Lifestance Health Group, Inc. · NASDAQ:LFST
Lifestance Health — Q3 2022 Earnings Presentation
16 slides from Lifestance Health's earnings presentation, Nov 8, 2022
Slide 1: Q3 2022 Earnings Presentation
Q3 2022 Earnings Presentation November 8, 2022 Exhibit 99.2
Slide 2: Forward-Looking Statements
Forward-Looking Statements 2 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 subsidiari
Slide 3: LifeStance at a Glance
Mission-driven Increasing access to personalized, trusted and affordable mental healthcare LifeStance at a Glance* Hybrid Virtual and in-person care model 10+ Integrated care programs States 32 ~600 Centers Clinicians $820M 5,431 TTM revenues1 Building the Nation’s Leading Outpatient Mental Health P
Slide 4: Q3 Financial Highlights
Q3 Financial Highlights 4 Q3 Revenue of $217.6 million increased 25% year-over-year Q3 Center Margin of $60.3 million, or 27.7% as a percentage of revenue Q3 Adjusted EBITDA of $15.4 million, or 7.1% as a percentage of revenue Ended Q3 with a cash position of $90.3 million; for the nine months ended
Slide 5: Q3 2022 Strategy & Key Developments
Q3 2022 Strategy & Key Developments 5 Total clinicians of 5,431, +24% Y/Y; 205 net clinician adds in Q3 Completed 3 acquisitions in Q3, bringing the total since inception to 86 Opened 13 de novo centers in Q3 to support the company’s differentiated hybrid model offering both in-person and virtual ca
Slide 6: Q3 2022 Results
Adjusted EBITDA (in $M) Center Margin (in $M) Clinicians Revenue (in $M) Q3 2022 Results Note: See reconciliation of GAAP to non-GAAP measures in the Appendix to this presentation. 6.2% 7.1% Adj. EBITDA (% of total revenue) 29.9% 27.7% Center Margin (% of total revenue) +16% +25% +24% +44%
Slide 7: Quarterly Trends
Clinicians Adjusted EBITDA (in $M) 6.2% 6.0% 6.2% 7.0% 7.1% Adj. EBITDA (% of total revenue) Center Margin (in $M) Revenue (in $M) Quarterly Trends Note: See reconciliation of GAAP to non-GAAP measures in the Appendix to this presentation. 29.9% 28.5% 26.7% 28.5% 27.7% Center Margin (% of total reve
Slide 8: Balance Sheet, Cash Flow & Capital Allocation
8 $17M $69M Operating Cash Flow (YTD) Capital Expenditures (YTD) Continue to deploy capital in a disciplined manner to grow our clinician base and expand our footprint De Novos Highly efficient model with predictable profitability 307 de novos opened since inception, including 13 in Q3 Acquisitions
Slide 9: 2022 Guidance
2022 Guidance 9 (All $ in M) FY 2022 Q4 2022 Revenue $845 – $850 Guidance range lowered due to lower visit volume expectations $215 – $220 Center Margin $229 – $232 Guidance range lowered due to lower revenue expectations and higher than expected costs associated with employee health benefits progra
Slide 10: Appendix
}) LifeStance HEALTH Appendix
Slide 11: Quarterly Statements of Operations and Comprehensive Loss
Quarterly Statements of Operations and Comprehensive Loss 2022 2021 ($M) Q3 Q2 Q1 Q4 Q3 Q2 Q1 Total Revenue $217.6 $209.5 $203.1 $190.1 $173.8 $160.5 $143.1 Operating expenses Center costs, excluding depreciation and amortization 157.3 149.7 148.9 135.8 121.8 109.3 99.1 General and administrative 81
Slide 12: GAAP to Non-GAAP Reconciliations – Center Margin
GAAP to Non-GAAP Reconciliations – Center Margin 2022 2021 2021 ($M) Q3 Q2 Q1 Q4 Q3 Q2 Q1 Loss from operations ($38.8) ($60.5) ($64.9) ($113.8) ($124.7) ($47.0) ($0.9) Adjusted for: Depreciation and amortization 17.9 16.7 15.7 15.4 13.8 12.8 12.2 General and administrative (1) 81.2 103.6 103.4 152.7
Slide 13: GAAP to Non-GAAP Reconciliations – Adjusted EBITDA
GAAP to Non-GAAP Reconciliations – Adjusted EBITDA 2022 2021 2021 ($M) Q3 Q2 Q1 Q1 Q4 Q3 Q2 Q1 Net loss ($37.9) ($68.7) ($62.3) ($62.3) ($108.0) ($120.5) ($70.0) ($8.7) Adjusted for: Interest expense 4.2 7.1 3.4 3.4 3.6 3.5 23.2 8.6 Depreciation and amortization 17.9 16.7 15.7 15.7 15.4 13.8 12.8 12
Slide 14: Quarterly Non-GAAP Financial Metrics
Quarterly Non-GAAP Financial Metrics 2022 2021 2021 ($M) Q3 Q2 Q1 Q4 Q3 Q2 Q1 Key Metrics Clinicians 5,431 5,226 4,989 4,790 4,375 3,975 3,301 Total Revenue $217.6 $209.5 $203.1 $190.1 $173.8 $160.5 $143.1 Center costs, excluding depreciation and amortization 157.3 149.7 148.9 135.8 121.8 109.3 99.1
Slide 15: Quarterly Balance Sheets
Quarterly Balance Sheets 2022 2021 2021 ($M) Q3 Q2 Q1 Q4 Q3 Q2 Q1 Cash and cash equivalents 90.3 96.7 114.0 148.0 212.1 276.2 39.5 Patient accounts receivable, net 113.3 99.7 95.0 76.1 70.1 60.1 47.8 Prepaid expenses and other current assets 49.0 47.9 54.3 42.4 46.1 27.8 22.3 Total current assets 25
Slide 16: Statements of Cash Flows
Statements of Cash Flows Subtotals in the schedule above may not foot due to rounding. Amounts are unaudited. ($M) Nine Months Ended Q3’22 Six Months Ended Q2’22 Q1’22 Nine Months Ended Q3’21 Six Months Ended Q2’21 Q1’21 2021 FY CASH FLOWS FROM OPERATING ACTIVITIES Net loss (168.9) (131.1) (62.3) (1
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