O’Reilly Automotive, Inc. (the “Company” or “O’Reilly”)
(
Nasdaq: ORLY), a leading retailer in the
automotive aftermarket industry, today announced record revenues
and earnings for its second quarter ended June 30, 2019.
2nd Quarter Financial
ResultsGreg Johnson, O’Reilly’s CEO and Co-President,
commented, “I would like to thank Team O’Reilly for their
commitment to consistently providing excellent service to our
customers every day. For the quarter, our comparable stores
sales growth was 3.4%, which was in the lower end of our 3% to 5%
guidance range as unseasonably cool and rainy weather in many of
our markets was a headwind to summer, heat related
categories. The challenging weather also caused significant
delays in construction and new store openings, resulting in lower
than planned non-comparable store sales volumes for the
quarter. As a result of these top-line headwinds and
continued pressure to SG&A, our diluted earnings per share for
the second quarter of $4.51 came in $0.04 below our guidance
range. Despite the challenges we have seen in the seasonal
demand environment thus far in 2019, we remain confident in the
solid demand drivers supporting our industry and in our Team’s
ability to provide unsurpassed levels of service to our customers,
and as a result, we are maintaining our full-year comparable store
sales guidance at a range of 3% to 5%.”
Sales for the second quarter ended June 30,
2019, increased $134 million, or 5%, to $2.59 billion from $2.46
billion for the same period one year ago. Gross profit for
the second quarter increased 6% to $1.37 billion (or 52.8% of
sales) from $1.29 billion (or 52.5% of sales) for the same period
one year ago. Selling, general and administrative expenses
(“SG&A”) for the second quarter increased 8% to $870 million
(or 33.6% of sales) from $809 million (or 33.0% of sales) for the
same period one year ago. Operating income for the second
quarter increased 4% to $498 million (or 19.2% of sales) from $479
million (or 19.5% of sales) for the same period one year ago.
Net income for the second quarter ended
June 30, 2019, increased $1 million to $354 million (or 13.7%
of sales) from $353 million (or 14.4% of sales) for the same period
one year ago. Diluted earnings per common share for the
second quarter increased 5% to $4.51 on 78 million shares versus
$4.28 on 83 million shares for the same period one year ago.
Year-to-Date Financial
ResultsSales for the first six months of 2019 increased
$262 million, or 6%, to $5.00 billion from $4.74 billion for the
same period one year ago. Gross profit for the first six
months of 2019 increased 6% to $2.65 billion (or 52.9% of sales)
from $2.49 billion (or 52.5% of sales) for the same period one year
ago. SG&A for the first six months of 2019 increased 7%
to $1.70 billion (or 34.1% of sales) from $1.59 billion (or 33.5%
of sales) for the same period one year ago. Operating income
for the first six months of 2019 increased 5% to $943 million (or
18.9% of sales) from $902 million (or 19.0% of sales) for the same
period one year ago.
Net income for the first six months of 2019
increased $17 million, or 3%, to $675 million (or 13.5% of sales)
from $658 million (or 13.9% of sales) for the same period one year
ago. Diluted earnings per common share for the first six
months of 2019 increased 8% to $8.56 on 79 million shares versus
$7.89 on 83 million shares for the same period one year ago.
Mr. Johnson continued, “During the second
quarter, we opened 43 stores across 15 states, which was short of
our planned openings for the period as a result of the wet weather
conditions; however, the delays we experienced in the second
quarter are temporary and we still expect to open at least 200 net,
new stores in 2019. Our distribution network expansion
projects continue to progress on schedule, with the anticipated
opening of our 28th distribution center in Twinsburg, Ohio, during
the fourth quarter of this year. Continually investing to
enhance our distribution capabilities has allowed us to deliver
excellent customer service and drive sustained, profitable store
growth, and we remain committed to providing best-in-class parts
availability, unparalleled technical knowledge and unsurpassed
service levels to our customers.”
