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 fourth quarter and full-year ended
December 31, 2023. The results represent 31 consecutive
years of comparable store sales growth and record revenue and
operating income for O’Reilly since becoming a public company in
April of 1993.
4th
Quarter Financial Results
Brad Beckham, O’Reilly’s Chief Executive Officer
(“CEO”), commented, “We are pleased to report another solid
quarter, highlighted by a comparable store sales increase of 3.4%,
on top of the very strong 9.0% comparable store sales increase Team
O’Reilly delivered in the fourth quarter last year. Our Team once
again generated double-digit professional comparable store sales
growth, while also successfully navigating the anticipated
year-over-year pressure we experienced on the DIY side of our
business, resulting from the extremely strong, weather-driven sales
we produced in the fourth quarter of 2022. In total, our comparable
store sales performance exceeded our expectations for the quarter,
driven by Team O’Reilly’s relentless focus on providing the highest
levels of service in the industry. We would like to express our
appreciation to each of our over 90,000 Team Members for their
unwavering commitment to going above and beyond for our customers
each and every day.”
Sales for the fourth quarter ended
December 31, 2023, increased $188 million, or 5%, to
$3.83 billion from $3.64 billion for the same period one year ago.
Gross profit for the fourth quarter increased 6% to $1.97 billion
(or 51.3% of sales) from $1.85 billion (or 50.9% of sales) for the
same period one year ago. Selling, general and administrative
expenses (“SG&A”) for the fourth quarter increased 7% to $1.25
billion (or 32.6% of sales) from $1.17 billion (or 32.2% of sales)
for the same period one year ago. Operating income for the fourth
quarter increased 5% to $719 million (or 18.8% of sales) from $682
million (or 18.7% of sales) for the same period one year ago.
Net income for the fourth quarter ended
December 31, 2023, increased $24 million, or 5%, to $553
million (or 14.4% of sales) from $529 million (or 14.5% of sales)
for the same period one year ago. Diluted earnings per common share
for the fourth quarter increased 11% to $9.26 on 60 million shares
versus $8.37 on 63 million shares for the same period one year
ago.
Full-Year Financial Results
Mr. Beckham continued, “We delivered another
year of exceptional, profitable growth, highlighted by a 7.9%
increase in comparable store sales and a full-year diluted earnings
per share increase of 15% to $38.47. I would like to congratulate
our entire Team for their 31st consecutive year of annual
comparable store sales growth and record earnings. 2023 was also a
very successful expansion year for our Company, with the successful
opening of 186 new stores, the growth of our store and distribution
footprint into Puerto Rico, and the opening of a large, modern
distribution center in Guadalajara, Mexico.”
Sales for the year ended
December 31, 2023, increased $1.40 billion, or 10%, to
$15.81 billion from $14.41 billion for the same period one year
ago. Gross profit for the year ended December 31, 2023,
increased 10% to $8.10 billion (or 51.3% of sales) from $7.38
billion (or 51.2% of sales) for the same period one year ago.
SG&A for the year ended December 31, 2023, increased
11% to $4.92 billion (or 31.1% of sales) from $4.43 billion (or
30.7% of sales) for the same period one year ago. Operating income
for the year ended December 31, 2023, increased 8% to
$3.19 billion (or 20.2% of sales) from $2.95 billion (or 20.5% of
sales) for the same period one year ago.
Net income for the year ended
December 31, 2023, increased $174 million, or 8%, to
$2.35 billion (or 14.8% of sales) from $2.17 billion (or 15.1% of
sales) for the same period one year ago. Diluted earnings per
common share for the year ended December 31, 2023,
increased 15% to $38.47 on 61 million shares versus $33.44 on 65
million shares for the same period one year ago.
