- Comparable Store Sales increase of 11.1%
- Adjusted operating margin improves to
14.4%
- Adjusted diluted earnings per share increases 37% to
$0.86
O'Reilly Automotive, Inc. ("O'Reilly" or "the Company")
(Nasdaq:ORLY), a leading retailer in the automotive aftermarket
industry, today announced record revenues and earnings for the
third quarter ended September 30, 2010.
3rd Quarter Financial Results
Sales for the third quarter ended September 30, 2010, totaled
$1.43 billion, up 13% from $1.26 billion for the same period a year
ago. Gross profit for the third quarter ended September 30, 2010,
increased to $693 million (or 48.6% of sales) from $611 million (or
48.5% of sales) for the third quarter of 2009, representing an
increase of 14%. Selling, General and Administrative ("SG&A")
expenses increased to $488 million (or 34.3% of sales) for the
third quarter of 2010 from $461 million (or 36.7% of sales) for the
third quarter of 2009, representing an increase of 6%. Operating
income increased to $199 million (or 14.0% of sales) for the third
quarter of 2010 from $149 million (or 11.9% of sales) for the third
quarter of 2009, representing an increase of 33%.
Net income for the third quarter ended September 30, 2010,
totaled $117 million, up 34% from $87 million for the third quarter
of 2009. Diluted earnings per common share for the third quarter of
2010 increased 30% to $0.82 on 142 million shares compared to $0.63
for the third quarter of 2009 on 139 million shares.
The Company's third quarter and year-to-date results include
charges related to the legacy United States Department of Justice
("DOJ") investigation of CSK Auto Corporation ("CSK"). As
previously announced, prior to O'Reilly's acquisition of CSK in
July of 2008, the DOJ began an investigation of CSK relating to
CSK's historical accounting practices. O'Reilly and the DOJ
have now agreed in principle, subject to final documentation, to
resolve the DOJ investigation of CSK's legacy accounting
practices. Based upon the agreement in principle for a final
settlement, the Company has recorded an additional charge of $5.9
million in the third quarter of 2010 to increase its accrual in
anticipation of the DOJ, CSK and O'Reilly executing a
Non-Prosecution Agreement and the Company paying a one-time
monetary penalty of $20.9 million to the DOJ.
Adjusted operating income, excluding the impact of the charge
related to the CSK DOJ investigation discussed above, increased 37%
to $205 million (or 14.4% of sales) for the third quarter ended
September 30, 2010, from $149 million (or 11.9% of sales) for the
third quarter of 2009. Adjusted diluted earnings per common
share, excluding the impact of the charge related to the CSK DOJ
investigation discussed above, increased 37% to $0.86 for the third
quarter ended September 30, 2010, from $0.63 for the third quarter
of 2009. The table below outlines the impact of the charge for
the third quarter ended September 30, 2010 (in thousands, except
per share data):
|
For the Three
Months Ended September 30, |
|
2010 |
2009 |
Operating income |
$199,031 |
$149,196 |
Accrual of legacy CSK DOJ investigation
charge |
5,900 |
-- |
Adjusted operating income |
$204,931 |
$149,196 |
|
|
|
Operating margin |
14.0% |
11.9% |
Accrual of legacy CSK DOJ investigation
charge |
0.4% |
-- |
Adjusted operating margin |
14.4% |
11.9% |
|
|
|
Net income |
$116,542 |
$87,225 |
Accrual of legacy CSK DOJ investigation
charge |
5,900 |
-- |
Adjusted net income |
$122,442 |
$87,225 |
|
|
|
Diluted earnings per common share |
$0.82 |
$0.63 |
Accrual of legacy CSK DOJ investigation
charge |
0.04 |
-- |
Adjusted diluted earnings per common
share |
$0.86 |
$0.63 |
Commenting on the quarterly results, Greg Henslee, O'Reilly's
Co-President and CEO stated, "We are extremely pleased to announce
an exceptionally strong comparable store sales increase of 11.1%
for the third quarter, which exceeded our expectations. Sales
for the quarter were positively influenced by warmer weather
conditions across most of our markets as well as the ongoing strong
demand for our products. The macro environment remains
favorable for our business and our Team Members continue to
consistently provide unparalleled levels of customer
service. We were able to leverage our strong top-line
performance with a continued commitment to the execution of our CSK
integration plan and a relentless attention to expense control to
deliver a 250 basis point improvement in adjusted operating margin
resulting in our 7th consecutive quarter of double-digit earnings
per share growth."
