RH (RH) Q2 FY2024 earnings: revenue $830 million, up 3.6% on the year

RH (RH) reported revenue of $830 million for Q2 FY2024, the quarter ended 3 August 2024, up 3.6% on the same quarter a year earlier. Net income was $29 million, down 62.1% on the year, and diluted earnings per share $1.45. The figures are the company's own, from the 10-Q it filed with the SEC on 12 September 2024.

Revenue$830 millionup 3.6%

Net income$29 milliondown 62.1%

Diluted EPS$1.45

QuarterQ2 FY2024ended 3 August 2024

The quarter, against the one before and a year earlier

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Revenue	830	727	n/a	n/a
Cost of revenue	455	411	n/a	n/a
Gross profit	375	316	n/a	n/a
Gross margin	45.2%	43.5%	n/a
Selling, general and administrative	279	261	n/a	n/a
Operating income	96.1	54.7	n/a	n/a
Operating margin	11.6%	7.5%	n/a
Interest expense	59.3	56.8	n/a	n/a
Pre-tax income	37.5	-3.3	n/a	n/a
Income tax	3.7	-2.1	n/a	n/a
Effective tax rate	9.9%	n/a	n/a
Net income	29.0	-3.6	n/a	n/a
Net margin	3.5%	-0.5%	n/a
Diluted EPS	$1.45	-$0.20	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	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Operating cash flow	11.2	56.1	n/a	n/a
Capital expenditure	49.1	66.3	n/a	n/a
Free cash flow	-37.9	-10.1	n/a	n/a
Free cash flow margin	-4.6%	-1.4%	n/a
Cash from investing	-55.8	-68.9	n/a	n/a
Cash from financing	20.8	-8.9	n/a	n/a
Depreciation and amortisation	32.3	30.8	n/a	n/a
Share-based compensation	11.5	10.5	n/a	n/a
Diluted shares, weighted	20m	18m	n/a	n/a
Shares outstanding at period end	18m	18m	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	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Shareholders' equity	-235	-290	n/a	n/a
Debt	2,430	2,409	n/a	n/a
Operating lease liabilities	573	556	n/a	n/a
Finance lease liabilities	585	563	n/a	n/a
Other liabilities	1,023	949	n/a	n/a
Total liabilities and equity	4,376	4,187	n/a	n/a
Fixed assets	1,754	1,693	n/a	n/a
Goodwill	141	141	n/a	n/a
Cash and equivalents	78.3	102	n/a	n/a
Receivables	66.6	62.8	n/a	n/a
Other assets	2,337	2,188	n/a	n/a
Total assets	4,376	4,187	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 3 August 2024, filed 12 September 2024, accession 0001558370-24-012768: the filing on EDGAR. All of RH's filings: EDGAR company page.

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