ROOT Stock Balance Sheets
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Quarterly Balance Sheets
Quarterly
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Annual
| Unit: USD | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| assets | |||||||||||||||
| investments: | |||||||||||||||
| fixed maturities available-for-sale, at fair value | 207,300,000 | 165,900,000 | 164,500,000 | 160,000,000 | 126,400,000 | 128,400,000 | 119,700,000 | 120,300,000 | 129,900,000 | 221,000,000 | |||||
| short-term investments | 8,700,000 | 900,000 | 2,600,000 | 2,700,000 | 100,000 | 400,000 | 400,000 | 500,000 | 500,000 | 300,000 | 3,000,000 | 3,000,000 | 2,500,000 | ||
| other investments | 4,400,000 | 4,400,000 | 4,400,000 | 4,400,000 | 4,400,000 | 4,400,000 | 4,400,000 | 4,400,000 | 4,400,000 | 4,700,000 | 1,300,000 | 800,000 | 500,000 | 500,000 | |
| total investments | 220,400,000 | 171,200,000 | 171,500,000 | 167,100,000 | 130,900,000 | 133,200,000 | 124,500,000 | 125,200,000 | 134,000,000 | 134,600,000 | 132,100,000 | 135,500,000 | 139,800,000 | 224,500,000 | 224,500,000 |
| cash and cash equivalents | 640,500,000 | 678,700,000 | 635,300,000 | 628,000,000 | 679,300,000 | 762,100,000 | 819,700,000 | 885,600,000 | 934,700,000 | 706,000,000 | 834,100,000 | 973,100,000 | 1,106,300,000 | 1,112,800,000 | 217,800,000 |
| restricted cash | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| premiums receivable, net of allowance | 292,000,000 | 247,100,000 | 187,900,000 | 127,600,000 | 113,500,000 | 111,900,000 | 129,900,000 | 132,200,000 | 157,100,000 | 148,100,000 | 175,800,000 | 160,200,000 | 161,000,000 | 130,100,000 | 138,400,000 |
| reinsurance recoverable and receivable, net of allowance | 147,100,000 | 125,300,000 | 137,700,000 | 130,200,000 | 129,400,000 | 148,800,000 | 136,000,000 | 158,100,000 | 159,400,000 | ||||||
| prepaid reinsurance premiums | 50,200,000 | 48,200,000 | 36,100,000 | 73,700,000 | 74,100,000 | 74,200,000 | 86,200,000 | 91,800,000 | 106,700,000 | 100,800,000 | 114,700,000 | 111,500,000 | 101,300,000 | 112,800,000 | 119,100,000 |
| other assets | 81,100,000 | 76,200,000 | 70,700,000 | 67,300,000 | 72,900,000 | 81,700,000 | 86,900,000 | 85,900,000 | 70,300,000 | 73,800,000 | 90,400,000 | 64,400,000 | 64,800,000 | 56,300,000 | 22,200,000 |
| total assets | 1,432,300,000 | 1,347,700,000 | 1,240,200,000 | 1,194,900,000 | 1,201,100,000 | 1,312,900,000 | 1,384,200,000 | 1,479,800,000 | 1,563,200,000 | 1,319,300,000 | 1,524,500,000 | 1,587,700,000 | 1,704,200,000 | 1,762,300,000 | 838,500,000 |
| liabilities, redeemable convertible preferred stock and stockholders’ equity | |||||||||||||||
| liabilities: | |||||||||||||||
| loss and loss adjustment expense reserves | 322,000,000 | 284,200,000 | 256,500,000 | 246,500,000 | 259,600,000 | 287,400,000 | 294,200,000 | 312,700,000 | 308,400,000 | 320,200,000 | 300,700,000 | 272,500,000 | 240,700,000 | 237,200,000 | 225,300,000 |
| unearned premiums | 339,400,000 | 283,700,000 | 218,900,000 | 154,600,000 | 141,100,000 | 136,500,000 | 157,300,000 | 161,900,000 | 192,500,000 | 180,100,000 | 210,900,000 | 195,800,000 | 199,400,000 | 157,100,000 | 165,100,000 |
| long-term debt and warrants | 299,300,000 | 299,000,000 | 298,300,000 | 297,400,000 | 296,300,000 | 295,400,000 | 293,900,000 | 292,300,000 | 290,800,000 | 201,700,000 | 197,100,000 | 192,200,000 | 188,200,000 | 220,000,000 | |
| reinsurance premiums payable | 54,100,000 | 54,400,000 | 71,800,000 | 90,400,000 | 85,900,000 | 119,800,000 | 110,400,000 | 124,000,000 | 126,500,000 | 101,600,000 | 89,000,000 | 68,600,000 | 65,700,000 | 89,100,000 | 166,400,000 |
