derived: Gross-profit allocated D&A is already in departmental cost; do not subtract again. Formula: sum(upside_2027q1_claims, upside_2027q1_other_insurance, upside_2027q1_operating_expense). |
| GAAP pretax result upside_2027q1_pretax | 2027Q1 / upside | -32.24 USD_millions | derived: Investment/other income remain in revenue per company presentation. Formula: subtract(upside_2027q1_revenue, upside_2027q1_total_cost). |
| Pretax plus noncash and financing addbacks upside_2027q1_ebitda_add | 2027Q1 / upside | 7.37 USD_millions | derived: No tax addback needed starting from pretax. Formula: sum(upside_2027q1_pretax, upside_2027q1_sbc, upside_2027q1_da, upside_2027q1_finance_interest). |
| Excluded investment and other interest upside_2027q1_ebitda_income_remove | 2027Q1 / upside | 11.00 USD_millions | derived: No repeat of ERC or pre-acquisition claims recoveries. Formula: sum(upside_2027q1_investment_income, upside_2027q1_other_interest). |
| Adjusted EBITDA proxy upside_2027q1_adj_ebitda | 2027Q1 / upside | -3.63 USD_millions | derived: SBC, D&A and growth-financing interest removed under company definition. Formula: subtract(upside_2027q1_ebitda_add, upside_2027q1_ebitda_income_remove). |
| Income tax cash/expense allowance upside_2027q1_cash_tax | 2027Q1 / upside | 1.90 USD_millions | assumption: Desk assumption; not company guidance. |
| Net income proxy upside_2027q1_net_income | 2027Q1 / upside | -34.14 USD_millions | derived: Assumes cash tax approximates expense; no EPS share bridge. Formula: subtract(upside_2027q1_pretax, upside_2027q1_cash_tax). |
| Unearned premium cash inflow upside_2027q1_unearned_inflow | 2027Q1 / upside | 76.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Claims reserve cash inflow upside_2027q1_claims_reserve_inflow | 2027Q1 / upside | 10.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Unearned premium and claims reserve inflows upside_2027q1_insurance_inflows | 2027Q1 / upside | 86.00 USD_millions | derived: Insurance liabilities support cash but carry future obligations. Formula: sum(upside_2027q1_unearned_inflow, upside_2027q1_claims_reserve_inflow). |
| Premium receivable cash use upside_2027q1_premium_receivables | 2027Q1 / upside | 74.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Net reinsurance and other cash use upside_2027q1_reinsurance_other | 2027Q1 / upside | 10.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Premium receivables and reinsurance cash use upside_2027q1_insurance_uses | 2027Q1 / upside | 84.00 USD_millions | derived: Includes treaty deposits, funds withheld and commission timing. Formula: sum(upside_2027q1_premium_receivables, upside_2027q1_reinsurance_other). |
| Insurance working-capital inflow upside_2027q1_insurance_wc | 2027Q1 / upside | 2.00 USD_millions | derived: Does not treat insurance float as unrestricted parent capital. Formula: subtract(upside_2027q1_insurance_inflows, upside_2027q1_insurance_uses). |
| Noncash premium bad-debt allowance upside_2027q1_bad_debt | 2027Q1 / upside | 7.50 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating cash flow proxy upside_2027q1_cfo | 2027Q1 / upside | 4.56 USD_millions | derived: Financing interest remains cash cost; advances and principal excluded. Formula: sum(upside_2027q1_net_income, upside_2027q1_sbc, upside_2027q1_da, upside_2027q1_bad_debt, upside_2027q1_insurance_wc). |
| Cash capex upside_2027q1_capex | 2027Q1 / upside | 6.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Unfinanced free cash flow upside_2027q1_fcf | 2027Q1 / upside | -1.44 USD_millions | derived: No debt proceeds included. Formula: subtract(upside_2027q1_cfo, upside_2027q1_capex). |
| New growth advances upside_2027q1_growth_advances | 2027Q1 / upside | 45.00 USD_millions | derived: Subject to contract eligibility and caps. Formula: sum(upside_2027q1_gc_advance, upside_2027q1_hannover_advance). |
| Growth principal repayments upside_2027q1_growth_principal | 2027Q1 / upside | 30.00 USD_millions | derived: Repays existing cohort obligations. Formula: sum(upside_2027q1_gc_principal, upside_2027q1_hannover_principal). |
| Net growth borrowing upside_2027q1_net_growth_financing | 2027Q1 / upside | 15.00 USD_millions | derived: Financing cash flow, not revenue or CFO. Formula: subtract(upside_2027q1_growth_advances, upside_2027q1_growth_principal). |
| Cash after net growth borrowing upside_2027q1_cash_after_financing | 2027Q1 / upside | 13.56 USD_millions | derived: Company-style adjusted FCF perimeter, with financing disclosed separately. Formula: sum(upside_2027q1_fcf, upside_2027q1_net_growth_financing). |
| Gross earned premium upside_2027q2_gross_earned | 2027Q2 / upside | 473.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Effective earned premium retention upside_2027q2_retention | 2027Q2 / upside | 80.5% ratio | assumption: Consolidated calibration including product/treaty timing and other reinsurance; not 82% mechanically from quota cession. |
| Net earned premium upside_2027q2_net_premium | 2027Q2 / upside | 381.00 USD_millions | derived: Base revenue calibrates to management outlook with explicit effective retention. Formula: multiply(upside_2027q2_gross_earned, upside_2027q2_retention). |
| Ceded earned premium upside_2027q2_ceded_premium | 2027Q2 / upside | 92.00 USD_millions | derived: Premium transferred to external reinsurers in the consolidated revenue model. Formula: subtract(upside_2027q2_gross_earned, upside_2027q2_net_premium). |
| Ceding commission / ceded premium upside_2027q2_commission_rate | 2027Q2 / upside | 25.0% ratio | assumption: Desk assumption; not company guidance. |
| Ceding commission income upside_2027q2_ceding_commission | 2027Q2 / upside | 23.00 USD_millions | derived: Desk blended commission rate, not a claim about each treaty. Formula: multiply(upside_2027q2_ceded_premium, upside_2027q2_commission_rate). |
| Investment income upside_2027q2_investment_income | 2027Q2 / upside | 10.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Commission and other income upside_2027q2_other_revenue | 2027Q2 / upside | 16.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Total revenue upside_2027q2_revenue | 2027Q2 / upside | 430.00 USD_millions | derived: IFP is not counted as revenue. Formula: sum(upside_2027q2_net_premium, upside_2027q2_ceding_commission, upside_2027q2_investment_income, upside_2027q2_other_revenue). |
| Attritional loss ratio upside_2027q2_attritional_loss | 2027Q2 / upside | 54.5% ratio | assumption: Desk assumption; not company guidance. |
| Catastrophe loss ratio upside_2027q2_cat_loss | 2027Q2 / upside | 2.5% ratio | assumption: Desk assumption; not company guidance. |
| Loss adjustment ratio upside_2027q2_lae_ratio | 2027Q2 / upside | 5.0% ratio | assumption: Desk assumption; not company guidance. |
| Prior-period development ratio upside_2027q2_prior_development | 2027Q2 / upside | -0.5% ratio | assumption: Desk assumption; not company guidance. |
| Gross loss ratio proxy upside_2027q2_gross_loss_ratio | 2027Q2 / upside | 61.5% ratio | derived: Does not extrapolate Q2 favorable development of seven points indefinitely. Formula: sum(upside_2027q2_attritional_loss, upside_2027q2_cat_loss, upside_2027q2_lae_ratio, upside_2027q2_prior_development). |
| Net reinsurance loss-ratio difference upside_2027q2_net_reinsurance_basis | 2027Q2 / upside | 0.0% ratio | assumption: Desk assumption; not company guidance. |
