Small-cap stocks are looking attractive now to many investors, including myself. These companies, on the whole, have lower valuations than their large-cap counterparts, meaning they could deliver the needed gains investors seek.Last year was categorized by an astonishing lack of market breadth, with the Magnificent Seven accounting for almost all of the gains in the S&P 500 and the Nasdaq indices. This year might be when small-cap stocks make up for lost ground, especially since many large and mega-cap stoc ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________________ to ___________________ Commission File Number: 001-39367 Lemonade, Inc. (Exact Name of Registrant as Specified in Its Charter) (State or o ...

Financial Performance - Total revenue for Q2 2023 was $104.6 million, a 109% increase compared to $50.0 million in Q2 2022[24] - Net earned premium for Q2 2023 was $76.5 million, up from $31.2 million in Q2 2022, representing a 145% growth[24] - Net loss for Q2 2023 was $67.2 million, slightly improved from a net loss of $67.9 million in Q2 2022[24] - For the six months ended June 30, 2023, the net loss was $133.0 million, a slight improvement from a net loss of $142.7 million in the same period of 2022[30] - Adjusted EBITDA for Q2 2023 was $(52.7) million, compared to $(50.3) million in Q2 2022, indicating a slight increase in losses[161] - Adjusted EBITDA for the six months ended June 30, 2023, was $(103.5) million, compared to $(107.7) million for the same period in 2022[206] Assets and Liabilities - Total assets decreased to $1,613.1 million as of June 30, 2023, down from $1,690.7 million as of December 31, 2022[21] - Stockholders' equity decreased to $771.0 million as of June 30, 2023, compared to $866.8 million as of December 31, 2022[21] - Cash, cash equivalents, and restricted cash decreased to $193.8 million as of June 30, 2023, down from $286.5 million as of December 31, 2022[21] - Total liabilities increased to $842.1 million as of June 30, 2023, compared to $823.9 million as of December 31, 2022[21] Investment and Cash Flow - Cash flows from operating activities resulted in a net cash used of $96.7 million, compared to $79.7 million in the prior year[30] - The total cash, cash equivalents, and restricted cash at the end of the period was $193.8 million, down from $286.5 million at the beginning of the period[37] - Net investment income increased by $4.4 million, or 367%, to $5.6 million for the three months ended June 30, 2023, primarily due to a diversified investment portfolio[169] - Cash provided by investing activities was $4.4 million for the six months ended June 30, 2023, compared to cash used of $13.0 million in the same period of 2022[216][217] Premiums and Underwriting - Gross written premium for the three months ended June 30, 2023, was $181.9 million, a significant increase from $126.1 million in the same period of 2022[103] - Net written premium increased by $49.6 million, or 130%, to $87.8 million for the three months ended June 30, 2023, driven by a $55.8 million, or 44%, increase in gross written premium[165] - Ceding written premium increased by $6.2 million, or 7%, to $94.1 million for the three months ended June 30, 2023, primarily due to growth across all products offset by a reduction in participation under Proportional Reinsurance Contracts[164] Expenses - Technology development expenses rose to $24.1 million in Q2 2023, compared to $17.8 million in Q2 2022[24] - General and administrative expense increased by $12.8 million, or 25%, to $63.4 million for the six months ended June 30, 2023, with significant increases in depreciation and occupancy costs[192] - Other insurance expense rose by $9.8 million, or 52%, to $28.6 million for the six months ended June 30, 2023, driven by increased professional fees and acquisition costs[189] Customer Metrics - The number of customers at the end of the period increased to 1,906,408 in Q2 2023, up from 1,579,936 in Q2 2022, representing a year-over-year growth of 21%[146] - In force premium (IFP) reached $686.6 million in Q2 2023, compared to $457.6 million in Q2 2022, marking a 50% increase[146] - Premium per customer increased to $360 in Q2 2023 from $290 in Q2 2022, reflecting a year-over-year growth of 24%[146] Reinsurance - The company maintained proportional reinsurance contracts covering all products and geographies, transferring a specified percentage of the premium to reinsurers[66] - The overall share of proportional reinsurance under the new Reinsurance Program is approximately 55% of premium, with a Per Risk Cap of $750,000[69] - The company decreased the overall share of proportional reinsurance from 75% to 70% effective July 1, 2021, and further to 55% effective July 1, 2022[120] Acquisitions - The acquisition of Metromile was completed on July 28, 2022, for a total purchase consideration of $137.7 million, which included 6,901,934 shares of Lemonade's common stock[39][40] - Metromile contributed $40.3 million in revenue and a net loss of $16.2 million to Lemonade's consolidated results for the six months ended June 30, 2023[45] - The Company completed the acquisition of Metromile, issuing 6,901,934 shares of common stock to Metromile stockholders[75] Future Outlook - The company expects that sales and marketing costs will decrease as a percentage of revenue in the long term as customer acquisition efficiencies improve and the proportion of renewals increases[136] - The company anticipates the effects of inflation impacting its investment portfolio, product pricing, and estimating reserves for unpaid claims and claim expenses[115] - Seasonal patterns are expected to impact customer acquisition rates and claims, with greater demand for insurance coverage typically seen in the third quarter[110]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________________ to ___________________ Commission File Number: 001-39367 Lemonade, Inc. (Exact Name of Registrant as Specified in Its Charter) (State or other ...

