Teladoc Health (TDOC) 27 Feb 192018 Q4 Earnings call transcript

Company Profile

Participants

Valerie Haertel	Investor Relations
Jason Gorevic	Chief Executive Officer
Gabriel Cappucci	Chief Accounting Officer and Controller
Lisa Gill	JP Morgan
Sean Dodge	Jefferies
Ryan Daniels	William Blair
Ana Gupte	SVB Leerink
Sean Wieland	Piper Jaffray
Stephanie Demko	Citi
Charles Rhyee	Cowen
Sandy Draper	SunTrust
Matt Hewitt	Craig-Hallum Capital
Mike Ott	Oppenheimer
Jailendra Singh	Credit Suisse
Matthew Gillmor	Robert W. Baird
Steven Wardell	Chardan Capital Markets

Call transcript

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Operator

Welcome to the Teladoc's Fourth Quarter and Fiscal Year 2018 Earnings Conference Call and Webcast. At this time, all participants have been placed in a listen-only mode and the floor will be open for your questions following the management's prepared remarks. [Operator Instructions] It is now my pleasure to turn the floor over to Valerie Haertel, Teladoc Investor Relations.

Valerie Haertel

Thank you, and good afternoon, everyone. Today, after the market closed, we issued a press release announcing our four quarter and full-year 2018 financial results and filed our Form 10-K. are website. the filing of Relations and teladochealth.com the release available Investor in section The

this to Chief me and results Gabe Joining afternoon our Controller. are full-year quarter Cappucci Jason XXXX and Gorevic, Accounting our Chief Executive and discuss Officer; Officer our fourth

We our provide also XXXX outlook. will initial

Our prepared followed will Q&A. be remarks by

defer certain that during are to this reminder, risks, uncertainties from could to Teladoc subject actual materially and will for be a or the As factors expressed call statements made other cause results which implied forward-looking statements. forward-looking those statements Health by

on like For turn we performance. be statements we two, the measures, our on call teladochealth.com. additional press time, non-GAAP reconciliation comparable are At press our posted the over evaluating believe our information, can filings please the a and and today's that GAAP release refer On to will these to this important More in discuss the on our would details release call measures available to website. of in cautionary Jason. certain with non-GAAP found our SEC the in measures most earnings financial I

Jason Gorevic

XXXX across with quarters expectations continue everyone increases through have key we momentum. joining our Thanks, In significant us thank first the Valerie. XXXX the and fourth the has the we board across us enter for and exceeded fourth you Health, record another strong to all quarter metrics at solid to board. quarter saw allowed our It this Teladoc on you performance in year is great afternoon. Teladoc marked our for as three and

and at XXX,XXX Total to increased $XXX.X visits quarter were fourth XX% million organic representing in increase. and revenue the at For quarter XX%. the strong total grew revenue XX% XXXX

in Advance Excluding we saw increase visit volume. XX% Medical

of visit component efforts point delivery virtual care health rapidly on consumer care is is for XXX revenue the Accenture based engagement system. that XXXX. boosting the exceptional the to mainstream. quarter effective our healthcare we X.X% basis as broadened member scope continue in highlight the to $X.XX strategy for improve it performance was main from in increased a loss approximately for visit volume quarter Our our positive of of results virtual adjusted loss driving evidence again of becoming million factors; recent performance in and basic our share latest Three, the execution increased in to the net our seeing $X.XX the The digital surround quarter and our strength to diluted offer. XXXX fourth strong visit that rate clinical services yield of per over get have Two, for I'd and $X.X primary we one, fourth we like XXX% investments these EBITDA including of benefits the resulted The diversification is higher and annual XXXX. more just by which volume utilization points to of three we against the in we saw XXXX. dramatically are in survey sound our inevitability XXXX, on are which contracts a becoming past compared

our results in quarter in clients period their user a U.S. the compares needs XXXX. active healthcare per feeds. our during are more increase X.X Also Our to sequential a solve access visits visits million per Teladoc user increase high increasingly increased larger, diverse portion to and new The period more looking to the watermark was than in of favorably subscription same with to more than in the contributing X% this to $X favorable fourth XXXX

to $XXX revenue XXXX million. our year Looking at the XX% full increased

full-year to adjusted year as full-year to $X.XX to in adjusted time employer health channels. EBITDA net And X channels XXXX year of live full-year for our XXXX. systems were one basic our broker and over million attention of their lined the midmarket, population from ending rates the where successful loss the company's plan, I'd highlights partner the customer X.X XX% go for promised, the particularly our launching year. the XXXX best January with per with visits diluted a total the our a year. loss selling coming to growth health X good hospital than our new compared in membership doubled of the share plans our we few use to Success $X.XX of in virtual was on loss first growth across win and doubled XXXX a Results $XX.X positive up we to members Our driven services our access engage saw million. in additional for grew to and And self-insured the more of the with services. like market. in We of to by call across clients key members reported exceptional and health execution course and priorities products the saw million. We our at more diversified another and with array than was wins of in season resulted significant care history

as global and of XXXX closed full has contracts of of vision Our expansion never we've execute in the world. international exceeded pace in greater. Advance suite been schedule integration services With the innovation expectations performance the meaningful we markets and already clients around our we our ahead on of our our Medical XXXX products offer selling in cross-selling

care. but acceleration and care continued the we've continuing I'm the adoption high of forefront least, last and movement. that integration by execution excited at consumer of the Importantly, Health is on virtual of successful manage to Teladoc while not quality focus exceptionally providing And

were with as established firmly telehealth ourselves have the We category. apps industry downloaded in most leader XXXX we in the the and the provider

XXXX Now, for I'm Gabe Gabe? financial and our Officer. hand to call to Controller more Cappucci, going results, Accounting the details on our Chief

Gabriel Cappucci

into call as some as full key to year. the revenue you a Digging I year to quarterly results. a course to echo increase regarding our Thank year XXX we've performance review of sentiment Jason's on start Teladoc progress want in detail XX% quarter over compared join fourth today represents Total you, I'll highlight Jason. the the well and significant million made to $XXX.X Health's ago. revenue. the I'm results, more of happy with the

For of the basis XX% full-year. XX% full subscription total year, subscription subscription the fourth total million revenue revenue an XX% compared year million revenue increased and for XX% organic the year-over-year revenue accounts to million to quarters the remaining XXXX increased revenue. XX% a of $XXX.X from for increased of ago for fee XX%. continues $XX.X about On Revenue fees three subscription of for $XXX.X International our million. by $XX.X quarter of and revenue accounted U.S. quarter. of in access the total represent to

Turning ended million to adjusting at million XXXX. for Aetna's $XX.X the fee after we X.X arrangement members year to paid up XX% converted a U.S. ago membership, year compared lives a in only with visit to

that with paid As membership. a PMPM reminder, our U.S. definition or paid of are members U.S. associated include the members just

adjusting reflected addition, on to fourth impact fee the from On an the available it X.X million at quarter for compared Advance in was a Medical. month In quarter fourth member or of access to the average when per for individuals $X.XX visit PMPM per XXXX forma $X.XX or basis $X.XX pro year end.

