FIGS Inc
For the period ended Jun 30, 2024. Filed Aug 8, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 8, 2024
FIGS$19.82-1.9%Stored close · as of Nov 6, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share data)
| Three months ended June 30, | Six months ended June 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Net revenues | $144,225 | $138,132 | $263,518 | $258,364 |
| Cost of goods sold | 46,961 | 42,098 | 84,118 | 76,654 |
| Gross profit | 97,264 | 96,034 | 179,400 | 181,710 |
| Operating expenses | ||||
| Selling | 36,934 | 33,739 | 65,393 | 64,896 |
| Marketing | 23,003 | 20,889 | 40,248 | 37,953 |
| General and administrative | 35,774 | 34,840 | 71,763 | 68,997 |
| Total operating expenses | 95,711 | 89,468 | 177,404 | 171,846 |
| Net income from operations | 1,553 | 6,566 | 1,996 | 9,864 |
| Other income, net | ||||
| Interest income | 2,830 | 1,521 | 5,677 | 2,593 |
| Other expense | — | (4) | (10) | (5) |
| Total other income, net | 2,830 | 1,517 | 5,667 | 2,588 |
| Net income before provision for income taxes | 4,383 | 8,083 | 7,663 | 12,452 |
| Provision for income taxes | 3,283 | 3,501 | 5,128 | 5,961 |
| Net income | $1,100 | $4,582 | $2,535 | $6,491 |
| Earnings attributable to Class A and Class B common stockholders | ||||
| Basic earnings per share | $0.01 | $0.03 | $0.01 | $0.04 |
| Diluted earnings per share | $0.01 | $0.02 | $0.01 | $0.04 |
| Weighted-average shares outstanding—basic | 170,393,480 | 167,423,656 | 170,158,479 | 167,100,292 |
| Weighted-average shares outstanding—diluted | 179,688,524 | 183,332,560 | 180,195,183 | 183,094,950 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands)
| Three months ended June 30, | Six months ended June 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Net income | $1,100 | $4,582 | $2,535 | $6,491 |
| Other comprehensive loss, net of tax | ||||
| Unrealized loss on short-term investments, net of tax | (21) | (8) | (52) | (8) |
| Total other comprehensive loss, net of tax | (21) | (8) | (52) | (8) |
| Total comprehensive income | $1,079 | $4,574 | $2,483 | $6,483 |
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(In thousands, except share data)
| Class A Common Stock · Class B Common Stock · AdditionalPaid-in Capital · Retained Earnings · Accumulated Other Comprehensive Loss · Total Stockholders’Equity | ||||||||
|---|---|---|---|---|---|---|---|---|
| Shares · Amount · Shares · Amount | ||||||||
| December 31, 2022 | 159,351,307 | $16 | 7,210,795 | $— | $268,606 | $39,117 | $— | $307,739 |
| Issuance of Class A Common Stock upon vesting of Restricted Stock | 494,487 | — | — | — | — | — | — | — |
| Issuance of Class B Common Stock upon exchange of Class A Common Stock | (271,219) | — | 271,219 | — | — | — | — | — |
| Restricted Stock surrendered for employee's tax liability | — | — | — | — | (246) | — | — | (246) |
| Stock-based compensation | — | — | — | — | 10,790 | — | — | 10,790 |
| Stock option exercises | 2,250 | — | — | — | 1 | — | — | 1 |
| Net income | — | — | — | — | — | 1,909 | — | 1,909 |
| March 31, 2023 | 159,576,825 | $16 | 7,482,014 | $— | $279,151 | $41,026 | $— | $320,193 |
| Issuance of Class A Common Stock upon vesting of Restricted Stock | 626,377 | — | — | — | — | — | — | — |
| Issuance of Class B Common Stock upon exchange of Class A Common Stock | (266,938) | — | 266,938 | — | — | — | — | — |
| Stock-based compensation | — | — | — | — | 11,519 | — | — | 11,519 |
| Stock option exercises and employee stock purchases | 568,258 | — | — | — | 636 | — | — | 636 |
| Net income | — | — | — | — | — | 4,582 | — | 4,582 |
| Other comprehensive loss, net of tax | — | — | — | — | — | — | (8) | (8) |
| June 30, 2023 | 160,504,522 | $16 | 7,748,952 | $— | $291,306 | $45,608 | $(8) | $336,922 |
