Root Inc (ROOT) 2026 Q1 法說會逐字稿

Ladies and gentlemen, greetings, and welcome to the Root, Inc., Q1 '26 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

各位女士、先生，大家好，歡迎參加 Root, Inc. 2026 年第一季（Q1 '26）財報電話會議。（接線員指示）提醒您，本次會議將被錄音。

It is now my pleasure to introduce your host for today, Matt LaMalva, Head of IR and Corporate Development. Please go ahead.

現在很榮幸為各位介紹今天的主持人：投資人關係與企業發展主管 Matt LaMalva。請開始。

Good afternoon, and thank you for joining us. Root is hosting this call to discuss its first-quarter 2026 earnings results. Participating on today's call is Alex Timm, Co-Founder and Chief Executive Officer; and Megan Binkley, Chief Financial Officer.

各位下午好，感謝您加入我們。Root 召開本次電話會議，討論其 2026 年第一季財報結果。今天與會者包括共同創辦人兼執行長 Alex Timm，以及財務長 Megan Binkley。

Earlier today, Root issued a shareholder letter announcing its financial results. We'll focus today on how we're executing against our model and the progress we're delivering across the business. While today's discussion will reflect the shareholder letter, for more complete information about our financial performance, we also encourage you to read our first-quarter 2026 Form 10-Q, which was filed with the Securities and Exchange Commission today.

今天稍早，Root 發布致股東信，公布其財務結果。今天我們將聚焦於我們如何依照自身模式執行，以及我們在整體業務上所交付的進展。雖然今天的討論將反映致股東信內容，但若要更完整了解我們的財務表現，我們也鼓勵您閱讀我們的 2026 年第一季 Form 10-Q；該文件已於今日向美國證券交易委員會（SEC）提交。

Before we begin, I want to remind you that matters discussed on today's call will include forward-looking statements related to our operating performance, financial goals, and business outlook, which are based on management's current beliefs and assumptions. Please note that these forward-looking statements reflect our opinions as of the date of this call, and we are not obligated to revise this information as a result of new developments that may occur.

在開始之前，我想提醒各位，今天電話會議中討論的事項將包含與我們的營運表現、財務目標及業務展望相關的前瞻性陳述，這些陳述係基於管理層目前的信念與假設。請注意，這些前瞻性陳述反映的是截至本次電話會議日期的觀點；對於日後可能發生的新進展，我們沒有義務更新或修訂相關資訊。

Forward-looking statements are subject to various risks, uncertainties, and other factors that could cause our actual results to differ materially from those expected and described today. For a more detailed description of our risk factors, please review our most recent 10-K, 10-Q, and shareholder letter. A replay of this conference call will be available on our website under the Investor Relations section.

前瞻性陳述受到各種風險、不確定性及其他因素影響，可能導致我們的實際結果與今日所預期及描述者存在重大差異。如需更詳細的風險因素說明，請查閱我們最新的 10-K、10-Q 以及致股東信。本次電話會議的重播將於我們網站的投資人關係（Investor Relations）專區提供。

I would also like to remind you that during the call, we will discuss some non-GAAP measures while talking about Root's performance. You can find reconciliations of these historical measures to the nearest comparable GAAP measures in our financial disclosures, all of which are posted on our website at ir.joinroot.com.

我也想提醒各位，在通話過程中，我們在討論 Root 的表現時將提及部分非 GAAP 指標。您可在我們的財務揭露文件中找到這些歷史指標與最接近之 GAAP 指標的調節表；所有文件均已發布於我們的網站 ir.joinroot.com。

I will now turn the call over to Alex.

接下來我將把電話交給 Alex。

Thanks, Matt. Good afternoon, and thank you, everyone, for joining us. We kicked off 2026 with the most profitable quarter in the company's history, generating an annualized ROE of 47%. The team has worked hard to deliver these fantastic results, and we're all grateful for their hard work. These results reflect a structurally stronger model, driven by improvements in pricing, underwriting, and capital allocation.

謝謝，Matt。各位下午好，感謝大家加入我們。我們以公司史上最獲利的一季揭開 2026 年序幕，年化股東權益報酬率（ROE）達 47%。團隊為交出這些出色成果付出了許多努力，我們都非常感謝他們的辛勞。這些成果反映出更具結構性優勢的商業模式，主要由定價、核保與資本配置的改善所驅動。

On growth, we grew policies in force over 9% in the quarter year over year, with gross premiums written of $389 million. Recall that last year's growth temporarily increased on news of impending tariffs, making year-over-year comparisons difficult.

在成長方面，本季在保保單（policies in force）年增超過 9%，總簽單保費（gross premiums written）為 3.89 億美元。請記得，去年因即將實施關稅的消息使成長短暫上升，導致年對年比較較為困難。

As a reminder, we continue to be focused on our five-part growth strategy: one, create the lowest prices for customers; two, launch our product in every state; three, expand into the independent agency channel; four, scale our embedded insurance products; and five, leverage our AI expertise to grow our automated marketing machine.

提醒各位，我們仍專注於五大成長策略：第一，為客戶提供最低價格；第二，在每一州推出我們的產品；第三，擴展至獨立代理通路；第四，擴大我們的嵌入式保險產品；第五，運用我們的 AI 專業來擴張自動化行銷機器。

Some highlights from the quarter. On distribution, we're continuing to build a platform that is both diversified and scalable, which is very important to our long-term growth trajectory. Our overall partnerships grew new writings 30% year over year. On independent agents, we now partner with more than 15,000 agents across 5,000 agencies nationwide.

本季幾項重點。在通路方面，我們持續打造一個多元且可擴展的平台，這對我們長期成長軌跡非常重要。我們整體合作夥伴通路的新簽單（new writings）年增 30%。在獨立代理方面，我們目前與全美超過 15,000 名代理人、橫跨 5,000 家代理機構合作。

In the first quarter, we launched our partnership with Freeway Insurance, the largest personal lines insurance distributor in the country. We're very excited by the prospects of continuing to scale in this channel, bringing products that are easier for agents and more affordable for customers to an over $100 billion market.

第一季，我們啟動與 Freeway Insurance 的合作夥伴關係；該公司是全美最大的個人保險（personal lines）分銷商。我們對於在此通路持續擴張的前景感到非常振奮，將更易於代理人銷售、且對客戶更可負擔的產品帶入一個超過 1,000 億美元的市場。

As our models have continued to learn in this space, we were able to materially improve our pricing for this segment of our business in the first quarter as well.