U.S. As with XXX,XXX a to volume utilization of membership our increase had XXX,XXX last XX% year fourth visits, quarter. basis XXX year's respect we Visits compared increase an came XX.X%, excellent an point rate represents Jason visit mentioned, from in an ago. annualized of which with paid to quarter over at a

visits X.X% million them in were the XXX,XXX total from closer members. completed reflected the included visits increase we X.X and the visits my were utilization in our a visits the U.S. To for visits the XXX completed totaled quarter visits paid the over at up $XX.X paid the wrap fourth Taking For individuals International commentary visits of of XXXX. members membership only on during XXX,XXX paid XX% full-year XXX,XXX U.S. access. a we and is rate our up XX,XXX quarter, annual million XX% or visits X.X% revenue, in look approximately from generated our XXXX. other quarter with and quarter, from at

As to margins reflects and with of specialty primarily gross a for line visits services. Gross XX.X% in margins decline from reminder, in at as and visits this well medical a in fourth the health were medical our the comprised includes behavioral XX.X% compared revenue the quarter quarter general line commercial in mix Advance expert revenue the as The year-over-year Medical. expectations shift of year. of last acquisition other

margin XX.X% XXXX. gross for to was compared full-year the XX.X% our For

In terms to increase. compared $XX.X the we million XX% a representing dollars in of gross ago, fourth generated a million quarter year $XX.X margin

as totaled increase XXXX. from million $XXX XXXX of million of For of $XXX.X fourth Operating increase last in from the an expense the quarter margin an XX% the total acquisition of revenue stock non-cash year. quarter the of which dollars charges gross increased full-year XXXX or of million, $XX in XX% fourth Eliminating compensation, been operating to represents compared adjusted well XX% amortization, such quarter as revenue. depreciation as $XX.X related million to one-time would or total XX% $XX.X expenses have million costs, and

Adjusted to operating from full revenue XX% operating XXXX. year, million the EBITDA aforementioned as which year's adjusted ability increased $X.X at compares for leverage. the to reflecting quarter last of fourth XXXX in favorably improved the XX% to $X.X for Looking the our million quarter, from was down the expenses percentage a generate

for to loss On EBITDA to first $XX.X prior the the mentioned, statement, reduced million XXXX time net from Jason net the As compared a adjusted in basis $X.XX fourth my million was loss ending was per loss the year. in million. last full-year our $X.XX $XX.X the on Concluding of share quarter year. $XX.X our of at recorded we rundown reduced the to income year a for positive quarter

was a year from $XX.X a $XXX.X the our basis million XXXX. in to XXXX XXXX. from $X.XX reduced was in For full net net to reduced million per loss On loss share our $X.XX

and we year million ended in to cash $XXX.X with the equivalents balance the short-term Turning sheet, investments. cash,

to the convertible X/X% Our million initial XXXX X% convertible quarter the notes was the $XXX.X XXXX. our total now XXXX full-year end back December million mature outlook. issuances, our XXXX the and of and provide I'll Jason? over of debt concludes the of that my X the mature to Jason XXXX turn fourth That notes of at as consists call review results. two note end which $XXX.X of million at that XXX XX,

Jason Gorevic

Thanks Gabe.

For total and loss between and of XX.X outstanding million, XXXX be for X.X revenue per share visit average EBITDA membership XXXX. $XX before, approximately to the we to of expect loss be we Net the million, as million. million we positive the and positive total and to million is to million expect EBITDA on between million XX million flow available visits first and and Total $XX $XX to be million $XXX a shares paid per $X.XX individuals. loss range members million access full time XX between only based U.S. year adjusted expected $XX to to expect $XXX said weighted X.X X.X we've in between $X.XX from million And share. million cash approximately

first Now, XXXX I'll go the quarter through expectations.

million EBITDA $X.XX of and revenue $XXX between and to to only and share million expected shares members and zero million, a million a from membership adjusted average on $XXX X.X the to based million, visits share. expect to range and visit total a of a We per between $X loss and million weighted EBITDA for $XX fee access available $XX $X.XX million is between paid approximately visits million between million approximately positive individuals. XX XX.X loss X,XXX,XXX total to be XX.X loss quarter, U.S. outstanding and loss Total net per of XXX,XXX

provide let context with you for some current the expectations our Now additional year. on me

first impact as First, let me a the and flu diversification business the our to the of relates about season. quarter it our talk little of

Teladoc earlier, Health services customers mentioned we the our diversified channels, offer. distribution I As and our has

dates this first which continued year see season data to growth flu we calendar diversification With the start throughout year and continuing of XXXX. the are year we the to flu expansions, We CDC and the year. flu the As experienced a respect having Flu Tracker intense showed a this by midmarket season trend during Teladoc ago. of Both services, growth, plan the we witness expect new none Health constrained versus with result, season, customer moderate weeks the eight continue the health greatest more a impact cross of international starts. sale employer of

visit this pattern. intense less than closely has last XXXX mirrored it year, While season flu been the has more

saw which confident As I visit demonstrate we volume our spectrum a the volume with across impact noted, the are flu monstrous we last than has the in QX projections are our services successfully an increase conditions. less increase we that visit as on season. overall of we visit we lessening diversify of material during a year's flu Therefore, albeit offer broad sequential

quarter of of realize of reminder, a in as visit of we is Second, expense new year the typically quarter the profitable advance members revenue. as least first the our associated on-boarding millions

years As with this a quarter fourth step our quarter first the adjusted XXXX of in quarter to impacts XXXX. resulting down EBITDA previous in from the first the of

the we our Third, the course making of future are investments strategic growth. over to support year

focused on benefits in are half important that XXXX of several investments priorities XXXX and will yield the in Our back beyond.

