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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net loss $ (101,420) $ (179,852)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization expense 1,278 1,412
Amortization of notes and securities discounts and debt issuance costs 0 18
Stock-based compensation expense 74,725 82,567
Accretion, net of amortization (2,142) (35)
Net realized losses on investment securities (19) 16
Gain on investment 0 (11,167)
Premium deficiency reserve (6,948) (54,952)
Changes in operating assets and liabilities:    
Accrued retrospective premiums 18,324 155
Other receivables 6,960 (203)
Surety bonds and deposits 19,481 (2,143)
Prepaid expenses 2,901 (10,857)
Other assets 2,861 (7,529)
Healthcare receivables 19,341 (29,925)
Non-Insurance receivable (8,697) 0
Operating lease right-of-use assets 157 1,513
Unpaid claims (24,710) 20,763
Accounts payable and accrued expenses 7,474 1,979
Accrued salaries and benefits (4,311) (451)
Deferred revenue 113,537 0
Other liabilities 281 (989)
Performance year obligation (9,666) 12,739
Non-Insurance payable 23,306 82,592
Operating lease liabilities (508) (1,864)
Net cash provided by (used in) operating activities 132,205 (96,213)
Cash flows from investing activities:    
Purchases of short-term investments, available-for-sale, and held-to-maturity securities (74,156) (169,889)
Proceeds from sales of short-term investments and available-for-sale securities 60,436 5,881
Proceeds from maturities of short-term investments, available-for-sale, and held-to-maturity securities 90,997 290,455
Purchases of property and equipment (605) (331)
Acquisition of Character Biosciences, Inc. Series A preferred shares 0 (250)
Net cash provided by investing activities 76,672 125,866
Cash flows from financing activities:    
Issuance of common stock, net of early exercise liability 1,118 894
Treasury stock acquired (3,399) (6,044)
Net cash used in financing activities (2,281) (5,150)
Net increase in cash, cash equivalents, and restricted cash 206,596 24,503
Cash, cash equivalents, and restricted cash, beginning of period 186,213 299,968
Cash, cash equivalents, and restricted cash, end of period 392,809 324,471
Reconciliation of cash and cash equivalents and restricted cash    
Cash and cash equivalents 310,079 324,471
Restricted cash 82,730 0
Total cash, cash equivalents, and restricted cash 392,809 324,471
Supplemental disclosure of non-cash activities    
Performance year receivable (377,239) (1,177,421)
Performance year obligation 377,239 1,177,421
Right-of-use assets obtained in exchange for lease liabilities 0 642
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