Hims & Hers Health Inc (HIMS) 2023 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. At this time, I would like to welcome everyone to the Hims & Hers Second Quarter 2023 Earnings Conference Call. Please note that this call is being recorded. (Operator Instructions) I would now like to turn today's call over to Alice Lopatto, Vice President of Investor Relations. Please go ahead.

女士們先生們，感謝你們的支持。此時，我歡迎大家參加 Hims & Hers 2023 年第二季度收益電話會議。請注意，此通話正在錄音。 （操作員指示）我現在想將今天的電話轉給投資者關係副總裁 Alice Lopatto。請繼續。

Good afternoon, everyone, and welcome to the Hims & Hers Health Second Quarter 2023 Earnings Call. On the call with me today is Andrew Dudum, our Co-Founder and Chief Executive Officer; as well as Yemi Okupe, our Chief Financial Officer.

大家下午好，歡迎參加 Hims & Hers Health 2023 年第二季度收益電話會議。今天與我通話的是我們的聯合創始人兼首席執行官 Andrew Dudum；以及我們的首席財務官 Yemi Okupe。

Before I hand it over to Andrew, I need to remind you of legal safe harbor and cautionary declarations. Certain statements and projections of future results made in this presentation constitute forward-looking statements that are based on, among other things, our current market, competitors and regulatory expectations and are subject to risks and uncertainties and that could cause actual results to vary materially. We take no obligation to update publicly any forward-looking statement after this call, whether as a result of new information, future events, changes in assumptions or otherwise. Please see our most recently filed 10-K and 10-Q reports for a discussion of risk factors as they relate to forward-looking statements. In today's presentation, we have certain non-GAAP financial measures. We refer you to the reconciliation table contained in today's press release available on our Investor Relations website for reconciliations to the most directly comparable GAAP financial measures and related information. You'll find a link to the webcast and Investor Relations website at investors.forhims.com. After the call, this webcast will be archived on the website for 12 months.

在我將其交給安德魯之前，我需要提醒您法律安全港和警告聲明。本演示文稿中對未來結果的某些陳述和預測構成前瞻性陳述，這些陳述基於我們當前的市場、競爭對手和監管預期等因素，並受到風險和不確定性的影響，可能導致實際結果發生重大變化。我們沒有義務在本次電話會議後公開更新任何前瞻性聲明，無論是由於新信息、未來事件、假設變化還是其他原因。請參閱我們最近提交的 10-K 和 10-Q 報告，了解與前瞻性陳述相關的風險因素的討論。在今天的演示中，我們提供了某些非公認會計準則財務指標。我們建議您參閱投資者關係網站上今天新聞稿中包含的調節表，以對最直接可比的公認會計準則財務指標和相關信息進行調節。您可以在 Investors.forhims.com 上找到網絡廣播和投資者關係網站的鏈接。通話結束後，該網絡廣播將在網站上存檔 12 個月。

And with that, I'll now turn the call over to Andrew.

現在，我將把電話轉給安德魯。

Thank you, Alice. This quarter, we drove excellent results on both the top and bottom line. Growth remained exceptionally strong with revenue up 83% year-over-year in the second quarter to $207.9 million. Our platform continues to benefit from diversity of distinct brand categories, helping lay the foundation for many years of robust growth ahead. Our more mature offerings within the Hims brand continued to expand with little sign of market saturation as we gain benefits of scale and continue to build a clear market leadership position via the capture of increasing share within the competitive landscape. Newer categories in markets such as mental health and our U.K. operations are growing mid-triple digits and demonstrating strong quarter-over-quarter unit economic improvement. In lockstep, we continue to drive meaningful efficiency gains from our efforts to verticalize our affiliated pharmacies and optimize our processes. which allowed us to generate $16.8 million in cash flow from operations and $10.6 million in adjusted EBITDA in the second quarter.

謝謝你，愛麗絲。本季度，我們在營收和利潤方面均取得了優異的成績。增長依然異常強勁，第二季度收入同比增長 83% 至 2.079 億美元。我們的平台繼續受益於不同品牌類別的多樣性，為未來多年的強勁增長奠定基礎。我們在 Hims 品牌中更成熟的產品繼續擴大，幾乎沒有市場飽和的跡象，因為我們獲得了規模效益，並通過在競爭格局中佔據越來越多的份額，繼續建立明確的市場領導地位。市場上的新類別（例如心理健康和我們的英國業務）正在以三位數的速度增長，並顯示出強勁的季度環比單位經濟改善。我們齊心協力，繼續通過垂直化附屬藥房和優化流程的努力，推動顯著的效率提升。這使我們能夠在第二季度從運營中產生 1,680 萬美元的現金流，以及 1,060 萬美元的調整後 EBITDA。

This increasingly powerful flywheel model provides us reassured confidence in our ability to achieve and surpass our 2025 target of at least $1.2 billion in revenue and over $100 million in adjusted EBITDA.

這種日益強大的飛輪模型讓我們對實現並超越 2025 年收入至少 12 億美元和調整後 EBITDA 超過 1 億美元的目標的能力充滿信心。

Indeed, we believe the strength and composition of revenue and overarching durability of the model we're building, is pointing towards many years of robust growth and increased profitability ahead. While I'm proud of the company's quarterly financial outperformance, I'd like to spend most of today sharing some of what's happening under the hood, with long-standing initiatives, capabilities and soon-to-launch categories, I believe has the potential to meaningfully accelerate the already exciting trajectory Hims & Hers is on. As I've shared in the past, I believe Hims & Hers is a unique competitive advantage. Myself and the rest of the management team think in multiyear horizons and are not afraid to tackle complex challenges. While not for many years ahead, I wholeheartedly believe most of our management team will retire with this company. This long-term orientation is based upon the foundational belief that over the long term, we can deliver a platform so differentiated and so valuable that nearly every household in the country will benefit from its existence.

事實上，我們相信收入的實力和構成以及我們正在構建的模型的總體耐久性，都預示著未來多年的強勁增長和盈利能力的提高。雖然我為公司的季度財務表現感到自豪，但我想花今天的大部分時間來分享一些幕後發生的事情，包括長期的舉措、能力和即將推出的類別，我相信有潛力有意義地加速Hims & Hers 已經令人興奮的發展軌跡。正如我過去所分享的，我相信 Hims & Hers 具有獨特的競爭優勢。我本人和管理團隊的其他成員從多年的角度思考，並且不害怕應對複雜的挑戰。雖然不會持續很多年，但我全心全意地相信我們的大多數管理團隊將隨著這家公司退休。這種長期定位是基於這樣的基本信念：從長遠來看，我們可以提供一個如此差異化和如此有價值的平台，以至於該國幾乎每個家庭都將從其存在中受益。

Our orientation to the long term has been in our DNA from the start. And it's what's enabled us to get to where we are and and build a company that today services customers across multiple categories acquires consumers through some of the most creative channels and has a foundation from which to bring some of the most innovative, personalized products to market.

我們的長期定位從一開始就已融入我們的基因中。正是它使我們能夠達到目前的水平，並建立一家今天為多個類別的客戶提供服務的公司，通過一些最具創意的渠道吸引消費者，並擁有將一些最具創新性、個性化的產品推向市場的基礎。

Looking ahead, the number of lives that we positively impact over the course of the next 10 years is a key benchmark for how we evaluate our progress and celebrate our successes. We believe that step change gains in long-term shareholder value will be a derivative of this. To look under the hood, I'd like to walk you through a few transformative shifts taking place in our business. For simplicity, I'll group them into 4 buckets.

展望未來，我們在未來 10 年中對生活產生積極影響的數量是我們評估我們的進步和慶祝我們的成功的關鍵基準。我們認為，長期股東價值的逐步變化收益將由此衍生。為了深入了解，我想向您介紹我們業務中發生的一些變革。為簡單起見，我將它們分為 4 個部分。

The first is a material mix shift in consumer preference moving from generic to personalized treatments.

首先是消費者偏好從通用治療轉向個性化治療的材料組合轉變。

The second is the rapidly accelerating strength of our data platform and AI capabilities that are enabling individual providers to leverage the collective knowledge of hundreds of providers and millions of historical clinical decisions to support these precision treatments. We recently filed multiple trademark applications for the name, Med Match and plan on showcasing this AI technology more specifically and the clinical benefit it's delivering next quarter.

第二個是我們的數據平台和人工智能能力的快速增強，使個體提供商能夠利用數百家提供商的集體知識和數百萬曆史臨床決策來支持這些精準治療。我們最近提交了多項商標申請，名稱為 Med Match，併計劃更具體地展示這項人工智能技術及其在下個季度帶來的臨床效益。

Third, our new multi-action capabilities, to enable providers to customize single fill treatment for multi-category conditions.

第三，我們新的多操作功能，使提供商能夠針對多類別條件定制單次填充處理。

And lastly, the exciting new frontiers and offerings we have recently launched and will be launching soon.

最後，我們最近推出並將很快推出令人興奮的新領域和產品。

From the earliest years, Hims & Hers delivered on in its simplest form access. Access to a provider, access to clinically appropriate generic treatment and access to solutions for singular issue patients were challenged with.

從最早的幾年開始，Hims & Hers 就以最簡單的形式提供服務。獲得醫療服務提供者、獲得臨床上適當的通用治療以及獲得針對單一問題患者的解決方案都面臨著挑戰。

Today, that story has become wildly more exciting. as initiatives have been in development for years, are beginning to come to the market. Our story is no longer 1 of simple access, but a story of bolstered capabilities in diagnostics, treatment and care that we believe can deliver truly better outcomes. Our mission to help the world feel great was never just about providing access to the existing system of health care. While this is where we began, our true purpose all along has been to transform that system for the better. We want to improve the intelligence and capabilities of providers. So that a customer's clinical experience and outcome are not dependent on the sole experience of an individual provider who rather the collective knowledge derived from hundreds of thousands or even millions of clinical encounters.

如今，這個故事變得更加激動人心。由於各項舉措已經開發多年，現已開始進入市場。我們的故事不再是簡單的訪問，而是一個關於診斷、治療和護理能力增強的故事，我們相信這些能力可以帶來真正更好的結果。我們幫助世界感覺美好的使命不僅僅是提供現有的醫療保健系統。雖然這是我們的起點，但我們的真正目的始終是讓該系統變得更好。我們希望提高提供商的智慧和能力。因此，客戶的臨床經驗和結果並不依賴於單個提供者的唯一經驗，而是依賴於從數十萬甚至數百萬臨床經歷中獲得的集體知識。

Our ambition was never just to provide access to commonly prescribed medications but to build capabilities across pharmacy and clinical excellence to establish a new standard of entirely personalized customized solutions.

我們的目標不僅僅是提供常用處方藥，而是建立藥學和臨床卓越能力，以建立完全個性化定制解決方案的新標準。

And lastly, our mission was never limited to enabling treatment of a patient for singular issues, but rather to build on human relationships and patient trust, such that we could expand into a multi-treatment experience that tackles not only the patient's initial concern but key underlying conditions that impact their overall health and ultimately, their lives.

最後，我們的使命從來不限於為患者提供單一問題的治療，而是建立在人際關係和患者信任的基礎上，這樣我們就可以擴展到多種治療體驗，不僅解決患者最初關心的問題，而且解決關鍵問題影響他們整體健康並最終影響他們生活的潛在條件。

From a business that delivers on access alone to now a business that is personalizing the patient experience and treatment opportunities in order to deliver on better results and outcomes. We are propelling one of the most meaningful industry transformation that I have been witnessed to. We believe this transformation has massive implications for the future of Hims & Hers from competitive differentiation to enduring growth, improved customer lifetime values, extensive and deep moats and an offering that can no longer be compared to those in market, something truly unique.

從一家僅提供訪問服務的企業，到現在一家致力於個性化患者體驗和治療機會的企業，以提供更好的結果和結果。我們正在推動我所目睹的最有意義的行業變革之一。我們相信，這一轉型對 Hims & Hers 的未來具有巨大影響，從競爭差異化到持久增長、提高客戶終身價值、廣泛而深厚的護城河以及無法與市場上的產品相比的真正獨特的產品。

To dig in further, let's start with that first bucket.

