EX-99.1 2 ex-99d1.htm EX-99.1 tdoc_EX_99_1

Exhibit 99.1

 

Picture 2

 

Teladoc Health Reports Fourth-Quarter

and Full-Year 2018 Results

 

Fourth-quarter revenue grows 59% to $122.7 million; Full-year 2018 revenue grows 79% to $417.9 million

 

Fourth-quarter total visits up 86% to 861,000; 2018 total visits up 80% to 2.6 million

 

Issues Initial 2019 Guidance

 

 

PURCHASE, NY, February 27, 2019 — Teladoc Health, Inc. (NYSE: TDOC), the global leader in virtual care, today reported financial results for the fourth quarter and full year ending December 31, 2018.

 

“We had an exceptional 2018 with solid performance across all of our key financial and operational metrics, enabling us to enter 2019 with significant momentum.  As virtual care becomes mainstream, we are uniquely positioned across all of our channels as the only global comprehensive virtual healthcare solution,” said Jason Gorevic, chief executive officer, Teladoc Health.  “We continue to extend our leadership position by delivering the highest quality care, successfully engaging consumers, broadening our scope of services, and expanding our global geographic reach.” 

 

Financial Highlights for the Fourth Quarter and Full Year Ended December 31, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

($ million)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarters Ended

 

Year over Year

 

Year Ended

 

Year over Year

 

 

 

December 31,

 

Growth

 

December 31,

 

Growth

 

 

    

2018

    

2017

    

 

    

2018

    

2017

    

 

 

Subscription Access Fees Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

78,340

 

$

55,409

 

41

%

 

$

277,091

 

$

179,184

 

55

%

 

International

 

 

24,362

 

 

9,963

 

145

%

 

 

73,693

 

 

18,338

 

302

%

 

Total

 

 

102,702

 

 

65,372

 

57

%

 

 

350,784

 

 

197,522

 

78

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Visit Fee Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Paid Visits

 

 

15,752

 

 

11,558

 

36

%

 

 

53,074

 

 

35,294

 

50

%

 

U.S. Visit Fee Only

 

 

3,751

 

 

 —

 

NM

 

 

 

12,508

 

 

 —

 

NM

 

 

International Paid Visits

 

 

536

 

 

210

 

155

%

 

 

1,541

 

 

463

 

233

%

 

Total

 

 

20,039

 

 

11,768

 

70

%

 

 

67,123

 

 

35,757

 

88

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Revenue*

 

$

122,741

 

$

77,140

 

59

%

 

$

417,907

 

$

233,279

 

79

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*Organic full-year and fourth-quarter 2018 revenue, excluding Advance Medical, increased by 36 percent and 33 percent, respectively, year over year.


 

 

 

 

 

 

 

 

 

 

Membership & Visit Fee Only Access

 

 

 

 

 

 

 

 

(millions)

 

 

 

 

 

 

 

 

 

 

Quarters Ended

 

Year over Year

 

 

 

December 31,

 

Growth

 

 

    

2018

    

2017

    

 

 

Total U.S. Paid Membership*

 

22.8

 

19.6

**

16

%

 

 

 

 

 

 

 

 

 

 

Total U.S. Visit Fee Only Access

 

9.5

 

 —

 

NM

 

 

 

*Organic full-year and fourth-quarter 2018 U.S. Paid Membership, excluding Advance Medical, was 21.8 million, up 11 percent year over year. 

**Adjusted for 3.6 million Aetna visit fee only lives.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Visits

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarters Ended

 

 

Year over Year

 

Years Ended

 

 

Year over Year

 

 

 

December 31,

 

 

Growth

 

December 31,

 

 

Growth

 

 

    

2018

 

 

2017

 

 

 

    

2018

 

 

2017

 

 

 

 

Paid Visits from U.S. Paid Membership

 

302

 

 

251

 

 

20

%

 

1,020

 

 

793

 

 

29

%

 

Percent of Paid Visits from U.S. Paid Membership

 

50

%

 

54

%

 

(9)

%

 

50

%

 

54

%

 

(8)

%

 

Visits Included from U.S. Paid Membership

 

