Slide 1: Exhibit 99.2
Exhibit 99.2Exhibit 99.2
Slide 2: Disclaimer
Disclaimer This investor presentation (this Presentation ') is for informational purposes only to assist interested parties in mokmg their own evaluation wdh respect to the proposed business combination (the ~Business Combination ) between Oak tree Acquisihon Corp. ( OAC} and Hims, Inc. (the Company
Slide 3: Disclaimer (cont'd)
Disclaimer (cont'd) Non-GAAP Financial Meos.ures Presentation includes certain finonctol measures not presented in accordance with generally accepted occounhng principles (' GAAP ) including, but not limited to, EBITOA. These non-GAAP finonctol measures ore not measures of hnonciol performance in ac
Slide 4: hims & hers at a glance
hims&hers t a glance • •• • • • a category defimng • • 2mm+ 71% 131 $138 ornrv,n I health 128% employees cumulative gross CAGR bringing complete telemedicine margins • • • 1 • consultations choice to consumers • • $83 • • by combining • • access, affordability $27 and transparency 240 250k+ 91% spec
Slide 5: World class suite of committed shareholders
- FOUNDERS FUND 8VC FORERUNNER VI!H f UUS world class suite of ~ cherubic .M Redpoint ~ ventures committed shareholders aligned, long-term with interests and a track record ':::THRIVE CAPITAL Maverick of innovation CPP INVESTMENT Mci<esson Ventures BOARD I C) Q oAKTREE SVAngel hims&hers 5 - FOUNDERS
Slide 6: Led by a visionary founder and veteran leadership
led by a visionary founder and veteran leadership with the most relevant healthcare, technology & consumer experience Andrew Dudum Spencer Lee Patrick Carroll Melissa Baird Soleil Boughton Leah Millheiser Lori Jackson Julian Cohen Chief Executive Officer Chief Financial Officer Chief Medical Officer
Slide 7: US healthcare is one of the last multi-trillion dollar markets to be disrupted
the US healthcare system is one of the last multi-trillion dollar markets yet to be disrupted 3 Healthcare Financial 2 2 With 330mm people's RetaW Transportation Servic:es $4tn health at risk, improving $5tn $2tn $1.5tn the status quo is arguably the most impactful opportunity of our lifetime • • •
Slide 8: The healthcare system is broken
Expensive Inaccessible Inconvenient for the average American the healthcare system is broken ,- •, -··· and disjointed, and the .-:\ : 24 ~ lm4 • • ' days 1 statistics are staggeringly sad ' , ·----- of U.S. families can't ER visits are the result of average time to schedule 1 afford their deductibl
Slide 9: Now is the time for digitization of healthcare
now is the time for the modern digitization of the healthcare industry 2012 2015 1994 2oos 1 2oo9 il'RAFT ;femmr..a.c& amazon E\) Spotify [!] Square '7 KINGS Sports Betting Insurance Retail I Commerce Radio I Music Payments • • • • • • • • 2012 hints&hers 1997 Healthcare NETFLIX lyA 2008 2009 Transp
Slide 10: hims & hers
OY hims&hers 10 OY hims&hers 10
Slide 11: Digitally native, fully verticalized multi-condition health platform
hims&hers Consumer Brand the first digitally native, h fully verticalized Distributed Provider Network multi-condition health platform-providing Clinically Focused EMR access to high quality, integrated care from Digital Native Telemedicine Platform start-to-finish ... sTI Cloud Pharmacy hims &hers
Slide 12: Enabling the health experience of the future
... enabling the health experience of the future that modern consumers expect hers < Dr.Amedeo my cl'lin and on my cheeks and I've tried what issue can we some over the counter options but om looking help with today? to really tackle this Skincare ~ Dr.Amedeo T day. 50 PM om Review Sympt hers Hello
Slide 13: The new front door to healthcare
this is the new front door to healthcare-where the patient is our consumer and the experience is frictionless hims& hers t Fast& Comprehensive Ubiquitous Stigma Personalized & Affordable Efficient Access Free for You average patient primary care visit on 24/7 access safe and comfortable potential fo
Slide 14: Rigorous guidelines and comprehensive provider training
all made possible by rigorous, evidence-based guidelines and comprehensive provider training 240 U.S. licensed providers with an average of 14 years in practice for our physicians Board Certification Verification 94% Detailed credentials, licenses, and We require all applicants to be average provide
Slide 15: Seamless patient and clinician experience through proprietary tech
and a high sea e seamless patient & clinician experience facilitated by proprietary, purposeful tech Meet just some of the technology helping our customers receive high-quality care faster and with more precision . (• ) (• •) < verify / < 1 consult /> < 11 diagnose 1> < h continuity /> Si/denafil Mu
Slide 16: New paradigm of healthcare has unlocked patient growth
this new paradigm of healthcare has unlocked nprec patient growth 2.0mm 2mm+ 10mm+ H&H telemedicine Cumulative patient 1 consultations since touchpoints launch 1.2mm H&H telemedicine 431k consultations since launch 2018 2019 Q2 2020 Sourco: Company internal dolo Nolo: All numbers as of juno 2020 I.
