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Not a forecast; no side."},"schema":"company_file.v1","thesis":{"view":"Premium growth can produce operating scale, but lower cession retains more insurance risk. The model distinguishes gross earned premium from in-force premium and keeps growth borrowing below operating cash generation.","scenario_ranges":"Explicit downside/base/upside business assumptions; not price targets, probabilities or historical market-memory bands.","what_changes_it":"Test current-accident claims and renewal protection, then cash before borrowing and repayment of existing growth-financing cohorts."},"no_side":true,"sources":[{"url":"https://www.sec.gov/Archives/edgar/data/1691421/000169142126000055/lmnd-20260630.htm","title":"Q2 filing, reinsurance renewal, cash and regulatory capital","retrieved":"2026-09-19"},{"url":"https://www.sec.gov/Archives/edgar/data/1691421/000169142126000047/lmndshareholderletterq22.htm","title":"Q2 shareholder letter and outlook","retrieved":"2026-09-19"},{"url":"https://www.sec.gov/Archives/edgar/data/1691421/000169142126000041/lmnd-20260622.htm","title":"Hannover financing terms and 2027 cap","retrieved":"2026-09-19"},{"url":"https://www.sec.gov/Archives/edgar/data/1691421/000169142126000050/lmnd-20260727.htm","title":"Announced CFO succession effective January 2027","retrieved":"2026-09-19"}],"business":{"drivers":["Earned premium growth and effective reinsurance retention","Attritional claims, catastrophe exposure and reserve development","Customer acquisition spending and growth-financing repayment"],"description":"Lemonade underwrites insurance and earns net premiums, ceding commissions, investment income and placement fees. Earned premium growth, claims, reinsurance and acquisition costs determine earnings. Insurance working capital and borrowing for customer growth create cash flows that differ from underwriting profit."},"earnings":{"source":"estimated from 10-Q filed 2026-08-04 plus 90 days","next_report_date":"2026-11-02"},"identity":{"cik":1691421,"sic":"6331","name":"Lemonade, Inc.","symbol":"LMND","cluster":"Financials & fintech","exchange":"NYSE"},"research":{"risks":["Catastrophe and reserve development can overwhelm quarterly margins.","Lower cession increases exposure to retained losses and capital needs.","Marketing efficiency may not sustain growth targets.","Growth borrowing can improve adjusted FCF while adding future cash claims.","Insurance capital restrictions limit parent access to reported liquidity."],"title":"Underwriting progress and the cash borrowed to fund growth","question":"Can earned premium growth fund its own acquisition costs as reinsurance and growth financing change?","economics":"H1 gross earned premium was $638.6M and revenue $552.4M; net loss was $79.2M and adjusted EBITDA negative $35.8M. CFO negative $4.0M less capex $8.1M gives negative $12.1M FCF. Adding $48.3M net growth borrowing produces company adjusted FCF $36.2M: the improvement is financing. Q2 gross loss ratio 60% included seven points of favorable prior-period development. July quota-share cession fell to 18%, with changed occurrence/catastrophe protections; effective net earned premium does not equal gross premium times a single treaty rate. Base FY2026 earned premium $1.376B, revenue $1.217B and EBITDA negative $49M match outlook midpoints. June growth borrowing was $206.4M. New Hannover advances begin in 2027 under a $150M outstanding cap, while old GC cohorts still require repayment. Required insurance surplus was about $330M; cash/investments are not all free parent capital.","change_note":"Added earned-premium and claims scenarios, revised reinsurance context and a two-facility growth-financing cash bridge.","checkpoints":[{"event":"Current claims and retention","watch":"Separate accident-period loss costs, prior development, catastrophe losses and effective cession.","timing":"Next quarterly report","date_status":"estimated"},{"event":"Investor Day","watch":"Review any revised growth, underwriting and capital targets before promotion.","timing":"November 17, 2026","date_status":"confirmed"},{"event":"Financing and CFO transition","watch":"Confirm Hannover funding eligibility, old GC repayments and the announced CFO succession.","timing":"January 1, 2027","date_status":"estimated"}],"countercase":"A stronger premium growth rate can coexist with adverse claims, reduced reinsurance protection and borrowing-funded acquisition cash. Prior-year reserve releases may not recur, and financing must eventually be repaid.","limitations":["IFP is an annualized end-of-period stock and includes about 4% third-party placed business. It is not divided by four to manufacture GAAP earned premium. No annual sum of IFP or