Hims & Hers Health Inc (HIMS) 2022 Q1 法說會逐字稿

Good afternoon. My name is Emma, and I will be your conference operator today. At this time, I would like to welcome everyone to the Hims & Hers First Quarter 2022 Earnings Results Conference Call. (Operator Instructions) Thank you. Jay Spitzer, Senior Vice President of Investor Relations, you may begin your conference.

午安.我叫艾瑪，今天我將擔任你們的會議操作員。此時，我歡迎大家參加 Hims & Hers 2022 年第一季獲利結果電話會議。 （操作員說明）謝謝。投資者關係高級副總裁 Jay Spitzer，您可以開始會議了。

Good afternoon, ladies and gentlemen. Welcome to the Hims & Hers Health First Quarter 202 Earnings Call. On the call with me today is Andrew Dudum, Co-Founder and our Chief Executive Officer; as well as Yemi Okupe, our Chief Financial Officer.

女士們、先生們，午安。歡迎參加 Hims & Hers Health 202 年第一季財報電話會議。今天與我通話的是我們的共同創辦人兼執行長 Andrew Dudum；以及我們的財務長 Yemi Okupe。

Before I hand you over to Andrew, I will, as usual, take you through the legal safe harbor and cautionary declarations. Certain statements and projections of future results made in this presentation constitute as forward-looking statements that are based on current market, competitive 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 for discussions of risk factors as it relates to forward-looking statements.

在我把你交給安德魯之前，我將像往常一樣，帶你了解法律安全港和警告聲明。本簡報中對未來結果的某些陳述和預測構成前瞻性陳述，這些陳述基於當前市場、競爭和監管預期，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，以了解與前瞻性陳述相關的風險因素的討論。

In today's presentation, we will use certain non-GAAP financial measures. We refer you to the reconciliation table contained in today's press release available on our Investor Relations website for reconciliations to the most directly comparable GAAP financial measures and related information. You will find a link to the webcast on our Investor Relations website at investors.forhims.com. After the call, this webcast will be archived on the website for 12 months.

在今天的演示中，我們將使用某些非公認會計準則財務指標。我們建議您參閱投資者關係網站上今天新聞稿中包含的調節表，以對最直接可比較的公認會計準則財務指標和相關資訊進行調整。您可以在我們的投資者關係網站 Investors.forhims.com 上找到網路廣播的連結。通話結束後，該網路廣播將在網站上存檔 12 個月。

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

現在，我將把這個電話轉給安德魯。

Good afternoon, and thank you all for joining us today. I'm thrilled to share that we kicked off 2022 with a breakout performance across all facets of our long-term strategy and financial goals, resulting in a substantially stronger outlook for 2022. Our mission at Hims & Hers is to empower us all to live healthier and happier lives. Today, that mission is more relevant, and we believe, more attainable than ever before.

下午好，感謝大家今天加入我們。我很高興與大家分享，我們在長期策略和財務目標的各個方面都取得了突破性的業績，開啟了2022 年，從而為2022 年帶來了更加強勁的前景。我們所有人都能活出更健康、更快樂的生活。今天，這項使命比以往任何時候都更重要，而且我們相信，也更容易實現。

This past quarter's financial performance highlights our company's growing ability to break away from the competitive pack with our unique consumer-centric model. All working in unison, our brand, technology, platform and team are delivering on a differentiated offering customers love. People are voting with their wallets, and we believe the results we will share today are strong proof for the future of our brand and platform.

上個季度的財務表現突顯了我們公司憑藉獨特的以消費者為中心的模式擺脫競爭的能力不斷增強。我們的品牌、技術、平台和團隊齊心協力，為顧客提供喜愛的差異化產品。人們用錢包投票，我們相信今天分享的結果是我們品牌和平台未來的有力證明。

Revenue this quarter grew almost $17 million quarter-on-quarter, surpassing $100 million for the first time in our company's history. This represents a growth rate of 94% year-over-year. Membership subscriptions, a core driver of our recurring revenue model, achieved the largest increase in quarterly growth to date, adding over 100,000 new membership subscriptions, ending the quarter at 710,000.

本季營收季增近 1,700 萬美元，公司史上首次突破 1 億美元。這意味著同比增長率為 94%。會員訂閱是我們經常性收入模式的核心驅動力，實現了迄今為止最大的季度增長，增加了超過 100,000 名新會員訂閱，本季末達到 710,000 名。

Our operational efficiencies, powered by continued investments in our platform and technology, enabled us to improve adjusted EBITDA margins over 200 bps relative to Q4 of last year. As our core flywheel continues to scale, we believe this operational leverage will continue to allow us to invest in long-term growth, while marching towards near-term profitability.

在對平台和技術的持續投資的推動下，我們的營運效率使我們的調整後 EBITDA 利潤率比去年第四季提高了 200 個基點以上。隨著我們的核心飛輪不斷擴大，我們相信這種營運槓桿將繼續使我們能夠投資於長期成長，同時邁向短期獲利能力。

With the turbulent market conditions we find ourselves in, I want to stop and truly acknowledge our team. Growing at this pace in and of itself is something to be proud of. But doing so while in parallel maintaining costs, improving operational leverage and investing in defensible future-facing technologies is outstanding. Thank you all for the continued dedication and extraordinary focus.

在我們所處的動盪市場環境下，我想停下來並真正感謝我們的團隊。以這樣的速度成長本身就是一件值得自豪的事。但在保持成本、提高營運槓桿和投資面向未來的防禦技術的同時，這樣做是非常出色的。感謝大家的持續奉獻和非凡關注。

This quarter, we invested heavily in platform infrastructure and technology capabilities. These initiatives are critical for differentiation at the customer experience level, as well as the foundation for continued operational leverage and efficiency in the years to come.

本季度，我們在平台基礎設施和技術能力方面投入了大量資金。這些措施對於顧客體驗水準的差異化至關重要，也是未來幾年持續營運槓桿和效率的基礎。

One of the largest areas of focus was our verticalization efforts in Ohio and Arizona, our affiliated pharmacy compounding and fulfillment centers. These facilities are now filling the majority of our monthly treatment orders, both pharmaceutical and over-the-counter. This transition away from third-party pharmacy fulfillment centers has taken years of rigorous focus and is now helping to deliver improved operational efficiencies and a major beat to adjusted EBITDA.

最大的重點領域之一是我們在俄亥俄州和亞利桑那州的垂直化工作，我們的附屬藥房配製和履行中心。這些設施現在正在滿足我們每月的大部分治療訂單，包括藥物和非處方藥。這種遠離第三方藥局配送中心的轉變經過多年的嚴格關注，現在正在幫助提高營運效率並大幅提高調整後的 EBITDA。

Our march towards near 100% order fulfillment verticalization is well on track. One of our most exciting technology initiatives this quarter was the full launch of our new mobile platform with a broad range of value-added services for our customers. For me, this is one of the most meaningful advancements in the Hims & Hers platform since we founded the company, as it dramatically expands the value we deliver to our members every day.

我們正在朝著接近 100% 訂單履行垂直化的方向前進。本季我們最令人興奮的技術舉措之一是全面推出新的行動平台，為客戶提供廣泛的加值服務。對我來說，這是自我們成立公司以來 Hims & Hers 平台最有意義的進步之一，因為它大大擴展了我們每天為會員提供的價值。

This platform saw robust organic adoption rates in our rollout test, with nearly 60% of all new patients downloading and engaging with our concierge services, provider messaging and branded content. This contributed to Q1's breakout growth, adding more subscribers than ever before. I believe this platform to be the future of Hims & Hers, and with such incredibly early adoption rates, over 500-plus 5-star reviews and within days of launch breaking the top 100 medical apps on iOS, it is clear that customers agree.

