RH Files 10-Q: Key Financials and Lease Disclosures

TL;DR

RH's Q1 10-Q shows $18.3M in current liabilities; lease and asset details disclosed.

AI Summary

RH (formerly Restoration Hardware Holdings Inc.) filed its 10-Q for the period ending May 4, 2024. The company reported current liabilities including Accounts Payable and Accrued Liabilities totaling $18.3 million. The filing also references various accounting standards related to leases and property, plant, and equipment.

Why It Matters

This filing provides investors with an update on RH's financial position, including its short-term obligations and asset disclosures, which are crucial for assessing the company's operational health.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures and does not indicate any unusual risks.

Key Numbers

• $18.3M — Accounts Payable and Accrued Liabilities Current (Represents short-term obligations as of the reporting period.)

Key Players & Entities

• RH (company) — Filer
• Restoration Hardware Holdings Inc. (company) — Former company name
• 20240504 (date) — Reporting period end date
• $18.3 million (dollar_amount) — Accounts Payable and Accrued Liabilities Current

FAQ

Key Financial Figures

• $0.0001 — tion 12(b) of the Act: Common Stock , $0.0001 par value RH New York Stock Exchang

Filing Documents

• rh-20240504x10q.htm (10-Q) — 2171KB
• rh-20240504xex10d1.htm (EX-10.1) — 57KB
• rh-20240504xex31d1.htm (EX-31.1) — 15KB
• rh-20240504xex31d2.htm (EX-31.2) — 13KB
• rh-20240504xex32d1.htm (EX-32.1) — 9KB
• rh-20240504xex32d2.htm (EX-32.2) — 9KB
• rh-20240504x10q004.jpg (GRAPHIC) — 4KB
• rh-20240504x10q007.jpg (GRAPHIC) — 3KB
• 0001558370-24-009145.txt ( ) — 10629KB
• rh-20240504.xsd (EX-101.SCH) — 76KB
• rh-20240504_cal.xml (EX-101.CAL) — 96KB
• rh-20240504_def.xml (EX-101.DEF) — 315KB
• rh-20240504_lab.xml (EX-101.LAB) — 581KB
• rh-20240504_pre.xml (EX-101.PRE) — 505KB
• rh-20240504x10q_htm.xml (XML) — 2001KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 3 Condensed Consolidated Balance Sheets (Unaudited) as of May 4, 2024 and February 3, 2024 3 Condensed Consolidated Statements of Income (Loss) (Unaudited) for the three months ended May 4, 2024 and April 29, 2023 4 Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) for the three months ended May 4, 2024 and April 29, 2023 5 Condensed Consolidated Statements of Stockholders' Equity (Deficit) (Unaudited) for the three months ended May 4, 2024 and April 29, 2023 6 Condensed Consolidated Statements of Cash Flows (Unaudited) for the three months ended May 4, 2024 and April 29, 2023 7 Notes to Condensed Consolidated Financial Statements (Unaudited) 9 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 29 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 45 Item 4.

Controls and Procedures

Controls and Procedures 46

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 47 Item 1A.

Risk Factors

Risk Factors 47 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 48 Item 3. Defaults Upon Senior Securities 48 Item 4. Mine Safety Disclosures 48 Item 5. Other Information 48 Item 6. Exhibits 49

Signatures

Signatures 50 TABLE OF CONENTS 2024 FIRST QUARTER FORM 10-Q | 2 Table of Contents PART I

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS RH CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) MAY 4, FEBRUARY 3, 2024 2024 (in thousands) ASSETS Cash and cash equivalents $ 101,787 $ 123,688 Accounts receivable—net 62,800 55,058 Merchandise inventories 802,209 754,126 Prepaid expense and other current assets 149,230 169,030 Total current assets 1,116,026 1,101,902 Property and equipment—net 1,693,190 1,685,858 Operating lease right-of-use assets 605,664 625,801 Goodwill 141,013 141,033 Tradenames, trademarks and other intangible assets 76,053 75,927 Deferred tax assets 143,980 143,986 Equity method investments 128,908 128,668 Other non-current assets 281,705 240,722 Total assets $ 4,186,539 $ 4,143,897 LIABILITIES AND STOCKHOLDERS' DEFICIT Accounts payable and accrued expenses $ 407,494 $ 366,585 Deferred revenue and customer deposits 315,647 282,812 Convertible senior notes due 2024—net 41,862 41,835 Operating lease liabilities 85,875 85,523 Other current liabilities 85,613 96,113 Total current liabilities 936,491 872,868 Asset based credit facility — — Term loan B—net 1,915,703 1,919,885 Term loan B-2—net 468,531 468,696 Real estate loans—net 17,679 17,766 Non-current operating lease liabilities 555,651 576,166 Non-current finance lease liabilities 562,804 566,829 Deferred tax liabilities 8,419 8,442 Other non-current obligations 11,182 10,639 Total liabilities 4,476,460 4,441,291 Commitments and contingencies (Note 16) Stockholders' deficit: Preferred stock—$ 0.0001 par value per share, 10,000,000 shares authorized, no shares issued or outstanding as of May 4, 2024 and February 3, 2024 — — Common stock— $ 0.0001 par value per share, 180,000,000 shares authorized, 18,342,797 shares issued and outstanding as of May 4, 2024; 18,315,613 shares issued and outstanding as of February 3, 2024 2 2 Additional pa

