$FIGS
FIGS, Inc.

2022 Q1 Form 10-Q Financial Statement

#000095017022009721 Filed on May 12, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q4 2021 Q1
Revenue $110.1M $128.7M $87.08M
YoY Change 26.44% 42.69% 172.4%
Cost Of Revenue $31.67M $38.70M $24.72M
YoY Change 28.12% 48.07% 222.91%
Gross Profit $78.43M $90.00M $62.36M
YoY Change 25.77% 40.5% 156.5%
Gross Profit Margin 71.24% 69.93% 71.61%
Selling, General & Admin $64.69M $73.57M $46.30M
YoY Change 39.71% 43.44% 128.35%
% of Gross Profit 82.47% 81.74% 74.25%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $400.0K $403.0K $300.0K
YoY Change 33.33% 37.61%
% of Gross Profit 0.51% 0.45% 0.48%
Operating Expenses $64.69M $73.57M $46.30M
YoY Change 39.71% 43.44% 128.35%
Operating Profit $13.75M $16.43M $16.06M
YoY Change -14.41% 28.68% 297.92%
Interest Expense $9.000K -$63.00K -$36.00K
YoY Change -125.0% -887.5% -136.73%
% of Operating Profit 0.07% -0.38% -0.22%
Other Income/Expense, Net $1.000K -$60.00K $2.000K
YoY Change -50.0%
Pretax Income $13.75M $16.31M $16.02M
YoY Change -14.16% 27.64% 287.57%
Income Tax $4.900M $3.715M $4.600M
% Of Pretax Income 35.63% 22.78% 28.71%
Net Earnings $8.899M $12.60M $11.44M
YoY Change -22.21% 3.88% 176.73%
Net Earnings / Revenue 8.08% 9.79% 13.14%
Basic Earnings Per Share $0.05 $0.07
Diluted Earnings Per Share $0.05 $76.88K $0.07
COMMON SHARES
Basic Shares Outstanding 164.4M 154.5M
Diluted Shares Outstanding 193.4M 168.0M

Balance Sheet

Concept 2022 Q1 2021 Q4 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $189.4M $195.4M $73.84M
YoY Change 156.51%
Cash & Equivalents $189.4M $195.4M $73.84M
Short-Term Investments
Other Short-Term Assets $11.26M $9.456M $3.762M
YoY Change 199.23%
Inventory $102.8M $86.07M $65.17M
Prepaid Expenses $9.093M $5.440M
Receivables $2.910M $1.653M $3.549M
Other Receivables $0.00 $788.0K $0.00
Total Short-Term Assets $306.3M $293.3M $146.3M
YoY Change 109.36% 143.81%
LONG-TERM ASSETS
Property, Plant & Equipment $7.719M $7.613M $6.582M
YoY Change 17.27% 16.6%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $745.0K $560.0K $8.340M
YoY Change -91.07% 10.67%
Total Long-Term Assets $36.36M $18.41M $14.92M
YoY Change 143.65% 35.96%
TOTAL ASSETS
Total Short-Term Assets $306.3M $293.3M $146.3M
Total Long-Term Assets $36.36M $18.41M $14.92M
Total Assets $342.7M $311.8M $161.2M
YoY Change 112.53% 132.9%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $17.01M $14.60M $16.05M
YoY Change 5.97% 22.06%
Accrued Expenses $24.20M $24.68M $20.83M
YoY Change 16.16% 269.31%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $61.18M $62.39M $43.35M
YoY Change 41.12% 91.87%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $243.0K $243.0K $3.633M
YoY Change -93.31%
Total Long-Term Liabilities $243.0K $243.0K $3.633M
YoY Change -93.31%
TOTAL LIABILITIES
Total Short-Term Liabilities $61.18M $62.39M $43.35M
Total Long-Term Liabilities $243.0K $243.0K $3.633M
Total Liabilities $79.39M $66.18M $46.99M
YoY Change 68.97% 82.92%
SHAREHOLDERS EQUITY
Retained Earnings $26.83M $17.93M
YoY Change -34.77%
Common Stock $236.5M $227.6M
YoY Change 224.3%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $263.3M $245.6M $114.3M
YoY Change
Total Liabilities & Shareholders Equity $342.7M $311.8M $161.2M
YoY Change 112.53% 132.9%