| Class A Common Stock · Class B Common Stock · AdditionalPaid-in Capital · Retained Earnings · Accumulated Other Comprehensive Income (Loss) · Total Stockholders’Equity | ||||||||
|---|---|---|---|---|---|---|---|---|
| Shares · Amount · Shares · Amount | ||||||||
| December 31, 2023 | 161,457,403 | $16 | 8,283,641 | $— | $315,075 | $61,754 | $5 | $376,850 |
| Issuance of Class A Common Stock upon vesting of Restricted Stock | 325,466 | — | — | — | — | — | — | — |
| Stock-based compensation | — | — | — | — | 11,611 | — | — | 11,611 |
| Stock option exercises | 19,002 | — | — | — | 10 | — | — | 10 |
| Net income | — | — | — | — | — | 1,435 | — | 1,435 |
| Other comprehensive loss, net of tax | — | — | — | — | — | — | (31) | (31) |
| March 31, 2024 | 161,801,871 | $16 | 8,283,641 | $— | $326,696 | $63,189 | $(26) | $389,875 |
| Issuance of Class A Common Stock upon vesting of Restricted Stock | 404,620 | — | — | — | — | — | — | — |
| Issuance of Class A Common Stock in exchange for services | 41,667 | — | — | — | 250 | — | — | 250 |
| Stock-based compensation | — | — | — | — | 10,247 | — | — | 10,247 |
| Stock option exercises and employee stock purchases | 144,833 | — | — | — | 254 | — | — | 254 |
| Net income | — | — | — | — | — | 1,100 | — | 1,100 |
| Other comprehensive loss, net of tax | — | — | — | — | — | — | (21) | (21) |
| June 30, 2024 | 162,392,991 | $16 | 8,283,641 | $— | $337,447 | $64,289 | $(47) | $401,705 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
| Six months endedJune 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash flows from operating activities: | ||
| Net income | $2,535 | $6,491 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and amortization expense | 1,963 | 1,372 |
| Deferred income taxes | 1,991 | (984) |
| Non-cash operating lease cost | 3,977 | 1,364 |
| Stock-based compensation | 22,108 | 22,309 |
| Accretion of discount on available-for-sale securities | (2,723) | (260) |
| Changes in operating assets and liabilities: | ||
| Accrued interest | (231) | — |
| Accounts receivable | (5,250) | 597 |
| Inventory | (254) | 10,170 |
| Prepaid expenses and other current assets | (5,973) | 2,034 |
| Other assets | (878) | (1) |
| Accounts payable | 4,679 | (9,100) |
| Accrued expenses | 11,310 | (8,181) |
| Accrued compensation and benefits | (3,208) | 951 |
| Sales tax payable | 68 | (421) |
| Gift card liability | (206) | 508 |
| Deferred revenue | 665 | (2,009) |
| Returns reserve | 525 | (144) |
| Income tax payable | (917) | 3,290 |
| Operating lease liabilities | (2,023) | (1,466) |
| Net cash provided by operating activities | 28,158 | 26,520 |
| Cash flows from investing activities: | ||
| Purchases of property and equipment | (9,489) | (1,613) |
| Purchases of available-for-sale securities | (137,850) | (38,343) |
| Maturities of available-for-sale securities | 106,555 | — |
| Net cash used in investing activities | (40,784) | (39,956) |
| Cash flows from financing activities: | ||
| Proceeds from stock option exercises and employee stock purchases | 264 | 637 |
| Tax payments related to net share settlements on restricted stock units | — | (246) |
| Net cash provided by financing activities | 264 | 391 |
| Net change in cash and cash equivalents | (12,362) | (13,045) |
| Cash and cash equivalents, beginning of period | 144,173 | 159,775 |
| Cash and cash equivalents, end of period | $131,811 | $146,730 |
| Supplemental disclosures: | ||
| Property and equipment included in accounts payable and accrued expenses | $3,329 | $153 |
| Lease assets obtained in exchange for new operating lease liabilities | $15,921 | $3,206 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.