Alignment Healthcare, Inc(NASDAQ:ALHC) 
Alignment Healthcare, Inc. provides a consumer-centric platform that delivers customized health care to seniors in the United States. It offers medicare advantage plans and health plan options to its partners and patients with customized care and service; and preferred provider organization offering...
Website: https://www.alignmenthealthcare.com/
Founded: 2013
CEO: John Kao
Sector: Healthcare
Industry: Healthcare Plans
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At a glance:
Bull Thesis:
Bear Thesis:
Main Competitors:
Moat:
Income Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
revenues: | |||||||||||||||||||||
earned premiums | 1,226,566,000 | 1,003,791,000 | 983,681,000 | 1,006,203,000 | 918,043,000 | 691,785,000 | 684,496,000 | 674,094,000 | 621,556,000 | 459,009,000 | 450,235,000 | 456,877,000 | 434,812,000 | 360,100,000 | 359,978,000 | 366,180,000 | 345,292,000 | 298,071,000 | 293,275,000 | 308,739,000 | 267,000,000 |
other | 8,631,000 | 9,013,000 | 10,014,000 | 9,085,000 | 8,889,000 | 9,456,000 | 7,937,000 | 7,192,000 | 7,045,000 | 6,378,000 | 6,474,000 | 5,502,000 | 4,343,000 | 1,711,000 | 370,000 | 294,000 | 234,000 | 203,000 | 191,000 | 212,000 | 82,000 |
total revenues | 1,235,197,000 | 1,012,804,000 | 993,695,000 | 1,015,288,000 | 926,932,000 | 701,241,000 | 692,433,000 | 681,286,000 | 628,601,000 | 465,387,000 | 456,709,000 | 462,379,000 | 439,155,000 | 361,811,000 | 360,348,000 | 366,474,000 | 345,526,000 | 298,274,000 | 293,466,000 | 308,951,000 | 267,082,000 |
yoy | 33.26% | 44.43% | 43.51% | 49.03% | 47.46% | 50.68% | 51.61% | 47.34% | 43.14% | 28.63% | 26.74% | 26.17% | 27.10% | 21.30% | 22.79% | 18.62% | 29.37% | ||||
qoq | 21.96% | 1.92% | -2.13% | 9.53% | 32.18% | 1.27% | 1.64% | 8.38% | 35.07% | 1.90% | -1.23% | 5.29% | 21.38% | 0.41% | -1.67% | 6.06% | 15.84% | 1.64% | -5.01% | 15.68% | |
expenses: | |||||||||||||||||||||
medical expenses | 1,090,717,000 | 889,494,000 | 868,022,000 | 881,740,000 | 820,900,000 | 614,896,000 | 613,444,000 | 605,312,000 | 573,218,000 | 417,762,000 | 397,879,000 | 410,644,000 | 396,315,000 | 326,002,000 | 312,850,000 | 307,269,000 | 303,758,000 | 259,571,000 | 253,990,000 | 274,385,000 | 251,095,000 |
selling, general, and administrative expenses | 121,138,000 | 125,764,000 | 110,015,000 | 103,797,000 | 103,831,000 | 102,128,000 | 90,871,000 | 87,863,000 | 90,512,000 | 83,737,000 | 83,089,000 | 70,199,000 | 70,408,000 | 83,228,000 | 76,452,000 | 61,673,000 | 74,293,000 | 78,081,000 | 76,846,000 | 71,150,000 | 64,914,000 |
depreciation and amortization | 7,839,000 | 7,830,000 | 7,977,000 | 7,003,000 | 7,594,000 | 6,762,000 | 7,640,000 | 6,493,000 | 5,977,000 | 5,801,000 | 5,497,000 | 5,195,000 | 4,921,000 | 4,687,000 | 4,456,000 | 4,180,000 | 3,950,000 | 4,088,000 | 4,080,000 | 3,908,000 | 3,737,000 |
total expenses | 1,219,694,000 | 1,023,088,000 | 986,014,000 | 992,540,000 | 932,325,000 | 723,786,000 | 711,955,000 | 699,668,000 | 669,707,000 | 507,300,000 | 486,465,000 | 486,038,000 | 471,644,000 | 413,917,000 | 393,758,000 | 373,122,000 | 382,001,000 | 341,740,000 | 334,916,000 | 349,443,000 | 319,746,000 |
income from operations | 15,503,000 | -10,284,000 | 7,681,000 | 22,748,000 | -5,393,000 | -22,545,000 | -19,522,000 | -18,382,000 | -41,106,000 | -41,913,000 | -29,756,000 | -23,659,000 | -32,489,000 | -52,106,000 | -33,410,000 | -6,648,000 | -36,475,000 | -43,466,000 | -41,450,000 | -40,492,000 | -52,664,000 |
