FIGS (FIGS) 10-Q 3 Aug 23 2023 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2023	Jul. 31, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-40448
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	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001846576
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		160,717,541
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		7,748,952

CONDENSED BALANCE SHEETS

CONDENSED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 146,730	$ 159,775
Short-term investments	38,595	0
Accounts receivable	6,269	6,866
Inventory, net	167,806	177,976
Prepaid expenses and other current assets	9,849	11,883
Total current assets	369,249	356,500
Non-current assets
Property and equipment, net	11,399	11,024
Operating lease right-of-use assets	17,154	15,312
Deferred tax assets	11,955	10,971
Other assets	1,258	1,257
Total non-current assets	41,766	38,564
Total assets	411,015	395,064
Current liabilities
Accounts payable	11,933	20,906
Operating lease liabilities	3,818	3,408
Accrued expenses	17,990	26,164
Accrued compensation and benefits	4,366	3,415
Sales tax payable	2,953	3,374
Gift card liability	8,390	7,882
Deferred revenue	777	2,786
Returns reserve	3,314	3,458
Income tax payable	3,290	0
Total current liabilities	56,831	71,393
Non-current liabilities
Operating lease liabilities, non-current	17,086	15,756
Other non-current liabilities	176	176
Total liabilities	74,093	87,325
Commitments and contingencies (Note 9)
Stockholders’ equity
Preferred stock — par value $0.0001 per share, 100,000,000 shares authorized as of June 30, 2023 and December 31, 2022; zero shares issued and outstanding as of June 30, 2023 and December 31, 2022	0	0
Additional paid-in capital	291,306	268,606
Accumulated other comprehensive loss	(8)	0
Retained earnings	45,608	39,117
Total stockholders’ equity	336,922	307,739
Total liabilities and stockholders’ equity	411,015	395,064
Class A Common Stock
Stockholders’ equity
Common stock	16	16
Class B Common Stock
Stockholders’ equity
Common stock	$ 0	$ 0

CONDENSED BALANCE SHEETS (Paren

CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
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)	160,504,522	159,351,307
Common stock, shares, outstanding (in shares)	160,504,522	159,351,307
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)	7,748,952	7,210,795
Common stock, shares, outstanding (in shares)	7,748,952	7,210,795

CONDENSED STATEMENTS OF OPERATI

CONDENSED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net revenues	$ 138,132	$ 122,247	$ 258,364	$ 232,348
Cost of goods sold	42,098	35,899	76,654	67,569
Gross profit	96,034	86,348	181,710	164,779
Operating expenses
Selling	33,739	26,803	64,896	48,861
Marketing	20,889	20,824	37,953	36,232
General and administrative	34,840	29,270	68,997	56,490
Total operating expenses	89,468	76,897	171,846	141,583
Net income from operations	6,566	9,451	9,864	23,196
Other income, net
Interest income	1,521	70	2,593	79
Other expense	(4)	0	(5)	(1)
Total other income, net	1,517	70	2,588	78
Net income before provision for income taxes	8,083	9,521	12,452	23,274
Provision for income taxes	3,501	4,669	5,961	9,523
Net income	$ 4,582	$ 4,852	$ 6,491	$ 13,751
Earnings per share:
Basic earnings per share (in USD per share)	$ 0.03	$ 0.03	$ 0.04	$ 0.08
Diluted earnings per share (in USD per share)	$ 0.02	$ 0.03	$ 0.04	$ 0.07
Weighted Average Number of Shares Outstanding
Weighted-average shares outstanding—basic (in shares)	167,423,656	164,919,979	167,100,292	164,664,480
Weighted-average shares outstanding - diluted (in shares)	183,332,560	188,903,553	183,094,950	191,142,834

CONDENSED STATEMENTS OF COMPREH

CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 4,582	$ 4,852	$ 6,491	$ 13,751
Other comprehensive loss, net of tax
Unrealized loss on short-term investments, net of tax	(8)	0	(8)	0
Total other comprehensive loss, net of tax	(8)	0	(8)	0
Total comprehensive income	$ 4,574	$ 4,852	$ 6,483	$ 13,751

