Analysis of Reportable Segments
RH operates in 2 segments: RH Segment and Waterworks.
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- Cash Flow Statement
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Dividend Discount Model (DDM)
- Current Ratio since 2013
- Total Asset Turnover since 2013
- Price to Book Value (P/BV) since 2013
- Analysis of Revenues
- Analysis of Debt
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Segment Profit Margin
RH, profit margin by reportable segment
| Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | Feb 1, 2020 | Feb 2, 2019 | Feb 3, 2018 | |
|---|---|---|---|---|---|---|
| RH Segment | ||||||
| Waterworks |
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).
- RH Segment Profit Margin Trend
- The profit margin for the primary segment showed a consistent upward trajectory from 7.48% in early 2018 to a peak of 26.29% in the fiscal year ending January 29, 2022. This represents a substantial improvement over five years, nearly quadrupling the initial margin. However, in the most recent period ending January 28, 2023, there was a noticeable decline to 22.41%, though the margin remained significantly higher than the early years.
- Waterworks Segment Profit Margin Trend
- The Waterworks segment began with negative margins, -1.75% in 2018 and -0.89% in 2019, indicating losses during these periods. The segment shifted into positive territory starting in 2020, recording 2.84%, followed by modest growth to 3.37% in 2021. The improvement accelerated significantly in subsequent years, with profit margins rising sharply to 10.76% in 2022 and further to 14.74% in 2023.
- Comparative Insights
- While both segments demonstrated positive growth over the analyzed periods, the RH Segment consistently maintained higher profit margins compared to the Waterworks segment until the latter years. The RH Segment’s margin growth plateaued and slightly retreated in the latest year, whereas Waterworks showed a robust and accelerating improvement, narrowing the margin gap. The Waterworks segment's transition from loss to notable profitability reflects a positive turnaround, signaling operational enhancements or market conditions favorable to this segment.
Segment Profit Margin: RH Segment
RH; RH Segment; segment profit margin calculation
| Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | Feb 1, 2020 | Feb 2, 2019 | Feb 3, 2018 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Operating income | ||||||
| Net revenues | ||||||
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | ||||||
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).
1 2023 Calculation
Segment profit margin = 100 × Operating income ÷ Net revenues
= 100 × ÷ =
The financial performance of the RH Segment over the six-year period demonstrates significant growth in both net revenues and operating income, alongside notable fluctuations in segment profit margin.
- Net Revenues
- Net revenues increased steadily from approximately $2.32 billion in February 2018 to $3.60 billion by January 2022, reflecting consistent top-line growth. However, there was a slight decline in the most recent year, with revenues dropping to around $3.40 billion as of January 2023. Despite this recent decrease, the overall trend across the period remains positive.
- Operating Income
- Operating income exhibited a marked upward trend from $173 million in 2018 to a peak of approximately $945 million in 2022, more than quintupling over the observed period. In 2023, operating income declined to about $761 million, indicating some contraction after the peak year. This decrease corresponds with the drop in net revenues, suggesting possible pressures on profitability or increased costs.
- Segment Profit Margin
- The segment profit margin enhanced substantially during the early years, rising from 7.48% in 2018 to a high of 26.29% in 2022, indicating improved operational efficiency and profitability. However, the margin receded to 22.41% in 2023, aligning with the reductions in both operating income and revenue. Despite this decrease, the margin remains significantly higher than the levels observed in the initial years, reflecting overall improved profitability over time.
In summary, the segment experienced strong revenue growth and improved profitability through the first five years, reaching peak operating income and profit margins in 2022. The subsequent year shows a decline in these metrics, which may warrant further investigation into factors such as market conditions, cost structure, or strategic initiatives affecting performance. The overall trends suggest effective revenue expansion and enhanced profitability with some recent challenges impacting the segment's earnings.
Segment Profit Margin: Waterworks
RH; Waterworks; segment profit margin calculation
| Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | Feb 1, 2020 | Feb 2, 2019 | Feb 3, 2018 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Operating income | ||||||
| Net revenues | ||||||
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | ||||||
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).
1 2023 Calculation
Segment profit margin = 100 × Operating income ÷ Net revenues
= 100 × ÷ =
- Net Revenues
- Net revenues demonstrate an overall upward trend over the reported periods, increasing from US$120,842 thousand in 2018 to US$191,839 thousand in 2023. There was a slight decline noted in 2021 to US$119,204 thousand, followed by a significant recovery and growth in the subsequent years.
