Teladoc Health, Inc. · NYSE:TDOC
Teladoc Health — Q4 2022 Earnings Presentation
13 slides from Teladoc Health's earnings presentation, Feb 22, 2023
Slide 1: 4Q-22 Quarterly Results
4Q-22 Quarterly Results Teladoc. HEALTH
Slide 2: Safe Harbor
Safe Harbor * This presentation contains, and our officers may make, “forward-looking” statements that are based on our management's beliefs and assumptions and on information currently available to management. These forward-looking statements include, without limitation, information concerning poss
Slide 3: 4Q-22 Highlights and Outlook
3 4Q Net loss per share of ($23.49) 4Q Revenue of $637.7M, includes goodwill impairment 4Q Adj EBITDA(1) of $94.1M charge of $23.26 per share, stock- +15% y/y +22% y/y based compensation expense of $0.31 per share, and amortization of intangibles of $0.30 per share FY23 Revenue outlook of FY23 Net l
Slide 4: 4Q-22 Consolidated Results: Revenue & Adj. EBITDA
4 4Q-22 Consolidated Results: Revenue & Adj. EBITDA Revenue ($ millions) Adj. EBITDA ($ millions)(1) $700 $100 $94.1 $90 $80 $77.1 $638 $70 $60 $600 $50 $40 $554 $30 $20 $10 $500 $0 4Q-21 4Q-22 4Q-21 4Q-22 (1) See reconciliation of GAAP to non-GAAP measures included in the appendix of this presentat
Slide 5: 4Q-22: Segment Results
5 4Q-22: Segment(1) Results Integrated Care Segment Revenue ($ millions) BetterHelp Segment Revenue ($ millions) $360 $300 $350 $357 $250 $277 $265 $247 $340 $200 $230 $342 $343 $214 $330 $337 $150 $332 $320 $100 $310 $50 $300 $0 4Q-21 1Q-22 2Q-22 3Q-22 4Q-22 4Q-21 1Q-22 2Q-22 3Q-22 4Q-22 Integrated
Slide 6: 4Q-22 Revenue: U.S. & International
6 4Q-22 Revenue: U.S. & International U.S. Revenue ($ millions) International Revenue ($ millions) $600 $90 $555 $83 $80 $500 $483 $71 $70 $400 $60 $50 $300 $40 $200 $30 $20 $100 $10 $0 $0 4Q-21 4Q-22 4Q-21 4Q-22
Slide 7: 4Q-22: Quarterly Key Operating Metrics
7 4Q-22: Quarterly Key Operating Metrics U.S. Integrated Care Members(1) (millions) BetterHelp Paying Users(2) (thousands) 100m 500k 80m 400k 450 81.9 83.3 437 77.5 79.2 80.3 382 408 60m 300k 351 40m 200k 20m 100k 0m 0k 4Q-21 1Q-22 2Q-22 3Q-22 4Q-22 4Q-21 1Q-22 2Q-22 3Q-22 4Q-22 Average Revenue per
Slide 8: Quarterly Trend: Adj. Gross Margin %, Adj. EBITDA, & Adj. EBITDA Margin
8 Quarterly Trend: Adj. Gross Margin %, Adj. EBITDA, & Adj. EBITDA Margin Gross Margin & Adj. Gross Margin % (1) Adj. EBITDA (1)(2) & Adj. Gross Margin % 75% $100 14.8% 16% 13.9% 70.4% $90 14% 69.2% 69.6% 70% 68.4% $80 66.9% 12% $70 68.2% 68.3% 68.6% 9.6% 65% 67.5% $60 8.4% 10% 66.0% 7.9% $50 8% $94
Slide 9: Balance Sheet Highlights and Cash Flow
9 Balance Sheet Highlights and Cash Flow • Cash, Cash Equivalents, & ST Investments (as of December 31, 2022): $918M • Convertible & LT Debt on Balance Sheet (as of December 31, 2022): $1.54B • Operating Cash Flow (FY22): $189M • Capital Expenditures + Capitalized Software Development Costs (FY22):
Slide 10: Outlook: 1Q-23 and FY-23
0. Outlook: 1Q-23 and FY-23 1Q-23 Y/Y % Growth FY-23 Y/Y % Growth Revenue ($M) $610 to $625 8% to 11% $2,550 to $2,675 6% to 11% Net Loss per Share ($0.55) to ($0.45) NM ($1.75) to ($1.25) NM Adj. EBITDA ($M) $42 to $50 (23)% to (8)% $275 to $325 12% to 32% US Integrated Care Members (M) 84 to 85 6%
Slide 11: Appendix
Appendix Teladoc HEALTH © Teladoc Health, Inc. All rights reserved,
Slide 12: Net Loss to Adjusted EBITDA Reconciliation
2 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Net loss $ (10,985) $ (6,674,523) $ (3,101,461) $ (73,476) $ (3,810,071) Add: Goodwill impairment — 6,600,000 3,030,000 — 3,772,811 Loss on extinguishment of debt 20 — — — — Other expense (income), net 405 (724) 1,760 1,571 (1,749) Interest expense, net 18,8
Slide 13: Gross Profit to Adjusted Gross Profit Reconciliation
3 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Revenue $ 554,235 $ 565,350 $592,379 $ 611,402 $ 637,709 Cost of revenue (exclusive of depreciation and amortization, which is shown separately below) (174,985) (187,025) (182,470) (185,619) (188,873) Depreciation and amortization of intangible assets (5,406