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, 2016.
2nd Quarter Financial
ResultsSales for the second quarter ended June 30,
2016, increased $141 million, or 7%, to $2.18 billion from $2.04
billion for the same period one year ago. Gross profit for
the second quarter increased to $1.13 billion (or 51.8% of sales)
from $1.06 billion (or 52.0% of sales) for the same period one year
ago, representing an increase of 6%. Selling, general and
administrative expenses (“SG&A”) for the second quarter
increased to $702 million (or 32.3% of sales) from $673 million (or
33.1% of sales) for the same period one year ago, representing an
increase of 4%. Operating income for the second quarter
increased to $425 million (or 19.5% of sales) from $386 million (or
19.0% of sales) for the same period one year ago, representing an
increase of 10%.
Net income for the second quarter ended
June 30, 2016, increased $24 million, or 10%, to $258 million
(or 11.8% of sales) from $234 million (or 11.5% of sales) for the
same period one year ago. Diluted earnings per common share
for the second quarter increased 16% to $2.65 on 97 million shares
versus $2.29 on 102 million shares for the same period one year
ago.
“We are proud to report another solid quarter,
highlighted by an operating margin of 19.5% and a 16% increase in
second quarter diluted earnings per share to $2.65, which exceeded
the top of our guidance range and represents our 30th consecutive
quarter of diluted earnings per share growth of greater than 15%,”
commented Greg Henslee, O’Reilly’s President and CEO. “For
the second quarter, our focus on customer service generated a 4.3%
increase in comparable store sales, which was on top of a 7.2%
increase from the second quarter of 2015 and was above the
mid-point of our second quarter guidance range. This
performance is the direct result of Team O’Reilly’s commitment to
providing consistently excellent service to our customers, and I
would like to thank our over 74,000 dedicated Team Members for
their continued hard work and countless contributions to our
ongoing success.”
Year-to-Date Financial
ResultsSales for the first six months of 2016 increased
$335 million, or 9%, to $4.27 billion from $3.94 billion for the
same period one year ago. Gross profit for the first six
months of 2016 increased to $2.22 billion (or 52.1% of sales) from
$2.05 billion (or 52.0% of sales) for the same period one year ago,
representing an increase of 9%. SG&A for the first six
months of 2016 increased to $1.38 billion (or 32.3% of sales) from
$1.31 billion (or 33.3% of sales) for the same period one year ago,
representing an increase of 5%. Operating income for the
first six months of 2016 increased to $844 million (or 19.7% of
sales) from $736 million (or 18.7% of sales) for the same period
one year ago, representing an increase of 15%.
Net income for the first six months of 2016
increased $67 million, or 15%, to $513 million (or 12.0% of sales)
from $446 million (or 11.3% of sales) for the same period one year
ago. Diluted earnings per common share for the first six
months of 2016 increased 20% to $5.24 on 98 million shares versus
$4.35 on 103 million shares for the same period one year ago.
Mr. Henslee continued, “In the first half of
2016, we opened 89 net, new stores across 28 states and are on
track to hit our target of 210 net, new stores by the end of the
year. In May, we seamlessly opened our 27th distribution
center in Selma, Texas, just outside of San Antonio. This
new, 389,000 square foot, state-of-the-art facility allows our
distribution Team to better support our stores in our robustly
growing San Antonio and Austin metro markets and frees up capacity
in our three existing Texas distribution centers, better
positioning those facilities to support future store growth.
Our ongoing investment in our distribution infrastructure creates
capacity for future growth and reflects O’Reilly’s continued
commitment to providing our customers unparalleled service with
industry-leading parts availability.”
Share Repurchase ProgramDuring
the second quarter ended June 30, 2016, the Company
repurchased 2.1 million shares of its common stock, at an average
price per share of $262.17, for a total investment of $544
million. During the first six months of 2016, the Company
repurchased 3.3 million shares of its common stock, at an average
price per share of $259.14, for a total investment of $857
million. Subsequent to the end of the second quarter and
through the date of this release, the Company repurchased less than
0.1 million shares of its common stock, at an average price per
share of $269.33, for a total investment of $4 million. The
Company has repurchased a total of 54.6 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 $113.94, for a total aggregate
investment of $6.22 billion. As of the date of this release,
the Company had approximately $782 million remaining under its
current share repurchase authorizations.
