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Communication Services : Interactive Media & Services | Large Cap Growth
Company profile

Alphabet Inc. is a holding company. The Company's segments include Google and Other Bets. The Company's Google segment includes Google Services and Google Cloud. Its Google Services products and platforms include Android, Chrome, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube. Its Google Cloud provides enterprise-ready cloud services, including Google Cloud Platform and Google Workspace. Its Google Cloud Platform enables developers to build, test, and deploy applications on its infrastructure. Its Google Workspace collaboration tools include applications like Gmail, Docs, Drive, Calendar, Meet. The Google segment is engaged in advertising, sales of digital content, applications and cloud offerings. Its hardware products include Pixel phones, Chromecast with Google TV and the Google Nest Hub smart display. The Other Bets segment is engaged in the sales of Internet and television services, licensing and research and development (R&D) services.

Closing Price
$2,795.73
Day's Change
13.11 (0.47%)
Bid
--
Ask
--
B/A Size
--
Day's High
2,824.01
Day's Low
2,750.00
Volume
(Average)
Volume:
1,191,296

10-day average volume:
1,283,980
1,191,296

Teladoc Health Reports Third-Quarter 2021 Results

4:05 pm ET October 27, 2021 (Globe Newswire) Print

-- Third quarter revenue grows 81% year-over-year to $522 million, updating 2021 revenue outlook to $2,015 million to $2,025 million.

-- Total third quarter visits top 3.9 million - 37% higher than Q3 2020.

-- Significant new agreements with CVS Health and Centene to provide Teladoc Health's Primary360 to deliver greater care access and health engagement.

-- Teladoc Health ranked 1st in consumer satisfaction by J.D. Power 2021 U.S. Telehealth Satisfaction Study.

Teladoc Health, Inc. (NYSE: TDOC), the global leader in whole-person virtual care, today reported financial results for the quarter ended September 30, 2021.

"Our strong performance in the third quarter reflects our continued success in leading the transformation of healthcare delivery and expanding access for all," said Jason Gorevic, chief executive officer at Teladoc Health. "By leveraging our unique combination of data, analytics, technology and dedicated healthcare professionals, we are driving growth across our business. The third quarter was notable in expanding relationships with a number of leading national health plans with the successful launch of our Primary360 offering which reimagines the primary care model and delivers increased access and engagement to members."

"As we look ahead to the rest of 2021 and into 2022, we are confident in our ability to innovate, anticipate and solve for the evolving whole-person health needs of consumers and healthcare professionals globally," Gorevic added.

Financial Results for the Third Quarter and Nine Months Ended September 30, 2021

Revenue
($ thousands, unaudited)
                          Quarter Ended           Year over Year  Nine Months Ended           Year over Year
                          September 30,           Growth          September 30,               Growth
                          2021        2020                        2021           2020
Access Fees Revenue
U.S.                      $ 413,594   $ 194,622   113       %     $  1,161,084   $  454,582   155       %
International               37,989      31,997    19        %        112,699        91,261    23        %
Total                       451,583     226,619   99        %        1,273,783      545,843   133       %
Visit Fee Revenue
U.S.                        59,863      50,948    18        %        173,399        152,944   13        %
International               116         96        22        %        368            705       (48  )    %
Total                       59,979      51,044    18        %        173,767        153,649   13        %
Other
U.S.                        9,583       10,299    (7   )    %        29,617         10,299    188       %
International               513         850       (40  )    %        1,305          850       54        %
Total                       10,096      11,149    (9   )    %        30,922         11,149    177       %
Total Revenue             $ 521,658   $ 288,812   81        %     $  1,478,472   $  710,641   108       %

