RH (NYSE:RH)

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Segment Profit Margin: RH Segment

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; 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	761,544)	944,881)	616,523)	375,315)	306,068)	173,414)
Net revenues	3,398,638)	3,593,842)	2,729,422)	2,514,296)	2,375,472)	2,319,332)
Segment Profitability Ratio
Segment profit margin¹	22.41%	26.29%	22.59%	14.93%	12.88%	7.48%

¹ 2023 Calculation
Segment profit margin = 100 × Operating income ÷ Net revenues
= 100 × 761,544 ÷ 3,398,638 = 22.41%

The RH segment demonstrated a consistent upward trajectory in financial performance from 2018 through 2022, characterized by significant margin expansion and growth in operating income. However, this trend reversed in 2023, with a decline observed across all key performance indicators.

Net Revenue Trends: Net revenues exhibited a steady increase from 2,319,332 thousand US dollars in 2018 to a peak of 3,593,842 thousand US dollars in 2022. This growth phase was followed by a moderate contraction to 3,398,638 thousand US dollars in 2023.
Operating Income Performance: Operating income showed substantial growth, rising from 173,414 thousand US dollars in 2018 to 944,881 thousand US dollars in 2022. The rate of increase in operating income significantly outpaced the growth in net revenues, indicating a period of improved operational leverage. This figure subsequently decreased to 761,544 thousand US dollars in 2023.
Segment Profit Margin Analysis: The segment profit margin underwent an aggressive expansion, increasing from 7.48% in 2018 to a peak of 26.29% in 2022. This represents a significant improvement in the segment's ability to convert revenue into operating profit over a five-year period. In 2023, the profit margin contracted to 22.41%, aligning with the observed decline in both revenue and operating income.

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Segment Profit Margin: 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; 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	28,282)	17,747)	4,019)	3,780)	(1,155)	(2,116)
Net revenues	191,839)	164,978)	119,204)	133,141)	130,181)	120,842)
Segment Profitability Ratio
Segment profit margin¹	14.74%	10.76%	3.37%	2.84%	-0.89%	-1.75%

¹ 2023 Calculation
Segment profit margin = 100 × Operating income ÷ Net revenues
= 100 × 28,282 ÷ 191,839 = 14.74%

The Waterworks segment has demonstrated a significant financial turnaround and subsequent acceleration in profitability over the six-year period ending January 28, 2023. The segment transitioned from a period of operating losses to a state of strong, expanding margins, characterized by substantial growth in both top-line revenue and bottom-line operating income.

Revenue Trajectory: Net revenues exhibited a general upward trend, increasing from 120,842 thousand US dollars in 2018 to 191,839 thousand US dollars by 2023. A notable deviation occurred in 2021, where revenues declined to 119,204 thousand US dollars from the previous year's 133,141 thousand US dollars. However, this was followed by a sharp recovery and accelerated growth in 2022 and 2023, with the latter representing the highest revenue peak in the observed period.
Operating Income Performance: Operating income shifted from negative territory to consistent growth. The segment reported losses of 2,116 thousand US dollars in 2018 and 1,155 thousand US dollars in 2019. Profitability was achieved in 2020 with an operating income of 3,780 thousand US dollars. From 2021 to 2023, growth accelerated exponentially, moving from 4,019 thousand US dollars to 28,282 thousand US dollars, indicating a strong capacity to convert revenue into profit.
Segment Profit Margin Expansion: The segment profit margin reflects a consistent and accelerating improvement. Starting at -1.75% in 2018, the margin improved to -0.89% in 2019 before turning positive at 2.84% in 2020. The most substantial expansion occurred between 2021 and 2023, where the margin rose from 3.37% to 14.74%. This trajectory suggests significant improvements in operational efficiency and operating leverage, as profit margins grew at a rate that far outpaced the growth of net revenues during the final three years of the analysis.

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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, ROA by reportable segment

	Jan 28, 2023	Jan 29, 2022	Jan 30, 2021	Feb 1, 2020	Feb 2, 2019	Feb 3, 2018
RH Segment	15.37%	17.96%	23.18%	16.31%	17.93%	10.78%
Waterworks	13.02%	9.86%	2.92%	2.63%	-1.17%	-1.70%

The segment return on assets (ROA) reveals diverging performance trajectories between the RH and Waterworks business units over the six-year period ending January 28, 2023.

