O’Reilly Automotive, Inc. (the “Company” or “O’Reilly”)
(
Nasdaq: ORLY), a leading retailer in the
automotive aftermarket industry, today announced record revenue for
its second quarter ended June 30, 2024.
2nd
Quarter Financial Results Brad Beckham,
O’Reilly’s CEO, commented, “I would like to thank all of Team
O’Reilly for their tremendous hard work and unwavering commitment
to providing excellent customer service and taking care of our
customers every day. Our comparable store sales results were below
our expectations for the second quarter, as the soft demand
environment we experienced at the beginning of the quarter
persisted through May. Sales trends improved in June, in line with
our expectations, aided by strong performance in summer
weather-related categories in many of our markets. Against this
challenging backdrop, our Team generated a second quarter
comparable store sales increase of 2.3%, on top of a 9.0% increase
last year, driven by solid, mid-single digit growth in our
professional business. Our Team of Professional Parts People
continues to be relentlessly focused on delivering unsurpassed
levels of service to our customers, while also prudently managing
expenses.”
Sales for the second quarter ended
June 30, 2024, increased $203 million, or 5%, to $4.27
billion from $4.07 billion for the same period one year ago. Gross
profit for the second quarter increased 4% to $2.17 billion (or
50.7% of sales) from $2.09 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 6% to $1.30 billion
(or 30.5% of sales) from $1.23 billion (or 30.3% of sales) for the
same period one year ago. Operating income for the second quarter
increased 1% to $863 million (or 20.2% of sales) from $854 million
(or 21.0% of sales) for the same period one year ago.
Net income for the second quarter ended
June 30, 2024, decreased $5 million, or 1%, to $623
million (or 14.6% of sales) from $627 million (or 15.4% of sales)
for the same period one year ago. Diluted earnings per common share
for the second quarter increased 3% to $10.55 on 59 million shares
versus $10.22 on 61 million shares for the same period one year
ago.
Year-to-Date Financial
Results Mr. Beckham concluded, “Based on our results
so far this year, we are updating our full-year comparable store
sales guidance from a range of 3.0% to 5.0% to a range of 2.0% to
4.0%. Despite the challenges we have seen in the demand environment
in the first half of 2024, we believe our industry’s long-term
drivers for demand remain strong. More importantly, we remain
confident in our Team’s ability to grow market share by
continuously providing exceptional service, supported by
best-in-class inventory availability. We continue to be pleased
with our new store performance and our Team’s ability to further
grow share with expansion in both new and existing markets. During
the first half of 2024, we opened 64 new stores in the U.S. and
Mexico, and we continue to expect to hit our target of 190 to 200
net, new store openings this year.”
Sales for the first six months of 2024 increased
$472 million, or 6%, to $8.25 billion from $7.78 billion for the
same period one year ago. Gross profit for the first six months of
2024 increased 6% to $4.20 billion (or 50.9% of sales) from $3.98
billion (or 51.1% of sales) for the same period one year ago.
SG&A for the first six months of 2024 increased 7% to $2.59
billion (or 31.4% of sales) from $2.41 billion (or 30.9% of sales)
for the same period one year ago. Operating income for the first
six months of 2024 increased 3% to $1.62 billion (or 19.6% of
sales) from $1.57 billion (or 20.2% of sales) for the same period
one year ago.
Net income for the first six months of 2024
increased $26 million, or 2%, to $1.17 billion (or 14.2% of sales)
from $1.14 billion (or 14.7% of sales) for the same period one year
ago. Diluted earnings per common share for the first six months of
2024 increased 7% to $19.75 on 59 million shares versus $18.49 on
62 million shares for the same period one year ago.
2nd
Quarter Comparable Store Sales
Results Comparable store sales are calculated based
on the change in sales for U.S. stores open at least one year and
exclude sales of specialty machinery, sales to independent parts
stores, and sales to Team Members, as well as sales from Leap Day
in the six months ended June 30, 2024. 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 2.3% for the second
quarter ended June 30, 2024, on top of 9.0% for the same
period one year ago. Comparable store sales increased 2.8% for the
six months ended June 30, 2024, on top of 9.8% for the
same period one year ago.
