- 25% increase in full year adjusted diluted earnings per
share to $4.75
- Full year record operating margin of
15.8%
- Fourth quarter comparable store sales increase of
4.2%
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
fourth quarter and full year ended December 31, 2012. The results
represent 20 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 Financial Results
Sales for the fourth quarter ended December 31, 2012, increased
$97 million, or 7%, to $1.49 billion from $1.39 billion for the
same period one year ago. Gross profit for the fourth quarter
increased to $750 million (or 50.4% of sales) from $695 million (or
49.9% of sales) for the same period one year ago, representing an
increase of 8%. Selling, general and administrative expenses
("SG&A") for the fourth quarter increased to $527 million (or
35.4% of sales) from $491 million (or 35.3% of sales) for the same
period one year ago, representing an increase of 8%. Operating
income for the fourth quarter increased to $223 million (or 15.0%
of sales) from $207 million (or 14.9% of sales) for the same period
one year ago, representing an increase of 8%.
Net income for the fourth quarter ended December 31, 2012,
increased $10 million, or 8%, to $133 million (or 8.9% of sales)
from $123 million (or 8.8% of sales) for the same period one year
ago. Diluted earnings per common share for the fourth quarter ended
December 31, 2012, increased 21% to $1.14 on 116 million shares
versus $0.94 for the same period one year ago on 130 million
shares.
As previously announced, the Company's results for the fourth
quarter ended December 31, 2011, included nonrecurring income
related to a settlement between the Securities and Exchange
Commission and a former CSK Auto Corporation ("CSK") officer that
resulted in the reimbursement to CSK of $3 million ($2 million, net
of tax) of incentive-based compensation and stock sale profits
previously received by the officer. This "clawback" amount
was included in "Operating income" on the Company's Condensed
Consolidated Statements of Income for the fourth quarter ended
December 31, 2011. The results discussed in the paragraph
below are adjusted for this nonrecurring item for the fourth
quarter ended December 31, 2011, and are reconciled in the table
accompanying this release.
Adjusted operating income for the fourth quarter ended December
31, 2012, increased to $223 million (or 15.0% of sales) from $204
million (or 14.7% of sales) for the same period one year ago,
representing an increase of 9%. Adjusted net income for the
fourth quarter ended December 31, 2012, increased $12 million, or
10%, to $133 million (or 8.9% of sales) from $121 million (or 8.7%
of sales) for the same period one year ago. Adjusted diluted
earnings per common share for the fourth quarter ended December 31,
2012, increased 23% to $1.14 on 116 million shares versus $0.93 for
the same period one year ago on 130 million shares.
Commenting on O'Reilly's quarterly results, Greg Henslee,
President and CEO stated, "We are pleased to report a strong fourth
quarter, highlighted by a comparable stores sales increase of 4.2%,
which exceeded our guidance range of 2% to 4%. We believe our
strong performance is the result of our teams continued efforts to
provide the highest levels of service in our industry. Over
time, these outstanding service levels, coupled with the strength
of our industry leading supply chain, build strong relationships
with our customers and allow us to incrementally gain market
share. Our focus remains on profitable growth, exemplified by
our record fourth quarter operating margin of 15.0%, which
represents our 14th consecutive quarter of record quarterly
operating margin results. I would like to take this
opportunity to congratulate Team O'Reilly on a strong fourth
quarter and to thank each of you for your hard work and continued
commitment to providing industry leading customer service."
Full-Year Financial Results
Sales for the year ended December 31, 2012, increased $393
million, or 7%, to $6.18 billion from $5.79 billion for the same
period one year ago. Gross profit for the year ended December
31, 2012, increased to $3.10 billion (or 50.1% of sales) from $2.84
billion (or 49.0% of sales) for the same period one year ago,
representing an increase of 9%. SG&A for the year ended
December 31, 2012, increased to $2.12 billion (or 34.3% of sales)
from $1.97 billion (or 34.1% of sales) for the same period one year
ago, representing an increase of 7%. Operating income for the
year ended December 31, 2012, increased to $977 million (or 15.8%
of sales) from $867 million (or 15.0% of sales) for the same period
one year ago, representing an increase of 13%.
