- Earnings call transcript Q3 2022

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Operator

Ladies and gentlemen, hello, and welcome to the Lemonade Q3 2022 Earnings Call. My name is Maxine, and I'll be coordinating the call today. [Operator Instructions]. I will now hand you over to Yael Wissner-Levy, VP Communications at Lemonade to begin. Please go ahead when you're ready.

Yael Wissner-Levy

to quarter welcome earnings and morning, Lemonade's XXXX third call. Good I'm is Communications Yael name the Wissner-Levy, My and VP at Lemonade.

Joining are our website, Daniel quarter XXXX Wininger, discuss investor to shareholders our relations and A results company's Financial to and Shai thirds the Chief Co-Founder; Co-CEO me Co-Founder; and is letter investor.lemonade.com. Bixby, Officer. financial covering Schreiber, today Co-CEO Tim results available on

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

in most profit, be comparable as our We to today's we such financial letter adjusted directly measures Reconciliations certain of shareholders. adjusted our performance. included operating important to measures may which gross the EBITDA GAAP financial measures will call, believe to to investors and assess on non-GAAP referring be to are non-GAAP these financial

to to call and manage how and that, business. metric, and who remarks. a premium, our net ratio a ratio begin is per of loss useful with over operating Our will each I'll customer, Daniel? our and shareholders opening monitor letter metrics, few including turn investors information use to With premium why we each In Force includes the key also Daniel, to about loss each definition gross

Daniel Schreiber

Year-on-year, happy to thanks quarter top for XX%, or expected. million remainder a than had also and share results premium QX better our grew I'm strong and at our in per Force bottom premium of loss, and that expectations. to with In our EBITDA us our for lines the line morning, the IFP bottom outlook XXXX. adjusted coming we vested customer Good joining our review grew our $XX and XX% and

this allocation on display. years, With we Our COVID the is the ratio The and trend. patterns QX loss efficient QX the loss spike in deal trend seasonal coming had a saw seasonality term of Metromile in the will in be QX. recent customers. notwithstanding reversal to into QX. we to We been Accordingly, second come however, Kingdom. to This been our has guided and quarters, the to of in year the of as but with expense would at unexpected. the on are happened an our between our loss half our in but the else growth spend. highlights from we spend continue launch line, the of All several expect quarters ratio, do Starting coming announced was we anticipate played optimize but Much down last to loss with overarching moving told, has Chewy. United QX the two to deal digged a Chewy consists call, and although welcome the in equity. stock. top parents in year, cautioned points the primarily XX Pet compensation chose part in of few We're effect Lemonade ratio adverse will pulled boost our components recent with acquire we're million customers. revenue bumps. foremost that season to full and Chewy chose not that thrilled too. in familiar most in the time havoc the the little helped of they short And usually Chewy's was QX Lemonade our is ratios Lemonade occasional back in their Ian some said, and marketing Lemonade paid had added have a share U.S. and in spring, start a Hurricane that quarters downward but they Chewy be for out destination selling form thrilled will

sales and amounting aligns extraordinarily low of long-term In of vote growth Chewy's deliver for our building, at to burn structure a Lemonade to we're huge cash this addition incentivized interest what Pet confidence with in an to drive Lemonade.

a the followers U.K. it so is meaningful of sappy, a sounding and step in at Insurance too the risk we do us. personal on I. the for this as know As U.K. from hails note,

bringing to and sorts. Lemonade homecoming U.K. So both the of a is personally, professionally

Beyond of addition all, is sentimentality insurance and in largest material our it available market. market the the so total a Europe, the U.K. to represents

forward deeper business into looking are leadership and our others profitability about of modeling to than metrics, to forward next you much more where and running lines business. we to AI will team go very the we how ever strategy, Finally, look we've and our We'll Day, sharing before myself the financial on we're our week's be path Investor there. and seeing done

sign Tim. up registered please News hand me you. And Tim, let the our to over with over haven't you to site head If under over yet, that, investor.lemonade.com to section. and

