Lifestance Health Group, Inc. · NASDAQ:LFST
Lifestance Health — Q3 2021 Earnings Presentation
16 slides from Lifestance Health's earnings presentation, Nov 8, 2021
Slide 1: Q3 2021 Earnings Presentation
Q3 2021 Earnings Presentation November 8, 2021 Exhibit 99.2
Slide 2: Forward-Looking Statements
Forward-Looking Statements DISCLAIMERS Cautionary Note Regarding Forward-Looking Statements This presentation contains forward-looking statements about LifeStance Health Group, Inc. and its subsidiaries (“LifeStance”) and the industry in which LifeStance operates, including statements regarding futu
Slide 3: LifeStance at a Glance
Building the Nation’s Leading Outpatient Mental Health Platform LifeStance at a Glance* *Note: Data as of September 30, 2021. 70 acquisitions since inception 31 states ~500 centers 250+ in-network payor contracts $596M TTM revenues 4,375 employed clinicians Hybrid virtual and in-person model Mission
Slide 4: Q3 2021 Financial Highlights
Q3 2021 Financial Highlights Revenue of $173.8 million increased $71.8 million or 70% year over year Center Margin of $52.1 million increased 57% year over year; Center Margin as a percentage of revenue of 29.9% Adjusted EBITDA of $10.7 million compared to Adjusted EBITDA of $15.0 million in the pri
Slide 5: Q3 2021 Strategy & Key Developments
Q3 2021 Strategy & Key Developments Total clinicians of 4,375, up 72% year over year, including 400 net clinician adds in the quarter Opened 29 de novo centers and achieved milestone of opening 200th de novo location, bringing total centers to approximately 500 Completed six acquisitions, bringing t
Slide 6: Q3 2021 Results
Clinicians Revenue (in $M) Center Margin (in $M) Adjusted EBITDA (in $M) Q3 2021 Results +57% +70% +72% Note: See reconciliation of GAAP to non-GAAP measures in the Appendix to this presentation.
Slide 7: Quarterly Trends
Clinicians Revenue (in $M) Center Margin (in $M) Adjusted EBITDA (in $M) Quarterly Trends Note: See reconciliation of GAAP to non-GAAP measures in the Appendix to this presentation.
Slide 8: Balance Sheet, Cash Flow & Capital Allocation
Balance Sheet, Cash Flow & Capital Allocation Percentage description with ctetur ad ipisc ing elite 75% Cash and Cash Equivalents $212M Percentage description with ctetur ad ipisc ing elite 75% Net Long-term Debt $157M Percentage description with ctetur ad ipisc ing elite 75% Operating Cash Flow (YT
Slide 9: 2021 Guidance Update
2021 Guidance Update (All $ in M) FY 2021 Revenue $668 – $678 Expecting full year revenue toward the lower end of range Anticipated incremental clinician holiday time off modestly impacting revenue projection; supporting employee self-care and well-being during this acutely stressful time as a resul
Slide 10: Appendix
}) LifeStance HEALTH Appendix
Slide 11: Quarterly Income Statement (GAAP)
Quarterly Income Statement (GAAP) 2021 2020 ($M) Q3 Q2 Q1 Q4 Q3 Successor¹ Predecessor¹ Q1 Total Revenues $173.8 $160.5 $143.1 $118.1 $102.0 $45.4 $38.6 $73.1 Operating expenses Center costs, excluding depreciation and amortization 121.8 109.3 99.1 79.1 68.8 31.3 27.1 51.6 General and administrative
Slide 12: GAAP to Non-GAAP Reconciliations – Center Margin
GAAP to Non-GAAP Reconciliations – Center Margin 2021 2020 ($M) Q3 Q2 Q1 Q4 Q3 Successor¹ Predecessor¹ Q1 Income (loss) from operations ($124.7) ($47.0) ($0.9) $3.9 $2.7 $0.1 $3.1 $5.6 Adjusted for: Depreciation and amortization 13.8 12.8 12.2 11.4 10.9 5.4 1.2 2.2 General and administrative 162.9 8
Slide 13: GAAP to Non-GAAP Reconciliations – Adjusted EBITDA
GAAP to Non-GAAP Reconciliations – Adjusted EBITDA 2021 2020 ($M) Q3 Q2 Q1 Q4 Q3 Successor5 Predecessor5 Q1 Net income (loss) ($120.5) ($70.0) ($8.7) ($5.5) ($3.3) ($4.3) ($27.6) $2.7 Adjusted for: Interest expense 3.5 23.2 8.6 7.1 6.4 5.6 1.3 1.7 Depreciation and amortization 13.8 12.8 12.2 11.4 10
Slide 14: Quarterly Non-GAAP Financial Metrics
Quarterly Non-GAAP Financial Metrics 2021 2020 ($M) Q3 Q2 Q1 Q4 Q3 Successor¹ Predecessor¹ Q1 Key Metrics Clinicians 4,375 3,975 3,301 3,097 2,539 2,046 nq 1,734 Total Revenues $173.8 $160.5 $143.1 $118.1 $102.0 $45.4 $38.6 $73.1 Center costs 121.8 109.3 99.1 79.1 68.8 31.3 27.1 51.6 Center Margin (
Slide 15: Quarterly Balance Sheet
Quarterly Balance Sheet 2021 2020 ($M) Q3 Q2 Q1 Q4 Q3 Q2 Q1 Cash and cash equivalents 212.1 276.2 39.5 18.8 25.1 13.8 20.3 Patient accounts receivable 70.1 60.1 47.8 43.7 34.3 31.0 25.2 Prepaid expenses and other current assets 46.1 27.8 22.3 13.7 16.1 14.0 9.0 Total current assets 328.3 364.1 109.6
Slide 16: Cash Flow Statement
Successor Predecessor ($M) Nine months ended September 30, 2021 April 13 to September 30, 2020 Six months ended June 30, 2021 April 13 to June 30, 2020 January 1 to May 14, 2020 2019 FY CASH FLOWS FROM OPERATING ACTIVITIES Net loss (199.2) (7.6) (78.7) (4.3) (24.9) 5.7 Adjustments to reconcile net l
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