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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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      "text": "HIMS uses the term “recurring” 13 times in its 2022 10-K to describe its revenue and customer relationships. We believe the idea that HIMS is a “recurring revenue” business is a far stretch. The fact that revenue is coming from multi-period subscriptions is largely irrelevant if customers are rapidly churning.",
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      "text": "HIMS has pitched itself as an e-commerce company with enterprise SaaS characteristics, including 90%+ “recurring revenue” and a declining CAC. We believe neither claim is accurate.",
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      "text": "“Approximately, 94% of our GAAP revenue was recurring subscription revenue...Hims & Hers brings together the best of high-growth consumer Internet coupled with the fundamental economics of enterprise SaaS.”",
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      "text": "CEO Dudum on Q3 2021 Earnings Call: “Our fundamentals underpin what I continue to believe is an exceptionally rare opportunity in the public market: a beloved consumer brand that is built upon an enduring subscription membership business model.”",
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      "text": "91% recurring revenue",
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      "text": "recurring revenue: 91%",
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      "text": "HIMS has pitched itself as an e-commerce company with enterprise SaaS characteristics, including 90%+ “recurring revenue” and a declining CAC. We believe neither claim is accurate.",
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      "kind": "quote",
      "text": "“Our fundamentals underpin what I continue to believe is an exceptionally rare opportunity in the public market: a beloved consumer brand that is built upon an enduring subscription membership business model.” — CEO Dudum on Q3 2021 Earnings Call",
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      "kind": "source-note",
      "text": "Source: HIMS SPAC Transaction Presentation, HIMS Q3 2021 Earnings Call Transcript",
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      "text": "HIMS' Characterization of Its Financial Model Is Highly Suspect",
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      "text": "HIMS Management Commentary",
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