- Full-year adjusted diluted EPS increased 37% to
$3.05
- Comparable store sales increase of 8.8% for full-year
2010
- Full-year adjusted operating margin increased to
13.6%
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
fourth quarter and year ended December 31, 2010. The results
represent 18 consecutive years of comparable store sales growth and
record revenue and operating income for O'Reilly since becoming a
public company in April of 1993.
4th Quarter 2010 Financial Results
Sales for the fourth quarter ended December 31, 2010, increased
$137 million, or 12%, to $1.31 billion from $1.17 billion for the
same period a year ago. Gross profit for the fourth quarter
ended December 31, 2010, increased to $637 million (or 48.6% of
sales) from $570 million (or 48.5% of sales) for the same period a
year ago, representing an increase of 12%. Selling, General
and Administrative ("SG&A") expenses for the fourth quarter
ended December 31, 2010, increased to $472 million (or 36.1% of
sales) from $444 million (or 37.8% of sales) for the same period a
year ago, representing an increase of 6%. Operating income for
the fourth quarter ended December 31, 2010, increased to $164
million (or 12.5% of sales) from $125 million (or 10.7% of sales)
for the same period a year ago, representing an increase of
31%.
Net income for the fourth quarter ended December 31, 2010,
totaled $106 million (or 8.1% of sales), up 47% from $72 million
(or 6.1% of sales) for the same period a year ago. Diluted
earnings per common share for the fourth quarter ended December 31,
2010, increased 42% to $0.74 on 143 million shares versus $0.52 for
the same period a year ago on 139 million shares.
The Company's results for the fourth quarter ended December 31,
2010, included a nonrecurring, non-operating gain of $11.6 million
($7.2 million, net of tax) in "Other income" related to the
settlement of a note receivable acquired in the July 11, 2008,
acquisition of CSK Auto Corporation ("CSK"). The note was
favorably settled for a gain in the fourth quarter of
2010. Adjusted diluted earnings per common share, excluding
the impact of the gain related to the settlement of the note
receivable, increased 33% to $0.69 for the fourth quarter ended
December 31, 2010, from $0.52 for the same period a year
ago. The table below outlines the impact of the gain on the
settlement of the note receivable for the fourth quarter ended
December 31, 2010, (amounts in thousands, except per share
data):
|
For the Three
Months Ended December 31, |
|
2010 |
2009 |
|
Amount |
% of Sales |
Amount |
% of Sales |
Net income |
$105,760 |
8.1% |
$71,923 |
6.1% |
Gain on settlement of
note receivable, net of tax |
(7,215) |
(0.6)% |
-- |
--% |
Adjusted net income |
$98,545 |
7.5% |
$71,923 |
6.1% |
|
|
|
|
|
Diluted earnings per common share |
$0.74 |
|
$0.52 |
|
Gain on settlement of
note receivable, net of tax |
(0.05) |
|
-- |
|
Adjusted diluted earnings per common
share |
$0.69 |
|
$0.52 |
|
"O'Reilly finished the year with a very strong fourth quarter as
we, again, delivered record breaking revenues and earnings," said
Greg Henslee, CEO and Co-President. "We achieved comparable
store sales growth of 9.2% for the fourth quarter which drove an
increase of 33% in adjusted earnings per share, resulting in our
eighth consecutive quarter of double digit earnings growth. In
November, we converted our acquired Phoenix distribution center to
the O'Reilly systems and simultaneously converted the final 151 CSK
stores to our point-of-sale system. With these conversions,
all acquired CSK stores now have same-day or overnight access to
O'Reilly's broad range of hard parts product offerings, marking a
significant milestone in the CSK integration process. Through
the consistent execution of our proven dual market strategy and
with the support of our robust distribution network, we continue to
profitably grow market share in all the markets we serve."
Full-Year 2010 Financial Results
Sales for the year ended December 31, 2010, increased $550
million, or 11%, to $5.4 billion from $4.85 billion for the year
ended December 31, 2009. Gross profit for the year ended
December 31, 2010, increased to $2.62 billion (or 48.6% of sales)
from $2.33 billion (or 48.0% of sales) for the year ended December
31, 2009, representing an increase of 13%. SG&A expenses
for the year ended December 31, 2010, increased to $1.89 billion
(or 35.0% of sales) from $1.79 billion (or 36.9% of sales) for the
year ended December 31, 2009, representing an increase of
6%. Operating income for the year ended December 31, 2010,
increased to $713 million (or 13.2% of sales) from $538 million (or
11.1% of sales) for the year ended December 31, 2009, representing
an increase of 33%.
