Name: RH (NYSE:RH) | Balance Sheet: Assets
Creator: Stock Analysis on Net

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.

Assets: Selected Items

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Current Assets: Selected Items

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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).

Total assets experienced significant growth over the analyzed period, increasing from US$1.73 billion in February 2018 to US$5.31 billion in January 2023. The trajectory was characterized by steady growth until 2021, a substantial surge in 2022 reaching a peak of US$5.54 billion, and a slight contraction in the final year.

Liquidity and Cash Management: Cash and cash equivalents showed an extraordinary increase between January 2021 and January 2022, rising from US$100.4 million to US$2.18 billion. Although this balance moderated to US$1.51 billion by January 2023, the liquidity position remains exponentially higher than the levels maintained between 2018 and 2020.
Working Capital and Inventory: Merchandise inventories trended upward, growing from US$527 million in 2018 to US$801.8 million in 2023. This growth in inventory is mirrored by a steady increase in net accounts receivable, which rose from US$31.4 million to US$59.8 million over the same period, suggesting an expansion in sales volume and operational scale.
Fixed Assets and Infrastructure: Property and equipment, net, exhibited consistent year-over-year growth, increasing from US$800.7 million in 2018 to US$1.64 billion in 2023. The balance sheet also reflected the adoption of operating lease right-of-use assets starting in 2020, which peaked at US$551 million in 2022 before settling at US$527.2 million in 2023.
Non-Current Asset Volatility: Deferred tax assets saw a sharp increase in the final year, rising from US$56.8 million in 2022 to US$167 million in 2023. Conversely, landlord assets under construction, net of tenant allowances, decreased significantly in 2023 to US$45.5 million after reaching a high of US$204 million in 2022, indicating the completion or reclassification of several projects.

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