yoy | -387.47% | -54.38% | -139.35% | -223.75% | -86.88% | -46.21% | -34.39% | -22.30% | 26.52% | -19.56% | -10.94% | 255.88% | -10.93% | 19.88% | -19.40% | -83.58% | -30.74% | ||||
qoq | -250.75% | -233.89% | -66.23% | -521.81% | -76.08% | 15.49% | 6.20% | -55.28% | -1.93% | 40.86% | 25.77% | -27.18% | -37.65% | 55.96% | 402.56% | -81.77% | -16.08% | 4.86% | 2.37% | -23.11% | |
operating margin % | 1.26% | -1.02% | 0.77% | 2.24% | -0.58% | -3.22% | -2.82% | -2.70% | -6.54% | -9.01% | -6.52% | -5.12% | -7.40% | -14.40% | -9.27% | -1.81% | -10.56% | -14.57% | -14.12% | -13.11% | -19.72% |
other expenses: | |||||||||||||||||||||
interest expense | 4,062,000 | 3,949,000 | 3,950,000 | 3,950,000 | 3,950,000 | 5,492,000 | 6,937,000 | 5,691,000 | 5,427,000 | 5,484,000 | 5,466,000 | 5,262,000 | 5,019,000 | 4,793,000 | 4,605,000 | 4,490,000 | 4,401,000 | 4,452,000 | 4,414,000 | 4,329,000 | 4,248,000 |
other expenses (income) | |||||||||||||||||||||
total other expense | 4,062,000 | 2,940,250 | 3,950,000 | 3,871,000 | |||||||||||||||||
income before income taxes | 11,441,000 | -14,233,000 | 3,731,000 | 18,877,000 | -9,333,000 | -31,057,000 | -26,437,000 | -23,981,000 | -46,575,000 | -47,255,000 | -35,077,000 | -28,493,000 | -37,370,000 | -56,823,000 | -40,080,000 | -11,580,000 | -40,817,000 | -47,834,000 | -45,816,000 | -44,762,000 | -56,874,000 |
provision for income taxes | 25,000 | 811,750 | 2,000 | 3,224,000 | 21,000 | 3,500 | -8,000 | 22,000 | -24,000 | 1,000 | 1,000 | 172,000 | 167,000 | ||||||||
net income | 11,416,000 | -11,006,000 | 3,729,000 | 15,653,000 | -9,354,000 | -31,064,000 | -26,429,000 | -24,003,000 | -46,575,000 | -47,231,000 | -35,077,000 | -28,494,000 | -37,371,000 | -56,874,000 | |||||||
yoy | -222.04% | -64.57% | -114.11% | -165.21% | -79.92% | -34.23% | -24.65% | -15.76% | 24.63% | ||||||||||||
qoq | -203.73% | -395.15% | -76.18% | -267.34% | -69.89% | 17.54% | 10.11% | -48.46% | -1.39% | 34.65% | 23.10% | -23.75% | |||||||||
net income margin % | 0.92% | -1.09% | 0.38% | 1.54% | -1.01% | -4.43% | -3.82% | -3.52% | -7.41% | -10.15% | -7.68% | -6.16% | -8.51% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -21.29% |
less: net loss attributable to noncontrolling interest | 240,000 | -27,000 | 16,000 | -7,000 | 54,000 | 22,000 | 30,000 | 17,000 | 87,000 | ||||||||||||
net income attributable to alignment healthcare, inc. | 11,416,000 | 2,570,500 | 3,729,000 | 15,667,000 | -36,863,000 | -45,816,000 | -44,762,000 | ||||||||||||||
net income per share | -0.05 | -0.16 | -0.14 | -0.13 | -0.25 | -0.25 | -0.19 | -0.15 | -0.2 | -0.32 | -0.22 | -0.06 | -0.23 | -0.27 | -0.26 | -0.25 | -0.37 | ||||
basic | 0.06 | 0.013 | 0.02 | 0.08 | |||||||||||||||||
diluted | 0.05 | 0.013 | 0.02 | 0.07 | |||||||||||||||||
weighted-average common shares outstanding: | |||||||||||||||||||||
basic | 205,356,397 | 199,026,808 | 198,328,613 | ||||||||||||||||||
diluted | 213,128,231 | 208,927,980 | 209,519,629 | ||||||||||||||||||
other income | -79,000 | -18,000 | -22,000 | -92,000 | -138,000 | ||||||||||||||||
less: net income attributable to noncontrolling interest | -14,000 | ||||||||||||||||||||
