Quarterly revenue of $144.8 million in Q3 2022, up 95% year-over-year
Consumer-centric strategy driving third straight quarterly gain of >100k net new subscriptions, ending Q3 2022 with 991,000 subscriptions, up 80% year-over-year
Raises full year 2022 revenue guidance to the range of $519 million to $522 million and Adjusted EBITDA guidance to the range of $(20) million to $(18) million
SAN FRANCISCO–(BUSINESS WIRE)–Hims & Hers Health, Inc. (“Hims & Hers”, NYSE: HIMS), the trusted consumer-first platform focused on providing modern personalized health and wellness experiences to consumers, today reported financial results for the third quarter ended September 30, 2022.
“We are pleased to deliver another quarter of exceptional performance, including 95% revenue growth, solid gross margins and improved Adjusted EBITDA performance,” said Andrew Dudum, CEO and co-founder. “The results reflect tremendous execution by our teams, strength across our product categories and continued consumer adoption of the Hims & Hers platform. In the third quarter, net new subscriptions reached an all-time high of over 170,000.”
“Our ability to create a trusted brand, build best-in-class capabilities and deliver a seamless experience to consumers is enabling us to drive robust and consistent growth, while also investing in the business. As we continue to achieve scale, we are seeing significant leverage across our operations, leading to our increased full year outlook, which marks a new chapter for us as we transition to expected Adjusted EBITDA profitability beginning in the fourth quarter. Given the underlying strength of our model and ongoing momentum across the business, we are confident in our ability to operate profitably going forward while continuing to invest for growth.”
|
Key Business Metrics (In Thousands, Except AOV, Unaudited) |
|||||||||||||||||
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
||||||||||||||
|
|
2022 |
|
2021 |
|
Change |
|
2022 |
|
2021 |
|
Change |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Subscriptions (end of period) |
|
991 |
|
|
551 |
|
|
440 |
|
|
|
|
|
|
|||
|
AOV |
$ |
83 |
|
$ |
74 |
|
$ |
9 |
|
$ |
80 |
|
$ |
74 |
|
$ |
6 |
|
Net Orders |
|
1,675 |
|
|
968 |
|
|
707 |
|
|
4,267 |
|
|
2,441 |
|
|
1,826 |
|
Revenue (In Thousands, Unaudited) |
|||||||||||||||||||||
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||||||||
|
|
|
2022 |
|
|
|
2021 |
|
|
Change |
|
|
2022 |
|
|
|
2021 |
|
|
Change |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Online Revenue |
$ |
139,781 |
|
|
$ |
72,032 |
|
|
$ |
67,749 |
|
$ |
341,345 |
|
|
$ |
180,858 |
|
|
$ |
160,487 |
|
Wholesale Revenue |
|
5,055 |
|
|
|
2,141 |
|
|
|
2,914 |
|
|
18,368 |
|
|
|
6,321 |
|
|
|
12,047 |
|
Total revenue |
$ |
144,836 |
|
|
$ |
74,173 |
|
|
$ |
70,663 |
|
$ |
359,713 |
|
|
$ |
187,179 |
|
|
$ |
172,534 |
|
Total revenue year-over-year growth |
|
95 |
% |
|
|
79 |
% |
|
|
|
|
92 |
% |
|
|
74 |
% |
|
|
||
Third Quarter 2022 Financial and Business Highlights
Year to Date 2022 Financial Highlights
A reconciliation of Adjusted EBITDA, a non-GAAP measure, to net loss, its most comparable financial measure under generally accepted accounting principles in the United States (“U.S. GAAP”), has been provided in this press release in the accompanying tables. Additional information about Adjusted EBITDA is also included below under the heading “Non-GAAP Financial Measures”.
Financial Outlook
Hims & Hers provides guidance based on current market conditions and expectations for revenue and Adjusted EBITDA, which is a non-GAAP financial measure.
