Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 3, 2021
(Exact name of Registrant as Specified in Its Charter)
(State or Other Jurisdiction
of Incorporation)
File Number)
(IRS Employer
Identification No.)
One Embarcadero Center, Suite 1900
San Francisco, CA 94111
(415) 814-0927
(Registrant’s Telephone Number, Including Area Code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading
 Name of each exchange
on which registered
Common Stock, $0.001 par value ONEM The Nasdaq Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company  
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Item 2.02 Results of Operations and Financial Condition
On November 3, 2021, 1Life Healthcare, Inc., or One Medical, issued a press release announcing its financial results for the third quarter ended September 30, 2021. A copy of the press release is furnished herewith as Exhibit 99.1 and incorporated herein by reference.
The information contained herein and the accompanying exhibit are furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended, nor shall they be deemed incorporated by reference in any filing with the U.S. Securities and Exchange Commission, or the SEC, made by One Medical, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. Description
104Cover Page Interactive Data File (embedded within the Inline XBRL document)

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 By: /s/ Bjorn Thaler
Dated: November 3, 2021
  Bjorn Thaler
   Chief Financial Officer


Exhibit 99.1
One Medical Announces Results for Third Quarter 2021
Third Quarter 2021 Ending Total Membership Count of 715,000, a 40% Increase Year-Over-Year. Ending Consumer and Enterprise Membership Count of 683,000 and At-Risk Membership Count of 32,000
Third Quarter 2021 Net Revenue of $151.3 Million, a 49% Increase Year-Over-Year
Ending Third Quarter 2021 Cash and Short-term Marketable Securities of $590.0 Million
Provides Q4 2021 Guidance and Updates Full Year 2021 Guidance
SAN FRANCISCO – November 3, 2021 – 1Life Healthcare, Inc. (One Medical) (Nasdaq: ONEM) today announced financial results for the third quarter ended September 30, 2021.
“This was an exciting Q3 for One Medical as we welcomed in our new colleagues from Iora and further expanded our services in the senior population; and, as we launched in another new market, Raleigh-Durham, North Carolina,” said Amir Dan Rubin, Chair & CEO of One Medical. “We continue to perform, innovate and grow, as our human-centered and technology-powered model continues to deliver results for a growing number of members, employers and payers, providers, and health networks.”
Financial Highlights for the Third Quarter 2021
All comparisons are to the three months ended September 30, 2020. Unless otherwise noted, our results of operations in this press release include the activity of Iora Health, Inc. ("Iora") beginning from the close of our acquisition on September 1, 2021.
Total membership count as of quarter-end was 715,000 compared to 511,000, a 40% increase; Consumer and Enterprise membership count of 683,000 and At-Risk membership count of 32,000 as of quarter-end.
Net Revenue was $151.3 million compared to $101.7 million, a 49% increase.
Medical Claims Expense Ratio was 87%.
Care Margin was $46.8 million, or 31% of net revenue; Loss from Operations was $72.7 million, or 48% of net revenue.
Adjusted EBITDA was a loss of $6.1 million, or 4% of net revenue; Net Loss was $78.6 million, or 52% of net revenue.
Financial Outlook
One Medical provides forward-looking guidance on membership count, net revenue, Care Margin, and Adjusted EBITDA. Care Margin and Adjusted EBITDA are non-GAAP measures. Guidance includes outlook for Iora beginning from the close of our acquisition on September 1, 2021.

