Spruce Point Capital Management · activist-deck
Hims & Hers Health, Inc. (HIMS)
105 pages · 5 arc beats · 0 loops
Hims & Hers Health, Inc. (HIMS)
Spruce Point Capital Management · 2023-07 arc beats above · slides in the middle · loops below · scroll → 0 LOOPS
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Deck intelligence map
5 coverage by narrative range · generated from this deck JSON
Narrative range 148 total
Metadata
Components
Metrics
Tools
Frameworks
Beats
Loops
Hook 1 slides 100% 1/1 slides 100% 1/1 slides · 7 hits — 0/1 slides
— 0/1 slides
— 0/1 slides
100% 1/1 slides · 2 hits — 0/1 slides
Complication 5 slides 100% 5/5 slides 100% 5/5 slides · 35 hits — 0/5 slides
— 0/5 slides
60% 3/5 slides 100% 5/5 slides · 11 hits — 0/5 slides
Expose Contradiction 91 slides 100% 91/91 slides 100% 91/91 slides · 676 hits — 0/91 slides
— 0/91 slides
76.9% 70/91 slides 100% 91/91 slides · 130 hits — 0/91 slides
Thesis Headline 1 slides 100% 1/1 slides 100% 1/1 slides · 4 hits — 0/1 slides
— 0/1 slides
100% 1/1 slides 100% 1/1 slides · 3 hits — 0/1 slides
Villain Critique 50 slides 100% 50/50 slides 100% 50/50 slides · 373 hits — 0/50 slides
6% 3/50 slides 64% 32/50 slides 100% 50/50 slides · 96 hits — 0/50 slides
Slide inventory
105 every slide · same image gating as the playbook
01
The slide uses a provocative visual metaphor (skull and crossbones, 'Stock Promotion' text on a bald head) to frame the company's business model as deceptive.front_matter
03
The slide uses a comparison table to establish credibility by showing past successful short-selling theses.cite_precedent
04
The slide uses a collage of marketing materials to frame the company as a 'marketing machine' rather than a healthcare company.name_villain
Open slide detailBeat · Hook
05
The slide uses a 3-column comparison table to establish credibility through past performance.cite_precedent
Open slide detailBeat · Villain Critique
08
This is a classic activist short thesis summary slide.summarize
Open slide detailBeat · Villain Critique
09
The slide uses a series of bullet points to build a case for regulatory non-compliance and structural obfuscation.name_villain
Open slide detailBeat · Complication
10
This is a dense text-heavy slide typical of activist short reports, outlining multiple points of contention regarding the company's medical standards and businediagnose_problem
Open slide detailBeat · Complication
11
The slide uses a two-section structure to categorize risks: supply chain/operational risks and competitive/market positioning risks.diagnose_problem
Open slide detailBeat · Complication
12
The slide uses a list-based critique format to systematically dismantle the company's growth narrative.diagnose_problem
Open slide detailBeat · Complication
13
Slide 13 of a Spruce Point Capital Management activist deck.expose_contradiction
Open slide detailBeat · Complication
14
The slide uses a red background for the 'Why Spruce Point Believes the HIMS Model Is Broken' section to emphasize the negative outlook.frame_problem
Open slide detailBeat · Villain Critique
15
Uses a news clipping and FDA regulatory data to build a bearish thesis.expose_contradiction
Open slide detailBeat · Expose Contradiction
16
Spruce Point Capital Management branding (pine tree logo).frame_problem
Open slide detailBeat · Expose Contradiction
17
Uses a combination of regulatory definitions, company disclosures, and legal expert commentary to highlight potential liability.expose_contradiction
Open slide detailBeat · Expose Contradiction
18
The slide uses a diagram to illustrate the MSO (Management Services Organization) structure used to navigate Corporate Practice of Medicine (CPoM) laws.expose_contradiction
Open slide detailBeat · Expose Contradiction
19
Uses a testimonial quote as primary evidence to contradict corporate claims.expose_contradiction
Open slide detailBeat · Expose Contradiction
20
Uses legal excerpts from California, Kansas, and Nevada to support the thesis of regulatory non-compliance.expose_contradiction
Open slide detailBeat · Expose Contradiction
21
Uses a side-by-side comparison to highlight a contradiction in corporate filings.expose_contradiction
Open slide detailBeat · Expose Contradiction
22
Uses red text to highlight incriminating quotes and questions.expose_contradiction
Open slide detailBeat · Expose Contradiction
23
Uses a 'villain' framing to highlight a contradiction between executive claims and internal reality.expose_contradiction
