Quarterly report [Sections 13 or 15(d)]

CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.25.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (157,372) $ (181,230)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 63,168 64,905
Premium deficiency reserve (36,665) 15,771
Paid in-kind interest expense 19,813 12,281
Amortization of original issue discount and debt issuance costs 11,383 13
Equity-based compensation 4,482 5,031
Mark-to-market adjustment of stock warrants (2,784) (14,626)
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property 340 0
Gain on write off of contingent consideration 0 (4,907)
Changes in operating assets and liabilities:    
Health plan receivable 39,242 (4,828)
Clinic fees, insurance, and other receivable 209 445
Prepaid expenses and other current assets 3,015 (7,402)
Other long-term assets (12,274) (2)
Accounts payable, accrued expenses, and other current liabilities 7,786 1,780
Accrued payroll (1,373) 903
Health plan settlements payable (2,085) 6,177
Claims payable (1,425) 52,727
Accrued interest (2,034) 0
Operating lease liability 1,063 72
Net cash used in operating activities (65,511) (52,890)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property and equipment (119) 0
Proceeds from asset sale 50 15,000
Net cash (used in) provided by investing activities (69) 15,000
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from long-term debt, net of original issue discount 60,000 25,000
Proceeds from short-term debt 1,137 1,871
Repayment of short-term and long-term debt (1,023) (1,663)
Payment of debt issuance costs (174) (100)
Proceeds from liability-classified warrants and private placement offering, net of offering costs paid 0 40,547
Deferred offering costs paid 0 (507)
Payment of tax withholdings upon settlement of restricted stock unit awards 0 (127)
Proceeds from at-the-market sales, net of offering costs paid 33
Net cash provided by financing activities 59,940 65,054
Net change in cash and restricted cash (5,640) 27,164
Cash and restricted cash, beginning of period 44,102 40,934
Cash and restricted cash, end of period 38,462 68,098
Reconciliation of cash and restricted cash:    
Cash 37,714 62,962
Restricted cash 748 5,136
Total cash and restricted cash $ 38,462 $ 68,098