Page 1

REVOLVE Revolve Group Announces Second Quarter 2021 Financial Results Los Angeles , CA - August 4 , 2021 - Revolve Group , Inc. ( NYSE : RVLV ) , the next - generation fashion retailer for Millennial and Generation Z consumers , today announced financial results for the second quarter ended June 30 , 2021 . " We delivered record quarterly net sales in the second quarter of 2021 , highlighted by growth of 60 % over the prior year and 41 % over the second quarter of 2019 , a meaningful acceleration from the 30 % growth reported for the first quarter of 2021 over the first quarter of 2019 , " said co - founder and co - CEO Mike Karanikolas . " We also achieved record net income of $ 32 million , or $ 0.42 per diluted share , an increase of more than 100 % over the 2020 and 2019 second quarters , and generated $ 33 million in cash flow from operations in the second quarter of 2021. Our exceptional second quarter results were driven by record new customer additions and unprecedented numbers of reactivated customers who hadn't purchased from us in several quarters while social events were on pause . " " We delivered robust growth across all dimensions of the business , including in domestic and international markets , " said co - founder and co - CEO Michael Mente . " A powerful driver of our top - line growth was the further acceleration of growth within our FORWARD segment , which grew more than 150 % year over year and 120 % over the second quarter of 2019 , underscoring our strong and expanding relationship with the next generation consumer . " Second Quarter 2021 Financial Summary Three Months Ended June 30 , 2021 2020 YoY Change 2019 ( 1 ) ( in thousands ) Net sales $ 228,614 $ 142,784 60 % $ 161,897 Gross profit $ 127,218 $ 72,071 77 % $ 90,418 Gross margin 55.6 % 50.5 % 55.8 % Net income $ 31,538 $ 14,236 122 % $ 12,741 Adjusted EBITDA ( non - GAAP financial measure ) $ 35,403 $ 20,877 70 % $ 18,968 Net cash provided by operating activities $ 33,347 $ 53,806 ( 38 % ) $ 6,759 Free cash flow ( non - GAAP financial measure ) $ 32,830 $ 52,976 ( 38 % ) $ 1,991 Operational Metrics Active customers ( trailing 12 months ) Orders placed Average order value 2021 Three Months Ended June 30 , 2020 YoY Change ( in thousands , except average order value ) 1,554 1,769 $ 255 1.533 1,163 $ 204 1 % 52 % 25 % 2019 ( 1 ) 1,359 1,294 $ 275 ( 1 ) Because the COVID - 19 pandemic had a materially negative impact on our results in the second quarter of 2020 , we are also providing results for the second quarter of 2019 as supplemental information that may provide a useful reference point for investors . Additional Second Quarter 2021 Metrics and Results Commentary • Total net sales were $ 228.6 million , a year - over - year increase of 60 % , and reflect two - year growth of 41 % compared to the second quarter of 2019 , the most recent second quarter before the onset of the COVID - 19 pandemic . This two - year growth rate is an improvement relative to the 30 % two - year growth rate we reported for the first quarter of 2021 compared to net sales in the first quarter of 2019 .