Teladoc Health Reports Second-Quarter 2022 Results

  • Second quarter revenue grows 18% year-over-year to $592.4 million.

  • Net loss per share of $19.22, primarily driven by non-cash goodwill impairment charge of $3.0 billion, or $18.78 per share.

  • Primary360 adds multiple new clients, and new capabilities, as early momentum continues

PURCHASE, NY, July 27, 2022 (GLOBE NEWSWIRE) --  Teladoc Health, Inc. (NYSE: TDOC), the global leader in whole-person virtual care, today reported financial results for the second quarter ended June 30, 2022.  

“Teladoc Health delivered solid second quarter results with significant progress against our whole person care strategy, including growing momentum in Primary360”, said Jason Gorevic, chief executive officer of Teladoc Health.

“While we continue to see increased uncertainty in the macroeconomic backdrop, we remain confident in our ability to execute against our strategy to deliver a unified care experience that we believe only Teladoc Health has the breadth and scale to achieve.”

                     
Key Financial Data                    
($ thousands, unaudited)                    
  Quarter Ended   Year over Year Six Months Ended   Year over Year
  June 30,   Change June 30,   Change
   2022   2021      2022   2021    
Revenue $592,379  $503,139   18 % $1,157,729  $956,814   21 %
                     
Net Loss $(3,101,461) $(133,819)  N/M   $(9,775,984) $(333,468)  N/M  
Net Loss per share, basic and diluted $(19.22) $(0.86)  N/M   $(60.72) $(2.16)  N/M  
                     
Adjusted EBITDA* $46,711  $66,784   (30)% $101,208  $123,388   (18)%

* 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 below under the heading “Non-GAAP Financial Measures.”
nm – Not meaningful

Second Quarter 2022

Revenue increased 18% to $592.4 million from $503.1 million in the second quarter of 2021. Access fees revenue grew 20% to $518.7 million and visit fee revenue grew 7% to $66.7 million. U.S. Revenues grew 18% to $521.4 million and International revenues grew 13% to $71.0 million.

Non-cash goodwill impairment charge of $3.0 billion was recorded in the second quarter of 2022. The non-cash charge had no impact on the provision for income taxes.

Net loss totaled $3,101.5 million, or ($19.22) per share, for the second quarter of 2022, compared to $133.8 million, or ($0.86) per share, for the second quarter of 2021. Results for the second quarter of 2022 primarily included a non-cash goodwill impairment charge of $3,030.0 million, or ($18.78) per share, as well as stock-based compensation expense of $51.0 million, or ($0.32) per share, and amortization of acquired intangibles of $49.1 million, or ($0.30) per share.

Results for the second quarter of 2021 included stock-based compensation expense of $83.0 million, or ($0.53) per share, amortization of acquired intangibles of $46.1 million, or ($0.30) per share, loss on extinguishment of debt $31.4 million, or ($0.20) per share, and non-cash income taxes charges of $3.2 million, or ($0.02) per share.

Adjusted EBITDA* decreased 30% to $46.7 million, compared to $66.8 million for the second quarter of 2021.

GAAP gross margin, which includes depreciation and amortization, was 68.2 percent for the second quarter of 2022, compared to 67.9 percent for the second quarter of 2021.

Adjusted gross margin* was 69.2 percent for the second quarter of 2022, compared to 68.1 percent for the second quarter of 2021.

Average revenue per U.S. paid member increased to $2.60 in the second quarter of 2022, from $2.31 in the second quarter of 2021.

Six Months Ended June 30, 2022

Revenue increased 21% to $1,157.7 million from $956.8 million in the first half of 2021. Access fees revenue grew 24% to $1,010.1 million, and visit fee revenue grew 10% to $134.7 million. U.S. Revenues grew 21% to $1,012.6 million, and International revenues grew 20% to $145.1 million for the first half of 2022.

Non-cash goodwill impairment charges of $9.6 billion were recorded in the first half of 2022. The non-cash charges had no impact on the provision for income taxes.

