FIGS, Inc. Files Q3 2024 10-Q Report

TL;DR

FIGS Q3 10-Q filed. Financials and ops update for period ending 9/30/24.

AI Summary

FIGS, Inc. filed its 10-Q for the period ending September 30, 2024. The filing covers the third quarter and the first nine months of the fiscal year. Key financial details and operational updates for this period are presented, though specific dollar amounts for revenue, profit, or losses are not detailed in this header information.

Why It Matters

This filing provides investors and analysts with the latest financial performance and operational status of FIGS, Inc., crucial for understanding the company's trajectory and making informed investment decisions.

Risk Assessment

Risk Level: medium — The risk level is medium as 10-Q filings, while routine, contain detailed financial information that can significantly impact stock price based on performance metrics.

Key Numbers

• 2024-09-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
• 2024-11-07 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)

Key Players & Entities

• FIGS, Inc. (company) — Filer of the 10-Q report
• 20240930 (date) — End of the reporting period
• 20241107 (date) — Filing date
• 0001846576 (company) — Central Index Key for FIGS, Inc.

FAQ

Key Financial Figures

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

Filing Documents

• figs-20240930.htm (10-Q) — 1341KB
• figs-20240930ex311.htm (EX-31.1) — 9KB
• figs-20240930ex312.htm (EX-31.2) — 9KB
• figs-20240930ex321.htm (EX-32.1) — 4KB
• figs-20240930ex322.htm (EX-32.2) — 4KB
• figs-20240930_g1.jpg (GRAPHIC) — 51KB
• 0001628280-24-046367.txt ( ) — 5361KB
• figs-20240930.xsd (EX-101.SCH) — 31KB
• figs-20240930_cal.xml (EX-101.CAL) — 71KB
• figs-20240930_def.xml (EX-101.DEF) — 139KB
• figs-20240930_lab.xml (EX-101.LAB) — 456KB
• figs-20240930_pre.xml (EX-101.PRE) — 303KB
• figs-20240930_htm.xml (XML) — 503KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) Condensed Consolidated 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 11 Notes to Condensed Consolidated Financial Statements 12 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 20 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 32 Item 4.

Controls and Procedures

Controls and Procedures 32 PART II OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 33 Item 1A.

Risk Factors

Risk Factors 34 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 70 Item 3. Defaults Upon Senior Securities 71 Item 4. Mine Safety Disclosures 72 Item 5. Other Information 73 Item 6. Exhibits 74

Signatures

Signatures 75 2 T able 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; the impact of, and future costs related to, our transition to a new fulfillment center; our plans to open additional fulfillment facilities in the future; our transition away from a key third party supplier in Jordan; the impact of conflict in the Middle East on our business; the impact of a future port-worker strike on our business; our plans for the use of artificial intelligence; equity compensation; our share repurchase program; our marketing strategy;

— 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 September 30, 2024 December 31, 2023 Assets (Unaudited) Current assets Cash and cash equivalents $ 124,103 $ 144,173 Short-term investments 157,607 102,522 Accounts receivable 10,499 7,469 Inventory, net 123,396 119,040 Prepaid expenses and other current assets 18,689 12,455 Total current assets 434,294 385,659 Non-current assets Property and equipment, net 35,395 24,864 Operating lease right-of-use assets 52,769 43,059 Deferred tax assets 17,870 18,291 Other assets 2,160 1,336 Total non-current assets 108,194 87,550 Total assets $ 542,488 $ 473,209 Liabilities and stockholders' equity Current liabilities Accounts payable $ 27,399 $ 14,749 Operating lease liabilities 11,849 8,230 Accrued expenses 29,036 7,906 Accrued compensation and benefits 5,407 7,312 Sales tax payable 4,250 3,149 Gift card liability 7,944 8,240 Deferred revenue 3,883 2,160 Returns reserve 4,632 2,989 Income tax payable 345 2,557 Total current liabilities 94,745 57,292 Non-current liabilities Operating lease liabilities, non-current 44,050 38,884 Other non-current liabilities 183 183 Total liabilities $ 138,978 $ 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 September 30, 2024 and December 31, 2023; 161,292,723 and 161,457,403 shares issued and outstanding as of September 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 September 30, 2024 and December 31, 2023; 8,283,641 shares issued and outstanding as of September 30, 2024 and December 31, 2023 — — Preferred stock — par value $ 0.0001 per share, 100,000,000 shares authorized as of September 30, 2024 and December 31, 2023; zero shares issued and outstanding as of Septemb