Net income for the year ended December 31, 2010, totaled $419
million (or 7.8% of sales), up 36% from $307 million (or 6.3% of
sales) for the year ended December 31, 2009. Diluted earnings
per common share for the year ended December 31, 2010, increased
32% to $2.95 on 142 million shares versus $2.23 one year ago on 138
million shares.
The Company's results for the year ended December 31, 2010,
included charges related to the legacy United States Department of
Justice ("DOJ") investigation of CSK. As previously disclosed,
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 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
recorded a charge of $20.9 million for the year ended December 31,
2010, 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. The Company's
results for the year ended December 31, 2010, also include other
income related to a nonrecurring, non-operating gain of $11.6
million ($7.2 million, net of tax) on the settlement of a note
receivable acquired in the acquisition of CSK, as discussed
above.
Adjusted operating income for the year ended December 31, 2010,
excluding the impact of the charges related to the CSK DOJ
investigation discussed above, increased to $734 million (or 13.6%
of sales) from $538 million (or 11.1% of sales) for the year ended
December 31, 2009. Adjusted diluted earnings per common share,
excluding the impact of the charges related to the CSK DOJ
investigation and the gain on the settlement of the note receivable
discussed above, increased 37% to $3.05 for the year ended December
31, 2010, from $2.23 for the same period one year ago. The
table below outlines the impact of the CSK DOJ investigation charge
and the gain on the settlement of the note receivable for the year
ended December 31, 2010, (amounts in thousands, except per share
data):
|
For the Year
Ended December 31, |
|
2010 |
2009 |
|
Amount |
% of Sales |
Amount |
% of Sales |
Operating income |
$712,776 |
13.2% |
$537,619 |
11.1% |
Legacy CSK DOJ investigation charge |
20,900 |
0.4% |
-- |
--% |
Adjusted operating income |
$733,676 |
13.6% |
$537,619 |
11.1% |
|
|
|
|
|
Net income |
$419,373 |
7.8% |
$307,498 |
6.3% |
Legacy CSK DOJ investigation charge |
20,900 |
0.4% |
-- |
--% |
Gain on settlement of note receivable,
net of tax |
(7,215) |
(0.2)% |
-- |
--% |
Adjusted net income |
$433,058 |
8.0% |
$307,498 |
6.3% |
|
|
|
|
|
Diluted earnings per common share |
$2.95 |
|
$2.23 |
|
Legacy CSK DOJ investigation charge |
0.15 |
|
-- |
|
Gain on settlement of note receivable,
net of tax |
(0.05) |
|
-- |
|
Adjusted diluted earnings per common
share |
$3.05 |
|
$2.23 |
|
Ted Wise, COO and Co-President, stated, "During 2010, we opened
156 new stores, closed 7 stores and opened a record four new DCs,
increasing our store count to 3,570 and our DC count to 23. We
also converted 884 acquired CSK stores to the O'Reilly systems and
converted one CSK DC to the O'Reilly systems. During the first
half of 2011, we will finish the rebranding and signage changeovers
of all the acquired CSK stores, including front-room remodels,
decor package installations and outside sign replacements. We
also plan to open 170 new stores in 2011. Our continued growth
and success is the direct result of our Team's relentless
dedication to providing excellent customer service to all of our
retail and professional service providers. Due to the hard
work of our Team Members, 2010 has been a very successful year for
Team O'Reilly, and we are excited to continue to grow our business
in 2011."
Mr. Henslee added, "As we look ahead to 2011, our focus will
continue to be on profitable growth and margin improvements by
providing unsurpassed levels of customer service. With the
completion of the system conversions in the acquired CSK stores, we
are well positioned to aggressively expand our market share during
the coming years. I would like to thank all 47,000 of our hard
working and dedicated Team Members for the fantastic results they
achieved in 2010; we look forward to building upon those results in
2011."
4th Quarter and Full-Year 2010 Comparable Store Sales
Results
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. Comparable
store sales increased 9.2% for the fourth quarter of 2010 versus
2.7% for the same period one year ago. Comparable store sales
increased 8.8% for the year ended December 31, 2010, versus 4.6%
for the year ended December 31, 2009.
