Hims & Hers Health, Inc. Reports First Quarter 2024 Financial Results
Hims & Hers Health, Inc. reported strong financial results for Q1 2024 with revenue of $278.2 million, up 46% YoY, net income of $11.1 million, and adjusted EBITDA of $32.3 million. Subscribers grew to 1.7 million, a 41% increase YoY. The company raised its full-year 2024 guidance to $1.20 billion to $1.23 billion in revenue and $120 million to $135 million in adjusted EBITDA.
Revenue increased by 46% YoY to $278.2 million in Q1 2024.
Net income reached $11.1 million, a significant improvement compared to a net loss of $(10.1) million in Q1 2023.
Adjusted EBITDA surged to $32.3 million in Q1 2024 from $6.1 million in Q1 2023.
Subscribers on the Hims & Hers platform grew to 1.7 million, up 41% YoY.
Full-year 2024 guidance was raised to $1.20 billion to $1.23 billion in revenue and $120 million to $135 million in adjusted EBITDA.
No negative aspects to report based on the press release.
Insights
The reported revenue growth of 46% and a substantial increase in net income from a loss of
The raise in full-year guidance suggests management confidence in the company's continued momentum. The projection of a
With a subscriber base now at 1.7 million, Hims & Hers is capturing a larger share of the digital health market. The stable monthly online revenue per average subscriber can be viewed as a positive indicator of pricing power and customer retention. The notable
The anticipated wholesale revenue growth is another aspect to consider, which grew by
Hims & Hers' success illustrates the growing consumer demand for telehealth and personalized healthcare solutions. Their business model, which leverages technology for better health outcomes, is proving to be effective. The company's ability to maintain the monthly online revenue per average subscriber while significantly growing its user base may indicate a scalable model that can handle increased demand without sacrificing profitability or service quality.
As healthcare continues to shift towards digital platforms, Hims & Hers' performance might serve as an indicator of the sector's potential. However, investors should be aware of the competitive landscape and regulatory changes that could affect the company's operations in the long term. Monitoring how the company manages these factors will be essential for evaluating its potential for sustained growth.
Revenue of
Net income of
Subscribers grew to 1.7 million, up
Raises full year 2024 guidance to a range of
“We are pleased to begin the year with exceptional results and strong momentum throughout the business,” said Andrew Dudum, co-founder and CEO. “Our ability to deliver consistent performance across our key metrics is being fueled by our ability to capitalize on the increasing demand for high quality, personalized solutions in each of our core specialties. During the period, we added a record number of net new subscribers, increasing
Yemi Okupe, CFO, stated, “The business continues to generate robust performance across our operations as we execute on our mission to make the world feel great through the power of better health. Our ability to bring a record number of net new subscribers to the platform while simultaneously driving over 400 basis points of marketing leverage is a testament to the formidable model we are building. We are confident that ongoing investment in a broad offering of high quality, personalized solutions at affordable prices, combined with a trusted brand and best-in-class technology platform, will position us to achieve consistent top and bottom line growth for the foreseeable future. We have updated our full year outlook to reflect the ongoing business momentum and efficiency improvements we are experiencing. These improvements also further bolster our confidence in reaching our long-term Adjusted EBITDA margin goals of
Key Business Metrics |
|||||||||
(In Thousands, Except for Monthly Online Revenue per Average Subscriber and AOV, Unaudited) |
|||||||||
|
|
Three Months Ended March 31, |
|||||||
|
|
2024 |
|
2023 |
|
% Change |
|||
Subscribers (end of period) |
|
|
1,709 |
|
|
1,209 |
|
41 |
% |
Monthly Online Revenue per Average Subscriber |
|
$ |
55 |
|
$ |
55 |
|
— |
% |
|
|
|
|
|
|
|
|||
Net Orders |
|
|
2,461 |
|
|
2,047 |
|
20 |
% |
AOV |
|
$ |
109 |
|
$ |
90 |
|
21 |
% |
Revenue |
|||||||||
(In Thousands, Unaudited) |
|||||||||
|
|
Three Months Ended March 31, |
|||||||
|
|
2024 |
|
2023 |
|
% Change |
|||
Online Revenue |
|
$ |
267,761 |
|
$ |
184,175 |
|
45 |
% |
Wholesale Revenue |
|
|
10,410 |
|
|
6,595 |
|
58 |
% |
Total revenue |
|
$ |
278,171 |
|
$ |
190,770 |
|
46 |
% |
First Quarter 2024 Financial Highlights
-
Revenue was
$278.2 million $190.8 million 46% year-over-year. -
Gross margin was
82% for the first quarter of 2024 compared to80% for the first quarter of 2023. -
Net income was
$11.1 million $(10.1) million -
Adjusted EBITDA was
$32.3 million $6.1 million -
Net cash provided by operating activities was
$25.8 million $9.5 million -
Free Cash Flow was
$11.9 million $7.0 million
Reconciliations of Adjusted EBITDA and Free Cash Flow, non-GAAP measures, to net income (loss) and net cash provided by operating activities, respectively, their most comparable financial measures under generally accepted accounting principles in
Financial Outlook
Hims & Hers is providing the following guidance:
For the second quarter 2024, we expect:
-
Revenue of
$292 million $297 million -
Adjusted EBITDA of
$30 million $35 million 10% to12% .
