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, 2017.
The results represent 25 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
ResultsGreg Henslee, O’Reilly’s CEO commented, “We
generated comparable store sales of 1.3% for the fourth quarter, as
we faced tough comparisons from a very favorable demand environment
in the prior year, as well as calendar headwinds. As we
discussed on our third quarter earnings call, December of 2016 was
a very strong month, driven by extreme winter weather across the
country. We also faced unfavorable calendar shifts in the
fourth quarter of 2017, due to the timing of the Christmas holiday,
which fell on a Monday in 2017 versus a Sunday in 2016, and one
additional Sunday during the fourth quarter of 2017. Sunday
represents our lowest volume day, and these combined calendar
shifts resulted in a 70 basis point headwind to our fourth quarter
2017 comparable store sales results. Despite these
challenges, Team O’Reilly’s hard work and dedication to providing
unsurpassed levels of customer service drove our comparable store
sales results above the mid-point of our guidance range, and I
would like to thank all of our Team Members for their unwavering
commitment to our long-term success.”
Sales for the fourth quarter ended
December 31, 2017, increased $92 million, or 4%, to $2.19
billion from $2.10 billion for the same period one year ago.
Gross profit for the fourth quarter increased to $1.16 billion (or
52.9% of sales) from $1.11 billion (or 53.1% of sales) for the same
period one year ago, representing an increase of 4%. Selling,
general and administrative expenses (“SG&A”) for the fourth
quarter increased to $756 million (or 34.5% of sales) from $707
million (or 33.7% of sales) for the same period one year ago,
representing an increase of 7%. Operating income for the
fourth quarter decreased to $403 million (or 18.4% of sales) from
$408 million (or 19.4% of sales) for the same period one year ago,
representing a decrease of 1%.
Net income for the fourth quarter ended
December 31, 2017, increased $56 million, or 23%, to $302
million (or 13.8% of sales) from $246 million (or 11.7% of sales)
for the same period one year ago. Diluted earnings per common
share for the fourth quarter increased 36% to $3.52 on 86 million
shares versus $2.59 on 95 million shares for the same period one
year ago. The U.S. Tax Cuts and Jobs Act, enacted in December
2017, significantly reduced the federal corporate income tax rate,
and required the Company to revalue its deferred income tax
liabilities based on the lower enacted federal corporate income tax
rate. The Company’s Net Income for the fourth quarter ended
December 31, 2017, includes a one-time $53 million benefit related
to the revaluation of its deferred income tax liabilities, and the
Company’s diluted earnings per common share of $3.52 for the fourth
quarter ended December 31, 2017, also includes a one-time $0.62
benefit from the revaluation. The Company adopted a required
new share-based compensation accounting standard during the first
quarter of 2017, which requires excess tax benefits from
share-based compensation payments to be recorded in the income
statement. The Company’s diluted earnings per common share of
$3.52 for the fourth quarter ended December 31, 2017, includes a
$0.15 benefit from the adoption of the new accounting standard.
Full-Year Financial
ResultsCommenting on O’Reilly’s full-year 2017
performance, Mr. Henslee stated, “Despite industry challenges,
O’Reilly generated our twenty-fifth consecutive year of comparable
store sales growth and record revenue and operating income as a
result of the commitment and dedication of our Team to providing
unsurpassed levels of customer service. During 2017, we also
achieved another significant milestone with the opening of our
5,000th store. The performance of our new stores continues to
exceed our expectations, driven by well-trained and knowledgeable
Teams of Professional Parts People who provide outstanding customer
service the moment a store opens. As we look ahead, we are
excited to continue to drive our growth through the 200 net, new
stores we plan to open in 2018.”
Sales for the year ended December 31, 2017,
increased $385 million, or 4%, to $8.98 billion from $8.59 billion
for the same period one year ago. Gross profit for the year
ended December 31, 2017, increased to $4.72 billion (or 52.6%
of sales) from $4.51 billion (or 52.5% of sales) for the same
period one year ago, representing an increase of 5%. SG&A
for the year ended December 31, 2017, increased to $3.00
billion (or 33.4% of sales) from $2.81 billion (or 32.7% of sales)
for the same period one year ago, representing an increase of
7%. Operating income for the year ended December 31,
2017, increased to $1.73 billion (or 19.2% of sales) from $1.70
billion (or 19.8% of sales) for the same period one year ago,
representing an increase of 2%.
