Oscar Health, Inc(NYSE:OSCR) 
Oscar Health, Inc. provides health insurance products and services to individuals, families, and businesses in the United States. The company was formerly known as Mulberry Health Inc. and changed its name to Oscar Health, Inc. in January 2021. Oscar Health, Inc. was founded in 2012 and is headquart...
Website: http://www.hioscar.com
Founded: 2012
Founder: Joshua Kushner, Mario Schlosser, Kevin Nazemi
CEO: Mario Schlosser
Sector: Healthcare
Industry: Healthcare Plans
• Market Cap:
• Exchange:
• Shs Outstanding:
• Employees:
• Beta:
• Return on Equity (ROE) ttm:
• Return on Assets (ROA) ttm:
• EPS ttm:
• Book value per Share:
• Cash per Share:
• Current ast per Share:
• P/E ttm:
• P/E forward:
• P/E ttm high:
• P/E ttm low:
• P/S ttm:
• P/B ttm:
• P/FCF ttm:
• PEG ratio:
• Cash Ratio ttm:
• Quick Ratio ttm:
• Current Ratio ttm:
• Gross Mgn ttm:
• EBITDA Mgn ttm:
• Operating Mgn ttm:
• Net Income Mgn ttm:
• Trailing Div yield:
• Forward Div yield:
• Payout Ratio ttm:
• Ex-Dividend date:
• Target Price High:
• Target Price Low:
• Target Price Mean:
• Number of Analysts:
• Debt Ratio ttm:
• Debt to Equity ttm:
• Total Net Debt:
At a glance:
- Membership Growth and Retention Remain Key Drivers: Oscar’s revenue trajectory is closely tied to member growth, retention, and mix across ACA marketplace plans, with enrollment season dynamics and churn impacting near-term results.
- Medical Loss Ratio (MLR) and Utilization Trends Are Central to Profitability: Profitability depends heavily on managing claims costs and utilization, including how accurately premiums price risk and how medical cost trends evolve versus expectations.
- Adjusted EBITDA and Path to Sustainable Profitability in Focus: Investors typically track operating leverage, administrative cost discipline, and whether Oscar can sustain positive adjusted EBITDA while navigating competitive pricing conditions.
- Regulatory and ACA Policy Sensitivity: Results can be materially affected by ACA-related policy changes, risk adjustment, reinsurance dynamics, and state/federal regulatory actions that influence premiums and member risk pools.
- Balance Sheet Strength and Capital Requirements: Insurance operations require maintaining regulatory capital; cash position, statutory capital levels, and any financing needs are important for assessing flexibility and resilience.
Bull Thesis:
- Improving Profitability Metrics and Path to Positive Adjusted EBITDA: Oscar Health has demonstrated significant improvements in its Medical Loss Ratio (MLR) and operating expenses in recent quarters. The company has articulated a clear path towards achieving positive adjusted EBITDA, driven by better risk selection, pricing discipline, and operational efficiencies, particularly within its core insurance business.
- Differentiated Technology Platform and Member Engagement: Oscar's technology-first approach, leveraging AI and data analytics, allows for a more personalized and engaging member experience. This differentiation can lead to higher member satisfaction, better health outcomes, and potentially lower long-term healthcare costs compared to traditional insurers, fostering stronger retention and brand loyalty.
- Strategic Partnerships and Validation of +Oscar Platform: The company's ability to forge strategic partnerships, such as the recent collaboration with Cigna + Evernorth, validates the strength and scalability of its +Oscar technology platform. These partnerships not only provide new revenue streams but also demonstrate the potential for Oscar's tech stack to power other healthcare entities, expanding its market opportunity beyond direct insurance sales.
- Strong User Growth and Market Expansion: Oscar continues to expand its footprint into new markets and grow its member base across its various insurance plans (Individual & Family, Small Group, C+O). This consistent growth indicates a demand for its innovative health insurance offerings and its ability to attract and retain members in competitive environments.
Bear Thesis:
- Persistent Unprofitability and Negative Free Cash Flow: Despite improvements in MLR, Oscar Health continues to report significant net losses and negative free cash flow. The company's ability to achieve sustainable profitability and generate positive cash flow remains a key concern for investors, potentially requiring further capital raises in the future.
- Intense Competition from Established Players: The health insurance market is highly competitive, dominated by large, well-capitalized incumbents (e.g., UnitedHealth Group, Anthem, Aetna) with significant scale, brand recognition, and negotiating power. Oscar faces an uphill battle to gain substantial market share and achieve economies of scale comparable to these established players.
- Regulatory and Healthcare Policy Uncertainty: The healthcare industry is heavily regulated, and changes in government policy (e.g., Affordable Care Act subsidies, risk adjustment mechanisms, state-level regulations) can significantly impact Oscar's business model, revenue, and profitability, creating an unpredictable operating environment.
- Execution Risk in Scaling a Complex Business: Successfully scaling a technology-driven health insurance company involves significant execution risk. Managing rapid growth, maintaining technological innovation, controlling costs, navigating complex regulatory landscapes, and building effective provider networks simultaneously presents substantial operational challenges that could hinder the path to profitability.
