Lemonade Inc (LMND) 2026 Q2 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to the Lemonade second-quarter 2026 earnings call. (Operator Instructions)

各位好。感謝各位加入，歡迎參加 Lemonade 2026 年第二季財報電話會議。（接線員指示）

I will now hand the conference over to the Lemonade team. Please go ahead.

我現在把會議交給 Lemonade 團隊。請開始。

Good morning, and welcome to Lemonade's second-quarter 2026 earnings call.

各位早安，歡迎參加 Lemonade 2026 年第二季財報電話會議。

Joining us on the call today, we have Daniel Schreiber, CEO and Co-Founder; Shai Wininger, President and Co-Founder; Tim Bixby, Chief Financial Officer; and Nick Stead, SVP Finance. A letter to shareholders covering the company's second-quarter 2026 financial results is available on our investor relations website at lemonade.com/investor.

今天與會者包括：執行長暨共同創辦人 Daniel Schreiber；總裁暨共同創辦人 Shai Wininger；財務長 Tim Bixby；以及財務資深副總裁 Nick Stead。涵蓋公司 2026 年第二季財務結果的致股東信，已公布於我們的投資人關係網站 lemonade.com/investor。

I would like to remind you that management's remarks made on this call may contain forward-looking statement within the meaning of Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including those discussed in the Risk Factors section of our most recent form 10-K filed with the SEC and our more recent filings with the SEC. Any forward-looking statement made on this call represent our views only as of today, and we undertake no obligation to update them.

提醒各位，管理層在本次電話會議中的發言可能包含《1995 年私人證券訴訟改革法》所界定的前瞻性陳述。由於多項重要因素，實際結果可能與這些前瞻性陳述所示存在重大差異，包括我們最近向 SEC 提交的 Form 10-K 之「風險因素」章節以及我們近期向 SEC 提交的其他文件中所討論的因素。本次電話會議所作的任何前瞻性陳述僅代表我們截至今日的觀點，我們不承擔更新之義務。

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

今天的電話會議中，我們將提及若干非 GAAP 財務衡量指標，包括調整後 EBITDA、調整後自由現金流，以及調整後毛利；我們相信這些指標對投資人評估我們的營運表現可能很重要。非 GAAP 財務衡量指標與最直接可比的 GAAP 財務衡量指標之調節表，已包含於我們的致股東信中。

Our letter to shareholders also includes information about our key performance indicators, including number of customers, in-force premium, premium per customer, annual dollar retention, gross earned premium, gross loss ratio, gross loss ratio ex-CAT, trailing 12-month loss ratio, and net loss ratio; and a definition of each metric, why each is useful to investors, and how we use each to monitor and manage our business.

我們的致股東信亦包含關於關鍵績效指標（KPI）的資訊，包括客戶數、在保保費（in-force premium）、每位客戶保費、年度美元留存率、毛已賺保費、毛損失率、剔除巨災（CAT）的毛損失率、過去 12 個月損失率，以及淨損失率；並提供各項指標的定義、其對投資人的用途，以及我們如何用以監控與管理業務。

With that, I'll turn. Over to Daniel for his opening remarks.

接下來，我將把時間交給。Daniel 進行開場致詞。

Good morning. I'm happy to report on another excellent quarter marked by accelerating growth, strong underwriting performance, and continued progress toward profitability.

各位早安。我很高興向各位報告，我們又交出一個非常出色的季度，呈現加速成長、強勁的核保表現，以及持續朝獲利邁進的進展。

In force premium reached $1.43 billion, growing about 32.5% year over year and extending our streak of accelerating growth to 11 consecutive quarters. Revenue grew even faster, increasing 79% to $294 million; and gross profit increased 76% year over year to a record $113 million.

在保保費達到 14.3 億美元，年增約 32.5%，並將我們連續加速成長的紀錄延伸至連續 11 個季度。營收成長更快，年增 79% 至 2.94 億美元；毛利年增 76% 至創紀錄的 1.13 億美元。

As a result, adjusted EBITDA loss improved 54% to $19 million, and we remain on track to deliver our first positive adjusted EBITDA quarter in Q4 this year followed by a positive adjusted EBITDA full year 2027. Against that backdrop, we remain confident in our outlook and are reiterating our guidance across IFP and EBITDA, while raising our guidance for both gross and premium and revenue.

因此，調整後 EBITDA 虧損改善 54% 至 1,900 萬美元；我們仍按計畫在今年第四季交出首個調整後 EBITDA 轉正的季度，並在 2027 年全年實現調整後 EBITDA 轉正。在此背景下，我們對展望仍具信心，並重申在 IFP 與 EBITDA 方面的指引，同時上調毛已賺保費與營收的指引。

During the quarter, we also completed our annual reinsurance renewal as well as the extension of our synthetic agents' program with important upgrades to each. As it relates to reinsurance, the renewed program modestly increases the share of premiums that we retain while meaningfully strengthening catastrophe protection, including named storm coverage that was largely absent under the expiring structure.

本季度期間，我們也完成了年度再保險續約，以及合成代理人（synthetic agents）計畫的延長，且兩者皆有重要升級。就再保險而言，續約後的計畫小幅提高我們保留的保費占比，同時大幅強化巨災保障，包括在原到期架構下多數缺乏的具名風暴（named storm）保障。

The agreement related to our synthetic agents' extension provides $0.25 billion in growth financing at roughly 9.8% cost and applies to growth spend in '27 and '28. This amounts to more than 6 percentage points improvement in our cost of capital materially lowering expected interest expense on a go-forward basis.

與合成代理人延長相關的協議，提供 2.5 億美元的成長融資，成本約為 9.8%，並適用於 2027 與 2028 年的成長支出。這相當於我們資本成本改善超過 6 個百分點，並在未來顯著降低預期利息費用。

With the financing of our growth investment improving, let me turn to the spend and its efficiency. Over the past several years, we've substantially increased our growth investments while holding the LTV to CAC ratio stable at roughly 3x, no mean feat.

在成長投資的融資條件改善之後，讓我談談支出及其效率。過去幾年，我們在大幅提高成長投資的同時，仍將 LTV 對 CAC 比率穩定維持在約 3 倍，這並不容易。

Some of you have noted that this growth spend outpaced the corresponding growth in in force premium. The concern, as I understand it, is that this gap signals declining efficiency, that each incremental growth dollar is buying less premium than once it did. It doesn't, and I'd like to walk you through why.

有些人注意到，這些成長支出的增幅超過了在保保費的相應成長。據我理解，擔憂在於這個差距代表效率下降，也就是每增加 1 美元的成長投入，所帶來的保費比過去更少。事實並非如此，我想帶各位了解原因。

With our direct-to-consumer distribution and predictive LTV models allocating that spend, we ratchet spending up and down and shift it from one product to another in real time in pursuit of those sterling 3x returns. In 2023, as inflationary pressures shrank the opportunities for profitable spend, those controls naturally reduced our growth investments to about $55 million.

