0001846576FALSE00018465762024-08-082024-08-08

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 8, 2024

FIGS, Inc.
(Exact name of Registrant as Specified in Its Charter)
Delaware001-4044846-2005653
(State or Other Jurisdiction
of Incorporation)
(Commission File Number)
(IRS Employer
Identification No.)
     
2834 Colorado Avenue, Suite 100
 
Santa Monica, California
 90404
(Address of Principal Executive Offices) (Zip Code)
Registrant’s Telephone Number, Including Area Code: (424) 300-8330
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A common stock, $0.0001 par value per shareFIGSNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐


Item 2.02 Results of Operations and Financial Condition.
On August 8, 2024, FIGS, Inc. (the “Company”) announced its financial results for the three and six months ended June 30, 2024. The full text of the press release issued in connection with the announcement is furnished as Exhibit 99.1 to this Current Report on Form 8-K (this “Report”).
Item 7.01 Regulation FD Disclosure.
Financial Highlights Presentation
On August 8, 2024, the Company posted a financial highlights presentation to the “Investor Relations” portion of its website at ir.wearfigs.com/financials/quarterly-results.
Share Repurchase Authorization

On August 8, 2024, the Company issued a press release announcing that its Board of Directors (the “Board”) has authorized a share repurchase program for up to $50.0 million of the Company’s outstanding Class A common stock, with no expiration date. Repurchases under the share repurchase program may be made from time to time through, without limitation, open market purchases or through privately negotiated transactions and/or structured repurchase agreements with third parties, block purchases or derivative contracts, and/or pursuant to Rule 10b5-1 trading plans, subject to market conditions, applicable securities laws and other legal requirements and relevant factors. Open market repurchases will be structured to occur in accordance with applicable federal securities law, including within the pricing and volume requirements of Rule 10b-18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The share repurchase program does not obligate the Company to acquire any particular amount of Class A common stock, and may be modified, suspended or terminated at any time, without prior notice. The timing, manner, price and amount of any repurchases will be determined at the Company’s discretion, subject to business, economic and market conditions and other factors. Repurchases under the program are expected to be funded from existing cash and cash equivalents. The full text of the press release announcing the share repurchase program is furnished as Exhibit 99.1 to this Report.
The information in Items 2.02 and 7.01 of this Report (including Exhibit 99.1 attached hereto) shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly provided by specific reference in such a filing.
Forward Looking Statements
This Report contains various forward-looking statements about the Company within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, that are based on current management expectations, and which involve substantial risks and uncertainties that could cause actual results to differ materially from the results expressed in, or implied by, such forward-looking statements. All statements contained in this Report that do not relate to matters of historical fact should be considered forward-looking. These forward-looking statements generally are identified by the words “anticipate”, “believe”, “contemplate”, “continue”, “could”, “estimate”, “expect”, “forecast”, “future”, “intend”, “may”, “might”, “opportunity”, “outlook”, “plan”, “possible”, “potential”, “predict”, “project,” “should”, “strategy”, “strive”, “target”, “will” or “would”, the negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. These forward-looking statements address various matters, including the Company’s share repurchase program, all of which reflect the Company’s expectations based upon currently available information and data. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, the Company’s actual results, performance or achievements may differ materially from those expressed or implied by the forward-looking statements, and you are cautioned not to place undue reliance on these forward-looking statements. The following important factors and uncertainties, among others, could cause actual results, performance or achievements to differ materially from those described in these forward-looking statements: the Company’s ability to maintain its historical growth; the Company’s ability to maintain profitability; the Company’s ability to maintain the value and reputation of its brand; the Company’s ability to attract new customers, retain existing customers, and to maintain or increase sales to those customers; the success of the Company’s marketing efforts; the Company’s ability to maintain a strong community of engaged customers and Ambassadors; negative publicity related to the Company’s marketing efforts or use of social media; the Company’s ability to successfully develop and introduce new, innovative and updated products; the competitiveness of the market for healthcare apparel; the Company’s ability to maintain its key employees; the Company’s ability to attract and retain highly skilled team members; risks associated with


