Cash Flow Statement
Quarterly Data

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Ulta Beauty Inc., consolidated cash flow statement (quarterly data)

US$ in thousands

3 months ended:	Jul 29, 2023	Apr 29, 2023	Jan 28, 2023	Oct 29, 2022	Jul 30, 2022	Apr 30, 2022	Jan 29, 2022	Oct 30, 2021	Jul 31, 2021	May 1, 2021	Jan 30, 2021	Oct 31, 2020	Aug 1, 2020	May 2, 2020	Feb 1, 2020	Nov 2, 2019	Aug 3, 2019	May 4, 2019	Feb 2, 2019	Nov 3, 2018	Aug 4, 2018	May 5, 2018	Feb 3, 2018	Oct 28, 2017	Jul 29, 2017	Apr 29, 2017
Net income (loss)	300,102)	347,051)	340,751)	274,585)	295,677)	331,395)	289,366)	215,289)	250,893)	230,289)	171,494)	74,798)	8,052)	(78,509)	222,719)	129,747)	161,258)	192,221)	214,674)	131,166)	148,323)	164,396)	208,173)	104,645)	114,193)	128,223)
Depreciation and amortization	61,913)	57,949)	59,190)	58,461)	60,882)	62,839)	63,726)	65,157)	68,978)	70,599)	71,386)	72,357)	77,403)	76,626)	76,392)	74,256)	73,141)	71,810)	71,820)	69,837)	69,026)	68,789)	65,003)	62,128)	63,106)	62,476)
Non-cash lease expense	77,389)	75,478)	79,364)	76,297)	74,059)	72,192)	70,212)	68,496)	68,640)	68,881)	71,717)	63,546)	61,945)	70,863)	59,600)	67,086)	76,903)	75,231)	—)	—)	—)	—)	—)	—)	—)	—)
Long-lived asset impairment charge	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	2,601)	9,935)	40,455)	19,542)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Deferred income taxes	(1,478)	2,144)	16,719)	(1,402)	(673)	1,009)	(27,574)	2,732)	(1,948)	1,124)	(23,753)	(5,160)	(1,004)	5,909)	5,511)	(2,742)	(3,786)	6,520)	34,488)	(1,020)	(861)	1,473)	(19,244)	(6,534)	(1,585)	268)
Stock-based compensation expense	11,818)	9,721)	10,490)	9,679)	12,519)	10,356)	9,042)	19,120)	10,119)	8,978)	4,604)	8,384)	8,413)	6,182)	5,937)	6,342)	6,736)	6,030)	6,328)	7,136)	7,002)	6,170)	6,501)	6,249)	6,158)	5,491)
Loss on disposal of property and equipment	2,427)	1,451)	2,796)	1,615)	1,275)	1,002)	2,001)	1,654)	614)	1,089)	1,608)	2,946)	752)	1,521)	1,029)	1,606)	1,850)	1,365)	1,546)	840)	(299)	798)	1,811)	3,359)	711)	1,637)
Receivables	15,838)	9,140)	882)	(19,790)	12,240)	40,928)	(64,470)	(14,796)	(74)	38,767)	(56,838)	(8,279)	(39,301)	50,646)	(26,449)	(5,625)	2,783)	8,654)	(33,793)	1,353)	(3,392)	(555)	(16,785)	(15,341)	(4,657)	25,695)
Merchandise inventories	(64,304)	(147,784)	511,218)	(448,539)	(95,578)	(71,334)	417,125)	(472,658)	(90,120)	(185,350)	270,883)	(70,555)	(27,977)	(46,865)	323,219)	(300,921)	(65,962)	(35,708)	266,122)	(264,880)	(82,869)	(40,392)	253,290)	(205,012)	(96,271)	(104,456)
Prepaid expenses and other current assets	(2,510)	22,232)	7,396)	(14,628)	(8,939)	(3,261)	(5,230)	2,559)	250)	(991)	(7,370)	2,153)	(5,672)	6,526)	14,776)	12,828)	6,002)	(24,317)	(19,847)	(14,651)	(7,088)	2,136)	2,737)	(3,188)	(8,335)	(1,259)
Income taxes	(88,809)	97,003)	4,264)	(3,540)	(147,142)	101,236)	44,375)	(18,953)	(132,505)	71,431)	44,958)	40,193)	6,360)	(32,595)	24,087)	(1,705)	(55,203)	33,431)	5,297)	(5,212)	(69,087)	39,393)	17,078)	4,658)	(63,645)	45,550)
Accounts payable	(101,009)	62,257)	(85,905)	54,163)	(2,535)	42,586)	(199,948)	206,744)	(17,220)	76,580)	(13)	80,823)	(65,451)	46,965)	(180,984)	144,876)	42,772)	3,329)	(170,463)	164,628)	37,185)	46,906)	(121,535)	133,810)	(5,869)	59,834)
Accrued liabilities	(4,248)	(98,515)	(15,915)	113,528)	7,850)	(57,214)	34,116)	6,624)	(5,351)	23,209)	34,017)	57,483)	31,026)	(63,927)	5,074)	25,738)	(12,600)	9,971)	(12,886)	48,723)	(54,754)	48,182)	55,612)	10,836)	24,772)	(54,329)
Deferred revenue	(2,964)	(37,460)	82,545)	(4,439)	(8,123)	(28,885)	80,951)	7,166)	(4,628)	(4,293)	49,521)	8,317)	215)	(21,205)	47,347)	7,834)	(639)	(16,061)	48,721)	8,540)	60,415)	(66,992)	—)	—)	—)	—)
Operating lease liabilities	(84,965)	(78,562)	(77,512)	(83,686)	(83,366)	(79,936)	(81,463)	(75,559)	(74,717)	(72,175)	(84,848)	(75,282)	(68,407)	(68,976)	(58,729)	(59,624)	(70,922)	(67,635)	—)	—)	—)	—)	—)	—)	—)	—)
Deferred rent	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	2,928)	9,597)	8,236)	6,303)	7,439)	12,807)	15,192)	6,287)
