Lemonade, Inc. (LMND) Earnings Call Transcript & Summary

Good morning. And welcome to the 2021 Annual Meeting of Stockholders for Lemonade, Inc. I will now turn the line over to Daniel Schreiber. Mr. Schreiber?

Thank you. Good morning. I'm Daniel Schreiber, the Co-Founder, CEO and Chairman of the Board of Lemonade and the Chair of today's meeting. I'm very happy to welcome you to our 2021 annual meeting of stockholders. On behalf of Lemonade, the members of the Board and company management, I hope everyone is safe and healthy. Before I call the meeting to order, I'd like to introduce the management of the company who are with us today. Participating today are Shai Wininger, Co-Founder, President, COO of Lemonade, and he also serves as the company's secretary and a member of its Board of Directors. Tim Bixby, our Chief Financial Officer; Dennis Monahan, our General Counsel; and Yael Wissner levy, our Vice President of Communications. I would also like to introduce Jeff Palmadesso and Rich Brelsford of Ernst & Young LLP, the company's independent auditor, who will have the opportunity to make a statement and will be available to respond to appropriate questions during the questions and answers portion of the meeting. Please note that today's remarks may include forward-looking statements. Actual results may differ materially from these indicated by -- from those indicated by these statements as a result of various important factors, including those discussed in the Risk Factors section of our Form 10-K, 10-Qs and other reports on file with the SEC. Any forward-looking statements represent our views only as of today, and we undertake no obligation to update them. The meeting will now officially come to order. We will proceed with the formal business of the meeting as set forth in the notice of annual meeting and the proxy statement. The polls opened today, June 9 at 10:00 a.m. Eastern time for voting on all matters before the meeting. If you have not already voted and wish to vote, the polls will remain open until we finish presenting the proposals and close the polls. You do not need to vote during the meeting if you have already voted and do not wish to change your vote. Under our virtual meeting web page, you will find the agenda for today's meeting. You will also find the rules of conduct for today's meeting. Please review these rules carefully. Note that only stockholders who are logged into the meeting using their 16-digit control number will be able to vote and submit questions at today's meeting. Our Secretary will file the proof of mailing of notice of the meeting with the records of the meeting. All stockholders of record at the close of business on April 16, 2021, or holders of a valid proxy are entitled to vote at the meeting. A complete list of all holders of record of the outstanding shares of the company's common stock on the record date for the meeting is available on your screen if you are logged into the meeting using your 16-digit control number. At this time, I'd like to introduce Gregory Malatia, a representative of Broadridge Financial Services. The Board of Directors has appointed a representative of Broadridge to act as Inspector of Elections at today's meeting. Mr. Malatia has signed the customary oath of office to execute his duties with strict impartiality. We will file this oath with the records of the meeting. I've been informed that a quorum is present. Therefore, I hereby declare that this meeting is to be duly constituted for the transaction of business. We will now proceed with the formal business of this meeting. There are 2 proposals to be considered by the stockholders at this meeting. The company recommends that stockholders vote for each of these proposals. The first item of business is the election of me, Daniel Schreiber, Michael Eisenberg and Caryn Seidman-Becker, to serve as Class I Directors of the company for the term of office expiring at the annual meeting of stockholders to be held in 2024. The second item of business is the ratification of the Audit Committee's appointment of Ernst & Young LLP as the independent registered public accounting firm of the company for the year ending December 31, 2021. Messrs. Palmadesso and Brelsford, would you like to make a statement?

Thank you, Daniel. I would just like to comment. We have no comments at this stage.

Okay. That was the final proposal for today's meeting. If you wish to vote and you haven't already, please vote now by clicking on the voting button on the web portal and following the instructions, you do not need to vote electronically if you have already sent in your signed proxy. All of you have voted by telephone or Internet. We will pause for approximately 30 seconds before closing the voting polls. [Voting]

The time is now 10:07 a.m. Eastern Time, June 9, 2021, and the polls are now closed for voting. Thank you very much. I've received a preliminary report of the Inspector of Elections to be kept with the company's record of the annual meeting. Based on this preliminary report of the Inspector of Election, Daniel Schreiber, Michael Eisenberg and Caryn Seidman-Becker have been elected as directors; and the appointment of Ernst & Young LLP as our independent registered public accounting firm for the year ending December 31, 2021, has been ratified. The final tally of the votes will be published within 4 business days in a current report on Form 8-K to be filed with the Securities and Exchange Commission. This meeting is now adjourned. The management team and I are available to answer any questions. Please note that we will only be answering questions that are within the parameters of the rules of conduct and only stockholders who have logged into the meeting using their 16-digit control number are able to submit a question to the question area of the web portal. Ms. Wissner-Levy, are there any questions that have been submitted?

No, there are no questions. Please proceed with your closing remarks.

Okay. There are no further questions. So with that, ladies and gentlemen, this concludes our annual meeting. I want to thank you for attending and for your interest in the affairs of Lemonade. Have a good day.