Group 1: S&T Bank's Initiative - S&T Bank will hold its second annual Lemonade Days fundraising campaign from June 1 to June 8, 2024, to benefit Alex's Lemonade Stand Foundation (ALSF) [1][2] - The campaign allows visitors to S&T Bank branches to donate to ALSF and receive complimentary lemonade and treats [1][2] Group 2: Partnership and Impact - S&T Bank's CEO Chris McComish highlighted the expansion of their partnership with ALSF, emphasizing the bank's commitment to community support [3] - In 2023, S&T Bank raised over $30,000 for ALSF in Central and Southeastern Pennsylvania, with plans to expand lemonade stands across all markets in 2024 [3] Group 3: About ALSF - ALSF was founded by Alex Scott, who raised $1 million for childhood cancer research before her passing at age eight [5] - The foundation has grown into the largest independent childhood cancer charity in the U.S., funding pediatric cancer research and supporting affected families [5] Group 4: Company Overview - S&T Bancorp Inc. is a $9.5 billion bank holding company headquartered in Indiana, Pennsylvania, and trades on NASDAQ under the symbol STBA [4] - S&T Bank has been recognized as a Best-in-State Bank by Forbes in 2023 and as one of America's Best Banks in 2024 [4]

Trupanion Today Key Points The pandemic triggered a surge in pet ownership as social distancing and lockdowns resulted in the need for companionship for many individuals and families. Anyone who owns a dog or cat can understand how they need to be cared for, just like a family member. This care includes not just food and baths but also veterinarian and medical bills. As your pets get older, medical bills can add up and get more expensive as treatments get extensive. Here are 2 pet health insurance providers ...

With hints of sweet strawberry and tart lemonade, the iconic brand's latest innovation will snap Americans into a summertime state of mind HERSHEY, Pa., May 16, 2024 /PRNewswire/ -- The KIT KAT® brand is giving fans another reason to celebrate summer with a new, limited-edition flavor – the KIT KAT® Pink Lemonade Flavored Bar. Classic, crisp wafers wrapped in a pink lemonade flavored creme – this new flavor delivers a refreshing taste experience with unexpected hints of strawberry. Whether you're ready to u ...

Lemonade (LMND) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, LMND broke through the 20-day moving average, which suggests a short-term bullish trend. The 20-day simple moving average is a well-liked trading tool because it provides a look back at a stock's price over a 20-day period. Additionally, short- term traders find this SMA very beneficial, as it smooths out short-term price trends and shows more trend reversal signals than longer ...

From a technical perspective, Lemonade (LMND) is looking like an interesting pick, as it just reached a key level of support. LMND recently overtook the 50-day moving average, and this suggests a short-term bullish trend. The bullish case only gets stronger once investors take into account LMND's positive earnings estimate revisions. There have been 6 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well. Investors may want to watch LMND for more gains in ...

Van Eck Associates Corp just announced to have trimmed its stake in Lemonade Inc (NYSE: LMND). Shares of the insurance firm are still up more than 15% at writing. Are you looking for signals & alerts from pro-traders? Sign-up to Invezz Signals™ for FREE. Takes 2 mins. Van Eck sold $244,000 worth of $LMND Copy link to section The investment management company lowered its exposure to $LMND by over 28% in the fourth quarter. It sold a total of 6,053 shares of Lemonade for about $244,000 – but still holds some ...

Key PointsLemonade moved up its cash flow breakeven date to the end of Q4 2024 from its original forecast of the first half of 2025, leaving Q1 2025 to generate positive cash flow.Lemonade grew in-force premiums by 22% YoY and customers by 13% YoY to 2,095,275.Lemonade claims to be living up to the AI hype as the company lowered its loss ratio by 8% and increased its book by 22% while cutting headcount by 11%.5 stocks we like better than LemonadeArtificial intelligence (AI) powered insurance platform Lemona ...

Digital insurance platform Lemonade said its AI investments continue to bear fruit.The company’s latest shareholder letter — while reporting a 25% increase in total revenues and a $47 million net loss, an improvement of 28% — also examines the way artificial intelligence (AI) and automation technology has impacted its loss adjustment expense (LAE) ratio.As co-founder Shai Winiger noted during a Wednesday (May 1) earnings call, it’s a little-discussed insurance industry metric, one the company said measures ...

