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Hims & Hers Health, Inc.

Exhibits

hims-20241231.htm hims-20241231x10kxex1012.htm hims-20241231x10kxex1013.htm hims-20241231x10kxex1014.htm hims-20241231x10kxexhibit19.htm hims-20241231x10kxexhibit21.htm hims-20241231x10kxexhibit23.htm hims-20241231x10kxex311.htm hims-20241231x10kxex312.htm hims-20241231x10kxex321.htm hims-20241231x10kxex322.htm

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Hims & Hers Health, Inc.

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Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Revenue	$ 1,476,514	$ 872,000	$ 526,916
Cost of revenue	303,379	157,051	118,194
Gross profit	1,173,135	714,949	408,722
Operating expenses:
Marketing	678,844	446,435	272,587
Operations and support	185,802	119,857	77,403
Technology and development	78,819	48,227	29,237
General and administrative	167,767	129,883	98,192
Total operating expenses	1,111,232	744,402	477,419
Income (loss) from operations	61,903	(29,453)	(68,697)
Other income (expense):
Change in fair value of liabilities	0	(1,075)	70
Other income, net	9,808	8,957	2,918
Total other income, net	9,808	7,882	2,988
Income (loss) before income taxes	71,711	(21,571)	(65,709)
Benefit (provision) for income taxes	54,327	(1,975)	31
Net income (loss)	126,038	(23,546)	(65,678)
Other comprehensive (loss) income	(200)	153	(140)
Total comprehensive income (loss)	$ 125,838	$ (23,393)	$ (65,818)
Net income (loss) per share attributable to common stockholders, Class A and Class V:
Basic (in USD per share)	$ 0.58	$ (0.11)	$ (0.32)
Diluted (in USD per share)	$ 0.53	$ (0.11)	$ (0.32)
Weighted average shares outstanding, Class A and Class V:
Basic (in shares)	215,939,037	209,344,712	204,516,120
Diluted (in shares)	236,808,876	209,344,712	204,516,120

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating activities
Net income (loss)	$ 126,038	$ (23,546)	$ (65,678)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	17,088	9,515	7,474
Stock-based compensation	92,322	66,080	42,817
Change in fair value of liabilities	0	1,075	(70)
Net (accretion) amortization on securities	(4,355)	(5,686)	146
Benefit for deferred taxes	(61,649)	(13)	(594)
Impairment of long-lived assets	114	429	1,127
Non-cash operating lease cost	2,546	1,922	1,605
Non-cash acquisition-related costs	0	2,691	837
Non-cash other	357	195	0
Changes in operating assets and liabilities:
Inventory	(41,612)	(902)	(8,004)
Prepaid expenses and other current assets	(9,494)	(6,395)	(6,335)
Other long-term assets	(56)	(58)	17
Accounts payable	43,710	7,324	12,723
Accrued liabilities	23,791	16,524	909
Deferred revenue	67,552	6,261	(1,716)
Operating lease liabilities	(2,443)	(1,933)	(1,605)
Earn-out payable	(2,825)	0	(10,184)
Net cash provided by (used in) operating activities	251,084	73,483	(26,531)
Investing activities
Purchases of investments	(160,564)	(157,239)	(187,700)
Maturities of investments	208,940	170,051	194,259
Proceeds from sales of investments	725	1,574	35,846
Investment in website and mobile application development and internal-use software	(11,095)	(9,272)	(4,533)
Purchases of property, equipment, and intangible assets	(41,655)	(17,220)	(2,714)
Acquisition of business, net of cash acquired	(15,399)	0	0
Deferred consideration paid for acquisitions	0	0	(459)
Net cash (used in) provided by investing activities	(19,048)	(12,106)	34,699
Financing activities
Proceeds from exercise of vested stock options	26,651	2,322	2,246
Payments for taxes related to net share settlement of equity awards	(52,501)	(14,096)	(3,901)
Repurchases of common stock	(83,039)	(1,999)	0
Payments for acquisition-related earn-out consideration	(3,190)	0	(32,650)
Proceeds from employee stock purchase plan	3,901	2,298	1,178
Proceeds from exercise of Class A common stock warrants	333	0	0
Net cash used in financing activities	(107,845)	(11,475)	(33,127)
Foreign currency effect on cash and cash equivalents	(270)	(11)	(53)
Increase (decrease) in cash, cash equivalents, and restricted cash	123,921	49,891	(25,012)
Cash, cash equivalents, and restricted cash at beginning of period	97,519	47,628	72,640
Cash, cash equivalents, and restricted cash at end of period	221,440	97,519	47,628
Reconciliation of cash, cash equivalents, and restricted cash
Cash and cash equivalents	220,584	96,663	46,772
Restricted cash	856	856	856
Total cash, cash equivalents, and restricted cash	221,440	97,519	47,628
Supplemental disclosures of cash flow information
Cash paid for taxes	7,916	1,109	636
Non-cash investing and financing activities
Purchases of property and equipment included in accounts payable and accrued liabilities	7,781	3,383	0
Right-of-use asset obtained in exchange for lease liability	2,593	6,270	1,206
Vesting of early exercised stock options	0	0	197
Issuance of common stock for acquisition-related earn-out consideration	1,396	0	0
Issuance of common stock and liabilities assumed in connection with acquisition of business	$ 16,000	$ 0	$ 0

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
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	0
Other long-term assets	147	91
Total assets	707,539	441,186
Current liabilities:
Accounts payable	91,180	43,070
Accrued liabilities	53,013	28,972
Deferred revenue	75,285	7,733
Earn-out payable	0	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	0	22
Total liabilities	230,823	97,157
Commitments and contingencies (Note $13)
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