隨著我們的模型在此領域持續學習，我們也在第一季顯著改善了該業務區隔的定價。

We also continue to scale our embedded insurance offering, with Carvana now surpassing 200,000 policies sold. This channel allows us to present nearly frictionless insurance at the point of need, creating a great experience for customers.

我們也持續擴大嵌入式保險（embedded insurance）方案的規模，Carvana 目前已突破 200,000 張保單銷售。此通路使我們能在客戶有需求的當下提供幾乎無摩擦的保險服務，為客戶創造極佳體驗。

In addition, this allows for the potential to create new pricing models distinct to each partner leveraging their unique data, including connected vehicle data, which is critical to our long-term AV strategy.

此外，這也使我們有機會運用各合作夥伴的獨特數據（包括車聯網/連網車輛數據）建立針對每位合作夥伴的全新定價模型；這對我們長期自動駕駛（AV）策略至關重要。

In direct, we saw a difficult growth environment that intensified throughout the quarter. These cycles are common in our industry, and we are well-positioned to manage them prudently, only deploying your capital when we see meaningful opportunities to exceed our hurdle rate.

在直營通路方面，我們看到艱難的成長環境，且在整個季度中持續加劇。這類循環在本產業相當常見；我們具備良好條件以審慎方式管理，僅在看到有意義的機會、可望超越我們的門檻報酬率（hurdle rate）時，才會動用各位的資本。

When conditions are attractive, we invest aggressively. When they are not, we remain disciplined and patient. This creates some fluctuations in our quarterly growth. But over the long term, we believe it creates much better outcomes for our shareholders. We believe a key source of value is our ability and willingness to act differently from the crowd and maintain our long-term orientation.

當市場條件具吸引力時，我們會積極投資。當條件不佳時，我們會保持紀律並耐心等待。這會使我們的季度成長出現一些波動。但從長期來看，我們相信這能為股東帶來更好的結果。我們認為，一個關鍵的價值來源在於我們有能力且願意與市場大眾採取不同做法，並維持長期導向。

Regardless of the cycle, we always invest in our technology and customer experiences that makes Root special. And right now, we are living in one of the most exciting times in technology that we've seen in our lifetimes.

無論景氣循環如何，我們始終投資於讓 Root 與眾不同的技術與客戶體驗。而此刻，我們正處於一生中所見最令人振奮的科技時代之一。

Since our inception, our founding principles lie at the heart of AI. We were born out of the forces of mathematical invention. And now, the advancements of this technology have perfectly situated our strategy for acceleration. We are actively working to build a completely automated insurance company that will be the first of its kind. This allows us to create a closed loop, tying customer acquisition, onboarding, pricing, underwriting, and claims together in one technical system.

自公司創立以來，我們的創辦理念核心就在於 AI。我們誕生於數學創新的力量。而如今，這項技術的進步恰好使我們的策略處於加速發展的最佳位置。我們正積極打造一家完全自動化的保險公司，將成為同類中的首創。這使我們能建立一個閉環系統，將客戶獲取、投保導入（onboarding）、定價、核保與理賠整合於同一套技術系統中。

We believe this structural advantage will create meaningful operating leverage and most importantly, allow us to price and manage risk at a fidelity never before seen.

我們相信，這項結構性優勢將帶來顯著的營運槓桿；更重要的是，讓我們能以前所未有的精準度進行定價與風險管理。

Insurance is fundamentally a prediction problem, and AI is fundamentally an advancement in predictive sciences, and we've built moats around this advantage. This future belongs to a technology company and requires loads of claims data, insurance licensing, and a complete insurance technology stack built entirely in-house.

保險本質上是一個預測問題，而 AI 本質上是預測科學的進步；我們已圍繞這項優勢建立護城河。這個未來屬於一家科技公司，並需要大量理賠數據、保險牌照，以及完全由內部自建的完整保險技術堆疊（technology stack）。

We have invested tremendously in these hard-won assets, and this puts Root in the ideal position for the future. We're very excited by the future and what we can achieve. We are well on our way to fulfilling our mission.

我們在這些得來不易的資產上投入巨大，這使 Root 站在面向未來的理想位置。我們對未來以及我們能達成的成果感到非常振奮。我們正穩步邁向完成我們的使命。

I'll now pass the call over to Megan to talk about financial performance.

接下來我將把電話交給 Megan，請她談談財務表現。

Thanks, Alex. We delivered record net income of $36 million in the quarter, up $18 million year over year. Operating income was $41 million and adjusted EBITDA was $57 million, increasing $17 million and $25 million year over year, respectively. We grew policies in force 9% on a year-over-year basis. We continued to diversify our business, growing our partnership and independent agent new writings by more than 30% year over year.

謝謝，Alex。本季我們創下 3,600 萬美元的淨利新高，年增 1,800 萬美元。營業利益為 4,100 萬美元，調整後 EBITDA 為 5,700 萬美元，分別年增 1,700 萬美元與 2,500 萬美元。我們的在保保單年增 9%。我們持續推動業務多元化，合作夥伴與獨立代理通路的新簽單年增均超過 30%。

Related to premiums, Q1 gross premiums written were $389 million, a moderation of 5% year over year. As Alex reiterated, this was largely driven by early 2025 tariff-related demand.

就保費而言，第一季總簽單保費為3.89億美元，年減幅度為5%，呈現趨緩。如Alex重申，這主要是由於2025年初與關稅相關的需求所帶動。

Q1 gross premiums earned were $370 million, growth of 8% year over year. These results reflect continued improvement in our unit economics, driven by pricing, underwriting, and acquisition efficiency. Our record profitability reflects how we manage the business, including focusing on high-return growth and market expansion opportunities, maintaining flexibility across underwriting cycles, and continuing to invest in product and technology innovation.

第一季總已賺取保費為3.70億美元，年增8%。這些結果反映我們單位經濟效益持續改善，主要由定價、核保與獲客效率所驅動。我們創紀錄的獲利能力反映了我們的經營方式，包括聚焦高報酬成長與市場擴張機會、在核保循環中維持彈性，以及持續投資產品與技術創新。

On capital, I'm pleased to announce that we refinanced our $200 million debt facility with the Huntington National Bank on May 4, lowering our annual run rate interest expense by roughly $5 million. The new facility enhances our financial flexibility, allowing us to allocate capital more dynamically.

