FIGS (FIGS) 10-Q 8 Aug 24 2024 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2024	Jul. 31, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
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	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		162,576,575
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		8,283,641

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 131,811	$ 144,173
Short-term investments	136,719	102,522
Accounts receivable	12,719	7,469
Inventory, net	119,294	119,040
Prepaid expenses and other current assets	16,697	12,455
Total current assets	417,240	385,659
Non-current assets
Property and equipment, net	35,266	24,864
Operating lease right-of-use assets	55,003	43,059
Deferred tax assets	16,300	18,291
Other assets	2,214	1,336
Total non-current assets	108,783	87,550
Total assets	526,023	473,209
Current liabilities
Accounts payable	19,910	14,749
Operating lease liabilities	11,749	8,230
Accrued expenses	21,610	7,906
Accrued compensation and benefits	4,104	7,312
Sales tax payable	3,217	3,149
Gift card liability	8,034	8,240
Deferred revenue	2,825	2,160
Returns reserve	3,514	2,989
Income tax payable	1,640	2,557
Total current liabilities	76,603	57,292
Non-current liabilities
Operating lease liabilities, non-current	47,532	38,884
Other non-current liabilities	183	183
Total liabilities	124,318	96,359
Commitments and contingencies (Note 9)
Stockholders’ equity
Preferred stock — par value $0.0001 per share, 100,000,000 shares authorized as of June 30, 2024 and December 31, 2023; zero shares issued and outstanding as of June 30, 2024 and December 31, 2023	0	0
Additional paid-in capital	337,447	315,075
Accumulated other comprehensive income (loss)	(47)	5
Retained earnings	64,289	61,754
Total stockholders’ equity	401,705	376,850
Total liabilities and stockholders’ equity	526,023	473,209
Class A Common Stock
Stockholders’ equity
Common stock	16	16
Class B Common Stock
Stockholders’ equity
Common stock	$ 0	$ 0

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
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)	162,392,991	161,457,403
Common stock, shares, outstanding (in shares)	162,392,991	161,457,403
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)	8,283,641	8,283,641
Common stock, shares, outstanding (in shares)	8,283,641	8,283,641

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net revenues	$ 144,225	$ 138,132	$ 263,518	$ 258,364
Cost of goods sold	46,961	42,098	84,118	76,654
Gross profit	97,264	96,034	179,400	181,710
Operating expenses
Selling	36,934	33,739	65,393	64,896
Marketing	23,003	20,889	40,248	37,953
General and administrative	35,774	34,840	71,763	68,997
Total operating expenses	95,711	89,468	177,404	171,846
Net income from operations	1,553	6,566	1,996	9,864
Other income, net
Interest income	2,830	1,521	5,677	2,593
Other expense	0	(4)	(10)	(5)
Total other income, net	2,830	1,517	5,667	2,588
Net income before provision for income taxes	4,383	8,083	7,663	12,452
Provision for income taxes	3,283	3,501	5,128	5,961
Net income	$ 1,100	$ 4,582	$ 2,535	$ 6,491
Earnings per share:
Basic earnings per share (in USD per share)	$ 0.01	$ 0.03	$ 0.01	$ 0.04
Diluted earnings per share (in USD per share)	$ 0.01	$ 0.02	$ 0.01	$ 0.04
Weighted Average Number of Shares Outstanding
Weighted-average shares outstanding - basic (in shares)	170,393,480	167,423,656	170,158,479	167,100,292
Weighted-average shares outstanding - diluted (in shares)	179,688,524	183,332,560	180,195,183	183,094,950

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 1,100	$ 4,582	$ 2,535	$ 6,491
Other comprehensive loss, net of tax
Unrealized loss on short-term investments, net of tax	(21)	(8)	(52)	(8)
Total other comprehensive loss, net of tax	(21)	(8)	(52)	(8)
Total comprehensive income	$ 1,079	$ 4,574	$ 2,483	$ 6,483

