Revolve : First Quarter 2026 Historical Financials

Disclaimer

Disclaimer This information is provided only for investors' convenience. The information is reproduced or derived from information contained in our filings with the Securities Exchange Commission, or the SEC, which are available on the Investor Relations section of our website at https://investors.revolve.com. Your use of this workbook is for informational purposes only and you agree not to misrepresent any calculations derived from the information included in this workbook as Revolve Group, Inc.'s calculations or as information we endorse or have reviewed. The information contained herein is unaudited and is not intended as a substitute for, and should be read in the context of, our filings with the SEC. Should the information contained herein be inconsistent in any way with our filings with the SEC, you should rely on the information in our filings with the SEC. The information contained herein speaks only as of the date or dates stated herein. We do not undertake any obligation to, and disclaim any duty to, update any of the information provided herein. Use of Non-GAAP Financial Measures and Other Operating Metrics To supplement our consolidated financial statements, which are prepared and presented in accordance with U.S. generally accepted accounting principles, or GAAP, we use certain non-GAAP financial measures to evaluate our core operating performance, generate future operating plans and make strategic decisions regarding the allocation of capital. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP, and our non-GAAP measures may be different from non-GAAP measures used by other companies. Our management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance and liquidity by excluding certain expenses that may not be indicative of our ongoing core operating performance. We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when analyzing historical performance and liquidity and when planning, forecasting, and analyzing future periods. We have provided reconciliations of the non-GAAP financial measures presented herein to the most directly comparable GAAP financial measures in the tab entitled "Non-GAAP Recon." In addition, please see our earnings releases and our filings with the SEC for more information on the limitations on the use of such non-GAAP financial measures. Please visit https://investors.revolve.com, where Revolve Group, Inc. discloses information about the company, its financial information, and its business which may be deemed material.