[Cautionary Note Regarding Forward-Looking Statements](index=4&type=section&id=CAUTIONARY%20NOTE%20REGARDING%20FORWARD-LOOKING%20STATEMENTS) This section warns that the report contains forward-looking statements subject to significant known and unknown risks [Forward-Looking Statements and Risks](index=4&type=section&id=Forward-Looking%20Statements%20and%20Risks) This section details the inherent risks and uncertainties that could cause actual results to differ from forward-looking statements - The report contains forward-looking statements subject to significant risks and uncertainties, including the company's history of losses, ability to attract and retain customers, brand reputation, and the impact of the evolving conflict in Israel[11](index=11&type=chunk)[13](index=13&type=chunk)[107](index=107&type=chunk) - Key risks include potential inability to achieve or maintain profitability, challenges in retaining and expanding the customer base, and the possibility of the "Lemonade" brand not becoming widely known[13](index=13&type=chunk) - Reinsurance availability and pricing, the efficacy of the novel business model, and regulatory restrictions on AI algorithms are also critical factors that could materially affect financial results[13](index=13&type=chunk)[14](index=14&type=chunk) [PART I. FINANCIAL INFORMATION](index=7&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=7&type=section&id=Item%201.%20Financial%20Statements) This section presents Lemonade's unaudited condensed consolidated financial statements and detailed explanatory notes [Condensed Consolidated Balance Sheets](index=8&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) This section provides a snapshot of the company's assets, liabilities, and equity at specific points in time Metric (in millions) | Metric (in millions) | March 31, 2024 | December 31, 2023 | Change | % Change | | :------------------- | :------------- | :---------------- | :----- | :------- | | Total Assets | $1,646.4 | $1,633.3 | $13.1 | 0.8% | | Total Liabilities | $970.0 | $924.4 | $45.6 | 4.9% | | Total Stockholders' Equity | $676.4 | $708.9 | $(32.5)| (4.6%) | - Total assets increased slightly by **$13.1 million**, driven by increases in premium receivable, reinsurance recoverable, and cash, cash equivalents and restricted cash[19](index=19&type=chunk) - Total liabilities increased by **$45.6 million**, primarily due to increases in unpaid loss and loss adjustment expense, unearned premium, and borrowings under financing agreements[19](index=19&type=chunk) [Condensed Consolidated Statements of Operations and Comprehensive Loss](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) This section details the company's revenues, expenses, and net loss over specific reporting periods Metric (in millions) | Metric (in millions) | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | Change | % Change | | :------------------- | :-------------------------------- | :-------------------------------- | :----- | :------- | | Total Revenue | $119.1 | $95.2 | $23.9 | 25.1% | | Total Expense | $164.3 | $159.9 | $4.4 | 2.8% | | Net Loss | $(47.3) | $(65.8) | $18.5 | (28.1%) | | Net Loss Per Share (Basic & Diluted) | $(0.67) | $(0.95) | $0.28 | (29.5%) | - The company significantly reduced its net loss by **28.1%** year-over-year, from **$(65.8) million** in Q1 2023 to **$(47.3) million** in Q1 2024, primarily driven by a **25.1%** increase in total revenue[22](index=22&type=chunk) - Net earned premium increased by **24%** and net investment income increased by **52%** year-over-year, contributing to the overall revenue growth[22](index=22&type=chunk) [Condensed Consolidated Statements of Changes in Stockholders' Equity](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Stockholders'%20Equity) This section outlines changes in the company's equity components, including net loss and capital contributions Metric (in millions) | Metric (in millions) | March 31, 2024 | December 31, 2023 | Change | | :------------------- | :------------- | :---------------- | :----- | | Total Stockholders' Equity | $676.4 | $708.9 | $(32.5)| | Accumulated Deficit | $(1,143.9) | $(1,096.6) | $(47.3)| | Additional Paid-In Capital | $1,829.5 | $1,814.5 | $15.0 | - Total stockholders' equity decreased by **$32.5 million**, primarily due to the net loss of **$47.3 million** for the quarter, partially offset by an increase in additional paid-in capital from stock-based compensation and stock option exercises[25](index=25&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=11&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) This section reports the cash inflows and outflows from operating, investing, and financing activities Metric (in millions) | Metric (in millions) | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | Change | | :------------------- | :-------------------------------- | :-------------------------------- | :----- | | Net Cash Used in Operating Activities | $(29.8) | $(46.4) | $16.6 | | Net Cash Provided by Investing Activities | $30.9 | $15.3 | $15.6 | | Net Cash Provided by Financing Activities | $13.5 | $0.1 | $13.4 | | Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | $13.7 | $(31.7) | $45.4 | | Cash, Cash Equivalents and Restricted Cash at End of Period | $285.2 | $254.8 | $30.4 | - Cash used in operating activities significantly decreased by **$16.6 million**, indicating improved operational efficiency[28](index=28&type=chunk) - Investing activities provided **$30.9 million** in cash, a substantial increase from **$15.3 million** in the prior year, mainly from proceeds of investment sales[28](index=28&type=chunk) - Financing activities provided **$13.5 million**, primarily due to new borrowings under a financing agreement, a significant increase from **$0.1 million** in the prior year[28](index=28&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=13&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) These notes provide detailed explanations and disclosures for the financial statements, covering accounting policies, estimates, and specific financial items [1. Nature of the Business](index=13&type=section&id=1.%20Nature%20of%20the%20Business) This section describes Lemonade, Inc.'s business operations and its structure as a public benefit corporation - Lemonade, Inc. is a public benefit corporation providing personnel, facilities, and services to its wholly-owned US and EU subsidiaries[31](index=31&type=chunk) - The company's operations in Israel are subject to increased global economic and political uncertainty due to the evolving conflict, with the potential impact on operations still being evaluated[33](index=33&type=chunk) [2. Basis of Presentation](index=13&type=section&id=2.%20Basis%20of%20Presentation) This section outlines the accounting principles and consolidation methods used in preparing the financial statements - The interim financial statements are prepared in accordance with U.S. GAAP, consolidating all wholly-owned subsidiaries and a variable interest entity[32](index=32&type=chunk) - Foreign currency amounts are translated using average rates for the income statement and spot rates for the balance sheet[32](index=32&type=chunk) [3. Use of Estimates](index=13&type=section&id=3.