Josh West

I manage @airbnb’s 🏡 and sell life insurance 🏦

[Josh West @JoshWest__]

@GrindeOptions $HOFV

[Josh West @JoshWest__]

@hospitable Currently experience some major problems and have around 40 properties with you guys.

Is there a way to get in touch with someone for an urgent booking issue? A guest is at the home and extended and showed proof of payment and hospitable is not recognizing this issue.

[Josh West @JoshWest__]

@growthrapidly $LMND

[Josh West @JoshWest__]

@growthrapidly $LMND

[Josh West @JoshWest__]

@growthrapidly $LMND

[Josh West @JoshWest__]

@WOLF_Financial $LMND

[Josh West @JoshWest__]

@growthrapidly $LMND

[Josh West @JoshWest__]

@GrindeOptions $LMND

[Josh West @JoshWest__]

@shai_wininger @TimeKillers @Lemonade_Inc Indiana!

[Shai Wininger @shai_wininger]

Presenting @Lemonade_Inc’s Q4 2025: our strongest quarter ever!

Recommended: Play this while reading- https://t.co/jHFp0vsNcn

Highlights (Y/Y)
🚀 9th consecutive quarter of accelerating growth
💵 $1.24 billion top line (+31%)
🔥 Revenue: up 53%
🔥 Gross profit: up 73%
🔥 Cash flow: generated $37m (adj. FCF)
🔥 ~3m customers
🔥 Adj. EBITDA loss improved 81%, now just -$5m

Car and Autonomous
✅ Lemonade Car grew 53%, now at $187m
✅ Loss ratio: 70% (TTM, down 23 points)
✅ Launched Autonomous Car Insurance for @tesla FSD (Supervised)

Europe
✅ Grew 150%
✅ 10th consecutive quarter of triple digit growth
✅ Loss ratio: 64%

AI Spotlight
✅ In the last 13 quarters- headcount shrunk 6%, while adding 1.2m customers
✅ 68% reduction in Pet cost-per-claim: from $44 in 2021, to $14 now
✅ Claims LAE at a record 6% (vs. 9% industry avg.)

More...
✅ Record breaking LMND gross loss ratio: now at 52%
✅ Growing cash (and investments) in the bank: $1.12B

Up next
⬆️ Guiding to 32% IFP growth in 2026
⬆️ 60%+ revenue growth
⬆️ Q4 2026 first positive adj. EBITDA quarter, 2027 - full positive year
⬆️ Announcing our upcoming investor day @ NYC, Nov ‘26.

Full details + financials: https://t.co/gDgJGSVuac

[Josh West @JoshWest__]

@GrindeOptions $LMND

[Josh West @JoshWest__]

@WOLF_Financial $LMND

[Brian Chesky @bchesky]

Two years ago, we set out to recreate that formula inside a much bigger @Airbnb.

We called it Project Hawaii: a small, elite team laser-focused on everything you told us could be better.

[Brian Chesky @bchesky]

What drove Airbnb's early success wasn't just the idea. It was how we worked.

Small teams.
Obsessive focus.
Ship, learn fast, double down.

That's what compounded our growth.

[Brian Chesky @bchesky]

@Airbnb just reported Q4 earnings.

GBV up 16%, our strongest growth in over two years. But the numbers aren’t the most interesting part.

How we got here is. 
A THREAD

[Stock Scout @stockscout101]

@itschrisray People forget that $LMND now processes over 55% of claims with zero human intervention! While legacy insurers are stuck with massive overheads, Lemonade is effectively a software company that sells insurance.

[Paper Bag Investor @PaperBagInvest]

Are legacy insurers a threat to $LMND? My thoughts:

I strongly agree with Elon Musk's recent point (from his interview with Peter Diamandis and others) that fully AI-native organizations will unlock unprecedented levels of efficiency and outperform everyone else. He compared it to the spreadsheet revolution: a single laptop running Excel can outperform an entire skyscraper of people doing manual calculations. Even if just a few cells in that spreadsheet were filled in by hand, the hybrid approach would still lose badly. The same logic applies to AI today—partial adoption creates friction, errors, and drag, while fully AI-driven companies eliminate those bottlenecks across workflows, decisions, and operations.

