Hims & Hers Health Inc (HIMS) 2021 Q1 法說會逐字稿

Good afternoon, and thank you for joining us on today's conference call to discuss Hims & Hers Health, Inc. First Quarter 2021 Financial Results. Joining me on the call are Andrew Dudum, our Chief Executive Officer; and Spencer Lee, our Chief Financial Officer.

下午好，感謝各位參加今天與我們討論 Hims & Hers Health, Inc. 的電話會議。2021年第一季財務業績。與我一同參加電話會議的還有我們的執行長 Andrew Dudum 和我們的財務長 Spencer Lee。

On this call, we will be making forward-looking statements, including financial guidance and expectations for our second quarter and fiscal year 2021 growth, expansion into new categories, strategies, customer demand and products. These statements reflect our best judgment based on factors currently known to us and actual events or results may differ materially. Please refer to documents that we file with the SEC, including the Form 8-K filled with today's press release.

在本次電話會議上，我們將發表前瞻性聲明，包括財務指導和對我們 2021 年第二季和財年成長、拓展新類別、策略、客戶需求和產品的預期。這些陳述反映了我們基於目前已知因素的最佳判斷，但實際事件或結果可能與此有重大差異。請參閱我們向美國證券交易委員會提交的文件，包括與今天新聞稿一起填寫的 8-K 表格。

Those documents contain risks and other factors that may cause our actual results to differ from those contained in our forward-looking statements. These forward-looking statements are being made as of today, and we will disclaim any obligation to update or revise these statements. If this call is reviewed after today, the information presented during this call may not be current or accurate.

這些文件包含風險和其他因素，可能導致我們的實際結果與前瞻性聲明中包含的結果有差異。這些前瞻性聲明僅代表截至今日的觀點，我們不承擔更新或修改這些聲明的任何義務。如果本次通話記錄在今天之後進行審核，則通話中提供的資訊可能已不再是最新或準確的資訊。

We will also discuss non-GAAP financial measures, which are not prepared in accordance with generally accepted accounting principles. For historical periods, a reconciliation of GAAP and non-GAAP results is provided in the press release filed today with the SEC on an 8-K and also available on our website.

我們也將討論非公認會計準則財務指標，這些指標並非依照公認會計原則編製。對於歷史時期，GAAP 和非 GAAP 結果的調節表已在今天向美國證券交易委員會提交的 8-K 表格新聞稿中提供，也可在我們的網站上查閱。

And with that, I'll now turn it over to Andrew Dudum.

接下來，我將把麥克風交給安德魯‧杜杜姆。

Welcome, and thank you all for joining our first quarter earnings call. Simply put, 2021 is off to an incredible start. Our mission is clear, to make the highest quality personalized health care accessible to everyone. We started this year helping more consumers across more conditions than ever before, and the results speak for themselves. Across the board, we exceeded our guidance with revenue coming in at over $52 million, representing 74% year-over-year growth, and adjusted EBITDA coming in at a loss of $8.6 million, ahead of our guidance range.

歡迎各位參加我們第一季財報電話會議，感謝各位的參與。簡而言之，2021年開局非常精彩。我們的使命很明確，那就是讓每個人都能獲得最高品質的個人化醫療保健服務。今年我們幫助的消費者數量比以往任何時候都多，涵蓋的病症也更多，而結果也證明了這一點。整體而言，我們的業績超出預期，營收超過 5,200 萬美元，年增 74%；調整後 EBITDA 虧損 860 萬美元，也低於預期範圍。

We also maintained our gross margin of 77%, which remains our highest in any historical quarter. This outperformance across the spectrum was driven by continued robust growth in our core Hims categories as well as accelerated strength of our Hers brand and across all of our emerging categories. These numbers underpin what I continue to believe is an exceptionally rare opportunity in the public market. A business that combines a massive multigenerational vision, significant tailwind and present-day core fundamentals of robust, diversified growth and efficiency.

我們還保持了 77% 的毛利率，這是我們歷史上任何季度中最高的毛利率。這一全面優異的表現得益於我們核心 Hims 品類的持續強勁成長，以及 Hers 品牌和所有新興品類的加速發展。這些數據印證了我仍然認為這是公開市場上一個極其難得的機會。一家集宏大的跨世代願景、強勁的順風以及當今穩健、多元化成長和高效運營的核心基本面於一體的企業。

The truth is we're doing things differently. And it's a real durable competitive advantage. We are meeting this younger generation, especially millennials and Gen Z, where they are, building a brand and set of experiences that they love and leveraging deep consumer expertise and insights to build lasting relationships with the most digitally native generation in the country, the future of the health system, the consumers that matter most.

事實是我們做事的方式不同。而且，這是一種真正持久的競爭優勢。我們正在與年輕一代，特別是千禧世代和 Z 世代，在他們所在的地方與他們接觸，打造他們喜愛的品牌和體驗，並利用深厚的消費者專業知識和洞察力，與這個國家最具數位原生意識的一代——醫療系統的未來，最重要的消費者——建立持久的關係。

And key to it all, personalization. Hims & Hers helps consumers develop a health care plan of action that is tailored to the exact needs of each individual across a broad range of their conditions and preferences. We believe personalized medicine focused on the consumer is something that's really never been done before at anywhere near this level of reach.

而這一切的關鍵在於個人化。Hims & Hers 幫助消費者制定醫療保健行動計劃，該計劃根據每個人的特定需求量身定制，涵蓋各種健康狀況和偏好。我們認為，以消費者為中心的個人化醫療，在如此廣泛的覆蓋面上，是以前從未真正實現過的。

And our focus on personalized access is working. In the last year, people's understanding of telehealth has dramatically accelerated. And while many have experienced the simplicity and ease of virtual care, there have been questions as to whether or not the post-COVID environment will drive a shift back to in-person. For our customers and our audiences, the answer appears clear.

我們注重個人化存取的方式正在奏效。過去一年，人們對遠距醫療的了解迅速加深。雖然許多人已經體驗到了虛擬醫療的簡便性，但人們不禁要問，後疫情時代的環境是否會推動人們重新轉向面對面就診。對於我們的客戶和受眾來說，答案似乎很明顯。

Last quarter, we added more new subscriptions than any quarter in the company's history, growing subscriptions nearly 80% year-over-year. For the generation, who grew up with cell phones in their hands, the traditional health care approach is a way of the past, and we believe Hims & Hers is the future.

上個季度，我們新增訂閱用戶數量超過了公司歷史上任何一個季度，較去年同期成長近 80%。對於伴隨手機成長的世代來說，傳統的醫療保健方式已經過時了，我們相信 Hims & Hers 代表著未來。

Our personalized approach to building a unified and fully verticalized front door to health care has served us well in continuing to differentiate and build moats in the landscape. Offering a single destination for personally tailored digital health and wellness, we continue to gain economic advantages and deeper, more valuable customer relationships that are quickly driving real economics.

我們採用個人化的方法，建構統一且完全垂直化的醫療保健入口，這幫助我們在業界不斷脫穎而出，並建立起競爭優勢。我們提供一站式個人化數位健康和​​保健服務，不斷獲得經濟優勢，並與客戶建立更深入、更有價值的關係，從而迅速推動真正的經濟效益。

This quarter, our gross profit grew 95% year-over-year. Despite the historic magnitude of investment in the last 12 months in this sector, our team's execution and our defensible approach continued to drive efficiency throughout the business. And most excitingly, in this last quarter, adoption of new product lines were some of the fastest-growing categories in our business, with revenue from Hers dermatology, part of an estimated $44 billion market, more than doubling quarter-over-quarter.

本季度，我們的毛利年增了95%。儘管過去 12 個月該領域的投資規模空前，但我們團隊的執行力和穩健的方法繼續推動了整個業務的效率提升。最令人興奮的是，在上個季度，新產品線的採用是我們業務中成長最快的類別之一，其中來自 Hers 皮膚科的收入（該市場估計為 440 億美元）環比增長了一倍多。

As the U.S. health care system continues to move towards digital experiences like ours, we will be uniquely positioned to continue capitalizing on expansion, serving more customers and more conditions. Our team's ability to meet this younger generation where they are and deliver a brand and consumer experience that wows our customers will continue to prove a strong competitive advantage in our vertical-by-vertical expansion strategy.