為了進一步深入，讓我們從第一個桶開始。

The material product mix shift within our customer base from that of generic treatments to personalized treatment opportunities. Our confidence in personalized solutions is high based upon insights and feedback from hundreds of thousands of customers on our platform. Feedback is confirming our belief that our innovations on this front are delivering on an unmet customer need that radically changes the relationship with and appreciation of our platform.

我們的客戶群中的材料產品組合從通用治療轉向個性化治療機會。基於我們平台上數十萬客戶的見解和反饋，我們對個性化解決方案充滿信心。反饋證實了我們的信念，即我們在這方面的創新正在滿足未滿足的客戶需求，從而從根本上改變與我們平台的關係和欣賞。

Category-wide, the personalization of patient treatment by providers has rocketed reflecting the desire and need for customized treatment of patients. Over 35% of online revenue from customers acquired in the second quarter came from personalized treatments. From our most tenured categories like ED, providers and patients are increasingly turning to personalized solutions made available through hard mints and multi-action heart support. In Hims hair, over 80% of new subscribers in the quarter opted for personalized treatments. The ability to tailor treatment in dose form and composition is giving many of our providers and customers their first real experience with precision medicine. The simple takeaway, customers are loving it.

在整個類別範圍內，提供者對患者治療的個性化程度猛增，反映出患者對定制治療的渴望和需求。第二季度超過 35% 的在線客戶收入來自個性化治療。從我們最常用的類別（如急診室）中，提供者和患者越來越多地轉向通過硬薄荷糖和多作用心臟支持提供的個性化解決方案。在 Hims 的頭髮中，本季度超過 80% 的新訂閱者選擇了個性化護理。定製劑量形式和成分治療的能力使我們的許多提供商和客戶第一次真正體驗了精準醫療。簡單的外賣，顧客都喜歡。

They select to get more, willing to pay more, engaging with the platform more, adhering to treatment more and even indicating that they have no desire to return to the world of generic treatment. We expect to have personalized offerings across each of our main categories by the end of this year and anticipate that curated personalized experiences and treatment will increasingly drive the differentiation of our business in the coming years. This business transformation is a result of years of innovation in pharmacy, clinical excellence and platform technology. As the shift continues to flow through our business, we will enter a world where Hims & Hers is known for these personalized capabilities, lifting the platform to new levels of customer appreciation and value. Personalization is not possible without our second bucket, which is the massively improved data and AI capabilities that we've spent years building in the background. As mentioned previously, we recently filed a trademark application for the name MedMatch and plan on showcasing this AI technology more specifically and the clinical benefits it's delivering next quarter.

他們選擇獲得更多，願意付出更多，更多地參與平台，更多地堅持治療，甚至表明他們不想回到仿製藥的世界。我們預計到今年年底，我們的每個主要類別都會提供個性化產品，並預計精心策劃的個性化體驗和待遇將在未來幾年日益推動我們業務的差異化。這一業務轉型是多年來製藥、臨床卓越和平台技術創新的結果。隨著這種轉變繼續貫穿我們的業務，我們將進入一個 Hims & Hers 以其個性化功能而聞名的世界，將平台提升到客戶欣賞和價值的新水平。如果沒有我們的第二個目標，個性化就不可能實現，即我們花了數年時間在後台構建的大幅改進的數據和人工智能功能。如前所述，我們最近提交了 MedMatch 名稱的商標申請，併計劃更具體地展示這項人工智能技術及其在下季度帶來的臨床益處。

The move to personalized medicine and dramatically improved data capabilities are intrinsic to the third bucket, which is our new multi-action capabilities to enable providers to customize single pill treatments for multi-category conditions. Our newest offering launched just last week was our first foray into preventive cardiovascular care, Heart Health by Him. Heart Health is one of the most meaningful launches since our founding. Heart disease is the #1 cause of death for men worldwide and approximately 30% of our male customers have at least one risk factor of developing it. This extension enables providers to prescribe compounded formulas that combine the active ingredients found in ED medications and Statin like the generics for Lipitor and Crestor, which can reduce the risk of having a heart attack by upwards of 33% and debt by 8%. In partnership with the American College of Cardiology and LabCorp, we brought together what Hims does best. Innovative products, leading technology and clinical excellence that work together to deliver on our experience in defending the curve of death caused by heart disease.

向個性化醫療的轉變和顯著改進的數據能力是第三個桶所固有的，這是我們新的多行動能力，使提供商能夠針對多類別條件定制單藥治療。我們上週推出的最新產品是我們首次涉足預防性心血管護理，Heart Health by Him。心臟健康是我們成立以來最有意義的推出之一。心髒病是全球男性的第一大死因，大約 30% 的男性顧客至少有一種罹患心髒病的風險因素。這一擴展使醫療服務提供者能夠開出複合配方，其中結合了ED 藥物和他汀類藥物中的活性成分，例如立普妥和Crestor 的仿製藥，這可以將心髒病發作的風險降低33% 以上，將債務風險降低8%。我們與美國心髒病學會和 LabCorp 合作，匯集了 Hims 最擅長的技術。創新的產品、領先的技術和卓越的臨床表現共同發揮了我們在捍衛心髒病死亡曲線方面的經驗。

The market for cardiovascular support is massive with nearly 100 million people suffering from heart disease in the United States alone. And I couldn't be more proud of the team for being patient and strategic in building the foundational capabilities over the last few years in anticipation of this launch. And this is just the beginning of what we will be able to do for our patients. For many years, patients have come to us to solve a single issue while actually struggling with many. Hims & Hers now offers providers the clinical capability to address multiple conditions in a single treatment, leveraging the demand from high interest categories to treat other clinical areas for which patients need support. In the e-commerce world, this is a cross-sell strategy. In our world, it's a clinical capability that allows patients to access more personalized, meaningful care, addressing a multitude of issues simultaneously, supporting simpler treatment regimens and ultimately increasing the value we are delivering to our customers.

心血管支持市場巨大，僅在美國就有近 1 億人患有心髒病。我為該團隊感到非常自豪，他們在過去幾年中以耐心和戰略性的方式構建了基礎能力，以期待這次發布。這只是我們為患者做的事情的開始。多年來，患者來找我們只是為了解決一個問題，但實際上卻面臨著許多問題。 Hims & Hers 現在為提供商提供在一次治療中解決多種病症的臨床能力，利用高興趣類別的需求來治療患者需要支持的其他臨床領域。在電子商務領域，這是一種交叉銷售策略。在我們的世界中，它是一種臨床能力，可以讓患者獲得更個性化、更有意義的護理，同時解決多個問題，支持更簡單的治療方案，並最終增加我們為客戶提供的價值。

Multi-action capabilities further deepen the defensibility of our platform as the offerings become more and more customized and inevitable to customers. It's easy to imagine the many powerful avenues where this could be beneficial from chronic disease management like heart disease and diabetes to bundle cosmetic capabilities for anyone interested in treatments across categories, and even to help providers address sometimes stubborn and challenging issues more comprehensively, such as menopause or the interrelated dynamics between mental health, metabolic health, insulin resistance and weight gain.

隨著產品變得越來越定制化並且對客戶來說不可避免，多重操作功能進一步加深了我們平台的防禦能力。很容易想像，這可能有許多強大的途徑，從心髒病和糖尿病等慢性疾病管理中受益，為任何對跨類別治療感興趣的人提供美容功能，甚至幫助提供者更全面地解決有時頑固和具有挑戰性的問題，例如更年期或心理健康、代謝健康、胰島素抵抗和體重增加之間的相互關聯的動態。

These multi-action capabilities open us up to the last bucket, which are the new frontiers and categories we can bring to market in a way that's competitive effective, affordable and attractive to existing and new customers alike. We're excited to announce that Hims & Hers will launch our comprehensive weight management offering in time for this coming January New Year rush to self-improvement. Our weight management category will leverage all of the strengths of our platform. This means access to personalized treatments customized for customers' clinical needs, powered by our enhanced pharmacy capabilities. This offering will enable providers to more comprehensively address a range of underlying conditions clinically tied to weight gains such as metabolic disorders, insulin resistance over eating habits, depression and more. At launch, the offerings will include access to treatment formulations that are affordable and that can combine and leverage the active ingredients in proven prescription medications and supplements as well as behavioral and nutritional focused plan. The platform is being built to support both existing GLP-1s and future pharmaceutical innovation. But given the instability of the current supply chain, inconsistent reimbursement and outstanding safety valuations, these products likely will not be available at launch.

這些多行動功能為我們打開了最後一個大門，即我們可以以一種對現有和新客戶都具有競爭力、價格實惠且有吸引力的方式將新領域和新類別推向市場。我們很高興地宣布，Hims & Hers 將及時推出全面的體重管理產品，以應對即將到來的一月新年自我完善的熱潮。我們的體重管理類別將利用我們平台的所有優勢。這意味著在我們增強的藥學能力的支持下，可以獲得根據客戶的臨床需求定制的個性化治療。該產品將使醫療服務提供者能夠更全面地解決臨床上與體重增加相關的一系列潛在疾病，例如代謝紊亂、飲食習慣造成的胰島素抵抗、抑鬱症等。在推出時，這些產品將包括獲得價格實惠的治療配方，這些配方可以結合和利用經過驗證的處方藥和補充劑中的活性成分，以及以行為和營養為重點的計劃。該平台的建立是為了支持現有的 GLP-1 和未來的製藥創新。但考慮到當前供應鏈的不穩定、報銷不一致以及突出的安全評估，這些產品可能不會在推出時上市。

Dr. Craig Primack joined us this week as our new Medical Director in Weight Management, bringing to our organization nearly 2 decades optimizing treatment protocols for the complex underlying factors driving weight gain. Our weight management offering has been in research and development for over a year. And with nearly 100 million Americans suffering from the disease of obesity, we want to ensure it is positioned to make a real dent in this crisis. That means delivering on an offering to a mass market audience, with pricing in line with core everyday prices offered across our categories in experience that's streamlined and consistent and a focus on safety and efficacy. Leveraging widely understood and available treatments, sophisticated pharmacy capabilities and deep data-driven archetype matching, we hope to deliver exciting treatment efficacy at scale.

Craig Primack 博士本週加入我們，擔任我們新任體重管理醫療總監，為我們的組織帶來了近 2 年來針對導致體重增加的複雜潛在因素的優化治療方案。我們的體重管理產品已經研發一年多了。由於有近 1 億美國人患有肥胖症，我們希望確保它能夠在這場危機中發揮真正的作用。這意味著向大眾市場受眾提供產品，定價與我們各個類別提供的核心日常價格一致，體驗精簡、一致，並註重安全性和有效性。利用廣泛理解和可用的治療方法、先進的製藥能力和深度數據驅動的原型匹配，我們希望大規模提供令人興奮的治療效果。

Like I said at the start, our mission is to make the world feel great through the power of better health. An often underappreciated aspect of this mission is the necessity of ensuring our platform can reach as many people as possible. The level of scale that we have, combined with the efficiency of our affiliated pharmacies enables us to orient users to a model with a treatment-based construct versus a pill-based construct at exceptional value to them. This will continue to become more meaningful as we move further away from subscribers with 1 treatment to subscribers with multi-category treatment. As part of this mission and our ambition to reach as many people as possible, we're excited to share that in the past few months, we've begun to systematically lower prices for many of our longer duration offerings to make our more personalized subscriptions even more mass market accessible. The pricing rollout, which we expect to continue in the coming months have been in process while simultaneously expanding gross margins to 82%, as our operational scale and efficiency allows us to accelerate profitability on an adjusted EBITDA basis and also expand market share and access. We are already seeing the signs that these strategic actions are having a strong market impact. After the implementation of strategic pricing adjustment, the ratio of new Hims Hair loss subscribers that selected a personalized offering with the duration of 5 months or more increased over 25 points during the course of the second quarter.

