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 second quarter ended June 30, 2021, and
announced the future retirement and leadership succession plan for
Jeff Shaw, COO and Co-President.
2nd
Quarter Financial ResultsGreg Johnson, O’Reilly’s
CEO and Co-President, commented, “We are pleased to report another
outstanding quarter, especially as our Team faced very difficult
comparisons to our extremely strong results in the second quarter
last year. Team O’Reilly continues to deliver consistently
outstanding service to our customers and produce record-breaking
financial results, highlighted by our 9.9% increase in comparable
store sales for the quarter, on top of a 16.2% increase in the
prior year. We are also proud of our Team’s ability to deliver
profitable growth, leveraging our strong top-line results to drive
second quarter diluted earnings per share of $8.33, which was a 17%
increase over the prior year and on top of the 57% increase in
earnings per share we delivered in the second quarter of 2020. I
would like to take this opportunity to thank our over 79,000 Team
Members for their incredible hard work and unwavering dedication to
safety, while providing excellent customer service, which has been
so crucial to our customers during the pandemic.”
Sales for the second quarter ended
June 30, 2021, increased $374 million, or 12%, to $3.47
billion from $3.09 billion for the same period one year ago. Gross
profit for the second quarter increased 12% to $1.83 billion (or
52.7% of sales) from $1.64 billion (or 53.0% of sales) for the same
period one year ago. Selling, general and administrative expenses
(“SG&A”) for the second quarter increased 14% to $1.03 billion
(or 29.7% of sales) from $901 million (or 29.1% of sales) for the
same period one year ago. Operating income for the second quarter
increased 8% to $796 million (or 23.0% of sales) from $736 million
(or 23.8% of sales) for the same period one year ago.
Net income for the second quarter ended
June 30, 2021, increased $54 million, or 10%, to $585
million (or 16.9% of sales) from $532 million (or 17.2% of sales)
for the same period one year ago. Diluted earnings per common share
for the second quarter increased 17% to $8.33 on 70 million shares
versus $7.10 on 75 million shares for the same period one year
ago.
Year-to-Date Financial
ResultsMr. Johnson added, “Our Team’s unwavering
commitment to our customers in the first half of 2021 drove a 16.5%
increase in comparable store sales, a 28% increase in operating
profit dollars and a 39% increase in diluted earnings per share.
Our continued strong sales results in 2021 are the product of
strong execution of our dual market strategy, combined with a
beneficial industry backdrop, augmented by favorable weather
trends, and the significant positive impact from the last round of
government stimulus starting at the end of our first quarter. Even
as the tailwind from the stimulus benefits moderated in May and
June, we have remained very pleased with our Team’s ability to
sustain year-over-year increases in sales volumes despite the very
difficult comparisons to the prior year. Our better-than-expected
sales volumes in May and June have continued thus far in July. As a
result of our second quarter performance and strong start to our
third quarter, coupled with our confidence in Team O’Reilly’s
ability to provide industry-leading customer service, we are
raising our full-year 2021 guidance for comparable store sales from
a range of 1% to 3% to a range of 5% to 7%. We are also increasing
our full-year diluted earnings per share guidance to a range of
$26.80 to $27.00, which represents an increase of $2.05 at the
midpoint from our previously provided guidance.”
Sales for the first six months of 2021 increased
$988 million, or 18%, to $6.56 billion from $5.57 billion for the
same period one year ago. Gross profit for the first six months of
2021 increased 18% to $3.47 billion (or 52.9% of sales) from $2.93
billion (or 52.7% of sales) for the same period one year ago.
SG&A for the first six months of 2021 increased 12% to $1.98
billion (or 30.2% of sales) from $1.77 billion (or 31.8% of sales)
for the same period one year ago. Operating income for the first
six months of 2021 increased 28% to $1.49 billion (or 22.7% of
sales) from $1.16 billion (or 20.8% of sales) for the same period
one year ago.
Net income for the first six months of 2021
increased $255 million, or 31%, to $1.09 billion (or 16.6% of
sales) from $832 million (or 14.9% of sales) for the same period
one year ago. Diluted earnings per common share for the first six
months of 2021 increased 39% to $15.39 on 71 million shares versus
$11.06 on 75 million shares for the same period one year ago.
