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CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2021
Dec. 31, 2020
Current assets    
Cash and cash equivalents $ 299,968,000 $ 92,348,000
Short-term investments 293,851,000 4,098,000
Investment securities, available-for sale (Amortized cost: 2021: $21,142; 2020: $0) 21,131,000 0
Investment securities, held-to-maturity (Fair value: 2021: $307; 2020: $266) 305,000 265,000
Accrued retrospective premiums 34,923,000 34,829,000
Other receivables 14,282,000 11,368,000
Healthcare receivable 48,042,000 38,745,000
Surety bonds and deposits 12,613,000 0
Prepaid expenses 9,409,000 7,830,000
Other assets, current 18,022,000 299,000
Total current assets 752,546,000 189,782,000
Investment securities, available-for sale (Amortized cost: 2021: $177,527; 2020: $53,953) 175,604,000 53,963,000
Investment securities, held-to-maturity (Fair value: 2021: $364; 2020: $471) 335,000 429,000
Property and equipment, net 2,287,000 2,078,000
Operating lease right-of-use assets 5,367,000 7,882,000
Goodwill and other intangible assets 4,233,000 4,233,000
Other assets, non-current 10,432,000 8,885,000
Total assets 950,804,000 267,252,000
Current liabilities    
Unpaid claims 138,604,000 102,429,000
Due to related parties, net 2,320,000 1,547,000
Direct Contracting performance year obligation 36,891,000 0
Direct Contracting payable 37,773,000 0
Accounts payable and accrued expenses 28,129,000 30,671,000
Accrued salaries and benefits 15,147,000 3,978,000
Operating lease liabilities 3,059,000 4,795,000
Current portion of notes and securities payable 0 20,803,000
Premium deficiency reserve 110,628,000 0
Other liabilities, current 73,000 5,000
Total current liabilities 372,624,000 164,228,000
Notes and securities payable, net of discounts, and deferred issuance costs 19,938,000 106,413,000
Derivative liabilities 0 44,810,000
Warrants payable 0 97,782,000
Long-term operating lease liabilities 4,830,000 6,349,000
Other liabilities, non-current 14,095,000 13,116,000
Total liabilities 411,487,000 432,698,000
Commitments and Contingencies (Note 21 )
Convertible Preferred stock (Series Seed A, A-1, B, C, and D), $0.0001 par value; 0 and 155,387,025 shares authorized as of December 31, 2021, and 2020, respectively; 0 and 139,444,346 shares issued and outstanding as of December 31, 2021, and 2020, respectively; aggregate liquidation preference of $0 and $470,256 as of December 31, 2021, and 2020, respectively (1) [1] 0 447,747,000
Stockholders' equity (deficit)    
Additional paid-in capital 2,154,187,000 411,867,000
Accumulated other comprehensive (loss) income (1,934,000) 10,000
Accumulated deficit (1,616,738,000) (1,028,982,000)
Less: Treasury stock, at cost; 14,730 and 0 shares held as of December 31, 2021, and 2020, respectively (147,000) 0
Total stockholders’ equity (deficit) 535,414,000 (617,096,000)
Noncontrolling interest 3,903,000 3,903,000
Total stockholders' equity (deficit) 539,317,000 (613,193,000)
Total liabilities, convertible preferred stock, and stockholders’ equity (deficit) 950,804,000 267,252,000
Common Class A    
Stockholders' equity (deficit)    
Common stock, value 34,000 0
Common Class B    
Stockholders' equity (deficit)    
Common stock, value $ 12,000 [1] $ 9,000
[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.