O’Reilly Automotive, Inc. (the “Company” or “O’Reilly”)
(
Nasdaq: ORLY), a leading retailer in the
automotive aftermarket industry, today announced record revenue for
its first quarter ended March 31, 2022, and announced the
transition plan for Tom McFall, Executive Vice President and CFO.
1st
Quarter Financial ResultsGreg Johnson, O’Reilly’s
President and CEO, commented, “We are pleased to report another
profitable quarter, highlighted by a 4.8% increase in comparable
store sales, which is on top of the record 24.8% comparable store
sales growth we delivered in the first quarter last year, resulting
in an incredible comparable store sales two-year stacked increase
of 29.6%. Historically, our first quarter can be volatile, as we
see weather impacts from winter conditions early in the quarter and
the timing of the onset of spring at the end. This year was no
exception, and we saw choppiness in our business that coincided
with inclement weather at the beginning of our quarter and the slow
start to spring, along with other macroeconomic pressures. However,
we continue to be pleased with the core, underlying strength of our
business and our solid first quarter comparable store sales
results, which, on top of last year’s performance, are clear
indicators of our Team’s ability to grow our business and take
market share. During the quarter, we launched our professional
pricing initiative, which created the expected pressure on gross
profit, and our Teams continue to effectively manage the ongoing
inflationary cost pressures. I would like to thank each of our over
84,000 Team Members in the U.S. and Mexico for their relentless
focus on providing unsurpassed levels of customer service, and
their ongoing efforts continue to drive profitable growth.”
Sales for the first quarter ended
March 31, 2022, increased $205 million, or 7%, to $3.30
billion from $3.09 billion for the same period one year ago. Gross
profit for the first quarter increased 4% to $1.71 billion (or
51.8% of sales) from $1.64 billion (or 53.1% of sales) for the same
period one year ago. Selling, general and administrative expenses
(“SG&A”) for the first quarter increased 9% to $1.04 billion
(or 31.5% of sales) from $950 million (or 30.7% of sales) for the
same period one year ago. Operating income for the first quarter
decreased 3% to $670 million (or 20.3% of sales) from $691 million
(or 22.4% of sales) for the same period one year ago.
Net income for the first quarter ended
March 31, 2022, decreased $20 million, or 4%, to $482
million (or 14.6% of sales) from $502 million (or 16.2% of sales)
for the same period one year ago. Diluted earnings per common share
for the first quarter increased 2% to $7.17 on 67 million shares
versus $7.06 on 71 million shares for the same period one year
ago.
1st
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. Online sales for 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 4.8% for the first quarter ended
March 31, 2022, on top of 24.8% for the same period one
year ago.
Share Repurchase ProgramDuring
the first quarter ended March 31, 2022, the Company
repurchased 1.2 million shares of its common stock, at an average
price per share of $664.15, for a total investment of $775 million.
Subsequent to the end of the first 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
$694.70, for a total investment of $106 million. The Company has
repurchased a total of 86.9 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 $202.88, for a total aggregate investment of
$17.63 billion. As of the date of this release, the Company had
approximately $1.12 billion remaining under its current share
repurchase authorization.
Full-Year 2022 GuidanceThe
table below outlines the Company’s unchanged guidance for selected
full-year 2022 financial data:
|
|
For the Year Ending |
|
|
December 31, 2022 |
Comparable store sales |
|
5% to 7% |
Total revenue |
|
$14.2 billion to $14.5 billion |
Gross profit as
a percentage of sales |
|
50.8% to 51.3% |
Operating income as
a percentage of sales |
|
20.6% to 21.1% |
Effective income tax rate |
|
23.2% |
Diluted earnings per
share(1) |
|
$32.35 to $32.85 |
Net cash provided by operating
activities |
|
$2.1 billion to $2.5 billion |
Capital expenditures |
|
$650 million to $750 million |
Free cash flow(2) |
|
$1.3 billion to $1.6 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, 2022 |
|
Net cash provided
by operating activities |
|
$ |
2,080 |
|
to |
|
$ |
2,500 |
|
Less: |
Capital expenditures |
|
|
650 |
|
to |
|
|
750 |
|
|
Excess tax benefit from
share-based compensation payments |
|
|
10 |
|
to |
|
|
20 |
|
|
Investment in tax credit
equity investments |
|
|
120 |
|
to |
|
|
130 |
|
Free cash
flow |
|
$ |
1,300 |
|
to |
|
$ |
1,600 |
|
|
|
|
|
|
|
|
|
|
Executive Leadership
TransitionEffective May 9, 2022, Tom McFall, O’Reilly’s
Executive Vice President and Chief Financial Officer, will step
down as Chief Financial Officer and continue his employment with
the Company in the role of Executive Vice President, and at that
time, Jeremy Fletcher, O’Reilly’s Senior Vice President of Finance
and Controller, will be promoted to the position of Executive Vice
President and Chief Financial Officer.
