$ORLY
O REILLY AUTOMOTIVE INC

2014 Q2 Form 10-Q Financial Statement

#000089817314000128 Filed on August 08, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2
Revenue $1.847B $1.715B
YoY Change 7.7% 9.73%
Cost Of Revenue $896.2M $843.1M
YoY Change 6.3% 7.67%
Gross Profit $950.9M $871.9M
YoY Change 9.06% 11.8%
Gross Profit Margin 51.48% 50.84%
Selling, General & Admin $614.4M $575.6M
YoY Change 6.74% 7.33%
% of Gross Profit 64.61% 66.02%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $47.50M $45.50M
YoY Change 4.4% 2.48%
% of Gross Profit 5.0% 5.22%
Operating Expenses $614.4M $575.6M
YoY Change 6.74% 7.35%
Operating Profit $336.5M $296.3M
YoY Change 13.57% 21.62%
Interest Expense -$12.30M -$11.00M
YoY Change 11.82% 29.41%
% of Operating Profit -3.66% -3.71%
Other Income/Expense, Net -$11.68M -$10.13M
YoY Change 15.22% 10034.0%
Pretax Income $324.8M $286.1M
YoY Change 13.52% 21.7%
Income Tax $119.2M $109.0M
% Of Pretax Income 36.68% 38.09%
Net Earnings $205.6M $177.1M
YoY Change 16.1% 21.22%
Net Earnings / Revenue 11.13% 10.33%
Basic Earnings Per Share $1.94 $1.61
Diluted Earnings Per Share $1.91 $1.58
COMMON SHARES
Basic Shares Outstanding 105.8M shares 110.3M shares
Diluted Shares Outstanding 107.6M shares 112.1M shares

Balance Sheet

Concept 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $453.0M $366.0M
YoY Change 23.77% -0.54%
Cash & Equivalents $453.4M $365.9M
Short-Term Investments
Other Short-Term Assets $38.54M $36.00M
YoY Change 7.04% -2.7%
Inventory $2.463B $2.345B
Prepaid Expenses
Receivables $156.6M $176.0M
Other Receivables $60.00M $82.00M
Total Short-Term Assets $3.172B $3.005B
YoY Change 5.56% 8.72%
LONG-TERM ASSETS
Property, Plant & Equipment $2.529B $2.302B
YoY Change 9.86% 6.92%
Goodwill $756.3M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $35.41M $21.00M
YoY Change 68.6% 31.25%
Total Long-Term Assets $3.336B $3.119B
YoY Change 6.95% 5.87%
TOTAL ASSETS
Total Short-Term Assets $3.172B $3.005B
Total Long-Term Assets $3.336B $3.119B
Total Assets $6.508B $6.124B
YoY Change 6.27% 7.25%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.302B $2.059B
YoY Change 11.82% 21.12%
Accrued Expenses $119.0M $102.0M
YoY Change 16.67% 4.08%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00
YoY Change -100.0%
Total Short-Term Liabilities $2.727B $2.430B
YoY Change 12.23% 20.72%
LONG-TERM LIABILITIES
Long-Term Debt $1.396B $1.396B
YoY Change 0.0% 75.16%
Other Long-Term Liabilities $200.8M $204.0M
YoY Change -1.59% 5.15%
Total Long-Term Liabilities $200.8M $1.600B
YoY Change -87.45% 61.45%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.727B $2.430B
Total Long-Term Liabilities $200.8M $1.600B
Total Liabilities $2.928B $4.118B
YoY Change -28.9% 32.97%
SHAREHOLDERS EQUITY
Retained Earnings $948.5M
YoY Change
Common Stock $1.169B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.118B $2.006B
YoY Change
Total Liabilities & Shareholders Equity $6.508B $6.124B
YoY Change 6.27% 7.25%

