LOS
ANGELES, Aug. 2, 2023 /PRNewswire/ -- Revolve
Group, Inc. (NYSE: RVLV), the next-generation fashion retailer
for Millennial and Generation Z consumers, today announced that its
Board of Directors has authorized a stock repurchase program of up
to $100 million of its Class A common
stock.
"Our cash flow generation and strong balance sheet afford us the
financial flexibility to authorize a stock repurchase program as
part of our efforts to enhance stockholder value while continuing
to invest in exciting growth opportunities ahead," said co-founder
and co-CEO Mike Karanikolas. "While
the current economic environment remains challenging, the
$100 million repurchase program
underscores our confidence in our opportunity for continued
profitable growth and market share capture over the long-term,"
said co-founder and co-CEO Michael
Mente.
Repurchases under the program will be funded from REVOLVE's
existing cash and cash equivalents or future cash flow. As of
June 30, 2023, REVOLVE had
$269 million in cash and cash
equivalents and no debt. During the four years since
REVOLVE's initial public offering in June
2019, net cash provided by operating activities has exceeded
$215 million on a combined basis,
driving a significant increase in cash and equivalents compared to
the $45 million in cash and cash
equivalents on REVOLVE's balance sheet of as June 30, 2019.
Under the repurchase program, REVOLVE may purchase shares of its
Class A common stock on a discretionary basis from time to time
through open market repurchases, privately negotiated transactions
or other means, including through Rule 10b5-1 trading plans. The
timing and amount of any stock repurchases will depend on factors
such as REVOLVE's stock price, trading volume, economic and market
conditions, alternative uses of capital and corporate and
regulatory requirements, and the program does not require REVOLVE
to repurchase any specific number of shares of Class A common
stock. The program has no expiration date but it may be
modified, suspended or terminated at any time.
About Revolve Group, Inc.
Revolve Group, Inc. (NYSE: RVLV) is the next-generation fashion
retailer for Millennial and Generation Z consumers. As a trusted
premium lifestyle brand and a go-to online source for discovery and
inspiration, we deliver an engaging customer experience from a vast
yet curated offering of apparel, footwear, accessories, beauty and
home products. Our dynamic platform connects a deeply engaged
community of millions of consumers, thousands of global fashion
influencers and more than 1,000 emerging, established and owned
brands.
We were founded in 2003 by our co-CEOs, Michael Mente and Mike
Karanikolas. We sell merchandise through two complementary
segments, REVOLVE and FWRD, that leverage one platform. Through
REVOLVE, we offer an assortment of premium apparel, footwear,
accessories and beauty products from emerging, established and
owned brands. Through FWRD, we offer an assortment of curated and
elevated iconic and emerging luxury brands. For more
information, visit www.revolve.com.
Forward-Looking Statements
This press release contains ''forward-looking statements''
within the meaning of the safe harbor provisions of the U.S.
Private Securities Litigation Reform Act of 1995. 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 potential repurchases of our
Class A common stock, profitable growth and market share capture.
Forward-looking statements include statements containing words such
as "expect," "anticipate," "believe," "project," "will" and similar
expressions intended to identify forward-looking statements. These
forward-looking statements are based on our current expectations.
Forward-looking statements involve risks and uncertainties. Our
actual results and the timing of events could differ materially
from those anticipated in such forward-looking statements as a
result of these risks and uncertainties, which include, without
limitation, risks related to changing economic conditions and their
impact on consumer demand and our business, operating results and
financial condition; demand for our products; supply chain
challenges; inflation; Russia's
war against Ukraine; our
fluctuating operating results; seasonality in our business; our
ability to acquire products on reasonable terms; our e-commerce
business model; our ability to attract customers in a cost
effective manner; the strength of our brand; competition;
fraud; system interruptions; our ability to fulfill
orders; the impact of the COVID-19 pandemic and other health crises
on our business, operations and financial results; and other risks
and uncertainties included under the caption "Risk Factors" and
elsewhere in our filings with the Securities and Exchange
Commission, or SEC, including, without limitation, our Annual
Report on Form 10-K for the year ended December 31, 2022 and our subsequent Quarterly
Reports on Form 10-Q, including for the quarter ended June 30, 2023, which we expect to file with the
SEC on August 2, 2023. You are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this press release.
All forward-looking statements are qualified in their entirety by
this cautionary statement, and we undertake no obligation to revise
or update any forward-looking statements to reflect events or
circumstances after the date hereof.
Contacts:
Investors:
Erik Randerson, CFA
1-562-677-9513
IR@revolve.com
Media:
Jennifer Walker
revolve@walkerdrawas.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/revolve-group-inc-announces-100-million-stock-repurchase-program-301891396.html
SOURCE Revolve Group, Inc.