隨著美國醫療保健系統不斷朝向像我們這樣的數位體驗發展，我們將擁有獨特的優勢，繼續利用擴張的契機，服務更多客戶，應對更多疾病。我們的團隊能夠了解年輕一代的需求，並提供令客戶驚豔的品牌和消費者體驗，這將繼續證明我們在垂直領域擴張策略中擁有強大的競爭優勢。

As we progress in our goal to be one of the most transformative digital health companies of the next generation, we continue to remind ourselves that the future is just around the corner. We are leaders who are constantly anticipating what's next, and it has served us well.

隨著我們朝著成為下一代最具變革性的數位醫療公司之一的目標不斷邁進，我們始終銘記，未來就在眼前。我們是不斷預測未來趨勢的領導者，而這種做法對我們大有好處。

As such, we've invested a tremendous amount of time in Q1, prioritizing initiatives we believe will deepen our capabilities and entrench our competitive moats in the years to come. The 2 largest areas of investment have been in our future mobile platform and insurance. Let me tell you a little bit about both.

因此，我們在第一季投入了大量時間，優先考慮我們認為能夠加深我們能力並在未來幾年鞏固我們競爭優勢的舉措。我們最大的兩個投資領域是未來的行動平台和保險。讓我簡單介紹一下這兩者。

Today, we have hundreds of thousands of subscriptions on the platform, with almost all platform engagement taking place via mobile devices. What comes next for Hims & Hers is a completely rethought mobile offering. Native to iOS and Android, they'll act as the future front door to all of our health care needs. This platform will showcase the breadth of what our customers are getting as part of the end-to-end Hims & Hers experience.

目前，我們的平台上擁有數十萬訂閱用戶，幾乎所有平台互動都是透過行動裝置進行的。Hims & Hers 的下一步計劃是推出一款經過徹底重新設計的行動端產品。它們原生支援 iOS 和 Android 系統，將成為未來滿足我們所有醫療保健需求的入口網站。該平台將展示我們的客戶在 Hims & Hers 端到端體驗中所獲得的廣泛內容。

And here again, personalized consumer health will be at the center, stretching across primary care, to content, guided programs, community and commerce. While still early in our development and design phase, what's clear is what we are building looks like nothing ever offered in health care. A single entry point into a beautiful health care world, simplifying the complexity of feeling great and being well.

同樣，個人化消費者健康將成為中心，涵蓋初級保健、內容、指導計劃、社區和商業等領域。雖然我們仍處於開發和設計階段的早期階段，但很明顯，我們正在建立的東西與醫療保健領域以往提供的任何產品都截然不同。一站式開啟美好醫療保健之旅，簡化維持健康體魄的複雜性。

In parallel, our team has also begun the work to unlock the power of insurance reimbursement as part of the Hims & Hers platform. This is as key component to affordability for certain types of care and patient populations, which is core to our mission of expanding access for everyone. A first step in this initiative was opening our affiliated pharmacy, building the last verticalized component to our supply chain. From lab testing to behavioral health and more, we see exciting opportunities to facilitate more affordable access and comprehensive care for our customers via insurance.

同時，我們的團隊也已開始著手開發 Hims & Hers 平台，以充分發揮保險報銷的作用。這是確保某些類型護理和患者群體能夠負擔得起的關鍵因素，也是我們擴大所有人獲得醫療服務機會這一使命的核心。這項計畫的第一步是開設我們的附屬藥房，建構我們供應鏈的最後一個垂直整合環節。從實驗室檢測到行為健康等等，我們看到了令人興奮的機會，可以透過保險為我們的客戶提供更經濟實惠的全面護理。

While early in development, we believe these capabilities will serve our customers well in the years to come. We are a company passionate about building the future of health care. We pride ourselves on being visionary in our sector, sustaining consistent execution and delivering growth. And I feel this quarter is highly reflective of our ability to be the leader in this space. We are at the forefront of transforming an industry that we all so desperately rely upon. I'm proud of the results we have shared with you today and our team's dedication to our mission.

雖然這些功能尚處於早期開發階段，但我們相信它們將在未來幾年為我們的客戶提供良好的服務。我們是一家致力於建立醫療保健未來的公司。我們以在業界具有遠見卓識、持續穩定地執行策略並實現成長而自豪。我覺得本季很好地體現了我們在這個領域保持領先地位的能力。我們正處於變革這個我們所有人都無比依賴的產業的最前線。我為今天與大家分享的成果以及我們團隊對使命的奉獻精神感到自豪。

At this point, I will now turn the call over to Spencer for a more detailed review of our results, followed up by Q&A. As a result of an imminently arriving first born son, I pre-recorded this message and look forward to following up with many of you in the coming days.

接下來，我將把電話交給 Spencer，讓他對我們的結果進行更詳細的回顧，然後進行問答環節。由於我的第一個兒子即將出生，我預先錄製了這段訊息，並期待在接下來的幾天裡與你們中的許多人聯繫。

Thank you, Andrew. I'm pleased to report our incredibly strong performance in Q1. I'll walk through the details behind our performance and then provide our guidance for Q2 and our revised upwards revenue guidance for the full year. First, let's jump into the Q1 results.

謝謝你，安德魯。我很高興地向大家報告我們第一季的強勁業績。我將詳細介紹我們的業績表現，然後給出我們對第二季度的業績預期以及我們修訂後的全年營收預期（上調後）。首先，讓我們來看看第一季的業績。

In Q1, we generated revenues of $52.3 million, which increased 74% year-over-year and exceeded the high end of our Q1 revenue guidance of $50 million. Growth was driven by strong performance across the entire business from all categories. We delivered on growth in new customer acquisition, continued improvements in customer retention and continued expansion of average order values. In Q1, we generated 687,000 net orders, which grew 26% year-over-year. Growth in net orders was primarily driven by growth in subscriptions.

第一季度，我們實現了 5,230 萬美元的收入，年增 74%，超過了我們第一季 5,000 萬美元收入預期的上限。整體業務各品類表現強勁，推動了公司成長。我們在新客戶獲取方面實現了成長，客戶留存率持續提高，平均訂單價值持續成長。第一季度，我們淨創收 687,000 筆訂單，年增 26%。淨訂單成長主要由訂閱成長驅動。

We ended the quarter with 391,000 subscriptions on the platform, which increased 79% year-over-year, versus 218,000 subscriptions in the year ago quarter. Subscription growth was driven by both strong new subscriber acquisition and improving retention of existing subscribers.

本季末，該平台訂閱用戶數達到 39.1 萬，較去年同期成長 79%，去年同期為 21.8 萬。訂閱用戶成長主要得益於新用戶數量的強勁成長和現有用戶留存率的提高。

Average order value, or AOV, in Q1 was $74, which increased 42% year-over-year. AOV has increased for the past 9 consecutive quarters as we continue to drive an increased mix of subscriptions towards higher-priced product bundles and multi-month subscriptions.

第一季平均訂單價值（AOV）為 74 美元，年增 42%。過去 9 個季度以來，平均訂單價值 (AOV) 持續成長，因為我們不斷推動訂閱業務轉向價格更高的產品組合和多月訂閱模式。

Our revenue performance in Q1 highlights multiple areas of strength in our business. Our large and growing addressable markets, strong consumer demand, driven by our uniquely positioned brand and clear cash pay value proposition, and our ability to drive growth by increasing subscriber lifetime values. In Q1, we saw the continued rotation in our subscription base into multi-month subscriptions and higher AOV net orders. As this rotation took place throughout 2020, we saw strong sequential growth in AOV last year offset relatively flat net orders as the mix of multi-month net orders increased throughout the year.

第一季的營收表現凸顯了我們業務的多個優勢領域。我們擁有龐大且不斷成長的潛在市場，強勁的消費者需求，這得益於我們獨特的品牌定位和清晰的現金支付價值主張，以及我們透過提高用戶終身價值來推動成長的能力。第一季度，我們看到訂閱用戶持續轉向多月訂閱用戶，平均訂單價值 (AOV) 也更高。由於這一輪換在 2020 年全年持續進行，我們看到去年平均訂單價值 (AOV) 的強勁環比增長抵消了相對平穩的淨訂單，因為全年個多月淨訂單的比例有所增加。

However, as we enter our second full year of this rotation, in Q1, we saw strong year-over-year growth across all dimensions, in net orders, up 26%; in AOV, up 42%; in subscriptions, up 79%; and ultimately in revenue, up 74%, all contributing to and positively driving growth.

