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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q

(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from____________to____________

Commission File Number: 001-39658
ROOT, INC.
(Exact name of Registrant as specified in its charter)
Delaware84-2717903
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification Number)
80 E. Rich Street, Suite 500
Columbus, Ohio
43215
(Address of principal executive offices)(Zip Code)
(866) 980-9431
(Registrant’s telephone number, including area code)
N/A
(Former name, former address and former fiscal year if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A common stock,
$0.0001 par value per share
ROOTThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer ☐
Non-accelerated filer ☐
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No
As of November 2, 2022, the number of outstanding shares of the registrant’s Class A common stock, par value $0.0001 per share, was 9.1 million and the number of outstanding shares of the registrant’s Class B common stock, par value $0.0001 per share, was 5.0 million.



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SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains forward-looking statements about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will” or “would” or the negative of these words or other similar terms or expressions. These forward-looking statements include, but are not limited to, statements concerning the following:
our ability to retain existing customers, acquire new customers, and expand our customer reach;
our expectations regarding our future financial performance, including total revenue, gross profit/(loss), net income/(loss), adjusted gross profit/(loss), direct contribution, adjusted EBITDA, gross loss ratio, marketing costs, gross loss adjustment expense, or LAE, ratio, quota share levels and expansion of our renewal premium base;
our ability to realize profits, retain customers, contract with additional partners to utilize the product, or achieve other benefits from our embedded insurance offering;
our ability to expand our distribution channels through additional partnership relationships, digital media and referrals;
our ability to reduce customer acquisition costs and realize other expected benefits related to the partnership with Carvana Group, LLC, or Carvana;
our ability to drive a significant long-term competitive advantage through our partnership with Carvana;
the impact of supply chain disruptions, increasing inflation, a recession and/or disruptions to properly functioning financial and capital markets and interest rates on our business and financial condition;
our ability to reduce operating losses and extend our capital runway;
our goal to be licensed in all states in the United States and the timing of obtaining additional licenses and launching in new states;
the accuracy and efficiency of our telematics and behavioral data, and our ability to gather and leverage additional data;
our ability to materially improve retention rates and our ability to realize benefits from retaining customers;
our ability to underwrite risks accurately and charge profitable rates;
our ability to maintain our business model and improve our capital and marketing efficiency;
our ability to drive improved conversion and decrease the cost of customer acquisition;
our ability to maintain and enhance our brand and reputation;
our ability to effectively manage the growth of our business;
our ability to raise additional capital efficiently or at all;
our ability to improve our product offerings, introduce new products and expand into additional insurance lines;
our ability to cross sell our products and attain greater value from each customer;
our lack of operating history and ability to attain profitability;



our ability to compete effectively with existing competitors and new market entrants in our industry;
future performance of the markets in which we operate;
our ability to operate a “capital-light” business and obtain and maintain reinsurance contracts;
our ability to realize economies of scale;
the impact of the COVID-19 pandemic and governmental responses thereto on our business and financial condition;
our ability to attract, motivate and retain key personnel, or hire personnel, and to offer competitive compensation and benefits;
our ability to deliver a vertically integrated customer experience;
our ability to develop products that utilize our telematics to drive better customer satisfaction and retention;
our ability to protect our intellectual property and any costs associated therewith;
our ability to develop an autonomous claims experience;
our ability to take rate action early and react to changing environments;
our ability to meet risk-based capital requirements;
our ability to realize the benefits anticipated from our Texas county mutual fronting arrangement;
our ability to expand domestically and internationally;
our ability to stay in compliance with laws and regulations that currently apply or become applicable to our business;
our ability to continue to meet Nasdaq listing standards; and
the growth rates of the markets in which we compete.
You should not rely on forward-looking statements as predictions of future events. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties and other factors described under the heading “Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained herein. The results, events and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events or circumstances could differ materially from those described in the forward-looking statements.
The forward-looking statements made in this Quarterly Report on Form 10-Q relate only to events as of the date on which the statements are made and we undertake no obligation to update them to reflect events or circumstances after the date of this Quarterly Report on Form 10-Q or to reflect new information or the occurrence of unanticipated events, except as required by law.
Unless the context otherwise indicates, references in this report to the terms “Root,” “the Company,” “we,” “our” and “us” refer to Root, Inc. and its subsidiaries.
We may announce material business and financial information to our investors using our investor relations website (ir.joinroot.com). We therefore encourage investors and others interested in Root to review the information that we make available on our website, in addition to following our filings with the Securities and Exchange Commission, or SEC, webcasts, press releases and conference calls.



