Hims & Hers Health Inc (HIMS) 2023 Q3 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 Third 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，謝謝你們的支持。此時，我歡迎大家參加 Hims & Hers 2023 年第三季財報電話會議。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人關係副總裁 Alice Lopatto。請繼續。

Good afternoon, everyone, and welcome to the Hims & Hers Health Third 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 年第三季財報電話會議。今天與我通話的是我們的共同創辦人兼執行長 Andrew Dudum；以及我們的財務長 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.

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。本簡報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，無論是由於新資訊、未來事件、假設變更或其他原因。

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.hims.com. After the call, this webcast will be archived on the website for 12 months.

請參閱我們最近提交的 10-K 和 10-Q 報告，以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，以對最直接可比較的公認會計準則財務指標和相關資訊進行調整。您可以在 Investors.hims.com 上找到網路廣播和投資者關係網站的連結。通話結束後，該網路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. At Hims & Hers, our mission is to make the world feel great through the power of better health. This quarter, we delivered on this mission across the board. Execution in the third quarter was exceptional. Our unique offering of personalized solutions at compelling price points resulted in increased market share across categories, such as sexual health care for both men and women and mental health. Our mental health offering surpassed 125,000 subscribers in the third quarter, while maintaining triple-digit growth. Our execution translated into outstanding financial performance in the third quarter. Revenue was up 57% year-over-year in the third quarter to $226.7 million. And our brand and expanding offering of personalized solutions continue to resonate with more and more consumers, enabling us to surpass 1.4 million subscribers.

謝謝你，愛麗絲。在 Hims & Hers，我們的使命是透過更健康的力量讓世界感覺更美好。本季度，我們全面履行了這項使命。第三季的執行情況非常出色。我們以極具吸引力的價格提供獨特的個人化解決方案，從而提高了各個類別的市場份額，例如男性和女性的性健康保健以及心理健康。第三季度，我們的心理健康服務訂閱人數超過 125,000 名，同時保持三位數的成長。我們的執行力轉化為第三季出色的財務表現。第三季營收年增 57% 至 2.267 億美元。我們的品牌和不斷擴大的個人化解決方案繼續引起越來越多消費者的共鳴，使我們的訂閱者數量超過 140 萬。

In the third quarter, we generated $12.3 million of adjusted EBITDA, up over $18 million (sic) [$6.1 million] relative to the third quarter of last year, while simultaneously delivering strong growth. Our ability to grow both quickly and efficiently while consistently delivering improved profitability is a testament to the team's outstanding execution and demonstrates the strength of our underlying model and the size of our expanding addressable markets.

第三季度，我們實現了 1,230 萬美元的調整後 EBITDA，比去年第三季增加了超過 1,800 萬美元（原文如此）[610 萬美元]，同時實現了強勁成長。我們能夠快速且有效率地發展，同時持續提高獲利能力，這證明了團隊出色的執行力，並展示了我們基礎模型的實力和不斷擴大的潛在市場的規模。

Continued progress across strategic initiatives essential to our long-term strategy of delivering unmatched personalized care provides us with conviction in our ability to continue to drive higher market share and robust financial performance. In the third quarter, we achieved a number of key milestones. First, Hers subscribers nearly doubled year-over-year in the third quarter, the expansion of personalized solutions earlier this year within our women's hair and dermatology offering, combined with continued strength in mental health were key contributors to our success in the third quarter.

對於我們提供無與倫比的個人化照護的長期策略至關重要的策略舉措的持續進展，使我們堅信我們有能力繼續推動更高的市場份額和穩健的財務表現。第三季度，我們實現了許多關鍵里程碑。首先，第三季度Hers 的訂閱者同比增長了近一倍，今年早些時候我們在女性頭髮和皮膚科產品中個性化解決方案的擴展，加上心理健康領域的持續強勁，是我們第三季度取得成功的關鍵因素。

With improved economics quarter-over-quarter, these offerings are pacing towards achieving the high-quality efficiency metrics of our most optimized business lines. Next, we drove meaningful gains from our efforts to verticalize our affiliated pharmacies. Nearly 80% of orders in the third quarter were filled through our affiliated pharmacies and it is our expectation that nearly all orders will be filled via affiliated facilities by year-end. The successful completion of this effort is years in the making and we have strong conviction that it'll unlock further differentiation in pharmaceutical capabilities unmatched by the majority of offerings in the market.

隨著經濟效益逐季改善，這些產品正在努力實現我們最優化的業務線的高品質效率指標。接下來，我們透過垂直化附屬藥局的努力取得了有意義的成果。第三季近 80% 的訂單是透過我們的附屬藥局完成的，我們預計到年底幾乎所有訂單都將透過附屬設施完成。這項工作的成功完成是經過多年的努力，我們堅信它將進一步釋放製藥能力，這是市場上大多數產品無法比擬的。

Lastly, we neared completion on our weight management offering. Rolling out in the coming weeks, this offering will deliver a comprehensive portfolio of generic pharmaceutical treatments at mass market pricing. Leveraging widely studied treatment compounds and sophisticated pharmacy capabilities, we believe weight management will deliver exciting treatment efficacy by helping curb cravings, reduce binge eating and supporting healthy metabolism.

最後，我們的體重管理產品已接近完成。該產品將於未來幾週推出，將以大眾市場定價提供全面的仿製藥治療產品組合。利用廣泛研究的治療化合物和先進的製藥能力，我們相信體重管理將透過幫助抑制食慾、減少暴飲暴食和支持健康的新陳代謝來提供令人興奮的治療功效。

In addition to the ongoing execution across key strategic initiatives, innovation in the third quarter brought the exciting expansion of capabilities within our technology stack. We believe that key to our mission is building a foundation of innovative technologies that deliver unmatched clinical care. Since our inception, we've invested in our proprietary platform that sits at the center of all provider and consumer interactions and today powers over 14,000 visits per day. Our platform has undergone nearly 7 years of development. And with the breadth of services, personalized solutions and capabilities we now offer, it is meaningfully accelerating the quality of care the providers on our platform can deliver.

除了持續執行關鍵策略舉措外，第三季的創新還帶來了我們技術堆疊中令人興奮的功能擴展。我們相信，我們使命的關鍵是建立創新技術的基礎，以提供無與倫比的臨床護理。自成立以來，我們投資了我們的專有平台，該平台是所有供應商和消費者互動的中心，如今每天的訪問量超過 14,000 次。我們的平台已經經歷了近7年的發展。憑藉我們現在提供的廣泛服務、個人化解決方案和功能，我們平台上的提供者可以提供的護理品質顯著提高。

Last quarter marked the beta launch of a significant evolution of our technology platform, MedMatch. MedMatch is a proprietary service that deploys artificial intelligence and machine learning against the expansive dataset at the core of the Hims & Hers platform. MedMatch is trained on millions of anonymized historical clinical visits, demographics, treatment types and patient outcomes and is being developed to identify the most optimal treatment for a particular person from medication formulary, to dosage, to form factor. With MedMatch clinical decisions and treatment recommendations will be supported and informed by the collective knowledge of thousands of providers and millions of data points. We believe connecting the right patient with the right personalized treatment will result in better clinical outcomes and greater likelihood of long-term patient happiness.

上個季度標誌著我們技術平台 MedMatch 重大改進的測試版發布。 MedMatch 是一項專有服務，可針對 Hims & Hers 平台核心的廣泛資料集部署人工智慧和機器學習。 MedMatch 經過數百萬匿名歷史臨床就診、人口統計、治療類型和患者結果的培訓，正在開發中，以從藥物處方、劑量到形式因素中確定針對特定患者的最佳治療方案。透過 MedMatch，臨床決策和治療建議將得到數千名提供者和數百萬個數據點的集體知識的支持和指導。我們相信，將正確的患者與正確的個人化治療聯繫起來將帶來更好的臨床結果和更大的患者長期幸福的可能性。

Our expanding portfolio of personalized solutions opens the door to more choices of treatments for consumers. MedMatch provides the ability to leverage thousands of interactions to help providers more quickly identify treatments as well as inspire confidence with consumers that a specific treatment has worked for patients like them. This robust technology is continuously learning, which we believe will result in increased effectiveness with each incremental customer, all while maintaining the highest standard of safety and privacy.

我們不斷擴大的個人化解決方案組合為消費者打開了更多治療選擇的大門。 MedMatch 能夠利用數千次互動來幫助提供者更快地確定治療方法，並激發消費者的信心，讓他們相信特定的治療方法對他們這樣的患者有效。這項強大的技術正在不斷學習，我們相信這將提高每個增量客戶的效率，同時保持最高的安全和隱私標準。

We are initially deploying MedMatch for customers seeking support for mental health. Psychiatric conditions result in some of the most frustrating patient experiences with a wide range of pharmaceutical formularies and dosages, along with varying degrees of provider experience and expertise, treatment for mental health disorders can be long, burdensome, full of side effects and often feel like a process-oriented around trial and error.

我們最初為尋求心理健康支援的客戶部署 MedMatch。精神疾病導致一些最令人沮喪的患者體驗，各種藥物處方和劑量，以及不同程度的提供者經驗和專業知識，精神健康障礙的治療可能是漫長的、繁重的、充滿副作用的，並且常常感覺像是圍繞著試錯的過程導向。

With MedMatch, we aim to alleviate months of trial and error with clinical insights that leverage the collective knowledge of the entire Hims & Hers platform. In this initial psychiatric beta, MedMatch improved remission rates, time to remission and customer satisfaction. Within this initial cohort, providers are overwhelmingly utilizing the insights and recommendations MedMatch is delivering, helping providers improve their speed to decision for patients, which we believe will ultimately increase the likelihood of a better patient outcome.