然而，隨著我們進入這一輪換的第二個完整年度，在第一季度，我們看到所有維度都實現了強勁的同比增長，淨訂單增長了 26%；平均訂單價值增長了 42%；訂閱量增長了 79%；最終收入增長了 74%，所有這些都對增長做出了貢獻並起到了積極的推動作用。

In Q1, we generated a 77% gross margin, up 800 basis points versus 69% in the year ago quarter. The combination of strong revenue growth and expanding gross margins compounded to generate even faster gross profit growth, up 95% year-over-year. Our focus over the last 2 years on expanding unit economics and increasing subscriber lifetime values has not only driven rapid revenue growth, but also year-over-year gross margin expansion at the same time. We've been able to meaningfully expand margins and accelerate gross profit generation because the fundamental quality of our revenue is improving.

第一季度，我們的毛利率為 77%，比去年同期的 69% 提高了 800 個基點。強勁的收入成長和不斷擴大的毛利率相結合，使得毛利成長速度更快，年增 95%。過去兩年，我們專注於擴大單位經濟效益和提高用戶終身價值，這不僅推動了營收的快速成長，同時也實現了毛利率的逐年成長。由於我們收入的基本品質不斷提高，我們得以顯著擴大利潤率並加快毛利成長。

As we improve and expanded our product offerings, we were able to reach and target higher value customers. We've been able to validate higher-value customers through their uptake of higher AOV and higher-margin product bundles and multi-month subscriptions. Not only are newer subscribers spending more with us than previous subscribers but they also have higher retention, which means they are generating more revenue during their lifetimes, all of which generates increased cost leverage from our product costs, provider costs and shipping costs, thus, leading to a combination of strong revenue growth and expanding gross margins.

隨著我們不斷改進和擴展產品線，我們能夠接觸並鎖定更高價值的客戶。我們透過客戶對更高平均訂單價值 (AOV) 和更高利潤率的產品組合以及個多月訂閱的接受度，驗證了高價值客戶的存在。新用戶不僅比以前的用戶消費更多，而且留存率也更高，這意味著他們在生命週期內創造了更多收入，所有這些都提高了我們產品成本、供應商成本和運輸成本的成本槓桿作用，從而實現了強勁的收入增長和不斷擴大的毛利率。

Our Q1 adjusted EBITDA loss of $8.6 million increased versus a $4.6 million loss in the year ago quarter and outperformed our Q1 adjusted EBITDA loss guidance of $9.5 million to $11.5 million. We were able to outperform our adjusted EBITDA guidance while also exceeding our revenue guidance because we drove numerous operational efficiencies in the quarter. First, we successfully drove increased customer conversion rates through on-site and customer experience optimizations; second, we increased retention rates through improved customer experience and life cycle management; and finally, AOVs continued to expand as we drove increased uptake of higher-priced product bundles and multi-month subscriptions.

我們在第一季調整後 EBITDA 虧損為 860 萬美元，而去年同期虧損為 460 萬美元，高於我們先前預測的第一季調整後 EBITDA 虧損 950 萬美元至 1,150 萬美元。我們之所以能夠超越調整後的 EBITDA 預期，同時又超越了營收預期，是因為我們在本季提高了營運效率。首先，我們透過優化網站和客戶體驗，成功提高了客戶轉換率；其次，我們透過改善客戶體驗和生命週期管理，提高了客戶留存率；最後，隨著我們推動高價產品組合和多月訂閱的普及，平均訂單價值 (AOV) 持續增長。

The client efforts across the organization drove strong outperformance on both the top and bottom line. Before I move on to discuss financial guidance, I wanted to touch briefly on the recent pronouncements by the SEC on warrant accounting related to SPACs. In April, the SEC issued a statement on the various accounting considerations for SPAC warrants with respect to liability versus equity classification. Up until that point, almost all SPACs had classified their warrants as equity, including Oaktree Acquisition Corp.

整個組織為服務客戶所做的努力，在營收和利潤方面都取得了顯著的優異業績。在繼續討論財務指導之前，我想先簡單談談美國證券交易委員會最近關於SPAC認股權證會計處理的聲明。今年 4 月，美國證券交易委員會發布了一份關於 SPAC 認股權證在負債與權益分類方面的各種會計考慮因素的聲明。在此之前，幾乎所有 SPAC 都將認股權證歸類為股權，包括 Oaktree Acquisition Corp.。

Consistent with the SEC's guidance, for Q1, we booked a $33 million liability on our balance sheet related to warrants that were issued by Oaktree Acquisition Corp. prior to the merger with HIMS. We also booked a $2.7 million expense in Q1 in other expenses related to the mark-to-market liability accounting for all of our liability classified warrants. Going forward, we will continue to mark-to-market outstanding warrants and will reflect any changes as other expense or other income in the period.

根據美國證券交易委員會的指導，第一季我們在資產負債表上確認了與 Oaktree Acquisition Corp. 發行的認股權證相關的 3,300 萬美元負債。在與 HIMS 合併之前。我們還在第一季計入了 270 萬美元的其他費用，這些費用與所有已分類負債認股權證的市值計價負債會計處理有關。展望未來，我們將繼續以市值計價未償付的認股權證，並將任何變動反映為該期間的其他支出或其他收入。

Additionally, we decided to restate Oaktree Acquisition Corp.'s historical financial statements to classify the warrants as liabilities. This included amending and restating the 10-K filed by Hims & Hers in March to correct Oaktree's historical financial statements. The amended 10-K was recently filed with the SEC.

此外，我們決定重述 Oaktree Acquisition Corp. 的歷史財務報表，將認股權證歸類為負債。這包括修改和重述 Hims & Hers 於 3 月提交的 10-K 表格，以更正 Oaktree 的歷史財務報表。修訂後的 10-K 表格已於近期提交給美國證券交易委員會。

Now moving on to financial guidance. For Q2 2021, we are guiding to revenues of $55 million to $57 million and an adjusted EBITDA loss of $10 million to $12 million. For the full year 2021, we are raising our revenue guidance to a range of $221 million to $227 million, an increase of $24 million at the midpoint versus our previous guidance. We are maintaining our guidance for adjusted EBITDA losses of $35 million to $45 million for the year.

接下來進入財務指導環節。2021 年第二季度，我們預計營收為 5,500 萬美元至 5,700 萬美元，調整後 EBITDA 虧損為 1,000 萬美元至 1,200 萬美元。對於 2021 年全年，我們將營收預期上調至 2.21 億美元至 2.27 億美元，比先前的預期中位數增加了 2,400 萬美元。我們維持先前對全年調整後 EBITDA 虧損 3,500 萬美元至 4,500 萬美元的預期。

To provide some additional color on how we are thinking about revenue for the rest of the year, our current internal financial forecast has Q4 revenues roughly in line with Q3. So with Q1 revenues this year at $52 million and the midpoint of our Q2 guidance of $56 million, if you take the midpoint of our full year guidance at $224 million, that implies $58 million per quarter in Q3 and Q4 at the midpoint.

為了進一步說明我們對今年剩餘時間收入的看法，我們目前的內部財務預測顯示，第四季營收與第三季大致持平。因此，假設今年第一季營收為 5,200 萬美元，第二季營收預期中位數為 5,600 萬美元，而全年營收預期中位數為 2.24 億美元，那麼第三季及第四季的營收預期中位數為 5,800 萬美元。

As we discussed on our last call, and similar to the guidance we provided for Q1, as a young and newly public company, we intend to provide guidance that we are confident in our ability to achieve based on the current data points we see in the business. As new data points become available, we'll continue to update investors in the coming quarters.

正如我們在上次電話會議中討論的那樣，與我們為第一季提供的指引類似，作為一家年輕的新上市公司，我們打算根據我們目前在業務中看到的數據點，提供我們有信心能夠實現的指引。隨著新的數據點陸續公佈，我們將在未來幾季繼續向投資者更新資訊。

Finally, I just want to note, in Q1, we incurred stock-based compensation expenses of $34 million, largely driven by the merger transaction in January. This was near the midpoint of the guidance we provided on our previous call. In Q2, we expect stock-based compensation to return to a more normalized level of between $9 million and $11 million.

