Ulta Financial Statement Analysis 2020-2021

1. Company Description.
[Instruction. Summarize
Item 1. Business Description on 10K. All the topics must be summarized by
students own words. Summarize every topic with a few sentences. Don’t have to
paraphrase all the contents. Only Item 1. (DO NOT summarize
Item 1A, 1B), 2page length recommended, but not limited.]

2. Financial Statement Analysis.

1) Analysis of Income Statement Items. (Vertical & Horizontal
Analysis)
[Instruction.
Explain HOW and WHY each income statement item (from Sales to Net Income) has
been changed between two years. Use the information from 10K and/or any other
open source with the citation. Students may find crucial information from Item
7. Management Discussion & Analysis on 10K. Must be expressed by students
own words. Must follow the items along with your company’s I/S items.]

For example. Apple Inc. I/S items.
(1) Product Net Sales
(2) Service Net Sales
(3) Product Cost of Sales


… Net Income

2) Analysis of Balance Sheet Accounts. (Vertical & Horizontal
Analysis)
[Instruction.
Explain HOW and WHY each Balance Sheet account (from Cash to AOCI or
Noncontrolling Interest, if any) has been changed between two years. Use the
information from 10K and/or any other open source with the citation. Students
may find crucial information from the NOTES on Item 8. Financial Statement and
Supplementary Data of 10K. Must be
expressed by students own words. Change the accounts list along with your
company’s B/S]

For example. Apple Inc. B/S accounts.
(1) Assets
a. Cash and Cash equivalent
[Instruction.
Cash account can be explained by interpreting three activities (operating,
investing, financing) on the Statement of Cash Flows]
b. Marketable securities
c. Accounts Receivable, net

(2) Liabilities
a. Accounts Payable
b. Deferred Revenue

(3) Equities
a. Common Stock
b. Additional Paid In Capital

4. Conclusion.
[Instruction.
Summarize overall performance of the company based on the analysis above.]

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