Net income for the year ended December 31,
2017, increased $96 million, or 9%, to $1.13 billion (or 12.6% of
sales) from $1.04 billion (or 12.1% of sales) for the same period
one year ago. Diluted earnings per common share for the year
ended December 31, 2017, increased 18% to $12.67 on 90 million
shares versus $10.73 on 97 million shares for the same period one
year ago. The Company’s diluted earnings per common share of
$12.67 for the year ended December 31, 2017, includes a $0.59
benefit from the revaluation of its deferred income tax liabilities
and a $0.50 benefit from the adoption of the new share-based
compensation accounting standard.
Mr. Henslee continued, “As we head into 2018, we
believe the long-term demand drivers for our industry remain
intact, including steady improvements in miles driven and a growing
and aging vehicle fleet, and we are very well positioned to
continue to provide outstanding service to our customers. We
are pleased with the level of demand we have seen thus far in 2018,
driven by favorable winter weather conditions; however, we face the
toughest comparisons in the back half of the quarter and, based on
this, we are establishing our first quarter comparable store sales
guidance at a range of two to four percent.”
Mr. Henslee concluded, “The Tax Cuts and Jobs
Act will dramatically reduce our federal income taxes, and in 2018,
we expect these savings will be approximately $215 million.
We plan to allocate a portion of these income tax savings back into
our business to further enhance our best-in-class customer
service. These investments will be centered around customer
service, including attracting and retaining technically proficient
Professional Parts People through enhanced benefits and wages,
investing in our omni-channel efforts and improving in-store
technology. We are confident these investments will help
drive our continued success, and we are excited to roll out these
projects in the coming year. For 2018, we expect these
initiatives will result in approximately $30 million of incremental
capital expenditures and will result in approximately 70 basis
points of headwind to operating profit and our 2018 guidance
incorporates these incremental costs.”
Share Repurchase ProgramDuring
the fourth quarter ended December 31, 2017, the Company
repurchased 1.3 million shares of its common stock at an average
price per share of $222.73, for a total investment of $279
million. During the year ended December 31, 2017, the
Company repurchased 9.3 million shares of its common stock at an
average price per share of $233.57, for a total investment of $2.17
billion. Subsequent to the end of the fourth quarter and
through the date of this release, the Company repurchased an
additional 0.5 million shares of its common stock, at an average
price per share of $261.72, for a total investment of $130
million. The Company has repurchased a total of 66.7 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 $137.31, for a total
aggregate investment of $9.16 billion.
Today, the Company also announced that its Board
of Directors (the “Board”) approved a resolution to increase the
authorization amount under its share repurchase program by an
additional $1.0 billion, raising the aggregate authorization under
the program to $10.75 billion. The additional $1.0 billion
authorization is effective for a three-year period, beginning on
February 7, 2018. Stock repurchases under the program
may be made from time to time, as the Company deems appropriate,
solely through open market repurchases effected through a broker
dealer at prevailing market prices, based on a variety of factors
such as price, corporate requirements and overall market
conditions. There can be no assurance as to the number of
shares the Company will purchase, if any. The share
repurchase program may be increased or otherwise modified, renewed,
suspended or terminated by the Company at any time, without prior
notice. As of the date of this release, the Company had
approximately $1.59 billion remaining under its current share
repurchase authorizations.
4th Quarter and Full-Year 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 year ended December 31, 2016. Comparable store
sales increased 1.3% for the fourth quarter ended December 31,
2017, on top of 4.8% for the same period one year ago.
Comparable store sales increased 1.4% for the year ended
December 31, 2017, on top of 4.8% for the same period one year
ago.
1st Quarter and Full-Year 2018
GuidanceThe table below outlines the Company’s guidance
for selected first quarter and full-year 2018 financial data:
|
For the Three Months EndingMarch 31,
2018 |
|
For the Year EndingDecember 31,
2018 |
New store openings |
|
|
200 |
Comparable store
sales |
2% to
4% |
|
2% to
4% |
Total revenue |
|
|
$9.4
billion to $9.6 billion |
Gross profit as a
percentage of sales |
|
|
52.5%
to 53.0% |
Operating income as a
percentage of sales |
|
|
18.5%
to 19.0% |
Effective income tax
rate |
|
|
23% to
24% |
Diluted earnings per
share (1) |
$3.55
to $3.65 |
|
$15.10
to $15.20 |
Capital
expenditures |
|
|
$490
million to $520 million |
Free cash flow (2) |
|
|
$1.1
billion to $1.2 billion |
(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 and excess tax
benefit from share-based compensation payments for the period.