expansion into, and conducting business in, international markets; changes in, or disruptions to, the Company’s shipping arrangements; the successful operation of the Company’s distribution and warehouse management systems; the Company’s ability to accurately forecast customer demand, manage its inventory, and plan for future expenses; the impact of changes in consumer confidence, shopping behavior and consumer spending on demand for the Company’s products; the impact of macroeconomic trends on the Company’s operations; the Company’s reliance on a limited number of third-party suppliers; the fluctuating costs of raw materials; the Company’s failure to protect proprietary, confidential or sensitive information or personal customer data, or risks of cyberattacks; the Company’s failure to protect its intellectual property rights; the fact that the operations of many of the Company’s suppliers and vendors are subject to additional risks that are beyond its control; and other risks, uncertainties, and factors discussed in the “Risk Factors” section of the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 to be filed with the Securities and Exchange Commission (“SEC”), the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on February 28, 2024, and the Company’s other periodic filings with the SEC. The forward-looking statements in this Report speak only as of the time made and the Company does not undertake to update or revise them to reflect future events or circumstances.


Item 9.01 Financial Statements and Exhibits.
(d) Exhibits

Exhibit No.Description
99.1*
104Cover Page Interactive Data File (embedded within the Inline XBRL document)
*
This exhibit related to Item 2.02 shall be deemed to be furnished, and not filed.





SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
  FIGS, INC. 
Date:
August 8, 2024
By:
/s/ Kevin Fosty
  Name:
Kevin Fosty
  Title:
Interim Chief Financial Officer


logo2.jpg
FIGS Releases Second Quarter 2024 Financial Results
Exceeded Q2 2024 Outlook; Announcing $50 Million Share Repurchase Authorization

SANTA MONICA, Calif., August 8, 2024 — FIGS, Inc. (NYSE: FIGS) (the “Company”), the global leading healthcare apparel brand dedicated to improving the lives of healthcare professionals, today released its second quarter 2024 financial results and published a financial highlights presentation on its investor relations website at ir.wearfigs.com/financials/quarterly-results.
Second Quarter 2024 Financial Highlights

•Net revenues(1) were $144.2 million, an increase of 4.4% year over year, due to an increase in orders from existing customers, partially offset by a decrease in average order value (“AOV”).(2)
•Gross margin was 67.4%, a decrease of 2.1% year over year, primarily from product mix shift related to outperformance of limited edition scrubwear and limited edition non-scrubwear.
•Operating expenses were $95.7 million, an increase of 7.0% year over year. As a percentage of net revenues, operating expenses increased to 66.4% from 64.7% primarily due to higher selling and marketing expenses, including transitory expenses associated with the transition to our new fulfillment center, offset by lower general and administrative expenses primarily due to lower stock-based compensation expense.
•Net income and Net income, as adjusted(3) were $1.1 million (or $0.01 in diluted earnings per share), a decrease of $3.5 million year over year as compared to net income and net income, as adjusted(3) in the same period last year.
•Net income margin(4) was 0.8%, as compared to 3.4% in the same period last year.
•Adjusted EBITDA(3) was $12.9 million, a decrease of $6.0 million year over year.
•Adjusted EBITDA margin(3)(4) was 9.0%, as compared to 13.7% in the same period last year.

Key Operating Metrics
•Active customers(2) as of June 30, 2024 increased 6.1% year over year to 2.6 million.
•Net revenues per active customer(2)(5) were $210, a decrease of 2.3% year over year.
•AOV(2)(5) was $113, a decrease of 1.7% year over year primarily driven by the accounting reclassification between net revenues and selling expense related to duty subsidies for international customers.
“Our strong second quarter performance shows that our investments are paying off,” said Trina Spear, Chief Executive Officer and Co-Founder. “Both net revenues and adjusted EBITDA margin(3) exceeded our outlook, and we saw continued momentum in the business, including a positive year-over-year repeat frequency trend. Our strategy of combining pioneering product innovation with powerful top of funnel marketing is resonating. We look forward to continuing our momentum into the second half of the year, spurred by the biggest and most exciting campaign we have ever done – our first-of-its-kind partnership outfitting the Team USA Medical Team.”
$50 Million Share Repurchase Authorization
The Company’s Board of Directors has authorized a share repurchase program for up to $50.0 million of the Company’s outstanding Class A common stock, with no expiration date.



