| | | Three Months Ended March 31, | |
| | | | | | | |
| Cash from (used in) operating activities: | | | | | | |
| Net income (loss) | | $ | 6,418 | | | $ | (36,933 | ) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | | | | | | | | |
Depreciation and amortization | | | 5,756 | | | | 5,739 | |
Equity-based compensation expense | | | 1,142 | | | | 9,612 | |
Deferred taxes, net | | | 11,532 | | | | (318 | ) |
Changes in operating accounts: | | | | | | | | |
Premium and other receivables, net | | | 23,781 | | | | (69,876 | ) |
Other receivables from government partners, net | | | – | | | | (50,689 | ) |
Prepaid expenses and other current assets, net | | | (2,985 | ) | | | 4,907 | |
Medical benefits payable | | | (95,690 | ) | | | 113,622 | |
Unearned premiums | | | (90,353 | ) | | | (62,554 | ) |
Accounts payable and other accrued expenses | | | (18,466 | ) | | | (87,028 | ) |
Other payables to government partners | | | 4,547 | | | | 22,912 | |
Amounts accrued related to investigation resolution | | | 511 | | | | 44,800 | |
Taxes, net | | | (14,401 | ) | | | 2,288 | |
Other, net | | | (2,336 | ) | | | (2,236 | ) |
Net cash used in operating activities | | | (170,544 | ) | | | (105,754 | ) |
| Cash from (used in) investing activities: | | | | | | | | |
| Purchases of investments | | | (117 | ) | | | (18,756 | ) |
| Proceeds from sales and maturities of investments | | | 12,322 | | | | 19,051 | |
| Purchases of restricted investments | | | (289 | ) | | | (17,088 | ) |
| Proceeds from maturities of restricted investments | | | 368 | | | | 39,390 | |
| Additions to property, equipment and capitalized software, net | | | (4,235 | ) | | | (5,141 | ) |
Net cash provided by investing activities | | | 8,049 | | | | 17,456 | |
| Cash from (used in) financing activities: | | | | | | | | |
| Proceeds from option exercises and other | | | 770 | | | | – | |
| Purchase of treasury stock | | | (3,030 | ) | | | (1,432 | ) |
| Payments on debt | | | – | | | | (400 | ) |
| Payments on capital leases | | | (58 | ) | | | – | |
| Funds received for the benefit of members | | | 34,019 | | | | 42,788 | |
Net cash provided by financing activities | | | 31,701 | | | | 40,956 | |
| Cash and cash equivalents: | | | | | | | | |
| Decrease during the period | | | (130,794 | ) | | | (47,342 | ) |
| Balance at beginning of year | | | 1,158,131 | | | | 1,181,922 | |
| Balance at end of year | | $ | 1,027,337 | | | $ | 1,134,580 | |
| | | | | | | | | |
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | | | | | | | | |
| Cash paid for taxes | | $ | 8,161 | | | $ | 903 | |
| Cash paid for interest | | $ | 7 | | | $ | 1,790 | |
Property, equipment and capitalized software acquired through capital leases | | $ | 8,411 | | | $ | – | |