透過我們的直面消費者（direct-to-consumer）通路，以及用於配置支出的預測 LTV 模型，我們會即時上調或下調支出，並在不同產品之間即時轉移，以追求那穩健的 3 倍回報。2023 年，通膨壓力壓縮了可獲利投放的機會，這些控制機制自然將我們的成長投資降至約 5,500 萬美元。

We implemented rate changes to counter inflation and, as those came online, we added about $15 million of incremental growth spend each year. Now, a similar dollar addition to a growing base produces a lower growth rate, so growth decelerates by construction.

我們實施了費率調整以對抗通膨；隨著調整上線，我們每年增加約 1,500 萬美元的增量成長支出。然而，在基期擴大的情況下，類似的美元增量會帶來較低的成長率，因此成長在結構上會出現減速。

On the premium side, the dynamic pushes the way. Growth spend is a flow. It's expensed and reset each year. The premium it buys is a stock. Cohorts stay on the books, layered on top of every cohort before them. So while spend growth decelerates, the premiums those dollars created keeps compounding, boosted further by our accelerating cross-sell.

在保費端，這個動態則朝相反方向推進。成長支出是一種「流量」。它每年認列費用並重新設定。而它所帶來的保費是一種「存量」。各期客群（cohorts）會持續留在帳上，並疊加在之前每一期客群之上。因此，即使支出成長減速，這些美元所創造的保費仍會持續複利成長，並進一步受惠於我們加速的交叉銷售。

The bottom line is this. The observation is accurate, but it doesn't point to any underlying degradation in our efficiency. It's a mathematical artifact of spending slowdown in response to inflation and our subsequent catch-up spending. Beginning in 2027 and beyond, we expect IFB growth to outpace spend growth, a key driver of operating leverage and profitability.

結論如下。這項觀察是正確的，但它並不指向我們效率有任何根本性的惡化。這是因應通膨而放緩支出、以及後續追趕式支出所造成的數學現象。自 2027 年起及往後，我們預期 IFP 成長將超過支出成長，這將是營運槓桿與獲利能力的關鍵驅動因素。

And before I hand over, a word on this morning's other announcement. At year-end, after more than nine years as our CFO, Tim Bixby will pass that baton on to Nick Stead, our Senior Vice President of Finance; and Tim will step up to Lemonade's Board of Directors.

在我交棒之前，也談一下今天早上的另一項公告。在年末，擔任我們財務長超過九年的 Tim Bixby 將把接力棒交給我們的財務資深副總裁 Nick Stead；而 Tim 也將加入 Lemonade 董事會。

This transition was years in the making, investigated and paced by Tim himself. And today, almost all of our financial functions already report to Nick. So expect this handover to look like everything else Tim has engineered here -- the capital raises, the IPO, six years of beat and raise -- which is to say, planned, disciplined, and seamless. Congratulations to both Nick and Tim.

這次交接是多年規劃的成果，由 Tim 本人主導評估並掌握節奏。而且截至今天，我們幾乎所有財務職能都已向 Nick 匯報。因此，預期這次交接會像 Tim 在此所打造的其他一切——募資、IPO、六年的「超預期並上調指引」——也就是說：有計畫、有紀律、且無縫銜接。恭喜 Nick 與 Tim。

With that, I'll hand over to Shai, who will cover a couple of key insights across the business. Over to you, Shai.

接下來我把時間交給 Shai，他將分享幾項橫跨業務的關鍵洞見。交給你了，Shai。

Thanks, Daniel. First, I wanted to update on our LAE ratio, that is the cost of handling claims. This is a key metric when looking at insurance carrier efficiency with an industry average of around 9%.

謝謝你，Daniel。首先，我想更新我們的 LAE 比率，也就是理賠處理成本。這是在觀察保險公司營運效率時的一項關鍵指標，產業平均約為 9%。

In the second quarter, we delivered our best-ever LAE ratio result of 5%. This improvement is a continuation of a multi-year trend made by the growing use of our Lemonade OS technology, which drives AI across the claims operation. It is notable that the gains have been broad-based with record low LAE ratios in the quarter across each of our product leads.

在第二季，我們交出史上最佳的 LAE 比率 5%。這項改善延續了多年趨勢，主要來自我們 Lemonade OS 技術使用率的提升，該技術在理賠作業中推動 AI 應用。值得注意的是，這些成果相當全面：本季度我們各產品線的 LAE 比率皆創下歷史新低。

Beyond boosting our profitability and pricing power, the LAE ratio is a way to compare our efficiency versus other insurers. And what these numbers show today is that our competitors spend almost twice as much as we do on handling claims, and we're not done here by any means.

除了提升我們的獲利能力與定價能力之外，LAE 比率也是用來與其他保險公司比較我們營運效率的一種方式。而這些數據目前顯示，我們的競爭對手在理賠處理上的花費幾乎是我們的兩倍，而且我們在這方面絕非就此止步。

Next, I wanted to touch on our expansion efforts. In the past 100 days, we launched 14 additional state product combinations, which included both a meaningful push towards nationwide availability for renters product, as well as the launch of our autonomous car product in Colorado and Indiana.

接下來，我想談談我們的擴張工作。在過去 100 天內，我們新增推出了 14 個州的產品組合，其中包括大力推進租客險產品的全國性可用性，以及在科羅拉多州與印第安納州推出我們的自動駕駛汽車產品。

That's made possible by continued investment in our proprietary technology platform, which reduces the effort required to launch new products and enter new markets. We believe that nationwide availability in Renters will unlock a much broader partnership opportunity with potential partners for whom that is a key requirement.

這得以實現，仰賴我們持續投資於自有的技術平台，該平台降低了推出新產品與進入新市場所需的投入。我們相信，租客險的全國性可用性將解鎖更廣泛的合作夥伴機會，因為對許多潛在合作夥伴而言，這是一項關鍵要求。

On the roadmap, we expect to see more geographical expansion, most notably with regards to our Car product. We have several state launches expected in the near term. And before the end of 2027, I believe our Car product will be available to the majority of drivers in the United States.

在產品路線圖上，我們預期將看到更多地理版圖的擴張，尤其是在汽車保險產品方面。並且在 2027 年底之前，我相信我們的汽車保險產品將可供美國大多數駕駛人使用。

And with that, I'll hand it off to Tim, who will cover our financial performance in a bit more detail. Tim?

接下來我把時間交給 Tim，他將更詳細地說明我們的財務表現。Tim？

Thanks, Shai. Let's start with Q2 results, which were excellent.

謝謝，Shai。我們先從第二季（Q2）業績開始，表現非常出色。

In force premium grew more than 32% year on year to $1.43 billion, driven by customer growth of 23% and premium per customer growth of 8%. We added about 166,000 new customers in Q2, more than 12% greater than the roughly 148,000 in the prior year quarter.

