展示99.1
テラドックヘルスは2024年第3四半期の業績を報告しました
2024年10月30日、PURCHASE、NY— Teladoc Health, Inc.（nyse：TDOC）、ホールパーソン仮想ケアのグローバルリーダー、本日、2024年9月30日（「2024年第3四半期」）終了時点の財務結果を報告しました。それ以外の場合は、百分率やその他の変更は、2023年9月30日（「2023年第3四半期」）終了時点の3か月に対しての相対的なものです。
2024年第3四半期のハイライト
•2024年第3四半期の売上高は6億4050万ドルで、前年比3%減少しました
•2024年第3四半期の純損失は3330万ドル、株1株あたり0.19ドル
•2024年第3四半期の調整後EBITDAは8330万ドルで、前年比6％減少しました
•統合ケアセグメントの売上高は38370万ドルで、前年比2%増加し、調整後のEBITDAマージンは17.7%に向上しました。
•BetterHelpセグメントの売上高は25680万ドルで、前年比10％減少し、調整後のEBITDA率は5.9％です。
「三半期の結果に満足しており、継続的な実行に対する私たちの取り組みを示しており、今後の可能性にワクワクしています。私は、私たちのビジネスを強化し、将来の成長機会を開放するための取り組みを進める中で、多くの強みを見出しています。」と、テラドックヘルスの最高経営責任者であるチャック・ディヴィタが述べています。
2024年を締めくくる中、私たちは迅速に行動し、複雑かつ変化に富む市場でのリーダーシップポジションを効果的に活用するために変更を加えています。 私たちにはまだまだやることが残っており、2025年は重要な再配置年となるでしょう。 私たちの焦点は一貫したパフォーマンスの提供と長期株主価値の創出にあります、とDivitaは付け加えました。
| 主要財務データ | |||||||||||||||||||||||||||||||||||
| （千ドル単位、1株当たりデータを除く、未監査） | |||||||||||||||||||||||||||||||||||
| 終了した三ヶ月間 | 終了した9か月間 | ||||||||||||||||||||||||||||||||||
| 9月30日 | 9月30日 | ||||||||||||||||||||||||||||||||||
| 2024 | 2023 | 変化 | 2024 | 2023 | 変化 | ||||||||||||||||||||||||||||||
| 売上高 | $ | 640,508 | $ | 660,238 | (3) | % | $ | 1,929,083 | $ | 1,941,888 | (1) | % | |||||||||||||||||||||||
| 純損失 | $ | (33,276) | $ | (57,073) | 42 | % | $ | (952,836) | $ | (191,478) | N/M | ||||||||||||||||||||||||
| 希薄化後1株当たりの純損失 | $ | (0.19) | $ | (0.35) | 46 | % | $ | (5.61) | $ | (1.17) | N/M | ||||||||||||||||||||||||
| 調整後EBITDA（1） | $ | 83,255 | $ | 88,757 | (6) | % | $ | 235,876 | $ | 213,677 | 10 | % | |||||||||||||||||||||||
以下に続く注釈セクションの注釈（1）を参照してください。
N/m – 意味がない
2024年第3四半期
売上高 2023年第3四半期の売上高は66020万ドルから64050万ドルに3%減少しました。アクセス料収益は55530万ドルに5%減少し、その他の収益は8520万ドルに9%増加しました。アメリカの売上高は53620万ドルに6%減少し、国際売上高は10430万ドルに15%増加しました。
テラドックヘルスのインテグレーテッドケア（"インテグレーテッドケア"）セグメントの売上高は第3四半期2024年に2%増の38370万ドルとなり、BetterHelpセグメントの売上高は10%減の25680万ドルとなりました。
1
純損失 2024年第3四半期の純利益は、株式ベースの報酬費用が3,400万ドル、1株当たり0.20ドルの税抜きで、取得した無形資産の償却が5,110万ドル、1株当たり0.30ドルの税抜きで含まれることから、総額3,330万ドル、1株当たり0.19ドルでした。一方、2023年第3四半期は、総額5,710万ドル、1株当たり0.35ドルでした。2024年第3四半期の純損失には、事前税金の360万ドルまたは1株当たり0.02ドルが含まれており、これは人員削減費用やオフィススペースの縮小に関連する費用です。
2023年第3四半期の主な結果には、株式報酬費が5200万ドル、税引前1株当たり0.32ドル、取得した無形資産の償却が6920万ドル、税引前1株当たり0.42ドルを含んでいました。
