A. Calculate the price/earnings ratio for as many of the past three years as you can.

B. Calculate the dividend payout and dividend yield ratios for as many of the past three years as you can.

Ulta Beauty, Inc. Consolidated Statements of Cash Flows January 30, 2021 Fiscal year ended February 1, 2020 February 2, 2019 $ 175,835 $ 705,945 $ 658,559 279,472 295,599 278,820 297,772 268,071 72,533 (24,008) 27,583 6,827 5,503 25,045 5,850 34,080 26,636 2,885 In thousands) Operating activities Net income Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization Non-cash lease expense..... Long-lived asset impairment charge. Deferred income taxes. Stock-based compensation expense Loss on disposal of property and equipment Change in operating assets and liabilities: Receivables Merchandise inventories Prepaid expenses and other current assets Income taxes Accounts payable. Accrued liabilities Deferred revenue Operating lease liabilities Deferred rent ..... Other assets and liabilities. Net cash provided by operating activities (53,772) 125,486 (4,363) 58,916 62,324 58,599 36,848 (297,513) (20,637) (79,372) 9,289 610 9,993 28,183 38,481 (256,910) (36,387) (122,019) (39,450) (29,609) 78,256 29,265 50,684 (783) 810,355 54,894 1,101,293 27,064 (3,309) 956,127 (110,000) Investing activities Purchases of short-term investments Proceeds from short-term investments Capital expenditures ...... Acquisitions, net of cash acquired Purchases of equity investments. Net cash used in investing activities. (298,534) 110,000 (151,866) (1,220) (5,665) (48,751) (386,193) 506,193 (319,400) (13,606) (2,101) (215,107) (62,946) (471,480) Financing activities Proceeds from long-term debt Payments on long-term debt. Repurchase of common shares Stock options exercised.. Purchase of treasury shares. Debt issuance costs. Net cash used in financing activities 800,000 (800,000) (114,895) 12,229 (3,353) (1,915) (107,934) (680,979) 43,780 (9,540) (616,194) 13,121 (6,141) (646,739) (609,214) 56 Effect of exchange rate changes on cash and cash equivalents Net increase (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of year. Cash and cash equivalents at end of year. 653,726 (16,926) 392,325 409,251 $ 1,046,051 $ 392,325 131,806 277,445 409,251 $ $ Supplemental information Cash paid for interest Income taxes paid, net of refunds. Non-cash capital expenditures 6,987 $ 19,454 20,487 133,861 26,901 195,869 28,746 See accompanying notes to consolidated financial statements. Ulta Beauty, Inc. Consolidated Statements of Operations (In thousands, except per share data) Net sales.. Cost of sales. Gross profit. January 30, 2021 $ 6,151,953 4,202,794 1,949,159 Fiscal year ended February 1, 2020 $ 7,398,068 4,717,004 2,681,064 February 2, 2019 $ 6,716,615 4,307,304 2,409,311 1,760,716 1,535,464 Selling, general and administrative expenses Impairment, restructuring and other costs Pre-opening expenses ...... Operating income. Interest expense (income), net Income before income taxes Income tax expense. Net income.. 1,583,017 114,322 15,000 236,820 5,735 231,085 55,250 175,835 19,254 19,767 901,094 854,080 (5,056) (5,061) 906,150 859,141 200,205 200,582 $ 705,945 $ 658,559 $ Net income per common share: Basic ... Diluted 12.21 A A 3.12 3.11 S $ A A 11.00 10.94 12.15 $ Weighted average common shares outstanding: Basic... Diluted 56,351 56,558 57,840 58,105 59,864 60,181 See accompanying notes to consolidated financial statements. Ulta Beauty, Inc. Consolidated Statements of Comprehensive Income January 30, 2021 $ 175,835 Fiscal year ended February 1, 2020 $ 705,945 February 2, 2019 $ 658,559 (In thousands) Net income.. Other comprehensive income: Foreign currency translation adjustments.. Comprehensive income... 