- 20% increase in second quarter diluted earnings per
share to $1.15
- Second quarter comparable store sales increase of
2.5%
- Operating margin for the second quarter increases 56
bps to 15.6%
O'Reilly Automotive, Inc. (the "Company" or "O'Reilly")
(Nasdaq:ORLY), a leading retailer in the automotive aftermarket
industry, today announced record revenues and earnings for its
second quarter ended June 30, 2012.
2nd Quarter Financial Results
Sales for the second quarter ended June 30, 2012, increased $84
million, or 6%, to $1.56 billion from $1.48 billion for the same
period one year ago. Gross profit for the second quarter increased
to $780 million (or 49.9% of sales) from $719 million (or 48.6% of
sales) for the same period one year ago, representing an increase
of 9%. Selling, general and administrative expenses ("SG&A")
for the second quarter, increased to $536 million (or 34.3% of
sales) from $496 million (or 33.5% of sales) for the same period
one year ago, representing an increase of 8%. Operating income for
the second quarter, increased to $244 million (or 15.6% of sales)
from $222 million (or 15.0% of sales) for the same period one year
ago, representing an increase of 10%.
Net income for the second quarter ended June 30, 2012, increased
$12 million, or 9%, to $146 million (or 9.3% of sales) from $134
million (or 9.0% of sales) for the same period one year
ago. Diluted earnings per common share for the second quarter
increased 20% to $1.15 on 127 million shares versus $0.96 for the
same period one year ago on 140 million shares.
"We are pleased to report solid second quarter results,
highlighted by a 20% increase in diluted earnings per share, which
was driven by a 56 basis point increase in operating margin,"
stated Greg Henslee, O'Reilly's CEO and Co-President. "Despite
the challenging environment during the quarter, our continued
commitment to providing industry-leading customer service allowed
us to profitably grow sales with a comparable store sales increase
of 2.5%, while also increasing our gross profit by 132 basis
points. I would like to thank our over 52,000 Team Members for
their continued dedication and hard work - your commitment to
providing the highest level of customer service in the industry
remains the key to our current and long-term success."
Year-to-Date Financial Results
Sales for the first six months of 2012 increased $230 million,
or 8%, to $3.09 billion from $2.86 billion for the same period one
year ago. Gross profit for the first six months of 2012
increased to $1.54 billion (or 49.9% of sales) from $1.39 billion
(or 48.5% of sales) for the same period one year ago, representing
an increase of 11%. SG&A for the first six months of 2012
increased to $1.05 billion (or 34.0% of sales) from $970 million
(or 33.9% of sales) for the same period one year ago, representing
an increase of 8%. Operating income for the first six months
of 2012 increased to $491 million (or 15.9% of sales) from $419
million (or 14.6% of sales) for the same period one year ago,
representing an increase of 17%.
Net income for the first six months of 2012 increased $57
million, or 24%, to $294 million (or 9.5% of sales) from $236
million (or 8.3% of sales) for the same period one year
ago. Diluted earnings per common share for the first six
months of 2012 increased 37% to $2.29 on 128 million shares versus
$1.67 for the same period one year ago on 141 million shares.
As previously announced, the Company's results for the first six
months of 2011 included one-time charges associated with the
financing transactions the Company completed in January of
2011. The one-time charges included 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 $22 million ($13 million,
net of tax) and a charge related to the termination of the
Company's interest rate swap agreements in the amount of $4 million
($3 million, net of tax). The charges related to the Company's
financing transactions were included in "Other income (expense)" on
the Company's Condensed Consolidated Statements of Income for the
six months ended June 30, 2011. The results discussed in the
paragraph below are adjusted for these nonrecurring items for the
six months ended June 30, 2012 and 2011, and are reconciled in the
table accompanying this release.
Adjusted net income for the first six months of 2012 increased
$41 million, or 16%, to $294 million (or 9.5% of sales) from $252
million (or 8.8% of sales) for the same period one year
ago. Adjusted diluted earnings per common share for the first
six months of 2012 increased 29% to $2.29 from $1.78 for the same
period one year ago.