Cashflow Statement

Concept 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income $205.6M $177.1M
YoY Change 16.1% 21.22%
Depreciation, Depletion And Amortization $47.50M $45.50M
YoY Change 4.4% 2.48%
Cash From Operating Activities $310.0M $213.1M
YoY Change 45.47% -23.07%
INVESTING ACTIVITIES
Capital Expenditures -$111.8M -$103.1M
YoY Change 8.44% 36.02%
Acquisitions
YoY Change
Other Investing Activities $1.400M $1.400M
YoY Change 0.0% -46.15%
Cash From Investing Activities -$110.4M -$101.6M
YoY Change 8.66% 38.61%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -258.0M 49.10M
YoY Change -625.46% -111.94%
NET CHANGE
Cash From Operating Activities 310.0M 213.1M
Cash From Investing Activities -110.4M -101.6M
Cash From Financing Activities -258.0M 49.10M
Net Change In Cash -58.40M 160.6M
YoY Change -136.36% -177.43%
FREE CASH FLOW
Cash From Operating Activities $310.0M $213.1M
Capital Expenditures -$111.8M -$103.1M
Free Cash Flow $421.8M $316.2M
YoY Change 33.4% -10.37%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">NOTE 1 - BASIS OF PRESENTATION</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The accompanying unaudited condensed consolidated financial statements of O'Reilly Automotive, Inc. and its subsidiaries (the "Company" or "O'Reilly") have been prepared in accordance with United States generally accepted accounting principles ("U.S. GAAP") for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2014, are not necessarily indicative of the results that may be expected for the year ended December 31, 2014. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2013.</font></div></div>
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Each of the senior notes is subject to certain customary covenants, with which the Company complied as of June 30, 2014.
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us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">NOTE 9 - RECENT ACCOUNTING PRONOUNCEMENTS</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May of 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-09,</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> "Revenue from Contracts with Customers (Topic 606)"</font><font style="font-family:inherit;font-size:10pt;"> ("ASU 2014-09"). Under ASU 2014-09, an entity is required to follow a five-step process to determine the amount of revenue to recognize when promised goods or services are transferred to customers. ASU 2014-09 offers specific accounting guidance for costs to obtain or fulfill a contract with a customer. In addition, an entity is required to disclose sufficient information to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2016, including periods within that reporting period, and can be adopted either retrospectively or as a cumulative effect adjustment at the date of adoption, with early adoption not permitted. The Company will adopt this guidance beginning with its first quarter ending March 31, 2017; the Company is in the process of evaluating the potential future impact, if any, of ASU 2014-09 on its consolidated financial position, results of operations and cash flows.</font></div></div>
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us-gaap Proceeds From Issuance Of Senior Long Term Debt
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0 USD
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678000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
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us-gaap Product Warranty Accrual Warranties Issued
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27691000 USD
CY2014Q2 us-gaap Property Plant And Equipment Gross
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us-gaap Repayments Of Debt And Capital Lease Obligations
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36000 USD
us-gaap Repayments Of Debt And Capital Lease Obligations
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189000 USD
CY2013Q4 us-gaap Retained Earnings Accumulated Deficit
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846333000 USD
CY2014Q2 us-gaap Retained Earnings Accumulated Deficit
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614403000 USD
us-gaap Selling General And Administrative Expense
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CY2013Q2 us-gaap Selling General And Administrative Expense
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575614000 USD
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2022000 shares
CY2014Q2 us-gaap Stock Repurchased And Retired During Period Shares
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CY2013Q4 us-gaap Stockholders Equity
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1966321000 USD
CY2014Q2 us-gaap Stockholders Equity
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2117581000 USD
CY2013Q2 us-gaap Treasury Stock Acquired Average Cost Per Share
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107.61
CY2014Q2 us-gaap Treasury Stock Acquired Average Cost Per Share
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148.21
us-gaap Treasury Stock Acquired Average Cost Per Share
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148.21
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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112736000 shares
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100.10
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273946000 USD
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0 USD
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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107817000 shares
CY2013Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2013Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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105982000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
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110914000 shares
CY2013Q4 orly Accrued Benefits And Withholdings
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41262000 USD
CY2014Q2 orly Accrued Benefits And Withholdings
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51330000 USD
orly Indemnity Litigation Reserve
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13400000 USD
CY2014Q2 orly Non Financial Assets And Liabilities Fair Value Nonrecurring
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0 USD
CY2013Q4 orly Non Financial Assets And Liabilities Fair Value Nonrecurring
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0 USD
orly Number Of Days Per Year In Interest Calculation
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360 D
orly Share Based Compensation Arrangement By Share Based Payment Award Options Antidilutive In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAntidilutiveInPeriodWeightedAverageExercisePrice
93.57
CY2014Q2 orly Share Based Compensation Arrangement By Share Based Payment Award Options Antidilutive In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAntidilutiveInPeriodWeightedAverageExercisePrice
137.82
CY2013Q2 orly Share Based Compensation Arrangement By Share Based Payment Award Options Antidilutive In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAntidilutiveInPeriodWeightedAverageExercisePrice
96.38
orly Share Based Compensation Arrangement By Share Based Payment Award Options Antidilutive In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAntidilutiveInPeriodWeightedAverageExercisePrice
137.35
CY2014Q1 orly Stock Repurchase Program Increase In Authorized Amount
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500000000 USD
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Period End Date
DocumentPeriodEndDate
2014-06-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0000898173
CY2014Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
103767124 shares
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
O REILLY AUTOMOTIVE INC

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