Ryan Forish
On April 15, 2024, Ryan Forish, 41, was appointed Chief Accounting Officer of Root, Inc. (the “Company”).
Highest-materiality recent filing
Root Q2 net income $25M (+15% YoY), revenue $389M, policies up 6% to 484K
Net income $25M (+15% YoY); adjusted EBITDA $44M (+16% YoY).
Root Q1 net income $36M, record profitability; refinances debt, authorizes $75M buyback
Record Q1 net income of $36M (nearly doubled YoY); operating income $41M, adjusted EBITDA $57M.
Root reports FY 2025 net income of $40M; revenue up 29% to $1.5B; announces Toyota data partnership
FY 2025 revenue $1.5B (+29% YoY); net income $40M (+$9M YoY); adjusted EBITDA $132M.
Root Q3 net loss $5M on $17M warrant charge; revenue +27%, gross loss ratio 59%
Total revenue grew 27% YoY; net earned premium +29%; independent agent new writings tripled.
Root Q2 net income $22M, revenue $371M (+21% YoY); gross combined ratio improves to 94%
Net income $22M vs ($8M) YoY; adjusted EBITDA $38M, +$26M YoY.
Root Q1 2025 net income $18M, adjusted EBITDA $32M, gross premiums +24% YoY
Net income of $18M, up $25M YoY; net combined ratio 96% (improved 6 points).
Root reports first profitable year with FY 2024 net income of $31M; gross combined ratio 94.7%
FY 2024 net income $31M (vs. loss $147M in 2023); adjusted EBITDA $112M.
Root posts first-ever net income of $23M in Q3; refinances debt with BlackRock
Net income of $23M vs loss of $46M YoY; adjusted EBITDA of $42M.
Root Q2 2024 gross premiums earned $308M (+134% YoY); net loss improved 79% to $8M
Policies-in-force nearly doubled to 406,283; gross premiums written rose 113% to $308M.
Root achieves first operating income of $5M in Q1 2024; policies up 101%
Gross combined ratio improved 23 pts YoY to 99.7%; net combined ratio improved 59 pts to 102%.
Root Q4 net loss narrowed 59% to $24M; gross earned premiums up 50%
Q4 operating loss $12M (improved 74% YoY); adjusted EBITDA loss $0.3M (improved 99% YoY).
Root Q3 net loss narrows 31% to $46M; new writings surge 376% YoY
Gross accident period loss ratio improved to 68.0% from 79% in Q3 2022 (11-point improvement).
Root Q2 net loss narrows 62% to $37M; loss ratio improves 17 pts to 68%
Gross premiums written +3% to $145M; new writings grew 65% over Q1 2023.
Root promotes Megan Binkley to CFO, Jon Allison to CAO; hires Jason Shapiro for business development
Megan Binkley named CFO effective May 12, 2023; previously interim CFO since March 1, 2023.
Root Q1 loss ratio improves to 69%; net loss narrows 47% YoY
Gross premiums written $135M (-28% YoY); gross earned $130M (-26% YoY).
Root Inc. terminates CFO Robert Bateman for cause; names Megan Binkley interim CFO
Robert Bateman terminated for cause as CFO and Treasurer on March 1, 2023, for violation of company policies; no severance.
Q4 gross accident period loss ratio 77%, down from 94% in Q4 2021.
Former senior marketing employee directed at least $9.5M in payments to a vendor without disclosure; $0.4M already expensed.
Root Q3 2022: loss ratio improves 14 pts to 79%; cuts headcount 20%, expects $50M annual savings
Gross written premium down 26% to $151M; gross earned premium down 18% to $155M.
Root, Inc. effects 1-for-18 reverse stock split; trading begins August 15 on split-adjusted basis
Reverse stock split of Class A and Class B common stock at 1-for-18 ratio, effective August 12, 2022.
Root Q2 2022: Gross written premium falls 21% to $140M; loss ratio improves to 85%
Gross written premium fell 21% to $140M; gross earned premium down 5% to $171M.
