Teladoc Health, Inc. · NYSE:TDOC
Teladoc Health — Q1 2023 Earnings Presentation
13 slides from Teladoc Health's earnings presentation, Apr 26, 2023
Slide 1: 1Q-23 Quarterly Results
1Q-23 Quarterly Results Teladoc. HEALTH
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: 1Q-23 results and outlook highlights
3 1Q Net loss per share of ($0.42) 1Q Revenue of $629M, includes stock-based compensation 1Q Adj EBITDA(1) of $52.8M +11% y/y expense of ($0.28) per share, -3% y/y amortization of intangibles of ($0.31) per share, and restructuring costs of ($0.05) per share FY23 Revenue outlook range FY23 Net loss
Slide 4: 1Q-23 Consolidated Results: Revenue & Adj. EBITDA
4 1Q-23 Consolidated Results: Revenue & Adj. EBITDA Revenue ($ millions) Adj. EBITDA ($ millions)(1) $700 $60 $629 $600 $54.5 $565 $52.8 $500 $50 1Q-22 1Q-23 1Q-22 1Q-23 (1) See reconciliation of GAAP to non-GAAP measures included in the appendix of this presentation
Slide 5: 1Q-23: Segment Results
5 1Q-23: Segment(1) Results Integrated Care Segment Revenue ($ millions) BetterHelp Segment Revenue ($ millions) Integrated Care Segment Adjusted EBITDA ($ millions) BetterHelp Segment Adjusted EBITDA ($ millions) (1) The Company introduced two segments in Q4 2022: Teladoc Health Integrated Care (“I
Slide 6: 1Q-23 Revenue: U.S. & International
6 1Q-23 Revenue: U.S. & International U.S. Revenue ($ millions) International Revenue ($ millions) $600 $100 $542 $90 $88 $491 $500 $80 $74 $70 $400 $60 $300 $50 $40 $200 $30 $20 $100 $10 $0 $0 1Q-22 1Q-23 1Q-22 1Q-23
Slide 7: 1Q-23: Quarterly Key Operating Metrics
7 1Q-23: Quarterly Key Operating Metrics U.S. Integrated Care Members(1) (millions) BetterHelp Paying Users(2) (thousands) 100m 500k 80m 400k 450 467 81.9 83.3 84.9 437 79.2 80.3 382 408 60m 300k 40m 200k 20m 100k 0m 0k 1Q-22 2Q-22 3Q-22 4Q-22 1Q-23 1Q-22 2Q-22 3Q-22 4Q-22 1Q-23 Average Revenue per
Slide 8: Quarterly Trend: Adj. Gross Margin %, Adj. EBITDA, & Adj. EBITDA Margin
8 Quarterly Trend: Adj. Gross Margin %, Adj. EBITDA, & Adj. EBITDA Margin Gross Margin & Adj. Gross Margin % (1) Adj. EBITDA (1)(2) & Adj. Gross Margin % $100 14.8% 16% $90 14% $80 12% $70 9.6% $60 10% 8.4% 8.4% 7.9% $50 8% $94.1 $40 6% $30 $54.5 $51.2 $52.8 4% $46.7 $20 $10 2% $0 0% 1Q-22 2Q-22 3Q-
Slide 9: Balance Sheet Highlights and Cash Flow
9 Balance Sheet Highlights and Cash Flow • Cash and Cash Equivalents (as of March 31, 2023): $889M • Convertible & LT Debt on Balance Sheet (as of March 31, 2023): $1.54B • Operating Cash Flow (1Q23): $13M • Capital Expenditures + Capitalized Software Development Costs (1Q23): $46M
Slide 10: Outlook: 2Q-23 and FY-23
0. Outlook: 2Q-23 and FY-23 2Q-23 Y/Y % Growth FY-23 Y/Y % Growth Prior FY-23 Guidance Revenue ($M) $635 to $660 7% to 11% $2,575 to $2,675 7% to 11% $2,550 to $2,675 Net Loss per Share ($0.55) to ($0.45) NM ($1.70) to ($1.25) NM ($1.75) to ($1.25) Adj. EBITDA ($M) $60 to $68 28% to 46% $285 to $325
Slide 11: Appendix
Appendix Teladoc HEALTH © Teladoc Health, Inc. All rights reserved,
Slide 12: Adjusted EBITDA reconciliation
2 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Net loss $(6,674,523) $(3,101,461) $(73,476) $(3,810,071) $(69,228) Add: Goodwill impairment 6,600,000 3,030,000 — 3,772,811 — Other (income) expense, net (724) 1,760 1,571 (1,749) (4,907) Interest expense (income), net 5,480 4,337 1,346 (1,892) (3,648) Inco
Slide 13: Adjusted gross profit and margin reconciliation
3 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Revenue $565,350 $592,379 $611,402 $637,709 $629,244 Cost of revenue (exclusive of depreciation and amortization, which is shown separately below) (187,025) (182,470) (185,619) (188,873) (190,107) Depreciation and amortization of intangible assets (5,119) (6