O’Reilly Automotive, Inc. (the “Company” or “O’Reilly”)
(
Nasdaq: ORLY), a leading retailer in the
automotive aftermarket industry, today announced record revenue and
earnings for its first quarter ended
March 31, 2021.
1st
Quarter Financial Results
Greg Johnson, O’Reilly’s CEO and Co-President,
commented, “We are extremely proud to report our exceptionally
strong start to 2021, highlighted by comparable store sales growth
of 24.8%, which represents the strongest quarterly comparable store
sales growth in our Company’s history, and a 78% increase in
diluted earnings per share. Team O’Reilly once again delivered
record-breaking results in the midst of continued challenges
presented by the pandemic and extreme weather across much of the
country, and I am extremely grateful for our over 77,000 Team
Members and their relentless focus on consistently providing
excellent service to our customers no matter the obstacles they
face. Our top priority remains the safety and wellness of our Team
Members and our customers, and I sincerely appreciate the
unrelenting efforts of our Team to execute on our safety protocols,
while still providing great service and generating incredible
operating results.”
Sales for the first quarter ended
March 31, 2021, increased $614 million, or 25%, to $3.09
billion from $2.48 billion for the same period one year ago. Gross
profit for the first quarter increased 27% to $1.64 billion (or
53.1% of sales) from $1.30 billion (or 52.3% of sales) for the same
period one year ago. Selling, general and administrative expenses
for the first quarter increased 9% to $950 million (or 30.7% of
sales) from $872 million (or 35.2% of sales) for the same period
one year ago. Operating income for the first quarter increased 63%
to $691 million (or 22.4% of sales) from $424 million (or 17.1% of
sales) for the same period one year ago.
Net income for the first quarter ended
March 31, 2021, increased $201 million, or 67%, to $502
million (or 16.2% of sales) from $300 million (or 12.1% of sales)
for the same period one year ago. Diluted earnings per common share
for the first quarter increased 78% to $7.06 on 71 million shares
versus $3.97 on 76 million shares for the same period one year
ago.
Mr. Johnson continued, “Our record-breaking
top-line performance, coupled with our ongoing focus on profitable
growth, drove a 63% increase in operating profit dollars for the
first quarter and generated a 526 basis point increase in operating
margin to 22.4%. Our sales growth for the quarter was comprised of
continued, broad-based strength across our DIY and professional
business and was supported by favorable winter and spring weather,
as well as a significant benefit from the latest rounds of
government stimulus. Based on the strength of our first quarter
results, our robust performance to date in April and, most
importantly, our confidence in Team O’Reilly’s ability to continue
to provide industry-leading customer service, we are raising our
full-year comparable store sales guidance to a range of positive 1%
to 3% from our previous range of down 2% to flat. We also are
increasing our full-year diluted earnings per share guidance to a
range of $24.75 to $24.95, which represents an increase of $2.05 at
the midpoint from our previously provided guidance. I would once
again like to thank all of Team O’Reilly for your hard work and
commitment to our success – your tireless efforts continue to drive
our record-breaking results.”
1st
Quarter Comparable Store Sales Results
Comparable store sales are calculated based on
the change in sales for U.S. 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 sales from Leap Day
for the three months ended March 31, 2020. Online sales, resulting
from ship-to-home orders and pick-up-in-store orders, for U.S.
stores open at least one year, are included in the comparable store
sales calculation. Comparable store sales increased 24.8% for the
first quarter ended March 31, 2021, versus a decrease of
1.9% for the same period one year ago.
Share Repurchase Program
During the first quarter ended
March 31, 2021, the Company repurchased 1.5 million
shares of its common stock, at an average price per share of
$450.65, for a total investment of $665 million. Subsequent to the
end of the first quarter and through the date of this release, the
Company did not repurchase any additional shares of its common
stock. The Company has repurchased a total of 82.5 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 $181.02, for a total aggregate
investment of $14.93 billion. As of the date of this release, the
Company had approximately $817 million remaining under its current
share repurchase authorization.
