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  "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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  "notes": "The slide uses red highlighting to emphasize negative trends in CFO and inventory metrics for recent quarters.",
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      "text": "FIGS' financial profile appears tenuous as its operating cash flow has turned negative. Moreover, days inventory outstanding have risen 58% since year end 2021, and inventory purchase obligations have nearly doubled since Q1 from $36 million to $67 million. In fact, inventory purchase obligations to LTM sales reached a new reporting high.",
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      "text": "1) DIOs = (Ending Quarterly Inventory / Ending Quarterly COGS) * (days in quarter) Source: 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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      "kind": "title",
      "text": "FIGS' Earnings Quality Has Deteriorated In 2022",
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