Lemonade, Inc. (NYSE:LMND) Q1 2022 Earnings Conference Call May 10, 2022 8:00 AM ET

Company Participants

Yael Wissner-Levy - Head, Content and Communications

Daniel Schreiber - Co-Founder, Chairman & Co-CEO

Shai Wininger - Co-Founder, President, Co-CEO, CTO, Secretary, Treasurer & Director

Timothy Bixby - CFO

Conference Call Participants

Michael Phillips - Morgan Stanley

Matt Carletti - JMP Securities

Yaron Kinar - Jefferies

Chad Allen - Oppenheimer

Andrew Kligerman - Crédit Suisse

Operator

Good morning, and welcome to the Lemonade, Inc. First Quarter 2022 Earnings Conference Call. [Operator Instructions]. Please note this event is being recorded.

I would now like to turn the conference over to Yael Wissner-Levy, VP, Communications. Please go ahead.

Yael Wissner-Levy

Good morning, and welcome to Lemonade's First Quarter 2022 Earnings Call. My name is Yael Wissner-Levy, and I'm the VP of Communications at Lemonade. Joining me today to discuss our results are Daniel Schreiber, Co-CEO and Co-Founder; Shai Wininger, Co-CEO and Co-Founder; and Tim Bixby, Chief Financial Officer. A letter to shareholders covering the company's first quarter 2022 financial results is available on our Investor Relations website, investor.lemonade.com.

Before we begin, I would like to remind you that management's remarks on this call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including those discussed in the Risk Factors section of our Form 10-K filed with the SEC on March 1, 2022, and our other filings with the SEC. Any forward-looking statements made on this call represent our views only as of today, and we undertake no obligation to update them.

We will be referring to certain non-GAAP financial measures on today's call, such as adjusted EBITDA and adjusted gross profit, which we believe may be important to investors to assess our operating performance. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in our letter to shareholders. Our letter to shareholders also includes information about our key operating metrics, including a definition of each metric, why each is useful to investors and how we use each to monitor and manage our business.

With that, I will turn the call over to Daniel, who will begin with a few opening remarks. Daniel?

Daniel Schreiber

Thank you, Yael, and thank you to everybody for joining us this morning to review our Q1 results and to allow us to update you on our expectations from the remainder of Q2, and indeed the remaining of 2022. I'm very happy to say that the year kicked off with a very strong first quarter, both our top line and our bottom line came in ahead of expectations as in force premium or IFP stood at $419 million, while our adjusted EBITDA loss for the quarter came in at $57 million.