RHS 基本面疲弱（营业收入/利润率下滑、SG&A 增长高企、大额账单到期），现在买入为时尚早。

Restoration hardware sales jump or shares jumped 15% after reporting earnings. Why don't I see the earnings? I I I honestly I don't know if the system is just not reporting restoration hardware earnings, but I don't I don't see restoration hardware earnings. So I'll have to go get them, but we'll do that in a second.

Oh, here the earnings just came in. Net revenue 922.2 versus 915. So, that's a beat. Wow. Adjusted EPS came in at $2.70 versus 40 estimated. Gross margins come in at 48.2 versus 43.2.

They may have just found the bottom, baby. Let's go look at Restoration Hardware. This gonna be fun.

All right, cash flow. Where's inventory? Did they start buying inventory? The most important line here is did they start buying inventory? So, if I have a positive number on the cash flow statement, it means I spent money on inventory. I'm giving myself cash. I have more operating cash. No, I spent cash. It'd be negative if I spent cash to buy inventories. They have not bought inventory yet. So, the balance sheet should indicate lower inventories. So, still not buying inventory on net.

I was honestly really hoping to see that they would have started buying inventories because that's when I could see margin post tariffs. I can't see post tariff margins until they actually start buying furniture post tariffs.

Yes. See, look at this merchandise inventories. And they're only comparing to to August or to January over here. See, look at the inventories. The inventories are down. Yeah, but they had to have bought some because they had way more revenues than this. What are the revenues? They had to have bought some.

Oh, yeah, dude. Oh, okay. Well, no. I mean, they had to have because I have I have net revenues of $922 million.

Basically, they are buying inventory, but they're definitely still going through their um fattening phase. When tariffs were announced, uh they blew all their cash on inventory to fatten up for a liberating winter.

okay, so we should see some margin impact. Look at this. Now they're actually fattening cash again. Now they're fattening cash by reducing some of that fat.

now did they fat Paten up from debt. Let's find out. Uh, repayments. Okay. Okay. Paying off debt. I like it. Paying off debt. Oh, I like it. Paying off real estate debt. I like it. Debt issuance costs. Zero. I also like it. Principal payments under lease agreements. I don't really care about the lease agreements. Other financing activities, a little bit of borrowing, a fractional amount of This is good, man. this. And I like this CEO. This CEO is a badass. Uh like he's blunt and and he's honest as as far as the impression that I could tell.

Look at that. I got free cash flow right here. That's how they increase their cash. That's 115 14 something. What the h double hockey sticks is this? This is a lot of bill pay. I got $200 million of bill pay. I got another $423 million of bill pay. Come on. I do have deferreds in here, but bro, I got bills I got to pay now. I got 423 plus 207.5 equals I got to pay $630 million of bills. This is bull crap.

What are these other current assets? Watch. It's SpaceX stock. [laughter] Other current assets. Yeah, other current assets. That's what we call it when we don't want you to know what it is. I'll find it.

Product recall. I don't know how that's an asset, but okay. That was small. Prepaid expense. Other current assets. Cloud computing costs. Why do you guys have cloud computing? I don't even want to know. Other current assets, prepaid expenses, okay, that's fine. Vendor deposits, that's fine. Capitalized catalog costs. Okay, that's So, in other words, none of this is liquid. Value added tax receivable, promisary note receivable, other current assets. This is bull crap. I None of that is liquid. None of it.

So, I've got gross profit that has gone up 444.853 divided by 409259 8 7%. 8.7 and that is year-over-year. Okay. Then here I have an increase. Not that much. That's not a lot of growth. That's like 3%. So the costs are going uph 2.5%. There it is. You don't have a margin bottom yet.

let's see how much did it go up over here. 776.1 divided by 764.592. What? This went up 1.5%. Did I do that right? Seven. That might be right. 776 divided by 764.592. Yeah. Only went up 1.5% over here. But then revenues didn't go up that much. It's because of the seasonality. That's what it is.

Yeah. See revenues right here. Rev up 0.0. The hell was that? 54%. There we go. It's half of a percent. The number was so small. I was having trouble reading it. That's like I don't I don't frequently see when I do my math division numbers that freaking small.

