Restoration Hardware 2015 Annual Report Download - page 36

33
January 30, January 31, February 1, February 2, January 28,
2016 2015 2014 2013 2012
(in thousands)
Balance Sheet Data:
Cash and cash equivalents ............................................................. $349,897 $148,934 $13,389 $ 8,354 $8,512
Short-term and long-term investments
(
12
)
..................................... 152,855 80,506 — — —
Working capital (excluding cash and cash equivalents)
(
13
)
.......... 511,407 391,365 263,530 230,899 156,506
Total assets .................................................................................... 2,088,472 1,525,999 1,025,103 789,613 586,810
Convertible senior notes due 2019—net
(
14
)
.................................. 300,711 287,487 — — —
Convertible senior notes due 2020—net
(
14
)
.................................. 224,887 — — — —
Revolving line of credit ................................................................. — — 85,425 82,501 107,502
Term loan ...................................................................................... — — — — 14,798
Financing obligations under build-to-suit lease transactions ........ 146,621 124,770 33,165 — —
N
otes payable for share repurchases ............................................. 19,523 19,285 2,710 — —
Total debt (including current portion)
(
15
)
...................................... 552,702 314,514 90,331 87,029 131,040
Total stockholders’ equity ............................................................. 886,160 702,916 545,272 451,611 250,463
(1) As of the end of fiscal 2012, our U.S. operations achieved a position of cumulative profits (adjusted for permanent differences)
for the most recent three-year period. We concluded that this record of cumulative profitability in recent years, coupled with our
business plan for profitability in future periods, provided assurance that our future tax benefits more likely than not would be
realized. Accordingly, in the year ended February 2, 2013, we released all of our U.S. valuation allowance of $57.2 million
against net deferred tax assets.
(2) Direct revenues include sales through our Source Books and websites.
(3) Stores data represents retail stores plus outlet stores.
(4) Comparable brand revenue growth includes retail comparable store sales, including RH Baby & Child and RH Modern
Galleries, and direct net revenues. Comparable brand revenue growth excludes retail non-comparable store sales, closed store
sales and outlet store net revenues. Comparable store sales have been calculated based upon retail stores, excluding outlet stores,
that were open at least fourteen full months as of the end of the reporting period and did not change square footage by more than
20% between periods. If a store is closed for seven days during a month, that month will be excluded from comparable store
sales. Because fiscal 2012 was a 53-week year, comparable brand revenue growth percentage for fiscal 2012 excludes the extra
week of revenue.
(5) Retail data has been calculated based upon retail stores, which includes our RH Baby & Child and RH Modern Galleries and
excludes outlet stores.
(6) Total leased square footage for fiscal 2011 through fiscal 2014 includes approximately 5,000 square feet related to one owned
store location. Total leased square footage for fiscal 2015 includes approximately 24,000 square feet related to two owned store
locations.
(7) Leased selling square footage is retail space at our stores used to sell our products. Leased selling square footage excludes
backrooms at retail stores used for storage, office space or similar matters, as well as exterior sales space located outside a store,
such as courtyards, gardens and rooftops. Leased selling square footage for fiscal 2011 through fiscal 2014 includes
approximately 5,000 square feet related to one owned store location. Leased selling square footage for fiscal 2015 includes
approximately 13,000 square feet related to two owned store locations.
(8) Weighted-average leased selling and total square footage is calculated based on the number of days a gallery location was
opened during the period divided by the total number of days in the period.
(9) Retail sales per leased selling square foot is calculated by dividing total net revenues for all retail stores, comparable and non-
comparable, by the weighted-average leased selling square footage for the period.
(10) Capital expenditures include the acquisition of buildings and land. Additionally, during fiscal 2015 and fiscal 2014 we made
payments of $20.0 million and $9.3 million, respectively, to escrow accounts for future construction of next generation Design
Galleries.