other expenses | -10,000 | 42,000 | -142,000 | -145,000 | -428,000 | -76,000 | -131,000 | 442,000 | -59,000 | -84,000 | -48,000 | -59,000 | -38,000 | ||||||||
total other expenses | 3,940,000 | 8,512,000 | 6,915,000 | 5,599,000 | 5,469,000 | 5,342,000 | 5,321,000 | 4,834,000 | 4,881,000 | 4,717,000 | 6,670,000 | 4,932,000 | 4,342,000 | 4,368,000 | 4,366,000 | 4,270,000 | 4,210,000 | ||||
net loss attributable to alignment healthcare, inc. | -9,114,000 | -31,091,000 | -26,413,000 | -24,010,000 | -46,521,000 | -47,209,000 | -35,047,000 | -28,477,000 | -37,284,000 | -56,903,000 | -40,247,000 | -11,580,000 | -40,817,000 | ||||||||
total weighted-average common shares outstanding - basic and diluted | 198,006,216,000 | 193,606,438,000 | 190,793,552,000 | 191,361,283,000 | 190,891,787,000 | 189,005,394,000 | 186,214,784,000 | 187,328,318,000 | 185,991,460,000 | 183,113,945,000 | 181,212,757,000 | 182,123,363,000 | 181,262,640,000 | 178,874,192,000 | 171,956,849,000 | 177,828,872,000 | 176,842,122,000 | 154,432,027,000 | |||
net income per share | -0.05 | -0.16 | -0.14 | -0.13 | -0.25 | -0.25 | -0.19 | -0.15 | -0.2 | -0.32 | -0.22 | -0.06 | -0.23 | -0.27 | -0.26 | -0.25 | -0.37 | ||||
loss on extinguishment of debt | 2,196,000 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | |||||||||||||||||||||
current assets: | |||||||||||||||||||||
cash and cash equivalents | 705,584,000 | 575,817,000 | 618,067,000 | 470,266,000 | 446,184,000 | 432,859,000 | 340,300,000 | 339,007,000 | 238,903,000 | 202,904,000 | 391,643,000 | 395,258,000 | 384,261,000 | ||||||||
accounts receivable | 277,678,000 | 253,207,000 | 219,837,000 | 282,931,000 | 214,059,000 | 153,904,000 | 138,852,000 | 183,214,000 | 165,071,000 | 119,749,000 | 105,523,000 | 88,925,000 | 125,276,000 | 92,890,000 | 88,220,000 | 98,027,000 | 84,527,000 | 58,512,000 | 47,671,000 | 66,472,000 | 49,458,000 |
investments - current | 20,707,000 | 28,413,000 | 26,013,000 | 33,511,000 | 33,360,000 | 37,791,000 | 40,676,000 | 24,701,000 | 62,809,000 | 115,914,000 | |||||||||||
prepaid expenses and other current assets | 141,396,000 | 94,140,000 | 121,407,000 | 93,414,000 | 80,883,000 | 37,084,000 | 53,779,000 | 52,191,000 | 53,856,000 | 44,970,000 | 45,878,000 | 77,185,000 | 57,894,000 | 42,107,000 | 36,493,000 | 34,337,000 | 32,829,000 | 27,747,000 | 29,236,000 | 31,801,000 | 26,773,000 |
total current assets | 1,145,365,000 | 951,577,000 | 985,324,000 | 880,122,000 | 774,486,000 | 661,638,000 | 573,607,000 | 599,113,000 | 520,639,000 | 483,537,000 | 666,970,000 | 683,617,000 | 670,914,000 | 544,546,000 | 692,159,000 | 585,598,000 | 566,191,000 | 552,859,000 | 577,392,000 | 592,891,000 | 604,648,000 |
property and equipment | 63,867,000 | 64,251,000 | 67,017,000 | 69,523,000 | 68,504,000 | 67,139,000 | 64,692,000 | 62,430,000 | 57,211,000 | 51,901,000 | 47,162,000 | 43,032,000 | 39,613,000 | 37,169,000 | 35,577,000 | 33,405,000 | 31,747,000 | 30,358,000 | 31,505,000 | 29,532,000 | 28,403,000 |
right of use asset | 7,073,000 | 7,019,000 | 7,338,000 | 7,579,000 | 7,750,000 | 7,818,000 | 8,124,000 | 8,085,000 | 8,549,000 | 9,959,000 | 10,472,000 | 10,613,000 | 5,077,000 | 5,825,000 | 6,085,000 | 6,565,000 | 7,354,000 | 8,272,000 | 8,876,000 | 9,577,000 | |
goodwill | 32,060,000 | 32,060,000 | 32,060,000 | 32,060,000 | 34,192,000 | 34,826,000 | 34,826,000 | 34,826,000 | 34,826,000 | 34,826,000 | |||||||||||