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Class A Common Stock	Class B Common Stock	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 B Common Stock	Common Stock Class B Common Stock Issuance of Class B Common Stock upon exchange of Class A Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
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)
Beginning Balance (in shares) at Dec. 31, 2023		161,457,403	8,283,641	161,457,403		8,283,641
Beginning Balance at Dec. 31, 2023	376,850			$ 16		$ 0		315,075	61,754	5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Class A Common Stock upon vesting of Restricted Stock, net of tax withholdings (in shares)				325,466
Stock-based compensation	11,611							11,611
Stock option exercises (in shares)				19,002
Stock option exercises	10							10
Net income	1,435								1,435
Other comprehensive loss, net of tax	(31)									(31)
Ending Balance (in shares) at Mar. 31, 2024				161,801,871		8,283,641
Ending Balance at Mar. 31, 2024	389,875			$ 16		$ 0		326,696	63,189	(26)
Beginning Balance (in shares) at Dec. 31, 2023		161,457,403	8,283,641	161,457,403		8,283,641
Beginning Balance at Dec. 31, 2023	376,850			$ 16		$ 0		315,075	61,754	5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	2,535
Other comprehensive loss, net of tax	(52)
Ending Balance (in shares) at Jun. 30, 2024		162,392,991	8,283,641	162,392,991		8,283,641
Ending Balance at Jun. 30, 2024	401,705			$ 16		$ 0		337,447	64,289	(47)
Beginning Balance (in shares) at Mar. 31, 2024				161,801,871		8,283,641
Beginning Balance at Mar. 31, 2024	389,875			$ 16		$ 0		326,696	63,189	(26)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Class A Common Stock upon vesting of Restricted Stock, net of tax withholdings (in shares)				404,620
Issuance of stock upon exchange of stock (in shares)				41,667
Issuance of Class B Common Stock upon exchange of Class A Common Stock	250							250
Stock-based compensation	10,247							10,247
Stock option exercises (in shares)				144,833
Stock option exercises	254							254
Net income	1,100								1,100
Other comprehensive loss, net of tax	(21)									(21)
Ending Balance (in shares) at Jun. 30, 2024		162,392,991	8,283,641	162,392,991		8,283,641
Ending Balance at Jun. 30, 2024	$ 401,705			$ 16		$ 0		$ 337,447	$ 64,289	$ (47)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income	$ 2,535	$ 6,491
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	1,963	1,372
Deferred income taxes	1,991	(984)
Non-cash operating lease cost	3,977	1,364
Stock-based compensation	22,108	22,309
Accretion of discount on available-for-sale securities	(2,723)	(260)
Changes in operating assets and liabilities:
Accrued interest	(231)	0
Accounts receivable	(5,250)	597
Inventory	(254)	10,170
Prepaid expenses and other current assets	(5,973)	2,034
Other assets	(878)	(1)
Accounts payable	4,679	(9,100)
Accrued expenses	11,310	(8,181)
Accrued compensation and benefits	(3,208)	951
Sales tax payable	68	(421)
Gift card liability	(206)	508
Deferred revenue	665	(2,009)
Returns reserve	525	(144)
Income tax payable	(917)	3,290
Operating lease liabilities	(2,023)	(1,466)
Net cash provided by operating activities	28,158	26,520
Cash flows from investing activities:
Purchases of property and equipment	(9,489)	(1,613)
Purchases of available-for-sale securities	(137,850)	(38,343)
Maturities of available-for-sale securities	106,555	0
Net cash used in investing activities	(40,784)	(39,956)
Cash flows from financing activities:
Proceeds from stock option exercises and employee stock purchases	264	637
Tax payments related to net share settlements on restricted stock units	0	(246)
Net cash provided by financing activities	264	391
Net change in cash and cash equivalents	(12,362)	(13,045)
Cash and cash equivalents, beginning of period	144,173	159,775
Cash and cash equivalents, end of period	131,811	146,730
Supplemental disclosures:
Property and equipment included in accounts payable and accrued expenses	3,329	153
Lease assets obtained in exchange for new operating lease liabilities	$ 15,921	$ 3,206