%20Use%20of%20Estimates) This section highlights the significant management estimates required for financial statement preparation and their potential variability - The preparation of financial statements requires management to make significant estimates, including reserves for loss and loss adjustment expense, reinsurance recoverable, intangible assets, and valuation allowance on deferred tax assets[35](index=35&type=chunk) - Actual results could differ from these estimates, which are based on historical experience and various assumptions[35](index=35&type=chunk) [4. Summary of Significant Accounting Policies](index=14&type=section&id=4.%20Summary%20of%20Significant%20Accounting%20Policies) This section details the key accounting policies applied, including those for cash, cash equivalents, and restricted cash Cash, Cash Equivalents and Restricted Cash (in millions) | Cash, Cash Equivalents and Restricted Cash (in millions) | March 31, 2024 | December 31, 2023 | | :----------------------------------------------------- | :------------- | :---------------- | | Cash and cash equivalents | $278.7 | $264.5 | | Restricted cash | $6.5 | $7.0 | | Total | $285.2 | $271.5 | - Restricted cash primarily relates to insurance policy premiums held for transmittal to underwriting carriers or settlement of claims, and security deposits for office leases[36](index=36&type=chunk) - The company is evaluating the impact of new FASB ASUs 2023-07 (Segment Reporting) and 2023-09 (Income Tax Disclosures), effective for fiscal years beginning after December 15, 2023, and December 15, 2024, respectively[37](index=37&type=chunk)[38](index=38&type=chunk) [5. Investments](index=15&type=section&id=5.%20Investments) This section provides details on the company's investment portfolio, including fixed maturities and net investment income Fixed Maturities (in millions) | Fixed Maturities (in millions) | March 31, 2024 Fair Value | December 31, 2023 Fair Value | | :----------------------------- | :------------------------ | :--------------------------- | | Corporate debt securities | $451.7 | $449.9 | | U.S. Government obligations | $163.6 | $175.9 | | Asset-backed securities | $4.5 | $1.6 | | Total | $619.8 | $627.4 | Net Investment Income (in millions) | Net Investment Income (in millions) | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | Change | % Change | | :---------------------------------- | :-------------------------------- | :-------------------------------- | :----- | :------- | | Interest on cash and cash equivalents | $1.5 | $1.2 | $0.3 | 25.0% | | Fixed maturities | $5.8 | $2.9 | $2.9 | 100.0% | | Short-term investments | $0.4 | $1.0 | $(0.6) | (60.0%) | | Net investment income | $7.6 | $5.0 | $2.6 | 52.0% | - Gross unrealized losses on fixed maturities decreased from **$6.3 million** at December 31, 2023, to **$4.4 million** at March 31, 2024[41](index=41&type=chunk) - The company holds restricted investments of **$83.3 million** in a trust account to secure reinsurance contractual obligations[48](index=48&type=chunk) [6. Fair Value Measurements](index=17&type=section&id=6.%20Fair%20Value%20Measurements) This section explains the methodologies and inputs used to determine the fair value of financial instruments - The company's financial assets, primarily fixed maturities and short-term investments, are measured using Level 2 inputs (quoted prices from third-party valuation services)[49](index=49&type=chunk) - Public warrant liability is classified as Level 1 due to observable market quotes, while private warrant liability is Level 2, derived from public warrant prices[52](index=52&type=chunk) - There were no transfers between fair value hierarchy levels during the three months ended March 31, 2024[50](index=50&type=chunk) [7. Unpaid Loss and Loss Adjustment Expense](index=19&type=section&id=7.%20Unpaid%20Loss%20and%20Loss%20Adjustment%20Expense) This section details the company's reserves for unpaid losses and loss adjustment expenses, including reinsurance impacts Metric (in millions) | Metric (in millions) | March 31, 2024 | March 31, 2023 | Change | | :------------------- | :------------- | :------------- | :----- | | Unpaid loss and LAE at end of period (gross) | $264.0 | $245.2 | $18.8 | | Net incurred loss and LAE | $65.9 | $63.6 | $2.3 | | Net paid loss and LAE | $68.8 | $66.4 | $2.4 | - The company experienced favorable development on net loss and LAE reserves of **$6.5 million** for Q1 2024, compared to unfavorable development of **$5.7 million** in Q1 2023[55](index=55&type=chunk) - The current reinsurance program, effective July 1, 2023, includes Whole Account Quota Share Reinsurance Contracts (approximately **55%** proportional reinsurance) and Excess of Loss contracts, with specific limitations for hurricane and non-hurricane catastrophe losses[60](index=60&type=chunk)[61](index=61&type=chunk)[62](index=62&type=chunk) [8. Borrowings under Financing Agreement](index=21&type=section&id=8.%20Borrowings%20under%20Financing%20Agreement) This section outlines the company's financing arrangements, including the agreement with General Catalyst - The company amended its Customer Investment Agreement with General Catalyst in January 2024, securing an additional **$140 million** in financing for sales and marketing growth through December 31, 2025[64](index=64&type=chunk) - As of March 31, 2024, outstanding borrowings under this agreement totaled **$28.3 million**, with **$0.6 million** in interest expense incurred for the quarter[65](index=65&type=chunk) [9. Other Liabilities and Accrued Expenses](index=21&type=section&id=9.%20Other%20Liabilities%20and%20Accrued%20Expenses) This section provides a breakdown of various other liabilities and accrued expenses on the balance sheet Other Liabilities (in millions) | Other Liabilities (in millions) | March 31, 2024 | December 31, 2023 | | :------------------------------ | :------------- | :---------------- | | Lease liabilities | $25.9 | $28.2 | | Uncertain tax position | $14.9 | $13.3 | | Ceding commission payable | $13.7 | $13.9 | | Accrued advertising costs | $7.9 | $6.2 | | Employee compensation | $6.8 | $8.4 | | Total | $100.5 | $99.5 | - Total other liabilities and accrued expenses increased slightly to **$100.5 million**, with notable increases in uncertain tax positions and accrued advertising costs[66](index=66&type=chunk) [10. Stockholders' Equity](index=22&type=section&id=10.%20Stockholders'%20Equity) This section details the components of stockholders' equity, including common stock, preferred stock, and warrants - As of March 31, 2024, there were **70,478,088 shares** of common stock issued and outstanding, an increase from **70,163,703 shares** at December 31, 2023[67](index=67&type=chunk) - The company has **10,000,000 shares** of undesignated preferred stock authorized but none issued or outstanding[69](index=69&type=chunk) - Warrants to purchase **3,352,025 shares** of common stock were authorized for a related party, vesting in installments over five years[70](index=70&type=chunk) [11. Stock-based Compensation](index=22&type=section&id=11.