CONDENSED STATEMENTS OF STOCKHO

CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock Class A 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 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	Retained Earnings	Accumulated Other Comprehensive Loss
Beginning Balance (in shares) at Dec. 31, 2021		152,098,257			12,158,187
Beginning Balance at Dec. 31, 2021	$ 245,573	$ 15			$ 1			$ 227,626	$ 17,931
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Class A Common Stock upon vesting of Restricted Stock, net of tax withholdings (in shares)		381,973
Issuance of stock upon exchange of stock (in shares)			(338,152)	6,300,000		338,152	(6,300,000)
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		158,530,688			6,196,339
Ending Balance at Mar. 31, 2022	263,301	$ 15			$ 1			236,455	26,830
Beginning Balance (in shares) at Dec. 31, 2021		152,098,257			12,158,187
Beginning Balance at Dec. 31, 2021	245,573	$ 15			$ 1			227,626	17,931
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	13,751
Other comprehensive loss, net of tax	0
Ending balance (in shares) at Jun. 30, 2022		158,728,167			6,534,491
Ending Balance at Jun. 30, 2022	278,130	$ 15			$ 1			246,432	31,682
Beginning Balance (in shares) at Mar. 31, 2022		158,530,688			6,196,339
Beginning Balance at Mar. 31, 2022	263,301	$ 15			$ 1			236,455	26,830
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Class A Common Stock upon vesting of Restricted Stock, net of tax withholdings (in shares)		432,901
Issuance of stock upon exchange of stock (in shares)			(338,152)			338,152
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
Other comprehensive loss, net of tax	0
Ending balance (in shares) at Jun. 30, 2022		158,728,167			6,534,491
Ending Balance at Jun. 30, 2022	278,130	$ 15			$ 1			246,432	31,682
Beginning Balance (in shares) at Dec. 31, 2022		159,351,307			7,210,795
Beginning Balance at Dec. 31, 2022	307,739	$ 16			$ 0			268,606	39,117	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Class A Common Stock upon vesting of Restricted Stock, net of tax withholdings (in shares)		494,487
Issuance of stock upon exchange of stock (in shares)			(271,219)			271,219
Restricted Stock surrendered for employee's tax liability	(246)							(246)
Stock-based compensation	10,790							10,790
Stock option exercises (in shares)		2,250
Stock option exercises	1							1
Net income	1,909								1,909
Ending balance (in shares) at Mar. 31, 2023		159,576,825			7,482,014
Ending Balance at Mar. 31, 2023	320,193	$ 16			$ 0			279,151	41,026	0
Beginning Balance (in shares) at Dec. 31, 2022		159,351,307			7,210,795
Beginning Balance at Dec. 31, 2022	307,739	$ 16			$ 0			268,606	39,117	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	6,491
Other comprehensive loss, net of tax	(8)
Ending balance (in shares) at Jun. 30, 2023		160,504,522			7,748,952
Ending Balance at Jun. 30, 2023	336,922	$ 16			$ 0			291,306	45,608	(8)
Beginning Balance (in shares) at Mar. 31, 2023		159,576,825			7,482,014
Beginning Balance at Mar. 31, 2023	320,193	$ 16			$ 0			279,151	41,026	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Class A Common Stock upon vesting of Restricted Stock, net of tax withholdings (in shares)		626,377
Issuance of stock upon exchange of stock (in shares)			(266,938)			266,938
Stock-based compensation	11,519							11,519
Stock option exercises (in shares)		568,258
Stock option exercises	636							636
Net income	4,582								4,582
Other comprehensive loss, net of tax	(8)									(8)
Ending balance (in shares) at Jun. 30, 2023		160,504,522			7,748,952
Ending Balance at Jun. 30, 2023	$ 336,922	$ 16			$ 0			$ 291,306	$ 45,608	$ (8)