Tim Bixby

a as well acquisition give versus quarter $XXX XX% take another increased the full before of we'll to a had QX our QX the of year XX% portion over of to the is the increased reinsurance a $XXX. the extent, as This questions. your the believe is of and metric compared top customer. well homeowner per proportion higher-value premium I'll premium new with Pet to million. full the time combination We compared to key increase toward Force this the by primarily and mix as ceded in line year. quarter. the of to impact the prior million, as policies premium. in continued in prior our car XXX% as premium well the additions in lesser operating customers, well $XXX to earned to the growth in customer and QX in gross roughly acquisition in by that to prior The in prior acquisition per bit policies. XX% driven regardless Premium Force the the of more increased XX% growth them of and impact Great. to increase line results continuing increase then grew the quarter reduction strong as timing of in color as the as related year useful earned We compared and as understand was to for to reinsurers driven by growth as premium value Gross prior shift Metromile In the premium $XX on increased of In during in the from increase a Revenue year expectations year, revenue driven Daniel. in QX as fourth of million. quarter Thanks, a to scope XX% customer year

expense, expense is compared QX stock-based XXXX fees, offset professional ratio prior to primarily lower personnel XXXX. partially for and excluding loss expenses, sales expense. gross and as year, million legal increased Our this XX% loss in compensation by driven and and to QX marketing the expense, was by and $XXX compared loss Operating XX% XX% and to increased adjustment QX XX% QX in as in

the all members year loss versus in more XXXX. count limited though several seen to X,XXX head primarily QX of support due impact at We expansion. July. million also the growth modest of prior areas Global or and $XX.X Net premium we've was of the in of million in reported quarters XX% continue the grew to $XX.X pace the add to third for new share in company, $X.XX quarter compared of team geographic per customer closing the the we in loss the as acquisition net Metromile to and

million million in quarter EBITDA the as third While QX in $XX.X adjusted $XX.X loss compared XXXX. of to was

total Our acquisition, of and for reflecting to of Metromile increase $XXX $XXX cash million quarter operations approximately by investments million a cash, and due billion XXXX. the offset cash year-end of partially expenditures ended capital an $X.X since at the equivalents use

With these year I'll and updated specific in the XXXX. fourth outline expectations quarter mind, goals our for and metrics an financial full

via adjusted million for $XX with our already, webcast totaling revenue million; share the offices additional XXXX, a.m. shares provided of And again premium EBITDA $XXX full you our November using and issued of $XXX shareholder full earned and shares connection between million call share earned with million; million and between and Day Shai? million; connection X:XX and RSVP, would And $XXX and million; to XX revenue $XXX happening acquisition, again, a and fourth the our stock-based acquisition, and between XX $XX $XX haven't of expect approximately million $XXX and in webcast. back compensation York approximately million via million and compensation between that and shares. of between $XX is $XXX adjusted for with expense expense expenditures finally, premium, million next count premium a in Tuesday, $XXX XX, additional or in gross the December during or gross the million link Please following $XXX and join shares. $XX $X XX, totaling Force between event. that, the approximately we EBITDA year premium for XX Force of million Metromile $XXX reminder turn again, In Time million, stock-based between capital loss expect capital letter to December million, loss million the In And quarter New Investor of like year, at in approximately us $XXX million $XXX approximately expenditures $XX I weighted starting count, waited approximately at million, For $XXX Eastern we million first $XX a issued million if Metromile million, Shai. for the and between million; the

Shai Wininger

see Darren top-loaded Thanks, now turn it include first We'll should coming questions. Chewy And partnership? is the to from will any the one the who's to we And shareholders alliance how asking expect much PetSmart. growth from with Tim.

this partnership technological owned I with believe brands integrate to that PetSmart two your the the our for that and those growth Lemonade the significant believe the we're really easily at to add Being distribution channels growth we Chewy, question, which believe, Chewy they'll is advantage quickly So XXXX. separated, Lemonade of we the heavily once was easily primary I By offer to we able coming but strategic way, relies of Pet. Lemonade. part in strengthen grow Lemonade To our as low XX can customers partners channels. partnership-based about can second one by using the extraordinary excited on deliver million you burn. continue deal years, and become to choose the our API, cash for Pet in partnership

And does for about deal Daniel so with an made question investor who the from us of comment integration. waiting Metromile ratios comes The improve. the any regulators can alliance to not next also Paperbag on the wanted approve And include before to rates loss get them. asked update he

Daniel Schreiber

between months synergies it's are and Well, just closed deal been our Metromile full the few teams, since force. data a but the in tech

of the not. former Metromile also it's accepted role fact, employees and In XXX% to the the already and Lemonade, who's have it, who's out impossible Metromile at tell

Regarding Metromile's loss you're ratio, right.