最後，我想指出，在第一季度，我們產生了 3,400 萬美元的股票選擇權費用，這主要是由於 1 月份的合併交易造成的。這與我們上次電話會議中提供的指導意見的中點接近。我們預計第二季股票選擇權激勵將恢復到 900 萬美元至 1,100 萬美元之間的正常水準。

We are exceptionally pleased with the results we were able to deliver in Q1, and our Q1 performance really highlights the core strengths of our business. Our large markets where we treat conditions that consumers really personally care about a brand that can uniquely harness this deep consumer demand are offerings and clear value proposition that resonate with consumers, which drive our ability to grow AOVs, net orders, subscription and gross margins all simultaneously.

我們對第一季所取得的成績感到非常滿意，第一季的業績真正突顯了我們業務的核心優勢。我們面向的大型市場，致力於解決消費者真正關心的問題。能夠獨特地利用這種深層消費者需求的品牌，其產品和服務以及清晰的價值主張能夠引起消費者的共鳴，從而推動我們同時提高平均訂單價值、淨訂單量、訂閱量和毛利率。

We continue to see strong investment opportunities ahead, which give us the confidence to increase our full year revenue guidance at both ends of the range, now representing year-over-year growth rates of 49% to 53% for 2021, substantially ahead of the 30% guidance we provided in our public investor presentation last summer.

我們繼續看到未來強勁的投資機會，這使我們有信心提高全年收入預期，目前預計 2021 年的同比增長率將達到 49% 至 53%，遠高於我們去年夏天在公開投資者演示中給出的 30% 的預期。

We continue to be disciplined and return-driven with our capital deployment. We continue to be prudent and focused on driving growth at high rates of return, and I look forward to updating you on our performance in the second half of this year.

我們在資本部署方面繼續保持嚴謹的態度，並以回報為導向。我們將繼續保持謹慎，專注於以高回報率推動成長，我期待在今年下半年向您報告我們的業績。

I want to thank our team for their incredible execution last quarter all while managing the difficult transition into a public company. It's really special to watch the dedication and tremendous talent of our people that allow our company to deliver these types of results. I'm proud to share these results on your behalf.

我要感謝我們的團隊在上個季度出色的執行力，同時也要應對向上市公司轉型這一艱難過程。看到我們員工的奉獻精神和卓越才能，使公司能夠取得這樣的成績，真的令人感到特別欣慰。我很榮幸能代表您與大家分享這些結果。

With that, we can open the call to questions. Operator?

接下來，我們可以開始接受提問了。操作員？

(Operator Instructions) Your first question is from the line of Daniel Grosslight with Citi.

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

Spencer, congrats on the quarter, and congrats to Andrew on his expanding family. Can you drill in a little deeper into the revenue beat this quarter and your revenue guide up? What's really exceeding your expectations? Is it subscriptions, AOV? Help us think through those components?

史賓塞，恭喜你本季業績優異；也恭喜安德魯喜添新成員。能否更深入分析本季營收超預期以及調高營收預期的原因？真正超出你預期的是什麼？是訂閱制還是平均訂單價值（AOV）？請幫我們梳理一下這些組成部分？

And really on the top line this year -- and on that $24 million guidance revision up on top line, why aren't you assuming any incremental EBITDA comes through?

而就今年的營收而言——以及營收預期上調 2,400 萬美元，為什麼你們不假設 EBITDA 會有任何成長呢？

Daniel, yes, sure thing. So first, in terms of understanding our growth forecast and the beat for Q1, I think it's -- yes, obviously, it's important to understand the execution in. So in Q1, we worked really hard on a number of initiatives that fundamentally increased our conversion rates and retention rates, while also continuing to expand AOVs and sustaining our high gross margins.

丹尼爾，好的，沒問題。首先，就理解我們的成長預測和第一季業績超預期而言，我認為——是的，顯然，理解執行情況非常重要。因此，在第一季度，我們努力推行了多項舉措，從根本上提高了轉換率和留存率，同時繼續擴大平均訂單價值並維持了較高的毛利率。

Our business now is just fundamentally a better business today, which gives us the confidence to increase our full year guidance by $24 million at the midpoint. Now on top of this, just fundamentally better business that we have today, we've taken the metrics that we currently see in Q2. And if you run rate those forward, that gives us a high level of confidence in our ability to achieve the Q2 guidance we provided of $55 million to $57 million, which is nearly 60% year-over-year growth on the high end of that range.

我們現在的業務從根本上來說比以前更好了，這讓我們有信心將全年業績預期中位數上調 2,400 萬美元。除此之外，我們目前業務的根本優勢也比以往更好，我們已經採用了我們在第二季度看到的各項指標。如果以此速度向前推算，我們有信心實現我們給出的第二季度 5500 萬美元至 5700 萬美元的業績預期，這意味著同比增長近 60%（按該區間上限計算）。

Now there are obviously a number of new initiatives and business levers we're still working on today. And similar to the guidance we provided in Q1, we'll continue to update investors as we execute on these new initiatives, but we won't bake them into the guidance. And so we've got a high level of confidence in our ability to hit the guidance that we've provided of the backdrop of this work that we did in Q1 that that just fundamentally built a better foundation for the overall business.

現在，我們顯然仍在努力推動一些新的舉措和業務拓展。與第一季我們提供的指導意見類似，我們將繼續向投資者通報這些新舉措的執行情況，但我們不會將其納入指導意見中。因此，我們對實現我們給予的業績指引充滿信心，這得益於我們在第一季所做的工作，這些工作從根本上為整體業務奠定了更好的基礎。

And now with respect to our EBITDA guidance in light of the raise on the revenue side, overall, we're seeing really great opportunities to invest in growth. For context in Q1, if you take our marketing expenses and exclude stock-based comp, our marketing expenses in Q1 increased by about $6 million versus Q4, but revenues increased by $11 million. And again, we're guiding to an additional $24 million in revenue at the midpoint of our guidance. So we're really happy with the performance and efficiency we're driving through our marketing channels.

現在，鑑於收入方面的成長，我們對 EBITDA 的預期總體上是，我們看到了投資成長的絕佳機會。為了了解第一季的情況，如果將我們的行銷費用排除在股票選擇權激勵之外，我們第一季的行銷費用比第四季增加了約 600 萬美元，但收入增加了 1,100 萬美元。我們再次預計，營收將增加 2,400 萬美元（以我們預期的中位數計算）。因此，我們對透過行銷管道所取得的業績和效率感到非常滿意。

And with respect to the EBITDA guidance itself, I mean, frankly, we want to preserve our ability to be aggressive when we see really great growth investment opportunities versus having to come back next quarter or the quarter after to have to explain anything. And honestly, that's the underlying thinking in keeping our full year EBITDA guidance the same is just to preserve that flexibility to invest when we see opportunities.

至於 EBITDA 指引本身，坦白說，我們希望保持積極進取的能力，以便在看到真正巨大的成長投資機會時能夠果斷行動，而不是等到下個季度或下個季度才不得不解釋任何事情。說實話，我們維持全年 EBITDA 預期不變的根本原因就是為了保持投資的靈活性，以便在看到機會時及時掌握。

Got it. Okay. And maybe that's a good segue to my follow-up. Can you talk about the rates you're seeing out of your direct response marketing channels and unit economics this quarter? Can you give an update on LTV to CAC? And have you had to shift your customer acquisition strategy at all, particularly in some of the more competitive and faster growing segments?

知道了。好的。也許這可以很好地引出我的後續問題。能否談談本季你們的直接行銷通路的轉換率和單位經濟效益？能否提供一下 LTV 到 CAC 的最新進展？您是否需要調整客戶獲取策略，尤其是在一些競爭更激烈、成長更快的細分市場？

Sure. So with respect to ad rates in our largest channels in Q1, we actually saw ad rates overall in the quarter decline slightly versus Q4. Although over the course of the quarter, in March, we actually saw rates come back to Q4 levels, if not even slightly higher. And so I think with respect to sort of the marketing side of the equation, what was really special about our execution in Q1 was the fact that we were able to increase our marketing expenses, if you exclude stock-based comp, by about 30% quarter-over-quarter, but new subscriber CACs actually decreased.