%20Stock-based%20Compensation) This section reports the expense and details related to stock options, RSUs, and warrant shares Stock-based Compensation Expense (in millions) | Stock-based Compensation Expense (in millions) | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | Change | % Change | | :--------------------------------------------- | :-------------------------------- | :-------------------------------- | :----- | :------- | | Total stock-based compensation expense | $14.9 | $15.4 | $(0.5) | (3.2%) | | Stock options | $7.7 | $11.0 | $(3.3) | (30.0%) | | RSUs | $6.3 | $4.4 | $1.9 | 43.2% | | Warrant shares | $0.9 | $0.0 | $0.9 | N/A | - The 2020 Incentive Compensation Plan share pool increased by **3,508,185 shares** on January 1, 2024, and **6,936,498 shares** were available for future grants as of March 31, 2024[72](index=72&type=chunk) - Unrecognized stock-based compensation expense totaled **$47.0 million** for stock options and **$67.3 million** for RSUs, with weighted-average vesting periods of **1.1** and **1.5 years**, respectively[81](index=81&type=chunk) - The company recognized **$0.9 million** in compensation expense for warrant shares in Q1 2024, with **$64.9 million** in total unrecognized expense remaining[82](index=82&type=chunk) [12. Income Taxes](index=26&type=section&id=12.%20Income%20Taxes) This section details the company's income tax expense, effective tax rate, and unrecognized tax benefits Income Tax Metric (in millions) | Income Tax Metric (in millions) | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | Change | % Change | | :------------------------------ | :-------------------------------- | :-------------------------------- | :----- | :------- | | Income tax expense | $2.1 | $1.1 | $1.0 | 90.9% | | Effective tax rate | (4.7%) | (1.8%) | (2.9%) | N/A | | Unrecognized tax benefits | $14.3 | $9.0 | $5.3 | 58.9% | - The increase in income tax expense and the change in effective tax rate were primarily due to changes in profit before tax in foreign jurisdictions, valuation allowance, and uncertain tax positions related to transfer pricing methodology[83](index=83&type=chunk) - Management believes it is reasonably possible that unrecognized tax benefits could increase within the next 12 months[84](index=84&type=chunk) [13. Net Loss per Share](index=26&type=section&id=13.%20Net%20Loss%20per%20Share) This section presents the basic and diluted net loss per share and the treatment of potentially dilutive securities Net Loss Per Share | Net Loss Per Share | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | Change | % Change | | :----------------- | :-------------------------------- | :-------------------------------- | :----- | :------- | | Basic and Diluted | $(0.67) | $(0.95) | $0.28 | (29.5%) | - Potentially dilutive securities (stock options, unvested RSUs, and warrants) were excluded from diluted net loss per share calculation as their effect would be anti-dilutive[86](index=86&type=chunk) [14. Related Party Transactions](index=28&type=section&id=14.%20Related%20Party%20Transactions) This section discloses transactions and relationships with related parties, including the Lemonade Foundation - The Lemonade Foundation, whose board members include the company's CEO and President, owns **400,000 shares** of common stock contributed by the company[88](index=88&type=chunk) - There were no outstanding amounts due to or from the Lemonade Foundation as of March 31, 2024, and December 31, 2023[88](index=88&type=chunk) [15. Commitments and Contingencies](index=28&type=section&id=15.%20Commitments%20and%20Contingencies) This section outlines the company's legal commitments, potential liabilities, and contingent obligations - The company is occasionally involved in routine claims or litigation and accrues for loss contingencies when probable and estimable[89](index=89&type=chunk) - A potential liability claim related to the Metromile acquisition has been recorded, and the company continues to monitor legal issues[91](index=91&type=chunk)[92](index=92&type=chunk) - The company has provided guarantees totaling **$2.7 million** for certain office leases[93](index=93&type=chunk) [16. Geographical Breakdown of Gross Written Premium](index=29&type=section&id=16.%20Geographical%20Breakdown%20of%20Gross%20Written%20Premium) This section provides a geographical analysis of gross written premium and product offerings Jurisdiction | Jurisdiction | Three Months Ended March 31, 2024 (in millions) | % of GWP (2024) | Three Months Ended March 31, 2023 (in millions) | % of GWP (2023) | | :----------- | :---------------------------------------------- | :-------------- | :---------------------------------------------- | :-------------- | | California | $55.3 | 26.9% | $45.5 | 27.7% | | Texas | $30.0 | 14.6% | $26.1 | 15.9% | | New York | $21.0 | 10.2% | $18.4 | 11.2% | | Illinois | $9.7 | 4.7% | $7.1 | 4.3% | | New Jersey | $9.7 | 4.7% | $8.6 | 5.2% | | Total GWP | $205.6 | 100.0% | $164.0 | 100.0% | - Gross written premium increased by **25%** year-over-year to **$205.6 million**, with California, Texas, and New York remaining the largest markets[94](index=94&type=chunk) - The company offers homeowners multi-peril, inland marine, general liability, and private passenger auto lines of business, including car insurance policies written in Texas through a fronting arrangement[94](index=94&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=30&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial condition, operating results, key performance drivers, and comparative financial analysis [Our Business](index=30&type=section&id=Our%20Business) This section describes Lemonade's vertically-integrated insurance model, leveraging technology, AI, and social impact - Lemonade is a vertically-integrated insurance company leveraging technology, data, AI, and social impact to offer renters, homeowners, pet, car, and life insurance through a digital platform[96](index=96&type=chunk)[97](index=97&type=chunk) - The business model incorporates reinsurance to manage volatility and an annual "Giveback" to nonprofits, aiming to foster trust and social impact[98](index=98&type=chunk) - The company secured an additional **$140 million** in financing from General Catalyst for sales and marketing growth through December 31, 2025, with **$28.3 million** outstanding as of March 31, 2024[99](index=99&type=chunk)[100](index=100&type=chunk)[101](index=101&type=chunk) [Key Factors and Trends Affecting our Operating Results](index=31&type=section&id=Key%20Factors%20and%20Trends%20Affecting%20our%20Operating%20Results) Operating results are influenced by seasonality, macroeconomic conditions, and the company's reinsurance strategy [Seasonality](index=31&type=section&id=Seasonality) This section explains how seasonal patterns affect customer acquisition and claims frequency - Customer acquisition and demand for insurance typically increase in the third quarter due to higher moving frequency[103](index=103&type=chunk) - Seasonal weather patterns (hurricanes, wildfires, cold weather, tornados, hailstorms) significantly impact claims, with the mix of geographic exposure and products affecting overall risk[104](index=104&type=chunk) [Current Macroeconomic Environment](index=31&type=section&id=Current%20Macroeconomic%20Environment) This section discusses the impact of inflation and geopolitical instability on the company's operations - Elevated inflation