Ted Wise, O'Reilly's Co-President and COO stated, "In the third
quarter, we began the relocation of our Dixon, California,
distribution center [DC] to a new, larger facility in Stockton,
California, and subsequent to the end of the quarter, we
successfully completed the conversion of stores serviced by the new
DC. In addition, we opened 48 new stores during the quarter,
putting us on track to open our projected 150 new stores in
2010. For 2011, our projection is to open approximately 170
new stores. Our strong performance during the quarter was
again the result of the hard work and dedication of our Team
Members, and we wanted to take this opportunity to thank each of
them for their contribution to O'Reilly's continued success."
Year-to-Date Financial Results
Sales for the first nine months of 2010 totaled $4.09 billion,
up 11% from $3.67 billion for the same period a year
ago. Gross profit for the first nine months of 2010 increased
to $1.98 billion (or 48.6% of sales) from $1.76 billion (or 47.8%
of sales) for the same period a year ago, representing an increase
of 13%. SG&A expenses increased to $1.41 billion (or 34.6% of
sales) for the first nine months of 2010 from $1.34 billion (or
36.6% of sales) for the same period a year ago, representing an
increase of 5%. Operating income for the first nine months of
2010 increased to $549 million (or 13.4% of sales) from $412
million (or 11.2% of sales) for the same period a year ago,
representing an increase of 33%.
Net income for the first nine months of 2010 totaled $314
million, up 33% from $236 million for the same period a year
ago. Diluted earnings per common share for the first nine
months of 2010 increased 30% to $2.23 on 141 million shares
compared to $1.71 for the same period a year ago on 137 million
shares.
Adjusted operating income, excluding the impact of the charges
related to the CSK DOJ investigation discussed above, increased 38%
to $570 million (or 13.9% of sales) for the first nine months of
2010, from $412 million (or 11.2% of sales) for the same period a
year ago. Adjusted diluted earnings per common share,
excluding the impact of the charges related to the CSK DOJ
investigation discussed above, increased 39% to $2.37 for the first
nine months of 2010, from $1.71 for the same period one year
ago. The table below outlines the impact of the charges for
the nine months ended September 30, 2010, (in thousands, except per
share data):
|
For the Nine
Months Ended September 30, |
|
2010 |
2009 |
Operating income |
$548,640 |
$412,207 |
Accrual of legacy CSK DOJ investigation
charge |
20,900 |
-- |
Adjusted operating income |
$569,540 |
$412,207 |
|
|
|
Operating margin |
13.4% |
11.2% |
Accrual of legacy CSK DOJ investigation
charge |
0.5% |
-- |
Adjusted operating margin |
13.9% |
11.2% |
|
|
|
Net income |
$313,613 |
$235,575 |
Accrual of legacy CSK DOJ investigation
charge |
20,900 |
-- |
Adjusted net income |
$334,513 |
$235,575 |
|
|
|
Diluted earnings per common share |
$2.23 |
$1.71 |
Accrual of legacy CSK DOJ investigation
charge |
0.14 |
-- |
Adjusted diluted earnings per common
share |
$2.37 |
$1.71 |
Mr. Henslee added, "2010 is shaping up to be one of the
strongest years in our history. Both the second and third
quarters resulted in record adjusted operating margins, and we
increased adjusted earnings per share 39% through the first nine
months. Our strong results have been driven by the dedication
and hard work of our Team Members and by our ability to provide a
very high level of service and parts availability to both
professional installer and retail customers. Our focus remains
on our core Culture values of excellent customer service and
professionalism as we complete the integration of the acquired CSK
stores and continue to build on the solid foundations we have
established in our western markets."
Mr. Wise added, "The planned conversion of our DC in Phoenix,
Arizona, to the O'Reilly systems will occur on the 6th of November
along with the systems conversion of the surrounding 151 stores in
that area, which will complete the computer system changeover
process for all of the acquired CSK stores. With the support
of the enhanced distribution model now in place in all of our
western markets, we will continue to implement our proven dual
market strategy in every market we serve, backed by the excellent
customer service and teamwork of our 47,000 Team
Members."
3rd Quarter and Year-to-Date Comparable Store Sales
Results
Consolidated comparable store sales for stores open at least one
year increased 11.1% for the third quarter of 2010 versus 5.3% for
the third quarter of 2009. Consolidated comparable store sales
for stores open at least one year increased 8.6% for the first nine
months of 2010 versus 5.2% for the first nine months of
2009. Comparable store sales are calculated based on the
change in sales for stores open at least one year and exclude sales
of specialty machinery, sales to independent parts stores, sales to
team members and sales during the one to two week period certain
CSK branded stores were closed for conversion.
