Hims & Hers Health Inc (HIMS) 2024 Q1 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 First Quarter 2024 earnings conference call. Please note that this call is being recorded and all lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session. If you would like to ask a question, please press star followed by the number one on your telephone keypad. To withdraw your question, please press star one a second time. I would now like to turn today's call over to Bill Newby, Head 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 2024 年第一季財報電話會議。請注意，此通話正在錄音，所有線路均已靜音，以防止任何背景噪音。演講者發言後，將進行問答環節。如果您想提問，請按星號，然後按電話鍵盤上的數字 1。若要撤回您的問題，請再次按星號一。我現在想將今天的電話轉給投資者關係主管比爾紐比 (Bill Newby)。請繼續。

Good afternoon, everyone, and welcome to the Hims & Hers Health First Quarter 2024 earnings call today after the market closed, we released this quarter's shareholder letter, a copy of which you can find on our website at investors dot Hanes.com. 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，歡迎參加今天收盤後舉行的Hims & Hers Health 2024 年第一季度財報電話會議，我們發布了本季度的股東信，您可以在我們的投資者網站Hanes.com 上找到該信的副本。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.

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。

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. We take no obligation to update publicly any forward-looking statement after this call, whether as a result of new information, future events, changes in assumptions or otherwise. Please see our most recently filed 10 K and 10 Q reports for a discussion of risk factors as they relate to forward-looking statements.

本簡報中對未來結果的某些陳述和預測構成前瞻性陳述，這些陳述基於我們目前的市場競爭對手和監管預期，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。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。

In today's presentation, we have 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 homeinns.com. After the call this webcast will be archived on the website for 12 months.

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 homeinns.com 上找到此資訊以及今天網路廣播的連結。電話會議結束後，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。

Thanks, Bill.

謝謝，比爾。

Our first quarter results marked an outstanding beginning to the year. The momentum we built in 2023 is continuing as we further advance our mission to help the world build great for the power of better health, the underlying strength of our business is propelled by an unwavering dedication to delivering the highest quality personalized care possible across each of our five core specialties, men's and women's dermatology, mental health, sexual health and weight loss. Strong execution of our strategy is drawing more consumers to our platform than ever before translating into robust financial performance. In the first quarter, subscribers grew by a record 172,000 quarter over quarter to over $1.7 million. Personalization continues to resonate with users. The number of subscribers opting for personalized subscription has nearly tripled over the course of the last year to north of 600,000 subscribers, representing just over 35% of subscribers on the platform. Our ability to efficiently acquire and retain users resulted in revenue increasing 46% year over year to $278 million, while also generating $32 million of adjusted EBITDA. We believe that our expanding portfolio of personalized solutions, combined with the ability of our brand to reach and resonate with consumers at multiple stages of their health and wellness journeys are driving forces behind our continued success. I'd like to start by providing additional insight into how we see each of these evolving across the year. Starting with our portfolio of personalized solutions, we leverage hundreds of thousands of interactions on our platform to facilitate an understanding of key consumer concerns and challenges that may prevent individuals to reaching optimal outcomes, partnerships with leading medical institutions and experts within each of our specialties then enable us to provide access to tailored clinical solutions that are crafted with a focus on safety efficacy. The top concerns identified by our customers this allows providers on our platform to meet their patients' clinical needs at an individual level, targeting things like side effects and adherence through personalized dosages, a variety of product form factors to drive adherence and the ability to address multiple health conditions with one solution. Our infrastructure and scale provide us the ability to equip providers with the breadth of personalized treatment options at mass market prices, continued expansion and refinement of our personalized portfolio will be a critical component behind our success in 2024 and beyond in areas like weight loss and dermatology will aim to improve the customer experience with more user friendly form factors and eventually a broader selection of multi action offerings.

我們第一季的業績標誌著今年的出色開局。我們在2023 年建立的勢頭仍在繼續，我們進一步推進我們的使命，幫助世界建立更美好的健康力量，堅定不移地致力於在每個領域提供最高品質的個人化護理，這推動了我們業務的潛在優勢。我們策略的強有力執行正在吸引比以往更多的消費者來到我們的平台，從而轉化為強勁的財務表現。第一季度，訂戶數量環比增長了創紀錄的 172,000 人，達到 170 萬美元以上。個人化繼續引起用戶的共鳴。去年，選擇個人化訂閱的訂閱者數量幾乎增加了兩倍，達到 60 萬以上，佔該平台訂閱者總數的 35% 以上。我們高效獲取和留住用戶的能力使我們的收入年增 46%，達到 2.78 億美元，同時也產生了 3,200 萬美元的調整後 EBITDA。我們相信，我們不斷擴大的個人化解決方案組合，加上我們的品牌在消費者健康和保健之旅的多個階段與消費者產生共鳴的能力，是我們持續成功的推動力。首先，我想提供更多關於我們如何看待這些因素在一年中的演變的見解。從我們的個人化解決方案組合開始，我們利用平台上數十萬次的互動來促進了解可能阻礙個人達到最佳結果的關鍵消費者擔憂和挑戰，然後與領先的醫療機構和我們每個專業領域的專家建立合作關係使我們能夠提供以安全功效為重點的客製化臨床解決方案。我們的客戶發現的最關心的問題使我們平台上的提供者能夠在個人層面上滿足患者的臨床需求，透過個人化劑量、各種產品形狀因素來提高依從性和解決問題的能力，從而針對副作用和依從性等問題一種解決方案可解決多種健康狀況。我們的基礎設施和規模使我們能夠以大眾市場價格為提供者提供廣泛的個人化治療選擇，持續擴展和完善我們的個人化產品組合將是我們在2024 年及以後在減肥和皮膚科等領域取得成功的關鍵組成部分我們的目標是透過更用戶友好的外形尺寸來改善客戶體驗，並最終提供更廣泛的多操作產品選擇。

Just as with Harvard Mintz and heart health, our upcoming offerings will be focused on various customer needs and use cases across demographics through tailored treatments.

正如哈佛明茨和心臟健康一樣，我們即將推出的產品將透過量身定制的治療方法專注於不同人群的各種客戶需求和用例。

Our recent launch of six RX plus Climax control is a great example of this type of innovation, a two-in-one offering designed to help men address multiple aspects of their sexual health without the need to take multiple pills in the coming years. We expect the vast majority of our subscribers will be utilizing one or more of our personalized offerings. Our brand has historically played a critical role in our success and early on in our Company's lifecycle we built trust and awareness with our customers by making conditions more approachable and driving awareness of these solutions. Traditionally, these efforts were targeted at consumers that were already being impacted by condition within one of our specialties. Our aspiration is to make Hims & Hers synonymous with high quality, personalized affordable solutions. And as part of that ambition, we started to focus efforts on reaching consumers earlier in their journey with a narrative that resonates in recent years, we have significantly increased our investments in channels that enable us to reach a broader set of consumers at different phases of their journey with the condition. This includes TV and other brand campaigns aimed at consumers during the most culturally relevant moments across society. These efforts are not aimed at immediate user acquisition. Rather, they're centered on raising awareness of our brand and platform capabilities early in an individual's journey with the condition sometimes even before those journeys formally begin a multi-specialty platform enables us to do this in an efficient manner as we're able to speak to consumers broadly about a platform of capabilities versus an individual condition. It is clear to us that these efforts are starting to compound. We are seeing users actively seek us out either by visiting our website directly or through other cost-effective channels. We believe this is happening as users associate the Hims & Hers brand with the treatment of a breadth of conditions and are seeking treatment on our platform, either the result of recalling prior messaging that they saw or increasingly through word of mouth from friends and associates. The growth and efficiency gains we saw in the first quarter are a direct result of these improving dynamics and solidify our conviction in our ability to achieve our long-term adjusted EBITDA margin targets of 20% to 30%, while simultaneously maintaining an attractive growth profile. This is an incredibly exciting time for our business in a very short period. I believe we have established Hims & Hers as the clear leader for accessing high-quality, personalized care and the efficiency gains. We are seeing throughout our model, ensure we can continue to build upon that position for years to come through our three underlying components of this model that allow us to bring this differentiated value proposition to market. First, our technology platform, which serves as the backbone of our innovation process and allows us to seamlessly integrate structured data and direct feedback from both consumers and providers offering invaluable insights into our user preferences and needs. This provides us with critical insights into customer behaviors, why users adopt certain solutions, why they may switch to another and why they adhere to particular products. Importantly, we also recognize the sensitivity of this data, and we take significant steps to prioritize customer trust and safety through our commitment to data privacy and security compliance with applicable privacy laws and transparency about how we use data.

我們最近推出的6 RX 加Climax 控制是此類創新的一個很好的例子，這是一種二合一產品，旨在幫助男性解決性健康的多個方面，而無需在未來幾年服用多種藥片。我們預計絕大多數訂閱者將使用我們的一項或多項個人化產品。我們的品牌歷來在我們的成功中發揮關鍵作用，在公司生命週期的早期，我們透過提供更平易近人的條件並提高對這些解決方案的認識，與客戶建立了信任和認知度。傳統上，這些努力針對的是已經受到我們專業之一的狀況影響的消費者。我們的願望是讓 Hims & Hers 成為高品質、個人化、經濟實惠的解決方案的代名詞。作為這一雄心壯志的一部分，我們開始專注於在消費者旅程的早期吸引他們，並透過近年來引起共鳴的敘述，我們顯著增加了對通路的投資，使我們能夠接觸到處於不同階段的更廣泛的消費者。這包括在整個社會文化最相關的時刻針對消費者的電視和其他品牌活動。這些努力並不是為了立即獲取用戶。相反，它們的重點是在個人旅程的早期提高對我們品牌和平台功能的認識，有時甚至在這些旅程正式開始之前，多專業平台使我們能夠以有效的方式做到這一點，因為我們能夠與消費者廣泛談論功能平台與個人狀況。我們很清楚，這些努力正在開始發揮作用。我們看到用戶透過直接造訪我們的網站或透過其他具有成本效益的管道積極尋找我們。我們相信，這種情況正在發生，因為用戶將Hims & Hers 品牌與多種疾病的治療聯繫起來，並在我們的平台上尋求治療，要么是因為回憶起他們之前看到的消息，要么是越來越多透過朋友和同事的口耳相傳。我們在第一季看到的成長和效率提升是這些改善動態的直接結果，並堅定了我們的信念，即我們有能力實現20% 至30% 的長期調整後EBITDA 利潤率目標，同時保持有吸引力的成長狀況。對於我們的業務來說，這是在很短的時間內令人難以置信的激動人心的時刻。我相信，我們已經將 Hims & Hers 打造成獲得高品質、個人化照護和提高效率的明確領導者。我們在整個模型中看到，確保我們能夠透過該模型的三個基本組成部分在未來幾年繼續鞏固這一地位，使我們能夠將這種差異化的價值主張推向市場。首先，我們的技術平台是我們創新流程的支柱，使我們能夠無縫整合結構化資料以及來自消費者和提供者的直接回饋，為我們的用戶偏好和需求提供寶貴的見解。這為我們提供了對客戶行為、使用者為何採用某些解決方案、為什麼他們可能會轉向另一種解決方案以及為什麼他們堅持使用特定產品的重要見解。重要的是，我們也認識到這些資料的敏感性，並採取重大措施，透過致力於資料隱私和安全、遵守適用的隱私法以及資料使用方式的透明度，優先考慮客戶的信任和安全。

