as these customers progress through predictable lifecycle events , their insurance needs normally grow to encompass more and higher-value products : renters regularly acquire more property and frequently upgrade to successively larger homes ; home buying often coincides with a growing household and a corresponding need for life or pet insurance , and so forth . these progressions can trigger orders-of-magnitude jumps in insurance premiums . the result is a business with highly-recurring and naturally-growing revenue streams ; a level of automation that we believe delights consumers while collapsing costs ; and an architecture that generates and employs data to price and underwrite risk with ever-greater precision to the benefit of our company , our customers and their chosen nonprofits . since our launch in late 2016 , our gross written premium ( `` gwp `` ) grew from $ 9 million in 2017 , to $ 47 million in 2018 , to $ 116 million in 2019 , and to $ 214 million for the year ended december 31 , 2020. our net losses per dollar of gwp dropped from over $ 3 in 2017 to under $ 1 in 2020. our revenue was $ 2 million , $ 23 million , $ 67 million , and $ 94 million in 2017 , 2018 , 2019 and 2020 , respectively , and our net losses were $ 28 million , $ 53 million , $ 109 million and $ 122 million , respectively . see `` management 's discussion and analysis of financial condition and results of operations - key operating and financial metrics . `` 77 in parallel to this growth of top line and increasing efficiencies , our gross loss ratio declined steadily from 79 % in 2019 to 71 % for the year ended december 31 , 2020. see `` management 's discussion and analysis of financial condition and results of operations — key operating and financial metrics . `` initial public offering and follow-on offering on july 7 , 2020 , we completed our initial public offering of common stock , or ipo , which resulted in the issuance and sale of 12,650,000 shares of common stock at the ipo price of $ 29.00 , including the exercise of the underwriters ' option to purchase additional shares , and generated net proceeds of $ 335.6 million after deducting underwriting discounts and other offering costs . on january 14 , 2021 , we completed a follow-on offering of common stock , which resulted in the issuance and sale of 3,300,000 shares of common stock by us and 1,524,314 shares of common stock by certain selling shareholders , and generated net proceeds to us of $ 525.2 million after deducting underwriting discounts and other offering costs . on february 1 , 2021 , the underwriters exercised their option to purchase additional shares , which resulted in the issuance and sale of an additional 718,647 shares of common stock by us , and generated additional net proceeds of $ 114.6 million after deducting underwriting discounts . key factors and trends affecting our operating results our financial condition and results of operations have been , and will continue to be , affected by a number of factors , including the following : seasonality seasonal patterns can impact both our rate of customer acquisition and the incurrence of claims and losses . based on historical experience , existing and potential customers move more frequently in the third quarter , compared to the rest of the calendar year . as a result , we may see greater demand for new or expanded insurance coverage , and increased online engagement resulting in proportionately more growth during the third quarter . we expect that as we grow our customers , expand geographically and launch new products , the impact of seasonal variability on our rate of growth may decrease . additionally , seasonal weather patterns impact the level and amount of claims we receive . these patterns include hurricanes , wildfires , and coastal storms in the fall , cold weather patterns and changing home heating needs in the winter , and tornados and hailstorms in the spring and summer . the mix of geographic exposure and products within our customer base impacts our exposure to these weather patterns . covid-19 impact in december 2019 , covid-19 was reported to have surfaced in wuhan , china and was subsequently recognized as a pandemic by the world health organization . the global pandemic has severely impacted businesses worldwide , including many in the insurance sector . insurers of travel , events or business interruption may be directly and adversely affected by claims from covid-19 or the lock-down it engendered . other insurers , in lines of business that are not directly impacted by covid-19 , may nevertheless be dependent on office-based brokers , in-person inspections , or teams that are poorly equipped to work from home — all of which can translate into value erosion . finally , the broader financial crisis may hurt insurers in other ways , too . with interest rates at all-time lows , many insurers may see their return on capital drop ; while those selling premium or discretionary products may see an increase in churn and a decrease in demand . against this