ROOT - Root GAAP EPS of -$2.55 beats by $0.43 revenue of $74.8M beats by $8.49M
2023-08-02 16:27:16 ET
- Root press release ( NASDAQ: ROOT ): Q2 GAAP EPS of -$2.55 beats by $0.43 .
- Revenue of $74.8M (-7.0% Y/Y) beats by $8.49M .
- Shares -0.77% .
- Total new writings grew 65% over Q1 2023, driven by our superior loss ratio position. • Gross accident period loss ratio was 68%, a 17-point improvement year-over-year, driven by our pricing and underwriting advancements. • Gross expense ratio improved 12 points compared to Q2 2022, driven by a continued focus on operating efficiency. • Net loss improved 62% to $37 million, operating loss improved 71% to $25 million, and adjusted EBITDA improved 81% to a loss of $12 million compared with Q2 2022.
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Root GAAP EPS of -$2.55 beats by $0.43, revenue of $74.8M beats by $8.49M