Rh delivered a resilient Q4 2024 with revenue of $812.4 million, underpinned by a stable gross margin and a continued premium-brand draw. Gross profit reached $362.8 million, producing a gross margin of 44.7%. Operating income amounted to $70.3 million, and EBITDA was $102.5 million, yielding operating and EBITDA margins of 8.7% and 12.6%, respectively. Net income was $13.9 million with diluted EPS of $0.69–$0.75, aided by a tax benefit. However, the company posted negative free cash flow of $69.7 million, driven by a CFO of $-18.8 million and capital expenditures of $50.9 million. On the balance sheet, Rh remains heavily leveraged, reporting total debt of $3.94 billion and net debt of approximately $3.91 billion, with negative shareholders’ equity of $-163.6 million. Cash balances are modest at $30.4 million, and liquidity metrics show a current ratio of 1.43 but a very low cash ratio (0.0336). The quarterly results imply revenue and gross-margin strength alongside ongoing cash-flow and leverage challenges, highlighting the need for deleveraging and cash-flow normalization to support a constructive longer-term investment thesis. While management commentary is not included in the provided transcript data, typical themes would include pricing power, inventory management, and deleveraging strategies; investors should monitor cash conversion, working capital dynamics, and debt maturities going forward.