Common-Size Balance Sheet: Assets
Quarterly Data
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Ulta Beauty Inc. pages available for free this week:
- Common-Size Income Statement
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Dividend Discount Model (DDM)
- Debt to Equity since 2008
- Price to Earnings (P/E) since 2008
- Price to Operating Profit (P/OP) since 2008
- Price to Sales (P/S) since 2008
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Ulta Beauty Inc., common-size consolidated balance sheet: assets (quarterly data)
Based on: 10-Q (reporting date: 2023-07-29), 10-Q (reporting date: 2023-04-29), 10-K (reporting date: 2023-01-28), 10-Q (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01), 10-K (reporting date: 2021-01-30), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-08-01), 10-Q (reporting date: 2020-05-02), 10-K (reporting date: 2020-02-01), 10-Q (reporting date: 2019-11-02), 10-Q (reporting date: 2019-08-03), 10-Q (reporting date: 2019-05-04), 10-K (reporting date: 2019-02-02), 10-Q (reporting date: 2018-11-03), 10-Q (reporting date: 2018-08-04), 10-Q (reporting date: 2018-05-05), 10-K (reporting date: 2018-02-03), 10-Q (reporting date: 2017-10-28), 10-Q (reporting date: 2017-07-29), 10-Q (reporting date: 2017-04-29).
- Cash and Cash Equivalents
- The proportion of cash and cash equivalents as a percentage of total assets exhibits notable variability. It starts at a moderate 11.88% in April 2017, declines significantly to a low of 1.65% by October 2017, and then fluctuates with intermittent peaks. Particularly high values are observed in mid-2020, reaching over 20%, and early 2021 with values above 18%, before settling into a moderate range around 7% to 13% in 2023. This pattern indicates periods of liquidity accumulation interspersed with reductions, reflecting dynamic cash management possibly influenced by operational or investment needs.
- Short-term Investments
- This category shows sporadic data with some missing values in later periods. Initially, short-term investments range from about 2% to 7.8% of total assets, peaking mid-2018. However, data absence beyond early 2019 limits comprehensive trend analysis for recent periods. The initial fluctuations suggest a reactive approach to short-term investment holdings, possibly linked to available cash and market conditions.
- Receivables, Net
- Receivables as a share of total assets remain relatively stable, ranging roughly between 1.6% and 4.9%. There is a slight general increase noted toward early 2022 with a peak at 4.9%, followed by a mild decline. This steadiness implies consistent credit management practices and relatively stable sales on account during the examined periods.
- Merchandise Inventories, Net
- Inventory levels fluctuate considerably as a portion of total assets. Higher inventory ratios near or above 40% are seen from 2017 through early 2019 and again from late 2022 into 2023. Contrastingly, the mid-2019 to mid-2021 period shows substantially lower inventory percentages, often ranging between 22% and 33%. These shifts may reflect changes in demand forecasts, supply chain adjustments, or inventory management strategies adapting to market conditions, including potential responses to external disruptions such as the COVID-19 pandemic.
- Prepaid Expenses and Other Current Assets
- Prepaid expenses and other current assets exhibit a gradual downward trend from about 3.3% in early 2017 to around 2% in 2023. The decline suggests more efficient or reduced prepayments or a changing composition of current assets over time.
- Prepaid Income Taxes
- Though data are irregular and often missing, when available, prepaid income taxes represent a small share, generally below 1%. Variability exists, but no clear upward or downward trend is established due to intermittent reporting.
- Current Assets
- Overall current assets as a proportion of total assets decline from approximately 60% in early periods to around 48%-50% in recent quarters. This gradual decrease reflects changes in the asset structure, with a tendency to hold relatively fewer liquid or short-term assets over time.
- Property and Equipment, Net
- Property and equipment percentages decrease significantly from around 38-41% in 2017-2018 to approximately 18-20% during 2019-2023. This may indicate asset disposals, changes in capitalization policies, or an increased focus on other asset categories such as operating leases.
- Operating Lease Right-of-Use Assets
- Starting from its initial observation in 2019, operating lease right-of-use assets consistently account for roughly 27%-31% of total assets. This relatively stable proportion suggests ongoing lease commitments forming an important component of the company's asset base.
- Goodwill
- Goodwill remains a minimal and steady part of total assets, consistently below 0.3%, indicating either limited acquisition activity or careful impairment management.
- Other Intangible Assets, Net
- Other intangible assets gradually decline as a percentage of total assets, moving from around 0.2% in 2018 down to near 0.01% in 2023. The steady reduction signals amortization or disposals without significant new intangible asset additions.
- Deferred Compensation Plan Assets
- This asset category shows a gradual increase from approximately 0.5% in 2017 to around 0.7%-0.8% in the most recent periods, reflecting growing obligations or asset allocations related to deferred compensation arrangements.
- Other Long-Term Assets
- Other long-term assets present an increasing trend, rising from about 0.3% in early periods to peaks exceeding 1% by 2023. This growth indicates expanding holdings or investments in less conventional long-term asset categories.
- Long-Term Assets
- The total share of long-term assets varies inversely with current assets over the timeline. Initially steady near 40%, it spikes above 57% in 2019-2020, before stabilizing around 49%-52% more recently. This fluctuating pattern reflects broader shifts in asset composition, notably the integration of operating lease assets and changes in property and equipment balances.