Main Competitors:
- UnitedHealth Group ($UNH) (UnitedHealthcare (Health Insurance), Optum (Health Services)), As the largest health insurer, UNH competes across all of Oscar's markets (individual, small group, Medicare Advantage) by leveraging immense scale, vast provider networks, established brand trust, and significant investments in digital health tools and integrated care services through Optum. They offer comprehensive plans and competitive pricing that Oscar, as a smaller player, struggles to match in breadth and depth.
- Elevance Health ($ELV) (Blue Cross Blue Shield plans (e.g., Anthem), Carelon (Health Services)), Operating under various Blue Cross Blue Shield brands, Elevance Health competes directly with Oscar in individual, small group, and Medicare Advantage markets. They leverage strong regional brand recognition, extensive provider relationships, and growing digital platforms and care management programs to attract and retain members, often benefiting from long-standing community ties and employer relationships.
- Humana Inc. ($HUM) (Medicare Advantage plans, CenterWell (Health Services)), Humana is a dominant force in the Medicare Advantage market, a key growth area for Oscar. They compete by offering a wide array of plans tailored for seniors, leveraging deep experience with this population, extensive provider networks, and integrated care services through CenterWell. Their established brand and specialized offerings for seniors provide a significant competitive advantage.
- Alignment Healthcare ($ALHC) (Alignment Health Plan (Medicare Advantage)), Alignment Healthcare represents a direct tech-enabled competitor in the Medicare Advantage space. They compete with Oscar by offering data-driven, value-based MA plans focused on proactive care management, personalized member engagement, and strong provider partnerships, aiming to improve health outcomes and reduce costs through a high-touch, coordinated care model.
Moat:
Oscar Health's initial competitive advantage stemmed from its technology-first, consumer-centric approach, aiming to simplify healthcare navigation and integrate virtual care. However, this moat is increasingly challenged. Traditional giants like UnitedHealth Group and Elevance Health are rapidly investing in digital transformation, virtual care, and AI, leveraging their immense scale, vast provider networks, and established brand trust to offer comprehensive and competitive plans. Niche tech-enabled players like Alignment Healthcare also compete effectively in specific segments like Medicare Advantage with focused, data-driven models. Oscar faces significant hurdles in achieving profitability and scaling its operations against these well-resourced competitors, whose existing infrastructure and market penetration often allow for more competitive pricing and broader service offerings. Oscar's ongoing challenge is to translate its innovative user experience and proprietary technology into sustainable market share and financial performance amidst intense competition and a capital-intensive regulatory environment.
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
revenue | |||||||||||||||||||||
premium | 4,580,862,000 | 2,746,660,000 | 2,923,968,000 | 2,803,444,000 | 2,995,821,000 | 2,345,204,000 | 2,368,257,000 | 2,164,116,000 | 2,093,682,000 | ||||||||||||
investment income | 60,614,000 | 49,610,000 | 53,215,000 | 54,004,000 | 46,112,000 | 42,420,000 | 50,326,000 | 49,994,000 | 42,989,000 | ||||||||||||
other revenues | 5,718,000 | 8,965,000 | 8,801,000 | 6,497,000 | |||||||||||||||||
total revenue | 4,647,194,000 | 2,805,235,000 | 2,985,984,000 | 2,863,945,000 | 3,046,263,000 | 2,392,436,000 | 2,423,482,000 | 2,219,341,000 | 2,142,305,000 | 1,431,658,000 | 1,439,991,000 | 1,521,535,000 | 1,469,685,000 | 995,127,000 | 978,427,000 | 1,017,319,000 | 972,765,000 | 496,067,000 | 443,979,000 | 529,281,000 | 369,388,000 |
yoy | 52.55% | 17.25% | 23.21% | 29.04% | 42.20% | 67.11% | 68.30% | 45.86% | 45.77% | 43.87% | 47.17% | 49.56% | 51.08% | 100.60% | 120.38% | 92.21% | 163.35% | ||||
