{
  "docId": "019dd923-622c-750b-8b99-62a16d2a2f71",
  "docSlug": "747988e81365",
  "documentTitle": "Hims & Hers Health, Inc. (HIMS)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-07-13 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 98,
  "pageCount": 105,
  "prevPage": 97,
  "nextPage": 99,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 4,
  "notes": "The slide uses a 2x3 grid layout to categorize governance failures.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "callout_box",
    "icon_grid",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-62a16d2a2f71/98",
  "deckHref": "/decks/019dd923-622c-750b-8b99-62a16d2a2f71",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-62a16d2a2f71.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-62a16d2a2f71#slide-98",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "As a young, first-time public company CEO, we would assume Dudum should focus his attention on HIMS, yet he remains a part-time VC.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0f1d-76e6-870a-e55671cee1fb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.31,
        "x": 0.35,
        "y": 0.34
      },
      "kind": "list",
      "text": "Personal Use of Company Resources: Personal Loans",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "16134942-f1a6-4ed3-b8a4-24f2fb640d28",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.31,
        "x": 0.02,
        "y": 0.66
      },
      "kind": "list",
      "text": "Selling Stock While Pitching It to New Investors",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3acd5e1e-e7bc-4913-bbaf-bb4eab6428ee",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.31,
        "x": 0.35,
        "y": 0.66
      },
      "kind": "list",
      "text": "Blatant Nepotism: Multiple Relatives at HIMS",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6350c941-2569-490b-b86c-94d78c9a1ffc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.31,
        "x": 0.67,
        "y": 0.66
      },
      "kind": "list",
      "text": "Overly Promotional: Not a Great Leading Indicator",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c6ec6443-c4da-4d0d-9676-da76d7191870",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.31,
        "x": 0.67,
        "y": 0.34
      },
      "kind": "list",
      "text": "Prone to Distraction: Still Moonlighting as JV VC",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "dee8aa44-4e8a-47c3-bb0c-89a081f632d1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.31,
        "x": 0.02,
        "y": 0.34
      },
      "kind": "list",
      "text": "Related Party Conflicts: Directs Money to Old VC Firm",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "eed7d632-f35e-4929-a100-eef10ce30b53",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.96,
        "x": 0.02,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "We have multiple concerns beyond just the super-voting dual-class share structure favoring Dudum. As a young, first-time public company CEO, we would assume Dudum should focus his attention on HIMS, yet he remains a part-time VC. More troubling, Dudum has a long history of inviting conflicts of interest with HIMS investors and employees.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "43a61e3b-e23d-4282-8f54-59e2a16b6265",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "For the years ended December 31, 2022, 2021, and 2020, the Company recorded a total of $3.6 million, $3.5 million, and $3.4 million, respectively, for payments made to an affiliated company of Atomic Labs for services performed and costs incurred on behalf of the Company. — HIMS 2022 10-K",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-0f1d-76e6-870a-ebbf10f5c6f3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.35,
        "x": 0.02,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "Source: HIMS 2022 10-K, HIMS 2021 Proxy, HIMS 2021 Proxy",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bb96d605-e14f-47b9-ae9d-1974db8e6588",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.65,
        "x": 0.308,
        "y": 0.05
      },
      "kind": "title",
      "text": "HIMS Has A Broad Range of Governance Issues",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "293d185e-de27-4bd3-a7a4-c52f5ae111c0",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "governance",
      "slug": null,
      "matchId": "0e10b74b-62e9-46d4-b554-28d0ab6ae22a",
      "evidence": "The slide explicitly lists governance issues and conflicts of interest.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 105,
      "from": 15,
      "beatId": "e37982bf-a669-4ff0-9d59-9ad104610c60",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Expose Contradiction",
      "beatSlug": null,
      "evidence": "The document presents numerous contradictions and issues with HIMS' business model, operations, and financials",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}