Mr. Beckham concluded, “Our success in 2023 is a
testament to our Team’s hard work, and as we look forward to 2024,
we remain absolutely confident in our Team’s ability to
consistently execute our dual market strategy and provide the best
customer service in the industry. Our Team has repeatedly proven
their ability to aggressively gain market share and profitably grow
our business, and we are extremely excited to welcome our new
Canadian Team Members to the O’Reilly family, with the closing of
the Groupe Del Vasto acquisition in January. O’Reilly’s experienced
leadership is already working closely with our seasoned management
team in Canada, and we look forward to capitalizing on the
long-term profitable growth opportunities in our new markets as we
extend our track record of profitable growth throughout North
America.”
4th
Quarter and Full-Year 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 3.4% for the fourth quarter ended
December 31, 2023, on top of 9.0% for the same period one
year ago. Comparable store sales increased 7.9% for the
year ended December 31, 2023, on top of 6.4% for the same
period one year ago.
Share Repurchase Program
During the fourth quarter ended
December 31, 2023, the Company repurchased 0.6 million
shares of its common stock, at an average price per share of
$922.86, for a total investment of $560 million. During the year
ended December 31, 2023, the Company repurchased 3.6 million shares
of its common stock, at an average price per share of $883.13, for
a total investment of $3.15 billion. Excise tax on shares
repurchased, assessed at one percent of the fair market value of
net shares repurchased, was $28.8 million for the year ended
December 31, 2023. Subsequent to the end of the fourth 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 $967.63, for a total investment of $102 million.
The Company has repurchased a total of 94.2 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 $247.16, for a total aggregate
investment of $23.28 billion. As of the date of this
release, the Company had approximately $2.47 billion remaining
under its current share repurchase authorizations.
Full-Year 2024 Guidance
The table below outlines the Company’s guidance
for selected full-year 2024 financial data:
|
|
|
|
|
For the Year Ending |
|
|
December 31, 2024 |
Net, new store openings |
|
190 to 200 |
Comparable store sales |
|
3.0% to 5.0% |
Total revenue |
|
$16.8 billion to $17.1 billion |
Gross profit as
a percentage of sales |
|
51.0% to 51.5% |
Operating income as
a percentage of sales |
|
19.7% to 20.2% |
Effective income tax rate |
|
22.6% |
Diluted earnings per
share(1) |
|
$41.05 to $41.55 |
Net cash provided by operating
activities |
|
$2.7 billion to $3.1 billion |
Capital expenditures |
|
$900 million to $1.0 billion |
Free cash flow(2) |
|
$1.8 billion to $2.1 billion |
The Company closed on its previously announced
Canadian acquisition of Groupe Del Vasto in January of 2024. The
above consolidated guidance for selected full-year 2024 financial
data includes preliminary estimates from the impact of the
operations of our newly acquired Canadian business, which
incorporates an estimated 25 basis point dilution to gross profit
as a percentage of sales and an estimated 15 basis point dilution
to operating income as a percentage of sales for the full year
2024.
(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, 2024 |
Net cash provided
by operating activities |
|
$ |
2,710 |
|
to |
|
$ |
3,120 |
Less: |
Capital expenditures |
|
|
900 |
|
to |
|
|
1,000 |
|
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.
Completion of Leadership Succession
Plan
O’Reilly completed its previously announced
Leadership Succession Plan on January 31, 2024, with the retirement
of O’Reilly’s CEO Greg Johnson, and the simultaneous promotions of
Brad Beckham to the role of CEO and Brent Kirby to the role of
President. In addition, on February 1, 2024, the Company’s Board of
Directors (the “Board”) nominated Greg Johnson to serve on
O’Reilly’s Board, to be voted upon by the Company’s shareholders at
O’Reilly’s Annual Shareholders’ Meeting, which will be held in May
of 2024. Mr. Johnson is being nominated to replace the Board seat
currently held by Jay Burchfield, who is expected to retire from
the Board at the end of his current director term in May,
consistent with the Board’s mandatory retirement age policy.
Greg Henslee, O’Reilly’s Chairman of the Board,
commented, “On behalf of the Board, I would once again like to
express our sincere appreciation to Greg for his 41 years of
dedicated service to O’Reilly, as well as reiterate our confidence
in the Company’s future under the leadership of Brad and Brent, who
are both very well respected and proven leaders with O’Reilly. I
would also like to take this opportunity to thank Jay Burchfield
for his guidance as the Company’s Lead Director and congratulate
him on his upcoming Board retirement. Finally, I would like to
relay our excitement with Greg Johnson’s acceptance to be a nominee
to our Board; his vast experience and industry knowledge will be a
tremendous asset to our Board in the future.”