intangible assets | 4,550,000 | 4,550,000 | 4,550,000 | 4,550,000 | 4,550,000 | 4,550,000 | 4,550,000 | 5,201,000 | 5,224,000 | 5,252,000 | |||||||||||
other assets | 8,693,000 | 6,329,000 | 6,325,000 | 6,316,000 | 6,135,000 | 6,092,000 | 6,488,000 | 6,603,000 | 6,781,000 | 6,405,000 | 6,082,000 | 6,151,000 | 5,956,000 | 6,035,000 | 6,104,000 | 4,960,000 | 4,977,000 | 4,709,000 | 4,545,000 | 3,447,000 | |
total assets | 1,261,608,000 | 1,065,786,000 | 1,102,614,000 | 1,000,150,000 | 895,617,000 | 782,063,000 | 692,287,000 | 716,258,000 | 633,230,000 | 591,880,000 | 770,792,000 | 783,546,000 | 761,751,000 | 633,863,000 | 777,543,000 | 666,777,000 | 646,614,000 | 630,895,000 | 656,927,000 | 670,056,000 | 679,344,000 |
liabilities and stockholders' equity | |||||||||||||||||||||
current liabilities: | |||||||||||||||||||||
medical expenses payable | 655,967,000 | 474,569,000 | 528,796,000 | 455,154,000 | 396,734,000 | 289,788,000 | 297,125,000 | 315,369,000 | 276,464,000 | 205,399,000 | 203,435,000 | 207,198,000 | 185,670,000 | 170,135,000 | 171,395,000 | 173,871,000 | 154,963,000 | 125,886,000 | 128,775,000 | 136,478,000 | 128,673,000 |
accounts payable and accrued expenses | 34,502,000 | 33,284,000 | 34,009,000 | 31,357,000 | 28,032,000 | 22,126,000 | 25,394,000 | 23,336,000 | 22,671,000 | 23,511,000 | 25,356,000 | 21,271,000 | 22,865,000 | 32,288,000 | 20,691,000 | 14,975,000 | 16,443,000 | 17,431,000 | 16,557,000 | 14,615,000 | 19,639,000 |
accrued compensation | 34,288,000 | 49,013,000 | 48,280,000 | 43,016,000 | 32,353,000 | 39,931,000 | 33,951,000 | 32,834,000 | 31,607,000 | 34,112,000 | 35,141,000 | 25,905,000 | 24,571,000 | 27,538,000 | 31,411,000 | 24,868,000 | 23,564,000 | 23,928,000 | 29,810,000 | 22,643,000 | 21,481,000 |
total current liabilities | 724,757,000 | 556,866,000 | 611,085,000 | 529,527,000 | 457,119,000 | 351,845,000 | 358,083,000 | 371,539,000 | 330,742,000 | 263,022,000 | 410,274,000 | 401,851,000 | 374,187,000 | 229,961,000 | 340,264,000 | 213,714,000 | 194,970,000 | 167,245,000 | 175,142,000 | 173,736,000 | 169,793,000 |
long-term debt | 323,616,000 | 323,176,000 | 322,736,000 | 322,295,000 | 321,855,000 | 321,428,000 | 210,386,000 | 211,742,000 | 162,030,000 | 161,813,000 | 161,595,000 | 161,378,000 | 161,121,000 | 160,902,000 | 160,677,000 | 153,931,000 | 152,256,000 | 150,620,000 | 148,967,000 | 147,333,000 | 145,734,000 |
long-term portion of lease liabilities | 6,350,000 | 6,467,000 | 6,922,000 | 7,361,000 | 7,648,000 | 7,835,000 | 8,191,000 | 8,179,000 | 8,441,000 | 8,974,000 | 9,318,000 | 9,205,000 | 2,503,000 | 3,698,000 | 4,458,000 | 5,428,000 | 6,103,000 | 6,975,000 | 7,743,000 | 8,607,000 | 9,565,000 |
total liabilities | 1,054,723,000 | 886,509,000 | 940,743,000 | 859,183,000 | 786,622,000 | 681,108,000 | 576,660,000 | 591,460,000 | 501,213,000 | 433,809,000 | 581,187,000 | 572,434,000 | 537,811,000 | 394,561,000 | 505,399,000 | 373,073,000 | 353,329,000 | 324,840,000 | 331,852,000 | 329,676,000 | 325,092,000 |
commitments and contingencies | |||||||||||||||||||||
stockholders' equity: | |||||||||||||||||||||
preferred stock, .001 par value... | |||||||||||||||||||||
common stock, .001 par value... | 207,000 | 205,000 | 200,000 | 198,000 | 198,000 | 192,000 | 191,000 | 191,000 | 191,000 | 189,000 | 189,000 | 188,000 | 188,000 | 187,000 | 187,000 | 187,000 | 187,000 | 188,000 | 188,000 | 188,000 | 188,000 |
