Root Q3 2021: Gross profit loss of $16.1M; loss ratio worsens to 91.3%

Root, Inc.

2021-Q3 EPS reported -$1.65 revenue$252,200,000

Gross written premium rose 24% YoY to $204.6M; gross earned premium up 23% to $189.4M.
Gross profit turned to a $16.1M loss from +$0.7M a year ago; gross accident period loss ratio 91.3% vs 79.6%.
Sales and marketing spend cut 40% QoQ; operating loss improved $45M QoQ.
Repaid term loans A and B; signed exclusive term sheet with BlackRock for larger, longer-maturity facility.
Dan Rosenthal now oversees CRO, COO, and CFO duties; CFO search initiated.

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