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, 2023.
1st
Quarter Financial Results Greg Johnson,
O’Reilly’s CEO, commented, “We are pleased to report a very strong
start to 2023, highlighted by robust 10.8% growth in comparable
store sales and a 15% increase in our first quarter diluted
earnings per share to $8.28. Team O’Reilly’s commitment to
taking care of our customers drove another quarter of double-digit
comparable store sales growth in our professional business, while
also generating growth in DIY sales. Our Team continues to
execute our proven dual market strategy at an extremely high level,
and we remain confident in their ability to out-service the
competition and expand our market share. I would like to
thank each of our over 86,000 Team Members for their relentless
focus on providing the best customer service in our industry.”
Sales for the first quarter ended
March 31, 2023, increased $412 million, or 12%, to $3.71
billion from $3.30 billion for the same period one year ago. Gross
profit for the first quarter increased 11% to $1.89 billion (or
51.0% of sales) from $1.71 billion (or 51.8% of sales) for the same
period one year ago. Selling, general and administrative expenses
for the first quarter increased 13% to $1.17 billion (or 31.7% of
sales) from $1.04 billion (or 31.5% of sales) for the same period
one year ago. Operating income for the first quarter increased 7%
to $717 million (or 19.3% of sales) from $670 million (or 20.3% of
sales) for the same period one year ago.
Net income for the first quarter ended
March 31, 2023, increased $35 million, or 7%, to $517
million (or 13.9% of sales) from $482 million (or 14.6% of sales)
for the same period one year ago. Diluted earnings per common share
for the first quarter increased 15% to $8.28 on 62 million shares
versus $7.17 on 67 million shares for the same period one year
ago.
Mr. Johnson continued, “During the first quarter
we celebrated several milestones, including the opening of our
6,000th store, the opening of our first store in Maryland, which
marked our entrance into our 48th U.S. state, and our expansion
into Puerto Rico, where we opened two stores and a distribution
center. In addition, we remain on schedule to open our next
distribution center in Guadalajara, Mexico, this summer. This
facility will provide an enhanced level of service to the large and
growing Guadalajara metro area, while also better positioning our
overall distribution network for future growth across Mexico.
Team O’Reilly’s incredible dedication and hard work drove these
tremendous accomplishments, and I could not be more proud of our
achievements this quarter and the great work our Teams have done to
position us to build upon our record of strong, profitable growth
well into the future.”
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. 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 10.8% for the first quarter ended
March 31, 2023, on top of 4.8% for the same period one
year ago.
Share Repurchase
Program During the first quarter ended
March 31, 2023, the Company repurchased 1.4 million
shares of its common stock, at an average price per share of
$819.06, for a total investment of $1.11 billion.
Excise tax on shares repurchased, assessed at one percent of the
fair market value of net shares repurchased, was $11.1 million for
the three months ended March 31, 2023. 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 $864.44, for a total investment of
$137 million. The Company has repurchased a total of 92.0 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 $231.17, for a total
aggregate investment of $21.28 billion. As of the date
of this release, the Company had approximately $475 million
remaining under its current share repurchase authorization.
Updated Full-Year 2023
Guidance The table below outlines the Company’s
updated guidance for selected full-year 2023 financial data:
|
|
|
|
|
For the Year Ending |
|
|
December 31, 2023 |
Net, new store openings |
|
180 to 190 |
Comparable store sales |
|
4% to 6% |
Total revenue |
|
$15.2 billion to $15.5 billion |
Gross profit as
a percentage of sales |
|
50.8% to 51.3% |
Operating income as
a percentage of sales |
|
19.8% to 20.3% |
Effective income tax rate |
|
22.9% |
Diluted earnings per share
(1) |
|
$36.50 to $37.00 |
Net cash provided by operating
activities |
|
$2.5 billion to $2.9 billion |
Capital expenditures |
|
$750 million to $800 million |
Free cash flow (2) |
|
$1.8 billion to $2.1 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, 2023 |
Net cash provided
by operating activities |
|
$ |
2,560 |
|
to |
|
$ |
2,920 |
Less: |
Capital expenditures |
|
|
750 |
|
to |
|
|
800 |
|
Excess tax benefit from
share-based compensation payments |
|
|
10 |
|
to |
|
|
20 |
Free cash
flow |
|
$ |
1,800 |
|
to |
|
$ |
2,100 |
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 27, 2023, 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 (888) 506-0062 and the conference
call identification number is 533312. A replay of the conference
call will be available on the Company’s website through Friday,
April 26, 2024.
