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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Revenues:    
Premiums earned, net (Net of ceded premiums of $124 and $129 for the three months ended March 31, 2021 and 2020, respectively) $ 199,376 $ 163,710
Other income [1] 949 1,795
Total revenues 200,325 165,505
Operating expenses:    
Net medical claims incurred 214,432 146,328
Salaries and benefits 66,024 21,484
General and administrative expenses 38,606 28,483
Premium deficiency reserve benefit 0 (4,282)
Depreciation and amortization 160 122
Other expense 191 0
Total operating expenses 319,413 192,135
Loss from operations (119,088) (26,630)
Change in fair value of warrants payable (85,506) 2,237
Interest expense 1,175 7,815
Amortization of notes and securities discounts 13,660 5,712
Gain on derivative 0 (14,232)
Net loss $ (48,417) $ (28,162)
Per share data:    
Net loss per share attributable to common stockholders basic and diluted [2] $ (0.13) $ (0.32)
Weighted average number of common shares outstanding    
Basic and diluted weighted average number of common shares and common share equivalents outstanding [2] 376,170,545 88,330,996
Unrealized (gain) loss on available-for-sale investment $ (493) $ 1,723
Comprehensive loss $ (48,910) $ (26,439)
[1] In the first quarter of 2021, other income and investment income, net, were combined into a single line item for other income. Prior period balances have been revised to conform to the current period presentation.
[2] Prior period results have been adjusted to reflect the exchange of Legacy Clover's common stock for Clover Class B Common Stock at an exchange ratio of approximately 2.0681 in January 2021 as a result of the Business Combination. See Note 3, "Business combination," for details. Because the Corporation had a net loss in the three months ended March 31, 2021 and 2020, the Corporation’s potentially dilutive securities, which include stock options, restricted stock, preferred stock and warrants to purchase shares of common stock and preferred stock, have been excluded from the computation of diluted net loss per share, as the effect would be anti-dilutive. Therefore, the weighted-average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders for these periods is the same.