Clover Health Investments (CLOV) 10-Q 8 Aug 24 2024 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2024	Jul. 31, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-39252
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	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001801170
Amendment Flag	false
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--12-31
Entity Registrant Name	CLOVER HEALTH INVESTMENTS, CORP. /DE
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		407,819,384
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		89,649,365

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 254,771	$ 116,407
Short-term investments	9,661	12,218
Investment securities, available-for-sale (Amortized cost: 2024: $112,328; 2023: $101,412)	111,325	100,702
Investment securities, held-to-maturity (Fair value: 2024: $3,281; 2023: $6,778)	3,295	6,902
Accrued retrospective premiums	53,892	22,076
Other receivables	21,231	16,666
Healthcare receivables	66,739	64,164
Surety bonds and deposits	542	542
Prepaid expenses	14,517	14,418
Other assets, current	3,539	1,404
Assets related to discontinued operations (Note 17)	10,064	72,471
Total current assets	549,576	427,970
Investment securities, available-for-sale (Amortized cost: 2024: $104,229; 2023: $121,868)	102,973	120,208
Investment securities, held-to-maturity (Fair value: 2024: $694; 2023: $692)	791	793
Property and equipment, net	5,276	5,082
Operating lease right-of-use assets	2,858	3,382
Other intangible assets	2,990	2,990
Other assets, non-current	9,746	10,246
Total assets	674,210	570,671
Current liabilities
Unpaid claims	199,266	135,737
Accounts payable and accrued expenses	40,441	37,184
Accrued salaries and benefits	32,400	20,951
Deferred revenue	13	3,099
Operating lease liabilities	1,491	1,665
Liabilities related to discontinued operations (Note 17)	48,773	60,099
Total current liabilities	324,511	261,115
Long-term operating lease liabilities	2,519	2,998
Other liabilities, non-current	22,292	20,164
Total liabilities	349,322	284,277
Commitments and contingencies (Note 13)
Stockholders' equity
Additional paid-in capital	2,517,959	2,461,238
Accumulated other comprehensive loss	(2,259)	(2,370)
Accumulated deficit	(2,171,556)	(2,159,794)
Less: Treasury stock, at cost; 14,574,401 and 7,912,750 shares held at June 30, 2024 and December 31, 2023, respectively	(19,306)	(12,729)
Total stockholders' equity	324,888	286,394
Total liabilities and stockholders' equity	674,210	570,671
Common Class A
Stockholders' equity
Common stock, value	41	40
Common Class B
Stockholders' equity
Common stock, value	9	9
Related party
Current liabilities
Due to related parties, net	1,284	1,363
Other liabilities, current	1,284	1,363
Nonrelated party
Current liabilities
Due to related parties, net	843	1,017
Other liabilities, current	$ 843	$ 1,017

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Investment securities, available-for sale, amortized cost current	$ 112,328	$ 101,412
Investment securities, held-to-maturity, fair value current	3,281	6,778
Investment securities, available-for sale, amortized cost noncurrent	104,229	121,868
Investment securities, held-to-maturity, fair value noncurrent	$ 694	$ 692
Treasury stock, shares held (in shares)	14,574,401	7,912,750
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	2,500,000,000
Common stock, shares, issued (in shares)	406,486,444	401,183,882
Common stock, shares, outstanding (in shares)	406,486,444	401,183,882
Common Class B
Common stock, par value, (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares, issued (in shares)	89,649,365	87,867,732
Common stock, shares, outstanding (in shares)	89,649,365	87,867,732

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues:
Premiums earned, net (Net of ceded premiums of $102 and $113 for the three months ended June 30, 2024 and 2023, respectively; net of ceded premiums of $203 and $235 for the six months ended June 30, 2024 and 2023, respectively)	$ 349,900	$ 314,383	$ 691,622	$ 631,469
Other income	6,360	5,755	11,560	10,661
Total revenues	356,260	320,138	703,182	642,130
Operating expenses:
Net medical claims incurred	248,347	244,262	513,509	519,051
Salaries and benefits	55,499	62,437	114,722	131,418
General and administrative expenses	44,424	41,710	88,993	99,354
Premium deficiency reserve benefit	0	(5,138)	0	(6,948)
Depreciation and amortization	330	999	648	1,278
Restructuring costs	473	4,750	826	6,557
Total operating expenses	349,073	349,020	718,698	750,710
Income (loss) from continuing operations	7,187	(28,882)	(15,516)	(108,580)
Change in fair value of warrants	17	0	17	0
Interest expense	0	7	0	7
Loss on investment	0	0	467	0
Net income (loss) from continuing operations	7,170	(28,889)	(16,000)	(108,587)
Net income from discontinued operations (Note 17)	238	75	4,238	7,167
Net income (loss)	$ 7,408	$ (28,814)	$ (11,762)	$ (101,420)
Per share data:
Basic weighted average number of Class A and Class B common shares and common share equivalents outstanding (in shares)	487,483,087	479,163,752	487,575,520	479,819,237
Diluted weighted average number of Class A and Class B common shares and common share equivalents outstanding (in shares)	495,179,955	479,163,752	487,575,520	479,819,237
Continuing operations:
Basic earnings (loss) per share (in dollars per share)	$ 0.01	$ (0.06)	$ (0.03)	$ (0.23)
Diluted earnings (loss) per share (in dollars per share)	0.01	(0.06)	(0.03)	(0.23)
Discontinued operations:
Basic earnings per share (in dollars per share)	0	0	0.01	0.01
Diluted earnings per share (in dollars per share)	$ 0	$ 0	$ 0.01	$ 0.01
Net unrealized gain on available-for-sale investments	$ 301	$ 316	$ 111	$ 2,659
Comprehensive income (loss)	$ 7,709	$ (28,498)	$ (11,651)	$ (98,761)

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Ceded premiums	$ 102	$ 113	$ 203	$ 235

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Previously Reported	Change in accounting policy	Treasury Stock	Treasury Stock Previously Reported	Additional paid-in capital	Additional paid-in capital Previously Reported	Accumulated deficit	Accumulated deficit Previously Reported	Accumulated deficit Change in accounting policy	Accumulated other comprehensive loss	Accumulated other comprehensive loss Previously Reported	Common Class A	Common Class A Common stock	Common Class A Common stock Previously Reported	Common Class A Common stock RSUs	Common Class B	Common Class B Common stock	Common Class B Common stock Previously Reported	Common Class B Common stock RSUs
Beginning balance (in shares) at Dec. 31, 2022															383,998,718				94,394,852
Beginning balance (in shares) at Dec. 31, 2022					2,072,752
Beginning balance at Dec. 31, 2022		$ 347,738	$ 9,149		$ (6,509)		$ 2,319,157		$ (1,955,582)	$ 9,149		$ (9,374)			$ 37				$ 9
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issuance for exercise of stock options, net of early exercise liability (in shares)														1,240
Stock issuance for exercise of stock options, net of early exercise liability	$ 848					$ 848
Stock-based compensation	38,617					38,617
Vested restricted stock units (in shares)																5,390,973				1,773,104
Unrealized holdings gain on investment securities, available for sale	2,343										$ 2,343
Conversion from Class B Common Stock to Class A Common Stock (in shares)														7,672,463				(7,672,463)
Treasury stock acquired (in shares)				2,933,721										(2,933,721)
Treasury stock acquired	(2,982)			$ (2,982)
Net income (loss)	(72,606)							$ (72,606)
Ending balance (in shares) at Mar. 31, 2023														394,129,673				88,495,493
Ending balance (in shares) at Mar. 31, 2023				5,006,473
Ending balance at Mar. 31, 2023	323,107			$ (9,491)		2,358,622		(2,019,039)			(7,031)			$ 37				$ 9
Beginning balance (in shares) at Dec. 31, 2022															383,998,718				94,394,852
Beginning balance (in shares) at Dec. 31, 2022					2,072,752
Beginning balance at Dec. 31, 2022		$ 347,738	$ 9,149		$ (6,509)		$ 2,319,157		$ (1,955,582)	$ 9,149		$ (9,374)			$ 37				$ 9
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Unrealized holdings gain on investment securities, available for sale	2,659
Ending balance (in shares) at Jun. 30, 2023														395,770,670				87,867,732
Ending balance (in shares) at Jun. 30, 2023				5,445,714
Ending balance at Jun. 30, 2023	330,570			$ (9,908)		2,395,000		(2,047,853)			(6,715)			$ 37				$ 9
Beginning balance (in shares) at Mar. 31, 2023														394,129,673				88,495,493
Beginning balance (in shares) at Mar. 31, 2023				5,006,473
Beginning balance at Mar. 31, 2023	323,107			$ (9,491)		2,358,622		(2,019,039)			(7,031)			$ 37				$ 9
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issuance for exercise of stock options, net of early exercise liability (in shares)														1,241
Stock issuance for exercise of stock options, net of early exercise liability	270					270
Stock-based compensation	36,108					36,108
Vested restricted stock units (in shares)																1,180,084
Unrealized holdings gain on investment securities, available for sale	316										316
Conversion from Class B Common Stock to Class A Common Stock (in shares)														627,761				(627,761)
Treasury stock acquired (in shares)				439,241										(439,241)
Treasury stock acquired	(417)			$ (417)
Issuance of common stock under Employee Stock Purchase Plan (in shares)														271,152
Net income (loss)	(28,814)							(28,814)
Ending balance (in shares) at Jun. 30, 2023														395,770,670				87,867,732
Ending balance (in shares) at Jun. 30, 2023				5,445,714
Ending balance at Jun. 30, 2023	$ 330,570			$ (9,908)		2,395,000		(2,047,853)			(6,715)			$ 37				$ 9
Beginning balance (in shares) at Dec. 31, 2023													401,183,882	401,183,882			87,867,732	87,867,732
Beginning balance (in shares) at Dec. 31, 2023	7,912,750			7,912,750
Beginning balance at Dec. 31, 2023	$ 286,394			$ (12,729)		2,461,238		(2,159,794)			(2,370)			$ 40				$ 9
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issuance for exercise of stock options, net of early exercise liability (in shares)														83
Stock issuance for exercise of stock options, net of early exercise liability	0
Stock-based compensation	28,798					28,798
Vested restricted stock units (in shares)																8,672,362				1,781,633
Vested restricted stock units	1													$ 1
Unrealized holdings gain on investment securities, available for sale	(190)										(190)
Treasury stock acquired (in shares)				3,700,995										(3,700,995)
Treasury stock acquired	(3,359)			$ (3,359)
Net income (loss)	(19,170)							(19,170)
Ending balance (in shares) at Mar. 31, 2024														406,155,332				89,649,365
Ending balance (in shares) at Mar. 31, 2024				11,613,745
Ending balance at Mar. 31, 2024	$ 292,474			$ (16,088)		2,490,036		(2,178,964)			(2,560)			$ 41				$ 9
Beginning balance (in shares) at Dec. 31, 2023													401,183,882	401,183,882			87,867,732	87,867,732
Beginning balance (in shares) at Dec. 31, 2023	7,912,750			7,912,750
Beginning balance at Dec. 31, 2023	$ 286,394			$ (12,729)		2,461,238		(2,159,794)			(2,370)			$ 40				$ 9
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Unrealized holdings gain on investment securities, available for sale	$ 111
Ending balance (in shares) at Jun. 30, 2024													406,486,444	406,486,444			89,649,365	89,649,365
Ending balance (in shares) at Jun. 30, 2024	14,574,401			14,574,401
Ending balance at Jun. 30, 2024	$ 324,888			$ (19,306)		2,517,959		(2,171,556)			(2,259)			$ 41				$ 9
Beginning balance (in shares) at Mar. 31, 2024														406,155,332				89,649,365
Beginning balance (in shares) at Mar. 31, 2024				11,613,745
Beginning balance at Mar. 31, 2024	292,474			$ (16,088)		2,490,036		(2,178,964)			(2,560)			$ 41				$ 9
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issuance for exercise of stock options, net of early exercise liability (in shares)														61,212
Stock issuance for exercise of stock options, net of early exercise liability	23					23
Stock-based compensation	27,900					27,900
Vested restricted stock units (in shares)																3,003,054
Vested restricted stock units	0
Unrealized holdings gain on investment securities, available for sale	301										301
Treasury stock acquired (in shares)				1,122,347										(1,122,347)
Treasury stock acquired	(1,446)			$ (1,446)
Issuance of common stock under Employee Stock Purchase Plan (in shares)														227,502
Issuance of Common Stock under Employee Stock Purchase Plan	$ 0
Repurchases of Common Stock (in shares)	1,838,309			1,838,309										(1,838,309)
Repurchases of Common Stock	$ (1,772)			$ (1,772)
Net income (loss)	$ 7,408							7,408
Ending balance (in shares) at Jun. 30, 2024													406,486,444	406,486,444			89,649,365	89,649,365
Ending balance (in shares) at Jun. 30, 2024	14,574,401			14,574,401
Ending balance at Jun. 30, 2024	$ 324,888			$ (19,306)		$ 2,517,959		$ (2,171,556)			$ (2,259)			$ 41				$ 9

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Cash flows from operating activities:
Net loss	$ 7,408	$ (28,814)	$ (11,762)	$ (101,420)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	330	999	648	1,278
Stock-based compensation			56,698	74,725
Change in fair value of warrants and amortization of warrants			17	0
Accretion, net of amortization			(1,618)	(1,853)
Accrued interest earned			(463)	(289)
Net realized gains on investment securities			(5)	(19)
Loss on investment	0	0	467	0
Premium deficiency reserve	0	(5,138)	0	(6,948)
Changes in operating assets and liabilities:
Accrued retrospective premiums			(31,816)	18,324
Other receivables			(4,565)	6,960
Prepaid expenses			(99)	2,901
Other assets			(2,125)	2,861
Healthcare receivables			(2,575)	19,341
Operating lease right-of-use assets			524	157
Unpaid claims			63,450	(20,814)
Accounts payable and accrued expenses			3,257	7,474
Accrued salaries and benefits			11,449	(4,311)
Deferred revenue			(3,086)	113,537
Other liabilities			1,954	281
Operating lease liabilities			(653)	(508)
Net cash provided by operating activities from continuing operations			79,697	111,677
Net cash (used in) provided by operating activities from discontinued operations (Note 17)			(9,005)	20,528
Net cash provided by operating activities			70,692	132,205
Cash flows from investing activities:
Purchases of short-term investments, available-for-sale, and held-to-maturity securities			(51,670)	(74,156)
Proceeds from sales of short-term investments and available-for-sale securities	0	45,435	0	60,436
Proceeds from maturities of short-term investments, available-for-sale, and held-to-maturity securities	32,916	27,673	66,651	90,997
Purchases of property and equipment			(842)	(605)
Net cash provided by investing activities			14,139	76,672
Cash flows from financing activities:
Issuance of common stock, net of early exercise liability			23	1,118
Repurchases of common stock			(1,772)	0
Treasury stock acquired			(4,805)	(3,399)
Net cash used in financing activities			(6,554)	(2,281)
Net increase in cash, cash equivalents, and restricted cash for discontinued and continuing operations			78,277	206,596
Cash, cash equivalents, and restricted cash, beginning of period for discontinued and continuing operations			176,494	186,213	$ 186,213
Cash, cash equivalents, and restricted cash, end of period for discontinued and continuing operations	254,771	392,809	254,771	392,809	176,494
Reconciliation of cash and cash equivalents and restricted cash for discontinued and continuing operations
Cash and cash equivalents	254,771	310,079	254,771	310,079	116,407
Restricted cash	0	82,730	0	82,730
Total cash, cash equivalents, and restricted cash for discontinued and continuing operations	$ 254,771	$ 392,809	254,771	392,809	$ 176,494
Supplemental disclosure of non-cash activities
Performance year receivable			0	(377,239)
Performance year obligation			$ 0	$ 377,239

Organization and Operations

Organization and Operations	6 Months Ended
	Jun. 30, 2024
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 "Company") is focused on empowering physicians to identify and manage chronic diseases early. Clover has centered its strategy on building and deploying technology through its flagship software platform, Clover Assistant, to help America's seniors receive better care at lower costs. Clover aims to provide affordable, high-quality Medicare Advantage plans, including Preferred Provider Organization ("PPO") and Health Maintenance Organization ("HMO") plans, through its regulated insurance subsidiaries. The Company's regulated insurance subsidiaries consist of Clover Insurance Company and Clover HMO of New Jersey Inc., which operate the Company's PPO and HMO health plans, respectively. On April 1, 2021, the Company's subsidiary, Clover Health Partners, LLC ("Health Partners"), 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, through which the Company had previously provided care to aligned Medicare fee-for-service ("FFS") beneficiaries (the "Non-Insurance Beneficiaries") through our prior participation in ACO REACH Program, as defined herein. CMS redesigned the DC Model and renamed it the Accountable Care Organization ("ACO") Realizing Equity, Access, and Community Health ("REACH") ("ACO REACH") Model effective January 1, 2023. On December 1, 2023, the Company notified CMS that it will no longer participate as a REACH ACO in the CMS ACO Reach Program, effective as of the end of the 2023 performance year. The Company’s exit from the ACO REACH Program follows its November 2022 announcement of a strategic reduction in the number of ACO REACH participating physicians in 2023, and was made after the Company determined that it is in the Company's best interest to fully exit the ACO REACH Program starting with the 2024 performance year. The activity recognized during 2024 relates to prior performance years with CMS and are presented in discontinued operations for all periods presented in the condensed consolidated financial statements. See Note 17 for further discussion of discontinued operations. 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. For any information following the aforementioned paragraph, the Company will refer to its participation in ACO REACH Model or the Company's participation in the predecessor DC Model as ACO REACH Model henceforth. 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 is designed to use machine learning-powered systems to deliver data and insights to physicians in order to improve outcomes for beneficiaries through the early identification and management of chronic disease 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. During the second quarter of 2024, the Company launched Counterpart Health, Inc., a New Software-as-a-Service (“SaaS”) and Tech Enabled Services Solution to bring the power of CA Technology to Medicare Advantage payors and providers. This external offering aims to equip clinician users with the Company's already built, clinician-centric, and AI-powered care management platform. Strategically, Counterpart Health, Inc., a subsidiary of Clover Health, aims to extend the benefits of data-driven proven technology and personalized care to a wider audience, enabling enhanced patient outcomes and reduced healthcare costs across the nation. Counterpart Health is complementary to Clover Health, and enables the Company to deploy and expand the reach of its existing technology asset for new potential growth and high margin business opportunities, with low startup costs. For additional information, see Note 1 included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 (the "2023 Form 10-K").