4th Quarter and Updated Full Year 2010
Guidance
The Company estimates diluted earnings per common share for the
fourth quarter of 2010 to range from $0.56 to $0.60 and estimates
diluted earnings per common share for the year ended December 31,
2010, to range from $2.79 to $2.83. Adjusted diluted earnings
per common share, which excludes the impact of the charges related
to the CSK DOJ investigation of $0.15 per diluted share, is
expected to range from $2.94 to $2.98 for the year ended December
31, 2010.
The Company estimates consolidated comparable store sales for
the fourth quarter of 2010 to range from 4.0% to 6.0%. The
Company estimates consolidated comparable store sales for the year
ended December 31, 2010, to range from 7.0% to 8.0%.
Non-GAAP Information
This release contains certain financial information not derived
in accordance with United States generally accepted accounting
principles ("GAAP"). The Company does not, and nor does it suggest
investors should, consider such non-GAAP financial measures in
isolation from, or as a substitute for, GAAP financial information.
The Company believes that the presentation of financial results and
estimates excluding the impact of the CSK DOJ investigation charges
provides meaningful supplemental information to both management and
investors that is indicative of the Company's core operations. The
Company excludes these items in judging its performance and
believes this non-GAAP information is useful to investors as well.
The Company has included a reconciliation of this additional
information to the most comparable GAAP measures in the
accompanying reconciliation table.
Earnings Conference Call Information
The Company will host a conference call October 28, 2010, at
10:00 a.m. central time to discuss its results as well as future
expectations. Investors may listen to the conference call live
on the Company's web site, www.oreillyauto.com, by clicking on
"Investor Relations" and then "News Room." We invite
interested analysts to join our call. The dial-in number for
the call is (706) 679-5789; the conference call ID number is
11646295. A replay of the call will also be available on the
Company's website following the conference call.
About O'Reilly Automotive, Inc.
O'Reilly Automotive, Inc. is one of the largest
specialty retailers of automotive aftermarket parts, tools,
supplies, equipment and accessories in the United States, serving
both the do-it-yourself and professional installer
markets. Founded in 1957 by the O'Reilly family, the Company
operated 3,536 stores in 38 states as of September 30, 2010.
The O'Reilly Automotive, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=5430
Forward-Looking Statements
The Company claims the protection of the safe-harbor for
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. You can identify
these statements by forward-looking words such as "expect,"
"believe," "anticipate," "should," "plan," "intend," "estimate,"
"project," "will" or similar words. In addition, statements
contained within this press release that are not historical facts
are forward-looking statements, such as statements discussing among
other things, expected growth, store development, CSK DOJ
investigation resolution, integration and expansion strategy,
business strategies, future revenues and future
performance. These forward-looking statements are based on
estimates, projections, beliefs and assumptions and are not
guarantees of future events and results. Such statements are
subject to risks, uncertainties and assumptions, including, but not
limited to, competition, product demand, the market for auto parts,
the economy in general, inflation, consumer debt levels,
governmental approvals, our ability to hire and retain qualified
employees, risks associated with the integration of acquired
businesses such as the integration of CSK Auto Corporation,
weather, terrorist activities, war and the threat of
war. Actual results may materially differ from anticipated
results described or implied in these forward-looking
statements. Please refer to the "Risk Factors" section of the
annual report on Form 10-K for the year ended December 31, 2009,
for additional factors that could materially affect our financial
performance.
