$TDOC
Teladoc Health, Inc.

2021 Q3 Form 10-Q Financial Statement

#000155837021009808 Filed on August 02, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2021 Q2 2020 Q2
Revenue $521.7M $503.1M $241.0M
YoY Change 80.62% 108.75% 85.01%
Cost Of Revenue $169.0M $160.3M $90.78M
YoY Change 61.41% 76.55% 118.04%
Gross Profit $352.6M $342.9M $150.3M
YoY Change 91.55% 128.2% 69.5%
Gross Profit Margin 67.6% 68.15% 62.34%
Selling, General & Admin $165.6M $175.1M $75.30M
YoY Change 99.0% 132.49% 38.47%
% of Gross Profit 46.97% 51.06% 50.12%
Research & Development $80.25M $80.76M $23.03M
YoY Change 167.88% 250.68% 38.19%
% of Gross Profit 22.76% 23.55% 15.33%
Depreciation & Amortization $51.91M $50.52M $11.43M
YoY Change 237.72% 341.99% 5.06%
% of Gross Profit 14.72% 14.73% 7.61%
Operating Expenses $245.9M $255.8M $98.33M
YoY Change 117.23% 160.17% 38.4%
Operating Profit -$60.58M -$78.95M -$7.179M
YoY Change 207.1% 999.71% -67.4%
Interest Expense -$18.90M -$20.47M -$13.20M
YoY Change 9.85% 55.1% 83.33%
% of Operating Profit
Other Income/Expense, Net -$376.0K $217.0K $111.0K
YoY Change 49.21% 95.5%
Pretax Income -$80.70M -$130.6M -$28.08M
YoY Change 111.39% 365.17% -3.94%
Income Tax $3.600M $3.200M -$2.400M
% Of Pretax Income
Net Earnings -$84.34M -$133.8M -$25.68M
YoY Change 135.04% 421.06% -12.42%
Net Earnings / Revenue -16.17% -26.6% -10.66%
Basic Earnings Per Share -$0.53 -$0.86
Diluted Earnings Per Share -$529.0K -$0.86 -$335.9K
COMMON SHARES
Basic Shares Outstanding 159.2M 156.1M 74.45M
Diluted Shares Outstanding 159.4M 156.1M

Balance Sheet

Concept 2021 Q3 2021 Q2 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $826.4M $786.3M $1.312B
YoY Change -30.58% -40.06% 177.56%
Cash & Equivalents $823.8M $783.7M $1.309B
Short-Term Investments $2.538M $2.538M $2.932M
Other Short-Term Assets $95.94M $82.15M $14.00M
YoY Change 336.1% 486.78% 40.0%
Inventory $56.94M $56.99M
Prepaid Expenses
Receivables $178.1M $179.4M $76.90M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.157B $1.105B $1.403B
YoY Change -11.66% -21.26% 163.44%
LONG-TERM ASSETS
Property, Plant & Equipment $27.03M $28.18M $9.606M
YoY Change 32.72% 193.4% -1.19%
Goodwill $14.47B $14.45B $742.3M
YoY Change 755.55% 1847.25% -0.77%
Intangibles $1.932B $1.963B $213.5M
YoY Change 399.78% 819.63% -10.81%
Long-Term Investments
YoY Change
Other Assets $17.89M $18.33M $19.88M
YoY Change 151.37% -7.8% 211.86%
Total Long-Term Assets $16.50B $16.51B $1.016B
YoY Change 671.04% 1525.09% -1.65%
TOTAL ASSETS
Total Short-Term Assets $1.157B $1.105B $1.403B
Total Long-Term Assets $16.50B $16.51B $1.016B
Total Assets $17.65B $17.61B $2.419B
YoY Change 411.76% 628.08% 54.52%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $34.66M $42.08M $10.82M
YoY Change 61.88% 289.03% 77.92%
Accrued Expenses $150.9M $124.6M $81.00M
YoY Change 37.21% 53.88% 113.16%
Deferred Revenue $24.81M
YoY Change 101.98%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00
YoY Change -100.0%
Total Short-Term Liabilities $302.1M $276.2M $123.5M
YoY Change 50.43% 123.58% 75.44%
LONG-TERM LIABILITIES
Long-Term Debt $1.221B $1.211B $948.0M
YoY Change 26.78% 27.7% 122.01%
Other Long-Term Liabilities $1.328M $1.346M $5.257M
YoY Change 28.56% -74.4% -24.79%
Total Long-Term Liabilities $1.328M $1.346M $5.257M
YoY Change 28.56% -74.4% -24.79%
TOTAL LIABILITIES
Total Short-Term Liabilities $302.1M $276.2M $123.5M
Total Long-Term Liabilities $1.328M $1.346M $5.257M
Total Liabilities $303.4M $277.6M $128.8M
YoY Change 50.32% 115.5% 66.39%
SHAREHOLDERS EQUITY
Retained Earnings -$1.410B -$1.326B -$562.8M
YoY Change 135.59% 135.63% 20.22%
Common Stock $17.40B $17.31B $1.880B
YoY Change 513.65% 821.18% 26.72%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $15.99B $16.00B $1.295B
YoY Change
Total Liabilities & Shareholders Equity $17.65B $17.61B $2.419B
YoY Change 411.76% 628.08% 54.52%