Part I.  Financial Information
Item 1.  Financial Statements
ROOT, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS - UNAUDITED
As of
September 30,December 31,
20222021
(in millions, except par value )
Assets
Investments:
Fixed maturities available-for-sale, at fair value (amortized cost: $126.6 and $129.5 at September 30, 2022 and December 31, 2021, respectively)
$119.7 $129.9 
Short-term investments (amortized cost: $0.4 and zero at September 30, 2022 and December 31, 2021, respectively)
0.4  
Other investments4.4 4.7 
Total investments 124.5 134.6 
Cash and cash equivalents819.7 706.0 
Restricted cash1.0 1.0 
Premiums receivable, net of allowance of $3.3 and $5.4 at September 30, 2022 and December 31, 2021, respectively
129.9 148.1 
Reinsurance recoverable and receivable, net of allowance of $0.1 and $0.2 at September 30, 2022 and December 31, 2021, respectively
136.0 155.0 
Prepaid reinsurance premiums86.2 100.8 
Other assets86.9 73.8 
Total assets$1,384.2 $1,319.3 
Liabilities, Redeemable Convertible Preferred Stock and Stockholders’ Equity
Liabilities:
Loss and loss adjustment expense reserves$294.2 $320.2 
Unearned premiums157.3 180.1 
Long-term debt and warrants293.9  
Reinsurance premiums payable110.4 101.6 
Accounts payable and accrued expenses40.1 29.1 
Other liabilities45.4 39.9 
Total liabilities941.3 670.9 
Commitments and Contingencies (Note 11)
Redeemable convertible preferred stock, $0.0001 par value, 100.0 shares authorized, 14.1 shares issued and outstanding at September 30, 2022 and December 31, 2021 (liquidation preference of $126.5)
112.0 112.0 
Stockholders’ equity:
Class A common stock, $0.0001 par value, 1,000.0 shares authorized, 9.1 and 7.9 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively(1)
  
Class B common stock, $0.0001 par value, 269.0 shares authorized, 5.0 and 6.1 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively(1)
  
Additional paid-in capital1,838.2 1,806.1 
Accumulated other comprehensive (loss) income(6.9)0.4 
Accumulated loss(1,500.4)(1,270.1)
Total stockholders’ equity330.9 536.4 
Total liabilities, redeemable convertible preferred stock and stockholders’ equity$1,384.2 $1,319.3 
______________
(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.”
See Notes to Condensed Consolidated Financial Statements - Unaudited
1


ROOT, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - UNAUDITED
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
(in millions, except per share data)
Revenues:
Net premiums earned$68.6 $85.1 $221.6 $225.4 
Net investment income0.9 1.0 2.2 2.6 
Net realized gains on investments  1.1 2.4 
Fee and other income4.2 7.7 14.6 21.8 
Total revenues73.7 93.8 239.5 252.2 
Operating expenses:
Loss and loss adjustment expenses80.9 114.4 273.3 284.5 
Sales and marketing5.7 65.4 45.8 245.5 
Other insurance expense (benefit)1.1 (4.5)(5.7)(3.6)
Technology and development14.3 18.0 46.1 49.3 
General and administrative26.4 27.4 86.3 69.8 
Total operating expenses128.4 220.7 445.8 645.5 
Operating loss(54.7)(126.9)(206.3)(393.3)
Interest expense(9.3)(6.1)(24.0)(17.9)
Loss before income tax expense(64.0)(133.0)(230.3)(411.2)
Income tax expense    
Net loss(64.0)(133.0)(230.3)(411.2)
Other comprehensive loss:
Changes in net unrealized losses on investments(2.3)(0.5)(7.3)(4.0)
Comprehensive loss$(66.3)$(133.5)$(237.6)$(415.2)
Loss per common share: basic and diluted (both Class A and B)(1)
$(4.54)$(9.57)$(16.45)$(29.80)
Weighted-average common shares outstanding: basic and diluted (both Class A and B)(1)
14.1 13.9 14.0 13.8 
______________
(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.”

