2019 Q4 Form 10-K Financial Statement

#000156459021008799 Filed on February 25, 2021

View on sec.gov

Income Statement

Concept 2019 Q4 2018 2017 Q4
Revenue $147.6M $498.7M $102.0M
YoY Change 15.58% 24.81%
Cost Of Revenue $69.50M $233.4M $49.40M
YoY Change 18.6% 13.37%
Gross Profit $78.10M $265.3M $52.60M
YoY Change 12.86% 36.97%
Gross Profit Margin 52.91% 53.2% 51.57%
Selling, General & Admin $67.50M $210.2M $47.90M
YoY Change 16.38% 28.41%
% of Gross Profit 86.43% 79.24% 91.06%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.230M $2.500M $880.0K
YoY Change 86.36% 0.0%
% of Gross Profit 1.57% 0.94% 1.67%
Operating Expenses $67.40M $223.5M $48.60M
YoY Change 15.41% 29.07%
Operating Profit $10.70M $41.80M $4.000M
YoY Change -0.93% 103.67%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net -$300.0K -$631.0K -$300.0K
YoY Change 50.0% -55.9%
Pretax Income $10.40M $41.17M $3.700M
YoY Change -0.95% 115.64%
Income Tax $2.000M $10.53M $6.800M
% Of Pretax Income 19.23% 25.58% 183.78%
Net Earnings $8.400M $30.69M -$3.100M
YoY Change 9.09% 473.87%
Net Earnings / Revenue 5.69% 6.15% -3.04%
Basic Earnings Per Share $0.47
Diluted Earnings Per Share $121.7K $0.44 -$45.32K
COMMON SHARES
Basic Shares Outstanding 41.94M
Diluted Shares Outstanding 44.58M

Balance Sheet

Concept 2019 Q4 2018 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $65.40M $16.40M
YoY Change 298.78% 54.72%
Cash & Equivalents $65.42M $16.40M $10.59M
Short-Term Investments
Other Short-Term Assets $24.10M $15.20M
YoY Change 58.55% 61.7%
Inventory $104.3M $102.2M
Prepaid Expenses
Receivables $4.751M $5.300M
Other Receivables $700.0K $0.00
Total Short-Term Assets $199.3M $139.2M
YoY Change 43.25% 31.94%
LONG-TERM ASSETS
Property, Plant & Equipment $13.52M $5.900M
YoY Change 128.83% 9.26%
Goodwill $2.042M
YoY Change 0.0%
Intangibles $2.657M
YoY Change 371.1%
Long-Term Investments
YoY Change
Other Assets $642.0K $14.40M
YoY Change -12.18% 42.57%
Total Long-Term Assets $32.95M $22.90M
YoY Change 43.75% 23.78%
TOTAL ASSETS
Total Short-Term Assets $199.3M $139.2M
Total Long-Term Assets $32.95M $22.90M
Total Assets $232.3M $162.1M
YoY Change 43.32% 30.73%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $29.81M $20.20M
YoY Change 47.45% 12.85%
Accrued Expenses $19.40M $18.40M
YoY Change 5.44% 43.75%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $101.5M $82.30M
YoY Change 23.43% 8.29%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $101.5M $82.30M
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $101.5M $82.30M
YoY Change 23.33% 9.15%
SHAREHOLDERS EQUITY
Retained Earnings $56.68M
YoY Change -7.5%
Common Stock $74.02M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $130.8M $79.80M $47.99M
YoY Change
Total Liabilities & Shareholders Equity $232.3M $162.1M
YoY Change 43.32% 30.73%

Cashflow Statement

Concept 2019 Q4 2018 2017 Q4
OPERATING ACTIVITIES
Net Income $8.400M $30.69M -$3.100M
YoY Change 9.09% 473.87%
Depreciation, Depletion And Amortization $1.230M $2.500M $880.0K
YoY Change 86.36% 0.0%
Cash From Operating Activities $14.23M $26.66M $2.100M
YoY Change -1131.16% 61.75%
INVESTING ACTIVITIES
Capital Expenditures -$1.000M $3.045M -$270.0K
YoY Change -27.54% 34.62%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$1.000M -$3.045M -$270.0K
YoY Change -27.54% 34.62%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 610.0K -17.62M -5.000M
YoY Change -182.43% 16.8%
NET CHANGE
Cash From Operating Activities 14.23M 26.66M 2.100M
Cash From Investing Activities -1.000M -3.045M -270.0K
Cash From Financing Activities 610.0K -17.62M -5.000M
Net Change In Cash 13.84M 5.781M -3.170M
YoY Change -495.43% -765.25%
FREE CASH FLOW
Cash From Operating Activities $14.23M $26.66M $2.100M
Capital Expenditures -$1.000M $3.045M -$270.0K
Free Cash Flow $15.23M $23.61M $2.370M
YoY Change 1635308797952000000.0% 66.07%

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<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Note 1. Description of Business</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:5.24%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Revolve Group, Inc., or REVOLVE, is an online fashion retailer for Millennial and Generation Z consumers. Through our websites and mobile apps we deliver an aspirational customer experience from a vast, yet curated offering. Our dynamic platform connects a deeply engaged community of consumers, global fashion influencers, and emerging, established and owned brands. We are headquartered in Los Angeles County, California.</p>
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<p style="text-align:justify;margin-top:18pt;margin-bottom:0pt;margin-left:5.24%;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:5.24%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include: the allowance for sales returns, the valuation of deferred tax assets, inventory, equity<font style="font-family:MS Mincho;">&#8209;</font>based compensation, valuation of goodwill, reserves for income tax uncertainties and other contingencies, and breakage of store credit and gift cards. </p>
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In March 2020 we launched the REVOLVE Loyalty Club within the REVOLVE segment. Eligible customers who enroll in the program will generally earn points for every dollar spent and will automatically receive a $20 REVOLVE Reward once they earn 2,000 points.
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