O'REILLY AUTOMOTIVE,
INC. AND SUBSIDIARIES |
CONDENSED CONSOLIDATED BALANCE
SHEETS |
(In thousands, except share
data) |
|
|
|
|
|
September 30,
2010 |
September 30, 2009 |
December 31, 2009 |
|
(Unaudited) |
(Unaudited) |
(Note) |
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$43,193 |
$29,535 |
$26,935 |
Accounts receivable, net |
125,906 |
111,862 |
107,887 |
Amounts receivable from vendors |
68,253 |
66,788 |
63,110 |
Inventory |
1,997,718 |
1,856,049 |
1,913,218 |
Prepaid income taxes |
2,735 |
1,827 |
-- |
Deferred income taxes |
39,261 |
76,344 |
85,934 |
Other current assets |
32,530 |
32,255 |
29,635 |
Total current assets |
2,309,596 |
2,174,660 |
2,226,719 |
|
|
|
|
Property and equipment, at cost |
2,629,835 |
2,263,873 |
2,353,240 |
Less: accumulated depreciation and
amortization |
738,275 |
591,637 |
626,861 |
Net property and equipment |
1,891,560 |
1,672,236 |
1,726,379 |
|
|
|
|
Notes receivable, less current portion |
19,151 |
13,282 |
12,481 |
Goodwill |
743,921 |
744,375 |
744,313 |
Other assets, net |
59,191 |
76,558 |
71,579 |
Total assets |
$5,023,419 |
$4,681,111 |
$4,781,471 |
|
|
|
|
Liabilities and shareholders' equity |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$943,147 |
$889,030 |
$818,153 |
Self insurance reserves |
54,680 |
56,828 |
55,348 |
Accrued payroll |
45,589 |
52,520 |
42,790 |
Accrued benefits and withholdings |
45,515 |
46,812 |
44,295 |
Income taxes payable |
-- |
-- |
8,068 |
Other current liabilities |
189,633 |
149,853 |
143,781 |
Current portion of long-term debt |
104,698 |
10,157 |
106,708 |
Total current liabilities |
1,383,262 |
1,205,200 |
1,219,143 |
|
|
|
|
Long-term debt, less current portion |
326,554 |
693,516 |
684,040 |
Deferred income taxes |
57,446 |
4,928 |
18,321 |
Other liabilities |
181,886 |
178,220 |
174,102 |
|
|
|
|
Shareholders' equity: |
|
|
|
Common stock, $0.01 par value: |
|
|
|
Authorized shares – 245,000,000 |
|
|
|
Issued and outstanding shares –
139,319,673 as of September 30, 2010, 137,127,907 as of September
30, 2009, and 137,468,063 as of December 31, 2009 |
1,393 |
1,371 |
1,375 |
Additional paid-in capital |
1,113,237 |
1,029,015 |
1,042,329 |
Retained earnings |
1,963,736 |
1,578,200 |
1,650,123 |
Accumulated other comprehensive loss |
(4,095) |
(9,339) |
(7,962) |
Total shareholders' equity |
3,074,271 |
2,599,247 |
2,685,865 |
Total liabilities and shareholders'
equity |
$5,023,419 |
$4,681,111 |
$4,781,471 |
Note: The balance sheet at December 31, 2009, has been
derived from the audited Consolidated Financial Statements at that
date, but does not include all of the information and footnotes
required by accounting principles generally accepted in the United
States for complete financial statements. Certain prior period
amounts have been reclassified to conform to current period
presentation.
O'REILLY AUTOMOTIVE,
INC. AND SUBSIDIARIES |
CONDENSED CONSOLIDATED
STATEMENTS OF INCOME |
(Unaudited) |
(In thousands, except per share
data) |
|
|
|
|
Three Months
Ended September 30, |
Nine Months Ended
September 30, |
|
2010 |
2009 |
2010 |
2009 |
Sales |
$1,425,887 |
$1,258,239 |
$4,087,195 |
$3,673,365 |
Cost of goods sold, including warehouse and
distribution expenses |
732,472 |
647,684 |
2,102,800 |
1,916,371 |
Gross profit |
693,415 |
610,555 |
1,984,395 |
1,756,994 |
|
|
|
|
|
Selling, general and administrative
expenses |
488,484 |
461,359 |
1,414,855 |
1,344,787 |
Accrual of legacy CSK DOJ investigation
charge |
5,900 |
-- |
20,900 |
-- |
Operating income |
199,031 |
149,196 |
548,640 |
412,207 |
|
|
|
|
|
Other income (expense), net: |
|
|
|
|
Interest expense |
(9,756) |
(11,086) |
(31,781) |
(34,107) |
Interest income |
510 |
340 |
1,409 |
1,127 |
Other, net |
407 |
825 |
1,845 |
1,698 |
Total other expense, net |
(8,839) |
(9,921) |
(28,527) |
(31,282) |
Income before income taxes |
190,192 |
