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, 2018.
3rd Quarter Financial
ResultsGreg Johnson, O’Reilly’s CEO and Co-President,
commented, “We are pleased to report another profitable quarter,
driven by Team O’Reilly’s commitment to providing excellent service
to every customer. Our third quarter comparable store sales
increase of 3.9% was at the top end of our guidance range and is a
testament to the hard work and dedication of our Team. As a
reminder, our third quarter comparable store sales results include
approximately 50 basis points of headwind from one additional
Sunday this year, which is our lowest volume day. Our Team’s
continued focus on profitable growth generated a solid 5% increase
in third quarter operating profit dollars and a 40% increase in
third quarter diluted earnings per share to $4.50, and I would like
to thank our Team Members for their continued hard work, dedication
and relentless focus on providing consistently excellent service to
our customers.”
Sales for the third quarter ended
September 30, 2018, increased $143 million, or 6%, to $2.48
billion from $2.34 billion for the same period one year ago.
Gross profit for the third quarter increased 7% to $1.32 billion
(or 53.0% of sales) from $1.23 billion (or 52.6% of sales) for the
same period one year ago. Selling, general and administrative
expenses (“SG&A”) for the third quarter increased 8% to $831
million (or 33.5% of sales) from $768 million (or 32.8% of sales)
for the same period one year ago. Operating income for the
third quarter increased 5% to $485 million (or 19.5% of sales) from
$462 million (or 19.7% of sales) for the same period one year
ago.
Net income for the third quarter ended
September 30, 2018, increased $82 million, or 29%, to $366
million (or 14.7% of sales) from $284 million (or 12.1% of sales)
for the same period one year ago. Diluted earnings per common
share for the third quarter increased 40% to $4.50 on 81 million
shares versus $3.22 on 88 million shares for the same period one
year ago.
Year-to-Date Financial
ResultsMr. Johnson continued, “During the third quarter,
we opened 43 net, new stores, which brings our year-to-date store
openings to 171 net, new stores across 33 states, and we are well
positioned to achieve our target of 200 net, new stores for
2018. We continue to be pleased with the performance of our
new stores and remain very confident in our opportunities to
profitably grow in both existing and new market areas. Based
on solid industry demand drivers and our confidence in the ability
of our store Teams to continue to take market share, we are
establishing a target range of 200 to 210 net, new store openings
for 2019, supported by our industry-leading distribution network
and best-in-class parts availability.”
Sales for the first nine months of 2018
increased $435 million, or 6%, to $7.22 billion from $6.79 billion
for the same period one year ago. Gross profit for the first
nine months of 2018 increased 7% to $3.81 billion (or 52.7% of
sales) from $3.56 billion (or 52.5% of sales) for the same period
one year ago. SG&A for the first nine months of 2018
increased 8% to $2.42 billion (or 33.5% of sales) from $2.24
billion (or 33.0% of sales) for the same period one year ago.
Operating income for the first nine months of 2018 increased 5% to
$1.39 billion (or 19.2% of sales) from $1.32 billion (or 19.5% of
sales) for the same period one year ago.
Net income for the first nine months of 2018
increased $193 million, or 23%, to $1.02 billion (or 14.2% of
sales) from $831 million (or 12.3% of sales) for the same period
one year ago. Diluted earnings per common share for the first
nine months of 2018 increased 35% to $12.36 on 83 million shares
versus $9.15 on 91 million shares for the same period one year
ago.
Share Repurchase ProgramDuring
the third quarter ended September 30, 2018, the Company
repurchased 0.9 million shares of its common stock, at an average
price per share of $306.22, for a total investment of $285
million. During the first nine months ended
September 30, 2018, the Company repurchased 4.7 million shares
of its common stock, at an average price per share of $266.48, for
a total investment of $1.25 billion. Subsequent to the end of
the third quarter and through the date of this release, the Company
repurchased an additional 0.2 million shares of its common stock,
at an average price per share of $340.76, for a total investment of
$68 million. The Company has repurchased a total of 71.1
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 $145.53,
for a total aggregate investment of $10.35 billion. As of the
date of this release, the Company had approximately $396 million
remaining under its current share repurchase authorization.