Net income for the year ended December 31, 2012, increased $78
million, or 15%, to $586 million (or 9.5% of sales) from $508
million (or 8.8% of sales) for the same period one year
ago. Diluted earnings per common share for the year ended
December 31, 2012, increased 28% to $4.75 on 123 million shares
versus $3.71 for the same period one year ago on 137 million
shares.
As previously announced, the Company's results for the year
ended December 31, 2011, included one-time charges associated with
the financing transactions the Company completed in January of
2011, as well as nonrecurring income from the former CSK officer
clawback discussed above. The one-time charges associated with
the financing transactions 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
year ended December 31, 2011. The nonrecurring income from the
former CSK officer clawback, discussed above, was included in
"Operating income" on the Company's Condensed Consolidated
Statements of Income for the year ended December 31, 2011. The
results discussed in the paragraph below are adjusted for these
nonrecurring items for the year ended December 31, 2011, and are
reconciled in the table accompanying this release.
Adjusted operating income for the year ended December 31, 2012,
increased to $977 million (or 15.8% of sales) from $864 million (or
14.9% of sales) for the same period one year ago, representing an
increase of 13%. Adjusted net income for the year ended
December 31, 2012, increased $64 million, or 12%, to $586 million
(or 9.5% of sales) from $522 million (or 9.0% of sales) for the
same period one year ago. Adjusted diluted earnings per common
share for the year ended December 31, 2012, increased 25% to $4.75
on 123 million shares versus $3.81 for the same period one year ago
on 137 million shares.
Mr. Henslee commented on O'Reilly's 2012 full year results by
stating, "2012 was another very successful and profitable year for
O'Reilly. Our continued focus on managing our working capital,
coupled with our focus on profitable growth, resulted in $951
million of free cash flow for the year, representing a 20%
increase, on top of very strong 2011 free cash flow of $791
million. For the year, our dedication to excellent customer
service and relentless expense control generated a record operating
margin of 15.8%, surpassing the goal we established in 2008 of 15%
operating margin one full year earlier than we had originally
anticipated. As a result of our strong free cash flow and
prudent leverage growth, we were able to return $1.4 billion to our
shareholders during 2012 by repurchasing over 16 million
shares. These repurchased shares, along with our very
profitable growth, resulted in a 25% increase in adjusted earnings
per share to $4.75, representing four consecutive years of 20% or
greater earnings per share growth."
Mr. Henslee continued, "We are confident the fundamental drivers
for demand in our industry remain intact and based on this
continued demand, our guidance for 2013 comparable store sales is
an increase in the range of 3% to 5%. We face our most
difficult quarterly comparable store sales comparisons in 2013
during our first quarter, which was an increase of 7.4% in 2012 and
includes approximately 130 bps from the impact of Leap Day in 2012,
and as an additional headwind, Easter will fall in the first
quarter this year versus the second quarter in 2012. We have
seen continued solid performance through the first several weeks of
2013; however, the comparisons get progressively more difficult as
we move through the quarter. Therefore, with consideration to
the approximate 150 bp headwind we have due to the Leap Day and
Easter, we are guiding comparable stores sales in the range of flat
to positive 2% for the first quarter of 2013 with the remainder of
the year's comparable store sales expectations anticipated to be
much stronger, to arrive at our full-year guidance of 3% to
5%. During 2013, we will continue our unyielding focus on
profitable growth and on providing unsurpassed customer service and
we look forward to another profitable year. I would again like
to thank all of our hard working Team Members for their continued
commitment to our success, your efforts continue to drive our
strong performance."
Share Repurchase Program
As previously announced, on November 12, 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 $3.0 billion. During the
fourth quarter ended December 31, 2012, the Company repurchased 3.6
million shares of its common stock at an average price per share of
$87.71 for a total investment of $312 million. During the year
ended December 31, 2012, the Company repurchased 16.2 million
shares of its common stock at an average price per share of $89.20
for a total investment of $1.45 billion. Subsequent to the end
of the fourth quarter and through the date of this release, the
Company repurchased an additional 1.9 million shares of its common
stock at an average price per share of $89.84 for a total
investment of $170 million. The Company has repurchased a
total of 34.0 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
$76.28, for a total aggregate investment of $2.6 billion. As
of the date of this release, the Company had approximately $409
million remaining under its share repurchase program.
4th Quarter and Full-Year 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 4.2% for the
fourth quarter ended December 31, 2012, versus 3.3% for the same
period one year ago. Comparable store sales increased 3.8% for
the year ended December 31, 2012, versus 4.6% for the same period
one year ago.