2nd
Quarter Comparable Store Sales ResultsComparable
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 six months ended
June 30, 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 9.9% for the second quarter ended
June 30, 2021, on top of 16.2% for the same period one
year ago. Comparable stores sales increased 16.5% for the six
months ended June 30, 2021, on top of 7.5% for the same
period one year ago.
Share Repurchase ProgramDuring
the second quarter ended June 30, 2021, the Company
repurchased 0.7 million shares of its common stock, at an average
price per share of $537.25, for a total investment of $400 million.
During the first six months of 2021, the Company repurchased 2.2
million shares of its common stock, at an average price per share
of $479.69, for a total investment of $1.06 billion. Subsequent to
the end of the second 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 $591.06, for a total
investment of $114 million. The Company has repurchased a total of
83.4 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 $185.14,
for a total aggregate investment of $15.45 billion. As
of the date of this release, the Company had approximately $1.80
billion remaining under its current share repurchase
authorizations.
Updated Full-Year 2021
GuidanceThe 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 updated guidance for selected
full-year 2021 financial data:
|
|
|
|
|
For the Year Ending |
|
|
December 31, 2021 |
Comparable store sales |
|
5% to 7% |
Total revenue |
|
$12.3 billion to $12.6 billion |
Gross profit as
a percentage of sales |
|
52.2% to 52.7% |
Operating income as
a percentage of sales |
|
20.5% to 20.9% |
Effective income tax rate |
|
23.0% |
Diluted earnings per share
(1) |
|
$26.80 to $27.00 |
Net cash provided by operating
activities |
|
$2.2 billion to $2.7 billion |
Capital expenditures |
|
$550 million to $650 million |
Free cash flow (2) |
|
$1.5 billion to $1.8 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 |
|
$ |
2,245 |
|
to |
|
$ |
2,670 |
Less: |
Capital expenditures |
|
|
550 |
|
to |
|
|
650 |
|
Excess tax benefit from
share-based compensation payments |
|
|
15 |
|
to |
|
|
20 |
|
Investment in tax credit
equity investments |
|
|
180 |
|
to |
|
|
200 |
Free cash
flow |
|
$ |
1,500 |
|
to |
|
$ |
1,800 |
Jeff Shaw, COO and Co-President,
Retirement and Leadership Succession“After more than 33
years of dedicated service to O’Reilly, Jeff Shaw has decided to
retire, effective in early 2022,” stated Mr. Johnson. “Jeff is an
outstanding leader and mentor, and he has been a critical part of
our Company’s incredible success and profitable growth during his
tenure. He is extremely passionate about providing consistent,
top-notch customer service and has relentlessly perpetuated this
focus in every member of his Team. Jeff has been a champion of
executing the Company’s ‘promote from within’ philosophy, and he
has personally trained and mentored many of O’Reilly’s current
senior leadership team, including identifying and preparing for his
own retirement and succession. I would like to express my sincere
appreciation to Jeff for his incredible contributions to O’Reilly’s
success, and we all wish Jeff and his family a very happy and well
deserved retirement.”
Mr. Shaw has been an O’Reilly Team Member for
over 33 years, beginning his career as a Parts Specialist and
progressing through the roles of Store Manager, District Manager,
Regional Manager, Divisional Vice President, Vice President of the
Southern Division, Vice President of Sales and Operations, Senior
Vice President of Sales and Operations, Executive Vice President of
Store Operations and Sales, and Co-President, and was promoted to
his current role of COO and Co-President on May 8, 2018. In his
current role, Mr. Shaw’s primary areas of responsibility are Store
Operations, Sales, Distribution Operations and International
Operations.
Mr. Johnson continued, “Thanks to Jeff’s focus
on succession planning, we are very pleased to announce that Brad
Beckham, O’Reilly’s Executive Vice President of Store Operations
and Sales, will be promoted to the position of Executive Vice
President and Chief Operating Officer at the time of Jeff’s
retirement. Brad has been an O’Reilly Team Member for over 24
years, beginning his career as a Parts Specialist and, through his
dedication and hard work, has been promoted up through the
organization. Brad is a very experienced operator and exceptional
leader and shares Jeff’s passion for providing excellent customer
service, and I am confident he is well prepared to help lead our
Company to success long into the future.”
At the time of Mr. Shaw’s retirement, his
leadership and operational responsibilities will be transitioned to
Mr. Beckham and to Brent Kirby, O’Reilly’s Executive Vice President
of Supply Chain.