qoq | 65.66% | -6.05% | 4.26% | -5.98% | 27.33% | -1.28% | 9.20% | 3.60% | 49.64% | -0.58% | -5.36% | 3.53% | 47.69% | 1.71% | -3.82% | 4.58% | 96.10% | 11.73% | -16.12% | 43.29% | |
operating expenses | |||||||||||||||||||||
medical | 3,229,857,000 | 2,620,071,000 | 2,586,330,000 | 2,552,973,000 | 2,259,651,000 | 2,065,114,000 | 2,003,979,000 | 1,708,722,000 | 1,554,774,000 | ||||||||||||
selling, general, and administrative | 706,234,000 | 511,031,000 | 521,592,000 | 534,485,000 | 482,759,000 | 465,820,000 | 460,377,000 | 435,206,000 | 394,162,000 | ||||||||||||
depreciation and amortization | 7,018,000 | 7,880,000 | 7,312,000 | 6,970,000 | 6,730,000 | 9,233,000 | 7,500,000 | 7,601,000 | 7,811,000 | ||||||||||||
total operating expenses | 3,943,109,000 | 3,138,982,000 | 3,115,234,000 | 3,094,428,000 | 2,749,140,000 | 2,540,167,000 | 2,471,856,000 | 2,151,529,000 | 1,956,747,000 | 1,577,135,000 | 1,498,235,000 | 1,528,064,000 | 1,495,050,000 | 1,217,606,000 | 1,170,799,000 | 1,123,806,000 | 1,041,294,000 | 692,822,000 | 656,923,000 | 601,532,000 | 431,919,000 |
earnings from operations | 704,085,000 | -333,747,000 | -129,250,000 | -230,483,000 | 297,123,000 | -147,731,000 | -48,374,000 | 67,812,000 | 185,558,000 | ||||||||||||
interest expense | 5,383,000 | -1,097,000 | 6,857,000 | 5,847,000 | 5,994,000 | 6,026,000 | 5,815,000 | 5,991,000 | 5,902,000 | 6,217,000 | 6,130,000 | 6,120,000 | 6,136,000 | 6,135,000 | 6,126,000 | 6,141,000 | 4,221,000 | 397,000 | 398,000 | 228,000 | 3,697,000 |
other expenses | -71,000 | 20,031,000 | 3,184,000 | -2,794,000 | 2,918,000 | -68,000 | -1,877,000 | 872,000 | 1,178,000 | -1,050,000 | 414,000 | 1,612,000 | 6,106,000 | -1,339,000 | -3,336,000 | -793,000 | 3,053,000 | ||||
earnings before income taxes | 698,773,000 | -352,681,000 | -139,291,000 | -233,536,000 | 288,211,000 | -153,689,000 | -52,312,000 | 60,949,000 | 178,478,000 | ||||||||||||
income tax expense | 19,750,000 | -247,000 | -1,807,000 | -5,045,000 | 12,705,000 | -404,000 | 2,076,000 | 4,637,000 | 996,000 | -806,000 | 915,000 | 1,164,000 | 2,021,000 | -715,000 | -1,615,000 | ||||||
net income | 679,023,000 | -352,434,000 | -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 |
yoy | 146.46% | 129.92% | 152.78% | -505.76% | 55.23% | 2.30% | -17.22% | -465.07% | -547.87% | -33.86% | -66.05% | -86.24% | -48.75% | 14.28% | -9.02% | 53.45% | -11.50% | ||||
qoq | -292.67% | 156.35% | -39.83% | -182.94% | -279.73% | 181.84% | -196.58% | -68.27% | -218.45% | 128.05% | 325.95% | -61.08% | -82.51% | 17.06% | 72.62% | 45.01% | -61.00% | -6.82% | 191.16% | -16.37% | |
net income margin % | 14.61% | -12.56% | -4.60% | -7.98% | 9.04% | -6.41% | -2.24% | 2.54% | 8.28% | -10.47% | -4.56% | -1.01% | -2.70% | -22.77% | -19.78% | -11.02% | -7.95% | -39.96% | -47.92% | -13.81% | -23.65% |
less: net income attributable to noncontrolling interests | 27,000 | 177,000 | -34,000 | -130,000 | 235,000 | 262,000 | 208,000 | 105,000 | 114,000 | 192,000 | -305,000 | 103,000 | 144,000 | -514,000 | -634,000 | 39,000 | |||||
net income attributable to oscar health, inc. | 678,996,000 | -352,611,000 | -137,450,000 | -228,361,000 | 275,271,000 | -153,547,000 | -54,596,000 | 56,207,000 | 177,368,000 | ||||||||||||
earnings per share | |||||||||||||||||||||
basic | 2.28 | -1.34 | -0.53 | -0.89 | 1.1 | -0.64 | -0.22 | 0.24 | 0.77 | ||||||||||||
diluted | 2.07 | -1.34 | -0.53 | -0.89 | 0.92 | -0.55 | -0.22 | 0.2 | 0.62 | ||||||||||||
weighted-average common shares outstanding | |||||||||||||||||||||
basic | 298,184 | 262,388 | 259,273 | 255,531 | 251,279 | 240,386 | 243,106 | 238,672 | 231,443 | ||||||||||||
diluted | 329,751 | 262,388 | 259,273 | 255,531 | 305,938 | 265,853 | 243,106 | 303,965 | 293,796 | ||||||||||||
services and other | 4,330,000 | 4,812,000 | 4,899,000 | 5,231,000 | 5,634,000 | ||||||||||||||||
premiums before ceded reinsurance | 1,391,193,000 | 1,394,985,000 | 1,484,538,000 | 1,426,262,000 | 1,332,931,000 | 1,318,048,000 | 1,368,477,000 | 1,315,064,000 | 705,502,000 | 673,460,000 | 723,927,000 | 610,099,000 | |||||||||
