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DISCONTINUED OPERATIONS (Tables)
 12 Months Ended
Dec. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Discontinued Operations
The table below presents the balance sheet of BHIC-Texas on November 29, 2023, the date the Deconsolidated Entity was placed into receivership.

Cash and cash equivalents$60,560 
Prepaids and other current assets1,522 
Risk Share Receivable123,981 
Total Assets $186,063 
Accounts payable135 
Medical costs payable3,283 
Other current liabilities1,523 
Risk adjustment payable89,638 
Total Liabilities $94,579 
Additional paid in capital204,753 
Accumulated deficit (113,269)
Total Equity$91,484 
Total Liabilities and Equity$186,063 
The financial results of discontinued operations by major line item for the years ended December 31 were as follows (in thousands):
For the year ending December 31, 2023Bright HealthCare - CommercialBright HealthCareOtherTotal
Revenue:
Premium revenue$(18,129)$1,728,182 $— $1,710,053 
Service revenue30 — 2,383 2,413 
Investment income (loss)57,415 7,419 — 64,834 
Total revenue from discontinued operations39,3161,735,6012,3831,777,300
Operating expenses:
Medical costs137,239 1,621,696 — 1,758,935 
Operating costs118,870 222,460 2,380 343,710 
Bad debt expense97,141 93 92 97,326 
Restructuring charges11,620 5 1 11,626 
Goodwill impairment— 186,150 — 186,150 
Intangible assets impairment— — — — 
Depreciation and amortization— 5,871 — 5,871 
Total operating expenses from discontinued operations364,8702,036,2752,4732,403,618
Operating loss from discontinued operations(325,554)(300,674)(90)(626,318)
Interest expense11,608 — — 11,608 
Loss from discontinued operations before income taxes(337,162)(300,674)(90)(637,926)
Income tax expense (benefit)140 — — 140 
Net loss from discontinued operations$(337,302)$(300,674)$(90)$(638,066)
For the year ending December 31, 2022Bright HealthCare - CommercialBright HealthCareOtherTotal
Revenue:
Premium revenue$4,064,119 $1,586,548 $— $5,650,667 
Service revenue148 — 8,411 8,559 
Investment income (loss)(41,221)410 — (40,811)
Total revenue from discontinued operations4,023,0461,586,9588,4115,618,415
Operating expenses:
Medical costs3,808,006 1,475,683 — 5,283,689 
Operating costs916,048 190,549 25,633 1,132,230 
Bad debt expense20,271 194 556 21,021 
Restructuring charges50,748 445 2,072 53,265 
Goodwill impairment4,147 70,017 1,208 75,372 
Intangible assets impairment6,720 — — 6,720 
Depreciation and amortization145 17,702 2,018 19,865 
Total operating expenses from discontinued operations4,806,0851,754,59031,4876,592,162
Operating loss from discontinued operations(783,039)(167,632)(23,076)(973,747)
Other income— — 799 799 
Loss from discontinued operations before income taxes(783,039)(167,632)(22,277)(972,948)
Income tax expense (benefit)1,674 3 13 1,690 
Net loss from discontinued operations$(784,713)$(167,635)$(22,290)$(974,638)


The following table presents cash flows from operating and investing activities for discontinued operations (in thousands):

For the years ending December 31,
20232022
Cash provided by (used in) operating activities - discontinued operations$(2,656,876)$362,695 
Cash provided by (used in) investing activities - discontinued operations1,127,673 (466,385)
Assets and liabilities of discontinued operations were as follows (in thousands):