the continuing our we're Canada urgency We are plan the strategy our future. which of about Medicare the existing healthcare Virtual to to First increasing of discussions in ever enhancing From in the Teladoc our large traditional seamless uniquely excited legislation service are from year, wrap the from ahead the businesses virtual values. be take on-boarding in we opportunity health the telehealth adoption we first Health kind, onboard consumer healthcare services, the beyond. clients, our continued into to investing in given the exceeded their and model and we our of up and couldn't the this and for are care of platform be commitment advantage to new trend. the business year supportive thank RFP we benefit Health mission like for XXXX the all prospective services additional we this provide actions to cross-border strong of to will front discussions, interest and XXXX and pace virtual regulatory clients we U.S. I'd health preparing XXXX, that seeing cost we a of to the make more our develop door a of very with is or to telehealth excited I'm we're of the its are around To Advantage sense expect increasing believe strong seeing to our volume and team models. to the for activity Heading I across Health Teladoc the growing living about to is channels expectations. Teladoc positioned preferences are confident XXXX had to which outlook globally, Teladoc world Health for plan see

I'm with I we're is still you As year and the humbled I our call the hear impact through updates by that sharing patient for incredibly by or stories, throughout to energized directly you, forward what that and having the come. questions. we look either up Operator? to with will open

Operator

comes with question first the line your Lisa Instructions] of [Operator Morgan. from JP Gill

is Your line open, ahead. please go

Lisa Gill

Thanks the quantify investment, very where point you there with that XXXX? a to much in are talked way just spending to you last strategic Jason, much. it about start how

Jason Gorevic

initiatives magnitude Yes, in strategic of strategic our like of I'll where some so we long-range given First is on uniquely see those haven't market the are technology areas. that to on Virtual we the details others investment the opportunities. What of investment ourselves and/or more say efforts side, that both immediate and and operational customer in the clinical more and side, of term it take advantage sort to and requirements trend responsive some are positioned requires those

client for seamless specific. large XXXX. those that Advantage So product Medicare response talked launches January where investing growth Canada U.S. client lot and an sort example, opportunity And ahead American, obviously an virtual really is takes demand of example and is we've of off was about North the of in then care in clients a to as one

Lisa Gill

bridge that XXXX. we're about season, is at versus way your adjusted when than to where we and XX, and what talk clearly that think million if one a I million I coming XX about to seen that putting expectations expectations Street of EBITDA Delta, guidance I that out, to million trying at we there $XX help in looked even think if the at Street the and the was call you clearly have XXXX we've the versus less $XX is on them look So, at I'm it flu heard bridge $XX

things has So was? about there EBITDA XXXX versus how in we are to bridge that thinking we and about we produce to impact much be the able to about when Street strategic you should going really are other it of these of that trying where think that costs think if what then be

Jason Gorevic

You I'm a of growth as diversification of first visit me huge obviously comment bit know, because headwind quarter, first a specifically not a little impact a as for result we to visit but not strong volume I'll to it's said hard flu and the analyst It's season we the models. of quarter running relative there. gave has certainly certainly I revenue. guidance really the an impact say in our our there's think on

from been will had to gross decline going expected. messaged actually margin. we I we slight to It's slower continue see think that as to continue our a aside be, in historically we've has than it

think than the closer XXXX. that of margin we still to center mix year all a of which the positive been I I to signaled in of the versus XX, our EBITDA in and came continue a Medical gross our the is to business. next visit running continued part that, we of historical we Teladoc Advance in margin but visit doubling to part because mobile think more having revenue like modest shift fact because to volume and for decline toward lower guiding which in as we're call But we've of quarter gross at people XXXX said move margin the adjusted for do has had trend our reflective opposed XX.X see us, to

Lisa Gill

that is our of United, CVS are new that each the we it as whether see timing you the will of TRICARE, the some can then will relationships things XXXX we at in talk one And the and then as and CVS a United expansion of about for we relationships about within maybe relationship with what if you your well conference those, in as just just about think relationship see of new XXXX expectations ramp what TRICARE? lastly the talked

Jason Gorevic

it's rarely them operationally whole The on certainly agreement. is confident to I'd and and will through agreement see United. to business, I'm I can't geography. We Yes, United as fast I on thought to and launch great the to we do expand. but this like back provide to. rollout is relative more more call. technology line narrow CVS, early than confident we fact was relationship you'd TRICARE population little confident interfaces whatever Optum start process be worked that in it when in than government to to move so opportunity. get rolled this subject extremely information longer as that on and January a It network natural make the as between In any respect as the to of are the the sure a about provide I point large I feel population. conference your CVS details generally. with ago. expect details It's the continuing those about it relatively at to them fast I sort was out able a and a I'll as on-boarding I to to relationship be taking this finally, that physician weeks I complex with with defined December our line we The a asked to would I perfectly result available course at decide more that confidentiality you nurse we the our like things additional finish able just relative generally of And the was of With extremely then And Optum more now constraints expected. the was running building and to that to the seven the point, really before to launched everything remain out And and I was processes, shortly to provide fantastic. expansion sort timing of limited of in and

plan in it's see not the the continue we out over course to channel. not give see states the in the really quarter we we're in first expect it but We month seeing another my to to launch that is up volume control, to rollout few and that do growth to because at that year. I'm through continue CVS, month of liberty over

Lisa Gill

great, Okay, thank you.

Jason Gorevic

Lisa. Thanks

Operator

comes from the Your with Jefferies. Sean line next question of Dodge

line open, Your please ahead. is go

Sean Dodge

expected a existing I other there towards the I the you afternoon. during the it success Thanks you us guess Good help than around bigger to for guess you've more half the revenue is positive guidance, for the of Jason, taking selling very organic the the of made back add the maybe could comments your discussed XX% season of you've wins cadence to implies a around bridge to questions. and guide in and the of about, have range guidance we've parts the could bit going that helpful? recent just you fighting bridging XX% guys growth near that of the of recent lower alluded anything talked are the year? some historically be end that revenue the ramp little the in you're business you to the headwinds or are would flu pace expense, back

Jason Gorevic

latter. Yes, Sean, really the it's

deals, that total the which number look our define we ever. of best the it's as annual So at aggregate or biggest selling in of question all XXXX contract no fact we've of When put was the deal up. ever those a season value the bookings, we

dates, more see there start as I we'll and However, new is grow. starts business meaning mentioned, diversification in

year the expands year. business starts year the of course over see in the and population full the later of some but business we'll year its into we'll course the also beginning the launches Sorry, see that at over new of the

this be full going XXXX. bigger impact as new selling the before magnitude we've in set will into the imagine well might of seen tremendous you ‘XX we up will very the of XXXX, not total ever while than the can and season us revenue as So exit revenue get we