Second, our team of internal medical experts oversee this entire process with expertise across each of our core specialties. These individuals help ensure that each offering aligns with the highest standards of clinical excellence. And finally, our affiliated pharmacies help ensure that every step of production from formulation to packaging uphold the integrity of our brand and meets the exacting standards of our customers. This enables us to offer access to a wide array of personalized solutions solutions that historically were only available to the wealthiest segments of society at truly accessible prices. Investments across these key pillars are fundamental to our ability to meet growing demand we are experiencing and fuel future growth in the near term. This means additional investments in our affiliated pharmacies enhancements in both breadth and capacity will position us to further accelerate market penetration while ensuring a best-in-class experience for our customers through the integration of robotics and specialized software, we aim to build the necessary infrastructure to bring our unique offering to tens of millions of individuals. These investments will allow us to continue deploying a strategy that focuses on offering a diverse range of solutions that our providers can use to effectively meet individual needs. As we expand these capabilities, we are thrilled to announce that several new and exciting solutions will be launching on our platform in the coming weeks. I look forward to sharing more details as these solutions become available later this quarter.

其次，我們的內部醫療專家團隊利用我們每個核心專業的專業知識來監督整個過程。這些人員協助確保每項產品均符合臨床卓越的最高標準。最後，我們的附屬藥房幫助確保從配方到包裝的每個生產步驟都維護我們品牌的完整性並滿足客戶的嚴格標準。這使我們能夠提供廣泛的個人化解決方案，這些解決方案歷來只以真正實惠的價格提供給社會最富有的階層。對這些關鍵支柱的投資對於我們滿足當前不斷增長的需求並推動近期未來成長的能力至關重要。這意味著對我們附屬藥房的額外投資，增強廣度和容量，將使我們能夠進一步加速市場滲透，同時透過機器人和專業軟體的集成，確保為我們的客戶提供一流的體驗，我們的目標是建立必要的基礎設施將我們獨特的產品帶給數以千萬計的人。這些投資將使我們能夠繼續部署專注於提供各種解決方案的策略，我們的提供者可以使用這些解決方案來有效地滿足個人需求。隨著我們擴展這些功能，我們很高興地宣布，未來幾週將在我們的平台上推出幾個令人興奮的新解決方案。隨著這些解決方案在本季晚些時候推出，我期待分享更多詳細資訊。

Before I close, I want to thank our teams for their outstanding levels of execution to start the year. We have created a platform that delivers a seamless and comprehensive customer experience by providing an expanding portfolio of personalized solutions at compelling prices. I take extreme pride in how we serve our customers and look forward to extending this experience to an ever-growing audience in 2024.

在結束之前，我要感謝我們的團隊在新的一年中表現出色的執行力。我們創建了一個平台，透過以極具吸引力的價格提供不斷擴大的個人化解決方案組合，提供無縫且全面的客戶體驗。我對我們為客戶提供服務的方式感到非常自豪，並期待在 2024 年將這種體驗擴展到不斷增長的受眾。

Before passing to Yemi, I'd like to reiterate a clarification. I shared yesterday. The last few days have been a disheartening reflection of just how device at a time we live in and my words have been misconstrued by some I in no way condone nor support acts or threats of Highlands, Antisoma tourism or intimidation. And there's absolutely no justification for violence on our campuses. Every Student deserves to feel safe without fear of harm or being targeted for who they are. I am deeply saddened that my support for peaceful protest has been interpreted by some as encouraging violence, intimidation or bigger tree of any kind. I do believe deeply in the right for people to use their voices in peaceful protests to drive change this right is critical to our democracy and must be protected. Our world today is more just because students throughout history have courageously taken to their campuses and use their voices to force change. Generations of Americans have engaged in non violent protests, and these movements have led to some of the most important changes in our country's history as a father whose children are both the Descendants of Palestinian refugees who fled the knock by in 1948 and the Descendants Apollo cost survivors from Poland.

在談到 Yemi 之前，我想重申一下。我昨天分享了。過去幾天令人沮喪地反映了我們所處的時代是多麼的設備，我的話被一些人誤解了，我絕不寬恕或支持高地、反索馬旅遊或恐嚇的行為或威脅。我們校園裡的暴力行為絕對沒有道理。每個學生都應該感到安全，而不必擔心受傷或成為針對自己的目標。我深感悲痛的是，我對和平抗議的支持被一些人解讀為鼓勵暴力、恐嚇或任何形式的更大的樹。我確實堅信人們有權在和平抗議中使用自己的聲音來推動變革，這項權利對我們的民主至關重要，必須受到保護。我們今天的世界更加公正，因為歷史上的學生勇敢地走進校園，用他們的聲音推動改變。幾代美國人都參與了非暴力抗議活動，這些運動導致了我們國家歷史上一些最重要的變化，作為一個父親，他的孩子都是1948 年逃離家園的巴勒斯坦難民的後裔，也是阿波羅號的後裔。

As I've previously shared, I have a personal appreciation for the different perspectives. People have which I live with daily at my dinner table, I hope and pray for peace and for an end to violence everywhere with that, I will pass it over to Yemi to walk through our financials in greater detail.

正如我之前分享的，我個人對不同的觀點有欣賞。我每天在餐桌上與我一起生活的人們，我希望並祈禱世界各地的和平和暴力的結束，我將把它交給耶米，更詳細地介紹我們的財務狀況。

Thanks, Andrew. I will start by providing an overview of our first quarter financial performance and then discuss our updated outlook for 2024. 2024 is off to an exceptional start. Our position as a leader success in high quality personalized care has never been more evident and we are seeing cascading improvements throughout our business as more and more individuals find success on the Hims & Hers platform. We believe we are just scratching the surface of what our platform can do and the number of individuals we can help continued robust momentum in the first quarter serves as a confirmation of that revenue grew 46% year over year to $278.2 million. This growth was driven by the ongoing expansion of our subscriber base. Subscribers grew 41% year over year to $1.7 million. The first quarter represented a record level quarter over quarter subscriber additions on our platform as we added 172,000 net new subscribers. Our strategy of equipping providers with high-quality personalized solutions at mass market prices is a significant driving force behind our success in just two years. The number of subscribers that have opted for a personalized subscription has increased over six times to north of 600,000 subscribers. With this continued transition, we believe several benefits will emerge in the future. The first is improved retention. We are receiving signals across several specialties that retention for personalized products is higher alongside a stronger user preference for them relative to generic alternatives. This has not come as a surprise to us as feedback from user interactions and behavior is one of the key ingredients in development of our offerings. We expect continued placement of personalized treatment options at increasingly mass market prices to compound this benefit. Secondarily, we see opportunities for improved efficiency. Benefits from economies of scale with our personalized offerings are expected similar to what we have observed in other areas of our operation in the past, we are confident that these benefits will compound as we continue to extend our portfolio of personalized offerings over the course of 2024. Margins remained robust as we continued to leverage strong execution with economies of scale. Gross margins expanded two points year over year in the first quarter to over 82%, relatively flat when compared with the prior quarter. Our team continues to leverage affiliated pharmacies and other areas of our network to drive efficiencies across key costs such as logistics, raw ingredients and customer support. We continue to experiment with the highest value ways to pass this value to our consumers, and we are excited to continue to enhance the value they receive in the future. As our platform scales, we continue to see G&A leverage. G&a improved four points year over year to 12% of revenue in the first quarter. Costs as a percentage of revenue associated with operations and support as well as technology development were both relatively flat on a year-over-year basis at the foundation of the Hims & Hers platform as a delightful end-to-end experience for our consumers across multiple specialties. We believe we can continue to drive robust growth with personalized solutions through.

謝謝，安德魯。我將首先概述我們第一季的財務業績，然後討論我們對 2024 年的最新展望。我們作為高品質個人化護理領域成功領導者的地位從未如此明顯，隨著越來越多的個人在 Hims & Hers 平台上取得成功，我們看到整個業務正在不斷改進。我們相信，我們僅僅觸及了平台功能的表面，我們可以幫助的個人數量在第一季度持續保持強勁勢頭，這證實了收入同比增長 46% 至 2.782 億美元。這一成長是由我們用戶群的持續擴大所推動的。訂戶數量年增 41%，達到 170 萬美元。第一季我們平台上的訂戶數量較上季成長創歷史新高，淨新增訂戶數量為 172,000 名。我們以大眾市場價格為供應商提供高品質個人化解決方案的策略是我們在短短兩年內取得成功的重要推動力。選擇個人化訂閱的訂戶數量增加了六倍多，達到 60 萬以上。隨著這種持續的轉變，我們相信未來將會出現一些好處。首先是提高保留率。我們在多個專業領域收到的訊號表明，與通用​​替代品相比，個人化產品的保留率更高，而且用戶對它們的偏好更強。這對我們來說並不奇怪，因為來自使用者互動和行為的回饋是我們產品開發的關鍵要素之一。我們預計，以日益大眾化的市場價格繼續提供個人化治療方案，將進一步增強此優勢。其次，我們看到了提高效率的機會。預計我們的個人化產品將帶來規模經濟帶來的效益，與我們過去在其他營運領域觀察到的情況類似，我們相信，隨著我們在2024 年繼續擴展我們的個人化產品組合，這些效益將會更加複合。由於我們繼續利用強大的執行力和規模經濟，利潤率保持強勁。第一季毛利率年增兩個百分點，達到82%以上，與上一季相比相對持平。我們的團隊繼續利用附屬藥房和網路的其他領域來提高物流、原材料和客戶支援等關鍵成本的效率。我們繼續嘗試以最高價值的方式將這種價值傳遞給我們的消費者，我們很高興能夠繼續提高他們未來獲得的價值。隨著我們的平台規模不斷擴大，我們將繼續看到 G&A 槓桿。第一季 G&a 年成長 4 個百分點，達到營收的 12%。在 Hims & Hers 平台的基礎上，與營運和支援以及技術開發相關的成本佔收入的百分比均相對持平，為我們的消費者提供令人愉悅的端到端體驗多個專業。我們相信，我們可以透過個人化解決方案繼續推動強勁成長。

Firstly, joining a broader audience of consumers impacted by condition to seek treatment. Secondarily, attracting a greater share of users currently seeking treatment within the specialties, Hims & Hers covers, and lastly, increasing the longevity of the users on the platform, a multi-specialty platform with unique personalized offerings and a compelling and an experience has provided us with increased confidence to invest in reaching users early in their lifecycle journey.

