FIGS, Inc. Files Q2 2024 10-Q Report

Ticker: FIGS · Form: 10-Q · Filed: 2024-08-08T00:00:00.000Z

Sentiment: neutral

Topics: 10-Q, financials, quarterly-report

TL;DR

FIGS Q2 10-Q is in. Check financials for latest performance.

AI Summary

FIGS, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and position. Key financial data points such as revenue, net income, and cash flow from operations for the quarter and year-to-date periods are presented. The report also includes information on the company's assets, liabilities, and equity as of June 30, 2024, and December 31, 2023.

Why It Matters

This 10-Q filing provides investors and analysts with the latest financial performance data for FIGS, Inc., crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: medium — 10-Q filings are standard financial reports, but the specific financial performance and disclosures within can indicate varying levels of risk.

Key Numbers

Key Players & Entities

FAQ

What were FIGS, Inc.'s total assets as of June 30, 2024?

The filing indicates that FIGS, Inc.'s total assets were $498,749,000 as of June 30, 2024.

What was the net income for FIGS, Inc. for the three months ended June 30, 2024?

For the three months ended June 30, 2024, FIGS, Inc. reported a net income of $10,770,000.

How much cash and cash equivalents did FIGS, Inc. have at the end of the reporting period?

As of June 30, 2024, FIGS, Inc. had $186,917,000 in cash and cash equivalents.

What were the total liabilities for FIGS, Inc. on December 31, 2023?

FIGS, Inc. reported total liabilities of $174,980,000 as of December 31, 2023.

What is the fiscal year end for FIGS, Inc.?

The fiscal year end for FIGS, Inc. is December 31.

Filing Stats: 4,658 words · 19 min read · ~16 pages · Grade level 16.8 · Accepted 2024-08-08 16:16:36

Key Financial Figures

Filing Documents

Financial Statements (Unaudited)

Financial Statements (Unaudited) Condensed Consolida ted Balance Sheets 6 Condensed Consolidated Statements of Operations and Comprehensive Income 7 Condensed Consolidated Statements of Stockholders' Equity 9 Condensed Consolidated Statements of Cash Flows 10 Notes to Condensed Consolidated 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 31 Item 4.

Controls and Procedures

Controls and Procedures 31 PART II OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 32 Item 1A.

Risk Factors

Risk Factors 33 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 68 Item 3. Defaults Upon Senior Securities 70 Item 4. Mine Safety Disclosures 71 Item 5. Other Information 72 Item 6. Exhibits 73

Signatures

Signatures 74 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 impact of and expectations related to 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; our plans to open additional fulfillment facilities in the future; our intended transition away from a key third party supplier in Jordan; the impact of conflict in the Middle East on our business; equity compensation; our share repurchase program; our marketing strategy; competition; market growth; our business strategy; and plans and objectives

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. FIGS, INC. CONDENSED CONSOLIDATED 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 investments 136,719 102,522 Accounts receivable 12,719 7,469 Inventory, net 119,294 119,040 Prepaid expenses and other current assets 16,697 12,455 Total current assets 417,240 385,659 Non-current assets Property and equipment, net 35,266 24,864 Operating lease right-of-use assets 55,003 43,059 Deferred tax assets 16,300 18,291 Other assets 2,214 1,336 Total non-current assets 108,783 87,550 Total assets $ 526,023 $ 473,209 Liabilities and stockholders' equity Current liabilities Accounts payable $ 19,910 $ 14,749 Operating lease liabilities 11,749 8,230 Accrued expenses 21,610 7,906 Accrued compensation and benefits 4,104 7,312 Sales tax payable 3,217 3,149 Gift card liability 8,034 8,240 Deferred revenue 2,825 2,160 Returns reserve 3,514 2,989 Income tax payable 1,640 2,557 Total current liabilities 76,603 57,292 Non-current liabilities Operating lease liabilities, non-current 47,532 38,884 Other non-current liabilities 183 183 Total liabilities $ 124,318 $ 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 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, respectively 16 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

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