is expected to impact the investment portfolio, product pricing, and loss reserve estimates, with the full effects remaining uncertain[106](index=106&type=chunk) - Operations in Israel expose the company to political, economic, and military instability, with the evolving conflict increasing global uncertainty and potential adverse effects on business[107](index=107&type=chunk) [Reinsurance](index=32&type=section&id=Reinsurance) This section details the company's use of reinsurance to manage risk and provide underwriting capacity - Reinsurance is used to manage exposure to property and casualty risks and provide capacity for growth, but the company remains primarily liable to policyholders[110](index=110&type=chunk) - The current reinsurance program, effective July 1, 2023, includes Whole Account Quota Share Reinsurance Contracts (approximately **55%** proportional reinsurance) and various Excess of Loss contracts, with specific limitations for catastrophe losses[114](index=114&type=chunk)[115](index=115&type=chunk)[116](index=116&type=chunk) - The company is exposed to natural catastrophe risks and other covered risks through its captive subsidiaries in Bermuda and the Cayman Islands[116](index=116&type=chunk) [Components of our Results of Operations](index=33&type=section&id=Components%20of%20our%20Results%20of%20Operations) This section defines and explains the key revenue and expense components driving the company's operating results [Revenue](index=33&type=section&id=Revenue) This section describes the various sources of revenue, including premiums, commissions, and investment income - Gross Written Premium is influenced by new business, renewals, and policy size/rate, including car insurance policies from the Metromile acquisition and Texas fronting arrangement[117](index=117&type=chunk) - Net Earned Premium is gross earned premium less amounts ceded to reinsurers, earned pro rata over policy terms (typically one year, or six months for pay-per-mile car insurance)[121](index=121&type=chunk) - Ceding Commission Income is received from reinsurers to reimburse acquisition and underwriting expenses, recognized pro rata with earned premium[122](index=122&type=chunk) - Net Investment Income is interest from fixed maturity securities and other investments, expected to become a more significant component of results over time[123](index=123&type=chunk) - Commission and Other Income includes commissions from third-party placed policies and fees from installment premiums, recognized upon policy effective date or billing[124](index=124&type=chunk) [Expense](index=34&type=section&id=Expense) This section details the company's expense categories, including losses, insurance, sales, technology, and general administration - Loss and Loss Adjustment Expense, Net, represents costs for losses net of reinsurance, based on actuarial estimates and influenced by policy volume and loss experience, including catastrophe losses[125](index=125&type=chunk) - Other Insurance Expense includes amortization of commissions, premium taxes, credit card fees, and employee compensation for underwriting teams, offset by ceding commission income[126](index=126&type=chunk) - Sales and Marketing expenses, including advertising and employee compensation, are expensed as incurred, with plans for continued investment to drive customer acquisition and brand awareness[127](index=127&type=chunk)[128](index=128&type=chunk) - Technology Development costs, including employee compensation and vendor expenses, are expensed as incurred, except for capitalized internal-use software development costs[129](index=129&type=chunk) - General and Administrative expenses cover executive, finance, legal, and administrative personnel, professional services, taxes, insurance, and bad debt, expected to increase due to public company operations and global growth[131](index=131&type=chunk)[132](index=132&type=chunk)[133](index=133&type=chunk) - Income Tax Expense primarily relates to foreign income taxes, with a valuation allowance maintained for U.S. deferred tax assets until future taxable income is more likely than not to be realized[134](index=134&type=chunk)[135](index=135&type=chunk) [Key Operating and Financial Metrics](index=36&type=section&id=Key%20Operating%20and%20Financial%20Metrics) This section presents key operating and non-GAAP financial metrics used to evaluate business performance and trends Metric | Metric | March 31, 2024 | March 31, 2023 | Change | % Change | | :-------------------------------- | :------------- | :------------- | :----- | :------- | | Customers (end of period) | 2,095,275 | 1,856,012 | 239,263| 12.9% | | In force premium (end of period) | $794.2M | $653.3M | $140.9M| 21.6% | | Premium per customer (end of period) | $379 | $352 | $27 | 7.7% | | Annual dollar retention (end of period) | 88% | 87% | 1% | 1.1% | | Total revenue | $119.1M | $95.2M | $23.9M | 25.1% | | Gross earned premium | $187.9M | $154.2M | $33.7M | 21.9% | | Gross profit | $34.7M | $16.5M | $18.2M | 110.3% | | Adjusted gross profit | $36.7M | $20.6M | $16.1M | 78.2% | | Net loss | $(47.3)M | $(65.8)M | $18.5M | (28.1%) | | Adjusted EBITDA | $(33.9)M | $(50.8)M | $16.9M | (33.3%) | | Gross profit margin | 29% | 17% | 12% | 70.6% | | Adjusted gross profit margin | 31% | 22% | 9% | 40.9% | | Ratio of Adjusted Gross Profit to Gross Earned Premium | 20% | 13% | 7% | 53.8% | | Gross loss ratio | 79% | 87% | (8%) | (9.2%) | | Net loss ratio | 78% | 93% | (15%) | (16.1%) | - Customers grew by **12.9%** year-over-year to over **2 million**, driving a **21.6%** increase in In Force Premium to **$794.2 million**[138](index=138&type=chunk)[139](index=139&type=chunk)[140](index=140&type=chunk) - Annual Dollar Retention improved to **88%**, reflecting the company's ability to retain customers and sell additional products[138](index=138&type=chunk)[143](index=143&type=chunk) - Both Gross Profit and Adjusted Gross Profit showed significant year-over-year increases, with Gross Profit more than doubling and Adjusted Gross Profit increasing by **78.2%**[138](index=138&type=chunk) [Results of Operations (Comparison of the Three Months Ended March 31, 2024 and 2023)](index=39&type=section&id=Results%20of%20Operations) This section provides a detailed comparative analysis of revenue and expense items for Q1 2024 versus Q1 2023 [Net Earned Premium](index=39&type=section&id=Net%20Earned%20Premium) This section analyzes the changes in gross, ceded, and net earned premiums Premium (in millions) | Premium (in millions) | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | Change | % Change | | :-------------------- | :-------------------------------- | :-------------------------------- | :----- | :------- | | Gross written premium | $205.6 | $164.0 | $41.6 | 25% | | Ceded written premium | $(111.7) | $(81.3) | $(30.4)| 37% | | Net written premium | $93.9 | $82.7 | $11.2 | 14% | | Gross earned premium | $187.9 | $154.2 | $33.7 | 22% | | Ceded earned premium | $(103.5) | $(86.0) | $(17.5)| 20% | | Net earned premium | $84.4 | $68.2 | $16.2 | 24% | - Net earned premium increased by **$16.2 million (24%)** due to higher gross written premium and the impact of changes in the reinsurance program[154](index=154&type=chunk) - Gross written premium