Oscar Health Inc. (NYSE:OSCR) Q1 2022 Earnings Conference Call May 10, 2022 5:00 PM ET Company Participants Mario Schlosser - Co-Founder and CEO Cornelia Miller - VP-Corporate Development and IR Scott Blackley - CFO Conference Call Participants Ricky Goldwasser - Morgan Stanley Stephen Baxter - Wells Fargo Jonathan Yong - Credit Suisse Gary Taylor - Cowen Joshua Raskin - Nephron Research Nathan Rich - Goldman Sachs Operator Good afternoon. My name is Christian and I will be your conference operator for toda ...

Part I [Business](index=7&type=section&id=Item%201.%20Business) Oscar Health is a technology-driven health insurer offering diverse plans and monetizing its platform, with significant membership growth - Oscar is the first health insurer built on a full-stack technology platform, offering Individual, Small Group, and Medicare Advantage plans[29](index=29&type=chunk)[33](index=33&type=chunk) - As of January 31, 2022, Oscar served over **one million members** across 22 states and 607 counties[30](index=30&type=chunk)[33](index=33&type=chunk) - The company launched **+Oscar** in April 2021 to monetize its technology platform, generating fee-based and potential risk-sharing revenue[31](index=31&type=chunk) [Our Offerings](index=7&type=section&id=Our%20Offerings) Oscar offers Individual, Small Group, and Medicare Advantage plans, plus its +Oscar platform for external clients - Offers health plans in **Individual, Small Group, and Medicare Advantage** markets[33](index=33&type=chunk) - Individual and Small Group plans are sold on and off ACA exchanges, with premiums subject to regulatory approval and risk adjustment[34](index=34&type=chunk)[35](index=35&type=chunk)[36](index=36&type=chunk) - Medicare Advantage plans receive a fixed **PMPM premium from CMS**, adjusted for Star ratings and member health status[38](index=38&type=chunk) - The **+Oscar platform** provides technology and services to clients, generating fee-based income and risk-sharing revenue, with clients including Cigna and Health First Health Plans[39](index=39&type=chunk) [Membership](index=8&type=section&id=Membership) Total membership grew significantly to **598,169** in 2021, with Florida, California, and Texas as key states Membership by Offering (as of Dec 31) | Offering | 2021 | 2020 | | :--- | :--- | :--- | | Individual and Small Group | 577,799 | 400,120 | | Medicare Advantage | 3,864 | 1,924 | | Cigna + Oscar | 16,506 | — | | **Total** | **598,169** | **402,044** | Membership by State (Top 3, as of Dec 31) | State | 2021 | 2020 | | :--- | :--- | :--- | | Florida | 291,894 | 115,171 | | California | 98,532 | 103,834 | | Texas | 90,369 | 93,164 | - For the year ended December 31, 2021, **$2.5 billion** of direct policy premiums were collected from CMS, compared to **$911.6 million** collected directly from members[43](index=43&type=chunk) [Government Regulation](index=14&type=section&id=Government%20Regulation) Oscar's operations are subject to extensive federal and state regulations, including CMS, ACA, data privacy, and fraud laws - The company is subject to comprehensive oversight from **CMS** for its Medicare Advantage plans, regulating payments, benefit design, marketing, and quality assurance[80](index=80&type=chunk) - State insurance laws impose restrictions and require health insurance subsidiaries to meet statutory **risk-based capital (RBC) requirements**, which all subsidiaries met as of December 31, 2021[85](index=85&type=chunk)[86](index=86&type=chunk) - The **ACA mandates minimum Medical Loss Ratios (MLR)** of 80% for Individual/Small Group and 85% for Medicare Advantage, requiring premium rebates if not met[91](index=91&type=chunk)[93](index=93&type=chunk) - The company must comply with numerous data privacy and security regulations, including **HIPAA, CCPA, and NYDFS Cybersecurity Requirements**[94](index=94&type=chunk)[97](index=97&type=chunk)[98](index=98&type=chunk) - As a recipient of federal funds, Oscar is subject to fraud, waste, and abuse laws, including the **False Claims Act (FCA)**, which can lead to significant penalties and government audits[103](index=103&type=chunk)[104](index=104&type=chunk)[105](index=105&type=chunk) [Risk Factors](index=20&type=section&id=Item%201A.%20Risk%20Factors) The company faces risks including historical losses, regulatory changes, technology reliance, and internal control weaknesses - The company has a history of losses, with an accumulated deficit of **$2.0 billion** as of December 31, 2021, and may not achieve future profitability[126](index=126&type=chunk) - A significant portion of revenue is derived from **ACA-regulated health plans**, making the business highly sensitive to changes or challenges to the ACA[133](index=133&type=chunk) - The **dual-class stock structure** concentrates **82.8% of voting power** with Thrive Capital and Co-Founders, limiting other stockholders' influence[253](index=253&type=chunk) - A **material weakness** in internal control over financial reporting related to IT general controls was identified as of December 31, 2021[290](index=290&type=chunk) [Properties](index=51&type=section&id=Item%202.