Oak Street Health, Inc.

CIK:0001564406|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues:
Total revenues	$ 752.0	$ 513.8
Operating expenses:
Medical claims expense	523.5	379.4
Cost of care, excluding depreciation and amortization	129.2	95.2
Sales and marketing	42.3	33.8
Corporate, general and administrative	89.9	88.7
Depreciation and amortization	10.5	7.8
Total operating expenses	795.4	604.9
Loss from operations	(43.4)	(91.1)
Other expense:
Interest expense, net	(0.6)	(0.6)
Other	(0.2)	(5.0)
Total other expense	(0.8)	(5.6)
Net loss	(44.2)	(96.7)
Net income/(loss) attributable to non-controlling interests	1.3	(0.2)
Net loss attributable to Oak Street Health, Inc.	$ (45.5)	$ (96.5)
Weighted average common shares outstanding - basic (in shares)	238,093,465	225,645,420
Weighted average common shares outstanding - diluted (in shares)	238,093,465	225,645,420
Net loss per share – diluted (in dollars per share)	$ (0.19)	$ (0.43)
Net loss per share – basic (in dollars per share)	$ (0.19)	$ (0.43)
Capitated revenue
Revenues:
Total revenues	$ 743.2	$ 506.1
Other revenue
Revenues:
Total revenues	$ 8.8	$ 7.7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net loss	$ (44.2)	$ (96.7)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of discount on debt and related issuance costs	1.7	1.1
Accretion of discounts and amortization of premiums on short-term marketable securities, net	(0.8)	2.3
Fair value adjustment to contingent consideration	0.0	5.0
Depreciation and amortization	10.5	7.8
Non-cash operating lease costs	10.5	5.0
Stock-based compensation, net of forfeitures	24.8	39.4
Changes in assets and liabilities:
Accounts receivables	(321.9)	(136.9)
Other assets	(4.4)	(1.6)
Accounts payable and accrued compensation and benefits	26.2	4.3
Liability for unpaid claims	211.9	79.6
Operating lease liabilities	(5.7)	(4.5)
Other liabilities	(1.3)	4.0
Net cash used in operating activities	(92.7)	(91.2)
Cash flows from investing activities:
Proceeds from sales and maturities of marketable debt securities	146.0	288.2
Purchases of marketable debt securities	(82.1)	(174.2)
Purchases of property and equipment	(17.0)	(19.8)
Net cash provided by investing activities	46.9	94.2
Cash flows from financing activities:
Proceeds from borrowings on term loan, net	24.9	0.0
Capital distributions to non-controlling interests	(1.5)	0.0
Purchase of joint venture minority interest	0.0	(2.1)
Proceeds from exercise of options, net	18.6	2.2
Proceeds from issuance of Common Stock under the employee purchase plan	1.5	1.8
Net cash provided by financing activities	43.5	1.9
Net change in cash, cash equivalents and restricted cash	(2.3)	4.9
Cash, cash equivalents and restricted cash, beginning of period	158.5	120.4
Cash, cash equivalents and restricted cash, end of period	156.2	125.3
Supplemental non-cash disclosure
Additions to construction in process funded through accounts payable	$ 6.3	$ 9.2

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 136,800,000	$ 137,900,000
Restricted cash	19,400,000	20,600,000
Other receivables, net	3,000,000.0	2,500,000
Capitated accounts receivable	1,215,400,000	894,000,000.0
Marketable debt securities	226,000,000.0	287,700,000
Prepaid expenses and other current assets	20,800,000	15,900,000
Total current assets	1,621,400,000	1,358,600,000
Property, plant and equipment, net	213,000,000.0	204,100,000
Operating right-of-use assets	313,500,000	317,600,000
Goodwill	158,000,000.0	158,000,000
Intangible assets, net	8,700,000	9,100,000
Other long-term assets	6,800,000	7,300,000
Total assets	2,321,400,000	2,054,700,000
Current liabilities:
Accounts payable	31,100,000	17,100,000
Accrued compensation and benefits	65,700,000	52,700,000
Liability for unpaid claims	1,062,200,000	850,300,000
Other liabilities	44,100,000	43,000,000.0
Total current liabilities	1,203,100,000	963,100,000
Long-term debt	1,005,200,000	978,600,000
Long-term operating lease liabilities	350,000,000.0	349,300,000
Other long-term liabilities	29,800,000	31,000,000.0
Total liabilities	2,588,100,000	2,322,000,000
Commitments and contingencies (See Note 10)
Stockholders' deficit:
Preferred stock, par value $0.001; 50,000,000 shares authorized as of March 31, 2023 and December 31, 2022; no shares issued and outstanding as of March 31, 2023 and December 31, 2022	0	0
Common stock, par value $0.001; 500,000,000 shares authorized as of March 31, 2023 and December 31, 2022; 244,306,322 and 242,873,706 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively	200,000	200,000
Additional paid-in capital	1,250,300,000	1,205,400,000
Accumulated other comprehensive loss	(800,000)	(2,200,000)
Accumulated deficit	(1,520,000,000)	(1,474,500,000)
Total stockholders' deficit allocated to Oak Street Health, Inc.	(270,300,000)	(271,100,000)
Non-controlling interests	3,600,000	3,800,000
Total stockholders' deficit	(266,700,000)	(267,300,000)
Total liabilities and stockholders' deficit	$ 2,321,400,000	$ 2,054,700,000