Slide 17: Consumer experience unlike anything in the industry
delivering a consumer experience unlike anything in the industry 23 21 NPS scores by industry 15 14 9 6 (3) (4) (6) Fixed Hotel & Consumer P&C Health Life Utilities hims & hers Banking Retail Wireless Cable Lodging Electronics Insurance Provider Insurance Line Source: Company internal data, Accentur
Slide 18: Customer driven organic growth
Customer driven adopted and championed by our organic growth the Customers who represent our '-'Ustomers are future of the healthcare system ambassadors for our brand, building community and driving organic growth Millennia Is Word of Mouth & User Generated of our Customers make up the majority Cont
Slide 19: Customers with limited health system loyalty
whose pre-existing health system .Y •• loyalty is limited and whose •• •• •• •• lifetime value is · •• •• •• •• •• •• Age 60+ •• •• •• •• •• Obn •• •• Menopause •• TAM • •• Diabetes Control •• age 40-60 •• • Hypertension n Cholesterol TAM Fertility age18-40 Sleep n Erectile Dysfunc:tion TAM of peopl
Slide 20: Immediately addressable markets are massive and underpenetrated
our immediately addressable markets are massive and underpenetrated Erectile Anxiety& Dysfunction Depression ( ED'') -S44bn -S4bn -$14bn -$ bn 4 2 3 1 market size market size market size market sizeour immediately addressable markets are massive and underpenetrated Erectile Anxiety& Dysfunction Depr
Slide 21: Key fundamentals making for logical expansion
all with key underlying fundamentals making for logical expansion Recently Launched Future Opportunities Anxiety& Primary Hair Loss ED Depression Dermatology Care Sleep Fertility Diabetes Cholesterol 4 1 5 Spend $44bn $280bn $15bn $21bn Chronic • • • • • • • • Generic Medication • • • • • • • • • Sp
Slide 22: Uniquely positioned in the emerging landscape
B2C Focused we own the trusted and consumer relationship hitns&hers are uniquely positioned in Good~ the rapidly-emerging landscape +one medical Telehealth Telehealth -----<-----~------->----- Capability Platform ~ Livongo Q TELADOC_ 0 amweu· We have a defensible model, engaging directly with consum
Slide 23: Future opportunities
Slide 24: Secular tailwinds accelerating the shift towards digital care
secular tailwinds are COVID-19 radically accelerating the Market Forces shift towards digital care Rise in high deductible health plans (HDHPs) • shifting risk to consumers of providers now view of providers now more telehealth more comfortable using Consumer adoption of favorably telehealth technol
Slide 25: Partnerships enabling transformation for stakeholders
in early Health Sevices the strength of our platform is also partnerships with: enabling transformation for e clinically focused telemedicine platform ~Ochsner renched sta eholders e nationwide prescription drug delivery i'iSINAI e synergistic continuity of care e screened and trained telemedicine A
Slide 26: Turnkey telehealth option for cost-conscious employers
an inexpensive turnkey telehealth option for cost-conscious employers key benefits hims&hers ~ 00 for enterpri~e 100+ high utilization, specialty affordable specialty 1 1 Meet hims a hers for • medications categories categories organizations, a new kind of consumer friendly employer benefit that cov
Slide 27: Ohio pharmacy unlocks future ability to accept insurance
our 300,000 sq. ft. Ohio pharmacy increasing our drug coverage by unlocks our future ability to accept 400% with access to $408bn in • Insurance untapped spend location: Columbus, OH 20% -$101bn 4x generic Generic Drug features: Spend' ' 300k sq. ft. floor untapped branded ' Secure regulation standa
Slide 28: Rise of digital health not limited to the United States
the rise of digital health is not limited to ~260% $12tn the United States ... potential addressable global healthcare 2 market growth in select market size telehealth friendly future 1 markets USA UK EU Canada Australia Indonesia Singapore 330mm 66mm 446mm 38mm 25mm 268mm 6mm population population
Slide 29: hims & hers
hims&hers hims&hers
Slide 30: Massive market, disruptive technology and world class team
