Lifestance Health Group, Inc. · NASDAQ:LFST
Lifestance Health — Q1 2023 Earnings Presentation
17 slides from Lifestance Health's earnings presentation, May 10, 2023
Slide 1: Reimagining Mental Health
Reimagining Mental Health Q1 2023 Earnings Presentation • May 10, 2023
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 5,961 Clinicians 19% 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 $909M Revenue | TTM(1) 25% Y/Y T
Slide 4: Q1 2023 Highlights
Q1 2023 Highlights • Q1 Revenue of $252.6 million increased 24% year-over-year • Total clinicians of 5,961, +19% Y/Y; 330 net clinician adds in Q1 • Q1 Center Margin of $69.6 million, or 27.6% as a percentage of revenue • Q1 Adjusted EBITDA of $10.1 million, or 4.0% as a percentage of revenue • Ende
Slide 5: Q1 2023 Results
Q1 2023 Results Clinicians Revenue (in $M) Center Margin (in $M) Adjusted EBITDA (in $M) +19% +24% +28% -19% 5,961 $252.6 $69.6 $54.2 $12.5 4,989 $203.1 $10.1 Q1'22 Q1'23 Q1'22 Q1'23 Q1'22 Q1'23 Q1'22 Q1'23 Center Margin (% of total revenue) Adj. EBITDA (% of total revenue) 26.7% 27.6% 6.2% 4.0% 5 N
Slide 6: Quarterly Trends
Quarterly Trends Clinicians Revenue (in $M) Center Margin (in $M) Adjusted EBITDA (in $M) $69.6 $252.6 $14.6 $15.4 5,961 $62.7 $229.4 $60.3 $12.5 $217.6 $59.8 $10.2 $10.1 $203.1 $209.5 $54.2 5,631 5,431 5,226 4,989 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q1'22 Q2'22 Q3'22 Q4'22 Q
Slide 7: Balance Sheet, Cash Flow, and Capital Allocation
Balance Sheet, Cash Flow, and Capital Allocation Balance Sheet & Cash Flow Capital Allocation $68M $225M Cash & Cash Equivalents Net Long-term Debt* De Novos Acquisitions ($8M) $8M Selective deployment Disciplined to enable clinician and investments market growth to drive growth Operating Cash Flow
Slide 8: 2023 Guidance
2023 Guidance Planning Assumptions (All $ in M) FY 2023 Q2 2023 • Assumes ~40-45 de novo center Revenue $990 – $1,020 $250 – $260 openings (Raised from $980 - $1,020) • Assumes M&A spend of ~$40M, inclusive of up to $20M in earnouts Center Margin $274 – $290 $69 – $76 from prior years’ acquisitions
Slide 9: Appendix
HEALTH Appendix
Slide 10: Quarterly Statements of Operations and Comprehensive Loss
Quarterly Statements of Operations and Comprehensive Loss 2023 2022 ($M) Q1 Q4 Q3 Q2 Q1 Total revenue $252.6 $229.4 $217.6 $209.5 $203.1 Operating expenses Center costs, excluding depreciation and amortization 183.0 166.7 157.3 149.7 148.9 General and administrative 84.6 89.8 81.2 103.6 103.4 Deprec
Slide 11: GAAP to Non-GAAP Reconciliations – Center Margin
Quarterly GAAP to Non-GAAP Reconciliations – Center Margin 2023 2022 ($M) Q1 Q4 Q3 Q2 Q1 Loss from operations ($34.1) ($46.0) ($38.8) ($60.5) ($64.9) Adjusted for: Depreciation and amortization 19.1 18.9 17.9 16.7 15.7 General and administrative (1) 84.6 89.8 81.2 103.6 103.4 Center Margin $69.6 $62
Slide 12: GAAP to Non-GAAP Reconciliations – Adjusted EBITDA
Quarterly GAAP to Non-GAAP Reconciliations – Adjusted EBITDA 2023 2022 ($M) Q1 Q4 Q3 Q2 Q1 Net loss ($34.2) ($46.7) ($37.9) ($68.7) ($62.3) Adjusted for: Interest expense, net 5.1 5.2 4.2 7.1 3.4 Depreciation and amortization 19.1 18.9 17.9 16.7 15.7 Income tax (benefit) provision (4.0) (7.1) (4.4)
Slide 13: Non-GAAP Financial Metrics
Non-GAAP Financial Metrics 2023 2022 ($M) Q1 Q4 Q3 Q2 Q1 Key Metrics Clinicians 5,961 5,631 5,431 5,226 4,989 Total Revenue $252.6 $229.4 $217.6 $209.5 $203.1 Center costs, excluding depreciation and amortization 183.0 166.7 157.3 149.7 148.9 Center Margin (Non-GAAP) $69.6 $62.7 $60.3 $59.8 $54.2 %
Slide 14: Quarterly Balance Sheets
Quarterly Balance Sheets 2023 2022 ($M) Q1 Q4 Q3 Q2 Q1 Current assets Cash and cash equivalents 68.3 108.6 90.3 96.7 114.0 Patient accounts receivable, net 118.4 100.9 113.3 99.7 95.0 Prepaid expenses and other current assets 25.8 23.7 49.0 47.9 54.3 Total current assets 212.5 233.2 252.6 244.3 263.
Slide 15: Statements of Cash Flows
Statements of Cash Flows ($M) Q1’23 Q1’22 CASH FLOWS FROM OPERATING ACTIVITIES Net loss ($34.2) ($62.3) Adjustments to reconcile net loss to net cash (used in) provided by operating activities: Depreciation and amortization 19.1 15.7 Non-cash operating lease costs 10.1 — Stock-based compensation 23.
Slide 16: GAAP to Non-GAAP Reconciliations – Free Cash Flow
Quarterly GAAP to Non-GAAP Reconciliations – Free Cash Flow (FCF) 2023 2022 ($M) Q1 Q4 Q3 Q2 Q1 Net cash (used in) provided by operating activities ($7.9) $36.0 $5.7 $7.8 $3.3 Purchases of property and equipment ($7.7) ($10.4) ($15.1) ($25.9) ($27.9) Free Cash Flow ($15.6) $25.6 ($9.4) ($18.1) ($24.
Slide 17: Visits and Total Revenue Per Visit
Quarterly Visits and Total Revenue Per Visit 2023 2022 Q1 Q4 Q3 Q2 Q1 Total Revenue ($M) $252.6 $229.4 $217.6 $209.5 $203.1 Total Visits (000s) 1,665 1,487 1,429 1,413 1,392 Total Revenue Per Visit (TRPV) $152 $154 $152 $148 $146 Amounts are unaudited. 17
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