For the fourth quarter 2022, we expect:
For the full year 2022, we expect:
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 not reconciled forward-looking Adjusted EBITDA to its most directly comparable U.S. GAAP measure, net 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 third quarter 2022 results on November 7, 2022, 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 https://investors.forhims.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 a consumer-first platform transforming the way customers fulfill their health and wellness needs. Its digital platform enables access to treatments for a broad range of conditions, including those related to sexual health, hair loss, dermatology, mental health and primary care. Hims & Hers connects patients to licensed healthcare professionals who can prescribe medications when appropriate. Prescriptions are fulfilled online through licensed pharmacies on a subscription basis, making accessing treatments simple, affordable, and straightforward. Through the Hims & Hers mobile apps, consumers can access a range of educational programs, wellness content, community support, and other services that promote lifelong health and wellness. Hims & Hers products can also be found in tens of thousands of top retail locations in the United States. Launched in November 2017, Hims & Hers serves the entire United States and select locations in the United Kingdom. The company is publicly traded on the New York Stock Exchange. For more information about Hims & Hers, please visit forhims.com and forhers.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,” 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 ability to reach Adjusted EBITDA profitability in the next quarter; 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, our ability to invest and generate a return on any such investment, customer acquisition costs, operating efficiencies, the success of our business model, our ability to scale our business, the growth of certain of our categories and the impact of our acquisitions, our ability to expand the scope of our offerings and experiences, 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 product quality 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 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.
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 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. 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. We sell only non-prescription products to wholesale partners. In addition to being revenue generative and profitable, wholesale partnerships have the added benefit of generating brand awareness with new customers in physical environments.
“Subscriptions” are defined as the number of customer agreements where the customer has agreed to be automatically billed on a recurring basis at a defined cadence. The billing cadence is typically defined as a number of months (for example, billed every month or every three months). Subscriptions are excluded from our reporting when payment has not occurred at the contracted billing cadence. Subscription billing is preferred by many of our customers because most of the products and services we make available treat chronic conditions and these product and service offerings are most effective when taken consistently and continuously. Customers can cancel subscriptions in between billing periods to stop receiving additional products and services and can reactivate subscriptions to continue receiving additional products and services. Subscriptions are sometimes also referred to by us as “subscription memberships” or “memberships.”