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of presentation The Company's condensed consolidated financial statements have been prepared in conformity with the generally accepted accounting principles in the United States ("GAAP") as well as in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) and include the accounts of the Company and its wholly-owned subsidiaries. In the opinion of management, the Company has made all necessary adjustments, which include normal recurring adjustments, necessary for a fair presentation of its financial condition and its results of operations for the periods presented. All material intercompany balances and transactions have been eliminated in consolidating these financial statements. Investments over which we exercise significant influence, but do not control, are accounted for using the applicable accounting treatment based on the nature of the investment. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes to the financial statements included in the 2023 Form 10-K. Use of estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that impact the amounts reported in the condensed consolidated financial statements and the 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 Company 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 Company assumes prior to payment of claims. If the Company's actual experience is different from its assumptions or estimates, the Company's reserves may prove inadequate. As a result, the Company 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 Company'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 Company's investment securities, reinsurance, premium deficiency reserve, stock-based compensation, recoveries from third parties for coordination of benefits, and final determination of medical cost adjustment pools. Reclassifications Certain amounts in the prior year's Condensed Consolidated Statements of Cash Flows have been reclassified to conform to the current year's presentation, primarily related to Surety bonds and deposits and Change in restricted cash related to surety bonds, deposits, and escrow accounts. In addition, certain amounts have also been reclassified related to Accretion, net of amortization and Accrued interest earned. Discontinued Operations The results of operations for the Company's former Non-Insurance segment have been reclassified as discontinued operations for all periods presented in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). Assets and liabilities related to the Company's former Non-Insurance segment have been reclassified as discontinued operations for all periods presented in the Condensed Consolidated Balance Sheets. Refer to Note 17 - Discontinued Operations for additional information. Equity method of accounting and variable interest entities Investments in entities in which the Company does not have control but its ownership falls between 20.0% and 50.0%, or it has the ability to exercise significant influence over operating and financial policies, are accounted for under the equity method of accounting. The Company continuously assesses its partially-owned entities to determine if these entities are variable interest entities ("VIEs") and, if so, whether the Company is the primary beneficiary and, therefore, required to consolidate the VIE. To make this determination, the Company applies a qualitative approach to determine whether the Company has both the power to direct the activities of the VIE that most significantly impact the VIE's economic performance and the obligation to absorb losses of, or the rights to receive benefits from, the VIE that could potentially be significant to that VIE. If the Company has an interest in a VIE but is determined to not be the primary beneficiary, the Company accounts for the interest under the equity method of accounting. When the Company's carrying value in an equity method investee company is reduced to zero, no further losses are recorded in the Company's condensed consolidated financial statements unless the Company guaranteed obligations of the investee company or has committed additional funding. When the investee company subsequently reports income, the Company will not record its share of such income until it equals the amount of its share of losses not previously recognized. Segment information Operating segments are defined as components of an enterprise for which separate financial information is available that is evaluated on a regular basis by the chief operating decision maker ("CODM") in deciding how to allocate resources to an individual segment and in assessing performance. The Company's CODM is its Chief Executive Officer. At June 30, 2024, the Company has one reportable segment, Insurance. Beginning in 2024, the Company exited the ACO REACH Model and as a direct result, the reportable operating segment formerly known as Non-Insurance no longer meets the criteria of a required reportable operating segment. Capitalized software development costs - cloud computing arrangements The Company's cloud computing arrangements are mostly comprised of hosting arrangements that are mostly service contracts, whereby the Company 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 within Prepaid expenses 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 are primarily made up of commissions costs, are deferred and subsequently amortized. Deferred acquisition costs are recorded within Other assets, current in the Condensed Consolidated Balance Sheets and are amortized over the estimated life of the related contracts. The amortization of deferred acquisition costs is recorded within General and administrative expenses in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). For the three months ended June 30, 2024 and 2023, charges related to deferred acquisition costs of $1.8 million and $1.0 million, respectively. For the six months ended June 30, 2024 and 2023, charges related to deferred acquisition costs of $2.8 million and $4.9 million, respectively, were recognized in General and administrative expenses. Restructuring Activities Restructuring related expenses, which are recorded within Restructuring costs in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss), include employee termination benefits, vendor costs associated with restructuring activities, and other costs associated with the business transformation initiatives. Restructuring costs are determined based on estimates, which are prepared at the time the restructuring actions are approved by management and are periodically reviewed and updated for changes in estimates. The Company applies the provisions of ASC 420, Exit or Disposal Cost Obligations ("ASC 420") as these costs meet the criteria of a one-time benefit. Under ASC 420-10, the Company establishes a liability for a cost associated with an exit or disposal activity, including employee termination benefits and other restructuring related costs, when the liability is incurred, rather than at the date that the Company commits to an exit plan. At each reporting date, there is an evaluation of the liability to ensure the amount is still appropriate. See Note 16 (Restructuring costs) for further discussion. Recent accounting pronouncements Recently adopted accounting pronouncements There have been no new accounting pronouncements adopted during the six months ended June 30, 2024 that have had a material impact the Company's condensed consolidated financial statements. Accounting pronouncements effective in future periods In July 2023, the FASB issued ASU 2023-03, Presentation of Financial Statements (Topic 205) , Income Statement—Reporting Comprehensive Income (Topic 220) , Distinguishing Liabilities from Equity (Topic 480) , Equity (Topic 505) , and Compensation—Stock Compensation (Topic 718); Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 120, SEC Staff Announcement at the March 24, 2022 EITF Meeting, and Staff Accounting Bulletin Topic 6.B, Accounting Series Release 280—General Revision of Regulation S-X: Income or Loss Applicable to Common Stock (“ASU 2023-03”). This ASU amends or supersedes various SEC paragraphs within the applicable codification to conform to past SEC staff announcements. This ASU does not provide any new guidance. Accordingly, the Company adopted ASU 2023-03 immediately upon its issuance. The adoption of ASU 2023-03 did not have any impact on its condensed consolidated financial statements and related disclosures. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments in this update aim to improve reportable segment disclosures by requiring enhanced disclosures around significant segment expenses that are regularly provided to the chief operating decision maker. Additionally, ASU 2023-07 requires that all existing annual disclosures about segment profit or loss must be provided on an interim basis and clarifies that single reportable segment entities are subject to the disclosure requirement under Topic 280 in its entirety. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within those fiscal years beginning after December 15, 2024. A public entity should apply ASU 2023-07 retrospectively to all prior periods presented in the financial statements. Early adoption is permitted. The Company is currently evaluating the impact of ASU 2023-07 on its condensed consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . The amendments in this update aim to provide more transparency regarding tax disclosures mainly related to the rate reconciliation and income taxes paid information. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact of ASU 2023-09 on its condensed consolidated financial statements and related disclosures.

Investment Securities

Investment Securities	6 Months Ended
	Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Investment Securities	Investment Securities The following tables present amortized cost and fair values of investments at June 30, 2024 and December 31, 2023, respectively: June 30, 2024 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 $ 4,086 $ — $ (111) $ 3,975 Investment securities, available-for-sale U.S. government and government agencies and authorities 142,234 104 (2,319) 140,019 Corporate debt securities 72,415 49 (93) 72,371 Other 1,908 — — 1,908 Total held-to-maturity and available-for-sale investment securities $ 220,643 $ 153 $ (2,523) $ 218,273 December 31, 2023 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 $ 7,695 $ — $ (225) $ 7,470 Investment securities, available-for-sale U.S. government and government agencies and authorities 126,071 713 (3,070) 123,714 Corporate debt 95,354 165 (176) 95,343 Other 1,855 — (2) 1,853 Total held-to-maturity and available-for-sale investment securities $ 230,975 $ 878 $ (3,473) $ 228,380 The following table presents the amortized cost and fair value of debt securities at June 30, 2024, by contractual maturity: June 30, 2024 Held-to-maturity Available-for-sale Amortized cost Fair value Amortized cost Fair value (in thousands) Due within one year $ 3,295 $ 3,281 $ 112,328 $ 111,325 Due after one year through five years 681 607 104,229 102,973 Due after five years through ten years — — — — Due after ten years 110 87 — — Total $ 4,086 $ 3,975 $ 216,557 $ 214,298 For the three and six months ended June 30, 2024 and 2023, respectively, net investment income, which is included in Other income in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss), was derived from the following sources: Three Months Ended Six Months Ended 2024 2023 2024 2023 (in thousands) Cash and cash equivalents $ 3,446 $ 2,405 $ 5,632 $ 4,034 Short-term investments 143 823 316 1,315 Investment securities 2,145 1,668 4,253 3,482 Investment income, net $ 5,734 $ 4,896 $ 10,201 $ 8,831 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 June 30, 2024, and December 31, 2023, respectively: June 30, 2024 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 and authorities $ 46,447 $ (119) $ 62,877 $ (2,311) $ 109,324 $ (2,430) Corporate debt securities 30,170 (47) 18,569 (46) 48,739 (93) Total $ 76,617 $ (166) $ 81,446 $ (2,357) $ 158,063 $ (2,523) Number of positions 47 42 89 December 31, 2023 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 and authorities $ 12,584 $ (32) $ 61,628 $ (3,259) $ 74,212 $ (3,291) Corporate debt securities 61,007 (175) 5,017 (7) 66,024 (182) Total $ 73,591 $ (207) $ 66,645 $ (3,266) $ 140,236 $ (3,473) Number of positions 69 27 96 The Company did not record any credit allowances for debt securities that were in an unrealized loss position at June 30, 2024 and December 31, 2023. At June 30, 2024, all securities were investment grade, with credit ratings of BBB+ or higher by S&P Global or as determined by other credit rating agencies within the Company's investment policy. 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 at June 30, 2024, were assessed, based on, among other things: • The relative magnitude to which fair values of these securities have been below their amortized cost was not indicative of an impairment loss; • The absence of compelling evidence that would cause the Company to call into question the financial condition or near-term prospects of the issuer of the applicable security; and • The Company's ability and intent to hold the applicable security for a period of time sufficient to allow for any anticipated recovery. Proceeds from sales and maturities of investment securities, inclusive of short-term investments, and related gross realized gains (losses) which are included in Other income in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss), were as follows for the three and six months ended June 30, 2024 and 2023, respectively: Three Months Ended Six Months Ended 2024 2023 2024 2023 (in thousands) Proceeds from sales of investment securities $ — $ 45,435 $ — $ 60,436 Proceeds from maturities of investment securities 32,916 27,673 66,651 90,997 Gross realized gains 4 38 5 38 Gross realized losses — (19) — (19) Net realized gains $ 4 $ 19 $ 5 $ 19 At June 30, 2024 and December 31, 2023, the Company had $14.9 million and $14.7 million, respectively, in deposits with various states and regulatory bodies that are included as part of the Company's investment balances.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The following tables present a summary of fair value measurements for financial instruments at June 30, 2024 and December 31, 2023, respectively: June 30, 2024 Level 1 Level 2 Level 3 Total fair value (in thousands) U.S. government and government agencies $ — $ 140,019 $ — $ 140,019 Corporate debt securities — 72,371 — 72,371 Other 1,908 — — 1,908 Warrants receivable — — 797 797 Total assets at fair value $ 1,908 $ 212,390 $ 797 $ 215,095 December 31, 2023 Level 1 Level 2 Level 3 Total fair value (in thousands) U.S. government and government agencies $ — $ 123,714 $ — $ 123,714 Corporate debt securities — 95,343 — 95,343 Other 1,853 — — 1,853 Warrants receivable — — 814 814 Total assets at fair value $ 1,853 $ 219,057 $ 814 $ 221,724 The changes in balances of Clover's Level 3 financial assets and liabilities during the six months ended June 30, 2024 were as follows: Warrants receivable Total (in thousands) Balance, December 31, 2023 $ 814 $ 814 Total unrealized losses 17 17 Balance, June 30, 2024 $ 797 $ 797 There were no transfers in or out of Level 3 financial assets or liabilities for the six months ended June 30, 2024 or June 30, 2023. Private Warrants At June 30, 2024, the Company had exercisable private warrants which were embedded in several agreements as derivatives. These private warrants were accounted for as assets in accordance with ASC 815-40 and are presented in Other assets, non-current in the Condensed Consolidated Balance Sheets. The warrant assets are measured at fair value at inception and on a recurring basis until redeemed, with changes in fair value presented in Change in fair value of warrants in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). These private warrants were classified within Level 3 due to the subjectivity and use of estimates in the calculation of their fair value. These warrants at measurement date, December 31, 2023, were assessed to have a fair value of $0.8 million, with no other activity for the three months ended June 30, 2024. The Company reassesses the fair values of the warrants based on updated estimates and for the six months ended June 30, 2024, there was less than $0.1 million unrealized losses recognized.

Healthcare Receivables

Healthcare Receivables	6 Months Ended
	Jun. 30, 2024
Receivables [Abstract]
Healthcare Receivables	Healthcare Receivables Healthcare receivables include pharmaceutical rebates that are accrued as they are earned and estimated based on contracted rebate rates, eligible amounts submitted to the manufacturers by the Company's pharmacy manager, pharmacy utilization volume, and historical collection patterns. Also included in Healthcare receivables are Medicare Part D settlement receivables, member premium receivables, and other CMS receivables. The Company reported $66.7 million and $64.2 million within Healthcare receivables at June 30, 2024, and December 31, 2023, respectively.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Related party agreements The Company 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"), for the provision of inpatient and hospital-based outpatient services. CarePoint Health was ultimately held and controlled by Vivek Garipalli, the Company's Executive Chairman and a significant stockholder of the Company. In May 2022, Mr. Garipalli and his family completed a donation of their interest in CarePoint Health to a non-profit organization called CarePoint Health Systems, Inc. Following the donation, Mr. Garipalli has remained a Manager of Hudson Hospital Propco, LLC, an affiliate of Hudson Hospital Opco, LLC. Additionally, certain affiliates of Mr. Garipalli are owed certain money from CarePoint Health for prior obligations, and Mr. Garipalli has an indirect interest in Sequoia Healthcare Services, LLC and Sequoia Healthcare Management, LLC, which both provide services to CarePoint Health. Expenses and fees incurred related to Clover's contracts with CarePoint Health, recorded in Net medical claims incurred, in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss), were $2.3 million and $2.9 million for the three months ended June 30, 2024 and 2023, respectively, and $2.8 million and $6.6 million for the six months ended June 30, 2024 and 2023, respectively. Additionally, $1.3 million and $1.4 million were payable to CarePoint Health at June 30, 2024, and December 31, 2023, respectively. The Company has a contract with Medical Records Exchange, LLC (formerly known as "ChartFast," now d/b/a Credo) pursuant to which the Company receives administrative services related to medical records retrieval via Credo's electronic applications and web portal platform. Expenses and fees incurred related to this agreement were $0.3 million and $0.2 million for the three months ended June 30, 2024 and 2023, respectively, and $0.4 million and $0.3 million for the six months ended June 30, 2024 and 2023, respectively. Vivek Garipalli, the Company's Executive Chairman and significant stockholder of the Company, is an indirect owner of Medical Records Exchange, LLC. Since July 2, 2021, the Company has contracted with Thyme Care, Inc. ("Thyme Care"), an oncology care management company, through which Thyme Care was engaged to provide cancer care management services to the Company's Insurance members and develop a provider network to help ensure member access to high-value oncology care. The Company and Thyme Care have amended the terms of the engagement, effective April 1, 2023, to include additional clinical services available to Clover members as well as the value based payment terms. The Company entered into an agreement with Thyme Care effective September 23, 2020 where the Company purchased 1,773,049 shares (less than five percent (5%) of its class A common stock). The fair value of these shares is $0.5 million at June 30, 2024, and is recognized in Other assets, non-current, in the Condensed Consolidated Balance Sheets. In accordance with ASC 321, any changes in fair value associated with these shares are recognized in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). Mr. Garipalli is a member of the board of directors of Thyme Care and holds an equity interest of less than five percent (5%) of that entity. Expenses and fees incurred related to this agreement were $2.3 million and $0.4 million for the three months ended June 30, 2024 and 2023, respectively, and $2.3 million and $0.8 million for the six months ended June 30, 2024 and 2023, respectively. Additionally, $2.7 million and $0.2 million were payable to Thyme Care at June 30, 2024, and December 31, 2023, respectively.

