v3.25.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating Activities:    
Net income (loss) $ 6,299 $ (70,578)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Provision for credit loss 262 95
Loss on right of use assets 0 143
Gain on sale of property and equipment (72) 0
Depreciation and amortization 14,663 12,568
Amortization-investment discount (731) (1,762)
Amortization-debt issuance costs 881 612
Equity-based compensation 32,740 37,638
Non-cash lease expense 246 930
Changes in operating assets and liabilities:    
Accounts receivable (129,259) (63,560)
Prepaid expenses and other current assets (56,333) (7,221)
Other assets (52) 92
Medical expenses payable 165,366 109,970
Accounts payable and accrued expenses 8,554 1,373
Deferred premium revenue 77 (310)
Accrued compensation 3,085 (1,278)
Lease liabilities 20 (1,421)
Net cash provided by operating activities 45,746 17,291
Investing Activities:    
Purchase of investments (35,001) (40,000)
Sale of property and equipment 75 0
Maturities of investments 39,990 132,525
Sale of business 1,065 0
Acquisition of property and equipment (16,255) (22,854)
Net cash (used in) provided by investing activities (10,126) 69,671
Financing Activities:    
Proceeds from long-term debt 0 50,000
Payment of employment taxes related to release of restricted stock 0 (350)
Debt issuance costs (26) (512)
Proceeds from stock option exercises 1,823 0
Contributions from noncontrolling interest holders 0 15
Net cash provided by financing activities 1,797 49,153
Net increase in cash 37,417 136,115
Cash, cash equivalents and restricted cash at beginning of period 434,942 204,954
Cash, cash equivalents and restricted cash at end of period 472,359 341,069
Supplemental disclosure of cash flow information:    
Cash paid for interest 6,740 10,247
Supplemental non-cash investing and financing activities:    
Acquisition of property in accounts payable 117 122
Reconciliation of cash, cash equivalents and restricted cash as shown in the statement of cash flows:    
Cash and cash equivalents 470,266 339,007
Restricted cash in other assets 2,093 2,062
Total $ 472,359 $ 341,069