Hims & Hers Health, Inc. Reports Second Quarter 2024 Financial Results

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Insights

Hims & Hers Health's Q2 2024 results are exceptionally strong, showcasing robust growth and profitability. The $315.6 million revenue, up 52% year-over-year, significantly outpaces industry averages. The company's transition to profitability is noteworthy, with a $13.3 million net income compared to a loss in Q2 2023.

Key metrics are impressive:

Subscriber growth of 43% to 1.9 million
27% increase in Average Order Value to $121
$39.3 million Adjusted EBITDA, a substantial improvement

The raised full-year guidance suggests continued momentum and management confidence. However, investors should monitor the slight gross margin decline from 82% to 81%, which could impact profitability if the trend continues.

Hims & Hers' performance indicates a growing consumer appetite for telehealth and personalized wellness solutions. The 8% increase in Monthly Online Revenue per Average Subscriber to $57 suggests successful upselling and cross-selling strategies. The company's ability to scale new specialties rapidly while maintaining growth in established ones demonstrates market adaptability.

The 31% growth in Wholesale Revenue, while smaller than online growth, hints at potential for omnichannel expansion. This diversification could be important for long-term sustainability. The company's focus on affordability and personalization aligns well with current healthcare trends, potentially positioning it for continued market share gains in the competitive digital health landscape.

Hims & Hers' platform strategy is proving highly effective, as evidenced by the strong financial results. The company's ability to scale to 1.9 million subscribers while improving profitability suggests a robust and efficient technological infrastructure. The increase in Average Order Value indicates successful implementation of AI-driven personalization and recommendation algorithms.

The company's vision of serving "tens of millions of customers" will require continued technological innovation and scalability. Investors should watch for updates on platform enhancements, data analytics capabilities and cybersecurity measures. The company's ability to maintain its technological edge will be important in fending off competitors and sustaining its growth trajectory in the rapidly evolving digital health sector.

08/05/2024 - 04:05 PM

Revenue of $315.6 million, up 52% year-over-year in Q2 2024

Net income of $13.3 million; Adjusted EBITDA of $39.3 million in Q2 2024

Subscribers grew to 1.9 million, up 43% year-over-year in Q2 2024

Raises full year 2024 revenue guidance to a range of $1.37 billion to $1.40 billion and Adjusted EBITDA guidance to a range of $140 million to $155 million

SAN FRANCISCO--(BUSINESS WIRE)-- Hims & Hers Health, Inc. (“Hims & Hers” or the “Company”, NYSE: HIMS), the leading health and wellness platform, today announced financial results for the second quarter ended June 30, 2024 in a shareholder letter that is posted at investors.hims.com.

"Our second quarter results mark an acceleration in what was already an incredible trajectory. During the quarter, subscribers on our platform approached 1.9 million, increasing 43% year-over-year," said Andrew Dudum, co-founder and CEO. "We believe access to life-changing solutions should be simple, convenient, affordable, and designed for the individual. As we expand the capabilities on our platform, we are only more convinced that we can help an individual in every household in the country feel great.”

Yemi Okupe, CFO, stated, “An approach to democratizing access to high-quality personalized solutions on our platform at an affordable price continues to resonate with consumers. We are seeing this improve our ability to attract new users to longer-tenured specialties, while also allowing us to more rapidly scale new specialties. During the second quarter, these dynamics drove an acceleration in revenue growth and record profitability levels. We are updating our full year outlook to reflect this improving momentum and continue to believe we are on a clear path toward serving tens of millions of customers as we scale this increasingly powerful and efficient model."