Income Statement

	(unaudited)
	(in Millions, except EPS figures)	2016		2017 QUARTERLY				2017		2018 QUARTERLY				2018		2019 QUARTERLY				2019		2020 QUARTERLY				2020		2021 QUARTERLY				2021		2022 QUARTERLY				2022		2023 QUARTERLY				2023		2024 QUARTERLY				2024		2025 QUARTERLY				2025		2026
		FY		Q1	Q2	Q3	Q4	FY		Q1	Q2	Q3	Q4	FY		Q1	Q2	Q3	Q4	FY		Q1	Q2	Q3	Q4	FY		Q1	Q2	Q3	Q4	FY		Q1	Q2	Q3	Q4	FY		Q1	Q2	Q3	Q4	FY		Q1	Q2	Q3	Q4	FY		Q1	Q2	Q3	Q4	FY		Q1
	Net sales	$312.1		$90.2	$107.9	$99.5	$102.0	$399.6		$113.3	$131.8	$125.9	$127.7	$498.7		$137.3	$161.9	$154.2	$147.6	$601.0		$146.1	$142.8	$151.0	$140.8	$580.6		$178.9	$228.6	$244.1	$239.8	$891.4		$283.5	$290.1	$268.7	$259.2	$1,101.4		$279.6	$273.7	$257.6	$257.8	$1,068.7		$270.6	$282.5	$283.1	$293.7	$1,129.9		$296.7	$309.0	$295.6	$324.4	$1,225.7		$342.9
	Cost of sales	166.7		51.4	53.3	51.8	49.4	205.9		56.9	58.5	59.5	58.6	233.4		66.6	71.5	71.5	69.5	279.0		75.1	70.7	67.6	62.0	275.4		82.2	101.4	109.6	108.3	401.6		129.1	127.8	126.3	125.9	509.1		140.4	126.0	124.4	123.7	514.5		129.1	129.9	138.3	139.4	536.6		142.4	141.9	134.1	151.5	569.9		162.3
	Gross profit	$145.4		$38.8	$54.7	$47.6	$52.6	$193.7		$56.4	$73.3	$66.4	$69.2	$265.3		$70.8	$90.4	$82.7	$78.1	$322.0		$71.0	$72.1	$83.5	$78.8	$305.3		$96.7	$127.2	$134.5	$131.5	$489.8		$154.4	$162.2	$142.4	$133.3	$592.3		$139.2	$147.7	$133.2	$134.0	$554.2		$141.5	$152.6	$144.9	$154.3	$593.3		$154.3	$167.1	$161.5	$172.9	$655.8		$180.6
	Operating expenses
	Fulfillment	$8.6		$2.2	$2.5	$2.3	$2.5	$9.5		$2.8	$3.3	$3.3	$3.9	$13.3		$4.5	$5.3	$5.1	$4.5	$19.4		$4.5	$3.8	$4.2	$4.0	$16.5		$4.4	$5.3	$5.8	$5.9	$21.3		$7.3	$7.9	$8.1	$8.5	$31.8		$9.1	$9.4	9.2	$9.0	$36.7		$9.4	$9.3	$9.3	$9.5	$37.4		$9.4	$9.8	$9.8	$10.5	$39.5		$10.8
	Selling and distribution	42.1		11.2	13.5	12.8	13.3	50.8		15.9	18.7	18.3	17.8	70.6		20.6	23.6	22.6	20.9	87.7		21.8	19.1	20.9	18.8	80.5		25.0	32.1	38.4	38.0	133.5		46.6	52.0	46.5	45.4	190.4		51.5	50.9	48.9	45.8	197.1		48.4	50.4	47.9	48.4	195.2		50.0	53.8	51.7	54.2	209.6		57.7
	Marketing	39.0		11.2	15.3	14.4	14.6	55.5		15.4	21.2	19.0	18.9	74.4		19.5	24.9	23.1	21.6	89.1		22.0	14.6	18.9	20.9	76.4		26.2	34.9	47.0	32.3	140.4		45.3	51.9	44.6	39.9	181.6		38.3	51.5	39.6	42.4	171.8		41.4	43.0	39.5	43.3	167.2		42.4	47.1	40.4	45.5	175.4		54.2
	General and administrative	50.1		12.4	13.4	13.4	18.2	57.5		14.9	16.1	16.3	17.8	65.2		19.3	18.8	19.0	20.5	77.6		18.9	15.8	17.7	18.5	70.9		19.9	22.0	24.2	23.3	89.3		26.8	31.2	28.5	28.8	115.3		28.1	28.6	35.2	34.7	126.6		33.0	33.5	33.9	41.8	142.1		37.9	38.3	38.6	42.2	157.0		42.3
	Total operating expenses	$139.8		$37.0	$44.6	$42.9	$48.6	$173.2		$48.9	$59.2	$56.9	$58.5	$223.5		$63.9	$72.7	$69.8	$67.5	$273.9		$67.1	$53.3	$61.7	$62.2	$244.2		$75.5	$94.3	$115.3	$99.5	$384.5		$126.0	$143.0	$127.6	$122.6	$519.2		$127.0	$140.3	$132.9	$131.9	$532.1		$132.2	$136.2	$130.6	$142.9	$541.9		$139.6	$149.1	$140.5	$152.3	$581.5		$165.0
	Income from operations	$5.5		$1.8	$10.0	$4.7	$4.0	$20.5		$7.5	$14.1	$9.5	$10.7	$41.8		$6.9	$17.7	$12.8	$10.6	$48.1		$3.9	$18.8	$21.8	$16.6	$61.1		$21.2	$32.9	$19.2	$31.9	$105.3		$28.5	$19.3	$14.8	$10.7	$73.1		$12.3	$7.4	$0.3	$2.2	$22.1		$9.3	$16.4	$14.3	$11.4	$51.4		$14.7	$18.0	$21.0	$20.6	$74.3		$15.7
	Equity earnings in unconsolidated subsidiaries																																																									(0.1)
	Other expense (income), net	0.9		0.4	0.5	0.3	0.3	1.4		0.2	0.1	0.2	0.2	0.6		0.2	0.4	(0.0)	0.3	0.9		(0.1)	0.2	0.3	0.7	1.0		0.2	0.3	(0.2)	0.2	0.6		(0.5)	(1.8)	(1.4)	0.3	(3.5)		(6.6)	(2.4)	(4.0)	(2.7)	(15.6)		(5.3)	(4.3)	(0.2)	(3.2)	(13.0)		(0.9)	2.9	(7.3)	(2.8)	(8.0)		(2.7)
	Income before income taxes	4.6		1.4	9.5	4.5	3.7	19.1		7.3	14.0	9.4	10.5	41.2		6.7	17.3	12.8	10.4	47.2		4.0	18.6	21.5	15.9	60.1		21.0	32.7	19.4	31.7	104.7		29.0	21.1	16.2	10.4	76.6		18.8	9.7	4.3	4.9	37.8		14.6	20.7	14.4	14.6	64.4		15.6	15.1	28.3	23.3	82.3		18.5
	Provision for income tax	2.4		1.1	4.3	2.0	6.8	14.1		2.0	3.5	2.2	2.8	10.5		1.7	4.5	3.3	2.0	11.5		(0.2)	4.4	2.1	(3.0)	3.3		(1.3)	1.1	2.7	2.3	4.9		6.4	4.8	4.2	2.5	17.9		4.7	2.4	1.1	1.4	9.6		3.8	5.3	3.7	2.9	15.7		4.2	5.1	7.1	4.8	21.2		4.7