Earnings Conference Call
Information
The Company will host a conference call on
Thursday, February 8, 2024, 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 116638. A replay of the conference
call will be available on the Company’s website through Friday,
February 7, 2025.
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
December 31, 2023, the Company operated 6,157 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 Relations
Contacts |
|
Mark Merz (417) 829-5878 |
|
Eric Bird (417) 868-4259 |
|
|
|
Media
Contact |
|
Sonya Cox (417) 829-5709 |
O’REILLY AUTOMOTIVE, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS(In
thousands, except share data) |
|
|
|
December 31, 2023 |
|
December 31, 2022 |
|
|
(Unaudited) |
|
(Note) |
Assets |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
279,132 |
|
|
$ |
108,583 |
|
Accounts receivable, net |
|
|
375,049 |
|
|
|
343,155 |
|
Amounts receivable from suppliers |
|
|
140,443 |
|
|
|
127,019 |
|
Inventory |
|
|
4,658,367 |
|
|
|
4,359,126 |
|
Other current assets |
|
|
105,311 |
|
|
|
110,376 |
|
Total current assets |
|
|
5,558,302 |
|
|
|
5,048,259 |
|
|
|
|
|
|
|
|
Property and equipment, at
cost |
|
|
8,312,367 |
|
|
|
7,438,065 |
|
Less: accumulated depreciation
and amortization |
|
|
3,275,387 |
|
|
|
3,014,024 |
|
Net property and equipment |
|
|
5,036,980 |
|
|
|
4,424,041 |
|
|
|
|
|
|
|
|
Operating lease, right-of-use
assets |
|
|
2,200,554 |
|
|
|
2,112,267 |
|
Goodwill |
|
|
897,696 |
|
|
|
884,445 |
|
Other assets, net |
|
|
179,463 |
|
|
|
158,967 |
|
Total assets |
|
$ |
13,872,995 |
|
|
$ |
12,627,979 |
|
|
|
|
|
|
|
|
Liabilities and
shareholders’ deficit |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
6,091,700 |
|
|
$ |
5,881,157 |
|
Self-insurance reserves |
|
|
128,548 |
|
|
|
138,926 |
|
Accrued payroll |
|
|
138,122 |
|
|
|
126,888 |
|
Accrued benefits and withholdings |
|
|
174,650 |
|
|
|
166,433 |
|
Income taxes payable |
|
|
7,860 |
|
|
|
— |
|
Current portion of operating lease liabilities |
|
|
389,536 |
|
|
|
366,721 |
|
Other current liabilities |
|
|
730,937 |
|
|
|
383,692 |
|
Total current liabilities |
|
|
7,661,353 |
|
|
|
7,063,817 |
|
|
|
|
|
|
|
|
Long-term debt |
|
|
5,570,125 |
|
|
|
4,371,653 |
|
Operating lease liabilities,
less current portion |
|
|
1,881,344 |
|
|
|
1,806,656 |
|
Deferred income taxes |
|
|
295,471 |
|
|
|
245,347 |
|
Other liabilities |
|
|
203,980 |
|
|
|
201,258 |
|
|
|
|
|
|
|
|
Shareholders’ equity
(deficit): |
|
|
|
|
|
|
Common stock, $0.01 par value: |
|
|
|
|
|
|
Authorized shares – 245,000,000 |
|
|
|
|
|
|
Issued and outstanding shares – |
|
|
|
|
|
|
59,072,792 as of December 31, 2023, and |
|
|
|
|
|
|
62,353,221 as of December 31, 2022 |
