XML 25 R8.htm IDEA: XBRL DOCUMENT v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net income (loss) $ (391,347) $ (260,101) $ (262,803)
Adjustments to reconcile net income (loss) to net cash used in operating activities:      
Depreciation and amortization 28,594 24,463 20,161
Stock-based compensation expense 49,119 50,657 69,495
Impairments 36,085 3,596 0
Loss (income) from equity method investments 1,835 (14,992) (16,489)
Distributions of earnings from equity method investments 0 3,340 0
Gain (loss) and adjustments on sales of assets, net (14,000) 3,784 47,548
Other, net (5,518) 887 (4,044)
Changes in operating assets and liabilities:      
Receivables, net 344,585 (74,580) (460,365)
Prepaid expense and other current assets (65,439) 8,405 (6,120)
Other assets (133) 6 (397)
Medical claims and related payables (1,894) 193,941 441,500
Accounts payable and accrued expenses (85,585) 4,635 32,111
Other liabilities (2,065) (1,818) (16,796)
Net cash provided by (used in) operating activities (105,763) (57,777) (156,199)
Cash flows from investing activities:      
Purchase of property and equipment (13,242) (13,251) (15,830)
Purchase of intangible assets (29,866) (28,034) (14,985)
Investments in loans receivable and other (2,000) (13,733) (19,528)
Investments in marketable securities (60,154) (12,006) (114,657)
Proceeds from maturities of marketable securities and other 193,872 206,915 164,040
Net cash paid in business combination 0 0 (45,252)
Proceeds from sale of business and property, net of cash divested 0 0 2,193
Net cash provided by (used in) investing activities 88,610 139,891 (44,019)
Cash flows from financing activities:      
Proceeds from (payments for) equity issuances, net (2,994) 1,167 11,867
Common stock repurchase 0 0 (200,000)
Repayments of long-term debt 0 (3,750) (5,000)
Net cash provided by (used in) financing activities (2,994) (2,583) (193,133)
Net increase (decrease) in cash, cash equivalents and restricted cash and equivalents (20,147) 79,531 (393,351)
Cash, cash equivalents and restricted cash and equivalents from continuing operations, beginning of year 193,860 114,329 475,912
Cash, cash equivalents and restricted cash and equivalents from discontinued operations, beginning of year 0 0 31,768
Cash, cash equivalents and restricted cash and equivalents, beginning of year 193,860 114,329 507,680
Cash, cash equivalents and restricted cash and equivalents, end of year $ 173,713 $ 193,860 $ 114,329