當然。因此，就我們第一季最大通路的廣告價格而言，我們實際上看到該季度整體廣告價格較第四季略有下降。儘管在本季度，3 月份我們實際上看到利率回升​​至第四季度水平，甚至略有上升。因此，我認為就行銷方面而言，我們第一季執行情況的真正特別之處在於，如果排除股票選擇權補償，我們的行銷支出較上季成長了約 30%，但新用戶的獲客成本實際上下降了。

So to repeat, CACs in Q1 were lower than what they were in Q4, despite really increasing our marketing budget on a quarter-over-quarter basis. Now it's really difficult to materially scale marketing without CACs increasing, right? When you grow traffic at the margins, you're generally driving incrementally lower intent traffic. So what you have to do is fundamentally improve the platform to better capture that demand and increase conversion rates just to keep CACs flat, let alone, have them decline.

所以重申一遍，儘管我們逐季增加了行銷預算，但第一季的客戶獲取成本 (CAC) 仍然低於第四季。現在，在不增加客戶獲取成本的情況下，很難實質地擴大行銷規模，對吧？當你在邊緣地帶增加流量時，你通常獲得的是意圖較低的流量。因此，你必須從根本上改進平台，以便更好地滿足需求並提高轉換率，從而保持客戶獲取成本不變，更不用說降低客戶獲取成本了。

And that's exactly what we did in Q1. We materially improved multiple facets of the platform that increased conversion while we also scaled marketing, which means we were able to drive more new subscribers at lower CACs. And as a result, in Q1, we're able to drive the most new subscribers in the company's history. And again, it's these types of fundamental improvements on the platform that's giving us the confidence to increase our full year guidance by $24 million at the midpoint.

而這正是我們在第一季所做的。我們從多個方面對平台進行了實質改進，提高了轉換率，同時擴大了行銷規模，這意味著我們能夠以更低的獲客成本吸引更多的新用戶。因此，在第一季度，我們獲得了公司歷史上最多的新用戶。再次強調，正是平台上的這些根本性改進，讓我們有信心將全年業績預期中位數提高 2,400 萬美元。

The other side of the equation, on the LTV side, we also did a bunch of work on the retention side, and we saw retention continuing to improve and LTVs continue to expand. So that unit economic equation for us continues to get better is allowing us to continue to invest aggressively in growth where, again, we were able to deliver a quarter where we increased marketing by $6 million, again, excluding stock-based comp, in Q1, but we're able to grow revenues by $11 million in the same quarter.

另一方面，在 LTV 方面，我們也做了很多關於留存率的工作，我們看到留存率持續提高，LTV 持續擴大。因此，我們的單位經濟效益方程式不斷改善，使我們能夠繼續大力投資成長。同樣，我們在第一季實現了行銷支出增加 600 萬美元（不包括股票選擇權補償），同時在同一季度實現了收入成長 1,100 萬美元。

Our next question is from the line of Sean Wieland with Piper Sandler.

我們的下一個問題來自 Sean Wieland 和 Piper Sandler 的話題。

Let me add my congrats to Andrew on the birth of his baby. So my question, you mentioned in your prepared remarks, new subscribers, you're seeing a higher value customer with higher retention, which doesn't really align with my thinking when you're talking about subscriber CAC decreasing. So it's impressive that dynamic going on. I'd like to better understand that a little bit.

我也要祝賀安德魯喜得貴子。所以我的問題是，您在準備好的發言稿中提到，新訂閱用戶擁有更高的價值和更高的留存率，但這與您所說的訂閱用戶獲取成本下降的想法不太一致。所以這種動態變化令人印象深刻。我想更深入地了解一下。

Yes. So on the LTV side, right, what I can say is that versus last year, AOVs are up materially, gross margins are up, retention is up, so LTV is up. And I think it's just been our intense focus on the customer experience side of producing a really -- the most easy, convenient, flexible platform for customers to get the treatment that they need, providing an array of treatment options, where any customer can find the exact right treatment plan best suited for them to treat the condition that they're seeking.

是的。所以從 LTV 的角度來看，我可以說的是，與去年相比，AOV 大幅上升，毛利率上升，客戶留存率上升，因此 LTV 也上升了。我認為，我們之所以能夠取得成功，是因為我們非常注重客戶體驗，致力於打造一個真正簡單、便捷、靈活的平台，讓客戶能夠獲得所需的治療，提供一系列治療方案，讓每位客戶都能找到最適合自己的治療方案，以治療他們所尋求的病症。

And so all of this work and even on the conversion side, right, just building a continuously more engaging platform that allows more customers to convert into a subscription plan, despite continuing to grow the amount of traffic that we're bringing to the platform, it's really that intense focus of execution is where we've been focused over the last quarter, certainly, and all of last year. And so we've been successful in expanding LTVs through that execution.

因此，所有這些工作，甚至在轉換方面，對吧，就是建立一個不斷更具吸引力的平台，讓更多的客戶轉化為訂閱計劃，儘管我們不斷增加為平台帶來的流量，但真正讓我們在過去一個季度，當然還有去年一整年裡，一直專注於執行的，是這種高度集中的精力。因此，我們透過這種執行方式成功地提高了客戶終身價值。

On the CAC side of the equation, I mean, it kind of comes from the same place, right, where as we continue to invest in the platform, make it more engaging, make it more relevant, make the experience better, what we're seeing is that we're able to convert more of that traffic that's getting to the platform. And with the higher conversion rate, that will bring down CACs over time. So it's that really focused execution really through the lens of just customer experience that's allowed us to increase the numerator and decrease the denominator at the same time.

從 CAC 的角度來看，我的意思是，它其實源自於同一個原因，對吧？隨著我們不斷投資於平台，使其更具吸引力、更相關、體驗更好，我們看到的是，我們能夠轉換更多進入平台的流量。轉換率越高，從長遠來看，客戶獲取成本就會降低。正是這種真正以客戶體驗為導向的專注執行，使我們能夠同時增加分子並減少分母。

Okay. So there hasn't been any shift in channels that you're pursuing or, really, a definitive change in marketing strategy?

好的。所以你們並沒有改變推廣管道，或者說，行銷策略也沒有任何實質的改變？

No. I mean, it's been relatively consistent in terms of where we're deploying capital.

不。我的意思是，就我們資本的部署方向而言，一直相對穩定。

Okay. And then just one more question, just the cadence of the guidance that you gave on revenue throughout the rest of the year. I guess what are the inputs into that are driving the big step-up into Q3 and then that -- I'm sorry, into Q2, and then kind of flat sequentially in the back half?

好的。最後一個問題，關於您在今年剩餘時間裡對收入的預期節奏。我想問的是，是什麼因素推動了第三季的大幅成長，然後——抱歉，是第二季——又在後半段保持平穩成長？

Yes. So I think what we're seeing right now in terms of the core revenue drivers, on the AOV side, we expect AOVs to sequentially increase through to the end of the year, but at a -- not as steep a rate, if that makes sense. So we expect AOVs to exit this year kind of in the mid-70s, call it, in the $75, $76, $77 range. $74 in Q1. The offset on that on the growth side, obviously, is continued growth in net orders.

是的。所以我認為，就核心收入驅動因素而言，就平均訂單價值 (AOV) 而言，我們預計 AOV 將逐年增長到年底，但增長速度不會那麼快，如果這樣說你能理解的話。因此，我們預計今年的平均訂單價值（AOV）將在 75 美元、76 美元、77 美元之間波動。第一季為 74 美元。顯然，成長方面的抵消因素是淨訂單的持續成長。

So we expect net orders to continue to grow here sequentially over the next couple of quarters with right now, Q4 maybe being roughly in line with Q3 from a net order perspective, largely driven by -- I think we've got sort of 2 relevant years of historical data in terms of Q3 and Q4 and what that seasonal dynamic might look like.

因此，我們預計未來幾季淨訂單將繼續環比成長，目前來看，第四季的淨訂單量可能與第三季大致持平，這主要是由於——我認為我們有兩年相關的第三季和第四季的歷史數據，可以了解季節性動態。

And out of an abundance of caution based on sort of the most recent data point we had last year, we're driving our internal forecast right now as a -- having Q4 roughly in line with Q3.

