Teladoc Health, Inc 8-K, filed Oct 28, 2020

Teladoc Health, Inc. (TDOC)

8-K 2020-10-28 For: 2020-10-28

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Added on April 07, 2026

About this 8-K

Teladoc Health, Inc filed this 8-K on October 28, 2020.

Items reported

Item 2.02: Financial results
Item 9.01: Financial statements and exhibits

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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)


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


Exhibit No.		Description
99.1*		Teladoc Health, Inc. press release, dated October 28, 2020.

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

ove
Exhibit No.		Description
99.1*		Teladoc Health, Inc. press release, dated October 28, 2020.

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


	TELADOC HEALTH, INC.

Date: October 28, 2020
	By:	/s/ Adam C. Vandervoort

	Name:	Adam C. Vandervoort

	Title:	Chief Legal Officer and Secretary


Revenue
($ thousands)
	Quarter Ended				Year over Year		Nine Months Ended				Year over Year
	September 30,				Growth		September 30,				Growth
	2020		2019				2020		2019
Access Fees Revenue
U.S.	$	194,622	$	92,095	111	%	$	454,582	$	258,604	76	%
International		31,997		27,030	18	%		91,261		77,716	17	%
Total		226,619		119,125	90	%		545,843		336,320	62	%

Visit Fee Revenue
U.S. Paid Visits		35,074		14,142	148	%		105,013		47,473	121	%
U.S. Visit Fee Only		15,874		4,307	269	%		47,931		11,974	300	%
International Paid Visits		96		395	(76)	%		705		1,051	(33)	%
Total		51,044		18,844	171	%		153,649		60,498	154	%

Other
U.S.		10,299		0	N/M	%		10,299		0	N/M	%
International		850		0	N/M	%		850		0	N/M	%
Total		11,149		0	N/M	%		11,149		0	N/M	%

Total Revenue	$	288,812	$	137,969	109	%	$	710,641	$	396,818	79	%


Membership and Visit Fee Only Access
(millions except for care locations)
	Quarter Ended		Year over Year
	September 30,		Growth
	2020	2019
Total U.S. Paid Membership	51.5	35.0	47	%

Total U.S. Visit Fee Only Access	21.8	19.0	15	%


Visits
(thousands)
	Quarter Ended				Year over Year		Nine Months Ended				Year over Year
	September 30,				Growth		September 30,				Growth
	2020		2019				2020		2019
Paid Visits from U.S. Paid Membership	682		278		145	%	2,127		934		128	%
Percent of Paid Visits from U.S. Paid Membership	32	%	45	%			39	%	48	%
Visits Included from U.S. Paid Membership	1,447		344		321	%	3,384		1,016		233	%

Total Visits from U.S. Paid Membership	2,129		622		242	%	5,511		1,950		183	%

U.S. Visit Fee Only	261		62		318	%	794		179		343	%

International Visits	445		244		83	%	1,331		770		73	%
Total Visits	2,835		928		206	%	7,636		2,899		163	%

Utilization	16.5%		8.0%		854	pt	15.4%		9.3%		615	pt

Platform-Enabled Sessions*	986				N/M	%					N/M	%


	September 30,		December 31,
	2020		2019

Assets
Current assets:
Cash and cash equivalents	$	1,187,299	$	514,353
Short-term investments		3,070		2,711
Accounts receivable, net of allowance of $4,661 and $3,787, respectively		85,803		56,948
Inventories		11,578		0
Prepaid expenses and other current assets		22,293		13,990
Total current assets		1,310,043		588,002
Property and equipment, net		20,364		10,296
Goodwill		1,691,355		746,079
Intangible assets, net		386,573		225,453
Operating lease - right-of-use assets		33,933		26,452
Other assets		7,117		6,545
Total assets	$	3,449,385	$	1,602,827
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	21,408	$	9,075
Accrued expenses and other current liabilities		65,130		34,439
Accrued compensation		53,957		34,201
Deferred revenue-current		46,721		12,466
Advances from financing companies		13,609		0
Total current liabilities		200,825		90,181
Other liabilities		1,033		9,239
Operating lease liabilities, net of current portion		30,326		24,994
Deferred revenue, net of current portion		4,884		2,300
Advances from financing companies, net of current portion		9,901		0
Deferred taxes		17,896		21,678
Convertible senior notes, net		953,484		440,410
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.001 par value; 150,000,000 shares authorized as of September 30, 2020 and December 31, 2019; 84,358,345 shares and 72,761,941 shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively		84		73
Additional paid-in capital		2,835,274		1,538,716
Accumulated deficit		(598,694)		(507,525)
Accumulated other comprehensive loss		(5,628)		(17,239)
Total stockholders’ equity		2,231,036		1,014,025
Total liabilities and stockholders’ equity	$	3,449,385	$	1,602,827