透過 MedMatch，我們的目標是利用整個 Hims & Hers 平台的集體知識，透過臨床見解來減少數月的試驗和錯誤。在最初的精神科測試中，MedMatch 提高了緩解率、緩解時間和客戶滿意度。在這個最初的隊列中，醫療服務提供者絕大多數利用了MedMatch 提供的見解和建議，幫助醫療服務提供者提高為患者做出決策的速度，我們相信這最終將增加患者獲得更好結果的可能性。

At the heart of our business is patient trust, trust in their provider, in their care plan and in their treatment to work. We believe the application of MedMatch will be transformative for health care and will usher in an unprecedented level of patient confidence in the care they receive. I could not be more excited to bring an innovative solution that has the capability to improve patient outcomes for a condition that impacts almost 1 billion people around the globe. Capabilities like MedMatch have the ability to amplify the impact of personalized solutions on our platform and as mentioned earlier, are a critical component of the transition to a truly personalized-centric platform.

我們業務的核心是患者的信任、對他們的提供者、他們的護理計劃和他們的治療的信任。我們相信 MedMatch 的應用將為醫療保健帶來變革，並將讓患者對所接受的護理產生前所未有的信心。我非常高興能夠帶來一種創新的解決方案，該解決方案能夠改善影響全球近 10 億人的疾病的患者治療結果。像 MedMatch 這樣的功能能夠放大個人化解決方案對我們平台的影響，並且如前所述，是向真正以個性化為中心的平台過渡的關鍵組成部分。

As I've long said from the beginning, Hims & Hers has leveraged technology to empower both providers and patients with more accessible and personalized treatments. With today's advances in AI and machine learning, our technology is accelerating at an unparalleled pace. As our customer population grows, every new customer is helping us to deliver transformative care into the future by enriching and expanding our proprietary data stack and accelerating the impact MedMatch can deliver on better outcomes. More details around the inner workings of MedMatch are available on our website.

正如我從一開始就說過的那樣，Hims & Hers 利用科技為提供者和患者提供更容易獲得和個人化的治療。隨著當今人工智慧和機器學習的進步，我們的技術正以前所未有的速度加速發展。隨著我們客戶數量的成長，每位新客戶都在幫助我們透過豐富和擴展我們的專有數據堆疊並加速 MedMatch 帶來更好結果的影響力，為未來提供變革性護理。有關 MedMatch 內部運作的更多詳細信息，請訪問我們的網站。

Before I close, I wanted to reassert that our outstanding levels of execution give us tremendous confidence in our ability to bring innovation to our customers for the long term. Today, we're capturing market share at a rapid pace across categories, which will further grow our position as a trusted brand for the overall health and wellness market. With customers adopting personalized treatments at rapid levels and our ability to leverage our affiliated pharmacies to bring innovative products at mass-market pricing, our market leadership position will only get stronger and we are excited to see increased value per customer already as a result.

在結束之前，我想重申，我們出色的執行水準讓我們對為客戶長期帶來創新的能力充滿信心。如今，我們正在快速佔領各個類別的市場份額，這將進一步鞏固我們作為整個健康和保健市場值得信賴的品牌的地位。隨著客戶快速採用個人化治療，以及我們利用我們的附屬藥局以大眾市場價格推出創新產品的能力，我們的市場領導地位只會變得更強，我們很高興看到每個客戶的價值因此而增加。

And as we enter a new age in which AI will become more widespread, our ability to bring technology breakthroughs like MedMatch to market brings us closer to recognizing our vision of providing quality clinical care well beyond traditional approaches. These accomplishments have enabled us to deliver high revenue growth and healthy cash flows, strengthening an already stellar balance sheet. In light of our performance and our conviction for the strong trajectory we have ahead, we will be taking on the opportunity to repurchase our shares well below what we consider to be their intrinsic value.

隨著我們進入人工智慧將變得更加普遍的新時代，我們將 MedMatch 等突破性技術推向市場的能力使我們更接近認識到我們提供超越傳統方法的優質臨床護理的願景。這些成就使我們能夠實現高收入成長和健康的現金流，鞏固了本已出色的資產負債表。鑑於我們的業績以及我們對未來強勁發展軌蹟的信念，我們將抓住機會以遠低於我們認為的內在價值的價格回購我們的股票。

To give ourselves the flexibility to act opportunistically, we are implementing a program that allows us to purchase up to $50 million of stock over the next 2 years. The durability of our business and solid balance sheet will allow us to act on this opportunity without the need to sacrifice on either the current momentum of innovation or wealth of growth prospects in front of us.

為了讓我們能夠靈活地採取機會主義行動，我們正在實施一項計劃，允許我們在未來 2 年內購買高達 5,000 萬美元的股票。我們業務的持久性和穩健的資產負債表將使我們能夠抓住這一機會，而無需犧牲當前的創新動力或我們面前的豐富的成長前景。

With that, I'd like to thank our team for the exceptional execution and focus, our shareholders and partners for their trust and will turn the conversation over to Yemi to discuss further financials.

在此，我要感謝我們的團隊卓越的執行力和專注，感謝我們的股東和合作夥伴的信任，並將話題轉交給 Yemi 討論進一步的財務問題。

Thank you, Andrew. Hi, everyone and thank you for joining us today. I will start by providing additional details regarding our third quarter performance and subsequently delve into our expectations for the remainder of the year. Momentum in the third quarter remained incredibly strong as we continue to successfully execute across our strategy of enabling access to unique and personalized solutions through a world-class technology platform backed by a trusted brand. Performance remains robust across our longest tenured offerings, such as Hims Hair and sexual health. And we are excited to see newer offerings such as mental health, cardiovascular health and personalized solutions across Hers Hair and dermatology continue to rapidly scale.

謝謝你，安德魯。大家好，感謝您今天加入我們。我將首先提供有關我們第三季度業績的更多詳細信息，然後深入探討我們對今年剩餘時間的預期。第三季的勢頭仍然非常強勁，因為我們繼續成功執行我們的策略，透過由值得信賴的品牌支持的世界一流的技術平台來獲得獨特和個性化的解決方案。我們任期最長的產品（例如 Hims Hair 和性健康）的表現仍然強勁。我們很高興看到心理健康、心血管健康以及 Hers Hair 和皮膚科的個人化解決方案等新產品繼續快速擴展。

We have high conviction that equipping our world-class provider team with the ability to offer unique and personalized solutions to consumers at attractive price points is driving significant market share gains. Revenue increased 57% year-over-year in the third quarter to $226.7 million with continued strength coming out of our online channel. Online revenue was $219.7 million, up 57% from the third quarter of 2022. Expansion of our online subscriber base continues to remain the primary driver of strong growth across the platform. Our subscriber base grew by over 125,000 net subscribers quarter-over-quarter to north of 1.4 million subscribers.

我們堅信，讓我們的世界一流供應商團隊能夠以有吸引力的價格向消費者提供獨特和個性化的解決方案，將推動市場份額的大幅成長。第三季營收年增 57% 至 2.267 億美元，我們的線上通路持續強勁。線上營收為 2.197 億美元，較 2022 年第三季成長 57%。線上用戶群的擴大仍然是整個平台強勁成長的主要驅動力。我們的訂戶數量較上季增加超過 125,000 名淨訂戶，達到 140 萬以上。

Monthly online revenue per average subscriber increased slightly quarter-over-quarter to $54 as we saw greater adoption of personalized and longer-duration subscriptions as a result of the strategic pricing actions taken in the second quarter. Our strategy centers around enabling providers to provide high-quality care as well as offer unique and effective products at compelling prices. Demand for personalized products continues to be robust across the platform with over 45% of online revenue from customers acquired in the third quarter coming from personalized treatments.

由於第二季採取的策略定價行動，個人化和長期訂閱的採用率有所提高，平均每位訂閱者的每月線上收入較上季略有成長，達到 54 美元。我們的策略重點是使提供者能夠提供高品質的護理，並以極具吸引力的價格提供獨特而有效的產品。整個平台對個人化產品的需求持續強勁，第三季超過 45% 的線上客戶收入來自個人化治療。

As previously mentioned, our expectation is that this number will continue to increase over time as we continue to expand the breadth of personalized offerings across the platform. This strategy is underpinned by the technology engine that Andrew walked through, the strength of the Hims & Hers brands and the ever-evolving capabilities of our affiliated facilities. Over 80% of orders in September were fulfilled via affiliated facilities, which was our target for the end of the year. This accomplishment is a significant milestone in that it enables greater leverage across our ecosystem, bringing a level of efficiency that we believe few in the market can match.

如前所述，我們預計，隨著我們繼續擴大整個平台個人化產品的廣度，這個數字將隨著時間的推移而繼續增加。這項策略的基礎是安德魯所經歷的技術引擎、Hims & Hers 品牌的實力以及我們附屬設施不斷發展的能力。 9月超過80%的訂單是透過附屬設施完成的，這是我們年底的目標。這項成就是一個重要的里程碑，因為它使我們的生態系統發揮了更大的作用，帶來了我們認為市場上很少有人能夠匹敵的效率水平。

At the conclusion of 2023, we expect to fulfill nearly all of our orders through affiliated facilities with third parties fulfilling only a small percentage of orders for redundancy. Our gross margin performance in the third quarter is a reflection of our ability to capture economies of scale and harness the power of our operational model. In the third quarter, gross margins expanded over 70 basis points quarter-over-quarter to 83%. Efficiency gains were seen across areas such as product cost and shipping expenses.