CONDENSED STATEMENTS OF CASH FL

CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net income	$ 6,491	$ 13,751
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization expense	1,372	808
Deferred income taxes	(984)	(315)
Non-cash operating lease cost	1,364	1,061
Stock-based compensation	22,309	17,254
Other	(260)	0
Changes in operating assets and liabilities:
Accounts receivable	597	(2,637)
Due from related party	0	(631)
Inventory	10,170	(41,578)
Prepaid expenses and other current assets	2,034	(4,929)
Other assets	(1)	(687)
Accounts payable	(9,100)	(4,081)
Accrued expenses	(8,181)	2,970
Accrued compensation and benefits	951	(2,994)
Sales tax payable	(421)	58
Gift card liability	508	319
Deferred revenue	(2,009)	448
Returns reserve	(144)	(387)
Income tax payable	3,290	(3,973)
Operating lease liabilities	(1,466)	(964)
Other non-current liabilities	0	(28)
Net cash (used in) provided by operating activities	26,520	(26,535)
Cash flows from investing activities:
Purchases of property and equipment	(1,613)	(1,727)
Purchases of available-for-sale securities	(38,343)	0
Purchases of held-to-maturity securities	0	(500)
Net cash used in investing activities	(39,956)	(2,227)
Cash flows from financing activities:
Proceeds from stock option exercises and employee stock purchases	637	1,073
Tax payments related to net share settlements on restricted stock units	(246)	0
Capital contributions	0	479
Net cash provided by financing activities	391	1,552
Net decrease in cash, cash equivalents, and restricted cash	(13,045)	(27,210)
Cash, cash equivalents, and restricted cash, beginning of period	159,775	197,430
Cash and cash equivalents, end of period	146,730	170,220
Supplemental disclosures:
Property and equipment included in accounts payable and accrued expenses	153	309
Lease assets obtained in exchange for new operating lease liabilities	$ 3,206	$ 4,670

Description of Business

Description of Business	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS	DESCRIPTION OF BUSINESSFIGS, 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
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. These unaudited condensed financial statements should be read in conjunction with the audited financial statements and related notes for the year ended December 31, 2022, included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 28, 2023. 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, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023. 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. Short-term Investments The Company holds short-term investments in U.S. government debt securities and corporate debt securities. The Company’s short-term investments with maturities of 12-months or less are classified as current assets on the Company’s condensed balance sheets and have been classified and accounted for as available-for-sale securities. The Company determines the appropriate classification of its investments at the time of purchase and reevaluates their classification at each balance sheet date. The Company’s available-for-sale investments in debt securities are carried at fair value with unrealized gains and losses, net of taxes, reported within accumulated other comprehensive loss in stockholders’ equity. Available-for-sale debt securities with an amortized cost basis in excess of estimated fair value are assessed to determine what amount of that difference, if any, is caused by expected credit losses, with any allowance for credit losses recognized as a charge in other expense on the Company’s condensed statements of operations. The Company did not record any credit losses on its available-for-sale debt securities in any of the periods presented. The Company determines gains or losses on the sale or maturities of short-term investments using the specific identification method and gains or losses are recorded in other expense on the Company’s condensed statements of operations. 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 not material as of June 30, 2023 and December 31, 2022. Revenue Recognition The Company recognizes revenue in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“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 goods 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 condensed balance sheets was $3.3 million and $3.5 million as of June 30, 2023 and December 31, 2022, 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 date and, therefore, are classified as current liabilities on the Company’s condensed 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 recognized revenues of $2.7 million during the six months ended June 30, 2023 related to the deferred revenue balance that existed at December 31, 2022. The Company recognized revenues of $2.0 million during the six months ended June 30, 2023 related to redemptions from the gift card liability balance that existed at December 31, 2022. 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, 2023 and 2022 (in thousands): Three months ended Six months ended 2023 2022 2023 2022 By geography: United States $ 123,797 $ 112,830 $ 231,477 $ 214,248 Rest of the world 14,335 9,417 26,887 18,100 $ 138,132 $ 122,247 $ 258,364 $ 232,348 By product: Scrubwear $ 115,238 $ 103,887 $ 213,104 $ 194,354 Non-Scrubwear 22,894 18,360 45,260 37,994 $ 138,132 $ 122,247 $ 258,364 $ 232,348