Share Repurchase
Program During the second quarter ended
June 30, 2024, the Company repurchased 0.8 million shares
of its common stock, at an average price per share of $1,012.14,
for a total investment of $794 million. During the first six months
of 2024, the Company repurchased 1.0 million shares of its common
stock, at an average price per share of $1,016.43, for a total
investment of $1.06 billion. Excise tax on shares repurchased,
assessed at one percent of the fair market value of shares
repurchased, was $10.6 million for the six months ended
June 30, 2024. 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 $1,036.84, for a total investment
of $224 million. The Company has repurchased a total of 95.3
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 $256.59,
for a total aggregate investment of $24.47 billion. As of the date
of this release, the Company had approximately $1.28 billion
remaining under its current share repurchase authorization.
Updated Full-Year 2024
Guidance The table below outlines the Company’s
updated 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 |
2.0% to 4.0% |
Total revenue |
$16.6 billion to $16.9 billion |
Gross profit as
a percentage of sales |
51.0% to 51.5% |
Operating income as
a percentage of sales |
19.6% to 20.1% |
Effective income tax rate |
22.4% |
Diluted earnings per
share (1) |
$40.75 to $41.25 |
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 |
|
|
As previously announced, the Company completed
the acquisition of Groupe Del Vasto in Canada (“Vast Auto”) in
January of 2024, and the results of Vast Auto’s operations have
been included in the Company’s consolidated financial statements
since the acquisition date. The above updated consolidated guidance
for selected full-year 2024 financial data includes expected
impacts from Vast Auto’s operations, including an updated estimate
of 30 basis points of dilution to gross profit as a percentage of
sales but an unchanged estimate of 15 basis points of 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 |
|
$ |
2,715 |
|
to |
|
$ |
3,125 |
Less: |
Capital expenditures |
|
|
900 |
|
to |
|
|
1,000 |
|
Excess tax benefit from
share-based compensation payments |
|
|
15 |
|
to |
|
|
25 |
Free cash
flow |
|
$ |
1,800 |
|
to |
|
$ |
2,100 |
|
|
|
|
|
|
|
|
|
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, 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 298734. A replay of the
conference call will be available on the Company’s website through
Thursday, July 24, 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 June 30, 2024,
the Company operated 6,244 stores across 48 U.S. states, Puerto
Rico, Mexico, and Canada.
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,” “guidance,”
“target,” 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; damage, failure, or
interruption of information technology systems, including
information security and cyber-attacks; historical growth rate
sustainability; our ability to hire and retain qualified employees;
risks associated with the performance of acquired businesses; 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, 2023, 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) |
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2024 |