For the full year 2024, we expect:
-
Revenue of
$1.20 billion $1.23 billion -
Adjusted EBITDA of
$120 million $135 million 10% to11% .
The guidance provided above constitutes forward-looking statements and actual results may differ materially. Refer to the “Cautionary Note Regarding Forward-Looking Statements” safe harbor section below for information on the factors that could cause our actual results to differ materially from these forward-looking statements.
We have relied upon the exception in Item 10(e)(1)(i)(B) of Regulation S-K and have not reconciled forward-looking Adjusted EBITDA to its most directly comparable
Conference Call
Hims & Hers will host a conference call to review the first quarter 2024 results on May 6, 2024, at 5:00 p.m. ET. The conference call can be accessed by dialing +1 (888) 510-2630 for
About Hims & Hers Health, Inc.
Hims & Hers is the leading health and wellness platform on a mission to help the world feel great through the power of better health.
We believe how you feel in your body and mind transforms how you show up in life. That’s why we’re building a future where nothing stands in the way of harnessing this power. Hims & Hers normalizes health & wellness challenges—and innovates on their solutions—to make feeling happy and healthy easy to achieve. No two people are the same, so the Company provides access to personalized care designed for results.
For more information, please visit investors.hims.com.
Cautionary Note Regarding Forward-Looking Statements
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements can be identified by the use of forward-looking terminology, including the words “believe,” “estimate,” “anticipate,” “expect,” “assume,” “imply,” “intend,” “plan,” “may,” “will,” “potential,” “project,” “predict,” “continue,” “could,” “confident,” “confidence,” or “should,” or, in each case, their plural, their negative or other variations or comparable terminology. There can be no assurance that actual results will not materially differ from expectations. Such statements include, but are not limited to, any statements relating to our financial outlook and guidance, including our mission to drive top-line growth and profitability and our ability to attain our medium- and long-term financial targets; our expected future financial and business performance, including with respect to the Hims & Hers platform, our marketing campaigns, investments in innovation, and our infrastructure, and the underlying assumptions with respect to the foregoing; statements relating to events and trends relevant to us, including with respect to our financial condition, results of operations, short- and long-term business operations, objectives, and financial needs; expectations regarding our mobile applications, market acceptance, user experience, customer retention, brand development, our ability to invest and generate a return on any such investment, customer acquisition costs, operating efficiencies and leverage (including our fulfillment capabilities), the effect of any pricing decisions, changes in our product or offering mix, the timing and market acceptance of any new products or offerings, the success of our business model, our market opportunity, our ability to scale our business, the growth of certain of our specialties, our ability to innovate on and expand the scope of our offerings and experiences, our ability to reinvest into the customer experience, and our ability to comply with the extensive, complex and evolving regulatory requirements applicable to our business, including without limitation state and federal healthcare, privacy and consumer protection laws and regulations. These statements are based on management’s current expectations, but actual results may differ materially due to various factors.
