Tyler Crowe

Top-line growth, great.

In-force premium growth, great.

Declining loss ratios, meaning that it's doing a better job of underwriting premiums, great.

All of that said, overhead costs continue to climb.

I know it says operating expenses are flat, but that excludes customer acquisition costs.

It seems like all this fabulous growth that they're talking about doesn't come from organic growth or anything like that.

It comes because they're spending a boatload of money to acquire their customers.

Much of all that is still leading to gap losses and needs to continually sell stock to offset retained losses.

Insurance, no matter if it's AI-powered or some new digital native platform that takes out all of the legacy stuff, it's still a balance sheet game.

Today, it has less equity in the business than it did when it IPO'd.

I've yet to see a quarterly earnings report where it showed a sign to gap profitability, taking out all those expenses that are adjusted.

How does that correct itself?

What am I missing?

Why am I wrong here?

I just may be the grumpy guy in the corner who just complains about Lemonade for the rest of time.

But I do appreciate Matt going a little Ronald Reagan on me and being like, there you go with that gap profitability again.

Speaking of profitability and somewhat lack of it, after the break, we're going to talk about Klarna's earnings.

With so many earnings stories coming out this week, and actually, all of these things happened today, we're going to actually forego our normal stocks on our radar so we can keep going with a lot of the market news today.

We're left with Klarna as the last one because the market did not like what it saw this quarter.

Shares are down 26% as we tape.