Teladoc Health, Inc. (TDOC) Earnings Call Transcript & Summary

Good morning. My name is Lisa Gill. I am the health care services analyst at JPMorgan. It is with great pleasure this morning that we have with us Teladoc Health, the largest virtual end-to-end care platform in the U.S. today. With us this morning, we have CEO, Jason Gorevic, as well as CFO, Mala Murthy. Mala will join us for the Q&A, but Jason is going to kick it off with the presentation. So I'll pass it over to you, Jason. Good morning.

Good morning, Lisa. Thanks for having us. I was thinking about it, this might be the 10th anniversary of our first presentation. 10 consecutive JPMorgan's, 2 now virtual. So hopefully, we'll at least have the opportunity to get back together in person next year. I assume that our viewers are going to be advancing the slides on their own at home. So I'll try to call out what slides I'm on as we go through the presentation. I'm really excited to be here today. We did have our Analyst and Investor Day just a couple of months ago. So I'm going to reiterate some of the things that we talked about there, about our mission and how not only we differentiate ourselves but really where we're going, our vision for whole-person care and how that translates into a growth algorithm that delivers leading financial performance and leading growth in the market. So our mission on Slide 3 is really and always has been to empower all people everywhere to live their healthiest lives by transforming the health care experience. Now our vision on how to accomplish that has evolved over time as we have built out our platform, both organically as well as through acquisition, into what is now the only really comprehensive whole-person care platform for virtual care, not only in the U.S. but globally, and that positions us as the leader. If you advance to Slide 4, you'll see some of the metrics that we put up. And as the global leader in virtual care, you'll hear a lot about size and scale and our market presence and our ability to leverage that scale in order to deliver better outcomes more efficiently and a better experience for the consumer. But I think what underpins that is the tremendous data on which our platform sits and takes advantage of in order to deliver better care, to deliver greater insights and to do that in a way that is incredibly consumer-friendly. Some of the things that you'll hear us call out are we will deliver -- last year, we delivered and/or enabled over 18 million virtual visits on our platform. Underneath that is a data platform that has collected over 2 billion data points and then delivers over 0.5 billion interactions, health interactions, with the millions of consumers who we serve. And it's our 5,000 employees who make that all happen. And what we're really proud of are some of the consumer metrics, what our consumers tell us in terms of the impact that we have for them. And that's driven Net Promoter Scores of over 60, #1 again in the J.D. Power rankings. And I think that really translates to the value that we're delivering for consumers. As we move forward to Slide 5, a little bit about some of the growth metrics. Now we've delivered almost 70% compound annual growth rate on the top line over the last 3 years, over 40% organically. That's just tremendous growth. And we issued an 8-K this morning saying that in our preliminary view just about a week after the end of the year is for $2.03 billion in revenue for 2021. That's substantially above the high point of our guidance. And we estimate that we've done over 14.7 million visits in 2021, continuing our significant track record of growth and the visits that we deliver, again, above the high end of our guidance. Now we've done that while substantially expanding our adjusted EBITDA. It's a little early for us to give a preliminary outlook for 2021 as we're just now closing the books, but we feel very comfortable with the outlook that we've given, delivering over 700 basis points of margin expansion over the last couple of years. And of course, we've done that while we've substantially expanded our revenue per member. And you'll hear me talk more about how we do that and the levers for continuing that trajectory over the course of the next several years. As we go to Slide 6, I'd be remiss if I didn't acknowledge the tremendous impact that COVID-19 has had on the entire health care industry. It has really shifted consumers from having an awareness but maybe not an expectation of significant role for virtual care and their health care to now where they really expect virtual care to be delivered in a holistic, consumer-friendly, personalized manner that takes care of all of their health care needs, not just their immediate needs or urgent care needs but rather in a manner that is similar to the other ways that they use digital experiences throughout their lives. And I think that positions us incredibly well, right? The market has accelerated probably 3 to 5 years, probably at this point, closer to 5 years over the course of the last almost 2 years that we've been going through the pandemic. And as that has happened, it has put more demands on the virtual health care system. It requires a holistic solution that takes care of the entire consumer, not just a point solution. And we've been building for that for many, many years, right? We didn't wake up at the beginning of the pandemic and decide, "Oh, this is a great vision. We should go attack it." Rather, we've been building out that vision and all of the capabilities that go along with it for several years now. And if you look at the next slide, Slide 7, those of you who have been following along for several years will recognize the evolution of our continued development, continued expansion toward what is truly a whole-person approach to delivering virtual care. You can't build this overnight. You can't decide that