該平台在我們的推出測試中看到了強勁的自然採用率，近 60% 的新患者下載並使用我們的禮賓服務、提供者訊息傳遞和品牌內容。這推動了第一季的突破性成長，增加了比以往更多的訂閱者。我相信這個平台將成為Hims & Hers 的未來，並且憑藉如此令人難以置信的早期採用率、超過500 條5 星級評論以及在發布後幾天內就突破了iOS 上的前100 名醫療應用程序，顯然客戶對此表示同意。

In just a matter of weeks, our mobile platform is already showing signs of increased customer stickiness, improved engagement, retention, cross-sell and organic adoption. We remain ruthlessly focused on investing in this platform, and believe the team's ability to build true consumer experiences customers love and organically adopt to be a unique differentiator in the traditional health care landscape.

在短短幾週內，我們的行動平台已經顯示出客戶黏性增加、參與度、保留率、交叉銷售和有機採用率提高的跡象。我們仍然堅定地專注於對該平台的投資，並相信該團隊有能力建立客戶喜愛的真正消費者體驗並有機採用，從而成為傳統醫療保健領域的獨特差異化因素。

In addition to deep investments in technology and platform, we focused a great deal this quarter on broadening awareness of a key strategic asset, our brand. We believe our brand is one of the most important long-term differentiator. In this past quarter, it delivered meaningful tailwinds as we continue to focus on our omnichannel presence. At my core lies a belief that deep customer awareness and trust will accelerate our organic adoption rates, allow us to continue to scale affordably and become less dependent over the years on incremental marketing investments.

除了對技術和平台的深度投資外，我們本季還重點關注擴大我們的品牌這項關鍵策略資產的知名度。我們相信我們的品牌是最重要的長期差異化因素之一。在過去的這個季度，隨著我們繼續專注於全通路業務，它帶來了有意義的推動力。我的核心信念是，深刻的客戶意識和信任將加快我們的有機採用率，使我們能夠繼續以可承受的價格擴展，並減少多年來對增量行銷投資的依賴。

This quarter, we saw exactly those benefits play out, as our substantial top line beat and subscriber growth were coupled with maintained efficiency and robust organic adoption.

本季度，我們確切地看到了這些好處的發揮，因為我們的收入大幅增長和用戶增長，加上保持的效率和強勁的有機採用。

This quarter, we announced a partnership with Walmart, one of the leading retailers in the nation, and began to see a rollout across nearly 1,900 store locations. Across now over 20,000 retail locations, Hims & Hers is becoming synonymous with health and wellness. Our brand is seen and experienced by millions of people daily, helping to deepen our relationship with prospective customers and drive unique long-term flywheel dynamics.

本季度，我們宣布與美國領先零售商之一沃爾瑪建立合作夥伴關係，並開始在近 1,900 個商店中推廣。 Hims & Hers 現已遍佈 20,000 多個零售點，已成為健康與保健的代名詞。我們的品牌每天被數百萬人看到和體驗，有助於加深我們與潛在客戶的關係並推動獨特的長期飛輪動力。

In addition to expansion on retail shelves, we also brought in our provider and educational partnerships, deepening the value-added services for our members. These partnerships included Carbon Health, which expands our California retail clinic footprint for higher acuity patient cases, as well as Goodpath, an exclusive provider of educational and medical content for conditions related to MSK issues, pain management, insomnia, GERD and IBS. These partnerships accelerate our ability to deepen our relationship with customers by strengthening the breadth and comprehensive nature of our platform.

除了擴大零售貨架外，我們還引入了供應商和教育合作夥伴關係，深化為會員提供的增值服務。這些合作夥伴包括Carbon Health（該公司擴大了我們在加州的零售診所業務範圍，以應對病情較嚴重的患者病例）以及Goodpath（一家針對MSK問題、疼痛管理、失眠、胃食道逆流（GERD）和腸躁症（IBS）相關疾病的教育和醫療內容的獨家提供者。這些合作關係透過加強我們平台的廣度和綜合性，加快了我們深化與客戶關係的能力。

This business was founded to solve what I believe to be one of the largest challenges this country faces: access to affordable and excellent health care. As prices continue to soar in the traditional health care system and as access, convenience and choice continues to remain limited, we believe that more customers will only increase their demand for alternative solutions.

我認為這家公司的成立是為了解決這個國家面臨的最大挑戰之一：獲得負擔得起的優質醫療保健。隨著傳統醫療保健系統的價格持續飆升，以及取得、便利性和選擇仍然有限，我們相信更多的客戶只會增加對替代解決方案的需求。

This wave is growing, and we see it in our business and our metrics weekly. Growth has been stronger than at any point pre- and during COVID, pointing towards a structural change in customer expectations. The seamlessness of our offering, our breadth of value-added services and our trusted brands are resonating deeply with new and existing customers, driving unique flywheel dynamics unlike anything I've seen. It is an exciting year for Hims & Hers, as our mission to empower us all to live healthier and happier lives feels more relevant and more attainable than ever before.

這股浪潮正在成長，我們每週都會在我們的業務和指標中看到它。成長比新冠疫情爆發之前和期間的任何時候都要強勁，這表明客戶期望發生了結構性變化。我們提供的無縫產品、廣泛的增值服務以及值得信賴的品牌與新舊客戶產生了深刻的共鳴，推動了我所見過的獨特的飛輪動力。對 Hims & Hers 來說，今年是令人興奮的一年，因為我們讓所有人過著更健康、更快樂生活的使命比以往任何時候都更有意義、更容易實現。

And now I will pass the call to Yemi to further discuss last quarter's performance.

現在我將把電話轉給Yemi，進一步討論上季的業績。

Thanks, Andrew. I will now take the time to walk through our first quarter results, as well as provide further insight into our outlook for the second quarter and the remainder of the year.

謝謝，安德魯。我現在將花時間回顧我們第一季的業績，並進一步深入了解我們對第二季和今年剩餘時間的展望。

The first quarter of 2022 marks another quarter of outstanding performance, and it's the first quarter that we surpassed $100 million of revenue. Revenue was $101.3 million, which reflects a year-over-year increase of 94%. We've achieved a level of scale and growth that has enabled us to start realizing benefits from economies of scale and provides the flexibility to establish the next wave of verticals that will drive continued long-term growth. The underlying factors that we saw in the back half of 2021 have continued to drive strong performance in early 2022.

2022 年第一季是我們又一個表現出色的季度，也是我們營收首次超過 1 億美元的季度。營收為 1.013 億美元，年增 94%。我們已經達到了一定的規模和成長水平，使我們能夠開始實現規模經濟的效益，並提供了建立下一波垂直產業的靈活性，從而推動持續的長期成長。我們在 2021 年下半年看到的潛在因素繼續推動 2022 年初的強勁表現。

Online revenue growth remained strong, increasing 86% year-over-year to $94.1 million. Online growth was driven by expansion of our subscription base, which grew 82% year-over-year to 710,000. Quarterly online revenue per subscription increased slightly year-over-year to $133.

線上營收成長依然強勁，年增 86% 至 9,410 萬美元。線上成長是由我們的訂閱基數擴大推動的，訂閱基數年增 82%，達到 71 萬人。每個訂閱的季度線上收入較去年同期略有成長，達到 133 美元。

There was a benefit this quarter from a $2 million reduction in deferred revenue primarily related to orders placed in the fourth quarter of 2021 that shipped in the first quarter of 2022. We continue to see our newer categories gain traction. Establishing a strong foundation in these new categories provides us with greater flexibility to deliver increased value to our overall customer base, opening the opportunity to foster longer and deeper relationships.

