v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash Flows from Operating Activities:    
Net income $ 1,040,851 $ 47,015
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Change in provision for credit losses 48,072 (23,950)
Stock-based compensation expense 36,623 49,084
Depreciation and amortization expense 13,049 13,700
Amortization of debt issuance costs 2,163 389
Net accretion of investments (15,285) (15,667)
Deferred taxes (7,731) 0
Net realized gain on sale of financial instruments (1,732) (131)
(Increase) / decrease in:    
Reinsurance recoverable (96,794) 98,839
Accounts receivable (65,448) (51,666)
Receivables from CMS (44,721) (95,982)
Other assets (26,660) (26,512)
Increase / (decrease) in:    
Payables to CMS 3,365,194 1,127,430
Benefits payable 443,050 194,902
Accounts payable and other liabilities 20,408 103,024
Unearned premiums 1,302 (4,900)
Reinsurance payable (1,016) (27,966)
Net cash provided by operating activities 4,711,325 1,387,609
Cash Flows from Investing Activities:    
Sale of investments 983,943 15,761
Maturity and paydowns of investments 553,943 267,419
Change in restricted deposits 606 526
Purchase of investments (4,942,801) (607,838)
Purchase of property, equipment, and capitalized software (20,556) (18,303)
Net cash used in investing activities (3,424,865) (342,435)
Cash Flows from Financing Activities:    
Proceeds from exercise of stock options and stock purchase agreement 29,904 29,295
Tax payments related to net settlement of share-based awards (11,920) (2,289)
Payments of debt issuance costs (4,919) 0
Earn-out Liability Payout (3,370) 0
Net cash provided by financing activities 9,695 27,006
Increase in cash, cash equivalents and restricted cash equivalents 1,296,155 1,072,180
Cash, cash equivalents, restricted cash and cash equivalents—beginning of period 2,804,123 1,551,118
Cash, cash equivalents, restricted cash and cash equivalents—end of period 4,100,278 2,623,298
Cash and cash equivalents 4,075,612 2,598,942
Restricted cash and cash equivalents included in restricted deposits 24,666 24,356
Total cash, cash equivalents and restricted cash and cash equivalents 4,100,278 2,623,298
Supplemental Disclosures:    
Interest payments 6,000 11,360
Income tax payments $ 1,107 $ 15,478