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, 2023.
2nd
Quarter Financial ResultsGreg Johnson, O’Reilly’s
CEO, commented, “We are very pleased to report another quarter of
continued strong growth, highlighted by a 9.0% increase in
comparable store sales and a 16% increase in diluted earnings per
share to $10.22. Team O’Reilly’s commitment to providing
consistently excellent customer service drove robust double-digit
professional and solid DIY comparable store sales growth in the
quarter. I want to congratulate our over 88,000 dedicated Team
Members on their incredible performance in the second quarter and
express my sincere appreciation for their relentless focus on
delivering industry-leading service to our customers each and every
day.”
Sales for the second quarter ended
June 30, 2023, increased $398 million, or 11%, to $4.07
billion from $3.67 billion for the same period one year ago. Gross
profit for the second quarter increased 11% to $2.09 billion (or
51.3% of sales) from $1.88 billion (or 51.3% of sales) for the same
period one year ago. Selling, general and administrative expenses
(“SG&A”) for the second quarter increased 14% to $1.23 billion
(or 30.3% of sales) from $1.09 billion (or 29.6% of sales) for the
same period one year ago. Operating income for the second quarter
increased 7% to $854 million (or 21.0% of sales) from $799 million
(or 21.8% of sales) for the same period one year ago.
Net income for the second quarter ended
June 30, 2023, increased $51 million, or 9%, to $627
million (or 15.4% of sales) from $577 million (or 15.7% of sales)
for the same period one year ago. Diluted earnings per common share
for the second quarter increased 16% to $10.22 on 61 million shares
versus $8.78 on 66 million shares for the same period one year
ago.
Year-to-Date Financial
ResultsMr. Johnson continued, “We have opened 100 net, new
stores across 34 U.S. states, Puerto Rico, and Mexico so far in
2023 and are on pace to meet our goal of 180 to 190 net, new store
openings in 2023. We continue to be very pleased with our new store
performance, driven by our well-trained and technically-proficient
Professional Parts People. We are also excited to celebrate the
expansion of our distribution network with the opening of our first
O’Reilly distribution center in Mexico in July. This new, 370,000
square foot facility strengthens our existing store network with
enhanced inventory availability, empowering higher service levels
and establishing the critical foundation for long-term store growth
in Mexico.”
Sales for the first six months of 2023 increased
$810 million, or 12%, to $7.78 billion from $6.97 billion for the
same period one year ago. Gross profit for the first six months of
2023 increased 11% to $3.98 billion (or 51.1% of sales) from $3.59
billion (or 51.6% of sales) for the same period one year ago.
SG&A for the first six months of 2023 increased 13% to $2.41
billion (or 30.9% of sales) from $2.12 billion (or 30.5% of sales)
for the same period one year ago. Operating income for the first
six months of 2023 increased 7% to $1.57 billion (or 20.2% of
sales) from $1.47 billion (or 21.1% of sales) for the same period
one year ago.
Net income for the first six months of 2023
increased $86 million, or 8%, to $1.14 billion (or 14.7% of sales)
from $1.06 billion (or 15.2% of sales) for the same period one year
ago. Diluted earnings per common share for the first six months of
2023 increased 16% to $18.49 on 62 million shares versus $15.94 on
66 million shares for the same period one year ago.
Mr. Johnson concluded, “The strong top-line
performance we delivered through the first half of the year
exceeded our expectations, and we remain pleased with our
performance thus far in July. We believe the core underlying demand
drivers of our industry remain solid, and more importantly, we
remain confident in our Team’s ability to consistently execute our
proven dual market strategy and expand our market share. Based on
our strong year-to-date results and continued robust sales trends,
we are increasing our full-year comparable store sales guidance
from a range of 4% to 6% to a range of 5% to 7%. Finally, I would
like to again thank Team O’Reilly for delivering strong results in
the first half of 2023 – your commitment to our customers remains
the key to O’Reilly’s ongoing success.”
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. 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 9.0% for the second quarter ended
June 30, 2023, on top of 4.3% for the same period one
year ago. Comparable store sales increased 9.8% for the six months
ended June 30, 2023, on top of 4.5% for the same period
one year ago.