Key Business Metrics (In Thousands, Except for Monthly Online Revenue per Average Subscriber and AOV, Unaudited)
	Three Months Ended June 30,						Six Months Ended June 30,
		2024		2023	% Change			2024		2023	% Change
Subscribers (end of period)		1,864		1,300	43	%		1,864		1,300	43	%
Monthly Online Revenue per Average Subscriber	$	57	$	53	8	%	$	56	$	55	2	%

Net Orders		2,527		2,109	20	%		4,988		4,156	20	%
AOV	$	121	$	95	27	%	$	115	$	93	24	%

Revenue (In Thousands, Unaudited)
	Three Months Ended June 30,						Six Months Ended June 30,
		2024		2023	% Change			2024		2023	% Change
Online Revenue	$	306,843	$	201,178	53	%	$	574,604	$	385,353	49	%
Wholesale Revenue		8,805		6,734	31	%		19,215		13,329	44	%
Total revenue	$	315,648	$	207,912	52	%	$	593,819	$	398,682	49	%

Second Quarter 2024 Financial Highlights

Revenue was $315.6 million for the second quarter of 2024 compared to $207.9 million for the second quarter of 2023, an increase of 52% year-over-year.
Gross margin was 81% for the second quarter of 2024 compared to 82% for the second quarter of 2023.
Net income was $13.3 million for the second quarter of 2024 compared to a net loss of $(7.2) million for the second quarter of 2023.
Adjusted EBITDA was $39.3 million for the second quarter of 2024 compared to $10.6 million for the second quarter of 2023.
Net cash provided by operating activities was $53.6 million for the second quarter of 2024 compared to $16.8 million for the second quarter of 2023.
Free Cash Flow was $47.6 million for the second quarter of 2024 compared to $10.0 million for the second quarter of 2023.

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 the United States (“U.S. GAAP”), have been provided in this press release in the accompanying tables. Additional information about Adjusted EBITDA and Free Cash Flow is also included below under the heading “Non-GAAP Financial Measures”.

Financial Outlook

Hims & Hers is providing the following guidance:

For the third quarter 2024, we expect:

Revenue of $375 million to $380 million.
Adjusted EBITDA of $35 million to $40 million, reflecting an Adjusted EBITDA margin of 9% to 11%.

For the full year 2024, we expect:

Revenue of $1.37 billion to $1.40 billion.
Adjusted EBITDA of $140 million to $155 million, reflecting an Adjusted EBITDA margin of 10% to 11%.

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 U.S. GAAP measure, net income (loss), because we cannot predict with reasonable certainty the ultimate outcome of certain components of such reconciliations, including market-related assumptions that are not within our control, or others that may arise, without unreasonable effort. For these reasons, we are unable to assess the probable significance of the unavailable information, which could materially impact the amount of future net income (loss). See “Non-GAAP Financial Measures” for additional important information regarding Adjusted EBITDA.

Conference Call

Hims & Hers will host a conference call to review the second quarter 2024 results on August 5, 2024, at 5:00 p.m. ET. The conference call can be accessed by dialing +1 (888) 510-2630 for U.S. participants and +1 (646) 960-0137 for international participants, and referencing conference ID #1704296. A live audio webcast will be available online at investors.hims.com. A replay of the call will be available via webcast for on-demand listening shortly after the completion of the call at the same link.

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; the closing of our acquisition of a 503B compounding outsourcing facility; 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 timing and anticipated effect of any pending acquisitions, 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, including through the use of data analytics and artificial intelligence, our ability to reinvest into the customer experience, and our ability to comply with the extensive, complex and evolving legal and regulatory requirements applicable to our business, including without limitation state and federal healthcare, privacy and consumer protection laws and regulations, and the effect or outcome of any litigation or governmental actions that may arise in relation to any such legal and regulatory requirement. 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 U.S. GAAP, primarily relating to deferred revenue and returns reserve. Online Revenue is generated by selling directly to consumers through our websites and mobile applications. Our Online Revenue consists of products and services purchased by customers directly through our online platform. The majority of our Online Revenue is subscription-based, where customers agree to be billed on a recurring basis to have products and services automatically delivered to them.

“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 U.S. GAAP.