Open slide detailBeat · Expose Contradiction
24
The slide uses a table format to present qualitative evidence (quotes) to support the thesis of corporate malfeasance.expose_contradiction
Open slide detailBeat · Expose Contradiction
25
Uses red underlining to highlight specific text in the excerpts.expose_contradiction
Open slide detailBeat · Expose Contradiction
26
The slide uses screenshots of corporate filings to demonstrate that HIMS or its management owned entities that were either undisclosed or had incorrect businessexpose_contradiction
Open slide detailBeat · Expose Contradiction
27
The slide uses red underlines to highlight specific incriminating text in the source documents.expose_contradiction
Open slide detailBeat · Expose Contradiction
28
The table shows a transition from Bailey Health to You Health and Human Health entities, with specific individuals (Williams, Powell, Purdy) consistently listedexpose_contradiction
Open slide detailBeat · Expose Contradiction
29
The table shows a high volume of entities with varying ownership structures, contradicting the narrative of centralized management by only two physicians.expose_contradiction
Open slide detailBeat · Expose Contradiction
30
Includes screenshots of official state secretary filings as evidence.expose_contradiction
Open slide detailBeat · Expose Contradiction
31
Uses red callout boxes to highlight contradictions in professional profiles and credentials.expose_contradiction
Open slide detailBeat · Expose Contradiction
32
Uses screenshots of legal documents and media clippings as evidence of malpractice and questionable professional claims.expose_contradiction
Open slide detailBeat · Expose Contradiction
33
Includes a screenshot of the header of California Senate Bill 642.preempt_rebuttal
Open slide detailBeat · Expose Contradiction
34
Uses red callout boxes to highlight contradictions between 10-K filings and company blog posts.expose_contradiction
Open slide detailBeat · Expose Contradiction
35
Includes the Spruce Point Capital Management logo (pine tree).transition
Open slide detailBeat · Expose Contradiction
36
The slide uses a 'villain critique' approach by juxtaposing HIMS's professional medical branding with crude social media marketing.expose_contradiction
Open slide detailBeat · Expose Contradiction
37
Uses a 'bingo card' joke to undermine the CEO's credibility.expose_contradiction
Open slide detailBeat · Expose Contradiction
38
Uses screenshots of legal documents and LinkedIn-style professional history to cast doubt on leadership.expose_contradiction
Open slide detailBeat · Expose Contradiction
39
This slide uses a table to present specific criticisms of the company's operational model.name_villain
Open slide detailBeat · Expose Contradiction
40
Uses a 'villain critique' style to frame the CEO's comments as evidence of poor quality care.expose_contradiction
Open slide detailBeat · Expose Contradiction
41
The slide uses testimonials to undermine the company's 'clinical excellence' claim.expose_contradiction
Open slide detailBeat · Expose Contradiction
42
Uses red text for emphasis within quotes to highlight key allegations of misaligned incentives.expose_contradiction
Open slide detailBeat · Expose Contradiction
43
Uses a bottom-up calculation to derive consultation duration from financial disclosures and estimated pharmacy/physician splits.expose_contradiction
Open slide detailBeat · Expose Contradiction
44
Uses LinkedIn screenshots as primary evidence of marketing tactics.expose_contradiction
Open slide detailBeat · Expose Contradiction
45
Uses AUA guidelines as a benchmark to critique HIMS's clinical practices.expose_contradiction
Open slide detailBeat · Expose Contradiction
46
Uses a comparison of NPS industry benchmarks vs. Trustpilot star ratings to highlight a discrepancy in customer satisfaction.expose_contradiction
Open slide detailBeat · Expose Contradiction
47
The slide uses a list-based structure to categorize complaints, highlighting specific operational failures.name_villain
Open slide detailBeat · Expose Contradiction
48
Uses a contrast-pairs framework to juxtapose customer assumptions against legal reality.expose_contradiction
Open slide detailBeat · Expose Contradiction
49
Uses a two-row table structure to present excerpts alongside critical commentary/questions.expose_contradiction