Cash Equivalents and Short-Term

Cash Equivalents and Short-Term Investments	6 Months Ended
	Jun. 30, 2023
Cash, Cash Equivalents, and Short-Term Investments [Abstract]
CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS	CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS The Company's cash equivalents consist of money market funds and highly liquid investments with original maturities of 90 days or less from the date of purchase. The Company classifies cash equivalents and short-term investments within Level 1 or Level 2 of the fair value hierarchy. The following tables present the Company's cash equivalents and short-term investments by significant investment category and fair value level as of June 30, 2023 and December 31, 2022 (in thousands): June 30, 2023 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Level 1 (1) : Money market funds $ 84,698 $ — $ — $ 84,698 U.S. government securities 24,173 3 (8) 24,168 Level 2 (2) : Corporate paper 26,701 4 (7) 26,698 Total $ 135,572 $ 7 $ (15) $ 135,564 December 31, 2022 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Level 1 (1) : Money market funds $ 102,908 $ — $ — $ 102,908 Total $ 102,908 $ — $ — $ 102,908 (1) Level 1 fair value estimates are based on quoted prices in active markets for identical assets or liabilities. (2) Level 2 fair value estimates are based on observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. There have been 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.

Accounts Receivable

Accounts Receivable	6 Months Ended
	Jun. 30, 2023
Receivables [Abstract]
ACCOUNTS RECEIVABLE	ACCOUNTS RECEIVABLE Accounts receivable consisted of the following (in thousands): June 30, December 31, Trade $ 5,621 $ 6,288 Other 648 578 $ 6,269 $ 6,866

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	6 Months Ended
	Jun. 30, 2023
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 $ 1,923 $ 2,086 Prepaid expenses 6,781 6,588 Prepaid taxes 38 2,186 Other 1,107 1,023 $ 9,849 $ 11,883

Property and Equipment, Net

Property and Equipment, Net	6 Months Ended
	Jun. 30, 2023
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 $ 1,223 $ 1,189 Office equipment 991 937 Machinery and equipment 2,735 2,853 Computer equipment 1,735 1,486 Software and website design 7,113 6,209 Leasehold improvements 3,169 3,126 Capital projects in progress 592 11 Total property and equipment 17,558 15,811 Less: accumulated depreciation and amortization (6,159) (4,787) Property and equipment, net $ 11,399 $ 11,024 Depreciation and amortization expense of property and equipment for the three and six months ended June 30, 2023 was $0.7 million and $1.4 million, respectively. 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.

Accrued Expenses

Accrued Expenses	6 Months Ended
	Jun. 30, 2023
Payables and Accruals [Abstract]
ACCRUED EXPENSES	ACCRUED EXPENSES Accrued expenses consisted of the following (in thousands): June 30, December 31, Accrued inventory $ 5,014 $ 8,906 Accrued shipping 1,230 2,149 Accrued selling expenses 6,252 10,648 Accrued legal expenses 553 395 Accrued marketing expenses 2,619 1,747 Other accrued expenses 2,322 2,319 $ 17,990 $ 26,164

