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Lemonade | 8-K: Current report

SEC announcement ·  Feb 27 16:38
Summary by Moomoo AI
On February 27, 2024, Lemonade, Inc., a Delaware-incorporated insurance company, filed a Form 8-K report with the SEC, announcing its financial results for the fourth quarter and full year ended December 31, 2023. The company issued a letter to shareholders detailing a strong fourth quarter and positive outlook for 2024. Lemonade reported a 20% year-over-year growth in in-force premium (IFP) to $747 million, while revenue grew by 31%. The gross loss ratio improved by 12 points year-over-year to 77%, and the gross profit climbed by 165%, with the margin more than doubling to 29%. Operating expenses contracted by 5% year-over-year. The company also highlighted a significant improvement in its bottom line, with a 44% year-over-year improvement in Adjusted EBITDA loss to $29 million and a...Show More
On February 27, 2024, Lemonade, Inc., a Delaware-incorporated insurance company, filed a Form 8-K report with the SEC, announcing its financial results for the fourth quarter and full year ended December 31, 2023. The company issued a letter to shareholders detailing a strong fourth quarter and positive outlook for 2024. Lemonade reported a 20% year-over-year growth in in-force premium (IFP) to $747 million, while revenue grew by 31%. The gross loss ratio improved by 12 points year-over-year to 77%, and the gross profit climbed by 165%, with the margin more than doubling to 29%. Operating expenses contracted by 5% year-over-year. The company also highlighted a significant improvement in its bottom line, with a 44% year-over-year improvement in Adjusted EBITDA loss to $29 million and a net loss improvement by a third to $42 million. Lemonade expects to accelerate top-line growth and improve its bottom line in 2024, with plans to turn cash flow positive during 2025 and Adjusted EBITDA positive during 2026. The company also provided guidance for the first quarter and full year of 2024, projecting continued growth in IFP, revenue, and a reduced Adjusted EBITDA loss.

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