首先，加入更廣泛的受疾病影響的消費者群體尋求治療。其次，吸引了更多目前在 Hims & Hers 所涵蓋的專業領域尋求治療的用戶，最後，延長了平台上用戶的壽命，這是一個提供獨特個人化產品和引人注目的體驗的多專業平台。我們更有信心投資在用戶生命週期旅程的早期接觸他們。

As Andrew mentioned, our aim over time is to make Hims & Hers synonymous with high quality personalized solutions. In the first quarter, we saw meaningful benefit from reaching a broader audience with a compelling experience and suite of offerings. Marketing as a percentage of revenue improved more than 400 basis points on both a sequential and year-over-year basis in the first quarter to 47% stronger retention combined with increased acquisition of users through lower cost channels drove leverage. We are pleased to see this amount of leverage during a time of robust growth and record level additions of net new subscribers because it serves as a proof point of our ability to maintain strong growth while driving leverage. Our expectation is that we will continue to opportunistically utilize marketing as a discretionary lever to continue to reach consumers at various points in their journeys, ensure awareness for unique value propositions and capabilities in the platform as they emerge and accelerate awareness for newer personalized offerings. As a result, we expect there to be some fluctuation in marketing levels on a quarter-to-quarter basis as we utilize and marketing as a discretionary lever to drive the aforementioned goals. However, we have high conviction in our ability to drive one to three points of leverage per annum and achieve our North Star adjusted EBITDA margins of 20% or more no later than 2030. Strong execution and adherence to the principles behind our capital allocation framework are driving record profitability levels. Adjusted EBITDA in the first quarter was $32.3 million as adjusted EBITDA margins expanded over three points quarter-over-quarter to close to 12%. Net income was $11.1 million in the first quarter, up almost 10 times from last quarter, elevating our conviction that 2024 will be our 1st year of profitability before providing additional insight into our outlook for the remainder of the year. I'd like to drill into how we allocated capital in the first quarter and our guiding principles for the remainder of the year. Free cash flow generation continues to remain strong we generated $11.9 million of free cash flow in the first quarter as cash flow from operations exceeded investment in fixed assets within our affiliated pharmacies of $10.6 million over the course of the first quarter. We saw what we believe to be a meaningful disconnect in our market value relative to our intrinsic value. We believe this was the result of a natural shareholder rotation, driven primarily by members of our pre IPO shareholder base as well as general market volatility. We repurchased approximately $2 million shares in the first quarter. As a result of these dynamics at the end of the first quarter, $20 million remain within our $50 million share repurchase program. As a result of these actions, cash and short-term investments decreased by approximately $17 million in the first quarter. As of the end of the first quarter, $204 million of cash and short-term investments remain on our balance sheet.

正如安德魯所提到的，我們的目標是讓 Hims & Hers 成為高品質個人化解決方案的代名詞。在第一季度，我們透過引人注目的體驗和產品套件吸引了更廣泛的受眾，從而獲得了有意義的收益。第一季行銷佔收入的百分比環比和年比均提高了 400 個基點以上，留存率提高了 47%，加上透過低成本管道獲取用戶的增加推動了槓桿作用。我們很高興在淨新訂戶強勁增長和創紀錄水平的增長時期看到如此高的槓桿率，因為它證明了我們有能力在推動槓桿率的同時保持強勁增長。我們的期望是，我們將繼續機會主義地利用行銷作為酌情槓桿，繼續接觸消費者旅程中的各個階段，確保平台中出現的獨特價值主張和功能的認知度，並加速對更新的個人化產品的認知度。因此，我們預期行銷水準在每季都會出現一些波動，因為我們利用行銷作為推動上述目標的酌情槓桿。然而，我們堅信我們有能力每年提高 1 到 3 個百分點的槓桿率，並在 2030 年之前實現北極星調整後 EBITDA 利潤率達到 20% 或以上。強大的執行力和對資本配置框架背後原則的遵守正在推動創紀錄的獲利水準。第一季調整後 EBITDA 為 3,230 萬美元，調整後 EBITDA 利潤率較上季成長超過 3 個百分點，接近 12%。第一季淨利潤為 1,110 萬美元，比上一季成長近 10 倍，這增強了我們的信念，即 2024 年將是我們實現盈利的第一年，然後我們才能進一步了解今年剩餘時間的前景。我想深入探討我們第一季的資本分配方式以及今年剩餘時間的指導原則。自由現金流的產生持續保持強勁，我們在第一季產生了 1,190 萬美元的自由現金流，因為第一季來自營運的現金流超過了我們附屬藥局內固定資產投資的 1,060 萬美元。我們發現我們的市場價值相對於我們的內在價值有明顯的脫節。我們認為，這是股東自然輪調的結果，主要是由我們的首次公開募股前股東基礎成員以及整體市場波動所推動的。我們在第一季回購了大約 200 萬美元的股票。由於第一季末的這些動態，我們的 5,000 萬美元股票回購計畫中仍有 2,000 萬美元。由於這些行動，第一季現金和短期投資減少了約 1700 萬美元。截至第一季末，我們的資產負債表上仍有 2.04 億美元的現金和短期投資。

Looking forward, our priority for capital deployment are as follows. Our highest priority remains around positioning our business for growth. We expect meaningful deployment of capital in our affiliated pharmacies over the course of the next three years. Consumer feedback has been resoundingly positive, and we expect future investment will enable us to continue expanding the breadth and capacity of personalized offerings across each of our five core specialties. Our aspiration is to have tens of millions of subscribers on our platform, and we expect the majority will subscribe to a personalized solution. Additionally, our scale allows us to make positive ROI investments in our facilities that we expect will increase our ability to offer solutions to consumers at mass market prices. These investments can come in the form of automation as well as incremental operations in logistically advantageous locations.

展望未來，我們的資金配置重點如下。我們的首要任務仍然是定位我們的業務以實現成長。我們預計在未來三年內，我們的附屬藥局將得到有意義的資本配置。消費者的回饋非常積極，我們預計未來的投資將使我們能夠繼續擴大我們五個核心專業的個人化產品的廣度和能力。我們的願望是在我們的平台上擁有數千萬訂閱者，我們預計大多數人會訂閱個人化解決方案。此外，我們的規模使我們能夠對我們的設施進行積極的投資回報率投資，我們預計這將提高我們以大眾市場價格向消費者提供解決方案的能力。這些投資可以以自動化以及在物流優勢地點增量營運的形式出現。

Our next priority is capitalizing on a moment when we feel there are meaningful disconnect between our market value and intrinsic value with the repurchase of shares.

我們的下一個優先事項是利用我們認為回購股票的市場價值和內在價值之間存在重大脫節的時刻。

Lastly, we will continue to take the opportunity to utilize our cash flow generation profile to further strengthen our balance sheet. We believe this will provide additional option value for opportunities in the future. We are grateful and confident that the strength of our balance sheet and cash flow generation profile will enable us to do each of these things in the coming years.

最後，我們將繼續利用我們的現金流量產生狀況進一步加強我們的資產負債表。我們相信這將為未來的機會提供額外的選擇權價值。我們很感激並相信，我們的資產負債表和現金流產生狀況的實力將使我們能夠在未來幾年完成這些事情。

Concurrently.

同時。

With that backdrop, I'd like to detail our updated outlook for 2024. In the second quarter, we are anticipating revenue in the range of $292 million to $297 million, representing a year-over-year increase of 40% to 43%. We expect adjusted EBITDA to be between $30 million to $35 million, representing an adjusted EBITDA margin of 11% at the midpoint in both ranges for the full year, we are anticipating revenue of between $1.2 billion to $1.23 billion, representing a year over year increase of 38% to 41%.

在此背景下，我想詳細介紹我們對 2024 年的最新展望。我們預計第二季的營收將在 2.92 億美元至 2.97 億美元之間，年增 40% 至 43%。我們預計調整後EBITDA 為3,000 萬至3,500 萬美元，這意味著全年調整後EBITDA 利潤率為11%，處於兩個範圍的中點，我們預計收入將在12 億至12.3 億美元之間，同比增長38%至41%。

Lastly, we expect 2024 adjusted EBITDA will be between $120 million and $135 million. These adjusted EBITDA and revenue ranges imply an adjusted EBITDA margin of 10% at the midpoint of both ranges. Strong momentum in the first quarter has strengthened our conviction that we will exceed not only our bottom line, 2025 targets a year early, but our revenue targets as well. Our ability to concurrently drive record growth while achieving meaningful levels of marketing leverage reinforce our conviction in reaching our goal of long-term adjusted EBITDA margins, north of 20% by 2030. Our ability to drive these incredible results would not be possible without the dedication of hundreds 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 of breakthrough the power of better health. We appreciate the support of our shareholders and look forward to keeping you updated on our progress.

最後，我們預計 2024 年調整後 EBITDA 將在 1.2 億美元至 1.35 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 10%。第一季的強勁勢頭增強了我們的信念，我們不僅會提前一年超越我們的底線、2025 年目標，而且還會超越我們的收入目標。我們有能力在推動創紀錄成長的同時實現有意義的行銷槓桿水平，這增強了我們實現長期調整後 EBITDA 利潤率（到 2030 年超過 20%）目標的信念。如果沒有 Hims & Hers 數百名員工的奉獻精神，我們就不可能取得這些令人難以置信的成果。我要感謝他們以及我們的客戶和合作夥伴，他們支持我們幫助世界突破更健康的力量的使命。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. We will now begin the question and answer session. If you have dialed in and would like to ask a question, please press star one on your telephone keypad to raise your hand and join the queue. If you would like to withdraw your question, simply press star one again, if you are called upon to ask your question and are listening via loud speaker on your device, please pick up your handset and ensure that your phone is not unmute when asking your question again, please star-one to join the queue.