|
|
591 |
|
|
|
624 |
|
Additional paid-in capital |
|
|
1,352,275 |
|
|
|
1,311,488 |
|
Retained deficit |
|
|
(3,131,532 |
) |
|
|
(2,375,860 |
) |
Accumulated other comprehensive income |
|
|
39,388 |
|
|
|
2,996 |
|
Total shareholders’
deficit |
|
|
(1,739,278 |
) |
|
|
(1,060,752 |
) |
|
|
|
|
|
|
|
Total liabilities and
shareholders’ deficit |
|
$ |
13,872,995 |
|
|
$ |
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
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF INCOME(In
thousands, except per share data) |
|
|
|
For the Three Months Ended |
|
For the Year Ended |
|
|
December 31, |
|
December 31, |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Note) |
Sales |
|
$ |
3,832,015 |
|
|
$ |
3,644,493 |
|
|
$ |
15,812,250 |
|
|
$ |
14,409,860 |
|
Cost of goods sold, including
warehouse and distribution expenses |
|
|
1,864,586 |
|
|
|
1,790,539 |
|
|
|
7,707,447 |
|
|
|
7,028,154 |
|
Gross profit |
|
|
1,967,429 |
|
|
|
1,853,954 |
|
|
|
8,104,803 |
|
|
|
7,381,706 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses |
|
|
1,248,693 |
|
|
|
1,171,737 |
|
|
|
4,918,427 |
|
|
|
4,427,215 |
|
Operating income |
|
|
718,736 |
|
|
|
682,217 |
|
|
|
3,186,376 |
|
|
|
2,954,491 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(56,148 |
) |
|
|
(42,331 |
) |
|
|
(201,668 |
) |
|
|
(157,720 |
) |
Interest income |
|
|
1,980 |
|
|
|
2,136 |
|
|
|
4,900 |
|
|
|
4,763 |
|
Other, net |
|
|
6,963 |
|
|
|
4,225 |
|
|
|
15,142 |
|
|
|
(2,879 |
) |
Total other expense |
|
|
(47,205 |
) |
|
|
(35,970 |
) |
|
|
(181,626 |
) |
|
|
(155,836 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes |
|
|
671,531 |
|
|
|
646,247 |
|
|
|
3,004,750 |
|
|
|
2,798,655 |
|
Provision for income
taxes |
|
|
119,027 |
|
|
|
117,675 |
|
|
|
658,169 |
|
|
|
626,005 |
|
Net income |
|
$ |
552,504 |
|
|
$ |
528,572 |
|
|
$ |
2,346,581 |
|
|
$ |
2,172,650 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share-basic: |
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share |
|
$ |
9.33 |
|
|
$ |
8.45 |
|
|
$ |
38.80 |
|
|
$ |
33.75 |
|
Weighted-average common shares
outstanding – basic |
|
|
59,200 |
|
|
|
62,577 |
|
|
|
60,475 |
|
|
|
64,372 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share-assuming
dilution: |
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share |
|
$ |
9.26 |
|
|
$ |
8.37 |
|
|
$ |
38.47 |
|
|
$ |
33.44 |
|
Weighted-average common shares
outstanding – assuming dilution |
|
|
59,673 |
|
|
|
63,160 |
|
|
|
60,998 |
|
|
|
64,962 |
|
Note: The income statement for the year ended
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 the United States generally
accepted accounting principles for complete financial
statements.