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS	DESCRIPTION OF BUSINESS FIGS, Inc., a Delaware corporation (together with its wholly-owned subsidiary FIGS Canada, Inc. unless the context requires otherwise, the “Company”), 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 non-scrubwear, such as outerwear, underscrubs, footwear, compression socks, lab coats, loungewear and other apparel. 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, 2024
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited condensed consolidated 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 consolidated financial statements and footnotes. Certain reclassifications have been made to prior-year amounts to conform to the current period presentation. These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and related notes for the year ended December 31, 2023, included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 28, 2024. In the opinion of management, the unaudited condensed consolidated 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, 2024 are not necessarily indicative of the results to be expected for the year ending December 31, 2024. 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 mature within 12-months or less and are classified as current assets on the Company’s condensed consolidated 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 income 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 consolidated 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 consolidated 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, 2024 and December 31, 2023. Revenue Recognition The Company recognizes revenues 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 consolidated balance sheets was $3.5 million and $3.0 million as of June 30, 2024 and December 31, 2023, 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 consolidated 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 $2.1 million during the six months ended June 30, 2024 related to the deferred revenue balance that existed at December 31, 2023. The Company recognized revenues of $2.6 million during the six months ended June 30, 2024 related to redemptions from the gift card liability balance that existed at December 31, 2023. 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, 2024 and 2023 as follows (in thousands): Three months ended Six months ended 2024 2023 2024 2023 By geography: United States $ 125,291 $ 123,797 $ 228,361 $ 231,477 Rest of the world 18,934 14,335 35,157 26,887 $ 144,225 $ 138,132 $ 263,518 $ 258,364 By product: Scrubwear $ 118,345 $ 115,238 $ 213,241 $ 213,104 Non-Scrubwear 25,880 22,894 50,277 45,260 $ 144,225 $ 138,132 $ 263,518 $ 258,364 Recently Issued Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, Improvements to Reportable Segment Disclosures , which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. In addition, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements. This ASU is effective for public companies with annual periods beginning after December 15, 2023, and interim periods within annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the effects adoption of this guidance will have on its financial statements. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures , which requires disclosure of disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. This ASU is effective for public companies with annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the effects adoption of this guidance will have on its financial statements.

FAIR VALUE OF FINANCIAL ASSETS

FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES	FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES 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, 2024, and December 31, 2023 (in thousands): June 30, 2024 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Level 1 (1) : Money market funds $ 70,308 $ — $ — $ 70,308 U.S. government securities 77,296 1 (18) 77,279 Level 2 (2) : Corporate paper 78,076 — (31) 78,045 Total $ 225,680 $ 1 $ (49) $ 225,632 December 31, 2023 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Level 1 (1) : Money market funds $ 117,328 $ — $ — $ 117,328 U.S. government securities 64,630 12 — 64,642 Level 2 (2) : Corporate paper 37,888 — (7) 37,881 Total $ 219,846 $ 12 $ (7) $ 219,851 (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, 2024
Receivables [Abstract]
ACCOUNTS RECEIVABLE	ACCOUNTS RECEIVABLE Accounts receivable consisted of the following (in thousands): June 30, December 31, Trade $ 11,628 $ 6,549 Other 1,091 920 $ 12,719 $ 7,469

PREPAID EXPENSES AND OTHER CURR

PREPAID EXPENSES AND OTHER CURRENT ASSETS	6 Months Ended
	Jun. 30, 2024
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 $ 1,748 $ 3,012 Prepaid expenses 3,956 8,173 Prepaid taxes 9,853 — Other 1,140 1,270 $ 16,697 $ 12,455

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET	6 Months Ended
	Jun. 30, 2024
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 $ 1,832 $ 1,441 Office equipment 1,134 1,031 Machinery and equipment 17,239 2,753 Computer equipment 6,139 2,056 Software and website design 8,466 8,061 Leasehold improvements 4,075 3,696 Capital projects in progress 6,073 13,555 Total property and equipment 44,958 32,593 Less: accumulated depreciation and amortization (9,692) (7,729) Property and equipment, net $ 35,266 $ 24,864 Depreciation and amortization expense of property and equipment for the three and six months ended June 30, 2024 was $1.1 million and $2.0 million, respectively. 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