在資本方面，我很高興宣布，我們於5月4日以亨廷頓國民銀行（Huntington National Bank）為對手方，為2億美元的債務融資額度完成再融資，使我們的年度經常性利息費用約降低500萬美元。新的融資安排提升了我們的財務彈性，使我們能更動態地配置資本。

Consistent with our strategy, we are investing in our technology, organic growth, partnerships, and shareholder returns. As part of this approach, our Board of Directors authorized a $75 million share repurchase program, reflecting both the strength of our capital position and our confidence in the intrinsic value of the business.

依循我們的策略，我們正投資於技術、內生成長、合作夥伴關係以及股東報酬。作為此一作法的一部分，我們董事會核准了一項7,500萬美元的庫藏股回購計畫，反映我們資本部位的強勁，以及我們對公司內在價值的信心。

Overall, the financial profile of the business continues to strengthen, and we are energized by the progress we've made. We remain focused on the long-term opportunities in front of us, supported by massive growth prospects across our five levers and advancements in our data science, technology, and distribution capabilities. We will continue to stay nimble and believe we are well-positioned to continue strengthening profitability while maintaining flexibility to invest in growth.

整體而言，公司的財務體質持續強化，我們也對已取得的進展感到振奮。在我們五大槓桿的龐大成長前景，以及資料科學、技術與通路能力的進步支持下，我們仍專注於眼前的長期機會。我們將持續保持敏捷，並相信我們已具備良好定位，可在維持投資成長彈性的同時，持續提升獲利能力。

With that, to begin the Q&A session, I'll turn it back over to Matt and Alex to answer a few questions we've received through social media and our Investor Relations email.

接下來，為開始問答環節，我將把時間交回給Matt和Alex，回答我們透過社群媒體與投資人關係信箱收到的幾個問題。

Thanks, Megan. As we continue to engage more directly with our shareholders, we wanted to address a few of the most common themes we've seen this quarter.

謝謝，Megan。隨著我們持續更直接地與股東互動，我們想回應本季看到的幾個最常見主題。

Alex, the first question is, what is Root's approach to the growth versus profitability trade-off?

Alex，第一個問題是：Root如何看待成長與獲利之間的取捨？

That's a great question, and it's actually unique at Root because we don't see those two things as trade-offs actually. We think the best way to grow our company through cycles is to continue to invest of growth dollars provided that we continue to exceed our cost of capital. And by doing that, we're basically -- we're essentially directly solving for increasing intrinsic value of the shares and of the company.

這是個很好的問題，而且在Root其實很獨特，因為我們並不把這兩者視為取捨。我們認為，讓公司在不同循環中成長的最佳方式，是在持續超過資本成本的前提下，持續投入成長資金。而透過這樣做，我們基本上——本質上——是在直接追求提升股票與公司本身的內在價值。

And we don't have calendar period targets because if you try to optimize for growth in a calendar period at a certain profit constraint or anything like that, you actually run the risk of making decisions that actually destroy intrinsic value that are not good for the company, and we didn't invent that. This is -- we learned this in college and finance classes and things like that we should just optimize to continue to build the largest discounted cash flow, future cash flow of the company.

而且我們不設定以日曆期間為基礎的目標，因為如果你試圖在某個日曆期間內、在特定獲利限制或類似條件下去最佳化成長，你其實會有風險做出會破壞內在價值、對公司不利的決策；這也不是我們發明的。這是——我們在大學與財務課程等學到的：我們應該最佳化的是持續打造公司最大的折現現金流，也就是未來現金流。

And so what you see from us is when we have high returns and high opportunities in the market, we invest aggressively, we grow aggressively, that might, by the way, in that calendar period, reduce short-term earnings.

因此你會看到的是，當我們在市場上有高報酬與高機會時，我們會積極投資、積極成長；順帶一提，這可能在那個日曆期間內降低短期盈餘。

And then you see when times -- when there's not as many opportunities in the market, we're totally fine being patient with the capital, and you'll see us be very profitable. And we think that that's just absolutely the best, most disciplined, patient way to manage our shareholders' capital. And really, so there's really not an implicit trade-off in our business decisions between growth and profit.

而當時機——當市場機會沒那麼多時，我們完全可以耐心地運用資本，你會看到我們非常獲利。我們認為，這絕對是管理股東資本的最佳方式：最有紀律、最有耐心。因此，在我們的商業決策中，成長與獲利之間其實並不存在隱含的取捨。

Great. The second question is, which part of Root's advantage compounds the fastest over time, data, pricing models, or distribution?

很好。第二個問題是：Root的優勢中，哪一部分會隨時間最快複利累積——資料、定價模型，還是通路？

Well, the interesting thing is data, pricing models, and distribution all actually have this nice mutually symbiotic relationship with one another. As you get more data, you get better at pricing. As you get better at pricing, your distribution grows. As your distribution goes, you then get more data. And that flywheel is something we started a while ago, and we've actually built a lot of technology to continue that flywheel going very, very fast.

有趣的是，資料、定價模型與通路三者之間其實都有很好的互利共生關係。資料越多，定價就越準。定價越準，通路就會成長。通路成長後，你又會取得更多資料。而這個飛輪我們很早就開始推動，並且我們也建立了大量技術，讓這個飛輪能非常、非常快速地持續運轉。

I think the part that probably compounds the fastest, and that maybe is the hardest to understand from the outside, is just how fast and to what magnitude our pricing can improve as our data science continues to advance, because those algorithms are incredibly powerful. And our ability to consistently retrain and understand the signal and deploy modern quantitative capabilities, that's really important. So I believe that that compounds really materially over time.

我認為可能複利最快、而且從外部也許最難理解的部分，是隨著我們的資料科學持續進步，我們的定價能以多快的速度、以及多大的幅度改善，因為那些演算法非常強大。而我們持續重新訓練、理解訊號並部署現代量化能力的能力，這非常重要。所以我相信，這會隨時間非常顯著地複利累積。

Next question is, how did Root become the profitable insurtech?

下一個問題是：Root是如何成為獲利的保險科技公司（insurtech）的？

Focus. We picked one of the hardest and largest, though, lines of business in the country. And then we picked one of the hardest problems, which is getting really good at pricing and underwriting it.

專注。我們選擇了全國最困難、也是規模最大的業務線之一。接著我們選擇了最困難的問題之一，也就是把定價與核保做到非常出色。

Now, why do we do that? Well, price, one, if you want to be serious about disruption in personal lines of insurance, you've got to be serious about auto insurance because it's the number one product most consumers actually purchase. It's, again, the largest line of business in the country.

