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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities:    
Net Loss $ (169,461) $ (180,629)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 9,891 13,041
Impairment of intangible assets 0 6,720
Share-based compensation 33,320 32,921
Deferred income taxes 436 717
Unrealized loss on equity securities 0 40,968
Other, net (2,807) 2,378
Changes in assets and liabilities, net of acquired assets and liabilities:    
Accounts receivable (43,409) (29,221)
ACO REACH performance year receivable (783,703) (638,641)
Other assets 22,448 (22,270)
Medical cost payable (423,459) 337,180
Risk adjustment payable 4,153 354,276
Accounts payable and other liabilities (119,416) 52,182
Unearned revenue 137,563 (18,402)
ACO REACH performance year obligation 719,420 533,537
Net cash (used in) provided by operating activities (615,024) 484,757
Cash flows from investing activities:    
Purchases of investments (2,880) (782,091)
Proceeds from sales, paydown, and maturities of investments 690,161 154,765
Purchases of property and equipment (1,863) (5,491)
Business divestitures, net of cash disposed of 1,370 0
Business acquisitions, net of cash acquired 0 (310)
Net cash provided by (used in) investing activities 686,788 (633,127)
Cash flows from financing activities:    
Repayments of short-term borrowings 0 (155,000)
Proceeds from issuance of preferred stock 0 747,481
Proceeds from issuance of common stock 1 257
Distributions to noncontrolling interest holders (1,805) 0
Net cash (used in) provided by financing activities (1,804) 592,738
Net increase in cash and cash equivalents 69,960 444,368
Cash and cash equivalents – beginning of year 1,932,290 1,061,179
Cash and cash equivalents – end of period 2,002,250 1,505,547
Supplemental disclosures of cash flow information:    
Changes in unrealized loss on available-for-sale securities in OCI 2,193 (26,340)
Cash paid for interest $ 7,157 $ 1,168