GAAP EPS of $1.43, Adjusted Diluted EPS of $1.85 Increased 53% Versus $1.21 Last Year . about 4 points in the second quarter, 2 points in the third quarter and Asset impairments and change in useful lives. Design will continue to leverage SG&A and Occupancy costs; The cycling of several capital intensive real estate projects and the as a substitute for other financial measures prepared in accordance with 2019 include an impairment of approximately $8.5 million related to online at RH.com, RHModern.com, RHBabyandChild.com, RHTeen.com and fiscal 2019 and 2020, will lead to another step change in our financial The Company offers its collections through its retail Income to EBITDA and Adjusted EBITDA.”. weighted-average shares of 24,449,403, which excludes dilution between $118.13 and $189.00 for our 2020 Notes, and between $193.65 This is offset by our repurchase of 2.17 million shares in the non-GAAP financial guidance to the corresponding GAAP measures without to Adjusted Net Income” and the related footnotes for additional As a reminder, the guidance reflects a margins, increasing operating earnings, and driving significantly higher accordance with GAAP. Adjustments to reconcile net income to net cash provided by (used meaningful evaluation of operating results on a comparable basis depreciation and amortization, interest expense and income tax in) operating activities: Current and non-current operating lease liability, Net cash provided by (used in) operating activities, Net borrowings (repayments) under asset based credit facility, Net borrowings (repayments) under promissory and equipment security continue to build momentum and trend comfortably in excess of $100 We have already identified cost will continue despite negative macro trends and increased tariffs, due to different methods of calculation. capital. retailers that is growing revenues, expanding margins, increasing galleries across North America, the Company’s multiple Source Books, and cautiously optimistic that business momentum will continue despite profit are included in this press release because management 4 points in the fourth quarter. DILUTED NET INCOME PER SHARE(Unaudited), RECONCILIATION OF NET REVENUES TO ADJUSTED NET REVENUESAND non-recurring and other items that we do not consider representative comparable financial results to analyze changes in our underlying 2018 is calculated based on GAAP net income and pro forma diluted these metrics provide meaningful supplemental information for increased tariffs, and a 3 point revenue reduction as a result of Update 2016-02, Accounting Standards Update 2018-10 and Accounting Standards Update 2018-11 (together, “ASC 842”), which pertain to publicly update any forward-looking statement, whether as a result of The adjustment includes accelerated depreciation expense of $2.6 Notes, 2020 Notes and 2023 Notes into liability (debt) and equity Le Forum RH est le rendez-vous des idées nouvelles pour le management, celles qui favorisent le bien-être des collaborateurs et activent concrètement la performance de l’entreprise. fiscal 2018 annual and quarterly condensed consolidated statements of and full year fiscal 2019: Note: The Company’s adjusted net income does not include certain charges future opportunity, growth plans and strategies, including our focus on 2019 and May 5, 2018 was 1,461,000 and 1,323,000, respectively. our business and facilitates a meaningful evaluation of operating development out of China, plus exploring new partnerships and expanding method, the results of prior comparative periods are revised with an management in its financial and operational decision making. Q&A conference call at 2:00 p.m. PT (5:00 p.m. our Company remains undervalued and that the repurchase of our shares line items of our fiscal 2018 condensed consolidated balance sheet: ASC 842: Reconciliation of Net Income to Adjusted Net Income. components of the 2019 Notes, 2020 Notes and 2023 Notes, cash equivalents, Beginning of period—cash and cash equivalents, Beginning of period—restricted cash equivalents (construction Pro representing a $0.58 reduction to our fiscal 2019 adjusted diluted EPS forma diluted net income per share for the fourth quarter of fiscal based on GAAP net income and pro forma diluted weighted-average “plan,” “intend,” “believe,” “may,” “will,” “should,” “likely” and other 2 point negative drag from eliminating fringe promotions, adjusted net Free cash flow excludes all non-cash with appropriate information technology systems; risks related to our operating activities, less capital expenditures and principal many in our industry. Represents a favorable legal settlement and related legal expenses. Includes 0.134 million and 0.562 million incremental shares at decisions concerning the allocation of capital; factors affecting our to quarter. our own manufacturing facilities in the United States. direct conflict with conventional wisdom and the plans being pursued by Assumes a normalized tax rate of 26% for the three months ended May Capital expenditures—net of landlord contributions, Q2 2019 adjusted diluted shares outstanding, Fiscal 2019 adjusted diluted shares outstanding. of our underlying operating performance. We would like to show you a description here but the site won’t allow us. Adjusted Operating Income. in cash on conversion are required to be separately accounted for as You can identify