3rd 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. Online sales, resulting from ship-to-home
orders and pick-up-in-store orders, for stores open at least one
year, are included in the comparable store sales calculation.
Comparable store sales increased 3.9% for the third quarter ended
September 30, 2018, on top of 1.8% for the same period one
year ago. Comparable store sales increased 4.0% for the nine
months ended September 30, 2018, on top of 1.5% for the same
period one year ago.
4th Quarter and Updated Full-Year
2018 GuidanceThe table below outlines the Company’s
guidance for selected fourth quarter and updated full-year 2018
financial data:
|
For the Three Months Ending December
31, 2018 |
|
For the Year Ending December 31,
2018 |
Comparable store sales |
2% to 4% |
|
3% 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 |
|
|
21% to 22% |
Diluted earnings per share (1) |
$3.60 to $3.70 |
|
$15.95 to $16.05 |
Net cash provided by operating activities |
|
|
$1.62 billion to $1.76 billion |
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) Free cash flow is a
non-GAAP financial measure. The table below reconciles Free cash
flow guidance to Net cash provided by operating activities
guidance, the most directly comparable GAAP financial measure:
(in millions) |
For the Year Ending December 31,
2018 |
Net cash provided by operating activities |
$ |
1,620 |
|
to |
$ |
1,760 |
|
Less: |
Capital expenditures |
490 |
|
to |
520 |
|
|
Excess tax benefit from share-based compensation payments |
30 |
|
to |
40 |
|
Free cash flow |
$ |
1,100 |
|
to |
$ |
1,200 |
|
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 table above and the selected financial information below.
Earnings Conference Call
InformationThe Company will host a conference call on
Thursday, October 25, 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) 619-6396; the
conference call identification number is 47646960. A replay
of the conference call will be available on the Company’s website
through Thursday, October 24, 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 September 30,
2018, the Company operated 5,190 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, 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 |
O’REILLY AUTOMOTIVE, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS(In
thousands, except share data)
|
September 30,
2018 |
|
September 30, 2017 |
|
December 31, 2017 |
|
(Unaudited) |
|
(Unaudited) |
|
(Note) |
Assets |
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and cash equivalents |
$ |
40,019 |
|
|
$ |
37,287 |
|
|
$ |
46,348 |
|
Accounts receivable, net |
242,692 |
|
|
219,631 |
|
|
216,251 |
|
Amounts receivable from suppliers |
83,237 |
|
|
79,491 |
|
|
76,236 |
|
Inventory |
3,139,621 |
|
|
2,987,592 |
|
|
3,009,800 |
|
Other current assets |
54,462 |
|
|
34,480 |
|
|
49,037 |
|
Total current assets |
3,560,031 |
|
|
3,358,481 |
|
|
3,397,672 |
|
|
|
|
|
|
|
Property and equipment, at cost |
5,512,325 |
|
|
5,114,804 |
|
|
5,191,135 |
|
Less: accumulated depreciation and amortization |
2,010,392 |
