Ulta Beauty, Inc.
For the period ended Feb 1, 2025. Filed Mar 27, 2025.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Mar 27, 2025
ULTA$664.41-0.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
| | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|
| · · Fiscal year ended | |||||||||
| · · February 1, · · February 3, · · January 28, | |||||||||
| (In thousands) · · 2025 · 2024 · 2023 | |||||||||
| Operating activities | | | | | | | | | |
| Net income | | $1,201,118 | | $1,291,005 | | $1,242,408 | |||
| Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | | | | |
| Depreciation and amortization | | | 267,042 | | | 243,840 | | | 241,372 |
| Non-cash lease expense | | | 310,636 | | | 332,754 | | | 301,912 |
| Deferred income taxes | | | (43,328) | | | 30,575 | | | 15,653 |
| Stock-based compensation expense | | | 42,787 | | | 48,246 | | | 43,044 |
| Loss on disposal of property and equipment | | | 11,566 | | | 11,419 | | | 6,688 |
| Change in operating assets and liabilities: | | | | | | | | | |
| Receivables | | | (15,395) | | | (8,517) | | | 34,260 |
| Merchandise inventories | | | (226,078) | | | (138,685) | | | (104,233) |
| Prepaid expenses and other current assets | | | (13,515) | | | 14,648 | | | (19,432) |
| Income taxes | | | 34,772 | | | 45,367 | | | (45,182) |
| Accounts payable | | | 30,297 | | | (20,873) | | | 8,309 |
| Accrued liabilities | | | 6,303 | | | (62,238) | | | 48,249 |
| Deferred revenue | | | 63,994 | | | 41,914 | | | 41,098 |
| Operating lease liabilities | | | (333,835) | | | (338,105) | | | (324,500) |
| Other assets and liabilities | | | 2,241 | | | (15,084) | | | (7,731) |
| Net cash provided by operating activities | | | 1,338,605 | | | 1,476,266 | | | 1,481,915 |
| | | | | | | | | | |
| Investing activities | | | | | | | | | |
| Capital expenditures | | | (374,458) | | | (435,267) | | | (312,126) |
| Other investments | | | (8,631) | | | (6,158) | | | (2,458) |
| Net cash used in investing activities | | | (383,089) | | | (441,425) | | | (314,584) |
| | | | | | | | | | |
| Financing activities | | | | | | | | | |
| Borrowings from credit facility | | | 199,700 | | | 195,400 | | | — |
| Payments on credit facility | | | (199,700) | | | (195,400) | | | — |
| Repurchase of common shares | | | (1,003,328) | | | (995,738) | | | (900,033) |
| Stock options exercised | | | 12,339 | | | 12,176 | | | 46,011 |
| Purchase of treasury shares | | | (23,761) | | | (22,562) | | | (6,992) |
| Debt issuance costs | | | (4,159) | | | — | | | — |
| Net cash used in financing activities | | | (1,018,909) | | | (1,006,124) | | | (861,014) |
| | | | | | | | | | |
| Net increase (decrease) in cash and cash equivalents | | | (63,393) | | | 28,717 | | | 306,317 |
| Cash and cash equivalents at beginning of year | | | 766,594 | | | 737,877 | | | 431,560 |
| Cash and cash equivalents at end of year | | $703,201 | | $766,594 | | $737,877 | |||
| | | | | | | | | | |
| Supplemental information | | | | | | | | | |
| Cash paid for interest | | $4,159 | | $3,327 | | $2,138 | |||
| Income taxes paid, net of refunds | | | 386,059 | | | 328,215 | | | 429,846 |
| Non-cash investing and financing activities: | | | | | | | | ||
| Non-cash capital expenditures | | | 22,561 | | | 61,757 | | | 69,591 |
| Repurchase of common shares in accrued liabilities | | | 14,967 | | | 4,297 | | | — |
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