調整後のEBITDA(1) 2023年第3四半期の$8880万に対して、2023年第3四半期比で6%減少して$8330万に減少しました。統合ケアセグメントの調整後EBITDAは2024年第3四半期に8%増の$6800万に増加し、BetterHelpセグメントの調整後EBITDAは2024年第3四半期に41%減の$1520万に減少しました。
GAAP粗利率2024年第3四半期の粗利率は、無形資産の償却費および有形固定資産の減価償却費を含み、2023年第3四半期の68.6%に比べて67.2%でした。
調整後の粗利率(1) 2024年第3四半期の粗利率は71.9％で、2023年第3四半期の71.8％と比較しています。
2024年9月30日までの9ヶ月間
売上高2023年の第1四半期から第9四半期までの売上高は前年比1％減の$192910万から$194190万に減少しました。アクセス料収入は2％減の$167210万に減少し、その他の収入は10％増の$25700万に成長しました。アメリカの売上高は3％減の$162460万となり、国際売上高は13％増の$30450万となりました。2024年の第1四半期から第9四半期まで。
2024年の最初の9ヶ月間に、統合ケアセグメントの売上高は5%増の$113820万と、BetterHelpセグメントの売上高は8%減の$79090万となりました。
現金以外ののれん減損手数料 2024年の最初の9か月間に7億9,000万ドルが記録されました。これは、同社のBetterHelpセグメントに関連する将来のキャッシュフローの見積もりの変化によるものです。現金以外の手数料は所得税の引当金に影響しませんでした。
純損失2024年の最初の9か月間には、株1株当たり5.61ドル、合計95280万ドルが発生しました。
2023年の最初の9ヵ月間の利益は$ 191.5 million、1株当たり$ 1.17です。2024年の最初の9ヵ月の結果には、非現金の商標価値減損費用が未払い前税額で$ 790 million、1株当たり$ 4.65、株式報酬費用が未払い前税額で$ 118.5 million、1株当たり$ 0.70、主に人員削減に関連する再編費用が$ 14.8 million、1株当たり$ 0.09、取得された無形資産の償却が$ 179.4 million、1株当たり$ 1.06です。
2023年の最初の9ヶ月の結果には、主に株式報酬費用が含まれていました。
$15470 million、または1株当たり$0.94の税引前、および取得無形資産の償却額が$17220 million、または1株当たり$1.05の税引前にそれぞれ相当します。2023年の最初の9ヶ月間の純損失には、余剰と判断された特定のリースオフィススペースの放棄に関連する再編成費用が$1600万、または1株当たり$0.10の税引前も含まれていました。
調整後のEBITDA(1) 2023年の初めの9ヶ月に比べて、2023年の初めの9ヶ月に$213.7 millionから10%増の$235.9 millionに増加しました。統合ケアセグメントの調整後EBITDAは2024年の初めの9ヶ月に32%増の$179.7 millionに増加し、BetterHelpセグメントの調整後EBITDAは2024年の初めの9ヶ月に28%減の$56.1 millionとなりました。
GAAP粗利率2024年の第1四半期の粗利率（償却前利益）は、前年の同時期の68.0％に比べて66.6％でした。
調整後の粗利率(1) 粗利率は2024年と2023年の最初の9ヵ月間でそれぞれ70.8％でした。
Capexとキャッシュフロー
2024年第3四半期の運営キャッシュ・フローは1億1020万ドルで、2023年第3四半期の1億560万ドルと比較して、2024年の最初の9か月の運営キャッシュフローは2億7800万ドルで、先年の2億1990万ドルと比較していました。
2
2023年の9ヶ月間は、支出とソフトウェア開発の資本化（合わせて「Capex」という）は2024年第3四半期に3110万ドルであり、2023年第3四半期の3760万ドルと比較しています。第3四半期までの累計での2024年の支出は9440万ドルであり、2023年の第1四半期の11980万ドルと比較しています。フリーキャッシュフローは2024年第3四半期に7900万ドルであり、2023年第3四半期の6800万ドルと比較して、第3四半期までの累計での2024年は11340万ドルであり、2023年の第1四半期の10010万ドルと比較しています。
Financial Outlook
The outlook provided for the Integrated Care segment is based on current market conditions and expectations and what we know today. Accordingly, we believe our outlook ranges provide a reasonable baseline for future financial performance.
