CLOVER HEALTH INVESTMENTS, CORP. /DE
For the period ended Mar 31, 2025. Filed May 9, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 9, 2025
CLOV$4.93+2.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Balance Sheets at March and December 31,
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except share amounts)
| March 31, 2025 | December 31, 2024 | |
|---|---|---|
| Assets | ||
| Current assets | ||
| Cash and cash equivalents | $155,439 | $194,543 |
| Investment securities, available-for-sale (Amortized cost: 2025: $4,653; 2024: $27,153) | 4,656 | 26,997 |
| Investment securities, held-to-maturity (Fair value: 2025: $0; 2024: $15) | — | 15 |
| Accrued retrospective premiums | 84,727 | 41,253 |
| Healthcare receivables | 53,529 | 51,539 |
| Prepaid expenses | 16,589 | 13,174 |
| Other assets, current | 16,469 | 15,603 |
| Total current assets | 331,409 | 343,124 |
| Investment securities, available-for-sale (Amortized cost: 2025: $216,583; 2024: $203,147) | 216,506 | 201,719 |
| Investment securities, held-to-maturity (Fair value: 2025: $14,011; 2024: $13,913) | 14,247 | 14,343 |
| Property and equipment, net | 5,026 | 5,307 |
| Other intangible assets | 2,990 | 2,990 |
| Other assets, non-current | 13,539 | 13,259 |
| Total assets | $583,717 | $580,742 |
| Liabilities and Stockholders' Equity | ||
| Current liabilities | ||
| Unpaid claims | $151,038 | $156,396 |
| Accounts payable and accrued expenses | 30,553 | 34,564 |
| Accrued salaries and benefits | 30,523 | 19,090 |
| Other liabilities, current | 3,539 | 3,466 |
| Total current liabilities | 215,653 | 213,516 |
| Other liabilities, non-current | 31,989 | 26,083 |
| Total liabilities | 247,642 | 239,599 |
| Commitments and Contingencies (Note 12) | ||
| Stockholders' equity | ||
| Class A Common Stock, $0.0001 par value; 2,500,000,000 shares authorized at March 31, 2025 and December 31, 2024; 414,161,536 and 414,493,051 issued and outstanding at March 31, 2025 and December 31, 2024, respectively | 41 | 41 |
| Class B Common Stock, $0.0001 par value; 500,000,000 shares authorized at March 31, 2025 and December 31, 2024; 92,375,003 and 89,032,305 issued and outstanding at March 31, 2025 and December 31, 2024, respectively | 9 | 9 |
| Additional paid-in capital | 2,603,123 | 2,576,471 |
| Accumulated other comprehensive loss | (74) | (1,584) |
| Accumulated deficit | (2,204,077) | (2,202,803) |
| Less: Treasury stock, at cost; 25,655,588 and 18,752,947 shares held at March 31, 2025 and December 31, 2024, respectively | (62,947) | (30,991) |
| Total stockholders' equity | 336,075 | 341,143 |
| Total liabilities and stockholders' equity | $583,717 | $580,742 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(Dollars in thousands, except per share and share amounts)
| Three Months Ended March 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Revenues: | ||
| Premiums earned, net (Net of ceded premiums of $95 and $101 for the three months ended March 31, 2025 and 2024 respectively) | $456,906 | $341,722 |
| Other income | 5,425 | 5,200 |
| Total revenues | 462,331 | 346,922 |
| Operating expenses: | ||
| Net medical claims incurred | 353,442 | 265,162 |
| Salaries and benefits | 59,022 | 59,223 |
| General and administrative expenses | 50,675 | 44,569 |
| Depreciation and amortization | 466 | 318 |
| Restructuring costs | — | 353 |
| Total operating expenses | 463,605 | 369,625 |
| Loss from continuing operations | (1,274) | (22,703) |
| Loss on investment | — | 467 |
| Net loss from continuing operations | (1,274) | (23,170) |
| Net income from discontinued operations | — | 4,000 |
| Net loss | $(1,274) | $(19,170) |
| Per share data: | ||
| Basic and diluted weighted average number of class A and class B common shares and common share equivalents outstanding | 497,056,331 | 486,374,644 |
| Continuing operations: | ||
| Basic and diluted loss per share | $— | $(0.05) |
| Discontinued operations: | ||
| Basic and diluted earnings per share | $— | $0.01 |
| Net unrealized gain (loss) on available-for-sale investments | 1,510 | (190) |
| Comprehensive income (loss) | $236 | $(19,360) |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.