grew by **$41.6 million (25%)**, driven by a **13%** increase in net added customers, an **8%** increase in premium per customer, and expansion of geographic footprint and product offerings[155](index=155&type=chunk) - Ceded written premium increased by **$30.4 million (37%)** due to business growth and the impact of reinsurance agreements, with the proportional reinsurance share at approximately **55%**[156](index=156&type=chunk) [Ceding Commission Income](index=41&type=section&id=Ceding%20Commission%20Income) This section details the increase in ceding commission income from proportional reinsurance contracts Ceding Commission Income (in millions) | Ceding Commission Income (in millions) | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | Change | % Change | | :------------------------------------- | :-------------------------------- | :-------------------------------- | :----- | :------- | | Amount | $21.0 | $17.2 | $3.8 | 22% | - Ceding commission income increased by **$3.8 million (22%)** due to the rise in ceded earned premium from proportional reinsurance contracts[160](index=160&type=chunk) [Net Investment Income](index=41&type=section&id=Net%20Investment%20Income) This section explains the growth in net investment income due to portfolio diversification Net Investment Income (in millions) | Net Investment Income (in millions) | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | Change | % Change | | :---------------------------------- | :-------------------------------- | :-------------------------------- | :----- | :------- | | Amount | $7.6 | $5.0 | $2.6 | 52% | - Net investment income increased by **$2.6 million (52%)**, primarily driven by the diversification of the investment portfolio into higher-return assets[161](index=161&type=chunk) [Commission and Other Income](index=41&type=section&id=Commission%20and%20Other%20Income) This section discusses the increase in commission and other income from third-party policies and sublease income Commission and Other Income (in millions) | Commission and Other Income (in millions) | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | Change | % Change | | :---------------------------------------- | :-------------------------------- | :-------------------------------- | :----- | :------- | | Amount | $6.1 | $4.8 | $1.3 | 27% | - Commission and other income increased by **$1.3 million (27%)**, mainly due to growth in premiums placed with third-party insurers and sublease income[162](index=162&type=chunk) [Loss and Loss Adjustment Expense, Net](index=41&type=section&id=Loss%20and%20Loss%20Adjustment%20Expense,%20Net) This section analyzes the changes in net loss and loss adjustment expense, considering premium growth and reinsurance Loss and LAE, Net (in millions) | Loss and LAE, Net (in millions) | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | Change | % Change | | :------------------------------ | :-------------------------------- | :-------------------------------- | :----- | :------- | | Amount | $65.9 | $63.6 | $2.3 | 4% | - Net loss and LAE increased by **$2.3 million (4%)**, consistent with premium growth, increased net retained losses due to reinsurance changes, and higher claims costs from inflation[163](index=163&type=chunk) [Other Insurance Expense](index=42&type=section&id=Other%20Insurance%20Expense) This section details the drivers behind the increase in other insurance expenses Other Insurance Expense (in millions) | Other Insurance Expense (in millions) | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | Change | % Change | | :------------------------------------ | :-------------------------------- | :-------------------------------- | :----- | :------- | | Amount | $17.3 | $13.6 | $3.7 | 27% | - Other insurance expense increased by **$3.7 million (27%)**, driven by a **42%** increase in employee-related expenses, a **31%** rise in credit card processing fees, and a **13%** increase in professional fees[164](index=164&type=chunk) [Sales and Marketing](index=42&type=section&id=Sales%20and%20Marketing) This section explains the changes in sales and marketing expenses, including advertising and employee costs Sales and Marketing Expense (in millions) | Sales and Marketing Expense (in millions) | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | Change | % Change | | :---------------------------------------- | :-------------------------------- | :-------------------------------- | :----- | :------- | | Amount | $30.4 | $28.2 | $2.2 | 8% | - Sales and marketing expense increased by **$2.2 million (8%)**, primarily due to a **14%** increase in brand and performance advertising, partially offset by a **10%** decrease in employee-related expenses[165](index=165&type=chunk) [Technology Development](index=42&type=section&id=Technology%20Development) This section analyzes the decrease in technology development expenses, primarily due to employee-related costs Technology Development Expense (in millions) | Technology Development Expense (in millions) | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | Change | % Change | | :------------------------------------------- | :-------------------------------- | :-------------------------------- | :----- | :------- | | Amount | $20.9 | $21.8 | $(0.9) | (4%) | - Technology development expense decreased by **$0.9 million (4%)**, mainly due to a **5%** decrease in employee-related expenses, net of capitalized costs for internal-use software[166](index=166&type=chunk) [General and Administrative](index=42&type=section&id=General%20and%20Administrative) This section details the reduction in general and administrative expenses, offset by increased bad debt General and Administrative Expense (in millions) | General and Administrative Expense (in millions) | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | Change | % Change | | :----------------------------------------------- | :-------------------------------- | :-------------------------------- | :----- | :------- | | Amount | $29.8 | $32.7 | $(2.9) | (9%) | - General and administrative expense decreased by **$2.9 million (9%)**, driven by reductions in employee-related expenses (**9%**), legal/accounting fees (**38%**), and corporate insurance expense (**56%**), partially offset by a **39%** increase in bad debt expense[167](index=167&type=chunk) [Income Tax Expense](index=42&type=section&id=Income%20Tax%20Expense) This section explains the increase in income tax expense due to uncertain tax positions Income Tax Expense (in millions) | Income Tax Expense (in millions) | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | Change | % Change | | :------------------------------- | :-------------------------------- | :-------------------------------- | :----- | :------- | | Amount | $2.1 | $1.1 | $1.0 | 91% | - Income tax expense increased by **$1.0 million (91%)** due to changes in uncertain tax positions related to transfer pricing methodology[168](index=168&type=chunk) [Net Loss](index=42&type=section&id=Net%20Loss) This section summarizes the significant reduction in net loss year-over-year Net Loss (in millions) | Net Loss (in millions) | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | Change | % Change | | :--------------------- | :-------------------------------- | :-------------------------------- | :----- | :------- | | Amount | $(47.3) | $(65.8) | $18.5 | (28%) | - Net loss decreased by **$18.5 million (28%)** year-over-year, reflecting the combined impact of increased revenue and managed expenses[169](index=169&type=chunk) [Non-GAAP Financial Measures](index=43&type=section&id=Non-GAAP%20Financial%20Measures) This section defines and reconciles non-GAAP financial measures used to evaluate underlying business performance [Adjusted Gross Profit and Adjusted Gross Profit Margin](index=43&type=section&id=Adjusted%20Gross%20Profit%20and%20Adjusted%20Gross%20Profit%20Margin) This section presents adjusted gross profit and margin, highlighting improved variable contribution from underwriting Metric (in millions) | Metric (in millions) | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | Change | % Change | | :------------------- | :-------------------------------- | :-------------------------------- | :----- | :------- | | Gross profit | $34.7 | $16.5 | $18.2 | 110.3% | | Adjusted gross profit| $36.7 | $20.6 | $16.1 | 78.2% | | Gross profit margin | 29% | 17% | 12% | 70.6% | | Adjusted gross profit margin | 31% | 22% | 9% | 40.9% | - Adjusted gross profit increased by **78.2%** to **$36.7 million**, and adjusted gross profit margin improved to **31%**, indicating enhanced variable contribution from underwriting operations[176](index=176&type=chunk) - Adjusted gross profit excludes net investment income, interest income, and net realized gains/losses, while including fixed costs and overhead associated with underwriting operations[173](index=173&type=chunk) [Ratio of Adjusted Gross Profit to Gross Earned Premium](index=44&type=section&id=Ratio%20of%20Adjusted%20Gross%20Profit%20to%20Gross%20Earned%20Premium) This section analyzes the improved ratio, reflecting stronger underlying profitability independent of reinsurance Metric | Metric | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | Change | % Change | | :---------------------------------------- | :-------------------------------- | :-------------------------------- | :----- | :------- | | Ratio of Adjusted Gross Profit to Gross Earned Premium | 20% | 13% | 7% | 53.8% | - The ratio improved from **13%** to **20%** year-over-year, reflecting a stronger relationship between business volume and underlying profitability, independent of reinsurance structure changes[181](index=181&type=chunk) - This ratio helps assess the performance of the underlying underwriting platform by eliminating volatility from the cost of the reinsurance structure[178](index=178&type=chunk)[180](index=180&type=chunk) [Adjusted EBITDA](index=45&type=section&id=Adjusted%20EBITDA) This section presents adjusted EBITDA, indicating improved underlying operating performance by excluding non-operating items Adjusted EBITDA (in millions) | Adjusted EBITDA (in millions) | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | Change | % Change | | :---------------------------- | :-------------------------------- | :-------------------------------- | :----- | :------- | | Net loss | $(47.3) | $(65.8) | $18.5 | (28.1%) | | Adjusted EBITDA | $(33.9) | $(50.8) | $16.9 | (33.3%) | - Adjusted EBITDA improved by **$16.9 million (33.3%)** to **$(33.9) million**, indicating better underlying operating performance[184](index=184&type=chunk) - Adjusted EBITDA excludes non-operating and non-cash items such as income tax expense, depreciation, stock-based compensation, interest, net investment income, and changes in fair value of warrants liability[182](index=182&type=chunk) [Liquidity and Capital Resources](index=47&type=section&id=Liquidity%20and%20Capital%20Resources) This section discusses the company's financial resources, ability to meet obligations, and future capital needs [Operating Activities](index=48&type=section&id=Operating%20Activities) This section details the cash flows from operating activities, showing improved operational efficiency Net Cash Used in Operating Activities (in millions) | Net Cash Used in Operating Activities (in millions) | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | Change | | :-------------------------------------------------- | :-------------------------------- | :-------------------------------- | :----- | | Amount | $(29.8) | $(46.4) | $16.6 | - Cash used in operating activities decreased by **$16.6 million**, primarily due to the **$18.5 million** decrease in net loss, partially offset by changes in operating assets and liabilities[193](index=193&type=chunk) [Investing Activities](index=48&type=section&id=Investing%20Activities) This section outlines cash flows from investing activities, primarily from investment sales and maturities Net Cash Provided by Investing Activities (in millions) | Net Cash Provided by Investing Activities (in millions) | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | Change | | :---------------------------------------------------- | :-------------------------------- | :-------------------------------- | :----- | | Amount | $30.9 | $15.3 | $15.6 | - Cash provided by investing activities increased to **$30.9 million**, mainly from proceeds from sales and maturities of various investment securities[195](index=195&type=chunk) [Financing Activities](index=48&type=section&id=Financing%20Activities) This section details cash flows from financing activities, including new borrowings and capital needs Net Cash Provided by Financing Activities (in millions) | Net Cash Provided by Financing Activities (in millions) | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | Change | | :---------------------------------------------------- | :-------------------------------- | :-------------------------------- | :----- | | Amount | $13.5 | $0.1 | $13.4 | - Cash provided by financing activities significantly increased to **$13.5 million**, primarily due to proceeds from borrowings under the financing agreement with General Catalyst[197](index=197&type=chunk) - The company believes its existing cash and investments of **$927.1 million** (as of March 31, 2024) will be sufficient for at least the next 12 months, but may seek additional capital[186](index=186&type=chunk)[198](index=198&type=chunk) [Critical Accounting Policies and Estimates](index=49&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) This section highlights the significant accounting estimates and policies crucial to the financial statements - The company's financial statements rely on significant estimates for items such as unpaid loss and loss adjustment expense, reinsurance assets, intangible assets, goodwill impairment, and income tax assets/liabilities[200](index=200&type=chunk) - There were no material changes to critical accounting policies during the three months ended March 31, 2024, from those discussed in the Annual Report on Form 10-K[201](index=201&type=chunk) [Recently Issued and Adopted Accounting Pronouncements](index=49&type=section&id=Recently%20Issued%20and%20Adopted%20Accounting%20Pronouncements) This section refers to new accounting pronouncements and their evaluation by the company - The company refers to Note 4 for a discussion of new accounting pronouncements, which includes the evaluation of ASU 2023-07 (Segment Reporting) and ASU 2023-09 (Income Tax