0001558370-22-001588.txt : 20220222 0001558370-22-001588.hdr.sgml : 20220222 20220222160824 ACCESSION NUMBER: 0001558370-22-001588 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20220222 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20220222 DATE AS OF CHANGE: 20220222 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Teladoc Health, Inc. CENTRAL INDEX KEY: 0001477449 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-OFFICES & CLINICS OF DOCTORS OF MEDICINE [8011] IRS NUMBER: 043705970 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-37477 FILM NUMBER: 22658110 BUSINESS ADDRESS: STREET 1: 2 MANHATTANVILLE ROAD STREET 2: SUITE 203 CITY: PURCHASE STATE: NY ZIP: 10577 BUSINESS PHONE: 2036352002 MAIL ADDRESS: STREET 1: 2 MANHATTANVILLE ROAD STREET 2: SUITE 203 CITY: PURCHASE STATE: NY ZIP: 10577 FORMER COMPANY: FORMER CONFORMED NAME: Teladoc, Inc. DATE OF NAME CHANGE: 20091123 8-K 1 tdoc-20220222x8k.htm 8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, District of Columbia 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): February 22, 2022

Teladoc Health, Inc.

(Exact Name of Registrant as Specified in its Charter)


Delaware	001-37477	04-3705970
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)


2 Manhattanville Road, Suite 203
Purchase, New York		10577
(Address of Principal Executive Offices)		(Zip Code)

(203) 635-2002

(Registrant’s telephone number, including area code)

Not applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

.

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.001 per share	TDOC	The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the

Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2

of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended

transition period for complying with any new or revised financial accounting standards provided pursuant to Section

13(a) of the Exchange Act. ☐

Item 2.02.Results of Operations and Financial Condition.

On February 22, 2022, Teladoc Health, Inc. (the “Company”) issued a press release relating to its financial results for the fourth quarter and full year 2021. A copy of the press release, which is incorporated by reference herein, is attached hereto as Exhibit 99.1.

The foregoing information (including the exhibit set forth in Item 9.01 hereto) is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such filing.

Item 9.01.Financial Statements and Exhibits.

(d)Exhibits.


Exhibit No.		Description
99.1*		Teladoc Health, Inc. press release, dated February 22, 2022.

104		Cover Page Interactive Data File (formatted as Inline XBRL).

* Furnished herewith.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


	TELADOC HEALTH, INC.

Date: February 22, 2022
	By:	/s/ Adam C. Vandervoort
	Name:	Adam C. Vandervoort
	Title:	Chief Legal Officer and Secretary

EX-99.1 2 tdoc-20220222xex99d1.htm EX-99.1

Exhibit 99.1

Teladoc Health Reports Fourth Quarter and Full Year 2021 Results

●	Fourth quarter revenue grows 45% year-over-year to $554.2 million and total visits increase 41% to 4.4 million

●	Full year revenue grows 86% year-over-year to $2,032.7 million and total visits increase 38% to 15.4 million

●	Full year cash flows from operations grew to $194.0 million

●	Full year 2022 Revenue guidance of $2.55 to $2.65 billion, representing 25% to 30% growth

PURCHASE, NY, February 22, 2022— Teladoc Health, Inc. (NYSE: TDOC), the global leader in whole-person virtual care, today reported financial results for the fourth quarter and full year ended December 31, 2021.

“Teladoc Health took a huge step forward in bringing true whole-person care to life for consumers and clients in 2021,” said Jason Gorevic, chief executive officer of Teladoc Health. “We successfully delivered against performance metrics, solidified our position as the partner of choice for our clients and connected millions of consumers with high-quality care. Our commitment to be the first stop along the consumer healthcare journey – regardless of need – remains unwavering. And Teladoc Health is clearly differentiated by the breadth and depth of our offerings, an integrated suite of virtual care services that connect individuals with chronic, primary, acute and specialty care. We saw meaningful growth and penetration across several key areas of our business, in mental health through both BetterHelp in the direct-to-consumer space and our new MyStrength Complete B2B2C approach to right care at the right time, as well as primary care through Primary 360, all helping to meet a greater share of an individual’s healthcare needs.”

