RH Files Q3 10-Q with Key Financial Updates

TL;DR

**RH Q3 10-Q: Current liabilities at $186M, down slightly from prior quarter. Retail furniture giant's financials detailed.**

AI Summary

RH filed its 10-Q for the period ending November 2, 2024, reporting financial results. The company, formerly known as Restoration Hardware Holdings Inc., operates in the furniture retail sector. Key financial figures include current liabilities of $186 million and $183 million for the periods ending November 2, 2024, and August 3, 2024, respectively, reflecting accounts payable and accrued liabilities.

Why It Matters

This filing provides investors with a detailed look at RH's financial health and operational performance for the third quarter, impacting investment decisions.

Risk Assessment

Risk Level: medium — The filing contains detailed financial information, including liabilities and assets, which are crucial for assessing the company's financial risk.

Key Numbers

• $186.0M — Accounts Payable and Accrued Liabilities, Current (As of November 2, 2024)
• $18.3M — Accounts Payable and Accrued Liabilities, Current (As of August 3, 2024)

Key Players & Entities

• RH (company) — Filer of the 10-Q
• Restoration Hardware Holdings Inc. (company) — Former name of RH
• November 2, 2024 (date) — End of reporting period
• August 3, 2024 (date) — Prior period end date
• $186,002,910 (dollar_amount) — Accounts Payable and Accrued Liabilities, Current as of November 2, 2024
• $18,315,613 (dollar_amount) — Accounts Payable and Accrued Liabilities, Current as of August 3, 2024

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-20241102x10q.htm (10-Q) — 2944KB
• rh-20241102xex31d1.htm (EX-31.1) — 15KB
• rh-20241102xex31d2.htm (EX-31.2) — 13KB
• rh-20241102xex32d1.htm (EX-32.1) — 8KB
• rh-20241102xex32d2.htm (EX-32.2) — 8KB
• rh-20241102x10q004.jpg (GRAPHIC) — 4KB
• rh-20241102x10q007.jpg (GRAPHIC) — 3KB
• 0001558370-24-016185.txt ( ) — 11852KB
• rh-20241102.xsd (EX-101.SCH) — 70KB
• rh-20241102_cal.xml (EX-101.CAL) — 107KB
• rh-20241102_def.xml (EX-101.DEF) — 291KB
• rh-20241102_lab.xml (EX-101.LAB) — 607KB
• rh-20241102_pre.xml (EX-101.PRE) — 470KB
• rh-20241102x10q_htm.xml (XML) — 2324KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 3 Condensed Consolidated Balance Sheets (Unaudited) as of November 2, 2024 and February 3, 2024 3 Condensed Consolidated Statements of Income (Loss) (Unaudited) for the three and nine months ended November 2, 2024 and October 28, 2023 4 Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) for the three and nine months ended November 2, 2024 and October 28, 2023 5 Condensed Consolidated Statements of Stockholders' Equity (Deficit) (Unaudited) for the three and nine months ended November 2, 2024 and October 28, 2023 6 Condensed Consolidated Statements of Cash Flows (Unaudited) for the nine months ended November 2, 2024 and October 28, 2023 8 Notes to Condensed Consolidated Financial Statements (Unaudited) 10 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 30 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 50 Item 4.

Controls and Procedures

Controls and Procedures 51

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 52 Item 1A.

Risk Factors

Risk Factors 52 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 53 Item 3. Defaults Upon Senior Securities 53 Item 4. Mine Safety Disclosures 53 Item 5. Other Information 53 Item 6. Exhibits 54

Signatures

Signatures 55 2 | 2024 THIRD QUARTER FORM 10-Q TABLE OF CONTENTS Table of Contents PART I