正如我一開始所說的，我們的使命是通過更健康的力量讓世界感覺更美好。這一使命的一個經常被低估的方面是確保我們的平台能夠覆蓋盡可能多的人的必要性。我們擁有的規模水平，加上我們附屬藥房的效率，使我們能夠將用戶引導到一種基於治療的結構的模型，而不是基於藥丸的結構，這對他們來說具有特殊的價值。隨著我們從僅接受一種治療的訂閱者轉向接受多類別治療的訂閱者，這將繼續變得更有意義。作為這一使命和我們覆蓋盡可能多的人的雄心的一部分，我們很高興與大家分享，在過去的幾個月裡，我們已經開始系統地降低許多長期產品的價格，以使我們的訂閱更加個性化甚至更容易進入大眾市場。我們預計將在未來幾個月繼續進行定價推廣，同時將毛利率擴大至82%，因為我們的運營規模和效率使我們能夠在調整後的EBITDA 基礎上加快盈利能力，並擴大市場份額和市場準入。我們已經看到這些戰略行動正在產生強大市場影響的跡象。實施戰略性定價調整後，第二季度新訂閱用戶選擇5個月及以上個性化產品的比例增加了25個百分點以上。

Our belief is that consumer is making longer upfront commitments for effective and unique products is an equation that provides a path for users to remain on the platform for decades. This quarter's announcement reflects years of hard work from the team, and I'm thankful for their commitment to building this platform the right way. I'm confident the methodical nature of our team and their time horizon for investments will have a uniquely meaningful impact to our customers and ultimately, our shareholders.

我們相信，消費者對有效且獨特的產品做出更長期的前期承諾是一個方程式，為用戶在平台上停留數十年提供了一條途徑。本季度的公告反映了團隊多年來的辛勤工作，我感謝他們致力於以正確的方式構建這個平台。我相信我們團隊的條理性和他們的投資期限將對我們的客戶並最終對我們的股東產生獨特而有意義的影響。

With that, I'll turn the conversation over to Yemi to discuss further financials.

接下來，我將把話題轉給 Yemi，討論進一步的財務問題。

Thanks, Andrew. Hello, everyone, and thank you for joining us today. I'll start by providing an overview of our second quarter's financial performance and then provide additional details behind our expectations for the remainder of the year.

謝謝，安德魯。大家好，感謝您今天加入我們。我將首先概述我們第二季度的財務業績，然後提供我們對今年剩餘時間的預期背後的更多細節。

We are pleased to see continued strong momentum across Hims & Hers, which we believe reflects the sound execution of our strategy that centers on enabling access to innovative products through world-class technology with the brand that consumers love and trust. Revenue in the second quarter grew 83% year-over-year to $207.9 million. Revenue growth was primarily driven by a robust performance in our online channel.

我們很高興看到 Hims & Hers 持續強勁的發展勢頭，我們相信這反映了我們戰略的良好執行，該戰略的核心是通過世界一流的技術以及消費者喜愛和信任的品牌讓人們獲得創新產品。第二季度收入同比增長 83% 至 2.079 億美元。收入增長主要得益於我們在線渠道的強勁表現。

Online revenue increased 87% year-over-year to $201.2 million in the second quarter. The continued addition of subscribers onto the platform was the primary driver of online revenue growth. The number of subscribers on the platform increased 74% year-over-year to 1.3 million subscribers. This quarter, we expanded the portfolio of personalized solutions accessible across the Hims & Hers platform. Notable examples of this include the national rollout of the Hard Mints offering, additional hair-loss solutions within the Hers portfolio the launch of Heart Health. Early consumer feedback and reactions indicate a strong user preference for these personalized offerings.

第二季度在線收入同比增長 87% 至 2.012 億美元。平台訂閱用戶的持續增加是在線收入增長的主要驅動力。該平台訂閱人數同比增長 74%，達到 130 萬。本季度，我們擴大了 Hims & Hers 平台上可訪問的個性化解決方案組合。著名的例子包括在全國范圍內推出 Hard Mints 產品、Hers 產品組合中的其他脫髮解決方案以及 Heart Health 的推出。早期的消費者反饋和反應表明用戶對這些個性化產品有強烈的偏好。

Historically, we have reinvested efficiency gains into marketing as well as the research and development of new solutions. With this much more expensive portfolio of personalized and differentiated offerings, combined with record level gross margins, our investment opportunities have expanded. We made the strategic decision to reinvest a portion of the efficiency gains that scale and strong execution have provided us into more attractive pricing for a subset of offerings on the platform. Specifically, meaningful changes were made across longer duration, Hims sexual health and Hims Hair loss subscription plans. The net effect is that more customers than ever have access to personalized solutions to improve their daily health for as low as $39 per month in some circumstances. These changes resulted in an estimated online revenue headwind of $5 million in the second quarter as monthly average online revenue per subscriber declined 4% quarter-over-quarter to $53.

從歷史上看，我們將效率收益再投資於營銷以及新解決方案的研發。憑藉這種更加昂貴的個性化和差異化產品組合，加上創紀錄的毛利率，我們的投資機會擴大了。我們做出了戰略決策，將部分效率收益進行再投資，這些收益的規模和強大的執行力為我們提供了平台上部分產品更具吸引力的定價。具體來說，在較長期限、希姆性健康和希姆脫髮訂閱計劃方面做出了有意義的改變。最終效果是，在某些情況下，比以往更多的客戶能夠以每月低至 39 美元的價格獲得個性化解決方案來改善他們的日常健康狀況。這些變化導致第二季度在線收入預計將下降 500 萬美元，每位訂閱者的月平均在線收入環比下降 4% 至 53 美元。

Already, we have received several strong signals that these changes have the potential to accelerate adoption of personalized solutions across a broader set of users on our platform. Over 35,000 existing subscribers switched to a longer duration or personalized offering in the second quarter. We believe personalized solutions, combined with our overall strong value proposition will enable us to retain our users for decades.

我們已經收到了幾個強烈的信號，表明這些變化有可能加速個性化解決方案在我們平台上更廣泛的用戶中的採用。第二季度，超過 35,000 名現有訂閱者轉而使用更長期限或個性化的服務。我們相信，個性化的解決方案與我們整體強大的價值主張相結合，將使我們能夠在幾十年內留住我們的用戶。

At the end of the second quarter, over 20% of total subscribers across all of our offerings were on a personalized solution. This is a clear signal that consumers are drawn to and appreciate personalized solutions that our providers can prescribe. We believe offering unique solutions at attractive price points is a powerful combination that positions us for significant market share gains. Economies of scale in our operation enable us to do this while maintaining healthy margins in a way that few can match. Our gross margin trajectory in the second quarter is a textbook example of the power of sound execution combined with economies of scale. Gross margins expanded over 140 basis points quarter-over-quarter to 82% in the second quarter. Gross margin expansion was the result of lower product costs, increased efficiency across our provider base, a move to longer duration subscriptions and improved efficiency from a migration toward affiliated pharmacies. These dynamics more than offset degradation from our strategic pricing actions.

截至第二季度末，我們所有產品中超過 20% 的訂閱者都在使用個性化解決方案。這是一個明確的信號，表明消費者被我們的提供商可以提供的個性化解決方案所吸引並欣賞。我們相信，以有吸引力的價格提供獨特的解決方案是一個強大的組合，使我們能夠獲得顯著的市場份額收益。我們運營中的規模經濟使我們能夠做到這一點，同時以很少有人能比擬的方式保持健康的利潤率。我們第二季度的毛利率軌跡是合理執行與規模經濟相結合的力量的教科書例子。第二季度毛利率環比增長超過 140 個基點，達到 82%。毛利率的增長是由於產品成本降低、整個供應商群體的效率提高、轉向更長期限的訂閱以及向附屬藥房遷移而提高的效率的結果。這些動態足以抵消我們戰略定價行動的退化。

The ability to strategically adjust prices and simultaneously expand margins is a truly unique advantage. Our belief is that this capability to benefit from scale and can currently offer differentiated products uniquely positions us to become the leading platform for personalized helping on the solutions. We made meaningful progress on our transition toward affiliated pharmacies in the second quarter. Over 70% of orders were fulfilled by affiliated pharmacies in the second quarter. This provides a robust platform from which to seamlessly transition the business toward personalized centric offerings.

戰略性調整價格並同時擴大利潤的能力是真正獨特的優勢。我們相信，這種從規模中受益的能力以及目前可以提供差異化​​產品的能力使我們能夠成為個性化解決方案幫助的領先平台。第二季度，我們在向附屬藥店的轉型方面取得了有意義的進展。第二季度超過70%的訂單由附屬藥店完成。這提供了一個強大的平台，可以將業務無縫過渡到以個性化為中心的產品。

Turning toward elements of our cost structure. Marketing as a percentage of revenue was flat quarter-over-quarter at 51%. And Marketing investments were more heavily weighted toward the back end of the quarter as a result of the timing of new product launches, strategic pricing actions and large brand campaigns. Customer acquisition was slower at the start of the quarter as a result of those dynamics in a somewhat more challenging marketing environment relative to the first quarter. We expect that investments made near the end of the second quarter will provide meaningful customer acquisition travelling in the third quarter. Our expectation is for continued investment in marketing as we launched new personalized offerings throughout the year. Similar to prior periods, we intend to do so while maintaining a 1-year payback period.

轉向我們成本結構的要素。營銷佔收入的百分比與上一季度持平，為 51%。由於新產品發布的時機、戰略定價行動和大型品牌活動，營銷投資在本季度末的比重更大。由於營銷環境相對於第一季度更具挑戰性，因此本季度初的客戶獲取速度較慢。我們預計第二季度末進行的投資將為第三季度帶來有意義的客戶獲取活動。隨著我們全年推出新的個性化產品，我們期望繼續在營銷方面進行投資。與以往類似，我們打算在保持 1 年投資回收期的同時做到這一點。

Operations and support costs as a percentage of revenue, excluding stock-based compensation in the second quarter came in at 14%, stable with the first quarter. We see potential for continuing modest gains in this area through the year as we benefit from economies of scale and continue to make efficiency gains on the cost structure for personalized products. Technology and product development costs as a percentage of revenue, excluding stock-based compensation, came in at 6% in the second quarter, stable to the first quarter. Continued investment is expected in this area through 2023 as we augment data science capabilities and expand upon capabilities available to providers on the platform.

第二季度運營和支持成本佔收入的百分比（不包括股票薪酬）為 14%，與第一季度持平。我們認為，隨著我們受益於規模經濟，並繼續在個性化產品的成本結構上提高效率，我們認為這一領域全年有持續小幅增長的潛力。第二季度，技術和產品開發成本佔收入的百分比（不包括股票薪酬）為 6%，與第一季度持平。隨著我們增強數據科學能力並擴展平台上提供商可用的功能，預計到 2023 年該領域將持續投資。

General and administrative costs as a percentage of revenue was 15% in the second quarter, representing a 5-point improvement relative to the second quarter of 2022 and a 1 point improvement relative to the first quarter. Excluding the impact of stock-based compensation, G&A costs were 9% of revenue in the second quarter, representing a 4-point year-over-year improvement from 2022.

第二季度一般及行政成本佔收入的百分比為15%，較2022年第二季度提高5個百分點，較第一季度提高1個百分點。剔除股票薪酬的影響，第二季度 G&A 成本佔收入的 9%，較 2022 年同比提高 4 個百分點。

Adjusted EBITDA increased 73% quarter-over-quarter to $10.6 million in the second quarter. Gains from efficiency improvements and economies of scale offset the estimated $5 million headwind from strategic pricing actions I discussed earlier.

第二季度調整後 EBITDA 環比增長 73% 至 1,060 萬美元。效率提高和規模經濟帶來的收益抵消了我之前討論的戰略定價行動帶來的約 500 萬美元的阻力。

In the second quarter, we made considerable investment into the affiliated pharmacies that will set the foundation for greater personalization capabilities in the future. Capital expenditures related to the purchase of property, plant, equipment and intangibles, were $4.7 million in the second quarter. We are pleased to see our balance sheet continue to strengthen while we can currently build future capabilities. Cash and short-term investments increased $8.7 million quarter-over-quarter to $193.1 million in the second quarter as cash flow generated from operations continued to exceed capital expenditures.

