$TDOC (Teladoc Health) Latest Earnings Report: Revenue +15%, Total Expenses +648%, Free Cash Flow -81%
• Revenue +15% while Advertising & Marketing is +29%
• SBC is 8% of Revenue
• Massive Goodwill Impairment: $3.8B
• $3.8B Net Loss

Image upload

Ben's avatar
If you zoom out further and take out the goodwill charge, you see a different story. Operating margin steadily improving (-15 to -9%) while maintaining a high gross margin of around 69%.

A goodwill impairment is accountants moving numbers around. They didn’t write a check for 3.8 bil and now have less cash. In 2022 TDOC made 173 mil in FCF.
Stock based comp also declining from >400 mil 2 years ago to 217 mil this past year.



Already have an account?