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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net income (loss) $ (262,803) $ (106,864) $ (406,787)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 20,161 13,772 14,670
Stock-based compensation expense 69,495 28,381 292,394
Loss on debt extinguishment 0 0 1,590
Loss (income) from equity method investments (16,489) (10,720) 6,766
Deferred income taxes and uncertain tax positions 0 532 (3,231)
Release of indemnification assets 0 553 1,705
(Gain) loss on sale of assets, net 47,548 0 (473)
Distributions of earnings from equity method investments 0 0 174
Other non-cash items (4,044) 2,973 58
Changes in operating assets and liabilities:      
Receivables, net (460,365) (204,167) (149,041)
Prepaid expense and other current assets (6,120) (16,620) (3,916)
Other assets (397) (205) 3,931
Medical claims and related payables 441,500 107,713 76,339
Accounts payable and accrued expenses 32,111 65,736 19,360
Other liabilities (16,796) (11,892) (1,698)
Net cash provided by (used in) operating activities (156,199) (130,808) (148,159)
Cash flows from investing activities:      
Purchase of property and equipment (15,830) (15,426) (6,564)
Purchase of intangible assets (14,985) (17,235) (6,862)
Investments in loans receivable and other (19,528) (6,510) (82,831)
Investments in marketable securities (114,657) (458,265) 0
Proceeds from maturities and sales of marketable securities and other 164,040 52,548 7,095
Net cash paid in business combination (45,252) 0 0
Proceeds from sale of business and property, net of cash divested 2,193 500 (1,344)
Net cash provided by (used in) investing activities (44,019) (444,388) (90,506)
Cash flows from financing activities:      
Proceeds from initial public offering 0 0 1,170,942
Proceeds from other equity issuances, net 11,867 33,056 18,086
Common stock repurchase (200,000) 0 0
Proceeds from the issuance of long-term debt 0 0 100,000
Repayments of long-term borrowings and other (5,000) (5,000) (119,899)
Equity and debt issuance costs and other 0 0 (14,739)
Net cash provided by (used in) financing activities (193,133) 28,056 1,154,390
Net increase (decrease) in cash, cash equivalents and restricted cash and equivalents (393,351) (547,140) 915,725
Cash, cash equivalents and restricted cash and equivalents from continuing operations, beginning of year 475,912 1,049,373 128,201
Cash, cash equivalents and restricted cash and equivalents from discontinued operations, beginning of year 31,768 5,447 10,894
Cash, cash equivalents and restricted cash and equivalents, beginning of year 507,680 1,054,820 139,095
Cash, cash equivalents and restricted cash and equivalents from continuing operations, end of year 114,329 475,912 1,049,373
Cash, cash equivalents and restricted cash and equivalents from discontinued operations, end of year 0 31,768 5,447
Cash, cash equivalents and restricted cash and equivalents, end of year $ 114,329 $ 507,680 $ 1,054,820