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)

	June 30, 2024			December 31, 2023

Assets
Current assets:
Cash and cash equivalents	$	129,295		$	96,663
Short-term investments		97,997			124,318
Inventory		40,588			22,464
Prepaid expenses and other current assets		23,038			21,608
Total current assets		290,918			265,053
Restricted cash		856			856
Goodwill		110,881			110,881
Property, equipment, and software, net		49,540			36,143
Intangible assets, net		17,133			18,574
Operating lease right-of-use assets		11,034			9,588
Other long-term assets		138			91
Total assets	$	480,500		$	441,186
Liabilities and stockholders' equity
Current liabilities:
Accounts payable	$	57,099		$	43,070
Accrued liabilities		28,948			28,972
Deferred revenue		20,990			7,733
Earn-out payable		—			7,412
Operating lease liabilities		1,634			1,281
Total current liabilities		108,671			88,468
Operating lease liabilities		9,841			8,667
Other long-term liabilities		22			22
Total liabilities		118,534			97,157
Commitments and contingencies
Stockholders' equity:
Common stock – Class A shares, par value $0.0001, 2,750,000,000 shares authorized and 208,417,651 and 205,104,120 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively; Class V shares, par value $0.0001, 10,000,000 shares authorized and 8,377,623 shares issued and outstanding as of June 30, 2024 and December 31, 2023		22			21
Additional paid-in capital		705,862			712,307
Accumulated other comprehensive loss		(168	)		(124	)
Accumulated deficit		(343,750	)		(368,175	)
Total stockholders' equity		361,966			344,029
Total liabilities and stockholders' equity	$	480,500		$	441,186

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (In Thousands, Except Share and Per Share Data, Unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
		2024			2023			2024			2023
Revenue	$	315,648		$	207,912		$	593,819		$	398,682
Cost of revenue		59,035			37,754			108,111			75,099
Gross profit		256,613			170,158			485,708			323,583
Gross margin %		81	%		82	%		82	%		81	%
Operating expenses:⁽¹⁾
Marketing		144,922			107,219			275,475			204,464
Operations and support		41,453			29,227			80,200			55,409
Technology and development		18,654			11,804			33,978			22,552
General and administrative		40,554			31,144			75,122			61,657
Total operating expenses		245,583			179,394			464,775			344,082
Income (loss) from operations		11,030			(9,236	)		20,933			(20,499	)
Other income (expense):
Change in fair value of liabilities		—			(173	)		—			(468	)
Other income, net		2,394			2,239			4,894			4,116
Total other income, net		2,394			2,066			4,894			3,648
Income (loss) before income taxes		13,424			(7,170	)		25,827			(16,851	)
(Provision) benefit for income taxes		(127	)		13			(1,402	)		(373	)
Net income (loss)		13,297			(7,157	)		24,425			(17,224	)
Other comprehensive (loss) income		(6	)		(147	)		(44	)		19
Total comprehensive income (loss)	$	13,291		$	(7,304	)	$	24,381		$	(17,205	)

Net income (loss) per share attributable to common stockholders:
Basic	$	0.06		$	(0.03	)	$	0.11		$	(0.08	)
Diluted	$	0.06		$	(0.03	)	$	0.11		$	(0.08	)
Weighted average shares outstanding:
Basic		214,618,037			208,422,825			214,035,065			207,785,104
Diluted		234,791,985			208,422,825			232,583,676			207,785,104

______________
(1)	Includes stock-based compensation expense as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
		2024		2023		2024		2023
Marketing	$	2,393	$	1,487	$	4,297	$	2,483
Operations and support		2,702		1,854		4,857		3,008
Technology and development		3,195		2,092		5,400		3,553
General and administrative		15,752		11,412		28,520		21,968
Total stock-based compensation expense	$	24,042	$	16,845	$	43,074	$	31,012

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In Thousands, Unaudited)