|
June 30, 2023 |
|
December 31, 2023 |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Note) |
Assets |
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
145,042 |
|
|
$ |
57,880 |
|
|
$ |
279,132 |
|
Accounts receivable, net |
|
|
475,596 |
|
|
|
374,714 |
|
|
|
375,049 |
|
Amounts receivable from suppliers |
|
|
144,303 |
|
|
|
138,666 |
|
|
|
140,443 |
|
Inventory |
|
|
4,788,686 |
|
|
|
4,626,410 |
|
|
|
4,658,367 |
|
Other current assets |
|
|
125,861 |
|
|
|
113,597 |
|
|
|
105,311 |
|
Total current assets |
|
|
5,679,488 |
|
|
|
5,311,267 |
|
|
|
5,558,302 |
|
|
|
|
|
|
|
|
|
|
|
Property and equipment, at
cost |
|
|
8,730,297 |
|
|
|
7,872,672 |
|
|
|
8,312,367 |
|
Less: accumulated depreciation
and amortization |
|
|
3,434,610 |
|
|
|
3,170,474 |
|
|
|
3,275,387 |
|
Net property and equipment |
|
|
5,295,687 |
|
|
|
4,702,198 |
|
|
|
5,036,980 |
|
|
|
|
|
|
|
|
|
|
|
Operating lease, right-of-use
assets |
|
|
2,240,314 |
|
|
|
2,185,196 |
|
|
|
2,200,554 |
|
Goodwill |
|
|
1,000,074 |
|
|
|
897,128 |
|
|
|
897,696 |
|
Other assets, net |
|
|
177,619 |
|
|
|
180,834 |
|
|
|
179,463 |
|
Total assets |
|
$ |
14,393,182 |
|
|
$ |
13,276,623 |
|
|
$ |
13,872,995 |
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
shareholders’ deficit |
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
6,226,238 |
|
|
$ |
6,219,838 |
|
|
$ |
6,091,700 |
|
Self-insurance reserves |
|
|
125,859 |
|
|
|
131,781 |
|
|
|
128,548 |
|
Accrued payroll |
|
|
143,194 |
|
|
|
127,333 |
|
|
|
138,122 |
|
Accrued benefits and withholdings |
|
|
186,715 |
|
|
|
150,453 |
|
|
|
174,650 |
|
Income taxes payable |
|
|
89,344 |
|
|
|
233,507 |
|
|
|
7,860 |
|
Current portion of operating lease liabilities |
|
|
401,713 |
|
|
|
380,618 |
|
|
|
389,536 |
|
Other current liabilities |
|
|
950,145 |
|
|
|
450,169 |
|
|
|
730,937 |
|
Total current liabilities |
|
|
8,123,208 |
|
|
|
7,693,699 |
|
|
|
7,661,353 |
|
|
|
|
|
|
|
|
|
|
|
Long-term debt |
|
|
5,397,774 |
|
|
|
4,873,702 |
|
|
|
5,570,125 |
|
Operating lease liabilities,
less current portion |
|
|
1,912,036 |
|
|
|
1,870,392 |
|
|
|
1,881,344 |
|
Deferred income taxes |
|
|
335,600 |
|
|
|
260,642 |
|
|
|
295,471 |
|
Other liabilities |
|
|
207,956 |
|
|
|
205,661 |
|
|
|
203,980 |
|
|
|
|
|
|
|
|
|
|
|
Shareholders’ equity
(deficit): |
|
|
|
|
|
|
|
|
|
Common stock, $0.01 par value: |
|
|
|
|
|
|
|
|
|
Authorized shares – 245,000,000 |
|
|
|
|
|
|
|
|
|
Issued and outstanding shares – |
|
|
|
|
|
|
|
|
|
58,238,711 as of June 30, 2024, and |
|
|
|
|
|
|
|
|
|
60,402,359 as of June 30, 2023, and |
|
|
|
|
|
|
|
|
|
59,072,792 as of December 31, 2023 |
|
|
582 |
|
|
|
604 |
|
|
|
591 |
|
Additional paid-in capital |
|
|
1,415,799 |
|
|
|
1,330,270 |
|
|
|
1,352,275 |
|
Retained deficit |
|
|
(3,008,665 |
) |
|
|
(2,994,418 |
) |
|
|
(3,131,532 |
) |
Accumulated other comprehensive income |
|
|
8,892 |
|
|
|
36,071 |
|
|
|
39,388 |
|
Total shareholders’
deficit |
|
|
(1,583,392 |
) |
|
|
(1,627,473 |
) |
|
|
(1,739,278 |
) |
|
|
|
|
|
|
|
|
|
|
Total liabilities and
shareholders’ deficit |
|
$ |
14,393,182 |
|
|
$ |
13,276,623 |
|
|
$ |
13,872,995 |
|
Note: The balance sheet at
