Root, Inc. (NASDAQ:ROOT) Q4 2022 Earnings Conference Call February 23, 2023 8:00 AM ET Company Participants Jodi Baker - Investor Relations Alex Timm - Co-Founder and Chief Executive Officer Rob Bateman - Chief Financial Officer Dan Rosenthal - Chief Revenue and Operating Officer Matt Bonakdarpour - Chief Technology Officer Frank Palmer - Chief Insurance Officer Conference Call Participants Josh Siegler - Cantor Fitzgerald Charlie Lederer - Citi Tommy McJoynt - KBW David Motemaden - Evercore ISI Weston Bloo ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from_____to_____ Commission file number 001-39658 ROOT, INC. (Exact name of Registrant as specified in its charter) (State or other jurisdiction of incorporation or orga ...

Root, Inc. (NASDAQ:ROOT) Q3 2022 Results Conference Call November 10, 2022 8:00 AM ET Company Participants Jodi Baker - Vice President and Corporate Secretary Alex Timm - Chief Executive Officer Rob Bateman - Chief Financial Officer Dan Rosenthal - Chief Operating Officer Matt Bonakdarpour - Chief Technology Officer Frank Palmer - Chief Insurance Officer Conference Call Participants Michael Phillips - Morgan Stanley Elyse Greenspan - Wells Fargo Yaron Kinar - Jefferies Matt Carletti - JMP Tracy Benguigui - ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from____________to____________ Commission File Number: 001-39658 ROOT, INC. (Exact name of Registrant as specified in its charter) Securities registered pursua ...

Financial Data and Key Metrics Changes - Gross written premium declined 21% year-over-year to $140 million, while gross earned premium decreased 6% year-over-year to $171 million, reflecting higher rates and stricter underwriting [15][16] - Operating loss was $81 million, a 53% improvement over the prior year, and adjusted EBITDA improved by 59% [18] - Operating cash consumption dropped over 54% compared to the first half of 2021, with $696 million of unencumbered capital at the end of Q2 [18][19] Business Line Data and Key Metrics Changes - The gross accident period loss ratio improved by five points to 85% compared to the same quarter in 2021, driven by proactive rate changes and a higher weight of renewal premium [16][17] - New business writings decreased significantly, with renewals making up 75% of gross earned premium this quarter [15] Market Data and Key Metrics Changes - The company has implemented 35 rate filings with an average increase of 28% across 23 states, tightening underwriting rules to reduce premium leakage [10] - The focus on the embedded channel is primarily through the exclusive partnership with Carvana, which is expected to drive growth in that segment [12] Company Strategy and Development Direction - The company is focused on strengthening its underwriting foundation and conserving capital while leveraging technology to build out its embedded product offerings [21] - Continued investment in technology is aimed at enhancing competitive advantage and improving pricing models [11][13] Management's Comments on Operating Environment and Future Outlook - Management expects significant year-over-year declines in gross written premium in the second half of 2022, but anticipates meaningful improvement in operating losses [20] - The company is navigating a challenging environment with inflation and supply chain issues, but proactive measures are expected to yield positive financial results [10][19] Other Important Information - The company has launched a digital agency to service customers not suited for its primary insurance offerings, which is seen as a capital-light revenue stream [12] - Management is refining models and processes to enhance pricing accuracy and speed up model development [13] Q&A Session Summary Question: Outlook for premium and policy decline in the back half of the year - Management expects the back half of the year to resemble Q2, with a year-over-year decline above 25% in both gross written premium and operating loss [24] Question: Expectations for severity and frequency trends - Severity is expected to remain elevated at 6%, while frequency is at 1%, with management anticipating slower trends in the second half of the year [25][26] Question: Marketing spend outlook - The focus remains on profitability, with expectations for muted marketing spend through the rest of the year [27] Question: Clarification on gross accident period loss ratio - Management noted that while rates have been increased, many have not yet earned in, impacting the loss ratio [31][35] Question: Carvana's contribution to new business - Management clarified that Carvana's new business volume is about a third, with excitement about the potential for growth in that channel [36][38] Question: Other potential revenue sources - The company is exploring additional partnerships and expanding its digital agency offering, which is expected to contribute to long-term revenue [40][42] Question: Loss ratios for new versus renewal business - Management indicated that new business loss ratios are expected to be leading indicators due to the timing of rate changes [56] Question: Cash flow trends and future expectations - Management expects cash burn to improve in the second half of the year as efforts to strengthen the business continue [63] Question: Adverse development in reserves - A small unfavorable development in reserves was noted, primarily due to an uptick in severity, but management remains confident in their reserve adequacy [64]

Q2 2022 Shareholder Letter Letter to Shareholders: Q2 2022 ____________________________________________________________________________________________________________ Key quarterly metrics: $142.3 $177.1 Gross written premium ($M) Gross earned premium ($M) $151.9 $180.7 $170.8 $140.1 2Q 2020 2Q 2021 2Q 2022 2Q 2020 2Q 2021 2Q 2022 Gross accident period loss ratio Gross LAE ratio 65.2% 89.9% 85.2% 8.5% 10.6% 9.9% 2Q 2020 2Q 2021 2Q 2022 2Q 2020 2Q 2021 2Q 2022 $8.8 $22.0 Gross profit ($M) Direct contributio ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q For the transition period from____________to____________ Commission File Number: 001-39658 ROOT, INC. (Exact name of Registrant as specified in its charter) Delaware 84-2717903 (State or other jurisdiction of incorporation or organization) 80 E. Rich Street, Suite 500 Columbus, Ohio (Address of principal executive offices) (Zip Code) (I.R.S. Employer Identification Number) 43215 (866) 980-9431 (Registrant's telephone number, i ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from____________to____________ Commission File Number: 001-39658 ROOT, INC. (Exact name of Registrant as specified in its charter) Delaware 84-2717903 (State or ot ...

Q1 2022 Shareholder Letter Letter to Shareholders: Q1 2022 1Q 2020 1Q 2021 1Q 2022 1Q 2020 1Q 2021 1Q 2022 1Q 2021 1Q 2020 1Q 2021 1Q 2022 1Q 2020 1Q 2022 Key quarterly metrics: Gross written premium ($M) | --- | --- | --- | --- | --- | --- | |--------|--------|--------|--------|--------|--------| | | | | $143.9 | $160.2 | $174.7 | | $164.2 | $202.5 | $187.2 | | | | Gross earned premium ($M) Gross accident period loss ratio Gross LAE ratio | --- | --- | --- | --- | --- | --- | |-------|-------|-------|----- ...

Root, Inc. (NASDAQ:ROOT) Q1 2022 Earnings Conference Call April 28, 2022 8:00 AM ET Company Participants Christine Patrick - VP, IR Alexander Timm - Co-Founder, CEO & Director Daniel Rosenthal - Chief Revenue & Operating Officer & Director Matt Bonakdarpour - CTO Frank Palmer - Chief Insurance Officer Conference Call Participants Joshua Siegler - Cantor Fitzgerald & Co. Ismael Dabo - Morgan Stanley Tracy Benguigui - Barclays Bank Matthew Carletti - JMP Securities Weston Bloomer - UBS Mark Hughes - Truist Se ...