– моментальные уведомления о рынке акций
– моментальные уведомления о рынке акций
Updates Full Year Outlook
SANTA MONICA, Calif.--(BUSINESS WIRE)--FIGS, Inc. (NYSE: FIGS) (the “Company”), the direct-to-consumer healthcare apparel and lifestyle brand, today released its first quarter 2022 financial results and published a financial highlights presentation on its investor relations website at ir.wearfigs.com/financials/quarterly-results.
“Our performance in Q1 reflected our continued ability to pair high revenue growth with strong profitability. Our results, while below our expectations, are a testament to the powerful combination of our unique business model and the largely non-discretionary and replenishment nature of our workwear products,” said Co-CEO and Co-Founder, Trina Spear. “Looking ahead, we are well positioned to fuel profitable growth for the years to come due to our strong foundation, recession resistant industry and deep understanding of the healthcare community.”
First Quarter 2022 Financial Highlights
Key Operating Metrics
Updated 2022 Financial Outlook
(1) “Net income, as adjusted,” “diluted earnings per share, as adjusted,” “adjusted EBITDA” and “adjusted EBITDA margin” are non-GAAP financial measures. Please see the sections titled “Non-GAAP Financial Measures and Key Operating Metrics” and “Reconciliations of GAAP to Non-GAAP Measures” below for more information regarding the Company’s use of non-GAAP financial measures and reconciliations to the most directly comparable GAAP measures. Adjusted EBITDA margin is calculated by dividing adjusted EBITDA by net revenues. |
(2) “Active customers,” “net revenues per active customer” and “average order value” are key operational and business metrics that are important to understanding Company performance. For information regarding how the Company calculates its key operational and business metrics, please see the section titled “Non-GAAP Financial Measures and Key Operating Metrics.” |
(3) The Company has not provided a quantitative reconciliation of its adjusted EBITDA margin outlook to a GAAP net income margin outlook because it is unable, without making unreasonable efforts, to project certain reconciling items. These items include, but are not limited to, future stock-based compensation expense, income taxes, expenses related to non-ordinary course disputes, and transaction costs. These items are inherently variable and uncertain and depend on various factors, some of which are outside of the Company’s control or ability to predict. For more information regarding the Company’s use of non-GAAP financial measures, please see the section titled “Non-GAAP Financial Measures and Key Operating Metrics.” |
Conference Call Details
FIGS management will host a conference call and webcast today at 2:00 p.m. PT / 5:00 p.m. ET to discuss the Company’s financial and business results and outlook. To participate, please dial 1-844-200-6205 (US) or 1-929-526-1599 (International) and the conference ID 136573. The call is also accessible via webcast at ir.wearfigs.com. A recording will be available shortly after the conclusion of the call until 11:59 p.m. ET on May 19, 2022. To access the replay, please dial 1-866-813-9403 (US) or +44-204-525-0658 (International). An archive of the webcast will be available on FIGS’ investor relations website at ir.wearfigs.com.
Non-GAAP Financial Measures and Key Operating Metrics
In addition to the GAAP financial measures set forth in this press release, the Company has included non-GAAP financial measures within the meaning of Regulation G and Item 10(e) of Regulation S-K. The Company has also included “active customers,” “net revenues per active customer” and “average order value,” which are key operational and business metrics that are important to understanding Company performance. The Company calculates “active customers” as unique customer accounts that have made at least one purchase in the preceding 12-month period. The Company calculates “net revenues per active customer” as the sum of the total net revenues in the preceding 12-month period divided by the current period “active customers.” The Company calculates “average order value” as the sum of the total net revenues in a given period divided by the total orders placed in that period. Total orders are the summation of all completed individual purchase transactions in a given period.
The Company uses “net income, as adjusted,” “diluted earnings per share, as adjusted,” “adjusted EBITDA” and “adjusted EBITDA margin” to provide useful supplemental measures that assist in evaluating its ability to generate earnings, provide consistency and comparability with its past financial performance and facilitate period-to-period comparisons of its core operating results as well as the results of its peer companies. The Company calculates “net income, as adjusted,” as net income adjusted to exclude transaction costs, expenses related to non-ordinary course disputes, stock-based compensation, including expense related to award modifications, accelerated performance awards and ambassador grants in connection with the IPO, and expense resulting from the retirement of the Company's previous CFO, and the income tax impact of these adjustments. The Company calculates “diluted earnings per share, as adjusted” as net income, as adjusted divided by diluted shares outstanding. The Company calculates “adjusted EBITDA” as net income adjusted to exclude: other income (loss), net; gain/loss on disposal of assets; provision for income taxes; depreciation and amortization expense; stock-based compensation and related expense; transaction costs; and expenses related to non-ordinary course disputes. The Company calculates “adjusted EBITDA margin” by dividing adjusted EBITDA by net revenues.
Reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures are included below under the heading “Reconciliations of GAAP to Non-GAAP Measures.”
FIGS is a founder-led, direct-to-consumer healthcare apparel and lifestyle brand that seeks to celebrate, empower, and serve current and future generations of healthcare professionals. We create technically advanced apparel and products for healthcare professionals that feature an unmatched combination of comfort, durability, function, and style. We market and sell our products directly through our digital platform to provide a seamless experience for healthcare professionals.