2nd Quarter Comparable Store Sales
ResultsComparable 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, as well as the sales from Leap Day in the six
months ended June 30, 2016. Comparable store sales
increased 4.3% for the second quarter ended June 30, 2016, on
top of 7.2% for the same period one year ago. Comparable
store sales increased 5.1% for the six months ended June 30,
2016, on top of 7.2% for the same period one year ago.
3rd Quarter and Updated Full-Year 2016
GuidanceThe table below outlines the Company’s guidance
for selected third quarter and updated full-year 2016 financial
data:
|
For the Three Months Ending September 30,
2016 |
|
For the Year Ending December 31, 2016 |
Comparable store
sales |
3% to
5% |
|
3% to
5% |
Total revenue |
|
|
$8.4
billion to $8.6 billion |
Gross profit as a
percentage of sales |
|
|
52.3%
to 52.7% |
Operating income as a
percentage of sales |
|
|
19.5%
to 19.9% |
Diluted earnings per
share (1) |
$2.77
to $2.87 |
|
$10.30
to $10.70 |
Capital
expenditures |
|
|
$460
million to $490 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 InformationThis
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
InformationThe Company will host a conference call on
Thursday, July 28, 2016, 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 42806224. A replay
of the conference call will be available on the Company’s website
through Thursday, July 27, 2017.
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 June 30, 2016,
the Company operated 4,660 stores in 44 states.
Forward-Looking StatementsThe
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, 2015, 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 SUBSIDIARIESCONDENSED CONSOLIDATED
BALANCE SHEETS(In thousands, except share data) |
|
|
|
|
|
|
|
June 30, 2016 |
|
June 30, 2015 |
|
December 31, 2015 |
|
(Unaudited) |
|
(As Adjusted, Unaudited)(1) |
|
(Note) |
Assets |
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and cash equivalents |
$ |
398,259 |
|
|
$ |
260,042 |
|
|
$ |
116,301 |
|
Accounts receivable, net |
186,192 |
|
|
175,289 |
|
|
161,078 |
|
Amounts receivable from
suppliers |
78,824 |
|
|
75,017 |
|
|
72,609 |
|
Inventory |
2,741,030 |
|
|
2,560,975 |
|
|
2,631,015 |
|
Other current assets (1) |
33,828 |
|
|
36,103 |
|
|
29,023 |
|
Total current assets (1) |
3,438,133 |
|
|
3,107,426 |
|
|
3,010,026 |
|
|
|
|
|
|
|
Property and equipment,
at cost |
4,587,944 |
|
|
4,166,557 |
|
|
4,372,250 |
|
Less: accumulated
depreciation and amortization |
1,608,704 |
|
|
1,422,741 |
|
|
1,510,694 |
|
Net property and equipment |
2,979,240 |
|
|
2,743,816 |
|
|
2,861,556 |
|
|
|
|
|
|
|
Notes receivable, less
current portion |
— |
|
|
15,311 |
|
|
13,219 |
|
Goodwill |
757,130 |
|
|
756,852 |
|
|
757,142 |
|
Other assets, net
(1) |
36,137 |
|
|
37,079 |
|
|
34,741 |
|
Total assets (1) |
$ |
7,210,640 |
|
|
$ |
6,660,484 |
|
|
$ |
6,676,684 |
|
|
|
|
|
|
|
Liabilities and
shareholders’ equity |
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
Accounts payable |
$ |
2,914,641 |
|
|
$ |
2,535,971 |
|
|
$ |
2,608,231 |
|
Self-insurance reserves |
71,177 |
|
|
65,892 |
|
|
72,741 |
|
Accrued payroll |
62,596 |
|
|
83,547 |
|
|
59,101 |
|
Accrued benefits and
withholdings |
59,966 |
|
|
52,984 |
|
|
72,203 |
|
Income taxes payable |
— |
|
|
29,130 |
|
|
1,444 |
|
Other current liabilities |
258,295 |
|
|
229,528 |
|
|
232,678 |
|
Total current liabilities (1) |
3,366,675 |
|
|
2,997,052 |
|
|
3,046,398 |
|
|
|
|
|
|
|
Long-term debt (1) |
1,886,324 |
|
|
1,389,205 |
|
|
1,390,018 |
|
Deferred income taxes
(1) |
72,961 |
|
|
87,096 |
|
|
79,772 |
|
Other liabilities |
194,670 |
|
|
217,146 |
|
|
199,182 |
|
|
|
|
|
|
|
Shareholders’
equity: |
|
|
|
|
|
Common stock, $0.01 par value: |
|
|
|
|
|
Authorized shares –
245,000,000 |
|
|
|
|
|
Issued and outstanding shares
– |
|
|
|
|
|
94,881,546 as of June 30,
2016, |
|
|
|
|
|
99,592,091 as of June 30, 2015,
and |
|
|
|
|
|
97,737,171 as of December 31,
2015 |
949 |
|
|
996 |
|
|
977 |
|
Additional paid-in capital |
1,309,441 |
|
|
1,242,810 |
|
|
1,281,497 |
|
Retained earnings |
379,620 |
|
|
726,179 |
|
|
678,840 |
|
Total shareholders’ equity |
1,690,010 |
|
|
1,969,985 |
|
|
1,961,314 |
|
|
|
|
|
|
|
Total liabilities and
shareholders’ equity (1) |
$ |
7,210,640 |
|
|
$ |
6,660,484 |
|
|
$ |
6,676,684 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: The balance sheet at December 31,
2015, 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.
