NEWS ER
Positive
GAAP net income improved by $20.1M to $14.4M from a loss in Q3 2023
Adjusted EBITDA increased by $8.1M to $16.9M
Attritional loss ratio improved to 21% from 32% year-over-year
Premium per policy increased by 25%
Successfully repurchased $43M of debt at 47% of par value, saving $23M
GAAP net income improved by $20.1M to $14.4M from a loss in Q3 2023
Adjusted EBITDA increased by $8.1M to $16.9M
Attritional loss ratio improved to 21% from 32% year-over-year
Premium per policy increased by 25%
Successfully repurchased $43M of debt at 47% of par value, saving $23M
Negative
Revenue declined 14% year-over-year to $111.2M
Policies in force decreased 34% to 219,000
Average monthly revenue per account decreased 8%
Average quarterly revenue per monetized service declined 26%
Lowered full-year 2024 revenue guidanc
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