take out time of many whole. of changes an soon Along of bringing is as In major the to look with risk elevated and the as resisted Several a have taken rest as industry, them line industry XX% in loss pulled of and was, possible. that than Metromile's carriers California, we approve rate have market regulators Some the the result rate others. unusual impasse reported resolved. a regulators more position auto where rates across have until to effectively changes forward back ratios business with this as

Shai Wininger

or reserve if a harderning and into no. that create capsize market costs, another changes the limits could I claim from perfect Darren, Lemonade. will don't And inflation, perfect answer in cap these any Darren, on storm sizing. we're short culminate requirements reinsurance question the increased rate prolonged storm is and concerned think increases

on several mentioned. touched risks You've they different

be means There's their for we're Inflation what is claims changes -- getting the regulators. made products inflation. filing that immediate, way inflation, We've maintain ratio. rates. window pace change should impact of work a me cost keep will others, And for changes loss let these of keep our which that prices should and at so moves pace but new adjust it to takes policies into a going system to the with premiums some address up it that rhythm while for of are the on they ought for so the these to in a to healthy than lower them through time prices into one one. all take lagging and a So while collected to the by the pace earn

increase your for are We which comment doesn't failures. we the reserve see was winning in Day reinsurance mentioned about rough that will to our more providing reinsurance. these expect next majority events, going in surplus Darren requirements. this forward, more against play address protection he believe know it reinsurance our but products in He As time, tests about regions, model of go or wanted that the But don't Investor to strategies And actual a role that and with a we're the our different what that years. and a requirements, and week. total they'll this marketing with optimizing point cost diversified hardening to our to of reinsurance wanted by course business the shareholder Tim more our at companies stop how primary made mostly affecting in do mean catastrophic rare Daniel change dilution. several becoming know also deemed cost this optimizing result that business, our we more the failures. reinsurance up, of two should available fully correct in more was plan in needs: on further had same

Daniel Schreiber

led When in part the or or failures, doesn't I point losses. we marketing of mean they've that say Darren, think brought our to was business it this that campaigns zero misunderstood. large

we different else small There in where very traditional with to thousands advertising on, so campaign budget creatives, of bet different variations because with and marketing, have are many your and for we different data-driven approach everything ads annual Just a products one segments we Unlike do, different way. marketing budgets. test we different like audience them run you'd create targeting.

works. many this the sports about what take learned which to we've best tournament. to you cost as with of apply winners, each think compete process against We a We fraction campaign. of and a performing improve a full them them leaves can see small You them one and behind run put ads budgets spending have then This other. ads while then the the

lot in will set of You so process, ads also the a learned the the out better perform next straight of gate.

Shai Wininger

is In our top another for question, know to priority George what wanted XXXX?

Daniel Schreiber

George. question, the for Thanks

ratio, into efficiency. profitability, for and main focus three our primary path is Our 'XX through which translates loss pillars: cross-sells

our Investor and midst a value making lifetime of of of customers' we based hundreds reminder, lines encouraging and focuses and upsell seeing in on invest to As our throughout as further customer improvement and focusing well with And on tools. three partners be me integrate as our more call distribution with internal automation you turn operator Day insights invite we'll efficiency, from We'll it. in our this team see all improvement year. the the as newly to predictions. And product our The in changes are created starting of cross-sells, Street. our focus will for more are to we're initiatives continue screens, the our accuracy that, adjust next week, blender for and ability signs on in On of we our team our inflation provide bundling, cross-sell let on friends continued our On through on improvement, to APIs questions group. on I our to back all tune in the

Operator

from first Michael, Morgan is your [Operator Stanley. from Please today Instructions] Our open. Michael line ahead, question comes Phillips go

Michael Phillips

the cat there. comments, take would of when guess, on in there? of it prices help hard too, mentioned business Like But end to and you assume that? reinsurance product, besides You your to anything impacts retention of there the offset willing kind a diversification be specifically, to market I I higher geography, else final offset

Tim Bixby

is Yes. Mike yes. The short answer

So I on think our is view reinsurance optionality. generally

reinsurance terms I benefit is we think, our lean three business, think that a surplus good terms more towards I loss comfortable, grip risk or now our we're historically, good a ago with products getting risk. capital size of than just our taken overall claims more to of But now that we've advantage the bias of as or goals, So really efficiency markets four good the that years balancing fit profile. risk, or the are around in and for much efficiency, different ratio generally,

to be year, to would and open but yes, up be I the terms the in so balancing a risk, until that. And our is we'll more think of open taking renewal we'll next next see how plays midyear out not little coming we kind market

