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Oscar Health, Inc. (OSCR) SEC Filing 10-K Annual Report for the fiscal year ending Sunday, December 31, 2023

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Oscar Health, Inc.

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CIK: 1568651 Ticker: OSCR

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Oscar Health, Inc.
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News Release

Oscar Health Announces Strong Results for Fourth Quarter and Full Year 2023; Introduces Full Year 2024 Outlook Including Total Company Adjusted EBITDA Profitability


February 7, 2024
•For the year ended December 31, 2023:
◦Direct and Assumed Policy Premiums of $6.6 billion, a 3% decrease YoY
◦Premiums earned of $5.7 billion, a 47% increase YoY
◦Medical Loss Ratio of 81.6%, a 370 bps improvement YoY
◦InsuranceCo Administrative Expense Ratio of 17.9%, a 270 bps improvement YoY
◦InsuranceCo Combined Ratio of 99.5%, a 640 bps improvement YoY
◦Adjusted Administrative Expense Ratio of 21.0%, a 350 bps improvement YoY
◦Net loss of $271 million, an improvement of $339 million YoY
◦Adjusted EBITDA loss of $45 million, an improvement of $417 million YoY

New York, NY, February 7, 2024 - Oscar Health, Inc. (“Oscar” or the “Company”) (NYSE: OSCR), a leading healthcare technology company, today announced its financial results for the fourth quarter and full year ended December 31, 2023.

“Oscar reported strong 2023 results with most core metrics exceeding our expectations for the full year. We delivered on our commitment for Insurance Company Adjusted EBITDA profitability and have a clear line of sight into consolidated Adjusted EBITDA profitability in 2024,” said Mark Bertolini, CEO of Oscar. “We are pleased to serve more than 1.3 million members this year and remain focused on driving long-term sustainable margin expansion.”

Total Direct and Assumed Policy Premiums for 2023 were $6.6 billion, down 3% year-over-year (“YoY”), driven primarily by lower membership, partially offset by rate increases. Premiums earned of $5.7 billion for the year increased 47% YoY, driven primarily by the impact of deposit accounting for quota share reinsurance agreements, and lower risk transfer per member as a percent of premiums.

Oscar’s InsuranceCo Combined Ratio, which is the sum of its Medical Loss Ratio (“MLR”) and the InsuranceCo Administrative Expense Ratio, improved 640 bps YoY to 99.5% for 2023, driven by both an improved MLR and administrative cost efficiencies. Specifically, the MLR improved 370 bps YoY to 81.6%, due to targeted rate increases and a disciplined pricing strategy and total cost of care initiatives. The InsuranceCo Administrative Expense Ratio improved 270 bps YoY to 17.9%, due to lower distribution expenses and higher net premiums as a result of lower risk transfer per member as a percent of premiums.

The Adjusted Administrative Expense Ratio for 2023 improved 350 bps YoY to 21.0%, due to lower distribution expenses, higher net premiums as a result of lower risk transfer per member as a percent of premiums, and higher net investment income. The Adjusted EBITDA loss of $45 million improved by $417 million YoY, and decreased as a percentage of premiums before ceded reinsurance by 8 points as compared to the prior year. Net loss of $271 million improved by $339 million YoY and decreased as a percentage of premiums before ceded reinsurance by 7 points compared to the prior year.

The Company is introducing its outlook for 2024 including two new metrics, Total Revenue and SG&A Expense Ratio. The Company anticipates Total Revenue of $8.3 billion to $8.4 billion, a Medical Loss Ratio of 80.2% to 81.2%, a SG&A Expense Ratio of 20.5% to 21.0%, and Total Company Adjusted EBITDA of $125 million to $175 million. For more information on these metrics, see the “2024 Outlook and Supplemental Information” on page 3 in this release.