本季的好處是遞延收入減少了 200 萬美元，主要與 2021 年第四季下的訂單、2022 年第一季出貨有關。在這些新類別中建立堅實的基礎使我們能夠更靈活地為整個客戶群提供更高的價值，從而有機會建立更長久、更深入的關係。

Solid growth in our wholesale channel continued with wholesale revenue increasing 341% year-over-year to $7.2 million. Demand for our products remains high with existing partners such as Target, Walgreens and CVS. Additionally, we welcome new partners such as Walmart, HEB and GNC that placed their initial orders during this quarter.

我們的批發管道持續穩健成長，批發收入年增 341% 至 720 萬美元。 Target、Walgreens 和 CVS 等現有合作夥伴對我們產品的需求仍然很高。此外，我們歡迎沃爾瑪、HEB 和 GNC 等新合作夥伴在本季下了初始訂單。

As a reminder, we feel that our wholesale channel plays a foundational role in helping drive consumer awareness and trust for our brands, which in turn provides benefits to our higher-margin online business.

提醒一下，我們認為我們的批發管道在幫助提高消費者對我們品牌的認知和信任方面發揮著基礎作用，這反過來又為我們利潤率較高的線上業務帶來了好處。

Gross margin was 74%, a slight increase on the fourth quarter of last year. We continue to closely monitor the macro economy for elements that may impact our supply chain or cost structure. To date, we have not seen any material degradation in our margin structure and remain confident in our ability to continue to navigate through potential challenges.

毛利率為74%，比去年第四季略有成長。我們繼續密切關注宏觀經濟，尋找可能影響我們供應鏈或成本結構的因素。迄今為止，我們的利潤結構尚未出現任何實質下降，並對我們繼續應對潛在挑戰的能力充滿信心。

Opportunities to increase efficiency across our operations provide the ability to offset potential pressure that may emerge as current trends change. A few examples that we have observed thus far include the realization of lower product costs as a result of greater economies of scale and lower fulfillment costs from the utilization of our internal distribution facilities. The share of online orders fulfilled through our internal fulfillment centers was over 50% in the first quarter. We are excited to complete the build-out of our new Arizona facility later this quarter, and are confident it will provide additional efficiency opportunities later this year.

提高整個營運效率的機會使我們能夠抵消當前趨勢變化時可能出現的潛在壓力。迄今為止，我們觀察到的一些例子包括由於更大的規模經濟而實現了更低的產品成本，以及由於利用我們的內部分銷設施而降低了履行成本。第一季透過我們內部履行中心履行的線上訂單比例超過 50%。我們很高興在本季稍後完成亞利桑那州新工廠的擴建，並相信它將在今年稍後提供額外的效率機會。

Adjusted EBITDA loss for the quarter was $6.1 million. Adjusted EBITDA margins improved 230 basis points quarter-on-quarter to negative 6%. SG&A as a percentage of revenue declined 5 percentage points quarter-over-quarter to 43%. When excluding stock-based compensation, SG&A as a percentage of revenue declined 5 percentage points quarter-over-quarter to 35%. This reflects leverage that we continue to receive from initiatives driving our current growth trajectory.

本季調整後 EBITDA 虧損為 610 萬美元。調整後 EBITDA 利潤率季增 230 個基點，至負 6%。 SG&A 佔營收的百分比季減 5 個百分點至 43%。排除股票薪酬後，SG&A 佔營收的百分比季減 5 個百分點，至 35%。這反映了我們繼續從推動當前成長軌蹟的舉措中獲得的槓桿作用。

Marketing as a percentage of revenue declined from 50% to 47% quarter-over-quarter. When excluding stock-based compensation, marketing as a percentage of revenue increased from 45% to 47%.

行銷佔收入的百分比環比從 50% 下降至 47%。排除股票薪酬後，行銷佔收入的比例從 45% 增加到 47%。

Diversified online acquisition channels, combined with our omnichannel strategy, have enabled us to hold customer acquisition cost per subscriber relatively steady quarter-on-quarter. As we continue to see attractive payback periods and attractive customer acquisition costs, we have continued to reinvest a portion of efficiency gains in driving greater scale. We feel this will benefit us in the long term as a result of strengthening our position across categories and realizing further benefits from economies of scale.

多元化的線上獲客管道與我們的全通路策略相結合，使我們能夠保持每位用戶的獲客成本相對穩定。隨著我們繼續看到有吸引力的投資回收期和有吸引力的客戶獲取成本，我們繼續將部分效率收益再投資於推動更大的規模。我們認為，從長遠來看，這將使我們受益，因為這將加強我們在各個類別中的地位，並從規模經濟中實現進一步的利益。

Several expected activities took place this quarter that influenced our cash position. Our cash flow from operations this quarter was negative $19.4 million. Earn-out payout of $30 million related to prior M&A activity, of which $7 million hit cash flow from operations, were paid off this quarter. Additionally, we prepaid our insurance for our directors and officers, which also negatively impacted cash flow from operations by $7 million.

本季發生的幾項預期活動影響了我們的現金狀況。本季我們的營運現金流為負 1,940 萬美元。與先前的併購活動相關的 3,000 萬美元收益支出，其中 700 萬美元來自營運現金流，已於本季支付。此外，我們為董事和管理人員預付了保險，這也對營運現金流產生了 700 萬美元的負面影響。

Our liability of $13 million related to the Apostrophe earnout remains outstanding, which will be paid in the fourth quarter. These payouts reflect the fact that our acquisitions have delivered against their strategic objectives. We exited the first quarter without any debt and a balance of $203 million of unrestricted cash and short-term investments.

我們與撇號收益相關的 1,300 萬美元負債仍未償還，將於第四季支付。這些支出反映了我們的收購已實現其策略目標的事實。第一季結束時，我們沒有任何債務，無限現金和短期投資餘額為 2.03 億美元。

2022 is off to an incredible start. We have observed several positive trends continue from last year, some of which include attractive payback periods of newly acquired customer cohorts, which remain at less than a year; 85% year-over-year online revenue retention from customers who have maintained a subscription for at least 2 years; strong interest from retailers, providers and other prospective partners; continued operational efficiency gains with line of sight to additional future gains; an ability to maintain overall marketing efficiency in a volatile environment; and a healthy cash position that provides us the flexibility to invest in longer range initiatives.

2022 年是一個令人難以置信的開始。我們觀察到去年以來持續出現的一些正面趨勢，其中包括新獲得的客戶群具有吸引力的投資回收期，該投資回收期仍低於一年；訂閱至少 2 年的客戶的線上收入保留率為 85%；零售商、供應商和其他潛在合作夥伴的強烈興趣；持續提高營運效率，並著眼於未來的額外收益；在動盪的環境中保持整體行銷效率的能力；健康的現金狀況使我們能夠靈活地投資於長期計劃。

We are increasing our top line revenue guidance for the full year to reflect these factors, driven largely by strong execution across the organization.

我們正在提高全年的營收指導，以反映這些因素，這主要是由整個組織的強大執行力推動的。

Starting with our outlook for the second quarter. We are anticipating revenue between $103 million to $106 million, representing a year-over-year increase of between 70% to 75%. We're expecting adjusted EBITDA losses of between negative $9 million to negative $7 million, which would reflect an adjusted EBITDA margin of slightly below negative 8% at the midpoint of the adjusted EBITDA and revenue ranges.