謝謝。我們現在開始問答環節。如果您已撥入並想提問，請按下電話鍵盤上的星號一舉手並加入隊列。如果您想撤回您的問題，只需再次按星號一即可，如果您被要求提出您的問題並且正在透過裝置上的揚聲器收聽，請拿起您的聽筒並確保您的手機在提問時沒有取消靜音。

Your first question comes from Allen Lutz with Bank of America. Please go ahead.

你的第一個問題來自美國銀行的艾倫·盧茨。請繼續。

Good afternoon and thanks for taking the question. Andrew, you mentioned that consumers are seeking out Hims and the way that you framed it and made. It seem like this is really the first time that you're seeing such significant efficiency gains. I guess as we think about this in the context of the 2024 guidance, did this come to a surprise to you in the quarter. What do you think is driving this? And then why is it happening now? And I guess as we think about the marketing as a percent of revenue. Clearly there was a nice step down there. Just trying to think through if what we saw in the first quarter is sustainable.

下午好，感謝您提出問題。安德魯，你提到消費者正在尋找他以及你設計和製造它的方式。您似乎第一次看到如此顯著的效率提升。我想，當我們在 2024 年指導的背景下思考這一點時，您在本季是否對此感到驚訝？您認為是什麼推動了這個趨勢？那為什麼現在會發生這種情況呢？我想當我們將行銷視為收入的百分比時。顯然，那裡有一個很好的台階。只是想思考我們在第一季看到的情況是否可持續。

Thanks.

謝謝。

Thanks, Allen. Great question. Maybe I'll take the first part and let Yemi hit the second. I think what's been happening in the past quarter is a continuation of the last couple of quarters, which is as we've expanded the suite and portfolio of personalized products across the categories, both historical core categories and some of the newer ones like weight loss and women's Dermatology and that's just bringing a much more diverse set of customers to the company, right? We are getting better at segmenting the types of people that live within each of these categories and offering products that are maybe of countering concerns they otherwise had and otherwise were barriers for them adopting treatment. And so I think as we continue to increase the breadth of choices, you're going to see a continuation of people coming to the platform. I think on top of that, which has added extra leverage, we continue to increasing increase the accessibility of those personalized products right we're dropping prices strategically, these are very mass-market, attractive products and attractive prices that are often compared to the traditional generic treatments, price essentially side, the sell side to side and so the combination of the personalization and the attractive price point, I think is something that's just been growing. And from a continuation standpoint, I think generally those trends are to be expected Alan, because we continue to expand the portfolio. But I think there are also dynamics from a marketing leverage standpoint that Jimmy can speak to with regard to when we push a little bit heavier and when we pull back.

謝謝，艾倫。很好的問題。也許我會拿第一部分，讓耶米打第二部。我認為過去一個季度發生的事情是過去幾個季度的延續，我們在各個類別中擴展了個性化產品的套件和組合，包括歷史核心類別和一些較新的類別，例如減肥和女性皮膚科，這只是為公司帶來了更多元化的客戶，對嗎？我們正在更好地細分生活在每個類別中的人的類型，並提供可能消除他們原本存在的擔憂以及阻礙他們採用治療的障礙的產品。因此，我認為，隨著我們繼續增加選擇的廣度，您將看到越來越多的人來到該平台。我認為最重要的是，這增加了額外的影響力，我們繼續增加這些個人化產品的可及性，我們正在策略性地降低價格，這些是非常大眾市場、有吸引力的產品和有吸引力的價格，通常與普通產品相比。從持續的角度來看，艾倫，我認為這些趨勢總體上是可以預料的，因為我們將繼續擴大產品組合。但我認為，從行銷槓桿的角度來看，吉米也可以談論我們何時加強以及何時撤回的動態。

Yes. Thanks for the question, Allen. I think the way that we think around it is there will be periods of time where marketing will fluctuate from time to time. We'll use it as a discretionary lever to lean into a variety of different initiatives, whether it's a new category launch or the launch of a new personalized product. But as we mentioned in the prepared remarks, over the course of like on an annual basis, we do see the ability to continue to gain leverage just as a result of more and more consumers coming to the platform are loving the product's been on the platform for a longer period of time as well, as Andrew mentioned, more consumers coming to us organically. And so that gives us the confidence that, yes, each year over the course of the coming years, we have the ability to get leverage and at the same time currently maintain growth.

是的。謝謝你的提問，艾倫。我認為我們的思考方式是，在一段時間內，行銷活動會不時波動。我們將用它作為一個酌情槓桿來實施各種不同的舉措，無論是新類別的推出還是新的個人化產品的推出。但正如我們在準備好的評論中提到的，在每年的過程中，我們確實看到了繼續獲得影響力的能力，因為越來越多的消費者來到該平台，喜歡該平台上的產品正如安德魯提到的，在更長的時間內，更多的消費者會自然而然地來到我們這裡。因此，這讓我們有信心，是的，在未來幾年中，我們每年都有能力獲得槓桿作用，同時目前保持成長。

Very helpful. And then just a quick follow-up on the personalized solutions. I think yemi you mentioned 35% of subscribers are now taking personalized solutions today. How should we think about the size of the retention improvement from maybe where the Company was a couple of years ago versus what personalized solutions are doing currently? Is there any way to frame the improvement quantitatively?

非常有幫助。然後快速跟進個人化解決方案。我認為 yemi 您提到 35% 的訂閱者現在正在採用個人化解決方案。與公司幾年前的情況相比，與目前的個人化解決方案相比，我們應該如何考慮保留率改善的規模？有沒有什麼方法可以量化改進？

Thanks.

謝謝。

Yes, I think we can give you some guiding principles around what we've been seeing across categories. I think various categories are at different stages in their lifecycle probably. But we do see that personalization for personalized solutions enable us to do a few things. One is just given that there are not somewhat similar products often cases in the market out there to them. We are seeing more and more consumers sign up for not only the personalized products, but also sign up for them at longer durations and given the fact that many of these products do fundamentally go to the heart of consumer preferences and consumer needs, our belief is that these will be the catalysts that enable consumers to stay on the platform for years or even decades. And we're starting to see that show up across many specialties in the form of much stronger retention that we've seen of the generic alternatives. And I'm not sure if there's anything you wanted to add there as well.

是的，我認為我們可以為您提供一些關於我們在各個類別中所看到的指導原則。我認為不同的類別可能處於其生命週期的不同階段。但我們確實看到，個人化解決方案的個人化使我們能夠做一些事情。只是考慮到市場上通常沒有類似的產品。我們看到越來越多的消費者不僅註冊了個人化產品，而且註冊了更長的持續時間，並且考慮到其中許多產品確實從根本上滿足了消費者偏好和消費者需求的核心這一事實，我們的信念是這些將成為消費者在該平台上停留數年甚至數十年的催化劑。我們開始看到，在許多專業領域，這種現像以比普通替代品更強的保留形式出現。我不確定您是否還想添加任何內容。

Yes.

是的。

The other thing, Allen, just maybe to give you some color on on how this plays out. A lot of customers will cancel overwhelmingly because the treatment itself is not perfectly personalized to that, right. Maybe the form factor is not a form factor that they love using, right? Maybe it's a topical spray and it makes their hair sticky. And so they perform and they prefer an oral solution or maybe vice versa or there might be a side effect component, which is common among different treatments that the customer is trying to balance. And so I think the way you can think about it is that we like to dive deep into the data of understanding why customers are canceling and tried our best to address them directly with the next level of personalization launches. And so very often they are directly attacking some of the side effect concerns that we see or some of the form factor concerns we see, et cetera. And so on probably can't speak to that magnitude, but definitely something that we've seen pretty consistently and would expect to continue.

另一件事，艾倫，也許只是為了讓你了解這件事是如何發生的。很多顧客會絕大多數取消，因為治療本身並沒有完全個人化，對吧。也許外形規格不是他們喜歡使用的外形規格，對嗎？也許這是一種局部噴霧劑，它會讓他們的頭髮變得黏稠。因此，他們表現良好，並且更喜歡口服溶液，反之亦然，或者可能存在副作用成分，這在客戶試圖平衡的不同治療方法中很常見。因此，我認為您可以這樣考慮：我們喜歡深入研究數據，了解客戶取消預訂的原因，並盡力透過推出下一級別的個人化服務來直接解決這些問題。因此，他們經常直接攻擊我們看到的一些副作用問題或我們看到的一些外形因素問題，等等。等等可能無法說出那麼大的程度，但絕對是我們一直看到的並且預期會繼續下去的事情。

Thank you.

謝謝。

Your next question comes from Maria Ripps with Canaccord. Please go ahead.

您的下一個問題來自 Canaccord 的 Maria Ripps。請繼續。

Great.

偉大的。

Thanks so much. For taking my questions and congrats on the strong quarter. But first, I just wanted to ask about your pricing philosophy or it's been about a year since you sort of introduced lower prices. Can you maybe give us a little bit more color on your sort of near term approach to refining pricing from here? And are there any sort of specialties or maybe products where you've seen particularly higher sort of price elasticity?

非常感謝。感謝您回答我的問題，並祝賀本季的強勁表現。但首先，我只是想問一下你們的定價理念，或者自從你們推出更低的價格以來已經有大約一年了。您能否給我們更多關於您近期改進定價的方法的資訊？您是否發現任何類型的特色產品或產品的價格彈性特別高？

Yes. Thanks for the question, Maria. I think just our fundamental approach is as we continue to see benefits for scale we're consistently running experiments.

是的。謝謝你的提問，瑪麗亞。我認為我們的基本方法是，當我們繼續看到規模效益時，我們會持續進行實驗。

Yes, with respect to how do we pass forward some of that value back to consumers, which we feel will increase the longevity on the platform. I think with respect to on some of the pricing dynamics, we've had a lot, many of those on the Q2 in the Q2 quarter. And so we expect to see the benefit from that in the second quarter. But that said, I think that's the way that we'll pass value to consumers is not just in the form of price. You can expect additional features or other other creative solutions that we're experimenting. And so I think over the course of the year, embedded in our guidance is the flexibility to do that. Whether it's with respect to pricing or incremental features that consumers debt really with an eye towards addressing their needs and keeping on the platform for longer.

