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  "documentTitle": "Hims & Hers Health, Inc. (HIMS)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-07-13 00:00:00",
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  "pageNumber": 87,
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  "notes": "The slide uses a 'quote-rebuttal' structure to undermine management's credibility regarding their key performance metrics.",
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      "text": "HIMS frequently references 85-88% “long-term retention”. Not only does HIMS often fail to clearly define this as retention between years end 2 and 3 (a non-standard metric that cannot be easily compared to others), but it also over-emphasizes the potential usefulness and materiality of the metric.",
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      "text": "long-term retention: 85%",
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      "text": "HIMS frequently references 85-88% \"long-term retention\". Not only does HIMS often fail to clearly define this as retention between years end 2 and 3 (a non-standard metric that cannot be easily compared to others), but it also over-emphasizes the potential usefulness and materiality of the metric.",
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      "kind": "quote",
      "text": "“So between year two and three you're retaining 88% of the value of that cohort, which we just think is incredibly indicative of the stickiness of the platform, right?” — CEO Dudum on Q3 2021 Earnings Call",
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      "kind": "source-note",
      "text": "Source: HIMS 2022 10-K, HIMS Q3 2021 Earnings Call Transcript, HIMS Q4 2022 Earnings Call Transcript, Bloomberg, HIMS Q2 2022 Earnings Call Transcript",
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      "kind": "title",
      "text": "We Believe HIMS' Churn Disclosure Is Evasive And Its Chosen Metric is Practically Meaningless",
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