Clover Health Investments (CLOV) 10-Q 9 Nov 21 2021 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2021	Nov. 02, 2021
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	001-39252
Entity Registrant Name	CLOVER HEALTH INVESTMENTS, CORP. /DE
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	98-1515192
Entity Address, Address Line One	3401 Mallory Lane
Entity Address, Address Line Two	Suite 210
Entity Address, City or Town	Franklin
Entity Address, State or Province	TN
Entity Address, Postal Zip Code	37067
City Area Code	201
Local Phone Number	432-2133
Title of 12(g) Security	Class A Common Stock, par value $0.0001 per share
Trading Symbol	CLOV
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Central Index Key	0001801170
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2021
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		278,308,964
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		142,283,462
Former Address
Document Information [Line Items]
Entity Address, Address Line One	725 Cool Springs Boulevard
Entity Address, Address Line Two	Suite 320
Entity Address, City or Town	Franklin
Entity Address, State or Province	TN
Entity Address, Postal Zip Code	37067

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Sep. 30, 2021		Dec. 31, 2020
Current assets
Cash and cash equivalents		$ 202,264		$ 92,348
Short-term investments		218,390		4,098
Investment securities, available-for sale (Amortized cost: 2021: $21,139; 2020: $0)		21,142		0
Investment securities, held-to-maturity (Fair value: 2021: $308; 2020: $266)		305		265
Accrued retrospective premiums		30,184		34,829
Other receivables		21,127		11,368
Healthcare receivable		34,656		38,745
Surety bonds and deposits		13,165		0
Prepaid expenses		12,177		7,830
Other assets, current		5,871		299
Total current assets		559,281		189,782
Direct Contracting performance year receivable		220,738		0
Investment securities, available-for sale (Amortized cost: 2021: $146,796; 2020: $53,953)		146,183		53,963
Investment securities, held-to-maturity (Fair value: 2021: $419; 2020: $471)		390		429
Property and equipment, net		2,172		2,078
Operating lease right-of-use assets		5,828		7,882
Goodwill and other intangible assets		4,233		4,233
Other assets, non-current		13,653		8,885
Total assets		952,478		267,252
Current liabilities
Unpaid claims		140,210		103,976
Accounts payable and accrued expenses		24,208		30,671
Accrued salaries and benefits		13,436		3,978
Operating lease liabilities		3,729		4,795
Current portion of notes and securities payable		0		20,803
Premium deficiency reserve		48,661		0
Other liabilities, current		5		5
Total current liabilities		230,249		164,228
Direct Contracting performance year obligation		244,599		0
Notes and securities payable, net of discounts and deferred issuance costs		19,929		106,413
Derivative liabilities		0		44,810
Warrants payable		0		97,782
Long-term operating lease liabilities		4,818		6,349
Other liabilities, non-current		40,593		13,116
Total liabilities		540,188		432,698
Commitments and Contingencies (Note 18)
Convertible Preferred stock (Series Seed A, A-1, B, C, and D), $0.0001 par value; 0 and 155,387,025 shares authorized as of September 30, 2021, and December 31, 2020, respectively; 0 and 139,444,346 shares issued and outstanding as of September 30, 2021, and December 31, 2020, respectively; aggregate liquidation preference of $0 and $470,256 as of September 30, 2021, and December 31, 2020, respectively (1)	[1]	0		447,747
Stockholders' equity
Additional paid-in capital		1,838,639		411,867
Accumulated other comprehensive (loss) income		(610)		10
Accumulated deficit		(1,429,537)		(1,028,982)
Less: Treasury stock, at cost; 14,730 and 0 shares held as of September 30, 2021, and December 31, 2020, respectively		(147)		0
Clover stockholders’ equity (deficit)		408,387		(617,096)
Noncontrolling interest		3,903		3,903
Total stockholders' equity (deficit)		412,290		(613,193)
Total liabilities, convertible preferred stock and stockholders' equity		952,478		267,252
Common Class A
Stockholders' equity
Common stock, value		28		0
Common Class B
Stockholders' equity
Common stock, value		$ 14	[1]	$ 9
[1]	Prior period results have been adjusted to reflect the exchange of Legacy Clover's common stock for Clover Class B Common Stock at an exchange ratio of approximately 2.0681 in January 2021 as a result of the Business Combination. See Note 3 (Business Combination) for additional information.

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Investment securities, available-for sale, Amortized cost current	$ 21,139	$ 0
Investment securities, held-to-maturity, Fair value current	308	266
Investment securities, available-for sale, Amortized cost noncurrent	146,796	53,953
Investment securities, held-to-maturity, Fair value noncurrent	$ 419	$ 471
Preferred stock par value, (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	0	155,387,025
Preferred stock, shares issued (in shares)	0	139,444,346
Preferred stock, shares outstanding (in shares)	0	139,444,346
Liquidation preference	$ 0	$ 470,256
Treasury stock, shares held (in shares)	14,730	0
Common Class A
Common stock, par value, (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	2,500,000,000	0
Common stock, shares, issued (in shares)	278,308,964	0
Common stock, shares, outstanding (in shares)	278,308,964	0
Common Class B
Common stock, par value, (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	500,000,000	351,572,668
Common stock, shares, issued (in shares)	142,318,711	89,206,266
Common stock, shares, outstanding (in shares)	142,318,711	89,206,266

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues:
Premiums earned, net (Net of ceded premiums of $120 and $126 for the three months ended September 30, 2021 and 2020, respectively; net of ceded premiums of $370 and $383 for the nine months ended September 30, 2021 and 2020, respectively)		$ 203,657	$ 167,075	$ 598,390	$ 501,100
Direct Contracting revenue		222,647	0	439,020	0
Other income		859	1,994	2,550	5,555
Total revenues		427,163	169,069	1,039,960	506,655
Operating expenses:
Net medical claims incurred		436,422	144,846	1,109,375	410,540
Salaries and benefits		73,364	16,628	201,555	57,339
General and administrative expenses		45,749	29,847	129,983	79,798
Premium deficiency reserve expense (benefit)		20,761	(772)	48,661	(16,357)
Depreciation and amortization		120	138	398	413
Other expense		0	0	191	0
Total operating expenses		576,416	190,687	1,490,163	531,733
Loss from operations		(149,253)	(21,618)	(450,203)	(25,078)
Change in fair value of warrants payable		(115,152)	20,029	(66,146)	31,903
Interest expense		413	9,268	2,817	25,560
Amortization of notes and securities discounts		13	4,408	13,681	14,935
Gain on derivative		0	(68,081)	0	(87,475)
Net (loss) income		$ (34,527)	$ 12,758	$ (400,555)	$ (10,001)
Per share data:
Net (loss) income per share attributable to common stockholders - basic (in dollars per share)	[1]	$ (0.08)	$ 0.06	$ (0.98)	$ (0.11)
Net (loss) income per share attributable to common stockholders - diluted (in dollars per share)	[1]	$ (0.08)	$ 0.02	$ (0.98)	$ (0.11)
Weighted average number of common shares outstanding
Basic weighted average number of common shares and common shares equivalents outstanding (in shares)	[1]	414,572,706	88,863,244	410,417,493	88,616,116
Diluted weighted average number of common shares and common shares equivalents outstanding (in shares)	[1]	414,572,706	248,133,335	410,417,493	88,616,116
Unrealized (loss) gain on available-for-sale investments		$ (197)	$ (611)	$ (620)	$ 718
Comprehensive (loss) income		$ (34,724)	$ 12,147	$ (401,175)	$ (9,283)
[1]	Prior period results have been adjusted to reflect the exchange of Legacy Clover's common stock for Clover Class B Common Stock at an exchange ratio of approximately 2.0681 in January 2021 as a result of the Business Combination. See Note 3 (Business Combination) for additional information. Because the Corporation had a net loss during the three and nine months ended September 30, 2021, and a net loss during the nine months ended September 30, 2020, the Corporation’s potentially dilutive securities, which include stock options, restricted stock, preferred stock and warrants to purchase shares of common stock and preferred stock, have been excluded from the computation of diluted net loss per share, as the effect would be anti-dilutive.

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jan. 07, 2021	Jan. 31, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Net of ceded premiums			$ 120	$ 126	$ 370	$ 383
Common stock exchange ratio		206.81%
Common Class B
Common stock exchange ratio	206.81%	206.81%

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) (Unaudited) - USD ($) $ in Thousands		Total		Legacy Warrants	Public and Private Placement Warrants	Preferred Stock		Common StockCommon Class A	Common StockCommon Class APublic and Private Placement Warrants	Common StockCommon Class B		Common StockCommon Class BLegacy Warrants		Additional paid-in capital	Additional paid-in capitalLegacy Warrants	Additional paid-in capitalPublic and Private Placement Warrants	Accumulated deficit	Treasury Stock	Accumulated other comprehensive income (loss)	Noncontrolling interest
Beginning balance (in shares) at Dec. 31, 2019	[1]					139,444,346
Beginning balance at Dec. 31, 2019						$ 447,747
Ending balance (in shares) at Sep. 30, 2020	[1]					139,444,346
Ending balance at Sep. 30, 2020						$ 447,747
Beginning balance (in shares) at Dec. 31, 2019	[1]									88,279,119
Beginning balance at Dec. 31, 2019		$ (488,537)								$ 9				$ 403,041			$ (891,633)		$ 46
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issuance for exercise of stock options, net of early exercise liability (in shares)	[1]									748,591
Stock issuance for exercise of stock options, net of early exercise liability		954												954
Stock-based compensation		4,949												4,949
Unrealized holdings gain (loss) on investment securities, available-for-sale		718																	718
Interests issued		3,903																		$ 3,903
Net (loss) income		(10,001)															(10,001)
Ending balance (in shares) at Sep. 30, 2020	[1]									89,027,710
Ending balance at Sep. 30, 2020		(488,014)								$ 9				408,944			(901,634)		764	3,903
Beginning balance (in shares) at Jun. 30, 2020	[1]					139,444,346
Beginning balance at Jun. 30, 2020						$ 447,747
Ending balance (in shares) at Sep. 30, 2020	[1]					139,444,346
Ending balance at Sep. 30, 2020						$ 447,747
Beginning balance (in shares) at Jun. 30, 2020	[1]									88,786,712
Beginning balance at Jun. 30, 2020		(501,990)								$ 9				407,115			(914,392)		1,375	3,903
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issuance for exercise of stock options, net of early exercise liability (in shares)	[1]									240,998
Stock issuance for exercise of stock options, net of early exercise liability		329												329
Stock-based compensation		1,500												1,500
Unrealized holdings gain (loss) on investment securities, available-for-sale		(611)																	(611)
Net (loss) income		12,758															12,758
Ending balance (in shares) at Sep. 30, 2020	[1]									89,027,710
Ending balance at Sep. 30, 2020		$ (488,014)								$ 9				408,944			(901,634)		764	3,903
Beginning balance (in shares) at Dec. 31, 2020		139,444,346				139,444,346	[1]
Beginning balance at Dec. 31, 2020		$ 447,747	[2]			$ 447,747
Increase (Decrease) in Temporary Equity [Roll Forward]
Preferred stock conversion (in shares)	[1]					(139,444,346)
Preferred stock conversion						$ (447,747)
Ending balance (in shares) at Sep. 30, 2021		0				0	[1]
Ending balance at Sep. 30, 2021		$ 0	[2]			$ 0
Beginning balance (in shares) at Dec. 31, 2020	[1]									89,206,266
Beginning balance at Dec. 31, 2020		(613,193)								$ 9				411,867			(1,028,982)		10	3,903
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issuance for exercise of stock options, net of early exercise liability (in shares)								3,859,648
Stock issuance for exercise of stock options, net of early exercise liability		5,547												5,547
Stock-based compensation		132,542												132,542
Vested restricted stock units (in shares)								20,158
Unrealized holdings gain (loss) on investment securities, available-for-sale		(620)																	(620)
Preferred stock conversion (in shares)	[1]									139,444,346
Preferred stock conversion		447,747								$ 14				447,733
Issuance of common stock related to exercises of warrants (in shares)									9,408,264			7,205,490	[1]
Issuance of common stock related to exercises of warrants				$ 97,782	$ 81,673				$ 1			$ 1			$ 97,781	$ 81,672
Convertible debt conversion and other issuances (in shares)	[1]									75,084,703
Convertible debt conversion and other issuances		16,059								$ 7				16,052
Issuance of Common Stock in connection with Business Combination and PIPE offering (in shares)								146,373,904		(49,975,104)	[1]
Issuance of common stock in connection with Business Combination and PIPE offering		666,242						$ 15		$ (5)				666,232
Conversion from Class B Common Stock to Class A Common Stock (in shares)								118,646,990		(118,646,990)	[1]
Conversion from Class B Common Stock to Class A Common Stock		0						$ 12		$ (12)
Capital contribution for extinguishment of debt		126,795												126,795
Acquisition of Public and Private Placement Warrants		(147,582)												(147,582)
Treasury stock acquired		(147)																$ (147)
Net (loss) income		(400,555)															(400,555)
Ending balance (in shares) at Sep. 30, 2021								278,308,964		142,318,711	[1]
Ending balance at Sep. 30, 2021		$ 412,290						$ 28		$ 14				1,838,639			(1,429,537)	(147)	(610)	3,903
Ending balance (in shares) at Sep. 30, 2021		0				0	[1]
Ending balance at Sep. 30, 2021		$ 0	[2]			$ 0
Beginning balance (in shares) at Jun. 30, 2021								148,560,977		259,744,474	[1]
Beginning balance at Jun. 30, 2021		314,855						$ 15		$ 26				1,706,334			(1,395,010)		(413)	3,903
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issuance for exercise of stock options, net of early exercise liability (in shares)								2,893,802
Stock issuance for exercise of stock options, net of early exercise liability		3,830												3,830
Stock-based compensation		46,803												46,803
Vested restricted stock units (in shares)								20,158
Unrealized holdings gain (loss) on investment securities, available-for-sale		(197)																	(197)
Issuance of common stock related to exercises of warrants (in shares)									9,408,264
Issuance of common stock related to exercises of warrants					$ 81,673				$ 1							$ 81,672
Conversion from Class B Common Stock to Class A Common Stock (in shares)								117,425,763		(117,425,763)	[1]
Conversion from Class B Common Stock to Class A Common Stock		0						$ 12		$ (12)
Treasury stock acquired		(147)																(147)
Net (loss) income		(34,527)															(34,527)
Ending balance (in shares) at Sep. 30, 2021								278,308,964		142,318,711	[1]
Ending balance at Sep. 30, 2021		$ 412,290						$ 28		$ 14				$ 1,838,639			$ (1,429,537)	$ (147)	$ (610)	$ 3,903
[1]	Prior period results have been adjusted to reflect the exchange of Legacy Clover's common stock for Clover Class B Common Stock at an exchange ratio of approximately 2.0681 in January 2021 as a result of the Business Combination. See Note 3 (Business Combination) for details.
[2]	Prior period results have been adjusted to reflect the exchange of Legacy Clover's common stock for Clover Class B Common Stock at an exchange ratio of approximately 2.0681 in January 2021 as a result of the Business Combination. See Note 3 (Business Combination) for additional information.

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) (Unaudited) (Parenthetical)	Jan. 07, 2021	Jan. 31, 2021
Common stock exchange ratio		206.81%
Common Class B
Common stock exchange ratio	206.81%	206.81%

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities:
Net loss	$ (400,555)	$ (10,001)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	398	413
Amortization of notes and securities discounts and debt issuance costs	13,681	14,935
Stock-based compensation expense	132,542	4,949
Paid-in-kind interest	0	18,769
Change in fair value of warrants payable and amortization of warrants	(66,146)	31,903
Change in derivative liabilities	0	(87,475)
Accretion, net of amortization	142	(307)
Net realized gains (losses) on available-for-sale securities	52	(421)
Changes in operating assets and liabilities:
Accrued retrospective premiums	4,645	(14,653)
Other receivables	(9,759)	(9,838)
Reinsurance recoverable	0	376
Performance year receivable	(220,738)	0
Surety bonds and deposits	(13,165)	0
Prepaid expenses	(4,347)	(6,296)
Other assets	(10,261)	496
Healthcare receivables	4,089	(8,506)
Operating lease right-of-use assets	2,636	2,437
Unpaid claims	36,234	15,729
Accounts payable and accrued expenses	1,386	5,937
Accrued salaries and benefits	9,458	662
Premium deficiency reserve	48,661	(16,356)
Other liabilities	27,477	1,414
Performance year obligation	244,599	0
Operating lease liabilities	(3,179)	(2,761)
Net cash used in operating activities	(202,150)	(58,594)
Cash flows from investing activities:
Purchases of short-term investments and available-for-sale securities	(705,598)	(152,248)
Proceeds from sales of short-term investments and available-for-sale securities	126,862	166,024
Proceeds from maturities of short-term investments and available-for-sale securities	250,265	56,701
Purchases of property and equipment	(485)	(630)
Net cash (used in) provided by investing activities	(328,956)	69,847
Cash flows from financing activities:
Proceeds from issuance of convertible notes	0	20,000
Deferred financing costs	0	(108)
Payment of notes payable principal	(30,925)	(13,868)
Issuance of common stock, net of early exercise liability	5,547	954
Proceeds from reverse recapitalization, net of transaction costs	666,242	0
Proceeds received for the exercise of Public and Private Warrants	390	0
Payment for the redemptions of Public Warrants	(85)	0
Treasury stock acquired	(147)	0
Acquisition of noncontrolling interest	0	3,903
Net cash provided by financing activities	641,022	10,881
Net increase in cash and cash equivalents	109,916	22,134
Cash and cash equivalents, beginning of period	92,348	67,598
Cash and cash equivalents, end of period	202,264	89,732
Supplemental cash flow disclosures
Cash paid during the period for interest	0	3,524
Supplemental disclosure of non-cash investing and financing activities
Conversion of preferred stock to common stock	447,747	0
Issuance of common stock related to convertible debt	16,059	0
Capital contribution for extinguishment of debt	126,795	0
Issuance of common stock related to warrants exercised	97,782	0
Acquisition of Public and Private Warrants	147,582	0
Issuance of common stock related to the exercise of Public and Private Warrants	81,283	0
Right-of-use assets obtained in exchange for lease liabilities	$ 582	$ 0