是的，關於我們如何將部分價值回饋給消費者，我們認為這將延長平台的壽命。我認為就一些定價動態而言，我們在第二季的第二季有很多定價動態。因此，我們預計將在第二季度看到由此帶來的好處。但話雖如此，我認為這就是我們向消費者傳遞價值的方式，而不僅僅是價格的形式。您可以期待我們正在試驗的附加功能或其他創意解決方案。因此，我認為在這一年中，我們的指導中包含了做到這一點的靈活性。無論是定價還是增量功能，消費者真正著眼於滿足他們的需求並在平台上停留更長時間。

And I think maybe just to add, I think philosophically, we aim to build a platform where even there there are tens of millions of customers across Hims & Hers and believe that the suite of categories and specialties we offer today as well as the ones we'll continue to expand into in our categories that affects nearly every household in the country. And so continuing to find leverage in the operational efficiency or automation or throughout the business and give that back to customers is the core philosophy in order to continue to make those price points accessible in a way that you can can truly target that multi tens of millions of customers.

我想也許只是補充一下，我認為從哲學上來說，我們的目標是建立一個平台，即使在他和她的客戶中，有數以千萬計的客戶，並相信我們今天提供的一系列類別和特色產品以及我們現在提供的類別和特色產品。因此，繼續在營運效率或自動化或整個業務中尋找槓桿並將其回饋給客戶是核心理念，以便繼續以一種可以真正瞄準數千萬美元的方式提供這些價格點的客戶。

Got it.

知道了。

That's very helpful. And then can you give us a little bit more color on your targeted investments in affiliated pharmacies, you talked about sort of expanding automation capabilities to robotics and software. So any more color sort of on additional capabilities you're able to share? And then are you planning to add sort of more affiliated pharmacy locations at this point? And then lastly, how is this going to how are we going to see this sort of flowing through P&L? Is this largely CapEx or operating expenses?

這非常有幫助。然後您能否給我們更多關於您對附屬藥房的目標投資的信息，您談到了將自動化能力擴展到機器人和軟體。那麼您可以分享更多其他功能的顏色嗎？那麼您現在是否計劃添加更多附屬藥房地點？最後，我們將如何看待這個損益表的流動？這主要是資本支出還是營運費用？

Yes, thanks for the question, Maria on. I think there's a few areas that we would like to invest. And I think that was becoming overwhelmingly clear that the strategy of personalization is fundamentally working. And so there are few areas where we will fundamentally invest on. One is just around the breadth of solutions that we offer across each of our specialties. And so over the course of the next year, we'll invest to make sure that we can continue to expand the number of different conditions and concerns for consumers that we address in the form of more skews as part of that on much of the kind of the first half of this year and into the early half of next year. We'll also expect to just ensure that there's deeper capacity to fundamentally meet meet those needs. That capacity and breadth of solutions will be growth dependent. We don't want to get too far ahead of our skis as we're investing in. And so we'll continue to watch those.

是的，謝謝你的提問，瑪麗亞。我認為我們想在一些領域進行投資。我認為，這一點已經非常清楚地表明，個人化策略正在從根本上發揮作用。因此，我們從根本上投資的領域很少。其中之一就是我們在每個專業領域提供的解決方案的廣度。因此，在明年，我們將進行投資，以確保我們能夠繼續擴大消費者的不同條件和擔憂的數量，我們以更多傾斜的形式解決這些問題，作為大部分此類問題的一部分從今年上半年到明年上半年。我們也期望確保有更深入的能力從根本上滿足這些需求。解決方案的能力和廣度將取決於成長。我們不想在投資時超出我們的滑雪板太多。所以我們將繼續關注這些。

With respect to that, where it will show up, you can expect it to primarily the capital expenditures. And then, you know, starting from like the really the back half of this year to early next year on our facilities run incredibly efficiently today. But with greater scale, we're uniquely positioned to progressively increase the automation in those facilities. And so we expect to start that process in the back half of the year that again, which up in the form of CapEx. But we do expect many of those initiatives to be ROI positive and incrementally drive higher margins that we have the ability to, as Andrew mentioned, that's been mentioned before it was off of a pass through to consumers.

就這一點而言，它會出現在哪裡，你可以預期它主要是資本支出。然後，你知道，從今年下半年到明年初，我們的設施今天運作得非常有效率。但隨著規模的擴大，我們擁有獨特的優勢，可以逐步提高這些設施的自動化程度。因此，我們預計將在今年下半年再次啟動該流程，以資本支出的形式增加。但我們確實希望其中許多舉措能夠帶來積極的投資回報率，並逐步提高我們有能力實現的利潤率，正如安德魯所提到的，這在傳遞給消費者之前已經提到過。

Got it.

知道了。

Thank you so much for the color.

非常感謝你的顏色。

Thank you.

謝謝。

And your next question comes from Daniel Grosslight with Citi. Please go ahead.

您的下一個問題來自花旗銀行的 Daniel Grosslight。請繼續。

Hey, guys.

嘿，夥計們。

Thanks for taking the question.

感謝您提出問題。

I was hoping to get an update on the weight loss program.

我希望得到減肥計劃的最新消息。

I'm really curious on the demographics of the folks that are coming to your platform?

我真的很好奇來到你們平台的人的人口統計？

Have they tried L. ones? Are they I'm a little bit wary of trying ZLB ones, and therefore, we'd rather kind of go with you first. And then as we think about GLT ones and potentially bringing those to your platform would be great to get an update on your thinking there and in particular around the compounded GLP-1s and your ability to do that within your facilities. Thanks.

他們有嘗試過L.的嗎？我對嘗試 ZLB 有點謹慎，因此，我們寧願先和你一起去。然後，當我們考慮 GLT 並可能將其引入您的平台時，如果能夠了解您的想法，尤其是複合 GLP-1 以及您在設施內實現這一目標的能力，將會非常好。謝謝。

Hey, Dan. Great question. they've been great questions. So I think overwhelmingly, really excited by what we've seen on weight loss. You're talking about over 100 million people suffering. I think the offering we have is accessibly priced affordable safe, and it's put it well on target to hit that [100 million] in 2025 as we said, I think we will continue to expand that portfolio and expect to launch GLP-1 soon as we've talked about in the past.

嘿，丹。很好的問題。這些都是很好的問題。所以我認為我們對減肥方面所看到的一切感到非常興奮。你說的是超過一億人正在受苦受難。我認為我們所提供的產品價格實惠、安全，正如我們所說，它很好地實現了2025 年達到[1 億] 的目標，我認為我們將繼續擴大該產品組合，並預計盡快推出GLP- 1我們過去曾討論過。

Regarding compounding, I think probably more to come in the future. Some so probably not too much to share on that today, but it's something we're watching really carefully and wrapping our heads around and the clinical team and the pharmaceutical team and we are solidifying some perspectives on that that we should be able to share shortly.

關於複利，我認為未來可能會出現更多。今天可能不會對此分享太多，但我們正在非常仔細地觀察並關注臨床團隊和製藥團隊，我們正在鞏固對此的一些觀點，我們應該能夠很快分享。

Got it.

知道了。

Thank you.

謝謝。

And Andrew, you mentioned that you have one of your as one of your goals, I'm getting folks on more than one personalized product. I'm going to get maybe some more details on on how many folks right now are on more than one and maybe any kind of qualitative or quantitative benefit you can provide on on those folks, people who have more than one versus just one versus no product?

安德魯，你提到你的目標之一是，我正在讓人們使用不只一種個人化產品。我可能會得到更多關於現在有多少人擁有不止一項的詳細信息，也許你可以為這些人提供任何一種定性或定量的好處，那些擁有不止一項的人與只有一項的人與沒有的人產品？

No, don't personalized products?

不，不是個人化產品嗎？

Yes, it's a great question. I think more and more we're thinking more about the concept because I think when you think of more than one, it's really this cross-sell right, this e-commerce concept. And I think that as we watch customer behavior and what's becoming clear is personalized versus non personalized is really where we're focusing because in a lot of situations, Personal Lines often means cross category, right? So when you think about our heart health category and our sexual health category, that's a single personalized treatment that is treating both sexual dysfunction as well as cardiovascular disease, right in a simple personalized pill. And so I think as a business, we're not really focused on cross-category conversion as much is personalized human-centric treating an individual holistically. And I think as you start to see some of our categories overlap, for example, on the weight loss category, you had a lot of overlap with mental health and depressive eating on the mental health category. Same thing overlap with obesity. These categories are not not siloed. And so trying to think of a personalized solution that treats all underlying factors of the symptoms or concerns that a patient is having is really the predominant focus. And what we've seen overwhelmingly is if you do that really well, there are multiple reasons that a patient has to continue treatment and some of those reasons might be more cosmetic and some of those reasons might be more clinical and serious. But the combination surely increasing the stickiness and the retention and the reasons people kind of per month remind themselves to pull it out of cabinet or off the shelf and build that out.

是的，這是一個很好的問題。我認為我們越來越多地思考這個概念，因為我認為當你想到多個概念時，它實際上是這種交叉銷售權，這種電子商務概念。我認為，當我們觀察客戶行為時，我們會發現個人化與非個人化確實是我們關注的焦點，因為在許多情況下，個人線路通常意味著跨類別，對嗎？因此，當您考慮我們的心臟健康類別和性健康類別時，這是一種單一的個人化治療，可以透過簡單的個人化藥丸來治療性功能障礙和心血管疾病。因此，我認為作為一家企業，我們並不是真正關注跨類別轉換，而是以人為本的個人化整體對待個人。我認為，當你開始看到我們的一些類別重疊時，例如，在減肥類別上，你在心理健康類別上與心理健康和憂鬱飲食有許多重疊。同樣的事情也與肥胖重疊。這些類別並不是孤立的。因此，嘗試想出一種個人化的解決方案來治療患者症狀或擔憂的所有潛在因素確實是主要關注點。我們絕大多數看到的是，如果你做得很好，患者必須繼續治療的原因有很多，其中一些原因可能更美觀，而另一些原因可能更臨床和嚴重。但這種組合肯定會增加黏性和保留率，也是人們每月提醒自己將其從櫥櫃或貨架上拉出來並建造的原因。

Got it. Thank you.

