Revenue of $1.5 billion, up 69% year-over-year
in 2024
Net income of $126 million; Adjusted EBITDA of
$177 million in 2024
Subscribers grew to 2.2 million, up 45%
year-over-year in 2024
Provides Q1 and full year 2025 guidance, with
full year 2025 revenue in the range of $2.3 billion to $2.4 billion
and Adjusted EBITDA in the range of $270 million to $320
million
Hims & Hers Health, Inc. (“Hims & Hers” or the
“Company”, NYSE: HIMS), the leading health and wellness platform,
today announced financial results for the fourth quarter and full
year ended December 31, 2024 in a shareholder letter that is posted
at investors.hims.com.
“2024 was a fantastic year at Hims and Hers as we continue to
build a platform that leverages personalization and technology
unlike any traditional healthcare system,” said Andrew Dudum,
co-founder and CEO. “Over 2 million subscribers now entrust Hims
& Hers to aid them in their journey to better health - with
thousands more joining daily. In the coming years, we expect to
further transform how individuals can improve their health with
more comprehensive treatments, technologies that normalize
unlimited follow up support, and tools that can eventually be
exported beyond Hims and Hers, enabling even more Americans to
access this care. We believe an ongoing focus in these areas will
allow every household in the country to access high quality,
precision care that is convenient and affordable and expect 2025
will be another exciting step toward our vision of this
next-generation of healthcare.”
Yemi Okupe, CFO, stated, “The success we are experiencing is a
direct reflection of our improving ability to democratize access to
high quality, personalized care across each of our specialties.
Revenue excluding our GLP-1 offering increased 43% year-over-year
to over $1.2 billion in 2024, meeting our previous 2025 revenue
target a year early. Consolidated revenue increased 69%
year-over-year to nearly $1.5 billion as our weight loss offering
continues to offer an accelerant to these trends. We believe this
signifies our platform's growing ability to enter new specialties
and scale rapidly, further establishing confidence that we are
building a set of core capabilities that can scale with tremendous
efficiency. This evolution is positioning us to serve tens of
millions of individuals over time while simultaneously progressing
toward our long-term profitability targets.”
Key Business Metrics
(In Thousands, Except for Monthly Online
Revenue per Average Subscriber and AOV, Unaudited)
Three Months Ended
December 31,
Year Ended
December 31,
2024
2023
% Change
2024
2023
% Change
Subscribers (end of period)
2,229
1,537
45
%
2,229
1,537
45
%
Monthly Online Revenue per Average
Subscriber
$
73
$
53
38
%
$
64
$
54
19
%
Net Orders
2,807
2,298
22
%
10,459
8,676
21
%
AOV
$
168
$
103
63
%
$
137
$
97
41
%
Revenue
(In Thousands, Unaudited)
Three Months Ended
December 31,
Year Ended
December 31,
2024
2023
% Change
2024
2023
% Change
Online Revenue
$
470,760
$
237,363
98
%
$
1,437,937
$
842,381
71
%
Wholesale Revenue
10,379
9,256
12
%
38,577
29,619
30
%
Total revenue
$
481,139
$
246,619
95
%
$
1,476,514
$
872,000
69
%
Fourth Quarter 2024 Financial Highlights
- Revenue was $481.1 million for the fourth quarter of
2024 compared to $246.6 million for the fourth quarter of 2023, an
increase of 95% year-over-year.
- Gross margin was 77% for the fourth quarter of 2024
compared to 83% for the fourth quarter of 2023.
- Net income was $26.0 million for the fourth quarter of
2024 compared to $1.2 million for the fourth quarter of 2023.
- Adjusted EBITDA was $54.1 million for the fourth quarter
of 2024 compared to $20.6 million for the fourth quarter of
2023.
- Net cash provided by operating activities was $86.4
million for the fourth quarter of 2024 compared to $22.0 million
for the fourth quarter of 2023.
- Free Cash Flow was $59.5 million for the fourth quarter
of 2024 compared to $10.8 million for the fourth quarter of
2023.
Full Year 2024 Financial Highlights
- Revenue was $1,476.5 million for the year ended December
31, 2024 compared to $872.0 million for the year ended December 31,
2023, an increase of 69% year-over-year.
- Gross margin was 79% for the year ended December 31,
2024 compared to 82% for the year ended December 31, 2023.
- Net income was $126.0 million for the year ended
December 31, 2024, which was impacted by the change in valuation
allowance of $68.0 million due to the full release of the valuation
allowance on our domestic deferred tax assets. The benefit from the
change in valuation allowance was partially offset by current
period tax activity. This compared to a net loss of $(23.5) million
for the year ended December 31, 2023.
- Adjusted EBITDA was $176.9 million for the year ended
December 31, 2024 compared to $49.5 million for the year ended
December 31, 2023.
- Net cash provided by operating activities was $251.1
million for the year ended December 31, 2024 compared to $73.5
million for the year ended December 31, 2023.
