Teladoc Health, Inc. · NYSE:TDOC
Teladoc Health — Q2 2022 Earnings Presentation
14 slides from Teladoc Health's earnings presentation, Jul 27, 2022
Slide 1: 2Q-22 Quarterly Results
ee es e . wal oe a ie ee ae e U i \ e e e Teladoc. . HEALTH 2Q-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: 2Q Revenue of $592.4M grew 18% y/y
• 2Q Revenue of $592.4M grew 18% y/y • 2Q Net loss per share of $19.22, primarily driven by non-cash goodwill impairment charge of $3.0 billion or $18.78 per share • 2Q Adjusted EBITDA(1) of $46.7M • FY-22 Revenue outlook range of $2.40B to $2.50B • 3Q-22 Revenue outlook range $600M to $620M • FY-22
Slide 4: Revenue and Adj. EBITDA
Revenue ($ millions) Adj. EBITDA ($ millions)(1) +18% -30% y/y y/y 1. See reconciliation of GAAP to non-GAAP measures included in the appendix of this presentation
Slide 5: Access Fee Revenue and Visit Fee Revenue
Access Fee Revenue ($ millions) (1) Visit Fee Revenue ($ millions) (1) +20% +7% y/y y/y 1. During the fourth quarter of 2021, Teladoc Health refined its definition of international revenues to reflect all international revenues based on location of the customer. Previously, direct to consumer activi
Slide 6: U.S. Revenue and International Revenue
U.S. Revenue ($ millions) (1) International Revenue ($ millions) (1) +13% +18% y/y y/y 1. During the fourth quarter of 2021, Teladoc Health refined its definition of international revenues to reflect all international revenues based on location of the customer. Previously, direct to consumer activit
Slide 7: Revenue, U.S. Paid Members, Chronic Care Members
Revenue ($ millions) (1) U.S. Paid Members (millions) 60 2Q-21 3Q-21 4Q-21 1Q-22 2Q-22 55 Access Fees $431 $449 $470 $491 $519 Visit Fees $62 $63 $69 $68 $67 50 56.6 53.6 54.3 52.0 52.5 Other Revenue $10 $10 $15 $6 $7 45 Total Revenue $503 $522 $554 $565 $592 40 2Q-21 3Q-21 4Q-21 1Q-22 2Q-22 *Totals
Slide 8: Utilization, Visits and Platform-Enabled Sessions
Visits (000s) (1) Utilization (1) (2) 5,000 25% 4,000 1,098 1,055 23.4% 24.0% 1,116 22.7% 991 20% 3,000 929 21.0% 3,604 19.1% 2,000 3,007 3,291 3,412 2,723 15% 1,000 2Q-21 3Q-21 4Q-21 1Q-22 2Q-22 10% US Visits International Visits 2Q-21 3Q-21 4Q-21 1Q-22 2Q-22 Platform-Enabled Sessions (000s) Livong
Slide 9: Gross Margin and Adj. EBITDA
Gross Margin & Adj. Gross Margin % (1) Adj. EBITDA(1) & Adj. EBITDA Margin % 75% $100 16% 13.9% 13.3% 12.9% 69.2% 70% 68.1% 68.4% 67.6% $75 12% 66.9% $77.1 67.9% 68.2% 9.6% 67.1% 67.5% $66.8 $67.4 65% 66.0% 7.9% $50 $54.5 8% 60% $46.7 $25 4% 55% 50% $0 0% 2Q-21 3Q-21 4Q-21 1Q-22 2Q-22 2Q-21 3Q-21 4Q
Slide 10: Cash, Debt, Operating Cash Flow and Capital Expenditures
• Cash, Cash Equivalents, & ST Investments (as of June 30, 2022): $884M • Convertible & LT Debt on Balance Sheet (as of June 30, 2022): $1.53B • Operating Cash Flow (YTD-22): $61M • Capital Expenditures + Capitalized Software Development Costs (YTD-22): $76M
Slide 11: 3Q-22 and FY-22 Outlook
3Q-22 Y/Y % Change FY-22 Y/Y % Change Prior FY-22 Outlook Revenue ($M) $600 to $620 15% to 19% $2,400 to $2,500 18% to 23% $2,400 to $2,500 Net Loss per Share (1) ($0.85) to ($0.60) NM ($62) to ($61) NM ($43.50) to ($43.00) Adj. EBITDA ($M) (2) $35 to $45 -48% to -33% $240 to $265 -10% to -1% $240 t
Slide 12: Appendix
Appendix Teladoc HEALTH 12
Slide 13: Net Loss to Adjusted EBITDA Reconciliation
Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Net loss $ (133,819) $ (84,340) $ (10,985) $ (6,674,523) $ (3,101,461) Add: Goodwill impairment — — — 6,600,000 3,030,000 Loss on extinguishment of debt 31,419 850 20 — — Other expense (income), net (217) 376 405 (724) (1,760) Interest expense, net 20,473 18,8
Slide 14: Gross Profit and Adjusted Gross Profit Reconciliation
Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Revenue $ 503,139 $ 521,658 $ 554,235 $ 565,350 $592, 379 Cost of revenue (exclusive of depreciation and amortization, which is shown separately below) (160,273) (169,041) (174,985) (187,025) (182,470) Depreciation and amortization of intangible assets (1,240)