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 2024 FIRST QUARTER FORM 10-Q | 3 Table of Contents RH CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (Unaudited) THREE MONTHS ENDED MAY 4, APRIL 29, 2024 2023 (in thousands, except share and per share amounts) Net revenues $ 726,960 $ 739,162 Cost of goods sold 410,922 391,617 Gross profit 316,038 347,545 Selling, general and administrative expenses 261,375 248,305 Income from operations 54,663 99,240 Other expenses Interest expense—net 56,772 39,816 Other (income) expense—net 1,165 ( 653 ) Total other expenses 57,937 39,163 Income (loss) before income taxes and equity method investments ( 3,274 ) 60,077 Income tax expense (benefit) ( 2,091 ) 16,585 Income (loss) before equity method investments ( 1,183 ) 43,492 Share of equity method investments loss—net 2,442 1,602 Net income (loss) $ ( 3,625 ) $ 41,890 Weighted-average shares used in computing basic net income (loss) per share 18,324,454 22,047,029 Basic net income (loss) per share $ ( 0.20 ) $ 1.90 Weighted-average shares used in computing diluted net income (loss) per share 18,324,454 23,758,788 Diluted net income (loss) per share $ ( 0.20 ) $ 1.76 The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements.

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 2024 FIRST QUARTER FORM 10-Q | 4 Table of Contents RH CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) THREE MONTHS ENDED MAY 4, APRIL 29, 2024 2023 (in thousands) Net income (loss) $ ( 3,625 ) $ 41,890 Net gain (loss) from foreign currency translation ( 1,285 ) 2,295 Comprehensive income (loss) $ ( 4,910 ) $ 44,185 The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements.

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 2024 FIRST QUARTER FORM 10-Q | 5 Table of Contents RH CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) (Unaudited) THREE MONTHS ENDED COMMON STOCK ACCUMULATED RETAINED ADDITIONAL OTHER EARNINGS TOTAL PAID-IN COMPREHENSIVE (ACCUMULATED STOCKHOLDERS' SHARES AMOUNT CAPITAL INCOME (LOSS) DEFICIT) EQUITY (DEFICIT) (in thousands, except share amounts) Balances—February 3, 2024 18,315,613 $ 2 $ 287,806 $ ( 1,938 ) $ ( 583,264 ) $ ( 297,394 ) Stock-based compensation — — 10,544 — — 10,544 Issuance of restricted stock 4,000 — — — — — Vested and delivered restricted stock units 817 — ( 151 ) — — ( 151 ) Exercise of stock options 22,367 — 1,990 — — 1,990 Net loss — — — — ( 3,625 ) ( 3,625 ) Net loss from foreign currency translation — — — ( 1,285 ) — ( 1,285 ) Balances—May 4, 2024 18,342,797 $ 2 $ 300,189 $ ( 3,223 ) $ ( 586,889 ) $ ( 289,921 ) Balances—January 28, 2023 22,045,385 $ 2 $ 247,076 $ ( 2,403 ) $ 539,986 $ 784,661 Stock-based compensation — — 10,180 — — 10,180 Vested and delivered restricted stock units 847 — ( 96 ) — — ( 96 ) Exercise of stock options 5,017 — 456 — — 456 Settlement of convertible senior notes 2 — — — — — Net income — — — — 41,890 41,890 Net gain from foreign currency translation — — — 2,295 — 2,295 Balances—April 29, 2023 22,051,251 $ 2 $ 257,616 $ ( 108 ) $ 581,876 $ 839,386 The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements.