Sean Dodge

First employer those Okay, thank featuring happening Can plan offering concept, can anything one on more the then testing the year. some are to done, seeing on to us design, give And Virtual you you. that's this around this that, an you've an community? had been an one earlier update or self-insured sense helpful, give know rollout elements I client you maybe some maybe of of attention that's talking get there idea that the being is of much activity from add clients you more just starting you about us really to payer are how

Jason Gorevic

plan We employers, are leading discussion. lot And products everything very interest community health - that about Nationals, and system. and a sort virtual of from care see that. and consulting comprehensive front a the First the again from turning active we're seeing very we to excited of Virtual place enables turn from very around There's community of mid-sized large other the of design is employers the large consultant health into door suite that regional virtual everything And new no plans care that we're employers. to in for health plans really to

So that over and gaining as the I XXXX. a see being population as much year of look this the part of course momentum we into larger

Sean Dodge

Okay, you. great. Thank

Jason Gorevic

Thanks Sean.

Operator

with comes of line the Ryan William next Blair. from Your Daniels question

line Your open. go Please is ahead.

Ryan Daniels

either something for you've you about I curious if offering, offering derma, question. see? forward pushed add want you hearing back your launched and thanks go the or pain that you're recently your employer therapy health from on Yes, a that plan I'm you've the that pushed behavioral, lower to other to know taking basis any we product are key for your think base might there they areas

Jason Gorevic

Yes Ryan.

of being with a of I up the area is condition. but chronically that who opposed example is provide some those not longitudinal think more issue like surgical be about it for But hard a care naturally talked as does lower condition, of to. we've to find going close a is It's one ill, chronic attention conditions single along an hypertension diabetes of or monitoring a that frequently to procedure. certainly certainly to to remote and That's multiple takes an pay previously care care are chronic It's we and able more chronic chronic capabilities. ends back that management that. tend pain in a that

our heard a certain from verticals and an you among will within that's need especially we've if So clients of and opportunity certain sort SIC the that codes employers.

us the a be hand In through The Virtual really goal to more have for to front as capability the able to First the hand acting that, is addition first to the consumer virtual healthcare consumer technology to or a that with make those we then to them location guide do goes in system. guided a system, appropriately and door both traditional more the the solution come delivery and to available so physical we that to virtual care in is sure need continue and capable we're people and and capabilities of directing to invest that. be

Ryan Daniels

Okay.

that it's higher unique platform little adopts have, the Tela competitive to is is both when your both center for for them a the appropriate Tela you someone network any a advantage Health a you'll and you'll who visit and PMPM appropriate and facility pricing fee PMPM? obviously everything the get the will First higher visit and it do Health fee high if driving of or picking them random the versus a you for consultation kind in a more type patient consultation bit you keeping though a it you when or get a a excellence the model do quality Regarding for and of can get physical just given offering then Virtual of facility talk fee a and is referral that, meaning strategy in about at

Jason Gorevic

now. right are the boarding set discussion So of game strategizing terms the in of in white would I say clients. our all with those still We're early and in

fixed of fee where asked there sort arrangement whether as more so see and opportunity of who base share people our drive a in cetera to want steer of come more fee may of overall others arrangement. really something of of formulary, of to you as be visits but care. would get running And tier a system as savings a the priced top where opportunity And are we means higher Some risk the have centers more them may top mentioned, a take speak. of cost consumer. become of for as care, tier we for there efficiently an well There clients excellence, upside to base of that our us down and course PMPM can there's the the through through care the et virtual network, higher first then as use be stop predictable us the

I of answer and all to where is going little gravity think go. to the too soon the above So is of center the tell a

Ryan Daniels

helpful. and final I'll that's off. my Then Okay hop question

I in looking historically, increase from ever don't reported sequential Just has QX to a EBITDA QX. company think the

So G&A curious the was or going marketing that reality, to expense just sales the to modeling but probably that of sequentially and cost oriented? part I'm and more the front Street you're versus what more biggest line jump see the miss is fact going advertising on the had that specific in items be really

Jason Gorevic

on-boarding of that exactly frequently this comment but new about and turn population specific items, the line talk to is for right. the I'll We then quarter fact it when we're So members. the first biggest Gabe Ryan you're

which we Also and concentrated be members visit that a on-boarding the welcome quarter kits new like tends to are quarter. very process have in that. first that So heavy expenses our includes to things

up statement you as compression lower visit bit second line had to Ryan point gross third we And margin gross the can are opposed so higher therefore quarter in and volume to little maybe that Gabe margins. the exactly in. and shows which which And income of a

Gabriel Cappucci

in activities. Yes be SG&A mentioned Jason you margin in on-boarding expenses, and it's at sure. quarter. the these line do too advertising that going to And volumes look the marketing And the concentrated look just really as as as first compression, look visit have when higher we'll to we you the some at

Ryan Daniels

Thanks perfect, Okay very color. helpful guys.

Jason Gorevic

Thanks Ryan.

Operator

of comes question Genuity. with next Close from line Your Richard the Canaccord

line go Your open. Please is ahead.

Richard Close

question. the for thanks Yes,

but of us living was bit, for expectations? you on there I couple Just what where seeing Medical you here a you an the strength, wondering the and whether update of up seeing profitability, out and Jason, you're know if international, quarters a to wanted it that's hit maybe size and opportunities, Advance little pricing on just had to you've your just maybe you're provide can gauge

Jason Gorevic

Yes, from very integration our so absolutely at say perspective Richard. well. above it's would of going ahead or expectations, and an I schedule

sold some product have were rolled traditional U.S. out the cross-selling Advance out single capabilities full we have Medical suite doctors, they of multiple That We those common seeing. full sales desk that rolled set most We've where clients and capabilities we've area we're already and have Advance products the seen in the XXXX we essentially is and outside clients and that early from of Medical. XXXX closed. in of that growth the

example. world clients they countries the those In seeing multiple around new that services have world Bupa and existing and who frequently and we're for in multiple like Aetna addition new from populations opportunities, the as insurance International both and to players health AXA provide Cigna among expansion companies all international International around

outside the that some accelerate outlook attractive think changes will growth and very, significant that we the very for a in large opens on and bullish opportunity market that regulatory market. the Brazilian U.S. also So We've up very, we're to the very That seen market.