n/m - Not meaningful

Membership and Visit Fee Only Access
(millions)
                                      Quarter Ended
                                      September 30,  Growth
                                      2021    2020
U.S. Paid Membership                  52.5    51.5   2   %
U.S. Visit Fee Only Access            23.6    21.8   8   %
Chronic Care Enrollment               0.725   -      n   /m
Visits
(thousands)
                                           Quarter Ended         Year over Year  Nine Months Ended          Year over Year
                                           September 30,         Growth          September 30,              Growth
                                           2021       2020                       2021          2020
U.S. Visits                                  3,354      2,390    40        %        9,114         6,306     45      %
International Visits                         531        445      19        %        1,475         1,330     11      %
Total Visits                                 3,885      2,835    37        %        10,589        7,636     39      %
Utilization                                  23.7  %    16.5  %  713       pt       21.6   %      15.4  %   620     pt
Platform-Enabled Sessions*                   969        986      (2   )    %        3,078         986       212     %
Total Visits & Sessions Provided & Enabled   4,854      3,821    27        %        13,667        8,622     59      %

* 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.

-- Net loss was $(84.3) million for the third quarter of 2021 compared to $(35.9) million for the third quarter of 2020. Net loss was $(417.8) million for the first nine months of 2021 compared to $(91.2) million for the first nine months of 2020. The third quarter and first nine months of 2021 include stock-based compensation expense of $71.7 million and $241.0 million, respectively, representing increases of $50.8 million and $179.8 million, respectively, from the third quarter and first nine months of 2020, substantially reflecting higher expense associated with Livongo stock awards that continue to vest after the merger. Net loss also includes amortization of acquired intangibles of $45.1 million and $133.8 million, respectively, for the third quarter and first nine months of 2021, representing increases of $35.0 million and $109.2 million, respectively, from the third quarter and first nine months of 2020, substantially reflecting higher amortization of acquired intangible assets from the Livongo and InTouch Health acquisitions. Net loss also includes loss on extinguishment of debt of $0.8 million and $43.7 million, respectively, for the third quarter and first nine months of 2021, a decrease of $0.4 million and an increase of $34.7 million, respectively, from the third quarter and first nine months of 2020, primarily reflecting the exchange of convertible senior notes in the first nine months of 2021. Net loss also includes non-cash income tax expense of $3.6 million and $93.9 million, respectively, for the third quarter and first nine months of 2021, substantially reflecting the recording of a valuation allowance on stock compensation benefits associated with the Livongo merger recorded in the first quarter of 2021.

-- Net loss per basic and diluted share was $(0.53) for the third quarter of 2021 compared to $(0.43) for the third quarter of 2020. Net loss per basic and diluted share was $(2.68) and $(1.17) for the first nine months of 2021 and 2020, respectively. Net loss per basic and diluted share includes stock-based compensation expense of $0.45 per share and $0.25 per share for the third quarter of 2021 and 2020, respectively, and $1.55 per share and $0.79 per share for the first nine months of 2021 and 2020, respectively. Net loss per basic and diluted share also includes amortization of acquired intangible assets of $0.28 per share and $0.12 per share for the third quarter of 2021 and 2020, respectively, and $0.86 per share and $0.32 per share for the first nine months of 2021 and 2020, respectively. Net loss per basic and diluted share also includes loss on extinguishment of debt of $0.01 per share for the third quarter of both 2021 and 2020, and $0.28 per share and $0.12 per share for the first nine months of 2021 and 2020, respectively. In addition, net loss per basic and diluted share includes the non-cash income tax charge (benefit) referred to above of $0.02 per share and $(0.03) per share for the third quarter of 2021 and 2020, respectively, and $0.60 per share for the first nine months of 2021 as compared to a benefit of $(0.07) per share in the first nine months of 2020. The number of weighted-average shares outstanding was 159.4 million and 155.9 million for the third quarter and first nine months of 2021, respectively, up from 83.6 million and 77.8 million for the third quarter and first nine months of 2020, substantially reflecting the impact of the Livongo and InTouch Health acquisitions.

