FIGS Releases Preliminary Results for the Fourth Quarter and Full Year 2021
FIGS, Inc. (NYSE: FIGS) announced preliminary and unaudited results for Q4 and full year 2021, reporting net revenues of
- Q4 2021 net revenues expected to reach $128 million, up 42% from Q4 2020.
- Full year 2021 net revenues expected to be $419 million, a 59% increase year-over-year.
- Active customers anticipated to grow by 46% to 1.9 million.
- Average order value expected to increase by 15% to $113.
- Preliminary results are subject to revision, posing uncertainty for investors.
“We are thrilled with the momentum in our business,” said
Preliminary, Unaudited Net Revenues and Business Highlights
Fourth Quarter 2021:
-
Net revenues (unaudited) are expected to be
, an increase of$128 million 42% compared to Q4 2020. -
Active customers are expected to total 1.9 million, an increase of
46% compared to Q4 2020. -
Average order value is expected to be
, an increase of$113 15% compared to Q4 2020. -
Trailing twelve month (“TTM”) net revenues per active customer are expected to be
, a$224 increase compared to TTM net revenues per active customer of$22 as of the end of Q4 2020.$202
Full Year 2021:
-
Net revenues (unaudited) are expected to be
, up$419 million 59% compared to the prior year, exceeding the Company’s prior guidance of approximately of net revenues. Excluding the$410 million non-recurring related party sale in Q3 2020, net revenues are expected to grow$4.2 million 62% .(1) -
Average order value is expected to be
, an increase of$105 12% compared to 2020. -
In line with its prior outlook, the Company expects an annual gross margin of at least
70% for 2021. -
In line with its prior outlook, the Company expects an annual adjusted EBITDA margin(2) of at least
20% for 2021.
Reiterated Long-term Outlook (2022-2024)
-
Over
in annual net revenues by 2025$1.0 billion -
Annual gross margin:
70% + -
Annual adjusted EBITDA margin:
20% +(2)
(1) Net revenues (unaudited), as adjusted, is a non-GAAP financial measure. For a reconciliation to the most directly comparable GAAP measure and more information regarding the Company’s use of non-GAAP financial measures, please see the section titled “Non-GAAP Financial Measures and Preliminary Key Operating Metrics.”
(2) Adjusted EBITDA margin is a non-GAAP financial measure. 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 Preliminary Key Operating Metrics.”
Financial Disclosure Advisory
The Company reports its financial results in accordance with
24th Annual
The Company previously announced that it will be participating virtually in a fireside chat at the ICR conference on
Non-GAAP Financial Measures and Preliminary 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.
Active customers as of
As of |
||||||||||||
2021 |
2020 |
|||||||||||
(in thousands) | (unaudited) | |||||||||||
Active customers |
|
1,872 |
|
1,300 |
||||||||
Three months ended |
Year ended |
|||||||||||
|
|
|||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||
(unaudited) | ||||||||||||
Average order value | $ |
113 |
$ |
98 |
$ |
105 |
$ |
94 |
The Company uses “net revenues, 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 revenues, as adjusted” as net revenues, adjusted to exclude non-recurring related party sales. 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.
The following table presents a reconciliation of net revenues, as adjusted, to net revenues, which is the most directly comparable financial measure calculated in accordance with GAAP:
Year ended,
|
Change |
|||||||
2021 |
2020 |
% |
||||||
($ in millions) | (unaudited) | |||||||
Net revenues | 419 |
263 |
|
59 |
% |
|||
Deduct: | ||||||||
Related party sales | — |
(4 |
) |
|||||
Net revenues, as adjusted | 419 |
259 |
|
62 |
% |
About FIGS
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 strategies and plans; the Company’s innovation and growth expectations; the Company’s preliminary expectations as to net revenues, active customers, average order value and TTM net revenues per active customer for the quarter ended
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Investors:
IR@wearfigs.com
Media:
press@wearfigs.com
Source:
FAQ
What are the preliminary Q4 2021 results for FIGS?
How did FIGS perform for the full year 2021?
What is FIGS' outlook for growth by 2025?
What growth in active customers did FIGS report?