CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands |
Mar. 31, 2022 |
Dec. 31, 2021 |
| Current assets |
|
|
| Cash and cash equivalents |
$ 273,831
|
$ 299,968
|
| Short-term investments |
212,258
|
293,851
|
| Investment securities, available-for sale (Amortized cost: 2022: $77,855; 2021: $21,142) |
77,401
|
21,131
|
| Investment securities, held-to-maturity (Fair value: 2022: $306; 2021: $307) |
305
|
305
|
| Accrued retrospective premiums |
57,681
|
34,923
|
| Other receivables |
13,731
|
14,282
|
| Healthcare receivable |
42,179
|
48,042
|
| Non-Insurance performance year receivable |
1,760,144
|
0
|
| Surety bonds and deposits |
14,769
|
12,613
|
| Prepaid expenses |
21,937
|
9,409
|
| Other assets, current |
17,181
|
18,022
|
| Total current assets |
2,491,417
|
752,546
|
| Investment securities, available-for sale (Amortized cost: 2022: $165,503; 2021: $177,527) |
158,699
|
175,604
|
| Investment securities, held-to-maturity (Fair value: 2022: $367; 2021: $364) |
350
|
335
|
| Equity method investment |
3,177
|
0
|
| Property and equipment, net |
2,311
|
2,287
|
| Operating lease right-of-use assets |
5,000
|
5,367
|
| Goodwill and other intangible assets |
4,233
|
4,233
|
| Other assets, non-current |
14,707
|
10,432
|
| Total assets |
2,679,894
|
950,804
|
| Current liabilities |
|
|
| Unpaid claims |
164,240
|
138,604
|
| Due to related parties, net |
1,950
|
2,320
|
| Non-Insurance performance year obligation, current |
1,780,297
|
36,891
|
| Non-Insurance payable |
81,003
|
37,773
|
| Accounts payable and accrued expenses |
27,451
|
28,129
|
| Accrued salaries and benefits |
11,590
|
15,147
|
| Operating lease liabilities |
2,411
|
3,059
|
| Premium deficiency reserve |
82,971
|
110,628
|
| Other liabilities, current |
110
|
73
|
| Total current liabilities |
2,152,023
|
372,624
|
| Notes and securities payable, net of discounts and deferred issuance costs |
19,947
|
19,938
|
| Long-term operating lease liabilities |
4,947
|
4,830
|
| Other liabilities, non-current |
13,164
|
14,095
|
| Total liabilities |
2,190,081
|
411,487
|
| Commitments and Contingencies (Note 15) |
|
|
| Stockholders' equity |
|
|
| Additional paid-in capital |
2,195,158
|
2,154,187
|
| Accumulated other comprehensive loss |
(7,258)
|
(1,934)
|
| Accumulated deficit |
(1,692,047)
|
(1,616,738)
|
| Less: Treasury stock, at cost; 1,893,793 and 14,730 shares held as of March 31, 2022, and December 31, 2021, respectively |
(6,086)
|
(147)
|
| Total stockholders’ equity (deficit) |
489,813
|
535,414
|
| Noncontrolling interest |
0
|
3,903
|
| Total stockholders' equity |
489,813
|
539,317
|
| Total liabilities and stockholders' equity |
2,679,894
|
950,804
|
| Common Class A |
|
|
| Stockholders' equity |
|
|
| Common stock, value |
37
|
34
|
| Common Class B |
|
|
| Stockholders' equity |
|
|
| Common stock, value |
$ 9
|
$ 12
|