- Free Cash Flow was $198.3 million for the year ended
December 31, 2024 compared to $47.0 million for the year ended
December 31, 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 first quarter 2025, we expect:
- Revenue of $520 million to $540 million.
- Adjusted EBITDA of $55 million to $65 million, reflecting an
Adjusted EBITDA margin of 11% to 12%.
For the full year 2025, we expect:
- Revenue of $2.3 billion to $2.4 billion.
- Adjusted EBITDA of $270 million to $320 million, reflecting an
Adjusted EBITDA margin of 12% to 13%.
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 fourth
quarter and full year 2024 results on February 24, 2025, 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 and operational targets; our
expected future financial and business performance, including with
respect to the Hims & Hers platform, our marketing campaigns,
investments in innovation, the solutions accessible on our
platform, 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 regulatory
environment, 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 or recently completed
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, 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
litigation or governmental actions in relation to any such legal
and regulatory requirements. 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 or snooze
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.
CONSOLIDATED BALANCE
SHEETS
(In Thousands, Except Share and
Per Share Data)
December 31,
2024
2023
Assets
Current assets:
Cash and cash equivalents
$
220,584
$
96,663
Short-term investments
79,667
124,318
Inventory
64,427
22,464
Prepaid expenses and other current
assets
31,153
21,608
Total current assets
395,831
265,053
Restricted cash
856
856
Goodwill
112,728
110,881
Property, equipment, and software, net
82,083
36,143
Intangible assets, net
43,410
18,574
Operating lease right-of-use assets
10,881
9,588
Deferred tax assets, net
61,603
—
Other long-term assets
147
91
Total assets
$
707,539
$
441,186
Liabilities and stockholders'
equity
Current liabilities:
Accounts payable
$
91,180
$
43,070
Accrued liabilities
53,013
28,972
Deferred revenue
75,285
7,733
Earn-out payable
—
7,412
Operating lease liabilities
1,889
1,281
Total current liabilities
221,367
88,468
Operating lease liabilities
9,456
8,667
Other long-term liabilities
—
22
Total liabilities
230,823
97,157
Commitments and contingencies
Stockholders' equity:
Common stock – Class A shares, par value
$0.0001, 2,750,000,000 shares authorized and 212,459,586 and
205,104,120 shares issued and outstanding as of December 31, 2024
and 2023, respectively; Class V shares, par value $0.0001,
10,000,000 shares authorized and 8,377,623 shares issued and
outstanding as of December 31, 2024 and 2023
22
21
Additional paid-in capital
719,155
712,307
Accumulated other comprehensive loss
(324
)
(124
)
Accumulated deficit
(242,137
)
(368,175
)
Total stockholders' equity
476,716
344,029
Total liabilities and stockholders'
equity
$
707,539
$
441,186
CONSOLIDATED STATEMENTS OF
OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(In Thousands, Except Share and
Per Share Data)
Three Months Ended December
31,
Year Ended December
31,
2024
2023
2024
2023
Revenue
$
481,139
$
246,619
$
1,476,514
$
872,000
Cost of revenue
111,598
42,561
303,379
157,051
Gross profit
369,541
204,058
1,173,135
714,949
Gross margin %
77
%
83
%
79
%
82
%
Operating expenses:(1)
Marketing
221,085
125,895
678,844
446,435
Operations and support
58,083
32,839
185,802
119,857
Technology and development
23,749
13,405
78,819
48,227
General and administrative
48,028
32,319
167,767
129,883
Total operating expenses
350,945
204,458
1,111,232
744,402
Income (loss) from operations
18,596
(400
)
61,903
(29,453
)
Other income (expense):
Change in fair value of liabilities
—
(19
)
—
(1,075
)
Other income, net
3,695
2,615
9,808
8,957
Total other income, net
3,695
2,596
9,808
7,882
Income (loss) before taxes
22,291
2,196
71,711
(21,571
)
Benefit (provision) for income taxes
3,734
(951
)
54,327
(1,975
)
Net income (loss)
26,025
1,245
126,038
(23,546
)
Other comprehensive (loss) income
(553
)
9
(200
)
153
Total comprehensive income (loss)
$
25,472
$
1,254
$
125,838
$
(23,393
)
Net income (loss) per share attributable
to common stockholders:
Basic
$
0.12
$
0.01
$
0.58
$
(0.11
)
Diluted
$
0.11
$
0.01
$
0.53
$
(0.11
)
Weighted average shares outstanding:
Basic
219,027,485
211,584,915
215,939,037
209,344,712
Diluted
240,725,350
221,850,856
236,808,876
209,344,712
______________
(1) Includes stock-based compensation
expense as follows (in thousands):
Three Months Ended December
31,
Year Ended December
31,
2024
2023
2024
2023
Marketing
$
2,637
$
1,559
$
9,392
$
5,477
Operations and support
2,743
1,920
10,205
6,815
Technology and development
3,824