Organization and Operations

Organization and Operations	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Operations	Organization and Operations Clover Health Investments, Corp. (collectively with its affiliates and subsidiaries, "Clover" or the "Corporation") is singularly focused on creating great, sustainable healthcare to improve every life. Clover has centered its strategy on building and deploying technology through its flagship software platform, the Clover Assistant, to help America’s seniors receive better care at lower costs. Clover provides affordable, high-quality Medicare Advantage (MA) plans, including Preferred Provider Organization (PPO) and Health Maintenance Organization (HMO) plans, through its regulated insurance subsidiaries. The Corporation's regulated insurance subsidiaries consist of Clover Insurance Company and Clover HMO of New Jersey Inc., which operate the Corporation's PPO and HMO health plans, respectively. On April 1, 2021, the Corporation's subsidiary Clover Health Partners, LLC, began participating as a Direct Contracting Entity (DCE) in the Global and Professional Direct Contracting Model (DC Model) of the Centers for Medicare and Medicaid Services (CMS), an agency of the United States Department of Health and Human Services. Medical Service Professionals of NJ, LLC, houses Clover's employed physicians and the related support staff for Clover's in-home care program. Clover's administrative functions and insurance operations are primarily operated by its Clover Health, LLC and Clover Health Labs, LLC subsidiaries. Clover's approach is to combine technology, data analytics, and preventive care to lower costs and increase the quality of health and life of Medicare beneficiaries. Clover's technology platform uses machine learning-powered systems to deliver data and insights to physicians at the point of care in order to improve outcomes for beneficiaries and drive down costs. Clover's MA plans generally provide access to a wide network of primary care providers, specialists, and hospitals, enabling its members to see any doctor participating in Medicare willing to accept them. Clover focuses on minimizing members' out-of-pocket costs and offers many plans that allow members to pay the same co-pays for primary care provider visits regardless of whether their physician is in- or out-of-network. Clover's DCE, which assumes full risk (i.e., 100.0% shared savings and shared losses) for the total cost of care of aligned Original Medicare beneficiaries (DCE Beneficiaries), focuses on its technology platform to enhance healthcare delivery, reduce expenditures, and improve care for DCE Beneficiaries. Clover was originally incorporated as a Cayman Islands exempted company on October 18, 2019, as a special purpose acquisition company (SPAC) under the name Social Capital Hedosophia Holdings Corp. III (SCH). On October 5, 2020, SCH entered into a Merger Agreement (the "Merger Agreement") with Clover Health Investments, Inc., a corporation originally incorporated on July 17, 2014, in the state of Delaware (Legacy Clover). Pursuant to the Merger Agreement, and a favorable vote of SCH's stockholders on January 6, 2021, Asclepius Merger Sub Inc., a Delaware corporation and a newly formed, wholly owned subsidiary of SCH (Merger Sub), was merged with and into Legacy Clover. Upon consummation of the business combination, the separate corporate existence of Merger Sub ceased, the Corporation survived and merged with and into SCH, with SCH as the surviving corporation, and SCH was redomesticated as a Delaware corporation and renamed Clover Health Investments, Corp. (the "Business Combination"). The Business Combination was accounted for as a reverse recapitalization in accordance with generally accepted accounting principles in the United States (GAAP). Under the guidance in Accounting Standards Codification (ASC) 805, Legacy Clover is treated as the "acquirer" for financial reporting purposes. Legacy Clover is deemed the accounting predecessor of the combined business, and Clover, as the parent company of the combined business, is the successor SEC registrant, meaning that Legacy Clover's financial statements for previous periods are disclosed in periodic reports filed with the SEC. As a result of the Business Combination, there were simultaneous changes to Legacy Clover's convertible securities, warrants, and convertible preferred stock. See Note 9 (Notes and Securities Payable), Note 10 (Warrants Payable), and Note 14 (Convertible Preferred Stock) for additional information regarding these changes. See also Note 3 (Business Combination) for additional information related to the Business Combination.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of presentation The Corporation's interim Condensed Consolidated Financial Statements have been prepared in conformity with GAAP and include the accounts of the Corporation and its wholly owned subsidiaries. In the opinion of management, the Corporation has made all necessary adjustments, which include normal recurring adjustments necessary for a fair presentation of its financial position and its results of operations for the interim periods presented. All material intercompany balances and transactions have been eliminated in consolidating these financial statements. These interim Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements as of and for the years ended December 31, 2020 and 2019 included in Exhibit 99.5 of Amendment No. 1 to the Current Report on Form 8-K (the "Form 8-K/A") filed with the Securities and Exchange Commission (SEC) on April 1, 2021. Reclassifications To conform to the current period presentation, prepaid expenses, which were previously included in other assets, current, are presented as a separate line item in the prior year’s Condensed Consolidated Balance Sheet. Certain amounts in the prior year period’s Condensed Consolidated Statement of Cash Flows have been reclassified to conform to the current year period’s presentation, primarily related to the amortization of warrants, amortization of debt issuance costs, and paid-in-kind interest. These reclassifications had no effect on the previously reported Consolidated Financial Statements. Use of estimates The preparation of the Condensed Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the Condensed Consolidated Financial Statements and accompanying notes. The areas involving the most significant use of estimates are the amounts of incurred but not reported claims. Many factors can cause actual outcomes to deviate from these assumptions and estimates, such as changes in economic conditions, changes in government healthcare policy, advances in medical technology, changes in treatment patterns, and changes in average lifespan. Accordingly, the Corporation cannot determine with precision the ultimate amounts that it will pay for, or the timing of payment of actual claims, or whether the assets supporting the liabilities will grow to the level the Corporation assumes prior to payment of claims. If the Corporation's actual experience is different from its assumptions or estimates, the Corporation's reserves may prove inadequate. As a result, the Corporation would incur a charge to operations in the period in which it determines such a shortfall exists, which could have a material adverse effect on the Corporation's business, results of operations, and financial condition. Other areas involving significant estimates include risk adjustment provisions related to Medicare contracts and the valuation of the Corporation's investment securities, goodwill and other intangible assets, reinsurance, the premium deficiency reserve, warrants, the embedded derivative related to the convertible securities, stock-based compensation, recoveries from third parties for coordination of benefits, the Direct Contracting benchmark specifically cost trend and risk score estimates that can develop over time, and final determination of medical cost adjustment pools. Performance guarantees Certain of the Corporation’s arrangements with third-party providers require it to guarantee the performance of its care network to CMS. As a result of the Corporation’s participation in the DC Model, the Corporation determined that it was making a performance guarantee with respect to providers of DCE Beneficiaries that should be recognized in the financial statements. Accordingly, a liability for the performance guarantee was recorded on the Condensed Consolidated Balance Sheet. Each month, as the performance guarantee is fulfilled, the guarantee is amortized on a straight-line basis for the amount that represents the completed performance. With respect to each performance year in which the DCE is a participant, the final consideration due to the DCE by CMS (shared savings) or the consideration due to CMS by the DCE (shared loss) is reconciled in the subsequent years following the performance year. The shared savings or loss is measured periodically and will be applied to the Direct Contracting performance obligation if the Corporation is in a probable loss position. Direct Contracting revenue is also known in the DC Model as CMS’s performance year expenditures and is the primary component used to calculate shared savings or shared loss versus the performance year benchmark. Direct Contracting revenue is representative of CMS’s total expenditures incurred for medical services provided on behalf of DCE Beneficiaries during months in which those beneficiaries were alignment-eligible and aligned to the DCE. Direct Contracting revenue is calculated by taking the sum of the capitation payments made to the Corporation for services within the scope of the Corporation’s capitation arrangement and fee-for-service (FFS) payments made to providers directly from CMS. Capitalized software development costs - cloud computing arrangements The Corporation's cloud computing arrangements mostly comprise hosting arrangements which are service contracts, whereby the Corporation gains remote access to use enterprise software hosted by the vendor or another third party on an as-needed basis for a period of time in exchange for a subscription fee. Implementation costs for cloud computing arrangements are capitalized if certain criteria are met and consist of internal and external costs directly attributable to developing and configuring cloud computing software for its intended use. These capitalized implementation costs are presented in the Condensed Consolidated Balance Sheets in other assets, and are generally amortized over the fixed, non-cancelable term of the associated hosting arrangement on a straight-line basis. Deferred acquisition costs Acquisition costs directly related to the successful acquisition of new business, which is primarily made up of commissions costs, are deferred and subsequently amortized. Deferred acquisition costs are recorded as other assets on the Condensed Consolidated Balance Sheet and are amortized over the estimated life of the related contracts. The amortization of deferred acquisition costs is recorded in general and administrative expenses in the Condensed Consolidated Statement of Operations and Comprehensive Loss. As of September 30, 2021, there were no deferred acquisition costs as a result of the acceleration of amortization for deferred acquisition costs due to the recognition of a premium deficiency reserve during the three and nine months ended September 30, 2021. For the three and nine months ended September 30, 2021, amortization expense of deferred acquisition costs of $1.1 million and $9.6 million, respectively, were recognized in general and administrative expenses. There was no amortization expense of deferred acquisition costs for the three and nine months ended September 30, 2020. COVID-19 The societal and economic impact of the novel coronavirus (COVID-19) pandemic is continuing to evolve, and the ultimate impact on the Corporation’s business, results of operations, financial condition, and cash flows is uncertain and difficult to predict. The global pandemic has severely impacted businesses worldwide, including many in the health insurance sector. In response to the pandemic, the Corporation has implemented additional steps related to its care delivery, member support, and internal policies and operations. Recent accounting pronouncements Recently adopted accounting pronouncements Emerging Growth Company The Corporation currently qualifies as an "emerging growth company" under the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"). Accordingly, the Corporation has the option to adopt new or revised accounting guidance either (i) within the same periods as those otherwise applicable to non-emerging growth companies or (ii) within the same time periods applicable to private companies. The Corporation has elected to adopt new or revised accounting guidance within the same time period as private companies, unless, as indicated below, management determines it is preferable to take advantage of early adoption provisions offered within the applicable guidance. Fair value measurements In August 2018, the Financial Accounting Standards Board (the "FASB") issued Accounting Standard Update (ASU) 2018-13, Changes to Disclosure Requirements for Fair Value Measurements , the purpose of which is to improve the effectiveness of disclosure requirements for recurring and nonrecurring fair value measurements. The standard removes, modifies, and adds certain disclosure requirements and is in effect for all entities in fiscal years beginning after December 15, 2019. This standard became effective for the Corporation on January 1, 2020, and did not have a material impact on the Corporation's disclosures. Cloud computing arrangements In August 2018, the FASB issued ASU 2018-15, Intangibles – Goodwill and Other (Topic 350) – Internal Use Software: Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract . This update changes the accounting guidance for cloud computing arrangements. If a cloud computing arrangement includes a license to internal-use software, the software license is accounted for by the customer by recognizing an asset for the software license and, to the extent that the payments attributable to the software license are made over time, recognizing a corresponding liability. If a cloud computing arrangement does not include a software license, the entity should account for the arrangement as a service contract and should expense any fees associated with the hosting element (service) of the arrangement as incurred. ASU 2018-15 is effective for nonpublic entities for fiscal years beginning after December 15, 2020, with early adoption permitted. The Corporation adopted ASU 2018-15 on January 1, 2021, on a prospective basis. The Corporation's cloud computing arrangements relate to the set-up of various platforms, including but not limited to clinical data repositories and other system integrations. The capitalized implementation costs are presented in the Condensed Consolidated Balance Sheet in other assets, current and are amortized on a straight-line basis over the term of the underlying cloud computing hosting contract, which is the noncancelable term of the arrangement plus any reasonably certain renewal periods. As of September 30, 2021, $5.0 million was recorded in other assets, current, as deferred implementation costs. For both the three and nine months ended September 30, 2021, amortization expense associated with the Corporation’s cloud computing arrangements was $0.2 million. No impairment was recognized during the three and nine months ended September 30, 2021, as there were no events or changes in circumstances to indicate that the carrying amount of the Corporation's cloud computing arrangements may not be recoverable. Accounting pronouncements effective in future periods Credit losses In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which was subsequently modified by several ASUs issued in 2018 and 2019. This standard introduces a new current expected credit loss (CECL) model for measuring expected credit losses for certain types of financial instruments measured at amortized cost and replaces the incurred loss model. The CECL model requires an entity to recognize an allowance for credit losses for the difference between the amortized cost basis of a financial instrument and the amount the entity expects to collect over the instrument's contractual life after consideration of historical experience, current conditions, and reasonable and supportable forecasts. This standard also introduces targeted changes to the available-for-sale debt securities impairment model. It eliminates the concept of other-than-temporary impairment and requires an entity to determine whether any impairment is the result of a credit loss or other factors. ASU 2016-13 is effective for nonpublic entities in fiscal years beginning after December 15, 2022, and public entities beginning after December 15, 2019. Early adoption is permitted. The Corporation has evaluated the impact of ASU 2016-13 on the Consolidated Financial Statements and expects the impact to be immaterial. Goodwill and other intangible assets In January 2017, the FASB issued ASU 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment . This update removes Step 2 of the goodwill impairment test under current guidance, which requires a hypothetical purchase price allocation. The new guidance requires an impairment charge to be recognized for the amount by which the carrying amount exceeds the reporting unit's fair value. Upon adoption, the guidance is to be applied prospectively. ASU 2017-04 is effective for nonpublic entities in fiscal years beginning after December 15, 2021, and public entities beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Corporation is currently evaluating the impact of the adoption of ASU 2017-04 on the Consolidated Financial Statements, but does not expect for this to have a material impact on the Consolidated Financial Statements. Income taxes In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . The amendments in ASU 2019-12 remove certain exceptions to the general principles in ASC Topic 740. The amendments also clarify and amend existing guidance to improve consistent application. The amendments are effective for nonpublic entities in fiscal years beginning after December 15, 2021, and public entities beginning after December 15, 2020. Early adoption is permitted. The transition method (retrospective, modified retrospective, or prospective basis) related to the amendments depends on the applicable guidance, and all amendments for which there is no transition guidance specified are to be applied on a prospective basis. The Corporation is currently evaluating the impact of ASU 2019-12 on the Consolidated Financial Statements, but does not expect for this to have a material impact on the Consolidated Financial Statements. Accounting for convertible instruments and contracts in an entity's own equity In August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity's Own Equity (Subtopic 815-40) . The amendments in ASU 2020-06 simplify the accounting for convertible instruments by removing certain separation models for convertible instruments. Under the amendments in ASU 2020-06, the embedded conversion features no longer are separated from the host contract for convertible instruments with conversion features that are not required to be accounted for as derivatives, or that do not result in substantial premiums accounted for as paid-in capital. Consequently, a convertible debt instrument will be accounted for as a single liability measured at its amortized cost, and a convertible preferred stock will be accounted for as a single equity instrument measured at its historical cost, as long as no other features require bifurcation and recognition as derivatives. ASU 2020-06 is effective for nonpublic entities for fiscal years beginning after December 15, 2023. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020 and public entities beginning after December 15, 2021. The Corporation is currently evaluating the impact of the adoption of ASU 2020-06 on the Consolidated Financial Statements, but does not expect for this to have a material impact on the Consolidated Financial Statements.

Business Combination

Business Combination	9 Months Ended
	Sep. 30, 2021
Business Combinations [Abstract]
Business Combination	Business Combination On October 5, 2020, Legacy Clover entered into a Merger Agreement with SCH, a SPAC, and Merger Sub. On January 7, 2021, as contemplated by the Merger Agreement and following approval by SCH's shareholders at an extraordinary general meeting held January 6, 2021 (the "Special Meeting"): • SCH filed a notice of deregistration with the Cayman Islands Registrar of Companies, together with the necessary accompanying documents, and filed a certificate of incorporation and a certificate of corporate domestication with the Secretary of State of the State of Delaware, under which SCH was domesticated and continued as a Delaware corporation (the "Domestication"); and • Merger Sub merged with and into Legacy Clover, the separate corporate existence of Merger Sub ceased and Legacy Clover became the surviving corporation and a wholly owned subsidiary of SCH (the "First Merger") and Legacy Clover merged with and into SCH, the separate corporate existence of Legacy Clover ceased and SCH became the surviving corporation, changing its name to "Clover Health Investments, Corp." (together with the First Merger, the "Mergers," and collectively with the Domestication, the “Business Combination”). As a result of the Mergers, among other things, (i) all outstanding shares of common stock of Legacy Clover immediately prior to the effective time of the First Merger were canceled in exchange for the right to receive, at the election of the holders thereof (except with respect to the shares held by entities controlled by Vivek Garipalli and the holders of convertible securities previously issued by Legacy Clover to certain holders who received only shares of Class B Common Stock, par value $0.0001 per share, of Clover (Class B Common Stock), which are entitled to 10 votes per share, an amount in cash, shares of Class B Common Stock, or a combination thereof, as adjusted in accordance with the Merger Agreement, which equaled in the aggregate $499.8 million in cash and 260,965,701 shares of Class B Common Stock (at a deemed value of $10.00 per share); (ii) shares of Legacy Clover held by entities controlled by Vivek Garipalli and the holders of the convertible securities immediately prior to the effective time of the First Merger were canceled in exchange for the right to receive shares of Class B Common Stock based on an Exchange Ratio (as defined in the Merger Agreement) of approximately 2.0681; and (iii) all shares of common stock of Legacy Clover reserved in respect of Legacy Clover stock options and restricted stock units outstanding as of immediately prior to the effective time of the First Merger, were converted, based on the Exchange Ratio, into awards based on shares of Class B Common Stock. The consideration that a Clover stockholder received was subject to pro rata adjustment depending on the election made by such stockholder, if any, in accordance with the terms of the Merger Agreement. The pro rata adjustments were made based on an Actual Cash/Stock Ratio (as defined in the Merger Agreement) of 32.3%. In connection with the consummation of the Business Combination (the "Closing"), (i) each issued and outstanding Class A ordinary share, par value $0.0001 per share, of SCH (SCH Class A ordinary shares) converted automatically, on a one-for-one basis, into a share of Class A Common Stock, par value $0.0001 per share, of Clover (the "Class A Common Stock," and together with the Class B Common Stock, the "Common Stock"), which will be entitled to one vote per share, (ii) each of the issued and outstanding Class B ordinary shares, par value $0.0001 per share, of SCH, converted automatically, on a one-for-one basis, into a share of Class A Common Stock, (iii) each issued and outstanding warrant of SCH converted automatically into a warrant to acquire one share of Class A Common Stock (Warrant), pursuant to the Warrant Agreement, dated April 21, 2020, between SCH and Continental Stock Transfer & Trust Company, as warrant agent, and (iv) each issued and outstanding unit of SCH (SCH unit) that had not been previously separated into the underlying Class A ordinary share and underlying warrant of SCH upon the request of the holder thereof, was canceled and the holder thereof is entitled to one share of Class A Common Stock and one-third of one Warrant. As of January 7, 2021, there were public warrants outstanding to purchase an aggregate of 27,599,938 shares of Class A Common Stock (the "Public Warrants") and private placement warrants outstanding to purchase an aggregate of 10,933,333 shares of Class A Common Stock (the "Private Placement Warrants" and, together with the Public Warrants, the “Warrants”). Each whole Warrant entitled the registered holder to purchase one whole share of Class A Common Stock at a price of $11.50 per share, subject to adjustment at any time commencing on April 24, 2021, which is 12 months from the closing of SCH's initial public offering. Pursuant to the subscription agreements (the "Subscription Agreements") entered into on October 5, 2020, by and among SCH and certain investors (collectively, the "PIPE Investors"), Clover issued and sold to the PIPE Investors (substantially concurrently with the consummation of the Mergers) an aggregate of 40,000,000 shares of Class A Common Stock for an aggregate purchase price equal to $400.0 million (the "PIPE Investment"), of which 15,200,000 shares were purchased by affiliates of SCH Sponsor III LLC (the "Sponsor," and collectively, the "Sponsor Related PIPE Investors"). The Business Combination and PIPE Investment were approved by the SCH shareholders at the Special Meeting. Prior to and in connection with the Special Meeting, holders of 24,892 shares of SCH Class A ordinary shares (including those that underlie the SCH units) that were registered pursuant to the Registration Statements on Form S-1 (333-236776 and 333-237777) and the shares of Class A Common Stock issued as a matter of law upon the conversion thereof on the effective date of the Domestication (the "Public Shares") exercised their right to redeem those shares for cash at a price of $10.00 per share, for an aggregate of $0.2 million. The per share redemption price of $10.00 for public shareholders electing redemption was paid out of the SCH Trust Account, which after taking into account the redemptions, had a balance immediately prior to the Closing of $827.9 million, which cash balance was used to pay the $499.8 million cash component of the merger consideration. Immediately after giving effect to the Business Combination and the PIPE Investment, there were 143,475,108 shares of Class A Common Stock, 260,965,701 shares of Class B Common Stock and 38,533,271 Warrants outstanding, equaling 404,440,809 total shares of common stock outstanding and 38,533,271 Warrants outstanding. The Corporation is authorized to issue 25,000,000 shares of preferred stock having a par value of $0.0001 per share, and the Corporation's board of directors has the authority to determine the rights, preferences, privileges, and restrictions, including voting rights, of those shares. As of September 30, 2021, there were no shares of preferred stock issued and outstanding. The Business Combination was accounted for as a reverse recapitalization in accordance with GAAP. Under the guidance in ASC 805, Legacy Clover is treated as the "acquirer" for financial reporting purposes. As such, Legacy Clover is deemed the accounting predecessor of the combined business, and Clover, as the parent company of the combined business, is the successor SEC registrant, meaning that Legacy Clover's financial statements for previous periods are disclosed in the Corporation’s periodic reports filed with the SEC. The Business Combination will have a significant impact on the Corporation's future reported financial position and results as a consequence of the reverse recapitalization. The most significant change in Clover's future reported financial position and results is an estimated net increase in cash (as compared to the Corporation's consolidated balance sheet at December 31, 2020) of approximately $670.0 million. The redemption included approximately $400.0 million in proceeds from the PIPE Investment that was consummated substantially simultaneously with the Business Combination, offset by additional transaction costs incurred in connection with the Business Combination. The estimated transaction costs for the Business Combination were approximately $61.0 million, of which $29.0 million represents deferred underwriter fees related to SCH's initial public offering. The transaction closed on January 7, 2021, and on the following day the Corporation's Class A Common Stock and Public Warrants were listed on the Nasdaq Global Select Market (Nasdaq) under the symbols "CLOV" and "CLOVW," respectively, for trading in the public market. See also Note 9 (Notes and Securities Payable), Note 10 (Warrants Payable), and Note 14 (Convertible Preferred Stock) for additional information regarding changes to the instruments as a result of the Business Combination.

