7Baggers
Quarterly
Annual
    Unit: USD2025-09-30 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 
      
    		                   
      cash flows from operating activities:
    		                   
      net income
    		-137,484,000 -228,491,000 275,506,000 -153,285,000 -54,388,000 56,312,000 177,482,000 -149,838,000 -65,703,000 -15,425,000 -39,628,000 -226,560,000 -193,547,000 -112,125,000 -77,320,000 -198,242,000 -212,745,000 -73,068,000 -87,371,000 
      adjustments to reconcile net income to net cash from operating activities:
    		                   
      deferred taxes
    		  36,000 -2,270,000 -119,000 130,000 -79,000 -37,000 69,000 209,000 -183,000 -171,000 2,000   -109,000 -18,000 18,000 8,000 
      net realized gain on sale of financial instruments
    		-1,171,000 -12,000 -119,000        43,000 5,000 761,000 -74,000 582,000 59,000 -20,000 -135,000 -113,000 
      depreciation and amortization expense
    		7,312,000 6,970,000 6,730,000 9,233,000 7,500,000 7,601,000 7,811,000 7,742,000 9,191,000 8,822,000 4,939,000 3,735,000 4,058,000 3,691,000 3,799,000 3,970,000 3,645,000 3,587,000 3,403,000 
      amortization of debt issuance costs
    		385,000 195,000 194,000 195,000 194,000 195,000 194,000 195,000 194,000 195,000 194,000 194,000 195,000 195,000 129,000 0 0 0 329,000 
      stock-based compensation expense
    		20,485,000 24,109,000 24,975,000 25,855,000 29,311,000 28,713,000 25,945,000 26,142,000 28,768,000 33,279,000 71,494,000 29,088,000 28,560,000 26,991,000 27,690,000 28,268,000 20,640,000 18,273,000 19,115,000 
      net accretion of investments
    		-7,399,000 -7,994,000 -7,673,000  -6,737,000 -5,993,000 -6,226,000             
      change in benefit from credit losses
    		-70,000 -15,300,000 -8,650,000 1,200,000 -300,000 -200,000 -1,000,000             
      changes in assets and liabilities:
    		                   
      (increase) / decrease in:
    		                   
      premiums and accounts receivable
    		    98,031,000 -55,263,000 -140,635,000 -22,783,000 -14,018,000 -7,044,000 30,440,000  -41,222,000 -16,951,000 -18,884,000     
      risk adjustment transfer receivable
    		-4,964,000 -491,000 -22,347,000 -1,267,000 8,624,000 -10,099,000 -10,112,000 2,202,000 6,209,000 -12,214,000 1,740,000 -5,605,000 10,262,000 -3,903,000 -9,956,000 2,439,000 -3,182,000 -2,151,000 -6,608,000 
      reinsurance recoverable
    		33,307,000 -5,151,000 103,990,000 -18,220,000 -32,034,000 1,652,000 -1,741,000 36,609,000 76,080,000 98,352,000 440,652,000 -68,409,000 -84,274,000 -154,516,000 -153,698,000     
      other assets
    		-3,247,000 -13,247,000 -13,265,000 3,580,000 -2,126,000 -6,716,000 -6,285,000 7,453,000 2,560,000 5,820,000 -4,526,000 11,916,000 4,667,000 -16,083,000 -743,000 -4,169,000 538,000 588,000 -6,336,000 
      increase / (decrease) in:
    		                   