305

 

 

211

 

 

45

%

 

1,016

 

 

667

 

 

52

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Visits from U.S. Paid Membership

 

607

 

 

462

 

 

31

%

 

2,036

 

 

1,461

 

 

39

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Visit Fee Only

 

49

 

 

 —

 

 

NM

 

 

172

 

 

 —

 

 

NM

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

International Visits

 

205

 

 

 1

 

 

NM

 

 

432

 

 

 3

 

 

NM

 

 

Total Visits

 

861

 

 

464

 

 

86

%

 

2,640

 

 

1,463

 

 

80

%

 

 

·

Gross margin was 67.4 percent for the fourth quarter 2018 compared to 70.6 percent for the fourth quarter 2017. Gross margin was 69.2 percent for the full year 2018 compared to 73.6 percent for the full year 2017.

·

Net loss was $(24.9) million for the fourth quarter 2018 compared to $(44.4) million for the fourth quarter 2017. Net loss was $(97.1) million for the full year 2018 compared to $(106.8) million for the full year 2017.

·

Net loss per basic and diluted share was $(0.35) for the fourth quarter 2018 compared to $(0.76) for the fourth quarter 2017. Net loss per basic and diluted share was $(1.47) for the full year 2018 compared to $(1.93) for the full year 2017.

·

EBITDA was $(8.3) million for the fourth quarter 2018 compared to $(17.2) million for the fourth quarter 2017. EBITDA was $(35.3) million for the full year 2018 compared to $(70.4) million for the full year 2017.

·

Adjusted EBITDA was a positive $5.8 million for the fourth quarter 2018 compared to $2.4 million for the fourth quarter 2017. Adjusted EBITDA was a positive $13.4 million for the full year 2018 compared to a loss of $(12.5) million for the full year 2017.

 

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.

 

For the first-quarter 2019, we expect: 

·

Total revenue to be in the range of $126 million to $129 million.

·

EBITDA loss to be in the range of $(14) million to $(16) million.

·

Adjusted EBITDA to be in the range of $0 million to positive $2 million.

·

Total U.S. paid membership to be in the range of 26 million to 26.5 million and visit-fee-only access to be available to approximately 9.8 million individuals.

·

Total visits to be between 950,000 and 1,050,000.  

·

Net loss per share, based on 70.8 million weighted average shares outstanding, to be between $(0.44) and $(0.46).

 

For the full-year 2019, we expect: 

·

Total revenue to be in the range of $535 million to $545 million.

·

EBITDA loss to be in the range of $(40) million to $(50) million.

·

Adjusted EBITDA to be in the range of positive $25 million to $35 million.

·

Total U.S. paid membership to be in the range of 27 million to 29 million members and visit-fee-only access to be available to approximately 9.8 million individuals.

·

Total visits to be between 3.6 million to 3.9 million.

·

Net loss per share, based on 71.9 million weighted average shares outstanding, to be between $(1.52) and $(1.66).

 

Quarterly Conference Call

 

The full-year and fourth-quarter 2018 earnings conference call and webcast will be held Wednesday, February 27, 2019 at 4:30 p.m. EST. The conference call can be accessed by dialing 1-833-241-4255 for U.S. participants, or 1-647-689-4206 for international participants, and including the following Conference ID Number: 5178989 to expedite caller registration; 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.

 

About Teladoc Health

 

A mission-driven organization, Teladoc Health, Inc. is successfully transforming how people access and experience healthcare, with a focus on high quality, lower costs, and improved outcomes around the world. The company’s award-winning, integrated clinical solutions are inclusive of telehealth, expert medical services, AI and analytics, and licensable platform services. With more than 2,000 employees, the organization delivers care in 125 countries and in more than 20 languages, partnering with employers, hospitals and health systems, and insurers to transform care delivery. 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 conditions.

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; and (v) changes to our abilities to recruit and retain qualified providers into our network. 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.