Michael Phillips

curious don't I'm prior willing I your the two rented the And than if those to of I books. inflation policy. sets then know inflation but hear differently to mix a of between versus versus guess How thoughts just home a kind period, on policy of you're give today renter affects of home impact the

Tim Bixby

Yes.

but in the heavy-duty definitely both, usually happens, is stuff just because But more more significance in the concentrated really remodeling, board. So likely more sort about you're reality inflation across of homeowners affects whereas the reconstruction possessions. of talking renters, is that usually the of

concentrated the in more small a gone doing and concentrated but from to to so in of And all we're it's business. really definitely for it's now offset untouched, inflation at a really Metromile product with no where our quite home home, more is us looking in best cars significant little our products. part mitigate of but There

those And those so little a more products. -- it's are concentrated in

Michael Phillips

And quick just numbers a question.

the dollar you of claims ratio, impact. exact an amount On in give the paid? But the loss How you can was? low impact of much Metromile mentioned us the ratio

Tim Bixby

the $X something less of date. than fairly was on it order yes, million to So minimal,

Michael Phillips

what Ian, sure. Is was making that correct? you Just said? not

Tim Bixby

I'm sorry?

Michael Phillips

understood. I correct? You Is said, Just Ian sure minimal. making was that

Tim Bixby

reminder Florida, business. represents of that's less X% our Yes. as And that, on in a aggregate, right. than yes, Yes, just maybe

book. a unexposed there, and we're So it's relatively renters essentially

have versus who had which quite relatively large we a Florida, homeowners nominal do not. we some book but in impact, folks So

Operator

And the Please ahead. comes from from next question Barclays. go Tracy Benguigui

line open. is Your

Tracy Benguigui

Mike's the Just question going to ratio. loss on follow up actually about

a can X contributor which was just worse previously that if in X that through shared. you had Ian if huge walk point to So point sequential decline, the

Tim Bixby

Yes.

take did but quarter and our So we while a a about obviously historical somewhat has higher home ratio, impact didn’t a at impact of still seeing we work with It'll we'll have so assertion, of the higher those healthy existing than we've so number running to sort But into that Metromile, business. on filings car filings, book an the made continue of or to up have guide aged loss business certainly benefit. only quarters than has that before we're to and from keep been which hard several filings then had inflation of impact.

it of parts and as were as think other home, I So the or less Metromile, more expected.

Tracy Benguigui

mean, a What market. I injury Metromile, on is tough Maybe seeing damage, make bodily or I you auto physical claims. comments any don't specifically severity on are

Tim Bixby

call We In extent hand we'll the to this something at a maybe don't today to to are we be much going But the have parts, forward. and more detail, of specific tends little this are kind prepared that's cars looking expensive that repair. provide on little cars. disclosure a it more for that on at to look more general

maybe color bit opposed around more book be have to but from in the injury, tends our we'll in little a probably think And that's as little coming we experience providing of Metromile, for more experience quarters. longer it so replace repair, where a about something our the the which business, to

Tracy Benguigui

All right.

your do maybe So amongst business mix home post Chewy insurance, and see shifting renters a you prepared Metromile more answer. deal, How this auto? to Pet you're question,

Tim Bixby

next significant gives add year it a point Chewy because at policies an really hasn't really So to but launched is cash formally. potentially describe Pet much early, cost. lower at I benefit us wouldn't the What it's this ability

offset there. business some our see have our channel can And flow direct growth to of Chewy knowing increase the that the Chewy some we'll We choose growth Pet versus partnership. through through we'll of other incremental optionality nice grow channel. also achieve Pet through let rate natural could lines the through or of and that so We goals the we and

first plays over We've time. So those let's significant And healthy if it we year, see that it's out. we grows structure us that nice got a much where have a think and target Pet it And cost. targets lower policies kind how at in of will a achieve really the choice. give we

share, a represent expect wouldn't but has part I at book, In the sizable terms overall grow healthy I would to Pet but point, a wouldn't share, modestly, share, shift continued I XX% assume overall book. will of the a -- this dramatic it of pretty of total to in continue

Operator

The comes Tommy, from from McJoynt ahead, Tommy open. go next is line Please your KBW. question

Tommy McJoynt

to talk capital given runway math that the And behind your could little does a of about equating at theory one, first give what bit some to or sort reference burn The your least to you cash XX% optimal some of resources? existing of that the XX% growth. you

Tim Bixby

Sure.

