MILE - Lemonade: Gaining Momentum In A Tough Market

• Lemonade's share price is down 69% from its IPO price and 49% in 2022 alone, resulting in a market cap around $400m below their Series D valuation in April 2019.
• In Q1 2022, Lemonade reported strong top-line growth and another quarter of 20%+ growth in premium per customer due to cross-product bundling.
• Early signs point to successful cross-product bundling, improved unit economics, and higher retention rates in Illinois where car insurance has been available for all of 2022.
• Lemonade will have almost $400m of cash and equivalents after their acquisition of Metromile, which should help them navigate through 2022 without a capital raise.
• Lemonade's valuation remains compelling with only $320m currently prescribed to their core business (excludes cash, cash equivalents, and total investments).

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