CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 31, 2020 |
Dec. 31, 2019 |
| Cash flows from operating activities |
|
|
| Net loss |
$ (136,392)
|
$ (363,737)
|
| Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
| Depreciation and amortization expense |
555
|
551
|
| Amortization of notes and securities discount |
21,084
|
15,807
|
| Loss on disposal of property and equipment |
0
|
23
|
| Stock-based compensation expense |
7,078
|
3,301
|
| Paid in kind interest |
28,334
|
11,633
|
| Change in fair value of warrants expense |
80,110
|
2,836
|
| Change in derivative liabilities |
(93,751)
|
138,561
|
| Accretion, net of amortization |
(195)
|
(2,857)
|
| Net realized gains on investment securities |
(1,114)
|
(107)
|
| Amortization of warrants |
218
|
73
|
| Amortization of debt issuance costs |
34
|
506
|
| Asset impairment charges |
0
|
1,632
|
| Changes in operating assets and liabilities: |
|
|
| Accrued retrospective premiums |
(21,604)
|
7,546
|
| Other receivables |
(5,865)
|
4,115
|
| Reinsurance recoverable |
481
|
63,610
|
| Other assets |
(5,470)
|
(274)
|
| Healthcare receivables |
(12,926)
|
(14,511)
|
| Operating lease right-of-use assets |
3,257
|
(11,933)
|
| Unpaid claims |
26,090
|
23,882
|
| Accounts payable and accrued expenses |
10,845
|
6,298
|
| Accrued salaries and benefits |
186
|
(2,235)
|
| Premium deficiency (benefit) reserve |
(17,128)
|
7,523
|
| Reinsurance premium payable |
0
|
(64,414)
|
| Deferred rent |
0
|
(2,677)
|
| Other liabilities |
1,378
|
168
|
| Operating lease liabilities |
(3,703)
|
14,805
|
| Net cash used in operating activities |
(118,498)
|
(159,875)
|
| Cash flows from investing activities |
|
|
| Purchases of available-for-sale securities |
(174,318)
|
(505,545)
|
| Proceeds from sales of available-for-sale securities |
248,664
|
269,205
|
| Proceeds from maturities of available-for-sale securities |
63,751
|
46,415
|
| Proceeds from maturities of held-to-maturity securities |
0
|
9,220
|
| Acquisition of business, net of cash acquired |
0
|
(1,180)
|
| Purchases of property and equipment |
(693)
|
(23)
|
| Net cash provided by (used in) investing activities |
137,404
|
(181,908)
|
| Cash flows from financing activities |
|
|
| Proceeds from issuance of convertible securities |
20,000
|
343,410
|
| Deferred financing costs |
(98)
|
(363)
|
| Payment of notes payable principal |
(18,752)
|
(9,670)
|
| Issuance of common stock, net of early exercise liability |
1,748
|
601
|
| Buyback and subsequent cancellation of common stock |
(957)
|
0
|
| Issuance of noncontrolling interest |
3,903
|
0
|
| Net cash provided by financing activities |
5,844
|
333,978
|
| Net increase (decrease) in cash and cash equivalents |
24,750
|
(7,805)
|
| Cash and cash equivalents, beginning of year |
67,598
|
75,403
|
| Cash and cash equivalents, end of year |
92,348
|
67,598
|
| Supplemental cash flow disclosures |
|
|
| Cash paid during the year for interest |
4,578
|
6,257
|
| Cash paid during the year for health insurance industry fee |
8,022
|
0
|
| Supplemental disclosure of non-cash investing and financing activities |
|
|
| Fair value of warrants issued in connection with notes payable |
0
|
17,672
|
| Settlement of bridge loan in connection with convertible securities |
0
|
30,416
|
| Right-of-use assets obtained in exchange for lease liabilities |
$ 42
|
$ 459
|