Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (49,606) $ (52,448)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 21,539 21,540
Equity-based compensation 1,449 977
Amortization of original issue discount and debt issuance costs (140) 279
Accretion of contingent consideration 0 113
Mark-to-market adjustment of stock warrants (216) (649)
Premium deficiency reserve 1,000 5,140
Changes in operating assets and liabilities:    
Health plan receivable (25,198) (21,273)
Clinic fees, insurance, and other receivable 2,892 2,542
Prepaid expenses and other current assets (3,296) (454)
Other long-term assets (17) (1,364)
Accounts payable, accrued expenses, and other current liabilities (5,553) 8,316
Accrued payroll 1,542 (823)
Health plan settlements payable (12,944) (1,224)
Claims payable 44,168 13,690
Accrued interest 4,387 2,275
Operating lease liability (37) (359)
Net cash used in operating activities (20,030) (23,722)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property and equipment 0 (464)
Net cash used in investing activities 0 (464)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from long-term debt, net of original issue discount 10,000 14,102
Proceeds from at-the-market sales, net of offering costs paid 33 0
Payment of tax withholdings upon settlement of restricted stock unit awards (73) 0
Repayment of short-term and long-term debt (430) 0
Proceeds from short-term debt 1,871  
Net cash provided by financing activities 11,401 14,102
Net change in cash and restricted cash (8,629) (10,084)
Cash and restricted cash, beginning of period 40,934 18,457
Cash and restricted cash, end of period 32,305 8,373
Reconciliation of cash and restricted cash:    
Cash 27,300  
Restricted cash 5,005  
Total cash and restricted cash $ 32,305 $ 8,373