RH Segment ROA Analysis: The RH segment demonstrated significant volatility with an overall increase in asset efficiency relative to the 2018 baseline of 10.78%. A performance peak was observed in January 2021, where the ROA reached 23.18%. Following this peak, a downward trend emerged, with returns declining to 17.96% in January 2022 and further contracting to 15.37% by January 2023.
Waterworks Segment ROA Analysis: The Waterworks segment exhibited a consistent and strong recovery pattern. Initial negative returns of -1.70% in 2018 and -1.17% in 2019 transitioned to positive territory in February 2020 with a return of 2.63%. This growth trajectory accelerated significantly in the latter part of the period, with the ROA climbing to 9.86% in January 2022 and achieving a period high of 13.02% in January 2023.

Comparative analysis indicates a narrowing gap in asset efficiency between the two segments. While the RH segment historically provided higher returns, its recent trajectory is characterized by a moderate decline. Conversely, the Waterworks segment has successfully transitioned from a period of asset inefficiency to a state of sustained and accelerating growth.

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Segment ROA: RH Segment

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; 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	761,544)	944,881)	616,523)	375,315)	306,068)	173,414)
Total assets	4,953,610)	5,259,719)	2,659,944)	2,301,823)	1,707,101)	1,608,290)
Segment Profitability Ratio
Segment ROA¹	15.37%	17.96%	23.18%	16.31%	17.93%	10.78%

¹ 2023 Calculation
Segment ROA = 100 × Operating income ÷ Total assets
= 100 × 761,544 ÷ 4,953,610 = 15.37%

Analysis of the segment's financial performance from February 2018 to January 2023 reveals a period of significant growth in scale followed by a recent contraction in asset efficiency.

Operating Income Trends: Operating income demonstrated a consistent upward trajectory between 2018 and 2022, rising from $173.4 million to a peak of $944.9 million. This represents a substantial increase in absolute profitability over the five-year period. However, this trend reversed in 2023, as operating income declined to $761.5 million.
Asset Base Expansion: Total assets grew moderately from $1.61 billion in 2018 to $2.66 billion in 2021. A sharp expansion occurred in 2022, with assets increasing by approximately 98% to reach $5.26 billion. A slight contraction followed in 2023, with total assets decreasing to $4.95 billion.
Segment Return on Assets (ROA): The Segment ROA exhibited volatility, peaking at 23.18% in 2021. A downward trend is observed from 2021 through 2023, with the ratio falling to 17.96% in 2022 and further to 15.37% in 2023. The compression of ROA in 2022 is linked to the rapid expansion of the asset base, which outpaced the growth of operating income. The continued decline in 2023 indicates that the reduction in operating income was more severe than the reduction in total assets, leading to diminished asset productivity.

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Segment ROA: 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; 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	28,282)	17,747)	4,019)	3,780)	(1,155)	(2,116)
Total assets	217,228)	179,941)	137,766)	143,871)	98,933)	124,576)
Segment Profitability Ratio
Segment ROA¹	13.02%	9.86%	2.92%	2.63%	-1.17%	-1.70%

¹ 2023 Calculation
Segment ROA = 100 × Operating income ÷ Total assets
= 100 × 28,282 ÷ 217,228 = 13.02%

The Waterworks segment demonstrates a significant operational turnaround and sustained growth trajectory from February 2018 through January 2023. After an initial period of negative returns and operating losses, the segment transitioned to profitability in 2020 and subsequently experienced an accelerated increase in both income and asset efficiency.

Operating Income Performance: A consistent upward trend in operating income is observed, moving from a deficit of $2.1 million in 2018 to a profit of $28.3 million by January 2023. The segment achieved a critical pivot toward profitability in February 2020. Growth accelerated sharply in the final two years of the period, with operating income increasing from $4.0 million in January 2021 to $28.3 million in January 2023.
Asset Base Expansion: Total assets showed initial volatility, decreasing from $124.6 million in 2018 to $98.9 million in 2019. Following this contraction, a period of steady expansion occurred, with assets growing to $217.2 million by January 2023. This indicates a significant scaling of the segment's infrastructure and resources to support increased operations.
Segment Return on Assets (ROA): The ROA reflects a strong improvement in capital efficiency. The ratio climbed from a low of -1.70% in 2018 to 13.02% in 2023. The transition from negative to positive ROA in 2020 signaled the start of an efficiency gain that intensified between 2021 and 2023, where the ROA rose from 2.92% to 13.02%, suggesting that the growth in operating income significantly outpaced the growth in the asset base.

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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, 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	0.69	0.68	1.03	1.09	1.39	1.44
Waterworks	0.88	0.92	0.87	0.93	1.32	0.97

The analysis of segment asset turnover reveals diverging trends between the RH Segment and the Waterworks segment over the six-year period ending January 28, 2023. While one segment experienced a significant contraction in asset efficiency, the other remained relatively stable following an initial period of volatility.

