Hims & Hers Files Q2 2024 10-Q

TL;DR

HIMS Q2 24 10-Q filed. Financials are in.

AI Summary

Hims & Hers Health, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported its financial results for the second quarter of 2024. Key financial data and operational details are presented in this filing, which follows the company's previous name change from Oaktree Acquisition Corp. on April 12, 2019.

Why It Matters

This filing provides investors with the latest financial performance and operational updates for Hims & Hers Health, Inc., crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: medium — The filing is a standard quarterly report, but the healthcare and direct-to-consumer sectors can be volatile.

Key Numbers

• 2024-06-30 — Reporting Period End (End of the second quarter of 2024)
• 2024-08-05 — Filing Date (Date the 10-Q was submitted to the SEC)

Key Players & Entities

• Hims & Hers Health, Inc. (company) — Filer
• Oaktree Acquisition Corp. (company) — Former company name
• 20240630 (date) — Reporting period end date
• 20240805 (date) — Filing date
• Melissa Baird (person) — Chief Operating Officer
• Oluyemi Okupe (person) — Chief Financial Officer

FAQ

Key Financial Figures

• $0.0001 — which registered Class A common stock, $0.0001 par value per share HIMS New York Stock
• $0 — ares of Class A common stock, par value $0.0001, and 8,377,623 shares of Class V c
• $0.1 million — ssets. The Company recognized less than $0.1 million of impairment charges on long-lived ass

Filing Documents

• hims-20240630.htm (10-Q) — 1611KB
• hims-20240630x10qxex311.htm (EX-31.1) — 11KB
• hims-20240630x10qxex312.htm (EX-31.2) — 11KB
• hims-20240630x10qxex321.htm (EX-32.1) — 5KB
• hims-20240630x10qxex322.htm (EX-32.2) — 5KB
• 0001773751-24-000248.txt ( ) — 7904KB
• hims-20240630.xsd (EX-101.SCH) — 55KB
• hims-20240630_cal.xml (EX-101.CAL) — 76KB
• hims-20240630_def.xml (EX-101.DEF) — 305KB
• hims-20240630_lab.xml (EX-101.LAB) — 696KB
• hims-20240630_pre.xml (EX-101.PRE) — 510KB
• hims-20240630_htm.xml (XML) — 1019KB

- Financial Information

Part I - Financial Information

Financial Statements

Item 1. Financial Statements 1 Condensed Consolidated Balance Sheets 1 Condensed Consolidated Statements of Operations and Comprehensive Income (Loss ) 2 Condensed Consolidated Statements of Stockholders' Equity 3 Condensed Consolidated Statements of Cash Flows 5 Notes to Condensed Consolidated Financial Statements 6

Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) 20

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 33

Controls and Procedures

Item 4. Controls and Procedures 34

- Other Information

Part II - Other Information

Legal Proceedings

Item 1. Legal Proceedings 35

Risk Factors

Item 1A. Risk Factors 35

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 71

Other Information

Item 5. Other Information 71

Exhibits

Item 6. Exhibits 73

Signatures

Signatures 74 i Table of Contents Cautionary Note Regarding Forward-Looking Statements This quarterly report on Form 10-Q, including, without limitation, statements under the heading "Management's Discussion and Analysis of Financial Condition and Results of Operations," includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). 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 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; the closing of our acquisition of a 503B compounding outsourcing facility; 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 and offering mix, the timing and market acceptance of a

- Financial Information

Part I - Financial Information

Financial Statements

Item 1. Financial Statements Hims & Hers Health, Inc. Condensed Consolidated Balance Sheets (In Thousands, Except Share and Per Share Data) June 30, 2024 December 31, 2023 (Unaudited) Assets Current assets: Cash and cash equivalents $ 129,295 $ 96,663 Short-term investments 97,997 124,318 Inventory 40,588 22,464 Prepaid expenses and other current assets 23,038 21,608 Total current assets 290,918 265,053 Restricted cash 856 856 Goodwill 110,881 110,881 Property, equipment, and software, net 49,540 36,143 Intangible assets, net 17,133 18,574 Operating lease right-of-use assets 11,034 9,588 Other long-term assets 138 91 Total assets $ 480,500 $ 441,186 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 57,099 $ 43,070 Accrued liabilities 28,948 28,972 Deferred revenue 20,990 7,733 Earn-out payable — 7,412 Operating lease liabilities 1,634 1,281 Total current liabilities 108,671 88,468 Operating lease liabilities 9,841 8,667 Other long-term liabilities 22 22 Total liabilities 118,534 97,157 Commitments and contingencies (Note 12) Stockholders' equity: Common stock – Class A shares, par value $ 0.0001 , 2,750,000,000 shares authorized and 208,417,651 and 205,104,120 shares issued and outstanding as of June 30, 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 June 30, 2024 and December 31, 2023 22 21 Additional paid-in capital 705,862 712,307 Accumulated other comprehensive loss ( 168 ) ( 124 ) Accumulated deficit ( 343,750 ) ( 368,175 ) Total stockholders' equity 361,966 344,029 Total liabilities and stockholders' equity $ 480,500 $ 441,186 See accompanying notes to unaudited condensed consolidated financial statements. 1 Table of Contents Hims & Hers Health, Inc. Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) (In Thousands, Except Share and P

View Full Filing

View this 10-Q filing on SEC EDGAR