FIGS (FIGS) 10-Q 4 Aug 22 2022 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2022	Jul. 31, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	001-39549
Entity Registrant Name	FIGS, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-2005653
Entity Address, Address Line One	2834 Colorado Avenue
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	Santa Monica
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90404
City Area Code	424
Local Phone Number	300-8330
Title of 12(b) Security	Class A common stock, $0.0001 par value per share
Trading Symbol	FIGS
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Central Index Key	0001846576
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		158,812,240
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		6,534,491

CONDENSED BALANCE SHEETS

CONDENSED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 170,220	$ 195,374
Restricted cash	0	2,056
Accounts receivable	5,078	2,441
Due from related party	631	0
Inventory, net	127,646	86,068
Prepaid expenses and other current assets	12,329	7,400
Total current assets	315,904	293,339
Non-current assets
Property and equipment, net	8,809	7,613
Operating lease right-of-use assets	16,632
Deferred tax assets	10,554	10,239
Other assets	1,747	560
Total non-current assets	37,742	18,412
Total assets	353,646	311,751
Current liabilities
Accounts payable	10,608	14,604
Operating lease liabilities	3,004	0
Accrued expenses	27,839	24,677
Accrued compensation and benefits	3,470	6,464
Sales tax payable	3,786	3,728
Gift card liability	5,909	5,590
Deferred revenue	1,044	596
Returns reserve	2,374	2,761
Income tax payable	0	3,973
Total current liabilities	58,034	62,393
Non-current liabilities
Operating lease liabilities, non-current	17,267
Deferred rent and lease incentive		3,542
Other non-current liabilities	215	243
Total liabilities	75,516	66,178
Commitments and contingencies (Note 9)
Stockholders’ equity
Preferred stock — par value $0.0001 per share, 100,000,000 shares authorized as of June 30, 2022 and December 31, 2021; zero shares issued and outstanding as of June 30, 2022 and December 31, 2021	0	0
Additional paid-in capital	246,432	227,626
Retained earnings	31,682	17,931
Total stockholders’ equity	278,130	245,573
Total liabilities and stockholders’ equity	353,646	311,751
Class A Common Stock
Stockholders’ equity
Common stock	15	15
Class B Common Stock
Stockholders’ equity
Common stock	$ 1	$ 1

CONDENSED BALANCE SHEETS (Paren

CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Preferred stock, par value (in USD per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares outstanding (in shares)	0	0
Preferred stock, shares issued (in shares)	0	0
Class A Common Stock
Common stock, par value (in USD per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares, issued (in shares)	158,728,167	152,098,257
Common stock, shares, outstanding (in shares)	158,728,167	152,098,257
Class B Common Stock
Common stock, par value (in USD per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	150,000,000	150,000,000
Common stock, shares, issued (in shares)	6,534,491	12,158,187
Common stock, shares, outstanding (in shares)	6,534,491	12,158,187

CONDENSED STATEMENTS OF OPERATI

CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Net Revenues	$ 122,247	$ 101,117	$ 232,348	$ 188,196
Cost of goods sold	35,899	26,964	67,569	51,683
Gross profit	86,348	74,153	164,779	136,513
Operating expenses
Selling	26,803	19,222	48,861	36,337
Marketing	20,824	15,488	36,232	26,327
General and administrative	29,270	71,504	56,490	89,850
Total operating expenses	76,897	106,214	141,583	152,514
Net income (loss) from operations	9,451	(32,061)	23,196	(16,001)
Other income (loss), net
Interest income (expense)	70	(31)	79	(67)
Other expense	0	0	(1)	(2)
Total other income (loss), net	70	(31)	78	(69)
Net income (loss) before provision for income taxes	9,521	(32,092)	23,274	(16,070)
Provision for income taxes	4,669	8,454	9,523	13,036
Net income (loss) and comprehensive income (loss)	$ 4,852	$ (40,546)	$ 13,751	$ (29,106)
Earnings (loss) per share:
Basic earnings per share (in USD per share)	$ 0.03	$ (0.26)	$ 0.08	$ (0.19)
Diluted earnings per share (in USD per share)	$ 0.03	$ (0.26)	$ 0.07	$ (0.19)
Weighted Average Number of Shares Outstanding
Weighted-average shares outstanding—basic (in shares)	164,919,979	156,867,484	164,664,480	155,725,959
Weighted-average shares outstanding - diluted (in shares)	188,903,553	156,867,484	191,142,834	155,725,959