在保保費（in force premium）年增超過 32%，達到 14.3 億美元，主要由客戶數成長 23%以及每位客戶保費成長 8%所帶動。我們在第二季新增約 16.6 萬名新客戶，較去年同期約 14.8 萬名高出超過 12%。

Within our reported gross loss ratio of 60%, our favorable prior period development of 7% was driven primarily by our Homeowners' multi-peril and Car products.

在我們揭露的 60% 總損失率（gross loss ratio）中，有利的前期（prior period）發展 7%主要由我們的住宅保險多險種（Homeowners' multi-peril）與汽車保險產品所驅動。

Total CAT impact in the quarter was 3%, excluding CAT prior period development. And on a net basis, we saw 5 points of favorable prior period development, of which 2 points were related to CAT. Prior year development, which we report on a net basis, was $12 million favorable in Q2 and $16 million favorable year to date.

本季巨災（CAT）影響合計為 3%，不含巨災的前期發展。而在淨額基礎上，我們看到 5 個點的有利前期發展，其中 2 個點與巨災相關。我們以淨額基礎揭露的前一年發展（prior year development），在第二季為 1,200 萬美元的有利影響，年初至今為 1,600 萬美元的有利影響。

Gross profit increased 76% to $113 million, while adjusted gross profit increased 74% to $114 million for a gross margin and an adjusted gross margin of 38% and 39%, respectively. These metrics use revenue as their denominator.

毛利成長 76%至 1.13 億美元，而調整後毛利成長 74%至 1.14 億美元；毛利率與調整後毛利率分別為 38%與 39%。這些指標以營收作為分母。

Our adjusted gross profit as compared to gross earned premium was 34% in Q2, up 8 points from 26% in the prior year. Revenue grew 79% to $294 million, while our adjusted EBITDA loss improved to a loss of just $19 million. Notably, revenue grew nearly 50 percentage points faster than IFP due to dynamics related to our sustained trend of increased premium retention at reinsurance renewals in recent years.

以已賺保費（gross earned premium）為基礎計算，我們第二季調整後毛利為 34%，較去年同期的 26%提升 8 個點。營收成長 79%至 2.94 億美元，同時我們的調整後 EBITDA 虧損改善至僅虧損 1,900 萬美元。值得注意的是，由於近年再保續約時我們持續提高保費留存比例所帶來的動態影響，營收增速比在保保費（IFP）快了將近 50 個百分點。

Importantly, adjusted free cash flow was positive for the fifth consecutive quarter at $19 million and has been positive eight of the last nine quarters, while operating free cash flow was negative $3 million following a common seasonal pattern.

重要的是，調整後自由現金流已連續第五季為正，達 1,900 萬美元；在過去九季中有八季為正，而營運自由現金流則因常見的季節性模式而為負 300 萬美元。

We ended the quarter with roughly $1.2 billion in cash and investments, of which about $330 million is required to be held as regulatory surplus.

本季結束時，我們持有約 12 億美元的現金與投資，其中約 3.3 億美元必須作為監管要求的盈餘資本（regulatory surplus）持有。

Annual dollar retention, or ADR, remained stable sequentially at 85%, continuing to reflect the impact of our prior clean the book actions within our homeowners product line. And as a reminder, ADR is measured relative to the prior year's IFP. So while those portfolio actions are now largely behind us, they will continue to impact the reported ADR metric for the next couple of quarters before rolling out of the comparison period.

年度美元留存率（Annual Dollar Retention，ADR）較前一季持平於 85%，持續反映我們先前在住宅保險產品線所採取的「清理保單組合（clean the book）」措施之影響。提醒一下，ADR 是相對於前一年的在保保費（IFP）來衡量。因此，雖然這些組合調整行動如今大致已告一段落，但在接下來幾季，仍會持續影響所揭露的 ADR 指標，直到其滾出比較期間。

Operating expenses, excluding loss and loss adjustment expense, increased by $53 million or 41% to $182 million in Q2 as compared to the prior year.

第二季營運費用（不含損失與損失調整費用）較去年增加 5,300 萬美元或 41%，至 1.82 億美元。

And now, I'll hand it off to Nick, who will walk us down the P&L and break down those expense lines a bit. Nick?

接下來我把時間交給 Nick，他會帶大家逐項走過損益表（P&L），並更細分說明這些費用科目。Nick？

Thanks, Tim. Let's do that. Other insurance expense increased year over year by $5 million or 25% in Q2 as compared to a 32% growth rate of gross earned premium. This includes certain expenses that are variable in nature and so typically grows at rates not materially different to that of the top line.

謝謝，Tim。我們開始吧。第二季其他保險費用年增 500 萬美元或 25%，相較之下，總已賺保費（gross earned premium）的成長率為 32%。其中包含某些具變動性質的費用，因此通常其成長率不會與營收端有顯著差異。

Total sales and marketing expense increased by $18 million or 30%, primarily due to increased growth spend as compared to the prior year. In Q2, growth spend was $64 million, up 30% or $15 million as compared to the prior year. Importantly, as we continued to ramp growth spend, marketing efficiency levels remained stable and strong in the second quarter with an LTV to CAC ratio above 3 times, in line with prior year.

銷售與行銷費用合計增加 1,800 萬美元或 30%，主要因相較去年增加了成長投入（growth spend）。第二季成長投入為 6,400 萬美元，較去年增加 30%或 1,500 萬美元。重要的是，隨著我們持續提高成長投入，第二季行銷效率仍維持穩定且強勁，LTV 對 CAC 比率高於 3 倍，與去年一致。

Technology development expense was up by $8 million or 34% year on year to $30 million. The growth was driven in roughly equal parts by the SBC impact of recent equity awards to our executives, which were not reflected in the prior year quarter; growth in personal-related expense; and higher software costs supporting our expanding AI capabilities.

技術開發費用年增 800 萬美元或 34%，至 3,000 萬美元。成長動能大致平均來自三個部分：近期授予高階主管的股權獎酬所帶來的 SBC（以股份為基礎的薪酬）影響（去年同期未反映）；人員相關費用增加；以及支援我們擴展 AI 能力的更高軟體成本。

G&A expense increased 85% as compared prior year to $48 million. The year-on-year increase in G&A was driven primarily by a one-time tax refund benefit in the prior year period, the SBC impact of recent multi-year executive equity awards in the current period, and growth in interest expense. Excluding those items, the year-over-year growth rate of G&A expense was 2%.