2nd Quarter Comparable Store Sales
ResultsComparable store sales are calculated based on the
change in sales for stores open at least one year and exclude sales
of specialty machinery, sales to independent parts stores and sales
to Team Members. Online sales, resulting from ship-to-home
orders and pick-up-in-store orders, for stores open at least one
year, are included in the comparable store sales calculation.
Comparable store sales increased 3.4% for the second quarter ended
June 30, 2019, on top of 4.6% for the same period one year
ago. Comparable store sales increased 3.3% for the six months
ended June 30, 2019, on top of 4.0% for the same period one
year ago.
Share Repurchase ProgramDuring
the second quarter ended June 30, 2019, the Company
repurchased 1.6 million shares of its common stock, at an average
price per share of $366.76, for a total investment of $599
million. During the first six months ended 2019, the Company
repurchased 2.6 million shares of its common stock, at an average
price per share of $359.63, for a total investment of $921
million. Subsequent to the end of the second quarter and
through the date of this release, the Company repurchased an
additional 0.2 million shares of its common stock, at an average
price per share of $380.79, for a total investment of $63
million. The Company has repurchased a total of 75.0 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 $156.36, for a total
aggregate investment of $11.73 billion. As of the date of
this release, the Company had approximately $1.02 billion remaining
under its current share repurchase authorizations.
3rd Quarter and Updated Full-Year 2019
GuidanceThe table below outlines the Company’s guidance
for selected third quarter and updated full-year 2019 financial
data:
|
For the Three Months Ending September 30,
2019 |
|
For the Year Ending December 31, 2019 |
Comparable store sales |
3% to 5% |
|
3% to 5% |
Total revenue |
|
|
$10.0 billion to $10.3 billion |
Gross profit as a percentage
of sales |
|
|
52.7% to 53.2% |
Operating income as a
percentage of sales |
|
|
18.7% to 19.2% |
Effective income tax rate |
|
|
23.5% |
Diluted earnings per share
(1) |
$4.73 to $4.83 |
|
$17.37 to $17.47 |
Net cash provided by operating
activities |
|
|
$1.6 billion to $1.8 billion |
Capital expenditures |
|
|
$625 million to $675 million |
Free cash flow (2) |
|
|
$1.0 billion to $1.1 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:
(in millions) |
For the Year Ending December 31, 2019 |
Net cash provided by operating activities |
$ |
1,635 |
|
to |
$ |
1,790 |
|
Less: |
Capital expenditures |
625 |
|
to |
675 |
|
|
Excess tax benefit from
share-based compensation payments |
10 |
|
to |
15 |
|
Free cash
flow |
$ |
1,000 |
|
to |
$ |
1,100 |
|
Non-GAAP InformationThis
release contains certain financial information not derived in
accordance with United States generally accepted accounting
principles (“GAAP”). These items include adjusted debt to
earnings before interest, taxes, depreciation, amortization,
share-based compensation and rent (“EBITDAR”) and free cash
flow. The Company does not, nor does it suggest investors
should, consider such non-GAAP financial measures in isolation
from, or as a substitute for, GAAP financial information. The
Company believes that the presentation of adjusted debt to EBITDAR
and free cash flow provide meaningful supplemental information to
both management and investors that is indicative of the Company’s
core operations. The Company has included a reconciliation of
this additional information to the most comparable GAAP measure in
the table above and the selected financial information below.
Earnings Conference Call
InformationThe Company will host a conference call on
Thursday, July 25, 2019, 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 (847) 619-6397; the
conference call identification number is 48760868. A replay
of the conference call will be available on the Company’s website
through Friday, July 24, 2020.
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, 2019,
the Company operated 5,344 stores in 47 states.