the combination of a massive market, disruptive technology and a world class team has led to ... 71% 128% -3x Best-in-class gross High revenue Strong subscriber growth margin profile unit economics 128% revenue CAGR from -3x 3-year LTV-to-CAC Attractive and expanding 1 2 ratio 2018-2020E-extremely a
Slide 31: Historical revenue growth and gross margin expansion
attractive historical revenue growth and significant • • gross marg1n expanston Year-over-Year Growth % % Gross Margin ~209% ~67% 29% 54% 71% 4 • •• • • • • • • • • • • • • • Annual revenue Annual gross profit • • • • ($ millions, .. ·· $138 ($ millions, • . unaudited) unaudited) . ·• $98 • 128% • C
Slide 32: Highly recurring, diversified pharmaceutical revenue
highly recurring, diversified pharmaceutical revenue 7% wholesale 7% 7% wholesale wholesale 2% 91% online 35% 83% 57% 10% (non-subscription) online hair, dermatology, online (Rx) sexual health (subscription) online (non-Rx) other Prescription vs Subscnphor vs Revenue by non-prescription non-subscrip
Slide 33: Strong revenue growth driven by order value and order growth
strong revenue growth since inception driven by average order value and order growth #Online Orders (thousands) 194 324 483 585 672 671 571 546 572 •• •• •• % Multi-Monthly Orders Quarterly revenue •• •• . • $36 ($ millions, O'Yo 5% 12'Yo 17% •• • unaudited) •• •• • .. ., 186% •. ·• $lO ····· ••• Qu
Slide 34: Strong unit economics with 3x LTV/CAC
strong unit economics with 3x LTV/CAC 1 Cumulative Revenue per New Subscriber by Cohort Marketing Spend and Customer Acquisition Cost ( CAC ) $250 $153 $200 $150 Acquisition 2 Marketing $100 • $27mm -·- Q2 2020 Q72020 $50 $9mm $8mm 2H 2019 1H 2019 $0 months since initial purchase 2H 2018 2019 Q12020
Slide 35: Historical and projected financial summary
historical and projected financial summary ($ millions, unaudited) 2018A 2019A 2020E 2021E 2022E Revenue $27 $83 $138 $179 $233 30'}'. 30'}'. 209'}'. 67'Y. YoY 'Yo Growth Gross Profit $8 $45 $98 $130 $175 472'}'. 119'}'. 33'}'. 34'}'. YoY 'Yo Growth 'Y. Margin 29'}'. 54 'Yo 73'}'. 71 'Y. 75'Y. 1 Adj
Slide 36: Transaction summary
transaction summary Pro Forma Enterprise Value($ millions) Share Price $10.00 • Implied pro forma enterprise value of $1.6 billion Pro Forma Shares Outstanding 192.656 • OAC to combine with hims a hers • Represents an attractive pro forma multiple of 12.2x 2021E Gross Profit and 8.9x 2021E Revenue E
Slide 37: Comparable company benchmarking
comparable company benchmarking 1 Peer Group hims& hers ~ Livongo• + one medical GoodB 2 TELADOC. Average 71% 2019A-2022E 42% 41% 38% 37% Revenue CAGR 24% 93% 75% 73% 67% 63% 2021E Gross Profit 37% Margin 71% 58% 2019A-2022E Gross 41% 36% 36% ProfitCAGR 24% Source: Company internal data, Factsot, pu
Slide 38: Comparable company benchmarking (cont'd)
comparable company benchmarking (cont'd) 1 Peer Group hims& hers ~ Livongo· + one medical 2 TELADOC. GoodB Average 32.9x 29.6x 21.7x 15.1x EV/ 2021E Revenue 8.9x 9.2x hims & hers discount to (73%) (70%) (47%) (3%) (59%) peers 39.7x 35.2x 31.0x 24.9x 24.2x EV/ 2021E Gross Profit 12.2x hims & hers dis
Slide 39: Comparable company benchmarking (cont'd)
comparable company benchmarking (cont'd) Revenue Multiple Gross Profit Multiple Market Adj. Revenue Growth Gross Margin Gross Profit Growth Revenue Multiple Gross Profit Multiple (Growth Adjusted) (Growth Adjusted) Share Cap EV Company Price($) ($mm) ($mm) 2021E 2022E 2021E 2022E 2021E 2022E 2021E 2
Slide 40: OAC investment thesis
1 Purpose-built platform and brand with a massive opportunity Highly engaged and recurring patient base 2 Attractive financial profile with visible path to profitability 3 OAC investment thesis Visionary founder with experienced management team 4 5 Compelling deal framework with strong rollover part
Slide 41: Appendix
Slide 42: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation ($ millions, unaudited) 2018A 2019A Net Income ($75) ($69) ( +) Stock-based Compensation $7 $5 ( +) Depreciation and Amortization 0 0 1 (+)Vendor Warrants 0 (1) ( +) Provision for Income Taxes 0 0 ( +) Interest Expense 0 0 (-) Interest Income (1) (2) Adjusted EBITDA ($
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