一般與行政（G&A）費用較去年增加 85%，至 4,800 萬美元。G&A 年增主要由三項因素驅動：去年同期一次性的退稅利益、當期近期多年度高階主管股權獎酬所帶來的 SBC 影響，以及利息費用增加。排除上述項目後，G&A 費用的年增率為 2%。

Headcount increased slightly by 65% or about 5% year over year to 1,339 in Q2. The increase is attributable to net hiring in our product and engineering teams, and we expect that most of the year's net hiring activity is behind us.

第二季員工人數年增 65 人，約年增 5%，至 1,339 人。增加主要來自產品與工程團隊的淨增聘，我們預期今年大部分的淨增聘活動已經完成。

Net loss was $43 million in Q2 or $0.56 per share as compared to a net loss of $44 million or $0.60 per share in the prior year. Excluding the one-time benefit related to the tax refund I had mentioned from the prior year, the current period net loss result represents 22% year-over-year improvement.

第二季淨損為 4,300 萬美元或每股 0.56 美元，相較去年同期淨損 4,400 萬美元或每股 0.60 美元。若排除我先前提到的去年一次性退稅利益，當期淨損結果代表年減（改善）22%。

Adjusted EBITDA loss was $19 million in Q2, dramatically improved as compared to a $41 million result in the prior year.

第二季調整後 EBITDA 虧損為 1,900 萬美元，較去年同期的 4,100 萬美元大幅改善。

Our detailed guidance for Q3 and the updated full year of 2026 is included in the shareholder letter and represents 33% Q3 and full year IFP growth; roughly 69% Q3 revenue growth and 65% full-year revenue growth; and, unchanged, a positive full quarter of adjusted EBITDA in the fourth quarter. Based on our third quarter and full-year guidance, implied fourth-quarter adjusted EBITDA is approximately $8 million.

我們對第三季（Q3）以及更新後的 2026 全年之詳細財測指引已納入股東信中，內容包括：第三季與全年 IFP 成長 33%；第三季營收成長約 69%與全年營收成長 65%；以及維持不變的目標——第四季整季調整後 EBITDA 轉正。根據我們對第三季與全年的指引所隱含推算，第四季調整後 EBITDA 約為 800 萬美元。

With that, I would like to pass it over to Shai to answer some questions from our retail investors.

接下來，我想把時間交給 Shai，回答一些來自我們散戶投資人的問題。

Thanks, Nick. We now turn to our shareholders' questions.

謝謝，Nick。我們現在進入股東提問環節。

We received the question about our IFP growth rate acceleration streak, when it might end, and what factors could extend it. 11 consecutive quarters of IFP growth rate acceleration is a remarkable run by any measure, but especially for us as it's roughly a quarter of our life as a company.

我們收到關於 IFP 成長率加速連續紀錄的提問：它可能何時結束，以及有哪些因素可能延長這個趨勢。連續 11 季 IFP 成長率加速，無論以任何標準衡量都是相當亮眼的表現，尤其對我們而言，這大約相當於公司成立以來生命週期的四分之一。

What is most notable about that streak, though, is that it has never been at the expense of profitability. LTV to CAC ratios remain healthy and strong at roughly 3x, and adjusted EBITDA breakeven is precisely on track as compared to prior expectations.

不過，這段連續成長最值得注意的是，它從未以犧牲獲利能力為代價。LTV 對 CAC 的比率仍維持在約 3 倍的健康且強勁水準，而調整後 EBITDA 損益兩平也與先前預期完全按計畫推進。

Our third quarter and full-year guide contemplates the next point of IFP growth up to 33%, but we haven't given precise expectations for 2027 just yet. We have many growth drivers, but perhaps it's helpful to think through the lens of LTV to CAC.

我們對第三季與全年指引，已納入 IFP 成長下一個階段上看 33%，但我們尚未就 2027 年給出精確預期。我們有許多成長驅動因素，但或許從 LTV 對 CAC 的角度來思考會更有幫助。

When unit economics improve, we're able to invest more aggressively in growth. We see opportunities on both sides of the equation. We seek to increase LTV through sustained momentum in cross sales, which can drive gains in retention; and we seek to improve CAC efficiency through more granular AI-driven pricing, which can provide a tailwind to conversion rates. We continue to focus on these key drivers that we believe can drive sustainable, profitable growth.

當單位經濟效益改善時，我們就能更積極地投入成長。我們在等式兩端都看見機會。我們希望透過交叉銷售的持續動能來提升 LTV，進而帶動留存率提升；同時也希望透過更細緻、AI 驅動的定價來提升 CAC 的效率，為轉換率帶來順風。我們將持續聚焦於這些關鍵驅動因素，我們相信它們能帶來可持續且具獲利性的成長。

We received the question around our new car insurance business, specifically the share of customers acquired via marketing versus cross-selling. We continue to deliver excellent growth in our Car business, 60% year over year in the second quarter.

我們也收到關於新車險業務的問題，特別是透過行銷取得的客戶占比，與透過交叉銷售取得的占比。我們的車險業務持續交出亮眼成長，第二季年增 60%。

We are seeing strength across both of these channels. In the quarter, we saw both the highest-ever period of new business to Car and the highest ever period of Car sales to existing Lemonade customers. In recent periods, Car sales typically represent between 40% to 50% of new to Lemonade Car sales.

我們看到這兩個通路都很強勁。本季我們同時創下車險新業務（新保單）歷來最高的期間表現，也創下向既有 Lemonade 客戶銷售車險的歷來最高期間表現。近幾期來看，車險銷售通常占 Lemonade Car 新增銷售的 40% 到 50%。

We also received an interesting question around our adapting to new AI models as they come out. One of our core advantages is that we're model agnostic. We're not tied to any one frontier model provider. We continuously benchmark the latest models against one another to identify the combination of capability and cost for each specific use case.

我們也收到一個有趣的問題，關於我們如何因應不斷推出的新 AI 模型。我們的一項核心優勢是我們對模型保持中立（model agnostic）。我們不綁定任何單一的前沿模型供應商。我們會持續將最新模型彼此對照基準測試，以針對每個特定使用情境找出能力與成本的最佳組合。

When a new model is released, our teams typically begin evaluating it immediately. Where we see performance advantage, moving from evaluation to implementation can happen in a matter of hours.

當有新模型發布時，我們的團隊通常會立刻開始評估。若我們看到效能優勢，從評估到導入的轉換可能在數小時內就能完成。

The benefit isn't usually one dramatic step change. It's the cumulative effect of incremental improvements. To name a few, those improvements increase automation rates, they reduce human intervention, improve customer experience, and lower cost to serve.

其效益通常不是某一次戲劇性的躍升。而是多次漸進式改善的累積效果。舉幾個例子，這些改善能提高自動化率、降低人工介入、改善客戶體驗，並降低服務成本。

I believe our system's ability to run multiple models at the same time while constantly evaluating them in real life is an advantage that helps drive the improvements in efficiency and operating leverage you've seen over the past several years.