Cashflow Statement

Concept 2022 Q1 2021 Q4 2021 Q1
OPERATING ACTIVITIES
Net Income $8.899M $12.60M $11.44M
YoY Change -22.21% 3.88% 176.73%
Depreciation, Depletion And Amortization $400.0K $403.0K $300.0K
YoY Change 33.33% 37.61%
Cash From Operating Activities -$8.017M $13.93M $16.11M
YoY Change -149.77% -2062.12%
INVESTING ACTIVITIES
Capital Expenditures -$364.0K -$704.0K $444.0K
YoY Change -181.98% -145.68%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$364.0K -$704.0K -$528.0K
YoY Change -31.06% -45.68%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 352.0K 247.0K 123.0K
YoY Change 186.18%
NET CHANGE
Cash From Operating Activities -8.017M 13.93M 16.11M
Cash From Investing Activities -364.0K -704.0K -528.0K
Cash From Financing Activities 352.0K 247.0K 123.0K
Net Change In Cash -8.029M 13.48M 15.70M
YoY Change -151.13% -975.85%
FREE CASH FLOW
Cash From Operating Activities -$8.017M $13.93M $16.11M
Capital Expenditures -$364.0K -$704.0K $444.0K
Free Cash Flow -$7.653M $14.64M $15.67M
YoY Change -148.85% 10274.17%