Jeff Shaw commented, “It has been an honor to
have worked with so many great people at O’Reilly for these past 30
plus years, and I am extremely grateful for all of the
opportunities provided to me by our Company during my career. While
I will miss working with the Team every day, I could not be more
pleased to have been a part of the Company’s past success, and I am
extremely confident that Brad is ready to step into his new role.
Brad is an extremely talented and well respected leader and will
ensure O’Reilly’s focus on providing top-notch service to our
customers will continue long into the future.”
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, July 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 8385407. A replay of the
conference call will be available on the Company’s website through
Thursday, July 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 June 30, 2021,
the Company operated 5,710 stores in 47 U.S. states and 22 stores
in Mexico.
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 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)
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2021 |
|
June 30, 2020 |
|
December 31, 2020 |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Note) |
Assets |
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
631,618 |
|
|
$ |
872,423 |
|
|
$ |
465,640 |
|
Accounts receivable, net |
|
|
273,148 |
|
|
|
243,660 |
|
|
|
229,679 |
|
Amounts receivable from suppliers |
|
|
113,174 |
|
|
|
86,513 |
|
|
|
100,615 |
|
Inventory |
|
|
3,647,413 |
|
|
|
3,528,683 |
|
|
|
3,653,195 |
|
Other current assets |
|
|
72,994 |
|
|
|
53,206 |
|
|
|
50,658 |
|
Total current assets |
|
|
4,738,347 |
|
|
|
4,784,485 |
|
|
|
4,499,787 |
|
|
|
|
|
|
|
|
|
|
|
Property and equipment, at
cost |
|
|
6,767,596 |
|
|
|
6,403,936 |
|
|
|
6,559,911 |
|
Less: accumulated depreciation
and amortization |
|
|
2,603,442 |
|
|
|
2,365,453 |
|
|
|
2,464,993 |
|
Net property and equipment |
|
|
4,164,154 |
|
|
|
4,038,483 |
|
|
|
4,094,918 |
|
|
|
|
|
|
|
|
|
|
|
Operating lease, right-of-use
assets |
|
|
2,028,329 |
|
|
|
1,926,270 |
|
|
|
1,995,127 |
|
Goodwill |
|
|
881,207 |
|
|
|
872,997 |
|
|
|
881,030 |
|
Other assets, net |
|
|
137,296 |
|
|
|
106,300 |
|
|
|
125,780 |
|
Total assets |
|
$ |
11,949,333 |
|
|
$ |
11,728,535 |
|
|
$ |
11,596,642 |
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
shareholders’ equity |
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
4,583,570 |
|
|
$ |
3,936,400 |
|
|
$ |
4,184,662 |
|
Self-insurance reserves |
|
|
118,259 |
|
|
|
90,890 |
|
|
|
109,199 |
|
Accrued payroll |
|
|
129,025 |
|
|
|
107,116 |
|
|
|
88,875 |
|
Accrued benefits and withholdings |
|
|
221,382 |
|
|
|
140,446 |
|
|
|
242,724 |
|
Income taxes payable |
|
|
29,776 |
|
|
|
91,797 |
|
|
|
16,786 |
|
Current portion of operating lease liabilities |
|
|
333,624 |
|
|
|
318,601 |
|
|
|
322,778 |
|
Other current liabilities |
|
|
355,976 |
|
|
|
336,886 |
|
|
|
297,393 |
|
Total current liabilities |
|
|
5,771,612 |
|
|
|
5,022,136 |
|
|
|
5,262,417 |
|
|
|
|
|
|
|
|
|
|
|
Long-term debt |
|
|
3,825,177 |
|
|
|
4,127,397 |
|
|
|
4,123,217 |
|
Operating lease liabilities,
less current portion |
|
|
1,747,267 |
|
|
|
1,652,284 |
|
|
|
1,718,691 |
|
Deferred income taxes |
|
|
177,118 |
|
|
|
155,530 |
|
|
|
155,899 |
|
