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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash Flows Used In Operating Activities    
Net loss $ (9,807) $ (78,752)
Adjustments to reconcile net loss to net cash and restricted cash used in operating activities:    
Change in fair value of contingent consideration and indemnification asset (594) (3,818)
(Gain) loss on disposal of assets (1,904) 6,447
(Gain) loss from equity method investees (7,783) 412
Depreciation and amortization expenses 15,347 16,138
Impairment of equity method investments 0 47,133
Stock-based compensation expense 3,706 3,508
Deferred tax (benefit) provision (59) 58
Amortization of contract cost assets 3,055 5,614
Amortization of deferred financing costs 4,370 3,009
Gain on transfer of membership (22,969) 0
Loss on repayment of debt 19,158 0
Bad debt expense 2,407 495
Other current operating cash outflows, net (66) (621)
Changes in assets and liabilities, net of acquisitions:    
Accounts receivable, net and contract assets (63,233) (36,649)
Prepaid expenses and other current and non-current assets 1,037 1,459
Contract cost assets (1,690) (3,326)
Accounts payable 9,395 11,068
Accrued liabilities (9,698) (678)
Accrued compensation and employee benefits (28,014) (18,143)
Deferred revenue 2,684 (2,623)
Reserve for claims and performance-based arrangements 32,501 27,860
Right-of-use operating assets 2,840 6,695
Operating lease liabilities (771) (5,920)
Other long-term liabilities 1,925 93
Net cash and restricted cash used in operating activities (48,163) (20,541)
Cash Flows Provided by (Used In) Investing Activities    
Cash paid for asset acquisitions (1,472) 0
Proceeds from transfer of membership and release of Passport escrow 42,996 0
Principal repayment of implementation funding loan and regulatory and capital requirements 0 (400)
Disposal of non-strategic assets and divestiture of discontinued operations, net 3,490 (2,287)
Return of equity method investments 9,372 0
Purchases of investments (2,994) (1,338)
Maturities and sales of investments 500 618
Investments in internal-use software and purchases of property and equipment (5,941) (7,400)
Net cash and restricted cash provided by (used in) investing activities 45,951 (10,807)
Cash Flows (Used In) Provided by Financing Activities    
Changes in working capital balances related to claims processing on behalf of partners 39,005 33,678
Repayment and termination of Credit Agreement including settlement of warrants. (98,420) 0
Proceeds from stock option exercises 6,518 84
Taxes withheld and paid for vesting of restricted stock units (2,687) (1,188)
Net cash and restricted cash (used in) provided by financing activities (55,584) 32,574
Effect of exchange rate on cash and cash equivalents and restricted cash 1 41
Net increase (decrease) in cash and cash equivalents and restricted cash (57,795) 1,267
Cash and cash equivalents and restricted cash as of beginning-of-period [1] 361,564 128,531
Cash and cash equivalents and restricted cash as of end-of-period [1] $ 303,769 $ 129,798
[1] As a result of the closing of the sale of True Health SPA, the consolidated statements of operations, consolidated balance sheets, and related financial information reflect the Company’s operations and assets and liabilities of True Health as discontinued operations for all periods presented. Cash flows and comprehensive income have not been adjusted and are included in the consolidated statements of cash flows and consolidated statements of comprehensive income (loss) for all periods presented. See Note 5.