v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating Activities:    
Net income $ 47,976 $ 6,299
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit loss 265 262
Gain on sale of property and equipment (1) (72)
Depreciation and amortization 15,719 14,663
Amortization-investment discount (350) (731)
Amortization-debt issuance costs 1,147 881
Equity-based compensation 32,193 32,740
Non-cash lease expense 929 246
Changes in operating assets and liabilities:    
Accounts receivable (43,951) (129,259)
Prepaid expenses and other current assets (67,705) (56,333)
Other assets 11 (52)
Medical expenses payable 138,179 165,366
Accounts payable and accrued expenses (1,324) 8,631
Accrued compensation (10,624) 3,085
Lease liabilities (1,096) 20
Net cash provided by operating activities 111,368 45,746
Investing Activities:    
Purchase of investments (16,835) (35,001)
Sale of property and equipment 0 75
Maturities of investments 37,340 39,990
Sale of business 0 1,065
Acquisition of property and equipment (17,509) (16,255)
Net cash provided by (used in) investing activities 2,996 (10,126)
Financing Activities:    
Debt issuance costs (2,397) (26)
Proceeds from stock option exercises 5,685 1,823
Net cash provided by financing activities 3,288 1,797
Net increase in cash 117,652 37,417
Cash, cash equivalents and restricted cash at beginning of period 577,937 434,942
Cash, cash equivalents and restricted cash at end of period 695,589 472,359
Supplemental disclosure of cash flow information:    
Cash paid for interest 7,013 6,740
Supplemental non-cash investing and financing activities:    
Acquisition of property in accounts payable 128 117
Reconciliation of cash, cash equivalents and restricted cash as shown in the statement of cash flows:    
Cash and cash equivalents 693,453 470,266
Restricted cash in other assets 2,136 2,093
Total $ 695,589 $ 472,359