Teladoc Health, Inc. (NYSE:TDOC) Q4 2023 Earnings Conference Call February 20, 2024 5:00 AM ET

Company Participants

Patrick Feeley - Head of Investor Relations

Jason Gorevic - Chief Executive Officer

Mala Murthy - Chief Financial Officer

Conference Call Participants

Lisa Gill - JPMorgan

Stephanie Davis - Barclays

Jailendra Singh - Truist

Richard Close - Canaccord Genuity

Jessica Tassan - Piper Sandler

Charles Rhyee - TD Cowen

George Hill - Deutsche Bank

Sean Dodge - RBC Capital

Ryan Daniels - William Blair

Daniel Grosslight - Citi

Operator

Good afternoon, ladies and gentlemen. Thank you for joining today's Teladoc Health Q4 Earnings Call. My name is Tia, and I'll be your moderator for today's call. All lines will be muted during the presentation portion of the call with an opportunity for questions-and-answers at the end. [Operator Instructions]

I'd now like to pass the call over to Patrick Feeley, Head of Investor Relations. Please proceed.

Patrick Feeley

Thank you, and good afternoon. Today after the market closed, we issued a press release announcing our fourth quarter and full year 2023 financial results. This press release and the accompanying slide presentation are available in the investor relations section of the teladochealth.com. website. On this call to discuss the results are Jason Gorevic, Chief Executive Officer; and Mala Murthy, Chief Financial Officer.

During this call we will also discuss our forward outlook and our prepared remarks will be followed by a question-and-answer session. Please note that we will be discussing certain non-GAAP financial measures that we believe are important in evaluating Teladoc Health's performance. Details on the relationship between these non-GAAP measures to the most comparable GAAP measures, and reconciliations thereof, can be found in the press release that is posted on our website.

Also, please note that certain statements made during this call will be forward-looking statements, as defined by the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks, uncertainties and other factors that could cause the actual results for Teladoc Health to differ materially from those expressed or implied in this call. For additional information, please refer to our cautionary statement on our press release and our filings with the SEC, all of which are available on our website.

I would now like to turn the call over to Jason.

Jason Gorevic

Thank you, Patrick. And thanks, everyone, for joining us. As we start 2024, we're very much in a time of transition as an economy, an industry, and a company. Teladoc Health has made significant strides in our increased focus on bottom-line performance, realizing more benefits of scale over the past several quarters. This year, we'll continue to accelerate that progress. Our success is evident in our most profitable year-to-date, delivering 33% growth and adjusted EBITDA and free cashflow of $194 million in 2023. We also closed out 2023 with a strong selling season that yielded double digit bookings growth over the prior year.