Net loss totaled $9,776.0 million, or ($60.72) per share, for the first half of 2022, compared to $333.5 million, or ($2.16) per share, for the first half of 2021. Results for the first half of 2022 primarily included non-cash goodwill impairment charges of $9,630.0 million, or ($59.81) per share, as well as stock-based compensation expense of $111.4 million, or ($0.69) per share, and amortization of acquired intangibles of $98.5 million, or ($0.61) per share.

Results for the first half of 2021 included stock-based compensation expense of $169.3 million, or ($1.10) per share, amortization of acquired intangibles of $90.9 million, or ($0.59) per share, loss on extinguishment of debt $42.9 million, or ($0.28) per share, and non-cash income taxes charges of $90.2 million, or ($0.59) per share.

Adjusted EBITDA* decreased 18% to $101.2 million compared to $123.4 million for the first half of 2021.

GAAP gross margin, which includes depreciation and amortization, was 67.1 percent for the first half of 2022, compared to 67.4 percent for the first half of 2021.

Adjusted gross margin* was flat at 68.1 percent for the first half of 2022 and 2021.

Average revenue per U.S. paid member increased to $2.56 in the first half of 2022, from $2.20 in the first half of 2021.

Financial Outlook

The company is maintaining its previously issued revenue and adjusted EBITDA outlook for the fiscal year ending December 31, 2022. However, based on current trends in the market, management now expects results to be toward the lower end of those ranges.

Teladoc Health provides an outlook based on current market conditions and expectations and what we know today. In addition, given the uncertainty of the expected path of the COVID-19 pandemic as well as the broader economic impact, this is an evolving situation and circumstances may change. Based on what we know today, we believe our outlook ranges provide a reasonable baseline for 2022 financial performance.

For the third quarter of 2022, we expect:

  
 3Q 2022 Outlook Range
Revenue$600 - $620 million
EBITDA($46) - ($29) million
Adjusted EBITDA$35 - $45 million
Net loss per share($0.85) - ($0.60)
Total U.S. Paid Membership55.5 - 56.5 million
Visit Fee Only Access~24 million
Total Visits4.8 - 5.0 million

For the full year 2022, we expect:

  
 Full Year 2022 Outlook Range
Revenue$2,400 - $2,500 million
EBITDA($41) - $8 million
Adjusted EBITDA$240 - $265 million
Net loss per share($62.00) - ($61.00)
Total U.S. Paid Membership55.0 - 56.5 million
Visit Fee Only Access~24 million
Total Visits18.8 - 19.3 million

Earnings Conference Call

The second quarter 2022 earnings conference call and webcast will be held Wednesday, July 27, 2022 at 4:30 p.m. E.T. The conference call can be accessed by dialing 1-844-200-6205 for U.S. participants, or 1-929-526-1599 for international participants, and referencing Conference ID Number: 303657; or via a live audio webcast available online at http://ir.teladoc.com/news-and-events/events-and-presentations/. A webcast replay will be available 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. Ranked #1 among direct-to-consumer telehealth providers in the J.D. Power 2021 U.S. Telehealth Satisfaction Study, Teladoc Health leverages more than a decade 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 or follow @TeladocHealth on Twitter.

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 or clients, future numbers of visits, 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. 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; (iii) results of litigation; (iv) the loss of one or more key clients; (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 impairment losses; (viii) risks relating to impairment losses, including with respect to goodwill; and (ix) the impact of the COVID-19 pandemic on our operations, demand for our services and general economic conditions, as well as orders, directives and legislative action by local, state, federal and foreign governments in response to the spread of COVID-19. 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.