“Healthcare has a ‘new normal’ resulting from the pandemic’s intersection of health needs and virtual solutions that has forever changed the experience of healthcare. We are proud of the role Teladoc Health has played in leading this transformation and are equally excited about our role in 2022 and beyond as we continue to innovate, further evolving whole-person care, introducing new services like Chronic Care Complete, expanding into new markets and deepening our relationships with our clients and consumers," Gorevic added.


Key Financial Data
($ thousands, unaudited)
	Quarter Ended				Year over Year		Year Ended				Year over Year
	December 31,				Change		December 31,				Change
	2021		2020				2021		2020
Revenue	$	554,235	$	383,321	45	%	$	2,032,707	$	1,093,962	86	%

Net Loss	$	(10,985)	$	(393,967)	n	m	$	(428,793)	$	(485,136)	n	m
Net Loss per share, basic and diluted	$	(0.07)	$	(3.07)	n	m	$	(2.73)	$	(5.36)	n	m

Adjusted EBITDA*	$	77,077	$	50,384	53	%	$	267,837	$	126,841	111	%

Cash Flow from Operations	$	83,208	$	(114,936)	n	m	$	193,990	$	(53,511)	n	m

* 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

Fourth Quarter 2021

Revenue increased 45% to $554.2 million, from $383.3 million in the fourth quarter of 2020. Access fees revenue grew 51% to $469.9 million and visit fee revenue grew 21% to $68.9 million. U.S. Revenues grew 45% to $482.9 million and International revenues grew 40% to $71.3 million.

Net loss totaled $11.0 million, or $(0.07) per share, compared to $394.0 million, or $(3.07) per share, in the fourth quarter of 2020. Results for the fourth quarter of 2021 included stock-based compensation expense of $61.6 million, or $(0.39) per share, amortization of acquired intangibles of $45.1 million, or $(0.28) per share, and non-cash income tax benefit of $49.7 million, or $0.31 per share.

Results for the fourth quarter of 2020 included stock-based compensation expense of $414.4 million, or $(3.23) per share, amortization of acquired intangibles of $33.0 million, or $(0.26) per share, and non-cash income tax benefit of $85.5 million, or $0.67 per share.

Adjusted EBITDA* increased 53% to $77.1 million, compared to $50.4 million in the fourth quarter of 2020.

GAAP Gross margin, which includes depreciation and amortization, was 67.5 percent for the fourth quarter of 2021 compared to 67.2 percent for the fourth quarter of 2020.

Adjusted Gross margin* was 68.4 percent for the fourth quarter of 2021 compared to 67.9 percent for the fourth quarter of 2020.

Average revenue per U.S. paid member increased to $2.49 in the fourth quarter of 2021, from $1.63 in the fourth quarter of 2020 and $2.40 in the third quarter of 2021.

Full Year Ended December 31, 2021

Revenue increased 86% to $2,032.7 million, from $1,094.0 million for the year ended December 31, 2020. Access fees revenue grew 104% to $1,732.0 million and visit fee revenue grew 15% to $254.2 million. U.S. Revenues grew 94% to $1,774.0 million and International revenues grew 44% to $258.7 million.

Net loss totaled $428.8 million, or $(2.73) per share, compared to $485.1 million, or $(5.36) per share, for the year ended December 31, 2021. Results for the year ended December 31, 2021 included stock-based compensation expense of $302.6 million, or $(1.93) per share, amortization of acquired intangibles of $178.9 million, or $(1.14) per share, loss on extinguishment of debt of $43.7 million, or $(0.28) per share, and non-cash income tax expense of $44.1 million, or $(0.28) per share.

Results for the year ended December 31, 2020 included stock-based compensation expense $475.5 million, or $(5.25) per share, amortization of acquired intangibles $57.5 million, or $(0.64)

per share, loss on extinguishment of debt $9.1 million, or $(0.10) per share, and non-cash income tax benefit $90.9 million, or $1.00 per share.

Adjusted EBITDA* increased 111% to $267.8 million, compared to $126.8 million in 2020.

GAAP Gross margin, which includes depreciation and amortization, was 67.2 percent for the full year 2021 compared to 63.1 percent in 2020.

Adjusted Gross margin* was 68.0 percent for the full year 2021 compared to 64.3 percent in 2020.

Financial Outlook

Teladoc Health provides guidance 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 guidance ranges provide a reasonable baseline for 2022 financial performance.

