Stock Analysis on Net
Stock Analysis on Net

RH (NYSE:RH)

This company has been moved to the archive! The financial data has not been updated since May 26, 2023.

Common-Size Balance Sheet: Assets 

RH, common-size consolidated balance sheet: assets

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Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020 Feb 2, 2019 Feb 3, 2018
Cash and cash equivalents 28.40 39.31 3.47 1.95 0.32 1.03
Restricted cash 0.07 0.00 0.00 0.00 0.00 0.00
Accounts receivable, net 1.13 1.05 2.05 2.00 2.23 1.81
Merchandise inventories 15.10 13.25 18.78 17.94 29.45 30.41
Capitalized catalog costs 0.50 0.40 0.66 0.56 0.90 2.55
Prepaid expenses 0.46 0.57 0.00 0.00 0.00 0.00
Vendor deposits 0.40 0.35 0.43 0.46 0.66 0.56
Federal and state tax receivable 0.23 0.00 0.00 0.00 0.00 0.00
Tenant allowance receivable 0.16 0.28 0.22 0.00 0.00 0.00
Value added tax (VAT) receivable 0.14 0.08 0.00 0.00 0.00 0.00
Right of return asset for merchandise 0.09 0.12 0.26 0.23 0.33 0.00
Interest income receivable 0.09 0.00 0.00 0.00 0.00 0.00
Promissory notes receivable, including interest 0.06 0.15 0.47 0.00 0.00 0.00
Insurance recovery receivable 0.00 0.00 0.00 0.00 2.77 0.00
Other current assets 0.49 0.24 1.32 1.26 1.15 0.85
Prepaid expense and other current assets 2.62% 2.19% 3.36% 2.52% 5.80% 3.96%
Current assets 47.33% 55.80% 27.65% 24.41% 37.80% 37.22%
Property and equipment, net 30.81 22.16 37.17 39.56 47.82 46.21
Operating lease right-of-use assets 9.93 9.95 15.74 16.80 0.00 0.00
Goodwill 2.66 2.55 4.87 5.09 6.89 8.19
Tradenames, trademarks and other intangible assets 1.41 1.32 2.47 3.52 4.76 5.81
Deferred tax assets 3.15 1.03 1.72 1.84 1.66 1.35
Equity method investments 1.91 1.82 3.47 0.00 0.00 0.00
Initial direct costs prior to lease commencement 0.97 1.03 1.27 0.64 0.00 0.00
Landlord assets under construction, net of tenant allowances 0.86 3.68 4.68 5.02 0.00 0.00
Capitalized cloud computing costs, net 0.41 0.27 0.25 0.00 0.00 0.00
Vendor deposits, non-current 0.20 0.01 0.00 0.00 0.00 0.00
Other deposits 0.13 0.12 0.18 0.21 0.28 0.29
Deferred financing fees 0.07 0.07 0.05 0.11 0.19 0.26
Deposits on asset under construction 0.00 0.00 0.00 2.45 0.00 0.43
Promissory note receivable, including interest 0.00 0.00 0.00 0.22 0.28 0.00
Other non-current assets 0.18 0.19 0.48 0.14 0.32 0.26
Other non-current assets 2.81% 5.38% 6.91% 8.78% 1.07% 1.23%
Non-current assets 52.67% 44.20% 72.35% 75.59% 62.20% 62.78%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

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.