Updated Full-Year 2021
Guidance
The Company still anticipates potentially
significant volatility in its results, driven by the ongoing
uncertainty related to the pandemic, and will update full-year
guidance during 2021, as appropriate, and if needed. The table
below outlines the Company’s guidance for selected updated
full-year 2021 financial data:
|
|
|
|
|
For the Year Ending |
|
|
December 31, 2021 |
Comparable store sales |
|
1% to 3% |
Total revenue |
|
$11.8 billion to $12.1 billion |
Gross profit as
a percentage of sales |
|
52.2% to 52.7% |
Operating income as
a percentage of sales |
|
19.9% to 20.4% |
Effective income tax rate |
|
23.0% |
Diluted earnings per share
(1) |
|
$24.75 to $24.95 |
Net cash provided by operating
activities |
|
$1.8 billion to $2.3 billion |
Capital expenditures |
|
$550 million to $650 million |
Free cash flow (2) |
|
$1.1 billion to $1.4 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: |
|
|
For the Year Ending |
(in millions) |
|
December 31, 2021 |
Net cash provided
by operating activities |
|
$ |
1,840 |
|
to |
|
$ |
2,265 |
Less: |
Capital expenditures |
|
|
550 |
|
to |
|
|
650 |
|
Excess tax benefit from
share-based compensation payments |
|
|
10 |
|
to |
|
|
15 |
|
Investment in tax credit
equity investments |
|
|
180 |
|
to |
|
|
200 |
Free cash
flow |
|
$ |
1,100 |
|
to |
|
$ |
1,400 |
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
table above and the selected financial information below.
Earnings Conference Call
Information
The Company will host a conference call on
Thursday, April 29, 2021, 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 (703) 375-5524 and the
conference call identification number is 8509026. A replay of the
conference call will be available on the Company’s website through
Thursday, April 28, 2022.
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, 2021,
the Company operated 5,660 stores in 47 U.S. states and 22 stores
in Mexico.
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 COVID-19 pandemic or other public health crises;
the economy in general; inflation; consumer debt levels; product
demand; the market for auto parts; competition; weather; tariffs;
availability of key products; business interruptions, including
terrorist activities, war and the threat of war; failure to protect
our brand and reputation; challenges in international markets;
volatility of the market price of our common stock; our increased
debt levels; credit ratings on public debt; historical growth rate
sustainability; our ability to hire and retain qualified employees;
risks associated with the performance of acquired businesses;
information security and cyber-attacks; and governmental
regulations. 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, 2020, and
subsequent Securities and Exchange Commission filings 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
Contacts |
|
Mark Merz (417) 829-5878 |
|
Eric Bird (417) 868-4259 |
O’REILLY AUTOMOTIVE, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS(In
thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2021 |
|
March 31, 2020 |
|
December 31, 2020 |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Note) |
Assets |
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
610,880 |
|
|
$ |
287,067 |
|
|
$ |
465,640 |
|
Accounts receivable, net |
|
|
265,914 |
|
|
|
221,167 |
|
|
|
229,679 |
|
Amounts receivable from suppliers |
|
|
114,697 |
|
|
|
83,446 |
|
|
|
100,615 |
|
Inventory |
|
|
3,622,201 |
|
|
|
3,556,723 |
|
|
|
3,653,195 |
|
Other current assets |
|
|
73,947 |
|
|
|
53,397 |
|
|
|
50,658 |
|
Total current assets |
|
|
4,687,639 |
|
|
|
4,201,800 |
|
|
|
4,499,787 |
|
|
|
|
|
|
|
|
|
|
|
Property and equipment, at
cost |
|
|
6,651,068 |
|
|
|
6,314,339 |
|
|
|
6,559,911 |
|