Investment Securities

Investment Securities	9 Months Ended
	Sep. 30, 2021
Investments, Debt and Equity Securities [Abstract]
Investment Securities	Investment Securities The following tables present amortized cost and fair values of investments as of September 30, 2021, and December 31, 2020, respectively: September 30, 2021 Amortized cost Accumulated unrealized gains Accumulated unrealized losses Fair value (in thousands) Investment securities, held-to-maturity U.S. government and government agencies and authorities $ 695 $ 42 $ (10) $ 727 Investment securities, available-for-sale U.S. government and government agencies and authorities 167,935 37 (647) 167,325 Total investment securities $ 168,630 $ 79 $ (657) $ 168,052 December 31, 2020 Amortized cost Accumulated unrealized gains Accumulated unrealized losses Fair value (in thousands) Investment securities, held-to-maturity U.S. government and government agencies and authorities $ 694 $ 43 $ — $ 737 Investment securities, available-for-sale U.S. government and government agencies and authorities 53,953 51 (41) 53,963 Total investment securities $ 54,647 $ 94 $ (41) $ 54,700 The following table presents the amortized cost and fair value of debt securities as of September 30, 2021, by contractual maturity: September 30, 2021 Held-to-maturity Available-for-sale Amortized cost Fair value Amortized cost Fair value (in thousands) Due within one year $ 305 $ 308 $ 21,139 $ 21,142 Due after one year through five years 15 16 141,835 141,352 Due after five years through ten years 265 256 4,961 4,831 Due after ten years 110 147 — — Total $ 695 $ 727 $ 167,935 $ 167,325 For the three and nine months ended September 30, 2021 and 2020, respectively, net investment income, which is included within other income in the Condensed Consolidated Statements of Operations and Comprehensive Loss, was derived from the following sources: Three Months Ended Nine Months Ended 2021 2020 2021 2020 (in thousands) Cash and cash equivalents $ — $ 1 $ — $ 108 Short-term investments 62 519 139 1,141 Investment securities 117 303 201 977 Investment income, net $ 179 $ 823 $ 340 $ 2,226 Gross unrealized losses and fair values aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position were as follows at September 30, 2021: September 30, 2021 Less than 12 months Greater than 12 months Total Fair value Unrealized loss Fair value Unrealized loss Fair value Unrealized loss (in thousands, except number of positions) U.S. government and government agencies $ — $ — $ 71,620 $ (657) $ 71,620 $ (657) Total $ — $ — $ 71,620 $ (657) $ 71,620 $ (657) Number of positions — 14 14 As of September 30, 2021, all securities were investment grade, with credit ratings of AA+ or higher by S&P. Unrealized losses on investment grade securities are principally related to changes in interest rates or changes in issuer or sector related credit spreads since the securities were acquired. The gross unrealized investment losses as of September 30, 2021, were deemed to be temporary, based on, among other things: • The duration of time and the relative magnitude to which fair values of these securities have been below their amortized cost was not indicative of an other-than-temporary impairment loss; • The absence of compelling evidence that would cause the Corporation to call into question the financial condition or near-term prospects of the issuer of the applicable security; and • The Corporation's ability and intent to hold the applicable security for a period of time sufficient to allow for any anticipated recovery. The Corporation may ultimately record a realized loss after having originally concluded that the decline in value was temporary. Risks and uncertainties are inherent in the methodology the Corporation uses to assess other-than-temporary declines in value. Risks and uncertainties could include, but are not limited to, incorrect assumptions about financial condition, liquidity or future prospects, inadequacy of any underlying collateral, and unfavorable changes in economic conditions or social trends, interest rates or credit ratings. Proceeds from sales and maturities of investment securities, inclusive of short-term investments, and related gross realized gains (losses) which are included within other income in the Condensed Consolidated Statements of Operations and Comprehensive Loss, were as follows for the three and nine months ended September 30, 2021 and 2020, respectively: Three Months Ended Nine Months Ended 2021 2020 2021 2020 (in thousands) Proceeds from sales of investment securities $ 89,997 $ 71,049 $ 126,862 $ 166,024 Proceeds from maturities of investment securities 50,000 9,600 250,265 56,701 Gross realized gains 7 504 24 540 Gross realized losses — — (77) — Net realized gains (losses) $ 7 $ 504 $ (53) $ 540 As of September 30, 2021, and December 31, 2020, the Corporation had $11.2 million and $7.5 million, respectively, in deposits with various states and regulatory bodies that are included as part of the Corporation's investment balances.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The following table presents a summary of fair value measurements for financial instruments as of September 30, 2021, and December 31, 2020, respectively: September 30, 2021 Level 1 Level 2 Level 3 Total fair value (in thousands) U.S. government and government agencies $ — $ 167,325 $ — $ 167,325 Total assets at fair value $ — $ 167,325 $ — $ 167,325 December 31, 2020 Level 1 Level 2 Level 3 Total fair value (in thousands) U.S. government and government agencies $ — $ 53,963 $ — $ 53,963 Total assets at fair value $ — $ 53,963 $ — $ 53,963 Derivative liabilities $ — $ — $ 44,810 $ 44,810 Warrants payable — — 97,782 97,782 Total liabilities at fair value $ — $ — $ 142,592 $ 142,592 See Note 9 (Notes and Securities Payable), Note 10 (Warrants Payable), and Note 11 (Derivative Liabilities) for additional information regarding liabilities. The fair value of the convertible securities was based on Level 3 inputs, which were unobservable and reflect management’s best estimate of what market participants would use when pricing the asset or liability, including assumptions about risk. There was no fair value associated with convertible securities at September 30, 2021, due to the conversion of the securities to shares of the Corporation’s common stock due to the completion of the Business Combination, and the estimated fair value of convertible securities was $949.6 million at December 31, 2020. The estimated fair value of the convertible securities and derivative liabilities at December 31, 2020, was calculated as the product of (i) the number of conversion shares at the valuation date and (ii) the marketable value per common share at the valuation date. The significant unobservable inputs used in the Black-Scholes model to measure the warrants payable that are categorized within Level 3 of the fair value hierarchy, as of the year ended December 31, 2020, are as follows: December 31, 2020 Preferred stock purchase warrants Common stock purchase warrants Beginning stock price N/A $ 30.14 Strike price N/A 1.04 Expected volatility N/A 56.0 % Expected term N/A 0.02 years Risk-free interest rate N/A 0.09 % Discount factor N/A 13.0 There were no changes in balances of Level 3 financial liabilities during the three months ended September 30, 2021. The changes in balances of Level 3 financial liabilities during the three months ended September 30, 2020, and the nine months ended September 30, 2021 and 2020, respectively, are as follows: Convertible securities Derivative liabilities Warrants payable Total (in thousands) Balance, June 30, 2020 $ 285,166 $ 119,167 $ 29,424 $ 433,757 Issuances — — — — Settlements — — — — Transfers in — — — — Transfers out — — — — Total realized losses (gains) 95,477 (68,081) 19,978 47,374 Balance, September 30, 2020 $ 380,643 $ 51,086 $ 49,402 $ 481,131 Convertible securities Derivative liabilities Warrants payable Total (in thousands) Balance, December 31, 2020 $ 949,553 $ 44,810 $ 97,782 $ 1,092,145 Issuances — — — — Settlements (949,553) (44,810) (97,782) (1,092,145) Transfers in — — — — Transfers out — — — — Total realized losses (gains) — — — — Balance, September 30, 2021 $ — $ — $ — $ — Convertible securities Derivative liabilities Warrants payable Total (in thousands) Balance, December 31, 2019 $ 251,885 $ 138,561 $ 17,672 $ 408,118 Issuances — — — — Settlements — — — — Transfers in — — — — Transfers out — — — — Total realized losses (gains) 128,758 (87,475) 31,730 73,013 Balance, September 30, 2020 $ 380,643 $ 51,086 $ 49,402 $ 481,131 In addition to the Level 3 financial liabilities in the table above, on September 25, 2020, Seek Insurance Services, Inc. (Seek), a field marketing organization and an indirect wholly-owned subsidiary of the Corporation, entered into a note purchase agreement with a third-party investor and issued a note (the “Seek Convertible Note”) in the principal amount of $20.0 million. For additional information, see Note 9 (Notes and Securities Payable). As of September 30, 2021, and December 31, 2020, both the carrying values, which includes accrued interest, and the fair values of the 2020 Convertible Note were $21.6 million and $20.4 million, respectively, and these were considered Level 3 financial liabilities. There were no transfers in or out of Level 3 financial assets or liabilities for the three and nine months ended September 30, 2021 or 2020. Warrants The Warrants were accounted for as liabilities in accordance with ASC 815-40 and are presented within warrants payable on the Consolidated Balance Sheet. The warrant liabilities were measured at fair value at inception and measured on a recurring basis, with changes in fair value presented within change in fair value of warrants payable in the Consolidated Statement of Operations and Comprehensive Loss. On July 22, 2021, the Company issued a press release stating that it would redeem all of its Warrants. The end of the redemption period was September 9, 2021, at which time the Corporation redeemed all unexercised Warrants at a price of $0.10 per warrant. As of September 30, 2021, no Warrants were outstanding. For additional information, please see Note 10 (Warrants Payable). Liability Measurement The Warrants were measured at fair value on a recurring basis. The Corporation classified the Warrants as a liability due to certain settlement terms and provisions related to certain tender offers and indexation characteristics following the Business Combination and accounted for them as liability instruments in accordance with ASC 815, adjusting the fair value at the end of each reporting period. Additionally, the Corporation determined that the Public Warrants were classified within Level 1 of the fair value hierarchy as the fair value was equal to the publicly traded price of the Public Warrants, and the Private Placement Warrants were classified within Level 2 of the fair value hierarchy as the fair value was estimated using the price of the Public Warrants. In connection with the redemption, effective August 24, 2021, the Public Warrants were delisted and classified within Level 2 of the fair value hierarchy as the fair value of the Public Warrants was based on proportional changes in the price of the Corporation’s common stock. There were no Private Warrants outstanding at August 24, 2021. See Note 10 (Warrants Payable) for additional information on the exercises and redemption of Warrants. The following table presents the changes in the fair value of warrants payable: September 30, 2021 Public and Private Placement Warrants (in thousands) Initial measurement, January 7, 2021 $ 147,582 Mark-to-market adjustment (66,214) Warrants exercised (81,283) Warrants redeemed (85) Warrants payable balance, September 30, 2021 $ —

Healthcare Receivables

Healthcare Receivables	9 Months Ended
	Sep. 30, 2021
Receivables [Abstract]
Healthcare Receivables	Healthcare Receivables Included within healthcare receivables are pharmaceutical rebates which are accrued as they are earned and estimated based on contracted rebate rates, eligible amounts submitted to the manufacturers by the Corporation's pharmacy manager, pharmacy utilization volume and historical collection patterns. As of September 30, 2021, and December 31, 2020, the Corporation recognized rebate receivables of approximately $30.2 million and $26.6 million, respectively. In addition to pharmaceutical rebates, Medicare Part D settlement receivables, member premium receivables and other CMS receivables included in healthcare receivables totaled $4.5 million and $12.1 million at September 30, 2021, and December 31, 2020, respectively.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Related party agreements The Corporation has various contracts with IJKG Opco LLC (d/b/a CarePoint Health - Bayonne Medical Center), Hudson Hospital Opco LLC (d/b/a CarePoint Health - Christ Hospital) and Hoboken University Medical Center Opco LLC (d/b/a CarePoint Health - Hoboken University Medical Center), which collectively do business as the CarePoint Health System (CarePoint Health). CarePoint Health is ultimately held and controlled by Mr. Vivek Garipalli, the Chief Executive Officer and stockholder of the Corporation. The Corporation contracts with CarePoint Health for the provision of inpatient and hospital-based outpatient services. Expenses and fees incurred related to these contracts, recorded in net medical claims incurred, were $1.7 million and $1.9 million for the three months ended September 30, 2021 and 2020, respectively, and $9.2 million and $5.3 million for the nine months ended September 30, 2021 and 2020, respectively. The Corporation has contracted with Rogue Trading, LLC (Rogue), a marketing services provider. The Corporation’s President and Chief Technology Officer, Andrew Toy, is related to the Chief Executive Officer of Rogue. Expenses and fees related to these contracts were immaterial and $0.3 million for the three and nine months ended September 30, 2021, respectively. Expenses and fees related to these contracts were $0.1 million for the three and nine months ended September 30, 2020. The Corporation has a contract with Medical Records Exchange, LLC (d/b/a ChartFast) pursuant to which we receive administrative services related to medical records via ChartFast’s electronic applications and web portal platform. ChartFast is ultimately owned and controlled by Mr. Garipalli. Expenses and fees incurred related to this agreement were $0.1 million for the three and nine months ended September 30, 2021, and $0.1 million for the three and nine months ended September 30, 2020. On July 2, 2021, the Corporation signed a contract with Thyme Care, Inc. (Thyme Care), an oncology benefit management company, through which Thyme Care will provide concierge cancer coordination services to the Corporation’s Medicare Advantage members in New Jersey and develop a provider network to help ensure member access to high-value oncology care. Mr. Garipalli is a member of Thyme Care’s board of directors. Securities payable to related parties The Corporation has entered into various securities payable with certain related parties as further discussed in Note 9 (Notes and Securities Payable).

Unpaid Claims

Unpaid Claims	9 Months Ended
	Sep. 30, 2021
Liability for Unpaid Claims and Claims Adjustment Expense, Activity in Liability [Abstract]
Unpaid Claims	Unpaid Claims Activity in the liability for unpaid claims, including claims adjustment expenses, for the nine months ended September 30, 2021 and 2020, is summarized as follows: Nine Months Ended September 30, 2021 2020 (in thousands) Gross and net balance, beginning of period $ 103,976 $ 77,886 Incurred related to: Current year 1,092,280 425,941 Prior years 17,095 (15,401) Total incurred 1,109,375 410,540 Paid related to: Current year 963,779 339,252 Prior years 109,362 55,559 Total paid 1,073,141 394,811 Gross and net balance, end of period $ 140,210 $ 93,615 Unpaid claims as of September 30, 2021, were $140.2 million. During the nine months ended September 30, 2021, $109.4 million was paid for incurred claims attributable to insured events of prior years. An unfavorable development of $17.1 million was recognized during the nine months ended September 30, 2021, resulting from the Corporation's claims experience, likely due to provider administrative challenges related to the COVID-19 pandemic. A favorable development of $15.4 million was recognized during the nine months ended September 30, 2020, resulting from the actualization of fee-for-service claims. Original estimates are increased or decreased, as additional information becomes known regarding individual claims. The ratio of current year medical claims paid as a percentage of current year net medical claims incurred was 88.2% for the nine months ended September 30, 2021, and 79.6% for the nine months ended September 30, 2020. This ratio serves as an indicator of claims processing speed, indicating that claims were processed at a faster rate during the nine months ended September 30, 2021, than during the nine months ended September 30, 2020. Beginning in second quarter 2021, the Corporation began participating in the DC Model, which accounted for approximately 42.4% of the Corporation’s total incurred claims as of September 30, 2021. The Corporation uses a variety of standard actuarial techniques to establish unpaid claims reserves. Management estimates are supported by the Corporation's actuarial analysis. The Corporation utilizes an internal actuarial team to review the adequacy of unpaid claim and unpaid claim adjustment expense. The estimation of claim costs is inherently difficult and requires significant judgment. The estimation has considerable inherent variability and can vary significantly depending upon several factors, including medical cost trends and claim payment patterns, general economic conditions and regulatory changes. The time value of money is not taken into account for the purposes of calculating the liability for unpaid claims. Management believes that the current reserves are adequate based on currently available information.

Notes and Securities Payable

Notes and Securities Payable	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Notes and Securities Payable	Notes and Securities Payable Non-convertible Notes On March 21, 2017, the Corporation entered into a loan facility (the "Loan Facility") for an aggregate principal amount of $60.0 million with the proceeds used to pay all obligations under a $30.0 million 2015 senior secured note, and to provide additional working capital for the Corporation's subsidiaries. The Loan Facility was secured by the assets of the Corporation. The initial obligation of $40.0 million had a maturity date of March 1, 2022, and was subject to an interest rate of 11.0%, payable monthly, with the majority of principal payments commencing 36 months prior to the maturity date. The additional $20.0 million obligation had a maturity date of October 1, 2022, and was subject to an interest rate of 11.3%, payable monthly, with the majority of principal payments commencing 36 months prior to the maturity date. In conjunction with the Loan Facility, the Corporation issued warrants. See Note 10 (Warrants Payable) for additional information. On June 29, 2021, the Corporation voluntarily paid the remaining principal of $20.7 million and interest of $0.2 million, thereby terminating the Loan Facility. Convertible Securities Pursuant to that certain Convertible Agreement, dated December 27, 2018, between the Corporation and certain qualified institutional buyers, including entities affiliated with the Corporation, for an aggregate principal amount of up to $500.0 million (the "Convertible Agreement"), the Corporation issued convertible securities during 2019 in multiple tranches. On October 5, 2020, the Corporation entered into the Merger Agreement with SCH and simultaneously amended the Convertible Agreement, pursuant to which the convertible securities of Legacy Clover converted into Class Z common stock in connection with the Business Combination. All Class Z common stock converted into Class B Common Stock as of the Closing. Additionally, the conversion incurred a 9.4% charge to account for dilution after the Business Combination to convert the securities as if they had been converted under the mandatory qualified public offering conversion. On January 7, 2021, the Business Combination was completed and the convertible securities were redeemed or converted into a total of 36,117,708 shares of Class Z common stock depending on whether each tranche's conversion price was a conversion or share-settled redemption feature as follows: • Redemption: The February, March, and May 2019 tranches were redeemed for 34,806,921 shares of Class Z common stock pursuant to the share-settled redemption feature. The redemption of the convertible securities was accounted for as a debt extinguishment as they contained a beneficial conversion feature (BCF), and were redeemed prior to the stated maturity date. As the extinguishment date intrinsic value of the BCF was in excess of the fair value of the shares issued to settle the convertible securities, the full amount of the settlement consideration was treated as the price of reacquiring the BCF. As there was no remaining consideration available to allocate to the re-acquisition of the convertible securities, the extinguishment resulted in a gain equal to the full carrying value of the convertible securities of $126.8 million. This gain was treated as a capital contribution and was recorded as an increase in additional paid in capital as the convertible securities were issued to affiliates of the Corporation. The $126.8 million is comprised of: (a) the carrying value of the tranches of $74.6 million, (b) accrued interest of $7.4 million, and (c) the fair value of the embedded derivative of $44.8 million. • Conversion: The August 2019 tranche converted into 1,310,787 shares of Class Z common stock pursuant to the conversion feature. Prior to the conversion, the carrying value of the tranche was $2.6 million and accrued interest was $0.4 million. As the converted securities contained a BCF, the $13.0 million unamortized debt discount remaining at the date of conversion was recognized in amortization of notes and securities discount in the Consolidated Statements of Operations and Comprehensive Loss. After giving effect to the Exchange Ratio, pursuant to the terms of the Merger Agreement, these shares of Class Z common stock were converted into 74,694,107 shares of Class B Common Stock upon the closing of the Business Combination. See Note 3 (Business Combination) for additional information on the Business Combination. The convertible securities bore a yield ("interest") at the increasing rates noted below which compounded semi-annually, and would mature April 1, 2023, unless earlier converted, repurchased, or extended. The interest rate and embedded feature discount factor varied based on the length of time elapsed from the issue date of the securities. The interest rates began at 6.5% for the first twelve-month period through the first anniversary of the security issue date, increasing ratably on a semi-annual basis, to 13.5% at the third anniversary of the security issue date until the convertible securities ceased to be outstanding. The embedded feature discount factors began at 75.0% for the first twelve-month period through the first anniversary of the security issue date, decreasing ratably on a semi-annual basis, to 55.0% at the forty-two month anniversary of the security issue date until the convertible securities ceased to be outstanding. The carrying amount of the convertible securities was $76.5 million at December 31, 2020. The unamortized discount was $337.3 million at December 31, 2020. Amortization of the debt discount was approximately $14.9 million during the nine months ended September 30, 2020. Interest expense on the convertible securities was $22.0 million during the nine months ended 2020. The effective interest rate, inclusive of amortization of the discount and the contractual rate, was 90.3% during the nine months ended September 30, 2020. The results presented as of and for the nine months ended September 30, 2021, above, reflect the impact of the conversion of the convertible securities into common stock in connection with the Business Combination. Seek Convertible Note On September 25, 2020, Seek issued the Seek Convertible Note in the principal amount of $20.0 million. The note bears simple interest at an annual rate of 8.0% and matures on September 25, 2023, unless earlier accelerated, converted, or paid in full. The outstanding principal and any accrued but unpaid interest will become immediately due and payable at the election of the note holder upon the occurrence of any event of default as defined in the note. The outstanding principal and accrued but unpaid interest will convert into an equity interest in Seek if prior to maturity, repayment or conversion of the note: (1) the note holder elects to convert the note, (2) upon the closing of Seek's next equity financing; or (3) upon consummation of an initial public offering of Seek's common stock or a SPAC or reverse merger transaction with Seek. The Corporation analyzed the embedded features for derivative accounting consideration and determined that the features are clearly and closely related to the debt host and do not require separate accounting as a derivative. The carrying amount of the note was $19.9 million at both September 30, 2021, and December 31, 2020. The Corporation capitalized $0.1 million of issuance costs which are being amortized using the effective interest method over the term of the note. Unamortized debt issuance costs were $0.1 million at both September 30, 2021, and December 31, 2020. Amortization of the debt issuance costs and interest expense on the note was $0.4 million and $1.2 million during the three and nine months ended September 30, 2021, respectively. Amortization of the debt issuance costs and interest expense on the note was immaterial during the three and nine months ended September 30, 2020. The effective interest rate was 8.2% during the three and nine months ended September 30, 2021, and during the three and nine months ended September 30, 2020.

