LifeStance Health Group, Inc. (Nasdaq: LFST), one of the nation’s
largest providers of outpatient mental healthcare, today announced
financial results for the second quarter ended June 30, 2023.
(All results compared to prior-year comparative period, unless
otherwise noted)Q2 2023 Highlights and FY 2023
Outlook
- Total revenue of $259.6 million
increased $50.1 million or 24% compared to total revenue of $209.5
million
- Total clinicians of 6,132 up 17%, a sequential net increase of
171 in the second quarter
- Net loss of $45.5 million compared to net loss of $68.7
million, primarily driven by stock-based compensation expense
- Adjusted EBITDA of $14.1 million compared to Adjusted EBITDA of
$14.6 million
- Raising revenue and Center Margin
guidance: Now expecting full year 2023 revenue of $1.01 to $1.04
billion and Center Margin of $280 to $300 million; reaffirming full
year 2023 Adjusted EBITDA guidance of $50 to $62 million
“In the first half of the year, we made solid progress toward
execution of our long-term goals,” said Ken Burdick, Chairman and
CEO of LifeStance. “In addition to continued operational
improvements, we rolled out a new companywide outcomes-informed
care program that will highlight the great work that our clinicians
do in caring for our patients. LifeStance’s size and scale uniquely
positions us to measure quality and outcomes in a disciplined way,
and we are excited about this step on our journey to using data and
analytics to better inform care and enhance mental health
treatment.”
Financial
Highlights |
|
|
|
|
|
|
|
|
|
|
|
Q2 2023 |
|
|
Q2 2022 |
|
|
Y/Y |
|
(in millions) |
|
|
|
|
|
|
|
|
|
Total revenue |
|
$ |
259.6 |
|
|
$ |
209.5 |
|
|
|
24 |
% |
Loss from operations |
|
|
(48.4 |
) |
|
|
(60.5 |
) |
|
|
(20 |
%) |
Center Margin |
|
|
73.0 |
|
|
|
59.8 |
|
|
|
22 |
% |
Net loss |
|
|
(45.5 |
) |
|
|
(68.7 |
) |
|
|
(34 |
%) |
Adjusted EBITDA |
|
|
14.1 |
|
|
|
14.6 |
|
|
|
(3 |
%) |
As % of Total revenue: |
|
|
|
|
|
|
|
|
|
Loss from operations |
|
|
(18.6 |
%) |
|
|
(28.9 |
%) |
|
|
|
Center Margin |
|
|
28.1 |
% |
|
|
28.5 |
% |
|
|
|
Net loss |
|
|
(17.5 |
%) |
|
|
(32.8 |
%) |
|
|
|
Adjusted EBITDA |
|
|
5.4 |
% |
|
|
7.0 |
% |
|
|
|
(All results compared to prior-year period, unless otherwise
noted)
- Total revenue grew 24% to $259.6 million. Strong revenue growth
in the second quarter was driven primarily by net clinician growth
and increased visit volumes.
- Loss from operations was $48.4 million, primarily driven by
stock-based compensation expense of $33.1 million. Net loss was
$45.5 million.
- Center Margin grew 22% to $73.0 million, or 28.1% of total
revenue.
- Adjusted EBITDA declined 3% to
$14.1 million, or 5.4% of total revenue. Adjusted EBITDA as a
percentage of revenue decreased as a result of higher G&A
expenses from investments in the business.
Balance Sheet, Cash Flow and Capital
Allocation
For the six months ended June 30, 2023, LifeStance used $8.3
million cash flow from operations, including $0.4 million during
the second quarter of 2023. The Company ended the second quarter
with cash of $79.6 million and net long-term debt of $248.7
million.
2023 Guidance
LifeStance is raising full year revenue and Center Margin
guidance, with the following outlook for 2023:
- The Company expects full year revenue of $1.01 to $1.04
billion, Center Margin of $280 to $300 million, and Adjusted EBITDA
of $50 to $62 million.
- For the third quarter of 2023, the
Company expects total revenue of $250 to $260 million, Center
Margin of $69 to $76 million, and Adjusted EBITDA of $11 to $17
million.
Conference Call, Webcast Information, and
Presentations
LifeStance will hold a conference call today, August 9, 2023, at
8:30 a.m. Eastern Time to discuss the second quarter 2023 results.