	Net income (loss)	$2.2		$0.4	$5.3	$2.5	($3.1)	$5.0		$5.3	$10.5	$7.1	$7.7	$30.6		$5.0	$12.7	$9.6	$8.4	$35.7		$4.2	$14.2	$19.4	$19.0	$56.8		$22.3	$31.5	$16.7	$29.4	$99.8		$22.6	$16.3	$12.0	$7.9	$58.7		$14.2	$7.3	$3.2	$3.5	$28.1		$10.9	$15.4	$10.8	$11.8	$48.8		$11.4	$10.0	$21.2	$18.6	$61.1		$13.8
	Less: Net loss attributable to non-controlling interest																																													---	---	0.2	0.6	0.8		0.4	0.2	---	---	0.6		0.6
	Net income attributable to Revolve Group, Inc. stockholders																																													$10.9	$15.4	$11.0	$12.3	$49.6		$11.8	$10.2	$21.2	$18.6	$61.7		$14.4
	Weighted avg diluted shares outstanding	43.8						44.0						44.6		44.8	49.0	72.7	71.9	57.3		71.9	71.7	72.3	72.4	72.1		74.0	74.4	74.9	74.8	74.5		74.8	74.6	74.4	74.3	74.5		74.4	74.1	73.7	72.2	73.6		71.5	71.5	71.5	72.1	71.7		72.3	71.9	72.0	72.2	72.1		72.4
	GAAP diluted EPS	$0.04						$0.08						$0.44		$0.07	($0.57)	$0.13	$0.12	($0.09)		$0.06	$0.20	$0.27	$0.26	$0.79		$0.30	$0.42	$0.22	$0.39	$1.34		$0.30	$0.22	$0.16	$0.11	$0.79		$0.19	$0.10	$0.04	$0.05	$0.38		$0.15	$0.21	$0.15	$0.17	$0.69		$0.16	$0.14	$0.29	$0.26	$0.86		$0.20
	Adjusted diluted EPS															$0.07	$0.18	$0.13	$0.12	$0.50		$0.06	$0.20	$0.27	$0.26	$0.79		$0.30	$0.42	$0.22	$0.39	$1.34
	Adjusted EBITDA	$9.5		$2.8	$10.7	$5.9	$9.0	$28.4		$8.7	$15.6	$10.3	$11.9	$46.5		$8.5	$19.0	$14.4	$13.7	$55.6		$5.6	$20.9	$24.0	$18.7	$69.3		$23.3	$35.4	$21.7	$34.2	$114.6		$31.5	$26.9	$17.7	$14.1	$90.2		$15.0	$10.4	$9.5	$8.5	$43.4		$13.3	$20.5	$17.5	$18.3	$69.5		$19.3	$22.9	$25.3	$26.3	$93.8		$21.1
	As % of Net Sales	2016		2017 QUARTERLY				2017		2018 QUARTERLY				2018		2019 QUARTERLY				2019		2020 QUARTERLY				2020		2021 QUARTERLY				2021		2022 QUARTERLY				2022		2023 QUARTERLY				2023		2024 QUARTERLY				2024		2025 QUARTERLY				2025		2026
		FY		Q1	Q2	Q3	Q4	FY		Q1	Q2	Q3	Q4	FY		Q1	Q2	Q3	Q4	FY		Q1	Q2	Q3	Q4	FY		Q1	Q2	Q3	Q4	FY		Q1	Q2	Q3	Q4	FY		Q1	Q2	Q3	Q4	FY		Q1	Q2	Q3	Q4	FY		Q1	Q2	Q3	Q4	FY		Q1
	Gross profit margin	46.6%		43.0%	50.7%	47.9%	51.6%	48.5%		49.8%	55.6%	52.7%	54.1%	53.2%		51.5%	55.8%	53.6%	52.9%	53.6%		48.6%	50.5%	55.3%	56.0%	52.6%		54.0%	55.6%	55.1%	54.8%	55.0%		54.5%	55.9%	53.0%	51.4%	53.8%		49.8%	54.0%	51.7%	52.0%	51.9%		52.3%	54.0%	51.2%	52.5%	52.5%		52.0%	54.1%	54.6%	53.3%	53.5%		52.7%
	Operating expenses
	Fulfillment	2.8%		2.5%	2.3%	2.3%	2.4%	2.4%		2.5%	2.5%	2.6%	3.1%	2.7%		3.3%	3.3%	3.3%	3.0%	3.2%		3.1%	2.7%	2.8%	2.9%	2.8%		2.4%	2.3%	2.4%	2.4%	2.4%		2.6%	2.7%	3.0%	3.3%	2.9%		3.2%	3.4%	3.6%	3.5%	3.4%		3.5%	3.3%	3.3%	3.2%	3.3%		3.2%	3.2%	3.3%	3.2%	3.2%		3.1%
	Selling and distribution	13.5%		12.4%	12.5%	12.9%	13.0%	12.7%		14.0%	14.2%	14.5%	13.9%	14.2%		15.0%	14.6%	14.6%	14.2%	14.6%		14.9%	13.3%	13.8%	13.4%	13.9%		14.0%	14.1%	15.7%	15.9%	15.0%		16.4%	17.9%	17.3%	17.5%	17.3%		18.4%	18.6%	19.0%	17.8%	18.4%		17.9%	17.9%	16.9%	16.5%	17.3%		16.8%	17.4%	17.5%	16.7%	17.1%		16.8%
	Marketing	12.5%		12.4%	14.2%	14.5%	14.3%	13.9%		13.6%	16.1%	15.1%	14.8%	14.9%		14.2%	15.4%	15.0%	14.6%	14.8%		15.0%	10.3%	12.5%	14.8%	13.2%		14.7%	15.3%	19.2%	13.5%	15.8%		16.0%	17.9%	16.6%	15.4%	16.5%		13.7%	18.8%	15.4%	16.4%	16.1%		15.3%	15.2%	14.0%	14.8%	14.8%		14.3%	15.2%	13.7%	14.0%	14.3%		15.8%
	General and administrative	16.1%		13.7%	12.4%	13.5%	17.9%	14.4%		13.2%	12.2%	12.9%	14.0%	13.1%		14.0%	11.6%	12.3%	13.9%	12.9%		12.9%	11.0%	11.7%	13.1%	12.2%		11.1%	9.6%	9.9%	9.7%	10.0%		9.5%	10.7%	10.6%	11.1%	10.5%		10.0%	10.4%	13.7%	13.5%	11.8%		12.2%	11.9%	12.0%	14.2%	12.6%		12.8%	12.4%	13.0%	13.0%	12.8%		12.3%
	Adjusted EBITDA	3.1%		3.1%	9.9%	5.9%	8.9%	7.1%		7.7%	11.8%	8.2%	9.3%	9.3%		6.2%	11.7%	9.4%	9.3%	9.3%		3.8%	14.6%	15.9%	13.3%	11.9%		13.0%	15.5%	8.9%	14.3%	12.9%		11.1%	9.3%	6.6%	5.5%	8.2%		5.4%	3.8%	3.7%	3.3%	4.1%		4.9%	7.2%	6.2%	6.2%	6.2%		6.5%	7.4%	8.6%	8.1%	7.7%		6.1%
	Notes:
	1) Adjusted EBITDA is a non-GAAP measure. The Non-GAAP Reconciliation tab that follows provides a reconciliation of Adjusted EBITDA to Net Income, its closest GAAP financial measure.
	2) Adjusted Diluted Earnings per Share is a non-GAAP measure. The Non-GAAP Reconciliation tab that follows provides a reconciliation of Adjusted Diluted Earnings per Share
	to Diluted Earnings (Net Loss) per Share, its closest GAAP financial measure.