1st Quarter and Full-Year 2013
Guidance
The table below outlines the Company's guidance for selected
first quarter and full-year 2013 financial data:
| |
For the Three Months
Ending |
For the Year
Ending |
| |
March 31, 2013 |
December 31,
2013 |
| New store openings |
|
190 |
| Comparable store sales |
0% to 2% |
3% to 5% |
| Total revenue |
|
$6.6 billion to $6.7 billion |
| Gross profit margin |
|
49.9% to 50.3% |
| Operating margin |
|
15.8% to 16.2% |
| Diluted earnings per share (1) |
$1.30 to $1.34 |
$5.57 to $5.67 |
| Capital expenditures |
|
$385 million to $415 million |
| Free cash flow (2) |
|
$450 million to $500 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
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 operating
income, 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 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, 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, February 7,
2013, 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 84591707. 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 4,000 stores in 42 states as of January 19, 2013.
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, our increased debt levels, credit ratings
on our public debt, our ability to hire and retain qualified
employees, risks associated with the performance of acquired
businesses, 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 our financial
performance. Forward-looking statements speak only as of the
date they were made and we undertake no obligation to publicly
update any forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by
applicable law.
| |
| O'REILLY AUTOMOTIVE,
INC. AND SUBSIDIARIES |
| CONDENSED CONSOLIDATED BALANCE
SHEETS |
| (In thousands, except share
data) |
| |
|
|
| |
|
|
| |
December 31,
2012 |
December 31, 2011 |
| |
(Unaudited) |
(Note) |
| Assets |
|
|
| Current assets: |
|
|
| Cash and cash equivalents |
$ 248,128 |
$ 361,552 |
| Accounts receivable, net |
122,989 |
135,149 |
| Amounts receivable from vendors |
58,185 |
68,604 |
| Inventory |
2,276,331 |
1,985,748 |
| Other current assets |
27,315 |
56,557 |
| Total current assets |
2,732,948 |
2,607,610 |
| |
|
|
| Property and equipment, at cost |
3,269,570 |
3,026,996 |
| Less: accumulated depreciation and
amortization |
1,057,980 |
933,229 |
| Net property and equipment |
2,211,590 |
2,093,767 |
| |
|
|
| Notes receivable, less current portion |
5,347 |
10,889 |
| Goodwill |
758,410 |
743,907 |
| Other assets, net |
40,892 |
44,328 |
| Total assets |
$ 5,749,187 |
$ 5,500,501 |
| |
|
|
| Liabilities and shareholders'
equity |
|
|
| Current liabilities: |
|
|
| Accounts payable |
$ 1,929,112 |
$ 1,279,294 |
| Self-insurance reserves |
54,190 |
53,155 |
| Accrued payroll |
60,120 |
52,465 |
| Accrued benefits and withholdings |
42,417 |
41,512 |
| Deferred income taxes |
19,472 |
1,990 |
| Income taxes payable |
5,932 |
-- |
| Other current liabilities |
161,400 |
150,932 |
| Current portion of long-term debt |
222 |
662 |
| Total current liabilities |
2,272,865 |
1,580,010 |
| |
|
|
| Long-term debt, less current portion |
1,095,734 |
796,912 |
| Deferred income taxes |
79,544 |
88,864 |
| Other liabilities |
192,737 |
189,864 |
| |
|
|
| Shareholders' equity: |
|
|
| Common stock, $0.01 par value: |
|
|
| Authorized shares – 245,000,000 |
|
|
| Issued and outstanding shares
– |
|
|
| 112,963,413 as of December 31, 2012,
and |
|
|
| 127,179,792 as of December 31, 2011 |
1,130 |
1,272 |
| Additional paid-in capital |
1,083,910 |
1,110,105 |