 

CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share data, unaudited)

 

 

 

 

 

 

 

 

 

 

December 31,

 

December 31,

 

 

2018

    

2017

 

 

 

 

 

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

423,989

 

$

42,817

Short-term investments

 

 

54,545

 

 

79,489

Accounts receivable, net of allowance of $3,382 and $2,422, respectively

 

 

43,571

 

 

27,094

Prepaid expenses and other current assets

 

 

10,631

 

 

6,839

Total current assets

 

 

532,736

 

 

156,239

Property and equipment, net

 

 

10,148

 

 

8,963

Goodwill

 

 

737,197

 

 

498,520

Intangible assets, net

 

 

247,394

 

 

159,811

Other assets

 

 

1,401

 

 

858

Total assets

 

$

1,528,876

 

$

824,391

Liabilities and stockholders’ equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

7,769

 

$

3,884

Accrued expenses and other current liabilities

 

 

26,801

 

 

19,357

Accrued compensation

 

 

27,869

 

 

17,089

Total current liabilities

 

 

62,439

 

 

40,330

Other liabilities

 

 

6,191

 

 

4,882

Deferred taxes

 

 

32,444

 

 

12,906

Convertible senior notes, net

 

 

414,683

 

 

207,370

Commitments and contingencies

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

Common stock, $0.001 par value; 150,000,000 and 100,000,000 shares authorized as of December 31, 2018 and December 31, 2017, respectively; 70,516,249 shares and 61,534,101 shares issued and outstanding as of December 31, 2018 and December 31, 2017, respectively

 

 

70

 

 

61

Additional paid-in capital

 

 

1,434,780

 

 

866,330

Accumulated deficit

 

 

(408,661)

 

 

(311,577)

Accumulated other comprehensive (loss) income

 

 

(13,070)

 

 

4,089

Total stockholders’ equity

 

 

1,013,119

 

 

558,903

Total liabilities and stockholders’ equity

 

$

1,528,876

 

$

824,391


 

 

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except share and per share data, unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarters Ended December 31,

 

Year Ended December 31,

 

 

 

    

2018

 

2017

 

2018

 

2017

 

 

Revenue

 

$

122,741

    

$

77,140

    

$

417,907

    

$

233,279

    

 

Cost of revenue

 

 

40,028

 

 

22,716

 

 

128,735

 

 

61,623

 

 

Gross profit

 

 

82,713

 

 

54,424

 

 

289,172

 

 

171,656

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advertising and marketing

 

 

23,555

 

 

18,441

 

 

85,109

 

 

57,663

 

 

Sales

 

 

14,509

 

 

11,279

 

 

59,154

 

 

37,984

 

 

Technology and development

 

 

13,544

 

 

10,446

 

 

54,373

 

 

34,459

 

 

Legal

 

 

1,023

 

 

760

 

 

1,866

 

 

1,485

 

 

Regulatory

 

 

467

 

 

616

 

 

2,115

 

 

3,387

 

 

Acquisition and integration related costs

 

 

1,434

 

 

2,557

 

 

10,391

 

 

13,196

 

 

Gain on sale

 

 

 —

 

 

 —

 

 

(5,500)

 

 

 —

 

 

General and administrative

 

 

36,461

 

 

27,482

 

 

116,916

 

 

79,781

 

 

Depreciation and amortization

 

 

9,557

 

 

7,402

 

 

35,602

 

 

19,095

 

 

Loss from operations

 

 

(17,837)

 

 

(24,559)

 

 

(70,854)

 

 

(75,394)

 

 

Amortization of warrants and loss on extinguishment of debt

 

 

 —

 

 

12,665

 

 

 —

 

 

14,122

 

 

Interest expense, net

 

 

6,663

 

 

7,813

 

 

26,112

 

 

17,491

 

 

Net loss before taxes

 

 

(24,500)

 

 

(45,037)

 

 

(96,966)

 

 

(107,007)

 

 

Income tax (benefit) provision

 

 

379

 

 

(654)

 

 

118

 

 

(225)

 

 

Net loss

 

$

(24,879)

 

$

(44,383)

 

$

(97,084)

 

$

(106,782)

 

 

Net loss per share, basic and diluted

 

$

(0.35)

 

$

(0.76)

 

$

(1.47)

 