首先我們對第二季度的展望。我們預計營收將在 1.03 億美元至 1.06 億美元之間，年增 70% 至 75%。我們預計調整後 EBITDA 損失將在負 900 萬美元至負 700 萬美元之間，這反映出調整後 EBITDA 利潤率略低於調整後 EBITDA 和收入範圍中點的負 8%。

For the full year, we are raising our prior revenue outlook of $365 million to $380 million, to $410 million to $425 million. Our new guidance range represents an increase over 2021 revenue of 51% to 56%. Our outlook for adjusted EBITDA losses remains at negative $30 million to negative $20 million, which would represent an adjusted EBITDA margin of negative 6% at the midpoint of both ranges.

對於全年，我們將先前的營收預期從 3.65 億美元至 3.8 億美元上調至 4.1 億美元至 4.25 億美元。我們的新指導範圍意味著收入比 2021 年增長 51% 至 56%。我們對調整後 EBITDA 損失的展望仍為負 3,000 萬美元至負 2,000 萬美元，這意味著調整後 EBITDA 利潤率為負 6%，處於兩個範圍的中點。

I'd like to take a moment to provide additional color on our assumptions across the year behind these results. We expect to retain at least 85% of online revenue from customers that have been on the platform for at least 2 years. Early signals from our app indicate higher customer engagement, which we feel may facilitate higher retention over time. We believe that we can maintain an overall payback period on our marketing and investments of less than a year. Higher marketing and investment is expected in the second quarter as we start to scale emerging categories that have improved their unit economic profiles.

我想花點時間為這些結果背後的全年假設提供更多資訊。我們預計將保留至少 85% 的線上收入，這些收入來自在該平台上使用至少 2 年的客戶。我們的應用程式發出的早期訊號表明客戶參與度較高，我們認為隨著時間的推移，這可能會促進更高的保留率。我們相信我們可以將行銷和投資的整體投資回收期維持在不到一年的時間內。隨著我們開始擴大已改善其單位經濟狀況的新興類別，預計第二季的行銷和投資將會增加。

We expect to gain leverage on our marketing and investment as a percentage of revenue in the back half of the year. This is the result of seeing the benefit from investments made in the second half of 2021 and the first half of 2022 compound. Lastly, we expect continued improvement to adjusted EBITDA margins in the back half of 2022 as we continue to gain opting leverage on our cost structure.

我們預計下半年我們的行銷和投資佔收入的比例將會提高。這是 2021 年下半年和 2022 年上半年投資收益複合的結果。最後，隨著我們繼續獲得成本結構的選擇槓桿，我們預計 2022 年下半年調整後 EBITDA 利潤率將持續改善。

2022 is shaping up to be an exciting year for us. We have seen success in our investments across each of our 3 foundational pillars: our brand, our technology and our ability to delight consumers with a seamless experience. A few examples include early successful leading indicators related to engagement with our mobile app; the launch of new partnerships that continue to power our flywheel of increasing customer awareness and trust, which then, in turn, powers more interest from partners, driving further consumer awareness and trust; and lastly, progress toward the rollout of our new Arizona fulfillment facility. The previously mentioned examples enable us to continue the light customer base, which we are confident will result in continued strength and top line revenue growth. Additionally, we anticipate that these factors, when combined with our disciplined approach to growth and continued efficiency improvements, will enable us to improve 2022 adjusted EBITDA margins by 4 to 6 points relative to 2021.

2022 年對我們來說將是激動人心的一年。我們在三個基本支柱上的投資都取得了成功：我們的品牌、我們的技術以及我們透過無縫體驗取悅消費者的能力。一些例子包括與我們的行動應用程式參與度相關的早期成功領先指標；建立新的合作關係，繼續推動我們提高客戶認知度和信任度的飛輪，進而激發合作夥伴的更多興趣，進一步推動消費者認知度和信任度；最後，我們在亞利桑那州新的履行設施的推出方面取得了進展。前面提到的例子使我們能夠繼續保持少量的客戶群，我們相信這將帶來持續的實力和營收成長。此外，我們預計，這些因素與我們嚴格的成長方法和持續的效率改進相結合，將使我們能夠將 2022 年調整後 EBITDA 利潤率比 2021 年提高 4 至 6 個百分點。

I'd like to thank our customers, partners and employees for helping us continue to deliver such strong results. With that, I will turn it over to the operator to begin the Q&A portion of the call.

我要感謝我們的客戶、合作夥伴和員工幫助我們繼續取得如此強勁的業績。這樣，我會將其轉交給接線員以開始通話的問答部分。

(Operator Instructions) Your first question today comes from the line of Daniel Grosslight with Citigroup.

（操作員說明）您今天的第一個問題來自花旗集團的 Daniel Grosslight。

Congrats on a strong quarter here. I want to stick with that 2022 guidance for a second. Given the significant outperformance, both on the top and bottom line this quarter and then the raise, the guidance raise on revenue, I just want to dig into why you're keeping that adjusted EBITDA guidance constant, how much conservatism is built in there. Yemi, I think you mentioned you're going to increase marketing expenses next quarter and then you just get some operating leverage after that.

恭喜本季表現強勁。我想暫時堅持 2022 年的指導方針。考慮到本季營收和利潤的顯著優異表現，以及營收指引的提高，我只想深入探討為什麼保持調整後的 EBITDA 指引不變，其中有多少保守主義成分。 Yemi，我想你提到你將在下個季度增加行銷費用，然後你就會獲得一些營運槓桿。

But I'm curious on the marketing expenses. How much of that is due to newer initiatives versus higher tax that you're seeing in segments like mental health and others that you are growing rapidly in?

但我對行銷費用很好奇。其中有多少是由於您在心理健康和其他快速增長的領域看到的新舉措與更高的稅收？

Sure, Daniel. Thanks a lot for the question. I think what I would say is we've actually seen cash remain relatively stable quarter-on-quarter relative to the prior quarter. What we do see in terms of like the investments that we are making, some of that is going towards the enhancement of newer categories that we do see as well as other investments. I think it's worth just spending a couple of minutes around how we think around the allocation of capital as we make these decisions on whether or not to invest and where to invest. But I think what we see right now is we do have line of sight to adjusted EBITDA profitability, and so given this much of our focus is shifting toward how we position ourselves in a strong manner for both healthy long-term economics, as well as long-term sustainable growth.

當然，丹尼爾。非常感謝您的提問。我認為我想說的是，我們實際上看到現金相對於上一季保持相對穩定。我們確實看到，就我們正在進行的投資而言，其中一些投資將用於增強我們確實看到的新類別以及其他投資。我認為在我們做出是否投資以及投資何處的決定時，花幾分鐘時間思考我們如何考慮資本配置是值得的。但我認為我們現在看到的是，我們確實有能力調整 EBITDA 盈利能力，因此考慮到我們的重點正在轉向如何以強有力的方式定位自己，以實現健康的長期經濟以及長期可持續增長。

And so when we think about how to deploy capital, we're not just looking at the revenue that's going to be delivered across a quarter or even 2 quarters. But really, we basically zoom out and look at how the investments would perform across several criteria, the 3 of which being, do they have the attractive -- do they have an attractive ROI and ROI profile and payback period? Do they position the company well for long-term growth? And then lastly, do they position us for healthy long-term EBITDA margins given that we do now have the ability to benefit from the economies of scale with some of the incremental fulfillment capabilities that we do have? And so we've seen thus far is many of the investments that we have in front of us have the ability to deliver across all of those things, as well as additionally help us expand our category footprint.

因此，當我們考慮如何部署資本時，我們不僅僅關註一個季度甚至兩個季度將交付的收入。但實際上，我們基本上會縮小範圍，看看投資在幾個標準上的表現如何，其中三個標準是，它們是否具有吸引力——它們是否具有有吸引力的投資回報率、投資回報率概況及投資回收期？他們是否為公司的長期發展做好了準備？最後，考慮到我們現在有能力從規模經濟中受益，並擁有一些增量履行能力，它們是否能讓我們獲得健康的長期 EBITDA 利潤？因此，到目前為止，我們看到我們面前的許多投資都有能力實現所有這些目標，並額外幫助我們擴大我們的品類足跡。

So that's some of the reason why you don't see the EBITDA flowing through as we expect to continue to be able to seize these opportunities to, again, power that long-term growth profile, as well position us for a healthy economic footprint.

