Lifestance Health Group, Inc. · NASDAQ:LFST
Lifestance Health — Q1 2024 Earnings Presentation
17 slides from Lifestance Health's earnings presentation, May 9, 2024
Slide 1: Reimagining Mental Health: Q1 2024 Earnings Presentation
Reimagining Mental Health Q 1 2024 Ea r n i n g s Pres en t a t i o n • M a y 9, 2024
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 6,866 Clinicians 15% 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 $1,104M Revenue | TTM(1) 21% Y/Y
Slide 4: Q1 2024 Highlights
Q1 2024 Highlights • Q1 Revenue of $300.4 million increased 19% year-over-year • Total clinicians of 6,866, +15% Y/Y; 221 net clinician adds in Q1 • Q1 Visit Volumes of 1.9 million, +15% Y/Y • Q1 Center Margin of $94.7 million, or 31.5% as a percentage of revenue • Q1 Adjusted EBITDA of $27.7 millio
Slide 5: Q1 2024 Results
Q1 2024 Results Clinicians Revenue (in $M) Center Margin (in $M) Adjusted EBITDA (in $M) +15% +19% +36% +174% 6,866 $300.4 $94.7 $27.7 5,961 $252.6 $69.6 $10.1 Q1'23 Q1'24 Q1'23 Q1'24 Q1'23 Q1'24 Q1'23 Q1'24 Center Margin (% of total revenue) Adj. EBITDA (% of total revenue) 27.6% 31.5% 4.0% 9.2% 5
Slide 6: Quarterly Trends
Quarterly Trends Clinicians Revenue (in $M) Center Margin (in $M) Adjusted EBITDA (in $M) 6,866 $27.7 $94.7 6,645 $20.3 6,418 $300.4 $83.3 6,132 $76.2 $14.1 $14.6 $280.6 $73.0 5,961 $69.6 $259.6 $262.9 $10.1 $252.6 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q1'23 Q2'23 Q3'23 Q4'23 Q
Slide 7: Balance Sheet, Cash Flow, and Capital Allocation
Balance Sheet, Cash Flow, and Capital Allocation Balance Sheet & Cash Flow Capital Allocation $49M $280M Cash & Cash Equivalents Net Long-term Debt* De Novos Acquisitions ($22M) $5M Selective deployment No M&A anticipated to enable clinician and in 2024 market growth Operating Cash Flow (YTD) Capita
Slide 8: 2024 Guidance
2024 Guidance (All $ in M) FY 2024 Q2 2024 Planning Assumptions Revenue $1,190 – $1,240 $297 – $315 • Assumes no more than 20 de novo (Reaffirmed) center openings • Assumes no M&A spend in 2024 Center Margin $353 – $373 $85 – $97 (Raised from $345 - $365) Adj. EBITDA $88 – $98 $20 – $26 (Raised from
Slide 9: Appendix
HEALTH Appendix
Slide 10: Statements of Operations and Comprehensive Loss
Quarterly Statements of Operations and Comprehensive Loss 2024 2023 ($M) Q1 Q4 Q3 Q2 Q1 Total revenue $300.4 $280.6 $262.9 $259.6 $252.6 Operating expenses Center costs, excluding depreciation and amortization 205.7 197.3 186.7 186.6 183.0 General and administrative expenses 88.9 93.4 130.9 101.9 84
Slide 11: GAAP to Non-GAAP Reconciliations – Center Margin
Quarterly GAAP to Non-GAAP Reconciliations – Center Margin 2024 2023 ($M) Q1 Q4 Q3 Q2 Q1 Loss from operations ($16.8) ($32.3) ($74.4) ($48.4) ($34.1) Adjusted for: Depreciation and amortization 22.6 22.2 19.6 19.5 19.1 General and administrative expenses (1) 88.9 93.4 130.9 101.9 84.6 Center Margin
Slide 12: GAAP to Non-GAAP Reconciliations – Adjusted EBITDA
Quarterly GAAP to Non-GAAP Reconciliations – Adjusted EBITDA 2024 2023 ($M) Q1 Q4 Q3 Q2 Q1 Net loss ($21.1) ($45.0) ($61.6) ($45.5) ($34.2) Adjusted for: Interest expense, net 5.9 5.5 5.5 5.1 5.1 Depreciation and amortization 22.6 22.2 19.6 19.5 19.1 Income tax provision (benefit) 0.4 6.6 (16.4) (6.
Slide 13: Non-GAAP Financial Metrics
Non-GAAP Financial Metrics 2024 2023 ($M) Q1 Q4 Q3 Q2 Q1 Key Metrics Clinicians 6,866 6,645 6,418 6,132 5,961 Total Revenue $300.4 $280.6 $262.9 $259.6 $252.6 Center costs, excluding depreciation and amortization 205.7 197.3 186.7 186.6 183.0 Center Margin (Non-GAAP) $94.7 $83.3 $76.2 $73.0 $69.6 %
Slide 14: Balance Sheets
Quarterly Balance Sheets 2024 2023 ($M) Q1 Q4 Q3 Q2 Q1 Current assets Cash and cash equivalents 49.5 78.8 42.6 79.6 68.3 Patient accounts receivable, net 175.9 125.4 149.7 121.8 118.4 Prepaid expenses and other current assets 18.7 21.5 71.9 36.5 25.8 Total current assets 244.1 225.7 264.3 237.9 212.
Slide 15: Statements of Cash Flows
Statements of Cash Flows ($M) Q1’24 Q1’23 CASH FLOWS FROM OPERATING ACTIVITIES Net loss (21.1) (34.2) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 22.6 19.1 Non-cash operating lease costs 9.7 10.1 Stock-based compensation 20.6 23.9 Amortiz
Slide 16: GAAP to Non-GAAP Reconciliations – Free Cash Flow
Quarterly GAAP to Non-GAAP Reconciliations – Free Cash Flow (FCF) 2024 2023 ($M) Q1 Q4 Q3 Q2 Q1 Net cash (used in) provided by operating activities ($21.8) $16.8 ($25.4) ($0.4) ($7.9) Purchases of property and equipment ($5.1) ($11.4) ($9.8) ($11.6) ($7.7) Free Cash Flow ($26.9) $5.4 ($35.2) ($12.0)
Slide 17: Visits and Total Revenue Per Visit
Quarterly Visits and Total Revenue Per Visit 2024 2023 Q1 Q4 Q3 Q2 Q1 Total Revenue ($M) $300.4 $280.6 $262.9 $259.6 $252.6 Total Visits (000s) 1,912 1,783 1,714 1,705 1,665 Total Revenue Per Visit (TRPV) $157.1 $157.4 $153.4 $152.3 $151.7 Amounts are unaudited. 17
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