Revolve Group Announces Second Quarter 2024 Financial Results
"I'm thrilled with our team's performance that fueled a strong second quarter, highlighted by a return to top-line growth and a more than doubling of our net income year-over-year," said co-founder and co-CEO
"It is gratifying to see our team's hard work on growth and efficiency initiatives deliver strong positive results on the top and bottom lines," said co-founder and co-CEO
Second Quarter 2024 Financial Summary
|
|
Three Months Ended |
||||||||
|
|
2024 |
|
|
2023 |
|
|
YoY Change |
||
|
|
(in thousands, except percentages) |
||||||||
Net sales |
|
$ |
282,456 |
|
|
$ |
273,729 |
|
|
3 % |
Gross profit |
|
$ |
152,606 |
|
|
$ |
147,698 |
|
|
3 % |
Gross margin |
|
|
54.0 |
% |
|
|
54.0 |
% |
|
|
Net income |
|
$ |
15,377 |
|
|
$ |
7,303 |
|
|
111 % |
Adjusted EBITDA (non-GAAP financial measure) |
|
$ |
20,474 |
|
|
$ |
10,377 |
|
|
97 % |
Net cash used in operating activities |
|
$ |
(24,669) |
|
|
$ |
(14,097) |
|
|
NM |
Free cash flow (non-GAAP financial measure) |
|
$ |
(26,653) |
|
|
$ |
(15,069) |
|
|
NM |
|
NM - not meaningful |
Operational Metrics
|
|
Three Months Ended |
||||||||
|
|
2024 |
|
|
2023 |
|
|
YoY Change |
||
|
|
(in thousands, except average order value and percentages) |
||||||||
Active customers (trailing 12 months) |
|
|
2,577 |
|
|
|
2,458 |
|
|
5 % |
Total orders placed |
|
|
2,271 |
|
|
|
2,268 |
|
|
0 % |
Average order value |
|
$ |
306 |
|
|
$ |
301 |
|
|
2 % |
Additional Second Quarter 2024 Metrics and Results Commentary
- Trailing 12-month Active customers grew to 2,577,000 as of
June 30, 2024 , an increase of 5% year-over-year. -
Net sales were
$282.5 million , a year-over-year increase of 3%. -
Gross profit was
$152.6 million , a year-over-year increase of 3%. - Gross margin was 54.0%, an increase of 7 basis points year-over-year, driven by margin expansion in the REVOLVE segment, which was partially offset by a year-over-year decline in the FWRD segment.
-
Net income was
$15.4 million , a year-over-year increase of 111%. -
Adjusted EBITDA was
$20.5 million , a year-over-year increase of 97% that primarily reflects a year-over-year increase in net sales and gross profit combined with increased year-over-year efficiency in our marketing investment and selling and distribution costs, partially offset by year-over-year growth in general and administrative expenses in the second quarter of 2024 that outpaced our growth in net sales. -
Diluted earnings per share (EPS) was
$0.21 , a year-over-year increase of 110%.
Additional Net Sales Commentary
-
REVOLVE segment net sales were
$245.5 million , a year-over-year increase of 4%. -
FWRD segment net sales were
$36.9 million , a year-over-year decrease of 4%. -
Domestic net sales were
$225.1 million , a year-over-year increase of 1% -
International net sales were
$57.4 million , a year-over-year increase of 13%, driven by growth in nearly all major regions.
Cash Flow and Balance Sheet
-
Net cash (used in) provided by operating activities was
$(24.7) million in the second quarter and$13.7 million in the 6-month year-to-date period endedJune 30, 2024 and free cash flow was$(26.7) million in the second quarter and$10.0 million in the 6-month year-to-date period. The reduced cash flow provided by operating activities year-over-year for the 6-month year-to-date period in 2024 primarily reflects growth in our inventory balance to support a return to top-line growth compared to a declining inventory balance in the first half of 2023 when we were focused on rebalancing our inventory position. -
Stock repurchases were
$1.9 million for the second quarter endedJune 30, 2024 , exclusive of broker fees and excise taxes. The company repurchased 118,998 shares of its Class A common stock during the second quarter at an average cost of$15.83 per share.$59.5 million remained available under the company's$100 million stock repurchase program as ofJune 30, 2024 . -
Cash and cash equivalents: Cash and cash equivalents as of
June 30, 2024 were$244.7 million , a decrease of$24.6 million , or 9%, year-over-year from$269.3 million as ofJune 30, 2023 . Our balance sheet as ofJune 30, 2024 remains debt free. The year-over-year decrease in cash and cash equivalents compared toJune 30, 2023 primarily reflects our cash flow generated from operations that was more than offset by$40.5 million in stock repurchases since we established our$100 million stock repurchase program inAugust 2023 . -
Inventory as of
June 30, 2024 was$234.3 million , an increase of$29.0 million , or 14%, fromJune 30, 2023 .
