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Hims(HIMS) - 2023 Q4 - Annual Results
HIMSHims(HIMS)2024-02-25 16:00

Financial Performance - Revenue for the full year 2023 was 872.0million,representinga65872.0 million, representing a 65% increase year-over-year[1] - Total revenue for Q4 2023 was 246.6 million, a 47% increase from 167.2millioninQ42022[7]−TotalrevenuefortheyearendedDecember31,2023,was167.2 million in Q4 2022[7] - Total revenue for the year ended December 31, 2023, was 872 million, a 65% increase from 526.9millionin2022[28]−NetincomeforQ42023was526.9 million in 2022[28] - Net income for Q4 2023 was 1.2 million, compared to a net loss of (10.9)millioninQ42022[7]−Netlossfortheyearwas(10.9) million in Q4 2022[7] - Net loss for the year was 23.5 million, an improvement from a net loss of 65.7millionin2022[31]−Thecompanyreportedanetincome(loss)asapercentageofrevenueof(365.7 million in 2022[31] - The company reported a net income (loss) as a percentage of revenue of (3%) for the year ended December 31, 2023, compared to (12%) in 2022[36] Subscriber Growth - Subscribers reached 1.5 million by the end of Q4 2023, a 48% increase year-over-year[3] EBITDA and Cash Flow - Adjusted EBITDA for Q4 2023 was 20.6 million, up from 3.9millioninQ42022[7]−AdjustedEBITDAguidanceforfullyear2024isprojectedtobebetween3.9 million in Q4 2022[7] - Adjusted EBITDA guidance for full year 2024 is projected to be between 100 million and 120million[15]−FreeCashFlowforthefullyear2023was120 million[15] - Free Cash Flow for the full year 2023 was 47.0 million, compared to (33.8)millionin2022[7]−FreeCashFlowforQ42023was(33.8) million in 2022[7] - Free Cash Flow for Q4 2023 was 10,785,000, a significant improvement from a negative Free Cash Flow of (9,332,000)inQ42022[38]−NetcashprovidedbyoperatingactivitiesfortheyearendedDecember31,2023,was(9,332,000) in Q4 2022[38] - Net cash provided by operating activities for the year ended December 31, 2023, was 73,483,000, compared to (26,531,000)in2022[38]MarginsandExpenses−Grossmarginforthefullyear2023was82(26,531,000) in 2022[38] Margins and Expenses - Gross margin for the full year 2023 was 82%, compared to 78% in 2022[7] - Monthly Online Revenue per Average Subscriber for Q4 2023 was 53, a 4% decrease from Q4 2022[3] - Operating expenses for the year totaled 744.4million,upfrom744.4 million, up from 477.4 million in 2022, with marketing expenses increasing to 446.4million[28]−Stock−basedcompensationfortheyearendedDecember31,2023,was446.4 million[28] - Stock-based compensation for the year ended December 31, 2023, was 66,080,000, an increase from 42,817,000in2022[36]−DepreciationandamortizationfortheyearendedDecember31,2023,was42,817,000 in 2022[36] - Depreciation and amortization for the year ended December 31, 2023, was 9,515,000, compared to 7,474,000in2022[36]−Acquisition−relatedcostsfortheyearendedDecember31,2023,totaled7,474,000 in 2022[36] - Acquisition-related costs for the year ended December 31, 2023, totaled 3,016,000, up from 1,192,000in2022[36]AssetsandLiabilities−Cashandcashequivalentsattheendoftheperiodwere1,192,000 in 2022[36] Assets and Liabilities - Cash and cash equivalents at the end of the period were 96.7 million, up from 46.8millionattheendof2022[31]−Totalassetsincreasedto46.8 million at the end of 2022[31] - Total assets increased to 441.2 million in 2023, compared to 366.3millionin2022[27]−Totalliabilitiesroseto366.3 million in 2022[27] - Total liabilities rose to 97.2 million, up from 54.6millionin2022[27]−Stockholders′equityincreasedto54.6 million in 2022[27] - Stockholders' equity increased to 344 million, compared to 311.7millionin2022[27]FutureOutlook−Thecompanyexpectsfullyear2024revenuetobeintherangeof311.7 million in 2022[27] Future Outlook - The company expects full year 2024 revenue to be in the range of 1.17 billion to $1.20 billion[1] - Future cash outflows are expected to be similar to the adjustments presented, impacting future results[37]