CONDENSED STATEMENTS OF STOCKHO

CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Issuance of Class A Common Stock upon exchange of Common Stock	Issuance of Class B Common Stock upon exchange of Common Stock	Common Stock	Common Stock Issuance of Class A Common Stock upon exchange of Common Stock	Common Stock Issuance of Class B Common Stock upon exchange of Common Stock	Common Stock Class A Common Stock	Common Stock Class A Common Stock Issuance of Class A Common Stock upon exchange of Common Stock	Common Stock Class A Common Stock Issuance of Class B Common Stock upon exchange of Class A Common Stock	Common Stock Class A Common Stock Issuance of Class A Common Stock upon exchange of Class B Common Stock	Common Stock Class B Common Stock	Common Stock Class B Common Stock Issuance of Class B Common Stock upon exchange of Common Stock	Common Stock Class B Common Stock Issuance of Class B Common Stock upon exchange of Class A Common Stock	Common Stock Class B Common Stock Issuance of Class A Common Stock upon exchange of Class B Common Stock	Additional Paid-in Capital	(Accumulated Deficit) Retained Earnings
Beginning Balance (in shares) at Dec. 31, 2020				154,444,851			0				0
Beginning Balance at Dec. 31, 2020	$ 97,677			$ 15			$ 0				$ 0				$ 70,175	$ 27,487
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	5,015														5,015
Stock option exercises (in shares)				204,309
Stock option exercises	123														123
Net income	11,440															11,440
Ending balance (in shares) at Mar. 31, 2021				154,649,160			0				0
Ending Balance at Mar. 31, 2021	114,255			$ 15			$ 0				$ 0				75,313	38,927
Beginning Balance (in shares) at Dec. 31, 2020				154,444,851			0				0
Beginning Balance at Dec. 31, 2020	97,677			$ 15			$ 0				$ 0				70,175	27,487
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	(29,106)
Ending balance (in shares) at Jun. 30, 2021				0			147,633,534				13,264,059
Ending Balance at Jun. 30, 2021	203,715			$ 0			$ 15				$ 1				205,318	(1,619)
Beginning Balance (in shares) at Mar. 31, 2021				154,649,160			0				0
Beginning Balance at Mar. 31, 2021	114,255			$ 15			$ 0				$ 0				75,313	38,927
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock upon exchange of stock (in shares)					(142,851,852)	(12,148,029)		142,851,852	(1,116,030)			12,148,029	1,116,030
Issuance of stock upon exchange of stock		$ 0	$ 0		$ (14)	$ (1)		$ 14				$ 1
Issuance of Class A Common Stock upon initial public offering, net of offering costs and related tax impacts (in shares)							4,636,364
Issuance of Class A Common Stock upon initial public offering, net of offering costs and related tax impacts	95,101						$ 1								95,100
Issuance of Class A Common Stock upon vesting of Restricted Stock, net of tax withholdings (in shares)							1,166,538
Restricted Stock surrendered for employees' tax liability	(21,556)														(21,556)
Stock-based compensation	56,012														56,012
Stock option exercises (in shares)				350,721			94,810
Stock option exercises	449														449
Net income	(40,546)															(40,546)
Ending balance (in shares) at Jun. 30, 2021				0			147,633,534				13,264,059
Ending Balance at Jun. 30, 2021	203,715			$ 0			$ 15				$ 1				205,318	(1,619)
Beginning Balance (in shares) at Dec. 31, 2021				0			152,098,257				12,158,187
Beginning Balance at Dec. 31, 2021	245,573			$ 0			$ 15				$ 1				227,626	17,931
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock upon exchange of stock (in shares)									(338,152)	6,300,000			338,152	(6,300,000)
Issuance of Class A Common Stock upon vesting of Restricted Stock, net of tax withholdings (in shares)							381,973
Stock-based compensation	8,477														8,477
Stock option exercises (in shares)							88,610
Stock option exercises	352														352
Net income	8,899															8,899
Ending balance (in shares) at Mar. 31, 2022				0			158,530,688				6,196,339
Ending Balance at Mar. 31, 2022	263,301			$ 0			$ 15				$ 1				236,455	26,830
Beginning Balance (in shares) at Dec. 31, 2021				0			152,098,257				12,158,187
Beginning Balance at Dec. 31, 2021	245,573			$ 0			$ 15				$ 1				227,626	17,931
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	13,751
Ending balance (in shares) at Jun. 30, 2022				0			158,728,167				6,534,491
Ending Balance at Jun. 30, 2022	278,130			$ 0			$ 15				$ 1				246,432	31,682
Beginning Balance (in shares) at Mar. 31, 2022				0			158,530,688				6,196,339
Beginning Balance at Mar. 31, 2022	263,301			$ 0			$ 15				$ 1				236,455	26,830
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock upon exchange of stock (in shares)									(338,152)				338,152
Issuance of Class A Common Stock upon vesting of Restricted Stock, net of tax withholdings (in shares)							432,901
Capital contribution	479														479
Stock-based compensation	8,777														8,777
Stock option exercises and employee stock purchases (in shares)							102,730
Stock option exercises and employee stock purchases	721														721
Net income	4,852															4,852
Ending balance (in shares) at Jun. 30, 2022				0			158,728,167				6,534,491
Ending Balance at Jun. 30, 2022	$ 278,130			$ 0			$ 15				$ 1				$ 246,432	$ 31,682

CONDENSED STATEMENTS OF CASH FL

CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net income (loss)	$ 13,751	$ (29,106)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Depreciation and Amortization Expense	808	666
Deferred income taxes	(315)	3,153
Non-cash operating lease cost	1,061
Stock-based compensation	17,254	61,027
Changes in operating assets and liabilities:
Accounts receivable	(2,637)	1,846
Due from related party	(631)	(4,875)
Inventory	(41,578)	(12,639)
Prepaid expenses and other current assets	(4,929)	(1,674)
Other assets	(687)	(6)
Accounts payable	(4,081)	4,575
Accrued expenses	2,970	8,553
Deferred revenue	448	(1,102)
Accrued compensation and benefits	(2,994)	(70)
Returns reserve	(387)	451
Sales tax payable	58	836
Income tax payable	(3,973)	805
Gift card liability	319	350
Deferred rent and lease incentive		(49)
Operating lease liabilities	(964)
Other non-current liabilities	(28)	0
Net cash (used in) provided by operating activities	(26,535)	32,741
Cash flows from investing activities:
Purchases of property and equipment	(1,727)	(1,023)
Purchases of held-to-maturity securities	(500)	0
Net cash used in investing activities	(2,227)	(1,023)
Cash flows from financing activities:
Proceeds from issuance of Class A common stock in initial public offering, net of underwriting discounts	0	95,881
Payments of initial public offering issuance costs, net of reimbursements	0	(780)
Proceeds from stock option exercises and employee stock purchases	1,073	572
Tax payments related to net share settlements on restricted stock units	0	(21,556)
Capital contributions	479	0
Net cash provided by financing activities	1,552	74,117
Net (decrease) increase in cash, cash equivalents, and restricted cash	(27,210)	105,835
Cash, cash equivalents, and restricted cash, beginning of period	197,430	58,133
Cash, cash equivalents, and restricted cash, end of period	170,220	163,968
Supplemental disclosures:
Property and equipment included in accounts payable and accrued expenses	309	247
Deferred offering costs included in accounts payable and accrued expenses	$ 0	$ 780