Warrants Payable

Warrants Payable	9 Months Ended
	Sep. 30, 2021
Stockholders' Equity Note [Abstract]
Warrants Payable	Warrants Payable Legacy Warrants In conjunction with the Loan Facility, the Corporation issued warrants to purchase 1,266,284 shares of the Corporation's Series D preferred stock at an exercise price of $9.38 per share. On October 5, 2020, the Corporation entered into the Merger Agreement with SCH and simultaneously amended the warrants to be automatically exercisable for common stock in connection with the Business Combination. The warrants were accounted for as derivative instruments, and the initial fair value of approximately $1.2 million, which was calculated using a Black-Scholes based valuation model, was recorded as a discount to the carrying amount of the Loan Facility. This discount was being amortized using the effective interest method over the term of the Loan Facility. The warrants were recorded as liabilities and were being marked to market at each reporting period. In September 2015, the Corporation issued warrants to purchase 2,100,000 shares of the Corporation's common stock at an exercise price of $1.04 per share. The warrants were also contingently exercisable for an additional 2,100,000 shares based proportionally on the aggregate principal amounts of additional notes borrowed by the Corporation. Pursuant to the Merger Agreement, the Loan Facility warrants and the September 2015 warrants automatically converted into 3,484,154 shares of Legacy Clover common stock and, after giving effect to the Exchange Ratio converted into 7,205,490 shares of Class B Common Stock upon the closing of the Business Combination. Public Warrants and Private Placement Warrants As a result of the Business Combination, the Corporation assumed, as of January 7, 2021, Public Warrants to purchase an aggregate of 27,599,938 shares of the Corporation's Class A Common Stock and Private Placement Warrants to purchase an aggregate of 10,933,333 shares of the Corporation's Class A Common Stock. Each whole Warrant entitled the registered holder to purchase one whole share of Class A Common Stock at a price of $11.50 per share, at any time commencing on April 24, 2021. The Warrants were accounted for as liabilities in accordance with ASC 815-40 and are presented within warrants payable on the Condensed Consolidated Balance Sheet. The warrant liabilities were measured at fair value at inception and on a recurring basis until redeemed, with changes in fair value presented within change in fair value of warrants payable in the Condensed Consolidated Statement of Operations and Comprehensive Loss. See Note 5 (Fair Value Measurements) for additional information. On July 22, 2021, the Company issued a press release stating that it would redeem all of its Warrants that remained outstanding on August 23, 2021, the redemption date, for a redemption price of $0.10 per Warrant. On August 25, 2021, the Company announced that it was extending the period during which holders of the Public Warrants could exercise the Warrants to September 9, 2021, at which time any unexercised Public Warrants would be redeemed at a price of $0.10 per Warrant. Payment upon exercise of the Warrants could be made either (i) in cash, at an exercise price of $11.50 per share of Class A Common Stock or (ii) on a "cashless basis" in which the exercising holder received 0.249 shares of Class A Common Stock per Warrant shares of Class A Common Stock. Prior to the redemption date, 33,932 Public Warrants were exercised for cash, and 26,716,041 were exercised on a cashless basis in exchange for an aggregate of 6,685,865 shares of Common Stock, in each case in accordance with the terms of the Warrant Agreement, representing 96.9% of the Public Warrants. In addition, all of the Private Placement Warrants were exercised on a cashless basis in exchange for an aggregate of 2,722,399 shares of Common Stock, in accordance with the terms of the Warrant Agreement. Total cash proceeds generated from exercises of the Public Warrants were $0.4 million. The remaining unexercised 849,965 Public

Derivative Liabilities

Derivative Liabilities	9 Months Ended
	Sep. 30, 2021
Derivative Instruments and Hedges, Liabilities [Abstract]
Derivative Liabilities	Derivative LiabilitiesIn connection with the $373.8 million of convertible securities issued in 2019, the Corporation determined that certain of the conversion and redemption features were embedded derivatives and were bifurcated from the host instrument and accounted for as embedded derivative instruments. In connection with the convertible securities, the Corporation recognized a capital contribution of $44.8 million during the nine months ended September 30, 2021. This capital contribution of $44.8 million was recorded as an increase in additional paid in capital as the notes were issued to affiliates of the Corporation. The Corporation recognized a gain of $68.1 million and $87.5 million from activity related to derivative liabilities in connection with the convertible securities during the three and nine months ended September 30, 2020, respectively, which was recognized in gain on derivative in the Condensed Consolidated Statements of Operations and Comprehensive Loss. Upon the completion of the Business Combination with SCH on January 7, 2021, the derivative balance was extinguished as of January 7, 2021. See Note 3 (Business Combination), Note 5 (Fair Value Measurements), and Note 9 (Notes and Securities Payable) for additional information.

Letter of Credit

Letter of Credit	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Letter of Credit	Letter of CreditOn April 19, 2018, the Corporation entered into a secured letter of credit agreement (the “Letter”) for up to an aggregate amount of $2.5 million with a commercial lender that renews on an annual basis. The Letter bears an interest rate of 0.75%. There was an unused balance of $2.5 million at both September 30, 2021, and December 31, 2020.

Leases

Leases	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Leases	Leases Operating Leases The Corporation leases office space in New Jersey, Minnesota, Tennessee, Georgia, Florida, California, and Hong Kong under non-cancelable operating leases, as further described below. For each lease the Corporation recorded a right-of-use (ROU) asset and lease liability at the earlier of the ASC 842 effective date or lease commencement date. The Corporation utilizes the straight-line method of recognizing lease expense. However, the Corporation is required to pay certain variable executory costs including common area maintenance, real estate taxes, and insurance that are expensed as incurred. These variable costs are excluded from the measurement of leases. Certain of the Corporation’s leases include options to renew, with renewal terms that can extend the lease term. The exercise of lease renewal options is at the Corporation’s sole discretion. The Corporation is not reasonably certain that it will exercise the renewal options described in the individual lease descriptions below. Therefore, these options are not recognized as part of the ROU asset and lease liability. The Corporation subleases certain of its leases to third parties for which it receives rental income to manage occupancy costs. These subleases are classified as operating leases. Certain of the Corporation’s leases are being considered for subletting. Mallory Green Lease: On September 22, 2021, the Corporation entered into an agreement to lease office space for its new corporate headquarters in Franklin, Tennessee, for a period of 37 months. Montgomery Lease: From May 2020 through April 9, 2021, the Corporation was in default with respect to its agreement to lease office space in Jersey City, New Jersey (the "Montgomery Lease"), for not paying rent owed to the lessor. The Corporation accrued for all interest owed and began reducing its security deposit asset in lieu of recording rental payments. On April 9, 2021, the Corporation replenished its security deposit and, therefore, was no longer in default with respect to the Montgomery Lease. Summary of Lease Costs Recognized Under ASC 842: The following table contains a summary of the lease costs recognized under ASC 842 and other information pertaining to the Corporation's operating leases for the three and nine months ended September 30, 2021: Three Months Ended September 30, 2021 (in thousands) Operating lease cost $ 1,126 Variable lease cost 123 Short-term lease cost 15 Sublease income (650) Total lease cost $ 614 Nine Months Ended September 30, 2021 (in thousands) Operating lease cost $ 3,351 Variable lease cost 391 Short-term lease cost 45 Sublease income (2,077) Total lease cost $ 1,710 Other information Cash paid for amounts included in the measurement of lease liabilities $ 3,894 Weighted-average remaining lease term 4.4 years Weighted-average discount rate 10.26 % Pursuant to the terms of the Corporation's non-cancelable lease agreements in effect at December 31, 2020, the following table summarizes the Corporation's maturities of lease liabilities as of September 30, 2021: (in thousands) 2021 $ 1,321 2022 3,001 2023 1,493 2024 1,157 2025 1,149 Thereafter 2,639 Total lease payments 10,760 Less: imputed interest (2,213) Total $ 8,547

Convertible Preferred Stock

Convertible Preferred Stock	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Convertible Preferred Stock	Convertible Preferred Stock Each share of Legacy Clover's preferred stock was convertible at the option of the holder, at any time and from time to time, and without the payment of additional consideration by the holder thereof, into a number of fully paid and non-assessable shares of common stock as is determined by dividing the applicable original issue price by the applicable conversion price as described in Note 17 (Preferred Stock) to financial statements in the Form 8-K/A in effect at the time of conversion. Pursuant to the Merger Agreement, all outstanding shares of Legacy Clover's preferred stock automatically converted into 139,444,346 shares of Class B Common Stock after giving effect to the Exchange Ratio upon the closing of the Business Combination. See Note 3 (Business Combination) for additional information on the Business Combination.

Employee Benefit Plans

Employee Benefit Plans	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Employee Benefit Plans	Employee Benefit Plans Employee Savings Plan The Corporation has a defined contribution retirement savings plan (the “401(k) Plan”) covering eligible employees, which includes safe harbor matching contributions based on the amount of employees' contributions to the 401(k) Plan. The Corporation contributes to the 401(k) Plan annually 100.0% of the first 4.0% compensation that is contributed by the employee up to 4.0% of eligible annual compensation. The Corporation's service contributions to the 401(k) Plan amounted to approximately $0.3 million and $0.3 million for the three months ended September 30, 2021 and 2020, respectively, and $0.9 million and $1.0 million for the nine months ended September 30, 2021 and 2020, respectively, and are included in salaries and benefits on the Condensed Consolidated Statements of Operations and Comprehensive Loss. The Corporation's cash match is invested pursuant to the participant's contribution direction. Employer contributions are immediately 100.0% vested. Stock-based Compensation The Corporation's 2020 Equity Incentive Plan (the "2020 Plan") and 2020 Management Incentive Plan (the “2020 MIP”) provide for grants of restricted stocks units (RSUs) and/or options to acquire shares of the Corporation's common stock, par value $0.0001 per share, to employees, directors, officers, and consultants of the Corporation. During the nine months ended September 30, 2021, the Corporation approved the 2020 Plan and the 2020 MIP, and the Corporation’s 2014 Equity Incentive Plan (the “2014 Plan” and, collectively with the 2020 Plan and the 2020 MIP, the “Plans”) was retired. The maximum number of shares of the Corporation's common stock reserved for issuance over the term of the Plans, shares outstanding under the Plans, and shares remaining under the Plans, after giving effect to the Exchange Ratio, as of September 30, 2021, and December 31, 2020, were as follows: September 30, 2021 Shares Authorized Under Plans Shares Outstanding Under Plans Shares Remaining Under Plans 2014 Plan 54,402,264 42,441,719 N/A 2020 Plan 30,641,401 1,782,986 28,858,415 2020 MIP 33,426,983 33,426,983 — December 31, 2020 Shares Authorized Under Plan Shares Outstanding Under Plan Shares Remaining Under Plan 2014 Plan 54,402,264 36,557,759 17,844,505 Effective as of the closing of the Business Combination, the 2014 Plan terminated, at which time the outstanding awards previously granted thereunder were assumed by the Corporation, and no new awards are available for grant under the 2014 Plan. Shares that are expired, terminated, surrendered or canceled under the 2014 Plan without having been fully exercised are available for awards under the 2020 Plan. Shares may be issued from authorized but unissued Corporation stock. The Plans are administered by the Talent and Compensation Committee of the Corporation’s Board of Directors (the “Compensation Committee”). The options are subject to the terms and conditions applicable to options granted under the Plans, as described in the applicable Plan and the applicable stock option grant agreement. The exercise prices, vesting and other restrictions applicable to the stock options are determined at the discretion of the Compensation Committee, except that the exercise price per share of incentive stock options may not be less than 100.0% of the fair value of a share of common stock on the date of grant. Stock options awarded under the Plans expire 10 years after the grant date. Incentive stock options and non-statutory options granted to employees, directors, officers and consultants of the Corporation typically vest over four The Corporation granted options to purchase 1,937,968 shares of common stock during the nine months ended September 30, 2021. The Corporation recorded stock-based compensation expense for options, RSUs, performance restricted stock units (PRSUs) granted under the Plans and discounts offered in connection with the Corporation’s 2020 Employee Stock Purchase Plan (ESPP) of $46.8 million and $132.5 million during the three and nine months ended September 30, 2021, and such expenses are presented in salaries and benefits in the accompanying Condensed Consolidated Statements of Operations and Comprehensive Loss. Compensation cost presented in salaries and benefits in the accompanying Condensed Consolidated Statements of Operations and Comprehensive Loss were as follows: Three Months Ended September 30, 2021 2020 (in thousands) Stock options $ 1,665 $ 1,500 RSUs 17,396 — PRSUs 27,675 — ESPP 67 — Total compensation cost recognized for stock-based compensation plans $ 46,803 $ 1,500 Nine Months Ended September 30, 2021 2020 (in thousands) Stock options $ 6,734 $ 4,949 RSUs 45,725 — PRSUs 80,016 — ESPP 67 — Total compensation cost recognized for stock-based compensation plans $ 132,542 $ 4,949 As of September 30, 2021, there was approximately $463.7 million of unrecognized stock-based compensation expense related to unvested stock options, RSUs, PRSUs, and the ESPP, estimated to be recognized over a period of 4.27 years. As of December 31, 2020, there was approximately $14.9 million of unrecognized stock-based compensation expense related to unvested stock options. Stock Options The assumptions that the Corporation used in the Black-Scholes option-pricing model to determine the grant-date fair value of stock options granted for the nine months ended September 30, 2021 and 2020, respectively, were as follows: Nine Months Ended September 30, 2021 2020 Weighted-average risk-free interest rate 1.06 % 0.84 % Expected term (in years) 6.06 4.66 Expected volatility 37.74 % 34.60 % Expected dividend yield — — A summary of option activity under the 2020 Plan during the nine months ended September 30, 2021 is as follows: Number of options Weighted-average exercise price Outstanding, January 1, 2021 — $ — Granted during 2021 1,937,968 8.88 Exercised — — Forfeited (154,982) 8.87 Outstanding, September 30, 2021 1,782,986 $ 8.88 A summary of option activity under the 2014 Plan during the nine months ended September 30, 2021 is as follows: Number of options Weighted-average exercise price Outstanding, January 1, 2021 36,513,193 $ 2.26 Granted during 2021 — — Exercised (3,843,472) 1.43 Forfeited (974,874) 2.78 Outstanding, September 30, 2021 31,694,847 $ 2.29 The aggregate intrinsic value of stock options is calculated as the difference between the exercise price of the stock options and the fair value of the Corporation's common stock for those stock options that had exercise prices lower than the fair value of the Corporation's common stock. The weighted-average grant date fair value of stock options granted during the nine months ended September 30, 2021 and 2020 was $3.36 per share and $2.10 per share, respectively. As of September 30, 2021, outstanding stock options, substantially all of which are expected to vest, had an aggregate intrinsic value of $160.1 million, and a weighted-average remaining contractual term of 7.03 years. As of September 30, 2021, there were 21,210,565 options exercisable under the Plan, with an aggregate intrinsic value of $109.0 million, a weighted-average exercise price of $2.26 per share, and a weighted-average remaining contractual term of 6.34 years. The total value of stock options exercised during the nine months ended September 30, 2021 and 2020, was $36.4 million and $1.6 million, respectively. Cash received from stock option exercises during the nine months ended September 30, 2021 and 2020, totaled $5.5 million and $1.0 million, respectively. Pursuant to the terms of the applicable Plan and stock option award agreement, employees may exercise options at any time after grant while maintaining the original vesting period. The proceeds from exercise of unvested options are recorded as a liability until the option vests at which time the liability is reclassified to equity. If the employee terminates or otherwise forfeits an unvested option that has been exercised, the Corporation must redeem those shares at the original exercise price and remit payment of the forfeited portion of shares back to the employee. Restricted Stock Units A summary of total RSU activity for the nine months ended September 30, 2021, is presented below: Nine Months Ended September 30, 2021 Granted 21,035,614 Released (131,766) Forfeited (35,935) Outstanding, September 30, 2021 20,867,913 The weighted-average grant date fair value of the RSUs was $14.77 per underlying share. Performance Restricted Stock Units The Corporation has granted PRSUs which become eligible to vest if prior to the vesting date the average closing price of one share of the Corporation's common stock for ninety The weighted-average grant date fair value of Market PRSUs granted during the nine months ended September 30, 2021, was $9.58 per underlying share. There were no Market PRSUs granted prior to 2021. The grant date fair value of Market PRSUs was determined using a Monte Carlo simulation model that incorporated multiple valuation assumptions, including the probability of achieving the specified market condition and the following assumptions: Nine Months Ended September 30, 2021 Expected volatility (1) 40.70 % Risk-free interest rate (2) 0.50 Dividend yield (3) — (1) Expected volatility is based on a blend of peer group company historical data adjusted for the Corporation's leverage. (2) Risk-free interest rate based on U.S. Treasury yields with a term equal to the remaining Performance Period as of the grant date. (3) Dividend yield was assumed to be zero as the Corporation does not anticipate paying dividends. A summary of total PRSU activity for the nine months ended September 30, 2021, is presented below: Nine Months Ended September 30, 2021 Granted 27,699,171 Non-vested at September 30, 2021 27,699,171 As of September 30, 2021, there was $185.4 million of unrecognized share-based compensation expense related to PRSUs, which is expected to be recognized over a period of 4.27 years. 2020 Employee Stock Purchase Plan On October 5, 2020, SCH’s board of directors adopted, and on January 6, 2021, stockholders approved the ESPP. The ESPP provides a means by which eligible employees and/or eligible service providers of either the Corporation or designated related corporations and affiliates may be given an opportunity to purchase shares of Class A common stock at a 15.0% discount from the fair market value of the common stock as determined on a specific date at six-month intervals. Subject to adjustments provided in the ESPP, the maximum number of shares of common stock that may be purchased under the ESPP is 2,785,582 shares, and the maximum number of shares that may be purchased on any single purchase date by any one participant is 5,000 shares. As of September 30, 2021, 2,785,582 shares of Class A common stock were available for issuance under the ESPP. On the first day of each fiscal year, beginning with the 2022 fiscal year and ending on (and including) the first day of the 2030 fiscal year, the calculation of the maximum number of ESPP shares shall include automatic increases in an amount equal to the lesser of (i) 1.0% of the total number of shares of Class A common stock outstanding on the last day of the calendar month prior to the date of such automatic increase, and (ii) such number of shares of Class A common stock as determined by the administrator of the ESPP; provided that the maximum number of shares of Class A common stock reserved under the ESPP shall not exceed 10.0% of the total outstanding capital stock of the Corporation (inclusive of the shares reserved under the ESPP) as of January 7, 2021, on an as-converted basis. The initial offering period for the ESPP is five months, commencing on September 1, 2021, and ending on January 31, 2022. As of the date of this report, no shares of the Corporation’s common stock have been purchased or distributed pursuant to the ESPP. The assumptions that the Corporation used in the Black-Scholes option-pricing model to determine the fair value of the purchase rights under the ESPP for the nine months ended September 30, 2021, were as follows: Nine Months Ended September 30, 2021 Weighted-average risk-free interest rate 0.06 % Expected term (in years) 0.42 Expected volatility 147.42 % Equity warrants In November 2016 and December 2017, the Corporation issued warrants to purchase 139,629 shares of the Corporation's common stock at an exercise price of $2.61 per share, and 122,052 shares of the Corporation's common stock at an exercise price of $3.45 per share, respectively, as part of payment to certain providers for services provided to the Corporation. These warrants were automatically exercised in connection with the Business Combination. See Note 3 (Business Combination) for additional information. The total fair value of warrants vested during the nine months ended September 30, 2021 and 2020, was $0.0 million and $4.0 million, respectively. A summary of activity relating to the warrants of the service providers during the nine months ended September 30, 2021 and 2020, respectively, is as follows: Number of warrants Weighted-average exercise price Outstanding, December 31, 2019 261,681 $ 3.00 Granted during 2020 — — Exercised — — Forfeited — — Outstanding, September 30, 2020 261,681 $ 3.00 Outstanding, December 31, 2020 261,681 $ 3.00 Granted during 2021 — — Exercised (261,681) 3.00 Forfeited — — Outstanding, September 30, 2021 — $ —

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The consolidated effective tax rate of the Corporation for the three months ended September 30, 2021 and 2020, was (0.0%) and (0.0%), respectively. The consolidated effective tax rate of the Corporation for the nine months ended September 30, 2021 and 2020, was (0.0%) and (0.0%), respectively. The Corporation continues to be in a net operating loss and net deferred tax asset position. As a result, and in accordance with accounting standards, the Corporation recorded a valuation allowance to reduce the value of the net deferred tax assets to zero. The Corporation believes that as of September 30, 2021, it had no material uncertain tax positions. Interest and penalties related to unrecognized tax expense (benefits) are recognized in income tax expense, when applicable. There were no material liabilities for interest and penalties accrued as of September 30, 2021, and December 31, 2020. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law in the U.S. to provide certain relief in connection with the COVID-19 pandemic. In addition, governments around the world have enacted or implemented various forms of tax relief measures in response to the economic conditions in the wake of COVID-19. On December 27, 2020, the "Consolidated Appropriations Act, 2021" was signed into law in the U.S. to amend or extend several significant COVID related relief provisions of the CARES Act. The Corporation has determined that neither the CARES Act and Consolidated Appropriations Act nor changes to income tax laws or regulations in other jurisdictions had a significant impact on the Corporation’s effective tax rate.

