{
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  "docSlug": "0a0319cd79cc",
  "documentTitle": "FIGS, Inc. (FIGS)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-09-07 00:00:00",
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  "pageNumber": 54,
  "pageCount": 113,
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  "slideType": "expose_contradiction",
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  "density": "dense",
  "nDataPoints": 5,
  "notes": "Uses a Gantt-style chart to visualize employee turnover and understaffing relative to revenue growth.",
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      "kind": "callout",
      "text": "Based on our search of LinkedIn profiles, admittedly an imperfect source, we have compiled the timelines of all past and present finance function employees at FIGS. We are troubled by extremely low staffing levels, particularly at senior levels and during 2020, a year when the Company grew nearly 140% and posted $263 million in revenue.",
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      "kind": "callout",
      "text": "We are troubled by extremely low staffing levels, particularly at senior levels and during 2020, a year when the Company grew nearly 140% and posted $263 million in revenue.",
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      "text": "FIGS Finance Employee Tenures",
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      "kind": "framework",
      "text": "Critical Pre-IPO Period We Identify A Void In Financial Leadership",
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      "text": "Critical Pre-IPO Period We Identify A Void In Financial Support",
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      "kind": "source-note",
      "text": "Source: LinkedIn profiles for Riyako Asami, Josh Belmont, Spencer Beyrle, Grant Brooks, Jessica C., Kevin Fosty, Justin Jang, Jeff Lawrence, Karsten Loose, Humberto Lupercio, Amanda McKamey, Sally Ren, Jason Simon, Christian Smith, James Soehardjono, Karen Trinh, Daniella Turenshine, David Wong",
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      "kind": "title",
      "text": "The FIGS Finance Function Has Seemingly Suffered From Chronic Understaffing And Turnover",
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      "name": "fraud-exposure",
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      "matchId": "54617fb0-f414-4eba-a43c-a05ec24d6f30",
      "evidence": "Highlights voids in leadership and support during critical periods to suggest operational risk or mismanagement.",
      "confidence": 0.9
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      "name": "Iceberg",
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      "bestFor": "Consulting, complex problem solving, organizational change",
      "matchId": "2397581e-e50d-483b-b601-6eba0af6ccae",
      "evidence": "Employee commentary and Glassdoor reviews",
      "position": 1,
      "objective": "To expose an unhealthy company culture and high turnover",
      "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause",
      "confidence": 0.7,
      "description": "Reveal that the visible problem is merely a symptom of a deeper root cause"
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