我相信，我們的系統能同時運行多個模型，並在真實環境中持續評估它們的能力，是一項優勢；這也有助於推動你們在過去幾年所看到的效率提升與營運槓桿改善。

With that, I'll pass it over to the moderator, and we will take some questions from the street.

接下來我把時間交給主持人，我們將回答一些來自華爾街的提問。

(Operator Instructions) Jason Helfstein, Oppenheimer.

(接線員指示) Jason Helfstein，Oppenheimer。

I'll have two separate questions. So first is, what's the team most excited about right now? Obviously, a number of things going on -- product, geo, et cetera. So what are you most excited about?

我有兩個不同的問題。第一個是，團隊目前最興奮的是什麼？顯然有很多事情在進行——產品、地理擴張等等。那你們最興奮的是哪一項？

And then just second, as we're all trying to think about how the model spools forward and thinking about potential operating leverage in 2027, 2028 without giving specific guidance, I guess, do we think that gross margins and contribution margins can continue to maintain the current growth path as you expand product and geo coverage? Just any way, obviously, as we're all trying to think about what that bogey is for '28, '28 to support valuation.

第二個是，當我們都在思考模型如何往前推進，以及在不提供具體指引的前提下思考 2027、2028 年可能的營運槓桿時，我想問的是：隨著你們擴展產品與地理覆蓋，毛利率與貢獻毛利率是否能持續維持目前的成長軌跡？任何看法都可以，因為我們都在思考 2028 年的目標門檻（bogey）會是什麼，以支撐估值。

Jason, hi. Good to hear from you.

Jason，你好。很高興聽到你的聲音。

These are exciting times, so there's a lot to be excited about. If I had to pick one, I think I would say Car, where we're just seeing all the pistons going. All the quips around Car right themselves, but we really are seeing a lot of acceleration, a lot of. improvement

現在確實是令人振奮的時刻，所以有很多值得期待的事。如果一定要選一個，我會說是車險（Car），我們看到所有引擎汽缸都在全力運轉。關於車險的各種妙語都不必多說，但我們確實看到很多加速、很多改善。

There are a lot of changes and implementations and launches being planned and worked on, and we'll elaborate on those during Investor Day. But there's a lot of reason for ongoing optimism in a sense that in this huge market where we are really just absolutely tiny and have so much headroom, we have advantages that we can sustain and can compound.

目前規劃並推進中的變更、導入與上線有很多，我們會在投資人日進一步說明。但我們有充分理由持續保持樂觀：在這個龐大的市場中，我們其實仍非常渺小、仍有很大的成長空間；而我們具備可持續、可複利累積的優勢。

And vaguely related to that, I'd add a second one that is a little bit more vague. But there is a strong sense in the team, and I think it's reflected in our results quarter after quarter now, which is that the wind's at our back. The machine is doing what it's meant to be doing.

另外，與此略有關聯，我想再補充第二點，雖然比較抽象。團隊有一種強烈的感受，而且我認為這也反映在我們一季又一季的成果上：我們正順風而行。這台機器正在做它本來就該做的事。

These 10 years of hard work at building the technology that we've built is throwing off results; throwing off growth; throwing off gross profit; compounding on a regular basis all the data infrastructures, the AI infrastructures, some of which Shai mentioned a couple of minutes ago.

這 10 年來辛苦打造的技術正在產生成果：帶來成長、帶來毛利（gross profit）；並且持續複利累積各項資料基礎設施、AI 基礎設施，其中一些 Shai 幾分鐘前也提到。

The brand work that we built, the team that we've built -- this machine is really functioning very well. And it's just a pleasure to, from my vantage point, to sit back to some extent and watch it compound and keep doing what it's doing -- 11 quarters in a row of acceleration. And we think there's a lot more where that came from going forward.

我們打造的品牌、我們建立的團隊——這台機器真的運作得非常好。以我的角度來看，某種程度上能坐下來看著它複利成長、持續做它正在做的事——連續 11 季加速——是一種享受。而我們認為未來還會有更多同樣的動能。

I'll touch on the gross margin question briefly and then see if Tim or Nick want to add more. But my comment is less by way of a direct answer and more by way of challenging the premise or a little nit, which is to say we are not, I am not -- we are not focused on gross margin per se.

我先簡短回應毛利率的問題，然後看看 Tim 或 Nick 是否要補充。但我的評論與其說是直接回答，不如說是挑戰一下前提或做個小小的釐清：也就是說，我們並沒有——我並沒有——我們並不特別聚焦在毛利率本身。

The metric that we focus on and we do encourage our investors to focus on as well as gross profit. Because there will be times when we can increase our profitability through shrinking gross margins and times when we cannot.

我們聚焦的指標，並且也鼓勵投資人聚焦的，是毛利（gross profit）。因為有些時候，我們可以透過縮小毛利率來提升獲利能力；也有些時候則不行。

And we were just talking about Car, and I've spoken about this repeatedly on prior calls, which is that see some incredible elasticity of demand in core products like Car and our ability to actually shrink gross margins overtime. That is to say, to price more aggressively than our competitors because we have a structural advantage that manifest in an entirely different cost structure, open parenthesis, have a look at what we just announced in terms of LAE, spending something in the ballpark of half as much of our customers' premiums in order to give a better experience in claims, close parentheses.

我們剛才在談車險，我在先前的電話會議也反覆提過：在車險這類核心產品上，我們看到需求具有驚人的彈性，而我們也有能力隨時間縮小毛利率。也就是說，我們能比競爭對手更積極定價，因為我們有結構性優勢，體現在完全不同的成本結構上（括號：看看我們剛宣布的 LAE——理賠費用，我們花在理賠上的支出大約只占客戶保費的一半左右，卻能在理賠上提供更好的體驗；括號結束）。

But that kind of structural advantage allows us to produce a pricing advantage that will allow us to continue to grow and take market share. It will not manifest necessarily as an advantage play in gross margin, but it will manifest in growing gross profit which is the more important of the two metrics if you follow my line of thinking.

但這種結構性優勢讓我們能形成定價優勢，進而持續成長並取得市占。它未必會表現在毛利率的優勢上，但會表現在毛利（gross profit）的成長上；如果你認同我的思路，後者才是兩個指標中更重要的那一個。

And with that, let me just see if Tim or Nick want to come in as well.

接下來，我也想看看 Tim 或 Nick 是否要一起補充。

Yeah, Daniel has it exactly right. And I think from -- if you translate that modeling perspective, the growth drivers for gross profit are clearly the top-line growth. The gross loss ratio -- and that is really advantaged by the loss adjustment expense improvement that you've seen. And we had a nice deep dive in the materials today, and we've updated you from time to time on that; and that's what we expect to continue.

