Lifestance Health Group, Inc. · NASDAQ:LFST
Lifestance Health — Q3 2024 Earnings Presentation
17 slides from Lifestance Health's earnings presentation, Nov 7, 2024
Slide 1: Reimagining Mental Health
Reimagining Mental Health Q 3 2 0 2 4 E a r n i n g s P re s e n t a t i o n • N o v e m b e r 7 , 2 0 2 4
Slide 2: Forward-Looking Statements
Forward-Looking Statements DISCLAIMERS Cautionary Note Regarding Forward-Looking Statements This presentation and related oral statements, including during any question and answer portion of the presentation, contain forward-looking statements about LifeStance Health Group, Inc. and its subsidiaries
Slide 3: LifeStance: Reimagining Mental Healthcare
LifeStance: Reimagining Mental Healthcare 7,269 Clinicians 13% Y/Y Growth OUR MISSION Increasing access to trusted, affordable, and personalized mental healthcare OUR VISION A truly healthy society where mental and physical healthcare are unified to make lives better $1,206M Revenue | TTM(1) 20% Y/Y
Slide 4: Q3 2024 Highlights
Q3 2024 Highlights • Q3 Revenue of $312.7 million increased 19% year-over-year • Total Clinicians of 7,269 increased +13% Y/Y; 285 net clinician adds in Q3 • Q3 Visit Volumes of 2.0 million increased +15% Y/Y • Q3 Center Margin of $100.4 million, or 32.1% as a percentage of revenue • Q3 Adjusted EBI
Slide 5: Q3 2024 Results
Q3 2024 Results Clinicians Revenue (in $M) Center Margin (in $M) Adjusted EBITDA (in $M) +13% +19% +32% +110% 7,269 $312.7 $100.4 $30.7 6,418 $262.9 $76.2 $14.6 Q3'23 Q3'24 Q3'23 Q3'24 Q3'23 Q3'24 Q3'23 Q3'24 Center Margin (% of total revenue) Adj. EBITDA (% of total revenue) 29.0% 32.1% 5.6% 9.8% 5
Slide 6: Quarterly Trends
Quarterly Trends Clinicians Revenue (in $M) Center Margin (in $M) Adjusted EBITDA (in $M) 7,269 $312.3 $312.7 $100.4 $30.7 $97.8 $28.6 6,984 $300.4 $94.7 $27.7 6,866 6,645 $280.6 $83.3 6,418 $262.9 $76.2 $20.3 $14.6 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q3'23 Q4'23 Q1'24 Q2'24
Slide 7: Balance Sheet, Cash Flow, and Capital Allocation
Balance Sheet, Cash Flow, and Capital Allocation Balance Sheet & Cash Flow Capital Allocation $103M $279M Cash & Cash Equivalents Net Long-term Debt* De Novos Acquisitions $45M $15M Selective deployment No M&A anticipated to enable clinician and in 2024 market growth Operating Cash Flow (YTD) Capita
Slide 8: 2024 Guidance
2024 Guidance (All $ in M) FY 2024 Q4 2024 Planning Assumptions Revenue $1,228 – $1,248 $302.5 – $322.5 • Assumes 6 de novo (Raised from $1,200 - $1,242) center openings • Assumes no M&A spend in 2024 Center Margin $382 – $398 $89 – $105 (Raised from $363 - $383) Adj. EBITDA $105 – $115 $18 – $28 (R
Slide 9: Appendix
HEALTH Appendix
Slide 10: Statements of Operations and Comprehensive Loss
Quarterly Statements of Operations and Comprehensive Loss 2024 2023 ($M) Q3 Q2 Q1 Q4 Q3 Q2 Q1 Total revenue $312.7 $312.3 $300.4 $280.6 $262.9 $259.6 $252.6 Operating expenses Center costs, excluding depreciation and amortization 212.3 214.5 205.7 197.3 186.7 186.6 183.0 General and administrative e
Slide 11: GAAP to Non-GAAP Reconciliations – Center Margin
Quarterly GAAP to Non-GAAP Reconciliations – Center Margin 2024 2023 ($M) Q3 Q2 Q1 Q4 Q3 Q2 Q1 Income (loss) from operations $0.0 ($15.9) ($16.8) ($32.3) ($74.4) ($48.4) ($34.1) Adjusted for: Depreciation and amortization 15.1 18.6 22.6 22.2 19.6 19.5 19.1 General and administrative expenses (1) 85.
Slide 12: GAAP to Non-GAAP Reconciliations – Adjusted EBITDA
Quarterly GAAP to Non-GAAP Reconciliations – Adjusted EBITDA 2024 2023 ($M) Q3 Q2 Q1 Q4 Q3 Q2 Q1 Net loss ($6.0) ($23.3) ($21.1) ($45.0) ($61.6) ($45.5) ($34.2) Adjusted for: Interest expense, net 5.4 5.8 5.9 5.5 5.5 5.1 5.1 Depreciation and amortization 15.1 18.6 22.6 22.2 19.6 19.5 19.1 Income tax
Slide 13: Non-GAAP Financial Metrics
Non-GAAP Financial Metrics 2024 2023 ($M) Q3 Q2 Q1 Q4 Q3 Q2 Q1 Key Metrics Clinicians 7,269 6,984 6,866 6,645 6,418 6,132 5,961 Total Revenue $312.7 $312.3 $300.4 $280.6 $262.9 $259.6 $252.6 Center costs, excluding depreciation and amortization 212.3 214.5 205.7 197.3 186.7 186.6 183.0 Center Margin
Slide 14: Balance Sheets
Quarterly Balance Sheets 2024 2023 ($M) Q3 Q2 Q1 Q4 Q3 Q2 Q1 Current assets Cash and cash equivalents 102.6 87.0 49.5 78.8 42.6 79.6 68.3 Patient accounts receivable, net 158.2 167.2 175.9 125.4 149.7 121.8 118.4 Prepaid expenses and other current assets 26.2 23.6 18.7 21.5 71.9 36.5 25.8 Total curr
Slide 15: Statements of Cash Flows
Statements of Cash Flows Nine Months Six Months Nine Months Six Months ($M) Q1’24 Q1’23 Ended Q3’24 Ended Q2’24 Ended Q3’23 Ended Q2’23 CASH FLOWS FROM OPERATING ACTIVITIES Net loss (50.3) (44.4) (21.1) (141.3) (79.7) (34.2) Adjustments to reconcile net loss to net cash provided by (used in) operati
Slide 16: GAAP to Non-GAAP Reconciliations – Free Cash Flow (FCF)
Quarterly GAAP to Non-GAAP Reconciliations – Free Cash Flow (FCF) 2024 2023 ($M) Q3 Q2 Q1 Q4 Q3 Q2 Q1 Net cash provided by (used in) operating activities $22.7 $44.0 ($21.8) $16.8 ($25.4) ($0.4) ($7.9) Purchases of property and equipment ($5.1) ($5.1) ($5.1) ($11.4) ($9.8) ($11.6) ($7.7) Free Cash F
Slide 17: Visits and Total Revenue Per Visit
Quarterly Visits and Total Revenue Per Visit 2024 2023 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Total Revenue ($M) $312.7 $312.3 $300.4 $280.6 $262.9 $259.6 $252.6 Total Visits (000s) 1,973 1,969 1,912 1,783 1,714 1,705 1,665 Total Revenue Per Visit (TRPV) $158.5 $158.6 $157.1 $157.4 $153.4 $152.3 $151.7 Amounts are un
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