QUARTERLY FINANCIAL DATA (UNAUDITED)

12 Months Ended

Dec. 31, 2022

Quarterly Financial Information Disclosure [Abstract]

The interim financial statements for the quarterly periods in 2022 are unaudited and, in the opinion of management, include all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the periods presented. Information for the three months ended March 31, 2022, June 30, 2022 and September 30, 2022 have been adjusted to correct immaterial errors. For additional information, refer to Note 2, “Basis of Presentation and Summary of Significant Accounting Policies,” and Note 18, “Revision of Previously Issued Financial Statements.”


	For the 2022 Quarter Ended
	March 31		June 30		September 30		December 31
	(in millions, except per share data)
Revenue:
Net premiums earned	$	78.3	$	74.7	$	68.6	$	64.3
Net investment income	0.6		0.7		0.9		4.0
Net realized gains (losses) on investments	1.2		(0.1)		—		(0.6)
Fee income	4.9		4.4		3.8		3.4
Other income	0.4		0.7		0.4		0.2
Total revenue	85.4		80.4		73.7		71.3
Operating expenses:
Loss and loss adjustment expenses	96.7		95.7		80.9		77.7
Sales and marketing	15.3		21.4		8.1		3.2
Other insurance expense (benefit)	1.0		(7.8)		1.1		(2.3)
Technology and development	13.9		17.9		14.3		9.4
General and administrative	30.5		39.5		26.4		31.0
Total operating expenses	157.4		166.7		130.8		119.0
Operating loss	(72.0)		(86.3)		(57.1)		(47.7)
Interest expense	(5.5)		(9.2)		(9.3)		(10.6)
Loss before income tax expense	(77.5)		(95.5)		(66.4)		(58.3)
Income tax expense	—		—		—		—
Net loss	(77.5)		(95.5)		(66.4)		(58.3)
Other comprehensive loss:
Changes in net unrealizes (losses) gains on investments	(3.7)		(1.3)		(2.3)		1.1
Comprehensive loss	$	(81.2)	$	(96.8)	$	(68.7)	$	(57.2)
Loss per common share: basic and diluted (both Class A and B)(1)	$	(5.54)	$	(6.77)	$	(4.71)	$	(4.13)
Weighted-average common shares outstanding: basic and diluted (both Class A and B)(1)	14.0		14.1		14.1		14.1

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(1) Reflects the 1-for-18 reverse stock split that became effective August 12, 2022. Refer to Note 2, “Basis of Presentation and Summary of Significant Accounting Policies.”