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  "documentTitle": "FIGS, Inc. (FIGS)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2022-09-07 00:00:00",
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  "notes": "Includes detailed footnotes regarding share counts and EBITDA adjustments.",
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      "text": "The market expects FIGS to continue top-line growth in the mid 20% range while accelerating EBITDA margins. As a result, the market ascribes FIGS a rich revenue multiple of approximately 4x. We have shown why we believe there is substantial room for multiple compression.",
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      "text": "(1) Cover of 10-Q filed 8/4/22, Class A and B (2) Includes 37.872m options outstanding at $5.24 average exercise price and 3.668m unvested RSUs outstanding (3) As reported by FIGS, it adds-back stock compensation expense. However, in 2021 FIGS paid actual cash taxes with employee comp programs of $21.6m. Therefore, we believe its actual Adj. EBITDA and margin was $81.3 and 19.3% Estimates from Bloomberg consensus as of 9/6/22 Source: Bloomberg, FIGS 10-K filed 3/10/22, FIGS 10-Q filed 8/4/22",
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      "text": "EV / Revenue: 4x",
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      "text": "FIGS Valuation Summary",
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      "text": "FIGS Still Trades At Approximately 4x 2022E Revenue",
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