See Notes to Condensed Consolidated Financial Statements - Unaudited

2


ROOT, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY - UNAUDITED
Redeemable Convertible Preferred Stock
Class A and Class B Common Stock(1)
Treasury StockAdditional Paid-in CapitalAccumulated Other Comprehensive Income (Loss)Accumulated LossTotal Stockholders' Equity
SharesAmountClass A SharesClass B SharesAmountSharesAmount
(in millions)
Balance—June 30, 202214.1 $112.0 8.9 5.2 $  $ $1,829.0 $(4.6)$(1,436.4)$388.0 
Net loss— — — — — — — — — (64.0)(64.0)
Other comprehensive loss— — — — — — — — (2.3)— (2.3)
Conversion of Class B to Class A— — 0.2 (0.2)— — — — — —  
Common stock—share-based compensation expense— — — — — — — 7.8 — — 7.8 
Warrant compensation expense— — — — — — — 1.5 — — 1.5 
Warrants issuance costs— — — — — — — (0.1)— — (0.1)
Balance—September 30, 202214.1 $112.0 9.1 5.0 $  $ $1,838.2 $(6.9)$(1,500.4)$330.9 
Balance—January 1, 202214.1 $112.0 7.9 6.1 $  $ $1,806.1 $0.4 $(1,270.1)$536.4 
Net loss— — — — — — — — — (230.3)(230.3)
Other comprehensive loss— — — — — — — — (7.3)— (7.3)
Conversion of Class B to Class A— — 1.1 (1.1)— — — — — —  
Common stock—option exercises and restricted stock units vesting, net of shares withheld for employee taxes— — 0.1 — — — — 0.4 — — 0.4 
Reclassification of early-exercised stock options from liabilities— — — — — — — 0.1 — — 0.1 
Common stock—share-based compensation expense— — — — — — — 21.8 — — 21.8 
Warrant compensation expense— — — — — — — 10.3 — — 10.3 
Warrants issuance costs— — — — — — — (1.1)— — (1.1)
Term Loan warrants issued— — — — — — — 0.6 — — 0.6 
Balance—September 30, 202214.1 $112.0 9.1 5.0 $  $ $1,838.2 $(6.9)$(1,500.4)$330.9 
______________
(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.”




3



ROOT, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY - UNAUDITED (CONTINUED)
Redeemable Convertible Preferred Stock
Class A and Class B Common Stock(1)
Treasury StockAdditional Paid-in CapitalAccumulated Other Comprehensive IncomeAccumulated LossTotal Stockholders' Equity
SharesAmountClass A SharesClass B SharesAmountSharesAmount
(in millions)
Balance—June 30, 2021 $ 6.3 7.7 $ 0.3 $(0.8)$1,786.9 $2.1 $(1,026.2)$762.0 
Net loss— — — — — — — — — (133.0)(133.0)
Other comprehensive loss— — — — — — — — (0.5)— (0.5)
Conversion of Class B to Class A— — 0.7 (0.7)— — — — — — — 
Common stock—option exercises and restricted stock units vesting, net of shares withheld for employee taxes— — — — — — — 0.9 — — 0.9 
Reclassification of early-exercised stock options from liabilities— — — — — — — (0.9)— — (0.9)
Common stock—share-based compensation expense— — — — — — — 7.5 — — 7.5 
Balance—September 30, 2021 $ 7.0 7.0 $ 0.3 $(0.8)$1,794.4 $1.6 $(1,159.2)$636.0 
Balance—January 1, 2021 $ 3.3 10.7 $ 0.3 $(0.8)$1,775.6 $5.6 $(748.0)$1,032.4 
Net loss— — — — — — — — — (411.2)(411.2)
Other comprehensive loss— — — — — — — — (4.0)— (4.0)
Conversion of Class B to Class A— — 3.7 (3.7)— — — — — — — 
Common stock—option exercises and restricted stock units vesting, net of shares withheld for employee taxes— — — — — — — 4.3 — — 4.3 
Reclassification of early-exercised stock options from liabilities— — — — — — — (0.2)— — (0.2)
Common stock—share-based compensation expense— — — — — — — 14.7 — — 14.7 
Balance—September 30, 2021 $ 7.0 7.0 $ 0.3 $(0.8)$1,794.4 $1.6 $(1,159.2)$636.0 
______________
(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.”
See Notes to Condensed Consolidated Financial Statements - Unaudited