reinsurance premiums ceded | -798,000 | -2,903,000 | -9,572,000 | 2,364,000 | -365,474,000 | -364,384,000 | -373,882,000 | -359,663,000 | -212,921,000 | -231,717,000 | -195,768,000 | -241,562,000 | |||||||||
premiums earned | 1,390,395,000 | 1,392,082,000 | 1,474,966,000 | 1,428,626,000 | 967,457,000 | 953,664,000 | 994,595,000 | 955,401,000 | 492,581,000 | 441,743,000 | 528,159,000 | 368,537,000 | |||||||||
administrative services revenue | 3,830,000 | 3,871,000 | 3,856,000 | 3,885,000 | 2,681,000 | 19,421,000 | 20,452,000 | 18,493,000 | |||||||||||||
investment income and other revenue | 37,433,000 | 44,038,000 | 42,713,000 | 37,174,000 | 24,989,000 | 5,342,000 | 2,272,000 | -1,129,000 | 3,486,000 | 2,236,000 | 1,122,000 | 851,000 | |||||||||
claims incurred | 1,205,239,000 | 1,163,194,000 | 1,181,999,000 | 1,091,592,000 | 884,904,000 | 852,689,000 | 808,639,000 | 734,566,000 | 482,492,000 | 453,576,000 | 419,879,000 | 268,048,000 | |||||||||
other insurance costs | 206,379,000 | 192,863,000 | 197,784,000 | 227,431,000 | 195,859,000 | 174,978,000 | 170,200,000 | 165,402,000 | 124,434,000 | 111,302,000 | 94,790,000 | ||||||||||
general and administrative expenses | 85,610,000 | 75,503,000 | 76,453,000 | 102,150,000 | 75,808,000 | 78,557,000 | 80,754,000 | 74,664,000 | 89,838,000 | 61,267,000 | 50,911,000 | 63,062,000 | |||||||||
federal and state assessments | 74,311,000 | 69,876,000 | 72,647,000 | 73,891,000 | 71,788,000 | 71,114,000 | 68,749,000 | 69,867,000 | 36,244,000 | 35,453,000 | 36,873,000 | 30,515,000 | |||||||||
premium deficiency reserve release | -1,008,500 | -3,201,000 | -819,000 | -14,000 | -10,753,000 | -6,539,000 | -4,536,000 | -3,205,000 | -40,186,000 | -4,675,000 | -921,000 | -9,543,000 | |||||||||
income from operations | -145,477,000 | -58,244,000 | -6,529,000 | -25,365,000 | -222,479,000 | -192,372,000 | -106,487,000 | -68,529,000 | -196,755,000 | -212,944,000 | -72,251,000 | -62,531,000 | |||||||||
yoy | -34.61% | -69.72% | -93.87% | -62.99% | 13.07% | -9.66% | 47.38% | 9.59% | |||||||||||||
qoq | 149.77% | 792.08% | -74.26% | -88.60% | 15.65% | 80.65% | 55.39% | -65.17% | -7.60% | 194.73% | 15.54% | ||||||||||
operating margin % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -10.16% | -4.04% | -0.43% | -1.73% | -22.36% | -19.66% | -10.47% | -7.04% | -39.66% | -47.96% | -13.65% | -16.93% |
income before income taxes | -150,644,000 | -64,788,000 | -14,261,000 | -37,607,000 | -227,275,000 | -195,162,000 | -111,835,000 | -75,803,000 | -198,353,000 | -213,342,000 | -72,479,000 | -86,406,000 | |||||||||
net loss attributable to oscar health, inc. | -150,030,000 | -65,398,000 | -15,528,000 | -39,772,000 | -226,046,000 | -192,913,000 | -112,164,000 | -75,152,000 | |||||||||||||
earnings per share | |||||||||||||||||||||
net income per share | -0.67 | -0.29 | -0.07 | -0.18 | -1.05 | -0.91 | -0.53 | -0.36 | -0.99 | -1.02 | -0.35 | -0.98 | |||||||||
weighted-average common shares outstanding, basic and diluted | 221,655,493 | 223,098,974 | 219,400,458 | 216,912,866 | 212,474,615 | 212,822,733 | 211,311,494 | 210,547,696 | 178,967,056 | 208,159,343 | 207,478,268 | 88,865,726 | |||||||||
loss on extinguishment of debt | 20,178,000 | ||||||||||||||||||||
income tax provision | 290,000 | 1,517,000 | -111,000 | -597,000 | 589,000 | 965,000 | |||||||||||||||
less: net loss attributable to noncontrolling interests | -2,168,000 | ||||||||||||||||||||
health insurance industry fee | |||||||||||||||||||||
other insurance cost | 79,837,000 |
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 | 4,805,139,000 | 2,774,151,000 | 2,148,865,000 | 2,598,942,000 | 2,236,555,000 | 1,527,186,000 | 1,206,145,000 | 2,268,154,000 | 2,230,799,000 | 1,870,315,000 | 1,399,791,000 | 2,322,069,000 | 2,109,571,000 | 1,558,595,000 | 2,112,930,000 | 2,362,632,000 | 2,068,632,000 | 1,103,995,000 | 1,076,699,000 | 1,671,540,000 | 2,321,287,000 |