1st Quarter and Full-Year 2011 Guidance
The table below outlines the Company's guidance for selected
first quarter and full-year 2011 financial data:
|
Three Months Ended March 31,
2011 |
Year Ended
December 31, 2011 |
New store openings |
|
170 |
Comparable store sales |
3% to 5% |
3% to 6% |
Total revenue |
|
$5.7 billion to $5.8 billion |
Gross profit margin |
|
48.4% to 48.8% |
Operating margin |
|
13.9% to 14.4% |
Diluted earnings per share |
$0.63 to $0.67 |
$3.26 to $3.36 |
Adjusted diluted earnings per share (1) |
$0.74 to $0.78 |
$3.37 to $3.47 |
Capital expenditures |
|
$310 million to $340 million |
Free cash flow (2) |
|
$320 million to $350 million |
|
|
|
(1) The adjusted diluted earnings
per share guidance excludes $0.11 related to one-time charges
associated with the new financing plan the Company completed on
January 14, 2011. These one-time items include an adjustment
to earnings per share of $0.09, net of tax, for a non-cash charge
to write-off the balance of debt issuance costs related to the
Company's previous credit facility in the amount of $21.6 million
and an adjustment to earnings per share of $0.02, net of tax, for a
charge related to the termination of the Company's interest rate
swap agreements in the amount of $4.2 million. |
(2) Calculated as net cash flows
provided by/used in operating activities less capital expenditures
for the period. |
Non-GAAP Information
This release contains certain financial information not derived
in accordance with United States generally accepted accounting
principles ("GAAP"). These items include adjusted operating
income, adjusted operating margin, adjusted net income, adjusted
diluted earnings per common share, free cash flow, as well as
rent-adjusted debt to earnings before interest, taxes,
depreciation, amortization, stock option compensation and rent
("EBITDAR"). 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 charge, the gain from the settlement of the note
receivable, as well as the presentation of EBITDAR and free cash
flow, provide 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 Thursday, February 17,
2011, 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 33644868. 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 3,570 stores in 38 states as of December 31, 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) |
|
December 31,
2010 |
December 31, 2009 |
|
(Unaudited) |
(Note) |
Assets |
|
|
Current assets: |
|
|
Cash and cash
equivalents |
$29,721 |
$26,935 |
Accounts receivable,
net |
121,807 |
107,887 |
Amounts receivable from
vendors |
61,845 |
63,110 |
Inventory |
2,023,488 |
1,913,218 |
Deferred income
taxes |
33,877 |
85,934 |
Other current assets |
30,514 |
29,635 |
Total current assets |
2,301,252 |
2,226,719 |
|
|
|
Property and equipment, at cost |
2,705,434 |
2,353,240 |
Less: accumulated depreciation and
amortization |
775,339 |
626,861 |
Net property and
equipment |
1,930,095 |
1,726,379 |
|
|
|
Notes receivable, less current portion |
18,047 |
12,481 |
Goodwill |
743,975 |
744,313 |
Other assets, net |
54,458 |
71,579 |
Total assets |
$5,047,827 |
$4,781,471 |
Liabilities and shareholders'
equity |
|
|
Current liabilities: |
|
|
Accounts payable |
$895,736 |
$818,153 |
Self-insurance
reserves |
51,192 |
55,348 |
Accrued payroll |
52,725 |
42,790 |
Accrued benefits and
withholdings |
45,542 |
44,295 |
Income taxes payable |
4,827 |
8,068 |
Other current
liabilities |
177,505 |
143,781 |
Current portion of
long-term debt |
1,431 |
106,708 |
Total current
liabilities |
1,228,958 |
1,219,143 |
|
|
|
Long-term debt, less current portion |
357,273 |
684,040 |
Deferred income taxes |
68,736 |
18,321 |
Other liabilities |
183,175 |
174,102 |
Shareholders' equity: |
|
|
Common stock, $0.01 par
value: |
|
|
Authorized shares –
245,000,000 |
|
|
Issued and outstanding
shares – 141,025,544 at December 31, 2010, and |
