0000950170-24-054482.txt : 20240507 0000950170-24-054482.hdr.sgml : 20240507 20240507161015 ACCESSION NUMBER: 0000950170-24-054482 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20240507 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240507 DATE AS OF CHANGE: 20240507 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Revolve Group, Inc. CENTRAL INDEX KEY: 0001746618 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-CATALOG & MAIL-ORDER HOUSES [5961] ORGANIZATION NAME: 07 Trade & Services IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-38927 FILM NUMBER: 24921915 BUSINESS ADDRESS: STREET 1: 12889 MOORE ST. CITY: CERRITOS STATE: CA ZIP: 90703 BUSINESS PHONE: (562) 677-9480 MAIL ADDRESS: STREET 1: 12889 MOORE ST. CITY: CERRITOS STATE: CA ZIP: 90703 FORMER COMPANY: FORMER CONFORMED NAME: Revolve Group, LLC DATE OF NAME CHANGE: 20181015 FORMER COMPANY: FORMER CONFORMED NAME: Advance Holdings, LLC DATE OF NAME CHANGE: 20180716 8-K 1 rvlv-20240507.htm 8-K 8-K
0001746618false00017466182024-05-072024-05-07

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 7, 2024

 

REVOLVE GROUP, INC.

(Exact name of Registrant as Specified in Its Charter)

 

Delaware

001-38927

46-1640160

(State or Other Jurisdiction

of Incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

 

 

 

12889 Moore Street

Cerritos, California

90703

(Address of Principal Executive Offices)

(Zip Code)

(562) 677-9480

(Registrant’s Telephone Number, Including Area Code)

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class:

 

Trading Symbol(s):

 

Name of each exchange on which registered:

Class A Common Stock, par value $0.001 per share

 

RVLV

 

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

 

 

 

Item 2.02 Results of Operations and Financial Condition.

 

On May 7, 2024, Revolve Group, Inc. issued a press release announcing its financial results for its first quarter ended March 31, 2024. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

 

The information included in Item 2.02 of this Current Report on Form 8-K and the exhibit attached hereto are being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any other filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in any such filing.

 

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

 

Exhibit No.

Description

99.1

Press Release dated May 7, 2024

104

Cover page interactive data file (embedded with the inline XBRL document)

 

 

2

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

REVOLVE GROUP, INC.

Date: May 7, 2024

By:

/s/ JESSE TIMMERMANS

Jesse Timmermans

Chief Financial Officer

 

 

3

 EX-99.1 2 rvlv-ex99_1.htm EX-99.1 EX-99.1

 

Exhibit 99.1

img94756311_0.jpg 

 

Revolve Group Announces First Quarter 2024 Financial Results

 

Los Angeles, CA – May 7, 2024 - Revolve Group, Inc. (NYSE: RVLV), the next-generation fashion retailer for Millennial and Generation Z consumers, today announced financial results for the first quarter ended March 31, 2024.

 

 

“We delivered significant expansion of our gross margin and year-over-year efficiency in our variable logistics costs in the first quarter of 2024, which contributed to strong profitability and cash flow generation that further strengthened our balance sheet,” said co-founder and co-CEO Mike Karanikolas. “I am also encouraged that we returned to positive growth in net sales year-over-year during the final month of our first quarter of 2024 as well as during the first month of our second quarter of 2024.”

 

“I am excited by our progress on key initiatives that further improves our foundation for profitable growth,” said co-founder and co-CEO Michael Mente. “In recent months, we have delivered great progress on drivers of future growth and efficiency including product category expansion, elevating service levels in international markets, leveraging AI technology, further enhancing our digital merchandising, and efficiently investing in our brands to further strengthen our connection with the next-generation consumer.”


First Quarter 2024 Financial Summary

 

 

Three Months Ended March 31,

 

 

2024

 

 

2023

 

 

YoY Change

 

 

(in thousands, except percentages)

Net sales

 

$

270,581

 

 

$

279,609

 

 

(3%)

Gross profit

 

$

141,502

 

 

$

139,220

 

 

2%

Gross margin

 

 

52.3

%

 

 

49.8

%

 

 

Net income

 

$

10,873

 

 

$

14,172

 

 

(23%)

Adjusted EBITDA (non-GAAP financial measure)

 

$

13,267

 

 

$

15,010

 

 

(12%)

Net cash provided by operating activities

 

$

38,391

 

 

$

48,829

 

 

(21%)

Free cash flow (non-GAAP financial measure)