you're going to all of a sudden get into virtual care and decide that you're going to create the full credit answer with all of these components. Rather, we've been building out our capabilities for many, many years now. I'm in my 13th year at Teladoc Health. And we've been methodically expanding the scope of our offering to meet the needs of consumers in a way that is truly differentiated and complementary in all of the assets because when you bring them all together, it delivers a better overall solution for consumers and, of course, for the clients who buy on their behalf. This foundation leaves us uniquely positioned in the marketplace to continue driving the market for virtual care forward. As I think about on Slide 8, the evolution of our role in the health care system, we've continued to move from the bottom left to the top right of this graphical representation of the evolution of virtual care. Our product offering has evolved from a suite of point solutions to a whole-person offering with the ability to be the front door for all populations and all of the population's health care needs. As we do more for our clients' populations, we're seeing our customer relationships shift from vendor relationships to strategic partnerships, from a purchasing manager to the C-suite of our clients. And as we result -- as a result of these dynamics, we're also able to begin shifting toward more value-based arrangements. Those value-based arrangements give us the opportunity to increase not only the value we provide for our clients and members but also to capture more of the economic value that we deliver for them. The rest of the virtual care market is still stuck in the lower left, relatively narrow point solutions, trying to solve a single problem in a way that is primarily fee-for-service and more of a vendor relationship than a strategic partnership. This enables us to become central to our client strategies and, more importantly, to become the default first stop for the consumer. As I move to Slide 9, our North Star, so to speak, is really to become the first place that consumers turn for all of their health care needs. We provide the front door to all of the consumers' health care needs because all of an individual's needs are fundamentally connected. You can't pull apart someone's mental health care from their physical health. You can't pull apart their episodic situations with their health from their chronic conditions. And as a result, it's more efficient but also more consumer-friendly to take care of the entire person. So for example, if you look at a person's blood pressure, their weight and their mental health, they're all connected deeply. And so a provider, understanding what that consumer situation is with all of those dynamics, can deliver better care for the whole person that ultimately yields better outcomes and lower costs. Treating only one of those parts is insufficient at best and could be detrimental at worst. So we believe deeply that treating the whole person from their mental to their physical health care, from episodic to chronic and complex and integrating with the physical delivery system when needed is the right solution to efficiently and effectively deliver care. And we do it by relying on data and technology, combined with clinical expertise in a stepped care model to take advantage of the technology as well as the human interaction that is essential to health care. As I move to Slide 10, we think broadly about sort of 3 major on-ramps into our whole-person care platform. There may be somebody who comes to us who has a chronic condition like diabetes, and they are engaged with our diabetes program. But once they learn about the entirety of our products and services, they engage with other programs like our mental health programs, so to help them deal with the stress or potential depression and anxiety associated with having a chronic condition. Similarly, people with mental health issues who engage with our mental health professionals create a longitudinal relationship with us. And therefore, they're much more likely to have a medical visit because they've already established that relationship. And importantly, we connect the dots between all of these. So the physician who's treating them for a physical illness knows that they also may be suffering from anxiety or depression and that could have something to do with exacerbating their physical illness. And therefore, we bring all of that together. And it really, I would say, culminates in a primary care relationship where someone looks to us for the entirety of their health care because they understand that primary care is really holistic care and acts as not only the navigator for where they should get care in a virtual environment but also in a physical setting and can make the most efficient referral throughout our suite of services and also into the physical delivery system for the most efficient care for that consumer that's personalized to their needs. And when we go to market with all of these products and services together, we have a significant advantage over all of the partial answers, the narrow point solutions that are proliferating across the health care system but only meeting a small part of the needs. As I go to Slide 11, all of that is -- sits upon an underpinning of data and data science at scale. And that data delivers actionable insights that drive results. Data science and applied health signals are at the heart of creating a consumer that's more engaged with and feels more empowered in their health care journey. And that's a key to unlocking better health outcomes. It's a win-win for us, our clients and, most importantly, our members. For example, when we use data, we can make more intelligent referrals, whether that's within our ecosystem for someone who may be prediabetic or pre-hypertensive and could benefit from a