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10-Q Filing

LEMONADE, INC. CIK: 1691421 Q1 2022
Filing Information
Form Type 10-Q
Accession Number 0001691421-22-000038
Period End Date 20220331
Filing Date 20220510
Fiscal Year 2022
Fiscal Period Q1
XBRL Instance lmnd-20220331_htm.xml
Filing Contents
Balance Sheet 76 line items
Line Item Tag Value Unit Period
Fixed maturities available-for-sale, amortized cost AvailableForSaleDebtSecuritiesAmortizedCostBasis $696.80M USD Point-in-time
Fixed maturities available-for-sale, amortized cost AvailableForSaleDebtSecuritiesAmortizedCostBasis $714.50M USD Point-in-time
Short -term investments, cost ShortTermInvestmentsCost $110.40M USD Point-in-time
Short -term investments, cost ShortTermInvestmentsCost $83.30M USD Point-in-time
Premium receivable, allowance for doubtful accounts PremiumsReceivableAllowanceForDoubtfulAccounts $1.60M USD Point-in-time
Premium receivable, allowance for doubtful accounts PremiumsReceivableAllowanceForDoubtfulAccounts $1.90M USD Point-in-time
Fixed maturities available-for-sale, at fair value (amortized cost: $714.5 million and $696.8 million as of March 31, 2022 and December 31, 2021) AvailableForSaleSecuritiesDebtSecurities $691.40M USD Point-in-time
Fixed maturities available-for-sale, at fair value (amortized cost: $714.5 million and $696.8 million as of March 31, 2022 and December 31, 2021) AvailableForSaleSecuritiesDebtSecurities $694.70M USD Point-in-time
Short-term investments (cost: $83.3 million and $110.4 million as of March 31, 2022 and December 31, 2021) ShortTermInvestments $110.40M USD Point-in-time
Common stock, par value (usd per share) CommonStockParOrStatedValuePerShare - USD Point-in-time
Short-term investments (cost: $83.3 million and $110.4 million as of March 31, 2022 and December 31, 2021) ShortTermInvestments $83.20M USD Point-in-time
Common stock, par value (usd per share) CommonStockParOrStatedValuePerShare - USD Point-in-time
Common stock, par value (usd per share) CommonStockParOrStatedValuePerShare - USD Point-in-time
Common stock, authorized (in shares) CommonStockSharesAuthorized 200.00M shares Point-in-time
Total investments Investments $777.90M USD Point-in-time
Total investments Investments $801.80M USD Point-in-time
Common stock, authorized (in shares) CommonStockSharesAuthorized 200.00M shares Point-in-time
Common stock, authorized (in shares) CommonStockSharesAuthorized 200.00M shares Point-in-time
Common stock, issued (in shares) CommonStockSharesIssued 61.76M shares Point-in-time
Cash, cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $571.40M USD Point-in-time
Cash, cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $270.60M USD Point-in-time
Cash, cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.17B USD Point-in-time
Common stock, issued (in shares) CommonStockSharesIssued 61.66M shares Point-in-time
Cash, cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $235.00M USD Point-in-time
Premium receivable, net of allowance for credit losses of $1.9 million and $1.6 million as of March 31, 2022 and December 31, 2021 PremiumsReceivableAtCarryingValue $135.60M USD Point-in-time
Common stock, outstanding (in shares) CommonStockSharesOutstanding 61.76M shares Point-in-time
Premium receivable, net of allowance for credit losses of $1.9 million and $1.6 million as of March 31, 2022 and December 31, 2021 PremiumsReceivableAtCarryingValue $127.00M USD Point-in-time
Common stock, outstanding (in shares) CommonStockSharesOutstanding 61.66M shares Point-in-time
Reinsurance recoverable ReinsuranceRecoverablesOnPaidAndUnpaidLosses $89.80M USD Point-in-time
Reinsurance recoverable ReinsuranceRecoverablesOnPaidAndUnpaidLosses $112.50M USD Point-in-time
Prepaid reinsurance premium PrepaidReinsurancePremiums $156.70M USD Point-in-time
Prepaid reinsurance premium PrepaidReinsurancePremiums $149.60M USD Point-in-time
Deferred acquisition costs DeferredPolicyAcquisitionCosts $6.70M USD Point-in-time