56 $ 175,891 $ 705,945 S 658,559 See accompanying notes to consolidated financial statements. Ulta Beauty, Inc. Consolidated Balance Sheets (In thousands, except per share data) January 30, 2021 February 1, 2020 Assets $ 1,046,051 $ Current assets: Cash and cash equivalents. Short-term investments Receivables, net..... Merchandise inventories, net. Prepaid expenses and other current assets Prepaid income taxes. Total current assets 193,109 1,168,215 107,402 392,325 110,000 139,337 1,293,701 103,567 16,387 2,055,317 2,514,777 Property and equipment, net Operating lease assets. Goodwill Other intangible assets, net Deferred compensation plan assets Other long-term assets.. Total assets 995,795 1,504,614 10,870 2,465 33,223 28,225 5,089,969 $ 1,205,524 1,537,565 10,870 3,391 27,849 23,356 4,863,872 $ $ Liabilities and stockholders' equity Current liabilities: Accounts payable. Accrued liabilities Deferred revenue Current operating lease liabilities Accrued income taxes Total current liabilities... 477,052 $ 296,334 274,383 253,415 42,529 1,343,713 414,009 246,088 237,535 239,629 1,137,261 Non-current operating lease liabilities. Deferred income taxes.. Other long-term liabilities. Total liabilities. 1,643,386 65,359 37,962 3,090,420 1,698,718 89,367 36,432 2,961,778 Commitments and contingencies (Note 11) Stockholders' equity: Common stock, $0.01 par value, 400,000 shares authorized; 56,952 and 57,285 shares issued; 56,260 and 56,609 shares outstanding; at January 30, 2021 and February 1, 2020, respectively..... Treasury stock-common, at cost Additional paid-in capital Retained earnings Accumulated other comprehensive income Total stockholders' equity... Total liabilities and stockholders' equity. 569 (37,801) 847,303 1,189,422 573 (34,448) 807,492 1,128,477 56 1,999,549 5,089,969 $ 1,902,094 4,863,872 See accompanying notes to consolidated financial statements. Ulta Beauty, Inc. Consolidated Statements of Cash Flows January 30, 2021 Fiscal year ended February 1, 2020 February 2, 2019 $ 175,835 $ 705,945 $ 658,559 279,472 295,599 278,820 297,772 268,071 72,533 (24,008) 27,583 6,827 5,503 25,045 5,850 34,080 26,636 2,885 In thousands) Operating activities Net income Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization Non-cash lease expense..... Long-lived asset impairment charge. Deferred income taxes. Stock-based compensation expense Loss on disposal of property and equipment Change in operating assets and liabilities: Receivables Merchandise inventories Prepaid expenses and other current assets Income taxes Accounts payable. Accrued liabilities Deferred revenue Operating lease liabilities Deferred rent ..... Other assets and liabilities. Net cash provided by operating activities (53,772) 125,486 (4,363) 58,916 62,324 58,599 36,848 (297,513) (20,637) (79,372) 9,289 610 9,993 28,183 38,481 (256,910) (36,387) (122,019) (39,450) (29,609) 78,256 29,265 50,684 (783) 810,355 54,894 1,101,293 27,064 (3,309) 956,127 (110,000) Investing activities Purchases of short-term investments Proceeds from short-term investments Capital expenditures ...... Acquisitions, net of cash acquired Purchases of equity investments. Net cash used in investing activities. (298,534) 110,000 (151,866) (1,220) (5,665) (48,751) (386,193) 506,193 (319,400) (13,606) (2,101) (215,107) (62,946) (471,480) Financing activities Proceeds from long-term debt Payments on long-term debt. Repurchase of common shares Stock options exercised.. Purchase of treasury shares. Debt issuance costs. Net cash used in financing activities 800,000 (800,000) (114,895) 12,229 (3,353) (1,915) (107,934) (680,979) 43,780 (9,540) (616,194) 13,121 (6,141) (646,739) (609,214) 56 Effect of exchange rate changes on cash and cash equivalents Net increase (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of year. Cash and cash equivalents at end of year. 653,726 (16,926) 392,325 409,251 $ 1,046,051 $ 392,325 131,806 277,445 409,251 $ $ Supplemental information Cash paid for interest Income taxes paid, net of refunds. Non-cash capital expenditures 6,987 $ 19,454 20,487 133,861 26,901 195,869 28,746 See accompanying notes to consolidated financial statements. Ulta Beauty, Inc. Consolidated Statements of Operations (In thousands, except per share data) Net sales.. Cost of sales. Gross profit. January 30, 2021 $ 6,151,953 4,202,794 1,949,159 Fiscal year ended February 1, 2020 $ 7,398,068 4,717,004 2,681,064 February 2, 2019 $ 6,716,615 4,307,304 2,409,311 1,760,716 1,535,464 Selling, general and administrative expenses Impairment, restructuring and other costs Pre-opening expenses ...... Operating income. Interest expense (income), net Income before income taxes Income tax expense. Net income.. 1,583,017 114,322 15,000 236,820 5,735 231,085 55,250 175,835 19,254 19,767 901,094 854,080 (5,056) (5,061) 906,150 859,141 200,205 200,582 $ 705,945 $ 658,559 $ Net income per common share: Basic ... Diluted 12.21 A A 3.12 3.11 S $ A A 11.00 10.94 12.15 $ Weighted average common shares outstanding: Basic... Diluted 56,351 56,558 57,840 58,105 59,864 60,181 See accompanying notes to consolidated financial statements. Ulta Beauty, Inc. Consolidated Statements of Comprehensive Income January 30, 2021 $ 175,835 Fiscal year ended February 1, 2020 $ 705,945 February 2, 2019 $ 658,559 (In thousands) Net income.. Other comprehensive income: Foreign currency translation adjustments.. Comprehensive income... 56 $ 175,891 $ 705,945 S 658,559 See accompanying notes to consolidated financial statements. Ulta Beauty, Inc. Consolidated Balance Sheets (In thousands, except per share data) January 30, 2021 February 1, 2020 Assets $ 1,046,051 $ Current assets: Cash and cash equivalents. Short-term investments Receivables, net..... Merchandise inventories, net. Prepaid expenses and other current assets Prepaid income taxes. Total current assets 193,109 1,168,215 107,402 392,325 110,000 139,337 1,293,701 103,567 16,387 2,055,317 2,514,777 Property and equipment, net Operating lease assets. Goodwill Other intangible assets, net Deferred compensation plan assets Other long-term assets.. Total assets 995,795 1,504,614 10,870 2,465 33,223 28,225 5,089,969 $ 1,205,524 1,537,565 10,870 3,391 27,849 23,356 4,863,872 $ $ Liabilities and stockholders' equity Current liabilities: Accounts payable. Accrued liabilities Deferred revenue Current operating lease liabilities Accrued income taxes Total current liabilities... 477,052 $ 296,334 274,383 253,415 42,529 1,343,713 414,009 246,088 237,535 239,629 1,137,261 Non-current operating lease liabilities. Deferred income taxes.. Other long-term liabilities. Total liabilities. 1,643,386 65,359 37,962 3,090,420 1,698,718 89,367 36,432 2,961,778 Commitments and contingencies (Note 11) Stockholders' equity: Common stock, $0.01 par value, 400,000 shares authorized; 56,952 and 57,285 shares issued; 56,260 and 56,609 shares outstanding; at January 30, 2021 and February 1, 2020, respectively..... Treasury stock-common, at cost Additional paid-in capital Retained earnings Accumulated other comprehensive income Total stockholders' equity... Total liabilities and stockholders' equity. 569 (37,801) 847,303 1,189,422 573 (34,448) 807,492 1,128,477 56 1,999,549 5,089,969 $ 1,902,094 4,863,872 See accompanying notes to consolidated financial statements