Net Sales by Geo

	(unaudited)
	(in Millions)		2016		2017		2018 QUARTERLY				2018		2019 QUARTERLY				2019		2020 QUARTERLY				2020		2021 QUARTERLY				2021		2022 QUARTERLY				2022		2023 QUARTERLY				2023		2024 QUARTERLY				2024		2025 QUARTERLY				2025		2026
			FY		FY		Q1	Q2	Q3	Q4	FY		Q1	Q2	Q3	Q4	FY		Q1	Q2	Q3	Q4	FY		Q1	Q2	Q3	Q4	FY		Q1	Q2	Q3	Q4	FY		Q1	Q2	Q3	Q4	FY		Q1	Q2	Q3	Q4	FY		Q1	Q2	Q3	Q4	FY		Q1
	Net Sales
	United States		$252.1		$324.6		$91.2	$107.0	$103.3	$107.8	$409.3		$115.4	$136.1	$128.2	$123.2	$502.9		$120.3	$116.3	$120.5	$110.5	$467.5		$143.3	$185.4	$198.5	$199.1	$726.3		$237.9	$240.9	$217.6	$218.0	$914.4		$226.7	$222.9	$207.2	$213.7	$870.4		$219.1	$225.1	$222.7	$236.6	$903.5		$239.2	$241.6	$231.4	$260.1	$972.4		$274.0
	Rest of World		59.9		75.0		22.1	24.8	22.6	19.9	89.4		21.9	25.8	26.0	24.4	98.1		25.7	26.5	30.6	30.3	113.1		35.6	43.2	45.6	40.7	165.1		45.6	49.1	51.1	41.2	187.1		52.9	50.9	50.4	44.1	198.3		51.4	57.4	60.5	57.1	226.4		57.5	67.3	64.2	64.2	253.3		68.9
	Total Net Sales		$312.1		$399.6		$113.3	$131.8	$125.9	$127.7	$498.7		$137.3	$161.9	$154.2	$147.6	$601.0		$146.1	$142.8	$151.0	$140.8	$580.6		$178.9	$228.6	$244.1	$239.8	$891.4		$283.5	$290.1	$268.7	$259.2	$1,101.4		$279.6	$273.7	$257.6	$257.8	$1,068.7		$270.6	$282.5	$283.1	$293.7	$1,129.9		$296.7	$309.0	$295.6	$324.4	$1,225.7		$342.9
	% of Net Sales
	United States		81%		81%		80%	81%	82%	84%	82%		84%	84%	83%	83%	84%		82%	81%	80%	78%	81%		80%	81%	81%	83%	81%		84%	83%	81%	84%	83%		81%	81%	80%	83%	81%		81%	80%	79%	81%	80%		81%	78%	78%	80%	79%		80%
	Rest of World		19%		19%		20%	19%	18%	16%	18%		16%	16%	17%	17%	16%		18%	19%	20%	22%	19%		20%	19%	19%	17%	19%		16%	17%	19%	16%	17%		19%	19%	20%	17%	19%		19%	20%	21%	19%	20%		19%	22%	22%	20%	21%		20%

