Oscar Health, Inc. (NYSE:OSCR) Q1 2024 Earnings Conference Call May 7, 2024 8:00 AM ET Company Participants Chris Potochar – Vice President-Treasury and Investor Relations Mark Bertolini – Chief Executive Officer Scott Blackley – Chief Financial Officer Conference Call Participants Stephen Baxter – Wells Fargo Adam Ron – Bank of America John Ransom – Raymond James Josh Raskin – Nephron Nathan Rich – Goldman Sachs Operator Good morning. My name is Ellie, and I will be your conference operator today. At this ...

Oscar Health, Inc. (OSCR) came out with quarterly earnings of $0.62 per share, beating the Zacks Consensus Estimate of $0.28 per share. This compares to loss of $0.18 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 121.43%. A quarter ago, it was expected that this company would post a loss of $0.74 per share when it actually produced a loss of $0.66, delivering a surprise of 10.81%.Over the last four quarters, the company has ...

Oscar Health, Inc. ir.hioscar.com News Release Oscar Health Announces Results for First Quarter 2024 May 7, 2024 New York, NY, May 7, 2024 - Oscar Health, Inc. ("Oscar" or the "Company") (NYSE: OSCR), a leading healthcare technology company, today announced its financial results for the first quarter ended March 31, 2024. "Oscar reported strong first quarter results, showing year-over-year improvement across all core metrics and achieving positive net income," said Mark Bertolini, CEO of Oscar Health. "Our ...

Company Overview - Oscar Health, Inc. had 14 health insurance subsidiaries as of December 31, 2023[16]. - The company is actively involved in government-sponsored programs, such as Medicare, which requires compliance with various laws and regulations[23]. - Oscar Health operates through state-run healthcare exchanges, leveraging its technology platform to enhance member experience[470]. - The company has partnered with Cigna to serve the small group employer market, combining Oscar's member experience with Cigna's provider networks[470]. Financial Performance - Total revenue for the year ended December 31, 2023, was $5,862.9 million, an increase from $3,963.6 million in 2022[456]. - Claims incurred, net for 2023 amounted to $4,642.0 million, compared to $3,280.8 million in 2022, reflecting a significant increase[456]. - The net loss attributable to Oscar Health, Inc. for 2023 was $270.7 million, a decrease from a net loss of $606.3 million in 2022[456]. - The comprehensive loss attributable to Oscar Health, Inc. for 2023 was $259.7 million, compared to $612.3 million in 2022[459]. - The total current assets decreased from $4,121.6 million in 2022 to $3,061.1 million in 2023[454]. - The total liabilities decreased from $3,634.2 million in 2022 to $2,795.4 million in 2023[454]. - The additional paid-in capital increased from $3,509.0 million in 2022 to $3,682.3 million in 2023[454]. - Cash flows from operating activities resulted in a net cash used of $272,159,000 in 2023, a significant decrease from the net cash provided of $380,349,000 in 2022[464]. - The company reported a total cash, cash equivalents, and restricted cash of $1,891,971,000 at the end of 2023, up from $1,580,497,000 at the end of 2022[464]. Membership and Enrollment - Oscar Health's membership is affected by enrollment changes, including retroactive disenrollments, which may impact overall member counts[20]. - The 2024 Open Enrollment Period for the ACA individual market began on November 1, 2023, and will last through at least January 15, 2024[20]. Risk Management - Oscar Health's primary market risk exposure is driven by changes to prime rate-based interest rates, with a hypothetical 1% increase potentially decreasing the fair value of investments by approximately $8.2 million[430]. - The company is subject to various risks, including competition, regulatory changes, and the ability to manage medical costs effectively[23]. - Oscar Health's strategy includes utilizing quota share reinsurance to meet capital and surplus requirements and mitigate risks associated with medical claims[23]. - The company utilizes reinsurance agreements to manage exposure to fluctuations in medical loss ratio (MLR) and meet capital requirements[484]. Claims and Benefits - The Company’s incurred but not reported (IBNR) benefits payable was $966.0 million as of December 31, 2023, primarily related to low dollar claims[443]. - The risk adjustment transfer payable was $1,056.9 million as of December 31, 2023, under the Affordable Care Act's risk adjustment program[446]. - Total claims incurred for the year ended December 31, 2023, is $4,622,263,000, compared to $3,279,461,000 in 2022, indicating an increase of approximately 40.9%[551]. - Total claims paid for the year ended December 31, 2023, is $4,392,932,000, up from $2,975,417,000 in 2022, marking an increase of about 47.5%[553]. - Benefits payable at the end of 2023 is $965,986,000, an increase from $937,727,000 in 2022, reflecting a rise of about 3.1%[546]. Stock and Compensation - Stock-based compensation expense increased to $159,683,000 in 2023 from $112,329,000 in 2022, reflecting a rise in employee compensation costs[464]. - Total stock-based compensation expense for 2023 was $166.841 million, an increase of 48.4% from $112.329 million in 2022[557]. - The total fair value of RSUs vested in 2023 was $89.7 million, an increase from $68.4 million in 2022[566]. - Compensation expense for PSUs in 2023 was $64.9 million, significantly higher than $25.3 million in 2022[575]. Legal and Regulatory Matters - The Company is currently involved in legal proceedings, including a securities class action lawsuit related to its IPO, which alleges failure to disclose certain costs and risks[617]. - The Company believes it has meritorious defenses against the claims in the securities class action lawsuit but cannot predict the outcome[617]. Accounting and Compliance - The company emphasizes the importance of maintaining effective internal control over financial reporting as part of its operational strategy[440]. - The company is evaluating the impact of new accounting standards on its consolidated financial statements, effective for fiscal years beginning after December 15, 2023[513]. - The Company recorded a provision for credit losses of $28.6 million for the year ended December 31, 2023[497]. Capital and Surplus - As of December 31, 2023, the Company's insurance subsidiaries had an aggregate statutory capital and surplus of $800.6 million, up from $701.5 million in 2022, exceeding minimum required statutory capital and surplus[613]. - The Company authorized 825,000,000 shares of Class A common stock and 82,500,000 shares of Class B common stock in connection with the IPO[605].