Integrated Care
| For the fourth quarter of 2024, we expect | |||||
| Revenue growth percentage (year-over-year) | 0% - 2.5% | ||||
| Adjusted EBITDA margin | 12.25% - 13.75% | ||||
| U.S. Integrated Care Members (2) | 93.5 - 94.5 million | ||||
| For the full year of 2024, we expect | |||||
| Revenue growth percentage (year-over-year) | Low single digits to mid-single digits | ||||
| Adjusted EBITDA margin | 14.9% - 15.3% | ||||
| U.S. Integrated Care Members (2) | 93.5 - 94.5 million | ||||
Earnings Conference Call
The Third Quarter 2024 earnings conference call and webcast will be held Wednesday, October 30, 2024 at 4:30 p.m. E.T. The conference call can be accessed by dialing 1-833-470-1428 for U.S. participants and using the access code #781291. For international participants, please visit the following link for global dial-in numbers: https://www.netroadshow.com/events/global-numbers?confId=72270. A live audio webcast will also be available online at http://ir.teladoc.com/news-and-events/events-and-presentations/. A replay of the call will be available via webcast for on-demand listening shortly after the completion of the call, at the same web link, and will remain available for approximately 90 days.
About Teladoc Health
Teladoc Health empowers all people everywhere to live their healthiest lives by transforming the healthcare experience. As the world leader in whole-person virtual care, Teladoc Health uses proprietary health signals and personalized interactions to drive better health outcomes across the full continuum of care, at every stage in a person’s health journey. Teladoc Health leverages more than two decades of expertise and data-driven insights to meet the growing virtual care needs of consumers and healthcare professionals. For more information, please visit www.teladochealth.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “believe,” “project,” “estimate,” “expect,” “may,” “should,” “will” and similar references to future periods. Examples of forward-looking statements include, among others, statements we make regarding future financial or operating results, future numbers of members, BetterHelp paying users or clients, litigation outcomes, regulatory developments, market developments, new products and growth strategies, and the effects of any of the foregoing on our future results of operations or financial condition.
Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions.
3
Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: (i) changes in laws and regulations applicable to our business model; (ii) changes in market conditions and receptivity to our services and offerings, including our ability to effectively compete; (iii) results of litigation or regulatory actions; (iv) the loss of one or more key clients or the loss of a significant number of members or BetterHelp paying users; (v) changes in valuations or useful lives of our assets; (vi) changes to our abilities to recruit and retain qualified providers into our network; (vii) the impact of and risk related to impairment losses with respect to goodwill or other assets; and (viii) the success of our operational review of the company to achieve a more balanced approach to growth and margin. For a detailed discussion of the risk factors that could affect our actual results, please refer to the risk factors identified in our SEC reports, including, but not limited to, our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, as filed with the SEC.
Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
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TELADOC HEALTH, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share data, unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| Revenue | $ | 640,508 | $ | 660,238 | $ | 1,929,083 | $ | 1,941,888 | |||||||||||||||
| Costs and expenses: | |||||||||||||||||||||||
| Cost of revenue (exclusive of depreciation and amortization, which are shown separately below) | 179,745 | 185,960 | 562,342 | 566,607 | |||||||||||||||||||
| Advertising and marketing | 177,462 | 186,152 | 531,061 | 541,698 | |||||||||||||||||||
| Sales | 47,465 | 52,309 | 152,267 | 160,329 | |||||||||||||||||||
| Technology and development | 72,383 | 84,289 | 230,522 | 258,583 | |||||||||||||||||||
| General and administrative | 114,245 | 115,716 | 335,494 | 355,702 | |||||||||||||||||||
| Goodwill impairment | — | — | 790,000 | — | |||||||||||||||||||
| Acquisition, integration, and transformation costs | 457 | 5,824 | 1,287 | 16,848 | |||||||||||||||||||