Cashflow Statement

Concept 2021 Q3 2021 Q2 2020 Q2
OPERATING ACTIVITIES
Net Income -$84.34M -$133.8M -$25.68M
YoY Change 135.04% 421.06% -12.42%
Depreciation, Depletion And Amortization $51.91M $50.52M $11.43M
YoY Change 237.72% 341.99% 5.06%
Cash From Operating Activities $76.59M $52.22M $35.55M
YoY Change 137.86% 46.89% 478.05%
INVESTING ACTIVITIES
Capital Expenditures -$15.10M -$12.65M -$5.160M
YoY Change 62.37% 145.21% 102.35%
Acquisitions
YoY Change
Other Investing Activities -$19.61M $10.49M -$4.500M
YoY Change -86.58% -333.0% 79.28%
Cash From Investing Activities -$34.71M -$2.168M -$9.660M
YoY Change -77.67% -77.56% 90.53%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 784.0K 11.36M 773.2M
YoY Change 86.67% -98.53% 14769.81%
NET CHANGE
Cash From Operating Activities 76.59M 52.22M 35.55M
Cash From Investing Activities -34.71M -2.168M -9.660M
Cash From Financing Activities 784.0K 11.36M 773.2M
Net Change In Cash 42.67M 61.41M 799.1M
YoY Change -134.73% -92.32% 12624.84%
FREE CASH FLOW
Cash From Operating Activities $76.59M $52.22M $35.55M
Capital Expenditures -$15.10M -$12.65M -$5.160M
Free Cash Flow $91.69M $64.87M $40.71M
YoY Change 120.94% 59.36% 367.93%

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Note 1. Organization and Description of Business</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:10pt 0pt 0pt 0pt;">Teladoc, Inc. 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. Unless the context otherwise requires, Teladoc Health, Inc., together with its subsidiaries, is referred to herein as “Teladoc Health” or the “Company”. The Company’s principal executive office is located in Purchase, New York. Teladoc Health is the global leader in providing virtual healthcare services with a focus on high quality, lower costs, and improved outcomes around the world.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:10pt 0pt 0pt 0pt;">On January 4, 2021, the Company completed the acquisition of the UK-based telemedicine provider Consultant Connect Limited (“Consultant Connect”). Consultant Connect provides a platform that specializes in facilitating healthcare professional-to-professional advice and guidance in the United Kingdom.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:10pt 0pt 0pt 0pt;">On October 30, 2020, the Company completed the merger with Livongo Health, Inc. (“Livongo”), a transformational opportunity to improve the delivery, access and experience of healthcare for consumers around the world. Livongo is pioneering a new category in healthcare, called Applied Health Signals, which is transforming the management of chronic conditions.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">On July 1, 2020, the Company completed the acquisition of InTouch Technologies, Inc. (“InTouch”), a leading provider of enterprise telehealth solutions for hospitals and health systems.</p>
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:10pt 0pt 0pt 10.8pt;"><span style="font-style:italic;font-weight:bold;">Use of Estimates</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The Company bases its estimates on historical experience, current business 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 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 consolidated financial statements are reasonable; however, actual results could differ materially from these estimates.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">Changes in estimates are made when circumstances warrant. Such changes in estimates and refinements in estimation methodologies are reflected in reported results of operations; if material, the effects of changes in estimates are disclosed in the notes to the consolidated financial statements. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">Significant estimates and assumptions by management affect areas including the allowance for doubtful accounts, the carrying value of long-lived assets (including goodwill and intangible assets), capitalization and amortization of software development costs, the finalization of purchase accounting adjustments, Client performance guarantees, the calculation of a contingent liability in connection with an acquisition earn-out, the provision for income taxes and related deferred tax accounts, revenue recognition, contingencies, and other items as described in the Summary of Significant Accounting policies in this Quarterly Report and in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 (the “2020 Form 10-K”).</p>
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CY2020Q2 tdoc Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Total Grant Date Fair Value
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200000
CY2021Q2 tdoc Advances From Financing Companies Customer Payments Due
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23180000
CY2020Q4 us-gaap Common Stock Shares Authorized
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2800000
tdoc Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Total Grant Date Fair Value
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500000
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CY2021Q2 tdoc Advances From Financing Companies Customer Payments Due Year One
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
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CY2021Q2 us-gaap Income Tax Expense Benefit
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3200000
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tdoc Goodwill Measurement Period Adjustment Deferred Taxes
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106500000
CY2020Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-2400000
us-gaap Income Tax Expense Benefit
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