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ROOT, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED
Nine Months Ended September 30,
20222021
(in millions)
Cash flows from operating activities:
Net loss$(230.3)$(411.2)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation21.8 14.7 
Warrant compensation expense10.3  
Depreciation and amortization9.5 11.0 
Bad debt expense13.7 14.7 
Payment-in-kind interest expense 9.3 
Net realized gains on investments(1.1)(2.4)
Gain on lease modification(0.2) 
Change in fair value of equity securities (0.4)
Changes in operating assets and liabilities:
Premiums receivable4.5 (60.4)
Reinsurance recoverable and receivable19.0 (51.6)
Prepaid reinsurance premiums14.6 (1.9)
Other assets(11.1)(1.6)
Losses and loss adjustment expenses reserves(26.0)63.5 
Unearned premiums(22.8)53.8 
Reinsurance premiums payable8.8 (0.1)
Accounts payable and accrued expenses17.5 (7.1)
Other liabilities7.9 5.4 
Net cash used in operating activities(163.9)(364.3)
Cash flows from investing activities:
Purchases of investments(30.8)(10.4)
Proceeds from maturities, call and pay downs of investments26.7 30.6 
Sales of investments7.1 70.2 
Capitalization of internally developed software(7.4)(4.8)
Purchases of fixed assets (2.3)
Purchases of indefinite-lived intangible assets and transaction costs(1.3) 
Net cash (used in) provided by investing activities(5.7)83.3 
Cash flows from financing activities:
Proceeds from exercise of stock options and restricted stock units, net of tax proceeds/(withholding)0.3 3.0 
Proceeds from issuance of debt and related warrants286.0  
Payment of preferred stock and related warrants issuance costs(3.0) 
Repayments of long-term debt (0.7)
Net cash provided by financing activities283.3 2.3 
Net increase (decrease) in cash, cash equivalents and restricted cash 113.7 (278.7)
Cash, cash equivalents and restricted cash at beginning of period707.0 1,113.8 
Cash, cash equivalents and restricted cash at end of period$820.7 $835.1 