Executive Leadership Succession
PlanToday, in a separate press release, O’Reilly also
announced the Company’s leadership succession plan. Effective
May 8, 2018, Greg Johnson will be promoted to Chief Executive
Officer (“CEO”) and Co-President, and Jeff Shaw will be promoted to
Chief Operating Officer (“COO”) and Co-President. Greg
Henslee, who currently serves as the Company’s CEO and member of
the Board, has been nominated as Executive Vice Chairman of the
Board and will serve in that role, subject to his election as a
director at O’Reilly’s upcoming Annual Shareholders’ Meeting in
May. David O’Reilly will remain in his role as Executive
Chairman of the Board.
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, February 8, 2018, 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) 619-6397; the
conference call identification number is 46158141. A replay
of the conference call will be available on the Company’s website
through February 7, 2019.
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 December 31,
2017, the Company operated 5,019 stores in 47 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, the impact of the U.S. Tax Cuts and
Jobs Act, 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, 2016, 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.
|
|
|
|
For further
information contact: |
|
|
Investor &
Media Contact |
|
|
|
Mark Merz (417)
829-5878 |
|
|
|
|
|
O’REILLY AUTOMOTIVE, INC. AND
SUBSIDIARIES |
CONDENSED CONSOLIDATED BALANCE SHEETS |
(In thousands, except share data) |
|
|
|
|
|
December 31, 2017 |
|
December 31, 2016 |
|
(Unaudited) |
|
(Note) |
Assets |
|
|
|
Current assets: |
|
|
|
Cash and
cash equivalents |
$ |
46,348 |
|
|
$ |
146,598 |
|
Accounts
receivable, net |
216,251 |
|
|
197,274 |
|
Amounts
receivable from suppliers |
76,236 |
|
|
82,105 |
|
Inventory |
3,009,800 |
|
|
2,778,976 |
|
Other
current assets |
49,037 |
|
|
53,022 |
|
Total
current assets |
3,397,672 |
|
|
3,257,975 |
|
|
|
|
|
Property and equipment,
at cost |
5,191,135 |
|
|
4,832,342 |
|
Less: accumulated
depreciation and amortization |
1,847,329 |
|
|
1,708,911 |
|
Net
property and equipment |
3,343,806 |
|
|
3,123,431 |
|
|
|
|
|
Goodwill |
789,058 |
|
|
785,399 |
|
Other assets, net |
41,349 |
|
|
37,384 |
|
Total assets |
$ |
7,571,885 |
|
|
$ |
7,204,189 |
|
|
|
|
|
Liabilities and
shareholders’ equity |
|
|
|
Current
liabilities: |
|
|
|
Accounts
payable |
$ |
3,190,029 |
|
|
$ |
2,936,656 |
|
Self-insurance reserves |
71,695 |
|
|
67,921 |
|
Accrued
payroll |
77,147 |
|
|
71,717 |
|
Accrued
benefits and withholdings |
69,308 |
|
|
74,454 |
|
Other
current liabilities |
239,187 |
|
|
249,901 |
|
Total
current liabilities |
3,647,366 |
|
|
3,400,649 |
|
|
|
|
|
Long-term debt |
2,978,390 |
|
|
1,887,019 |
|
Deferred income
taxes |
85,406 |
|
|
90,166 |
|
Other liabilities |
207,677 |
|
|
199,219 |
|
|
|
|
|
Shareholders’
equity: |
|
|
|
Common
stock, $0.01 par value: |
|
|
|
Authorized shares – 245,000,000 |
|
|
|
Issued
and outstanding shares – |
|
|
|
84,302,187 as of December 31, 2017, and |
|
|
|
92,851,815 as of December 31, 2016 |
843 |
|
|
929 |
|
Additional paid-in capital |
1,265,043 |
|
|
1,336,707 |
|
Retained