Net (Loss) Income Per Share

Net (Loss) Income Per Share	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Net (Loss) Income Per Share	Net (Loss) Income Per Share Net (Loss) Income Per Share Basic and diluted net (loss) income per share attributable to common stockholders was calculated as follows: Three Months Ended September 30, 2021 2020 (in thousands, except per share data) Net (loss) income $ (34,527) $ 12,758 Net (loss) income attributable to common stockholders (34,527) 4,966 Basic weighted average number of common shares and common share equivalents outstanding (1) 414,572,706 88,863,244 Diluted weighted average number of common shares and common share equivalents outstanding (1) 414,572,706 248,133,335 Net (loss) income per share attributable to common stockholders—basic $ (0.08) $ 0.06 Net (loss) income per share attributable to common stockholders—diluted $ (0.08) $ 0.02 Nine Months Ended September 30, 2021 2020 (in thousands, except per share data) Net loss $ (400,555) $ (10,001) Net loss attributable to common stockholders (400,555) (10,001) Basic and diluted weighted average number of common shares and common share equivalents outstanding (1) 410,417,493 88,616,116 Net loss per share attributable to common stockholders—basic and diluted $ (0.98) $ (0.11) (1) Prior period results have been adjusted to reflect the exchange of Legacy Clover's common stock for Clover Class B Common Stock at an exchange ratio of approximately 2.0681 in January 2021 as a result of the Business Combination. See Note 3 (Business Combination) for details. Because the Corporation had a net loss during the three and nine months ended September 30, 2021, and a net loss during the nine months ended September 30, 2020, the Corporation’s potentially dilutive securities, which include stock options, restricted stock, preferred stock, and warrants to purchase shares of common stock and preferred stock, have been excluded from the computation of diluted net loss per share, as the effect would be anti-dilutive. Therefore, during these periods, the diluted common shares outstanding equals the average common shares outstanding. The Corporation excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect: Three Months Ended September 30, 2021 2020 Options to purchase common stock (1) 33,477,833 5,183,834 RSUs 21,106,720 — Warrants to purchase common stock (as converted to common stock) (1) — 4,342,956 Warrants to purchase convertible preferred stock (as converted to common stock) (1) — 2,618,770 Total anti-dilutive shares excluded from computation of earnings per share 54,584,553 12,145,560 Nine Months Ended September 30, 2021 2020 Options to purchase common stock (1) 33,477,833 37,296,034 RSUs 21,106,720 — Convertible preferred stock (as converted to common stock) (1) — 139,444,346 Warrants to purchase common stock (as converted to common stock) (1) — 4,884,132 Warrants to purchase convertible preferred stock (as converted to common stock) (1) — 2,618,770 Total anti-dilutive shares excluded from computation of earnings per share 54,584,553 184,243,282 (1) Prior period results have been adjusted to reflect the exchange of Legacy Clover's common stock for Clover Class B Common Stock at an exchange ratio of approximately 2.0681 in January 2021 as a result of the Business Combination. See Note 3 (Business Combination) for details.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Actions Various lawsuits against the Corporation may arise in the ordinary course of the Corporation's business. Contingent liabilities arising from ordinary course litigation, income taxes and other matters are not expected to be material in relation to the financial position of the Corporation. At September 30, 2021, and December 31, 2020, respectively, there were no material known contingent liabilities arising outside the normal course of business. Securities Class Actions and Derivative Litigation In February 2021, the Corporation and certain of its directors and officers were named as defendants in putative class actions filed in the United States District Court for the Middle District of Tennessee: Bond v. Clover Health Investments, Corp. et al. , Case No. 3:21-cv-00096 (M.D. Tenn.); Kaul v. Clover Health Investments, Corp., et al. , Case No. 3:21-cv-00101 (M.D. Tenn.); Yaniv v. Clover Health Investments, Corp., et al. , Case No. 3:21-cv-00109 (M.D. Tenn.); and Tremblay v. Clover Health Investments, Corp., et al. , Case No. 3:21-cv-00138 (M.D. Tenn.). The complaints asserted violations of sections 10(b) and 20(a) of the Exchange Act and Rule 10b-5 promulgated under the Exchange Act. The Kaul action asserted additional claims under sections 11 and 15 of the Securities Act. The complaints generally related to allegations published in an article issued on February 4, 2021, by Hindenburg Research LLC (the “Hindenburg Article”). The complaints sought unspecified damages on behalf of all persons and entities who purchased or acquired Clover securities during the proposed class period (which begins on October 6, 2020, and, depending on the complaint, ends on February 3, 2021, or February 4, 2021), as well as certain other costs. In April 2021, the Middle District of Tennessee class actions described above were consolidated under Bond v. Clover Health Investments, Corp., et al. , Case No. 3:21-cv-00096 (M.D. Tenn.) as lead case. The court appointed a lead plaintiff, approved a lead counsel and a liaison counsel, and approved the parties' proposed schedule for filing an amended complaint and the defendants' responses. In June 2021, the lead plaintiff and a named plaintiff filed the amended complaint, asserting violations of sections 10(b) and 20(a) of the Exchange Act and Rule 10b-5 promulgated under the Exchange Act. The amended complaint names Clover and certain of its officers and directors as defendants and removes certain defendants named in the initial complaints. The amended complaint generally relates to allegations published in the Hindenburg Article and seeks unspecified damages on behalf of all persons and entities other than the defendants who purchased or acquired Clover securities during the proposed class period (which begins on October 6, 2020, and ends on February 3, 2021), as well as certain other costs. The Corporation moved to dismiss the complaint on August 27, 2021, and briefing on that motion is ongoing under the court’s briefing schedule. Parallel shareholder derivative actions have also been filed, naming Clover as a nominal defendant. The first action was filed in the United States District Court for the District of Delaware and is captioned Furman v. Garipalli, et al. , Case No. 1:21-cv-00191 (D. Del.). The complaint asserts violations of sections 10(b) and 21D of the Exchange Act, breach of fiduciary duty, and waste of corporate assets against certain of the Corporation’s directors. It seeks unspecified damages and an order requiring Clover to take certain actions to enhance Clover's corporate governance policies, and procedures. The second and third actions were filed in the United States District Court for the Middle District of Tennessee and are captioned Sun v. Garipalli, et al. , Case No. 3:21-cv-00311 (M.D. Tenn.), and Luthra v. Garipalli, et al. , Case No. 3:21-cv-00320 (M.D. Tenn.). The complaints assert violations of section 14(a) of the Exchange Act, breach of fiduciary duty, and aiding and abetting a breach of fiduciary duty. The Sun action also asserts unjust enrichment, abuse of control, gross mismanagement, waste of corporate assets, and contribution under section 11(f) of the Securities Act, and sections 10(b) and 21D of the Exchange Act. The complaints name certain current and former officers and directors as defendants. They seek unspecified damages and an order requiring Clover to take certain actions to enhance Clover's corporate governance policies and procedures. The fourth action was filed in the United States District of Delaware and is captioned Wiegand v. Garipalli, et al. , Case No. 1:21-cv-01053 (D. Del.). The complaint asserts violations of sections 14(a) and 20(a) of the Exchange Act, breach of fiduciary duty, unjust enrichment, and waste of corporate assets. The complaint names certain current and former officers and directors as defendants. It seeks, among other things, unspecified damages and an order requiring Clover to take certain actions to improve Clover’s corporate governance and internal procedures. The fifth action was filed in the Supreme Court of the State of New York and is captioned Sankaranarayanan v. Palihapitiya, et al. , Index No. 655420/2021 (N.Y. Sup. Ct.). The complaint asserts breach of fiduciary duty and unjust enrichment. The complaint names certain former officers and directors as defendants. On May 10, 2021, the Middle District of Tennessee shareholder derivative actions described above were consolidated under Sun v. Garipalli, et al. , Case No. 3:21-cv-00311 (M.D. Tenn.) as lead case. The court designated co-lead counsel and liaison counsel and ordered the parties to submit a proposed schedule for the initial stage of the case. In June 2021, the parties in the Sun and Furman actions submitted joint stipulations and proposed orders to stay both actions. Soon thereafter, the courts in both actions approved the stipulations, thereby staying all proceedings and deadlines in the Sun and Furman actions pending a final decision on a motion to dismiss in the Middle District of Tennessee class actions consolidated under the Bond action. On September 16, 2021, the two District of Delaware derivative actions were consolidated under In re Clover Health Investments, Corp. Derivative Litigation, Case No. 1:21-cv-00191-LPS (Consolidated). The Furman complaint was deemed the operative complaint. All proceedings and deadlines in that matter are also stayed pending a final decision on a motion to dismiss in the Bond Action. All of these cases remain in the preliminary stages. Given the inherent uncertainty of litigation and the legal standards that must be met, including class certification and success on the merits, the Corporation has determined that it is not probable or estimable that an unfavorable outcome or potential loss will occur. Clover intends to vigorously defend itself against the claims asserted against it. Guaranty Assessments Under state guaranty assessment laws, including those related to state cooperative failures in the industry, the Corporation may be assessed, up to prescribed limits, for certain obligations to the policyholders and claimants of insolvent insurance companies that write the same line or lines of business as the Corporation.

Direct Contracting

Direct Contracting	9 Months Ended
	Sep. 30, 2021
Direct Contracting [Abstract]
Direct Contracting	Direct Contracting In April 2021, the Corporation began participating in the DC Model, which utilizes a structured model intended to reduce expenditures and preserve or enhance quality of care for beneficiaries in Medicare FFS. As a participating entity in the DC Model with a global risk arrangement, the Corporation assumes the responsibility of guaranteeing the performance of its care network. The DC Model is intended to reduce the administrative burden, support a focus on complex, chronically ill patients, and encourage physician organizations that have not typically participated in Medicare FFS to serve beneficiaries in Medicare FFS. Key components of the financial agreement for Direct Contracting include: • Performance Year Benchmark The target amount for Medicare expenditures on covered items and services (Medicare Part A and B) furnished to a DCE’s aligned beneficiaries during a performance year. The Performance Year Benchmark will be compared to the DCE’s performance year expenditures. This comparison will be used to calculate shared savings and shared losses. The Performance Year Benchmark is established at the beginning of the performance year utilizing prospective trend estimates and is subject to retrospective trend adjustments, if warranted, before the Financial Reconciliation. • Performance Year A calendar year except for the commencement year, which began on April 1, 2021, and will end on December 31, 2021. • Risk-Sharing Arrangements Used in determining the percent of savings and losses that DCEs are eligible to receive as shared savings or may be required to repay as shared losses. • Financial Reconciliation The process by which CMS determines shared savings or shared losses by comparing the calculated total benchmark expenditure for a given DCE’s aligned population to the actual expenditures of that DCE’s aligned beneficiaries over the course of a performance year that includes various risk-mitigation options such as stop-loss reinsurance and risk corridors. • Risk-Mitigation Options DCEs may elect a “stop-loss arrangement” each performance year, which is designed to reduce the financial uncertainty associated with high-cost expenditures of individual beneficiaries. The Corporation has elected participation in the program for the current performance year. Additionally, CMS has created a mandatory risk corridor program that allocates the DCE’s shared savings and losses in bands of percentage thresholds, after a deviation of greater than 25.0% of the Performance Year Benchmark. Performance Guarantees Certain of the Corporation’s arrangements with third-party providers require it to guarantee the performance of its care network to CMS, which if not obtained, could potentially result in payment to CMS during the financial reconciliation period. As a result of the DC agreement, the Corporation determined that there was a performance guarantee with the providers of DCE Beneficiaries that should be recognized in the financial statements. The Direct Contracting performance year obligation and receivable were initially measured as the target amount for Medicare expenditures on covered items and services. The obligation and receivable were subsequently amortized on a straight-line basis for the amount that represented the completed performance. The DCE is entitled to all of the consideration under the arrangement for all aligned beneficiaries and in the performance year in which the DCE is a participant, the final consideration due to the DCE by CMS (shared savings) or the consideration due to CMS by the DCE (shared loss) is reconciled in the subsequent years following the performance year. The shared savings or loss is measured periodically and will be applied to the Direct Contracting performance obligation if the Corporation is in a probable loss position. The Corporation is unable to estimate the maximum potential amount of future payments under the guarantee. This is attributable to the stop-loss arrangement and the corridors (tiered levels) in the arrangement. A certain percentage of these arrangements will still be the responsibility of the Corporation in addition to a number of variables that are not reasonable for the Corporation to estimate such as, but not limited to, risk ratings and benchmark trends that have an inestimable impact on the estimate of future payments. The tables below include the financial statement impacts of the performance guarantee: September 30, 2021 (in thousands) Direct Contracting performance year receivable $ 220,738 Direct Contracting performance year obligation (1) 244,599 (1) This obligation represents the consideration due to providers, net of the shared savings or loss for the period and amortization of the liability. Three Months Ended Nine Months Ended (in thousands) Amortization of the Direct Contracting performance year receivable $ (223,309) $ (441,476) Amortization of the Direct Contracting performance year obligation 223,309 441,476 Direct Contracting revenue 222,647 439,020

Operating Segments

Operating Segments	9 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
Operating Segments	Operating Segments The Corporation manages operations based on two reportable segments: Medicare Advantage and Direct Contracting. The reportable segments are distinguished based on the healthcare delivery business model. Its Medicare Advantage segment is an insurance business model that focuses on leveraging the Clover Assistant at the point of care. Its Direct Contracting segment is similar to a cost management and care coordination model accounted for as a performance guarantee, where Clover is responsible for coordinating care, managing costs, and providing support to providers and their DCE Beneficiaries through the use of Clover Assistant. These segment groupings are consistent with information used by the Chief Executive Officer, the Corporation’s chief operating decision maker, to assess performance and allocate resources. There are certain revenues and expenses that are attributable to clinical services and corporate overhead; these amounts are reported separately from reportable segments in the tables presenting segment results below. The operations of the Corporation are organized into the following segments: • Medicare Advantage Segment includes operations related to our MA plans, which generally provide access to a wide network of primary care providers, specialists, and hospitals. • Direct Contracting Segment includes our operations relating to CMS’s DC Model, which provides options aimed at reducing expenditures and preserving or enhancing quality of care for beneficiaries. • Corporate/Other includes other clinical services not included in Medicare Advantage and Direct Contracting and all other corporate overhead. Clinical services is comprised of Clover Home Care and other clinical services that are offered to eligible beneficiaries. The table below summarizes the Corporation’s results by operating segment: Medicare Direct Contracting Corporate/Other Eliminations Consolidated Total Three Months Ended September 30, 2021 (in thousands) Premiums earned, net (Net of ceded premiums of $120) $ 203,657 $ — $ — $ — $ 203,657 Direct Contracting revenue — 222,647 — — 222,647 Other income 80 — 24,967 (24,188) 859 Intersegment revenues — — 9,375 (9,375) — Net medical claims incurred 208,661 228,060 2,253 (2,552) 436,422 Gross (loss) profit $ (4,924) $ (5,413) $ 32,089 $ (31,011) $ (9,259) Total assets $ 347,535 $ 260,142 $ 887,089 $ (542,288) $ 952,478 Medicare Direct Contracting Corporate/Other Eliminations Consolidated Total Nine Months Ended September 30, 2021 (in thousands) Premiums earned, net (Net of ceded premiums of $370) $ 598,390 $ — $ — $ — $ 598,390 Direct Contracting revenue — 439,020 — — 439,020 Other income 108 — 66,990 (64,548) 2,550 Intersegment revenues — — 33,130 (33,130) — Net medical claims incurred 640,624 469,972 5,273 (6,494) 1,109,375 Gross (loss) profit $ (42,126) $ (30,952) $ 94,847 $ (91,184) $ (69,415) Total assets $ 347,535 $ 260,142 $ 887,089 $ (542,288) $ 952,478 A reconciliation of the reportable segments’ gross loss to the net loss included in the Condensed Consolidated Statements of Operations and Comprehensive Loss for the three and nine months ended September 30, 2021, is as follows: Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 (in thousands) Gross loss $ (9,259) $ (69,415) Salaries and benefits 73,364 201,555 General and administrative expenses 45,749 129,983 Premium deficiency reserve (benefit) 20,761 48,661 Depreciation and amortization 120 398 Other expense — 191 Change in fair value of warrants payable (115,152) (66,146) Interest expense 413 2,817 Amortization of notes and securities discounts 13 13,681 Net loss $ (34,527) $ (400,555)

