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.

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Stock based comp also declining from >400 mil 2 years ago to 217 mil this past year.