December 31, 2023, 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(Unaudited)(In thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
For the Six Months Ended |
|
|
June 30, |
|
June 30, |
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Sales |
|
$ |
4,272,201 |
|
|
$ |
4,068,991 |
|
|
$ |
8,248,441 |
|
|
$ |
7,776,855 |
|
Cost of goods sold, including
warehouse and distribution expenses |
|
|
2,104,141 |
|
|
|
1,982,409 |
|
|
|
4,046,209 |
|
|
|
3,799,944 |
|
Gross profit |
|
|
2,168,060 |
|
|
|
2,086,582 |
|
|
|
4,202,232 |
|
|
|
3,976,911 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses |
|
|
1,304,762 |
|
|
|
1,232,809 |
|
|
|
2,586,453 |
|
|
|
2,406,493 |
|
Operating income |
|
|
863,298 |
|
|
|
853,773 |
|
|
|
1,615,779 |
|
|
|
1,570,418 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(54,831 |
) |
|
|
(49,587 |
) |
|
|
(111,979 |
) |
|
|
(94,159 |
) |
Interest income |
|
|
1,528 |
|
|
|
760 |
|
|
|
3,184 |
|
|
|
1,628 |
|
Other, net |
|
|
1,561 |
|
|
|
4,186 |
|
|
|
4,962 |
|
|
|
8,665 |
|
Total other expense |
|
|
(51,742 |
) |
|
|
(44,641 |
) |
|
|
(103,833 |
) |
|
|
(83,866 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes |
|
|
811,556 |
|
|
|
809,132 |
|
|
|
1,511,946 |
|
|
|
1,486,552 |
|
Provision for income
taxes |
|
|
188,708 |
|
|
|
181,767 |
|
|
|
341,860 |
|
|
|
342,302 |
|
Net income |
|
$ |
622,848 |
|
|
$ |
627,365 |
|
|
$ |
1,170,086 |
|
|
$ |
1,144,250 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share-basic: |
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share |
|
$ |
10.61 |
|
|
$ |
10.32 |
|
|
$ |
19.88 |
|
|
$ |
18.66 |
|
Weighted-average common shares
outstanding – basic |
|
|
58,679 |
|
|
|
60,817 |
|
|
|
58,849 |
|
|
|
61,324 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share-assuming
dilution: |
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share |
|
$ |
10.55 |
|
|
$ |
10.22 |
|
|
$ |
19.75 |
|
|
$ |
18.49 |
|
Weighted-average common shares
outstanding – assuming dilution |
|
|
59,044 |
|
|
|
61,366 |
|
|
|
59,250 |
|
|
|
61,878 |
|
|
O’REILLY AUTOMOTIVE, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS(Unaudited) (In thousands) |
|
|
|
|
|
|
|
|
|
For the Six Months Ended |
|
|
June 30, |
|
|
2024 |
|
|
2023 |
|
Operating
activities: |
|
|
|
|
|
|
Net income |
|
$ |
1,170,086 |
|
|
$ |
1,144,250 |
|
Adjustments to reconcile net
income to net cash provided by operating activities: |
|
|
|
|
|
|
Depreciation and amortization of property, equipment and
intangibles |
|
|
222,885 |
|
|
|
191,673 |
|
Amortization of debt discount and issuance costs |
|
|
3,201 |
|
|
|
2,431 |
|
Deferred income taxes |
|
|
18,175 |
|
|
|
13,507 |
|
Share-based compensation programs |
|
|
14,229 |
|
|
|
14,571 |
|
Other |
|
|
5,215 |
|
|
|
75 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
Accounts receivable |
|
|
(79,475 |
) |
|
|
(31,443 |
) |
Inventory |
|
|
(85,137 |
) |
|
|
(257,337 |
) |
Accounts payable |
|
|
117,582 |
|
|
|
335,299 |
|
Income taxes payable |
|
|
81,228 |
|
|
|
261,208 |
|
Other |
|
|
185,085 |
|
|
|
(22,865 |
) |
Net cash provided by operating activities |
|
|
1,653,074 |
|
|
|
1,651,369 |
|
|
|
|
|
|
|
|
Investing
activities: |
|
|
|
|
|
|
Purchases of property and
equipment |
|
|
(474,607 |
) |
|
|
(460,942 |
) |
