1q-21 quarterly results · 2021. 4. 28. · revenue ($ millions) adj. ebitda ($ millions)(1) (2)...
TRANSCRIPT
1Q-21 Quarterly Results
•
•
•
•
• Revenue of $454M grew 151% y/y
• Adjusted EBITDA of $56.6M grew 430% y/y
• FY-21 Revenue guidance range raised to $1,970M to $2,020M, up from $1,950M to $2,000M• 2Q-21 Revenue guidance range $495M to $505M
• FY-21 Adj. EBITDA guidance range maintained at $255M to $275M• 2Q-21 Adj. EBITDA guidance range $61M to $64M
1. See reconciliation of GAAP to non-GAAP measures immediately following this presentation.
2. Adjusted EBITDA for 1Q-21 and Adj. EBITDA guidance for 2Q-21 and FY-21 includes benefit from lower expenses on Livongo devices attributable to purchase accounting adjustments related to the merger of $6.9M, $6M and
$20M, respectively.
• Signed significant expansion of our relationship with a regional Blues plan in the East,
including Teladoc becoming the standard provider of telehealth services for Commercial
plans and the addition of a full suite of whole-person chronic care solutions
• Continued progress on integration of Teladoc and Livongo, including enabling Teladoc
physician referrals into chronic care programs
• % of chronic care members enrolled in more than one program has grown more than 3x
year-over year to >15%
• Continued robust growth of utilization for non-infectious diseases and specialty visits such
as mental health and dermatology
• Claus Jensen joined executive team as Chief Innovation Officer
Adj. EBITDA ($ millions)(1) (2)Revenue ($ millions)
$10.7
$56.6
$0
$10
$20
$30
$40
$50
$60
1Q-20 1Q-21
+430%
y/y
$181
$454
$0
$100
$200
$300
$400
$500
1Q-20 1Q-21
+151%
y/y
1. See reconciliation of GAAP to non-GAAP measures immediately following this presentation
2. 1Q-21 Adjusted EBITDA includes $6.9M benefit from lower expenses on Livongo devices attributable to purchase accounting adjustments related to the merger.
Access Fee Revenue ($ millions) Visit Fee Revenue ($ millions)
+183%
y/y
$137
$388
$0
$100
$200
$300
$400
$500
1Q-20 1Q-21
+24%
y/y
$44
$54
$0
$10
$20
$30
$40
$50
$60
1Q-20 1Q-21
U.S. Revenue ($ millions) International Revenue ($ millions)
$29
$38
$0
$10
$20
$30
$40
$50
1Q-20 1Q-21
+175%
y/y
+29%
y/y
$151
$416
$0
$100
$200
$300
$400
$500
1Q-20 1Q-21
U.S. Paid Members (millions)Revenue ($ millions)
PMPMChronic Care Enrollment (000s)
43.0
50.0 50.0 50.3 51.5
1.5 1.5 1.5
35
40
45
50
55
1Q-20 2Q-20 3Q-20 4Q-20 1Q-21
US Paid Members US Paid Members - temporary
$0.87$1.02
$1.18
$1.76
$2.24
$0.00
$0.50
$1.00
$1.50
$2.00
$2.50
1Q-20 2Q-20 3Q-20 4Q-20 1Q-21
396
493553
596658
200
400
600
800
1Q-20 2Q-20 3Q-20 4Q-20 1Q-21
1. 2020 chronic care enrollment reflects pro forma results as if the Livongo merger had occurred on January 1, 2020.
1Q-20 2Q-20 3Q-20 4Q-20 1Q-21
Access Fees $137 $182 $227 $316 $388
Visit Fees $44 $59 $51 $53 $54
Other Revenue $0 $0 $11 $14 $11
Total Revenue $181 $241 $289 $383 $454
*Totals may not sum due to rounding
UtilizationVisits (000s)
Livongo Member Data Points - Cumulative (in B)Platform-Enabled Sessions (000s)
13.4%
16.0% 16.5%17.7%
19.6%
10%
15%
20%
25%
1Q-20 2Q-20 3Q-20 4Q-20 1Q-21
1. Q1 and Q2 2020 platform-enabled sessions reflects pro forma results as if the InTouch Health acquisition had occurred on January 1, 2020.
2. 2020 Livongo data points reflects pro forma results as if the Livongo merger had occurred on January 1, 2020.