Description of Business

Description of Business	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS	DESCRIPTION OF BUSINESS FIGS, Inc. (the “Company”), a Delaware corporation, was founded in 2013 and is a founder-led, direct-to-consumer healthcare apparel and lifestyle brand company. The Company designs and sells scrubwear, and other non-scrub offerings, such as lab coats, underscrubs, outerwear, activewear, loungewear, compression socks and footwear. The Company markets and sells its products primarily in the United States. Sales are primarily generated through the Company’s digital platforms. Impact of COVID-19 The ongoing COVID-19 pandemic has caused significant disruption in the international and United States economies and financial markets. The spread of COVID-19 has caused illness, quarantines, cancellation of events and travel, business and school shutdowns, reduction in business activity and financial transactions, labor shortages, global supply chain interruptions and overall economic and financial market instability. In response to public health directives and orders, and to help minimize the risk of the virus to employees, the Company has taken precautionary measures, including implementing work from home policies for certain employees. The COVID-19 pandemic has also negatively impacted global supply chains and caused challenges to logistics, including causing ocean freight reliability and capacity issues, increased volatility in ocean freight transit times, port congestion, increased ocean and air freight rates, and labor shortages, and has impacted the Company’s manufacturing supply chain, distribution, logistics and other services. The COVID-19 pandemic may continue to adversely affect workforces, supply chains, economies and financial markets globally, potentially leading to an economic downturn or recession and a reduction in consumer spending or an inability for the Company's suppliers, vendors or other parties with whom it does business to meet their contractual obligations, any of which could negatively impact the Company’s business and results of operations.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited condensed financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information. The Company’s fiscal year ends on December 31. Certain information and footnote disclosures normally included in the Company’s annual audited financial statements and accompanying notes have been condensed or omitted in these accompanying interim condensed financial statements and footnotes. Certain reclassifications have been made to prior-year amounts to conform to the current period presentation. These unaudited condensed financial statements should be read in conjunction with the audited financial statements and related notes for the year ended December 31, 2021, included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 10, 2022. In the opinion of management, the unaudited condensed financial statements include all adjustments of a normal recurring nature necessary for the fair presentation of the Company’s financial position, results of operations, and cash flows. The results of operations for the three and six months ended June 30, 2022 are not necessarily indicative of the results to be expected for the year ending December 31, 2022. Stock Split On May 19, 2021, the Company effected a nine-for-one forward stock split of its issued and outstanding common stock, stock options and restricted stock units. Accordingly, all share and per share information has been retroactively adjusted to reflect the stock split for all periods presented. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods presented. Significant estimates include, but are not limited to, the valuation of the net realizable value of inventory, reserves for sales returns, allowances for doubtful accounts, stock-based compensation, contingent sales tax liability, and the useful lives and recoverability of long-lived assets. Actual results could differ from those estimates. Restricted Cash Restricted cash consists of cash collateral amounts pledged to secure the Company's reimbursement obligations under its outstanding letters of credit. The following table provides a reconciliation of cash and cash equivalents, and restricted cash reported on the accompanying balance sheets that sum to the total of the same such amounts shown in the statements of cash flows (in thousands): June 30, December 31, Cash and cash equivalents $ 170,220 $ 195,374 Restricted cash — 2,056 Total cash, cash equivalents, and restricted cash $ 170,220 $ 197,430 Inventory, Net Inventory consists of finished goods and is accounted for using an average cost method. Inventory is valued at the lower of cost or net realizable value. The Company records a provision for excess and obsolete inventory to adjust the carrying value of inventory based on assumptions regarding future demand for the Company’s products. Lower of cost or net realizable value is evaluated by considering obsolescence, excessive levels of inventory, deterioration, and other factors. Adjustments to reduce the cost of inventory to its net realizable value, if required, are made for estimated excess, obsolescence, or impaired inventory. Excess and obsolete inventory is charged to cost of goods sold. The Company’s allowance to write down inventory to the lower of cost or net realizable value was $0.3 million and $0.4 million as of June 30, 2022 and December 31, 2021, respectively. Revenue Recognition The Company recognizes revenue in accordance with Financial Accounting Standards Board (“FASB”) ASU 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASC 606”). Revenue is recognized in an amount that reflects the consideration expected to be received in exchange for products. To determine revenue recognition for contracts with customers within the scope of ASC 606, the Company recognizes revenue from the commercial sales of products and contracts by applying the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations of the contract(s); (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract(s); and (v) recognize revenue when (or as) the Company satisfies the performance obligations. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the good or services it transfers to the customer. The Company recognizes revenue at a point in time when it satisfies a performance obligation and transfers control of the products to the respective customers, which occurs when the goods are transferred to a common carrier. Shipping and handling costs associated with outbound freight incurred to transfer a product to a customer are treated as a fulfillment activity, and as a result, any fees received from customers are included in the transaction price for the performance obligation of providing goods to the customer. The Company generally provides refunds for goods returned within 30 days from the original purchase date. A returns reserve is recorded by the Company based on the historical refund pattern. The returns reserve on the balance sheets was $2.4 million and $2.8 million as of June 30, 2022 and December 31, 2021, respectively. Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction, that are collected by the Company from a customer, are excluded from revenue. The Company records deferred revenue when it receives payments in advance of the transfer of the goods to a common carrier. The amounts recorded are expected to be recognized as revenue within the 12 months following the balance sheet and, therefore, are classified as current liabilities in the balance sheets. The Company does not have significant contract balances other than deferred revenue, the allowance for sales returns and liabilities related to its gift cards. The Company does not have significant contract acquisition costs. The following table presents the disaggregation of the Company’s net revenues for the three and six months ended June 30, 2022 and 2021 as follows (in thousands): Three months ended Six months ended 2022 2021 2022 2021 By geography: United States $ 112,830 $ 93,121 $ 214,248 $ 174,728 Rest of the world 9,417 7,996 18,100 13,468 $ 122,247 $ 101,117 $ 232,348 $ 188,196 By product: Scrubwear $ 103,887 $ 90,315 $ 194,354 $ 166,530 Non-Scrubwear/Lifestyle 18,360 10,802 37,994 21,666 $ 122,247 $ 101,117 $ 232,348 $ 188,196 Recently Adopted Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), as subsequently amended, which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors), and replaces the existing guidance in ASC 840, Leases. The new standard requires lessees to recognize operating and finance lease liabilities and corresponding right-of-use assets on the balance sheet and to provide enhanced disclosures surrounding the amount, timing and uncertainty of cash flows arising from leasing arrangements. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842): Targeted Improvements. ASU 2018-11 provides entities another option for transition, allowing entities to not apply the new standard in the comparative periods they present in their financial statements in the year of adoption. Effective January 1, 2022, the Company adopted ASU 2016-02 using the optional transition method provided by ASU 2018-11. The Company elected certain practical expedients permitted under the transition guidance, including the election to carryforward historical lease classification and the short-term lease practical expedient. In addition, the Company elected the lease and non-lease components practical expedient, which allowed it to calculate the present value of fixed payments without performing an allocation of lease and non-lease components. Adoption of the new standard resulted in the recognition of operating lease right-of-use assets and operating lease liabilities of approximately $12.9 million and $16.5 million, respectively, on the Company’s balance sheet as of January 1, 2022. The standard did not have a material impact to the Company’s statements of operations and comprehensive income or cash flows. Refer to Note 10 for the Company’s expanded disclosures on leases. In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments (Topic 326) (“ASU 2016-13”). ASU 2016-13 requires measurement and recognition of expected credit losses for financial assets. In April 2019, the FASB issued clarification to ASU 2016-13 within ASU No. 2019-04, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments. These updates are effective for entities other than public business entities, including emerging growth companies that elected to defer compliance with new or revised financial accounting standards until a company that is not an issuer is required to comply with such standards, for annual reporting periods beginning after December 15, 2021. The Company adopted these updates on January 1, 2022 and noted no material effect to its financial statements and related disclosures. In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes (“ASU 2019-12”). ASU 2019-12 eliminates certain exceptions related to the approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. It also clarifies and simplifies other aspects of the accounting for income taxes. This update is effective for entities other than public business entities, including emerging growth companies that elected to defer compliance with new or revised financial accounting standards until a company that is not an issuer is required to comply with such standards, for annual reporting periods beginning after December 15, 2021, and interim periods within annual periods beginning after December 15, 2022. The Company adopted ASU 2019-12 on January 1, 2022 and noted no material effect to its financial statements and related disclosures.