For the first quarter of 2022, we expect:


	1Q 2022 Guidance Range
Revenue	$565 to $571 million
EBITDA	$(23) to $(16) million
Adjusted EBITDA	$51 to $55 million
Net loss per share	$(0.60) to $(0.50) per share
Total U.S. Paid Membership	54.0 to 54.5 million members
Visit Fee Only Access	24.0 to 25.0 million
Total Visits	4.3 to 4.5 million visits

For the full year 2022, we expect:


	Full Year 2022 Guidance Range
Revenue	$2.55 to $2.65 billion
EBITDA	$18 to $48 million
Adjusted EBITDA	$330 to $355 million
Net loss per share	$(1.60) to $(1.40) per share
Total U.S. Paid Membership	54.0 to 56.0 million members
Visit Fee Only Access	24.0 to 25.0 million
Total Visits	18.5 to 20.0 million visits

Earnings Conference Call

The fourth quarter and full year 2021 earnings conference call and webcast will be held Tuesday, February 22, 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: 335463; 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 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; and (vii) 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 (1)
($ thousands)	Quarter Ended				Year over Year		Year Ended				Year over Year
	December 31,				Growth		December 31,				Growth
	2021		2020				2021		2020
Access Fees Revenue
U.S.	$	403,095	$	263,220	53	%	$	1,488,420	$	678,168	119	%
International		66,821		48,954	36	%		243,585		169,087	44	%
Total		469,916		312,174	51	%		1,732,005		847,255	104	%

Visit Fee Revenue
U.S.		65,328		55,437	18	%		241,515		211,664	14	%
International		3,588		1,608	123	%		12,719		9,792	30	%
Total		68,916		57,045	21	%		254,234		221,456	15	%

Other
U.S.		14,472		13,589	6	%		44,089		23,888	85	%
International		931		513	81	%		2,379		1,363	75	%
Total		15,403		14,102	9	%		46,468		25,251	84	%

Total Revenue	$	554,235	$	383,321	45	%	$	2,032,707	$	1,093,962	86	%

U.S. Revenue	$	482,895	$	332,246	45	%	$	1,774,024	$	913,720	94	%
International Revenue		71,340		51,075	40	%		258,683		180,242	44	%
Total Revenue	$	554,235	$	383,321	45	%	$	2,032,707	$	1,093,962	86	%

Average U.S. Revenue Per Member (2)	$	2.49	$	1.63	52	%


Visits (1)
(thousands)	Quarter Ended				Year over Year		Year Ended				Year over Year
	December 31,				Growth		December 31,				Growth
	2021		2020				2021		2020
U.S. Visits		3,291		2,289	44	%		11,482		8,083	42	%
International Visits		1,116		828	35	%		3,917		3,096	27	%
Total Visits		4,407		3,117	41	%		15,399		11,179	38	%

Utilization (3)		22.7%		16.0%	668	pt		20.1%		14.5%	563	pt

Platform-Enabled Sessions (4)		982		1,089	(10)	%		4,060		2,076	96	%

Total Visits & Sessions Provided & Enabled		5,389		4,206	28	%		19,459		13,255	47	%


Membership and Visit Fee Only Access
(millions)	Year Ended
	December 31,		Growth
	2021	2020
U.S. Paid Membership	53.6	51.8	3	%

U.S. Visit Fee Only Access	24.2	21.3	14	%

Chronic Care Enrollment	0.729	0.596	22	%

(1) During the fourth quarter of 2021, Teladoc Health, Inc. (“Teladoc Health” or “the Company”) refined its definition of international revenues to reflect all international revenues based on location of the customer. Previously, direct to consumer activities were primarily reflected based on the location of operations. In addition, certain activities related to our international operations are now reflected in visit revenues versus access fee revenues. Prior period amounts have been recast to conform with current presentation. Consistent with this change, the corresponding metrics have been updated, including the addition of approximately 590,000 and 588,000 visits for 2021 and 2020, respectively.

(2) Average U.S. Revenue Per Member measures the average quarterly amount of access revenue that the Company generates from a U.S. paid member. It is calculated by dividing the quarterly 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 quarter.

(3) Utilization measures the ratio of visits to total U.S. paid members. It is calculated by dividing monthly visits by monthly U.S. paid members in the quarter and annualizing the result. Visit fee only visits are excluded.