Unpaid Claims

Unpaid Claims	6 Months Ended
	Jun. 30, 2024
Liability for Unpaid Claims and Claims Adjustment Expense, Activity in Liability [Abstract]
Unpaid Claims	Unpaid Claims Activity within the liability for Unpaid claims, including claims adjustment expenses, for the six months ended June 30, 2024 and 2023, respectively, is summarized as follows: Six Months Ended June 30, 2024 2023 (in thousands) Gross and net balance, beginning of period (1) $ 137,100 $ 137,395 Incurred related to: Current year 531,627 515,089 Prior years (28,021) (3,168) Total incurred 503,606 511,921 Paid related to: Current year 359,462 409,780 Prior years 80,694 122,956 Total paid 440,156 532,736 Gross and net balance, end of period (1) $ 200,550 $ 116,580 (1) Includes amounts due to related parties. The Company uses a variety of standard actuarial techniques to establish unpaid claims reserves. Management estimates are supported by the Company's actuarial analysis. The Company 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 fluctuate 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. Unpaid Claims for Insurance Operations Unpaid claims for Insurance operations were $200.6 million at June 30, 2024. During the six months ended June 30, 2024, $80.7 million was paid for incurred claims attributable to insured events of prior years. A favorable development of $28.0 million was recognized during the six months ended June 30, 2024, resulting from the Company's actual experience with claims developing differently as compared to the Company's estimates at December 31, 2023. A favorable development of $3.2 million was recognized during the six months ended June 30, 2023, resulting from the Company's actual experience with claims developing differently as compared to the Company's estimates at December 31, 2022. 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 67.6% for the six months ended June 30, 2024, and 79.6% for the six months ended June 30, 2023. This ratio serves as an indicator of claims processing speed, indicating that claims were processed at a slower rate during the six months ended June 30, 2024, than during the six months ended June 30, 2023. As a result of slower claims processing, unpaid claims liability increased which was primarily due to claim submission and payment process disruptions related to a third-party cyber incident.

Stockholders' Equity and Conver

Stockholders' Equity and Convertible Preferred Stock	6 Months Ended
	Jun. 30, 2024
Equity And Temporary Equity [Abstract]
Stockholders' Equity and Convertible Preferred Stock	Stockholders' Equity and Convertible Preferred Stock Stockholders' Equity The Company was authorized to issue up to 2,500,000,000 shares of Class A common stock at June 30, 2024 and December 31, 2023, respectively, and up to 500,000,000 shares of Class B common stock at June 30, 2024 and December 31, 2023. At June 30, 2024 and December 31, 2023, there were 406,486,444 and 401,183,882 shares of Class A common stock issued and outstanding, respectively. There were 89,649,365 and 87,867,732 shares of Class B common stock issued and outstanding at June 30, 2024 and December 31, 2023, respectively. Class B common stock has 10 votes per share, and Class A common stock has one vote per share. The Company had 14,574,401 and 7,912,750 shares held in treasury at June 30, 2024 and December 31, 2023, respectively. These amounts represent shares withheld to cover taxes upon vesting of employee stock-based awards. On May 6, 2024, the Board of Directors of the Company authorized the repurchase of up to $20,000,000 in shares of the Company’s outstanding Class A Common Stock over a two year period. The timing, manner, price and amount of any repurchases are determined by the discretion of management, depending on market conditions and other factors. Repurchases may be made through open market purchases, including through Rule 10b5-1 trading plans, block trades or privately negotiated purchases or otherwise. The exact number of shares to be repurchased by the Company, if any, is not guaranteed, and there is no minimum number of shares that the Company is required to purchase. Depending on market conditions and other factors, these repurchases may be commenced, suspended or discontinued at any time or periodically without prior notice. Shares repurchased by the Company are accounted for on the settlement date. Upon settlement, repurchased shares are held as treasury shares and are no longer considered outstanding. The total cost to repurchase shares includes any direct costs incurred, including broker commissions and excise taxes, and is recorded as a reduction to additional paid in capital in the Condensed Consolidated Balance Sheets. During the three months ended June 30, 2024, the Company repurchased 1,838,309 shares for an aggregate total of $1.8 million. At June 30, 2024, the Company was authorized to issue 25,000,000 shares of preferred stock having a par value of $0.0001 per share, and the Company's Board has the authority to determine the rights, preferences, privileges, and restrictions, including voting rights, of those shares. At June 30, 2024, there were no shares of preferred stock issued and outstanding.

Variable Interest Entity and Eq

Variable Interest Entity and Equity Method of Accounting	6 Months Ended
	Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Variable Interest Entity and Equity Method of Accounting	Variable Interest Entity and Equity Method of Accounting On February 4, 2022, Character Biosciences, Inc. (f/k/a Clover Therapeutics Company) ("Character Biosciences"), an affiliate of the Company, completed a private capital transaction in which it raised $17.9 million from the issuance of 16,210,602 shares of its preferred stock. Upon completion of the transaction, the Company owned approximately 25.46% of Character Biosciences. As a result, the Company reassessed its interest in Character Biosciences and determined that while Character Biosciences is a VIE, the Company is not considered the primary beneficiary of the VIE because it does not have the power, through voting or similar rights and the license agreements, to direct the activities of Character Biosciences that most significantly impact Character Biosciences' economic performance. On January 23, 2023, Character Biosciences, completed a second private capital transaction in which it raised additional capital from the issuance of additional shares of its preferred stock. Upon completion of this transaction, the Company's ownership percentage in Character Biosciences decreased to 23.92%. The Company determined that it does have a significant influence over Character Biosciences and, therefore, it began accounting for its common stock investment in Character Biosciences using the equity method on February 4, 2022. The Company derecognized all of Character Biosciences' assets and liabilities from its balance sheet and its noncontrolling interest related to Character Biosciences, and recognized the retained common stock and preferred stock equity interests at fair values of $3.7 million and $4.9 million, respectively, which are included in Equity method investment and Other assets, non-current in the Condensed Consolidated Balance Sheets. For the year ended December 31, 2022, the Company recognized a gain on investment of $9.2 million which is included in Loss (gain) on investment in the Consolidated Statements of Operations and Comprehensive Income (Loss). For the year ended December 31, 2023, the Company recognized a loss on investment of $4.7 million. As the Company applies the equity method to account for its common stock interest in Character Biosciences, the initial value of the investment is adjusted periodically to recognize (i) the proportionate share of the investee's net income or losses after the date of investment, (ii) additional contributions made and dividends or distributions received, and (iii) impairment losses resulting from adjustments to net realizable value. The Company eliminates all intercompany transactions in accounting for equity method investments and records the proportionate share of the investee's net income or loss in equity in loss on investment in the Consolidated Statements of Operations and Comprehensive Income (Loss). In accordance with ASC 323 Investments - Equity Method and Joint Ventures (“ASC 323”), the Company recognized the proportionate share of Character Bioscience's net loss up to the investment carrying amount. As a result, the Company did not recognize any shared gain or loss for the three months ended June 30, 2024 and 2023, respectively, and recognized a loss of $0.5 million and none for the six months ended June 30, 2024 and 2023, respectively. The equity method investment in Character Biosciences was reduced to zero during the three months ended March 31, 2024 and no further losses can recorded in the Company's condensed consolidated financial statements as the Company did not guarantee obligations of the investee company nor has not committed additional funding. The Company will begin recognizing its share of net income only when it is greater than the cumulative net losses not recognized during the period the equity method was suspended.

Employee Benefit Plans

Employee Benefit Plans	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Employee Benefit Plans	Employee Benefit Plans Employee Savings Plan The Company 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 Company 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 after one year of service. The Company's service contributions to the 401(k) Plan amounted to approximately $0.5 million and $0.4 million for the three months ended June 30, 2024 and 2023, respectively, and $1.1 million and $0.9 million for the six months ended June 30, 2024 and 2023, respectively, and are included in Salaries and benefits in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). The Company's cash match is invested pursuant to the participant's contribution direction. Employer contributions are immediately 100.0% vested. Stock-based Compensation The Company's 2020 Equity Incentive Plan (the "2020 Plan") provides for grants of restricted stocks units ("RSUs"), performance-based restricted stock units ("PRSUs") and stock options to acquire shares of the Company's common stock, to employees, directors, officers, and non-employee consultants of the Company and its affiliates, and the Company's 2020 Management Incentive Plan (the "2020 MIP") provides for grants of RSUs and PRSUs to the Company's Executive Chair and CEO. During the year ended December 31, 2021, the Company approved the 2020 Plan and the 2020 MIP, and the Company's 2014 Equity Incentive Plan (the "2014 Plan") was terminated. When the 2014 Plan was terminated, the outstanding awards previously granted thereunder were assumed by the Company, 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. On March 9, 2022, the Board adopted the Company's 2022 Inducement Award Plan (the "Inducement Plan" and, collectively with the 2020 Plan, the 2020 MIP, and the 2014 Plan, the "Plans") without stockholder approval in accordance with Nasdaq Listing Rules. Under the Inducement Plan, the Company may grant non-qualified stock options, RSUs, stock appreciation rights, and other stock or cash-based awards to an employee in connection with his or her commencement of employment, or following a bona fide period of non-employment, with the Company or an affiliate. The 2020 Plan has an evergreen provision that requires the number of shares available for issuance under the plan to be increased on the first day of each fiscal year beginning with the 2022 fiscal year and ending on (and including) the last day of the 2024 fiscal year, in each case, in an amount equal to the lesser of (i) seven percent (7%) of the outstanding shares of Class A common Stock on the last day of the immediately preceding fiscal year and (ii) such number of shares of Class A common Stock determined by the Board; provided that for each fiscal year beginning with the 2025 fiscal year through the fiscal year that includes the expiration date of the plan, each such increase shall be reduced to the lesser of five percent (5%) of the outstanding shares of Class A common Stock on the last day of the immediately preceding fiscal year or such number of shares as determined by the Board. The maximum number of shares of the Company's common stock reserved for issuance over the term of the Plans, shares outstanding under the Plans, and shares remaining under the Plans at June 30, 2024 were as follows: June 30, 2024 Shares Authorized Under Plans Shares Outstanding Under Plans Shares Remaining Under Plans 2014 Plan 54,402,264 34,616,068 N/A 2020 Plan 86,604,581 43,871,475 20,514,172 2020 MIP 33,426,983 23,398,889 — Inducement Plan 11,000,000 6,487,403 — The Plans are administered by the Talent and Compensation Committee of the Board (the "Compensation Committee"). Stock options granted under the Plans are subject to the terms and conditions 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 market 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 and generally vest over four one The Company recorded Stock-based compensation for stock options, RSUs, and PRSUs granted under the Plans, and discounts offered in connection with the Company's 2020 Employee Stock Purchase Plan ("ESPP") of $27.9 million and $36.1 million during the three months ended June 30, 2024 and 2023, respectively, and $56.7 million and $74.7 million during the six months ended June 30, 2024 and 2023, respectively, and such expenses are presented in Salaries and benefits in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). Compensation cost presented in Salaries and benefits in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) were as follows: Three Months Ended June 30, 2024 2023 (in thousands) Stock options $ 530 $ 748 RSUs 20,400 20,936 PRSUs 6,944 14,398 ESPP 26 26 Total compensation cost recognized for stock-based compensation plans $ 27,900 $ 36,108 Six Months Ended June 30, 2024 2023 (in thousands) Stock options $ 1,148 $ 2,089 RSUs 41,317 41,936 PRSUs 14,157 30,593 ESPP 76 107 Total compensation cost recognized for stock-based compensation plans $ 56,698 $ 74,725 At June 30, 2024, there was approximately $401.0 million of unrecognized stock-based compensation expense related to unvested stock options, unvested RSUs, unvested PRSUs, and the ESPP, estimated to be recognized over a period of four years. Stock Options The Company did not grant stock options during the six months ended June 30, 2024 and 2023, respectively. A summary of option activity under the 2020 Plan during the six months ended June 30, 2024, was as follows: Number of stock options Weighted-average exercise price Outstanding, January 1, 2024 952,900 $ 8.88 Granted — — Exercised — — Forfeited (91,631) 8.88 Outstanding, June 30, 2024 861,269 $ 8.88 A summary of stock option activity under the 2014 Plan during the six months ended June 30, 2024, was as follows: Number of stock options Weighted-average exercise price Outstanding, January 1, 2024 24,041,753 $ 1.45 Granted — — Exercised (87,810) 0.26 Forfeited (84,871) 2.85 Outstanding, June 30, 2024 23,869,072 $ 2.73 At June 30, 2024, outstanding stock options, substantially all of which are expected to vest, had an aggregate intrinsic value of less than $0.1 million, and a weighted-average remaining contractual term of four years. At June 30, 2024, there were 24,190,141 options exercisable under the Plan, with an aggregate intrinsic value of less than $0.1 million, a weighted-average exercise price of $2.87 per share, and a weighted-average remaining contractual term of 4.89 years. The total value of stock options exercised during the six months ended June 30, 2024 and 2023 was $0.1 million. Cash received from stock option exercises during the six months ended June 30, 2024 and 2023 totaled less than $0.1 million and none, respectively. Restricted Stock Units A summary of total RSU activity is presented below: Number of RSUs Weighted-average grant date fair value per share Outstanding, January 1, 2024 56,928,405 $ 4.28 Granted 16,232,187 0.81 Released (12,983,357) 5.53 Forfeited (7,122,050) 2.00 Outstanding, June 30, 2024 53,055,185 $ 3.22 Performance Restricted Stock Units The Company has granted PRSUs to certain executives and key employees, which become eligible to vest based on achievement of certain Company or individual performance milestones (“Non-Market PRSUs”) and certain Company stock price targets (“Market PRSUs”), each as determined by the Compensation Committee. Market PRSUs will vest if prior to the vesting date the average closing price of one share of the Company's common stock for 90 consecutive days equals or exceeds a specified price. The expense referenced above is mainly attributable to Market PRSUs that vest based on pre-established milestones that primarily consist of the volume-weighted average stock closing price ranging from $20 to $30 for 90 consecutive days. The grant date fair value of the Non-Market PRSUs was based on the closing price of the Company’s Class A common stock and recognized as expense over the requisite performance period under the accelerated attribution method and is adjusted in future periods for the success or failure to achieve the specified performance condition. The grant date fair value of the Market PRSUs was determined using a Monte Carlo simulation model that incorporated multiple valuation assumptions, including the probability of achieving the specified market condition. Expense for Market PRSUs is recognized over the derived service period under the accelerated attribution method and is not adjusted in future periods for the success or failure to achieve the specified market condition. The assumptions that the Company used in the Monte Carlo model to determine the grant date fair value of Market PRSUs granted for the year ended December 31, 2021, were as follows: Year ended December 31, 2021 Expected volatility (1) 40.7 % Risk-free interest rate (2) 0.5 Dividend yield (3) — (1) Expected volatility is based on a blend of peer group company historical data adjusted for the Company'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 Company does not anticipate paying dividends. At June 30, 2024, the market condition component of these PRSUs has not been met, so the awards have not been earned. This expense represents most of the PRSU expense recognized for the three and six months ended June 30, 2024 related to stock-based compensation plans which is presented in Salaries and benefits in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). The Company has also determined the requisite service period for the PRSUs with multiple performance conditions to be the longest of the explicit, implicit, or derived service period for each tranche. A summary of PRSU activity is presented below: Number of PRSUs Weighted-average grant date fair value per share Non-vested, January 1, 2024 32,131,532 $ 8.36 Granted during 2024 — — Adjustment for performance condition achieved (1) 99,558 0.94 Vested (1,327,613) 1.29 Forfeited (315,292) 1.56 Non-vested at June 30, 2024 30,588,185 $ 8.72 (1) Represents an increase in the number of original CLOV performance share units awarded based on final achievement at the end of the performance period of such awards At June 30, 2024, there was $24.5 million of unrecognized share-based compensation expense related to PRSUs, which is expected to be recognized over a period of four years. 2020 Employee Stock Purchase Plan On January 6, 2021, the Board adopted and the Company's stockholders approved the ESPP, which permits eligible employees and service providers of either the Company or designated related companies and affiliates to contribute up to 15% of their eligible compensation during defined offering periods to purchase shares of the Company’s Class A common stock at a 15% discount from the fair market value of the common stock as determined on specific dates at specific intervals. Subject to adjustments provided in the ESPP that are discussed below, the maximum number of shares of common stock that may be purchased under the ESPP is 14,163,863 shares, and the maximum number of shares that may be purchased on any single purchase date by any one participant is 5,000 shares. At June 30, 2024, 12,851,030 shares of Class A common stock were available for issuance under the ESPP. The ESPP includes an evergreen provision that limits the maximum number of shares of Class A common stock that may be issued under the plan, to 2,785,582 shares, plus the number of shares of Class A common stock that are automatically added 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, in an amount equal to the lesser of (i) one percent (1%) 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 Board; 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 Company (inclusive of the shares reserved under the ESPP) as of January 7, 2021, on an as-converted basis. The assumptions that the Company used in the Black-Scholes option-pricing model to determine the fair value of the purchase rights under the ESPP for the most recent offering period, is as follows: Offering period from May 22, 2024 to November 21, 2024 Weighted-average risk-free interest rate 5.4 % Expected term (in years) 0.50 Expected volatility 64.0 %

