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  "documentTitle": "Hims & Hers Health, Inc. (HIMS)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2023-07-13 00:00:00",
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      "kind": "callout",
      "text": "Are “IT products and support” and other “administrative support” REALLY the “activities that most significantly affect these entities’ economic performance” for a physician group?",
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      "text": "HIMS' own disclosure proves that the Affiliated Medical Groups do not have \"exclusive authority\" over their medical practice as HIMS clearly states.",
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      "text": "HIMS' own disclosure proves that the Affiliated Medical Groups do not have “exclusive authority” over their medical practice as HIMS clearly states.",
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      "kind": "paragraph",
      "text": "We find numerous examples from HIMS disclosure, management commentary, and interviews with former HIMS employees and affiliated physicians that HIMS exerts a degree of control over medical practice that violates the letter or spirit of CPoM provisions.",
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      "kind": "quote",
      "text": "“...we serve as an administrative services manager for the Affiliated Medical Groups for the non-clinical aspects of their operations and receive a fixed administrative fee from each Affiliated Medical Group for these services.” — HIMS Regulatory Disclosure (2022 10-K pages 4 and 6). “...we are the primary beneficiary of the Affiliated Medical Groups ... for accounting purposes because we have the ability to direct the activities that most significantly affect these entities’ economic performance and have the obligation to absorb the entities’ losses.” — HIMS Accounting Disclosure (2022 10-K page 62).",
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      "text": "Source: Spruce Point Research, HIMS 2022 10-K",
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      "text": "HIMS Regulatory Disclosure (2022 10-K pages 4 and 6) vs HIMS Accounting Disclosure (2022 10-K page 62)",
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      "kind": "title",
      "text": "We Believe The Friendly PC Structure As Implemented By HIMS Is On Shaky Ground: HIMS Appears To Control The Medical Practice",
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      "text": "HIMS' Own Accounting Disclosures Conflict With Its Regulatory Disclosures",
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