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
third quarter ended September 30, 2015.
3rd Quarter Financial Results
Sales for the third quarter ended
September 30, 2015, increased $203 million, or 11%, to $2.08
billion from $1.88 billion for the same period one year ago.
Gross profit for the third quarter increased to $1.09 billion (or
52.4% of sales) from $968 million (or 51.6% of sales) for the same
period one year ago, representing an increase of 13%.
Selling, general and administrative expenses ("SG&A") for the
third quarter increased to $674 million (or 32.4% of sales) from
$624 million (or 33.3% of sales) for the same period one year ago,
representing an increase of 8%. Operating income for the
third quarter increased to $415 million (or 20.0% of sales) from
$344 million (or 18.3% of sales) for the same period one year ago,
representing an increase of 21%.
Net income for the third quarter ended
September 30, 2015, increased $49 million, or 23%, to $266
million (or 12.8% of sales) from $217 million (or 11.6% of sales)
for the same period one year ago. Diluted earnings per common
share for the third quarter increased 28% to $2.64 on 101 million
shares versus $2.06 on 105 million shares for the same period one
year ago.
O’Reilly’s President and CEO, Greg Henslee
commented, “We are extremely proud to report another very
successful quarter, highlighted by a 7.9% increase in comparable
store sales and a record high operating margin of 20.0%. Our
industry leading comparable store sales results this quarter
represent our 8th consecutive quarter of comparable store sales
growth greater than 5%, with an especially robust increase of over
7% in each quarter of this year. This consistently strong
performance is the direct result of our Team Members’ commitment to
providing excellent customer service every day in all of our
stores, and I would like to thank each of our over 72,000 Team
Members for their hard work and dedication to our ongoing
success.”
Mr. Henslee continued, “Our relentless focus on
profitable growth translated our very strong top-line performance
into an all-time, record high, operating margin of 20.0%,
representing another milestone achievement for O’Reilly. This
quarter also represents our 27th consecutive quarter of diluted
earnings per share growth greater than 15%, with a 28% increase in
third quarter diluted earnings per share to $2.64. Our third
quarter earnings per share results included a benefit of
approximately $0.11 as the result of the resolution of certain
historical tax positions, which was greater than what we would
normally expect to realize in the third quarter. While we are
pleased to have favorably resolved these issues, this benefit is
not representative of our expected tax rate moving forward.
Excluding this $0.11 benefit, our third quarter diluted earnings
per share increased 23%.”
Year-to-Date Financial Results
Sales for the first nine months of 2015 increased
$566 million, or 10%, to $6.02 billion from $5.45 billion for the
same period one year ago. Gross profit for the first nine
months of 2015 increased to $3.14 billion (or 52.1% of sales) from
$2.80 billion (or 51.3% of sales) for the same period one year ago,
representing an increase of 12%. SG&A for the first nine
months of 2015 increased to $1.98 billion (or 33.0% of sales) from
$1.83 billion (or 33.6% of sales) for the same period one year ago,
representing an increase of 8%. Operating income for the
first nine months of 2015 increased to $1.15 billion (or 19.1% of
sales) from $967 million (or 17.7% of sales) for the same period
one year ago, representing an increase of 19%.
Net income for the first nine months of 2015
increased $116 million, or 19%, to $713 million (or 11.8% of sales)
from $597 million (or 10.9% of sales) for the same period one year
ago. Diluted earnings per common share for the first nine
months of 2015 increased 25% to $6.98 on 102 million shares versus
$5.58 on 107 million shares for the same period one year ago.
Mr. Henslee added, “During the third quarter, we
opened 58 net, new stores, which brings our year-to-date store
expansion to 157 net, new stores across 34 states, and we are on
target to reach our goal of 205 net, new store openings this
year. Additionally, I am pleased to announce that in October,
we expanded into our 44th state with the opening of two stores in
Connecticut. We continue to be very pleased with the
performance of our new store openings, staffed with great Teams who
provide excellent customer service, and we remain very confident in
the long-term drivers for demand in our industry. Based on
these factors, we are pleased to announce our plan to increase the
number of our new store openings to 210 net, new stores in
2016. We are very proud of our long record of consistently
strong and profitable growth, and we remain focused on continuing
to provide unsurpassed levels of service to our customers into the
future.”