“After 16 years of dedicated service, Tom has
communicated his desire to transition into a different role with
the Company,” Mr. Johnson stated. “Tom has provided exceptional
leadership to our Company since joining Team O’Reilly in 2006, and
we are pleased he will continue to provide valuable guidance and
mentorship as he shifts to this new role. Tom will retain his
existing responsibilities in the areas of Information Technology,
Real Estate, Legal and Risk Management, and will continue to
provide key strategic and executive leadership. Succession planning
has always been an important component of our Culture, and Tom has
done an extraordinary job preparing Jeremy for his new role.”
Mr. McFall commented, “It has been a privilege
to have been a part of our success over the past 16 years, and I am
very excited to continue my career with O’Reilly in a different
role. Our consistent and profitable growth is the result of our
Team working together and continually striving for the next level
of success. During my entire tenure as CFO, Jeremy and I have
worked very closely together, and he has been a trusted partner and
advisor. I am highly confident in his ability to successfully
transition into his new role and, along with our long-tenured
executive management team, build on the Company’s impressive record
of 29 consecutive years of comparable stores sales growth and
record operating income.”
About Jeremy FletcherMr.
Fletcher, age 45, has been an O’Reilly Team Member for 16 years.
Upon joining the Company in 2005, Mr. Fletcher served as Financial
Reporting and Budgeting Manager and progressed through the roles of
Director of Finance, Vice President of Finance and Controller and
has served in his current role as Senior Vice President of Finance
and Controller for over five years. Prior to joining O’Reilly, Mr.
Fletcher worked as a Certified Public Accountant in public practice
and in a financial reporting and planning role for a Fortune 1000
corporation. In his new role as Executive Vice President and Chief
Financial Officer, Mr. Fletcher will assume full responsibility for
all Finance, Accounting and Treasury functions for the Company.
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, April 28, 2022, 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 (404) 400-0571 and the
conference call identification number is 11611896#. A replay of the
conference call will be available on the Company’s website through
Thursday, April 27, 2023.
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, 2022,
the Company operated 5,811 stores in 47 U.S. states and 27 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 and
supply chain disruptions; 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, 2021, 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, 2022 |
|
March 31, 2021 |
|
December 31, 2021 |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Note) |
Assets |
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
191,546 |
|
|
$ |
610,880 |
|
|
$ |
362,113 |
|
Accounts receivable, net |
|
|
305,358 |
|
|
|
265,914 |
|
|
|
272,562 |
|
Amounts receivable from suppliers |
|
|
99,016 |
|
|
|
114,697 |
|
|
|
113,112 |
|
Inventory |
|
|
3,845,881 |
|
|
|
3,622,201 |
|
|
|
3,686,383 |
|
Other current assets |
|
|
81,580 |
|
|
|
73,947 |
|
|
|
70,092 |
|
