Balance Sheet: Assets

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

RH, consolidated balance sheet: assets

US$ in thousands

	Jan 28, 2023	Jan 29, 2022	Jan 30, 2021	Feb 1, 2020	Feb 2, 2019	Feb 3, 2018
Cash and cash equivalents	1,508,101)	2,177,889)	100,446)	47,658)	5,803)	17,907)
Restricted cash	3,662)	—)	—)	—)	—)	—)
Accounts receivable, net	59,763)	57,914)	59,474)	48,979)	40,224)	31,412)
Merchandise inventories	801,841)	734,289)	544,227)	438,696)	531,947)	527,026)
Capitalized catalog costs	26,522)	22,194)	19,067)	13,740)	16,178)	44,122)
Prepaid expenses	24,352)	31,502)	—)	—)	—)	—)
Vendor deposits	21,201)	19,610)	12,519)	11,258)	11,836)	9,701)
Federal and state tax receivable	12,322)	—)	—)	—)	—)	—)
Tenant allowance receivable	8,336)	15,355)	6,390)	—)	—)	—)
Value added tax (VAT) receivable	7,465)	4,529)	—)	—)	—)	—)
Right of return asset for merchandise	4,983)	6,429)	7,453)	5,746)	5,883)	—)
Interest income receivable	4,878)	—)	—)	—)	—)	—)
Promissory notes receivable, including interest	2,991)	8,401)	13,569)	—)	—)	—)
Insurance recovery receivable	—)	—)	—)	—)	50,000)	—)
Other current assets	26,247)	13,330)	38,339)	30,875)	20,822)	14,762)
Prepaid expense and other current assets	139,297)	121,350)	97,337)	61,619)	104,719)	68,585)
Current assets	2,512,664)	3,091,442)	801,484)	596,952)	682,693)	644,930)
Property and equipment, net	1,635,984)	1,227,920)	1,077,198)	967,599)	863,562)	800,698)
Operating lease right-of-use assets	527,246)	551,045)	456,164)	410,904)	—)	—)
Goodwill	141,048)	141,100)	141,100)	124,367)	124,379)	141,893)
Tradenames, trademarks and other intangible assets	74,633)	73,161)	71,663)	86,022)	86,022)	100,702)
Deferred tax assets	167,039)	56,843)	49,924)	45,005)	30,033)	23,311)
Equity method investments	101,468)	100,810)	100,603)	—)	—)	—)
Initial direct costs prior to lease commencement	51,249)	57,087)	36,770)	15,636)	—)	—)
Landlord assets under construction, net of tenant allowances	45,511)	204,013)	135,531)	122,679)	—)	—)
Capitalized cloud computing costs, net	21,529)	14,910)	7,254)	—)	—)	—)
Vendor deposits, non-current	10,593)	756)	—)	—)	—)	—)
Other deposits	7,143)	6,877)	5,287)	5,157)	5,068)	4,997)
Deferred financing fees	3,528)	4,123)	1,525)	2,602)	3,415)	4,446)
Deposits on asset under construction	—)	—)	—)	60,000)	—)	7,407)
Promissory note receivable, including interest	—)	—)	—)	5,354)	5,104)	—)
Other non-current assets	9,654)	10,383)	13,810)	3,417)	5,758)	4,482)
Other non-current assets	149,207)	298,149)	200,177)	214,845)	19,345)	21,332)
Non-current assets	2,796,625)	2,449,028)	2,096,829)	1,848,742)	1,123,341)	1,087,936)
Total assets	5,309,289)	5,540,470)	2,898,313)	2,445,694)	1,806,034)	1,732,866)

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: Cash and cash equivalents showed a significant increase reaching a peak in early 2022 followed by a decrease by early 2023. The value rose substantially from 17,907 thousand USD in 2018 to 2,177,889 thousand USD in 2022, before declining to 1,508,101 thousand USD in 2023.
Accounts Receivable, Net: Accounts receivable demonstrated a steady upward trend, increasing consistently each year from 31,412 thousand USD in 2018 to 59,763 thousand USD in 2023, indicating growing credit sales or extended payment terms.
Merchandise Inventories: Merchandise inventories fluctuated, with a decline in 2020 to 438,696 thousand USD from 531,947 thousand USD in 2019, followed by a recovery and strong increases to 801,841 thousand USD by 2023, implying increased stock levels possibly to meet rising demand.
Capitalized Catalog Costs: Capitalized catalog costs declined from 44,122 thousand USD in 2018 to a low of 13,740 thousand USD in 2020, then rose gradually to 26,522 thousand USD by 2023, showing varying investment in catalog-related assets across periods.
Vendor Deposits: Vendor deposits increased steadily from 9,701 thousand USD in 2018 to 21,201 thousand USD in 2023, reflecting possibly increased advance payments or contractual commitments with vendors.
Prepaid Expenses and Other Current Assets: Prepaid expense and other current assets showed an upward trend, growing significantly from 68,585 thousand USD in 2018 to 139,297 thousand USD in 2023. Other current assets were generally volatile but ended higher in 2023 compared to 2018, indicating increased prepayments and short-term assets.
Property and Equipment, Net: Property and equipment increased consistently over the period, with assets growing from 800,698 thousand USD in 2018 to 1,635,984 thousand USD in 2023, reflecting substantial investment in fixed assets and capital improvements.
Operating Lease Right-of-Use Assets: Starting reporting in 2020, operating lease right-of-use assets increased from 410,904 thousand USD to a peak of 551,045 thousand USD in 2022, slightly decreasing to 527,246 thousand USD in 2023, indicating leasing activities and related right-of-use asset capitalization.
Goodwill and Intangible Assets: Goodwill remained relatively stable around 140,000 thousand USD throughout the period. Tradenames, trademarks, and other intangible assets decreased from 100,702 thousand USD in 2018 to 74,633 thousand USD in 2023, suggesting amortization or impairment in intangible assets.
Deferred Tax Assets: Deferred tax assets showed strong growth overall, particularly notable in 2023 where the value increased sharply to 167,039 thousand USD from 56,843 thousand USD in 2022, indicating increased recognition of deferred tax benefits.
Equity Method Investments: Equity method investments appeared starting in 2021 at approximately 100,603 thousand USD, maintaining a slight increase to 101,468 thousand USD by 2023, reflecting stable holdings in associated companies or joint ventures.
Other Non-Current Assets: Other non-current assets displayed considerable fluctuations. One component rose dramatically to 214,845 thousand USD in 2020 but declined afterwards, ending at 149,207 thousand USD in 2023. The overall non-current assets increased steadily from about 1,087,936 thousand USD in 2018 to 2,796,625 thousand USD in 2023, reflecting overall growth in long-term asset base.
Total Assets: Total assets grew impressively over the period, more than tripling from 1,732,866 thousand USD in 2018 to a peak of 5,540,470 thousand USD in 2022, before a modest decline to 5,309,289 thousand USD in 2023, driven primarily by growth in current assets and property, plant, and equipment.

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RH (NYSE:RH)

Balance Sheet: Assets

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Current Assets: Selected Items