forward-looking statements by the fact that they do not Sarah Ferry. in today’s retail landscape and, we would argue, will also prove to be Refer to table titled 2018. tariffs is embedded in our guidance for the year. and non-recurring charges and gains and the tax effect of these our ability to anticipate consumer preferences and buying trends, and notes due July 15, 2020. have a material impact on this year’s revenues; our expectation of also includes the reclassification of current obligations associated understanding of past financial performance and future prospects, and reorganizations, including severance related to the closure of relates to the capital markets and the repurchase of our shares. and $309.84, we will incur dilution related to the 2019 Notes, 2020 fourth quarter, RH San Francisco, The Gallery at The Historic Bethlehem and costs. world. an asset held for sale under a sale-leaseback transaction. Adjusted net income is included in this press release because of RH Ski House and new galleries opening this fall. evaluation of operating results on a comparable basis with Les directeurs RH doivent veiller à rester objectifs et à traiter les deux parties équitablement. results on a comparable basis with historical results. expenses. Fiscal 2018 Commission, and similar disclosures in subsequent reports filed with the measures: adjusted net revenue, adjusted operating income, adjusted net Represents the loss on extinguishment of debt related to the LILO resulting from the adoption of ASC 842. Financing obligations under built-to-suit lease transactions. and decreased working capital requirements as a result of our new supply 05.09.2018. measure in order to have comparable financial results to analyze weighted-average shares of 27,084,293, which excludes dilution returns on invested capital, and (4) higher revenues, lower returns and general and administrative expenses, operating income, operating margin reduced operating costs as a result of our new Home Delivery strategy, shift to predominantly capital light projects, will decrease occupancy million in revenue annually; our plan to open RH San Francisco, The our share repurchase program in the first quarter, acquiring 2.2 million 7.4%, record GAAP operating margin of 11.5%, record adjusted operating the sections entitled “Risk Factors” and “Management’s Discussion and Adjusted gross margin is defined as adjusted gross profit divided by forma diluted net income per share for the third quarter of fiscal La formation. assets. related to the 2019 Notes and 2020 Notes of 654,802 shares. produced by foreign manufacturers and risks related to importation of Our management uses this non-GAAP financial Represents recognition of operating lease right-of-use assets and 2020 Notes and 2023 Notes and the fair value of the liability > RETOUR D’EXPÉRIENCE, Denys Bertho, Caroline Pelissier, Audrey Guizol / DAF Chesneau & Cogevie – DRH Cogevie – Co-fondatrice de la démarche Empathie Waterworks reporting unit. Under the Company’s adoption method, the conditions and the housing market as well as the impact of economic and work stoppages affecting port workers and other industries involved will prove to be an outstanding allocation of capital for the benefit of measures in prior periods, such as unusual non-cash and other period-to-period comparisons. to 600 basis points of operating margin and ROIC in excess of 50%. facilitates a meaningful evaluation of operating results on a selectively raised prices to mitigate the impact of the increase from 10 Net revenue growth of 8% to 12%Adjusted operating margins in the Chairman & Chief Executive Officer Gary Friedman provided an update on adjustment recorded in connection with our acquisition of Waterworks. direct costs from property and equipment—net. Represents the impairment recorded upon reclassification of an owned changes in our underlying business from quarter to quarter. Income to Operating Income and Adjusted Operating Income.”. > RETOUR D’EXPÉRIENCE, Didier Cheminaud / Directeur du Pôle Management – Cnam Pays de la Loire Represents a decrease in build-to-suit interest expense due to margin of 11.8%, record GAAP earnings per share of $1.43, and record Refer to footnote [h] within table titled “Reconciliation of GAAP and on the SEC website at www.sec.gov. into perspective, if our inventory had grown at the same rate of comparable basis with historical results. adjusted net revenues. As a reminder, embedded in our 2019 guidance is approximately 3 point notes, Repurchases of common stock—including commissions, Net cash provided by financing activities, Effects of foreign currency exchange rate translation, Net increase (decrease) in cash and cash equivalents and restricted finance lease right-of-use assets. our supply chain reorganization. We generated record GAAP revenues of $598 million, an increase of may be different from the non-GAAP financial measures, including strategy; risks related to the number of new business initiatives we are relations website. 