Share Repurchase Program
During the third quarter ended September 30,
2015, the Company repurchased 1.1 million shares of its common
stock, at an average price per share of $238.97, for a total
investment of $274 million. During the first nine months of
2015, the Company repurchased 3.8 million shares of its common
stock, at an average price per share of $224.39, for a total
investment of $849 million. Subsequent to the end of the
third quarter and through the date of this release, the Company
repurchased an additional 0.1 million shares of its common stock,
at an average price per share of $247.74, for a total investment of
$30 million. The Company has repurchased a total of 50.3
million shares of its common stock under its share repurchase
program since the inception of the program in January of 2011 and
through the date of this release, at an average price of $101.48,
for a total aggregate investment of $5.10 billion. As of the
date of this release, the Company had approximately $400 million
remaining under its current share repurchase
authorization.
3rd Quarter 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 7.9% for
the third quarter ended September 30, 2015, versus 6.2% for
the same period one year ago. Comparable store sales
increased 7.4% for the first nine months of 2015, versus 5.9% for
the same period one year ago.
4th Quarter and Updated Full-Year 2015
Guidance
The table below outlines the Company's guidance for
selected fourth quarter and updated full-year 2015 financial
data:
|
For the Three Months EndingDecember 30,
2015 |
|
For the Year EndingDecember 31,
2015 |
Comparable store
sales |
3.0% to
5.0% |
|
6.5% to
7.0% |
Total revenue |
|
|
$7.85
billion to $7.95 billion |
Gross profit as a
percentage of sales |
|
|
52.0%
to 52.2% |
Operating income as a
percentage of sales |
|
|
18.6%
to 18.9% |
Diluted earnings per
share (1) |
$1.97
to $2.01 |
|
$8.97
to $9.01 |
Capital
expenditures |
|
|
$400
million to $430 million |
Free cash flow (2) |
|
|
$800
million to $850 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
debt to earnings before interest, taxes, depreciation,
amortization, share-based compensation and rent ("EBITDAR") and
free cash flow. 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
adjusted debt to 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 has
included a reconciliation of this additional information to the
most comparable GAAP measure in the selected financial information
below.
Earnings Conference Call
Information
The Company will host a conference call on
Thursday, October 29, 2015, 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 (847) 585-4405; the
conference call identification number is 40850185. A replay
of the conference call will be available on the Company's website
through October 28, 2016.
About O'Reilly Automotive,
Inc.
O'Reilly Automotive, Inc. was founded in 1957 by
the O'Reilly family and 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. Visit the
Company's website at www.oreillyauto.com for additional
information about O'Reilly, including access to online shopping and
current promotions, store locations, hours and services, employment
opportunities and other programs. As of September 30,
2015, the Company operated 4,523 stores in 43 states.