Revenues and Summary Operating Metrics

                   
Revenue
($ thousands, except Average U.S.
 Quarter Ended  Year over Year Six Months Ended  Year over Year
Revenue Per Member) June 30,  Change June 30,  Change
  2022 2021   2022 2021  
Access Fees Revenue                  
U.S. $450,426 $371,591 21 % $871,572 $699,144 25 %
International  68,304  59,474 15 %  138,495  114,027 21 %
Total  518,730  431,065 20 %  1,010,067  813,171 24 %
                   
Visit Fee Revenue                  
U.S.  64,240  59,196 9 %  128,713  116,324 11 %
International  2,493  3,058 (18)%  5,948  6,441 (8)%
Total  66,733  62,254 7 %  134,661  122,765 10 %
                   
Other                  
U.S.  6,720  9,363 (28)%  12,301  20,034 (39)%
International  196  457 (57)%  700  844 (17)%
Total  6,916  9,820 (30)%  13,001  20,878 (38)%
                   
Total Revenue $592,379 $503,139 18 % $1,157,729 $956,814 21 %
                   
U.S. Revenue $521,386 $440,150 18 % $1,012,586 $835,502 21 %
International Revenue  70,993  62,989 13 %  145,143  121,312 20 %
Total Revenue $592,379 $503,139 18 % $1,157,729 $956,814 21 %
                   
Average U.S. Revenue Per Member (1) $2.60 $2.31 13 % $2.56 $2.20 16 %


                   
Visits Quarter Ended  Year over Year Six Months Ended  Year over Year
(thousands) June 30,  Change June 30,  Change
   2022   2021     2022   2021   
U.S. Visits  3,604   2,723  32%  7,016   5,184  35%
International Visits  1,055   929  14%  2,153   1,810  19%
Total Visits  4,659   3,652  28%  9,169   6,994  31%
                   
Utilization (2)  24.0%  19.1% 492pt  23.7%  18.3% 542pt
                   
Platform-Enabled Sessions (3)  1,040   1,017  2%  2,215   2,109  5%
                   
Total Visits & Sessions Provided & Enabled  5,699   4,669  22%  11,384   9,103  25%


         
Membership and Visit Fee Only Access Quarter Ended  Year over Year 
(millions) June 30,  Change 
  2022 2021   
U.S. Paid Membership 56.6 52.0 9% 
         
U.S. Visit Fee Only Access 24.0 22.0 9% 
         
Unique Chronic Care Members (4) 0.798 0.709 13% 
  

(1) Average U.S. Revenue Per Member measures the average amount of access revenue that the Company generates from a U.S. paid member for a particular period. It is calculated by dividing the U.S. access revenue generated from the Company’s U.S. paid members, excluding certain non-member based access fees, by the total average number of U.S. paid members during the applicable period.

(2) Utilization measures the ratio of visits to total U.S. paid members. It is calculated by dividing visits during a particular period (excluding visit fee only visits) by U.S. paid members in the applicable period and annualizing the result.

(3) Platform-Enabled Sessions are a unique instance in which our licensed software platform has facilitated a virtual voice or video encounter between a care provider and our client’s patient, or between care providers. We believe platform-enabled sessions are an indicator of the value our clients derive from the platform they license from us in order to facilitate virtual care.

(4) Unique Chronic Care Members represent the number of unique individuals enrolled in our suite of chronic care programs at the end of a given period.


TELADOC HEALTH, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share data, unaudited)

            
 Quarter Ended June 30,  Six Months Ended June 30,
  2022      2021      2022      2021 
Revenue$592,379  $503,139  $1,157,729  $956,814 
Expenses:           
Cost of revenue (exclusive of depreciation and amortization,
which is shown separately below)
 182,470   160,273   369,495   306,232 
Operating expenses:           
Advertising and marketing 164,574   103,221   298,174   192,660 
Sales 57,930   63,856   116,259   128,649 
Technology and development 80,826   80,759   168,238   158,767 
General and administrative 110,868   111,216   215,791   216,388 
Acquisition, integration, and transformation costs 2,892   11,421   7,399   17,744 
Depreciation and amortization 59,371   51,341   118,304   100,000 
Goodwill impairment 3,030,000   0   9,630,000   0 
Total expenses 3,688,931   582,087   10,923,660   1,120,440 
Loss from operations (3,096,552)  (78,948)  (9,765,931)  (163,626)
Loss on extinguishment of debt (0)  31,419   (0)  42,878 
Other expense (income), net 1,760   (217)  1,036   (5,869)
Interest expense, net 4,337   20,473   9,817   42,598 
Net loss before provision for income taxes (3,102,649)  (130,623)  (9,776,784)  (243,233)
Provision for income taxes (1,188)  3,196   (800)  90,235 
Net loss$(3,101,461) $(133,819) $(9,775,984) $(333,468)
            
