Matt Frankel

And both of these, eBay especially, is where people go to save money.

save some money compared to buying it full retail.

So I think that's a big takeaway is that consumers are feeling under pressure right now.

I get it, Tyler.

To be fair, I'm going to use words like stock-based compensation and adjusted metrics that are probably going to trigger you a little bit.

But I'm a shareholder, and I struggle with Lemonade's business model from time to time and its long-term viability.

It does things differently than other insurance companies, targeting a specific loss ratio instead of worrying about investment income and things like that.

But the numbers are rapidly moving in the right direction.

Growth is accelerating.

In-force premiums grew by 31% year-over-year.

That's something that legacy insurers would love to have.

The company is just shy of 3 million customers.

I remember it crossed the 1 million threshold just a few years ago.

This was the ninth consecutive quarter of an accelerating growth rate.

and the ninth consecutive quarter of improving loss ratios.

All the major business areas, specifically Lemonade Car, that's the one I was looking at, posted loss ratios well below the company's 75% target.

Here's where it gets a little more fun.

Lemonade is now profitable on an adjusted free cash flow basis.

It's moving towards profitability in some metrics Tyler actually has some faith in.

It's rolling out some innovative products.