1,921
12,534
7,126
General and administrative
15,145
12,391
60,191
46,662
Total stock-based compensation expense
$
24,349
$
17,791
$
92,322
$
66,080
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(In Thousands)
Years Ended December
31,
2024
2023
Operating activities
Net income (loss)
$
126,038
$
(23,546
)
Adjustments to reconcile net income (loss)
to net cash provided by operating activities
Depreciation and amortization
17,088
9,515
Stock-based compensation
92,322
66,080
Change in fair value of liabilities
—
1,075
Net accretion on securities
(4,355
)
(5,686
)
Benefit for deferred taxes
(61,649
)
(13
)
Impairment of long-lived assets
114
429
Non-cash operating lease cost
2,546
1,922
Non-cash acquisition-related costs
—
2,691
Non-cash other
357
195
Changes in operating assets and
liabilities:
Inventory
(41,612
)
(902
)
Prepaid expenses and other current
assets
(9,494
)
(6,395
)
Other long-term assets
(56
)
(58
)
Accounts payable
43,710
7,324
Accrued liabilities
23,791
16,524
Deferred revenue
67,552
6,261
Operating lease liabilities
(2,443
)
(1,933
)
Earn-out payable
(2,825
)
—
Net cash provided by operating
activities
251,084
73,483
Investing activities
Purchases of investments
(160,564
)
(157,239
)
Maturities of investments
208,940
170,051
Proceeds from sales of investments
725
1,574
Investment in website development and
internal-use software
(11,095
)
(9,272
)
Purchases of property, equipment, and
intangible assets
(41,655
)
(17,220
)
Acquisition of business, net of cash
acquired
(15,399
)
—
Net cash used in investing activities
(19,048
)
(12,106
)
Financing activities
Proceeds from exercise of vested stock
options
26,651
2,322
Payments for taxes related to net share
settlement of equity awards
(52,501
)
(14,096
)
Repurchases of common stock
(83,039
)
(1,999
)
Payments for acquisition-related earn-out
consideration
(3,190
)
—
Proceeds from employee stock purchase
plan
3,901
2,298
Proceeds from exercise of Class A common
stock warrants
333
—
Net cash used in financing activities
(107,845
)
(11,475
)
Foreign currency effect on cash and cash
equivalents
(270
)
(11
)
Increase in cash, cash equivalents, and
restricted cash
123,921
49,891
Cash, cash equivalents, and restricted
cash at beginning of period
97,519
47,628
Cash, cash equivalents, and restricted
cash at end of period
$
221,440
$
97,519
Reconciliation of cash, cash
equivalents, and restricted cash
Cash and cash equivalents
$
220,584
$
96,663
Restricted cash
856
856
Total cash, cash equivalents, and
restricted cash
$
221,440
$
97,519
Supplemental disclosures of cash flow
information
Cash paid for taxes
$
7,916
$
1,109
Non-cash investing and financing
activities
Purchases of property and equipment
included in accounts payable and accrued liabilities
$
7,781
$
3,383
Right-of-use asset obtained in exchange
for lease liability
2,593
6,270
Issuance of common stock for
acquisition-related earn-out consideration
1,396
—
Issuance of common stock and liabilities
assumed in connection with acquisition of business
16,000
—
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 prior to 2024, and (ii)
transaction professional services), legal settlement expenses that
are considered non-recurring, impairment of long-lived assets,
change in fair value of liabilities, interest income, and income
taxes. “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 December
31,
Year Ended December
31,
2024
2023
2024
2023
Revenue
$
481,139
$
246,619
$
1,476,514
$
872,000
Net income (loss)
26,025
1,245
126,038
(23,546
)
Stock-based compensation
24,349
17,791
92,322
66,080
Depreciation and amortization
6,061
2,658
17,088
9,515
Acquisition and transaction-related
costs
2,155
507
3,979
3,016
Legal settlement
2,008
—
2,008
—
Impairment of long-lived assets
—
—
114
429
Change in fair value of liabilities
—
19
—
1,075
Interest income
(2,741
)
(2,601
)
(10,349
)
(9,029
)
(Benefit) provision for income taxes
(3,734
)
951
(54,327
)
1,975
Adjusted EBITDA
$
54,123
$
20,570
$
176,873
$
49,515
Net income (loss) as a % of revenue
5
%
1
%
9
%
(3
)%
Adjusted EBITDA margin
11
%
8
%
12
%
6
%
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 December
31,
Year Ended December
31,
2024
2023
2024
2023
Net cash provided by operating
activities
$
86,385
$
21,983
$
251,084
$
73,483
Less: purchases of property, equipment,
and intangible assets in investing activities
(24,520
)
(8,631
)
(41,655
)
(17,220
)
Less: investment in website development
and internal-use software in investing activities
(2,365
)
(2,567
)
(11,095
)
(9,272
)
Free Cash Flow
$
59,500
$
10,785
$
198,334
$
46,991
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250224659899/en/
Investor Relations Bill Newby Investors@forhims.com
Media Relations Abby Reisinger Press@forhims.com
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