$

(1.93)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average shares used to compute basic and diluted net loss per share

 

 

70,239,511

 

 

58,371,458

 

 

65,844,908

 

 

55,427,460

 

 

 


 

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands, unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2018

 

2017

 

Cash flows used in operating activities:

    

 

    

    

 

    

 

Net loss

 

$

(97,084)

 

$

(106,782)

 

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

 

 

 

Depreciation and amortization

 

 

35,602

 

 

19,095

 

Allowance for doubtful accounts

 

 

2,243

 

 

1,731

 

Stock-based compensation

 

 

43,769

 

 

30,597

 

Deferred income taxes

 

 

(2,247)

 

 

(306)

 

Accretion of interest

 

 

19,487

 

 

6,382

 

Amortization of warrants and loss on extinguishment of debt

 

 

 —

 

 

14,122

 

Gain on sale

 

 

(5,500)

 

 

 —

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

Accounts receivable

 

 

(10,931)

 

 

(3,659)

 

Prepaid expenses and other current assets

 

 

(2,612)

 

 

(2,003)

 

Other assets

 

 

(414)

 

 

98

 

Accounts payable

 

 

(391)

 

 

1,534

 

Accrued expenses and other current liabilities

 

 

3,993

 

 

4,292

 

Accrued compensation

 

 

8,480

 

 

3,768

 

Other liabilities

 

 

745

 

 

(3,310)

 

Net cash used in operating activities

 

 

(4,860)

 

 

(34,441)

 

Cash flows used in investing activities:

 

 

 

 

 

 

 

Purchase of property and equipment

 

 

(4,011)

 

 

(2,633)

 

Purchase of internal-use software

 

 

(4,396)

 

 

(2,882)

 

Purchase of marketable securities

 

 

(56,347)

 

 

(149,261)

 

Proceeds from marketable securities

 

 

84,170

 

 

85,753

 

Sale of assets

 

 

5,530

 

 

 —

 

Acquisition of business, net of cash acquired

 

 

(282,442)

 

 

(379,356)

 

Net cash used in investing activities

 

 

(257,496)

 

 

(448,379)

 

Cash flows provided by financing activities:

 

 

 

 

 

 

 

Net proceeds from the exercise of stock options

 

 

31,322

 

 

10,837

 

Proceeds from issuance of convertible notes

 

 

279,152

 

 

263,722

 

Proceeds from borrowing under bank and other debt

 

 

10

 

 

166,679

 

Repayment of debt

 

 

 —

 

 

(226,440)

 

Proceeds from issuance of common stock

 

 

330,843

 

 

258,554

 

Proceeds from employee stock purchase plan

 

 

2,564

 

 

2,153

 

Proceeds from cash received for withholding taxes on stock-based compensation, net

 

 

1,721

 

 

(74)

 

Net cash provided by financing activities

 

 

645,612

 

 

475,431

 

Net increase (decrease) in cash and cash equivalents

 

 

383,258

 

 

(7,389)

 

Foreign exchange difference

 

 

(2,084)

 

 

191

 

Cash and cash equivalents at beginning of the period

 

 

42,817

 

 

50,015

 

Cash and cash equivalents at end of the period

 

$

423,989

 

$

42,817

 

 

 

 

 

 

 

 

 

Income taxes paid

 

$

441

 

$

137

 

 

 

 

 

 

 

 

 

Interest paid

 

$

10,303

 

$

9,450

 

 


 

Operating Metrics

(In million, except for visits, unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarters Ended

 

Year Ended 

 

 

 

 

 

December 31,

 

December 31,

 

 

 

 

    

2018

    

2017

    

2018

    

2017

    

    

 

Subscription Access Fees:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

78,340

 

$

55,409

 

$

277,091

 

$

179,184

 

 

 

International

 

 

24,362

 

 

9,963

 

 

73,693

 

 

18,338

 

 

 

Visit Fee Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Paid Visits

 

 

15,752

 

 

11,558

 

 

53,074

 

 

35,294

 

 

 

U.S. Visit Fee Only

 

 

3,751

 

 

 —

 

 

12,508

 

 

 —

 

 

 

International Paid Visits

 

 

536

 

 

210

 

 

1,541

 

 

463

 

 

 

Total Revenues

 

$

122,741

 

$

77,140

 

$

417,907

 

$

233,279

 

 

 

 


 

Non-GAAP Financial Measures:

To supplement our financial information presented in accordance with generally accepted accounting principles in the United States, or U.S. GAAP, we use EBITDA and Adjusted EBITDA, which are non-U.S. 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.