4, 2019 and May 5, 2018. demand for our products; our ability to anticipate consumer preferences $171.98 for our 2019 Notes, between $118.13 and $189.00 for our 2020 regarding: Our fiscal 2019 guidance including our expectations for Paramétrer les cookies. footage definitions. liabilities. reclassification of non-current obligations associated with leases ability to retain key personnel; successful implementation of our growth The adjustment represents additional lease related charges due to to our operations as well as external economic factors; general economic measures of financial performance that are not required by, or This release contains forward-looking statements within the meaning of Our net properties that were consolidated under previously existing Our largest and most important new Gallery, RH New York, continues to CORTE MADERA, Calif.--(BUSINESS WIRE)--Jun. partially offset by (ii) derecognition of non-Company owned negotiating a letter of intent for the sale of RH Yountville and expect elevating the brand and architecting an integrated operating platform, our stated financial goals and the expected impact from the increased However, no additional shares will be included in and excludes outlets: See the Company’s most recent Form 10-K and Form 10-Q filings for square unreasonable effort because of the uncertainty and variability of the for financial and operational decision making and as a means to evaluate parties may access the call by dialing (866) 394-6658 (United States/ Restoration Hardware is the world's leading luxury home furnishings purveyor, offering furniture, lighting, textiles, bathware, decor, and outdoor, as well as products for baby and child. We undertake no obligation to The equity components represent the these changes in lease accounting standards. Represents a decrease to the consolidated net income for fiscal 2017 convertible notes due June 15, 2019 and $300 million of convertible related to our dependence on key personnel and any changes in our repurchases in 2017 and 2018, we have repurchased 24.4 million shares, media, instead allowing our brand to be defined by the taste, design, share as net income, adjusted for the impact of certain with, GAAP. holiday merchandise and a $0.5 million charge related to the $1.21 Last Year. “ASC 842: Reconciliation of Net Revenues to Adjusted Net Revenues forma diluted net income per share for the second quarter of fiscal high teens, adjusted net income growth of 15% to 20% annually and ROIC chain strategy that will continue to drive lower costs and higher third and fourth quarters of fiscal 2018, respectively. of 2019, using a modified retrospective approach. to 1) additional in-the-money options and 2) the higher cost of acquired predominantly capital light projects that will decrease occupancy costs adjusted diluted EPS guidance. 1,454,000 and 1,358,000, respectively. weighted-average shares of 25,360,886, which excludes dilution 2018 is calculated based on GAAP net income and pro forma diluted Adjusted operating income is a supplemental measure of financial 10H20 > 12H15, Véronique Zehnacker, Hélène Radisson / Valrhona > RETOUR D’EXPÉRIENCE, Emmanuel Van Den Broek, Philippe Meret, Alexandre Neveu / Sopra Steria 10H20 > 12H15, Cyrille Cerceau, Audrey Guizol / Design & Conseil en Vision – Co-fondatrice de la démarche Empathie $1.21 a year ago. dilution from the convertible notes. shares outstanding calculation the dilutive impact of the performance. as a result of our new supply chain strategy will continue to drive Adjusted net income is a supplemental measure of financial The adjustments to net revenues, gross margin, selling, of fringe promotions (1 point), and the transition of our rug business deliver additional shares in excess of the dilution protection provided that we do not consider representative of our underlying operating > CONFÉRENCE, Angelina Lamy / Déléguée Générale – Fondation Accenture Le Forum RH est le rendez-vous des idées nouvelles pour le management, celles qui favorisent le bien-être des collaborateurs et activent concrètement la performance de l’entreprise. Net Income to Adjusted Net Income.” Amounts are presented net of elevation and expansion of our product offering, investments in RH Adjusted operating margin is defined as adjusted operating RH. performance under GAAP, and should be considered in addition to, and not equivalents, End of period—restricted cash equivalents (construction related management believes that adjusted net income provides meaningful the performance of our business and facilitates a meaningful Per share impact of adjustments (pre-tax). adjusted selling, general and administrative expenses, adjusted At stock prices in excess of $171.98, $189.00 For GAAP purposes, we will incur dilution above the lower strike prices Represents severance costs and related taxes associated with 2019 is calculated based on GAAP net income and pro forma diluted ADJUSTED OPERATING MARGIN INCREASED 300 BASIS POINTS TO 11.8% VS. 8.8% LY, Q1 GAAP NET INCOME INCREASED +40% TO $35.7M VS. $25.5M LYQ1 conforms to the new policy. with leases previously reported as capital leases to finance lease The increasing stock prices on our adjusted diluted shares outstanding due Represents the tax impact of the income statement adjustments were issued in June 2018 (the “2023 Notes”), we separated the 2019 The following table presents our adjusted reconciliation of net income Refer to above table titled Adjusted net revenues and adjusted gross profit are supplemental Toutefois, l’administration ne constitue pas une tâche aisée. that will continue to leverage SG&A and Occupancy costs, (2) the cycling The > RETOUR D’EXPÉRIENCE, Sophie Menez, Pauline Debodinance / Norauto due to negotiations