Common-Size Balance Sheet: Assets
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RH, common-size consolidated balance sheet: assets
Based on: 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02), 10-K (reporting date: 2018-02-03).
- Cash and cash equivalents
- There is a noticeable increase in the proportion of cash and cash equivalents relative to total assets from 1.03% in 2018 to a peak of 39.31% in 2022, followed by a decrease to 28.4% in 2023. This indicates a significant accumulation of liquid assets in recent years, with a slight reduction in the last period.
- Restricted cash
- Restricted cash appeared only in 2023 at a low level of 0.07%, indicating a newly recognized or reported limited liquidity constraint.
- Accounts receivable, net
- The proportion of accounts receivable remained relatively stable around 1.8-2.2% from 2018 to 2021, then declined to just above 1% in 2022 and 2023, suggesting improving collection or a change in credit policies.
- Merchandise inventories
- Inventories saw a significant decline from 30.41% in 2018 to 13.25% in 2022 before a slight rebound to 15.1% in 2023. This trend indicates a reduction in investment in physical goods over time, potentially reflecting inventory management improvements or shifts in sales strategy.
- Capitalized catalog costs
- These costs consistently decreased from 2.55% to 0.4% by 2022, with a minor uptick to 0.5% in 2023, pointing to a reduction in capitalized marketing and catalog-related expenditures.
- Prepaid expenses and vendor deposits
- Prepaid expenses and vendor deposits represent small percentages with fluctuations—increases in prepaid expenses in recent years and stable to slightly decreasing vendor deposits indicate moderate changes in prepayments and supplier relations.
- Other current assets
- Other current assets and prepaid expenses showed variable trends, with a notable dip in 2022 and slight recovery in 2023, suggesting changing compositions of current asset components.
- Current assets overall
- The total current assets as a percentage of total assets increased significantly from around 37% in 2018-2019 to 55.8% in 2022, then decreased to 47.33% in 2023. This is aligned with the increases in cash and equivalents and may reflect a strategic focus on liquidity.
- Property and equipment, net
- There is a steady decline in property and equipment ratio from 46.21% in 2018 to a low of 22.16% in 2022, with some recovery to 30.81% in 2023, suggesting divestment or depreciation effects followed by some reinvestment or asset revaluation.
- Operating lease right-of-use assets
- Introduced in 2020 at 16.8%, these assets decreased to about 9.9% by 2023, reflecting changes in lease accounting or lease obligations diminution.
- Goodwill and intangible assets
- Goodwill and tradenames/trademarks steadily declined as a percentage of total assets from over 8% and 5.8% in 2018 down to below 3% and near 1.4% respectively in 2023, which may indicate impairment charges or disposals of intangible assets.
- Deferred tax assets
- Deferred tax assets fluctuated modestly but showed a substantial increase in 2023 to 3.15%, tripling from 1.03% in 2022, implying recognition of additional tax benefits or timing differences.
- Equity method investments and other long-term assets
- Equity method investments appeared from 2020 onwards, with a decline from 3.47% to around 1.9% by 2023, which may indicate partial disposals or valuation adjustments. Other long-term and non-current assets show a general decreasing trend as a percentage of total assets over the years.
- Landlord assets and direct costs
- Specified landlord assets under construction and initial direct costs prior to lease commencement increased temporarily around 2020-2021 before significant reductions by 2023, indicating a possible completion or write-down of construction projects.
- Non-current assets overall
- The proportion of non-current assets remained relatively stable around 62% until 2020-2021 where it increased to above 75% before sharply decreasing to 44.2% in 2022 and partially recovering to 52.67% in 2023. This matches the movements in property, equipment, and operating lease assets, reflecting asset base restructuring.
- Total assets composition
- Throughout the periods, total assets sum to 100%, confirming consistent proportional allocation among asset classes with notable shifts from fixed to current assets and changes in liquid resources dominance.