2023-11-01 16:39:37 ET
- Lemonade press release ( NYSE: LMND ): Q3 GAAP EPS of -$0.88 beats by $0.06 .
- Revenue of $114.5M (+54.7% Y/Y) beats by $9.72M .
- Third quarter revenue of $114.5 million increased by $40.5 million or 55% as compared to the third quarter of 2022, primarily due to the increase of gross earned premium during the quarter, coupled with greater investment income
- In Force Premium increased by 18% to $719 million as compared to the third quarter of 2022.
- Customer count increased by 12% to 1,984,154 as compared to the third quarter of 2022.
- Premium per customer, defined as in force premium divided by customers, was $362 at the end of the third quarter, up 6% from the third quarter of 2022.
- Annual Dollar Retention was 85% at the end of the third quarter, an increase of 1 percentage point from third quarter of 2022.
- Fourth Quarter 2023
- In force premium at December 31, 2023 of $726 - $729 million
- Gross earned premium of $174 - $176 million
- Revenue of $107 - $109 million vs $106.92M consensus
- Adjusted EBITDA loss of ($44) - ($42) million
- Stock-based compensation expense of approximately $16 million
- Capital expenditures of approximately $3 million
- Weighted total common shares outstanding of approximately 70 million shares
- Full Year 2023
- In force premium at December 31, 2023 of $726 - $729 million
- Gross earned premium of $665 - $667 million
- Revenue of $421 - $423 million vs $410.87M consensus
- Adjusted EBITDA loss of ($188) - ($186) million
- Stock-based compensation expense of approximately $62 million
- Capital expenditures of approximately $10 million
- Weighted total common shares outstanding of approximately 70 million shares
For further details see:
Lemonade GAAP EPS of -$0.88 beats by $0.06, revenue of $114.5M beats by $9.72M