Forward Looking Statements
This press release contains various forward-looking statements about the Company within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, that are based on current management expectations, and which involve substantial risks and uncertainties that could cause actual results to differ materially from the results expressed in, or implied by, such forward-looking statements. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking. These forward-looking statements generally are identified by the words “anticipate”, “believe”, “contemplate”, “continue”, “could”, “estimate”, “expect”, “forecast”, “future”, “intend”, “may”, “might”, “opportunity”, “outlook”, “plan”, “possible”, “potential”, “predict”, “project,” “should”, “strategy”, “strive”, “target”, “will” or “would”, the negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. These forward-looking statements address various matters, including the Company’s ability to fuel profitable growth for the years to come and the Company’s outlook as to net revenues, gross margin and adjusted EBITDA margin for the full year ending December 31, 2022; all of which reflect the Company’s expectations based upon currently available information and data. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected and you are cautioned not to place undue reliance on these forward-looking statements. The following important factors and uncertainties, among others, could cause actual results to differ materially from those described in these forward-looking statements: the impact of COVID-19 on the Company’s operations; the Company’s ability to maintain its recent rapid growth; the Company’s ability to maintain profitability; the Company’s ability to maintain the value and reputation of its brand; the Company’s ability to attract new customers, retain existing customers, and to maintain or increase sales to those customers; the success of the Company’s marketing efforts; the Company’s ability to maintain a strong community of engaged customers and Ambassadors; negative publicity related to the Company’s marketing efforts or use of social media; the Company’s ability to successfully develop and introduce new, innovative, and updated products; the competitiveness of the market for healthcare apparel; the Company’s ability to attract and retain highly skilled personnel and senior management; risks associated with expansion into, and conducting business in, international markets; changes in, or disruptions to, the Company’s shipping arrangements; the Company’s ability to accurately forecast customer demand, manage its inventory, and plan for future expenses; the Company’s reliance on a limited number of third-party suppliers; the fluctuating costs of raw materials; the Company’s failure to protect its intellectual property rights; the fact that the operations of many of the Company’s suppliers and vendors are subject to additional risks that are beyond its control; and other risks, uncertainties, and factors discussed in the “Risk Factors” section of the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2022 to be filed with the Securities and Exchange Commission (“SEC”), the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on March 10, 2022, and the Company’s other periodic filings with the SEC. The forward-looking statements in this press release speak only as of the time made and the Company does not undertake to update or revise them to reflect future events or circumstances.
FIGS, INC. BALANCE SHEETS (In thousands, except share and per share data) |
||||||||
|
|
As of |
|
|||||
|
|
March 31,
|
|
|
December 31,
|
|
||
Assets |
|
(Unaudited) |
|
|
|
|
||
Current assets |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
189,401 |
|
|
$ |
195,374 |
|
Restricted cash |
|
|
— |
|
|
|
2,056 |
|
Accounts receivable |
|
|
2,910 |
|
|
|
2,441 |
|
Inventory, net |
|
|
102,765 |
|
|
|
86,068 |
|
Prepaid expenses and other current assets |
|
|
11,257 |
|
|
|
7,400 |
|
Total current assets |
|
|
306,333 |
|
|
|
293,339 |
|
Non-current assets |
|
|
|
|
|
|
||
Property and equipment, net |
|
|
7,719 |
|
|
|
7,613 |
|
Operating lease right-of-use assets |
|
|
17,248 |
|
|
|
— |
|
Deferred tax assets |
|
|
10,645 |
|
|
|
10,239 |
|
Other assets |
|
|
745 |
|
|
|
560 |
|
Total non-current assets |
|
|
36,357 |
|
|
|
18,412 |
|
Total assets |
|
$ |
342,690 |
|
|
$ |
311,751 |
|
Liabilities and stockholders’ equity |
|
|
|
|
|
|
||
Current liabilities |
|
|
|
|
|
|
||
Accounts payable |
|
$ |
17,010 |
|
|
$ |
14,604 |
|
Operating lease liabilities |
|
|
2,806 |
|
|
|
— |
|
Accrued expenses |
|
|
24,200 |
|
|
|
24,677 |
|
Accrued compensation and benefits |
|
|
4,093 |
|
|
|
6,464 |
|
Sales tax payable |