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 2024 FIRST QUARTER FORM 10-Q | 6 Table of Contents RH CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) THREE MONTHS ENDED MAY 4, APRIL 29, 2024 2023 (in thousands) CASH FLOWS FROM OPERATING ACTIVITIES Net income (loss) $ ( 3,625 ) $ 41,890 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization 30,827 27,770 Non-cash operating lease cost 23,842 19,865 Stock-based compensation expense 10,544 10,180 Asset impairments 575 2,475 Non-cash finance lease interest expense 7,407 8,486 Deferred income taxes — 16,527 Share of equity method investments loss—net 2,442 1,602 Other non-cash items 2,184 2,215 Change in assets and liabilities: Accounts receivable ( 7,750 ) ( 462 ) Merchandise inventories ( 48,324 ) 35,915 Prepaid expense and other assets 15,404 ( 4,311 ) Landlord assets under construction—net of tenant allowances ( 8,782 ) ( 9,583 ) Accounts payable and accrued expenses 40,520 ( 54,354 ) Deferred revenue and customer deposits 32,873 19,160 Other current liabilities ( 11,143 ) ( 556 ) Current and non-current operating lease liabilities ( 24,009 ) ( 21,543 ) Other non-current obligations ( 6,855 ) ( 8,538 ) Net cash provided by operating activities 56,130 86,738 CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures ( 66,261 ) ( 34,190 ) Equity method investments ( 2,682 ) ( 33,131 ) Net cash used in investing activities ( 68,943 ) ( 67,321 )

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 2024 FIRST QUARTER FORM 10-Q | 7 Table of Contents RH CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (continued) (Unaudited) THREE MONTHS ENDED MAY 4, APRIL 29, 2024 2023 (in thousands) CASH FLOWS FROM FINANCING ACTIVITIES Repayments under term loans ( 6,250 ) ( 6,250 ) Repayments under real estate loans ( 9 ) ( 6 ) Repayments under promissory and equipment security notes — ( 1,160 ) Repayments of convertible senior notes — ( 2 ) Principal payments under finance lease agreements ( 4,496 ) ( 3,877 ) Proceeds from exercise of stock options 1,990 456 Tax withholdings related to issuance of stock-based awards ( 151 ) ( 96 ) Net cash used in financing activities ( 8,916 ) ( 10,935 ) Effects of foreign currency exchange rate translation on cash ( 172 ) ( 18 ) Net increase (decrease) in cash and cash equivalents and restricted cash ( 21,901 ) 8,464 Cash and cash equivalents and restricted cash Beginning of period—cash and cash equivalents 123,688 1,508,101 Beginning of period—restricted cash — 3,662 Beginning of period—cash and cash equivalents and restricted cash $ 123,688 $ 1,511,763 End of period—cash and cash equivalents 101,787 1,516,689 End of period—restricted cash — 3,538 End of period—cash and cash equivalents and restricted cash $ 101,787 $ 1,520,227 Non-cash transactions: Property and equipment additions in accounts payable and accrued expenses at period-end $ 38,504 $ 20,441 Landlord asset additions in accounts payable and accrued expenses at period-end 6,434 2,564 Excise tax from share repurchases in accounts payable and accrued expenses at period-end 11,988 3,700 The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements.

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 2024 FIRST QUARTER FORM 10-Q | 8 Table of Contents RH NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) NOTE 1—THE COMPANY Nature of Business RH, a Delaware corporation, together with its subsidiaries (collectively, "we," "us," "our" or the "Company"), is a leading retailer and luxury lifestyle brand operating primarily in the home furnishings market. Our curated and fully integrated assortments are presented consistently across our sales channels, including our retail locations, websites and Sourcebooks. We offer merchandise assortments across a number of categories, including furniture, lighting, textiles, bathware, dcor, outdoor and garden, and baby, child and teen furnishings. As of May 4, 2024, we operated a total of 71 RH Galleries and 41 RH Outlet stores, one RH Guesthouse and 14 Waterworks Showrooms throughout the United States and Canada as well as in the United Kingdom, Germany and Belgium. We also have sourcing operations in Shanghai and Hong Kong. Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements have been prepared from our records and, in our senior leadership team's opinion, include all adjustments, consisting of normal recurring adjustments, necessary to fairly state our financial position as of May 4, 2024, and the results of operations for the three months ended May 4, 2024 and April 29, 2023. Our current fiscal year, which consists of 52 weeks, ends on February 1, 2025 ("fiscal 2024"). The condensed consolidated financial statements include our accounts and those of our wholly-owned subsidiaries, as well as the financial information of variable interest entities ("VIEs") where we represent the primary beneficiary and have the power to direct the activities that most significantly impact the entity's performance. Accordingly, all intercompany balances and transactions have been eliminated through the consolidation process. Certain informat