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The consolidated effective tax rate of the Company for the three and six months ended June 30, 2024 and 2023, was 0.0%, respectively. Despite the net income reported for the three months ended June 30, 2024, the Company continues to be in a net operating loss for the six months ended June 30, 2024 and net deferred tax asset position. As a result, and in accordance with accounting standards, the Company recorded a valuation allowance to reduce the value of the net deferred tax assets to zero. The Company believes that at June 30, 2024, 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 at June 30, 2024 and December 31, 2023.

Net Income (Loss) per Share

Net Income (Loss) per Share	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Net Income (Loss) per Share	Net Income (Loss) per Share Basic and diluted net loss per share from continuing operations attributable to Class A common stockholders and Class B common stockholders (collectively, "Common Stockholders") for the years indicated were calculated as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (in thousands, except for per share and share amounts) Numerator: Net income (loss) from continuing operations attributable to Common Stockholders $ 7,170 $ (28,889) $ (16,000) $ (108,587) Net income from discontinued operations attributable to Common Stockholders 238 75 4,238 7,167 Denominator: Basic weighted average number of common shares and common share equivalents outstanding 487,483,087 479,163,752 487,575,520 479,819,237 Dilutive shares: RSU 4,989,934 N/A N/A N/A PRSU 2,684,069 N/A N/A N/A Stock Options 22,865 N/A N/A N/A Weighted average shares used in computing net income per share of common stock, diluted 495,179,955 479,163,752 487,575,520 479,819,237 Basic earnings (loss) per share from continuing operations $ 0.01 $ (0.06) $ (0.03) $ (0.23) Basic earnings per share from discontinued operations 0.00 0.00 0.01 0.01 Diluted earnings (loss) per share from continuing operations 0.01 (0.06) (0.03) (0.23) Diluted earnings per share from discontinued operations 0.00 0.00 0.01 0.01 For the three months ended June 30, 2024, the Company had net income from continuing operations attributable to Common Stockholders. As a result, the Company's options, RSUs and PRSUs were considered as part of the diluted earnings per share calculation. The Company's options are only included if their strike price was less than the market price per share for the periods being presented. RSU and PRSU shares are only included in the calculation for diluted earnings per share if their performance criteria was satisfied during the period and if they are dilutive in nature. For all other periods presented, the Company had net loss from continuing operations attributable to Common Stockholders. As a result, the Company's potentially dilutive securities, which include Options, RSUs, and PRSUs, have been excluded from the computation of diluted net loss per share from continuing operations, as the effect would be anti-dilutive. Therefore, during these periods, the diluted common shares outstanding equals the average common shares outstanding. The following table presents the potentially dilutive shares that were excluded from the computation of diluted net income (loss) per share of common stock: Three Months Ended Six Months Ended 2024 2023 2024 2023 Options to purchase common stock 22,437,390 25,504,988 24,730,341 25,504,988 RSUs 246,711 54,786,269 53,055,185 54,786,269 PRSUs 24,749,633 31,095,905 30,588,185 31,095,905 Total potentially dilutive shares excluded from computation of net income (loss) per share 47,433,734 111,387,162 108,373,711 111,387,162

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Actions Various lawsuits against the Company may arise in the ordinary course of the Company'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 Company. At June 30, 2024, and December 31, 2023, respectively, there were no material known contingent liabilities arising outside the normal course of business other than as set forth below. In accordance with ASC No. 450-20, Loss Contingencies , we will record accruals for loss contingencies when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. Securities Class Actions, Derivative Litigation and Investigations Since February 2021, the Company has received subpoenas from the SEC related to certain disclosures and aspects of our business as well as certain matters described in an article issued on February 4, 2021, by Hindenburg Research LLC (the "Hindenburg Article"). The Company is cooperating with the SEC's investigation. The Hindenburg Article, which discussed, among other things, an inquiry by the U.S. Attorney's Office for the Eastern District of Pennsylvania relating to, among other things, certain of the Company’s arrangements with providers participating in its network and programs, and Clover Assistant, was the subject of the Company’s Current Report on Form 8-K dated February 5, 2021. In February 2021, the Company 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 assert violations of sections 10(b) and 20(a) of the Exchange Act and Rule 10b-5 promulgated under the Exchange Act. The Kaul action asserts additional claims under sections 11 and 15 of the Securities Act. The complaints generally relate to allegations published in the Hindenburg Article. The complaints seek unspecified damages on behalf of all persons and entities who purchased or acquired Clover securities during the 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 were consolidated under Bond v. Clover Health Investments, Corp. et al., Case No. 3:21-cv-00096 (M.D. Tenn.) as the lead case. On June 28, 2021, the plaintiffs filed an amended complaint, which also generally relates to allegations published in the Hindenburg Article, but adds, among other things, allegations from confidential witnesses who purport to be former employees of the Company. The Company moved to dismiss the amended complaint on August 28, 2021; that motion was denied on February 28, 2022. On February 14, 2023, the court granted the plaintiffs' motion for class certification. On April 21, 2023, the parties to the securities class action entered into a memorandum of understanding providing for the settlement of the action. The Court approved the settlement and dismissed the action with prejudice on October 3, 2023. Under the settlement, the class will receive $22 million dollars (less an award of fees and expenses to the plaintiffs’ counsel), and the defendants (including the Company) received customary releases. The Company used $19.5 million in insurance proceeds to fund the settlement. The Company previously filed a lawsuit in Delaware state court against certain of its insurers for full payment of its liabilities related to this securities litigation. The Company intends to oppose any efforts by the carrier defendants to recoup insurance proceeds that they have advanced to date. Shareholder derivative actions parallel to the securities class action 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 Company'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 initial complaint asserted 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., N.Y. Cnty.). The complaint asserts breach of fiduciary duty and unjust enrichment. The complaint names certain former officers and directors as defendants. It seeks, among other things, unspecified damages and an order directing Clover to take certain actions to reform and improve its corporate governance and internal procedures. The sixth action was filed in the Delaware Court of Chancery and is captioned Davies v. Garipalli, et al., No. 2021-1016-SG (Del. Ch.). The complaint asserts breach of fiduciary duty. The complaint names certain current and former officers and directors as defendants. It seeks, among other things, unspecified damages and an order directing Clover to take certain actions to reform and improve its corporate governance and internal procedures. The seventh action was filed in the Supreme Court of the State of New York and is captioned Uvaydov v. Palihapitiya, et al., Index No. 656978/2021 (N.Y Sup. Ct., N.Y. Cnty.). The complaint asserts breach of fiduciary duty, unjust enrichment, and aiding and abetting a breach of fiduciary duty. The complaint names certain current and former officers and directors as defendants. It seeks, among other things, unspecified damages, restitution, and disgorgement of profits obtained by 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. On November 30, 2021, the Sun and Luthra plaintiffs filed an amended complaint, asserting violations of section 14(a) of the Exchange Act, breach of fiduciary duty, aiding and abetting a breach of fiduciary duty, unjust enrichment, abuse of control, gross mismanagement, waste of corporate assets, and contribution under sections 10(b) and 21D of the Exchange Act. The amended complaint generally relates to the allegations published in the Hindenburg Article, and 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 enhance Clover's corporate governance policies and procedures. 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. On April 19, 2022, the plaintiff in the Wiegand action filed an amended complaint, asserting violations of Sections 10(b), 20(a), and 21D of the Exchange Act, breach of fiduciary duty, waste of corporate assets, and unjust enrichment against certain current and former officers and directors. The amended complaint seeks, among other things, unspecified damages and an order requiring Clover to take certain actions to improve Clover's corporate governance and internal procedures. On August 19, 2022, the two derivative actions filed in New York state court were consolidated under In re Clover Health Investments, Corp. Stockholder Derivative Litig., Index No. 655420/2021. On November 3, 2022, the plaintiffs in this action filed a consolidated complaint, asserting breach of fiduciary duty, and unjust enrichment, and naming certain former officers and directors as defendants. The complaint seeks, among other things, unspecified damages, restitution, the disgorgement of profits obtained by defendants, and an order directing Clover to take certain actions to reform and improve its corporate governance and internal procedures. On June 21, 2023, the plaintiffs in the derivative lawsuits, on the one hand, and the Company, on the other hand, entered into a binding memorandum of understanding providing for the settlement of the derivative actions. On February 5, 2024, the parties executed a stipulation of settlement which, subject to final court approval, will provide the defendants in the derivative lawsuits with customary releases and will require the Company to implement a suite of corporate governance enhancements. On July 11, 2024, the United States District Court for the Middle District of Tennessee entered a final judgment approving the settlement. The settlement does not involve any monetary payment, other than payment of an award of fees and expenses to plaintiffs’ counsel in the amount of $2,500,000. Bylaw Litigation On March 26, 2024, a putative shareholder filed a class action suit against the Company and its directors and officers in Delaware Chancery Court challenging a Company bylaw governing the process for nominating a candidate to the board of directors as preclusive and coercive. The case is captioned Taylor v. Clinton, et al. , Case No. 2024-0305 (Del. Ch.). In June 2024, the Company adopted an amendment to its bylaws mooting the litigation, and the plaintiffs voluntarily dismissed the suit, with the court retaining jurisdiction to adjudicate any dispute regarding attorneys’ fees.

Operating Segments

Operating Segments	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Operating Segments	Operating Segments Starting in 2024, the Company manages its operations based on one reportable operating segment: Insurance. Through the Insurance segment, the Company provides PPO and HMO plans to Medicare Advantage members in several states. These segment groupings are consistent with information used by the CODM, to assess performance and allocate resources. The operations of the Company are organized into the following one segment: • Insurance Segment includes operations related to the Company's MA plans, which generally provide access to a wide network of primary care providers, specialists, and hospitals. Corporate/Other includes other clinical services not included in Medicare Advantage 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 Company's results by operating segment: Insurance Corporate/Other Eliminations Consolidated Total Three months ended June 30, 2024 (in thousands) Premiums earned, net (net of ceded premiums of $102) $ 349,900 $ — $ — $ 349,900 Other income 4,044 42,269 (39,953) 6,360 Intersegment revenues — 51,200 (51,200) — Net medical claims incurred 249,406 4,965 (6,024) 248,347 Gross profit (loss) $ 104,538 $ 88,504 $ (85,129) $ 107,913 Total assets $ 431,231 $ 881,633 $ (638,654) $ 674,210 Insurance Corporate/Other Eliminations Consolidated Total Six months ended June 30, 2024 (in thousands) Premiums earned, net (net of ceded premiums of $203) $ 691,622 $ — $ — $ 691,622 Other income 7,771 57,950 (54,161) 11,560 Intersegment revenues — 99,665 (99,665) — Net medical claims incurred 515,482 9,903 (11,876) 513,509 Gross profit (loss) $ 183,911 $ 147,712 $ (141,950) $ 189,673 Total assets $ 431,231 $ 881,633 $ (638,654) $ 674,210 Insurance Corporate/Other Eliminations Consolidated Total Three months ended June 30, 2023 (in thousands) Premiums earned, net (net of ceded premiums of $113) $ 314,383 $ — $ — $ 314,383 Other income 2,015 13,775 (10,035) 5,755 Intersegment revenues — 45,654 (45,654) — Net medical claims incurred 242,839 3,682 (2,259) 244,262 Gross profit $ 73,559 $ 55,747 $ (53,430) $ 75,876 Total assets $ 478,797 $ 970,942 $ (747,724) $ 702,015 Insurance Corporate/Other Eliminations Consolidated Total Six months ended June 30, 2023 (in thousands) Premiums earned, net (net of ceded premiums of $235) $ 631,469 $ — $ — $ 631,469 Other income 3,854 31,514 (24,707) 10,661 Intersegment revenues — 68,885 (68,885) — Net medical claims incurred 517,343 7,130 (5,422) 519,051 Gross profit $ 117,980 $ 93,269 $ (88,170) $ 123,079 Total assets $ 478,797 $ 970,942 $ (747,724) $ 702,015 A reconciliation of the reportable segments' gross profit to the Net income (loss) from continuing operations included in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) is as follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 (in thousands) Gross profit $ 107,913 $ 75,876 $ 189,673 $ 123,079 Salaries and benefits 55,499 62,437 114,722 131,418 General and administrative expenses 44,424 41,710 88,993 99,354 Premium deficiency reserve benefit — (5,138) — (6,948) Depreciation and amortization 330 999 648 1,278 Restructuring costs 473 4,750 826 6,557 Change in fair value of warrants 17 — 17 — Interest expense — 7 — 7 Loss on investment — — 467 — Net income (loss) from continuing operations $ 7,170 $ (28,889) $ (16,000) $ (108,587)

Dividend Restrictions

Dividend Restrictions	6 Months Ended
	Jun. 30, 2024
Disclosure of Restrictions on Dividends, Loans and Advances Disclosure [Abstract]
Dividend Restrictions	Dividend Restrictions The Company'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 Company'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. At June 30, 2024 and December 31, 2023, neither of the regulated insurance subsidiaries had been authorized nor paid any dividends.

