Lifestance Health Group, Inc. · NASDAQ:LFST
Lifestance Health — Q4 2023 Earnings Presentation
17 slides from Lifestance Health's earnings presentation, Feb 28, 2024
Slide 1: Reimagining Mental Health
Reimagining Mental Health Q 4 2 0 2 3 E a r n i n g s P re s e n t a t i o n • F e b r u a r y 2 8 , 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 6,645 Clinicians 18% 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 $1,056M Revenue | TTM 23% Y/Y Gr
Slide 4: Q4 and FY 2023 Highlights
Q4 and FY 2023 Highlights • Q4 Revenue of $280.6 million increased 22% year-over-year FY Revenue of $1,056 million increased 23% year-over-year • Total clinicians of 6,645, +18% Y/Y; 1,014 net clinician adds in 2023 and 227 net clinician adds in Q4 • Q4 Visit Volumes of 1.8 million, +20% Y/Y; FY Vis
Slide 5: Q4 2023 Results
Q4 2023 Results Clinicians Revenue (in $M) Center Margin (in $M) Adjusted EBITDA (in $M) +18% +22% +33% +99% 6,645 $280.6 $83.3 $20.3 5,631 $229.4 $62.7 $10.2 Q4'22 Q4'23 Q4'22 Q4'23 Q4'22 Q4'23 Q4'22 Q4'23 Center Margin (% of total revenue) Adj. EBITDA (% of total revenue) 27.3% 29.7% 4.4% 7.2% 5 N
Slide 6: Quarterly Trends
Quarterly Trends Clinicians Revenue (in $M) Center Margin (in $M) Adjusted EBITDA (in $M) $280.6 $83.3 $20.3 6,645 6,418 $259.6 $262.9 $73.0 $76.2 $14.1 $14.6 $252.6 $69.6 6,132 5,961 $10.2 $10.1 $229.4 $62.7 5,631 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q4'22 Q1'23 Q2'23 Q3'23 Q
Slide 7: Balance Sheet, Cash Flow, and Capital Allocation
Balance Sheet, Cash Flow, and Capital Allocation Balance Sheet & Cash Flow Capital Allocation $79M $280M Cash & Cash Equivalents Net Long-term Debt* De Novos Acquisitions ($17M) $41M Selective deployment Completed 3 to enable clinician and acquisitions in 2023 market growth No M&A anticipated Operat
Slide 8: 2024 Guidance
2024 Guidance (All $ in M) FY 2024 Q1 2024 Planning Assumptions Revenue $1,190 – $1,240 $287 – $307 • Assumes no more than 20 de novo center openings • Assumes no M&A spend in 2024 Center Margin $345 – $365 $81 – $93 Adj. EBITDA $80 – $90 $17 – $23 Free Cash Flow Positive Note: Center Margin and Adj
Slide 9: Appendix
HEALTH Appendix
Slide 10: Quarterly Statements of Operations and Comprehensive Loss
Quarterly Statements of Operations and Comprehensive Loss 2023 2022 ($M) Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Total revenue $280.6 $262.9 $259.6 $252.6 $229.4 $217.6 $209.5 $203.1 Operating expenses Center costs, excluding depreciation and amortization 197.3 186.7 186.6 183.0 166.7 157.3 149.7 148.9 General and
Slide 11: Quarterly GAAP to Non-GAAP Reconciliations – Center Margin
Quarterly GAAP to Non-GAAP Reconciliations – Center Margin 2023 2022 ($M) Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Loss from operations ($32.3) ($74.4) ($48.4) ($34.1) ($46.0) ($38.8) ($60.5) ($64.9) Adjusted for: Depreciation and amortization 22.2 19.6 19.5 19.1 18.9 17.9 16.7 15.7 General and administrative expens
Slide 12: Quarterly GAAP to Non-GAAP Reconciliations – Adjusted EBITDA
Quarterly GAAP to Non-GAAP Reconciliations – Adjusted EBITDA 2023 2022 ($M) Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Net loss ($45.0) ($61.6) ($45.5) ($34.2) ($46.7) ($37.9) ($68.7) ($62.3) Adjusted for: Interest expense, net 5.5 5.5 5.1 5.1 5.2 4.2 7.1 3.4 Depreciation and amortization 22.2 19.6 19.5 19.1 18.9 17.9
Slide 13: Non-GAAP Financial Metrics
Non-GAAP Financial Metrics 2023 2022 ($M) Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Key Metrics Clinicians 6,645 6,418 6,132 5,961 5,631 5,431 5,226 4,989 Total Revenue $280.6 $262.9 $259.6 $252.6 $229.4 $217.6 $209.5 $203.1 Center costs, excluding depreciation and amortization 197.3 186.7 186.6 183.0 166.7 157.3 149
Slide 14: Quarterly Balance Sheets
Quarterly Balance Sheets 2023 2022 ($M) Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Current assets Cash and cash equivalents 78.8 42.6 79.6 68.3 108.6 90.3 96.7 114.0 Patient accounts receivable, net 125.4 149.7 121.8 118.4 100.9 113.3 99.7 95.0 Prepaid expenses and other current assets 21.5 71.9 36.5 25.8 23.7 49.0 47
Slide 15: Statements of Cash Flows
Statements of Cash Flows ($M) 2023 FY 2022 FY CASH FLOWS FROM OPERATING ACTIVITIES Net loss ($186.3) ($215.6) Adjustments to reconcile net loss to net cash (used in) provided by operating activities: Depreciation and amortization 80.4 69.2 Non-cash operating lease costs 40.0 38.2 Stock-based compens
Slide 16: Quarterly GAAP to Non-GAAP Reconciliations – Free Cash Flow
Quarterly GAAP to Non-GAAP Reconciliations – Free Cash Flow (FCF) 2023 2022 ($M) Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Net cash provided by (used in) operating activities $16.8 ($25.4) ($0.4) ($7.9) $36.0 $5.7 $7.8 $3.3 Purchases of property and equipment ($11.4) ($9.8) ($11.6) ($7.7) ($10.4) ($15.1) ($25.9) ($27
Slide 17: Quarterly Visits and Total Revenue Per Visit
Quarterly Visits and Total Revenue Per Visit 2023 2022 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Total Revenue ($M) $280.6 $262.9 $259.6 $252.6 $229.4 $217.6 $209.5 $203.1 Total Visits (000s) 1,783 1,714 1,705 1,665 1,487 1,429 1,413 1,392 Total Revenue Per Visit (TRPV) $157.4 $153.4 $152.3 $151.7 $154.3 $152.3 $148.
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