Fair Value of Financial Assets

Fair Value of Financial Assets and Liabilities	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES	FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES As of June 30, 2022, and December 31, 2021, the Company’s cash equivalents consisted of money market funds, classified as Level 1 financial assets, as these assets are valued using quoted market prices in active markets without any valuation adjustment. The following table summarizes the Company’s financial assets measured at fair value on a recurring basis (in thousands): Fair Value Measurement as of Level 1 Level 2 Level 3 Total Assets Money market funds $ 141,356 $ — $ — $ 141,356 $ 141,356 $ — $ — $ 141,356 Fair Value Measurement as of Level 1 Level 2 Level 3 Total Assets Money market funds $ 141,104 $ — $ — $ 141,104 $ 141,104 $ — $ — $ 141,104 There were no transfers of assets between fair value levels during the periods presented. The carrying values of other current assets, accounts payable and accrued expenses approximate their fair values due to the short-term nature of these assets and liabilities. The Company purchased securities classified as held-to-maturity during the second quarter of 2022. As of June 30, 2022, the carrying value and fair value of held-to-maturity investments was $0.5 million, which are included in “Other assets” on the unaudited condensed balance sheet. These securities are held in a privately held company and are recorded at fair value on a non-recurring basis. The estimation of fair value requires the use of significant unobservable inputs, and as a result, these assets are classified as Level 3 financial instruments within the fair value measurement framework.

Accounts Receivable

Accounts Receivable	6 Months Ended
	Jun. 30, 2022
Receivables [Abstract]
ACCOUNTS RECEIVABLE	ACCOUNTS RECEIVABLE Accounts receivable consisted of the following (in thousands): June 30, December 31, Trade $ 4,299 $ 1,653 Other 779 788 $ 5,078 $ 2,441

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	6 Months Ended
	Jun. 30, 2022
Prepaid Expense and Other Assets, Current [Abstract]
PREPAID EXPENSES AND OTHER CURRENT ASSETS	PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets consisted of the following (in thousands): June 30, December 31, Inventory deposits $ 2,151 $ 798 Prepaid expenses 9,261 5,440 Other 917 1,162 $ 12,329 $ 7,400

Property and Equipment, Net

Property and Equipment, Net	6 Months Ended
	Jun. 30, 2022
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT, NET	PROPERTY AND EQUIPMENT, NET Property and equipment, net consisted of the following (in thousands): June 30, December 31, Furniture and fixtures $ 924 $ 855 Office equipment 899 809 Machinery and equipment 1,348 1,348 Computer equipment 1,253 953 Software and website design 3,303 2,997 Leasehold improvements 3,083 3,083 Capital projects in progress 1,670 431 Total property and equipment 12,480 10,476 Less: accumulated depreciation and amortization (3,671) (2,863) Property and equipment, net $ 8,809 $ 7,613 Depreciation and amortization expense of property and equipment for the three and six months ended June 30, 2022 was $0.4 million and $0.8 million, respectively. Depreciation and amortization expense of property and equipment for the three and six months ended June 30, 2021 was $0.3 million and $0.7 million, respectively.

Accrued Expenses

Accrued Expenses	6 Months Ended
	Jun. 30, 2022
Payables and Accruals [Abstract]
ACCRUED EXPENSES	ACCRUED EXPENSES Accrued expenses consisted of the following (in thousands): June 30, December 31, Accrued inventory $ 14,573 $ 16,243 Accrued shipping 2,184 1,077 Accrued selling expenses 5,657 4,832 Accrued legal expenses 593 588 Accrued marketing expenses 1,934 923 Other accrued expenses 2,898 1,014 $ 27,839 $ 24,677

Financing Arrangements

Financing Arrangements	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
FINANCING ARRANGEMENTS	FINANCING ARRANGEMENTS On December 2, 2020, the Company, as borrower, entered into a credit agreement with JPMorgan Chase Bank, N.A. for an initial $50.0 million revolving credit facility, including capacity to issue letters of credit (the “2020 Facility”). The 2020 Facility had a maturity date of December 2, 2025 (“2020 Facility Maturity Date”). Subject to certain conditions, the 2020 Facility also provided for an additional $25.0 million of capacity. Borrowings under the 2020 Facility were payable on the 2020 Facility Maturity Date and bore interest at LIBOR (with a 0.5% floor) plus 1.75%. The interest rate for undrawn amounts was 0.25%. On September 7, 2021, the Company terminated the 2020 Facility. Upon the termination of the 2020 Facility, letters of credit with an aggregate face amount of approximately $3.2 million were outstanding but the reimbursement obligations of the Company were secured by cash collateral pledged by the Company to JPMorgan Chase Bank, N.A. in the amount of approximately $3.3 million or 105% of the amounts outstanding. On October 28, 2021, the Company cancelled letters of credit with an aggregate face amount of $1.3 million. As of December 31, 2021, letters of credit with an aggregate face amount of $1.9 million remained outstanding. As of December 31, 2021, the reimbursement obligations of the Company were secured by cash collateral pledged by the Company to JPMorgan Chase Bank, N.A. in the amount of approximately $2.1 million or 105% of the amounts outstanding. On March 10, 2022, the Company cancelled all outstanding letters of credit under the 2020 Facility. On September 7, 2021, the Company, as borrower, entered into a credit agreement with Bank of America, N.A. for a $100.0 million revolving credit facility, including capacity to issue letters of credit (the “2021 Facility”). The 2021 Facility

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Taxes on Remote Sellers The Company is subject to state laws or administrative practices with respect to the taxes on remote sellers. In accordance with ASC 450, Contingencies, the Company recorded $1.6 million within sales tax payable on the Company’s balance sheets as of both June 30, 2022, and December 31, 2021, as an estimate of contingent sales tax payable. Inventory Purchase Obligations Inventory purchase obligations as of June 30, 2022 were $67.4 million. These inventory purchase obligations can be impacted by various factors, including the timing of issuing orders and the timing of the shipment of orders. Legal Contingencies Legal claims may arise from time to time in the normal course of business, the results of which may have a material effect on the Company’s accompanying unaudited condensed financial statements. The Company currently has legal actions against it with respect to its litigation with Strategic Partners, Inc. and Miracle Ventures I, LP. The Company believes the claims are without basis or merit, and intends to vigorously defend against such claims. Accordingly, an accrual for any potential liability has not been recorded.

