SmileDirectClub Investor Presentation Deck
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Q4 2022 results.
Revenue for the quarter was $86.5 million, which
is down (31.5%) year-over-year and down (19.0%)
from Q3 2022, due to continued macroeconomic
headwinds impacting our customers.
Gross margin for the quarter was 61.0%, which
represents a (388 bps) decline year-over-year,
and a (904 bps) decline compared to Q3 2022.
Gross margin decreased primarily due to the
deleveraging of fixed costs on lower sales
volume as well as higher impression kit
volumes which have lower margins and
higher holiday shipping costs.
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Q4 Adjusted EBITDA) was $(47.3mm) for the
quarter, a $14.3mm year-over-year improvement
compared to Q4 2022, despite a ($39.8mm)
decrease in revenue driven primarily by cost
control actions including lower marketing costs.
Net loss for the quarter was ($69.4mm) an
improvement of $26.0mm vs prior year.
Q4 Free Cash Flow improved $16.4 million
compared to Q4 2021
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smile
DIRECT CLUB
FY 2022 FCF improved $38 million
compared to FY 2021, despite $167 million
decrease in revenue
Net Revenue
Gross Profit
Gross Margin %
Adjusted EBITDA (1)
EPS, Diluted
Free Cash Flow(1)
$638
$460
$133)
FY 2021
Revenue
$
tA
Q4 2022
Full Year Comparisons ($ in millions)
86.5mm
52.8mm
(19.0%)
(29.4%)
(904 bps)
(47.3mm) $ (17.6mm)
(0.18) $
$ (63.3mm) $ (28.4mm)
$248
61.0%
QoQ
Gross Profit
$471
$328
YOY
(31.5%)
(35.6%)
(388 bps)
$14.3mm
$ 0.07
$ 16.4mm
FY 2022
($135)
$210)
■Adjusted EBITDA
FY 2022 revenue decreased $167 million compared to FY 2021 while Adjusted
EBITDA decreased only $1 million and Free Cash Flow improved $38 million
(1) Adjusted EBITDA and Free Cash Flow are non-GAAP financial measure. See appendix for definition of Adjusted EBITDA and Free Cash Flow.
Prior period reconciliations are available in historical SEC filings at https://investors.smiledirectclub.com/financial-filings/sec-filings.
FCF
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