Ulta beauty, inc. (ULTA)
CashFlow / Quarterly
Feb'20Nov'19Aug'19May'19Feb'19Nov'18Aug'18May'18Feb'18Oct'17Jul'17Apr'17Jan'17Oct'16Jul'16Apr'16Jan'16Oct'15Jul'15Apr'15Jan'15Oct'14Jul'14Apr'14Oct'13Jul'13Apr'13Jan'13Oct'12Jul'12Apr'12Jan'12Oct'11Jul'11Apr'11Jan'11Oct'10Jul'10Apr'10
Operating activities
Net income

222,719

129,747

161,258

192,221

214,674

131,166

148,323

164,396

208,173

104,645

114,193

128,223

140,218

87,562

90,004

91,976

107,823

71,070

74,169

66,946

87,264

59,124

60,794

49,953

45,430

44,911

41,826

64,532

38,151

34,998

34,868

46,295

26,768

23,905

23,296

30,104

14,203

13,062

13,661

Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization

76,392

74,256

73,141

71,810

71,820

69,837

69,026

68,789

65,003

62,128

63,106

62,476

59,281

53,462

49,665

47,887

45,998

42,313

38,771

37,967

35,709

33,683

31,899

30,473

26,825

25,968

24,779

23,401

22,218

21,629

20,985

20,306

19,225

18,890

17,510

17,238

16,105

15,675

15,918

Non-cash lease expense

59,600

67,086

76,903

75,231

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred income taxes

-5,511

2,742

3,786

-6,520

-34,488

1,020

861

-1,473

34,946

-6,534

-1,585

268

-30,113

4,192

-1,500

450

7,364

-2,238

32

651

3,547

6,341

-948

306

710

-531

99

3,415

6,236

-465

-513

11,395

409

-35

-942

-

-

-

-

Stock-based compensation expense

5,937

6,342

6,736

6,030

6,328

7,136

7,002

6,170

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Non-cash stock compensation charges