-- GAAP Gross margin, which includes depreciation and amortization, was 67.1 percent for the third quarter of 2021 and 63.3 percent for the third quarter of 2020. For the first nine months of 2021 and 2020, GAAP Gross margin was 67.3 percent and 61.7 percent, respectively.

-- Adjusted Gross margin was 67.6 percent for the third quarter of 2021 compared to 63.7 percent for the third quarter of 2020. For the first nine months of 2021 and 2020, Adjusted Gross margin was 67.9 percent and 62.3 percent, respectively.

-- EBITDA was a loss of $(8.7) million for the third quarter of 2021 compared to a loss $(6.8) million for the third quarter of 2020. EBITDA was a loss of $(72.3) million and $(15.4) million, respectively, for the first nine months of 2021 and 2020. EBITDA includes stock-based compensation expense of $71.7 million and $241.0 million for the third quarter and first nine months of 2021, respectively, representing increases of $50.8 million and $179.8 million from the third quarter and first nine months of 2020, respectively, substantially reflecting higher expense associated with Livongo stock awards that continue to vest after the merger. EBITDA also includes acquisition, integration and transformation costs of $4.3 million and $22.1 million for the third quarter and first nine months of 2021, respectively, representing decreases of $21.1 million and $8.6 million from the third quarter and first nine months of 2020, respectively.

-- Adjusted EBITDA was $67.4 million for the third quarter of 2021 compared to $39.5 million for the third quarter of 2020. Adjusted EBITDA was $190.8 million for the first nine months of 2021 compared to $76.5 million for the first nine months of 2020.

A reconciliation of generally accepted accounting principles ("GAAP") in the United States to non-GAAP results has been provided in this press release in the accompanying tables. An explanation of these measures is also included below under the heading "Non-GAAP Financial Measures."

Financial Outlook

Teladoc Health provides guidance based on current market conditions and expectations. Given the uncertainty of the expected path of the COVID-19 pandemic as well as the broader economic impact, our updated guidance is based on what we know today. As this is an evolving situation, circumstances are likely to change, but we believe our guidance ranges provide a reasonable baseline for 2021 financial performance.

For the fourth-quarter 2021, we expect:

-- Total revenue to be in the range of $536 million to $546 million.

-- EBITDA to be in the range of $(8) million to $(3) million.

-- Adjusted EBITDA to be in the range of $69 million to $74 million.

-- Net loss per share, based on 160 million weighted average shares outstanding, to be between $(0.73) and $(0.53).

-- Total U.S. paid membership to be in the range of 52.5 million to 53.5 million members and visit fee only access to be available to approximately 23 million to 24 million individuals.

-- Total visits to be between 3.9 million and 4.1 million.

For the full-year 2021, we expect:

-- Total revenue to be in the range of $2,015 million to $2,025 million.

-- EBITDA to be in the range of $(80) million to $(75) million.

-- Adjusted EBITDA to be in the range of $260 million to $265 million, including an estimated $20 million in lower expenses primarily related to Livongo devices as a result of the merger.

-- Net loss per share, based on 157 million weighted average shares outstanding, to be between $(3.40) and $(3.20).

-- Total U.S. paid membership to be in the range of 52.5 million to 53.5 million members and visit fee only access to be available to approximately 23 million to 24 million individuals.

-- Total visits to be between 14.5 million and 14.7 million.

Quarterly Conference Call

The third quarter 2021 earnings conference call and webcast will be held Wednesday, October 27, 2021 at 4:30 p.m. E.T. The conference call can be accessed by dialing 1-833-968-2101 for U.S. participants, or 1-236-714-2089 for international participants, and referencing Conference ID Number: 3489052; 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 best in KLAS for Virtual Care Platforms in 2020 and #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 revenues, future earnings, future numbers of members 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. 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 to our abilities to recruit and retain qualified providers into our network; and (vi) 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.