Restructuring Costs

Restructuring Costs	6 Months Ended
	Jun. 30, 2024
Restructuring and Related Activities [Abstract]
Restructuring Costs	Restructuring costs On April 17, 2023, the Company announced it would implement certain business transformation initiatives, including an agreement to move its core MA operational platform to UST HealthProof’s (“UST HealthProof”) and additional corporate restructuring actions. The agreement with UST HealthProof includes the transition of certain of the Company’s plan operation functions in support of its Medicare Advantage members pursuant to a master services agreement. In addition to the arrangement with UST HealthProof, in April 2023 the Company conducted a reduction in force to better align its Selling, General, and Administrative cost structure with its revenue base. This restructuring resulted in the elimination of approximately 10% of the Company's workforce. The Company incurred costs related to these business transformation initiatives, which consisted of employee termination benefits, vendor related costs, and other costs, which are accounted for as exit and disposal costs and recorded pursuant to ASC 420, Exit or Disposal Cost Obligations. For those costs determined to be one-time termination benefits the Company established a liability for the restructuring related expenses when the plan was established, the remaining costs will be expensed as incurred. The Restructuring costs are presented in the Company's Condensed Consolidated Statements of Operations and Comprehensive Income (Loss), which were as follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 (in thousands) Employee termination benefits $ — $ 3,337 $ — $ 4,562 Vendor related costs 473 1,122 822 1,921 Other — 291 4 74 Total restructuring costs $ 473 $ 4,750 $ 826 $ 6,557 UST HealthProof Transition As of June 30, 2024, the liability for employee termination benefits was recorded in Accrued salaries and benefits and the liability for vendor related costs and other expenses were recorded in Accounts payable and accrued expenses in the Condensed Consolidated Balance Sheets. The liability recorded reflects the Company's best estimate, which may be revised in subsequent periods as the restructuring progresses. The restructuring costs are recorded within the Corporate/Other operating segment. In addition, the Company incurred costs related to software impairment. These costs are recognized in Depreciation and amortization in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss), and totaled none and $0.1 million for the three months and six months ended June 30, 2024, respectively. Employee Termination Benefits Vendor related costs Other Total (in thousands) Liability as of December 31, 2023 $ 1,781 $ 3,390 $ — $ 5,171 Charges — 822 4 826 Cash payments (1,234) (1,257) (4) (2,495) Liability as of June 30, 2024 $ 547 $ 2,955 $ — $ 3,502 Total cumulative costs incurred as of June 30, 2024 $ 4,795 $ 5,761 $ 91 $ 10,647

Discontinued Operations

Discontinued Operations	6 Months Ended
	Jun. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Discontinued Operations On December 1, 2023, the Company notified CMS that it would no longer participate as a REACH ACO in connection with the 2024 performance year. The Company’s exit from the ACO REACH Program was made after the Company determined that it is in its best interest to fully exit the ACO REACH Program starting with the 2024 performance year, and follows the Company's November 2022 announcement of a strategic reduction in the number of ACO REACH participating physicians in 2023. The nature of the remaining activities relate to the settlement with CMS related to prior performance years which is expected to be completed during the second half of 2024. A summary of the carrying amounts of major assets and liabilities, which were classified as held for settlement in the Condensed Consolidated Balance Sheets, follows: June 30, 2024 December 31, 2023 (in thousands) Assets (1) Cash and cash equivalents $ — $ 6,456 Surety bond and deposits — 55,089 Non-Insurance receivable 10,064 10,926 Total assets $ 10,064 $ 72,471 Liabilities (1) Unpaid claims $ 715 $ 2,856 Accrued salaries and benefits — 110 Non-Insurance performance year obligation, current 5,750 15,568 Non-Insurance payable 42,308 41,565 Total liabilities $ 48,773 $ 60,099 (1) The assets and liabilities of the disposal group classified are classified as current in the Condensed Consolidated Balance Sheet at June 30, 2024 as the settlement with CMS is expected to occur within one year. A summary of the results from discontinued operations included in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (in thousands) Revenues: Non-Insurance revenue $ (1,045) $ 193,490 $ 5,779 $ 399,273 Total revenues (1,045) 193,490 5,779 399,273 Operating Expenses: Net medical claims incurred (1,502) 192,692 733 390,393 General and administrative expenses 219 723 511 1,713 Restructuring costs — — 297 — Total operating expenses (1,283) 193,415 1,541 392,106 Gain from operations 238 75 4,238 7,167 Net income $ 238 $ 75 $ 4,238 $ 7,167 A summary of cash flows from discontinued operations included in the Condensed Consolidated Statements of Cash Flows follows: Six Months Ended June 30, 2024 2023 (in thousands) Net cash (used in) provided by operating activities $ (9,005) $ 20,528 Performance guarantees Certain of the Company's arrangements with third-party providers require it to guarantee the performance of its care network to CMS. As a result of the Company's participation in the ACO REACH Model, the Company determined that it was making a performance guarantee with respect to providers under the Non-Insurance arrangement that should be recognized in the financial statements. The performance guarantee identified relates to the Company guaranteeing the performance of the third-party medical providers. Thus, the contract with CMS is accounted for as a performance guarantee under ASC 460-Guarantees. At the inception of the performance year, the Company measures and recognizes the performance guarantee receivable and obligation, issued in this standalone arm's length transaction, using the practical expedient to fair value as set forth in ASC 460-10-30-2(a). The Company estimates the annualized benchmark, which is the amount recognized in both the Non-Insurance performance year receivable and the Non-Insurance performance year obligation, current. This is consistent with ASC 460-10-25-4, which provides that a guarantor shall recognize in its statement of financial position a liability for that guarantee. In addition, when the guarantee is issued in a standalone transaction for a premium, the offsetting entry should be considered received (such as cash or a receivable) according to ASC 460-10-25-4. Thus the Company recognizes the Non-Insurance performance year receivable on its balance sheets. To subsequently measure and recognize the performance guarantee, the Company follows ASC 460-10-35-2(b) and applies a systematic and rational approach to reflect its release from risk. Under this approach, the Company amortizes on a straight-line basis over the performance year, the obligation. The Company has determined this systematic and rational method is appropriate, as it matches the period in which the guarantee is fulfilled. In addition, ASC 460-10-35-2 provides further guidance on the subsequent measurement related to the Company's performance guarantee. Per ASC 460-10-35-2, depending on the nature of the guarantee, the guarantor's release from risk typically can be recognized over the term of the guarantee using one of three methods: (1) upon expiration or settlement, (2) by systematic or rational amortization, or (3) as the fair value of the guarantee changes. The Company has determined that method (2) is the appropriate method of recognition as discussed above. With respect to each performance year in which the ACO is a participant, the final consideration due to the ACO from CMS ("shared savings") or the consideration due to CMS from the ACO ("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 Non-Insurance performance obligation, current or Non-Insurance performance receivable if the Company is in a probable loss position or probable savings position, respectively. The ACO has entered into an agreement with CMS and a third-party to cover the financial threshold determined by CMS. In April 2021, the Company began participating in the Global and Professional Direct Contracting of the Centers for Medicare & Medicaid Services ("CMS"), which utilizes a structured model intended to reduce expenditures and preserve or enhance quality of care for people with Medicare fee-for-service ("FFS"). CMS rebranded the DC Model and renamed the model the ACO Realizing Equity, Access, and Community Health (REACH) Model ("ACO REACH Model") effective January 1, 2023. As a participating entity in the DC Model, referred to as the ACO REACH Model at January 1, 2023, with a global risk arrangement, the Company assumed the responsibility of guaranteeing the performance of its care network. The ACO REACH Model is intended to reduce administrative burden and support a focus on complex, chronically ill patients. On December 1, 2023, the Company notified CMS that it will no longer participate as a REACH ACO in connection with the 2024 performance year. The Company’s exit from the ACO REACH Program was made after the Company determined that it is in the Company's best interest to fully exit the ACO REACH Program, and follows its November 2022 announcement of a strategic reduction in the number of ACO REACH participating physicians in 2023. Certain of the Company'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. The Non-Insurance performance year obligation and receivable are amortized on a straight-line basis for the amount that represents the completed performance. The Company 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 Company, in addition to a number of variables that are not reasonable for the Company to estimate, such as, but not limited to, risk ratings and benchmark trends that have an inestimable impact on the estimate of future payments. For additional information, see Note 2 (Summary of Significant Accounting Policies) and Note 20 (Non-Insurance) in the 2023 Form 10-K. The tables below include the financial statement impacts of the performance guarantee: June 30, 2024 December 31, 2023 (in thousands) Non-Insurance performance year obligation (1) $ 5,750 $ 15,568 (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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 (in thousands) Amortization of the Non-Insurance performance year receivable $ — $ (189,251) $ — $ (373,458) Amortization of the Non-Insurance performance year obligation — 189,251 — 373,458 Non-Insurance revenue (1,045) 193,490 5,779 399,273 Restructuring Activities Restructuring related expenses, which are recorded within Restructuring costs in the Condensed Consolidated Statements of Operations, include employee termination benefits, vendor costs associated with restructuring activities, and other costs associated with the business transformation initiatives. Restructuring costs are determined based on estimates, which are prepared at the time the restructuring actions are approved by management and are periodically reviewed and updated for changes in estimates. The Company applies the provisions of ASC 420, Exit or Disposal Cost Obligations ("ASC 420") as these costs meet the criteria of a one-time benefit. Under ASC 420-10, the Company establishes a liability for a cost associated with an exit or disposal activity, including employee termination benefits and other restructuring related costs, when the liability is incurred, rather than at the date that the Company commits to an exit plan. At each reporting date, there is an evaluation of the liability to ensure the amount is still appropriate. On December 1, 2023, the Company notified CMS that it will no longer participate as a REACH ACO in connection with the 2024 performance year. The Company’s exit from the ACO REACH Program was made after the Company determined that it is in its best interest to fully exit the ACO REACH Program, and follows the Company's November 2022 announcement of a strategic reduction in the number of ACO REACH participating physicians in 2023. The Company incurred costs related to not continuing with the program, which consisted of employee termination benefits and are accounted for as exit and disposal costs and recorded pursuant to ASC 420, Exit or Disposal Cost Obligations. For those costs determined to be one-time termination benefits the Company established a liability for the restructuring related expenses when the plan was established, the remaining costs will be expensed as incurred. The Restructuring costs are presented in the Company's Condensed Consolidated Statements of Operations and Comprehensive Income (Loss), which were as follows: ACO REACH As of June 30, 2024 and December 31, 2023, the liability for employee termination benefits was recorded in Accrued salaries and benefits and the liability for vendor related costs and other expenses were recorded in Accounts payable and accrued expenses in the discontinued operations balance sheets. The liability recorded reflects the Company's best estimate, which may be revised in subsequent periods as the restructuring progresses. Employee Termination Benefits Vendor related costs Total (in thousands) Liability as of December 31, 2023 $ 110 $ — $ 110 Charges — 297 297 Cash payments (110) (297) (407) Liability as of June 30, 2024 $ — $ — $ — Total cumulative costs incurred as of June 30, 2024 $ 110 $ 297 $ 407

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events None.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 7,408	$ (19,170)	$ (28,814)	$ (72,606)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The Company's condensed consolidated financial statements have been prepared in conformity with the generally accepted accounting principles in the United States ("GAAP") as well as in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) and include the accounts of the Company and its wholly-owned subsidiaries. In the opinion of management, the Company has made all necessary adjustments, which include normal recurring adjustments, necessary for a fair presentation of its financial condition and its results of operations for the periods presented. All material intercompany balances and transactions have been eliminated in consolidating these financial statements. Investments over which we exercise significant influence, but do not control, are accounted for using the applicable accounting treatment based on the nature of the investment. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes to the financial statements included in the 2023 Form 10-K.
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 impact the amounts reported in the condensed consolidated financial statements and the 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 Company 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 Company assumes prior to payment of claims. If the Company's actual experience is different from its assumptions or estimates, the Company's reserves may prove inadequate. As a result, the Company 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 Company'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 Company's investment securities, reinsurance, premium deficiency reserve, stock-based compensation, recoveries from third parties for coordination of benefits, and final determination of medical cost adjustment pools.
Reclassifications	Reclassifications Certain amounts in the prior year's Condensed Consolidated Statements of Cash Flows have been reclassified to conform to the current year's presentation, primarily related to Surety bonds and deposits and Change in restricted cash related to surety bonds, deposits, and escrow accounts. In addition, certain amounts have also been reclassified related to Accretion, net of amortization and Accrued interest earned.
Discontinued Operations	Discontinued Operations The results of operations for the Company's former Non-Insurance segment have been reclassified as discontinued operations for all periods presented in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). Assets and liabilities related to the Company's former Non-Insurance segment have been reclassified as discontinued operations for all periods presented in the Condensed Consolidated Balance Sheets. Refer to Note 17 - Discontinued Operations for additional information.
Equity method of accounting and variable interest entities	Equity method of accounting and variable interest entities Investments in entities in which the Company does not have control but its ownership falls between 20.0% and 50.0%, or it has the ability to exercise significant influence over operating and financial policies, are accounted for under the equity method of accounting. The Company continuously assesses its partially-owned entities to determine if these entities are variable interest entities ("VIEs") and, if so, whether the Company is the primary beneficiary and, therefore, required to consolidate the VIE. To make this determination, the Company applies a qualitative approach to determine whether the Company has both the power to direct the activities of the VIE that most significantly impact the VIE's economic performance and the obligation to absorb losses of, or the rights to receive benefits from, the VIE that could potentially be significant to that VIE. If the Company has an interest in a VIE but is determined to not be the primary beneficiary, the Company accounts for the interest under the equity method of accounting. When the Company's carrying value in an equity method investee company is reduced to zero, no further losses are recorded in the Company's condensed consolidated financial statements unless the Company guaranteed obligations of the investee company or has committed additional funding. When the investee company subsequently reports income, the Company will not record its share of such income until it equals the amount of its share of losses not previously recognized.
Segment information	Segment information Operating segments are defined as components of an enterprise for which separate financial information is available that is evaluated on a regular basis by the chief operating decision maker ("CODM") in deciding how to allocate resources to an individual segment and in assessing performance. The Company's CODM is its Chief Executive Officer. At June 30, 2024, the Company has one reportable segment, Insurance. Beginning in 2024, the Company exited the ACO REACH Model and as a direct result, the reportable operating segment formerly known as Non-Insurance no longer meets the criteria of a required reportable operating segment.
Capitalized software development costs - cloud computing arrangements	Capitalized software development costs - cloud computing arrangements The Company's cloud computing arrangements are mostly comprised of hosting arrangements that are mostly service contracts, whereby the Company 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 within Prepaid expenses 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
Restructuring Activities	Restructuring Activities Restructuring related expenses, which are recorded within Restructuring costs in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss), include employee termination benefits, vendor costs associated with restructuring activities, and other costs associated with the business transformation initiatives. Restructuring costs are determined based on estimates, which are prepared at the time the restructuring actions are approved by management and are periodically reviewed and updated for changes in estimates. The Company applies the provisions of ASC 420, Exit or Disposal Cost Obligations ("ASC 420") as these costs meet the criteria of a one-time benefit. Under ASC 420-10, the Company establishes a liability for a cost associated with an exit or disposal activity, including employee termination benefits and other restructuring related costs, when the liability is incurred, rather than at the date that the Company commits to an exit plan. At each reporting date, there is an evaluation of the liability to ensure the amount is still appropriate. See Note 16 (Restructuring costs) for further discussion.
Recent accounting pronouncements	Recent accounting pronouncements Recently adopted accounting pronouncements There have been no new accounting pronouncements adopted during the six months ended June 30, 2024 that have had a material impact the Company's condensed consolidated financial statements. Accounting pronouncements effective in future periods In July 2023, the FASB issued ASU 2023-03, Presentation of Financial Statements (Topic 205) , Income Statement—Reporting Comprehensive Income (Topic 220) , Distinguishing Liabilities from Equity (Topic 480) , Equity (Topic 505) , and Compensation—Stock Compensation (Topic 718); Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 120, SEC Staff Announcement at the March 24, 2022 EITF Meeting, and Staff Accounting Bulletin Topic 6.B, Accounting Series Release 280—General Revision of Regulation S-X: Income or Loss Applicable to Common Stock (“ASU 2023-03”). This ASU amends or supersedes various SEC paragraphs within the applicable codification to conform to past SEC staff announcements. This ASU does not provide any new guidance. Accordingly, the Company adopted ASU 2023-03 immediately upon its issuance. The adoption of ASU 2023-03 did not have any impact on its condensed consolidated financial statements and related disclosures. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments in this update aim to improve reportable segment disclosures by requiring enhanced disclosures around significant segment expenses that are regularly provided to the chief operating decision maker. Additionally, ASU 2023-07 requires that all existing annual disclosures about segment profit or loss must be provided on an interim basis and clarifies that single reportable segment entities are subject to the disclosure requirement under Topic 280 in its entirety. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within those fiscal years beginning after December 15, 2024. A public entity should apply ASU 2023-07 retrospectively to all prior periods presented in the financial statements. Early adoption is permitted. The Company is currently evaluating the impact of ASU 2023-07 on its condensed consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . The amendments in this update aim to provide more transparency regarding tax disclosures mainly related to the rate reconciliation and income taxes paid information. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact of ASU 2023-09 on its condensed consolidated financial statements and related disclosures.