Share Repurchase ProgramDuring
the second quarter ended June 30, 2023, the Company
repurchased 0.8 million shares of its common stock, at an average
price per share of $904.37, for a total investment of $680 million.
During the first six months of 2023, the Company repurchased 2.1
million shares of its common stock, at an average price per share
of $849.48, for a total investment of $1.79 billion. Excise tax on
shares repurchased, assessed at one percent of the fair market
value of net shares repurchased, was $16.5 million for the first
six months of 2023. Subsequent to the end of the second quarter and
through the date of this release, the Company repurchased an
additional 0.1 million shares of its common stock, at an average
price per share of $952.24, for a total investment of $119 million.
The Company has repurchased a total of 92.7 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 $236.52, for a total aggregate
investment of $21.94 billion. As of the date of this release, the
Company had approximately $1.81 billion remaining under its current
share repurchase authorization.
Updated Full-Year 2023
GuidanceThe 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 |
|
5.0% to 7.0% |
Total revenue |
|
$15.4 billion to $15.7 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 |
|
22.5% |
Diluted earnings per share (1) |
|
$37.05 to $37.55 |
Net
cash provided by operating activities |
|
$2.6 billion to $3.0 billion |
Capital expenditures |
|
$750 million to $800 million |
Free cash flow (2) |
|
$1.9 billion to $2.2 billion |
(1) Weighted-average shares outstanding,
assuming dilution, used in the denominator of this calculation,
includes share repurchases made by the Company through the date of
this release.
(2) Free cash flow is a non-GAAP financial
measure. The table below reconciles Free cash flow guidance to Net
cash provided by operating activities guidance, the most directly
comparable GAAP financial measure:
|
|
|
|
|
|
|
|
|
|
|
|
For the Year Ending |
(in
millions) |
|
December 31, 2023 |
Net
cash provided by operating activities |
|
$ |
2,670 |
|
to |
|
$ |
3,030 |
Less: |
Capital expenditures |
|
|
750 |
|
to |
|
|
800 |
|
Excess tax benefit from share-based compensation payments |
|
|
20 |
|
to |
|
|
30 |
Free cash flow |
|
$ |
1,900 |
|
to |
|
$ |
2,200 |
|
|
|
|
|
|
|
|
|
Non-GAAP InformationThis
release contains certain financial information not derived in
accordance with United States generally accepted accounting
principles (“GAAP”). These items include adjusted debt to earnings
before interest, taxes, depreciation, amortization, share-based
compensation, and rent (“EBITDAR”) and free cash flow. The Company
does not, nor does it suggest investors should, consider such
non-GAAP financial measures in isolation from, or as a substitute
for, GAAP financial information. The Company believes that the
presentation of adjusted debt to EBITDAR and free cash flow provide
meaningful supplemental information to both management and
investors that is indicative of the Company’s core operations. The
Company has included a reconciliation of this additional
information to the most comparable GAAP measure in the table above
and the selected financial information below.
Executive Leadership Succession
PlanToday, in a separate press release, O’Reilly also
announced the Company’s leadership succession plan. Effective
January 31, 2024, Greg Johnson, who currently serves as the
Company’s Chief Executive Officer (“CEO”) will retire and, at that
time, Brad Beckham, who currently serves as the Company’s
Co-President, will be promoted to CEO, and Brent Kirby, who
currently serves as the Company’s Co-President, will be promoted to
President.