那我們為什麼這麼做？第一，如果你想在個人保險領域認真做顛覆，你就必須認真做汽車保險，因為它是多數消費者實際購買的第一大產品。而且它同樣是全國最大的業務線。

And the two, the biggest thing that matters is price, and that is fundamentally a data science game. And it's not an easy problem to solve, but we stuck with it. And by sticking with it, we got very good at it. And that focus has allowed us to drive material earnings now because again, now we've become experts at what I think is probably one of the most important problems right now for consumers in insurance.

第二，最重要的因素是價格，而這在本質上是一場資料科學的競賽。這不是一個容易解決的問題，但我們堅持下來。而因為堅持，我們做得非常好。這份專注讓我們現在能帶來可觀的盈餘，因為我們已成為我認為目前對保險消費者而言最重要問題之一的專家。

Great. And finally, which part of the company is most misunderstood by investors?

很好。最後，投資人最容易誤解公司哪一部分？

Well, that's a great question. We get it sometimes. I'd say it's always very difficult to understand the platforms that we are building and the systems that we are building truly in like what I would say is like the guts of the company, whether that's pricing or claims. And so these aren't -- it's much easier to understand some consumer-facing features, or it's easier to understand marketing.

嗯，這是個很好的問題。我們有時也能理解。我會說，外界總是很難理解我們正在打造的平台與系統，真正位於我所說的公司「內部核心」的部分，不論是定價或理賠。因此，這些並不是——相較之下，某些面向消費者的功能更容易理解，或行銷也更容易理解。

It's very difficult to see and understand and appreciate the value of a 10x platform in insurance, whether that's our data science platform, our telematics platform, or our claims platform, or most importantly, the fact they're all a single platform and integrated inside one company, that is incredibly difficult to sort of see clearly from the outside, but from the inside, that is our most valuable asset.

要從外部清楚看見、理解並欣賞保險業的10倍平台價值非常困難，不論是我們的資料科學平台、車聯網（telematics）平台或理賠平台；更重要的是，它們其實是一個單一平台，並整合在同一家公司內。這點從外部非常難以看清，但從內部來看，這就是我們最有價值的資產。

Thanks, Alex. Operator, we'll now open the line for questions.

謝謝，Alex。接線員，我們現在開放提問。

(Operator Instructions) Tommy McJoynt, KBW.

(接線員指示) Tommy McJoynt，KBW。

Hi, good afternoon. The first question here is about what you guys are doing on the rate side and how you think about that competitively? I think last quarter, you had talked about the expectation that with rate, your average premium per policy might decrease a little bit in the first quarter but then normalize after that for the rest of the year. Is that still the case? And can you just give us an update on how you view your rate adequacy across your book?

嗨，午安。第一個問題是關於你們在費率方面正在做什麼，以及你們如何從競爭角度思考這件事？我記得上季你們提到，隨著費率調整，你們每張保單的平均保費可能在第一季小幅下降，但之後在今年剩餘時間會回到正常水準。現在仍是如此嗎？另外能否請你們更新一下，如何看待你們整體保單組合的費率充足性？

Yeah, thanks, Tommy. First, I want to just remind everybody, we do not price to try to hit growth targets. We do not price to try to hit a calendar period loss ratio or combined ratio to target. We price to optimize the lifetime value of the customer. And in doing that, that's how we always sort of optimize our net present value.

是的，謝謝你，Tommy。首先，我想提醒大家，我們定價不是為了達成成長目標。我們定價也不是為了達成某個日曆期間的損失率或綜合率目標。我們定價是為了最佳化客戶的終身價值（LTV）。而透過這樣做，這就是我們一貫用來最佳化我們淨現值的方式。

In the quarter, we did improve pricing. We actually improved the LTV of our customers by roughly 15%. A lot of that was through some of the independent agency channel updates that we had, as well as with returning customers.

在本季，我們確實改善了定價。我們實際上將客戶的LTV提升了約15%。其中很大一部分來自我們對獨立代理通路所做的一些更新，以及回流客戶的貢獻。

What I think you and have seen in our numbers is that as we've improved segmentation, there has been a bit of a mix shift to some lower premium segments that we've identified that are really good risks, and you can see that because although these average premiums decreased, our loss ratio was still rock solid, which is really proof of the power of the model.

我想你以及大家從我們的數字中看到的是，隨著我們改善分群，組合確實有些轉向我們所辨識出的較低保費區隔；這些其實是非常好的風險。你可以從結果看出來：雖然平均保費下降，但我們的損失率仍然非常穩健，這正好證明了模型的威力。

As we look forward, I think you might see from some of those improvements in segmentation that we shipped this quarter, you might see some mild decreases in average premiums continue as we continue to unlock more affordable insurance for a lot of our customers, but it shouldn't be anything massive or material.

展望未來，我認為你可能會從我們本季推出的一些分群改善中看到，隨著我們持續為許多客戶解鎖更可負擔的保險，平均保費可能還會有些溫和下降，但不會是任何巨大或重大的變動。

Got it. Thanks. And then switching over to your appetite for direct channel, it seems that the sales and marketing expense in the first quarter was a bit less than we expected. And it sounded like some of your commentary pointed to expectations for the challenging growth environment to persist for the remainder of the year. Do you have an expectation for how much you'd expect to spend on a direct marketing channel in the coming quarters as we think about modeling?

了解。謝謝。接著切換到你們對直營通路的投入意願，看起來第一季的銷售與行銷費用比我們預期的少一些。而且聽起來你們的一些評論指出，具挑戰性的成長環境可能會在今年剩餘時間持續。就建模而言，你們對未來幾季在直效行銷通路上的支出金額，有沒有什麼預期？

Yeah. I mean, first, we grew PIF 9% in the quarter and our partnerships channel grew 30% year over year and so that was actually despite what was a very difficult macro backdrop and challenging growth environment, and we are -- we saw that environment actually intensify throughout the quarter. And so we were fine being patient and not deploying as much capital as we would have otherwise, knowing that the returns probably weren't there. And so that's what also why you saw us be very profitable in the quarter, one of the reasons you saw us be very profitable in the quarter, and we think that's really disciplined.

是的。我的意思是，首先，我們本季PIF成長了9%，而我們的合作夥伴通路年增30%，這其實是在非常艱難的總體背景與具挑戰性的成長環境之下達成的，而且我們——我們看到那樣的環境在整個季度中其實還在加劇。因此我們可以耐心一些，不像原本可能會做的那樣投入那麼多資本，因為我們知道報酬率可能不到位。所以這也是為什麼你看到我們本季非常獲利——這是你看到我們本季非常獲利的原因之一——我們認為這是非常有紀律的做法。

We aren't expecting the macroenvironment to totally change quickly here. And so I think you can probably expect more of what you saw in Q1 for now. But long term, we've seen these cycles happen before, we know how to manage the cycles and we think our technology can also respond very quickly if that cycle changes. And so you should expect, if the competitive environment does change, for us to change very aggressively and quickly into a growth position. As well as we're continuing to appoint new independent agents, we're continuing to add partners to our platform, we're continuing to refine pricing, and we're continuing to expand nationwide. So there's also some really nice long-term growth opportunities that we're pursuing regardless of the macro backdrop.