Investment Securities (Tables)

Investment Securities (Tables)	6 Months Ended
	Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Schedule of Investment Securities Reconciliation	The following tables present amortized cost and fair values of investments at June 30, 2024 and December 31, 2023, respectively: June 30, 2024 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 $ 4,086 $ — $ (111) $ 3,975 Investment securities, available-for-sale U.S. government and government agencies and authorities 142,234 104 (2,319) 140,019 Corporate debt securities 72,415 49 (93) 72,371 Other 1,908 — — 1,908 Total held-to-maturity and available-for-sale investment securities $ 220,643 $ 153 $ (2,523) $ 218,273 December 31, 2023 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 $ 7,695 $ — $ (225) $ 7,470 Investment securities, available-for-sale U.S. government and government agencies and authorities 126,071 713 (3,070) 123,714 Corporate debt 95,354 165 (176) 95,343 Other 1,855 — (2) 1,853 Total held-to-maturity and available-for-sale investment securities $ 230,975 $ 878 $ (3,473) $ 228,380
Schedule of Amortized Cost and Fair Value of Debt Securities	The following table presents the amortized cost and fair value of debt securities at June 30, 2024, by contractual maturity: June 30, 2024 Held-to-maturity Available-for-sale Amortized cost Fair value Amortized cost Fair value (in thousands) Due within one year $ 3,295 $ 3,281 $ 112,328 $ 111,325 Due after one year through five years 681 607 104,229 102,973 Due after five years through ten years — — — — Due after ten years 110 87 — — Total $ 4,086 $ 3,975 $ 216,557 $ 214,298
Schedule of Net Investment Income	For the three and six months ended June 30, 2024 and 2023, respectively, net investment income, which is included in Other income in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss), was derived from the following sources: Three Months Ended Six Months Ended 2024 2023 2024 2023 (in thousands) Cash and cash equivalents $ 3,446 $ 2,405 $ 5,632 $ 4,034 Short-term investments 143 823 316 1,315 Investment securities 2,145 1,668 4,253 3,482 Investment income, net $ 5,734 $ 4,896 $ 10,201 $ 8,831
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 June 30, 2024, and December 31, 2023, respectively: June 30, 2024 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 and authorities $ 46,447 $ (119) $ 62,877 $ (2,311) $ 109,324 $ (2,430) Corporate debt securities 30,170 (47) 18,569 (46) 48,739 (93) Total $ 76,617 $ (166) $ 81,446 $ (2,357) $ 158,063 $ (2,523) Number of positions 47 42 89 December 31, 2023 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 and authorities $ 12,584 $ (32) $ 61,628 $ (3,259) $ 74,212 $ (3,291) Corporate debt securities 61,007 (175) 5,017 (7) 66,024 (182) Total $ 73,591 $ (207) $ 66,645 $ (3,266) $ 140,236 $ (3,473) Number of positions 69 27 96
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 in Other income in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss), were as follows for the three and six months ended June 30, 2024 and 2023, respectively: Three Months Ended Six Months Ended 2024 2023 2024 2023 (in thousands) Proceeds from sales of investment securities $ — $ 45,435 $ — $ 60,436 Proceeds from maturities of investment securities 32,916 27,673 66,651 90,997 Gross realized gains 4 38 5 38 Gross realized losses — (19) — (19) Net realized gains $ 4 $ 19 $ 5 $ 19

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value Measurements for Items	The following tables present a summary of fair value measurements for financial instruments at June 30, 2024 and December 31, 2023, respectively: June 30, 2024 Level 1 Level 2 Level 3 Total fair value (in thousands) U.S. government and government agencies $ — $ 140,019 $ — $ 140,019 Corporate debt securities — 72,371 — 72,371 Other 1,908 — — 1,908 Warrants receivable — — 797 797 Total assets at fair value $ 1,908 $ 212,390 $ 797 $ 215,095 December 31, 2023 Level 1 Level 2 Level 3 Total fair value (in thousands) U.S. government and government agencies $ — $ 123,714 $ — $ 123,714 Corporate debt securities — 95,343 — 95,343 Other 1,853 — — 1,853 Warrants receivable — — 814 814 Total assets at fair value $ 1,853 $ 219,057 $ 814 $ 221,724
Schedule of Changes in Balances of Level 3 Financial Liabilities	The changes in balances of Clover's Level 3 financial assets and liabilities during the six months ended June 30, 2024 were as follows: Warrants receivable Total (in thousands) Balance, December 31, 2023 $ 814 $ 814 Total unrealized losses 17 17 Balance, June 30, 2024 $ 797 $ 797

Unpaid Claims (Tables)

Unpaid Claims (Tables)	6 Months Ended
	Jun. 30, 2024
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 within the liability for Unpaid claims, including claims adjustment expenses, for the six months ended June 30, 2024 and 2023, respectively, is summarized as follows: Six Months Ended June 30, 2024 2023 (in thousands) Gross and net balance, beginning of period (1) $ 137,100 $ 137,395 Incurred related to: Current year 531,627 515,089 Prior years (28,021) (3,168) Total incurred 503,606 511,921 Paid related to: Current year 359,462 409,780 Prior years 80,694 122,956 Total paid 440,156 532,736 Gross and net balance, end of period (1) $ 200,550 $ 116,580 (1)

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Share-Based Payment Arrangement Activity	The maximum number of shares of the Company's common stock reserved for issuance over the term of the Plans, shares outstanding under the Plans, and shares remaining under the Plans at June 30, 2024 were as follows: June 30, 2024 Shares Authorized Under Plans Shares Outstanding Under Plans Shares Remaining Under Plans 2014 Plan 54,402,264 34,616,068 N/A 2020 Plan 86,604,581 43,871,475 20,514,172 2020 MIP 33,426,983 23,398,889 — Inducement Plan 11,000,000 6,487,403 —
Schedule of Stock-Based Compensation Cost	Compensation cost presented in Salaries and benefits in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) were as follows: Three Months Ended June 30, 2024 2023 (in thousands) Stock options $ 530 $ 748 RSUs 20,400 20,936 PRSUs 6,944 14,398 ESPP 26 26 Total compensation cost recognized for stock-based compensation plans $ 27,900 $ 36,108 Six Months Ended June 30, 2024 2023 (in thousands) Stock options $ 1,148 $ 2,089 RSUs 41,317 41,936 PRSUs 14,157 30,593 ESPP 76 107 Total compensation cost recognized for stock-based compensation plans $ 56,698 $ 74,725
Schedule of Stock Option Activity	A summary of option activity under the 2020 Plan during the six months ended June 30, 2024, was as follows: Number of stock options Weighted-average exercise price Outstanding, January 1, 2024 952,900 $ 8.88 Granted — — Exercised — — Forfeited (91,631) 8.88 Outstanding, June 30, 2024 861,269 $ 8.88 A summary of stock option activity under the 2014 Plan during the six months ended June 30, 2024, was as follows: Number of stock options Weighted-average exercise price Outstanding, January 1, 2024 24,041,753 $ 1.45 Granted — — Exercised (87,810) 0.26 Forfeited (84,871) 2.85 Outstanding, June 30, 2024 23,869,072 $ 2.73
Schedule of Total RSU Activity	A summary of total RSU activity is presented below: Number of RSUs Weighted-average grant date fair value per share Outstanding, January 1, 2024 56,928,405 $ 4.28 Granted 16,232,187 0.81 Released (12,983,357) 5.53 Forfeited (7,122,050) 2.00 Outstanding, June 30, 2024 53,055,185 $ 3.22
Schedule of Weighted Average Grant Date Fair Value of Performance Restricted Stock Units	The assumptions that the Company used in the Monte Carlo model to determine the grant date fair value of Market PRSUs granted for the year ended December 31, 2021, were as follows: Year ended December 31, 2021 Expected volatility (1) 40.7 % Risk-free interest rate (2) 0.5 Dividend yield (3) — (1) Expected volatility is based on a blend of peer group company historical data adjusted for the Company'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 Company does not anticipate paying dividends.
Schedule of Total Performance Restricted Stock Units	A summary of PRSU activity is presented below: Number of PRSUs Weighted-average grant date fair value per share Non-vested, January 1, 2024 32,131,532 $ 8.36 Granted during 2024 — — Adjustment for performance condition achieved (1) 99,558 0.94 Vested (1,327,613) 1.29 Forfeited (315,292) 1.56 Non-vested at June 30, 2024 30,588,185 $ 8.72 (1) Represents an increase in the number of original CLOV performance share units awarded based on final achievement at the end of the performance period of such awards
Schedule of Assumptions Used in ESPP Fair Value Determination	The assumptions that the Company used in the Black-Scholes option-pricing model to determine the fair value of the purchase rights under the ESPP for the most recent offering period, is as follows: Offering period from May 22, 2024 to November 21, 2024 Weighted-average risk-free interest rate 5.4 % Expected term (in years) 0.50 Expected volatility 64.0 %

Net Income (Loss) per Share (Ta

Net Income (Loss) per Share (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Net Income (Loss) per Share	Basic and diluted net loss per share from continuing operations attributable to Class A common stockholders and Class B common stockholders (collectively, "Common Stockholders") for the years indicated were calculated as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (in thousands, except for per share and share amounts) Numerator: Net income (loss) from continuing operations attributable to Common Stockholders $ 7,170 $ (28,889) $ (16,000) $ (108,587) Net income from discontinued operations attributable to Common Stockholders 238 75 4,238 7,167 Denominator: Basic weighted average number of common shares and common share equivalents outstanding 487,483,087 479,163,752 487,575,520 479,819,237 Dilutive shares: RSU 4,989,934 N/A N/A N/A PRSU 2,684,069 N/A N/A N/A Stock Options 22,865 N/A N/A N/A Weighted average shares used in computing net income per share of common stock, diluted 495,179,955 479,163,752 487,575,520 479,819,237 Basic earnings (loss) per share from continuing operations $ 0.01 $ (0.06) $ (0.03) $ (0.23) Basic earnings per share from discontinued operations 0.00 0.00 0.01 0.01 Diluted earnings (loss) per share from continuing operations 0.01 (0.06) (0.03) (0.23) Diluted earnings per share from discontinued operations 0.00 0.00 0.01 0.01
Schedule of Antidilutive Securities Excluded from Diluted Net Loss Per Share	The following table presents the potentially dilutive shares that were excluded from the computation of diluted net income (loss) per share of common stock: Three Months Ended Six Months Ended 2024 2023 2024 2023 Options to purchase common stock 22,437,390 25,504,988 24,730,341 25,504,988 RSUs 246,711 54,786,269 53,055,185 54,786,269 PRSUs 24,749,633 31,095,905 30,588,185 31,095,905 Total potentially dilutive shares excluded from computation of net income (loss) per share 47,433,734 111,387,162 108,373,711 111,387,162

Operating Segments (Tables)

Operating Segments (Tables)	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The table below summarizes the Company's results by operating segment: Insurance Corporate/Other Eliminations Consolidated Total Three months ended June 30, 2024 (in thousands) Premiums earned, net (net of ceded premiums of $102) $ 349,900 $ — $ — $ 349,900 Other income 4,044 42,269 (39,953) 6,360 Intersegment revenues — 51,200 (51,200) — Net medical claims incurred 249,406 4,965 (6,024) 248,347 Gross profit (loss) $ 104,538 $ 88,504 $ (85,129) $ 107,913 Total assets $ 431,231 $ 881,633 $ (638,654) $ 674,210 Insurance Corporate/Other Eliminations Consolidated Total Six months ended June 30, 2024 (in thousands) Premiums earned, net (net of ceded premiums of $203) $ 691,622 $ — $ — $ 691,622 Other income 7,771 57,950 (54,161) 11,560 Intersegment revenues — 99,665 (99,665) — Net medical claims incurred 515,482 9,903 (11,876) 513,509 Gross profit (loss) $ 183,911 $ 147,712 $ (141,950) $ 189,673 Total assets $ 431,231 $ 881,633 $ (638,654) $ 674,210 Insurance Corporate/Other Eliminations Consolidated Total Three months ended June 30, 2023 (in thousands) Premiums earned, net (net of ceded premiums of $113) $ 314,383 $ — $ — $ 314,383 Other income 2,015 13,775 (10,035) 5,755 Intersegment revenues — 45,654 (45,654) — Net medical claims incurred 242,839 3,682 (2,259) 244,262 Gross profit $ 73,559 $ 55,747 $ (53,430) $ 75,876 Total assets $ 478,797 $ 970,942 $ (747,724) $ 702,015 Insurance Corporate/Other Eliminations Consolidated Total Six months ended June 30, 2023 (in thousands) Premiums earned, net (net of ceded premiums of $235) $ 631,469 $ — $ — $ 631,469 Other income 3,854 31,514 (24,707) 10,661 Intersegment revenues — 68,885 (68,885) — Net medical claims incurred 517,343 7,130 (5,422) 519,051 Gross profit $ 117,980 $ 93,269 $ (88,170) $ 123,079 Total assets $ 478,797 $ 970,942 $ (747,724) $ 702,015
Schedule of Reconciliation of Revenue from Segments to Consolidated	A reconciliation of the reportable segments' gross profit to the Net income (loss) from continuing operations included in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) is as follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 (in thousands) Gross profit $ 107,913 $ 75,876 $ 189,673 $ 123,079 Salaries and benefits 55,499 62,437 114,722 131,418 General and administrative expenses 44,424 41,710 88,993 99,354 Premium deficiency reserve benefit — (5,138) — (6,948) Depreciation and amortization 330 999 648 1,278 Restructuring costs 473 4,750 826 6,557 Change in fair value of warrants 17 — 17 — Interest expense — 7 — 7 Loss on investment — — 467 — Net income (loss) from continuing operations $ 7,170 $ (28,889) $ (16,000) $ (108,587)

Restructuring Costs (Tables)

Restructuring Costs (Tables)	6 Months Ended
	Jun. 30, 2024
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Charges	The Restructuring costs are presented in the Company's Condensed Consolidated Statements of Operations and Comprehensive Income (Loss), which were as follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 (in thousands) Employee termination benefits $ — $ 3,337 $ — $ 4,562 Vendor related costs 473 1,122 822 1,921 Other — 291 4 74 Total restructuring costs $ 473 $ 4,750 $ 826 $ 6,557 The Restructuring costs are presented in the Company's Condensed Consolidated Statements of Operations and Comprehensive Income (Loss), which were as follows: ACO REACH As of June 30, 2024 and December 31, 2023, the liability for employee termination benefits was recorded in Accrued salaries and benefits and the liability for vendor related costs and other expenses were recorded in Accounts payable and accrued expenses in the discontinued operations balance sheets. The liability recorded reflects the Company's best estimate, which may be revised in subsequent periods as the restructuring progresses. Employee Termination Benefits Vendor related costs Total (in thousands) Liability as of December 31, 2023 $ 110 $ — $ 110 Charges — 297 297 Cash payments (110) (297) (407) Liability as of June 30, 2024 $ — $ — $ — Total cumulative costs incurred as of June 30, 2024 $ 110 $ 297 $ 407
Schedule of Other Restructuring and Related Costs	The restructuring costs are recorded within the Corporate/Other operating segment. In addition, the Company incurred costs related to software impairment. These costs are recognized in Depreciation and amortization in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss), and totaled none and $0.1 million for the three months and six months ended June 30, 2024, respectively. Employee Termination Benefits Vendor related costs Other Total (in thousands) Liability as of December 31, 2023 $ 1,781 $ 3,390 $ — $ 5,171 Charges — 822 4 826 Cash payments (1,234) (1,257) (4) (2,495) Liability as of June 30, 2024 $ 547 $ 2,955 $ — $ 3,502 Total cumulative costs incurred as of June 30, 2024 $ 4,795 $ 5,761 $ 91 $ 10,647