ACCRUED EXPENSES

ACCRUED EXPENSES	6 Months Ended
	Jun. 30, 2024
Payables and Accruals [Abstract]
ACCRUED EXPENSES	ACCRUED EXPENSES Accrued expenses consisted of the following (in thousands): June 30, December 31, Accrued inventory $ 5,831 $ 2,126 Accrued shipping 2,965 565 Accrued selling expenses 4,037 2,601 Accrued marketing expenses 1,914 466 Accrued property and equipment 2,793 399 Accrued legal 521 24 Other accrued expenses 3,549 1,725 $ 21,610 $ 7,906

FINANCING ARRANGEMENTS

FINANCING ARRANGEMENTS	6 Months Ended
	Jun. 30, 2024
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, 2024, the Company had letters of credit aggregating to $4.9 million outstanding under the 2021 Facility and available borrowings of $95.1 million. As of June 30, 2024, 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, 2024
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 taxes on remote sellers. In accordance with ASC 450, Contingencies , the Company recorded $1.5 million and $1.6 million within sales tax payable on the Company’s condensed consolidated balance sheets as of June 30, 2024, and December 31, 2023, respectively, as an estimate of contingent sales tax payable. Inventory Purchase Obligations Inventory purchase obligations as of June 30, 2024 were $54.4 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 condensed consolidated financial statements. A putative securities class action and related derivative suits against the Company and certain of its executive officers and directors are currently pending. 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

LEASES	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
LEASES	LEASES The Company has operating lease agreements for its office space, retail stores, fulfillment center and fulfillment center equipment. The Company’s lease agreements have initial terms that expire between 2028 and 2030. Certain of the Company’s lease agreements include rent abatement periods, escalating rent payment provisions, and provide for an option to extend or terminate the lease. The Company has a sublease agreement classified as an operating lease 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 and escalating rent payment provisions. The operating lease and sublease 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 and sublease 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, 2024 was $3.1 million, and $5.4 million, respectively. Operating lease expense for the three and six months ended June 30, 2023 was $0.8 million, and $1.6 million, respectively. Cash payments included in the measurement of operating lease liabilities were $3.4 million for the six months ended June 30, 2024. Right of use assets obtained in exchange for operating lease liabilities were $15.9 million for the six months ended June 30, 2024. 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, 2024 were as follows: Weighted-average remaining lease term 5.7 years Weighted-average discount rate 6.6 % Future undiscounted lease payments, and a reconciliation of these payments to the Company’s operating lease liabilities at June 30, 2024, were as follows (in thousands): Remainder of 2024 $ 8,370 2025 13,254 2026 10,640 2027 11,175 2028 11,680 Thereafter 15,637 Total lease payments $ 70,756 Less: Imputed interest (11,475) Total lease liabilities $ 59,281

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2024
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, 2024 and 2023, the Company’s effective tax rate was 74.9% and 43.3%, respectively. The Company’s effective tax rate differed from the U.S. statutory tax rate primarily due to limitations on the deductibility of officer compensation and state taxes. For the three months ended June 30, 2024 and 2023, the Company recorded income tax expense of $3.3 million and $3.5 million, respectively. For the six months ended June 30, 2024 and 2023, the Company’s effective tax rate was 66.9% and 47.9%, respectively. The Company’s effective tax rate differed from the U.S. statutory tax rate primarily due to limitations on the deductibility of officer compensation and state taxes. For the six months ended June 30, 2024 and 2023, the Company recorded income tax expense of $5.1 million and $6.0 million, respectively.

