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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net loss $ (258,088) $ (431,959)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 16,026 26,270
Impairment of intangible assets 0 6,720
Share-based compensation 49,095 53,141
Deferred income taxes 873 1,154
Unrealized loss on equity securities 0 57,151
Amortization of investments (14,173) 2,748
Other, net 3,891 1,834
Changes in assets and liabilities, net of acquired assets and liabilities:    
Accounts receivable 6,284 (31,404)
ACO REACH performance year receivable (524,428) (396,104)
Other assets 57,846 (60,991)
Medical cost payable (567,932) 231,899
Risk adjustment payable 10,925 916,713
Accounts payable and other liabilities (111,174) 35,312
Unearned revenue 132,129 3,577
ACO REACH performance year obligation 474,700 310,603
Net cash (used in) provided by operating activities (724,026) 726,664
Cash flows from investing activities:    
Purchases of investments (828,546) (1,140,896)
Proceeds from sales, paydown, and maturities of investments 988,749 204,775
Purchases of property and equipment (2,394) (15,154)
Business divestitures, net of cash disposed of (682) 0
Business acquisitions, net of cash acquired 0 (310)
Net cash provided by (used in) investing activities 157,127 (951,585)
Cash flows from financing activities:    
Repayments of short-term borrowings 0 (155,000)
Proceeds from issuance of preferred stock 0 747,481
Proceeds from issuance of common stock 2 672
Distributions to noncontrolling interest holders (4,952) (1,894)
Net cash (used in) provided by financing activities (4,950) 591,259
Net (decrease)/ increase in cash and cash equivalents (571,849) 366,338
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Beginning Balance 1,932,290 1,061,179
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Ending Balance 1,360,441 1,427,517
Supplemental disclosures of cash flow information:    
Changes in unrealized loss on available-for-sale securities in OCI 3,530 (47,051)
Cash paid for interest $ 7,700 $ 1,168