Common-Size Balance Sheet: Assets
Quarterly Data
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RH, common-size consolidated balance sheet: assets (quarterly data)
Based on: 10-Q (reporting date: 2023-04-29), 10-K (reporting date: 2023-01-28), 10-Q (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01), 10-K (reporting date: 2021-01-30), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-08-01), 10-Q (reporting date: 2020-05-02), 10-K (reporting date: 2020-02-01), 10-Q (reporting date: 2019-11-02), 10-Q (reporting date: 2019-08-03), 10-Q (reporting date: 2019-05-04), 10-K (reporting date: 2019-02-02), 10-Q (reporting date: 2018-11-03), 10-Q (reporting date: 2018-08-04), 10-Q (reporting date: 2018-05-05), 10-K (reporting date: 2018-02-03), 10-Q (reporting date: 2017-10-28), 10-Q (reporting date: 2017-07-29), 10-Q (reporting date: 2017-04-29).
- Cash and Cash Equivalents
- There is a notable rise in the proportion of cash and cash equivalents relative to total assets starting around early 2021. Initially fluctuating at low single-digit percentages, this figure dramatically increases to over 40% by October 2021, maintaining a high level just below 30% through early 2023. This indicates a significant accumulation of liquid assets in recent quarters.
- Restricted Cash
- Restricted cash appears sporadically in the data, notably showing a minor percentage around mid-2019 and minimal yet steady values from late 2022 into 2023. Its overall impact on total assets is marginal.
- Accounts Receivable, Net
- The share of accounts receivable relative to total assets remains relatively stable but shows a gradual decline from a peak of around 2.32% in late 2018 to approximately 1.13% by early 2023. This may reflect tighter credit policies or reduced sales on credit terms over time.
- Merchandise Inventories
- Inventory levels consistently decline as a proportion of total assets, starting at about 35% in 2017 and dropping to around 14-15% by 2023. The most steep decrease occurs before 2019, followed by more moderate fluctuations. This trend could indicate improved inventory management or a strategic reduction in inventory holdings.
- Asset Held for Sale
- Assets held for sale are minor and infrequently reported, showing a negligible percentage with some presence around 2018 and then absent thereafter.
- Prepaid Expense and Other Current Assets
- This category fluctuates moderately, generally between roughly 2% and 5% of total assets. There is no distinct upward or downward trend, suggesting stable management of prepaid and other current assets.
- Current Assets
- Current assets as a whole demonstrate a declining trend from nearly 47% of total assets in 2017 to around 23-25% between 2019 and 2020. However, from 2021 onward, there is a marked increase back above 50%, driven primarily by the increase in cash and cash equivalents. This shift highlights a change in the asset composition toward more liquid current assets.
- Property and Equipment, Net
- There is a gradual decrease in the proportion of property and equipment from around 46% in early 2018 to roughly 31% by 2023. After a peak around 2018-2019, the trend points toward a divestiture or reduced investment in fixed assets relative to total assets.
- Operating Lease Right-of-Use Assets
- Starting data availability in mid-2019 shows these assets at approximately 17%, gradually decreasing to near 9-10% in 2023. This decline may be due to lease expirations or changes in leasing strategy.
- Goodwill
- Goodwill steadily decreases from nearly 9.7% of total assets in late 2017 to about 2.6% by early 2023, indicating impairment, divestiture, or amortization of acquired intangible goodwill over time.
- Tradenames, Trademarks, and Other Intangible Assets
- This category also trends downwards, from over 5% in 2017 to approximately 1.4% by 2023. The decline parallels that of goodwill, suggesting a reduction in intangible asset value or write-offs.
- Deferred Tax Assets
- The proportion fluctuates around 1.5%, with a small increase nearing 3% in 2022 and 2023. This increase could reflect recognition of deferred tax assets related to losses or timing differences.
- Equity Method Investments
- Emerging from 2020 onward, these investments represent a small, gradually increasing portion of total assets, rising from about 1.65% to 2.5% by early 2023, indicating increased investment in associated companies or joint ventures.
- Other Non-Current Assets
- This line item exhibits variability, peaking significantly around 7-9% during 2019 and 2020, before declining to roughly 3.3% in early 2023. The fluctuations suggest changes in miscellaneous long-term asset holdings.
- Non-Current Assets
- Non-current assets as a whole show a declining trend from about 63% in early 2018 to around 42-44% in 2022, followed by an increase to over 52% in 2023. The decline through 2021 is consistent with reductions in property, equipment, and intangible assets, while the recent increase may relate to changes in the classification or acquisition of long-term assets.