第二季度，我們對附屬藥店進行了大量投資，這將為未來更大的個性化能力奠定基礎。第二季度與購買不動產、廠房、設備和無形資產相關的資本支出為 470 萬美元。我們很高興看到我們的資產負債表繼續增強，同時我們目前可以構建未來的能力。由於運營產生的現金流繼續超過資本支出，第二季度現金和短期投資環比增加 870 萬美元，達到 1.931 億美元。

Momentum has remained strong in 2023 as we rapidly evolve our platform's capabilities across a level of breadth and depth that we feel is currently unmatched. We are excited to continue to make significant strides in our transformation from an access-oriented platform towards one that offers personalized solutions with the potential for better adherence and outcomes.

2023 年，我們的勢頭依然強勁，因為我們在廣度和深度上快速發展平台的功能，我們認為這是目前無與倫比的。我們很高興能夠繼續在從面向訪問的平台向提供個性化解決方案的平台轉型方面取得重大進展，並有可能獲得更好的依從性和結果。

Equally exciting is the pace at which we continue to drive efficiency across the platform, which allows us to enable access, unique, personalized and compelling solutions at affordable prices. We are confident this will feel a market leadership position as well as more importantly, the ability to improve millions of lives. Our updated outlook for the remainder of 2023 reflects these dynamics. In the third quarter, we are expecting revenue of between $217 million to $222 million, which represents a year-over-year increase of between 50% to 53%.

同樣令人興奮的是我們繼續提高整個平台效率的步伐，這使我們能夠以實惠的價格提供訪問、獨特、個性化和引人注目的解決方案。我們相信這將佔據市場領導地位，更重要的是，有能力改善數百萬人的生活。我們對 2023 年剩餘時間的最新展望反映了這些動態。我們預計第三季度的收入將在 2.17 億美元至 2.22 億美元之間，同比增長 50% 至 53%。

On the bottom line, we expect adjusted EBITDA of between $10 million to $13 million, representing an adjusted EBITDA margin of 5% at the midpoint of both ranges. For the full year, we are raising our outlook for revenue to $830 million to $850 million, translating to a year-over-year increase of between 58% to 61%. The midpoint of our updated range is $20 million higher than our prior range. We are also increasing our outlook for 2023 adjusted EBITDA to $35 million to $40 million, reflecting continued efficiency gains across the business. These adjusted EBITDA and revenue ranges resulted in an adjusted EBITDA margin of 4% at the midpoint of both ranges. No material contributions from weight management or cardiovascular health are assumed in 2023. Generally, we expect new categories to take at least 12 to 18 months from launch before they meaningfully contribute to the business. Reflected in our guidance is an assumption that the extremely favorable marketing environment that emerged in the back half of 2022, does not repeat in the back half of 2023. Additionally, our guidance incorporates a negative impact of between $12 million and $18 million in the second half of the year for both revenue and adjusted EBITDA as a result of the strategic pricing changes previously discussed. We believe these strategic moves will drive both stronger retention and acquisition dynamics in the future as customers have the ability to access a unique and differentiated set of solutions on our platform that are less readily available with standard generic solutions. We have high conviction that gains in efficiency from strong execution and economies of scale will enable us to continue to expand our adjusted EBITDA margins over time. Our ability to deliver these strong results is the result of efforts of hundreds of employees across Hims & Hers that work hard each day to help the world feel great through the power of better health. I'd like to thank them as well as all of our customers and partners that support us in our mission.

就底線而言，我們預計調整後 EBITDA 為 1,000 萬至 1,300 萬美元，調整後 EBITDA 利潤率為 5%，處於兩個範圍的中點。我們將全年收入預期上調至 8.3 億至 8.5 億美元，即同比增長 58% 至 61%。我們更新範圍的中點比之前的範圍高出 2000 萬美元。我們還將 2023 年調整後 EBITDA 的預期上調至 3500 萬至 4000 萬美元，反映出整個業務效率的持續提升。這些調整後的 EBITDA 和收入範圍導致調整後的 EBITDA 利潤率為 4%，處於兩個範圍的中點。假設體重管理或心血管健康在 2023 年不會做出實質性貢獻。一般來說，我們預計新品類從推出起至少需要 12 至 18 個月才能對業務做出有意義的貢獻。我們的指引反映了這樣一個假設：2022 年下半年出現的極其有利的營銷環境不會在2023 年下半年重複出現。此外，我們的指引還考慮了第二季度1200 萬美元至1800 萬美元的負面影響。由於之前討論的戰略定價變化，收入和調整後的 EBITDA 都出現了半年的下滑。我們相信，這些戰略舉措將在未來推動更強勁的保留和收購動態，因為客戶有能力在我們的平台上訪問一組獨特且差異化的解決方案，而標准通用解決方案不太容易獲得這些解決方案。我們堅信，強有力的執行力和規模經濟帶來的效率提升將使我們能夠隨著時間的推移繼續擴大調整後的 EBITDA 利潤率。我們能夠取得這些出色的成果，是 Hims & Hers 數百名員工努力的結果，他們每天都在努力工作，通過改善健康的力量幫助世界感覺美好。我要感謝他們以及所有支持我們完成使命的客戶和合作夥伴。

With that, I will now turn it over to the operator for questions.

現在我將把它交給接線員詢問。

(Operator Instructions) Our first question comes from Daniel Grosslight with Citi.

（操作員說明）我們的第一個問題來自花旗銀行的 Daniel Grosslight。

Just a couple of quick ones on the new weight loss category that you're expanding into. So it sounds like there's going to be like a behavior modification aspect to it, maybe nutrition coaching, fitness coaching as well as some type of either nutritional supplement or prescription along with it. But it also seems like the GLP-1s aren't going to be available atleast at first. So I was wondering if you can just dig in a little more on what kind of treatment away from the behavior modification and fitness and nutrition. What kind of treatment you're going to provide with this new weight loss category?

簡單介紹一下您正在拓展的新減肥類別。所以聽起來好像會有行為改變方面的內容，也許是營養指導、健身指導以及某種類型的營養補充劑或處方。但 GLP-1 似乎至少一開始不會上市。所以我想知道你是否可以進一步深入了解除了行為改變、健身和營養之外還有哪些治療方法。您將通過這個新的減肥類別提供什麼樣的治療？

Dan, This is Andrew. Yes. So I think what we're going to start with is a wide range of likely generic options and personalized treatments that are going after some of the underlying factors of weight gain. So this could be metabolic resistance, hormonal issues, could be underlying mental health concerns such as depression or unhealthy eating habits. Dr. Craig Primack, who joined as our weight management medical director has a couple of decades of experience, specifically leveraging, I think, this wide range of treatment offerings to go after what is often a multipronged issue for weight gain. And I think that's what the approach is going to be. It's going to be built on, I think, a lot of phenotype and architype data of understanding this patient really well in partnership with the clinical advisers in a way that we can leverage some of those dual action and multi-action treatment capabilities that we recently launched with the Heart Health launch and leverage those same abilities with the weight management category. So really simple protocols.

丹，這是安德魯。是的。因此，我認為我們要開始的是一系列可能的通用選擇和個性化治療，這些治療是針對體重增加的一些潛在因素。因此，這可能是代謝阻力、荷爾蒙問題，也可能是潛在的心理健康問題，例如抑鬱症或不健康的飲食習慣。克雷格·普里馬克（Craig Primack）博士作為我們的體重管理醫療總監加入，擁有幾十年的經驗，我認為，特別是利用廣泛的治療方案來解決通常是多管齊下的體重增加問題。我認為這就是我們的方法。我認為，它將建立在與臨床顧問合作的大量表型和原型數據的基礎上，以便我們能夠充分利用我們最近的一些雙重作用和多作用治療能力與心臟健康一起推出，並在體重管理類別中利用同樣的功能。非常簡單的協議。

But from a from a patient standpoint, highly personalized and hoping to go after a lot of those underlying conditions and ultimately have great efficacy, but with affordable and well-tested and safe options.

但從患者的角度來看，高度個性化，希望能夠治療許多潛在的病症，並最終獲得巨大的療效，但有負擔得起的、經過充分測試的、安全的選擇。

Yes, makes sense. And then this quarter, AOV growth was really strong. It came in around 22% or so this quarter year-over-year, which would be the fastest growth since 2021. Just curious what's driving that AOV growth this quarter given your lowering prices on some treatments and revenue per subscriber is dropping a little bit.

是的，有道理。本季度，AOV 增長非常強勁。本季度同比增長約22% 左右，這將是2021 年以來最快的增長。鑑於您降低了某些治療的價格，並且每訂閱者的收入略有下降，我很好奇是什麼推動了本季度AOV的增長。

Yes, Dan, this is Yemi. Thanks for the question. Really, there's a few factors. And so I think one of the reasons behind why we made the strategic pricing actions is really to start to make both longer-duration subscription attractive for users as well as the proprietary products attractive to users. And so what we saw as we made those is both knees coming in as well as the users started to switch to longer duration proprietary products that come with a larger commitment upfront. And so you have more people that are on long duration plans as they pay for those upfront. That really is the factor driving AOV and the fact that more customers, as Andrew mentioned previously are also switching to the proprietary products, which still come at a bit of a premium to the (inaudible)

是的，丹，這是耶米。謝謝你的提問。確實，有幾個因素。因此，我認為我們採取戰略定價行動的原因之一實際上是開始使長期訂閱對用戶有吸引力，並使專有產品對用戶有吸引力。因此，當我們做出這些產品時，我們看到的是，用戶開始轉向使用期限較長的專有產品，這些產品需要預先做出更大的承諾。因此，有更多的人參與長期計劃，因為他們需要預先支付這些費用。這確實是推動 AOV 的因素，而且事實上，正如安德魯之前提到的，更多的客戶也在轉向專有產品，這些產品仍然比（聽不清）有一點溢價。

Your next question comes from Jack Wallace with Guggenheim.

你的下一個問題來自古根海姆的傑克·華萊士。

Congrats on the quarter. And Andrew, congrats on the birth of your second child. We've got 2 questions here. One on the cardiovascular entry. So this is a statin, we just think that this would help you target maybe an even older demographic, maybe that is outside some of the younger millennial demo that you placed so well in. Is that part of the kind of the TAM expansion thought process. And then second is, are we expecting any attractive pricing with this? Or how should we think about pricing with that combined product?

恭喜本季度。安德魯，祝賀你的第二個孩子出生。我們這裡有 2 個問題。一是心血管入口。所以這是一種他汀類藥物，我們只是認為這會幫助你瞄準甚至更年長的人群，也許這超出了你很好地融入的一些年輕的千禧一代演示。這是TAM 擴張思維過程的一部分嗎？ 。第二個問題是，我們是否期望此產品具有有吸引力的定價？或者我們應該如何考慮該組合產品的定價？

Thanks, Jack. So on the cardio side, this is one we're really excited about because I think it does a couple of things. One, it does, to your point, massively expand, I think, the value and differentiation of the platform for that older demographic, right? There's a tremendous overlap with erectile dysfunction and cardiovascular disease. In fact, as we've shared in the release last week, erectile dysfunction is often an early indicator of cardiovascular disease. So the ability to expand in that older audience is something we're really thrilled by. But also, in general, we are seeing tens of thousands of men on the platform today, of which we've shared 30% of those men are at risk of heart disease.