EBITDA consists of net loss before interest, taxes, depreciation and amortization. We believe that making such adjustment 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.

Adjusted EBITDA consists of net loss before interest, taxes, depreciation, amortization, gain on sale of certain contracts, amortization of warrants and loss on extinguishment of debt, stock-based compensation and acquisition and integration related costs. We believe that making such adjustment 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 both financial measures are commonly used by investors to evaluate our performance and that of our competitors. However, our use of the term EBITDA and Adjusted EBITDA may vary from that of others in our industry. Neither EBITDA nor Adjusted EBITDA should be considered as an alternative to net loss before taxes, net loss, loss per share or any other performance measures derived in accordance with U.S. GAAP as measures of performance.

EBITDA and Adjusted EBITDA have important limitation as analytical tools and you should not consider them in isolation or as a substitute for analysis of our results as reported under U.S. GAAP. Some of these limitations are:

·

EBTIDA and Adjusted EBITDA do not reflect the significant interest expense on our debt;

·

EBTIDA and Adjusted EBITDA eliminate the impact of income taxes on our results of operations;

·

Adjusted EBITDA does not reflect the significant acquisition and integration related costs related to mergers and acquisitions;

·

Adjusted EBITDA does not reflect the significant gain on sale of certain non-core business contracts;

·

Adjusted EBITDA does not reflect the significant amortization of warrants and loss on extinguishment of debt;

·

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 EBITDA and Adjusted EBITDA differently than we do, limiting the usefulness of EBITDA and Adjusted EBITDA 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 EBITDA and Adjusted EBITDA do not reflect any expenditures for such replacements.


 

We compensate for these limitations by using EBITDA and Adjusted EBITDA along with other comparative tools, together with U.S. GAAP measurements, to assist in the evaluation of operating performance. Such U.S. GAAP measurements include gross profit, 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 EBITDA and Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by unusual or nonrecurring items.

 

Reconciliation of EBITDA and Adjusted EBITDA to Net Loss

(In thousands, unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended 

 

Year Ended 

 

 

 

 

December 31,

 

December 31,

 

 

 

    

2018

    

2017

    

2018

    

2017

    

 

Net loss

 

$

(24,879)

 

$

(44,383)

 

$

(97,084)

 

$

(106,782)

 

 

Add:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

6,663

 

 

7,813

 

 

26,112

 

 

17,491

 

 

Income tax (benefit) provision

 

 

379

 

 

(654)

 

 

118

 

 

(225)

 

 

Depreciation expense

 

 

939

 

 

1,305

 

 

4,057

 

 

3,771

 

 

Amortization expense

 

 

8,618

 

 

6,097

 

 

31,545

 

 

15,324

 

 

EBITDA(1)

 

 

(8,280)

 

 

(29,822)

 

 

(35,252)

 

 

(70,421)

 

 

Stock-based compensation

 

 

12,683

 

 

16,969

 

 

43,769

 

 

30,597

 

 

Amortization of warrants and loss on extinguishment of debt

 

 

 —

 

 

12,665

 

 

 —

 

 

14,122

 

 

Gain on sale

 

 

 —

 

 

 —

 

 

(5,500)

 

 

 —

 

 

Acquisition and integration related costs

 

 

1,434

 

 

2,557

 

 

10,391

 

 

13,196

 

 

Adjusted EBITDA(1)

 

$

5,837

 

$

2,369

 

$

13,408

 

$

(12,506)

 

 

 

Media:

Courtney McLeod

914-265-6789

cmcleod@teladochealth.com

 

Investors:
Valerie Haertel

914-265-6706

vhaertel@teladochealth.com