Lifestance Health Group, Inc. · NASDAQ:LFST
Lifestance Health — Q4 2021 Earnings Presentation
18 slides from Lifestance Health's earnings presentation, Mar 10, 2022
Slide 1: Q4 2021 Earnings Presentation
Q4 2021 Earnings Presentation March 10, 2022
Slide 2: Forward-Looking Statements
Forward-Looking Statements DISCLAIMERS Cautionary Note Regarding Forward-Looking Statements This presentation and related oral statements contain forward-looking statements about LifeStance Health Group, Inc. and its subsidiaries (“LifeStance”) and the industry in which LifeStance operates, includin
Slide 3: LifeStance at a Glance
LifeStance at a Glance* Building the Nation’s Leading Outpatient Mental Health Platform $668M FY21 revenues 4,790 Clinicians Mission-driven Increasing access to personalized, trusted 32 States ~500 Centers and affordable mental healthcare Virtual and in-person In-network Hybrid care model 250+ payor
Slide 4: Hybrid Platform Supports Patients Where They Are
Hybrid Platform Supports Patients Where They Are While telemedicine continues to grow, 75% of patients still prefer an in-person experience for mental health visits1 1. Rock Health Digital Health Consumer Adoption Survey (n2021 = 7,980) 4 Source: https://rockhealth.com/insights/consumer-adoption-of-
Slide 5: Q4 and FY 2021 Financial Highlights
Q4 and FY 2021 Financial Highlights • Q4 Revenue of $190 million increased 61% year-over-year FY Revenue of $668 million increased 77%1 year-over-year • Q4 Center Margin of $54 million, or 28.5% as a percentage of revenue FY Center Margin of $202 million, or 30.2% as a percentage of revenue • Q4 Adj
Slide 6: Q4 and FY 2021 Strategy & Key Developments
Q4 and FY 2021 Strategy & Key Developments • Total clinicians of 4,790, +55% Y/Y; 415 net clinician adds in Q4 and 1,693 for the full year • Continued to enhance clinician value proposition, including creating an ownership mentality by including clinicians in the company's employee long-term incenti
Slide 7: Q4 2021 Results
Q4 2021 Results Clinicians Revenue (in $M) Center Margin (in $M) Adjusted EBITDA (in $M) +55% +61% +39% $190.1 4,790 $16.5 $54.2 $39.0 $11.4 3,097 $118.1 Q4'20 Q4'21 Q4'20 Q4'21 Q4'20 Q4'21 Q4'20 Q4'21 Center Margin (% of total revenue) Adj. EBITDA (% of total revenue) 33.0% 28.5% 13.9% 6.0% Note: S
Slide 8: Quarterly Trends
Quarterly Trends Clinicians Revenue (in $M) Center Margin (in $M) Adjusted EBITDA (in $M) $190.1 4,790 $54.2 4,375 $173.8 $51.2 $52.1 $16.5 $160.5 $50.0 $14.5 3,975 $12.6 $143.1 $44.0 $11.4 $10.7 3,301 $39.0 3,097 $40.0 $118.1 $30.0 $20.0 $10.0 $0.0 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q4'20 Q1'21 Q2'21 Q3
Slide 9: Balance Sheet, Cash Flow & Capital Allocation
Balance Sheet, Cash Flow & Capital Allocation Balance Sheet & Cash Flow Capital Allocation 75% $148M Percentage description with ctetur 75% $157M Percentage description with ctetur Cash ad ipisc and Cash Equivalents ing elite Net ad Long-term ipisc ing elite Debt De Novos Acquisitions 75% $9M 75% $9
Slide 10: 2022 Guidance
2022 Guidance Planning Assumptions • Q1 impacted by Omicron; assumes no further COVID-related impacts or changes (All $ in M) FY 2022 Q1 2022 in the labor market environment • Assumes 80 to 90 de novo center Revenue $865 – $885 $195 – $200 openings, weighted heavily toward the first half of the year
Slide 11: Appendix
}, LifeStance HEALTH Appendix
Slide 12: Patients prefer a mix of in-person and virtual mental healthcare
Patients prefer a mix of in-person and virtual mental healthcare Preferred Method of Accessing Care by Care Need1,2 2021, n = 7,980 TELEMEDICINE VISITS IN-PERSON VISITS Live video Physician, Clinician, Therapist Office; In-person at home; Retail Clinic Flu or Cold 41% 59% Perscription Refills 34% 66
Slide 13: Quarterly Income Statement (GAAP)
Quarterly Income Statement (GAAP) 2021 2020 ($M) Q4 Q3 Q2 Q1 Q4 Q3 Successor¹ Predecessor¹ Q1 Total Revenues $190.1 $173.8 $160.5 $143.1 $118.1 $102.0 $45.4 $38.6 $73.1 Operating expenses Center costs, excluding depreciation and amortization 135.8 121.8 109.3 99.1 79.1 68.8 31.3 27.1 51.6 General an
Slide 14: GAAP to Non-GAAP Reconciliations – Center Margin
GAAP to Non-GAAP Reconciliations – Center Margin 2021 2020 ($M) Q4 Q3 Q2 Q1 Q4 Q3 Successor2 Predecessor2 Q1 (Loss) income from operations ($113.8) ($124.7) ($47.0) ($0.9) $3.9 $2.7 $0.1 $3.1 $5.6 Adjusted for: Depreciation and amortization 15.4 13.8 12.8 12.2 11.4 10.9 5.4 1.2 2.2 General and admin
Slide 15: GAAP to Non-GAAP Reconciliations – Adjusted EBITDA
GAAP to Non-GAAP Reconciliations – Adjusted EBITDA 2021 2020 ($M) Q4 Q3 Q2 Q1 Q4 Q3 Successor5 Predecessor5 Q1 Net (loss) income ($108.0) ($120.5) ($70.0) ($8.7) ($5.5) ($3.3) ($4.3) ($27.6) $2.7 Adjusted for: Interest expense 3.6 3.5 23.2 8.6 7.1 6.4 5.6 1.3 1.7 Depreciation and amortization 15.4 1
Slide 16: Quarterly Non-GAAP Financial Metrics
Quarterly Non-GAAP Financial Metrics 2021 2020 ($M) Q4 Q3 Q2 Q1 Q4 Q3 Successor¹ Predecessor¹ Q1 Key Metrics Clinicians 4,790 4,375 3,975 3,301 3,097 2,539 2,046 nq 1,734 Total Revenues $190.1 $173.8 $160.5 $143.1 $118.1 $102.0 $45.4 $38.6 $73.1 Center costs 135.8 121.8 109.3 99.1 79.1 68.8 31.3 27.
Slide 17: Quarterly Balance Sheet
Quarterly Balance Sheet 2021 2020 Successor Successor Predecessor ($M) Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Cash and cash equivalents 148.0 212.1 276.2 39.5 18.8 25.1 13.8 20.3 Patient accounts receivable 76.1 70.1 60.1 47.8 43.7 34.3 31.0 25.2 Prepaid expenses and other current assets 42.4 46.1 27.8 22.3 13.7 1
Slide 18: GAAP Statement of Cash Flows
GAAP Statement of Cash Flows Successor Predecessor April 13 to January 1 to ($M) 2021 FY December 31, May 14, 2020 2019 FY 2020 CASH FLOWS FROM OPERATING ACTIVITIES Net (loss) income (307.2) (13.1) (24.9) 5.7 Adjustments to reconcile net (loss) income to net cash provided by (used in) operating acti
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