Investors who wish to participate in the call should dial
1-800-715-9871, domestically, or 1-646-307-1963, internationally,
approximately 10 minutes before the call begins and provide
conference ID number 7177364 or ask to be joined into the
LifeStance call. A real-time audio webcast can be accessed via the
Events and Presentations section of the LifeStance Investor
Relations website (https://investor.lifestance.com), where related
materials will be posted prior to the conference call.
About LifeStance Health Group, Inc.
Founded in 2017, LifeStance (Nasdaq: LFST) is reimagining mental
health. We are one of the nation’s largest providers of virtual and
in-person outpatient mental health care for children, adolescents
and adults experiencing a variety of mental health conditions. Our
mission is to help people lead healthier, more fulfilling lives by
improving access to trusted, affordable, and personalized mental
healthcare. LifeStance employs approximately 6,100 psychiatrists,
advanced practice nurses, psychologists and therapists and operates
across 34 states and approximately 600 centers. To learn more,
please visit www.LifeStance.com.
We routinely post information that may be important to investors
on the “Investor Relations” section of our website at
investor.lifestance.com. We encourage investors and potential
investors to consult our website regularly for important
information about us.
Forward-Looking Statements
Statements in this press release and on the related
teleconference that express a belief, expectation or intention, as
well as those that are not historical fact, are forward-looking
statements. These statements include, but are not limited to,
statements with respect to: full year and third quarter guidance
and management's related assumptions; the Company’s financial
position; business plans and objectives; expense optimization and
other cost-saving initiatives; general economic and industry
trends; operating results; working capital and liquidity; and other
statements contained in this press release that are not historical
facts. When used in this press release and on the related
teleconference, words such as “may,” “will,” “should,” “could,”
“intend,” “potential,” “continue,” “anticipate,” “believe,”
“estimate,” “expect,” “plan,” “target,” “predict,” “project,”
“seek” and similar expressions as they relate to us are intended to
identify forward-looking statements. They involve a number of risks
and uncertainties that may cause actual events and results to
differ materially from such forward-looking statements. These risks
and uncertainties include, but are not limited to: we may not grow
at the rates we historically have achieved or at all, even if our
key metrics may imply future growth, including if we are unable to
successfully execute on our growth initiatives and business
strategies; if we fail to manage our growth effectively, our
expenses could increase more than expected, our revenue may not
increase proportionally or at all, and we may be unable to execute
on our business strategy; our ability to recruit new clinicians and
retain existing clinicians; if reimbursement rates paid by
third-party payors are reduced or if third-party payors otherwise
restrain our ability to obtain or deliver care to patients, our
business could be harmed; we conduct business in a heavily
regulated industry and if we fail to comply with these laws and
government regulations, we could incur penalties or be required to
make significant changes to our operations or experience adverse
publicity, which could have a material adverse effect on our
business, results of operations and financial condition; we are
dependent on our relationships with affiliated practices, which we
do not own, to provide health care services, and our business would
be harmed if those relationships were disrupted or if our
arrangements with these entities became subject to legal
challenges; we operate in a competitive industry, and if we are not
able to compete effectively, our business, results of operations
and financial condition would be harmed; the impact of health care
reform legislation and other changes in the healthcare industry and
in health care spending on us is currently unknown, but may harm
our business; if our or our vendors’ security measures fail or are
breached and unauthorized access to our employees’, patients’ or
partners’ data is obtained, our systems may be perceived as
insecure, we may incur significant liabilities, including through
private litigation or regulatory action, our reputation may be
harmed, and we could lose patients and partners; our business
depends on our ability to effectively invest in, implement
improvements to and properly maintain the uninterrupted operation
and data integrity of our information technology and other business
systems; our ability to successfully execute on expense
optimization initiatives; actual or anticipated changes or
fluctuations in our results of operations; our existing
indebtedness could adversely affect our business and growth
prospects; and other risks and uncertainties set forth under “Risk
Factors” included in the reports we have filed or will file with
the Securities and Exchange Commission, including our Annual Report
on Form 10-K for the year ended December 31, 2022 and
subsequent filings made with the Securities and Exchange
Commission. LifeStance does not undertake to update any
forward-looking statements made in this press release to reflect
any change in management's expectations or any change in the
assumptions or circumstances on which such statements are based,
except as otherwise required by law.