 

$

36,656

 

 

$

47,681

 

 

(23%)

 

Operational Metrics

 

 

Three Months Ended March 31,

 

 

2024

 

 

2023

 

 

YoY Change

 

 

(in thousands, except average order value and percentages)

Active customers (trailing 12 months)

 

 

2,551

 

 

 

2,424

 

 

5%

Total orders placed

 

 

2,223

 

 

 

2,278

 

 

(2%)

Average order value

 

$

299

 

 

$

288

 

 

4%

 

 

 

 

Additional First Quarter 2024 Metrics and Results Commentary

•
Trailing 12-month Active customers grew to 2,551,000 as of March 31, 2024, an increase of 5% year-over-year.
•
Net sales were $270.6 million, a year-over-year decrease of 3%, which reflects increased net sales at full price in the first quarter of 2024 that were more than offset by lower net sales at a markdown year-over-year.
•
Gross profit was $141.5 million, a year-over-year increase of 2%.
•
Gross margin was 52.3%, a year-over-year increase of 250 basis points that was driven by margin expansion in the REVOLVE segment. The increased gross margin primarily reflects a higher mix of net sales at full price in the first quarter of 2024 and lower inventory valuation adjustments as compared to the first quarter of 2023.
•
Net income was $10.9 million, a year-over-year decrease of 23%, and included an insurance recovery of $2.8 million ($2.1 million, net of taxes) within other income, net.
•
Adjusted EBITDA was $13.3 million, a year-over-year decrease of 12% that primarily reflects higher general and administrative expenses in the first quarter of 2024 and increased marketing investment due to a shift in the timing of brand marketing investments year-over-year, partially offset by increased gross profit and efficiencies in selling and distribution costs year-over-year.
•
Diluted earnings per share (EPS) was $0.15, a year-over-year decrease of 21%. EPS for the first quarter of 2024 included the insurance recovery mentioned above equivalent to approximately $0.03 per share.

Additional Net Sales Commentary

•
REVOLVE segment net sales were $229.6 million, a year-over-year decrease of 1%.
•
FWRD segment net sales were $41.0 million, a year-over-year decrease of 15%.
•
Domestic net sales were $219.1 million, a year-over-year decrease of 3%.
•
International net sales were $51.5 million, also a year-over-year decrease of 3%.

Cash Flow and Balance Sheet

•
Net cash provided by operating activities was $38.4 million and free cash flow was $36.7 million, further strengthening our balance sheet and supporting our commitment to enhance shareholder value through capital allocation. These cash flow metrics decreased 21% and 23%, respectively, versus the first quarter of 2023, when our cash flow benefited meaningfully from favorable working capital movements including a large reduction in inventory during the prior-year period.
•
Stock repurchases were $8.0 million for the first quarter ended March 31, 2024, exclusive of broker fees and excise taxes. The company repurchased 530,007 shares of its Class A common stock during the first quarter at an average cost of $15.17. $61.4 million remained available under the company's $100 million stock repurchase program as of March 31, 2024.
•
Cash and cash equivalents: The strong cash flow generation has further strengthened our balance sheet and liquidity. Cash and cash equivalents as of March 31, 2024 were $273.4 million, an increase of $28.0 million, or 11%, from $245.4 million as of December 31, 2023. Our balance sheet as of March 31, 2024 remains debt free. The year-over-year decrease in cash and cash equivalents compared to March 31, 2023 primarily reflects significant cash flow generated from operations that was more than offset by $38.6 million in stock repurchases since we established our $100 million stock repurchase program in August 2023.
•
Inventory as of March 31, 2024 was $201.8 million, an increase of $11.7 million, or 6%, from March 31, 2023.

 

Additional trend information regarding Revolve Group’s first quarter of 2024 financial results and operating metrics is available in the Q1 2024 Financial Highlights presentation available on our investor relations website: https://investors.revolve.com/events-and-presentations/default.aspx

 

 

 

Results Since the End of the First Quarter of 2024

Net sales in April 2024 increased by a low single digit percentage year-over-year, a sequential improvement compared to the year-over-year trend reported for the first quarter of 2024.

 

2024 Business Outlook

Based on information available to us as of May 7, 2024, we are providing the following guidance for the full year ending December 31, 2024 and the second quarter ending June 30, 2024.