是的，Daniel 說得完全正確。而且我認為——如果你把這個觀點轉換到建模角度——推動毛利（gross profit）成長的驅動因素很清楚：首先是營收端（top-line）的成長。其次是毛損失率（gross loss ratio）——而這一點確實受益於你們看到的理賠費用（loss adjustment expense）改善。我們今天在資料中做了很深入的解析，也不時向各位更新；而這正是我們預期會持續的方向。

In addition to that, the top-line growth accelerating also puts upward pressure on that gross profit. So while we would not expect to see such dramatic loss ratio impact as we've seen historically -- we've seen something like 30 points of gross loss ratio improvement over time, as expected and as planned, but result of lots of hard work over time -- you'll now see the gross loss ratio move around as much more of an output than an input.

除此之外，營收端成長加速也會對毛利施加上行壓力。因此，雖然我們不預期會看到如同過去那樣劇烈的損失率影響——歷史上我們看到毛損失率隨時間改善了大約30個百分點，這符合預期也符合規劃，但那是長期大量努力的成果——但你們現在會看到毛損失率的變動更像是一種「結果」而非「投入」。

But the gross profit, I would expect to grow materially in line with top-line growth. And even mix shift doesn't hurt us. Mix shift tends to help us again with the loss ratio or the loss adjustment expense looking nice not only in aggregate, but also if you isolate by product. We see that same dynamic.

但我預期毛利會隨著營收端成長而顯著成長。而且即便產品組合轉移也不會傷害我們。組合轉移往往會再次幫助我們，讓損失率或損失調整費用（LAE）不僅在整體上好看，即使你按產品拆開來看也是如此。我們看到同樣的動態。

So even as mix shifts, we'll still see that nice benefit. So I think we've given you enough breadcrumbs today, and we'll continue to do so to model out that gross profit. We'll certainly update in the next quarter and at Investor Day, give a little more detail; but all the trends are quite good there.

所以即便組合在變，我們仍會看到那個不錯的效益。所以我想我們今天已經給了你們足夠的線索，之後也會持續提供，讓你們可以把毛利模型建出來。我們當然會在下個季度以及投資人日更新，提供更多細節；但那裡的所有趨勢都相當不錯。

And sorry, I'm told that I misspoke, Jason. I hope I was understood nonetheless. But just talking about LAE, we are at 5%. The industry is at around 9%. I was saying that they spend about twice as much of their customers' premiums than we do of our customers' premiums on the bureaucracy of handling claims. And that, we tend to believe, is probably indicative of a broader trend beyond claims as well. But if I misspoke, I hope I've clarified that.

另外抱歉，有人告訴我我剛才口誤了，Jason。不過希望你們仍然理解我的意思。但就損失調整費用（LAE）而言，我們是5%。業界大約在9%左右。我想表達的是，他們在理賠處理的官僚流程上，花掉客戶保費的比例大約是我們花在我們客戶保費上的兩倍。而我們傾向相信，這也可能反映出理賠以外更廣泛的趨勢。如果我剛才說錯了，希望我已經把它釐清。

Tommy McJoynt, KBW.

Tommy McJoynt，KBW。

Do you envision inputs of getting to 30%-plus in force premium growth, shifting a bit where customer count growth decelerates in the low [20s] and premium per customer growth accelerates from the current mid to high single-digits? Are those inputs likely to change?

你們是否設想，為了達到30%以上的在保保費（IFP）成長，驅動因素會稍微轉移：客戶數成長放緩到20%出頭，而每位客戶保費成長則從目前的中到高個位數加速？這些假設輸入有可能改變嗎？

I would expect no material change in the near term as to those relative growth rates. I think customer growth will continue to be the primary driver of IFP growth, but I also would expect the year-over-year growth rates of premium per customer to gradually and modestly increase, as has been the recent trend.

我預期短期內這些相對成長率不會有重大變化。我認為客戶成長仍會是在保保費（IFP）成長的主要驅動因素，但我也預期每位客戶保費的年增率會如近期趨勢般，逐步且溫和地上升。

Okay, got it. And there's been -- a hot topic in the industry has been around the future of distribution, especially with some of the AI technology enforced today. Over time and what you guys are currently working on, has your approach to complementing your core direct consumer form of marketing with using human independent agents changed it all over time? And has AI either changed your strategy around that?

好的，了解。另外——業界一個熱門話題是通路的未來，尤其是在今天一些AI技術被強制導入的情況下。隨著時間推移，以及就你們目前在做的事情而言，你們用「人類獨立代理人」來補充核心的直達消費者行銷方式，這個做法有隨時間改變嗎？AI是否也改變了你們在這方面的策略？

Hi, Tommy. No, not materially. It's much the same. Our focus is on direct to consumer. We do have an agent program as well, but that is relatively niche. And the overwhelming majority of our sales are direct to consumer.

嗨，Tommy。沒有，沒有重大改變。基本上還是一樣。我們的重點是直達消費者（DTC）。我們也有代理人計畫，但相對屬於利基。而我們絕大多數的銷售都是直達消費者。

We're fine with people using their agents to do their shopping on their behalf. We're actually overly weighted by agentic processes. Basically, the way the training data that Claude or Gemini or OpenAI's chatbots contain or the materials that they're trained on are materials that we're very proud of.

我們也不介意人們透過他們的代理人代為比價與選購。事實上，在代理式（agentic）流程中，我們的權重偏高。基本上，Claude、Gemini 或 OpenAI 的聊天機器人所包含的訓練資料，或它們受訓所用的素材，都是我們非常引以為傲的內容。

It's the customer feedback. It's the pricing that we have. It's the response times that we offer our customers. So if you do what we have done multiple times to see how often those agentic bots or processes will recommend Lemonade or end up choosing Lemonade, you'll see that we're comfortably overweighted. From that point of view, we feel quite comfortable with emerging technologies and see no need to adjust our strategy.

那是客戶回饋。那是我們的定價。那是我們提供給客戶的回應速度。所以如果你做我們做過很多次的測試，看看那些代理式機器人或流程有多常推薦 Lemonade 或最後選擇 Lemonade，你會看到我們的占比明顯偏高。從這個角度來看，我們對新興技術相當放心，也看不出需要調整策略。

There's an interesting analog maybe worth mentioning when you think about our direct consumer efforts and where that is some at times different. In Europe, for example, a pretty significant amount of business goes or originates through price comparison websites.

談到我們的直達消費者努力時，有個有趣的類比也許值得一提，因為在某些時候那確實有所不同。例如在歐洲，相當大一部分業務是透過價格比較網站流入或起源的。

And so one of the key learnings in our early time as we built and grew that business was figuring that out. How do we bring our consumer advantages to a process where there's a third-party in the mix, even if just peripherally at the start? And so this is not entirely new to us.