| Net loss ratio proxy upside_2027q2_net_loss_ratio | 2027Q2 / upside | 61.5% ratio | derived: Sensitivity for retention/coverage/mix; not a full catastrophe treaty waterfall. Formula: sum(upside_2027q2_gross_loss_ratio, upside_2027q2_net_reinsurance_basis). |
| Net losses and adjustment expense upside_2027q2_claims | 2027Q2 / upside | 234.32 USD_millions | derived: Loss ratio includes ordinary claims handling economics. Formula: multiply(upside_2027q2_net_premium, upside_2027q2_net_loss_ratio). |
| Other insurance expense / gross earned premium upside_2027q2_insurance_cost_ratio | 2027Q2 / upside | 8.0% ratio | assumption: Desk assumption; not company guidance. |
| Other insurance expense upside_2027q2_other_insurance | 2027Q2 / upside | 37.84 USD_millions | derived: Servicing and insurance infrastructure expense. Formula: multiply(upside_2027q2_gross_earned, upside_2027q2_insurance_cost_ratio). |
| D&A allocated to gross profit upside_2027q2_gp_da | 2027Q2 / upside | 0.65 USD_millions | assumption: Desk assumption; not company guidance. |
| Claims insurance cost and allocated D&A upside_2027q2_gross_cost | 2027Q2 / upside | 272.81 USD_millions | derived: Gross-profit presentation allocates part of D&A already within company departmental costs. Formula: sum(upside_2027q2_claims, upside_2027q2_other_insurance, upside_2027q2_gp_da). |
| GAAP gross profit proxy upside_2027q2_gross_profit | 2027Q2 / upside | 157.19 USD_millions | derived: Allocated D&A is not deducted twice from pretax income. Formula: subtract(upside_2027q2_revenue, upside_2027q2_gross_cost). |
| General Catalyst new advances upside_2027q2_gc_advance | 2027Q2 / upside | 0.00 USD_millions | assumption: Desk assumption; not company guidance. |
| General Catalyst principal repayment upside_2027q2_gc_principal | 2027Q2 / upside | 35.00 USD_millions | assumption: Desk assumption; not company guidance. |
| GC opening plus advances upside_2027q2_gc_available | 2027Q2 / upside | 231.40 USD_millions | derived: Old cohorts remain outstanding after funding switches. Formula: sum(upside_2027q1_gc_ending, upside_2027q2_gc_advance). |
| General Catalyst ending borrowing upside_2027q2_gc_ending | 2027Q2 / upside | 196.40 USD_millions | derived: No debt extinguishment on January 2027 transition. Formula: subtract(upside_2027q2_gc_available, upside_2027q2_gc_principal). |
| Hannover new advances upside_2027q2_hannover_advance | 2027Q2 / upside | 45.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Hannover principal repayment upside_2027q2_hannover_principal | 2027Q2 / upside | 5.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Hannover opening plus advances upside_2027q2_hannover_available | 2027Q2 / upside | 90.00 USD_millions | derived: 2027 only; each quarter advance is below $60M monthly-cap equivalent. Formula: sum(upside_2027q1_hannover_ending, upside_2027q2_hannover_advance). |
| Hannover ending borrowing upside_2027q2_hannover_ending | 2027Q2 / upside | 85.00 USD_millions | derived: Every configured quarter stays at or below $150M 2027 cap. Formula: subtract(upside_2027q2_hannover_available, upside_2027q2_hannover_principal). |
| Opening plus closing gc balance upside_2027q2_gc_balance_sum | 2027Q2 / upside | 427.80 USD_millions | derived: Quarter average approximation. Formula: sum(upside_2027q1_gc_ending, upside_2027q2_gc_ending). |
| Average balance factor upside_2027q2_gc_half | 2027Q2 / upside | 50.0% ratio | assumption: Desk assumption; not company guidance. |
| Average gc borrowing upside_2027q2_gc_average | 2027Q2 / upside | 213.90 USD_millions | derived: Approximates intraquarter timing. Formula: multiply(upside_2027q2_gc_balance_sum, upside_2027q2_gc_half). |
| gc annual financing rate upside_2027q2_gc_annual_rate | 2027Q2 / upside | 16.0% ratio | assumption: GC 16% contractual target; Hannover assumes 4% Treasury reference plus 5.8%, not a quoted current Treasury rate. |
| Quarter fraction upside_2027q2_gc_quarter | 2027Q2 / upside | 25.0% ratio | assumption: Desk assumption; not company guidance. |
| gc interest upside_2027q2_gc_interest | 2027Q2 / upside | 8.56 USD_millions | derived: Cash interest approximation remains inside G&A and CFO. Formula: multiply(upside_2027q2_gc_average, upside_2027q2_gc_annual_rate, upside_2027q2_gc_quarter). |
| Opening plus closing hannover balance upside_2027q2_hannover_balance_sum | 2027Q2 / upside | 130.00 USD_millions | derived: Quarter average approximation. Formula: sum(upside_2027q1_hannover_ending, upside_2027q2_hannover_ending). |
| Average balance factor upside_2027q2_hannover_half | 2027Q2 / upside | 50.0% ratio | assumption: Desk assumption; not company guidance. |
| Average hannover borrowing upside_2027q2_hannover_average | 2027Q2 / upside | 65.00 USD_millions | derived: Approximates intraquarter timing. Formula: multiply(upside_2027q2_hannover_balance_sum, upside_2027q2_hannover_half). |
| hannover annual financing rate upside_2027q2_hannover_annual_rate | 2027Q2 / upside | 9.8% ratio | assumption: GC 16% contractual target; Hannover assumes 4% Treasury reference plus 5.8%, not a quoted current Treasury rate. |
| Quarter fraction upside_2027q2_hannover_quarter | 2027Q2 / upside | 25.0% ratio | assumption: Desk assumption; not company guidance. |
| hannover interest upside_2027q2_hannover_interest | 2027Q2 / upside | 1.59 USD_millions | derived: Cash interest approximation remains inside G&A and CFO. Formula: multiply(upside_2027q2_hannover_average, upside_2027q2_hannover_annual_rate, upside_2027q2_hannover_quarter). |
| Growth-financing interest upside_2027q2_finance_interest | 2027Q2 / upside | 10.15 USD_millions | derived: Old and new financing coexist. Formula: sum(upside_2027q2_gc_interest, upside_2027q2_hannover_interest). |
| Total SBC upside_2027q2_sbc | 2027Q2 / upside | 27.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Total depreciation and amortization upside_2027q2_da | 2027Q2 / upside | 3.40 USD_millions | assumption: Desk assumption; not company guidance. |
| Other interest income excluded from EBITDA upside_2027q2_other_interest | 2027Q2 / upside | 1.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Marketing technology and G&A excluding financing upside_2027q2_ordinary_opex | 2027Q2 / upside | 180.00 USD_millions | assumption: Combined GAAP cost budget including SBC and D&A. Base calibrated to adjusted EBITDA outlook; no undisclosed departmental split is asserted. |
| Marketing technology and G&A including interest upside_2027q2_operating_expense | 2027Q2 / upside | 190.15 USD_millions | derived: Growth financing is included once; total SBC/D&A already sit within GAAP cost budgets. Formula: sum(upside_2027q2_ordinary_opex, upside_2027q2_finance_interest). |
| Claims insurance and departmental expense upside_2027q2_total_cost | 2027Q2 / upside | 462.30 USD_millions | derived: Gross-profit allocated D&A is already in departmental cost; do not subtract again. Formula: sum(upside_2027q2_claims, upside_2027q2_other_insurance, upside_2027q2_operating_expense). |
| GAAP pretax result upside_2027q2_pretax | 2027Q2 / upside | -32.30 USD_millions | derived: Investment/other income remain in revenue per company presentation. Formula: subtract(upside_2027q2_revenue, upside_2027q2_total_cost). |
| Pretax plus noncash and financing addbacks upside_2027q2_ebitda_add | 2027Q2 / upside | 8.24 USD_millions | derived: No tax addback needed starting from pretax. Formula: sum(upside_2027q2_pretax, upside_2027q2_sbc, upside_2027q2_da, upside_2027q2_finance_interest). |
| Excluded investment and other interest upside_2027q2_ebitda_income_remove | 2027Q2 / upside | 11.00 USD_millions | derived: No repeat of ERC or pre-acquisition claims recoveries. Formula: sum(upside_2027q2_investment_income, upside_2027q2_other_interest). |