Earnings Conference Call
InformationThe Company will host a conference call on
Thursday, July 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 273805. A replay of the
conference call will be available on the Company’s website through
Friday, July 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 June 30, 2023,
the Company operated 6,071 stores across 48 U.S. states, Puerto
Rico, and 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 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 Relations Contacts |
|
Mark Merz (417) 829-5878 |
|
Eric Bird (417) 868-4259 |
|
|
|
Media Contact |
|
Sonya Cox (417) 829-5709 |
O’REILLY AUTOMOTIVE, INC. AND SUBSIDIARIES |
CONDENSED CONSOLIDATED BALANCE SHEETS |
(In thousands, except share data) |
|
|
|
June 30, 2023 |
|
June 30, 2022 |
|
December 31, 2022 |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Note) |
Assets |
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
57,880 |
|
|
$ |
253,904 |
|
|
$ |
108,583 |
|
Accounts receivable, net |
|
|
374,714 |
|
|
|
330,672 |
|
|
|
343,155 |
|
Amounts receivable from suppliers |
|
|
138,666 |
|
|
|
123,112 |
|
|
|
127,019 |
|
Inventory |
|
|
4,626,410 |
|
|
|
4,005,384 |
|
|
|
4,359,126 |
|
Other current assets |
|
|
113,597 |
|
|
|
86,800 |
|
|
|
110,376 |
|
Total current assets |
|
|
5,311,267 |
|
|
|
4,799,872 |
|
|
|
5,048,259 |
|
|
|
|
|
|
|
|
|
|
|
Property and equipment, at cost |
|
|
7,872,672 |
|
|
|
7,160,583 |
|
|
|
7,438,065 |
|
Less: accumulated depreciation and amortization |
|
|
3,170,474 |
|
|
|
2,878,170 |
|
|
|
3,014,024 |
|
Net property and equipment |
|
|
4,702,198 |
|
|
|
4,282,413 |
|
|
|
4,424,041 |
|
|
|
|
|
|
|
|
|
|
|
Operating lease, right-of-use assets |
|
|
2,185,196 |
|
|
|
1,965,941 |
|
|
|
2,112,267 |
|
Goodwill |
|
|
897,128 |
|
|
|
881,299 |
|
|
|
884,445 |
|
Other assets, net |
|
|
180,834 |
|
|
|
138,164 |
|
|
|
158,967 |
|
Total assets |
|
$ |
13,276,623 |
|
|
$ |
12,067,689 |
|
|
$ |
12,627,979 |
|
|
|
|
|
|
|
|
|
|
|
Liabilities and shareholders’ deficit |
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
6,219,838 |
|
|
$ |
5,258,712 |
|
|
$ |
5,881,157 |
|
Self-insurance reserves |
|
|
131,781 |
|
|
|
137,281 |
|
|
|
138,926 |
|
Accrued payroll |
|
|
127,333 |
|
|
|
106,814 |
|
|
|
126,888 |
|
Accrued benefits and withholdings |
|
|
150,453 |
|
|
|
148,805 |
|
|
|
166,433 |
|
Income taxes payable |
|
|
233,507 |
|
|
|
2,080 |
|
|
|
— |
|
Current portion of operating lease liabilities |
|
|
380,618 |
|
|
|
341,705 |
|
|
|
366,721 |
|
Other current liabilities |
|
|
450,169 |
|
|
|
417,792 |
|
|
|
383,692 |
|
Total current liabilities |
|
|
7,693,699 |
|
|
|
6,413,189 |
|
|
|
7,063,817 |
|
|
|
|
|
|
|
|
|
|
|
Long-term debt |
|
|
4,873,702 |
|
|
|
4,669,833 |
|
|
|
4,371,653 |
|
Operating lease liabilities, less current portion |
|
|
1,870,392 |
|
|
|
1,683,216 |
|
|
|
1,806,656 |
|
Deferred income taxes |
|
|
260,642 |
|
|
|
203,744 |
|
|
|
245,347 |
|
Other liabilities |
|
|
205,661 |
|
|
|
205,137 |
|
|
|
201,258 |
|
|
|
|
|
|
|
|
|
|
|
Shareholders’ equity (deficit): |
|
|
|
|
|
|
|
|
|
Common stock, $0.01 par value: |
|
|
|
|
|
|
|
|
|
Authorized shares – 245,000,000 |
|
|
|
|
|
|
|
|
|
Issued and outstanding shares – |