The forward-looking statements contained in this press release are based on our current expectations and beliefs concerning future developments and their potential effects on us. Future developments affecting us may not be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) and other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described in the “Risk Factors” section of each of our most recently filed Quarterly Report on Form 10-Q, our most recently filed Annual Report on Form 10-K, and any of our subsequent filings with the Securities and Exchange Commission (the “Commission”).
Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We undertake no obligation (and expressly disclaim any obligation) to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. These risks and others described in the “Risk Factors” section of each of our most recently filed Quarterly Report on Form 10-Q, our most recently filed Annual Report on Form 10-K, and any of our subsequent filings with the Commission may not be exhaustive.
By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. We caution you that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition and liquidity, and developments in the industry in which we operate may differ materially from those made in or suggested by the forward-looking statements contained in reports we have filed or will file with the Commission, including our most recently filed Annual Report on Form 10-K, our most recently filed Quarterly Report on Form 10-Q, and any of our subsequent filings with the Commission. In addition, even if our results of operations, financial condition and liquidity, and developments in the industry in which we operate are consistent with the forward-looking statements contained in such reports, those results or developments may not be indicative of results or developments in subsequent periods.
Key Business Metrics
“Online Revenue” represents the sales of products and services on our platform, net of refunds, credits, and chargebacks, and includes revenue recognition adjustments recorded pursuant to
“Wholesale Revenue” represents non-prescription product sales to retailers through wholesale purchasing agreements. Wholesale Revenue also includes non-prescription product sales to third-party platforms through consignment arrangements. In addition to being revenue generative and profitable, wholesale partnerships and consignment arrangements have the added benefit of generating brand awareness with new customers in physical environments and on third-party platforms.
“Subscribers” are customers who have one or more “Subscriptions” pursuant to which they have agreed to be automatically billed on a recurring basis at a defined cadence. The Subscription billing cadence is typically defined as a number of days (for example, billed every 30 days or every 90 days), which are excluded from our reporting when payment has not occurred at the contracted billing cadence. Subscribers can cancel Subscriptions in between billing periods to stop receiving additional products and/or services and can reactivate Subscriptions to continue receiving additional products and/or services.
“Monthly Online Revenue per Average Subscriber” is defined as Online Revenue divided by “Average Subscribers”, which amount is then further divided by the number of months in a period. “Average Subscribers” are calculated as the sum of the Subscribers at the beginning and end of a given period divided by 2.
“Net Orders” are defined as the number of online customer orders minus transactions related to refunds, credits, chargebacks, and other negative adjustments. Net Orders represent transactions made on our platform during a defined period of time and exclude revenue recognition adjustments recorded pursuant to
Average Order Value (“AOV”) is defined as Online Revenue divided by Net Orders (each as defined above).
CONDENSED CONSOLIDATED BALANCE SHEETS |
|||||||
(In Thousands, Except Share and Per Share Data, Unaudited) |
|||||||
|