Discontinued Operations (Tables

Discontinued Operations (Tables)	6 Months Ended
	Jun. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Discontinued Operations	A summary of the carrying amounts of major assets and liabilities, which were classified as held for settlement in the Condensed Consolidated Balance Sheets, follows: June 30, 2024 December 31, 2023 (in thousands) Assets (1) Cash and cash equivalents $ — $ 6,456 Surety bond and deposits — 55,089 Non-Insurance receivable 10,064 10,926 Total assets $ 10,064 $ 72,471 Liabilities (1) Unpaid claims $ 715 $ 2,856 Accrued salaries and benefits — 110 Non-Insurance performance year obligation, current 5,750 15,568 Non-Insurance payable 42,308 41,565 Total liabilities $ 48,773 $ 60,099 (1) The assets and liabilities of the disposal group classified are classified as current in the Condensed Consolidated Balance Sheet at June 30, 2024 as the settlement with CMS is expected to occur within one year. A summary of the results from discontinued operations included in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (in thousands) Revenues: Non-Insurance revenue $ (1,045) $ 193,490 $ 5,779 $ 399,273 Total revenues (1,045) 193,490 5,779 399,273 Operating Expenses: Net medical claims incurred (1,502) 192,692 733 390,393 General and administrative expenses 219 723 511 1,713 Restructuring costs — — 297 — Total operating expenses (1,283) 193,415 1,541 392,106 Gain from operations 238 75 4,238 7,167 Net income $ 238 $ 75 $ 4,238 $ 7,167 A summary of cash flows from discontinued operations included in the Condensed Consolidated Statements of Cash Flows follows: Six Months Ended June 30, 2024 2023 (in thousands) Net cash (used in) provided by operating activities $ (9,005) $ 20,528
Schedule of Performance Guarantees	The tables below include the financial statement impacts of the performance guarantee: June 30, 2024 December 31, 2023 (in thousands) Non-Insurance performance year obligation (1) $ 5,750 $ 15,568 (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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 (in thousands) Amortization of the Non-Insurance performance year receivable $ — $ (189,251) $ — $ (373,458) Amortization of the Non-Insurance performance year obligation — 189,251 — 373,458 Non-Insurance revenue (1,045) 193,490 5,779 399,273
Schedule of Restructuring Charges	The Restructuring costs are presented in the Company's Condensed Consolidated Statements of Operations and Comprehensive Income (Loss), which were as follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 (in thousands) Employee termination benefits $ — $ 3,337 $ — $ 4,562 Vendor related costs 473 1,122 822 1,921 Other — 291 4 74 Total restructuring costs $ 473 $ 4,750 $ 826 $ 6,557 The Restructuring costs are presented in the Company's Condensed Consolidated Statements of Operations and Comprehensive Income (Loss), which were as follows: ACO REACH As of June 30, 2024 and December 31, 2023, the liability for employee termination benefits was recorded in Accrued salaries and benefits and the liability for vendor related costs and other expenses were recorded in Accounts payable and accrued expenses in the discontinued operations balance sheets. The liability recorded reflects the Company's best estimate, which may be revised in subsequent periods as the restructuring progresses. Employee Termination Benefits Vendor related costs Total (in thousands) Liability as of December 31, 2023 $ 110 $ — $ 110 Charges — 297 297 Cash payments (110) (297) (407) Liability as of June 30, 2024 $ — $ — $ — Total cumulative costs incurred as of June 30, 2024 $ 110 $ 297 $ 407

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) segment	Jun. 30, 2023 USD ($)
Accounting Policies [Line Items]
Number of reporting segments (in segments) | segment			1
General and Administrative Expense
Accounting Policies [Line Items]
Amortization expense of deferred acquisition costs | $	$ 1.8	$ 1	$ 2.8	$ 4.9

Investment Securities - Schedul

Investment Securities - Schedule of Present Cost or Amortized Cost and Fair Values of Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Investment securities, held-to-maturity
Amortized cost	$ 4,086
Fair value	3,975
Total held-to-maturity and available-for-sale investment securities
Amortized cost	220,643	$ 230,975
Accumulated unrealized gains	153	878
Accumulated unrealized losses	(2,523)	(3,473)
Fair value	218,273	228,380
U.S. government and government agencies and authorities
Investment securities, held-to-maturity
Amortized cost	4,086	7,695
Accumulated unrealized gains	0	0
Accumulated unrealized losses	(111)	(225)
Fair value	3,975	7,470
Investment securities, available-for-sale
Amortized cost	142,234	126,071
Accumulated unrealized gains	104	713
Accumulated unrealized losses	(2,319)	(3,070)
Fair value	140,019	123,714
Corporate debt securities
Investment securities, available-for-sale
Amortized cost	72,415	95,354
Accumulated unrealized gains	49	165
Accumulated unrealized losses	(93)	(176)
Fair value	72,371	95,343
Other
Investment securities, available-for-sale
Amortized cost	1,908	1,855
Accumulated unrealized gains	0	0
Accumulated unrealized losses	0	(2)
Fair value	$ 1,908	$ 1,853

Investment Securities - Sched_2

Investment Securities - Schedule of Amortized Cost and Fair Value of Debt Securities (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Debt Securities, Held-to-maturity, Maturity, Amortized Cost, Net [Abstract]
Due within one year	$ 3,295
Due after one year through five years	681
Due after five years through ten years	0
Due after ten years	110
Amortized cost	4,086
Debt Securities, Held-to-maturity, Maturity, Fair Value [Abstract]
Due within one year	3,281
Due after one year through five years	607
Due after five years through ten years	0
Due after ten years	87
Total	3,975
Debt Securities, Available-for-sale, Amortized Cost [Abstract]
Due within one year	112,328
Due after one year through five years	104,229
Due after five years through ten years	0
Due after ten years	0
Total	216,557
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract]
Due within one year	111,325
Due after one year through five years	102,973
Due after five years through ten years	0
Due after ten years	0
Total	$ 214,298

Investment Securities - Sched_3

Investment Securities - Schedule of Net Investment Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Fair Value, Separate Account Investment [Line Items]
Investment income, net	$ 5,734	$ 4,896	$ 10,201	$ 8,831
Cash and cash equivalents
Fair Value, Separate Account Investment [Line Items]
Investment income, net	3,446	2,405	5,632	4,034
Short-term investments
Fair Value, Separate Account Investment [Line Items]
Investment income, net	143	823	316	1,315
Investment securities
Fair Value, Separate Account Investment [Line Items]
Investment income, net	$ 2,145	$ 1,668	$ 4,253	$ 3,482

Investment Securities - Sched_4

Investment Securities - Schedule of Gross Unrealized Losses and Fair Value (Details) $ in Thousands	Jun. 30, 2024 USD ($) position	Dec. 31, 2023 USD ($) position
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items]
Less than 12 months, Fair value	$ 76,617	$ 73,591
Less than 12 months, Unrealized loss	(166)	(207)
Greater than 12 months, Fair Value	81,446	66,645
Greater than 12 months, Unrealized loss	(2,357)	(3,266)
Total, Fair value	158,063	140,236
Total, Unrealized Loss	$ (2,523)	$ (3,473)
Less than 12 months, Number of positions | position	47	69
Greater than 12 months, Number of positions | position	42	27
Total, Number of positions | position	89	96
U.S. government and government agencies and authorities
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items]
Less than 12 months, Fair value	$ 46,447	$ 12,584
Less than 12 months, Unrealized loss	(119)	(32)
Greater than 12 months, Fair Value	62,877	61,628
Greater than 12 months, Unrealized loss	(2,311)	(3,259)
Total, Fair value	109,324	74,212
Total, Unrealized Loss	(2,430)	(3,291)
Corporate debt securities
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items]
Less than 12 months, Fair value	30,170	61,007
Less than 12 months, Unrealized loss	(47)	(175)
Greater than 12 months, Fair Value	18,569	5,017
Greater than 12 months, Unrealized loss	(46)	(7)
Total, Fair value	48,739	66,024
Total, Unrealized Loss	$ (93)	$ (182)

Investment Securities - Additio

Investment Securities - Additional Information (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Held-to-maturity debt securities, allowance for credit loss	$ 0	$ 0
Available-for-sale debt securities, allowance for credit loss	0	0
Deposits with various states and regulatory bodies	$ 14,900,000	$ 14,700,000

Investment Securities -Schedule

Investment Securities -Schedule of Proceeds from Sales and Maturities of Investment Securities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Proceeds from sales of investment securities	$ 0	$ 45,435	$ 0	$ 60,436
Proceeds from maturities of investment securities	32,916	27,673	66,651	90,997
Gross realized gains	4	38	5	38
Gross realized losses	0	(19)	0	(19)
Net realized gains	$ 4	$ 19	$ 5	$ 19

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value Measurements for Items (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets at fair value	$ 215,095	$ 221,724
Warrants receivable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrants receivable	797	814
U.S. government and government agencies
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities	140,019	123,714
Corporate debt securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities	72,371	95,343
Other
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities	1,908	1,853
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets at fair value	1,908	1,853
Level 1 | Warrants receivable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrants receivable	0	0
Level 1 | U.S. government and government agencies
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities	0	0
Level 1 | Corporate debt securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities	0	0
Level 1 | Other
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities	1,908	1,853
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets at fair value	212,390	219,057
Level 2 | Warrants receivable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrants receivable	0	0
Level 2 | U.S. government and government agencies
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities	140,019	123,714
Level 2 | Corporate debt securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities	72,371	95,343
Level 2 | Other
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities	0	0
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets at fair value	797	814
Level 3 | Warrants receivable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrants receivable	797	814
Level 3 | U.S. government and government agencies
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities	0	0
Level 3 | Corporate debt securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities	0	0
Level 3 | Other
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities	$ 0	$ 0

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Changes in Balances of Level 3 Financial Liabilities (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Gain (loss) on investments
Level 3
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 814
Total unrealized losses	17
Ending balance	797
Level 3 | Warrants receivable
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	814
Total unrealized losses	17
Ending balance	$ 797

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - Level 3 - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial asset or liabilities transfer in and out	$ 0	$ 0
Unrealized gain (loss)	(17,000)
Private warrants
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrants receivable			$ 800,000
Unrealized gain (loss)	$ (100,000)

Healthcare Receivables (Details

Healthcare Receivables (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Receivables [Abstract]
Healthcare receivables	$ 66,739	$ 64,164

Related-Party Transactions (Det

Related-Party Transactions (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Sep. 23, 2020	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Net medical claims incurred		$ 248,347	$ 244,262	$ 513,509	$ 519,051
General and administrative expenses		44,424	41,710	88,993	99,354
Related party | CarePoint Health Contract
Related Party Transaction [Line Items]
Net medical claims incurred		2,300	2,900	2,800	6,600
Other liabilities		1,300		1,300		$ 1,400
Related party | Medical Records Exchange, LLC
Related Party Transaction [Line Items]
General and administrative expenses		300	200	400	300
Related party | Thyme Care, Inc.
Related Party Transaction [Line Items]
Other liabilities		2,700		2,700		$ 200
General and administrative expenses		$ 2,300	$ 400	$ 2,300	$ 800
Number of shares purchased (in shares)	1,773,049
Equity interest percentage (less than)	5%	5%		5%
Other assets, fair value		$ 500		$ 500

Unpaid Claims - Schedule of Act

Unpaid Claims - Schedule of Activity in the Liability for Unpaid Claims and Claims Adjustment Expense (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Gross and net balance, beginning of period	$ 137,100	$ 137,395
Incurred related to:
Current year	531,627	515,089
Prior years	(28,021)	(3,168)
Total incurred	503,606	511,921
Paid related to:
Current year	359,462	409,780
Prior years	80,694	122,956
Total paid	440,156	532,736
Gross and net balance, end of period	$ 200,550	$ 116,580

Unpaid Claims - Additional info

Unpaid Claims - Additional information (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Short-duration Insurance Contracts, Discounted Liabilities [Line Items]
Unpaid claims	$ 200,550	$ 116,580	$ 137,100	$ 137,395
Incurred claims paid	80,694	122,956
Unfavorable (favorable) development	$ (28,021)	$ (3,168)
Percentage of current year medical claims paid as a percent of current year net medical claims	0.676	0.796
Insurance Operations
Short-duration Insurance Contracts, Discounted Liabilities [Line Items]
Unpaid claims	$ 200,600

Stockholders' Equity and Conv_2

Stockholders' Equity and Convertible Preferred Stock (Details) $ / shares in Units, $ in Thousands		3 Months Ended	6 Months Ended
	May 06, 2024 USD ($)	Jun. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2024 vote $ / shares shares	Dec. 31, 2023 shares
Class of Stock [Line Items]
Treasury stock, shares held (in shares)		14,574,401	14,574,401	7,912,750
Stock repurchased during period (in shares)		1,838,309
Stock repurchased during period | $		$ 1,772
Preferred stock, shares authorized (in shares)		25,000,000	25,000,000
Preferred stock par value, (in dollars per share) | $ / shares		$ 0.0001	$ 0.0001
Preferred stock, shares issued (in shares)		0	0
Preferred stock, shares outstanding (in shares)		0	0
Common Class A
Class of Stock [Line Items]
Common stock, shares authorized (in shares)		2,500,000,000	2,500,000,000	2,500,000,000
Common stock, shares, issued (in shares)		406,486,444	406,486,444	401,183,882
Common stock, shares, outstanding (in shares)		406,486,444	406,486,444	401,183,882
Common stock, number of voting rights per share (in votes) | vote			1
Amount of stock repurchase plan authorized | $	$ 20,000
Stock repurchase period	2 years
Common Class B
Class of Stock [Line Items]
Common stock, shares authorized (in shares)		500,000,000	500,000,000	500,000,000
Common stock, shares, issued (in shares)		89,649,365	89,649,365	87,867,732
Common stock, shares, outstanding (in shares)		89,649,365	89,649,365	87,867,732
Common stock, number of voting rights per share (in votes) | vote			10

Variable Interest Entity and _2

Variable Interest Entity and Equity Method of Accounting (Details) - USD ($)		3 Months Ended		6 Months Ended		12 Months Ended
	Feb. 04, 2022	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Mar. 31, 2024	Jan. 23, 2023
Class of Stock [Line Items]
Gain (loss) on investments		$ 0	$ 0	$ (467,000)	$ 0
Charter Bioscience Inc.
Class of Stock [Line Items]
Gain (loss) on investments		$ 0	$ 0	$ 500,000	$ 0	$ (4,700,000)	$ 9,200,000
Equity method investment								$ 0
Charter Bioscience Inc. | Second Private Capital Transaction
Class of Stock [Line Items]
Ownership percentage									23.92%
Charter Bioscience Inc. | Private Capital Transaction
Class of Stock [Line Items]
Ownership percentage	25.46%
Charter Bioscience Inc. | Preferred stock | Other assets
Class of Stock [Line Items]
Equity interest at fair value	$ 4,900,000
Charter Bioscience Inc. | Common stock
Class of Stock [Line Items]
Equity Method Investments	3,700,000
Charter Bioscience Inc. | Preferred stock | Second Private Capital Transaction
Class of Stock [Line Items]
Net proceeds from sale of stock	$ 17,900,000
Sale of stock, number of shares issued in transaction (in shares)	16,210,602

Employee Benefit Plans - Additi

Employee Benefit Plans - Additional Information (Details) - USD ($)		3 Months Ended		6 Months Ended
	Jan. 06, 2021	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employer matching contribution, percent of match				100%
Employer matching contribution, percent of employees' gross pay				4%
Employer maximum annual contributions per employee, percent				4%
Employer discretionary contribution amount		$ 500,000	$ 400,000	$ 1,100,000	$ 900,000
Employers matching contribution, vesting percentage				100%
Total compensation cost recognized for stock-based compensation plans				$ 56,698,000	74,725,000
Unvested stock options, unrecognized stock-based compensation		401,000,000		$ 401,000,000
Cost not yet recognized, period for recognition (in years)				4 years
Stock options, outstanding, intrinsic value (less than)		$ 100,000		$ 100,000
Stock options, outstanding, weighted average remaining contractual term (in years)				4 years
Stock options, exercisable, number (in shares)		24,190,141		24,190,141
Stock options, exercisable, intrinsic value (less than)		$ 100,000		$ 100,000
Stock options, exercisable, weighted average exercise price (in dollars per share)		$ 2.87		$ 2.87
Stock options, exercisable, weighted average remaining contractual term (in years)				4 years 10 months 20 days
Stock options				$ 100,000	100,000
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volume-weighted average stock closing price (in dollars per share)				$ 20
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volume-weighted average stock closing price (in dollars per share)				$ 30
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total compensation cost recognized for stock-based compensation plans		$ 530,000	748,000	$ 1,148,000	2,089,000
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employer maximum annual contributions per employee, percent	15%
Outstanding stock, percentage	1%
Total compensation cost recognized for stock-based compensation plans		26,000	26,000	76,000	107,000
Maximum number of shares that may be purchased (in shares)	14,163,863
Maximum number of shares that may be purchased by any one participant (in shares)	5,000
Common stock, shares, issued (in shares)	2,785,582
PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total compensation cost recognized for stock-based compensation plans		6,944,000	14,398,000	14,157,000	30,593,000
Unvested stock options, unrecognized stock-based compensation		24,500,000		$ 24,500,000
Cost not yet recognized, period for recognition (in years)				4 years
Eligibility for vesting period (in days)				90 days
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total compensation cost recognized for stock-based compensation plans		$ 20,400,000	20,936,000	$ 41,317,000	41,936,000
Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding stock, percentage				5%
Common stock, shares, issued (in shares)		406,486,444		406,486,444		401,183,882
Common Class A | ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for issuance (in shares)		12,851,030		12,851,030
Employee discount percentage	15%
Maximum common stock reserved, threshold percentage	10%
2014 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for issuance (in shares)		0		0
Proceeds from stock options exercised				$ 100,000	0
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%
Expiration period (in years)				10 years
2014 Plan | Stock options | Tranche one
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)				4 years
2014 Plan | Stock options | Tranche two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)				5 years
2014 Plan | RSUs | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)				1 year
2014 Plan | RSUs | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)				4 years
2020 Equity and Management Incentive Plan | Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding stock, percentage				7%
2020 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total compensation cost recognized for stock-based compensation plans		$ 27,900,000	$ 36,108,000	$ 56,700,000	$ 74,700,000

