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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities:    
Net loss $ (72,606) $ (75,490)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization expense 279 826
Stock-based compensation expense 38,617 40,640
Accretion, net of amortization (923) (17)
Gain on investment 0 (12,394)
Premium deficiency reserve (1,810) (27,476)
Changes in operating assets and liabilities:    
Accrued retrospective premiums (49,798) (22,758)
Other receivables (695) 551
Surety bonds and deposits 20,481 (2,156)
Prepaid expenses 1,248 (11,934)
Other assets 3,391 876
Healthcare receivables 13,664 5,863
Non-Insurance receivable (670) (38)
Operating lease right-of-use assets (84) 1,015
Unpaid claims (924) 25,266
Accounts payable and accrued expenses 15,007 (678)
Accrued salaries and benefits 6,344 (3,557)
Deferred revenue 107,563 0
Other liabilities 694 (894)
Performance year obligation (13,407) (16,738)
Non-Insurance payable 12,751 43,230
Operating lease liabilities (90) (1,179)
Net cash provided by (used in) operating activities 79,032 (57,042)
Cash flows from investing activities:    
Purchases of short-term investments, available-for-sale, and held-to-maturity securities (67,893) (113,079)
Proceeds from sales of short-term investments and available-for-sale securities 15,001 0
Proceeds from maturities of short-term investments, available-for-sale, and held-to-maturity securities 63,324 150,000
Purchases of property and equipment (251) (158)
Acquisition of Character Biosciences, Inc. Series A preferred shares 0 (250)
Net cash provided by investing activities 10,181 36,513
Cash flows from financing activities:    
Issuance of common stock, net of early exercise liability 848 331
Treasury stock acquired (2,982) (5,939)
Net cash used in financing activities (2,134) (5,608)
Net (decrease) increase in cash, cash equivalents, and restricted cash 87,079 (26,137)
Cash, cash equivalents, and restricted cash, beginning of period 186,213 299,968
Cash, cash equivalents, and restricted cash, end of period 273,292 273,831
Reconciliation of cash and cash equivalents and restricted cash    
Cash and cash equivalents 190,562 273,831
Restricted cash 82,730 0
Total cash, cash equivalents, and restricted cash 273,292 273,831
Supplemental disclosure of non-cash activities    
Performance year receivable (552,620) (1,743,406)
Performance year obligation 552,620 1,743,406
Right-of-use assets obtained in exchange for lease liabilities 0 648
Recognition of equity method investments and preferred stock 0 8,644
Derecognition of noncontrolling interest 0 3,903
Conversion of Character Biosciences, Inc. convertible note to preferred stock $ 0 $ 250