| Adjusted EBITDA proxy upside_2027q2_adj_ebitda | 2027Q2 / upside | -2.76 USD_millions | derived: SBC, D&A and growth-financing interest removed under company definition. Formula: subtract(upside_2027q2_ebitda_add, upside_2027q2_ebitda_income_remove). |
| Income tax cash/expense allowance upside_2027q2_cash_tax | 2027Q2 / upside | 2.10 USD_millions | assumption: Desk assumption; not company guidance. |
| Net income proxy upside_2027q2_net_income | 2027Q2 / upside | -34.40 USD_millions | derived: Assumes cash tax approximates expense; no EPS share bridge. Formula: subtract(upside_2027q2_pretax, upside_2027q2_cash_tax). |
| Unearned premium cash inflow upside_2027q2_unearned_inflow | 2027Q2 / upside | 83.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Claims reserve cash inflow upside_2027q2_claims_reserve_inflow | 2027Q2 / upside | 11.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Unearned premium and claims reserve inflows upside_2027q2_insurance_inflows | 2027Q2 / upside | 94.00 USD_millions | derived: Insurance liabilities support cash but carry future obligations. Formula: sum(upside_2027q2_unearned_inflow, upside_2027q2_claims_reserve_inflow). |
| Premium receivable cash use upside_2027q2_premium_receivables | 2027Q2 / upside | 81.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Net reinsurance and other cash use upside_2027q2_reinsurance_other | 2027Q2 / upside | 11.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Premium receivables and reinsurance cash use upside_2027q2_insurance_uses | 2027Q2 / upside | 92.00 USD_millions | derived: Includes treaty deposits, funds withheld and commission timing. Formula: sum(upside_2027q2_premium_receivables, upside_2027q2_reinsurance_other). |
| Insurance working-capital inflow upside_2027q2_insurance_wc | 2027Q2 / upside | 2.00 USD_millions | derived: Does not treat insurance float as unrestricted parent capital. Formula: subtract(upside_2027q2_insurance_inflows, upside_2027q2_insurance_uses). |
| Noncash premium bad-debt allowance upside_2027q2_bad_debt | 2027Q2 / upside | 8.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating cash flow proxy upside_2027q2_cfo | 2027Q2 / upside | 6.00 USD_millions | derived: Financing interest remains cash cost; advances and principal excluded. Formula: sum(upside_2027q2_net_income, upside_2027q2_sbc, upside_2027q2_da, upside_2027q2_bad_debt, upside_2027q2_insurance_wc). |
| Cash capex upside_2027q2_capex | 2027Q2 / upside | 6.50 USD_millions | assumption: Desk assumption; not company guidance. |
| Unfinanced free cash flow upside_2027q2_fcf | 2027Q2 / upside | -0.50 USD_millions | derived: No debt proceeds included. Formula: subtract(upside_2027q2_cfo, upside_2027q2_capex). |
| New growth advances upside_2027q2_growth_advances | 2027Q2 / upside | 45.00 USD_millions | derived: Subject to contract eligibility and caps. Formula: sum(upside_2027q2_gc_advance, upside_2027q2_hannover_advance). |
| Growth principal repayments upside_2027q2_growth_principal | 2027Q2 / upside | 40.00 USD_millions | derived: Repays existing cohort obligations. Formula: sum(upside_2027q2_gc_principal, upside_2027q2_hannover_principal). |
| Net growth borrowing upside_2027q2_net_growth_financing | 2027Q2 / upside | 5.00 USD_millions | derived: Financing cash flow, not revenue or CFO. Formula: subtract(upside_2027q2_growth_advances, upside_2027q2_growth_principal). |
| Cash after net growth borrowing upside_2027q2_cash_after_financing | 2027Q2 / upside | 4.50 USD_millions | derived: Company-style adjusted FCF perimeter, with financing disclosed separately. Formula: sum(upside_2027q2_fcf, upside_2027q2_net_growth_financing). |
| Gross earned premium upside_2027q3_gross_earned | 2027Q3 / upside | 523.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Effective earned premium retention upside_2027q3_retention | 2027Q3 / upside | 81.4% ratio | assumption: Consolidated calibration including product/treaty timing and other reinsurance; not 82% mechanically from quota cession. |
| Net earned premium upside_2027q3_net_premium | 2027Q3 / upside | 425.67 USD_millions | derived: Base revenue calibrates to management outlook with explicit effective retention. Formula: multiply(upside_2027q3_gross_earned, upside_2027q3_retention). |
| Ceded earned premium upside_2027q3_ceded_premium | 2027Q3 / upside | 97.33 USD_millions | derived: Premium transferred to external reinsurers in the consolidated revenue model. Formula: subtract(upside_2027q3_gross_earned, upside_2027q3_net_premium). |
| Ceding commission / ceded premium upside_2027q3_commission_rate | 2027Q3 / upside | 25.0% ratio | assumption: Desk assumption; not company guidance. |
| Ceding commission income upside_2027q3_ceding_commission | 2027Q3 / upside | 24.33 USD_millions | derived: Desk blended commission rate, not a claim about each treaty. Formula: multiply(upside_2027q3_ceded_premium, upside_2027q3_commission_rate). |
| Investment income upside_2027q3_investment_income | 2027Q3 / upside | 10.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Commission and other income upside_2027q3_other_revenue | 2027Q3 / upside | 17.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Total revenue upside_2027q3_revenue | 2027Q3 / upside | 477.00 USD_millions | derived: IFP is not counted as revenue. Formula: sum(upside_2027q3_net_premium, upside_2027q3_ceding_commission, upside_2027q3_investment_income, upside_2027q3_other_revenue). |
| Attritional loss ratio upside_2027q3_attritional_loss | 2027Q3 / upside | 54.0% ratio | assumption: Desk assumption; not company guidance. |
| Catastrophe loss ratio upside_2027q3_cat_loss | 2027Q3 / upside | 3.0% ratio | assumption: Desk assumption; not company guidance. |
| Loss adjustment ratio upside_2027q3_lae_ratio | 2027Q3 / upside | 5.0% ratio | assumption: Desk assumption; not company guidance. |
| Prior-period development ratio upside_2027q3_prior_development | 2027Q3 / upside | 0.0% ratio | assumption: Desk assumption; not company guidance. |
| Gross loss ratio proxy upside_2027q3_gross_loss_ratio | 2027Q3 / upside | 62.0% ratio | derived: Does not extrapolate Q2 favorable development of seven points indefinitely. Formula: sum(upside_2027q3_attritional_loss, upside_2027q3_cat_loss, upside_2027q3_lae_ratio, upside_2027q3_prior_development). |
| Net reinsurance loss-ratio difference upside_2027q3_net_reinsurance_basis | 2027Q3 / upside | 0.0% ratio | assumption: Desk assumption; not company guidance. |
| Net loss ratio proxy upside_2027q3_net_loss_ratio | 2027Q3 / upside | 62.0% ratio | derived: Sensitivity for retention/coverage/mix; not a full catastrophe treaty waterfall. Formula: sum(upside_2027q3_gross_loss_ratio, upside_2027q3_net_reinsurance_basis). |
| Net losses and adjustment expense upside_2027q3_claims | 2027Q3 / upside | 263.91 USD_millions | derived: Loss ratio includes ordinary claims handling economics. Formula: multiply(upside_2027q3_net_premium, upside_2027q3_net_loss_ratio). |
| Other insurance expense / gross earned premium upside_2027q3_insurance_cost_ratio | 2027Q3 / upside | 8.0% ratio | assumption: Desk assumption; not company guidance. |
| Other insurance expense upside_2027q3_other_insurance | 2027Q3 / upside | 41.84 USD_millions | derived: Servicing and insurance infrastructure expense. Formula: multiply(upside_2027q3_gross_earned, upside_2027q3_insurance_cost_ratio). |