我們不預期總體環境會在短期內完全快速改變。所以我想你現在大概可以預期會更接近你在第一季看到的情況。但長期來看，我們以前也看過這些循環，我們知道如何管理循環，而且我們也認為，如果循環改變，我們的技術能非常快速地做出反應。因此你應該預期，如果競爭環境確實改變，我們會非常積極且迅速地轉向成長姿態。同時，我們也持續委任新的獨立代理人、持續把新的合作夥伴加入我們的平台、持續精進定價，並持續擴展到全國。所以不論總體背景如何，我們也在追求一些非常不錯的長期成長機會。

Yeah. And Tommy, if I could just layer on in terms of expectations on spend, just to reiterate what Alex mentioned, as it relates in particular to the direct channel, our focus is going to remain on meeting our return thresholds and really leveraging our direct marketing machine to make quick and distinct decisions as the environment evolves. I mean, I think that that's a really significant differentiator for us. So we'll continue to invest in direct marketing as long as we're meeting our return hurdles across our distribution channels.

是的。Tommy，如果我可以再補充一下關於支出預期的部分，重申Alex提到的，特別是就直營通路而言，我們的重點會持續放在達成我們的報酬門檻，並真正運用我們的直效行銷機器，隨著環境演變做出快速且明確的決策。我的意思是，我認為這對我們來說是非常重要的差異化。因此，只要我們在各個分銷通路都能達到我們的報酬門檻，我們就會持續投資直效行銷。

A couple of other things to note, we continue to be very excited by our partnership and independent agent channels. You can expect that we'll continue to spend through the other insurance or other insurance expense line item as we continue to expand our partnerships and independent agent footprint.

另外還有幾點要注意：我們仍然對合作夥伴與獨立代理通路感到非常振奮。隨著我們持續擴大合作夥伴與獨立代理的布局，你可以預期我們會持續透過「其他保險」或「其他保險費用」這個科目來投入支出。

And then also, we are continuing to invest in many of the direct R&D channels. You saw that from us in 2025. And we'll continue to invest in many of these mid to upper funnel channels that we're not in today.

另外，我們也持續投資於多個直營的研發（R&D）通路。你在2025年已經看到我們這麼做。而且我們會持續投資於許多我們目前尚未涉足的中到上層漏斗通路。

Thank you.

謝謝。

Andrew Andersen, Jefferies LLC.

Andrew Andersen，Jefferies LLC。

Hey, good afternoon. Given commentary for a challenging growth environment and recognizing the 1Q comp was more challenging, how should we think about PIF growth trending relative to guidance you had given last quarter of full-year PIF acceleration?

嗨，下午好。考量到你們對具挑戰性的成長環境的評論，並且認知到第一季的比較基期更具挑戰性，我們應該如何看待PIF成長相對於你們上季所給的「全年PIF加速」指引的走勢？

Yeah, if the environment stays currently where it is, our expectations are probably something similar to what you saw in Q1. Again, we're really well-positioned to pivot and to push direct growth if we see that as prudent in that quarter. And we have those other growth engines that are outside of direct, whether it's independent agents, partnerships, or it continuing to expand nationally.

是的，如果環境維持在目前的狀態，我們的預期大概會與你在第一季看到的情況相近。再次強調，如果我們在該季度認為這樣做是審慎的，我們其實處於非常有利的位置，可以轉向並推動直營成長。而且我們也有其他不依賴直營的成長引擎，不論是獨立代理、合作夥伴，或是持續在全國擴張。

Got it. And if PIF growth sees some moderation here well or premium growth sees some moderation while PIF does continue to expand. How do you think about the OpEx leverage specifically on G&A and tech spend, so not looking at the marketing and other expense line item?

了解。如果PIF成長在這裡出現一些放緩，或者在PIF仍持續擴張的同時，保費成長出現一些放緩。你們如何看待營業費用（OpEx）的槓桿效應，特別是一般及行政（G&A）與技術支出——也就是不看行銷與其他費用那一項？

Yeah. Andrew, good question. As we think about OpEx leverage for the rest of the year outside of our acquisition investments, we expect that that will remain relatively stable as a percentage of gross earned premium. So that's been around 10% to 11% of gross earned premium.

是的。Andrew，問得好。就今年剩餘時間、在我們的獲客投資之外來看營業費用槓桿，我們預期其占毛已賺保費的比例會維持相對穩定。因此大約會在毛已賺保費的10%到11%左右。

Most of our fixed expense run through that tech and dev and G&A line item, and we expect that as a percentage of premium that that's going to remain stable throughout the rest of the year.

我們大部分的固定費用都列在技術與開發以及G&A這兩個科目中，我們預期其占保費的比例在今年剩餘時間會保持穩定。

Thank you.

謝謝。

Andrew Kligerman, TD Securities.

Andrew Kligerman，TD Securities。

Yes, thank you, and good evening. My first question is around the gross accident period loss ratio and the gross loss ratio, with gross accident being 58.8, the gross loss ratio at 54.5. So that's about 4.3 points of favorable development. And I'm curious as to where you're seeing that from, what accident years, any color you could share would be great on that.

是的，謝謝，晚安。我的第一個問題是關於毛事故期間損失率（gross accident period loss ratio）與毛損失率（gross loss ratio）：毛事故期間為58.8，毛損失率為54.5，所以大約有4.3個點的有利發展。我很好奇你們是從哪裡看到這個變化、是哪些事故年度（accident years），如果你能分享一些細節會很有幫助。

Hey, Andrew, I can add some color to that. So firstly, I'll just say, our reserves have been very stable over the past few years. On a quarter-over-quarter basis, over the last few years, we continue to have confidence in our loss reserve estimates. The book overall is relatively short-tailed, and it is important to highlight that we do perform a full month -- a full reserve analysis on a monthly basis, so you're not seeing a lag when we're recording reserves on a quarterly basis. It's all as of the current period.