因此，我們在早期建立並擴張那塊業務時的一個關鍵學習，就是把這件事搞清楚。在流程中有第三方介入的情況下——即便一開始只是周邊性地介入——我們要如何把我們的消費者優勢帶進去？所以這對我們而言並非全然新鮮。

Obviously, AI and Agentic is a different realm, but it's something with which we have real experience. The ultimate goal, of course, is to get that consumer into a Lemonade feeling experience as quickly as possible. And whether that's through a price comparison website, through a small agent testing area where we have some work happening through AI Agentic, those are all things with which we have some real experience.

當然，AI 和代理式（Agentic）是不同的領域，但這是我們確實有實戰經驗的事情。最終目標當然是，盡快讓消費者進入一個具有 Lemonade 體驗感的流程。不論是透過價格比較網站、透過我們正在進行一些工作的小型代理人測試區，或是透過 AI 代理式（Agentic），這些都是我們有一些真實經驗的事情。

Ryan Tunis, Cantor Fitzgerald.

Ryan Tunis，Cantor Fitzgerald。

And first of all, congrats to both Tim and Nick.

首先，恭喜 Tim 和 Nick 兩位。

So first question, I guess, just taking a step back. There seems like a real quarter in terms of thinking about -- from a bottom line perspective, right -- i mean, this new metric in terms of the convergence of the IFP growth and the customer acquisition spend. There's more good commentary on the loss adjustment ratio.

那第一個問題，我想先退一步看。從損益底線的角度來看，這一季似乎很關鍵——我是說，這個新指標，關於在保保費（IFP）成長與客戶取得支出之間的收斂。另外也有更多關於損失調整比率的正面評論。

You're retaining more of your gross premium. That should add operating leverage as well. All that's good. It doesn't sound like to me -- and correct me if I'm wrong. But it doesn't sound like to me that's coming at the expense of how you guys have been talking about growth. I guess that's the first part.

你們留存了更多的毛保費。這也應該帶來營運槓桿。這些都很好。但聽起來——如果我理解錯請糾正我。但聽起來這並不是以犧牲你們一直在談的成長為代價。我想這是第一部分。

And then second part is just the operating expense piece in terms of the relative growth there and how that could contribute to operating leverage in 2027 would be helpful as well.

第二部分是營運費用，關於其相對成長，以及它如何在2027年貢獻營運槓桿，也希望能多談一些。

I'll just comment on the first part and then hand over to Nick for the second part of your question.

我先回應第一部分，然後把你第二部分的問題交給 Nick。

But yes, all of that, you highlighted a few things that we're proud of and that are, I think, quite an outline in terms of the industry. So getting to an LAE of 5% across our books, 7% in our Car business. Our Car business is just a couple of hundred million dollars in size. The industry is several hundred billion dollars in size.

不過是的，你提到的那些，我們對其中幾點感到自豪，而且我認為就業界而言相當突出。例如，我們整體帳簿的損失調整費用（LAE）做到5%，在我們的車險業務是7%。我們的車險業務規模只有幾億美元。而整個產業的規模是數千億美元。

So we're talking about something that is a pro mill of the industry. And yet, we are lapping the industry at large in terms of the efficiency metrics. That's something that I think is indicative of a structural difference that we've been talking about for a while and that now is manifesting the P&L really almost on every line.

所以我們談的是產業的千分之一（per mille）等級。然而，就效率指標而言，我們卻正在全面超越整個產業。我認為這反映了我們談了好一段時間的結構性差異，而現在幾乎在損益表的每一條線上都開始顯現。

So definitely, those kinds of metrics, I'm glad, Ryan, that you're highlighting them. Those kind of metrics are exactly the things that drive our growth.

所以確實，Ryan，你把這些指標點出來我很高興。這類指標正是驅動我們成長的因素。

We speak about on multiple occasions how we have a bunch of many algorithms, essentially AI, some 50 of them, that work in concert as you allocate our band. And really, what they're doing is taking all of that information and figuring out what does our cost to serve, what kind of customers are we acquiring, how long will they stay for, what claims behaviors will they have?

我們多次提到，我們有一整套演算法，本質上就是AI，大約50個，會在你分配我們的「頻寬」時協同運作。而它們真正做的，是把所有資訊整合起來，去判斷我們的服務成本是多少、我們正在取得什麼樣的客戶、他們會留多久、以及他們會呈現什麼樣的理賠行為？

You throw all of that into the mix and out comes a lifetime value of the customer. And the way we hunt for those threefold ratios of LTV to CAC is by scouring and competing campaigns, products, geographies against each other in almost an algo trading kind of structure in order to keep finding that growth.

把所有這些因素都納入考量，最後就會得出客戶終身價值（LTV）。而我們尋找 LTV 對 CAC 達到三倍比率的方法，是以近乎演算法交易的架構，在各個行銷活動、產品、地理區域之間相互比對、掃描並競爭，從而持續找到成長動能。

And you'll see in the comments -- in our letter and in our earlier comments that when inflation shrank that pool, our growth shrank down. And now that we're in a much better place, that is an enabler of growth.

你會在評論中看到——在我們的股東信以及先前的評論裡——當通膨縮小了那個池子時，我們的成長也隨之縮小。而現在我們處於更好的位置，這就成為成長的助力。

So the premise of your question is absolutely right. The better we get at each of those metrics, that automation, that precision at new products or new territories, obviously, the more growth you can expect to see.

所以你問題的前提完全正確。我們在每一項指標上做得越好——自動化越到位、在新產品或新市場上的精準度越高——顯然，你就越能期待看到更多成長。

And Ryan, maybe I can jump in on the second piece of the question around forward expectations for expense growth. And I might take that by line item.

Ryan，或許我可以接著回答問題的第二部分，也就是對未來費用成長的前瞻預期。我可能會按各項目逐一說明。

I'll start with other insurance expense. That's the line item where we typically see less benefit from leverage. Those are certain line items that are somewhat more variable and so increase more or less in line with premium.

我先從其他保險費用開始。這個項目通常是我們較難從營運槓桿中受益的部分。其中有些子項目變動性較高，因此大致會隨保費同步增減。

Sales and marketing expense typically grows in line with the pace of growth spend. And you're right to mention that insight in the letter where we outlined that in 2027, we expect the growth rate of growth spend to continue to decline below the growth rate of IFP for the year and beyond. And so that's an increasing driver of leverage.

銷售與行銷費用通常會與成長投入的步調同步成長。你提到我們在股東信中的觀點是對的：我們概述了在 2027 年，我們預期成長投入的成長率將持續下降，低於當年及之後 IFP 的成長率。因此，這會成為槓桿效益逐步提升的一個驅動因素。

And then for both G&A and tech development expense, we see more significant benefit from leverage. And so I would expect the sequential growth rates for those line items to be quite low.

至於一般與行政（G&A）以及技術開發費用，槓桿效益會更顯著。因此我預期這些項目的環比成長率會相當低。

I'd perhaps note the year-over-year growth rates of the upcoming couple of quarters may be somewhat noisy due to the impact of that recent multi-year equity award to our executives that we have mentioned. So perhaps, it's helpful to model those growth rates sequentially from the Q2 baseline.