|
|
137,468,063 at December
31, 2009 |
1,410 |
1,375 |
Additional paid-in
capital |
1,141,749 |
1,042,329 |
Retained earnings |
2,069,496 |
1,650,123 |
Accumulated other
comprehensive loss |
(2,970) |
(7,962) |
Total shareholders' equity |
3,209,685 |
2,685,865 |
Total liabilities and shareholders'
equity |
$5,047,827 |
$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 |
(In thousands, except per share
data) |
|
|
|
|
Three Months
Ended |
Year
Ended |
|
December
31, |
December
31, |
|
2010 |
2009 |
2010 |
2009 |
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Note) |
|
|
|
|
|
Sales |
$1,310,330 |
$1,173,697 |
$5,397,525 |
$4,847,062 |
Cost of goods sold, including warehouse and
distribution expenses |
673,733 |
604,163 |
2,776,533 |
2,520,534 |
Gross profit |
636,597 |
569,534 |
2,620,992 |
2,326,528 |
|
|
|
|
|
Selling, general and administrative
expenses |
472,461 |
444,122 |
1,887,316 |
1,788,909 |
Legacy CSK DOJ investigation charge |
-- |
-- |
20,900 |
-- |
Operating income |
164,136 |
125,412 |
712,776 |
537,619 |
|
|
|
|
|
Other income (expense): |
|
|
|
|
Interest expense |
(7,492) |
(11,069) |
(39,273) |
(45,176) |
Interest income |
532 |
416 |
1,941 |
1,543 |
Gain on settlement of
note receivable |
11,639 |
-- |
11,639 |
-- |
Other, net |
445 |
1,214 |
2,290 |
2,912 |
Total other income
(expense) |
5,124 |
(9,439) |
(23,403) |
(40,721) |
Income before income taxes |
169,260 |
115,973 |
689,373 |
496,898 |
|
|
|
|
|
Provision for income taxes |
63,500 |
44,050 |
270,000 |
189,400 |
Net income |
$105,760 |
$71,923 |
$419,373 |
$307,498 |
|
|
|
|
|
Basic earnings per share: |
|
|
|
|
Earnings per share |
$0.76 |
$0.52 |
$3.02 |
$2.26 |
Weighted-average common shares outstanding –
basic |
139,850 |
137,302 |
138,654 |
136,230 |
|
|
|
|
|
Earnings per share-assuming dilution: |
|
|
|
|
Earnings per share |
$0.74 |
$0.52 |
$2.95 |
$2.23 |
Weighted-average common shares outstanding –
assuming dilution |
143,203 |
139,049 |
141,992 |
137,882 |
|
|
|
|
|
Note: The income statement
for the year ended December 31, 2009, has been derived from the
audited consolidated financial statements but does not include all
of the information and footnotes required by accounting principles
generally accepted in the United States for complete financial
statements. |
O'REILLY AUTOMOTIVE,
INC. AND SUBSIDIARIES |
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS |
(In thousands) |
|
|
|
|
Year Ended
December 31, |
|
2010 |
2009 |
|
(Unaudited) |
(Note) |
Operating activities: |
|
|
Net income |
$419,373 |
$307,498 |
Adjustments to reconcile net income to net
cash provided by operating activities: |
|
|
Depreciation and
amortization on property and equipment |
159,730 |
142,912 |
Amortization of
intangibles |
1,712 |
5,267 |
Amortization of premium
on exchangeable notes |
(707) |
(750) |
Amortization of debt
issuance costs |
8,559 |
8,508 |
Excess tax benefit of
stock options exercised |
(18,587) |
(10,215) |
Deferred income
taxes |
99,257 |
50,381 |
Gain on settlement of
note receivable |
(11,639) |
-- |
Stock option compensation
programs |
14,947 |
13,451 |
Other share based
compensation programs |
2,026 |
7,962 |
Other |
6,893 |
8,739 |
Changes in operating
assets and liabilities: |
|
|
Accounts receivable |
(21,748) |
(9,714) |
Inventory |
(110,271) |
(339,742) |
Accounts payable |
82,574 |
79,824 |
Income taxes payable |
15,346 |
6,505 |
Other |
56,222 |
14,574 |
Net cash
provided by operating activities |
703,687 |
285,200 |
|
|
|
Investing activities: |
|
|
Purchases of property and equipment |
(365,419) |
(414,779) |
Proceeds from sale of property and
equipment |
2,124 |
4,288 |
Payments received on notes receivable |
17,364 |
5,819 |
Other |
(5,346) |
(5,989) |
Net cash used in
investing activities |
(351,277) |
(410,661) |
|
|
|
Financing activities: |
|
|
Proceeds from borrowings on asset-based