nutrition consultation and engaging with a registered dietitian or to outside specialists in a way that delivers the highest value for clients and for our members. Similarly, we can use that data to match the consumer with the right provider. I think there's nowhere that, that manifests itself better than in mental health care. We know that making the right match the first time increases the likelihood of the consumer to engage with the mental health professional and also to stay involved and engaged and compliant with their course of therapy. And we know that, that drives better results, better outcomes and lower cost for the consumer over the long term as they engage with that mental health professional. All of that requires millions and millions of data points in order to act intelligently and make that proper match. That, of course, all yields a significant competitive advantage in the marketplace. People ask me all the time, and they've asked me for the almost 13 years that I've been doing this, "What's your secret sauce? What's your moat?" And the truth is virtual care, there have always been low barriers to entry but significant barriers to success and scale. And that's why we've been able to scale and drive continued expansion of our leadership position in the market. It's a complex system of leading capabilities that creates an incredibly wide moat that continues to get bigger. And so how does that all translate to financial growth? As I've talked about over the years, we have multiple ways to drive growth. We drive growth by adding new people to the platform, both through new client additions and through adding new lives within our existing book of clients. And a major part of our strategy has always been land and expand. We gain a foothold at a client with a product and then add products within that client. So we drive a significant amount of growth by driving increased product penetration and adding more value for our existing clients. And finally, we drive growth via increased engagement and enrollment within our programs among our existing members. Each of the last 2 show up in our financials as expanding revenue per member. And I demonstrated how that continued to expand over the course of year after year, expanding the scope of our products and the roles that we play with our clients. As I go to Slide 14, we drill down a little bit into the opportunity across those growth levers. In the U.S. alone, we have 76 million individuals with access to our telemedicine solutions and another 16 million lives with clients contracted for our chronic care solutions. So think of that as a combined 92 million people who have access to our solutions. This large existing base gives us a significant captive audience for cross-selling, enabling us to deepen our relationship by delivering new high-value products and services. And our high-value products and services, which represent where the marketplace is heading, are earlier stage and therefore have massive runway in front of us for increased penetration, and therefore, increased revenue per member. If you look at the right side of this slide, on Slide 14, you'll see that out of the 92 million total lives, over 80% have access to our general medical solutions, but adoption of our next-generation virtual primary care solutions has only just begun, leaving us tremendous runway for things like Primary360, myStrength Complete and, of course, our chronic care solutions, where we really have early-stage penetration of generally 20% or less in that massive opportunity that we have of 92 million people. You can understand then how that translates to greater revenue per member and, therefore, tremendous levers for growth going forward. And we have a track record of delivering that product penetration and expansion of services. If you look historically, just a few years ago, we were in low single digits of product penetration. Whereas today, we sit with 40% of our clients having more than one product in our portfolio. And of course, 25% of our members now have access to 3 or more telemedicine solutions. In chronic care, it's a similar story. Among our chronic care enrollees, we now have roughly 1 in 4 members enrolled in more than 1 product versus less than 3% back in 2019. We're going to continue to leverage that experience and that track record of success increasing our penetration to drive greater revenue per member on Slide 16, where we expect approximately 25% per year of expansion in revenue per member and, of course, the opportunity to penetrate the market more, both within our existing client populations, where we continue to expand the footprint that we have as well as going out and getting new logos. And we expect all of that to drive 25% to 30% annual growth over the next 3 years. So our growth outlook that we laid out at our Investor Day just a couple of months ago is 25% to 30% a year for the next 3 years on the top line. We expect revenue of approximately $2.6 billion in 2022, which yields over $4 billion in revenue by 2024. And we continue to expand our margins while we do that. So we've delivered -- we expect to deliver in the future 100 to 150 basis points of annual adjusted EBITDA margin expansion. And of course, that's on top of the 700 basis points that we've expanded over just the last 2 years. And you'll note in the bottom right bullet here on Slide 18, over $100 million of operating cash flow year-to-date through the third quarter of 2021. So as I think through on Slide 19 and wrap up, I think it's clear that we are the virtual care industry leader, not just here in the U.S. but globally, and that we have a sustainable growth trajectory, delivering 25% to 30% on the top line, continued margin expansion and a tremendous opportunity in front of us that is virtually limitless given the incredible TAM. So with that, I think I'll turn it back to Lisa to go to Q&A.

