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  "documentTitle": "Lemonade | Results Presentation Deck | 16 slides",
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      "text": "We define Adjusted Gross Profit as gross profit excluding net investment income, plus fixed costs and overhead associated with our underwriting operations including employee-related costs and professional fees and other.",
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      "text": "The non-GAAP financial measures used in this presentation are Adjusted Gross Profit, Adjusted EBITDA, and Ratio of Adjusted Gross Profit to Gross Earned Premium.",
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      "text": "We define Ratio of Adjusted Gross Profit to Gross Earned Premium as the ratio of adjusted gross profit to gross earned premium. The Ratio of Adjusted Gross Profit to Gross Earned Premium measures the relationship between the underlying business volume and gross economic benefit.",
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      "text": "We define Adjusted EBITDA as net loss excluding interest expense, income tax expense, depreciation, amortization, stock-based compensation, and other transactions that we consider to be unique in nature.",
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