Leases

Leases	6 Months Ended
	Jun. 30, 2022
Leases [Abstract]
LEASES	LEASES The Company leases office space under operating leases for its corporate headquarters. The Company determines whether an arrangement is a lease at inception of the agreement and reassesses that conclusion if the agreement is modified. Right-of-use assets and lease liabilities are established on the balance sheets for leases with an expected term greater than one year. Leases with an initial term of 12 months or less are not recorded on the balance sheets. The Company does not allocate consideration between lease and non-lease components. The Company has an operating lease agreement for office space with an initial term expiring in 2030 (the “Lease”). The Lease terms provide for an option to extend or terminate the Lease, with extension terms that extend the lease term by five years. The Lease includes escalating rent payment provisions. On March 17, 2022, the Company entered into a sublease agreement (“the Sublease”) for additional office space with an initial term expiring in 2026. The Sublease includes an option to extend the agreement, at the Company’s discretion, if the Sublandlord declines to terminate its master lease. The Sublease includes a rent abatement period of three months and escalating rent payment provisions. The operating lease agreements included in the measurement of lease liabilities do not reflect options to extend or terminate, as the Company does not consider the exercise of these options to be reasonably certain. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company recognizes operating lease expense on a straight-line basis over the lease term. Operating lease expense for the three and six months ended June 30, 2022 was $0.8 million and $1.3 million, respectively. As the rates implicit in the Company’s outstanding leases are not determinable, the Company uses its incremental borrowing rate based on information available on the lease commencement date to determine the present value of lease payments. The weighted-average remaining lease term and weighted-average discount rate related to the Company’s operating leases at June 30, 2022 were as follows: Weighted-average remaining lease term 6.7 years Weighted-average discount rate 2.3 % Future undiscounted lease payments, and a reconciliation of these payments to the Company’s operating lease liabilities at June 30, 2022, were as follows (in thousands): Remainder of 2022 $ 1,337 2023 3,458 2024 3,578 2025 3,703 2026 2,346 Thereafter 7,418 Total lease payments $ 21,840 Less: Imputed interest 1,569 Total lease liabilities $ 20,271 Other Information Cash payments included in the measurement of the operating lease liabilities were $1.2 million for the six months ended June 30, 2022. Right of use assets obtained in exchange for operating lease liabilities were $4.7 million for the six months ended June 30, 2022.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The tax provision for interim periods is determined using an estimate of the Company’s annual effective tax rate, adjusted for discrete items arising during interim periods. For the three months ended June 30, 2022 and 2021, the Company’s effective tax rate was 49.0% and (26.3)%, respectively. The Company’s effective tax rate differed from the U.S. statutory tax rate primarily due to state taxes and officer excess compensation limitations. For the three months ended June 30, 2022 and 2021, the Company recorded income tax expense of $4.7 million and $8.5 million, respectively. For the six months ended June 30, 2022 and 2021, the Company’s effective tax rate was 40.9% and (81.1)%, respectively. The Company’s effective tax rate differed from the U.S. statutory tax rate primarily due to state taxes and officer excess compensation limitations. For the six months ended June 30, 2022 and 2021, the Company recorded income tax expense of $9.5 million and $13.0 million, respectively.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
EARNINGS (LOSS) PER SHARE	EARNINGS (LOSS) PER SHARE Basic earnings (loss) per share (“basic EPS”) and diluted earnings (loss) per share (“diluted EPS”) attributable to common stockholders is calculated in conformity with the two-class method required for participating securities: Class A and Class B common stock. The rights of the holders of Class A and Class B common stock are identical, except with respect to voting, conversion, and transfer rights. Each share of Class A common stock is entitled to one vote per share and each share of Class B common stock is entitled to twenty votes per share. Each share of Class B common stock is convertible at any time at the option of the stockholder into one share of Class A common stock. Basic EPS attributable to common stockholders is computed by dividing net income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding during the period. For the calculation of diluted EPS, net income (loss) attributable to common stockholders for basic EPS is adjusted by the effect of dilutive securities. Diluted EPS attributable to common stockholders is computed by dividing the net income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding, including all potentially dilutive common shares. As the economic rights of Class A and Class B common stock are identical, undistributed earnings are allocated on a proportionate basis and presented on a combined basis. The following table sets forth the computation of basic and diluted EPS and a reconciliation of the weighted average number of common and common equivalent shares outstanding for the three and six months ended June 30, 2022 and 2021 (in thousands, except share and per share amounts): Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Numerator: Net income (loss) $ 4,852 $ (40,546) $ 13,751 $ (29,106) Denominator: Weighted-average shares—basic 164,919,979 156,867,484 164,664,480 155,725,959 Effect of dilutive stock options 21,933,701 — 24,246,816 — Effect of dilutive restricted stock 2,049,872 — 2,231,537 — Weighted-average shares—diluted 188,903,553 156,867,484 191,142,834 155,725,959 Earnings (loss) per share: Basic earnings (loss) per share $ 0.03 $ (0.26) $ 0.08 $ (0.19) Effect of dilutive stock options and restricted stock — — (0.01) — Diluted earnings (loss) per share $ 0.03 $ (0.26) $ 0.07 $ (0.19) The Company excluded the following weighted average common equivalent shares from the computation of diluted earnings per share for the three and six months ended June 30, 2022 and the three and six months ended June 30, 2021 because including them would have had an anti-dilutive effect: Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Stock options to purchase common stock 4,936,480 40,690,767 3,629,244 40,260,756 Restricted stock units 1,307,017 4,749,957 1,010,997 5,078,374

