10-Q Filing

FIGS, INC. CIK: 1846576 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001628280-23-015746`
Period End Date	20230331
Filing Date	20230504
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	figs-20230331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 70 Income Statement 36 Cash Flow Statement 60 Stockholders Equity 15

Balance Sheet 70 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$155.88M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$159.78M	USD	Point-in-time
Accounts receivable	`AccountsAndOtherReceivablesNetCurrent`	$6.87M	USD	Point-in-time
Accounts receivable	`AccountsAndOtherReceivablesNetCurrent`	$3.78M	USD	Point-in-time
Inventory, net	`InventoryNet`	$180.37M	USD	Point-in-time
Inventory, net	`InventoryNet`	$177.98M	USD	Point-in-time
Preferred stock, par value (in USD per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value (in USD per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$11.88M	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	100.00M	shares	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	100.00M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$9.58M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$349.61M	USD	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$356.50M	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$11.24M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$11.02M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$14.65M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$15.31M	USD	Point-in-time
Deferred tax assets	`DeferredIncomeTaxAssetsNet`	$10.97M	USD	Point-in-time
Deferred tax assets	`DeferredIncomeTaxAssetsNet`	$11.41M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.26M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.20M	USD	Point-in-time
Total non-current assets	`AssetsNoncurrent`	$38.49M	USD	Point-in-time
Total non-current assets	`AssetsNoncurrent`	$38.56M	USD	Point-in-time
Total assets	`Assets`	$395.06M	USD	Point-in-time
Total assets	`Assets`	$388.10M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$20.91M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$8.57M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$3.41M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$3.44M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$21.27M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$26.16M	USD	Point-in-time
Accrued compensation and benefits	`AccruedEmployeeBenefitsCurrent`	$3.42M	USD	Point-in-time
Accrued compensation and benefits	`AccruedEmployeeBenefitsCurrent`	$3.65M	USD	Point-in-time
Sales tax payable	`SalesAndExciseTaxPayableCurrent`	$3.37M	USD	Point-in-time
Sales tax payable	`SalesAndExciseTaxPayableCurrent`	$3.71M	USD	Point-in-time
Gift card liability	`GiftCardLiability`	$7.53M	USD	Point-in-time
Gift card liability	`GiftCardLiability`	$7.88M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$2.79M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$706.00K	USD	Point-in-time
Returns reserve	`CustomerRefundLiabilityCurrent`	$3.50M	USD	Point-in-time
Returns reserve	`CustomerRefundLiabilityCurrent`	$3.46M	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesCurrent`	-	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesCurrent`	$382.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$52.75M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$71.39M	USD	Point-in-time
Operating lease liabilities, non-current	`OperatingLeaseLiabilityNoncurrent`	$15.76M	USD	Point-in-time
Operating lease liabilities, non-current	`OperatingLeaseLiabilityNoncurrent`	$14.98M	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$176.00K	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$176.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$67.91M	USD	Point-in-time
Total liabilities	`Liabilities`	$87.33M	USD	Point-in-time
Commitments and contingencies (Note 8)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 8)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock par value $0.0001 per share, 100,000,000 shares authorized as of March 31, 2023 and December 31, 2022; zero shares issued and outstanding as of March 31, 2023 and December 31, 2022	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock par value $0.0001 per share, 100,000,000 shares authorized as of March 31, 2023 and December 31, 2022; zero shares issued and outstanding as of March 31, 2023 and December 31, 2022	`PreferredStockValue`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$268.61M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$279.15M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$39.12M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$41.03M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$245.57M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$307.74M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$263.30M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$320.19M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$388.10M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$395.06M	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Net revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$110.10M	USD	1 Quarter
Net revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$120.23M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$34.56M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$31.67M	USD	1 Quarter
Gross profit	`GrossProfit`	$78.43M	USD	1 Quarter
Gross profit	`GrossProfit`	$85.68M	USD	1 Quarter
Selling	`SellingExpense`	$22.06M	USD	1 Quarter
Selling	`SellingExpense`	$31.16M	USD	1 Quarter
Marketing	`MarketingExpense`	$17.06M	USD	1 Quarter
Marketing	`MarketingExpense`	$15.41M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$34.16M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$27.22M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$82.38M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$64.69M	USD	1 Quarter
Net income from operations	`OperatingIncomeLoss`	$13.74M	USD	1 Quarter
Net income from operations	`OperatingIncomeLoss`	$3.30M	USD	1 Quarter
Interest income	`InterestIncomeExpenseNet`	$1.07M	USD	1 Quarter
Interest income	`InterestIncomeExpenseNet`	$9.00K	USD	1 Quarter
Other expense	`OtherNonoperatingIncomeExpense`	$-1.00K	USD	1 Quarter
Other expense	`OtherNonoperatingIncomeExpense`	$-1.00K	USD	1 Quarter
Total other income, net	`NonoperatingIncomeExpense`	$1.07M	USD	1 Quarter
Total other income, net	`NonoperatingIncomeExpense`	$8.00K	USD	1 Quarter
Net income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$4.37M	USD	1 Quarter
Net income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$13.75M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$4.85M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$2.46M	USD	1 Quarter
Net income and comprehensive income	`NetIncomeLoss`	$1.91M	USD	1 Quarter
Net income and comprehensive income	`NetIncomeLoss`	$8.90M	USD	1 Quarter
Basic earnings per share (in USD per share)	`EarningsPerShareBasic`	$0.05	USD	1 Quarter
Basic earnings per share (in USD per share)	`EarningsPerShareBasic`	$0.01	USD	1 Quarter
Diluted earnings per share (in USD per share)	`EarningsPerShareDiluted`	$0.05	USD	1 Quarter
Diluted earnings per share (in USD per share)	`EarningsPerShareDiluted`	$0.01	USD	1 Quarter
Weighted-average shares outstandingbasic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	166.77M	shares	1 Quarter
Weighted-average shares outstandingbasic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	164.41M	shares	1 Quarter
Weighted-average shares outstanding - diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	182.85M	shares	1 Quarter
Weighted-average shares outstanding - diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	193.38M	shares	1 Quarter

