Quarterly report [Sections 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, 2026
Mar. 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ 3,040 $ (44,246)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation and amortization 21,074 21,052
Premium deficiency reserve (4,715) (6,962)
Paid in-kind interest expense 10,799 5,614
Amortization of original issue discount and debt issuance costs 2,803 331
Equity-based compensation 1,051 1,808
Deferred income taxes 478 0
Mark-to-market adjustment of stock warrants (330) (3,322)
Changes in operating assets and liabilities:    
Health plan receivable (32,436) (8,084)
Clinic fees, insurance, and other receivable (5,681) (1,462)
Prepaid expenses and other current assets (715) (558)
Other long-term assets (473) (14,345)
Accounts payable, accrued expenses, and other current liabilities 420 1,593
Accrued payroll 823 494
Health plan settlements payable (21,585) 1,150
Claims payable (1,892) 13,575
Accrued interest 0 0
Operating lease liability (128) (104)
Net cash used in operating activities (27,467) (33,466)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Other, net (43) 0
Net cash used in investing activities (43) 0
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from long-term debt, net of original issue discount 27,000 30,000
Proceeds from short-term debt 1,044 1,137
Repayment of short-term and long-term debt (209) (341)
Payment of debt issuance costs (30) (139)
Net cash provided by financing activities 27,805 30,657
Net change in cash and restricted cash 295 (2,809)
Cash and restricted cash, beginning of period 25,807 44,102
Cash and restricted cash, end of period 26,102 41,293
Reconciliation of cash and restricted cash:    
Cash 25,497 40,082
Restricted cash 605 1,211
Total cash and restricted cash $ 26,102 $ 41,293