Share Count Troubles

Hey,

I am having some trouble with Lemonade's share count. I would like to use common shares outstanding while doing a DCF, but they are having some verydifferent numbers throughout their 10q. At the start of the document they have 56,576,808 and on the income statement they have a totally different number. Usually the difference between both types of shares aint that big.

So I was wondering should I use the 56,576,808 in calculating my value per share or should I use the number of shares outstanding from the income statement and add in the number of convertible preferred stock to it.

392 WSO Academy Equity Research Session Reviews: 4.83/5

Class of '28 Aug 2026 Cohort

5.00/5

Equity Research 7 Stories Review

“I want to give my highest recommendation to Craig, who coached me on interview preparation as I move from structural biology into equity research. In a single session, he changed how I think about telling my own story. He started with my Tell Me About Yourself answer. Within minutes he saw that it read like a walk through my CV, and he explained why that misses the point. An introduction is not a list of achievements; it is a bridge to the interviewer's next question, something they will want to explore. He was just as clear about what already worked, which told me exactly what to keep and what to rebuild. He then pushed me on the question that matters most for a career changer: why. My turn into finance was too abrupt, and he challenged me to explain the emotional reason behind it, not just the credentials. He also made sure I was ready for the question every interviewer will ask, which is why a successful scientist would leave the lab for equity research. That one conversation reshaped my whole narrative. Craig was equally sharp on my behavioural stories. He saw that a story I had filed under strengths was really about teamwork and leadership, and he put into words something I had never articulated myself: that my greatest strength is my ability to connect people. When my ethics story missed the mark, he told me so plainly and explained what interviewers are really testing for, a genuine dilemma where doing the right thing carries personal risk. What sets Craig apart is his combination of candour and generosity. He never softened feedback to the point of being unhelpful, yet every comment came with a clear path forward, and I always felt he was invested in my success. He listens closely, hears what a story is really saying, and knows exactly how an interviewer will hear it. I left our session with much sharper answers and far more confidence. I would recommend Craig without hesitation to anyone preparing for interviews, especially those making a career transition. Thank you again, Craig.”

Class of '26 Oct 2026 Cohort

5.00/5

Equity Research Full Resume Review

“Markus was incredibly helpful with the CV review, he started off looking at my CV and gave me a detailed list of questions, really trying to understand the candidate before making the CV. He made all the refinements himself and never took more than 24 hours in between correspondence. He also gave me a detailed list of all actions he had taken and why to help explain his reasoning before I could even pushback, which made the process convenient. Overall had an incredibly positive and pleasant time.”

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Share Count Troubles

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Share Count Troubles

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