$ORLY
O REILLY AUTOMOTIVE INC

2014 Q4 Form 10-Q Financial Statement

#000089817314000169 Filed on November 07, 2014

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q3 2013 Q3
Revenue $1.764B $1.877B $1.728B
YoY Change 8.82% 8.61% 7.9%
Cost Of Revenue $852.1M $908.7M $848.9M
YoY Change 6.26% 7.05% 6.63%
Gross Profit $912.1M $968.2M $879.2M
YoY Change 11.33% 10.13% 9.15%
Gross Profit Margin 51.7% 51.59% 50.88%
Selling, General & Admin $609.1M $624.4M $578.8M
YoY Change 8.09% 7.89% 6.75%
% of Gross Profit 66.78% 64.49% 65.83%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $50.70M $48.50M $46.40M
YoY Change 7.64% 4.53% 4.74%
% of Gross Profit 5.56% 5.01% 5.28%
Operating Expenses $609.1M $624.4M $578.8M
YoY Change 8.07% 7.89% 6.77%
Operating Profit $303.0M $343.8M $300.4M
YoY Change 18.48% 14.44% 14.07%
Interest Expense -$13.50M -$12.40M -$12.80M
YoY Change 8.87% -3.13% 29.29%
% of Operating Profit -4.46% -3.61% -4.26%
Other Income/Expense, Net $600.0K -$11.45M -$12.09M
YoY Change 20.0% -5.3% -2115.17%
Pretax Income $290.1M $332.3M $288.3M
YoY Change 18.94% 15.27% 13.5%
Income Tax $108.4M $115.3M $101.8M
% Of Pretax Income 37.37% 34.7% 35.31%
Net Earnings $181.7M $217.0M $186.5M
YoY Change 19.25% 16.36% 17.04%
Net Earnings / Revenue 10.3% 11.56% 10.79%
Basic Earnings Per Share $1.79 $2.10 $1.72
Diluted Earnings Per Share $1.76 $2.06 $1.69
COMMON SHARES
Basic Shares Outstanding 101.4M shares 103.5M shares 108.3M shares
Diluted Shares Outstanding 105.2M shares 110.2M shares

Balance Sheet

Concept 2014 Q4 2014 Q3 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $251.0M $298.0M $363.0M
YoY Change 8.66% -17.91% -14.18%
Cash & Equivalents $250.6M $298.3M $363.0M
Short-Term Investments
Other Short-Term Assets $46.82M $34.69M $34.00M
YoY Change 52.44% 2.03% 13.33%
Inventory $2.555B $2.518B $2.365B
Prepaid Expenses
Receivables $143.9M $152.8M $142.0M
Other Receivables $69.00M $67.00M $72.00M
Total Short-Term Assets $3.065B $3.071B $2.976B
YoY Change 8.12% 3.18% 3.23%
LONG-TERM ASSETS
Property, Plant & Equipment $2.659B $2.601B $2.378B
YoY Change 9.63% 9.38% 9.38%
Goodwill $756.4M $756.3M
YoY Change 0.02%
Intangibles $14.91M
YoY Change -20.13%
Long-Term Investments
YoY Change
Other Assets $38.41M $32.70M $20.00M
YoY Change 2.12% 63.48% 11.11%
Total Long-Term Assets $3.467B $3.404B $3.191B
YoY Change 7.26% 6.69% 7.59%
TOTAL ASSETS
Total Short-Term Assets $3.065B $3.071B $2.976B
Total Long-Term Assets $3.467B $3.404B $3.191B
Total Assets $6.532B $6.475B $6.167B
YoY Change 7.66% 5.0% 5.44%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.417B $2.409B $2.076B
YoY Change 17.54% 16.04% 11.43%
Accrued Expenses $141.0M $130.0M $105.0M
YoY Change 31.78% 23.81% 7.14%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $25.00K $0.00 $0.00
YoY Change -62.69%
Total Short-Term Liabilities $2.813B $2.846B $2.439B
YoY Change 16.11% 16.68% 11.12%
LONG-TERM LIABILITIES
Long-Term Debt $1.388B $1.396B $1.396B
YoY Change -0.57% 0.0% 27.37%
Other Long-Term Liabilities $209.5M $194.6M $200.0M
YoY Change 4.24% -2.72% 4.17%
Total Long-Term Liabilities $209.5M $194.6M $1.596B
YoY Change 4.24% -87.81% 23.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.813B $2.846B $2.439B
Total Long-Term Liabilities $209.5M $194.6M $1.596B
Total Liabilities $3.023B $3.040B $4.131B
YoY Change 15.2% -26.4% 15.04%
SHAREHOLDERS EQUITY
Retained Earnings $822.5M $806.6M
YoY Change -2.82%
Common Stock $1.196B $1.170B
YoY Change 6.78%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.018B $1.976B $2.036B
YoY Change
Total Liabilities & Shareholders Equity $6.532B $6.475B $6.167B
YoY Change 7.66% 5.0% 5.44%

