Ulta 2014 Annual Report Download - page 57

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Ulta Salon, Cosmetics & Fragrance, Inc.
Consolidated Statements of Cash Flows
Fiscal year ended
January 31, February 1, February 2,
(In thousands) 2015 2014 2013
Operating activities
Net income ................................................... $257,135 $ 202,849 $ 172,549
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation and amortization .................................. 131,764 106,283 88,233
Deferred income taxes ........................................ 9,246 3,868 8,673
Non-cash stock compensation charges ............................ 14,923 16,003 13,375
Excess tax benefits from stock-based compensation ................. (3,229) (13,378) (47,345)
Loss on disposal of property and equipment ....................... 4,468 3,902 1,074
Change in operating assets and liabilities:
Receivables ............................................... (5,391) (5,534) (15,362)
Merchandise inventories .................................... (123,296) (96,808) (116,478)
Prepaid expenses and other current assets ....................... (10,555) (5,541) (9,888)
Income taxes .............................................. 7,284 18,673 53,397
Accounts payable .......................................... 42,496 29,396 32,444
Accrued liabilities ......................................... 37,644 14,215 13,789
Deferred rent ............................................. 32,497 53,627 44,540
Other assets and liabilities ................................... 1,606 170 —
Net cash provided by operating activities ........................... 396,592 327,725 239,001
Investing activities
Purchases of short-term investments ............................... (200,209) — —
Proceeds from short-term investments .............................. 50,000 — —
Purchases of property and equipment .............................. (249,067) (226,024) (188,578)
Net cash used in investing activities ............................... (399,276) (226,024) (188,578)
Financing activities
Repurchase of common shares .................................... (39,923) (37,337) —
Dividends paid ................................................ — — (62,482)
Stock options exercised ......................................... 10,639 21,890 31,530
Excess tax benefits from stock-based compensation ................... 3,229 13,378 47,345
Purchase of treasury shares ...................................... (1,588) (631) (79)
Net cash (used in) provided by financing activities .................... (27,643) (2,700) 16,314
Net (decrease) increase in cash and cash equivalents .................. (30,327) 99,001 66,737
Cash and cash equivalents at beginning of year ....................... 419,476 320,475 253,738
Cash and cash equivalents at end of year ............................ $389,149 $ 419,476 $ 320,475
Supplemental cash flow information
Cash paid for income taxes (net of refunds) ......................... $137,180 $ 101,598 $ 45,354
Noncash investing activities:
Change in property and equipment included in accrued liabilities ...... $ 8,588 $ (3,161) $ 6,803
See accompanying notes to financial statements.
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