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2024
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, 2024 and 2023 (in thousands, except share and per share amounts): Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Numerator: Net income $ 1,100 $ 4,582 $ 2,535 $ 6,491 Denominator: Weighted-average shares—basic 170,393,480 167,423,656 170,158,479 167,100,292 Effect of dilutive stock options 9,217,557 14,818,670 9,913,735 14,831,121 Effect of dilutive restricted stock 77,487 1,090,234 122,969 1,163,537 Weighted-average shares—diluted 179,688,524 183,332,560 180,195,183 183,094,950 Earnings per share: Basic earnings per share $ 0.01 $ 0.03 $ 0.01 $ 0.04 Effect of dilutive stock options and restricted stock — (0.01) — — Diluted earnings per share $ 0.01 $ 0.02 $ 0.01 $ 0.04 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, 2024 and 2023 because including them would have had an anti-dilutive effect: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Stock options to purchase common stock 22,069,783 11,303,495 22,343,742 10,198,597 Restricted stock units 5,063,315 2,287,331 2,384,577 2,030,447

SHARE REPURCHASE PROGRAM

SHARE REPURCHASE PROGRAM	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
SHARE REPURCHASE PROGRAM	SHARE REPURCHASE PROGRAMOn August 8, 2024, the Company’s board of directors authorized a share repurchase program for up to $50.0 million of the Company’s outstanding Class A common stock, with no expiration date. Repurchases under the share repurchase program may be made from time to time through, without limitation, open market purchases or through privately negotiated transactions and/or structured repurchase agreements with third parties, block purchases or derivative contracts, and/or pursuant to Rule 10b5-1 trading plans, subject to market conditions, applicable securities laws and other legal requirements and relevant factors. Open market repurchases will be structured to occur in accordance with applicable federal securities law, including within the pricing and volume requirements of Rule 10b-18 under the Exchange Act. The share repurchase program does not obligate the Company to acquire any particular amount of Class A common stock, and may be modified, suspended or terminated at any time, without prior notice. The timing, manner, price and amount of any repurchases will be determined at the Company’s discretion, subject to business, economic and market conditions and other factors. Repurchases under the program are expected to be funded from existing cash and cash equivalents. The Company has not yet repurchased any shares of Class A common stock under the share repurchase program.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income	$ 1,100	$ 1,435	$ 4,582	$ 1,909	$ 2,535	$ 6,491

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
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, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated 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 consolidated financial statements and footnotes. Certain reclassifications have been made to prior-year amounts to conform to the current period presentation. These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and related notes for the year ended December 31, 2023, included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 28, 2024. In the opinion of management, the unaudited condensed consolidated 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, 2024 are not necessarily indicative of the results to be expected for the year ending December 31, 2024.
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 mature within 12-months or less and are classified as current assets on the Company’s condensed consolidated 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 income 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 consolidated 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 consolidated statements of operations.
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 revenues 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 consolidated balance sheets was $3.5 million and $3.0 million as of June 30, 2024 and December 31, 2023, 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 consolidated 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 $2.1 million during the six months ended June 30, 2024 related to the deferred revenue balance that existed at December 31, 2023. The Company recognized revenues of $2.6 million during the six months ended June 30, 2024 related to redemptions from the gift card liability balance that existed at December 31, 2023. The Company does not have significant contract acquisition costs.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, Improvements to Reportable Segment Disclosures , which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. In addition, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements. This ASU is effective for public companies with annual periods beginning after December 15, 2023, and interim periods within annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the effects adoption of this guidance will have on its financial statements. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures , which requires disclosure of disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. This ASU is effective for public companies with annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the effects adoption of this guidance will have on its financial statements.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jun. 30, 2024
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, 2024 and 2023 as follows (in thousands): Three months ended Six months ended 2024 2023 2024 2023 By geography: United States $ 125,291 $ 123,797 $ 228,361 $ 231,477 Rest of the world 18,934 14,335 35,157 26,887 $ 144,225 $ 138,132 $ 263,518 $ 258,364 By product: Scrubwear $ 118,345 $ 115,238 $ 213,241 $ 213,104 Non-Scrubwear 25,880 22,894 50,277 45,260 $ 144,225 $ 138,132 $ 263,518 $ 258,364