%20Properties) The company leases its corporate headquarters in New York, NY, and additional offices in Tempe, AZ, and Los Angeles, CA - Corporate headquarters are leased in New York, NY, with additional leased offices in Tempe, AZ, and Los Angeles, CA[297](index=297&type=chunk) [Legal Proceedings](index=51&type=section&id=Item%203.%20Legal%20Proceedings) The company faces ongoing regulatory reviews and ordinary course legal proceedings, with no material impact expected - The company is subject to ongoing reviews by regulatory authorities regarding business practices, which can result in fines or sanctions[298](index=298&type=chunk) - Oscar is involved in ordinary course legal proceedings, including class actions and claims from members and providers, but does not believe any pending matters will have a material effect[299](index=299&type=chunk)[301](index=301&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=52&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Class A common stock began trading on NYSE in March 2021; no public market for Class B; no cash dividends anticipated - Class A common stock began trading on the **NYSE** under the symbol **"OSCR"** on March 3, 2021[304](index=304&type=chunk) - The company has never declared or paid cash dividends and does not intend to in the foreseeable future, citing the need to fund business growth[306](index=306&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=54&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Oscar Health saw significant membership growth and premium increases in 2021, but net loss widened due to higher claims Financial Results Summary (in thousands) | | Year Ended Dec 31, 2021 | Year Ended Dec 31, 2020 | | :--- | :--- | :--- | | Premiums before ceded reinsurance | $2,712,988 | $1,672,339 | | Premiums earned | $1,831,020 | $455,035 | | Total revenue | $1,838,715 | $462,801 | | Net loss | $(571,426) | $(406,825) | Key Operating and Non-GAAP Metrics | Metric | 2021 | 2020 | | :--- | :--- | :--- | | Members | 598,169 | 402,044 | | Medical Loss Ratio | 88.9% | 84.7% | | InsuranceCo Combined Ratio | 110.7% | 110.8% | | Adjusted EBITDA (in thousands) | $(429,826) | $(402,447) | [Results of Operations](index=64&type=section&id=Results%20of%20Operations) In 2021, total revenue increased significantly to **$1.84 billion**, but net loss widened due to higher claims and expenses - Premiums before ceded reinsurance increased by **62% to $2.7 billion** in 2021, driven by higher membership and plan shifts[375](index=375&type=chunk) - Reinsurance premiums ceded decreased by **28% to $882.0 million** in 2021, due to a lower average quota share cession rate[376](index=376&type=chunk) - Claims incurred, net, increased by **425% to $1.6 billion**, due to higher membership, increased COVID-19 and non-COVID-19 costs, and decreased quota share reinsurance[377](index=377&type=chunk) - General and administrative expenses increased **59% to $265.1 million**, attributed to headcount growth for partnerships, technology, and public company costs[379](index=379&type=chunk) [Liquidity and Capital Resources](index=65&type=section&id=Liquidity%20and%20Capital%20Resources) Oscar manages liquidity at subsidiary and holding company levels, with strong capital and recently raised **$305 million** via notes - As of December 31, 2021, health insurance subsidiaries held **$1.8 billion** in cash and investments, while Holdco held **$738.6 million**[384](index=384&type=chunk)[387](index=387&type=chunk) - The combined statutory capital and surplus of insurance subsidiaries was **$474.8 million** at year-end 2021, exceeding minimum requirements[386](index=386&type=chunk) - In March 2021, the company repaid its Term Loan Facility using IPO proceeds, with no outstanding borrowings under its **$200 million Revolving Credit Facility** as of December 31, 2021[392](index=392&type=chunk)[395](index=395&type=chunk) - In February 2022, the company issued **$305 million** in **7.25% Convertible Senior Notes** due 2031[400](index=400&type=chunk) [Critical Accounting Policies and Estimates](index=69&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) Benefits Payable, including IBNR, is a critical accounting estimate determined by actuarial methods and completion factors - Benefits payable, which includes **IBNR**, is a critical accounting estimate based on actuarial methods, historical claim patterns, and medical cost trends[418](index=418&type=chunk)[419](index=419&type=chunk) - **Completion factors** are the most significant factor in developing the benefits payable estimate[421](index=421&type=chunk) Sensitivity of Benefits Payable to Changes in Completion Factors (as of Dec 31, 2021) | Change in Estimate | Increase (Decrease) in Benefits Payable (in thousands) | | :--- | :--- | | (1.00)% | $49,075 | | (0.50)% | $24,414 | | 0.50% | $(24,171) | | 1.00% | $(48,103) | [Financial Statements and Supplementary Data](index=72&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents audited consolidated financial statements and the auditor's report, highlighting critical audit matters for Benefits Payable and Risk Adjustment Transfer Payable Consolidated Balance Sheet Highlights (in thousands) | | Dec 31, 2021 | Dec 31, 2020 | | :--- | :--- | :--- | | **Total Assets** | **$3,321,650** | **$2,272,106** | | Cash and cash equivalents | $1,103,995 | $826,326 | | Total Investments | $1,431,562 | $692,127 | | **Total Liabilities** | **$1,929,128** | **$1,823,088** | | Benefits payable | $513,582 | $311,914 | | Risk adjustment transfer payable | $794,398 | $716,370 | | **Total Stockholders' Equity** | **$1,392,522** | **$(1,295,893)** | Consolidated Statement of Operations Highlights (in thousands) | | Year Ended Dec 31, 2021 | Year Ended Dec 31, 2020 | | :--- | :--- | :--- | | Total revenue | $1,838,715 | $462,801 | | Claims incurred, net | $1,623,995 | $309,353 | | Total operating expenses | $2,383,196 | $865,067 | | **Net loss** | **$(571,426)** | **$(406,825)** | - The independent auditor's report identified two critical audit matters: valuation of **IBNR Benefits Payable** and **Risk Adjustment Transfer Payable** under the ACA[438](index=438&type=chunk)[440](index=440&type=chunk)[443](index=443&type=chunk) [Controls and Procedures](index=112&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded disclosure controls were ineffective as of December 31, 2021, due to a material weakness in IT general controls - Management concluded that disclosure controls and procedures were **not effective** as of December 31, 2021[623](index=623&type=chunk) - A **material weakness** was identified in internal control over financial reporting related to IT general controls, specifically concerning program change management, user access controls, and program development controls[626](index=626&type=chunk)[627](index=627&type=chunk) - A remediation plan to enhance IT control processes was initiated in **Q1 2022**[630](index=630&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=115&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information on directors, executive officers, and corporate governance is incorporated by reference from the 2022 proxy statement - Information is incorporated by reference from the **2022 Annual Meeting of Stockholders proxy statement**[639](index=639&type=chunk) [Executive Compensation](index=115&type=section&id=Item%2011.%20Executive%20Compensation) Information on executive compensation is incorporated by reference from the 2022 Annual Meeting of Stockholders proxy statement - Information is incorporated by reference from the **2022 Annual Meeting of Stockholders proxy statement**[640](index=640&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=115&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) This section details securities authorized under equity compensation plans; other information is incorporated by reference Securities Authorized for Issuance Under Equity Compensation Plans (as of Dec 31, 2021) | Plan Category | Securities to be Issued Upon Exercise | Weighted Average Exercise Price | Securities Remaining Available for Future Issuance | | :--- | :--- | :--- | :--- | | Equity compensation plans approved by security holders | 50,437,276 | $10.29 | 11,576,494 | [Certain Relationships and Related Transactions, and Director Independence](index=115&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information on related party transactions and director independence is incorporated by reference from the 2022 proxy statement - Information is incorporated by reference from the **2022 Annual Meeting of Stockholders proxy statement**[645](index=645&type=chunk) [Principal Accountant Fees and Services](index=115&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Information on principal accountant fees and services is incorporated by reference from the 2022 proxy statement - Information is incorporated by reference from the **2022 Annual Meeting of Stockholders proxy statement**[646](index=646&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=116&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists financial statements, schedules, and exhibits filed with the 10-K, including Schedule I - The financial statements required by this item are listed in **Part II, Item 8**[648](index=648&type=chunk) - **Schedule I, Condensed Financial Information of the Parent Company**, is included; other schedules are omitted[649](index=649&type=chunk)

Oscar Health, Inc. Fourth Quarter and Full Year 2021 Earnings Presentation February 10, 2022 HIOSCAR.COM Safe Harbor Statement and Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact contained herein are forward-looking statements. These statements include, but are not limited to, statements about our financial outlook and estimates, including direc ...