Other liabilities |
|
|
210,465 |
|
|
|
182,088 |
|
|
|
196,160 |
|
|
|
|
|
|
|
|
|
|
|
Shareholders’ equity: |
|
|
|
|
|
|
|
|
|
Common stock, $0.01 par value: |
|
|
|
|
|
|
|
|
|
Authorized shares – 245,000,000 |
|
|
|
|
|
|
|
|
|
Issued and outstanding shares – |
|
|
|
|
|
|
|
|
|
69,132,589 as of June 30, 2021, and |
|
|
|
|
|
|
|
|
|
74,097,706 as of June 30, 2020, and |
|
|
|
|
|
|
|
|
|
71,123,109 as of December 31, 2020 |
|
|
691 |
|
|
|
741 |
|
|
|
711 |
|
Additional paid-in capital |
|
|
1,295,363 |
|
|
|
1,289,976 |
|
|
|
1,280,841 |
|
Retained deficit |
|
|
(1,075,769 |
) |
|
|
(679,506 |
) |
|
|
(1,139,139 |
) |
Accumulated other comprehensive loss |
|
|
(2,591 |
) |
|
|
(22,111 |
) |
|
|
(2,155 |
) |
Total shareholders’
equity |
|
|
217,694 |
|
|
|
589,100 |
|
|
|
140,258 |
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and
shareholders’ equity |
|
$ |
11,949,333 |
|
|
$ |
11,728,535 |
|
|
$ |
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 |
|
For the Six Months Ended |
|
|
June 30, |
|
June 30, |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
Sales |
|
$ |
3,465,601 |
|
|
$ |
3,091,595 |
|
|
$ |
6,556,500 |
|
|
$ |
5,568,082 |
|
Cost of goods sold, including
warehouse and distribution expenses |
|
|
1,639,223 |
|
|
|
1,454,415 |
|
|
|
3,089,327 |
|
|
|
2,634,996 |
|
Gross profit |
|
|
1,826,378 |
|
|
|
1,637,180 |
|
|
|
3,467,173 |
|
|
|
2,933,086 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses |
|
|
1,030,795 |
|
|
|
900,690 |
|
|
|
1,980,485 |
|
|
|
1,773,035 |
|
Operating income |
|
|
795,583 |
|
|
|
736,490 |
|
|
|
1,486,688 |
|
|
|
1,160,051 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(37,657 |
) |
|
|
(41,723 |
) |
|
|
(75,163 |
) |
|
|
(81,109 |
) |
Interest income |
|
|
456 |
|
|
|
635 |
|
|
|
993 |
|
|
|
1,310 |
|
Other, net |
|
|
2,952 |
|
|
|
5,008 |
|
|
|
4,643 |
|
|
|
(182 |
) |
Total other expense |
|
|
(34,249 |
) |
|
|
(36,080 |
) |
|
|
(69,527 |
) |
|
|
(79,981 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes |
|
|
761,334 |
|
|
|
700,410 |
|
|
|
1,417,161 |
|
|
|
1,080,070 |
|
Provision for income
taxes |
|
|
175,883 |
|
|
|
168,743 |
|
|
|
330,101 |
|
|
|
247,965 |
|
Net income |
|
$ |
585,451 |
|
|
$ |
531,667 |
|
|
$ |
1,087,060 |
|
|
$ |
832,105 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share-basic: |
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share |
|
$ |
8.41 |
|
|
$ |
7.16 |
|
|
$ |
15.53 |
|
|
$ |
11.15 |
|
Weighted-average common shares
outstanding – basic |
|
|
69,618 |
|
|
|
74,205 |
|
|
|
69,997 |
|
|
|
74,611 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share-assuming
dilution: |
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share |
|
$ |
8.33 |
|
|
$ |
7.10 |
|
|
$ |
15.39 |
|
|
$ |
11.06 |
|
Weighted-average common shares
outstanding – assuming dilution |
|
|
70,264 |
|
|
|
74,833 |
|
|
|
70,640 |
|
|
|
75,246 |
|
O’REILLY AUTOMOTIVE, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS (In thousands)
|
|
|
|
|
|
|
|
|
For the Six Months Ended |
|
|
June 30, |
|
|
2021 |
|
|
2020 |
|
Operating
activities: |
|
|
|
|
|
|
Net income |
|
$ |
1,087,060 |
|
|
$ |
832,105 |
|
Adjustments to reconcile net
income to net cash provided by operating activities: |
|
|
|
|
|
|
Depreciation and amortization of property, equipment and
intangibles |
|
|
158,917 |