Dividend Restrictions

Dividend Restrictions	9 Months Ended
	Sep. 30, 2021
Disclosure of Restrictions on Dividends, Loans and Advances Disclosure [Abstract]
Dividend Restrictions	Dividend RestrictionsThe Corporation's regulated insurance subsidiaries are subject to regulations and standards in their respective jurisdictions. These standards, among other things, require these subsidiaries to maintain specified levels of statutory capital and limit the timing and amount of dividends and other distributions that may be paid to their parent companies. Therefore, the Corporation's regulated insurance subsidiaries' ability to declare and pay dividends is limited by state regulations including obtaining prior approval by the New Jersey Department of Banking and Insurance. As of September 30, 2021, and December 31, 2020, neither of the regulated insurance subsidiaries had paid any dividends.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The Corporation's interim Condensed Consolidated Financial Statements have been prepared in conformity with GAAP and include the accounts of the Corporation and its wholly owned subsidiaries. In the opinion of management, the Corporation has made all necessary adjustments, which include normal recurring adjustments necessary for a fair presentation of its financial position and its results of operations for the interim periods presented. All material intercompany balances and transactions have been eliminated in consolidating these financial statements. These interim Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements as of and for the years ended December 31, 2020 and 2019 included in Exhibit 99.5 of Amendment No. 1 to the Current Report on Form 8-K (the "Form 8-K/A") filed with the Securities and Exchange Commission (SEC) on April 1, 2021.
Reclassifications	Reclassifications To conform to the current period presentation, prepaid expenses, which were previously included in other assets, current, are presented as a separate line item in the prior year’s Condensed Consolidated Balance Sheet. Certain amounts in the prior year period’s Condensed Consolidated Statement of Cash Flows have been reclassified to conform to the current year period’s presentation, primarily related to the amortization of warrants, amortization of debt issuance costs, and paid-in-kind interest. These reclassifications had no effect on the previously reported Consolidated Financial Statements.
Use of estimates	Use of estimates The preparation of the Condensed Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the Condensed Consolidated Financial Statements and accompanying notes. The areas involving the most significant use of estimates are the amounts of incurred but not reported claims. Many factors can cause actual outcomes to deviate from these assumptions and estimates, such as changes in economic conditions, changes in government healthcare policy, advances in medical technology, changes in treatment patterns, and changes in average lifespan. Accordingly, the Corporation cannot determine with precision the ultimate amounts that it will pay for, or the timing of payment of actual claims, or whether the assets supporting the liabilities will grow to the level the Corporation assumes prior to payment of claims. If the Corporation's actual experience is different from its assumptions or estimates, the Corporation's reserves may prove inadequate. As a result, the Corporation would incur a charge to operations in the period in which it determines such a shortfall exists, which could have a material adverse effect on the Corporation's business, results of operations, and financial condition. Other areas involving significant estimates include risk adjustment provisions related to Medicare contracts and the valuation of the Corporation's investment securities, goodwill and other intangible assets, reinsurance, the premium deficiency reserve, warrants, the embedded derivative related to the convertible securities, stock-based compensation, recoveries from third parties for coordination of benefits, the Direct Contracting benchmark specifically cost trend and risk score estimates that can develop over time, and final determination of medical cost adjustment pools.
Performance guarantees	Performance guarantees Certain of the Corporation’s arrangements with third-party providers require it to guarantee the performance of its care network to CMS. As a result of the Corporation’s participation in the DC Model, the Corporation determined that it was making a performance guarantee with respect to providers of DCE Beneficiaries that should be recognized in the financial statements. Accordingly, a liability for the performance guarantee was recorded on the Condensed Consolidated Balance Sheet. Each month, as the performance guarantee is fulfilled, the guarantee is amortized on a straight-line basis for the amount that represents the completed performance. With respect to each performance year in which the DCE is a participant, the final consideration due to the DCE by CMS (shared savings) or the consideration due to CMS by the DCE (shared loss) is reconciled in the subsequent years following the performance year. The shared savings or loss is measured periodically and will be applied to the Direct Contracting performance obligation if the Corporation is in a probable loss position. Direct Contracting revenue is also known in the DC Model as CMS’s performance year expenditures and is the primary component used to calculate shared savings or shared loss versus the performance year benchmark. Direct Contracting revenue is representative of CMS’s total expenditures incurred for medical services provided on behalf of DCE Beneficiaries during months in which those beneficiaries were alignment-eligible and aligned to the DCE. Direct Contracting revenue is calculated by taking the sum of the capitation payments made to the Corporation for services within the scope of the Corporation’s capitation arrangement and fee-for-service (FFS) payments made to providers directly from CMS.
Capitalized software development costs - cloud computing arrangements	Capitalized software development costs - cloud computing arrangements The Corporation's cloud computing arrangements mostly comprise hosting arrangements which are service contracts, whereby the Corporation gains remote access to use enterprise software hosted by the vendor or another third party on an as-needed basis for a period of time in exchange for a subscription fee. Implementation costs for cloud computing arrangements are capitalized if certain criteria are met and consist of internal and external costs directly attributable to developing and configuring cloud computing software for its intended use. These capitalized implementation costs are presented in the Condensed Consolidated Balance Sheets in other assets, and are generally amortized over the fixed, non-cancelable term of the associated hosting arrangement on a straight-line basis.
Deferred acquisition costs	Deferred acquisition costs Acquisition costs directly related to the successful acquisition of new business, which is primarily made up of commissions costs, are deferred and subsequently amortized. Deferred acquisition costs are recorded as other assets on the Condensed Consolidated Balance Sheet and are amortized over the estimated life of the related contracts. The amortization of deferred acquisition costs is recorded in general and administrative expenses in the Condensed Consolidated Statement of Operations and Comprehensive Loss. As of
COVID-19	COVID-19The societal and economic impact of the novel coronavirus (COVID-19) pandemic is continuing to evolve, and the ultimate impact on the Corporation’s business, results of operations, financial condition, and cash flows is uncertain and difficult to predict. The global pandemic has severely impacted businesses worldwide, including many in the health insurance sector. In response to the pandemic, the Corporation has implemented additional steps related to its care delivery, member support, and internal policies and operations.
Recent accounting pronouncements	Recent accounting pronouncements Recently adopted accounting pronouncements Emerging Growth Company The Corporation currently qualifies as an "emerging growth company" under the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"). Accordingly, the Corporation has the option to adopt new or revised accounting guidance either (i) within the same periods as those otherwise applicable to non-emerging growth companies or (ii) within the same time periods applicable to private companies. The Corporation has elected to adopt new or revised accounting guidance within the same time period as private companies, unless, as indicated below, management determines it is preferable to take advantage of early adoption provisions offered within the applicable guidance. Fair value measurements In August 2018, the Financial Accounting Standards Board (the "FASB") issued Accounting Standard Update (ASU) 2018-13, Changes to Disclosure Requirements for Fair Value Measurements , the purpose of which is to improve the effectiveness of disclosure requirements for recurring and nonrecurring fair value measurements. The standard removes, modifies, and adds certain disclosure requirements and is in effect for all entities in fiscal years beginning after December 15, 2019. This standard became effective for the Corporation on January 1, 2020, and did not have a material impact on the Corporation's disclosures. Cloud computing arrangements In August 2018, the FASB issued ASU 2018-15, Intangibles – Goodwill and Other (Topic 350) – Internal Use Software: Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract . This update changes the accounting guidance for cloud computing arrangements. If a cloud computing arrangement includes a license to internal-use software, the software license is accounted for by the customer by recognizing an asset for the software license and, to the extent that the payments attributable to the software license are made over time, recognizing a corresponding liability. If a cloud computing arrangement does not include a software license, the entity should account for the arrangement as a service contract and should expense any fees associated with the hosting element (service) of the arrangement as incurred. ASU 2018-15 is effective for nonpublic entities for fiscal years beginning after December 15, 2020, with early adoption permitted. The Corporation adopted ASU 2018-15 on January 1, 2021, on a prospective basis. The Corporation's cloud computing arrangements relate to the set-up of various platforms, including but not limited to clinical data repositories and other system integrations. The capitalized implementation costs are presented in the Condensed Consolidated Balance Sheet in other assets, current and are amortized on a straight-line basis over the term of the underlying cloud computing hosting contract, which is the noncancelable term of the arrangement plus any reasonably certain renewal periods. As of September 30, 2021, $5.0 million was recorded in other assets, current, as deferred implementation costs. For both the three and nine months ended September 30, 2021, amortization expense associated with the Corporation’s cloud computing arrangements was $0.2 million. No impairment was recognized during the three and nine months ended September 30, 2021, as there were no events or changes in circumstances to indicate that the carrying amount of the Corporation's cloud computing arrangements may not be recoverable. Accounting pronouncements effective in future periods Credit losses In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which was subsequently modified by several ASUs issued in 2018 and 2019. This standard introduces a new current expected credit loss (CECL) model for measuring expected credit losses for certain types of financial instruments measured at amortized cost and replaces the incurred loss model. The CECL model requires an entity to recognize an allowance for credit losses for the difference between the amortized cost basis of a financial instrument and the amount the entity expects to collect over the instrument's contractual life after consideration of historical experience, current conditions, and reasonable and supportable forecasts. This standard also introduces targeted changes to the available-for-sale debt securities impairment model. It eliminates the concept of other-than-temporary impairment and requires an entity to determine whether any impairment is the result of a credit loss or other factors. ASU 2016-13 is effective for nonpublic entities in fiscal years beginning after December 15, 2022, and public entities beginning after December 15, 2019. Early adoption is permitted. The Corporation has evaluated the impact of ASU 2016-13 on the Consolidated Financial Statements and expects the impact to be immaterial. Goodwill and other intangible assets In January 2017, the FASB issued ASU 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment . This update removes Step 2 of the goodwill impairment test under current guidance, which requires a hypothetical purchase price allocation. The new guidance requires an impairment charge to be recognized for the amount by which the carrying amount exceeds the reporting unit's fair value. Upon adoption, the guidance is to be applied prospectively. ASU 2017-04 is effective for nonpublic entities in fiscal years beginning after December 15, 2021, and public entities beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Corporation is currently evaluating the impact of the adoption of ASU 2017-04 on the Consolidated Financial Statements, but does not expect for this to have a material impact on the Consolidated Financial Statements. Income taxes In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . The amendments in ASU 2019-12 remove certain exceptions to the general principles in ASC Topic 740. The amendments also clarify and amend existing guidance to improve consistent application. The amendments are effective for nonpublic entities in fiscal years beginning after December 15, 2021, and public entities beginning after December 15, 2020. Early adoption is permitted. The transition method (retrospective, modified retrospective, or prospective basis) related to the amendments depends on the applicable guidance, and all amendments for which there is no transition guidance specified are to be applied on a prospective basis. The Corporation is currently evaluating the impact of ASU 2019-12 on the Consolidated Financial Statements, but does not expect for this to have a material impact on the Consolidated Financial Statements. Accounting for convertible instruments and contracts in an entity's own equity In August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity's Own Equity (Subtopic 815-40) . The amendments in ASU 2020-06 simplify the accounting for convertible instruments by removing certain separation models for convertible instruments. Under the amendments in ASU 2020-06, the embedded conversion features no longer are separated from the host contract for convertible instruments with conversion features that are not required to be accounted for as derivatives, or that do not result in substantial premiums accounted for as paid-in capital. Consequently, a convertible debt instrument will be accounted for as a single liability measured at its amortized cost, and a convertible preferred stock will be accounted for as a single equity instrument measured at its historical cost, as long as no other features require bifurcation and recognition as derivatives. ASU 2020-06 is effective for nonpublic entities for fiscal years beginning after December 15, 2023. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020 and public entities beginning after December 15, 2021. The Corporation is currently evaluating the impact of the adoption of ASU 2020-06 on the Consolidated Financial Statements, but does not expect for this to have a material impact on the Consolidated Financial Statements.

Investment Securities (Tables)

Investment Securities (Tables)	9 Months Ended
	Sep. 30, 2021
Investments, Debt and Equity Securities [Abstract]
Schedule of Investment Securities Reconciliation	The following tables present amortized cost and fair values of investments as of September 30, 2021, and December 31, 2020, respectively: September 30, 2021 Amortized cost Accumulated unrealized gains Accumulated unrealized losses Fair value (in thousands) Investment securities, held-to-maturity U.S. government and government agencies and authorities $ 695 $ 42 $ (10) $ 727 Investment securities, available-for-sale U.S. government and government agencies and authorities 167,935 37 (647) 167,325 Total investment securities $ 168,630 $ 79 $ (657) $ 168,052 December 31, 2020 Amortized cost Accumulated unrealized gains Accumulated unrealized losses Fair value (in thousands) Investment securities, held-to-maturity U.S. government and government agencies and authorities $ 694 $ 43 $ — $ 737 Investment securities, available-for-sale U.S. government and government agencies and authorities 53,953 51 (41) 53,963 Total investment securities $ 54,647 $ 94 $ (41) $ 54,700
Schedule of Amortized Cost and Fair Value of Debt Securities	The following table presents the amortized cost and fair value of debt securities as of September 30, 2021, by contractual maturity: September 30, 2021 Held-to-maturity Available-for-sale Amortized cost Fair value Amortized cost Fair value (in thousands) Due within one year $ 305 $ 308 $ 21,139 $ 21,142 Due after one year through five years 15 16 141,835 141,352 Due after five years through ten years 265 256 4,961 4,831 Due after ten years 110 147 — — Total $ 695 $ 727 $ 167,935 $ 167,325
Schedule of Net Investment Income	For the three and nine months ended September 30, 2021 and 2020, respectively, net investment income, which is included within other income in the Condensed Consolidated Statements of Operations and Comprehensive Loss, was derived from the following sources: Three Months Ended Nine Months Ended 2021 2020 2021 2020 (in thousands) Cash and cash equivalents $ — $ 1 $ — $ 108 Short-term investments 62 519 139 1,141 Investment securities 117 303 201 977 Investment income, net $ 179 $ 823 $ 340 $ 2,226
Schedule of Gross Unrealized Losses and Fair Value for Fixed Maturities in a Continuous Unrealized Loss Position	Gross unrealized losses and fair values aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position were as follows at September 30, 2021: September 30, 2021 Less than 12 months Greater than 12 months Total Fair value Unrealized loss Fair value Unrealized loss Fair value Unrealized loss (in thousands, except number of positions) U.S. government and government agencies $ — $ — $ 71,620 $ (657) $ 71,620 $ (657) Total $ — $ — $ 71,620 $ (657) $ 71,620 $ (657) Number of positions — 14 14
Schedule of Realized Gain (Loss) on Investment Securities	Proceeds from sales and maturities of investment securities, inclusive of short-term investments, and related gross realized gains (losses) which are included within other income in the Condensed Consolidated Statements of Operations and Comprehensive Loss, were as follows for the three and nine months ended September 30, 2021 and 2020, respectively: Three Months Ended Nine Months Ended 2021 2020 2021 2020 (in thousands) Proceeds from sales of investment securities $ 89,997 $ 71,049 $ 126,862 $ 166,024 Proceeds from maturities of investment securities 50,000 9,600 250,265 56,701 Gross realized gains 7 504 24 540 Gross realized losses — — (77) — Net realized gains (losses) $ 7 $ 504 $ (53) $ 540

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Summary of Fair Value Measurements for Items	The following table presents a summary of fair value measurements for financial instruments as of September 30, 2021, and December 31, 2020, respectively: September 30, 2021 Level 1 Level 2 Level 3 Total fair value (in thousands) U.S. government and government agencies $ — $ 167,325 $ — $ 167,325 Total assets at fair value $ — $ 167,325 $ — $ 167,325 December 31, 2020 Level 1 Level 2 Level 3 Total fair value (in thousands) U.S. government and government agencies $ — $ 53,963 $ — $ 53,963 Total assets at fair value $ — $ 53,963 $ — $ 53,963 Derivative liabilities $ — $ — $ 44,810 $ 44,810 Warrants payable — — 97,782 97,782 Total liabilities at fair value $ — $ — $ 142,592 $ 142,592
Schedule of Significant Unobservable Inputs Used in Black-Scholes Model to Measure Warrants Payable	The significant unobservable inputs used in the Black-Scholes model to measure the warrants payable that are categorized within Level 3 of the fair value hierarchy, as of the year ended December 31, 2020, are as follows: December 31, 2020 Preferred stock purchase warrants Common stock purchase warrants Beginning stock price N/A $ 30.14 Strike price N/A 1.04 Expected volatility N/A 56.0 % Expected term N/A 0.02 years Risk-free interest rate N/A 0.09 % Discount factor N/A 13.0
Schedule of Changes in Balances of Level 3 Financial Liabilities	The changes in balances of Level 3 financial liabilities during the three months ended September 30, 2020, and the nine months ended September 30, 2021 and 2020, respectively, are as follows: Convertible securities Derivative liabilities Warrants payable Total (in thousands) Balance, June 30, 2020 $ 285,166 $ 119,167 $ 29,424 $ 433,757 Issuances — — — — Settlements — — — — Transfers in — — — — Transfers out — — — — Total realized losses (gains) 95,477 (68,081) 19,978 47,374 Balance, September 30, 2020 $ 380,643 $ 51,086 $ 49,402 $ 481,131 Convertible securities Derivative liabilities Warrants payable Total (in thousands) Balance, December 31, 2020 $ 949,553 $ 44,810 $ 97,782 $ 1,092,145 Issuances — — — — Settlements (949,553) (44,810) (97,782) (1,092,145) Transfers in — — — — Transfers out — — — — Total realized losses (gains) — — — — Balance, September 30, 2021 $ — $ — $ — $ — Convertible securities Derivative liabilities Warrants payable Total (in thousands) Balance, December 31, 2019 $ 251,885 $ 138,561 $ 17,672 $ 408,118 Issuances — — — — Settlements — — — — Transfers in — — — — Transfers out — — — — Total realized losses (gains) 128,758 (87,475) 31,730 73,013 Balance, September 30, 2020 $ 380,643 $ 51,086 $ 49,402 $ 481,131
Schedule of Changes in Fair Value of Warrants Payable	The following table presents the changes in the fair value of warrants payable: September 30, 2021 Public and Private Placement Warrants (in thousands) Initial measurement, January 7, 2021 $ 147,582 Mark-to-market adjustment (66,214) Warrants exercised (81,283) Warrants redeemed (85) Warrants payable balance, September 30, 2021 $ —

Unpaid Claims (Tables)

Unpaid Claims (Tables)	9 Months Ended
	Sep. 30, 2021
Liability for Unpaid Claims and Claims Adjustment Expense, Activity in Liability [Abstract]
Schedule of Activity in the Liability for Unpaid Claims and Claims Adjustment Expense	Activity in the liability for unpaid claims, including claims adjustment expenses, for the nine months ended September 30, 2021 and 2020, is summarized as follows: Nine Months Ended September 30, 2021 2020 (in thousands) Gross and net balance, beginning of period $ 103,976 $ 77,886 Incurred related to: Current year 1,092,280 425,941 Prior years 17,095 (15,401) Total incurred 1,109,375 410,540 Paid related to: Current year 963,779 339,252 Prior years 109,362 55,559 Total paid 1,073,141 394,811 Gross and net balance, end of period $ 140,210 $ 93,615

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Summary of Lease Costs Recognized under ASC 842 and Other Information Pertaining to Operating Leases	The following table contains a summary of the lease costs recognized under ASC 842 and other information pertaining to the Corporation's operating leases for the three and nine months ended September 30, 2021: Three Months Ended September 30, 2021 (in thousands) Operating lease cost $ 1,126 Variable lease cost 123 Short-term lease cost 15 Sublease income (650) Total lease cost $ 614 Nine Months Ended September 30, 2021 (in thousands) Operating lease cost $ 3,351 Variable lease cost 391 Short-term lease cost 45 Sublease income (2,077) Total lease cost $ 1,710 Other information Cash paid for amounts included in the measurement of lease liabilities $ 3,894 Weighted-average remaining lease term 4.4 years Weighted-average discount rate 10.26 %
Summary of Maturities of Operating Lease Liabilities	Pursuant to the terms of the Corporation's non-cancelable lease agreements in effect at December 31, 2020, the following table summarizes the Corporation's maturities of lease liabilities as of September 30, 2021: (in thousands) 2021 $ 1,321 2022 3,001 2023 1,493 2024 1,157 2025 1,149 Thereafter 2,639 Total lease payments 10,760 Less: imputed interest (2,213) Total $ 8,547

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Share-Based Payment Arrangement, Activity	The maximum number of shares of the Corporation's common stock reserved for issuance over the term of the Plans, shares outstanding under the Plans, and shares remaining under the Plans, after giving effect to the Exchange Ratio, as of September 30, 2021, and December 31, 2020, were as follows: September 30, 2021 Shares Authorized Under Plans Shares Outstanding Under Plans Shares Remaining Under Plans 2014 Plan 54,402,264 42,441,719 N/A 2020 Plan 30,641,401 1,782,986 28,858,415 2020 MIP 33,426,983 33,426,983 — December 31, 2020 Shares Authorized Under Plan Shares Outstanding Under Plan Shares Remaining Under Plan 2014 Plan 54,402,264 36,557,759 17,844,505
Summary of Stock-Based Compensation Cost	Compensation cost presented in salaries and benefits in the accompanying Condensed Consolidated Statements of Operations and Comprehensive Loss were as follows: Three Months Ended September 30, 2021 2020 (in thousands) Stock options $ 1,665 $ 1,500 RSUs 17,396 — PRSUs 27,675 — ESPP 67 — Total compensation cost recognized for stock-based compensation plans $ 46,803 $ 1,500 Nine Months Ended September 30, 2021 2020 (in thousands) Stock options $ 6,734 $ 4,949 RSUs 45,725 — PRSUs 80,016 — ESPP 67 — Total compensation cost recognized for stock-based compensation plans $ 132,542 $ 4,949
Schedule of Assumptions to Estimate Fair Value of Stock Options on Weighted Average Basis	The assumptions that the Corporation used in the Black-Scholes option-pricing model to determine the grant-date fair value of stock options granted for the nine months ended September 30, 2021 and 2020, respectively, were as follows: Nine Months Ended September 30, 2021 2020 Weighted-average risk-free interest rate 1.06 % 0.84 % Expected term (in years) 6.06 4.66 Expected volatility 37.74 % 34.60 % Expected dividend yield — —
Summary of Stock Option Activity	A summary of option activity under the 2020 Plan during the nine months ended September 30, 2021 is as follows: Number of options Weighted-average exercise price Outstanding, January 1, 2021 — $ — Granted during 2021 1,937,968 8.88 Exercised — — Forfeited (154,982) 8.87 Outstanding, September 30, 2021 1,782,986 $ 8.88 A summary of option activity under the 2014 Plan during the nine months ended September 30, 2021 is as follows: Number of options Weighted-average exercise price Outstanding, January 1, 2021 36,513,193 $ 2.26 Granted during 2021 — — Exercised (3,843,472) 1.43 Forfeited (974,874) 2.78 Outstanding, September 30, 2021 31,694,847 $ 2.29
Summary of Total RSU activity	A summary of total RSU activity for the nine months ended September 30, 2021, is presented below: Nine Months Ended September 30, 2021 Granted 21,035,614 Released (131,766) Forfeited (35,935) Outstanding, September 30, 2021 20,867,913
Summary of Weighted Average Grant Date Fair Value of Performance Restricted Stock Units	The grant date fair value of Market PRSUs was determined using a Monte Carlo simulation model that incorporated multiple valuation assumptions, including the probability of achieving the specified market condition and the following assumptions: Nine Months Ended September 30, 2021 Expected volatility (1) 40.70 % Risk-free interest rate (2) 0.50 Dividend yield (3) — (1) Expected volatility is based on a blend of peer group company historical data adjusted for the Corporation's leverage. (2) Risk-free interest rate based on U.S. Treasury yields with a term equal to the remaining Performance Period as of the grant date. (3) Dividend yield was assumed to be zero as the Corporation does not anticipate paying dividends.
Summary of Total Performance Restricted Stock Units	A summary of total PRSU activity for the nine months ended September 30, 2021, is presented below: Nine Months Ended September 30, 2021 Granted 27,699,171 Non-vested at September 30, 2021 27,699,171
Assumptions Used in ESPP Fair Value Determination	The assumptions that the Corporation used in the Black-Scholes option-pricing model to determine the fair value of the purchase rights under the ESPP for the nine months ended September 30, 2021, were as follows: Nine Months Ended September 30, 2021 Weighted-average risk-free interest rate 0.06 % Expected term (in years) 0.42 Expected volatility 147.42 %
Summary of Warrant Activity	A summary of activity relating to the warrants of the service providers during the nine months ended September 30, 2021 and 2020, respectively, is as follows: Number of warrants Weighted-average exercise price Outstanding, December 31, 2019 261,681 $ 3.00 Granted during 2020 — — Exercised — — Forfeited — — Outstanding, September 30, 2020 261,681 $ 3.00 Outstanding, December 31, 2020 261,681 $ 3.00 Granted during 2021 — — Exercised (261,681) 3.00 Forfeited — — Outstanding, September 30, 2021 — $ —

Net (Loss) Income Per Share (Ta

Net (Loss) Income Per Share (Tables)	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Loss Per Share	Basic and diluted net (loss) income per share attributable to common stockholders was calculated as follows: Three Months Ended September 30, 2021 2020 (in thousands, except per share data) Net (loss) income $ (34,527) $ 12,758 Net (loss) income attributable to common stockholders (34,527) 4,966 Basic weighted average number of common shares and common share equivalents outstanding (1) 414,572,706 88,863,244 Diluted weighted average number of common shares and common share equivalents outstanding (1) 414,572,706 248,133,335 Net (loss) income per share attributable to common stockholders—basic $ (0.08) $ 0.06 Net (loss) income per share attributable to common stockholders—diluted $ (0.08) $ 0.02 Nine Months Ended September 30, 2021 2020 (in thousands, except per share data) Net loss $ (400,555) $ (10,001) Net loss attributable to common stockholders (400,555) (10,001) Basic and diluted weighted average number of common shares and common share equivalents outstanding (1) 410,417,493 88,616,116 Net loss per share attributable to common stockholders—basic and diluted $ (0.98) $ (0.11) (1) Prior period results have been adjusted to reflect the exchange of Legacy Clover's common stock for Clover Class B Common Stock at an exchange ratio of approximately 2.0681 in January 2021 as a result of the Business Combination. See Note 3 (Business Combination) for details.
Schedule of Antidilutive Securities Excluded from Diluted Net Loss Per Share	The Corporation excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect: Three Months Ended September 30, 2021 2020 Options to purchase common stock (1) 33,477,833 5,183,834 RSUs 21,106,720 — Warrants to purchase common stock (as converted to common stock) (1) — 4,342,956 Warrants to purchase convertible preferred stock (as converted to common stock) (1) — 2,618,770 Total anti-dilutive shares excluded from computation of earnings per share 54,584,553 12,145,560 Nine Months Ended September 30, 2021 2020 Options to purchase common stock (1) 33,477,833 37,296,034 RSUs 21,106,720 — Convertible preferred stock (as converted to common stock) (1) — 139,444,346 Warrants to purchase common stock (as converted to common stock) (1) — 4,884,132 Warrants to purchase convertible preferred stock (as converted to common stock) (1) — 2,618,770 Total anti-dilutive shares excluded from computation of earnings per share 54,584,553 184,243,282 (1) Prior period results have been adjusted to reflect the exchange of Legacy Clover's common stock for Clover Class B Common Stock at an exchange ratio of approximately 2.0681 in January 2021 as a result of the Business Combination. See Note 3 (Business Combination) for details.