Less: accumulated depreciation
and amortization |
|
|
2,538,171 |
|
|
|
2,305,695 |
|
|
|
2,464,993 |
|
Net property and equipment |
|
|
4,112,897 |
|
|
|
4,008,644 |
|
|
|
4,094,918 |
|
|
|
|
|
|
|
|
|
|
|
Operating lease, right-of-use
assets |
|
|
2,041,096 |
|
|
|
1,935,295 |
|
|
|
1,995,127 |
|
Goodwill |
|
|
879,466 |
|
|
|
910,141 |
|
|
|
881,030 |
|
Other assets, net |
|
|
129,789 |
|
|
|
52,982 |
|
|
|
125,780 |
|
Total assets |
|
$ |
11,850,887 |
|
|
$ |
11,108,862 |
|
|
$ |
11,596,642 |
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
shareholders’ equity |
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
4,318,462 |
|
|
$ |
3,758,199 |
|
|
$ |
4,184,662 |
|
Self-insurance reserves |
|
|
116,628 |
|
|
|
83,262 |
|
|
|
109,199 |
|
Accrued payroll |
|
|
131,927 |
|
|
|
103,804 |
|
|
|
88,875 |
|
Accrued benefits and withholdings |
|
|
195,563 |
|
|
|
72,561 |
|
|
|
242,724 |
|
Income taxes payable |
|
|
155,491 |
|
|
|
12,884 |
|
|
|
16,786 |
|
Current portion of operating lease liabilities |
|
|
329,334 |
|
|
|
316,932 |
|
|
|
322,778 |
|
Other current liabilities |
|
|
355,793 |
|
|
|
277,290 |
|
|
|
297,393 |
|
Current portion of long-term debt |
|
|
299,880 |
|
|
|
— |
|
|
|
— |
|
Total current liabilities |
|
|
5,903,078 |
|
|
|
4,624,932 |
|
|
|
5,262,417 |
|
|
|
|
|
|
|
|
|
|
|
Long-term debt, less current
portion |
|
|
3,824,288 |
|
|
|
4,471,248 |
|
|
|
4,123,217 |
|
Operating lease liabilities,
less current portion |
|
|
1,761,732 |
|
|
|
1,661,991 |
|
|
|
1,718,691 |
|
Deferred income taxes |
|
|
165,396 |
|
|
|
73,212 |
|
|
|
155,899 |
|
Other liabilities |
|
|
203,370 |
|
|
|
168,635 |
|
|
|
196,160 |
|
|
|
|
|
|
|
|
|
|
|
Shareholders’ equity: |
|
|
|
|
|
|
|
|
|
Common stock, $0.01 par value: |
|
|
|
|
|
|
|
|
|
Authorized shares – 245,000,000 |
|
|
|
|
|
|
|
|
|
Issued and outstanding shares – |
|
|
|
|
|
|
|
|
|
69,734,990 as of March 31, 2021, and |
|
|
|
|
|
|
|
|
|
74,199,261 as of March 31, 2020, and |
|
|
|
|
|
|
|
|
|
71,123,109 as of December 31, 2020 |
|
|
697 |
|
|
|
742 |
|
|
|
711 |
|
Additional paid-in capital |
|
|
1,274,033 |
|
|
|
1,271,250 |
|
|
|
1,280,841 |
|
Retained deficit |
|
|
(1,275,409 |
) |
|
|
(1,137,392 |
) |
|
|
(1,139,139 |
) |
Accumulated other comprehensive loss |
|
|
(6,298 |
) |
|
|
(25,756 |
) |
|
|
(2,155 |
) |
Total shareholders’ (deficit)
equity |
|
|
(6,977 |
) |
|
|
108,844 |
|
|
|
140,258 |
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and
shareholders’ equity |
|
$ |
11,850,887 |
|
|
$ |
11,108,862 |
|
|
$ |
11,596,642 |
|
Note: The balance sheet at
December 31, 2020, 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(In
thousands, except per share data)
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
|
March 31, |
|
|
2021 |
|
|
2020 |
|
Sales |
|
$ |
3,090,899 |
|
|
$ |
2,476,487 |
|
Cost of goods sold, including
warehouse and distribution expenses |
|
|
1,450,104 |
|
|
|
1,180,581 |
|
Gross profit |
|
|
1,640,795 |
|
|
|
1,295,906 |
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses |
|
|
949,690 |
|
|
|
872,345 |
|
Operating income |
|
|
691,105 |
|
|
|
423,561 |
|
|
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
|
Interest expense |
|
|
(37,506 |
) |
|
|
(39,386 |
) |
Interest income |
|
|
537 |
|
|
|
675 |
|
Other, net |
|
|
1,691 |
|
|
|
(5,190 |
) |
Total other expense |
|
|
(35,278 |
) |
|
|
(43,901 |
) |
|
|
|
|
|
|
|
Income before income
taxes |
|
|
655,827 |
|
|
|
379,660 |
|
Provision for income
taxes |
|
|
154,218 |
|
|
|
79,222 |
|
Net income |
|
$ |
501,609 |
|
|
$ |
300,438 |
|
|
|
|
|
|
|
|
Earnings per share-basic: |
|
|
|
|
|
|
Earnings per share |
|
$ |
7.13 |
|
|
$ |
4.00 |
|
Weighted-average common shares
outstanding – basic |
|
|
70,383 |
|
|
|
75,022 |
|
|
|
|
|
|
|
|
Earnings per share-assuming