“Our strong financial profile and long-term business outlook give us the confidence to evolve our capital allocation strategy,” said Ms. Spear. “We believe we have sufficient liquidity and cash flow generation to both invest internally for growth and also return value to our shareholders through a share repurchase program.”

Under the program, the Company may repurchase shares in the open market, through privately negotiated transactions, by entering into structured repurchase agreements with third parties, by making block purchases, entering into derivatives contracts and/or pursuant to Rule 10b5-1 trading plans, subject to market conditions, applicable securities laws and other legal requirements and relevant factors. The Company is not obligated to repurchase any specific number of shares and the program may be modified, suspended or terminated at any time, without prior notice. The timing, manner, price and amount of any repurchases will be determined at the Company’s discretion, subject to business, economic and market conditions and other factors.

Financial Outlook
For Full-Year 2024, the Company now expects:
Net Revenues versus 2023
Flat to 2% Growth
Adjusted EBITDA Margin(3)(6)
9.5% - 10%
(1) Second quarter 2024 net revenues results reflect $1.8 million in international duty subsidies recorded as contra revenue, whereas international duty subsidies were recorded in selling expense in second quarter 2023. As a result, year over year net revenues growth was negatively impacted by 1.3 percentage points.
(2) “Active customers,” “net revenues per active customer” and “average order value” are key operational and business metrics that are important to understanding the Company’s performance. Please see the sections titled “Non-GAAP Financial Measures and Key Operating Metrics” and “Key Operating Metrics” below for information regarding how the Company calculates its key operational and business metrics and for comparisons of active customers, net revenues per active customer and average order value to the prior year period.
(3) “Net income, as adjusted,” “adjusted EBITDA” and “adjusted EBITDA margin” are non-GAAP financial measures. Please see the sections titled “Non-GAAP Financial Measures and Key Operating Metrics” and “Reconciliations of GAAP to Non-GAAP Measures” below for more information regarding the Company’s use of non-GAAP financial measures and reconciliations to the most directly comparable GAAP measures.
(4) “Net income margin” and “adjusted EBITDA margin” are calculated by dividing net income and adjusted EBITDA by net revenues, respectively.
(5) Net revenues per active customer and AOV results for the second quarter 2024 each reflect international duty subsidies recorded as contra revenue, which were not reflected in the results for these metrics for second quarter 2023. As a result, year over year growth in each of these metrics was negatively impacted by approximately 1 percentage point.
(6) The Company has not provided a quantitative reconciliation of its adjusted EBITDA margin outlook to a GAAP net income margin outlook because it is unable, without making unreasonable efforts, to project certain reconciling items. These items include, but are not limited to, future stock-based compensation expense, income taxes, expenses related to non-ordinary course disputes, and transaction costs. These items are inherently variable and uncertain and depend on various factors, some of which are outside of the Company’s control or ability to predict. For more information regarding the Company’s use of non-GAAP financial measures, please see the section titled “Non-GAAP Financial Measures and Key Operating Metrics.”
Conference Call Details
FIGS management will host a conference call and webcast today at 2:00 p.m. PT / 5:00 p.m. ET to discuss the Company’s financial and business results and outlook. To participate, please dial 1-833-470-1428 (US) or +1-404-975-4839 (International) and the conference ID 061510. The call is also accessible via webcast at ir.wearfigs.com. A recording will be available shortly after the conclusion of the call until 11:59 p.m. ET on August 15, 2024. To access the replay, please dial 1-866-813-9403 (US) or +1-929-458-6194 (International) and the conference ID 632451. An archive of the webcast will be available on FIGS’ investor relations website at ir.wearfigs.com.
Non-GAAP Financial Measures and Key Operating Metrics