|
|
1,822,123 |
|
|
1,847,329 |
|
Net property and equipment |
3,501,933 |
|
|
3,292,681 |
|
|
3,343,806 |
|
|
|
|
|
|
|
Goodwill |
789,178 |
|
|
787,210 |
|
|
789,058 |
|
Other assets, net |
43,572 |
|
|
40,956 |
|
|
41,349 |
|
Total assets |
$ |
7,894,714 |
|
|
$ |
7,479,328 |
|
|
$ |
7,571,885 |
|
|
|
|
|
|
|
Liabilities and shareholders’ equity |
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
Accounts payable |
$ |
3,384,098 |
|
|
$ |
3,154,250 |
|
|
$ |
3,190,029 |
|
Self-insurance reserves |
75,440 |
|
|
72,223 |
|
|
71,695 |
|
Accrued payroll |
89,721 |
|
|
80,953 |
|
|
77,147 |
|
Accrued benefits and withholdings |
83,113 |
|
|
65,574 |
|
|
69,308 |
|
Income taxes payable |
— |
|
|
6,175 |
|
|
— |
|
Other current liabilities |
272,709 |
|
|
249,325 |
|
|
239,187 |
|
Total current liabilities |
3,905,081 |
|
|
3,628,500 |
|
|
3,647,366 |
|
|
|
|
|
|
|
Long-term debt |
3,174,327 |
|
|
2,900,816 |
|
|
2,978,390 |
|
Deferred income taxes |
102,640 |
|
|
131,847 |
|
|
85,406 |
|
Other liabilities |
214,287 |
|
|
203,986 |
|
|
207,677 |
|
|
|
|
|
|
|
Shareholders’ equity: |
|
|
|
|
|
Common stock, $0.01 par value: |
|
|
|
|
|
Authorized shares – 245,000,000 |
|
|
|
|
|
Issued and outstanding shares – |
|
|
|
|
|
80,345,665 as of September 30, 2018, |
|
|
|
|
|
85,338,294 as of September 30, 2017, and |
|
|
|
|
|
84,302,187 as of December 31, 2017 |
803 |
|
|
853 |
|
|
843 |
|
Additional paid-in capital |
1,265,827 |
|
|
1,267,810 |
|
|
1,265,043 |
|
Retained deficit |
(768,251 |
) |
|
(654,484 |
) |
|
(612,840 |
) |
Total shareholders’ equity |
498,379 |
|
|
614,179 |
|
|
653,046 |
|
|
|
|
|
|
|
Total liabilities and shareholders’ equity |
$ |
7,894,714 |
|
|
$ |
7,479,328 |
|
|
$ |
7,571,885 |
|
Note: The balance sheet at
December 31, 2017, 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
SUBSIDIARIESCONDENSED 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, |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Sales |
$ |
2,482,717 |
|
|
$ |
2,339,830 |
|
|
$ |
7,221,471 |
|
|
$ |
6,786,918 |
|
Cost of goods sold, including warehouse and distribution
expenses |
1,166,962 |
|
|
1,109,536 |
|
|
3,415,820 |
|
|
3,225,415 |
|
Gross profit |
1,315,755 |
|
|
1,230,294 |
|
|
3,805,651 |
|
|
3,561,503 |
|
|
|
|
|
|
|
|
|
Selling, general and administrative expenses |
830,607 |
|
|
768,331 |
|
|
2,418,507 |
|
|
2,238,938 |
|
Operating income |
485,148 |
|
|
461,963 |
|
|
1,387,144 |
|
|
1,322,565 |
|
|
|
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
|
|
Interest expense |
(31,582 |
) |
|
(24,324 |
) |
|
(90,661 |
) |
|
(64,555 |
) |
Interest income |
669 |
|
|
592 |
|
|
1,838 |
|
|
1,768 |
|
Other, net |
1,416 |
|
|
1,299 |
|
|
2,609 |
|
|
1,302 |
|
Total other expense |
(29,497 |
) |
|
(22,433 |
) |
|
(86,214 |
) |
|
(61,485 |
) |
|
|
|
|
|
|
|
|
Income before income taxes |
455,651 |
|
|
439,530 |
|
|
1,300,930 |
|
|
1,261,080 |
|
Provision for income taxes |
89,500 |
|
|
155,796 |
|
|
276,800 |
|
|
429,591 |
|
Net income |
$ |
366,151 |
|
|
$ |
283,734 |
|
|
$ |
1,024,130 |
|
|
$ |
831,489 |
|
|
|
|
|