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2022
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS During the second quarter of 2022, the Company’s Executive Chair and Chief Executive Officer (the “Founders”) paid the Company, at their election, an aggregate amount of $0.4 million for certain of the Company's professional fees in connection with the follow-on offering completed on September 20, 2021. As of June 30, 2022, amounts in “Due from related party” include payroll tax withholding reimbursements due from one of the Company’s Founders. The Company received full payment of these amounts subsequent to June 30, 2022.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information. The Company’s fiscal year ends on December 31. Certain information and footnote disclosures normally included in the Company’s annual audited financial statements and accompanying notes have been condensed or omitted in these accompanying interim condensed financial statements and footnotes. Certain reclassifications have been made to prior-year amounts to conform to the current period presentation. These unaudited condensed financial statements should be read in conjunction with the audited financial statements and related notes for the year ended December 31, 2021, included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 10, 2022. In the opinion of management, the unaudited condensed financial statements include all adjustments of a normal recurring nature necessary for the fair presentation of the Company’s financial position, results of operations, and cash flows. The results of operations for the three and six months ended June 30, 2022 are not necessarily indicative of the results to be expected for the year ending December 31, 2022.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods presented.
Restricted Cash	Restricted Cash Restricted cash consists of cash collateral amounts pledged to secure the Company's reimbursement obligations under its outstanding letters of credit.
Inventory, Net	Inventory, Net Inventory consists of finished goods and is accounted for using an average cost method. Inventory is valued at the lower of cost or net realizable value. The Company records a provision for excess and obsolete inventory to adjust the carrying value of inventory based on assumptions regarding future demand for the Company’s products. Lower of cost or net realizable value is evaluated by considering obsolescence, excessive levels of inventory, deterioration, and other factors. Adjustments to reduce the cost of inventory to its net realizable value, if required, are made for estimated excess, obsolescence, or impaired inventory. Excess and obsolete inventory is charged to cost of goods sold.
Revenue Recognition	Revenue Recognition The Company recognizes revenue in accordance with Financial Accounting Standards Board (“FASB”) ASU 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASC 606”). Revenue is recognized in an amount that reflects the consideration expected to be received in exchange for products. To determine revenue recognition for contracts with customers within the scope of ASC 606, the Company recognizes revenue from the commercial sales of products and contracts by applying the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations of the contract(s); (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract(s); and (v) recognize revenue when (or as) the Company satisfies the performance obligations. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the good or services it transfers to the customer. The Company recognizes revenue at a point in time when it satisfies a performance obligation and transfers control of the products to the respective customers, which occurs when the goods are transferred to a common carrier. Shipping and handling costs associated with outbound freight incurred to transfer a product to a customer are treated as a fulfillment activity, and as a result, any fees received from customers are included in the transaction price for the performance obligation of providing goods to the customer. The Company generally provides refunds for goods returned within 30 days from the original purchase date. A returns reserve is recorded by the Company based on the historical refund pattern. The returns reserve on the balance sheets was $2.4 million and $2.8 million as of June 30, 2022 and December 31, 2021, respectively. Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction, that are collected by the Company from a customer, are excluded from revenue. The Company records deferred revenue when it receives payments in advance of the transfer of the goods to a common carrier. The amounts recorded are expected to be recognized as revenue within the 12 months following the balance sheet and, therefore, are classified as current liabilities in the balance sheets.
Recently Accounting Pronouncements	Recently Adopted Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), as subsequently amended, which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors), and replaces the existing guidance in ASC 840, Leases. The new standard requires lessees to recognize operating and finance lease liabilities and corresponding right-of-use assets on the balance sheet and to provide enhanced disclosures surrounding the amount, timing and uncertainty of cash flows arising from leasing arrangements. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842): Targeted Improvements. ASU 2018-11 provides entities another option for transition, allowing entities to not apply the new standard in the comparative periods they present in their financial statements in the year of adoption. Effective January 1, 2022, the Company adopted ASU 2016-02 using the optional transition method provided by ASU 2018-11. The Company elected certain practical expedients permitted under the transition guidance, including the election to carryforward historical lease classification and the short-term lease practical expedient. In addition, the Company elected the lease and non-lease components practical expedient, which allowed it to calculate the present value of fixed payments without performing an allocation of lease and non-lease components. Adoption of the new standard resulted in the recognition of operating lease right-of-use assets and operating lease liabilities of approximately $12.9 million and $16.5 million, respectively, on the Company’s balance sheet as of January 1, 2022. The standard did not have a material impact to the Company’s statements of operations and comprehensive income or cash flows. Refer to Note 10 for the Company’s expanded disclosures on leases. In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments (Topic 326) (“ASU 2016-13”). ASU 2016-13 requires measurement and recognition of expected credit losses for financial assets. In April 2019, the FASB issued clarification to ASU 2016-13 within ASU No. 2019-04, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments. These updates are effective for entities other than public business entities, including emerging growth companies that elected to defer compliance with new or revised financial accounting standards until a company that is not an issuer is required to comply with such standards, for annual reporting periods beginning after December 15, 2021. The Company adopted these updates on January 1, 2022 and noted no material effect to its financial statements and related disclosures. In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes (“ASU 2019-12”). ASU 2019-12 eliminates certain exceptions related to the approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. It also clarifies and simplifies other aspects of the accounting for income taxes. This update is effective for entities other than public business entities, including emerging growth companies that elected to defer compliance with new or revised financial accounting standards until a company that is not an issuer is required to comply with such standards, for annual reporting periods beginning after December 15, 2021, and interim periods within annual periods beginning after December 15, 2022. The Company adopted ASU 2019-12 on January 1, 2022 and noted no material effect to its financial statements and related disclosures.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Schedule of Restricted Cash and Cash Equivalents	The following table provides a reconciliation of cash and cash equivalents, and restricted cash reported on the accompanying balance sheets that sum to the total of the same such amounts shown in the statements of cash flows (in thousands): June 30, December 31, Cash and cash equivalents $ 170,220 $ 195,374 Restricted cash — 2,056 Total cash, cash equivalents, and restricted cash $ 170,220 $ 197,430
Schedule of Cash and Cash Equivalents	The following table provides a reconciliation of cash and cash equivalents, and restricted cash reported on the accompanying balance sheets that sum to the total of the same such amounts shown in the statements of cash flows (in thousands): June 30, December 31, Cash and cash equivalents $ 170,220 $ 195,374 Restricted cash — 2,056 Total cash, cash equivalents, and restricted cash $ 170,220 $ 197,430
Schedule of Disaggregation of Revenue	The following table presents the disaggregation of the Company’s net revenues for the three and six months ended June 30, 2022 and 2021 as follows (in thousands): Three months ended Six months ended 2022 2021 2022 2021 By geography: United States $ 112,830 $ 93,121 $ 214,248 $ 174,728 Rest of the world 9,417 7,996 18,100 13,468 $ 122,247 $ 101,117 $ 232,348 $ 188,196 By product: Scrubwear $ 103,887 $ 90,315 $ 194,354 $ 166,530 Non-Scrubwear/Lifestyle 18,360 10,802 37,994 21,666 $ 122,247 $ 101,117 $ 232,348 $ 188,196