	Quarter Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Revenue	$	288,812	$	137,969	$	710,641	$	396,818
Expenses:
Cost of revenue (exclusive of depreciation and amortization shown separately below)		104,725		42,799		267,887		129,110
Operating expenses:
Advertising and marketing		52,302		31,321		132,395		84,341
Sales		23,483		16,120		60,110		48,164
Technology and development		29,958		15,746		72,244		48,398
Legal and regulatory		2,812		1,634		6,266		5,239
Acquisition and integration related costs		25,395		1,995		30,686		4,143
General and administrative		56,930		38,681		156,433		113,212
Depreciation and amortization		12,932		9,617		32,535		29,065
Total expenses		308,537		157,913		758,556		461,672
Loss from operations		(19,725)		(19,944)		(47,915)		(64,854)
Loss on extinguishment of debt		1,227		0		8,978		0
Interest expense, net		17,222		7,700		39,676		21,432
Net loss before taxes		(38,174)		(27,644)		(96,569)		(86,286)
Income tax (benefit) expense		(2,290)		(7,298)		(5,400)		(6,466)
Net loss	$	(35,884)	$	(20,346)	$	(91,169)	$	(79,820)

Net loss per share, basic and diluted	$	(0.43)	$	(0.28)	$	(1.17)	$	(1.11)

Weighted-average shares used to compute basic and diluted net loss per share		83,607,902		72,151,094		77,821,073		71,601,790


	Nine Months Ended September 30,
	2020		2019
Cash flows used in operating activities:
Net loss	$	(91,169)	$	(79,820)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization		38,029		33,860
Allowance for doubtful accounts		2,320		1,717
Stock-based compensation		61,151		48,245
Deferred income taxes		(4,096)		(10,288)
Accretion of interest		29,459		19,422
Loss on extinguishment of debt		8,978		0
Changes in operating assets and liabilities:
Accounts receivable		(16,450)		(12,386)
Prepaid expenses and other current assets		(5,906)		(2,219)
Inventory		(2,392)		0
Other assets		140		73
Accounts payable		6,584		(1,976)
Accrued expenses and other current liabilities		17,269		14,304
Accrued compensation		9,329		(1,813)
Deferred Revenue		15,348		6,708
Operating lease liabilities		(4,360)		(1,481)
Other liabilities		(2,809)		(2,599)
Net cash provided by operating activities		61,425		11,747
Cash flows (used in) provided by investing activities:
Purchase of property and equipment		(2,872)		(2,847)
Purchase of internal-use software		(14,515)		(4,658)
Proceeds from marketable securities		0		39,165
Sale of assets		0		10
Investment in securities		(0)		(5,000)
Acquisition of business, net of cash acquired		(159,663)		(11,204)
Net cash (used in) provided by investing activities		(177,050)		15,466
Cash flows provided by financing activities:
Net proceeds from the exercise of stock options		40,627		24,820
Proceeds from issuance of 2027 Notes		1,000,000		0
Issuance costs of 2027 Notes		(24,070)		0
Repurchase of 2022 Notes		(228,153)		0
Proceeds from advances from financing companies		1,924		0
Payment from customers against advances from financing companies		(4,427)		0
Proceeds from employee stock purchase plan		2,473		1,875