dilution: |
|
|
|
|
|
|
Earnings per share |
|
$ |
7.06 |
|
|
$ |
3.97 |
|
Weighted-average common shares
outstanding – assuming dilution |
|
|
71,015 |
|
|
|
75,663 |
|
O’REILLY AUTOMOTIVE, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS (In thousands)
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
|
March 31, |
|
|
2021 |
|
|
2020 |
|
Operating
activities: |
|
|
|
|
|
|
Net income |
|
$ |
501,609 |
|
|
$ |
300,438 |
|
Adjustments to reconcile net
income to net cash provided by operating activities: |
|
|
|
|
|
|
Depreciation and amortization of property, equipment and
intangibles |
|
|
79,757 |
|
|
|
73,963 |
|
Amortization of debt discount and issuance costs |
|
|
1,070 |
|
|
|
1,035 |
|
Deferred income taxes |
|
|
10,551 |
|
|
|
(58,732 |
) |
Share-based compensation programs |
|
|
6,292 |
|
|
|
5,875 |
|
Other |
|
|
920 |
|
|
|
1,739 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
Accounts receivable |
|
|
(37,917 |
) |
|
|
(12,208 |
) |
Inventory |
|
|
30,915 |
|
|
|
(106,937 |
) |
Accounts payable |
|
|
134,091 |
|
|
|
156,584 |
|
Income taxes payable |
|
|
138,196 |
|
|
|
131,949 |
|
Other |
|
|
25,188 |
|
|
|
(34,613 |
) |
Net cash provided by operating activities |
|
|
890,672 |
|
|
|
459,093 |
|
|
|
|
|
|
|
|
Investing
activities: |
|
|
|
|
|
|
Purchases of property and
equipment |
|
|
(94,879 |
) |
|
|
(133,284 |
) |
Proceeds from sale of property
and equipment |
|
|
2,097 |
|
|
|
1,901 |
|
Investment in tax credit
equity investments |
|
|
(6 |
) |
|
|
(95,259 |
) |
Other |
|
|
(969 |
) |
|
|
— |
|
Net cash used in investing activities |
|
|
(93,757 |
) |
|
|
(226,642 |
) |
|
|
|
|
|
|
|
Financing
activities: |
|
|
|
|
|
|
Proceeds from borrowings on
revolving credit facility |
|
|
— |
|
|
|
1,052,000 |
|
Payments on revolving credit
facility |
|
|
— |
|
|
|
(969,000 |
) |
Proceeds from the issuance of
long-term debt |
|
|
— |
|
|
|
499,795 |
|
Payment of debt issuance
costs |
|
|
— |
|
|
|
(2,990 |
) |
Repurchases of common
stock |
|
|
(664,548 |
) |
|
|
(574,052 |
) |
Net proceeds from issuance of
common stock |
|
|
13,557 |
|
|
|
9,800 |
|
Other |
|
|
(313 |
) |
|
|
(253 |
) |
Net cash (used in) provided by financing activities |
|
|
(651,304 |
) |
|
|
15,300 |
|
|
|
|
|
|
|
|
Effect of exchange rate
changes on cash |
|
|
(371 |
) |
|
|
(1,090 |
) |
Net increase in cash and cash
equivalents |
|
|
145,240 |
|
|
|
246,661 |
|
Cash and cash equivalents at
beginning of the period |
|
|
465,640 |
|
|
|
40,406 |
|
Cash and cash equivalents at
end of the period |
|
$ |
610,880 |
|
|
$ |
287,067 |
|
|
|
|
|
|
|
|
Supplemental
disclosures of cash flow information: |
|
|
|
|
|
|
Income taxes paid |
|
$ |
5,567 |
|
|
$ |
4,975 |
|
Interest paid, net of
capitalized interest |
|
|
37,485 |
|
|
|
46,282 |
|
O’REILLY AUTOMOTIVE, INC. AND
SUBSIDIARIESSELECTED FINANCIAL INFORMATION (Unaudited)
|
|
|
|
|
|
|
|
|
|
For the Twelve Months Ended |
|
|
March 31, |
Adjusted Debt
to EBITDAR: |
|
2021 |
|
2020 |
(In thousands,
except adjusted debt to EBITDAR ratio) |
|
|
|
|
|
|
GAAP debt |
|
$ |
4,124,168 |
|
$ |
4,471,248 |
Add: |
Letters of credit |
|
|
84,045 |
|
|
39,083 |
|
Discount on senior notes |
|
|
4,892 |
|
|
3,510 |
|
Debt issuance costs |
|
|
20,940 |
|
|
19,242 |
|
Six-times rent expense |
|
|
2,151,918 |
|
|
2,057,448 |
Adjusted debt |
|
$ |
6,385,963 |
|
$ |
6,590,531 |
|
|
|
|
|
|
|
GAAP net
income |
|
$ |
1,953,473 |
|
$ |
1,370,328 |
Add: |
Interest expense |
|
|
159,246 |
|
|
145,070 |
|
Provision for income
taxes |
|
|
589,099 |
|
|
385,509 |
|
Depreciation and
amortization |
|
|
320,429 |
|
|
280,874 |
|
Share-based compensation
expense |
|
|
23,164 |
|
|
22,372 |
|
Rent expense (i) |
|
|
358,653 |
|
|
342,908 |
EBITDAR |
|
$ |
3,404,064 |
|
$ |
2,547,061 |
|
|
|
|
|
|
|
Adjusted debt to
