![]() ![]() ![]() Forward-looking statements include statements containing words such as "expect," "anticipate," "believe," "project," "will" and similar expressions intended to identify forward-looking statements. All statements other than statements of historical or current fact included in this press release are forward-looking statements, including but not limited to statements regarding our ability to capture market share and our expected future effective tax rate. Private Securities Litigation Reform Act of 1995. This press release contains ''forward-looking statements'' within the meaning of the safe harbor provisions of the U.S. We have taken swift action to balance our inventory levels given the moderation of consumer discretionary spending in the current economic climate.Īdditional trend information regarding Revolve Group's third quarter of 2022 financial results and operating metrics is available in the Q3 2022 Financial Highlights presentation available on the company's investor relations website: Inventory as of Septemwas $213.3 million, an increase of $4.8 million, or 2%, from June 30, 2022, and an increase of $71.6 million year-over-year, or 50%, from the inventory balance of $141.8 million as of September 30, 2021.Our balance sheet as of Septemremains debt free. Cash and cash equivalents as of Septemgrew to $244.0 million, an increase of $22.4 million, or 10%, from September 30, 2021, and an increase of $6.2 million, or 3%, from June 30, 2022.Net cash provided by operating activities and free cash flow increased significantly year-over-year in the third quarter of 2022, but trailed the prior-year comparison for the nine-month year-to-date period ended September 30, 2021, primarily due to lower net income year-over-year and our increased investment in inventory in 2022 (especially in the first half of 2022). Free cash flow was $8.6 million for the third quarter and $30.5 million for the nine-month year-to-date period. Net cash provided by operating activities was $10.0 million for the third quarter and $34.5 million for the nine-month year-to-date period.Diluted earnings per share (EPS) was $0.16, a year-over-year decrease of 27%.Adjusted EBITDA was $17.7 million, a year-over-year decrease of 18%.Net income was $12.0 million, a year-over-year decrease of 28%, a comparison that was impacted by the meaningful differences in our effective tax rate, the lower gross margin referenced above and an increase in operating expenses that slightly outpaced sales growth year-over-year.Absent such discrete tax items in future quarters, we expect our effective tax rate to be around 25%. Our effective tax rate for the prior-year comparable period in the third quarter of 2021 was an unusually low 14%, primarily due to excess tax benefits realized as a result of the exercise of non-qualified stock options. ![]()
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