Additional trend information regarding
Results Since the End of the Second Quarter of 2024
Net sales in
2024 Business Outlook
Based on information available to us as of
|
Updated FY 2024 Outlook |
Prior FY 2024 Outlook |
Gross margin |
52.5% to 53.0% |
52.5% to 53.0% |
Fulfillment expenses |
3.3% to 3.5% of net sales |
3.3% to 3.5% of net sales |
Selling and distribution expenses |
17.8% to 18.0% of net sales |
17.8% to 18.0% of net sales |
Marketing expenses |
15.3% to 15.5% of net sales |
16% to 16.2% of net sales |
General and administrative expenses |
|
|
Effective tax rate |
25% to 26% |
24% to 26% |
|
|
|
|
Third Quarter 2024 Outlook |
|
Gross margin |
52.3% to 52.5% |
|
Fulfillment expenses |
3.4% of net sales |
|
Selling and distribution expenses |
18.3% of net sales |
|
Marketing expenses |
15.2% of net sales |
|
General and administrative expenses |
|
|
Conference Call Information
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 our growth prospects and outlook for the third quarter and full year of 2024. 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; inflationary pressures; wars and conflicts in
Use of Non-GAAP Financial Measures and Other Operating Metrics
To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with Generally Accepted Accounting Principles in
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.
We use these non-GAAP financial measures to evaluate our operating performance, generate future operating plans and make strategic decisions regarding the allocation of capital. 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.
For a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures, please see the tables captioned "Reconciliation of Non-GAAP Financial Measures" included at the end of this release. We encourage reviewing the reconciliation in conjunction with the presentation of the non-GAAP financial measures for each of the periods presented. In future periods, we may exclude similar items, may incur income and expenses similar to these excluded items and may include other expenses, costs and non-recurring items.
Definitions of our non-GAAP financial measures and other operating metrics are presented below.
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. 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.
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.
About
We were founded in 2003 by our co-CEOs,
Contacts:
Investors:
562.677.9513
IR@revolve.com
Media:
revolve@walkerdrawas.com
|
||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
||||||||||||||||
(Unaudited) |
||||||||||||||||
(In thousands, except per share data) |
||||||||||||||||
|
||||||||||||||||
|
|
Three Months Ended |
|
|
Six Months Ended |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Net sales |
|
$ |
282,456 |
|
|
$ |
273,729 |
|
|
$ |
553,037 |
|
|
$ |
553,338 |
|
Cost of sales |
|
|
129,850 |
|
|
|
126,031 |
|
|
|
258,929 |
|
|
|
266,420 |
|
Gross profit |
|
|
152,606 |
|
|
|
147,698 |
|
|
|
294,108 |
|
|
|
286,918 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Fulfillment |
|
|
9,272 |
|
|
|
9,401 |
|
|
|
18,665 |
|
|
|
18,472 |
|
Selling and distribution |
|
|
50,442 |
|
|
|
50,893 |
|
|
|
98,880 |
|
|
|
102,351 |
|
Marketing |
|
|
42,961 |
|
|
|
51,497 |
|
|
|
84,340 |
|
|
|
89,840 |
