Oscar Health Q2 2024 10-Q Filed
Ticker: OSCR · Form: 10-Q · Filed: Aug 7, 2024 · CIK: 1568651
Sentiment: neutral
Topics: 10-Q, healthcare, financials
TL;DR
**Oscar Health Q2 2024 10-Q is IN! Check financials.**
AI Summary
Oscar Health, Inc. filed its 10-Q for the period ending June 30, 2024. The filing covers the second quarter of 2024 and provides financial details for the company. Key financial data and operational updates are presented for investors and stakeholders.
Why It Matters
This filing provides crucial financial performance data for Oscar Health, Inc. for the second quarter of 2024, impacting investor decisions and market analysis.
Risk Assessment
Risk Level: medium — As a publicly traded company in the healthcare sector, Oscar Health faces inherent market, regulatory, and operational risks detailed in its SEC filings.
Key Numbers
- 20240630 — Reporting Period End Date (Covers financial performance up to the end of Q2 2024.)
- 20240807 — Filing Date (Date the 10-Q was officially submitted to the SEC.)
- 001-40154 — SEC File Number (Unique identifier for Oscar Health's SEC filings.)
Key Players & Entities
- Oscar Health, Inc. (company) — Filer of the 10-Q
- Mulberry Health Inc. (company) — Former company name
- 75 VARICK STREET (location) — Company business and mailing address
- NEW YORK (location) — Company business and mailing city
- DE (location) — State of incorporation
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is the quarter ended June 30, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on August 7, 2024.
What is the company's primary business as indicated by the SIC code?
The company's SIC code is [6324], which corresponds to HOSPITAL & MEDICAL SERVICE PLANS.
What was Oscar Health, Inc.'s former company name?
Oscar Health, Inc.'s former company name was Mulberry Health Inc.
Where is Oscar Health, Inc. headquartered?
Oscar Health, Inc.'s business and mailing address is 75 VARICK STREET, 5TH FLOOR, NEW YORK, NY 10013.
Filing Stats: 4,534 words · 18 min read · ~15 pages · Grade level 17.7 · Accepted 2024-08-07 16:10:55
Key Financial Figures
- $0.00001 — which registered Class A Common Stock, $0.00001 par value per share OSCR New York Stock
Filing Documents
- oscr-20240630.htm (10-Q) — 1183KB
- a2q24oscrex311.htm (EX-31.1) — 10KB
- a2q24oscrex312.htm (EX-31.2) — 10KB
- a2q24oscrex321.htm (EX-32.1) — 5KB
- a2q24oscrex322.htm (EX-32.2) — 6KB
- 0001568651-24-000023.txt ( ) — 6312KB
- oscr-20240630.xsd (EX-101.SCH) — 37KB
- oscr-20240630_cal.xml (EX-101.CAL) — 94KB
- oscr-20240630_def.xml (EX-101.DEF) — 143KB
- oscr-20240630_lab.xml (EX-101.LAB) — 510KB
- oscr-20240630_pre.xml (EX-101.PRE) — 343KB
- oscr-20240630_htm.xml (XML) — 994KB
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 10 Notes to Condensed Consolidated Financial Statements Note 1 - Organization 11 Note 2 - Revenue Recognition 12 Note 3 - Investments 13 Note 4 - Fair Value Measurements 15 Note 5 - Restricted Cash and Restricted Deposits 16 Note 6 - Benefits Payable 16 Note 7 - Debt 17 Note 8 - Earnings (Loss) per Share 18 Note 9 - Reinsurance 19 Note 10 - Business Arrangements 20 Note 11 - Related Party Transactions 20 Note 12 - Commitments and Contingencies 21 Note 13 - Cancellation of Founders Awards 22
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 23
Quantitative and Qualitative Disclosures about Market Risk
Item 3. Quantitative and Qualitative Disclosures about Market Risk 33
Controls and Procedures
Item 4. Controls and Procedures 34
- OTHER INFORMATION
PART II - OTHER INFORMATION
Legal Proceedings
Item 1. Legal Proceedings 34
Risk Factors
Item 1A. Risk Factors 34
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 34
Defaults Upon Senior Securities
Item 3. Defaults Upon Senior Securities 34
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 34
Other Information
Item 5. Other Information 35
Exhibits
Item 6. Exhibits 35
SIGNATURES
SIGNATURES 36 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 transfer payments, industry, regulatory and business trends, our commercial arrangements, business strategy, plans and plan mix, membership and market growth, and our objectives for future operations. 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 ability to execute our strategy and manage our growt
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements Oscar Health, Inc. Condensed Consolidated Statements of Operations (unaudited) Three Months Ended June 30, Six Months Ended June 30, (in thousands, except per share amounts) 2024 2023 2024 2023 Revenue Premium 2,164,116 1,474,966 $ 4,257,798 $ 2,903,592 Investment income 49,994 41,484 92,983 77,540 Services and other 5,231 5,085 10,865 10,088 Total revenue 2,219,341 1,521,535 4,361,646 2,991,220 Operating Expenses Medical 1,708,722 1,181,999 3,263,496 2,273,591 Selling, general, and administrative 435,206 337,244 829,368 735,763 Depreciation and amortization 7,601 8,821 15,412 13,760 Total operating expenses 2,151,529 1,528,064 4,108,276 3,023,114 Earnings (loss) from operations 67,812 ( 6,529 ) 253,370 ( 31,894 ) Interest expense 5,991 6,120 11,893 12,256 Other expenses 872 1,612 2,050 7,718 Earnings (loss) before income taxes 60,949 ( 14,261 ) 239,427 ( 51,868 ) Income tax expense 4,637 1,164 5,633 3,185 Net income (loss) 56,312 ( 15,425 ) 233,794 ( 55,053 ) Less: Net income attributable to noncontrolling interests 105 103 219 247 Net income (loss) attributable to Oscar Health, Inc. $ 56,207 $ ( 15,528 ) $ 233,575 $ ( 55,300 ) Earnings (Loss) per Share Basic $ 0.24 $ ( 0.07 ) $ 0.99 $ ( 0.25 ) Diluted $ 0.20 $ ( 0.07 ) $ 0.82 $ ( 0.25 ) Weighted Average Common Shares Outstanding Basic 238,672 219,400 235,056 218,164 Diluted 303,965 219,400 299,186 218,164 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 June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Net income (loss) $ 56,312 $ ( 15,425 ) $ 233,794 $ ( 55,053 ) Other comprehensive income (loss), net of tax: Net unrealized gains (losses) on securities available for sale ( 31 ) ( 2,377 ) ( 3,934 ) 2,859 Comprehensive income (loss) 56,281 ( 17,802 ) 22