|
|
4,335 |
|
|
|
3,728 |
|
Gift card liability |
|
|
5,275 |
|
|
|
5,590 |
|
Deferred revenue |
|
|
605 |
|
|
|
596 |
|
Returns reserve |
|
|
2,528 |
|
|
|
2,761 |
|
Income tax payable |
|
|
325 |
|
|
|
3,973 |
|
Total current liabilities |
|
|
61,177 |
|
|
|
62,393 |
|
Non-current liabilities |
|
|
|
|
|
|
||
Operating lease liabilities, non-current |
|
|
17,969 |
|
|
|
— |
|
Deferred rent and lease incentive |
|
|
— |
|
|
|
3,542 |
|
Other non-current liabilities |
|
|
243 |
|
|
|
243 |
|
Total liabilities |
|
|
79,389 |
|
|
|
66,178 |
|
Commitments and contingencies (Note 8) |
|
|
|
|
|
|
||
Stockholders’ equity |
|
|
|
|
|
|
||
Class A Common stock — par value $0.0001 per share, 1,000,000,000 shares authorized as of March 31, 2022 and December 31, 2021; 158,530,688 and 152,098,257 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively |
|
|
15 |
|
|
|
15 |
|
Class B Common stock — par value $0.0001 per share, 150,000,000 shares authorized as of March 31, 2022 and December 31, 2021; 6,196,339 and 12,158,187 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively |
|
|
1 |
|
|
|
1 |
|
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 |
|
|
— |
|
|
|
— |
|
Additional paid-in capital |
|
|
236,455 |
|
|
|
227,626 |
|
Retained earnings |
|
|
26,830 |
|
|
|
17,931 |
|
Total stockholders’ equity |
|
|
263,301 |
|
|
|
245,573 |
|
Total liabilities and stockholders’ equity |
|
$ |
342,690 |
|
|
$ |
311,751 |
|
FIGS, INC. STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (In thousands, except share and per share data) (Unaudited) |
||||||||
|
|
Three months ended March 31, |
||||||
|
|
2022 |
|
|
2021 |
|
||
Net revenues |
|
$ |
110,100 |
|
|
$ |
87,079 |
|
Cost of goods sold |
|
|
31,670 |
|
|
|
24,719 |
|
Gross profit |
|
|
78,430 |
|
|
|
62,360 |
|
Operating expenses |
|
|
|
|
||||
Selling |
|
|
22,058 |
|
|
|
17,114 |
|
Marketing |
|
|
15,408 |
|
|
|
10,840 |
|
General and administrative |
|
|
27,219 |
|
|
|
18,346 |
|
Total operating expenses |
|
|
64,685 |
|
|
|
46,300 |
|
Net income from operations |
|
|
13,745 |
|
|
|
16,060 |
|
Other income (loss), net |
|
|
|
|
||||
Interest income (expense) |
|
|
9 |
|
|
|
(36 |
) |
Other expense |
|
|
(1 |
) |
|
|
(2 |
) |
Total other income (loss), net |
|
|
8 |
|
|
|
(38 |
) |
Net income before provision for income taxes |
|
|
13,753 |
|
|
|
16,022 |
|
Provision for income taxes |
|
|
4,854 |
|
|
|
4,582 |
|
Net income and comprehensive income |
|
$ |
8,899 |
|
|
$ |
11,440 |
|
Earnings attributable to Class A and Class B common stockholders |
|
|
|
|
||||
Basic earnings per share |
|
$ |
0.05 |
|
|
$ |
0.07 |
|
Diluted earnings per share |
|
$ |
0.05 |
|
|
$ |
0.07 |
|
Weighted-average shares outstanding—basic |
|
|
164,406,142 |
|
|
|
154,501,660 |
|
| Weighted-average shares outstanding—diluted | 193,379,275 |
|
168,012,364 |
|
||||
FIGS, INC. STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) |
||||||||
|
|
Three months ended
|
||||||
|
|
2022 |
|
|
2021 |
|
||
Cash flows from operating activities: |
|
|
|
|
||||
Net income |
|
$ |
8,899 |
|
|
$ |
11,440 |
|
Adjustments to reconcile net income to net cash (used in) provided by operating activities: |
|
|
|
|
||||
Depreciation and amortization expense |
|
|
375 |
|
|
|
318 |
|
Deferred income taxes |
|
|
(406 |
) |
|
|
453 |
|
Non-cash operating lease cost |
|
|
374 |
|
|
|
— |
|
Stock-based compensation |
|
|
8,477 |
|
|
|
5,015 |
|
Changes in operating assets and liabilities: |
|
|
|
|
||||
Accounts receivable |
|
|
(469 |
) |
|
|
2,231 |
|
Inventory |
|
|
(16,697 |
) |
|
|
(15,435 |
) |
Prepaid expenses and other current assets |
|
|
(3,857 |
) |
|
|
2,902 |
|
Other assets |
|
|
(185 |
) |
|
|
(1,785 |
) |
Accounts payable |
|
|
2,372 |
|
|
|
4,249 |
|
Accrued expenses |
|
|
(560 |
) |
|
|
8,054 |
|
Deferred revenue |
|
|
9 |
|
|
|
(1,503 |
) |
Accrued compensation and benefits |
|
|
(2,371 |
) |
|
|
(2,128 |
) |
Returns reserve |
|
|
(233 |
) |
|
|
296 |
|
Sales tax payable |
|
|
607 |
|
|
|
935 |
|
Income tax payable |
|
|
(3,648 |
) |
|
|
1,235 |
|
Gift card liability |
|
|
(315 |
) |
|
|
(142 |
) |
Deferred rent and lease incentive |
|
|
— |
|
|
|
(26 |
) |
Operating lease liabilities |
|
|
(389 |
) |
|
|
— |
|
Net cash (used in) provided by operating activities |
|
|
(8,017 |
) |
|
|
16,109 |
|
Cash flows from investing activities: |
|
|
|
|
||||
Purchases of property and equipment |
|
|
(364 |
) |
|
|
(528 |
) |
Net cash used in investing activities |
|
|
(364 |
) |
|
|
(528 |
) |
Cash flows from financing activities: |
|
|
|
|
||||
Proceeds from stock option exercises |
|
|
352 |
|
|
|
123 |
|
Net cash provided by financing activities |
|
|
352 |
|
|
|
123 |
|
Net (decrease) increase in cash, cash equivalents, and restricted cash |