March 31, 2024 |
|
December 31, 2023 |
||||
|
|
|
|
||||
Assets |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
105,237 |
|
|
$ |
96,663 |
|
Short-term investments |
|
98,355 |
|
|
|
124,318 |
|
Inventory |
|
29,826 |
|
|
|
22,464 |
|
Prepaid expenses and other current assets |
|
28,316 |
|
|
|
21,608 |
|
Total current assets |
|
261,734 |
|
|
|
265,053 |
|
Restricted cash |
|
856 |
|
|
|
856 |
|
Goodwill |
|
110,881 |
|
|
|
110,881 |
|
Property, equipment, and software, net |
|
45,212 |
|
|
|
36,143 |
|
Intangible assets, net |
|
17,863 |
|
|
|
18,574 |
|
Operating lease right-of-use assets |
|
11,422 |
|
|
|
9,588 |
|
Other long-term assets |
|
138 |
|
|
|
91 |
|
Total assets |
$ |
448,106 |
|
|
$ |
441,186 |
|
Liabilities and stockholders' equity |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
43,919 |
|
|
$ |
43,070 |
|
Accrued liabilities |
|
26,714 |
|
|
|
28,972 |
|
Deferred revenue |
|
13,735 |
|
|
|
7,733 |
|
Earn-out payable |
|
7,412 |
|
|
|
7,412 |
|
Operating lease liabilities |
|
1,544 |
|
|
|
1,281 |
|
Total current liabilities |
|
93,324 |
|
|
|
88,468 |
|
Operating lease liabilities |
|
10,279 |
|
|
|
8,667 |
|
Other long-term liabilities |
|
21 |
|
|
|
22 |
|
Total liabilities |
|
103,624 |
|
|
|
97,157 |
|
Commitments and contingencies |
|
|
|
||||
Stockholders' equity: |
|
|
|
||||
Common stock – Class A shares, par value |
|
21 |
|
|
|
21 |
|
Additional paid-in capital |
|
701,670 |
|
|
|
712,307 |
|
Accumulated other comprehensive loss |
|
(162 |
) |
|
|
(124 |
) |
Accumulated deficit |
|
(357,047 |
) |
|
|
(368,175 |
) |
Total stockholders' equity |
|
344,482 |
|
|
|
344,029 |
|
Total liabilities and stockholders' equity |
$ |
448,106 |
|
|
$ |
441,186 |
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) |
||||||||
(In Thousands, Except Share and Per Share Data, Unaudited) |
||||||||
|
|
Three Months Ended March 31, |
||||||
|
|
|
2024 |
|
|
|
2023 |
|
Revenue |
|
$ |
278,171 |
|
|
$ |
190,770 |
|
Cost of revenue |
|
|
49,076 |
|
|
|
37,345 |
|
Gross profit |
|
|
229,095 |
|
|
|
153,425 |
|
Gross margin % |
|
|
82 |
% |
|
|
80 |
% |
Operating expenses:(1) |
|
|
|
|
||||
Marketing |
|
|
130,553 |
|
|
|
97,245 |
|
Operations and support |
|
|
38,747 |
|
|
|
26,182 |
|
Technology and development |
|
|
15,324 |
|
|
|
10,748 |
|
General and administrative |
|
|
34,568 |
|
|
|
30,513 |
|
Total operating expenses |
|
|
219,192 |
|
|
|
164,688 |
|
Income (loss) from operations |
|
|
9,903 |
|
|
|
(11,263 |
) |
Other income (expense): |
|
|
|
|
||||
Change in fair value of liabilities |
|
|
— |
|
|
|
(295 |
) |
Other income, net |
|
|
2,500 |
|
|
|
1,877 |
|
Total other income, net |
|
|
2,500 |
|
|
|
1,582 |
|
Income (loss) before income taxes |
|
|
12,403 |
|
|
|
(9,681 |
) |
Provision for income taxes |
|
|
(1,275 |
) |
|
|
(386 |
) |
Net income (loss) |
|
|
11,128 |
|
|
|
(10,067 |
) |
Other comprehensive (loss) income |
|
|
(38 |
) |
|
|
166 |
|
Total comprehensive income (loss) |
|
$ |
11,090 |
|
|
$ |
(9,901 |
) |
|
|
|
|
|
||||
Net income (loss) per share attributable to common stockholders: |
|
|
|
|
||||
Basic |
|
$ |
0.05 |
|
|
$ |
(0.05 |
) |
Diluted |
|
$ |
0.05 |
|
|
$ |
(0.05 |
) |
Weighted average shares outstanding: |
|
|
|
|
||||
Basic |
|
|
213,452,092 |
|
|
|
207,140,298 |
|
Diluted |
|
|
229,364,585 |
|
|
|
207,140,298 |
|
______________ |
||||||
(1) Includes stock-based compensation expense as follows (in thousands):
|
|
|||||
|
|
Three Months Ended March 31, |
||||
|
|
|
2024 |
|
|
2023 |
Marketing |
|
$ |
1,904 |
|
$ |
996 |
Operations and support |
|
|
2,155 |
|
|
1,154 |
Technology and development |
|
|
2,205 |
|
|
1,461 |
General and administrative |
|
|
12,768 |
|
|
10,556 |
Total stock-based compensation expense |
|
$ |
19,032 |
|
$ |
14,167 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||
(In Thousands, Unaudited) |
|||||||
|
Three Months Ended March 31, |
||||||
|
|
2024 |
|
|
|
2023 |
|
Operating activities |
|
|
|
||||
Net income (loss) |
$ |
11,128 |
|
|
$ |
(10,067 |
