FIGS(US:FIGS)2024-08-08 20:14Financial Performance - Net revenues for Q2 2024 were $144.2 million, a 4.4% increase year over year[2] - Net revenues for Q2 2024 reached $144.225 million, a 4% increase from $138.132 million in Q2 2023[14] - Net income was $1.1 million, a decrease of $3.5 million year over year, resulting in a net income margin of 0.8%[2] - Net income for Q2 2024 was $1.100 million, down from $4.582 million in Q2 2023, showing a decline of 76%[14] - Net income for the three months ended June 30, 2024, was $1,100,000, compared to $4,581,000 for the same period in 2023, representing a decrease of approximately 76.0%[16] - Adjusted EBITDA was $12.9 million, down $6.0 million year over year, with an adjusted EBITDA margin of 9.0%[2] - Adjusted EBITDA for the six months ended June 30, 2024, was $25,922,000, compared to $34,973,000 for the same period in 2023, reflecting a decline of about 25.9%[17] - Adjusted EBITDA margin for the three months ended June 30, 2024, was 9.0%, down from 13.7% for the same period in 2023, reflecting a decrease of 4.7 percentage points[17] Operating Expenses - Operating expenses rose to $95.7 million, a 7.0% increase year over year, with operating expenses as a percentage of net revenues increasing to 66.4%[2] - Operating expenses for Q2 2024 totaled $95.711 million, up from $89.468 million in Q2 2023, marking a 7.5% increase[14] Customer Metrics - Active customers increased by 6.1% year over year to 2.6 million[2] - Active customers increased to 2,628 as of June 30, 2024, up from 2,476 as of June 30, 2023, indicating a growth of approximately 6.1%[20] Revenue Per Customer - Net revenues per active customer were $210, a decrease of 2.3% year over year[2] - Net revenues per active customer for the three months ended June 30, 2024, were $210, slightly down from $215 for the same period in 2023[21] Average Order Value - Average order value (AOV) was $113, a decrease of 1.7% year over year[2] - Average order value for the three months ended June 30, 2024, was $113, consistent with $115 for the same period in 2023[22] Balance Sheet - Total current assets increased to $417.240 million as of June 30, 2024, up from $385.659 million at the end of 2023, representing an 8.5% growth[13] - Total liabilities rose to $124.318 million as of June 30, 2024, compared to $96.359 million at the end of 2023, indicating a 29% increase[13] - Cash and cash equivalents decreased to $131.811 million as of June 30, 2024, from $144.173 million at the end of 2023, a decline of 8.6%[15] Shareholder Actions - A share repurchase program for up to $50 million of Class A common stock has been authorized by the Board of Directors[3] Future Outlook - The company expects full-year 2024 net revenues to be flat to 2% growth compared to 2023[5]