Name: Ulta Beauty Inc. (NASDAQ:ULTA) | Balance Sheet: Assets
Creator: Stock Analysis on Net

Balance Sheet: Assets

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

Assets: Selected Items

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Current Assets: Selected Items

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Ulta Beauty Inc., consolidated balance sheet: assets

US$ in thousands

	Jan 28, 2023	Jan 29, 2022	Jan 30, 2021	Feb 1, 2020	Feb 2, 2019	Feb 3, 2018
Cash and cash equivalents	737,877)	431,560)	1,046,051)	392,325)	409,251)	277,445)
Short-term investments	—)	—)	—)	110,000)	—)	120,000)
Receivables, net	199,422)	233,682)	193,109)	139,337)	136,168)	99,719)
Merchandise inventories, net	1,603,451)	1,499,218)	1,168,215)	1,293,701)	1,214,329)	1,096,424)
Prepaid supplies	40,454)	40,996)	—)	—)	—)	—)
Cloud computing costs	34,900)	23,379)	—)	—)	—)	—)
Prepaid advertising	9,466)	7,612)	—)	—)	—)	—)
Other	45,426)	38,827)	107,402)	103,567)	138,116)	98,666)
Prepaid expenses and other current assets	130,246)	110,814)	107,402)	103,567)	138,116)	98,666)
Prepaid income taxes	38,308)	5,909)	—)	16,387)	16,997)	1,489)
Current assets	2,709,304)	2,281,183)	2,514,777)	2,055,317)	1,914,861)	1,693,743)
Property and equipment, net	1,009,273)	914,476)	995,795)	1,205,524)	1,226,029)	1,189,453)
Operating lease right-of-use assets	1,561,263)	1,482,256)	1,504,614)	1,537,565)	—)	—)
Goodwill	10,870)	10,870)	10,870)	10,870)	10,870)	—)
Other intangible assets, net	1,312)	1,538)	2,465)	3,391)	4,317)	—)
Deferred compensation plan assets	35,382)	38,409)	33,223)	27,849)	20,511)	16,827)
Cloud computing costs	28,540)	22,596)	—)	—)	—)	—)
Other	14,467)	13,051)	28,225)	23,356)	14,584)	8,664)
Other long-term assets	43,007)	35,647)	28,225)	23,356)	14,584)	8,664)
Long-term assets	2,661,107)	2,483,196)	2,575,192)	2,808,555)	1,276,311)	1,214,944)
Total assets	5,370,411)	4,764,379)	5,089,969)	4,863,872)	3,191,172)	2,908,687)

Based on: 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02), 10-K (reporting date: 2018-02-03).

Total assets exhibited a significant upward trajectory over the six-year period, increasing from $2.91 billion in February 2018 to $5.37 billion by January 2023. A substantial structural shift occurred in February 2020, where total assets increased from $3.19 billion to $4.86 billion, primarily driven by the recognition of operating lease right-of-use assets.

Current Asset Dynamics: Current assets grew from $1.69 billion in 2018 to $2.71 billion in 2023. Merchandise inventories, net, showed a consistent upward trend, rising from $1.10 billion to $1.60 billion, which suggests an expansion of stock levels to support business growth. Cash and cash equivalents displayed volatility, peaking at $1.05 billion in January 2021 before adjusting to $737.88 million by January 2023.
Long-Term Asset Composition: Long-term assets rose from $1.21 billion in 2018 to $2.66 billion in 2023. The primary driver of this increase was the introduction of operating lease right-of-use assets in 2020, which remained relatively stable between $1.48 billion and $1.56 billion through 2023. In contrast, net property and equipment experienced a gradual decline from $1.19 billion in 2018 to $1.01 billion in 2023.
Ancillary Asset Trends: Deferred compensation plan assets increased steadily from $16.83 million in 2018 to $35.38 million in 2023. Other long-term assets also saw an upward trend, rising from $8.66 million to $43.01 million over the period. Goodwill remained stagnant at $10.87 million from 2019 through 2023, while other intangible assets showed a consistent decline from $4.32 million in 2019 to $1.31 million in 2023.

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