FAIR VALUE OF FINANCIAL ASSET_2

FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of 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, 2024, and December 31, 2023 (in thousands): June 30, 2024 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Level 1 (1) : Money market funds $ 70,308 $ — $ — $ 70,308 U.S. government securities 77,296 1 (18) 77,279 Level 2 (2) : Corporate paper 78,076 — (31) 78,045 Total $ 225,680 $ 1 $ (49) $ 225,632 December 31, 2023 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Level 1 (1) : Money market funds $ 117,328 $ — $ — $ 117,328 U.S. government securities 64,630 12 — 64,642 Level 2 (2) : Corporate paper 37,888 — (7) 37,881 Total $ 219,846 $ 12 $ (7) $ 219,851 (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, 2024
Receivables [Abstract]
Schedule of Accounts Receivable	Accounts receivable consisted of the following (in thousands): June 30, December 31, Trade $ 11,628 $ 6,549 Other 1,091 920 $ 12,719 $ 7,469

PREPAID EXPENSES AND OTHER CU_2

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)	6 Months Ended
	Jun. 30, 2024
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 $ 1,748 $ 3,012 Prepaid expenses 3,956 8,173 Prepaid taxes 9,853 — Other 1,140 1,270 $ 16,697 $ 12,455

PROPERTY AND EQUIPMENT, NET (Ta

PROPERTY AND EQUIPMENT, NET (Tables)	6 Months Ended
	Jun. 30, 2024
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 $ 1,832 $ 1,441 Office equipment 1,134 1,031 Machinery and equipment 17,239 2,753 Computer equipment 6,139 2,056 Software and website design 8,466 8,061 Leasehold improvements 4,075 3,696 Capital projects in progress 6,073 13,555 Total property and equipment 44,958 32,593 Less: accumulated depreciation and amortization (9,692) (7,729) Property and equipment, net $ 35,266 $ 24,864

ACCRUED EXPENSES (Tables)

ACCRUED EXPENSES (Tables)	6 Months Ended
	Jun. 30, 2024
Payables and Accruals [Abstract]
Schedule of Accrued Expenses	Accrued expenses consisted of the following (in thousands): June 30, December 31, Accrued inventory $ 5,831 $ 2,126 Accrued shipping 2,965 565 Accrued selling expenses 4,037 2,601 Accrued marketing expenses 1,914 466 Accrued property and equipment 2,793 399 Accrued legal 521 24 Other accrued expenses 3,549 1,725 $ 21,610 $ 7,906

LEASES (Tables)

LEASES (Tables)	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Schedule of Weighted-Average Remaining Lease Term and Discount Rate	The weighted-average remaining lease term and weighted-average discount rate related to the Company’s operating leases at June 30, 2024 were as follows: Weighted-average remaining lease term 5.7 years Weighted-average discount rate 6.6 %
Schedule 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, 2024, were as follows (in thousands): Remainder of 2024 $ 8,370 2025 13,254 2026 10,640 2027 11,175 2028 11,680 Thereafter 15,637 Total lease payments $ 70,756 Less: Imputed interest (11,475) Total lease liabilities $ 59,281

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Basic and Diluted EPS and Reconciliation of Weighted Average	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, 2024 and 2023 (in thousands, except share and per share amounts): Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Numerator: Net income $ 1,100 $ 4,582 $ 2,535 $ 6,491 Denominator: Weighted-average shares—basic 170,393,480 167,423,656 170,158,479 167,100,292 Effect of dilutive stock options 9,217,557 14,818,670 9,913,735 14,831,121 Effect of dilutive restricted stock 77,487 1,090,234 122,969 1,163,537 Weighted-average shares—diluted 179,688,524 183,332,560 180,195,183 183,094,950 Earnings per share: Basic earnings per share $ 0.01 $ 0.03 $ 0.01 $ 0.04 Effect of dilutive stock options and restricted stock — (0.01) — — Diluted earnings per share $ 0.01 $ 0.02 $ 0.01 $ 0.04
Schedule of Weighted Average Common Equivalent Shares from Computation of Diluted 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, 2024 and 2023 because including them would have had an anti-dilutive effect: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Stock options to purchase common stock 22,069,783 11,303,495 22,343,742 10,198,597 Restricted stock units 5,063,315 2,287,331 2,384,577 2,030,447