(1) Certain amounts as of June 30, 2015,
have been reclassified to conform to current period presentation,
due to the Company’s adoption of new accounting standards during
the fourth quarter ended December 31, 2015. See Note 1
“Summary of Significant Accounting Policies” to the Consolidated
Financial Statements of the annual report on Form 10-K for the year
ended December 31, 2015.
|
|
|
|
O’REILLY
AUTOMOTIVE, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED
STATEMENTS OF INCOME(Unaudited)(In thousands, except per share
data) |
|
|
|
|
|
For the Three Months Ended June
30, |
|
For the Six Months Ended June
30, |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
Sales |
$ |
2,176,689 |
|
|
$ |
2,035,518 |
|
|
$ |
4,272,839 |
|
|
$ |
3,937,421 |
|
Cost of goods sold,
including warehouse and distribution expenses |
1,049,510 |
|
|
976,727 |
|
|
2,048,081 |
|
|
1,891,671 |
|
Gross profit |
1,127,179 |
|
|
1,058,791 |
|
|
2,224,758 |
|
|
2,045,750 |
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses |
702,118 |
|
|
673,023 |
|
|
1,381,071 |
|
|
1,309,609 |
|
Operating income |
425,061 |
|
|
385,768 |
|
|
843,687 |
|
|
736,141 |
|
|
|
|
|
|
|
|
|
Other income
(expense): |
|
|
|
|
|
|
|
Interest expense |
(18,701 |
) |
|
(14,319 |
) |
|
(33,522 |
) |
|
(28,721 |
) |
Interest income |
1,193 |
|
|
577 |
|
|
1,945 |
|
|
1,157 |
|
Other, net |
1,241 |
|
|
182 |
|
|
2,258 |
|
|
1,295 |
|
Total other expense |
(16,267 |
) |
|
(13,560 |
) |
|
(29,319 |
) |
|
(26,269 |
) |
|
|
|
|
|
|
|
|
Income before income
taxes |
408,794 |
|
|
372,208 |
|
|
814,368 |
|
|
709,872 |
|
Provision for income
taxes |
151,000 |
|
|
138,700 |
|
|
301,200 |
|
|
263,500 |
|
Net income |
$ |
257,794 |
|
|
$ |
233,508 |
|
|
$ |
513,168 |
|
|
$ |
446,372 |
|
|
|
|
|
|
|
|
|
Earnings per
share-basic: |
|
|
|
|
|
|
|
Earnings per share |
$ |
2.69 |
|
|
$ |
2.32 |
|
|
$ |
5.31 |
|
|
$ |
4.42 |
|
Weighted-average common
shares outstanding – basic |
95,967 |
|
|
100,547 |
|
|
96,554 |
|
|
101,078 |
|
|
|
|
|
|
|
|
|
Earnings per
share-assuming dilution: |
|
|
|
|
|
|
|
Earnings per share |
$ |
2.65 |
|
|
$ |
2.29 |
|
|
$ |
5.24 |
|
|
$ |
4.35 |
|
Weighted-average common
shares outstanding – assuming dilution |
97,282 |
|
|
102,109 |
|
|
97,911 |
|
|
102,684 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
O’REILLY
AUTOMOTIVE, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS(Unaudited)(In thousands) |
|
|
|
For the Six Months Ended June
30, |
|
2016 |
|
2015 |
Operating
activities: |
|
|
|
Net income |
$ |
513,168 |
|
|
$ |
446,372 |
|
Adjustments to
reconcile net income to net cash provided by operating
activities: |
|
|
|
Depreciation and amortization of
property, equipment and intangibles |
106,430 |
|
|
106,007 |
|
Amortization of debt discount and
issuance costs |
1,173 |
|
|
1,051 |
|
Excess tax benefit from share-based
compensation |
(30,136 |
) |
|
(32,947 |
) |
Deferred income taxes |
(6,811 |
) |
|
(15,326 |
) |
Share-based compensation
programs |
9,853 |
