Stock Analysis on Net

RH (NYSE:RH)

$22.49

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

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity

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RH, common-size consolidated balance sheet: liabilities and stockholders’ equity

Microsoft Excel
Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020 Feb 2, 2019 Feb 3, 2018
Accounts payable
Accrued compensation
Accrued occupancy
Accrued sales taxes
Accrued freight and duty
Accrued interest
Accrued legal reserves
Accrued professional fees
Accrued catalog costs
Other accrued expenses
Deferred consideration for asset purchase
Accounts payable and accrued expenses
Deferred revenue and customer deposits
Convertible senior notes due 2024, net
Convertible senior notes due 2023, net
Convertible senior notes due 2020, net
Convertible senior notes due 2019, net
Current operating lease liabilities
Unredeemed gift card and merchandise credit liability
Current portion of term loans
Allowance for sales returns
Current finance lease liabilities
Foreign tax payable
Current portion of equipment promissory notes
Federal and state tax payable
Promissory notes on asset under construction
Provision for legal settlement
Other current liabilities
Other current liabilities
Current liabilities
Asset based credit facility
Term loan B, net
Term loan B-2, net
Term loan, net
Real estate loans
Convertible senior notes due 2024, net
Convertible senior notes due 2023, net
Convertible senior notes due 2020, net
Convertible senior notes due 2019, net
Non-current operating lease liabilities
Non-current finance lease liabilities
Deferred tax liabilities
Financing obligations under build-to-suit lease transactions
Deferred rent and lease incentives
Unrecognized tax benefits
Non-current portion of equipment promissory notes, net
Other non-current obligations
Deferred payroll taxes
Other non-current obligations
Non-current liabilities
Total liabilities
Preferred stock, $0.0001 par value per share, no shares issued or outstanding
Common stock, $0.0001 par value per share
Additional paid-in capital
Accumulated other comprehensive income (loss)
Retained earnings (accumulated deficit)
Treasury stock, at cost
Stockholders’ equity (deficit)
Total liabilities and stockholders’ equity (deficit)

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).


Accounts Payable and Accrued Expenses
There is a marked decline in accounts payable as a percentage of total liabilities and stockholders’ equity, decreasing steadily from 11.27% in 2018 to 3.13% in 2023. Similarly, accrued compensation fluctuates but shows a downward trend from 2.74% to 1.44%. Other accrued expenses see a general decline with some variability, ending lower at 0.59%. Overall, accounts payable and accrued expenses combined reduced significantly from 18.4% in 2018 to 7.06% in 2023, indicating improved management of short-term liabilities or a relative shift in capital structure.
Current Liabilities
Current liabilities as a whole experienced a substantial reduction from 29.97% in 2018 to 16.69% in 2023. This reflects a meaningful decrease in short-term obligations relative to total liabilities and equity, suggesting a possible restructuring of liabilities towards longer maturities or lower current liabilities burden.
Convertible Senior Notes
Convertible senior notes show varied maturity profiles with shifts in proportions. Notes due in 2019 and 2020 were material in earlier years but disappear after 2020, reflecting repayment or refinancing. Notes due 2023 and 2024 initially increase in proportion but decline sharply by 2023, suggesting active debt management or conversion events. The overall trend shows a decline in reliance on this form of debt in the latest periods.
Term Loans
Term loans were non-existent in early years but constitute a significant portion of liabilities in 2022 and 2023, rising to over 36%. This indicates increased reliance on term loans likely replacing maturing debt instruments or funding strategic initiatives.
Leases and Financing Obligations
Operating and finance lease liabilities exhibit higher proportions in the middle years (2020-2021), followed by reductions by 2023. Non-current lease obligations notably decrease from approximately 17% in 2020 to under 10% in 2023, evidencing either lease terminations, expirations, or changes in accounting treatment. Financing obligations related to build-to-suit leases diminished after 2019, suggesting asset purchases or lease conversions.
Deferred and Other Liabilities
Deferred revenue and customer deposits are moderately volatile but generally trend downward from 8.62% in 2018 to 6.14% in 2023. Unrecognized tax benefits steadily decrease, while deferred payroll taxes appear transient. Other current and non-current liabilities decrease over time, indicating a reduction in miscellaneous obligations.
Stockholders’ Equity
Stockholders’ equity as a percentage of total liabilities and equity improves notably from a slight deficit in 2018 (-0.42%) and 2019 (-1.27%) to a positive level of 14.78% in 2023. Retained earnings display a significant turnaround: a large deficit in 2019 (-20.86%) improves to a positive 10.17% by 2023, reflecting recovery in profitability or capital injections. Additional paid-in capital, however, declines consistently from nearly 50% in 2018 to below 5% in 2023, possibly reflecting share repurchases or amortization effects on equity accounts. Treasury stock was significant in 2018 but is not reported in later years.
Total Liabilities and Equity
Total liabilities as a portion of total financing remain relatively stable but exhibit a dip in 2021 and 2022 (under 80%), rebounding to 85.22% in 2023. The increase in equity proportion coincides with the dip in total liabilities, indicating a rebalancing of the capital structure toward greater equity representation during the period 2021-2023.