 

Updated FY 2024 Outlook

Prior FY 2024 Outlook

Gross margin

52.5% to 53.0%

52.5% to 53.0%

Fulfillment expenses

3.3% to 3.5% of net sales

3.3% to 3.5% of net sales

Selling and distribution expenses

17.8% to 18.0% of net sales

17.8% to 18.0% of net sales

Marketing expenses

16% to 16.2% of net sales

16% to 16.2% of net sales

General and administrative expenses

$130 million to $133 million

$130 million to $133 million

Effective tax rate

24% to 26%

24% to 26%

Second Quarter 2024 Outlook

Gross margin

53.9% to 54.4%

Fulfillment expenses

3.4% of net sales

Selling and distribution expenses

18.0% of net sales

Marketing expenses

17.0% of net sales

General and administrative expenses

$34.0 million

 

Conference Call Information

Revolve Group management will host a call today at 4:30 pm ET / 1:30 pm PT to discuss today’s results in more detail. To participate, please dial (888) 596-4144 within the United States or (646) 968-2525 outside the United States approximately 10 minutes before the scheduled start of the call. The conference ID for the call is 9618219. The conference call will also be accessible, live via audio broadcast, on the Investor Relations section of the Revolve Group website at investors.revolve.com. A replay of the conference call will be available online at investors.revolve.com. In addition, an audio replay of the call will be available for one week following the call and can be accessed by dialing (800) 770-2030 within the United States or (609) 800-9909 outside the United States. The replay conference ID is 9618219.

 

Forward-Looking Statements

This press release contains ''forward-looking statements'' within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements other than statements of historical or current fact included in this press release are forward-looking statements, including but not limited to statements regarding our outlook for the second quarter and full year of 2024. Forward-looking statements include statements containing words such as "expect," "anticipate," "believe," "project," "will" and similar expressions intended to identify forward-looking statements. These forward-looking statements are based on our current expectations. Forward-looking statements involve risks and uncertainties. Our actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, risks related to changing economic conditions and their impact on consumer demand and our business, operating results and financial condition; demand for our products; supply chain challenges; inflationary pressures; wars and conflicts in Ukraine/Russia, Israel/Gaza and the Middle East; other geopolitical tensions; our fluctuating operating results; seasonality in our business; our ability to acquire products on reasonable terms; our e-commerce business model; our ability to attract customers in a cost effective manner; the strength of our brand; competition; fraud; system interruptions; our ability to fulfill orders; the impact of public health crises on our business, operations and financial results; the effect of claims, lawsuits, government investigations, other legal or regulatory proceedings or commercial or contractual disputes; and other risks and uncertainties included under the caption "Risk Factors" and elsewhere in our

 

 

filings with the Securities and Exchange Commission, or SEC, including, without limitation, our Annual Report on Form 10-K for the year ended December 31, 2023 and our subsequent Quarterly Reports on Form 10-Q, including for the quarter ended March 31, 2024, which we expect to file with the SEC on May 7, 2024. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement, and we undertake no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date hereof.

Use of Non-GAAP Financial Measures and Other Operating Metrics

To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with Generally Accepted Accounting Principles in the United States of America (GAAP), we reference in this press release and the accompanying tables the following non-GAAP financial measures: Adjusted EBITDA and free cash flow.

 

The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP, and our non-GAAP measures may be different from non-GAAP measures used by other companies.

 

We use these non-GAAP financial measures to evaluate our operating performance, generate future operating plans and make strategic decisions regarding the allocation of capital. Our management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance and liquidity by excluding certain expenses that may not be indicative of our ongoing core operating performance. We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when analyzing historical performance and liquidity and when planning, forecasting, and analyzing future periods.

 

For a reconciliation of these non-GAAP financial measures to GAAP measures, please see the tables captioned “Reconciliation of Non-GAAP Financial Measures” included at the end of this release.

 

Definitions of our non-GAAP financial measures and other operating metrics are presented below.

 

Adjusted EBITDA

Adjusted EBITDA is a non-GAAP financial measure that we calculate as net income before other (income) expense, net; taxes; and depreciation and amortization; adjusted to exclude the effects of equity-based compensation expense and certain non-routine items. Adjusted EBITDA is a key measure used by management to evaluate our operating performance, generate future operating plans and make strategic decisions regarding the allocation of capital. In particular, the exclusion of certain expenses in calculating Adjusted EBITDA facilitates operating performance comparisons on a period-to-period basis and, in the case of exclusion of the impact of equity-based compensation, excludes an item that we do not consider to be indicative of our core operating performance.