RH Segment Asset Turnover: A consistent downward trajectory is observed, with the ratio declining from 1.44 in February 2018 to 0.69 in January 2023. A notable acceleration in this decline occurred between January 2021 and January 2022, where the ratio fell from 1.03 to 0.68. This trend indicates a substantial reduction in the efficiency with which the segment utilizes its assets to generate revenue.
Waterworks Asset Turnover: The Waterworks segment demonstrates a more stable performance profile over the long term. After reaching a peak of 1.32 in February 2019, the turnover ratio normalized and fluctuated within a narrow range between 0.87 and 0.93 from 2020 through 2023. The ratio ended the period at 0.88, suggesting a consistent level of asset productivity.

Comparative analysis indicates a shift in relative operational efficiency. The RH Segment initially maintained a significantly higher turnover ratio than Waterworks; however, this relationship inverted by 2022. The Waterworks segment has maintained a more resilient asset utilization rate, whereas the RH Segment's asset turnover has diminished by approximately 52% since 2018.

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Segment Asset Turnover: RH Segment

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; 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	3,398,638)	3,593,842)	2,729,422)	2,514,296)	2,375,472)	2,319,332)
Total assets	4,953,610)	5,259,719)	2,659,944)	2,301,823)	1,707,101)	1,608,290)
Segment Activity Ratio
Segment asset turnover¹	0.69	0.68	1.03	1.09	1.39	1.44

¹ 2023 Calculation
Segment asset turnover = Net revenues ÷ Total assets
= 3,398,638 ÷ 4,953,610 = 0.69

The RH segment exhibits a sustained decline in asset utilization efficiency over the observed six-year period. While net revenues grew from $2.32 billion in February 2018 to a peak of $3.59 billion in January 2022, this growth was eclipsed by a more aggressive expansion of the asset base, resulting in a significant reduction in the segment asset turnover ratio.

Net Revenue Trends: Revenues demonstrated a positive upward trajectory from February 2018 through January 2022. A slight contraction occurred in the final period, with revenues decreasing from $3.59 billion in January 2022 to $3.40 billion in January 2023.
Asset Base Expansion: Total assets grew moderately from $1.61 billion in 2018 to $2.66 billion in 2021. A substantial increase occurred between January 2021 and January 2022, where assets nearly doubled to $5.26 billion, indicating a period of significant capital investment or asset acquisition.
Segment Asset Turnover Analysis: The asset turnover ratio declined consistently from 1.44 in February 2018 to 0.69 in January 2023. The most precipitous drop occurred between January 2021 (1.03) and January 2022 (0.68), correlating directly with the surge in total assets. This pattern indicates that the growth in the asset base has significantly outpaced revenue generation, reflecting a decrease in the efficiency of asset deployment to drive sales.

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Segment Asset Turnover: 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; 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	191,839)	164,978)	119,204)	133,141)	130,181)	120,842)
Total assets	217,228)	179,941)	137,766)	143,871)	98,933)	124,576)
Segment Activity Ratio
Segment asset turnover¹	0.88	0.92	0.87	0.93	1.32	0.97

¹ 2023 Calculation
Segment asset turnover = Net revenues ÷ Total assets
= 191,839 ÷ 217,228 = 0.88

The Waterworks segment exhibits a general expansion in both revenue and asset base over the six-year period, although the efficiency of asset utilization has experienced volatility and a subsequent long-term decline.

Net Revenue Performance: Net revenues demonstrated an overall upward trajectory, increasing from 120,842 thousand US dollars in 2018 to 191,839 thousand US dollars by 2023. A temporary contraction occurred in 2021, where revenues fell to 119,204 thousand US dollars, prior to a significant recovery and accelerated growth in the subsequent two fiscal years.
Total Asset Trends: The asset base fluctuated significantly during the analyzed period. A notable reduction in total assets occurred in 2019, reaching a period low of 98,933 thousand US dollars. Following this decline, assets grew consistently, more than doubling from the 2019 low to reach 217,228 thousand US dollars by 2023.
Segment Asset Turnover Efficiency: Asset turnover peaked in 2019 at 1.32, driven primarily by the sharp reduction in total assets relative to revenue. However, from 2020 onward, the ratio declined and stabilized below 1.0, ranging between 0.87 and 0.93. The most recent value of 0.88 indicates that asset growth has outpaced revenue growth, leading to a decrease in the efficiency with which the segment generates sales from its asset base compared to the 2019 peak.

