Workflow
Oscar(OSCR) - 2024 Q4 - Annual Results
OSCROscar(OSCR)2025-02-04 21:07

Financial Performance - Total Revenue for 2024 was 9.2billion,a56.59.2 billion, a 56.5% increase year-over-year, driven by membership growth and strong retention [3]. - Adjusted EBITDA for 2024 was 199.2 million, an improvement of 244.5millionyear−over−year[5].−NetincomeattributabletoOscarfor2024was244.5 million year-over-year [5]. - Net income attributable to Oscar for 2024 was 25.4 million, a 296.2millionimprovementyear−over−year[5].−NetincomefortheyearendedDecember31,2024,was296.2 million improvement year-over-year [5]. - Net income for the year ended December 31, 2024, was 26,121, a turnaround from a net loss of 270,594in2023[31].−AdjustedEBITDAfortheyearendedDecember31,2024,was270,594 in 2023 [31]. - Adjusted EBITDA for the year ended December 31, 2024, was 199,234 thousand, a significant improvement from a loss of 45,238thousandin2023[44].RevenueProjections−For2025,theCompanyanticipatesTotalRevenueof45,238 thousand in 2023 [44]. Revenue Projections - For 2025, the Company anticipates Total Revenue of 11.2 billion to 11.3billion[6].−EarningsfromOperationsfor2025areexpectedtobebetween11.3 billion [6]. - Earnings from Operations for 2025 are expected to be between 225 million and 275million[6].MembershipGrowth−AsofDecember31,2024,totalmembershipreached1,676,970,upfrom1,036,283in2023[10].MedicalLossRatio−TheMedicalLossRatiofor2024was81.7275 million [6]. Membership Growth - As of December 31, 2024, total membership reached 1,676,970, up from 1,036,283 in 2023 [10]. Medical Loss Ratio - The Medical Loss Ratio for 2024 was 81.7%, a 10 basis points increase year-over-year [4]. - The Medical Loss Ratio for 2025 is expected to be between 80.7% and 81.7% [6]. - Medical Loss Ratio for Q4 2024 was 88.1%, compared to 86.4% in Q4 2023, indicating an increase in medical expenses relative to premiums [36]. Operating Expenses - Operating expenses for the year ended December 31, 2024, totaled 9,120,299, a significant increase from 6,098,484 in 2023 [26]. - SG&A expenses for the year ended December 31, 2024, were 1,755,565, compared to 1,425,766in2023,reflectingincreasedoperationalcosts[26].−Selling,generalandadministrativeexpensesfortheyearendedDecember31,2024,were1,425,766 in 2023, reflecting increased operational costs [26]. - Selling, general and administrative expenses for the year ended December 31, 2024, were 1,755,565 thousand, compared to 1,425,766thousandin2023,indicatinganincreaseofapproximately231,425,766 thousand in 2023, indicating an increase of approximately 23% [47]. Assets and Liabilities - Total assets increased to 4,840,496 as of December 31, 2024, compared to 3,601,480in2023[28].−Totalliabilitiesroseto3,601,480 in 2023 [28]. - Total liabilities rose to 3,824,071 in 2024, up from 2,795,363in2023[28].PremiumRevenue−PremiumrevenuefortheyearendedDecember31,2024,was2,795,363 in 2023 [28]. Premium Revenue - Premium revenue for the year ended December 31, 2024, was 8,971,259, up 57.5% from 5,686,069in2023[26].−DirectpolicypremiumsfortheyearendedDecember31,2024,increasedto5,686,069 in 2023 [26]. - Direct policy premiums for the year ended December 31, 2024, increased to 10,292,125 thousand, up from 6,418,872thousandin2023,representingagrowthofapproximately606,418,872 thousand in 2023, representing a growth of approximately 60% [47]. Claims and Medical Expenses - Medical expenses for the year ended December 31, 2024, totaled 7,332,589 thousand, compared to 4,642,024thousandin2023,reflectingayear−over−yearincreaseofabout584,642,024 thousand in 2023, reflecting a year-over-year increase of about 58% [47]. - The company recorded direct claims incurred of 7,278,267 thousand for the year ended December 31, 2024, compared to 4,459,702thousandin2023,markinganincreaseofapproximately634,459,702 thousand in 2023, marking an increase of approximately 63% [47]. Cash and Shareholder Information - Cash and cash equivalents as of December 31, 2024, were 1,527,186, down from 1,870,315in2023[28].−WeightedaveragecommonsharesoutstandingfortheyearendedDecember31,2024,were240,386,anincreasefrom221,655in2023[26].OtherFinancialMetrics−InterestexpensefortheyearendedDecember31,2024,was1,870,315 in 2023 [28]. - Weighted average common shares outstanding for the year ended December 31, 2024, were 240,386, an increase from 221,655 in 2023 [26]. Other Financial Metrics - Interest expense for the year ended December 31, 2024, was 23,734 thousand, slightly down from 24,603thousandin2023[44].−Stock−basedcompensationfortheyearendedDecember31,2024,was24,603 thousand in 2023 [44]. - Stock-based compensation for the year ended December 31, 2024, was 109,824 thousand, down from 159,683thousandin2023,indicatingareductionofabout31159,683 thousand in 2023, indicating a reduction of about 31% [44]. - The net quota share impact for the year ended December 31, 2024, was a loss of 52,229 thousand, compared to a loss of 34,721thousandin2023[47].−ReinsurancerecoverableasofDecember31,2024,was34,721 thousand in 2023 [47]. - Reinsurance recoverable as of December 31, 2024, was 291,537 thousand, an increase from $241,194 thousand in 2023 [47].