| Retained earnings |
1,023,267 |
1,733,474 |
| Total shareholders' equity |
2,108,307 |
2,844,851 |
| |
|
|
| Total liabilities and shareholders'
equity |
$ 5,749,187 |
$ 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 States for complete financial
statements. |
| |
| O'REILLY AUTOMOTIVE,
INC. AND SUBSIDIARIES |
| CONDENSED CONSOLIDATED
STATEMENTS OF INCOME |
| (In thousands, except per
share data) |
| |
|
|
|
|
| |
|
|
|
|
| |
For the Three Months
Ended |
For the Year
Ended |
| |
December
31, |
December
31, |
| |
2012 |
2011 |
2012 |
2011 |
| |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Note) |
| Sales |
$ 1,488,385 |
$ 1,391,307 |
$ 6,182,184 |
$ 5,788,816 |
| Cost of goods sold, including warehouse and
distribution expenses |
738,001 |
696,610 |
3,084,766 |
2,951,467 |
| Gross profit |
750,384 |
694,697 |
3,097,418 |
2,837,349 |
| |
|
|
|
|
| Selling, general and administrative
expenses |
527,413 |
490,584 |
2,120,025 |
1,973,381 |
| Former CSK officer clawback |
-- |
(2,798) |
-- |
(2,798) |
| Operating income |
222,971 |
206,911 |
977,393 |
866,766 |
| |
|
|
|
|
| Other income (expense): |
|
|
|
|
| Interest expense |
(11,478) |
(9,459) |
(40,200) |
(28,165) |
| Interest income |
591 |
625 |
2,441 |
2,245 |
| Write-off of asset-based revolving credit
facility debt issuance costs |
-- |
-- |
-- |
(21,626) |
| Termination of interest rate swap
agreements |
-- |
-- |
-- |
(4,237) |
| Other, net |
593 |
(489) |
1,887 |
790 |
| Total other expense |
(10,294) |
(9,323) |
(35,872) |
(50,993) |
| |
|
|
|
|
| Income before income taxes |
212,677 |
197,588 |
941,521 |
815,773 |
| |
|
|
|
|
| Provision for income taxes |
79,875 |
74,600 |
355,775 |
308,100 |
| Net income |
$ 132,802 |
$ 122,988 |
$ 585,746 |
$ 507,673 |
| |
|
|
|
|
| Earnings per share-basic: |
|
|
|
|
| Earnings per share |
$ 1.16 |
$ 0.96 |
$ 4.83 |
$ 3.77 |
| Weighted-average common shares outstanding –
basic |
114,439 |
128,087 |
121,182 |
134,667 |
| |
|
|
|
|
| Earnings per share-assuming dilution: |
|
|
|
|
| Earnings per share |
$ 1.14 |
$ 0.94 |
$ 4.75 |
$ 3.71 |
| Weighted-average common shares outstanding –
assuming dilution |
116,308 |
130,405 |
123,314 |
136,983 |
| |
|
|
|
|
| Note: The income statement
for the year ended 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 States for
complete financial statements. |
| |
| O'REILLY AUTOMOTIVE,
INC. AND SUBSIDIARIES |
| CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS |
| (In thousands) |
| |
|
|
| |
|
|
| |
For the Year
Ended December 31, |
| |
2012 |
2011 |
| |
(Unaudited) |
(Note) |
| Operating activities: |
|
|
| Net income |
$ 585,746 |
$ 507,673 |
| Adjustments to reconcile net income to net
cash provided by operating activities: |
|
|
| Depreciation and amortization of
property, equipment and intangibles |
177,106 |
165,880 |
| Amortization of debt premium, discount
and issuance costs |
1,788 |
1,797 |
| Write-off of asset-based revolving credit
facility debt issuance costs |
-- |
21,626 |
| Excess tax benefit from stock options
exercised |
(38,631) |
(22,985) |
| Deferred income taxes |
8,162 |
54,120 |
| Share-based compensation programs |
22,026 |
20,579 |
| Other |
7,464 |
8,292 |
| Changes in operating assets and
liabilities: |
|
|
| Accounts receivable |
4,404 |
(21,219) |
| Inventory |
(276,904) |
37,740 |
| Accounts payable |
645,706 |
383,632 |
| Income taxes payable |
71,346 |
(8,625) |
| Other |
43,342 |
(29,519) |
| Net cash provided by operating
activities |
1,251,555 |
1,118,991 |
| |
|
|
| Investing activities: |
