Slide 1: Q2 2024 Financial Highlights
Q2 2024 Financial Highlights August 6, 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: Q2 2024 Summary
PAGE Q2 2024 SUMMARY 3 NET SALES GROSS MARGIN ($MM) $290.1 $273.7 $282.5 $228.6 55.8% 55.6% 55.9% 54.0% 54.0% 50.5% $161.9 3% YoY $142.8 12% 5-Year CAGR + 7 BPs YoY Q2 19 Q2 20 Q2 21 Q2 22 Q2 23 Q2 24 Q2 19 Q2 20 Q2 21 Q2 22 Q2 23 Q2 24 NET INCOME ADJUSTED EBITDA(1) ($MM) ($MM) $31.5 + 97% YoY $35.4
Slide 4: Net Sales by Segment and Geography
PAGE NET SALES BY SEGMENT AND GEOGRAPHY 4 NET SALES NET SALES NET SALES MIX BY SEGMENT AND BY SEGMENT BY GEOGRAPHY GEOGRAPHY IN Q2 2024 ($MM) ($MM) + 4% YoY + 1% YoY 87% 13% $235.1 $245.5 $222.9 $225.1 REVOLVE FWRD (4)% YoY + 13% YoY $50.9 $57.4 $38.6 $36.9 80% 20% REVOLVE FWRD U.S. INTERNATIONAL U.
Slide 5: Segment Results Over Time
PAGE SEGMENT RESULTS OVER TIME 5 SEGMENT NET SALES SEGMENT GROSS PROFIT ($MM) ($MM) + 4% YoY (4)% YoY +5% YoY (11)% YoY 11% 5-Year CAGR vs Q2 19 16% 5-Year CAGR vs Q2 19 $250 80% $150 90.00% $240 $230 $140 $244.7 $245.5 70% $235.1 $220 $210 % of segment net sales $130 80.00% $200 58% 57% 58% $120 $1
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) 2,458 2,577 2,165 $303 $301 $306 2,243 2,268 2,271 $275 1,769 $255 1,533 1,554 1,359 $204 1,294 1,163 Q2 19 Q2 20 Q2 21 Q2 22 Q2 23 Q2 24 Q2 19 Q2 20 Q2 21 Q2 22
Slide 7: Cost and Margin Structure
PAGE COST AND MARGIN STRUCTURE 7 GAAP OPERATING INCOME MARGIN ADJUSTED EBITDA MARGIN(1) 15.5% 14.6% 14.4% 11.7% 13.2% 11.0% 9.3% 6.6% 7.2% 5.8% 3.8% 2.7% Q2 19 Q2 20 Q2 21 Q2 22 Q2 23 Q2 24 Q2 19 Q2 20 Q2 21 Q2 22 Q2 23 Q2 24 AS A % OF NET SALES Q2 24 Q2 23 CHANGE OBSERVATIONS Driven by margin expan
Slide 8: Earnings Per Share
PAGE EARNINGS PER SHARE 8 THE EPS MATH Q2 DILUTED EPS(1) (000s, except per share figures and percentages) Q2 24 Q2 23 YoY Income before income taxes $20,706 $9,736 +113% $0.42 Provision for income taxes (5,329) (2,433) +119% $0.22 $0.21 $0.20 $0.10 Effective tax rate 26% 25% 1 pt Net income (GAAP) $
Slide 9: Cash Flow Highlights
PAGE CASH FLOW HIGHLIGHTS 9 NET CASH PROVIDED BY FREE CASH FLOW(1) OPERATING ACTIVITIES ($MM) ($MM) (60)% YoY (69)% YoY $66.6 $65.3 $61.9 $60.5 $34.7 $32.6 $22.7 $24.4 $21.9 $13.7 $12.9 $10.0 1H 19 1H 20 1H 21 1H 22 1H 23 1H 24 1H 19 1H 20 1H 21 1H 22 1H 23 1H 24 Note: 1. See the Appendix for a defi
Slide 10: Build Up of Free Cash Flow in 1H 2024
PAGE BUILD UP OF FREE CASH FLOW IN 1H 2024 10 + $15.4 ($28.0) $ Millions $26.3 $10.0 ($3.7 ) Net Income Other Working Capital Increase in Inventory Capital Expenditures and Free Cash Flow and Other Items Purchases of Rental Product
Slide 11: Stock Repurchase and Balance Sheet Highlights
PAGE STOCK REPURCHASE AND BALANCE SHEET HIGHLIGHTS 11 STOCK REPURCHASE ACTIVITY UPDATE(1) CASH & CASH EQUIVALENTS, NET(2) ($MM) ($MM) ($25M) or (9%) YoY ($29M), $40.5M in stock repurchases since Aug 2023 or (10%) QoQ > 5X in Past 4 Years Repurchased 118,998 shares of Class A common stock during Q2 2
Slide 12: Balance Sheet Highlights
PAGE BALANCE SHEET HIGHLIGHTS 12 INVENTORY TREND OVER LAST THREE YEARS INVENTORY COMPARISONS ($MM) ($MM) Inventory Inventory $234.3 +16% QoQ +14% YoY $208.5 $213.3 $215.2 $205.3 $202.9 $203.6 $201.8 $234.3 $234.3 $190.2 $179.2 $201.8 $205.3 $171.3 $141.8 $118.8 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4
Slide 13: Appendix: Definitions and Reconciliations
PAGE PAGE 13 13 1 APPENDIX: DEFINITIONS AND RECONCILIATIONS
Slide 14: Upcoming Investor Conferences
UPCOMING INVESTOR CONFERENCES PIPER SANDLER GROWTH FRONTIERS CONFERENCE • SEPTEMBER 10, 2024 B RILEY SECURITIES CONSUMER AND TMT CONFERENCE • SEPTEMBER 12, 2024
Slide 15: GAAP to Non-GAAP Reconciliation
PAGE GAAP TO NON-GAAP RECONCILIATION 15 ADJUSTED EBITDA ($MM) (1) Q2 2019 Q2 2020 Q2 2021 Q2 2022 Q2 2023 Q2 2024 NET INCOME $12.7 $14.2 $31.5 $16.3 $7.3 $15.4 (+) OTHER EXPENSE (INCOME), NET 0.4 0.2 0.3 (1.8) (2.4) (4.3) (+) PROVISION FOR INCOME TAXES 4.5 4.4 1.1 4.8 2.4 5.3 (+) DEPRECIATION AND AM
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, certain transact