Total current assets |
|
|
4,523,381 |
|
|
|
4,687,639 |
|
|
|
4,504,262 |
|
|
|
|
|
|
|
|
|
|
|
Property and equipment, at
cost |
|
|
7,046,707 |
|
|
|
6,651,068 |
|
|
|
6,948,038 |
|
Less: accumulated depreciation
and amortization |
|
|
2,810,080 |
|
|
|
2,538,171 |
|
|
|
2,734,523 |
|
Net property and equipment |
|
|
4,236,627 |
|
|
|
4,112,897 |
|
|
|
4,213,515 |
|
|
|
|
|
|
|
|
|
|
|
Operating lease, right-of-use
assets |
|
|
1,976,018 |
|
|
|
2,041,096 |
|
|
|
1,982,478 |
|
Goodwill |
|
|
881,773 |
|
|
|
879,466 |
|
|
|
879,340 |
|
Other assets, net |
|
|
142,590 |
|
|
|
129,789 |
|
|
|
139,112 |
|
Total assets |
|
$ |
11,760,389 |
|
|
$ |
11,850,887 |
|
|
$ |
11,718,707 |
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
shareholders’ deficit |
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
4,943,283 |
|
|
$ |
4,318,462 |
|
|
$ |
4,695,312 |
|
Self-insurance reserves |
|
|
137,627 |
|
|
|
116,628 |
|
|
|
128,794 |
|
Accrued payroll |
|
|
93,623 |
|
|
|
131,927 |
|
|
|
107,588 |
|
Accrued benefits and withholdings |
|
|
139,392 |
|
|
|
195,563 |
|
|
|
234,872 |
|
Income taxes payable |
|
|
128,302 |
|
|
|
155,491 |
|
|
|
— |
|
Current portion of operating lease liabilities |
|
|
334,884 |
|
|
|
329,334 |
|
|
|
337,832 |
|
Other current liabilities |
|
|
393,762 |
|
|
|
355,793 |
|
|
|
370,217 |
|
Current portion of long-term debt |
|
|
— |
|
|
|
299,880 |
|
|
|
— |
|
Total current liabilities |
|
|
6,170,873 |
|
|
|
5,903,078 |
|
|
|
5,874,615 |
|
|
|
|
|
|
|
|
|
|
|
Long-term debt |
|
|
3,827,891 |
|
|
|
3,824,288 |
|
|
|
3,826,978 |
|
Operating lease liabilities,
less current portion |
|
|
1,698,787 |
|
|
|
1,761,732 |
|
|
|
1,701,757 |
|
Deferred income taxes |
|
|
180,612 |
|
|
|
165,396 |
|
|
|
175,212 |
|
Other liabilities |
|
|
210,499 |
|
|
|
203,370 |
|
|
|
206,568 |
|
|
|
|
|
|
|
|
|
|
|
Shareholders’ deficit: |
|
|
|
|
|
|
|
|
|
Common stock, $0.01 par value: |
|
|
|
|
|
|
|
|
|
Authorized shares – 245,000,000 |
|
|
|
|
|
|
|
|
|
Issued and outstanding shares – |
|
|
|
|
|
|
|
|
|
65,919,929 as of March 31, 2022, |
|
|
|
|
|
|
|
|
|
69,734,990 as of March 31, 2021, and |
|
|
|
|
|
|
|
|
|
67,029,042 as of December 31, 2021 |
|
|
659 |
|
|
|
697 |
|
|
|
670 |
|
Additional paid-in capital |
|
|
1,309,071 |
|
|
|
1,274,033 |
|
|
|
1,305,508 |
|
Retained deficit |
|
|
(1,636,267 |
) |
|
|
(1,275,409 |
) |
|
|
(1,365,802 |
) |
Accumulated other comprehensive loss |
|
|
(1,736 |
) |
|
|
(6,298 |
) |
|
|
(6,799 |
) |
Total shareholders’
deficit |
|
|
(328,273 |
) |
|
|
(6,977 |
) |
|
|
(66,423 |
) |
|
|
|
|
|
|
|
|
|
|
Total liabilities and
shareholders’ deficit |
|
$ |
11,760,389 |
|
|
$ |
11,850,887 |
|
|
$ |
11,718,707 |
|
Note: The balance sheet at
December 31, 2021, 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, |
|
|
2022 |
|
|
2021 |
|
Sales |
|
$ |
3,296,011 |
|
|
$ |
3,090,899 |
|
Cost of goods sold, including
warehouse and distribution expenses |
|
|
1,587,939 |
|
|
|
1,450,104 |
|
Gross profit |
|
|
1,708,072 |
|
|
|
1,640,795 |
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses |
|
|
1,038,542 |
|
|
|
949,690 |
|
Operating income |
|
|
669,530 |
|
|
|
691,105 |
|
|
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
|
Interest expense |
|
|
(34,841 |
) |
|
|
(37,506 |
) |
Interest income |
|
|
510 |
|
