# Lemonade ($LMND) [4Q 2023 Shareholder Letter](https://s24.q4cdn.com/139015699/files/doc_financials/2023/q4/Q4_2023_SHL_FINAL.pdf) • [$LMND Stock Thesis in 20 Minutes](< https://www.youtube.com/watch?v=7FfxYUvh81Q>) • \~70m shares outstanding (low share count). • Ended Q3 and Q4 2023 with $945 cash and investments. • Europe is becoming an increasingly important part of the business. Lemonade will be an international insurance company. • In Force Premium (IFP) and Customer Count (CC) continues to rise while Gross Loss Ratio (GLR) continues to fall. • Use of AI is central to the benevolent cycle that improves the strength of the business over time. From the 4Q 2023 Shareholder Letter, page 10: "This composite AI harnesses some 50 machine learning models to predict, for each customer, their lifetime value, or LTV, in net present dollar terms." • Doubling their growth budget is expected to increase IFP by 50%. • Guiding for 25% CAGR. • Company should be cash flow positive 4Q-2024 and profitable by mid 2026. • Expected cash burn between now and when the company is cash flow positive (\~mid 2025) is $90m. --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://xponentialfinance.gitbook.io/xponential-finance/investments/stocks/lemonade-usdlmnd.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.