{
  "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",
  "aspectRatio": 1.3333334,
  "pageNumber": 4,
  "pageCount": 113,
  "prevPage": 3,
  "nextPage": 5,
  "slideType": "table_of_contents",
  "function": "summarize",
  "density": "balanced",
  "nDataPoints": 2,
  "notes": null,
  "elementsJson": [
    "data_table"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-4b92274d3e76/4",
  "deckHref": "/decks/019dd923-622c-750b-8b99-4b92274d3e76",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-4b92274d3e76.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-4b92274d3e76#slide-4",
  "components": [
    {
      "bbox": {
        "h": 0.66,
        "w": 0.92,
        "x": 0.04,
        "y": 0.238
      },
      "kind": "table",
      "text": "1 Executive Summary; 2 We Believe Co-Founder And Board Executive Chair Hasson Has Misrepresented Her Past And The FIGS Origin Story Is Questionable; 3 FIGS Has A History Of Publicly Misstating Its Financial And Business Metrics; 4 We Believe FIGS Exaggerates Its Total Addressable Market (TAM), Gross Margins, And Glosses Over Growth Issues; 5 Employee Commentary Suggests An Unhealthy Culture Led By An Unstable Management; 6 We Are Troubled by Finance Department Turnover And Qualifications at FIGS; 7 We Believe FIGS Has Little Sustainable Competitive Advantage And Faces Increasing Competition; 8 We Believe The FIGS Brand Has Already Been Tarnished; 9 We Believe FIGS' Business Momentum Is Deteriorating: A Curse For Retail \"Growth\" Stocks; 10 We See 45% - 60% Downside Risk To FIGS' Share Price; 11 Appendix: The Evidence Behind Accusations of False Claims by FIGS is Compelling",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "05c2398e-4af9-4058-93d3-783d867ded81",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.23,
        "x": 0.31,
        "y": 0.05
      },
      "kind": "title",
      "text": "Table of Contents",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "093f8b22-8534-420d-9ec7-27087ed710d0",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 5,
      "from": 1,
      "beatId": "c6bb107c-453d-4cb6-9f9a-4b103e58b809",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Monster",
      "beatSlug": "overcoming-monster-the-monster",
      "evidence": "Introduction to FIGS and the allegations against it",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": "Hook",
      "parentBeatSlug": "hook"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}