In addition to the GAAP financial measures set forth in this press release, the Company has included non-GAAP financial measures within the meaning of Regulation G and Item 10(e) of Regulation S-K. The Company uses “net income, as adjusted,” “diluted earnings per share, as adjusted,” “adjusted EBITDA” and “adjusted EBITDA margin” to provide useful supplemental measures that assist in evaluating its ability to generate earnings, provide consistency and comparability with its past financial performance and facilitate period-to-period comparisons of its core operating results as well as the results of its peer companies. The Company uses “free cash flow” as a useful supplemental measure of liquidity and as an additional basis for assessing its ability to generate cash. The Company calculates “net income, as adjusted,” as net income adjusted to exclude transaction costs, expenses related to non-ordinary course disputes, other than temporary impairment of held-to-maturity investments, stock-based compensation, including expense related to award modifications, accelerated performance awards and associated payroll taxes and costs, ambassador grants in connection with its initial public offering, and expense resulting from the retirement of a former CFO of the Company, and the income tax impact of these adjustments. The Company calculates “diluted earnings per share, as adjusted” as net income, as adjusted divided by diluted shares outstanding. The Company calculates “adjusted EBITDA” as net income adjusted to exclude: other income (loss), net; gain/loss on disposal of assets; provision for income taxes; depreciation and amortization expense; stock-based compensation and related expense; transaction costs; and expenses related to non-ordinary course disputes. The Company calculates “adjusted EBITDA margin” by dividing adjusted EBITDA by net revenues. The Company calculates “free cash flow” as net cash (used in) provided by operating activities reduced by capital expenditures, including purchases of property and equipment and capitalized software development costs.
Reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures are included below under the heading “Reconciliations of GAAP to Non-GAAP Measures.”
The Company has also included herein “active customers,” “net revenues per active customer” and “average order value,” which are key operational and business metrics that are important to understanding Company performance. The Company believes the number of active customers is an important indicator of growth as it reflects the reach of the Company’s digital platform, brand awareness and overall value proposition. The Company defines an active customer as a unique customer account that has made at least one purchase in the preceding 12-month period. In any particular period, the Company determines the number of active customers by counting the total number of customers who have made at least one purchase in the preceding 12-month period, measured from the last date of such period. The Company believes measuring net revenues per active customer is important to understanding engagement and retention of customers, and as such, the value proposition for its customer base. The Company defines net revenues per active customer as the sum of total net revenues in the preceding 12-month period divided by the current period active customers. The Company defines average order value as the sum of the total net revenues in a given period divided by the total orders placed in that period. Total orders are the summation of all completed individual purchase transactions in a given period. The Company believes its relatively high average order value demonstrates the premium nature of its products. As the Company expands into and increases its presence in additional product categories, price points and international markets, average order value may fluctuate.
Active customers as of June 30, 2024 and 2023, respectively, net revenues per active customer as of June 30, 2024 and 2023, respectively, and average order value for the three and six months ended June 30, 2024 and 2023, respectively, are presented below under the heading “Key Operating Metrics.”
About FIGS
FIGS is a founder-led, direct-to-consumer healthcare apparel and lifestyle brand that seeks to celebrate, empower, and serve current and future generations of healthcare professionals. We create technically advanced apparel and products that feature an unmatched combination of comfort, durability, function, and style. We share stories about healthcare professionals’ experiences in ways that inspire them. We build meaningful connections within the healthcare community that we created. Above all, we seek to make an impact for our community, including by advocating for them and always having their backs.
We serve healthcare professionals in numerous countries in North America, Europe, the Asia Pacific region and the Middle East. We also serve healthcare institutions through our TEAMS platform.