short-term investments | 1,994,644,000 | 1,216,461,000 | 887,591,000 | 938,102,000 | 751,489,000 | 624,461,000 | 503,784,000 | 363,639,000 | 616,134,000 | 689,833,000 | 1,044,445,000 | 1,255,705,000 | 1,324,544,000 | 1,397,287,000 | 718,228,000 | 909,006,000 | 810,002,000 | 587,086,000 | 586,954,000 | 614,979,000 | 389,016,000 |
accounts receivable | 587,023,000 | ||||||||||||||||||||
receivables from cms | 222,195,000 | ||||||||||||||||||||
reinsurance recoverable | 142,487,000 | 99,750,000 | 159,391,000 | 192,698,000 | 187,546,000 | 291,537,000 | 273,317,000 | 241,284,000 | 242,935,000 | 241,194,000 | 277,803,000 | 353,883,000 | 452,235,000 | 892,887,000 | 824,478,000 | 740,204,000 | 585,688,000 | ||||
other current assets | 25,817,000 | 24,331,000 | 28,588,000 | 30,464,000 | 23,018,000 | 21,320,000 | 20,661,000 | 15,514,000 | 8,983,000 | 6,564,000 | 8,358,000 | 7,561,000 | 10,712,000 | 6,450,000 | 15,811,000 | 19,541,000 | |||||
total current assets | 7,777,305,000 | 4,613,404,000 | 3,762,515,000 | 4,313,222,000 | 3,774,500,000 | 2,845,174,000 | 2,368,054,000 | 3,359,093,000 | 3,503,792,000 | 3,061,100,000 | 2,991,622,000 | 4,192,632,000 | 4,131,219,000 | 4,121,555,000 | 3,931,174,000 | 4,260,150,000 | 3,674,819,000 | 2,305,926,000 | 2,241,161,000 | 2,816,033,000 | 3,179,360,000 |
property, equipment, and capitalized software | 94,194,000 | 88,350,000 | 83,421,000 | 77,669,000 | 71,998,000 | 66,793,000 | 66,631,000 | 63,953,000 | 61,406,000 | 61,930,000 | 62,022,000 | 63,053,000 | 64,083,000 | 59,888,000 | 56,492,000 | 50,934,000 | 48,607,000 | 46,611,000 | 43,376,000 | 40,874,000 | 38,993,000 |
long-term investments | 1,266,775,000 | 1,470,987,000 | 1,751,376,000 | 1,845,884,000 | 1,872,677,000 | 1,815,254,000 | 1,933,892,000 | 1,465,974,000 | 736,624,000 | 365,309,000 | 179,633,000 | 189,638,000 | 165,239,000 | 222,919,000 | 196,454,000 | 314,836,000 | 502,149,000 | 844,476,000 | 838,273,000 | 803,289,000 | 329,597,000 |
restricted deposits | 28,631,000 | 32,951,000 | 27,918,000 | 31,086,000 | 31,010,000 | 30,878,000 | 30,069,000 | 29,856,000 | 29,814,000 | 29,870,000 | 27,335,000 | 27,292,000 | 27,287,000 | 27,483,000 | 27,459,000 | 27,179,000 | 27,198,000 | 28,085,000 | 27,757,000 | 26,455,000 | 26,449,000 |
other assets | 122,741,000 | 119,719,000 | 120,647,000 | 116,266,000 | 93,584,000 | 82,397,000 | 84,369,000 | 87,273,000 | 87,217,000 | 83,271,000 | 88,899,000 | 92,330,000 | 95,202,000 | 94,756,000 | 97,130,000 | 98,068,000 | 97,153,000 | 95,957,000 | 18,828,000 | 19,368,000 | 19,472,000 |
total assets | 9,289,646,000 | 6,325,411,000 | 5,745,877,000 | 6,384,127,000 | 5,843,769,000 | 4,840,496,000 | 4,483,015,000 | 5,006,149,000 | 4,418,853,000 | 3,601,480,000 | 3,349,511,000 | 4,564,945,000 | 4,483,030,000 | 4,526,601,000 | 4,308,709,000 | 4,751,167,000 | 4,350,521,000 | 3,321,650,000 | 3,169,880,000 | 3,706,486,000 | 3,594,356,000 |
liabilities and stockholders' equity | |||||||||||||||||||||
current liabilities: | |||||||||||||||||||||
benefits payable | 1,734,051,000 | 1,455,385,000 | 1,564,395,000 | 1,551,632,000 | 1,465,578,000 | 1,356,730,000 | 1,356,726,000 | 1,252,228,000 | 1,248,347,000 | 965,986,000 | 910,449,000 | 855,711,000 | 954,076,000 | 937,727,000 | 995,760,000 | 880,527,000 | 761,329,000 | 513,582,000 | 497,324,000 | 407,322,000 | 358,066,000 |
payables to cms | 4,723,244,000 | ||||||||||||||||||||
accounts payable and other liabilities | 505,943,000 | 649,720,000 | 556,729,000 | 583,871,000 | 634,007,000 | 432,428,000 | 395,481,000 | 347,523,000 | 303,245,000 | 273,367,000 | 260,137,000 | 261,519,000 | 299,461,000 | 252,358,000 | 226,274,000 | 220,516,000 | |||||
unearned premiums | 172,004,000 | 166,203,000 | 77,117,000 | 69,489,000 | 70,897,000 | 74,389,000 | 66,129,000 | 59,970,000 | 65,541,000 | 65,918,000 | 71,601,000 | 73,072,000 | 73,349,000 | 78,998,000 | 75,134,000 | 72,691,000 | 74,700,000 | 75,044,000 | 56,175,000 | 63,882,000 | 71,946,000 |
reinsurance payable | 5,112,000 | 3,579,000 | 7,276,000 | 13,380,000 | 23,643,000 | 41,346,000 | 51,117,000 | 60,094,000 | 61,938,000 | 61,024,000 | 67,314,000 | 67,635,000 | 40,458,000 | 427,649,000 | 435,632,000 | 430,919,000 | 392,235,000 | 205,231,000 | 221,311,000 | 248,142,000 | 260,055,000 |
