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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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  "notes": "Uses red callout boxes to highlight contradictions between 10-K filings and company blog posts.",
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      "kind": "callout",
      "text": "Does this include all physician costs? Why is there no clear mention given the materiality of the physician operations and if the Affiliated Medical Groups are truly separate entities?",
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      "text": "HIMS blog: physicians NOT paid by HIMS",
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      "text": "HIMS blog: HIMS just collecting payment",
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      "kind": "callout",
      "text": "HIMS 10-K: Consults are HIMS revenue",
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      "kind": "callout",
      "text": "HIMS 10-K: physicians charge HIMS for \"services rendered\"",
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      "kind": "callout",
      "text": "We believe HIMS does little to provide investors with adequate visibility on its various financial flows. In fact, the Company often seems at a loss to even describe it correctly and consistently.",
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      "text": "HIMS Disclosures Related to Cost of Goods Sold",
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      "text": "HIMS Disclosures Related to Physician Consultation Fee Revenue and Physician Payments",
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      "kind": "paragraph",
      "text": "The financial realities of its Friendly PC structure are completely lost when HIMS consolidates the results of its numerous variable interest entities (VIEs). We believe HIMS does little to provide investors with adequate visibility on its various financial flows. In fact, the Company often seems at a loss to even describe it correctly and consistently.",
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      "kind": "quote",
      "text": "In contracts that contain prescription products issued as the result of a consultation, revenue also includes medical consultation services provided by Affiliated Medical Groups. — HIMS 10-K (2022)",
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      "kind": "source-note",
      "text": "Source: HIMS 2022 10-K, Under the Hood: How the Hims and Hers Telehealth Platforms Enable Quality Care, How Do Hims & Hers Prioritize Patient Care?, Spruce Point red underline emphasis",
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      "kind": "title",
      "text": "Even HIMS Has Trouble Consistently Characterizing The Actual Financial Flows Obfuscated by Consolidation",
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