Teladoc Health, Inc. · NYSE:TDOC
Teladoc Health — Q2 2023 Earnings Presentation
13 slides from Teladoc Health's earnings presentation, Jul 25, 2023
Slide 1: 2Q-23 Quarterly Results
2Q-23 Quarterly Results Teladoc. HEALTH
Slide 2: Cautionary Note
Cautionary Note + 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 conceming p
Slide 3: 2Q-23 results and outlook highlights
2Q Net loss per share of ($0.40) 2Q Revenue of $652M, includes stock-based compensation 2Q Adj EBITDA(1) of $72.2M +10% y/y expense of ($0.34) per share, 54% y/y amortization of intangibles of ($0.32) per share, and restructuring costs of ($0.05) per share FY23 Revenue outlook range FY23 Net loss pe
Slide 4: 2Q-23 Consolidated Results: Revenue & Adj. EBITDA
2Q-23 Consolidated Results: Revenue & Adj. EBITDA Revenue ($ millions) Adj. EBITDA ($ millions)(1) $80 $72.2 $70 $60 $50 $46.7 $40 $30 $20 $10 $0 2Q-22 2Q-23 (1) See reconciliation of GAAP to non-GAAP measures included in the appendix of this presentation
Slide 5: 2Q-23: Segment Results
2Q-23: Segment(1) Results Integrated Care Segment Revenue ($ millions) BetterHelp Segment Revenue ($ millions) Integrated Care Segment Adjusted EBITDA ($ millions) BetterHelp Segment Adjusted EBITDA ($ millions) (1) The Company has two segments: Teladoc Health Integrated Care (“Integrated Care”) and
Slide 6: 2Q-23 Revenue: U.S. & International
2Q-23 Revenue: U.S. & International U.S. Revenue ($ millions) International Revenue ($ millions)
Slide 7: 2Q-23: Quarterly Key Operating Metrics
2Q-23: Quarterly Key Operating Metrics U.S. Integrated Care Members(1) (millions) BetterHelp Paying Users(2) (thousands) 500k 480k 460k 476 467 440k 450 420k 437 400k 408 380k 360k 2Q-22 3Q-22 4Q-22 1Q-23 2Q-23 Average Revenue per U.S. Integrated Care Member(3) Chronic Care Program Enrollment(4) (th
Slide 8: Quarterly Trend: Adj. Gross Margin %, Adj. EBITDA, & Adj. EBITDA Margin
Quarterly Trend: Adj. Gross Margin %, Adj. EBITDA, & Adj. EBITDA Margin Gross Margin & Adj. Gross Margin % (1) Adj. EBITDA (1)(2) & Adj. Gross Margin % 75% 70.4% 70.8% 69.2% 69.6% 69.8% 70% 68.2% 68.3% 68.6% 67.8% 67.5% 65% 60% 55% 50% 2Q-22 3Q-22 4Q-22 1Q-23 2Q-23 GAAP Gross Margin % Adj. Gross Mar
Slide 9: Balance Sheet Highlights and Cash Flow
Balance Sheet Highlights and Cash Flow • Cash and Cash Equivalents (as of June 30, 2023): $959M • Convertible & LT Debt on Balance Sheet (as of June 30, 2023): $1.54B • Operating Cash Flow (2Q23): $101M • Capital Expenditures + Capitalized Software Development Costs (2Q23): $37M
Slide 10: Outlook: 3Q-23 and FY-23
Outlook: 3Q-23 and FY-23 3Q-23 Y/Y % Growth FY-23 Y/Y % Growth Revenue ($M) $650 to $675 6% to 10% $2,600 to $2,675 8% to 11% Net Loss per Share ($0.50) to ($0.40) N/M ($1.60) to ($1.25) NM Adj. EBITDA ($M) $72 to $82 41% to 60% $300 to $325 22% to 32% US Integrated Care ~86 5% ~86 3% Members (M)
Slide 11: Appendix
Appendix Teladoc HEALTH ‘®Teladoc Health, Inc. Al rights reserved.
Slide 12: Net loss to Adjusted EBITDA reconciliation
Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Net loss $ (3,101,461) $ (73,476) $ (3,810,071) $ (69,228) $ (65,177) Add: Goodwill impairment 3,030,000 — 3,772,811 — — Other (income) expense, net 1,760 1,571 (1,749) (4,907) 207 Interest income (1,225) (4,648) (6,636) (8,911) (11,558) Interest expense 5,562
Slide 13: Gross profit and adjusted gross margin reconciliation
Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Revenue $592,379 $611,402 $637,709 $629,244 $ 652,406 Cost of revenue (exclusive of depreciation and amortization, which is shown separately below) (182,470) (185,619) (188,873) (190,107) (190,540) Depreciation and amortization of intangible assets (6,167) (8,