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
"estimate," "may," "could," "will," "believe," "expect," "would,"
"consider," "should," "anticipate," "project," "plan," "intend" 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, the economy in general, inflation, product demand, the
market for auto parts, competition, weather, risks associated with
the performance of acquired businesses, our ability to hire and
retain qualified employees, consumer debt levels, our increased
debt levels, credit ratings on public debt, governmental
regulations, 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, 2014, for additional
factors that could materially affect the Company's financial
performance. Forward-looking statements speak only as of the
date they were made and the Company undertakes 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) |
|
|
|
|
|
|
|
September 30, 2015 |
|
September 30, 2014 |
|
December 31, 2014 |
|
(Unaudited) |
|
(Unaudited) |
|
(Note) |
Assets |
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and cash equivalents |
$ |
276,916 |
|
|
$ |
298,283 |
|
|
$ |
250,560 |
|
Accounts receivable, net |
163,889 |
|
|
152,779 |
|
|
143,900 |
|
Amounts receivable from
suppliers |
76,861 |
|
|
67,073 |
|
|
69,311 |
|
Inventory |
2,606,813 |
|
|
2,517,927 |
|
|
2,554,789 |
|
Other current assets |
33,085 |
|
|
34,689 |
|
|
48,418 |
|
Total current assets |
3,157,564 |
|
|
3,070,751 |
|
|
3,066,978 |
|
|
|
|
|
|
|
Property and equipment,
at cost |
4,275,349 |
|
|
3,895,165 |
|
|
3,993,509 |
|
Less: accumulated
depreciation and amortization |
1,470,199 |
|
|
1,294,053 |
|
|
1,334,949 |
|
Net property and equipment |
2,805,150 |
|
|
2,601,112 |
|
|
2,658,560 |
|
|
|
|
|
|
|
Notes receivable, less
current portion |
14,265 |
|
|
14,283 |
|
|
13,349 |
|
Goodwill |
757,093 |
|
|
756,335 |
|
|
756,384 |
|
Other assets, net |
41,194 |
|
|
32,695 |
|
|
45,030 |
|
Total assets |
$ |
6,775,266 |
|
|
$ |
6,475,176 |
|
|
$ |
6,540,301 |
|
|
|
|
|
|
|
Liabilities and
shareholders' equity |
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
Accounts payable |
$ |
2,626,126 |
|
|
$ |
2,409,054 |
|
|
$ |
2,417,167 |
|
Self-insurance reserves |
69,251 |
|
|
65,632 |
|
|
64,882 |
|
Accrued payroll |
84,295 |
|
|
71,451 |
|
|
78,442 |
|
Accrued benefits and
withholdings |
65,010 |
|
|
58,602 |
|
|
62,946 |
|
Deferred income taxes |
7,445 |
|
|
21,039 |
|
|
17,258 |
|
Income taxes payable |
17,574 |
|
|
18,645 |
|
|
— |
|
Other current liabilities |
234,211 |
|
|
201,475 |
|
|
189,836 |
|
Current portion of long-term
debt |
— |
|
|
44 |
|
|
25 |
|
Total current liabilities |
3,103,912 |
|
|
2,845,942 |
|
|
2,830,556 |
|
|
|
|
|
|
|
Long-term debt, less
current portion |
1,396,995 |
|
|
1,396,488 |
|
|
1,396,615 |
|
Deferred income
taxes |
72,197 |
|
|
61,789 |
|
|
85,164 |
|
Other liabilities |
200,076 |
|
|
194,551 |
|
|
209,548 |
|
|
|
|
|
|
|
Shareholders'
equity: |
|
|
|
|
|
Common stock, $0.01 par value: |
|
|
|
|
|
Authorized shares –
245,000,000 |
|
|
|
|
|
Issued and outstanding shares
– 98,714,308 as of September 30, 2015, 102,393,366 as of
September 30, 2014, and 101,602,935 as of December 31,
2014 |
987 |
|
|
1,024 |
|
|
1,016 |
|
Additional paid-in
capital |