因此，這就是為什麼你看不到 EBITDA 流動的部分原因，因為我們期望繼續能夠抓住這些機會，再次推動長期成長態勢，並為我們的健康經濟足跡奠定基礎。

Got it. Okay. And just to confirm, the increase in marketing expense isn't coming from an increase in mental health tax sequentially?

知道了。好的。只是為了確認一下，行銷費用的增加不是來自心理健康稅的連續增加嗎？

No. We've actually seen cash overall across the portfolio remain relatively stable. And that truly is to power and position ourselves for long-term growth and again just the long-term...

不會。這確實是為長期成長提供動力和定位，而且只是長期…

And then just to add there. Just to add there, Daniel, I think the flywheel dynamic is a pretty unique element taking shape for us, right? The omnichannel presence, the retail distribution and partnerships. I think that brand awareness, that brand trust that is growing nationwide in Hims & Hers is really providing the tailwinds that we believed it would, which given the competitive landscape in market, and I think a lot of the headwinds that people are facing in the social channels, whether that's because of iOS or a dependency on Facebook, whatever it might be. Those are tailwinds we've been able to really meaningfully overcome and continue to deliver on in a really stable manner. As Yemi said, keeping tax relatively flat as we've expanded into these categories.

然後添加到那裡。補充一點，丹尼爾，我認為飛輪動力對我們來說是一個非常獨特的元素，對吧？全通路存在、零售分銷和合作夥伴關係。我認為，考慮到市場競爭格局，Hims & Hers 在全國範圍內不斷增長的品牌知名度和品牌信任確實提供了我們相信的順風，而且我認為人們在市場中面臨的許多阻力社交管道，無論是因為iOS還是對Facebook 的依賴，無論是什麼。這些是我們能夠真正有意義地克服並繼續以真正穩定的方式實現的順風車。正如耶米所說，隨著我們擴展到這些類別，保持稅收相對穩定。

So I think that's something that we're very proud of, but very much focused on. And the brand and the distribution of those partnerships is a big part of that element allowing us to achieve that.

所以我認為這是我們非常自豪但也非常關注的事情。這些合作夥伴的品牌和分銷是我們實現這一目標的重要組成部分。

Yes, makes sense. Okay. And then on wholesale revenue, can you help us think through the cadence of that this year as Walmart and some of those other partnerships come online and how that may impact the sequential gross margins if we're going to see some degradation in gross margins? Or will you be able to offset some of that wholesale pressure as your owned pharmacy comes online in Arizona?

是的，有道理。好的。然後，關於批發收入，您能否幫助我們思考今年沃爾瑪和其他一些合作夥伴上線的節奏，以及如果我們看到毛利率有所下降，這可能會如何影響連續的毛利率？或者，當您擁有的藥房在亞利桑那州上線時，您是否能夠抵消一些批發壓力？

Yes. So we did see many of our large partners come on board this quarter and place large orders. We do expect that to normalize as we start to go into the back half of the year. We're not necessarily giving explicit guidance around the gross margins but we do expect those to hold relatively steady and the effect of what we would see would be primarily from the overall revenue mix that we do see. But we do see, given the operational efficiency improvements that we mentioned earlier, have the confidence in the ability to retain that healthy (inaudible).

是的。因此，我們確實看到許多大型合作夥伴在本季度加入並下了大訂單。我們確實預計，隨著下半年的到來，這種情況將會正常化。我們不一定會就毛利率給出明確的指導，但我們確實預計毛利率將保持相對穩定，而我們所看到的影響將主要來自我們確實看到的整體收入組合。但我們確實看到，鑑於我們之前提到的營運效率的提高，我們有信心保持健康（聽不清楚）。

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

您的下一個問題來自美國銀行的邁克爾·切爾尼。

This is Charlotte on for Mike. You mentioned the platform infrastructure investments that you made. Could you just share more on the returns that you're expecting there and how they're going to enhance the consumer experience of the platform?

這是麥克的夏洛特。您提到了您所做的平台基礎設施投資。您能否分享更多關於您期望的回報以及它們將如何增強該平台的消費者體驗？

Yes, it's a great question. Predominantly, what we were speaking about is the Ohio and Arizona pharmacy fulfillment centers as well as the compounding capabilities. And what these do is really allow us to control fully the speed, quality and experience to the customer, right? And so in a world where we are operating a full breadth of medications and pharmaceuticals, as well as over-the-counter combinations of products and merchandise, kits and bundles, that degree of flexibility and ownership really allows us a speed and curation to the customer, right?

是的，這是一個很好的問題。我們主要談論的是俄亥俄州和亞利桑那州的藥房配送中心以及配製能力。這些所做的其實是讓我們能夠完全掌控客戶的速度、品質和體驗，對吧？因此，在我們經營各種藥物和藥品，以及產品和商品、試劑盒和捆綁包的非處方藥組合的世界中，這種程度的靈活性和所有權確實使我們能夠快速並精心策劃客戶，對嗎？

You can imagine, for example, the ability for a patient to open up the mobile app, say they want to add something to the next shipment that's being delivered or adjust a medication or introduce a new offering into their existing membership, right? All of that customization level and personalized experiences is really only capable with a verticalized center that we can oversee and self manage.

例如，您可以想像，患者能夠打開行動應用程序，說他們想要在下一批正在交付的貨物中添加一些東西，或者調整藥物，或者在他們現有的會員資格中引入新的產品，對嗎？所有這些客製化等級和個人化體驗實際上只有透過我們可以監督和自我管理的垂直中心才能實現。

And so that's a really key differentiator for us as we continue to expand the breadth of offerings. It allows us to drive that transparency back to the customer and give them that empowerment and that choice. And so we're very focused on continuing that rollout. This quarter, we are north of 50% of all orders, pharmaceutical and OTC rolling through those Ohio and Arizona centers, but continuing to push on getting to near 100% as quickly as we can.

因此，隨著我們不斷擴大產品範圍，這對我們來說是一個真正關鍵的差異化因素。它使我們能夠將透明度重新傳遞給客戶，並給予他們權力和選擇。因此，我們非常專注於繼續推出。本季度，我們在俄亥俄州和亞利桑那州中心的所有訂單、藥品和非處方藥訂單中佔比超過 50%，但我們將繼續努力盡快接近 100%。

Great. That's really helpful. And then just a follow-up. When you're thinking about the competitive landscape right now, could you just provide more color on what you view as the key areas where Hims creates value versus those competitors?

偉大的。這真的很有幫助。然後只是後續行動。當您思考當前的競爭格局時，您能否就您認為 Hims 與其他競爭對手相比創造價值的關鍵領域提供更多資訊？

I think there's really 3 different elements: the brand, the technology platform and ultimately, how that delivers into the experience. We built Hims & Hers from the very beginning to be synonymous with health and wellness, a broad breadth of conditions, a message that resonates, that's in some situations provocative, that starts conversations and builds really deep trusted relationships with people. And really focuses on emotionally resonant conditions, right, so that we can have that depth of relationship. I think that brand is a very unique strategic asset. And so you see us spending a lot of time with partnerships and distribution to build that brand awareness and build that trust.