| D&A allocated to gross profit upside_2027q3_gp_da | 2027Q3 / upside | 0.70 USD_millions | assumption: Desk assumption; not company guidance. |
| Claims insurance cost and allocated D&A upside_2027q3_gross_cost | 2027Q3 / upside | 306.45 USD_millions | derived: Gross-profit presentation allocates part of D&A already within company departmental costs. Formula: sum(upside_2027q3_claims, upside_2027q3_other_insurance, upside_2027q3_gp_da). |
| GAAP gross profit proxy upside_2027q3_gross_profit | 2027Q3 / upside | 170.55 USD_millions | derived: Allocated D&A is not deducted twice from pretax income. Formula: subtract(upside_2027q3_revenue, upside_2027q3_gross_cost). |
| General Catalyst new advances upside_2027q3_gc_advance | 2027Q3 / upside | 0.00 USD_millions | assumption: Desk assumption; not company guidance. |
| General Catalyst principal repayment upside_2027q3_gc_principal | 2027Q3 / upside | 35.00 USD_millions | assumption: Desk assumption; not company guidance. |
| GC opening plus advances upside_2027q3_gc_available | 2027Q3 / upside | 196.40 USD_millions | derived: Old cohorts remain outstanding after funding switches. Formula: sum(upside_2027q2_gc_ending, upside_2027q3_gc_advance). |
| General Catalyst ending borrowing upside_2027q3_gc_ending | 2027Q3 / upside | 161.40 USD_millions | derived: No debt extinguishment on January 2027 transition. Formula: subtract(upside_2027q3_gc_available, upside_2027q3_gc_principal). |
| Hannover new advances upside_2027q3_hannover_advance | 2027Q3 / upside | 45.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Hannover principal repayment upside_2027q3_hannover_principal | 2027Q3 / upside | 10.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Hannover opening plus advances upside_2027q3_hannover_available | 2027Q3 / upside | 130.00 USD_millions | derived: 2027 only; each quarter advance is below $60M monthly-cap equivalent. Formula: sum(upside_2027q2_hannover_ending, upside_2027q3_hannover_advance). |
| Hannover ending borrowing upside_2027q3_hannover_ending | 2027Q3 / upside | 120.00 USD_millions | derived: Every configured quarter stays at or below $150M 2027 cap. Formula: subtract(upside_2027q3_hannover_available, upside_2027q3_hannover_principal). |
| Opening plus closing gc balance upside_2027q3_gc_balance_sum | 2027Q3 / upside | 357.80 USD_millions | derived: Quarter average approximation. Formula: sum(upside_2027q2_gc_ending, upside_2027q3_gc_ending). |
| Average balance factor upside_2027q3_gc_half | 2027Q3 / upside | 50.0% ratio | assumption: Desk assumption; not company guidance. |
| Average gc borrowing upside_2027q3_gc_average | 2027Q3 / upside | 178.90 USD_millions | derived: Approximates intraquarter timing. Formula: multiply(upside_2027q3_gc_balance_sum, upside_2027q3_gc_half). |
| gc annual financing rate upside_2027q3_gc_annual_rate | 2027Q3 / upside | 16.0% ratio | assumption: GC 16% contractual target; Hannover assumes 4% Treasury reference plus 5.8%, not a quoted current Treasury rate. |
| Quarter fraction upside_2027q3_gc_quarter | 2027Q3 / upside | 25.0% ratio | assumption: Desk assumption; not company guidance. |
| gc interest upside_2027q3_gc_interest | 2027Q3 / upside | 7.16 USD_millions | derived: Cash interest approximation remains inside G&A and CFO. Formula: multiply(upside_2027q3_gc_average, upside_2027q3_gc_annual_rate, upside_2027q3_gc_quarter). |
| Opening plus closing hannover balance upside_2027q3_hannover_balance_sum | 2027Q3 / upside | 205.00 USD_millions | derived: Quarter average approximation. Formula: sum(upside_2027q2_hannover_ending, upside_2027q3_hannover_ending). |
| Average balance factor upside_2027q3_hannover_half | 2027Q3 / upside | 50.0% ratio | assumption: Desk assumption; not company guidance. |
| Average hannover borrowing upside_2027q3_hannover_average | 2027Q3 / upside | 102.50 USD_millions | derived: Approximates intraquarter timing. Formula: multiply(upside_2027q3_hannover_balance_sum, upside_2027q3_hannover_half). |
| hannover annual financing rate upside_2027q3_hannover_annual_rate | 2027Q3 / upside | 9.8% ratio | assumption: GC 16% contractual target; Hannover assumes 4% Treasury reference plus 5.8%, not a quoted current Treasury rate. |
| Quarter fraction upside_2027q3_hannover_quarter | 2027Q3 / upside | 25.0% ratio | assumption: Desk assumption; not company guidance. |
| hannover interest upside_2027q3_hannover_interest | 2027Q3 / upside | 2.51 USD_millions | derived: Cash interest approximation remains inside G&A and CFO. Formula: multiply(upside_2027q3_hannover_average, upside_2027q3_hannover_annual_rate, upside_2027q3_hannover_quarter). |
| Growth-financing interest upside_2027q3_finance_interest | 2027Q3 / upside | 9.67 USD_millions | derived: Old and new financing coexist. Formula: sum(upside_2027q3_gc_interest, upside_2027q3_hannover_interest). |
| Total SBC upside_2027q3_sbc | 2027Q3 / upside | 28.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Total depreciation and amortization upside_2027q3_da | 2027Q3 / upside | 3.60 USD_millions | assumption: Desk assumption; not company guidance. |
| Other interest income excluded from EBITDA upside_2027q3_other_interest | 2027Q3 / upside | 1.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Marketing technology and G&A excluding financing upside_2027q3_ordinary_opex | 2027Q3 / upside | 196.00 USD_millions | assumption: Combined GAAP cost budget including SBC and D&A. Base calibrated to adjusted EBITDA outlook; no undisclosed departmental split is asserted. |
| Marketing technology and G&A including interest upside_2027q3_operating_expense | 2027Q3 / upside | 205.67 USD_millions | derived: Growth financing is included once; total SBC/D&A already sit within GAAP cost budgets. Formula: sum(upside_2027q3_ordinary_opex, upside_2027q3_finance_interest). |
| Claims insurance and departmental expense upside_2027q3_total_cost | 2027Q3 / upside | 511.42 USD_millions | derived: Gross-profit allocated D&A is already in departmental cost; do not subtract again. Formula: sum(upside_2027q3_claims, upside_2027q3_other_insurance, upside_2027q3_operating_expense). |
| GAAP pretax result upside_2027q3_pretax | 2027Q3 / upside | -34.42 USD_millions | derived: Investment/other income remain in revenue per company presentation. Formula: subtract(upside_2027q3_revenue, upside_2027q3_total_cost). |
| Pretax plus noncash and financing addbacks upside_2027q3_ebitda_add | 2027Q3 / upside | 6.85 USD_millions | derived: No tax addback needed starting from pretax. Formula: sum(upside_2027q3_pretax, upside_2027q3_sbc, upside_2027q3_da, upside_2027q3_finance_interest). |
| Excluded investment and other interest upside_2027q3_ebitda_income_remove | 2027Q3 / upside | 11.00 USD_millions | derived: No repeat of ERC or pre-acquisition claims recoveries. Formula: sum(upside_2027q3_investment_income, upside_2027q3_other_interest). |
| Adjusted EBITDA proxy upside_2027q3_adj_ebitda | 2027Q3 / upside | -4.15 USD_millions | derived: SBC, D&A and growth-financing interest removed under company definition. Formula: subtract(upside_2027q3_ebitda_add, upside_2027q3_ebitda_income_remove). |
| Income tax cash/expense allowance upside_2027q3_cash_tax | 2027Q3 / upside | 2.30 USD_millions | assumption: Desk assumption; not company guidance. |
| Net income proxy upside_2027q3_net_income | 2027Q3 / upside | -36.72 USD_millions | derived: Assumes cash tax approximates expense; no EPS share bridge. Formula: subtract(upside_2027q3_pretax, upside_2027q3_cash_tax). |
