Aug. 7 at 8:30 PM
$ROOT Megan Binkley, Chief Financial Officer, Root Inc
"Separately, as we’ve disclosed, assuming the Carvana short term warrants expire unexercised on September 1, we would recognize a cumulative warrant expense catch up. We expect to incur approximately
$16,000,000 to
$18,000,000 in non cash expense in Q3 related to the outstanding warrant structure, of which approximately
$15,500,000 reflects a cumulative catch up tied to the transition to long term warrants, which vests based on policy sales. This is expected to result in a net loss for the quarter, but we expect to maintain positive adjusted EBITDA."