“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) |
|||||||
|
|
September 30, 2022 |
|
December 31, 2021 |
||||
|
|
(Unaudited) |
|
|
||||
|
Assets |
|
|
|
||||
|
Current assets: |
|
|
|
||||
|
Cash and cash equivalents |
$ |
57,964 |
|
|
$ |
71,784 |
|
|
Short-term investments |
|
140,427 |
|
|
|
175,490 |
|
|
Inventory |
|
22,347 |
|
|
|
13,558 |
|
|
Prepaid expenses and other current assets |
|
12,717 |
|
|
|
9,073 |
|
|
Total current assets |
|
233,455 |
|
|
|
269,905 |
|
|
Restricted cash |
|
856 |
|
|
|
856 |
|
|
Goodwill |
|
110,881 |
|
|
|
110,881 |
|
|
Intangibles, net |
|
22,090 |
|
|
|
25,890 |
|
|
Operating lease right-of-use assets |
|
5,318 |
|
|
|
5,111 |
|
|
Other long-term assets |
|
10,227 |
|
|
|
7,942 |
|
|
Total assets |
$ |
382,827 |
|
|
$ |
420,585 |
|
|
Liabilities and stockholders’ equity |
|
|
|
||||
|
Current liabilities: |
|
|
|
||||
|
Accounts payable |
$ |
32,972 |
|
|
$ |
19,640 |
|
|
Accrued liabilities |
|
17,145 |
|
|
|
12,194 |
|
|
Deferred revenue |
|
2,124 |
|
|
|
3,188 |
|
|
Earn-out payable |
|
12,972 |
|
|
|
42,834 |
|
|
Operating lease liabilities |
|
1,605 |
|
|
|
1,365 |
|
|
Total current liabilities |
|
66,818 |
|
|
|
79,221 |
|
|
Operating lease liabilities |
|
4,075 |
|
|
|
4,117 |
|
|
Earn-out liabilities |
|
739 |
|
|
|
1,999 |
|
|
Other long-term liabilities |
|
249 |
|
|
|
629 |
|
|
Total liabilities |
|
71,881 |
|
|
|
85,966 |
|
|
Commitments and contingencies |
|
|
|
||||
|
Stockholders’ equity: |
|
|
|
||||
|
Common stock – Class A shares, par value $0.0001, 2,750,000,000 shares authorized and 199,309,580 and 196,414,363 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively; Class V shares, par value $0.0001, 10,000,000 shares authorized and 8,377,623 shares issued and outstanding as of September 30, 2022 and December 31, 2021 |
|
21 |
|
|
|
20 |
|
|
Additional paid-in capital |
|
645,109 |
|
|
|
613,687 |
|
|
Accumulated other comprehensive loss |
|
(462 |
) |
|
|
(137 |
) |
|
Accumulated deficit |
|
(333,722 |
) |
|
|
(278,951 |
) |
|
Total stockholders’ equity |
|
310,946 |
|
|
|
334,619 |
|
|
Total liabilities and stockholders’ equity |
$ |
382,827 |
|
|
$ |
420,585 |
|
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (In Thousands, Except Share and Per Share Data, Unaudited) |
|||||||||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
Revenue |
$ |
144,836 |
|
|
$ |
74,173 |
|
|
$ |
359,713 |
|
|
$ |
187,179 |
|
|
Cost of revenue |
|
30,383 |
|
|
|
19,301 |
|
|
|
83,328 |
|
|
|
44,783 |
|
|
Gross profit |
|
114,453 |
|
|
|
54,872 |
|
|
|
276,385 |
|
|
|
142,396 |
|
|
Gross margin % |
|
79 |
% |
|
|
74 |
% |
|
|
77 |
% |
|
|
76 |
% |
|
Operating expenses:(1)(2) |
|
|
|
|
|
|
|
||||||||
|
Marketing |
|
78,462 |
|
|
|
38,293 |
|
|
|
187,045 |
|
|
|
93,195 |
|
|
Operations and support |
|
21,751 |
|
|
|
12,808 |
|
|
|
54,882 |
|
|
|
33,748 |
|
|
Technology and development |
|
7,977 |
|
|
|
6,242 |
|
|
|
20,926 |
|
|
|
16,807 |
|
|
General and administrative |
|
26,246 |
|
|
|
25,190 |
|
|
|
70,624 |
|
|
|
92,123 |
|
|
Total operating expenses |
|
134,436 |
|
|
|
82,533 |
|
|
|
333,477 |
|
|
|
235,873 |
|
|
Loss from operations |
|
(19,983 |
) |
|
|
(27,661 |
) |
|
|
(57,092 |
) |
|
|
(93,477 |
) |
|
Other income: |
|
|
|
|
|
|
|
||||||||
|
Change in fair value of liabilities |
|
450 |
|
|
|
8,328 |
|
|
|
1,012 |
|
|
|
