O’Reilly Automotive, Inc. Announces Leadership Succession and Update to Target Leverage Ratio
08 Maio 2018 - 5:59PM
O’Reilly Automotive, Inc. (the “Company” or “O’Reilly”)
(Nasdaq:ORLY), a leading retailer in the automotive aftermarket
industry, today announced the completion of its previously
announced leadership succession plan and updated the target
leverage ratio as part of its long-term capital structure.
During today’s Annual Meeting of Shareholders, Greg Henslee, who
has served as the Company’s Chief Executive Officer (“CEO”) since
February of 2005, was elected to serve as a Director on the
Company’s Board of Directors (the “Board”) and was subsequently
appointed by the Board to serve as Executive Vice Chairman.
In conjunction with Mr. Henslee’s election to the Board, Greg
Johnson, was promoted to CEO and Co-President, and Jeff Shaw was
promoted to Chief Operating Officer and Co-President.
“With Greg Henslee’s election to the Board and
accepting the Executive Vice Chairman position, we have
successfully completed our leadership succession plan,” stated
David O’Reilly, O’Reilly’s Executive Chairman of the Board.
“Greg Johnson and Jeff Shaw have assumed all of the day-to-day
operational responsibility of the business, and we are very excited
to continue O’Reilly’s success under their leadership. I
would also like to take this opportunity to express my deep
gratitude to Charles O’Reilly, Jr. and Paul Lederer who completed
their final terms as Board members today. We are extremely
grateful to both gentlemen for their long years of loyal service to
the Company, and I would to thank each of them for their
significant contributions to our long-term success.”
During the quarterly Board meeting following the
Annual Meeting of Shareholders, the Board approved a change to the
Company’s target rent-adjusted Debt to EBITDAR leverage ratio,
updating the previous target range originally established in
January of 2011 at 2.00 times to 2.25 times to a target ratio of
2.50 times, using six-times capitalized rent.
Greg Johnson, O’Reilly’s CEO and Co-President
stated, “We established our original target leverage ratio range of
2.00 to 2.25 times over seven years ago, and based on our
profitable growth and effective management of our capital, we
believe it is appropriate to update our target leverage ratio to
2.50 times, which will provide us with increased financial
flexibility and liquidity while also maintaining our historically
prudent financial policies. We believe this updated ratio is
the appropriate capital structure for our Company, and we remain
committed to maintaining our investment-grade credit ratings.
Adjusted debt to EBITDAR is a very important metric but only one of
several we use to manage our capital structure, and we will reach
the new target at the appropriate time.”
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 March 31, 2018, the Company operated 5,097
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 concerning the updated target
leverage ratio, expected growth, store development, integration and
expansion strategy, business strategies, the impact of the U.S. Tax
Cuts and Jobs Act, future revenues and our future capital
structure, liquidity, performance and credit ratings. 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. Further, there can be
no assurance that we will achieve our updated target leverage
ratio. 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,
2017, 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 |
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