|
|
537 |
|
Other, net |
|
|
(1,938 |
) |
|
|
1,691 |
|
Total other expense |
|
|
(36,269 |
) |
|
|
(35,278 |
) |
|
|
|
|
|
|
|
Income before income
taxes |
|
|
633,261 |
|
|
|
655,827 |
|
Provision for income
taxes |
|
|
151,381 |
|
|
|
154,218 |
|
Net income |
|
$ |
481,880 |
|
|
$ |
501,609 |
|
|
|
|
|
|
|
|
Earnings per share-basic: |
|
|
|
|
|
|
Earnings per share |
|
$ |
7.24 |
|
|
$ |
7.13 |
|
Weighted-average common shares
outstanding – basic |
|
|
66,572 |
|
|
|
70,383 |
|
|
|
|
|
|
|
|
Earnings per share-assuming
dilution: |
|
|
|
|
|
|
Earnings per share |
|
$ |
7.17 |
|
|
$ |
7.06 |
|
Weighted-average common shares
outstanding – assuming dilution |
|
|
67,190 |
|
|
|
71,015 |
|
O’REILLY AUTOMOTIVE, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS (In thousands)
|
|
|
|
|
|
|
For the Three Months Ended |
|
March 31, |
|
2022 |
|
|
2021 |
|
Operating
activities: |
|
|
|
|
|
Net income |
$ |
481,880 |
|
|
$ |
501,609 |
|
Adjustments to reconcile net
income to net cash provided by operating activities: |
|
|
|
|
|
Depreciation and amortization of property, equipment and
intangibles |
|
82,923 |
|
|
|
79,757 |
|
Amortization of debt discount and issuance costs |
|
1,102 |
|
|
|
1,070 |
|
Deferred income taxes |
|
5,031 |
|
|
|
10,551 |
|
Share-based compensation programs |
|
6,533 |
|
|
|
6,292 |
|
Other |
|
1,007 |
|
|
|
920 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
Accounts receivable |
|
(33,678 |
) |
|
|
(37,917 |
) |
Inventory |
|
(158,387 |
) |
|
|
30,915 |
|
Accounts payable |
|
247,280 |
|
|
|
134,091 |
|
Income taxes payable |
|
138,228 |
|
|
|
138,196 |
|
Other |
|
(82,033 |
) |
|
|
25,188 |
|
Net cash provided by operating activities |
|
689,886 |
|
|
|
890,672 |
|
|
|
|
|
|
|
Investing
activities: |
|
|
|
|
|
Purchases of property and
equipment |
|
(103,990 |
) |
|
|
(94,879 |
) |
Proceeds from sale of property
and equipment |
|
3,157 |
|
|
|
2,097 |
|
Investment in tax credit
equity investments |
|
(4,080 |
) |
|
|
(6 |
) |
Other |
|
(68 |
) |
|
|
(969 |
) |
Net cash used in investing activities |
|
(104,981 |
) |
|
|
(93,757 |
) |
|
|
|
|
|
|
Financing
activities: |
|
|
|
|
|
Repurchases of common
stock |
|
(775,208 |
) |
|
|
(664,548 |
) |
Net proceeds from issuance of
common stock |
|
19,939 |
|
|
|
13,557 |
|
Other |
|
(350 |
) |
|
|
(313 |
) |
Net cash used in financing activities |
|
(755,619 |
) |
|
|
(651,304 |
) |
|
|
|
|
|
|
Effect of exchange rate
changes on cash |
|
147 |
|
|
|
(371 |
) |
Net (decrease) increase in
cash and cash equivalents |
|
(170,567 |
) |
|
|
145,240 |
|
Cash and cash equivalents at
beginning of the period |
|
362,113 |
|
|
|
465,640 |
|
Cash and cash equivalents at
end of the period |
$ |
191,546 |
|
|
$ |
610,880 |
|
|
|
|
|
|
|
Supplemental
disclosures of cash flow information: |
|
|
|
|
|
Income taxes paid |
$ |
8,584 |
|
|
$ |
5,567 |
|
Interest paid, net of
capitalized interest |
|
31,514 |
|
|
|
37,485 |
|
O’REILLY AUTOMOTIVE, INC. AND
SUBSIDIARIESSELECTED FINANCIAL INFORMATION (Unaudited)
|
|
|
|
|
|
|
|
|
|
For the Twelve Months Ended |
|
|
March 31, |
Adjusted
Debt to EBITDAR: |
|
2022 |
|
2021 |
(In thousands,
except adjusted debt to EBITDAR ratio) |
|
|
|
|
|
|
GAAP debt |
|
$ |
3,827,891 |
|
$ |
4,124,168 |
Add: |
Letters of credit |
|
|
139,569 |
|
|
84,045 |
|