| Restructuring costs | 3,580 | 411 | 14,753 | 16,043 | |||||||||||||||||||
| Amortization of intangible assets | 86,906 | 91,834 | 276,825 | 231,205 | |||||||||||||||||||
| Depreciation of property and equipment | 2,666 | 2,468 | 7,203 | 8,345 | |||||||||||||||||||
| Total costs and expenses | 684,909 | 724,963 | 2,901,754 | 2,155,360 | |||||||||||||||||||
| Loss from operations | (44,401) | (64,725) | (972,671) | (213,472) | |||||||||||||||||||
| Interest income | (15,326) | (12,606) | (42,840) | (33,075) | |||||||||||||||||||
| Interest expense | 5,660 | 5,646 | 16,957 | 16,744 | |||||||||||||||||||
| Other (income) expense, net | (2,239) | 1,792 | (1,306) | (2,908) | |||||||||||||||||||
| Loss before provision for income taxes | (32,496) | (59,557) | (945,482) | (194,233) | |||||||||||||||||||
| Provision for income taxes | 780 | (2,484) | 7,354 | (2,755) | |||||||||||||||||||
| Net loss | $ | (33,276) | $ | (57,073) | $ | (952,836) | $ | (191,478) | |||||||||||||||
| Net loss per share, basic and diluted | $ | (0.19) | $ | (0.35) | $ | (5.61) | $ | (1.17) | |||||||||||||||
| Weighted-average shares used to compute basic and diluted net loss per share | 171,496,282 | 165,119,379 | 169,824,993 | 164,079,194 | |||||||||||||||||||
Stock-based Compensation Summary
Compensation expense for stock-based awards were classified as follows (in thousands):
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| Cost of revenue (exclusive of depreciation and amortization, which are shown separately) | $ | 1,075 | $ | 1,464 | $ | 3,782 | $ | 4,060 | |||||||||||||||
| Advertising and marketing | 3,856 | 4,399 | 11,023 | 11,527 | |||||||||||||||||||
| Sales | 5,204 | 9,110 | 20,124 | 27,055 | |||||||||||||||||||
| Technology and development | 8,152 | 14,566 | 27,134 | 42,984 | |||||||||||||||||||
| General and administrative | 15,760 | 23,406 | 56,416 | 69,082 | |||||||||||||||||||
| Total stock-based compensation expense (3) | $ | 34,047 | $ | 52,945 | $ | 118,479 | $ | 154,708 | |||||||||||||||
See note (3) in the Notes section that follows.
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Revenues
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||
| September 30, | September 30, | ||||||||||||||||||||||||||||||||||
| ($ in thousands, unaudited) | 2024 | 2023 | Change | 2024 | 2023 | Change | |||||||||||||||||||||||||||||
| Revenue by Type | |||||||||||||||||||||||||||||||||||
| Access fees | $ | 555,275 | $ | 582,070 | (5) | % | $ | 1,672,097 | $ | 1,708,601 | (2) | % | |||||||||||||||||||||||
| Other | 85,233 | 78,168 | 9 | % | 256,986 | 233,287 | 10 | % | |||||||||||||||||||||||||||
| Total Revenue | $ | 640,508 | $ | 660,238 | (3) | % | $ | 1,929,083 | $ | 1,941,888 | (1) | % | |||||||||||||||||||||||
| Revenue by Geography | |||||||||||||||||||||||||||||||||||
| U.S. Revenue | $ | 536,161 | $ | 569,322 | (6) | % | $ | 1,624,563 | $ | 1,672,770 | (3) | % | |||||||||||||||||||||||
| International Revenue | 104,347 | 90,916 | 15 | % | 304,520 | 269,118 | 13 | % | |||||||||||||||||||||||||||
| Total Revenue | $ | 640,508 | $ | 660,238 | (3) | % | $ | 1,929,083 | $ | 1,941,888 | (1) | % | |||||||||||||||||||||||
Summary Operating Metrics
Consolidated
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||
| September 30, | September 30, | ||||||||||||||||||||||||||||||||||
| (In millions) | 2024 | 2023 | Change | 2024 | 2023 | Change | |||||||||||||||||||||||||||||
| Total Visits | 4.1 | 4.4 | (7) | % | 12.9 | 14.0 | (8) | % | |||||||||||||||||||||||||||
Integrated Care
| As of September 30, | |||||||||||||||||
(In millions) | 2024 | 2023 | Change | ||||||||||||||
| U.S. Integrated Care Members (2) | 93.9 | 90.2 | 4 | % | |||||||||||||
| Chronic Care Program Enrollment (4) | 1.179 | 1.122 | 5 | % | |||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||
| September 30, | September 30, | ||||||||||||||||||||||||||||||||||
| 2024 | 2023 | Change | 2024 | 2023 | Change | ||||||||||||||||||||||||||||||
| Average Monthly Revenue Per U.S. Integrated Care Member (5) | $ | 1.36 | $ | 1.41 | (4) | % | $ | 1.37 | $ | 1.40 | (2) | % | |||||||||||||||||||||||
BetterHelp
| Average for | Average for | ||||||||||||||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||
| September 30, | September 30, | ||||||||||||||||||||||||||||||||||
| (In millions) | 2024 | 2023 | Change | 2024 | 2023 | Change | |||||||||||||||||||||||||||||
| BetterHelp Paying Users (6) | 0.398 | 0.459 | (13) | % | 0.407 | 0.467 | (13) | % | |||||||||||||||||||||||||||
See notes (2), (4), (5), and (6) in the Notes section that follows.