Okay. Thank you, Jason, for all the comments. I love to talk about the selling season. And one of the things that really stood out to me in this presentation that you made today is this idea of land and expand. And I think as we think about the selling season first, can you start and talk about, one, retention rate? And then secondly, when we think about land and expand, can you maybe just talk us through some of what you saw on this year's selling season as far as number of products that existing clients were buying and trajectory to getting them to buying more products from Teladoc?

Yes, certainly. I'm really, really pleased, and I have to congratulate our team on what has been a very successful year and especially a very successful fourth quarter with respect to the selling season. When we started talking about the selling season at the beginning of 2021, we talked about the fact that the pipeline was 50% larger than it had been at the same time the year before, but they were earlier-stage deals, right? There were -- because we had, had so much success in 2020, we were -- we had refilled the pipeline, but they were earlier stage. And we saw that play out quarter-over-quarter as each quarter was larger than the prior one in 2021 in terms of our bookings. And that all came together in the fourth quarter, where the fourth quarter was up 35% in terms of bookings over the third quarter, and it was up 25% versus the fourth quarter of 2020, which, of course, was a very strong year for us. It was really a tremendous effort on behalf of the entire team. And I think it sets us up incredibly well for 2022 and gives us great confidence in the revenue outlook that we put forth. As we think about retention rates, that, of course, provides the sort of underpinnings or the fuel for our growth. Our retention rates have stayed incredibly high. We've consistently been in the 90s in terms of retention rate and nothing has changed there. So we're very, very happy with that. And as you know, we talk a lot about multiproduct sales, right? And back in 2020, we had made a huge step forward where 50% of our new bookings were multiproduct sales. We continued that expansion, where in 2021, 3/4 of our sales were multiproduct sales. And I think that really underscores the expansion of our product portfolio, the interest of our clients in whole-person care and looking for a strategic partner, not a point solution vendor.

And I would add, Lisa, that the track record we have on driving multiproduct sales, as Jason just talked about, and the fact that we are being looked at as not a vendor, not a point solution vendor but a strategic partner, that is what has resulted in the stats that Jason showed around the fact that created more than 40% of our members have access to more than one product. More than 20% of our chronic care enrollees access more than one condition. And it is that type of track record that is driving our confidence to grow our average revenue per member over time.

And how do we think -- Mala, how does that play into margin over time? I know at your Analyst Day, you had talked about margin improvement post the Livongo deal. And then there were some onetime items that will cause things to shift a little bit. But how do I think about this longer term from margin as we think about multiple products, but also as we think about the current environment where it's really difficult with health care providers, right? We have -- health care providers are burned out. We understand a number of companies are giving bonuses and other things. Is there any kind of pressure that's put on the margin today because of some of those factors around staffing and physicians in the marketplace?

Yes. It's a great question, Lisa. So as we spoke about on Investor Day, we look to expand our margins, our adjusted EBITDA margins between approximately 100 to 150 basis points per year. So as we have thought about our margin expansion, what we are doing is we are definitely gaining scale. You can see that in our revenue outlook that we have put out. We have a very good demonstrated track record of driving operating leverage, and we will absolutely continue to drive operating leverage. What we will also do is invest in our business, right? This is a unique moment for us, as Jason has talked about, just in terms of the marketplace, the expectation of our clients and our consumers. And we have an unrivaled opportunity to continue to expand our lead as we invest in R&D, as we invest in our products. And so we will make judicious, prudent, disciplined investments, whether it be in expanding our analytical capabilities, whether it be investing in our products and services or whether it be investing in market expansion. And so all of that is what is factored into our margin expansion expectations. And I do expect over the medium to long term that we will continue to scale not just our margins but also our adjusted EBITDA dollar growth over time. To your question around what we are seeing today, there is certainly some amount of -- if you think about inflation, we are all keeping an eye on macro trends such as interest rate increases and inflation increases. But we don't see a material impact on our P&L in the short or medium term on that.

Jason, I know you get this question all the time. And you kind of brought it up a little bit where you said people always ask you, what is the secret sauce and you talked about barriers and scale. But we do have a number of players. We talked earlier this year when Optum has now their own product in the marketplace. How do you think that the overall competitive landscape really shifts and changes over the next several years? And do you anticipate that there'll be more health plans that will buy or build something themselves? We know Cigna now owns MDLIVE, right? So if you can just spend a minute really talking about how you think about it, not so much today, but really over the next several years, how do you think that that's really going to shift and change?

