$RVLV
Revolve Group, Inc.

2021 Q2 Form 10-Q Financial Statement

#000156459021041615 Filed on August 05, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q2
Revenue $228.6M $142.8M
YoY Change 60.11% -11.81%
Cost Of Revenue $101.4M $70.70M
YoY Change 43.42% -1.09%
Gross Profit $127.2M $72.07M
YoY Change 76.52% -20.29%
Gross Profit Margin 55.65% 50.48%
Selling, General & Admin $88.98M $49.47M
YoY Change 79.87% -26.59%
% of Gross Profit 69.94% 68.64%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.121M $1.210M
YoY Change -7.36% 37.5%
% of Gross Profit 0.88% 1.68%
Operating Expenses $94.29M $53.27M
YoY Change 77.01% -26.72%
Operating Profit $32.93M $18.80M
YoY Change 75.12% 6.07%
Interest Expense -$200.0K
YoY Change
% of Operating Profit -1.06%
Other Income/Expense, Net -$264.0K -$174.0K
YoY Change 51.72% -60.81%
Pretax Income $32.67M $18.63M
YoY Change 75.34% 7.79%
Income Tax $1.127M $4.394M
% Of Pretax Income 3.45% 23.59%
Net Earnings $31.54M $14.24M
YoY Change 121.54% 11.73%
Net Earnings / Revenue 13.8% 9.97%
Basic Earnings Per Share $0.44 $0.21
Diluted Earnings Per Share $0.42 $0.20
COMMON SHARES
Basic Shares Outstanding 72.39M 69.42M
Diluted Shares Outstanding 74.42M 71.66M

Balance Sheet

Concept 2021 Q2 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $219.6M $150.8M
YoY Change 45.61% 236.61%
Cash & Equivalents $219.6M $150.8M
Short-Term Investments
Other Short-Term Assets $31.64M $19.50M
YoY Change 62.24% -23.23%
Inventory $118.8M $64.50M
Prepaid Expenses
Receivables $7.362M $4.800M
Other Receivables $12.21M $0.00
Total Short-Term Assets $389.2M $239.7M
YoY Change 62.36% 31.51%
LONG-TERM ASSETS
Property, Plant & Equipment $10.30M $12.70M
YoY Change -18.92% -10.81%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $16.55M $16.50M
YoY Change 0.3% 2274.1%
Total Long-Term Assets $38.82M $32.50M
YoY Change 19.43% -2.39%
TOTAL ASSETS
Total Short-Term Assets $389.2M $239.7M
Total Long-Term Assets $38.82M $32.50M
Total Assets $428.0M $272.2M
YoY Change 57.24% 26.27%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $58.63M $25.90M
YoY Change 126.39% -12.76%
Accrued Expenses $31.97M $20.70M
YoY Change 54.46% -6.5%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $24.00M
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $158.5M $120.8M
YoY Change 31.22% 15.82%
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 $158.5M $120.8M
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $163.5M $120.8M
YoY Change 35.39% 15.82%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $264.4M $151.4M
YoY Change
Total Liabilities & Shareholders Equity $428.0M $272.2M
YoY Change 57.24% 26.27%

Cashflow Statement

Concept 2021 Q2 2020 Q2
OPERATING ACTIVITIES
Net Income $31.54M $14.24M
YoY Change 121.54% 11.73%
Depreciation, Depletion And Amortization $1.121M $1.210M
YoY Change -7.36% 37.5%
Cash From Operating Activities $33.35M $53.81M
YoY Change -38.03% 696.01%
INVESTING ACTIVITIES
Capital Expenditures -$513.0K -$830.0K
YoY Change -38.19% -82.6%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$513.0K -$830.0K
YoY Change -38.19% -82.6%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.897M -5.660M
YoY Change -168.85% -135.85%
NET CHANGE
Cash From Operating Activities 33.35M 53.81M
Cash From Investing Activities -513.0K -830.0K
Cash From Financing Activities 3.897M -5.660M
Net Change In Cash 36.73M 47.32M
YoY Change -22.38% 166.14%
FREE CASH FLOW
Cash From Operating Activities $33.35M $53.81M
Capital Expenditures -$513.0K -$830.0K
Free Cash Flow $33.86M $54.64M
YoY Change -38.03% 373.89%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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us-gaap Number Of Reportable Segments
NumberOfReportableSegments
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us-gaap Segment Reporting Disclosure Of Major Customers
SegmentReportingDisclosureOfMajorCustomers
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us-gaap Net Income Loss
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rvlv Fulfillment Expense
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us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Increase Decrease In Income Taxes Receivable
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Other Operating Assets
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us-gaap Increase Decrease In Accounts Payable
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us-gaap Increase Decrease In Other Current Liabilities
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us-gaap Interest Paid Net
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us-gaap Income Taxes Paid Net
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us-gaap Nature Of Operations
NatureOfOperations
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;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%;font-family:Times New Roman;font-size:10pt;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 merchandise 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>
us-gaap Use Of Estimates
UseOfEstimates
<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-family:Times New Roman;font-size:10pt;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-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of condensed 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 condensed 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‑based compensation, goodwill, reserves for income tax uncertainties and other contingencies, and breakage of store credit and gift cards.</p>
rvlv Loyalty Program Description
LoyaltyProgramDescription
In March 2020 we launched the REVOLVE Loyalty Club within the REVOLVE segment and in April 2021 we expanded the program to include the FORWARD segment. Eligible customers who enroll in the program will generally earn points for every dollar spent. Points earned will automatically convert into a $20 reward once the Loyalty Club member earns 2,000 points.
rvlv Reward Amount Per Two Thousand Reward Point
RewardAmountPerTwoThousandRewardPoint
20
rvlv Number Of Reward Point
NumberOfRewardPoint
2000
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347257000
rvlv Contract With Customer Liability Sales Return Reserves Sales Return
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218469000
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rvlv Contract With Customer Liability Sales Return Reserves Provision
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rvlv Emerging Growth Company Description
EmergingGrowthCompanyDescription
We will lose our emerging growth company status as of December 31, 2021, when we become a “large accelerated filer” as defined in Rule 12b-2 of the Securities Exchange Act of 1934, as amended.
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us-gaap Income Tax Expense Benefit
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4219000
CY2021Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
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EffectiveIncomeTaxRateContinuingOperations
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-0.003
us-gaap Effective Income Tax Rate Continuing Operations
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-55000
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31538000
CY2021Q2 us-gaap Stockholders Equity
StockholdersEquity
264448000
CY2020Q2 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
382000
CY2020Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-123000
CY2020Q2 us-gaap Stockholders Equity Other
StockholdersEquityOther
-41000
CY2020Q2 us-gaap Net Income Loss
NetIncomeLoss
14236000
CY2020Q2 us-gaap Stockholders Equity
StockholdersEquity
151437000
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
8217000

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