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 third quarter ended September 30, 2023.
3rd
Quarter Financial ResultsGreg Johnson, O’Reilly’s
CEO, commented, “We are pleased to once again report another
quarter of strong performance and profitable growth, highlighted by
an 8.7% increase in comparable store sales and a 17% increase in
diluted earnings per share to $10.72. Team O’Reilly’s consistent
execution of our proven dual market strategy and dedication to our
culture of excellent customer service resulted in another quarter
of mid-teen professional and solid DIY comparable store sales
growth. Our profitable growth is the direct result of our Team
Members’ hard work and unwavering commitment to providing the
highest level of service in our industry, and I would like to thank
each of them for their ongoing contributions to our long-term
success.”
Sales for the third quarter ended
September 30, 2023, increased $405 million, or 11%, to
$4.20 billion from $3.80 billion for the same period one year ago.
Gross profit for the third quarter increased 12% to $2.16 billion
(or 51.4% of sales) from $1.93 billion (or 50.9% of sales) for the
same period one year ago. Selling, general and administrative
expenses (“SG&A”) for the third quarter increased 12% to $1.26
billion (or 30.1% of sales) from $1.13 billion (or 29.8% of sales)
for the same period one year ago. Operating income for the third
quarter increased 12% to $897 million (or 21.3% of sales) from $804
million (or 21.2% of sales) for the same period one year ago.
Net income for the third quarter ended
September 30, 2023, increased $64 million, or 11%, to
$650 million (or 15.5% of sales) from $585 million (or 15.4% of
sales) for the same period one year ago. Diluted earnings per
common share for the third quarter increased 17% to $10.72 on 61
million shares versus $9.17 on 64 million shares for the same
period one year ago.
Year-to-Date Financial
ResultsMr. Johnson continued, “As a result of our strong
year-to-date performance and a solid start to the fourth quarter
thus far in October, we are raising our full-year 2023 comparable
store sales guidance to a range of 7.0% to 8.0%. We face our most
challenging sales comparisons of the year in the fourth quarter, as
we lap the 9.0% comparable store sales increase in the fourth
quarter last year. Our Team has demonstrated the ability to drive
sustained robust sales growth on top of increasingly challenging
comparisons, and we are very pleased with the compounding share
gains we continue to earn quarter after quarter.”
Mr. Johnson concluded, “Year-to-date, we have
opened 140 net, new stores, and we are on track to achieve our goal
of 180 to 190 net, new store openings in 2023. We remain very
pleased with the performance of our new stores and are confident in
our ability to profitably grow in new and existing markets, driven
by our Team’s ability to gain market share by relentlessly
providing industry-leading customer service, supported by
best-in-class parts availability. Looking ahead into next year, we
are pleased to announce an increase to our expected annual new
store openings with our 2024 new store opening target of 190 to 200
net, new store openings.”
Sales for the first nine months of 2023
increased $1.21 billion, or 11%, to $11.98 billion from $10.77
billion for the same period one year ago. Gross profit for the
first nine months of 2023 increased 11% to $6.14 billion (or 51.2%
of sales) from $5.53 billion (or 51.3% of sales) for the same
period one year ago. SG&A for the first nine months of 2023
increased 13% to $3.67 billion (or 30.6% of sales) from $3.26
billion (or 30.2% of sales) for the same period one year ago.
Operating income for the first nine months of 2023 increased 9% to
$2.47 billion (or 20.6% of sales) from $2.27 billion (or 21.1% of
sales) for the same period one year ago.
Net income for the first nine months of 2023
increased $150 million, or 9%, to $1.79 billion (or 15.0% of sales)
from $1.64 billion (or 15.3% of sales) for the same period one year
ago. Diluted earnings per common share for the first nine months of
2023 increased 16% to $29.20 on 61 million shares versus $25.08 on
66 million shares for the same period one year ago.
3rd
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 8.7% for the third quarter ended
September 30, 2023, on top of 7.6% for the same period
one year ago. Comparable store sales increased 9.4% for the nine
months ended September 30, 2023, on top of 5.6% for the
same period one year ago.
Share Repurchase ProgramDuring
the third quarter ended September 30, 2023, the Company
repurchased 0.9 million shares of its common stock, at an average
price per share of $938.11, for a total investment of $800 million.
During the first nine months of 2023, the Company repurchased 3.0
million shares of its common stock, at an average price per share
of $874.99, for a total investment of $2.59 billion. Excise tax on
shares repurchased, assessed at one percent of the fair market
value of net shares repurchased, was $23.8 million for the first
nine months of 2023. Subsequent to the end of the third quarter and
through the date of this release, the Company repurchased an
additional 0.5 million shares of its common stock, at an average
price per share of $910.21, for a total investment of $420 million.