	Six Months Ended June 30,
	2024			2023
Operating activities
Net income (loss)	$	24,425		$	(17,224	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization		6,644			4,494
Stock-based compensation		43,074			31,012
Change in fair value of liabilities		—			468
Net accretion on securities		(2,281	)		(2,517	)
Impairment of long-lived assets		114			429
Non-cash operating lease cost		1,221			914
Non-cash acquisition-related costs		—			1,066
Non-cash other		412			55
Changes in operating assets and liabilities:
Inventory		(18,124	)		145
Prepaid expenses and other current assets		(1,430	)		(4,756	)
Other long-term assets		(47	)		(32	)
Accounts payable		16,156			5,438
Accrued liabilities		(24	)		7,159
Deferred revenue		13,257			586
Operating lease liabilities		(1,140	)		(928	)
Earn-out payable		(2,825	)		—
Net cash provided by operating activities		79,432			26,309
Investing activities
Purchases of investments		(97,539	)		(65,376	)
Maturities of investments		126,095			72,334
Proceeds from sales of investments		—			676
Investment in website development and internal-use software		(6,191	)		(4,062	)
Purchases of property, equipment, and intangible assets		(13,793	)		(5,312	)
Net cash provided by (used in) investing activities		8,572			(1,740	)
Financing activities
Proceeds from exercise of vested stock options		16,472			560
Payments for taxes related to net share settlement of equity awards		(22,281	)		(7,411	)
Repurchases of common stock		(47,996	)		—
Proceeds from employee stock purchase plan		1,622			898
Payments for acquisition-related earn-out consideration		(3,190	)		—
Net cash used in financing activities		(55,373	)		(5,953	)
Foreign currency effect on cash and cash equivalents		1			29
Increase in cash, cash equivalents, and restricted cash		32,632			18,645
Cash, cash equivalents, and restricted cash at beginning of period		97,519			47,628
Cash, cash equivalents, and restricted cash at end of period	$	130,151		$	66,273
Reconciliation of cash, cash equivalents, and restricted cash
Cash and cash equivalents	$	129,295		$	65,417
Restricted cash		856			856
Total cash, cash equivalents, and restricted cash	$	130,151		$	66,273
Supplemental disclosures of cash flow information
Cash paid for taxes	$	3,468		$	626
Non-cash investing and financing activities
Purchases of property and equipment included in accounts payable and accrued liabilities	$	1,256		$	466
Right-of-use asset obtained in exchange for lease liability		2,174			591
Issuance of common stock for acquisition-related earn-out consideration		1,396			—

Non-GAAP Financial Measures

In addition to our financial results determined in accordance with U.S. GAAP, we present Adjusted EBITDA (which is a non-GAAP financial measure), Adjusted EBITDA margin (which is a non-GAAP ratio), and Free Cash Flow (which is a non-GAAP financial measure) each as defined below. We use Adjusted EBITDA, Adjusted EBITDA margin, and Free Cash Flow to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe that Adjusted EBITDA, Adjusted EBITDA margin, and Free Cash Flow, when taken together with the corresponding U.S. GAAP financial measures, provide meaningful supplemental information regarding our performance by excluding certain items that may not be indicative of our business, results of operations, or outlook. We consider Adjusted EBITDA, Adjusted EBITDA margin, and Free Cash Flow to be important measures because they help illustrate underlying trends in our business and our historical operating performance on a more consistent basis. We believe that the use of Adjusted EBITDA, Adjusted EBITDA margin, and Free Cash Flow is helpful to our investors as they are used by management in assessing the health of our business, our operating performance, and our liquidity.

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 U.S. GAAP. In addition, other companies, including companies in our industry, may calculate similarly-titled non-GAAP financial measures or ratios differently or may use other financial measures or ratios to evaluate their performance, all of which could reduce the usefulness of Adjusted EBITDA, Adjusted EBITDA margin, and Free Cash Flow as tools for comparison. Reconciliations are provided below to the most directly comparable financial measures stated in accordance with U.S. GAAP. Investors are encouraged to review our U.S. GAAP financial measures and not to rely on any single financial measure to evaluate our business.

