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CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Revenues:      
Premiums earned, net (Net of ceded premiums of $470, $489, and $599 for the years ended December 31, 2022, 2021, and 2020, respectively) $ 1,084,869 $ 799,414 $ 665,698
Non-Insurance revenue 2,380,135 667,639 0
Other income 11,683 4,943 7,190
Total revenues 3,476,687 1,471,996 672,888
Operating expenses:      
Net medical claims incurred 3,453,952 1,551,178 590,082
Salaries and benefits 278,725 260,458 71,256
General and administrative expenses 207,917 185,287 120,830
Premium deficiency reserve (benefit) expense (94,240) 110,628 (17,128)
Depreciation and amortization 1,187 1,246 555
Other expense 70 191 0
Total operating expenses 3,847,611 2,108,988 765,595
Loss from operations (370,924) (636,992) (92,707)
Change in fair value of warrants (900) (66,146) 80,328
Interest expense 1,333 3,193 35,990
Amortization of notes and securities discounts 30 13,717 21,118
Gain on derivative 0 0 (93,751)
Gain on investment (9,217) 0 0
Gain on extinguishment of note payable (23,326) 0 0
Net loss $ (338,844) $ (587,756) $ (136,392)
Per share data:      
Net loss per share attributable to Class A and Class B common stockholders - basic (in dollars per share) [1] $ (0.71) $ (1.42) $ (1.54)
Net loss per share attributable to Class A and Class B common stockholders - diluted (in dollars per share) [1] $ (0.71) $ (1.42) $ (1.54)
Weighted average number of common shares outstanding      
Basic weighted average number of Class A and Class B common shares and common share equivalents outstanding (in shares) [1] 476,244,262 412,922,424 88,691,582
Diluted weighted average number of Class A and Class B common shares and common share equivalents outstanding (in shares) [1] 476,244,262 412,922,424 88,691,582
Net unrealized loss on available-for-sale investments $ (7,440) $ (1,944) $ (36)
Comprehensive loss $ (346,284) $ (589,700) $ (136,428)
[1] 2020 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 2021 Business Combination. See Note 3 (Business Combination) for additional information. Because the Company had a Net loss during the years ended December 31, 2022, 2021, and 2020 the Company'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.