|
|
|
|
|
|
|
|
|
60,402,359 as of June 30, 2023, |
|
|
|
|
|
|
|
|
|
63,752,833 as of June 30, 2022, and |
|
|
|
|
|
|
|
|
|
62,353,221 as of December 31, 2022 |
|
|
604 |
|
|
|
638 |
|
|
|
624 |
|
Additional paid-in capital |
|
|
1,330,270 |
|
|
|
1,286,651 |
|
|
|
1,311,488 |
|
Retained deficit |
|
|
(2,994,418 |
) |
|
|
(2,391,108 |
) |
|
|
(2,375,860 |
) |
Accumulated other comprehensive income (loss) |
|
|
36,071 |
|
|
|
(3,611 |
) |
|
|
2,996 |
|
Total shareholders’ deficit |
|
|
(1,627,473 |
) |
|
|
(1,107,430 |
) |
|
|
(1,060,752 |
) |
|
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders’ deficit |
|
$ |
13,276,623 |
|
|
$ |
12,067,689 |
|
|
$ |
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 |
|
For the Six Months Ended |
|
|
June 30, |
|
June 30, |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Sales |
|
$ |
4,068,991 |
|
|
$ |
3,670,737 |
|
|
$ |
7,776,855 |
|
|
$ |
6,966,748 |
|
Cost of goods sold, including warehouse and distribution
expenses |
|
|
1,982,409 |
|
|
|
1,786,019 |
|
|
|
3,799,944 |
|
|
|
3,373,958 |
|
Gross profit |
|
|
2,086,582 |
|
|
|
1,884,718 |
|
|
|
3,976,911 |
|
|
|
3,592,790 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative expenses |
|
|
1,232,809 |
|
|
|
1,086,168 |
|
|
|
2,406,493 |
|
|
|
2,124,710 |
|
Operating income |
|
|
853,773 |
|
|
|
798,550 |
|
|
|
1,570,418 |
|
|
|
1,468,080 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(49,587 |
) |
|
|
(37,384 |
) |
|
|
(94,159 |
) |
|
|
(72,225 |
) |
Interest income |
|
|
760 |
|
|
|
682 |
|
|
|
1,628 |
|
|
|
1,192 |
|
Other, net |
|
|
4,186 |
|
|
|
(4,550 |
) |
|
|
8,665 |
|
|
|
(6,488 |
) |
Total other expense |
|
|
(44,641 |
) |
|
|
(41,252 |
) |
|
|
(83,866 |
) |
|
|
(77,521 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
|
809,132 |
|
|
|
757,298 |
|
|
|
1,486,552 |
|
|
|
1,390,559 |
|
Provision for income taxes |
|
|
181,767 |
|
|
|
180,538 |
|
|
|
342,302 |
|
|
|
331,919 |
|
Net
income |
|
$ |
627,365 |
|
|
$ |
576,760 |
|
|
$ |
1,144,250 |
|
|
$ |
1,058,640 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share-basic: |
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share |
|
$ |
10.32 |
|
|
$ |
8.86 |
|
|
$ |
18.66 |
|
|
$ |
16.08 |
|
Weighted-average common shares outstanding – basic |
|
|
60,817 |
|
|
|
65,116 |
|
|
|
61,324 |
|
|
|
65,840 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share-assuming dilution: |
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share |
|
$ |
10.22 |
|
|
$ |
8.78 |
|
|
$ |
18.49 |
|
|
$ |
15.94 |
|
Weighted-average common shares outstanding – assuming dilution |
|
|
61,366 |
|
|
|
65,686 |
|
|
|
61,878 |
|
|
|
66,434 |
|
O’REILLY AUTOMOTIVE, INC. AND SUBSIDIARIES |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
(In thousands) |
|
|
|
For the Six Months Ended |
|
|
June 30, |
|
|
2023 |
|
2022 |
Operating activities: |
|
|
|
|
|
|
Net income |
|
$ |
1,144,250 |
|
|
$ |
1,058,640 |
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
|
|
|
Depreciation and amortization of property, equipment and
intangibles |
|
|
191,673 |
|
|
|
168,045 |
|
Amortization of debt discount and issuance costs |
|
|
2,431 |
|
|
|
2,242 |
|
Deferred income taxes |
|
|
13,507 |
|
|
|
28,302 |
|
