UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number 001-40478 LifeStance Health Group, Inc. (Exact name of Registrant as specified in its Charter) Delaware 86-1832801 (State or other jurisd ...

Financial Data and Key Metrics Changes - In Q4 2023, the company achieved revenue of $281 million, representing a 22% year-over-year growth, driven by positive visit volumes [50] - Full-year revenue for 2023 was $1.56 billion, up 23% year-over-year [75] - Adjusted EBITDA for Q4 was $20 million, with a 99% increase year-over-year, while full-year adjusted EBITDA was $59 million, representing 5.6% of revenue [51][52] - The company reported a center margin of $302 million for the full year, growing 27% year-over-year [51] - Free cash flow for 2023 was negative $57 million, impacted by shareholder litigation expenses [53] Business Line Data and Key Metrics Changes - The company consolidated 82 centers in 2023, with plans to moderate the opening of new centers to no more than 20 in 2024 [101] - Clinician productivity increased by 2% in 2023, with a total of 6645 clinicians, an 18% year-over-year increase [57][82] - The company reported a total revenue per visit increase of 2% year-over-year to $157, primarily driven by payer rate increases [75] Market Data and Key Metrics Changes - The company continues to focus on enhancing patient acquisition strategies, with a significant emphasis on the middle of the funnel for 2024 [92] - The patient net promoter score was 82, and the average Google review score was 4.5 out of 5 stars, indicating strong patient satisfaction [45] Company Strategy and Development Direction - The company is shifting from a growth-focused strategy to a more balanced approach that emphasizes operational improvements and profitability [70] - The payer strategy involves reducing the number of payer contracts by approximately 30% in 2023 and continuing to evaluate relationships in 2024 [49][25] - The company aims to achieve positive free cash flow for the full year 2024, driven by improved profitability and lower capital expenditures [55] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving double-digit margins by the end of 2025, with a focus on operational improvements and margin expansion [30] - The company anticipates that patient demand will continue to outstrip supply, indicating a favorable market environment for growth [94] - Management highlighted the importance of clinician retention and the ongoing efforts to enhance the value proposition for clinicians [106] Other Important Information - The company appointed Dr. Ujjwal Ramtekkar as Chief Medical Officer to enhance clinical quality [46] - The company is investing in a digital patient check-in tool to improve patient experience and reduce administrative costs [72] Q&A Session Summary Question: What actions have been taken to address clinician turnover and growth expectations? - Management acknowledged the stability in clinician retention and emphasized ongoing investments in support for clinicians [105] Question: How is the patient acquisition strategy evolving? - The company is focusing on optimizing the middle of the funnel while maintaining efforts in the top and bottom of the funnel [92][107] Question: What is the outlook for clinician capacity and incentives? - Management discussed initiatives to incentivize full-time clinicians through enhanced benefits and rewards [84]

Financial Performance - Fourth quarter revenue increased by 22% to $280.6 million, and full year revenue rose by 23% to $1,055.7 million compared to $859.5 million[5]. - Total revenue for 2023 was $1,055,665, an increase of 22.8% from $859,542 in 2022[22]. - The net loss for Q4 was $45.0 million, a 4% decrease from the previous year, and the full year net loss was $186.3 million, a 14% decrease[5]. - Net loss for 2023 was $186,262, compared to a net loss of $215,564 in 2022, showing an improvement of 13.6%[22]. - Net loss for the year ended December 31, 2023, was $186,262 thousand, an improvement from a net loss of $215,564 thousand in 2022, and $307,197 thousand in 2021[28]. - Adjusted EBITDA for Q4 was $20.3 million, a 99% increase, and for the full year, it was $59.0 million, a 12% increase[5]. - Adjusted EBITDA for 2023 was $59,042 thousand, compared to $52,670 thousand in 2022 and $49,154 thousand in 2021, indicating a year-over-year increase of 12.9%[28]. Operational Metrics - The clinician base grew by 18% to 6,645 clinicians, with 227 net clinician additions in Q4 and 1,014 for the full year[5]. - Fourth quarter visit volumes increased by 20% to 1.8 million, and full year visit volumes also rose by 20% to 6.9 million[5]. - The Center Margin for Q4 grew by 33% to $83.3 million, representing 29.7% of total revenue, while for the full year, it increased by 27% to $302.1 million, or 28.6% of total revenue[6]. - Center margin for 2023 was $302,096, up from $237,017 in 2022, representing a 27.5% increase[26]. Cash Flow and Debt - The company ended Q4 with cash of $78.8 million and net long-term debt of $280.3 million[8]. - Cash and cash equivalents decreased to $78,824 at the end of 2023 from $108,621 at the end of 2022, a decline of 27.5%[24]. - Cash used in operating activities was $(16,884) in 2023, a significant decrease from $52,789 in 2022[24]. - Net cash used in investing activities was $(60,340) in 2023, down from $(139,461) in 2022, indicating a 56.7% improvement[24]. - Net cash provided by financing activities was $47,427 in 2023, slightly up from $47,264 in 2022[24]. Expenses and Costs - Operating expenses totaled $1,244,799 in 2023, up from $1,069,716 in 2022, reflecting a 16.3% increase[22]. - Litigation costs for 2023 amounted to $51,034 thousand, primarily related to three distinct litigation matters, reflecting significant non-recurring expenses[30]. - Strategic initiatives expenses in 2023 included costs for a multi-phase system upgrade, focusing on human resources management, clinician credentialing, and a scalable electronic health resources system[31]. - Real estate optimization and restructuring charges in 2023 totaled $10,970 thousand, associated with a strategic project to consolidate physical locations[32]. - Stock and unit-based compensation expense decreased to $99,388 thousand in 2023 from $187,430 thousand in 2022, showing a reduction of 46.9%[28]. - Interest expense, net for 2023 was $21,220 thousand, slightly increasing from $19,928 thousand in 2022[28]. - Depreciation and amortization expenses rose to $80,437 thousand in 2023 from $69,198 thousand in 2022, indicating increased investment in assets[28]. Future Outlook - The company expects full year 2024 revenue to be between $1.19 billion and $1.24 billion, with a Center Margin of $345 to $365 million and Adjusted EBITDA of $80 to $90 million[13]. - For Q1 2024, the company anticipates total revenue of $287 to $307 million, with a Center Margin of $81 to $93 million and Adjusted EBITDA of $17 to $23 million[13].