Segment

	(unaudited)
	(in Millions)		2016		2017 QUARTERLY				2017		2018 QUARTERLY				2018		2019 QUARTERLY				2019		2020 QUARTERLY				2020		2021 QUARTERLY				2021		2022 QUARTERLY				2022		2023 QUARTERLY				2023		2024 QUARTERLY				2024		2025 QUARTERLY				2025		2026
			FY		Q1	Q2	Q3	Q4	FY		Q1	Q2	Q3	Q4	FY		Q1	Q2	Q3	Q4	FY		Q1	Q2	Q3	Q4	FY		Q1	Q2	Q3	Q4	FY		Q1	Q2	Q3	Q4	FY		Q1	Q2	Q3	Q4	FY		Q1	Q2	Q3	Q4	FY		Q1	Q2	Q3	Q4	FY		Q1
	Net Sales
	REVOLVE		$252.4		$74.1	$90.4	$82.2	$83.8	$330.6		$97.0	$116.1	$109.5	$111.0	$433.5		$122.7	$143.9	$135.4	$125.2	$527.3		$124.5	$126.9	$130.6	$118.9	$500.9		$152.2	$188.8	$204.2	$200.0	$745.1		$237.7	$244.7	$222.1	$217.1	$921.7		$231.7	$235.1	$217.7	$220.0	$904.5		$229.6	$245.5	$243.4	$252.0	$970.5		$254.4	$268.4	$254.6	$276.6	$1,054.0		$293.2
	FWRD		$59.7		16.1	17.5	17.3	18.1	69.0		16.3	15.7	16.4	16.8	65.2		14.7	18.0	18.8	22.3	73.7		21.6	15.9	20.5	21.8	79.8		26.7	39.8	39.9	39.8	146.3		45.8	45.3	46.6	42.0	179.7		48.0	38.6	39.9	37.8	164.2		41.0	36.9	39.7	41.8	159.4		42.3	40.6	41.0	47.8	171.6		49.6
	Total Net Sales		$312.1		$90.2	$107.9	$99.5	$102.0	$399.6		$113.3	$131.8	$125.9	$127.7	$498.7		137.3	161.9	154.2	147.6	601.0		$146.1	$142.8	$151.0	$140.8	$580.6		$178.9	$228.6	$244.1	$239.8	$891.4		$283.5	$290.1	$268.7	$259.2	$1,101.4		$279.6	$273.7	$257.6	$257.8	$1,068.7		$270.6	$282.5	$283.1	$293.7	$1,129.9		$296.7	$309.0	$295.6	$324.4	$1,225.7		$342.9
	Net Sales YoY Growth
	REVOLVE								31%		31%	28%	33%	32%	31%		26%	24%	24%	13%	22%		1%	(12%)	(4%)	(5%)	(5%)		22%	49%	56%	68%	49%		56%	30%	9%	9%	24%		(3%)	(4%)	(2%)	1%	(2%)		(1%)	4%	12%	15%	7%		11%	9%	5%	10%	9%		15%
	FWRD								16%		1%	(10%)	(5%)	(8%)	(6%)		(10%)	14%	14%	33%	13%		47%	(12%)	9%	(2%)	8%		24%	151%	95%	83%	83%		71%	14%	17%	5%	23%		5%	(15%)	(14%)	(10%)	(9%)		(15%)	(4%)	(0%)	11%	(3%)		3%	10%	3%	14%	8%		17%
	Total Net Sales								28%		26%	22%	27%	25%	25%		21%	23%	22%	16%	21%		6%	(12%)	(2%)	(5%)	(3%)		22%	60%	62%	70%	54%		58%	27%	10%	8%	24%		(1%)	(6%)	(4%)	(1%)	(3%)		(3%)	3%	10%	14%	6%		10%	9%	4%	10%	8%		16%
	Gross Profit
	REVOLVE		$123.1		$34.0	$48.0	$41.7	$45.3	$169.1		$50.6	$66.5	$61.2	$62.7	$241.1		$65.3	$82.8	$75.0	$69.0	$292.0		$62.4	$66.2	$74.7	$68.7	$272.0		$84.2	$107.5	$115.1	$113.3	$420.2		$133.7	$140.8	$123.6	$116.4	$514.6		$120.2	$131.2	$119.0	$121.3	$491.8		$127.7	$137.9	$131.5	$137.6	$534.6		$138.8	$149.9	$143.1	$150.7	$582.5		$159.5
	FWRD		22.3		4.8	6.6	5.9	7.3	24.6		5.8	6.9	5.1	6.4	24.2		5.5	7.6	7.7	9.2	29.9		8.6	5.8	8.8	10.1	33.3		12.5	19.7	19.4	18.2	69.7		20.7	21.4	18.8	16.8	77.7		19.0	16.5	14.2	12.7	62.4		13.8	14.7	13.4	16.7	58.7		15.5	17.1	18.4	22.3	73.3		21.1
	Total Gross Profit		$145.4		$38.8	$54.7	$47.6	$52.6	$193.7		$56.4	$73.3	$66.4	$69.2	$265.3		$70.8	$90.4	$82.7	$78.1	$322.0		$71.0	$72.1	$83.5	$78.8	$305.3		$96.7	$127.2	$134.5	$131.5	$489.8		$154.4	$162.2	$142.4	$133.3	$592.3		$139.2	$147.7	$133.2	$134.0	$554.2		$141.5	$152.6	$144.9	$154.3	$593.3		$154.3	$167.1	$161.5	$172.9	$655.8		$180.6
	Gross Profit as % of Segment Net Sales
	REVOLVE		48.8%		45.8%	53.1%	50.8%	54.1%	51.1%		52.2%	57.2%	55.9%	56.5%	55.6%		53.2%	57.5%	55.4%	55.1%	55.4%		50.1%	52.2%	57.2%	57.8%	54.3%		55.3%	57.0%	56.4%	56.7%	56.4%		56.2%	57.5%	55.7%	53.6%	55.8%		51.9%	55.8%	54.7%	55.1%	54.4%		55.6%	56.2%	54.0%	54.6%	55.1%		54.6%	55.9%	56.2%	54.5%	55.3%		54.4%
	FWRD		37.3%		30.0%	37.8%	34.2%	40.0%	35.7%		35.6%	43.7%	31.3%	38.4%	37.2%		37.4%	42.2%	41.0%	41.0%	40.6%		39.7%	36.8%	42.9%	46.2%	41.7%		46.6%	49.4%	48.6%	45.6%	47.6%		45.3%	47.3%	40.2%	40.1%	43.3%		39.6%	42.7%	35.7%	33.7%	38.0%		33.7%	39.8%	33.7%	40.1%	36.8%		36.6%	42.2%	44.9%	46.6%	42.7%		42.5%
	Total Gross Profit Margin		46.6%		43.0%	50.7%	47.9%	51.6%	48.5%		49.8%	55.6%	52.7%	54.1%	53.2%		51.5%	55.8%	53.6%	52.9%	53.6%		48.6%	50.5%	55.3%	56.0%	52.6%		54.0%	55.6%	55.1%	54.8%	55.0%		54.5%	55.9%	53.0%	51.4%	53.8%		49.8%	54.0%	51.7%	52.0%	51.9%		52.3%	54.0%	51.2%	52.5%	52.5%		52.0%	54.1%	54.6%	53.3%	53.5%		52.7%

Operating Metrics

	(unaudited)	2016		2017 QUARTERLY				2017		2018 QUARTERLY				2018		2019 QUARTERLY				2019		2020 QUARTERLY				2020		2021 QUARTERLY				2021		2022 QUARTERLY				2022		2023 QUARTERLY				2023		2024 QUARTERLY				2024		2025 QUARTERLY				2025		2026
		FY		Q1	Q2	Q3	Q4	FY		Q1	Q2	Q3	Q4	FY		Q1	Q2	Q3	Q4	FY		Q1	Q2	Q3	Q4	FY		Q1	Q2	Q3	Q4	FY		Q1	Q2	Q3	Q4	FY		Q1	Q2	Q3	Q4	FY		Q1	Q2	Q3	Q4	FY		Q1	Q2	Q3	Q4	FY		Q1
	Active customers (000s)	712		713	746	793	842	842		904	998	1,080	1,175	1,175		1,262	1,359	1,438	1,488	1,488		1,528	1,533	1,504	1,472	1,472		1,477	1,554	1,678	1,840	1,840		2,041	2,165	2,249	2,340	2,340		2,424	2,458	2,510	2,543	2,543		2,551	2,577	2,628	2,668	2,668		2,703	2,743	2,747	2,841	2,841		2,926
	Total orders placed (000s)	1,999		560	686	647	659	2,552		817	989	950	954	3,710		1,135	1,294	1,194	1,092	4,715		1,172	1,163	1,141	1,023	4,499		1,282	1,769	1,830	1,755	6,636		2,156	2,243	1,951	1,954	8,304		2,278	2,268	2,133	2,022	8,701		2,223	2,271	2,200	2,172	8,867		2,308	2,424	2,300	2,445	9,477		2,581
	Average order value	$293		$301	$309	$302	$301	$304		$282	$281	$280	$274	$279		$259	$275	$275	$282	$275		$259	$204	$232	$256	$236		$256	$255	$276	$292	$271		$288	$303	$320	$306	$304		$288	$301	$299	$303	$297		$299	$306	$303	$301	$302		$295	$300	$306	$296	$299		$298
	YoY Growth							2017		2018 QUARTERLY				2018		2019 QUARTERLY				2019		2020 QUARTERLY				2020		2021 QUARTERLY				2021		2022 QUARTERLY				2022		2023 QUARTERLY				2023		2024 QUARTERLY				2024		2025 QUARTERLY				2025		2026
								FY		Q1	Q2	Q3	Q4	FY		Q1	Q2	Q3	Q4	FY		Q1	Q2	Q3	Q4	FY		Q1	Q2	Q3	Q4	FY		Q1	Q2	Q3	Q3	FY		Q1	Q2	Q3	Q4	FY		Q1	Q2	Q3	Q4	FY		Q1	Q2	Q3	Q4	FY		Q1
	Active customers							18%		27%	34%	36%	40%	40%		40%	36%	33%	27%	27%		21%	13%	5%	(1%)	(1%)		(3%)	1%	12%	25%	25%		38%	39%	34%	27%	27%		19%	14%	12%	9%	9%		5%	5%	5%	5%	5%		6%	6%	5%	6%	6%		8%
	Total orders placed							28%		46%	44%	47%	45%	45%		39%	31%	26%	14%	27%		3%	(10%)	(4%)	(6%)	(5%)		9%	52%	60%	72%	47%		68%	27%	7%	11%	25%		6%	1%	9%	3%	5%		(2%)	0%	3%	7%	2%		4%	7%	5%	13%	7%		12%
	Average order value							4%		(6%)	(9%)	(7%)	(9%)	(8%)		(8%)	(2%)	(2%)	3%	(1%)		--	(26%)	(16%)	(9%)	(14%)		(1%)	25%	19%	14%	15%		13%	19%	16%	5%	12%		--	(1%)	(7%)	(1%)	(2%)		4%	2%	1%	(1%)	2%		(1%)	(2%)	1%	(2%)	(1%)		1%
	Note: The Metrics Definition tab that follows provides definitions of Active Customers, Total Orders Placed and Average Order Value (AOV).