Financing Arrangements

Financing Arrangements	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
FINANCING ARRANGEMENTS	FINANCING ARRANGEMENTS 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 is secured by substantially all assets of the Company and its material subsidiaries, subject to customary exceptions. The 2021 Facility has a maturity date of September 7, 2026 (“2021 Facility Maturity Date”). As of June 30, 2023, the Company had letters of credit aggregating to $4.4 million outstanding under the 2021 Facility and available borrowings of $95.6 million. As of June 30, 2023, the Company had no outstanding borrowings under the 2021 Facility. Borrowings under the 2021 Facility are payable on the 2021 Facility Maturity Date. Borrowings bear interest at either (a) the Eurodollar Rate (as defined in the 2021 Facility) plus 1.125% or (b) the Base Rate (as defined in the 2021 Facility) plus 0.125%. The interest rate for undrawn amounts is 0.175%. Costs associated with entering into the 2021 Facility were not material. On February 27, 2023, the Company entered into a first amendment (the “First Amendment”) to the 2021 Facility. The First Amendment amends the Credit Agreement to replace the London interbank offered rate (“LIBOR”) with a term rate based on the Secured Overnight Financing Rate (“SOFR”), together with certain administrative changes to facilitate such replacement. Except as amended by the First Amendment, the terms of the Credit Agreement remain in full force and effect.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
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 condensed balance sheets as of June 30, 2023 and December 31, 2022, as an estimate of contingent sales tax payable. Inventory Purchase Obligations Inventory purchase obligations as of June 30, 2023 were $33.1 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 condensed financial statements. During the three months ended June 30, 2023, the Company had legal actions against it with respect to its litigation with Miracle Ventures I, LP, which concluded in the Company’s favor on May 4, 2023, and a putative securities class action and related derivative suit against the Company and certain of its executive officers and directors. The Company intends to vigorously defend against such claims. The Company has determined that any potential loss is neither probable nor reasonably estimable and an accrual has not been recorded. Leases In the second quarter of 2023, the Company entered into lease agreements with expected commencement dates in the second half of 2023 and first half of 2024. The Company expects to classify these leases as operating leases. The initial terms of the leases range from 5 years to 7 years and the Company expects to record operating lease costs of $47.8 million over the life of the leases.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2023
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, 2023 and 2022, the Company’s effective tax rate was 43.3% and 49.0%, 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, 2023 and 2022, the Company recorded income tax expense of $3.5 million and $4.7 million, respectively. For the six months ended June 30, 2023 and 2022, the Company’s effective tax rate was 47.9% and 40.9%, 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, 2023 and 2022, the Company recorded income tax expense of $6.0 million and $9.5 million, respectively. On August 16, 2022, the U.S. government enacted the Inflation Reduction Act of 2022 (“IRA”), which, among other things, implements a 15% alternative minimum tax on corporations with book income in excess of $1 billion, a 1% excise tax on net stock repurchases and several tax incentives to promote clean energy effective January 1, 2023. The provisions of the IRA did not have an impact to the Company's financial statements. The Company will continue to monitor for updates to the Company’s business along with guidance issued with respect to the IRA to determine whether any adjustments are needed to the Company’s tax provision in future periods.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE Basic earnings per share (“basic EPS”) and diluted earnings 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 attributable to common stockholders by the weighted-average number of common shares outstanding during the period. For the calculation of diluted EPS, net income 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 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, 2023 and 2022 (in thousands, except share and per share amounts): Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Numerator: Net income $ 4,582 $ 4,852 $ 6,491 $ 13,751 Denominator: Weighted-average shares—basic 167,423,656 164,919,979 167,100,292 164,664,480 Effect of dilutive stock options 14,818,670 21,933,701 14,831,121 24,246,816 Effect of dilutive restricted stock 1,090,234 2,049,872 1,163,537 2,231,537 Weighted-average shares—diluted 183,332,560 188,903,553 183,094,950 191,142,834 Earnings per share: Basic earnings per share $ 0.03 $ 0.03 $ 0.04 $ 0.08 Effect of dilutive stock options and restricted stock (0.01) — — (0.01) Diluted earnings per share $ 0.02 $ 0.03 $ 0.04 $ 0.07 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, 2023 and the three and six months ended June 30, 2022 because including them would have had an anti-dilutive effect: Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Stock options to purchase common stock 11,303,495 4,936,480 10,198,597 3,629,244 Restricted stock units 2,287,331 1,307,017 2,030,447 1,010,997

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONSDuring 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.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net income	$ 4,582	$ 1,909	$ 4,852	$ 8,899	$ 6,491	$ 13,751

