Teladoc Health, Inc. · NYSE:TDOC
Teladoc Health — Q4 2023 Earnings Presentation
14 slides from Teladoc Health's earnings presentation, Feb 20, 2024
Slide 1: 4Q-23 Quarterly Results
4Q-23 Quarterly Results Teladoc HEALTH
Slide 2: Cautionary Note
Cautionary Note • 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
Slide 3: Financial Highlights
Financial Highlights 4Q Net loss per share 4Q Revenue of of $(0.17) 4Q Adj EBITDA(1) of includes amortization of $661M, +4% y/y intangibles of $(0.43) and stock- $114.4M, 22% y/y based compensation expense of $(0.28) per share. FY24 Revenue outlook FY24 Net loss per share FY24 Adj. EBITDA outlook ra
Slide 4: 4Q-23 Consolidated Results: Revenue & Adj. EBITDA
4Q-23 Consolidated Results: Revenue & Adj. EBITDA Revenue ($ millions) Adj. EBITDA ($ millions)(1) $125 $800 $114.4 $661 $638 $100 $94.1 $600 $75 $400 $50 $200 $25 $0 $0 4Q-22 4Q-23 4Q-22 4Q-23 (1) See reconciliation of GAAP to non-GAAP measures included in the appendix of this presentation
Slide 5: 4Q-23: Segment Results
(1) 4Q-23: Segment Results Integrated Care Segment Revenue ($ millions) BetterHelp Segment Revenue ($ millions) $600 $400 $277 $279 $292 $286 $384 $300 $276 $400 $357 $350 $360 $374 $200 $200 $100 $0 $0 4Q-22 1Q-23 2Q-23 3Q-23 4Q-23 4Q-22 1Q-23 2Q-23 3Q-23 4Q-23 Integrated Care Segment Adjusted EBIT
Slide 6: 4Q-23 Revenue: U.S. & International
4Q-23 Revenue: U.S. & International U.S. Revenue ($ millions) International Revenue ($ millions) $600 $120 $554 $565 $500 $100 $96 $83 $400 $80 $300 $60 $200 $40 $100 $20 $0 $0 4Q-22 4Q-23 4Q-22 4Q-23
Slide 7: 4Q-23: Quarterly Key Operating Metrics
4Q-23: Quarterly Key Operating Metrics U.S. Integrated Care Members(1) (millions) BetterHelp Paying Users(2) (thousands) 100m 500k 467 476 459 90.2 89.6 450 83.3 84.9 85.9 425 50m 250k 0m 0k 4Q-22 1Q-23 2Q-23 3Q-23 4Q-23 4Q-22 1Q-23 2Q-23 3Q-23 4Q-23 Average Revenue per Month per U.S. Chronic Care P
Slide 8: Quarterly Trend: Adj. Gross Margin %, Adj. EBITDA, & Adj. EBITDA Margin
Quarterly Trend: Adj. Gross Margin %, Adj. EBITDA, & Adj. EBITDA Margin Gross Margin & Adj. Gross Margin % (1) Adj. EBITDA (1)(2) & Adj. EBITDA Margin % 17.3% $125 18% 75 14.8% 16% 71.8% 70.4% 70.8% 70.7% $100 13.4% 69.8% 14% 70 11.1% 12% 68.6% 68.6% 68.8% $75 67.8% 67.5% 10% 8.4% 65 $114.4 8% $50 $
Slide 9: Balance Sheet Highlights and Cash Flow
Balance Sheet Highlights and Cash Flow • Cash and Cash Equivalents (as of December 31st, 2023): $1.12B • Convertible & LT Debt on Balance Sheet (as of December 31st, 2023): $1.54B • Operating Cash Flow (FY2023): $350M • Free Cash Flow (FY2023): $194M
Slide 10: Outlook: 1Q-24 and FY-24
Outlook: 1Q-24 and FY-24 Y/Y % Y/Y % 1Q-24 FY-24 Growth Growth Revenue ($M) $630 to $645 0% to 3% $2,635 to $2,735 1% to 5% Net loss per share $(0.55) to $(0.45) NM $(1.10) to $(0.80) NM Adj. EBITDA ($M) $52 to $62 (1)% to 18% $350 to $390 7% to 19% US integrated care members (M) 89.5 to 90.5 5% to
Slide 11: Appendix
COCCOCCS COCCCSCS COCOO00CS COOQ00CS CCOOO0CSO COCCOCCS COCCOCCS Appendix Teladoc. HEALTH
Slide 12: Reconciliation of EBITDA & Adj. EBITDA to Net Loss
Reconciliation of EBITDA & Adj. EBITDA to Net Loss Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Net loss $ (3,810,071) $ (69,228) $ (65,177) $ (57,073) $ (28,890) Add: Goodwill Impairment 3,772,811 — — — — Interest income (6,482) (8,911) (11,558) (12,606) (13,707) Interest expense 4,590 5,263 5,835 5,646
Slide 13: Reconciliation of GAAP Gross Profit to Adj. Gross Profit & Adj. Gross Margin
Reconciliation of GAAP Gross Profit to Adj. Gross Profit & Adj. Gross Margin Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Revenue $ 637,709 $ 629,244 $ 652,406 $ 660,238 $ 660,527 Cost of revenue (exclusive of depreciation and amort, which are shown separately below) (188,873) (190,107) (190,540) (185,96
Slide 14: Reconciliation of GAAP Net Cash Provided by Operating Activities to Free Cash Flow
Reconciliation of GAAP Net Cash Provided by Operating Activities to Free Cash Flow FY 2023 Net cash provided by operating activities $ 350,021 Capital expenditures (11,464) Capitalized software (144,884) Capex (156,348) Free Cash Flow $ 193,673 (in 000s)