Disclosures)[202](index=202&type=chunk)[37](index=37&type=chunk)[38](index=38&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=50&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section discusses the company's exposure to market risks, including interest rate and credit risk, and their management [Overview](index=50&type=section&id=Overview) This section provides an overview of the company's investment portfolio and market risk exposures - The company's investment portfolio consists primarily of fixed income securities (U.S. government, government agencies, and corporate issuers) with relatively short durations, managed to balance yield, capital conservation, and liquidity[205](index=205&type=chunk) - The company is exposed to market risk from changes in interest rates and credit risk, but not equity price risk or commodity risk[204](index=204&type=chunk) [Interest Rate Risk](index=50&type=section&id=Interest%20Rate%20Risk) This section explains the company's exposure to interest rate fluctuations and its mitigation strategies - The fixed maturities portfolio is exposed to interest rate risk, where increasing rates decrease market value[206](index=206&type=chunk) - This risk is managed by investing in securities with relatively short durations, and a **10%** change in interest rates would not materially affect the fair value of investments as of March 31, 2024[206](index=206&type=chunk) [Credit Risk](index=50&type=section&id=Credit%20Risk) This section details the company's credit risk exposure on investments and reinsurance, and its monitoring - The company is exposed to credit risk on its investment portfolio and reinsurance recoverable, which is monitored to ensure prudent levels[207](index=207&type=chunk) - The majority of the investment portfolio is in high credit quality, investment-grade fixed maturity securities, and credit exposure to reinsurers is mitigated by letters of credit or retained funds[207](index=207&type=chunk) [Inflation Risk](index=50&type=section&id=Inflation%20Risk) This section discusses the potential impact of inflation on operating results and investment portfolio - Inflationary factors may adversely affect operating results and could lead to higher interest rates impacting the investment portfolio[208](index=208&type=chunk) - The short duration of the company's fixed maturity portfolio helps minimize the negative effects of higher interest rates[208](index=208&type=chunk) [Item 4. Controls and Procedures](index=51&type=section&id=Item%204.%20Controls%20and%20Procedures) This section addresses the effectiveness of disclosure controls and internal control over financial reporting [Limitations on Effectiveness of Controls and Procedures](index=51&type=section&id=Limitations%20on%20Effectiveness%20of%20Controls%20and%20Procedures) This section acknowledges the inherent limitations of controls and procedures in providing absolute assurance - Management acknowledges that controls and procedures can only provide reasonable assurance due to inherent limitations and resource constraints[209](index=209&type=chunk) [Evaluation of Disclosure Controls and Procedures](index=51&type=section&id=Evaluation%20of%20Disclosure%20Controls%20and%20Procedures) This section confirms the effectiveness of the company's disclosure controls and procedures - As of March 31, 2024, the principal executive officer and principal financial officer concluded that the company's disclosure controls and procedures were effective at a reasonable assurance level[210](index=210&type=chunk) [Changes in Internal Control over Financial Reporting](index=51&type=section&id=Changes%20in%20Internal%20Control%20over%20Financial%20Reporting) This section reports no material changes to internal control over financial reporting during the quarter - There were no changes in internal control over financial reporting during the fiscal quarter ended March 31, 2024, that materially affected or are reasonably likely to materially affect it[211](index=211&type=chunk) [PART II. OTHER INFORMATION](index=52&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=52&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in routine legal matters, none expected to materially affect financial results - The company does not believe any current legal proceedings are likely to have a material adverse effect on its business, financial condition, or results of operations[214](index=214&type=chunk) - Refer to Note 15 for more information on commitments and contingencies, including a potential liability claim related to the Metromile acquisition[214](index=214&type=chunk)[91](index=91&type=chunk) [Item 1A. Risk Factors](index=52&type=section&id=Item%201A.%20Risk%20Factors) No material changes to previously identified risk factors were reported - No material changes to the risk factors identified in the Annual Report on Form 10-K were reported for the period[214](index=214&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=52&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No unregistered equity sales or issuer purchases occurred during the reporting period - No unregistered sales of equity securities or purchases by the issuer or affiliated purchasers occurred during the period[215](index=215&type=chunk) [Item 3. Defaults Upon Senior Securities](index=52&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) No defaults upon senior securities were reported during the period - No defaults upon senior securities were reported[216](index=216&type=chunk) [Item 4. Mine Safety Disclosures](index=52&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This disclosure item is not applicable to the company's operations - This disclosure item is not applicable to the company[217](index=217&type=chunk) [Item 5. Other Information](index=52&type=section&id=Item%205.%20Other%20Information) The Chief Business Officer adopted a Rule 10b5-1 trading arrangement for common stock sales - On March 13, 2024, the Chief Business Officer adopted a Rule 10b5-1 trading arrangement for the sale of up to **50,000 shares** of common stock until March 1, 2025[220](index=220&type=chunk) - No other directors or officers adopted or terminated Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the quarter[220](index=220&type=chunk) [Item 6. Exhibits](index=53&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Quarterly Report, including key agreements and certifications - The report includes exhibits such as the Amended and Restated Customer Investment Agreement dated January 8, 2024, and certifications from the CEO and CFO[221](index=221&type=chunk) [Signatures](index=54&type=section&id=Signatures) The report is signed by the CEO and CFO, certifying its submission on May 1, 2024 - The Form 10-Q was signed by Daniel Schreiber (CEO) and Tim Bixby (CFO) on May 1, 2024[227](index=227&type=chunk)

For the quarter ended March 2024, Lemonade (LMND) reported revenue of $119.1 million, up 25.1% over the same period last year. EPS came in at -$0.67, compared to -$0.95 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $112.8 million, representing a surprise of +5.58%. The company delivered an EPS surprise of +17.28%, with the consensus EPS estimate being -$0.81.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street ...