到 2023 年底，我們預計將透過附屬設施履行幾乎所有訂單，而第三方僅履行一小部分冗餘訂單。我們第三季的毛利率表現反映了我們捕捉規模經濟和利用營運模式力量的能力。第三季度，毛利率較上季成長超過70個基點，達到83%。產品成本和運輸費用等領域的效率都提高了。

As we have previously stated, our long-term adjusted EBITDA margin target of 20% to 30% assumes that we pass a portion of these gains back to consumers over time. This can come in the form of product add-ons, value-added services and targeted price reductions, all informed by extensive experimentation similar to what was done in the second quarter. We are confident that this will enable us to continue to extend our market leadership position across each of the conditions that we provide solutions for.

正如我們之前所說，我們的長期調整後 EBITDA 利潤率目標為 20% 至 30%，假設我們隨著時間的推移將這些收益的一部分回饋給消費者。這可以以產品附加、增值服務和有針對性的降價的形式出現，所有這些都是透過類似於第二季度所做的廣泛實驗來實現的。我們相信，這將使我們能夠在我們提供解決方案的各種條件下繼續擴大我們的市場領導地位。

Shifting gears toward our cost structure. Marketing as a percentage of revenue, excluding stock-based compensation, was flat quarter-over-quarter at 51% and down 300 basis points from the third quarter of last year. We saw solid momentum exiting the second quarter, which continued throughout the third quarter across our subscriber base. The third and fourth quarters are increasingly becoming moments when brand investment elevates as a result of our desire to educate users on our brand and capabilities during some of the most culturally relevant moments across society. Increasing lifetime value per customer and the breadth of our multi-condition offering provides us the flexibility to invest in longer-duration channels such as TV sporting events, reality TV and stream media, all while successfully still maintaining a payback period of less than 12 months.

調整我們的成本結構。行銷佔收入的百分比（不包括以股票為基礎的薪酬）與上一季持平，為 51%，比去年第三季下降了 300 個基點。我們在第二季度看到了強勁的勢頭，這種勢頭在我們的用戶群中持續到了第三季。第三和第四季越來越成為品牌投資上升的時刻，因為我們希望在社會上一些與文化最相關的時刻向用戶宣傳我們的品牌和能力。提高每位客戶的終身價值以及我們多條件產品的廣度使我們能夠靈活地投資於較長持續時間的頻道，例如電視體育賽事、真人秀和串流媒體，同時仍然成功地將投資回收期保持在12 個月以內。

We have high conviction that we will get leverage on this investment over the mid- to long term as the awareness of our brands and platform capabilities continues to increase across a broader set of consumers and revenue begins to scale faster than investment levels. Operations and support as a percentage of revenue, excluding stock-based compensation, was flat quarter-over-quarter at 13%. Staffing levels were increased in this area to accommodate increased volume through our affiliated facilities as well as to accommodate expected volume increases in the fourth quarter.

我們堅信，隨著我們的品牌和平台功能在更廣泛的消費者群體中的認知度不斷提高，收入的增長速度開始快於投資水平，我們將在中長期內利用這項投資。營運和支援佔收入的百分比（不包括股票薪酬）環比持平，為 13%。該領域的人員配備水準有所增加，以適應我們附屬設施增加的數量以及第四季度預期數量的增加。

Technology and product development costs as a percentage of revenue, excluding stock-based compensation, was flat quarter-over-quarter at 5% in the third quarter. We expect continued investment in this area. Investment will be concentrated in 2 key areas: first, talent required to continue to evolve our personalized offerings; and second, expanding our machine learning and data science organizations who are focused on enhancing tools that equip providers with the ability to efficiently pair consumers with the right personalized offerings.

第三季度，技術和產品開發成本佔收入的百分比（不包括股票薪酬）環比持平，為 5%。我們預計該領域將繼續投資。投資將集中在兩個關鍵領域：第一，繼續發展我們的個人化產品所需的人才；其次，擴大我們的機器學習和資料科學組織，這些組織專注於增強工具，使提供者能夠有效地將消費者與正確的個人化產品配對。

G&A as a percentage of sales was 16% in the third quarter, including stock-based compensation and 10% excluding stock-based compensation. While G&A costs may fluctuate quarter-to-quarter, this is an area where we expect to see continued leverage over time. Efficiency gains and disciplined growth contributed toward our ability to generate $12.3 million of adjusted EBITDA in the third quarter. We are pleased with our ability to continue to drive meaningful growth in a profitable fashion, which has further strengthened our balance sheet, unlocking substantial opportunities to invest in growth areas, including the acceleration of our personalization strategy.

第三季一般管理費用佔銷售額的百分比為 16%（含股票薪酬），不包括股票薪酬則為 10%。雖然一般管理費用可能會按季度波動，但我們預計隨著時間的推移，這一領域的槓桿作用將持續存在。效率提升和嚴格的成長使我們能夠在第三季實現 1,230 萬美元的調整後 EBITDA。我們很高興能夠繼續以獲利的方式推動有意義的成長，這進一步增強了我們的資產負債表，釋放了投資成長領域的大量機會，包括加速我們的個人化策略。

As a result of our ability to drive strong and profitable growth, we increased our cash and short-term investments position $19 million quarter-over-quarter to over $212 million in the third quarter. Cash flow from operations was over $25 million in the third quarter, well in excess of the $3.3 million spent on the purchase of property, equipment and intangibles in the third quarter. We believe we are rapidly approaching a level of scale that unlocks potential for further efficiency gains through automation. Our ability to consistently drive strong cash flow enables us to take advantage of these automation opportunities while also extending our personalization capabilities, which we believe will further strengthen our moat and provide a path to even greater market share.

由於我們有能力推動強勁的獲利成長，第三季我們的現金和短期投資部位比上一季增加了 1,900 萬美元，達到超過 2.12 億美元。第三季營運現金流超過 2,500 萬美元，遠遠超過第三季購買財產、設備和無形資產的 330 萬美元。我們相信，我們正在迅速接近規模水平，透過自動化釋放進一步提高效率的潛力。我們持續推動強勁現金流的能力使我們能夠利用這些自動化機會，同時擴展我們的個人化能力，我們相信這將進一步加強我們的護城河，並為更大的市場份額提供途徑。

We will provide additional clarity on our investment strategy as we lay out our 2024 priorities on next quarter's earnings call. 2023 is shaping up to be an exceptional year. We are rapidly transforming toward a platform-oriented around unique and personalized offerings underpinned by world-class technology and a brand that consumers increasingly love and trust. We believe that our differentiated offering, brand and operational capabilities places us at the forefront of the consumerization of health care. We are raising our outlook for 2023 to reflect these dynamics. In the fourth quarter, we are expecting revenue between $243 million to $248 million, representing a year-over-year increase of 45% to 48% from the fourth quarter of 2022. Adjusted EBITDA is expected to be between $14 million and $17 million, representing an adjusted EBITDA margin of 6% at the midpoint of both ranges.

當我們在下個季度的財報電話會議上列出 2024 年的優先事項時，我們將進一步明確我們的投資策略。 2023 年將是不平凡的一年。我們正在迅速轉型為一個以獨特和個人化產品為導向的平台，以世界一流的技術和消費者日益喜愛和信任的品牌為基礎。我們相信，我們差異化的產品、品牌和營運能力使我們處於醫療保健消費化的前沿。我們正在上調 2023 年的展望以反映這些動態。我們預計第四季的營收將在2.43億美元至2.48億美元之間，較2022年第四季年增45%至48%。調整後的EBITDA預計將在1,400萬美元至1,700萬美元之間，調整後的EBITDA 利潤率為兩個範圍的中點6%。

For the full year of 2023, we are expecting revenue of between $868 million to $873 million, representing a year-over-year increase of 65% to 66% from 2022. And adjusted EBITDA is expected to be between $43 million and $46 million, representing an adjusted EBITDA margin of 5% at the midpoint of both ranges. In the third quarter, we saw a benefit from a greater share of users switching toward more premium SKUs in sexual health and hair, increased conversion across premium SKUs and the switching of existing users to longer duration and personalized products. These dynamics almost completely offset the pricing headwinds we expected in the third quarter and provide us with a resounding conviction that the strategic pricing actions taken in the second quarter will be net accretive well within a 12-month period.

對於2023年全年，我們預計營收在8.68億至8.73億美元之間，較2022年年增65%至66%。調整後的EBITDA預計在4,300萬至4,600萬美元之間，調整後的EBITDA 利潤率為兩個範圍的中點5%。在第三季度，我們看到了更多的好處，因為更多的用戶轉向性健康和頭髮方面的優質 SKU、優質 SKU 的轉換率增加以及現有用戶轉向更長的持續時間和個人化產品。這些動態幾乎完全抵消了我們在第三季預期的定價阻力，並使我們堅信第二季採取的策略定價行動將在 12 個月內產生淨增值。

Strength in this area was the result of rigorous experimentation and diligence over the course of several months before the implementation of the strategic pricing actions. Embedded in our guidance is the assumption that these dynamics sustain in the fourth quarter. Financial performance continues to be exceptional across all measures and momentum remains solid. As a result of these trends, we expect to generate our first quarter of positive net income within the first half of 2024. Accelerating momentum could bring attainment of this milestone as early as the fourth quarter of 2023. While this is an exceptional milestone to achieve so early in our company's life cycle, our focus remains, firstly, on extending our market leadership position through elevating value provided on our platform, which we expect will drive the acquisition of more customers and stronger retention; and secondarily on the continued strengthening of our balance sheet through cash flow generation.

