Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
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: liabilities and stockholders’ equity (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).
- Accounts payable
- The proportion of accounts payable relative to total liabilities and stockholders’ equity fluctuated considerably over the observed periods. It started near 11-12%, peaked around 17% in late 2018, and then generally trended downward, reaching values around 9-12% in the most recent quarters. This indicates variability but no clear upward or downward long-term trend.
- Accrued liabilities
- Accrued liabilities as a percentage of total capital declined from a peak near 9.5% in mid-2017 to lower values around 3-6% during the 2020-2023 timeframe, showing a partial recovery and some oscillation in recent quarters. The fluctuations suggest changes in accrued expenses management or timing.
- Deferred revenue
- Data for deferred revenue begins in early 2018 and shows a gradual increase from around 3.9% up to peaks exceeding 7% in 2022 and 2023. This upward trend may reflect growing customer prepayments or advance sales, indicating strengthening future revenue streams.
- Current operating lease liabilities
- Starting in 2019, current operating lease liabilities have remained relatively stable, generally fluctuating between 4.3% and 5.7%. The consistency suggests a steady level of short-term lease obligations over the recent years.
- Accrued income taxes
- Accrued income taxes demonstrate irregular and sparse data but overall show very low percentages relative to total capital. Spikes such as 2.24% in mid-2021 suggest occasional clustering of tax liabilities but no persistent trend.
- Current liabilities
- Current liabilities as a percentage of total capital have varied notably. Initially around 21-25%, they surged to over 30% in 2021 and early 2022, before slightly declining again toward 28-31%. This upward movement indicates an increase in short-term obligations during the pandemic period, with some normalization afterward.
- Non-current operating lease liabilities
- This component has stayed within a relatively narrow band from approximately 29.6% to 35.7% of total capital starting in 2019. While a slight downward trend can be detected post-2020, the lease liabilities still represent a significant portion of long-term obligations.
- Long-term debt
- Long-term debt figures are available only from 2020 onwards, showing a stable contribution around 14.5% of total capital. This stability implies consistent leverage from debt financing in the medium to long term.
- Deferred rent
- Deferred rent, recorded until early 2019, remained steady between approximately 12.9% and 14.4% of total capital. Its later absence from data suggests this item might have been reclassified or absorbed in other liability categories.
- Deferred income taxes
- Deferred income taxes have shown a gradual decline from over 3% in 2017 to near 1% or less in recent years, signifying reduced future tax obligations or changes in tax-related accounting policies.
- Other long-term liabilities
- These minor liabilities remained relatively stable, fluctuating around 0.7% to 1.2%, indicating no substantial changes in miscellaneous long-term obligations.
- Long-term liabilities
- The proportion of long-term liabilities displayed variability, with a marked jump from mid-2019 onwards, reaching near 48% in early 2020, then declining to a range around 31-35%. The spike suggests a significant change in long-term financing or liability structure around 2020, followed by stabilization.
- Total liabilities
- Total liabilities as a percentage of total capital increased from roughly 39-45% in early periods to peaks around 60-68% during 2019-2022, with a slight downward adjustment toward 61% in mid-2023. This indicates a gradual increase in leverage and external obligations over time, particularly noticeable post-2018.
- Common stock, $0.01 par value
- The common stock share of total capital remained negligible and constant, around 0.01-0.02%, reflecting stable par value issuance without major reclassifications.
- Treasury stock-common, at cost
- The proportion of treasury stock progressively increased in absolute negative terms from around -0.6% up to nearly -1.6%, demonstrating ongoing repurchases or holdings of treasury shares over the years, which effectively reduces stockholders’ equity.
- Additional paid-in capital
- This equity component showed a decline from above 24% in 2017 to around 14-17% in the early 2020 period, followed by a recovery and growth trend reaching 19-20% in mid-2023. This pattern suggests changes in capital contributions, possibly linked to equity issuances or retirements.
- Retained earnings
- Retained earnings fell sharply from around 33-37% pre-2018 to below 18% during 2020, reflecting possible accumulated losses or large dividends. A gradual improvement is seen afterward, rising to about 20-21% by 2023, which indicates recovered profitability or earnings retention.
- Accumulated other comprehensive income (loss)
- Data on this item is minimal and close to zero, implying negligible impact from other comprehensive income or loss throughout the periods.
- Stockholders’ equity
- Stockholders’ equity dropped significantly from above 55% in 2017 to near 31-39% during 2019-2023, indicating dilution or increased liabilities. The decline aligns with higher liabilities, treasury stock increases, and retained earnings decreases, though a modest recent recovery is observed towards 39% in 2023.
- Total liabilities and stockholders’ equity
- This sum consistently represents 100% as expected, confirming the data’s compositional integrity over time.