total current liabilities | 7,140,354,000 | 4,862,587,000 | 3,976,822,000 | 4,865,559,000 | 4,148,576,000 | 3,463,234,000 | 2,954,777,000 | 3,501,741,000 | 3,019,425,000 | 2,429,012,000 | 2,060,876,000 | 3,244,317,000 | 3,181,698,000 | 3,263,922,000 | 2,852,544,000 | 3,130,248,000 | 2,640,880,000 | 1,852,289,000 | 1,616,668,000 | 1,972,655,000 | 1,808,119,000 |
long-term debt | 430,876,000 | 430,095,000 | 686,294,000 | 299,944,000 | 299,749,000 | 299,555,000 | 299,361,000 | 299,166,000 | 298,972,000 | 298,777,000 | 298,583,000 | 298,388,000 | 298,194,000 | 297,999,000 | 297,805,000 | 297,610,000 | 297,416,000 | ||||
other liabilities | 51,368,000 | 51,994,000 | 55,765,000 | 57,274,000 | 59,329,000 | 61,282,000 | 63,537,000 | 64,674,000 | 66,169,000 | 67,574,000 | 68,618,000 | 70,275,000 | 71,376,000 | 72,280,000 | 73,791,000 | 74,906,000 | 77,058,000 | 76,839,000 | |||
total liabilities | 7,622,598,000 | 5,344,676,000 | 4,718,881,000 | 5,222,777,000 | 4,507,654,000 | 3,824,071,000 | 3,317,675,000 | 3,865,581,000 | 3,384,566,000 | 2,795,363,000 | 2,428,077,000 | 3,612,980,000 | 3,551,268,000 | 3,634,201,000 | 3,224,140,000 | 3,502,764,000 | 3,015,354,000 | 1,929,128,000 | 1,616,668,000 | 1,972,655,000 | 1,808,119,000 |
commitments and contingencies | |||||||||||||||||||||
stockholders' equity | |||||||||||||||||||||
class a common stock | 3,000 | 3,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | |||||||||||||
class b common stock | |||||||||||||||||||||
treasury stock | -2,923,000 | -2,923,000 | -2,923,000 | -2,923,000 | -2,923,000 | -2,923,000 | -2,923,000 | -2,923,000 | -2,923,000 | -2,923,000 | -2,923,000 | -2,923,000 | -2,923,000 | -2,923,000 | -2,923,000 | -2,923,000 | -2,923,000 | -2,923,000 | -2,923,000 | -2,923,000 | -2,923,000 |
additional paid-in capital | 4,277,292,000 | 4,256,972,000 | 3,952,445,000 | 3,951,980,000 | 3,902,373,000 | 3,869,617,000 | 3,837,369,000 | 3,786,885,000 | 3,736,885,000 | 3,682,294,000 | 3,653,535,000 | 3,620,766,000 | 3,582,761,000 | 3,509,007,000 | 3,479,392,000 | 3,450,409,000 | 3,422,033,000 | 3,393,533,000 | 3,356,406,000 | 3,324,337,000 | 3,303,031,000 |
accumulated deficit | -2,615,438,000 | -3,294,434,000 | -2,941,823,000 | -2,804,373,000 | -2,576,012,000 | -2,851,283,000 | -2,697,736,000 | -2,643,140,000 | -2,699,347,000 | -2,876,715,000 | -2,726,685,000 | -2,661,287,000 | -2,645,759,000 | -2,605,987,000 | -2,379,941,000 | -2,187,028,000 | -2,074,864,000 | -1,999,712,000 | -1,800,290,000 | -1,587,545,000 | -1,514,477,000 |
accumulated other comprehensive income | 5,000,000 | 18,030,000 | 16,386,000 | 13,720,000 | 9,601,000 | -1,827,000 | 26,051,000 | -2,625,000 | -2,594,000 | 1,309,000 | -4,453,000 | -6,856,000 | -4,479,000 | -14,491,000 | -15,221,000 | -12,206,000 | -3,671,000 | 17,000 | -40,000 | 604,000 | |
total oscar health, inc. stockholders' equity | 1,663,934,000 | 1,024,087,000 | 1,158,406,000 | 1,333,041,000 | 1,162,763,000 | 1,138,199,000 | 1,032,023,000 | 919,476,000 | 949,702,000 | 929,602,000 | 1,082,039,000 | 1,245,239,000 | 1,332,042,000 | ||||||||
noncontrolling interests | 3,114,000 | 3,087,000 | 2,909,000 | 2,944,000 | 3,074,000 | 2,839,000 | 2,577,000 | 2,369,000 | 2,264,000 | 2,150,000 | 1,958,000 | 2,263,000 | 2,160,000 | 2,016,000 | 2,530,000 | 3,164,000 | 3,125,000 | 5,293,000 | |||
total stockholders' equity | 1,667,048,000 | 1,026,996,000 | 1,161,350,000 | 1,336,115,000 | 1,165,340,000 | 1,140,568,000 | 1,034,287,000 | 921,434,000 | 951,965,000 | 931,762,000 | 1,084,569,000 | 1,248,403,000 | |||||||||
total liabilities and stockholders' equity | 9,289,646,000 | 6,325,411,000 | 5,745,877,000 | 6,384,127,000 | 5,843,769,000 | 4,840,496,000 | 4,483,015,000 | 5,006,149,000 | 4,418,853,000 | 3,601,480,000 | 3,349,511,000 | 4,564,945,000 | 4,483,030,000 | 4,526,601,000 | 4,308,709,000 | 4,751,167,000 | 4,350,521,000 | ||||