我認為實際上有 3 個不同的元素：品牌、技術平台以及最終如何融入體驗。我們從一開始就將「Hems & Hers」打造為健康和保健的代名詞，提供廣泛的條件、引起共鳴的訊息，在某些情況下甚至具有挑釁性，能夠引發對話並與人們建立真正深厚的信任關係。並且真正關注情感共鳴的條件，對吧，這樣我們才能擁有那種深度的關係。我認為品牌是一項非常獨特的策略性資產。因此，您會看到我們在合作夥伴關係和分銷方面花費了大量時間來建立品牌知名度並建立信任。

I think the platform, secondly, is a tremendous asset and a key differentiator. You have mobile application platform that went live this quarter, that's seeing 60% organic adoption of all new customers coming on to the platform. And this platform allows you to have 24/7 concierge services, encrypted and safe ability to access and discuss with your provider and physician, adjust your treatment, watch hundreds of videos of original content that help onboard and activate you relating to whatever treatment or services you might be interested in. This level of breadth as a platform is delivering, I think, a very unique kind of portfolio of value-added services that is really different from what you can get in market.

其次，我認為該平台是一項龐大的資產，也是一個關鍵的差異化因素。您的行動應用程式平台於本季上線，所有進入該平台的新客戶有 60% 的有機採用率。該平台允許您擁有24/7 禮賓服務、加密且安全的能力來訪問並與您的提供者和醫生討論、調整您的治療、觀看數百個原始內容視頻，這些視頻可幫助您了解並激活您與任何治療或服務相關的資訊我認為，這種平台的廣度正在提供一種非常獨特的增值服務組合，與您在市場上獲得的服務完全不同。

And so I think customers know that. I think in combination with the brand, that technology platform, the capabilities we're talking about on the pharmacy and the fulfillment side is actually allowing us to deliver a customer experience that is incredible, right? It's just delighting customers. And I think that flywheel is really what we're seeing with continuation of kind of the acceleration of adoption of new customers and word of mouth. And so I kind of think it's across all those axes, right? The brand, the technology platform, and ultimately, how that manifests itself into a very seamless and unique customer experience.

所以我認為客戶知道這一點。我認為，與品牌、技術平台、我們在藥房和履行方面談論的能力相結合，實際上使我們能夠提供令人難以置信的客戶體驗，對嗎？這只是讓顧客高興而已。我認為飛輪確實是我們所看到的，隨著新客戶的採用和口碑的持續加速。所以我認為它跨越了所有這些軸，對吧？品牌、技術平台，以及最終如何體現為非常無縫和獨特的客戶體驗。

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

你的下一個問題來自傑克華萊士與古根漢的對話。

And great job with the quarter. I wanted to touch a little bit on the growth in the quarter. For -- think of the, what's called the core therapeutic areas, sexual health and hair loss. How are those growth rates relative to some of the emerging categories?

本季的工作非常出色。我想談談本季的成長。想想所謂的核心治療領域，性健康和脫髮。與一些新興類別相比，這些成長率如何？

And then as a part two, as we're thinking about the investments being made in the second quarter, how should we think about the split between the incremental tax spend versus let's call it incremental infrastructure associated with teams creating content and new ad programs?

然後，作為第二部分，當我們考慮第二季的投資時，我們應該如何考慮增量稅收支出與與創建內容和新廣告計劃的團隊相關的增量基礎設施之間的分配？

Jack, maybe I'll take the first half of that. Yemi, let you take the second. I think one of the things that's really energizing us and giving us confidence to very materially raise guidance for the full year is that we're seeing incredibly robust growth, both from the core as well as the emerging categories. We're seeing improving unit economics on the emerging categories, as Yemi talked about, which is giving us that confidence to invest further there. But you're seeing very robust growth in the core, and you're seeing continued triple-digit growth on the emerging.

傑克，也許我會接受前半部。葉米，讓你來第二個。我認為真正讓我們充滿活力並讓我們有信心大幅提高全年指導的一件事是，我們看到核心類別和新興類別都出現了令人難以置信的強勁增長。正如耶米所說，我們看到新興類別的單位經濟效益有所改善，這讓我們有信心進一步投資。但你會看到核心市場非常強勁的成長，新興市場持續三位數的成長。

And so the team, I think, has a wealth of opportunity in front of us, and I think it's charging really hard at both of those. But I think it's that diversity in revenue and that breadth of services that is giving us the strong conviction really in raising that guidance for the rest of the year.

因此，我認為，我們的團隊面臨著大量的機會，而且我認為他們在這兩個方面都非常努力。但我認為正是收入的多樣性和服務的廣度讓我們有堅定的信念真正提高今年剩餘時間的指導。

Yes. And I think relative to the questions around CAC, we've actually seen CAC be able to be held relatively steady over the previous, previous quarters. A lot of the expansion that we're expecting in terms of the investment that we referred to earlier or just primarily, we do put gates around when we'll invest in the category as it expands. And as -- those gates are primarily around, what are the unit economic profile for a given category (inaudible). We are seeing and we're very pleased to see is that many of our newer categories have started to improve the unit economics, as Andrew had mentioned.

是的。我認為相對於 CAC 的問題，我們實際上已經看到 CAC 在前幾季能夠保持相對穩定。我們之前提到的或主要提到的投資方面預計會有很多擴張，當我們投資該類別的擴張時，我們確實會設置大門。這些大門主要圍繞著特定類別的單位經濟概況（聽不清楚）。正如安德魯所提到的，我們看到並且非常高興地看到我們的許多新類別已經開始改善單位經濟效益。

And so what that does is it provides us the ability to unlock investment for those. And so much of the investment that we referred to in Q2 would be primarily related to the expansion of that. As I mentioned earlier in the prepared remarks, we do expect to inherently start to get leverage on marketing as a percentage of revenue in the back half of the year, really just because the recurring nature of the business. We're not just necessarily investing and then receiving a transaction, but we foster a relationship with customers over many quarters. And so that -- [as we start] ticking time we continue to get leverage, and so that's what gives us the conviction to make the investments we made in Q2 with the conviction that it will deliver meaningful benefit in the future quarters.

因此，它的作用是讓我們有能力為這些人進行投資。我們在第二季提到的大部分投資主要與擴張有關。正如我之前在準備好的發言中提到的那樣，我們確實希望在今年下半年開始利用行銷佔收入的百分比，這實際上只是因為業務的經常性性質。我們不一定只是投資然後接收交易，而是在多個季度與客戶建立關係。因此，隨著時間的推移，我們將繼續獲得槓桿作用，這讓我們有信心進行第二季的投資，並相信它將在未來幾季帶來有意義的收益。

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

你的下一個問題來自喬治·希爾與德意志銀行的電話。

It's Maxi on for George. Congrats on a great quarter. There has been an increased focus on combining behavioral and dispensing in the space with companies like Cerebral gathering a lot of attention. Does it make you rethink your approach to behavioral? And when should we expect behavioral to be a material contributor to revenue?

喬治穿上了馬克西。恭喜您度過了一個出色的季度。人們越來越關注該領域的行為和分配相結合，像 Cerebral 這樣的公司吸引了許多關注。它會讓你重新思考你的行為嗎？我們什麼時候應該期望行為對收入產生實質貢獻？

I can't really speak to what Cerebral is doing in specific because I don't have insight into that business. I know that recently, there's quite a lot of attention relating to controlled substances, in particular, in the dispensing, prescribing of those controlled substances. That's something, just to be clear, that we explicitly do not have on the platform and don't intend to have on the platform.

我無法真正談論 Cerebral 具體在做什麼，因為我對該業務沒有深入的了解。我知道最近人們對受管制物質的關注非常多，特別是在這些受管制物質的配藥和處方方面。要先明確的是，我們明確地沒有、也不打算在平台上擁有這些東西。

And so when it comes to the fulfillment side, I actually think the ability to kind of verticalize the experience from the provider down to the delivery is an incredible way to drive real value and speed and price transparency to the customer. So we're really energized by the efforts there in Ohio and Arizona, and are really going to continue to drive that.