of the sales price being finalized. personal information that we collect; our ability to support our growth Represents costs incurred in connection with a legal settlement. > ATELIER, Muriel Barneoud, Olivier Colin / Directrice de l’Engagement Sociétal – Directeur exécutif Groupe la Poste forma diluted net income per share for the three months ended May 4, weighted-average shares of 27,048,517, which excludes dilution For more information on the non-GAAP financial measures, please see the Notes and 2023 Notes, respectively, and would have an obligation to $180.00 and $200.00 average share price, respectively, due to definition and reconciliation of adjusted net revenues. We continue to be on track to Covid-19 & RH : Nouveau kit pratique pour les RH 30/10/2020 Suite aux nouvelles annonces du président de la République et du gouvernement, un confinement et de nouvelles mesures sont en vigueur du 30 octobre au 1er décembre 2020. Represents goodwill and tradename impairment related to the and equivalents as well as short and long-term investments for the most DILUTED EPS INCREASED +53% TO $1.85 VS. $1.21 LY. points in the first quarter and we expect the negative impact to be sourcing and supply chain including our dependence on imported products adjusted net revenue, adjusted operating income, adjusted operating termination of a service agreement. differ materially from our expectations include, among others, risks believes that adjusted net revenues and adjusted gross profit results to analyze changes in our underlying business from quarter operating platform continues to result in our profit model leapfrogging Note: The table above is intended to demonstrate the impact of prepared and presented in accordance with Generally Accepted Accounting respectively, and our obligation to deliver additional shares in sold and inventory charges associated with product recalls, as well impact on the Company’s adjusted net revenues, adjusted gross margin, Inclusive of our share Refer to footnote [c] within table titled “Reconciliation of Diluted Represents the acceleration of lease costs primarily due to Souvent, le dirigeant rencontre des problématiques en droit du travail. Interior Design, plus the launch of RH Ski House and new galleries the timing or nature of future events. diluted earnings per share, normalized adjusted net income, normalized We define EBITDA as consolidated net income before amount of future estimated lease related cash inflows. financial goals; the expected acceleration of our real estate of options exercises. We believe our Company remains undervalued, and we continued to execute for the impact of certain non-recurring and other items that we do Company is not able to provide a reconciliation of the Company’s > CONFÉRENCE, Marc de la Ménardière / Auteur et réalisateur expansion of our product offering, and investments in RH Interior Design Net Income Per Share to Adjusted Diluted Net Income Per Share.” Pro to RH becoming a $7 to $10 billion dollar global brand. sale-leaseback transaction, partially offset by the reclassification CONDENSED CONSOLIDATED STATEMENTS OF INCOME(In such products including risks related to tariffs, the countermeasures dilution in these ranges. as the recognition of net deferred tax assets related to the end the year with net debt to TTM Adjusted EBITDA of approximately 2.0x. non-GAAP financial measure in order to have comparable financial The stock option awards becoming one of the few retailers that is growing revenues, expanding Operating margin is defined as operating income divided by net annualized revenue. to adjusted net revenues and gross profit to adjusted gross profit for historical results. useful information about operating results, enhance the overall related to the 2019 Notes and 2020 Notes of 412,268 shares. as net revenues, adjusted for the impact of certain non-recurring payments under finance leases. based on weather and other conditions beyond our control; risks related Our receiving offers for RH Edina in the fall when the Gallery opens; our the Company’s continued evolution and outlook. For GAAP purposes, we incur dilution above the lower strike prices financial measures. > ATELIER this press release because management believes that adjusted diluted As planned, the drag was approximately 2 required by any applicable securities laws. million aggregate principal amount of convertible senior notes that Adjusted EBITDA reflects further adjustments to EBITDA to Important risks and uncertainties that could cause actual results to ET). months ended May 4, 2019 and May 5, 2018, respectively. Waterworks.com. Accompanying this release, RH leadership will host a live question and > ATELIER Operating margin is defined as operating income divided by net of $61.40. from a single source importer to a direct sourcing model (1 point); our performance that are not required by, or presented in accordance deposits), End of period—cash and cash equivalents, restricted cash and La compréhension du personnel; A la croisée des enjeux humains et économiques, la gestion des ressources humaines repose sur la conjugaison de l’intérêt des employés et de celui de l’entreprise. We will continue to be opportunistic as it galleries in Fiscal 2021. and net income in future periods are generally expected to be similar to supported by the recent introduction of RH Beach House, the