TELADOC HEALTH, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data, unaudited)
                                                                                                                                                                                                                                      September 30,        December 31,
                                                                                                                                                                                                                                      2021                 2020
Assets
Current assets:
Cash and cash equivalents                                                                                                                                                                                                                    $      823,828       $      733,324
Short-term investments                                                                                                                                                                                                                              2,538                53,245
Accounts receivable, net of allowance of $11,277 and $6,412, respectively                                                                                                                                                                           178,072              169,281
Inventories                                                                                                                                                                                                                                         56,937               56,498
Prepaid expenses and other current assets                                                                                                                                                                                                           95,941               47,259
Total current assets                                                                                                                                                                                                                                1,157,316            1,059,607
Property and equipment, net                                                                                                                                                                                                                         27,027               28,551
Goodwill                                                                                                                                                                                                                                            14,470,399           14,581,255
Intangible assets, net                                                                                                                                                                                                                              1,932,012            2,020,864
Operating lease - right-of-use assets                                                                                                                                                                                                               47,935               46,647
Other assets                                                                                                                                                                                                                                        17,890               18,357
Total assets                                                                                                                                                                                                                                 $      17,652,579    $      17,755,281
Liabilities and stockholders' equity
Current liabilities:
Accounts payable                                                                                                                                                                                                                             $      34,655        $      46,030
Accrued expenses and other current liabilities                                                                                                                                                                                                      106,252              83,657
Accrued compensation                                                                                                                                                                                                                                75,891               94,593
Deferred revenue-current                                                                                                                                                                                                                            72,865               52,356
Advances from financing companies                                                                                                                                                                                                                   12,442               13,453
Current portion of long-term debt                                                                                                                                                                                                                   0                    42,560
Total current liabilities                                                                                                                                                                                                                           302,105              332,649
Other liabilities                                                                                                                                                                                                                                   1,328                1,616
Operating lease liabilities, net of current portion                                                                                                                                                                                                 42,729               43,142
Deferred revenue, net of current portion                                                                                                                                                                                                            4,075                2,449
Advances from financing companies, net of current portion                                                                                                                                                                                           9,561                9,926
Deferred taxes                                                                                                                                                                                                                                      93,824               102,103
Convertible senior notes, net                                                                                                                                                                                                                       1,211,375            1,379,592
Commitments and contingencies
Stockholders' equity:
Common stock, $0.001 par value; 300,000,000 shares authorized as of September 30, 2021 and December 31, 2020; 160,013,751 shares and 150,281,099 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively         160                  150
Additional paid-in capital                                                                                                                                                                                                                          17,399,023           16,857,797
Accumulated deficit                                                                                                                                                                                                                                 (1,410,469 )         (992,661   )
Accumulated other comprehensive (loss) gain                                                                                                                                                                                                         (1,132     )         18,518
Total stockholders' equity                                                                                                                                                                                                                          15,987,582           15,883,804
Total liabilities and stockholders' equity                                                                                                                                                                                                   $      17,652,579    $      17,755,281
