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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net income (loss) $ (260,101) $ (262,803) $ (106,864)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 24,463 20,161 13,772
Stock-based compensation expense 50,657 69,495 28,381
Impairments 3,596 0 0
Loss (income) from equity method investments (14,992) (16,489) (10,720)
Deferred income taxes and uncertain tax positions 0 0 532
Release of indemnification assets 0 0 553
Distributions of earnings from equity method investments 3,340 0 0
(Gain) loss on sale of assets, net 3,784 47,548 0
Other non-cash items 887 (4,044) 2,973
Changes in operating assets and liabilities:      
Receivables, net (74,580) (460,365) (204,167)
Prepaid expense and other current assets 8,405 (6,120) (16,620)
Other assets 6 (397) (205)
Medical claims and related payables 193,941 441,500 107,713
Accounts payable and accrued expenses 4,635 32,111 65,736
Other liabilities (1,818) (16,796) (11,892)
Net cash provided by (used in) operating activities (57,777) (156,199) (130,808)
Cash flows from investing activities:      
Purchase of property and equipment (13,251) (15,830) (15,426)
Purchase of intangible assets (28,034) (14,985) (17,235)
Investments in loans receivable and other (13,733) (19,528) (6,510)
Investments in marketable securities (12,006) (114,657) (458,265)
Proceeds from maturities and sales of marketable securities and other 206,915 164,040 52,548
Net cash paid in business combination 0 (45,252) 0
Proceeds from sale of business and property, net of cash divested 0 2,193 500
Net cash provided by (used in) investing activities 139,891 (44,019) (444,388)
Cash flows from financing activities:      
Proceeds from equity issuances, net 1,167 11,867 33,056
Common stock repurchase 0 (200,000) 0
Repayments of long-term debt (3,750) (5,000) (5,000)
Net cash provided by (used in) financing activities (2,583) (193,133) 28,056
Net increase (decrease) in cash, cash equivalents and restricted cash and equivalents 79,531 (393,351) (547,140)
Cash, cash equivalents and restricted cash and equivalents from continuing operations, beginning of year 114,329 475,912 1,049,373
Cash, cash equivalents and restricted cash and equivalents from discontinued operations, beginning of year 0 31,768 5,447
Cash, cash equivalents and restricted cash and equivalents, beginning of year 114,329 507,680 1,054,820
Cash, cash equivalents and restricted cash and equivalents from continuing operations, end of year 193,860 114,329 475,912
Cash, cash equivalents and restricted cash and equivalents from discontinued operations, end of year 0 0 31,768
Cash, cash equivalents and restricted cash and equivalents, end of year $ 193,860 $ 114,329 $ 507,680