Operating Metrics -- Annual

	(unaudited)
	Annual Metrics Disclosures			2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	Owned Brand Mix as % of REVOLVE Segment Net Sales			15%	20%	31%	36%	27%	20%	22%	20%	18%	20%
	% of Total Net Sales at Full Price(1)				75%	79%	79%	77%	87%	85%	79%	82%	81%
	REVOLVE Segment Average Order Value				$270	$258	$256	$217	$248	$279	$274	$281	$279
	FWRD Segment Average Order Value				$717	$653	$636	$592	$642	$690	$692	$666	$640
	Total Average Order Value			$293	$304	$279	$275	$236	$271	$304	$297	$302	$299
	1) We define Net Sales at Full Price as sales with a price of not less than 95% of the full retail price.

Cash Flow -- Annual

	(unaudited)
	(in Millions)				2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
					FY		FY		FY		FY		FY		FY		FY		FY		FY		FY
	Operating activities:
	Net income				$2.2		$5.0		$30.6		$35.7		$56.8		$99.8		$58.7		$28.1		$48.8		$61.1
	Adjustments to reconcile net income to net cash (used in) provided by operating activites:
	Depreciation and amortization				2.4		2.8		2.9		4.0		4.8		4.5		4.8		5.1		4.4		4.6
	Rental product depreciation				---		---		---		---		---		---		---		---		0.7		1.8
	Gain on sale of rental product																						(0.3)
	Equity-based compensation				0.0		0.9		1.4		2.1		3.4		4.8		5.9		5.8		10.0		10.6
	Loss on disposal of subsidiary																						2.4
	Deferred income taxes, net				0.1		3.6		(3.8)		(1.6)		1.5		(5.2)		(5.7)		(5.3)		(6.9)		(2.9)
	Changes in operating assets and liabilities:
	Accounts receivable				(2.2)		0.5		0.4		0.6		0.1		(0.0)		(0.8)		(7.0)		2.1		(6.2)
	Inventories				(11.9)		(7.0)		(26.0)		(15.6)		9.0		(76.0)		(44.0)		11.6		(24.8)		(23.6)
	Income taxes receivable				1.8		(3.4)		3.7		(0.8)		(9.9)		7.3		0.4		1.3		0.4		(0.5)
	Prepaid expenses and other current assets				(0.8)		(3.1)		(3.4)		1.7		3.8		(22.2)		(17.8)		(5.6)		1.8		(10.0)
	Other assets				0.2		(0.0)		(0.5)		0.1		0.1		(2.2)		1.9		(1.4)		(13.6)		(11.4)
	Accounts payable				2.2		0.8		2.4		9.6		9.5		15.0		(3.6)		(3.0)		(2.7)		11.8
	Income taxes payable				---		---		0.9		(0.4)		(0.3)		(0.2)		0.2		(0.2)		0.0		1.4
	Accrued expenses				0.3		6.3		5.6		1.0		5.3		9.2		4.4		2.4		(2.2)		5.9
	Returns reserve				1.0		5.8		10.2		5.9		(9.5)		23.7		14.1		0.4		5.9		7.3
	Right of use lease assets and current and non-current lease liabilities				---		---		---		---		---		(0.4)		1.2		3.0		(0.1)		(0.7)
	Other current liabilities				3.2		4.2		2.3		4.0		(0.9)		4.4		3.7		7.9		2.8		8.0
	Net cash (used in) provided by operating activities				($1.5)		$16.5		$26.7		$46.1		$73.8		$62.3		$23.4		$43.3		$26.7		$59.4
	Investing activities:
	Purchases of property and equipment				($3.0)		($2.3)		($3.0)		($12.5)		($2.3)		($2.2)		($5.2)		($4.2)		($5.6)		($11.4)
	Purchases of rental product				---		---		---		---		---		---		---		---		($3.0)		($3.6)
	Proceeds from sale of rental product																						$1.8
	Cash divested upon disposal of subsidiary																						($1.7)
	Cash paid for acquisition				---		---		---		---		---		---		---		---		($0.4)		---
	Net cash used in investing activities				($3.0)		($2.3)		($3.0)		($12.5)		($2.3)		($2.2)		($5.2)		($4.2)		($9.1)		($14.9)
	Financing activities:
	Proceeds from borrowings on line of credit				40.2		---		---		---		30.0		---		---		---		---		---
	Repayment of borrowings on line of credit				(35.0)		(15.1)		(15.1)		---		(30.0)		---		---		---		---		---
	Payment of deferred offering costs				---		---		(2.5)		(1.8)		(0.0)		---		---		---		---		---
	Proceeds from IPO, net of underwriting discounts paid				---		---		---		57.1		---		---		---		---		---		---
	Repurchase of Class B common stock upon corporate conversion				---		---		---		(40.8)		---		---		---		---		---		---
	Proceeds from the exercise of stock options, net				---		---		---		0.8		8.7		12.8		0.9		0.5		6.4		0.6
	Repurchases of common stock				---		---		---		---		---		---		---		(30.9)		(11.8)		(2.0)
	Distribution to non-controlling interest				(0.0)		---		---		---		---		---		---		---		---		---
	Net cash provided by (used in) financing activities				$5.1		($15.1)		($17.6)		$15.2		$8.7		$12.8		$0.9		($30.4)		($5.4)		($1.4)
	Effect of exchange rate changes on cash				---		---		(0.2)		0.3		0.5		(0.4)		(2.9)		2.0		(1.1)		3.5
	Net increase (decrease) in cash, cash equivalents and restricted cash				0.6		(0.9)		5.8		49.0		80.6		72.4		16.3		10.7		11.2		46.6
	Cash, cash equivalents and restricted cash, beginning of year				10.8		11.5		10.6		16.4		65.4		146.0		218.5		234.7		245.4		256.6
	Cash, cash equivalents and restricted cash, end of year				$11.5		$10.6		$16.4		$65.4		$146.0		$218.5		$234.7		$245.4		$256.6		$303.2
	Free Cash Flow				($4.5)		$14.2		$23.6		$33.6		$71.4		$60.1		$18.3		$39.1		$18.0		$46.2
	Note: Free Cash Flow is a non-GAAP measure. The non-GAAP reconciliation tab that follows provides a reconciliation of Free Cash Flow to Net Cash Provided by Operating Activities, its closest GAAP financial measure.