Deferred acquisition costs DeferredPolicyAcquisitionCosts $6.20M USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $13.00M USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $11.70M USD Point-in-time
Intangible assets IntangibleAssetsNetIncludingGoodwill $600.00K USD Point-in-time
Intangible assets IntangibleAssetsNetIncludingGoodwill $600.00K USD Point-in-time
Other assets OtherAssets $53.20M USD Point-in-time
Other assets OtherAssets $57.40M USD Point-in-time
Total assets Assets $1.50B USD Point-in-time
Total assets Assets $1.51B USD Point-in-time
Unpaid loss and loss adjustment expense LiabilityForClaimsAndClaimsAdjustmentExpense $97.90M USD Point-in-time
Unpaid loss and loss adjustment expense LiabilityForClaimsAndClaimsAdjustmentExpense $107.60M USD Point-in-time
Unpaid loss and loss adjustment expense LiabilityForClaimsAndClaimsAdjustmentExpense $62.20M USD Point-in-time
Unpaid loss and loss adjustment expense LiabilityForClaimsAndClaimsAdjustmentExpense $46.30M USD Point-in-time
Unearned premium UnearnedPremiums $207.70M USD Point-in-time
Unearned premium UnearnedPremiums $222.40M USD Point-in-time
Trade payables AccountsPayableTradeCurrentAndNoncurrent $1.00M USD Point-in-time
Trade payables AccountsPayableTradeCurrentAndNoncurrent $2.60M USD Point-in-time
Funds held for reinsurance treaties FundsHeldUnderReinsuranceAgreementsLiability $108.20M USD Point-in-time
Funds held for reinsurance treaties FundsHeldUnderReinsuranceAgreementsLiability $103.10M USD Point-in-time
Deferred ceding commission DeferredCedingCommission $38.80M USD Point-in-time
Deferred ceding commission DeferredCedingCommission $36.50M USD Point-in-time
Ceded premium payable CededPremiumsPayable $34.80M USD Point-in-time
Ceded premium payable CededPremiumsPayable $18.70M USD Point-in-time
Total other liabilities and accrued expenses AccruedLiabilitiesAndOtherLiabilities $68.30M USD Point-in-time
Total other liabilities and accrued expenses AccruedLiabilitiesAndOtherLiabilities $57.40M USD Point-in-time
Total liabilities Liabilities $582.70M USD Point-in-time
Total liabilities Liabilities $522.30M USD Point-in-time
Commitments and contingencies (Note 15) CommitmentsAndContingencies - USD Point-in-time
Commitments and contingencies (Note 15) CommitmentsAndContingencies - USD Point-in-time
Common stock, $0.00001 par value, 200,000,000 shares authorized; 61,758,739 and 61,660,996 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively CommonStockValue - USD Point-in-time
Common stock, $0.00001 par value, 200,000,000 shares authorized; 61,758,739 and 61,660,996 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively CommonStockValue - USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $1.55B USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $1.57B USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-561.90M USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-636.70M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-18.80M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-3.40M USD Point-in-time
Total stockholders' equity StockholdersEquity $988.20M USD Point-in-time
Total stockholders' equity StockholdersEquity $541.00M USD Point-in-time
Total stockholders' equity StockholdersEquity $912.70M USD Point-in-time
Total stockholders' equity StockholdersEquity $1.14B USD Point-in-time
Total liabilities and stockholders' equity LiabilitiesAndStockholdersEquity $1.51B USD Point-in-time
Total liabilities and stockholders' equity LiabilitiesAndStockholdersEquity $1.50B USD Point-in-time
Income Statement 42 line items
Line Item Tag Value Unit Period
Net earned premium PremiumsEarnedNet $13.80M USD 1 Quarter
Net earned premium PremiumsEarnedNet $27.40M USD 1 Quarter
Ceding commission income CededCommissionIncome $14.00M USD 1 Quarter
Ceding commission income CededCommissionIncome $9.00M USD 1 Quarter
Net investment income NetInvestmentIncome $900.00K USD 1 Quarter
Net investment income NetInvestmentIncome $200.00K USD 1 Quarter
