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 third quarter ended September 30, 2019.
3rd Quarter Financial
ResultsGreg Johnson, O’Reilly’s CEO and Co-President,
commented, “We are pleased to report strong results for the third
quarter, highlighted by comparable store sales growth of 5.0%,
which was at the high end of our guidance and on top of our solid
3.9% comparable store sales growth in the prior year. Our Team is
committed to driving profitable growth, and we are pleased with our
ability to deliver strong sales growth in the quarter, while also
expanding our gross margin by 35 basis points. We capitalized on
the top-line results, as our team diligently controlled expenses to
leverage SG&A by 22 basis points over last year, resulting in a
total increase in operating profit dollars of 11%. Our third
quarter performance and ongoing success is the direct result of our
Team Members’ continued hard work and dedication, and I would like
to thank each of them for their relentless commitment to providing
the highest levels of service in the industry.”
Sales for the third quarter ended
September 30, 2019, increased $184 million, or 7%, to $2.67
billion from $2.48 billion for the same period one year ago. Gross
profit for the third quarter increased 8% to $1.42 billion (or
53.3% of sales) from $1.32 billion (or 53.0% of sales) for the same
period one year ago. Selling, general and administrative expenses
(“SG&A”) for the third quarter increased 7% to $886 million (or
33.2% of sales) from $831 million (or 33.5% of sales) for the same
period one year ago. Operating income for the third quarter
increased 11% to $536 million (or 20.1% of sales) from $485 million
(or 19.5% of sales) for the same period one year ago.
Net income for the third quarter ended
September 30, 2019, increased $25 million to $391 million (or
14.7% of sales) from $366 million (or 14.7% of sales) for the same
period one year ago. Diluted earnings per common share for the
third quarter increased 13% to $5.08 on 77 million shares versus
$4.50 on 81 million shares for the same period one year ago.
Year-to-Date Financial
ResultsMr. Johnson continued, “Through the first nine
months of 2019, our free cash flow results were stronger than
planned, primarily driven by the amount and timing of our quarterly
estimated tax payments. We continue to invest in renewable energy
projects that generate investment tax credits and the timing of
these investments can create unevenness in our cash flows, however,
we expect this timing to normalize during the fourth quarter, and
for the full-year, we continue to expect free cash flow to finish
in the range of $1.0 billion to $1.1 billion.”
Sales for the first nine months of 2019
increased $446 million, or 6%, to $7.67 billion from $7.22 billion
for the same period one year ago. Gross profit for the first nine
months of 2019 increased 7% to $4.07 billion (or 53.1% of sales)
from $3.81 billion (or 52.7% of sales) for the same period one year
ago. SG&A for the first nine months of 2019 increased 7% to
$2.59 billion (or 33.8% of sales) from $2.42 billion (or 33.5% of
sales) for the same period one year ago. Operating income for the
first nine months of 2019 increased 7% to $1.48 billion (or 19.3%
of sales) from $1.39 billion (or 19.2% of sales) for the same
period one year ago.
Net income for the first nine months of 2019
increased $42 million, or 4%, to $1.07 billion (or 13.9% of sales)
from $1.02 billion (or 14.2% of sales) for the same period one year
ago. Diluted earnings per common share for the first nine months of
2019 increased 10% to $13.63 on 78 million shares versus $12.36 on
83 million shares for the same period one year ago.
Mr. Johnson concluded, “As we discussed in our
second quarter earnings release, year-to-date store openings
through June 30 fell short of our plan, due to weather related
construction delays. We made significant progress with store
openings during the third quarter to close that timing gap, and
remain on track to open 200 net, new stores by the end of 2019. We
continue to view organic store growth to be a strong opportunity to
invest capital at robust rates of return and plan to continue to
execute our expansion strategy during 2020 with the addition of
approximately 180 net, new stores. This target is slightly below
our 2019 store opening pace as our Teams will be heavily involved
with completing the acquisition of Mayasa Auto Parts, which we
announced in August. We are very excited to close on this
acquisition in the fourth quarter and begin the process of
partnering with the experienced Mayasa leadership team to
capitalize on the long-term profitable growth opportunities that
exist in the Mexican market.”