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS RH CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) NOVEMBER 2, FEBRUARY 3, 2024 2024 (in thousands) ASSETS Cash and cash equivalents $ 87,012 $ 123,688 Accounts receivable—net 63,004 55,058 Merchandise inventories 978,553 754,126 Prepaid expense and other current assets 149,182 169,030 Total current assets 1,277,751 1,101,902 Property and equipment—net 1,797,308 1,685,858 Operating lease right-of-use assets 599,836 625,801 Goodwill 140,990 141,033 Tradenames, trademarks and other intangible assets 76,473 75,927 Deferred tax assets 138,574 143,986 Equity method investments 129,561 128,668 Other non-current assets 303,729 240,722 Total assets $ 4,464,222 $ 4,143,897 LIABILITIES AND STOCKHOLDERS' DEFICIT Accounts payable and accrued expenses $ 411,832 $ 366,585 Deferred revenue and customer deposits 307,922 282,812 Convertible senior notes due 2024—net — 41,835 Operating lease liabilities 88,221 85,523 Other current liabilities 88,292 96,113 Total current liabilities 896,267 872,868 Asset based credit facility 190,000 — Term loan B—net 1,907,333 1,919,885 Term loan B-2—net 468,193 468,696 Real estate loans—net 17,519 17,766 Non-current operating lease liabilities 559,518 576,166 Non-current finance lease liabilities 588,766 566,829 Deferred tax liabilities 8,496 8,442 Other non-current obligations 11,139 10,639 Total liabilities 4,647,231 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 November 2, 2024 and February 3, 2024 — — Common stock— $ 0.0001 par value per share, 180,000,000 shares authorized, 18,600,291 shares issued and outstanding as of November 2, 2024; 18,315,613 shares issued and outstanding as of February 3, 2024 2 2

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 2024 THIRD QUARTER FORM 10-Q | 3 Table of Contents RH CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (Unaudited) THREE MONTHS ENDED NINE MONTHS ENDED NOVEMBER 2, OCTOBER 28, NOVEMBER 2, OCTOBER 28, 2024 2023 2024 2023 (in thousands, except share and per share amounts) Net revenues $ 811,732 $ 751,225 $ 2,368,347 $ 2,290,866 Cost of goods sold 450,392 410,775 1,316,212 1,222,798 Gross profit 361,340 340,450 1,052,135 1,068,068 Selling, general and administrative expenses 259,872 289,214 799,877 766,252 Income from operations 101,468 51,236 252,258 301,816 Other expenses Interest expense—net 57,590 54,640 173,624 138,878 Other expense—net 27 5,305 529 4,466 Total other expenses 57,617 59,945 174,153 143,344 Income (loss) before income taxes and equity method investments 43,851 ( 8,709 ) 78,105 158,472 Income tax expense (benefit) 9,256 ( 9,215 ) 10,882 34,615 Income before equity method investments 34,595 506 67,223 123,857 Share of equity method investments loss—net 1,427 2,693 8,728 7,677 Net income (loss) $ 33,168 $ ( 2,187 ) $ 58,495 $ 116,180 Weighted-average shares used in computing basic net income (loss) per share 18,534,815 18,371,545 18,439,159 20,459,241 Basic net income (loss) per share $ 1.79 $ ( 0.12 ) $ 3.17 $ 5.68 Weighted-average shares used in computing diluted net income (loss) per share 19,981,011 18,371,545 19,960,108 22,207,813 Diluted net income (loss) per share $ 1.66 $ ( 0.12 ) $ 2.93 $ 5.23 The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements. 4 | 2024 THIRD QUARTER FORM 10-Q

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Table of Contents RH CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) THREE MONTHS ENDED NINE MONTHS ENDED NOVEMBER 2, OCTOBER 28, NOVEMBER 2, OCTOBER 28, 2024 2023 2024 2023 (in thousands) Net income (loss) $ 33,168 $ ( 2,187 ) $ 58,495 $ 116,180 Net gain (loss) from foreign currency translation ( 862 ) ( 12,268 ) 3,080 ( 6,593 ) Comprehensive income (loss) $ 32,306 $ ( 14,455 ) $ 61,575 $ 109,587 The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements.

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 2024 THIRD QUARTER FORM 10-Q | 5 Table of Contents RH CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) (Unaudited) THREE MONTHS ENDED COMMON STOCK TREASURY STOCK ACCUMULATED RETAINED ADDITIONAL OTHER EARNINGS TOTAL PAID-IN COMPREHENSIVE (ACCUMULATED STOCKHOLDERS' SHARES AMOUNT CAPITAL INCOME (LOSS) DEFICIT) SHARES AMOUNT EQUITY (DEFICIT) (in thousands, except share amounts) Balances—August 3, 2024 18,482,697 $ 2 $ 321,214 $ 2,004 $ ( 557,937 ) — $ — $ ( 234,717 ) Stock-based compensation — — 11,684 — — — — 11,684 Issuance of restricted stock 8,000 — — — — — — — Vested and delivered restricted stock units 192 — ( 37 ) — — — — ( 37 ) Exercise of stock options 70,281 — 7,755 — — — — 7,755 Settlement of convertible senior notes 39,121 — — — — — — — Net income — — — — 33,168 — — 33,168 Comprehensive loss — — — ( 862 ) — — — ( 862 ) Balances—November 2, 2024 18,600,291 $ 2 $ 340,616 $ 1,142 $ ( 524,769 ) — $ — $ ( 183,009 ) Balances—July 29, 2023 18,397,853 $ 2 $ 261,803 $ 3,272 $ ( 549,659 ) — $ — $ ( 284,582 ) Stock-based compensation — — 9,820 — — — — 9,820 Vested and delivered restricted stock units 196 — ( 30 ) — — — — ( 30 ) Exercise of stock options 9,426 — 1,088 — — — — 1,088 Repurchase of common stock—including excise tax ( 189,078 ) — — — — 189,078 ( 45,055 ) ( 45,055 ) Retirement of treasury stock — — ( 1,753 ) — ( 43,302 ) ( 189,078 ) 45,055 — Net loss — — — — ( 2,187 ) — — ( 2,187 ) Comprehensive loss — — — ( 12,268 ) — — — ( 12,268 ) Balances—October 28, 2023 18,218,397 $ 2 $ 270,928 $ ( 8,996 ) $ ( 595,148 ) — $ — $ ( 333,214 ) 6 | 2024 THIRD QUARTER FORM 10-Q

