Definitive Healthcare Corp. · NASDAQ:DH
Definitive Healthcare — Q3 2025 Earnings Presentation
19 slides from Definitive Healthcare's earnings presentation, Nov 6, 2025
Slide 1: Third quarter 2025 earnings presentation
Third quarter 2025 earnings presentation November 6, 2025
Slide 2: Cautionary statement regarding forward-looking statements
Cautionary statement regarding forward-looking statements This presentation includes forward-looking statements that reflect our current views with respect to future events and uncertainties materialize, or should any of our assumptions prove incorrect, our actual financial condition, results of fin
Slide 3: Q3'25
—~> Q3'25
Slide 4: Q3 2025 Performance Highlights
Q3 2025 Performance Highlights (4%) “We continue to make steady progress across our strategic pillars, with encouraging improvements in new logo production and retention rates. We Revenue Decline YoY remain focused on executing our operational initiatives and investments that we are confident will p
Slide 5: Q3 Performance and Guidance
Q3 Performance and Guidance $ MILLIONS, except Third Quarter 2025 Guidance Range percentages and per share info Revenue $60.0 $59.0 - 60.0 § Q3 results were at or above the high end of the % growth YoY (4%) (6%) - (4%) guided range: Adjusted Operating Income1 $16.3 $12.5 - 13.5 o Subscription revenu
Slide 6: Q3 2025 Results
Q3 2025 Results (P&L on non-GAAP basis) § Q3 Performance at or above high end of guided ranges § Adjusted EBITDA margin decline on down revenue Revenue Mix Subscription, 97% mix $ Millions Q3'25 Q3'24 YoY Change (4%) YoY revenue decline except per share amounts Total Revenue $60.0 $62.7 (4%) Profess
Slide 7: Q3 2025 Cash Flow and Balance Sheet Highlights
Q3 2025 Cash Flow and Balance Sheet Highlights $ Millions Q3'25 Q3'24 YoY Change Cash Flow from Operations $15.7 $19.4 (19%) 1 $50.8 million Unlevered Free Cash Flow $17.9 $24.3 (26%) TTM uFCF5 $ Millions Q3'25 Q3'24 YoY Change Cash, cash equivalents & short-term investments 2 $185.9 $305.4 (39%) 73
Slide 8: Guidance
—- Guidance
Slide 9: Q4 and FY 2025 Guidance
Q4 and FY 2025 Guidance (as of November 6, 2025) $ MILLIONS, except percentages and per share info Fourth Quarter 2025 Full Year 2025 § Our full year 2025 guidance reflects our Revenue $59.0 - 60.0 $239.0 - 240.0 view of the year under existing % change YoY (5%) - (4%) (5%) macroeconomic conditions.
Slide 10: Appendix
Appendix Non-GAAP reconciliations & basis of presentation 10
Slide 11: Key Shareholder Statistics
Key Shareholder Statistics Public Shares Minority Interest Key shareholder statistics as of 9/30/2025 (Class A) (Class B) Combined Comments § 46K Class B shares were exchanged into Sponsor ownership (as-if converted) 63,935,33 13,843,158 77,778,491 Class A public shares in the quarter. 770,467 § 0.5
Slide 12: Non-GAAP Financial Measures
Non-GAAP Financial Measures We define Unlevered Free Cash Flow as net cash provided by (used in) operating activities less purchases of property, equipment and other assets, plus cash interest expense, and cash payments related to transaction, integration, and restructuring related expenses, earnout
Slide 13: Reconciliation from GAAP gross profit and margin to adjusted gross profit and margin
Reconciliation from GAAP gross profit and margin to adjusted gross profit and margin THREE MONTHS ENDED SEPTEMBER 30, NINE MONTHS ENDED SEPTEMBER 30, $ THOUSANDS 2025 2024 $ % 2025 2024 $ % GAAP Gross Profit $45,993 $49,031 ($3,038) (6%) $136,366 $149,867 ($13,501) (9%) Amortization of intangible as
Slide 14: Reconciliation from GAAP to non-GAAP operating expenses
Reconciliation from GAAP to non-GAAP operating expenses THREE MONTHS ENDED SEPTEMBER 30, NINE MONTHS ENDED SEPTEMBER 30, $ THOUSANDS 2025 2024 $ % 2025 2024 $ % GAAP Sales & Marketing $20,380 $20,130 $250 1% $61,502 $63,435 ($1,933) (3%) Equity-based compensation (1,062) (829) ($233) 28% (3,279) (4,
Slide 15: Reconciliation from net loss to adjusted operating income and adjusted net income
Reconciliation from net loss to adjusted operating income and adjusted net income THREE MONTHS ENDED SEPTEMBER 30, NINE MONTHS ENDED SEPTEMBER 30, $ THOUSANDS 2025 2024 $ % 2025 2024 $ % GAAP Net loss ($17,792) ($187,824) $170,032 (91%) ($182,150) ($506,729) $324,579 (64%) Interest expense (income),
Slide 16: Reconciliation from net loss to adjusted EBITDA
Reconciliation from net loss to adjusted EBITDA THREE MONTHS ENDED SEPTEMBER 30, NINE MONTHS ENDED SEPTEMBER 30, $ THOUSANDS 2025 2024 $ % 2025 2024 $ % GAAP Net loss ($17,792) ($187,824) $170,032 (91%) ($182,150) ($506,729) $324,579 (64%) Interest expense (income), net 1,331 7 1,324 >100% 2,953 (58
Slide 17: Reconciliation from cash flow from operations to unlevered free cash flow
Reconciliation from cash flow from operations to unlevered free cash flow THREE MONTHS ENDED SEPTEMBER 30, NINE MONTHS ENDED SEPTEMBER 30, $ THOUSANDS 2025 2024 $ % 2025 2024 $ % Cash Flow from Operations $15,687 $19,432 ($3,745) (19%) $51,057 $50,061 $996 2% Cash interest expense 2,870 3,654 ($784)
Slide 18: Schedule of transaction, integration and restructuring expense and other non-core items
Schedule of transaction, integration and restructuring expense and other non-core items THREE MONTHS ENDED SEPTEMBER 30, NINE MONTHS ENDED SEPTEMBER 30, $ THOUSANDS 2025 2024 2025 2024 Merger and acquisition due diligence and transaction costs $3,341 $1,114 $4,789 $2,410 Integration costs 5,087 211
Slide 19: Basis of presentation
Basis of presentation Enterprise Customers: Customers generating more than $100,000 in ARR (as the term is defined below). RPO: Represents the amount of contracted future revenue that has not yet been recognized, including both deferred revenue and non-cancelable contracted amounts that will be invo
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