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, tariffs, product
demand, the market for auto parts, competition, weather, risks
associated with the performance of acquired businesses, our ability
to hire and retain qualified employees, consumer debt levels, our
increased debt levels, credit ratings on public debt, governmental
regulations, information security and cyber-attacks, terrorist
activities, war and the threat of war. 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, 2018, 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 Contact |
|
Mark Merz (417) 829-5878 |
O’REILLY AUTOMOTIVE, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS(In
thousands, except share data)
|
June 30, 2019 (1) |
|
June 30, 2018 |
|
December 31, 2018 |
|
(Unaudited) |
|
(Unaudited) |
|
(Note) |
Assets |
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and cash equivalents |
$ |
55,809 |
|
|
$ |
36,868 |
|
|
$ |
31,315 |
|
Accounts receivable, net |
262,227 |
|
|
241,142 |
|
|
192,026 |
|
Amounts receivable from suppliers |
77,750 |
|
|
78,950 |
|
|
78,155 |
|
Inventory |
3,262,426 |
|
|
3,091,719 |
|
|
3,193,344 |
|
Other current assets |
42,361 |
|
|
52,038 |
|
|
48,262 |
|
Total current assets |
3,700,573 |
|
|
3,500,717 |
|
|
3,543,102 |
|
|
|
|
|
|
|
Property and equipment, at
cost |
5,885,507 |
|
|
5,384,634 |
|
|
5,645,552 |
|
Less: accumulated depreciation
and amortization |
2,131,156 |
|
|
1,949,750 |
|
|
2,058,550 |
|
Net property and equipment |
3,754,351 |
|
|
3,434,884 |
|
|
3,587,002 |
|
|
|
|
|
|
|
Operating lease, right-of-use
assets |
1,895,099 |
|
|
— |
|
|
— |
|
Goodwill |
808,391 |
|
|
789,104 |
|
|
807,260 |
|
Other assets, net |
43,529 |
|
|
42,035 |
|
|
43,425 |
|
Total assets |
$ |
10,201,943 |
|
|
$ |
7,766,740 |
|
|
$ |
7,980,789 |
|
|
|
|
|
|
|
Liabilities and
shareholders’ equity |
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
Accounts payable |
$ |
3,516,150 |
|
|
$ |
3,314,671 |
|
|
$ |
3,376,403 |
|
Self-insurance reserves |
77,120 |
|
|
74,018 |
|
|
77,012 |
|
Accrued payroll |
87,531 |
|
|
81,245 |
|
|
86,520 |
|
Accrued benefits and withholdings |
75,119 |
|
|
73,006 |
|
|
89,082 |
|
Income taxes payable |
9,507 |
|
|
13,676 |
|
|
11,013 |
|
Current portion of operating lease liabilities |
304,034 |
|
|
— |
|
|
— |
|
Other current liabilities |
290,931 |
|
|
262,302 |
|
|
253,990 |
|
Total current liabilities |
4,360,392 |
|
|
3,818,918 |
|
|
3,894,020 |
|
|
|
|
|
|
|
Long-term debt |
3,783,738 |
|
|
3,253,538 |
|
|
3,417,122 |
|
Operating lease liabilities,
less current portion |
1,631,719 |
|
|
— |
|
|
— |
|
Deferred income taxes |
113,533 |
|
|
94,430 |
|
|
105,566 |
|
Other liabilities |
167,879 |
|
|
214,864 |
|
|
210,414 |
|
|
|
|
|
|
|
Shareholders’ equity: |
|
|
|
|
|
Common stock, $0.01 par value: |
|
|
|
|
|
Authorized shares – 245,000,000 |
|
|
|
|
|
Issued and outstanding shares – |
|
|
|
|
|
76,690,215 as of June 30, 2019, |
|
|
|
|
|
80,987,794 as of June 30, 2018, and |
|
|
|
|
|
79,043,919 as of December 31, 2018 |
767 |
|
|
810 |
|
|
790 |
|
Additional paid-in capital |
1,258,930 |
|
|
1,247,837 |
|
|
1,262,063 |
|
Retained deficit |
(1,115,015 |
) |
|
(863,657 |
) |
|
(909,186 |
) |
Total shareholders’
equity |
144,682 |
|
|
384,990 |
|
|
353,667 |
|
|
|
|
|
|
|
Total liabilities and
shareholders’ equity |
$ |
10,201,943 |
|
|
$ |
7,766,740 |
|
|
$ |
7,980,789 |
|
Note: The balance sheet at
December 31, 2018, 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.