The Company has repurchased a total of 93.9 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 $245.24, for a total aggregate
investment of $23.04 billion. As of the date of this
release, the Company had approximately $712 million 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 |
|
7.0% to 8.0% |
Total revenue |
|
$15.7 billion to $15.8 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) |
|
$37.80 to $38.30 |
Net cash provided by operating
activities |
|
$2.8 billion to $3.2 billion |
Capital expenditures |
|
$900 million to $950 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 |
|
$ |
2,820 |
|
to |
|
$ |
3,180 |
|
|
Less: |
Capital expenditures |
|
|
900 |
|
to |
|
|
950 |
|
|
|
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.
Earnings Conference Call
InformationThe Company will host a conference call on
Thursday, October 26, 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 209629. A replay of the
conference call will be available on the Company’s website through
Friday, October 25, 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
September 30, 2023, the Company operated 6,111 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) |
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2023 |
|
September 30, 2022 |
|
December 31, 2022 |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Note) |
Assets |
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
82,664 |
|
|
$ |
67,060 |
|
|
$ |
108,583 |
|
Accounts receivable, net |
|
|
399,654 |
|
|
|
338,122 |
|
|
|
343,155 |
|
Amounts receivable from suppliers |
|
|
156,727 |
|
|
|
135,584 |
|
|
|
127,019 |
|
Inventory |
|
|
4,631,511 |
|
|
|
4,137,945 |
|
|
|
4,359,126 |
|
Other current assets |
|
|
107,156 |
|
|
|
82,045 |
|
|
|
110,376 |
|
Total current assets |
|
|
5,377,712 |
|
|
|
4,760,756 |
|
|
|
5,048,259 |
|
|
|
|
|
|
|
|
|
|
|
Property and equipment, at
cost |
|
|
8,136,342 |
|
|
|
7,291,681 |
|
|
|
7,438,065 |
|
Less: accumulated depreciation
and amortization |
|
|
3,248,165 |
|
|
|
2,947,861 |
|
|
|
3,014,024 |
|
Net property and equipment |
|
|
4,888,177 |
|
|
|
4,343,820 |
|
|
|
4,424,041 |
|
|
|
|
|
|
|
|
|
|
|
Operating lease, right-of-use
assets |
|
|
2,213,884 |
|
|
|
2,109,581 |
|
|
|
2,112,267 |
|
Goodwill |
|
|
895,399 |
|
|
|
881,102 |
|
|
|
884,445 |
|
Other assets, net |
|
|
176,666 |
|
|
|
142,769 |
|
|
|
158,967 |
|
Total assets |
|
$ |
13,551,838 |
|
|
$ |
12,238,028 |
|
|
$ |
12,627,979 |
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
shareholders’ deficit |
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
6,199,816 |
|
|
$ |
5,574,098 |
|
|
$ |
5,881,157 |
|
Self-insurance reserves |
|
|
128,892 |
|
|
|
142,390 |
|
|
|
138,926 |
|
Accrued payroll |
|
|
124,040 |
|
|
|
109,095 |
|
|
|
126,888 |
|
Accrued benefits and withholdings |
|
|
170,550 |
|
|
|
167,452 |
|
|
|
166,433 |
|
Income taxes payable |
|
|
325,693 |
|
|
|
63,916 |
|
|
|
— |
|
Current portion of operating lease liabilities |
|
|
385,942 |
|
|
|
360,529 |
|
|
|
366,721 |
|
Other current liabilities |
|
|
496,149 |
|
|
|
423,999 |
|
|
|
383,692 |
|
Total current liabilities |
|
|
7,831,082 |
|
|
|
6,841,479 |
|
|
|
7,063,817 |
|
|
|
|
|
|
|
|
|
|
|
Long-term debt |
|
|
5,102,350 |
|
|
|
4,370,772 |
|
|
|
4,371,653 |
|
Operating lease liabilities,
less current portion |
|
|
1,895,991 |
|
|
|
1,809,241 |
|
|