謝謝，傑克。因此，在有氧運動方面，我們對此感到非常興奮，因為我認為它有幾件事。第一，就你的觀點而言，我認為，它確實大規模擴展了該平台針對老年人群的價值和差異化，對嗎？勃起功能障礙和心血管疾病有很大的重疊。事實上，正如我們在上週的新聞稿中所分享的那樣，勃起功能障礙通常是心血管疾病的早期指標。因此，能夠擴大老年受眾群體的能力讓我們感到非常興奮。但總的來說，我們今天在該平台上看到了數以萬計的男性，我們發現其中 30% 的男性有患心髒病的風險。

And so they could be a couple of years away from a heart attack or stroke, and most of them are completely unaware of it. And so this launch, I think, brings together really what we do best, which is partnering with great clinical excellence, the American College of Cardiology and LabCorp innovation with this dual capability, which allows our providers to personalize treatment with these statins that are incredibly well tested and safe. with base EV medications. And you can imagine that this heart support could eventually be added on to other categories, mental health or hair care or women's products as well for people at risk. And ultimately, I think, meaningfully adhere increase adherence to this preventative treatment and ultimately, I think, actually hopefully save tens of thousands of heart attacks from happening and eventually tens of thousands of lives. And so from a pricing standpoint to kind of round this out, our aim is to make this as accessible as possible. I think as Yemi shared, we've been able to meaningfully lower prices in the last couple of months and aim to continue to do so for some of our higher value product bundles while still maintaining and expanding to record high 82% gross margins. So the operational efficiency and excellence within the business is really humming in a way that's allowing us to take a lot of this value and innovation and pipe it right back into the customers wallet in a way that allows us to capture more and more competitive market share. And so with Heart Health by Hims, this will be priced at a premium from the core base treatments that are personalized, but at a slight premium. There'll be still a very mass market very accessible. And our aim is to make it such that, that price is never the reason why you're choosing the treatment that is truly right for you versus the one that might be a little bit cheaper.

因此，他們可能距離心髒病發作或中風還有幾年的時間，而他們中的大多數人完全沒有意識到這一點。因此，我認為，這次推出真正匯集了我們最擅長的東西，即與卓越的臨床卓越、美國心髒病學會和具有雙重功能的LabCorp 創新合作，這使我們的提供者能夠使用這些令人難以置信的他汀類藥物進行個性化治療經過充分測試且安全。與基礎 EV 藥物一起使用。您可以想像，這種心臟支持最終可能會添加到其他類別，例如心理健康或護髮或女性產品以及針對高危人群的產品中。最終，我認為，有意義地堅持增加對這種預防性治療的堅持，最終，我認為，實際上有望挽救數以萬計的心髒病發作，並最終挽救數以萬計的生命。因此，從定價的角度來看，我們的目標是使其盡可能易於使用。我認為，正如Yemi 所分享的那樣，我們在過去幾個月中已經能夠大幅降低價格，併計劃繼續對一些更高價值的產品捆綁這樣做，同時仍然保持並擴大到創紀錄的82% 毛利率。因此，業務中的運營效率和卓越性確實令人興奮，這使我們能夠充分利用這種價值和創新，並將其直接送回客戶的錢包，從而使我們能夠獲得越來越多的競爭市場份額。因此，Hems 的 Heart Health 的定價將高於個性化的核心基礎治療，但價格略高。仍然會有一個非常容易進入的大眾市場。我們的目標是讓價格永遠不會成為您選擇真正適合您的治療方法而不是可能便宜一點的治療方法的原因。

Got you. That's helpful. And then Yemi you mentioned that the marketing environment was a little difficult in the front half of the quarter, and there was an elevation of investments in the back half. When you mentioned the difficult marketing environment and thinking about this in the context of the price changes. Was there any pickup in churn rates that you're also responding to? Or was it just simply some of the key areas you play in with marketing dollars just got more expensive or the consumer is pulling back? Just trying to get some -- a better understanding for the, let's call it, the environment dynamics.

明白你了。這很有幫助。然後Yemi您提到前半季度營銷環境有點困難，後半季度投資有所增加。當您提到困難的營銷環境並在價格變化的背景下思考這一點時。您也對此做出了回應，客戶流失率是否有所上升？或者只是您在營銷資金投入的一些關鍵領域變得更加昂貴，或者消費者正在撤退？只是想更好地理解環境動態。

Yes, Jack, I think it's a great question. I think it was -- the environment was in line with what we expected for Q2. And in Q1, we definitely saw some surprising favorability that was unanticipated. Before we make pricing changes, we do a lot of research and experimentation. And so those changes were effectively months in the making, just because we do want to use prices more of a precise tool versus a blunt tool. And so the 2 were very much disconnected, effectively, like what we do look to when we institute pricing changes as a few consumers basically value those changes they're very likely to retain on the platform for a longer period of time. And then lastly, because we have so many different cohorts of users that are selecting different products, we're really able to dial in what are the highest LTV products. as we started to see the benefits from scale and our gross margin started to expand, we made the decision to put some of that back into additional customer value. As Andrew mentioned before, we're really looking to make the first amount of products mass market. Because the objective is really to have our users for a period of decades.

是的，傑克，我認為這是一個很好的問題。我認為環境符合我們對第二季度的預期。在第一季度，我們確實看到了一些意想不到的令人驚訝的好感。在進行定價調整之前，我們會進行大量研究和實驗。因此，這些變化實際上花了幾個月的時間，只是因為我們確實希望將價格更多地用作精確的工具，而不是生硬的工具。因此，這兩者實際上是非常脫節的，就像我們在進行定價變化時所看到的那樣，因為一些消費者基本上重視那些他們很可能在平台上保留較長時間的變化。最後，因為我們有很多不同的用戶群體在選擇不同的產品，所以我們確實能夠找到生命週期價值最高的產品。當我們開始看到規模帶來的好處並且毛利率開始擴大時，我們決定將其中一部分重新投入到額外的客戶價值中。正如安德魯之前提到的，我們確實希望將第一批產品推向大眾市場。因為我們的目標確實是讓我們的用戶擁有幾十年的時間。

Your next question comes from Michael Cherny with Bank of America.

您的下一個問題來自美國銀行的邁克爾·切爾尼。

Maybe if I can go back to weight management. I know you talked about GLP-1 products not being available off the bat. But how are you thinking about the characterization of maybe help myself the weight management 2.0, given the high demands for the products as well as the logistics that come with an area such as cold storage, for example, on GLP-1s that you may not be as focused on today?

也許我可以重新開始體重管理。我知道您談到 GLP-1 產品無法立即獲得。但是，考慮到對產品以及冷藏等區域的物流的高要求，例如在 GLP-1 上，您可能不會考慮體重管理 2.0 的特徵今天同樣專注嗎？

Yes, great question. I think there's a tremendous amount of excitement internally relating to GLP-1s. And both the existing products that are in market as well as frankly, the dozen or 2 dozen that are in the pipeline today and finishing up clinical trials that I think will likely bring to market an oral semaglutide and ones that have hopefully improved efficacy. So without question, these are here to stay, and the platform is being built in such a way that enables it including the affiliated pharmacy operational side, as you mentioned, the cold storage necessity. That's something that we don't feel will be a concern with our operational side. I think the real reason just being really transparent is just the consistency of being able to deliver a world-class experience to our patients and our customers just doesn't feel quite there yet with this offering. And I think you're seeing that from peers in the market who are pulling back on this offering or turning it off as a result of inconsistent supply chain issues or the fact that I think it's 1% or 2% of all those individuals eligible to actually get reimbursed or actually achieving reimbursement. The fact that in the last couple of months, there's tremendous amount of new side effect profiles that are coming out. The reality is that the medicines are only 9 to 12 months old and have only been studied for that duration. And so we hold clinical excellence and the trusted brand pillars kind of in the highest regard in the company. That's our greatest asset here over the long haul, and want to make sure that everything we bring to market is going to deliver a seamless, effective and safe offering for patients.

是的，很好的問題。我認為 GLP-1 內部存在著巨大的興奮感。市場上現有的產品以及坦率地說，目前正在研發中並完成臨床試驗的一打或兩打產品，我認為這些產品可能會將口服索馬魯肽推向市場，並且有望提高療效。因此，毫無疑問，這些將繼續存在，並且平台的構建方式使其能夠包括附屬藥房運營方面，正如您提到的，冷藏的必要性。我們認為這不會成為我們運營方面的擔憂。我認為真正透明的真正原因是能夠為我們的患者提供世界一流的體驗，而我們的客戶對這項服務還沒有感到完全滿意。我想你會從市場上的同行那裡看到這一點，他們因為供應鏈問題不一致而撤回或關閉這項服務，或者我認為只有 1% 或 2% 的人有資格獲得這項服務。實際得到報銷或實際實現報銷。事實上，在過去的幾個月裡，出現了大量新的副作用概況。事實上，這些藥物只有 9 到 12 個月的歷史，並且只在這段時間內進行了研究。因此，我們在公司中高度重視臨床卓越性和值得信賴的品牌支柱。從長遠來看，這是我們最大的資產，並且希望確保我們推向市場的所有產品都能為患者提供無縫、有效和安全的產品。

And right now, I just don't think we have that confidence. So we're staying close to it. We're working with our clinical advisers to make sure that we are up to speed on how things are evolving. Without question, they will be a part of the platform in some form in the future as a lot of these issues get worked out, and hopefully, the next generations as well, but likely won't be available there on launch by the end of this year.

現在，我認為我們沒有這樣的信心。所以我們正在接近它。我們正在與臨床顧問合作，以確保我們及時了解事情的發展情況。毫無疑問，隨著許多問題得到解決，它們將來將以某種形式成為該平台的一部分，希望下一代也能得到解決，但很可能不會在年底前發布。今年。

Understood. And I appreciate the perspective there, Andrew. And then maybe as a second question, I fully appreciate if this one hard to answer. But beginning of the year, you gave the 25 targets, $1.2 billion, $100 million of revenue. And I very much understand the emphasis on at least, which I think was underlined bolded in your presentation. So I get that. And that being said, this is the second straight quarter of being raised on a pacing perspective, you're tracking well ahead of there, and that's before market expansion.

明白了。我很欣賞那裡的觀點，安德魯。也許作為第二個問題，如果這個問題很難回答，我完全理解。但是今年年初，你們給了25個目標，12億美元，1億美元的收入。我非常理解至少對這一點的強調，我認為您的演講中已經用粗體強調了這一點。所以我明白了。話雖如此，從節奏的角度來看，這是連續第二個季度籌集資金，你遠遠領先於那裡，而且那是在市場擴張之前。

So I guess, what should we think about in terms of when you plan to update that one way or the other or discuss further changes based on the fact that you're now also expanding your near-term [TAM?]

所以我想，當您計劃以一種或另一種方式更新或基於您現在也在擴展近期 [TAM？] 的事實來討論進一步的更改時，我們應該考慮什麼？

Yes, Mike. Thanks so much for the question. I think when we set the 2025 targets, that was given around line of sight for really what we had at the end of last year. We were seeing so many different things that were compelling in the business, that gave us the conviction to set the floors of $1.2 billion of revenue, $100 million of EBITDA. I think we deliberately did not give a range or percent of savings just because there's so much exciting going on in the business right now with the launch of new categories. We've been pleasantly surprised by the -- some of the newer personalized offerings taking off. But at this point in time, we still leave those as the floors for 2025.

是的，邁克。非常感謝您的提問。我認為，當我們設定 2025 年目標時，我們是根據去年年底的實際情況制定的。我們在業務中看到了許多引人注目的不同事物，這讓我們有信心將收入和 EBITDA 的底線設定為 12 億美元和 1 億美元。我認為我們故意沒有給出節省的範圍或百分比，只是因為隨著新類別的推出，現在的業務發生了很多令人興奮的事情。我們對一些較新的個性化產品的騰飛感到驚喜。但目前，我們仍將這些作為 2025 年的底線。

As we get closer, probably to 2025, and we see the full potential for some of these matters, then we'll look to update. But at this time, again, we can call that those are our floors not going.

隨著我們越來越接近，可能到 2025 年，我們看到其中一些問題的全部潛力，然後我們將尋求更新。但此時，我們再次可以說這些樓層無法使用。

Your next question comes from Glen Santangelo with Jefferies.

