Teladoc Health : Investor Presentation - January 2022

Jason Gorevic, CEO

January 2022

This presentation contains, and our officers may make, "forward-looking" statements that are based on our management's beliefs and assumptions and on information currently available to management. These forward-looking statements include, without limitation, information concerning possible or assumed future results of operations, including descriptions of our business plan and strategies. These statements often include words such as ''anticipate,'' ''expect,'' ''suggest,'' ''plan,'' ''believe,'' ''intend,'' ''estimate,'' ''target,'' "outlook," ''project,'' ''should,'' ''could,'' ''would,'' ''may,'' ''will,'' ''forecast,'' and other similar expressions.

Forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. These statements are based on certain assumptions that we have made in light of our experience in the industry and our perception of historical trends, current conditions, expected future developments, and other factors we believe are appropriate under the circumstances as of the date hereof. These and other important factors may cause our actual results, performance, or achievements to differ materially from those expressed or implied by these forward-looking statements. Such risks and other factors that may impact management's beliefs and assumptions are more particularly described in our filings with the U.S. Securities and Exchange Commission (the "SEC"), including under "Item 1A.-Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2020, and under similar headings in our subsequently filed Quarterly Reports on Form 10 -Q, and could cause our results to differ materially from those expressed in forward-looking statements. As a result, we cannot guarantee future results, outcomes, levels of activity, performance, developments, or achievements, and there can be no assurance that our expectations, intentions, anticipations, beliefs, or projections will result or be achieved or accomplished. The forward-looking statements in this presentation are made only as of the date hereof. Except as required by law, we assume no obligation to update these forward -looking statements, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future.

This presentation also contains estimates and other statistical data made by independent parties and by us relating to market size and growth and other data about our industry. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates.

This presentation may include certain non-GAAP financial measures as defined by SEC rules. We believe that the presentation of such non-GAAP financial measures enhances an investor's understanding of our financial performance. We use certain non-GAAP financial measures for business planning purposes and in measuring our performance relative to that of our competitors. For additional information regarding these non-GAAP financial measures, including reconciliations to the most directly comparable financial measure calculated according to GAAP, refer to the appendix to this presentation. We have not reconciled Adjusted EBITDA guidance to U.S. GAAP net income (loss) because we do not provide guidance on the individual reconciling items between Adjusted EBITDA and U.S. GAAP net income (loss) as a result of the uncertainty regarding, and the potential variability of, the individual reconciling items, the effect of which may be significant. Accordingly, a reconciliation of the non-GAAP financial measure guidance to the corresponding U.S. GAAP measure is not available without unreasonable effort.

OUR MISSION

transforming the healthcare experience

3

76M		10K		800K
Members1		Providers2		Connected Devices
12K+		18M+		2B+
Clients		Estimated 2021 Visits / Sessions3		Data Points
60+	#1 #1		500M+
NPS4		In App Downloads JD Power		Annual Health Interactions
				5K
				Employees

1. Includes U.S. paid members and visit fee only access as of Q3-21
2. Teladoc Health Medical Group
3. Includes Platform Enabled Sessions
4. Reflects net promoter score across Teladoc Health products and services

4

Total revenue ($M)

$2,250
	69% Revenue CAGR
$1,500		>40% Organic
			~$2,030
$750
		$1,094
$418	$553
$0
2018	2019	2020	2021E

Adjusted EBITDA (AEBITDA) ($M)

$300

$260-265

$240-245m

ex-20m1

$200nonrecurring

Paid member PMPM & Total membership (M)

$3.00			90
73.1	76.5

$2.00			56.0				60
32.2				$2.57
$1.00						30
			$1.22
$1.06	$0.99
$-							0
2018	2019	2020	2021E
			Access fee revenue PMPM		Total US Membership

Total visits (M)

15

10

$100

$13

$-

$127

$32

benefit

		>14.7
5		10.6
2.6	4.1
0

2018

2019

2020

2021E

2018

2019

2020

2021E

1. FY21 AEBITDA guidance of $260-265m includes an estimated $20M temporary benefit from lower amortization expense related to Livongo merger purchase accounting adjustments
2. 2021E figures are midpoint of guidance ranges where applicable. 2021 PMPM represents 3Q-21 actual