Ulta Beauty (ULTA) FY2021 results: revenue $8.6 billion, up 40.3% on the year

Ulta Beauty, Inc. (ULTA) reported revenue of $8.6 billion for fiscal 2021, the year ended 29 January 2022, up 40.3% on the year before. Net income was $986 million, up 460.7%, and diluted earnings per share $17.98. The figures are the company's own, from the 10-K it filed with the SEC on 25 March 2022.

Revenue

$8.6 billion

+40.3% on the year

FY2014FY2021

Operating margin

15.0%

3.8% a year earlier

FY2014FY2021

Net income

$986 million

+460.7% on the year

FY2014FY2021

Diluted EPS

$17.98

+478.1% on the year

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q3 FY2021 · Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	8,631	6,152	7,398	+40.3%
Cost of revenue	5,262	4,203	4,717	+25.2%
Gross profit	3,369	1,949	2,681	+72.8%
Gross margin	39.0%	31.7%	36.2%
Selling, general and administrative	2,062	1,583	1,761	+30.2%
Operating income	1,297	237	901	+447.9%
Operating margin	15.0%	3.8%	12.2%
Interest expense	1.7	5.7	n/a	-71.0%
Pre-tax income	1,296	231	906	+460.8%
Income tax	310	55.2	200	+461.1%
Effective tax rate	23.9%	23.9%	22.1%
Net income	986	176	706	+460.7%
Net margin	11.4%	2.9%	9.5%
Diluted EPS	$17.98	$3.11	$12.15	+478.1%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2021	FY2020	FY2019	On the year
Operating cash flow	1,059	810	1,101	+30.7%
Capital expenditure	172	152	299	+13.4%
Free cash flow	887	658	803	+34.7%
Free cash flow margin	10.3%	10.7%	10.9%
Cash from investing	-176	-48.8	-471
Cash from financing	-1,497	-108	-647
Depreciation and amortisation	268	298	296	-9.8%
Share-based compensation	47.3	27.6	25.6	+71.3%
Buybacks	1,522	115	681	+1,224.6%
Diluted shares, weighted	55m	57m	58m	-3.0%
Shares outstanding at period end	52m	56m	57m	-7.0%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	1,535	2,000	1,902	-23.2%
Debt	0.0	0.0	0.0
Operating lease liabilities	1,573	1,643	1,699	-4.3%
Other liabilities	1,656	1,447	1,263	+14.5%
Total liabilities and equity	4,764	5,090	4,864	-6.4%
Fixed assets	914	996	1,206	-8.2%
Goodwill	10.9	10.9	10.9	0.0%
Intangible assets	n/a	2.5	3.4
Investments	n/a	0.0	110
Cash and equivalents	432	1,046	392	-58.7%
Receivables	234	193	139	+21.0%
Other assets	3,174	2,842	3,002	+11.7%
Total assets	4,764	5,090	4,864	-6.4%

10-K for the year ended 29 January 2022, filed 25 March 2022: the filing.