Richard Close

as you're that the hit guidance just bake maybe terms more on conservatism? per utilization more stance, a conservative to haircut or increases in bit we've here pans taking out of guys a of at a on in member have month, And just since in respect with you per the a the terms little year maybe the to changed up follow looking bit, little a as way

Jason Gorevic

You stage we for year, to taken I I year. very will XX% than revenue try the visibility really Richard this say mean, view always similar into hard year the of we've get better to last conservative in fairly ahead not we have but know at a the ourselves. out

guidance fortunate just looked the think guidance was and and year got we where it look to a initial to We relationship back were relative really was at as very year. year we were same last I exactly looked almost that analysis to we at Conference gave it was in time we came we we the preliminary we that the our guidance I January an the and beat exactly by pretty Street the it where end strong to the design actually same. to to - the the going almost way, didn't situation. into have set out handily the when and JP of where the Street Morgan And back was actually where

very would say consistent we're that. in comfort I So and take I some

Richard Close

That's Right. very helpful. Thank you.

Jason Gorevic

Absolutely, thanks Richard.

Operator

next Gupte line SVB Ana of Leerink. Your the question comes from with

go open. is Please ahead. line Your

Ana Gupte

questions. Hey, evening, thanks. taking Good my for thanks

or to either pricing to could door or plans observing traditional part the is there with virtual on they're health digital beyond as solution as platform, is that in-source dynamic with their your any employers anything technology up on care mix pure XXXX port is there? fees, buying docs desire of first overlay the the from you're shifting and a broader more perhaps, on coming that one they competitors just given solutions. visit guidance what virtual that So for care pressure far and competitive some environment, the Is

Jason Gorevic

for thanks question. the Ana, No

seen haven't We particular environment. pricing changes the in

of health I any your to haven't this, about Specifically seen question in-sourcing that. plans

So of among our our I I can't can't to or not in of in-house. single those clients among bring think decided of actually clients, who's that a are anybody who who it think example

What the those array we utilization. are is, opportunities. some We a metrics we're where higher excited takeaway set we buying there. we've of Where takeaways we And obviously had going we would broader seeing I were clients we opportunities are competitive services. and drive the have competitive is opportunity seeing thought performed forward, say by to

clients to a of going that's the see have trend number one continue. we So that from more and of number or members us as we doubled who service than

expansion of would more say much So of any there's I sort than contraction. semblance

Ana Gupte

plans the aren't helpful It's know in-sourcing. health that to

outsource to care for Medicare rules with will value So would the they're senior to you, planning the they say Advantage or home that change is own a it do? to they're fair on whatever into their that proposition they virtual assisted have the then as fit do care docs with CMS contemplating players where like

Jason Gorevic

Yes.

of seeing lot interest networks lot we're networks. and already cases, those a necessarily But our So clients a from of their from are the virtually enabled. serve their aren't MA in those Obviously populations many plans.

the broad of in to If they is. gets network our with that our our network frequently their with to a providers enable supplement help supplemented that clients depending care. - discussions members to platform providers health own sort what and them with interact don't usually set their course, structure their going even But with bring full virtually. when our have plan then licensed we their on of So capabilities network, physicians and continuum of then of they it of we if set they own of have virtual enable have gets we're

and facilitates being the with we As and product might years specifically MA as AARP and you a the population, ago doctor MA caregiver for aging a virtual on a parent be together to aging the that is launched for for several a attractive recall see population population. visit we very that their with

Ana Gupte

your pressure physicians and could If contracts chain ask taken plans, theme any and to your on just maybe there the contracts by on salaried systems the seeing is health the any point with care your docs one even any supply primary I the as as [ph] are final one at of far bring in-house? own intent docs being on docs, out you

Jason Gorevic

We people Obviously, a the of volume physician really was tremendous side. of that that a to interest a of be And group embracing to Yes, the seeing we are that, have our core over the community. may on contracted who but Teladoc because who supply be serving very, physicians, on-boarded of successful First are so lot see we're doctors continue is broader our not of and the sort a the about dedicated more a at and services more our of the at from looking that and of year, maybe To such demand we've are constraints as very physicians for to I serving evolving last core sort the regularly Virtual Investor have would from thousand of those of Health predictability clients of members. physician with much question, really talked about our this simple employed, array that in and relationship involved Day more we and the visits as who model are them the transactional looking more be we those far on from our outside circles of and we of sort for medical income. think moving concentric general September that will out then back continue to needs. relatively second a network bring available virtual lot much provider,

continue evolve product system continues role expands the will our as healthcare as that in evolve. And so, I portfolio and our to to think

Ana Gupte

Helpful, for thanks the Jason color.

Jason Gorevic

Ana. Thanks

Operator

Wieland Your with the Jaffray. next Sean question comes line of from Piper

Please Your line open. is go ahead.

Sean Wieland

thanks. Hi,

ever utilization utilization time? you from leverage year, of are the annualized active that can per here that number think us trend growth this you drive that I don't you metric congrats So on points user, and to What in over so how to continue that wanted the have recall to XX%. to saw of giving above visits about

Jason Gorevic

that so, Sean. for don't I Yes. thanks catching

it a that that's time to I for last the out number and gave think out X.X. years we've were don't of I a So given I closer couple think we

significant the benefit visits shared the to products is that have increases and that of they seen how the much recently probably I the seeing And improvement slides there. we've you're user more think per so, you've a So there some that. about access of more

our more services As people their clinical increases. access have user per visits to of

So we're growth dimensions. seeing in two

the I We set record year. also registrations in set give a year; number, of we a new but record won't last terms last

dimensions, look about - think you more and per growing if we're So you two if more on visits people people. it

artificial trajectory. we have we sort volume at our to grow visit And to volume that visit makes so attractive really a continue me Where are comfortable can expand headwinds. of continue headwinds that our and

the utilization populations large a they on dampening early overall is onboard at rate. the stage our curve start we utilization and there obviously of As effect

recently we see And group holding and to show, a of constant, client so sometimes aren't growth growth a a into you sort will, we've dampening artificial for visit shared analysis and try account you there. vintage so cohort factors those taken sort if pool can over time I think the year-over-year and of

front virtual and a facilitates So move the the I virtual of confident to able door, more the to sort that the we feel steepening or centric model that to continue be do of going this more we're to curve. that that

Sean Wieland

Okay. Thank you.

Just so an active you user? do we're how clear, define

Jason Gorevic

one least in A a user who at visit year. had

per X.X as in when year the surpassing user an in active in at talk the per visit had defined year. user population visits somebody about user, So as U.S. the active one we least it's per who

Sean Wieland

quick more And expectations? cash XXXX Okay. one flow one,

Jason Gorevic

we saying Positive, to we guidance given expect haven't that beyond positive. flow specific be cash

Sean Wieland

it. Thanks much. so Got

Jason Gorevic

Thanks Sean.