Non-GAAP Financial Information
This press release contains certain non-GAAP financial measures,
including Center Margin, Adjusted EBITDA, and Adjusted EBITDA
margin. Tables showing the reconciliation of these non-GAAP
financial measures to the comparable GAAP measures are included at
the end of this release. Management believes these non-GAAP
financial measures are useful in evaluating the Company’s operating
performance, and may be helpful to securities analysts,
institutional investors and other interested parties in
understanding the Company’s operating performance and prospects.
These non-GAAP financial measures, as calculated, may not be
comparable to companies in other industries or within the same
industry with similarly titled measures of performance. Therefore,
the Company’s non-GAAP financial measures should be considered in
addition to, not as a substitute for, or in isolation from,
measures prepared in accordance with GAAP, such as net loss or loss
from operations.
Center Margin and Adjusted EBITDA anticipated for the third
quarter of 2023 and full year 2023 are calculated in a manner
consistent with the historical presentation of these measures at
the end of this release. Reconciliation for the forward-looking
third quarter of 2023 and full year 2023 Center Margin and Adjusted
EBITDA guidance is not being provided, as LifeStance does not
currently have sufficient data to accurately estimate the variables
and individual adjustments for such reconciliation. As such,
LifeStance management cannot estimate on a forward-looking basis
without unreasonable effort the impact these variables and
individual adjustments will have on its reported results.
Management acknowledges that there are many items that impact a
company’s reported results and the adjustments reflected in these
non-GAAP measures are not intended to present all items that may
have impacted these results.
Consolidated Financial Information and
Reconciliations
CONSOLIDATED BALANCE SHEETS |
(unaudited) |
(In thousands, except for par value) |
|
|
|
June 30, 2023 |
|
|
December 31, 2022 |
|
CURRENT ASSETS |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
79,605 |
|
|
$ |
108,621 |
|
Patient accounts receivable, net |
|
|
121,796 |
|
|
|
100,868 |
|
Prepaid expenses and other current assets |
|
|
36,480 |
|
|
|
23,734 |
|
Total current assets |
|
|
237,881 |
|
|
|
233,223 |
|
NONCURRENT ASSETS |
|
|
|
|
|
|
Property and equipment, net |
|
|
193,144 |
|
|
|
194,189 |
|
Right-of-use assets |
|
|
191,381 |
|
|
|
199,431 |
|
Intangible assets, net |
|
|
243,788 |
|
|
|
263,294 |
|
Goodwill |
|
|
1,293,502 |
|
|
|
1,272,939 |
|
Other noncurrent assets |
|
|
11,221 |
|
|
|
10,795 |
|
Total noncurrent assets |
|
|
1,933,036 |
|
|
|
1,940,648 |
|
Total assets |
|
$ |
2,170,917 |
|
|
$ |
2,173,871 |
|
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
|
Accounts payable |
|
$ |
8,044 |
|
|
$ |
12,285 |
|
Accrued payroll expenses |
|
|
81,144 |
|
|
|
75,650 |
|
Other accrued expenses |
|
|
34,348 |
|
|
|
30,428 |
|
Current portion of contingent consideration |
|
|
10,537 |
|
|
|
15,876 |
|
Operating lease liabilities, current |
|
|
43,446 |
|
|
|
38,824 |
|
Other current liabilities |
|
|
3,335 |
|
|
|
2,936 |
|
Total current liabilities |
|
|
180,854 |
|
|
|
175,999 |
|
NONCURRENT LIABILITIES |
|
|
|
|
|
|
Long-term debt, net |
|
|
248,718 |
|
|
|
225,079 |
|
Operating lease liabilities, noncurrent |
|
|
205,586 |
|
|
|
212,586 |
|
Deferred tax liability, net |
|
|
38,324 |
|
|
|
38,701 |
|
Other noncurrent liabilities |