December 31, 2023
Bright HealthCare - CommercialBright HealthCareTotal
Assets
Current assets:
Cash and cash equivalents$159,769$128,212$287,981
Short-term investments9,16320,21829,381
Accounts receivable, net of allowance1,43051,92953,359
Prepaids and other current assets7,838114,532122,370
Goodwill—172,543172,543
Intangible assets, net—138,982138,982
Property, equipment, and capitalized software, net— 17,95417,954
Current assets of discontinued operations178,200644,370822,570
Total assets of discontinued operations$178,200$644,370$822,570
Liabilities
Current liabilities:
Medical costs payable$31,881$272,138$304,019
Accounts payable25,6487,71933,367
Risk adjustment payable291,146—291,146
Other current liabilities28,04543,18171,226
Current liabilities of discontinued operations376,720323,038699,758
Total liabilities of discontinued operations$376,720$323,038$699,758

December 31, 2022
Bright HealthCare - CommercialBright HealthCareOtherTotal
Assets
Current assets:
Cash and cash equivalents$1,469,577$244,616$1,091$1,715,284
Short-term investments1,129,8003,972—1,133,772
Accounts receivable, net of allowance4,16759,3081,63665,111
Prepaids and other current assets187,81885,479—273,297
Current assets of discontinued operations2,791,362393,3752,7273,187,464
Other assets:
Goodwill—358,693—358,693
Intangible assets, net—144,131—144,131
Property, equipment, and capitalized software, net—21,298—21,298
Other non-current assets—4,995—4,995
Long-term assets of discontinued operations—529,117—529,117
Total assets of discontinued operations$2,791,362$922,492$2,727$3,716,581
Liabilities
Current liabilities:
Medical costs payable$691,221$290,296$—$981,517
Accounts payable160,70710,858—171,565
Risk adjustment payable1,942,6431,247—1,943,890
Unearned revenue——242242
Other current liabilities19,37340,00264760,022
Current liabilities of discontinued operations2,813,944342,4038893,157,236
Total liabilities of discontinued operations$2,813,944$342,403$889$3,157,236
The following is a summary of our investment securities as of December 31, (in thousands):
2023
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Carrying
Value
Cash equivalents$150,939 $— $— $150,939 
Available for sale:
U.S. government and agency obligations1,557 — (100)1,457 
Corporate obligations615 — (11)604 
Certificates of deposit19,653 — — 19,653 
Mortgage-backed securities951 — (63)888 
Total available-for-sale securities22,776 — (174)22,602 
Held to maturity:
U.S. government and agency obligations6,503 1 (59)6,445 
Certificates of deposit334 — — 334 
Total held-to-maturity securities6,837 1 (59)6,779 
Total investments$180,552 $1 $(233)$180,320 

2022
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Carrying
Value
Cash equivalents$963,062 $32 $— $963,094 
Available for sale:
U.S. government and agency obligations372,244 1 (3,239)369,006 
Corporate obligations520,619 521 (714)520,426 
State and municipal obligations10,308 — (96)10,212 
Certificates of deposit12,012 — (2)12,010 
Mortgage backed securities154,167 46 (156)154,057 
Asset backed securities59,289 — — 59,289 
Other386 — (14)372 
Total available-for-sale securities1,129,025 568 (4,221)1,125,372 
Held to maturity:
U.S. government and agency obligations6,622 — (158)6,464 
Certificates of deposit$1,936 $— $— $1,936 
Total held-to-maturity securities$8,558 $— $(158)$8,400 
Total investments$2,100,645 $600 $(4,379)$2,096,866 
Schedule of Restructuring Charges
Restructuring charges by reportable segment and corporate for the years ended December 31, 2023 and 2022 were as follows (in thousands):

Year Ended December 31, 2023
NeueCareNeueSolutionsCorporate & EliminationsTotal
Employee termination benefits$— $— $5,897 $5,897 
Long-lived asset impairments— — 880 880 
Contract termination and other costs130 — 83 213 
Total restructuring charges$130 $— $6,860 $6,990 
Year Ended December 31, 2022
NeueCareNeueSolutionsCorporate & EliminationsTotal
Employee termination benefits$— $— $24,033 $24,033 
Long-lived asset impairments— — — — 
Contract termination and other costs— — 5,145 5,145 
Total restructuring charges$— $— $29,178 $29,178 
Restructuring charges within our discontinued operations for the years ended December 31, 2023, and 2022 were as follows (in thousands):