| accounts payable and accrued expenses | 40,900,000 | 65,600,000 | 47,800,000 | 37,800,000 | 26,000,000 | 39,700,000 | 40,100,000 | 37,700,000 | 23,800,000 | 29,100,000 | 41,500,000 | 70,800,000 | 50,500,000 | 48,000,000 | 61,500,000 |
| other liabilities | 98,900,000 | 83,100,000 | 57,800,000 | 41,800,000 | 36,500,000 | 45,000,000 | 45,400,000 | 51,200,000 | 40,500,000 | 39,900,000 | 44,700,000 | 20,900,000 | 21,400,000 | 10,300,000 | 10,200,000 |
| total liabilities | 1,154,600,000 | 1,070,000,000 | 951,100,000 | 868,500,000 | 845,400,000 | 923,800,000 | 941,300,000 | 979,800,000 | 982,500,000 | 670,900,000 | 888,500,000 | 825,700,000 | 769,900,000 | 729,900,000 | 848,500,000 |
| commitments and contingencies | |||||||||||||||
| redeemable convertible preferred stock | 112,000,000 | 112,000,000 | 112,000,000 | 112,000,000 | 112,000,000 | 112,000,000 | 112,000,000 | 112,000,000 | 112,000,000 | 112,000,000 | 560,400,000 | ||||
| stockholders’ equity: | |||||||||||||||
| class a common stock | |||||||||||||||
| class b convertible common stock, 0.0001 par value, 269.0 shares authorized, 5.0 shares issued and outstanding at march 31, 2024 and december 31, 2023 | |||||||||||||||
| additional paid-in capital | 1,890,400,000 | 1,883,400,000 | 1,874,900,000 | 1,865,700,000 | 1,857,100,000 | 1,850,700,000 | 1,838,200,000 | 1,829,000,000 | 1,818,500,000 | 1,806,100,000 | 1,794,400,000 | 1,786,900,000 | 1,780,600,000 | 1,775,600,000 | 39,500,000 |
| accumulated other comprehensive loss | -3,300,000 | -2,500,000 | -6,600,000 | -5,900,000 | -4,700,000 | ||||||||||
| accumulated loss | -1,721,400,000 | -1,715,200,000 | -1,691,200,000 | -1,645,400,000 | -1,608,700,000 | -1,567,800,000 | -1,500,400,000 | -1,436,400,000 | -1,346,500,000 | -1,270,100,000 | -1,159,200,000 | -1,026,200,000 | -847,600,000 | -748,000,000 | -614,700,000 |
| total stockholders’ equity | 165,700,000 | 165,700,000 | 177,100,000 | 214,400,000 | 243,700,000 | 277,100,000 | 330,900,000 | 388,000,000 | 468,700,000 | 536,400,000 | 636,000,000 | 762,000,000 | 934,300,000 | 1,032,400,000 | |
| total liabilities, redeemable convertible preferred stock and stockholders’ equity | 1,432,300,000 | 1,347,700,000 | 1,240,200,000 | 1,194,900,000 | 1,201,100,000 | 1,312,900,000 | 1,384,200,000 | 1,479,800,000 | 1,563,200,000 | 1,319,300,000 | 1,762,300,000 | ||||
| class b convertible common stock, 0.0001 par value, 5.0 shares issued and outstanding at december 31, 2023 and december 31, 2022 | |||||||||||||||
| class b common stock | |||||||||||||||
| accumulated other comprehensive income | -5,800,000 | -6,900,000 | -4,600,000 | -3,300,000 | 400,000 | 1,600,000 | 2,100,000 | 2,100,000 | 5,600,000 | 5,600,000 | |||||
| fixed maturities available-for sale, at fair value | 129,100,000 | 130,800,000 | 134,400,000 | 136,300,000 | 222,000,000 | ||||||||||
| reinsurance recoverable, net of allowance of 0.2 and zero at december 31, 2021 and december 31, 2020, respectively | 155,000,000 | ||||||||||||||
| treasury stock | -800,000 | -800,000 | -800,000 | -800,000 | -800,000 | ||||||||||
| reinsurance recoverable | 176,400,000 | 142,000,000 | 130,000,000 | 124,800,000 | 104,100,000 | ||||||||||
| liabilities and stockholders’ equity | |||||||||||||||
| preferred stock, 0.0001 par value, 100.0 shares authorized, zero shares issued and outstanding at september 30, 2021 and december 31, 2020, respectively | |||||||||||||||
| total liabilities and stockholders’ equity | 1,524,500,000 | 1,587,700,000 | 1,704,200,000 | ||||||||||||
| preferred stock, 0.0001 par value, 100.0 shares authorized, zero shares issued and outstanding at june 30, 2021 and december 31, 2020, respectively | |||||||||||||||
| stockholders’ equity | |||||||||||||||
| liabilities, redeemable convertible preferred stock and stockholders’ deficit | |||||||||||||||
| stockholders’ deficit: |