因此，在履行方面，我實際上認為，將體驗從提供者到交付垂直化的能力是一種令人難以置信的方式，可以為客戶帶來真正的價值、速度和價格透明度。因此，我們對俄亥俄州和亞利桑那州的努力感到非常振奮，並將繼續推動這項努力。

Mental health continues to be a huge need in this country, right? There's more and more reports every single week coming out, particularly with patients in our focused age demographic, right? People in their 20s, 30s and 40s that have some of the highest brand awareness metrics when it comes to Hims & Hers nationwide. And so I think we have a very special and unique opportunity in front of us to help a lot of those people. We continue to see that being one of the strong contributors of the emerging category growth, as I mentioned, growing over 300%. And so it was a very big contributor to the break out performance and the beating of the top line this quarter.

心理健康仍然是這個國家的巨大需求，對嗎？每週都會有越來越多的報告出現，特別是針對我們重點關注的年齡人口中的患者，對吧？ 20 多歲、30 多歲和 40 多歲的人群在全國範圍內對 Hims & Hers 的品牌認知度指標最高。所以我認為我們面前有一個非常特殊和獨特的機會來幫助很多這樣的人。正如我所提到的，我們繼續看到它是新興品類成長的強大貢獻者之一，成長超過 300%。因此，它對本季的業績突破和營收突破做出了巨大貢獻。

And we think it will continue to be a large contributor going forward. So I think we're already seeing the early signals that, that category is not only very much in need from a market standpoint, but also that what we're delivering, in particular, with the access to psychiatrists, the access to therapists, a mobile platform with original content, 24/7 access to these providers and concierge services, this whole breadth of portfolio relating to mental health, I think, is very much delivering on helping people feel better and hopefully improve that condition.

我們認為它將繼續成為未來的重要貢獻者。因此，我認為我們已經看到了早期信號，表明該類別不僅從市場的角度來看非常需要，而且我們正在提供的服務，特別是與精神科醫生、治療師的聯繫，我認為，一個包含原創內容的行動平台，24/7 全天候訪問這些提供者和禮賓服務，與心理健康相關的整個產品組合非常有助於幫助人們感覺更好，並有望改善這種狀況。

That's very helpful. I just have a quick follow-up. You talked about the plan to add 1 to 2 major categories every couple of quarters. Are we still looking at the target? And your outlook to improve margins in the second half of the year, is it already accounting for potential category launching or no?

這非常有幫助。我只是快速跟進。您談到了每幾個季度添加 1 到 2 個主要類別的計劃。我們還在尋找目標嗎？您對下半年提高利潤率的預期是否已經考慮到了潛在類別的推出？

I'll take the first half. So absolutely, we can continue to expect that cadence. We have historically for the 4 to 5 years since we founded the business, been on that cadence of 1 to 2 major new categories. You'll see from Q1, we announced a number of new partnerships. One of them was with Goodpath, which is an incredible company focused on educational specialty for MSK, pain management, insomnia, GERD, IBS. And so we continue to build out the robust partnerships, provider excellence and then the technology as well to build a platform at which -- on top of which we can continue to release these 1 to 2. So I believe you can expect that from us on a similar cadence to what you've seen from us in the last couple of years.

我就拿上半場來說吧因此，我們絕對可以繼續期待這種節奏。從歷史上看，自公司成立以來的 4 到 5 年裡，我們一直在推出 1 到 2 個主要新類別。您將從第一季開始看到，我們宣布了許多新的合作夥伴關係。其中之一是 Goodpath，這是一家令人難以置信的公司，專注於 MSK、疼痛管理、失眠、胃食道逆流、腸躁症的教育專業。因此，我們繼續建立強大的合作夥伴關係、卓越的供應商以及技術來建立一個平台，在此基礎上我們可以繼續發布這些 1 到 2。幾年中看到的類似節奏。

Yes. And with respect to your second question, the short answer is we do have a high degree of confidence in the ability to improve EBITDA margins in the back half of the year. What gives us that conviction and confidence is, first, the allocation model that I mentioned earlier, where we really do hold new categories to a high bar before we start to really lean in investment results and a very fast payback period that we generally see -- typically less than a year.

是的。關於你的第二個問題，簡短的回答是，我們對下半年提高 EBITDA 利潤率的能力充滿信心。給我們信心和信心的，首先是我之前提到的配置模型，在我們開始真正依賴投資結果和我們通常看到的非常快的投資回收期之前，我們確實將新類別保持在很高的水平 - - 通常不到一年。

The other element is just the recurring nature of the business. 90% of the revenue is recurring. And so what effectively happens is while we may invest in 1 quarter, in the subsequent quarters as those users start to mature and deliver value, we see the continued benefit for the future. And so despite the fact that we've made investments over the last 12 months, what you actually do see between now and relative to Q1 of last year, a 10-point improvement in EBITDA margins.

另一個因素是業務的重複性。 90%的收入是經常性的。因此，實際上發生的情況是，雖然我們可能在第一個季度進行投資，但在隨後的幾個季度中，隨著這些用戶開始成熟並交付價值，我們看到了未來的持續收益。因此，儘管我們在過去 12 個月裡進行了投資，但從現在到去年第一季度，您實際上確實看到了 EBITDA 利潤率提高了 10 個百分點。

And so as we do continue to be able to hold the new categories to that high bar, which we're confident we can, we expect to be able to continue to improve EBITDA margins despite the fact that we might need new investments in the categories.

因此，當我們確實能夠繼續將新類別保持在高水準時（我們有信心做到這一點），我們預計能夠繼續提高 EBITDA 利潤率，儘管我們可能需要在這些類別上進行新的投資。

Your next question comes from the line of Jonathan Young with Credit Suisse.

你的下一個問題來自瑞士信貸銀行的喬納森楊（Jonathan Young）。

This is Nate on for Jonathan. I guess 1 question I had was advertising spend has spiked from some of your larger peers causing them to pull back. Have you seen this in your channels? And any thoughts on the outlook on this?

這是喬納森的內特。我想我遇到的一個問題是，一些較大的同行的廣告支出激增，導致他們撤退。您在自己的頻道中看過這個嗎？對此有何看法？

And I guess, as a follow-up to that, to the extent that you are able to see this, how has this relationship with CVS and Walgreens gone? And have you seen it driving subscriber volume or other benefits?

我想，作為後續行動，就您能夠看到的程度而言，與 CVS 和沃爾格林的關係怎麼樣了？您是否看到它推動了訂戶數量或其他好處？

I can take the beginning. It's definitely a tough landscape out there, right? You're seeing a lot of the players in competitive categories really struggle with headwinds, whether it be from iOS privacy changes or the Facebook platform or just purely the amount of dollars deployed into the space. I think, frankly, we have really fared quite well. As Yemi said, our efficiency on marketing has continued to remain incredibly strong, remaining with payback periods sub 1 year, which we've been able to keep consistent. Relative to last quarter, very much stable.

我可以開始。這絕對是一個艱難的風景，對吧？你會看到許多競爭類別的參與者確實在與逆風作鬥爭，無論是來自 iOS 隱私變化還是 Facebook 平台，或者只是投入到該領域的資金數量。坦白說，我認為我們確實表現得很好。正如 Yemi 所說，我們的行銷效率持續保持令人難以置信的強勁，投資回收期仍低於 1 年，我們一直能夠維持這一點。相對於上季度，非常穩定。

I think a big part of this is the omnichannel presence, the strategy around kind of that retail distribution, building brand partnerships, brand awareness. I think what is very unique about Hims & Hers is we started as a consumer brand, right? This is something that has been entrenched in our business and our values and what we believe is a strategic asset from the day that we launched this company.