Lemonade, Inc. (NYSE:LMND) Q1 2023 Earnings Conference Call May 4, 2023 8:00 AM ET Company Participants Yael Wissner-Levy - Vice President of Communications Daniel Schreiber - Co-Founder & Co-Chief Executive Officer Shai Wininger - Co-Founder & Co-Chief Executive Officer Tim Bixby - Chief Financial Officer Conference Call Participants Jason Helfstein - Oppenheimer Tommy McJoynt - KBW Josh Shanker - Bank of America Merrill Lynch Operator Thank you for standing by. My name is Sydney, and I will be your confer ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the transition period from to Commission file number: 001-39367 Lemonade, Inc. (Exact name of Registrant as specified in its charter) (State or other jurisdiction of incorporation or ...

Financial Data and Key Metrics - Gross earned premium in Q4 increased 69% YoY to $151.3 million, driven by in-force premium growth [12] - Revenue in Q4 increased 116% YoY to $88.4 million, supported by a reduction in premium ceded to reinsurers to 58% from 72% in the prior year [12] - Gross loss ratio improved to 89% in Q4 from 96% in Q4 2021 and 94% in Q3 2022, with underlying non-cat loss ratio improving by 9 percentage points sequentially [12] - Net loss in Q4 was $63.7 million ($0.93 per share), compared to $70.3 million ($1.14 per share) in Q4 2021 [14] - Adjusted EBITDA loss in Q4 was $51.7 million, nearly identical to the $51.2 million loss in Q4 2021 [14] - Total cash, cash equivalents, and investments stood at approximately $1 billion at the end of Q4 [14] Business Line Data and Key Metrics - Annual dollar retention (ADR) increased by 4 percentage points to 86%, an all-time high, with Illinois reaching 95% ADR [9][12] - In-force premium (IFP) grew 64% YoY to $625 million in Q4, with organic growth at 38% excluding Metromile acquisition impact [34] - Customer count increased 27% YoY to 1.8 million, while premium per customer rose 30% to $346, driven by Metromile and a shift toward higher-value policies [34] - Technology development expense increased 43% YoY, primarily due to personnel and hosting costs, while G&A expense increased 35% YoY but decreased $9 million sequentially [13] Market Data and Key Metrics - The company faced challenges from inflation, geopolitical unrest, and rising interest rates but managed to blunt their impact through rate filings and operational adjustments [2] - Winter Storm Elliott impacted Q4, but the loss ratio continued to decline, indicating a strong underlying downward trend [3] - The company operates in 4 countries with 5 product lines, diversifying its business compared to its monoline structure three years ago [57] Company Strategy and Industry Competition - The company focuses on three key levers for 2023: growing with customers, improving the loss ratio, and continuing growth [4] - Automation and AI are central to the company's strategy, with significant progress in claims handling and operational efficiency [18][44] - The company is integrating Metromile and discontinuing high-cost services to improve expense ratios and scalability [39] - The company aims for a long-term loss ratio under 75%, with renters insurance already achieving this target [46] Management Commentary on Operating Environment and Future Outlook - Management believes peak losses are behind the company and is progressing toward profitability [31] - Inflation has impacted the loss ratio