2024 Q4 Form 10-Q Financial Statement

#000147744924000225 Filed on October 31, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3
Revenue $640.5M
YoY Change -2.99%
Cost Of Revenue $179.7M
YoY Change -3.36%
Gross Profit $460.8M
YoY Change -2.85%
Gross Profit Margin 71.94%
Selling, General & Admin $161.7M
YoY Change -3.76%
% of Gross Profit 35.1%
Research & Development $72.38M
YoY Change -14.13%
% of Gross Profit 15.71%
Depreciation & Amortization $89.57M
YoY Change -5.02%
% of Gross Profit 19.44%
Operating Expenses $234.1M
YoY Change -7.22%
Operating Profit -$44.40M
YoY Change -31.4%
Interest Expense $5.660M
YoY Change 0.25%
% of Operating Profit
Other Income/Expense, Net $2.239M
YoY Change -224.94%
Pretax Income -$32.50M
YoY Change -45.44%
Income Tax $780.0K
% Of Pretax Income
Net Earnings -$33.28M
YoY Change -41.7%
Net Earnings / Revenue -5.2%
Basic Earnings Per Share -$0.19
Diluted Earnings Per Share -$0.19
COMMON SHARES
Basic Shares Outstanding 172.2M shares 171.2M shares
Diluted Shares Outstanding 171.5M shares

Balance Sheet

Concept 2024 Q4 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.244B
YoY Change 20.65%
Cash & Equivalents $1.244B
Short-Term Investments
Other Short-Term Assets $983.0K
YoY Change -88.17%
Inventory $36.99M
Prepaid Expenses $68.47M
Receivables $212.0M
Other Receivables $11.50M
Total Short-Term Assets $1.609B
YoY Change 15.97%
LONG-TERM ASSETS
Property, Plant & Equipment $28.03M
YoY Change -14.77%
Goodwill $283.2M
YoY Change -73.61%
Intangibles $1.497B
YoY Change -13.4%
Long-Term Investments
YoY Change
Other Assets $77.91M
YoY Change 4.65%
Total Long-Term Assets $1.920B
YoY Change -34.72%
TOTAL ASSETS
Total Short-Term Assets $1.609B
Total Long-Term Assets $1.920B
Total Assets $3.529B
YoY Change -18.47%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $37.80M
YoY Change 45.4%
Accrued Expenses $254.5M
YoY Change 13.13%
Deferred Revenue $88.33M
YoY Change -10.96%
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $550.7M
YoY Change
Total Short-Term Liabilities $931.4M
YoY Change 131.32%
LONG-TERM LIABILITIES
Long-Term Debt $990.6M
YoY Change -35.59%
Other Long-Term Liabilities $736.0K
YoY Change -56.53%
Total Long-Term Liabilities $736.0K
YoY Change -56.53%
TOTAL LIABILITIES
Total Short-Term Liabilities $931.4M
Total Long-Term Liabilities $736.0K
Total Liabilities $2.021B
YoY Change 399.81%
SHAREHOLDERS EQUITY
Retained Earnings -$16.18B
YoY Change 6.46%
Common Stock $17.73B
YoY Change 1.09%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.508B
YoY Change
Total Liabilities & Shareholders Equity $3.529B
YoY Change -18.47%

Cashflow Statement

Concept 2024 Q4 2024 Q3
OPERATING ACTIVITIES
Net Income -$33.28M
YoY Change -41.7%
Depreciation, Depletion And Amortization $89.57M
YoY Change -5.02%
Cash From Operating Activities $110.2M
YoY Change 4.33%
INVESTING ACTIVITIES
Capital Expenditures $31.15M
YoY Change -17.16%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$31.15M
YoY Change -17.16%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 698.0K
YoY Change -86.04%
NET CHANGE
Cash From Operating Activities 110.2M
Cash From Investing Activities -31.15M
Cash From Financing Activities 698.0K
Net Change In Cash 79.73M
YoY Change 9.21%
FREE CASH FLOW
Cash From Operating Activities $110.2M
Capital Expenditures $31.15M
Free Cash Flow $79.03M
YoY Change 16.22%

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Organization and Description of Business<div style="text-indent:36pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Teladoc Health, Inc., together with its subsidiaries, is referred to herein as “Teladoc Health,” or the “Company,” and is the global leader in whole person virtual care, forging a new healthcare experience with better convenience, outcomes, and value. The Company’s mission is to empower all people everywhere to live their healthiest lives by transforming the healthcare experience</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">.</span></div><div style="text-indent:36pt"><span><br/></span></div><div style="text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company was incorporated in the State of Texas in June 2002 and changed its state of incorporation to the State of Delaware in October 2008. Effective August 10, 2018, Teladoc, Inc. changed its corporate name to Teladoc Health, Inc. The Company’s principal executive office is located in Purchase, New York.</span></div>
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<div style="padding-left:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="padding-left:9pt"><span><br/></span></div><div style="text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. The Company bases its estimates on historical experience, current business and economic factors, and various other assumptions that the Company believes are necessary to form a basis for making judgments about the carrying values of assets and liabilities, the recorded amounts of revenue and expenses, and the disclosure of contingent assets and liabilities. The Company is subject to uncertainties such as the impact of future events, economic and political factors, and changes in the Company’s business environment; therefore, actual results could differ from these estimates. Accordingly, the accounting estimates used in the preparation of the Company’s condensed consolidated financial statements will change as new events occur, as more experience is acquired, as additional information is obtained and as the Company’s operating environment evolves. The Company believes that estimates used in the preparation of these condensed consolidated financial statements are reasonable; however, actual results could differ materially from these estimates.</span></div><div style="text-indent:36pt"><span><br/></span></div><div style="text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Changes in estimates are made when circumstances warrant. Such changes in estimates and refinements in estimation methodologies are reflected in the Condensed Consolidated Statements of Operations; if material, the effects of changes in estimates are disclosed in the Notes to Unaudited Condensed Consolidated Financial Statements. </span></div><div style="text-indent:36pt"><span><br/></span></div><div style="text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Significant estimates and assumptions by management affect areas including the value and useful life of long-lived assets (including intangible assets), the capitalization and amortization of software development costs, allowances for sales, and the accounting for business combinations. Other significant areas include revenue recognition (including performance guarantees), the accounting for income taxes, contingencies, litigation and related legal accruals, the accounting for stock-based compensation awards, and other items as described in Note 2. “Basis of Presentation and Principles of Consolidation" in the Summary of Significant Accounting policies in the 2023 Form 10-K and as may be updated in this Quarterly Report in Note 2. “Basis of Presentation and Principles of Consolidation."</span></div>
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<div style="padding-left:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Reclassifications</span></div><div style="padding-left:9pt"><span><br/></span></div><div style="text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain prior year amounts have been reclassified to conform to the current year presentation.</span></div>
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