|
1,806,656 |
|
Deferred income taxes |
|
|
282,894 |
|
|
|
218,087 |
|
|
|
245,347 |
|
Other liabilities |
|
|
199,990 |
|
|
|
203,912 |
|
|
|
201,258 |
|
|
|
|
|
|
|
|
|
|
|
Shareholders’ equity
(deficit): |
|
|
|
|
|
|
|
|
|
Common stock, $0.01 par value: |
|
|
|
|
|
|
|
|
|
Authorized shares – 245,000,000 |
|
|
|
|
|
|
|
|
|
Issued and outstanding shares – |
|
|
|
|
|
|
|
|
|
59,621,138 as of September 30, 2023, |
|
|
|
|
|
|
|
|
|
62,798,821 as of September 30, 2022, and |
|
|
|
|
|
|
|
|
|
62,353,221 as of December 31, 2022 |
|
|
596 |
|
|
|
628 |
|
|
|
624 |
|
Additional paid-in capital |
|
|
1,341,163 |
|
|
|
1,292,725 |
|
|
|
1,311,488 |
|
Retained deficit |
|
|
(3,132,517 |
) |
|
|
(2,494,833 |
) |
|
|
(2,375,860 |
) |
Accumulated other comprehensive income (loss) |
|
|
30,289 |
|
|
|
(3,983 |
) |
|
|
2,996 |
|
Total shareholders’
deficit |
|
|
(1,760,469 |
) |
|
|
(1,205,463 |
) |
|
|
(1,060,752 |
) |
|
|
|
|
|
|
|
|
|
|
Total liabilities and
shareholders’ deficit |
|
$ |
13,551,838 |
|
|
$ |
12,238,028 |
|
|
$ |
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 Nine Months Ended |
|
|
September 30, |
|
September 30, |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Sales |
|
$ |
4,203,380 |
|
|
$ |
3,798,619 |
|
|
$ |
11,980,235 |
|
|
$ |
10,765,367 |
|
Cost of goods sold, including
warehouse and distribution expenses |
|
|
2,042,917 |
|
|
|
1,863,657 |
|
|
|
5,842,861 |
|
|
|
5,237,615 |
|
Gross profit |
|
|
2,160,463 |
|
|
|
1,934,962 |
|
|
|
6,137,374 |
|
|
|
5,527,752 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses |
|
|
1,263,241 |
|
|
|
1,130,768 |
|
|
|
3,669,734 |
|
|
|
3,255,478 |
|
Operating income |
|
|
897,222 |
|
|
|
804,194 |
|
|
|
2,467,640 |
|
|
|
2,272,274 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(51,361 |
) |
|
|
(43,164 |
) |
|
|
(145,520 |
) |
|
|
(115,389 |
) |
Interest income |
|
|
1,292 |
|
|
|
1,435 |
|
|
|
2,920 |
|
|
|
2,627 |
|
Other, net |
|
|
(486 |
) |
|
|
(616 |
) |
|
|
8,179 |
|
|
|
(7,104 |
) |
Total other expense |
|
|
(50,555 |
) |
|
|
(42,345 |
) |
|
|
(134,421 |
) |
|
|
(119,866 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes |
|
|
846,667 |
|
|
|
761,849 |
|
|
|
2,333,219 |
|
|
|
2,152,408 |
|
Provision for income
taxes |
|
|
196,840 |
|
|
|
176,411 |
|
|
|
539,142 |
|
|
|
508,330 |
|
Net income |
|
$ |
649,827 |
|
|
$ |
585,438 |
|
|
$ |
1,794,077 |
|
|
$ |
1,644,078 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share-basic: |
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share |
|
$ |
10.82 |
|
|
$ |
9.25 |
|
|
$ |
29.46 |
|
|
$ |
25.30 |
|
Weighted-average common shares
outstanding – basic |
|
|
60,082 |
|
|
|
63,288 |
|
|
|
60,905 |
|
|
|
64,979 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share-assuming
dilution: |
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share |
|
$ |
10.72 |
|
|
$ |
9.17 |
|
|
$ |
29.20 |
|
|
$ |
25.08 |
|
Weighted-average common shares
outstanding – assuming dilution |
|
|
60,590 |
|
|
|
63,860 |
|
|
|
61,445 |
|
|
|
65,566 |
|
O’REILLY AUTOMOTIVE, INC. AND SUBSIDIARIES |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
(In thousands) |
|
|
|
|
|
|
|
|
|
For the Nine Months Ended |
|
|
September 30, |
|
|
2023 |
|
2022 |
Operating
activities: |
|
|
|
|
|
|
Net income |
|
$ |
1,794,077 |
|
|
$ |
1,644,078 |
|
Adjustments to reconcile net
