{
  "docId": "019dd923-622c-750b-8b99-4b92274d3e76",
  "docSlug": "0a0319cd79cc",
  "documentTitle": "FIGS, Inc. (FIGS)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-09-07 00:00:00",
  "orientation": "landscape",
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  "pageNumber": 32,
  "pageCount": 113,
  "prevPage": 31,
  "nextPage": 33,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 6,
  "notes": "Uses a red flag icon to signal a warning/contradiction. The slide structure uses a side-by-side comparison of management quotes vs. reported data.",
  "elementsJson": [
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  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-4b92274d3e76/32",
  "deckHref": "/decks/019dd923-622c-750b-8b99-4b92274d3e76",
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      "kind": "callout",
      "text": "On the FIGS Q3 2021 earnings call, Spear characterized the FIGS customer base as “intensely loyal”. However, based on FIGS disclosures, only 50% of customers place a second order with the Company, and only 22% end up placing a fourth order. We question whether that data supports Spear’s characterization?",
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      "kind": "framework",
      "text": "Contrasting management quotes with hard data to expose a contradiction.",
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      "kind": "list",
      "text": "FIGS Statements on Business Metrics: Quotes from Financial Post, Forbes, and Q3 2021 Earnings Call.",
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      "kind": "paragraph",
      "text": "The FIGS final IPO Prospectus was filed on May 28, 2021. Why don’t they include metrics from 2020?",
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      "componentId": "b4a0bb61-b10b-468b-af5e-da75511de3a9",
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      "kind": "table",
      "text": "Orders Placed | Percent of Previous Group | Percent of Total\nInitial order | - | 100%\nReturned for second order | 50% | 50%\nReturned for third order | 63% | 32%\nReturned for fourth order | 70% | 22%",
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      "componentId": "ab410870-e1af-4f4e-afc9-101e2ff9ac44",
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      "kind": "title",
      "text": "We Believe FIGS Has Also Misreported Customer Retention Metrics",
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      "matchId": "068be6da-4da0-4ed2-8af0-89f52a655708",
      "evidence": "Directly juxtaposes CEO/management quotes against internal company data to invalidate claims.",
      "confidence": 1
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