出於謹慎考慮，根據我們去年掌握的最新數據，我們目前的內部預測是——第四季與第三季大致持平。

Your next question is from the line of Jailendra Singh with Crédit Suisse.

你的下一個問題來自瑞士信貸的 Jailendra Singh 的線路。

Congrats, Andrew, on the new addition to your family. Spencer, I was wondering, if you look at your 2021 revenue guidance of $221 million, $227 million, you're almost at the $233 million the company had for 2022 when you did the de-SPAC process. I know you're talking about various initiatives you have been putting in place. Just trying to understand, if you had to highlight some 1 or 2 key drivers you have seen over the past 6 months or initiatives you're putting in place that you are trending well ahead of your expectations you had of the de-SPAC process.

恭喜安德魯，家裡添了新成員。史賓塞，我想問一下，如果你看看你 2021 年的收入預期，2.21 億美元、2.27 億美元，你幾乎達到了公司在進行去SPAC流程時為 2022 年設定的 2.33 億美元。我知道您指的是您正在實施的各項措施。我只是想了解一下，如果您必須重點介紹過去 6 個月中您看到的 1 到 2 個關鍵驅動因素或您正在實施的舉措，這些舉措使您的進展遠遠超出了您對取消 SPAC 流程的預期，您會怎麼說？

And keeping that in mind, all the momentum you had in 2021, when we think about the business longer term, what would you say that in terms of these initiatives having long-term implications on the business for more sustainable growth rate going forward?

考慮到 2021 年取得的所有發展勢頭，當我們從長遠角度考慮業務時，您認為這些舉措對業務的長期發展以及未來更可持續的增長率有何影響？

Sure. So I mean that's a really good point, Jailendra. So last summer, when we had provided investors a forecast for 2021 and 2022, we had provided a forecast for 2022 of $233 million in revenue. And at the high end of our current guidance, we're already guiding to $227 million in revenue. So we're pretty close to the guidance we provided in 2022 just last summer. And so effectively, we've packed 2 years of execution into 12 months, right? So we've really accelerated things.

當然。所以，賈倫德拉，你說的很有道理。所以去年夏天，當我們向投資者提供 2021 年和 2022 年的預測時，我們對 2022 年的收入預測為 2.33 億美元。按照我們目前的預期上限，我們預計營收將達到 2.27 億美元。所以，我們目前的預測與去年夏天發布的 2022 年預測非常接近。所以，我們實際上在 12 個月內完成了 2 年的執行工作，對吧？所以我們確實加快了進程。

And that execution, I'd characterize, in 2021, as not a continuation of the continued focus and execution that you've seen out of the business over the last couple of years, right? The intense focus around just building an amazing customer experience, a super engaging customer experience that people love and that people are seeking in terms of how they want to consume health care, particularly for this new generation of technology-first, mobile-first consumers, and I think you've really seen that come through in the metrics in Q1 with improved retention rates, improved conversion rates and just us continuing to deliver higher margin, higher LTV customers.

而且，我認為 2021 年的執行情況並沒有延續過去幾年公司所展現的持續專注和執行力，對吧？我們一直專注於打造卓越的客戶體驗，打造人們喜愛的、極具吸引力的客戶體驗，滿足人們在醫療保健方面的消費需求，特別是對於新一代以科技為先、以行動優先的消費者而言。我認為，您已經從第一季的各項指標中看到了這一點，例如更高的客戶留存率、更高的轉換率，以及我們持續為客戶帶來更高利潤率和更高終身價值。

And I think that work, right, is very foundational, right? This is building a business whose fundamental economics, whose fundamental performance has improved over time. So as we launch new products and expand into new categories, all of those new products and categories are being launched again and built on top of this just fundamentally, foundationally better business.

我認為這項工作非常重要，對吧？這是在打造一家基本經濟效益和基本業績隨著時間的推移而不斷改善的企業。因此，隨著我們推出新產品並擴展到新的類別，所有這些新產品和類別都是再次推出，並建立在這個從根本上、基礎上更好的業務之上。

I think the second side of it is our continued launch of new products, right? As Andrew mentioned, we're seeing really strong performance on the Hers side, with the largest category more than doubling on a quarter-over-quarter basis in Q1. Behavioral health continues to perform really well, and we are seeing great positive early signs in that business and are optimistic about its performance. And even all of these newer categories, the strength that we're seeing there has given us the additional confidence of kicking up our guidance for the remainder of this year.

我認為另一方面是我們不斷推出新產品，對嗎？正如 Andrew 所提到的，我們看到女性市場表現非常強勁，其中最大的類別在第一季環比增長了一倍多。行為健康領域持續表現良好，我們看到該業務出現了許多積極的早期跡象，對其未來發展前景持樂觀態度。即使是所有這些新興類別，我們看到的強勁表現也讓我們更有信心提高今年剩餘時間的業績預期。

And on a longer-term basis, right, I think all of this is just a continuation of the same trend, right? We've got really exciting new categories that are growing quickly, which should continue to be accretive to growth in the long term. We got this really solid foundation in this platform of a business that continues to be better at capturing demand, converting demand and retaining customers. And going forward, as we continue to launch into new products and categories, all of this combined, we think, is a fantastic foundation to continue to drive growth into the foreseeable future.

從長遠來看，我認為這一切都只是同一趨勢的延續，對吧？我們有一些非常令人興奮的新類別，它們正在快速成長，從長遠來看，這些類別應該會繼續促進成長。我們在這個業務平台上擁有非常堅實的基礎，該平台在獲取需求、轉換需求和留住客戶方面不斷進步。展望未來，隨著我們不斷推出新產品和新類別，我們認為所有這些加在一起，將為在可預見的未來繼續推動成長奠定良好的基礎。

So just to make sure I kind of -- make sure I understand. So you are not saying that there was anything in 2021, we would say, that cannot be -- will not repeat next year. Because some of the people, some investors think that there could be some COVID-related tailwinds in your business, that's probably not the case here. Now all the initiatives and benefits you are seeing in 2021 can very well -- will likely repeat again in the future periods, right?

所以，我只是想確認一下──確認一下我理解了。所以你的意思是說，2021 年發生的某些事情，我們認為，明年不會再發生。因為有些人，有些投資人認為，你的企業可能會受到新冠疫情的提振，但這種情況可能並非如此。現在，您在 2021 年看到的所有舉措和好處很可能在未來的時期再次出現，對嗎？

Yes. I would say the guidance that we're providing for 2021 is being driven by the execution and the metrics we're seeing in the company.

是的。我認為，我們為 2021 年提供的指導意見是根據公司目前的執行情況和各項指標來製定的。

With respect to COVID, right, I think if you look at our performance historically over the last several years, we were delivering consistent sequential growth before COVID, we are delivering consistent sequential growth through COVID and now, we're providing guidance of consistent sequential growth after COVID. And we're not seeing anything in the business that suggests any kind of secular slowdown-driven in the business this year as a result of COVID.

關於新冠疫​​情，我認為，如果你回顧我們過去幾年的歷史業績，在新冠疫情之前，我們一直保持著持續的環比增長；在新冠疫情期間，我們也保持著持續的環比增長；現在，我們預計在新冠疫情之後，我們將繼續保持持續的環比增長。而且，我們目前還沒有看到任何跡象表明，由於新冠疫情的影響，今年的業務會出現任何形式的長期放緩。

And I think our guidance really supports this view. If you think about our go-to-market strategy, I mean, from day 1, right, our audience has been this digitally-native, mobile-first, younger demographic. Now this audience wasn't switching from brick-and-mortar to telemedicine because of the pandemic because they were kind of never at brick-and-mortar to begin with. So unlike other companies that may have benefited from some kind of switching behavior, our audience didn't really get any bigger because of COVID.

我認為我們的指導意見也支持這種觀點。如果你想想我們的市場進入策略，我的意思是，從一開始，我們的受眾就是數位原生代、行動優先的年輕族群。現在，這部分受眾並不是因為疫情才從實體診所轉向遠距醫療，因為他們一開始就很少去實體診所。因此，與其他可能從某種轉變行為中受益的公司不同，我們的受眾並沒有因為 COVID-19 而真正擴大。

80% of our customers were already telling us that they were purchasing the medication for the first time from us. So our opportunity has always been around our ability to harness the enormous demand from this digitally-native audience and provide an amazing experience to them. And I think our Q1 results and our guidance suggests that this opportunity continues to be massive for us.