(4) 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.

TELADOC HEALTH, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

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


	Quarter Ended December 31,				Year Ended December 31,
	2021		2020		2021		2020
Revenue	$	554,235	$	383,321	$	2,032,707	$	1,093,962
Expenses:
Cost of revenue (exclusive of depreciation and amortization, which is shown separately below)		174,985		122,942		650,258		390,829
Operating expenses:
Advertising and marketing		112,988		93,751		416,726		226,146
Sales		59,330		93,942		250,581		154,052
Technology and development		72,867		92,697		311,884		164,941
Acquisition, integration, and transformation costs		4,559		57,550		26,643		88,236
General and administrative		118,603		343,985		438,007		506,684
Depreciation and amortization		52,332		36,960		204,239		69,495
Total expenses		595,664		841,827		2,298,338		1,600,383
Loss from operations		(41,429)		(458,506)		(265,631)		(506,421)
Loss on extinguishment of debt		20		99		43,748		9,077
Other expense (income), net		405		(282)		(5,088)		545
Interest expense, net		18,872		21,101		80,365		59,950
Net loss before taxes		(60,726)		(479,424)		(384,656)		(575,993)
Income tax (benefit) expense		(49,741)		(85,457)		44,137		(90,857)
Net loss	$	(10,985)	$	(393,967)	$	(428,793)	$	(485,136)

Net loss per share, basic and diluted	$	(0.07)	$	(3.07)	$	(2.73)	$	(5.36)

Weighted-average shares used to compute basic and diluted net loss per share		159,944,335		128,298,005		156,939,349		90,509,229

Stock-based Compensation Summary

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


	Quarter Ended				Year Ended
	December 31,				December 31,
	2021		2020		2021		2020
Cost of revenue (exclusive of depreciation and amortization, which is shown separately)	$	1,970	$	2,572	$	8,280	$	2,700
Advertising and marketing		3,811		22,548		18,952		26,995
Sales		13,837		56,265		71,475		65,730
Technology and development		18,226		53,271		95,561		60,556
General and administrative		23,771		279,724		108,318		319,550
Total stock-based compensation expense (1)	$	61,615	$	414,380	$	302,586	$	475,531

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

TELADOC HEALTH, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands, unaudited)


	Year Ended December 31,
	2021		2020
Operating activities:
Net loss	$	(428,793)	$	(485,136)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization		204,239		69,495
Depreciation of rental equipment		3,333		1,697
Amortization of right-of-use assets		12,049		6,895
Provision for doubtful accounts		16,941		5,284
Stock-based compensation		302,586		475,531
Deferred income taxes		41,800		(90,158)
Accretion of interest		61,253		45,296
Loss on extinguishment of debt		40,652		9,077
Gain on sale of investment		(5,901)		0
Other, net		(3,845)		(1,009)
Changes in operating assets and liabilities:
Accounts receivable		(17,510)		(21,091)
Prepaid expenses and other current assets		(31,090)		(12,565)
Inventory		(19,494)		(24,732)
Other assets		(3,547)		(8,135)
Accounts payable		1,188		(87,995)
Accrued expenses and other current liabilities		18,175		20,125
Accrued compensation		(4,675)		34,819
Deferred revenue		20,554		17,751
Operating lease liabilities		(16,532)		(6,300)
Other liabilities		2,607		(2,360)
Net cash provided by (used in) operating activities		193,990		(53,511)
Investing activities:
Capital expenditures		(8,534)		(4,024)
Capitalized software		(55,400)		(22,018)
Proceeds from marketable securities		50,000		2,496
Proceeds from the sale of investment		10,901		0
Acquisitions of business, net of cash acquired		(78,663)		(567,429)
Other, net		8,715		0
Net cash used in investing activities		(72,981)		(590,975)
Financing activities:
Net proceeds from the exercise of stock options		25,781		54,314
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 the sale of capped call related to the Livongo Notes		0		91,659
Proceeds from advances from financing companies		15,275		6,002
Payment against advances from financing companies		(16,050)		(8,635)
Payment of assumed indebtedness		0		(10,000)
Proceeds from employee stock purchase plan		16,810		4,722
Cash received (paid) for withholding taxes on stock-based compensation, net		3,422		(26,703)
Other, net		(4,152)		0
Net cash provided by financing activities		40,947		859,136
Net increase in cash and cash equivalents		161,956		214,650
Foreign exchange difference		(1,800)		4,321
Cash and cash equivalents at beginning of the period		733,324		514,353
Cash and cash equivalents at end of the period	$	893,480	$	733,324