(1) The Company adopted
Accounting Standard Codification 842 - Leases (“ASC 842”) during
the first quarter ended March 31, 2019, using the additional,
optional transition method, which does not require prior periods to
be restated.
O’REILLY AUTOMOTIVE, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF
INCOME(Unaudited)(In thousands, except per share data)
|
For the Three Months Ended June 30, |
|
For the Six Months Ended June 30, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Sales |
$ |
2,589,874 |
|
|
$ |
2,456,073 |
|
|
$ |
5,000,482 |
|
|
$ |
4,738,754 |
|
Cost of goods sold, including
warehouse and distribution expenses |
1,221,587 |
|
|
1,167,435 |
|
|
2,352,905 |
|
|
2,248,858 |
|
Gross profit |
1,368,287 |
|
|
1,288,638 |
|
|
2,647,577 |
|
|
2,489,896 |
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses |
870,213 |
|
|
809,488 |
|
|
1,704,717 |
|
|
1,587,900 |
|
Operating income |
498,074 |
|
|
479,150 |
|
|
942,860 |
|
|
901,996 |
|
|
|
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
|
|
Interest expense |
(34,538 |
) |
|
(30,862 |
) |
|
(68,829 |
) |
|
(59,079 |
) |
Interest income |
603 |
|
|
597 |
|
|
1,157 |
|
|
1,169 |
|
Other, net |
832 |
|
|
988 |
|
|
3,935 |
|
|
1,193 |
|
Total other expense |
(33,103 |
) |
|
(29,277 |
) |
|
(63,737 |
) |
|
(56,717 |
) |
|
|
|
|
|
|
|
|
Income before income
taxes |
464,971 |
|
|
449,873 |
|
|
879,123 |
|
|
845,279 |
|
Provision for income
taxes |
111,290 |
|
|
96,800 |
|
|
204,290 |
|
|
187,300 |
|
Net income |
$ |
353,681 |
|
|
$ |
353,073 |
|
|
$ |
674,833 |
|
|
$ |
657,979 |
|
|
|
|
|
|
|
|
|
Earnings per share-basic: |
|
|
|
|
|
|
|
Earnings per share |
$ |
4.56 |
|
|
$ |
4.32 |
|
|
$ |
8.65 |
|
|
$ |
7.96 |
|
Weighted-average common shares
outstanding – basic |
77,613 |
|
|
81,733 |
|
|
78,047 |
|
|
82,624 |
|
|
|
|
|
|
|
|
|
Earnings per share-assuming
dilution: |
|
|
|
|
|
|
|
Earnings per share |
$ |
4.51 |
|
|
$ |
4.28 |
|
|
$ |
8.56 |
|
|
$ |
7.89 |
|
Weighted-average common shares
outstanding – assuming dilution |
78,412 |
|
|
82,536 |
|
|
78,854 |
|
|
83,430 |
|
O’REILLY AUTOMOTIVE, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS(Unaudited) (In thousands)
|
For the Six Months Ended June 30, |
|
2019 |
|
2018 |
|
|
|
|
Operating
activities: |
|
|
|
Net income |
$ |
674,833 |
|
|
$ |
657,979 |
|
Adjustments to reconcile net
income to net cash provided by operating activities: |
|
|
|
Depreciation and amortization of property, equipment and
intangibles |
132,275 |
|
|
130,792 |
|
Amortization of debt discount and issuance costs |
1,887 |
|
|
1,649 |
|
Deferred income taxes |
8,364 |
|
|
9,024 |
|
Share-based compensation programs |
11,015 |
|
|
10,152 |
|
Other |
4,277 |
|
|
4,653 |
|
Changes in operating assets and liabilities: |
|
|
|
Accounts receivable |
(74,978 |
) |
|
(29,550 |
) |
Inventory |
(69,103 |
) |
|
(81,614 |
) |
Accounts payable |
138,522 |
|
|