 Three Months Ending
December 31, 2021
Twelve Months Ending
December 31, 2021
Amounts in millions, except membership dataLowHighLowHigh
Consumer and Enterprise Members695,000 702,000 695,000 702,000 
At-Risk Members33,000 34,000 33,000 34,000 
Total728,000 736,000 728,000 736,000 
One Medical Revenue$121 $128 $483 $490 
Iora Revenue92 94 123 125 
Total Revenue$213 $222 $606 $615 
Care Margin$33 $38 $184 $189 
Adjusted EBITDA$(43)$(38)$(37)$(32)
Management has not reconciled forward-looking non-GAAP Care Margin and Adjusted EBITDA to their most directly comparable GAAP measures of loss from operations and net loss, respectively. This is because we cannot predict with reasonable certainty and without unreasonable efforts the ultimate outcome of certain GAAP components of such reconciliations, including market-related assumptions that are not within our control, certain legal or advisory costs or others that may arise, without unreasonable effort. For these reasons, we are unable to assess the probable significance of the unavailable information, which could materially impact the amount of the future directly comparable GAAP measures. See below for additional important disclosures regarding our non-GAAP financial measures.
Quarterly Conference Call Details
The company will host a conference call to review the results today, Wednesday, November 3, 2021 at 1:30 p.m. (PT) / 4:30 p.m. (ET). A live audio webcast will be available online at The conference call can also be accessed by dialing 1-800-258-1651 for U.S. participants, or 1-612-979-9928 for international participants, and referencing conference ID 2558715. A replay of the call will be available via webcast for on-demand listening shortly after the completion of the call, at the same web link, and will remain available for approximately 90 days.
Key Metrics and Non-GAAP Financial Measures
Members: members include both Consumer and Enterprise members as well as At-Risk members as defined below. Our number of members depends, in part, on our ability to successfully market our services directly to consumers including Medicare-eligible as well as non-Medicare eligible individuals, to Medicare Advantage health plans and Medicare Advantage enrollees, to employers that are not yet enterprise clients, and our activation rate within existing enterprise clients. We define estimated activation rate for any enterprise client at a given time as the percentage of eligible lives enrolled as members. While growth in the number of members is an important indicator of expected revenue growth, it also informs our management of the areas of our business that will require further investment to support expected future member growth. Member numbers as of the end of each period are rounded to the thousands.
Consumer and Enterprise Members: a Consumer and Enterprise member is a person who has registered with us and has paid for membership for a period of at least one year or whose membership has been sponsored by an enterprise or other third party under an agreement having a term of at least one year. Consumer and Enterprise members do not include trial memberships, our virtual only One Medical Now users, or any temporary users. Our number of Consumer and Enterprise members depends, in part, on our ability to successfully market our services directly to consumers and to employers that are not yet enterprise clients and our activation rate within existing clients. Consumer and Enterprise members may include individuals who are: (i) Medicare-eligible and (ii) have paid for a membership or whose membership has been sponsored by an enterprise or other third party. Consumer and Enterprise members do not include any At-Risk members as defined below. Consumer and Enterprise members help drive commercial revenue.