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2023
Heather Hasson [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On May 9, 2023, Heather Hasson, our Executive Chair, entered into a sell-to-cover instruction letter (the “Instruction Letter”) that provides for sales of only such number of shares of Class A common stock as are necessary to satisfy the applicable tax withholding obligations arising exclusively from the vesting or settlement of RSUs granted to Ms. Hasson under the Company’s Amended 2016 Equity Incentive Plan and/or the Company’s 2021 Incentive Award Plan, or any successor plan (each sale, an “eligible sell-to-cover transaction” within the meaning of Rule 10b5-1(c) of the Exchange Act). The Instruction Letter is a “Rule 10b5-1 trading arrangement” as defined in Item 408(a) of Regulation S-K and is intended to satisfy the affirmative defense of Rule 10b5-1(c). The Instruction Letter will remain in effect so long as taxes are required to be paid upon the vesting or settlement of RSUs awarded or to be awarded, unless the Instruction Letter is earlier terminated. The total number of shares of Class A common stock that may be sold pursuant to the Instruction Letter is not determinable.
Name	Heather Hasson
Title	Executive Chair
Adoption Date	On May 9, 2023
Other Director Or Officer [Member]
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
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. These unaudited condensed financial statements should be read in conjunction with the audited financial statements and related notes for the year ended December 31, 2022, included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 28, 2023. 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, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023.
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. 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.
Short-term Investments	Short-term Investments The Company holds short-term investments in U.S. government debt securities and corporate debt securities. The Company’s short-term investments with maturities of 12-months or less are classified as current assets on the Company’s condensed balance sheets and have been classified and accounted for as available-for-sale securities. The Company determines the appropriate classification of its investments at the time of purchase and reevaluates their classification at each balance sheet date.
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”) Accounting Standards Update (“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 goods 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 condensed balance sheets was $3.3 million and $3.5 million as of June 30, 2023 and December 31, 2022, 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 date and, therefore, are classified as current liabilities on the Company’s condensed 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 recognized revenues of $2.7 million during the six months ended June 30, 2023 related to the deferred revenue balance that existed at December 31, 2022. The Company recognized revenues of $2.0 million during the six months ended June 30, 2023 related to redemptions from the gift card liability balance that existed at December 31, 2022. The Company does not have significant contract acquisition costs.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
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, 2023 and 2022 (in thousands): Three months ended Six months ended 2023 2022 2023 2022 By geography: United States $ 123,797 $ 112,830 $ 231,477 $ 214,248 Rest of the world 14,335 9,417 26,887 18,100 $ 138,132 $ 122,247 $ 258,364 $ 232,348 By product: Scrubwear $ 115,238 $ 103,887 $ 213,104 $ 194,354 Non-Scrubwear 22,894 18,360 45,260 37,994 $ 138,132 $ 122,247 $ 258,364 $ 232,348

Cash Equivalents and Short-Te_2

Cash Equivalents and Short-Term Investments (Tables)	6 Months Ended
	Jun. 30, 2023
Cash, Cash Equivalents, and Short-Term Investments [Abstract]
Schedule of Cash and Cash Equivalents and Short-Term Investments	The following tables present the Company's cash equivalents and short-term investments by significant investment category and fair value level as of June 30, 2023 and December 31, 2022 (in thousands): June 30, 2023 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Level 1 (1) : Money market funds $ 84,698 $ — $ — $ 84,698 U.S. government securities 24,173 3 (8) 24,168 Level 2 (2) : Corporate paper 26,701 4 (7) 26,698 Total $ 135,572 $ 7 $ (15) $ 135,564 December 31, 2022 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Level 1 (1) : Money market funds $ 102,908 $ — $ — $ 102,908 Total $ 102,908 $ — $ — $ 102,908 (1) Level 1 fair value estimates are based on quoted prices in active markets for identical assets or liabilities. (2) Level 2 fair value estimates are based on observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
Schedule of Cash and Cash Equivalents and Short-Term Investments	The following tables present the Company's cash equivalents and short-term investments by significant investment category and fair value level as of June 30, 2023 and December 31, 2022 (in thousands): June 30, 2023 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Level 1 (1) : Money market funds $ 84,698 $ — $ — $ 84,698 U.S. government securities 24,173 3 (8) 24,168 Level 2 (2) : Corporate paper 26,701 4 (7) 26,698 Total $ 135,572 $ 7 $ (15) $ 135,564 December 31, 2022 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Level 1 (1) : Money market funds $ 102,908 $ — $ — $ 102,908 Total $ 102,908 $ — $ — $ 102,908 (1) Level 1 fair value estimates are based on quoted prices in active markets for identical assets or liabilities. (2) Level 2 fair value estimates are based on observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Accounts Receivable (Tables)

Accounts Receivable (Tables)	6 Months Ended
	Jun. 30, 2023
Receivables [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable	Accounts receivable consisted of the following (in thousands): June 30, December 31, Trade $ 5,621 $ 6,288 Other 648 578 $ 6,269 $ 6,866

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets (Tables)	6 Months Ended
	Jun. 30, 2023
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 $ 1,923 $ 2,086 Prepaid expenses 6,781 6,588 Prepaid taxes 38 2,186 Other 1,107 1,023 $ 9,849 $ 11,883

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	6 Months Ended
	Jun. 30, 2023
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 $ 1,223 $ 1,189 Office equipment 991 937 Machinery and equipment 2,735 2,853 Computer equipment 1,735 1,486 Software and website design 7,113 6,209 Leasehold improvements 3,169 3,126 Capital projects in progress 592 11 Total property and equipment 17,558 15,811 Less: accumulated depreciation and amortization (6,159) (4,787) Property and equipment, net $ 11,399 $ 11,024