O’REILLY AUTOMOTIVE, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS (In thousands) |
|
|
|
For the Year Ended |
|
|
December 31, |
|
|
2023 |
|
|
2022 |
|
|
|
(Unaudited) |
|
(Note) |
Operating
activities: |
|
|
|
|
|
|
Net income |
|
$ |
2,346,581 |
|
|
$ |
2,172,650 |
|
Adjustments to reconcile net
income to net cash provided by operating activities: |
|
|
|
|
|
|
Depreciation and amortization of property, equipment and
intangibles |
|
|
409,061 |
|
|
|
357,933 |
|
Amortization of debt discount and issuance costs |
|
|
4,954 |
|
|
|
4,704 |
|
Deferred income taxes |
|
|
48,232 |
|
|
|
69,575 |
|
Share-based compensation programs |
|
|
27,511 |
|
|
|
26,458 |
|
Other |
|
|
2,116 |
|
|
|
885 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
Accounts receivable |
|
|
(35,539 |
) |
|
|
(75,859 |
) |
Inventory |
|
|
(288,323 |
) |
|
|
(669,046 |
) |
Accounts payable |
|
|
207,061 |
|
|
|
1,184,858 |
|
Income taxes payable |
|
|
33,889 |
|
|
|
151,063 |
|
Other |
|
|
278,541 |
|
|
|
(74,971 |
) |
Net cash provided by operating activities |
|
|
3,034,084 |
|
|
|
3,148,250 |
|
|
|
|
|
|
|
|
Investing
activities: |
|
|
|
|
|
|
Purchases of property and
equipment |
|
|
(1,006,264 |
) |
|
|
(563,342 |
) |
Proceeds from sale of property
and equipment |
|
|
17,689 |
|
|
|
14,803 |
|
Investment in tax credit
equity investments |
|
|
(4,150 |
) |
|
|
(188,282 |
) |
Other |
|
|
(3,211 |
) |
|
|
(3,164 |
) |
Net cash used in investing activities |
|
|
(995,936 |
) |
|
|
(739,985 |
) |
|
|
|
|
|
|
|
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 |
|
|
746,789 |
|
|
|
— |
|
Proceeds from the issuance of
long-term debt |
|
|
749,655 |
|
|
|
847,314 |
|
Principal payments on
long-term debt |
|
|
(300,000 |
) |
|
|
(300,000 |
) |
Payment of debt issuance
costs |
|
|
(4,989 |
) |
|
|
(6,591 |
) |
Repurchases of common
stock |
|
|
(3,151,155 |
) |
|
|
(3,282,265 |
) |
Net proceeds from issuance of
common stock |
|
|
91,316 |
|
|
|
79,356 |
|
Other |
|
|
(354 |
) |
|
|
(350 |
) |
Net cash used in financing activities |
|
|
(1,868,738 |
) |
|
|
(2,662,536 |
) |
|
|
|
|
|
|
|
Effect of exchange rate
changes on cash |
|
|
1,139 |
|
|
|
741 |
|
Net increase (decrease) in
cash and cash equivalents |
|
|
170,549 |
|
|
|
(253,530 |
) |
Cash and cash equivalents at
beginning of the period |
|
|
108,583 |
|
|
|
362,113 |
|
Cash and cash equivalents at
end of the period |
|
$ |
279,132 |
|
|
$ |
108,583 |
|
|
|
|
|
|
|
|
Supplemental
disclosures of cash flow information: |
|
|
|
|
|
|
Income taxes paid |
|
$ |
315,060 |
|
|
$ |
415,165 |
|
Interest paid, net of
capitalized interest |
|
|
189,611 |
|
|
|
155,853 |
|
Note: The cash flow statement for the year ended
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 SUBSIDIARIESSELECTED
FINANCIAL INFORMATION(Unaudited) |
|
|
For the Year Ended |
|
|
December 31, |
Adjusted Debt
to EBITDAR: |
|
2023 |
|
2022 |
(In thousands,
except adjusted debt to EBITDAR ratio) |
|
|
|
|
|
|
GAAP debt |
|
$ |
5,570,125 |
|
$ |
4,371,653 |
Add: |
Letters of credit |
|
|
112,163 |
|
|
101,741 |
|
Unamortized discount and debt
issuance costs |
|
|
30,775 |
|
|
28,347 |
|
Six-times rent expense |
|
|
2,548,890 |
|
|
2,358,192 |
Adjusted debt |
|
$ |
8,261,953 |
|
$ |
6,859,933 |
|
|
|
|
|
|
|
GAAP net
income |