Operator

Your next Stephanie the from Citi. line Demko of comes question with

ahead. line open. Your Please is go

Stephanie Demko

healthy taking uptick for emails. my was last I questions. the you Jason, into might Thank spoke time guys. through Teladoc there a Hey noticed coming benefit the we marketing

effectiveness just like could consumer seeing any awareness, and on traction, update click to you're was ad impact maybe I an give metrics you measure this related campaign through? have how of hoping this us So you that

Jason Gorevic

no, Yes, definitely Stephanie. We no, targeted you no, kidding. specifically, just I'm

Stephanie Demko

Every single pop up, I get done. it

Jason Gorevic

dollar we sound spent We improvement engagement in XXXX And definitely as second meaningful remarks, I year the yield row a prepared our in on surround in think capabilities. to saw my our hone again surround said continue seen per sound. where our we've I

of do year-over-year. and sort to that have as improve that drive a more spend at to actually we look visit we meaningful seeing what So and we're more new a,

it's to who less market for because us user yet yet than to hasn't user member might to hasn't expensive you to as drive imagine, or a to who much also, spend a registered a We registered. registrations

well locating of promotion pop them engage and get mean, in that your like them as app, reminders and geo Kinsa that's if fencing, them thermometer have part to airports pop-ups to that. things to of email to we geo to then course our get of of your in so moment somebody need. we opportunity something And And and the if most like course market like can can then download in with things we see I what you like and the things as their we

can those communications together efforts we work more things and those the - the in of be. all from can and more our can we're get more that we the targeted be seeing we we So therefore effective data partners,

true been a vendor where working a utilization. turned to a partners from that's drive lot of we've length together to at plan really sort health so And arm's for of partner our

Stephanie Demko

versus apps of is give us marketing And that better then channel? given can an next you it on a direct usage update call usage

Jason Gorevic

sure make portal metric app, to that the a request our Well, just you web you're visit, so somebody are but uses you're I the for, understand about think want asking or through center? mechanism our through the coming I I asking looking they through are to call meaning

Stephanie Demko

Correct.

Jason Gorevic

XX% saw our an all we got in down center. to to the through change. actually That's that So, fourth call we coming time drop low where phenomenal quarter really

coming we're usually XX% In about fact that of talk through would that means. in our I We And requests it's in coming just long see bit first slight ago down the call the that as being coming a XX% new center. tick not we to so call through today and members. that quarter center XX% electronic up through onboard as

first we in the shift But ways with quite that's consumers I saw as then digital interact to typical. to don't fourth of on train see quarter sort we we'll in as continue leverage And us, to channels. tends as most pretty quarter, engage efficient them it the think good toward the and so

Stephanie Demko

me. out one good Yes, one to and hear then of last

out about you the year hear you growth, Just given the normalized your investments have ramp anymore EBITDA think that are EBITDA dampening could help us and basis?

Jason Gorevic

Yes.

continue healthcare margins, and part system we as to opposed First greater of move significantly there part are central sort better the in confident investments out target we that on of fact making more to margins to very EBITDA in based the mid feel that the view be in help There's fringes. system on a as the greater we're no in to playing continue We to a that change us role of long-term low of XXs. role the that. now to our being comfortable model they because And play us with through We think XXXX. Virtual in that to years much the healthcare that the

Stephanie Demko

Thank you. question. for That’s very taking my helpful. Thanks

Jason Gorevic

Stephanie. Thanks

Operator

Cowen. with question Your the next from of Rhyee line comes Charles

go Your line Please is open. ahead.

Charles Rhyee

the the your at sort organic the kind know this of follows thanks Hey, on at that of the talked XXXX looking give where had you reference couple it you are year full These or season sort of about to just of and XX% you a would shake range, we're XX% at Jason for maybe consulting a the season? growth the would you above selling being largest fully you you for earlier. from in taking Yes. ramp questions. be basis of a of end below can lower run rate us when sense to we maybe kind XX% out, it, the

Jason Gorevic

your asking question? Sorry, how to when understand I'm you exactly to trying - are quantify

Charles Rhyee

what new ramp run what I'm obviously issue like versus to growth we're a a the going if timing business would was having the obviously this on we a sense that at get look Well, full really year, last is, trying won into organic were next? as Yes. year up rate things

Jason Gorevic

sort that guidance. have top off fourth I of quarter into of backing head it don't be the and would I Yes, a my think

very the I still course If to where the about on-boarding XXXX about you're exit early that about into we business in the have way feel of XXXX guidance I good today. that that visibility it's but the good asking what on XX% of and I pipeline feel into obviously we'll we XX% based with year, signaled and the about the beyond. over can comfortable looking best know to the be year, you we today And XX% XXXX sold and answer organic about I feel is, sort still with think I And I growth. for our what we've historically XX%

Charles Rhyee

the as little obviously give some in sort up year up more I the expected anything of going a the of of the should the the we us look given make in it then, to last course we, year, bit contracts guess of thinking of And sense fourth there terms is the use being we year, can it might ramp you a more the relative maybe see of EBITDA best timing ramp year ramp last up, different? about to or ramp these is that, to to through what

Gabriel Cappucci

year. a Yes Yes, the right no, Gabe. is throughout that's this ramp Charles. see We'll

to talked You some bring of obviously then see about as on-boarding sort on that we additional the to revenue move we'll lightest the be of of because first quarter the and that clients talked natural quarters. activities we've know ramp some the throughout we've quarter going that of the But subsequent is adjusted year about. of the EBITDA of

Charles Rhyee

how though you plan, the more Tela follow of you submit to and a they'll plan really at kind be in the MA, little limited driven health health and is, they maybe is service wanted the their how the terms about of then opportunity a Health products the that around, kind by to much opportunity last when alluded thoughts opportunity is own MA? up, provider MA break choice bit coming my bit little platform positions earlier, claims of a Thanks. that of towards since just Great, talk more to to down get I providing

Jason Gorevic

into to model We're think interest and more with having relative part some that that more we rolling some Yes, in like about model I I looks But mind modifications MA is system the our their we hospital the think the and are to care. I our my platform, virtual limit certainly commercial of the don't our to is think will but from health the see that and membership. that we're interest no health plans There package like, it's there a for commercial sell - already in provide to conversations do benefit seeing license providing health active to the that population. market it, as more by plans means the no of question same the providers be out benefits opportunity. looks

Charles Rhyee

that if model, Humana senior I Health I'm have that go to Teladoc having I'm would use different would using that through mean example multiple physician different a system could they and plans? virtual theoretically provide have care, a platforms and for to that, to they and I'm in Tela would So member a that members MA existing serve physicians know to

Jason Gorevic

likely be is as I'm be driven. saying that member to as to provider it it's just driven

it to platform So will have certainly provide for physicians. our systems hospital their

today. that have We

that. have and then a our much plan in XX/X MA and beyond platform to our a capability or to their available line visit has like that a senior that so that, it's with tools a a us the is really through very with be they'll the the what platform, that doctor. a enabling able has health see provides use physician we driven relationship But who on But physician available visit it network virtual we who populations also where virtual have consumer a something them is already with traditionally and event well using is nurse been way. who is And

Charles Rhyee

Thank got Okay, it. That's helpful. you.