我也想補充，接下來幾個季度的年增率可能會因我們先前提到、近期授予高階主管的多年期股權獎勵而顯得有些雜訊。因此，或許以第二季的基準來做環比建模會更有幫助。

Notwithstanding many of those drivers, I just mentioned this. These are more or less in line with the way we have been thinking about expenses. And the way you can see that is in the reiteration of our adjusted EBITDA guide for the year and a positive fourth quarter.

儘管我剛才提到有許多驅動因素，整體而言，這些仍大致符合我們對費用的既有思考方式。你可以從我們重申全年調整後 EBITDA 指引，以及第四季轉正的表述中看出來。

And just a follow-up -- definitely a lot more small. But a follow-up is just the Pet insurance gross loss ratio looked like it picked up a little bit this quarter. Just curious if there's any notable color around that.

再追問一下——確實小很多。但追問是：本季寵物保險的毛損失率看起來略有上升。想請問這背後是否有任何值得注意的說明？

Yeah, happy to take that one. We are impacted by an industry-wide vet cost inflationary trend. And from our view, that is the primary driver of the modest increase in our Pet loss ratio, both sequentially and year over year. We are actively taking rates through the system to offset that impact.

好的，我很樂意回答。我們受到全產業獸醫成本通膨趨勢的影響。以我們的觀點來看，這是我們寵物損失率小幅上升的主要原因，無論是環比還是年比。我們正積極在系統中調整費率，以抵銷這項影響。

I'd say notwithstanding the significant rate that is being taken by both us and our competitors, the growth rate of the broader Pet insurance market continues to outpace those of the other lines of business where we operate.

我想說，儘管我們與競爭對手都在進行顯著的費率調整，整體寵物保險市場的成長率仍持續快於我們所經營的其他業務線。

Andrew Andersen, Jefferies.

Andrew Andersen，Jefferies。

And again, congratulations to you both.

再次恭喜兩位。

On the quarter, Tim, I think I heard you say car produced some favorable development. I don't think that's too different from what some of the larger peers are seeing, but can you maybe just talk about what you're seeing in reserves to release some this quarter, even with the books still scaling rapidly here?

就本季而言，Tim，我想我聽到你說汽車業務出現了一些有利的發展。我覺得這和一些大型同業看到的情況差不多，但你能否談談你們在準備金方面看到什麼，使得即便業務仍在快速擴張，本季仍能釋放部分準備金？

Yeah, that's exactly right. So we've seen a trend in the quarter that was not too dissimilar from a few prior quarters, which is both the Home business and the Car business primarily had some favorable development.

是的，完全正確。所以我們在本季看到的趨勢，與前幾個季度並沒有太大不同：主要是住宅（Home）與汽車（Car）業務都有一些有利發展。

Somewhat different causes -- Car growing significantly and a significantly improved loss ratio overtime. It's not uncommon to be somewhat more conservative in reserving as your business changes rapidly. And our business in Car has certainly changed absolutely for the better, but also in terms of its growth rate, in terms of its diversity across states. And a lot of that has come together to enable us to reanalyze those prior reserves and continue to release.

原因略有不同——汽車業務大幅成長，且損失率隨時間顯著改善。當業務快速變化時，在提列準備金上採取較保守的做法並不罕見。而我們的汽車業務確實在各方面都朝更好的方向改變，不僅是成長率，也包括跨州的多元化程度。這些因素共同促使我們重新分析先前的準備金，並持續進行釋放。

Home is a little different. Home, it's not so much the growth rate. We've actually just edged past our clean-the-book efforts in Home. And so we've done a couple of things there.

住宅業務則有些不同。在住宅方面，重點不在成長率。我們其實剛剛略微超過了住宅業務「清理保單組合（clean-the-book）」的努力階段。因此我們在那裡做了幾件事。

One is to really look at, from a macro perspective, business that today we wouldn't write. And that's really been 1.5 years or so in the making and really past that point. That said, the remaining business was still somewhat conservatively reserved in light of new data and our current understanding of the book. And that enabled us to release those reserves.

其中之一是從宏觀角度去檢視：哪些業務在今天我們不會承保。這其實已經推進了大約一年半，並且已經走過那個階段。即便如此，基於新數據以及我們對當前保單組合的理解，剩餘業務的準備金仍提列得相對保守。而這使我們得以釋放那些準備金。

By definition, our forward expectation is today's reserves are exactly right. And we'll see how the subsequent quarters play out, but those were consistent trends.

按定義來說，我們對未來的預期是：今天的準備金是完全正確的。後續季度會如何發展我們再觀察，但這些都是一致的趨勢。

And recognizing it's early, but you had mentioned at the top of the call just the autonomous car products are live in a couple of states. What have you learned maybe about the frequency or severity of this product relative to the traditional auto book?

我知道現在還早，但你在電話會議一開始提到，自動駕駛汽車產品已在幾個州上線。相較於傳統汽車保單組合，你們對這個產品的出險頻率或損失嚴重度學到了什麼？

Awfully early. And so that's not something we've put any real data out on. And so we'll have to stick with what we've disclosed so far. The good news there is that the trends are positive.

現在真的還太早。因此這不是我們已經對外發布任何實質數據的事項。所以我們只能維持目前已披露的內容。好消息是，相關趨勢是正面的。

We've seen a nice reception from those customers who qualify for that product. The end is quite small, but the trends are quite positive.

我們看到符合該產品資格的客戶反應良好。規模端仍然很小，但趨勢相當正面。

And I think if you look out across the market as we do and see the data that's released not from Lemonade, but across the market, the frequency numbers without question are significantly -- or not significantly, are notably lower. The 50% number that we've quoted is really our number, data-driven through the data that we've analyzed as we put that product together.

而且我認為，如果你像我們一樣放眼整個市場，去看不是 Lemonade 而是市場整體所發布的數據，出險頻率的數字毫無疑問是顯著——或不是顯著，而是明顯更低。我們引用的 50% 這個數字，確實是我們自己的數字，是基於我們在打造該產品時所分析的數據所驅動得出的。

But the public numbers we're seeing are that amount of savings or greater. So we're quite optimistic about where that product will head. It's a multi-year adoption rate, and we'll see how that plays out. And that's probably as much as we can say at this point.

但我們看到的公開數據顯示，節省幅度達到這個水準或更高。因此我們對這個產品的發展方向相當樂觀。這會是一個多年的採用曲線，我們會觀察其如何演進。而目前大概也只能說到這裡。

At this time, there are no further questions. This concludes today's call. Thank you all for attending. You may now disconnect.

目前沒有其他問題。今天的電話會議到此結束。感謝各位參與。各位現在可以掛線。