Annual report [Section 13 and 15(d), not S-K Item 405]

CONSOLIDATED STATEMENTS OF OPERATIONS

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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
OPERATING REVENUE:    
TOTAL OPERATING REVENUE $ 1,500,455 $ 1,266,375
OPERATING EXPENSE:    
Medical expense 1,559,372 1,234,740
Premium deficiency reserve 53,698 (12,705)
Corporate, general and administrative expense 112,596 122,362
Sales and marketing expense 1,331 3,233
Depreciation and amortization 86,058 86,675
Impairment of assets held for sale 8,058 0
TOTAL OPERATING EXPENSE 1,821,113 1,434,305
OPERATING LOSS (320,658) (167,930)
OTHER INCOME (EXPENSE):    
Interest expense, net (22,173) (15,985)
Mark-to-market of stock warrants 22,114 433
Other 1,457 (249)
TOTAL OTHER INCOME (EXPENSE) 14,667 (15,801)
Gain (Loss) on Disposition of Assets 13,269 0
LOSS BEFORE INCOME TAXES (305,991) (183,731)
INCOME TAX PROVISION (4,387) (2,695)
NET LOSS (310,378) (186,426)
LESS: NET LOSS ATTRIBUTABLE TO REDEEMABLE NON-CONTROLLING INTEREST (174,529) (128,653)
NET LOSS ATTRIBUTABLE TO CONTROLLING INTEREST $ (135,849) $ (57,773)
NET LOSS PER SHARE (Note 16):    
Basic (in dollars per share) $ (0.94) $ (0.61)
Diluted (in dollars per share) $ (1.08) $ (0.63)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING (Note 16):    
Basic (in shares) 145,175 94,889
Diluted (in shares) 146,998 294,590
Capitated Revenue [Member]    
OPERATING REVENUE:    
TOTAL OPERATING REVENUE $ 1,483,602 $ 1,252,309
Other patient service revenue    
OPERATING REVENUE:    
TOTAL OPERATING REVENUE $ 16,853 $ 14,066