| Unearned premium cash inflow upside_2027q3_unearned_inflow | 2027Q3 / upside | 90.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Claims reserve cash inflow upside_2027q3_claims_reserve_inflow | 2027Q3 / upside | 12.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Unearned premium and claims reserve inflows upside_2027q3_insurance_inflows | 2027Q3 / upside | 102.00 USD_millions | derived: Insurance liabilities support cash but carry future obligations. Formula: sum(upside_2027q3_unearned_inflow, upside_2027q3_claims_reserve_inflow). |
| Premium receivable cash use upside_2027q3_premium_receivables | 2027Q3 / upside | 88.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Net reinsurance and other cash use upside_2027q3_reinsurance_other | 2027Q3 / upside | 12.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Premium receivables and reinsurance cash use upside_2027q3_insurance_uses | 2027Q3 / upside | 100.00 USD_millions | derived: Includes treaty deposits, funds withheld and commission timing. Formula: sum(upside_2027q3_premium_receivables, upside_2027q3_reinsurance_other). |
| Insurance working-capital inflow upside_2027q3_insurance_wc | 2027Q3 / upside | 2.00 USD_millions | derived: Does not treat insurance float as unrestricted parent capital. Formula: subtract(upside_2027q3_insurance_inflows, upside_2027q3_insurance_uses). |
| Noncash premium bad-debt allowance upside_2027q3_bad_debt | 2027Q3 / upside | 8.50 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating cash flow proxy upside_2027q3_cfo | 2027Q3 / upside | 5.38 USD_millions | derived: Financing interest remains cash cost; advances and principal excluded. Formula: sum(upside_2027q3_net_income, upside_2027q3_sbc, upside_2027q3_da, upside_2027q3_bad_debt, upside_2027q3_insurance_wc). |
| Cash capex upside_2027q3_capex | 2027Q3 / upside | 7.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Unfinanced free cash flow upside_2027q3_fcf | 2027Q3 / upside | -1.62 USD_millions | derived: No debt proceeds included. Formula: subtract(upside_2027q3_cfo, upside_2027q3_capex). |
| New growth advances upside_2027q3_growth_advances | 2027Q3 / upside | 45.00 USD_millions | derived: Subject to contract eligibility and caps. Formula: sum(upside_2027q3_gc_advance, upside_2027q3_hannover_advance). |
| Growth principal repayments upside_2027q3_growth_principal | 2027Q3 / upside | 45.00 USD_millions | derived: Repays existing cohort obligations. Formula: sum(upside_2027q3_gc_principal, upside_2027q3_hannover_principal). |
| Net growth borrowing upside_2027q3_net_growth_financing | 2027Q3 / upside | 0.00 USD_millions | derived: Financing cash flow, not revenue or CFO. Formula: subtract(upside_2027q3_growth_advances, upside_2027q3_growth_principal). |
| Cash after net growth borrowing upside_2027q3_cash_after_financing | 2027Q3 / upside | -1.62 USD_millions | derived: Company-style adjusted FCF perimeter, with financing disclosed separately. Formula: sum(upside_2027q3_fcf, upside_2027q3_net_growth_financing). |
| Gross earned premium upside_2027q4_gross_earned | 2027Q4 / upside | 575.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Effective earned premium retention upside_2027q4_retention | 2027Q4 / upside | 82.1% ratio | assumption: Consolidated calibration including product/treaty timing and other reinsurance; not 82% mechanically from quota cession. |
| Net earned premium upside_2027q4_net_premium | 2027Q4 / upside | 472.33 USD_millions | derived: Base revenue calibrates to management outlook with explicit effective retention. Formula: multiply(upside_2027q4_gross_earned, upside_2027q4_retention). |
| Ceded earned premium upside_2027q4_ceded_premium | 2027Q4 / upside | 102.67 USD_millions | derived: Premium transferred to external reinsurers in the consolidated revenue model. Formula: subtract(upside_2027q4_gross_earned, upside_2027q4_net_premium). |
| Ceding commission / ceded premium upside_2027q4_commission_rate | 2027Q4 / upside | 25.0% ratio | assumption: Desk assumption; not company guidance. |
| Ceding commission income upside_2027q4_ceding_commission | 2027Q4 / upside | 25.67 USD_millions | derived: Desk blended commission rate, not a claim about each treaty. Formula: multiply(upside_2027q4_ceded_premium, upside_2027q4_commission_rate). |
| Investment income upside_2027q4_investment_income | 2027Q4 / upside | 10.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Commission and other income upside_2027q4_other_revenue | 2027Q4 / upside | 18.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Total revenue upside_2027q4_revenue | 2027Q4 / upside | 526.00 USD_millions | derived: IFP is not counted as revenue. Formula: sum(upside_2027q4_net_premium, upside_2027q4_ceding_commission, upside_2027q4_investment_income, upside_2027q4_other_revenue). |
| Attritional loss ratio upside_2027q4_attritional_loss | 2027Q4 / upside | 53.5% ratio | assumption: Desk assumption; not company guidance. |
| Catastrophe loss ratio upside_2027q4_cat_loss | 2027Q4 / upside | 2.5% ratio | assumption: Desk assumption; not company guidance. |
| Loss adjustment ratio upside_2027q4_lae_ratio | 2027Q4 / upside | 5.0% ratio | assumption: Desk assumption; not company guidance. |
| Prior-period development ratio upside_2027q4_prior_development | 2027Q4 / upside | 0.0% ratio | assumption: Desk assumption; not company guidance. |
| Gross loss ratio proxy upside_2027q4_gross_loss_ratio | 2027Q4 / upside | 61.0% ratio | derived: Does not extrapolate Q2 favorable development of seven points indefinitely. Formula: sum(upside_2027q4_attritional_loss, upside_2027q4_cat_loss, upside_2027q4_lae_ratio, upside_2027q4_prior_development). |
| Net reinsurance loss-ratio difference upside_2027q4_net_reinsurance_basis | 2027Q4 / upside | 0.0% ratio | assumption: Desk assumption; not company guidance. |
| Net loss ratio proxy upside_2027q4_net_loss_ratio | 2027Q4 / upside | 61.0% ratio | derived: Sensitivity for retention/coverage/mix; not a full catastrophe treaty waterfall. Formula: sum(upside_2027q4_gross_loss_ratio, upside_2027q4_net_reinsurance_basis). |
| Net losses and adjustment expense upside_2027q4_claims | 2027Q4 / upside | 288.12 USD_millions | derived: Loss ratio includes ordinary claims handling economics. Formula: multiply(upside_2027q4_net_premium, upside_2027q4_net_loss_ratio). |
| Other insurance expense / gross earned premium upside_2027q4_insurance_cost_ratio | 2027Q4 / upside | 8.0% ratio | assumption: Desk assumption; not company guidance. |
| Other insurance expense upside_2027q4_other_insurance | 2027Q4 / upside | 46.00 USD_millions | derived: Servicing and insurance infrastructure expense. Formula: multiply(upside_2027q4_gross_earned, upside_2027q4_insurance_cost_ratio). |
| D&A allocated to gross profit upside_2027q4_gp_da | 2027Q4 / upside | 0.75 USD_millions | assumption: Desk assumption; not company guidance. |
| Claims insurance cost and allocated D&A upside_2027q4_gross_cost | 2027Q4 / upside | 334.87 USD_millions | derived: Gross-profit presentation allocates part of D&A already within company departmental costs. Formula: sum(upside_2027q4_claims, upside_2027q4_other_insurance, upside_2027q4_gp_da). |
| GAAP gross profit proxy upside_2027q4_gross_profit | 2027Q4 / upside | 191.13 USD_millions | derived: Allocated D&A is not deducted twice from pretax income. Formula: subtract(upside_2027q4_revenue, upside_2027q4_gross_cost). |
| General Catalyst new advances upside_2027q4_gc_advance | 2027Q4 / upside | 0.00 USD_millions | assumption: Desk assumption; not company guidance. |
