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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 testimonial-style quotes to undermine management's narrative on marketing efficiency.",
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      "text": "Not only do former HIMS employees question the massive costs of celebrity endorsements, but the fact that several celebrities received equity means that HIMS' reported acquisition costs are not capturing the true costs of these efforts.",
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      "text": "Not only do former HIMS employees question the massive costs of celebrity endorsements, but the fact that several celebrities received equity means that HIMS' reported acquisition costs are not capturing the true costs of these efforts. Also, commentary on promotional activity suggests HIMS is will to suffer high churn in order to fuel gross subscriber growth.",
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      "text": "\"Some of the costs of these promotions with celebrities are massive. And you know, any investor looking at would probably say, hey, we're not seeing the return here. And I think it's pretty justified to say that. I mean, the costs are pretty outrageous.\" — Spruce Point Interview With Former HIMS Executive",
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      "text": "Source: Spruce Point Research",
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      "text": "Former Employees Question HIMS' Celebrity Endorsement Deals And Extensive Promotional Activity",
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