EBITDAR |
|
|
1.88 |
|
|
2.59 |
(i) |
The table below
outlines the calculation of Rent expense and reconciles Rent
expense to Total lease cost, per ASC 842, the most directly
comparable GAAP financial measure, for the twelve months ended
March 31, 2021 and 2020 (in
thousands): |
|
Total lease
cost, per ASC 842, for the twelve months ended
March 31, 2021 |
|
$ |
426,126 |
|
Less: |
Variable non-contract operating lease components, related to
property taxes and insurance, for the twelve months ended
March 31, 2021 |
|
|
67,473 |
|
Rent expense
for the twelve months ended March 31, 2021 |
|
$ |
358,653 |
|
Total lease
cost, per ASC 842, for the twelve months ended
March 31, 2020 |
|
$ |
404,138 |
|
Less: |
Variable non-contract
operating lease components, related to property taxes and
insurance, for the twelve months ended
March 31, 2020 |
|
|
61,230 |
|
Rent expense
for the twelve months ended March 31, 2020 |
|
$ |
342,908 |
|
|
March 31, |
|
|
2021 |
|
2020 |
Selected Balance Sheet Ratios: |
|
|
|
|
|
|
|
|
Inventory turnover (1) |
|
|
1.6 |
|
|
|
1.4 |
|
Average inventory per store
(in thousands) (2) |
|
$ |
637 |
|
|
$ |
643 |
|
Accounts payable to inventory
(3) |
|
|
119.2 % |
|
|
|
105.7 % |
|
|
|
|
For the Three Months Ended |
|
|
|
March 31, |
|
|
|
2021 |
|
2020 |
Reconciliation of Free Cash Flow (in
thousands): |
|
|
|
|
|
|
Net cash provided by
operating activities |
|
$ |
890,672 |
|
$ |
459,093 |
Less: |
Capital expenditures |
|
|
94,879 |
|
|
133,284 |
|
Excess tax benefit from
share-based compensation payments |
|
|
6,007 |
|
|
3,380 |
|
Investment in tax credit equity
investments |
|
|
6 |
|
|
95,259 |
Free cash flow |
|
$ |
789,780 |
|
$ |
227,170 |
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
For the Twelve Months Ended |
|
|
March 31, |
|
March 31, |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
Store
Count: |
|
|
|
|
|
|
|
|
Beginning domestic store
count |
|
5,594 |
|
|
5,439 |
|
|
5,512 |
|
|
5,306 |
|
New stores opened |
|
68 |
|
|
76 |
|
|
159 |
|
|
214 |
|
Bennett stores acquired, net
of stores merged (4) |
|
— |
|
|
— |
|
|
— |
|
|
(5 |
) |
Stores closed |
|
(2 |
) |
|
(3 |
) |
|
(11 |
) |
|
(3 |
) |
Ending domestic store
count |
|
5,660 |
|
|
5,512 |
|
|
5,660 |
|
|
5,512 |
|
|
|
|
|
|
|
|
|
|
Mexico stores |
|
22 |
|
|
21 |
|
|
22 |
|
|
21 |
|
Ending total store count |
|
5,682 |
|
|
5,533 |
|
|
5,682 |
|
|
5,533 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
For the Twelve Months Ended |
|
|
March 31, |
|
March 31, |
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Store and Team Member
Information: (5) |
|
|
|
|
|
|
|
|
|
|
|
|
Total employment |
|
|
77,383 |
|
|
79,778 |
|
|
|
|
|
|
Square footage (in
thousands) |
|
|
42,191 |
|
|
40,908 |
|
|
|
|
|
|
Sales per weighted-average
square foot (6) |
|
$ |
72.30 |
|
$ |
59.82 |
|
$ |
289.29 |
|
$ |
253.12 |
Sales per weighted-average
store (in thousands) (7) |
|
$ |
539 |
|
$ |
443 |
|
$ |
2,152 |
|
$ |
1,871 |
(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) |
O’Reilly acquired 33 Bennett Auto
Supply, Inc. (“Bennett”) stores after the close of business on
December 31, 2018, which were not included in the December 31,
2018, store count, as they were not operated by the Company for any
portion of 2018. During the first quarter ended March 31, 2019,
O’Reilly merged eight of the acquired Bennett stores into existing
O’Reilly locations, and during the second quarter ended June 30,
2019, O’Reilly merged an additional five acquired Bennett stores
into existing O’Reilly locations. |
|
|
(5) |
Represents O’Reilly’s U.S.
operations only. |
|
|
(6) |
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. |
|
|
(7) |
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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