) |
Adjustments to reconcile net income (loss) to net cash provided by operating |
|
|
|
||||
Depreciation and amortization |
|
3,001 |
|
|
|
2,117 |
|
Stock-based compensation |
|
19,032 |
|
|
|
14,167 |
|
Change in fair value of liabilities |
|
— |
|
|
|
295 |
|
Net accretion on securities |
|
(1,077 |
) |
|
|
(1,041 |
) |
Impairment of long-lived assets |
|
75 |
|
|
|
429 |
|
Non-cash operating lease cost |
|
574 |
|
|
|
448 |
|
Non-cash acquisition-related costs |
|
— |
|
|
|
566 |
|
Non-cash other |
|
408 |
|
|
|
124 |
|
Changes in operating assets and liabilities: |
|
|
|
||||
Inventory |
|
(7,362 |
) |
|
|
865 |
|
Prepaid expenses and other current assets |
|
(6,708 |
) |
|
|
(4,984 |
) |
Other long-term assets |
|
(47 |
) |
|
|
5 |
|
Accounts payable |
|
3,602 |
|
|
|
3,955 |
|
Accrued liabilities |
|
(2,258 |
) |
|
|
1,673 |
|
Deferred revenue |
|
6,002 |
|
|
|
1,394 |
|
Operating lease liabilities |
|
(532 |
) |
|
|
(463 |
) |
Net cash provided by operating activities |
|
25,838 |
|
|
|
9,483 |
|
Investing activities |
|
|
|
||||
Purchases of investments |
|
(70,700 |
) |
|
|
(40,687 |
) |
Maturities of investments |
|
97,700 |
|
|
|
39,084 |
|
Investment in website development and internal-use software |
|
(3,377 |
) |
|
|
(1,875 |
) |
Purchases of property, equipment, and intangible assets |
|
(10,581 |
) |
|
|
(635 |
) |
Net cash provided by (used in) investing activities |
|
13,042 |
|
|
|
(4,113 |
) |
Financing activities |
|
|
|
||||
Proceeds from exercise of vested stock options |
|
5,070 |
|
|
|
245 |
|
Payments for taxes related to net share settlement of equity awards |
|
(7,314 |
) |
|
|
(3,657 |
) |
Repurchases of common stock |
|
(28,064 |
) |
|
|
— |
|
Net cash used in financing activities |
|
(30,308 |
) |
|
|
(3,412 |
) |
Foreign currency effect on cash and cash equivalents |
|
2 |
|
|
|
15 |
|
Increase in cash, cash equivalents, and restricted cash |
|
8,574 |
|
|
|
1,973 |
|
Cash, cash equivalents, and restricted cash at beginning of period |
|
97,519 |
|
|
|
47,628 |
|
Cash, cash equivalents, and restricted cash at end of period |
$ |
106,093 |
|
|
$ |
49,601 |
|
Reconciliation of cash, cash equivalents, and restricted cash |
|
|
|
||||
Cash and cash equivalents |
$ |
105,237 |
|
|
$ |
48,745 |
|
Restricted cash |
|
856 |
|
|
|
856 |
|
Total cash, cash equivalents, and restricted cash |
$ |
106,093 |
|
|
$ |
49,601 |
|
Supplemental disclosures of cash flow information |
|
|
|
||||
Cash paid for taxes |
$ |
126 |
|
|
$ |
286 |
|
Non-cash investing and financing activities |
|
|
|
||||
Purchases of property and equipment included in accounts payable and accrued liabilities |
$ |
594 |
|
|
$ |
1,290 |
|
Right-of-use asset obtained in exchange for lease liability |
|
2,174 |
|
|
|
— |
|
Non-GAAP Financial Measures
In addition to our financial results determined in accordance with
However, non-GAAP financial information is presented for supplemental informational purposes only, has limitations as an analytical tool, and should not be considered in isolation or as a substitute for financial information presented in accordance with
Adjusted EBITDA is a key performance measure that our management uses to assess our operating performance. Because Adjusted EBITDA facilitates internal comparisons of our historical operating performance on a more consistent basis, we use this measure for business planning purposes. “Adjusted EBITDA” is defined as net income (loss) before stock-based compensation, depreciation and amortization, income taxes, acquisition and transaction-related costs (which includes (i) consideration paid for employee compensation with vesting requirements incurred directly as a result of acquisitions, inclusive of revaluation of earn-out consideration recorded in general and administrative expenses, and (ii) transaction professional services), impairment of long-lived assets, change in fair value of liabilities, and interest income. “Adjusted EBITDA margin” is defined as Adjusted EBITDA divided by revenue.