backdrop it is noteworthy that our business has continued to grow , and the key drivers of our business have continued their positive progress , despite the pandemic . lemonade writes insurance in lines that have so far been largely unaffected by covid-19 , or indeed , historically , by recession . our systems are entirely cloud based and accessible to our teams from any browser anywhere in the world . customers ' phone calls are routed to our team 's laptops , and answered and logged from wherever they happen to be . internal communication has been via slack and zoom since our founding . story_separator_special_tag see `` — non-gaap financial measures `` for additional information on non-gaap financial measures and a reconciliation to the most comparable gaap measures . the following table sets forth these metrics as of and for the periods presented : replace_table_token_3_th customers we define customers as the number of current policyholders underwritten by us or placed by us with third-party insurance partners ( who pay us recurring commissions ) as of the period end date . a customer that has more than one policy counts as a single customer for the purposes of this metric . we view customers as an important metric to assess our financial performance because customer growth drives our revenue , expands brand awareness , deepens our market penetration , creates additional upsell and cross-sell opportunities and generates additional data to continue to improve the functioning of our platform . in force premium we define in force premium ( `` ifp `` ) as the aggregate annualized premium for customers as of the period end date . at each period end date , we calculate ifp as the sum of : i ) in force written premium — the annualized premium of in force policies underwritten by us ; and ii ) in force placed premium — the annualized premium of in force policies placed with third party insurance companies for which we earn a recurring commission payment . in force placed premium currently reflects less t han 1 % of ifp . the annualized value of premiums is a legal and contractual determination made by assessing the contractual terms with our customers . the annualized value of contracts is not determined by reference to historical revenues , deferred revenues or any other gaap financial measure over any period . ifp is not a forecast of future revenues nor is it a reliable indicator of revenue expected to be earned in any given period . we believe that our calculation of ifp is useful to analysts and investors because it captures the impact of growth in customers and 83 premium per customer at the end of each reported period , without adjusting for known or projected policy updates , cancellations , rescissions and non-renewals . see `` factors and trends affecting our operating results . ” we use ifp because we believe it gives our management useful insight into the total reach of our platform by showing all in force policies underwritten and placed by us . other companies , including companies in our industry , may calculate ifp differently or not at all , which reduces the usefulness of ifp as a tool for comparison . premium per customer we define premium per customer as the average annualized premium customers pay for products underwritten by us or placed by us with third-party insurance partners . we calculate premium per customer by dividing ifp by customers . we view premium per customer as an important metric to assess our financial performance because premium per customer reflects the average amount of money our customers spend on our products , which helps drive strategic initiatives . gross earned premium gross earned premium is the earned portion of our gross written premium . we use this operating metric as we believe it gives our management and other users of our financial information useful insight into the gross economic benefit generated by our business operations and allows us to evaluate our underwriting performance without regard to changes in our underlying reinsurance structure . see ‘ ‘ — components of our results of operations — revenue — gross earned premium . `` unlike net earned premium , gross earned premium excludes the impact of premiums ceded to reinsurers , and therefore should not be used as a substitute for net earned premium , total revenue , or any other measure presented in accordance with gaap . gross profit gross profit is calculated in accordance with gaap as total revenue less loss and loss adjustment expense , net , other insurance expense , and depreciation and amortization ( allocated to cost of revenue ) . adjusted gross profit we define adjusted gross profit , a non-gaap financial measure , as : gross profit , excluding net investment income , plus employee-related costs , plus professional fees and other , plus depreciation and amortization ( allocated to cost of revenue ) see `` — non-gaap financial measures `` for a reconciliation of total revenue to adjusted gross profit . adjusted ebitda we define adjusted ebitda , a non-gaap financial