124,642 |
|
Income taxes payable |
(833 |
) |
|
26,439 |
|
Other |
20,745 |
|
|
21,067 |
|
Net cash provided by operating activities |
847,004 |
|
|
875,233 |
|
|
|
|
|
Investing
activities: |
|
|
|
Purchases of property and
equipment |
(295,608 |
) |
|
(224,117 |
) |
Proceeds from sale of property
and equipment |
3,138 |
|
|
2,936 |
|
Investment in tax credit
equity investments |
(1,717 |
) |
|
— |
|
Return of tax credit equity
investments |
127 |
|
|
— |
|
Other |
712 |
|
|
(424 |
) |
Net cash used in investing activities |
(293,348 |
) |
|
(221,605 |
) |
|
|
|
|
Financing
activities: |
|
|
|
Proceeds from borrowings on
revolving credit facility |
1,629,000 |
|
|
1,429,000 |
|
Payments on revolving credit
facility |
(1,760,000 |
) |
|
(1,650,000 |
) |
Proceeds from the issuance of
long-term debt |
499,955 |
|
|
498,660 |
|
Payment of debt issuance
costs |
(3,988 |
) |
|
(3,923 |
) |
Repurchases of common
stock |
(920,717 |
) |
|
(965,867 |
) |
Net proceeds from issuance of
common stock |
26,778 |
|
|
31,178 |
|
Other |
(190 |
) |
|
(2,156 |
) |
Net cash used in financing activities |
(529,162 |
) |
|
(663,108 |
) |
|
|
|
|
Net increase (decrease) in
cash and cash equivalents |
24,494 |
|
|
(9,480 |
) |
Cash and cash equivalents at
beginning of the period |
31,315 |
|
|
46,348 |
|
Cash and cash equivalents at
end of the period |
$ |
55,809 |
|
|
$ |
36,868 |
|
|
|
|
|
Supplemental
disclosures of cash flow information: |
|
|
|
Income taxes paid |
$ |
194,503 |
|
|
$ |
150,990 |
|
Interest paid, net of
capitalized interest |
64,201 |
|
|
55,556 |
|
O’REILLY AUTOMOTIVE, INC. AND
SUBSIDIARIESSELECTED FINANCIAL
INFORMATION (Unaudited)
|
For the Twelve Months Ended June 30, |
Adjusted
Debt to EBITDAR: |
2019 |
|
2018 |
(In thousands,
except adjusted debt to EBITDAR ratio) |
|
|
|
GAAP debt |
$ |
3,783,738 |
|
|
$ |
3,253,538 |
|
Add: |
Letters of credit |
39,109 |
|
|
36,943 |
|
|
Discount on senior notes |
3,930 |
|
|
4,700 |
|
|
Debt issuance costs |
18,332 |
|
|
16,762 |
|
|
Six-times rent expense |
1,971,174 |
|
|
1,851,396 |
|
Adjusted debt |
$ |
5,816,283 |
|
|
$ |
5,163,339 |
|
|
|
|
|
|
GAAP net
income |
$ |
1,341,341 |
|
|
$ |
1,244,028 |
|
Add: |
Interest expense |
131,879 |
|
|
110,197 |
|
|
Provision for income
taxes |
386,590 |
|
|
417,505 |
|
|
Depreciation and
amortization |
260,420 |
|
|
249,678 |
|
|
Share-based compensation
expense |
21,039 |
|
|
19,200 |
|
|
Rent expense (i) |
328,529 |
|
|
308,566 |
|
EBITDAR |
$ |
2,469,798 |
|
|
$ |
2,349,174 |
|
|
|
|
|
|
Adjusted debt to
EBITDAR |
|
2.35 |
|
|
|
2.20 |
|
(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 six and twelve months
ended June 30, 2019 (in thousands):
Total lease cost, per ASC 842, for the six months ended June 30,
2019 |
$ |
197,839 |
|
Less: |
Variable non-contract operating
lease components, related to property taxes and insurance, for the
six months ended June 30, 2019 |