|
|
|
|
Earnings per share-basic: |
|
|
|
|
|
|
|
Earnings per share |
$ |
4.54 |
|
|
$ |
3.26 |
|
|
$ |
12.50 |
|
|
$ |
9.28 |
|
Weighted-average common shares outstanding – basic |
80,593 |
|
|
86,947 |
|
|
81,939 |
|
|
89,641 |
|
|
|
|
|
|
|
|
|
Earnings per share-assuming dilution: |
|
|
|
|
|
|
|
Earnings per share |
$ |
4.50 |
|
|
$ |
3.22 |
|
|
$ |
12.36 |
|
|
$ |
9.15 |
|
Weighted-average common shares outstanding – assuming dilution |
81,410 |
|
|
88,025 |
|
|
82,841 |
|
|
90,869 |
|
O’REILLY AUTOMOTIVE, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS(Unaudited) (In thousands)
|
For the Nine Months Ended
September 30, |
|
2018 |
|
2017 |
|
|
|
|
Operating activities: |
|
|
|
Net income |
$ |
1,024,130 |
|
|
$ |
831,489 |
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
Depreciation and amortization of property, equipment
and intangibles |
193,318 |
|
|
173,500 |
|
Amortization of debt discount and issuance
costs |
2,557 |
|
|
2,078 |
|
Deferred income taxes |
17,234 |
|
|
41,848 |
|
Share-based compensation programs |
15,144 |
|
|
14,835 |
|
Other |
6,304 |
|
|
8,174 |
|
Changes in operating assets and liabilities: |
|
|
|
Accounts receivable |
(32,799 |
) |
|
(28,761 |
) |
Inventory |
(129,214 |
) |
|
(208,338 |
) |
Accounts payable |
194,069 |
|
|
217,486 |
|
Income taxes payable |
4,460 |
|
|
32,124 |
|
Other |
46,816 |
|
|
2,984 |
|
Net cash provided by operating activities |
1,342,019 |
|
|
1,087,419 |
|
|
|
|
|
Investing activities: |
|
|
|
Purchases of property and equipment |
(350,461 |
) |
|
(347,756 |
) |
Proceeds from sale of property and equipment |
3,353 |
|
|
1,906 |
|
Other |
(716 |
) |
|
(2,072 |
) |
Net cash used in investing activities |
(347,824 |
) |
|
(347,922 |
) |
|
|
|
|
Financing activities: |
|
|
|
Proceeds from borrowings on revolving credit facility |
1,745,000 |
|
|
2,487,000 |
|
Payments on revolving credit facility |
(2,046,000 |
) |
|
(2,218,000 |
) |
Proceeds from the issuance of long-term debt |
498,660 |
|
|
748,800 |
|
Payment of debt issuance costs |
(3,923 |
) |
|
(7,490 |
) |
Repurchases of common stock |
(1,251,060 |
) |
|
(1,893,148 |
) |
Net proceeds from issuance of common stock |
58,955 |
|
|
34,186 |
|
Other |
(2,156 |
) |
|
(156 |
) |
Net cash used in financing activities |
(1,000,524 |
) |
|
(848,808 |
) |
|
|
|
|
Net decrease in cash and cash equivalents |
(6,329 |
) |
|
(109,311 |
) |
Cash and cash equivalents at beginning of the period |
46,348 |
|
|
146,598 |
|
Cash and cash equivalents at end of the period |
$ |
40,019 |
|
|
$ |
37,287 |
|
|
|
|
|
Supplemental disclosures of cash flow
information: |
|
|
|
Income taxes paid |
$ |
256,949 |
|
|
$ |
359,838 |
|
Interest paid, net of capitalized interest |
102,025 |
|
|
72,252 |
|
O’REILLY AUTOMOTIVE, INC. AND
SUBSIDIARIESSELECTED FINANCIAL
INFORMATION (Unaudited)
|
For the Twelve Months Ended
September 30, |
Adjusted Debt to EBITDAR: |
2018 |
|
2017 |
(In thousands, except adjusted debt to EBITDAR
ratio) |
|
|
|
GAAP debt |
$ |
3,174,327 |
|
|
$ |
2,900,816 |
|
Add: |
Letters of credit |
36,984 |
|
|
41,258 |