measure , as net loss excluding the impact of interest expense , income tax expense , depreciation , amortization , stock-based compensation , net investment income and other transactions that we consider to be unique in nature . see `` — non-gaap financial measures `` for a reconciliation of net loss to adjusted ebitda in accordance with gaap . gross profit margin we define gross profit margin , expressed as percentage , as the ratio of gross profit to total revenue . adjusted gross profit margin we define adjusted gross profit margin , a non-gaap financial measure , expressed as a percentage , as the ratio of adjusted gross profit to total revenue . see `` — non-gaap financial measures . `` 84 ratio of adjusted gross profit to gross earned premium we define ratio of adjusted gross profit to gross earned premium , a non-gaap financial measure , expressed as a percentage , as the ratio of adjusted gross profit to gross earned premium . our ratio of adjusted gross profit to gross earned premium provides management with useful insight into our operating performance . see ‘ ‘ — non-gaap financial measures . `` gross loss ratio we define gross loss ratio , expressed as a percentage , as the ratio of losses and loss adjustment expense to gross earned premium . net loss ratio we define net loss ratio , expressed as a percentage , as the ratio of losses and loss adjustment

liquidity and capital resources as of december 31 , 2020 , we had $ 570.8 million in cash and cash equivalents . from the date we commenced operations , we have generated negative cash flows from operations , and we have financed our operations primarily through private sales of equity securities . on january 14 , 2021 , we issued and sold 3,300,000 shares of common stock , and generated net proceeds to us of $ 525.2 million after deducting underwriting discounts and other offering costs . on february 1 , 2021 , the underwriters exercised their option to purchase additional shares , which resulted in the issuance and sale of an additional 718,647 shares of common stock by us , and generated additional net proceeds of $ 114.6 million . excluding capital raises , our principal sources of funds are insurance premiums , investment income , reinsurance recoveries and proceeds from maturity and sale of invested assets . these funds are primarily used to pay claims , operating expenses and taxes . we believe our cash and cash equivalents as of december 31 , 2020 , together with the $ 639.8 million in net proceeds , after underwriting discounts and other offering costs from our follow-on offering , will be sufficient to meet our working capital and capital expenditures needs over at least the next 12 months . our cash flows used in operations may differ substantially from our net loss due to non-cash charges or due to changes in balance sheet accounts . the timing of our cash flows from operating activities can also vary among periods due to the timing of payments made or received . some of our payments and receipts , including loss settlements and subsequent reinsurance receipts , can be significant . therefore , their timing can influence cash flows from operating activities in any given period .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity and capital resources as of december 31 , 2020 , we had $ 570.8 million in cash and cash equivalents . from the date we commenced operations , we have generated negative cash flows from operations , and we have financed our operations primarily through private sales of equity securities . on january 14 , 2021 , we issued and sold 3,300,000 shares of common stock , and generated net proceeds to us of $ 525.2 million after deducting underwriting discounts and other offering costs . on february 1 , 2021 , the underwriters exercised their option to purchase additional shares , which resulted in the issuance and sale of an additional 718,647 shares of common stock by us , and generated additional net proceeds of $ 114.6 million . excluding capital raises , our principal sources of funds are insurance premiums , investment income , reinsurance recoveries and proceeds from maturity and sale of invested assets . these funds are primarily used to pay claims , operating expenses and taxes . we believe our cash and cash equivalents as of december 31 , 2020 , together with the $ 639.8 million in net proceeds , after underwriting discounts and other offering costs from our follow-on offering , will be sufficient to meet our working capital and capital expenditures needs over at least the next 12 months . our cash flows used in operations may differ substantially from our net loss due to non-cash charges or due to changes in balance sheet accounts . the timing of our cash flows from operating activities can also vary among periods due to the timing of payments made or received . some of our payments and receipts , including loss settlements and subsequent reinsurance receipts , can be significant . therefore , their timing can influence cash flows from operating activities in any given period .