|
|
(8,029 |
) |
|
|
15,704 |
|
Cash, cash equivalents, and restricted cash, beginning of period |
|
|
197,430 |
|
|
|
58,133 |
|
Cash, cash equivalents, and restricted cash, end of period |
|
$ |
189,401 |
|
|
$ |
73,837 |
|
Supplemental disclosures: |
|
|
|
|
||||
Property and equipment included in accounts payable and accrued expenses |
|
$ |
149 |
|
|
$ |
73 |
|
Deferred offering costs included in accounts payable and accrued expenses |
|
$ |
— |
|
|
$ |
1,796 |
|
FIGS, INC. RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES (Unaudited) The following table presents a reconciliation of diluted earnings per share, as adjusted and net income, as adjusted to net income, which is the most directly comparable financial measure calculated in accordance with GAAP: |
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|
|
Three months ended
|
|
||||||
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
(in thousands, except per share data) |
|||||||
Net income |
|
$ |
8,899 |
|
|
$ |
11,440 |
|
|
Add (deduct): |
|
|
|
|
|
||||
Transaction costs |
|
|
— |
|
|
|
525 |
|
|
Expenses related to non-ordinary course disputes(1) |
|
|
2,417 |
|
|
|
2,436 |
|
|
Income tax impacts of items above |
|
|
(853 |
) |
|
|
(847 |
) |
|
Net income, as adjusted |
|
$ |
10,463 |
|
|
$ |
13,554 |
|
|
Diluted EPS, as adjusted |
|
$ |
0.05 |
|
|
$ |
0.08 |
|
|
Weighted-average shares used to compute Diluted EPS, as adjusted |
|
|
193,379,275 |
|
|
|
168,012,364 |
|
|
(1) Represents certain legal fees incurred in connection with the litigation claims described in the section titled “Legal Proceedings” appearing in the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2022. |
The following table presents a reconciliation of adjusted EBITDA to net income, which is the most directly comparable financial measure calculated in accordance with GAAP: |
|||||||||
|
|
Three months ended
|
|
||||||
|
|
2022 |
|
|
2021 |
|
|
||
|
|
(in thousands, except margin) |
|||||||
Net income |
|
$ |
8,899 |
|
|
$ |
11,440 |
|
|
Add (deduct): |
|
|
|
|
|
||||
Other income (loss), net |
|
|
(8 |
) |
|
|
38 |
|
|
Provision for income taxes |
|
|
4,854 |
|
|
|
4,582 |
|
|
Depreciation and amortization expense(1) |
|
|
375 |
|
|
|
313 |
|
|
Stock-based compensation and related expense(2) |
|
|
8,447 |
|
|
|
5,015 |
|
|
Transaction costs |
|
|
— |
|
|
|
525 |
|
|
Expenses related to non-ordinary course disputes(3) |
|
|
2,417 |
|
|
|
2,436 |
|
|
Adjusted EBITDA |
|
$ |
24,984 |
|
|
$ |
24,349 |
|
|
Adjusted EBITDA Margin |
|
|
22.7 |
% |
|
|
28.0 |
% |
|
(1) Excludes amortization of debt issuance costs included in “Other income (loss), net.” |
(2) Includes stock-based compensation expense and payroll taxes related to equity award activity. |
(3) Represents certain legal fees incurred in connection with the litigation claims described in the section titled “Legal Proceedings” appearing in the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2022. |
|
FIGS, INC. KEY OPERATING METRICS (Unaudited) Active customers as of March 31, 2022 and 2021, respectively, and average order value and net revenues per active customer for the three months ended March 31, 2022 and 2021, respectively, are presented in the following tables: |
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|
|
As of March 31, |
|
|
|||||
|
|
2022 |
|
|
2021 |
|
|
||
|
|
(in thousands) |
|
|
|||||
Active customers |
|
|
1,962 |
|
|
|
1,497 |
|
|
|
|
Three months ended
|
|
||||||
|
|
2022 |
|
|
2021 |
|
|||
Average order value |
|
$ |
116 |
|
|
$ |
100 |
|
|
|
|
Three months ended
|
|
||||||
|
|
2022 |
|
|
2021 |
|
|||
Net revenues per active customer |
|
$ |
226 |
|
|
$ |
213 |
|
|
Обновляет Прогноз на Весь Год
САНТА-МОНИКА, Калифорния.-- (BUSINESS WIRE)--FIGS, Inc. (NYSE: FIGS) (“Компания”), бренд одежды для здоровья и стиля жизни, ориентированный непосредственно на потребителя, сегодня опубликовала финансовые результаты за первый квартал 2022 года и опубликовала презентацию финансовых показателей на своем веб-сайте по связям с инвесторами по адресу ir.wearfigs.com/financials/quarterly-results.
“Наши результаты в первом квартале отражают нашу сохраняющуюся способность сочетать высокий рост выручки с высокой прибыльностью. Наши результаты, хотя и ниже наших ожиданий, являются свидетельством мощного сочетания нашей уникальной бизнес-модели и в значительной степени недискреционного и постоянного характера нашей продукции для спецодежды”, - сказала со-генеральный директор и соучредитель Трина Спир. “Заглядывая в будущее, мы имеем хорошие возможности для обеспечения прибыльного роста в ближайшие годы благодаря нашему прочному фундаменту, устойчивой к рецессии отрасли и глубокому пониманию медицинского сообщества”.
