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

Revenue of $278.2 million, up 46% year-over-year in 2024

Net income of $11.1 million; Adjusted EBITDA of $32.3 million in Q1 2024

Subscribers grew to 1.7 million, up 41% year-over-year in Q1 2024

Raises full year 2024 guidance to a range of $1.20 billion to $1.23 billion and Adjusted EBITDA to a range of $120 million to $135 million

SAN FRANCISCO--()--Hims & Hers Health, Inc. (“Hims & Hers” or the “Company”, NYSE: HIMS), the leading health and wellness platform, today announced financial results for the first quarter ended March 31, 2024 in a shareholder letter that is posted at investors.hims.com.

“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 41% versus a year ago and bringing us to 1.7 million subscribers on the Hims & Hers platform. We also delivered our first quarter of double-digit net income profitability. As we continue to expand our offerings and broaden awareness of Hims & Hers as a trusted brand, we expect to continue driving rapid and increasingly profitable growth.”

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 20%-30%.”

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 for the first quarter of 2024 compared to $190.8 million for the first quarter of 2023, an increase of 46% year-over-year.
  • Gross margin was 82% for the first quarter of 2024 compared to 80% for the first quarter of 2023.
  • Net income was $11.1 million for the first quarter of 2024 compared to a net loss of $(10.1) million for the first quarter of 2023.
  • Adjusted EBITDA was $32.3 million for the first quarter of 2024 compared to $6.1 million for the first quarter of 2023.
  • Net cash provided by operating activities was $25.8 million for the first quarter of 2024 compared to $9.5 million for the first quarter of 2023.
  • Free Cash Flow was $11.9 million for the first quarter of 2024 compared to $7.0 million for the first 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 second quarter 2024, we expect:

  • Revenue of $292 million to $297 million.
  • Adjusted EBITDA of $30 million to $35 million, reflecting an Adjusted EBITDA margin of 10% to 12%.

For the full year 2024, we expect:

  • Revenue of $1.20 billion to $1.23 billion.
  • Adjusted EBITDA of $120 million to $135 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 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 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 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; 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 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)

 

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 $0.0001, 2,750,000,000 shares authorized and 206,033,630 and 205,104,120 shares issued and outstanding as of March 31, 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 March 31, 2024 and December 31, 2023

 

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 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, 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 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 loss and other U.S. GAAP results.

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 U.S. GAAP results.

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

 

 

Contacts

Investor Relations
Bill Newby
Investors@forhims.com

Media Relations
Abby Reisinger
Press@forhims.com

Contacts

Investor Relations
Bill Newby
Investors@forhims.com

Media Relations
Abby Reisinger
Press@forhims.com