      benefits payable
    		12,763,000 86,054,000 108,848,000 4,000 104,498,000 3,881,000 282,361,000 55,536,000 54,738,000 -98,365,000 16,349,000 -58,032,000 115,233,000 119,198,000 247,747,000 16,257,000 90,002,000 49,256,000 46,152,000 
      unearned premiums
    		7,627,000 -1,408,000 -3,492,000 8,261,000 6,158,000 -5,571,000 -376,000 -5,684,000 -1,471,000 -277,000 -5,648,000 3,863,000 2,443,000 -2,009,000 -344,000 18,869,000 -7,707,000 -8,064,000 42,000 
      premium deficiency reserve
    		   -1,444,000 -1,444,000 -1,444,000 -1,444,000 5,597,000 -3,203,000 -818,000 -14,000 -10,753,000 -6,539,000 -4,536,000 -3,205,000 -40,186,000 -4,675,000 -922,000 -9,542,000 
      accounts payable and other liabilities
    		-30,010,000 -58,019,000 199,627,000 34,689,000 46,825,000 42,781,000 28,473,000 12,186,000 -3,036,000 -39,044,000 714,000 43,969,000 24,967,000 3,608,000 -14,733,000     
      reinsurance payable
    		-6,105,000 -10,263,000 -17,703,000 -9,771,000 -8,977,000 -1,844,000 914,000 -6,291,000 -320,000 27,176,000 -387,191,000 -7,983,000 4,714,000 38,683,000 187,004,000 -16,079,000 -26,832,000 -11,913,000 -83,258,000 
      risk adjustment transfer payable
    		-875,882,000 692,736,000 396,110,000 474,462,000 -695,159,000 443,016,000 279,081,000 305,745,000 -1,231,804,000 172,845,000 292,662,000 438,799,000 -419,638,000 332,273,000 371,661,000 181,168,000 -430,633,000 121,794,000 205,699,000 
      net cash from operating activities
    		-964,658,000 509,067,000 878,542,000 346,820,000 -500,141,000 497,151,000 634,363,000 296,868,000 -1,149,266,000 165,524,000 414,715,000 151,394,000 -548,361,000 214,467,000 562,849,000 34,479,000 -589,252,000 55,337,000 317,691,000 
      capex
    		-9,007,000 -9,277,000 -9,026,000 -6,819,000 -7,566,000 -7,562,000 -5,950,000 -6,102,000 -6,479,000 -5,617,000 -7,379,000 -7,130,000 -9,617,000 -6,018,000 -6,247,000 -7,206,000 -6,148,000 -5,948,000 -6,583,000 
      free cash flows
    		-973,665,000 499,790,000 869,516,000 340,001,000 -507,707,000 489,589,000 628,413,000 290,766,000 -1,155,745,000 159,907,000 407,336,000 144,264,000 -557,978,000 208,449,000 556,602,000 27,273,000 -595,400,000 49,389,000 311,108,000 
      cash flows from investing activities:
    		                   
      purchase of investments
    		-172,835,000 -270,969,000 -336,869,000 -110,461,000 -660,056,000 -806,300,000 -556,693,000 -214,799,000 -84,495,000 -335,038,000 -202,650,000 -849,528,000 -31,074,000 -145,335,000 -166,769,000 -284,168,000 -327,583,000   
      sale of investments
    		118,470,000 0 15,761,000 4,062,000    5,201,000 7,496,000 4,108,000 15,052,000 167,000 117,049,000 74,026,000 169,374,000 202,047,000 134,590,000 203,642,000 83,798,000 
      maturity and paydowns of investments
    		210,754,000 111,513,000 155,906,000                 
      purchase of property, equipment and capitalized software
    		-9,007,000 -9,277,000 -9,026,000 -6,819,000 -7,566,000 -7,562,000 -5,950,000 -6,102,000 -6,479,000 -5,617,000 -7,379,000 -7,130,000 -9,617,000 -6,018,000 -6,247,000 -7,206,000 -6,148,000 -5,948,000 -6,583,000 
      change in restricted deposits
    		2,699,000   -13,000 2,491,000 825,000 626,000 -2,377,000 622,000   -432,000 525,000 412,000 611,000 3,050,000    
      net cash from investing activities
    		150,081,000 -168,207,000 -174,228,000 -31,448,000 -577,770,000 -477,627,000 -300,589,000 172,477,000 225,303,000 43,898,000 135,509,000 -706,680,000 298,773,000 78,577,000 102,811,000 -19,837,000 -12,364,000 -708,034,000 -34,280,000 
      cash flows from financing activities:
    		                   
      proceeds from long-term debt
    		           0 0 0 305,000,000     
      payments of debt issuance costs
    		           0 0 0 -7,035,000     
      purchase of capped calls related to convertible senior subordinated notes
    		                   
