EX-99.2 3 oscr-1q24xpressreleasefina.htm EX-99.2 Document

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Oscar Health, Inc.
ir.hioscar.com




Oscar Health, Inc.
Supplemental Financial Information

Financial Statement Presentation
2023 Quarterly and Annual Results of Operations and Key Metrics


This presentation is for informational purposes only and includes financial information that is unaudited. This presentation should be read in conjunction with documents filed by Oscar Health, Inc. (the “Company”) with the U.S. Securities and Exchange Commission, including the Company’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.











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Oscar Health, Inc.


2023 Quarterly and Annual Results - Recast Presentation of the Statement of Operations

Beginning with Oscar Health, Inc.’s Quarterly Report on Form 10-Q for the three months ended March 31, 2024, the Company will present certain reclassifications to the Statement of Operations to provide more transparency into the Company’s streams of revenue and to increase comparability with peers. The accompanying Condensed Consolidated Statements of Operations for the fiscal year ended December 31, 2023 and quarterly periods therein have been recast to reflect these reclassifications. The reclassifications do not affect the Company’s net income and do not represent error corrections.

Oscar Health, Inc.
Condensed Consolidated Statements of Operations
(unaudited)

Three Months Ended
Year Ended
(in thousands)March 31, 2023June 30, 2023September 30, 2023December 31, 2023December 31, 2023
Revenue
Premium$1,428,626 $1,474,966 $1,392,082 $1,390,395 $5,686,069 
Investment income36,056 41,484 42,368 35,539 155,447 
Services and other5,003 5,085 5,541 5,724 21,353 
Total revenue
1,469,685 1,521,535 1,439,991 1,431,658 5,862,869 
Operating Expenses
Medical
1,091,592 1,181,999 1,163,194 1,205,239 4,642,024 
Selling, general, and administrative398,519 337,244 325,850 364,155 1,425,768 
Depreciation and amortization
4,939 8,821 9,191 7,741 30,692 
Total operating expenses
1,495,050 1,528,064 1,498,235 1,577,135 6,098,484 
Earnings (loss) from operations
(25,365)(6,529)(58,244)(145,477)(235,615)
Interest expense
6,136 6,120 6,130 6,217 24,603 
Other expenses6,106 1,612 414 (1,050)7,082 
Earnings (loss) before income taxes
(37,607)(14,261)(64,788)(150,644)(267,300)
Income tax expense
2,021 1,164 915 (806)3,294 
Net income (loss)
(39,628)(15,425)(65,703)(149,838)(270,594)
Less: Net income attributable to noncontrolling interests144 103 (305)192 134 
Net income (loss) attributable to Oscar Health, Inc.$(39,772)$(15,528)$(65,398)$(150,030)$(270,728)





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Oscar Health, Inc.


Key Operating and Non-GAAP Financial Metrics

Three Months Ended
Year Ended
(in thousands, except percentages)March 31, 2023June 30, 2023September 30, 2023December 31, 2023December 31, 2023
Total revenue$1,469,685 $1,521,535 $1,439,991 $1,431,658 $5,862,869 
Medical Loss Ratio (MLR)(1)
76.3 %79.9 %83.8 %86.4 %81.6 %
SG&A Expense Ratio27.1 %22.2 %22.6 %25.4 %24.3 %
Adjusted EBITDA(2)
$51,068 $35,572 $(20,285)$(111,593)$(45,238)
(1)Further information on Medical Loss Ratio can be found in the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on May 7, 2024.
(2)Adjusted EBITDA is a non-GAAP measure. See below for a reconciliation to net loss, the most directly comparable GAAP measure. Further information on Adjusted EBITDA can be found in the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on May 7, 2024.


Medical Loss Ratio (MLR)

Three Months Ended
Year Ended
(in thousands, except percentages)March 31, 2023June 30, 2023September 30, 2023December 31, 2023December 31, 2023
Medical$1,091,592 $1,181,999 $1,163,194 $1,205,239 $4,642,024 
Less: Ceded quota share reinsurance claims (1)
$(6,435)$2,786 $4,870 $(3,277)$(2,056)
Net claims before ceded quota share reinsurance (A)
$1,085,157 $1,184,785 $1,168,064 $1,201,962 $4,639,968 
Premium$1,428,626 $1,474,966 $1,392,082 $1,390,395 $5,686,069 
Less: Ceded quota share reinsurance premiums (2)
$(6,655)$7,338 $1,448 $80 $2,211 
Net premiums before ceded quota share reinsurance (B)
$1,421,971 $1,482,304 $1,393,530 $1,390,475 $5,688,280 
Medical Loss Ratio (A divided by B)
76.3 %79.9 %83.8 %86.4 %81.6 %
(1)Represents prior period development for claims ceded to reinsurers pursuant to quota share treaties, which are accounted for under reinsurance accounting and are in runoff.
(2)Represents prior period development for premiums ceded to reinsurers pursuant to quota share treaties, which are accounted for under reinsurance accounting and are in runoff.


Reconciliation of Adjusted EBITDA to Net Loss

Three Months Ended
Year Ended
(in thousands)March 31, 2023June 30, 2023September 30, 2023December 31, 2023December 31, 2023
Net income (loss)$(39,628)$(15,425)$(65,703)$(149,838)$(270,594)
Interest expense6,136 6,120 6,130 6,217 24,603 
Other expenses (income)6,106 1,612 414 (1,050)7,082 
Income tax expense (benefit)2,021 1,164 915 (806)3,294 
Depreciation and amortization4,939 8,822 9,191 7,742 30,694 
Stock-based compensation (1)
71,494 33,279 28,768 26,142 159,683 
Adjusted EBITDA$51,068 $35,572 $(20,285)$(111,593)$(45,238)
(1)Represents non-cash expenses related to equity-based compensation programs, which vary from period to period depending on various factors including the timing, number, and the valuation of awards. The three months ended March 31, 2023, includes a non-recurring charge of $46.3 million related to accelerated stock-based compensation expense recognized as a result of the cancellation of the Founders Awards previously granted to Mario Schlosser and Joshua Kushner.
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