Lemonade Q3 Loss Better Than Feared During a Busy Hurricane Season

seekingalpha

2024-10-31

Lemonade (NYSE:LMND) stock jumped 10.9% in Wednesday after-hours trading after Q3 results topped Wall Street expectations, even as the company saw elevated catastrophe losses during a quarter marked by two destructive hurricanes.

The AI-powered insurance app company said it remains on track for adjusted EBITDA profitability during 2026. It didn't provide specific guidance for Q4 2024, but said it would share more at its investor day in a couple of weeks.

Q3 GAAP EPS of -$0.95, beating the -$1.02 consensus, slid from -$0.81 in Q2 and -$0.88 in last year's Q3. Total revenue of $136.6M, beating the $126.5M consensus, rose from $122.0M in the previous quarter and $114.5M a year ago.

"Diversification has been an extremely powerful tool in driving resiliency in our model, enabling us to deliver sustained sequential improvement in the gross loss ratio, notwithstanding a punishing CAT season," said

In-force premium was $889M, vs. Visible Alpha consensus of $878M and up 24% Y/Y.

Customer count increased 17% Y/Y to 2.313M. Premium per customer was $384 at the end of Q3, up 6% Y/Y.

Net loss ratio of 81% compared with 79% in Q2 and 88% in last year's Q3.

Q3 adjusted EBITDA of -$49.0M vs. -$43.0M in the prior quarter and -$40.2M a year ago.

Q3 net cash flow was $48M vs. $4M in Q2 and $3M in the year-ago quarter.

Conference call on Oct. 31 at 8:00 AM ET.

Earlier, Lemonade GAAP EPS of -$0.95 beats by $0.07, revenue of $136.6M beats by $10.12M

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It didn't provide specific guidance for Q4 2024, but said it would share more at its investor day in a couple of weeks.</p><p style=\"text-align: left;\">Q3 GAAP EPS of -$0.95, beating the -$1.02 consensus, slid from -$0.81 in Q2 and -$0.88 in last year's Q3. Total revenue of $136.6M, beating the $126.5M consensus, rose from $122.0M in the previous quarter and $114.5M a year ago.</p><p style=\"text-align: left;\">\"Diversification has been an extremely powerful tool in driving resiliency in our model, enabling us to deliver sustained sequential improvement in the gross loss ratio, notwithstanding a punishing CAT season,\" said</p><p style=\"text-align: left;\">In-force premium was $889M, vs. Visible Alpha consensus of $878M and up 24% Y/Y.</p><p style=\"text-align: left;\">Customer count increased 17% Y/Y to 2.313M. Premium per customer was $384 at the end of Q3, up 6% Y/Y.</p><p style=\"text-align: left;\">Net loss ratio of 81% compared with 79% in Q2 and 88% in last year's Q3.</p><p style=\"text-align: left;\">Q3 adjusted EBITDA of -$49.0M vs. -$43.0M in the prior quarter and -$40.2M a year ago.</p><p style=\"text-align: left;\">Q3 net cash flow was $48M vs. $4M in Q2 and $3M in the year-ago quarter.</p><p style=\"text-align: left;\">Conference call on Oct. 31 at 8:00 AM ET.</p><p style=\"text-align: left;\">Earlier, Lemonade GAAP EPS of -$0.95 beats by $0.07, revenue of $136.6M beats by $10.12M</p>","source":"seekingalpha_trending_news","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Lemonade Q3 Loss Better Than Feared During a Busy Hurricane Season</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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