|
|
11,304 |
|
Other |
2,655 |
|
|
2,594 |
|
Changes in operating assets and
liabilities: |
|
|
|
Accounts receivable |
(28,837 |
) |
|
(34,199 |
) |
Inventory |
(110,015 |
) |
|
(6,186 |
) |
Accounts payable |
306,410 |
|
|
118,804 |
|
Income taxes payable |
25,170 |
|
|
79,172 |
|
Other |
9,333 |
|
|
21,807 |
|
Net cash provided by operating
activities |
798,393 |
|
|
698,453 |
|
|
|
|
|
Investing
activities: |
|
|
|
Purchases of property
and equipment |
(220,416 |
) |
|
(186,531 |
) |
Proceeds from sale of
property and equipment |
1,971 |
|
|
1,608 |
|
Payments received on
notes receivable |
1,047 |
|
|
1,981 |
|
Net cash used in investing
activities |
(217,398 |
) |
|
(182,942 |
) |
|
|
|
|
Financing
activities: |
|
|
|
Proceeds from the
issuance of long-term debt |
499,160 |
|
|
— |
|
Payment of debt
issuance costs |
(3,784 |
) |
|
— |
|
Principal payments on
capital leases |
— |
|
|
(25 |
) |
Repurchases of common
stock |
(856,845 |
) |
|
(574,972 |
) |
Excess tax benefit from
share-based compensation |
30,136 |
|
|
32,947 |
|
Net proceeds from
issuance of common stock |
32,296 |
|
|
36,021 |
|
Net cash used in financing
activities |
(299,037 |
) |
|
(506,029 |
) |
|
|
|
|
Net increase in cash
and cash equivalents |
281,958 |
|
|
9,482 |
|
Cash and cash
equivalents at beginning of the period |
116,301 |
|
|
250,560 |
|
Cash and cash
equivalents at end of the period |
$ |
398,259 |
|
|
$ |
260,042 |
|
|
|
|
|
Supplemental
disclosures of cash flow information: |
|
|
|
Income taxes paid |
$ |
279,099 |
|
|
$ |
194,715 |
|
Interest paid, net of
capitalized interest |
27,174 |
|
|
27,711 |
|
|
|
|
|
|
|
|
|
O’REILLY
AUTOMOTIVE, INC. AND SUBSIDIARIESSELECTED FINANCIAL
INFORMATION (Unaudited) |
|
|
|
For the Twelve Months Ended June
30, |
Adjusted Debt to EBITDAR: |
2016 |
|
|
|
2015 |
|
(In
thousands, except adjusted debt to EBITDAR ratio) |
|
|
|
|
GAAP debt
(1) |
$ |
1,886,324 |
|
|
|
$ |
|
1,389,205 |
|
Add: |
Letters of credit |
39,010 |
|
|
|
50,506 |
|
|
Discount on senior
notes |
3,441 |
|
|
|
3,132 |
|
|
Debt issuance
costs |
10,235 |
|
|
|
7,663 |
|
|
Six-times rent
expense |
1,662,528 |
|
|
|
1,613,664 |
|
Adjusted
debt |
$ |
3,601,538 |
|
|
|
$ |
|
3,064,170 |
|
|
|
|
|
|
|
GAAP net
income |
$ |
998,012 |
|
|
|
$ |
|
845,047 |
|
Add: |
Interest expense |
61,930 |
|
|
|
55,783 |
|
|
Provision for income
taxes |
566,850 |
|
|
|
487,249 |
|
|
Depreciation and
amortization |
210,679 |
|
|
|
205,208 |
|
|
Share-based
compensation expense |
20,448 |
|
|
|
22,262 |
|
|
Rent expense |
277,088 |
|
|
|
268,944 |
|
EBITDAR |
$ |
2,135,007 |
|
|
|
$ |
|
1,884,493 |
|
|
|
|
|
|
|
Adjusted
debt to EBITDAR |
1.69 |
|
|
|
1.63 |
|
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
2016 |
|
|
2015 |
Selected Balance Sheet
Ratios: |
|
|
|
|
Inventory turnover (2) |
1.5 |
|
|
|
1.4 |
|
Average inventory per store (in
thousands) (3) |
$ |
588 |
|
|
$ |
574 |
|
Accounts payable to inventory
(4) |
106.3 |
% |
|
|
99.0 |
% |
Return on equity (5) |
52.6 |
