0001568651-25-000037
SEC filingQ3营收增23%但净亏扩大至$137.5M，主因风险调整拨备大增。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Total revenue | $2,985,984K | $2,423,482K | +23% |
| Premium | $2,923,968K | $2,368,257K | +23% |
| Medical expenses | $2,586,330K | $2,003,979K | +29% |
| MLR | 88.5% | 84.6% | +390bps |
| SG&A expense ratio | 17.5% | 19.0% | -153bps |
| Earnings (loss) from operations | -$129,250K | -$48,374K | — |
| Net income (loss) attributable to Oscar Health, Inc. | -$137,450K | -$54,596K | — |
| Diluted EPS | -$0.53 | -$0.22 | — |
| Operating cash flow (9M) | $422,951K | $631,373K | -33% |
| Free cash flow (9M) | $395,641K | $610,295K | -35% |
Q3营收增长强劲，Total revenue同比+23%至$2.99B，主要受会员数增长28%至2.1M驱动，但被风险调整拨备增加部分抵消。Premium revenue同比+23%，其中Direct policy premiums增长36%，但Risk adjustment transfers从-$374.8M扩大至-$727.5M，成为主要拖累。
盈利质量恶化明显，MLR从84.6%升至88.5%（+390bps），主因市场发病率上升导致风险调整拨备大幅增加。管理层在7月和9月两次上调风险调整预估，反映行业数据滞后带来的不确定性。SG&A费用率改善153bps至17.5%，显示固定成本杠杆和费用管控见效，但被风险调整影响部分抵消。
经营现金流9个月为$423M，同比减少33%，主要因理赔支付、风险调整支付和税费增加。剔除一次性项目后，run-rate仍承压，但会员增长和成本控制提供支撑。
公司作为单一报告分部运营，无分部披露。
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash and cash equivalents | $2,148,865K | +$621,679K |
| Short-term investments | $887,591K | +$263,130K |
| Long-term investments | $1,751,376K | -$63,878K |
| Benefits payable | $1,564,395K | +$207,665K |
| Risk adjustment transfer payable | $1,771,305K | +$212,964K |
| Long-term debt | $686,294K | +$386,739K |
| Operating cash flow (9M) | $422,951K | -$208,422K |
| Capex (9M) | $27,310K | +$6,232K |
| Free cash flow (9M) | $395,641K | -$214,654K |
Net debt = $686,294K - $2,148,865K = -$1,462,571K（净现金）。9月发行$410M 2030 Notes后，债务水平上升，但现金充裕。
资本配置：9月发行$410M 2.25% Convertible Senior Subordinated Notes due 2030，并终止$115M循环信贷额度。11月Dragoneer将$187.5M 2031 Notes换为23.3M股Class A，降低高息债务。无回购和分红。
前瞻指引：未提供正式指引。
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