additional paid-in capital | 1,204,279,000 | 1,188,089,000 | 1,159,682,000 | 1,142,509,000 | 1,125,340,000 | 1,107,952,000 | 1,091,561,000 | 1,074,303,000 | 1,057,519,000 | 1,037,015,000 | 1,021,363,000 | 1,007,794,000 | 992,158,000 | 970,180,000 | 947,295,000 | 928,608,000 | 916,594,000 | 880,708,000 | 851,895,000 | 821,384,000 | 790,509,000 |
accumulated deficit | -997,601,000 | -1,009,017,000 | -998,011,000 | -1,001,740,000 | -1,017,407,000 | -1,008,293,000 | -977,202,000 | -950,789,000 | -926,779,000 | -880,258,000 | -833,049,000 | -798,002,000 | -769,525,000 | -732,241,000 | -675,338,000 | -635,091,000 | -623,511,000 | -574,856,000 | -527,023,000 | -481,207,000 | -436,445,000 |
total stockholders' equity | 206,885,000 | 179,277,000 | 161,871,000 | 140,967,000 | 108,995,000 | 100,955,000 | 115,627,000 | 124,798,000 | 132,017,000 | 158,071,000 | 189,605,000 | 211,112,000 | 223,940,000 | 239,302,000 | 272,144,000 | 293,704,000 | 293,285,000 | 306,055,000 | 325,075,000 | 340,380,000 | 354,252,000 |
total liabilities and stockholders' equity | 1,261,608,000 | 1,065,786,000 | 1,102,614,000 | 1,000,150,000 | 895,617,000 | 782,063,000 | 692,287,000 | 716,258,000 | 633,230,000 | 591,880,000 | 770,792,000 | 783,546,000 | 761,751,000 | 633,863,000 | 777,543,000 | 666,777,000 | 646,614,000 | 630,895,000 | 656,927,000 | 670,056,000 | 679,344,000 |
total alignment healthcare, inc. stockholders' equity | 179,277,000 | 161,871,000 | 140,967,000 | 108,131,000 | 99,851,000 | 114,550,000 | 123,705,000 | 130,931,000 | 156,946,000 | 188,503,000 | 209,980,000 | 222,821,000 | 238,126,000 | 272,144,000 | 293,704,000 | 293,270,000 | 306,040,000 | 325,060,000 | 340,365,000 | ||
noncontrolling interest | 864,000 | 1,104,000 | 1,077,000 | 1,093,000 | 1,086,000 | 1,125,000 | 1,102,000 | 1,132,000 | 1,119,000 | 1,176,000 | 15,000 | 15,000 | 15,000 | 15,000 | |||||||
current maturities of long-term debt | 1,613,000 | ||||||||||||||||||||
short-term investments | 123,926,000 | 122,249,000 | 103,483,000 | ||||||||||||||||||
goodwill and intangible assets | 40,106,000 | 40,133,000 | 40,191,000 | 40,288,000 | 37,618,000 | 36,249,000 | 36,345,000 | 35,116,000 | 35,213,000 | 35,310,000 | 34,563,000 | ||||||||||
deferred premium revenue | 146,342,000 | 147,477,000 | 141,081,000 | 116,767,000 | |||||||||||||||||
cash | 409,549,000 | 567,446,000 | 453,234,000 | 448,835,000 | 466,600,000 | 500,485,000 | 494,618,000 | 528,417,000 | |||||||||||||
right of use assets | 7,853,000 | ||||||||||||||||||||
restricted and other assets | 2,153,000 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
operating activities: | |||||||||||||||||||||
net income | 11,416,000 | 3,729,000 | |||||||||||||||||||
adjustments to reconcile net income to net cash from operating activities: | |||||||||||||||||||||
depreciation and amortization | 7,862,000 | 7,834,000 | 7,985,000 | 7,036,000 | 7,627,000 | 6,808,000 | 7,686,000 | 6,539,000 | 6,029,000 | 5,861,000 | 5,561,000 | 5,264,000 | 4,982,000 | 4,751,000 | 4,513,000 | 4,229,000 | 3,993,000 | 4,149,000 | 4,133,000 | 3,962,000 | 3,789,000 |
amortization-investment discount | -245,000 | -257,000 | -310,000 | -361,000 | -370,000 | -495,000 | -322,000 | -609,000 | -1,153,000 | -1,633,000 | -1,365,000 | -351,000 | |||||||||