premiums and accounts receivable | 442,645,000 | 445,499,000 | 465,399,000 | 488,766,000 | 315,891,000 | 300,635,000 | 398,366,000 | 342,904,000 | 201,269,000 | 207,098,000 | 193,079,000 | 186,035,000 | 215,471,000 | 174,249,000 | 157,298,000 | ||||||
risk adjustment transfer receivable | 56,066,000 | 92,581,000 | 87,617,000 | 87,126,000 | 64,779,000 | 63,512,000 | 72,136,000 | 62,037,000 | 51,925,000 | 54,127,000 | 60,335,000 | 48,122,000 | 49,861,000 | 44,256,000 | 54,518,000 | 50,615,000 | 40,659,000 | 43,099,000 | 39,917,000 | 37,765,000 | |
risk adjustment transfer payable | 2,587,700,000 | 1,771,305,000 | 2,647,187,000 | 1,954,451,000 | 1,558,341,000 | 1,083,880,000 | 1,779,039,000 | 1,336,022,000 | 1,056,941,000 | 751,196,000 | 1,982,999,000 | 1,810,155,000 | 1,517,493,000 | 1,078,694,000 | 1,498,332,000 | 1,166,059,000 | 794,398,000 | 613,230,000 | 1,043,863,000 | 922,069,000 | |
total oscar health, inc. stockholders’ equity | 977,648,000 | 1,013,586,000 | 803,967,000 | 890,384,000 | 1,387,229,000 | ||||||||||||||||
total stockholders’ equity | 980,735,000 | 1,016,425,000 | 806,117,000 | 892,400,000 | 1,335,167,000 | 1,392,522,000 | 1,553,212,000 | 1,733,831,000 | 1,786,237,000 | ||||||||||||
premium deficiency reserve | 1,444,000 | 2,887,000 | 4,332,000 | 5,776,000 | 179,000 | 3,381,000 | 4,199,000 | 4,214,000 | 14,966,000 | 21,505,000 | 26,041,000 | 29,246,000 | 69,432,000 | 74,107,000 | 75,029,000 | ||||||
class a common stock, 0.00001 par value per share... | 2,000 | ||||||||||||||||||||
class b common stock, 0.00001 par value per share... | |||||||||||||||||||||
assets: | |||||||||||||||||||||
class a common stock, 0.00001 par value... | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | |||||||||
class b common stock, 0.00001 par value... | |||||||||||||||||||||
preferred stock, 0.00001 par value... | |||||||||||||||||||||
premium and other receivables | 216,475,000 | 138,414,000 | 117,534,000 | 85,629,000 | 75,851,000 | ||||||||||||||||
accounts payable and accrued liabilities | 297,841,000 | 234,788,000 | 159,196,000 | 135,339,000 | 120,954,000 | ||||||||||||||||
accumulated other comprehensive loss | -9,715,000 | ||||||||||||||||||||
accrued investment income | 2,584,000 | 3,782,000 | 3,086,000 | 3,794,000 | 1,445,000 | ||||||||||||||||
net deferred tax asset | 595,000 | 595,000 | 485,000 | 467,000 | 485,000 | ||||||||||||||||
balances due from reinsurance programs | 431,990,000 | 413,789,000 | 400,174,000 | 353,996,000 | |||||||||||||||||
liabilities, convertible preferred stock and stockholders' equity | |||||||||||||||||||||
warrant liabilities | |||||||||||||||||||||
convertible preferred stock, 0.00001 par value... | |||||||||||||||||||||
series a common stock, 0.00001 par value... | |||||||||||||||||||||
total liabilities, convertible preferred stock and stockholders' equity | 3,321,650,000 | 3,169,880,000 | 3,706,486,000 | 3,594,356,000 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities: | ||||||||||||||||||||
net income | -352,434,000 | -137,484,000 | -228,491,000 | 275,506,000 | -153,285,000 | -54,388,000 | 56,312,000 | 177,482,000 | ||||||||||||
adjustments to reconcile net income to net cash from operating activities: | ||||||||||||||||||||
deferred taxes | 2,624,000 | 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 loss on sale of financial instruments | -25,000 | 0 | 61,000 | -34,000 | 43,000 | |||||||||||||||
depreciation and amortization expense | 7,880,000 | 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 | 856,000 | 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 | 18,085,000 | 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 | -6,727,000 | -7,399,000 | -7,994,000 | -7,673,000 | -6,737,000 | -5,993,000 | -6,226,000 | |||||||||||||
non-cash inducement payment for convertible note conversion | ||||||||||||||||||||
change in provision for credit losses | -54,000 | -70,000 | -15,300,000 | -8,650,000 | 1,200,000 | -300,000 | -200,000 | -1,000,000 | ||||||||||||
changes in assets and liabilities: | ||||||||||||||||||||
decrease in: | ||||||||||||||||||||