Jason Gorevic

Charles. Thanks

Operator

of Your next Draper Sandy from go Please line question SunTrust. comes of ahead. the

line Your is open.

Sandy Draper

of give give an lot my quick revenue - may questions asked. Thanks one you I A been just have of Thanks. a did organic very guys number guess growth number couple in Jason, Maybe access did sort ones of have quarter? and fee much. quick organic the I growth broader you missed. followup

Jason Gorevic

Medical did. Advance for was said Medical. I think XXX you we Advance We XXX that we versus if for it adjusted adjust and

Sandy Draper

of Advance when season story about then sort your a to then were it, much helpful. on the I XXXX season start it's it's much is but Medical, thoughts could about off just or really that's selling own be you pretty coming bring know the progress, into of going great in their mean to that Thanks. Okay, six able and 'XX only how in and for terms And to Medical bring of we Advance you months selling in? XXXX

Jason Gorevic

is selling the and about actively one international January the of we're markets nice they're not Yes, centric. things

some insurer already the so, the expansion segments we've large two this at saw regulatory international the rolling business. lot years beginning countries relationships in of more additional sold population world embrace product the existing of up virtual the suite suit. terms of What in changes where their our markets five U.S. And we're probably in where out the into year of seeing new clients little other sold We've we've they're of already part had expressing for some the maybe we're that the care. and outside U.S. growth are to we And deals following care, virtual are in around good a a interest ago bit in

And so, footprint. Brazil regulatory change to and an that doors up and positive Advance very was the I and very, where a the virtual seeing care entrant opening market Medical and early has they're that's I mentioned into think already market

advantage think regulatory able ideally we So be change. situated we to that to are of take that

Sandy Draper

much. very you Thank

Jason Gorevic

Thanks Sandy.

Operator

Hewitt Capital. the go Your comes question Please from of line Craig-Hallum ahead. Matt next of

is line Your open.

Matt Hewitt

Good afternoon. Thank you.

maybe Just two from questions me.

or Where First of an access you as using trending metric focus. on XX% the tables maybe has product we do been area that with see exit provided that XXXX? are more the you count two

Jason Gorevic

Yes, to to temptation so I'm specific a going to resist on the give try that. number

I the to opportunity one given a is is think of and two the is increase average that increase two-fold; products in per number, Matt population. to number

So that's clients have what or more than of come I where to we're three members than hope we expand to the products is next to or with to more portfolio. back you year because this what going be able time percentage as four continue

Matt Hewitt

those TRICARE I the over or last and of how United, guidance in Great. course you us the of factored Thank at the prolonged modeling? and with how And we the then would look as kind with into help those one are you. one fit regarding given the year contracting help did guidance, rollout there think the kind of

Jason Gorevic

Yes, we've conservative again two but say would it's expectations from expenses Thanks been Matt. very question. have a revenue guesses. best great conservative, using I those included of and our, channels

We have wouldn't really We given. not included estimates in or to from we've the it guidance thought that. those do prudent membership any that membership channels be either of

say, I that So appropriate so color I you think gives it. would on

Matt Hewitt

Great. Thank you.

Jason Gorevic

Matt. Thanks

Operator

of Ott comes the question Please go next ahead. Oppenheimer. line Your from Mike of

open. is line Your

Mike Ott

that in selling bit for what Health looking wondering Thanks strength, solution? if a hospital squeezing in. are question hospitals competitive me you're specifically Jason, on season for just comments you expand Tela on a afternoon. Charles could to piggyback on and dynamics and Good

Jason Gorevic

amazing That's an seen frankly market. where the hospital phenomenal year. and of win we've part our was the XXXX in business Yes, health quite just the win rates rates, strongest system

the especially try priorities and attributed and to with hospitals. think couple tailor our really I what strategy our the We what solution understand selling of consultative because the a approach hospital's we're things; offering. different dozen half a like have very it a of in wide priorities around priorities a there are variety different result those a a needs, configuration and that their to might that's are different hospital is their one, in to slightly given could

very So that's successful. been

labels. extremely addition them for is In so it's customizable to our all that, product private

that them wrapped time. is take their the scheduling For services of into operational easily it thing clinical over we very services of EMR all as modify technology integrates their engagement around and they it third platform of advantage and that not or optional is, systems our can of and physician services, advantage our take friendly. And to sort decide capabilities services, offer

Officer though, for the Medical asking years, Head driving used said changed difference a decision three a over to Chief systems. more Telemedicine As a or Department really it The probably I've making of an systems or the was Information before that last are hospitals for us. that's or innovation be office from care virtual

of looking generally enterprise. and Telemedicine the at Now hospital the is is entire across person that Head there a

that's or and us market. more that talking longer individual capabilities how goals that bring our are or to that the the what to of population over that can prioritization we're more we for a direct that so, And term to broader client. role helping bear and for set And about

Mike Ott

any was goal say I with helpful, targets behavioral that in if better squeeze could million I or help, you could wondering and you. just could XXXX $XX very And if the XXXX you gross thank one share then believe Great, us? on in more contribution line with

Jason Gorevic

Yes.

$XX business it And is entire say course the When million although health So then a we small. with north our direct-to-consumer better health. across better spectrum, better And look some both star. relatively commercial at behavioral very that we have came pleased number for We BXB business, of the behavioral in have of you our would performance health were shining very, health of XXXX. I health.

see very very, massive All where is we bundling. demand growing that's of that and quickly from biggest the clients

most products health. frequent multiple talk population, So having in a bundled we and the with about that services medical when gets behavioral is given general thing

volume relative flu of of behavioral the benefit little bit health see year of So the across as in commentary quarter that. last face of And that a our is volume gave growing to the diversification is big pretty first our I on visit diversification fact helping headwind health in Mike, that we and some a the visit board seeing part significantly. behavioral a we're

Mike Ott

for Great, that color, thank Jason. you all so much

Jason Gorevic

Mike. Thanks

Operator

question Singh line Please comes next from Suisse. Your go ahead. Jailendra of of the Credit

is line Your open.

