RH (RH) Q3 FY2023 earnings: revenue $751 million, down 13.6% on the year

RH (RH) reported revenue of $751 million for Q3 FY2023, the quarter ended 28 October 2023, down 13.6% on the same quarter a year earlier. Net income was -$2 million, and diluted earnings per share $-0.12. The figures are the company's own, from the 10-Q it filed with the SEC on 7 December 2023.

Revenue$751 milliondown 13.6%

Net income-$2 million

Diluted EPS$-0.12

QuarterQ3 FY2023ended 28 October 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Revenue	751	n/a	n/a	n/a
Cost of revenue	411	n/a	n/a	n/a
Gross profit	340	n/a	n/a	n/a
Gross margin	45.3%	n/a	n/a
Selling, general and administrative	289	n/a	n/a	n/a
Operating income	51.2	n/a	n/a	n/a
Operating margin	6.8%	n/a	n/a
Interest expense	54.6	n/a	n/a	n/a
Pre-tax income	-8.7	n/a	n/a	n/a
Income tax	-9.2	n/a	n/a	n/a
Net income	-2.2	n/a	n/a	n/a
Net margin	-0.3%	n/a	n/a
Diluted EPS	-$0.12	n/a	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Operating cash flow	67.8	n/a	n/a	n/a
Capital expenditure	50.2	n/a	n/a	n/a
Free cash flow	17.6	n/a	n/a	n/a
Free cash flow margin	2.3%	n/a	n/a
Cash from investing	-50.8	n/a	n/a	n/a
Cash from financing	-53.9	n/a	n/a	n/a
Depreciation and amortisation	28.5	n/a	n/a	n/a
Share-based compensation	9.8	n/a	n/a	n/a
Buybacks	44.6	n/a	n/a	n/a
Diluted shares, weighted	18m	n/a	n/a	n/a
Shares outstanding at period end	18m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Shareholders' equity	-333	n/a	n/a	n/a
Debt	2,418	n/a	n/a	n/a
Operating lease liabilities	570	n/a	n/a	n/a
Finance lease liabilities	643	n/a	n/a	n/a
Other liabilities	943	n/a	n/a	n/a
Total liabilities and equity	4,241	n/a	n/a	n/a
Fixed assets	1,665	n/a	n/a	n/a
Goodwill	141	n/a	n/a	n/a
Cash and equivalents	381	n/a	n/a	n/a
Receivables	56.1	n/a	n/a	n/a
Other assets	1,997	n/a	n/a	n/a
Total assets	4,241	n/a	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	751	738	727	830	812	812	814	899	884	843	800	922
Cost of revenue	411	417	411	455	450	450	459	490	494	481	469	477
Gross profit	340	321	316	375	361	363	355	409	390	361	331	445
Gross margin	45%	43%	43%	45%	45%	45%	44%	46%	44%	43%	41%	48%
SG&A	289	257	261	279	260	292	299	280	284	265	297	337
Operating income	51.2	64.3	54.7	96.1	101	70.3	55.9	129	106	96.6	34.2	108
Operating margin	7%	9%	8%	12%	13%	9%	7%	14%	12%	11%	4%	12%
Interest expense	54.6	99.0	56.8	59.3	57.6	60.9	n/a	n/a	n/a	n/a	n/a	n/a
Pre-tax income	-8.7	8.2	-3.3	37.5	43.9	10.5	3.0	72.1	48.1	43.8	-19.2	58.4
Tax rate	n/a	-77%	n/a	10%	21%	-58%	106%	26%	24%	31%	n/a	28%
Net income	-2.2	11.4	-3.6	29.0	33.2	13.9	8.0	51.7	36.3	28.8	-13.7	60.2
Net margin	-0%	2%	-0%	3%	4%	2%	1%	6%	4%	3%	-2%	7%
Diluted EPS	-$0.12	$0.57	-$0.20	$1.45	$1.66	$0.69	$0.40	$2.62	$1.83	$1.46	-$0.73	$3.06
Operating cash flow	67.8	-114	56.1	11.2	-31.4	-18.8	86.6	138	132	96.1	52.5	145
Capital expenditure	50.2	138	66.3	49.1	64.6	50.9	52.6	57.0	48.8	41.5	39.2	45.6
Free cash flow	17.6	-251	-10.1	-37.9	-96.0	-69.7	34.1	80.7	83.0	54.6	13.3	99.6
Buybacks	44.6	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Shares outstanding	18m	18m	18m	18m	19m	19m	19m	19m	19m	19m	19m	19m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 28 October 2023, filed 7 December 2023, accession 0001558370-23-019631: the filing on EDGAR. All of RH's filings: EDGAR company page.

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