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  "documentTitle": "FIGS, Inc. (FIGS)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-09-07 00:00:00",
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      "text": "While we acknowledge FIGS has strong brand awareness, we believe the Company understates its reliance on social media. The Company's S-1 disclosures suggest that FIGS continues to maintain a major digital marketing program to drive customer acquisition. We believe management's hyperbole seems misplaced.",
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      "text": "While we acknowledge FIGS has strong brand awareness, we believe the Company understates its reliance on social media.",
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      "text": "Social Network Distribution for Wearfigs.com",
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      "text": "Social Network Distribution: 65.77%",
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      "kind": "quote",
      "text": "Over 60% of our traffic is organic, nonpaid. We're not reliant on the Facebooks and the Googles of the world, although they are incredible partners. — Heather Hasson (Spear on Q3 2021 Earnings Call)",
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      "kind": "source-note",
      "text": "Source: dot.LA interview, FIGS 424B filed 5/28/21, Building a Consumer Brand at The Rise of the Female Entrepreneur 2019, FIGS Q3 2021 Earnings Call Transcript, Similarweb",
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      "text": "Spear Quotes On Low Reliance on Digital Marketing vs FIGS Marketing Disclosure in IPO Prospectus",
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      "text": "We Believe FIGS Underemphasizes The Importance of Its Paid Digital Marketing Efforts",
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