|
General and administrative |
|
|
33,496 |
|
|
|
28,552 |
|
|
|
66,460 |
|
|
|
56,644 |
|
Total operating expenses |
|
|
136,171 |
|
|
|
140,343 |
|
|
|
268,345 |
|
|
|
267,307 |
|
Income from operations |
|
|
16,435 |
|
|
|
7,355 |
|
|
|
25,763 |
|
|
|
19,611 |
|
Other income, net |
|
|
(4,271) |
|
|
|
(2,381) |
|
|
|
(9,592) |
|
|
|
(8,966) |
|
Income before income taxes |
|
|
20,706 |
|
|
|
9,736 |
|
|
|
35,355 |
|
|
|
28,577 |
|
Provision for income taxes |
|
|
5,329 |
|
|
|
2,433 |
|
|
|
9,105 |
|
|
|
7,102 |
|
Net income |
|
$ |
15,377 |
|
|
$ |
7,303 |
|
|
$ |
26,250 |
|
|
$ |
21,475 |
|
Earnings per share of Class A and Class B |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
$ |
0.22 |
|
|
$ |
0.10 |
|
|
$ |
0.37 |
|
|
$ |
0.29 |
|
Diluted |
|
$ |
0.21 |
|
|
$ |
0.10 |
|
|
$ |
0.37 |
|
|
$ |
0.29 |
|
Weighted average number of shares of Class A and |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
|
70,833 |
|
|
|
73,442 |
|
|
|
70,880 |
|
|
|
73,406 |
|
Diluted |
|
|
71,544 |
|
|
|
74,081 |
|
|
|
71,538 |
|
|
|
74,229 |
|
|
||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||||
(Unaudited) |
||||||||
(In thousands, except share and per share data) |
||||||||
|
||||||||
|
|
|
|
|
|
|
||
|
|
2024 |
|
|
2023 |
|
||
Assets |
|
|
|
|
|
|
||
Current assets: |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
244,737 |
|
|
$ |
245,449 |
|
Accounts receivable, net |
|
|
17,549 |
|
|
|
12,405 |
|
Inventory |
|
|
234,324 |
|
|
|
203,587 |
|
Income taxes receivable |
|
|
629 |
|
|
|
1,625 |
|
Prepaid expenses and other current assets |
|
|
74,985 |
|
|
|
65,523 |
|
Total current assets |
|
|
572,224 |
|
|
|
528,589 |
|
Property and equipment (net of accumulated depreciation of |
|
|
8,056 |
|
|
|
7,763 |
|
Right-of-use lease assets |
|
|
40,253 |
|
|
|
36,440 |
|
Intangible assets, net |
|
|
1,946 |
|
|
|
1,875 |
|
|
|
|
2,042 |
|
|
|
2,042 |
|
Other assets |
|
|
3,277 |
|
|
|
2,172 |
|
Deferred income taxes |
|
|
30,005 |
|
|
|
30,005 |
|
Total assets |
|
$ |
657,803 |
|
|
$ |
608,886 |
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
||
Current liabilities: |
|
|
|
|
|
|
||
Accounts payable |
|
$ |
62,813 |
|
|
$ |
47,821 |
|
Income taxes payable |
|
|
1,269 |
|
|
|
— |
|
Accrued expenses |
|
|
40,384 |
|
|
|
40,714 |
|
Returns reserve |
|
|
72,058 |
|
|
|
63,780 |
|
Current lease liabilities |
|
|
8,095 |
|
|
|
6,863 |
|
Other current liabilities |
|
|
30,988 |
|
|
|
30,442 |
|
Total current liabilities |
|
|
215,607 |
|
|
|
189,620 |
|
Non-current lease liabilities |
|
|
36,441 |
|
|
|
34,126 |
|
Total liabilities |
|
|
252,048 |
|
|
|
223,746 |
|
Stockholders' equity: |
|
|
|
|
|
|
||
Class A common stock, |
|
|
38 |
|
|
|
39 |
|
Class B common stock, |
|
|
33 |
|
|
|
33 |
|
Additional paid-in capital |
|
|
121,334 |
|
|
|
116,713 |
|
Retained earnings |
|
|
284,350 |
|
|
|
268,355 |
|
Total stockholders' equity |
|
|
405,755 |
|
|
|
385,140 |
|
Total liabilities and stockholders' equity |
|
$ |
657,803 |
|
|
$ |
608,886 |
|
|
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||
(Unaudited) |
||||||||
(In thousands) |
||||||||
|
||||||||
|
|
Six Months Ended |
|
|||||
|
|
2024 |
|
|
2023 |
|
||
Operating activities: |
|
|
|
|
|
|
||
Net income |
|
$ |
26,250 |
|
|
$ |
21,475 |
|