29,433 |
|
Rent expense for
the six months ended June 30, 2019 |
168,406 |
|
Add: |
Rent expense for the six months
ended December 31, 2018, as previously reported prior to the
adoption of ASC 842 |
160,123 |
|
Rent expense for
the twelve months ended June 30, 2019 |
$ |
328,529 |
|
|
June 30, |
|
2019 |
|
2018 |
Selected Balance Sheet
Ratios: |
|
|
|
Inventory turnover (1) |
1.4 |
|
|
1.4 |
|
Average inventory per store (in thousands) (2) |
$ |
610 |
|
|
$ |
601 |
|
Accounts payable to inventory
(3) |
107.8 |
% |
|
107.2 |
% |
|
For the Three Months Ended June 30, |
|
For the Six Months Ended June 30, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Reconciliation of Free Cash Flow (in
thousands): |
|
|
|
|
|
|
|
Net cash provided
by operating activities |
$ |
406,382 |
|
|
$ |
442,956 |
|
|
$ |
847,004 |
|
|
$ |
875,233 |
|
Less: |
Capital expenditures |
142,694 |
|
|
109,274 |
|
|
295,608 |
|
|
224,117 |
|
|
Excess tax benefit from
share-based compensation payments |
2,209 |
|
|
13,290 |
|
|
10,722 |
|
|
19,608 |
|
Free cash
flow |
$ |
261,479 |
|
|
$ |
320,392 |
|
|
$ |
540,674 |
|
|
$ |
631,508 |
|
Store and Team Member
Information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the
Three Months Ended June 30, |
|
For the Six
Months Ended June 30, |
|
For the
Twelve Months Ended June 30, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Beginning store count |
5,306 |
|
|
5,097 |
|
|
5,219 |
|
|
5,019 |
|
|
5,147 |
|
|
4,934 |
|
New stores opened |
43 |
|
|
54 |
|
|
107 |
|
|
132 |
|
|
181 |
|
|
220 |
|
Bennett stores acquired, net of stores merged (4) |
(5 |
) |
|
— |
|
|
20 |
|
|
— |
|
|
20 |
|
|
— |
|
Stores closed |
— |
|
|
(4 |
) |
|
(2 |
) |
|
(4 |
) |
|
(4 |
) |
|
(7 |
) |
Ending store count |
5,344 |
|
|
5,147 |
|
|
5,344 |
|
|
5,147 |
|
|
5,344 |
|
|
5,147 |
|
|
For the Three Months Ended June 30, |
|
For the Twelve Months Ended June 30, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Total employment |
81,949 |
|
|
79,598 |
|
|
|
|
|
Square footage (in
thousands) |
39,441 |
|
|
37,781 |
|
|
|
|
|
Sales per weighted-average
square foot (5) |
$ |
65.55 |
|
|
$ |
64.94 |
|
|
$ |
251.89 |
|
|
$ |
249.98 |
|
Sales per weighted-average
store (in thousands) (6) |
$ |
483 |
|
|
$ |
476 |
|
|
$ |
1,855 |
|
|
$ |
1,827 |
|
(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)
O’Reilly acquired 33 Bennett Auto Supply, Inc. (“Bennett”) stores
after the close of business on December 31, 2018. During the
first quarter ended March 31, 2019, O’Reilly merged eight of the
acquired Bennett stores into existing O’Reilly locations, and
during the second quarter ended June 30, 2019, O’Reilly merged an
additional five acquired Bennett stores into existing O’Reilly
locations. |
(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 Set 2024 até Out 2024
O Reilly Automotive (NASDAQ:ORLY)
Gráfico Histórico do Ativo
De Out 2023 até Out 2024