Teladoc Health, Inc. · NYSE:TDOC
Teladoc Health — Q2 2021 Earnings Presentation
15 slides from Teladoc Health's earnings presentation, Jul 27, 2021
Slide 1: 2Q-21 Quarterly Results
Teladoc. . HEALTH 2Q-21 Quarterly Results
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
Slide 3: Revenue of $503M grew 109% y/y; Adjusted EBITDA of $66.8M
• Revenue of $503M grew 109% y/y • Adjusted EBITDA of $66.8M grew 154% y/y • FY-21 Revenue guidance range raised to $2,000M to $2,025M, up from $1,970M to $2,020M • 3Q-21 Revenue guidance range $510M to $520M • FY-21 Adj. EBITDA guidance range maintained at $255M to $275M • 3Q-21 Adj. EBITDA guidanc
Slide 4: Signed significant new agreement with HCSC
• Signed significant new agreement with HCSC to provide our suite of chronic care solutions to their commercial fully insured members and to expand our products offered to their ASO clients. • Signed multiple new chronic care relationships in the hospital market, including a contract with a large he
Slide 5: Revenue and Adj. EBITDA ($ millions)
Revenue ($ millions) Adj. EBITDA ($ millions)(1) (2) $600 $80 +109% +154% y/y $503 $70 y/y $66.8 $500 $60 $400 $50 $300 $40 $241 $30 $26.3 $200 $20 $100 $10 $0 $0 2Q-20 2Q-21 2Q-20 2Q-21 1. See reconciliation of GAAP to non-GAAP measures immediately following this presentation 2. 2Q-21 Adjusted EBIT
Slide 6: Access Fee Revenue and Visit Fee Revenue
Access Fee Revenue ($ millions) Visit Fee Revenue ($ millions) $500 $80 +138% +1% $434 y/y $70 y/y $400 $58.9 $59.3 $60 $50 $300 $40 $200 $182 $30 $20 $100 $10 $0 $0 2Q-20 2Q-21 2Q-20 2Q-21
Slide 7: U.S. Revenue and International Revenue
U.S. Revenue ($ millions) International Revenue ($ millions) $500 $50 $465 +121% +24% y/y y/y $400 $40 $38 $30 $300 $30 $211 $200 $20 $100 $10 $0 $0 2Q-20 2Q-21 2Q-20 2Q-21
Slide 8: Revenue, U.S. Paid Members, Chronic Care Enrollment
Revenue ($ millions) U.S. Paid Members (millions) 60 55 2Q-20 3Q-20 4Q-20 1Q-21 2Q-21 1.5 1.5 1.5 Access Fees $182 $227 $316 $388 $434 50 Visit Fees $59 $51 $53 $54 $59 51.5 52.0 45 50.0 50.0 50.3 Other Revenue $0 $11 $14 $11 $10 Total Revenue $241 $289 $383 $454 $503 40 2Q-20 3Q-20 4Q-20 1Q-21 2Q-2
Slide 9: Visits, Utilization, Livongo Member Data Points
Visits (000s) Utilization 4,000 25% 477 3,000 467 445 440 20% 21.5% 453 2,000 3,037 19.6% 2,390 2,515 2,723 17.7% 2,302 15% 16.0% 16.5% 1,000 2Q-20 3Q-20 4Q-20 1Q-21 2Q-21 10% US Visits International Visits 2Q-20 3Q-20 4Q-20 1Q-21 2Q-21 Platform-Enabled Sessions (000s) Livongo Member Data Points - C
Slide 10: Gross Margin & Adj. EBITDA and Margin %
Gross Margin & Adj. Gross Margin %(1) Adj. EBITDA(1) (2) & Adj. EBITDA Margin % 70% $80 16% 67.9% 67.8% 68.1% 13.7% $70 13.1% 13.3% 14% 67.9% 12.5% 67.2% 67.0% $66.8 65% $60 10.9% 12% 63.7% 62.3% $56.6 $50 10% 63.3% $50.4 61.7% 60% $40 8% $39.5 $30 6% $26.3 55% $20 4% $10 2% 50% $0 0% 2Q-20 3Q-20 4Q
Slide 11: Cash, Cash Equivalents, & ST Investments; Convertible & LT Debt
• Cash, Cash Equivalents, & ST Investments (as of June 30, 2021): $786M • Convertible & LT Debt on Balance Sheet (as of June 30, 2021): $1.20B • Operating Cash Flow (2Q-21): $52M • Capital Expenditures + Capitalized Software Development Costs (2Q-21): $13M
Slide 12: 3Q-21 and FY-21 Guidance
Prior FY-21 3Q-21 Y/Y % Growth FY-21 Y/Y % Growth Guidance Revenue ($M) $510 to 520 +77% to 80% $2,000 to 2,025 +83% to 85% $1,970 to 2,020 (1) Adj. EBITDA ($M) $60 to $65 +52% to 65% $255 to $275 +101% to 117% $255 to $275 US Paid Members (M) 52 to 53 +1% to 3% 52 to 54 0% to +4% 52 to 54 US VFO Ac
Slide 13: Appendix
Appendix Teladoc HEALTH ©Teladoc Health, Inc. All right
Slide 14: Net loss to Adjusted EBITDA reconciliation
Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q1 2021 Net loss $ (25,682) $ (35,884) $ (393,967) $ (199,649) $ (133,819) Add: Loss on extinguishment of debt 7,751 1,227 99 11,459 31,419 Other (income) expense, net (110) 252 (282) (5,652) (217) Interest expense, net 13,261 16,970 21,101 22,125 20,473 Income tax ex
Slide 15: Gross profit and adjusted gross margin reconciliation
Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Revenue $ 241,030 $ 288,812 $ 383,321 $ 453,675 $ 503,139 Cost of revenue (exclusive of depreciation and amortization, which is shown separately below) (90,780) (104,725) (122,942) (145,959) (160,273) Depreciation and amortization of intangible assets (1,538)