該領域的實力是實施戰略定價行動前幾個月嚴格實驗和勤奮的結果。我們的指導中包含了這些動態在第四季度持續的假設。從所有指標來看，財務表現仍然出色，勢頭依然強勁。由於這些趨勢，我們預計將在 2024 年上半年內實現第一季的正淨利潤。加速勢頭最早可能會在 2023 年第四季度實現這一里程碑。雖然這是實現的一個特殊里程碑因此，在我們在公司生命週期的早期，我們的重點仍然是，首先，透過提升我們平台上提供的價值來擴大我們的市場領導地位，我們預計這將推動獲得更多客戶並提高保留率；其次是透過現金流量的產生持續強化我們的資產負債表。

Attainment of positive net income will be an output of these strategic priorities as opposed to an input following our approach of generating positive adjusted EBITDA. Our ability to drive such exceptional performance is the culmination of the 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. We appreciate the support of our shareholders and look forward to keeping you updated on our progress.

實現正淨利將是這些策略重點的產出，而不是遵循我們產生正調整 EBITDA 的方法的投入。我們能夠取得如此卓越的業績，是 Hims & Hers 數百名員工努力的結晶，他們每天都在努力工作，透過改善健康的力量幫助世界感受美好。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。我們感謝股東的支持，並期待向您通報我們的最新進展。

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). Your first question comes from the line of Glen Santangelo of Jefferies.

（操作員說明）。你的第一個問題來自 Jefferies 的 Glen Santangelo。

Just a couple. Andrew, let me start out with last quarter. I mean essentially, when the company announced that it was making some investments on price, obviously, investors got very concerned about the longer-term impact on the operating margin leverage. And you saw obviously the stock the way it traded intra quarter. Now you've all talked a lot on this call about these personalized solutions. And I think in Yemi's prepared remarks, he said 45% of the revenues are now coming from these personalized treatments. Could you give us some -- maybe some specific examples of which products you're personalizing the most and the impact that's having on your pricing and your gross margin so we can assess the defensibility of the pricing and gross margin? And then I just have a follow-up question for Yemi.

只是一對。安德魯，讓我從上個季度開始。我的意思是，本質上，當公司宣布正在進行一些價格投資時，投資者顯然非常擔心對營業利潤率槓桿的長期影響。您顯然可以看到該股票在季度內的交易方式。現在，你們在這次電話會議上已經談論了很多關於這些個人化解決方案的內容。我認為在 Yemi 準備好的演講中，他說現在 45% 的收入來自這些個人化治療。您能否給我們一些具體的例子，說明您最個人化的產品以及對您的定價和毛利率的影響，以便我們評估定價和毛利率的合理性？然後我有一個後續問題要問 Yemi。

Yes, maybe I'll take the first part and let Yemi at the back, Glen. We're really rolling out the personalized product across categories. And I think what we're seeing generally is, patients are coming to us, being able to tailor the treatment either in form factor, in dosage, in composition, in different supplements or ingredients or in some situations, treating multiple categories like we talked about last quarter with the erectile dysfunction treatment that also treats men predisposed of material risk for cardiovascular disease. So we're systematically doing this because what we're seeing is that the ability to custom make those treatments is actually just making people get to remission or get to a steady state of happiness much faster. This is happening across the board.

是的，也許我會先走第一部分，讓耶米在後面，格倫。我們確實正在跨類別推出個人化產品。我認為我們通常看到的是，患者來找我們，能夠在形狀因素、劑量、成分、不同的補充劑或成分中定制治療，或者在某些情況下，像我們所說的那樣治療多種類別大約上個季度進行了勃起功能障礙治療，該治療也治療易患心血管疾病的男性。所以我們正在有系統地這樣做，因為我們看到的是，客製化這些治療的能力實際上只是讓人們更快地得到緩解或達到穩定的幸福狀態。這種情況正在全面發生。

So for example, we launched in the last couple of quarters, the women's hair blends, which are custom combinations of pharmaceutical ingredients as well as really highly in-demand supplements that are great for hair strength and hair regrowth for women in situations such as menopause or postpartum. The same thing is happening across some of our newer categories on the men's sexual health side or the men's hair side, which even just last week, we released new serums and topical as well as an oral compound. So what we're seeing is just choice in and of itself and that flexibility for customization is really unique in market and being able to deliver that at -- in most situations, the same price or even better than just a base generic, is really overwhelmingly valuable to customers, right? Because these are combination therapies that would usually cost 2 or 3x what is the base generic cost.

例如，我們在過去幾個季度推出了女性護髮混合物，這是藥物成分的客製化組合，也是非常受歡迎的補充劑，對於更年期等情況下的女性來說，對於增強頭髮強度和頭髮再生非常有用或產後。同樣的事情也發生在我們在男性性健康或男性頭髮方面的一些新類別中，甚至就在上週，我們也發布了新的血清、外用以及口服化合物。因此，我們看到的只是選擇本身，定制的靈活性在市場上確實是獨一無二的，並且能夠在大多數情況下以相同的價格甚至比基本仿製藥更好的價格提供這種靈活性，這確實是對客戶來說非常有價值，對嗎？因為這些是聯合療法，其成本通常是基本仿製藥成本的 2 或 3 倍。

And so our strategy is to bundle as much value as we can into these treatments, as much flexibility, deliver great personalized care, all ultimately focused on an unmatched quality of care on our platform that you can't get somewhere else. And I think overwhelmingly, we saw in this quarter that, that the demand for those products is quite high but it's more importantly, really changing the underlying dynamics of the model given the stickiness of those products.

因此，我們的策略是將盡可能多的價值融入這些治療中，提供盡可能多的靈活性，提供出色的個人化護理，所有這些最終都集中在我們的平台上提供無與倫比的護理質量，這是您在其他地方無法獲得的。我認為絕大多數情況下，我們在本季度看到，對這些產品的需求相當高，但更重要的是，考慮到這些產品的黏性，真正改變了模型的基本動態。

Yes. I am going to hit the second part of your question, Glen. And we see for many of the personalized products that have started to rapidly scale, the margin structure, that's pretty comparable to that of the products that we had before. And the way to think around that is, as we start to gain additional learnings from greater scale as well as now the efficiency moving north of 80% of the orders in the affiliated pharmacies, that gives us a cost structure that as we start to continue to rapidly scale those personalized products, we certainly are getting more and more efficient.

是的。我要回答你問題的第二部分，格倫。我們看到，許多已經開始快速規模化的個人化產品的利潤結構與我們以前的產品相當。思考這個問題的方法是，隨著我們開始從更大的規模中獲得更多的經驗，以及現在附屬藥房 80% 訂單的效率向北移動，這給了我們一個成本結構，當我們開始繼續為了快速擴展這些個人化產品，我們的效率肯定越來越高。

And so effectively, what we are doing is we're passing cost gains, all those gains back to consumers, really gives the (inaudible) towards the (inaudible) that Andrew mentioned earlier, being able to put those price points at mass market levels given the efficiency of our leadership cost structure, it's very hard for others to even create those products, they don't even try to match those capabilities with the traditional generics. And I think as a result of that, you're able to see us pass through value back to consumers but also concurrently expand gross margins just because we're continuously realizing more and more efficiencies from the affiliated pharmacy setup.

因此，我們正在做的實際上是，我們將成本收益轉嫁給消費者，所有這些收益都回饋給消費者，真正實現了（聽不清楚）安德魯之前提到的（聽不清楚），能夠將這些價格點置於大眾市場水平考慮到我們領導成本結構的效率，其他人甚至很難創造這些產品，他們甚至不嘗試將這些功能與傳統的仿製藥相匹配。我認為，因此，您可以看到我們將價值回饋給消費者，同時也擴大了毛利率，因為我們不斷從附屬藥局設定中實現越來越多的效率。

I appreciate all those details. Yemi, if I could just ask you 1 quick follow-up on that. So it sounds like though the strategy by reducing the cost with the personalized products that maybe you'll be able to continue to expand gross margin. But what about on the adjusted EBITDA line? If you look at, for example, your marketing expenses as a percentage of revenues, they've been just over 50% for 6 quarters in a row. And I think in your prepared remarks, you said those investments have a payback period of less than 1 year and you expect to get leverage over the mid- to long term. What exactly does that mean? And when should we start to get better leverage on that on the marketing line? And then I'll stop there.

我很欣賞所有這些細節。 Yemi，我能否請您快速跟進。因此，聽起來透過個人化產品降低成本的策略，也許你將能夠繼續擴大毛利率。但調整後的 EBITDA 線又如何呢？例如，如果您查看行銷費用佔收入的百分比，您會發現該比例已連續 6 個季度略高於 50%。我認為您在準備好的發言中表示，這些投資的投資回收期不到一年，並且您希望在中長期內獲得槓桿作用。這到底是什麼意思呢？我們什麼時候應該開始在行銷線上更好地利用這一點？然後我就到此為止。

Yes, it's a good question, Glen. So I think that the way that we currently started to just think around the marketing strategies, increasingly, we're putting in more and more investment into building our brand to capture consumers at earlier stages in their life cycle journey. And so we kind of started that journey really in the midpoint of last year, as we've gotten more efficient and, as we've gotten more learnings and we started to continue to scale those.