1
The following information was filed by Oscar Health, Inc. (OSCR) on Wednesday, February 7, 2024 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Oscar Health, Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Operations
Consolidated Statements Of Stockholders' Equity
Benefits Payable
Benefits Payable (Tables)
Benefits Payable - Reconciliation Of Claims Development To Liability (Details)
Benefits Payable - Summary Of Benefits Payable And Claims Adjustment Expenses ("Cae") Payable Balances (Details)
Benefits Payable - Summary Of Insurance Claims Development (Details)
Business Arrangements
Business Arrangements (Tables)
Business Arrangements - Variable Interest Entities (Details)
Commitments And Contingencies
Earnings (Loss) Per Share
Earnings (Loss) Per Share (Tables)
Earnings (Loss) Per Share - Narrative (Details)
Earnings (Loss) Per Share - Schedule Of Antidilutive Securities Excluded From Computation (Details)
Earnings (Loss) Per Share - Schedule Of Basic And Diluted Earnings Per Share (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Schedule Of Assets And Liabilities Measured On Recurring Basis (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Narrative (Details)
Income Taxes - Schedule Of Components Of Income Tax Expense (Details)
Income Taxes - Schedule Of Deferred Tax Assets And Liabilities (Details)
Income Taxes - Schedule Of Effective Income Tax Rate Reconciliation (Details)
Insider Trading Arrangements
Investments
Investments (Tables)
Investments - Narrative (Details)
Investments - Summary Of Contractual Maturities Of Available-For-Sale Securities (Details)
Investments - Summary Of Investment Income (Details)
Investments - Summary Of Investments (Details)
Investments - Summary Of Investments In A Gross Unrealized Loss Position (Details)
Leases
Leases (Tables)
Leases - Additional Information (Details)
Leases - Narrative (Details)
Leases - Schedule Of Operating Lease Liability Maturity (Details)
Leases - Summary Of Lease-Related Balances (Details)
Long-Term Debt
Long-Term Debt (Tables)
Long-Term Debt - Narrative (Details)
Long-Term Debt - Schedule Of Debt Interest Expense (Details)
Organization
Organization (Details)
Pay Vs Performance Disclosure
Property, Equipment And Capitalized Software
Property, Equipment And Capitalized Software (Details)
Property, Equipment And Capitalized Software (Tables)
Property, Equipment And Capitalized Software- Narrative (Details)
Reinsurance
Reinsurance (Tables)
Reinsurance - Narrative (Details)
Reinsurance - Reinsurance Arrangements (Details)
Reinsurance - Schedule Of Quota Share Reinsurance Premiums (Details)
Related Party Transactions
Restricted Cash And Restricted Deposits
Restricted Cash And Restricted Deposits (Details)
Restricted Cash And Restricted Deposits (Tables)
Revenue Recognition
Revenue Recognition (Details)
Revenue Recognition (Tables)
Revenue Recognition - Narrative (Details)
Schedule I - Condensed Financial Information
Schedule I - Condensed Financial Information - Condensed Balance Sheets (Details)
Schedule I - Condensed Financial Information - Condensed Statements Of Cash Flows (Details)
Schedule I - Condensed Financial Information - Condensed Statements Of Comprehensive Loss (Details)
Schedule I - Condensed Financial Information - Condensed Statements Of Operations (Details)
Statutory Regulations
Statutory Regulations (Details)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Narrative (Details)
Stock-Based Compensation - Summary Of Psu Activity (Details)
Stock-Based Compensation - Summary Of Rsu Activity (Details)
Stock-Based Compensation - Summary Of Stock Option Award Activity (Details)
Stock-Based Compensation - Summary Of Stock-Based Compensation Expense (Details)
Stock-Based Compensation - Summary Of Valuation Assumptions (Details)
Stockholders' Equity
Stockholders' Equity (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Narrative (Details)
Summary Of Significant Accounting Policies - Schedule Of Allowance For Credit Losses On Risk Sharing Receivables (Details)
Ticker: OSCR
CIK: 1568651
Form Type: 10-K Annual Report
Accession Number: 0001568651-24-000006
Submitted to the SEC: Thu Feb 15 2024 4:06:41 PM EST
Accepted by the SEC: Thu Feb 15 2024
Period: Sunday, December 31, 2023
Industry: Hospital And Medical Service Plans

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