At-Risk Members: an At-Risk member is a person for whom we are responsible for managing a range of healthcare services and associated costs. At-Risk members help drive Medicare revenue.
Reconciliations of non-GAAP financial measures to the most directly comparable financial results as determined in accordance with GAAP are included at the end of this press release following the accompanying financial data. We believe that these non-GAAP financial measures, when taken together with the corresponding GAAP financial measures, provide meaningful supplemental information regarding our performance by excluding certain items that may not be indicative of our business, results of operations, or outlook. However, non-GAAP financial information is presented for supplemental informational purposes only, has limitations as an analytical tool and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. In addition, other companies, including companies in our industry, may calculate similarly-titled non-GAAP measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison.
Medical Claims Expense Ratio: we define Medical Claims Expense Ratio as medical claims expense divided by Capitated Medicare Revenue. The nature of our contracting with Medicare Advantage, CMS and other payers requires us to be financially responsible for a range of healthcare services of our At-Risk members. Our care model focuses on leveraging the primary care setting as a means of avoiding downstream health care costs and balancing our cost of care with the impact of our service levels on medical claims expense. We are liable for potentially large medical claims should we not effectively manage our At-Risk members’ health. We therefore consider the Medical Claims Expense Ratio to be an important measure to monitor our performance. As we sign up new At-Risk members or open new offices to serve these members, our Medical Claims Expense Ratio is likely to increase initially due to a potential increase in medical claims expense from a lag in improvement in health outcomes with member tenure. Similarly, there may be a lag in adequately documenting the health status of our members, resulting in different Capitated Medicare Revenue compared to what is indicated by the health status of an At-Risk member. We believe that the Medical Claims Expense Ratio for a given set of At-Risk members can improve over time as we help improve their health outcomes relative to their underlying health conditions.
Care Margin: we define Care Margin as income or loss from operations excluding depreciation and amortization, general and administrative expense and sales and marketing expense. We consider Care Margin to be an important measure to monitor our performance, specific to the direct costs of delivering care. We believe this margin is useful to both us and investors to measure whether we are effectively pricing our services and managing the health care and associated costs, including medical claims expenses and cost of care, of our At-Risk members successfully. We have provided below a reconciliation of historical Care Margin to loss from operations, its most directly comparable GAAP financial measure.
Adjusted EBITDA: we define Adjusted EBITDA as net income or loss excluding interest income, interest and other expense, depreciation and amortization, stock-based compensation, change in the fair value of our redeemable convertible preferred stock warrant liability, provision for (benefit from) income taxes, certain legal or advisory costs, and acquisition and integration costs that the Company does not consider to be expenses incurred in the normal operation of the business. Such legal or advisory costs may include but are not limited to expenses with respect to evaluating potential business combinations, legal investigations, or settlements. Acquisition and integration costs include expenses incurred in connection with the closing and integration of acquisitions, which may vary significantly and are unique to each acquisition. We made this update to prospectively exclude from our presentation certain legal or advisory costs from the first quarter of 2021 and acquisition and integration costs from the second quarter of 2021, because amounts incurred in the prior periods were insignificant relative to our consolidated operations. We report Adjusted EBITDA because it is an important measure upon which our management assesses and believes investors should assess our operating performance. We consider Adjusted EBITDA to be an important measure because it helps illustrate underlying trends in our business and our historical operating performance on a more consistent basis. We have provided below a reconciliation of historical Adjusted EBITDA to net loss, its most directly comparable GAAP financial measure.
Available Information

One Medical intends to use its Company website (including its Investor Relations website) as well as its Facebook, Twitter and LinkedIn accounts as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.
Forward-Looking Statements
This press release contains forward-looking statements about us and our industry that involve substantial risks and uncertainties and are based on our beliefs and assumptions and on information currently available to us. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations, financial condition, business strategy and plans and objectives of management for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “will,” or “would,” or the negative of these words or other similar terms or expressions.
Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements represent our current beliefs, estimates and assumptions only as of the date of this press release and information contained in this press release should not be relied upon as representing our estimates as of any subsequent date. These statements, and related risks, uncertainties, factors and assumptions, include, but are not limited to: timely and successful integration of Iora with our company and our ability to timely and successfully achieve the anticipated benefits and potential synergies of the transaction; the strength of the One Medical brand; member satisfaction with our services and support; the effects of the COVID-19 pandemic, including any new outbreaks and emerging variant strains of the virus, and related self-isolation and quarantine measures on our business, revenue, future growth and results of operations; anticipated membership growth and revenue potential from our members; our ability to retain members; our ability to successfully introduce and drive adoption of new products; changes in the pricing we offer our members; our relationships with our health network partners and enterprise clients and any changes to, accommodations in or terminations of our contracts with the health network partners or enterprise clients; our ability to improve cost of care and margins, including timing and expenses of new office openings and entry into new geographic markets; changes in laws or regulations; our involvement in existing and potential litigation, including medical malpractice claims and consumer class actions; any governmental investigations or inquiries, including those related to COVID-19 vaccine administration or challenges to our relationships with the One Medical PCs under the administrative services agreements; our strategic plan; the impact of new laws and regulations on our industry, including Medicare, our financial outlook; our focus areas for investment and our investments; announcements by us or our competitors of business or strategic developments; and our overall business trajectory. These risks are not exhaustive. Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future. Further information on factors that could cause actual results to differ materially from the results anticipated by our forward-looking statements is included in the reports we have filed or will file with the Securities and Exchange Commission, including our Quarterly Report on Form 10-Q for the quarter ended September 30, 2021. These filings, when available, are available on the investor relations section of our website at and on the SEC’s website at
About One Medical
One Medical is a membership-based and technology-powered primary care platform with seamless digital health and inviting in-office care, convenient to where people work, shop, live, and click. Our vision is to delight millions of members with better health and better care while reducing costs. Our mission is to transform health care for all through our human-centered, technology-powered model. Headquartered in San Francisco, 1Life Healthcare, Inc. is the administrative and managerial services company for the affiliated One Medical physician owned professional corporations that deliver medical services in-office and virtually. 1Life and the One Medical entities do business under the “One Medical” brand.