Proceeds from sale of property
and equipment |
|
|
7,528 |
|
|
|
7,056 |
|
Investment in tax credit
equity investments |
|
|
— |
|
|
|
(4,149 |
) |
Other, including acquisitions,
net of cash acquired |
|
|
(155,376 |
) |
|
|
(1,971 |
) |
Net cash used in investing activities |
|
|
(622,455 |
) |
|
|
(460,006 |
) |
|
|
|
|
|
|
|
Financing
activities: |
|
|
|
|
|
|
Proceeds from borrowings on
revolving credit facility |
|
|
30,000 |
|
|
|
2,776,000 |
|
Payments on revolving credit
facility |
|
|
(30,000 |
) |
|
|
(1,976,000 |
) |
Net payments of commercial
paper |
|
|
(173,500 |
) |
|
|
— |
|
Principal payments on
long-term debt |
|
|
— |
|
|
|
(300,000 |
) |
Payment of debt issuance
costs |
|
|
— |
|
|
|
(24 |
) |
Repurchases of common
stock |
|
|
(1,063,791 |
) |
|
|
(1,791,451 |
) |
Net proceeds from issuance of
common stock |
|
|
73,790 |
|
|
|
48,680 |
|
Other |
|
|
(569 |
) |
|
|
(354 |
) |
Net cash used in financing activities |
|
|
(1,164,070 |
) |
|
|
(1,243,149 |
) |
|
|
|
|
|
|
|
Effect of exchange rate
changes on cash |
|
|
(639 |
) |
|
|
1,083 |
|
Net decrease in cash and cash
equivalents |
|
|
(134,090 |
) |
|
|
(50,703 |
) |
Cash and cash equivalents at
beginning of the period |
|
|
279,132 |
|
|
|
108,583 |
|
Cash and cash equivalents at
end of the period |
|
$ |
145,042 |
|
|
$ |
57,880 |
|
|
|
|
|
|
|
|
Supplemental
disclosures of cash flow information: |
|
|
|
|
|
|
Income taxes paid |
|
$ |
80,401 |
|
|
$ |
65,361 |
|
Interest paid, net of
capitalized interest |
|
|
110,449 |
|
|
|
88,924 |
|
|
O’REILLY AUTOMOTIVE, INC. AND SUBSIDIARIESSELECTED
FINANCIAL INFORMATION (Unaudited) |
|
|
|
|
|
|
|
|
|
|
For the Twelve Months Ended |
|
|
June 30, |
Adjusted Debt
to EBITDAR: |
|
2024 |
|
2023 |
(In thousands,
except adjusted debt to EBITDAR ratio) |
|
|
|
|
|
|
GAAP debt |
|
$ |
5,397,774 |
|
$ |
4,873,702 |
Add: |
Letters of credit |
|
|
137,501 |
|
|
111,428 |
|
Unamortized discount and debt
issuance costs |
|
|
27,226 |
|
|
26,298 |
|
Six-times rent expense |
|
|
2,625,438 |
|
|
2,455,938 |
Adjusted debt |
|
$ |
8,187,939 |
|
$ |
7,467,366 |
|
|
|
|
|
|
|
GAAP net
income |
|
$ |
2,372,417 |
|
$ |
2,258,260 |
Add: |
Interest expense |
|
|
219,488 |
|
|
179,654 |
|
Provision for income
taxes |
|
|
657,727 |
|
|
636,388 |
|
Depreciation and
amortization |
|
|
440,273 |
|
|
381,561 |
|
Share-based compensation
expense |
|
|
27,169 |
|
|
28,327 |
|
Rent expense (i) |
|
|
437,573 |
|
|
409,323 |
EBITDAR |
|
$ |
4,154,647 |
|
$ |
3,893,513 |
|
|
|
|
|
|
|
Adjusted debt to
EBITDAR |
|
|
1.97 |
|
|
1.92 |
(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, 2024 and 2023 (in thousands):
|
|
For the Twelve Months Ended |
|
|
June 30, |
|
|
2024 |
|
2023 |
Total lease cost,
per ASC 842 |
|
$ |
520,327 |
|
$ |
485,805 |
Less: |
Variable non-contract operating lease components, related to
property taxes and insurance |
|
|
82,754 |
|
|
76,482 |
Rent expense |
|
$ |
437,573 |
|
$ |
409,323 |
|
|
June 30, |
|
|
2024 |
|
2023 |
Selected Balance Sheet Ratios: |
|
|
|
|
|
|
|
|
Inventory turnover (1) |
|
|
1.7 |
|
|
1.7 |
Average inventory per store
(in thousands) (2) |
|
$ |
767 |
|
$ |
762 |
Accounts payable to inventory
(3) |
|
|
130.0% |
|
|
134.4% |
|
|
|
For the Three Months Ended |
