Hims & Hers Health Inc (HIMS) 2023 Q4 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 Fourth Quarter and Full Year 2023 earnings conference call. Please note that this call is being recorded. If you would like to ask a question, please press star followed by the number one on your telephone keypad. And if you'd like to withdraw your question again, press star one. Thank you. I would now like to turn today's call over to Bill Newby Director of Investor Relations.

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 年第四季和全年財報電話會議。請注意，此通話正在錄音。如果您想提問，請按星號，然後按電話鍵盤上的數字 1。如果您想再次撤回問題，請按星號一。謝謝。我現在想將今天的電話轉給投資者關係總監比爾紐比 (Bill Newby)。

Bill, please go ahead.

比爾，請繼續。

Good afternoon and everyone. Welcome to the Enzon hers Fourth Quarter and Full Year 2023 earnings call. Today after the market closed we released our first ever shareholder letter, a copy of which you can find on our website, investors dot Enzo.com.

大家下午好。歡迎參加 Enzon 的 2023 年第四季和全年財報電話會議。今天收盤後，我們發布了第一封股東信函，您可以在我們的網站上找到該信函的副本，投資者請訪問 Enzo.com。

On the call with me today are Andrew Don, our Co-Founder and Chief Executive Officer as well, Jamie Quebec, our Chief Financial Officer.

今天與我通話的還有我們的共同創辦人兼執行長安德魯唐 (Andrew Don) 以及我們的財務長傑米魁北克 (Jamie Quebec)。

Before I hand it over to Andrew, I need to remind you of the usual 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 that could cause actual results to vary materially, and 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 the 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 will also use certain non-GAAP financial measures. We refer you to the reconciliation tables to the most directly comparable GAAP financial measures contained in today's press release and shareholder letter. You can find this information as well as a link to today's webcast at investors dot tennantco.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，我需要提醒您通常的安全港和警告聲明。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，並受到可能導致實際結果發生重大變化的風險和不確定性的影響，而且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。請參閱最近提交的 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，我們還將使用某些非公認會計準則財務指標。我們請您參閱今天的新聞稿和股東信中包含的最直接可比較的公認會計準則財務指標的調整表。您可以在 Investors dot Tennantco.com 上找到此資訊以及今天網路廣播的連結。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。

Sales. 2023 was a transformative year for Hims & Hers as we continued to deliver against our mission of helping the world feel great through the power of better health, strong execution of our strategy resulted in financial success on both the top and bottom line revenue increased 65% year over year to $872 million. Growth remains robust as a result of our ability to continue to draw and retain users to the Hims & Hers platform over 1.5 million subscribers were on the platform at the end of 2023, representing a year-over-year increase of 48%. We've always taken a disciplined approach to scaling our platform, and that is translating to meaningful success on our bottom line as well. And I'm incredibly proud of our organization's ability to scale our platform efficiently and deliver our first quarter of positive net income on the one year anniversary of our first quarter of positive adjusted EBITDA throughout 2023. We continue to excel at providing users with access access to providers and diagnosis in the days or in some instances hours as opposed to weeks or months in brick-and-mortar and access to clinically appropriate generic treatments and solutions for similar issues that consumers are challenged, where we view our capabilities to deliver on access as table stakes and believe a sustainable leadership position requires more my belief is that our success is the culmination of an intentional focus on core specialties as well as our ability to transform our platform across a few dimensions.

銷售量。 2023 年對Hims & Hers 來說是變革的一年，我們繼續履行我們的使命，即透過改善健康的力量幫助世界感覺更好，我們策略的強有力執行導致財務上的成功，收入和利潤均增長了65%年增至 8.72 億美元。由於我們有能力持續吸引和留住 Hims & Hers 平台的用戶，因此成長依然強勁。 截至 2023 年底，該平台上的訂閱者超過 150 萬，年成長 48%。我們始終採取嚴格的方法來擴展我們的平台，這也為我們的利潤帶來了有意義的成功。我對我們的組織能夠有效擴展我們的平台並在 2023 年第一季調整後 EBITDA 一周年之際實現第一季正淨利潤感到無比自豪。我們繼續擅長為用戶提供在幾天或在某些情況下幾小時內獲得醫療服務和診斷的機會，而不是在實體店花費數週或數月的時間，並為消費者所面臨的類似問題提供臨床上適當的通用治療和解決方案，我們將提供准入機會的能力視為賭注，並相信可持續的領導地位需要更多我的信念是，我們的成功是有意關注核心專業以及我們在多個方面改造平台的能力的頂峰。

Let me start by double-clicking into the significance of focus today, our efforts are focused on ensuring that customers have a delightful experience across five core specialties, sexual health, men's and women's dermatology, mental health and weight loss, which we're excited to launch in the fourth quarter. These are some of the most emotionally resonant challenges across society today and in impact over 100 million individuals in the US alone.

讓我先雙擊今天關注的重要性，我們的努力集中在確保客戶在五個核心專科、性健康、男性和女性皮膚病學、心理健康和減肥方面獲得愉快的體驗，我們對此感到興奮將於第四季推出。這些是當今社會最引起情感共鳴的一些挑戰，光是在美國就影響了超過 1 億人。

In 2023, we made meaningful strides evolving our platform across a few key dimensions, which has enabled us to capture a leading market share of customers seeking solutions within many of our specialties. First is the move beyond generics towards personalized solutions and treatments that uniquely address users' concern via new form factors as well as multi action capabilities.

2023 年，我們在幾個關鍵方面的平台發展方面取得了有意義的進展，這使我們能夠在許多專業領域尋求解決方案的客戶中佔據領先的市場份額。首先是超越仿製藥，轉向個人化解決方案和治療，透過新的外形尺寸和多操作功能獨特地解決用戶的擔憂。

Second is our ability to leverage AI capabilities across structured data to not only and form new effective and safe solutions that resonate with users, but also enable providers to leverage learnings from hundreds of thousands of interactions across our platform to more efficiently match users with the right treatment.

其次，我們能夠利用跨結構化資料的人工智慧功能，不僅形成與用戶產生共鳴的新的有效、安全的解決方案，而且使提供者能夠利用我們平台上數十萬次互動的經驗教訓，更有效地將使用者與合適的人配對。治療。

Lastly, our operational excellence and scale enable us to offer all of its value to users at attractive price points nationally. Renowned experts, combined with our data platform, were foundational to our ability to rollout access to heart support, Hardeman and updated men's hair loss options in our tenured specialties, such as sexual health and dermatology, personalized offerings, which have now been adopted by over 30% of subscribers on the platform as of year end, have allowed these specialties to continue to scale at a rapid rate through 2023. We are confident that substantial runway for growth remains, especially as we continue to evolve our offerings. The shift toward personalized offerings has been even stronger in our newer specialties as new users are increasingly opting for the unique approaches to individualized care per dermatology subscribers are opting for a personalized solution, more than 75% of the time. While subscribers to the new weight-loss offering are essentially all opting for personalized treatments. It is clear to us that personalized solutions drive increased longevity on the platform and help to facilitate the acquisition of new users as we continue to see increasingly rapid adoption of personalized approaches across newer specialties, such as hers, dermatology, mental health and weight loss. We are confident that each of these specialties has the ability to deliver more than $100 million of revenue in 2025. We are pleased to see the strong momentum of the past six years continue into 2024 with continued strength across each of our specialties and margin expansion from our disciplined approach to scale. These factors provide us with line of sight to achieve our 2025 targets of $1.2 billion of revenue and $100 million of EBITDA, one year early. We are also tracking toward our 1st year of positive net income in 2024. These are all important benchmarks, but we have every belief this is just the beginning our aspiration is to bring tens of millions of users on our platform, given the fact that over 100 million consumers are impacted by conditions in the specialties we serve and our ability to achieve these ambitions will be governed by our ability to remove points of frictions for users seeking treatment today as well as remove barriers for those who may be suffering but not seeking treatment. To date, we've excelled at removing barriers and friction points, such as lack of awareness, accessibility and affordability. In 2024, we expect personalization will be foundational to unlocking new opportunities for the treatment of users that may have alternative form factor needs or require unique dosages. We expect MediaMath by Hims & Hers to be a critical tool in giving both providers and consumers the confidence that a treatment will work for them. This is natural in that Mednax by Hims & Hers has the potential to evolve to address one of the questions most top of mind for consumers has this solution worked for people like me. In the fourth quarter, we completed the transition of the vast majority of fulfillment to our affiliated pharmacies, which sets the stage to break down substantial barrier for users suffering across our specialties today, cost over 85% of orders going through affiliated pharmacies provides us greater ability to realize the benefits of scale and ultimately pass value back to consumers in a way that is beneficial for our users and accretive to Hims & Hers since we founded Hims & Hers six years ago, our goal has been bold to make the world feel great to the power of better health, developing the technology operations, clinical excellence and brand to achieve this goal of transforming health and wellness requires a long-term approach and an operational mindset through the unparalleled experience and expertise of our team. We have built a platform that offers personalized solutions through a holistic and seamless customer experience at compelling price points. Our approach can enable almost every household in a nation to find a level of personalized care that has historically only been available to the wealthiest subset of the population. We are proud of what we are delivering and the positive outcomes we're bringing to our customers and we are energized by the opportunity we have to bring this incredible experience to an expanding group of consumers in 2024.

最後，我們的卓越營運和規模使我們能夠以有吸引力的價格在全國範圍內向用戶提供所有價值。知名專家與我們的數據平台相結合，是我們能夠在我們的終身專業領域推出心臟支持、哈德曼和更新的男性脫髮選項的基礎，例如性健康和皮膚病學、個性化產品，這些產品現已被超過截至年底，該平台上 30% 的訂閱者允許這些專業在 2023 年之前繼續快速擴展。我們相信，巨大的成長空間仍然存在，特別是在我們不斷發展我們的產品的情況下。在我們的新專業中，向個人化產品的轉變更加強烈，因為新用戶越來越多地選擇獨特的個人化護理方法，而皮膚科訂閱者在超過 75% 的情況下選擇個人化解決方案。雖然新減肥產品的訂閱者基本上都選擇個人化治療。我們很清楚，個人化解決方案可以延長平台的壽命，並有助於促進新用戶的獲取，因為我們繼續看到個人化方法在較新的專業（例如她的皮膚科、心理健康和減肥）中越來越快採用。我們相信，到 2025 年，這些專業領域都有能力創造超過 1 億美元的收入。我們很高興看到過去六年的強勁勢頭持續到 2024 年，我們每個專業的持續實力以及我們嚴格的規模方法帶來的利潤率擴張。這些因素使我們能夠提前一年實現 2025 年收入 12 億美元和 EBITDA 1 億美元的目標。我們也計劃在 2024 年實現第一年實現正淨利。這些都是重要的基準，但我們堅信這只是一個開始，考慮到超過 1 億消費者受到我們所服務的專業條件和我們的能力的影響，我們的願望是將數千萬用戶帶入我們的平台要實現這些目標，將取決於我們是否有能力消除當今尋求治療的使用者的摩擦點，以及為那些可能正在遭受痛苦但不尋求治療的人消除障礙。到目前為止，我們在消除障礙和摩擦點方面表現出色，例如缺乏意識、可及性和負擔能力。到 2024 年，我們預計個人化將成為可能有其他外形需求或需要獨特劑量的使用者釋放新治療機會的基礎。我們期望 Hims & Hers 的 MediaMath 成為一個重要工具，讓提供者和消費者相信治療方法對他們有效。這是很自然的，因為 Hims & Hers 的 Mednax 有潛力不斷發展，解決消費者最關心的問題之一，這個解決方案是否適用於像我這樣的人。在第四季度，我們完成了絕大多數訂單履行到附屬藥房的過渡，這為打破今天在我們專業領域遭受苦難的用戶的實質性障礙奠定了基礎，超過85% 的訂單通過附屬藥房進行的成本為我們提供了更大的幫助。自六年前創立Hims & Hers 以來，我們有能力實現規模效益，並最終以有利於我們的用戶並為Hims & Hers 帶來增值的方式將價值回饋給消費者，我們的目標一直大膽，讓世界感覺美好為了更好地健康，發展技術運營、臨床卓越和品牌來實現改變健康和保健的目標需要透過我們團隊無與倫比的經驗和專業知識採取長期的方法和運營思維。我們建立了一個平台，透過全面、無縫的客戶體驗以極具吸引力的價格提供個人化解決方案。我們的方法可以使一個國家的幾乎每個家庭都能找到一定程度的個人化護理，而這種護理歷來只有最富有的人群才能獲得。我們為我們所提供的服務以及為客戶帶來的積極成果感到自豪，並且我們為 2024 年有機會為不斷擴大的消費者群體帶來這種令人難以置信的體驗而感到振奮。

With that, I will pass over to Jimmy to walk through our financials in greater detail.

