FIGS Inc
For the period ended Dec 31, 2023. Filed Feb 28, 2024.
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FY2023 · Filed Feb 28, 2024
FIGS$21.58+8.9%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Statements of Cash Flows
(In thousands)
| Year ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Cash flows from operating activities: | |||
| Net income (loss) | $22,637 | $21,186 | $(9,556) |
| Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: | |||
| Depreciation and amortization expense | 2,942 | 1,924 | 1,424 |
| Deferred income taxes | (7,320) | (732) | (3,732) |
| Non-cash operating lease cost | 2,863 | 2,381 | — |
| Stock-based compensation | 45,799 | 37,458 | 81,139 |
| Accretion of discount on available-for-sale securities | (1,678) | — | — |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | (603) | (4,425) | 3,339 |
| Inventory | 58,936 | (91,908) | (36,333) |
| Prepaid expenses and other current assets | (572) | (4,483) | (735) |
| Other assets | (79) | (197) | 127 |
| Accounts payable | (6,192) | 6,315 | 2,855 |
| Accrued expenses | (18,657) | 1,487 | 17,983 |
| Accrued compensation and benefits | 3,897 | (3,049) | 2,250 |
| Sales tax payable | (225) | (354) | 652 |
| Gift card liability | 358 | 2,292 | 2,571 |
| Deferred revenue | (626) | 2,190 | (1,185) |
| Returns reserve | (469) | 697 | 1,084 |
| Income tax payable | 2,557 | (3,973) | 4,428 |
| Deferred rent and lease incentive | — | — | (117) |
| Operating lease liabilities | (2,660) | (2,071) | — |
| Other non-current liabilities | 7 | (67) | 243 |
| Net cash (used in) provided by operating activities | 100,915 | (35,329) | 66,437 |
| Cash flows from investing activities: | |||
| Purchases of property and equipment | (16,348) | (5,348) | (2,712) |
| Purchases of available-for-sale securities | (150,139) | — | — |
| Maturities of available-for-sale securities | 49,300 | — | — |
| Purchases of held-to-maturity securities | — | (500) | — |
| Net cash used in investing activities | (117,187) | (5,848) | (2,712) |
| Cash flows from financing activities: | |||
| Proceeds from issuance of Class A common stock in initial public offering, net of underwriting discounts | — | — | 95,881 |
| Payments of initial public offering issuance costs, net of reimbursements | — | — | (780) |
| Payment of debt issuance and financing costs | — | — | (181) |
| Proceeds from capital contributions | — | 479 | 1,301 |
| Proceeds from stock option exercises and employee stock purchases | 916 | 3,043 | 907 |
| Tax payments related to net share settlements on restricted stock units | (246) | — | (21,556) |
| Net cash provided by financing activities | 670 | 3,522 | 75,572 |
| Net (decrease) increase in cash, cash equivalents, and restricted cash | (15,602) | (37,655) | 139,297 |
| Cash, cash equivalents, and restricted cash, beginning of period | $159,775 | $197,430 | $58,133 |
| Cash, cash equivalents, and restricted cash, end of period | $144,173 | $159,775 | $197,430 |
| Supplemental disclosures: | |||
| Cash paid for income taxes, net of refunds received | $21,100 | $11,903 | $15,004 |
| Property and equipment included in accounts payable and accrued expenses | $453 | $19 | $32 |
| Deferred offering costs recorded in stockholders’ equity upon initial public offering, net of related tax impacts | $— | $— | $220 |
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