1,6132,302 2,390 2,515 2,723432
453 445 440467
1,000
1,500
2,000
2,500
3,000
3,500
1Q-20 2Q-20 3Q-20 4Q-20 1Q-21
US Visits International Visits
376
1,444
9861,089 1,092
0
500
1,000
1,500
1Q-20 2Q-20 3Q-20 4Q-20 1Q-21
0.590.74
0.931.13
1.46
0.00
0.50
1.00
1.50
2.00
1Q-20 2Q-20 3Q-20 4Q-20 1Q-21
Gross Margin & Adj. Gross Margin %(1) Adj. EBITDA(1) (2) & Adj. EBITDA Margin %
1. See reconciliation of GAAP to non-GAAP measures immediately following this presentation
2. Adjusted EBITDA for 4Q-20 and 1Q-21 includes benefit from lower expenses on Livongo devices attributable to purchase accounting adjustments related to the merger of $5.4M and $6.9M, respectively.
$10.7
$26.3
$39.5
$50.4
$56.6
5.9%
10.9%
13.7% 13.1%12.5%
0%
2%
4%
6%
8%
10%
12%
14%
$0
$10
$20
$30
$40
$50
$60
$70
1Q-20 2Q-20 3Q-20 4Q-20 1Q-21
Adj. EBITDA Adj. EBITDA Margin %
59.2%
61.7%
63.3%
67.2% 67.0%
60.0%
62.3%
63.7%
67.9% 67.8%
50%
55%
60%
65%
70%
1Q-20 2Q-20 3Q-20 4Q-20 1Q-21
GAAP Gross Margin % Adj. Gross Margin %
• Cash, Cash Equivalents, & ST Investments
(as of March 31, 2021): $723M
• Convertible & LT Debt on Balance Sheet
(as of March 31, 2021): $1.35B
• Operating Cash Flow (1Q-21): $(18M)
• Capital Expenditures + Capitalized Software
Development Costs (1Q-21): $13M
2Q-21 Y/Y % Growth FY-21 Y/Y % Growth
Prior FY-21
Guidance
Revenue ($M) $495 to $505 +105% to 110% $1,970 to 2,020 +80% to 85% $1,950 to 2,000
Adj. EBITDA(1)
($M) $61 to $64 +132% to 144% $255 to $275 +101% to 117% $255 to $275
US Paid Members (M) 52 to 53 +1% to 3% 52 to 54 0% to +4% 52 to 54
US VFO Access (M) 22 to 23 +1% to 5% 22 to 23 +3% to 8% 22 to 23
Total Visits (M) 3.2 to 3.4 +16% to 23% 12.5 to 13.5 +18% to 27% 12 to 13
Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021
Net loss (29,603)$ (25,682)$ (35,884)$ (393,967)$ (199,649)$
Add:
Loss on extinguishment of debt 0 7,751 1,227 99 11,459
Other (income) expense, net 685 (110) 252 (282) (5,652)
Interest expense, net 8,618 13,261 16,970 21,101 22,125
Income tax expense (benefit) (711) (2,399) (2,290) (85,457) 87,039
Depreciation and amortization 9,710 9,893 12,932 36,960 48,659
EBITDA (11,301) 2,714 (6,793) (421,546) (36,019)
Stock-based compensation 18,315 21,928 20,908 414,380 86,300
Acquisition, Integration and Transformation costs 3,664 1,627 25,395 57,550 6,323 Adjusted EBITDA 10,678$ 26,269$ 39,510$ 50,384$ 56,604$
Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021
Revenue 180,799$ 241,030$ 288,812$ 383,321$ 453,675$
Cost of revenue (exclusive of depreciation and amortization,
which is shown separately below) (72,382) (90,780) (104,725) (122,942) (145,959)
Depreciation and amortization of intangible assets (1,438) (1,538) (1,149) (2,846) (3,576)
Gross Profit 106,979 148,712 182,938 257,533 304,140
Depreciation and amortization of intangible assets 1,438 1,538 1,149 2,846 3,576 Adjusted gross profit 108,417$ 150,250$ 184,087$ 260,379$ 307,716$
Gross margin 59.2% 61.7% 63.3% 67.2% 67.0%Adjusted gross margin 60.0% 62.3% 63.7% 67.9% 67.8%