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  "docSlug": "747988e81365",
  "documentTitle": "Hims & Hers Health, Inc. (HIMS)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-07-13 00:00:00",
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  "pageNumber": 92,
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  "density": "dense",
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  "notes": "The slide uses a table to demonstrate that adjusted CAC is higher and less stable than reported figures suggest.",
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      "kind": "callout",
      "text": "Our metric of fully loaded customer acquisition costs as a percent of online revenue has barely declined from its Q4 2021 peak and remains materially above 2020 levels.",
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      "text": "Our metric of fully loaded customer acquisition costs as a percent of online revenue has barely declined from its Q4 2021 peak and remains materially above 2020 levels. In addition, we believe that calculating CAC based on net subscribers provides a useful reference point for a business like HIMS with high churn.",
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      "text": "Customer Acquisition Cost: $575",
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      "kind": "paragraph",
      "text": "We believe HIMS understates customer acquisition costs by excluding, (1) some marketing expenses..., (2) potentially some portion of celebrity endorsement expense, and (3) stock-based compensation...",
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      "text": "Source: HIMS SEC filings",
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      "text": "Spruce Point Adjusted CAC Analysis table showing quarterly data from Q1 2020 to Q1 2023.",
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      "text": "We Believe HIMS Understates CAC (And Thus Payback Period) And That CAC Trends Have Been Unfavorable",
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