是的，這是個好問題，格倫。因此，我認為，我們目前開始考慮行銷策略的方式越來越多，我們正在投入越來越多的投資來建立我們的品牌，以在消費者生命週期旅程的早期階段吸引他們。因此，我們實際上是在去年年中開始了這一旅程，因為我們變得更加高效，並且我們獲得了更多的經驗教訓，並且我們開始繼續擴大這些規模。

As we start to think around what's required to continue to generate that awareness, we're starting to hit levels where similar to, if you then look at this point of last year, we were able to get 300 points of leverage year-over-year this year, just as a result that you don't necessarily need to spend the same degree each year on brand. And so I think that we're going to still continue to be very aggressive with how we choose to invest for growth.

當我們開始思考繼續產生這種意識需要什麼時，我們開始達到類似的水平，如果你看看去年的這個點，我們能夠獲得 300 點的槓桿率 -今年，只是因為你不一定需要每年在品牌上花費相同的程度。因此，我認為我們仍將繼續非常積極地選擇投資成長的方式。

But over the mid- to long term, maybe we expect to start to really get leverage on that marketing line over the midterm, just as a of not needing to put a certain amount of dollars in each year to generate the same value from making consumers aware of our branded capabilities.

但從中長期來看，也許我們希望在中期開始真正利用該行銷線，就像不需要每年投入一定數量的美元來透過吸引消費者來產生相同的價值一樣了解我們的品牌能力。

Your next question comes from the line of Daniel Grosslight of Citi.

你的下一個問題來自花旗集團的丹尼爾‧格羅斯萊特。

Congrats on another strong quarter here. I'll stick on the marketing question. I'm curious if you can provide some more details around the marketing strategy on the weight loss program specifically. I assume that's going to ramp up in the December, January time frame. And it's a very crowded market, especially with the GLP-1s. So I assume that CACs are going to be maybe a bit high. So I guess the question is, how is your marketing strategy different for weight loss versus some of your more current nascent categories? And when do you think that will begin to impact your financials?

祝賀又一個強勁的季度。我將繼續討論行銷問題。我很好奇您是否可以提供有關減肥計劃行銷策略的更多詳細資訊。我認為這會在 12 月、1 月的時間範圍內增加。這是一個非常擁擠的市場，尤其是 GLP-1。所以我認為 CAC 可能會有點高。所以我想問題是，您的減肥行銷策略與您目前的一些新興類別有何不同？您認為這什麼時候會開始影響您的財務狀況？

Let me take maybe the first half. So yes, as we mentioned in the prepared remarks, we're hoping to get that first version of weight management out in the next couple of weeks, which we're really excited about. We think it's going to have a pretty compelling offering at a very mass market price point with really consistent results, which is fantastic.

讓我看一下前半部。所以，是的，正如我們在準備好的評論中提到的那樣，我們希望在接下來的幾週內推出體重管理的第一個版本，對此我們感到非常興奮。我們認為它將以非常大眾的市場價格提供非常引人注目的產品，並且結果非常一致，這太棒了。

From a marketing standpoint, I would say it's fairly similar to the approach we've had across all of the category expansions we've had, whether that's mental health or women's dermatology in the last couple of years, which is to stage gate it, right? We have a ruthless focus on what we think gold standard unit economics are. We have a lot of legacy categories that are driving really robust growth at scale, at those unit economics. And what we like to do for the first 3 to 6 months of launching a category, is to test into the category to understand the levers of the business, the optimizations to the customer experience that we need to improve in order to ultimately see the trend line towards what that gold standard looks like.

從行銷的角度來看，我想說，這與我們在過去幾年中所有類別擴張中採用的方法非常相似，無論是心理健康還是女性皮膚病學，這都是分階段進行的，正確的？我們無情地關注我們所認為的黃金標準單位經濟學。我們有許多傳統類別正在推動單位經濟效益的大規模成長。我們喜歡在推出品類後的前 3 到 6 個月內做的是對該品類進行測試，以了解業務的槓桿，以及我們需要改進的客戶體驗優化，以便最終看到趨勢朝著黃金標準的方向發展。

Yemi talked about kind of a payback period on marketing. We obviously look at that but we also look long term as kind of a lifetime value over cap type ratio. And so I would expect in the first 3 to 6 months, fairly small amounts of spend as we stage gate and understand the current ecosystem we've built and the optimizations that need to be met. And then as we unlock those different unit economic profiles, more capital will come.

耶米談到了行銷的回報期。我們顯然會關注這一點，但我們也將長期視為生命週期價值與上限類型的比率。因此，我預計在前 3 到 6 個月內，我們會花費相當少量的支出來進行階段性控制並了解我們已經建立的當前生態系統以及需要滿足的最佳化。然後，當我們解鎖這些不同的單位經濟狀況時，更多的資本將會到來。

To address the second part of your question, Daniel, on exactly the time that it takes to typically -- the financial impact, I think the default assumption from this new category launches, typically that we expect is around 12 to 18 months to show a significant impact. That's the result of the stage gating process that Andrew mentioned, sometimes in different categories we've seen that pull forward and then accelerate but generally the safe default assumption is 12 to 18 months.

丹尼爾，為了解決你問題的第二部分，關於通常需要的時間——財務影響，我認為這個新類別推出的預設假設，通常我們預計大約需要 12 到 18 個月才能顯示出顯著影響。這是安德魯提到的階段控製過程的結果，有時在不同的類別中，我們看到它會向前推進，然後加速，但通常安全的預設假設是 12 到 18 個月。

Okay. Makes sense. And then, Yemi, maybe another one for you on the strategic pricing adjustment headwind. I think last quarter, you had said $12 million to $18 million in the second half. What was the headwind this quarter? Do you still expect that to be $12 million to $18 million? And how should we think about kind of the run rate of that headwind heading into 2024?

好的。說得通。然後，Yemi，也許是您面臨策略性定價調整逆風的另一件事。我想上個季度，您曾說過下半年將獲得 1,200 萬至 1,800 萬美元。本季的逆風是什麼？您仍然預計該數字為 1200 萬至 1800 萬美元嗎？我們該如何看待進入 2024 年的逆風的運行率？

Yes, it's a great question. I think that we (inaudible) just the result, a few different behavioral patterns across the user base, saw fairly minimal headwinds. And so that was one of the reasons behind why we were able to raise the guidance and the outlook for the rest of the year. And so I think that when we had provided the guidance, there was a few factors that also played into this quarter, some of which we anticipated but not to the degree that they occurred.

是的，這是一個很好的問題。我認為我們（聽不清楚）只是結果，整個用戶群的一些不同的行為模式，看到的阻力相當小。這就是我們能夠提高今年剩餘時間的指導和前景的原因之一。因此，我認為，當我們提供指導時，有一些因素也在本季度發揮作用，其中一些因素是我們預期的，但沒有達到它們發生的程度。

One thing that we saw, we saw a lot of existing users that were on less premium SKUs actually switched to a personalized product as well as longer duration subscriptions. And as a result of that, the subscriptions for more premium SKUs, we're going to see benefits from that, a greater share of new users are starting to opt and select the personalized product but again, still preferred premiums to the generics, given the price points that we put those at.

我們看到的一件事是，我們看到許多使用不太優質 SKU 的現有用戶實際上轉向了個人化產品以及更長期限的訂閱。因此，我們將看到更多優質 SKU 的訂閱從中受益，更多的新用戶開始選擇個人化產品，但同樣，考慮到優質產品仍然比仿製藥更受青睞我們設定的價格點。

And then lastly, the renewal rates for some of the cohorts, the legacy cohorts, many of them are actually renewing at greater rates. And so the combination of those 3 factors largely offset the pricing headwinds that we're expecting in Q3, that we see embedded in our guidance is that, that dynamic sustains into Q4 as well. And so I think on the (inaudible) the second half of 2024, it's very likely to be a tailwind that you start to get the full benefit of longer-term retention and then just lapping the monthly average revenue per subscriber dynamic.

最後，一些群體（傳統群體）的續約率，其中許多實際上正在以更高的速度續訂。因此，這三個因素的結合在很大程度上抵消了我們預期的第三季度的定價阻力，我們在我們的指導下看到這一動態也持續到第四季度。因此，我認為在 2024 年下半年（聽不清楚），很可能會成為一股順風，你開始獲得長期保留的全部好處，然後只是增加每個訂閱者的月平均收入動態。

Your next question comes from the line of Jack Wallace of Guggenheim.

你的下一個問題來自古根漢的傑克華萊士。

Congrats on the quarter. Just wanted to dive in a little bit more to the marketing strategy. It sounds like there was a ton of testing and development of different channels and messages across all the different categories. I was wondering if, aside from just the pricing changes that we saw in the second quarter, if there was any additional benefits you saw there that are implied in the fourth quarter guide, thinking in terms of whether it's yield on spend, whether it's new subscribers are coming through the channel and higher retention rates. Anything there that would be indicative of better messaging and reaching customers where they are.