Employee Benefit Plans - Schedu

Employee Benefit Plans - Schedule of Share-Based Payment Arrangement, Activity (Details)	Jun. 30, 2024 shares
2014 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Authorized Under Plans (in shares)	54,402,264
Shares Outstanding Under Plans (in shares)	34,616,068
2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Authorized Under Plans (in shares)	86,604,581
Shares Outstanding Under Plans (in shares)	43,871,475
Shares Remaining Under Plans (in shares)	20,514,172
2020 MIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Authorized Under Plans (in shares)	33,426,983
Shares Outstanding Under Plans (in shares)	23,398,889
Shares Remaining Under Plans (in shares)	0
Inducement Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Authorized Under Plans (in shares)	11,000,000
Shares Outstanding Under Plans (in shares)	6,487,403
Shares Remaining Under Plans (in shares)	0

Employee Benefit Plans - Sche_2

Employee Benefit Plans - Schedule of Stock-Based Compensation Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total compensation cost recognized for stock-based compensation plans			$ 56,698	$ 74,725
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total compensation cost recognized for stock-based compensation plans	$ 530	$ 748	1,148	2,089
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total compensation cost recognized for stock-based compensation plans	20,400	20,936	41,317	41,936
PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total compensation cost recognized for stock-based compensation plans	6,944	14,398	14,157	30,593
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total compensation cost recognized for stock-based compensation plans	$ 26	$ 26	$ 76	$ 107

Employee Benefit Plans - Sche_3

Employee Benefit Plans - Schedule of Stock Option Activity (Details) - $ / shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Number of stock options
Granted (in shares)	0	0
2020 Plan
Number of stock options
Outstanding at beginning of period (in shares)	952,900
Granted (in shares)	0
Exercised (in shares)	0
Forfeited (in shares)	(91,631)
Outstanding at end of period (in shares)	861,269
Weighted-average exercise price
Outstanding at beginning of period (in dollars per share)	$ 8.88
Granted (in dollars per share)	0
Exercised (in dollars per share)	0
Forfeited (in dollars per share)	8.88
Outstanding at end of period (in dollars per share)	$ 8.88
2014 Plan
Number of stock options
Outstanding at beginning of period (in shares)	24,041,753
Granted (in shares)	0
Exercised (in shares)	(87,810)
Forfeited (in shares)	(84,871)
Outstanding at end of period (in shares)	23,869,072
Weighted-average exercise price
Outstanding at beginning of period (in dollars per share)	$ 1.45
Granted (in dollars per share)	0
Exercised (in dollars per share)	0.26
Forfeited (in dollars per share)	2.85
Outstanding at end of period (in dollars per share)	$ 2.73

Employee Benefit Plans - Sche_4

Employee Benefit Plans - Schedule of Total RSUs Activity (Details) - RSUs	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Number of shares
Beginning balance (in shares) | shares	56,928,405
Granted (in shares) | shares	16,232,187
Released (in shares) | shares	(12,983,357)
Forfeited (in shares) | shares	(7,122,050)
Ending balance (in shares) | shares	53,055,185
Weighted-average grant date fair value per share
Outstanding at beginning of period (in dollars per share) | $ / shares	$ 4.28
Granted (in dollars per share) | $ / shares	0.81
Released (in dollars per share) | $ / shares	5.53
Forfeited (in dollars per share) | $ / shares	2
Outstanding at end of period (in dollars per share) | $ / shares	$ 3.22

Employee Benefit Plans - Sche_5

Employee Benefit Plans - Schedule of Assumptions to Estimate Fair Value of PRSUs on Weighted Average Basis (Details) - PRSUs	12 Months Ended
	Dec. 31, 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%

Employee Benefit Plans - Sche_6

Employee Benefit Plans - Schedule of Total PRSUs Activity (Details) - PRSUs	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Number of shares
Beginning balance (in shares) | shares	32,131,532
Granted (in shares) | shares	0
Adjustment for performance condition achieved (in shares) | shares	99,558
Vested (in shares) | shares	(1,327,613)
Forfeited (in shares) | shares	(315,292)
Ending balance (in shares) | shares	30,588,185
Weighted-average grant date fair value per share
Outstanding at beginning of period (in dollars per share) | $ / shares	$ 8.36
Granted (in dollars per share) | $ / shares	0
Adjustment for performance condition achieved (in dollars per share) | $ / shares	0.94
Vested (in dollars per share) | $ / shares	1.29
Forfeited (in dollars per share) | $ / shares	1.56
Outstanding at end of period (in dollars per share) | $ / shares	$ 8.72

Employee Benefit Plans - Sche_7

Employee Benefit Plans - Schedule of ESPP Valuation Assumption (Details) - ESPP - Forecast	6 Months Ended
	Nov. 21, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	6 months
Expected volatility	64%
Weighted Average
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average risk-free interest rate	5.40%

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Effective tax rate (as percent)	0%	0%	0%	0%
Deferred tax assets, net	$ 0		$ 0
Unrecognized tax position	0		0
Penalties accrued	$ 0		$ 0		$ 0

Net Income (Loss) per Share - S

Net Income (Loss) per Share - Schedule of Continuing and Discontinued operations of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator:
Net income (loss) from continuing operations attributable to Common Stockholders	$ 7,170	$ (28,889)	$ (16,000)	$ (108,587)
Net income from discontinued operations attributable to Common Stockholders	$ 238	$ 75	$ 4,238	$ 7,167
Denominator:
Basic weighted average number of common shares and common share equivalents outstanding (in shares)	487,483,087	479,163,752	487,575,520	479,819,237
Weighted average shares used in computing net income per share of common stock, diluted (in shares)	495,179,955	479,163,752	487,575,520	479,819,237
Basic earnings (loss) per share from continuing operations (in dollars per share)	$ 0.01	$ (0.06)	$ (0.03)	$ (0.23)
Basic earnings per share from discontinued operations (in dollars per share)	0	0	0.01	0.01
Diluted earnings (loss) per share from continuing operations (in dollars per share)	0.01	(0.06)	(0.03)	(0.23)
Diluted earnings per share from discontinued operations (in dollars per share)	$ 0	$ 0	$ 0.01	$ 0.01
RSUs
Denominator:
Weighted average shares used in computing net income per share of common stock, diluted (in shares)	4,989,934
PRSUs
Denominator:
Weighted average shares used in computing net income per share of common stock, diluted (in shares)	2,684,069
Stock options
Denominator:
Weighted average shares used in computing net income per share of common stock, diluted (in shares)	22,865

Net Income (Loss) per Share -_2

Net Income (Loss) per Share - Schedule of Antidilutive Securities Excluded from Diluted Net Loss Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total shares excluded from computation of net income (loss) per share (in shares)	47,433,734	111,387,162	108,373,711	111,387,162
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total shares excluded from computation of net income (loss) per share (in shares)	246,711	54,786,269	53,055,185	54,786,269
PRSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total shares excluded from computation of net income (loss) per share (in shares)	24,749,633	31,095,905	30,588,185	31,095,905
Options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total shares excluded from computation of net income (loss) per share (in shares)	22,437,390	25,504,988	24,730,341	25,504,988

Commitments and Contingencies (

Commitments and Contingencies (Details)		6 Months Ended	12 Months Ended
	Apr. 21, 2023 USD ($)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jun. 21, 2023 USD ($)	Aug. 19, 2022 action	Sep. 16, 2021 action
Commitments and Contingencies Disclosure [Abstract]
Contingent liabilities		$ 0	$ 0
Litigation settlement, amount awarded from other party	$ 22,000,000
Insurance proceeds	$ 19,500,000
Number of derivative actions | action					2	2
Award fees and expenses				$ 2,500,000

Operating Segments - Additional

Operating Segments - Additional Information (Details)	6 Months Ended
	Jun. 30, 2024 segment
Segment Reporting [Abstract]
Number of reporting segments (in segments)	1
Number of operating segments (in segments)	1

Operating Segments - Schedule o

Operating Segments - Schedule of Revenue by Operating Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Revenue, Major Customer [Line Items]
Premiums earned, net (Net of ceded premiums)	$ 349,900	$ 314,383	$ 691,622	$ 631,469
Other income	6,360	5,755	11,560	10,661
Intersegment revenues	(356,260)	(320,138)	(703,182)	(642,130)
Net medical claims incurred	248,347	244,262	513,509	519,051
Gross profit (loss)	107,913	75,876	189,673	123,079
Total assets	674,210	702,015	674,210	702,015	$ 570,671
Ceded premiums	102	113	203	235
Operating Segments | Insurance
Revenue, Major Customer [Line Items]
Premiums earned, net (Net of ceded premiums)	349,900	314,383	691,622	631,469
Other income	4,044	2,015	7,771	3,854
Net medical claims incurred	249,406	242,839	515,482	517,343
Gross profit (loss)	104,538	73,559	183,911	117,980
Total assets	431,231	478,797	431,231	478,797
Corporate/Other
Revenue, Major Customer [Line Items]
Premiums earned, net (Net of ceded premiums)	0	0	0	0
Other income	42,269	13,775	57,950	31,514
Net medical claims incurred	4,965	3,682	9,903	7,130
Gross profit (loss)	88,504	55,747	147,712	93,269
Total assets	881,633	970,942	881,633	970,942
Intersegment revenues
Revenue, Major Customer [Line Items]
Intersegment revenues	51,200	45,654	99,665	68,885
Intersegment revenues | Insurance
Revenue, Major Customer [Line Items]
Intersegment revenues	0	0	0	0
Eliminations
Revenue, Major Customer [Line Items]
Premiums earned, net (Net of ceded premiums)	0	0	0	0
Other income	(39,953)	(10,035)	(54,161)	(24,707)
Net medical claims incurred	(6,024)	(2,259)	(11,876)	(5,422)
Gross profit (loss)	(85,129)	(53,430)	(141,950)	(88,170)
Total assets	$ (638,654)	$ (747,724)	$ (638,654)	$ (747,724)

Operating Segments - Schedule_2

Operating Segments - Schedule of Reconciliation of Revenue of Segments to Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting [Abstract]
Gross profit (loss)	$ 107,913	$ 75,876	$ 189,673	$ 123,079
Salaries and benefits	55,499	62,437	114,722	131,418
General and administrative expenses	44,424	41,710	88,993	99,354
Premium deficiency reserve benefit	0	(5,138)	0	(6,948)
Depreciation and amortization	330	999	648	1,278
Restructuring costs	473	4,750	826	6,557
Change in fair value of warrants	17	0	17	0
Interest expense	0	7	0	7
Loss on investment	0	0	467	0
Net income (loss) from continuing operations	$ 7,170	$ (28,889)	$ (16,000)	$ (108,587)

Restructuring Costs - Additiona

Restructuring Costs - Additional Information (Details) - USD ($)		3 Months Ended		6 Months Ended
	Apr. 17, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Restructuring Cost and Reserve [Line Items]
Number of positions eliminated as a percent	10%
Restructuring costs		$ 473,000	$ 4,750,000	$ 826,000	$ 6,557,000
Depreciation and amortization
Restructuring Cost and Reserve [Line Items]
Restructuring costs		$ 0		$ 100,000

Restructuring Costs - Schedule

Restructuring Costs - Schedule of Restructuring Charges (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	$ 473	$ 4,750	$ 826	$ 6,557
Employee termination benefits
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	0	3,337	0	4,562
Vendor related costs
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	473	1,122	822	1,921
Other
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	$ 0	$ 291	$ 4	$ 74

Restructuring Costs - Schedul_2

Restructuring Costs - Schedule of Restructuring Reserve by Type of Cost (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Restructuring Reserve [Roll Forward]
Liability as of December 31, 2023	$ 5,171
Charges	826
Cash payments	(2,495)
Liability as of June 30, 2024	3,502
Total cumulative costs incurred as of June 30, 2024	10,647
Employee Termination Benefits
Restructuring Reserve [Roll Forward]
Liability as of December 31, 2023	1,781
Charges	0
Cash payments	(1,234)
Liability as of June 30, 2024	547
Total cumulative costs incurred as of June 30, 2024	4,795
Vendor related costs
Restructuring Reserve [Roll Forward]
Liability as of December 31, 2023	3,390
Charges	822
Cash payments	(1,257)
Liability as of June 30, 2024	2,955
Total cumulative costs incurred as of June 30, 2024	5,761
Other
Restructuring Reserve [Roll Forward]
Liability as of December 31, 2023	0
Charges	4
Cash payments	(4)
Liability as of June 30, 2024	0
Total cumulative costs incurred as of June 30, 2024	$ 91

Discontinued Operations - Conde

Discontinued Operations - Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 0	$ 6,456
Surety bond and deposits	0	55,089
Non-Insurance receivable	10,064	10,926
Total assets	10,064	72,471
Liabilities
Unpaid claims	715	2,856
Accrued salaries and benefits	0	110
Non-Insurance performance year obligation, current	5,750	15,568
Non-Insurance payable	42,308	41,565
Total liabilities	$ 48,773	$ 60,099

Discontinued Operations - Con_2

Discontinued Operations - Condensed Consolidated Statements of Operations and Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Operating Expenses:
Net income from discontinued operations (Note 17)	$ 238	$ 75	$ 4,238	$ 7,167
Discontinued operations
Revenues:
Non-Insurance revenue	(1,045)	193,490	5,779	399,273
Total revenues	(1,045)	193,490	5,779	399,273
Operating Expenses:
Net medical claims incurred	(1,502)	192,692	733	390,393
General and administrative expenses	219	723	511	1,713
Restructuring costs	0	0	297	0
Total operating expenses	(1,283)	193,415	1,541	392,106
Gain from operations	238	75	4,238	7,167
Net income from discontinued operations (Note 17)	$ 238	$ 75	$ 4,238	$ 7,167

Discontinued Operations - Con_3

Discontinued Operations - Condensed Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net cash (used in) provided by operating activities	$ (9,005)	$ 20,528
Discontinued operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net cash (used in) provided by operating activities	$ (9,005)	$ 20,528

Discontinued Operations - Perfo

Discontinued Operations - Performance Guarantee (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Non-Insurance, performance year obligation	$ 5,750		$ 5,750		$ 15,568
Amortization of the Non-Insurance performance year receivable	0	$ (189,251)	0	$ (373,458)
Amortization of the Non-Insurance performance year obligation	0	189,251	0	373,458
Discontinued operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Non-Insurance revenue	$ (1,045)	$ 193,490	$ 5,779	$ 399,273

Discontinued Operations - Restr

Discontinued Operations - Restructuring Costs (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Discontinued Operations and Disposal Groups [Roll Forward]
Liability as of December 31, 2023	$ 5,171
Charges	826
Cash payments	(2,495)
Liability as of June 30, 2024	3,502
Total cumulative costs incurred as of June 30, 2024	10,647
ACO REACH
Discontinued Operations and Disposal Groups [Roll Forward]
Liability as of December 31, 2023	110
Charges	297
Cash payments	(407)
Liability as of June 30, 2024	0
Total cumulative costs incurred as of June 30, 2024	407
Employee termination benefits
Discontinued Operations and Disposal Groups [Roll Forward]
Liability as of December 31, 2023	1,781
Charges	0
Cash payments	(1,234)
Liability as of June 30, 2024	547
Total cumulative costs incurred as of June 30, 2024	4,795
Employee termination benefits | ACO REACH
Discontinued Operations and Disposal Groups [Roll Forward]
Liability as of December 31, 2023	110
Charges	0
Cash payments	(110)
Liability as of June 30, 2024	0
Total cumulative costs incurred as of June 30, 2024	110
Vendor related costs
Discontinued Operations and Disposal Groups [Roll Forward]
Liability as of December 31, 2023	3,390
Charges	822
Cash payments	(1,257)
Liability as of June 30, 2024	2,955
Total cumulative costs incurred as of June 30, 2024	5,761
Vendor related costs | ACO REACH
Discontinued Operations and Disposal Groups [Roll Forward]
Liability as of December 31, 2023	0
Charges	297
Cash payments	(297)
Liability as of June 30, 2024	0
Total cumulative costs incurred as of June 30, 2024	$ 297