Uh operating income. Yeah, their operating income fell. Why is their SGNA up so much? Well, that doesn't make sense. Do they disagregate SGNA? I mean, they will on the 10Q, but they don't, as far as I can tell.

What are they paying in debt here? This is what they're paying on their term loans. They're paying, dude. They're paying That's going to be 6.5% on average. And they don't have that much money.

So now if I go look at operating income, their operating income obviously isn't doing too hot here. 337.28 divided by 280.383. 9.3%. Here's a 9.3% increase in SGNA. So, both of these times their operating income is going to go to crap. Their interest expenses are actually down because they've been paying off debt. So, that's nice. But their operating income has been falling in in both. So we have this has not bottomed out. The margins are worsening. They have a lot of debt.

I don't care that they beat on adjusted. They beat on adjusted. How did they beat on adjusted? Uh expectation. They came in at 270 on adjusted EPS. Dude, I don't even have I don't even have the adjusted here, do I? Because I got 318 here. Diluted 306 or whatever. How did they how did this go up? Share of equity method investment net. I don't know what this because see their income before taxes and equity method their income is down.

Year-over-year their income is down 58.4 divided by 72.1. It's down like 20%. Okay. in screw this here. Income down 20 operating income down 20% year-over-year. Margins are still sucking and declining. Uh SGNA up uh way more than revenue, like 10x revenue. Um they have a lot of debt coming due in the next 12. They are not out of the woods now.

Maybe maybe they short squeeze. Uh but this will get reloaded on shorts. This I don't like this one. I don't I don't have a horse in this race. I don't care if it goes up or down. I want people to make money. I'm just saying, man. Looking at those financials. Uh-uh. I No. Not ready for for Restoration Hardware.

Yeah. I think people started digesting this because it was up like 12%, right? And then people started digesting the earnings like we did and we're like, "Oh, wait.

Initially, we look and it's like, "Oh, they beat earnings. This is cool." But I want you to see what's happening on operating income. Operating income has collapsed year-over-year. We went from $141 million to $107 million.

Their income before bull crap adjustments went down from $72 million to 58. And just think about that. 58, it was 72, were down almost 20%, 19.5%.

Their interest expense is down, which I am grateful for. for their interest expense is down because they're paying off some debt. But look at this. Net revenue is up 2 and a.5%. And their what do we got here? What do we got here? Their SGNA up 20.2%. So, a little bit of a red flag here.

Uh cost of goods sold. Ooh, cost of goods sold actually went down year-over-year right here. I think that's because they're still grabbing from inventory. That's pretty decent right here.

So, that cost of goods sold went down and they still were able to grow revenue at 2 and a half%. But, I will say their actual operating costs are still rising. So, their overall PP is still shrinking, but and some of this cost of goods sold might be coming from the fattening that they've done.

In other words, some of their margin protection can come from fattening up. How does that work? Well, how that works is you hear tariffs get announced. So, you blow all your cash, you go down to $41 million of cash, which is very little, you build up inventories, and now you slowly reduce your inventories over time and increase your cash again. So, I call it they're the bear that got ready for winter. They fattened up and now they're leaning out and they're turning some of that inventory to cash.

I think that's still helping insulate them, but their operating costs are still going up as a percentage of revs. So, you still have a pricing power issue. Uh, I think they're having trouble, you know, really getting prices and growth up.

I mean, after all, we see this over here. Revenue on a six-month period is only up half a percent. While SGNA is up 9%. Gross profit in fairness was up 1.5% right here. Okay. So, you know, they are able to absorb some of the margins there. When we look at this a little bit more detailed, they're absorbing a little bit from by using their inventory. That's good.

Their balance sheet right here suggests they have bills to pay us $630 million. We only have $125 million bucks, so we really need to go through and sell more. And their current assets are relatively illquid.

So, you know, the more and more I look at it, the more I go, it's still a bleeding business. We still haven't gotten to sort of peak pain, it seems like. And I think peak pain gets realized when the company goes out and actually buys market rate cost of goods sold and they don't just absorb inventory.

That said, they are paying off debt. So, they're doing a good job. They're paying off their bills. Good for them. There's some hope here, but I still think it might be a little too soon on this one.