Other assets and liabilities	4,707)	(17,204)	(27,794)	20,455)	(3,782)	3,390)	12,179)	(131)	(1,585)	1,929)	1,343)	(18,603)	13,498)	2,979)	24,258)	10,474)	13,325)	6,837)	(1,022)	(1,846)	(1,097)	656)	(9,807)	683)	479)	327)
Change in operating assets and liabilities	(328,264)	(188,893)	399,179)	(386,476)	(329,375)	(52,490)	237,635)	(359,004)	(325,950)	(50,893)	251,653)	16,250)	(155,709)	(126,452)	172,599)	(166,125)	(140,444)	(81,499)	85,057)	(53,748)	(112,451)	35,637)	188,029)	(60,747)	(138,334)	(22,351)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities	(176,195)	(42,150)	567,738)	(241,826)	(181,313)	94,908)	355,042)	(201,845)	(179,547)	99,778)	379,816)	168,258)	32,255)	54,191)	321,068)	(19,577)	14,400)	79,457)	199,239)	23,045)	(37,583)	112,867)	242,100)	4,455)	(69,944)	47,521)
Net cash provided by (used in) operating activities	123,907)	304,901)	908,489)	32,759)	114,364)	426,303)	644,408)	13,444)	71,346)	330,067)	551,310)	243,056)	40,307)	(24,318)	543,787)	110,170)	175,658)	271,678)	413,913)	154,211)	110,740)	277,263)	450,273)	109,100)	44,249)	175,744)
Purchases of short-term investments	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	135,000)	—)	(50,000)	(195,000)	—)	171,970)	(320,970)	(237,193)	(90,000)	—)	(120,000)	(120,000)
Proceeds from short-term investments	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	110,000)	—)	(245,000)	150,000)	95,000)	—)	—)	(22,970)	409,163)	120,000)	30,000)	120,000)	90,000)	—)
Capital expenditures	(94,982)	(109,766)	(108,165)	(83,461)	(49,424)	(71,076)	(63,769)	(51,113)	(22,742)	(34,563)	(35,121)	(39,655)	(35,616)	(41,474)	(57,398)	(89,923)	(79,377)	(71,836)	(62,985)	(114,724)	(67,432)	(74,259)	(103,075)	(144,429)	(116,456)	(76,754)
Acquisitions, net of cash acquired	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(1,220)	—)	—)	—)	—)	—)	—)	(13,606)	—)	—)	—)	—)	—)	—)
Other investments	(1,373)	(314)	610)	(1,819)	(452)	(797)	(4,297)	—)	—)	—)	—)	(279)	—)	(5,386)	(19,189)	(10,418)	(20,603)	(12,736)	(2,101)	—)	—)	—)	—)	—)	—)	—)
Net cash (used in) provided by investing activities	(96,355)	(110,080)	(107,555)	(85,280)	(49,876)	(71,873)	(68,066)	(51,113)	(22,742)	(34,563)	(35,121)	(39,934)	73,164)	(46,860)	(186,587)	49,659)	(54,980)	(279,572)	(65,086)	20,670)	20,761)	(191,452)	(163,075)	(24,429)	(146,456)	(196,754)
Proceeds from long-term debt	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	800,000)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Payments on long-term debt	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(800,000)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Repurchase of common shares	(275,494)	(283,517)	(328,125)	(137,460)	(301,614)	(132,834)	(759,758)	(126,374)	(243,484)	(392,309)	(41,914)	—)	—)	(72,981)	(174,111)	(128,568)	(270,901)	(107,399)	(236,771)	(118,971)	(127,401)	(133,051)	(57,814)	(131,682)	(126,488)	(51,597)
Stock options exercised	220)	8,927)	14,692)	6,798)	18,019)	6,502)	10,089)	7,489)	17,776)	5,032)	10,883)	769)	327)	250)	569)	276)	879)	42,056)	453)	4,220)	1,936)	6,512)	1,341)	1,670)	1,348)	11,831)
Purchase of treasury shares	(100)	(21,659)	(252)	(415)	(1,153)	(5,172)	(166)	(8,537)	(208)	(6,766)	(97)	(191)	(63)	(3,002)	(176)	(92)	(89)	(9,183)	(202)	(293)	(815)	(4,831)	(35)	(181)	(1,518)	(2,509)
Debt issuance costs	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(54)	—)	(62)	(1,799)	—)	—)	—)	—)	—)	—)	—)	—)	(32)	(551)	—)	—)
Net cash provided by (used in) financing activities	(275,374)	(296,249)	(313,685)	(131,077)	(284,748)	(131,504)	(749,835)	(127,422)	(225,916)	(394,043)	(31,182)	(799,422)	202)	722,468)	(173,718)	(128,384)	(270,111)	(74,526)	(236,520)	(115,044)	(126,280)	(131,370)	(56,540)	(130,744)	(126,658)	(42,275)
Effect of exchange rate changes on cash and cash equivalents	—)	—)	—)	—)	—)	—)	—)	—)	—)	(56)	142)	(116)	105)	(75)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Net increase (decrease) in cash and cash equivalents	(247,822)	(101,428)	487,249)	(183,598)	(220,260)	222,926)	(173,493)	(165,091)	(177,312)	(98,595)	485,149)	(596,416)	113,778)	651,215)	183,482)	31,445)	(149,433)	(82,420)	112,307)	59,837)	5,221)	(45,559)	230,658)	(46,073)	(228,865)	(63,285)

