Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
 12 Months Ended
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (186,426) $ (1,561,557)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 86,675 87,289
Equity-based compensation 5,979 19,404
Goodwill impairment 0 1,314,952
Amortization of original issue discount and debt issuance costs 472 0
Accretion of contingent consideration 113 400
Mark-to-market adjustment of stock warrants (433) (9,865)
Premium deficiency reserve (12,705) (11,461)
Changes in operating assets and liabilities:    
Health plan receivable (46,555) (21,841)
Clinic fees, insurance, and other receivable 4,560 (5,338)
Prepaid expenses and other current assets (1,243) 4,266
Other long-term assets (58) 100
Accounts payable, accrued expenses, and other current liabilities 15,988 6,082
Accrued payroll 282 1,920
Health plan settlements payable 21,384 (8,941)
Claims payable 26,802 49,249
Accrued interest 9,587 5,290
Operating lease liability (450) 4,032
Net cash used in operating activities (76,028) (126,019)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property and equipment (1,827) (2,233)
Acquisitions, net of cash acquired 0 (5,500)
Net cash used in investing activities (1,827) (7,733)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from long-term debt, net of original issue discount 14,101 15,000
Payment of debt issuance costs (173) 0
Proceeds from private placement offering, net of offering costs paid 86,595 0
Deferred offering costs paid (175) 0
Payment of tax withholdings upon settlement of restricted stock unit awards (16) 0
Repayment of short-term and long-term debt 0 (3,625)
Net cash provided by financing activities 100,332 11,375
Net change in cash and restricted cash 22,477 (122,377)
Cash and restricted cash at beginning of year 18,457 140,834
Cash and restricted cash at end of year 40,934 18,457
Supplemental disclosures of cash flow information:    
Cash paid for interest 5,813 5,714
Cash paid for income taxes 567 0
Supplemental disclosures of non-cash investing and financing information:    
Operating lease liabilities arising from obtaining new right-of-use assets 7,222 6,839
Increase in accrued expenses related to debt issuance costs and original issue discount 212 525
Increase in accounts payable related to private placement offering costs 12 0
Increase in accounts payable related to at-the-market offering costs 19 0
Increase in accrued expenses related to at-the-market offering costs 206 0
Increase in other receivable related to at-the-market sales proceeds 33 0
Restricted stock unit awards issued in satisfaction of executive transaction bonuses 5,000 0
Remeasurement adjustment to redeemable noncontrolling interest resulting from ownership changes (117,860) 0
Fair value adjustment to redeemable noncontrolling interest 20,579 0
Warrants issued in connection with new debt 0 643
Reconciliation of cash and restricted cash:    
Cash 36,320 17,537
Restricted cash 4,614 920
Total cash and restricted cash $ 40,934 $ 18,457