3rd 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 5.0% for the third quarter ended
September 30, 2019, on top of 3.9% for the same period one
year ago. Comparable store sales increased 3.9% for the nine months
ended September 30, 2019, on top of 4.0% for the same period
one year ago.
Share Repurchase ProgramDuring
the third quarter ended September 30, 2019, the Company
repurchased 1.0 million shares of its common stock, at an average
price per share of $377.85, for a total investment of $387 million.
During the first nine months ended September 30, 2019, the Company
repurchased 3.6 million shares of its common stock, at an average
price per share of $364.84, for a total investment of $1.31
billion. Subsequent to the end of the third 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 $393.33, for a total investment of $32 million. The Company has
repurchased a total of 76.0 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 $159.11, for a total aggregate investment of
$12.09 billion. As of the date of this release, the Company had
approximately $662 million remaining under its current share
repurchase authorization.
|
4th Quarter and Updated Full-Year 2019
Guidance |
The table below outlines the Company’s guidance for selected fourth
quarter and updated full-year 2019 financial data: |
|
|
For the Three Months Ending December 31, 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 |
|
|
|
23.0% |
|
Diluted earnings per share
(1) |
$4.12 to $4.22 |
|
|
$17.75 to $17.85 |
|
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, October 24, 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) 619-6396 and the conference
call identification number is 49053015. A replay of the conference
call will be available on the Company’s website through Friday,
October 23, 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 September 30, 2019,
the Company operated 5,420 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, the threat
of war, and the ability to successfully complete the acquisition of
Mayasa Auto Parts on a timely basis. 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 SUBSIDIARIES |
CONDENSED CONSOLIDATED BALANCE SHEETS |
(In thousands, except share data) |
|
|
September 30, 2019 (1) |
|
September 30, 2018 |
|
December 31, 2018 |
|
(Unaudited) |
|
(Unaudited) |
|
(Note) |
Assets |
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and cash equivalents |
$ |
42,804 |
|
|
$ |
40,019 |
|
|
$ |
31,315 |
|
Accounts receivable, net |
224,033 |
|
|
242,692 |
|
|
192,026 |
|
Amounts receivable from suppliers |
76,107 |
|
|
83,237 |
|
|
78,155 |
|
Inventory |
3,348,631 |
|
|
3,139,621 |
|
|
3,193,344 |
|
Other current assets |
32,914 |
|
|
54,462 |
|
|
48,262 |
|
Total current assets |
3,724,489 |
|
|
3,560,031 |
|
|
3,543,102 |
|
|
|
|
|
|
|
Property and equipment, at
cost |
6,053,306 |
|
|
5,512,325 |
|
|
5,645,552 |
|
Less: accumulated depreciation
and amortization |
2,182,599 |
|
|
2,010,392 |
|
|
2,058,550 |
|
Net property and equipment |
3,870,707 |
|
|
3,501,933 |
|
|
3,587,002 |
|
|
|
|
|
|
|
Operating lease, right-of-use
assets |
1,908,931 |
|
|
— |
|
|
— |
|
Goodwill |
808,259 |
|
|
789,178 |
|
|
807,260 |
|
Other assets, net |
60,338 |
|
|
43,572 |
|
|
43,425 |
|
Total assets |
$ |
