1) Revenue grew 109% YoY to $104.6M YoY. In-Force Premium (IFP) grew 50% to $687M. Customers grew 21% to 1.9M. Growth driven primarily by renters and homeowners insurance.

2) Adjusted EBITDA loss deteriorated to -$53M from -$50M in Q2 2022 - High marketing and payroll costs. No profitability yet.

3) Moat direction uncertain. Improving retention and cross-sell are positive. But loss ratio spike to 94% from 87% in Q1 raises concerns.

4) No clear operating leverage yet. Marketing and payroll remained over 70% of revenue. Technology spending also increased.

5) Favorable triggers include new Lemonade Car product and international expansion potential. But early stage.

6) Risks include rising loss trends, inflation and recession impacts, execution challenges on new products.

7) Management delivered strong IFP growth per guidance. But profitability metrics lagged.

8) Needed more color on drivers of loss ratio increase and details on marketing efficiency trends.

Conclusion: The lack of progress on profitability is concerning and outweighs the strong IFP growth. Would rate this a HOLD until better signs of inflection on path to profitability.