SmileDirectClub Results Presentation Deck
August 2020, 23 slides
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smile | SmileDirectClub
| SmileDirectClub
over million happy grinners | SmileDirectClub
our mission is to democratize access to a smile each and every person loves by making it affordable and convenient for everyone | SmileDirectClub
we are a global platform with unique value propositions | SmileDirectClub
has built a brand at scale that our members love reviews member sentiment | SmileDirectClub
growth margin initiatives | SmileDirectClub
new acquisition channels teens as we think about expanding our acquisition channels we are focusing on accommodating new consumer on ramps to our clear aligner therapy through the professional channel corporate partnerships and retail on corporate partnerships we recently partnered with to enable german customers to instantly obtain insurance coverage for aligner therapy this program also finances for those consumers we have also continued to partner with us insurers such as and anthem blue cross blue shield see next page for an overview of our professional channel strategy teens are of case starts annually but of members we recently launched teen designed just for teens this new product offers a more affordable and accessible alternative to metal braces or other aligner options giving teens and parents the convenience of our platform with access to dental professionals while still priced less than traditional orthodontic products international massive global opportunity of people within the quarter we announced our expansion into and entrance into these markets will further extend our international footprint following our successful launches in the new and hong in and canada in elsewhere in we have reopened shops in and plan to launch into new locations across the globe growth initiatives | SmileDirectClub
member dental patient service model value delivered to dentist professional channel go market strategy i | SmileDirectClub
continued advancement in and streamlining of our manufacturing process our second generation machines are on track to go live in of this year manufacturing will boost gross margins improve our customer experience and allow us to keep pace with demand continued discipline around deployment of sales and marketing spend focus on driving more demand through our existing network of leveraging referrals and aided awareness to drive organic traffic continued rigorous cost discipline across the business our spend to conform to our business priorities and long term growth targets levers long term leverage a a | SmileDirectClub
financial results | SmileDirectClub
gross to net revenue bridge | SmileDirectClub
revenue for the quarter was million which represents a decrease of over the second quarter of this decrease was driven primarily by a yoy decrease in aligner shipments which came in at in we saw our cancellations increase from to of gross aligner revenue we do not believe this increase will be permanent however we want to be conservative given the uncertainty of our covid operating environment gross margin for the quarter was decline is described in more detail on the following page adjusted was negative for the quarter this is a sequential improvement of results | SmileDirectClub
gross margin for the quarter was a decline sequentially this is largely attributable to the following areas a decrease in unique aligner orders shipped quarter over quarter while mid course correction and refinement shipments were equal to the average of the prior four quarters refinement shipments are based off demand from months ago when volumes were higher and have no revenue associated with them this had an basis point impact on gross margin in impression kits represented a higher percentage of the business compared to previous quarters which had a basis point impact on gross margin lastly retail represented a higher percentage of the gross margin given the lower initial aligner shipments which had a basis point impact on gross margin we continue to focus on streamlining our manufacturing and we remain on track for the of second generation by initial were of shipped in compared to an average of in the prior three quarters this is because there is a month lag from initial shipment to refinement shipments and we had higher volume in and our long term gross margin target of of revenue remains intact | SmileDirectClub
marketing and selling expenses came in at million or of net revenue in the quarter compared to of net revenue in of sequentially marketing and selling as a percentage of revenue declined by demonstrates the leverage in sales and marketing spend that we have discussed historically even with this reduced spend approximately of club members who purchased in were new leads this is close to where we have been historically but driven by reduced sales and marketing spend reflects the of lower sales and marketing spend to support our revenue growth going forward we expect to continue to perform well against the long term targets that we have previously provided in the quarters to come our long term target of of revenue remains intact | SmileDirectClub
general and administrative expenses were million in compared to million in a expenses were down million sequentially a expenses in were down from march down in may and down another in june year to date our monthly a expense has declined at an average of per month since this decline throughout the quarter was a direct result of the cost control initiatives we discussed on last quarter earnings call we plan to stay vigilant with cost control throughout the remainder of the year and beyond as we focus on continuing to leverage this line item | SmileDirectClub
interest expense interest expense was million in the second quarter associated with borrowings on indebtedness from our credit facility lease abandonment and impairment we had a one time non cash charge of this non cash charge was mostly associated with the closure of our manufacturing facility in kyle the consolidation of several floors at our headquarters in and the impairment of right of use assets and leasehold improvements at shops that we closed in the quarter we had in other store closure expenses mostly associated with short term lease termination fees and other store closure expenses loss on extinguishment of debt associated with the refinancing of our facility other gains of which is mostly associated with currency gains and losses adjusted net income | SmileDirectClub
we ended the first quarter with million in cash and cash equivalents cash from operations for the second quarter was negative million driven by negative million of adjusted the remainder is driven by positive changes in working capital cash spent on investing for the second quarter was million mainly associated with leasehold improvements capitalized and building our manufacturing we have seen significant improvement in free cash flow quarter over quarter negative million in down from negative million in and negative million in balance sheet highlights net rainy | SmileDirectClub
performance | SmileDirectClub
in of our members elected to purchase using which is flat to this percentage has also held since has continued to perform well and our delinquency rates in and since were flat to prior quarters because we keep a credit card on file and it is a low monthly payment we expect to continue to perform well we seen only of customers requesting a payment deferral far below the deferral requests you see other lenders facing today the index graph above shows performance relative to the start of on a daily basis as outlined our success rates on credit card attempts which is a proxy for monthly payments has seen no degradation since covid started days aged authorizations continue to show improvement and we remain focused on improving operations and collections strategies | SmileDirectClub
appendix | SmileDirectClub
net income to adjusted | SmileDirectClub
smile | SmileDirectClub
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