Mr. Henslee commented, "We continue to make significant progress
on our initiative to operate the business with less working capital
– highlighting our progress is an increase in year-to-date free
cash flow of 31% to $540 million, and we have used this free cash
to directly return value to our shareholders through our share
repurchase program. We have repurchased $861 million of our
stock this year and, since the inception of the program last year,
we have repurchased over $1.8 billion of our stock."
Mr. Henslee continued, "We believe the key drivers for demand in
our industry remain intact, however, more importantly, we remain
dedicated to executing our proven dual market strategy and
providing the highest level of customer service in the
industry. Our unwavering commitment to both our do-it-yourself
and professional service provider customers, supported by our
robust distribution infrastructure, unsurpassed parts availability
and highly trained and knowledgeable parts professionals, is the
key to our continued future, profitable growth."
O'Reilly's COO and Co-President, Ted Wise, commented, "We
currently operate 3,859 stores, after opening 50 new stores during
the quarter, keeping us on track to open 180 net, new stores during
2012. July marks the fourth anniversary of our acquisition of
CSK Auto Inc. and we continue to build strong relationships with
our professional service provider customers, as well as increase
O'Reilly brand recognition, in these acquired markets. We
remain focused on growing our retail market share and thus far this
year, we have relocated 17 stores and renovated 34 stores to
improve both our retail image and ensure the best customer
experience possible. Our continued growth and success is the
direct result of our Team Members' commitment to providing
excellent customer service every day and I want to thank each of
you for your dedication and hard work."
Share Repurchase Program
As previously announced, on June 1, 2012, the Company's Board of
Directors approved a resolution to increase the authorization under
the Company's share repurchase program by an additional $500
million, raising the cumulative authorization under the share
repurchase program to $2 billion. During the second quarter
ended June 30, 2012, the Company repurchased 4.5 million shares of
its common stock at an average price per share of $97.47 for a
total investment of $440 million. During the six months ended
June 30, 2012, the Company repurchased 6.3 million shares of its
common stock at an average price per share of $94.52 for a total
investment of $594 million. Subsequent to the end of the
second quarter and through the date of this release, the Company
repurchased an additional 3.1 million shares of its common stock at
an average price per share of $85.48 for a total investment of $267
million. The Company has repurchased a total of 25.3 million
shares of its common stock under its share repurchase program since
the inception of the program in January of 2011 through the date of
this release, at an average price of $72.67, for a total investment
of $1.84 billion. As of the date of this release, the Company
had approximately $163 million remaining under its share repurchase
program.
2nd Quarter and Year-to-Date 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 and sales to
team members. Comparable store sales increased 2.5% for the
second quarter ended June 30, 2012, versus 4.4% for the same period
one year ago. Comparable store sales increased 4.9% for the
first six months of 2012, versus 5.0% for the same period one year
ago.
3rd Quarter and Updated Full-Year 2012
Guidance
The table below outlines the Company's guidance for selected
third quarter and updated full-year 2012 financial data:
|
|
|
|
|
Three Months Ending |
|
Year Ending |
|
September 30,
2012 |
|
December 31,
2012 |
Comparable store sales |
1% to 3% |
|
3% to 5% |
Total revenue |
|
|
$6.15 billion to $6.25 billion |
Gross profit margin |
|
|
49.4% to 49.8% |
Operating margin |
|
|
15.4% to 15.9% |
Diluted earnings per share (1) |
$1.25 to $1.29 |
|
$4.56 to $4.66 |
Capital expenditures |
|
|
$315 million to $345 million |
Free cash flow (2) |
|
|
$725 million to $775 million |
(1) Weighted-average shares
outstanding, assuming dilution, used in the denominator of this
calculation, includes share repurchases made by the Company through
the date of this release. |
(2) Calculated as net cash flows
provided by 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 net income,
adjusted diluted earnings per common share, free cash flow, and
rent-adjusted debt to adjusted earnings before interest, taxes,
depreciation, amortization, share-based compensation and rent
("EBITDAR"). The Company does not, 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 former
CSK Auto Corporation ("CSK") officer clawback, the non-cash charge
to write off the balance of debt issuance costs, the charge related
to the termination of interest rate swap agreements, the
nonrecurring, non-operating gain related to the settlement of a
note receivable acquired in the acquisition of CSK, the charges
related to the legacy CSK DOJ investigation, as well as the
presentation of adjusted debt to adjusted 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 measure
in the tables accompanying this release.