Adjustments to reconcile net income to net cash provided by operating |
|
|
|
|
|
|
||
Depreciation and amortization |
|
|
2,518 |
|
|
|
2,459 |
|
Rental product depreciation |
|
|
107 |
|
|
|
— |
|
Equity-based compensation |
|
|
4,653 |
|
|
|
3,001 |
|
Bargain purchase gain |
|
|
(1,883) |
|
|
|
— |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
||
Accounts receivable |
|
|
(5,144) |
|
|
|
(5,777) |
|
Inventories |
|
|
(27,988) |
|
|
|
9,911 |
|
Income taxes receivable |
|
|
996 |
|
|
|
(3,122) |
|
Prepaid expenses and other current assets |
|
|
(9,462) |
|
|
|
489 |
|
Other assets |
|
|
(275) |
|
|
|
(429) |
|
Accounts payable |
|
|
14,992 |
|
|
|
(4,782) |
|
Income taxes payable |
|
|
1,269 |
|
|
|
914 |
|
Accrued expenses |
|
|
(330) |
|
|
|
(2,286) |
|
Returns reserve |
|
|
8,278 |
|
|
|
2,969 |
|
Right-of-use lease assets and current and non-current |
|
|
(266) |
|
|
|
1,690 |
|
Other current liabilities |
|
|
7 |
|
|
|
8,220 |
|
Net cash provided by operating activities |
|
|
13,722 |
|
|
|
34,732 |
|
Investing activities: |
|
|
|
|
|
|
||
Purchases of property and equipment |
|
|
(2,782) |
|
|
|
(2,120) |
|
Purchases of rental product |
|
|
(937) |
|
|
|
— |
|
Cash paid for acquisition |
|
|
(427) |
|
|
|
— |
|
Net cash used in investing activities |
|
|
(4,146) |
|
|
|
(2,120) |
|
Financing activities: |
|
|
|
|
|
|
||
Proceeds from the exercise of stock options, net of |
|
|
(32) |
|
|
|
410 |
|
Repurchases of Class A common stock |
|
|
(10,018) |
|
|
|
— |
|
Net cash (used in) provided by financing activities |
|
|
(10,050) |
|
|
|
410 |
|
Effect of exchange rate changes on cash and cash equivalents |
|
|
(238) |
|
|
|
1,583 |
|
Net increase in cash and cash equivalents |
|
|
(712) |
|
|
|
34,605 |
|
Cash and cash equivalents, beginning of period |
|
|
245,449 |
|
|
|
234,724 |
|
Cash and cash equivalents, end of period |
|
$ |
244,737 |
|
|
$ |
269,329 |
|
Supplemental disclosure of cash flow information: |
|
|
|
|
|
|
||
Cash paid during the period for: |
|
|
|
|
|
|
||
Income taxes, net of refund |
|
$ |
6,867 |
|
|
$ |
9,221 |
|
Operating leases |
|
$ |
4,585 |
|
|
$ |
3,549 |
|
Supplemental disclosure of non-cash activities: |
|
|
|
|
|
|
||
Lease assets obtained in exchange for new operating lease liabilities |
|
$ |
7,180 |
|
|
$ |
20,452 |
|
|
||||||||||||||||
SEGMENT INFORMATION |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
||||||||||||||||
The following table summarizes our net sales and gross profit for each of our reportable segments (in thousands): |
||||||||||||||||
|
||||||||||||||||
|
|
Three Months Ended |
|
|
Six Months Ended |
|
||||||||||
Net sales |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
REVOLVE |
|
$ |
245,535 |
|
|
$ |
235,149 |
|
|
$ |
475,124 |
|
|
$ |
466,802 |
|
FWRD |
|
|
36,921 |
|
|
|
38,580 |
|
|
|
77,913 |
|
|
|
86,536 |
|
Total |
|
$ |
282,456 |
|
|
$ |
273,729 |
|
|
$ |
553,037 |
|
|
$ |
553,338 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Gross profit |
|
|
|
|
|
|
|
|
|
|
|
|
||||
REVOLVE |
|
$ |
137,895 |
|
|
$ |
131,235 |
|
|
$ |
265,567 |
|
|
$ |
251,471 |
|
FWRD |
|
|
14,711 |
|
|
|
16,463 |
|
|
|
28,541 |
|
|
|
35,447 |
|
Total |
|
$ |
152,606 |
|
|
$ |
147,698 |
|
|
$ |
294,108 |
|
|
$ |
286,918 |
|
The following table lists net sales by geographic area (in thousands): |