revolving credit facility |
548,700 |
664,550 |
Payments on asset-based revolving credit
facility |
(871,500) |
(599,950) |
Principal payments on debt and capital
leases |
(108,527) |
(13,648) |
Excess tax benefit of stock options
exercised |
18,587 |
10,215 |
Net proceeds from issuance of common
stock |
63,116 |
59,508 |
Other |
-- |
420 |
Net cash (used in)/provided by
financing activities |
(349,624) |
121,095 |
|
|
|
Net increase/(decrease) in cash and cash
equivalents |
2,786 |
(4,366) |
Cash and cash equivalents at beginning of
year |
26,935 |
31,301 |
Cash and cash equivalents at end of year |
$29,721 |
$26,935 |
|
|
|
Supplemental disclosures of cash flow
information: |
|
|
Income taxes paid |
$154,146 |
$130,720 |
Interest paid, net of capitalized
interest |
31,211 |
36,881 |
Property and equipment acquired through
issuance of capital lease obligations |
-- |
8,337 |
|
|
|
Note: The cash flow
statement for the year ended 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 |
SELECTED FINANCIAL
INFORMATION |
(Unaudited) |
|
|
|
|
For the Year
Ended |
(In thousands, except adjusted debt to
adjusted EBITDAR ratio) |
December
31, |
|
2010 |
2009 |
Debt |
$358,704 |
$790,748 |
Add: Letters of credit |
71,206 |
72,381 |
Rent X 6 |
1,361,274 |
1,374,804 |
Less: Premium on exchangeable notes |
-- |
718 |
Adjusted debt |
$1,791,184 |
$2,237,215 |
|
|
|
Adjusted net income (1) |
$433,058 |
$307,498 |
Add: Interest expense |
39,273 |
45,176 |
Taxes (2) |
265,576 |
189,400 |
Adjusted EBIT |
737,907 |
542,074 |
|
|
|
Add: Depreciation and amortization |
161,442 |
148,179 |
Rent expense |
226,879 |
229,134 |
Stock option compensation
expense |
14,947 |
13,451 |
Adjusted EBITDAR |
$1,141,175 |
$932,838 |
|
|
|
Adjusted debt to adjusted EBITDAR |
1.6 |
2.4 |
|
December
31, |
|
2010 |
2009 |
Selected Balance Sheet
Ratios: |
|
|
Inventory turnover (3) |
1.4 |
1.4 |
Inventory turnover, net of payables (4) |
2.5 |
2.6 |
Average inventory per store (in thousands)
(5) |
$567 |
$559 |
AP to inventory (6) |
44.3% |
42.8% |
Debt-to-capital (7) |
10.1% |
22.7% |
Return on equity (8) |
14.4% |
12.1% |
Return on assets (9) |
8.7% |
6.7% |
|
Three Months
Ended |
Year
Ended |
|
December
31, |
December
31, |
|
2010 |
2009 |
2010 |
2009 |
Selected Financial Information
(in thousands): |
|
|
|
|
Capital expenditures |
$88,956 |
$97,584 |
$365,419 |
$414,779 |
Free cash flow (10) |
$22,168 |
$(101,364) |
$338,268 |
$(129,579) |
Depreciation and amortization |
$40,711 |
$37,054 |
$161,442 |
$148,179 |
Interest expense |
$7,492 |
$11,069 |
$39,273 |
$45,176 |
Lease and rental expense |
$56,967 |
$57,642 |
$226,879 |
$229,134 |
|
Three Months
Ended |
Year
Ended |
|
December
31, |
December
31, |
|
2010 |
2009 |
2010 |
2009 |
Store
Information: |
|
|
|
|
Sales per weighted-average square foot
(11) |
$51.44 |
$48.10 |
$215.58 |
$201.51 |
Square footage (in thousands) |
|
|
25,315 |
24,200 |
Sales per weighted-average store (in
thousands) (12) |
$365 |
$340 |
$1,527 |
$1,424 |
Total employment |
|
|
46,858 |
44,880 |
|
Store Count by
Brand |
|
O'Reilly |
Checker |
Schuck's |
Kragen |
Total |
December 31, 2009 |
2,533 |
321 |
75 |
492 |
3,421 |
New |
156 |
-- |
-- |
-- |
156 |
Converted |
884 |
(321) |
(75) |
(488) |
-- |
Closed |
(3) |
-- |
-- |
(4) |
(7) |
December 31, 2010 |
3,570 |
-- |
-- |
-- |
3,570 |
|
|
|
|
|
|
(1)Excludes the charge related to the CSK DOJ
investigation and the nonrecurring, non-operating gain related to
the settlement of the CSK note receivable, net of tax, for the year
ended December 31, 2010. |
(2) Excludes the tax impact of the
nonrecurring, non-operating gain related to the settlement of the
CSK note receivable. |
(3) 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. |
(4) 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. |
(5) Calculated as total inventory divided by
