1Life Healthcare Inc

CIK:0001404123|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Net revenue	$ 1,045,547	$ 623,315	$ 380,223
Operating expenses:
Medical claims expense	419,659	116,543	0
Cost of care, exclusive of depreciation and amortization shown separately below	441,499	318,639	234,959
Sales and marketing	97,065	61,994	36,967
General and administrative	415,834	323,127	157,282
Depreciation and amortization	91,185	46,496	22,374
Total operating expenses	1,465,242	866,799	451,582
Loss from operations	(419,695)	(243,484)	(71,359)
Other income (expense), net:
Interest income	2,015	798	1,809
Interest and other income (expense)	(11,681)	(13,757)	(13,434)
Change in fair value of redeemable convertible preferred stock warrant liability	0	0	(6,560)
Total other income (expense), net	(9,666)	(12,959)	(18,185)
Loss before income taxes	(429,361)	(256,443)	(89,544)
Provision for (benefit from) income taxes	(31,514)	(1,802)	(123)
Net loss	(397,847)	(254,641)	(89,421)
Less: Net loss attributable to noncontrolling interest	0	0	(704)
Net loss attributable to 1Life Healthcare, Inc. stockholders	$ (397,847)	$ (254,641)	$ (88,717)
Net loss per share attributable to 1Life Healthcare, Inc. stockholders - basic (in usd per share)	$ (2.02)	$ (1.64)	$ (0.75)
Net loss per share attributable to 1Life Healthcare, Inc. stockholders - diluted (in usd per share)	$ (2.02)	$ (1.64)	$ (0.75)
Weighted average common shares outstanding - basic (in shares)	197,048	155,343	118,379
Weighted average common shares outstanding - diluted (in shares)	197,048	155,343	118,379
Medicare revenue
Net revenue	$ 528,909	$ 129,979	$ 0
Commercial revenue
Net revenue	$ 516,638	$ 493,336	$ 380,223

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net loss	$ (397,847)	$ (254,641)	$ (89,421)
Adjustments to reconcile net loss to net cash used in operating activities:
Provision for bad debts	(928)	966	105
Depreciation and amortization	91,185	46,496	22,374
Amortization of debt discount and issuance costs	1,875	1,874	7,767
Accretion of discounts and amortization of premiums on marketable securities, net	1,307	1,178	(933)
Change in fair value of redeemable convertible preferred stock warrant liability	0	0	6,560
Reduction of operating lease right-of-use assets	33,929	22,062	13,653
Stock-based compensation	146,916	112,298	35,095
Deferred income taxes	(29,976)	(4,006)	(2,656)
Other non-cash items	1,082	864	(8)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable, net	(32,576)	(16,546)	(35,167)
Inventories	(1,854)	1,118	(3,921)
Prepaid expenses and other current assets	18,575	(18,979)	6,488
Other assets	1,333	1,687	(943)
Accounts payable	(2,878)	3,111	298
Accrued expenses	15,418	11,175	26,849
Deferred revenue	(6,578)	3,350	16,566
Operating lease liabilities	(30,248)	(20,919)	(12,169)
Other liabilities	(20,538)	20,346	5,085
Net cash used in operating activities	(211,803)	(88,566)	(4,378)
Cash flows from investing activities:
Purchases of property and equipment, net	(73,719)	(63,616)	(63,707)
Purchases of marketable securities	(54,906)	(215,289)	(963,272)
Proceeds from sales and maturities of marketable securities	166,000	623,966	513,315
Acquisitions of businesses, net of cash and restricted cash acquired	(10,360)	(23,257)	0
Issuance of note receivable	0	(30,000)	0
VIE deconsolidation	0	0	(810)
Net cash provided by (used in) investing activities	27,015	291,804	(514,474)
Cash flows from financing activities:
Proceeds from issuance of convertible senior notes	0	0	316,250
Payment of convertible senior notes issuance costs	0	0	(9,374)
Proceeds from initial public offering	0	0	281,750
Payment of underwriting discount and commissions, and offering costs	0	0	(20,538)
Proceeds from the exercise of stock options	58,889	22,784	35,686
Proceeds from employee stock purchase plan	2,489	5,078	4,835
Taxes paid related to net share settlement of equity awards	0	0	(833)
Proceeds from the exercise of redeemable convertible preferred and common stock warrants	0	0	110
Repayment of notes payable	0	0	(3,300)
Payment of principal portion of finance lease liability	(52)	(51)	(58)
Payment received from acquisition related contingent consideration	500	0	0
Net cash provided by financing activities	61,826	27,811	604,528
Net (decrease) increase in cash, cash equivalents and restricted cash	(122,962)	231,049	85,676
Cash, cash equivalents and restricted cash at beginning of period	346,054	115,005	29,329
Cash, cash equivalent and restricted cash at end of period	223,092	346,054	115,005
Supplemental disclosure of cash flow information:
Cash (received) paid for income taxes	(4,591)	13,177	0
Cash paid for interest	9,492	9,495	5,251
Supplemental disclosure of non-cash investing and financing activities:
Purchases of property and equipment included in accounts payable and accrued expenses	10,059	10,707	4,571
Equity consideration provided for business acquisition	$ 5,541	$ 1,361,955	$ 0

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 215,447	$ 341,971
Short-term marketable securities	46,980	111,671
Accounts receivable, net	137,359	103,498
Inventories	7,944	6,065
Prepaid expenses	18,724	28,055
Other current assets	24,485	21,767
Total current assets	450,939	613,027
Long-term marketable securities	0	48,296
Restricted cash	5,084	3,801
Property and equipment, net	220,314	193,716
Right-of-use assets	276,842	256,293
Intangible assets, net	312,177	352,158
Goodwill	1,157,401	1,147,464
Other assets	9,977	12,277
Total assets	2,432,734	2,627,032
Current liabilities:
Accounts payable	15,148	18,725
Accrued expenses	88,607	72,672
Deferred revenue, current	49,815	47,928
Operating lease liabilities, current	40,267	31,152
Other current liabilities	10,838	31,632
Total current liabilities	204,675	202,109
Operating lease liabilities, non-current	295,748	269,641
Convertible senior notes	311,719	309,844
Deferred income taxes	43,899	73,875
Deferred revenue, non-current	21,233	29,317
Other non-current liabilities	11,474	13,663
Total liabilities	888,748	898,449
Commitments and contingencies (Note 17)
Stockholders' Equity:
Common stock, $0.001 par value, 1,000,000 and 1,000,000 shares authorized as of December 31, 2022 and December 31, 2021, respectively; 206,031 and 191,722 shares issued and outstanding as of December 31, 2022 and December 31, 2021, respectively	206	193
Additional paid-in capital	2,560,604	2,346,781
Accumulated deficit	(1,016,045)	(618,198)
Accumulated other comprehensive income (loss)	(779)	(193)
Total stockholders' equity	1,543,986	1,728,583
Total liabilities and stockholders' equity	$ 2,432,734	$ 2,627,032