Schedule I - Condensed Financial Information

12 Months Ended

Dec. 31, 2022

Condensed Financial Information Disclosure [Abstract]

Schedule I - Condensed Financial Information

	December 31, 2022		December 31, 2021
Assets
Current assets
Cash and cash equivalents	$	69,718	$	115,894
Short-term investments	31,725		234,986
Investment securities, available-for sale	117,834		79,268
Investment securities, held-to-maturity	—		59
Other assets, current	5,704		38
Total current assets	224,981		430,245
Intercompany interest receivable	4,958		4,958
Intercompany note receivable	40,000		40,000
Investment securities, available-for-sale	18,708		—
Investments in consolidated subsidiaries	106,422		140,834
Total assets	$	395,069	$	616,037
Liabilities, Convertible Preferred Stock, and Stockholders' Equity
Current liabilities
Accounts payable and accrued expenses	$	865	$	1,199
Accrued salaries and benefits	6,576		1,640
Total current liabilities	7,441		2,839
Intercompany payable	39,530		76,211
Notes payable, net of discount and deferred issuance costs	360		—
Other liabilities	—		360
Total liabilities	47,331		79,410
Stockholders' equity
Class A Common Stock, $0.0001 par value; 2,500,000,000 shares authorized at December 31, 2022 and 2021; 383,998,718 and 352,645,626 issued and outstanding at December 31, 2022 and 2021, respectively	37		34
Class B Common Stock, $0.0001 par value; 500,000,000 shares authorized at December 31, 2022 and 2021; 94,394,852 and 118,206,768 issued and outstanding at December 31, 2022 and 2021, respectively (1)	9		12
Additional paid-in capital	2,319,157		2,153,909
Accumulated other comprehensive loss	(9,374)		(443)
Accumulated deficit	(1,955,582)		(1,616,738)
Less: Treasury stock, at cost; 2,072,752 and 14,730 shares held at December 31, 2022 and 2021, respectively	(6,509)		(147)
Total stockholders' equity	347,738		536,627
Total liabilities, convertible preferred stock, and stockholders' equity	$	395,069	$	616,037

	Years ended December 31,
	2022		2021		2020
Revenues:
Other income	$	5,898	$	3,938	$	3,685
Total revenues	5,898		3,938		3,685
Operating expenses:
General and administrative expenses	784		187		4,831
Total operating expenses	784		187		4,831
Income (loss) from operations	5,114		3,751		(1,146)
Change in fair value of warrants	—		(66,146)		80,328
Interest expense	—		1,593		35,556
Amortization of notes and securities discount	—		13,681		21,118
Gain on derivative	—		—		(93,751)
Gain on equity investment	(5,314)		—		—
Gain on extinguishment of note payable	(23,326)		—		—
Equity in net losses of consolidated subsidiaries	372,598		648,580		91,995
Net loss	$	(338,844)	$	(593,957)	$	(136,392)

	Years ended December 31,
	2022		2021		2020
Cash flows from operating activities:
Net loss	$	(338,844)	$	(593,957)	$	(136,392)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of notes and securities discount and debt issuance costs	—		13,681		21,118
Intercompany stock-based compensation expense	164,305		163,470		7,078
Paid in kind interest	—		—		28,334
Change in fair value of warrants and amortization of warrants	—		(66,146)		80,328
Gain on extinguishment of note payable	(23,326)		—		—
Change in derivative liabilities	—		—		(93,751)
Accretion, net of amortization	(1,648)		(163)		—
Net realized losses on investment securities	(6,613)		(53)		—
Changes in operating assets and liabilities:
Other assets	(6,339)		165		214
Accounts payable and accrued expenses	(334)		(4,092)		7,669
Intercompany accrued salaries and benefits	4,936		1,411		229
Intercompany interest receivable	—		—		(1,208)
Intercompany payable	(36,681)		48,960		23,158
Net cash used in operating activities	(244,544)		(436,724)		(63,223)
Cash flows from investing activities:
Purchases of short-term investments and available-for-sale securities	(250,030)		(689,582)		—
Proceeds from sales of short-term investments and available-for-sale securities	3,829		89,997		—
Proceeds from maturities of short-term investments available-for-sale securities	391,643		285,000		—
Investments in consolidated subsidiaries	57,888		(63,622)		82,047
Net cash provided by (used in) investing activities	203,330		(378,207)		82,047
Cash flows from financing activities:
Payment of notes payable principal	—		(30,925)		(18,752)
Issuance of common stock, net of early exercise liability	1,400		6,144		1,748
Buyback and subsequent cancellation of common stock	—		—		(957)
Proceeds from reverse recapitalization, net of transaction costs	—		666,241		—
Proceeds received for the exercise of Public and Private Warrants	—		390		—
Issuance of common stock, net of stock issuance costs	—		283,775		—
Payment for the redemptions of Public Warrants	—		(85)		—
Purchase of Treasury stock	(6,362)		(147)		—
Net cash (used in) provided by financing activities	(4,962)		925,393		(17,961)
Net (decrease) increase in Cash and cash equivalents	(46,176)		110,462		863
Cash and cash equivalents, beginning of year	115,894		5,432		4,569
Cash and cash equivalents, end of year	$	69,718	$	115,894	$	5,432
Supplemental cash flow disclosures
Cash paid during the period for interest	—		1,677		4,578
Cash paid during the year for health insurance industry fee	—		—		8,022
Supplemental disclosure of non-cash investing and financing activities
Conversion of preferred stock to common stock	—		447,747		—
Issuance of common stock related to convertible debt	—		16,059		—
Capital contribution for extinguishment of debt	—		126,795		—
Activities from Seek Dissolution	735		—		—
Issuance of common stock related to warrants exercised	—		97,782		—
Acquisition of public and private warrants	—		147,582		—
Issuance of common stock related to the exercise of Public and Private Warrants	—		81,283		—

Organization and OperationsClover Health Investments, Corp. (the "Company") is a holding company incorporated on July 17, 2014, in the state of Delaware.Summary of Significant Accounting Policies

The accompanying Condensed Financial Statements have been prepared using the equity method. Under the equity method, the investment in consolidated subsidiaries is stated at cost plus equity in undistributed earnings of consolidated subsidiaries since the date of acquisition. These Condensed Financial Statements should be read in conjunction with the Company's consolidated financial statements.

Use of estimates

The preparation of the Condensed financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying disclosures. Those estimates are inherently subject to change, and actual results may ultimately differ from those estimates.

Insurance SubsidiariesInvestments in consolidated subsidiaries include regulated insurance subsidiaries and unregulated subsidiaries. The Company holds $249.7 million and $485.9 million of cash, cash equivalents, and investment securities at the parent and unregulated subsidiaries at December 31, 2022 and 2021, respectively. The Company holds $224.8 million and $305.3 million of cash, cash equivalents, and investment securities in regulated insurance subsidiaries at December 31, 2022 and 2021, respectively.Surplus NoteEffective December 22, 2016, the Company contributed $40.0 million to Clover Insurance Company, a wholly-owned subsidiary, in exchange for a surplus note. The outstanding balance, including accrued interest, was due and payable on December 31, 2020, but remains unpaid with the payment terms under review for extension until December 31, 2024, by the Commissioner of Banking and Insurance of the State of New Jersey. No payment of principal or interest on the surplus note shall be made without the prior written approval of the Commissioner of Banking and Insurance of the State of New Jersey.