Cash Flow Statement

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

US$ in thousands

12 months ended:	Jan 28, 2023	Jan 29, 2022	Jan 30, 2021	Feb 1, 2020	Feb 2, 2019	Feb 3, 2018
Net income	1,242,408)	985,837)	175,835)	705,945)	658,559)	555,234)
Depreciation and amortization	241,372)	268,460)	297,772)	295,599)	279,472)	252,713)
Non-cash lease expense	301,912)	276,229)	268,071)	278,820)	—)	—)
Long-lived asset impairment charge	—)	—)	72,533)	—)	—)	—)
Deferred income taxes	15,653)	(25,666)	(24,008)	5,503)	34,080)	(27,095)
Stock-based compensation expense	43,044)	47,259)	27,583)	25,045)	26,636)	24,399)
Loss on disposal of property and equipment	6,688)	5,358)	6,827)	5,850)	2,885)	7,518)
Receivables	34,260)	(40,573)	(53,772)	(20,637)	(36,387)	(11,088)
Merchandise inventories	(104,233)	(331,003)	125,486)	(79,372)	(122,019)	(152,449)
Prepaid expenses and other current assets	(19,432)	(3,412)	(4,363)	9,289)	(39,450)	(10,045)
Income taxes	(45,182)	(35,652)	58,916)	610)	(29,609)	3,641)
Accounts payable	8,309)	66,156)	62,324)	9,993)	78,256)	66,240)
Accrued liabilities	48,249)	58,598)	58,599)	28,183)	29,265)	(30,695)
Deferred revenue	41,098)	79,196)	36,848)	38,481)	50,684)	67,586)
Operating lease liabilities	(324,500)	(303,914)	(297,513)	(256,910)	—)	—)
Deferred rent	—)	—)	—)	—)	27,064)	41,725)
Other assets and liabilities	(7,731)	12,392)	(783)	54,894)	(3,309)	(8,318)
Change in operating assets and liabilities	(369,162)	(498,212)	(14,258)	(215,469)	(45,505)	(33,403)
Adjustments to reconcile net income to net cash provided by operating activities	239,507)	73,428)	634,520)	395,348)	297,568)	224,132)
Net cash provided by operating activities	1,481,915)	1,059,265)	810,355)	1,101,293)	956,127)	779,366)
Purchases of short-term investments	—)	—)	—)	(110,000)	(386,193)	(330,000)
Proceeds from short-term investments	—)	—)	110,000)	—)	506,193)	240,000)
Capital expenditures	(312,126)	(172,187)	(151,866)	(298,534)	(319,400)	(440,714)
Acquisitions, net of cash acquired	—)	—)	(1,220)	—)	(13,606)	—)
Other investments	(2,458)	(4,297)	(5,665)	(62,946)	(2,101)	—)
Net cash used in investing activities	(314,584)	(176,484)	(48,751)	(471,480)	(215,107)	(530,714)
Proceeds from long-term debt	—)	—)	800,000)	—)	—)	—)
Payments on long-term debt	—)	—)	(800,000)	—)	—)	—)
Repurchase of common shares	(900,033)	(1,521,925)	(114,895)	(680,979)	(616,194)	(367,581)
Stock options exercised	46,011)	40,386)	12,229)	43,780)	13,121)	16,190)
Purchase of treasury shares	(6,992)	(15,677)	(3,353)	(9,540)	(6,141)	(4,243)
Debt issuance costs	—)	—)	(1,915)	—)	—)	(583)
Net cash used in financing activities	(861,014)	(1,497,216)	(107,934)	(646,739)	(609,214)	(356,217)
Effect of exchange rate changes on cash and cash equivalents	—)	(56)	56)	—)	—)	—)
Net increase (decrease) in cash and cash equivalents	306,317)	(614,491)	653,726)	(16,926)	131,806)	(107,565)
Cash and cash equivalents at beginning of year	431,560)	1,046,051)	392,325)	409,251)	277,445)	385,010)
Cash and cash equivalents at end of year	737,877)	431,560)	1,046,051)	392,325)	409,251)	277,445)

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).

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Cash flow statement item	Description	The company
Net cash provided by operating activities	Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.	Ulta Beauty Inc. net cash provided by operating activities increased from 2021 to 2022 and from 2022 to 2023.
Net cash used in investing activities	Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.	Ulta Beauty Inc. net cash used in investing activities decreased from 2021 to 2022 and from 2022 to 2023.
Net cash used in financing activities	Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.	Ulta Beauty Inc. net cash used in financing activities decreased from 2021 to 2022 but then slightly increased from 2022 to 2023.

Ulta Beauty Inc. (NASDAQ:ULTA)

Cash Flow Statement