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Table of Contents RH CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (continued) (Unaudited) NINE MONTHS ENDED COMMON STOCK TREASURY STOCK ACCUMULATED RETAINED ADDITIONAL OTHER EARNINGS TOTAL PAID-IN COMPREHENSIVE (ACCUMULATED STOCKHOLDERS' SHARES AMOUNT CAPITAL INCOME (LOSS) DEFICIT) SHARES AMOUNT 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 — — 33,757 — — — — 33,757 Issuance of restricted stock 15,829 — — — — — — — Vested and delivered restricted stock units 1,009 — ( 188 ) — — — — ( 188 ) Exercise of stock options 228,719 — 19,241 — — — — 19,241 Settlement of convertible senior notes 39,121 — — — — — — — Net income — — — — 58,495 — — 58,495 Comprehensive income — — — 3,080 — — — 3,080 Balances—November 2, 2024 18,600,291 $ 2 $ 340,616 $ 1,142 $ ( 524,769 ) — $ — $ ( 183,009 ) Balances—January 28, 2023 22,045,385 $ 2 $ 247,076 $ ( 2,403 ) $ 539,986 — $ — $ 784,661 Stock-based compensation — — 28,538 — — — — 28,538 Issuance of restricted stock 2,961 — — — — — — — Vested and delivered restricted stock units 1,043 — ( 126 ) — — — — ( 126 ) Exercise of stock options 55,042 — 5,816 — — — — 5,816 Settlement of convertible senior notes 1,931 — — — — — — — Repurchase of common stock—including excise tax ( 3,887,965 ) — — — — 3,887,965 ( 1,261,690 ) ( 1,261,690 ) Retirement of treasury stock — — ( 10,376 ) — ( 1,251,314 ) ( 3,887,965 ) 1,261,690 — Net income — — — — 116,180 — — 116,180 Comprehensive loss — — — ( 6,593 ) — — — ( 6,593 )

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 2024 THIRD QUARTER FORM 10-Q | 7 Table of Contents RH CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) NINE MONTHS ENDED NOVEMBER 2, OCTOBER 28, 2024 2023 (in thousands) CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 58,495 $ 116,180 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 96,082 84,360 Non-cash operating lease cost 72,211 62,938 Stock-based compensation expense 33,757 28,538 Asset impairments 20,535 7,165 Non-cash finance lease interest expense 23,223 25,920 Deferred income taxes 5,399 40,884 Share of equity method investments loss—net 8,728 7,677 Other non-cash items 6,529 5,025 Change in assets and liabilities: Accounts receivable ( 7,917 ) 3,676 Merchandise inventories ( 224,244 ) 81,166 Prepaid expense and other assets 13,084 ( 12,788 ) Landlord assets under construction—net of tenant allowances ( 33,032 ) ( 18,617 ) Accounts payable and accrued expenses 43,812 ( 2,859 ) Deferred revenue and customer deposits 25,065 ( 22,735 ) Other current liabilities ( 9,974 ) ( 541 ) Current and non-current operating lease liabilities ( 73,137 ) ( 65,021 ) Other non-current obligations ( 22,747 ) ( 24,796 ) Net cash provided by operating activities 35,869 316,172 CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures ( 179,897 ) ( 131,840 ) Equity method investments ( 9,620 ) ( 34,321 ) Net cash used in investing activities ( 189,517 ) ( 166,161 ) 8 | 2024 THIRD QUARTER FORM 10-Q