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, 2023,
the Company operated 6,029 stores across 48 U.S. states, Puerto
Rico, and 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 economy in general; inflation; consumer debt
levels; product demand; a public health crisis; 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;
damage, failure or interruption of information technology systems,
including 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, 2022, 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
SUBSIDIARIES |
CONDENSED CONSOLIDATED BALANCE SHEETS |
(In thousands, except share data) |
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2023 |
|
March 31, 2022 |
|
December 31, 2022 |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Note) |
Assets |
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
59,872 |
|
|
$ |
191,546 |
|
|
$ |
108,583 |
|
Accounts receivable, net |
|
|
346,037 |
|
|
|
305,358 |
|
|
|
343,155 |
|
Amounts receivable from suppliers |
|
|
128,758 |
|
|
|
99,016 |
|
|
|
127,019 |
|
Inventory |
|
|
4,543,980 |
|
|
|
3,845,881 |
|
|
|
4,359,126 |
|
Other current assets |
|
|
109,347 |
|
|
|
81,580 |
|
|
|
110,376 |
|
Total current assets |
|
|
5,187,994 |
|
|
|
4,523,381 |
|
|
|
5,048,259 |
|
|
|
|
|
|
|
|
|
|
|
Property and equipment, at
cost |
|
|
7,649,066 |
|
|
|
7,046,707 |
|
|
|
7,438,065 |
|
Less: accumulated depreciation
and amortization |
|
|
3,090,010 |
|
|
|
2,810,080 |
|
|
|
3,014,024 |
|
Net property and equipment |
|
|
4,559,056 |
|
|
|
4,236,627 |
|
|
|
4,424,041 |
|
|
|
|
|
|
|
|
|
|
|
Operating lease, right-of-use
assets |
|
|
2,166,646 |
|
|
|
1,976,018 |
|
|
|
2,112,267 |
|
Goodwill |
|
|
892,094 |
|
|
|
881,773 |
|
|
|
884,445 |
|
Other assets, net |
|
|
167,026 |
|
|
|
142,590 |
|
|
|
158,967 |
|
Total assets |
|
$ |
12,972,816 |
|
|
$ |
11,760,389 |
|
|
$ |
12,627,979 |
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
shareholders’ deficit |
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
6,055,992 |
|
|
$ |
4,943,283 |
|
|
$ |
5,881,157 |
|
Self-insurance reserves |
|
|
136,723 |
|
|
|
137,627 |
|
|
|
138,926 |
|
Accrued payroll |
|
|
111,324 |
|
|
|
93,623 |
|
|
|
126,888 |
|
Accrued benefits and withholdings |
|
|
132,022 |
|
|
|
139,392 |
|
|
|
166,433 |
|
Income taxes payable |
|
|
117,790 |
|
|
|
128,302 |
|
|
|
— |
|
Current portion of operating lease liabilities |
|
|
375,451 |
|
|
|
334,884 |
|
|
|
366,721 |
|
Other current liabilities |
|
|
427,006 |
|
|
|
393,762 |
|
|
|
383,692 |
|
Total current liabilities |
|
|
7,356,308 |
|
|
|
6,170,873 |
|
|
|
7,063,817 |
|
|
|
|
|
|
|
|
|
|
|
Long-term debt |
|
|
4,927,678 |
|
|
|
3,827,891 |
|
|
|
4,371,653 |
|
Operating lease liabilities,
less current portion |
|
|
1,854,533 |
|
|
|
1,698,787 |
|
|
|
1,806,656 |
|
Deferred income taxes |
|
|
249,903 |
|
|
|
180,612 |
|
|
|
245,347 |
|