Net loss per share, basic and diluted$(19.22) $(0.86) $(60.72) $(2.16)
            
Weighted-average shares used to compute basic
and diluted net loss per share
 161,377,695   156,055,090   161,002,075   154,187,739 

Stock-based Compensation Summary

Compensation costs for stock-based awards were classified as follows (in thousands):

            
 Quarter Ended  Six Months Ended 
 June 30,  June 30,
 2022 2021 2022 2021
Cost of revenue (exclusive of depreciation and amortization,
which is shown separately)
$2,123 $1,786 $4,319 $4,148
Advertising and marketing 3,198  4,815  6,909  9,897
Sales 10,709  18,953  22,781  40,120
Technology and development 15,785  27,699  33,872  54,425
General and administrative 19,185  29,717  43,555  60,680
Total stock-based compensation expense (1)$51,000 $82,970 $111,436 $169,270

(1) Excluding the amount capitalized related to internal software development projects.


TELADOC HEALTH, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands, unaudited)

      
 Six Months Ended June 30,
  2022   2021 
Operating activities:     
Net loss$(9,775,984) $(333,468)
Adjustments to reconcile net loss to net cash provided by operating activities:     
Goodwill impairment 9,630,000   0 
Depreciation and amortization 118,304   100,000 
Depreciation of rental equipment 1,486   1,663 
Amortization of right-of-use assets 6,540   5,858 
Provision for doubtful accounts 5,857   7,534 
Stock-based compensation 111,436   169,270 
Deferred income taxes (2,528)  83,823 
Accretion of interest 1,659   32,566 
Loss on extinguishment of debt 0   39,782 
Gain on sale of investment 0   (5,901)
Other, net 0   38 
Changes in operating assets and liabilities:     
Accounts receivable (43,948)  (16,573)
Prepaid expenses and other current assets (20,195)  (26,758)
Inventory 11,974   (2,234)
Other assets (17,453)  1,919 
Accounts payable 47,417   (4,741)
Accrued expenses and other current liabilities 20,712   5,380 
Accrued compensation (38,328)  (35,606)
Deferred revenue 10,823   17,205 
Operating lease liabilities (7,266)  (5,833)
Other liabilities 216   267 
Net cash provided by operating activities 60,722   34,191 
Investing activities:     
Capital expenditures (6,455)  (4,405)
Capitalized software (69,213)  (21,508)
Proceeds from marketable securities 0   50,000 
Proceeds from the sale of investment 0   10,901 
Acquisitions of business, net of cash acquired (0)  (56,336)
Other, net 3,264   3,150 
Net cash used in investing activities (72,404)  (18,198)
Financing activities:     
Net proceeds from the exercise of stock options 4,980   17,781 
Repurchase of 2022 Notes 0   (137)
Proceeds from advances from financing companies 5,113   7,924 
Payment against advances from financing companies (7,789)  (8,122)
Proceeds from employee stock purchase plan 1,972   11,031 
Cash received for withholding taxes on stock-based compensation, net 54   5,159 
Other, net (2,848)  (98)
Net cash provided by financing activities 1,482   33,538 
Net decrease in cash and cash equivalents (10,200)  49,531 
Foreign exchange difference (2,119)  869 
Cash and cash equivalents at beginning of the period 893,480   733,324 
Cash and cash equivalents at end of the period$881,161  $783,724 
      


TELADOC HEALTH, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data, unaudited)

