Revolve Group, Inc. (NYSE:RVLV) Q2 2023 Results Conference Call August 2, 2023 4:30 PM ET

Company Participants

Erik Randerson - Vice President of Investor Relations

Mike Karanikolas - Co-Founder and Co-CEO

Michael Mente - Co-Founder and Co-CEO

Jesse Timmermans - CFO

Conference Call Participants

Anna Andreeva - Needham & Company

Randy Konik - Jefferies

Edward Yruma - Piper Sandler

Mark Altschwager - Baird

Kunal Madhukar - UBS

Jim Duffy - Stifel

Simeon Siegel - BMO Capital Markets

Ethan Saghi - BTIG

Lorraine Hutchinson - Bank of America

Rick Patel - Raymond James

Janet Kloppenburg - JJK Research Associates

Operator

Good afternoon. My name is Audra, and I will be your conference operator today. At this time, I would like to welcome everyone to Revolve's Second Quarter 2023 Earnings Conference Call [Operator Instructions].

At this time, I would like to turn the conference over to Erik Randerson, Vice President of Investor Relations at Revolve. You may begin.

Erik Randerson

Good afternoon, everyone. And thanks for joining us to discuss Revolve's Second quarter 2023 results. Before we begin, I'd like to mention that we have posted a presentation containing Q2 financial highlights to our Investor Relations Web site located at investors.revolve.com. I would also like to remind you that this conference call will include forward-looking statements, including statements related to our future growth and profitability, market opportunities, macroeconomic and industry trends, business, operations and marketing initiatives and investments, international expansion, our stock repurchase program, growth in active customers, our inventory balance and management and our outlook for net sales, gross margin, operating expenses and effective tax rate. These statements are subject to various risks, uncertainties and assumptions that could cause our actual results to differ materially from these statements, including the risks mentioned in this afternoon's press release as well as other risks and uncertainties disclosed under the caption Risk Factors and elsewhere in our filings with the Securities and Exchange Commission, 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, all of which can be found on our Web site at investors.revolve.com. We undertake no obligation to revise or update any forward-looking statements or information except as required by law.

During our call today, we will also reference certain non-GAAP financial information, including adjusted EBITDA and free cash flow. We use non-GAAP measures in some of our financial discussions as we believe they provide valuable insights on our operational performance and underlying operating results. 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. Reconciliations of non-GAAP measures to GAAP measures as well as the definitions of each measure, their limitations and the rationale for using them can be found in this afternoon's press release and in our SEC filings. Joining me on the call today are our Co-Founders and Co-CEOs, Mike Karanikolas and Michael Mente; as well as Jesse Timmermans, our CFO. Following our prepared remarks, we'll open the call for your questions.