Основные финансовые показатели за Первый квартал 2022 года
Ключевые Операционные показатели
Обновленный Финансовый прогноз на 2022 год
(1) “Net income, as adjusted,” “diluted earnings per share, as adjusted,” “adjusted EBITDA” and “adjusted EBITDA margin” are non-GAAP financial measures. Please see the sections titled “Non-GAAP Financial Measures and Key Operating Metrics” and “Reconciliations of GAAP to Non-GAAP Measures” below for more information regarding the Company’s use of non-GAAP financial measures and reconciliations to the most directly comparable GAAP measures. Adjusted EBITDA margin is calculated by dividing adjusted EBITDA by net revenues. |
(2) “Active customers,” “net revenues per active customer” and “average order value” are key operational and business metrics that are important to understanding Company performance. For information regarding how the Company calculates its key operational and business metrics, please see the section titled “Non-GAAP Financial Measures and Key Operating Metrics.” |
(3) The Company has not provided a quantitative reconciliation of its adjusted EBITDA margin outlook to a GAAP net income margin outlook because it is unable, without making unreasonable efforts, to project certain reconciling items. These items include, but are not limited to, future stock-based compensation expense, income taxes, expenses related to non-ordinary course disputes, and transaction costs. These items are inherently variable and uncertain and depend on various factors, some of which are outside of the Company’s control or ability to predict. For more information regarding the Company’s use of non-GAAP financial measures, please see the section titled “Non-GAAP Financial Measures and Key Operating Metrics.” |
Подробности конференц-звонка
Руководство FIGS проведет телефонную конференцию и веб-трансляцию сегодня в 14:00 по Гринвичу / 17:00 по восточному времени, чтобы обсудить финансовые и бизнес-результаты и перспективы Компании. Для участия, пожалуйста, наберите 1-844-200-6205 (США) или 1-929-526-1599 (международный) и идентификатор конференции 136573. Вызов также доступен через веб-трансляцию по адресу ir.wearfigs.com . Запись будет доступна вскоре после завершения звонка до 11:59 вечера по восточному времени 19 мая 2022 года. Чтобы получить доступ к воспроизведению, пожалуйста, наберите 1-866-813-9403 (США) или +44-204-525-0658 (международный). Архив веб-трансляции будет доступен на веб-сайте FIGS по связям с инвесторами по адресу ir.wearfigs.com .
Финансовые показатели, не относящиеся к GAAP, и Ключевые операционные показатели
В дополнение к финансовым показателям GAAP, изложенным в этом пресс-релизе, Компания включила финансовые показатели, не относящиеся к GAAP, по смыслу Положения G и пункта 10(e) Положения S-K. Компания также включила “активных клиентов”, “чистую выручку на одного активного клиента” и “среднюю стоимость заказа”, которые являются ключевыми операционными и бизнес-показателями, важными для понимания эффективности компании. Компания рассчитывает “активных клиентов” как уникальные учетные записи клиентов, которые совершили по крайней мере одну покупку за предыдущий 12-месячный период. Компания рассчитывает “чистую выручку на одного активного клиента” как сумму общей чистой выручки за предыдущий 12-месячный период, деленную на текущий период “активные клиенты”. Компания рассчитывает “среднюю стоимость заказа” как сумму общей чистой выручки за данный период, деленную на общее количество заказов, размещенных за этот период. Общее количество заказов - это сумма всех завершенных отдельных транзакций покупки за определенный период.
Компания использует “скорректированную чистую прибыль”, “скорректированную разводненную прибыль на акцию”, “скорректированную EBITDA” и “скорректированную рентабельность по EBITDA” для предоставления полезных дополнительных показателей, которые помогают оценить ее способность генерировать прибыль, обеспечивают согласованность и сопоставимость с ее прошлыми финансовыми показателями и облегчают переход от периода к периоду- сравнение основных операционных результатов за период, а также результатов аналогичных компаний. Компания рассчитывает “скорректированную чистую прибыль” как скорректированную чистую прибыль, чтобы исключить операционные издержки, расходы, связанные с неординарными курсовыми спорами, компенсацию на основе акций, включая расходы, связанные с изменениями вознаграждения, премиями за ускоренную производительность и грантами посла в связи с IPO, а также расходы, связанные с выходом на пенсию предыдущего финансового директора Компании и влияние этих корректировок на подоходный налог. Компания рассчитывает “разводненную прибыль на акцию с поправкой” как чистую прибыль с поправкой, деленную на разводненные акции в обращении. Компания рассчитывает “скорректированную EBITDA” как чистую прибыль, скорректированную с учетом исключения: прочих доходов (убытков), нетто; прибыли/убытка от выбытия активов; резерва по налогу на прибыль; расходов на амортизацию и амортизацию; компенсации на основе акций и связанные с ними расходы; операционные издержки; и расходы, связанные с неординарными курсовыми спорами. Компания рассчитывает “скорректированную рентабельность по EBITDA” путем деления скорректированной EBITDA на чистую выручку.
Сверка финансовых показателей, не относящихся к GAAP, с наиболее непосредственно сопоставимыми показателями GAAP приведена ниже в разделе “Сверка показателей GAAP с показателями, не относящимися к GAAP”.
FIGS - это возглавляемый основателем бренд медицинской одежды и стиля жизни, ориентированный непосредственно на потребителя, который стремится прославлять, расширять возможности и служить нынешнему и будущим поколениям медицинских работников. Мы создаем технически совершенную одежду и продукты для медицинских работников, которые отличаются непревзойденным сочетанием комфорта, долговечности, функциональности и стиля. Мы продаем и продаем наши продукты непосредственно через нашу цифровую платформу, чтобы обеспечить бесперебойную работу медицинских работников.