Direct Contracting (Tables)

Direct Contracting (Tables)	9 Months Ended
	Sep. 30, 2021
Direct Contracting [Abstract]
Schedule of Performance Guarantees	The tables below include the financial statement impacts of the performance guarantee: September 30, 2021 (in thousands) Direct Contracting performance year receivable $ 220,738 Direct Contracting performance year obligation (1) 244,599 (1) This obligation represents the consideration due to providers, net of the shared savings or loss for the period and amortization of the liability. Three Months Ended Nine Months Ended (in thousands) Amortization of the Direct Contracting performance year receivable $ (223,309) $ (441,476) Amortization of the Direct Contracting performance year obligation 223,309 441,476 Direct Contracting revenue 222,647 439,020

Operating Segments (Tables)

Operating Segments (Tables)	9 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The table below summarizes the Corporation’s results by operating segment: Medicare Direct Contracting Corporate/Other Eliminations Consolidated Total Three Months Ended September 30, 2021 (in thousands) Premiums earned, net (Net of ceded premiums of $120) $ 203,657 $ — $ — $ — $ 203,657 Direct Contracting revenue — 222,647 — — 222,647 Other income 80 — 24,967 (24,188) 859 Intersegment revenues — — 9,375 (9,375) — Net medical claims incurred 208,661 228,060 2,253 (2,552) 436,422 Gross (loss) profit $ (4,924) $ (5,413) $ 32,089 $ (31,011) $ (9,259) Total assets $ 347,535 $ 260,142 $ 887,089 $ (542,288) $ 952,478 Medicare Direct Contracting Corporate/Other Eliminations Consolidated Total Nine Months Ended September 30, 2021 (in thousands) Premiums earned, net (Net of ceded premiums of $370) $ 598,390 $ — $ — $ — $ 598,390 Direct Contracting revenue — 439,020 — — 439,020 Other income 108 — 66,990 (64,548) 2,550 Intersegment revenues — — 33,130 (33,130) — Net medical claims incurred 640,624 469,972 5,273 (6,494) 1,109,375 Gross (loss) profit $ (42,126) $ (30,952) $ 94,847 $ (91,184) $ (69,415) Total assets $ 347,535 $ 260,142 $ 887,089 $ (542,288) $ 952,478
Reconciliation of Revenue from Segments to Consolidated	A reconciliation of the reportable segments’ gross loss to the net loss included in the Condensed Consolidated Statements of Operations and Comprehensive Loss for the three and nine months ended September 30, 2021, is as follows: Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 (in thousands) Gross loss $ (9,259) $ (69,415) Salaries and benefits 73,364 201,555 General and administrative expenses 45,749 129,983 Premium deficiency reserve (benefit) 20,761 48,661 Depreciation and amortization 120 398 Other expense — 191 Change in fair value of warrants payable (115,152) (66,146) Interest expense 413 2,817 Amortization of notes and securities discounts 13 13,681 Net loss $ (34,527) $ (400,555)

Organization and Operations (De

Organization and Operations (Details)	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Direct Contracting, shared savings and losses, percent	100.00%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2021USD ($)	Sep. 30, 2021USD ($)
Amortization of intangible assets	$ 0.2	$ 0.2
Impairment of intangible assets	0	0
Other Current Assets
Deferred implementation costs	5	5
General and Administrative Expense
Amortization expense of deferred acquisition costs	$ 1.1	$ 9.6

Business Combination (Details)

Business Combination (Details) $ / shares in Units, $ in Thousands

Jan. 07, 2021USD ($)vote$ / sharesshares

Jan. 06, 2021USD ($)$ / sharesshares

Oct. 05, 2020USD ($)shares

Jan. 31, 2021

Sep. 30, 2021USD ($)$ / sharesshares

Sep. 30, 2020USD ($)

Sep. 09, 2021$ / shares

Aug. 24, 2021shares

Jan. 08, 2021shares

Dec. 31, 2020$ / sharesshares

Apr. 21, 2020$ / shares

Dec. 31, 2017$ / sharesshares

Nov. 30, 2016$ / sharesshares

Business Acquisition [Line Items]

Common stock exchange ratio

206.81%

Class of warrant or right, number of securities called by warrants or rights (in shares)

122,052

139,629

Exercise price of warrants (in dollars per share) | $ / shares

$ 0.10

$ 3.45

$ 2.61

Proceeds from issuance of common stock | $

$ 5,547

$ 954

Warrants outstanding (in shares)

38,533,271

38,533,271

SCH and Merger Sub | Merger Agreement

Business Acquisition [Line Items]

Business combination, net increase in cash | $

$ 670,000

Business combination, transaction costs | $

61,000

Board of Directors

Business Acquisition [Line Items]

Preferred stock, shares authorized (in shares)

25,000,000

Preferred stock par value, (in dollars per share) | $ / shares

$ 0.0001

Preferred stock, shares issued (in shares)

0

Preferred stock, shares outstanding (in shares)

0

PIPE Investment

Business Acquisition [Line Items]

Business combination, proceeds from private placement | $

400,000

IPO

Business Acquisition [Line Items]

Business combination, deferred underwriter fees | $

$ 29,000

Private Placement Warrant

Business Acquisition [Line Items]

Warrants outstanding (in shares)

0

Public Warrants

Business Acquisition [Line Items]

Warrants outstanding (in shares)

0

Private Placement Warrant and Public Warrant

Business Acquisition [Line Items]

Exercise price of warrants (in dollars per share) | $ / shares

$ 11.50

Common Class A

Business Acquisition [Line Items]

Common stock, par value, (in dollars per share) | $ / shares

$ 0.0001

$ 0.0001

Common stock, shares, outstanding (in shares)

143,475,108

278,308,964

0

Common Class A | PIPE Investment

Business Acquisition [Line Items]

Sale of stock, number of shares issued in transaction (in shares)

40,000,000

Proceeds from issuance of common stock | $

$ 400,000

Common Class A | Private Placement Warrant

Business Acquisition [Line Items]

Class of warrant or right, number of securities called by warrants or rights (in shares)

10,933,333

Common Class A | Public Warrants

Business Acquisition [Line Items]

Class of warrant or right, number of securities called by warrants or rights (in shares)

27,599,938

Common Class A | Clover Health Investments Corp

Business Acquisition [Line Items]

Common stock, voting rights

one vote

Common Class A | SCH Sponsor III LLC

Business Acquisition [Line Items]

Sale of stock, number of shares issued in transaction (in shares)

15,200,000

Common Class B

Business Acquisition [Line Items]

Common stock, par value, (in dollars per share) | $ / shares

$ 0.0001

$ 0.0001

$ 0.0001

Common stock, voting rights per share | vote

10

Cash consideration received from business combination | $

$ 499,800

Common stock, shares, outstanding (in shares)

260,965,701

142,318,711

89,206,266

Share price (in dollars per share) | $ / shares

$ 10

Common stock exchange ratio

206.81%

206.81%

Pro rata adjustments, percentage

32.30%

Common Class A and Class B

Business Acquisition [Line Items]

Common stock, shares, outstanding (in shares)

404,440,809

SCH class B ordinary shares converted to Clover class A common Stock | Social Capital Hedosophia Holdings Corp III

Business Acquisition [Line Items]

Common stock, par value, (in dollars per share) | $ / shares

$ 0.0001

Common stock. conversion basis

one-for-one

SCH class A ordinary shares converted to Clover class A common Stock | Social Capital Hedosophia Holdings Corp III

Business Acquisition [Line Items]

Common stock, par value, (in dollars per share) | $ / shares

$ 0.0001

Common stock. conversion basis

one-for-one

Shares redeemed for cash

24,892

Sale of stock, price per share (in dollars per share) | $ / shares

$ 10

Cash paid for redemption of common stock | $

$ 200

Redemption price (in dollars per share) | $ / shares

$ 10

Cash held-in-trust account | $

$ 827,900

Balance to pay on merger consideration | $

$ 499,800

Investment Securities - Schedul

Investment Securities - Schedule of Present Cost or Amortized Cost and Fair Values of Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Investment securities, held-to-maturity
Amortized cost	$ 695	$ 694
Accumulated unrealized gains	42	43
Accumulated unrealized losses	(10)	0
Fair value	727	737
Investment securities, available-for-sale
Amortized cost	167,935	53,953
Accumulated unrealized gains	37	51
Accumulated unrealized losses	(647)	(41)
Fair value	167,325	53,963
Total investment securities
Amortized cost	168,630	54,647
Accumulated unrealized gains	79	94
Accumulated unrealized losses	(657)	(41)
Fair value	$ 168,052	$ 54,700

Investment Securities - Sched_2

Investment Securities - Schedule of Amortized Cost and Fair Value of Debt Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Debt Securities, Held-to-maturity, Maturity, Amortized Cost, Net [Abstract]
Due within one year	$ 305
Due after one year through five years	15
Due after five years through ten years	265
Due after ten years	110
Amortized cost	695	$ 694
Debt Securities, Held-to-maturity, Maturity, Fair Value [Abstract]
Due within one year	308
Due after one year through five years	16
Due after five years through ten years	256
Due after ten years	147
Fair value	727	$ 737
Debt Securities, Available-for-sale, Amortized Cost [Abstract]
Due within one year	21,139
Due after one year through five years	141,835
Due after five years through ten years	4,961
Due after ten years	0
Amortized cost	167,935
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract]
Due within one year	21,142
Due after one year through five years	141,352
Due after five years through ten years	4,831
Due after ten years	0
Fair value	$ 167,325

Investment Securities - Sched_3

Investment Securities - Schedule of Net Investment Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Fair Value, Separate Account Investment [Line Items]
Investment income, net	$ 179	$ 823	$ 340	$ 2,226
Cash and cash equivalents
Fair Value, Separate Account Investment [Line Items]
Investment income, net	0	1	0	108
Short-term investments
Fair Value, Separate Account Investment [Line Items]
Investment income, net	62	519	139	1,141
Investment securities
Fair Value, Separate Account Investment [Line Items]
Investment income, net	$ 117	$ 303	$ 201	$ 977

Investment Securities - Sched_4

Investment Securities - Schedule of Gross Unrealized Losses and Fair Value (Details) $ in Thousands	Sep. 30, 2021USD ($)position
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items]
Less than 12 months, Fair value	$ 0
Less than 12 months, Unrealized loss	0
Greater than 12 Months, Fair Value	71,620
Greater than 12 months, Unrealized loss	(657)
Total, Fair value	71,620
Total, Unrealized Loss	$ (657)
Less than 12 months, Number of positions | position	0
12 Months or Longer, Number of positions | position	14
Total, Number of positions | position	14
U.S. government and government agencies
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items]
Less than 12 months, Fair value	$ 0
Less than 12 months, Unrealized loss	0
Greater than 12 Months, Fair Value	71,620
Greater than 12 months, Unrealized loss	(657)
Total, Fair value	71,620
Total, Unrealized Loss	$ (657)

Investment Securities - Proceed

Investment Securities - Proceeds from Sales and Maturities of Investment Securities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract]
Proceeds from sales of investment securities	$ 89,997	$ 71,049	$ 126,862	$ 166,024
Proceeds from maturities of investment securities	50,000	9,600	250,265	56,701
Gross realized gains	7	504	24	540
Gross realized losses	0	0	(77)	0
Net realized gains (losses)	$ 7	$ 504	$ (53)	$ 540

Investment Securities - Additio

Investment Securities - Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Deposits with various states and regulatory bodies	$ 11.2	$ 7.5

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Fair Value Measurements for Items (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
U.S. government and government agencies	$ 167,325	$ 53,963
Total assets at fair value	167,325	53,963
Derivative liabilities		44,810
Warrants payable		97,782
Total liabilities at fair value		142,592
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
U.S. government and government agencies	0	0
Total assets at fair value	0	0
Derivative liabilities		0
Warrants payable		0
Total liabilities at fair value		0
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
U.S. government and government agencies	167,325	53,963
Total assets at fair value	167,325	53,963
Derivative liabilities		0
Warrants payable		0
Total liabilities at fair value		0
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
U.S. government and government agencies	0	0
Total assets at fair value	$ 0	0
Derivative liabilities		44,810
Warrants payable		97,782
Total liabilities at fair value		$ 142,592

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Sep. 09, 2021	Aug. 24, 2021	Jan. 08, 2021	Jan. 07, 2021	Dec. 31, 2020	Sep. 25, 2020	Dec. 31, 2017	Nov. 30, 2016
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Exercise price of warrants (in dollars per share)					$ 0.10						$ 3.45	$ 2.61
Warrants outstanding	$ 0		$ 0						$ 97,782,000
Warrants outstanding (in shares)							38,533,271	38,533,271
Private Placement Warrants
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrants outstanding						$ 0
Warrants outstanding (in shares)						0
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Estimated fair value of convertible securities	0		0						949,600,000
Financial asset or liabilities transfer in and out	0	$ 0	0	$ 0
Level 3 | 2020 Convertible Note
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Estimated fair value of convertible securities										$ 20,000,000
Estimated fair value and carrying value of convertible securities	$ 21,600,000		$ 21,600,000						$ 20,400,000

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Significant Unobservable Inputs Used in Black-Scholes Model to Measure Warrants Payable (Details) - Common stock purchase warrants	12 Months Ended
	Dec. 31, 2020$ / shares
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Beginning stock price (in dollars per share)	$ 30.14
Strike price (in dollars per share)	$ 1.04
Expected volatility	56.00%
Expected term	7 days
Risk-free interest rate	0.09%
Discount factor	13.00%

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Changes in Balances of Level 3 Financial Liabilities (Details) - Level 3 - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 433,757	$ 1,092,145	$ 408,118
Issuances	0	0	0
Settlements	0	(1,092,145)	0
Transfers in	0	0	0
Transfers out	0	0	0
Total realized losses (gains)	47,374	0	73,013
Ending balance	481,131	0	481,131
Convertible securities
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	285,166	949,553	251,885
Issuances	0	0	0
Settlements	0	(949,553)	0
Transfers in	0	0	0
Transfers out	0	0	0
Total realized losses (gains)	95,477	0	128,758
Ending balance	380,643	0	380,643
Derivative liabilities
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	119,167	44,810	138,561
Issuances	0	0	0
Settlements	0	(44,810)	0
Transfers in	0	0	0
Transfers out	0	0	0
Total realized losses (gains)	(68,081)	0	(87,475)
Ending balance	51,086	0	51,086
Warrants payable
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	29,424	97,782	17,672
Issuances	0	0	0
Settlements	0	(97,782)	0
Transfers in	0	0	0
Transfers out	0	0	0
Total realized losses (gains)	19,978	0	31,730
Ending balance	$ 49,402	$ 0	$ 49,402

Fair Value Measurements - Sch_3

Fair Value Measurements - Schedule of Changes in Fair Value of Warrants Payable (Details) - Public and Private Placement Warrants - Warrants payable - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Jan. 06, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Initial measurement, January 7, 2021	$ 0	$ 147,582
Mark-to-market adjustment	(66,214)
Warrants exercised	(81,283)
Warrants redeemed	(85)
Warrants payable balance, September 30, 2021	$ 0	$ 147,582

Healthcare Receivables (Details

Healthcare Receivables (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Receivables [Line Items]
Healthcare receivable	$ 34,656	$ 38,745
Rebate Receivables
Receivables [Line Items]
Healthcare receivable	30,200	26,600
Other Healthcare Receivables
Receivables [Line Items]
Healthcare receivable	$ 4,500	$ 12,100

Related-Party Transactions (Det

Related-Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Related Party Transaction [Line Items]
Net medical claims incurred	$ 436,422	$ 144,846	$ 1,109,375	$ 410,540
General and administrative expenses	45,749	29,847	129,983	79,798
CarePoint Health Contract
Related Party Transaction [Line Items]
Net medical claims incurred	1,700	1,900	9,200	5,300
Rogue Trading
Related Party Transaction [Line Items]
Marketing expense	300	100	300	100
Medical Records Exchange, LLC
Related Party Transaction [Line Items]
General and administrative expenses	$ 100	$ 100	$ 100	$ 100

Unpaid Claims - Schedule of Act

Unpaid Claims - Schedule of Activity in the Liability for Unpaid Claims and Claims Adjustment Expense (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Gross and net balance, beginning of period	$ 103,976	$ 77,886
Incurred related to:
Current year	1,092,280	425,941
Prior years	17,095	(15,401)
Total incurred	1,109,375	410,540
Paid related to:
Current year	963,779	339,252
Prior years	109,362	55,559
Total paid	1,073,141	394,811
Gross and net balance, end of period	$ 140,210	$ 93,615

Unpaid Claims - Additional info

Unpaid Claims - Additional information (Details) $ in Thousands	6 Months Ended	9 Months Ended
	Sep. 30, 2021USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Liability for Unpaid Claims and Claims Adjustment Expense, Activity in Liability [Abstract]
Unpaid claims	$ 140,210	$ 140,210	$ 93,615	$ 103,976	$ 77,886
Incurred claims paid		1,073,141	394,811
Favorable development		$ 17,095	$ (15,401)
Ratio of current year medical claims paid as a percent of current year net medical claims		0.882	0.796
DC Model, percentage of incurred claims	42.40%

Notes and Securities Payable (D

Notes and Securities Payable (Details) - USD ($) $ in Thousands	Jun. 29, 2021	Jan. 07, 2021	Oct. 05, 2020	Mar. 21, 2017	Oct. 31, 2017	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Sep. 25, 2020	Dec. 27, 2018
Debt Instrument [Line Items]
Initial obligation interest rate											8.00%
Extinguishment of debt								$ 126,795	$ 0
Amortization of debt discount									14,900
Interest expense						$ 413	$ 9,268	2,817	$ 25,560
Capitalized debt issuance cost						$ 100		$ 100
Debt Instrument, Interest Rate Period One
Debt Instrument [Line Items]
Embedded derivative, discount rate						75.00%		75.00%
Debt Instrument, Interest Rate Period Two
Debt Instrument [Line Items]
Embedded derivative, discount rate						55.00%		55.00%
Seek Insurance Services, Inc. (Seek)
Debt Instrument [Line Items]
Interest expense						$ 400		$ 1,200
Effective interest rate						8.20%	8.20%	8.20%	8.20%
Convertible Debt Securities
Debt Instrument [Line Items]
Interest expense									$ 22,000
Effective interest rate inclusive of amortization							90.30%		90.30%
Non Convertible Notes Payable
Debt Instrument [Line Items]
Amount of debt				$ 60,000
Amount drawn from loan facility				$ 40,000
Initial obligation interest rate				11.00%	11.30%
Additional amount under loan facility					$ 20,000
Extinguishment of debt	$ 20,700
Payments of accrued interest	$ 200
2015 Senior Secured Note
Debt Instrument [Line Items]
Proceeds to pay obligations and working capital				$ 30,000
Convertible Securities
Debt Instrument [Line Items]
Amount of debt		$ 2,600								$ 76,500
Capital contribution for extinguishment of debt		126,800
Aggregate principal amount		74,600
Fair value of embedded derivative liability		44,800
Unamortized discount		13,000								337,300
Convertible Securities | Debt Instrument, Interest Rate Period One
Debt Instrument [Line Items]
Initial obligation interest rate						6.50%		6.50%
Convertible Securities | Debt Instrument, Interest Rate Period Two
Debt Instrument [Line Items]
Initial obligation interest rate						13.50%		13.50%
Convertible Securities | Tranche One
Debt Instrument [Line Items]
Debt instrument, accrued interest		400
Convertible Securities | Other Tranche
Debt Instrument [Line Items]
Debt instrument, accrued interest		$ 7,400
Convertible Securities | Common Class Z
Debt Instrument [Line Items]
Debt instrument, redeemed and converted, shares issued (in shares)		36,117,708
Debt instrument, redeemed, shares issued (in shares)		34,806,921
Debt instrument conversion, shares issued (in shares)		1,310,787
Convertible Securities | Common Class B
Debt Instrument [Line Items]
Debt instrument conversion, shares issued (in shares)		74,694,107
Convertible Securities | Qualified Public Offering
Debt Instrument [Line Items]
Charge to account for dilution			9.40%
Convertible Securities | Maximum
Debt Instrument [Line Items]
Convertible debt, borrowing capacity												$ 500,000
Convertible Debt | Subsidiary Issuer
Debt Instrument [Line Items]
Amount of debt						$ 19,900		$ 19,900		19,900
Principal borrowed											$ 20,000
2020 Convertible Note
Debt Instrument [Line Items]
Unamortized debt issuance cost						$ 100		$ 100		$ 100