Commission and other income InsuranceCommissionsAndFees $500.00K USD 1 Quarter
Commission and other income InsuranceCommissionsAndFees $2.00M USD 1 Quarter
Total revenue Revenues $44.30M USD 1 Quarter
Total revenue Revenues $23.50M USD 1 Quarter
Loss and loss adjustment expense, net LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredClaims1 $16.50M USD 1 Quarter
Loss and loss adjustment expense, net LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredClaims1 $24.40M USD 1 Quarter
Other insurance expense OtherInsuranceExpense $9.10M USD 1 Quarter
Other insurance expense OtherInsuranceExpense $4.80M USD 1 Quarter
Sales and marketing SellingAndMarketingExpense $38.30M USD 1 Quarter
Sales and marketing SellingAndMarketingExpense $29.10M USD 1 Quarter
Technology development ResearchAndDevelopmentExpense $16.90M USD 1 Quarter
Technology development ResearchAndDevelopmentExpense $7.10M USD 1 Quarter
General and administrative GeneralAndAdministrativeExpense $14.10M USD 1 Quarter
General and administrative GeneralAndAdministrativeExpense $28.20M USD 1 Quarter
Total expense BenefitsLossesAndExpenses $116.90M USD 1 Quarter
Total expense BenefitsLossesAndExpenses $71.60M USD 1 Quarter
Loss before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-48.10M USD 1 Quarter
Loss before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-72.60M USD 1 Quarter
Income tax expense IncomeTaxExpenseBenefit $900.00K USD 1 Quarter
Income tax expense IncomeTaxExpenseBenefit $2.20M USD 1 Quarter
Net loss NetIncomeLoss $-74.80M USD 1 Quarter
Net loss NetIncomeLoss $-49.00M USD 1 Quarter
Unrealized (loss) gain on investments in fixed maturities OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent $-14.30M USD 1 Quarter
Unrealized (loss) gain on investments in fixed maturities OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent $100.00K USD 1 Quarter
Foreign currency translation adjustment OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent $-1.10M USD 1 Quarter
Foreign currency translation adjustment OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent $700.00K USD 1 Quarter
Comprehensive loss ComprehensiveIncomeNetOfTax $-48.20M USD 1 Quarter
Comprehensive loss ComprehensiveIncomeNetOfTax $-90.20M USD 1 Quarter
Net loss per share attributable to common stockholdersbasic (usd per share) EarningsPerShareBasic $-1.21 USD 1 Quarter
Net loss per share attributable to common stockholdersbasic (usd per share) EarningsPerShareBasic $-0.81 USD 1 Quarter
Net loss per share attributable to common stockholdersdiluted (usd per share) EarningsPerShareDiluted $-0.81 USD 1 Quarter
Net loss per share attributable to common stockholdersdiluted (usd per share) EarningsPerShareDiluted $-1.21 USD 1 Quarter
Weighted average common shares outstandingbasic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 61.70M shares 1 Quarter
Weighted average common shares outstandingbasic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 60.22M shares 1 Quarter
Weighted average common shares outstandingdiluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 60.22M shares 1 Quarter
Weighted average common shares outstandingdiluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 61.70M shares 1 Quarter
Cash Flow Statement 68 line items
Line Item Tag Value Unit Period
Net loss NetIncomeLoss $-74.80M USD 1 Quarter
Net loss NetIncomeLoss $-49.00M USD 1 Quarter
Depreciation DepreciationNonproduction $900.00K USD 1 Quarter
Depreciation DepreciationNonproduction $1.50M USD 1 Quarter
Stock-based compensation ShareBasedCompensation $14.10M USD 1 Quarter
Stock-based compensation ShareBasedCompensation $6.10M USD 1 Quarter
Amortization of discount on bonds AccretionAmortizationOfDiscountsAndPremiumsInvestments $-2.50M USD 1 Quarter
Amortization of discount on bonds AccretionAmortizationOfDiscountsAndPremiumsInvestments - USD 1 Quarter
Provision for bad debt ProvisionForDoubtfulAccounts $900.00K USD 1 Quarter
Provision for bad debt ProvisionForDoubtfulAccounts $2.00M USD 1 Quarter