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CY2021Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
123000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-8029000
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
15704000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
197430000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
58133000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
189401000
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
73837000
CY2022Q1 us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
149000
CY2021Q1 us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
73000
CY2022Q1 figs Deferred Offering Costs Included In Accounts Payable And Accrued Expenses
DeferredOfferingCostsIncludedInAccountsPayableAndAccruedExpenses
0
CY2021Q1 figs Deferred Offering Costs Included In Accounts Payable And Accrued Expenses
DeferredOfferingCostsIncludedInAccountsPayableAndAccruedExpenses
1796000
CY2021Q2 us-gaap Stockholders Equity Note Stock Split
StockholdersEquityNoteStockSplit
On May 19, 2021, the Company effected a nine-for-one forward stock split of its issued and outstanding common stock, stock options and restricted stock units.
CY2021Q2 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
9
CY2022Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.1979166666666667;font-family:Times New Roman;margin-bottom:0.0pt;margin-right:1.648%;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(35,31,32,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:6.5pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:5.067%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(35,31,32,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods presented. Significant estimates include, but are not limited to, the valuation of the net realizable value of inventory, reserves for sales returns, allowances for doubtful accounts, stock-based compensation, contingent sales tax liability, and the useful lives and recoverability of long-lived assets. Actual results could differ from those estimates.</span></p>
CY2022Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
189401000
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
195374000
CY2022Q1 us-gaap Restricted Cash
RestrictedCash
0
CY2021Q4 us-gaap Restricted Cash
RestrictedCash
2056000
CY2022Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
189401000
CY2021Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
197430000
CY2022Q1 us-gaap Inventory Write Down
InventoryWriteDown
300000
CY2021 us-gaap Inventory Write Down
InventoryWriteDown
400000
CY2022Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1791000
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1014000
CY2022Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
24200000
CY2022Q1 figs Returns Reserve
ReturnsReserve
2500000
CY2021Q4 figs Returns Reserve
ReturnsReserve
2800000
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
110100000
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
87079000
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
110100000
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
87079000
CY2022Q1 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
141125000
CY2021Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
141104000
CY2022Q1 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2022Q1 us-gaap Fair Value Assets Level2 To Level1 Transfers Amount
FairValueAssetsLevel2ToLevel1TransfersAmount
0
CY2022Q1 us-gaap Fair Value Liabilities Level1 To Level2 Transfers Amount
FairValueLiabilitiesLevel1ToLevel2TransfersAmount
0
CY2022Q1 us-gaap Fair Value Liabilities Level2 To Level1 Transfers Amount
FairValueLiabilitiesLevel2ToLevel1TransfersAmount
0
CY2022Q1 figs Prepaid Inventory Deposits Current
PrepaidInventoryDepositsCurrent
1287000
CY2021Q4 figs Prepaid Inventory Deposits Current
PrepaidInventoryDepositsCurrent
798000
CY2022Q1 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
9093000
CY2021Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
5440000
CY2022Q1 figs Other Prepaid Expenses And Current Assets
OtherPrepaidExpensesAndCurrentAssets
877000
CY2021Q4 figs Other Prepaid Expenses And Current Assets
OtherPrepaidExpensesAndCurrentAssets
1162000
CY2022Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
11257000
CY2021Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
7400000
CY2022Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
10955000
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
10476000
CY2022Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3236000
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2863000
CY2022Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
7719000
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
7613000
CY2022Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
400000
CY2021Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
300000
CY2022Q1 figs Accrued Inventory
AccruedInventory
12048000
CY2021Q4 figs Accrued Inventory
AccruedInventory
16243000
CY2022Q1 figs Accrued Shipping
AccruedShipping
972000
CY2021Q4 figs Accrued Shipping
AccruedShipping
1077000
CY2022Q1 figs Accrued Selling Expenses
AccruedSellingExpenses
5028000
CY2021Q4 figs Accrued Selling Expenses
AccruedSellingExpenses
4832000
CY2022Q1 figs Accrued Legal Expenses
AccruedLegalExpenses
965000
CY2021Q4 figs Accrued Legal Expenses
AccruedLegalExpenses
588000
CY2022Q1 us-gaap Accrued Marketing Costs Current
AccruedMarketingCostsCurrent
3396000
CY2021Q4 us-gaap Accrued Marketing Costs Current
AccruedMarketingCostsCurrent
923000
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
24677000
CY2022Q1 figs Estimate Of Contingent Sales Tax Payable
EstimateOfContingentSalesTaxPayable
1600000
CY2021Q4 figs Estimate Of Contingent Sales Tax Payable
EstimateOfContingentSalesTaxPayable
1600000
CY2022Q1 us-gaap Unrecorded Unconditional Purchase Obligation Balance Sheet Amount
UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount
35800000
CY2022Q1 us-gaap Lessee Operating Lease Description
LesseeOperatingLeaseDescription
The Company has an operating lease agreement for office space with an initial term expiring in 2030 (the “Lease”).
CY2022Q1 figs Lease Expiration Period
LeaseExpirationPeriod
2030
CY2022Q1 us-gaap Lessee Operating Lease Option To Extend
LesseeOperatingLeaseOptionToExtend
The Lease terms provide for an option to extend or terminate the Lease, with extension terms that extend the lease term by five years. The Lease includes escalating rent payment provisions.
CY2022Q1 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P5Y
CY2022Q1 us-gaap Lessee Operating Lease Description
LesseeOperatingLeaseDescription
On March 17, 2022, the Company entered into a sublease agreement (“the Sublease”) for additional office space with an initial term expiring in 2026.
CY2022Q1 figs Lease Expiration Period
LeaseExpirationPeriod
2026
CY2022Q1 us-gaap Lessee Operating Lease Option To Extend
LesseeOperatingLeaseOptionToExtend
The Sublease includes an option to extend the agreement, at the Company’s discretion, if the Sublandlord declines to terminate its master lease. The Sublease includes a rent abatement period of three months and escalating rent payment provisions.
CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
500000
CY2022Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y10M24D
CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.023
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
2000000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
3458000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
3578000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
3703000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
2346000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
7418000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
22503000
CY2022Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1728000
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
20775000
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
500000
CY2022Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
4700000
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.353
CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.286
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4900000
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4600000
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
8899000
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
11440000
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
164406142
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
154501660
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
193379275
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
168012364
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.05
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.07
CY2022Q1 figs Effect Of Dilutive Stock Options And Restrictive Stock Units Per Share
EffectOfDilutiveStockOptionsAndRestrictiveStockUnitsPerShare
0
CY2021Q1 figs Effect Of Dilutive Stock Options And Restrictive Stock Units Per Share
EffectOfDilutiveStockOptionsAndRestrictiveStockUnitsPerShare
0
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.05
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.07

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