Hims & Hers Health, Inc. Form 8-K Summary
Business context and reporting period
Hims & Hers Health, Inc. filed this Current Report on February 4, 2022, under Item 8.01 (Other Events) and Item 9.01 (Financial Statements and Exhibits). The filing addresses the retrospective recasting of Hims, Inc.’s audited consolidated financial statements for the years ended December 31, 2020 and 2019 following the January 20, 2021 merger with Oaktree Acquisition Corp.
Accounting treatment and material changes
- The merger was accounted for as a reverse recapitalization, with Hims treated as the accounting acquirer and Oaktree Acquisition Corp. treated as the acquired company.
- Historical financial information represents the accounts of Hims and its wholly owned subsidiaries as though Hims were the predecessor to the Company.
- Historical share and per-share information was retrospectively restated using the merger exchange ratio of 0.4530 shares of Company Class A common stock for each Hims Class A share.
- The recast financial statements update the audited Hims financial statements previously included in the Company’s March 22, 2021 Form 8-K/A.
Financial metrics, liquidity, and outlook
The provided filing text does not include the detailed financial statements in Exhibit 99.1. Accordingly, revenue, profit or loss, cash flow, margins, debt, liquidity, guidance, and other quantitative financial metrics cannot be determined from the filing text provided.
Risks, contingencies, and unusual items
The principal unusual item is the retrospective accounting recast resulting from the reverse recapitalization. The filing does not identify new operating risks, contingencies, or management guidance.
Important facts to verify
- Review Exhibit 99.1 for the recast 2020 and 2019 income statements, balance sheets, cash flows, equity activity, and related notes.
- Verify the effect of the 0.4530 exchange ratio on historical share counts and per-share data.
- Confirm whether the recast financial statements contain any material changes from the financial statements filed in the March 22, 2021 Form 8-K/A.
- Review Exhibit 23.1 for KPMG LLP’s consent as the independent registered public accounting firm.