Oscar Health, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Oscar Health, Inc. has filed its 2023 annual report (10-K) detailing its financial performance and business operations.</b>

AI Summary

Oscar Health, Inc. (OSCR) filed a Annual Report (10-K) with the SEC on February 15, 2024. Oscar Health, Inc. filed its 2023 Form 10-K on February 15, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business address is 75 Varick Street, 5th Floor, New York, NY 10013. Oscar Health, Inc. was formerly known as Mulberry Health Inc., with a name change on February 4, 2013. The filing includes financial data for the fiscal years 2023, 2022, and 2021.

Why It Matters

For investors and stakeholders tracking Oscar Health, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Oscar Health's financial health and strategic direction for investors and stakeholders. The detailed financial statements and risk factors within the report are crucial for understanding the company's performance in the competitive health insurance market.

Risk Assessment

Risk Level: medium — Oscar Health, Inc. shows moderate risk based on this filing. The company operates in the highly regulated and competitive health insurance industry, facing risks related to market fluctuations, regulatory changes, and operational execution, as evidenced by the detailed risk factors section in the 10-K.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to assess Oscar Health's performance and future outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (Period covered by the 10-K)
• 2024-02-15 — Filing Date (Date the 10-K was filed)
• 2013-02-04 — Name Change Date (Date Oscar Health, Inc. changed its name from Mulberry Health Inc.)

Key Players & Entities

• Oscar Health, Inc. (company) — Filer name
• OSCR (company) — Ticker symbol
• Mulberry Health Inc. (company) — Former company name
• 75 Varick Street, 5th Floor, New York, NY 10013 (company) — Business address

FAQ

Industry Context

Oscar Health operates within the health insurance sector, a highly regulated industry characterized by significant competition and evolving market dynamics.

Regulatory Implications

The health insurance industry is subject to extensive federal and state regulations, including the Affordable Care Act (ACA), which impacts market entry, product offerings, and pricing.

What Investors Should Do

1. Review the financial statements for revenue, net income, and other key performance indicators.
2. Analyze the risk factors section to understand potential challenges and uncertainties.
3. Examine management's discussion and analysis for insights into business strategy and outlook.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-15: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-K filing for Oscar Health, Inc. for the fiscal year 2023, following its transition from previous filings.

Key Financial Figures

• $0.00001 — which registered Class A Common Stock, $0.00001 par value per share OSCR New York Stock
• $8.06 — 1.5 billion based on a closing price of $8.06 per share on the New York Stock Exchang
• $0.9 billion — . For the year ended December 31, 2023, $0.9 billion and $5.5 billion of direct policy premi
• $5.5 billion — ded December 31, 2023, $0.9 billion and $5.5 billion of direct policy premiums were collecte
• $228.8 million — r the year ended December 31, 2023 were $228.8 million . 8 Table of Contents Disaggregat

Filing Documents

• oscr-20231231.htm (10-K) — 2514KB
• ex1052024formofrestricteds.htm (EX-10.5) — 67KB
• ex1062024formofrestricteds.htm (EX-10.6) — 62KB
• ex1024amendednon-employeed.htm (EX-10.24) — 21KB
• ex231edgarconsentformxfina.htm (EX-23.1) — 2KB
• a202310-koscrex311.htm (EX-31.1) — 10KB
• a202310-koscrex312.htm (EX-31.2) — 10KB
• a202310-koscrex321.htm (EX-32.1) — 5KB
• a202310-koscrex322.htm (EX-32.2) — 5KB
• ex971oscarhealthincpolicyf.htm (EX-97.1) — 31KB
• oscr-20231231_g1.gif (GRAPHIC) — 77KB
• 0001568651-24-000006.txt (&nbsp;) — 12435KB
• oscr-20231231.xsd (EX-101.SCH) — 69KB
• oscr-20231231_cal.xml (EX-101.CAL) — 140KB
• oscr-20231231_def.xml (EX-101.DEF) — 348KB
• oscr-20231231_lab.xml (EX-101.LAB) — 952KB
• oscr-20231231_pre.xml (EX-101.PRE) — 666KB
• oscr-20231231_htm.xml (XML) — 1826KB

Forward-Looking Statements

Forward-Looking Statements 3 Summary Risk Factors 6 Part I

Risk Factors

Item 1A. Risk Factors 21

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 50

C ybersecurity

Item 1C. C ybersecurity 50

Properties

Item 2. Properties 51

Legal Proceedings

Item 3. Legal Proceedings 51

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 52 Part II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 52

[Reserved]

Item 6. [Reserved] 53

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 54

Quantitative and Qualitative Disclosures about Market Risk

Item 7A. Quantitative and Qualitative Disclosures about Market Risk 71

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 72

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 110

Controls and Procedures

Item 9A. Controls and Procedures 110

Other Information

Item 9B. Other Information 111

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 111 Part III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 112

Executive Compensation

Item 11. Executive Compensation 112

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 112

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 112

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 112 Part IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 112

Form 10-K Summary

Item 16. Form 10-K Summary 115

Signatures

Signatures 115 2 Table of Contents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K for the fiscal year ended December 31, 2023 ("Annual Report on Form 10-K") contains forward-looking statements. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements other than statements of historical facts contained in this Annual Report on Form 10-K may be forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expects," "plans," "anticipates," "could," "intends," "targets," "projects," "contemplates," "believes," "estimates," "forecasts," "predicts," "potential" or "continue" or the negative of these terms or other similar expressions. Forward-looking statements contained in this Annual Report on Form 10-K include, but are not limited to, statements regarding our future results of operations and financial position, risk adjustment payments, industry, regulatory and business trends, stock compensation, business strategy, plans and plan mix, membership and market growth, and our objectives for future operations, including our profitability goals. The forward-looking statements in this Annual Report on Form 10-K are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition, and results of operations. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limit

Business

Item 1. Business OUR BUSINESS At Oscar, we make a healthier life accessible and affordable for all. Oscar is the first health insurance company built around a full stack technology platform and a relentless focus on member experience. We started Oscar in 2012 to create the kind of health insurance company we would want for ourselves – one that behaves like a doctor in the family. We believe every American deserves access to affordable, high-quality healthcare that fits their life – from families seeking coverage that works for toddlers and their busy parents, to adults with chronic conditions who know their care providers by their first names, to small businesses choosing a benefits package – and everyone in between. Powered by our own differentiated cloud-native technology platform, we have built a scaled insurance business that enables us to earn our members' trust, leverage the power of personalized data, and help our members find quality care they can afford. We are proud to have earned industry-leading levels of trust, engagement, and customer satisfaction from the approximately 1.3 million members who, as of January 2024, have chosen Oscar. In addition to supporting our insurance business, our differentiated technology platform also powers both providers and payors through +Oscar. We offer Campaign Builder, an engagement and recommendation platform that leverages the wisdom from 10+ years of building the Oscar member experience. The platform delivers continuous care management by informing population identification and delivering personalized interactions with real time reporting and analytics to measure key outcomes and insights. Our Offerings Oscar's business is built upon our focus on member experience and our cloud-native technology platform. We offer health plans in the individual and small group markets, as well as our platform product, +Oscar. We previously offered Medicare Advantage insurance coverage, but exited the Medicare Advantage ma

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View this 10-K filing on SEC EDGAR