Yes. So first, I guess, I would say I have always said that this is not a monopoly business, right? Health care doesn't lend itself to that. So we've focused on maintaining our leadership and extending our leadership position by building the broadest suite of solutions in the marketplace, and we continue to invest to expand upon that lead. And I think if you think back to that slide that shows all of the steps and the years of evolution towards that, it's hard to build that in a short period of time. And obviously, we're not standing still. Clients are looking for partners who can bring that full suite of virtual care solutions. And I think that's evidence based on our relationships with Centene and Aetna and Aon for virtual primary care and where we bring our Primary360 product to bear for them and they build an entire product and benefit package around it. You can't do that with a point solution. I think with respect to the payers, it's an interesting dynamic because other payers aren't super interested in relying on a competitor for that kind of strategic role in their product portfolio. And so when I think about Cigna, for example, buying MDLIVE, that was actually very positive for us because it opened up a lot of the MDLIVE client base to -- of payers who were looking for a more neutral solution because they didn't want to be using Cigna as their virtual care provider. And so we've actually seen growth and takeaway opportunities result from that move. We have a great relationship with United. And certainly, Optum is unique in the size of their own physician footprint. Most of the other payers just don't have that kind of a footprint. And we also provide multiple products and services to lots of parts of United. And we continue to actually grow our -- both our revenue as well as the role that we play with multiple parts of the United portfolio. So we feel very good about that relationship. If I think about the market at large, certainly, virtual care is here to stay. I think the number of new entrants and some of the larger players leaning into it is validation of the opportunity in front of us. And we've been at this a long time. So we think that we're uniquely positioned to take advantage of that opportunity. And quite frankly, we welcome more entrants because it really highlights our differentiation. And we saw that play out in the fourth quarter selling season, which is the biggest selling quarter we've ever had in the history of the company.

Jason, as I sit here today, having been here for the entire journey, taking you public back in July of 2015, and I think about the size of the business then and what you've been able to do with the company and how many great acquisitions you've made over the years. When we think about the platform you have today, are there any pieces that are, one, missing that you feel like I'd like to make an acquisition here? I feel like right from the beginning, I wasn't surprised when you bought BetterHelp, right? The first thing you talked about out of the box was that mental health and physical health need to go together, right? I wasn't surprised when you bought Advance Medical because you said, "Hey, look, our clients are looking for us to move internationally and expand in a differentiated way." Livongo, I think, was a little surprising in some ways, just given its size. But again, always talk about chronic as being a pillar to the platform of what you're building. So is there anything that you're missing today that you feel that I need to either build or buy, would be my first question. And then secondly, when you think about all of those pieces and working together, you talked about the selling season. You talked about -- you and Mala both talked about different clients buying different products and how many products they buy. But really, ultimately, I think we're all really trying to get towards value-based care. So the second part of my question would be, if there's not anything else you have to buy -- or if there is something else you have to buy, like how do we think about how that all fits into value-based care over the longer term and how that model changes for Teladoc?

Yes. So with respect to the portfolio, we're consistently looking to expand the scope of the conditions that we treat and the product portfolio and the offerings that we bring. So you'll continue to see us expand the scope of our clinical offerings. Certainly, we've said that we're going to continue to lean into the cardiometabolic continuum. We've continued to do that with a CKD program that we launched last year as well as the early stages of the CHF program. Having said that, the opportunity continues to be broad in front of us. So some of those things we're going to build like we did with CHF. Some of them, we're going to partner. We launched a partnership with Fresenius on the CKD front. And some of those, certainly, we'll lean into more acquisitions. We feel like the M&A opportunities give us the ability to rapidly expand in a way that may be faster on some conditions or some capabilities than building it ourselves. And so we want to judiciously use our balance sheet to be able to do that when it's more efficient. We stay very disciplined with respect to making sure that it is strategically central to what we're trying to deliver and what our clients are looking for from our products and services. And we're very attuned to that. So we walk away from another -- a number of things that we don't think the market is ready for because we're not seeing the demand from our clients, whereas on the other hand, we bring things to bear that can have the biggest impact for them, both in terms of the outcomes for their members but also the financial impact. With respect to the move to value-based care, we're doing that along a number of different dimensions. Certainly, our chronic care programs lend themselves well to being able to take risk on populations and/or guarantee ROIs for our clients on things like diabetes management, where we have a proven track record of improving outcomes, improving the health of our members and reducing the cost of care. Similarly, as we move into Primary360, and we've had some great early results with our pilots and some excellent new launches over the -- in the beginning of 2022, there, we look at taking risk on a bigger part of the population and a bigger envelope of health care costs for those populations. So if you tie that back to the first part of the response, the more we expand the scope of our clinical offering, the bigger the envelope can be that we take care of a population, that we impact their health care costs and, therefore, the bigger part of the health care dollar that we can look to share in the savings that we generate in a value-based arrangement. We see a lot of interest from clients, especially on the health plan side and leaning into more value-based arrangements. And we think we're uniquely positioned, both in terms of the scope of our offering but also the scale of our financial resources to be able to do that in a way that others in the market just can't.

