2021 Q4 Form 10-K Financial Statement

#000155837022002260 Filed on February 28, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 2020 Q4
Revenue $554.2M $2.033B $383.3M
YoY Change 44.6% 85.81% 144.94%
Cost Of Revenue $175.0M $650.3M $122.9M
YoY Change 42.38% 66.38% 122.02%
Gross Profit $379.3M $1.382B $260.4M
YoY Change 45.64% 96.61% 157.48%
Gross Profit Margin 68.43% 68.01% 67.94%
Selling, General & Admin $290.9M $688.6M $531.7M
YoY Change -45.28% 4.22% 768.32%
% of Gross Profit 76.71% 49.81% 204.19%
Research & Development $72.87M $311.9M $92.70M
YoY Change -21.39% 89.09% 470.6%
% of Gross Profit 19.21% 22.56% 35.6%
Depreciation & Amortization $52.33M $204.2M $33.16M
YoY Change 57.82% 193.89% 199.01%
% of Gross Profit 13.8% 14.77% 12.73%
Operating Expenses $416.1M $1.000B $661.4M
YoY Change -37.08% 21.17% 753.65%
Operating Profit -$36.87M -$265.6M -$401.0M
YoY Change -90.81% -47.55% 2472.49%
Interest Expense -$18.87M -$80.37M -$20.80M
YoY Change -9.27% 32.83% 173.68%
% of Operating Profit
Other Income/Expense, Net -$405.0K $5.088M
YoY Change -1033.58%
Pretax Income -$60.73M -$384.7M -$479.4M
YoY Change -87.33% -33.22% 1969.14%
Income Tax -$49.74M $44.14M -$85.50M
% Of Pretax Income
Net Earnings -$10.99M -$428.8M -$394.0M
YoY Change -97.21% -11.61% 1968.89%
Net Earnings / Revenue -1.98% -21.09% -102.79%
Basic Earnings Per Share -$2.73
Diluted Earnings Per Share -$68.67K -$2.73 -$3.064M
COMMON SHARES
Basic Shares Outstanding 160.1M 156.9M 145.0M
Diluted Shares Outstanding 156.9M

Balance Sheet

Concept 2021 Q4 2021 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $896.0M $896.0M $786.6M
YoY Change 13.91% 13.85% 52.12%
Cash & Equivalents $893.5M $893.5M $733.3M
Short-Term Investments $2.537M $2.537M $53.25M
Other Short-Term Assets $5.660M $87.39M $47.00M
YoY Change -87.96% 85.93% 235.71%
Inventory $73.08M $73.08M $56.50M
Prepaid Expenses $38.26M
Receivables $169.0M $169.0M $169.3M
Other Receivables $21.17M $0.00 $0.00
Total Short-Term Assets $1.225B $1.225B $1.060B
YoY Change 15.65% 15.61% 80.2%
LONG-TERM ASSETS
Property, Plant & Equipment $27.23M $74.01M $28.55M
YoY Change -4.61% -1.31% 177.3%
Goodwill $14.50B $14.58B
YoY Change -0.53% 1854.38%
Intangibles $1.910B $2.021B
YoY Change -5.47% 796.36%
Long-Term Investments
YoY Change
Other Assets $20.70M $20.70M $18.36M
YoY Change 12.78% 15.02% 180.47%
Total Long-Term Assets $16.51B $16.51B $16.70B
YoY Change -1.12% -1.11% 1545.18%
TOTAL ASSETS
Total Short-Term Assets $1.225B $1.225B $1.060B
Total Long-Term Assets $16.51B $16.51B $16.70B
Total Assets $17.73B $17.73B $17.76B
YoY Change -0.12% -0.11% 1007.75%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $47.26M $47.26M $46.03M
YoY Change 2.67% 2.73% 407.22%
Accrued Expenses $162.0M $162.0M $156.0M
YoY Change 3.85% 3.85% 168.97%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $13.31M $42.56M
YoY Change -100.0% -76.23%
Total Short-Term Liabilities $331.0M $331.0M $332.6M
YoY Change -0.49% -0.6% 268.87%
LONG-TERM LIABILITIES
Long-Term Debt $1.235B $1.235B $1.390B
YoY Change -11.15% -11.15% 215.91%
Other Long-Term Liabilities $1.492M $47.10M $1.616M
YoY Change -7.67% 0.21% -82.51%
Total Long-Term Liabilities $1.492M $1.282B $1.616M
YoY Change -7.67% -10.78% -82.51%
TOTAL LIABILITIES
Total Short-Term Liabilities $331.0M $331.0M $332.6M
Total Long-Term Liabilities $1.492M $1.282B $1.616M
Total Liabilities $332.5M $1.689B $334.3M
YoY Change -0.53% -9.74% 236.22%
SHAREHOLDERS EQUITY
Retained Earnings -$1.421B -$992.7M
YoY Change 43.2% 95.59%
Common Stock $17.47B $16.86B
YoY Change 3.65% 995.53%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $16.05B $16.05B $15.88B
YoY Change
Total Liabilities & Shareholders Equity $17.73B $17.73B $17.76B
YoY Change -0.12% -0.11% 1007.75%