- Operating Income
- Operating income shows a marked improvement over time. Initially negative at US$ -2,116 thousand in 2018 and US$ -1,155 thousand in 2019, it turned positive starting in 2020 with US$3,780 thousand and continued to increase to US$28,282 thousand by 2023. This turnaround indicates a substantial enhancement in operational profitability.
- Segment Profit Margin
- The segment profit margin follows a similar pattern to operating income, starting negative at -1.75% in 2018 and progressively improving to 14.74% by 2023. The margin became positive in 2020 and grew significantly in the years following, reflecting improved cost management or increased pricing power within the segment.
In summary, the segment exhibited a robust recovery and growth trajectory throughout the periods. Despite lower revenue and negative margins in the earlier years, the segment achieved strong revenue growth, profitability improvements, and increasing profit margins from 2020 onwards. This trend suggests effective strategic initiatives and operational efficiencies implemented in recent years.
Segment Return on Assets (Segment ROA)
RH, ROA by reportable segment
| Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | Feb 1, 2020 | Feb 2, 2019 | Feb 3, 2018 | |
|---|---|---|---|---|---|---|
| RH Segment | ||||||
| Waterworks |
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).
The return on assets (ROA) data for the relevant segments exhibit distinct trends over the observed six-year period.
- RH Segment
-
The RH segment demonstrates an overall positive ROA throughout the period, beginning at 10.78% in early 2018 and experiencing fluctuations thereafter. It saw a notable increase in 2019, reaching 17.93%, then a slight decline in 2020 to 16.31%. In 2021, the segment’s ROA peaked significantly at 23.18%, indicating a strong performance year. However, subsequent years show a declining trend, with ROA dropping to 17.96% in 2022 and further down to 15.37% in 2023. Despite this recent decline, the values remain above the initial 2018 figure, suggesting sustained profitability but with diminishing returns in the last two recorded years.
- Waterworks Segment
-
The Waterworks segment displays a markedly different trajectory with ROA starting in negative territory at -1.7% in 2018 and slightly improving to -1.17% in 2019. The segment transitioned to positive returns in 2020, registering 2.63%, and continued to improve modestly to 2.92% in 2021. From this point, the Waterworks segment shows a pronounced upward trend, with ROA increasing to 9.86% in 2022 and reaching 13.02% in 2023. This indicates a significant turnaround and growing efficiency or profitability in this segment over the period.
In summary, the RH segment maintains a consistently positive but somewhat volatile ROA, with a peak in 2021 followed by a decline in subsequent years. Conversely, the Waterworks segment moves from negative returns to solid positive growth, highlighting an improving performance trajectory and strengthening asset utilization within this segment.
Segment ROA: RH Segment
RH; RH Segment; segment ROA calculation
| Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | Feb 1, 2020 | Feb 2, 2019 | Feb 3, 2018 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Operating income | ||||||
| Total assets | ||||||
| Segment Profitability Ratio | ||||||
| Segment ROA1 | ||||||
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).
1 2023 Calculation
Segment ROA = 100 × Operating income ÷ Total assets
= 100 × ÷ =
- Operating Income
- Operating income demonstrated a consistent upward trend from 2018 to 2022, increasing from approximately $173 million to nearly $945 million. However, in 2023, there was a notable decrease, with operating income falling to approximately $761 million. Despite this decline in the final year, the overall trajectory over the six-year period was significantly positive, indicating growth in segment profitability until the recent contraction.
- Total Assets
- Total assets showed a steady increase from about $1.6 billion in 2018 to $5.26 billion by early 2022. In 2023, assets slightly decreased to $4.95 billion, marking a minor contraction after a period of strong asset base expansion. The significant asset growth up to 2022 suggests substantial capital investments or acquisitions, while the slight reduction in 2023 may reflect asset disposals or revaluations.
- Segment Return on Assets (ROA)
- Segment ROA improved from 10.78% in 2018 to peak at 23.18% in 2021, reflecting increasing efficiency and profitability in asset utilization. However, after this peak, ROA declined to 17.96% in 2022, and further decreased to 15.37% in 2023, indicating a reduction in returns generated from the asset base despite the high absolute operating income. The decline after 2021 suggests either rising asset levels not fully matched by income growth, or increased costs affecting profitability.
