Attached files
| file | filename |
|---|---|
| 8-K - 8-K - CLOVER HEALTH INVESTMENTS, CORP. /DE | d144724d8k.htm |
Exhibit 99.1
CLOVER HEALTH INVESTMENTS, CORP. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS: SELECTED METRICS
(in thousands) (Unaudited)
| As of December 31, |
||||||||
| 2020 | 2019 | |||||||
| Selected Balance Sheet Data: |
|
|
|
|
|
| ||
| Cash, Cash Equivalents and Investments |
$ | 151,103 | $ | 263,327 | ||||
| Total Assets |
267,252 | 337,021 | ||||||
| Unpaid Claims |
103,976 | 77,886 | ||||||
| Notes and securities payable, net of discount and deferred issuance costs |
106,413 | 57,917 | ||||||
| Warrants Payable |
97,782 | 17,672 | ||||||
| Total Liabilities |
387,888 | 377,811 | ||||||
| Convertible Preferred Stock |
447,747 | 447,747 | ||||||
| Total stockholders’ deficit |
(568,383 | ) | (488,537 | ) | ||||
1
CLOVER HEALTH INVESTMENTS, CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands) (Unaudited)
| For the Quarters Ended December 31, |
For the Years Ended December 31, |
|||||||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||||||
| Revenues: |
||||||||||||||||
| Premiums earned, net (Net of ceded premiums: fourth quarter ended 2020: $216; fourth quarter ended 2019: $132; 2020: $599; 2019: $832) |
$ | 164,598 | $ | 113,377 | $ | 665,698 | $ | 456,926 | ||||||||
| Other income |
885 | 506 | 4,214 | 801 | ||||||||||||
| Investment income, net |
750 | 1,392 | 2,976 | 4,539 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total revenues |
166,233 | 115,275 | 672,888 | 462,266 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Expenses: |
||||||||||||||||
| Net medical claims incurred |
179,928 | 113,204 | 590,468 | 450,645 | ||||||||||||
| Salaries and benefits |
13,917 | 17,801 | 71,256 | 91,626 | ||||||||||||
| General and administrative expenses |
40,646 | 29,161 | 120,444 | 94,757 | ||||||||||||
| Premium deficiency reserve (benefit) expense |
(771 | ) | 14,726 | (17,128 | ) | 7,523 | ||||||||||
| Depreciation and amortization |
142 | 117 | 555 | 551 | ||||||||||||
| Other expense |
— | 84 | — | 363 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total expenses |
233,862 | 175,093 | 765,595 | 645,465 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Loss from operations |
(67,629 | ) | (59,818 | ) | (92,707 | ) | (183,199 | ) | ||||||||
| Change in fair value of warrants expense |
48,425 | 984 | 80,328 | 2,909 | ||||||||||||
| Interest expense |
10,430 | 7,518 | 35,990 | 23,155 | ||||||||||||
| Amortization of notes and securities discount |
6,183 | 5,872 | 21,118 | 15,913 | ||||||||||||
| (Gain) loss on derivative |
(51,086 | ) | 4,479 | (138,561 | ) | 138,561 | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net loss |
$ | (81,581 | ) | $ | (78,671 | ) | $ | (91,582 | ) | $ | (363,737 | ) | ||||
|
|
|
|
|
|
|
|
|
|||||||||
2