Annual report pursuant to Section 13 and 15(d)

Quarterly Statement of Operations and Other Comprehensive Loss (Details)

v3.22.4
Quarterly Statement of Operations and Other Comprehensive Loss (Details) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2021
Sep. 30, 2021
Jun. 30, 2021
Mar. 31, 2021
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]                      
Revenue $ 288,963 $ 288,898 $ 265,362 $ 266,446 $ 117,594 $ 74,462 $ 57,478 $ 71,293 $ 1,109,669 $ 320,827 $ 79,272
Claims expense (266,404) (264,283) (238,764) (247,552) (104,026) (51,298) (40,384) (23,917) (1,017,003) (219,625) (25,120)
Clinical care delivery expense (16,543) (18,505) (21,649) (23,927) (24,957) (17,038) (16,013) (11,823) (80,624) (69,831) (42,134)
Platform & application expenses (4,508) (5,074) (6,567) (13,748) (10,681) (4,852) (12,472) (4,718) (29,897) (32,723) (32,209)
Research & development expenses (11,256) (23,008) (27,577) (17,314) (14,365) (25,195) (12,667) (16,246) (79,155) (68,473) (80,538)
Sales, general & administrative expenses (53,311) (54,474) (64,503) (55,649) (73,176) (39,257) (43,753) (30,986) (227,937) (187,172) (90,687)
Impairment expense (38,599) (647) (24,820) 0 0 0 0 0 (64,066) 0 0
Depreciation and amortization expenses (2,610) (2,456) (3,906) (3,078) (4,503) (2,659) (1,310) (713) (12,050) (9,185) (3,955)
Premium deficiency reserve income / (expense) 7,538 21,518 9,123 (6,868) (48,199) 2,870 (25) (1,179) 31,311 (46,533) (5,639)
Loss from operations (96,730) (58,031) (113,301) (101,690) (162,313) (62,967) (69,146) (18,289) (369,752) (312,715) (201,010)
Interest expense (9,307) (8,255) (9,192) (5,982) (8,971) (1,684) (1,309) (1,083) (32,736) (13,047) (4,029)
Interest income 374 284 128 255 295 2 14 14 1,041 325 610
Loss on settlement of warrants 0 (22) (2,375) 0 0 0 0 0 (2,397) 0 0
Gain on fair value remeasurement 2,770 11,249 99,957 78,773 239,195 0 0 0 192,749 [1] 239,195 [1] 0 [1]
Exchange (loss) / gain 2,225 (4,848) (7,350) (447) 1,270 (396) 482 (573) (10,420) 783 (2,836)
Gain on sale of subsidiary 0 0 0 0 0 0 0 3,917 0 3,917 0
Share of net loss on equity method investments 0 0 0 0 (1,046) (1,017) (821) (455) 0 (3,339) (1,124)
Net loss from operations before income taxes (100,668) (59,623) (32,133) (29,091) 68,430 (66,062) (70,780) (16,469) (221,515) (84,881) (208,389)
Tax benefit / (provision) 554 (280) (199) (9) (1,043) (7) 2,501 (8) 66 1,443 (4,639)
Net loss $ (100,114) $ (59,903) $ (32,332) $ (29,100) $ 67,387 $ (66,069) $ (68,279) $ (16,477) $ (221,449) $ (83,438) $ (213,028)
[1] Gain / (loss) on fair value remeasurement includes Gain / (loss) on warrant liabilities of $18.2 million (2021: $27.8 million, 2020: zero) and Gain / (loss) on earnout liabilities of $174.3 million (2021: $206.7 million, 2020: zero). See Note 20 for more details. Within Gain / (loss) on fair value measurement for the year ended December 31, 2021 includes a gain of $4.6 million for the fair value remeasurement of existing equity interest in Higi upon acquisition. See Note 4 for more details.