10-Q Filing

FIGS, INC. CIK: 1846576 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0000950170-22-009721`
Period End Date	20220331
Filing Date	20220512
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	figs-20220331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 74 Income Statement 36 Cash Flow Statement 62 Stockholders Equity 14

Balance Sheet 74 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$195.37M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$189.40M	USD	Point-in-time
Restricted cash	`RestrictedCash`	-	USD	Point-in-time
Restricted cash	`RestrictedCash`	$2.06M	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$2.91M	USD	Point-in-time
Preferred Stock Per share	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred Stock Per share	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$2.44M	USD	Point-in-time
Inventory, net	`InventoryNet`	$102.77M	USD	Point-in-time
Inventory, net	`InventoryNet`	$86.07M	USD	Point-in-time
Preferred Stock, Shares Authorized	`PreferredStockSharesAuthorized`	100.00M	shares	Point-in-time
Preferred Stock, Shares Authorized	`PreferredStockSharesAuthorized`	100.00M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$11.26M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$7.40M	USD	Point-in-time
Preferred Stock, Shares Issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred Stock, Shares Issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$306.33M	USD	Point-in-time
Preferred Stock, Shares Outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$293.34M	USD	Point-in-time
Preferred Stock, Shares Outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$7.61M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$7.72M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$17.25M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	-	USD	Point-in-time
Deferred tax assets	`DeferredIncomeTaxAssetsNet`	$10.64M	USD	Point-in-time
Deferred tax assets	`DeferredIncomeTaxAssetsNet`	$10.24M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$745.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$560.00K	USD	Point-in-time
Total non-current assets	`AssetsNoncurrent`	$36.36M	USD	Point-in-time
Total non-current assets	`AssetsNoncurrent`	$18.41M	USD	Point-in-time
Total assets	`Assets`	$342.69M	USD	Point-in-time
Total assets	`Assets`	$311.75M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$14.60M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$17.01M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$2.81M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityCurrent`	-	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$24.20M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$24.68M	USD	Point-in-time
Accrued compensation and benefits	`AccruedEmployeeBenefitsCurrent`	$4.09M	USD	Point-in-time
Accrued compensation and benefits	`AccruedEmployeeBenefitsCurrent`	$6.46M	USD	Point-in-time
Sales tax payable	`SalesAndExciseTaxPayableCurrent`	$3.73M	USD	Point-in-time
Sales tax payable	`SalesAndExciseTaxPayableCurrent`	$4.33M	USD	Point-in-time
Gift card liability	`GiftCardLiability`	$5.59M	USD	Point-in-time
Gift card liability	`GiftCardLiability`	$5.28M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$596.00K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$605.00K	USD	Point-in-time
Returns reserve	`ReturnsReserve`	$2.76M	USD	Point-in-time
Returns reserve	`ReturnsReserve`	$2.53M	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesCurrent`	$3.97M	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesCurrent`	$325.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$62.39M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$61.18M	USD	Point-in-time
Operating lease liabilities, noncurrent	`OperatingLeaseLiabilityNoncurrent`	-	USD	Point-in-time
Operating lease liabilities, noncurrent	`OperatingLeaseLiabilityNoncurrent`	$17.97M	USD	Point-in-time
Deferred rent and lease incentive	`DeferredRentCreditNoncurrent`	$3.54M	USD	Point-in-time
Deferred rent and lease incentive	`DeferredRentCreditNoncurrent`	-	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$243.00K	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$243.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$79.39M	USD	Point-in-time
Total liabilities	`Liabilities`	$66.18M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock - par value $0.0001 per share, 100,000,000 shares authorized as of March 31, 2022 and December 31, 2021; zero shares issued and outstanding as of March 31, 2022 and December 31, 2021	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock - par value $0.0001 per share, 100,000,000 shares authorized as of March 31, 2022 and December 31, 2021; zero shares issued and outstanding as of March 31, 2022 and December 31, 2021	`PreferredStockValue`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$236.46M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$227.63M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$17.93M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$26.83M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$114.25M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$263.30M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$97.68M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$245.57M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$311.75M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$342.69M	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Net revenues	`Revenues`	$110.10M	USD	1 Quarter
Net revenues	`Revenues`	$87.08M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$24.72M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$31.67M	USD	1 Quarter
Gross profit	`GrossProfit`	$62.36M	USD	1 Quarter
Gross profit	`GrossProfit`	$78.43M	USD	1 Quarter
Selling	`SellingExpense`	$17.11M	USD	1 Quarter
Selling	`SellingExpense`	$22.06M	USD	1 Quarter
Marketing	`MarketingExpense`	$10.84M	USD	1 Quarter
Marketing	`MarketingExpense`	$15.41M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$18.35M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$27.22M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$64.69M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$46.30M	USD	1 Quarter
Net income from operations	`OperatingIncomeLoss`	$16.06M	USD	1 Quarter
Net income from operations	`OperatingIncomeLoss`	$13.74M	USD	1 Quarter
Interest income (expense)	`InterestIncomeExpenseNet`	$-36.00K	USD	1 Quarter
Interest income (expense)	`InterestIncomeExpenseNet`	$9.00K	USD	1 Quarter
Other expense	`OtherExpenses`	$2.00K	USD	1 Quarter
Other expense	`OtherExpenses`	$1.00K	USD	1 Quarter
Total other income (loss), net	`OtherIncomeLossNet`	$-38.00K	USD	1 Quarter
Total other income (loss), net	`OtherIncomeLossNet`	$8.00K	USD	1 Quarter
Net income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$16.02M	USD	1 Quarter
Net income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$13.75M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$4.58M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$4.85M	USD	1 Quarter
Net income and comprehensive income	`NetIncomeLoss`	$8.90M	USD	1 Quarter
Net income and comprehensive income	`NetIncomeLoss`	$11.44M	USD	1 Quarter
Basic earnings per share	`EarningsPerShareBasic`	$0.07	USD	1 Quarter
Basic earnings per share	`EarningsPerShareBasic`	$0.05	USD	1 Quarter
Diluted earnings per share	`EarningsPerShareDiluted`	$0.07	USD	1 Quarter
Diluted earnings per share	`EarningsPerShareDiluted`	$0.05	USD	1 Quarter
Weighted-average shares outstandingbasic	`WeightedAverageNumberOfSharesOutstandingBasic`	164.41M	shares	1 Quarter
Weighted-average shares outstandingbasic	`WeightedAverageNumberOfSharesOutstandingBasic`	154.50M	shares	1 Quarter
Weighted-average shares outstanding - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	193.38M	shares	1 Quarter
Weighted-average shares outstanding - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	168.01M	shares	1 Quarter