Share-based compensation programs |
|
|
14,571 |
|
|
|
12,702 |
|
Other |
|
|
75 |
|
|
|
283 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
Accounts receivable |
|
|
(31,443 |
) |
|
|
(60,593 |
) |
Inventory |
|
|
(257,337 |
) |
|
|
(318,756 |
) |
Accounts payable |
|
|
335,299 |
|
|
|
563,012 |
|
Income taxes payable |
|
|
261,208 |
|
|
|
12,013 |
|
Other |
|
|
(22,865 |
) |
|
|
(73,917 |
) |
Net cash provided by operating activities |
|
|
1,651,369 |
|
|
|
1,391,973 |
|
|
|
|
|
|
|
|
Investing activities: |
|
|
|
|
|
|
Purchases of property and equipment |
|
|
(460,942 |
) |
|
|
(228,921 |
) |
Proceeds from sale of property and equipment |
|
|
7,056 |
|
|
|
8,222 |
|
Investment in tax credit equity investments |
|
|
(4,149 |
) |
|
|
(4,080 |
) |
Other |
|
|
(1,971 |
) |
|
|
(86 |
) |
Net cash used in investing activities |
|
|
(460,006 |
) |
|
|
(224,865 |
) |
|
|
|
|
|
|
|
Financing activities: |
|
|
|
|
|
|
Proceeds from borrowings on revolving credit facility |
|
|
2,776,000 |
|
|
|
785,800 |
|
Payments on revolving credit facility |
|
|
(1,976,000 |
) |
|
|
(785,800 |
) |
Proceeds from the issuance of long-term debt |
|
|
— |
|
|
|
847,314 |
|
Principal payments on long-term debt |
|
|
(300,000 |
) |
|
|
— |
|
Payment of debt issuance costs |
|
|
(24 |
) |
|
|
(6,323 |
) |
Repurchases of common stock |
|
|
(1,791,451 |
) |
|
|
(2,151,242 |
) |
Net
proceeds from issuance of common stock |
|
|
48,680 |
|
|
|
35,112 |
|
Other |
|
|
(354 |
) |
|
|
(350 |
) |
Net cash used in financing activities |
|
|
(1,243,149 |
) |
|
|
(1,275,489 |
) |
|
|
|
|
|
|
|
Effect of exchange rate changes on cash |
|
|
1,083 |
|
|
|
172 |
|
Net
decrease in cash and cash equivalents |
|
|
(50,703 |
) |
|
|
(108,209 |
) |
Cash and cash equivalents at beginning of the period |
|
|
108,583 |
|
|
|
362,113 |
|
Cash and cash equivalents at end of the period |
|
$ |
57,880 |
|
|
$ |
253,904 |
|
|
|
|
|
|
|
|
Supplemental disclosures of cash flow
information: |
|
|
|
|
|
|
Income taxes paid |
|
$ |
65,361 |
|
|
$ |
291,695 |
|
Interest paid, net of capitalized interest |
|
|
88,924 |
|
|
|
68,318 |
|
O’REILLY AUTOMOTIVE, INC. AND SUBSIDIARIES |
SELECTED FINANCIAL INFORMATION |
(Unaudited) |
|
|
|
For the Twelve Months Ended |
|
|
June 30, |
Adjusted Debt to EBITDAR: |
|
2023 |
|
2022 |
(In
thousands, except adjusted debt to EBITDAR ratio) |
|
|
|
|
|
|
GAAP debt |
|
$ |
4,873,702 |
|
$ |
4,669,833 |
Add: |
Letters of credit |
|
|
111,428 |
|
|
108,891 |
|
Discount on senior notes |
|
|
5,888 |
|
|
6,692 |
|
Debt issuance costs |
|
|
20,410 |
|
|
23,475 |
|
Six-times rent expense |
|
|
2,455,938 |
|
|
2,282,502 |
Adjusted debt |
|
$ |
7,467,366 |
|
$ |
7,091,393 |
|
|
|
|
|
|
|
GAAP net income |
|
$ |
2,258,260 |
|
$ |
2,136,265 |
Add: |
Interest expense |
|
|
179,654 |
|
|
141,830 |
|
Provision for income taxes |
|
|
636,388 |
|
|
619,047 |
|
Depreciation and amortization |
|
|
381,561 |
|
|
337,345 |
|
Share-based compensation expense |
|
|
28,327 |
|
|
24,783 |
|
Rent expense (i) |
|
|
409,323 |
|
|
380,417 |
EBITDAR |
|
$ |
3,893,513 |
|
$ |
3,639,687 |
|
|
|
|
|
|
|
Adjusted debt to EBITDAR |
|
|
1.92 |
|
|
1.95 |
|
|
|
|
|
|
|
(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, 2023 and 2022 (in thousands):