% |
|
|
41.7 |
% |
Return on assets (1)(6) |
14.2 |
% |
|
|
12.8 |
% |
|
|
|
|
|
|
|
|
For the Three Months Ended June
30, |
|
For the Six Months Ended June
30, |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
Selected
Financial Information (in thousands): |
|
|
|
|
|
|
|
Capital
expenditures |
$ |
116,442 |
|
|
$ |
95,391 |
|
|
$ |
220,416 |
|
|
$ |
186,531 |
|
Free cash flow (7) |
193,796 |
|
|
197,037 |
|
|
577,977 |
|
|
511,922 |
|
Depreciation and
amortization |
53,652 |
|
|
51,057 |
|
|
106,430 |
|
|
106,007 |
|
Interest expense |
18,701 |
|
|
14,319 |
|
|
33,522 |
|
|
28,721 |
|
Rent expense |
$ |
69,838 |
|
|
$ |
68,074 |
|
|
$ |
139,841 |
|
|
$ |
136,012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Store and Team Member
Information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended June 30, |
|
For the Six Months Ended June 30, |
|
For the Twelve Months Ended June 30, |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
Beginning store count |
4,623 |
|
|
4,433 |
|
|
4,571 |
|
|
4,366 |
|
|
4,465 |
|
|
4,257 |
|
New stores opened |
38 |
|
|
34 |
|
|
90 |
|
|
101 |
|
|
198 |
|
|
215 |
|
Stores closed |
(1 |
) |
|
(2 |
) |
|
(1 |
) |
|
(2 |
) |
|
(3 |
) |
|
(7 |
) |
Ending store count |
4,660 |
|
|
4,465 |
|
|
4,660 |
|
|
4,465 |
|
|
4,660 |
|
|
4,465 |
|
|
For the Three Months Ended June
30, |
|
For the Twelve Months Ended June
30, |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
Total employment |
74,067 |
|
|
71,763 |
|
|
|
|
|
Square footage (in
thousands) |
33,824 |
|
|
32,336 |
|
|
|
|
|
Sales per
weighted-average square foot (8) |
$ |
64.15 |
|
|
$ |
62.74 |
|
|
$ |
248.77 |
|
|
$ |
238.00 |
|
Sales per
weighted-average store (in thousands) (9) |
$ |
466 |
|
|
$ |
454 |
|
|
$ |
1,804 |
|
|
$ |
1,722 |
|
(1) Prior period amount
has been reclassified to conform to current period presentation,
due to the Company’s adoption of new accounting standards during
the fourth quarter ended December 31, 2015. See Note 1
“Summary of Significant Accounting Policies” to the Consolidated
Financial Statements of the annual report on Form 10-K for the year
ended December 31, 2015. |
(2) 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. |
(3) Calculated as
inventory divided by store count at the end of the reported
period. |
(4) Calculated as
accounts payable divided by inventory. |
(5) 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. |
(6) 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. |
(7) Calculated as net
cash provided by operating activities less capital expenditures for
the period. |
(8) 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 closures. |
(9) Calculated as sales
less jobber sales, divided by weighted-average stores.
Weighted-average stores is determined by weighting stores based on
their approximate dates of openings, acquisitions or closures. |
For further information contact:
Investor & Media Contact
Mark Merz (417) 829-5878
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