知道了。謝謝。

Thank you.

謝謝。

Your next question comes from Jack Wallace with 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。

Thanks for taking my questions and congrats on a great start to the year. You Andrew, just wanted to give you an opportunity to come and thank you for addressing your comments from last week and over the weekend. I just wanted to give you an opportunity to just give us some idea for how the public's response reaction to your comments had any observable impact to the business thinking more specifically around attention or excuse me, attrition and retention, new customer acquisition as well as employee retention, attrition and an inbound residents. Thank you.

感謝您回答我的問題，並祝賀您今年取得了良好的開端。安德魯，只是想給您一個機會來感謝您對上周和週末的評論進行評論。我只是想給您一個機會，讓我們了解公眾對您的評論的反應如何對商業思維產生任何可觀察到的影響，更具體地說是關注或對不起、流失和保留、新客戶獲取以及員工保留、流失和入境居民。謝謝。

Thanks, Jack. Yes, great question. So no material impact that we expect in the business of the guidance that we share today reflects all of the latest thinking. And so we don't expect that to be a big concern at all going forward.

謝謝，傑克。是的，很好的問題。因此，我們預計今天分享的指導不會對業務產生重大影響，這反映了所有最新的想法。因此，我們預計這不會成為未來的一個大問題。

Great.

偉大的。

Thank you. And then I just wanted to get a little more color on the the CapEx investments, EME. Should we think of the first quarter's CapEx number being a a fair I'm kind of jumping off point into the second half of the year and appreciate your response to the prior question.

謝謝。然後我只是想對 EME 的資本支出投資有更多的了解。如果我們認為第一季的資本支出數字是公平的，我會從下半年開始，並感謝您對前一個問題的回答。

And then second, in terms of the therapeutic categories, sounds like maybe weight loss is getting some additional attention with the expanded capabilities there. But any other category is existing that might be getting some extra attention as well as preparation for new categories? Thank you.

其次，就治療類別而言，聽起來隨著功能的擴展，減肥可能會受到更多關注。但是是否存在任何其他類別可能會受到額外關注並為新類別做好準備？謝謝。

Yes, I can start with the first part of the question, maybe I will turn it over to you to answer for the second half. And I think what really what we really see Jack is, as mentioned kind of in the prior question, we'll look to calibrate the capital expenditures relative to the growth that we are seeing. I think historically, if you rewind two years ago, our capital expenditures were fairly minimal in the low $1 million to $2 million range over the course of the next three years, like we do expect as more intensity in the CapEx. We don't expect to return to those levels for the next three years, but it will fluctuate as we start to invest in machinery or expanding capabilities in the facilities. So it's hard to give an exact like quarter to quarter number, but we do expect it to be elevated similar to what we've seen kind of in the latter part of last year or two to last quarter.

是的，我可以從問題的前半部開始，也許我會把後半部交給你來回答。我認為傑克真正看到的是，正如前一個問題中所提到的，我們將根據我們所看到的成長來調整資本支出。我認為，從歷史上看，如果回顧兩年前，我們的資本支出在未來三年內相當小，在 100 萬美元到 200 萬美元的範圍內，就像我們確實期望資本支出更加密集一樣。我們預計在未來三年內不會回到這些水平，但隨著我們開始投資機械或擴大設施能力，它會發生波動。因此，很難給出確切的季度數據，但我們確實預計該數字會有所上升，類似於我們在去年或兩年後半段到上個季度所看到的情況。

And I think a lot of these capabilities are centered around both pharmaceutical complexities. You can imagine form factor variation. We've got a number of form factors on the breadth of specialties and portfolio today, but there's quite a few more that we can be bringing to market. There's complexity in specific ingredient compounding, so there's actually necessary processes for more complex ingredients that are more challenging to put together into these form factors. And then obviously, there are categories that we are excited by that we've talked about in the past and hormonal balanced menopause, testosterone, pain management, insomnia, right? These are categories we've always talked about and believe and believe there's a lot of people struggling and an opportunity to deliver hyper-personalized treatments at very affordable prices. And so a lot of that CapEx investment is not only going toward some of the near-term categories, but building the foundation for for what's going to be necessary a couple of years from now.

我認為這些能力中有很多都圍繞著製藥的複雜性。您可以想像外形尺寸的變化。今天，我們在專業和產品組合方面擁有多種外形尺寸，但我們也可以將更多產品推向市場。特定成分的混合很複雜，因此對於更複雜的成分實際上有必要的流程，而將這些成分組合成這些形狀因素更具挑戰性。顯然，我們過去討論過的一些類別讓我們感到興奮，例如荷爾蒙平衡的更年期、睪固酮、疼痛管理、失眠，對吧？這些是我們一直在談論的類別，相信有很多人在掙扎，並且有機會以非常實惠的價格提供超個人化的治療。因此，大量資本支出投資不僅流向了一些近期類別，而且還為幾年後的必需品奠定了基礎。

Great.

偉大的。

Thank you so much.

太感謝了。

Thank you.

謝謝。

Your next question comes from Jonna Kim with TD Cowen. Please go ahead.

您的下一個問題來自 Jonna Kim 和 TD Cowen。請繼續。

Thanks for taking my question and just wanted to get a better understanding of sort of what changed in terms of the full year, but full year guidance in the first quarter versus how you got it in the fourth quarter and just curious which areas deliver upside versus your original expectations? And also what changed in terms of your second half expectations?

感謝您提出我的問題，只是想更好地了解全年的變化，但第一季的全年指導與第四季度的指導方式相比，只是好奇哪些領域帶來了上行空間你原來的期望？您對下半年的預期有何變化？

Any color will be helpful there.

任何顏色都會有幫助。

And just another question is, have you seen any a change in consumer behavior by different income cohorts across your categories? Thank you so much.

另一個問題是，您是否發現不同類別的不同收入群體的消費者行為發生了變化？太感謝了。

And maybe I can start the first part of the question on the guide, and then you can turn it over to Andrew for a broader clarity around what we're seeing with the consumer.

也許我可以在指南上開始問題的第一部分，然後你可以將其交給安德魯，以更廣泛地了解我們在消費者身上看到的情況。

I think really, John. I think what we did see in the first quarter is just record level of momentum, both in terms of the magnitude of consumers that were coming onto the platform relative to what we were expecting as well as the frequency, which was they're opting for personalized products. As we mentioned, they typically do carry higher, higher retention levels. And so really what's embedded in our guidance is just the strong momentum that we've seen. And we're seeing that across pretty much all of our specialties, given the fact that we've innovated the suite of products, whether it's actual, how dermatology or the new category. We're seeing continued strength across each of our specialties, and we expect to continue to innovate with a very attractive pipeline on each of those specialties. And so really that's what's embedded in the guide is a very strong pipeline of things to come with the strong uptick in consumer acquisition in the first quarter and then just the adoption of personalized products.

我真的這麼認為，約翰。我認為我們在第一季確實看到了創紀錄的勢頭，無論是就進入該平台的消費者數量（相對於我們的預期）還是頻率（他們選擇的頻率）而言個性化產品。正如我們所提到的，它們通常確實具有越來越高的保留水準。因此，我們的指導中真正包含的是我們所看到的強勁勢頭。鑑於我們已經對產品套件進行了創新，無論是實際的、皮膚科的還是新類別的產品，我們幾乎在所有專業領域都看到了這一點。我們看到我們每個專業的持續實力，並且我們期望在每個專業上透過非常有吸引力的管道繼續創新。事實上，指南中包含的內容是隨著第一季消費者購買量的強勁增長以及個性化產品的採用而帶來的一系列非常強大的產品。

And regarding consumer confidence, I think we continue to see strength across the demographics of income levels. I think probably because of a couple of things. And this has happened historically when consumer confidence has dropped and others have struggled in traditional consumer channels and our business has remained resilient. I think you're talking about categories and products that are incredibly emotionally resonant and core to the well-being of the consumer right there, products that when the customer wakes up in the morning, it looks in the mirror are highly impactful to how that debt goes and how they show up in the world. And so I think very, very sticky in that way.

關於消費者信心，我認為我們繼續看到人口收入水準的強勁勢頭。我想可能是因為幾件事。這種情況在歷史上曾發生過，當時消費者信心下降，其他人在傳統消費通路中苦苦掙扎，而我們的業務卻保持彈性。我認為你談論的是那些在情感上產生令人難以置信的共鳴和對消費者福祉至關重要的類別和產品，當顧客早上醒來時，在鏡子裡看到的產品對如何實現這一目標具有很大影響。所以我認為這方面非常非常有黏性。

On top of that I think the strategic pricing initiatives from the last year have continued to make those even further affordable, such that we have not seen any types of concerns and consumer strength whatsoever.

最重要的是，我認為去年的策略性定價措施繼續使這些產品變得更加實惠，因此我們沒有看到任何類型的擔憂和消費者的力量。

Got it. Thank you so much.

知道了。太感謝了。

Your next question comes from Aaron Kessler with Seaport Global. Please go ahead.

您的下一個問題來自 Seaport Global 的 Aaron Kessler。請繼續。

Great.

偉大的。

Thanks, guys.

謝謝，夥計們。

Congrats on the quarter. A couple of questions. One, maybe just can you update us on the women's kind of performance or the performance in the quarter?

恭喜本季。有幾個問題。第一，也許您可以向我們介紹女性表現或本季表現的最新情況嗎？

I think you had a pretty strong growth last quarter. And then just on the mental health side, maybe an update there. And our recent survey was showing pretty high rates of depression as particularly among younger adults. Just curious kind of what you're seeing there as well. Thank you.

我認為上個季度你們的成長相當強勁。然後在心理健康方面，也許會有更新。我們最近的調查顯示，憂鬱症發生率相當高，尤其是在年輕人身上。只是對你在那裡看到的東西感到好奇。謝謝。

Thanks, Aaron, and great to have you on the her side of the business, continuing to see it be one of the fastest growing, if not the fastest growing parts of the business. And this is comprised of hers. Dermatology has hair the hers weight loss category as well as the mental health business. And all of those are growing very robustly. And I think really pulling the Company had in a dramatic way. And when we look at some of the penetration rates that the business has in those categories, it's quite small as you're talking one, 2% penetration rates in a very, very massive market. And so we suspect that the brand and the investments in the brand that we've been making in the last year or two are really just starting to unlock the awareness levels necessary to start taking massive share. But we believe strongly that from what we can tell, we've got strong product market fit in those three or four categories. The breadth of portfolio of offerings is expanding very rapidly, many products in the last quarter and many to come in the next couple in a way that gives us constant confidence that that growth rate will be able to be sustained for quite some time.