Fair Value of Financial Asset_2

Fair Value of Financial Assets and Liabilities (Tables)	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Schedule of Assets Measured at Fair Value	The following table summarizes the Company’s financial assets measured at fair value on a recurring basis (in thousands): Fair Value Measurement as of Level 1 Level 2 Level 3 Total Assets Money market funds $ 141,356 $ — $ — $ 141,356 $ 141,356 $ — $ — $ 141,356 Fair Value Measurement as of Level 1 Level 2 Level 3 Total Assets Money market funds $ 141,104 $ — $ — $ 141,104 $ 141,104 $ — $ — $ 141,104

Accounts Receivable (Tables)

Accounts Receivable (Tables)	6 Months Ended
	Jun. 30, 2022
Receivables [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable	Accounts receivable consisted of the following (in thousands): June 30, December 31, Trade $ 4,299 $ 1,653 Other 779 788 $ 5,078 $ 2,441

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets (Tables)	6 Months Ended
	Jun. 30, 2022
Prepaid Expense and Other Assets, Current [Abstract]
Schedule of Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets consisted of the following (in thousands): June 30, December 31, Inventory deposits $ 2,151 $ 798 Prepaid expenses 9,261 5,440 Other 917 1,162 $ 12,329 $ 7,400

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	6 Months Ended
	Jun. 30, 2022
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment, Net	Property and equipment, net consisted of the following (in thousands): June 30, December 31, Furniture and fixtures $ 924 $ 855 Office equipment 899 809 Machinery and equipment 1,348 1,348 Computer equipment 1,253 953 Software and website design 3,303 2,997 Leasehold improvements 3,083 3,083 Capital projects in progress 1,670 431 Total property and equipment 12,480 10,476 Less: accumulated depreciation and amortization (3,671) (2,863) Property and equipment, net $ 8,809 $ 7,613

Accrued Expenses (Tables)

Accrued Expenses (Tables)	6 Months Ended
	Jun. 30, 2022
Payables and Accruals [Abstract]
Schedule of Accrued Expenses	Accrued expenses consisted of the following (in thousands): June 30, December 31, Accrued inventory $ 14,573 $ 16,243 Accrued shipping 2,184 1,077 Accrued selling expenses 5,657 4,832 Accrued legal expenses 593 588 Accrued marketing expenses 1,934 923 Other accrued expenses 2,898 1,014 $ 27,839 $ 24,677

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Lease, Cost	The weighted-average remaining lease term and weighted-average discount rate related to the Company’s operating leases at June 30, 2022 were as follows: Weighted-average remaining lease term 6.7 years Weighted-average discount rate 2.3 %
Summary of Future Undiscounted Lease Payments	Future undiscounted lease payments, and a reconciliation of these payments to the Company’s operating lease liabilities at June 30, 2022, were as follows (in thousands): Remainder of 2022 $ 1,337 2023 3,458 2024 3,578 2025 3,703 2026 2,346 Thereafter 7,418 Total lease payments $ 21,840 Less: Imputed interest 1,569 Total lease liabilities $ 20,271

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table sets forth the computation of basic and diluted EPS and a reconciliation of the weighted average number of common and common equivalent shares outstanding for the three and six months ended June 30, 2022 and 2021 (in thousands, except share and per share amounts): Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Numerator: Net income (loss) $ 4,852 $ (40,546) $ 13,751 $ (29,106) Denominator: Weighted-average shares—basic 164,919,979 156,867,484 164,664,480 155,725,959 Effect of dilutive stock options 21,933,701 — 24,246,816 — Effect of dilutive restricted stock 2,049,872 — 2,231,537 — Weighted-average shares—diluted 188,903,553 156,867,484 191,142,834 155,725,959 Earnings (loss) per share: Basic earnings (loss) per share $ 0.03 $ (0.26) $ 0.08 $ (0.19) Effect of dilutive stock options and restricted stock — — (0.01) — Diluted earnings (loss) per share $ 0.03 $ (0.26) $ 0.07 $ (0.19)
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The Company excluded the following weighted average common equivalent shares from the computation of diluted earnings per share for the three and six months ended June 30, 2022 and the three and six months ended June 30, 2021 because including them would have had an anti-dilutive effect: Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Stock options to purchase common stock 4,936,480 40,690,767 3,629,244 40,260,756 Restricted stock units 1,307,017 4,749,957 1,010,997 5,078,374

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands		6 Months Ended	12 Months Ended
	May 19, 2021	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jan. 01, 2022 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stock split, conversion ratio	9
Inventory write-down		$ 300	$ 400
Product return, refund period (in days)		30 days
Returns reserve		$ 2,374	$ 2,761
Operating lease right-of-use assets		16,632
Operating lease liability		$ 20,271
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use assets				$ 12,900
Operating lease liability				$ 16,500

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Reconciliation of cash, cash equivalents, and restricted cash (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Cash and cash equivalents	$ 170,220	$ 195,374
Restricted cash	0	2,056
Total cash, cash equivalents, and restricted cash	$ 170,220	$ 197,430

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Schedule of Disaggregation of the Company's Net Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation Of Revenue [Line Items]
Net Revenues	$ 122,247	$ 101,117	$ 232,348	$ 188,196
Scrubwear
Disaggregation Of Revenue [Line Items]
Net Revenues	103,887	90,315	194,354	166,530
Non-Scrubwear/Lifestyle
Disaggregation Of Revenue [Line Items]
Net Revenues	18,360	10,802	37,994	21,666
United States
Disaggregation Of Revenue [Line Items]
Net Revenues	112,830	93,121	214,248	174,728
Rest of the world
Disaggregation Of Revenue [Line Items]
Net Revenues	$ 9,417	$ 7,996	$ 18,100	$ 13,468

Fair Value of Financial Asset_3

Fair Value of Financial Assets and Liabilities - Schedule of Assets Measured at Fair Value (Details) - Money market funds - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Money market funds	$ 141,356	$ 141,104
Assets fair value	141,356	141,104
Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Money market funds	141,356	141,104
Assets fair value	141,356	141,104
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Money market funds	0	0
Assets fair value	0	0
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Money market funds	0	0
Assets fair value	$ 0	$ 0

Fair Value of Financial Asset_4

Fair Value of Financial Assets and Liabilities - Narrative (Details) $ in Millions	Jun. 30, 2022 USD ($)
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Held-to-maturity securities	$ 0.5

Accounts Receivable (Details)

Accounts Receivable (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Receivables [Abstract]
Trade	$ 4,299	$ 1,653
Other	779	788
Accounts receivable	$ 5,078	$ 2,441

Prepaid Expenses and Other Cu_3

Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Prepaid Expense and Other Assets, Current [Abstract]
Inventory deposits	$ 2,151	$ 798
Prepaid expenses	9,261	5,440
Other	917	1,162
Prepaid expenses and other current assets	$ 12,329	$ 7,400