amortization-debt issuance costs | 507,000 | 440,000 | 440,000 | 441,000 | 440,000 | 315,000 | 366,000 | 92,000 | 520,000 | 303,000 | 429,000 | 305,000 | |||||||||
equity-based compensation | 14,019,000 | 13,115,000 | 16,227,000 | 15,553,000 | 17,187,000 | 16,236,000 | 17,258,000 | 16,784,000 | 20,854,000 | 13,569,000 | 15,636,000 | 21,978,000 | |||||||||
non-cash lease expense | 450,000 | 431,000 | 932,000 | -149,000 | 395,000 | 404,000 | 430,000 | 458,000 | 472,000 | 665,000 | 305,000 | 631,000 | 717,000 | 660,000 | 736,000 | 700,000 | 715,000 | 730,000 | 687,000 | 666,000 | 648,000 |
changes in operating assets and liabilities: | |||||||||||||||||||||
accounts receivable | -24,471,000 | -33,655,000 | 62,808,000 | -69,104,000 | -60,155,000 | -15,052,000 | 44,334,000 | -18,238,000 | -45,322,000 | -14,226,000 | -16,638,000 | 36,301,000 | -32,387,000 | -4,537,000 | 9,769,000 | -13,559,000 | -26,050,000 | -10,877,000 | 18,772,000 | -16,177,000 | -9,326,000 |
prepaid expenses and other current assets | -47,256,000 | 27,267,000 | -27,993,000 | -12,533,000 | -43,800,000 | 16,696,000 | -1,588,000 | 1,665,000 | -8,886,000 | 908,000 | 31,306,000 | -19,291,000 | -15,786,000 | -5,614,000 | -2,156,000 | -1,507,000 | -5,079,000 | 1,489,000 | 2,564,000 | -4,846,000 | -9,547,000 |
other assets | -16,000 | -3,000 | 5,000 | -29,000 | -23,000 | -17,000 | -15,000 | 206,000 | -114,000 | -23,000 | -7,000 | -116,000 | 4,000 | 51,000 | 13,000 | 17,000 | -167,000 | 636,000 | 2,000 | 12,000 | -6,000 |
medical expenses payable | 181,398,000 | -54,227,000 | 73,642,000 | 58,420,000 | 106,946,000 | -7,337,000 | -18,244,000 | 38,905,000 | 71,065,000 | 1,965,000 | -3,764,000 | 21,528,000 | 15,535,000 | -1,259,000 | -2,476,000 | 18,908,000 | 29,077,000 | -2,890,000 | -7,703,000 | 7,036,000 | 16,069,000 |
accounts payable and accrued expenses | 287,000 | -816,000 | 2,626,000 | 3,346,000 | 5,208,000 | -4,295,000 | 1,462,000 | 1,325,000 | 48,000 | -1,734,000 | 4,383,000 | 215,000 | -9,211,000 | 11,713,000 | 5,182,000 | -1,496,000 | -1,656,000 | 880,000 | 1,925,000 | -2,070,000 | -298,000 |
accrued compensation | -14,725,000 | 733,000 | 5,264,000 | 10,662,000 | -7,577,000 | 5,980,000 | 1,117,000 | 1,227,000 | -2,505,000 | -1,030,000 | 9,236,000 | 1,334,000 | -2,966,000 | -3,875,000 | 6,544,000 | 1,304,000 | -364,000 | -5,882,000 | 7,167,000 | 1,162,000 | -3,691,000 |
lease liabilities | -544,000 | -511,000 | -1,013,000 | 85,000 | -65,000 | -33,000 | -71,000 | -666,000 | -755,000 | -888,000 | -457,000 | -1,052,000 | -1,113,000 | -1,088,000 | -1,098,000 | -1,002,000 | -1,026,000 | -1,038,000 | -991,000 | -956,000 | -832,000 |
net cash from operating activities | 128,682,000 | -50,375,000 | 144,556,000 | 29,130,000 | 16,616,000 | -8,711,000 | 26,190,000 | 23,529,000 | -6,238,000 | -187,466,000 | 5,992,000 | 37,177,000 | 85,110,000 | -149,263,000 | 105,120,000 | 10,354,000 | -11,638,000 | -30,134,000 | 12,914,000 | -23,449,000 | -38,107,000 |
capital expenditures | -7,364,000 | -5,029,000 | -5,497,000 | -8,003,000 | -8,252,000 | -9,284,000 | -9,280,000 | -11,733,000 | -11,121,000 | -10,597,000 | -9,553,000 | -8,560,000 | -7,285,000 | -6,457,000 | -6,548,000 | -5,855,000 | -4,914,000 | -2,951,000 | -5,947,000 | -5,016,000 | -4,446,000 |