Oscar Health Inc. (NYSE:OSCR) Q4 2021 Earnings Conference Call February 10, 2022 5:00 PM ET Company Participants Mario Schlosser – Co-Founder and Chief Executive Officer Cornelia Miller – Vice President-Corporate Development and Investor Relations Scott Blackley – Chief Financial Officer Conference Call Participants Marianne Scott – Scott Health Consulting Ricky Goldwasser – Morgan Stanley Adam Ronn – Bank of America Stephen Baxter – Wells Fargo Jonathan Yong – Credit Suisse Josh Raskin – Nephron Nathan Ric ...

PART I - FINANCIAL INFORMATION [Item 1. Financial Statements (unaudited)](index=8&type=section&id=Item%201.%20Financial%20Statements) Oscar Health, Inc.'s unaudited Q3 2021 consolidated financial statements show total assets of $3.17 billion, positive equity of $1.55 billion, and a $212.7 million net loss driven by increased claims and operating expenses [Consolidated Balance Sheet](index=8&type=section&id=Consolidated%20Balance%20Sheet) As of September 30, 2021, total assets increased to $3.17 billion, liabilities decreased to $1.62 billion, and stockholders' equity turned positive to $1.55 billion due to the IPO and preferred stock conversion Consolidated Balance Sheet Summary (in thousands) | Account | Sep 30, 2021 | Dec 31, 2020 | | :--- | :--- | :--- | | **Total Assets** | **$3,169,880** | **$2,272,106** | | Cash and cash equivalents | $1,076,699 | $826,326 | | Total investments | $1,425,227 | $692,127 | | **Total Liabilities** | **$1,616,668** | **$1,823,088** | | Benefits payable | $497,324 | $311,914 | | Risk adjustment transfer payable | $613,230 | $716,370 | | **Total Stockholders' Equity (Deficit)** | **$1,553,212** | **$(1,295,893)** | [Consolidated Statement of Operations](index=9&type=section&id=Consolidated%20Statement%20of%20Operations) Q3 2021 premiums earned surged to $441.7 million, but net loss widened to $212.7 million due to increased net claims incurred and higher other insurance costs Statement of Operations Summary (in thousands) | Metric | Q3 2021 | Q3 2020 | Nine Months 2021 | Nine Months 2020 | | :--- | :--- | :--- | :--- | :--- | | Premiums earned | $441,743 | $99,145 | $1,338,439 | $298,120 | | Total revenue | $443,979 | $101,700 | $1,342,648 | $305,128 | | Claims incurred, net | $453,576 | $85,392 | $1,141,503 | $225,120 | | Total operating expenses | $656,923 | $181,830 | $1,690,374 | $520,557 | | **Net loss** | **$(212,745)** | **$(79,132)** | **$(373,184)** | **$(216,955)** | | Net loss per share | $(1.02) | $(2.72) | $(2.21) | $(7.50) | [Consolidated Statement of Cash Flows](index=13&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) For the nine months ended September 30, 2021, operating activities used $216.2 million cash, investing activities used $754.7 million, and financing activities provided $1.23 billion, primarily from the IPO Cash Flow Summary (Nine Months Ended Sep 30, in thousands) | Cash Flow Activity | 2021 | 2020 | | :--- | :--- | :--- | | Net cash (used in) provided by operating activities | $(216,224) | $133,749 | | Net cash used in investing activities | $(754,678) | $(359,353) | | Net cash provided by financing activities | $1,225,739 | $226,434 | | **Increase in cash, cash equivalents and restricted cash** | **$254,837** | **$830** | [Notes to Consolidated Financial Statements](index=15&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail accounting policies and key events, including the March 2021 IPO raising $1.3 billion, debt repayment, increased stock-based compensation, and the use of reinsurance - The company completed its IPO on March 5, 2021, selling **36,391,946 shares of Class A common stock** and receiving **net proceeds of $1.3 billion**[40](index=40&type=chunk) - On March 5, 2021, the company used IPO proceeds to repay its **$153.2 million Term Loan**, recognizing a **$20.2 million loss on debt extinguishment**[76](index=76&type=chunk) - In connection with the IPO, all outstanding convertible preferred stock was converted into common stock[85](index=85&type=chunk) - Stock-based compensation expense for the nine months ended September 30, 2021, was **$58.0 million**, a significant increase from **$22.0 million** in the prior-year period[98](index=98&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=34&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses a 41% membership increase to 594,284, attributing the wider net loss to higher medical costs, a lower