恭喜本季。只是想更深入地了解行銷策略。聽起來好像對所有不同類別的不同管道和訊息進行了大量的測試和開發。我想知道，除了我們在第二季度看到的定價變化之外，您是否在第四季度指南中看到了任何其他好處，考慮是否是支出收益率，是否是新的訂閱者透過該管道獲得，且保留率更高。任何可以表明更好的訊息傳遞並到達客戶所在位置的內容。

Yes, Jack, I think maybe I can start with some of the questions around the price dynamics and then just the broader marketing strategy. I'll pass it over to Andrew. I think one of the things that we are seeing is just the mix of products that users are selecting, fundamentally has changed. And so we, with the pricing changes around longer duration, as well as putting the personalized product at more attractive price point, more and more users are going towards that. We've seen that over the course of several months. So that's one of the reasons behind why we have conviction. And while the price points are lower than what they historically were, more users are selecting them and the average revenue per user inherently is going up.

是的，傑克，我想也許我可以從一些有關價格動態的問題開始，然後再討論更廣泛的行銷策略。我會把它交給安德魯。我認為我們看到的一件事就是用戶選擇的產品組合發生了根本性的變化。因此，隨著持續時間更長的定價變化，以及將個人化產品置於更具吸引力的價格點，越來越多的用戶正在走向這一點。我們在幾個月的時間裡已經看到了這一點。這就是我們有信念的原因之一。雖然價格低於歷史水平，但越來越多的用戶選擇它們，每個用戶的平均收入自然也在上升。

And so as a result of those changes, we do think that the benefits of that will sustain into the fourth quarter and beyond. And then as mentioned during the prior question, when we hit the back half of 2024, we view the ability to start to really benefit from just longer retention patterns in the (inaudible) that we do.

因此，由於這些變化，我們確實認為其帶來的好處將持續到第四季及以後。然後，正如在上一個問題中提到的，當我們到 2024 年下半年時，我們認為我們能夠開始真正受益於我們所做的（聽不清楚）更長的保留模式。

The other thing I'd mention, Jack, from a -- just marketing efficiency standpoint, we're -- I think Yemi shared in the remarks, 40% of new orders were coming from personalized products, which is up quite substantially from last quarter. We expect a large chunk -- a large majority of the business to be these types of products in the coming year. And what we see also from a marketing efficiency standpoint, is just the demand and interest and intrigue in these types of products and the ability to personalize and have a conversation with the providers that know that there are capabilities that can unlock and deliver more value than you would otherwise get somewhere else, actually really does have a pretty meaningful impact on the efficiency of spend.

The other thing I'd mention, Jack, from a -- just marketing efficiency standpoint, we're -- I think Yemi shared in the remarks, 40% of new orders were coming from personalized products, which is up quite substantially from last四分之一.我們預計來年大部分業務將是此類產品。從行銷效率的角度來看，我們也看到了對這些類型產品的需求、興趣和興趣，以及個性化和與供應商進行對話的能力，這些供應商知道有一些能力可以釋放和提供比其他產品更多的價值。否則你會去其他地方，實際上確實對支出效率產生了相當有意義的影響。

And you can imagine just the visualization in TV commercials, the story and the trust that is built when you see under the hood of the capabilities that are allowing this level of flexibility and customization and cross-category compounding into single treatment, doses and form factors that are more interesting or intriguing to individuals. And so that is something we've definitely noticed in addition to customer happiness, customer retention and stickiness that we think adds a kind of incremental tailwind into the spend as we continue in the next couple of quarters.

您可以想像電視廣告中的視覺化、故事和信任，當您看到這些功能的背後所建立的信任，這些功能允許這種水平的靈活性和定制以及跨類別複合到單一治療、劑量和形狀因素中對個人來說更有趣或更感興趣。因此，除了客戶滿意度、客戶保留率和黏性之外，我們肯定注意到了這一點，我們認為，隨著我們在接下來的幾個季度的繼續，這會為支出增加一種增量推動力。

Excellent. That's helpful. And then just to follow up on that. Have you seen any meaningful amount of prior customers returning specifically for these personalized products and or even aside from that, maybe different demographics being interested in products that maybe weren't your explicit target demo a couple of years ago?

出色的。這很有幫助。然後繼續跟進。您是否看到有大量的先前客戶專門返回這些個人化產品，甚至除此之外，也許不同的人口統計數據對幾年前可能不是您明確目標演示的產品感興趣？

Yes. I think you're hitting it right on the head, Jack. I think it is both a great recapture mechanism for individuals that may have turned off. As the selection of kind of cross-category compounds grows, it also is a really attractive mechanism because 1 category might catch the eye of an individual over another. I also think in combination with the strategic price reduction, those 2 together is really quite powerful. And I think we've seen that pretty substantially in the last couple of quarters. We track market share capture across each of our categories, across the top 3 or 4 competitors. We've seen really big mix shift, right, as we've continued to accelerate and capture more share.

是的。我認為你說得很對，傑克。我認為對於那些可能已經失​​去興趣的人來說，這是一個很好的重新捕獲機制。隨著跨類別化合物選擇的增加，這也是一個非常有吸引力的機制，因為某一類別可能比另一個類別更吸引個人的注意力。我還認為，結合策略性降價，這兩者結合在一起確實非常強大。我認為我們在過去幾個季度已經看到了這一點。我們追蹤每個類別、前 3 或 4 名競爭對手的市佔率佔領。隨著我們繼續加速並佔領更多份額，我們已經看到了真正巨大的組合轉變，對吧。

And I think this combination of mass market pricing and a wide portfolio of personalized capabilities that are really bread and butter, kind of like made in our facilities, right, really only in our facilities, are delivering, I think, a pretty unique and compelling value prop to customers that's getting them either to come for the first time or to come back and consider for the second time.

我認為，大眾市場定價和廣泛的個性化功能組合的結合，這些功能確實是麵包和黃油，有點像在我們的設施中製造，對，實際上只在我們的設施中，我認為，正在提供一種非常獨特和引人注目的產品。向客戶提供價值支撐，讓他們要么第一次來，要么第二次回來考慮。

Your next question comes from the line of Allen Lutz of Bank of America.

你的下一個問題來自美國銀行的艾倫·盧茨（Allen Lutz）。

Congrats on a nice quarter. I guess Andrew, 1 for you. You just mentioned you're taking market share among some of your top competitors. I guess as we look at what's going on September, October, November, what is your gauge of what's going on with the consumer as we're heading into November now? Is, things like student loans, interest rates, are those things impacting the consumer in any observable way on the platform? Do you think that's impacting your competitors maybe more than you? Just curious if you're seeing any month-over-month or quarter-over-quarter changes in consumer behavior on the platform?

恭喜您度過了一個美好的季度。我猜安德魯，1 給你。您剛剛提到您正在從一些頂級競爭對手中奪取市場份額。我想當我們看看 9 月、10 月和 11 月的情況時，您對進入 11 月消費者的情況有什麼看法？學生貸款、利率等因素是否會在平台上以任何可觀察到的方式影響消費者？您認為這對您的競爭對手的影響可能比您更大嗎？只是好奇您是否發現該平台上的消費者行為有任何月度或環比變化？

Great question, Allen. The short answer is we've not. The last couple of quarters have been fairly consistent with historical behavior. It does not seem that there's any type of market shock or market behavioral dynamics that are influencing us in any material way. I can't speak to the rest of the competitive landscape. But to my knowledge, there hasn't been anything unique that's been thought of a as disruption.

好問題，艾倫。簡短的回答是我們沒有。過去幾季的表現與歷史表現相當一致。似乎沒有任何類型的市場衝擊或市場行為動態以任何實質方式影響我們。我無法談論競爭格局的其他部分。但據我所知，還沒有任何獨特的事情被認為是顛覆性的。

Got it. And then 1 for Yemi. I know that the gross margin has already been touched on a bit but I want to come at it from a different angle. Just curious, as we think about these investments in price, it's not even offsetting, the benefits you're getting from the move to affiliated pharmacies and longer-duration subscriptions. I'm just curious about, as you think about balancing growth with the gross margin, is there any opportunity to invest further in price given the stability in gross margins that we've seen? Or are you comfortable with the balance that you guys have here heading into 2024?

知道了。然後 1 給 Yemi。我知道毛利率已經被觸及了一點，但我想從不同的角度來看待它。只是好奇，當我們考慮這些價格投資時，它甚至沒有抵消您從轉向附屬藥房和長期訂閱中獲得的好處。我只是好奇，當您考慮平衡成長與毛利率時，考慮到我們所看到的毛利率的穩定性，是否有機會進一步投資價格？或者您對 2024 年的平衡感到滿意嗎？

Yes, great question. Allen, I think that we will continue to explore various ways to give value back to consumers. I think that our approach there is very thoughtful and deliberate. And so typically, when we do take the decision to whether it's making pricing adjustments or take other strategies to give value back to consumers, those are typically backed by experiments that happen over the course of several months. And so I think we're going to be very thoughtful around how we think around how to give value back to consumers in the form of that.

是的，很好的問題。艾倫，我認為我們會繼續探索各種方式將價值回饋給消費者。我認為我們的做法是非常深思熟慮和深思熟慮的。因此，通常情況下，當我們決定是否進行定價調整或採取其他策略向消費者回饋價值時，這些決定通常會得到幾個月內進行的實驗的支持。因此，我認為我們將非常認真地思考如何以這種形式向消費者回饋價值。

Constantly, we are experimenting, receiving feedback from consumers around various offerings that we do put into the market. I think over the mid- to long term, our gross margin target has been in the mid-70s. I think the reality is that we're hitting a level of scale as mentioned, where there's likely to be further efficiency unlocked from affiliated pharmacies and so more than likely -- it's probably likely going to be a multiyear period for us to identify the most accretive way to give value back to consumers to hit kind of the target in the mid-70s that we've predicted.