||||||||||||||||
|
||||||||||||||||
|
|
Three Months Ended |
|
|
Six Months Ended |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
|
|
$ |
225,057 |
|
|
$ |
222,860 |
|
|
$ |
444,190 |
|
|
$ |
449,576 |
|
Rest of the world |
|
|
57,399 |
|
|
|
50,869 |
|
|
|
108,847 |
|
|
|
103,762 |
|
Total |
|
$ |
282,456 |
|
|
$ |
273,729 |
|
|
$ |
553,037 |
|
|
$ |
553,338 |
|
|
||||||||||||||||
KEY OPERATING AND FINANCIAL METRICS |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
||||||||||||||||
|
|
Three Months Ended |
|
|
Six Months Ended |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
|
|
(in thousands, except average order value and percentages) |
|
|||||||||||||
Gross margin |
|
|
54.0 |
% |
|
|
54.0 |
% |
|
|
53.2 |
% |
|
|
51.9 |
% |
Adjusted EBITDA |
|
$ |
20,474 |
|
|
$ |
10,377 |
|
|
$ |
33,741 |
|
|
$ |
25,387 |
|
Free cash flow |
|
$ |
(26,653) |
|
|
$ |
(15,069) |
|
|
$ |
10,003 |
|
|
$ |
32,612 |
|
Active customers |
|
|
2,577 |
|
|
|
2,458 |
|
|
|
2,577 |
|
|
|
2,458 |
|
Total orders placed |
|
|
2,271 |
|
|
|
2,268 |
|
|
|
4,494 |
|
|
|
4,546 |
|
Average order value |
|
$ |
306 |
|
|
$ |
301 |
|
|
$ |
302 |
|
|
$ |
294 |
|
|
||||||||||||||||
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
||||||||||||||||
A reconciliation of non-GAAP Adjusted EBITDA to net income for the three and six months ended |
||||||||||||||||
|
||||||||||||||||
|
|
Three Months Ended |
Six Months Ended |
|
||||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
|
|
(in thousands) |
|
|||||||||||||
Net income |
|
$ |
15,377 |
|
|
$ |
7,303 |
|
|
$ |
26,250 |
|
|
$ |
21,475 |
|
Excluding: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Other income, net |
|
|
(4,271) |
|
|
|
(2,381) |
|
|
|
(9,592) |
|
|
|
(8,966) |
|
Provision for income taxes |
|
|
5,329 |
|
|
|
2,433 |
|
|
|
9,105 |
|
|
|
7,102 |
|
Depreciation and amortization |
|
|
1,175 |
|
|
|
1,241 |
|
|
|
2,518 |
|
|
|
2,459 |
|
Equity-based compensation |
|
|
2,094 |
|
|
|
1,723 |
|
|
|
4,653 |
|
|
|
3,001 |
|
Transaction costs |
|
|
325 |
|
|
|
— |
|
|
|
325 |
|
|
|
— |
|
Non-routine items(1) |
|
|
445 |
|
|
|
58 |
|
|
|
482 |
|
|
|
316 |
|
Adjusted EBITDA |
|
$ |
20,474 |
|
|
$ |
10,377 |
|
|
$ |
33,741 |
|
|
$ |
25,387 |
|
|
|
(1) |
Non-routine items in the three and six months ended |
A reconciliation of non-GAAP free cash flow to net cash provided by operating activities for the three and six months ended |
||||||||||||||||
|
||||||||||||||||
|
|
Three Months Ended |
|
|
Six Months Ended |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
|
|
(in thousands) |
|
|||||||||||||
Net cash (used in) provided by operating activities |
|
$ |
(24,669) |
|
|
$ |
(14,097) |
|
|
$ |
13,722 |
|
|
$ |
34,732 |
|
Purchases of property and equipment |
|
|
(1,047) |
|
|
|
(972) |
|
|
|
(2,782) |
|
|
|
(2,120) |
|
Purchases of rental product |
|
|
(937) |
|
|
|
— |
|
|
|
(937) |
|
|
|
— |
|
Free cash flow |
|
$ |
(26,653) |
|
|
$ |
(15,069) |
|
|
$ |
10,003 |
|
|
$ |
32,612 |
|
Net cash used in investing activities |
|
$ |
(2,411) |
|
|
$ |
(972) |
|
|
$ |
(4,146) |
|
|
$ |
(2,120) |
|
Net cash (used in) provided by financing activities |
|
$ |
(1,786) |
|
|
$ |
249 |
|
|
$ |
(10,050) |
|
|
$ |
410 |
|
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