Balance Sheet

(unaudited)
(in Millions)	2016		2017		2018		2019 QUARTERLY			2019		2020 QUARTERLY			2020		2021 QUARTERLY			2021		2022 QUARTERLY			2022		2023 QUARTERLY			2023		2024 QUARTERLY			2024		2025 QUARTERLY			2025		2026
	FY		FY		FY		Q1	Q2	Q3	Q4		Q1	Q2	Q3	Q4		Q1	Q2	Q3	Q4		Q1	Q2	Q3	Q4		Q1	Q2	Q3	Q4		Q1	Q2	Q3	Q4		Q1	Q2	Q3	Q4		Q1
Assets
Current assets:
Cash and cash equivalents	$11.4		$10.6		$16.4		$27.2	$44.8	$51.1	$65.4		$103.6	$150.8	$158.7	$146.0		$182.9	$219.6	$221.6	$218.5		$270.6	$237.9	$244.0	$234.7		$283.3	$269.3	$266.9	$245.4		$273.4	$244.7	$252.8	$256.6		$300.8	$310.7	$315.4	$292.3		$335.8
Restricted cash	0.1		---		---		---	---	---	---		---	---	---	---		---	---	---	---		---	---	---	---		---	---	---	---		---	---	---	---		---	---	---	10.9		---
Accounts receivable, net	6.2		5.7		5.3		9.5	8.4	5.6	4.8		3.0	4.8	4.7	4.6		6.6	7.4	6.7	4.6		11.4	7.8	6.7	5.4		8.1	11.2	12.6	12.4		14.9	17.5	11.5	10.3		16.8	19.4	21.1	16.6		26.5
Inventory	69.2		76.2		102.2		97.2	102.5	103.7	104.3		101.4	64.5	73.6	95.3		100.5	118.8	141.8	171.3		179.2	208.5	213.3	215.2		190.2	205.3	202.9	203.6		201.8	234.3	240.0	229.2		213.7	221.0	238.8	251.8		245.1
Income taxes receivable	0.3		3.7		---		---	1.1	0	0.8		1.0	---	2.5	10.7		15.4	12.2	10.4	3.4		0.5	6.8	4.1	3.0		1.0	6.1	7.6	1.6		---	0.6	4.1	1.2		1.1	1.2	---	1.7		2.0
Prepaid expenses and other current assets	6.3		9.4		15.2		29.8	25.4	26.2	24.2		18	19.6	19.9	20.3		25.7	31.2	38.9	42.1		58.1	57.0	59.1	59.9		64.8	59.4	63.6	65.5		78.6	75.0	76.5	63.7		68.2	61.9	62.8	73.7		78.9
Total Current Assets	$93.4		$105.5		$139.2		$163.7	$182.3	$186.7	$199.3		$227.2	$239.7	$259.4	$276.9		$331.0	$389.2	$419.4	$439.8		$519.8	$518.0	$527.3	$518.2		$547.3	$551.3	$553.5	$528.6		$568.7	$572.2	$585.0	$561.1		$600.7	$614.2	$638.1	$647.0		$688.2
Property and equipment, net	5.7		5.4		5.9		10.3	14.2	14.9	14.7		12.9	12.7	11.9	11.2		10.8	10.3	9.6	8.9		8.9	9.0	9.2	8.9		8.8	8.4	8.1	7.8		8.2	8.1	8.0	8.9		9.5	10.4	13.6	15.4		18.9
Right of use lease assets	---		---		---		---	---	---	---		---	---	---	---		9.9	8.8	7.7	6.6		16.6	15.8	24.6	23.0		41.6	39.7	38.0	36.4		36.8	40.3	38.6	36.3		40.1	33.1	31.0	28.8		30.1
Intangible assets, net	1.2		0.9		0.6		0.5	0.4	0.3	0.2		1.4	1.3	1.3	1.3		1.2	1.2	1.2	1.2		1.3	1.3	1.4	1.6		1.7	1.8	1.8	1.9		1.9	1.9	2.3	2.3		2.5	2.2	2.3	2.4		2.5
Goodwill	2.0		2.0		2.0		2.0	2.0	2.0	2.0		2.0	2.0	2.0	2.0		2.0	2.0	2.0	2.0		2.0	2.0	2.0	2.0		2.0	2.0	2.0	2.0		2.0	2.0	2.0	2.0		2.0	2.0	2.0	2.0		2.0
Other assets	0.2		0.2		0.7		0.7	0.7	0.7	0.6		0.6	0.6	0.6	0.5		2.8	2.7	2.8	2.7		3.1	3.3	3.1	0.8		1.2	1.2	1.2	2.2		2.4	3.3	5.0	18.1		22.3	24.1	27.4	29.6		39.9
Deferred income taxes	13.5		9.9		13.7		14.3	15.9	17.1	15.3		15.3	15.9	16.1	$13.8		11.4	13.8	13.8	19.1		19.1	19.1	19.1	24.8		24.8	24.8	24.8	30.0		30.0	30.0	30.0	36.9		36.9	36.9	36.9	39.8		39.8
Total Assets	$116.1		$124.0		$162.1		$191.5	$215.6	$221.7	$232.3		$259.5	$272.2	$291.3	$305.8		$369.2	$428.0	$456.6	$480.4		$570.8	$568.5	$586.7	$579.3		$627.4	$629.2	$629.5	$608.9		$650.0	$657.8	$670.9	$665.5		$713.9	$722.9	$751.3	$765.0		$821.4
Liabilities and Members' Equity
Current liabilities:
Accounts payable	$17.1		17.9		20.2		$31.1	$29.7	$25.8	$29.8		$38.8	$25.9	$38.8	$39.3		49.7	58.6	54.9	54.3		75.1	60.1	53.2	50.8		49.1	46.0	44.5	47.8		56.0	62.8	60.4	45.1		57.4	56.2	62.0	56.4		71.0
Line of credit	30.2		15.1		---		---	---	---	---		30.0	24.0	15.0	---		---	---	---	---		---	---	---	---		---	---	---	---		---	---	---	---		---	---	---	---		---
Income taxes payable	---		---		0.9		3.3	0.9	0.5	0.5		0.4	4.4	0.8	0.2		0.8	1.0	1.0	0.0		2.8	0.1	0.4	0.2		2.6	1.1	1.4	---		1.2	1.3	0.7	0.0		2.6	---	2.349	1.4		4.6
Accrued expenses	6.5		12.8		18.4		20.9	22.1	21.1	19.4		15.5	20.7	21.7	24.7		25.7	32.0	37.7	33.9		40.6	43.0	44.5	38.3		35.5	36.0	42.6	40.7		48.5	40.4	38.2	38.5		38.0	44.2	42.9	44.3		51.7
Current lease liabilities	---		---		---		---	---	---	---		---	---	---	---		4.5	4.2	3.9	3.8		3.8	4.0	5.8	5.8		4.4	5.5	6.2	6.9		7.4	72.1	8.4	9.1		9.9	9.9	10.2	10.5		10.9
Returns reserve	13.2		19.0		29.2		37.2	36.4	37.5	35.1		21.0	28.3	23.4	25.6		37.5	44.0	50.8	49.3		69.6	69.8	72.3	63.4		73.9	66.4	72.1	63.8		84.4	8.1	76.2	69.7		78.5	75.5	71.7	77.0		81.8
Other current liabilities	7.0		11.2		13.5		13.4	15.2	16.0	16.7		17.7	17.4	16.8	15.8		17.3	18.8	20.9	18.9		25.2	22.8	23.1	22.6		26.7	30.8	30.5	30.4		28.8	31.0	32.1	33.7		39.5	40.9	46.8	41.0		50.6
Total Current Liabilities	$74.0		$76.0		$82.3		$105.8	$104.3	$100.9	$101.5		$123.4	$120.8	$116.4	$105.7		$135.6	$158.5	$169.3	$160.2		$217.2	$199.8	$199.3	$181.1		$192.3	$185.7	$197.4	$189.6		$226.3	$215.6	$216.0	$196.1		$225.9	$226.7	$236.0	$230.5		$270.6
Non-current lease liabilities	---		---		---		---	---	---	---		---	---	---	---		5.9	5.0	4.1	3.2		13.1	12.5	20.1	18.7		39.2	37.4	35.6	34.1		33.8	36.4	34.2	31.7		34.6	27.6	25.1	21.9		22.6
Total Liabilities	$74.0		$76.0		$82.3		$105.8	$104.3	$100.9	$101.5		$123.4	$120.8	$116.4	$105.7		$141.5	$163.5	$173.4	$163.4		$230.3	$212.3	$219.4	$199.7		$231.5	$223.2	$233.0	$223.7		$260.2	$252.0	$250.1	$227.8		$260.5	$254.3	$261.1	$252.5		$293.2
Total members' / stockholders' equity	42.1		48.0		79.8		85.7	111.3	120.8	130.8		136.1	151.4	174.9	200.1		227.7	264.4	283.1	317.0		340.5	356.2	367.3	379.6		395.9	406.0	396.5	385.1		389.9	405.8	420.8	437.8		453.4	468.6	490.2	512.5		528.3
Total Liabilities and members' / stockholders' equity	$116.1		$124.0		$162.1		$191.5	$215.6	$221.7	$232.3		$259.5	$272.2	$291.3	$305.8		$369.2	$428.0	$456.6	$480.4		$570.8	$568.5	$586.7	$579.3		$627.4	$629.2	$629.5	$608.9		$650.0	$657.8	$670.9	$665.5		$713.9	$722.9	$751.3	$765.0		$821.4

