Lifestance Health Group, Inc. · NASDAQ:LFST
Lifestance Health — Q4 2022 Earnings Presentation
18 slides from Lifestance Health's earnings presentation, Mar 8, 2023
Slide 1: Reimagining Mental Health Q4 2022 Earnings Presentation
Reimagining Mental Health Q4 2022 Earnings Presentation • March 8, 2023 Exhibit 99.2
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 *Note: Unless otherwise stated, data is as of December 31, 2022 Building the Leading Outpatient Mental Health Platform Increasing access to trusted, affordable, and personalized mental healthcare A truly healthy society where mental and physical healthcare a
Slide 4: Q4 2022 and FY 2022 Financial Highlights
Q4 2022 and FY 2022 Financial Highlights Q4 Revenue of $229.4 million increased 21% year-over-year FY Revenue of $859.5 million increased 29% year-over-year Q4 Center Margin of $62.7 million, or 27.3% as a percentage of revenue FY Center Margin of $237.0 million, or 27.6% as a percentage of revenue
Slide 5: Q4 2022 and FY 2022 Strategy & Key Developments
Q4 2022 and FY 2022 Strategy & Key Developments Total clinicians of 5,631, +18% Y/Y; 841 net clinician adds in 2022 and 200 net clinician adds in Q4 Completed 13 acquisitions in 2022, including 4 in Q4, bringing the total since inception to 90 Opened 90 de novo centers in 2022, including 9 in Q4, to
Slide 6: Q4 2022 Results
Q4 2022 Results Adjusted EBITDA (in $M) Center Margin (in $M) Clinicians Revenue (in $M) 6.0% 4.4% 28.5% 27.3% Center Margin (% of total revenue) +16% +21% +18% -11% Adj. EBITDA (% of total revenue) Note: See reconciliation of GAAP to non-GAAP measures in the Appendix to this presentation.
Slide 7: Quarterly Trends
Quarterly Trends Clinicians Adjusted EBITDA (in $M) Adj. EBITDA (% of total revenue) Center Margin (in $M) Revenue (in $M) Center Margin (% of total revenue) 28.5% 26.7% 28.5% 27.7% 27.3% 6.0% 6.2% 7.0% 7.1% 4.4% Note: See reconciliation of GAAP to non-GAAP measures in the Appendix to this presentat
Slide 8: Balance Sheet, Cash Flow, and Capital Allocation
Balance Sheet, Cash Flow, and Capital Allocation *Long-Term Debt is Net of Current Portion and Unamortized Discount and Debt Issue Costs Balance Sheet & Cash Flow Capital Allocation Evolving from purely growth mindset to balanced set of objectives that include operational excellence, profitable grow
Slide 9: 2023 Guidance
2023 Guidance (All $ in M) FY 2023 Q1 2023 Revenue $980 – $1,020 $242 – $252 Center Margin $270 – $290 $62 – $69 Adj. EBITDA $50 – $62 $7 – $12 Note: Center Margin and Adjusted EBITDA anticipated for first quarter of 2023 and full year 2023 are calculated in a manner consistent with the historical p
Slide 10: Appendix
)) LifeStance HEALTH Appendix
Slide 11: Quarterly Statements of Operations
2022 2021 ($M) Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Total Revenue $229.4 $217.6 $209.5 $203.1 $190.1 $173.8 $160.5 $143.1 Operating expenses Center costs, excluding depreciation and amortization 166.7 157.3 149.7 148.9 135.8 121.8 109.3 99.1 General and administrative 89.8 81.2 103.6 103.4 152.7 162.9 85.5 32.7
Slide 12: Quarterly GAAP to Non-GAAP Reconciliations – Center Margin
Quarterly GAAP to Non-GAAP Reconciliations – Center Margin 2022 2021 2021 ($M) Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Loss from operations ($46.0) ($38.8) ($60.5) ($64.9) ($113.8) ($124.7) ($47.0) ($0.9) Adjusted for: Depreciation and amortization 18.9 17.9 16.7 15.7 15.4 13.8 12.8 12.2 General and administrative
Slide 13: Quarterly GAAP to Non-GAAP Reconciliations – Adjusted EBITDA
Quarterly GAAP to Non-GAAP Reconciliations – Adjusted EBITDA 2022 2021 2021 ($M) Q4 Q3 Q2 Q1 Q1 Q4 Q3 Q2 Q1 Net loss ($46.7) ($37.9) ($68.7) ($62.3) ($62.3) ($108.0) ($120.5) ($70.0) ($8.7) Adjusted for: Interest expense 5.2 4.2 7.1 3.4 3.4 3.6 3.5 23.2 8.6 Depreciation and amortization 18.9 17.9 16
Slide 14: Key Metrics and Quarterly Income Statement
2022 2021 2021 ($M) Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Key Metrics Clinicians 5,631 5,431 5,226 4,989 4,790 4,375 3,975 3,301 Total Revenue $229.4 $217.6 $209.5 $203.1 $190.1 $173.8 $160.5 $143.1 Center costs, excluding depreciation and amortization 166.7 157.3 149.7 148.9 135.8 121.8 109.3 99.1 Center Margin
Slide 15: Quarterly Balance Sheet
2022 2021 2021 ($M) Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Cash and cash equivalents 108.6 90.3 96.7 114.0 148.0 212.1 276.2 39.5 Patient accounts receivable, net 100.9 113.3 99.7 95.0 76.1 70.1 60.1 47.8 Prepaid expenses and other current assets 23.7 49.0 47.9 54.3 42.4 46.1 27.8 22.3 Total current assets 233.2 2
Slide 16: Cash Flow Statement
($M) Successor Predecessor 2022 FY 2021 FY April 13 to December 31, 2020 January 1 to May 14, 2020 CASH FLOWS FROM OPERATING ACTIVITIES Net loss (215.6) (307.2) (13.1) (24.9) Adjustments to reconcile net loss to net cash provided by (used by) operating activities: Depreciation and amortization 69.2
Slide 17: Free Cash Flow Reconciliation
2022 ($M) Q4 Q3 Q2 Q1 Net cash provided by operating activities $36.0 $5.7 $7.8 $3.3 Purchases of property and equipment ($10.4) ($15.1) ($25.9) ($27.9) Free Cash Flow $25.6 ($9.4) ($18.1) ($24.6) We define FCF, a non-GAAP performance measure, as net cash provided by operating activities less purcha
Slide 18: Quarterly Visits and Total Revenue Per Visit
Quarterly Visits and Total Revenue Per Visit 2022 Q4 Q3 Q2 Q1 Total Revenue ($M) $229.4 $217.6 $209.5 $203.1 Total Visits (000s) 1,487 1,429 1,413 1,392 Total Revenue Per Visit (TRPV) $154 $152 $148 $146
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