1,268,357 |
|
|
1,168,741 |
|
|
1,194,929 |
|
Retained earnings |
732,742 |
|
|
806,641 |
|
|
822,473 |
|
Total shareholders'
equity |
2,002,086 |
|
|
1,976,406 |
|
|
2,018,418 |
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity |
$ |
6,775,266 |
|
|
$ |
6,475,176 |
|
|
$ |
6,540,301 |
|
|
Note: The balance sheet at December 31, 2014, has been
derived from the audited consolidated financial statements at that
date, but does not include all of the information and footnotes
required by United States generally accepted accounting principles
for complete financial statements. |
|
O'REILLY AUTOMOTIVE, INC. AND
SUBSIDIARIES |
CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
(Unaudited) |
(In thousands, except per share data) |
|
|
|
|
|
For the Three Months Ended September
30, |
|
For the Nine Months Ended September
30, |
|
2015 |
|
2014 |
|
2015 |
|
2014 |
Sales |
$ |
2,080,201 |
|
|
$ |
1,876,872 |
|
|
$ |
6,017,622 |
|
|
$ |
5,451,903 |
|
Cost of goods sold,
including warehouse and distribution expenses |
990,947 |
|
|
908,671 |
|
|
2,882,618 |
|
|
2,655,109 |
|
Gross profit |
1,089,254 |
|
|
968,201 |
|
|
3,135,004 |
|
|
2,796,794 |
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses |
673,994 |
|
|
624,433 |
|
|
1,983,603 |
|
|
1,829,432 |
|
Operating income |
415,260 |
|
|
343,768 |
|
|
1,151,401 |
|
|
967,362 |
|
|
|
|
|
|
|
|
|
Other income
(expense): |
|
|
|
|
|
|
|
Interest expense |
(14,296 |
) |
|
(12,983 |
) |
|
(43,017 |
) |
|
(39,211 |
) |
Interest income |
551 |
|
|
551 |
|
|
1,708 |
|
|
1,688 |
|
Other, net |
(647 |
) |
|
982 |
|
|
648 |
|
|
2,237 |
|
Total other expense |
(14,392 |
) |
|
(11,450 |
) |
|
(40,661 |
) |
|
(35,286 |
) |
|
|
|
|
|
|
|
|
Income before income
taxes |
400,868 |
|
|
332,318 |
|
|
1,110,740 |
|
|
932,076 |
|
Provision for income
taxes |
134,600 |
|
|
115,321 |
|
|
398,100 |
|
|
335,572 |
|
Net income |
$ |
266,268 |
|
|
$ |
216,997 |
|
|
$ |
712,640 |
|
|
$ |
596,504 |
|
|
|
|
|
|
|
|
|
Earnings per
share-basic: |
|
|
|
|
|
|
|
Earnings per share |
$ |
2.68 |
|
|
$ |
2.10 |
|
|
$ |
7.09 |
|
|
$ |
5.67 |
|
Weighted-average common
shares outstanding – basic |
99,270 |
|
|
103,498 |
|
|
100,468 |
|
|
105,146 |
|
|
|
|
|
|
|
|
|
Earnings per
share-assuming dilution: |
|
|
|
|
|
|
|
Earnings per share |
$ |
2.64 |
|
|
$ |
2.06 |
|
|
$ |
6.98 |
|
|
$ |
5.58 |
|
Weighted-average common
shares outstanding – assuming dilution |
100,770 |
|
|
105,222 |
|
|
102,041 |
|
|
106,945 |
|
|
|
|
|
|
|
|
|
|
|
|
|
O'REILLY AUTOMOTIVE, INC. AND
SUBSIDIARIES |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
(Unaudited) |
(In thousands) |
|
|
|
For the Nine Months Ended September
30, |
|
2015 |
|
2014 |
Operating
activities: |
|
|
|
Net income |
$ |
712,640 |
|
|
$ |
596,504 |
|
Adjustments to
reconcile net income to net cash provided by operating
activities: |
|
|
|
Depreciation and amortization of
property, equipment and intangibles |
158,065 |
|
|
143,515 |
|
Amortization of debt discount and
issuance costs |
1,578 |
|
|
1,563 |
|
Excess tax benefit from share-based
compensation |
(50,759 |
) |
|
(32,296 |
) |
Deferred income taxes |
(22,780 |
) |
|
(18,108 |
) |
Share-based compensation
programs |
16,656 |
|
|
17,424 |
|
Other |
4,194 |