Earnings Conference Call Information
The Company will host a conference call on Thursday, July 26,
2012, 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 website at www.oreillyauto.com by
clicking on "Investor Relations" and then "News
Room". Interested analysts are invited to join the
call. The dial-in number for the call is (706) 679-5789; the
conference call identification number is 93846243. A replay of
the call will 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 service provider
markets. Founded in 1957 by the O'Reilly family, the Company
operated 3,859 stores in 39 states as of June 30, 2012.
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, 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 regulations, the Company's increased debt levels,
credit ratings on the Company's public debt, the Company's ability
to hire and retain qualified employees, risks associated with the
performance of acquired businesses such as CSK, 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, 2011, for additional factors that could
materially affect the Company's financial performance. The
Company undertakes no obligation to publicly update any
forward-looking statements, whether as a result of new information,
future events or otherwise.
O'REILLY AUTOMOTIVE,
INC. AND SUBSIDIARIES |
CONDENSED CONSOLIDATED BALANCE
SHEETS |
(In thousands, except share
data) |
|
|
|
|
|
|
|
|
|
June 30, 2012 |
June 30, 2011 |
December 31, 2011 |
|
(Unaudited) |
(Unaudited) |
(Note) |
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash
equivalents |
$ 367,717 |
$ 268,792 |
$ 361,552 |
Accounts receivable, net |
151,936 |
136,184 |
135,149 |
Amounts receivable from
vendors |
61,709 |
67,807 |
68,604 |
Inventory |
2,145,339 |
2,035,282 |
1,985,748 |
Deferred income taxes |
-- |
16,238 |
-- |
Other current assets |
37,291 |
29,881 |
56,557 |
Total current assets |
2,763,992 |
2,554,184 |
2,607,610 |
|
|
|
|
Property and equipment, at cost |
3,166,389 |
2,860,595 |
3,026,996 |
Less: accumulated depreciation and
amortization |
1,013,604 |
852,001 |
933,229 |
Net property and equipment |
2,152,785 |
2,008,594 |
2,093,767 |
|
|
|
|
Notes receivable, less current portion |
7,404 |
13,292 |
10,889 |
Goodwill |
744,131 |
744,028 |
743,907 |
Other assets, net |
41,780 |
45,804 |
44,328 |
Total assets |
$ 5,710,092 |
$ 5,365,902 |
$ 5,500,501 |
|
|
|
|
Liabilities and shareholders'
equity |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
1,699,817 |
1,115,252 |
1,279,294 |
Self-insurance reserves |
55,895 |
52,367 |
53,155 |
Accrued payroll |
56,191 |
47,893 |
52,465 |
Accrued benefits and
withholdings |
41,332 |
35,720 |
41,512 |
Deferred income taxes |
1,516 |
-- |
1,990 |
Income taxes payable |
-- |
25,432 |
-- |
Other current liabilities |
157,625 |
180,574 |
150,932 |
Current portion of long-term
debt |
522 |
1,005 |
662 |
Total current liabilities |
2,012,898 |
1,458,243 |
1,580,010 |
|
|
|
|
Long-term debt, less current portion |
796,884 |
497,547 |
796,912 |
Deferred income taxes |
93,713 |
73,701 |
88,864 |
Other liabilities |
193,945 |
183,026 |
189,864 |
|
|
|
|
Shareholders' equity: |
|
|
|
Common stock, $0.01 par
value: |
|
|
|
Authorized shares –
245,000,000 |
|
|
|
Issued and outstanding shares
– |
|
|
|
122,014,308 as of June 30,
2012; |
|
|
|
135,955,214 as of June 30,
2011; and |
|
|
|
127,179,792 as of December 31,
2011 |
1,220 |
1,360 |
1,272 |
Additional paid-in capital |
1,122,014 |
1,135,735 |
1,110,105 |
Retained earnings |
1,489,418 |
2,016,290 |
1,733,474 |
Total shareholders' equity |
2,612,652 |
3,153,385 |
2,844,851 |
