Ulta Beauty Inc., balance sheet: property, plant and equipment

US$ in thousands

	Jan 28, 2023	Jan 29, 2022	Jan 30, 2021	Feb 1, 2020	Feb 2, 2019	Feb 3, 2018
Equipment and fixtures	1,147,870)	1,118,312)	1,083,509)	1,073,764)	994,668)	834,931)
Leasehold improvements	855,695)	813,068)	782,036)	803,398)	785,276)	705,943)
Electronic equipment and software	663,497)	609,734)	649,603)	596,323)	544,618)	485,368)
Construction-in-progress	196,117)	91,897)	52,668)	92,355)	50,574)	122,419)
Property and equipment, gross	2,863,179)	2,633,011)	2,567,816)	2,565,840)	2,375,136)	2,148,661)
Accumulated depreciation and amortization	(1,853,906)	(1,718,535)	(1,572,021)	(1,360,316)	(1,149,107)	(959,208)
Property and equipment, net	1,009,273)	914,476)	995,795)	1,205,524)	1,226,029)	1,189,453)

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Item	Description	The company
Property and equipment, gross	Amount before accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.	Ulta Beauty Inc. property and equipment, gross increased from 2021 to 2022 and from 2022 to 2023.
Property and equipment, net	Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.	Ulta Beauty Inc. property and equipment, net decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

Ulta Beauty Inc., asset age ratios

		Jan 28, 2023	Jan 29, 2022	Jan 30, 2021	Feb 1, 2020	Feb 2, 2019	Feb 3, 2018
	Average age ratio	64.75%	65.27%	61.22%	53.02%	48.38%	44.64%

Asset age ratio	Description	The company
Average age ratio	As long as straight-line depreciation is used, this is an accurate estimate of asset age as a percentage of depreciable life. The relative age is a useful measure of whether the company fixed asset base is old or new. Newer assets are likely to be more efficient.	Ulta Beauty Inc. average age ratio of depreciable property, plant and equipment deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.

	Jan 28, 2023	Jan 29, 2022	Jan 30, 2021	Feb 1, 2020	Feb 2, 2019	Feb 3, 2018
Selected Financial Data (US$ in thousands)
Accumulated depreciation and amortization	1,853,906)	1,718,535)	1,572,021)	1,360,316)	1,149,107)	959,208)
Property and equipment, gross	2,863,179)	2,633,011)	2,567,816)	2,565,840)	2,375,136)	2,148,661)
Asset Age Ratio
Average age¹	64.75%	65.27%	61.22%	53.02%	48.38%	44.64%

2023 Calculations

¹ Average age = 100 × Accumulated depreciation and amortization ÷ Property and equipment, gross
= 100 × 1,853,906 ÷ 2,863,179 = 64.75%

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Asset age ratio	Description	The company
Average age	As long as straight-line depreciation is used, this is an accurate estimate of asset age as a percentage of depreciable life. The relative age is a useful measure of whether the company fixed asset base is old or new. Newer assets are likely to be more efficient.	Ulta Beauty Inc. average age ratio of depreciable property, plant and equipment deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.

Ulta Beauty Inc. (NASDAQ:ULTA)

Analysis of Property, Plant and Equipment