Lifestance Health Group, Inc. · NASDAQ:LFST
Lifestance Health — Q4 2024 Earnings Presentation
17 slides from Lifestance Health's earnings presentation, Feb 27, 2025
Slide 1: Reimagining Mental Health
Reimagining Mental Health Q 4 2 0 2 4 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 7 , 2 0 2 5
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 7,424 Clinicians 12% 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 $1,251M Revenue 19% Y/Y Growth B
Slide 4: Q4 and FY 2024 Highlights
Q4 and FY 2024 Highlights • Q4 Revenue of $325.5 million increased 16% year-over-year FY Revenue of $1,251.0 million increased 19% year-over-year • Total Clinicians of 7,424 increased +12% Y/Y; 779 net clinician adds in 2024 and 155 net clinician adds in Q4 • Q4 Visit Volumes of 2.0 million increase
Slide 5: Q4 2024 Results
Q4 2024 Results Clinicians Revenue (in $M) Center Margin (in $M) Adjusted EBITDA (in $M) +12% +16% +31% +62% 7,424 $325.5 $109.4 $32.8 6,645 $280.6 $83.3 $20.3 Q4'23 Q4'24 Q4'23 Q4'24 Q4'23 Q4'24 Q4'23 Q4'24 Center Margin (% of total revenue) Adj. EBITDA (% of total revenue) 29.7% 33.6% 7.2% 10.1% N
Slide 6: Quarterly Trends
Quarterly Trends Clinicians Revenue (in $M) Center Margin (in $M) Adjusted EBITDA (in $M) 7,424 $325.5 $109.4 $32.8 7,269 $312.3 $312.7 $30.7 $300.4 $97.8 $100.4 $28.6 6,984 $27.7 6,866 $94.7 6,645 $280.6 $83.3 $20.3 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'23 Q1'24 Q2'24 Q3'24
Slide 7: Balance Sheet, Cash Flow, and Capital Allocation
Balance Sheet, Cash Flow, and Capital Allocation Balance Sheet & Cash Flow Capital Allocation $155M $280M Cash & Cash Equivalents Net Long-term Debt* De Novos Acquisitions $107M $22M Selective deployment Potential for disciplined to enable clinician and M&A in 2025 market growth Operating Cash Flow
Slide 8: 2025 Guidance
2025 Guidance (All $ in M) FY 2025 Q1 2025 Planning Assumptions Revenue $1,400 – $1,440 $320 – $340 • Assumes 25 to 30 de novo center openings Center Margin $440 – $464 $100– $114 • Potential for M&A not reflected in planning assumptions Adj. EBITDA $130 – $150 $27 – $33 Note: Center Margin and Adju
Slide 9: Appendix
HEALTH Appendix
Slide 10: Quarterly Statements of Operations and Comprehensive Loss
Quarterly Statements of Operations and Comprehensive Loss 2024 2023 ($M) Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Total revenue $325.5 $312.7 $312.3 $300.4 $280.6 $262.9 $259.6 $252.6 Operating expenses Center costs, excluding depreciation and amortization 216.0 212.3 214.5 205.7 197.3 186.7 186.6 183.0 General and
Slide 11: Quarterly GAAP to Non-GAAP Reconciliations – Center Margin
Quarterly GAAP to Non-GAAP Reconciliations – Center Margin 2024 2023 ($M) Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Income (loss) from operations $1.1 $0.0 ($15.9) ($16.8) ($32.3) ($74.4) ($48.4) ($34.1) Adjusted for: Depreciation and amortization 14.7 15.1 18.6 22.6 22.2 19.6 19.5 19.1 General and administrative exp
Slide 12: Quarterly GAAP to Non-GAAP Reconciliations – Adjusted EBITDA
Quarterly GAAP to Non-GAAP Reconciliations – Adjusted EBITDA 2024 2023 ($M) Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Net loss ($7.1) ($6.0) ($23.3) ($21.1) ($45.0) ($61.6) ($45.5) ($34.2) Adjusted for: Interest expense, net 9.4 5.4 5.8 5.9 5.5 5.5 5.1 5.1 Depreciation and amortization 14.7 15.1 18.6 22.6 22.2 19.6 1
Slide 13: Non-GAAP Financial Metrics
Non-GAAP Financial Metrics 2024 2023 ($M) Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Key Metrics Clinicians 7,424 7,269 6,984 6,866 6,645 6,418 6,132 5,961 Total Revenue $325.5 $312.7 $312.3 $300.4 $280.6 $262.9 $259.6 $252.6 Center costs, excluding depreciation and amortization 216.0 212.3 214.5 205.7 197.3 186.7 186
Slide 14: Quarterly Balance Sheets
Quarterly Balance Sheets 2024 2023 ($M) Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Current assets Cash and cash equivalents 154.6 102.6 87.0 49.5 78.8 42.6 79.6 68.3 Patient accounts receivable, net 131.8 158.2 167.2 175.9 125.4 149.7 121.8 118.4 Prepaid expenses and other current assets 26.1 26.2 23.6 18.7 21.5 71.9
Slide 15: Statements of Cash Flows
Statements of Cash Flows ($M) 2024 FY 2023 FY CASH FLOWS FROM OPERATING ACTIVITIES Net loss (57.4) (186.3) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation and amortization 71.0 80.4 Non-cash operating lease costs 39.5 40.0 Stock-based compensati
Slide 16: Quarterly GAAP to Non-GAAP Reconciliations – Free Cash Flow (FCF)
Quarterly GAAP to Non-GAAP Reconciliations – Free Cash Flow (FCF) 2024 2023 ($M) Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Net cash provided by (used in) operating activities $62.3 $22.7 $44.0 ($21.8) $16.8 ($25.4) ($0.4) ($7.9) Purchases of property and equipment ($6.3) ($5.1) ($5.1) ($5.1) ($11.4) ($9.8) ($11.6) ($
Slide 17: Quarterly Visits and Total Revenue Per Visit
Quarterly Visits and Total Revenue Per Visit 2024 2023 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Total Revenue ($M) $325.5 $312.7 $312.3 $300.4 $280.6 $262.9 $259.6 $252.6 Total Visits (000s) 2,033 1,973 1,969 1,912 1,783 1,714 1,705 1,665 Total Revenue Per Visit (TRPV) $160.1 $158.5 $158.6 $157.1 $157.4 $153.4 $152.
LifeStance Health Group — Q4 2024 Earnings Presentation on 6ix