10,372,724 |
|
|
$ |
7,894,714 |
|
|
$ |
7,980,789 |
|
|
|
|
|
|
|
Liabilities and
shareholders’ equity |
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
Accounts payable |
$ |
3,606,571 |
|
|
$ |
3,384,098 |
|
|
$ |
3,376,403 |
|
Self-insurance reserves |
75,158 |
|
|
75,440 |
|
|
77,012 |
|
Accrued payroll |
104,161 |
|
|
89,721 |
|
|
86,520 |
|
Accrued benefits and withholdings |
87,386 |
|
|
83,113 |
|
|
89,082 |
|
Income taxes payable |
100,472 |
|
|
— |
|
|
11,013 |
|
Current portion of operating lease liabilities |
308,726 |
|
|
— |
|
|
— |
|
Other current liabilities |
298,380 |
|
|
272,709 |
|
|
253,990 |
|
Total current liabilities |
4,580,854 |
|
|
3,905,081 |
|
|
3,894,020 |
|
|
|
|
|
|
|
Long-term debt |
3,703,628 |
|
|
3,174,327 |
|
|
3,417,122 |
|
Operating lease liabilities,
less current portion |
1,642,178 |
|
|
— |
|
|
— |
|
Deferred income taxes |
117,551 |
|
|
102,640 |
|
|
105,566 |
|
Other liabilities |
162,294 |
|
|
214,287 |
|
|
210,414 |
|
|
|
|
|
|
|
Shareholders’ equity: |
|
|
|
|
|
Common stock, $0.01 par value: |
|
|
|
|
|
Authorized shares – 245,000,000 |
|
|
|
|
|
Issued and outstanding shares – |
|
|
|
|
|
75,727,781 as of September 30, 2019, |
|
|
|
|
|
80,345,665 as of September 30, 2018, and |
|
|
|
|
|
79,043,919 as of December 31, 2018 |
757 |
|
|
803 |
|
|
790 |
|
Additional paid-in capital |
1,259,544 |
|
|
1,265,827 |
|
|
1,262,063 |
|
Retained deficit |
(1,094,082 |
) |
|
(768,251 |
) |
|
(909,186 |
) |
Total shareholders’
equity |
166,219 |
|
|
498,379 |
|
|
353,667 |
|
|
|
|
|
|
|
Total liabilities and
shareholders’ equity |
$ |
10,372,724 |
|
|
$ |
7,894,714 |
|
|
$ |
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 SUBSIDIARIES |
CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
(Unaudited) |
(In thousands, except per share data) |
|
|
For the Three Months EndedSeptember 30, |
|
For the Nine Months EndedSeptember 30, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Sales |
$ |
2,666,528 |
|
|
$ |
2,482,717 |
|
|
$ |
7,667,010 |
|
|
$ |
7,221,471 |
|
Cost of goods sold, including
warehouse and distribution expenses |
1,243,998 |
|
|
1,166,962 |
|
|
3,596,903 |
|
|
3,415,820 |
|
Gross profit |
1,422,530 |
|
|
1,315,755 |
|
|
4,070,107 |
|
|
3,805,651 |
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses |
886,167 |
|
|
830,607 |
|
|
2,590,884 |
|
|
2,418,507 |
|
Operating income |
536,363 |
|
|
485,148 |
|
|
1,479,223 |
|
|
1,387,144 |
|
|
|
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
|
|
Interest expense |
(35,858 |
) |
|
(31,582 |
) |
|
(104,687 |
) |
|
(90,661 |
) |
Interest income |
656 |
|
|
669 |
|
|
1,813 |
|
|
1,838 |
|
Other, net |
732 |
|
|
1,416 |
|
|
4,667 |
|
|
2,609 |
|
Total other expense |
(34,470 |
) |
|
(29,497 |
) |
|
(98,207 |
) |
|
(86,214 |
) |
|
|
|
|
|
|
|
|
Income before income
taxes |
501,893 |
|
|
455,651 |
|
|
1,381,016 |
|
|
1,300,930 |
|
Provision for income
taxes |
110,600 |
|
|
89,500 |
|
|
314,890 |
|
|
276,800 |
|
Net income |
$ |
391,293 |
|
|
$ |
366,151 |
|
|
$ |
1,066,126 |
|
|
$ |
1,024,130 |
|
|
|
|
|
|
|
|
|
Earnings per share-basic: |
|
|
|
|
|
|
|
Earnings per share |
$ |
5.14 |
|
|
$ |
4.54 |
|
|
$ |
13.77 |
|
|
$ |
12.50 |
|
Weighted-average common shares
outstanding – basic |
76,172 |
|
|
80,593 |
|
