Root Inc
For the period ended Sep 30, 2024. Filed Oct 30, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Oct 30, 2024
ROOT$43.82+0.7%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows - Unaudited
| ROOT, INC. AND SUBSIDIARIES | ||
|---|---|---|
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED | ||
| Nine Months Ended September 30, | ||
| 2024 | 2023 | |
| (in millions) | ||
| Cash flows from operating activities: | ||
| Net income (loss) | $8.8 | $(123.4) |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
| Share-based compensation | 12.7 | 12.4 |
| Warrant compensation expense | 3.8 | 13.3 |
| Depreciation and amortization | 12.1 | 8.2 |
| Bad debt expense | 22.7 | 10.6 |
| Gain on lease modification | — | (0.3) |
| Changes in operating assets and liabilities: | ||
| Premiums receivable | (84.3) | (83.9) |
| Reinsurance recoverable and receivable | (35.3) | 8.5 |
| Prepaid reinsurance premiums | 10.4 | 38.1 |
| Other assets | (23.1) | 10.6 |
| Losses and loss adjustment expenses reserves | 108.2 | (30.9) |
| Unearned premiums | 70.7 | 82.4 |
| Reinsurance premiums payable | (8.2) | (48.0) |
| Accounts payable and accrued expenses | (1.9) | 9.6 |
| Other liabilities | 29.9 | 13.1 |
| Net cash provided by (used in) operating activities | 126.5 | (79.7) |
| Cash flows from investing activities: | ||
| Purchases of investments | (147.7) | (61.7) |
| Proceeds from maturities, calls and pay downs of investments | 40.5 | 22.3 |
| Sales of investments | 0.5 | 0.5 |
| Capitalization of internally developed software | (7.0) | (7.1) |
| Purchases of fixed assets | (0.4) | (0.2) |
| Net cash used in investing activities | (114.1) | (46.2) |
| Cash flows from financing activities: | ||
| Taxes paid related to net share settlement of equity awards | (13.3) | (0.9) |
| Payment of preferred stock and related warrants issuance costs | (3.0) | — |
| Net cash used in financing activities | (16.3) | (0.9) |
| Net decrease in cash, cash equivalents and restricted cash | (3.9) | (126.8) |
| Cash, cash equivalents and restricted cash at beginning of period | 679.7 | 763.1 |
| Cash, cash equivalents and restricted cash at end of period | $675.8 | $636.3 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.