Media Contact:
Kristina Skinner, One Medical
Senior Director of External Communications

Investor Contact:
Bob East or Asher Dewhurst

(Amounts in thousands, except per share amounts)
Three Months Ended September 30,Nine Months Ended September 30,
Net revenue
Medicare revenue$30,462 $— $30,462 $— 
Commercial revenue120,871 101,667 362,639 258,423 
Total net revenue151,333 101,667 393,101 258,423 
Operating expenses:
Medical claims expense26,085 — 26,085 — 
Cost of care, exclusive of depreciation and amortization shown separately below78,443 58,781 216,457 163,780 
Sales and marketing (1)14,380 7,914 37,639 28,847 
General and administrative (1)93,070 40,059 234,611 118,236 
Depreciation and amortization12,045 5,735 25,944 16,123 
Total operating expenses224,023 112,489 540,736 326,986 
Loss from operations(72,690)(10,822)(147,635)(68,563)
Other income (expense), net: 
Interest income535 235 719 1,635 
Interest and other expense(4,464)(5,647)(10,149)(7,676)
Change in fair value of  redeemable convertible preferred stock warrant  liability— — — (6,560)
Total other expense, net(3,929)(5,412)(9,430)(12,601)
Loss before income taxes(76,619)(16,234)(157,065)(81,164)
Provision for (benefit from) income taxes1,984 181 2,143 109 
Net loss(78,603)(16,415)(159,208)(81,273)
Less: Net loss attributable to
   noncontrolling interest
— — — (704)
Net loss attributable to 1Life Healthcare, Inc. stockholders$(78,603)$(16,415)$(159,208)$(80,569)
Net loss per share attributable to 1Life Healthcare, Inc.  stockholders — basic and diluted$(0.51)$(0.13)$(1.11)$(0.71)
Weighted average common shares outstanding — basic and diluted153,700 128,557 142,990 113,253 

(1)    Includes stock-based compensation, as follows:

 Three Months Ended September 30,Nine Months Ended September 30,
Sales and marketing$884 $575 $2,871 $1,843 
General and administrative27,650 8,060 78,323 25,480 
Total$28,534 $8,635 $81,194 $27,323 

Components of Net Revenue:
 Three Months Ended September 30,Nine Months Ended September 30,
Net revenue:    
Capitated Medicare revenue$29,872 $— $29,872 $— 
Fee-for-service and other Medicare revenue590 — 590 — 
Total Medicare revenue30,462 — 30,462 — 
Partnership revenue54,547 43,917 165,604 107,365 
Net fee-for-service revenue44,835 40,244 132,713 98,257 
Membership revenue21,489 17,326 62,559 50,221 
Grant income— 180 1,763 2,580 
Total commercial revenue120,871 101,667 362,639 258,423 
Total net revenue$151,333 $101,667 $393,101 $258,423 