income to net cash provided by operating activities: |
|
|
|
|
|
|
Depreciation and amortization of property, equipment and
intangibles |
|
|
296,583 |
|
|
|
258,048 |
|
Amortization of debt discount and issuance costs |
|
|
3,597 |
|
|
|
3,490 |
|
Deferred income taxes |
|
|
35,982 |
|
|
|
42,673 |
|
Share-based compensation programs |
|
|
21,948 |
|
|
|
18,913 |
|
Other |
|
|
3,574 |
|
|
|
716 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
Accounts receivable |
|
|
(58,658 |
) |
|
|
(69,965 |
) |
Inventory |
|
|
(263,896 |
) |
|
|
(450,991 |
) |
Accounts payable |
|
|
315,910 |
|
|
|
878,501 |
|
Income taxes payable |
|
|
353,366 |
|
|
|
73,853 |
|
Other |
|
|
15,172 |
|
|
|
(46,296 |
) |
Net cash provided by operating activities |
|
|
2,517,655 |
|
|
|
2,353,020 |
|
|
|
|
|
|
|
|
Investing
activities: |
|
|
|
|
|
|
Purchases of property and
equipment |
|
|
(753,958 |
) |
|
|
(388,820 |
) |
Proceeds from sale of property
and equipment |
|
|
10,461 |
|
|
|
10,829 |
|
Investment in tax credit
equity investments |
|
|
(4,150 |
) |
|
|
(5,262 |
) |
Other |
|
|
(2,126 |
) |
|
|
(448 |
) |
Net cash used in investing activities |
|
|
(749,773 |
) |
|
|
(383,701 |
) |
|
|
|
|
|
|
|
Financing
activities: |
|
|
|
|
|
|
Proceeds from borrowings on
revolving credit facility |
|
|
3,227,000 |
|
|
|
785,800 |
|
Payments on revolving credit
facility |
|
|
(3,227,000 |
) |
|
|
(785,800 |
) |
Net proceeds from commercial
paper |
|
|
1,025,075 |
|
|
|
— |
|
Proceeds from the issuance of
long-term debt |
|
|
— |
|
|
|
847,314 |
|
Principal payments on
long-term debt |
|
|
(300,000 |
) |
|
|
(300,000 |
) |
Payment of debt issuance
costs |
|
|
(39 |
) |
|
|
(6,442 |
) |
Repurchases of common
stock |
|
|
(2,590,980 |
) |
|
|
(2,861,557 |
) |
Net proceeds from issuance of
common stock |
|
|
71,604 |
|
|
|
56,575 |
|
Other |
|
|
(354 |
) |
|
|
(350 |
) |
Net cash used in financing activities |
|
|
(1,794,694 |
) |
|
|
(2,264,460 |
) |
|
|
|
|
|
|
|
Effect of exchange rate
changes on cash |
|
|
893 |
|
|
|
88 |
|
Net decrease in cash and cash
equivalents |
|
|
(25,919 |
) |
|
|
(295,053 |
) |
Cash and cash equivalents at
beginning of the period |
|
|
108,583 |
|
|
|
362,113 |
|
Cash and cash equivalents at
end of the period |
|
$ |
82,664 |
|
|
$ |
67,060 |
|
|
|
|
|
|
|
|
Supplemental
disclosures of cash flow information: |
|
|
|
|
|
|
Income taxes paid |
|
$ |
147,128 |
|
|
$ |
392,490 |
|
Interest paid, net of
capitalized interest |
|
|
127,085 |
|
|
|
99,674 |
|
O’REILLY AUTOMOTIVE, INC. AND SUBSIDIARIES |
SELECTED FINANCIAL INFORMATION |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
For the Twelve Months Ended |
|
|
September 30, |
Adjusted Debt
to EBITDAR: |
|
2023 |
|
2022 |
(In thousands,
except adjusted debt to EBITDAR ratio) |
|
|
|
|
|
|
GAAP debt |
|
$ |
5,102,350 |
|
$ |
4,370,772 |
Add: |
Letters of credit |
|
|
111,732 |
|
|
101,741 |
|
Unamortized discount and debt
issuance costs |
|
|
27,650 |
|
|
29,228 |
|
Six-times rent expense |
|
|
2,507,928 |
|
|
2,318,454 |
Adjusted debt |
|
$ |
7,749,660 |
|
$ |
6,820,195 |
|
|
|
|
|
|
|
GAAP net
income |
|
$ |
2,322,649 |
|
$ |
2,163,051 |
Add: |
Interest expense |
|
|
187,851 |
|
|
150,121 |
|
Provision for income
taxes |
|
|
656,817 |
|
|
633,581 |
|
Depreciation and
amortization |
|
|
396,468 |
|
|
348,611 |
|
Share-based compensation
expense |
|
|