我們不斷進行試驗，收集消費者對我們投放市場的各種產品的回饋。我認為從中長期來看，我們的毛利率目標是在70年代中期。我認為現實情況是，我們正在達到如上所述的規模水平，附屬藥房可能會進一步提高效率，因此很有可能——我們可能需要多年的時間才能確定最有潛力的藥房。以增值方式向消費者回饋價值，以實現我們預測的70 年代中期目標。

(Operator Instructions) Your next question comes from the line of Jailendra Singh of Truist Securities.

（操作員指示）您的下一個問題來自 Truist Securities 的 Jailendra Singh。

Congrats on a strong quarter. I want to follow up on the weight management offering discussion. Just asking slightly differently, how would you describe this offering in context of your 2025 goal of $1.2 billion plus in revenues? Would you say that this offering represents incremental to your long-term outlook? Is it more like supporting your growth for the long-term outlook? Or is it just too early to say?

恭喜季度表現強勁。我想跟進體重管理產品的討論。只是稍微不同地問一下，在 2025 年收入超過 12 億美元的目標的背景下，您會如何描述這款產品？您是否認為這項服務對您的長期前景有幫助？它更像是支持您的長期發展嗎？還是現在說還太早？

And kind of related to that, I mean, clearly, we've seen several employers launching programs and offerings in this area for '24 and expectations are that it will pick up in 2025. Considering that, can you update us on your thinking of long-term opportunities in this area for DTC space?

與此相關的是，我的意思是，很明顯，我們已經看到一些雇主在24 世紀推出了該領域的計劃和服務，預計這一情況將在2025 年有所回升。考慮到這一點，您能否向我們介紹一下您的最新想法DTC 空間在這一領域有長期機會嗎？

Yes.Jailendra, maybe I can start with the first part around just impact to 2025 targets and then Andrew can handle the product issue question around weight management. I think the short of it is, I think we're very confident in our ability to hit the 2025 targets. Those were given (inaudible) at the time that we set them. I think what we're seeing with the strong performance even in the current categories that we were present in, the chance on these new categories alone, such as women's hair, dermatology, men's hair, as well as sexual health, we just have to start with even on those categories alone.

是的，Jailendra，也許我可以從第一部分開始，討論對 2025 年目標的影響，然後 Andrew 可以處理有關體重管理的產品問題。我認為缺點是，我們對實現 2025 年目標的能力非常有信心。這些是在我們設置它們時給出的（聽不清楚）。我認為，即使在我們目前所在的類別中，我們也看到了強勁的表現，僅在這些新類別上就有機會，例如女性頭髮、皮膚科、男性頭髮以及性健康，我們只需要甚至從這些類別開始。

And so when we provided those targets embedded in our ability to hit those is primarily around continuing to execute across the other dimensions that we've spoken around earlier. The shift to personalized products continuing to make a broader set of consumers aware of our capabilities and products. And I think at this moment in time that we have a lot of conviction in our ability to at least hit, if not even surpass the 2025 target, even in the absence of the launch of new categories, with the inclusion of weight management. And so that would be accretive to those targets. And Andrew, if you want to take the second part of that.

因此，當我們提供那些嵌入我們實現這些目標的能力的目標時，主要是圍繞我們之前談到的其他維度繼續執行。向個人化產品的轉變繼續讓更廣泛的消費者了解我們的能力和產品。我認為，此時此刻，即使沒有推出包括體重管理在內的新類別，我們也堅信自己有能力至少實現（甚至超過）2025 年的目標。因此這將有助於實現這些目標。安德魯，如果你想聽第二部分的話。

Yes. Regarding the weight management category, to be honest, we think it's going to be an extraordinarily valuable category, right? It affects a very large chunk of the population. I think what the GLP-1s have done in the last year have really educated the population that there are pharmaceutical treatments that are highly effective and more of them are coming, is the reality, right? There might be 15 to 20 different medications currently under clinical review that are showing incredibly good data profiles and safety profiles that in the next couple of years will be live in the market.

是的。關於體重管理這個類別，說實話，我們認為這將是一個非常有價值的類別，對吧？它影響了很大一部分人口。我認為 GLP-1 去年所做的事情確實讓人們知道，有非常有效的藥物治療方法，而且更多的治療方法即將出現，這是現實嗎？目前可能有 15 到 20 種不同的藥物正在接受臨床審查，這些藥物顯示出令人難以置信的良好數據概況和安全概況，這些藥物將在未來幾年內投放市場。

And so we believe this is going to be a really big category. To Yemi's point, this will be accretive on top of anything we put forward for 2025. So what we're starting with, I think, is a very safe mass market, well-studied approach that directly goes after some of the underlying dynamics, such as kind of appetite -- curb craving, insulin resistance, metabolism dynamics that all affect the gaining of weight. But the platform is being built in such a manner so that in the coming years, as this portfolio of GLP-1s and others come to market, we will be equipped to bring those to market when we can hit those thresholds of safety, of supply chain consistency, of reimbursement consistency. So we're really on top of this category, really excited by this category.

所以我們相信這將是一個非常大的類別。就Yemi 的觀點而言，這將比我們為2025 年提出的任何建議都具有增值作用。因此，我認為，我們從一個非常安全的大眾市場、經過充分研究的方法開始，直接關註一些潛在的動態，例如食慾——抑制食慾、胰島素抗性、新陳代謝動態，這些都會影響體重的增加。但該平台的建構方式是這樣的，以便在未來幾年，隨著 GLP-1 和其他產品組合進入市場，當我們能夠達到安全和供應的門檻時，我們將有能力將這些產品推向市場。鏈條一致性，報銷一致性。所以我們確實處於這一類別的頂端，對此類別感到非常興奮。

I believe this will be a very large tailwind for the business in the coming years. But I think we are -- as we've talked about in the past, feel like it's prudent that we maintain trust with the consumer and that we're only bringing to market what we believe, we can deliver consistently and safely. And at this point, what we're launching really is representative of that.

我相信這將成為未來幾年該業務的巨大推動力。但我認為，正如我們過去談到的那樣，我們認為保持與消費者的信任是謹慎的做法，並且我們只將我們相信的、我們能夠持續、安全地交付的產品推向市場。在這一點上，我們推出的產品確實代表了這一點。

Okay. And my follow-up is more around some technical details on your mental health business. I think this is -- and then you disclosed this for the first time, 125,000 subscriber count. My understanding is, some of these members might be on the platform for counseling and therapy sessions. How does that get captured in your AOV and net orders calculation? Help me understand that.

好的。我的後續行動更多地圍繞著您的心理健康業務的一些技術細節。我認為這是 - 然後你第一次披露了這一點，訂閱者數量為 125,000 人。我的理解是，其中一些成員可能會在平台上進行諮詢和治療課程。如何在 AOV 和淨訂單計算中捕捉這一點？幫助我理解這一點。

The overwhelming subscribers within the 125,000 are getting treated holistically with provider for psychiatric care. So that includes ongoing care with a provider for things like depression or anxiety, the chronic treatment of that, adjusting of these medications. And so I think overwhelmingly, just for a little bit of color and context, the scores of those subscribers fits into the more traditional psychiatric medication management.

125,000 名訂閱者中的絕大多數正在接受精神科護理提供者的全面治療。因此，這包括與憂鬱症或焦慮症等疾病的提供者進行持續照護、長期治療、調整這些藥物。因此，我認為絕大多數情況下，僅就一點顏色和背景而言，這些訂戶的分數符合更傳統的精神科藥物管理。

Your next question comes from the line of Jonna Kim of TD Cowen.

您的下一個問題來自 TD Cowen 的 Jonna Kim。

This is Katie on for Jonna. I was just wondering if you could provide any sort of update on Hers, it sounds like that's a very successful platform so far. How do you think about the key catalysts over the next 1 year to 2 years for that platform? And any learnings so far from Q3?

這是凱蒂為喬娜代言。我只是想知道您是否可以提供有關 Hers 的任何更新，聽起來到目前為止這是一個非常成功的平台。您如何看待該平台未來一兩年的關鍵催化劑？到目前為止，第三季有什麼經驗教訓嗎？

Yes. The Hers business is probably one of the more exciting parts for all of us. It's doubled year-over-year, the number of subscribers in the third quarter. And the expansion is really coming from the investments in a lot of the personalized products that we've rolled out across dermatology, across women's hair care, as well as a lot of the underlying efficiency and customer improvements in the mental health businesses. So the mental health categories for women as well as those dermatology categories, some of the fastest-growing categories in the company, and as I was mentioning earlier, are approaching the point where they're really delivering kind of close to kind of gold standard unit economics.

是的。對我們所有人來說，她的業務可能是最令人興奮的部分之一。第三季的訂戶數量年增了一倍。這種擴張實際上來自於我們在皮膚科、女性頭髮護理領域推出的許多個人化產品的投資，以及心理健康業務的許多潛在效率和客戶改進。因此，女性心理健康類別以及皮膚科類別是公司中成長最快的一些類別，正如我之前提到的，它們正在接近真正提供接近黃金標準的程度單位經濟。

And so it's been 6 to 12 months of optimization. I think we are still on the cusp of some more to go but very clearly approaching what we believe to be excellent. So I think there's diversity within there, which is exciting. There's also quite a lot of personalization adoption in the last couple of quarters that has been very exciting and quite a bit more to come.