Open slide detailBeat · Expose Contradiction
50
Uses screenshots of state business registries to prove entities are dissolved or non-existent.expose_contradiction
Open slide detailBeat · Expose Contradiction
51
Uses screenshots of browser developer tools to prove data exfiltration to Facebook and Snap.expose_contradiction
Open slide detailBeat · Expose Contradiction
52
The slide uses a table format to present qualitative feedback from interviews.expose_contradiction
Open slide detailBeat · Expose Contradiction
53
The slide uses a collage of marketing materials to frame the company's strategy as superficial.name_villain
Open slide detailBeat · Expose Contradiction
54
The slide uses a rhetorical question as a title to frame the company's product portfolio as evidence against its healthcare narrative.expose_contradiction
Open slide detailBeat · Expose Contradiction
56
Uses a table to contrast CEO quotes against actual performance metrics to highlight a broken promise.expose_contradiction
Open slide detailBeat · Expose Contradiction
57
Uses a combination of legal news, expert commentary, and anecdotal employee feedback to build a case against the target.name_villain
Open slide detailBeat · Expose Contradiction
58
The slide uses a screenshot of an official FDA letter to provide primary source evidence of the company's regulatory failures.expose_contradiction
Open slide detailBeat · Expose Contradiction
59
The slide uses screenshots of actual FDA Form 483 inspection reports to substantiate the claims.expose_contradiction
Open slide detailBeat · Expose Contradiction
60
Includes a table of formal enforcement actions and a detailed case summary paragraph.expose_contradiction
Open slide detailBeat · Expose Contradiction
61
Includes a screenshot of a negative Glassdoor review to support the claim of operational issues.expose_contradiction
Open slide detailBeat · Expose Contradiction
62
Spruce Point Capital Management branding present.frame_problem
Open slide detailBeat · Expose Contradiction
63
Includes a direct quote from the CFO used to expose a contradiction.name_villain
Open slide detailBeat · Expose Contradiction
64
The slide uses a red box to highlight the 'Estimated Average Annual Savings' column, emphasizing the price disparity.compare_peers
Open slide detailBeat · Expose Contradiction
65
Includes a quote-based contradiction between the CEO and a former executive.compare_peers
Open slide detailBeat · Expose Contradiction
66
Uses screenshots of social media interactions to provide evidence of marketing claims.expose_contradiction
Open slide detailBeat · Expose Contradiction
67
Includes a screenshot of a NYT headline and a table of FDA device classification data.name_villain
Open slide detailBeat · Expose Contradiction
68
The slide uses a table for HIMS vs Ro growth metrics and a line chart for HIMS vs GoodRx historical unique visitors.expose_contradiction
Open slide detailBeat · Expose Contradiction
69
Uses direct quotes to undermine the company's value proposition.expose_contradiction
Open slide detailBeat · Expose Contradiction
70
Uses red underline emphasis to highlight specific data points in the text.expose_contradiction
Open slide detailBeat · Expose Contradiction
72
Uses red callout boxes to highlight the core thesis of the contradiction.expose_contradiction
Open slide detailBeat · Expose Contradiction
73
Uses a table to contrast historical quotes against a timeline to expose management inconsistency.expose_contradiction
Open slide detailBeat · Expose Contradiction
74
Uses a screenshot of a HIMS SPAC presentation slide to highlight the discrepancy between past promises and current reality.expose_contradiction
Open slide detailBeat · Expose Contradiction
75
Uses a 'gotcha' style comparison showing the 'hers' website still referencing male-specific medical conditions (erectile dysfunction) in its intake forms.expose_contradiction
Open slide detailBeat · Expose Contradiction
76
The slide uses a table to contrast past aggressive expansion claims with recent conservative guidance, followed by a critique of the company's definition of 'caexpose_contradiction
Open slide detailBeat · Expose Contradiction
77
Uses red callout boxes to directly refute specific management quotes.expose_contradiction
Open slide detailBeat · Expose Contradiction
78
Uses red boxes to highlight specific markets (UK, Indonesia) that contradict HIMS' growth narrative.expose_contradiction