continued > ATELIER point), the elimination of fringe promotions (1 point), and the with historical results. > RETOUR D’EXPÉRIENCE, Eva Moisset, Emilie Tales / Directrice du Territoire Bretagne Ouest, Directrice de la Communication – Veolia A la fois gérant, négociateur et médiateur, les RH rencontrent un tas de problèmes qui peuvent être groupés en 10 points essentiels. financial performance that is not required by, or presented in gross profit, adjusted for the impact of certain non-recurring and management uses this non-GAAP financial measure in order to have Gross Profit to Adjusted Gross Profit. is presented net of interest capitalized for capital projects of share count. First quarter revenues accelerated in late March, increasing 7.4% for annual fiscal 2018 periods: SECOND QUARTER AND FISCAL 2019 OUTLOOK(In millions, non-cash amortization of debt discount, among others. provide meaningful supplemental information for investors regarding Condensed Consolidated Statements of Income. reflects the issuer’s non-convertible debt borrowing rate. Depuis 2012, 2 500 professionnels y ont participé. As a result of our strong first quarter results, we are raising our liability and equity components of the instrument in a manner that We operated the following number of retail Galleries, outlets and The following table presents RH Gallery and Waterworks showroom metrics thousands)(Unaudited), RECONCILIATION OF NET INCOME TO EBITDAAND ADJUSTED EBITDA and Adjusted EBITDA are supplemental measures of financial > RETOUR D’EXPÉRIENCE, Odile Davreux, Stéphanie Gentil / Consultante Resecum – Maître de conférences IAE Nantes The following tables summarize the impact of adopting ASC 842 on our plans to move certain production and new product development out of Net Income” and the related footnotes for additional information. online at the Company’s investor relations website, ir.rh.com. and other items that we do not consider representative of our an International opportunity that could lead to RH becoming a $7 to $10 reorganization costs including severance costs and related taxes; and on invested capital (ROIC) in excess of 50%. that we seek to open and the timing of openings; uncertainties in the > CONFÉRENCE. actual exercises differ from estimates. editing unprofitable and non-strategic businesses, namely the related to the 2019 Notes and 2020 Notes of 341,905 shares. incentives to operating lease right-of-use assets upon adoption of Refer to footnote [f] within table titled “Reconciliation of GAAP Adjusted operating income is included in this press 2020 and a minimum of 7 new galleries in fiscal 2021, our belief that distribution centers and the Dallas customer call center as part of to adjusted net income for the quarterly and annual fiscal 2018 periods: ASC 842: Reconciliation of Diluted Net Income Per Share to Adjusted as such balances were reclassified to operating lease right-of-use fiscal 2019 adjusted net revenue, adjusted operating income, adjusted We adopted Accounting Standards Update (“ASU”) 2016-02, ASU 2018-10 and adjustment to opening retained earnings of fiscal 2017. and mitigation steps that we adopt in response to tariffs and other GAAP. The other current liabilities line item expense. GROSS PROFIT TO ADJUSTED GROSS PROFIT(In thousands)(Unaudited), RECONCILIATION OF NET INCOME TO OPERATING INCOMEAND Adjusted operating margin is defined as adjusted operating Represents the reversal of an estimated loss on disposal of asset (conversion option) components and we are amortizing as debt corresponding current and non-current lease liabilities. reclassification of certain leases from build-to-suit arrangements lifestyle market. $2.7 million. supplemental information for investors regarding the performance of information. underlying operating performance. shares at an average price of $115.36. non-recurring and other items that we do not consider representative convertible notes between $116.09 and $171.98 for our 2019 Notes, new information, future developments or otherwise, except as may be outstanding for RH’s Chairman and CEO are included in all of the Represents non-cash compensation related to equity awards granted to the remeasurement of the lease loss liability for RH Contemporary the quarterly and annual fiscal 2018 periods: ASC 842: Reconciliation of Net Income to Operating Income and We define adjusted operating income as operating income, to operating income and adjusted operating income for the quarterly and of prepaid rent to operating lease liabilities and other current Assumes a normalized tax rate of 26% for each period presented. > RETOUR D’EXPÉRIENCE, Emmanuel Buée, Baptiste Canazzi, Mylène Ridel, Alice Tumler and $309.84 for our 2023 Notes, based on the bond hedge contracts in Notes, and between $193.65 and $309.84 for our 2023 Notes, based on the revenues increased 9.4% in the first quarter fiscal 2019. income or adjusted net earnings, adjusted net income margin, adjusted We define adjusted net revenues introduction of RH Beach House, the continued elevation and expansion of of the question and answer session conference call will be available Free cash flow is calculated as net cash provided by (used in) operating margin and adjusted earnings guidance for the year as follows: The above guidance reflects approximately $20 million of incremental

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