| General Catalyst principal repayment upside_2027q4_gc_principal | 2027Q4 / upside | 30.00 USD_millions | assumption: Desk assumption; not company guidance. |
| GC opening plus advances upside_2027q4_gc_available | 2027Q4 / upside | 161.40 USD_millions | derived: Old cohorts remain outstanding after funding switches. Formula: sum(upside_2027q3_gc_ending, upside_2027q4_gc_advance). |
| General Catalyst ending borrowing upside_2027q4_gc_ending | 2027Q4 / upside | 131.40 USD_millions | derived: No debt extinguishment on January 2027 transition. Formula: subtract(upside_2027q4_gc_available, upside_2027q4_gc_principal). |
| Hannover new advances upside_2027q4_hannover_advance | 2027Q4 / upside | 45.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Hannover principal repayment upside_2027q4_hannover_principal | 2027Q4 / upside | 15.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Hannover opening plus advances upside_2027q4_hannover_available | 2027Q4 / upside | 165.00 USD_millions | derived: 2027 only; each quarter advance is below $60M monthly-cap equivalent. Formula: sum(upside_2027q3_hannover_ending, upside_2027q4_hannover_advance). |
| Hannover ending borrowing upside_2027q4_hannover_ending | 2027Q4 / upside | 150.00 USD_millions | derived: Every configured quarter stays at or below $150M 2027 cap. Formula: subtract(upside_2027q4_hannover_available, upside_2027q4_hannover_principal). |
| Opening plus closing gc balance upside_2027q4_gc_balance_sum | 2027Q4 / upside | 292.80 USD_millions | derived: Quarter average approximation. Formula: sum(upside_2027q3_gc_ending, upside_2027q4_gc_ending). |
| Average balance factor upside_2027q4_gc_half | 2027Q4 / upside | 50.0% ratio | assumption: Desk assumption; not company guidance. |
| Average gc borrowing upside_2027q4_gc_average | 2027Q4 / upside | 146.40 USD_millions | derived: Approximates intraquarter timing. Formula: multiply(upside_2027q4_gc_balance_sum, upside_2027q4_gc_half). |
| gc annual financing rate upside_2027q4_gc_annual_rate | 2027Q4 / upside | 16.0% ratio | assumption: GC 16% contractual target; Hannover assumes 4% Treasury reference plus 5.8%, not a quoted current Treasury rate. |
| Quarter fraction upside_2027q4_gc_quarter | 2027Q4 / upside | 25.0% ratio | assumption: Desk assumption; not company guidance. |
| gc interest upside_2027q4_gc_interest | 2027Q4 / upside | 5.86 USD_millions | derived: Cash interest approximation remains inside G&A and CFO. Formula: multiply(upside_2027q4_gc_average, upside_2027q4_gc_annual_rate, upside_2027q4_gc_quarter). |
| Opening plus closing hannover balance upside_2027q4_hannover_balance_sum | 2027Q4 / upside | 270.00 USD_millions | derived: Quarter average approximation. Formula: sum(upside_2027q3_hannover_ending, upside_2027q4_hannover_ending). |
| Average balance factor upside_2027q4_hannover_half | 2027Q4 / upside | 50.0% ratio | assumption: Desk assumption; not company guidance. |
| Average hannover borrowing upside_2027q4_hannover_average | 2027Q4 / upside | 135.00 USD_millions | derived: Approximates intraquarter timing. Formula: multiply(upside_2027q4_hannover_balance_sum, upside_2027q4_hannover_half). |
| hannover annual financing rate upside_2027q4_hannover_annual_rate | 2027Q4 / upside | 9.8% ratio | assumption: GC 16% contractual target; Hannover assumes 4% Treasury reference plus 5.8%, not a quoted current Treasury rate. |
| Quarter fraction upside_2027q4_hannover_quarter | 2027Q4 / upside | 25.0% ratio | assumption: Desk assumption; not company guidance. |
| hannover interest upside_2027q4_hannover_interest | 2027Q4 / upside | 3.31 USD_millions | derived: Cash interest approximation remains inside G&A and CFO. Formula: multiply(upside_2027q4_hannover_average, upside_2027q4_hannover_annual_rate, upside_2027q4_hannover_quarter). |
| Growth-financing interest upside_2027q4_finance_interest | 2027Q4 / upside | 9.16 USD_millions | derived: Old and new financing coexist. Formula: sum(upside_2027q4_gc_interest, upside_2027q4_hannover_interest). |
| Total SBC upside_2027q4_sbc | 2027Q4 / upside | 29.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Total depreciation and amortization upside_2027q4_da | 2027Q4 / upside | 3.80 USD_millions | assumption: Desk assumption; not company guidance. |
| Other interest income excluded from EBITDA upside_2027q4_other_interest | 2027Q4 / upside | 1.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Marketing technology and G&A excluding financing upside_2027q4_ordinary_opex | 2027Q4 / upside | 215.00 USD_millions | assumption: Combined GAAP cost budget including SBC and D&A. Base calibrated to adjusted EBITDA outlook; no undisclosed departmental split is asserted. |
| Marketing technology and G&A including interest upside_2027q4_operating_expense | 2027Q4 / upside | 224.16 USD_millions | derived: Growth financing is included once; total SBC/D&A already sit within GAAP cost budgets. Formula: sum(upside_2027q4_ordinary_opex, upside_2027q4_finance_interest). |
| Claims insurance and departmental expense upside_2027q4_total_cost | 2027Q4 / upside | 558.29 USD_millions | derived: Gross-profit allocated D&A is already in departmental cost; do not subtract again. Formula: sum(upside_2027q4_claims, upside_2027q4_other_insurance, upside_2027q4_operating_expense). |
| GAAP pretax result upside_2027q4_pretax | 2027Q4 / upside | -32.29 USD_millions | derived: Investment/other income remain in revenue per company presentation. Formula: subtract(upside_2027q4_revenue, upside_2027q4_total_cost). |
| Pretax plus noncash and financing addbacks upside_2027q4_ebitda_add | 2027Q4 / upside | 9.68 USD_millions | derived: No tax addback needed starting from pretax. Formula: sum(upside_2027q4_pretax, upside_2027q4_sbc, upside_2027q4_da, upside_2027q4_finance_interest). |
| Excluded investment and other interest upside_2027q4_ebitda_income_remove | 2027Q4 / upside | 11.00 USD_millions | derived: No repeat of ERC or pre-acquisition claims recoveries. Formula: sum(upside_2027q4_investment_income, upside_2027q4_other_interest). |
| Adjusted EBITDA proxy upside_2027q4_adj_ebitda | 2027Q4 / upside | -1.32 USD_millions | derived: SBC, D&A and growth-financing interest removed under company definition. Formula: subtract(upside_2027q4_ebitda_add, upside_2027q4_ebitda_income_remove). |
| Income tax cash/expense allowance upside_2027q4_cash_tax | 2027Q4 / upside | 2.50 USD_millions | assumption: Desk assumption; not company guidance. |
| Net income proxy upside_2027q4_net_income | 2027Q4 / upside | -34.79 USD_millions | derived: Assumes cash tax approximates expense; no EPS share bridge. Formula: subtract(upside_2027q4_pretax, upside_2027q4_cash_tax). |
| Unearned premium cash inflow upside_2027q4_unearned_inflow | 2027Q4 / upside | 97.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Claims reserve cash inflow upside_2027q4_claims_reserve_inflow | 2027Q4 / upside | 13.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Unearned premium and claims reserve inflows upside_2027q4_insurance_inflows | 2027Q4 / upside | 110.00 USD_millions | derived: Insurance liabilities support cash but carry future obligations. Formula: sum(upside_2027q4_unearned_inflow, upside_2027q4_claims_reserve_inflow). |
| Premium receivable cash use upside_2027q4_premium_receivables | 2027Q4 / upside | 95.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Net reinsurance and other cash use upside_2027q4_reinsurance_other | 2027Q4 / upside | 13.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Premium receivables and reinsurance cash use upside_2027q4_insurance_uses | 2027Q4 / upside | 108.00 USD_millions | derived: Includes treaty deposits, funds withheld and commission timing. Formula: sum(upside_2027q4_premium_receivables, upside_2027q4_reinsurance_other). |