See Notes to Condensed Consolidated Financial Statements - Unaudited

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ROOT, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED
1.NATURE OF BUSINESS
Root, Inc. is a holding company which, directly or indirectly, maintains 100% ownership of each of its subsidiaries, including, among others, Root Insurance Company, an Ohio-domiciled insurance company; Root Property & Casualty Insurance Company, a Delaware-domiciled insurance company; and Root Reinsurance Company, Ltd., a Cayman Islands-domiciled reinsurance company, together with Root, Inc., “we,” “us” or “our.” We were formed in 2015 and began writing personal auto insurance in July 2016.
We are a technology company operating a primarily direct-to-consumer model with the majority of our personal insurance customers acquired through mobile applications. We offer auto and renters insurance products underwritten by Root Insurance Company and Root Property & Casualty Insurance Company.
2.BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation—In our opinion, all adjustments necessary for a fair presentation of the condensed consolidated financial statements have been included. All such adjustments are of a normal and recurring nature. These condensed consolidated financial statements are unaudited and, accordingly, should be read in conjunction with the consolidated financial statements and related notes included in the Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on February 23, 2022, or the 2021 10-K.
Basis of Consolidation—The unaudited condensed consolidated financial statements include the accounts of Root, Inc. and its subsidiaries, all of which are wholly owned. These financial statements have been prepared in accordance with accounting principles generally accepted in the United States, or GAAP. All intercompany accounts and transactions have been eliminated.
Use of Estimates—The preparation of the unaudited condensed consolidated financial statements requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates reflected in our unaudited condensed consolidated financial statements include, but are not limited to, reserves for loss and loss adjustment expense, or LAE, allowance for expected credit losses on premium receivables and valuation allowances for income taxes.
Reverse Stock Split— In August 2022, a subcommittee of our Board of Directors approved a reverse stock split of our Class A and Class B common stock at a ratio of 1-for-18. On August 12, 2022, we filed a Certificate of Amendment to our Amended and Restated Certificate of Incorporation to effect a 1-for-18 reverse stock split of our Class A and Class B common stock. As a result of the reverse stock split, every 18 shares of our issued or outstanding pre-reverse split common stock of each class were combined into one share of common stock of such class. No fractional shares were issued upon the reverse stock split. On August 15, 2022, our Class A common stock began trading on a split-adjusted basis on the Nasdaq Stock Market.
In connection with the reverse stock split, there was no change to the shares authorized or in the par value per share of $0.0001. In addition, there was no change to the number of shares issued or outstanding for our Series A Preferred Stock. The conversion price for our Series A Preferred Stock was adjusted to $162.00 and the exercise price and number of warrant shares for each of our outstanding warrants were also proportionately adjusted. Accordingly, all historical per share data, number of shares outstanding and other common stock equivalents for the periods presented in the accompanying condensed consolidated financial statements and notes thereto have been adjusted retroactively, where applicable, to reflect the reverse stock split.

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COVID-19—In March 2020, the World Health Organization declared COVID-19 to be a global pandemic. The COVID-19 pandemic and governmental responses thereto have impacted and may further impact the broader economic environment, including creating or exacerbating supply chain disruptions and inflation and negatively impacting unemployment levels, economic growth, the proper functioning of financial and capital markets and interest rates. As a result of certain factors related to the COVID-19 global pandemic, we continue to file in multiple states to establish rates that more closely follow the evolving loss cost trends. As the COVID-19 pandemic continues, there is uncertainty around the severity and duration of the pandemic and the pandemic’s potential impact on our business and our financial performance. Accordingly, we cannot predict the impact that it may have on our future results of operations and financial condition.
Cash, Cash Equivalents and Restricted CashThe following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same such amount in the condensed consolidated statements of cash flows:
As of
September 30,December 31,
20222021
(dollars in millions)
Cash and cash equivalents$819.7 $706.0 
Restricted cash1.0 1.0 
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows$820.7 $707.0 



7


3.INVESTMENTS
The amortized cost and fair value of short-term investments and available-for-sale fixed maturity securities at September 30, 2022 and December 31, 2021 are as follows:

September 30, 2022
Amortized CostAllowance for Expected Credit LossesGross Unrealized GainsGross Unrealized LossesFair Value
(dollars in millions)
Fixed maturities:
U.S. Treasury securities and agencies$12.6 $ $ $(0.9)$11.7 
Municipal securities20.3   (1.3)19.0 
Corporate debt securities55.4   (3.1)52.3 
Residential mortgage-backed securities4.4   (0.3)4.1 
Commercial mortgage backed securities26.1   (1.2)24.9 
Other debt obligations7.8   (0.1)7.7 
Total fixed maturities126.6   (6.9)119.7 
Short-term investments0.4    0.4 
Total$127.0 $ $ $(6.9)$120.1 
December 31, 2021
Amortized CostAllowance for Expected Credit LossesGross Unrealized GainsGross Unrealized LossesFair Value
(dollars in millions)
Fixed maturities:
U.S. Treasury securities and agencies$23.7 $ $ $(0.4)$23.3 
Municipal securities20.4  0.3 (0.1)20.6 
Corporate debt securities48.2  0.7 (0.2)48.7 
Residential mortgage-backed securities3.5    3.5 
Commercial mortgage backed securities30.2  0.2 (0.1)30.3 
Other debt obligations3.5    3.5 
Total$129.5