$XXX a We'll under something of that's that the the Q of than carriers set data equivalents. we've surplus points themselves. Obviously, the So cash up million cash put aside of roughly $X.X it terms billion We've insurance there. within balance shared. as in our less couple supporting is in think but just today, investments

out into this over fair more years, something detail to our bit is a get coming looking at Investor the going Day. So we're and

rate of gun rate how it's think want our much about as cash our a the lever we so don't choice. really that. But growth we primary And burn of to and a on jump growth we

to sometimes acquiring think the predictable. at slowing, our customers quite are choosing healthy demand economics a because there's of new unit It's the misconception because a that our certain and growth grow market case. is not us that's it's pace if I our and changing, quite sort is

growth rate. back we've dialed So the

You in saw it QX.

capital. rate growth the of quarters runway see or of have we've availability You us you're for about in we months concerned the for got XX that before be And plus not years of run it sort guidance that rate gives to comfort right, exactly ultimate percent QX. many

Tommy McJoynt

And then partnership. switching the over back a to question Chewy on

as regular rather And to as kind of those number follow-up, you than profitability concept part of the of do Chewy's partnerships? solely a playbook is by the clarify, and as there Just or with a referrals think new the of then be explore paying that top partners policies? want policies line warrants those stock compensation you to underwriting driven of

Tim Bixby

on structure first on is question, the So yes, customer the acquisition.

capabilities do access million what they comfortable us eliminated happy We on customers XX giving with very through doing focused the to Chewy's of once our Lemonade the they the Lemonade are them every and become sense our best leverage bring fairly go and it's customers process, customers funnel just Chewy word so and there and enter family, underwriting and really into will but of true in as to type customer. any other

In look at structure, terms our of the would I history.

name So this but of the high. simpler, there of strength guardrails that their our pet very it of There where are structure is fit brand and first where core made with structures of And one we're a firm scope is is their done are everything reach, time synergies are business, and the around we've equity. the sort equity. really customer the as with much that to The willing together come bar this this. very

from be warrants. So achieve value They must it those generate targets must to ultimately order in earned.

sort really feel and And a risk for we like so both reward sides. balance it's nice of of

Operator

Please from Our go ahead. next Andrew from Kligerman Credit question comes Suisse.

Your line is open.

Andrew Kligerman

on and kind quarter? bit with some a you share to channels, marketing of more products spend you the incented this distribution Could us of your which

Tim Bixby

the Perhaps, sort we guessing. we've in are of in think spend of to but behind QX efficiency seen QX from the we've actually time. marketing comment the made been over that spend your pulling I total letter I'm question, nice tempering marketing

moving seasonality where persistent And has of back to continued something happen that kids unpredictability. see have the to fall so few season, changes is better drive yes, lot continued we've people we and a last -- to school, We've years even we the results. through so all different just efficiency COVID be is see that typically relocating the quite which nice have seen to in continue

continue that even and saw it. QX, drove strengthen and we so somewhat And in that

a can And just to too much. more in from to numbers up. comfortable not better did which when of QX. across leverage our Two get us. little not improve, other ago, you'd and And in better. turning models, LTV CAC it spend, many And that some but terms continue a channels, customer of that the or out a QX. shift has standpoint, out if a QX but efforts going pullback on we to opposed the to ability -- as In more changed, a obviously represents capital that channels. That a more We're shift. I to the wouldn't guided you very the that to other any then, think management to years think of we ancillary major and in acquisition surprise see channel the or brand focused be we we're major do those bit consumer of don't expect have TikTok. similar And of see didn't see I those point obviously We we efficiency but direct cause would that's checks little marketing bit, acquisition adjust, I was

Tommy McJoynt

loss talking unfortunately, then heard I about when my And was ratio you rate. up line breaking and

But what across ex-prior was what ex-cat, then received on. ratio also auto in auto year touched in specify again your And line, you what could line? was in this quarter? the in the was underlying insurance if development apologies line, and the aggregate the filed your loss country the So rate auto you and increase

Tim Bixby

course. Day interesting, disclosed get in see breaking Investor of again. that around product by going little to is We're it more very we've our and more than we though down how loss ratios detail a car So detail into

previously, for think, of where loss XXX% been above Metromile feel that, punt generally which the a have point I time. I'll So the ratios loss for public reasonable for are how filings until evolved, ratios have to I would some

persisted we have with rate. rest now, the to time, towards of an a line assume those you So in rates, our can But much product at over goals level. for bring elevated expect lower those