 

Free Cash Flow

Free cash flow is a non-GAAP financial measure that we calculate as net cash provided by operating activities less cash used in purchases of property and equipment. We view free cash flow as an important indicator of our liquidity because it measures the amount of cash we generate. Free cash flow also reflects changes in working capital.

 

 

Active Customers

We define an active customer as a unique customer account from which a purchase was made across our platform at least once in the preceding 12-month period. In any particular period, we determine our 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. We view the number of active customers as a key indicator of our growth, the reach of our sites, the value proposition and consumer awareness of our brand, the continued use of our sites by our customers and their desire to purchase our products.

 

Total Orders Placed

We define total orders placed as the total number of orders placed by our customers, prior to product returns, across our platform in any given period. We view total orders placed as a key indicator of the velocity of our business and an indication of the desirability of our products and sites to our customers. Total orders placed, together with average order value, is an indicator of the net sales we expect to recognize in a given period.

 

Average Order Value

We define average order value as the sum of the total gross sales from our sites in a given period, prior to product returns, divided by the total orders placed in that period. We believe our high average order value demonstrates the premium nature of our product assortment. Average order value varies depending on the site through which we sell merchandise, the mix of product categories sold, the number of units in each order, the percentage of sales at full price, and for sales at less than full price, the level of markdowns.

About Revolve Group, Inc.

Revolve Group, Inc. (NYSE: RVLV) is the next-generation fashion retailer for Millennial and Generation Z consumers. As a trusted premium lifestyle brand and a go-to online source for discovery and inspiration, we deliver an engaging customer experience from a vast yet curated offering of apparel, footwear, accessories, beauty and home products. Our dynamic platform connects a deeply engaged community of millions of consumers, thousands of global fashion influencers and more than 1,000 emerging, established and owned brands.

We were founded in 2003 by our co-CEOs, Michael Mente and Mike Karanikolas. We sell merchandise through two complementary segments, REVOLVE and FWRD, that leverage one platform. Through REVOLVE, we offer an assortment of premium apparel, footwear, accessories and beauty products from emerging, established and owned brands. Through FWRD, we offer an assortment of curated and elevated iconic and emerging luxury brands. For more information, visit www.revolve.com.
 

Contacts:

 

Investors:

 

Erik Randerson, CFA

562.677.9513

IR@revolve.com

 

Media:

 

Jennifer Walker

 

 

revolve@walkerdrawas.com

 

 

REVOLVE GROUP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

(In thousands, except per share data)

 

 

 

Three Months Ended March 31,

 

 

 

2024

 

 

2023

 

Net sales

 

$

270,581

 

 

$

279,609

 

Cost of sales

 

 

129,079

 

 

 

140,389

 

Gross profit

 

 

141,502

 

 

 

139,220

 

Operating expenses:

 

 

 

 

 

 

Fulfillment

 

 

9,393

 

 

 

9,071

 

Selling and distribution

 

 

48,438

 

 

 

51,458

 

Marketing

 

 

41,379

 

 

 

38,343

 

General and administrative

 

 

32,964

 

 

 

28,092

 

Total operating expenses

 

 

132,174

 

 

 

126,964

 

Income from operations

 

 

9,328

 

 

 

12,256

 

Other income, net

 

 

(5,321

)

 

 

(6,585

)

Income before income taxes

 

 

14,649

 

 

 

18,841

 

Provision for income taxes

 

 

3,776

 

 

 

4,669

 

Net income

 

$

10,873

 

 

$

14,172

 

Earnings per share of Class A and Class B
   common stock:

 

 

 

 

 

 

Basic

 

$

0.15

 

 

$

0.19

 

Diluted

 

$

0.15

 

 

$

0.19

 

Weighted average number of shares of Class A and
   Class B common stock outstanding:

 

 

 

 

 

 

Basic

 

 

70,919

 

 

 

73,370

 

Diluted

 

 

71,523

 

 

 

74,379

 

 

 

 

 

REVOLVE GROUP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands, except share and per share data)

 

 

 

March 31,

 

 

December 31,

 

 

 

2024

 

 

2023

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

273,416

 

 

$

245,449

 

Accounts receivable, net

 

 

14,929

 

 

 

12,405

 

Inventory

 

 

201,839

 

 

 

203,587

 

Income taxes receivable

 

 

—

 

 

 

1,625

 

Prepaid expenses and other current assets

 

 

78,555

 

 

 

65,523

 

Total current assets

 

 

568,739

 

 

 

528,589

 