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Operating Results by Segment (see note (7) in the Notes section that follows)
The following table presents operating results by reportable segment for the periods indicated:
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||
| September 30, | September 30, | ||||||||||||||||||||||||||||||||||
| ($ in thousands, unaudited) | 2024 | 2023 | Change | 2024 | 2023 | Change | |||||||||||||||||||||||||||||
| Teladoc Health Integrated Care | |||||||||||||||||||||||||||||||||||
| Revenue | $ | 383,666 | $ | 374,416 | 2 | % | $ | 1,138,198 | $ | 1,084,438 | 5 | % | |||||||||||||||||||||||
| Adjusted EBITDA | $ | 68,039 | $ | 62,805 | 8 | % | $ | 179,741 | $ | 135,900 | 32 | % | |||||||||||||||||||||||
| Adjusted EBITDA Margin % | 17.7 | % | 16.8 | % | 15.8 | % | 12.5 | % | |||||||||||||||||||||||||||
| BetterHelp | |||||||||||||||||||||||||||||||||||
| Therapy Services | $ | 250,588 | $ | 281,204 | (11) | % | $ | 773,373 | $ | 845,420 | (9) | % | |||||||||||||||||||||||
| Other Wellness Services | 6,254 | 4,618 | 35 | % | 17,512 | 12,030 | 46 | % | |||||||||||||||||||||||||||
| Total Revenue | $ | 256,842 | $ | 285,822 | (10) | % | $ | 790,885 | $ | 857,450 | (8) | % | |||||||||||||||||||||||
| Adjusted EBITDA | $ | 15,216 | $ | 25,952 | (41) | % | $ | 56,135 | $ | 77,777 | (28) | % | |||||||||||||||||||||||
| Adjusted EBITDA Margin % | 5.9 | % | 9.1 | % | 7.1 | % | 9.1 | % | |||||||||||||||||||||||||||
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TELADOC HEALTH, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands, unaudited)
| Nine Months Ended September 30, | |||||||||||
| 2024 | 2023 | ||||||||||
| Cash flows from operating activities: | |||||||||||
| Net loss | $ | (952,836) | $ | (191,478) | |||||||
| Adjustments to reconcile net loss to net cash flows from operating activities: | |||||||||||
| Goodwill impairment | 790,000 | — | |||||||||
| Amortization of intangible assets | 276,825 | 231,205 | |||||||||
| Depreciation of property and equipment | 7,203 | 8,345 | |||||||||
| Amortization of right-of-use assets | 7,144 | 8,325 | |||||||||
| Provision for allowances for doubtful accounts | 2,199 | 4,935 | |||||||||
| Stock-based compensation | 118,479 | 154,727 | |||||||||
| Deferred income taxes | 611 | (6,658) | |||||||||
| Other, net | 5,212 | 9,761 | |||||||||
| Changes in operating assets and liabilities: | |||||||||||
| Accounts receivable | 3,675 | (696) | |||||||||
| Prepaid expenses and other current assets | 2,849 | 14,070 | |||||||||
| Inventory | (8,328) | 18,246 | |||||||||
| Other assets | 1,439 | (18,362) | |||||||||
| Accounts payable | (5,851) | (21,670) | |||||||||
| Accrued expenses and other current liabilities | 13,980 | 17,075 | |||||||||
| Accrued compensation | (35,943) | 433 | |||||||||
| Deferred revenue | (10,456) | (1,261) | |||||||||
| Operating lease liabilities | (8,088) | (7,133) | |||||||||
| Other liabilities | (336) | 75 | |||||||||
| Net cash provided by operating activities | 207,778 | 219,939 | |||||||||
| Cash flows from investing activities: | |||||||||||
| Capital expenditures | (4,658) | (10,060) | |||||||||
| Capitalized software development costs | (89,750) | (109,781) | |||||||||
| Net cash used in investing activities | (94,408) | (119,841) | |||||||||
| Cash flows from financing activities: | |||||||||||
| Net proceeds from the exercise of stock options | 2,711 | 1,423 | |||||||||
| Proceeds from employee stock purchase plan | 3,721 | 8,597 | |||||||||
| Cash received for withholding taxes on stock-based compensation, net | (176) | 2,609 | |||||||||
| Other, net | (2) | — | |||||||||
| Net cash provided by financing activities | 6,254 | 12,629 | |||||||||
| Net increase in cash and cash equivalents | 119,624 | 112,727 | |||||||||
| Effect of foreign currency exchange rate changes | 567 | (382) | |||||||||
| Cash and cash equivalents at beginning of the period | 1,123,675 | 918,182 | |||||||||
| Cash and cash equivalents at end of the period | $ | 1,243,866 | $ | 1,030,527 | |||||||
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The following table presents the selected cash flow information for the following quarters (in thousands, unaudited):
