FIGS, Inc.

Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Good afternoon, and thank you for standing by. Welcome to the FIGS fourth quarter 2021 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session, and instructions will follow at that time. Please be advised that reproduction of this call in whole or in part is not committed without written authorization from FIGS. And as a reminder, this call is being recorded. I would now like to introduce your host for today's call, Carrie Gillard, Vice President of Investor Relations. Ms. Gillard, please go ahead.

Good afternoon, and thank you for joining today's call to discuss FIGS fourth quarter and full year 2021 results, which we released this afternoon and can be found in our earnings release and shareholder letter on the FIGS Investor Relations website at ir.warefigs.com. Presenting on today's call will be Heather Hasson and Trina Spear, our Co-Chief Executive Officers, and Daniella Turenshine, our Chief Financial Officer. As a reminder, remarks on this call that do not concern past events should be considered forward-looking statements. These may include predictions, expectations, or estimates, including about our future financial performance, market opportunity, business plans, and operational capacity. Forward-looking statements involve substantial risks and uncertainties, and actual results could differ materially from those mentioned. These risks, among others, are discussed in our shareholder letter and SEC filings, which we encourage you to review. You should not place undue reliance on any forward-looking statements, which speak only as of today and which undertake no obligation to update or revise. Finally, this call will contain certain non-GAAP metrics, which we believe are useful supplemental measures for understanding our business. Reconciliations of these non-GAAP measures to their most comparable GAAP measures are included in the shareholder letter we released today on the investor relations portion of our website. Now, I'd like to turn the call over to Heather Hatton, Co-Chief Executive Officer of FIGS.

Thanks, Carrie. Good afternoon, everyone. We appreciate you joining us for our fourth quarter and full year 2021 conference call. Before we get started, I just want to say how honored we are to serve our healthcare community every day. They are why we exist. Now, for our results. Our financial performance demonstrates the incredible power of our business model as we delivered an exceptional combination of revenue growth, profitability, and free cash flow. In the fourth quarter, our net revenues were up 43% to $129 million, which was larger than our entire business in 2019. This is an amazing achievement that underscores the rapid growth and scale that we have accomplished in the past two years. For the full year, our net revenues increased to $420 million, up 62% on a just basis, driven by both strong acquisition of new customers and increasing annual spend from our existing customers. Across our key metrics, our active customer base grew 46% to $1.9 million, Net revenues per active customer increased $22 year over year and $39 over two years. We delivered a 12% increase in our AOV to $105. We increased our repeat customer revenues to 68% up from 62% in 2020. Our nascent international business tripled. And we achieved this growth by also generating $105 million in adjusted EBITDA, a 25% adjusted EBITDA margin. We delivered this outstanding performance through product innovation, disciplined execution, and by leveraging our deep understanding of what our customers want and need from the 10 years of engaging with them every day. Our accomplishments are also a result of building a management team over the past 10 years that is not only committed to our community, but is world-class at running a high-growth business. From product design and innovation, supply chain, marketing, or any other aspect of our company, we are a team that delivers extraordinary results year after year. That's driven by a clear mission to celebrate, empower, and serve those who serve others. And it is through this mission that we will continue to enrich the lives of healthcare professionals for years to come. I truly believe we are just getting started. What we are creating is more than just product. It's a movement within the healthcare profession. We have a long runway of growth ahead, and we're so grateful to be afforded the opportunity to inspire and create the world our awesome humans want to live in. With that, I will hand it over to Trina.