XML 50 R35.htm IDEA: XBRL DOCUMENT

Basis of Presentation, Summary of Significant Accounting Policies and Change in Accounting Principles (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of restricted cash and cash equivalents

Restricted cash and restricted investments include cash and investments used to collateralize various contractual obligations as of December 31, 2021 and 2020 (in thousands) as follows:


	December 31,
	2021		2020 (1)
Collateral for letters of credit for facility leases (2)	$	3,769	$	3,510
Collateral with financial institutions (3)	11,662		4,743
Claims processing services (4)	73,226		12,064
Other	5		711
Total restricted cash and restricted investments	$	88,662	$	21,028

Current restricted cash	75,685		14,374
Total current restricted cash and restricted investments	$	75,685	$	14,374

Non-current restricted cash	12,977		6,654
Total non-current restricted cash and restricted investments	$	12,977	$	6,654

————————

(1)Amounts exclude $0.6 million of non-current restricted investments and $0.1 million of current restricted cash from claims processing services reclassified to discontinued operations as of December 31, 2020.

(2)Represents restricted cash related to collateral for letters of credit required in conjunction with lease agreements. See Note 12 for further discussion of our lease commitments.

(3)Represents collateral held with financial institutions for risk-sharing and other arrangements. As of December 31, 2021 and 2020, approximately $11.7 million and $4.7 million, respectively, of the collateral amounts were held in a FDIC participating bank account. See Note 19 for discussion of fair value measurement and Note 11 for discussion of our risk-sharing arrangements.

(4)Represents cash held by the Company related to claims processing services on behalf of partners. These are pass-through amounts and can fluctuate materially from period to period depending on the timing of when the claims are processed.

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same amounts shown in the consolidated statements of cash flows as of December 31, 2021 and 2020 (in thousands).


	December 31,
	2021		2020
Cash and cash equivalents	$	266,280	$	340,490
Restricted cash and restricted investments	88,662		21,707
Restricted investments included in restricted cash and restricted investments	—		(616)
Total cash and cash equivalents and restricted cash shown in the consolidated statements of cash flows (1)	$	354,942	$	361,581

————————

(1)As a result of the closing of the sale of True Health, the consolidated statements of operations, consolidated balance sheets and related financial information reflect the Company’s operations and assets and liabilities of True Health as discontinued operations for all periods presented. Cash flows and comprehensive income have not been adjusted and are included in the consolidated statements of cash flows and consolidated statements of comprehensive income (loss) for all periods presented. See Note 5.

Summary of property and equipment

The following summarizes the estimated useful lives by asset classification:


Computer hardware						3 years
Computer software						1 year
Furniture and equipment						3 - 7 years
Internal-use software development costs						5 years
Leasehold improvements						Shorter of useful life or remaining lease term

The following summarizes our property and equipment (in thousands):


	December 31,
	2021		2020
Computer hardware	$	21,970	$	18,866
Furniture and equipment	3,581		3,559
Internal-use software development costs	159,587		137,085
Leasehold improvements	15,325		15,586
Total property and equipment	200,463		175,096
Accumulated depreciation and amortization expenses	(119,098)		(88,856)
Total property and equipment, net	$	81,365	$	86,240

Schedule of intangible assets

The following summarizes the estimated useful lives by asset classification:


Corporate trade name			10 - 20 years
Customer relationships			10 - 25 years
Technology			5 years
Provider network contracts			3 - 5 years

Details of our intangible assets (in thousands, except weighted-average useful lives) as of December 31, 2021 and December 31, 2020 are presented below:


	December 31, 2021							December 31, 2020
	Weighted- Average Remaining Useful Life	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value		Weighted- Average Remaining Useful Life	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
Corporate trade name	12.4	$	25,800	$	7,693	$	18,107	13.2	$	23,300	$	6,271	$	17,029
Customer relationships (1)	14.9	311,019		72,697		238,322		16.2	278,519		57,716		220,803
Technology	2.0	87,922		73,378		14,544		1.8	82,922		63,507		19,415
Below market lease, net	1.3	1,218		950		268		2.3	1,118		648		470
Provider network contracts (1)	2.2	16,417		7,874		8,543		2.9	12,175		4,900		7,275
Total intangible assets, net		$	442,376	$	162,592	$	279,784		$	398,034	$	133,042	$	264,992

————————

(1)Amounts exclude $2.2 million and $0.9 million of customer relationships and provider network contracts, respectively, net of accumulated amortization, with weighted average remaining useful lives of 15 years and 10 months reclassified to discontinued operations as of December 31, 2020.