Прогнозные Заявления
Настоящий пресс-релиз содержит различные прогнозные заявления о Компании по смыслу Закона о реформе судебных разбирательств по частным ценным бумагам 1995 года с поправками, которые основаны на текущих ожиданиях руководства и которые связаны со значительными рисками и неопределенностями, которые могут привести к тому, что фактические результаты будут существенно отличаться от результатов, выраженных или подразумеваемых, такие прогнозные заявления. Все заявления, содержащиеся в этом пресс-релизе, которые не имеют отношения к историческим фактам, следует рассматривать как прогнозные. Эти прогнозные заявления обычно обозначаются словами “предвидеть”, “полагать”, “обдумывать”, “продолжать”, “может”, “оценивать”, “ожидать”, “прогнозировать”, “будущее”, “намереваться”, “может”, “может”, “возможность”, “перспектива”, “план”, “возможный”, “потенциал”, “прогноз”, “проект”, “должен”, “стратегия”, “стремиться”, “цель”, “будет” или “будет”, отрицательное значение этих слов или других подобных терминов или выражения. Отсутствие этих слов не означает, что заявление не является прогнозным. В этих прогнозных заявлениях рассматриваются различные вопросы, в том числе способность Компании стимулировать прибыльный рост в ближайшие годы и перспективы Компании в отношении чистой выручки, валовой прибыли и скорректированной рентабельности по EBITDA за весь год, заканчивающийся 31 декабря 2022 года; все это отражает ожидания Компании, основанные на текущих данных. доступная информация и данные. Поскольку такие заявления основаны на ожиданиях относительно будущих финансовых и операционных результатов и не являются констатацией факта, фактические результаты могут существенно отличаться от прогнозируемых, и вас предостерегают от чрезмерного доверия к этим прогнозным заявлениям. Следующие важные факторы и неопределенности, в частности, могут вызвать фактические результаты могут существенно отличаться от приведенных в прогнозных заявлениях: влияние COVID-19 на деятельность компании; способность компании поддерживать его недавний быстрый рост; способность предприятия поддерживать рентабельность; способность предприятия поддерживать ценности и репутацию своего брэнда; способность компании по привлечению новых клиентов, удержанию существующих клиентов, а также сохранить или увеличить объемы продаж тем клиентам; успех маркетинговых усилий; способность компании сохранить сильную общину привлеченных клиентов и послов; негативная реклама, связанная с компанией маркетинговых усилий или использования социальной информации; способность компании успешно развиваться и внедрять новые, инновационные и обновление продукции; конкурентоспособность на рынке медицинской одежды; способность компании привлекать и удерживать высококвалифицированных специалистов и высшего руководства; рисков, связанных с расширением и ведения бизнеса на международных рынках; изменения, или нарушения, компании по организации перевозок; способности компании точно прогноз потребительского спроса, управления запасами и планирования будущих расходов; компания полагается на ограниченное количество сторонних поставщиков; колебания расходов на сырье, компании удалось защитить свои права на интеллектуальную собственность; тот факт, что операции многие компании поставщики и производители подвержена дополнительным рискам, которые находятся за пределами его контроля, и других рисков, неопределенности, и факторов, которые описаны в разделе “Факторы риска” раздел квартальный отчет по форме 10-Q за квартал, закончившийся 31 марта 2022 будет подано по ценным бумагам и биржам (“КЦБ”), годовом отчете компании по форме 10-K за год, закончившийся 31 декабря 2021 подала в SEC на 10 марта 2022 года, а в компании других периодических заявок в SEC. Прогнозные заявления, содержащиеся в настоящем пресс-релизе, относятся только к моменту их публикации, и Компания не обязуется обновлять или пересматривать их с учетом будущих событий или обстоятельств.
FIGS, INC. BALANCE SHEETS (In thousands, except share and per share data) |
||||||||
|
|
As of |
|
|||||
|
|
March 31,
|
|
|
December 31,
|
|
||
Assets |
|
(Unaudited) |
|
|
|
|
||
Current assets |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
189,401 |
|
|
$ |
195,374 |
|
Restricted cash |
|
|
— |
|
|
|
2,056 |
|
Accounts receivable |
|
|
2,910 |
|
|
|
2,441 |
|
Inventory, net |
|
|
102,765 |
|
|
|
86,068 |
|
Prepaid expenses and other current assets |
|
|
11,257 |
|
|
|
7,400 |
|
Total current assets |
|
|
306,333 |
|
|
|
293,339 |
|