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Table of Contents RH CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (continued) (Unaudited) NINE MONTHS ENDED NOVEMBER 2, OCTOBER 28, 2024 2023 (in thousands) CASH FLOWS FROM FINANCING ACTIVITIES Borrowings under asset based credit facility 190,000 — Repayments under term loans ( 18,750 ) ( 18,750 ) Repayments under real estate loans ( 44 ) ( 20 ) Repayments under promissory and equipment security notes — ( 1,160 ) Repayments of convertible senior notes ( 41,904 ) ( 1,696 ) Principal payments under finance lease agreements—net of tenant allowances ( 19,609 ) ( 9,551 ) Repurchases of common stock—inclusive of excise taxes paid ( 11,988 ) ( 1,252,899 ) Proceeds from exercise of stock options 19,241 5,816 Tax withholdings related to issuance of stock-based awards ( 188 ) ( 126 ) Net cash provided by (used in) financing activities 116,758 ( 1,278,386 ) Effects of foreign currency exchange rate translation on cash 214 ( 733 ) Net decrease in cash and cash equivalents and restricted cash ( 36,676 ) ( 1,129,108 ) 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 87,012 380,695 End of period—restricted cash — 1,960 End of period—cash and cash equivalents and restricted cash $ 87,012 $ 382,655 Non-cash transactions: Property and equipment additions in accounts payable and accrued expenses at period-end $ 48,186 $ 38,031 Landlord asset additions in accounts payable and accrued expenses at period-end 9,792 3,621 Excise tax from share repurchases in accounts payable and accrued expenses at period-end — 12,491 The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Sta

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 2024 THIRD QUARTER FORM 10-Q | 9 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 November 2, 2024, we operated a total of 71 RH Galleries and 38 RH Outlet stores, one RH Guesthouse and 14 Waterworks Showrooms throughout the United States and Canada as well as in the United Kingdom, Germany, Belgium and Spain. 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 November 2, 2024, and the results of operations for the three and nine months ended November 2, 2024 and October 28, 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 consol

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 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 ASU 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 ASU will have on our condensed consolidated financial statements. Income Statement: Disaggregation of Income Statement Expenses In November 2024, the FASB issued ASU 2024-03—Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40). This new guidance is designed to improve financial reporting by requiring public business entities to disclose additional information about specific expense categories in th

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 2024 THIRD QUARTER FORM 10-Q | 11 Table of Contents Other non-current assets consist of the following: NOVEMBER 2, FEBRUARY 3, 2024 2024 (in thousands) Landlord assets under construction—net of tenant allowances $ 169,799 $ 118,897 Initial direct costs prior to lease commencement 79,954 66,333 Capitalized cloud computing costs—net (1) 25,609 22,646 Other deposits 7,421 7,913 Vendor deposits—non-current 4,261 8,862 Deferred financing fees 1,764 2,520 Other non-current assets 14,921 13,551 Total other non-current assets $ 303,729 $ 240,722 (1) Presented net of accumulated amortization of $ 27 million and $ 19 million as of November 2, 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 — 546 — — Foreign currency translation ( 43 ) — — — November 2, 2024 $ 140,990 $ 59,473 $ — $ 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 prior fiscal years. There are no goodwill, tradenames, trademarks and other intangible assets for the Real Estate segment. 12 | 2024 THIRD QUARTER FORM 10-Q

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 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: NOVEMBER 2, FEBRUARY 3, 2024 2024 (in thousands) ASSETS Cash and cash equivalents $ 2,424 $ 8,918 Prepaid expense and other current assets 1,176 1,876 Total current assets 3,600 10,794 Property and equipment—net (1) 275,919 256,523 Other non-current assets 7 6 Total assets $ 279,526 $ 267,323 LIABILITIES Accounts payable and accrued expenses $ 4,910 $ 8,735 Other current liabilities 378 1,041 Total current liabilities 5,288 9,776 Real estate loans—net (2) 17,519 17,766 Other non-current obligations 969 947 Total liabilities $ 23,776 $ 28,489 (1) Includes $ 59 million and $ 77 million of construction in progress as of November 2, 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 $ 0.3 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 November 2, 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 August 1, 2032. The S

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 2024 THIRD QUARTER FORM 10-Q | 13 Table of Contents Our maximum exposure to loss is the carrying value of each of the equity method investments as of November 2, 2024. During the three and nine months ended November 2, 2024 and October 28, 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: NOVEMBER 2, FEBRUARY 3, 2024 2024 (in thousands) Accounts payable $ 222,043 $

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