嗨，Andrew，我可以補充一些說明。首先我想說，我們的準備金在過去幾年一直非常穩定。以過去幾年逐季來看，我們持續對我們的損失準備金估計有信心。整體保單組合的尾端相對較短（short-tailed），而且需要強調的是，我們每個月都會做一次完整的——完整的準備金分析，所以你看到的並不是因為我們按季入帳準備金而產生的落後。一切都是以當期為準。

But to more specifically answer your question, the prior period development that we saw in Q1, around 2.5 points of that was related to the accident year 2025, and that was really spread across most of our major coverages, so bodily injury, collision, comp, and PD.

但更具體地回答你的問題，我們在第一季看到的前期發展（prior period development）中，約有2.5個點與2025事故年度相關，而且這其實分布在我們大多數主要險種上，包括人身傷害（bodily injury）、碰撞（collision）、綜合險（comp）以及財損（PD）。

We also had an additional about 1.5 points of prior period favorable development that was related to additional subrogation opportunities that we actually identified through model enhancements in the quarter. And so that.

我們也有額外約 1.5 個點的前期有利發展，這與我們在本季度透過模型強化實際辨識出的額外代位求償機會有關。所以就這樣。

From a combination of 2025 accident periods flowing through in Q1 of 2026, as well as a small amount of additional subrogation opportunities, that's going to really bridge your gross accident period and your gross loss ratio in the quarter. But overall, I think our volatility has been minimal overall.

由於 2025 事故期間在 2026 年第一季的流入，以及少量額外的代位求償機會相結合，這將真正銜接你們本季的毛事故期間與毛損失率。但整體而言，我認為我們的波動性整體一直都很小。

That's really terrific. As I think about it, too, even if I were to use the accident period loss ratio of 58.8, Root targets, I think, 60 to 65, and you're looking toward a combined ratio in order to just kind of build a book. You're willing to go in that 60 to 65 zone. I would even think you might even go a little bit higher and hit a combined of about 99 or 100. It's been really good. So is this a sign that maybe Root would want to lean in a little more? I know the prior question you answered that PIF growth would remain the same, but given these metrics that we're seeing, why wouldn't you just lean in a little bit more?

那真的很棒。我也在想，即使我用事故期間損失率 58.8，Root 的目標我記得是 60 到 65，而你們是以綜合率來看，算是為了建立保單組合。你們願意落在 60 到 65 的區間。我甚至會覺得你們可能還會願意再高一點，讓綜合率達到大約 99 或 100。表現真的很好。所以這是否代表 Root 可能想要再更積極一些？我知道你剛才回答前一個問題時說 PIF 成長會維持不變，但以我們看到的這些指標來看，為什麼不再更積極一點？

Yeah, I think that's a great question. When we make decisions based on whether it's pricing or deploying our capital, we're always looking at the value of a customer and optimizing that value and so and making sure that we're not deploying capital at a rate that is lower than our cost of capital.

是的，我覺得這是個很好的問題。當我們做決策時，不論是定價或是部署資本，我們一直都在看客戶價值並最佳化該價值，同時確保我們部署資本的報酬率不會低於我們的資本成本。

And so we really study incrementality. And that's why, and by the way, we've instrumented this directly into our system. And so we are very good at predicting lifetime value of customers, retention of customers, how they will behave throughout their lifetime. And we're very good then at optimizing how we actually achieve our target returns.

因此我們會非常深入研究「增量效益」。順帶一提，我們已把這套機制直接植入我們的系統。所以我們非常擅長預測客戶的終身價值、客戶留存，以及他們在整個生命周期中的行為。接著我們也很擅長最佳化我們實際達成目標報酬的方式。

So we don't set our loss ratio targets based on trying to hit a calendar period combined ratio or loss ratio because you can leave a lot of money on the table or make the wrong business decisions that way for investors in the long-term. And so what we do is we stay very committed to our framework and our philosophy of making sure that we're constantly looking to optimize basically the net present value of the business, and that's how we operate.

因此，我們不會以「想達到某個日曆期間的綜合率或損失率」來設定損失率目標，因為那樣可能會讓你把很多錢留在桌上，或對長期投資人做出錯誤的經營決策。所以我們的做法是非常堅持我們的框架與理念，確保我們持續在最佳化業務的淨現值（NPV），這就是我們的運作方式。

So sometimes that leads to some periods, like you saw in Q1, where we are very profitable and some periods where we grow very, very fast. And although that might fluctuate quarter to quarter, what we believe is continuing to manage the business according to that really principled economic approach and foundation and fundamentals, you end up building a much stronger business long term. And this is enforced culturally here. This is embedded directly into our system, so it's automated. These beliefs are automated at this point to a large degree in how we operate. And so that's really important for us.

所以有時候會導致某些期間（像你在第一季看到的）我們非常獲利，而有些期間我們成長非常、非常快。雖然這可能會在季度之間波動，但我們相信，持續以那種有原則的經濟方法、基礎與基本面來管理公司，長期下來會建立一個更強健的企業。這在這裡是以文化方式被落實的。這也直接嵌入我們的系統，因此是自動化的。到目前為止，這些信念在我們的運作方式中很大程度上已被自動化。所以這對我們非常重要。

And so you won't see us say, well, we could hit a higher combined ratio, let's go lower rates. We just don't think that way.

因此你不會看到我們說：「我們可以承受更高的綜合率，那就把費率降下來吧。」我們不會用這種方式思考。

Yeah. And Andrew, if I could layer on, too, and you've seen this from us historically as well, but there is a bit of seasonality, favorability in the Q1 loss ratio. So Q1 typically is our lowest loss ratio from a seasonality perspective, and this quarter was certainly no exception to that trend.

是的。Andrew，如果我也補充一下，你也從我們過去的表現看得出來，第一季的損失率確實有一些季節性帶來的有利因素。所以從季節性角度來看，第一季通常是我們損失率最低的季度，而本季當然也不例外，符合這個趨勢。

When we think about our loss ratio targets between 60% and 65%, we do expect that our accident period loss ratios will remain within that target as we persist throughout the rest of the year, even with modest seasonal and macro pressure.

當我們談到 60% 到 65% 的損失率目標時，我們確實預期，隨著今年其餘時間的推進，即使面臨溫和的季節性與總體壓力，我們的事故期間損失率仍會維持在該目標區間內。

So as a reminder, in Q4, loss ratios tend to have the highest level of seasonality impacts, and that's largely driven by animal collisions. And so we would expect that Q4 is typically at the top end of that 60% to 65% range, whereas in Q2 and in Q3, the seasonal patterns are typically more in that 60% to 62% range.