Some of the limitations of Adjusted EBITDA include (i) Adjusted EBITDA does not properly reflect capital commitments to be paid in the future, and (ii) although depreciation and amortization are non-cash charges, the underlying assets may need to be replaced and Adjusted EBITDA does not reflect these capital expenditures. In evaluating Adjusted EBITDA, you should be aware that in the future we will incur expenses similar to the adjustments in this presentation. Our presentation of Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by these expenses or any unusual or non-recurring items. We compensate for these limitations by providing specific information regarding the
Net Income (Loss) to Adjusted EBITDA Reconciliation |
|||||||
(In Thousands, Unaudited) |
|||||||
|
Three Months Ended March 31, |
||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
||||
Revenue |
$ |
278,171 |
|
|
$ |
190,770 |
|
|
|
|
|
||||
Net income (loss) |
|
11,128 |
|
|
|
(10,067 |
) |
Stock-based compensation |
|
19,032 |
|
|
|
14,167 |
|
Depreciation and amortization |
|
3,001 |
|
|
|
2,117 |
|
Provision for income taxes |
|
1,275 |
|
|
|
386 |
|
Acquisition and transaction-related costs |
|
376 |
|
|
|
646 |
|
Impairment of long-lived assets |
|
75 |
|
|
|
429 |
|
Change in fair value of liabilities |
|
— |
|
|
|
295 |
|
Interest income |
|
(2,540 |
) |
|
|
(1,913 |
) |
Adjusted EBITDA |
$ |
32,347 |
|
|
$ |
6,060 |
|
|
|
|
|
||||
Net income (loss) as a % of revenue |
|
4 |
% |
|
|
(5 |
)% |
Adjusted EBITDA margin |
|
12 |
% |
|
|
3 |
% |
Free Cash Flow is a key performance measure that our management uses to assess our liquidity. Because Free Cash Flow facilitates internal comparisons of our historical liquidity on a more consistent basis, we use this measure for business planning purposes. “Free Cash Flow” is defined as net cash provided by operating activities, less purchases of property, equipment, and intangible assets and investment in website development and internal-use software in investing activities.
Some of the limitations of Free Cash Flow include (i) Free Cash Flow does not represent our residual cash flow for discretionary expenditures and our non-discretionary commitments, and (ii) Free Cash Flow includes capital expenditures, the benefits of which may be realized in periods subsequent to those in which the expenditures took place. In evaluating Free Cash Flow, you should be aware that in the future we will have cash outflows similar to the adjustments in this presentation. Our presentation of Free Cash Flow should not be construed as an inference that our future results will be unaffected by these cash outflows or any unusual or non-recurring items. When evaluating our performance, you should consider Free Cash Flow in addition to, and not as a substitute for, other financial performance measures, including our net cash provided by operating activities and other
Net Cash Provided By Operating Activities to Free Cash Flow Reconciliation |
||||||||
(In Thousands, Unaudited) |
||||||||
|
|
Three Months Ended March 31, |
||||||
|
|
|
2024 |
|
|
|
2023 |
|
Net cash provided by operating activities |
|
$ |
25,838 |
|
|
$ |
9,483 |
|
Less: purchases of property, equipment, and intangible assets in investing activities |
|
|
(10,581 |
) |
|
|
(635 |
) |
Less: investment in website development and internal-use software in investing activities |
|
|
(3,377 |
) |
|
|
(1,875 |
) |
Free Cash Flow |
|
$ |
11,880 |
|
|
$ |
6,973 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240506868237/en/
Investor Relations
Bill Newby
Investors@forhims.com
Media Relations
Abby Reisinger
Press@forhims.com
Source: Hims & Hers Health, Inc.
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