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Mar 31, 2022
Lemonade Q1 2022 Earnings Report
Lemonade's first quarter was marked by strong top and bottom-line performance, exceeding expectations despite turbulent market conditions.
Key Takeaways
Lemonade reported a strong first quarter, with both top and bottom-line results exceeding expectations. In force premium reached $419 million, and the company saw improvements in LTV/CAC and bundle rates. The availability of all Lemonade products in select markets showed promising early data, with higher bundle rates and increased customer spending.
In force premium increased by 66% year-over-year to $419.0 million.
Customer count rose by 37% year-over-year, reaching 1,504,197 customers.
Premium per customer increased by 22% year-over-year to $279.
Total revenue increased by 89% year-over-year to $44.3 million.
Forward Guidance
Lemonade provided guidance for the second quarter and full year 2022, excluding the expected impact of the Metromile acquisition.
Positive Outlook
- In force premium at June 30 expected to be $445 - $450 million
- Gross earned premium expected to be $103 - $105 million
- Revenue expected to be $46 - $48 million
- Full year IFP is expected to grow more than 70% during 2022.
- Stock-based compensation expense of approximately $15 million for Q2 2022
Challenges Ahead
- Adjusted EBITDA loss expected to be ($70) - ($65) million for Q2 2022
- Capital expenditures of approximately $4 million for Q2 2022
- In force premium at December 31 expected to be $535 - $545 million
- Gross earned premium expected to be $426 - $430 million
Historical Earnings Impact
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Avg. Return Before/After Earnings
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