Oscar Health, Inc. (NYSE:OSCR) Q4 2023 Earnings Conference Call February 7, 2024 5:00 PM ET Company Participants Chris Potochar - VP, Treasury & IR Mark Bertolini - CEO Scott Blackley - CFO Conference Call Participants Adam Ron - Bank of America Josh Raskin - Nephron Research Nathan Rich - Goldman Sachs Stephen Baxter - Wells Fargo Adam Ron - Bank of America Operator Good morning. My name is Bhavesh [ph], and I will be your conference operator today. At this time, I would like to welcome everyone to Oscar H ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q Oscar Health, Inc. (Exact name of registrant as specified in its charter) Delaware 46-1315570 (State or other jurisdiction of incorporation or organization) 75 Varick Street, 5th Floor New York, NY 10013 (Address of principal executive offices) (Zip Code) For the quarterly period ended September 30, 2023 or [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the tr ...

Oscar Health, Inc. (NYSE:OSCR) Q3 2023 Earnings Conference Call November 7, 2023 8:30 AM ET Company Participants Chris Potochar - VP, Treasury & IR Mark Bertolini - CEO Scott Blackley - CFO Conference Call Participants Stephen Baxter - Wells Fargo Adam Ron - Bank of America Josh Raskin - Nephron Research Operator Good morning. My name is Rob, and I will be your conference operator today. At this time, I would like to welcome everyone to Oscar Health's 2023 Third Quarter Earnings Conference Call. All lines h ...

Oscar Health, Inc. (NYSE:OSCR) Q2 2023 Earnings Conference Call August 8, 2023 5:00 PM ET Company Participants Cornelia Miller - VP, IR Mark Bertolini - CEO & Director Siddhartha Sankaran - Interim CFO & Director Conference Call Participants Stephen Baxter - Wells Fargo Securities Jonathan Yong - Crédit Suisse Michael Ha - Morgan Stanley Gary Taylor - TD Cowen Joshua Raskin - Nephron Research Nathan Rich - Goldman Sachs Group Kevin Fischbeck - Bank of America Merrill Lynch Operator Good afternoon. My name i ...

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, 2023 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 of registrant as specified in its charter) Delaware 46-13155 ...

Oscar Health, Inc. (NYSE:OSCR) Q1 2023 Earnings Conference Call May 9, 2023 5:00 PM ET Company Participants Cornelia Miller - Vice President, Corporate Development and Investor Relations Mark Bertolini - Chief Executive Officer Sid Sankaran - Interim Chief Financial Officer Conference Call Participants Stephen Baxter - Wells Fargo Joshua Raskin - Nephron Michael Ha - Morgan Stanley Nathan Rich - Goldman Sachs Operator Good afternoon. My name is Lisa, and I will be your conference operator today. At this tim ...