Legacy insurance companies will undoubtedly try to implement AI and achieve some surface-level successes. They'll bolt on tools for claims processing, underwriting, or customer service, and see incremental gains. However, deep, transformative implementation will prove extremely difficult for most of them. Their management teams often lack the hands-on experience needed to redesign processes around AI from the ground up. More critically, large portions of their workforce have little incentive to embrace changes that could automate away their own roles—resistance, slow adoption, and internal politics become major barriers.

From my conversations with people who have worked (or still work) at legacy insurers—including major players like Chubb—I've heard consistent stories: ambitious system overhauls or digital transformation programs drag on for years, burn through massive budgets, face endless delays, and ultimately fizzle out or deliver far less than promised. These organizations are built on legacy systems, entrenched processes, and human-centric hierarchies that aren't easily rewired for full AI integration.

In short, while legacy insurers will limp along with partial AI, the real competitive advantage—and likely market dominance—will go to nimble, AI-native entrants that design their entire operations without the "human-in-the-loop" drag. The gap won't just be about speed; it will be existential for those who can't fully commit.

[Eric Bryant | Multibagger Research @MultibaggerRsch]

$LMND loss ratio trajectory:

2022: 90%+

2023: ~80%

Q3 2024: 81%

Q4 2024: 63%

Q3 2025: 62% 🟢 all-time low

In insurance, this is THE metric. A 28-point improvement in 3 years while growing revenue 42% YoY.

And nobody’s talking about it because it’s just a boring insurance company.

[Sergey @SergeyCYW]

$ABNB Q4'25 Results:
↗️$2,778M rev (+12.0% YoY, -32.2% QoQ) beat est by 2.3%
↘️GM (82.5%, -2.0 PPs YoY)🟡
↘️Adj EBITDA Margin (28.3%, -2.7 PPs YoY)🟡
↗️FCF Margin (18.9%, 0.5 PPs YoY)
↘️Net Margin (12.3%, -6.3 PPs YoY)🟡
↘️EPS $0.56 missed est by -15.2%

KPI
↗️Gross Booking Value $20B (+16.0% YoY)🟢
↗️Nights and Experiences Booked $121.90M (+9.8% YoY)
↗️Average Daily Rates $167.51 (+6.0% YoY)
↘️Total Take Rate 13.6%, -0.5PPs YoY

Regional Breakdown
↘️United States $1,146.0M rev (+3.2% YoY, 41% of Rev)
↗️Europe, Middle East, and Africa $930.0M rev (+17.1% YoY, 33% of Rev)
↗️Asia Pacific $351.0M rev (+26.3% YoY, 13% of Rev)
↗️Other $351.0M rev (+18.2% YoY, 13% of Rev)

Operating expenses
↗️S&M/Revenue 25.0% (+3.0 PPs YoY)
↘️R&D/Revenue 21.2% (-0.5 PPs YoY)
↗️G&A/Revenue 14.8% (+4.8 PPs YoY)

Dilution
↗️SBC/rev 15%, +5.1 PPs QoQ
↘️Basic shares down -3.4% YoY, -0.2 PPs QoQ🟢
↘️Diluted shares down -3.5% YoY, -0.2 PPs QoQ🟢

Guidance
↗️Q1'26 $2,590 - $2,630M guide (+14.9% YoY) beat est by 3.3%

Pros
Revenue increased 12% YoY, exceeding guidance
Gross Booking Value rose 16% YoY, peak in two years
Nights booked grew 10%, sequential acceleration
Free cash flow margin expanded to 19%
Share count declined ~3.5% YoY, limiting dilution

Cons
Net margin declined to 12%, down 6.3 pps YoY
Adjusted EBITDA margin fell to 28%
Total take rate compressed to 13.6%
Sales and marketing rose to 25% of revenue
EPS of $0.56 missed estimates by 15%

[Josh West @JoshWest__]

@RJCcapital $LMND $ABNB $SPHR