across all products, with car insurance seeing the most significant impact (10-11 points), followed by home and pet (5-6 points), and renters (1-2 points) [26] - The company expects in-force premium for 2023 to be between $695 million and $700 million, with adjusted EBITDA loss between $245 million and $240 million [36] Other Important Information - The company has slowed headcount growth significantly, with IFP per employee increasing 35% in 2022 [17] - The company discontinued dozens of high-cost services post-Metromile acquisition, improving expense ratios [39] - The company is leveraging AI for claims handling, with 40% of claims fully automated and 55% partially automated [66][84] Q&A Session Summary Question: Impact of AI advancements on the company and competition - The company believes its AI infrastructure, built from the ground up, provides a competitive advantage over incumbents [44] Question: Loss ratio improvement and business mix impact - The underlying non-cat loss ratio improved by 9 percentage points sequentially, with a 7-point improvement YoY excluding cat impacts [45] Question: Long-term loss ratio targets - The company targets a loss ratio under 75%, with renters insurance already achieving this [46] Question: Inflation impact on loss ratios - Inflation has impacted all product lines, with car insurance seeing the most significant impact [26] Question: AI claims handling process - AI handles 40% of claims fully and 55% partially, with significant automation in claims triage and processing [66][84] Question: Operating expense trajectory - Sales and marketing expenses declined sequentially, with advertising spend now at 55% of the sales and marketing line [69] Question: Reinsurance market impact - The company is navigating a hard reinsurance market, with renewal discussions ongoing and ceding rates expected to decline further [57][72] Question: Pet insurance loss ratios - Pet insurance loss ratios have been impacted by inflation, particularly vet labor costs, but the company sees positive trends in loss ratio improvements [65]

Lemonade, Inc. (NYSE:LMND) Q3 2022 Results Conference Call November 8, 2022 8:00 AM ET Company Participants Yael Wissner-Levy - VP, Communications Daniel Schreiber - Co-CEO and Co-Founder Tim Bixby - CFO Shai Wininger - Co-CEO and Co-Founder Conference Call Participants Michael Phillips - Morgan Stanley Tracy Benguigui - Barclays Tommy McJoynt - KBW Andrew Kligerman - Credit Suisse Josh Shanker - Bank of America Operator Ladies and gentlemen, hello, and welcome to the Lemonade Q3 2022 Earnings Call. My name ...

Lemonade Inc. (NYSE:LMND) Q2 2022 Earnings Conference Call August 9, 2022 8:00 AM ET Company Participants Yael Wissner-Levy - Head of Content and Communications Daniel Schreiber - Co-Founder, Chairman and Co-CEO Shai Wininger - Co-Founder, President, Co-CEO Tim Bixby - Chief Financial Officer Conference Call Participants Michael Phillips - Morgan Stanley Thomas McJoynt - KBW Jason Helfstein - Oppenheimer Andrew Kligerman - Credit Suisse Katie Sakys - Autonomous Research Operator Hello, everyone, and a warm ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 5 Crosby Street, 3rd Floor New York, New York 10013 (Address of principal executive offices) (Zip Code) (844) 733-8666 (Registrant's telephone number, including area code) N/A or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition ...