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Teladoc(TDOC) - 2024 Q3 - Quarterly Results
TDOCTeladoc(TDOC)2024-10-30 20:11

Revenue Performance - Third Quarter 2024 revenue of 640.5million,down3640.5 million, down 3% year-over-year[2] - Revenue for Q3 2024 decreased by 3% to 640.5 million compared to 660.2millioninQ32023[24]−NineMonthsEndedSeptember30,2024revenuedecreased1660.2 million in Q3 2023[24] - Nine Months Ended September 30, 2024 revenue decreased 1% to 1,929.1 million from 1,941.9millionin2023[8]−RevenuefortheninemonthsendedSeptember30,2024,was1,941.9 million in 2023[8] - Revenue for the nine months ended September 30, 2024, was 1.93 billion, slightly down from 1.94billionin2023[42]−U.S.revenuedecreased61.94 billion in 2023[42] - U.S. revenue decreased 6% to 536.2 million, while International revenue grew 15% to 104.3million[5]−U.S.Revenuedeclinedby6104.3 million[5] - U.S. Revenue declined by 6% to 536.2 million in Q3 2024, while International Revenue increased by 15% to 104.3million[24]SegmentPerformance−IntegratedCaresegmentrevenueof104.3 million[24] Segment Performance - Integrated Care segment revenue of 383.7 million, up 2% year-over-year, with adjusted EBITDA margin improved to 17.7%[2] - BetterHelp segment revenue of 256.8million,down10256.8 million, down 10% year-over-year, with adjusted EBITDA margin of 5.9%[2] - Teladoc Health Integrated Care Revenue increased by 2% to 383.7 million in Q3 2024[29] - BetterHelp Total Revenue decreased by 10% to 256.8millioninQ32024[29]−AdjustedEBITDAforTeladocHealthIntegratedCareincreasedby8256.8 million in Q3 2024[29] - Adjusted EBITDA for Teladoc Health Integrated Care increased by 8% to 68.0 million in Q3 2024[29] - Adjusted EBITDA Margin for BetterHelp decreased to 5.9% in Q3 2024 from 9.1% in Q3 2023[29] - Teladoc Health Integrated Care segment Adjusted EBITDA increased to 68.0millioninQ32024from68.0 million in Q3 2024 from 62.8 million in Q3 2023[44] - BetterHelp segment Adjusted EBITDA decreased to 15.2millioninQ32024from15.2 million in Q3 2024 from 25.9 million in Q3 2023[44] Net Loss and EBITDA - Third Quarter 2024 net loss of 33.3million,or33.3 million, or 0.19 per share[2] - Third Quarter 2024 adjusted EBITDA of 83.3million,down683.3 million, down 6% year-over-year[2] - Net loss for the nine months ended September 30, 2024, was 952.8 million, compared to 191.5millioninthesameperiodin2023[31]−NetlossforQ32024was191.5 million in the same period in 2023[31] - Net loss for Q3 2024 was 33.3 million, compared to 57.1millioninQ32023,showinga41.757.1 million in Q3 2023, showing a 41.7% improvement[44] - Consolidated Adjusted EBITDA for Q3 2024 was 83.3 million, slightly down from 88.8millioninQ32023[44]CashFlowandCapitalExpenditures−NetcashprovidedbyoperatingactivitiesfortheninemonthsendedSeptember30,2024,was88.8 million in Q3 2023[44] Cash Flow and Capital Expenditures - Net cash provided by operating activities for the nine months ended September 30, 2024, was 207.8 million, down from 219.9millionin2023[31]−NetcashprovidedbyoperatingactivitiesforthethreemonthsendedSeptember30,2024,was219.9 million in 2023[31] - Net cash provided by operating activities for the three months ended September 30, 2024, was 110.2 million, up from 105.6millionin2023[33]−FreeCashFlowforQ32024was105.6 million in 2023[33] - Free Cash Flow for Q3 2024 was 79.0 million, up from 68.0millioninQ32023[45]−CapitalexpendituresforQ32024were68.0 million in Q3 2023[45] - Capital expenditures for Q3 2024 were 31.1 million, down from 37.6millioninQ32023[45]−CapitalizedsoftwaredevelopmentcostsfortheninemonthsendedSeptember30,2024,were37.6 million in Q3 2023[45] - Capitalized software development costs for the nine months ended September 30, 2024, were 89.8 million, down from 109.8millionin2023[31]−Cashandcashequivalentsattheendoftheperiodwere109.8 million in 2023[31] - Cash and cash equivalents at the end of the period were 1.24 billion, up from 1.03billionattheendof2023[31]GoodwillImpairment−Non−cashgoodwillimpairmentchargeof1.03 billion at the end of 2023[31] Goodwill Impairment - Non-cash goodwill impairment charge of 790.0 million recorded in the first nine months of 2024, primarily related to the BetterHelp segment[9] - Goodwill impairment of 790.0millionwasrecordedintheninemonthsendedSeptember30,2024,comparedtononein2023[31]MembershipandEnrollment−U.S.IntegratedCareMembersexpectedtobe93.5−94.5millionforthefullyearof2024[14]−U.S.IntegratedCareMembersincreasedby4790.0 million was recorded in the nine months ended September 30, 2024, compared to none in 2023[31] Membership and Enrollment - U.S. Integrated Care Members expected to be 93.5 - 94.5 million for the full year of 2024[14] - U.S. Integrated Care Members increased by 4% to 93.9 million in Q3 2024[26] - Chronic Care Program Enrollment grew by 5% to 1.179 million in Q3 2024[26] - BetterHelp Paying Users decreased by 13% to 0.398 million in Q3 2024[27] - U.S. Integrated Care Members represent unique individuals with access to integrated care services at the end of the period[46] - Chronic Care Program Enrollment represents total enrollees across chronic care programs at the end of the period[48] - BetterHelp Paying Users represent the average number of global monthly paying users of therapy services[49] Total Visits and Adjusted Gross Profit - Total Visits decreased by 7% to 4.1 million in Q3 2024 compared to 4.4 million in Q3 2023[25] - Adjusted gross profit for the nine months ended September 30, 2024, was 1.37 billion, with an adjusted gross margin of 70.8%, consistent with 2023[42] Assets and Liabilities - Total assets as of September 30, 2024, were 3.53billion,downfrom3.53 billion, down from 4.39 billion at the end of 2023[34] - Total liabilities as of September 30, 2024, were 2.02billion,downfrom2.02 billion, down from 2.07 billion at the end of 2023[34] Business Segments Overview - The company operates two segments: Teladoc Health Integrated Care and BetterHelp, offering various virtual medical and therapy services[50] Future Expectations - For the fourth quarter of 2024, Integrated Care segment revenue growth expected to be 0% - 2.5% year-over-year, with adjusted EBITDA margin of 12.25% - 13.75%[14]