(deficit) earnings |
(612,840 |
) |
|
289,500 |
|
Total shareholders’
equity |
653,046 |
|
|
1,627,136 |
|
|
|
|
|
Total liabilities and
shareholders’ equity |
$ |
7,571,885 |
|
|
$ |
7,204,189 |
|
|
|
|
|
|
|
|
|
Note: The balance sheet at
December 31, 2016, 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 |
(In thousands, except per share data) |
|
|
|
|
|
For the Three Months Ended December
31, |
|
For the Year Ended December
31, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Note) |
Sales |
$ |
2,190,808 |
|
|
$ |
2,099,302 |
|
|
$ |
8,977,726 |
|
|
$ |
8,593,096 |
|
Cost of goods sold,
including warehouse and distribution expenses |
1,031,628 |
|
|
985,075 |
|
|
4,257,043 |
|
|
4,084,085 |
|
Gross profit |
1,159,180 |
|
|
1,114,227 |
|
|
4,720,683 |
|
|
4,509,011 |
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses |
756,345 |
|
|
706,517 |
|
|
2,995,283 |
|
|
2,809,805 |
|
Operating income |
402,835 |
|
|
407,710 |
|
|
1,725,400 |
|
|
1,699,206 |
|
|
|
|
|
|
|
|
|
Other income
(expense): |
|
|
|
|
|
|
|
Interest
expense |
(26,794 |
) |
|
(18,703 |
) |
|
(91,349 |
) |
|
(70,931 |
) |
Interest
income |
579 |
|
|
1,052 |
|
|
2,347 |
|
|
4,224 |
|
Other,
net |
104 |
|
|
871 |
|
|
1,406 |
|
|
4,692 |
|
Total
other expense |
(26,111 |
) |
|
(16,780 |
) |
|
(87,596 |
) |
|
(62,015 |
) |
|
|
|
|
|
|
|
|
Income before income
taxes |
376,724 |
|
|
390,930 |
|
|
1,637,804 |
|
|
1,637,191 |
|
Provision for income
taxes (1)(2) |
74,409 |
|
|
144,900 |
|
|
504,000 |
|
|
599,500 |
|
Net income (1)(2) |
$ |
302,315 |
|
|
$ |
246,030 |
|
|
$ |
1,133,804 |
|
|
$ |
1,037,691 |
|
|
|
|
|
|
|
|
|
Earnings per
share-basic: |
|
|
|
|
|
|
|
Earnings per share |
$ |
3.56 |
|
|
$ |
2.62 |
|
|
$ |
12.82 |
|
|
$ |
10.87 |
|
Weighted-average common
shares outstanding – basic |
84,830 |
|
|
93,813 |
|
|
88,426 |
|
|
95,447 |
|
|
|
|
|
|
|
|
|
Earnings per
share-assuming dilution: (1)(2) |
|
|
|
|
|
|
|
Earnings per share |
$ |
3.52 |
|
|
$ |
2.59 |
|
|
$ |
12.67 |
|
|
$ |
10.73 |
|
Weighted-average common
shares outstanding – assuming dilution |
85,848 |
|
|
94,963 |
|
|
89,502 |
|
|
96,720 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: The income statement for the year
ended December 31, 2016, 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) The Company adopted a required
new share-based compensation accounting standard during the first
quarter ended March 31, 2017. This new standard requires
excess tax benefits related to share-based compensation payments to
be recorded through the income statement. The adoption of
this new accounting standard resulted in a $0.15 and $0.50 benefit
to diluted earnings per common share for the three months and full
year ended December 31, 2017, respectively, comprised of a $0.16
and $0.55, respectively, earnings per share increase from a lower
effective tax rate, partially offset by a $0.01 and $0.05,
respectively, earnings per share decrease from an increase in the
number of weighted-average common shares outstanding - assuming
dilution. The Company’s Condensed Consolidated Statements of
Income for the prior periods ending December 31, 2016, were not
restated to conform to the current periods’ presentation.