Forward Looking Statements
This press release contains various forward-looking statements about the Company within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, that are based on current management expectations, and which involve substantial risks and uncertainties that could cause actual results to differ materially from the results expressed in, or implied by, such forward-looking statements. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking. These forward-looking statements generally are identified by the words “anticipate”, “believe”, “contemplate”, “continue”, “could”, “estimate”, “expect”, “forecast”, “future”, “intend”, “may”, “might”, “opportunity”, “outlook”, “plan”, “possible”, “potential”, “predict”, “project,” “should”, “strategy”, “strive”, “target”, “will” or “would”, the negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. These forward-looking statements address various matters, including the Company’s strategy of combining product innovation with top of funnel marketing; the Company’s expectation of sustaining its momentum into the second half of the year; the Company’s Olympics campaign; the Company’s share repurchase program and growth and capital return plans; and the Company’s outlook as to net revenues growth and adjusted EBITDA margin for the full year ending December 31, 2024; all of which reflect the Company’s expectations based upon currently available information and data. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, the Company’s actual results, performance or achievements may differ materially from those expressed or implied by the forward-looking statements, and you are cautioned not to place undue reliance on these forward-looking statements. The following important factors and uncertainties, among others, could cause actual results, performance or achievements to differ materially from those described in these forward-looking statements: the Company’s ability to maintain its historical growth; the Company’s ability to maintain profitability; the Company’s ability to maintain the value and reputation of its brand; the Company’s ability to attract new customers, retain existing customers, and to maintain or increase sales to those customers; the success of the Company’s marketing efforts; the Company’s ability to maintain a strong community of engaged customers and Ambassadors; negative publicity related to the Company’s marketing efforts or use of social media; the Company’s ability to successfully develop and introduce new, innovative and updated products; the competitiveness of the market for healthcare apparel; the Company’s ability to maintain its key employees; the Company’s ability to attract and retain highly skilled team members; risks associated with expansion into, and conducting business in, international markets; changes in, or disruptions to, the Company’s shipping arrangements; the successful operation of the Company’s distribution and warehouse management systems; the Company’s ability to accurately forecast customer demand, manage its inventory, and plan for future expenses; the impact of changes in consumer confidence, shopping behavior and consumer spending on demand for the Company’s products; the impact of macroeconomic trends on the Company’s operations; the Company’s reliance on a limited number of third-party suppliers; the fluctuating costs of raw materials; the Company’s failure to protect proprietary, confidential or sensitive information or personal customer data, or risks of cyberattacks; the Company’s failure to protect its intellectual property rights; the fact that the operations of many of the Company’s suppliers and vendors are subject to additional risks that are beyond its control; and other risks, uncertainties, and factors discussed in the “Risk Factors” section of the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 to be filed with the Securities and Exchange Commission (“SEC”), the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on February 28, 2024, and the Company’s other periodic filings with the SEC. The forward-looking statements in this press release speak only as of the time made and the Company does not undertake to update or revise them to reflect future events or circumstances.


FIGS, INC.
BALANCE SHEETS
(In thousands, except share and per share data)
As of
June 30,
2024		December 31,
2023
Assets(Unaudited)
Current assets
Cash and cash equivalents$131,811 $144,173 
Short-term investments136,719 102,522 
Accounts receivable12,719 7,469 
Inventory, net119,294 119,040 
Prepaid expenses and other current assets16,697 12,455 
Total current assets417,240 385,659 
Non-current assets
Property and equipment, net35,266 24,864 
Operating lease right-of-use assets55,003 43,059 
Deferred tax assets16,300 18,291 
Other assets2,214 1,336 
Total non-current assets108,783 87,550 
Total assets$526,023 $473,209 
Liabilities and stockholders’ equity
Current liabilities
Accounts payable$19,910 $14,749 
Operating lease liabilities11,749 8,230 
Accrued expenses21,610 7,906 
Accrued compensation and benefits4,104 7,312 
Sales tax payable3,217 3,149 
Gift card liability8,034 8,240 
Deferred revenue2,825 2,160 
Returns reserve3,514 2,989 
Income tax payable1,640 2,557 
Total current liabilities76,603 57,292 
Non-current liabilities
Operating lease liabilities, non-current47,532 38,884 
Other non-current liabilities183 183 
Total liabilities$124,318 $96,359 
Commitments and contingencies
Stockholders’ equity
Class A Common stock — par value $0.0001 per share, 1,000,000,000 shares authorized as of June 30, 2024 and December 31, 2023; 162,392,991 and 161,457,403 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively16 16 
Class B Common stock — par value $0.0001 per share, 150,000,000 shares authorized as of June 30, 2024 and December 31, 2023; 8,283,641 shares issued and outstanding as of June 30, 2024 and December 31, 2023— — 
Preferred stock — par value $0.0001 per share, 100,000,000 shares authorized as of June 30, 2024 and December 31, 2023; zero shares issued and outstanding as of June 30, 2024 and December 31, 2023— — 
Additional paid-in capital337,447 315,075 
Accumulated other comprehensive income (loss)(47)5 
Retained earnings64,289 61,754 
Total stockholders’ equity401,705 376,850 
Total liabilities and stockholders’ equity$526,023 $473,209 