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, 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), income taxes, 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 U.S. GAAP items excluded from Adjusted EBITDA. When evaluating our performance, you should consider Adjusted EBITDA in addition to, and not as a substitute for, other financial performance measures, including our net income (loss) and other U.S. GAAP results.

Net Income (Loss) to Adjusted EBITDA Reconciliation (In Thousands, Unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
		2024			2023			2024			2023

Revenue	$	315,648		$	207,912		$	593,819		$	398,682

Net income (loss)		13,297			(7,157	)		24,425			(17,224	)
Stock-based compensation		24,042			16,845			43,074			31,012
Depreciation and amortization		3,643			2,377			6,644			4,494
Acquisition and transaction-related costs		590			583			966			1,229
Provision (benefit) for income taxes		127			(13	)		1,402			373
Impairment of long-lived assets		39			—			114			429
Change in fair value of liabilities		—			173			—			468
Interest income		(2,431	)		(2,173	)		(4,971	)		(4,086	)
Adjusted EBITDA	$	39,307		$	10,635		$	71,654		$	16,695

Net income (loss) as a % of revenue		4	%		(3	)%		4	%		(4	)%
Adjusted EBITDA margin		12	%		5	%		12	%		4	%

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 U.S. GAAP results.

Net Cash Provided By Operating Activities to Free Cash Flow Reconciliation (In Thousands, Unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
		2024			2023			2024			2023
Net cash provided by operating activities	$	53,594		$	16,826		$	79,432		$	26,309
Less: purchases of property, equipment, and intangible assets in investing activities		(3,212	)		(4,677	)		(13,793	)		(5,312	)
Less: investment in website development and internal-use software in investing activities		(2,814	)		(2,187	)		(6,191	)		(4,062	)
Free Cash Flow	$	47,568		$	9,962		$	59,448		$	16,935

View source version on businesswire.com: https://www.businesswire.com/news/home/20240805815906/en/

Investor Relations

Bill Newby

Investors@forhims.com

Media Relations

Abby Reisinger

Press@forhims.com

Source: Hims & Hers

FAQ

What was Hims & Hers Health's (HIMS) revenue for Q2 2024?

Hims & Hers Health (HIMS) reported revenue of $315.6 million for Q2 2024, representing a 52% increase year-over-year.

How many subscribers did Hims & Hers Health (HIMS) have at the end of Q2 2024?

Hims & Hers Health (HIMS) had 1.9 million subscribers at the end of Q2 2024, showing a 43% growth compared to the same period last year.

What is Hims & Hers Health's (HIMS) updated revenue guidance for full-year 2024?

Hims & Hers Health (HIMS) raised its full-year 2024 revenue guidance to a range of $1.37 billion to $1.40 billion.

What was Hims & Hers Health's (HIMS) Adjusted EBITDA for Q2 2024?

Hims & Hers Health (HIMS) reported Adjusted EBITDA of $39.3 million for Q2 2024, compared to $10.6 million in Q2 2023.

Hims & Hers Health, Inc. Reports Second Quarter 2024 Financial Results

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What was Hims & Hers Health's (HIMS) revenue for Q2 2024?

How many subscribers did Hims & Hers Health (HIMS) have at the end of Q2 2024?

What is Hims & Hers Health's (HIMS) updated revenue guidance for full-year 2024?

What was Hims & Hers Health's (HIMS) Adjusted EBITDA for Q2 2024?

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Hims & Hers Health, Inc. Reports Second Quarter 2024 Financial Results

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FAQ

What was Hims & Hers Health's (HIMS) revenue for Q2 2024?

How many subscribers did Hims & Hers Health (HIMS) have at the end of Q2 2024?

What is Hims & Hers Health's (HIMS) updated revenue guidance for full-year 2024?

What was Hims & Hers Health's (HIMS) Adjusted EBITDA for Q2 2024?

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