Lemonade Q3 NCF positive $48M, IFP +24% to $889M, loss ratio improves 10pts to 73%

Lemonade, Inc.

2024-Q3 EPS reported -$2.44 revenue$377,700,000

Revenue $136.6M (+19% YoY); gross profit $37.5M (+71% YoY) on higher premium and lower loss ratio.
Gross loss ratio 73% (down 10pts YoY); TTM gross loss ratio 77% (down 11pts), 5th consecutive sequential improvement.
Net cash flow positive $48M; operating cash flow $16M. Reiterates sustainable NCF positivity exiting 2024.
Net loss $68M (+10% YoY); Adj EBITDA loss $49M (+22% YoY) driven by 3x increase in growth spend.
Customer count up 17% to 2.3M; premium per customer $384 (+6%); ADR 87% (+2pts); headcount down 7% YoY.

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