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  "documentTitle": "Hims & Hers Health, Inc. (HIMS)",
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  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-07-13 00:00:00",
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  "notes": "The slide uses a table to highlight YoY growth discrepancies and a line chart to visualize the trend of acquisition costs vs revenue.",
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      "kind": "callout",
      "text": "Our research shows that YoY growth in fully-loaded marketing expense per order generated has exceeded the comparable period's growth in AOV eight of the past nine quarters, often by a dramatic margin, suggesting deteriorating customer economics.",
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      "text": "GAAP Marketing Expense / AOV: 53%",
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      "text": "Source: HIMS SEC filings",
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      "text": "Spruce Point AOV vs Fully Loaded Marketing Expense Analysis",
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      "kind": "title",
      "text": "HIMS AOV Growth Is Even Less Impressive When Compared To CAC Expense Per Order",
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