|
|
2,559 |
|
|
|
2,783 |
|
Total noncurrent liabilities |
|
|
495,187 |
|
|
|
479,149 |
|
Total liabilities |
|
$ |
676,041 |
|
|
$ |
655,148 |
|
COMMITMENTS AND
CONTINGENCIES |
|
|
|
|
|
|
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
Preferred stock – par value $0.01 per share; 25,000 shares
authorized as of June 30, 2023 and December 31, 2022; 0
shares issued and outstanding as of June 30, 2023 and
December 31, 2022 |
|
|
— |
|
|
|
— |
|
Common stock – par value $0.01 per share; 800,000 shares authorized
as of June 30, 2023 and December 31, 2022; 378,005 and
375,964 shares issued and outstanding as of June 30, 2023 and
December 31, 2022, respectively |
|
|
3,782 |
|
|
|
3,761 |
|
Additional paid-in capital |
|
|
2,141,247 |
|
|
|
2,084,324 |
|
Accumulated other comprehensive income |
|
|
4,151 |
|
|
|
3,274 |
|
Accumulated deficit |
|
|
(654,304 |
) |
|
|
(572,636 |
) |
Total stockholders' equity |
|
|
1,494,876 |
|
|
|
1,518,723 |
|
Total liabilities and stockholders’ equity |
|
$ |
2,170,917 |
|
|
$ |
2,173,871 |
|
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
LOSS |
(unaudited) |
(In thousands, except for Net Loss per Share) |
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
TOTAL REVENUE |
|
$ |
259,578 |
|
|
$ |
209,527 |
|
|
$ |
512,167 |
|
|
$ |
412,622 |
|
OPERATING EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
Center costs, excluding depreciation and amortization shown
separately below |
|
|
186,607 |
|
|
|
149,697 |
|
|
|
369,594 |
|
|
|
298,590 |
|
General and administrative expenses |
|
|
101,854 |
|
|
|
103,559 |
|
|
|
186,480 |
|
|
|
206,928 |
|
Depreciation and amortization |
|
|
19,530 |
|
|
|
16,743 |
|
|
|
38,599 |
|
|
|
32,427 |
|
Total operating expenses |
|
$ |
307,991 |
|
|
$ |
269,999 |
|
|
$ |
594,673 |
|
|
$ |
537,945 |
|
LOSS FROM OPERATIONS |
|
$ |
(48,413 |
) |
|
$ |
(60,472 |
) |
|
$ |
(82,506 |
) |
|
$ |
(125,323 |
) |
OTHER INCOME (EXPENSE) |
|
|
|
|
|
|
|
|
|
|
|
|
Gain (loss) on remeasurement of contingent consideration |
|
|
1,539 |
|
|
|
(180 |
) |
|
|
2,576 |
|
|
|
(614 |
) |
Transaction costs |
|
|
(3 |
) |
|
|
(19 |
) |
|
|
(89 |
) |
|
|
(297 |
) |
Interest expense, net |
|
|
(5,119 |
) |
|
|
(7,133 |
) |
|
|
(10,211 |
) |
|
|
(10,574 |
) |
Other expense |
|
|
(24 |
) |
|
|
— |
|
|
|
(69 |
) |
|
|
— |
|
Total other expense |
|
$ |
(3,607 |
) |
|
$ |
(7,332 |
) |
|
$ |
(7,793 |
) |
|
$ |
(11,485 |
) |
LOSS BEFORE INCOME TAXES |
|
|
(52,020 |
) |
|
|
(67,804 |
) |
|
|
(90,299 |
) |
|
|
(136,808 |
) |
INCOME TAX BENEFIT
(PROVISION) |
|
|
6,542 |
|
|
|
(923 |
) |
|
|
10,579 |
|
|
|
5,753 |
|
NET LOSS |
|
$ |
(45,478 |
) |
|
$ |
(68,727 |
) |
|
$ |
(79,720 |
) |
|
$ |
(131,055 |
) |
NET LOSS PER SHARE, BASIC AND
DILUTED |
|
|
(0.13 |
) |
|
|
(0.19 |
) |
|
|
(0.22 |
) |
|
|
(0.37 |
) |
Weighted-average shares used
to compute basic and diluted net loss per share |
|
|
363,161 |
|
|
|
353,729 |
|
|
|
362,039 |
|
|
|
352,297 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET LOSS |
|
$ |
(45,478 |
) |
|
$ |
(68,727 |
) |
|
$ |
(79,720 |
) |
|
$ |
(131,055 |
) |
OTHER COMPREHENSIVE INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized gains on cash flow hedge, net of tax |
|
|
2,147 |
|
|
|
— |
|
|
|
877 |
|
|
|
— |
|
COMPREHENSIVE LOSS |
|
$ |
(43,331 |
) |
|
$ |
(68,727 |
) |
|
$ |
(78,843 |
) |
|
$ |
(131,055 |
) |
CONSOLIDATED STATEMENTS OF CASH FLOWS |
(unaudited) |
(In thousands) |
|
|
|
Six Months Ended June 30, |
|
|
|
2023 |
|
|
2022 |
|
CASH FLOWS FROM OPERATING
ACTIVITIES |
|
|
|
