FIGS Results Presentation Deck
Non-GAAP Financial Measures and Key Operating Metrics (cont.)
The Company has also included herein "active customers," "net revenues per active customer" and "average order value," which are key operational and business metrics that
are important to understanding Company performance. The number of active customers is an important indicator of growth as it reflects the reach of the Company's digital
platform, brand awareness and overall value proposition. The Company defines an active customer as a unique customer account that has made at least one purchase in the
preceding 12-month period. In any particular period, the Company determines the number of active customers by counting the total number of customers who have made at
least one purchase in the preceding 12-month period, measured from the last date of such period. The Company believes measuring net revenues per active customer is
important to understanding engagement and retention of customers, and as such, the value proposition for its customer base. The Company defines net revenues per active
customer as the sum of total net revenues in the preceding 12-month period divided by the current period active customers. The Company defines average order value as the
sum of the total net revenues in a given period divided by the total orders placed in that period. Total orders are the summation of all completed individual purchase
transactions in a given period. The Company believes its relatively high average order value demonstrates the premium nature of its products. As the Company expands into
and increases its presence in additional product categories, price points and international markets, average order value may fluctuate.View entire presentation