謝謝，亞倫，很高興你能站在她的一邊，繼續看到它是業務中成長最快的部分之一，即使不是成長最快的部分。而這，是由她自己組成的。皮膚科將頭髮納入她的減肥類別以及心理健康業務。所有這些都在非常強勁地增長。我認為，公司的真正拉動是以一種戲劇性的方式進行的。當我們查看該業務在這些類別中的一些滲透率時，會發現在一個非常非常大的市場中，滲透率非常小，只有 2%。因此，我們懷疑這個品牌以及我們在過去一兩年所做的品牌投資實際上才剛開始釋放開始佔據大量份額所需的意識水平。但我們堅信，據我們所知，我們在這三到四個類別中擁有強大的產品市場契合度。產品組合的廣度正在迅速擴大，上個季度有許多產品，接下來幾季將有許多產品，這讓我們始終相信這種成長率將能夠維持相當長的一段時間。

Great.

偉大的。

Thank you.

謝謝。

Thank you.

謝謝。

Your next question comes from Glen Santangelo with Jefferies. Please go ahead.

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

Thanks for taking my question, but he gives us sort of unpack some of the numbers here. Maybe a couple of financial questions. If I could I mean, the subscriber growth of 41% in the quarter was almost equivalent with the sort of the revenue growth uDraw. But when I sort of peel back the layers a little bit. It looks like the monthly sales per average subscriber were flat, but yet your average order value was up 21%, which may be suggests that you're continuing to have success booking multi-month subscriptions. I was wondering if you could just give us a little bit more city and although a little bit more meat on both those two numbers because I think what some of us are trying to assess as well is we get the churn question a lot. And so I'm just trying to make sure I understand how all these are all these metrics ought to play off one another?

感謝您提出我的問題，但他在這裡為我們提供了一些數據。也許是一些財務問題。如果我可以的話，我的意思是，本季 41% 的訂戶成長幾乎與 uDraw 的營收成長相當。但當我稍微剝開這些層時。看起來每個訂閱者的每月銷售額持平，但您的平均訂單價值卻成長了 21%，這可能表明您在預訂多月訂閱方面繼續取得成功。我想知道你是否可以給我們多一點城市，儘管這兩個數字都多一點肉，因為我認為我們中的一些人也試圖評估我們經常遇到的客戶流失問題。所以我只是想確保我理解所有這些指標應該如何相互影響？

Yes, sure. And thanks for the question, Glen. I think I think we've said in the past that the primary growth lever that we're focused on as a company is around subscriber growth. And so a lot of the strategic initiatives, whether it's around personalization or some of the pricing elements we've talked historically in the past, those are geared towards both making it attractive to the consumers to come to the platform as well as keeping consumers on the platform for multiple years, if not even decades. And so largely, our performance this quarter was primarily driven off of the subscriber growth. As you mentioned, we expect that to continue to be the case and then with respect to the monthly average revenue per subscriber loss AOV, really our focus is, as you mentioned, and continuing to make sure that the multi-month bundles are attractive and we see continued success there with respect to some of the movement that you see in A. And B, it is driven primarily by that as well as some of the on the product mix, the mix dynamics as well with the way forward momentum on food?

是的，當然。謝謝你的提問，格倫。我想我們過去曾說過，作為一家公司，我們關注的主要成長槓桿是用戶成長。因此，許多策略舉措，無論是個人化還是我們過去討論過的一些定價要素，都是為了吸引消費者來到該平台，並讓消費者繼續使用該平台。 。在很大程度上，我們本季的業績主要是由用戶成長所推動的。正如您所提到的，我們預計這種情況將繼續存在，然後就每個訂戶損失AOV 的月平均收入而言，我們的重點實際上是，正如您所提到的，並繼續確保個多月捆綁包具有吸引力，並且我們看到在 A 中看到的一些運動方面持續取得成功。

And then just one more quick question on the guidance. If I sort of look at the the adjusted EBITDA margin you put up in 1Q and what you're sort of implying for 2Q, it seems to suggest a reasonable step down in the back half of the year to be consistent with your sort of full year guidance. I was wondering, is that some level of conservatism you're building in or are there some you've talked in this call about some planned investments that may ultimately be made. So I'm just trying to make some sense of of why we should expect the margin in the back half of the year to go down?

然後還有一個關於指南的簡單問題。如果我看一下您在第一季提出的調整後 EBITDA 利潤率以及您對第二季的暗示，這似乎表明在今年下半年進行合理的降級，以與您的全面目標保持一致。我想知道，您是否正在建立某種程度的保守主義，或者您在這次電話會議中是否談到了最終可能進行的一些計劃投資。所以我只是想弄清楚為什麼我們應該預計下半年的利潤率會下降？

Yes, I think it's a great question, and I think Q1 was definitely a phenomenal quarter for us, and we are very excited by the remainder of the year to come. But really what we are doing is we're leaving ourselves enough flexibility. As we've mentioned, we do continuously look for ways to pass value back to consumers on whether that's the case of leaning back into marketing as we start to have new new categories come online or start new products come online, we will look to be opportunistic. We have the flexibility to invest there. And then, you know, as we mentioned before, over the course of several quarters, we do run experiments identifying what are the most accretive ways to pass you back to consumers. We're very close to finalizing some of those experiments and excited by those. And so I do want to leave ourselves flexibility in the guy to have the capability to ultimate US.

是的，我認為這是一個很好的問題，我認為第一季對我們來說絕對是一個非凡的季度，我們對未來一年的剩餘時間感到非常興奮。但實際上我們正在做的是給自己足夠的彈性。正如我們所提到的，我們確實不斷尋找將價值傳遞給消費者的方法，無論是在我們開始推出新的新類別還是開始推出新產品時，重新投入行銷，我們都會尋求機會主義的。我們可以靈活地在那裡投資。然後，您知道，正如我們之前提到的，在幾個季度的過程中，我們確實進行了實驗，以確定將您的產品傳遞給消費者的最增值方式是什麼。我們非常接近完成其中一些實驗，並對這些實驗感到興奮。所以我確實想讓我們自己保持靈活性，讓這個人有能力最終進入美國。

Okay.

好的。

Thank you.

謝謝。

Your next question comes from Jailendra Singh with Truist Securities. Please go ahead.

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

Thank you, and thanks for taking my questions and congrats on a strong quarter for a couple of quick clarification questions. On the subscribers using personalized solution. When you had 35%, what was the figure among the new members you added in 1Q in terms of using a personal solution? And second part of the question is like what is your outlook reflecting in terms of this figure by end of the year?

謝謝您，感謝您回答我的問題，並祝賀本季度表現強勁，并快速澄清了一些問題。對訂戶使用個人化解決方案。當你有35%的時候，你在第一季新增的新成員中使用個人解決方案的數字是多少？問題的第二部分是，到今年年底，這個數字反映了您的前景如何？

Yes.

是的。

Maybe I can start with some of the more granular details and then Tom can add it over to Andrew to add some of the products whose questions we didn't explicitly guide to you know, basically a new number specifically, what we do see is that the adoption for new subscribers of personalized products tends to be higher just because I think many of those users for the first time when they come to the platform are identifying the attractiveness of personalized solutions is also what we do see is that in many of the newer categories, the adoption rate is quite strong just because the vast majority of the user base is disproportionately oriented towards towards new users. And so we do expect that number to basically creep up each quarter on alongside it. And we're excited by the potential that, that means for retention in the Internet, not provisioning.

也許我可以從一些更精細的細節開始，然後湯姆可以將其添加給安德魯，以添加一些我們沒有明確指導您知道的問題的產品，基本上是一個具體的新數字，我們確實看到的是個性化產品的新訂戶的採用率往往會更高，因為我認為許多用戶在第一次來到該平台時就認識到個性化解決方案的吸引力，我們也確實看到，在許多較新的解決方案中，類別中，採用率相當高，因為絕大多數用戶群不成比例地面向新用戶。因此，我們確實預計這個數字基本上每季都會隨之上升。我們對這種潛力感到興奮，這意味著保留在網路上，而不是配置。

Yes, Jailendra, maybe just I mean, at a high level, I think we expect the vast majority of the business in the coming years to be on being treated with a personalized offering. It's the underlying relationship these customers have with the platform the stickiness, the degree of choice and customization that they're provided, the flexibility tools that they have are just meaningfully more powerful than a traditional generic treatment. So we expect the vast majority of business in the coming years to move towards those types of treatments.

是的，Jailendra，也許我的意思是，在高水準上，我認為我們預計未來幾年的絕大多數業務都將受到個人化產品的對待。這是這些客戶與平台之間的潛在關係，即黏性、為他們提供的選擇和客製化程度、他們擁有的靈活性工具比傳統的通用治療方法更強大。因此，我們預計未來幾年絕大多數企業將轉向這些類型的治療。

Okay. And then my quick follow-up. Just kind of trying to better understand your comment around pricing adjustments flexibility in '24. Has there been any change in your thought process given what you've learned about the consumer behavior competitive environment so far in the year in terms of getting more or less aggressive at those changes in the year? And what kind of data points will you be watching or focused on, which will drive your decision to make these adjustments?

好的。然後是我的快速跟進。只是想更好地理解您對 24 年定價調整靈活性的評論。鑑於您今年迄今為止對消費者行為競爭環境的了解，您的思維過程是否發生了任何變化，即對今年的這些變化採取了或多或少的積極態度？您將關注或關注什麼樣的數據點，這將推動您做出這些調整的決定？

yes, I think we can go a bit into just like what is the philosophical approach behind some of the changes that we make. And so I think that as a management team that as a company, I think we're less focused on what's happening quarter to quarter. As Andrew mentioned, we've seen the consumer remain very resilient just given the types of conditions are oftentimes served in, they tend to be more resilient in nature. And so really, we think around whether it's pricing or other mechanisms that we use tough value back to consumers what will drive the decision to do that will be primarily just around the data that we receive in experiments in identifying which categories which areas and which types of vehicles result in the highest ROI. And so that will be more of the governing factor versus on any given concern or opportunity in a quarter.