Cashflow Statement

Concept 2021 Q4 2021 2020 Q4
OPERATING ACTIVITIES
Net Income -$10.99M -$428.8M -$394.0M
YoY Change -97.21% -11.61% 1968.89%
Depreciation, Depletion And Amortization $52.33M $204.2M $33.16M
YoY Change 57.82% 193.89% 199.01%
Cash From Operating Activities $83.21M $194.0M -$114.9M
YoY Change -172.39% -462.52% -734.33%
INVESTING ACTIVITIES
Capital Expenditures -$22.92M $8.534M -$8.650M
YoY Change 164.98% 112.08% 155.16%
Acquisitions $78.66M
YoY Change -86.14%
Other Investing Activities $2.846M -$8.715M -$405.3M
YoY Change -100.7% -3231.92%
Cash From Investing Activities -$20.07M -$72.98M -$413.9M
YoY Change -95.15% -87.65% -4438.89%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 6.625M 40.95M 70.44M
YoY Change -90.59% -95.23% 601.59%
NET CHANGE
Cash From Operating Activities 83.21M 194.0M -114.9M
Cash From Investing Activities -20.07M -72.98M -413.9M
Cash From Financing Activities 6.625M 40.95M 70.44M
Net Change In Cash 69.76M 162.0M -458.4M
YoY Change -115.22% -24.55% -1315.99%
FREE CASH FLOW
Cash From Operating Activities $83.21M $194.0M -$114.9M
Capital Expenditures -$22.92M $8.534M -$8.650M
Free Cash Flow $106.1M $185.5M -$106.3M
YoY Change -199.85% -422.34% -594.14%

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Note 1. Organization and Description of Business</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-indent:36pt;margin: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 whole person virtual care focused on forging a new healthcare experience with better convenience, outcomes and value around the world.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-indent:36pt;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-indent:36pt;margin: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 chronic healthcare for individuals around the world. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-indent:36pt;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;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;line-height:1.19;margin:0pt;"><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;line-height:1.19;text-indent:36pt;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;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 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 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;line-height:1.19;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;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 the Consolidated Statement of Operations, and if material, are also disclosed in the Notes to Consolidated Financial Statements. 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), the useful life of intangible assets, the capitalization and amortization of software development costs, deferred costs, and the accounting for business combinations. Other significant areas include revenue recognition (including Client performance guarantees), the accounting for income taxes, contingencies, litigation and related legal accruals, and the accounting for stock-based compensation awards.</p>
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335800000
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297000000.0
CY2020 us-gaap Advertising Expense
AdvertisingExpense
165000000.0
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CY2021 us-gaap Concentration Risk Credit Risk
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Concentrations of Risk </span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-indent:36pt;margin:0pt;"><span style="font-size:7pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-indent:36pt;margin:0pt;">The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents, short-term investments and accounts receivable. Although the Company deposits its cash with multiple financial institutions in the U.S. and in foreign countries, its deposits, at times, may exceed federally insured limits. The Company’s short-term investments are comprised of a portfolio of diverse high credit rating instruments with maturity durations of one year or less.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-indent:36pt;margin:10pt 0pt 0pt 0pt;">No Client represented over 10% of revenues for the years ended December 31, 2021, 2020, or 2019.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-indent:36pt;margin:10pt 0pt 0pt 0pt;">No Client represented over 10% of accounts receivable at December 31, 2021 or 2020.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-indent:36pt;margin:0pt;"><span style="font-size:7pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-indent:36pt;margin:0pt;">Revenue from Clients located in the United States for the year ended December 31, 2021, 2020, and 2019 were $1,774.0 million, $913.7 million and $423.3 million, respectively. Revenue from Clients located outside the United States for the year ended December 31, 2021, 2020 and 2019 were $258.7 million, $180.2 million, and $130.0 million, respectively.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><span style="font-size:7pt;visibility:hidden;">​</span></p>
CY2021 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Reclassifications</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-indent:36pt;margin:0pt;"><span style="font-size:7pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-indent:36pt;margin:0pt;">Certain prior year amounts have been reclassified to conform to the current year presentation.</p>
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CY2020Q4 tdoc Capitalized Cloud Computing Implementation Costs Included In Other Assets
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CY2021Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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CY2021Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
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CY2021Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
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CY2021Q4 us-gaap Goodwill
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CY2020Q4 us-gaap Goodwill
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CY2021 us-gaap Goodwill And Intangible Asset Impairment
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CY2021Q4 tdoc Other Current Liabilities Device Replacement Cost
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CY2020Q4 tdoc Other Current Liabilities Device Replacement Cost
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CY2020Q4 tdoc Accrued Liabilities And Other Liabilities Current
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CY2021Q4 tdoc Advances From Financing Companies Customer Payments Due Year One
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CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due
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