Oscar Health Q3 2024 10-Q Filing

TL;DR

Oscar Health's Q3 2024 10-Q is in. Check financials.

AI Summary

Oscar Health, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter of 2024. Key financial data and business segments are presented, reflecting the company's ongoing activities in the health insurance market.

Why It Matters

This filing provides investors and analysts with the latest financial and operational data for Oscar Health, crucial for understanding the company's performance and future outlook in the competitive health insurance sector.

Risk Assessment

Risk Level: medium — The filing contains standard financial disclosures for a public company, but the healthcare industry is inherently subject to regulatory and market risks.

Key Numbers

• 2024 Q3 — Reporting Period (Financials for the third quarter of 2024 are detailed.)
• 2024-09-30 — As of Date (Indicates the end of the reporting period for financial statements.)

Key Players & Entities

• Oscar Health, Inc. (company) — Filer of the 10-Q
• 20240930 (date) — Conformed period of report
• 20241107 (date) — Filing date
• Mulberry Health Inc. (company) — Former company name

FAQ

Key Financial Figures

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

Filing Documents

• oscr-20240930.htm (10-Q) — 1090KB
• a3q24oscrex311.htm (EX-31.1) — 10KB
• a3q24oscrex312.htm (EX-31.2) — 10KB
• a3q24oscrex321.htm (EX-32.1) — 5KB
• a3q24oscrex322.htm (EX-32.2) — 6KB
• 0001568651-24-000032.txt ( ) — 6219KB
• oscr-20240930.xsd (EX-101.SCH) — 37KB
• oscr-20240930_cal.xml (EX-101.CAL) — 95KB
• oscr-20240930_def.xml (EX-101.DEF) — 144KB
• oscr-20240930_lab.xml (EX-101.LAB) — 510KB
• oscr-20240930_pre.xml (EX-101.PRE) — 344KB
• oscr-20240930_htm.xml (XML) — 986KB

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 12 Note 3 - Investments 12 Note 4 - Fair Value Measurements 14 Note 5 - Restricted Cash and Restricted Deposits 15 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 September 30, Nine Months Ended September 30, (in thousands, except per share amounts) 2024 2023 2024 2023 Revenue Premium $ 2,368,257 $ 1,392,082 $ 6,626,055 $ 4,295,674 Investment income 50,326 42,368 143,309 119,908 Services and other 4,899 5,541 15,764 15,629 Total revenue 2,423,482 1,439,991 6,785,128 4,431,211 Operating Expenses Medical 2,003,979 1,163,194 5,267,475 3,436,785 Selling, general, and administrative 460,377 325,850 1,289,745 1,061,612 Depreciation and amortization 7,500 9,191 22,912 22,952 Total operating expenses 2,471,856 1,498,235 6,580,132 4,521,349 Earnings (loss) from operations ( 48,374 ) ( 58,244 ) 204,996 ( 90,138 ) Interest expense 5,815 6,130 17,708 18,386 Other expenses (income) ( 1,877 ) 414 173 8,132 Earnings (loss) before income taxes ( 52,312 ) ( 64,788 ) 187,115 ( 116,656 ) Income tax expense 2,076 915 7,709 4,100 Net income (loss) ( 54,388 ) ( 65,703 ) 179,406 ( 120,756 ) Less: Net income (loss) attributable to noncontrolling interests 208 ( 305 ) 427 ( 58 ) Net income (loss) attributable to Oscar Health, Inc. $ ( 54,596 ) $ ( 65,398 ) $ 178,979 $ ( 120,698 ) Earnings (Loss) per Share Basic $ ( 0.22 ) $ ( 0.29 ) $ 0.75 $ ( 0.55 ) Diluted $ ( 0.22 ) $ ( 0.29 ) $ 0.65 $ ( 0.55 ) Weighted Average Common Shares Outstanding Basic 243,106 223,099 237,759 219,827 Diluted 243,106 223,099 301,459 219,827 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 September 30, Nine Months Ended September 30, (in thousands) 2024 2023 2024 2023 Net income (loss) $ ( 54,388 ) $ ( 65,703 ) $ 179,406 $ ( 120,756 ) Other comprehensive income (loss), net of tax: Net unrealized gains on securities available for sale 28,

View Full Filing

View this 10-Q filing on SEC EDGAR