LifeStance Health Group, Inc. (NASDAQ:LFST) Q3 2023 Earnings Conference Call November 8, 2023 8:30 AM ET Company Participants Monica Prokocki - Vice President, Investor Relations Ken Burdick - Chief Executive Officer Dave Bourdon - Chief Financial Officer Danish Qureshi - Chief Operating Officer Conference Call Participants Craig Hettenbach - Morgan Stanley Lisa Gill - JP Morgan Jack Senft - William Blair Kevin Caliendo - UBS Jamie Perse - Goldman Sach Brian Tanquilut - Jefferies Gary Taylor - TD Cowen Oper ...

Use of Non-GAAP Financial Measures Market and Industry Data Forward-Looking Statements In addition to financial measures presented in accordance with U.S. generally accepted accounting principles ("GAAP"), this presentation includes certain non-GAAP financial measures, including Center Margin, Adjusted EBITDA, Adjusted EBITDA Margin and Free Cash Flow. These non-GAAP measures are in addition to, and not a substitute for, or superior to, measures of financial performance prepared in accordance with U.S. GAAP ...

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-40478 LifeStance Health Group, Inc. (Exact Name of Registrant as Specified in its Charter) | Delaware | 86-1832801 | | --- | ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR | Delaware | 86-1832801 | | --- | --- | | (State or other jurisdiction of | (I.R.S. Employer | | incorporation or organization) | Identification No.) | | 4800 N. Scottsdale Road Suite 6000 | | | Scottsdale, Arizona | 85251 | | (Address of principal executive offices) | (Zip Code) | ...

| --- | --- | --- | |--------------------------------|-------|-------------------------------| | | | | | | | | | $68M Cash & Cash Equivalents | | $225M Net Long-term Debt* | | ($8M) Operating Cash Flow (Q1) | | $8M Capital Expenditures (Q1) | De Novos Selective deployment to enable clinician and market growth Opened 3 de novos in Q1 Acquisitions 4 • Q1 Revenue of $252.6 million increased 24% year-over-year • Total clinicians of 5,961, +19% Y/Y; 330 net clinician adds in Q1 • Q1 Center Margin of $69.6 millio ...

LifeStance Health Group, Inc. (NASDAQ:LFST) Q1 2023 Earnings Conference Call May 10, 2023 8:30 AM ET Company Participants Monica Prokocki - Investor Relations Ken Burdick - Chief Executive Officer Dave Bourdon - Chief Financial Officer Danish Qureshi - Chief Operating Officer Conference Call Participants Craig Hettenbach - Morgan Stanley Lisa Gill - JPMorgan Kevin Caliendo - UBS Jamie Perse - Goldman Sachs Brian Tanquilut - Jefferies Operator Good day, and welcome to the LifeStance Health First Quarter 2023 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-40478 LifeStance Health Group, Inc. (Exact Name of Registrant as Specified in its Charter) | Delaware | 86-1832801 | | --- | --- ...