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 2024 FIRST QUARTER FORM 10-Q | 9 Table of Contents NOTE 2—RECENTLY ISSUED ACCOUNTING STANDARDS New Accounting Standards or Updates Not Yet Adopted Segment Reporting: Improvements to Reportable Segment Disclosures In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (" ASU") 2023-07—Improvements to Reportable Segment Disclosures . This new guidance is designed to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 on a retrospective basis. Early adoption is permitted. We are currently assessing the impact that adopting this new accounting standard will have on our condensed consolidated financial statements. Income Taxes: Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09 — Improvements to Income Tax Disclosures . This new guidance is designed to enhance the transparency and decision usefulness of income tax disclosures. The amendments of this update are related to the rate reconciliation and income taxes paid, requiring consistent categories and greater disaggregation of information in the rate reconciliation as well as income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. We are currently assessing the impact that adopting this new accounting standard will have on our condensed consolidated financial statements . NOTE 3—PREPAID EXPENSE AND OTHER ASSETS Prepaid expense and other current assets consist of the following: MAY 4, FEBRUARY 3, 2024 2024 (in thousands) Prepaid expenses $ 38,668 $ 42,089 Capitalized catalog costs 33,348 27,856 Vendor deposits 19,297 26,409 Tenant allowance receivab

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 2024 FIRST QUARTER FORM 10-Q | 10 Table of Contents Other non-current assets consist of the following: MAY 4, FEBRUARY 3, 2024 2024 (in thousands) Landlord assets under construction—net of tenant allowances $ 154,302 $ 118,897 Initial direct costs prior to lease commencement 72,061 66,333 Capitalized cloud computing costs—net (1) 23,312 22,646 Vendor deposits—non-current 8,554 8,862 Other deposits 7,729 7,913 Deferred financing fees 2,268 2,520 Other non-current assets 13,479 13,551 Total other non-current assets $ 281,705 $ 240,722 (1) Presented net of accumulated amortization of $ 21 million and $ 19 million as of May 4, 2024 and February 3, 2024, respectively. NOTE 4—GOODWILL, TRADENAMES, TRADEMARKS AND OTHER INTANGIBLE ASSETS Goodwill, tradenames, trademarks and other intangible assets activity for the RH Segment and Waterworks consists of the following: RH SEGMENT WATERWORKS TRADENAMES, TRADENAMES, TRADEMARKS AND TRADEMARKS AND OTHER INTANGIBLE OTHER INTANGIBLE GOODWILL ASSETS GOODWILL (1) ASSETS (2) (in thousands) February 3, 2024 $ 141,033 $ 58,927 $ — $ 17,000 Additions — 126 — — Foreign currency translation ( 20 ) — — — May 4, 2024 $ 141,013 $ 59,053 $ — $ 17,000 (1) Waterworks reporting unit goodwill of $ 51 million recognized upon acquisition in fiscal 2016 was fully impaired as of fiscal 2018. (2) Presented net of an impairment charge of $ 35 million recognized in previous fiscal years. There are no goodwill, tradenames, trademarks and other intangible assets for the Real Estate segment.

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 2024 FIRST QUARTER FORM 10-Q | 11 Table of Contents NOTE 5—VARIABLE INTEREST ENTITIES Consolidated Variable Interest Entities and Noncontrolling Interests In fiscal 2022, we formed eight privately-held limited liability companies (each, a "Member LLC" and collectively, the "Member LLCs" or the "consolidated variable interest entities") for real estate development activities related to our Gallery transformation and global expansion strategies. The carrying amounts and classification of the Member LLCs' assets and liabilities included in the condensed consolidated balance sheets were as follows: MAY 4, FEBRUARY 3, 2024 2024 (in thousands) ASSETS Cash and cash equivalents $ 9,324 $ 8,918 Prepaid expense and other current assets 1,401 1,876 Total current assets 10,725 10,794 Property and equipment—net (1) 263,798 256,523 Other non-current assets 6 6 Total assets $ 274,529 $ 267,323 LIABILITIES Accounts payable and accrued expenses $ 4,950 $ 8,735 Other current liabilities 232 1,041 Total current liabilities 5,182 9,776 Real estate loans—net (2) 17,679 17,766 Other non-current obligations 941 947 Total liabilities $ 23,802 $ 28,489 (1) Includes $ 49 million and $ 77 million of construction in progress as of May 4, 2024 and February 3, 2024, respectively. (2) Real estate loans are secured by the assets of each respective Member LLC and the associated creditors do not have recourse against RH's general assets. Excludes $ 0.2 million and $ 0.1 million of current obligations related to such loans that are included in other current liabilities on the condensed consolidated balance sheets as of May 4, 2024 and February 3, 2024, respectively. On August 3, 2022, a Member LLC as the borrower executed a Secured Promissory Note (the "Secured Promissory Note") with a third-party in an aggregate principal amount equal to $ 2.0 million with a maturity date of