提醒一下，第四季的損失率通常受到季節性影響最大，這主要是由動物碰撞所驅動。因此我們預期第四季通常會落在 60% 到 65% 區間的上緣；而在第二季與第三季，季節性型態通常更接近 60% 到 62% 的區間。

Got it. Safer time for the animals, another good quarter for a Root. Thank you.

了解。對動物來說更安全的時期，對 Root 來說又是一個好季度。謝謝。

Elyse Greenspan, Wells Fargo.

Wells Fargo 的 Elyse Greenspan。

Hi, thanks. Good evening. I guess one question, just following up on, I guess this goes back to loss ratios a little bit, right? We're starting to think about higher gas prices and then there potentially could also be supply chains impact right from what's going on in Iran. So I was just wondering, as you guys think about these factors, what are you thinking could potentially happen to frequency and severity from here? And are you assuming any impacts when you say you'll stay in kind of the 60% to 65% range this year, the low end in the second and third quarters.

嗨，謝謝。晚安。我想問一個問題，算是延續剛才的討論，可能又回到損失率一點，對吧？我們開始在想油價上漲，然後也可能會有供應鏈的影響，因為伊朗那邊正在發生的事情。所以我想請問，當你們考量這些因素時，你們認為接下來出險頻率與損失嚴重度可能會發生什麼變化？以及當你們說今年會維持在 60% 到 65% 的區間、第二與第三季在低端時，你們是否有把任何影響納入假設？

Yeah, so that's a great question, Elyse. Right now, we have not seen -- we have seen mileage slightly down, not massively down. However, we have not seen frequency drop tremendously. So a lot of those miles are discretionary miles that consumers are driving that are generally low-frequency miles in the first place. And so we certainly haven't seen that sort of impact the numbers immediately. And it's the same thing with inflation.

是的，Elyse，這確實是個很好的問題。目前我們尚未看到——我們確實看到行駛里程略有下降，但不是大幅下降。不過，我們沒有看到出險頻率大幅下滑。所以很多減少的里程是消費者的非必要行駛，而這些里程本來就是低頻率里程。因此我們當然沒有看到那種情況立即對數字造成影響。通膨也是同樣的情況。

We think that we are in a reasonable low-single-digit type trend environment right now, and we're watching that every day. We're always measuring it. We have a lot of cutting-edge claims models that look at that actually on a daily basis to try to predict exactly what we think is happening in the market so that we are very well-positioned if trend does change to quickly detect it and then quickly take rate through a lot of our automated actuarial systems. And so we're always looking at that data.

我們認為目前處在一個合理的、低個位數的趨勢環境，我們每天都在觀察。我們一直在衡量。我們有很多前沿的理賠模型，會以每日為基礎實際觀察這些變化，試圖精準預測我們認為市場正在發生什麼，讓我們在趨勢一旦改變時能處於非常有利的位置，快速偵測，並透過大量自動化的精算系統迅速調整費率。所以我們一直在看這些數據。

And so right now, our expectation and when we talk about our loss ratio expectations, they do include our expectation of the macro as well.

因此目前，我們在談損失率展望時，也已把我們對總體環境的預期納入其中。

Thanks. And then I know you guys highlighted that the direct environment competition there got more difficult during the quarter. As we just think about, it seems like in the market today, most players at target margins and a lot less rate taking, if anything, negative rates across the personal auto industry. As you guys, with that backdrop, I guess, would your assumption be, I guess, that competition on the direct side just continues to intensify from here when we think about the rest of 2026?

謝謝。另外我知道你們提到，本季直銷（direct）環境的競爭變得更困難。如果我們看現在的市場，似乎大多數業者都在目標利潤率附近，而且調升費率的情況少很多；若有的話，整個個人車險產業甚至出現負費率調整。在這樣的背景下，你們的假設會是——在我們看 2026 年剩餘時間時——直銷端的競爭會從這裡開始持續加劇嗎？

It's certainly a macro prediction, so take it for what it's worth, but we're not predicting that the soft market or that a lot of the irrationality of massively increasing marketing budgets with limited incremental growth, that that necessarily goes away at our competitors overnight. And so we're always monitoring it, you never know when it's going to change. But right now, our base case is that it stays roughly where it is or maybe gets a little bit hotter as those margins stay where they are until and maybe rates come down a little bit as well and that's what we're prepared for.

這當然屬於總體層面的預測，所以就當作參考，但我們並不預期軟市或那種「大幅增加行銷預算、但增量成長有限」的不理性行為，會在競爭對手那邊一夕之間消失。因此我們一直在監測，你永遠不知道它什麼時候會改變。但目前我們的基本情境是，它大致維持在現有水準，或在利潤率維持現狀的情況下可能會再熱一點；同時費率也可能會再下來一些，而這就是我們所做的準備。

But again, we're not guessing because we're measuring it every day, and thanks to our technology, we can actually just react to it every day. And so we don't really guess a lot, we just measure it.

不過再說一次，我們不是在猜測，因為我們每天都在衡量，而且多虧了我們的技術，我們其實可以每天就此做出反應。所以我們不太需要猜，我們只是去衡量。

And then you guys put in place, right, a $75 million repurchase program. Is the expectation that you guys will start buying back your shares or is this just to give you flexibility at some point if you decide you want to?

接著你們也推出了，對吧，一項7,500萬美元的庫藏股回購計畫。市場的預期是你們會開始回購自家股票，還是這只是為了在你們決定想做的時候，提供某種彈性？

Thanks, Elyse. It's a great question. And before I answer that question, I think I'd be remiss not to just highlight that we're incredibly pleased with the new debt structure with Huntington. Huntington has been a long-standing banking partner for us, and we're really thrilled to continue this partnership with them in this manner.

謝謝你，Elyse。這是個很好的問題。在我回答之前，如果我不先強調一下我們對與Huntington的新債務結構感到非常滿意，那就說不過去了。Huntington一直是我們長期的銀行合作夥伴，我們也非常高興能以這種方式延續與他們的合作關係。

The refinancing of that debt is beneficial in a couple of ways. One, we're unlocking significant interest expense savings for the company. And then two, the new facility gives us the optionality as it relates to deploying capital or deploying excess capital.

這筆債務的再融資在幾個方面都有好處。第一，我們為公司釋放了可觀的利息費用節省。第二，新的融資安排讓我們在資本部署或超額資本部署方面擁有更多選擇權。

So you hear Alex and I say it consistently, our objective here is really to maximize the long-term value of the company, and we believe we can do that through disciplined and dynamic capital allocation based on relative return.