reinsurance cession rate, and growth investments, while maintaining strong liquidity [Results of Operations](index=41&type=section&id=Results%20of%20Operations) Q3 2021 premiums grew 62% to $673.5 million, but net claims incurred surged 431% to $453.6 million, widening the loss from operations to $212.9 million Q3 2021 vs Q3 2020 Results of Operations (in thousands) | Account | Q3 2021 | Q3 2020 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Premiums earned | $441,743 | $99,145 | $342,598 | 346% | | Claims incurred, net | $453,576 | $85,392 | $368,184 | 431% | | Other insurance costs | $111,302 | $38,674 | $72,628 | 188% | | Loss from operations | $(212,944) | $(80,130) | $(132,814) | 166% | | **Net loss** | **$(212,745)** | **$(79,132)** | **$(133,613)** | **169%** | [Key Operating and Non-GAAP Financial Metrics](index=45&type=section&id=Key%20Operating%20and%20Non-GAAP%20Financial%20Metrics) Membership grew 41% to 594,284, while the Medical Loss Ratio increased to 99.7% and Adjusted EBITDA showed a loss of $188.7 million for Q3 2021 Key Metrics Comparison | Metric | Q3 2021 | Q3 2020 | Nine Months 2021 | Nine Months 2020 | | :--- | :--- | :--- | :--- | :--- | | Members (as of period end) | 594,284 | 420,118 | 594,284 | 420,118 | | Medical Loss Ratio | 99.7% | 90.5% | 85.8% | 77.7% | | InsuranceCo Admin. Expense Ratio | 23.1% | 22.4% | 20.9% | 23.0% | | InsuranceCo Combined Ratio | 122.8% | 112.9% | 106.7% | 100.7% | | Adjusted EBITDA (in thousands) | $(188,659) | $(70,975) | $(265,309) | $(185,964) | [Liquidity and Capital Resources](index=48&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity with $1.0 billion in Holdco cash and investments, and health insurance subsidiaries exceeding capital requirements, supported by a new $200 million credit facility - As of September 30, 2021, the holding company (Holdco) had **$1.0 billion in cash and investments**, which management believes is **sufficient to fund operating requirements for at least the next twelve months**[224](index=224&type=chunk) - During Q3 2021, the company made a risk adjustment program payment of **$461.8 million** for the 2020 policy year, which **negatively impacted operating cash flows**[225](index=225&type=chunk) - The company entered into a new **$200 million senior secured revolving credit facility** in February 2021, which was **undrawn** as of September 30, 2021[227](index=227&type=chunk)[229](index=229&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=51&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate exposure, where a 1% rate increase would decrease investment fair value by $13.0 million, with inflation risk deemed immaterial - The company is subject to interest rate risk; a hypothetical **1% increase in interest rates** would decrease the fair value of its investment portfolio by approximately **$13.0 million** as of September 30, 2021[251](index=251&type=chunk) [Item 4. Controls and Procedures](index=52&type=section&id=Item%204.%20Controls%20and%20Procedures) The CEO and CFO concluded that disclosure controls and procedures were effective, with no material changes to internal control over financial reporting during the quarter - Management, including the CEO and CFO, concluded that as of September 30, 2021, the company's disclosure controls and procedures were **effective**[254](index=254&type=chunk) - **No changes in internal control over financial reporting** occurred during the quarter ended September 30, 2021, that have materially affected, or are reasonably likely to materially affect, internal controls[255](index=255&type=chunk) PART II - OTHER INFORMATION [Item 1. Legal Proceedings](index=53&type=section&id=Item%201.%20Legal%20Proceedings) The company faces various legal and regulatory proceedings in the ordinary course of business, but management believes none will materially affect its financial condition - The company is involved in legal proceedings and regulatory reviews in the ordinary course of business but believes that **none, individually or in the aggregate, would have a material effect** on its business, financial condition, or operating results[261](index=261&type=chunk) [Item 1A. Risk Factors](index=53&type=section&id=Item%201A.