(2) The Company revalued its deferred
income tax liabilities following the enactment of the U.S. Tax Cuts
and Jobs Act in December 2017, which resulted in a one-time $53
million benefit to the Company’s Net income for the three months
and full year ended December 31, 2017. The Company’s diluted
earnings per common share for the three months and full year ended
December 31, 2017, includes a $0.62 and $0.59 benefit,
respectively, from the deferred income tax liability
revaluation.
|
O’REILLY AUTOMOTIVE, INC. AND
SUBSIDIARIES |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
(In thousands) |
|
|
|
For the Year Ended December
31, |
|
2017 |
|
2016 |
|
(Unaudited) |
|
(As Adjusted, Note) (1) |
Operating
activities: |
|
|
|
Net income |
$ |
1,133,804 |
|
|
$ |
1,037,691 |
|
Adjustments to
reconcile net income to net cash provided by operating
activities: |
|
|
|
Depreciation and amortization of property, equipment and
intangibles |
233,845 |
|
|
217,866 |
|
Amortization of debt discount and issuance costs |
2,871 |
|
|
2,451 |
|
Deferred
income taxes |
(4,593 |
) |
|
10,394 |
|
Share-based compensation programs |
19,401 |
|
|
18,859 |
|
Other |
11,790 |
|
|
6,434 |
|
Changes in operating
assets and liabilities: |
|
|
|
Accounts
receivable |
(27,742 |
) |
|
(38,548 |
) |
Inventory |
(231,802 |
) |
|
(119,270 |
) |
Accounts
payable |
253,265 |
|
|
322,427 |
|
Income
taxes payable |
14,220 |
|
|
26,880 |
|
Other |
(1,372 |
) |
|
25,529 |
|
Net cash
provided by operating activities |
1,403,687 |
|
|
1,510,713 |
|
|
|
|
|
Investing
activities: |
|
|
|
Purchases of property
and equipment |
(465,940 |
) |
|
(476,344 |
) |
Proceeds from sale of
property and equipment |
4,464 |
|
|
5,119 |
|
Payments received on
notes receivable |
— |
|
|
1,047 |
|
Other |
(2,747 |
) |
|
(58,918 |
) |
Net cash
used in investing activities |
(464,223 |
) |
|
(529,096 |
) |
|
|
|
|
Financing
activities: |
|
|
|
Proceeds from
borrowings on revolving credit facility |
3,101,000 |
|
|
— |
|
Payments on revolving
credit facility |
(2,755,000 |
) |
|
— |
|
Proceeds from the
issuance of long-term debt |
748,800 |
|
|
499,160 |
|
Payment of debt
issuance costs |
(7,590 |
) |
|
(4,125 |
) |
Repurchases of common
stock |
(2,172,530 |
) |
|
(1,505,437 |
) |
Net proceeds from
issuance of common stock |
45,762 |
|
|
59,634 |
|
Other |
(156 |
) |
|
(552 |
) |
Net cash
used in financing activities |
(1,039,714 |
) |
|
(951,320 |
) |
|
|
|
|
Net (decrease) increase
in cash and cash equivalents |
(100,250 |
) |
|
30,297 |
|
Cash and cash
equivalents at beginning of the year |
146,598 |
|
|
116,301 |
|
Cash and cash
equivalents at end of the year |
$ |
46,348 |
|
|
$ |
146,598 |
|
|
|
|
|
Supplemental
disclosures of cash flow information: |
|
|
|
Income taxes paid |
$ |
496,728 |
|
|
$ |
569,677 |
|
Interest paid, net of
capitalized interest |
77,766 |
|
|
63,648 |
|
|
|
|
|
|
|
Note: The cash flow statement for the year
ended December 31, 2016, 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) The Company adopted a required,
new share-based compensation accounting standard during the first
quarter ended March 31, 2017. This new standard requires
excess tax benefits related to share-based compensation payments to
be presented as operating activities in the statement of cash
flows, rather than presented as an inflow from financing activities
and an outflow from operating activities under the previous
standard. The retrospective application of this new
accounting standard resulted in the reclassification of $56.0
million of Excess tax benefit from share-based compensation from
Net cash used in financing activities to Net cash provided by
operating activities for the year ended December 31, 2016.