| Three Months Ended September 30, | |||||||||||
| 2024 | 2023 | ||||||||||
| Net cash provided by operating activities | $ | 110,175 | $ | 105,601 | |||||||
| Net cash used in investing activities | (31,148) | (37,647) | |||||||||
| Net cash provided by financing activities | 698 | 5,068 | |||||||||
| Effect of foreign currency exchange rate changes | 1,758 | (1,190) | |||||||||
| Net increase in cash and cash equivalents | $ | 81,483 | $ | 71,832 | |||||||
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data, unaudited)
| September 30, 2024 | December 31, 2023 | ||||||||||
| ASSETS | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 1,243,866 | $ | 1,123,675 | |||||||
| Accounts receivable, net of allowance for doubtful accounts of $4,318 and $4,240 at September 30, 2024 and December 31, 2023, respectively | 212,039 | 217,423 | |||||||||
| Inventories | 36,993 | 29,513 | |||||||||
| Prepaid expenses and other current assets | 115,738 | 118,437 | |||||||||
| Total current assets | 1,608,636 | 1,489,048 | |||||||||
| Property and equipment, net | 28,030 | 32,032 | |||||||||
| Goodwill | 283,190 | 1,073,190 | |||||||||
| Intangible assets, net | 1,496,698 | 1,677,781 | |||||||||
| Operating lease—right-of-use assets | 34,115 | 40,060 | |||||||||
| Other assets | 77,912 | 80,258 | |||||||||
| Total assets | $ | 3,528,581 | $ | 4,392,369 | |||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 37,801 | $ | 43,637 | |||||||
| Accrued expenses and other current liabilities | 188,095 | 178,634 | |||||||||
| Accrued compensation | 66,437 | 102,686 | |||||||||
| Deferred revenue—current | 88,325 | 95,659 | |||||||||
| Convertible senior notes, net—current | 550,723 | — | |||||||||
| Total current liabilities | 931,381 | 420,616 | |||||||||
| Other liabilities | 736 | 1,080 | |||||||||
| Operating lease liabilities, net of current portion | 36,896 | 42,837 | |||||||||
| Deferred revenue, net of current portion | 10,469 | 13,623 | |||||||||
| Deferred taxes, net | 50,846 | 49,452 | |||||||||
| Convertible senior notes, net—non-current | 990,551 | 1,538,688 | |||||||||
| Total liabilities | 2,020,879 | 2,066,296 | |||||||||
| Commitments and contingencies | |||||||||||
| Stockholders’ equity: | |||||||||||
| Common stock, $0.001 par value; 300,000,000 shares authorized; 171,944,014 shares and 166,658,253 shares issued and outstanding as of September 30, 2024 and December 31, 2023 respectively | 172 | 167 | |||||||||
| Additional paid-in capital | 17,726,127 | 17,591,551 | |||||||||
| Accumulated deficit | (16,181,491) | (15,228,655) | |||||||||
| Accumulated other comprehensive loss | (37,106) | (36,990) | |||||||||
| Total stockholders’ equity | 1,507,702 | 2,326,073 | |||||||||
| Total liabilities and stockholders’ equity | $ | 3,528,581 | $ | 4,392,369 | |||||||
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Non-GAAP Financial Measures:
To supplement our financial information presented in accordance with generally accepted accounting principles in the United States (“GAAP”), we use certain non-GAAP financial measures to clarify and enhance an understanding of past performance, which include adjusted gross profit, adjusted gross margin, adjusted EBITDA, and free cash flow. We believe that the presentation of these financial measures enhances an investor’s understanding of our financial performance, and are commonly used by investors to evaluate our performance and that of our competitors. We further believe that these financial measures are useful to assess our operating performance and financial and business trends from period-to-period by excluding certain items that we believe are not representative of our core business, and that free cash flow reflects an additional way of viewing our liquidity that, when viewed together with GAAP results, provides management, investors, and other users of our financial information with a more complete understanding of factors and trends affecting our cash flows. We use these non-GAAP financial measures for business planning purposes and in measuring our performance relative to that of our competitors. We utilize adjusted EBITDA as a key measure of our performance.