Operator

Jason comes question Our Please Oppenheimer. Helfstein from ahead. go from next

line open. is Your

Unidentified Analyst

Steve This on is for Jason.

insurance So side on about you months One how P&L? us profit? the just of the then third Metromile understand questions. the impact next business the gross two quick on over And quarter impact and XX think auto scaling is, for you the secondly, can the do help

Tim Bixby

Metromile. in don't We're right company consolidated we get as out you to really the point. I give So one points reporting direction. some can data you break this at

So historically, earlier in if roughly tracking this the to see XXX%. you would numbers on premium look at levels, down stand-alone, Metromile's you 'XX, year --

million fair would there Metromile, it still assume $XXX to if it's be IFP. So isolate you -- that above in

would so the the out that, ratios is And gross I historical of of general, above that The that, can driver the primary Metromile break but ratio and through kind we combined impact line, don't the in margin that with on XXX, change. have think, see let profit gross flow with specifically. of loss material a loss you pretty

And that our target, ratio a we expect with gross XXs. we what so loss couple to ratio as the report comes come would line to that margin our gross in margin back of and loss them years the the as was ago in adjusted saw I closer when

terms your second of In question, cars. scaling

by -- we're total. the of we up launch a because a if brought we I little expect of advance would we're should of do not launches of regulatory three control. launched The then we you over So so state in exact in things with XXXX. have typically around, moving we a merger us date of plan a before Lemonade course all additional But -- in opportunistic far always don't And -- XX -- our total about from states. We perspective. to haven't state. about disclosed Metromile car Metromile, the states have

add states obviously, we of clarity the expect consistently the continue of to closer we'll several more on the by next point But we'll But when year, to to expect end new couple we're I'd launching launch, get them, over of new the then years. that. So at give states.

Operator

go Shanker line The open. Please America. next Bank ahead, from Josh from comes question of your Josh, is

Josh Shanker

not relates other In in that little in first My going XQ. My talk the than premium that very if if places. wondering question to about for growing to supposition is guidance that can is the XQ. I'm you and guess be Force renewing It's plan. in it customers Metromile you're higher correct, is And

Tim Bixby

a Yes, that's a fair proxy. fair

part It's as longer of us Lemonade. viewed no a again, business. So Metromile by stand-alone is

isolate if rate, pay Metromile this customers well fixed there's exactly is as Metromile, a attrition car at that up we're you Our which acquired point as to made price a through were business. heavily product But not those product. to per mile, grow and historically of was typical it investing to

that, that until QX guidance, in QX Metromile The coming excluding of so see better IFP growth. for providing surprise. really been spend base. and rate our and a increases that of of size actually than our that's customer And number you'll overall QX, into pulled reduction a pleasant we business, bit the down. is the you historical been in some natural our to that It's And then the retention remainder which some see solid attrition Metromile benefit is in expectations, rate has the happening Metromile the growth part which of compensate a

Josh Shanker

Lemonade marketplace I competing how for don't is if Chewy already that you Trupanion the on you're on you brands looked deals, that might sold product really wondering think know And product one you or haven't so whether Chewy. becomes website success, you approach speak, where Sorry, sells and insurance at I Pet on one loss a on if this to whether And exclusivity. and competing maybe several Chewy, on Trupanion sold product differently? though, of probably through you're I'm second. price much they then

Tim Bixby

Yes.

while it's primary really competition, the aware of -- we we're a not So focus.

be not we us. the to other other all channels to and of an to with want So therefore, open like be partners. for open either channels structure exclusive ability and to it's We working

Trupanion whether the not has extraordinary access Chewy to both to Lemonade or base. whether market. trajectory. dedicated well, very does there, customer So and expect don't large a it It's not or an we impact really Trupanion large is

us. of sheer for they've do both partnerships really channel there's we where We'll look all strategically So of of what excited obviously plenty also we're about room just for size make can to expand and sense. This and that Pet. one is done it what think the for

Operator

Thank you.

questions. further We have no

today. Ladies gentlemen, all thank you call our and concludes for this So joining.

lines. You may your now disconnect

Lemonade (LMND) 9 Nov 222022 Q3 Earnings call transcript