我認為其中很大一部分是全通路的存在，圍繞著零售分銷的策略，建立品牌合作夥伴關係，品牌知名度。我認為 Hims & Hers 的獨特之處在於我們是作為一個消費品牌開始的，對嗎？這是我們業務和價值觀中根深蒂固的東西，我們相信從我們成立這家公司之日起，它就是一項策略資產。

And so I think a lot of players that maybe were initially B2B enterprise businesses now coming into the consumer space might not have the same DNA that we do that I think is really a differentiated approach. And I think you see that across these dynamics, right? The retail channels, the breadth of offerings, the original content, the mobile platform gathering a tremendous amount of organic adoption. All of these things are really contributing to pretty rapid adoption of the platform in a way that really can only be generated with a consumer lens.

因此，我認為許多最初可能是 B2B 企業業務的參與者現在進入消費者領域，可能與我們沒有相同的 DNA，我認為這確實是一種差異化的方法。我想你在這些動態中看到了這一點，對吧？零售通路、產品的廣度、原創內容、行動平台吸引了大量的有機採用。所有這些都確實有助於該平台的快速採用，而這種方式實際上只能透過消費者的視角來實現。

And so I think that's a key part of the strategy here. And I think when times get tough in competitive markets, that's really when you see breakout performance. And I think this quarter, near 100% revenue growth, 80%, 90% membership growth, maintaining efficiency. This is, I think, a breakout performance for us, and I think it's really very much driven from the flywheel that we talked about.

所以我認為這是該戰略的關鍵部分。我認為，當競爭激烈的市場變得艱難時，你會看到突破性的表現。而且我認為這個季度營收成長接近100%，會員成長80%、90%，保持效率。我認為，這對我們來說是一次突破性的表現，而且我認為這在很大程度上是由我們談論的飛輪驅動的。

Yes. And then I'll answer the second part of the question. We do see continued growth across the board in our wholesale channel, this quarter increasing more than 340% year-on-year. And much of that is being driven by the flywheel effect that Andrew had mentioned, where as consumers see us in the stores of many of the leading retailers, that in turn fosters interest for other products in our online channel. And then as we start to build consumer awareness and trust in that channel, that only then in turn powers more interest from our partners. And so we continue to be very pleased by the performance across the board in our wholesale channel.

是的。然後我會回答問題的第二部分。我們確實看到我們的批發管道持續全面成長，本季年增超過 340%。其中大部分是由安德魯提到的飛輪效應推動的，當消費者在許多領先零售商的商店中看到我們時，這反過來又激發了對我們線上通路中其他產品的興趣。然後，當我們開始建立消費者對該管道的認識和信任時，只有這樣才能反過來激發我們合作夥伴的更多興趣。因此，我們仍然對批發管道的全面表現感到非常滿意。

Your last question comes from the line of Jessica Tassan with Piper Sandler.

你的最後一個問題來自傑西卡·塔桑和派珀·桑德勒。

Congrats on a great quarter. Can you guys just, first off, verify that you don't anticipate any sort of changes in the way the business works alongside the expiry of the [PAT] in what seems like it could be the end of July?

恭喜您度過了一個出色的季度。你們能否先確認一下，隨著 [PAT] 可能在 7 月底到期，您的業務運作方式不會發生任何變化？

And then just secondly, maybe can you talk about the traction of the app so far? And any difference in customer behavior in transactions that you originate or are ultimately consummated on the app relative to your kind of traditional desktop customers?

其次，您能否談談該應用程式迄今為止的吸引力？與傳統桌面客戶相比，您在應用程式上發起或最終完成的交易中的客戶行為有何差異？

Jessica, for the first question, you're talking about the Ryan Haight law, things of that sort, ending with the pandemic. Is that what I caught?

傑西卡，對於第一個問題，你談論的是瑞安海特法，諸如此類的事情，以大流行結束。是我抓到的嗎？

Yes. So I think, again, just on the sort of Cerebral and scheduled substances comp, I know that a couple of those guys are going to have issues just with returning to in-person visits prior to being able to treat with this [system .] But I'm just making sure that there's nothing that would change the way your business works alongside the expiry.

是的。所以我再次認為，就大腦和預定物質補償而言，我知道其中一些人在能夠使用這個[系統]治療之前返回親自訪問會遇到問題。的業務運作方式。

No, that's correct. That's correct. We currently operate in a way where when all those dynamics go back in place in the kind of mid, end July that nothing will change from our side. So a major part of that is controlled substance dynamic, which we don't engage with. But great question, and no, nothing will change.

不，這是正確的。這是正確的。我們目前的運作方式是，當所有這些動態在 7 月中旬、月底恢復原狀時，我們方面不會發生任何變化。所以其中一個主要部分是受管制物質動態，我們不參與其中。但這是一個很好的問題，不，什麼都不會改變。

On the app side, so we launched the app fully in Q1. So we've had really a couple of months to watch it and a couple of weeks to start tracking retention and stickiness and engagement. The thing I'm most excited about here is you really broaden the range of value-added services that customers can experience, right? They're able to have 24/7 concierge experiences, talk to the providers, update their medications, watch hundreds of videos of original content, cross-sell, purchase. And so within just a couple of weeks of seeing this, we are already seeing those dynamics take place, right? A stickier customer, a higher engaged customer. With 60-plus percent of all of our new patients downloading this application -- and then this is done really organically, right? We're not forcing this or pushing it. It's just kind of happening. It's very clear that there's a broad need for kind of a comprehensive set of solutions that we're offering. And they're then coming into the app and they're engaging at a very high rate with all of those different offerings.

在應用程式方面，我們在第一季全面推出了該應用程式。因此，我們確實花了幾個月的時間來觀看它，並花了幾週的時間來開始追蹤保留率、黏性和參與度。最讓我興奮的是你們確實拓寬了客戶可以體驗的加值服務的範圍，對嗎？他們能夠獲得 24/7 禮賓體驗、與提供者交談、更新藥物、觀看數百個原創內容影片、交叉銷售、購買。因此，在看到這一情況的短短幾週內，我們就已經看到了這些動態的發生，對嗎？更具黏性的客戶，更高參與度的客戶。我們 60% 以上的新患者下載了這個應用程式——然後這真的是有機地完成的，對嗎？我們不會強迫或推動它。這只是發生的事情。很明顯，人們對我們提供的一整套解決方案有著廣泛的需求。然後他們進入應用程序，並以非常高的速度參與所有這些不同的產品。

And so we really believe that this platform is the future home where patients are going to be spending a lot of time. I think this was a pretty big contributor as we kind of unpack the stickiness, the improved retention dynamics, the adoption for the kind of the performance of this quarter, and I think will continue to be one. And so we are ruthlessly focused on this. This is where a lot of my time is spent, where a lot of the team's time is spent. We think it's 1 of the biggest points of leverage we have for the company. And so we plan to continue to remain focused on it.

因此，我們確實相信這個平台是患者將花費大量時間的未來之家。我認為這是一個相當大的貢獻者，因為我們在某種程度上解開了黏性，改善了保留動力，採用了本季度的表現，我認為這將繼續是其中之一。所以我們無情地關注這一點。這是我花費大量時間的地方，也是團隊花費大量時間的地方。我們認為這是我們對公司最大的影響力之一。因此我們計劃繼續關注它。

There are no further questions. This concludes today's conference call. Thank you for attending. You may now disconnect.

沒有其他問題了。今天的電話會議到此結束。感謝您的出席。您現在可以斷開連線。