Oscar Health, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Oscar Health, Inc. has filed its Q1 2024 10-Q report.</b>

AI Summary

Oscar Health, Inc. (OSCR) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. Oscar Health, Inc. filed its quarterly report (10-Q) on May 7, 2024, for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's fiscal year ends on December 31. Oscar Health, Inc. was formerly known as Mulberry Health Inc. The company is incorporated in Delaware and headquartered in New York.

Why It Matters

For investors and stakeholders tracking Oscar Health, Inc., this filing contains several important signals. This filing provides investors with the latest financial performance and operational updates for Oscar Health, Inc. for the first quarter of 2024. As a publicly traded company, these regular filings are crucial for understanding the company's financial health and strategic direction.

Risk Assessment

Risk Level: — Oscar Health, Inc. shows moderate risk based on this filing. The filing is a standard 10-Q, providing routine financial disclosures without immediate indicators of significant new risks.

Analyst Insight

Monitor future filings for detailed financial performance and segment results to assess growth and profitability trends.

Key Players & Entities

• Oscar Health, Inc. (company) — Filer
• Mulberry Health Inc. (company) — Former company name
• New York (location) — Business and mail address city
• Delaware (location) — State of incorporation

FAQ

Industry Context

Oscar Health operates in the health insurance and medical service plans industry.

Regulatory Implications

The filing is a standard 10-Q, a mandatory SEC filing for publicly traded companies to report quarterly financial performance.

What Investors Should Do

1. Review the full 10-Q document for detailed financial statements and management's discussion and analysis.
2. Compare Q1 2024 results with previous periods to identify trends in revenue, expenses, and profitability.
3. Analyze any new risk factors or legal proceedings disclosed in the filing.

Key Dates

• 2024-03-31: End of Reporting Period — First quarter of fiscal year 2024
• 2024-05-07: Filing Date — Date the 10-Q was submitted to the SEC

Year-Over-Year Comparison

This is the initial 10-Q filing for the period ending March 31, 2024, following the previous fiscal year's reporting.

Key Financial Figures

• $0.00001 — which registered Class A Common Stock, $0.00001 par value per share OSCR New York Stock

Filing Documents

• oscr-20240331.htm (10-Q) — 988KB
• exhibit101-formofpsuagreem.htm (EX-10.1) — 78KB
• ex102employmentagreementsw.htm (EX-10.2) — 132KB
• a1q24oscrex311.htm (EX-31.1) — 10KB
• a1q24oscrex312.htm (EX-31.2) — 10KB
• a1q24oscrex321.htm (EX-32.1) — 5KB
• a1q24oscrex322.htm (EX-32.2) — 6KB
• 0001568651-24-000015.txt (&nbsp;) — 5978KB
• oscr-20240331.xsd (EX-101.SCH) — 37KB
• oscr-20240331_cal.xml (EX-101.CAL) — 92KB
• oscr-20240331_def.xml (EX-101.DEF) — 143KB
• oscr-20240331_lab.xml (EX-101.LAB) — 490KB
• oscr-20240331_pre.xml (EX-101.PRE) — 334KB
• oscr-20240331_htm.xml (XML) — 846KB

FORWARD LOOKING STATEMENTS

FORWARD LOOKING STATEMENTS 3

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited) Condensed Consolidated Statements of Operations 5 Condensed Consolidated Statements of Comprehensive Income 6 Condensed Consolidated Balance Sheets 7 Condensed Consolidated Statements of Stockholders' Equity 8 Condensed Consolidated Statements of Cash Flows 9 Notes to Condensed Consolidated Financial Statements Note 1 - Organization 10 Note 2 - Revenue Recognition 11 Note 3 - Investments 12 Note 4 - Fair Value Measurements 14 Note 5 - Restricted Cash and Restricted Deposits 15 Note 6 - Benefits Payable 15 Note 7 - Debt 16 Note 8 - Earnings (Loss) per Share 17 Note 9 - Reinsurance 18 Note 10 - Business Arrangements 19 Note 11 - Related Party Transactions 19 Note 12 - Commitments and Contingencies 20 Note 13 - Cancellation of Founders Awards 21

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 22

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 31

Controls and Procedures

Item 4. Controls and Procedures 32

- OTHER INFORMATION

PART II - OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 32

Risk Factors

Item 1A. Risk Factors 32

Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities

Item 2. Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities 32

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 32

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 32

Other Information

Item 5. Other Information 33

Exhibits

Item 6. Exhibits 34

SIGNATURES

SIGNATURES 35 Table of Contents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q 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 Quarterly Report on Form 10-Q 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 Quarterly Report on Form 10-Q 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, our commercial arrangements, 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 Quarterly Report on Form 10-Q 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 limited to, the following: Our abilit

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Oscar Health, Inc. Condensed Consolidated Statements of Operations (unaudited) Three Months Ended March 31, (in thousands, except per share amounts) 2024 2023 Revenue Premium $ 2,093,682 $ 1,428,626 Investment income 42,989 36,056 Services and other 5,634 5,003 Total revenue 2,142,305 1,469,685 Operating Expenses Medical 1,554,774 1,091,592 Selling, general, and administrative 394,162 398,519 Depreciation and amortization 7,811 4,939 Total operating expenses 1,956,747 1,495,050 Earnings (loss) from operations 185,558 ( 25,365 ) Interest expense 5,902 6,136 Other expenses 1,178 6,106 Earnings (loss) before income taxes 178,478 ( 37,607 ) Income tax expense 996 2,021 Net income (loss) 177,482 ( 39,628 ) Less: Net income attributable to noncontrolling interests 114 144 Net income (loss) attributable to Oscar Health, Inc. $ 177,368 $ ( 39,772 ) Earnings (Loss) per Share Basic $ 0.77 $ ( 0.18 ) Diluted $ 0.62 $ ( 0.18 ) Weighted Average Common Shares Outstanding Basic 231,443 216,913 Diluted 293,796 216,913 See the accompanying Notes to Condensed Consolidated Financial Statements 5 Table of Contents Oscar Health, Inc. Condensed Consolidated Statements of Comprehensive Income (unaudited) Three Months Ended March 31, (in thousands) 2024 2023 Net income (loss) $ 177,482 $ ( 39,628 ) Other comprehensive income (loss), net of tax: Net unrealized gains (losses) on securities available for sale ( 3,903 ) 5,236 Comprehensive income (loss) 173,579 ( 34,392 ) Comprehensive income attributable to noncontrolling interests 114 144 Comprehensive income (loss) attributable to Oscar Health, Inc. $ 173,465 $ ( 34,536 ) See the accompanying Notes to Condensed Consolidated Financial Statements 6 Table of Contents Oscar Health, Inc. Condensed Consolidated Balance Sheets (unaudited) (in thousands, except share amounts) March 31, 2024 December 31, 2023 Assets Current Assets: Cash

View Full Filing

View this 10-Q filing on SEC EDGAR