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5be17a46d396083dbb97373e7e17549c387b16b9c142586b35482eb7569ab80c

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4bcc837e136e9ecc9274297d855a9acc2a8bdbb549bccb0f213da6cdb548f754

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1c7755d1436821c0f7d9d3de67747832a5d336b4bd58be8bd186668b1f2f78c7

The dramatic turnaround in Operating Cash Flow in FY 2023 was driven by a combination of **improved operating performance**, **significant non-cash adjustments**, and **favorable changes in working capital**. Specifically, the company reduced its **net loss** substantially, which contributed to better operating results. Additionally, **increases in stock-based compensation** and **depreciation and amortization** boosted the cash flow from operations. Finally, positive shifts in operating assets and liabilities—such as a rise in **accounts payable and accrued liabilities** and an increase in **deferred revenue**—helped offset the cash outflows seen in FY 2022, leading to the impressive turnaround.  **[0001773751-24-000025_hims-20231231.htm:104]** **[0001773751-24-000025_hims-20231231.htm:116]** **[0001773751-24-000025_hims-20231231.htm:105]** 

What factors drove the dramatic turnaround in Operating Cash Flow in FY 2023?

The substantial increase in operating cash flow for Q1 2024 was driven by several key factors. **Improved net income** played a major role, shifting from a significant net loss in Q1 2023 to a strong profit in Q1 2024. Additionally, **higher stock-based compensation expenses** increased non-cash adjustments, and the company benefited from robust **revenue growth and subscriber expansion**. Changes in operating assets and liabilities, notably a significant increase in **deferred revenue** and improved **accounts payable management**, further contributed despite some offsetting cash outflows from increased inventory and prepaid expenses.  **[0001773751-24-000130_finalflatq12024sharehold.htm:12]** **[0001773751-24-000130_hims-20240331x8xkearningsr.htm:1]** **[0001773751-24-000132_hims-20240331.htm:39]** 

What led to the substantial increase in Operating Cash Flow in Q1 2024?

The available documents do not provide a definitive answer regarding what drove the surge in **Free Cash Flow** in **Q2 2024** [N/A].

What drove the surge in Free Cash Flow in Q2 2024?

HIMS' operating cash flow nearly tripled in Q3 2024 due to **strong revenue growth** (a 77% year-over-year increase from **$226,699 thousand** to **$401,556 thousand** driven by subscriber growth and increased monthly revenue), **significantly improved net income margins** (improving from a net loss of **$(7,567) thousand** to net income of **$75,588 thousand** partly due to a **$60.8 million tax benefit**), and **favorable working capital adjustments** (including increases in accounts payable and deferred revenue that more than offset increases in inventory and prepaid expenses) along with overall **operational efficiency** improvements in expense management.  **[0001773751-24-000337_hims-20240930x8xkearningsr.htm:1]** **[0001773751-24-000337_finalq32024shareholderle.htm:13]** **[0001773751-24-000339_hims-20240930.htm:47]** **[0001773751-24-000337_hims-20240930x8xkearningsr.htm:0]** **[0001773751-24-000337_hims-20240930x8xkearningsr.htm:8]** 

Why did Operating Cash Flow nearly triple in Q3 2024?

58ba8b6f8238dbb318b537528592d3e0f4a287a823052971b10dc2218380e049

HIMS & Hers experienced a significant increase in cash and cash equivalents in Q4 2023 primarily due to **strong operating cash flow**, as the company generated **$73.5 million** in net cash from operations (a reversal from previous cash usage), coupled with **robust free cash flow generation of $47.0 million**. Additionally, **65% year-over-year revenue growth**, reaching **$872.0 million**, and improved profitability—with the company achieving its first positive net income in Q4—along with disciplined cost management (evidenced by higher gross margins and better operating expense leverage) also contributed to the jump in cash reserves.  **[0001773751-24-000023_hims-20231231x8xkearningsra.htm:1]** **[0001773751-24-000023_hims-20231231x8xkearningsra.htm:0]** **[HIMS_3375727_5]** **[HIMS_3375727_6]** 

Why did Cash and cash equivalents jump in Q4 2023?

The significant increase in Q3 2024 total assets was driven by several factors. According to the documents, Hims experienced an increase in **cash and cash equivalents** (from **$96,663 thousand** to **$165,518 thousand**), an increase in **inventory** (from **$22,464 thousand** to **$49,110 thousand**), and a rise in **intangible assets** (from **$18,574 thousand** to **$44,818 thousand**). In addition, **deferred tax assets** were recognized at **$54,318 thousand** in Q3 2024, whereas there were none recorded in the previous period, contributing notably to the increase in total assets.  **[0001773751-24-000339_hims-20240930.htm:3]** **[0001773751-24-000337_hims-20240930x8xkearningsr.htm:6]** 

What drove the significant increase in Total assets in Q3 2024?