Income taxes paid	$	3,974	$	1,324

Interest paid	$	16,430	$	14,890

TELADOC HEALTH, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

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


	December 31,		December 31,
	2021		2020

Assets
Current assets:
Cash and cash equivalents	$	893,480	$	733,324
Short-term investments		2,537		53,245
Accounts receivable, net of provision of $12,384 and $6,412, respectively		168,956		169,281
Inventories		73,079		56,498
Prepaid expenses and other current assets		87,387		47,259
Total current assets		1,225,439		1,059,607
Property and equipment, net		27,234		28,551
Goodwill		14,504,174		14,581,255
Intangible assets, net		1,910,278		2,020,864
Operating lease - right-of-use assets		46,780		46,647
Other assets		20,703		18,357
Total assets	$	17,734,608	$	17,755,281
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	47,257	$	46,030
Accrued expenses and other current liabilities		102,933		83,657
Accrued compensation		91,941		94,593
Deferred revenue-current		75,569		52,356
Advances from financing companies		13,313		13,453
Current portion of long-term debt		—		42,560
Total current liabilities		331,013		332,649
Other liabilities		1,492		1,616
Operating lease liabilities, net of current portion		41,773		43,142
Deferred revenue, net of current portion		3,834		2,449
Advances from financing companies, net of current portion		9,291		9,926
Deferred taxes, net		75,777		102,103
Convertible senior notes, net		1,225,671		1,379,592
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.001 par value; 300,000,000 shares authorized as of December 31, 2021 and 2020; 160,469,325 shares and 150,281,099 shares issued and outstanding as of December 31, 2021 and 2020, respectively		160		150
Additional paid-in capital		17,473,336		16,857,797
Accumulated deficit		(1,421,454)		(992,661)
Accumulated other comprehensive (loss) gain		(6,285)		18,518
Total stockholders’ equity		16,045,757		15,883,804
Total liabilities and stockholders’ equity	$	17,734,608	$	17,755,281

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; 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 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:

●

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 the significant interest expense on our debt;

●

EBITDA and adjusted EBITDA eliminate the impact of 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, 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						Year Ended
	December 31,						December 31,
	2021			2020			2021			2020
Revenue	$	554,235		$	383,321		$	2,032,707		$	1,093,962
Cost of revenue (exclusive of depreciation and amortization, which is shown separately below)		(174,985)			(122,942)			(650,258)			(390,829)
Depreciation and amortization of intangible assets		(5,406)			(2,846)			(16,546)			(12,394)
Gross Profit		373,844			257,533			1,365,903			690,739
Depreciation and amortization of intangible assets		5,406			2,846			16,546			12,394
Adjusted gross profit	$	379,250		$	260,379		$	1,382,449		$	703,133

Gross margin		67.5	%		67.2	%		67.2	%		63.1	%
Adjusted gross margin		68.4	%		67.9	%		68.0	%		64.3	%

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, except for guidance data, unaudited)


	Quarter Ended				Year Ended				Guidance in millions (1)
	December 31,				December 31,				First Quarter		Full Year
	2021		2020		2021		2020		2022		2022
Net loss	$	(10,985)	$	(393,967)	$	(428,793)	$	(485,136)	$	(91) - $(81)	$	(259) - $(213)
Add:
Loss on extinguishment of debt		20		99		43,748		9,077
Other expense (income), net		405		(282)		(5,088)		545
Interest expense, net		18,872		21,101		80,365		59,950
Income tax (benefit) expense		(49,741)		(85,457)		44,137		(90,857)
Depreciation and amortization		52,332		36,960		204,239		69,495
Total loss on extinguishment of debt; other expense (income), net; interest expense, net; income tax (benefit) expense; and depreciation and amortization		21,888		(27,579)		367,401		48,210		68 - 65		277 - 261
EBITDA		10,903		(421,546)		(61,392)		(436,926)		(23) - (16)		18 - 48
Stock-based compensation		61,615		414,380		302,586		475,531
Acquisition, integration, and transformation costs		4,559		57,550		26,643		88,236
Total stock-based compensation and acquisition, integration, and transformation costs		66,174		471,930		329,229		563,767		74 - 71		312 - 307
Adjusted EBITDA	$	77,077	$	50,384	$	267,837	$	126,841	$	51 - $55	$	330 - $355

(1) We have not provided a full line-item reconciliation for net loss to EBITDA or adjusted EBITDA guidance because we do not provide guidance 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 stock-based compensation and the related tax impact, 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 guidance is not available without unreasonable effort.


Revenues and Selected Operating Metrics (1)
(In thousands, except Average U.S. Revenue per Member)
	1Q		2Q		3Q		4Q		1Q		2Q		3Q		4Q
Revenue	2020		2020		2020		2020		2021		2021		2021		2021
Access Fees Revenue
U.S.	$	99,917	$	138,396	$	176,635	$	263,220	$	327,553	$	371,591	$	386,181	$	403,095
International		34,147		40,187		45,799		48,954		54,553		59,474		62,737		66,821
Total		134,064		178,583		222,434		312,174		382,106		431,065		448,918		469,916

Visit Fee Revenue
U.S.		44,043		59,556		52,628		55,437		57,128		59,196		59,863		65,328
International		2,692		2,891		2,601		1,608		3,383		3,058		2,690		3,588
Total		46,735		62,447		55,229		57,045		60,511		62,254		62,553		68,916

Other
U.S.		-		-		10,299		13,589		10,671		9,363		9,583		14,472
International		-		-		850		513		387		457		604		931
Total		-		-		11,149		14,102		11,058		9,820		10,187		15,403

Total Revenue	$	180,799	$	241,030	$	288,812	$	383,321	$	453,675	$	503,139	$	521,658	$	554,235

U.S. Revenue	$	143,960	$	197,952	$	239,562	$	332,246	$	395,352	$	440,150	$	455,627	$	482,895
International Revenue		36,839		43,078		49,250		51,075		58,323		62,989		66,031		71,340
Total Revenue	$	180,799	$	241,030	$	288,812	$	383,321	$	453,675	$	503,139	$	521,658	$	554,235

Average U.S. Revenue per Member	$	0.80	$	0.92	$	1.06	$	1.63	$	2.09	$	2.31	$	2.40	$	2.49

Visits
U.S. Visits		1,514		2,108		2,172		2,289		2,461		2,723		3,007		3,291
International Visits		706		769		793		828		881		929		991		1,116
Total Visits		2,220		2,877		2,965		3,117		3,342		3,652		3,998		4,407

U.S. Paid Membership		42.9		51.5		51.5		51.8		51.5		52.0		52.5		53.6

Utilization		12.1%		14.4%		14.8%		16.0%		17.5%		19.1%		21.0%		22.7%

Platform-Enabled Sessions		n/a		n/a		987		1,089		1,092		1,017		969		982

Total Visits & Sessions Provided & Enabled		2,220		2,877		3,952		4,206		4,434		4,669		4,967		5,389

(1) During the fourth quarter of 2021, the Company refined its definition of international revenues to reflect all international revenues based on location of the customer. Previously, direct to consumer activities were primarily reflected based on the location of operations. In addition, certain activities related to our international operations are now reflected in visit revenues versus access fee revenues. Prior period amounts have been recast to conform with current presentation. Consistent with this change, the corresponding metrics have been updated.

n/a – Not applicable

Investors:
Patrick Feeley

914-265-7925

IR@teladochealth.com

Media:

Chris Stenrud

860-491-8821

pr@teladochealth.com

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Document and Entity Information	Feb. 22, 2022
Document and Entity Information [Abstract]
Document Type	8-K
Document Period End Date	Feb. 22, 2022
Entity Registrant Name	Teladoc Health, Inc.
Entity Incorporation, State or Country Code	DE
Entity File Number	001-37477
Entity Tax Identificatoin Number	04-3705970
Entity Address, Address Line One	2 Manhattanville Road
Entity Address, Adress Line Two	Suite 203
Entity Address, City or Town	Purchase
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10577
City Area Code	203
Local Phone Number	635-2002
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	TDOC
Security Exchange Name	NYSE
Entity Emerging Growth Company	false
Entity Central Index Key	0001477449
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