就這樣，我們進行了 6 到 12 個月的最佳化。我認為我們仍處於進一步發展的風口浪尖，但非常清楚地接近我們認為優秀的目標。所以我認為其中存在多樣性，這是令人興奮的。在過去的幾個季度中，也有相當多的個人化採用，這非常令人興奮，而且還會有更多的採用。

And we think coming into the new year, there's going to be some powerful additions to the portfolio of offerings not only within weight management but also within mental health that are taking advantage of some of the more sophisticated pharmacy capabilities we have at our affiliated pharmacies, comparing really unique treatment compounds and experiences to customers.

我們認為，進入新的一年，產品組合將會有一些強大的補充，不僅在體重管理領域，而且在心理健康領域，這些產品都利用了我們附屬藥房擁有的一些更複雜的藥房能力，與客戶比較真正獨特的治療化合物和體驗。

So a lot of high conviction there and I think the unit economics are shaping up to be what we believe they are capable of. And so hope to be able to continue to lean in there and stage gate more capital and continue to scale those more aggressively.

因此，人們對此抱持著很高的信念，我認為單位經濟效益正在形成我們認為他們有能力的樣子。因此，希望能夠繼續投入更多資金，並繼續更積極地擴大規模。

Okay. Great. And then just as a follow-up, it sounds like there is a slight implied deceleration in that Q4 revenue guidance. Is there any chance you can provide some color on those assumptions and sort of what are the puts and takes to that Q4 revenue number?

好的。偉大的。作為後續行動，第四季的收入指引似乎略有放緩。您是否有機會對這些假設提供一些解釋，以及對第四季度收入數據的看跌期權和拿取金額？

Yes. I think that's a great question. I think really that we are assuming that the momentum that we've seen with more and more subscriber ads coming onto the platform will continue throughout Q4. I think as mentioned earlier, also embedded in the guidance is our ability to surpass or basically mitigate any headwinds from the pricing changes that we made in the second quarter through having a greater share of new users come onto the platform and select the personalized product, as well as starting to see the benefits from stronger retention start to emerge. In the fourth quarter though, really I think that those will continue to perpetuate throughout 2024.

是的。我認為這是一個很好的問題。我確實認為，我們假設越來越多的訂戶廣告進入該平台的勢頭將在整個第四季度持續下去。我認為，正如前面提到的，指南中還嵌入了我們透過讓更多新用戶進入平台並選擇個人化產品來超越或基本上減輕我們在第二季度進行的定價變化所帶來的任何阻力的能力，並且開始看到更強的保留率帶來的好處開始顯現。但在第四季度，我確實認為這種情況將持續到 2024 年。

And so I would say that much of what we see in the fourth quarter is continued momentum. I think there are very few headwinds that we're anticipating in the fourth quarter.

因此，我想說，我們在第四季看到的大部分情況都是持續的勢頭。我認為我們預計第四季幾乎不會出現阻力。

Your next question comes from the line of George Hill of Deutsche Bank.

你的下一個問題來自德意志銀行的喬治·希爾。

Two quick ones for me. I got in a little bit late. I don't know if I missed this comment. Did you guys discuss churn at all? And to what degree kind of the changing economic environment is having on membership churn. And then, Yemi, I wouldn't expect you to give formal '24 guidance yet but just as we think about the ramp towards '25, I was just wondering if there's any meaningful headwinds or tailwinds as we think about next year that you guys would want to call out in advance.

對我來說兩個快點。我進來的有點晚了。我不知道我是否錯過了這個評論。你們討論過流失嗎？不斷變化的經濟環境對會員流失的影響程度如何？然後，Yemi，我不希望你們給出正式的 '24 指導，但正如我們思考走向 '25 的斜坡一樣，我只是想知道，當我們考慮明年時，是否有任何有意義的逆風或順風想提前打電話。

So, I'll talk about the first one. We didn't explicitly speak through any new disclosures on churn but we did speak to the fact that there's been really no material changes in customer behavior from a market dynamic structurally that we've seen, even with the kind of difficulties that are outside our walls. We haven't seen those come in and cause issues internally, so fairly consistent. We did speak to the fact that the business is now seeing quite rapid adoption of personalized products, sort of north of 45%, I believe, as disclosed of new customers adopting personalized products in the quarter. And those customers and those products, we have seen indications of increased stickiness and retention and believe underlying that is just the customer's ability to personalize and adjust and tweak and have conversations with their provider to deliver something truly unique to them, ultimately is resulting in happier customers and improved clinical efficacy. So those are really the 2 things that we touched on prior.

那麼，我就談談第一個。我們沒有明確談論任何有關客戶流失的新披露，但我們確實談到了這樣一個事實：從我們所看到的市場動態結構來看，客戶行為確實沒有發生重大變化，即使存在超出我們能力範圍的困難。牆壁。我們還沒有看到這些進來並在內部引起問題，所以相當一致。我們確實談到了這樣一個事實，即該企業現在看到個性化產品的採用速度相當快，我相信，正如本季度採用個性化產品的新客戶所披露的那樣，這一比例在 45% 以上。對於這些客戶和這些產品，我們已經看到了粘性和保留率增加的跡象，並相信根本上在於客戶能夠進行個性化、調整和調整，並與他們的提供者進行對話，以提供真正獨特的東西，最終會帶來更快樂的結果。客戶並提高臨床療效。這些確實是我們之前談到的兩件事。

Yes. And I'll address the second part of your question, it is too early to give a outlook for 2024 at this time. But we really are energized by what we're seeing, pick up in 2023 and really how we're seeing the end of the year start to culminate. And so I think that we do see the trends that Andrew mentioned around personalized product adoption, more than likely we'll start to continue to roll out a broader set of those capabilities across more and more categories, continuing to see efficiency gains in our affiliated pharmacies as we complete the migration of that later this year. And then also just the learnings that we're starting to get from many of the brand investments and marketing.

是的。我將回答你問題的第二部分，現在給出 2024 年的展望還為時過早。但我們確實對我們所看到的、2023 年的回升以及我們將如何看到年底開始達到頂峰感到振奮。因此，我認為我們確實看到了安德魯提到的圍繞個性化產品採用的趨勢，我們很可能會開始繼續在越來越多的類別中推出更廣泛的這些功能，繼續看到我們附屬公司的效率提高我們將在今年稍後完成藥房的遷移。然後還有我們開始從許多品牌投資和行銷中獲得的經驗教訓。

All of those are culminating into a lot of positive tailwinds that we see continuing through 2024. And so that's one of the reasons why we have the conviction in our ability to generate positive net income within the first half of 2024, just as a result of the reality of these things starting to come together.

所有這些最終都會帶來許多積極的推動力，我們認為這些推動力將持續到 2024 年。因此，這就是我們堅信我們有能力在 2024 年上半年產生正淨利潤的原因之一，正如這些事情的現實開始融合在一起。

And we have a follow-up question from the line of Jack Wallace of Guggenheim.

我們有一個來自古根漢的傑克華萊士的後續問題。

Just you -- wanted to put the quarter's results in context. I believe, in the third quarter through the -- of last year through the first quarter of this year, you talked about there being an unusually favorable advertising environment. And then in the second quarter, it was maybe more normal. I was wondering, if you could just comment on the ad spend environment, competitive -- any competitive pressures there? And then how you would handicap the fourth quarter relative to kind of the prior, let's call it, 6 quarters worth of advertising environment.

只有您 - 想要將本季的結果放在背景中。我相信，從去年第三季到今年第一季度，您談到了一個異常有利的廣告環境。然後到了第二季度，情況可能就更正常了。我想知道，您是否可以評論一下廣告支出環境、競爭——那裡有什麼競爭壓力嗎？然後，相對於先前（我們稱之為 6 季）的廣告環境，您將如何影響第四季的廣告環境。

Yes. Jack, I think that we -- it's just the, just the normal environment, I don't think it's particularly onerous or favorable. I think that much of what we saw in Q3 was consistent with the environment in Q2. I think the difference is given that we're rolling out many strategic pricing acts in the second quarter as well as also expanding the set of personalized capabilities across many lines such as women, in the Hers dermatology space and the Hers hair space, the investment in marketing was choppier and it was more skewed towards the back half of Q2. We don't foresee any of those dynamics in the fourth quarter. And so I think that the spend levels will be more normalized in the fourth quarter. But we're still very excited by the efficiency that we're seeing over the course of -- during the back half of the year. And so I would say that our expectation is that the environment will continue to be normalized from what we've seen in Q2 and what's embedded in our guidance.

是的。傑克，我認為我們——這只是正常的環境，我不認為這特別繁重或有利。我認為我們在第三季看到的大部分情況與第二季的環境一致。我認為區別在於，我們在第二季度推出了許多戰略定價舉措，並在許多領域擴展了個性化功能，例如女性、Hers皮膚科領域和Hers頭髮領域、投資營銷方面的情況更加波動，並且更傾向於第二季後半段。我們預計第四季不會出現任何動態。因此，我認為第四季的支出水準將更加正常化。但我們仍然對今年下半年所看到的效率感到非常興奮。因此，我想說，我們的期望是，根據我們在第二季所看到的以及我們的指導中所包含的內容，環境將繼續正常化。

There are no further questions at this time. This concludes today's conference call. You may now disconnect.

目前沒有其他問題。今天的電話會議到此結束。您現在可以斷開連線。