|
|
|
|
Total liabilities and shareholders'
equity |
5,710,092 |
5,365,902 |
5,500,501 |
|
|
|
|
Note: The balance sheet at
December 31, 2011, 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 Sates for complete
financials. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
O'REILLY AUTOMOTIVE,
INC. AND SUBSIDIARIES |
CONDENSED CONSOLIDATED
STATEMENTS OF INCOME |
(Unaudited) |
(In thousands, except per
share data) |
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended |
For the Six Months
Ended |
|
June
30, |
June
30, |
|
2012 |
2011 |
2012 |
2011 |
Sales |
$ 1,562,849 |
$ 1,479,318 |
$ 3,092,241 |
$ 2,862,056 |
Cost of goods sold, including warehouse and
distribution expenses |
782,988 |
760,657 |
1,550,700 |
1,473,614 |
Gross profit |
779,861 |
718,661 |
1,541,541 |
1,388,442 |
|
|
|
|
|
Selling, general and administrative
expenses |
536,258 |
496,293 |
1,050,437 |
969,637 |
Operating income |
243,603 |
222,368 |
491,104 |
418,805 |
|
|
|
|
|
Other income (expense): |
|
|
|
|
Interest expense |
(9,140) |
(6,257) |
(18,271) |
(11,494) |
Interest income |
658 |
562 |
1,285 |
1,104 |
Write-off of asset-based
revolving credit facility debt issuance costs |
-- |
-- |
-- |
(21,626) |
Termination of interest rate
swap agreements |
-- |
-- |
-- |
(4,237) |
Other, net |
(51) |
309 |
744 |
604 |
Total other expense |
(8,533) |
(5,386) |
(16,242) |
(35,649) |
|
|
|
|
|
Income before income taxes |
235,070 |
216,982 |
474,862 |
383,156 |
|
|
|
|
|
Provision for income taxes |
88,950 |
83,210 |
181,250 |
146,910 |
Net income |
$ 146,120 |
$ 133,772 |
$ 293,612 |
$ 236,246 |
|
|
|
|
|
Earnings per share-basic: |
|
|
|
|
Earnings per share |
$ 1.17 |
$ 0.97 |
$ 2.33 |
$ 1.70 |
Weighted-average common shares outstanding –
basic |
124,870 |
137,399 |
125,920 |
138,982 |
|
|
|
|
|
Earnings per share-assuming dilution: |
|
|
|
|
Earnings per share |
$ 1.15 |
$ 0.96 |
$ 2.29 |
$ 1.67 |
Weighted-average common shares outstanding –
assuming dilution |
127,188 |
139,716 |
128,261 |
141,289 |
|
|
|
|
|
|
|
|
|
O'REILLY AUTOMOTIVE,
INC. AND SUBSIDIARIES |
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS |
(Unaudited) |
(In thousands) |
|
|
|
|
|
|
|
For the Six Months
Ended |
|
June
30, |
|
2012 |
2011 |
|
|
(Note) |
Operating activities: |
|
|
Net income |
$ 293,612 |
$ 236,246 |
Adjustments to reconcile net income to net
cash |
|
|
provided by operating
activities: |
|
|
Depreciation and
amortization of property, equipment and intangibles |
88,230 |
80,114 |
Amortization of debt
discount and issuance costs |
837 |
692 |
Write-off of asset-based
revolving credit facility debt issuance costs |
-- |
21,626 |
Excess tax benefit from
stock options exercised |
(23,692) |
(7,381) |
Deferred income
taxes |
4,375 |
20,729 |
Share-based compensation
programs |
10,891 |
10,533 |
Other |
4,075 |
5,439 |
Changes in operating
assets and liabilities: |
|
|
Accounts receivable |
(20,802) |
(19,835) |
Inventory |
(159,591) |
(11,793) |
Accounts payable |
420,554 |
219,546 |
Income taxes payable |
47,159 |
27,987 |
Other |
25,810 |
(22,435) |
Net cash provided by
operating activities |
691,458 |
561,468 |
|
|
|
Investing activities: |
|
|
Purchases of property and equipment |
(151,327) |
(150,649) |
Proceeds from sale of property and
equipment |
2,071 |
621 |
Payments received on notes receivable |
2,100 |
3,022 |
Other |
-- |
226 |
Net cash used in
investing activities |
(147,156) |
(146,780) |
|
|
|
Financing activities: |
|
|
Proceeds from borrowings on asset-based
revolving credit facility |
-- |
42,400 |
Payments on asset-based revolving credit
