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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Revenues:        
Premiums earned, net (Net of ceded premiums of $120 and $126 for the three months ended September 30, 2021 and 2020, respectively; net of ceded premiums of $370 and $383 for the nine months ended September 30, 2021 and 2020, respectively) $ 203,657 $ 167,075 $ 598,390 $ 501,100
Direct Contracting revenue 222,647 0 439,020 0
Other income 859 1,994 2,550 5,555
Total revenues 427,163 169,069 1,039,960 506,655
Operating expenses:        
Net medical claims incurred 436,422 144,846 1,109,375 410,540
Salaries and benefits 73,364 16,628 201,555 57,339
General and administrative expenses 45,749 29,847 129,983 79,798
Premium deficiency reserve expense (benefit) 20,761 (772) 48,661 (16,357)
Depreciation and amortization 120 138 398 413
Other expense 0 0 191 0
Total operating expenses 576,416 190,687 1,490,163 531,733
Loss from operations (149,253) (21,618) (450,203) (25,078)
Change in fair value of warrants payable (115,152) 20,029 (66,146) 31,903
Interest expense 413 9,268 2,817 25,560
Amortization of notes and securities discounts 13 4,408 13,681 14,935
Gain on derivative 0 (68,081) 0 (87,475)
Net (loss) income $ (34,527) $ 12,758 $ (400,555) $ (10,001)
Per share data:        
Net (loss) income per share attributable to common stockholders - basic (in dollars per share) [1] $ (0.08) $ 0.06 $ (0.98) $ (0.11)
Net (loss) income per share attributable to common stockholders - diluted (in dollars per share) [1] $ (0.08) $ 0.02 $ (0.98) $ (0.11)
Weighted average number of common shares outstanding        
Basic weighted average number of common shares and common shares equivalents outstanding (in shares) [1] 414,572,706 88,863,244 410,417,493 88,616,116
Diluted weighted average number of common shares and common shares equivalents outstanding (in shares) [1] 414,572,706 248,133,335 410,417,493 88,616,116
Unrealized (loss) gain on available-for-sale investments $ (197) $ (611) $ (620) $ 718
Comprehensive (loss) income $ (34,724) $ 12,147 $ (401,175) $ (9,283)
[1] 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 additional information. Because the Corporation had a net loss during the three and nine months ended September 30, 2021, and a net loss during the nine months ended September 30, 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.