earnings
confidence high
sentiment positive
materiality 0.90
Root posts first-ever net income of $23M in Q3; refinances debt with BlackRock
Root, Inc.
2024-Q3 EPS reported
$0.52
revenue$849,800,000
- Net income of $23M vs loss of $46M YoY; adjusted EBITDA of $42M.
- Gross premiums written up 48% to $332M; policies in force up 57% to 407,313.
- Gross combined ratio improved 30 pts to 89.2%; net combined ratio improved 52 pts to 91.1%.
- Refinanced term loan to $200M at SOFR+600bps (down 300bps+); expects ~50% lower interest.
- Expects ~$5.5M Q4 charge from unamortized debt costs tied to loan extinguishment.