Cashflow Statement

Concept 2014 Q4 2014 Q3 2013 Q3
OPERATING ACTIVITIES
Net Income $181.7M $217.0M $186.5M
YoY Change 19.25% 16.36% 17.04%
Depreciation, Depletion And Amortization $50.70M $48.50M $46.40M
YoY Change 7.64% 4.53% 4.74%
Cash From Operating Activities $207.4M $327.5M $280.4M
YoY Change 10.2% 16.8% -17.92%
INVESTING ACTIVITIES
Capital Expenditures -$112.8M -$122.3M -$122.9M
YoY Change 17.01% -0.49% 86.21%
Acquisitions
YoY Change
Other Investing Activities $1.500M $2.500M $2.200M
YoY Change -28.57% 13.64% 46.67%
Cash From Investing Activities -$111.3M -$119.8M -$120.8M
YoY Change 18.03% -0.83% 87.58%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -143.9M -362.8M -162.6M
YoY Change -36.21% 123.12% -26.82%
NET CHANGE
Cash From Operating Activities 207.4M 327.5M 280.4M
Cash From Investing Activities -111.3M -119.8M -120.8M
Cash From Financing Activities -143.9M -362.8M -162.6M
Net Change In Cash -47.80M -155.1M -3.000M
YoY Change -63.71% 5070.0% -105.45%
FREE CASH FLOW
Cash From Operating Activities $207.4M $327.5M $280.4M
Capital Expenditures -$112.8M -$122.3M -$122.9M
Free Cash Flow $320.2M $449.8M $403.3M
YoY Change 12.51% 11.53% -1.05%