      tax payments related to net settlement of share-based awards
    		-1,746,000 -1,434,000 -855,000                 
      proceeds from exercise of stock options
    		12,897,000 23,567,000 5,728,000 3,817,000 18,560,000 18,702,000 27,309,000 1,070,000 300,000 2,551,000 35,000 5,000 370,000 364,000 560,000 5,743,000 11,201,000 2,988,000 29,652,000 
      net cash from financing activities
    		364,034,000 22,133,000 4,873,000 3,817,000 18,560,000 18,702,000 27,309,000 1,069,000 2,320,000 2,551,000 506,000 527,000 423,000 1,385,000 298,775,000 12,973,000 11,201,000 2,988,000 1,211,550,000 
      increase in cash, cash equivalents and restricted cash equivalents
    		-450,543,000 362,993,000 709,187,000   38,226,000 361,083,000 470,414,000 -921,643,000 211,973,000 550,730,000 -554,759,000 -249,165,000 294,429,000 964,435,000 27,615,000 -590,415,000 -649,709,000 1,494,961,000 
      cash, cash equivalents, restricted cash and cash equivalents—beginning of period
    		0 0 1,551,118,000 0 0 0 1,891,971,000 0 0 0 1,580,497,000 0 0 0 1,125,557,000 0 0 0 843,105,000 
      cash, cash equivalents, restricted cash and cash equivalents—end of period
    		-450,543,000 362,993,000 2,260,305,000 319,189,000 -1,059,351,000 38,226,000 2,253,054,000 470,414,000 -921,643,000 211,973,000 2,131,227,000 -554,759,000 -249,165,000 294,429,000 2,089,992,000 27,615,000 -590,415,000 -649,709,000 2,338,066,000 
      cash and cash equivalents
    		-450,077,000 362,387,000 2,236,555,000 321,041,000 -1,062,009,000 37,355,000 2,230,799,000 470,524,000 -922,278,000 212,498,000 2,109,571,000 -554,335,000 -249,702,000 294,000,000 2,068,632,000 27,296,000 -594,841,000 -649,747,000 2,321,287,000 
      restricted cash and cash equivalents included in restricted deposits
    		-466,000 606,000 23,750,000 -1,852,000 2,658,000 871,000 22,255,000 -110,000 635,000 -525,000 21,656,000 -424,000 537,000 429,000 21,360,000 319,000 4,426,000 38,000 16,779,000 
      total cash, cash equivalents and restricted cash and cash equivalents
    		-450,543,000 362,993,000 2,260,305,000 319,189,000 -1,059,351,000 38,226,000 2,253,054,000 470,414,000 -921,643,000 211,973,000 2,131,227,000 -554,759,000 -249,165,000 294,429,000 2,089,992,000 27,615,000 -590,415,000 -649,709,000 2,338,066,000 
      supplemental disclosures:
    		                   
      interest payments
    		155,000 11,206,000 154,000 11,211,000 11,211,000 151,000 11,118,000             
      income tax payments
    		2,019,000   38,000 552,000               
      premium and other receivables
    		 39,415,000 -164,225,000             -14,742,000 -31,904,000 -9,778,000 -10,529,000 
      investment amortization (accretion), net of accretion
    		                   
      maturity of investments
    		   81,783,000 66,173,000 335,410,000 261,428,000 390,554,000 308,159,000 380,967,000 330,486,000 150,243,000 221,890,000 155,492,000 105,842,000 66,440,000 183,152,000 46,903,000 134,199,000 
      proceeds from joint venture contribution
    		       -1,000 2,020,000 0 471,000 522,000 53,000 1,021,000 250,000     
      net realized loss on sale of financial instruments
    		        61,000           
      decrease in cash, cash equivalents and restricted cash equivalents
    		                   
      loss on fair value of warrant liabilities
    		                   
      net amortization (accretion) of investments
    		       -6,518,000            
      debt extinguishment loss
    		               0 0 0 20,178,000 
      benefit from credit losses
    		                   
      debt prepayment
    		               0 0 0 -153,173,000 
      debt extinguishment costs
    		               0 0 0 -12,994,000 
      proceeds from ipo, net of underwriting discounts
    		               0 0 0 1,348,321,000 
      offering costs from ipo
    		               0 0 0 -9,447,000 
      proceeds from exercise of warrants and call options
    		               0 0 0 9,191,000 
      proceeds from partial sale of subsidiary to noncontrolling interest
    		                   
      investment amortization, net of accretion
    		         -7,953,000 -7,322,000 -1,658,000 997,000 1,219,000 1,922,000 2,541,000 2,461,000 1,955,000 1,074,000 
      convertible preferred stock and call option issuances
    		                   
      (gain) loss on fair value of warrant liabilities
    		                  12,856,000 
      accrued investment income
    		              1,198,000 -696,000 708,000 -2,349,000 417,000 
      balances due from reinsurance programs
    		               -18,201,000 -13,615,000 -46,178,000 225,397,000 
      accounts payable and accrued liabilities
    		               73,332,000 24,085,000 14,424,000 -13,222,000 
      other
    		                   
      stock repurchased
    		                   
      purchase of fixed maturity securities
    		                  -245,694,000 
    The information provided in this report is taken from www.sec.gov and many other data providers. While we have conducted our best efforts to ensure that the parsed data is accurate, we cannot guarantee its accuracy. Please use caution and understand that any consequences of its use are your own responsibility.