接下來，我將請吉米更詳細地介紹我們的財務狀況。

Thanks, Andrew. I will start by providing an overview of our fourth quarter financial performance and then expand on Andrew's comments related to our future outlook. We are incredibly proud of the progress made in 2023 in transforming the business into a leading provider of personalized solutions and are excited by how that positions us for the future. Our strong results are the result of sound execution of our simple but powerful strategy, which is to provide users with access to attractive, high-quality and personalized solutions that are affordable and backed by an experience that has a life from beginning to end.

謝謝，安德魯。我將首先概述我們第四季度的財務業績，然後詳細說明安德魯對我們未來前景的評論。我們對 2023 年在將業務轉型為領先的個人化解決方案提供者方面取得的進展感到無比自豪，並對我們未來的定位感到興奮。我們的強勁業績源自於我們簡單而強大的策略的良好執行，即為用戶提供有吸引力、高品質和個人化的解決方案，這些解決方案價格實惠，並以自始至終的體驗為後盾。

Our fourth quarter results are a great example of the intersection of great strategy and strong execution revenue grew 47% year over year to $246.6 million, driven primarily by the ongoing expansion of our subscriber base. We ended 2023 with over 1.5 million subscribers, up 48% from the end of 2022 over the course of 2023. We continue to evolve the suite of personalized offerings throughout the year across each of our specialties, including launches, apartments and chewable and men's sexual health care blends in women's dermatology, our first multi-option offer in part support and finally, our weight management offering, which offers customized solutions designed around addressing the underlying causes of weight gain. Consumer demand for these offerings has been rapid with over 35% of new subscribers pursuing personalized options in the fourth quarter. Our belief is that this will continue to enable us to drive robust growth for the foreseeable future.

我們第四季的業績是偉大策略與強大執行相結合的一個很好的例子，營收年增 47% 至 2.466 億美元，這主要是由於我們用戶群的持續擴張。截至 2023 年底，我們的訂戶數量超過 150 萬，在 2023 年期間比 2022 年底增加了 48%。我們全年不斷開發針對每個專業的個人化產品套件，包括推出、公寓和咀嚼片以及女性皮膚病學中的男性性保健混合產品、我們的第一個多選項產品（部分支持）以及最後的體重管理產品，它提供圍繞解決體重增加的根本原因而設計的客製化解決方案。消費者對這些產品的需求一直在快速增長，第四季度超過 35% 的新訂戶追求個人化選擇。我們相信，這將繼續使我們能夠在可預見的未來推動強勁成長。

Firstly, drawing a broader audience of consumers impacted by a condition to seek treatment, secondly, enabling us to capture a greater share of users that are currently seeking treatment. And lastly, increasing the longevity of users on the platform at the core of our strategy is ensuring that these solutions are placed at attractive price points, which we believe will continue to drive both stronger demand and retention our shift toward affiliated pharmacies allowed us to offset the margin impact of strategic pricing actions implemented in 2023. Even more exciting is that they provide a platform to unlock efficiencies that will enable us to provide a better consumer experience at even more attractive price points.

首先，吸引更多受疾病影響的消費者尋求治療，其次，讓我們能夠吸引更多目前尋求治療的使用者。最後，我們策略的核心是延長平台上用戶的壽命，確保這些解決方案的價格具有吸引力，我們相信這將繼續推動更強勁的需求和保留率，我們向附屬藥局的轉變使我們能夠抵消2023 年實施的策略定價行動對利潤率的影響。更令人興奮的是，它們提供了一個提高效率的平台，使我們能夠以更具吸引力的價格提供更好的消費者體驗。

We exited 2023 with over 85% of orders fulfilled via isolated pharmacies. Our expectation is to maintain a share of orders going through third parties in the high single digit to low double digit levels for redundancy purposes, investments made in affiliated pharmacies have provided a foundation for expanded capabilities as well as efficiency gains. Affiliated pharmacies allow us to drive efficiencies across key costs such as logistics, product costs and even customer support.

到 2023 年，我們超過 85% 的訂單是透過孤立的藥房完成的。我們的期望是為了冗餘目的，將透過第三方的訂單份額維持在高個位數到低兩位數的水平，對附屬藥房的投資為擴大能力和提高效率奠定了基礎。附屬藥房使我們能夠提高物流、產品成本甚至客戶支援等關鍵成本的效率。

Gross margins expanded almost four points year over year in both the fourth quarter and across the full year to 83% and 82%, respectively, as we were able to identify and capture these efficiencies, greater scale will continue to allow us to drive efficiency across our operation. As previously mentioned, we will actively pass a portion of these gains back to consumers over the next several years in ways that we believe are long-term accretive. This may be in the form of targeted price reductions and additional value added services. We believe that mass market pricing, combined with the convenience of our end-to-end experience, will enable us to cementing leadership position across each of our core specialties. Leveraging scale and actively capture inefficiencies is a core trait that extends beyond operations and is embedded in the DNA at Hims & Hers over the course of 2023, we gain leverage across the majority of cost areas with marketing costs as a percentage of revenue and improving 1 point operations and support costs as a percentage of revenue improving 1 point and G&A costs as a percentage of revenue improved by 3 points. Disciplined growth and rigorous cost management are resulting in step improvement and profitability.

第四季和全年的毛利率年增近四個百分點，分別達到 83% 和 82%，因為我們能夠識別和捕捉這些效率，更大的規模將繼續使我們能夠提高整個行業的效率。我們的運作。如前所述，我們將在未來幾年內以我們認為長期增值的方式積極地將部分收益回饋給消費者。這可能採取有針對性的降價和額外增值服務的形式。我們相信，大眾市場定價加上我們端到端體驗的便利性將使我們能夠鞏固在每個核心專業領域的領導地位。利用規模和積極消除低效率是一個核心特徵，它不僅限於運營，而且已融入Hims & Hers 的DNA 中，到2023 年，我們在大多數成本領域都獲得了影響力，營銷成本佔收入的百分比並不斷提高 1營運和支援成本佔收入的百分比提高了 1 個百分點，一般管理費用佔收入的百分比提高了 3 個百分點。有紀律的成長和嚴格的成本管理正在導致逐步改進和獲利能力。

Adjusted EBITDA increased 68% quarter over quarter in the fourth quarter to almost $21 million. This represents more than a five times increase relative to the fourth quarter of last year, which was our first quarter of positive adjusted EBITDA on the one-year anniversary of our first quarter of a positive adjusted EBITDA were thrilled to have generated our first quarter of positive net income in the fourth quarter. Net income was $1.2 million attainment of this important milestone is evidence of the strength of our strategy and capital allocation framework. It was excellent execution across our organization. Our focus remains on continuing to address barriers that protect consumers from seeking treatment for specialties that we serve, which we believe will result in greater market share capture. We will do so in a way that has discipline and provide the path to generate positive free cash flow to better reflect this focus.

第四季調整後 EBITDA 環比成長 68%，達到近 2,100 萬美元。這比去年第四季成長了五倍多，去年第四季是我們第一季調整後EBITDA 為正數，今年是我們第一季調整後EBITDA 調整一周年之際，我們很高興能夠實現第一季度的獲利第四季淨利為正。淨利潤達到 120 萬美元，這一重要里程碑的實現證明了我們策略和資本配置框架的實力。我們整個組織的執行力非常出色。我們的重點仍然是繼續解決保護消費者尋求我們所服務的特色產品治療的障礙，我們相信這將帶來更大的市場份額。我們將以一種有紀律的方式做到這一點，並提供產生正自由現金流的途徑，以更好地反映這一重點。

We have started disclosing free cash flow generated in each period in 2023. We generated over $73 million of operating cash flow, driving a free cash flow of $47 million. We ended the year with $221 million of cash and short-term investments on our balance sheet, up over $41 million from the end of 2022. We intend to leverage the strength of our balance sheet to continue to expand our portfolio of personalized solutions as well as to improve the efficiency of affiliated pharmacies as they continue to scale over the course of the next two to three years. This is reflected in the higher capital expenditures in the fourth quarter as well as for the full year of 2023. Our expectation is that the evolution of personalized offerings will drive continued market share gains and growth in the near future.

我們已開始揭露 2023 年各期間產生的自由現金流。我們產生了超過 7,300 萬美元的營運現金流，帶動自由現金流達到 4,700 萬美元。截至年底，我們的資產負債表上有 2.21 億美元的現金和短期投資，比 2022 年底增加了超過 4,100 萬美元。我們打算利用我們資產負債表的優勢，繼續擴大我們的個人化解決方案組合，並提高附屬藥局的效率，因為它們在未來兩到三年內將繼續擴大規模。這反映在第四季以及 2023 年全年的資本支出增加。我們的期望是，個人化產品的發展將在不久的將來推動市場份額的持續成長和成長。

With that backdrop, I'd like to detail our outlook for 2024. For the first quarter, we are anticipating revenue in the range of $267 million to $272 million, representing a year-over-year increase of 40% to 43%. We expect adjusted EBITDA to be between $22 million and $27 million, representing an adjusted EBITDA margin of 9% at the midpoint of both ranges. For the full year, we are anticipating revenue of between $1.17 billion to $1.2 billion, representing a year-over-year increase of 34% to 38%. It is our expectation that 2024 adjusted EBITDA will be between $100 million and $120 million. These adjusted EBITDA and revenue ranges imply an adjusted EBITDA margin of 9% at the midpoint of both ranges.