borrowing balances is presented.","July quota-share cession fell to 18%, but consolidated effective ceded premium also reflects timing, product mix and other programs. Model retention is an explicitly calibrated effective rate, not one minus the headline quota-share percentage.","Q2 gross loss ratio included seven points of favorable prior-period development. Forecasts do not repeat that benefit indefinitely. The model is not an actuarial reserve or catastrophe exceedance-probability analysis.","Renewal changed catastrophe and per-occurrence protections, and the property-per-risk contract was not renewed. Gross/net loss sensitivities approximate these exposures; internal captive cessions are not treated as risk disappearing from the consolidated group.","Company adjusted FCF includes net growth-financing borrowings. Unfinanced CFO less capex and financing proceeds are shown separately; debt funding is not operating cash generation.","General Catalyst historical cohorts retain their repayment obligations after new 2027 financing switches to Hannover. The Hannover 2027 outstanding cap is $150M; $250M applies in 2028. Assumed advances and repayments remain conditional on contract requirements.","Hannover interest assumes a 4% three-year Treasury reference plus 5.8%; the contractual rate uses the applicable Treasury reference, floored at zero. Quarter-average balances approximate actual cash interest timing.","Cash/investments include insurance-company assets supporting claims and required statutory surplus. They are not all available parent cash. No statutory capital/dividend, diluted EPS or full liquidity forecast is provided.","Q3/FY2026 SBC outlook and all quarterly cash, working-capital, loss and FY2027 assumptions are identified separately. CFO succession is effective January 1, 2027, not at this review date."],"reviewed_at":"2026-09-19"},"estimates":{"rows":[{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: Total revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2026Q3","revenue":324500000.0},{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: Total revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2026Q4","revenue":340100000.0},{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: Total revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2027Q1","revenue":362000000.0},{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: Total revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2027Q2","revenue":389000000.0}],"basis":"Desk base scenario from the operating model; not consensus. Revenue basis: Total revenue ($M).","consensus":null,"revisions":[]},"scorecard":{"inside_5d":null,"notes_scored":0,"band_coverage_5d":null},"disclosure":"All positions in the Research Model Portfolio are simulated. No real money is invested in this model. Our research is free and is not tailored to any reader's financial circumstances.","operating_model":{"cells":[{"id":"h1_revenue","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"H1 revenue","value":552.4,"period":"H1 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1691421/000169142126000055/lmnd-20260630.htm","source_date":"2026-08-04"},{"id":"h1_gross_earned","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"H1 gross earned","value":638.6,"period":"H1 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1691421/000169142126000055/lmnd-20260630.htm","source_date":"2026-08-04"},{"id":"h1_net_premium","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"H1 net 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IFP is an annualized period-end operating stock, not quarterly revenue.","label":"cash","value":367.6,"period":"June 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1691421/000169142126000055/lmnd-20260630.htm","source_date":"2026-08-04"},{"id":"restricted_cash","case":"shared","kind":"reported","unit":"USD_millions","basis":"USD millions; required surplus is approximately reported. IFP is an annualized period-end operating stock, not quarterly revenue.","label":"restricted cash","value":12.7,"period":"June 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1691421/000169142126000055/lmnd-20260630.htm","source_date":"2026-08-04"},{"id":"investments","case":"shared","kind":"reported","unit":"USD_millions","basis":"USD millions; required surplus is approximately reported. IFP is an annualized period-end operating stock, not quarterly revenue.","label":"investments","value":777.7,"period":"June 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1691421/000169142126000055/lmnd-20260630.htm","source_date":"2026-08-04"},{"id":"required_surplus","case":"shared","kind":"reported","unit":"USD_millions","basis":"USD millions; required surplus is approximately reported. IFP is an