Property and equipment (net of accumulated depreciation of $19,306 and $17,994 as of
   March 31, 2024 and December 31, 2023, respectively)

 

 

8,151

 

 

 

7,763

 

Right-of-use lease assets

 

 

36,819

 

 

 

36,440

 

Intangible assets, net

 

 

1,879

 

 

 

1,875

 

Goodwill

 

 

2,042

 

 

 

2,042

 

Other assets

 

 

2,398

 

 

 

2,172

 

Deferred income taxes

 

 

30,005

 

 

 

30,005

 

Total assets

 

$

650,033

 

 

$

608,886

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

56,000

 

 

$

47,821

 

Income taxes payable

 

 

1,248

 

 

 

—

 

Accrued expenses

 

 

48,479

 

 

 

40,714

 

Returns reserve

 

 

84,396

 

 

 

63,780

 

Current lease liabilities

 

 

7,417

 

 

 

6,863

 

Other current liabilities

 

 

28,787

 

 

 

30,442

 

Total current liabilities

 

 

226,327

 

 

 

189,620

 

Non-current lease liabilities

 

 

33,823

 

 

 

34,126

 

Total liabilities

 

 

260,150

 

 

 

223,746

 

Stockholders’ equity:

 

 

 

 

 

 

Class A common stock, $0.001 par value; 1,000,000,000 shares authorized as of
   March 31, 2024 and December 31, 2023; 38,219,753 and 38,693,589 shares issued
   and outstanding as of March 31, 2024 and December 31, 2023, respectively

 

 

38

 

 

 

39

 

Class B common stock, $0.001 par value; 125,000,000 shares authorized as of
   March 31, 2024 and December 31, 2023; 32,597,119 and 32,597,119 shares issued
   and outstanding as of March 31, 2024 and December 31, 2023, respectively

 

 

33

 

 

 

33

 

Additional paid-in capital

 

 

119,127

 

 

 

116,713

 

Retained earnings

 

 

270,685

 

 

 

268,355

 

Total stockholders’ equity

 

 

389,883

 

 

 

385,140

 

Total liabilities and stockholders’ equity

 

$

650,033

 

 

$

608,886

 

 

 

 

 

REVOLVE GROUP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)

 

 

 

Three Months Ended March 31,

 

 

 

2024

 

 

2023

 

Operating activities:

 

 

 

 

 

 

Net income

 

$

10,873

 

 

$

14,172

 

Adjustments to reconcile net income to net cash provided by operating
   activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

1,343

 

 

 

1,218

 

Equity-based compensation

 

 

2,559

 

 

 

1,278

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

Accounts receivable

 

 

(2,524

)

 

 

(2,659

)

Inventories

 

 

1,748

 

 

 

25,072

 

Income taxes receivable

 

 

1,625

 

 

 

1,996

 

Prepaid expenses and other current assets

 

 

(13,032

)

 

 

(4,925

)

Other assets

 

 

(226

)

 

 

(442

)

Accounts payable

 

 

8,179

 

 

 

(1,690

)

Income taxes payable

 

 

1,248

 

 

 

2,368

 

Accrued expenses

 

 

7,765

 

 

 

(2,747

)

Returns reserve

 

 

20,616

 

 

 

10,544

 

Right-of-use lease assets and current and non-current
   lease liabilities

 

 

(128

)

 

 

534

 

Other current liabilities

 

 

(1,655

)

 

 

4,110

 

Net cash provided by operating activities

 

 

38,391

 

 

 

48,829

 

Investing activities:

 

 

 

 

 

 

Purchases of property and equipment

 

 

(1,735

)

 

 

(1,148

)

Net cash used in investing activities

 

 

(1,735

)

 

 

(1,148

)

Financing activities:

 

 

 

 

 

 

Proceeds from the exercise of stock options, net of
   tax withholdings on share-based payment awards

 

 

(145

)

 

 

161

 

Repurchases of Class A common stock

 

 

(8,119

)

 

 

—

 

Net cash (used in) provided by financing activities

 

 

(8,264

)

 

 

161

 

Effect of exchange rate changes on cash and cash equivalents

 

 

(425

)

 

 

755

 

Net increase in cash and cash equivalents

 

 

27,967

 

 

 

48,597

 

Cash and cash equivalents, beginning of period

 

 

245,449

 

 

 

234,724

 

Cash and cash equivalents, end of period

 

$

273,416

 

 

$

283,321

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

Cash paid during the period for:

 

 

 

 

 

 

Income taxes, net of refund

 

$

1,599

 

