Operating Segments (Tables)

9 Months Ended

Sep. 30, 2021

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The table below summarizes the Corporation’s results by operating segment:

	Medicare Advantage		Direct Contracting		Corporate/Other		Eliminations		Consolidated Total
Three Months Ended September 30, 2021	(in thousands)
Premiums earned, net (Net of ceded premiums of $120)	$	203,657	$	—	$	—	$	—	$	203,657
Direct Contracting revenue	—		222,647		—		—		222,647
Other income	80		—		24,967		(24,188)		859
Intersegment revenues	—		—		9,375		(9,375)		—
Net medical claims incurred	208,661		228,060		2,253		(2,552)		436,422
Gross (loss) profit	$	(4,924)	$	(5,413)	$	32,089	$	(31,011)	$	(9,259)
Total assets	$	347,535	$	260,142	$	887,089	$	(542,288)	$	952,478
	Medicare Advantage		Direct Contracting		Corporate/Other		Eliminations		Consolidated Total
Nine Months Ended September 30, 2021	(in thousands)
Premiums earned, net (Net of ceded premiums of $370)	$	598,390	$	—	$	—	$	—	$	598,390
Direct Contracting revenue	—		439,020		—		—		439,020
Other income	108		—		66,990		(64,548)		2,550
Intersegment revenues	—		—		33,130		(33,130)		—
Net medical claims incurred	640,624		469,972		5,273		(6,494)		1,109,375
Gross (loss) profit	$	(42,126)	$	(30,952)	$	94,847	$	(91,184)	$	(69,415)
Total assets	$	347,535	$	260,142	$	887,089	$	(542,288)	$	952,478

Reconciliation of Revenue from Segments to Consolidated

A reconciliation of the reportable segments’ gross loss to the net loss included in the Condensed Consolidated Statements of Operations and Comprehensive Loss for the three and nine months ended September 30, 2021, is as follows:

	Three Months Ended September 30, 2021		Nine Months Ended September 30, 2021
	(in thousands)
Gross loss	$	(9,259)	$	(69,415)
Salaries and benefits	73,364		201,555
General and administrative expenses	45,749		129,983
Premium deficiency reserve (benefit)	20,761		48,661
Depreciation and amortization	120		398
Other expense	—		191
Change in fair value of warrants payable	(115,152)		(66,146)
Interest expense	413		2,817
Amortization of notes and securities discounts	13		13,681
Net loss	$	(34,527)	$	(400,555)