Segment ROA: Waterworks
RH; Waterworks; segment ROA calculation
| Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | Feb 1, 2020 | Feb 2, 2019 | Feb 3, 2018 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Operating income | ||||||
| Total assets | ||||||
| Segment Profitability Ratio | ||||||
| Segment ROA1 | ||||||
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).
1 2023 Calculation
Segment ROA = 100 × Operating income ÷ Total assets
= 100 × ÷ =
The financial data for the Waterworks segment over the six-year period reveals significant positive trends in operating income, total assets, and segment return on assets (ROA).
- Operating Income
- Operating income exhibited a marked improvement from a negative position of -2,116 thousand US dollars in 2018 to a positive figure of 28,282 thousand US dollars by 2023. The segment transitioned from losses in the first two years to positive operating results starting in 2020, with steady increases each subsequent year. This trend indicates a strengthening operational performance and improved profitability over the period.
- Total Assets
- Total assets demonstrated an overall upward trajectory, increasing from 124,576 thousand US dollars in 2018 to 217,228 thousand US dollars in 2023. Although there was a decrease noted in 2019, subsequent years showed consistent growth. This expansion suggests continued investment or asset acquisition supporting the growth of the segment.
- Segment ROA
- The segment ROA moved from negative values (-1.7% in 2018 and -1.17% in 2019) to positive and increasing returns starting in 2020. It improved steadily to reach 13.02% in 2023, reflecting enhanced efficiency in asset utilization to generate operating income. The upward trend in ROA corresponds closely with the increases in operating income and asset base.
Overall, the data demonstrates a clear progression from operational losses to profitability, supported by asset growth and improved asset efficiency. The Waterworks segment's performance indicates successful strategic or operational changes contributing to sustained financial improvement over the six-year period.
Segment Asset Turnover
RH, asset turnover by reportable segment
| Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | Feb 1, 2020 | Feb 2, 2019 | Feb 3, 2018 | |
|---|---|---|---|---|---|---|
| RH Segment | ||||||
| Waterworks |
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).
- RH Segment Asset Turnover
-
The asset turnover ratio for the RH segment shows a clear downward trend over the six-year period. Starting at 1.44 in 2018, there is a gradual decline to 1.39 in 2019, followed by a more pronounced decrease to 1.09 in 2020 and 1.03 in 2021. The most significant drop occurs between 2021 and 2022, where the ratio falls sharply to 0.68 and remains nearly stable at 0.69 in 2023. This suggests that the RH segment has experienced a consistent reduction in its efficiency in generating revenue from its assets over the years, with a particularly notable decline in the last two years.
- Waterworks Asset Turnover
-
The Waterworks segment displays more fluctuation in its asset turnover ratio but without a clear long-term upward or downward trend. Initially, the ratio increases from 0.97 in 2018 to 1.32 in 2019, indicating an improvement in asset utilization. However, this is followed by a decline to 0.93 in 2020 and further decreases to 0.87 in 2021. There is a slight recovery to 0.92 in 2022, but it decreases again to 0.88 in 2023. Overall, the Waterworks segment shows variability in asset turnover with modest declines in recent years, suggesting challenges in maintaining consistent asset efficiency.
- Comparative Insights
-
Comparing the two segments, the RH segment consistently exhibits higher asset turnover ratios than the Waterworks segment throughout the observed periods, albeit with a marked declining trend. Conversely, the Waterworks segment ratios are generally lower and show more volatility. The significant reduction in the RH segment's asset turnover ratio in the last two years contrasts with the relatively stable but lower ratios seen in Waterworks, indicating differing dynamics or operational challenges affecting each segment’s asset utilization.
Segment Asset Turnover: RH Segment
RH; RH Segment; segment asset turnover calculation
| Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | Feb 1, 2020 | Feb 2, 2019 | Feb 3, 2018 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Net revenues | ||||||
| Total assets | ||||||
| Segment Activity Ratio | ||||||
| Segment asset turnover1 | ||||||
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).
