CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2021
Dec. 31, 2020
Current assets    
Cash and cash equivalents $ 202,264 $ 92,348
Short-term investments 218,390 4,098
Investment securities, available-for sale (Amortized cost: 2021: $21,139; 2020: $0) 21,142 0
Investment securities, held-to-maturity (Fair value: 2021: $308; 2020: $266) 305 265
Accrued retrospective premiums 30,184 34,829
Other receivables 21,127 11,368
Healthcare receivables 34,656 38,745
Surety bonds and deposits 13,165 0
Prepaid expenses 12,177 7,830
Other assets, current 5,871 299
Total current assets 559,281 189,782
Direct Contracting performance year receivable 220,738 0
Debt Securities, Available-for-sale, Noncurrent 146,183 53,963
Debt Securities, Held-to-maturity, Noncurrent 390 429
Property and equipment, net 2,172 2,078
Operating lease right-of-use assets 5,828 7,882
Goodwill and other intangible assets 4,233 4,233
Other assets, non-current 13,653 8,885
Total assets 952,478 267,252
Current liabilities    
Unpaid claims 140,210 103,976
Accounts payable and accrued expenses 24,208 30,671
Accrued salaries and benefits 13,436 3,978
Operating lease liabilities 3,729 4,795
Current portion of notes and securities payable 0 20,803
Premium deficiency reserve 48,661 0
Other liabilities, current 5 5
Total current liabilities 230,249 164,228
Direct Contracting performance year obligation 244,599 0
Notes and securities payable, net of discount and deferred issuance costs 19,929 106,413
Derivative liabilities 0 44,810
Warrants payable 0 97,782
Long-term operating lease liabilities 4,818 6,349
Other liabilities 40,593 13,116
Total liabilities 540,188 432,698
Commitments and Contingencies
Convertible Preferred stock (Series Seed A, A-1, B, C, and D), $0.0001 par value 0 447,747 [1]
Stockholders’ deficit:    
Common stock, $0.0001 par value   9
Additional paid-in capital 1,838,639 411,867
Accumulated other comprehensive income (610) 10
Accumulated deficit (1,429,537) (1,028,982)
Less: Treasury stock, at cost; 14,730 and 0 shares held as of September 30, 2021, and December 31, 2020, respectively (147)
Clover shareholders’ deficit 408,387 (617,096)
Non-controlling interest 3,903 3,903
Total stockholders’ deficit 412,290 (613,193)
Total liabilities, convertible preferred stock and stockholders’ deficit 952,478 267,252
Common Class A    
Stockholders’ deficit:    
Common stock, $0.0001 par value 28 0
Common Class B    
Stockholders’ deficit:    
Common stock, $0.0001 par value $ 14 $ 9 [1]
[1] Prior period results have been adjusted to reflect the exchange of Legacy Clover’s common stock for Clover Class B Common Stock at an exchange ratio of approximately 2.0681 in January 2021 as a result of the Business Combination. See Note 3 (Business Combination) for additional information.