|
|
|
|
|
|
|
|
|
|
For the Twelve Months Ended |
|
|
June 30, |
|
|
2023 |
|
2022 |
Total
lease cost, per ASC 842 |
|
$ |
485,805 |
|
$ |
453,697 |
Less: |
Variable non-contract operating lease components, related to
property taxes and insurance |
|
|
76,482 |
|
|
73,280 |
Rent
expense |
|
$ |
409,323 |
|
$ |
380,417 |
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
|
2023 |
|
2022 |
Selected Balance Sheet Ratios: |
|
|
|
|
|
|
|
|
Inventory turnover (1) |
|
|
1.7 |
|
|
1.7 |
Average inventory per store (in thousands) (2) |
|
$ |
762 |
|
$ |
679 |
Accounts payable to inventory (3) |
|
|
134.4 |
% |
|
|
131.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
For the Six Months Ended |
|
|
|
June 30, |
|
June 30, |
|
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Reconciliation of Free Cash Flow (in
thousands): |
|
|
|
|
|
|
|
|
|
|
|
|
Net
cash provided by operating activities |
|
$ |
937,605 |
|
$ |
702,087 |
|
$ |
1,651,369 |
|
$ |
1,391,973 |
Less: |
Capital expenditures |
|
|
237,674 |
|
|
124,931 |
|
|
460,942 |
|
|
228,921 |
|
Excess tax benefit from share-based compensation payments |
|
|
14,612 |
|
|
3,353 |
|
|
18,990 |
|
|
5,819 |
|
Investment in tax credit equity investments |
|
|
4,149 |
|
|
— |
|
|
4,149 |
|
|
4,080 |
Free cash flow |
|
$ |
681,170 |
|
$ |
573,803 |
|
$ |
1,167,288 |
|
$ |
1,153,153 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
For the Six Months Ended |
|
For the Twelve Months Ended |
|
|
June 30, |
|
June 30, |
|
June 30, |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Store Count: |
|
|
|
|
|
|
|
|
|
|
|
|
Beginning domestic store count |
|
5,986 |
|
5,811 |
|
5,929 |
|
|
5,759 |
|
|
5,873 |
|
|
5,710 |
|
New
stores opened |
|
41 |
|
62 |
|
100 |
|
|
115 |
|
|
158 |
|
|
164 |
|
Stores closed |
|
— |
|
— |
|
(2 |
) |
|
(1 |
) |
|
(4 |
) |
|
(1 |
) |
Ending domestic store count |
|
6,027 |
|
5,873 |
|
6,027 |
|
|
5,873 |
|
|
6,027 |
|
|
5,873 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Mexico store count |
|
43 |
|
27 |
|
42 |
|
|
25 |
|
|
27 |
|
|
22 |
|
New
stores opened |
|
1 |
|
— |
|
2 |
|
|
2 |
|
|
17 |
|
|
5 |
|
Ending Mexico store count |
|
44 |
|
27 |
|
44 |
|
|
27 |
|
|
44 |
|
|
27 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total ending store count |
|
6,071 |
|
5,900 |
|
6,071 |
|
|
5,900 |
|
|
6,071 |
|
|
5,900 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
For the Twelve Months Ended |
|
|
June 30, |
|
June 30, |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Store and Team Member Information: (4) |
|
|
|
|
|
|
|
|
|
|
|
|
Total employment |
|
|
88,149 |
|
|
84,788 |
|
|
|
|
|
|
Square footage (in thousands) |
|
|
45,622 |
|
|
44,072 |
|
|
|
|
|
|
Sales per weighted-average square foot (5) |
|
$ |
88.12 |
|
$ |
82.30 |
|
$ |
334.21 |
|
$ |
311.47 |
Sales per weighted-average store (in thousands) (6) |
|
$ |
665 |
|
$ |
617 |
|
$ |
2,516 |
|
$ |
2,335 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(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.
O Reilly Automotive (NASDAQ:ORLY)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024
O Reilly Automotive (NASDAQ:ORLY)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024