Adjusted gross profit is our total revenue minus our total cost of revenue (exclusive of depreciation and amortization, which are shown separately) and adjusted gross margin is adjusted gross profit as a percentage of our total revenue.
Adjusted EBITDA consists of net loss before provision for income taxes; other (income) expense, net; interest income; interest expense; depreciation of property and equipment; amortization of intangible assets; restructuring costs; acquisition, integration, and transformation cost; goodwill impairment; and stock-based compensation.
Free cash flow is net cash provided by operating activities less capital expenditures and capitalized software development costs.
Our use of these non-GAAP terms may vary from that of others in our industry, and other companies may calculate such measures differently than we do, limiting their usefulness as comparative measures.
Non-GAAP measures have important limitations as analytical tools and you should not consider them in isolation, and they should not be considered as an alternative to net loss before provision for income taxes, net loss, net loss per share, net cash from operating activities or any other measures derived in accordance with GAAP. Some of these limitations are:
•adjusted gross margin has been and will continue to be affected by a number of factors, including the fees we charge our clients, the number of visits and cases we complete, the costs paid to providers and medical experts, as well as the costs of our provider network operations center;
•adjusted gross margin does not reflect the significant depreciation and amortization to cost of revenue;
•adjusted EBITDA eliminates the impact of the provision for income taxes on our results of operations, and it does not reflect other (income) expense, net, interest income, or interest expense;
•adjusted EBITDA does not reflect restructuring costs. Restructuring costs may include certain lease impairment costs, certain losses related to early lease terminations, and severance;
•adjusted EBITDA does not reflect significant acquisition, integration, and transformation costs. Acquisition, integration and transformation costs include investment banking, financing, legal, accounting, consultancy, integration, fair value changes related to contingent consideration, and certain other transaction costs related to mergers and acquisitions. It also includes costs related to certain business transformation initiatives focused on integrating and optimizing various operations and systems, including upgrading our customer relationship management (CRM) and enterprise resource planning (ERP) systems. These transformation cost adjustments made to our results do not represent normal, recurring, operating expenses necessary to operate the business but, rather, incremental costs incurred in connection with our acquisition and integration activities;
•adjusted EBITDA does not reflect goodwill impairment; and
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•adjusted EBITDA does not reflect the significant non-cash stock-based compensation expense which should be viewed as a component of recurring operating costs.
In addition, although amortization of intangible assets and depreciation of property and equipment are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and adjusted gross profit, adjusted gross margin, and adjusted EBITDA do not reflect any expenditures for such replacements.
We compensate for these limitations by using these non-GAAP measures along with other comparative tools, together with GAAP measurements, to assist in the evaluation of operating performance. Such GAAP measurements include net loss, net loss per share, net cash provided by operating activities, and other performance measures.
In evaluating these financial measures, you should be aware that in the future we may incur expenses similar to those eliminated in this presentation. Our presentation of these non-GAAP measures should not be construed as an inference that our future results will be unaffected by unusual or nonrecurring items.
The following is a reconciliation of gross profit, the most directly comparable GAAP financial measure, to adjusted gross profit:
Reconciliation of GAAP Gross Profit to Adjusted Gross Profit
(In thousands, unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| Revenue | $ | 640,508 | $ | 660,238 | $ | 1,929,083 | $ | 1,941,888 | |||||||||||||||
| Cost of revenue (exclusive of depreciation and amortization, which are shown separately below) | (179,745) | (185,960) | (562,342) | (566,607) | |||||||||||||||||||
| Amortization of intangible assets and depreciation of property and equipment | (30,237) | (21,088) | (82,695) | (55,094) | |||||||||||||||||||
| Gross Profit | 430,526 | 453,190 | 1,284,046 | 1,320,187 | |||||||||||||||||||