Discount on senior notes |
|
|
4,188 |
|
|
4,892 |
|
Debt issuance costs |
|
|
17,921 |
|
|
20,940 |
|
Six-times rent expense |
|
|
2,255,652 |
|
|
2,151,918 |
Adjusted debt |
|
$ |
6,245,221 |
|
$ |
6,385,963 |
|
|
|
|
|
|
|
GAAP net
income |
|
$ |
2,144,956 |
|
$ |
1,953,473 |
Add: |
Interest expense |
|
|
142,103 |
|
|
159,246 |
|
Provision for income
taxes |
|
|
614,392 |
|
|
589,099 |
|
Depreciation and
amortization |
|
|
331,383 |
|
|
320,429 |
|
Share-based compensation
expense |
|
|
24,897 |
|
|
23,164 |
|
Rent expense(i) |
|
|
375,942 |
|
|
358,653 |
EBITDAR |
|
$ |
3,633,673 |
|
$ |
3,404,064 |
|
|
|
|
|
|
|
Adjusted debt to
EBITDAR |
|
|
1.72 |
|
|
1.88 |
(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, 2022 and 2021 (in thousands): |
|
Total lease cost,
per ASC 842, for the twelve months ended
March 31, 2022 |
$ |
448,384 |
|
Less: |
|
Variable non-contract operating lease components, related to
property taxes and insurance, for the twelve months ended
March 31, 2022 |
|
72,442 |
|
Rent expense for
the twelve months ended March 31, 2022 |
$ |
375,942 |
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
March 31, |
|
2022 |
|
2021 |
Selected Balance Sheet
Ratios: |
|
|
|
|
|
Inventory turnover(1) |
|
1.7 |
|
|
1.6 |
Average inventory per store
(in thousands)(2) |
$ |
659 |
|
$ |
637 |
Accounts payable to
inventory(3) |
|
128.5% |
|
|
119.2% |
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
|
|
March 31, |
|
|
|
2022 |
|
2021 |
Reconciliation of Free Cash Flow (in
thousands): |
|
|
|
|
|
|
Net cash provided
by operating activities |
|
$ |
689,886 |
|
$ |
890,672 |
Less: |
Capital expenditures |
|
|
103,990 |
|
|
94,879 |
|
Excess tax benefit from
share-based compensation payments |
|
|
2,466 |
|
|
6,007 |
|
Investment in tax credit
equity investments |
|
|
4,080 |
|
|
6 |
Free cash
flow |
|
$ |
579,350 |
|
$ |
789,780 |
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
For the Twelve Months Ended |
|
|
March 31, |
|
March 31, |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Store
Count: |
|
|
|
|
|
|
|
|
Beginning domestic store
count |
|
5,759 |
|
|
5,594 |
|
|
5,660 |
|
|
5,512 |
|
New stores opened |
|
53 |
|
|
68 |
|
|
152 |
|
|
159 |
|
Stores closed |
|
(1 |
) |
|
(2 |
) |
|
(1 |
) |
|
(11 |
) |
Ending domestic store
count |
|
5,811 |
|
|
5,660 |
|
|
5,811 |
|
|
5,660 |
|
|
|
|
|
|
|
|
|
|
Beginning Mexico store
count |
|
25 |
|
|
22 |
|
|
22 |
|
|
21 |
|
New stores opened |
|
2 |
|
|
— |
|
|
5 |
|
|
1 |
|
Ending Mexico store count |
|
27 |
|
|
22 |
|
|
27 |
|
|
22 |
|
|
|
|
|
|
|
|
|
|
Total ending store count |
|
5,838 |
|
|
5,682 |
|
|
5,838 |
|
|
5,682 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
For the Twelve Months Ended |
|
|
March 31, |
|
March 31, |
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
Store and Team Member
Information:(4) |
|
|
|
|
|
|
|
|
|
|
|
|
Total employment |
|
|
82,516 |
|
|
77,383 |
|
|
|
|
|
|
Square footage (in
thousands) |
|
|
43,603 |
|
|
42,191 |
|
|
|
|
|
|
Sales per weighted-average
square foot(5) |
|
$ |
74.43 |
|
$ |
72.30 |
|
$ |
309.40 |
|
$ |
289.29 |
Sales per weighted-average
store (in thousands)(6) |
|
$ |
558 |
|
$ |
539 |
|
$ |
2,317 |
|
$ |
2,152 |
(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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