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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": "The slide uses a table to highlight the discrepancy between management's narrative and the actual performance metrics.",
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      "text": "If HIMS' business is expanding outside its core men's sexual health and hair, why did HIMS cease disclosing revenue mix? Why hasn't AOV grown more if HIMS is no longer forced to attract customers with massive initial discounts?",
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      "text": "Average Order Value: 22%",
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      "text": "HIMS management tells a story that customers are buying a broader range of products and spending more on the platform. We don't believe either is true to any material degree. We find that subscriptions and orders per subscriber have both declined since early 2021. Moreover, although HIMS claims to have materially increased the percentage of subscribers on multi-month plans, we find it dubious that online revenue per subscriber, subscription, and order barely budged from Q1 2021 to Q2 2022 despite an 11% estimated increase in revenue per order.",
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      "text": "So the longer-duration subscriptions generally will drive more revenue upfront per user.",
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      "text": "\"So the longer-duration subscriptions generally will drive more revenue upfront per user.\" — CFO Okupe on Q3 2022 Earnings Call",
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      "kind": "title",
      "text": "We See Declining Engagement And Average Order Value (AOV) Trends That Are Difficult To Reconcile",
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