|
77,415 |
|
|
81,939 |
|
|
|
|
|
|
|
|
|
Earnings per share-assuming
dilution: |
|
|
|
|
|
|
|
Earnings per share |
$ |
5.08 |
|
|
$ |
4.50 |
|
|
$ |
13.63 |
|
|
$ |
12.36 |
|
Weighted-average common shares
outstanding – assuming dilution |
76,969 |
|
|
81,410 |
|
|
78,220 |
|
|
82,841 |
|
O’REILLY AUTOMOTIVE, INC. AND SUBSIDIARIES |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
(Unaudited) |
(In thousands) |
|
|
For the Nine Months EndedSeptember 30, |
|
2019 |
|
2018 |
|
|
|
|
Operating
activities: |
|
|
|
Net income |
$ |
1,066,126 |
|
|
$ |
1,024,130 |
|
Adjustments to reconcile net
income to net cash provided by operating activities: |
|
|
|
Depreciation and amortization of property, equipment and
intangibles |
200,382 |
|
|
193,318 |
|
Amortization of debt discount and issuance costs |
2,898 |
|
|
2,557 |
|
Deferred income taxes |
12,383 |
|
|
17,234 |
|
Share-based compensation programs |
16,578 |
|
|
15,144 |
|
Other |
5,830 |
|
|
6,304 |
|
Changes in operating assets and liabilities: |
|
|
|
Accounts receivable |
(38,892 |
) |
|
(32,799 |
) |
Inventory |
(154,986 |
) |
|
(129,214 |
) |
Accounts payable |
228,943 |
|
|
194,069 |
|
Income taxes payable |
90,383 |
|
|
4,460 |
|
Other |
60,031 |
|
|
46,816 |
|
Net cash provided by operating activities |
1,489,676 |
|
|
1,342,019 |
|
|
|
|
|
Investing
activities: |
|
|
|
Purchases of property and
equipment |
(481,207 |
) |
|
(350,461 |
) |
Proceeds from sale of property
and equipment |
5,479 |
|
|
3,353 |
|
Investment in tax credit
equity investments |
(17,988 |
) |
|
— |
|
Other |
661 |
|
|
(716 |
) |
Net cash used in investing activities |
(493,055 |
) |
|
(347,824 |
) |
|
|
|
|
Financing
activities: |
|
|
|
Proceeds from borrowings on
revolving credit facility |
2,192,000 |
|
|
1,745,000 |
|
Payments on revolving credit
facility |
(2,404,000 |
) |
|
(2,046,000 |
) |
Proceeds from the issuance of
long-term debt |
499,955 |
|
|
498,660 |
|
Payment of debt issuance
costs |
(3,991 |
) |
|
(3,923 |
) |
Repurchases of common
stock |
(1,307,983 |
) |
|
(1,251,060 |
) |
Net proceeds from issuance of
common stock |
39,077 |
|
|
58,955 |
|
Other |
(190 |
) |
|
(2,156 |
) |
Net cash used in financing activities |
(985,132 |
) |
|
(1,000,524 |
) |
|
|
|
|
Net increase (decrease) in
cash and cash equivalents |
11,489 |
|
|
(6,329 |
) |
Cash and cash equivalents at
beginning of the period |
31,315 |
|
|
46,348 |
|
Cash and cash equivalents at
end of the period |
$ |
42,804 |
|
|
$ |
40,019 |
|
|
|
|
|
Supplemental
disclosures of cash flow information: |
|
|
|
Income taxes paid |
$ |
218,386 |
|
|
$ |
256,949 |
|
Interest paid, net of
capitalized interest |
110,014 |
|
|
102,025 |
|
O’REILLY AUTOMOTIVE, INC. AND SUBSIDIARIES |
SELECTED FINANCIAL INFORMATION |
(Unaudited) |
|
|
For the Twelve Months EndedSeptember 30, |
Adjusted
Debt to EBITDAR: |
2019 |
|
2018 |
(In thousands,
except adjusted debt to EBITDAR ratio) |
|
|
|
GAAP debt |
$ |
3,703,628 |
|
|
$ |
3,174,327 |
|
Add: |
Letters of credit |
39,104 |
|
|
36,984 |
|
|
Discount on senior notes |
3,723 |
|
|
4,498 |
|
|
Debt issuance costs |
17,649 |
|
|
16,175 |
|
|
Six-times rent expense |
2,005,494 |
|
|
1,876,758 |
|
Adjusted debt |
$ |
5,769,598 |
|
|
$ |
5,108,742 |
|
|
|
|
|
|
GAAP net
income |
$ |
1,366,483 |