|
For the Six Months Ended |
|
|
|
June 30, |
|
June 30, |
|
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Reconciliation of Free Cash Flow (in
thousands): |
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities |
|
$ |
948,859 |
|
$ |
937,605 |
|
$ |
1,653,074 |
|
$ |
1,651,369 |
Less: |
Capital expenditures |
|
|
225,367 |
|
|
237,674 |
|
|
474,607 |
|
|
460,942 |
|
Excess tax benefit from
share-based compensation payments |
|
|
5,258 |
|
|
14,612 |
|
|
21,378 |
|
|
18,990 |
|
Investment in tax credit equity
investments |
|
|
— |
|
|
4,149 |
|
|
— |
|
|
4,149 |
Free cash flow |
|
$ |
718,234 |
|
$ |
681,170 |
|
$ |
1,157,089 |
|
$ |
1,167,288 |
|
|
For the Three Months Ended |
|
For the Six Months Ended |
|
|
June 30, |
|
June 30, |
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Revenue
Disaggregation (in thousands): |
|
|
|
|
|
|
|
|
|
|
|
Sales to
do-it-yourself customers |
$ |
2,149,044 |
|
$ |
2,130,002 |
|
$ |
4,151,030 |
|
$ |
4,048,469 |
Sales to professional service provider customers |
|
|
1,999,704 |
|
|
1,853,364 |
|
|
3,869,444 |
|
|
3,565,328 |
Other sales, sales
adjustments, and sales from the acquired Vast Auto stores |
|
|
123,453 |
|
|
85,625 |
|
|
227,967 |
|
|
163,058 |
Total sales |
|
$ |
4,272,201 |
|
$ |
4,068,991 |
|
$ |
8,248,441 |
|
$ |
7,776,855 |
|
|
For the Three Months Ended |
|
For the Six Months Ended |
|
For the Twelve Months Ended |
|
|
June 30, |
|
June 30, |
|
June 30, |
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
2024 |
|
|
2023 |
|
Store
Count: |
|
|
|
|
|
|
|
|
|
|
|
|
Beginning domestic store
count |
|
6,131 |
|
5,986 |
|
6,095 |
|
5,929 |
|
|
6,027 |
|
|
5,873 |
|
New stores opened |
|
21 |
|
41 |
|
57 |
|
100 |
|
|
126 |
|
|
158 |
|
Stores closed |
|
— |
|
— |
|
— |
|
(2 |
) |
|
(1 |
) |
|
(4 |
) |
Ending domestic store
count |
|
6,152 |
|
6,027 |
|
6,152 |
|
6,027 |
|
|
6,152 |
|
|
6,027 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Mexico store
count |
|
63 |
|
43 |
|
62 |
|
42 |
|
|
44 |
|
|
27 |
|
New stores opened |
|
6 |
|
1 |
|
7 |
|
2 |
|
|
25 |
|
|
17 |
|
Ending Mexico store count |
|
69 |
|
44 |
|
69 |
|
44 |
|
|
69 |
|
|
44 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Canada store
count |
|
23 |
|
— |
|
— |
|
— |
|
|
— |
|
|
— |
|
Stores acquired |
|
— |
|
— |
|
23 |
|
— |
|
|
23 |
|
|
— |
|
Ending Canada store count |
|
23 |
|
— |
|
23 |
|
— |
|
|
23 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total ending store count |
|
6,244 |
|
6,071 |
|
6,244 |
|
6,071 |
|
|
6,244 |
|
|
6,071 |
|
|
|
For the Three Months Ended |
|
For the Twelve Months Ended |
|
|
June 30, |
|
June 30, |
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Store and Team Member Information: |
|
|
|
|
|
|
|
|
|
|
|
|
Total employment |
|
|
91,874 |
|
|
90,670 |
|
|
|
|
|
|
Square footage (in thousands)
(4) |
|
|
47,500 |
|
|
45,622 |
|
|
|
|
|
|
Sales per weighted-average
square foot (4)(5) |
|
$ |
87.88 |
|
$ |
88.12 |
|
$ |
341.51 |
|
$ |
334.21 |
Sales per weighted-average
store (in thousands) (4)(6) |
|
$ |
677 |
|
$ |
665 |
|
$ |
2,613 |
|
$ |
2,516 |
(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)
過去 株価チャート
から 6 2024 まで 7 2024
O Reilly Automotive (NASDAQ:ORLY)
過去 株価チャート
から 7 2023 まで 7 2024