Open slide detailBeat · Expose Contradiction
79
Uses a table to show stagnant wholesale revenue and a quote-based comparison to expose management's changing narrative.expose_contradiction
Open slide detailBeat · Expose Contradiction
80
Uses a side-by-side comparison of company claims vs. CEO statements to build a case for regulatory risk.expose_contradiction
Open slide detailBeat · Expose Contradiction
81
Uses red underlining on source text to emphasize regulatory non-compliance risks.expose_contradiction
Open slide detailBeat · Expose Contradiction
82
The slide uses red boxes and callouts to highlight specific misleading claims on the HIMS website.expose_contradiction
Open slide detailBeat · Expose Contradiction
83
Uses regulatory citations (Section 503A/503B) to cast doubt on the company's operational compliance and scalability.name_villain
Open slide detailBeat · Expose Contradiction
84
The slide uses a table format to present qualitative evidence (expert testimony) to undermine the company's growth narrative.expose_contradiction
Open slide detailBeat · Expose Contradiction
85
Spruce Point Capital Management branding (pine tree logo).frame_problem
Open slide detailBeat · Expose Contradiction
86
Uses a 'before-after' or 'claim-vs-reality' structure to expose management's narrative.expose_contradiction
Open slide detailBeat · Expose Contradiction
87
The slide uses a 'quote-rebuttal' structure to undermine management's credibility regarding their key performance metrics.expose_contradiction
Open slide detailBeat · Expose Contradiction
88
Includes a CEO quote to highlight the early-stage churn problem.expose_contradiction
Open slide detailBeat · Expose Contradiction
89
The slide uses a 'villain' framing by highlighting predatory subscription practices.expose_contradiction
Open slide detailBeat · Expose Contradiction
90
The slide uses a table to highlight the discrepancy between management's narrative and the actual performance metrics.expose_contradiction
Open slide detailBeat · Expose Contradiction
91
Uses testimonial-style quotes to undermine management's narrative on marketing efficiency.expose_contradiction
Open slide detailBeat · Expose Contradiction
92
The slide uses a table to demonstrate that adjusted CAC is higher and less stable than reported figures suggest.expose_contradiction
Open slide detailBeat · Expose Contradiction
93
The slide uses a table to highlight YoY growth discrepancies and a line chart to visualize the trend of acquisition costs vs revenue.expose_contradiction
Open slide detailBeat · Expose Contradiction
94
Includes a table of financial metrics from Q1 2020 to Q1 2023 and a quote from the CEO.expose_contradiction
Open slide detailBeat · Expose Contradiction
95
The slide uses a grid of six screenshots of previous charts, each marked with a large red 'X' to signify the cessation of reporting.expose_contradiction
Open slide detailBeat · Expose Contradiction
96
The slide uses a combination of professional bio data and financial statement snippets to contrast the auditor's experience with the complexity of the target coexpose_contradiction
Open slide detailBeat · Expose Contradiction
98
The slide uses a 2x3 grid layout to categorize governance failures.expose_contradiction
Open slide detailBeat · Expose Contradiction
99
Uses a 'quote vs. reality' structure to undermine CEO credibility.expose_contradiction
Open slide detailBeat · Expose Contradiction
100
Uses red 'X' overlays on headshots to visually communicate turnover.expose_contradiction
Open slide detailBeat · Expose Contradiction
101
The slide highlights the divergence between management selling and share dilution.expose_contradiction
Open slide detailBeat · Expose Contradiction
102
Spruce Point Capital Management branding (pine tree logo).summarize
Open slide detailBeat · Expose Contradiction
103
The slide highlights HIMS's high revenue growth and premium valuation compared to peers, suggesting a potential decline in growth due to market factors.compare_peers
Open slide detailBeat · Expose Contradiction
104
The slide uses the term 'Stock Promoter' to refer to sell-side analysts, framing them as biased.expose_contradiction
Open slide detailBeat · Expose Contradiction
105
The slide uses a standard activist short-thesis structure: quantitative valuation downside paired with a list of qualitative 'red flags'.quantify_opportunity
Open slide detailBeat · Expose Contradiction