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 </font><font style="font-family:inherit;font-size:10pt;">three and nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2014</font><font style="font-family:inherit;font-size:10pt;">, are not necessarily indicative of the results that may be expected for the year ended </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2014</font><font style="font-family:inherit;font-size:10pt;">. 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 </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2013</font><font style="font-family:inherit;font-size:10pt;">.</font></div></div>
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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 ("FASB") issued Accounting Standard Update No. 2014-09,</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> </font><font style="font-family:inherit;font-size:10pt;">"Revenue from Contracts with Customers (Topic 606)" ("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 style="line-height:120%;text-align:justify;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 August of 2014, the FASB issued ASU No. 2014-15, "Presentation of Financial Statements - Going Concern (Subtopic 205-40)" ("ASU 2014-15"). ASU 2014-15 will require management to assess an entity's ability to continue as a going concern for each annual and interim reporting period and to provide related footnote disclosure in circumstances in which substantial doubt exists. ASU 2014-15 is effective for annual periods ending after December 15, 2016, and for annual periods and interim periods thereafter, with early application permitted. The Company will apply this guidance beginning with its annual period ending December 31, 2016; the application of this guidance affects disclosure only and, therefore, it is not expected to have a material impact on the Company's consolidated financial condition, results of operations or cash flows.</font></div></div>
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201475000 USD
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201023000 USD
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687162000 USD
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0 USD
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us-gaap Proceeds From Issuance Of Senior Long Term Debt
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0 USD
us-gaap Proceeds From Issuance Of Senior Long Term Debt
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299976000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
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1101000 USD
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ProceedsFromSaleOfPropertyPlantAndEquipment
2304000 USD
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3895165000 USD
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us-gaap Repayments Of Debt And Capital Lease Obligations
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54000 USD
us-gaap Repayments Of Debt And Capital Lease Obligations
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207000 USD
CY2013Q4 us-gaap Retained Earnings Accumulated Deficit
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846333000 USD
CY2014Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
806641000 USD
CY2014Q3 us-gaap Sales Revenue Net
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1876872000 USD
us-gaap Sales Revenue Net
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5028003000 USD
us-gaap Sales Revenue Net
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5451903000 USD
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57700000 USD
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65632000 USD
CY2014Q3 us-gaap Selling General And Administrative Expense
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624433000 USD
us-gaap Selling General And Administrative Expense
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1701976000 USD
CY2013Q3 us-gaap Selling General And Administrative Expense
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us-gaap Selling General And Administrative Expense
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1829432000 USD
us-gaap Share Based Compensation
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17424000 USD
us-gaap Share Based Compensation
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16485000 USD
CY2014Q3 us-gaap Stock Repurchase Program Authorized Amount1
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4500000000 USD
CY2014Q3 us-gaap Stock Repurchase Program Period In Force1
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us-gaap Stock Repurchased And Retired During Period Shares
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4564000 shares
CY2014Q3 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
2542000 shares
CY2013Q3 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
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StockRepurchasedAndRetiredDuringPeriodShares
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CY2013Q4 us-gaap Stockholders Equity
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1966321000 USD
CY2014Q3 us-gaap Stockholders Equity
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1976406000 USD
CY2013Q3 us-gaap Treasury Stock Acquired Average Cost Per Share
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120.71
CY2014Q3 us-gaap Treasury Stock Acquired Average Cost Per Share
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152.42
us-gaap Treasury Stock Acquired Average Cost Per Share
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150.55
us-gaap Treasury Stock Acquired Average Cost Per Share
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104.93
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us-gaap Treasury Stock Value Acquired Par Value Method
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387461000 USD
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687086000 USD
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CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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105222000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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111885000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
106945000 shares
CY2013Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2014Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2013Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
105146000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
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110034000 shares
CY2014Q3 orly Accrued Benefits And Withholdings
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58602000 USD
CY2013Q4 orly Accrued Benefits And Withholdings
AccruedBenefitsAndWithholdings
41262000 USD
orly Indemnity Litigation Reserve
IndemnityLitigationReserve
12100000 USD
CY2014Q3 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
98.77
CY2014Q3 orly Share Based Compensation Arrangement By Share Based Payment Award Options Antidilutive In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAntidilutiveInPeriodWeightedAverageExercisePrice
141.77
CY2013Q3 orly Share Based Compensation Arrangement By Share Based Payment Award Options Antidilutive In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAntidilutiveInPeriodWeightedAverageExercisePrice
106.40
orly Share Based Compensation Arrangement By Share Based Payment Award Options Antidilutive In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAntidilutiveInPeriodWeightedAverageExercisePrice
139.13
CY2014Q1 orly Stock Repurchase Program Increase In Authorized Amount
StockRepurchaseProgramIncreaseInAuthorizedAmount
500000000 USD
CY2014Q3 orly Stock Repurchase Program Increase In Authorized Amount
StockRepurchaseProgramIncreaseInAuthorizedAmount
500000000 USD
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Period End Date
DocumentPeriodEndDate
2014-09-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0000898173
CY2014Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
101444779 shares
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
O REILLY AUTOMOTIVE INC

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