Premium receivable IncreaseDecreaseInPremiumsReceivable $10.60M USD 1 Quarter
Premium receivable IncreaseDecreaseInPremiumsReceivable $13.30M USD 1 Quarter
Reinsurance recoverable IncreaseDecreaseInReinsuranceRecoverable $22.70M USD 1 Quarter
Reinsurance recoverable IncreaseDecreaseInReinsuranceRecoverable $16.80M USD 1 Quarter
Prepaid reinsurance premium IncreaseDecreaseInPrepaidReinsurancePremiums $13.10M USD 1 Quarter
Prepaid reinsurance premium IncreaseDecreaseInPrepaidReinsurancePremiums $7.10M USD 1 Quarter
Deferred acquisition costs IncreaseDecreaseInDeferredPolicyAcquisitionCosts $600.00K USD 1 Quarter
Deferred acquisition costs IncreaseDecreaseInDeferredPolicyAcquisitionCosts $500.00K USD 1 Quarter
Other assets IncreaseDecreaseInOtherOperatingAssets $1.60M USD 1 Quarter
Other assets IncreaseDecreaseInOtherOperatingAssets $4.20M USD 1 Quarter
Unpaid loss and loss adjustment expense IncreaseDecreaseInLiabilityForClaimsAndClaimsAdjustmentExpenseReserve $9.70M USD 1 Quarter
Unpaid loss and loss adjustment expense IncreaseDecreaseInLiabilityForClaimsAndClaimsAdjustmentExpenseReserve $15.90M USD 1 Quarter
Unearned premium IncreaseDecreaseInUnearnedPremiumsNet $-19.70M USD 1 Quarter
Unearned premium IncreaseDecreaseInUnearnedPremiumsNet $-14.70M USD 1 Quarter
Trade payables IncreaseDecreaseInAccountsPayable $1.60M USD 1 Quarter
Trade payables IncreaseDecreaseInAccountsPayable $-400.00K USD 1 Quarter
Funds held for reinsurance treaties IncreaseDecreaseInReinsurancePayables $3.90M USD 1 Quarter
Funds held for reinsurance treaties IncreaseDecreaseInReinsurancePayables $5.10M USD 1 Quarter
Deferred ceding commissions IncreaseDecreaseInDeferredCedingCommissions $2.30M USD 1 Quarter
Deferred ceding commissions IncreaseDecreaseInDeferredCedingCommissions $3.60M USD 1 Quarter
Ceded premium payable IncreaseDecreaseInCededPremiumsPayable $2.30M USD 1 Quarter
Ceded premium payable IncreaseDecreaseInCededPremiumsPayable $16.10M USD 1 Quarter
Other liabilities and accrued expenses IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities $10.80M USD 1 Quarter
Other liabilities and accrued expenses IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities $1.20M USD 1 Quarter
Net cash used in operating activities NetCashProvidedByUsedInOperatingActivities $-39.50M USD 1 Quarter
Net cash used in operating activities NetCashProvidedByUsedInOperatingActivities $-40.30M USD 1 Quarter
Proceeds from short-term investments sold or matured ProceedsFromSaleAndMaturityOfMarketableSecurities $44.70M USD 1 Quarter
Proceeds from short-term investments sold or matured ProceedsFromSaleAndMaturityOfMarketableSecurities - USD 1 Quarter
Proceeds from bonds sold or matured ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities $9.20M USD 1 Quarter
Proceeds from bonds sold or matured ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities - USD 1 Quarter
Cost of short-term investments acquired PaymentsToAcquireMarketableSecurities $17.90M USD 1 Quarter
Cost of short-term investments acquired PaymentsToAcquireMarketableSecurities - USD 1 Quarter
Cost of bonds acquired PaymentsToAcquireAvailableForSaleSecuritiesDebt $29.10M USD 1 Quarter
Cost of bonds acquired PaymentsToAcquireAvailableForSaleSecuritiesDebt - USD 1 Quarter
Purchases of property and equipment PaymentsToAcquirePropertyPlantAndEquipment $2.00M USD 1 Quarter
Purchases of property and equipment PaymentsToAcquirePropertyPlantAndEquipment $2.80M USD 1 Quarter
Net cash provided by (used in) investing activities NetCashProvidedByUsedInInvestingActivities $4.10M USD 1 Quarter
Net cash provided by (used in) investing activities NetCashProvidedByUsedInInvestingActivities $-2.00M USD 1 Quarter
Proceeds from Follow-on Offering, net of underwriting discounts and commissions and offering costs ProceedsFromIssuanceInitialPublicOffering - USD 1 Quarter
Proceeds from Follow-on Offering, net of underwriting discounts and commissions and offering costs ProceedsFromIssuanceInitialPublicOffering $640.30M USD 1 Quarter