facility |
-- |
(398,400) |
Proceeds from the issuance of long-term
debt |
-- |
496,485 |
Payment of debt issuance costs |
-- |
(7,385) |
Principal payments on debt and capital
leases |
(367) |
(794) |
Repurchases of common stock |
(594,450) |
(338,030) |
Excess tax benefit from stock options
exercised |
23,692 |
7,381 |
Net proceeds from issuance of common
stock |
32,988 |
22,726 |
Net cash used in
financing activities |
(538,137) |
(175,617) |
|
|
|
Net increase in cash and cash
equivalents |
6,165 |
239,071 |
Cash and cash equivalents at beginning of
period |
361,552 |
29,721 |
Cash and cash equivalents at end of
period |
$ 367,717 |
$ 268,792 |
|
|
|
Supplemental disclosures of cash flow
information: |
|
|
Income taxes paid |
125,575 |
92,781 |
Interest paid, net of capitalized
interest |
17,718 |
1,449 |
Note: Certain
prior period amounts have been reclassified to conform to current
period presentation. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
O'REILLY AUTOMOTIVE,
INC. AND SUBSIDIARIES |
SELECTED FINANCIAL
INFORMATION |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months
Ended |
|
|
|
|
|
June
30, |
|
|
|
|
(In thousands, except adjusted debt to
adjusted EBITDAR ratio) |
2012 |
2011 |
|
|
|
|
GAAP debt |
$ 797,406 |
$ 498,552 |
|
|
|
|
Add: Letters of credit |
57,773 |
74,321 |
|
|
|
|
Discount on senior notes |
3,483 |
3,353 |
|
|
|
|
Rent times six |
1,413,048 |
1,374,390 |
|
|
|
|
Non-GAAP adjusted debt |
$ 2,271,710 |
$ 1,950,616 |
|
|
|
|
|
|
|
|
|
|
|
GAAP net income |
$ 565,039 |
$ 458,548 |
|
|
|
|
Former CSK officer clawback,
net of tax |
(1,741) |
-- |
|
|
|
|
Write-off of asset-based
revolving credit facility debt issuance costs, net of tax |
-- |
13,335 |
|
|
|
|
Termination of interest rate
swap agreements, net of tax |
-- |
2,613 |
|
|
|
|
Gain on settlement of note
receivable, net of tax |
-- |
(7,215) |
|
|
|
|
Legacy CSK DOJ investigation
charge |
-- |
5,900 |
|
|
|
|
Non-GAAP adjusted net income |
563,298 |
473,181 |
|
|
|
|
Add: Interest expense |
34,942 |
28,742 |
|
|
|
|
Taxes, net of impact of former
CSK officer clawback, debt issuance costs write-off, swap
agreements termination and gain on settlement of note
receivable |
341,383 |
289,551 |
|
|
|
|
Adjusted EBIT |
939,623 |
791,474 |
|
|
|
|
|
|
|
|
|
|
|
Add: Depreciation and amortization |
173,996 |
161,619 |
|
|
|
|
Rent expense |
235,508 |
229,065 |
|
|
|
|
Share-based compensation expense |
20,937 |
19,068 |
|
|
|
|
Adjusted EBITDAR |
$ 1,370,064 |
$ 1,201,226 |
|
|
|
|
|
|
|
|
|
|
|
Adjusted debt to adjusted EBITDAR |
1.66 |
1.62 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June
30, |
|
|
|
|
|
2012 |
2011 |
|
|
|
|
Selected Balance Sheet
Ratios: |
|
|
|
|
|
|
Inventory turnover (1) |
1.5 |
1.4 |
|
|
|
|
Inventory turnover, net of payables (2) |
4.8 |
2.8 |
|
|
|
|
Average inventory per store (in thousands)
(3) |
$ 556 |
$ 557 |
|
|
|
|
Accounts payable to inventory (4) |
79.2% |
54.8% |
|
|
|
|
Debt-to-capital (5) |
23.4% |
13.7% |
|
|
|
|
Return on equity (6) |
20.2% |
15.0% |
|
|
|
|
Return on assets (7) |
10.1% |
9.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
Six Months
Ended |
|
|
|
June
30, |
June
30, |
|
|
|
2012 |
2011 |
2012 |
2011 |
|
|
Selected Financial Information (in
thousands): |
|
|
|
|
|
|
Capital expenditures |
$ 75,870 |
$ 56,245 |
$ 151,327 |
$ 150,649 |
|
|
Free cash flow (8) |
$ 201,060 |
$ 211,110 |
$ 540,131 |
$ 410,819 |
|
|
Depreciation and amortization |
$ 44,397 |
$ 41,323 |
$ 88,230 |
$ 80,114 |
|
|
Interest expense |
$ 9,140 |
$ 6,257 |
$ 18,271 |
$ 11,494 |
|
|
