Castlight Health Investor Presentation J une 2020 (NY S E : C S LT) 1
S afe Harbor S tatement This presentation contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 including, but not limited to, our trends, our strategies and the anticipated performance of our business, our guidance for the second half and full year of 2020, the current and future impacts of COVID-19 on our business, actions we have taken in response to COVID-19, our long-term outlook, expected AR R growth, our license agreement and relationship with Anthem, our executive leadership, cost savings efforts, impact of non-renewals, sales momentum and expected timing of sales cycles, future churn risk and future cash position. Forward-looking statements are subject to risks and uncertainties that may cause our actual activities or results to differ significantly from those expressed in any forward-looking statement, including risks set forth in our filings with the Securities and Exchange Commission. Statements contained herein are made as of or for the first fiscal quarter ended March 31, 2020. The information in the presentation is provided to you as of the dates indicated and we do not intend to update the information after its distribution, even in the event that the information becomes materially inaccurate, unless required by law. The guidance provided in this presentation is based on the statements made as of May 7, 2020 in connection with the release of our earnings results for the quarter ended March 31, 2020 and reflect management’s views and expectations at that time. We are not reaffirming or providing any further guidance or updates on our performance now. Please refer to the risk factors included in our filings with the Securities and Exchange Commission for discussion of important factors that may cause actual events or results to differ materially from those contained in our forward-looking statements, including in our Form 10-Q for the quarter ended March 31, 2020. Non-GA A P Financial Meas ures To supplement Castlight Health’s financial statements presented in accordance with generally accepted accounting principles (GAAP), we also use and provide investors and others with non-GAAP measures of certain components of financial performance, including non-GAAP gross profit and margin, non-GAAP operating expense, non-GAAP operating loss, non-GAAP net loss and non-GAAP net loss per share. Non-GAAP gross profit and margin, non-GAAP operating expense, non-GAAP operating loss, and non-GAAP net loss exclude stock-based compensation, goodwill impairment, certain legal expenses, amortization of intangibles, capitalization and amortization of internal-use software, and lease exit and related charges. We believe that these non-GAAP financial measures provide useful supplemental information to investors and others, facilitate the analysis of the company’s core operating results and comparison of operating results across reporting periods, and can help enhance overall understanding of the company’s historical financial performance. These non-GAAP financial measures should be considered in addition to, not as a substitute for or in isolation from, measures prepared in accordance with GAAP. Further, these non-GAAP measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore comparability may be limited. Castlight Health encourages investors and others to review the company’s financial information in its entirety and not rely on a single financial measure. We have provided a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures, which is available in the appendix. 2
Investment Highlights A leading provider of health navigation solutions to employers and health plans Operating in a large and growing market driven by consumer adoption of digital healthcare and need for navigation solutions Launching new product offerings to expand market opportunity and better support customers and members (C are Guides) • Employers • New solutions Mu Multiple ways to grow • Health plans • C OVID-19 related New management team bridges outside healthcare expertise with company experience Expect to approach cas h flow breakeven during 2H’2020 3
Castlight at a Glance Our health navigation platform connects hundreds of health vendors, benefits resources, and plan designs into one comprehensive health and wellbeing experience. We guide individuals — based on their unique profile — to the best resources available to them, whether they are healthy, chronically ill, or actively seeking medical care. C astlight transforms the employee benefit experience into a deeply personalized, yet simple, guided one, empowering better-informed patient decisions to unlock better healthcare outcomes and maximizing return on healthcare investments. Founded 2008 Employees 400+ Total Addressable Market $8B + Fortune 500 Companies 60+ Lives on the Platform ~20M Invested in the Platform $300+ Records in Data Asset 3B + B + Revenue FY2019 $143M 4
Senior Management combines company + healthcare experience Y ears at t Name Previous Experience C S L T Maeve O’Meara 10 10 C hief Executive Officer Will Bondurant 7 C hief Financial Officer K eith Reynolds <1 <1 C hief C ommercial Officer Ma Matt Mo Moran <1 <1 S VP of Corporate Development J ayes h Patel 9 S VP , Product and User Experience Angel R os a <1 <1 S VP , Customer Experience 5
A decade of innovation High-Touch S ingle experience (C are Guides ) for the complete Ecos ys tem Omni- health journey Platform channel approach, integration with empathic human Wellbeing framework to concierge guides and enable rapid data proactive outreach Behavioral Challenges, sharing and user to users with identified content, mind/ Health experience gaps in car body/wallet, Pers onalization integration of best global, social, Guides employees in breed partners incentives, to Predictive analytics, Trans parency coaching, cost-efficient, machine learning/AI screening based models, omni- effective, accessible Medical, Rx, dental behavioral health channel, real time comparison, spend care recommendations management, provider quality, network strategy, care planning tools 2010 2015 2016 2017 2018 2019 TODA Y 6
Strategic Priorities Update 2020 Priorities 2019 Accomplis hments R enewed and R evitalize direct-to to-employer strengthened Anthem bus ines s partners hip Hired experienced Health plan growth strategy Commercial leaders hip R eturn to innovation with B road launch Cas tlight Care Guides Cas tlight Care Guides Unified all solutions to a Optimize operating profile single tech stack 7
Health Benefits are Challenging to Navigate ? ? How can I How can save money I manage on stres s ? EA P healthcare? better? Health ? ? Benefits Nutrition Financial Program Wellbeing ? Where should I ? Maternity Ma How can I go for my improve Management Ma care? my lifes tyle behaviors ? ? What doctor Mental do I Wellbeing choos e? Health Condition Program Concierge Cos t & quality Ma Management ? How do I know Benefit trans parency Program what benefits are available to me? ? Can I afford my 73% of employees don't understand their care? ? How can I health benefits Health get help with S avings my 70% prefer digital over in-person for a Account condition? portion of their healthcare solutions 8
Castlight Complete Solution Revitalize direct-to to- employer bus ines s Comprehens ive health navigation helps employees manage S ingle health, whether they are healthy, managing a condition or actively experience seeking medical care. Improved health = savings for employee and for the employer. complete • health One central hub for all health benefits • journey Data-driven, personalized user experience • Highly configurable and company-specific Castlight Care Guidance empowers employees to Care make better healthcare decisions, demystify available benefits, and engage in the right programs at the right Guidance time. • Guide to the bes t care option Navigator • Clarity of provider cos t and clinical quality • Reduce overall medical spend Wellbeing Navigator engages entire employee populations to our Ecosystem of enterprise vendors Wellbeing you already offer, best-of-breed partners, and apps and wearables employees use every day. Navigator • Claims -driven pers onalization • S us tain employee engag ement • Deep integration for a seamles s experience 9
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