Accrued Expenses (Tables)

Accrued Expenses (Tables)	6 Months Ended
	Jun. 30, 2023
Payables and Accruals [Abstract]
Schedule of Accrued Expenses	Accrued expenses consisted of the following (in thousands): June 30, December 31, Accrued inventory $ 5,014 $ 8,906 Accrued shipping 1,230 2,149 Accrued selling expenses 6,252 10,648 Accrued legal expenses 553 395 Accrued marketing expenses 2,619 1,747 Other accrued expenses 2,322 2,319 $ 17,990 $ 26,164

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2023
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, 2023 and 2022 (in thousands, except share and per share amounts): Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Numerator: Net income $ 4,582 $ 4,852 $ 6,491 $ 13,751 Denominator: Weighted-average shares—basic 167,423,656 164,919,979 167,100,292 164,664,480 Effect of dilutive stock options 14,818,670 21,933,701 14,831,121 24,246,816 Effect of dilutive restricted stock 1,090,234 2,049,872 1,163,537 2,231,537 Weighted-average shares—diluted 183,332,560 188,903,553 183,094,950 191,142,834 Earnings per share: Basic earnings per share $ 0.03 $ 0.03 $ 0.04 $ 0.08 Effect of dilutive stock options and restricted stock (0.01) — — (0.01) Diluted earnings per share $ 0.02 $ 0.03 $ 0.04 $ 0.07
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, 2023 and the three and six months ended June 30, 2022 because including them would have had an anti-dilutive effect: Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Stock options to purchase common stock 11,303,495 4,936,480 10,198,597 3,629,244 Restricted stock units 2,287,331 1,307,017 2,030,447 1,010,997

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Product return, refund period (in days)	30 days
Returns reserve	$ 3,314	$ 3,458
Deferred revenue recognized	2,700
Revenue from redemption of gift cards	$ 2,000

Summary of Significant Accoun_5

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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation Of Revenue [Line Items]
Net revenues	$ 138,132	$ 122,247	$ 258,364	$ 232,348
Scrubwear
Disaggregation Of Revenue [Line Items]
Net revenues	115,238	103,887	213,104	194,354
Non-Scrubwear
Disaggregation Of Revenue [Line Items]
Net revenues	22,894	18,360	45,260	37,994
United States
Disaggregation Of Revenue [Line Items]
Net revenues	123,797	112,830	231,477	214,248
Rest of the world
Disaggregation Of Revenue [Line Items]
Net revenues	$ 14,335	$ 9,417	$ 26,887	$ 18,100

Cash Equivalents and Short-Te_3

Cash Equivalents and Short-Term Investments - Schedule of Assets Measured at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Cash and Cash Equivalents
Cost	$ 146,730	$ 159,775
Short-Term Investments
Cost	135,572	102,908
Gross Unrealized Gains	7	0
Gross Unrealized Losses	(15)	0
Fair Value	135,564	102,908
Money market funds
Cash and Cash Equivalents
Fair Value	84,698	102,908
Money market funds | Level 1
Cash and Cash Equivalents
Cost	84,698	$ 102,908
U.S. government securities
Short-Term Investments
Fair Value	24,168
U.S. government securities | Level 1
Short-Term Investments
Cost	24,173
Gross Unrealized Gains	3
Gross Unrealized Losses	(8)
Corporate paper
Short-Term Investments
Fair Value	26,698
Corporate paper | Level 2
Short-Term Investments
Cost	26,701
Gross Unrealized Gains	4
Gross Unrealized Losses	$ (7)

Accounts Receivable (Details)

Accounts Receivable (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Receivables [Abstract]
Trade	$ 5,621	$ 6,288
Other	648	578
Accounts receivable	$ 6,269	$ 6,866

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, 2023	Dec. 31, 2022
Prepaid Expense and Other Assets, Current [Abstract]
Inventory deposits	$ 1,923	$ 2,086
Prepaid expenses	6,781	6,588
Prepaid taxes	38	2,186
Other	1,107	1,023
Prepaid expenses and other current assets	$ 9,849	$ 11,883