Proceeds from stock exercises ProceedsFromStockOptionsExercised $600.00K USD 1 Quarter
Proceeds from stock exercises ProceedsFromStockOptionsExercised $6.10M USD 1 Quarter
Net cash provided by financing activities NetCashProvidedByUsedInFinancingActivities $646.40M USD 1 Quarter
Net cash provided by financing activities NetCashProvidedByUsedInFinancingActivities $600.00K USD 1 Quarter
Effect of exchange rate changes on cash and cash equivalents EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $-800.00K USD 1 Quarter
Effect of exchange rate changes on cash and cash equivalents EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $-800.00K USD 1 Quarter
Net (decrease) increase in cash, cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-35.60M USD 1 Quarter
Net (decrease) increase in cash, cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $603.30M USD 1 Quarter
Cash, cash equivalents and restricted cash at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $571.40M USD Point-in-time
Cash, cash equivalents and restricted cash at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $270.60M USD Point-in-time
Cash, cash equivalents and restricted cash at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.17B USD Point-in-time
Cash, cash equivalents and restricted cash at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $235.00M USD Point-in-time
Cash, cash equivalents and restricted cash at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $571.40M USD Point-in-time
Cash, cash equivalents and restricted cash at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $270.60M USD Point-in-time
Cash, cash equivalents and restricted cash at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.17B USD Point-in-time
Cash, cash equivalents and restricted cash at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $235.00M USD Point-in-time
Cash paid for income taxes IncomeTaxesPaid $1.10M USD 1 Quarter
Cash paid for income taxes IncomeTaxesPaid $600.00K USD 1 Quarter
Stockholders Equity 23 line items
Line Item Tag Value Unit Period
Issuance costs and underwriting fees AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts $28.20M USD 1 Quarter
Beginning balance (in shares) CommonStockSharesOutstanding 61.76M shares Point-in-time
Beginning balance (in shares) CommonStockSharesOutstanding 61.66M shares Point-in-time
Beginning balance StockholdersEquity $988.20M USD Point-in-time
Beginning balance StockholdersEquity $541.00M USD Point-in-time
Beginning balance StockholdersEquity $912.70M USD Point-in-time
Beginning balance StockholdersEquity $1.14B USD Point-in-time
Exercise of stock options (in shares) StockIssuedDuringPeriodSharesStockOptionsExercised 81,776.00 shares 1 Quarter
Exercise of stock options StockIssuedDuringPeriodValueStockOptionsExercised $600.00K USD 1 Quarter
Exercise of stock options StockIssuedDuringPeriodValueStockOptionsExercised $6.10M USD 1 Quarter
Issuance of common stock StockIssuedDuringPeriodValueNewIssues $640.30M USD 1 Quarter
Stock-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $14.10M USD 1 Quarter
Stock-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $6.10M USD 1 Quarter
Net loss NetIncomeLoss $-74.80M USD 1 Quarter
Net loss NetIncomeLoss $-49.00M USD 1 Quarter
Other comprehensive income (loss) OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $-15.40M USD 1 Quarter
Other comprehensive income (loss) OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $-800.00K USD 1 Quarter
Ending balance (in shares) CommonStockSharesOutstanding 61.76M shares Point-in-time
Ending balance (in shares) CommonStockSharesOutstanding 61.66M shares Point-in-time
Ending balance StockholdersEquity $988.20M USD Point-in-time
Ending balance StockholdersEquity $541.00M USD Point-in-time
Ending balance StockholdersEquity $912.70M USD Point-in-time
Ending balance StockholdersEquity $1.14B USD Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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