您的下一個問題來自 Jefferies 的 Glen Santangelo。

I just want to follow up on some of your prepared remarks. It kind of sounds like, Andrew, that you decided that it was the right move to make some investments in pricing. And if I heard Yemi correctly, it kind of sounds like that's going to cost you $12 million to $18 million in both revenue and EBITDA in just the back half alone. So it seems like kind of a significant investment, but it doesn't sound like it was related to churn. And it kind of sounds like you're doing that and now you're seeing an increased duration of your average customer. So I was wondering -- and then I'm putting all this in the context for the fact that you just raised guidance as well. So I was wondering if you could just flesh out that decision a little bit more and the ramifications of what you've seen as a result of that investment in price.

我只想跟進你準備好的一些言論。安德魯，聽起來你認為在定價方面進行一些投資是正確的舉動。如果我沒聽錯 Yemi 的話，聽起來光是後半段就讓你的收入和 EBITDA 損失了 1200 萬到 1800 萬美元。因此，這似乎是一項重大投資，但聽起來與客戶流失無關。聽起來好像您正在這樣做，但現在您發現平均客戶的停留時間有所增加。所以我想知道 - 然後我將所有這些都放在您剛剛提出指導的事實中。所以我想知道你是否可以進一步充實這個決定以及你所看到的價格投資結果的後果。

Glen, that's a great question. I'll take maybe the first half, and Yemi -- add some of the quantifiable things we've been seeing because it really is moving some of those numbers. It was really a strategy to leverage the strength of where the business is at right now. As you saw in this quarter, we hit kind of record 82% gross margins. I think there's an incredible amount of efficiency and operational excellence that's taking place under the hood, allowing us to deliver on the mission, which is to help the very mass market, right? We've said this in the past. We believe we can build a platform and a value prop that is such where every household in the country is a member and is satisfied and loves this business and brand and it's getting real value.

格倫，這是一個很好的問題。我可能會考慮前半部分，Yemi——添加一些我們已經看到的可量化的東西，因為它確實正在改變其中一些數字。這確實是一項利用當前業務優勢的戰略。正如您在本季度所看到的，我們的毛利率達到了創紀錄的 82%。我認為在幕後發生了令人難以置信的效率和卓越運營，使我們能夠完成幫助大眾市場的使命，對嗎？我們過去已經說過這一點。我們相信我們可以建立一個平台和一個價值支柱，讓全國每個家庭都是會員，並對這個業務和品牌感到滿意和熱愛，並且它正在獲得真正的價值。

And I think in doing so, we want to find as much efficiency as we can within the business and bring that back into the customers' pocket, right? That is a clear and aggressive way for us to go take meaningful market share with an offering that we know to be a very sticky and very accretive in an individuals life. And so that was really the strategy behind this, and I think continues to be the strategy. Big investment to be able to do so, but I feel like it's a powerful one given the brands opportunity to go after a big chunk of the market that otherwise might be costed outside of the range of an opportunity.

我認為，在這樣做的過程中，我們希望在業務中找到盡可能高的效率，並將其帶回客戶的口袋，對嗎？對於我們來說，這是一種明確而積極的方式，可以通過我們知道對個人生活非常有粘性和非常有增值作用的產品來獲得有意義的市場份額。這確實是其背後的策略，而且我認為仍然是該策略。能夠做到這一點需要大量投資，但我覺得這是一項強大的投資，因為品牌有機會追逐很大一部分市場，否則成本可能會超出機會的範圍。

Yes. I mean just to add to that, building upon what Andrew said, Glen, I think that really the objective is how do we make it as easy as possible for as many users as possible to stay on the platform for decades? Given the efficiency gains that we are seeing and how the benefits of scale have really come through faster than we anticipated. We really started to look for additional ways given that we have just an entirely different construct out in the market where we're no longer competing on access, but we're also competing on personalized products. when you really combine those things and as we start to bring those into increasingly more and more mass market prices, it becomes really powerful.

是的。我的意思是補充一點，根據安德魯所說，格倫，我認為真正的目標是我們如何讓盡可能多的用戶盡可能輕鬆地在該平台上停留數十年？鑑於我們所看到的效率提升以及規模效益的實現速度比我們預期的要快。我們確實開始尋找其他方法，因為我們在市場上有一個完全不同的結構，我們不再在訪問上競爭，但我們也在個性化產品上競爭。當你真正將這些東西結合起來，並且當我們開始將它們納入越來越多的大眾市場價格時，它就會變得非常強大。

And what we've also observed is the more scale that we get, the more efficiency that we generally get and so really basically being able to lean into that flywheel in a way that benefits us as well as our consumers, I think it's going to be really powerful to come.

我們還觀察到，我們獲得的規模越大，我們通常獲得的效率就越高，因此基本上能夠以一種有利於我們和我們的消費者的方式依靠飛輪，我認為這將會真正強大的來了。

Your next question comes from Jungwon KIm with Cowen.

您的下一個問題來自 Jungwon KIm 和 Cowen。

Just from a macro standpoint, as there is uncertainty in the market, have you seen any changes in the consumer behavior and maybe any notable changes quarter-to-date that you can sort of provide more colors on. And another question I had was around marketing strategy. It looks like you're kind of the investing behind marketing around new launches. How will that be different versus what you currently have. And just curious if there are more colors you can give around marketing strategies going forward.

僅從宏觀角度來看，由於市場存在不確定性，您是否看到了消費者行為的任何變化，以及本季度迄今為止的任何顯著變化，您可以提供更多的顏色。我的另一個問題是關於營銷策略的。看起來您正在為新產品的營銷進行投資。這與您目前擁有的有何不同？只是好奇您是否可以為未來的營銷策略提供更多顏色。

Yes. So I can take the first one, Jungwon, and then hand it off to Andrew for the second one. I think we've not seen really any pressure on the consumer. I think we've spoken to you how the overall consumer set is diversified across so many aspects from gender, age, income, but really leasing success in multiple different environments. I think what we actually saw is as we started to roll out the personalized construct and then also take some of the strategic pricing actions. We really saw behavior from both new consumers as well as the existing consumers really start to lean in and take actions that we feel are signals of stronger retention, stronger LTVs in the future. This includes everything from selecting longer-duration products, selecting the personalized products. The early feedback on those is coming quite strong.

是的。所以我可以拿第一個，Jungwon，然後把第二個交給安德魯。我認為我們並沒有看到消費者受到任何壓力。我想我們已經與您討論了整體消費者群體如何在性別、年齡、收入等多個方面實現多元化，但在多種不同環境中真正取得了成功。我認為我們實際看到的是我們開始推出個性化結構，然後採取一些戰略定價行動。我們確實看到了新消費者和現有消費者的行為真正開始採取行動，我們認為這些行動是未來更強的留存率和更強的生命週期價值的信號。這包括從選擇長期產品到選擇個性化產品的一切。對這些的早期反饋非常強烈。

And so generally, we, if anything, have seen a stronger consumer as a result of the actions, both in terms of the product assortment as well as the pricing attractions that we've taken.

總的來說，我們（如果有的話）看到了這些行動帶來的更強大的消費者，無論是在產品種類還​​是我們採取的定價吸引力方面。

Yes. And then, Jungwon, on the marketing strategy side, I think it will be a really similar go-to-market than what you've seen from us in the last 4, 5 years, which is very omnichannel strategy, leveraging a very diverse set of channels and campaigns to educate consumers where they are today, right, in the comfort of their home across both social, TV, out-of-home, streaming, with really straightforward destigmatizing straight talk authentic marketing.

是的。然後，Jungwon，在營銷策略方面，我認為這將是一個與過去 4、5 年我們看到的非常相似的市場進入方式，這是非常全渠道的策略，利用非常多樣化的策略通過一系列渠道和活動，通過社交、電視、戶外、流媒體等方式，通過真正直接的去污名化直言不諱的真實營銷，在舒適的家中教育消費者今天的處境。

I think this is really what resonates with the audience we're going after. It's something that people have really come to appreciate and value with the brand. And so I think that will be what it looks like. I think it will also include a lot of the kind of best-in-breed aspects of historical campaigns as well, whether that's influencers or celebrity partnerships, such as with Kristen Bell for the mental health campaign on Hers. Those have also been incredibly powerful in building the awareness of these conditions and the prevalence of these conditions. And I think you'll see us leverage those same tactics in the future.

我認為這確實能引起我們所追求的觀眾的共鳴。這是人們真正開始欣賞和重視該品牌的東西。所以我認為事情就是這樣的。我認為它還將包括歷史活動中的許多同類最佳方面，無論是影響者還是名人合作夥伴，例如與克里斯汀·貝爾 (Kristen Bell) 合作的 Hers 心理健康活動。這些在提高人們對這些疾病及其患病率的認識方面也發揮了極其強大的作用。我想你將來會看到我們利用同樣的策略。

Your next question comes from Jonathan Yong with Credit Suisse.

您的下一個問題來自瑞士信貸銀行的 Jonathan Yong。

Just on the cardiovascular expansion, I imagine most consumers on [ED] are utilizing hence for some level of privacy away from their traditional [PCP], but stepping into cardiovascular, it may bring the traditional PCP in. So I guess, how are you thinking about this aspect that there is some friction, if any, from your perspective?

就心血管擴張而言，我想[ED] 上的大多數消費者都在利用這種遠離傳統[PCP] 的某種程度的隱私，但進入心血管領域，它可能會引入傳統的PCP。所以我想，你好嗎想一想，從您的角度來看，這方面是否存在一些摩擦？

Thanks, Jonathan. It's a great question. One of the unique things that we've noticed about this business, and it continues to be true, is overwhelmingly the patients that come to the platform every day are first-time customers. And what that means is they often do not actually have a primary physician for which they know the name and have a relationship with. This is overwhelmingly the case for people in their 20s, 30s, 40s and even 50s. And so in many ways, what we are doing is bringing individuals that are outside of the health system today into the health system for the first time. And so we believe we can be that first point of contact in partnership with these organizations, such as the American College of Cardiology and building great clinical protocols into the platform. And then as we continue to expand through a lot of the brick-and-mortar partnerships we've had, such as Ochsner and Carbon health and SINAI continue to expand that network. So that from a geographical footprint standpoint, we can hand off patients that are necessary to be seen in the brick-and-mortar and in person. And so in a lot of ways, that issue doesn't come up for us, and it's because those that are coming to us for the most part, do not have a deep relationship with an individual provider and are having their first major relationship with Hims & Hers directly. So I think it's a real opportunity actually to expand market share of those engaging with the system and ultimately get those people to the right outcome.

謝謝，喬納森。這是一個很好的問題。我們注意到這項業務的獨特之處之一（而且仍然如此）是每天來到該平台的患者絕大多數都是首次客戶。這意味著他們實際上通常沒有一位他們知道名字並且與之有關係的主治醫生。對於20多歲、30多歲、40多歲甚至50多歲的人來說，絕大多數都是這種情況。因此，從很多方面來說，我們正在做的事情是首次將當今衛生系統之外的個人納入衛生系統。因此，我們相信我們可以成為與這些組織（例如美國心髒病學會）合作的第一個聯絡點，並在該平台中構建出色的臨床協議。然後，隨著我們繼續擴大我們已有的許多實體合作夥伴關係，例如 Ochsner 和 Carbon health，SINAI 繼續擴大該網絡。因此，從地理足蹟的角度來看，我們可以將需要親自到實體醫院就診的患者轉交給他們。因此，在很多方面，這個問題不會出現在我們身上，這是因為那些大部分來找我們的人與個別提供商沒有深厚的關係，並且與他們建立了第一個主要關係直接他和她。因此，我認為這是一個真正的機會，可以擴大參與該系統的人員的市場份額，並最終讓這些人獲得正確的結果。

Okay. I appreciate the answer there. And then just on the pricing headwinds that you talked about the $12 million to $18 million. Is there a disproportionate impact on 4Q because it looks like based on your guidance, 4Q revenue could actually be down sequentially from 3Q? And then as we think about 2024, should we think of the lingering impact is maybe 1 to 2-point headwind to growth?