1 2023 Calculation
Segment asset turnover = Net revenues ÷ Total assets
= ÷ =
- Net Revenues
- Net revenues demonstrated a general upward trend from February 3, 2018, through January 29, 2022, increasing from approximately 2.32 billion to 3.59 billion US dollars. This reflects a strong growth trajectory over the four-year period. However, in the most recent period ending January 28, 2023, net revenues declined to about 3.40 billion US dollars, indicating a reversal after several years of growth.
- Total Assets
- Total assets increased substantially over the timeframe analyzed. Starting at approximately 1.61 billion US dollars in February 2018, assets rose steadily each year, reaching a peak of about 5.26 billion US dollars in January 29, 2022. This represents more than a threefold increase in total assets over four years. In the most recent year, total assets decreased moderately to around 4.95 billion US dollars, but remained significantly elevated compared to the earlier years.
- Segment Asset Turnover
- The segment asset turnover ratio exhibited a consistent declining trend throughout the periods under review. It started at 1.44 in February 2018 and decreased steadily each year, down to 0.68 in January 29, 2022. There was a slight improvement in the most recent period, with the ratio increasing marginally to 0.69 as of January 28, 2023. This declining ratio over the years suggests diminishing efficiency in generating revenues from the asset base despite the substantial growth in assets.
- Overall Observations
- The segment experienced strong revenue growth accompanied by significant asset expansion until 2022, after which both revenues and assets declined slightly. Meanwhile, the steadily decreasing asset turnover ratio implies that the added assets have not translated proportionately into increased revenues, potentially pointing to lower operational efficiency or shifts in business strategy involving more capital-intensive assets. The slight recent improvement in asset turnover may indicate initial signs of stabilization or efficiency gains, although overall asset utilization remains substantially weaker compared to earlier years.
Segment Asset Turnover: Waterworks
RH; Waterworks; segment asset turnover calculation
| Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | Feb 1, 2020 | Feb 2, 2019 | Feb 3, 2018 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Net revenues | ||||||
| Total assets | ||||||
| Segment Activity Ratio | ||||||
| Segment asset turnover1 | ||||||
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).
1 2023 Calculation
Segment asset turnover = Net revenues ÷ Total assets
= ÷ =
- Net Revenues
- Net revenues displayed a general upward trend over the six-year period, increasing from 120,842 thousand US dollars in February 2018 to 191,839 thousand US dollars in January 2023. There was growth from 2018 through 2020, followed by a decline in 2021. Subsequently, a significant recovery occurred in 2022, continuing with a further increase in 2023, reflecting improved sales or service income in the segment.
- Total Assets
- Total assets exhibited fluctuations across the periods. There was a notable decrease in 2019 compared to 2018, followed by an increase in 2020. Total assets remained relatively stable in 2021, then showed marked growth in 2022 and 2023, reaching 217,228 thousand US dollars. This trend indicates investment or asset accumulation in the latter years of the analysis timeframe.
- Segment Asset Turnover
- The segment asset turnover ratio, which measures efficiency in using assets to generate revenues, showed variability without a clear long-term trend. It peaked in 2019 at 1.32, indicating more effective utilization of assets that year. However, the ratio declined afterwards, settling below 1.0 from 2020 onwards, with slight fluctuations between 0.87 and 0.92 through 2023. This suggests decreasing efficiency in asset usage despite growth in assets and revenues.
Operating income
RH, operating income by reportable segment
US$ in thousands
| Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | Feb 1, 2020 | Feb 2, 2019 | Feb 3, 2018 | |
|---|---|---|---|---|---|---|
| RH Segment | ||||||
| Waterworks | ||||||
| Total |
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).
- Overall Segment Operating Income Trend
- The segment operating income demonstrated a significant upward trajectory from 2018 to 2022, increasing steadily from $173.4 million to $944.9 million. This reflects a robust growth pattern over the five-year period. However, in the most recent year, 2023, there is a noticeable decline to $761.5 million, representing a decrease from the prior year’s peak.
- Waterworks Segment Operating Income Trend
- The Waterworks segment showed a marked improvement over the period analyzed. Starting with negative operating income in 2018 and 2019, specifically losses of $2.1 million and $1.2 million respectively, the segment turned profitable in 2020 with $3.8 million in operating income. From that point forward, the segment experienced continuous growth, reaching $28.3 million in 2023. This indicates a positive operational turnaround and growing contribution to the overall segment income.
