Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2023
USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net loss $ (28,774) $ (78,380) $ (80,030)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 21,693 43,232 43,320
Equity-based compensation   3,073 2,008
Amortization of original issue discount and debt issuance costs   (91) 340
Accretion of contingent consideration   0 113
Mark-to-market adjustment of stock warrants (8,673) (8,889) 1,082
Premium deficiency reserve (3,397) (2,397) 3,128
Changes in operating assets and liabilities:      
Health plan receivable   (34,762) (30,540)
Clinic fees, insurance, and other receivable   775 5,563
Prepaid expenses and other current assets   (4,865) 139
Other long-term assets   60 (1,289)
Accounts payable, accrued expenses, and other current liabilities   30 1,924
Accrued payroll   238 (3,086)
Health plan settlements payable   (12,141) (6,730)
Claims payable   55,752 7,321
Accrued interest   8,257 4,625
Operating lease liability   (164) (452)
Net cash used in operating activities   (30,272) (52,564)
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchases of property and equipment   0 (1,652)
Net cash used in investing activities   0 (1,652)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from long-term debt, net of original issue discount   25,000 14,102
Payment of debt issuance costs   0 (173)
Proceeds from private placement offering, net of offering costs paid   42,234 87,329
Proceeds from at-the-market sales, net of offering costs paid   33 0
Deferred offering costs paid   (455) 0
Payment of tax withholdings upon settlement of restricted stock unit awards   (103) 0
Repayment of short-term and long-term debt   (1,040) 0
Proceeds from short-term debt   1,871 0
Net cash provided by financing activities   67,540 101,258
Net change in cash and restricted cash   37,268 47,042
Cash and restricted cash, beginning of period   40,934 18,457
Cash and restricted cash, end of period 78,202 78,202 65,499
Reconciliation of cash and restricted cash:      
Cash 73,086 73,086  
Restricted cash 5,116 5,116  
Total cash and restricted cash $ 78,202 $ 78,202 $ 65,499