好的。我很欣賞那裡的答案。然後就您談到的 1200 萬至 1800 萬美元的定價逆風而言。是否會對第四季度產生不成比例的影響，因為根據您的指導，第四季度的收入實際上可能比第三季度連續下降？然後，當我們思考 2024 年時，我們是否應該考慮揮之不去的影響可能會對增長產生 1 到 2 個百分點的阻力？

Yes, Jonathan, I think that's a great question. I think that really the impact will be spread across Q3 Q4 -- our guide anticipating, as Andrew mentioned, we're going to be very precise with these changes. We still do want to retain the flexibility to potentially as newer categories roll out and if we see more efficiency in doing any of those. Again, I don't think we're going to use pricing as a blunt tool. We use this as a very precise tool of all the data that we collect. Really, what we expect to see is, as the marketing teams continue to tune their acquisition message as well as as we start to head into kind of the Q2 time frame of 2024, you'll start to get the benefit on both acquisition as well as we feel all signals point to even higher retention that we'll have across our base. And so there might be some pressure in early 2024. But really, we expect to start to lock that in Q2 and then kind of see the full strength of the effects in Q3, Q4.

是的，喬納森，我認為這是一個很好的問題。我認為影響確實會蔓延到第三季度和第四季度——正如安德魯提到的，我們的指南預計我們將非常精確地對待這些變化。隨著新類別的推出以及我們看到其中任何一項的效率更高，我們仍然希望保留潛在的靈活性。再說一遍，我認為我們不會將定價​​作為一種生硬的工具。我們將其用作我們收集的所有數據的非常精確的工具。事實上，我們期望看到的是，隨著營銷團隊繼續調整他們的收購信息，以及我們開始進入 2024 年第二季度的時間框架，您也將開始從兩次收購中受益因為我們認為所有信號都表明我們將在整個基地擁有更高的保留率。因此，2024 年初可能會遇到一些壓力。但實際上，我們預計會在第二季度開始鎖定這一壓力，然後在第三季度、第四季度看到其影響的全部強度。

Your next question comes from Jailendra Singh with Truist Securities.

您的下一個問題來自 Truist Securities 的 Jailendra Singh。

I just want to stick with this last topic about pricing changes impacting in the quarter and the year guidance. Just trying to reconcile with that strong trends in AOV. You talked about it earlier. Are you saying that just because you lower the prices on longer duration offering, you saw more adoption and that drove AOV higher. And if that's the case, then are you -- $5 million headwind in the quarter and $12 million to $18 million headwinds for the year, is that before that benefit on AOV? Or is it net of AOV benefit?

我只想繼續討論最後一個主題，即影響季度和年度指導的定價變化。只是試圖適應 AOV 的強勁趨勢。你之前談到過。您是說僅僅因為您降低了較長期限產品的價格，您就看到了更多的採用率，從而推高了 AOV。如果是這樣的話，那麼本季度有 500 萬美元的逆風，全年有 1200 萬至 1800 萬美元的逆風，這是在 AOV 受益之前嗎？還是扣除了 AOV 收益？

Yes. Thanks for the question, Jailendra. I would reiterate that while we provide AOV statistics, management is definitely not optimizing on AOV. I think we're really optimizing for the total share of the customer, which comes in the form of the monthly average online revenue as well as basically what is the total LTV for a cumulative customer look like. That said, the AOV dynamic is -- when a customer makes a commitment upfront, their monthly rate what they pay per month may be lower, but because they're committing to you more months upfront. That, in essence, starts to drive the AOV higher. And so I think that the guidance that we gave in the $12 million to $18 million headwind range is fully comprehensive of all of the different puts and takes on that.

是的。謝謝你的提問，Jailendra。我要重申的是，雖然我們提供 AOV 統計數據，但管理層絕對沒有對 AOV 進行優化。我認為我們確實在針對客戶的總份額進行優化，該份額以每月平均在線收入以及累積客戶的總 LTV 的形式出現。也就是說，AOV 動態是——當客戶提前做出承諾時，他們每月支付的月費可能會較低，但因為他們提前向您承諾了更多個月。從本質上講，這開始推高 AOV。因此，我認為我們在 1200 萬美元至 1800 萬美元的逆風範圍內給出的指導完全涵蓋了所有不同的看跌期權和認購期權。

Okay. And then my follow-up on all this focus on personalized treatment. Maybe just talk a lot -- a little bit more about the investments you're doing, not only technology and platform point of view, but also in terms of provider training or new providers you're bringing on your platform. And related to that, I was wondering if you can spend some time on your relationship structure with the affiliated medical groups given all the recent confusion and concerns on that partnership has been.

好的。然後我對所有這些的後續關注都集中在個性化治療上。也許只是談論很多——更多地談論您正在做的投資，不僅是技術和平台的觀點，還包括提供商培訓或您在平台上引入的新提供商。與此相關的是，鑑於最近對該夥伴關係的所有困惑和擔憂，我想知道您是否可以花一些時間來研究您與附屬醫療團體的關係結構。

Jailendra. There's a lot of education that goes into this platform across the bar. So we leverage a lot of the kind of best-in-class clinical and academic partnerships outside of our walls as well as our medical directors to bring together what those protocols should be because a lot of this is truly innovative. And for heart health, as an example, partnering with the American Cardiology was critical in an underlying, or identifying the underlying risk factors that these patients are having. So there's a big coalition building aspect of this that then gets consolidated down and actually built into the EMR and into trading programs.

賈蘭德拉。這個平台上有很多教育內容。因此，我們利用我們外部的許多一流的臨床和學術合作夥伴以及我們的醫療總監來整合這些協議應該是什麼，因為其中很多都是真正的創新。以心臟健康為例，與美國心髒病學會合作對於確定這些患者所具有的潛在風險因素至關重要。因此，這有一個大的聯盟建設方面，然後得到整合，並實際構建到 EMR 和交易程序中。

So the teams are able to get fully informed about these guidelines and then providers are able to make those independent choices and clinical best practices that they feel are appropriate for the patient. And generally, this is how the platform has always worked. And as we expand these capabilities and expand the pharmacy relationships and the treatment ranges, it allows providers to go after treating patients more holistically.

因此，團隊能夠充分了解這些指南，然後提供者能夠做出他們認為適合患者的獨立選擇和臨床最佳實踐。一般來說，這就是該平台一直以來的運作方式。隨著我們擴展這些能力並擴大藥房關係和治療範圍，它使提供者能夠更全面地治療患者。

Your next question comes from George Hill with Deutsche Bank.

你的下一個問題來自德意志銀行的喬治·希爾。

I have 1 for Andrew and 1 for Yemi. And I guess, Andrew, first, I'm going to kind of take the opposite tack on the new cardio product with the launch of the cardio product and the behavioral initiatives you guys are getting into more diseased states that are not self-diagnosable, or not typically considered self-diagnosable, so I'd love to hear how you think about like what other disease states that the company feels like it can go into for market growth. And then Yemi, this is just kind of a housekeeping question. Is the 12 -- I want to parse pieces here, is the $12 million to $18 million headwind in the back half of the year? Solely the headwind from the repricing initiatives? Or is there a way to parse out the repricing from the expectations on a tough comp in the back half of the year? And kind of like I know that's kind of splitting out a little bit, but would appreciate any color.

我有 1 個給 Andrew，1 個給 Yemi。我想，安德魯，首先，隨著有氧運動產品的推出，我將對新的有氧運動產品採取相反的方針，以及你們這些人正在進入更多無法自我診斷的疾病狀態的行為舉措，或者通常不被認為是可以自我診斷的，所以我很想听聽您如何看待該公司認為可以進入市場增長的其他疾病。然後 Yemi，這只是一個家務問題。 12 是——我想在這里分析一下，今年下半年 1200 萬美元到 1800 萬美元的逆風是嗎？僅僅是重新定價舉措帶來的阻力嗎？或者有沒有辦法從下半年艱難的預期中解析出重新定價？有點像我知道這有點分裂，但會欣賞任何顏色。

Thanks, George. Great question. I think you're exactly right. This is one of the first categories, I think, that we're launching into where it requires a coalition of outside collaboration. It requires deep integration of kind of predictive analysis in the consultation flow to be able to identify patients at risk. It involves third-party partnerships, such as the one we announced with LabCorp to be able to gather that data set in a way that can more completely allow providers to identify these patients at risk and then actually treat them. I think the infrastructure that we put in place with this this launch is 1 that can be replicated quite easily, actually. And I think replicated in most of the remaining categories from a health care system standpoint that plagued the country that we are not in. So this could be metabolic disorders. This could be insulin-resistant disorders. This could be diabetes. This could be things like menopause and hormonal balancing. We've already obviously spoken quite a bit about weight management. But I think a lot of the chronic conditions that the business has yet to launch into have similarities in the diagnosis, the validation and then the ongoing treatment relationship with patients as the launch of Heart Health by Hims.

謝謝，喬治。很好的問題。我認為你是完全正確的。我認為，這是我們首先進入的類別之一，需要外部合作聯盟。它需要在諮詢流程中深度整合某種預測分析，以便能夠識別處於危險中的患者。它涉及第三方合作夥伴關係，例如我們與 LabCorp 宣布的合作夥伴關係，能夠以一種更全面地允許提供者識別這些處於危險中的患者然後實際治療他們的方式收集數據集。我認為我們在這次發布中建立的基礎設施實際上可以很容易地複制。我認為從醫療保健系統的角度來看，在大多數剩餘類別中都出現了困擾我們所在國家的情況。所以這可能是代謝紊亂。這可能是胰島素抵抗性疾病。這可能是糖尿病。這可能是更年期和荷爾蒙平衡之類的事情。顯然我們已經談過很多關於體重管理的內容了。但我認為，該業務尚未推出的許多慢性病在診斷、驗證以及與患者持續治療關係方面都有相似之處，就像 Hims 推出 Heart Health 一樣。

And so that, I think, is a template for us that we believe, in the coming years can be replicated. We think it's a really innovative platform given the simplicity for customers, the ease of it, the leveraging of other categories that a patient might be more interested in learning about, but then the ability to diagnose and treat those patients for possibly even riskier conditions they were unaware of. And then ultimately, that innovation on the pharmacy side to deliver a personalized treatment and even in this situation, a single pill treatment with a multi-category benefit. We think that's going to massively improve adherence and engagement and retention and truly value for these patients. So I've said this from the beginning, I think the business is capable of attacking upwards of 70% or 80% of the traditional health care system. I think more and more as these third-party integrations, whether it's through LabCorp or through diagnostic testing at home or through tracking systems on the individual or Apple watches, et cetera, you'll be able to more sophisticatedly treat these patients on the go, leveraging truly best-in-class clinical guidelines at the platform level and then offer a really data-oriented and ML capabilities to better prescribe and diagnose and treat these individuals. I think that's where we're running towards. We mentioned we filed a number of provisional trademarks around the name MedMatch and are going to be sharing a lot of that AI technology in the next quarter. But a big part of this is the ability to predict the diagnosis and the appropriate treatment to help providers make more informed and clinically appropriate decisions.

因此，我認為這對我們來說是一個模板，我們相信在未來幾年可以復制。我們認為這是一個真正創新的平台，因為它對客戶來說很簡單，很容易，利用患者可能更感興趣了解的其他類別，但隨後能夠診斷和治療這些患者可能面臨的風險更高的情況。不知道。最終，藥房方面的創新提供了個性化治療，甚至在這種情況下，單一藥丸治療具有多類別的益處。我們認為這將極大地提高依從性、參與度和保留率，並為這些患者帶來真正的價值。所以我從一開始就說過，我認為該業務有能力攻擊傳統醫療保健系統的 70% 或 80% 以上。我認為，隨著這些第三方集成越來越多，無論是通過 LabCorp 還是通過家庭診斷測試，或者通過個人或 Apple 手錶上的跟踪系統等等，您將能夠在旅途中更複雜地治療這些患者，在平台層面利用真正一流的臨床指南，然後提供真正的數據導向和機器學習功能，以更好地為這些人開處方、診斷和治療。我認為這就是我們正在努力的方向。我們提到，我們圍繞 MedMatch 名稱申請了一些臨時商標，並將在下個季度分享大量人工智能技術。但其中很大一部分是預測診斷和適當治療的能力，以幫助提供者做出更明智和臨床上適當的決策。

And then, George, at the back half of your question, the $12 million to $18 million range exclusively correlates to pricing. Effectively, that is the impact of repricing the majority of the existing base that are already on some of those SKUs with the updated pricing and as those folks start to renew, they will get the updated pricing. There will be some mitigation just from new users starting to select a different mix of products that we expect will skew more towards the personalized and longer duration offering as well as the continued upgrades for some of the existing users that are switching from generic solutions or shorter duration solutions in the back half of the year.