Property and Equipment, Net - S

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Property Plant And Equipment [Line Items]
Total property and equipment	$ 12,480	$ 10,476
Less: accumulated depreciation and amortization	(3,671)	(2,863)
Property and equipment, net	8,809	7,613
Furniture and fixtures
Property Plant And Equipment [Line Items]
Total property and equipment	924	855
Office equipment
Property Plant And Equipment [Line Items]
Total property and equipment	899	809
Machinery and equipment
Property Plant And Equipment [Line Items]
Total property and equipment	1,348	1,348
Computer equipment
Property Plant And Equipment [Line Items]
Total property and equipment	1,253	953
Software and website design
Property Plant And Equipment [Line Items]
Total property and equipment	3,303	2,997
Leasehold improvements
Property Plant And Equipment [Line Items]
Total property and equipment	3,083	3,083
Capital projects in progress
Property Plant And Equipment [Line Items]
Total property and equipment	$ 1,670	$ 431

Property and Equipment, Net - A

Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Property, Plant and Equipment [Abstract]
Depreciation	$ 0.4	$ 0.3	$ 0.8	$ 0.7

Accrued Expenses - Schedule of

Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Accrued inventory	$ 14,573	$ 16,243
Accrued shipping	2,184	1,077
Accrued selling expenses	5,657	4,832
Accrued legal expenses	593	588
Accrued marketing expenses	1,934	923
Other accrued expenses	2,898	1,014
Total accrued expenses	$ 27,839	$ 24,677

Financing Arrangements - Additi

Financing Arrangements - Additional Information (Details) - USD ($)		3 Months Ended
	Dec. 02, 2020	Jun. 30, 2022	Dec. 31, 2021	Oct. 28, 2021	Sep. 07, 2021
Revolving Credit Facility | JPMorgan Chase Bank - Existing Credit Facility
Line Of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 50,000,000
Line of credit facility additional borrowing capacity	$ 25,000,000
Line of credit facility, commitment fee percentage		0.25%
Debt collateral amount			$ 2,100,000
Letter of credit cancelled				$ 1,300,000
Revolving Credit Facility | Bank of America, N.A.
Line Of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity					$ 100,000,000
Debt instrument, basis spread on variable rate		1.125%
Amount outstanding		$ 0
Outstanding borrowings under existing credit facility		$ 95,600,000
Unused commitment fee (as a percent)		0.175%
Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | JPMorgan Chase Bank - Existing Credit Facility
Line Of Credit Facility [Line Items]
Debt instrument, floor rate	0.50%
Debt instrument, basis spread on variable rate	1.75%
Line of credit facility outstanding borrowing, percentage			105%
Revolving Credit Facility | Base Rate | Bank of America, N.A.
Line Of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate		0.125%
Letter of Credit | JPMorgan Chase Bank - Existing Credit Facility
Line Of Credit Facility [Line Items]
Amount outstanding			$ 1,900,000		3,200,000
Debt collateral amount					$ 3,300,000
Letter of Credit | Bank of America, N.A.
Line Of Credit Facility [Line Items]
Amount outstanding		$ 4,400,000
Letter of Credit | London Interbank Offered Rate (LIBOR) | JPMorgan Chase Bank - Existing Credit Facility
Line Of Credit Facility [Line Items]
Line of credit facility outstanding borrowing, percentage					105%

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Estimate of contingent sales tax payable	$ 1.6	$ 1.6
Inventory purchase obligations	$ 67.4

Leases - Additional Information

Leases - Additional Information (Details) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)
Leases [Abstract]
Extension period (in years)	5 years	5 years
Abatement period (in years)		3 months
Operating lease cost	$ 0.8	$ 1.3
Cash payments included in the measurement of the operating lease liabilities		1.2
Right of use assets obtained in exchange for operating lease liabilities		$ 4.7

Leases - Summary of Weighted Av

Leases - Summary of Weighted Average Remaining Lease Term and Weighted Average Discount Rate (Details)	Jun. 30, 2022
Leases [Abstract]
Weighted-average remaining lease term	6 years 8 months 12 days
Weighted-average remaining lease term	2.30%

Leases - Summary of Future Undi

Leases - Summary of Future Undiscounted Lease Payments (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Lessee, Operating Lease, Liability, to be Paid [Abstract]
Remainder of 2022	$ 1,337
2023	3,458
2024	3,578
2025	3,703
2026	2,346
Thereafter	7,418
Total lease payments	21,840
Less: Imputed interest	1,569
Total lease liabilities	$ 20,271

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Effective income tax rate	49%	(26.30%)	40.90%	(81.10%)
Provision for income taxes	$ 4,669	$ 8,454	$ 9,523	$ 13,036

Earnings (Loss) Per Share - Nar

Earnings (Loss) Per Share - Narrative (Details)	Jun. 30, 2022 vote
Class A Common Stock
Earnings Per Share Basic [Line Items]
Number of votes	1
Class B Common Stock
Earnings Per Share Basic [Line Items]
Number of votes	20

Earnings (Loss) Per Share - Sch

Earnings (Loss) Per Share - Schedule of Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Numerator:
Net income (loss)	$ 4,852	$ 8,899	$ (40,546)	$ 11,440	$ 13,751	$ (29,106)
Denominator:
Weighted-average shares outstanding—basic (in shares)	164,919,979		156,867,484		164,664,480	155,725,959
Weighted-average shares outstanding - diluted (in shares)	188,903,553		156,867,484		191,142,834	155,725,959
Earnings (loss) per share:
Basic earnings per share (in USD per share)	$ 0.03		$ (0.26)		$ 0.08	$ (0.19)
Effect of dilutive stock options and restricted stock (in USD per share)	0		0		(0.01)	0
Diluted earnings per share (in USD per share)	$ 0.03		$ (0.26)		$ 0.07	$ (0.19)
Employee Stock Option
Denominator:
Effect of dilutive stock options (in shares)	21,933,701		0		24,246,816	0
Restricted Stock
Denominator:
Effect of dilutive stock options (in shares)	2,049,872		0		2,231,537	0

Earnings (Loss) Per Share - S_2

Earnings (Loss) Per Share - Schedule of Antidilutive Securities Excluded From Computation of Earning Per Share (Detail) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Employee Stock Option
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Stock options to purchase common stock (in shares)	4,936,480	40,690,767	3,629,244	40,260,756
RSU
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Stock options to purchase common stock (in shares)	1,307,017	4,749,957	1,010,997	5,078,374

Related Party Transactions (Det

Related Party Transactions (Details) $ in Millions	3 Months Ended
	Jun. 30, 2022 USD ($)
Related Party Transactions [Abstract]
Reimbursement from related party	$ 0.4