free cash flows | 121,318,000 | -55,404,000 | 139,059,000 | 21,127,000 | 8,364,000 | -17,995,000 | 16,910,000 | 11,796,000 | -17,359,000 | -198,063,000 | -3,561,000 | 28,617,000 | 77,825,000 | -155,720,000 | 98,572,000 | 4,499,000 | -16,552,000 | -33,085,000 | 6,967,000 | -28,465,000 | -42,553,000 |
investing activities: | |||||||||||||||||||||
purchase of investments | -10,598,000 | -20,439,000 | -10,193,000 | -17,096,000 | -17,905,000 | -6,676,000 | -35,524,000 | -18,436,000 | -21,564,000 | -97,476,000 | -124,639,000 | -52,700,000 | -104,243,000 | 0 | -1,725,000 | -250,000 | -850,000 | 0 | -1,675,000 | -50,000 | -750,000 |
maturities of investments | 18,540,000 | 18,305,000 | 18,005,000 | 17,295,000 | 22,695,000 | 10,040,000 | 20,230,000 | 57,135,000 | 75,390,000 | ||||||||||||
acquisition of property and equipment | -7,364,000 | -5,029,000 | -5,497,000 | -8,003,000 | -8,252,000 | -9,284,000 | -9,280,000 | -11,733,000 | -11,121,000 | -10,597,000 | -9,553,000 | -8,560,000 | -7,285,000 | -6,457,000 | -6,548,000 | -5,855,000 | -4,914,000 | -2,951,000 | -5,947,000 | -5,016,000 | -4,446,000 |
net cash from investing activities | 578,000 | -7,163,000 | 2,315,000 | -6,664,000 | -3,462,000 | -5,920,000 | -24,560,000 | 26,966,000 | 42,705,000 | -1,018,000 | -9,607,000 | -26,210,000 | -110,428,000 | -8,107,000 | -8,128,000 | -5,855,000 | -6,127,000 | -2,951,000 | -6,997,000 | -6,421,000 | -4,446,000 |
financing activities: | |||||||||||||||||||||
debt issuance costs | -1,658,000 | 0 | 0 | 0 | -26,000 | -8,280,000 | 0 | -595,000 | |||||||||||||
proceeds from stock option exercises | 2,173,000 | 948,000 | 1,616,000 | 207,000 | |||||||||||||||||
net cash from financing activities | 515,000 | 15,296,000 | 948,000 | 1,616,000 | 181,000 | 106,875,000 | 0 | 49,488,000 | -335,000 | 45,000 | 0 | 30,000 | 30,000 | -527,000 | 17,220,000 | 0 | 0 | -3,529,000 | 363,659,000 | ||
net increase in cash | 129,775,000 | -42,242,000 | 147,819,000 | 24,082,000 | 13,335,000 | 92,244,000 | 1,630,000 | 99,983,000 | 36,132,000 | -157,897,000 | 114,212,000 | 4,399,000 | -17,765,000 | -33,085,000 | 5,917,000 | -33,399,000 | 321,106,000 | ||||
cash, cash equivalents and restricted cash at beginning of period | 577,937,000 | 1,000 | 0 | 0 | 434,942,000 | 0 | 0 | 0 | 204,954,000 | 0 | 0 | 0 | 411,299,000 | ||||||||
cash, cash equivalents and restricted cash at end of period | 707,712,000 | -42,241,000 | 147,819,000 | 24,082,000 | 448,277,000 | 92,244,000 | 1,630,000 | 99,983,000 | 241,086,000 | -188,439,000 | -3,615,000 | 10,997,000 | 386,011,000 | ||||||||
supplemental disclosure of cash flow information: | |||||||||||||||||||||
cash paid for interest | 7,012,000 | 0 | 6,555,000 | 5,355,000 | 5,072,000 | 5,175,000 | 5,222,000 | 4,957,000 | 4,709,000 | 4,277,000 | 0 | 16,882,000 | 2,807,000 | 2,758,000 | 2,799,000 | 2,780,000 | 2,731,000 | 2,682,000 | |||
supplemental non-cash investing and financing activities: | |||||||||||||||||||||
acquisition of property in accounts payable | 94,000 | 18,000 | -38,000 | 32,000 | 85,000 | -42,000 | -10,000 | -34,000 | 156,000 | -58,000 | 75,000 | 32,000 | 10,000 | -243,000 | 58,000 | -99,000 | 331,000 | -91,000 | 20,000 | -56,000 | 474,000 |
debt issuance costs in accounts payable | 719,000 | ||||||||||||||||||||
