XML 26 R8.htm IDEA: XBRL DOCUMENT v3.22.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:      
Net loss $ (587,756) $ (136,392) $ (363,737)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization expense 1,246 555 551
Amortization of notes and securities discounts and debt issuance costs 13,681 21,118 15,913
Loss on disposal of property and equipment 0 0 23
Stock-based compensation expense 163,723 7,078 3,301
Paid-in-kind interest 0 28,334 11,633
Change in fair value of warrants payable and amortization of warrants (66,146) 80,328 2,909
Change in derivative liabilities 0 (93,751) 138,561
Accretion, net of amortization 200 (195) (2,857)
Net realized losses (gains) on available-for-sale securities 53 (1,114) (111)
Asset impairment charges 0 0 1,632
Changes in operating assets and liabilities:      
Accrued retrospective premiums (94) (21,604) 7,546
Other receivables (2,914) (5,865) 4,115
Reinsurance recoverable (96) 481 63,610
Surety bonds and deposits (12,613) 0 0
Prepaid expenses (1,579) (6,473) 600
Other assets (19,757) 1,003 (470)
Healthcare receivables (9,297) (12,926) (14,511)
Operating lease right-of-use assets 3,591 3,257 (11,933)
Unpaid claims 36,948 26,090 23,882
Accounts payable and accrued expenses 5,307 10,845 6,298
Accrued salaries and benefits 11,169 186 (2,235)
Premium deficiency reserve 110,628 (17,128) 7,523
Reinsurance premium payable 0 0 (64,414)
Deferred rent 68 0 (2,677)
Other liabilities 979 1,378 168
Performance year obligation 36,891 0 0
Direct Contracting payable 37,773 0 0
Operating lease liabilities (4,331) (3,703) 14,805
Net cash used in operating activities (282,326) (118,498) (159,875)
Cash flows from investing activities:      
Purchases of short-term investments and available-for-sale securities (876,252) (174,318) (505,545)
Proceeds from sales of short-term investments and available-for-sale securities 126,862 248,664 269,205
Proceeds from maturities of short-term investments and available-for-sale securities 314,666 63,751 46,415
Proceeds from maturities of held-to-maturity securities 0 0 9,220
Acquisition of business, net of cash acquired 0 0 (1,180)
Purchases of property and equipment (723) (693) (23)
Net cash (used in) provided by investing activities (435,447) 137,404 (181,908)
Cash flows from financing activities:      
Proceeds from issuance of convertible notes 0 20,000 343,410
Deferred financing costs 0 (98) (363)
Payment of notes payable principal (30,925) (18,752) (9,670)
Issuance of common stock, net of early exercise liability 6,144 1,748 601
Proceeds from reverse recapitalization, net of transaction costs 666,241 0 0
Buyback and subsequent cancellation of common shares 0 (957) 0
Proceeds received for the exercise of Public and Private Warrants 390 0 0
Issuance of common stock, net of stock issuance costs 283,775 0 0
Payment for the redemptions of Public Warrants (85) 0 0
Treasury stock acquired (147) 0 0
Acquisition of noncontrolling interest 0 3,903 0
Net cash provided by financing activities 925,393 5,844 333,978
Net increase (decrease) in cash and cash equivalents 207,620 24,750 (7,805)
Cash and cash equivalents, beginning of year 92,348 67,598 75,403
Cash and cash equivalents, end of year 299,968 92,348 67,598
Supplemental cash flow disclosures      
Cash paid during the year for interest 1,677 4,578 6,257
Cash paid during the year for health insurance industry fee 0 8,022 0
Supplemental disclosure of non-cash investing and financing activities      
Fair value of warrants issued in connection with notes payable 0 0 17,672
Settlement of bridge loan in connection with convertible notes 0 0 30,416
Conversion of preferred stock to common stock 447,747 0 0
Issuance of common stock related to convertible debt 16,059 0 0
Capital contribution for extinguishment of debt 126,795 0 0
Issuance of common stock related to warrants exercised 97,782 0 0
Acquisition of Public and Private Warrants 147,582 0 0
Issuance of common stock related to the exercise of Public and Private Warrants 81,283 0 0
Right-of-use assets obtained in exchange for lease liabilities $ 1,076 $ 42 $ 459