Statements of Operations Data as a Percentage of Net Revenue:
Three Months Ended September 30,Nine Months Ended September 30,
Net revenue
Medicare revenue20 %— %%— %
Commercial revenue80 %100 %92 %100 %
Total net revenue100 %100 %100 %100 %
Operating expenses:
Medical claims expense17 %— %%— %
Cost of care, exclusive of depreciation and amortization shown separately below52 %58 %55 %63 %
Sales and marketing (1)10 %%10 %11 %
General and administrative (1)62 %39 %60 %46 %
Depreciation and amortization%%%%
Total operating expenses148 %111 %138 %127 %
Loss from operations(48)%(11)%(38)%(27)%
Other income (expense), net:
Interest income— %— %— %%
Interest and other expense(3)%(6)%(3)%(3)%
Change in fair value of  redeemable convertible preferred stock warrant  liability— %— %— %(3)%
Total other expense, net(3)%(5)%(2)%(5)%
Loss before income taxes(51)%(16)%(40)%(31)%
Provision for (benefit from) income taxes%— %%— %
Net loss(52)%(16)%(41)%(31)%
Less: Net loss attributable to
   noncontrolling interest
— %— %— %— %
Net loss attributable to 1Life Healthcare, Inc. stockholders(52)%(16)%(41)%(31)%
(1)Includes stock-based compensation, as follows:

Three Months Ended September 30,Nine Months Ended September 30,
Sales and marketing%%%%
General and administrative18 %%20 %10 %
Total19 %%21 %11 %
Components of Net Revenue:
Three Months Ended September 30,Nine Months Ended September 30,
Net revenue:    
Capitated Medicare revenue20 %— %%— %
Fee-for-service and other Medicare revenue— %— %— %— %
Total Medicare revenue20 %— %%— %
Partnership revenue36 %43 %42 %42 %
Net fee-for-service revenue30 %40 %34 %38 %
Membership revenue14 %17 %16 %19 %
Grant income— %— %— %%
Total commercial revenue80 %100 %92 %100 %
Total net revenue100 %100 %100 %100 %
*Percentages may not sum due to rounding.

(Amounts in thousands, except par value amounts)

 September 30,December 31,
Current assets:  
Cash and cash equivalents$469,813 $112,975 
Short-term marketable securities120,236 570,023 
Accounts receivable, net102,233 67,895 
Inventories6,785 7,113 
Prepaid expenses and other current assets48,060 16,693 
Total current assets747,127 774,699 
Restricted cash3,964 1,911 
Property and equipment, net181,739 126,037 
Right-of-use assets250,026 138,840 
Intangible assets, net363,117 — 
Goodwill1,151,425 21,301 
Deferred income taxes— 2,656 
Other assets12,166 5,546 
Total assets$2,709,564 $1,070,990 
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable$15,330 $12,654 
Accrued expenses91,636 46,527 
Deferred revenue, current46,368 35,966 
Operating lease liabilities, current29,059 17,418 
Other current liabilities26,587 4,861 
Total current liabilities208,980 117,426 
Operating lease liabilities, non-current261,820 153,614 
Convertible senior notes309,376 241,233 
Deferred income taxes89,696 — 
Deferred revenue, non-current28,883 7,624 
Other non-current liabilities23,127 2,618 
Total liabilities921,882 522,515 
Commitments and contingencies
Stockholders' Equity:
Common stock, $0.001 par value, 1,000,000 and 1,000,000 shares authorized as of September 30, 2021 and December 31, 2020, respectively; 192,020 and 134,472 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively192 134 
Additional paid-in capital2,310,251 918,118 
Accumulated deficit(522,765)(369,785)
Accumulated other comprehensive income
Total stockholders' equity1,787,682 548,475 
Total liabilities and stockholders' equity$2,709,564 $1,070,990 