|
|
|
Net loss |
|
$ |
(79,720 |
) |
|
$ |
(131,055 |
) |
Adjustments to reconcile net
loss to net cash (used in) provided by operating activities: |
|
|
|
|
|
|
Depreciation and amortization |
|
|
38,599 |
|
|
|
32,427 |
|
Non-cash operating lease costs |
|
|
20,263 |
|
|
|
— |
|
Stock-based compensation |
|
|
56,944 |
|
|
|
117,365 |
|
Loss on debt extinguishment |
|
|
— |
|
|
|
3,380 |
|
Amortization of discount and debt issue costs |
|
|
1,076 |
|
|
|
748 |
|
(Gain) loss on remeasurement of contingent consideration |
|
|
(2,576 |
) |
|
|
614 |
|
Other, net |
|
|
2,708 |
|
|
|
— |
|
Change in operating assets and liabilities, net of businesses
acquired: |
|
|
|
|
|
|
Patient accounts receivable, net |
|
|
(20,558 |
) |
|
|
(21,900 |
) |
Prepaid expenses and other current assets |
|
|
(15,176 |
) |
|
|
(5,351 |
) |
Accounts payable |
|
|
(5,395 |
) |
|
|
1,731 |
|
Accrued payroll expenses |
|
|
5,158 |
|
|
|
(289 |
) |
Operating lease liabilities |
|
|
(16,929 |
) |
|
|
— |
|
Other accrued expenses |
|
|
7,282 |
|
|
|
13,471 |
|
Net cash (used in) provided by operating activities |
|
$ |
(8,324 |
) |
|
$ |
11,141 |
|
CASH FLOWS FROM INVESTING
ACTIVITIES |
|
|
|
|
|
|
Purchases of property and equipment |
|
|
(19,310 |
) |
|
|
(53,775 |
) |
Acquisitions of businesses, net of cash acquired |
|
|
(19,820 |
) |
|
|
(35,118 |
) |
Net cash used in investing activities |
|
$ |
(39,130 |
) |
|
$ |
(88,893 |
) |
CASH FLOWS FROM FINANCING
ACTIVITIES |
|
|
|
|
|
|
Proceeds from long-term debt, net of discount |
|
|
25,000 |
|
|
|
228,000 |
|
Payments of debt issue costs |
|
|
(188 |
) |
|
|
(7,184 |
) |
Payments of long-term debt |
|
|
(1,173 |
) |
|
|
(181,230 |
) |
Prepayment for debt paydown |
|
|
— |
|
|
|
(1,609 |
) |
Payments of contingent consideration |
|
|
(5,201 |
) |
|
|
(11,090 |
) |
Taxes related to net share settlement of equity awards |
|
|
— |
|
|
|
(478 |
) |
Net cash provided by financing activities |
|
$ |
18,438 |
|
|
$ |
26,409 |
|
NET DECREASE IN CASH AND CASH
EQUIVALENTS |
|
|
(29,016 |
) |
|
|
(51,343 |
) |
Cash and Cash Equivalents -
Beginning of period |
|
|
108,621 |
|
|
|
148,029 |
|
CASH AND CASH EQUIVALENTS –
END OF PERIOD |
|
$ |
79,605 |
|
|
$ |
96,686 |
|
SUPPLEMENTAL DISCLOSURE OF
CASH FLOW INFORMATION |
|
|
|
|
|
|
Cash paid for interest, net |
|
$ |
9,830 |
|
|
$ |
4,927 |
|
Cash paid for taxes, net of refunds |
|
$ |
313 |
|
|
$ |
860 |
|
SUPPLEMENTAL DISCLOSURES OF
NON CASH INVESTING AND FINANCING ACTIVITIES |
|
|
|
|
|
|
Equipment financed through finance leases |
|
$ |
— |
|
|
$ |
256 |
|
Contingent consideration incurred in acquisitions of
businesses |
|
$ |
1,985 |
|
|
$ |
5,683 |
|
Acquisition of property and equipment included in liabilities |
|
$ |
6,238 |
|
|
$ |
13,055 |
|
RECONCILIATION OF LOSS
FROM OPERATIONS TO CENTER MARGIN |
(unaudited) |
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
Loss from operations |
|
$ |
(48,413 |
) |
|
$ |
(60,472 |
) |
|
$ |
(82,506 |
) |
|
$ |
(125,323 |
) |
Adjusted for: |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
19,530 |
|
|
|
16,743 |
|
|
|
38,599 |
|
|
|
32,427 |
|
General and administrative expenses (1) |
|
|
101,854 |
|
|
|
103,559 |
|
|
|
186,480 |
|
|
|
206,928 |
|
Center Margin |
|
$ |
72,971 |
|
|
$ |
59,830 |
|
|
$ |
142,573 |
|
|
$ |
114,032 |
|
(1) Represents salaries, wages and
employee benefits for our executive leadership, finance, human
resources, marketing, billing and credentialing support and
technology infrastructure and stock-based compensation for all
employees.