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Product return, refund period (in days)	30 days
Returns reserve	$ 3,514	$ 2,989
Revenue recognized	2,100
Deferred revenue, redemptions	$ 2,600

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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation Of Revenue [Line Items]
Net revenues	$ 144,225	$ 138,132	$ 263,518	$ 258,364
Scrubwear
Disaggregation Of Revenue [Line Items]
Net revenues	118,345	115,238	213,241	213,104
Non-Scrubwear
Disaggregation Of Revenue [Line Items]
Net revenues	25,880	22,894	50,277	45,260
United States
Disaggregation Of Revenue [Line Items]
Net revenues	125,291	123,797	228,361	231,477
Rest of the world
Disaggregation Of Revenue [Line Items]
Net revenues	$ 18,934	$ 14,335	$ 35,157	$ 26,887

FAIR VALUE OF FINANCIAL ASSET_3

FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Cash and Cash Equivalents
Cost	$ 131,811	$ 144,173
Short-Term Investments
Cost	225,680	219,846
Gross Unrealized Gains	1	12
Gross Unrealized Losses	(49)	(7)
Fair Value	225,632	219,851
Money market funds
Cash and Cash Equivalents
Fair Value	70,308	117,328
U.S. government securities
Short-Term Investments
Fair Value	77,279	64,642
Corporate paper
Short-Term Investments
Fair Value	78,045	37,881
Level 1 | Money market funds
Cash and Cash Equivalents
Cost	70,308	117,328
Level 1 | U.S. government securities
Short-Term Investments
Cost	77,296	64,630
Gross Unrealized Gains	1	12
Gross Unrealized Losses	(18)	0
Level 2 | Corporate paper
Short-Term Investments
Cost	78,076	37,888
Gross Unrealized Gains	0	0
Gross Unrealized Losses	$ (31)	$ (7)

ACCOUNTS RECEIVABLE (Details)

ACCOUNTS RECEIVABLE (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Receivables [Abstract]
Trade	$ 11,628	$ 6,549
Other	1,091	920
Accounts receivable	$ 12,719	$ 7,469

PREPAID EXPENSES AND OTHER CU_3

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Prepaid Expense and Other Assets, Current [Abstract]
Inventory deposits	$ 1,748	$ 3,012
Prepaid expenses	3,956	8,173
Prepaid taxes	9,853	0
Other	1,140	1,270
Prepaid expenses and other current assets	$ 16,697	$ 12,455

PROPERTY AND EQUIPMENT, NET - S

PROPERTY AND EQUIPMENT, NET - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Property Plant And Equipment [Line Items]
Total property and equipment	$ 44,958	$ 32,593
Less: accumulated depreciation and amortization	(9,692)	(7,729)
Property and equipment, net	35,266	24,864
Furniture and fixtures
Property Plant And Equipment [Line Items]
Total property and equipment	1,832	1,441
Office equipment
Property Plant And Equipment [Line Items]
Total property and equipment	1,134	1,031
Machinery and equipment
Property Plant And Equipment [Line Items]
Total property and equipment	17,239	2,753
Computer equipment
Property Plant And Equipment [Line Items]
Total property and equipment	6,139	2,056
Software and website design
Property Plant And Equipment [Line Items]
Total property and equipment	8,466	8,061
Leasehold improvements
Property Plant And Equipment [Line Items]
Total property and equipment	4,075	3,696
Capital projects in progress
Property Plant And Equipment [Line Items]
Total property and equipment	$ 6,073	$ 13,555

PROPERTY, AND EQUIPMENT, NET -

PROPERTY, AND EQUIPMENT, NET - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Depreciation	$ 1.1	$ 0.7	$ 2	$ 1.4

ACCRUED EXPENSES (Details)

ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued inventory	$ 5,831	$ 2,126
Accrued shipping	2,965	565
Accrued selling expenses	4,037	2,601
Accrued marketing expenses	1,914	466
Accrued property and equipment	2,793	399
Accrued legal	521	24
Other accrued expenses	3,549	1,725
Total accrued expenses	$ 21,610	$ 7,906