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 Suspicious Activity Report : as these customers progress through predictable lifecycle events , their insurance needs normally grow to encompass more and higher-value products : renters regularly acquire more property and frequently upgrade to successively larger homes ; home buying often coincides with a growing household and a corresponding need for life or pet insurance , and so forth . these progressions can trigger orders-of-magnitude jumps in insurance premiums . the result is a business with highly-recurring and naturally-growing revenue streams ; a level of automation that we believe delights consumers while collapsing costs ; and an architecture that generates and employs data to price and underwrite risk with ever-greater precision to the benefit of our company , our customers and their chosen nonprofits . since our launch in late 2016 , our gross written premium ( `` gwp `` ) grew from $ 9 million in 2017 , to $ 47 million in 2018 , to $ 116 million in 2019 , and to $ 214 million for the year ended december 31 , 2020. our net losses per dollar of gwp dropped from over $ 3 in 2017 to under $ 1 in 2020. our revenue was $ 2 million , $ 23 million , $ 67 million , and $ 94 million in 2017 , 2018 , 2019 and 2020 , respectively , and our net losses were $ 28 million , $ 53 million , $ 109 million and $ 122 million , respectively . see `` management 's discussion and analysis of financial condition and results of operations - key operating and financial metrics . `` 77 in parallel to this growth of top line and increasing efficiencies , our gross loss ratio declined steadily from 79 % in 2019 to 71 % for the year ended december 31 , 2020. see `` management 's discussion and analysis of financial condition and results of operations — key operating and financial metrics . `` initial public offering and follow-on offering on july 7 , 2020 , we completed our initial public offering of common stock , or ipo , which resulted in the issuance and sale of 12,650,000 shares of common stock at the ipo price of $ 29.00 , including the exercise of the underwriters ' option to purchase additional shares , and generated net proceeds of $ 335.6 million after deducting underwriting discounts and other offering costs . on january 14 , 2021 , we completed a follow-on offering of common stock , which resulted in the issuance and sale of 3,300,000 shares of common stock by us and 1,524,314 shares of common stock by certain selling shareholders , and generated net proceeds to us of $ 525.2 million after deducting underwriting discounts and other offering costs . on february 1 , 2021 , the underwriters exercised their option to purchase additional shares , which resulted in the issuance and sale of an additional 718,647 shares of common stock by us , and generated additional net proceeds of $ 114.6 million after deducting underwriting discounts . key factors and trends affecting our operating results our financial condition and results of operations have been , and will continue to be , affected by a number of factors , including the following : seasonality seasonal patterns can impact both our rate of customer acquisition and the incurrence of claims and losses . based on historical experience , existing and potential customers move more frequently in the third quarter , compared to the rest of the calendar year . as a result , we may see greater demand for new or expanded insurance coverage , and increased online engagement resulting in proportionately more growth during the third quarter . we expect that as we grow our customers , expand geographically and launch new products , the impact of seasonal variability on our rate of growth may decrease . additionally , seasonal weather patterns impact the level and amount of claims we receive . these patterns include hurricanes , wildfires , and coastal storms in the fall , cold weather patterns and changing home heating needs in the winter , and tornados and hailstorms in the spring and summer . the mix of geographic exposure and products within our customer base impacts our exposure to these weather patterns . covid-19 impact in december 2019 , covid-19 was reported to have surfaced in wuhan , china and was subsequently recognized as a pandemic by the world health organization . the global pandemic has severely impacted businesses worldwide , including many in the insurance sector . insurers of travel , events or business interruption may be directly and adversely affected by claims from covid-19 or the lock-down it engendered . other insurers , in lines of business that are not directly impacted by covid-19 , may nevertheless be dependent on office-based brokers , in-person inspections , or teams that are poorly equipped to work from home — all of which can translate into value erosion . finally , the broader financial crisis may hurt insurers in other ways , too . with interest rates at all-time lows , many insurers may see their return on capital drop ; while those selling premium or discretionary products may see an increase in churn and a decrease in demand . against this backdrop it is noteworthy that our business has continued to grow , and the key drivers of our business have continued their positive progress , despite the pandemic . lemonade writes insurance in lines that have so far been largely unaffected by covid-19 , or indeed , historically , by recession . our systems are entirely cloud based and accessible to our teams from any browser anywhere in the world . customers ' phone calls are routed to our team 's laptops , and answered and logged from wherever they happen to be . internal communication has been via slack and zoom since our founding . story_separator_special_tag see `` — non-gaap financial