TELADOC HEALTH, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share data, unaudited)
                                                                                               Quarter Ended September 30,              Nine Months Ended September 30,
                                                                                               2021                 2020                2021                   2020
Revenue                                                                                        $   521,658          $   288,812         $    1,478,472         $    710,641
Expenses:
Cost of revenue (exclusive of depreciation and amortization, which is shown separately below)      169,041              104,725              475,273                267,887
Operating expenses:
Advertising and marketing                                                                          111,078              52,302               303,738                132,395
Sales                                                                                              62,602               23,483               191,251                60,110
Technology and development                                                                         80,250               29,958               239,017                72,244
Acquisition, integration and transformation costs                                                  4,340                25,395               22,084                 30,686
General and administrative                                                                         103,016              59,742               319,404                162,699
Depreciation and amortization                                                                      51,907               12,932               151,907                32,535
Total expenses                                                                                     582,234              308,537              1,702,674              758,556
Loss from operations                                                                               (60,576     )        (19,725    )         (224,202    )          (47,915    )
Loss on extinguishment of debt                                                                     850                  1,227                43,728                 8,978
Other expense (income), net                                                                        376                  252                  (5,493      )          827
Interest expense, net                                                                              18,895               16,970               61,493                 38,849
Net loss before taxes                                                                              (80,697     )        (38,174    )         (323,930    )          (96,569    )
Income tax expense (benefit)                                                                       3,643                (2,290     )         93,878                 (5,400     )
Net loss                                                                                       $   (84,340     )    $   (35,884    )    $    (417,808    )     $    (91,169    )
Net loss per share, basic and diluted                                                          $   (0.53       )    $   (0.43      )    $    (2.68       )     $    (1.17      )
Weighted-average shares used to compute basic and diluted net loss per share                       159,435,165          83,607,902           155,926,680            77,821,073
TELADOC HEALTH, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands, unaudited)
                                                                                 Nine Months Ended September 30,
                                                                                 2021                2020
Cash flows provided by operating activities:
Net loss                                                                         $    (417,808 )     $    (91,169   )
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization                                                         151,907             32,535
Depreciation of rental equipment                                                      2,500               851
Amortization of right-of-use assets                                                   8,185               4,643
Allowance for doubtful accounts                                                       11,353              2,320
Stock-based compensation                                                              240,971             61,151
Deferred income taxes                                                                 91,414              (4,096    )
Accretion of interest                                                                 46,843              29,459
Loss on extinguishment of debt                                                        40,631              8,978
Gain on sale of investment                                                            (5,901   )          0
Other, net                                                                            38                  216
Changes in operating assets and liabilities:
Accounts receivable                                                                   (19,407  )          (16,450   )
Prepaid expenses and other current assets                                             (34,566  )          (5,906    )
Inventory                                                                             (2,661   )          (2,392    )
Other assets                                                                          (3,432   )          140
Accounts payable                                                                      (11,115  )          6,584
Accrued expenses and other current liabilities                                        15,880              17,269
Accrued compensation                                                                  (17,352  )          9,329
Deferred revenue                                                                      20,002              15,348
Operating lease liabilities                                                           (8,202   )          (4,360    )
Other liabilities                                                                     1,502               (3,025    )
Net cash provided by operating activities                                             110,782             61,425
Cash flows used in investing activities:
Capital expenditures                                                                  (5,611   )          (2,872    )
Capitalized software development costs                                                (35,402  )          (14,515   )
Proceeds from marketable securities                                                   50,000              0
Proceeds from the sale of investment                                                  10,901              0
Acquisitions of business, net of cash acquired                                        (75,944  )          (159,663  )
Other, net                                                                            3,150               0
Net cash used in investing activities                                                 (52,906  )          (177,050  )
Cash flows provided by financing activities:
Net proceeds from the exercise of stock options                                       22,956              40,627
Proceeds from issuance of 2027 Notes                                                  0                   1,000,000
Payment of issuance costs of 2027 Notes                                               0                   (24,070   )
Repurchase of 2022 Notes                                                              (139     )          (228,153  )
Proceeds from advances from financing companies                                       10,677              1,924
Payment against advances from financing companies                                     (12,053  )          (4,427    )
Proceeds from employee stock purchase plan                                            13,996              2,473
Cash received for withholding taxes on stock-based compensation, net                  3,109               326
Other, net                                                                            (4,224   )          0
Net cash provided by financing activities                                             34,322              788,700
Net increase in cash and cash equivalents                                             92,198              673,075
Foreign exchange difference                                                           (1,694   )          (129      )
Cash and cash equivalents at beginning of the period                                  733,324             514,353
Cash and cash equivalents at end of the period                                   $    823,828        $    1,187,299
Income taxes paid                                                                $    3,114          $    786
Interest paid                                                                    $    7,973          $    5,612