%20Risk%20Factors) This section outlines significant business risks, including member retention, profitability challenges, ACA changes, medical expense estimation, regulatory compliance, cybersecurity, third-party reliance, and concentrated voting control - The company has a history of losses, with an **accumulated deficit of $1.8 billion** as of September 30, 2021, and **may not achieve or maintain profitability in the future**[278](index=278&type=chunk) - Potential repeal of or changes to the ACA could **materially harm the business**, as approximately **97% of revenue** for the first nine months of 2021 was derived from ACA-regulated plans[280](index=280&type=chunk) - The dual-class stock structure concentrates **82.8% of voting power** with Thrive Capital and the Co-Founders as of September 30, 2021, **limiting other stockholders' ability to influence corporate matters**[404](index=404&type=chunk) - The ongoing COVID-19 pandemic could **significantly increase costs** due to changes in morbidity or utilization, and the **long-term health impacts of the virus remain uncertain**[340](index=340&type=chunk)[343](index=343&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=84&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section discloses affiliated purchases of 4,755,222 Class A common shares and confirms IPO proceeds were used for debt repayment, with the remainder held in cash and investments Purchases of Equity Securities by an Affiliated Purchaser (Q3 2021) | Period | Total Number of Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | August 2021 | 2,358,403 | $13.5752 | | September 2021 | 2,396,819 | $17.7751 | | **Total** | **4,755,222** | **$15.6922** | - There has been **no material change** in the expected use of net proceeds from the IPO as described in the company's Prospectus[451](index=451&type=chunk) [Item 3. Defaults Upon Senior Securities](index=85&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reports no defaults upon senior securities during the period - None[452](index=452&type=chunk) [Item 4. Mine Safety Disclosures](index=85&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[453](index=453&type=chunk) [Item 5. Other Information](index=85&type=section&id=Item%205.%20Other%20Information) The company reports no information for this item - None[454](index=454&type=chunk) [Item 6. Exhibits](index=85&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including CEO and CFO certifications and XBRL data files - The report includes certifications from the **Chief Executive Officer and Chief Financial Officer** as exhibits[455](index=455&type=chunk)

Oscar Health, Inc. Third Quarter 2021 Earnings Presentation November 10, 2021 HIOSCAR.COM Safe Harbor Statement and Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact contained herein are forward-looking statements. These statements include, but are not limited to, statements about our financial outlook and estimates, including direct policy premiu ...

Oscar Health, Inc. (NYSE:OSCR) Q3 2021 Earnings Conference Call November 10, 2021 5:00 PM ET Company Participants Cornelia Miller – Vice President-Corporate Development and Investor Relations Mario Schlosser – Co-Founder and Chief Executive Officer Scott Blackley – Chief Financial Officer Conference Call Participants Kevin Fischbeck – Bank of America Gary Taylor – Cowen Jonathan Yong – Credit Suisse Michael Ha – Morgan Stanley Stephen Baxter – Wells Fargo Josh Raskin – Nephron Operator Good afternoon. My na ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 or [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________to__________ Commission File Number: 001-40154 ____________________________________________________________ Oscar Health, Inc. (Exact name ...

Oscar Health, Inc. (NYSE:OSCR) Q2 2021 Earnings Conference Call August 12, 2021 5:00 PM ET Company Participants Cornelia Miller - Vice President of Corporate Development & Investor Relations Mario Schlosser - Co-Founder & Chief Executive Officer Scott Blackley - Chief Financial Officer Conference Call Participants Ricky Goldwasser - Morgan Stanley Stephen Baxter - Wells Fargo Kevin Fischbeck - Bank of America Jailendra Singh - Credit Suisse Josh Raskin - Nephron Operator Good afternoon. My name is Joanna, a ...

Oscar Health, Inc. Second Quarter 2021 Earnings Presentation August 12, 2021 HIOSCAR.COM Safe Harbor Statement and Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact contained herein are forward-looking statements. These statements include, but are not limited to, statements about our financial outlook and estimates, including direct policy premium ...