| Insurance working-capital inflow upside_2027q4_insurance_wc | 2027Q4 / upside | 2.00 USD_millions | derived: Does not treat insurance float as unrestricted parent capital. Formula: subtract(upside_2027q4_insurance_inflows, upside_2027q4_insurance_uses). |
| Noncash premium bad-debt allowance upside_2027q4_bad_debt | 2027Q4 / upside | 9.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating cash flow proxy upside_2027q4_cfo | 2027Q4 / upside | 9.01 USD_millions | derived: Financing interest remains cash cost; advances and principal excluded. Formula: sum(upside_2027q4_net_income, upside_2027q4_sbc, upside_2027q4_da, upside_2027q4_bad_debt, upside_2027q4_insurance_wc). |
| Cash capex upside_2027q4_capex | 2027Q4 / upside | 7.50 USD_millions | assumption: Desk assumption; not company guidance. |
| Unfinanced free cash flow upside_2027q4_fcf | 2027Q4 / upside | 1.51 USD_millions | derived: No debt proceeds included. Formula: subtract(upside_2027q4_cfo, upside_2027q4_capex). |
| New growth advances upside_2027q4_growth_advances | 2027Q4 / upside | 45.00 USD_millions | derived: Subject to contract eligibility and caps. Formula: sum(upside_2027q4_gc_advance, upside_2027q4_hannover_advance). |
| Growth principal repayments upside_2027q4_growth_principal | 2027Q4 / upside | 45.00 USD_millions | derived: Repays existing cohort obligations. Formula: sum(upside_2027q4_gc_principal, upside_2027q4_hannover_principal). |
| Net growth borrowing upside_2027q4_net_growth_financing | 2027Q4 / upside | 0.00 USD_millions | derived: Financing cash flow, not revenue or CFO. Formula: subtract(upside_2027q4_growth_advances, upside_2027q4_growth_principal). |
| Cash after net growth borrowing upside_2027q4_cash_after_financing | 2027Q4 / upside | 1.51 USD_millions | derived: Company-style adjusted FCF perimeter, with financing disclosed separately. Formula: sum(upside_2027q4_fcf, upside_2027q4_net_growth_financing). |
| Total revenue ($M) upside_fy2026_revenue | FY2026 / upside | 1,243.40 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, upside_2026q3_revenue, upside_2026q4_revenue). |
| Gross earned premium ($M) upside_fy2026_gross_earned | FY2026 / upside | 1,396.60 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_gross_earned, upside_2026q3_gross_earned, upside_2026q4_gross_earned). |
| Net earned premium ($M) upside_fy2026_net_premium | FY2026 / upside | 1,070.60 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_net_premium, upside_2026q3_net_premium, upside_2026q4_net_premium). |
| Net loss and adjustment expense ($M) upside_fy2026_claims | FY2026 / upside | 661.46 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_claims, upside_2026q3_claims, upside_2026q4_claims). |
| GAAP gross profit proxy ($M) upside_fy2026_gross_profit | FY2026 / upside | 468.45 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_gross_profit, upside_2026q3_gross_profit, upside_2026q4_gross_profit). |
| GAAP pretax income proxy ($M) upside_fy2026_pretax | FY2026 / upside | -157.01 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_pretax, upside_2026q3_pretax, upside_2026q4_pretax). |
| Adjusted EBITDA proxy ($M) upside_fy2026_adj_ebitda | FY2026 / upside | -64.50 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_adj_ebitda, upside_2026q3_adj_ebitda, upside_2026q4_adj_ebitda). |
| Operating cash flow proxy ($M) upside_fy2026_cfo | FY2026 / upside | -15.21 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, upside_2026q3_cfo, upside_2026q4_cfo). |
| Cash capital expenditure ($M) upside_fy2026_capex | FY2026 / upside | 18.60 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, upside_2026q3_capex, upside_2026q4_capex). |
| Unfinanced CFO less capex ($M) upside_fy2026_fcf | FY2026 / upside | -33.81 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_fcf, upside_2026q3_fcf, upside_2026q4_fcf). |
| Growth advances less principal repayments ($M) upside_fy2026_net_growth_financing | FY2026 / upside | 103.30 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_net_growth_financing, upside_2026q3_net_growth_financing, upside_2026q4_net_growth_financing). |
| Cash after net growth borrowing ($M) upside_fy2026_cash_after_financing | FY2026 / upside | 69.49 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_financing, upside_2026q3_cash_after_financing, upside_2026q4_cash_after_financing). |
| Total revenue ($M) upside_fy2027_revenue | FY2027 / upside | 1,823.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_revenue, upside_2027q2_revenue, upside_2027q3_revenue, upside_2027q4_revenue). |
| Gross earned premium ($M) upside_fy2027_gross_earned | FY2027 / upside | 2,001.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_gross_earned, upside_2027q2_gross_earned, upside_2027q3_gross_earned, upside_2027q4_gross_earned). |
| Net earned premium ($M) upside_fy2027_net_premium | FY2027 / upside | 1,622.33 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_net_premium, upside_2027q2_net_premium, upside_2027q3_net_premium, upside_2027q4_net_premium). |
| Net loss and adjustment expense ($M) upside_fy2027_claims | FY2027 / upside | 995.79 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_claims, upside_2027q2_claims, upside_2027q3_claims, upside_2027q4_claims). |
| GAAP gross profit proxy ($M) upside_fy2027_gross_profit | FY2027 / upside | 664.43 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_gross_profit, upside_2027q2_gross_profit, upside_2027q3_gross_profit, upside_2027q4_gross_profit). |
| GAAP pretax income proxy ($M) upside_fy2027_pretax | FY2027 / upside | -131.25 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_pretax, upside_2027q2_pretax, upside_2027q3_pretax, upside_2027q4_pretax). |
| Adjusted EBITDA proxy ($M) upside_fy2027_adj_ebitda | FY2027 / upside | -11.87 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_adj_ebitda, upside_2027q2_adj_ebitda, upside_2027q3_adj_ebitda, upside_2027q4_adj_ebitda). |
| Operating cash flow proxy ($M) upside_fy2027_cfo | FY2027 / upside | 24.95 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_cfo, upside_2027q2_cfo, upside_2027q3_cfo, upside_2027q4_cfo). |
| Cash capital expenditure ($M) upside_fy2027_capex | FY2027 / upside | 27.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_capex, upside_2027q2_capex, upside_2027q3_capex, upside_2027q4_capex). |
| Unfinanced CFO less capex ($M) upside_fy2027_fcf | FY2027 / upside | -2.05 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_fcf, upside_2027q2_fcf, upside_2027q3_fcf, upside_2027q4_fcf). |
| Growth advances less principal repayments ($M) upside_fy2027_net_growth_financing | FY2027 / upside | 20.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_net_growth_financing, upside_2027q2_net_growth_financing, upside_2027q3_net_growth_financing, upside_2027q4_net_growth_financing). |
| Cash after net growth borrowing ($M) upside_fy2027_cash_after_financing | FY2027 / upside | 17.95 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_cash_after_financing, upside_2027q2_cash_after_financing, upside_2027q3_cash_after_financing, upside_2027q4_cash_after_financing). |
Model boundaries
- IFP is an annualized end-of-period stock and includes about 4% third-party placed business. It is not divided by four to manufacture GAAP earned premium. No annual sum of IFP or borrowing balances is presented.