在此背景下，我想詳細介紹我們對 2024 年的展望。我們預計第一季的營收將在 2.67 億美元至 2.72 億美元之間，年增 40% 至 43%。我們預計調整後 EBITDA 將在 2,200 萬美元至 2,700 萬美元之間，調整後 EBITDA 利潤率為 9%，處於兩個範圍的中點。我們預計全年營收將在 11.7 億美元至 12 億美元之間，年增 34% 至 38%。我們預計 2024 年調整後 EBITDA 將在 1 億至 1.2 億美元之間。這些調整後的 EBITDA 和收入範圍意味著調整後的 EBITDA 利潤率為兩個範圍的中點 9%。

Our outlook for 2024 provides line of sight to achieve our 2025 floors of $1.2 billion of revenue and $100 million of adjusted EBITDA a year earlier. As mentioned previously, continued penetration of large addressable markets across our specialties remains our core focus. We continue to scale in a disciplined way that adheres to our rigorous capital allocation framework with continued successful execution of these priorities. It is our expectation that 2024 will be our first full year of generating positive net income, while 2023 was a phenomenal year and 2024 looks to be equally, if not more exciting. As Andrew has always mentioned, the Company has a long-term orientation in that spirit. I'll take a moment to provide additional color on our expectations for progress on the attainment of our long-term adjusted EBITDA margin goals of 20% to 30%. Our expectation is that we will achieve adjusted EBITDA margins of at least low to mid-teens by 2027 and be within our long-term margin range. No later than 2030. Margin expansion will occur as we continue charting a path forward toward our ambition of bringing tens of millions of subscribers onto the platform. While further leverage is expected across costs such as G&A and operations and support a substantial portion of leverage is expected to come from marketing. Our expectation is that marketing as a percentage of revenue will be in the mid 30s to low 40s by 2030, several factors give us conviction in our ability to drive marketing leverage over time.

我們對 2024 年的展望提供了實現 2025 年 12 億美元收入和 1 億美元調整後 EBITDA 的目標。如前所述，持續滲透我們專業領域的大型潛在市場仍然是我們的核心重點。我們繼續以嚴格的方式擴大規模，遵守嚴格的資本分配框架，並持續成功地執行這些優先事項。我們預計 2024 年將是我們第一個全年實現正淨利潤的一年，​​而 2023 年是非凡的一年，2024 年看起來同樣令人興奮，甚至更令人興奮。正如安德魯一直提到的那樣，公司本著這種精神制定了長期目標。我將花點時間進一步說明我們對實現 20% 至 30% 的長期調整後 EBITDA 利潤率目標的進展的期望。我們的預期是，到 2027 年，我們將實現調整後 EBITDA 利潤率至少達到 15% 左右，並且處於我們的長期利潤率範圍內。不遲於2030年。隨著我們繼續規劃道路，實現將數千萬訂閱者帶入平台的雄心，利潤率將會擴大。雖然預計在一般管理費用和營運等成本和支援方面將進一步發揮槓桿作用，但預計很大一部分槓桿作用將來自行銷。我們的預期是，到 2030 年，行銷佔收入的百分比將在 30 多歲到 40 多歲之間，有幾個因素讓我們相信我們有能力隨著時間的推移推動行銷槓桿。

First, a greater share of our spend is increasingly becoming more semi fixed in nature in 2022 and over the course of 2023, we meaningfully scaled investment in broad-based brand spend, intended to drive awareness and consideration of our brand to users earlier in their lifecycle journey. As it starts to hit maturity in 2024, we are confident in our ability to get greater leverage on this spend. Second, our belief is that we can increase conversion and retention by offering consumers high-quality personalized solutions. We have already seen early signs of success that offering personalized solutions enables us to better convert users as well as increase their longevity on the platform. This is especially true when they are placed at attractive price points as we saw in the second quarter of 2023, as our personalized solutions continue to evolve to encompass multi condition treatments as well as new form factors and scale enables us to place them at more attractive price points. Our expectation is that we will see continued gains in both conversion and retention.

首先，到 2022 年，我們的支出將變得越來越半固定，在 2023 年期間，我們有意義地擴大了對廣泛品牌支出的投資，旨在提高用戶對我們品牌的認識和考慮。生命週期旅程。隨著它在 2024 年開始成熟，我們對利用這筆支出獲得更大槓桿的能力充滿信心。其次，我們相信，我們可以透過為消費者提供高品質的個人化解決方案來提高轉換率和保留率。我們已經看到了成功的早期跡象，即提供個人化解決方案使我們能夠更好地轉換用戶並延長他們在平台上的壽命。正如我們在2023 年第二季度看到的那樣，當它們被置於有吸引力的價格點時尤其如此，因為我們的個人化解決方案不斷發展以涵蓋多種條件治療以及新的外形尺寸和規模，使我們能夠將它們置於更具吸引力的位置價格點。我們的期望是，我們將看到轉換率和保留率持續成長。

Lastly, our business is based on a recurring revenue model and the majority of marketing spend goes towards the acquisition of new users as our user base continues to mature and the average tenor of users on the platform increases, our expectation is that we will gain leverage. These dynamics are expected to drive between one to three points of marketing leverage per year with leverage starting to show as early as 2024, 2023 was an exceptional year. Hims & Hers momentum looks to be stronger than ever as we head into 2024. And we have high conviction that our strategy providing users with access to high-quality personalized solutions that are affordable and backed by an experienced that as a delightful from beginning to end will position us for continued success in the coming years. Our ability to drive these strong results would not be possible without the dedication of 100s of employees across Hims & Hers. I'd like to thank them as well as our customers and partners that support us in our mission of helping the world.

最後，我們的業務基於經常性收入模式，隨著我們的用戶群不斷成熟以及平台上用戶的平均期限的增加，大部分行銷支出都用於獲取新用戶，我們的期望是我們將獲得槓桿作用。這些動態預計每年將推動行銷槓桿作用提高一到三個百分點，而槓桿作用最早在 2024 年就開始顯現，2023 年是非凡的一年。進入 2024 年，他與她的勢頭似乎比以往任何時候都更加強勁。我們堅信，我們的策略為用戶提供高品質的個人化解決方案，這些解決方案價格實惠，並由經驗豐富的人提供支持，從頭到尾都令人愉快，這將使我們在未來幾年持續取得成功。如果沒有 Hims & Hers 數百名員工的奉獻精神，我們就不可能取得如此強勁的業績。我要感謝他們以及支持我們幫助世界的使命的客戶和合作夥伴。

But great for the power better health. We appreciate the support of our shareholders and look forward to keeping you updated on our progress.

但對於改善健康很有幫助。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。

Thank you. As a reminder, if you would like to ask a question, please press star followed by the number one on your telephone keypad. If you would like to withdraw that question again, press star one. We also ask that you limit yourself to one question and one follow-up and for any additional questions, please re-queue Your first question comes from the line of Alan lead from Bank of America. Please go ahead.

謝謝。提醒一下，如果您想提問，請按星號，然後按電話鍵盤上的數字 1。如果您想再次撤回該問題，請按星號一。我們還要求您將自己限制在一個問題和一個後續問題上，對於任何其他問題，請重新排隊您的第一個問題來自美國銀行的艾倫領導。請繼續。

Good afternoon and thanks for taking the questions. Andrew, you mentioned that hers derm, mental health and weight loss can each deliver more than $100 million of revenue in 2025. I'm just curious what gives you line of sight into that and how much do you expect to be cross-sales.

下午好，感謝您提出問題。Andrew，您提到她的皮膚、心理健康和減肥可以在 2025 年分別帶來超過 1 億美元的收入。我只是好奇是什麼讓您了解這一點以及您期望交叉銷售有多少。

And then related to that, what percent of your marketing budget is just getting patients to the Hims platform, which you are versus how much is specific to each indication that you're treating? Thanks.

與此相關的是，您的行銷預算中有多少百分比用於讓患者訪問 Hims 平台，而您的行銷預算中有多少是專門針對您正在治療的每種適應症的？謝謝。

Thanks, Alan. Good question. Maybe I'll take the first half of DME and jump on the marketing side. I think for the emerging category, this is really exciting right. We're seeing massive adoption of personalized offerings and custom treatments in those categories. I think we mentioned first dermatology, north of 70% of people are adopting those types of personalized treatments. And with our newest category, weight loss, nearly 100% of people are adopting those personalized treatments are seeing a really great dynamic with regard to stickiness, high engagement, high retention with those customers. We think that that type of an offering where patients and providers can more nuance cater to an individual's needs will result in a much stickier relationship long term. And so I think given the size of those markets, which are absolutely enormous, as we know and the very unique mass market pricing and personalized approach, it just gives us a tremendous amount of conviction that those emerging categories will be meaningful contributor to growth in the long term, even in the not-too-distant future in 2025, just a year after this weight loss categories is unlikely to be able to contribute $100 million plus. So really excited by both the tenured categories accelerating as a result of the personalization, but also the new emerging category starting starting to show some very meaningful contributions to long-term growth.

謝謝，艾倫。好問題。也許我會選擇 DME 的前半部分並跳到行銷方面。我認為對於新興類別來說，這確實令人興奮。我們看到這些類別中個人化產品和客製化處理的大量採用。我想我們首先提到了皮膚科，70% 以上的人正在採用此類個人化治療。在我們最新的減肥類別中，近 100% 的人都在採用這些個人化治療，他們看到了這些客戶在黏性、高參與度和高保留率方面的巨大動態。我們認為，患者和提供者可以更細緻地滿足個人需求的這種服務將導致長期更牢固的關係。因此，我認為，鑑於這些市場的規模（正如我們所知，絕對是巨大的）以及非常獨特的大眾市場定價和個人化方法，它讓我們堅信這些新興類別將為成長做出有意義的貢獻。從長遠來看，即使在不遠的將來，也就是2025年，僅僅一年後，這個減肥類別不太可能貢獻1億美元以上。由於個人化而加速的終身類別，以及新興類別開始對長期成長做出一些非常有意義的貢獻，我們感到非常興奮。

And Alan, thanks for the question. Hit the second part of your question on historically, we've had both targeted as well as broad product ads on so many of the investments that we make in areas such as direct response and social tend to be mid and later funnel earlier on in the Company's lifecycle, we still were able to draw consumers' eyeballs, but that was traditionally through things like the retail partnerships that we've oftentimes spoken about. I'd like as we mentioned, in 2022 and 2023, we really started to scale some of the broad based on brand spend to make users aware of the holistic set of conditions that we offered. So that's less around engaging with the user for specific condition and more introducing them to the overall Hims & Hers brands respectively. And so in 2022 and 2023, we saw a greater portion of spend come towards that. That's one of the things that also gives us confidence in the ability to get leverage really this year and into 2025 is that that spend tends to be more semi-fixed in nature as you start to implement integrate into channels and you're not necessarily scaling as rapid of a pace once you reach a certain level of maturity.

