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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities:    
Net loss $ (180,629,000) $ (24,545,000)
Net loss (195,234,000) (25,162,000)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 13,041,000 4,581,000
Impairment of intangible assets 6,720,000 0
Share-based compensation 32,921,000 5,176,000
Deferred income taxes 717,000 1,166,000
Unrealized loss on equity securities 40,968,000 0
Other, net 2,378,000 2,694,000
Changes in assets and liabilities, net of acquired assets and liabilities:    
Accounts receivable (29,221,000) (23,188,000)
Direct contracting performance year receivable (638,641,000) 0
Other assets (22,270,000) (15,707,000)
Medical cost payable 337,180,000 225,814,000
Risk adjustment payable 354,276,000 137,215,000
Accounts payable and other liabilities 52,182,000 30,096,000
Unearned revenue (18,402,000) 918,000
Direct contracting performance year obligation 533,537,000 0
Net cash provided by operating activities 484,757,000 343,603,000
Cash flows from investing activities:    
Purchases of investments (782,091,000) (298,957,000)
Proceeds from sales, paydown, and maturities of investments 154,765,000 265,521,000
Purchases of property and equipment (5,491,000) (4,215,000)
Business acquisitions, net of cash acquired (310,000) (18,624,000)
Net cash used in investing activities (633,127,000) (56,275,000)
Cash flows from financing activities:    
Proceeds from issuance of preferred stock 747,481,000 0
Proceeds from issuance of common stock 257,000 4,893,000
Proceeds from short-term borrowings 0 200,000,000
Repayments of short-term borrowings (155,000,000) 0
Payments for debt issuance costs 0 (3,391,000)
Payments for IPO offering costs 0 (1,268,000)
Net cash provided by financing activities 592,738,000 200,234,000
Net increase in cash and cash equivalents 444,368,000 487,562,000
Cash and cash equivalents – beginning of year 1,061,179,000 488,371,000
Cash and cash equivalents – end of period 1,505,547,000 975,933,000
Supplemental disclosures of cash flow information:    
Changes in unrealized (loss) gain on available-for-sale securities in OCI (26,340,000) (1,042,000)
Cash paid for interest 1,168,000 244,000
Supplemental schedule of non-cash activities:    
Redeemable convertible preferred stock issued for acquisitions $ 0 $ 32,982,000