store count at end of the reported period. |
(6) Calculated as accounts payable divided by
inventory. |
(7) Calculated as 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. |
(8) Calculated as the last 12 months net
income, before the impact of the charge related to the legacy CSK
DOJ investigation and the gain on the settlement of the CSK note
receivable, net of tax, divided by average shareholders'
equity. Due to the nature of the CSK related charge and gain,
the adjustments are 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. |
(9) Calculated as the last 12 months net
income, before the impact of the charge related to the legacy CSK
DOJ investigation and the gain on the settlement of the CSK note
receivable, net of tax, divided by average total assets. Due
to the nature of the CSK related charge and gain, the adjustments
are made to provide comparable results. Average total assets
are calculated as the average total assets for the trailing four
quarters used in determining the denominator. |
(10) Calculated as net cash flows provided
by/used in operating activities less capital expenditures for the
period. |
(11) Calculated as total sales less jobber
sales, divided by weighted-average square
feet. Weighted-average sales per square foot are weighted to
consider the approximate dates of store openings or
expansions. |
(12) Calculated as total sales less jobber
sales, divided by weighted-average stores. Weighted-average
sales per store are 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) |
|
|
|
|
|
|
Three Months
Ended |
Twelve Months
Ended |
(In thousands, except per share and operating
margin data) |
December
31, |
December
31, |
|
2010 |
2009 |
2010 |
2009 |
GAAP operating income |
$164,136 |
$125,412 |
$712,776 |
$537,619 |
Legacy CSK DOJ
investigation charge |
-- |
-- |
20,900 |
-- |
Non-GAAP adjusted operating income |
$164,136 |
$125,412 |
$733,676 |
$537,619 |
|
|
|
|
|
GAAP operating margin |
12.5% |
10.7% |
13.2% |
11.1% |
Legacy CSK DOJ
investigation charge |
-- |
-- |
0.4% |
-- |
Non-GAAP adjusted operating margin |
12.5% |
10.7% |
13.6% |
11.1% |
|
|
|
|
|
GAAP net income |
$105,760 |
$71,923 |
$419,373 |
$307,498 |
Legacy CSK DOJ
investigation charge |
-- |
-- |
20,900 |
-- |
Gain on settlement of
note receivable, net of tax |
(7,215) |
-- |
(7,215) |
-- |
Non-GAAP adjusted net income |
$98,545 |
$71,923 |
$433,058 |
$307,498 |
|
|
|
|
|
GAAP diluted earnings per share |
$0.74 |
$0.52 |
$2.95 |
$2.23 |
Legacy CSK DOJ
investigation charge |
-- |
-- |
0.15 |
-- |
Gain on settlement of
note receivable, net of tax |
(0.05) |
-- |
(0.05) |
-- |
Non-GAAP adjusted diluted earnings per
share |
$0.69 |
$0.52 |
$3.05 |
$2.23 |
|
|
|
|
|
Weighted-average common shares outstanding –
assuming |
|
|
|
|
dilution |
143,203 |
139,049 |
141,992 |
137,882 |
|
Twelve Months
Ended |
(In thousands, except adjusted debt to
EBITDAR ratio) |
December
31, |
|
2010 |
2009 |
GAAP debt |
$358,704 |
$790,748 |
Add: Letters of credit |
71,206 |
72,381 |
Rent X 6 |
1,361,274 |
1,374,804 |
Less: Premium on exchangeable notes |
-- |
718 |
Non-GAAP adjusted debt |
$1,791,184 |
$2,237,215 |
|
|
|
GAAP net income |
$419,373 |
$307,498 |
Legacy CSK DOJ
investigation charge |
20,900 |
-- |
Gain on settlement of
note receivable, net of tax |
(7,215) |
-- |
Non-GAAP adjusted net income |
433,058 |
307,498 |
Add: Interest expense |
39,273 |
45,176 |
Taxes, net of impact of
gain on settlement of note receivable |
265,576 |
189,400 |
Adjusted EBIT |
737,907 |
542,074 |
|
|
|
Add: Depreciation and amortization |
161,442 |
148,179 |
Rent expense |
226,879 |
229,134 |
Stock option compensation
expense |
14,947 |
13,451 |
Adjusted EBITDAR |
$1,141,175 |
$932,838 |
|
|
|
Adjusted debt to adjusted EBITDAR |
1.6 |
2.4 |
CONTACT: Investor & Media Contacts
Mark Merz (417) 829-5878
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