Definitive Healthcare Corp. · NASDAQ:DH
Definitive Healthcare — Q4 2025 Earnings Presentation
20 slides from Definitive Healthcare's earnings presentation, Feb 26, 2026
Slide 1: Fourth quarter 2025 earnings presentation
Fourth quarter 2025 earnings presentation February 26, 2026
Slide 2: Cautionary statement regarding forward-looking statements
Cautionary statement regarding forward-looking statements This presentation includes forward-looking statements that reflect our current views with respect to future events and financial For additional discussion of factors that could impact our operational and financial results, refer to our annual
Slide 3: Q4'25
Q4’25 3
Slide 4: Q4 2025 performance highlights
Q4 2025 performance highlights “Our fourth quarter results were at or above the high end of our guidance ranges on both the top and bottom line, demonstrating the meaningful (1%) progress we have made across our strategic pillars throughout 2025. As we Revenue Decline YoY enter 2026, we are focused
Slide 5: Q4 performance and guidance
Q4 performance and guidance $ Millions, except Q4’25 Guidance Range percentages and per share info Revenue $61.5 $59.0 - 60.0 § Q4 results were at or above the high end of the % growth YoY (1%) (5%) - (4%) guided range: Adjusted Operating Income1 $15.6 $13.5 - 14.5 o Solid revenue out-performance dr
Slide 6: Q4 2025 results
Q4 2025 results P&L on non-GAAP basis § Q4 performance at or above high end of guided ranges § Adjusted EBITDA margin improvement on higher adjusted gross Revenue mix profit margin Subscription, 95% mix $ Millions (3%) YoY revenue decline Q4'25 Q4'24 YoY Change except per share amounts Total Revenue
Slide 7: Q4 2025 cash flow and balance sheet highlights
Q4 2025 cash flow and balance sheet highlights $ Millions Q4'25 Q4'24 YoY Change Cash Flow from Operations $2.7 $8.1 (67%) Unlevered Free Cash Flow1 $2.5 ($1.6) (260%) $54.9 million $ Millions Q4'25 Q4'24 YoY Change TTM uFCF5 2 Cash, cash equivalents & short-term investments $180.9 $290.2 (38%) Tota
Slide 8: Net dollar retention
Net dollar retention All customers 91% NDR 85% NDR 81% NDR Customers 92% NDR 85% NDR 82% NDR >$17,500 ARR 98% of ARR 98% of ARR 98% of ARR 97% NDR 90% NDR 85% NDR 66% of ARR 68% of ARR 69% of ARR Enterprise Customers >$100,000 ARR 2023* 2024* 2025 *2023 and 2024 reflects refresh of our customer hier
Slide 9: Guidance
Guidance 9
Slide 10: Q1 and FY 2026 guidance
Q1 and FY 2026 guidance As of February 26, 2026 $ MILLIONS, except First Quarter 2026 Full Year 2026 percentages and per share info Revenue $54.0 - 56.0 $220.0 - 226.0 § Our full year 2026 guidance reflects our view of the year under existing macroeconomic % change YoY (9%) - (5%) (9%) - (6%) condit
Slide 11: Appendix: Non-GAAP reconciliations & basis of presentation
Appendix Non-GAAP reconciliations & basis of presentation 11
Slide 12: Key shareholder statistics
Key shareholder statistics Public Shares Minority Interest Key shareholder statistics as of (Class A) (Class B) Combined Comments 12/31/2025 § 10K Class B shares were exchanged into Sponsor ownership (as-if converted) 63,935,333 13,843,158 77,778,491 Class A public shares in the quarter. § 1.0M Clas
Slide 13: Non-GAAP financial measures
Non-GAAP financial measures We define Unlevered Free Cash Flow as net cash provided by (used in) operating activities less purchases of property, equipment and data assets, plus cash interest expense, and cash payments related to transaction, integration, and restructuring related expenses, earnouts
Slide 14: Reconciliation from GAAP gross profit and margin to adjusted gross profit and margin
Reconciliation from GAAP gross profit and margin to adjusted gross profit and margin THREE MONTHS ENDED DECEMBER 31, TWELVE MONTHS ENDED DECEMBER 31, $ THOUSANDS 2025 2024 $ % 2025 2024 $ % GAAP Gross Profit $46,909 $47,602 ($693) (1%) $183,275 $197,469 ($14,194) (7%) Amortization of intangible asse
Slide 15: Reconciliation from GAAP to non-GAAP operating expenses
Reconciliation from GAAP to non-GAAP operating expenses THREE MONTHS ENDED DECEMBER 31, TWELVE MONTHS ENDED DECEMBER 31, $ THOUSANDS 2025 2024 $ % 2025 2024 $ % GAAP Sales & Marketing $20,135 $20,372 ($237) (1%) $81,637 $83,807 ($2,170) (3%) Equity-based compensation (998) (1,449) $451 (31%) (4,277)
Slide 16: Reconciliation from net loss to adjusted operating income and adjusted net income
Reconciliation from net loss to adjusted operating income and adjusted net income THREE MONTHS ENDED DECEMBER 31, TWELVE MONTHS ENDED DECEMBER 31, $ THOUSANDS 2025 2024 $ % 2025 2024 $ % GAAP Net loss ($17,147) ($84,717) $67,570 (80%) ($199,297) ($591,446) $392,149 (66%) Interest expense, net 1,384
Slide 17: Reconciliation from net loss to adjusted EBITDA
Reconciliation from net loss to adjusted EBITDA THREE MONTHS ENDED DECEMBER 31, TWELVE MONTHS ENDED DECEMBER 31, $ THOUSANDS 2025 2024 $ % 2025 2024 $ % GAAP Net loss ($17,147) ($84,717) $67,570 (80%) ($199,297) ($591,446) $392,149 (66%) Interest expense, net 1,384 303 1,081 >100% 4,337 245 4,092 >1
Slide 18: Reconciliation from cash flow from operations to unlevered free cash flow
Reconciliation from cash flow from operations to unlevered free cash flow THREE MONTHS ENDED DECEMBER 31, TWELVE MONTHS ENDED DECEMBER 31, $ THOUSANDS 2025 2024 $ % 2025 2024 $ % Cash Flow from Operations $2,720 $8,135 ($5,415) (67%) $53,777 $58,196 ($4,419) (8%) Cash interest expense 2,729 3,310 ($
Slide 19: Schedule of transaction, integration and restructuring expense and other non-core items
Schedule of transaction, integration and restructuring expense and other non-core items THREE MONTHS ENDED DECEMBER 31, TWELVE MONTHS ENDED DECEMBER 31, $ THOUSANDS 2025 2024 2025 2024 Merger and acquisition due diligence and transaction costs $126 $919 $4,915 $3,329 Integration costs 10 176 6,056 1
Slide 20: Basis of presentation
Basis of presentation Enterprise Customers: Customers generating more than $100,000 in ARR (as the term is defined below). RPO: Represents the amount of contracted future revenue that has not yet been recognized, including both deferred revenue and non-cancelable contracted amounts that will be invo
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