Warrants Payable (Details)

Warrants Payable (Details) - USD ($)	Sep. 09, 2021	Sep. 08, 2021	Jan. 07, 2021	Mar. 21, 2017	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Aug. 24, 2021	Jul. 22, 2021	Jan. 08, 2021	Dec. 31, 2020	Dec. 31, 2017	Nov. 30, 2016	Sep. 30, 2015
Class of Warrant or Right [Line Items]
Class of warrant or right, number of securities called by warrants or rights (in shares)													122,052	139,629
Exercise price of warrants (in dollars per share)	$ 0.10												$ 3.45	$ 2.61
Change in fair value of warrants payable					$ (115,152,000)	$ 20,029,000	$ (66,146,000)	$ 31,903,000
Proceeds from exercises of warrants							390,000	0
Payments for redemption of warrants							85,000	$ 0
Warrants outstanding					0		0					$ 97,782,000
Warrants outstanding (in shares)			38,533,271								38,533,271
Public Warrants
Class of Warrant or Right [Line Items]
Number of warrants exercised for cash (in shares)		33,932
Number of cashless exercises of warrants (in shares)		26,716,041
Issuance of common stock related to exercises of warrants (in shares)		6,685,865
Percentage of warrants		96.90%
Proceeds from exercises of warrants		$ 400,000
Remaining unexercised warrants (in shares)	849,965
Payments for redemption of warrants	$ 100,000
Warrants outstanding					$ 0		$ 0
Warrants outstanding (in shares)					0		0
Private Placement Warrants
Class of Warrant or Right [Line Items]
Issuance of common stock related to exercises of warrants (in shares)		2,722,399
Warrants outstanding									$ 0
Warrants outstanding (in shares)									0
Common Stock
Class of Warrant or Right [Line Items]
Class of warrant or right, number of securities called by warrants or rights (in shares)															2,100,000
Exercise price of warrants (in dollars per share)															$ 1.04
Additional shares of warrants (in shares)															2,100,000
Warrants
Class of Warrant or Right [Line Items]
Exercise price of warrants (in dollars per share)	$ 11.50		$ 11.50
Redemption price per warrant (in dollars per share)	$ 0.10									$ 0.10
Class of warrant or right, number of securities called by each warrant or right (in shares)	0.249
Series D Preferred Stock
Class of Warrant or Right [Line Items]
Class of warrant or right, number of securities called by warrants or rights (in shares)				1,266,284
Exercise price of warrants (in dollars per share)				$ 9.38
Change in fair value of warrants payable				$ 1,200,000
Common Class B
Class of Warrant or Right [Line Items]
Stock issued upon conversion (in shares)			139,444,346
Common Class B | Merger Agreement With SCH
Class of Warrant or Right [Line Items]
Class of warrant or right, number of securities called by warrants or rights (in shares)			3,484,154
Stock issued upon conversion (in shares)			7,205,490
Common Class A | Public Warrants
Class of Warrant or Right [Line Items]
Class of warrant or right, number of securities called by warrants or rights (in shares)			27,599,938
Common Class A | Private Placement Warrants
Class of Warrant or Right [Line Items]
Class of warrant or right, number of securities called by warrants or rights (in shares)			10,933,333

Derivative Liabilities (Details

Derivative Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2019
Derivative Instruments and Hedges, Liabilities [Abstract]
Convertible debt conversion and other issuances		$ 16,059		$ 373,800
Increase in additional paid in capital		$ 44,800
Gain on derivative liabilities	$ 68,100		$ 87,500

Letter of Credit (Details)

Letter of Credit (Details) - Letter of Credit Agreement - USD ($) $ in Millions	Apr. 19, 2018	Sep. 30, 2021	Dec. 31, 2020
Line of Credit Facility [Line Items]
Line of credit facility, initiation date	Apr. 19, 2018
Aggregate amount	$ 2.5
Interest rate	0.75%
Unused lines of Credit
Line of Credit Facility [Line Items]
Unused balance		$ 2.5	$ 2.5

Leases - Additional Information

Leases - Additional Information (Details)	Sep. 22, 2021
Franklin, Tennessee
Lessee, Lease, Description [Line Items]
Lease period	37 months

Leases - Summary of Lease Costs

Leases - Summary of Lease Costs Recognized under ASC 842 and Other Information Pertaining to Operating Leases (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2021USD ($)	Sep. 30, 2021USD ($)
Leases [Abstract]
Operating lease cost	$ 1,126	$ 3,351
Variable lease cost	123	391
Short-term lease cost	15	45
Sublease income	(650)	(2,077)
Total lease cost	$ 614	1,710
Cash paid for amounts included in the measurement of lease liabilities		$ 3,894
Weighted-average remaining lease term	4 years 4 months 24 days	4 years 4 months 24 days
Weighted-average discount rate	10.26%	10.26%

Leases - Summary of Maturities

Leases - Summary of Maturities of Operating Lease Liabilities (Details) $ in Thousands	Sep. 30, 2021USD ($)
Leases [Abstract]
2021	$ 1,321
2022	3,001
2023	1,493
2024	1,157
2025	1,149
Thereafter	2,639
Total lease payments	10,760
Less: imputed interest	(2,213)
Total	$ 8,547

Convertible Preferred Stock (De

Convertible Preferred Stock (Details)	Jan. 07, 2021shares
Common Class B
Class of Stock [Line Items]
Stock issued upon conversion (in shares)	139,444,346

Employee Benefit Plans - Narrat

Employee Benefit Plans - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	Jan. 06, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Sep. 09, 2021	Dec. 31, 2020	Dec. 31, 2017	Nov. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employer matching contribution, percent of match				100.00%
Employer matching contribution, percent of employees' gross pay				4.00%
Employer maximum annual contributions per employee, percent				4.00%
Employer discretionary contribution amount		$ 300	$ 300	$ 900	$ 1,000
Employers matching contribution, vesting percentage				100.00%
Stock options, granted				1,937,968
Stock compensation expense recognized		46,803	1,500	$ 132,542	$ 4,949
Unvested stock options, unrecognized stock-based compensation		463,700		$ 463,700			$ 14,900
Cost not yet recognized, period for recognition				4 years 3 months 7 days
Stock options, grants in period, weighted average grant date fair value (in dollars per share)				$ 3.36	$ 2.10
Stock options, outstanding, intrinsic value		$ 160,100		$ 160,100
Stock options, outstanding, weighted average remaining contractual term				7 years 10 days
Stock options, exercisable, number (in shares)		21,210,565		21,210,565
Stock options, exercisable, intrinsic value		$ 109,000		$ 109,000
Stock options, exercisable, weighted average exercise price (in dollars per share)		$ 2.26		$ 2.26
Stock options, exercisable, weighted average remaining contractual term				6 years 4 months 2 days
Stock options				$ 36,400	$ 1,600
Warrants issued to purchase common stock shares (in shares)								122,052	139,629
Exercise price of warrants (in dollars per share)						$ 0.10		$ 3.45	$ 2.61
Total fair value of warrants vested				$ 0	4,000
Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, par value, (in dollars per share)		$ 0.0001		$ 0.0001			$ 0.0001
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense recognized		$ 1,665	1,500	$ 6,734	4,949
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense recognized		17,396	0	$ 45,725	0
Stock options, grants in period, weighted average grant date fair value (in dollars per share)				$ 14.77
PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense recognized		27,675	0	$ 80,016	0
Unvested stock options, unrecognized stock-based compensation		185,400		$ 185,400
Cost not yet recognized, period for recognition				4 years 3 months 7 days
Stock options, grants in period, weighted average grant date fair value (in dollars per share)				$ 9.58
Eligibility for vesting period				90 days
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense recognized		$ 67	$ 0	$ 67	0
Maximum number of shares that may be purchased	2,785,582
Maximum number of shares that may be purchased by any one participant	5,000
Initial offering period	5 months
ESPP | Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Discount rate	15.00%
Number of shares available for issuance		2,785,582		2,785,582
Calculation of maximum number of ESPP, percentage of total number of shares outstanding	1.00%
Maximum common stock reserved, threshold percentage	10.00%
2020 Equity And Management Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, par value, (in dollars per share)		$ 0.0001		$ 0.0001
2014 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options, granted				0
Proceeds from stock options exercised				$ 5,500	$ 1,000
Maximum number of shares that may be purchased							17,844,505
2014 Plan | Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price, percentage of fair value of common stock				100.00%
Expiration period				10 years
2014 Plan | Stock options | Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				4 years
2014 Plan | Stock options | Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				5 years
2014 Plan | RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				4 years
Trading days				90 days

Employee Benefit Plans - Share-

Employee Benefit Plans - Share-Based Payment Arrangement, Activity (Details) - shares	Sep. 30, 2021	Dec. 31, 2020
2014 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Authorized Under Plans	54,402,264	54,402,264
Shares Outstanding Under Plans	42,441,719	36,557,759
Shares Remaining Under Plans		17,844,505
2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Authorized Under Plans	30,641,401
Shares Outstanding Under Plans	1,782,986
Shares Remaining Under Plans	28,858,415
2020 MIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Authorized Under Plans	33,426,983
Shares Outstanding Under Plans	33,426,983
Shares Remaining Under Plans	0

Employee Benefit Plans - Summar

Employee Benefit Plans - Summary of Stock-Based Compensation Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total compensation cost recognized for stock-based compensation plans	$ 46,803	$ 1,500	$ 132,542	$ 4,949
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total compensation cost recognized for stock-based compensation plans	1,665	1,500	6,734	4,949
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total compensation cost recognized for stock-based compensation plans	17,396	0	45,725	0
PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total compensation cost recognized for stock-based compensation plans	27,675	0	80,016	0
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total compensation cost recognized for stock-based compensation plans	$ 67	$ 0	$ 67	$ 0

Employee Benefit Plans - Schedu

Employee Benefit Plans - Schedule of Assumptions to Estimate Fair Value of Stock Options on Weighted Average Basis (Details) - Stock options	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	1.06%	0.84%
Expected term	6 years 21 days	4 years 7 months 28 days
Expected volatility	37.74%	34.60%
Expected dividend yield	0.00%	0.00%

Employee Benefit Plans - Summ_2

Employee Benefit Plans - Summary of Stock Option Activity (Details)	9 Months Ended
	Sep. 30, 2021$ / sharesshares
Number of options
Granted (in shares)	1,937,968
2020 Plan
Number of options
Outstanding at beginning of period (in shares)	0
Granted (in shares)	1,937,968
Exercised (in shares)	0
Forfeited (in shares)	(154,982)
Outstanding at end of period (in shares)	1,782,986
Weighted-average exercise price
Outstanding at beginning of period (in dollars per share) | $ / shares	$ 0
Granted (in dollars per share) | $ / shares	8.88
Exercised (in dollars per share) | $ / shares	0
Forfeited (in dollars per share) | $ / shares	8.87
Outstanding at end of period (in dollars per share) | $ / shares	$ 8.88
2014 Plan
Number of options
Outstanding at beginning of period (in shares)	36,513,193
Granted (in shares)	0
Exercised (in shares)	(3,843,472)
Forfeited (in shares)	(974,874)
Outstanding at end of period (in shares)	31,694,847
Weighted-average exercise price
Outstanding at beginning of period (in dollars per share) | $ / shares	$ 2.26
Granted (in dollars per share) | $ / shares	0
Exercised (in dollars per share) | $ / shares	1.43
Forfeited (in dollars per share) | $ / shares	2.78
Outstanding at end of period (in dollars per share) | $ / shares	$ 2.29

Employee Benefit Plans - Summ_3

Employee Benefit Plans - Summary of Total RSUs Activity (Details) - RSUs	9 Months Ended
	Sep. 30, 2021shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	21,035,614
Exercised (in shares)	(131,766)
Forfeited (in shares)	(35,935)
Outstanding (in shares)	20,867,913

Employee Benefit Plans - Sche_2

Employee Benefit Plans - Schedule of Assumptions to Estimate Fair Value of PRSUs on Weighted Average Basis (Details) - PRSUs	9 Months Ended
	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	40.70%
Risk-free interest rate	0.50%
Dividend yield	0.00%

Employee Benefit Plans - Summ_4

Employee Benefit Plans - Summary of Total PRSUs Activity (Details) - PRSUs	9 Months Ended
	Sep. 30, 2021shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	27,699,171
Non-vested	27,699,171

Employee Benefit Plans - ESPP V

Employee Benefit Plans - ESPP Valuation Assumption (Details) - ESPP	9 Months Ended
	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term	5 months 1 day
Expected volatility	147.42%
Weighted Average
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	0.06%

Employee Benefit Plans - Summ_5

Employee Benefit Plans - Summary of Warrant Activity (Details) - Warrants - $ / shares	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Number of warrants
Outstanding at beginning of period (in shares)	261,681	261,681
Granted (in shares)	0	0
Exercised (in shares)	(261,681)	0
Forfeited (in shares)	0	0
Outstanding at end of period (in shares)	0	261,681
Weighted-average exercise price
Outstanding at beginning of period (in dollars per share)	$ 3	$ 3
Granted (in dollars per share)	0	0
Exercised (in dollars per share)	3	0
Forfeited (in dollars per share)	0	0
Outstanding at end of period (in dollars per share)	$ 0	$ 3

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Effective tax rate	0.00%	0.00%	0.00%	0.00%

Net (Loss) Income Per Share - C

Net (Loss) Income Per Share - Calculation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share [Abstract]
Net (loss) income		$ (34,527)	$ 12,758	$ (400,555)	$ (10,001)
Net (loss) income attributable to common stockholders		$ (34,527)	$ 4,966	$ (400,555)	$ (10,001)
Basic weighted average number of common shares and common shares equivalents outstanding (in shares)	[1]	414,572,706	88,863,244	410,417,493	88,616,116
Diluted weighted average number of common shares and common shares equivalents outstanding (in shares)	[1]	414,572,706	248,133,335	410,417,493	88,616,116
Net (loss) income per share attributable to common stockholders - basic (in dollars per share)	[1]	$ (0.08)	$ 0.06	$ (0.98)	$ (0.11)
Net (loss) income per share attributable to common stockholders - diluted (in dollars per share)	[1]	$ (0.08)	$ 0.02	$ (0.98)	$ (0.11)
[1]	Prior period results have been adjusted to reflect the exchange of Legacy Clover's common stock for Clover Class B Common Stock at an exchange ratio of approximately 2.0681 in January 2021 as a result of the Business Combination. See Note 3 (Business Combination) for additional information. Because the Corporation had a net loss during the three and nine months ended September 30, 2021, and a net loss during the nine months ended September 30, 2020, the Corporation’s potentially dilutive securities, which include stock options, restricted stock, preferred stock and warrants to purchase shares of common stock and preferred stock, have been excluded from the computation of diluted net loss per share, as the effect would be anti-dilutive.

Net (Loss) Income Per Share -_2

Net (Loss) Income Per Share - Calculation of Basic and Diluted Net Loss Per Share Footnote (Details)	Jan. 07, 2021	Jan. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock exchange ratio		206.81%
Common Class B
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock exchange ratio	206.81%	206.81%

Net (Loss) Income Per Share - S

Net (Loss) Income Per Share - Schedule of Antidilutive Securities Excluded from Diluted Net Loss Per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive shares excluded from computation of earnings per share (in shares)	54,584,553	12,145,560	54,584,553	184,243,282
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive shares excluded from computation of earnings per share (in shares)	21,106,720	0	21,106,720	0
Options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive shares excluded from computation of earnings per share (in shares)	33,477,833	5,183,834	33,477,833	37,296,034
Convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive shares excluded from computation of earnings per share (in shares)			0	139,444,346
Warrants to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive shares excluded from computation of earnings per share (in shares)	0	4,342,956	0	4,884,132
Warrants to purchase convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive shares excluded from computation of earnings per share (in shares)	0	2,618,770	0	2,618,770

Net (Loss) Income Per Share -_3

Net (Loss) Income Per Share - Schedule of Antidilutive Securities Excluded from Diluted Net Loss Per Share Footnote (Details)	Jan. 07, 2021	Jan. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock exchange ratio		206.81%
Common Class B
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock exchange ratio	206.81%	206.81%

Direct Contracting - Narrative

Direct Contracting - Narrative (Details)	Sep. 30, 2021
Direct Contracting [Abstract]
Maximum percentage deviation of Performance Year Benchmark	25.00%

Direct Contracting - Schedule o

Direct Contracting - Schedule of Performance Guarantees (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Direct Contracting [Abstract]
Direct Contracting performance year receivable	$ 220,738		$ 220,738		$ 0
Direct Contracting, performance year obligation	244,599		244,599		$ 0
Amortization of the Direct Contracting performance year receivable	(223,309)		(441,476)
Amortization of the Direct Contracting performance year obligation	223,309		441,476
Direct Contracting revenue	$ 222,647	$ 0	$ 439,020	$ 0

Operating Segments - Narrative

Operating Segments - Narrative (Details)	9 Months Ended
	Sep. 30, 2021segment
Segment Reporting [Abstract]
Number of reportable segments	2

Operating Segments - Schedule o

Operating Segments - Schedule of Revenue by Operating Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Revenue, Major Customer [Line Items]
Premiums earned, (Net of ceded premiums)	$ 203,657	$ 167,075	$ 598,390	$ 501,100
Direct Contracting revenue	222,647	0	439,020	0
Other income	859	1,994	2,550	5,555
Intersegment revenues	427,163	169,069	1,039,960	506,655
Net medical claims incurred	436,422	144,846	1,109,375	410,540
Gross (loss) profit	(9,259)		(69,415)
Total assets	952,478		952,478		$ 267,252
Net of ceded premiums	120	$ 126	370	$ 383
Intersegment Eliminations
Revenue, Major Customer [Line Items]
Premiums earned, (Net of ceded premiums)	0		0
Direct Contracting revenue	0		0
Other income	(24,188)		(64,548)
Intersegment revenues	(9,375)		(33,130)
Net medical claims incurred	(2,552)		(6,494)
Gross (loss) profit	(31,011)		(91,184)
Total assets	(542,288)		(542,288)
Medicare Advantage | Operating Segments
Revenue, Major Customer [Line Items]
Premiums earned, (Net of ceded premiums)	203,657		598,390
Direct Contracting revenue	0		0
Other income	80		108
Net medical claims incurred	208,661		640,624
Gross (loss) profit	(4,924)		(42,126)
Total assets	347,535		347,535
Medicare Advantage | Intersegment Eliminations
Revenue, Major Customer [Line Items]
Intersegment revenues	0		0
Direct Contracting | Operating Segments
Revenue, Major Customer [Line Items]
Premiums earned, (Net of ceded premiums)	0		0
Direct Contracting revenue	222,647		439,020
Other income	0		0
Net medical claims incurred	228,060		469,972
Gross (loss) profit	(5,413)		(30,952)
Total assets	260,142		260,142
Direct Contracting | Intersegment Eliminations
Revenue, Major Customer [Line Items]
Intersegment revenues	0		0
Corporate/Other | Operating Segments
Revenue, Major Customer [Line Items]
Premiums earned, (Net of ceded premiums)	0		0
Direct Contracting revenue	0		0
Other income	24,967		66,990
Net medical claims incurred	2,253		5,273
Gross (loss) profit	32,089		94,847
Total assets	887,089		887,089
Corporate/Other | Intersegment Eliminations
Revenue, Major Customer [Line Items]
Intersegment revenues	$ 9,375		$ 33,130

Operating Segments - Reconcilia

Operating Segments - Reconciliation of Revenue of Segments to Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting [Abstract]
Gross loss	$ (9,259)		$ (69,415)
Salaries and benefits	73,364	$ 16,628	201,555	$ 57,339
General and administrative expenses	45,749	29,847	129,983	79,798
Premium deficiency reserve (benefit)	20,761	(772)	48,661	(16,357)
Depreciation and amortization	120	138	398	413
Other expense	0	0	191	0
Change in fair value of warrants payable	(115,152)	20,029	(66,146)	31,903
Interest expense	413	9,268	2,817	25,560
Amortization of notes and securities discounts	13	4,408	13,681	14,935
Net (loss) income	$ (34,527)	$ 12,758	$ (400,555)	$ (10,001)