 

$

255

 

Operating leases

 

$

2,254

 

 

$

1,795

 

Supplemental disclosure of non-cash activities:

 

 

 

 

 

 

Lease assets obtained in exchange for new operating lease liabilities

 

$

1,994

 

 

$

20,452

 

 

 

 

 

REVOLVE GROUP, INC. AND SUBSIDIARIES

SEGMENT INFORMATION

(Unaudited)

 

The following table summarizes our net sales and gross profit for each of our reportable segments (in thousands):

 

 

 

Three Months Ended March 31,

 

Net sales

 

2024

 

 

2023

 

REVOLVE

 

$

229,589

 

 

$

231,653

 

FWRD

 

 

40,992

 

 

 

47,956

 

Total

 

$

270,581

 

 

$

279,609

 

 

Gross profit

 

 

 

 

 

 

REVOLVE

 

$

127,672

 

 

$

120,236

 

FWRD

 

 

13,830

 

 

 

18,984

 

Total

 

$

141,502

 

 

$

139,220

 

 

The following table lists net sales by geographic area (in thousands):

 

 

 

Three Months Ended March 31,

 

 

 

2024

 

 

2023

 

United States

 

$

219,133

 

 

$

226,716

 

Rest of the world

 

 

51,448

 

 

 

52,893

 

Total

 

$

270,581

 

 

$

279,609

 

 

 

 

 

REVOLVE GROUP, INC. AND SUBSIDIARIES

KEY OPERATING AND FINANCIAL METRICS

(Unaudited)

 

 

 

Three Months Ended March 31,

 

 

 

2024

 

 

2023

 

 

 

(in thousands, except average order value and percentages)

 

Gross margin

 

 

52.3

%

 

 

49.8

%

Adjusted EBITDA

 

$

13,267

 

 

$

15,010

 

Free cash flow

 

$

36,656

 

 

$

47,681

 

Active customers

 

 

2,551

 

 

 

2,424

 

Total orders placed

 

 

2,223

 

 

 

2,278

 

Average order value

 

$

299

 

 

$

288

 

 

 

 

 

REVOLVE GROUP, INC. AND SUBSIDIARIES

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(Unaudited)

 

A reconciliation of non-GAAP Adjusted EBITDA to net income for the three months ended March 31, 2024 and 2023 is as follows:

 

 

 

Three Months Ended March 31,

 

 

 

2024

 

 

2023

 

 

 

(in thousands)

 

Net income

 

$

10,873

 

 

$

14,172

 

Excluding:

 

 

 

 

 

 

Other income, net

 

 

(5,321

)

 

 

(6,585

)

Provision for income taxes

 

 

3,776

 

 

 

4,669

 

Depreciation and amortization

 

 

1,343

 

 

 

1,218

 

Equity-based compensation

 

 

2,559

 

 

 

1,278

 

Non-routine items(1)

 

 

37

 

 

 

258

 

Adjusted EBITDA

 

$

13,267

 

 

$

15,010

 

 

(1)

Non-routine items in the three months ended March 31, 2024 and 2023 represent accruals and fees related to two separate legal matters.

 

A reconciliation of non-GAAP free cash flow to net cash provided by operating activities for the three months ended March 31, 2024 and 2023 is as follows:

 

 

 

Three Months Ended March 31,

 

 

 

2024

 

 

2023

 

 

 

(in thousands)

 

Net cash provided by operating activities

 

$

38,391

 

 

$

48,829

 

Purchases of property and equipment

 

 

(1,735

)

 

$

(1,148

)

Free cash flow

 

$

36,656

 

 

$

47,681

 

Net cash used in investing activities

 

$

(1,735

)

 

$

(1,148

)

Net cash (used in) provided by financing activities

 

$

(8,264

)

 

$

161

 

 

 

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Document and Entity Information
May 07, 2024
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date May 07, 2024
Entity Registrant Name REVOLVE GROUP, INC.
Entity Central Index Key 0001746618
Entity Emerging Growth Company false
Entity File Number 001-38927
Entity Incorporation, State or Country Code DE
Entity Tax Identification Number 46-1640160
Entity Address, Address Line One 12889 Moore Street
Entity Address, City or Town Cerritos
Entity Address, State or Province CA
Entity Address, Postal Zip Code 90703
City Area Code 562
Local Phone Number 677-9480
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Security 12b Title Class A Common Stock, par value $0.001 per share
Trading Symbol RVLV
Security Exchange Name NYSE
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