Cash Flow Statement 62 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$8.90M	USD	1 Quarter
Net income	`ProfitLoss`	$11.44M	USD	1 Quarter
Depreciation and amortization expense	`DepreciationAndAmortization`	$375.00K	USD	1 Quarter
Depreciation and amortization expense	`DepreciationAndAmortization`	$318.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-406.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$453.00K	USD	1 Quarter
Non-cash operating lease cost	`NonCashOperatingLeaseCost`	$374.00K	USD	1 Quarter
Non-cash operating lease cost	`NonCashOperatingLeaseCost`	-	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$5.01M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$8.48M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$469.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-2.23M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$16.70M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$15.44M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-2.90M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$3.86M	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherCurrentAssets`	$1.78M	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherCurrentAssets`	$185.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$2.37M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$4.25M	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-560.00K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$8.05M	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$9.00K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$-1.50M	USD	1 Quarter
Accrued compensation and benefits	`IncreaseDecreaseInAccruedLiabilities`	$-2.13M	USD	1 Quarter
Accrued compensation and benefits	`IncreaseDecreaseInAccruedLiabilities`	$-2.37M	USD	1 Quarter
Returns reserve	`IncreaseDecreaseInReturnsReserve`	$-233.00K	USD	1 Quarter
Returns reserve	`IncreaseDecreaseInReturnsReserve`	$296.00K	USD	1 Quarter
Sales tax payable	`IncreaseDecreaseInSalesTaxPayable`	$935.00K	USD	1 Quarter
Sales tax payable	`IncreaseDecreaseInSalesTaxPayable`	$607.00K	USD	1 Quarter
Income tax payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-3.65M	USD	1 Quarter
Income tax payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$1.24M	USD	1 Quarter
Gift card liability	`IncreaseDecreaseInGiftsCardsLiability`	$-315.00K	USD	1 Quarter
Gift card liability	`IncreaseDecreaseInGiftsCardsLiability`	$-142.00K	USD	1 Quarter
Deferred rent and lease incentive	`IncreaseDecreaseInDeferredRentAndLeaseIncentive`	$-26.00K	USD	1 Quarter
Deferred rent and lease incentive	`IncreaseDecreaseInDeferredRentAndLeaseIncentive`	-	USD	1 Quarter
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiability`	$-389.00K	USD	1 Quarter
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiability`	-	USD	1 Quarter
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-8.02M	USD	1 Quarter
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$16.11M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquireProductiveAssets`	$528.00K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquireProductiveAssets`	$364.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-528.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-364.00K	USD	1 Quarter
Proceeds from stock option exercises	`ProceedsFromStockOptionsExercised`	$123.00K	USD	1 Quarter
Proceeds from stock option exercises	`ProceedsFromStockOptionsExercised`	$352.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$123.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$352.00K	USD	1 Quarter
Net (decrease) increase in cash, cash equivalents, and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-8.03M	USD	1 Quarter
Net (decrease) increase in cash, cash equivalents, and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$15.70M	USD	1 Quarter
Cash, cash equivalents, and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$189.40M	USD	Point-in-time
Cash, cash equivalents, and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$58.13M	USD	Point-in-time
Cash, cash equivalents, and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$197.43M	USD	Point-in-time
Cash, cash equivalents, and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$73.84M	USD	Point-in-time
Cash, cash equivalents, and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$189.40M	USD	Point-in-time
Cash, cash equivalents, and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$58.13M	USD	Point-in-time
Cash, cash equivalents, and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$197.43M	USD	Point-in-time
Cash, cash equivalents, and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$73.84M	USD	Point-in-time
Property and equipment included in accounts payable and accrued expenses	`NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1`	$73.00K	USD	1 Quarter
Property and equipment included in accounts payable and accrued expenses	`NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1`	$149.00K	USD	1 Quarter
Deferred offering costs included in accounts payable and accrued expenses	`DeferredOfferingCostsIncludedInAccountsPayableAndAccruedExpenses`	$1.80M	USD	1 Quarter
Deferred offering costs included in accounts payable and accrued expenses	`DeferredOfferingCostsIncludedInAccountsPayableAndAccruedExpenses`	-	USD	1 Quarter

Stockholders Equity 14 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	$114.25M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$263.30M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$97.68M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$245.57M	USD	Point-in-time
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$5.01M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$8.48M	USD	1 Quarter
Stock option exercises	`StockIssuedDuringPeriodValueStockOptionsExercised`	$352.00K	USD	1 Quarter
Stock option exercises	`StockIssuedDuringPeriodValueStockOptionsExercised`	$123.00K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$8.90M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$11.44M	USD	1 Quarter
Ending Balance	`StockholdersEquity`	$114.25M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$263.30M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$97.68M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$245.57M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.