80% 的客戶告訴我們，他們是第一次從我們這裡購買這種藥品。因此，我們的機會始終在於我們能否利用這群數位原生代用戶的龐大需求，並為他們提供絕佳的體驗。我認為我們第一季的業績和業績指引表明，這個機會對我們來說依然非常巨大。

Great. And then a quick follow-up on -- you talked about kind of favorable retention rate. Just wondering if you can provide some more color, like, where was your monthly churn rate trend in the quarter? How did it compare compared to the churn rate trend, I think, mid-single digit that you talked about in fourth quarter? And what were the key drivers there? And what are you assuming in your outlook with respect to the churn rate trends for rest of 2021?

偉大的。然後，我想快速跟進一下——您剛才提到了比較理想的客戶留存率。我想問一下您能否提供更多信息，例如，本季度您的月度客戶流失率趨勢如何？與你在第四季提到的個位數中段流失率趨勢相比，情況如何？那麼，關鍵驅動因素是什麼？那麼，您對2021年剩餘時間的客戶流失率趨勢有何預期？

Yes. So monthly churn in Q1 decreased versus Q4. And I characterize the monthly churn rate in Q1 is still in the mid-single digits. We expect churn to continue to decrease over time as an increasing percent of our subscriptions are repeat customers versus new subscribers, and that's continued to play out over the last several quarters. With respect to the guidance that we provided for the year, and like I previously mentioned, we're essentially run rating the churn rate that we're seeing currently through to the rest of the year. So we're not really baking in or taking any credit of any further optimization on the retention side.

是的。因此，第一季的月度客戶流失率較第四季下降。我估計第一季的月度客戶流失率仍然在個位數中段。我們預計隨著回頭客訂閱用戶佔比不斷上升，新訂閱用戶佔比不斷下降，用戶流失率將持續降低，這種情況在過去幾季中一直持續下去。關於我們今年提供的業績指引，正如我之前提到的，我們基本上是將目前看到的客戶流失率預測到今年剩餘時間。因此，我們並沒有真正將任何進一步的留存優化納入考量，也沒有將任何功勞攬到自己身上。

Your next question is from the line of Ivan Feinseth with Tigress Financial.

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

Spencer, congratulations on another quarter of great results and great progress. And also congratulations to Andrew on the birth of his son. On the year -- on the growth you're seeing in some of the new product categories besides Hers skin care, what you say emerging categories where are you seeing some of the growth drivers?

史賓塞，恭喜你又一個季度取得了優異的成績和巨大的進步。也祝賀安德魯喜得貴子。今年，除了女士護膚品之外，您在一些新產品類別中也看到了成長。您認為新興類別有哪些成長動力？

Yes. So for the quarter, we saw really strong sequential growth really across the board, right? So this wasn't any 1 category or 1 product line. It spanned from our core Hims categories, which produced exceptionally strong sequential growth in the Hers brand, as Andrew mentioned, within behavioral health. And really sort of all of our products across the board, we saw really strong performance in Q1. And I'd say a combination of several things, right?

是的。所以本季我們看到各方面都實現了非常強勁的環比增長，對吧？所以這並非指某個單一類別或某個產品線。它涵蓋了我們核心的 Hims 類別，正如 Andrew 所提到的，Hers 品牌在行為健康領域實現了異常強勁的連續成長。事實上，我們所有產品在第一季都取得了非常強勁的業績。我覺得是多種因素共同作用的結果，對吧？

The optimization work that we've done -- that we did in terms of improving conversion rates, improving retention rates, expanding LTVs, that foundational work wasn't unique to any 1 product or any 1 category. Again, it was kind of foundational to the platform, which improved the business overall. And some of the marketing efficiency that we saw where we were able to, as a result of increasing conversion rates and our ability to lean into marketing more aggressively at higher LTVs and generating $11 million of sequential revenue growth while only sequentially spending roughly $6 million more on the marketing side, again, that level of execution benefited all categories and all products.

我們所做的優化工作－我們在提高轉換率、提高留存率、擴大客戶終身價值方面所做的基礎性工作，並非針對任何單一產品或任何單一類別。再說一遍，這對平台來說是一種基礎性措施，從而提升了整個業務水平。我們看到，由於轉換率的提高，以及我們能夠更積極地在高 LTV 上進行行銷，我們在行銷方面實現了 1100 萬美元的環比收入增長，而環比支出僅增加了約 600 萬美元，這種行銷效率的提升使所有類別和所有產品都受益。

And then it looks like -- so in your -- in Andrew's prepared remarks that your gross margin -- your gross profit increased more than -- on a percentage basis than your revenue, which means your margin expanded, right?

然後看起來——所以，在安德魯準備好的發言稿中，你的毛利率——你的毛利潤增長幅度超過了——按百分比計算超過了你的收入增長幅度，這意味著你的利潤率擴大了，對嗎？

That's right. So on a year-over-year basis, our gross margins expanded by roughly 800 basis points, which, to your point, compounded, actually have gross profit grow by almost 100% last quarter.

這是正確的。因此，與去年同期相比，我們的毛利率增長了約 800 個基點，正如您所說，複利計算後，上個季度的毛利實際上增長了近 100%。

And what were the drivers of the increase in margin? Are you sourcing better as your volumes increase? Or what's leading to that?

利潤率成長的驅動因素是什麼？隨著銷量增加，你們的採購策略是否更優了？或者說，是什麼導致了這種情況？

Yes. So I think we're just able to -- a number of things. We're getting more operating leverage out of the business as we continue to scale. And just the core fundamentals of our revenue has just been -- we're driving higher-quality revenue this year than we were last year, where with the uptake of higher-priced bundles, more extensive treatment plans and multi-month subscriptions, all that uptake is combined to produce additional operating leverage across our product costs, shipping costs and provider costs. And we're seeing margins expand as a result.

是的。所以我覺得我們能夠做到很多事。隨著業務規模的不斷擴大，我們從業務營運中獲得了更大的槓桿效應。我們收入的核心基本面是——今年我們的收入品質比去年更高，隨著價格更高的套餐、更廣泛的治療方案和多月訂閱的普及，所有這些增長都為我們的產品成本、運輸成本和供應商成本帶來了額外的營運槓桿。因此，我們看到利潤率擴大。

And then you normally are seeing, right, you get a customer that buys 1 product, they tend to buy more. And as you add customers, so shouldn't you have some expected growth in the second half of the year because of -- as you penetrate -- as you add customers and penetrate your existing customers?

通常情況下，你會發現，如果一個顧客購買了一件產品，他們往往會購買更多。隨著客戶的增加，隨著客戶數量的增加以及現有客戶的滲透，下半年應該會出現一些預期成長。

Yes. So I think that's exactly right. And we're seeing that type of behavior within the base. I think with the guidance that we've provided, and I think what I mentioned earlier was we're obviously working on a number of initiatives today that we expect to continue to improve conversion rates, improve retention, expand LTVs, drive cross-selling. But we haven't baked any of that into the forward guidance.

是的。所以我覺得完全正確。我們在基地內部也看到了這種行為。我認為，在我們提供的指導下，正如我之前提到的，我們目前正在進行多項舉措，我們期望這些舉措能夠繼續提高轉換率、提高客戶留存率、擴大客戶終身價值、推動交叉銷售。但我們尚未將這些因素納入前瞻性指引中。

And so based on the work that we've been able to do in Q1 and sort of this fundamentally better business that we've got today, we've put out guidance that, I think, we are confident in our ability to hit. And as we continue to execute and the data changes our ability to forecast more accurately, we'll provide updates to guidance in the second half of that -- of the year as we continue to execute.

因此，基於我們在第一季所做的工作以及我們如今擁有的這種根本性更好的業務，我們發布了業績指引，我認為我們有信心實現這些指引。隨著我們繼續執行計劃，數據不斷變化，我們的預測能力也將更加準確，因此，我們將在今年下半年繼續執行計劃，並更新業績指引。

Your next question is from the line of Sandy Draper with Truist Securities.

