DEF 14A: Hims & Hers Health, Inc. Announces Details for 2024 Annual Stockholders Meeting

Hims & Hers Health, Inc. has released its proxy statement for the 2024 Annual Meeting of Stockholders, detailing meeting logistics, voting procedures, and proposals to be considered.

Summary

• Hims & Hers Health, Inc. will hold its Annual Meeting of Stockholders virtually on June 6, 2024, at 11:00 a.m. Pacific Time.
• Stockholders of record as of April 16, 2024, are entitled to vote on the election of eight directors, ratification of KPMG LLP as the independent accounting firm, and an advisory vote on executive compensation.
• The Board of Directors recommends voting FOR all director nominees, FOR the ratification of KPMG, and FOR the advisory approval of executive compensation.
• In 2023, Hims & Hers achieved \$872.0 million in revenue, a 65% year-over-year increase, and ended the year with 1.5 million subscribers, a 48% year-over-year increase.
• The company's net loss for FY 2023 was reduced to \$(23.5) million from \$(65.7) million in FY 2022.
• Adjusted EBITDA for FY 2023 was \$49.5 million, compared to \$(15.8) million in FY 2022.
• Operating cash flow for FY 2023 was \$73.5 million, and free cash flow was \$47.0 million.
• The proxy statement includes forward-looking statements and details regarding executive compensation, corporate governance, and related party transactions.

Sentiment

Score: 8

Explanation: The document presents a positive outlook with strong financial performance and growth metrics, indicating a favorable sentiment.

Positives

• Significant revenue growth of 65% year-over-year.
• Substantial increase in subscribers by 48% year-over-year.
• Improved net loss compared to the previous year.
• Positive adjusted EBITDA, operating cash flow, and free cash flow.
• Gross margin was 82% for the year, compared to 78% for 2022.
• Adjusted EBITDA margin was 6%, compared to (3)% for 2022.

Negatives

• The company still reported a net loss, although it was significantly reduced from the previous year.

Risks

• The proxy statement includes forward-looking statements that are subject to risks and uncertainties.
• Actual results may differ materially from expectations due to various factors described in the company's Annual Report on Form 10-K.

Future Outlook

The proxy statement includes forward-looking statements regarding the company's expected future financial and business performance, market opportunity, risk oversight, and compensation programs, but actual results may differ materially.

Management Comments

• Andrew Dudum, Chief Executive Officer, expressed appreciation for stockholders' continued support and interest in Hims & Hers.

Industry Context

Hims & Hers operates in the telehealth and wellness industry, competing with other digital health platforms and traditional healthcare providers. The company aims to lead the migration of routine office visits to a digital format.

Comparison to Industry Standards

• The document does not provide specific comparisons to industry standards or competitors.
• However, it mentions companies in the health and wellness, technology and consumer technology, and consumer sectors that are similar to Hims & Hers in terms of revenue, market capitalization, and industry focus were considered for the compensation peer group.
• These companies include 1Life Healthcare, Digital Ocean, GoodRx Holding, and others.

Management Changes

Related Party Transactions

• Hims & Hers made payments of \$4.6 million to Atomic Labs, LLC affiliates for professional services.
• Hims & Hers made payments of \$2.1 million to Vouched, a company where the spouse of the Chief Operating Officer is the CEO and a stockholder.

Stakeholder Impact

• Stockholders have the opportunity to vote on key proposals that will shape the company's future.
• Employees are impacted by the company's compensation programs and corporate responsibility initiatives.
• Customers benefit from the company's focus on providing quality, affordable, and accessible healthcare.

Next Steps

• Stockholders are encouraged to vote on the proposals outlined in the proxy statement.
• The company will hold its Annual Meeting of Stockholders on June 6, 2024.
• The Board and compensation committee will review and consider the voting results when making future decisions regarding executive compensation programs.

Key Dates

Keywords

Annual Meeting, Proxy Statement, Stockholders, Executive Compensation, Corporate Governance, Financial Results, Hims & Hers, Directors, KPMG, Voting