Teladoc Health, Inc. · NYSE:TDOC
Teladoc Health — Q3 2022 Earnings Presentation
14 slides from Teladoc Health's earnings presentation, Oct 26, 2022
Slide 1: 3Q-22 Quarterly Results
4 2 é P "Nn e e@ & . ° ® hy -® le - e : * ee = e e J e e e Teladoc. ¥ HEALTH 3Q-22 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 possib
Slide 3: 3Q Revenue of $611.4M grew 17% y/y; FY22 outlook
3Q Net loss per share of 3Q Revenue of $611.4M ($0.45), includes stock- 3Q Adjusted EBITDA(1) based compensation grew 17% y/y expense of $0.34 per of $51.2M share FY22 Revenue outlook FY22 Net loss per share FY22 Adj. EBITDA of $2.395B-2.410B outlook range revised outlook range of $240M • 4Q-22 Reve
Slide 4: Revenue and Adj. EBITDA ($ millions)
Revenue ($ millions) Adj. EBITDA ($ millions)(1) $700 $80 $67.4 -24% $70 y/y $611 +17% $60 $600 y/y $51.2 $50 $40 $522 $30 $500 $20 $10 $400 $0 3Q-21 3Q-22 3Q-21 3Q-22 See reconciliation of GAAP to non-GAAP measures included in the appendix of this presentation
Slide 5: Visit Fee and Access Fee Revenue
Access Fee Revenue ($ millions) (1) Visit Fee Revenue ($ millions) (1) $600 $80 +20% $540 +5% y/y $70 y/y $66 $500 $63 $449 $60 $400 $50 $300 $40 $30 $200 $20 $100 $10 $0 $0 3Q-21 3Q-22 3Q-21 3Q-22 During the fourth quarter of 2021, Teladoc Health refined its definition of international rev enues to
Slide 6: U.S. and International Revenue
U.S. Revenue ($ millions) (1) International Revenue ($ millions) (1) $600 +17% $80 y/y $77 $70 $66 $534 $60 +17% y/y $50 $500 $40 $30 $456 $20 $10 $400 $0 3Q-21 3Q-22 3Q-21 3Q-22 During the fourth quarter of 2021, Teladoc Health refined its definition of international rev enues to reflect all intern
Slide 7: Revenue, U.S. Paid Members, Chronic Care Members
Revenue ($ millions) (1) U.S. Paid Members (millions) 3Q-21 4Q-21 1Q-22 2Q-22 3Q-22 60 55 Access Fees $449 $470 $491 $519 $540 50 Visit Fees $63 $69 $68 $67 $66 56.6 57.8 52.5 53.6 54.3 45 Other Rev enue $10 $15 $6 $7 $6 40 3Q-21 4Q-21 1Q-22 2Q-22 3Q-22 Total Rev enue $522 $554 $565 $592 $611 * Tota
Slide 8: Visits, Utilization, Livongo Member Data Points
Visits (000s) (1) Utilization (1) (2) 25% 5,000 23.4% 24.0% 4,000 1,098 1,055 1,128 22.7% 1,116 20% 22.3% 991 21.0% 3,000 3,291 3,412 3,604 3,445 2,000 3,007 15% 1,000 3Q-21 4Q-21 1Q-22 2Q-22 3Q-22 10% 3Q-21 4Q-21 1Q-22 2Q-22 3Q-22 US Visits International Visits Platform-Enabled Sessions (000s) Livo
Slide 9: Gross Margin and Adj. EBITDA Margin
Gross Margin & Adj. Gross Margin % (1) Adj. EBITDA (1) & Adj. EBITDA Margin % 75% $95 16% $85 13.9% 69.2% 69.6% 12.9% 14% 70% 68.4% 67.6% $75 66.9% 12% 68.2% 68.3% $65 67.1% 67.5% 9.6% 65% 10% 66.0% $55 7.9% 8.4% $45 8% 60% $77.1 $35 $67.4 6% $25 $54.5 $51.2 $46.7 55% 4% $15 2% $5 50% 3Q-21 4Q-21 1Q
Slide 10: Balance Sheet Highlights and Cash Flow
Balance Sheet Highlights and Cash Flow Cash, Cash Equivalents, & ST Investments (as of September 30, 2022): $700M * Convertible & LT Debt on Balance Sheet (as of September 30, 2022): $1.53B * Operating Cash Flow (YTD-22): $124M * Capital Expenditures + Capitalized Software Development Costs (YTD-22)
Slide 11: 4Q-22 and FY-22 Outlook
4Q-22 Y/Y % Growth FY-22 Y/Y % Growth Revenue ($M) $625 to $640 13% to 15% $2,395 to $2,410 18% to 19% Net Loss per Share ($0.40) to ($0.10) NM to (46%) ($61.40) to ($61.10) NM Adj. EBITDA ($M) $88 to $98 31% to 45% $240 to $250 (10%) to (7%) US Paid Members (M) 57.0 to 58.0 6% to 8% 57.0 to 58.0 6%
Slide 12: Appendix
Appendix Teladoc. HFAITH @Teladoc Health, Inc. Allrights reserv ed.
Slide 13: Net loss to Adjusted EBITDA reconciliation
Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Net loss $(84,340) $(10,985) $(6,674,523) $(3,101,461) $(73,476) Add: Goodwill impairment — — 6,600,000 3,030,000 — Loss on extinguishment of debt 850 20 — — — Other expense (income), net 376 405 (724) 1,760 1,571 I nterest expense, net 18,895 18,872 5,480 4,3
Slide 14: Adjusted gross profit reconciliation
Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Rev enue $521,658 $554,235 $565,350 $592, 379 $611,402 Cost of rev enue (exclusive of depreciation and amortization, which is shown separately below) (169,041) (174,985) (187,025) (182,470) (185,619) Depreciation and amortization of intangible assets (2,545) (