13,610 |
|
|
Other income, net |
|
677 |
|
|
|
219 |
|
|
|
1,399 |
|
|
|
320 |
|
|
Total other income, net |
|
1,127 |
|
|
|
8,547 |
|
|
|
2,411 |
|
|
|
13,930 |
|
|
Loss before income taxes |
|
(18,856 |
) |
|
|
(19,114 |
) |
|
|
(54,681 |
) |
|
|
(79,547 |
) |
|
Benefit (provision) for income taxes |
|
16 |
|
|
|
3,173 |
|
|
|
(90 |
) |
|
|
3,049 |
|
|
Net loss |
|
(18,840 |
) |
|
|
(15,941 |
) |
|
|
(54,771 |
) |
|
|
(76,498 |
) |
|
Other comprehensive income (loss) |
|
6 |
|
|
|
(12 |
) |
|
|
(325 |
) |
|
|
(41 |
) |
|
Total comprehensive loss |
$ |
(18,834 |
) |
|
$ |
(15,953 |
) |
|
$ |
(55,096 |
) |
|
$ |
(76,539 |
) |
|
Net loss per share attributable to common stockholders: |
|
|
|
|
|
|
|
||||||||
|
Basic and diluted |
$ |
(0.09 |
) |
|
$ |
(0.08 |
) |
|
$ |
(0.27 |
) |
|
$ |
(0.42 |
) |
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
||||||||
|
Basic and diluted |
|
205,232,967 |
|
|
|
200,038,761 |
|
|
|
203,968,783 |
|
|
|
181,867,522 |
|
______________
|
(1) |
Beginning with the quarter ended September 30, 2022, we voluntarily reclassified certain operating expenses to provide additional granularity on our costs and to better align with management’s view of our operating results. Prior period amounts have been reclassified to conform to this presentation. | |
|
(2) |
Includes stock-based compensation expense as follows (in thousands): |
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||
|
Marketing |
$ |
1,241 |
|
$ |
2,328 |
|
$ |
3,136 |
|
$ |
4,946 |
|
Operations and support |
|
695 |
|
|
612 |
|
|
1,848 |
|
|
2,433 |
|
Technology and development |
|
1,003 |
|
|
1,040 |
|
|
2,999 |
|
|
3,492 |
|
General and administrative |
|
8,040 |
|
|
7,889 |
|
|
22,484 |
|
|
44,388 |
|
Total stock-based compensation expense |
$ |
10,979 |
|
$ |
11,869 |
|
$ |
30,467 |
|
$ |
55,259 |
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In Thousands, Unaudited) |
|||||||
|
|
Nine Months Ended September 30, |
||||||
|
|
|
2022 |
|
|
|
2021 |
|
|
Operating activities |
|
|
|
||||
|
Net loss |
$ |
(54,771 |
) |
|
$ |
(76,498 |
) |
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
||||
|
Depreciation and amortization |
|
5,464 |
|
|
|
2,445 |
|
|
Stock-based compensation |
|
30,467 |
|
|
|
55,259 |
|
|
Change in fair value of liabilities |
|
(1,012 |
) |
|
|
(13,610 |
) |
|
Warrant expense in connection with Merger |
|
— |
|
|
|
154 |
|
|
Amortization of debt issuance costs |
|
— |
|
|
|
144 |
|
|
Net amortization on securities |
|
986 |
|
|
|
1,732 |
|
|
Benefit for deferred taxes |
|
(380 |
) |
|
|
(3,178 |
) |
|
Impairment of long-lived assets |
|
1,127 |
|
|
|
— |
|
|
Non-cash operating lease cost |
|
1,156 |
|
|
|
1,133 |
|
|
Non-cash other |
|
(198 |
) |
|
|
871 |
|
|
Changes in operating assets and liabilities: |
|
|
|
||||
|
Inventory |
|
(8,789 |
) |
|
|
(6,928 |
) |
|
Prepaid expenses and other current assets |
|
(3,644 |
) |
|
|
2,635 |
|
|
Other long-term assets |
|
7 |
|
|
|
(58 |
) |
|
Accounts payable |
|
13,332 |
|
|
|
6,306 |
|
|
Accrued liabilities |
|
5,520 |
|
|
|
(794 |
) |
|
Deferred revenue |
|
(1,064 |
) |
|
|
217 |
|
|
Operating lease liabilities |
|
(1,165 |
) |
|
|
(1,137 |
) |
|
Earn-out payable |
|
(6,848 |
) |
|
|
— |
|
|
Net cash used in operating activities |
|
(19,812 |
) |
|
|
(31,307 |
) |
|
Investing activities |
|
|
|
||||
|
Purchases of investments |
|
(136,816 |
) |
|
|
(219,361 |
) |
|
Maturities of investments |
|
134,759 |
|
|
|
99,375 |
|
|
Proceeds from sales of investments |
|
35,846 |
|
