2023-08-02 16:49:06 ET
- Lemonade press release ( NYSE: LMND ): Q2 GAAP EPS of -$0.97 beats by $0.05 .
- Revenue of $104.6M (+109.2% Y/Y) beats by $7M .
- Second quarter revenue of $104.6 million increased by $54.6 million or 109% as compared to the second quarter of 2022, primarily due to the increase of gross earned premium during the quarter, and to a lesser extent, a reduction in the proportion of earned premium ceded to reinsurers.
- Third Quarter 2023 We expect:
- In force premium at September 30, 2023 of $703 - $706 million
- Gross earned premium of $166 - $168 million
- Revenue of $102 - $104 million • Adjusted EBITDA loss of ($51) - ($49) million
- Stock-based compensation expense of approximately $16 million
- Capital expenditures of approximately $3 million
- Weighted total common shares outstanding of approximately 70 million
- Full Year 2023 We expect:
- In force premium at December 31, 2023 of $710 - $715 million
- Gross earned premium of $654 - $658 million
- Revenue of $402 - $408 million
- Adjusted EBITDA loss of ($199) - ($196) million
- Stock-based compensation expense of approximately $62 million
- Capital expenditures of approximately $12 million
- Weighted total common shares outstanding of approximately 70 million
For further details see:
Lemonade GAAP EPS of -$0.97 beats by $0.05, revenue of $104.6M beats by $7M