您的下一個問題來自 Truist Securities 的 Sandy Draper。

This is Mitchell on for Sandy. Just one housekeeping one. Can you please walk us through what the fully diluted share count is and how to get there?

這是米切爾代替桑迪上場。就一個客房服務。請您解釋一下什麼是完全稀釋後的股份數量以及如何計算？

Yes. So in Q1, because the merger transaction closed in January, on a weighted average basis across the quarter, sort of weighted average share count is a little understated relative to kind of what the expected future share count will be. With respect to calculating GAAP EPS, our total fully diluted shares outstanding in Q2, again, to calculate EPS on the income statement, should come in, in and around, call it, 192-ish million total shares for this quarter.

是的。因此，由於合併交易在 1 月完成，第一季以加權平均計算，加權平均股份數量相對於預期的未來股份數量而言略微偏低。就計算 GAAP 每股盈餘而言，我們第二季完全稀釋後的流通股總數（同樣，為了計算損益表上的每股盈餘），應該在 1.92 億股左右。

Got it. And then just one more question. Do you think we could get some more color around the average order value? Like, is more of the growth attributed to multi-month order growth? Or is it a more expensive product mix? Or is it just both?

知道了。最後一個問題。您認為我們能否更詳細地了解平均訂單價值？例如，成長主要歸功於連續數月的訂單成長嗎？或者說，這是成本更高的產品組合？或者兩者都是？

Yes. So we've discussed this in the past. And I think in the past, I've mentioned that in terms of our AOV expansion, roughly half of that expansion has been a result of customers opting in to more expensive, higher-priced product bundles, and the other half of the expansion is related to customers opting in to multi-month subscriptions. And the growth of AOVs in Q1, I'd say roughly sort of had a similar dynamic where, again, roughly half can be attributable to higher-priced bundles and the other half to multi-month subscriptions.

是的。我們之前討論過這個問題。我記得以前也提到過，就我們的平均訂單價值 (AOV) 增長而言，大約一半的增長是由於客戶選擇購買更昂貴的產品組合，另一半的增長則與客戶選擇多月訂閱有關。而第一季的平均訂單價值成長，我認為大致呈現類似的動態，其中約一半可歸因於價格較高的套餐，另一半則歸因於個多月訂閱。

Your next question is from the line of David Larsen with BTIG.

你的下一個問題來自 BTIG 的 David Larsen。

Congratulations on a good quarter. Can you talk a little bit more about the advertising rates? I would have thought with the presidential elections going on last year, the ad rates would have improved fairly significantly this quarter, but it seems like it may have improved slightly. And then I think I heard you also mention that those ad rates are actually coming back up towards the end of calendar 1Q. How are they trending now relative to expectations? Just any more color around that would be helpful.

恭喜你本季業績出色。能再詳細談談廣告價格嗎？我原以為，鑑於去年總統大選的緣故，本季的廣告價格會大幅上漲，但似乎只略有上漲。然後，我好像還聽到你提到，這些廣告價格實際上會在第一季末回升。目前它們的走勢與預期相比如何？如果周圍再多一些顏色就更好了。

And then have you disclosed what portion of your ad spend is going into television versus online resources like Facebook or other online resources?

那麼，你們是否曾揭露過廣告支出中分別有多少比例用於電視廣告，又有多少比例用於Facebook或其他線上資源？

Sure. Yes. So last Q4, in the October, November time frame, we did see ad rates run-up fairly substantially as a result of the presidential election and a return of advertisers aggressively into the holiday season. As we rolled into Q1, we did see rates come down fairly substantially starting in January. And then kind of at a trough in maybe the late January time frame, we saw rates start to incrementally increase throughout February and March. Whereby late March, ad rates had returned to levels that we saw kind of at their peak in Q4.

當然。是的。因此，上個季度，也就是 10 月和 11 月期間，由於總統選舉以及廣告商積極回歸假日季，我們確實看到廣告價格大幅上漲。進入第一季後，我們看到利率從1月開始大幅下降。然後，大概在 1 月下旬的低谷期，我們看到利率在 2 月和 3 月開始逐步上升。因此，到 3 月下旬，廣告價格已經回升到我們在第四季度看到的峰值水平。

In April and May, we're continuing to see ad rates stay fairly robust. I think with advertisers now coming out of COVID, looking to drive demand, I think we're just seeing people bid fairly aggressively across the board on multiple marketing channels. But I'd say even despite that dynamic, right, in March and what we're seeing here early in Q2 is that we've been able to continue to drive growth and acquire new subscribers at a very, call it, attractive rate because of the fundamental work that we've done in Q1 and throughout last year of continuing to work on the user experience, engagement on our site and conversion on our site, where, again, in Q1, our tax decreased versus Q4.

四月和五月，廣告價格持續保持相當強勁的勢頭。我認為，隨著廣告商走出新冠疫情的陰霾，尋求刺激需求，我們看到人們在多個行銷管道上競價都非常正面。但我想說，即便存在這種動態，在 3 月以及我們目前在第二季度初看到的是，我們仍然能夠以非常可觀的速度繼續推動增長並獲得新用戶，這得益於我們在第一季以及去年全年所做的基礎性工作，即持續改進用戶體驗、提高網站參與度和轉換率。此外，在第一季度，我們的稅收比第四季有所下降。

With respect to our marketing mix, yes, we actually have a very diversified marketing budget across a number of channels, including digital direct response and more branded channels like TV, radio, streaming TV, out-of-home, direct mail and so on. In terms of our marketing mix, not -- there is no 1 channel that makes up the majority of our budget. And frankly, the largest channel, depending on the month or quarter, might make up only 20% to 30% of the overall spend in the current quarter.

關於我們的行銷組合，是的，我們實際上在多個管道擁有非常多元化的行銷預算，包括數位直接回應和更多品牌管道，如電視、廣播、串流電視、戶外廣告、直郵等等。就我們的行銷組合而言，沒有任何管道佔據了我們預算的大部分。坦白說，最大的管道，根據月份或季度的不同，可能只佔本季總支出的 20% 到 30%。

So our strategy has always been and continues to be to have a very diversified marketing channel mix within our budget.

因此，我們的策略一直是，並將繼續是在預算範圍內，採取非常多元化的行銷管道組合。

Okay. Great. That's very helpful. And it sounds to me, like, the customer acquisition cost improvement is due mainly to the quality of the user experience and the platform itself. It's not like there were any changes that happened at the start of the year, like, when somebody signs up for the first time, they're registered as a year-long subscriber, whereas previously, they were treated as like a onetime purchase subscriber. It's nothing like that. It's more simply the overall user experience. Is that correct?

好的。偉大的。那很有幫助。在我看來，客戶獲取成本的降低主要歸功於使用者體驗和平臺本身的品質。年初並沒有什麼變化，例如，當有人第一次註冊時，他們會被註冊為一年期訂閱用戶，而以前，他們會被視為一次性購買訂閱用戶。根本不是那樣。更簡單地說，就是整體使用者體驗。是這樣嗎？

That's exactly right. I mean we just laser-focused on making that user experience as seamless and easy and convenient as possible and unlocked a performance improvement that allowed conversion rates to increase, and it allowed CACs to come down.

完全正確。我的意思是，我們專注於讓用戶體驗盡可能流暢、簡單和便捷，從而實現了性能提升，提高了轉換率，並降低了獲客成本。

And there are no further questions at this time. I'd like to turn it back over to the company for closing remarks.

目前沒有其他問題了。我想把時間交還給公司，請他們作總結發言。

Yes. I want to just thank the entire team, again, for helping to execute such an amazing quarter and allowing us to put forward such strong guidance for the rest of the year. And finally, just want to send congratulations, again, to the entire Dudum family. And yes, look forward to providing additional updates here in the second half of the year.

是的。我再次感謝整個團隊，感謝他們幫助我們完成如此出色的季度業績，並使我們能夠為今年剩餘時間做出如此強有力的業績指引。最後，再次向杜杜姆一家表示祝賀。是的，敬請期待今年下半年在此提供更多更新資訊。

And that does conclude today's conference. Thank you for participating. You may now disconnect.

今天的會議到此結束。感謝您的參與。您現在可以斷開連線了。