Babylon Holdings Ltd

CIK:0001866390|SEC Filings

Condensed Consolidated Statement of Operations and Other Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Revenue	$ 311,120	$ 266,446
Claims expense	(283,906)	(247,552)
Clinical care delivery expense	(16,416)	(23,927)
Platform & application expenses	(8,594)	(13,748)
Research & development expenses	(4,476)	(17,314)
Sales, general & administrative expenses	(48,393)	(55,649)
Premium deficiency reserve expense	(2,494)	(6,868)
Depreciation and amortization expenses	(1,237)	(3,078)
Loss from operations	(54,396)	(101,690)
Interest expense	(8,819)	(5,982)
Interest income	161	255
Gain on fair value remeasurement	336	78,773
Loss on settlement of warrants	155	0
Exchange loss	(27)	(447)
Loss on sale of subsidiary	(646)	0
Net loss from operations before income taxes	(63,236)	(29,091)
Tax benefit / (provision)	7	(9)
Net loss	(63,229)	(29,100)
Other comprehensive loss
Currency translation differences	(565)	(3,639)
Other comprehensive (loss), net of income tax	(565)	(3,639)
Total comprehensive loss	$ (63,794)	$ (32,739)
Net loss per share
Net loss per share, basic, from continuing operations (in dollars per share)	$ (2.53)	$ (1.71)
Net loss per share, diluted, from continuing operations (in dollars per share)	$ (2.53)	$ (1.71)
Weighted average shares outstanding, basic (in shares)	25,025,645	17,038,663
Weighted average shares outstanding, diluted (in shares)	25,025,645	17,038,663

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities
Net loss	$ (63,229)	$ (29,100)
Adjustments to reconcile Net loss to net cash used in operating activities:
Non-cash interest expense, net	8,658	5,727
Stock-based compensation	2,167	9,174
Depreciation and amortization expenses	1,237	3,078
Exchange loss	27	447
Gain on fair value remeasurement	(336)	(78,773)
Premium deficiency reserve expense	2,494	6,868
Gain on settlement of warrants	(155)	0
Loss on sale of subsidiary	646	0
Taxation	0	9
Working capital adjustments
Decrease / (Increase) in trade and other receivables	2,886	(3,648)
(Increase) / Decrease in prepayments and contract assets	(55)	4,029
(Decrease) / Increase in trade, other and claims payables	(3,746)	17,640
Increase / (Decrease) in accruals and other liabilities and due to related parties	1,992	(5,264)
(Decrease) in contract liabilities	(2,011)	(9,941)
Decrease in assets and liabilities held for sale	11,436	0
(Decrease) / Increase in operating lease liabilities	(417)	1,272
Net cash used in operating activities	(38,406)	(78,482)
Cash flows from investing activities
Capital expenditure	(372)	(2,613)
Proceeds from sale of investment in subsidiary	516	0
Net cash provided / (used) in investing activities	144	(2,613)
Cash flows from financing activities
Proceeds from issuance of notes and warrants	22,000	100,000
Payment of debt issuance costs	(3,153)	(4,000)
Payment of equity issuance costs	0	(1,002)
Other financing activities, net	42	(1,538)
Net cash provided by financing activities	18,889	93,460
Net (decrease) / increase in cash and cash equivalents	(19,373)	12,365
Cash and cash equivalents at January 1,	43,475	262,581
Effect of movements in exchange rate on cash held	1,480	32
Cash and cash equivalents at March 31,	25,582	274,978
Non-cash financing and investing activities:
Shares issued upon settlement of warrants	772	0
Accrued and unpaid interest within Accruals and other liabilities	6,413	3,978
Receivable from sale of investment in subsidiary	250	0
Fair value of warrants issued	0	(3,418)
Equity and debt issuance costs in Accruals and other liabilities	(1,403)	0
Equity issued related to loans and borrowings	$ (1,804)	$ 0

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 25,582	$ 43,475
Trade receivables, net	15,404	15,524
Other receivables	14,897	17,502
Prepayments and contract assets	18,404	18,349
Assets held for sale	108,797	125,275
Total current assets	183,084	220,125
Property, plant and equipment, net	12,039	12,658
Operating lease right-of-use assets	12,870	13,327
Total assets	207,993	246,110
Current liabilities
Trade payables	5,893	9,600
Other payables	4,046	4,839
Accruals and other liabilities	40,000	30,029
Due to related parties	4,791	4,791
Claims payable	9,280	8,475
Contract liabilities	19,094	18,710
Lease liabilities	5,023	5,102
Liabilities held for sale	70,351	74,717
Premium deficiency reserve	13,103	6,124
Total current liabilities	171,581	162,387
Loans and borrowings, net of current position	295,449	278,028
Contract liabilities, net of current position	42,790	46,160
Lease liabilities, net of current portion	12,983	14,056
Warrant liability	0	711
Earnout liability	252	667
Total liabilities	523,055	502,009
SHAREHOLDERS' EQUITY
Additional paid-in capital	581,215	576,585
Accumulated deficit	(900,001)	(836,772)
Accumulated other comprehensive income	3,707	4,272
Total shareholders' equity	(315,062)	(255,899)
Total liabilities and shareholders' equity	207,993	246,110
Class A ordinary shares
SHAREHOLDERS' EQUITY
Ordinary shares	17	16
Class B ordinary shares
SHAREHOLDERS' EQUITY
Ordinary shares	$ 0	$ 0