Slide 1: Q1 2024 Financial Highlights
REVOLVE Q2 2023 Financial Highlights August 2, 2023 Q1 2024 Financial Highlights May 7, 2024
Slide 2: Note on Forward-Looking Statements
PAGE 2 Note on Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning of U.S. federal securities laws. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as “anticipate,” “believe,” “conte
Slide 3: Q1 2024 Summary
PAGE Q1 2024 SUMMARY 3 NET SALES GROSS MARGIN ($MM) $283.5 $279.6 $270.6 54.0% 54.5% 52.3% 51.5% 49.8% $178.9 (3%) YoY 48.6% + 250 BPs YoY $137.3 $146.1 15% 5-Year Gross profit CAGR +2% YoY Q1 19 Q1 20 Q1 21 Q1 22 Q1 23 Q1 24 Q1 19 Q1 20 Q1 21 Q1 22 Q1 23 Q1 24 NET INCOME ADJUSTED EBITDA(1) ($MM) ($
Slide 4: Net Sales by Segment and Geography
PAGE NET SALES BY SEGMENT AND GEOGRAPHY 4 NET SALES NET SALES NET SALES MIX BY SEGMENT AND BY SEGMENT BY GEOGRAPHY GEOGRAPHY IN Q1 2024 ($MM) ($MM) (1%) YoY (3%) YoY 85% 15% $231.7 $229.6 $226.7 $219.1 81% REVOLVE FWRD (15%) YoY (3%) YoY $48.0 $41.0 $52.9 $51.4 81% 19% REVOLVE FWRD U.S. INTERNATIONA
Slide 5: Segment Results Over Time
PAGE SEGMENT RESULTS OVER TIME 5 SEGMENT NET SALES SEGMENT GROSS PROFIT ($MM) ($MM) (1%) YoY (15%) YoY 6% YoY (27%) YoY 13% 5-Year CAGR vs Q1 19 23% 5-Year CAGR vs. Q1 19 $250 80% $150 90.00% $240 $230 $140 70% $237.7 $231.7 $220 $210 % of segment net sales $130 80.00% $229.6 $200 $120 $190 56% 56%
Slide 6: Operating Metrics Highlights
PAGE OPERATING METRICS HIGHLIGHTS 6 ACTIVE CUSTOMERS(1) TOTAL ORDERS PLACED(1) AVERAGE ORDER VALUE(1) (TRAILING 12 MONTHS, in 000s) (000s) 2,424 2,551 2,278 $288 $288 $299 2,041 2,156 2,223 $259 $259 $256 1,528 1,477 1,262 1,282 1,135 1,172 Q1 19 Q1 20 Q1 21 Q1 22 Q1 23 Q1 24 Q1 19 Q1 20 Q1 21 Q1 22
Slide 7: Cost and Margin Structure
PAGE COST AND MARGIN STRUCTURE 7 GAAP OPERATING INCOME MARGIN ADJUSTED EBITDA MARGIN(1) 13.0% 11.9% 11.1% 10.0% 5.0% 6.2% 5.4% 2.6% 4.4% 3.4% 3.8% 4.9% Q1 19 Q1 20 Q1 21 Q1 22 Q1 23 Q1 24 Q1 19 Q1 20 Q1 21 Q1 22 Q1 23 Q1 24 AS A % OF NET SALES Q1 24 Q1 23 CHANGE OBSERVATIONS Driven by margin expansi
Slide 8: Earnings Per Share
PAGE EARNINGS PER SHARE 8 THE EPS MATH (000s, except per share figures and percentages) Q1 24 Q1 23 YoY Q1 DILUTED EPS(1) Income before income taxes $14,649 $18,841 (22%) Provision for income taxes (3,776) (4,669) (19%) $0.30 $0.30 Effective tax rate 26% 25% 1 pt Net income (GAAP) $10,873 $14,172 (2
Slide 9: Cash Flow Highlights
PAGE CASH FLOW HIGHLIGHTS 9 NET CASH PROVIDED BY PURCHASE OF FREE CASH FLOW(1) OPERATING ACTIVITIES PROPERTY AND EQUIPMENT ($MM) ($MM) ($MM) (21%) YoY (23%) YoY $52.7 $53.8 $47.7 $48.8 Average of 0.8% of Net Sales $38.4 $36.7 in First Quarters 2019 - 2024 $32.5 $33.2 $15.9 $10.9 $8.1 $7.5 $5.0 $0.6
Slide 10: Build Up of Free Cash Flow in Q1 2024
PAGE BUILD UP OF FREE CASH FLOW IN Q1 2024 10 + $25.8 $ Millions $36.7 ($1.7 ) + $1.7 $10.9 Net Income Decrease in Inventory Other Working Capital Capital Expenditures Free Cash Flow and Other Items
Slide 11: Stock Repurchase and Balance Sheet Highlights
PAGE STOCK REPURCHASE AND BALANCE SHEET HIGHLIGHTS 11 STOCK REPURCHASE ACTIVITY UPDATE(1) CASH & CASH EQUIVALENTS, NET(2) ($MM) ($MM) ($10M) or (3%) YoY + $28M, $38.6M in stock repurchases since Aug 2023 or +11% QoQ Nearly 4X in Past 4 Years Repurchased 530,007 shares of Class A common stock during
Slide 12: Balance Sheet Highlights
PAGE BALANCE SHEET HIGHLIGHTS 12 INVENTORY TREND OVER LAST THREE YEARS INVENTORY COMPARISONS ($MM) ($MM) Inventory Inventory Q1 2024 was lowest (1%) QoQ +6% YoY level in four quarters $208.5 $213.3 $215.2 $205.3 $202.9 $203.6 $201.8 $203.6 $201.8 $201.8 $190.2 $190.2 $179.2 $171.3 $141.8 $118.8 $100
Slide 13: Appendix: Definitions and Reconciliations
PAGE PAGE 13 13 1 APPENDIX: DEFINITIONS AND RECONCILIATIONS
Slide 14: Upcoming Investor Conferences
UPCOMING INVESTOR CONFERENCES NEEDHAM TECHNOLOGY, MEDIA AND CONSUMER CONFERENCE • MAY 16, 2024 STIFEL CROSS SECTOR INSIGHT CONFERENCE • JUNE 4, 2024 WILLIAM BLAIR GROWTH STOCK CONFERENCE • JUNE 5, 2024 EVERCORE ISI CONSUMER AND RETAIL CONFERENCE • JUNE 12, 2024
Slide 15: GAAP to Non-GAAP Reconciliation
PAGE GAAP TO NON-GAAP RECONCILIATION 15 ADJUSTED EBITDA ($MM) (1) Q1 2019 Q1 2020 Q1 2021 Q1 2022 Q1 2023 Q1 2024 NET INCOME $5.0 $4.2 $22.3 $22.6 $14.2 $10.9 (+) OTHER EXPENSE (INCOME), NET 0.2 (0.1) 0.2 (0.5) (6.6) (5.3) (+) PROVISION FOR (BENEFIT FROM) INCOME 1.7 (0.2) (1.3) 6.4 4.7 3.8 TAXES (+)
Slide 16: Metrics Definitions
PAGE METRICS DEFINITIONS 16 Non-GAAP Financial Measures 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-r