Other liabilities |
|
|
209,411 |
|
|
|
210,499 |
|
|
|
201,258 |
|
|
|
|
|
|
|
|
|
|
|
Shareholders’ equity
(deficit): |
|
|
|
|
|
|
|
|
|
Common stock, $0.01 par value: |
|
|
|
|
|
|
|
|
|
Authorized shares – 245,000,000 Issued and outstanding shares –
61,038,936 as of March 31, 2023, 65,919,929 as of
March 31, 2022, and 62,353,221 as of
December 31, 2022 |
|
|
610 |
|
|
|
659 |
|
|
|
624 |
|
Additional paid-in capital |
|
|
1,305,276 |
|
|
|
1,309,071 |
|
|
|
1,311,488 |
|
Retained deficit |
|
|
(2,952,797 |
) |
|
|
(1,636,267 |
) |
|
|
(2,375,860 |
) |
Accumulated other comprehensive income (loss) |
|
|
21,894 |
|
|
|
(1,736 |
) |
|
|
2,996 |
|
Total shareholders’
deficit |
|
|
(1,625,017 |
) |
|
|
(328,273 |
) |
|
|
(1,060,752 |
) |
|
|
|
|
|
|
|
|
|
|
Total liabilities and
shareholders’ deficit |
|
$ |
12,972,816 |
|
|
$ |
11,760,389 |
|
|
$ |
12,627,979 |
|
Note: The balance sheet at
December 31, 2022, 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
SUBSIDIARIES |
CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
(In thousands, except per share data) |
|
|
|
For the Three Months Ended |
|
|
March 31, |
|
|
2023 |
|
2022 |
Sales |
|
$ |
3,707,864 |
|
|
$ |
3,296,011 |
|
Cost of goods sold, including
warehouse and distribution expenses |
|
|
1,817,535 |
|
|
|
1,587,939 |
|
Gross profit |
|
|
1,890,329 |
|
|
|
1,708,072 |
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses |
|
|
1,173,684 |
|
|
|
1,038,542 |
|
Operating income |
|
|
716,645 |
|
|
|
669,530 |
|
|
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
|
Interest expense |
|
|
(44,572 |
) |
|
|
(34,841 |
) |
Interest income |
|
|
868 |
|
|
|
510 |
|
Other, net |
|
|
4,479 |
|
|
|
(1,938 |
) |
Total other expense |
|
|
(39,225 |
) |
|
|
(36,269 |
) |
|
|
|
|
|
|
|
Income before income
taxes |
|
|
677,420 |
|
|
|
633,261 |
|
Provision for income
taxes |
|
|
160,535 |
|
|
|
151,381 |
|
Net income |
|
$ |
516,885 |
|
|
$ |
481,880 |
|
|
|
|
|
|
|
|
Earnings per share-basic: |
|
|
|
|
|
|
Earnings per share |
|
$ |
8.36 |
|
|
$ |
7.24 |
|
Weighted-average common shares
outstanding – basic |
|
|
61,840 |
|
|
|
66,572 |
|
|
|
|
|
|
|
|
Earnings per share-assuming
dilution: |
|
|
|
|
|
|
Earnings per share |
|
$ |
8.28 |
|
|
$ |
7.17 |
|
Weighted-average common shares
outstanding – assuming dilution |
|
|
62,398 |
|
|
|
67,190 |
|
|
O’REILLY AUTOMOTIVE, INC. AND
SUBSIDIARIES |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
(In thousands) |
|
|
|
For the Three Months Ended |
|
|
March 31, |
|
|
2023 |
|
2022 |
Operating
activities: |
|
|
|
|
|
|
Net income |
|
$ |
516,885 |
|
|
$ |
481,880 |
|
Adjustments to reconcile net
income to net cash provided by operating activities: |
|
|
|
|
|
|
Depreciation and amortization of property, equipment and
intangibles |
|
|
93,747 |
|
|
|
82,923 |
|
Amortization of debt discount and issuance costs |
|
|
1,215 |