The analyzed financial data reveals several noteworthy trends and fluctuations over the observed periods. The net income displayed a general upward trajectory, with occasional declines; notably, there was a sharp loss reported in the quarter ending May 2, 2020, indicative of a significant adverse event or external impact during that timeframe.

Depreciation and amortization expenses remained relatively stable, showing a slight gradual increase across the quarters. The non-cash lease expense appeared in the data starting around the third quarter of 2019 and showed a generally increasing pattern, reflecting evolving lease commitments or accounting policies related to leases. There was a sporadic charge for long-lived asset impairments, peaking notably in the middle of 2020.

Deferred income taxes fluctuated significantly between positive and negative values, suggesting variable tax positions or timing differences across periods. Stock-based compensation expenses showed a rising trend, especially from 2020 onwards, indicating increased use of equity incentives. Losses on disposal of property and equipment were irregular but generally low compared to other expense categories.

Receivables figures exhibited substantial volatility, with periods of large negative and positive changes, implying fluctuating credit sales or collections cycles. Merchandise inventories similarly showed extreme swings, alternating between large positive and negative balances, possibly linked to seasonality, inventory management strategies, or disruptions in supply and demand. Prepaid expenses and other current assets also fluctuated greatly, without a clear trend, reflecting variable prepayments or short-term asset management.

Income taxes paid or accrued were highly volatile, alternating between substantial positive and negative amounts, likely reflecting tax timing differences, credits, or adjustments. Accounts payable and accrued liabilities showed wide fluctuations, indicating dynamic management of payables and accrued expenses. Deferred revenue displayed significant changes, with negative balances early on shifting to positive spikes starting around 2018, which may indicate changes in revenue recognition or billing patterns.

Operating lease liabilities, reported from late 2018, consistently increased over time, aligning with lease accounting changes or expansions in leased property. Deferred rent was recorded only in early periods and then ceased, possibly due to changes in lease accounting standards or agreement terms.

Other assets and liabilities fluctuated considerably, showing occasional large positive and negative amounts without a clear directional trend. The change in operating assets and liabilities was highly volatile quarter to quarter, reflecting substantial working capital movements with large swings both positive and negative.

Adjustments to reconcile net income to net cash from operating activities demonstrated considerable variability, sometimes enhancing cash flow and at other times reducing it, indicative of fluctuating non-cash charges and working capital effects. Net cash provided by operating activities generally followed net income trends, with some exceptions, showing strong cash generation in most quarters except during quarters with net losses or disruptions.

Investing activities were characterized by large, irregular cash outflows consistent with capital expenditures, which showed a declining trend after peaking around 2017-2019. Purchases and proceeds from short-term investments were substantial and inconsistent in timing and amounts, suggesting active portfolio management. Proceeds from acquisitions and other investments were sporadic and relatively small.

Financing activities primarily reflected significant share repurchases, which varied considerably but maintained a generally high level throughout the periods. There were also notable fluctuations in net cash from financing activities, including large inflows related to debt issuance in early 2020, followed by substantial debt repayments within the next year. Issuance and payments of long-term debt mirrored these large swings. Stock option exercises contributed modest inflows intermittently.

Overall, the net change in cash and cash equivalents displayed marked fluctuations, with large inflows and outflows corresponding to operational results, investment cycles, and financing maneuvers. The data indicates a company managing growth and capital structure dynamically while navigating periods of financial stress and recovery.

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Ulta Beauty Inc. (NASDAQ:ULTA)

Cash Flow Statement Quarterly Data

Cash Flow Statement
Quarterly Data