cleverprankster

Nice analysis. For your unit economics calcs, their retention isn't 75%. That figure excludes customers that the company churns. When you include those figures into retention, the Year 1 retention is 62% and the overall 2 year retention is 44%.

See here in the Customer Retention section for more details: https://www.meritechcapital.com/blog/lemonade-ipo-s-1-breakd...