Jailendra Singh

us Medical for get guidance. of is kind moderation million paid term your in is than for up Thanks better $XX guidance. But the revenue which contribution let Can revenue just end follow exclude membership what me a squeezing your to I to that growth increase $XX pick little all XX% up guidance range ‘XX from long kind and not thanks I'm on low understand implied of XX here like with CVS implied Thanks. understand had flu percent on We the XXXX incremental growth a in you If why bit plus what in me million. from color organic more rollout just and in wondering help guidance? to ‘XX win is you in PEMP and visits did that? Advance XXXX. organic but stay decent low U.S. of I guys

Jason Gorevic

said to our view we've year about with what about in as smaller who that this take is into could we could in those XX% and our we our and year year. and of in revenue where end XX so XXXX the have XX we've consistent met a public at And continue view out take our and quarters again, intention around to exceeded philosophy guidance later conservative little roll revenue. reporting larger this I and I guidance philosophy. or toward clients it's a some think sooner have earlier the and had large time point visibility take said, out roll and that our I We a we at relatively

Jailendra Singh

for your gross expectations given did Okay. I'm guys for trends but this, XXXX? you sorry I if missed And margin

Jason Gorevic

see generally the margin We specific gross a path Where give did it's glide directional. going XXs. sort mid of and just what guidance. into give guidance, we we didn't. We don't to We continue generally is

been mobile as for companies. part over as to years positive our engagement fortunate of acquired sort year visit we and guess is seen that toward seen know last our to we've we've beneficiary a the I as gross mix a and we've strategies engagement. revenue I look really think in our been been lower And two shift of push shift people You some really probably expectations some even you back again the a big of we've to digital and outperform of margins channels the that's

that I together feel continue the decline So we if We good a XXXX. we'll modest where of think you do that see XXs. to coming about into put think all out we're mid very

Jailendra Singh

my about or know it. might your us don’t some Do flavor this company? is you the question. what helping company, for now of I then talk see way as Licensure your your help Okay IMLC believe margins impact XX states can and last Medical revenue there for you Compact this any the are Give Interstate part if us give this can mean like I the guys of well?

Jason Gorevic

be of Yes, going population, have revenue. to equation. broader to sort it a side to physician to is our impact supply can our helpful but can of in set I the network a a that to can on number impact, side. I they'll don't themselves increase It's only relative a it's significant of which the and certainly physician us make available therefore don't the that physician able think states possible the be think of licensed it only the it's be really to going helpful of that

Jailendra Singh

All right, thanks a lot.

Operator

ahead. Baird. comes of from line the Gillmor Please of Matthew Your next question go

Your line is open.

Matthew Gillmor

I just ones. thanks. quick have hopefully Hey two

where can CFO sense to the it does as update And higher can that with us revenue design, the you virtual PMPMs for drive us opportunity move benefit this volume? on search? looks first drive So some engagement what second, you give like, you on the you does or then stand

Jason Gorevic

yes sure. Matt, Hey

company the It's to position CFO candidate in sector, and slate technology on very search So, really a to perform. we've an the fortunate a we're and pleased seeing. continued healthcare and that a been both search I'm high attractive be we're growth and active with

where that business. doing feel a - about again, and remiss a and if Virtual or at spot good pricing are timeframe model of and about respect seeing be we're time, would centric to to think group the same we there's beneficiary job With good I where the say different it's I being I of candidates. So a in of and we a I'm going are to resist a the First didn't for very I team sort that. and I be lot the Gabe fantastic But models are a model, and virtual today. that great a great do temptation given of we're revenue to haven't the I feel going

some PMPM see us just to pay are to that going for willing role. fixed play You're clients higher to a

going a as benefit see drive of we get and in looking that. of care to to sharing are You're gain who others of more the the opportunity at sort share we of overall down cost

a and a to our because to going be see of visit fee you're in network and specialists bigger to the probably lifting within we're be in services. others all going we're You're see our referring going additional going patients role to average virtual care playing for cases

to tier of the and we tier top the and to of the So, the and lastly opportunity think for health network plans of then I referrals have paid top formulary. centers excellence get successful the member the of to

all the opportunities think of excited the I about those revenue as interesting we that So present play role and healthcare can opportunity, in as well system. both strategically I'm just financially the

Matthew Gillmor

Got Jason. it. Thanks

Jason Gorevic

Thanks Matt.

Operator

question Please ahead. Capital next of line the Markets. go Chardan from Your Steven Wardell of comes

open. is line Your

Steven Wardell

question. my taking for Thanks guys. Hey

Jason Gorevic

Hi, Steve.

Steven Wardell

little hearing you so Can you then give how years? customers line big us are and a could hospitals selling what of over your this of business, next more the from be couple to on

Jason Gorevic

- from probably great That's market hearing Yes, second fastest channel - hospital was on the a base. in feedback we're small hear XXXX growing it continue think to bullish. our very I very,

performance absolutely and a there rate So exceptional. was fantastic win admittedly base, but our small on

set product, and care future, asking hospitals As virtual They're with the us. they're more look into us from of broader the for I services presents for asking are for a opportunity. more asking that

dictate much roadmap pipeline for to channel. and very our market helps that So that

Steven Wardell

you. Great, thank

Operator

comes Your next of William Ryan question from Daniels of the line ahead. Please Blair. go

is line Your open.

Ryan Daniels

Yes.

XX million the I we've stock past? your I at you a EBITDA XX quick into delta negative assume one than a detail delta the at more to look in bigger midpoint GAAP get that clarity lot there's go in your the model, followup I comp, bit Just you little more adjustments there? the XX for seen the $XX a adjusted guess, your EBITDA Can there? can on want is EBITDA the that a at midpoint guidance the on between a or of

Gabriel Cappucci

and to Ryan, stock certainly made Yes you comp It's that of that's exactly increased correct. related gone and these we've know as employee up. acquisitions some our has number base

that yes, to the bridge there. item is So

Ryan Daniels

Okay, perfect thank you.

Jason Gorevic

Ryan. Thanks

Operator

There are today's time. no further completes questions This at conference this call.

You may now disconnect.

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