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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, 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	761,544)	944,881)	616,523)	375,315)	306,068)	173,414)
Waterworks	28,282)	17,747)	4,019)	3,780)	(1,155)	(2,116)
Total	789,826)	962,628)	620,542)	379,095)	304,913)	171,298)

Total operating income demonstrated significant growth over a five-year period, peaking in January 2022 before experiencing a decline in January 2023. The growth profile is characterized by a dominant performance from the RH Segment and a successful operational turnaround within the Waterworks segment.

RH Segment Operating Trends: Operating income for the RH Segment grew consistently from US$ 173.4 million in 2018 to a peak of US$ 944.9 million in January 2022. This represents a substantial expansion of operational profitability over four years. However, a contraction occurred in the most recent period, with income falling to US$ 761.5 million as of January 2023.
Waterworks Segment Transition: The Waterworks segment underwent a fundamental shift in profitability. Initial operating losses of US$ 2.1 million in 2018 and US$ 1.2 million in 2019 were reversed by February 2020, when the segment recorded its first positive operating income of US$ 3.8 million. This upward trend accelerated in the final two years, culminating in an operating income of US$ 28.3 million in January 2023.
Aggregate Operating Income Analysis: Total consolidated operating income rose from US$ 171.3 million in 2018 to US$ 962.6 million in January 2022. While the total income declined to US$ 789.8 million in January 2023, the decline was partially mitigated by the continued growth of the Waterworks segment, which reached its highest profitability level in the same period that the RH Segment experienced a downturn.

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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, 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	3,398,638)	3,593,842)	2,729,422)	2,514,296)	2,375,472)	2,319,332)
Waterworks	191,839)	164,978)	119,204)	133,141)	130,181)	120,842)
Total	3,590,477)	3,758,820)	2,848,626)	2,647,437)	2,505,653)	2,440,174)

Total net revenues exhibited a consistent upward trajectory from 2018 through 2022, followed by a moderate contraction in the final reporting period.

RH Segment Revenue Performance: The RH segment functioned as the primary driver of growth, maintaining a steady increase in net revenues from 2018 to 2021. A substantial acceleration in growth was observed between January 30, 2021, and January 29, 2022, with revenues rising from $2.73 billion to $3.59 billion. This peak was followed by a decrease to $3.40 billion by January 28, 2023.
Waterworks Segment Revenue Performance: The Waterworks segment remained a significantly smaller contributor to total revenue but demonstrated an overall growth trend. While a slight decline was noted in 2021, the segment experienced strong gains in the subsequent two years, increasing from $119.2 million in 2021 to $191.8 million in 2023, marking its highest revenue level within the analyzed period.
Aggregate Revenue Analysis: Total consolidated revenues grew from $2.44 billion in 2018 to a peak of $3.76 billion in 2022. The subsequent decline to $3.59 billion in 2023 was primarily attributed to the contraction in the RH segment, although this was partially offset by the continued expansion of the Waterworks segment, which indicates a shift in the internal revenue mix toward the smaller segment.

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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, 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	4,953,610)	5,259,719)	2,659,944)	2,301,823)	1,707,101)	1,608,290)
Waterworks	217,228)	179,941)	137,766)	143,871)	98,933)	124,576)
Real Estate	138,451)	100,810)	100,603)	—)	—)	—)
Total	5,309,289)	5,540,470)	2,898,313)	2,445,694)	1,806,034)	1,732,866)

Total assets exhibited a consistent upward trajectory from 2018 through 2022, followed by a moderate contraction in 2023. The most significant expansion occurred between January 2021 and January 2022, during which total assets increased by approximately 91%, rising from 2.898 billion to 5.540 billion.

RH Segment Asset Trends: The RH Segment serves as the primary driver of the total asset base. Assets grew steadily from 1.608 billion in 2018 to 2.660 billion in 2021, followed by a sharp acceleration to 5.260 billion in 2022. A slight decrease to 4.954 billion was observed by January 2023, mirroring the trend seen in total assets.
Waterworks Segment Performance: Assets within the Waterworks segment experienced volatility in the early period, declining in 2019 before recovering in 2020. Since January 2021, this segment has maintained a steady growth pattern, increasing from 137.8 million to 217.2 million by January 2023.
Real Estate Segment Development: Real Estate assets were not reported until January 2021, at which point they were valued at 100.6 million. This segment remained relatively flat through 2022 before experiencing a significant increase to 138.5 million in 2023, indicating a growing strategic emphasis on real estate holdings.
Comparative Asset Distribution: There is a heavy concentration of resources within the RH Segment, which accounts for the vast majority of the company's total asset value across all reported years. While the Waterworks and Real Estate segments have grown in absolute terms, their proportional impact on the total asset base remains secondary to the scale of the RH Segment.

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