annualized period-end operating stock, not quarterly revenue.","label":"required surplus","value":330.0,"period":"June 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1691421/000169142126000055/lmnd-20260630.htm","source_date":"2026-08-04"},{"id":"gc_opening","case":"shared","kind":"reported","unit":"USD_millions","basis":"USD millions; required surplus is approximately reported. IFP is an annualized period-end operating stock, not quarterly revenue.","label":"gc opening","value":206.4,"period":"June 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1691421/000169142126000055/lmnd-20260630.htm","source_date":"2026-08-04"},{"id":"unpaid_claims","case":"shared","kind":"reported","unit":"USD_millions","basis":"USD millions; required surplus is approximately reported. IFP is an annualized period-end operating stock, not quarterly revenue.","label":"unpaid claims","value":307.5,"period":"June 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1691421/000169142126000055/lmnd-20260630.htm","source_date":"2026-08-04"},{"id":"unearned_premium","case":"shared","kind":"reported","unit":"USD_millions","basis":"USD millions; required surplus is approximately reported. IFP is an annualized period-end operating stock, not quarterly revenue.","label":"unearned premium","value":661.7,"period":"June 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1691421/000169142126000055/lmnd-20260630.htm","source_date":"2026-08-04"},{"id":"ifp","case":"shared","kind":"reported","unit":"USD_millions","basis":"USD millions; required surplus is approximately reported. IFP is an annualized period-end operating stock, not quarterly revenue.","label":"ifp","value":1434.3,"period":"June 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1691421/000169142126000055/lmnd-20260630.htm","source_date":"2026-08-04"},{"id":"hannover_opening","case":"shared","kind":"assumption","unit":"USD_millions","basis":"Facility begins new growth funding January 2027; existing June borrowings are General Catalyst.","label":"Opening Hannover borrowing","value":0.0,"period":"June 2026","formula":null,"source_url":null,"source_date":null},{"id":"hannover_2027_cap","case":"shared","kind":"reported","unit":"USD_millions","basis":"Contractual maximum outstanding amount during 2027; the $250M limit applies in 2028.","label":"Hannover outstanding borrowing cap","value":150.0,"period":"FY2027","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1691421/000169142126000041/lmnd-20260622.htm","source_date":"2026-06-24"},{"id":"q3_gep_low","case":"shared","kind":"management_guidance","unit":"USD_millions","basis":"Company guidance; 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is an annualized end-of-period stock and includes about 4% third-party placed business. It is not divided by four to manufacture GAAP earned premium. No annual sum of IFP or borrowing balances is presented.","July quota-share cession fell to 18%, but consolidated effective ceded premium also reflects timing, product mix and other programs. Model retention is an explicitly calibrated effective rate, not one minus the headline quota-share percentage.","Q2 gross loss ratio included seven points of favorable prior-period development. Forecasts do not repeat that benefit indefinitely. The model is not an actuarial reserve or catastrophe exceedance-probability analysis.","Renewal changed catastrophe and per-occurrence protections, and the property-per-risk contract was not renewed. Gross/net loss sensitivities approximate these exposures; internal captive cessions are not treated as risk disappearing from the consolidated group.","Company adjusted FCF includes net growth-financing borrowings. Unfinanced CFO less capex and financing proceeds are shown separately; debt funding is not operating cash generation.","General Catalyst historical cohorts retain their repayment obligations after new 2027 financing switches to Hannover. The Hannover 2027 outstanding cap is $150M; $250M applies in 2028. Assumed advances and repayments remain conditional on contract requirements.","Hannover interest assumes a 4% three-year Treasury reference plus 5.8%; the contractual rate uses the applicable Treasury reference, floored at zero. Quarter-average balances approximate actual cash interest timing.","Cash/investments include insurance-company assets supporting claims and required statutory surplus. They are not all available parent cash. No statutory capital/dividend, diluted EPS or full liquidity forecast is provided.","Q3/FY2026 SBC outlook and all quarterly cash, working-capital, loss and FY2027 assumptions are identified separately. CFO succession is effective January 1, 2027, not at this review date."],"reviewed_at":"2026-09-19","schema_version":"operating_model.v1"}}