139,275 |
520,113 |
380,925 |
|
|
|
|
|
Provision for income taxes |
73,650 |
52,050 |
206,500 |
145,350 |
Net income |
$116,542 |
$87,225 |
$313,613 |
$235,575 |
|
|
|
|
|
Basic income per common share: |
|
|
|
|
Net income per common share |
$0.84 |
$0.64 |
$2.27 |
$1.73 |
Weighted-average common shares
outstanding |
138,831 |
136,774 |
138,219 |
135,869 |
|
|
|
|
|
Income per common share-assuming
dilution: |
|
|
|
|
Net income per common share |
$0.82 |
$0.63 |
$2.23 |
$1.71 |
Adjusted weighted-average common shares
outstanding |
141,706 |
138,704 |
140,874 |
137,442 |
O'REILLY AUTOMOTIVE,
INC. AND SUBSIDIARIES |
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS |
(Unaudited) |
(In thousands) |
|
|
|
|
Nine Months Ended
September 30, |
|
2010 |
2009 |
Operating activities: |
|
|
Net income |
$313,613 |
$235,575 |
Adjustments to reconcile net income to net
cash provided by operating activities: |
|
|
Depreciation and amortization on property
and equipment |
118,817 |
106,320 |
Amortization of intangibles |
1,914 |
4,805 |
Amortization of premium on exchangeable
notes |
(561) |
(561) |
Amortization of debt issuance
costs |
6,418 |
6,365 |
Deferred income taxes |
85,823 |
47,458 |
Share based compensation programs |
12,792 |
17,715 |
Other |
4,956 |
7,731 |
Changes in operating assets and
liabilities: |
|
|
Accounts receivable |
(23,749) |
(11,981) |
Inventory |
(84,500) |
(282,574) |
Accounts payable |
124,909 |
150,308 |
Other |
32,131 |
7,819 |
Net cash provided by operating
activities |
592,563 |
288,980 |
|
|
|
Investing activities: |
|
|
Purchases of property and equipment |
(276,463) |
(317,195) |
Proceeds from sale of property and
equipment |
1,866 |
2,586 |
Payments received on notes
receivable |
4,610 |
4,244 |
Other |
(4,728) |
(4,466) |
Net cash used in investing
activities |
(274,715) |
(314,831) |
|
|
|
Financing activities: |
|
|
Proceeds from borrowings on asset-based
revolving credit facility |
318,200 |
439,150 |
Payments on asset-based revolving credit
facility |
(672,000) |
(468,350) |
Principal payments on capital leases |
(5,134) |
(7,112) |
Tax benefit of stock options
exercised |
11,755 |
8,973 |
Net proceeds from issuance of common
stock |
45,589 |
51,004 |
Other |
-- |
420 |
Net cash (used in)/provided by financing
activities |
(301,590) |
24,085 |
|
|
|
Net increase/(decrease) in cash and cash
equivalents |
16,258 |
(1,766) |
Cash and cash equivalents at beginning of
period |
26,935 |
31,301 |
Cash and cash equivalents at end of
period |
$43,193 |
$29,535 |
|
|
|
Supplemental disclosures of cash flow
information: |
|
|
Income taxes paid |
$122,051 |
$98,376 |
Interest paid, net of capitalized
interest |
24,192 |
26,914 |
Property and equipment acquired through
issuance of capital lease obligations |
-- |
8,337 |
|
|
O'REILLY AUTOMOTIVE,
INC. AND SUBSIDIARIES |
SELECTED FINANCIAL
INFORMATION |
|
|
|
September
30, |
Selected Balance Sheet
Ratios: |
2010 |
2009 |
Inventory turnover (1) |
1.4 |
1.5 |
Inventory turnover, net of payables
(2)
|
2.5 |
2.8 |
|
|
|
AP to inventory (3) |
47.2% |
47.9% |
Debt-to-capital (4) |
12.3% |
21.3% |
Return on equity (5) |
14.1% |
11.4% |
Return on assets (6) |
8.3% |
6.2% |
|
|
|
|
Three Months
Ended September 30, |
Nine Months Ended
September 30, |
|
2010 |
2009 |
2010 |
2009 |
Selected Income Statement and
Cash Flow Information (in thousands): |
|
|
|
|
Capital expenditures |
$94,191 |
$86,023 |
$276,463 |
$317,195 |
Depreciation and amortization |
$40,794 |
$37,036 |
$120,731 |
$111,125 |
Interest expense |
$9,756 |
$11,086 |
$31,781 |
$34,107 |
Lease and rental expense |
$57,785 |
$57,060 |
$169,912 |
$171,492 |
|
|
|
|
|
|
Three Months
Ended September 30, |
Last Four
Quarters Ended September 30, |
|
2010 |
2009 |
2010 |
2009 |
Store
Information: |
|
|
|
|
Sales per weighted-average square foot
(7) |
$56.73 |
$51.84 |
$212.48 |
$201.10 |
