Lifestance Health Group, Inc. · NASDAQ:LFST
Lifestance Health — Q2 2022 Earnings Presentation
16 slides from Lifestance Health's earnings presentation, Aug 9, 2022
Slide 1: Q2 2022 Earnings Presentation
Q2 2022 Earnings Presentation August 9, 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 Mission-driven $777M TTM revenues1 5,226 Clinicians Increasing access to personalized, trusted and affordable mental 32 States ~600 Centers healthcare 10+ Integrated care programs Hybrid Virtual and in-person car
Slide 4: Q2 Financial Highlights
Q2 Financial Highlights • Q2 Revenue of $209.5 million increased 31% year-over-year • Q2 Center Margin of $59.8 million, or 28.5% as a percentage of revenue • Q2 Adjusted EBITDA of $14.6 million, or 7.0% as a percentage of revenue • Ended Q2 with a cash position of $96.7 million; for the six months
Slide 5: Q2 2022 Strategy & Key Developments
Q2 2022 Strategy & Key Developments • Total clinicians of 5,226, +31% Y/Y; 237 net clinician adds in Q2 • Completed 4 acquisitions in Q2, bringing the total since inception to 83 • Opened 27 de novo centers in Q2 to support the company’s differentiated hybrid model offering both in-person and virtua
Slide 6: Q2 2022 Results
Q2 2022 Results Clinicians Revenue (in $M) Center Margin (in $M) Adjusted EBITDA (in $M) +31% +31% +17% +1% 5,226 $209.5 $59.8 $14.5 $14.6 $51.2 3,975 $160.5 Q2'21 Q2'22 Q2'21 Q2'22 Q2'21 Q2'22 Q2'21 Q2'22 Center Margin (% of total revenue) Adj. EBITDA (% of total revenue) 31.9% 28.5% 9.1% 7.0% Note
Slide 7: Quarterly Trends
Quarterly Trends Clinicians Revenue (in $M) Center Margin (in $M) Adjusted EBITDA (in $M) 5,226 4,989 4,790 4,375 $209.5 $59.8 $203.1 $14.5 $14.6 3,975 $190.1 $54.2 $54.2 $12.5 $51.2 $52.1 $10.7 $11.4 $173.8 $160.5 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q2'21 Q3'21 Q4'21 Q1'22 Q
Slide 8: Balance Sheet, Cash Flow & Capital Allocation
Balance Sheet, Cash Flow & Capital Allocation Balance Sheet & Cash Flow Capital Allocation $97M $203M Cash and Cash Equivalents Net Long-term Debt De Novos Acquisitions $11M $54M Highly efficient model Disciplined with predictable investments profitability to drive growth 294 de novos opened 83 acqu
Slide 9: 2022 Guidance
2022 Guidance (All $ in M) FY 2022 Q3 2022 Planning Assumptions Revenue $865 – $885 • Now expecting to land toward the $216 – $221 • Seasonality: Removed slightly more bottom end of the than one business day each from June, range due to refined July, and August as a result of clinician seasonality i
Slide 10: Appendix
)) LifeStance HEALTH Appendix
Slide 11: Quarterly Statements of Operations
Quarterly Statements of Operations 2022 2021 ($M) Q2 Q1 Q4 Q3 Q2 Q1 Total Revenue $209.5 $203.1 $190.1 $173.8 $160.5 $143.1 Operating expenses Center costs, excluding depreciation and amortization 149.7 148.9 135.8 121.8 109.3 99.1 General and administrative 103.6 103.4 152.7 162.9 85.5 32.7 Depreci
Slide 12: GAAP to Non-GAAP Reconciliations – Center Margin
GAAP to Non-GAAP Reconciliations – Center Margin 2022 2021 ($M) Q2 Q1 Q4 Q3 Q2 Q1 Loss from operations ($60.5) ($64.9) ($113.8) ($124.7) ($47.0) ($0.9) Adjusted for: Depreciation and amortization 16.7 15.7 15.4 13.8 12.8 12.2 General and administrative (1) 103.6 103.4 152.7 162.9 85.5 32.7 Center Ma
Slide 13: GAAP to Non-GAAP Reconciliations – Adjusted EBITDA
GAAP to Non-GAAP Reconciliations – Adjusted EBITDA 2022 2021 ($M) Q2 Q1 Q4 Q3 Q2 Q1 Net loss ($68.7) ($62.3) ($108.0) ($120.5) ($70.0) ($8.7) Adjusted for: Interest expense 7.1 3.4 3.6 3.5 23.2 8.6 Depreciation and amortization 16.7 15.7 15.4 13.8 12.8 12.2 Income tax provision (benefit) 0.9 (6.7) (
Slide 14: Quarterly Non-GAAP Financial Metrics
Quarterly Non-GAAP Financial Metrics 2022 2021 ($M) Q2 Q1 Q4 Q3 Q2 Q1 Key Metrics Clinicians 5,226 4,989 4,790 4,375 3,975 3,301 Total Revenue $209.5 $203.1 $190.1 $173.8 $160.5 $143.1 Center costs, excluding depreciation and amortization 149.7 148.9 135.8 121.8 109.3 99.1 Center Margin (Non-GAAP) $
Slide 15: Quarterly Balance Sheets
Quarterly Balance Sheets 2022 2021 ($M) Q2 Q1 Q4 Q3 Q2 Q1 Cash and cash equivalents 96.7 114.0 148.0 212.1 276.2 39.5 Patient accounts receivable, net 99.7 95.0 76.1 70.1 60.1 47.8 Prepaid expenses and other current assets 47.9 54.3 42.4 46.1 27.8 22.3 Total current assets 244.3 263.3 266.5 328.3 36
Slide 16: Statements of Cash Flows
Statements of Cash Flows Six Months Ended Six Months Ended ($M) Q2’22 Q1’22 Q2’21 Q1’21 2021 FY CASH FLOWS FROM OPERATING ACTIVITIES Net loss (131.1) (62.3) (78.7) (8.7) (307.2) Adjustments to reconcile net loss to net cash provided by (used by) operating activities: Depreciation and amortization 32
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