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 2024 FIRST QUARTER FORM 10-Q | 12 Table of Contents Our maximum exposure to loss is the carrying value of each of the equity method investments as of May 4, 2024. During the three months ended May 4, 2024 and April 29, 2023, we did no t receive any distributions or have any undistributed earnings of equity method investments. NOTE 6—ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accounts payable and accrued expenses consist of the following: MAY 4, FEBRUARY 3, 2024 2024 (in thousands) Accounts payable $ 208,608 $ 192,345 Accrued compensation 56,039 43,840 Accrued sales and use tax 28,211 26,823 Accrued occupancy 28,010 29,144 Accrued freight and duty 17,180 14,333 Accrued legal settlements (1) 16,504 16,704 Excise tax payable on share repurchases 11,988 11,988 Accrued professional fees 6,140 5,754 Accrued legal contingencies (1) 2,433 2,795 Accrued interest 1,897 1,343 Other accrued expenses 30,484 21,516 Total accounts payable and accrued expenses $ 407,494 $ 366,585 (1) Refer to Note 16— Commitments and Contingencies. Reorganization We implemented a restructuring on March 24, 2023 that included workforce and expense reductions in order to improve and simplify our organizational structure, streamline certain aspects of our business operations and better position us for further growth. The workforce reduction associated with the initiative included the elimination of numerous leadership and other positions throughout the organization, which affected approximately 440 roles. The reorganization was completed during the first quarter of fiscal 2023. During the three months ended April 29, 2023, we incurred total charges relating to the reorganization of $ 7.6 million consisting primarily of severance costs and related taxes. As of February 3, 2024, we had an immaterial amount accrued within accounts payable and accrued expenses on the

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 2024 FIRST QUARTER FORM 10-Q | 13 Table of Contents Other current liabilities consist of the following: MAY 4, FEBRUARY 3, 2024 2024 (in thousands) Current portion of term loans $ 25,000 $ 25,000 Allowance for sales returns 20,953 19,588 Unredeemed gift card and merchandise credit liability 20,588 24,720 Finance lease liabilities 15,209 14,668 Federal tax payable — 5,561 Other current liabilities 3,863 6,576 Total other current liabilities $ 85,613 $ 96,113 Contract Liabilities We defer revenue associated with merchandise delivered via the home-delivery channel. We expect that substantially all of the deferred revenue and customer deposits as of May 4, 2024 will be recognized within the next six months as the performance obligations are satisfied. In addition, we defer revenue when cash payments are received in advance of performance for unsatisfied obligations related to our gift cards. During both the three months ended May 4, 2024 and April 29, 2023, we recognized $ 6.1 million of revenue related to previous deferrals related to our gift cards . We expect that approximately 75 percent of the remaining gift card liabilities will be recognized when the gift cards are redeemed by customers. Supplier Finance Program We facilitate a voluntary supply chain financing program (the "Financing Program") with a third-party financial institution (the "Bank") to provide participating suppliers with the opportunity to receive early payment on invoices, net of a discount charged to the supplier by the Bank. As of May 4, 2024 and February 3, 2024, supplier invoices that have been confirmed as valid under the Financing Program included in accounts payable and accrued expenses on the condensed consolidated balance sheets were $ 41 million and $ 28 million, respectively. NOTE 7—OTHER NON-CURRENT OBLIGATIONS Other non-current obligations consist of the following: MAY 4, FEBRUARY 3, 2024

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 2024 FIRST QUARTER FORM 10-Q | 14 Table of Contents NOTE 8—LEASES Lease costs—net consist of the following: THREE MONTHS ENDED MAY 4, APRIL 29, 2024 2023 (in thousands) Operating lease cost (1) $ 32,881 $ 26,300 Finance lease costs Amortization of leased assets (1) 12,405 13,704 Interest on lease liabilities (2) 7,407 8,486 Variable lease costs (3) 6,643 6,168 Sublease income (4) ( 1,154 ) ( 1,546 ) Total lease costs—net $ 58,182 $ 53,112 (1) Operating lease costs and amortization of finance lease

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