The surge in **total liabilities** in Q3 2024 was primarily driven by significant increases in several key areas. **Accounts Payable** rose from **$43,070 thousand** to **$75,444 thousand**, **Accrued Liabilities** increased from **$28,972 thousand** to **$43,224 thousand**, and **Deferred Revenue** jumped from **$7,733 thousand** to **$32,184 thousand**. These increases indicate that the company experienced higher operational expenses, increased obligations from incurring services, and more customer prepayments as it scaled its operations, even as the **Earn-out Payable** was settled, partially offsetting some of the increase. This reflects the company's robust growth trajectory in Q3 2024.  **[0001773751-24-000337_finalq32024shareholderle.htm:18]** **[0001773751-24-000337_hims-20240930x8xkearningsr.htm:6]** **[0001773751-24-000339_hims-20240930.htm:3]** 

Why did Total liabilities surge in Q3 2024?

The high level of **Intangible assets** in **Q3 2024** is primarily due to the addition of a **503B pharmacy license** valued at **$28,596 thousand** during the period, which significantly increased the overall number from prior levels.  **[0001773751-24-000337_finalq32024shareholderle.htm:18]** **[0001773751-24-000339_hims-20240930.htm:15]** 

Why were Intangible assets so high in Q3 2024?

26c0e198fbc9ff6fa20c3d0f20bb36673c5e0547062fcce3a47be01bedaf376e

The substantial revenue jump in Q1 2023 was driven by a combination of factors. **Online revenue grew by 96%**, fueled by an **87% increase in subscribers** and a **6% increase in monthly online revenue per average subscriber**, along with **enhanced net order volumes and higher average order values** due to improved pricing on product bundles and longer subscriptions.  **[0001773751-23-000123_hims-20230331x8xkearningre.htm:0]** **[0001773751-23-000125_hims-20230331.htm:27]**  Additionally, the company significantly boosted its marketing spending by **102%**, which supported higher customer acquisition and engagement.  **[0001773751-23-000125_hims-20230331.htm:36]**  Operational efficiencies also played a role, as evidenced by improved gross margins (80% in Q1 2023 compared to 74% in Q1 2022), and the business model was further strengthened by a recurring revenue structure, with over **90% of revenue coming from online subscriptions**.  **[HIMS_3250032_0]** 

What factors contributed to the substantial revenue jump in Q1 2023?

The significant revenue growth in FY 2022 was driven by a combination of factors. **Online revenue** increased by **94%**, rising from **$259.2 million** in FY 2021 to **$502.5 million** in FY 2022, largely due to a growing number of subscribers and stable monthly online revenue per subscriber.  **[0001773751-23-000029_hims-20221231.htm:98]** **[0001773751-23-000027_hims-20221231x8xkearningre.htm:1]** **[0001773751-23-000029_hims-20221231.htm:89]**  In addition, an increase in the **number of subscribers** bolstered consistent recurring revenue. The acquisition of companies such as **Honest Health Limited** (now Hims & Hers UK Limited) and **YoDerm, Inc. (Apostrophe)** also contributed to the overall revenue growth. Finally, a **92% increase in wholesale revenue**—from **$12.7 million** to **$24.4 million**—due to new retail partnerships further propelled the revenue expansion.  **[0001773751-23-000029_hims-20221231.htm:98]** **[0001773751-23-000027_hims-20221231x8xkearningre.htm:1]** **[0001773751-23-000029_hims-20221231.htm:89]** 

What drove the significant year-over-year revenue growth in FY 2022?

The dramatic narrowing of the **Loss from Operations** in **Q3 2023** was due to several key factors. **Revenue grew by 57%** year-over-year, which boosted overall top-line performance, while **gross margin expanded from 79% to 83%** through efficiency gains in product costs and shipping expenses. Additionally, the company achieved better **operating expense leverage**—marketing expenses increased in absolute terms but fell as a percentage of revenue, and although operations, support, and G&A expenses grew, their relative impact was mitigated by improved scale. Moreover, strategic initiatives, such as fulfilling over **80% of orders** through affiliated facilities, helped reduce costs further. These combined improvements led to a significant reduction in operational losses in Q3 2023.  **[0001773751-23-000276_hims-20230930x8xkearningrea.htm:0]** **[0001773751-23-000278_hims-20230930.htm:38]** **[HIMS_3364615_4]** **[HIMS_3364615_5]** 

Why did the Loss from Operations narrow so dramatically in Q3 2023?

The **EPS loss was reduced significantly in Q2 2023** due to a combination of factors. **Revenue growth** played a major role, with revenues increasing by **83% year-over-year** which drove higher overall performance. Additionally, **improved gross margins**—which rose from **77% to 82%**—helped reduce operating expenses relative to sales. The **net loss itself was markedly lower**, falling from **$(19.7) million** to **$(7.2) million**, thanks to higher revenue and increased operational efficiency. Furthermore, the company benefited from **economies of scale** and effectively managed its **stock-based compensation impact**, ultimately offsetting the higher expense in that area. These combined factors enabled the narrow loss per share observed in Q2 2023.  **[0001773751-23-000207_hims-20230630.htm:22]** **[0001773751-23-000204_hims-20230630x8xkearningre.htm:0]** **[0001773751-23-000204_hims-20230630x8xkearningre.htm:1]** **[0001773751-23-000204_hims-20230630x8xkearningre.htm:6]** **[HIMS_3307833_4]** **[HIMS_3386132_7]** 

Hims & Hers Health Inc (HIMS)

Financials