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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities:    
Net loss $ (400,555) $ (10,001)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization expense 398 413
Amortization of notes and securities discounts and debt issuance costs 13,681 14,935
Stock-based compensation expense 132,542 4,949
Paid-in-kind interest 0 18,769
Change in fair value of warrants payable and amortization of warrants (66,146) 31,903
Change in derivative liabilities 0 (87,475)
Accretion, net of amortization 142 (307)
Net realized gains (losses) on available-for-sale securities 52 (421)
Changes in operating assets and liabilities:    
Accrued retrospective premiums 4,645 (14,653)
Other receivables (9,759) (9,838)
Reinsurance recoverable 0 376
Performance year receivable (220,738) 0
Surety bonds and deposits (13,165) 0
Prepaid expenses (4,347) (6,296)
Other assets (10,261) 496
Healthcare receivables 4,089 (8,506)
Operating lease right-of-use assets 2,636 2,437
Unpaid claims 36,234 15,729
Accounts payable and accrued expenses 1,386 5,937
Accrued salaries and benefits 9,458 662
Premium deficiency reserve 48,661 (16,356)
Other liabilities 27,477 1,414
Performance year obligation 244,599 0
Operating lease liabilities (3,179) (2,761)
Net cash used in operating activities (202,150) (58,594)
Cash flows from investing activities:    
Purchases of short-term investments and available-for-sale securities (705,598) (152,248)
Proceeds from sales of short-term investments and available-for-sale securities 126,862 166,024
Proceeds from maturities of short-term investments and available-for-sale securities 250,265 56,701
Purchases of property and equipment (485) (630)
Net cash (used in) provided by investing activities (328,956) 69,847
Cash flows from financing activities:    
Proceeds from issuance of convertible notes 0 20,000
Deferred financing costs 0 (108)
Payment of notes payable principal (30,925) (13,868)
Issuance of common stock, net of early exercise liability 5,547 954
Proceeds from reverse recapitalization, net of transaction costs 666,242 0
Proceeds received for the exercise of Public and Private Warrants 390 0
Payment for the redemptions of Public Warrants (85) 0
Treasury stock acquired (147) 0
Acquisition of noncontrolling interest 0 3,903
Net cash provided by financing activities 641,022 10,881
Net increase in cash and cash equivalents 109,916 22,134
Cash and cash equivalents, beginning of period 92,348 67,598
Cash and cash equivalents, end of period 202,264 89,732
Supplemental cash flow disclosures    
Cash paid during the period for interest 0 3,524
Supplemental disclosure of non-cash investing and financing activities    
Conversion of preferred stock to common stock 447,747 0
Issuance of common stock related to convertible debt 16,059 0
Capital contribution for extinguishment of debt 126,795 0
Issuance of common stock related to warrants exercised 97,782 0
Acquisition of Public and Private Warrants 147,582 0
Issuance of common stock related to the exercise of Public and Private Warrants 81,283 0
Right-of-use assets obtained in exchange for lease liabilities $ 582 $ 0