|
|
Discount on senior notes |
4,498 |
|
|
3,894 |
|
|
Debt issuance costs |
16,175 |
|
|
14,290 |
|
|
Six-times rent expense |
1,876,758 |
|
|
1,770,498 |
|
Adjusted debt |
$ |
5,108,742 |
|
|
$ |
4,730,756 |
|
|
|
|
|
|
GAAP net income |
$ |
1,326,445 |
|
|
$ |
1,077,519 |
|
Add: |
Interest expense |
117,455 |
|
|
83,258 |
|
|
Provision for income taxes |
351,209 |
|
|
574,491 |
|
|
Depreciation and amortization |
253,663 |
|
|
229,919 |
|
|
Share-based compensation expense |
19,710 |
|
|
19,323 |
|
|
Rent expense |
312,793 |
|
|
295,083 |
|
EBITDAR |
$ |
2,381,275 |
|
|
$ |
2,279,593 |
|
|
|
|
|
|
Adjusted debt to EBITDAR |
2.15 |
|
2.08 |
|
September 30, |
|
2018 |
|
2017 |
Selected Balance Sheet Ratios: |
|
|
|
Inventory turnover (1) |
1.4 |
|
|
1.5 |
|
Average inventory per store (in thousands) (2) |
$ |
605 |
|
|
$ |
599 |
|
Accounts payable to inventory (3) |
107.8 |
% |
|
105.6 |
% |
Return on assets (4) |
17.2 |
% |
|
14.7 |
% |
|
For the Three Months Ended
September 30, |
|
For the Nine Months Ended
September 30, |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Reconciliation of Free Cash Flow (in
thousands): |
|
|
|
|
|
|
|
Net cash provided by operating activities |
$ |
466,786 |
|
|
$ |
376,912 |
|
|
$ |
1,342,019 |
|
|
$ |
1,087,419 |
|
Less: |
Capital expenditures |
126,344 |
|
|
120,250 |
|
|
350,461 |
|
|
347,756 |
|
|
Excess tax benefit from share-based compensation payments |
13,366 |
|
|
2,803 |
|
|
32,974 |
|
|
35,282 |
|
Free cash flow |
$ |
327,076 |
|
|
$ |
253,859 |
|
|
$ |
958,584 |
|
|
$ |
704,381 |
|
Store and Team Member
Information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended September 30, |
|
For the Nine Months
Ended September 30, |
|
For the Twelve Months
Ended September 30, |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Beginning store count |
5,147 |
|
|
4,934 |
|
|
5,019 |
|
|
4,829 |
|
|
4,984 |
|
|
4,712 |
|
New stores opened |
45 |
|
|
52 |
|
|
177 |
|
|
162 |
|
|
213 |
|
|
232 |
|
Stores acquired |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
48 |
|
Stores closed |
(2 |
) |
|
(2 |
) |
|
(6 |
) |
|
(7 |
) |
|
(7 |
) |
|
(8 |
) |
Ending store count |
5,190 |
|
|
4,984 |
|
|
5,190 |
|
|
4,984 |
|
|
5,190 |
|
|
4,984 |
|
|
For the Three Months Ended
September 30, |
|
For the Twelve Months Ended
September 30, |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Total employment |
80,158 |
|
|
75,809 |
|
|
|
|
|
Square footage (in thousands) |
38,166 |
|
|
36,340 |
|
|
|
|
|
Sales per weighted-average square foot (5) |
$ |
65.02 |
|
|
$ |
64.37 |
|
|
$ |
250.71 |
|
|
$ |
248.82 |
|
Sales per weighted-average store (in thousands) (6) |
$ |
477 |
|
|
$ |
469 |
|
|
$ |
1,836 |
|
|
$ |
1,811 |
|
(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 assets. Average total
assets is calculated as the average of total assets for the
trailing four quarters used in determining the denominator. |
(5) 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. |
(6) 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. |
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