-

-

-

-

-

-

-

-

-

6,249

6,158

5,491

-

5,341

4,840

4,022

4,468

3,548

4,236

3,342

3,487

3,833

3,540

4,063

4,397

4,491

3,048

3,654

3,375

3,453

2,893

3,382

3,027

2,388

2,808

3,756

3,177

2,487

1,735

Excess tax benefits from stock-based compensation

-

-

-

-

-

-

-

-

-

-

-

-

52

4,316

1,482

3,203

889

1,351

3,254

4,003

-61

1,867

522

901

6,653

2,798

3,901

6,002

13,555

11,238

16,550

7,772

8,078

1,313

8,736

8,331

1,385

200

724

Loss on disposal of property and equipment

-1,029

-1,606

-1,850

-1,365

-1,546

-840

299

-798

-1,811

-3,359

-711

-1,637

-2,318

-3,110

-2,900

-812

-1,043

-1,018

-508

-1,121

-1,523

-363

-1,708

-874

-1,344

-453

-1,577

-644

17

-192

-255

-712

-210

75

-477

120

556

40

-197

Change in operating assets and liabilities
Receivables

26,449

5,625

-2,783

-8,654

33,793

-1,353

3,392

555

16,785

15,341

4,657

-25,695

22,923

9,710

1,886

-10,880

14,053

5,662

1,719

-8,882

3,041

7,289

15,388

-20,327

15,913

1,073

-11,590

4,866

4,370

9,951

-3,825

5,073

1,141

-9,011

6,658

1,906

8,968

3,367

-5,426

Merchandise inventories

-323,219

300,921

65,962

35,708

-266,122

264,880

82,869

40,392

-253,290

205,012

96,271

104,456

-193,048

206,818

86,715

81,697

-122,614

178,747

42,724

81,707

-128,438

168,159

10,081

73,494

121,147

19,071

80,960

-101,708

146,099

-15,331

87,418

-110,244

96,139

3,205

37,031

-83,043

77,230

-3,753

21,134

Prepaid expenses and other current assets

-14,776

-12,828

-6,002

24,317

19,847

14,651

7,088

-2,136

-2,737

3,188

8,335

1,259

3,010

2,891

11,159

-987

2,081

3,391

5,351

-4,823

5,641

2,048

5,468

-2,602

2,765

3,886

-2,346

3,121

3,852

6,243

-3,328

3,207

6,109

1,047

277

-576

2,377

1,855

-1,138

Income taxes

24,087

-1,705

-55,203

33,431

5,297

-5,212

-69,087

39,393

17,078

4,658

-63,645

45,550

16,038

-713

-50,660

40,657

15,724

1,101

-33,500

19,470

14,426

-3,106

-17,516

13,480

6,035

-19,045

14,579

29,473

12,828

-7,216

18,312

12,279

7,090

6,029

15,187

4,428

2,355

-13,820

-3,317

Accounts payable

-180,984

144,876

42,772

3,329

-170,463

164,628

37,185

46,906

-121,535

133,810

-5,869

59,834

-165,553

139,833

18,960

70,104

-95,095

75,549

6,211

18,731

-45,551

72,870

-20,689

35,866

59,455

-17,750

29,602

-66,291

96,296

-23,008

25,447

-47,601

52,663

-130

-5,583

-33,152

58,929

623

4,306

Accrued liabilities

5,074

25,738

-12,600

9,971

-12,886

48,723

-54,754

48,182

-11,974

10,836

24,772

-54,329

59,810

16,346

20,565

-25,664

37,499

11,239

9,288

-20,100

30,023

6,020

14,876

-13,275

-2,393

10,602

-13,968

9,258

14,236

-8,309

-1,396

27

10,734

2,152

-14,271

2,979

11,550

7,728

-7,722

Deferred revenue

47,347

7,834

-639

-16,061

48,721

8,540

60,415

-66,992

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Operating lease liabilities

-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

4,524

16,226

15,320

8,332

-2,525

8,383

10,576

11,228

232

12,547

16,669

3,049

20,038

19,176

12,000

5,738

15,779

14,513

8,510

2,440

7,864

13,800

4,787

-306

14,565

6,262

333

Other assets and liabilities

-24,258

-10,474

-13,325

-6,837

1,022

1,846

1,097

-656

9,807

-683

-479

-327

1,298

-1,764

-3,847

-1,388

989

-445

-161

-941

35

-610

-661

-370

-250

-238

-218

-

-

-

-

-

-

-

-

-

-

-

-

Net cash provided by operating activities

543,787

110,170

175,658

271,678

413,913

154,211

110,740

277,263

450,273

109,100

44,249

175,744

311,367

103,388

52,699

166,931

226,901

23,277

57,404

68,292

250,442

12,922

59,535

73,693

15,613

41,685

42,835

161,543

41,226

23,686

12,546

143,427

16,523

56,500

4,437

106,050

30,368

30,308

9,817

Investing activities
Purchases of short-term investments

-135,000

0

50,000

195,000

0

-171,970

320,970

237,193

90,000

0

120,000

120,000

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from short-term investments

-

-

-

-

0

-22,970

409,163

120,000

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Capital expenditures

57,398

89,923

79,377

71,836

62,985

114,724

67,432

74,259

103,075

144,429

116,456

76,754

92,244

131,608

95,274

54,321

67,258

94,691

80,596

56,622

76,569

78,401

54,991

39,106

78,937

56,025

42,004

44,548

72,692

46,539

24,799

30,941

45,016

33,139

19,540

22,350

42,181

24,886

7,698

Purchases of equity investments

19,189

10,418

20,603

12,736

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash used in investing activities

-186,587

49,659

-54,980

-279,572

-65,086

20,670

20,761

-191,452

-163,075

-24,429

-146,456

-196,754

-12,244

-131,608

-75,274

-54,321

-47,049

-94,691

-80,596

-56,622

-126,778

-78,255

-155,137

-39,106

-78,937

-56,025

-42,004

-44,548

-72,692

-46,539

-24,799

-30,941

-45,016

-33,139

-19,540

-22,350

-42,181

-24,886

-7,698

Financing activities
Repurchase of common shares

174,111

128,568

270,901

107,399

236,771

118,971

127,401

133,051

57,814

131,682

126,488

51,597

47,281

44,544

25,784

226,666

46,124

47,519

45,797

27,956

-

-

-

-

0

0

37,337

-

-

-

-

-

-

-

-

-

-

-

-

Stock options exercised

569

276

879

42,056

453

4,220

1,936

6,512

1,341

1,670

1,348

11,831

105

7,797

2,182

6,209

1,769

2,316

5,407

10,154

437

5,692

1,512

2,998

11,883

4,591

5,416

5,754

12,262

5,204

8,310

6,059

8,527

1,060

11,993

10,803

2,863

1,624

1,810

Purchase of treasury shares

176

92

89

9,183

202

293

815

4,831

35

181

1,518

2,509

97

325

475

1,942

98

396

465

1,013

0

252

83

1,253

506

53

72

-

-

-

-

-

-

-

-

-

-

-

-

Excess tax benefits from stock-based compensation

-

-

-

-

-

-

-

-

-

-

-

-

52

4,316

1,482

3,203

889

1,351

3,254

4,003

-61

1,867

522

901

6,653

2,798

3,901

6,002

13,555

11,238

16,550

7,772

8,078

1,313

8,736

8,331

1,385

200

724

Net cash used in financing activities

-173,718

-128,384

-270,111

-74,526

-236,520

-115,044

-126,280

-131,370

-56,540

-130,744

-126,658

-42,275

-47,221

-32,756

-22,595

-219,196

-43,564

-44,248

-37,601

-14,812

-29,575

-2,665

1,951

2,646

18,030

7,336

-28,092

11,756

25,789

-46,091

24,860

10,595

16,605

2,373

20,729

19,134

4,248

1,824

2,534

Net increase (decrease) in cash and cash equivalents

183,482

31,445

-149,433

-82,420

112,307

59,837

5,221

-45,559

230,658

-46,073

-228,865

-63,285

251,902

-60,976

-45,170

-106,586

136,288

-115,662

-60,793

-3,142

94,089

-67,998

-93,651

37,233

-45,294

-7,004

-27,261

128,751

-5,677

-68,944

12,607

123,081

-11,888

25,734

5,626

102,834

-7,565

7,246

4,653

Supplemental information
Income taxes paid, net of refunds

7,142

29,695

94,697

2,327

27,782

46,173

116,297

5,617

48,756

60,369

131,052

14,442

44,043

48,386

105,931

14,154

39,843

40,968

77,792

20,645

32,289

32,036

55,695

17,160

20,529

47,416

10,996

6,399

4,052

30,039

4,864

3,417

9,785

9,614

1,346

6,711

7,490

22,800

12,870

Change in property and equipment included in accrued liabilities

20,104

-828

9,645

-2,020

7,135

2,158

22,822

-3,369

19,169

-1,195

21,643

3,854

-28,525

7,305

6,053

17,613

-16,855

975

5,921

9,972

-9,076

-4,346

21,574

436

-2,193

12,558

688

-4,609

-4,389

11,441

4,360

-6,732

-3,363

5,105

4,495

-10,523

3,425

6,316

3,322