|
|
| Purchases of property and equipment |
(300,719) |
(328,319) |
| Proceeds from sale of property and
equipment |
3,044 |
2,715 |
| Payments received on notes receivable |
4,157 |
5,435 |
| Other |
(23,889) |
516 |
| Net cash used in investing
activities |
(317,407) |
(319,653) |
| |
|
|
| 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 |
298,881 |
795,963 |
| Payment of debt issuance costs |
(2,376) |
(9,942) |
| Principal payments on debt and capital
leases |
(935) |
(1,443) |
| Repurchases of common stock |
(1,445,287) |
(976,632) |
| Excess tax benefit from stock options
exercised |
38,631 |
22,985 |
| Net proceeds from issuance of common
stock |
63,514 |
57,562 |
| Net cash used in financing
activities |
(1,047,572) |
(467,507) |
| |
|
|
| Net increase (decrease) in cash and cash
equivalents |
(113,424) |
331,831 |
| Cash and cash equivalents at beginning of
year |
361,552 |
29,721 |
| Cash and cash equivalents at end of year |
$ 248,128 |
$ 361,552 |
| |
|
|
| Supplemental disclosures of cash flow
information: |
|
|
| Income taxes paid |
$ 274,637 |
$ 252,769 |
| Interest paid, net of capitalized
interest |
34,655 |
13,350 |
| |
|
|
| Note: The cash flow statement for
the year ended 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 States for complete
financial statements. |
| |
| O'REILLY AUTOMOTIVE,
INC. AND SUBSIDIARIES |
| SELECTED FINANCIAL
INFORMATION |
| (Unaudited) |
| |
|
|
| |
|
|
| |
For the Year
Ended |
| |
December
31, |
| (In thousands, except adjusted debt to
adjusted EBITDAR ratio) |
2012 |
2011 |
| GAAP debt |
$ 1,095,956 |
$ 797,574 |
| Add: Letters of credit |
57,281 |
59,917 |
| Discount on senior notes |
4,366 |
3,683 |
| Rent times six |
1,445,214 |
1,385,382 |
| Non-GAAP adjusted debt |
$ 2,602,817 |
$ 2,246,556 |
| |
|
|
| GAAP net income |
$ 585,746 |
$ 507,673 |
| Write-off of asset-based revolving credit
facility debt issuance costs, net of tax |
-- |
13,458 |
| Termination of interest rate swap
agreements, net of tax |
-- |
2,637 |
| Former CSK officer clawback, net of
tax |
-- |
(1,741) |
| Non-GAAP adjusted net income |
585,746 |
522,027 |
| Add: Interest expense |
40,200 |
28,165 |
| Taxes, net of impact of former CSK
officer clawback, debt issuance costs write-off and swap agreements
termination |
355,775 |
316,811 |
| Adjusted EBIT |
981,721 |
867,003 |
| |
|
|
| Add: Depreciation and amortization |
177,106 |
165,880 |
| Rent expense |
240,869 |
230,897 |
| Share-based compensation expense |
22,026 |
20,579 |
| Adjusted EBITDAR |
$ 1,421,722 |
$ 1,284,359 |
| |
|
|
| Adjusted debt to adjusted EBITDAR |
1.83 |
1.75 |
| |
|
|
| |
|
|
| |
December
31, |
| |
2012 |
2011 |
| Selected Balance Sheet
Ratios: |
|
|
| Inventory turnover (1) |
1.4 |
1.5 |
| Inventory turnover, net of payables (2) |
7.4 |
3.4 |
| Average inventory per store (in thousands)
(3) |
$ 573 |
$ 531 |
| Accounts payable to inventory (4) |
84.7% |
64.4% |
| Debt-to-capital (5) |
34.2% |
21.9% |
| Return on equity (6) |
23.8% |
17.4% |
| Return on assets (7) |
10.2% |
9.7% |
| |
For the Three Months
Ended |
For the Year
Ended |
| |
December
31, |
December
31, |
| |
2012 |
2011 |
2012 |
2011 |
| Selected Financial Information (in
thousands): |
|
|
|
|
| Capital expenditures |
$ 83,378 |
$ 85,008 |
$ 300,719 |
$ 328,319 |
| Free cash flow (8) |
$ 135,051 |
$ 193,834 |
$ 950,836 |
$ 790,672 |
| Depreciation and amortization |
$ 44,610 |
$ 43,139 |
$ 177,106 |
$ 165,880 |
| Interest expense |
$ 11,478 |
$ 9,459 |
$ 40,200 |
$ 28,165 |
| Lease and rental expense |