measures `` for additional information on non-gaap financial measures and a reconciliation to the most comparable gaap measures . the following table sets forth these metrics as of and for the periods presented : replace_table_token_3_th customers we define customers as the number of current policyholders underwritten by us or placed by us with third-party insurance partners ( who pay us recurring commissions ) as of the period end date . a customer that has more than one policy counts as a single customer for the purposes of this metric . we view customers as an important metric to assess our financial performance because customer growth drives our revenue , expands brand awareness , deepens our market penetration , creates additional upsell and cross-sell opportunities and generates additional data to continue to improve the functioning of our platform . in force premium we define in force premium ( `` ifp `` ) as the aggregate annualized premium for customers as of the period end date . at each period end date , we calculate ifp as the sum of : i ) in force written premium — the annualized premium of in force policies underwritten by us ; and ii ) in force placed premium — the annualized premium of in force policies placed with third party insurance companies for which we earn a recurring commission payment . in force placed premium currently reflects less t han 1 % of ifp . the annualized value of premiums is a legal and contractual determination made by assessing the contractual terms with our customers . the annualized value of contracts is not determined by reference to historical revenues , deferred revenues or any other gaap financial measure over any period . ifp is not a forecast of future revenues nor is it a reliable indicator of revenue expected to be earned in any given period . we believe that our calculation of ifp is useful to analysts and investors because it captures the impact of growth in customers and 83 premium per customer at the end of each reported period , without adjusting for known or projected policy updates , cancellations , rescissions and non-renewals . see `` factors and trends affecting our operating results . ” we use ifp because we believe it gives our management useful insight into the total reach of our platform by showing all in force policies underwritten and placed by us . other companies , including companies in our industry , may calculate ifp differently or not at all , which reduces the usefulness of ifp as a tool for comparison . premium per customer we define premium per customer as the average annualized premium customers pay for products underwritten by us or placed by us with third-party insurance partners . we calculate premium per customer by dividing ifp by customers . we view premium per customer as an important metric to assess our financial performance because premium per customer reflects the average amount of money our customers spend on our products , which helps drive strategic initiatives . gross earned premium gross earned premium is the earned portion of our gross written premium . we use this operating metric as we believe it gives our management and other users of our financial information useful insight into the gross economic benefit generated by our business operations and allows us to evaluate our underwriting performance without regard to changes in our underlying reinsurance structure . see ‘ ‘ — components of our results of operations — revenue — gross earned premium . `` unlike net earned premium , gross earned premium excludes the impact of premiums ceded to reinsurers , and therefore should not be used as a substitute for net earned premium , total revenue , or any other measure presented in accordance with gaap . gross profit gross profit is calculated in accordance with gaap as total revenue less loss and loss adjustment expense , net , other insurance expense , and depreciation and amortization ( allocated to cost of revenue ) . adjusted gross profit we define adjusted gross profit , a non-gaap financial measure , as : gross profit , excluding net investment income , plus employee-related costs , plus professional fees and other , plus depreciation and amortization ( allocated to cost of revenue ) see `` — non-gaap financial measures `` for a reconciliation of total revenue to adjusted gross profit . adjusted ebitda we define adjusted ebitda , a non-gaap financial measure , as net loss excluding the impact of interest expense , income tax expense , depreciation , amortization , stock-based compensation , net investment income and other transactions that we consider to be unique in nature . see `` — non-gaap financial measures `` for a reconciliation of net loss to adjusted ebitda in accordance with gaap . gross profit margin we define gross profit margin , expressed as percentage , as the ratio of gross profit to total revenue . adjusted gross profit margin we define adjusted gross profit margin , a non-gaap financial measure , expressed as a percentage , as the ratio of adjusted gross profit to total revenue . see `` — non-gaap financial measures . `` 84 ratio of adjusted gross profit to gross earned premium we define ratio of adjusted gross profit to gross earned premium , a non-gaap financial measure , expressed as a percentage , as the ratio of adjusted gross profit to gross earned premium . our ratio of adjusted gross profit to gross earned premium provides management with useful insight into our operating performance . see ‘ ‘ — non-gaap financial measures . `` gross loss ratio we define gross loss ratio , expressed as a percentage , as the ratio of losses and loss adjustment expense to gross earned premium . net loss ratio we define net loss ratio , expressed as a percentage , as the ratio of losses and loss adjustment

