Lemonade (LMND) Tops Q2 EPS by 7c, provides guidance

Lemonade (NYSE: LMND) reported Q2 EPS of ($0.81), $0.07 better than the analyst estimate of ($0.88). Revenue for the quarter came in at $122 million versus the consensus estimate of $121.77 million.

Guidance
We are reaffirming guidance for FY 2024 for all metrics. We expect familiar seasonal patterns to repeat in Q3 & Q4, with accelerating growth spend in Q3, expected to be 3x prior year amount, and lower loss ratios in Q4, leading to the following expectations:
Third Quarter 2024
We expect: • In force premium at September 30, 2024 of $875 - $879 million (~22% growth YoY) • Gross earned premium of $208 - $210 million (~21% growth YoY) • Revenue of $124 - $126 million (~10% growth YoY), vs. $134.92M consensus • Adjusted EBITDA loss of ($58) - ($56) million • Stock-brd compensation expense of approximately $17 million • Capital expenditures of approximately $3 million • Weighted total common shares outstanding of approximately 71 million shares
Full Year 2024
We expect: • In force premium at December 31, 2024 of $940 - $944 million (~26% growth YoY) • Gross earned premium of $818 - $822 million (~22% growth YoY) • Revenue of $511 - $515 million (~20% growth YoY), vs. $515.05M consensus • Adjusted EBITDA loss of ($155) - ($151) million • Stock-brd compensation expense of approximately $64 million • Capital expenditures of approximately $10 million • Weighted total common shares outstanding of approximately 71 million shares

For earnings history and earnings-related data on Lemonade (LMND) click here.

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