Lemonade Announces Third Quarter 2020 Financial Results
Lemonade, Inc. (NYSE: LMND) has disclosed its Q3 2020 financial results via its investor relations website. A conference call is scheduled for November 11, 2020, at 8:00 a.m. ET to discuss these results. The company utilizes AI for its insurance offerings, including renters, homeowners, and pet health insurance. Lemonade is expanding its reach in the United States, Germany, and the Netherlands. The press release includes forward-looking statements regarding the company's financial performance and potential challenges it may face.
- Expansion of services in the United States, Germany, and the Netherlands.
- Use of AI technology may increase operational efficiency.
- History of losses raises concerns about achieving future profitability.
- Risk factors include intense industry competition and regulatory challenges.
NEW YORK--(BUSINESS WIRE)--Lemonade, Inc. (NYSE: LMND) has released its third quarter 2020 financial results by posting them to its website. Please view the Q3 2020 financial results in the Letter to Shareholders on the company’s investor relations website.
On Wednesday, November 11, 2020, Lemonade will host a conference call at 8:00 a.m. Eastern time (5:00 a.m. Pacific time) to discuss the results.
To register for this conference call (Conference ID 10149249), please use this link. Registrants will receive confirmation which includes dial-in details. Registrants may also dial in, toll-free, at 1-866-270-1533, or internationally 1-412-317-0797.
A live webcast of the conference call will be available on the Lemonade Investor Relations website, investor.lemonade.com. Following the completion of the call, a replay will also be made available at investor.lemonade.com.
About Lemonade:
Lemonade offers renters, homeowners, and pet health insurance in the United States, and contents and liability insurance in Germany and the Netherlands, through its full-stack insurance carriers. Powered by artificial intelligence and behavioral economics, Lemonade set out to replace brokers and bureaucracy with bots and machine learning, aiming for zero paperwork and instant everything. A Certified B-Corp, Lemonade gives unused premiums to nonprofits selected by its community, during its annual Giveback. Lemonade is currently available for most of the United States, Germany and the Netherlands, and continues to expand globally.
Follow @lemonade_inc on Twitter for updates.
This press release and the letter to shareholders contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release and the letter to shareholders that do not relate to matters of historical fact should be considered forward-looking statements, including statements regarding our anticipated financial performance, including our financial outlook for the third quarter of 2020 and the full year 2020, our industry, business strategy, plans, goals and expectations concerning our market position, future operations and other financial and operating information. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: our history of losses and the fact that we may not achieve or maintain profitability in the future; our ability to retain and expand our customer base; the fact that the “Lemonade” brand may not become as widely known as incumbents’ brands or the brand may become tarnished; the denial of claims or our failure to accurately and timely pay claims; our ability to attain greater value from each user; the novelty of our business model and its unpredictable efficacy and susceptibility to unintended consequences; the possibility that we could be forced to modify or eliminate our Giveback, which could undermine our business model; the results of examinations by our primary state insurance regulator that could result in adverse examinations findings and necessitate remedial actions or give rise to regulatory orders requiring remedial, injunctive, or other corrective action; our limited operating history; our ability to manage our growth effectively; the impact of intense competition in the segments of the insurance industry in which we operate on our ability to attain or increase profitability; the unavailability of reinsurance at current levels and prices, which could limit our ability to write new business; our ability to renew reinsurance contracts on comparable duration and terms to those currently in effect; our exposure to counterparty risks as a result of reinsurance; the loss of personal customer information, damage to our reputation and brand, or harm to our business and operating results as a result of security incidents or real or perceived errors, failures or bugs in our systems, website or app; our actual or perceived failure to protect customer information and other data, respect customers’ privacy, or comply with data privacy and security laws and regulations; our ability to comply with extensive insurance industry regulations and the need to incur additional costs or devote additional resources to comply with changes to existing regulations; our exposure to additional regulatory requirements specific to other vertical markets that we enter or have entered, including auto, pet and life insurance, and the need to devote additional resources to comply with these regulations; and our inability to predict the lasting impacts of COVID-19 to our business in particular, and the global economy generally. These and other important factors discussed under the caption “Risk Factors” in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2020 and our other filings with the SEC could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release and the letter to shareholders. Any such forward-looking statements represent management’s estimates as of the date of this press release and the letter to shareholders. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change.