29,493 |
|
|
25,025 |
|
Rent expense (i) |
|
|
417,988 |
|
|
386,409 |
EBITDAR |
|
$ |
4,011,266 |
|
$ |
3,706,798 |
|
|
|
|
|
|
|
Adjusted debt to
EBITDAR |
|
|
1.93 |
|
|
1.84 |
(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
September 30, 2023 and 2022 (in thousands): |
|
|
|
|
|
|
|
|
|
|
|
For the Twelve Months Ended |
|
|
September 30, |
|
|
2023 |
|
2022 |
|
Total lease cost,
per ASC 842 |
|
$ |
495,360 |
|
$ |
460,299 |
|
Less: |
Variable non-contract operating
lease components, related to property taxes and insurance |
|
|
77,372 |
|
|
73,890 |
|
Rent expense |
|
$ |
417,988 |
|
$ |
386,409 |
|
|
|
|
|
|
|
|
|
|
|
September 30, |
|
|
2023 |
|
2022 |
Selected Balance Sheet
Ratios: |
|
|
|
|
|
|
|
|
Inventory turnover (1) |
|
|
1.7 |
|
|
1.7 |
Average inventory per store
(in thousands) (2) |
|
$ |
758 |
|
$ |
697 |
Accounts payable to inventory
(3) |
|
|
133.9 |
% |
|
|
134.7 |
% |
|
|
|
For the Three Months Ended |
|
For the Nine Months Ended |
|
|
|
September 30, |
|
September 30, |
|
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Reconciliation of Free Cash Flow (in
thousands): |
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities |
|
$ |
866,286 |
|
$ |
961,047 |
|
$ |
2,517,655 |
|
$ |
2,353,020 |
Less: |
Capital expenditures |
|
|
293,016 |
|
|
159,899 |
|
|
753,958 |
|
|
388,820 |
|
Excess tax benefit from
share-based compensation payments |
|
|
8,862 |
|
|
8,481 |
|
|
27,852 |
|
|
14,300 |
|
Investment in tax credit equity
investments |
|
|
1 |
|
|
1,182 |
|
|
4,150 |
|
|
5,262 |
Free cash flow |
|
$ |
564,407 |
|
$ |
791,485 |
|
$ |
1,731,695 |
|
$ |
1,944,638 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
For the Nine Months Ended |
|
For the Twelve Months Ended |
|
|
September 30, |
|
September 30, |
|
September 30, |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Store
Count: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning domestic store count |
|
6,027 |
|
|
5,873 |
|
|
5,929 |
|
|
5,759 |
|
|
5,910 |
|
|
5,740 |
|
New stores opened |
|
36 |
|
|
38 |
|
|
136 |
|
|
153 |
|
|
156 |
|
|
172 |
|
Stores closed |
|
— |
|
|
(1 |
) |
|
(2 |
) |
|
(2 |
) |
|
(3 |
) |
|
(2 |
) |
Ending domestic store
count |
|
6,063 |
|
|
5,910 |
|
|
6,063 |
|
|
5,910 |
|
|
6,063 |
|
|
5,910 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Mexico store
count |
|
44 |
|
|
27 |
|
|
42 |
|
|
25 |
|
|
28 |
|
|
22 |
|
New stores opened |
|
4 |
|
|
1 |
|
|
6 |
|
|
3 |
|
|
20 |
|
|
6 |
|
Ending Mexico store count |
|
48 |
|
|
28 |
|
|
48 |
|
|
28 |
|
|
48 |
|
|
28 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total ending store count |
|
6,111 |
|
|
5,938 |
|
|
6,111 |
|
|
5,938 |
|
|
6,111 |
|
|
5,938 |
|
|
|
For the Three Months Ended |
|
For the Twelve Months Ended |
|
|
September 30, |
|
September 30, |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Store and Team Member Information: (4) |
|
|
|
|
|
|
|
|
|
|
|
|
Total employment |
|
|
88,219 |
|
|
84,050 |
|
|
|
|
|
|
Square footage (in
thousands) |
|
|
46,258 |
|
|
44,373 |
|
|
|
|
|
|
Sales per weighted-average
square foot (5) |
|
$ |
89.99 |
|
$ |
84.54 |
|
$ |
339.76 |
|
$ |
316.37 |
Sales per weighted-average
store (in thousands) (6) |
|
$ |
683 |
|
$ |
634 |
|
$ |
2,564 |
|
$ |
2,373 |
(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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