I would also add, Lisa, we are also seeing a lot of interest from our clients just in the whole modality of virtual care and in their incentivizing that, right? So -- and where we see that is an incentive plan design. So the virtual first incentive plan design is something that we are seeing increasing interest in from our clients. And we're actually actively working with them on that. And that is where, to Jason's point, the products like Primary360 really come in because our clients are seeing whether it be through Primary360 or the other on ramps like chronic care and mental health. It actually can help bend the cost curve. So it's no longer about lower -- reducing the cost of a visit. It's actually about lower administrative costs for a plan.

And so if I think about that longer term, should I think about this, Jason, as like some kind of shared savings programs over time? Do I think about you taking full capitated risk at some point?

So I would say it will move along that continuum, exactly like you're describing. So this is not new for us. So I just want to -- I know it feels all very new and different. But we've been taking some form of risk for a long time. Originally, it was guaranteeing utilization rates for our clients and getting variable payment in the PMPM payment depending on how much utilization we drove. That's a form of value-based reimbursement because our clients know for every additional point of utilization, we save them millions of dollars. And we're able to capture some of that by driving greater savings, greater results for them. We're moving along that continuum to be more focused on clinical outcomes and cost of care for specific populations like members with diabetes. And certainly, we will move toward not only getting a share of savings but ultimately taking risk on a population, whether that's a primary care cap, some sort of a corridor-based utilization and/or cost of care PMPM versus a benchmark cohort. And we're starting to do those pilots with some of our clients now. We have unique capabilities with respect to our data analytics platform that enables us to do it. And of course, a client has to know that their partner is financially stable to be able to enter into an arrangement like that. You can't do that with a client -- with a vendor who is subscale. And so we're really, I would say, at the forefront of that now. It will evolve over time. And quite frankly, different clients are going to have different levels of appetite and sophistication when it comes to that.

Jason, we have less than a minute left together. And I'm sure you're as disappointed as we are that the stock hasn't performed better, right? I feel like you've done everything that you're going to say you have done. You delivered on all the numbers and yet the stock hasn't really performed. Over the next 12 months, what do you think that investors will appreciate then that they don't appreciate today and, hopefully, that will be reflected in your stock price?

Well, 1 of our 7 company values is keeping our promises. And we've laid out what I would say are appropriately ambitious growth targets for the company with 25% to 30% top line growth per year for the next 3 years on a $2 billion base. There aren't many companies who can say that. And so I'm hopeful that we'll be rewarded for keeping our promises when it comes to our financial metrics. I think it will be important for investors to see our continued progress in terms of our revenue per member and our product penetration are multiproduct penetration because, ultimately, what we've laid out is an opportunity that looks like $68 per member per month of total opportunity from our product portfolio, and we're just north of $2.50 today, right? So as we continue to make progress along that continuum, I'm hopeful that investors will acknowledge the opportunity in front of us but also our methodical march to taking advantage of that opportunity. And then I think as we get into the second half of this year and we start to put up results and proof points behind our Primary360 offering and continued progress of our new products like myStrength Complete, the investor community will appreciate the return on the investments that we're making in the product portfolio and in our set of capabilities.

Well, I look forward to it. Thank you so much to both of you. I really look forward to seeing you at some point in person again in 2022. Thanks, everyone, for joining us. If you have any questions, feel free to reach out to me or anyone on my team or Patrick Feeley and the IR team at Teladoc Health. Thanks, guys.

Thank you.

Thanks, Lisa.