| Amortization of intangible assets and depreciation of property and equipment | 30,237 | 21,088 | 82,695 | 55,094 | |||||||||||||||||||
| Adjusted gross profit | $ | 460,763 | $ | 474,278 | $ | 1,366,741 | $ | 1,375,281 | |||||||||||||||
| Gross margin | 67.2 | % | 68.6 | % | 66.6 | % | 68.0 | % | |||||||||||||||
| Adjusted gross margin | 71.9 | % | 71.8 | % | 70.8 | % | 70.8 | % | |||||||||||||||
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The following is a reconciliation of net loss, the most directly comparable GAAP financial measure, to adjusted EBITDA:
Reconciliation of GAAP Net Loss to Adjusted EBITDA
(In thousands, unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| Net loss | $ | (33,276) | $ | (57,073) | $ | (952,836) | $ | (191,478) | |||||||||||||||
| Add: | |||||||||||||||||||||||
| Provision for income taxes | 780 | (2,484) | 7,354 | (2,755) | |||||||||||||||||||
| Other (income) expense, net | (2,239) | 1,792 | (1,306) | (2,908) | |||||||||||||||||||
| Interest expense | 5,660 | 5,646 | 16,957 | 16,744 | |||||||||||||||||||
| Interest income | (15,326) | (12,606) | (42,840) | (33,075) | |||||||||||||||||||
| Depreciation of property and equipment | 2,666 | 2,468 | 7,203 | 8,345 | |||||||||||||||||||
| Amortization of intangible assets | 86,906 | 91,834 | 276,825 | 231,205 | |||||||||||||||||||
| Restructuring costs | 3,580 | 411 | 14,753 | 16,043 | |||||||||||||||||||
| Acquisition, integration, and transformation costs | 457 | 5,824 | 1,287 | 16,848 | |||||||||||||||||||
| Goodwill impairment | — | — | 790,000 | — | |||||||||||||||||||
| Stock-based compensation | 34,047 | 52,945 | 118,479 | 154,708 | |||||||||||||||||||
| Total Adjustments | 38,084 | 59,180 | 924,519 | 187,599 | |||||||||||||||||||
| Consolidated Adjusted EBITDA | $ | 83,255 | $ | 88,757 | $ | 235,876 | $ | 213,677 | |||||||||||||||
| Segment Adjusted EBITDA | |||||||||||||||||||||||
| Teladoc Health Integrated Care | $ | 68,039 | $ | 62,805 | $ | 179,741 | $ | 135,900 | |||||||||||||||
| BetterHelp | 15,216 | 25,952 | 56,135 | 77,777 | |||||||||||||||||||
| Consolidated Adjusted EBITDA | $ | 83,255 | $ | 88,757 | $ | 235,876 | $ | 213,677 | |||||||||||||||
The following is a reconciliation of net cash provided by operating activities, the most directly comparable GAAP financial measure, to free cash flow:
Reconciliation of GAAP Net Cash Provided by Operating Activities to Free Cash Flow
(In thousands, unaudited)
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| September 30, | September 30, | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| Net cash provided by operating activities | $ | 110,175 | $ | 105,601 | $ | 207,778 | $ | 219,939 | |||||||||||||||
| Capital expenditures | (1,597) | (5,793) | (4,658) | (10,060) | |||||||||||||||||||
| Capitalized software development costs | (29,551) | (31,854) | (89,750) | (109,781) | |||||||||||||||||||
| Capex | (31,148) | (37,647) | (94,408) | (119,841) | |||||||||||||||||||
| Free Cash Flow | $ | 79,027 | $ | 67,954 | $ | 113,370 | $ | 100,098 | |||||||||||||||
Notes:
1.A reconciliation of each non-GAAP measure to the most comparable measure under GAAP has been provided in this press release in the accompanying tables. An explanation of these non-GAAP measures is also included under the heading “Non-GAAP Financial Measures.”
2.U.S. Integrated Care Members represent the number of unique individuals who have paid access and visit fee only access to our suite of integrated care services in the U.S. at the end of the applicable period.
3.Excluding the amount capitalized related to software development projects.
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4.Chronic Care Program Enrollment represents the total number of enrollees across our suite of chronic care programs at the end of the applicable period.
5.Average monthly revenue per U.S. Integrated Care member is calculated by dividing the total revenue generated from the Integrated Care segment by the average number of U.S. Integrated Care Members (see note 2) during the applicable period.
6.BetterHelp Paying Users represent the average number of global monthly paying users of our BetterHelp therapy services during the applicable period.
7.We have two segments: Teladoc Health Integrated Care (“Integrated Care”) and BetterHelp. The Integrated Care segment includes a suite of global virtual medical services including general medical, expert medical services, specialty medical, chronic condition management, mental health, and enabling technologies and enterprise telehealth solutions for hospitals and health systems. The BetterHelp segment includes virtual therapy and other wellness services provided on a global basis which are predominantly marketed and sold on a direct-to-consumer basis.
Investors:
Michael Minchak
617-444-9612
ir@teladochealth.com
Media:
Chris Stenrud
860-491-8821
pr@teladochealth.com
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