Non-current assets |
|
|
|
|
|
|
||
Property and equipment, net |
|
|
7,719 |
|
|
|
7,613 |
|
Operating lease right-of-use assets |
|
|
17,248 |
|
|
|
— |
|
Deferred tax assets |
|
|
10,645 |
|
|
|
10,239 |
|
Other assets |
|
|
745 |
|
|
|
560 |
|
Total non-current assets |
|
|
36,357 |
|
|
|
18,412 |
|
Total assets |
|
$ |
342,690 |
|
|
$ |
311,751 |
|
Liabilities and stockholders’ equity |
|
|
|
|
|
|
||
Current liabilities |
|
|
|
|
|
|
||
Accounts payable |
|
$ |
17,010 |
|
|
$ |
14,604 |
|
Operating lease liabilities |
|
|
2,806 |
|
|
|
— |
|
Accrued expenses |
|
|
24,200 |
|
|
|
24,677 |
|
Accrued compensation and benefits |
|
|
4,093 |
|
|
|
6,464 |
|
Sales tax payable |
|
|
4,335 |
|
|
|
3,728 |
|
Gift card liability |
|
|
5,275 |
|
|
|
5,590 |
|
Deferred revenue |
|
|
605 |
|
|
|
596 |
|
Returns reserve |
|
|
2,528 |
|
|
|
2,761 |
|
Income tax payable |
|
|
325 |
|
|
|
3,973 |
|
Total current liabilities |
|
|
61,177 |
|
|
|
62,393 |
|
Non-current liabilities |
|
|
|
|
|
|
||
Operating lease liabilities, non-current |
|
|
17,969 |
|
|
|
— |
|
Deferred rent and lease incentive |
|
|
— |
|
|
|
3,542 |
|
Other non-current liabilities |
|
|
243 |
|
|
|
243 |
|
Total liabilities |
|
|
79,389 |
|
|
|
66,178 |
|
Commitments and contingencies (Note 8) |
|
|
|
|
|
|
||
Stockholders’ equity |
|
|
|
|
|
|
||
Class A Common stock — par value $0.0001 per share, 1,000,000,000 shares authorized as of March 31, 2022 and December 31, 2021; 158,530,688 and 152,098,257 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively |
|
|
15 |
|
|
|
15 |
|
Class B Common stock — par value $0.0001 per share, 150,000,000 shares authorized as of March 31, 2022 and December 31, 2021; 6,196,339 and 12,158,187 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively |
|
|
1 |
|
|
|
1 |
|
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 |
|
|
— |
|
|
|
— |
|
Additional paid-in capital |
|
|
236,455 |
|
|
|
227,626 |
|
Retained earnings |
|
|
26,830 |
|
|
|
17,931 |
|
Total stockholders’ equity |
|
|
263,301 |
|
|
|
245,573 |
|
Total liabilities and stockholders’ equity |
|
$ |
342,690 |
|
|
$ |
311,751 |
|
FIGS, INC. STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (In thousands, except share and per share data) (Unaudited) |
||||||||
|
|
Three months ended March 31, |
||||||
|
|
2022 |
|
|
2021 |
|
||
Net revenues |
|
$ |
110,100 |
|
|
$ |
87,079 |
|
Cost of goods sold |
|
|
31,670 |
|
|
|
24,719 |
|
Gross profit |
|
|
78,430 |
|
|
|
62,360 |
|
Operating expenses |
|
|
|
|
||||
Selling |
|
|
22,058 |
|
|
|
17,114 |
|
Marketing |
|
|
15,408 |
|
|
|
10,840 |
|
General and administrative |
|
|
27,219 |
|
|
|
18,346 |
|
Total operating expenses |
|
|
64,685 |
|
|
|
46,300 |
|
Net income from operations |
|
|
13,745 |
|
|
|
16,060 |
|
Other income (loss), net |
|
|
|
|
||||
Interest income (expense) |
|
|
9 |
|
|
|
(36 |
) |
Other expense |
|
|
(1 |
) |
|
|
(2 |
) |
Total other income (loss), net |
|
|
8 |
|
|
|
(38 |
) |
Net income before provision for income taxes |
|
|
13,753 |
|
|
|
16,022 |
|
Provision for income taxes |
|
|
4,854 |
|
|
|
4,582 |
|
Net income and comprehensive income |
|
$ |
8,899 |
|
|
$ |
11,440 |
|
Earnings attributable to Class A and Class B common stockholders |
|
|
|
|
||||
Basic earnings per share |
|
$ |
0.05 |
|
|
$ |
0.07 |
|
Diluted earnings per share |
|
$ |
0.05 |
|
|
$ |
0.07 |
|
Weighted-average shares outstanding—basic |
|
|
164,406,142 |
|
|
|
154,501,660 |
|
| Weighted-average shares outstanding—diluted | 193,379,275 |
|
168,012,364 |
|
||||
FIGS, INC. STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) |
||||||||
|
|
Three months ended
|
||||||
|
|
2022 |
|
|
2021 |
|
||
Cash flows from operating activities: |
|
|
|
|
||||
Net income |
|
$ |
8,899 |
|
|
$ |
11,440 |
|
Adjustments to reconcile net income to net cash (used in) provided by operating activities: |
|
|
|
|
||||
Depreciation and amortization expense |
|
|
375 |
|
|
|
318 |
|
Deferred income taxes |
|
|
(406 |
) |
|
|
453 |
|
Non-cash operating lease cost |
|
|
374 |
|
|
|
— |
|
Stock-based compensation |
|
|
8,477 |
|
|
|
5,015 |
|
Changes in operating assets and liabilities: |
|
|
|
|
||||
Accounts receivable |
|
|
(469 |
) |
|
|
2,231 |
|
Inventory |
|
|
(16,697 |
) |
|
|
(15,435 |
) |
Prepaid expenses and other current assets |
|
|
(3,857 |
) |
|
|
2,902 |
|
Other assets |
|
|
(185 |
) |
|
|
(1,785 |
) |
Accounts payable |
|
|
2,372 |
|
|
|
4,249 |
|
Accrued expenses |
|
|
(560 |
) |
|
|
8,054 |
|
Deferred revenue |
|
|
9 |
|
|
|
(1,503 |