- Total Operating Income
- The total operating income closely mirrors the RH segment's operating income trend with figures rising from $171.3 million in 2018 to a peak of $962.6 million in 2022 before declining to $789.8 million in 2023. The total line consolidates the contributions of both RH and Waterworks, suggesting that while Waterworks improved, the overall decrease in 2023 may be driven by other components within the RH segment.
- Insights and Observations
- The data reflects strong growth in operating income up to 2022, indicative of successful expansion or enhanced profitability across segments. The subsequent decline in 2023 suggests potential challenges or market contractions affecting performance. Conversely, the Waterworks segment’s progress from losses to positive and growing income highlights effective operational improvements or strategic initiatives in that area. Monitoring the components impacting the RH segment's downturn in 2023 will be crucial to understanding overall financial health.
Net revenues
RH, net revenues by reportable segment
US$ in thousands
| Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | Feb 1, 2020 | Feb 2, 2019 | Feb 3, 2018 | |
|---|---|---|---|---|---|---|
| RH Segment | ||||||
| Waterworks | ||||||
| Total |
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).
The net revenues data reveals several notable trends over the analyzed periods.
- RH Segment Revenues
- The RH segment demonstrates a consistent upward trajectory from February 3, 2018, through January 29, 2022, with revenues increasing from approximately 2,319 million USD to 3,594 million USD. However, in the latest period ending January 28, 2023, there is a decline to approximately 3,399 million USD, indicating a decrease of about 5.5% compared to the previous year.
- Waterworks Segment Revenues
- The Waterworks segment shows a fluctuating but overall positive trend. Starting at approximately 121 million USD in early 2018, it increases steadily with a minor dip in the period ending January 30, 2021, before rising notably to approximately 192 million USD by January 28, 2023. This represents a strong growth overall, particularly between 2021 and 2023.
- Total Revenues
- Total net revenues across all segments follow a pattern similar to the RH segment, increasing consistently from about 2,440 million USD in early 2018 to a peak of roughly 3,759 million USD by January 29, 2022. There is a subsequent decrease to approximately 3,590 million USD in the final period, mirroring the decline observed in the RH segment.
In summary, the data illustrates steady growth in main segment revenues over five years, with a peak reached in early 2022 followed by a modest contraction in the most recent year. The Waterworks segment exhibited continued robust growth, contrasting with the slight downturn in overall and RH segment revenues during the last period.
Total assets
RH, total assets by reportable segment
US$ in thousands
| Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | Feb 1, 2020 | Feb 2, 2019 | Feb 3, 2018 | |
|---|---|---|---|---|---|---|
| RH Segment | ||||||
| Waterworks | ||||||
| Real Estate | ||||||
| Total |
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).
The data reveals significant trends in the total assets reported across different segments over the six-year period. Overall, total assets have shown a pronounced upward trajectory, with values increasing from approximately $1.73 billion in early 2018 to a peak of around $5.54 billion in early 2022, followed by a slight decline to about $5.31 billion in early 2023.
Focusing on the primary segment labeled as the "RH Segment," there is a clear growth pattern from $1.61 billion in 2018 to $2.66 billion in 2021. A sharp increase occurs between 2021 and 2022, with assets nearly doubling to over $5.26 billion. However, this is followed by a slight reduction to approximately $4.95 billion in 2023, suggesting some level of asset reallocation or divestiture.
The "Waterworks" segment consistently shows asset growth as well, albeit at a more moderate scale compared to the RH Segment. Starting at roughly $125 million in 2018, the segment experienced a dip in 2019, falling below $100 million. Subsequently, it rebounds steadily each year, reaching over $217 million by early 2023. This trend signals recovery and expansion within this segment.
Data for the "Real Estate" segment begins in 2021, displaying initial assets of approximately $100.6 million. Growth is modest but steady, with assets increasing to about $138.5 million by 2023. Though smaller in scale, this upward trend suggests ongoing investment or development activities in this segment.
In summary, the total assets across all segments demonstrate robust expansion over the observed period, driven mainly by dramatic growth in the RH Segment and consistent increases in both Waterworks and Real Estate segments. The slight dip in total assets and the primary segment's value in 2023 could indicate strategic adjustments but do not substantially disrupt the overall long-term upward trend in asset holdings.