艾倫，謝謝你的提問。回答你問題的第二部分，從歷史上看，我們在直接回應和社交等領域進行的許多投資都有針對性和廣泛的產品廣告，這些投資往往是在早期管道的中後期。在公司的生命週期中，我們仍然能夠吸引消費者的眼球，但這傳統上是透過我們經常談論的零售合作夥伴關係等方式來實現的。正如我們所提到的，在 2022 年和 2023 年，我們確實開始擴大一些基於品牌支出的廣泛範圍，以使用戶了解我們提供的整體條件。因此，這不再是針對特定情況與用戶互動，而是更多地分別向他們介紹 Hims & Hers 的整體品牌。因此，在 2022 年和 2023 年，我們看到更大一部分支出用於此目的。這也讓我們對今年和 2025 年真正獲得影響力的能力充滿信心，原因之一是，當你開始實施整合到通路中時，支出本質上往往是半固定的，而且不一定會擴大規模一旦你達到一定的成熟程度，速度就會加快。

Great. And then another one for you, Jamie, as we think about the margin profile that you reported in 4Q and we think about the margin trajectory into 2024. I'm curious on the gross margin line, it seems like the percentage of scripts going through affiliated pharmacies is going to stay relatively consistent. I think that changed versus the last quarter. So can you talk a little bit about your decision to not get to 100% going through the affiliated pharmacies?

偉大的。Jamie，當我們考慮您在第四季度報告的利潤率概況以及 2024 年的利潤率軌跡時，請為您提供另一份報告。我對毛利率很好奇，看來通過附屬藥房的處方百分比將保持相對穩定。我認為與上個季度相比，情況發生了變化。那麼您能談談您不100%通過附屬藥房的決定嗎？

Yes, I think we really always want to maintain flexibility to have redundancy purposes set up. And so in the near to mid term, we view maintain those relationships very much as a strategic as we look to the affiliated pharmacies, as mentioned over time, we view gross margin going to more of the mid to high seven news. It is probably likely going to take us a few years to get there just because in the affiliated pharmacies, there are opportunities both in terms of process that can drive higher margins as well as as we look to the scale that we have now that unlocks the ability to leverage our balance sheet to drive greater efficiencies as well, we'll look to pass those back to consumers. But we're going to do that in a very thoughtful way, run dedicated experiments to just ensure that as we are giving that value back to consumers will result in long-term value, not only for the consumers, but also for homes cars.

是的，我認為我們確實總是希望保持靈活性以設定冗餘目的。因此，在近中期，我們認為維持這些關係非常重要，就像我們關注附屬藥房一樣，正如我們所提到的，隨著時間的推移，我們認為毛利率將更多地達到中高七條新聞。我們可能需要幾年的時間才能實現這一目標，因為在附屬藥房中，無論是在可以推動更高利潤的流程方面，還是在我們現在擁有的規模方面，都存在機會，可以釋放更多的潛力。我們有能力利用我們的資產負債表來提高效率，我們將尋求將這些回饋給消費者。但我們將以一種非常深思熟慮的方式做到這一點，進行專門的實驗，以確保當我們將這種價值回饋給消費者時，不僅會為消費者帶來長期價值，而且也會為家用汽車帶來長期價值。

Great. Thank you.

偉大的。謝謝。

Your next question comes from the line of Daniel Grosslight right from Citigroup. Please go ahead.

您的下一個問題來自花旗集團的 Daniel Grosslight。請繼續。

Hey, guys, thanks for taking the question and congrats on the strong results here. I want to stick with the marketing question. I really appreciate all the details that you've given so far. But I'm curious, one of your competitors, most of them, the mental health side, you mentioned that they're seeing a decline and their marketing efficiency and you obviously are going to start to see more leverage coming out in 2024 and beyond. So I'm curious if you're seeing a similar degradation in marketing efficiency away from the broad brand building, which it seems like is going to be a majority of your investment in 2024 and beyond.

嘿，夥計們，感謝您提出問題，並祝賀我們取得了優異的成績。我想繼續討論行銷問題。我真的很感謝您迄今為止提供的所有細節。但我很好奇，你的競爭對手之一，他們中的大多數人，心理健康方面，你提到他們的營銷效率正在下降，你顯然會開始看到 2024 年及以後出現更多的槓桿作用。因此，我很好奇，在廣泛的品牌建立之外，您是否會看到行銷效率出現類似的下降，而品牌建立似乎將成為您 2024 年及以後投資的大部分。

And then I guess with that, I mean, you mentioned that as a greater proportion of your our user base becomes this recurring user, you're naturally going to get additional efficiency from your marketing line item. So I'm curious if there's any stats you can provide around retention rates, churn rates, what percent of your user base now is on the platform for another months or years would be very helpful.

然後我想，我的意思是，您提到，隨著我們的用戶群中更大比例的人成為經常性用戶，您自然會從行銷訂單項目中獲得額外的效率。因此，我很好奇您是否可以提供有關保留率、流失率的任何統計數據，以及現在您的用戶群在該平台上停留數月或數年的百分比是多少，這將非常有幫助。

Yes. So I'll take the first part of the question.

是的。所以我將回答問題的第一部分。

Thanks for the question, then really our focal point is around still continuing to maintain that payback period of less than a year, which we have been able to do. Our tax do tend to fluctuate across quarters. We've really not seen anything out of the norm, and there's a few reasons behind that. And some of it is just unique to the way that our platform is positioned. The first is that we oftentimes diversify across a broad set of channels as well as we're constantly experimenting with new messages, new narratives to consumers and really the channels interconnect with one another. And so as we started to invest in things like broad-based campaigns, we're seeing that show up in terms of efficiency and some of our other marketing channels. The second is really just the combination of having a diversified set of products across the ecosystem that we can message to you to users. We're able to rotate capital across our specialties that really enables the ability to drive greater efficiency across the entire ecosystem.

謝謝你的提問，那麼我們的重點實際上是繼續保持不到一年的投資回收期，而我們已經做到了這一點。我們的稅收確實會在各個季度出現波動。我們確實沒有看到任何不正常的情況，這背後有幾個原因。其中一些是我們平台定位方式所獨有的。首先，我們經常在廣泛的管道中實現多元化，並且不斷嘗試向消費者提供新的資訊、新的敘述，並且管道之間確實相互關聯。因此，當我們開始投資於廣泛的活動等方面時，我們看到這在效率和其他一些行銷管道方面有所體現。第二個實際上只是在整個生態系統中擁有多樣化產品的組合，我們可以向您向用戶傳達這些產品。我們能夠在我們的專業領域進行資本輪換，這確實能夠提高整個生態系統的效率。

And lastly, what we're seeing is really the differentiated offering resonates with our user base and as we're bringing up both personalized solutions whilst products those are drawn into greater and greater set of users. And so we're actually seeing, in many instances where either drawn news of the platform, which is open, which has resulted in greater share capture across the ecosystem.

最後，我們看到的是差異化的產品確實與我們的用戶群產生了共鳴，我們正在推出個人化的解決方案，同時產品也吸引了越來越多的用戶。因此，我們實際上看到，在許多情況下，無論是開放平台的新聞，還是在整個生態系統中獲得了更大的份額。

To the second part of your question, just around how we're thinking around the overall marketing leverage ecosystem, the vast majority of our spend actually goes towards the acquisition of new customers. And so as a result, as we continue to build a larger and larger base of existing users that are tenured on the platform that inherently results in more leverage. And so what we are seeing is that particularly with personalized products and some of the pricing changes that we made last year, the platform is getting even more stickier than what historically was. And so as a result of that, that gives us the conviction to start the call the fact that we'll even receive leverages early this year when you're not sure if there's anything you wanted to add to that as well.

對於您問題的第二部分，就我們如何思考整個行銷槓桿生態系統而言，我們的絕大多數支出實際上都用於獲取新客戶。因此，隨著我們繼續建立越來越大的現有用戶群，這些用戶在平台上長期任職，這本質上會帶來更大的影響力。因此，我們看到的是，特別是在個人化產品和我們去年做出的一些定價變化方面，該平台變得比歷史上更具黏性。因此，這讓我們有信心開始通話，因為我們甚至會在今年年初收到槓桿，當時您不確定是否還有任何想要添加的內容。

Yes. I think on the on the mental health side. One thing to point out, I think there continues to be a lot of investment in that category, specifically on the clinical excellence side with MediaMath and our AI capabilities and be able to better predict how a patient is going to respond with different medications. But obviously, the trial-and-error that comes with mental health treatment is quite brutal saying over time we're going to see a stickier relationship with the customer and I think increased confidence in the brand increased trust in the brand. And so that category continues to be one of our highest growing specialties like we shared in the past, growing triple digits. And I think as we continue to lean into the clinical efficacy side and expand the potential personalized treatment options. There's an opportunity for us to continue to lean in and continue to take some fairly meaningful market share.

是的。我認為在心理健康方面。需要指出的一點是，我認為該類別仍然有大量投資，特別是在 MediaMath 和我們的人工智慧功能的臨床卓越方面，並且能夠更好地預測患者對不同藥物的反應。但顯然，心理健康治療帶來的反覆試驗是相當殘酷的，隨著時間的推移，我們將看到與客戶的關係更加緊密，我認為對品牌的信心增加會增加對品牌的信任。因此，該類別仍然是我們成長最快的專業之一，就像我們過去分享的那樣，成長了三位數。我認為，隨著我們繼續關注臨床療效並擴大潛在的個人化治療選擇。我們有機會繼續前進並繼續佔據一些相當有意義的市場份額。

Makes sense. And then as a follow-up, you mentioned some investments you're making you've made in the 4Q in your affiliated pharmacies that accounted for a majority of the big increase in the purchase of PPDP. Any this quarter? How should we think about CapEx and investments did in your website and app for 2024 and beyond is kind of an $8.5 million the right run rate rate per quarter on PP&E, $2.5 million on on website. How should we be thinking about that?

說得通。然後，作為後續行動，您提到了您在第四季度對附屬藥房進行的一些投資，這些投資佔 PPDP 購買量大幅增長的大部分。這個季度有嗎？我們應該如何考慮 2024 年及以後在網站和應用程式中進行的資本支出和投資，PP&E 每季的正確運作率為 850 萬美元，網站上的正確運作率為 250 萬美元。我們該如何思考這個問題？

Yes, great question, Dan. I think I think it's going to probably vary across quarter to quarter.

是的，很好的問題，丹。我認為每個季度的情況可能會有所不同。

So it's not as though we're going to be just like a neat neat investment. I think that there's two areas or two ways that we think around that one is just expanding capabilities and capacities as we start to look to have a broader evolution of personalized offerings on the platform that isn't one area of investment. The other big area of investment that's likely more likely to shop in late H1. Early issue is really around with a different level and scale profile that we currently have relative to most other players in the market that affords us the ability to start to leverage the balance sheet to automate processes within the affiliated pharmacies. And so as a result that effectively makes the overall ecosystem more efficient paid back pretty quickly, but it also enables us to pass value back to consumers without, but the very limited merchandise margin definition.

因此，我們並不像是乾淨俐落的投資。我認為，我們有兩個領域或兩種方式來思考，其中一種只是擴展能力和容量，因為我們開始尋求在平台上實現個人化產品的更廣泛發展，這不是一個投資領域。另一大投資領域更有可能在上半年末購買。早期的問題實際上是圍繞著我們目前相對於市場上大多數其他參與者而言的不同水平和規模概況，這使我們能夠開始利用資產負債表來自動化附屬藥房內的流程。因此，這有效地使整個生態系統更加高效，很快就獲得了回報，但它也使我們能夠將價值傳遞給消費者，而無需非常有限的商品利潤定義。

Got it. Thank you.

知道了。謝謝。

Your next question comes from the line of John Kim from TD. Cowan. Please go ahead.