(Amounts in thousands) 
Nine Months Ended September 30,
Cash flows from operating activities:  
Net loss$(159,208)$(81,273)
Adjustments to reconcile net loss to net cash used in operating activities: 
Provision for bad debts551 128 
Depreciation and amortization25,944 16,123 
Amortization of debt discount and issuance costs1,406 4,402 
Accretion of discounts and amortization of premiums on short-term investments, net802 (787)
Change in fair value of redeemable convertible preferred stock warrant liability— 6,560 
Reduction of operating lease right-of-use assets14,312 10,039 
Stock-based compensation81,194 27,323 
Deferred income taxes2,143 — 
Other non-cash items692 (11)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable, net(10,639)(20,255)
Inventories398 (1,396)
Prepaid expenses and other current assets(19,833)3,530 
Other assets1,293 (637)
Accounts payable144 (2,189)
Accrued expenses31,560 16,416 
Deferred revenue6,261 16,190 
Operating lease liabilities(14,193)(8,503)
Other liabilities21,841 8,353 
Net cash used in operating activities(15,332)(5,987)
Cash flows from investing activities: 
Purchases of property and equipment(43,893)(51,494)
Purchases of short-term marketable securities(79,984)(657,211)
Proceeds from sales and maturities of short-term marketable securities528,965 256,315 
Acquisitions of businesses, net of cash and restricted cash acquired(23,257)— 
Issuance of note receivable(30,000)— 
VIE deconsolidation— (810)
Net cash provided by (used in) investing activities351,831 (453,200)
Cash flows from financing activities: 
Proceeds from issuance of convertible senior notes— 316,250 
Payment of convertible senior notes issuance costs— (9,374)
Proceeds from initial public offering— 281,750 
Payment of underwriting discount and commissions, and offering costs— (21,322)
Proceeds from the exercise of stock options19,463 25,754 
Proceeds from employee stock purchase plan2,972 3,533 
Proceeds from the exercise of redeemable convertible preferred and common stock warrants— 110 
Repayment of notes payable— (3,300)
Payment of principal portion of finance lease liability(43)(44)
Net cash provided by financing activities22,392 593,357 
Net increase in cash, cash equivalents and restricted cash358,891 134,170 
Cash, cash equivalents and restricted cash at beginning of period115,005 29,329 
Cash, cash equivalents and restricted cash at end of period$473,896 $163,499 
Supplemental disclosure of non-cash investing and financing activities:
Purchases of property and equipment included in accounts payable and accrued expenses$8,860 $3,594 
Equity consideration for business acquisition$1,361,955 $— 
Reimbursement of secondary offering costs in prepaid expenses and other current assets$— $784 

Select Metrics (As of Period End)
September 30,
June 30,
March 31,
December 31,
September 30,
June 30,
March 31,
December 31,
Consumer and Enterprise members683,000 621,000 598,000 549,000 511,000 475,000 455,000 422,000 
At-Risk members32,000 — — — — — — — 
Offices177 124 110 107 103 96 92 83 
Three Months Ended
September 30,
Nine Months Ended
September 30,
 (in thousands)(in thousands)
Medical claims expense$26,085 $— $26,085 $— 
Capitated Medicare Revenue$29,872 $— $29,872 $— 
Medical Claims Expense Ratio87 %N/A87 %N/A

Three Months Ended September 30,Nine Months Ended September 30,
 (in thousands)
Loss from operations$(72,690)$(10,822)$(147,635)$(68,563)
Sales and marketing*14,380 7,914 37,639 28,847 
General and administrative*93,070 40,059 234,611 118,236 
Depreciation and amortization12,045 5,735 25,944 16,123 
Care Margin$46,805 $42,886 $150,559 $94,643 
Care Margin as a percentage of net revenue31 %42 %38 %37 %
* Includes stock-based compensation

Three Months Ended September 30,Nine Months Ended September 30,
 (in thousands)
Net loss$(78,603)$(16,415)$(159,208)$(81,273)
Interest income(535)(235)(719)(1,635)
Interest and other expense4,464 5,647 10,149 7,676 
Depreciation and amortization12,045 5,735 25,944 16,123 
Stock-based compensation28,534 8,635 81,194 27,323 
Change in fair value of redeemable convertible preferred stock warrant liability— — — 6,560 
Provision for (benefit from) income taxes1,984 181 2,143 109 
Legal or advisory costs (1) (2)521 — 16,088 — 
Acquisition and integration costs25,516 — 30,113 — 
Adjusted EBITDA$(6,074)$3,548 $5,704 $(25,117)
Approximately $5.6 million of the legal or advisory costs relate to a legal settlement during the nine months ended September 30, 2021.
Amount excludes approximately $1.2 million of legal or advisory costs incurred during the three months ended September 30, 2020. We began excluding certain legal or advisory costs from Adjusted EBITDA starting from the first quarter of 2021.