Non-GAAP Recon

	Reconciliation of Adjusted EBITDA to Net Income
	(unaudited)
	(In Millions)						2016		2017 QUARTERLY				2017		2018 QUARTERLY				2018		2019 QUARTERLY				2019		2020 QUARTERLY				2020		2021 QUARTERLY				2021		2022 QUARTERLY				2022		2023 QUARTERLY				2023		2024 QUARTERLY				2024		2025 QUARTERLY				2025		2026
							FY		Q1	Q2	Q3	Q4	FY		Q1	Q2	Q3	Q4	FY		Q1	Q2	Q3	Q4	FY		Q1	Q2	Q3	Q4	FY		Q1	Q2	Q3	Q4	FY		Q1	Q2	Q3	Q4	FY		Q1	Q2	Q3	Q4	FY		Q1	Q2	Q3	Q4	FY		Q1	Q2	Q3	Q4	FY		Q1
	Net Income						$2.2		$0.4	$5.3	$2.5	($3.1)	$5.0		$5.3	$10.5	$7.1	$7.7	$30.6		$5.0	$12.7	$9.6	$8.4	$35.7		$4.2	$14.2	$19.4	$19.0	$56.8		$22.3	$31.5	$16.7	$29.4	$99.8		$22.6	$16.3	$12.0	$7.9	$58.7		$14.2	$7.3	$3.2	$3.5	$28.1		$10.9	$15.4	$10.8	$11.8	$48.8		$11.4	$10.0	$21.2	$18.6	$61.1		$13.8
	Other expense (income), net						0.9		0.4	0.5	0.3	0.3	1.4		0.2	0.1	0.2	0.2	0.6		0.2	0.4	-0.0	0.3	0.9		(0.1)	0.2	0.3	0.7	1.0		0.2	0.3	(0.2)	0.2	0.6		(0.5)	(1.8)	(1.4)	0.3	(3.5)		(6.6)	(2.4)	(4.0)	(2.7)	(15.6)		(5.3)	(4.3)	(0.2)	(3.2)	(13.0)		(0.9)	2.9	(7.3)	(2.8)	(8.0)		(2.7)
	Provision for (benefit from) income tax						2.4		1.1	4.3	2.0	6.8	14.1		2.0	3.5	2.2	2.8	10.5		1.7	4.5	3.3	2.0	11.5		(0.2)	4.4	2.1	(3.0)	3.3		(1.3)	1.1	2.7	2.3	4.9		6.4	4.8	4.2	2.5	17.9		4.7	2.4	1.1	1.4	9.6		3.8	5.3	3.7	2.9	15.7		4.2	5.1	7.1	4.8	21.2		4.7
	Depreciation and amortization						2.4		0.7	0.6	0.7	0.9	2.8		0.7	0.7	0.8	0.7	2.9		0.7	0.9	1.1	1.2	4.0		1.2	1.2	1.3	1.2	4.8		1.1	1.1	1.1	1.1	4.5		1.1	1.2	1.2	1.3	4.8		1.2	1.2	1.3	1.3	5.1		1.3	1.2	1.0	0.9	4.4		1.0	1.4	1.0	1.2	4.6		1.3
	Equity based compensation						0.0		0.2	(0.0)	0.5	0.3	0.9		0.1	0.4	0.4	0.5	1.4		0.5	0.5	0.5	0.5	2.1		0.6	0.9	1.0	1.0	3.4		1.0	1.4	1.3	1.1	4.8		1.5	1.4	1.5	1.5	5.9		1.3	1.7	1.2	1.6	5.8		2.6	2.1	2.1	3.3	10.0		2.8	2.3	2.4	3.2	10.6		3.2
	Transaction costs						---		---	---	---	---	---		---	---	---	---	---		---	---	---	---	---		---	---	---	---	---		---	---	---	---	---		---	---	---	---	---		---	---	---	---	---		---	0.3	0.2	0.7	1.2		0.8	0.1	---	1.3	2.2		0.2
	Non-routine expenses						1.6		0.1	0.1	0.0	3.9	4.1		0.4	0.4	(0.3)	---	0.4		0.4	(0.2)	-0.0	1.3	1.5		---	---	---	---	---		---	---	---	---	---		0.5	5.0	0.2	0.8	6.4		0.3	0.1	6.6	3.4	10.3		0.0	0.4	---	2.0	2.4		---	1.2	1.0	---	2.1		0.5
	Adjusted EBITDA						$9.5		$2.8	$10.7	$5.9	$9.0	$28.4		$8.7	$15.6	$10.3	$11.9	$46.5		$8.5	$19.0	$14.4	$13.7	$55.6		$5.6	$20.9	$24.0	$18.7	$69.3		$23.3	$35.4	$21.7	$34.2	$114.6		$31.5	$26.9	$17.7	$14.1	$90.2		$15.0	$10.4	$9.5	$8.5	$43.4		$13.3	$20.5	$17.5	$18.3	$69.5		$19.3	$22.9	$25.3	$26.3	$93.8		$21.1
	Reconciliation of Free Cash Flow to Net Cash Provided by Operating Activities
	(In Millions)						2016		2017 QUARTERLY				2017		2018 QUARTERLY				2018		2019 QUARTERLY				2019		2020 QUARTERLY				2020		2021 QUARTERLY				2021		2022 QUARTERLY				2022		2023 QUARTERLY				2023		2024 QUARTERLY				2024		2025 QUARTERLY				2025		2026
							FY		Q1	Q2	Q3	Q4	FY		Q1	Q2	Q3	Q4	FY		Q1	Q2	Q3	Q4	FY		Q1	Q2	Q3	Q4	FY		Q1	Q2	Q3	Q4	FY		Q1	Q2	Q3	Q4	FY		Q1	Q2	Q3	Q4	FY		Q1	Q2	Q3	Q4	FY		Q1	Q2	Q3	Q4	FY		Q1
	Net Cash Provided by Operating Activities						($1.5)		$9.0	$3.6	$1.8	$2.1	$16.5		$12.2	$13.5	$2.4	($1.4)	$26.7		$15.9	$6.8	$9.2	$14.2	$46.1		$8.1	$53.8	$14.3	($2.5)	$73.8		$33.2	$33.3	$1.9	($6.1)	$62.3		$53.8	($29.4)	$10.0	($11.0)	$23.4		$48.8	($14.1)	$12.5	($3.9)	$43.3		$38.4	($24.7)	$9.1	$3.9	$26.7		$45.1	$12.6	$11.8	($10.2)	$59.4		$49.4
	Purchases of property of equipment						(3.0)		(0.8)	(0.6)	(0.6)	(0.3)	(2.3)		(0.4)	(0.6)	(0.6)	(1.4)	(3.0)		(5.0)	(4.8)	(1.7)	(1.0)	(12.5)		(0.6)	(0.8)	(0.5)	(0.5)	(2.3)		(0.7)	(0.5)	(0.5)	(0.4)	(2.2)		(1.1)	(1.4)	(1.4)	(1.3)	(5.2)		(1.1)	(1.0)	(1.0)	(1.1)	(4.2)		(1.7)	(1.0)	(1.0)	(1.8)	(5.6)		(1.8)	(2.2)	(4.3)	(3.1)	(11.4)		(5.0)
	Purchases of rental product, net of proceeds from the sale of rental product						---		---	---	---	---	---		---	---	---	---	---		---	---	---	---	---						---						---		---	---	---	---	---		---	---	---	---	---		---	(0.9)	(1.8)	(0.3)	(3.0)		(0.6)	(0.8)	(0.9)	0.4	(1.8)		0.4
	Free Cash Flow						($4.5)		$8.2	$3.0	$1.3	$1.8	$14.2		$11.7	$12.8	$1.8	($2.8)	$23.6		$10.9	$2.0	$7.4	$13.2	$33.6		$7.5	$53.0	$13.9	($2.9)	$71.4		$32.5	$32.8	$1.3	($6.5)	$60.1		$52.7	($30.8)	$8.6	($12.3)	$18.3		$47.7	($15.1)	$11.5	($5.0)	$39.1		$36.7	($26.7)	$6.2	$1.8	$18.0		$42.8	$9.6	$6.6	($12.9)	$46.2		$44.9
	Reconciliation of Adjusted Diluted Earnings per Share to Diluted Earnings (Net Loss) Per Share
															2018 QUARTERLY				2018		2019 QUARTERLY				2019		2020 QUARTERLY				2020		2021 QUARTERLY				2021
															Q1	Q2	Q3	Q4	FY		Q1	Q2	Q3	Q4	FY		Q1	Q2	Q3	Q4	FY		Q1	Q2	Q3	Q4	FY
	Earnings (net loss) per share --- diluted														$0.08	$0.15	$0.10	$0.11	$0.44		$0.07	($0.57)	$0.13	$0.12	($0.09)		$0.06	$0.20	$0.27	$0.26	$0.79		$0.30	$0.42	$0.22	$0.39	$1.34
	Repurchase of Class B common stock, net														-----	-----	-----	-----	-----		-----	0.75	-----	-----	0.59		-----	-----	-----	-----	-----		-----	-----	-----	-----	-----
	Adjusted earnings per share -- diluted														$0.08	$0.15	$0.10	$0.11	$0.44		$0.07	$0.18	$0.13	$0.12	$0.50		$0.06	$0.20	$0.27	$0.26	$0.79		$0.30	$0.42	$0.22	$0.39	$1.34

Metrics Definitions

Adjusted EBITDA
Adjusted EBITDA is a non-GAAP financial measure that we calculate as net income before other (income) expense, net; taxes; and depreciation and amortization; adjusted to exclude the effects of equity-
based compensation expense, certain transaction costs and certain non-routine items. Adjusted EBITDA is a key measure used by management to evaluate our operating performance, generate future operating
plans and make strategic decisions regarding the allocation of capital. In particular, the exclusion of certain expenses in calculating Adjusted EBITDA facilitates operating performance comparisons on a
period-to-period basis and, in the case of exclusion of the impact of equity-based compensation, excludes an item that we do not consider to be indicative of our core operating performance.
Free Cash Flow
Free cash flow is a non-GAAP financial measure that we calculate as net cash provided by operating activities less cash used in purchases of property and equipment, and purchases of rental product, net of proceeds
from the sale of rental product. We view free cash flow as an important indicator of our liquidity because it measures the amount of cash we generate. Free cash flow also reflects changes in working capital.
Adjusted Diluted Earnings Per Share
Adjusted diluted earnings per share is a non-GAAP financial measure that we calculate as diluted earnings (net loss) per share adjusted to exclude the per share impact of the issuance and repurchase
of Class B common stock as part of our initial public offering, or IPO. We believe adjusted diluted earnings per share, excluding the impact of the repurchase of our Class B common stock, is a measure that is
useful to investors and management in understanding our ongoing operations and in analysis of ongoing operating trends.
Active Customers
We define an active customer as a unique customer account from which a purchase was made across our platform at least once in the preceding 12-month period. In any particular period, we determine
our number of active customers by counting the total number of customers who have made at least one purchase in the preceding 12-month period, measured from the last date of such period. We view the
number of active customers as a key indicator of our growth, the reach of our sites, the value proposition and consumer awareness of our brand, the continued use of our sites by our customers and
their desire to purchase our products.
Total Orders Placed
We define total orders placed as the total number of orders placed by our customers, prior to product returns, across our platform in any given period. We view total orders placed as a key indicator of the
velocity of our business and an indication of the desirability of our products and sites to our customers. Total orders placed, together with average order value, is an indicator of the net sales we expect to
recognize in a given period.
Average Order Value
We define average order value as the sum of the total gross sales from our sites in a given period, prior to product returns, divided by the total orders placed in that period. We believe our high average order
value demonstrates the premium nature of our product assortment. Average order value varies depending on the site through which we sell merchandise, the mix of product categories sold, the number of units
in each order, the percentage of sales at full price, and for sales at less than full price, the level of markdowns.