您的下一個問題來自 TD 的 John Kim。考恩.請繼續。

Greg, thank you for taking my question. Just curious in your guidance, how much of new product launches is baked in there? And in your opinion, what could drive potential upside and downside to guidance?

格雷格，謝謝你回答我的問題。只是好奇您的指導中，有多少新產品發布是在其中進行的？在您看來，什麼可能會推動指引的潛在上行和下行？

Thank you.

謝謝。

And maybe I can start and then we'll hand it over to Andrew as well. I think inherently like what we are assuming is that the personalization offerings that we have across all of our specialties effectively continues to evolve. And so we've seen a very rapid adoption across that over the years as we've rolled out new products now at 30% of the overall subscriber base seeking to adopt a personalized product on the things that could drive further upside on as that as that adoption happens happens faster than we anticipate or there are products similar to what we saw last year, we were about Hardman that users are drawn to in a faster way than we anticipated on that could result in meaningful meaningful upside for us as we are very much in the early days of weight management time that platform will and offering will continue to evolve. We're seeing early signs of traction. Historically, we've said that it takes 12, 18 months to really see meaningful contribution from categories, but there is the potential for that to be brought forward and you're not sure if there's anything that you wanted to.

也許我可以開始，然後我們也將其交給安德魯。我認為本質上就像我們所假設的那樣，我們在所有專業領域所擁有的個人化產品都在有效地繼續發展。因此，多年來，我們看到了這種技術的快速採用，目前我們推出的新產品佔總訂戶群的 30%，尋求採用個人化產品來推動進一步的發展，例如採用的速度比我們預期的要快，或者有與我們去年看到的類似的產品，我們認為哈德曼以比我們預期更快的方式吸引用戶，這可能會給我們帶來有意義的好處，因為我們非常在體重管理的早期階段，平台和產品將繼續發展。我們看到了牽引力的早期跡象。從歷史上看，我們說過需要 12 到 18 個月才能真正看到類別的有意義的貢獻，但有可能提前，但你不確定是否有任何你想要的東西。

I'd also add to that the only thing I'd add is there's really a focus, I think, this year on depth right to focus on the core specialties that we outlined. We believe those are exceptionally large when you look at the total TAM and penetration rates, and they're massive. Ray talked about 100 billion people plus with 1% to 3% penetration rate. So there's still so many barriers for why people are not getting treated, whether or not that's access or pricing or signal or education or a lack of personalized choice. So I think we're continuing to go deeper in the core specialties. And I think you'll see us offer a wider range of segmentation and portfolio across offerings and capabilities and product selection and as well as technology capabilities in order to strengthen the confidence from a consumer's perspective that not only can you get great access to health and wellness at Hims & Hers, but you can actually get clinically the best care for the core specialty and specialties that we focus on.

我還要補充一點，我唯一要補充的是，我認為今年確實專注於深度，並專注於我們概述的核心專業。我們認為，當您查看總 TAM 和滲透率時，這些數字非常大，而且它們非常巨大。Ray談到了1000億人以上，滲透率是1%到3%。因此，人們得不到治療的原因仍然有很多障礙，無論是獲取機會、定價、訊號、教育或缺乏個人化選擇。所以我認為我們將繼續深入研究核心專業。我認為您會看到我們在產品和功能、產品選擇以及技術能力方面提供更廣泛的細分和產品組合，以便從消費者的角度增強信心，讓您不僅能夠獲得健康並在Hims & Hers 享受健康，但您實際上可以在我們專注的核心專科和專科中獲得臨床上最好的護理。

And just one more question. In terms of the retention rate, did you see any improving compared to other quarters and what are you baking in in terms of retention rates for the next year?

還有一個問題。就保留率而言，與其他季度相比，您是否看到任何改善？您對明年的保留率有何改善？

Thank you so much.

太感謝了。

Yes, I think we're very excited by the adoption of personalized products as we look into 2024, our belief is that as a greater share of users shift to those products on retention on the platform stickier than historically has across many of the more tenured specialties. We have seen some success with them, some of the personalized offerings. The second is we're lapping the price effects on when we'll start to lap some of the pricing effects from Q2 of last year. And really what we've seen in the early signals is as we put many of the personalized offerings and longer durations descriptions at more attractive price points, which are have the ability to breakeven on last year was primarily around new users switching and it's a different composition mix we're excited by in 2024 is that we do see the potential for even higher retention for those users that came on as well as the existing users that are on the on the on the platform, just because the products are very uniquely differentiated and they're also at a very cost effective price points. And the combination of those things gives us confidence that retention will continue to improve throughout 2024 as a result of that, that's some of that is reflected in the stronger I've had.

是的，我認為，展望2024 年，我們對個人化產品的採用感到非常興奮，我們相信，隨著越來越多的用戶轉向這些產品，在平台上的保留率將比歷史上許多長期使用的產品更高。特產。我們已經看到了他們的一些成功，一些個人化的產品。第二個是我們將在何時開始計算去年第二季的一些定價影響。事實上，我們在早期訊號中看到的是，我們將許多個人化產品和較長持續時間的描述放在更具吸引力的價格點上，這些產品能夠在去年實現收支平衡，主要是圍繞新用戶的切換，這是一個不同的情況我們對 2024 年的組合組合感到興奮的是，我們確實看到了新用戶以及平台上現有用戶擁有更高留存率的潛力，因為這些產品非常獨特而且它們的價格也非常具有成本效益。這些因素的結合讓我們相信，留存率將在 2024 年繼續提高，這在一定程度上反映在我所擁有的更強的能力上。

I think you.

我覺得你。

Your next question comes from the line of Jack Wallace from Guggenheim Securities. Please go ahead.

您的下一個問題來自古根漢證券公司的傑克華萊士。請繼續。

Can you thanks for taking my questions and I wanted to ask the contribution question a little differently with regards to the emerging categories is there any way you can help give us a baseline for how those categories did in 2023? And because if I'm just doing the math, it looks like there's a pretty significant step-up in those categories, and it seems to be a meaningful driver for the guidance.

感謝您提出我的問題，我想就新興類別提出稍微不同的貢獻問題，您有什麼辦法可以幫助我們為這些類別在 2023 年的表現提供基準嗎？因為如果我只是做數學計算，看起來這些類別有一個相當顯著的進步，而且它似乎是指導的一個有意義的驅動因素。

And can you just help us unpack the kind of the relative contributions as we're thinking about the outlook?

當我們考慮前景時，您能否幫助我們解開相對貢獻的類型？

Thank you.

謝謝。

Yes, Jack, great question. Although you have to give us a bit of detail, but I think instinctively correct, or I think we're seeing the emerging categories for dermatology, some weight loss show exceptional signs and momentum. And I think the early indications of high adoption rate of personalized products really reflects essentially the engagement and stickiness profiles of those customers, right? You have some of our more tenured businesses, the aggregate of the business around 30% adopting of the personalized product on the new emerging categories. You have 70%-plus in dermatology and nearly 100% in waste management. So I think it's reflective of the type of customer, the stickiness of that relationship. I think when you look at the composition of growth more and more of that competition is moving towards a lot of the new emerging categories, which we think are very large TAM. With that said, I think we've also seen acceleration in the in the more tenured categories as they've adopted the wider blended portfolio with the new personalized offers. So there's definitely a ramp up happening with regarding with regard to the emerging categories, and I think it's giving and in combination with the more tenured success, a lot of confidence to be able to at that high end, the range, Paul pull for the 2025 guide of {$1.2 billion} and $100 million EBITDA a year early. So I think really exciting from everything that we're seeing already in the very beginning of the year.

是的，傑克，好問題。雖然你必須給我們一些細節，但我認為本能是正確的，或者我認為我們正在看到皮膚科的新興類別，一些減肥顯示出特殊的跡象和動力。我認為個人化產品高採用率的早期跡象確實反映了這些客戶的參與度和黏性，對嗎？我們有一些長期存在的業務，總共大約 30% 的業務在新興類別上採用個人化產品。您在皮膚科的成績超過 70%，在廢棄物管理方面的成績接近 100%。所以我認為這反映了客戶的類型以及這種關係的黏性。我認為，當你觀察成長的組成時，越來越多的競爭正在轉向許多新興類別，我們認為這些類別是非常大的 TAM。話雖如此，我認為我們也看到了更長期的類別的加速發展，因為他們採用了更廣泛的混合產品組合和新的個人化產品。因此，新興類別肯定會出現成長，我認為這與更長期的成功相結合，給了我們很大的信心，能夠在高端、範圍內，保羅為2025 年目標為{12 億美元}，E BITDA 提前一年達到1 億美元。因此，我認為今年年初我們所看到的一切確實令人興奮。

Yes. I mean just to provide some additional color there, Jack, I think we 2023 saw success across both the tenure specialties, as Andrew mentioned, as well as some of the more emerging ones. And so really, as we started to roll out new personalized products within some of the tenant specialties we saw rapid adoption of many of those many of those products across the portfolio. And so that continues to drive success across the tenured offerings. I think one of the beauties of the overall model is that given the fact that we have now over 1.5 million subscribers on the platform across many different specialties, we're able to take efficiencies and learnings that we've already historically gotten and that we also continue to get on with that scale and rapidly deploy them across some of the our newer and more emerging offerings and as a result, what we are seeing is that oftentimes many of these aren't able to sell at even an even faster pace than some of our more tenured categories historically have just because we're able to take the learnings across things like marketing segmentation, messaging, personalization and so forth and embed that into how we operate and run the kind, of course.

是的。我的意思是，傑克，我想提供一些額外的信息，我認為我們在 2023 年在終身教授專業（正如安德魯提到的）以及一些新興專業上都取得了成功。事實上，當我們開始在一些租戶專業領域推出新的個人化產品時，我們看到整個產品組合中的許多產品被迅速採用。因此，這將繼續推動終身產品的成功。我認為整個模型的優點之一是，考慮到我們現在在平台上擁有超過 150 萬多個不同專業的訂閱者，我們能夠提高效率並吸取我們歷史上已經獲得的經驗教訓我們還繼續保持這種規模，並在我們一些較新和新興的產品中快速部署它們，因此，我們看到的是，其中許多產品的銷售速度甚至無法比當然，我們的一些更長期的類別歷史上只是因為我們能夠從營銷細分、訊息、個人化等方面汲取經驗教訓，並將其嵌入到我們經營和經營該類別的方式中。

Thank you. That's helpful. And then one thing maybe I didn't hear you say explicitly, but I'm guessing is part of the outlook is that there is going to be the potential for some cross-selling with inside your base and as model jockeys are updating our outlook and in response to your strong fourth quarter results and the guide, just wondering if there's maybe any change in the growth algorithm between subscriber growth and of your revenue per subscriber going forward? Thank you.

謝謝。這很有幫助。然後有一件事也許我沒有聽到你明確地說，但我猜前景的一部分是，隨著模特騎師正在更新我們的前景，你的基地內部將有可能進行一些交叉銷售針對您強勁的第四季度業績和指南，我想知道訂閱者成長和未來每訂閱者收入之間的成長演算法是否可能發生任何變化？謝謝。

Yes, at this time, our focus still remains on expanding the subscriber base. I think, as Andrew mentioned in his prepared remarks as well as I think in one of the questions previously, the overall channels across the specialties that we serve are massive. And so while we're impressed with having over 1.5 million subscribers on the platform. The reality is there's 100 million users across the country, but are suffering from the specialties in some form or fashion. And so the ability to break down barriers and capture those is something that we view were very much in the early innings of subscriber growth will be the focus. That said, you are starting to see us innovate with the personalized offerings and things like that match where we're starting to roll out, things like multi condition treatments. We're also starting to think through time what are potential offerings that a user can simply get treated from multiple things. And as we start to do that, I think that there will be a pretty sizable unlock. But the primary focus today remains on ensuring that across each of the specialties, consumers have an amazing experience and subscriber growth is the primary metric.