      
 June 30,  December 31,
  2022      2021 
Assets     
Current assets:     
Cash and cash equivalents$881,161  $893,480 
Short-term investments 2,539   2,537 
Accounts receivable, net of provision of $15,095 and $12,384, respectively 205,434   168,956 
Inventories 60,260   73,079 
Prepaid expenses and other current assets 107,875   87,387 
Total current assets 1,257,269   1,225,439 
Property and equipment, net 27,403   27,234 
Goodwill 4,858,196   14,504,174 
Intangible assets, net 1,872,172   1,910,278 
Operating lease - right-of-use assets 49,795   46,780 
Other assets 37,940   20,703 
Total assets$8,102,775  $17,734,608 
Liabilities and stockholders’ equity     
Current liabilities:     
Accounts payable$94,371  $47,257 
Accrued expenses and other current liabilities 127,187   102,933 
Accrued compensation 51,594   91,941 
Deferred revenue-current 86,254   75,569 
Advances from financing companies 12,073   13,313 
Total current liabilities 371,479   331,013 
Other liabilities 1,609   1,492 
Operating lease liabilities, net of current portion 44,274   41,773 
Deferred revenue, net of current portion 3,373   3,834 
Advances from financing companies, net of current portion 7,855   9,291 
Deferred taxes, net 55,926   75,777 
Convertible senior notes, net 1,533,609   1,225,671 
Commitments and contingencies     
Stockholders’ equity:     
Common stock, $0.001 par value; 300,000,000 shares authorized; 161,892,008 shares and 160,469,325 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively 162   160 
Additional paid-in capital 17,239,092   17,473,336 
Accumulated deficit (11,124,740)  (1,421,454)
Accumulated other comprehensive loss (29,864)  (6,285)
Total stockholders’ equity 6,084,650   16,045,757 
Total liabilities and stockholders’ equity$8,102,775  $17,734,608 

Non-GAAP Financial Measures:

To supplement our financial information presented in accordance with GAAP, we use adjusted gross profit, adjusted gross margin, EBITDA, and adjusted EBITDA, which are non-GAAP financial measures, to clarify and enhance an understanding of past performance. We believe that the presentation of these financial measures enhances an investor’s understanding of our financial performance. We further believe that these financial measures are useful financial metrics 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. We use certain financial measures for business planning purposes and in measuring our performance relative to that of our competitors. We utilize adjusted EBITDA as the primary measure of our performance.

Adjusted gross profit is our total revenue minus our total cost of revenue (exclusive of depreciation and amortization, which is shown separately) and adjusted gross margin is adjusted gross profit as a percentage of our total revenue.

EBITDA consists of net loss before interest; other expense (income), net, including foreign exchange gain or loss; provision for income taxes; depreciation and amortization; goodwill impairment; and loss on extinguishment of debt. Adjusted EBITDA consists of net loss before interest; other expense (income), net, including foreign exchange gain or loss; provision for income taxes; depreciation and amortization; goodwill impairment; loss on extinguishment of debt; stock-based compensation; and acquisition, integration, and transformation costs.

We believe the above financial measures are commonly used by investors to evaluate our performance and that of our competitors. However, our use of the terms adjusted gross profit, adjusted gross margin, EBITDA, and adjusted EBITDA may vary from that of others in our industry. None of adjusted gross profit, adjusted gross margin, EBITDA, nor adjusted EBITDA should be considered as an alternative to net loss before provision for income taxes, net loss, net loss per share or any other performance measures derived in accordance with GAAP.

Adjusted gross profit, adjusted gross margin, EBITDA, and adjusted EBITDA have important limitations as analytical tools and you should not consider them in isolation or as a substitute for analysis of our results as reported under 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;
  • EBITDA and adjusted EBITDA do not reflect goodwill impairment;
  • EBITDA and adjusted EBITDA do not reflect the interest expense on our debt;
  • EBITDA and adjusted EBITDA eliminate the impact of the provision for income taxes on our results of operations;
  • EBITDA and adjusted EBITDA do not reflect the loss on extinguishment of debt;
  • EBITDA and adjusted EBITDA do not reflect other expense (income), net;
  • adjusted EBITDA does not reflect the 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 the significant non-cash stock compensation expense which should be viewed as a component of recurring operating costs; and
  • other companies in our industry may calculate adjusted gross profit, adjusted gross margin, EBITDA, and adjusted EBITDA differently than we do, limiting the usefulness of these measures as comparative measures.