FINANCING ARRANGEMENTS (Details

FINANCING ARRANGEMENTS (Details) - Bank of America, N.A. - USD ($)	Sep. 07, 2021	Jun. 30, 2024
Revolving Credit Facility
Line of Credit Facility [Line Items]
Credit agreement	$ 100,000,000
Amount outstanding		$ 0
Outstanding borrowings under existing credit facility		95,100,000
Unused commitment fee (as a percent)	0.175%
Revolving Credit Facility | Eurodollar
Line of Credit Facility [Line Items]
Borrowings bear interest	1.125%
Revolving Credit Facility | Base Rate
Line of Credit Facility [Line Items]
Borrowings bear interest	0.125%
Letter of Credit
Line of Credit Facility [Line Items]
Amount outstanding		$ 4,900,000

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Estimate of contingent sales tax payable	$ 1.5	$ 1.6
Inventory purchase obligations	$ 54.4

LEASES - Additional Information

LEASES - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Operating lease cost	$ 3,100	$ 800	$ 5,400	$ 1,600
Cash payments included in the measurement of the operating lease liabilities			3,400
Right of use assets obtained in exchange for operating lease liabilities			$ 15,921	$ 3,206

LEASES - Schedule of Weighted A

LEASES - Schedule of Weighted Average Remaining Lease Term and Weighted Average Discount Rate (Details)	Jun. 30, 2024
Leases [Abstract]
Weighted-average remaining lease term	5 years 8 months 12 days
Weighted-average discount rate	6.60%

LEASES - Schedule of Future Und

LEASES - Schedule of Future Undiscounted Lease Payments (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Lessee, Operating Lease, Liability, to be Paid [Abstract]
Remainder of 2024	$ 8,370
2025	13,254
2026	10,640
2027	11,175
2028	11,680
Thereafter	15,637
Total lease payments	70,756
Less: Imputed interest	(11,475)
Total lease liabilities	$ 59,281

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate	74.90%	43.30%	66.90%	47.90%
Provision for income taxes	$ 3,283	$ 3,501	$ 5,128	$ 5,961

EARNINGS PER SHARE - Additional

EARNINGS PER SHARE - Additional Information (Details)	Jun. 30, 2024 vote
Class A Common Stock
Earnings Per Share Basic [Line Items]
Number of votes	1
Common stock, conversion ratio	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, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator:
Net income	$ 1,100	$ 1,435	$ 4,582	$ 1,909	$ 2,535	$ 6,491
Denominator:
Weighted-average shares - basic (in shares)	170,393,480		167,423,656		170,158,479	167,100,292
Weighted-average shares - diluted (in shares)	179,688,524		183,332,560		180,195,183	183,094,950
Earnings per share:
Basic earnings per share (in USD per share)	$ 0.01		$ 0.03		$ 0.01	$ 0.04
Effect of dilutive stock options and restricted stock (in USD per share)	0		(0.01)		0	0
Diluted earnings per share (in USD per share)	$ 0.01		$ 0.02		$ 0.01	$ 0.04
Employee Stock Option
Denominator:
Effect of dilutive stock options (in shares)	9,217,557		14,818,670		9,913,735	14,831,121
Restricted Stock
Denominator:
Effect of dilutive stock options (in shares)	77,487		1,090,234		122,969	1,163,537

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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Stock options to purchase common stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Weighted average common equivalent shares (in shares)	22,069,783	11,303,495	22,343,742	10,198,597
Restricted stock units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Weighted average common equivalent shares (in shares)	5,063,315	2,287,331	2,384,577	2,030,447

SHARE REPURCHASE PROGRAM (Detai

SHARE REPURCHASE PROGRAM (Details) - Subsequent Event - Class A Common Stock	Aug. 08, 2024 USD ($) shares
Share Repurchase Program [Line Items]
Share repurchase plan, authorized amount | $	$ 50,000,000
Number of shares repurchased | shares	0