Square footage (in thousands) |
25,069 |
24,136 |
25,069 |
24,136 |
Sales per weighted-average store (in
thousands) (8) |
$402 |
$366 |
$1,504 |
$1,421 |
Total employment |
47,334 |
44,435 |
47,334 |
44,435 |
|
|
|
Store Count by
Brand |
|
O'Reilly |
Checker |
Schuck's |
Kragen |
Total |
December 31, 2009 |
2,533 |
321 |
75 |
492 |
3,421 |
New |
121 |
-- |
-- |
-- |
121 |
Converted |
580 |
(170) |
(75) |
(335) |
-- |
Closed |
(2) |
-- |
-- |
(4) |
(6) |
September 30, 2010 |
3,232 |
151 |
-- |
153 |
3,536 |
|
|
|
|
|
|
(1) Calculated as cost of sales
for the last 12 months divided by average inventory. Average
inventory is calculated as the average of inventory for the
trailing four quarters used in determining the denominator. |
(2) Calculated as cost of sales
for the last 12 months divided by average net
inventory. Average net inventory is calculated as the average
of inventory less accounts payable for the trailing four quarters
used in determining the denominator. |
(3) Accounts payable divided by
inventory. |
(4) The sum of long-term debt and
current portion of long-term debt, divided by the sum of long-term
debt, current portion of long-term debt and total shareholders'
equity. |
(5) Last 12 months net income,
before the impact of the charge related to the legacy CSK DOJ
investigation, divided by average shareholders' equity. Due to
the nature of the CSK related charge, the adjustment is made to
provide comparable results. Average shareholders' equity is
calculated as the average of shareholders' equity for the trailing
four quarters used in determining the denominator. |
(6) Last 12 months net income,
before the impact of the charge related to the legacy CSK DOJ
investigation, divided by average total assets. Due to the
nature of the CSK related charge, the adjustment is made to provide
comparable results. Average total assets is calculated as the
average total assets for the trailing four quarters used in
determining the denominator. |
(7) Total sales less jobber
sales, divided by weighted-average square
feet. Weighted-average sales per square foot is weighted to
consider the approximate dates of store openings or
expansions. |
(8) Total sales less jobber
sales, divided by weighted-average stores. Weighted-average
sales per store is weighted to consider the approximate dates of
store openings or expansions. |
|
O'REILLY AUTOMOTIVE,
INC. AND SUBSIDIARIES |
RECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL INFORMATION |
(Unaudited) |
(In thousands, except per share
and operating margin data) |
|
|
|
|
|
|
Three Months
Ended September 30, |
Nine Months Ended
September 30, |
|
2010 |
2009 |
2010 |
2009 |
GAAP operating income |
$199,031 |
$ 149,196 |
$ 548,640 |
$ 412,207 |
Accrual of legacy CSK DOJ investigation
charge |
5,900 |
-- |
20,900 |
-- |
Non-GAAP adjusted operating income |
$204,931 |
$ 149,196 |
$ 569,540 |
$ 412,207 |
|
|
|
|
|
GAAP operating margin |
14.0% |
11.9% |
13.4% |
11.2% |
Accrual of legacy CSK DOJ investigation
charge |
0.4% |
-- |
0.5% |
-- |
Non-GAAP adjusted operating margin |
14.4% |
11.9% |
13.9% |
11.2% |
|
|
|
|
|
GAAP net income |
$116,542 |
$ 87,225 |
$ 313,613 |
$ 235,575 |
Accrual of legacy CSK DOJ investigation
charge |
5,900 |
-- |
20,900 |
-- |
Non-GAAP adjusted net income |
$122,442 |
$ 87,225 |
$ 334,513 |
$ 235,575 |
|
|
|
|
|
GAAP diluted net income per common share |
$ 0.82 |
$ 0.63 |
$ 2.23 |
$ 1.71 |
Accrual of legacy CSK DOJ investigation
charge |
0.04 |
-- |
0.14 |
-- |
Non-GAAP adjusted diluted net income per
common share |
$ 0.86 |
$ 0.63 |
$ 2.37 |
$ 1.71 |
|
|
|
|
|
Adjusted weighted-average common shares
outstanding – assuming dilution |
141,706 |
138,704 |
140,874 |
137,442 |
CONTACT: O'Reilly Automotive, Inc.
Investor & Media Contacts
Mark Merz
(417) 829-5878
Patrick Lee
(417) 829-2977
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