|
|
|
151,873 |
|
Amortization of debt discount and issuance costs |
|
|
2,207 |
|
|
|
2,152 |
|
Deferred income taxes |
|
|
21,922 |
|
|
|
14,987 |
|
Share-based compensation programs |
|
|
12,575 |
|
|
|
11,480 |
|
Other |
|
|
1,382 |
|
|
|
1,906 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
Accounts receivable |
|
|
(45,359 |
) |
|
|
(34,966 |
) |
Inventory |
|
|
6,357 |
|
|
|
(78,086 |
) |
Accounts payable |
|
|
398,785 |
|
|
|
334,503 |
|
Income taxes payable |
|
|
12,408 |
|
|
|
210,855 |
|
Other |
|
|
56,578 |
|
|
|
112,269 |
|
Net cash provided by operating activities |
|
|
1,712,832 |
|
|
|
1,559,078 |
|
|
|
|
|
|
|
|
Investing
activities: |
|
|
|
|
|
|
Purchases of property and
equipment |
|
|
(222,607 |
) |
|
|
(244,471 |
) |
Proceeds from sale of property
and equipment |
|
|
4,566 |
|
|
|
4,846 |
|
Investment in tax credit
equity investments |
|
|
(1,768 |
) |
|
|
(95,292 |
) |
Other |
|
|
(1,083 |
) |
|
|
(311 |
) |
Net cash used in investing activities |
|
|
(220,892 |
) |
|
|
(335,228 |
) |
|
|
|
|
|
|
|
Financing
activities: |
|
|
|
|
|
|
Proceeds from borrowings on
revolving credit facility |
|
|
— |
|
|
|
1,162,000 |
|
Payments on revolving credit
facility |
|
|
— |
|
|
|
(1,423,000 |
) |
Proceeds from the issuance of
long-term debt |
|
|
— |
|
|
|
499,795 |
|
Principal payments on
long-term debt |
|
|
(300,000 |
) |
|
|
— |
|
Payment of debt issuance
costs |
|
|
(3,299 |
) |
|
|
(3,840 |
) |
Repurchases of common
stock |
|
|
(1,064,189 |
) |
|
|
(651,027 |
) |
Net proceeds from issuance of
common stock |
|
|
41,921 |
|
|
|
25,593 |
|
Other |
|
|
(313 |
) |
|
|
(253 |
) |
Net cash used in financing activities |
|
|
(1,325,880 |
) |
|
|
(390,732 |
) |
|
|
|
|
|
|
|
Effect of exchange rate
changes on cash |
|
|
(82 |
) |
|
|
(1,101 |
) |
Net increase in cash and cash
equivalents |
|
|
165,978 |
|
|
|
832,017 |
|
Cash and cash equivalents at
beginning of the period |
|
|
465,640 |
|
|
|
40,406 |
|
Cash and cash equivalents at
end of the period |
|
$ |
631,618 |
|
|
$ |
872,423 |
|
|
|
|
|
|
|
|
Supplemental
disclosures of cash flow information: |
|
|
|
|
|
|
Income taxes paid |
|
$ |
292,673 |
|
|
$ |
20,187 |
|
Interest paid, net of
capitalized interest |
|
|
76,788 |
|
|
|
73,091 |
|
O’REILLY AUTOMOTIVE, INC. AND
SUBSIDIARIESSELECTED FINANCIAL INFORMATION (Unaudited)
|
|
|
|
|
|
|
|
|
|
For the Twelve Months Ended |
|
|
June 30, |
Adjusted Debt
to EBITDAR: |
|
2021 |
|
2020 |
(In thousands,
except adjusted debt to EBITDAR ratio) |
|
|
|
|
|
|
GAAP debt |
|
$ |
3,825,177 |
|
$ |
4,127,397 |
Add: |
Letters of credit |
|
|
84,045 |
|
|
51,551 |
|
Discount on senior notes |
|
|
4,700 |
|
|
3,295 |
|
Debt issuance costs |
|
|
20,123 |
|
|
19,308 |
|
Six-times rent expense |
|
|
2,182,596 |
|
|
2,073,180 |
Adjusted debt |
|
$ |
6,116,641 |
|
$ |
6,274,731 |
|
|
|
|
|
|
|
GAAP net
income |
|
$ |
2,007,257 |
|
$ |
1,548,314 |
Add: |
Interest expense |
|
|
155,180 |
|
|
152,255 |
|
Provision for income
taxes |
|
|
596,239 |
|
|
442,962 |
|
Depreciation and
amortization |
|
|
321,679 |
|
|
290,473 |
|
Share-based compensation
expense |
|
|
23,842 |
|
|
22,386 |
|
Rent expense (i) |
|
|
363,766 |
|
|
345,530 |
EBITDAR |
|
$ |
3,467,963 |
|
$ |
2,801,920 |
|
|
|
|
|
|
|
Adjusted debt to
EBITDAR |
|
|
1.76 |
|
|
2.24 |
(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 June 30, 2021 and 2020 (in