|
O’REILLY AUTOMOTIVE, INC. AND
SUBSIDIARIES |
SELECTED FINANCIAL INFORMATION |
(Unaudited) |
|
|
|
For the Year Ended December
31, |
Adjusted Debt to EBITDAR: |
2017 |
|
2016 |
(In
thousands, except adjusted debt to EBITDAR ratio) |
|
|
|
GAAP
debt |
$ |
2,978,390 |
|
|
$ |
1,887,019 |
|
Add: |
Letters of credit |
36,843 |
|
|
38,680 |
|
|
Discount on senior
notes |
3,721 |
|
|
3,149 |
|
|
Debt issuance
costs |
13,889 |
|
|
9,832 |
|
|
Six-times rent
expense |
1,791,684 |
|
|
1,699,518 |
|
Adjusted
debt |
$ |
4,824,527 |
|
|
$ |
3,638,198 |
|
|
|
|
|
|
GAAP net
income |
$ |
1,133,804 |
|
|
$ |
1,037,691 |
|
Add: |
Interest expense |
91,349 |
|
|
70,931 |
|
|
Provision for income
taxes |
504,000 |
|
|
599,500 |
|
|
Depreciation and
amortization |
233,845 |
|
|
217,866 |
|
|
Share-based
compensation expense |
19,401 |
|
|
18,859 |
|
|
Rent expense |
298,614 |
|
|
283,253 |
|
EBITDAR |
$ |
2,281,013 |
|
|
$ |
2,228,100 |
|
|
|
|
|
|
Adjusted
debt to EBITDAR |
|
2.12 |
|
|
|
1.63 |
|
|
|
|
|
|
December 31, |
|
2017 |
|
2016 |
Selected
Balance Sheet Ratios: |
|
|
|
Inventory turnover
(1) |
1.4 |
|
|
1.5 |
|
Average inventory per
store (in thousands) (2) |
$ |
600 |
|
|
$ |
575 |
|
Accounts payable to
inventory (3) |
106.0 |
% |
|
105.7 |
% |
Return on equity
(4) |
127.4 |
% |
|
58.0 |
% |
Return on assets
(5) |
15.3 |
% |
|
14.1 |
% |
|
|
|
|
|
|
|
|
For the Three Months Ended December
31, |
|
For the Year Ended December
31, |
|
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Reconciliation of Free Cash Flow (in
thousands): |
|
|
|
|
|
|
|
Cash
provided by operating activities (6) |
$ |
316,268 |
|
|
$ |
296,454 |
|
|
$ |
1,403,687 |
|
|
$ |
1,510,713 |
|
Less: |
Capital
expenditures |
118,184 |
|
|
120,110 |
|
|
465,940 |
|
|
476,344 |
|
|
Excess tax benefit from
share-based compensation |
13,406 |
|
|
9,960 |
|
|
48,688 |
|
|
55,994 |
|
Free cash
flow |
$ |
184,678 |
|
|
$ |
166,384 |
|
|
$ |
889,059 |
|
|
$ |
978,375 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Store and Team
Member Information: |
|
|
|
|
|
|
|
|
For the Three Months Ended December
31, |
|
For the Year Ended December
31, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Beginning store
count |
4,984 |
|
|
4,712 |
|
|
4,829 |
|
|
4,571 |
|
New stores opened |
36 |
|
|
70 |
|
|
198 |
|
|
212 |
|
Stores acquired |
— |
|
|
48 |
|
|
— |
|
|
48 |
|
Stores closed |
(1 |
) |
|
(1 |
) |
|
(8 |
) |
|
(2 |
) |
Ending store count |
5,019 |
|
|
4,829 |
|
|
5,019 |
|
|
4,829 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended December
31, |
|
For the Year Ended December
31, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Total employment |
75,552 |
|
|
74,580 |
|
|
|
|
|
Square footage (in
thousands) |
36,685 |
|
|
35,123 |
|
|
|
|
|
Sales per
weighted-average square foot (7) |
$ |
59.48 |
|
|
$ |
60.09 |
|
|
$ |
247.97 |
|
|
$ |
251.36 |
|
Sales per
weighted-average store (in thousands) (8) |
$ |
434 |
|
|
$ |
437 |
|
|
$ |
1,807 |
|
|
$ |
1,826 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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) Prior period amount has been reclassified to conform to
current period presentation, due to the Company’s adoption of a new
accounting standard during the first quarter ended March 31,
2017. |
(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. |
O Reilly Automotive (NASDAQ:ORLY)
Gráfico Histórico do Ativo
De Jun 2024 até Jul 2024
O Reilly Automotive (NASDAQ:ORLY)
Gráfico Histórico do Ativo
De Jul 2023 até Jul 2024