premiums and accounts receivable | 2,908,000 | 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 | 36,516,000 | -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 | 59,641,000 | 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 | 2,643,000 | -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 in: | ||||||||||||||||||||
benefits payable | -109,010,000 | 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 | 89,087,000 | 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 | 93,890,000 | -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 | -3,696,000 | -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 | 816,395,000 | -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 | 671,903,000 | -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 |
capital expenditures | -9,062,000 | -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 | 662,841,000 | -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 | -233,245,000 | -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 | 0 | 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 | 192,551,000 | 210,754,000 | 111,513,000 | 155,906,000 | ||||||||||||||||
purchase of property, equipment and capitalized software | -9,062,000 | -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 | 1,050,000 | 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 | -48,706,000 | 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 | 0 | 305,000,000 | |||||||||||||||
payments of debt issuance costs | -225,000 | 0 | 0 | 0 | -7,035,000 | |||||||||||||||
inducement payment for convertible note conversion | ||||||||||||||||||||
purchase of capped calls related to convertible notes | ||||||||||||||||||||
tax payments related to net settlement of share-based awards | 0 | -1,746,000 | -1,434,000 | -855,000 | ||||||||||||||||
proceeds from exercise of stock options | 12,841,000 | 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 |
proceeds from joint venture contribution | -1,000 | 2,020,000 | 0 | 471,000 | 522,000 | 53,000 | 1,021,000 | 250,000 | ||||||||||||
net cash from financing activities | 8,171,000 | 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 | 631,368,000 | -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 | 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 | 631,368,000 | -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 | 625,286,000 | -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 | 6,082,000 | -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 | 631,368,000 | -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 | 1,268,000 | 155,000 | 11,206,000 | 154,000 | 11,211,000 | 11,211,000 | 151,000 | 11,118,000 | ||||||||||||
income tax payments | 19,000 | 2,019,000 | 38,000 | 552,000 | ||||||||||||||||
non-cash investing and financing activities: | ||||||||||||||||||||
conversion of convertible notes into common stock | ||||||||||||||||||||
net realized gain on sale of financial instruments | -1,171,000 | -12,000 | -119,000 | 761,000 | -74,000 | 582,000 | 59,000 | -20,000 | -135,000 | -113,000 | ||||||||||
purchase of capped calls related to convertible senior subordinated notes | ||||||||||||||||||||
premium and other receivables | 39,415,000 | -164,225,000 | -14,742,000 | -31,904,000 | -9,778,000 | -10,529,000 | ||||||||||||||
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 | ||||||||||
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 | ||||
decrease in cash, cash equivalents and restricted cash equivalents | ||||||||||||||||||||
net loss | -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 loss to net cash from operating activities: | ||||||||||||||||||||
loss on fair value of warrant liabilities | 0 | 0 | 0 | 12,856,000 | ||||||||||||||||
net amortization of investments | -6,518,000 | |||||||||||||||||||
debt extinguishment loss | 0 | 0 | 0 | 20,178,000 | ||||||||||||||||
provision for 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 | ||||||||||||||||||||
convertible preferred stock and call option issuances | ||||||||||||||||||||
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 |