Ulta Beauty Files 10-Q: Financials and Share Repurchases

TL;DR

**ULTA Q1 10-Q FILED: Financials look solid, share buybacks continue.**

AI Summary

Ulta Beauty, Inc. filed its 10-Q for the period ending May 4, 2024. The filing details financial performance and operational updates. Key financial data points and share repurchase program information are included.

Why It Matters

This filing provides investors with a detailed look at Ulta Beauty's financial health and strategic actions like share repurchases during the first quarter of fiscal year 2024.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing with no immediate red flags.

Key Numbers

• 20240504 — Reporting Period End Date (Indicates the end of the fiscal quarter covered by the report.)
• 20240530 — Filing Date (Shows when the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• Ulta Beauty, Inc. (company) — Filer of the 10-Q
• May 4, 2024 (date) — End of reporting period
• 0001558370-24-008777 (other) — Accession number for the filing
• Bolingbrook, IL (location) — Company headquarters and mailing address

FAQ

Key Financial Figures

• $0.01 — ch registered Common Stock, par value $0.01 per share ULTA The NASDAQ Global Se

Filing Documents

• ulta-20240504x10q.htm (10-Q) — 1064KB
• ulta-20240504xex31d1.htm (EX-31.1) — 16KB
• ulta-20240504xex31d2.htm (EX-31.2) — 16KB
• ulta-20240504xex32.htm (EX-32) — 11KB
• 0001558370-24-008777.txt ( ) — 4427KB
• ulta-20240504.xsd (EX-101.SCH) — 28KB
• ulta-20240504_cal.xml (EX-101.CAL) — 35KB
• ulta-20240504_def.xml (EX-101.DEF) — 117KB
• ulta-20240504_lab.xml (EX-101.LAB) — 289KB
• ulta-20240504_pre.xml (EX-101.PRE) — 208KB
• ulta-20240504x10q_htm.xml (XML) — 608KB

- Financial Information

Part I - Financial Information

Financial Statements

Item 1. Financial Statements Consolidated Balance Sheets 3 Consolidated Statements of Income 4 Consolidated Statements of Cash Flows 5 Consolidated Statements of Stockholders' Equity 6

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 14

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 22

Controls and Procedures

Item 4. Controls and Procedures 22

- Other Information

Part II - Other Information 23

Legal Proceedings

Item 1. Legal Proceedings 23

Risk Factors

Item 1A. Risk Factors 23

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 23

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 23

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 23

Other Information

Item 5. Other Information 24

Exhibits

Item 6. Exhibits 24

SIGNATURES

SIGNATURES 25 2 Table of Contents

- Financial Information

Part I - Financial Information

Financial Statements

Item 1. Financial Statements Ulta Beauty, Inc. Consolidated Balance Sheets May 4, February 3, April 29, (In thousands, except per share data) 2024 2024 2023 Assets (Unaudited) (Unaudited) Current assets: Cash and cash equivalents $ 524,596 $ 766,594 $ 636,449 Receivables, net 203,463 207,939 190,282 Merchandise inventories, net 1,906,040 1,742,136 1,751,235 Prepaid expenses and other current assets 126,529 115,598 108,014 Prepaid income taxes — 4,251 — Total current assets 2,760,628 2,836,518 2,685,980 Property and equipment, net 1,195,658 1,182,335 1,019,978 Operating lease assets 1,561,767 1,574,530 1,559,560 Goodwill 10,870 10,870 10,870 Other intangible assets, net 434 510 1,015 Deferred compensation plan assets 45,718 43,516 37,002 Other long-term assets 56,864 58,732 61,314 Total assets $ 5,631,939 $ 5,707,011 $ 5,375,719 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 463,777 $ 544,001 $ 621,272 Accrued liabilities 332,692 382,468 308,583 Deferred revenue 398,729 436,591 357,217 Current operating lease liabilities 284,815 283,821 288,133 Accrued income taxes 92,711 11,310 58,695 Total current liabilities 1,572,724 1,658,191 1,633,900 Non-current operating lease liabilities 1,607,953 1,627,271 1,610,256 Deferred income taxes 89,556 85,921 57,490 Other long-term liabilities 60,963 56,300 56,005 Total liabilities 3,331,196 3,427,683 3,357,651 Commitments and contingencies (Note 6) Stockholders' equity: Common stock, $ 0.01 par value, 400,000 shares authorized; 48,688 , 49,123 , and 50,729 shares issued; 47,845 , 48,324 , and 49,932 shares outstanding; at May 4, 2024 (unaudited), February 3, 2024, and April 29, 2023 (unaudited), respectively 487 491 507 Treasury stock-common, at cost ( 106,315 ) ( 83,032 ) ( 82,129 ) Additional

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements (In thousands, except per share and store count data) (Unaudited) 1. Business and basis of presentation Ulta Beauty, Inc. was founded in 1990 to operate specialty retail stores selling cosmetics, fragrance, haircare and skincare products, and related accessories and services. Nearly every store features a full-service salon. As used in these notes and throughout this Quarterly Report on Form 10-Q, all references to "we," "us," "our," "Ulta Beauty," or the "Company" refer to Ulta Beauty, Inc. and its consolidated subsidiaries. As of May 4, 2024, the Company operated 1,395 stores across 50 states, as shown in the table below. Number of Number of Location stores Location stores Alabama 25 Montana 6 Alaska 3 Nebraska 5 Arizona 35 Nevada 16 Arkansas 11 New Hampshire 8 California 172 New Jersey 45 Colorado 27 New Mexico 7 Connecticut 19 New York 56 Delaware 4 North Carolina 45 Florida 99 North Dakota 4 Georgia 43 Ohio 46 Hawaii 4 Oklahoma 22 Idaho 10 Oregon 19 Illinois 55 Pennsylvania 45 Indiana 26 Rhode Island 4 Iowa 11 South Carolina 25 Kansas 13 South Dakota 3 Kentucky 16 Tennessee 32 Louisiana 18 Texas 131 Maine 3 Utah 15 Maryland 28 Vermont 1 Massachusetts 27 Virginia 35 Michigan 49 Washington 37 Minnesota 20 West Virginia 7 Mississippi 12 Wisconsin 21 Missouri 26 Wyoming 4 Total 1,395 The accompanying unaudited consolidated financial statements and related notes have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and the U.S. Securities and Exchange Commission's Article 10, Regulation S-X. These financial statements were prepared on a consolidated basis to include the accounts of the Company and its wholly owned subsidiaries. All significant intercom