|
|
3,465 |
|
|
Investment in website and mobile application development and internal-use software |
|
(3,320 |
) |
|
|
(3,242 |
) |
|
Purchases of property, equipment, and intangible assets |
|
(1,314 |
) |
|
|
(279 |
) |
|
Deferred consideration paid for acquisitions |
|
(459 |
) |
|
|
— |
|
|
Acquisition of businesses, net of cash acquired |
|
— |
|
|
|
(46,468 |
) |
|
Net cash provided by (used in) investing activities |
|
28,696 |
|
|
|
(166,510 |
) |
|
Financing activities |
|
|
|
||||
|
Pre-closing stock repurchase |
|
— |
|
|
|
(22,027 |
) |
|
Proceeds from issuance of common stock upon Merger |
|
— |
|
|
|
197,686 |
|
|
Proceeds from PIPE |
|
— |
|
|
|
75,000 |
|
|
Payments for transaction costs related to securities issuances |
|
— |
|
|
|
(12,851 |
) |
|
Proceeds from repayment of promissory notes associated with vested and unvested shares |
|
— |
|
|
|
1,193 |
|
|
Proceeds from exercise of Class A common stock warrants |
|
— |
|
|
|
787 |
|
|
Proceeds from exercise of vested and unvested stock options, net of repurchases and cancelations |
|
2,157 |
|
|
|
567 |
|
|
Payments for taxes related to net share settlement of equity awards |
|
(2,364 |
) |
|
|
(5,234 |
) |
|
Payments for earn-out consideration for acquisitions |
|
(23,014 |
) |
|
|
— |
|
|
Proceeds from employee stock purchase plan |
|
553 |
|
|
|
— |
|
|
Net cash (used in) provided by financing activities |
|
(22,668 |
) |
|
|
235,121 |
|
|
Foreign currency effect on cash and cash equivalents |
|
(36 |
) |
|
|
(26 |
) |
|
(Decrease) increase in cash, cash equivalents, and restricted cash |
|
(13,820 |
) |
|
|
37,278 |
|
|
Cash, cash equivalents, and restricted cash at beginning of period |
|
72,640 |
|
|
|
28,350 |
|
|
Cash, cash equivalents, and restricted cash at end of period |
$ |
58,820 |
|
|
$ |
65,628 |
|
|
Reconciliation of cash, cash equivalents, and restricted cash |
|
|
|
||||
|
Cash and cash equivalents |
$ |
57,964 |
|
|
$ |
64,772 |
|
|
Restricted cash |
|
856 |
|
|
|
856 |
|
|
Total cash, cash equivalents, and restricted cash |
$ |
58,820 |
|
|
$ |
65,628 |
|
|
Supplemental disclosures of cash flow information |
|
|
|
||||
|
Cash paid for taxes |
$ |
588 |
|
|
$ |
279 |
|
|
Non-cash investing and financing activities |
|
|
|
||||
|
Recapitalization from redeemable convertible preferred stock pre-closing stock repurchase |
$ |
— |
|
|
$ |
125 |
|
|
Conversion of redeemable convertible preferred stock to common stock |
|
— |
|
|
|
249,837 |
|
|
Assumption of Merger warrants liability |
|
— |
|
|
|
51,814 |
|
|
Redemption/exercise of Class A common stock warrants |
|
— |
|
|
|
37,834 |
|
|
Conversion of Series D preferred stock warrants to Class A common warrants |
|
— |
|
|
|
1,160 |
|
|
Right-of-use asset obtained in exchange for lease liability |
|
1,206 |
|
|
|
6,756 |
|
|
Vesting of early exercised stock options |
|
113 |
|
|
|
147 |
|
|
Common stock issued, contingent consideration, and payables for acquisition of businesses |
|
— |
|
|
|
99,958 |
|
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), and Adjusted EBITDA margin (which is a non-GAAP ratio), each as defined below. We use Adjusted EBITDA and Adjusted EBITDA margin to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe that Adjusted EBITDA and Adjusted EBITDA margin, 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.
Contacts
Investor Relations
Bill Newby
+1 (503) 754-0251
Investors@forhims.com
Media Relations
Press@forhims.com
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