是的，我認為我們可以深入探討我們所做的一些改變背後的哲學方法是什麼。因此，我認為作為一個管理團隊和一家公司，我認為我們不太關注每季發生的事情。正如安德魯所提到的，我們看到消費者仍然非常有彈性，考慮到經常遇到的條件類型，他們本質上往往更具彈性。因此，實際上，我們會考慮定價或其他機制，我們使用堅韌的價值回饋消費者，這將主要圍繞我們在實驗中收到的數據來確定哪些類別、哪些領域和哪些類型車輛的投資回報率最高。因此，與季度內任何特定的擔憂或機會相比，這將更多地成為主導因素。

Great.

偉大的。

Thanks a lot.

多謝。

Your next question comes from Korinne Wolfmeyer with Piper Sandler. Please go ahead.

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

Hey, good afternoon, guys. Congrats on the quarter and thanks for the question. To touch on the churn question, kind of in a different way. I mean, I think what were also arguments that hasn't been quantified very clearly of what's changing with retention and churn levels. So I guess is there any way you can give us better color on like how many of your are multi-month subscribers, our ending up doing reorders after their first initial order and how many are falling off and then any other detail you can give us there. Thank you.

嘿，下午好，夥計們。恭喜本季並感謝您的提問。以不同的方式來探討客戶流失問題。我的意思是，我認為對於保留率和流失率的變化，還沒有非常清楚地量化的論點。因此，我想您是否可以透過任何方式向我們提供更好的信息，例如您有多少人是個多月訂閱者，我們最終在他們的第一個初始訂單後重新訂購，有多少人脫落，然後您可以向我們提供任何其他詳細資訊那裡。謝謝。

Yes, I think what I'd point to credit, and it's a great question, I think are too few data points. One is just like the previous guidance we've given around long-term retention levels, north of 85%, I think the whole pull through. And if anything, I think the hope for us would be the fact that drug gets stronger. We did see across Q1 really is just a record level of additions of net new subscribers. And that's a function of the efficiency on acquisition, but also just some of the benefits and longevity as we continue to pass value back to consumers in the form of pricing experiments or other value added ads to consumers. We do expect the retention to improve and improve in the coming quarters, but it's very difficult to give exactly no quantification numbers around that.

是的，我認為我要指出的是，這是一個很好的問題，我認為數據點太少了。第一個就像我們之前針對長期保留水準給出的指導一樣，在 85% 以上，我認為整個過程都會過去。如果有什麼不同的話，我認為我們的希望就是毒品變得更強。我們確實看到第一季的淨新訂戶數量確實創下了創紀錄的水平。這是獲取效率的函數，但也只是我們繼續以定價實驗或其他增值廣告的形式將價值回饋給消費者的一些好處和壽命。我們確實預計未來幾季的保留率會持續提高，但很難給出具體的量化數字。

Got it. Thank you really appreciate it. And then on I think you guys kind of hinted towards new product launches. And I think, Andrew, you said potentially GLP. one down and when you laid out the guidance, how much of the improvement in the guidance is coming from new product launches? And is anything getting pulled forward sooner than anticipated? And then any detail you can give us on timing of GLP. ones? And is that a this year thing or maybe an extra thing? Any color there would be great. Thank you.

知道了。謝謝你真的很感激。然後我認為你們暗示了新產品的發布。我認為，安德魯，你說的是潛在的 GLP。當您制定指南時，指南中的改進有多少來自於新產品的發布？有什麼事情比預期更早推進嗎？然後您可以向我們提供有關 GLP 時間安排的任何詳細資訊。那些？這是今年的事情還是額外的事情？任何顏色都會很棒。謝謝。

Yes, on the GLP-1 side definitely in this year. So I would expect them expecting soon as we've talked about them. But regarding the other side and let me give you tackle.

是的，今年肯定是在 GLP-1 方面。所以我希望他們在我們談論完之後很快就會期待。但關於另一邊，讓我給你解決方法。

Yes, I mean, with respect to the question around the guidance, Karin, I think that really that's less of a function of a specific categorical launch or product launch and release, but it's more of a function of as we expect continued strong demand from consumers that we similar to what we saw in the first quarter. And we do expect a continued uptick in personalized products. We're very excited by the portfolio to come, but has historically with our guidance philosophy, we generally roll forward what we have certainty and visibility into and so reflected in the guide is what we can see based upon today and some of the impacts that we have around products that have already launched or are imminently coming.

是的，我的意思是，關於指導的問題，卡琳，我認為這實際上不是特定類別發布或產品發布和發布的函數，而是更多的是我們預期的持續強勁需求的函數。第一季看到的情況類似。我們確實預期個人化產品將持續成長。我們對即將推出的產品組合感到非常興奮，但從歷史上看，我們的指導理念是，我們通常會推進我們有確定性和可見性的內容，因此指南中反映的是我們今天可以看到的內容以及一些影響我們有一些已經推出或即將推出的產品。

Great.

偉大的。

Thank you.

謝謝。

Your next question comes from George Hill with Deutsche Bank. Please go ahead.

你的下一個問題來自德意志銀行的喬治·希爾。請繼續。

Good afternoon, guys, and thanks for taking the questions. I have a kind of one big picture one and one small picture one enduring yummy. I guess the small picture one is, do you guys have an opinion kind of at what price point GLT. ones inflect for you from a subscription and volume perspective. And I ask that as somebody you know, from the drug supply chain side, we see pretty significant price competition in that space and discounting in that space. So prices are coming down pretty significantly.

下午好，夥計們，感謝您提出問題。我有一種大圖一張小圖一張持久的美味。我想，小圖是，你們對 GLT 的價格有什麼看法嗎？從訂閱和數量的角度來看，這些都會為您帶來影響。我想問一下，正如您認識的人一樣，從藥品供應鏈方面來看，我們看到該領域的價格競爭非常激烈，並且存在折扣。因此價格大幅下降。

And then my back my follow-up question to that is, I mean, to your comments, when you talked about wanting to grow a business that has tens of millions of subscribers, kind of which disease states and product categories do you think are most important for getting to that goal?

然後我的後續問題是，我的意思是，對於您的評論，當您談到想要發展擁有數千萬訂閱者的業務時，您認為哪種疾病狀態和產品類別最重要對於實現該目標很重要嗎？

Thank you.

謝謝。

Thanks, George. On the GLP-1 side, I'm not sure. We probably have a perspective to share on that at this point. But I agree very interesting question and definitely dynamic for a changing three pretty near near time. So I think we'll be able to share more on that shortly.

謝謝，喬治。在 GLP-1 方面，我不確定。此時我們可能有一個可以分享的觀點。但我同意非常有趣的問題，對於近一段時間的三人變化來說絕對是充滿活力的。所以我認為我們很快就能分享更多相關內容。

Yemi, I'll let the second half.

耶米，我會讓下半場。

Yes, with respect to the categories, I think, George, I think the benefit of our platform is that it's both comprehensive. And at the same time, we are very focused on five core specialties that we operate in within each of those specialties. There's tens of millions, if not hundreds of millions of subscribers for us to go to go after. And so I think that we are confident in each of the specialties they have the ability as we mentioned in the past, to be at least [$100 million] or more of revenue by next year. Even that said, I think across many of the many of these. We're just scratching the surface through continued innovation on the personalization side as well as continuing to broaden the product suite at different price points. We do feel very confident in our ability to have each of these be multi multibillion-dollar businesses.

是的，關於類別，我認為，喬治，我認為我們平台的好處是它很全面。同時，我們非常專注於我們在每個專業中運營的五個核心專業。我們需要去爭取數千萬甚至數億的訂閱者。因此，我認為我們對每個專業都充滿信心，正如我們過去提到的那樣，他們有能力在明年實現至少 [1 億美元] 或更多的收入。即便如此，我還是想到了其中的許多問題。我們只是透過個人化方面的持續創新以及繼續擴大不同價位的產品套件來觸及表面。我們確實對我們將這些業務發展為數十億美元業務的能力非常有信心。

Okay.

好的。

I don't know if there's time for a quick follow-up. I would just call more than GLP ones where brand seems to be very important in that category name brand is very important that category where name-brand is kind of less importantly, your name-brand Hims & Hers is important up in your in your kind of product set. Is that something that you view as kind of different or like something you can conquer? Or I don't know if you can talk about how you would address the marketing aspect of that category and how it's different from what you guys have done historically?

我不知道是否有時間快速跟進。我只想打電話給比 GLP 更重要的類別，其中品牌似乎在該類別中非常重要，而該類別中的名牌不太重要，您的名牌 Hims & Hers 在您的同類中很重要產品組。你認為這是一種不同的東西還是你可以征服的東西？或者我不知道您是否可以談談您將如何解決該類別的營銷方面以及它與您歷史上所做的有何不同？

Yes, I think I probably can't give too much there, but I do think that when you're talking about GLP-1 and specific, even to Dan's question earlier around compounded GLP-1, the safety profile and the clinical excellence around those, I think is critical, right and I think there is a wide range of offerings in market with a wide range, probably of clinical best practices. And I think when we bring things to market as we've kind of said in the past, we don't necessarily believe we ever need to or should be the first to market, but we should be the best in market. And I think that's the way we'd approach this category. And this launch of being able to ensure customers that the offering and the products are the highest quality, the highest testing and have a degree of safety and clinical excellence that is really unmatched and they know that.

是的，我想我可能不能給出太多，但我確實認為，當您談論 GLP-1 時，甚至是 Dan 之前關於複合 GLP-1 的問題，安全性和臨床卓越性我認為這些是至關重要的、正確的，而且我認為市場上有各種各樣的產品，可能具有廣泛的臨床最佳實踐。我認為，正如我們過去所說的那樣，當我們將產品推向市場時，我們不一定認為我們需要或應該成為第一個進入市場的人，但我們應該是市場上最好的。我認為這就是我們處理這一類別的方式。此次推出能夠向客戶保證其產品和服務是最高品質、經過最高測試的，並且具有無與倫比的安全性和臨床卓越性，他們知道這一點。

Great. Thank you.

偉大的。謝謝。

There are no further questions at this time. This will conclude today's conference call. Thank you.

目前沒有其他問題。今天的電話會議到此結束。謝謝。

All for your participation. You may now disconnect.

一切為了您的參與。您現在可以斷開連線。