Stock-based Compensation Summary

Total compensation costs for stock-based awards were recorded as follows (in thousands):

                                                                                         Quarter Ended         Nine Months Ended
                                                                                         September 30,         September 30,
                                                                                         2021       2020       2021         2020
Cost of revenue (exclusive of depreciation and amortization, which is shown separately)  $ 2,162    $ 128      $  6,310     $  128
Advertising and marketing                                                                  5,244      1,644       15,141       4,447
Sales                                                                                      17,518     3,275       57,638       9,465
Technology and development                                                                 22,910     2,622       77,335       7,285
General and administrative                                                                 23,867     13,239      84,547       39,826
Total stock-based compensation expense (1)                                               $ 71,701   $ 20,908   $  240,971   $  61,151

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

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 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. We believe that these measures provide investors meaningful information to understand our results of operations and the ability to analyze financial and business trends on a period-to-period basis.

EBITDA consists of net loss before interest; other expense (income), net, including foreign exchange gain or loss; taxes; depreciation and amortization; and loss on extinguishment of debt. Adjusted EBITDA consists of net loss before interest; other expense (income), net, including foreign exchange gain or loss; taxes; depreciation and amortization; loss on extinguishment of debt; stock-based compensation; and acquisition, integration and transformation costs. We believe that making such adjustments provides investors meaningful information to understand our results of operations and the ability to analyze financial and business trends on a period-to-period basis.

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 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:

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.

We have not reconciled EBITDA or adjusted EBITDA guidance to GAAP net loss because we do not provide guidance on the individual reconciling items between EBITDA and adjusted EBITDA and GAAP net loss. This is due to the uncertainty as to timing, and the potential variability, of the individual reconciling items such as the tax impact of share-based compensation, the effect of which may be significant. Accordingly, a reconciliation of the non-GAAP financial measure guidance to the corresponding GAAP measure is not available without unreasonable effort.

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                                   Nine Months Ended
                                                                                               September 30,                                   September 30,
                                                                                               2021                    2020                    2021                     2020
Revenue                                                                                        $    521,658            $    288,812            $    1,478,472           $    710,641
Cost of revenue (exclusive of depreciation and amortization, which is shown separately below)       (169,041 )              (104,725 )              (475,273  )              (267,887 )
Depreciation and amortization of intangible assets                                                  (2,545   )              (1,149   )              (8,233    )              (4,078   )
Gross Profit                                                                                        350,072                 182,938                 994,966                  438,676
Depreciation and amortization of intangible assets                                                  2,545                   1,149                   8,233                    4,078
Adjusted gross profit                                                                          $    352,617            $    184,087            $    1,003,199           $    442,754
Gross margin                                                                                        67.1          %         63.3          %         67.3           %         61.7          %
Adjusted gross margin                                                                               67.6          %         63.7          %         67.9           %         62.3          %

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, unaudited)
                                                   Quarter Ended                     Nine Months Ended
                                                   September 30,                     September 30,
                                                   2021             2020             2021              2020
Net loss                                           $   (84,340 )    $   (35,884 )    $   (417,808 )    $   (91,169 )
Add:
Loss on extinguishment of debt                         850              1,227            43,728            8,978
Other expense (income), net                            376              252              (5,493   )        827
Interest expense, net                                  18,895           16,970           61,493            38,849
Income tax expense (benefit)                           3,643            (2,290  )        93,878            (5,400  )
Depreciation and amortization                          51,907           12,932           151,907           32,535
EBITDA                                                 (8,669  )        (6,793  )        (72,295  )        (15,380 )
Stock-based compensation                               71,701           20,908           240,971           61,151
Acquisition, integration and transformation costs      4,340            25,395           22,084            30,686
Adjusted EBITDA                                    $   67,372       $   39,510       $   190,760       $   76,457

Investors:

Patrick Feeley

914-265-7925

IR@teladochealth.com

Media:

Chris Stenrud

860-491-8821

pr@teladochealth.com

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COMTEX_395904039/2010/2021-10-27T16:05:09

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