是的，目前我們的重點仍是擴大用戶群。我認為，正如安德魯在他準備好的演講中提到的以及我在之前的一個問題中提到的那樣，我們所服務的專業的整體管道是巨大的。因此，我們對該平台擁有超過 150 萬訂閱者印象深刻。現實情況是，全國有 1 億用戶，但他們正在遭受某種形式或時尚的專業人士的困擾。因此，我們認為，在使用者成長的早期階段，打破障礙並抓住這些障礙的能力將成為焦點。也就是說，您開始看到我們透過個人化產品以及我們開始推出的配對產品（例如多條件治療）進行創新。我們也開始隨著時間的推移思考使用者可以從多種事物中簡單地獲得哪些潛在的產品。當我們開始這樣做時，我認為將會有相當大的解鎖。但今天的主要焦點仍然是確保在每個專業領域，消費者都擁有令人驚嘆的體驗，而訂戶成長是主要指標。

And Jack, maybe also add one thing there. I think I think in some way as the company's capabilities of the pharmacy continued to improve, as you said, we're launching dual action capability Triple Action capabilities we're treating. And for example, on weight loss, the many of the underlying conditions are causing weight gain because it's the platform, I think is moving a little bit away from the simplistic concept and maybe cross-sell on and more towards a more holistic care in that single offering. So we might be treating you for men's sexual health who are also treating you for cardiovascular risk profile. And that is a personalized offering with dual action capabilities by not fall as cleanly into a simple cross category, cross-sell, but very much is a much deeper relationship with the customer in a way that is offering multiple categories, multiple conditions and ultimately, we believe a much stickier relationship.

傑克，也許還可以增加一件事。我想我認為在某種程度上，隨著公司的藥房能力不斷提高，正如你所說，我們正在推出我們正在治療的雙重作用能力和三重作用能力。例如，在減肥方面，許多潛在的條件導致體重增加，因為它是一個平台，我認為它正在遠離簡單化的概念，也許會交叉銷售，並且更多地轉向更全面的護理單一產品。因此，我們可能會為您治療男性性健康，同時也為您治療心血管風險。這是一種具有雙重行動能力的個人化產品，不完全屬於簡單的跨類別、交叉銷售，而是以提供多種類別、多種條件的方式與客戶建立更深層次的關係，最終，我們相信這種關係會更加牢固。

That it makes sense.

這是有道理的。

Thank you.

謝謝。

Your next question comes from the line of Glenn Ascenty, Angelo from Jefferies. Please go ahead.

您的下一個問題來自 Jefferies 的 Glenn Ascenty、Angelo。請繼續。

Yes, thanks for taking my question. I actually have one for each you, Andrew. Wanted to start with you and talked about weight loss a little bit, it sounds like some of the initially exuberance around the potential to eventually sell GLP ones that sort of died down. But it sounds like you're getting a lot of traction here. And I'm kind of curious, could you could you give us a little bit more in terms of the products that you're offering here sounds like you're doing some personalized treatments. And I'm kind of curious as to how you're doing that and how you're pricing for that product? Because it sounds like it's been a a nice upside surprise for you.

是的，感謝您提出我的問題。事實上，我為你們每人準備了一份，安德魯。我想從您開始談減肥問題，聽起來最初對銷售 GLP 藥物的熱情似乎逐漸消退了。但聽起來你在這裡受到了極大的關注。我很好奇，您能給我們多介紹一下您在這裡提供的產品嗎？聽起來您正在做一些個人化的治療。我有點好奇你們是如何做到這一點以及你們如何為該產品定價的？因為聽起來這對你來說是一個不錯的驚喜。

I think we're really excited by the launch. We partnered and brought Dr. Craig back into the into the company a couple of quarters back and since then have been really refining what we believe is a great clinical offering that goes under the hood of traditional weight management and more of what you'd find at a very high end obesity specialists. It's somebody who is used to understanding the underlying causes of your weight gain. That could be things like insulin resistance, metabolic disorder and eating habits depressive binge dynamic and treating those things directly, which we have great confidence, have meaningful clinical efficacy and helping people not only send the weight, but also something that's sustainable and something that you can stay on repeatedly for a long period of time of that offering. I think it's something we're excited by in addition to because it's also a mass market offering right. We're pricing that in the range of $70 per month, which is a simple cash price that has the holistic care of the platform. It will be three specialist assets constant interaction and adjustment to your treatment as well as the personalized compounded treatments delivered to your door. So we think it's incredibly valuable. We think the holistic offering, including the mobile application and the content, it's really compelling and I will have efficacy. And it's not to say that we're not still excited by the GLP-1. We very much expect to be on the platform and would expect in the coming years for those to contribute. We have very meaningful growth to the business. I think very energizing to see the efficacy of those. So we are also pretty excited by the model that we brought to market as a first iteration and plan to continue to expand the portfolio and expand the offering and believe ultimately, that category is going to be a massive contributor to growth. And I think we are very encouraged by the response thus far that that allows us to say that. But with the amount of people struggling. It's very clearly a really big opportunity to help a lot of people.

我認為我們對此次發布感到非常興奮。幾個季度前，我們合作並讓克雷格博士重新回到公司，從那時起，我們一直在真正完善我們認為是一項出色的臨床產品，該產品涵蓋傳統體重管理和更多您會發現的內容在非常高端的肥胖專家那裡。這是一個習慣於了解體重增加的根本原因的人。這可能是胰島素抗性、代謝紊亂和飲食習慣、憂鬱症、暴飲暴食等問題，並直接治療這些問題，我們對此充滿信心，具有有意義的臨床療效，不僅可以幫助人們減輕體重，而且是可持續的、你可以接受的東西。可以長期重複地保留該產品。我認為這讓我們感到興奮，因為它也是大眾市場的產品。我們的定價範圍為每月 70 美元，這是一個簡單的現金價格，具有平台的全面照顧。這將是三個專業資產不斷互動和調整您的治療以及為您提供的個人化複合治療。所以我們認為它非常有價值。我們認為整體產品，包括行動應用程式和內容，真的很有吸引力，我會很有成效。這並不是說我們不再對 GLP-1 感到興奮。我們非常希望能夠加入這個平台，並希望這些人能在未來幾年內做出貢獻。我們的業務實現了非常有意義的成長。我認為看到這些功效非常令人振奮。因此，我們對作為第一次迭代推向市場的模型也感到非常興奮，並計劃繼續擴大產品組合和產品範圍，並相信最終該類別將成為成長的巨大貢獻者。我認為我們對迄今為止的反應感到非常鼓舞，這使我們能夠這樣說。但隨著人數的增加而掙扎。顯然，這是一個幫助很多人的巨大機會。

That's super helpful. Thanks for the detail again.

這非常有幫助。再次感謝您的詳細資訊。

Yes. Yes. Wanted to ask about the monthly online or rev per subscriber, it ticked down a little bit sequentially. But if you look at the average order value, that was up pretty meaningfully year over year and also picked up sequentially. So I'm wondering if you could just sort of reconcile those two data points maybe and give us a sense for is anything changing with respect to mix or subscription duration or price or anything that would that would reconcile those two data points. Thanks.

是的。是的。我想詢問每月的線上流量或每個訂閱者的收入，它逐次下降了一點。但如果你看一下平均訂單價值，你會發現它逐年大幅成長，而且也逐年上升。所以我想知道您是否可以對這兩個數據點進行某種程度的協調，並讓我們了解在混合或訂閱持續時間或價格方面是否有任何變化或任何可以協調這兩個數據點的事情。謝謝。

Yes, I think it's a great question, Glenn. So I think it's a combination of the factors that you had on you had outlined, I think that we see really as customers tend to go to longer duration subscriptions. Those tend to have a higher average order basket by also come with an exchange for a longer term commitment, generally a lower monthly monthly rate. And so you sign up for more once you get a lower monthly rates we are seeing as a result of some of the pricing changes that we made in Q2, a greater share of users opting for subscriptions that are longer duration in nature and then there's, you know, just from quarter to quarter, there is adjustments that happened in the overall product mix.

是的，我認為這是一個很好的問題，格倫。因此，我認為這是您概述的因素的組合，我認為我們確實看到客戶傾向於進行較長時間的訂閱。這些往往具有較高的平均訂單籃數，同時也伴隨著長期承諾的交換，通常是較低的每月費率。因此，一旦您獲得較低的月費，我們就會看到，由於我們在第二季度進行的一些定價變化，更多的用戶選擇了本質上較長持續時間的訂閱，然後，你知道，每個季度，整體產品組合都會發生調整。

Well, we would say just taking a lot of the movements that we're seeing now are tend to be within the course of on normal. And so it's been relatively stable over the last past couple of quarters.

好吧，我們會說，我們現在看到的許多運動都在正常範圍內。因此，過去幾個季度它相對穩定。

Thank you.

謝謝。

Our next question comes from the line of Jailendra Singh from Truist Securities. Please go ahead.

我們的下一個問題來自 Truist Securities 的 Jailendra Singh。請繼續。

Thank you, and thanks for taking my questions and congrats on a strong quarter and guide. On my first question on balance sheet and cash flow strength. Just wondering if you're willing to share your 2024, our free cash flow expectations? And related to that, just wanted to get your thoughts on the capital deployment, $220 million cash and short-term investments on your balance sheet, how do you think of the blind guys you've talked about in building investment. Just curious if you have any plans to get back in the mix on M&A and if there are certain capabilities are the areas you plan to focus when it comes to M&A?

謝謝您，感謝您回答我的問題，並祝賀您獲得了強勁的季度和指南。關於我關於資產負債表和現金流實力的第一個問題。只是想知道您是否願意分享您對 2024 年自由現金流的期望？與此相關，只是想了解您對資產負債表上的資本部署、2.2 億美元現金和短期投資的看法，您如何看待您所談論的建設投資中的盲人。只是好奇您是否有計劃重新參與併購，以及在併購方面您是否計劃重點關注某些能力？

Thanks. For the question, Jailendra, it's I think that we and we do like the optionality that cash provides on the balance sheet. That said, I think the reality is like we are seeing the operating cash flow that we're generating, as well as the free cash flow that we're generating accelerate pretty pretty meaningfully with north of $70 million of operating cash flow on delivered delivered last year.

謝謝。Jailendra，對於這個問題，我認為我們確實喜歡現金在資產負債表上提供的選擇性。也就是說，我認為現實情況是我們正在看到我們正在產生的營運現金流以及我們正在產生的自由現金流顯著加速，交付時的營運現金流超過 7000 萬美元去年。

I think in terms of how we think around the priorities I mentioned we do see a meaningful opportunity to introduce new capabilities into the affiliated pharmacies, both in the form of additional capacity as well as a broader set of personalized offerings across that ecosystem.