FIGS, INC.
STATEMENTS OF OPERATIONS
(In thousands, except share and per share data)
(Unaudited)
Three months ended June 30,Six months ended June 30,
2024202320242023
Net revenues$144,225 $138,132 $263,518 $258,364 
Cost of goods sold46,961 42,098 84,118 76,654 
Gross profit97,264 96,034 179,400 181,710 
Operating expenses
Selling36,934 33,739 65,393 64,896 
Marketing23,003 20,889 40,248 37,953 
General and administrative35,774 34,840 71,763 68,997 
Total operating expenses95,711 89,468 177,404 171,846 
Net income from operations1,553 6,566 1,996 9,864 
Other income, net
Interest income 2,830 1,521 5,677 2,593 
Other expense— (4)(10)(5)
Total other income, net2,830 1,517 5,667 2,588 
Net income before provision for income taxes4,383 8,083 7,663 12,452 
Provision for income taxes3,283 3,501 5,128 5,961 
Net income$1,100 $4,582 $2,535 $6,491 
Earnings attributable to Class A and Class B common stockholders
Basic earnings per share$0.01 $0.03 $0.01 $0.04 
Diluted earnings per share$0.01 $0.02 $0.01 $0.04 
Weighted-average shares outstanding—basic170,393,480 167,423,656 170,158,479 167,100,292 
Weighted-average shares outstanding—diluted179,688,524 183,332,560 180,195,183 183,094,950 


FIGS, INC.
STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Six months ended
June 30,
20242023
Cash flows from operating activities:
Net income$2,535 $6,491 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense1,963 1,372 
Deferred income taxes1,991 (984)
Non-cash operating lease cost3,977 1,364 
Stock-based compensation22,108 22,309 
Accretion of discount on available-for-sale securities(2,723)(260)
Changes in operating assets and liabilities:
Accrued interest(231)— 
Accounts receivable(5,250)597 
Inventory(254)10,170 
Prepaid expenses and other current assets(5,973)2,034 
Other assets(878)(1)
Accounts payable4,679 (9,100)
Accrued expenses11,310 (8,181)
Accrued compensation and benefits(3,208)951 
Sales tax payable68 (421)
Gift card liability(206)508 
Deferred revenue665 (2,009)
Returns reserve525 (144)
Income tax payable(917)3,290 
Operating lease liabilities(2,023)(1,466)
Net cash provided by operating activities28,158 26,520 
Cash flows from investing activities:
Purchases of property and equipment(9,489)(1,613)
Purchases of available-for-sale securities(137,850)(38,343)
Maturities of available-for-sale securities106,555 — 
Net cash used in investing activities(40,784)(39,956)
Cash flows from financing activities:
Proceeds from stock option exercises and employee stock purchases264 637 
Tax payments related to net share settlements on restricted stock units— (246)
Net cash provided by financing activities264 391 
Net change in cash and cash equivalents(12,362)(13,045)
Cash and cash equivalents, beginning of period144,173 159,775 
Cash and cash equivalents, end of period$131,811 $146,730 