) |
Accrued compensation and benefits |
|
|
(2,371 |
) |
|
|
(2,128 |
) |
Returns reserve |
|
|
(233 |
) |
|
|
296 |
|
Sales tax payable |
|
|
607 |
|
|
|
935 |
|
Income tax payable |
|
|
(3,648 |
) |
|
|
1,235 |
|
Gift card liability |
|
|
(315 |
) |
|
|
(142 |
) |
Deferred rent and lease incentive |
|
|
— |
|
|
|
(26 |
) |
Operating lease liabilities |
|
|
(389 |
) |
|
|
— |
|
Net cash (used in) provided by operating activities |
|
|
(8,017 |
) |
|
|
16,109 |
|
Cash flows from investing activities: |
|
|
|
|
||||
Purchases of property and equipment |
|
|
(364 |
) |
|
|
(528 |
) |
Net cash used in investing activities |
|
|
(364 |
) |
|
|
(528 |
) |
Cash flows from financing activities: |
|
|
|
|
||||
Proceeds from stock option exercises |
|
|
352 |
|
|
|
123 |
|
Net cash provided by financing activities |
|
|
352 |
|
|
|
123 |
|
Net (decrease) increase in cash, cash equivalents, and restricted cash |
|
|
(8,029 |
) |
|
|
15,704 |
|
Cash, cash equivalents, and restricted cash, beginning of period |
|
|
197,430 |
|
|
|
58,133 |
|
Cash, cash equivalents, and restricted cash, end of period |
|
$ |
189,401 |
|
|
$ |
73,837 |
|
Supplemental disclosures: |
|
|
|
|
||||
Property and equipment included in accounts payable and accrued expenses |
|
$ |
149 |
|
|
$ |
73 |
|
Deferred offering costs included in accounts payable and accrued expenses |
|
$ |
— |
|
|
$ |
1,796 |
|
FIGS, INC. RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES (Unaudited) The following table presents a reconciliation of diluted earnings per share, as adjusted and net income, as adjusted to net income, which is the most directly comparable financial measure calculated in accordance with GAAP: |
|||||||||
|
|
Three months ended
|
|
||||||
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
(in thousands, except per share data) |
|||||||
Net income |
|
$ |
8,899 |
|
|
$ |
11,440 |
|
|
Add (deduct): |
|
|
|
|
|
||||
Transaction costs |
|
|
— |
|
|
|
525 |
|
|
Expenses related to non-ordinary course disputes(1) |
|
|
2,417 |
|
|
|
2,436 |
|
|
Income tax impacts of items above |
|
|
(853 |
) |
|
|
(847 |
) |
|
Net income, as adjusted |
|
$ |
10,463 |
|
|
$ |
13,554 |
|
|
Diluted EPS, as adjusted |
|
$ |
0.05 |
|
|
$ |
0.08 |
|
|
Weighted-average shares used to compute Diluted EPS, as adjusted |
|
|
193,379,275 |
|
|
|
168,012,364 |
|
|
(1) Represents certain legal fees incurred in connection with the litigation claims described in the section titled “Legal Proceedings” appearing in the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2022. |
The following table presents a reconciliation of adjusted EBITDA to net income, which is the most directly comparable financial measure calculated in accordance with GAAP: |
|||||||||
|
|
Three months ended
|
|
||||||
|
|
2022 |
|
|
2021 |
|
|
||
|
|
(in thousands, except margin) |
|||||||
Net income |
|
$ |
8,899 |
|
|
$ |
11,440 |
|
|
Add (deduct): |
|
|
|
|
|
||||
Other income (loss), net |
|
|
(8 |
) |
|
|
38 |
|
|
Provision for income taxes |
|
|
4,854 |
|
|
|
4,582 |
|
|
Depreciation and amortization expense(1) |
|
|
375 |
|
|
|
313 |
|
|
Stock-based compensation and related expense(2) |
|
|
8,447 |
|
|
|
5,015 |
|
|
Transaction costs |
|
|
— |
|
|
|
525 |
|
|
Expenses related to non-ordinary course disputes(3) |
|
|
2,417 |
|
|
|
2,436 |
|
|
Adjusted EBITDA |
|
$ |
24,984 |
|
|
$ |
24,349 |
|
|
Adjusted EBITDA Margin |
|
|
22.7 |
% |
|
|
28.0 |
% |
|
(1) Excludes amortization of debt issuance costs included in “Other income (loss), net.” |
(2) Includes stock-based compensation expense and payroll taxes related to equity award activity. |
(3) Represents certain legal fees incurred in connection with the litigation claims described in the section titled “Legal Proceedings” appearing in the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2022. |
|
FIGS, INC. KEY OPERATING METRICS (Unaudited) Active customers as of March 31, 2022 and 2021, respectively, and average order value and net revenues per active customer for the three months ended March 31, 2022 and 2021, respectively, are presented in the following tables: |
|||||||||
|
|
As of March 31, |
|
|
|||||
|
|
2022 |
|
|
2021 |
|
|
||
|
|
(in thousands) |
|
|
|||||
Active customers |
|
|
1,962 |
|
|
|
1,497 |
|
|
|
|
Three months ended
|
|
||||||
|
|
2022 |
|
|
2021 |
|
|||
Average order value |
|
$ |
116 |
|
|
$ |
100 |
|
|
|
|
Three months ended
|
|
||||||
|
|
2022 |
|
|
2021 |
|
|||
Net revenues per active customer |
|
$ |
226 |
|
|
$ |
213 |
|
|