|
|
|
1,102 |
|
Deferred income taxes |
|
|
3,393 |
|
|
|
5,031 |
|
Share-based compensation programs |
|
|
7,435 |
|
|
|
6,533 |
|
Other |
|
|
29 |
|
|
|
1,007 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
Accounts receivable |
|
|
(2,610 |
) |
|
|
(33,678 |
) |
Inventory |
|
|
(179,481 |
) |
|
|
(158,387 |
) |
Accounts payable |
|
|
172,701 |
|
|
|
247,280 |
|
Income taxes payable |
|
|
145,441 |
|
|
|
138,228 |
|
Other |
|
|
(44,991 |
) |
|
|
(82,033 |
) |
Net cash provided by operating activities |
|
|
713,764 |
|
|
|
689,886 |
|
|
|
|
|
|
|
|
Investing
activities: |
|
|
|
|
|
|
Purchases of property and
equipment |
|
|
(223,268 |
) |
|
|
(103,990 |
) |
Proceeds from sale of property
and equipment |
|
|
2,704 |
|
|
|
3,157 |
|
Investment in tax credit
equity investments |
|
|
— |
|
|
|
(4,080 |
) |
Other |
|
|
(956 |
) |
|
|
(68 |
) |
Net cash used in investing activities |
|
|
(221,520 |
) |
|
|
(104,981 |
) |
|
|
|
|
|
|
|
Financing
activities: |
|
|
|
|
|
|
Proceeds from borrowings on
revolving credit facility |
|
|
1,216,000 |
|
|
|
— |
|
Payments on revolving credit
facility |
|
|
(661,000 |
) |
|
|
— |
|
Repurchases of common
stock |
|
|
(1,111,461 |
) |
|
|
(775,208 |
) |
Net proceeds from issuance of
common stock |
|
|
15,146 |
|
|
|
19,939 |
|
Other |
|
|
(354 |
) |
|
|
(350 |
) |
Net cash used in financing activities |
|
|
(541,669 |
) |
|
|
(755,619 |
) |
|
|
|
|
|
|
|
Effect of exchange rate
changes on cash |
|
|
714 |
|
|
|
147 |
|
Net decrease in cash and cash
equivalents |
|
|
(48,711 |
) |
|
|
(170,567 |
) |
Cash and cash equivalents at
beginning of the period |
|
|
108,583 |
|
|
|
362,113 |
|
Cash and cash equivalents at
end of the period |
|
$ |
59,872 |
|
|
$ |
191,546 |
|
|
|
|
|
|
|
|
Supplemental
disclosures of cash flow information: |
|
|
|
|
|
|
Income taxes paid |
|
$ |
9,696 |
|
|
$ |
8,584 |
|
Interest paid, net of
capitalized interest |
|
|
26,531 |
|
|
|
31,514 |
|
|
O’REILLY AUTOMOTIVE, INC. AND
SUBSIDIARIES |
SELECTED FINANCIAL INFORMATION |
(Unaudited) |
|
|
|
For the Twelve Months Ended |
|
|
March 31, |
Adjusted Debt
to EBITDAR: |
|
2023 |
|
2022 |
(In thousands,
except adjusted debt to EBITDAR ratio) |
|
|
|
|
|
|
GAAP debt |
|
$ |
4,927,678 |
|
$ |
3,827,891 |
Add: |
Letters of credit |
|
|
116,688 |
|
|
139,569 |
|
Discount on senior notes |
|
|
6,088 |
|
|
4,188 |
|
Debt issuance costs |
|
|
21,234 |
|
|
17,921 |
|
Six-times rent expense |
|
|
2,404,986 |
|
|
2,255,652 |
Adjusted debt |
|
$ |
7,476,674 |
|
$ |
6,245,221 |
|
|
|
|
|
|
|
GAAP net
income |
|
$ |
2,207,655 |
|
$ |
2,144,956 |
Add: |
Interest expense |
|
|
167,451 |
|
|
142,103 |
|
Provision for income
taxes |
|
|
635,159 |
|
|
614,392 |
|
Depreciation and
amortization |
|
|
368,757 |
|
|
331,383 |
|
Share-based compensation
expense |
|
|
27,360 |
|
|
24,897 |
|
Rent expense (i) |
|
|
400,831 |
|
|
375,942 |