所以你會一再聽到Alex和我說，我們在這裡的目標確實是最大化公司的長期價值，而我們相信可以透過以相對報酬為基礎、審慎且動態的資本配置來做到這一點。

So one thing I just want to reiterate is that we are continuing to invest in organic growth and continuing to invest in our technology and our product innovation in the business. These are really non-negotiables for us, and we're going to continue investing here.

我想重申的一點是，我們會持續投資於內生成長，並持續投資於我們的技術與產品創新。這些對我們而言是不可妥協的，我們會繼續在這些方面投入。

As it relates to the $75 million share repurchase authorizations, a couple of things to really keep in mind. One, it comes down to the flexibility that we now have with our new debt facility. Secondly, we have a really strong excess capital position. And then third, we've got confidence in the long-term opportunities in the business, and we now have the flexibility to repurchase our stock when we believe that it's trading at a discount relative to our intrinsic value. And we believe this is a great and indirect way to return capital to shareholders.

至於7,500萬美元的股票回購授權，有幾點需要特別記住。第一，這取決於我們在新債務融資安排下如今擁有的彈性。第二，我們有非常強勁的超額資本部位。第三，我們對業務的長期機會有信心，而現在也具備在我們認為股價相對於內在價值存在折價時回購股票的彈性。我們相信這是一種很好的、且間接的回饋股東資本的方式。

So in terms of the mechanisms that we'll use, like many of our investments, will be opportunistic in our approach to share repurchases. And again, I just want to reiterate that we're going to continue to invest in the business at the same time that we plan deploy capital for share repurchases. We've got confidence that we can do both, and we've got the flexibility now under our new capital stack.

至於我們會採用的機制，和我們許多投資一樣，我們在股票回購上會採取機會導向的方式。另外我也想再次強調，我們在規劃部署資本進行股票回購的同時，也會持續投資於業務。我們有信心兩者都能做到，而且在新的資本結構下，我們現在也具備這樣的彈性。

Thank you.

謝謝。

Brian Meredith, UBS.

UBS的Brian Meredith。

Hi, thank you, and good evening. This is actually (inaudible) on behalf of Brian. My question is related to the investment space. If I remember correctly, last quarter, you said that we would eventually see that income lower in the '26 full year, but this quarter was actually pretty strong at $36 million. So my question is, is there any implied acceleration in the investment space going forward related to new channels, technology, and R&D?

嗨，謝謝，晚安。我其實是（聽不清）代表Brian提問。我的問題與投資面向有關。如果我沒記錯，上季你們提到我們最終會在2026全年看到那項收入降低，但本季其實相當強勁，達到3,600萬美元。所以我的問題是，未來在投資面向是否隱含任何加速，與新通路、技術以及研發相關？

Yeah, great question. Just to start off, I mean, and you mentioned this in your question, but given the record net income that we posted in Q1, as we sit here today, we do expect to deliver more net income in 2026 than we did in 2025. And that really just comes down to the strength of our model and our agility and opportunity to move quickly as it relates to direct marketing investment.

是的，很好的問題。先從一點開始——你在問題中也提到了——鑑於我們在第一季創下的淨利新高，以我們目前的狀況來看，我們確實預期2026年的淨利會高於2025年。這主要歸因於我們模型的強韌性、我們的敏捷性，以及在直接行銷投資方面能夠快速調整的機會。

So with the intensity that we've seen in the competitive environment, you did see us scale back on direct marketing expense in March, which we believe is the right decision for the business long term. So we're going to continue to be opportunistic in terms of how much investment we deploy throughout the remainder of the year.

因此，面對我們在競爭環境中看到的激烈程度，你確實看到我們在3月縮減了直接行銷費用，我們認為這對企業的長期發展是正確的決策。所以在今年剩餘期間，我們會持續以機會導向的方式來決定要部署多少投資。

So really the way I think about acquisition expenses, it's really variable and based on the returns that we see in the direct. But we are going to continue to invest in R&D direct marketing, and we're really excited to continue growing our partnership in independent agent channels, so you will expect to see other insurance expense increase throughout the back half of the year.

所以我看待獲客費用的方式是：它高度可變，並取決於我們在直接通路看到的報酬。但我們會持續投資於研發與直接行銷，而且我們也很期待持續擴大在獨立代理人通路的合作，因此你可以預期今年下半年其他保險費用會增加。

And then earlier, I mentioned some of the seasonality trends on loss ratio. So again, keep in mind, Q1 is our strongest loss ratio quarter from a seasonality perspective. We do expect that loss ratios will increase mildly throughout the rest of the year, but still remain within our long-term target of 60% to 65%.

另外，先前我也提到一些損失率的季節性趨勢。所以再次提醒，從季節性角度來看，第一季是我們損失率表現最強的一季。我們預期損失率在今年其餘時間會小幅上升，但仍會維持在我們60%到65%的長期目標區間內。

So all that to say, if the environment persists, we definitely expect that 2026 net income will be stronger than what you saw in 2025.

綜合來說，如果這樣的環境持續，我們確實預期2026年的淨利會比你在2025年看到的更強。

That's helpful. Thank you. And my follow-up question is actually related to the sales and marketing expense line. So this quarter was lower year over year and also quarter over quarter. I think you've kind of responded to that, but how should we think about sales and marketing going forward? I guess more back-ended loaded?

這很有幫助。謝謝。我的追問其實與銷售與行銷費用這一行有關。本季不論年比或季比都更低。我想你已經某種程度回應了，但我們應該如何看待未來的銷售與行銷支出？我猜會比較偏向下半年？

Yes, so as we think about sales and marketing, it really comes down to the competitive environment. And as I mentioned, we're going to remain very opportunistic in that channel. We're only going to spend to the extent that we're hitting our return targets. So if the environment is irrational, then you're going to see us be patient and not lean in to spend in a given quarter.

是的，當我們思考銷售與行銷時，核心還是取決於競爭環境。如我所提，我們會在該通路保持非常機會導向。我們只會在達成報酬目標的範圍內投入。所以如果環境是不理性的，那你會看到我們保持耐心，在某一季不會加大支出。

Does that answer your question, Brian?

Brian，這有回答到你的問題嗎？

Yes, thank you.

有，謝謝。

Ladies and gentlemen, that was the last question for today. The conference call of Root, Inc., has now concluded. Thank you for your participation. You may now disconnect your lines.

各位女士先生，以上是今天最後一個提問。Root, Inc.的電話會議到此結束。感謝各位的參與。您現在可以掛斷電話線。