SCHEDULE I - CONDENSED FINANCIAL INFORMATION

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

CONDENSED FINANCIAL INFORMATION

Oscar Health, Inc.

Schedule I - Condensed Balance Sheets (Parent-Only)

(in thousands, except share and per share amounts)

	December 31, 2022		December 31, 2021
Assets:
Current Assets:
Cash and cash equivalents	$	14,728	$	57,608
Restricted deposits and investments	310,043		627,494
Investments in and advances to subsidiaries	857,649		689,573
Other assets	17,432		15,145
Total Assets	$	1,199,852	$	1,389,820
Liabilities and Stockholders' Equity
Long-term debt	$	297,999	$	—
Other liabilities	11,469		2,591
Total liabilities	309,468		2,591
Commitments and contingencies
Stockholders' Equity
Preferred stock, $0.00001 par value; 82,500,000 shares authorized, none issued or outstanding as of December 31, 2022 and 2021	—		—
Class A common stock, $0.00001 par value; 825,000,000 shares authorized, 181,176,239 and 175,212,223 shares issued and outstanding as of December 31, 2022 and 2021, respectively	2		2
Class B common stock, $0.00001 par value; 82,500,000 shares authorized, 35,115,807 shares issued and outstanding as of December 31, 2022 and 2021	—		—
Treasury stock (314,600 shares as of December 31, 2022and 2021)	(2,923)		(2,923)
Additional paid-in capital	3,509,007		3,393,533
Accumulated deficit	(2,605,987)		(1,999,712)
Accumulated other comprehensive loss	(9,715)		(3,671)
Total Oscar Health, Inc. stockholders’ equity	890,384		1,387,229
Total Liabilities and Stockholders' Equity	$	1,199,852	$	1,389,820

Oscar Health, Inc.

Schedule 1 - Condensed Statements of Operations (Parent-Only)

(in thousands, except share and per share amounts)

	Year Ended December 31,
	2022		2021		2020
Revenue
Investment income and other revenue	$	8,274	$	3,225	$	2,903
Total revenue	8,274		3,225		2,903
Operating Expenses
General and administrative expenses	60,130		61,004		23,020
Interest expense	22,583		4,720		3,514
Other expenses (income)	(2,415)		1,201		—
Loss on extinguishment of debt	—		20,178		—
Loss before income tax (benefit) expense and equity in net loss of subsidiaries	(72,024)		(83,878)		(23,631)
Income tax (benefit) provision	2,703		(715)		—
Loss before equity in net loss of subsidiaries	(74,727)		(83,163)		(23,631)
Equity in net loss of subsidiaries	(531,548)		(489,443)		(383,194)
Net loss attributable to Oscar Health, Inc.	$	(606,275)	$	(572,606)	$	(406,825)

Oscar Health, Inc.

Schedule I - Consolidated Statements of Comprehensive Income (Parent-Only)

(in thousands)

	Year Ended December 31,
	2022		2021		2020
Net loss attributable to Oscar Health, Inc.	$	(606,275)	$	(572,606)	$	(406,825)
Other comprehensive income (loss), net of tax:
Net unrealized gains (losses) on securities available for sale	(6,044)		(4,550)		906
Comprehensive loss attributable to Oscar Health, Inc.	(612,319)		(577,156)		(405,919)

Oscar Health, Inc.

Schedule I - Condensed Statements of Cash Flows (Parent-Only)

(in thousands)

	Year Ended December 31,
	2022		2021		2020
Net cash (used in) provided by operating activities	$	(3,957)	$	(2,860)	$	6,487
Cash flows from investing activities:
Investments in subsidiaries	(652,008)		(802,190)		(511,125)
Purchase of fixed maturity securities	(138,919)		(986,553)		(182,027)
Sale of investments	295,316		275,279		240,411
Maturity of investments	155,578		111,681		19,583
Net cash used in investing activities	(340,033)		(1,401,783)		(433,158)
Cash flows from financing activities:
Proceeds from long-term debt	305,000		—		147,000
Proceeds from joint venture contribution	1,846		—		—
Proceeds from exercise of stock options	1,299		49,584		19,295
Debt extinguishment costs	—		(12,994)		—
Debt prepayment	—		(153,173)		—
Payment of debt issuance costs	(7,035)		—		(4,840)
Convertible preferred stock and call option issuances	—		—		375,671
Offering costs from IPO	—		(9,447)		—
Proceeds from exercise of warrants and call options	—		9,191		74,581
Proceeds from IPO, net of underwriting discounts	—		1,348,321		—
Net cash provided by financing activities	301,110		1,231,482		611,707
Increase (decrease) in cash, cash equivalents and restricted cash equivalents	(42,880)		(173,161)		185,036
Cash, cash equivalents, restricted cash and cash equivalents—beginning of period	57,608		230,769		45,733
Cash, cash equivalents, restricted cash and cash equivalents—end of period	$	14,728	$	57,608	$	230,769