我認為，就我們如何思考我提到的優先事項而言，我們確實看到了一個有意義的機會，可以將新功能引入附屬藥房，無論是在額外容量的形式，還是在整個生態系統中提供更廣泛的個人化產品。

And then what we also do you then see is there the opportunity for M&A, we're going to hold a high bar for that. I think that the types of the types of profiles of deals that we would look to potentially consider would be similar to what we've done in the past was extending a new capability or or extending a new opportunity similar to what Apostrophe provided. But that probably would be the order where we could leverage the balance sheet for capabilities, flash capacity, personalized offerings, followed by some of the automation efforts that we talked around to increase the overall efficiency across the pharmacies. And then lastly, I think that we will be opportunistic with M&A, but it's going to be primarily centered around on the expansion of new capabilities as opposed to on the acquisition of revenue that's the.

然後我們也會看到併購的機會，我們將為此保持很高的標準。我認為我們可能會考慮的交易概況類型與我們過去所做的類似，即擴展新功能或擴展新機會，類似於撇號提供的功能。但這可能是我們可以利用資產負債表的功能、快閃記憶體容量、個人化產品的順序，然後是我們討論的一些自動化工作，以提高整個藥房的整體效率。最後，我認為我們將在併購方面採取機會主義態度，但它將主要集中在新能力的擴展上，而不是獲取收入。

That's helpful. And then my follow-up is related to your comments around remaining flexible around incremental pricing adjustments in future. But can you help us with some of the key trends or metrics you will focus on with respect to your decision to do these adjustments in future. I'm also trying to better understand your assumptions around the competitive environment as part of your 24 guide?

這很有幫助。然後我的後續行動與您關於未來增量定價調整保持靈活性的評論有關。但是，您能否幫助我們了解一些您在決定將來進行這些調整時將關注的關鍵趨勢或指標。我還試圖更好地理解您對競爭環境的假設，作為您 24 小時指南的一部分？

Yes, I think it's a great question. You know, I think I mentioned in our shareholder letter, we did provide some visibility into some of the competitive dynamics that we are that we are seeing, and we're quite pleased by many of the actions that we took in 2023 that enabled us to effectively draw new users into the ecosystem, which resulted in greater market share capture. And as we look to make pricing decisions like we see, we consider several factors, but ultimately, at the end of the day, like what we are looking for is does it yield a higher net present value across the category and that comes in the form of a higher LTV on each individual user where retention more than likely goes up to offset the pricing degradation or were able to draw different user mix or more users into the ecosystem. And so the changes that we saw in the second, the second quarter of last year really were a reflection of a couple of quarters of testing and to get that right. And so we're continuously experimenting now to identify like what is the right mix to pass through some of that value to consumers. But it generally is expected to be those actions NPV accretive to any given specialty that we have.

是的，我認為這是一個很好的問題。你知道，我想我在我們的股東信中提到，我們確實對我們所看到的一些競爭動態提供了一些可見性，我們對 2023 年採取的許多行動感到非常高興，這些行動使我們能夠有效吸引新用戶進入生態系統，從而獲得更大的市場份額。當我們希望做出像我們看到的那樣的定價決策時，我們會考慮幾個因素，但最終，最終，就像我們所尋找的那樣，它是否會在整個類別中產生更高的淨現值？每個用戶的生命週期價值更高，留存率很可能會上升以抵消價格下降，或者能夠吸引不同的用戶組合或更多用戶進入生態系統。因此，我們在去年第二季度看到的變化確實反映了幾個季度的測試並確保其正確。因此，我們現在正在不斷進行試驗，以確定什麼是正確的組合，可以將部分價值傳遞給消費者。但通常預期這些行動的淨現值會增加我們所擁有的任何特定專業。

Great.

偉大的。

Thanks a lot.

多謝。

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

您的下一個問題來自德意志銀行的喬治希爾。請繼續。

Hey, good evening, guys, and thanks for taking the question I kind of wanted to piggyback on your lenders, one of the questions there, which is as we think about the pricing action that you guys are looking at taken and are taking on I guess, is there any way to talk about like what should we think of that as the benchmark for? I guess I'm just trying to I'm trying to get more color on how you guys evaluate the pricing actions so we can evaluate kind of the market dynamics the same way that you guys do. I don't know if it's comparable prices at retail pharmacies as the cash prices. Is it like what's happening with underlying generic drug costs? I guess just I would just love any more information that you could give us or unlike kind of the inputs in the pricing decisions?

嘿，晚上好，夥計們，感謝你們提出這個問題，我有點想藉用你們的貸方的意見，其中一個問題是，當我們考慮你們正在考慮採取的定價行動時，我正在採取的定價行動猜猜看，有什麼辦法可以討論我們應該把它當作基準嗎？我想我只是想更多地了解你們如何評估定價行為，以便我們可以像你們一樣評估市場動態。不知道零售藥局的價格是否與現金價格相當。這與基本仿製藥成本的情況類似嗎？我想我只是希望您能向我們提供更多信息，或者與定價決策中的輸入不同？

Yes, I think it's less around having a plus around what's happening with the external environment. And I think it's really more around running experimentation across the ecosystem. I think now at the beauty of the model as having 1.5 million subscribers on the platform, that gives us the ability to run several experiments at any given point in time from that, we're able to determine on it what the changes are, those resulting in the types of behavioral patterns that we did see. And then we're also able to estimate with our data science teams, is that likely to be long-term accretive and how much. And so I think it's really more of experimentation of on of opportunities across our platform and then really leaning into that versus trying to compare to external factors because the offering that we are increasingly bringing to market is so different and I'm not sure if there's anything you wanted to and also had there as well.

是的，我認為這並不是關於外部環境發生的事情的優勢。我認為這實際上更多的是在整個生態系統中進行實驗。我認為現在這個模型的美妙之處在於平台上有 150 萬訂閱者，這使我們能夠在任何給定時間點運行多次實驗，我們能夠確定它的變化是什麼，那些導致了我們確實看到的行為模式類型。然後我們還可以與我們的數據科學團隊一起估計這是否可能是長期成長以及成長多少。因此，我認為這實際上更多的是對我們平台上的機會進行實驗，然後真正傾向於這一點，而不是試圖與外部因素進行比較，因為我們越來越多地推向市場的產品是如此不同，我不確定是否有任何你想要的東西也都在那裡。

Nothing, I think that's right. I mean, I think George's, there's really not a lot of focus with regard to maybe specific drug pricing or cost to generics or costs or cash pay because as Emil said, the holistic offering that patients are getting from access to provider unlimited visits, constant iteration and treatment that deliver the treatment, the content that whole thing is it's really incomparable to a specific drug treatment. I think in addition to the experimentation and optimization of kind of a longevity lifetime value analysis with GME was speaking to I think there's also just the very first principle perspective around understanding that in the core specialties we operate in. There are 100 million-plus people suffering. And so when you want to go after a mass market opportunity, right, where we don't aim to bring 500,000 new subs on the platform, we aim to bring 5 million or 10 million new subs on the platform. There's just an understanding that as you can leverage your scale and efficiency and bringing that back into a customer's pocket. You are unlocking different demographics and segments. And I think as we expand the portfolio of offering, you'll see us the expanding both on the high end for you to more of the premium experience as well as more on the mass market experience to give people that flexibility and welcome them into the tent That's super helpful.

沒什麼，我覺得是對的。我的意思是，我認為喬治的，對於特定藥物定價或仿製藥成本或成本或現金支付確實沒有太多關注，因為正如埃米爾所說，患者從提供者那裡獲得的整體服務無限制就診，持續不斷迭代和提供治療的治療，整個事情的內容確實是特定藥物治療無法比擬的。我認為除了與 GME 交談的某種長壽生命週期價值分析的實驗和優化之外，我認為還有關於理解我們所從事的核心專業的第一個原則觀點。有一億多人正在受苦受難。因此，當你想追求大眾市場機會時，對吧，我們的目標不是在平台上帶來 50 萬個新訂閱者，我們的目標是在平台上帶來 500 萬或 1000 萬個新訂閱者。人們只是理解，因為您可以利用您的規模和效率，並將其帶回客戶的口袋。您正在解鎖不同的人口統計和細分市場。我認為，隨著我們擴大產品組合，您會看到我們在高端領域不斷擴展，為您提供更多優質體驗以及更多大眾市場經驗，為人們提供靈活性並歡迎他們進入帳篷 這非常有幫助。

If I could just have a quick follow-up, if I may. Just do you guys know what percentage of rate for your users pay for the subscription with either an HSA Carter and FSA card.

如果可以的話，如果我能快速跟進就好了。你們知道你們的用戶使用 HSA Carter 和 FSA 卡支付訂閱費用的比例是多少嗎？

I don't think we have that, that direct visibility on at this time. I think the vast majority of our users, as we've stated previously, do you have insurance and so on. But I don't think we have the direct split of how many are using HSA or FSA card.

我認為我們目前還沒有那種直接的可見性。我想我們絕大多數的用戶，正如我們之前所說的，你有保險等等。但我認為我們沒有直接區分有多少人使用 HSA 或 FSA 卡。

Thank you very much, TEXAS.

非常感謝你，德克薩斯州。

Your next question comes from the line of Corinne Wolf Mayer from Piper Sandler. Please go ahead.

您的下一個問題來自 Piper Sandler 的 Corinne Wolf Mayer。請繼續。

Hey, good afternoon, guys. Thanks for taking the question and congrats on a really good quarter. I wanted to touch a bit on the gross margin again and kind of what you're embedding into expectations here for 2024. So you have taken some pricing actions, but you're also seeing some scale benefits and other things that are offsetting. So is it fair to assume that gross margin should maybe still be expanding in 2024 and then start contracting and moving down toward that 75% long term that you're talking about? Or how should we be thinking about the trajectory there?

嘿，下午好，夥計們。感謝您提出問題，並祝賀您度過了一個非常好的季度。我想再次談談毛利率，以及您對 2024 年的預期的內容。因此，您已經採取了一些定價行動，但您也看到了一些規模效益和其他抵銷的因素。那麼，假設毛利率在 2024 年可能仍會擴張，然後開始收縮並朝著您所說的 75% 的長期水平下降，這樣的假設公平嗎？或者我們該如何思考那裡的軌跡？

Yes. I think the path to seven kind of the mid to the mid-70s that we've guided to is definitely going to be probably more more of a multi-year journey like that's not going to happen over the course of a couple of quarters. We do see some pretty amazing opportunities in front of us to also continue to drive efficiency, whether that's in the form of just volume negotiated rates that we have across our supply chain ecosystem or continued process improvements like looking to get more and more efficient around those as well as just the ability to automate from scale on will continue to evolve, evolve that over the course of several quarters on last year's. But and as I mentioned, we're actively looking for ways to give back to consumers, but that does take time to identify what are those, what are the most optimal opportunities we're going to take our time to do that. And so the path to seven years is not going to happen over the course of one or two quarters or even a year ago, it's likely to be a multi multiyear journey.

