Quarterly report [Sections 13 or 15(d)]

CONSOLIDATED STATEMENTS OF OPERATIONS

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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
OPERATING REVENUE:    
TOTAL OPERATING REVENUE $ 386,390 $ 373,225
OPERATING EXPENSE:    
Medical expense 336,024 372,043
Premium deficiency reserve (4,715) (6,962)
Corporate, general and administrative expense 25,543 24,999
Sales and marketing expense 227 181
Depreciation and amortization 21,074 21,052
TOTAL OPERATING EXPENSE 378,153 411,313
OPERATING INCOME (LOSS) 8,237 (38,088)
OTHER INCOME (EXPENSE):    
Interest expense (16,766) (8,725)
Mark-to-market of stock warrants 330 3,322
Other 242 318
TOTAL OTHER EXPENSE (16,194) (5,085)
LOSS BEFORE INCOME TAXES (7,957) (43,173)
INCOME TAX BENEFIT (PROVISION) 10,997 (1,073)
NET INCOME (LOSS) 3,040 (44,246)
LESS: NET INCOME (LOSS) ATTRIBUTABLE TO NON-CONTROLLING INTERESTS 1,817 (23,766)
NET INCOME (LOSS) ATTRIBUTABLE TO CONTROLLING INTEREST $ 1,223 $ (20,480)
NET INCOME (LOSS) PER SHARE (Note 8):    
Basic (in dollars per share) $ 0.37 $ (6.28)
Diluted (in dollars per share) $ 0.32 $ (6.28)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING (Note 8):    
Basic (in shares) 3,288 3,260
Diluted (in shares) 8,417 3,260
Capitated revenue    
OPERATING REVENUE:    
TOTAL OPERATING REVENUE $ 379,499 $ 369,517
Other patient service revenue    
OPERATING REVENUE:    
TOTAL OPERATING REVENUE $ 6,891 $ 3,708