Cash Flow Statement 60 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$1.91M	USD	1 Quarter
Net income	`ProfitLoss`	$8.90M	USD	1 Quarter
Depreciation and Amortization Expense	`DepreciationDepletionAndAmortization`	$375.00K	USD	1 Quarter
Depreciation and Amortization Expense	`DepreciationDepletionAndAmortization`	$659.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-440.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-406.00K	USD	1 Quarter
Non-cash operating lease cost	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$374.00K	USD	1 Quarter
Non-cash operating lease cost	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$666.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$10.79M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$8.48M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$469.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-3.08M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$16.70M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$2.40M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-2.30M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$3.86M	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherCurrentAssets`	$185.00K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherCurrentAssets`	$-62.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$2.37M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-12.44M	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-4.89M	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-560.00K	USD	1 Quarter
Accrued compensation and benefits	`IncreaseDecreaseInContractWithCustomerLiability`	$-2.37M	USD	1 Quarter
Accrued compensation and benefits	`IncreaseDecreaseInContractWithCustomerLiability`	$231.00K	USD	1 Quarter
Sales tax payable	`IncreaseDecreaseInAccruedLiabilities`	$332.00K	USD	1 Quarter
Sales tax payable	`IncreaseDecreaseInAccruedLiabilities`	$607.00K	USD	1 Quarter
Gift card liability	`IncreaseDecreaseInReturnsReserve`	$-351.00K	USD	1 Quarter
Gift card liability	`IncreaseDecreaseInReturnsReserve`	$-315.00K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInSalesTaxPayable`	$9.00K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInSalesTaxPayable`	$-2.08M	USD	1 Quarter
Returns reserve	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-233.00K	USD	1 Quarter
Returns reserve	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$44.00K	USD	1 Quarter
Income tax payable	`IncreaseDecreaseInGiftsCardsLiability`	$-3.65M	USD	1 Quarter
Income tax payable	`IncreaseDecreaseInGiftsCardsLiability`	$382.00K	USD	1 Quarter
Operating lease liabilities	`IncreaseDecreaseInDeferredRentAndLeaseIncentive`	$-743.00K	USD	1 Quarter
Operating lease liabilities	`IncreaseDecreaseInDeferredRentAndLeaseIncentive`	$-389.00K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.88M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-8.02M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$772.00K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$364.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-364.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-772.00K	USD	1 Quarter
Proceeds from stock option exercises and employee stock purchases	`ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions`	$352.00K	USD	1 Quarter
Proceeds from stock option exercises and employee stock purchases	`ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions`	$1.00K	USD	1 Quarter
Tax payments related to net share settlements on restricted stock units	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	-	USD	1 Quarter
Tax payments related to net share settlements on restricted stock units	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$246.00K	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-245.00K	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$352.00K	USD	1 Quarter
Net change in cash, cash equivalents, and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-8.03M	USD	1 Quarter
Net change in cash, cash equivalents, and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-3.90M	USD	1 Quarter
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`	$155.88M	USD	Point-in-time
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`	$159.78M	USD	Point-in-time
Cash, cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$197.43M	USD	Point-in-time
Cash, cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$155.88M	USD	Point-in-time
Cash, cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$189.40M	USD	Point-in-time
Cash, cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$159.78M	USD	Point-in-time
Property and equipment included in accounts payable and accrued expenses	`NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1`	$149.00K	USD	1 Quarter
Property and equipment included in accounts payable and accrued expenses	`NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1`	$123.00K	USD	1 Quarter

Stockholders Equity 15 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	$245.57M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$307.74M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$263.30M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$320.19M	USD	Point-in-time
Restricted Stock surrendered for employee's tax liability	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$246.00K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$8.48M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$10.79M	USD	1 Quarter
Stock option exercises	`StockIssuedDuringPeriodValueStockOptionsExercised`	$1.00K	USD	1 Quarter
Stock option exercises	`StockIssuedDuringPeriodValueStockOptionsExercised`	$352.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.91M	USD	1 Quarter
Net income	`NetIncomeLoss`	$8.90M	USD	1 Quarter
Ending Balance	`StockholdersEquity`	$245.57M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$307.74M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$263.30M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$320.19M	USD	Point-in-time

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