thousands):
|
|
|
|
|
|
|
Total lease cost,
per ASC 842, for the twelve months ended
June 30, 2021 |
|
$ |
432,619 |
|
Less: |
Variable non-contract operating
lease components, related to property taxes and insurance, for the
twelve months ended June 30, 2021 |
|
|
68,853 |
|
Rent expense for
the twelve months ended June 30, 2021 |
|
$ |
363,766 |
|
|
|
|
|
|
|
Total lease cost,
per ASC 842, for the twelve months ended
June 30, 2020 |
|
$ |
408,583 |
|
Less: |
Variable non-contract operating
lease components, related to property taxes and insurance, for the
twelve months ended June 30, 2020 |
|
|
63,053 |
|
Rent expense for
the twelve months ended June 30, 2020 |
|
$ |
345,530 |
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
|
2021 |
|
2020 |
Selected Balance Sheet
Ratios: |
|
|
|
|
|
|
|
|
Inventory turnover (1) |
|
|
1.7 |
|
|
1.5 |
Average inventory per store
(in thousands) (2) |
|
$ |
636 |
|
$ |
632 |
Accounts payable to inventory
(3) |
|
|
125.7% |
|
|
111.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
For the Six Months Ended |
|
|
|
June 30, |
|
June 30, |
|
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Reconciliation of Free Cash Flow (in
thousands): |
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities |
|
$ |
822,160 |
|
$ |
1,099,985 |
|
$ |
1,712,832 |
|
$ |
1,559,078 |
Less: |
Capital expenditures |
|
|
127,728 |
|
|
111,187 |
|
|
222,607 |
|
|
244,471 |
|
Excess tax benefit from
share-based compensation payments |
|
|
10,808 |
|
|
3,080 |
|
|
16,815 |
|
|
6,460 |
|
Investment in tax credit equity
investments |
|
|
1,762 |
|
|
33 |
|
|
1,768 |
|
|
95,292 |
Free cash flow |
|
$ |
681,862 |
|
$ |
985,685 |
|
$ |
1,471,642 |
|
$ |
1,212,855 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
For the Six Months Ended |
|
For the Twelve Months Ended |
|
|
June 30, |
|
June 30, |
|
June 30, |
|
|
2021 |
|
2020 |
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
Store
Count: |
|
|
|
|
|
|
|
|
|
|
|
|
Beginning domestic store
count |
|
5,660 |
|
5,512 |
|
5,594 |
|
|
5,439 |
|
|
5,562 |
|
|
5,344 |
|
New stores opened |
|
50 |
|
50 |
|
118 |
|
|
126 |
|
|
159 |
|
|
221 |
|
Stores closed |
|
— |
|
— |
|
(2 |
) |
|
(3 |
) |
|
(11 |
) |
|
(3 |
) |
Ending domestic store
count |
|
5,710 |
|
5,562 |
|
5,710 |
|
|
5,562 |
|
|
5,710 |
|
|
5,562 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mexico stores |
|
22 |
|
21 |
|
22 |
|
|
21 |
|
|
22 |
|
|
21 |
|
Ending total store count |
|
5,732 |
|
5,583 |
|
5,732 |
|
|
5,583 |
|
|
5,732 |
|
|
5,583 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
For the Twelve Months Ended |
|
|
June 30, |
|
June 30, |
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Store and Team Member
Information: (4) |
|
|
|
|
|
|
|
|
|
|
|
|
Total employment |
|
|
79,170 |
|
|
72,877 |
|
|
|
|
|
|
Square footage (in
thousands) |
|
|
42,714 |
|
|
41,318 |
|
|
|
|
|
|
Sales per weighted-average
square foot (5) |
|
$ |
80.35 |
|
$ |
74.18 |
|
$ |
295.60 |
|
$ |
262.03 |
Sales per weighted-average
store (in thousands) (6) |
|
$ |
600 |
|
$ |
551 |
|
$ |
2,202 |
|
$ |
1,940 |
(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) Represents O’Reilly’s U.S. operations
only.
(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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