For the years ending December 31,
20232022
Employee termination benefits3,743 16,097 
Long-lived asset impairments8,398 7,126 
Contract termination and other costs(515)30,042 
Total discontinued operations restructuring charges$11,626 $53,265 
Schedule of Restructuring Accrual Activity Recorded by Major Type
Restructuring accrual activity recorded by major type for the years ended December 31, 2023 and 2022 was as follows; employee termination benefits are within Other current liabilities while contract termination costs are within Accounts payable (in thousands):

Year Ended December 31, 2023
Employee Termination BenefitsContract Termination CostsTotal
Balance at January 1, 2023$24,077 $— $24,077 
Charges5,897 213 6,110 
Cash payments(21,585)(213)(21,798)
Balance at December 31, 2023
$8,389 $— $8,389 

Year Ended December 31, 2022
Employee Termination BenefitsContract Termination CostsTotal
Balance at January 1, 2022$— $— $— 
Charges24,077 — 24,077 
Cash payments— — — 
Balance at December 31, 2022
$24,077 $— $24,077 
Restructuring accrual activity recorded by major type for the years ended December 31, 2023, and 2022 was as follows; employee termination benefits are within Other current liabilities of discontinued operations while contract termination costs are within Accounts payable of discontinued operations (in thousands):

Employee Termination BenefitsContract Termination CostsTotal
Balance at January 1, 2023$16,053 $29,053 $45,106 
Charges3,743 (515)3,228 
Cash payments(16,929)(6,046)(22,975)
Balance at December 31, 2023
$2,867 $22,492 $25,359 

Employee Termination BenefitsContract Termination CostsTotal
Balance at January 1, 2022$— $— $— 
Charges16,053 29,053 45,106 
Cash payments— — — 
Balance at December 31, 2022
$16,053 $29,053 $45,106 
Schedule of Components of and Change in Medical Costs Payable
The following table shows the components of the change in medical costs payable for the years ended December 31, (in thousands):
20232022
Medical costs payable – January 1
$116,021 $6,764 
Incurred related to:
Current year
997,687 665,145 
Prior year
(1,105)(2,173)
Total incurred
996,582 662,972 
Paid related to:
Current year
839,772 549,108 
Prior year
114,929 4,607 
Total paid
954,701 553,715 
Acquired claims liabilities
— — 
Medical costs payable – December 31
$157,903 $116,021 
The table below details the components making up the medical costs payable as of December 31, (in thousands):
20232022
Provider incentive payable
2,367 11,233 
Incurred but not reported (IBNR)
155,536 104,788 
Total medical costs payable
$157,903 $116,021 
The table below details the components making up the medical costs payable within current liabilities of discontinued operations as of December 31, (in thousands):
Bright HealthCare - CommercialBright HealthCare
December 31, 2023December 31, 2022December 31, 2023December 31, 2022
Claims unpaid
$14,500 $60,856 $33,826 $41,188 
Provider incentive payable
— 310 40,704 40,907 
Claims adjustment expense liability
2,382 46,490 5,167 6,732 
Incurred but not reported (IBNR)
14,999 583,565 192,441 201,469 
Total medical costs payable of discontinued operations
$31,881 $691,221 $272,138 $290,296 