然後，喬治，在你問題的後半部分，1200 萬美元到 1800 萬美元的範圍完全與定價相關。實際上，這就是對某些 SKU 上已有的大部分現有基礎重新定價所產生的影響，並且隨著這些人開始續訂，他們將獲得更新的定價。新用戶開始選擇不同的產品組合將會帶來一些緩解，我們預計這些產品將更多地偏向個性化和較長持續時間的產品，以及一些從通用解決方案或更短的解決方案切換的現有用戶的持續升級下半年的持續時間解決方案。

Okay. Maybe just a quick follow-up here. Yemi, are you guys willing to communicate kind of like what's the net impact of the price customer percentage perspective? Like what's the price markdown on the haircare -- on the hair products?

好的。也許只是在這裡進行快速跟進。 Yemi，你們是否願意就價格客戶百分比視角的淨影響進行交流？比如護髮產品的降價是多少？

Yes. I think it varies. Like I don't think we're going to go SKU by SKU. And we did it in a very precise way. So the overall package is relatively complex, particularly as you get into sexual health. But at the general genesis given what we did, number one, we wanted to remove the concept of having a pill-based offering and move to a treatment-based offering, or many of the SKUs we started to remove premiums on things like stronger dosages and the things to start truly just to ensure that customers are able to get to the solution that they need. Additionally, what we also did is we started to just make the price points for the personalized SKUs more attractive. And so in some of the instances for a longer duration SKU, the price cuts can be north of 25% to 30%.

是的。我認為這有所不同。我認為我們不會逐個 SKU 進行處理。我們以非常精確的方式做到了這一點。因此，整體方案相對複雜，尤其是當您涉及性健康時。但從我們所做的事情的總體起源來看，第一，我們希望消除基於藥丸的產品的概念，轉向基於治療的產品，或者我們開始取消諸如更強劑量之類的許多 SKU 的溢價真正開始的事情只是為了確保客戶能夠獲得他們需要的解決方案。此外，我們還開始讓個性化 SKU 的價格更具吸引力。因此，在某些情況下，對於較長期限的 SKU，降價幅度可能會超過 25% 到 30%。

Your next question comes from Korinne Wolfmeyer with Piper Sandler.

您的下一個問題來自 Korinne Wolfmeyer 和 Piper Sandler。

Congrats on a quarter -- on the good quarter. I'll just stick it to 1 question. I'd like to kind of break down the outlook for the gross margin going forward. And I know you guys have talked a little bit about kind of that 75% plus range longer term, and I think the slide deck had that as well. At what point are we going to start seeing more gross margin degradation. I know you're taking pricing down a bit. You've talked about adding more innovation. That's going to pressure margins, but we're still not seeing that yet. So just how should we be thinking about that gross margin going forward over the next couple of quarters and into 2024?

恭喜這個季度——一個好的季度。我只回答 1 個問題。我想詳細分析一下未來毛利率的前景。我知道你們已經討論過 75% 以上的長期範圍，我認為幻燈片也有這樣的內容。我們什麼時候會開始看到毛利率進一步下降。我知道你們正在降低價格。您談到了增加更多創新。這將對利潤率造成壓力，但我們還沒有看到這一點。那麼我們應該如何考慮未來幾個季度乃至 2024 年的毛利率呢？

Yes. I think we continue to unlock additional efficiencies across the board. And so I think that, from our vantage point, we still see that there's meaningful efficiency gains in front of us, whether that's in the form of lower product costs, opportunities on shipping. A whole host of things that as we get bigger, I think we'll continue to optimize I think we're going to be very thoughtful. Like we're not going to give up gross margin points just to do it. We're going to run experiments and be very precise. And really, the investments can come into a multitude of things as we look forward, that can be pricing, bundled offerings, loyalty programs, how we think around the category assortment, I think we'll start to weigh all those different factors. -- that's going to take at least a couple of quarters to really identify those things. And so it's not going to necessarily be just a linear line down to the midpoint. As we're testing things and as we're gaining efficiency, there might be periods of time somewhere at this quarter where it actually goes up, remain steady. But I do think that the way to think around it is, there are definitely efficiency gains in front of us. But at the same time, we also are very thoughtful and in a precise way we'll look to continue to give value back to the customer.

是的。我認為我們將繼續全面提高效率。因此，我認為，從我們的角度來看，我們仍然看到我們面前有有意義的效率提升，無論是降低產品成本還是運輸機會。隨著我們規模的擴大，我認為我們將繼續優化很多事情，我認為我們會考慮得非常周到。就像我們不會為了這樣做而放棄毛利率點一樣。我們將進行非常精確的實驗。事實上，正如我們所期待的那樣，投資可能會涉及到很多方面，可以是定價、捆綁產品、忠誠度計劃、我們如何思考品類分類，我認為我們將開始權衡所有這些不同的因素。 ——至少需要幾個季度才能真正確定這些事情。因此，它不一定只是一條一直到中點的線性線。當我們正在測試事物並提高效率時，本季度的某個時間段可能會出現實際上升並保持穩定的情況。但我確實認為，圍繞這個問題的思考方式是，我們面前肯定會提高效率。但與此同時，我們也非常周到，並以精確的方式繼續為客戶回饋價值。

Your next question comes from Ivan Feinseth with Tigress Financial Partners.

您的下一個問題來自 Tigress Financial Partners 的 Ivan Feinseth。

Congratulations on another great quarter and ongoing success and the birth of our second son, too, that's great news. Can you go into a little more detail on some of the platforms you're going to have for the weight loss management and also for heart health. Like for example, it looks like it would be a great opportunity to partner with more traditional providers because a lot of heart health diagnostics things like EKGs are very pricey and you would need your insurance to cover that as part of the diagnostic, but also do you envision like a subscription platform to track your way, track out food logs and things like that, so you can kind of learn your eating habits and help to get modification. And there are some products that are on subscription that I think would lend itself for you to create a great subscription-based product. And then further with all of the data you have, what kind of applications of AI to kind of clean patterns, like you said, if you have a erectile dysfunction, it is a lot of times an indication of heart health.

祝賀又一個偉大的季度和持續的成功，以及我們的第二個兒子的出生，這也是個好消息。您能否更詳細地介紹一些用於減肥管理和心臟健康的平台。例如，看起來這將是與更傳統的提供商合作的絕佳機會，因為許多心臟健康診斷產品（例如心電圖）非常昂貴，您需要您的保險來承保作為診斷的一部分，但也可以這樣做您設想有一個訂閱平台來跟踪您的生活方式、跟踪飲食日誌等類似內容，這樣您就可以了解自己的飲食習慣並幫助進行修改。我認為有一些訂閱產品可以幫助您創建出色的基於訂閱的產品。然後進一步根據您擁有的所有數據，人工智能可以應用到什麼樣的清潔模式，就像您所說的，如果您有勃起功能障礙，很多時候這表明心臟健康。

Thanks, Ivan, for the question and congratulations as well. I think on the on the -- both parts of that question were things were really excited by. So on the subscription offering side, Yemi spoke about how these pricing changes move from a pill-based construct to a treatment-based construct. And what that allows us to do is offer more kind of membership level and subscription level pricing and value for that single price point, right? And so when you think about weight management, there's a really holistic approach here. There is the necessity for great nutrient and great calorie intake, right? There's the necessity to move your body right? 5,000, 7,000, 10,000 steps per day. There's a physiological requirement to get great sleep. I mean you can be doing all of these things, but if you're not sleeping well, you will not shed those pounds. And so it is comprehensive. And I think Dr. Primack on the weight management side of the house as been able to educate us and our outside partners have been able to inform us on kind of the necessity of all of those factors. So you should absolutely expect that over the coming quarters, you'll see the mobile app which has increasingly become the core dominant destination for customers, expand to represent content, nutrition, tools, tracking, et cetera, such that we can more appropriately and holistically get you to a great outcome. And that could be on weight management, that could be on dermatology-related issues, that could be on cardiovascular health. Because each of these really does require a broad set of approaches. So absolutely on the subscription and the comprehensiveness -- that's something we're really excited by and spending a lot of time investing in. And then on the AI side of the house there's just a tremendous amount of opportunity for us to better inform patients, better educate patients ultimately get them to a better outcome. This could be on the diagnosis and treatment side of the house as we expand more personalized treatment options using AI to help providers make really really great informed decisions about which specific treatment and which specific dose are going to result in great outcomes, and that's a little bit of what we talked about already with MedMatch. But also on the post-treatment side of the house, once you've actually started the treatment, what are the things you can do to really drive better efficacy and adherence and ultimately, better outcomes. And there's a lot of predictive abilities that we can build and are currently building to help inform patients and get the right content in front of patients such that they can have the best outcome possible. So it's very early days on this front, but it's, frankly, I think 1 of the things we're most excited about as a business because it can overarchingly improve the experience from diagnostic to treatment to eventual adherence and ultimately increase medical efficacy quite dramatically.

謝謝伊万的提問，也表示祝賀。我認為這個問題的兩個部分都令人非常興奮。因此，在訂閱服務方面，Yemi 談到了這些定價變化如何從基於藥丸的結構轉變為基於治療的結構。這使我們能夠做的是提供更多種類的會員級別和訂閱級別的定價和單一價格點的價值，對嗎？因此，當您考慮體重管理時，這裡有一個非常全面的方法。需要攝入大量的營養和熱量，對嗎？身體有必要活動一下嗎？每天 5,000、7,000、10,000 步。獲得良好的睡眠是有生理要求的。我的意思是你可以做所有這些事情，但如果你睡得不好，你就不會減掉這些體重。所以它是全面的。我認為普里馬克博士在體重管理方面能夠教育我們，我們的外部合作夥伴也能夠告訴我們所有這些因素的必要性。因此，您絕對應該期望在未來幾個季度中，您將看到移動應用程序日益成為客戶的核心主導目的地，並擴展到代表內容、營養、工具、跟踪等，以便我們可以更適當地和整體上讓您獲得良好的結果。這可能涉及體重管理，可能涉及皮膚科相關問題，也可能涉及心血管健康。因為其中每一個確實都需要一套廣泛的方法。因此，絕對是在訂閱和全面性方面——這是我們真正感到興奮的事情，並花費了大量時間進行投資。然後在人工智能方面，我們有大量的機會可以更好地告知患者，更好地教育患者最終會讓他們獲得更好的結果。這可能是在診斷和治療方面，因為我們使用人工智能擴展更多個性化的治療選擇，幫助提供者做出非常非常明智的決定，了解哪種特定治療和哪種特定劑量將產生良好的結果，這只是一點點我們已經與 MedMatch 討論過一些內容。而且在治療後方面，一旦您真正開始治療，您可以採取哪些措施來真正提高療效和依從性，並最終獲得更好的結果。我們可以構建並且目前正在構建許多預測能力，以幫助告知患者並向患者提供正確的內容，以便他們能夠獲得最佳結果。因此，這方面還處於早期階段，但坦率地說，我認為這是我們作為一家企業最興奮的事情之一，因為它可以全面改善從診斷到治療再到最終依從性的體驗，並最終顯著提高醫療效果。

I'm excited for you because, obviously, heart health and weight management and heart health go hand in hand. So this sounds like it opens up like a tremendous new platform of opportunities. So congratulations.

我為你感到興奮，因為顯然，心臟健康和體重管理與心臟健康是相輔相成的。因此，這聽起來像是一個巨大的新機遇平台。所以恭喜你。

This will conclude today's conference call. Thank you for joining us today. You may now disconnect.

今天的電話會議到此結束。感謝您今天加入我們。您現在可以斷開連接。