FIGS, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>FIGS, Inc. has filed its quarterly report (10-Q) for the period ending March 31, 2024, detailing its financial performance and position.</b>

AI Summary

FIGS, Inc. (FIGS) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. FIGS, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's principal executive offices are located in Santa Monica, CA. FIGS, Inc. is incorporated in Delaware. The filing includes detailed financial information for the specified period.

Why It Matters

For investors and stakeholders tracking FIGS, Inc., this filing contains several important signals. This 10-Q filing provides investors and analysts with the latest financial data for FIGS, Inc., enabling them to assess the company's performance and make informed investment decisions. Understanding the financial health and operational details presented in this report is crucial for evaluating the company's trajectory in the apparel industry.

Risk Assessment

Risk Level: medium — FIGS, Inc. shows moderate risk based on this filing. The company's financial performance and future outlook are subject to market conditions and operational execution, as detailed in its SEC filings.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand FIGS, Inc.'s current financial health and strategic direction.

Key Numbers

• 2024-03-31 — Period of Report (Conformed period of report)
• 2024-05-09 — Filing Date (Filed as of date)
• 2024-01-01 — Quarter Start Date (First quarter of fiscal year 2024)
• 2023-03-31 — Prior Year Quarter End (Comparison period)

Key Players & Entities

• FIGS, Inc. (company) — Filer of the 10-Q report
• 2834 COLORADO AVENUE (address) — Business and mailing address
• SANTA MONICA (location) — City for business and mailing address
• CA (location) — State for business and mailing address
• DE (location) — State of incorporation

FAQ

Industry Context

FIGS, Inc. operates in the apparel industry, specifically focusing on healthcare apparel.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial reports.

What Investors Should Do

1. Analyze the revenue and profitability trends for Q1 2024.
2. Examine any disclosed changes in operational costs or business strategies.
3. Assess the company's liquidity and debt position as of March 31, 2024.

Key Dates

• 2024-03-31: Quarter End Date — End of the reporting period for the 10-Q
• 2024-05-09: Filing Date — Date the 10-Q was officially submitted to the SEC

Year-Over-Year Comparison

This is the 10-Q filing for the first quarter of 2024, following the 10-K annual report filed previously.

Key Financial Figures

• $0.0001 — which registered Class A common stock, $0.0001 par value per share FIGS New York Stock

Filing Documents

• figs-20240331.htm (10-Q) — 996KB
• figs-20240331ex311.htm (EX-31.1) — 9KB
• figs-20240331ex312.htm (EX-31.2) — 10KB
• figs-20240331ex321.htm (EX-32.1) — 4KB
• figs-20240331ex322.htm (EX-32.2) — 5KB
• figs-20240331_g1.jpg (GRAPHIC) — 51KB
• 0001628280-24-022258.txt (&nbsp;) — 4502KB
• figs-20240331.xsd (EX-101.SCH) — 30KB
• figs-20240331_cal.xml (EX-101.CAL) — 69KB
• figs-20240331_def.xml (EX-101.DEF) — 127KB
• figs-20240331_lab.xml (EX-101.LAB) — 418KB
• figs-20240331_pre.xml (EX-101.PRE) — 277KB
• figs-20240331_htm.xml (XML) — 383KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) Condensed Balance Sheets 6 Condensed Statements of Operations and Comprehensive Income 7 Condensed Statements of Stockholders' Equity 9 Condensed Statements of Cash Flows 10 Notes to Condensed Financial Statements 11 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 18 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 28 Item 4.

Controls and Procedures

Controls and Procedures 28 PART II OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 29 Item 1A.

Risk Factors

Risk Factors 30 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 65 Item 3. Defaults Upon Senior Securities 66 Item 4. Mine Safety Disclosures 67 Item 5. Other Information 68 Item 6. Exhibits 69

Signatures

Signatures 70 2 Table of Contents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1955, as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q may be forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expect," "plan," "anticipate," "could," "intend," "target," "project," "contemplate," "believe," "estimate," "forecast," "predict," "potential," "strategy," "strive" or "continue" or the negative of these terms or other similar expressions. Forward-looking statements contained in this Quarterly Report on Form 10-Q include, without limitation, statements regarding our future results of operations and financial position; our industry; business and macroeconomic trends; the impact of macroeconomic pressures; our use of ocean and air freight; the fact that we may continue to contend with global supply chain challenges; demand for our products; our expectations regarding the opening and success of retail stores; our plans for evolving our sourcing capabilities and strategically refining our manufacturing base; our fulfillment enhancement project and the impact of and timing for our transition to a new fulfillment center; the impact of conflict in the Middle East on our business; equity compensation; our marketing strategy; competition; market growth; our business strategy; and plans and objectives for future operations. The forward-looking statements in this Quarterly Report on Form 10-Q are only predictions. We have based these forward-looking statements la

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. FIGS, INC. CONDENSED BALANCE SHEETS (In thousands, except share and per share data) As of March 31, 2024 December 31, 2023 Assets (Unaudited) Current assets Cash and cash equivalents $ 155,328 $ 144,173 Short-term investments 103,845 102,522 Accounts receivable 5,413 7,469 Inventory, net 130,466 119,040 Prepaid expenses and other current assets 10,526 12,455 Total current assets 405,578 385,659 Non-current assets Property and equipment, net 28,054 24,864 Operating lease right-of-use assets 57,219 43,059 Deferred tax assets 18,040 18,291 Other assets 2,047 1,336 Total non-current assets 105,360 87,550 Total assets $ 510,938 $ 473,209 Liabilities and stockholders' equity Current liabilities Accounts payable $ 22,216 $ 14,749 Operating lease liabilities 9,233 8,230 Accrued expenses 16,604 7,906 Accrued compensation and benefits 4,329 7,312 Sales tax payable 3,392 3,149 Gift card liability 7,647 8,240 Deferred revenue 1,884 2,160 Returns reserve 2,707 2,989 Income tax payable 3,813 2,557 Total current liabilities 71,825 57,292 Non-current liabilities Operating lease liabilities, non-current 49,055 38,884 Other non-current liabilities 183 183 Total liabilities $ 121,063 $ 96,359 Commitments and contingencies (Note 9) Stockholders' equity Class A Common stock — par value $ 0.0001 per share, 1,000,000,000 shares authorized as of March 31, 2024 and December 31, 2023; 161,801,871 and 161,457,403 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively 16 16 Class B Common stock — par value $ 0.0001 per share, 150,000,000 shares authorized as of March 31, 2024 and December 31, 2023; 8,283,641 shares issued and outstanding as of March 31, 2024 and December 31, 2023 — — Preferred stock — par value $ 0.0001 per share, 100,000,000 shares authorized as of March 31, 2024 and December 31, 2023; zero shares issued and outstanding as of March 31, 2024 and December 31, 2023 — — A