$ 61,305 |
$ 58,743 |
$ 240,869 |
$ 230,897 |
| |
|
|
|
|
| |
|
|
|
|
| Store and Team Member
Information: |
|
|
|
|
| |
For the Three Months
Ended |
For the Year
Ended |
| |
December
31, |
December
31, |
| |
2012 |
2011 |
2012 |
2011 |
| Beginning store count |
3,896 |
3,707 |
3,740 |
3,570 |
| New stores opened |
24 |
34 |
185 |
183 |
| Stores acquired |
56 |
-- |
56 |
-- |
| Stores closed |
-- |
(1) |
(5) |
(13) |
| Ending store count |
3,976 |
3,740 |
3,976 |
3,740 |
| |
|
|
|
|
| |
|
|
|
|
| |
For the Three Months
Ended |
For the Year
Ended |
| |
December
31, |
December
31, |
| |
2012 |
2011 |
2012 |
2011 |
| Total employment |
53,063 |
49,324 |
|
|
| Square footage (in thousands) |
28,628 |
26,530 |
|
|
| Sales per weighted-average square foot
(9) |
$ 52.91 |
$ 52.04 |
$ 223.55 |
$ 220.69 |
| Sales per weighted-average store (in
thousands) (10) |
$ 377 |
$ 369 |
$ 1,590 |
$ 1,566 |
| |
(1) Calculated as cost of goods sold
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 goods sold
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 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 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), and benefit related to the former
CSK officer clawback in the amount of $3 million ($2 million, net
of tax), divided by average total shareholders'
equity. Average total shareholders' equity is calculated as
the average of total 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 provided by
operating activities less capital expenditures for the period. |
| |
(9) Calculated as sales less jobber
sales, divided by weighted-average square
foot. Weighted-average sales per square foot are weighted to
consider the approximate dates of store openings or
expansions. |
| |
(10) Calculated as 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) |
| |
|
|
|
|
|
|
|
|
| |
For the Three Months
Ended |
For the Year
Ended |
| |
December
31, |
December
31, |
| (In thousands, except per share data) |
2012 |
2011 |
2012 |
2011 |
| GAAP operating income |
$ 222,971 |
15.0 % |
$ 206,911 |
14.9 % |
$ 977,393 |
15.8 % |
$ 866,766 |
15.0 % |
| Former CSK officer clawback |
-- |
-- % |
(2,798) |
(0.2) % |
-- |
-- % |
(2,798) |
(0.1) % |
| Non-GAAP adjusted operating income |
$
222,971 |
15.0 % |
$ 204,113 |
14.7 % |
$
977,393 |
15.8 % |
$ 863,968 |
14.9 % |
| |
|
|
|
|
|
|
|
|
| GAAP net income |
$ 132,802 |
8.9 % |
$ 122,988 |
8.8 % |
$ 585,746 |
9.5 % |
$ 507,673 |
8.8 % |
| Write-off of asset-based revolving credit
facility debt issuance costs, net of tax |
-- |
-- % |
-- |
-- % |
-- |
-- % |
13,458 |
0.2 % |
| Termination of interest rate swap
agreements, net of tax |
-- |
-- % |
-- |
-- % |
-- |
-- % |
2,637 |
-- % |
| Former CSK officer clawback, net of
tax |
-- |
-- % |
(1,741) |
(0.1) % |
-- |
-- % |
(1,741) |
-- % |
| Non-GAAP adjusted net income |
$
132,802 |
8.9 % |
$ 121,247 |
8.7 % |
$
585,746 |
9.5 % |
$ 522,027 |
9.0 % |
| |
|
|
|
|
|
|
|
|
| GAAP diluted earnings per share |
$ 1.14 |
|
$ 0.94 |
|
$ 4.75 |
|
$ 3.71 |
|
| 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 |
|
| Former CSK officer clawback, net of
tax |
-- |
|
(0.01) |
|
-- |
|
(0.01) |
|
| Non-GAAP adjusted diluted earnings per
share |
$ 1.14 |
|
$ 0.93 |
|
$ 4.75 |
|
$ 3.81 |
|
| |
|
|
|
|
|
|
|
|
| Weighted-average common shares outstanding –
assuming dilution |
$ 116,308 |
|
130,405 |
|
123,314 |
|
136,983 |
|
CONTACT: Investor & Media Contact
Mark Merz (417) 829-5878
O Reilly Automotive (NASDAQ:ORLY)
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