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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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  "notes": "Contrasts qualitative management quotes against a quantitative bar chart showing a downward margin trend.",
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      "text": "We question management's strong statements regarding its profitability given both the Company's limited operating history (only about six quarters of meaningful profitability under historically positive conditions) and the apparent quarterly volatility.",
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      "text": "FIGS Reported Adjusted EBITDA Margins from FY2019 (2%) to Q2 2022 (18%), showing a peak of 33% in Q3 2020 followed by a downward trend.",
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      "text": "Source: FIGS Q3 2021 earnings call, FIGS Q4 2021 earnings call, FIGS 424B filed 5/28/21, FIGS 10-Q filed 8/12/21, FIGS 10-Q filed 11/10/21, FIGS 10-K filed 3/10/22, FIGS 10-Q filed 5/12/22, FIGS 10-Q filed 8/4/22",
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      "text": "FIGS Statements on Margin Model: Quotes from IPO Prospectus, Lawrence on Q3 2021 Earnings Call, and Turenshine on Q4 2021 Earnings Call claiming structurally advantaged margins and unique financial profiles.",
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      "kind": "title",
      "text": "We Get Suspicious When Management Teams Say They Are Different, Especially With Limited Operating History",
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