In addition, although depreciation and amortization 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, EBITDA and adjusted EBITDA do not reflect any expenditures for such replacements.

We compensate for these limitations by using adjusted gross profit, adjusted gross margin, EBITDA, and adjusted EBITDA 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, 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 adjusted gross profit, adjusted gross margin, EBITDA, and adjusted EBITDA 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 and gross margin, the most directly comparable GAAP financial measures, to adjusted gross profit and adjusted gross margin, respectively:

Reconciliation of GAAP Gross Profit to Adjusted Gross Profit and Adjusted Gross Margin
(In thousands, unaudited)

              
  Quarter Ended Six Months Ended  
  June 30,  June 30,  
      2022      2021      2022      2021     
Revenue $592,379  $503,139  $1,157,729  $956,814  
Cost of revenue (exclusive of depreciation and amortization, which is shown separately below)  (182,470)  (160,273)  (369,495)  (306,232) 
Depreciation and amortization of intangible assets  (6,167)  (1,240)  (11,286)  (5,354) 
Gross Profit  403,742   341,626   776,948   645,228  
Depreciation and amortization of intangible assets  6,167   1,240   11,286   5,354  
Adjusted gross profit $409,909  $342,866  $788,234  $650,582  
              
Gross margin  68.2 % 67.9 % 67.1 % 67.4 %
Adjusted gross margin  69.2 % 68.1 % 68.1 % 68.0 %


The following is a reconciliation of net loss, the most directly comparable GAAP financial measure, to EBITDA and adjusted EBITDA:

Reconciliation of GAAP Net Loss to EBITDA and Adjusted EBITDA
(In thousands, except for outlook data, unaudited)

                  
 Quarter Ended Six Months Ended  Outlook in millions (1)
 June 30,  June 30,  Third Quarter Full Year
  2022    2021    2022    2021   2022  2022
Net loss$(3,101,461) $(133,819) $(9,775,984) $(333,468) $(138) - ($96) $(9,967) - ($9,866)
Adjustments:                 
Goodwill impairment 3,030,000   0   9,630,000          
Loss on extinguishment of debt (0)  31,419   (0)  42,878       
Other expense (income), net 1,760   (217)  1,036   (5,869)      
Interest expense, net 4,337   20,473   9,817   42,598       
Provision for income taxes (1,188)  3,196   (800)  90,235       
Depreciation and amortization 59,371   51,341   118,304   100,000       
Total Adjustments 3,094,280   106,212   9,758,357   269,842   92 - 67  9,926 - 9,874
EBITDA  (7,181)   (27,607)   (17,627)   (63,626)  (46) - (29)  (41) - 8
Adjustments:                 
Stock-based compensation 51,000   82,970   111,436   169,270       
Acquisition, integration, and transformation costs 2,892   11,421   7,399   17,744       
Total Adjustments 53,892   94,391   118,835   187,014   81 - 74  281 - 257
Adjusted EBITDA$ 46,711  $ 66,784  $ 101,208  $ 123,388  $35 - $45 $240 - $265

(1) We have not provided a full line-item reconciliation for net loss to EBITDA or adjusted EBITDA outlook because we do not provide outlook on the individual reconciling items between net loss, EBITDA, and adjusted EBITDA. This is due to the uncertainty as to timing, and the potential variability, of the individual reconciling items such as goodwill impairment, stock-based compensation and the related tax impact, provision for income taxes and acquisition, integration, and transformation costs, the effect of which may be significant. Accordingly, a full line-item reconciliation of the GAAP measure to the corresponding non-GAAP financial measure outlook is not available without unreasonable effort.

Investors:
Patrick Feeley
914-265-7925
IR@teladochealth.com

Media:
Chris Stenrud
860-491-8821
pr@teladochealth.com


Primary Logo

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.