- July quota-share cession fell to 18%, but consolidated effective ceded premium also reflects timing, product mix and other programs. Model retention is an explicitly calibrated effective rate, not one minus the headline quota-share percentage.
- Q2 gross loss ratio included seven points of favorable prior-period development. Forecasts do not repeat that benefit indefinitely. The model is not an actuarial reserve or catastrophe exceedance-probability analysis.
- Renewal changed catastrophe and per-occurrence protections, and the property-per-risk contract was not renewed. Gross/net loss sensitivities approximate these exposures; internal captive cessions are not treated as risk disappearing from the consolidated group.
- Company adjusted FCF includes net growth-financing borrowings. Unfinanced CFO less capex and financing proceeds are shown separately; debt funding is not operating cash generation.
- General Catalyst historical cohorts retain their repayment obligations after new 2027 financing switches to Hannover. The Hannover 2027 outstanding cap is $150M; $250M applies in 2028. Assumed advances and repayments remain conditional on contract requirements.
- Hannover interest assumes a 4% three-year Treasury reference plus 5.8%; the contractual rate uses the applicable Treasury reference, floored at zero. Quarter-average balances approximate actual cash interest timing.
- Cash/investments include insurance-company assets supporting claims and required statutory surplus. They are not all available parent cash. No statutory capital/dividend, diluted EPS or full liquidity forecast is provided.
- Q3/FY2026 SBC outlook and all quarterly cash, working-capital, loss and FY2027 assumptions are identified separately. CFO succession is effective January 1, 2027, not at this review date.
Underwriting progress and the cash borrowed to fund growth
Can earned premium growth fund its own acquisition costs as reinsurance and growth financing change?
H1 gross earned premium was $638.6M and revenue $552.4M; net loss was $79.2M and adjusted EBITDA negative $35.8M. CFO negative $4.0M less capex $8.1M gives negative $12.1M FCF. Adding $48.3M net growth borrowing produces company adjusted FCF $36.2M: the improvement is financing. Q2 gross loss ratio 60% included seven points of favorable prior-period development. July quota-share cession fell to 18%, with changed occurrence/catastrophe protections; effective net earned premium does not equal gross premium times a single treaty rate. Base FY2026 earned premium $1.376B, revenue $1.217B and EBITDA negative $49M match outlook midpoints. June growth borrowing was $206.4M. New Hannover advances begin in 2027 under a $150M outstanding cap, while old GC cohorts still require repayment. Required insurance surplus was about $330M; cash/investments are not all free parent capital.
The competing explanation
A stronger premium growth rate can coexist with adverse claims, reduced reinsurance protection and borrowing-funded acquisition cash. Prior-year reserve releases may not recur, and financing must eventually be repaid.
Risks to track
- Catastrophe and reserve development can overwhelm quarterly margins.
- Lower cession increases exposure to retained losses and capital needs.
- Marketing efficiency may not sustain growth targets.
- Growth borrowing can improve adjusted FCF while adding future cash claims.
- Insurance capital restrictions limit parent access to reported liquidity.
Next checkpoints
- Current claims and retention · Next quarterly report (estimated). Separate accident-period loss costs, prior development, catastrophe losses and effective cession.
- Investor Day · November 17, 2026 (confirmed). Review any revised growth, underwriting and capital targets before promotion.
- Financing and CFO transition · January 1, 2027 (estimated). Confirm Hannover funding eligibility, old GC repayments and the announced CFO succession.
Data coverage and open work
- IFP is an annualized end-of-period stock and includes about 4% third-party placed business. It is not divided by four to manufacture GAAP earned premium. No annual sum of IFP or borrowing balances is presented.
- July quota-share cession fell to 18%, but consolidated effective ceded premium also reflects timing, product mix and other programs. Model retention is an explicitly calibrated effective rate, not one minus the headline quota-share percentage.
- Q2 gross loss ratio included seven points of favorable prior-period development. Forecasts do not repeat that benefit indefinitely. The model is not an actuarial reserve or catastrophe exceedance-probability analysis.
- Renewal changed catastrophe and per-occurrence protections, and the property-per-risk contract was not renewed. Gross/net loss sensitivities approximate these exposures; internal captive cessions are not treated as risk disappearing from the consolidated group.
- Company adjusted FCF includes net growth-financing borrowings. Unfinanced CFO less capex and financing proceeds are shown separately; debt funding is not operating cash generation.
- General Catalyst historical cohorts retain their repayment obligations after new 2027 financing switches to Hannover. The Hannover 2027 outstanding cap is $150M; $250M applies in 2028. Assumed advances and repayments remain conditional on contract requirements.
- Hannover interest assumes a 4% three-year Treasury reference plus 5.8%; the contractual rate uses the applicable Treasury reference, floored at zero. Quarter-average balances approximate actual cash interest timing.
- Cash/investments include insurance-company assets supporting claims and required statutory surplus. They are not all available parent cash. No statutory capital/dividend, diluted EPS or full liquidity forecast is provided.
- Q3/FY2026 SBC outlook and all quarterly cash, working-capital, loss and FY2027 assumptions are identified separately. CFO succession is effective January 1, 2027, not at this review date.
What the memory says
State as of the 2026-09-18 close: in a 120-day downtrend, below its 200-day, off the 52-week high, with overhead supply, ordinary volume, closed weak, and some peers moving
| Vs the market, in points | Low | Middle | High | Share up |
|---|---|---|---|---|
| 1 session | -1.7 | +0.1 | +2.2 | 53% |
| 5 sessions | -4.0 | -0.1 | +5.0 | 49% |
| 10 sessions | -7.3 | -0.1 | +6.4 | 48% |
Historical distributions of what followed similar states, measured before today's news. Not a forecast; no side.