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Jun 30, 2020
Lemonade Q2 2020 Earnings Report
Lemonade outperformed expectations in Q2 2020, demonstrating resilience amid the COVID-19 pandemic.
Key Takeaways
Lemonade reported strong Q2 2020 results, with significant growth in in force premium, customer count, and gross earned premium. The company's KPIs and financial measures exceeded expectations, driven by the ongoing trend towards digitization and the company's ability to adapt to remote work.
In force premium increased by 115% to $155.1 million compared to Q2 2019.
Customer count grew by 84% to 814,160 from the second quarter of 2019.
Gross earned premium increased by 121% to $35.3 million compared to the second quarter of 2019.
Revenue increased by 117% to $29.9 million from the second quarter of 2019.
Forward Guidance
The Company’s current expectations for the third quarter and full year 2020 are as follows:
Positive Outlook
- In force premium at September 30 of $170 - $175 million
- Gross earned premium of $37 - $39 million
- Revenue of $14 - $15 million
- Adjusted EBITDA loss of $(32) - $(33) million
- Stock-based compensation expense of approximately $3 million
Challenges Ahead
- In force premium at December 31 of $190 - $195 million
- Gross earned premium of $147 - $151 million
- Revenue of $86 - $88 million
- Adjusted EBITDA loss of $(106) - $(109) million
- Stock-based compensation expense of approximately $11 million
Historical Earnings Impact
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Avg. Return Before/After Earnings
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