Hims(HIMS) - 2023 Q4 - Annual Results

Financial Performance - Revenue for the full year 2023 was $872.0 million, representing a 65% increase year-over-year[1] - Total revenue for Q4 2023 was $246.6 million, a 47% increase from $167.2 million in Q4 2022[7] - Total revenue for the year ended December 31, 2023, was $872 million, a 65% increase from $526.9 million in 2022[28] - Net income for Q4 2023 was $1.2 million, compared to a net loss of $(10.9) million in Q4 2022[7] - Net loss for the year was $23.5 million, an improvement from a net loss of $65.7 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 $3.9 million in Q4 2022[7] - Adjusted EBITDA guidance for full year 2024 is projected to be between $100 million and $120 million[15] - Free Cash Flow for the full year 2023 was $47.0 million, compared to $(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) 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) 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 $744.4 million, up from $477.4 million in 2022, with marketing expenses increasing to $446.4 million[28] - Stock-based compensation for the year ended December 31, 2023, was $66,080,000, an increase from $42,817,000 in 2022[36] - Depreciation and amortization for the year ended December 31, 2023, was $9,515,000, compared to $7,474,000 in 2022[36] - Acquisition-related costs for the year ended December 31, 2023, totaled $3,016,000, up from $1,192,000 in 2022[36] Assets and Liabilities - Cash and cash equivalents at the end of the period were $96.7 million, up from $46.8 million at the end of 2022[31] - Total assets increased to $441.2 million in 2023, compared to $366.3 million in 2022[27] - Total liabilities rose to $97.2 million, up from $54.6 million in 2022[27] - Stockholders' equity increased to $344 million, compared to $311.7 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]