Teladoc Health, Inc. · NYSE:TDOC

Teladoc Health — Q4 2021 Earnings Presentation

16 slides from Teladoc Health's earnings presentation, Feb 22, 2022

  1. Slide 1: 4Q-21 Quarterly Results

    Teladoc. . HEALTH 4Q-21 Quarterly Results

  2. Slide 2: Safe Harbor

    Safe Harbor + This presentation contains, and our officers may make, “forward-looking” statements that are based on our management's beliefs and assumptions and on information currently available to management. These forward-looking statements include, without limitation, information concerning poss

  3. Slide 3: 4Q Revenue of $554M grew 45% y/y

    • 4Q Revenue of $554M grew 45% y/y • 4Q Adjusted EBITDA(1) of $77.1M grew 53% y/y • FY-21 Operating Cash Flow of $194M • FY-22 Revenue guidance range $2.55B to $2.65B • 1Q-22 Revenue guidance range $565M to $571M • FY-22 Adj. EBITDA guidance range $330M to $355M • 1Q-22 Adj. EBITDA guidance range $5

  4. Slide 4: Revenue and Adj. EBITDA ($ millions)

    Revenue ($ millions) Adj. EBITDA ($ millions)(1) $600 $90 +45% $554 +53% y/y $80 y/y $77.1 $500 $70 $400 $383 $60 $50.4 $50 $300 $40 $200 $30 $20 $100 $10 $0 $0 4Q-20 4Q-21 4Q-20 4Q-21 1. See reconciliation of GAAP to non-GAAP measures immediately following this presentation

  5. Slide 5: Access Fee Revenue and Visit Fee Revenue

    Access Fee Revenue ($ millions) (1) Visit Fee Revenue ($ millions) (1) $500 $80 $470 +51% +21% y/y y/y $69 $70 $400 $60 $57 $312 $50 $300 $40 $200 $30 $20 $100 $10 $0 $0 4Q-20 4Q-21 4Q-20 4Q-21 1. During the fourth quarter of 2021, Teladoc Health refined its definition of international revenues to r

  6. Slide 6: U.S. Revenue and International Revenue

    U.S. Revenue ($ millions) (1) International Revenue ($ millions) (1) $600 $80 +45% +40% $71 y/y $70 y/y $500 $483 $60 $400 $51 $50 $332 $300 $40 $30 $200 $20 $100 $10 $0 $0 4Q-20 4Q-21 4Q-20 4Q-21 1. During the fourth quarter of 2021, Teladoc Health refined its definition of international revenues t

  7. Slide 7: Revenue, U.S. Paid Members, Chronic Care Enrollment

    Revenue ($ millions) (1) U.S. Paid Members (millions) 60 4Q-20 1Q-21 2Q-21 3Q-21 4Q-21 55 1.5 Access Fees $312 $382 $431 $449 $470 50 Visit Fees $57 $61 $62 $63 $69 53.6 45 50.3 51.5 52.0 52.5 Other Revenue $14 $11 $10 $10 $15 Total Revenue $383 $454 $503 $522 $554 40 4Q-20 1Q-21 2Q-21 3Q-21 4Q-21 *

  8. Slide 8: Visits, Utilization, Livongo Member Data Points

    Visits (000s) (1) Utilization (1) (2) 5,000 25% 4,000 1,116 22.7% 991 20% 3,000 929 21.0% 828 881 19.1% 2,000 3,007 3,291 17.5% 2,289 2,461 2,723 15% 16.0% 1,000 4Q-20 1Q-21 2Q-21 3Q-21 4Q-21 10% US Visits International Visits 4Q-20 1Q-21 2Q-21 3Q-21 4Q-21 Platform-Enabled Sessions (000s) Livongo Me

  9. Slide 9: Gross Margin and Adj. EBITDA Margin

    Gross Margin & Adj. Gross Margin % (1) Adj. EBITDA(1) & Adj. EBITDA Margin % 70% $100 16% 68.1% 68.4% 67.9% 67.8% 67.6% 13.9% 13.1% 13.3% 12.9% 67.9% 67.5% 12.5% 67.2% 67.0% 67.1% 65% $75 12% $77.1 $66.8 $67.4 60% $50 $56.6 8% $50.4 55% $25 4% 50% $0 0% 4Q-20 1Q-21 2Q-21 3Q-21 4Q-21 4Q-20 1Q-21 2Q-2

  10. Slide 10: Cash, Cash Equivalents, & ST Investments; Convertible & LT Debt

    • Cash, Cash Equivalents, & ST Investments (as of December 31, 2021): $896M • Convertible & LT Debt on Balance Sheet (as of December 31, 2021): $1.23B • Operating Cash Flow (FY-21): $194M • Capital Expenditures + Capitalized Software Development Costs (FY-21): $64M

  11. Slide 11: 1Q-22 and FY-22 Guidance

    1Q-22 Y/Y % Growth FY-22 Y/Y % Growth Revenue ($M) $565 to $571 25% to 26% $2,550 to $2,650 25% to 30% Net Loss per Share ($.60) to ($.50) NM ($1.60) to ($1.40) NM Adj. EBITDA ($M) (1) $51 to $55 -10% to -3% $330 to $355 23% to 33% US Paid Members (M) 54.0 to 54.5 5% to 6% 54.0 to 56.0 1% to 5% US V

  12. Slide 12: Appendix

    Appendix Teladoc HEALTH ©Teladoc Health, Inc. All right

  13. Slide 13: Net Loss to Adjusted EBITDA Reconciliation

    Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Net loss $ (393,967) $ (199,649) $ (133,819) $ (84,340) $ (10,985) Add: Loss on extinguishment of debt 99 11,459 31,419 850 20 Other expense (income), net (282) (5,652) (217) 376 405 Interest expense, net 21,101 22,125 20,473 18,895 18,872 Income tax (benefit)

  14. Slide 14: Adjusted Gross Profit Reconciliation

    Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Revenue $ 383,321 $ 453,675 $ 503,139 $ 521,658 $ 554,235 Cost of revenue (exclusive of depreciation and amortization, which is shown separately below) (122,942) (145,959) (160,273) (169,041) (174,985) Depreciation and amortization of intangible assets (2,846)

  15. Slide 15: Revenue by Type, U.S. and International

    (In thousands, except Average U.S. Revenue per Member) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q (1) Revenue 2020 2020 2020 2020 2021 2021 2021 2021 Access Fees Revenue U.S. $ 99,917 $ 138,396 $ 176,635 $ 263,220 $ 327,553 $ 371,591 $ 386,181 $ 403,095 International 34,147 40,187 45,799 48,954 54,553 59,474 62,737 66

  16. Slide 16: Visits and Utilization Data

    (In thousands) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2020 2020 2020 2020 2021 2021 2021 2021 Visits (1) U.S. Visits 1,514 2,108 2,172 2,289 2,461 2,723 3,007 3,291 International Visits 706 769 793 828 881 929 991 1,116 Total Visits 2,220 2,877 2,965 3,117 3,342 3,652 3,998 4,407 U.S. Paid Membership 42.9 51.5 51.

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