net loss | -9,354,000 | -31,064,000 | -26,429,000 | -24,003,000 | -46,575,000 | -47,231,000 | -35,077,000 | -28,494,000 | -37,371,000 | -56,995,000 | -40,247,000 | -11,580,000 | -40,817,000 | -44,762,000 | -56,874,000 | ||||||
adjustments to reconcile net loss to net cash from operating activities: | |||||||||||||||||||||
provision for credit loss | 285,000 | 286,000 | 0 | 28,000 | 0 | 40,000 | 50,000 | 1,000 | 0 | 39,000 | 58,000 | 53,000 | 37,000 | 28,000 | |||||||
loss on right of use assets | 8,000 | -8,000 | 0 | 143,000 | |||||||||||||||||
gain on sale of property and equipment | 0 | 0 | -1,000 | ||||||||||||||||||
loss on extinguishment of debt | 0 | ||||||||||||||||||||
sale of property and equipment | 0 | 0 | 0 | ||||||||||||||||||
sale of business | 0 | 0 | |||||||||||||||||||
proceeds from long-term debt | 330,000,000 | 0 | |||||||||||||||||||
repayment of long-term debt | 0 | ||||||||||||||||||||
payment of employment taxes related to release of restricted stock | 0 | 0 | 0 | -350,000 | |||||||||||||||||
proceeds from exercise of stock options | |||||||||||||||||||||
contributions from noncontrolling interest holders | 0 | 0 | 0 | 15,000 | 45,000 | 0 | 30,000 | 30,000 | |||||||||||||
deferred premium revenue | -72,000 | -80,000 | 157,000 | 194,000 | -251,000 | -59,000 | -1,135,000 | 6,396,000 | 140,773,000 | ||||||||||||
amortization of payment-in-kind interest | 0 | ||||||||||||||||||||
loss on disposal of property and equipment | |||||||||||||||||||||
payment-in-kind interest | 0 | -16,292,000 | 1,100,000 | 1,070,000 | 1,079,000 | 1,064,000 | 1,039,000 | 1,015,000 | |||||||||||||
purchase of business, net of cash received | -1,650,000 | -1,280,000 | 0 | -1,113,000 | |||||||||||||||||
repurchase of noncontrolling interest | 0 | 0 | |||||||||||||||||||
purchase of business in accounts payable | 130,000 | 135,000 | 0 | 240,000 | |||||||||||||||||
amortization-debt issuance costs and investment discount | 242,000 | 468,000 | 574,000 | 566,000 | 573,000 | 571,000 | 560,000 | 550,000 | |||||||||||||
equity-based compensation and common stock payments | 22,885,000 | 18,687,000 | 12,099,000 | 28,047,000 | 28,814,000 | 30,511,000 | 30,887,000 | 20,388,000 | |||||||||||||
asset acquisition, net of cash received | 0 | 0 | |||||||||||||||||||
sale of investments | 35,050,000 | 1,100,000 | 0 | 1,425,000 | 250,000 | 750,000 | 0 | 625,000 | 50,000 | 750,000 | |||||||||||
equity repurchase | 0 | 0 | 0 | -1,474,000 | |||||||||||||||||
issuance of long-term debt | 0 | ||||||||||||||||||||
issuance of common stock | 0 | 0 | 0 | 390,600,000 | |||||||||||||||||
common stock issuance costs | 0 | 0 | -3,544,000 | -25,467,000 | |||||||||||||||||
loss on sublease | 0 | 0 | 1,000 | ||||||||||||||||||
net decrease in cash | -3,615,000 | 10,997,000 | -25,288,000 | ||||||||||||||||||
noncurrent liabilities | |||||||||||||||||||||
proceeds from the sale of property and equipment | |||||||||||||||||||||
cash and restricted cash at beginning of period | 0 | 0 | 0 | 468,350,000 | 0 | 0 | 0 | 207,811,000 | |||||||||||||
cash and restricted cash at end of period | -157,897,000 | 114,212,000 | 4,399,000 | 450,585,000 | -33,085,000 | 5,917,000 | -33,399,000 | 528,917,000 | |||||||||||||
common stock issuance costs included in accounts payable and accrued expenses | 3,532,000 | ||||||||||||||||||||
purchase of noncontrolling interest | 0 | 0 | |||||||||||||||||||
provision for doubtful accounts | 8,000 |