Property and Equipment, Net - S

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Property Plant And Equipment [Line Items]
Total property and equipment	$ 17,558	$ 15,811
Less: accumulated depreciation and amortization	(6,159)	(4,787)
Property and equipment, net	11,399	11,024
Furniture and fixtures
Property Plant And Equipment [Line Items]
Total property and equipment	1,223	1,189
Office equipment
Property Plant And Equipment [Line Items]
Total property and equipment	991	937
Machinery and equipment
Property Plant And Equipment [Line Items]
Total property and equipment	2,735	2,853
Computer equipment
Property Plant And Equipment [Line Items]
Total property and equipment	1,735	1,486
Software and website design
Property Plant And Equipment [Line Items]
Total property and equipment	7,113	6,209
Leasehold improvements
Property Plant And Equipment [Line Items]
Total property and equipment	3,169	3,126
Capital projects in progress
Property Plant And Equipment [Line Items]
Total property and equipment	$ 592	$ 11

Property and Equipment, Net - A

Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Property, Plant and Equipment [Abstract]
Depreciation	$ 0.7	$ 0.4	$ 1.4	$ 0.8

Accrued Expenses - Schedule of

Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued inventory	$ 5,014	$ 8,906
Accrued shipping	1,230	2,149
Accrued selling expenses	6,252	10,648
Accrued legal expenses	553	395
Accrued marketing expenses	2,619	1,747
Other accrued expenses	2,322	2,319
Total accrued expenses	$ 17,990	$ 26,164

Financing Arrangements - Additi

Financing Arrangements - Additional Information (Details) - Bank of America, N.A. - USD ($)	3 Months Ended
	Jun. 30, 2023	Sep. 07, 2021
Revolving Credit Facility
Line Of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity		$ 100,000,000
Amount outstanding	$ 0
Outstanding borrowings under existing credit facility	$ 95,600,000
Debt instrument, basis spread on variable rate	1.125%
Unused commitment fee (as a percent)	0.175%
Revolving Credit Facility | Base Rate
Line Of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	0.125%
Letter of Credit
Line Of Credit Facility [Line Items]
Amount outstanding	$ 4,400,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Estimate of contingent sales tax payable	$ 1.6	$ 1.6
Inventory purchase obligations	33.1
Long-Term Purchase Commitment [Line Items]
Non-cash operating lease cost	$ 47.8
Minimum [Member]
Long-Term Purchase Commitment [Line Items]
Term of lease (in years)	5 years
Maximum [Member]
Long-Term Purchase Commitment [Line Items]
Term of lease (in years)	7 years

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate	43.30%	49%	47.90%	40.90%
Provision for income taxes	$ 3,501	$ 4,669	$ 5,961	$ 9,523

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details)	Jun. 30, 2023 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 Per Share - Schedule o

Earnings Per Share - Schedule of Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator:
Net income	$ 4,582	$ 1,909	$ 4,852	$ 8,899	$ 6,491	$ 13,751
Denominator:
Weighted-average shares outstanding—basic (in shares)	167,423,656		164,919,979		167,100,292	164,664,480
Weighted-average shares outstanding - diluted (in shares)	183,332,560		188,903,553		183,094,950	191,142,834
Earnings per share:
Basic earnings per share (in USD per share)	$ 0.03		$ 0.03		$ 0.04	$ 0.08
Effect of dilutive stock options and restricted stock (in USD per share)	(0.01)		0		0	(0.01)
Diluted earnings per share (in USD per share)	$ 0.02		$ 0.03		$ 0.04	$ 0.07
Employee Stock Option
Denominator:
Effect of dilutive stock options (in shares)	14,818,670		21,933,701		14,831,121	24,246,816
Restricted Stock
Denominator:
Effect of dilutive stock options (in shares)	1,090,234		2,049,872		1,163,537	2,231,537

Earnings Per Share - Schedule_2

Earnings Per Share - Schedule of Antidilutive Securities Excluded From Computation of Earning Per Share (Detail) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Employee Stock Option
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Stock options to purchase common stock (in shares)	11,303,495	4,936,480	10,198,597	3,629,244
RSU
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Stock options to purchase common stock (in shares)	2,287,331	1,307,017	2,030,447	1,010,997

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Related Party Transactions [Abstract]
Due from related party	$ 400	$ 0	$ (631)