|
$ |
2,346,581 |
|
$ |
2,172,650 |
Add: |
Interest expense |
|
|
201,668 |
|
|
157,720 |
|
Provision for income
taxes |
|
|
658,169 |
|
|
626,005 |
|
Depreciation and
amortization |
|
|
409,061 |
|
|
357,933 |
|
Share-based compensation
expense |
|
|
27,511 |
|
|
26,458 |
|
Rent expense(i) |
|
|
424,815 |
|
|
393,032 |
EBITDAR |
|
$ |
4,067,805 |
|
$ |
3,733,798 |
|
|
|
|
|
|
|
Adjusted debt to
EBITDAR |
|
|
2.03 |
|
|
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 year ended
December 31, 2023 and 2022 (in thousands):
|
|
|
|
|
|
|
|
|
|
For the Year Ended |
|
|
December31, |
|
|
2023 |
|
2022 |
Total lease cost,
per ASC 842 |
|
$ |
503,151 |
|
$ |
467,758 |
Less: |
Variable non-contract operating
lease components, related to property taxes and insurance |
|
|
78,336 |
|
|
74,726 |
Rent expense |
|
$ |
424,815 |
|
$ |
393,032 |
|
|
|
|
|
|
|
|
|
December 31, |
|
|
2023 |
|
2022 |
Selected Balance Sheet
Ratios: |
|
|
|
|
|
|
Inventory turnover(1) |
|
|
1.7 |
|
|
1.7 |
Average inventory per store
(in thousands)(2) |
|
$ |
757 |
|
$ |
730 |
Accounts payable to
inventory(3) |
|
|
130.8% |
|
|
134.9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
For the Year Ended |
|
|
|
December 31, |
|
December 31, |
|
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Reconciliation of Free Cash Flow (in
thousands): |
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities |
|
$ |
516,429 |
|
$ |
795,230 |
|
$ |
3,034,084 |
|
$ |
3,148,250 |
Less: |
Capital expenditures |
|
|
252,306 |
|
|
174,522 |
|
|
1,006,264 |
|
|
563,342 |
|
Excess tax benefit from
share-based compensation payments |
|
|
8,098 |
|
|
11,203 |
|
|
35,950 |
|
|
25,503 |
|
Investment in tax credit equity
investments |
|
|
— |
|
|
183,020 |
|
|
4,150 |
|
|
188,282 |
Free cash flow |
|
$ |
256,025 |
|
$ |
426,485 |
|
$ |
1,987,720 |
|
$ |
2,371,123 |
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
For the Year Ended |
|
|
December 31, |
|
December 31, |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Store
Count: |
|
|
|
|
|
|
|
|
Beginning domestic store
count |
|
6,063 |
|
|
5,910 |
|
|
5,929 |
|
|
5,759 |
|
New stores opened |
|
33 |
|
|
20 |
|
|
169 |
|
|
173 |
|
Stores closed |
|
(1 |
) |
|
(1 |
) |
|
(3 |
) |
|
(3 |
) |
Ending domestic store
count |
|
6,095 |
|
|
5,929 |
|
|
6,095 |
|
|
5,929 |
|
|
|
|
|
|
|
|
|
|
Beginning Mexico store
count |
|
48 |
|
|
28 |
|
|
42 |
|
|
25 |
|
New stores opened |
|
14 |
|
|
14 |
|
|
20 |
|
|
17 |
|
Ending Mexico store count |
|
62 |
|
|
42 |
|
|
62 |
|
|
42 |
|
|
|
|
|
|
|
|
|
|
Total ending store count |
|
6,157 |
|
|
5,971 |
|
|
6,157 |
|
|
5,971 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
For the Year Ended |
|
|
December 31, |
|
December 31, |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Store and Team Member
Information:(4) |
|
|
|
|
|
|
|
|
|
|
|
|
Total employment |
|
|
87,363 |
|
|
85,130 |
|
|
|
|
|
|
Square footage (in
thousands) |
|
|
46,681 |
|
|
44,604 |
|
|
|
|
|
|
Sales per weighted-average
square foot(5) |
|
$ |
81.06 |
|
$ |
80.39 |
|
$ |
340.23 |
|
$ |
321.71 |
Sales per weighted-average
store (in thousands)(6) |
|
$ |
619 |
|
$ |
604 |
|
$ |
2,578 |
|
$ |
2,415 |
(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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