|
|
3,801 |
|
Changes in operating assets and
liabilities: |
|
|
|
Accounts receivable |
(24,511 |
) |
|
(26,167 |
) |
Inventory |
(52,024 |
) |
|
(142,880 |
) |
Accounts payable |
208,959 |
|
|
352,533 |
|
Income taxes payable |
85,428 |
|
|
51,043 |
|
Other |
25,276 |
|
|
36,022 |
|
Net cash provided by operating
activities |
1,062,722 |
|
|
982,954 |
|
|
|
|
|
Investing
activities: |
|
|
|
Purchases of property
and equipment |
(296,474 |
) |
|
(317,157 |
) |
Proceeds from sale of
property and equipment |
2,197 |
|
|
2,304 |
|
Payments received on
notes receivable |
3,028 |
|
|
2,770 |
|
Net cash used in investing
activities |
(291,249 |
) |
|
(312,083 |
) |
|
|
|
|
Financing
activities: |
|
|
|
Principal payments on
capital leases |
(25 |
) |
|
(54 |
) |
Repurchases of common
stock |
(849,202 |
) |
|
(687,154 |
) |
Excess tax benefit from
share-based compensation |
50,759 |
|
|
32,296 |
|
Net proceeds from
issuance of common stock |
53,351 |
|
|
51,006 |
|
Net cash used in financing
activities |
(745,117 |
) |
|
(603,906 |
) |
|
|
|
|
Net increase in cash
and cash equivalents |
26,356 |
|
|
66,965 |
|
Cash and cash
equivalents at beginning of the period |
250,560 |
|
|
231,318 |
|
Cash and cash
equivalents at end of the period |
$ |
276,916 |
|
|
$ |
298,283 |
|
|
|
|
|
Supplemental
disclosures of cash flow information: |
|
|
|
Income taxes paid |
$ |
342,920 |
|
|
$ |
308,029 |
|
Interest paid, net of
capitalized interest |
51,003 |
|
|
47,173 |
|
|
|
|
|
|
|
O'REILLY AUTOMOTIVE, INC. AND
SUBSIDIARIES |
SELECTED FINANCIAL INFORMATION |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Twelve Months Ended |
|
|
|
|
|
|
|
|
|
September 30, |
Adjusted Debt
to EBITDAR: |
|
|
|
|
|
|
|
|
2015 |
|
2014 |
(In thousands, except
adjusted debt to EBITDAR ratio) |
|
|
|
|
|
|
|
|
|
|
|
GAAP debt |
|
|
|
|
|
|
|
|
$ |
1,396,995 |
|
|
$ |
1,396,532 |
|
Add: Letters of
credit |
|
|
|
|
|
|
|
|
|
45,924 |
|
|
|
47,782 |
|
Discount on senior notes |
|
|
|
|
|
|
|
|
|
3,005 |
|
|
|
3,512 |
|
Six-times rent expense |
|
|
|
|
|
|
|
|
|
1,626,480 |
|
|
|
1,560,060 |
|
Adjusted debt |
|
|
|
|
|
|
|
|
$ |
3,072,404 |
|
|
$ |
3,007,886 |
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income |
|
|
|
|
|
|
|
|
$ |
894,318 |
|
|
$ |
748,851 |
|
Add: Interest
expense |
|
|
|
|
|
|
|
|
|
57,096 |
|
|
|
52,123 |
|
Provision for income taxes |
|
|
|
|
|
|
|
|
|
506,528 |
|
|
|
427,122 |
|
Depreciation and amortization |
|
|
|
|
|
|
|
|
|
208,755 |
|
|
|
190,624 |
|
Share-based compensation
expense |
|
|
|
|
|
|
|
|
|
22,327 |
|
|
|
22,661 |
|
Rent expense |
|
|
|
|
|
|
|
|
|
271,080 |
|
|
|
260,010 |
|
EBITDAR |
|
|
|
|
|
|
|
|
$ |
1,960,104 |
|
|
$ |
1,701,391 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted debt to
EBITDAR |
|
|
|
|
|
|
|
|
|
1.57 |
|
|
|
1.77 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, |
|
|
|
|
|
|
|
|
|
2015 |
|
2014 |
Selected
Balance Sheet Ratios: |
|
|
|
|
|
|
|
|
|
|
|
Inventory turnover
(1) |
|
|
|
|
|
|
|
|
|
1.5 |
|
|
|
1.4 |
|
Average inventory per
store (in thousands) (2) |
|
|
|
|
|
|
|
|
$ |
576 |
|
|
$ |
584 |
|
Accounts payable to
inventory (3) |
|
|
|
|
|
|
|
|
|
100.7 |
% |
|
|
95.7 |
% |
Return on equity
(4) |
|
|
|
|
|
|
|
|
|
44.0 |