Root, Inc. reports Q1 2022: GWP -8%, gross loss $(12)M, loss ratio improves to 81%
Gross written premium $187M, down 8% YoY; gross profit $(12)M, down $19M YoY.
Root Inc. updates restructuring charges: $6.8M severance, $2.4M real estate costs in Q1 2022
Recognized $6.8M severance and benefits charges in Q1 2022; $4.3M expected in cash expenditures.
Root Q4 2021: gross profit -$23M, loss ratio ~90%; cuts marketing 62%, expects H1 GWP decline
Gross written premium +9% to $158M; gross earned premium +22% to $189M.
Root closes $300M term loan with BlackRock, issues warrants for 2% of diluted shares
Five-year $300M term loan at SOFR + 9%, secured by substantially all assets of Root and subsidiaries.
Root, Inc. closes $300M term loan, net proceeds ~$285M
Received $300M principal under Term Loan Agreement; net proceeds ~$285M after fees and expenses.
Root lays off 330 employees (20% workforce) due to inflation-driven loss cost increases
Approximately 330 employees (20% of workforce) involuntarily terminated, mostly in claims and sales departments.
Root Q3 2021: Gross profit loss of $16.1M; loss ratio worsens to 91.3%
Gross written premium rose 24% YoY to $204.6M; gross earned premium up 23% to $189.4M.
Root closes $126M Carvana investment, issues convertible preferred and warrants
Received approx. $126M from Carvana for 14M Series A Convertible Preferred shares at $9.00/sh.
Carvana invests $126M in Root via convertible preferred at $9.00/sh, convertible into ~14M Class A shares (~5% fully diluted).
On April 15, 2024, Ryan Forish, 41, was appointed Chief Accounting Officer of Root, Inc. (the “Company”).
On October 26, 2023, the Board of Directors of Root, Inc. (the “Company”) elected Donna Dorsey, executive vice president and chief people officer of Navistar, Inc., a manufacturing company, to join the Board of Directors as a Class I director with a term expiring at the Company’s 2024 Annual Meeting.
On May 12, 2023, Megan Binkley, 39, was appointed Chief Financial Officer and Treasurer of Root, Inc. (the “Company”).
On March 1, 2023, Megan Binkley was named interim Chief Financial Officer and Treasurer of Root, Inc. (the “Company”), effective immediately.
On March 1, 2023, Robert Bateman was terminated for cause as an employee and Chief Financial Officer and Treasurer of the Company
On November 23, 2022, Nick Shalek informed Root, Inc. (the 'Company') of his intention to resign from the Company's Board of Directors, and its Compensation Committee on which he had served as a member, effective immediately.
On July 1, 2022, the Board of Directors of Root, Inc. (the “Company”) elected Julie Szudarek, chief executive officer of Atida, one of the largest online pharmacies in Europe, to join the Board of Directors as a Class I director with a term expiring at the Company’s 2024 Annual Meeting.
the Company’s Board of Directors did not renominate Luis von Ahn for reelection, and his term as a director of the Company expired on June 7, 2022 at the 2022 Annual Meeting of Stockholders.
On May 9, 2022, Elliot Geidt informed Root, Inc. (the "Company") of his intention to resign from the Company's board of directors, and its Audit, Risk and Finance Committee on which he had served as a member, effective immediately.
On March 22, 2022, Root, Inc. (the “Company”) announced the appointment of Robert Bateman to serve as its Chief Financial Officer effective April 11, 2022.
On February 28, 2022, the Board of Directors of Root, Inc. (the “Company”) elected Beth Birnbaum, former Chief Operating Officer at PlayFab, to join the Board of Directors as a Class I director with a term expiring at the Company’s 2024 Annual Meeting, effective March 1, 2022.
On November 18, 2021, Chris Olsen informed Root, Inc. (the "Company") of his intention to resign from the Company's board of directors, and its Nominating and Governance Committee on which he had served as a member, effective immediately.
Max materiality 0.90 · Median 0.70 · Most common event earnings