是的。我認為我們所引導的七十年代中期的道路肯定會是一個多年的旅程，就像這不會在幾個季度的時間內發生。我們確實看到了一些非常驚人的機會，可以繼續提高效率，無論是我們在整個供應鏈生態系統中的批量協商費率，還是持續的流程改進，例如尋求圍繞這些問題變得越來越高效以及大規模自動化的能力將繼續發展，在去年的幾個季度的過程中不斷發展。但是，正如我所提到的，我們正在積極尋找回饋消費者的方法，但這確實需要時間來確定這些方法是什麼，以及我們將花時間做到這一點的最佳機會是什麼。因此，通往七年的道路不會在一兩個季度甚至一年前發生，這可能是一個多年的旅程。

Got it. Very helpful. And then is there any color you can provide on the wholesale revenue this quarter. I know it's a small piece of the business, but it did grow pretty notably And so anything to call out there. And then as we look forward and model forward, is Q4 kind of the proper run rate to build off of or should it be a little bit weaker going forward?

知道了。很有幫助。然後您可以提供有關本季度批發收入的任何顏色嗎？我知道這只是業務的一小部分，但它確實增長得相當顯著，所以有什麼值得指出的。然後，當我們展望和模型向前發展時，第四季度的運行速度是否合適，還是應該稍微弱一些？

Yes, I think the wholesale channel is one that remains on more strategic in nature for I think it's a relatively small percentage of the business, and we do still view it very much a strategic from just bringing eyeballs to the platform being as we started to have some other mechanisms, namely in the form of brand spend, while still important, the impact of that. It is not necessarily to the same degree that historically was. And so I think that the guidance that you can provide us or we're not necessarily actively looking to expand that channel. I mean, proactively That said, there are periods where a new merchant or a new supplier might want to use this one of our offerings and system of what we saw in Q4. What is the result of Apotek that is not an active channel that we're seeking to rapidly expand a.

是的，我認為批發管道本質上仍然更具策略性，因為我認為它在業務中所佔的比例相對較小，而且我們仍然認為它非常具有戰略意義，因為我們一開始只是將眼球吸引到平台上還有一些其他機制，即以品牌支出的形式，儘管其影響仍然很重要。它不一定達到歷史上的相同程度。因此，我認為您可以為我們提供的指導或我們不一定會積極尋求擴展該管道。我的意思是，積極主動地說，在某些時期，新商家或新供應商可能希望使用我們在第四季度看到的產品和系統。Apotek 不是一個我們正在尋求快速擴展的活躍管道，結果是什麼？

Thank you.

謝謝。

Your next question comes from the line of Ivan fine that from Tigress Financial Partners. Please go ahead.

您的下一個問題來自 Tigress Financial Partners 的 Ivan Fine。請繼續。

Thanks for taking my questions and congratulations on another great quarter and year and the great outlook as you start to work with some patients that are using GLPs as people start to, we do significantly reduce there. Food and caloric intake. It's going to create nutritional and even protein deficiencies. How do you feel what do you feel your opportunity is to introduce products to help them manage that? And how would you foresee, let's say, the advisor for the doctor or the provider cross-selling or recommending folks like these?

感謝您提出我的問題，並祝賀又一個偉大的季度和一年，以及當您開始與一些使用 GLP 的患者合作時的美好前景，我們確實在這方面大幅減少。食物和熱量的攝取。它會造成營養甚至蛋白質缺乏。您認為您有機會推出產品來幫助他們管理這個問題，您對此有何看法？比如說，您如何預見醫生或提供者的顧問會交叉銷售或推薦這樣的人？

So I mean, I think it's I think it's a great question. And we I think we holistic, we believe that we can bring to market for each of these categories, the true the subsidies of what is needed for success. And I think each of the category likely has a different set of components for that. I think in obesity management, Keith, to your point, there's a pretty wide range. There's often some pharmaceutical intervention that helps make it easier. There's still very clear caloric and nutritional necessity. There's basic movement. If that data is water intake, there's mental health and sleep and there's protein supplementation. If you think about a business like Weight Watchers that's been around for a very long time and at that north of 3 million subscribers for decades, right? I think that and that business approached it with a couple of the components. I think we have the privilege and the and as a consumer oriented brand and really building these offerings ourselves holistically to be able to go to market with a wide range. So I could absolutely Imagine Hims & Hers having supplementation offerings and having food replacement offering was part of the core obesity offering that we launched a fairly holistic recipe in nutritional information and guidance. So I think this category is one where you really need all hands on deck and there's often five or six components what makes that puzzle really come together and be successful. So I think you'll see it as we continue to scale that to evolve the offering and expand the offering to serve a lot of different needs.

所以我的意思是，我認為這是一個很好的問題。我認為我們是整體的，我們相信我們可以為每個類別的市場帶來成功所需的真正補貼。我認為每個類別可能都有一組不同的組件。我認為在肥胖管理方面，基思，就你的觀點而言，範圍相當廣泛。通常有一些藥物幹預可以讓事情變得更容易。熱量和營養的必要性仍然非常明顯。有基本的動作了。如果這些數據是飲水量，那麼還有心理健康和睡眠，還有蛋白質補充。如果您想像慧儷輕體（Weight Watchers）這樣的企業，它已經存在了很長一段時間，並且幾十年來擁有超過 300 萬訂戶，對嗎？我認為，該業務透過幾個組件來實現這一目標。我認為我們有特權，並且作為一個以消費者為導向的品牌，並真正全面地建立這些產品，以便能夠進入廣泛的市場。因此，我絕對可以想像他和她的補充產品和食品替代產品是核心肥胖產品的一部分，我們在營養資訊和指導方面推出了相當全面的食譜。因此，我認為這一類別確實需要所有人齊心協力，並且通常有五到六個組件才能使該難題真正組合在一起並取得成功。因此，我認為當我們繼續擴展產品並擴展產品以滿足許多不同的需求時，您會看到這一點。

And one more question and congratulations on the great year-over-year subscriber growth. Do you have any kind of data you could share as far as how you see once the subscriber joins, how they ramp up their purchases?

還有一個問題，祝賀訂閱用戶逐年大幅成長。您是否有任何類型的數據可以分享，就您如何看待訂閱者加入後他們如何增加購買量而言？

Right about how what the percentage year over year change is, how much a subscriber when they go from one to products, the two products and et cetera?

關於同比變化的百分比是多少，當他們從一種產品轉向兩種產品等等時，訂閱者的數量是多少？

Yes. Great question. We haven't we haven't disclosed anything specific on that. I think the best guidance I could probably give you is some you're probably pointing to the personalization adoption. We've gone essentially zero to north of 30% of subscribers on the platform. Have you been treated with the personalized offering in the newer categories like dermatology and weight loss between 70% and 100%, personalized I would say that those personalized solutions for the most part often include expanded value and they might include multi multi dual action or triple action or supplement that counter by some type of side effect of concern of the patient or multiple dosages or custom dosages. And so I think the rapid adoption of personalized treatments is a really exciting indicator for us the commitment to the platform and the recommitment of the platform for patients that are done in many situations, upselling and adopting the new offerings that are coming onto the platform and very, very mass market, affordable prices.

是的。很好的問題。我們還沒有透露任何具體資訊。我認為我可以給您的最佳指導是您可能會指出的個人化採用。我們平台上的訂閱者數量基本上從零到 30% 以上。您是否接受過皮膚科和減肥 70% 到 100% 等新類別的個性化產品，個性化我想說，這些個性化解決方案大多數情況下通常包括擴展價值，它們可能包括多多雙重作用或三重作用對抗患者關注的某種類型副作用或多劑量或客製化劑量的作用或補充劑。因此，我認為個人化治療的快速採用對我們來說是一個非常令人興奮的指標，我們對平台的承諾以及平台對患者的重新承諾在許多情況下都進行了，追加銷售和採用即將進入平台的新產品，非常非常大眾的市場，價格實惠。

Thanks. And looking forward to a big 2024 for you

謝謝。期待您的 2024 年

Thanks Ivan.

謝謝伊万。

Your next question comes from the line of Michael from turning Leerink Partners, please go ahead.

您的下一個問題來自 Leerink Partners 的 Michael，請繼續。

And afternoon evening, guys, and thank you for the question. A lot of mine have been addressed, but I guess I just want to harp a little bit more on the gross margins. Great that you have the operating leverage to drive towards the long-term margins, as you outlined DME. But why is that level of kind of mid to high 70s, the kind of right number in terms of the way you see pricing in type customer benefits. Just trying to understand how that fits into the broader scaling effect. And as you settle on that number?

下午晚上，夥伴們，謝謝你們的提問。我的許多問題已經解決，但我想我只是想多談一點毛利率。正如您對 DME 所概述的那樣，很高興您擁有營運槓桿來推動長期利潤。但為什麼這個水平是 70 多歲的中高水平，就您看到的客戶利益定價方式而言，這是一個正確的數字。只是想了解這如何適應更廣泛的規模效應。當你確定這個數字？

Well, whether you're on the pathway there or before you get there, why landing in that number is the right level? And is there potential variability the upside and downside?

好吧，無論你是在到達那裡的路上還是在到達那裡之前，為什麼降落在這個數字上就是正確的等級？上行和下行是否有潛在的變化？

Yes. Thanks. Thanks, Mike. I think it's a great question to the teams. And I do spend a lot of a lot of time running scenarios on like what we call as our North Star, which is effectively across a variety of different improvements to our model as well as give backs to consumers, where do we think that optimal equilibrium lens. And so what we do see that, as Andrew mentioned, given the fact that we're not looking to add another 500,000 or 1 million subscribers, we're looking to eventually bring on tens of millions of subscribers onto the platform from placing our offerings and are having a segmented offering that's at different price points for different users is something that's something that is fundamentally important to us. And so as we've started to run different scenarios, we view that we can offer that holistic suite, both at the premium and the mid and mass market end and at a margin profile that lands into the mid-70's, as mentioned previously, that will take some time. I think you'll see periods where margins somewhat like last year may actually expand as we unlock efficiencies in advance of that. But over time, like we view the pathway to get to tens of millions of subscribers on having a mass market offering and you know, as well is a critical critical element to that.

是的。謝謝。謝謝，麥克。我認為這對團隊來說是一個很好的問題。我確實花了很多時間來運行像我們所說的北極星這樣的場景，它有效地跨越了對我們模型的各種不同改進以及回饋消費者，我們認為最佳平衡在哪裡鏡片。因此，正如安德魯所提到的，我們確實看到，鑑於我們不打算再增加 50 萬或 100 萬訂閱者，我們希望最終透過放置我們的產品為平台帶來數千萬訂閱者並為不同的用戶提供不同價位的細分產品，這對我們來說至關重要。因此，當我們開始運行不同的場景時，我們認為我們可以提供整體套件，無論是在高端市場還是中端和大眾市場，以及利潤率達到 70 年代中期的水平，如前所述，這需要一些時間。我認為，隨著我們提前釋放效率，您會看到類似於去年的利潤率實際上可能會擴大的時期。但隨著時間的推移，就像我們認為透過大眾市場產品獲得數千萬訂閱者的途徑一樣，你知道，這也是一個關鍵要素。

Well, that's it. Thanks so much.

嗯，就是這樣。非常感謝。

We have no further questions in our queue at this time. And with that.

目前我們的隊列中沒有其他問題。就這樣。

It does conclude today's conference call. Thank you for your participation, and you may now disconnect.

今天的電話會議確實結束了。感謝您的參與，您現在可以斷開連接。