FIGS, INC.
RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES
(Unaudited)
The following table presents a reconciliation of net income, as adjusted to net income, which is the most directly comparable financial measure calculated in accordance with GAAP, and presents diluted earnings per share (“EPS”), as adjusted with diluted EPS:
 Three months ended
June 30,		Six months ended
June 30,
 2024202320242023
(in thousands, except share and per share amounts)
Net income$1,100 $4,581 $2,535 $6,490 
Add (deduct):
Expenses related to non-ordinary course disputes(1)
— — — 1,256 
Income tax impacts of items above— — — (707)
Net income, as adjusted$1,100 $4,581 $2,535 $7,039 
Diluted EPS$0.01 $0.02 $0.01 $0.04 
Diluted EPS, as adjusted$0.01 $0.02 $0.01 $0.04 
Weighted-average shares used to compute Diluted EPS and Diluted EPS, as adjusted179,688,524183,332,560180,195,183183,094,950
(1) Exclusively represents attorney's fees, costs and expenses incurred by the Company in connection with the Company’s now-concluded litigation against Strategic Partners, Inc.
The following table presents a reconciliation of adjusted EBITDA to net income, which is the most directly comparable financial measure calculated in accordance with GAAP, and presents adjusted EBITDA margin with net income margin, which is the most directly comparable financial measure calculated in accordance with GAAP:

Three months ended
June 30,		Six months ended
June 30,
2024202320242023
(in thousands, except margin)
Net income$1,100 $4,581 $2,535 $6,490 
Add (deduct):
Other income, net(2,830)(1,517)(5,667)(2,588)
Provision for income taxes3,283 3,501 5,128 5,961 
Depreciation and amortization expense(1)
1,113 713 1,963 1,372 
Stock-based compensation and related expense(2)
10,266 11,618 21,963 22,482 
Expenses related to non-ordinary course disputes(3)
— — — 1,256 
Adjusted EBITDA$12,932 $18,896 $25,922 $34,973 
Net revenues$144,225 $138,132 $263,518 $258,364 
Net income margin(4)
0.8 %3.4 %1.0 %2.5 %
Adjusted EBITDA margin9.0 %13.7 %9.8 %13.5 %
(1) Excludes amortization of debt issuance costs included in “Other income, net.”
(2) Includes stock-based compensation expense, payroll taxes, and costs related to equity award activity.
(3) Exclusively represents attorney's fees, costs and expenses incurred by the Company in connection with the Company’s now-concluded litigation against Strategic Partners, Inc.
(4) Net income margin represents net income as a percentage of net revenues.






The following table presents a reconciliation of free cash flow to net cash provided by operating activities, which is the most directly comparable financial measure calculated in accordance with GAAP:

Six months ended
June 30,
20242023
(in thousands)
Net cash provided by operating activities$28,158 $26,520 
Less: capital expenditures(9,489)(1,613)
Free cash flow$18,669 $24,907 


FIGS, INC.
KEY OPERATING METRICS
(Unaudited)

Active customers as of June 30, 2024 and 2023, respectively, net revenues per active customer as of June 30, 2024 and 2023, respectively, and average order value for the three and six months ended June 30, 2024 and 2023, respectively, are presented in the following tables:
As of June 30,
20242023
(in thousands)
Active customers2,6282,476
As of June 30,
20242023
Net revenues per active customer$210 $215 
Three months ended
June 30,		Six months ended
June 30,
2024202320242023
Average order value$113 $115 $115 $115 


Contacts

Investors:
IR@wearfigs.com

Media:
press@wearfigs.com

v3.24.2.u1
Cover Page
Aug. 08, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Aug. 08, 2024
Entity Registrant Name FIGS, Inc.
Entity Incorporation, State or Country Code DE
Entity File Number 001-40448
Entity Tax Identification Number 46-2005653
Entity Address, Address Line One 2834 Colorado Avenue
Entity Address, Address Line Two Suite 100
Entity Address, City or Town Santa Monica
Entity Address, State or Province CA
Entity Address, Postal Zip Code 90404
City Area Code (424)
Local Phone Number 300-8330
Title of 12(b) Security Class A common stock, $0.0001 par value per share
Trading Symbol FIGS
Security Exchange Name NYSE
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0001846576
Amendment Flag false
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