RECONCILIATION OF NET LOSS
TO ADJUSTED EBITDA |
(unaudited) |
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(45,478 |
) |
|
$ |
(68,727 |
) |
|
$ |
(79,720 |
) |
|
$ |
(131,055 |
) |
Adjusted for: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
|
5,119 |
|
|
|
7,133 |
|
|
|
10,211 |
|
|
|
10,574 |
|
Depreciation and amortization |
|
|
19,530 |
|
|
|
16,743 |
|
|
|
38,599 |
|
|
|
32,427 |
|
Income tax (benefit) provision |
|
|
(6,542 |
) |
|
|
923 |
|
|
|
(10,579 |
) |
|
|
(5,753 |
) |
(Gain) loss on remeasurement of contingent consideration |
|
|
(1,539 |
) |
|
|
180 |
|
|
|
(2,576 |
) |
|
|
614 |
|
Stock-based compensation expense |
|
|
33,078 |
|
|
|
57,510 |
|
|
|
56,944 |
|
|
|
117,365 |
|
Loss on disposal of assets |
|
|
24 |
|
|
|
— |
|
|
|
69 |
|
|
|
— |
|
Transaction costs (1) |
|
|
3 |
|
|
|
19 |
|
|
|
89 |
|
|
|
297 |
|
Executive transition costs |
|
|
362 |
|
|
|
— |
|
|
|
522 |
|
|
|
— |
|
Litigation costs (2) |
|
|
3,446 |
|
|
|
— |
|
|
|
3,849 |
|
|
|
— |
|
Strategic initiatives (3) |
|
|
2,045 |
|
|
|
— |
|
|
|
2,452 |
|
|
|
— |
|
Special charges (4) |
|
|
3,720 |
|
|
|
— |
|
|
|
3,720 |
|
|
|
— |
|
Other expenses (5) |
|
|
297 |
|
|
|
851 |
|
|
|
589 |
|
|
|
2,645 |
|
Adjusted EBITDA |
|
$ |
14,065 |
|
|
$ |
14,632 |
|
|
$ |
24,169 |
|
|
$ |
27,114 |
|
(1) Primarily includes capital markets
advisory, consulting, accounting and legal expenses related to our
acquisitions.(2) Litigation costs include
only those costs which are considered non-recurring and outside of
the ordinary course of business based on the following
considerations, which we assess regularly: (i) the frequency of
similar cases that have been brought to date, or are expected to be
brought within two years, (ii) the complexity of the case, (iii)
the nature of the remedy(ies) sought, including the size of any
monetary damages sought, (iv) the counterparty involved, and (v)
our overall litigation
strategy.(3) Represents costs, such as
third-party consulting costs and one-time costs, that are not part
of our ongoing operations related to our systems strategic
initiatives.(4) Special charges include
certain asset impairment costs, certain gains and losses related to
early lease terminations, and exit and disposal costs related to
our real estate optimization project to consolidate our physical
footprint.(5) Primarily includes costs
incurred to consummate or integrate acquired centers, certain of
which are wholly-owned and certain of which are affiliated
practices, in addition to the compensation paid to former owners of
acquired centers and related expenses that are not reflective of
the ongoing operating expenses of our centers. Acquired center
integration and other are components of general and administrative
expenses included in our unaudited consolidated statements of
operations and comprehensive loss. Former owner fees is a component
of center costs, excluding depreciation and amortization included
in our unaudited consolidated statements of operations and
comprehensive loss.
Investor Relations Contact
Monica Prokocki
VP of Investor Relations
602-767-2100
investor.relations@lifestance.com
LifeStance Health (NASDAQ:LFST)
過去 株価チャート
から 4 2024 まで 5 2024
LifeStance Health (NASDAQ:LFST)
過去 株価チャート
から 5 2023 まで 5 2024