The following table shows the components of the change in medical costs payable for the years ended December 31, (in thousands):
Bright HealthCare
20232022
Medical costs payable – January 1
$290,296 $244,534 
Incurred related to:
Current year
1,593,709 1,471,297 
Prior year
26,573 6,244 
Total incurred
1,620,282 1,477,541 
Paid related to:
Current year
1,333,531 1,182,291 
Prior year
304,909 249,488 
Total paid
1,638,440 1,431,779 
Acquired claims liabilities
— — 
Medical costs payable – December 31
$272,138 $290,296 
Schedule of Incurred and Cumulative Paid Claims Development
The following is information about incurred and cumulative paid claims development as of December 31, 2023, net of reinsurance, and the total claims payable plus expected development on reported claims included within the net incurred claims amounts. The information about incurred and paid claims development for the years ended December 31, 2021 through 2023 is presented as supplementary information as follows and is inclusive of claims incurred and paid related to CHP prior and subsequent to the acquisition date (in thousands):
Incurred Claims and Allocated Claim Adjustment
Expenses, Net of Reinsurance (in thousands)		Total Incurred but
Not Reported
Liabilities Plus
Expected
Development on
Reported Claims
For the Years Ended December 31,
(Unaudited)(Unaudited)
Accident Year202120222023
20211,313,337 1,319,581 1,321,798 860 
20221,472,587 1,497,797 11,961 
20231,593,709 263,611 
Total$4,413,304 
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance (in thousands)
For the Years Ended December 31,
(Unaudited) (Unaudited)
Accident Year202120222023
20211,071,736 1,270,444 1,320,938 
20221,232,941 1,485,836 
20231,330,098 
Total$4,136,872 
All outstanding liabilities before 2021, net of reinsurance— 
Liabilities for claim and claim adjustment expenses, net of reinsurance$276,432 
December 31, 2023
Net outstanding liabilities$276,432 
Reinsurance recoverable on unpaid claims (4,294)
Total gross liability for unpaid claims and claims$272,138 
Schedule of Property, Equipment and Capitalized Software
Property, equipment and capitalized software at December 31, 2023 and 2022, consists of the following (in thousands):

20232022
Software$14,215 $20,961 
Leasehold improvements7,366 9,182 
Medical and other equipment1,111 1,030 
Gross property, equipment, and capitalized software
22,692 31,173 
Less accumulated depreciation(8,193)(9,875)
Property, equipment, and capitalized software, net$14,499 $21,298 
Property, Equipment and Capitalized Software: The table below details the property, equipment and capitalized software at December 31, 2023 and 2022, consists of the following (in thousands).
20232022
Software$22,521 $29,039 
Leasehold improvements288 403 
Medical and other equipment38 208 
Gross property, equipment, and capitalized software
22,847 29,650 
Less accumulated depreciation(4,893)(8,352)
Property, equipment, and capitalized software, net$17,954 $21,298 
Schedule of Operating Lease Assets and Liabilities
At December 31, 2023 and 2022, the assets and liabilities related to operating leases in our Consolidated Balance Sheets are as follows (in thousands):

Balance Sheet Location20232022
Assets
Operating lease ROU assetsOther non-current assets$26,765 $30,521 
Liabilities
Operating lease liabilities - currentOther current liabilities7,092 8,326 
Operating lease liabilities - noncurrentOther liabilities22,431 25,222 
Total lease liabilities$29,523 $33,548 
At December 31, 2023 and 2022, the assets and liabilities related to operating leases in our Consolidated Balance Sheets are as follows (in thousands):

20232022
Assets
Operating lease ROU assets$492 $8,545 
Liabilities
Operating lease liabilities$8,983 $12,563 
Schedule of Supplemental Cash Flow and Non cash Information
Supplemental cash flow and noncash information related to our operating leases was as follows (in thousands):

20232022
Operating cash flows from operating leases$15,765$14,013
ROU assets obtained in exchange for new lease liabilities2,9107,417
Weighted-average remaining lease term (in years)4.85.3
Weighted-average discount rate6.0 %6.0 %
Supplemental cash flow and noncash information related to our operating leases was as follows (in thousands):

20232022
Operating cash flows from operating leases$7,499$6,372
ROU assets obtained in exchange for new lease liabilities——
Weighted-average remaining lease term (in years)3.74.2
Weighted-average discount rate6.0 %6.0 %