EBITDAR |
|
$ |
3,807,213 |
|
$ |
3,633,673 |
|
|
|
|
|
|
|
Adjusted debt to
EBITDAR |
|
|
1.96 |
|
|
1.72 |
|
(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, 2023 and 2022 (in thousands):
|
|
|
|
|
|
|
|
|
|
For the Twelve Months Ended |
|
|
March31, |
|
|
2023 |
|
2022 |
Total lease cost,
per ASC 842 |
|
$ |
476,439 |
|
$ |
448,384 |
Less: |
Variable non-contract operating
lease components, related to property taxes and insurance |
|
|
75,608 |
|
|
72,442 |
Rent expense |
|
$ |
400,831 |
|
$ |
375,942 |
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
|
2023 |
|
2022 |
Selected Balance Sheet
Ratios: |
|
|
|
|
|
|
|
|
Inventory turnover (1) |
|
|
1.7 |
|
|
|
1.7 |
|
Average inventory per store
(in thousands) (2) |
|
$ |
754 |
|
|
$ |
659 |
|
Accounts payable to inventory
(3) |
|
|
133.3 |
% |
|
|
128.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
|
|
March 31, |
|
|
|
2023 |
|
2022 |
Reconciliation of Free Cash Flow (in
thousands): |
|
|
|
|
|
|
Net cash provided by
operating activities |
|
$ |
713,764 |
|
$ |
689,886 |
Less: |
Capital expenditures |
|
|
223,268 |
|
|
103,990 |
|
Excess tax benefit from
share-based compensation payments |
|
|
4,378 |
|
|
2,466 |
|
Investment in tax credit equity
investments |
|
|
— |
|
|
4,080 |
Free cash flow |
|
$ |
486,118 |
|
$ |
579,350 |
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
For the Twelve Months Ended |
|
|
March 31, |
|
March 31, |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Store
Count: |
|
|
|
|
|
|
|
|
Beginning domestic store count |
|
5,929 |
|
|
5,759 |
|
|
5,811 |
|
|
5,660 |
|
New stores opened |
|
59 |
|
|
53 |
|
|
179 |
|
|
152 |
|
Stores closed |
|
(2 |
) |
|
(1 |
) |
|
(4 |
) |
|
(1 |
) |
Ending domestic store
count |
|
5,986 |
|
|
5,811 |
|
|
5,986 |
|
|
5,811 |
|
|
|
|
|
|
|
|
|
|
Beginning Mexico store
count |
|
42 |
|
|
25 |
|
|
27 |
|
|
22 |
|
New stores opened |
|
1 |
|
|
2 |
|
|
16 |
|
|
5 |
|
Ending Mexico store count |
|
43 |
|
|
27 |
|
|
43 |
|
|
27 |
|
|
|
|
|
|
|
|
|
|
Total ending store count |
|
6,029 |
|
|
5,838 |
|
|
6,029 |
|
|
5,838 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
For the Twelve Months Ended |
|
|
March 31, |
|
March 31, |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Store and Team Member
Information: (4) |
|
|
|
|
|
|
|
|
|
|
|
|
Total employment |
|
|
86,774 |
|
|
82,516 |
|
|
|
|
|
|
Square footage (in
thousands) |
|
|
45,117 |
|
|
43,603 |
|
|
|
|
|
|
Sales per weighted-average
square foot (5) |
|
$ |
81.09 |
|
$ |
74.43 |
|
$ |
328.29 |
|
$ |
309.40 |
Sales per weighted-average
store (in thousands) (6) |
|
$ |
611 |
|
$ |
558 |
|
$ |
2,467 |
|
$ |
2,317 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(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. and Puerto Rico 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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