% |
|
|
36.4 |
% |
Return on assets
(5) |
|
|
|
|
|
|
|
|
|
13.4 |
% |
|
|
11.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
For the Nine Months Ended |
|
|
|
|
|
September 30, |
|
September 30, |
|
|
|
|
|
2015 |
|
2014 |
|
2015 |
|
2014 |
Selected
Financial Information (in thousands): |
|
|
|
|
|
|
|
|
|
|
|
Capital
expenditures |
|
|
|
|
$ |
109,943 |
|
|
$ |
122,228 |
|
|
$ |
296,474 |
|
|
$ |
317,157 |
|
Free cash flow (6) |
|
|
|
|
|
254,326 |
|
|
|
205,201 |
|
|
|
766,248 |
|
|
|
665,797 |
|
Depreciation and
amortization |
|
|
|
|
|
52,058 |
|
|
|
48,511 |
|
|
|
158,065 |
|
|
|
143,515 |
|
Interest expense |
|
|
|
|
|
14,296 |
|
|
|
12,983 |
|
|
|
43,017 |
|
|
|
39,211 |
|
Rent expense |
|
|
|
|
$ |
68,063 |
|
|
$ |
65,927 |
|
|
$ |
204,075 |
|
|
$ |
196,023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Store and Team
Member Information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
For the Nine Months Ended |
|
For the Twelve Months Ended |
|
September 30, |
|
September 30, |
|
September 30, |
|
2015 |
|
2014 |
|
2015 |
|
2014 |
|
2015 |
|
2014 |
Beginning store
count |
|
4,465 |
|
|
|
4,257 |
|
|
|
4,366 |
|
|
|
4,166 |
|
|
|
4,311 |
|
|
|
4,135 |
|
New stores opened |
|
59 |
|
|
|
57 |
|
|
|
160 |
|
|
|
150 |
|
|
|
217 |
|
|
|
182 |
|
Stores closed |
|
(1 |
) |
|
|
(3 |
) |
|
|
(3 |
) |
|
|
(5 |
) |
|
|
(5 |
) |
|
|
(6 |
) |
Ending store count |
|
4,523 |
|
|
|
4,311 |
|
|
|
4,523 |
|
|
|
4,311 |
|
|
|
4,523 |
|
|
|
4,311 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
For the Twelve Months Ended |
|
|
|
|
|
September 30, |
|
September 30, |
|
|
|
|
|
2015 |
|
2014 |
|
2015 |
|
2014 |
Total employment |
|
|
|
|
|
72,161 |
|
|
|
67,695 |
|
|
|
|
|
Square footage (in
thousands) |
|
|
|
|
|
32,779 |
|
|
|
31,165 |
|
|
|
|
|
Sales per
weighted-average square foot (7) |
|
|
|
|
$ |
63.47 |
|
|
$ |
60.16 |
|
|
$ |
241.38 |
|
|
$ |
230.26 |
|
Sales per
weighted-average store (in thousands) (8) |
|
|
|
|
$ |
460 |
|
|
$ |
435 |
|
|
$ |
1,748 |
|
|
$ |
1,663 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 inventory divided by store count at the end
of the reported period. |
(3) Calculated as accounts payable divided by inventory. |
(4) Calculated as net income for the last 12 months 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. |
(5) Calculated as net income for the last 12 months divided by
average total assets. Average total assets is calculated as
the average of total assets for the trailing four quarters used in
determining the denominator. |
(6) Calculated as net cash provided by operating activities
less capital expenditures for the period. |
(7) Calculated as sales less jobber sales, divided by
weighted-average square footage. Weighted-average square
footage is determined by weighting store square footage based on
the approximate dates of store openings, acquisitions, expansions
or closings. |
(8) Calculated as sales less jobber sales, divided by
weighted-average stores. Weighted-average stores is
determined by weighting stores based on their approximate opening,
acquisition or closing dates. |
For further information contact:
Investor & Media Contact
Mark Merz (417) 829-5878
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