Lease and rental expense |
$ 60,065 |
$ 57,152 |
$ 118,924 |
$ 114,313 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Store and Team Member
Information: |
|
|
|
|
|
|
|
Three Months
Ended |
Six Months
Ended |
Twelve Months
Ended |
|
June
30, |
June
30, |
June
30, |
|
|
2012 |
2011 |
2012 |
2011 |
2012 |
2011 |
Beginning store count |
3,809 |
3,613 |
3,740 |
3,570 |
3,657 |
3,492 |
New stores opened |
50 |
44 |
123 |
99 |
207 |
182 |
Stores closed |
-- |
-- |
(4) |
(12) |
(5) |
(17) |
Ending store count |
3,859 |
3,657 |
3,859 |
3,657 |
3,859 |
3,657 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
Twelve Months
Ended |
|
|
|
June
30, |
June
30, |
|
|
|
2012 |
2011 |
2012 |
2011 |
|
|
Total employment |
52,254 |
49,229 |
52,254 |
49,229 |
|
|
Square footage (in thousands) |
27,421 |
25,950 |
27,421 |
25,950 |
|
|
Sales per weighted-average square foot
(9) |
$ 56.82 |
$ 56.82 |
$ 223.45 |
$ 218.86 |
|
|
Sales per weighted-average store (in
thousands) (10) |
$ 404 |
$ 403 |
$ 1,586 |
$ 1,551 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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) Calculated as
total inventory divided by store count at end of the reported
period. |
(4) Calculated as
accounts payable divided by inventory. |
(5) 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. |
(6) Calculated as
the last 12 months adjusted net income, adjusted to exclude the
impact of the previously disclosed benefit related to the former
CSK officer clawback in the amount of $3 million ($2 million, net
of tax), charges to write off the balance of debt issuance costs
related to the Company's previous credit facility in the amount of
$22 million ($13 million, net of tax), termination of the Company's
interest rate swap agreements in the amount of $4 million ($3
million, net of tax), nonrecurring, non-operating gain related to
the settlement of a CSK note receivable in the amount of $12
million ($7 million, net of tax) and charges related to the CSK DOJ
investigation in the amount of $6 million, divided by average
shareholders' equity. Average shareholders' equity is
calculated as the average of shareholders' equity for the trailing
four quarters used in determining the denominator. |
(7) Calculated as
the last 12 months adjusted net income, adjusted for the items
discussed in footnote (6), divided by average total
assets. Average total assets are calculated as the average
total assets for the trailing four quarters used in determining the
denominator. |
(8) Calculated as
net cash flows provided by operating activities less capital
expenditures for the period. |
(9) 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. |
(10) 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) |
|
|
|
|
|
|
|
Six
Months Ended June 30, |
(In thousands, except per share data) |
2012 |
2011 |
GAAP net income |
$ 293,612 |
$ 236,246 |
Write-off of asset-based revolving credit
facility debt issuance costs, net of tax |
-- |
13,335 |
Termination of interest rate
swap agreements, net of tax |
-- |
2,613 |
Non-GAAP adjusted net income |
$ 293,612 |
$ 252,194 |
|
|
|
GAAP diluted earnings per share |
$ 2.29 |
$ 1.67 |
Write-off of asset-based revolving credit
facility debt issuance costs, net of tax |
-- |
0.09 |
Termination of interest rate swap
agreements, net of tax |
-- |
0.02 |
Non-GAAP adjusted diluted earnings per
share |
$ 2.29 |
$ 1.78 |
|
|
|
Weighted-average common shares outstanding –
assuming dilution |
128,261 |
141,289 |
CONTACT: Investor & Media Contact
Mark Merz (417) 829-5878
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