|
|
$ |
1,326,445 |
|
Add: |
Interest expense |
136,155 |
|
|
117,455 |
|
|
Provision for income
taxes |
407,690 |
|
|
351,209 |
|
|
Depreciation and
amortization |
266,001 |
|
|
253,663 |
|
|
Share-based compensation
expense |
21,610 |
|
|
19,710 |
|
|
Rent expense (i) |
334,249 |
|
|
312,793 |
|
EBITDAR |
$ |
2,532,188 |
|
|
$ |
2,381,275 |
|
|
|
|
|
|
Adjusted debt to
EBITDAR |
2.28 |
|
|
2.15 |
|
|
(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 nine and
twelve months ended September 30, 2019 (in thousands): |
|
Total lease cost, per ASC 842, for the nine months ended September
30, 2019 |
$ |
298,185 |
|
|
Less: |
Variable non-contract
operating lease components, related to property taxes and
insurance, for the nine months ended September 30, 2019 |
44,531 |
|
|
Rent expense for
the nine months ended September 30, 2019 |
253,654 |
|
|
Add: |
Rent expense for the three
months ended December 31, 2018, as previously reported prior to the
adoption of ASC 842 |
80,595 |
|
|
Rent expense for
the twelve months ended September 30, 2019 |
$ |
334,249 |
|
|
September 30, |
|
2019 |
|
2018 |
Selected Balance Sheet
Ratios: |
|
|
|
Inventory turnover (1) |
1.4 |
|
|
1.4 |
|
Average inventory per store (in thousands) (2) |
$ |
618 |
|
|
$ |
605 |
|
Accounts payable to inventory
(3) |
107.7 |
% |
|
107.8 |
% |
|
For the Three Months EndedSeptember 30, |
|
For the Nine Months EndedSeptember 30, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Reconciliation of Free Cash Flow (in
thousands): |
|
|
|
|
|
|
|
Net cash provided by operating activities |
$ |
642,672 |
|
|
$ |
466,786 |
|
|
$ |
1,489,676 |
|
|
$ |
1,342,019 |
|
Less: |
Capital expenditures |
185,599 |
|
|
126,344 |
|
|
481,207 |
|
|
350,461 |
|
|
Excess tax benefit from
share-basedcompensation payments |
2,337 |
|
|
13,366 |
|
|
13,059 |
|
|
32,974 |
|
Free cash
flow |
$ |
454,736 |
|
|
$ |
327,076 |
|
|
$ |
995,410 |
|
|
$ |
958,584 |
|
Store and
Team Member Information: |
|
|
|
|
|
|
|
|
|
|
|
For the Three Months EndedSeptember 30, |
|
For the Nine Months EndedSeptember 30, |
|
For the Twelve Months EndedSeptember 30, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Beginning store count |
5,344 |
|
|
5,147 |
|
|
5,219 |
|
|
5,019 |
|
|
5,190 |
|
|
4,984 |
|
New stores opened |
76 |
|
|
45 |
|
|
183 |
|
|
177 |
|
|
212 |
|
|
213 |
|
Bennett stores acquired, net
of stores merged (4) |
— |
|
|
— |
|
|
20 |
|
|
— |
|
|
20 |
|
|
— |
|
Stores closed |
— |
|
|
(2 |
) |
|
(2 |
) |
|
(6 |
) |
|
(2 |
) |
|
(7 |
) |
Ending store count |
5,420 |
|
|
5,190 |
|
|
5,420 |
|
|
5,190 |
|
|
5,420 |
|
|
5,190 |
|
|
For the Three Months EndedSeptember 30, |
|
For the Twelve Months Ended September 30, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Total employment |
82,163 |
|
|
80,158 |
|
|
|
|
|
Square footage (in
thousands) |
40,070 |
|
|
38,166 |
|
|
|
|
|
Sales per weighted-average square foot (5) |
$ |
66.73 |
|
|
$ |
65.02 |
|
|
$ |
253.82 |
|
|
$ |
250.71 |
|
Sales per weighted-average
store (in thousands) (6) |
$ |
493 |
|
|
$ |
477 |
|
|
$ |
1,871 |
|
|
$ |
1,836 |
|
|
(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)
Historical Stock Chart
From Aug 2024 to Sep 2024
O Reilly Automotive (NASDAQ:ORLY)
Historical Stock Chart
From Sep 2023 to Sep 2024