$ORLY
O REILLY AUTOMOTIVE INC

2015 Q1 Form 10-Q Financial Statement

#000089817315000123 Filed on May 08, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $1.902B $1.728B
YoY Change 10.07% 9.02%
Cost Of Revenue $914.9M $850.2M
YoY Change 7.61% 8.12%
Gross Profit $987.0M $877.7M
YoY Change 12.45% 9.9%
Gross Profit Margin 51.89% 50.8%
Selling, General & Admin $636.6M $590.6M
YoY Change 7.79% 7.86%
% of Gross Profit 64.5% 67.29%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $54.95M $47.48M
YoY Change 15.74% 7.47%
% of Gross Profit 5.57% 5.41%
Operating Expenses $636.6M $590.6M
YoY Change 7.79% 7.86%
Operating Profit $350.4M $287.1M
YoY Change 22.03% 14.35%
Interest Expense -$13.80M -$12.80M
YoY Change 7.81% 17.43%
% of Operating Profit -3.94% -4.46%
Other Income/Expense, Net -$12.71M -$12.16M
YoY Change 4.51% 16.31%
Pretax Income $337.7M $275.0M
YoY Change 22.8% 14.27%
Income Tax $124.8M $101.1M
% Of Pretax Income 36.96% 36.77%
Net Earnings $212.9M $173.9M
YoY Change 22.43% 12.66%
Net Earnings / Revenue 11.19% 10.06%
Basic Earnings Per Share $2.09 $1.64
Diluted Earnings Per Share $2.06 $1.61
COMMON SHARES
Basic Shares Outstanding 101.6M shares 106.2M shares
Diluted Shares Outstanding 103.3M shares 108.1M shares

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $474.0M $512.0M
YoY Change -7.42% 149.76%
Cash & Equivalents $473.6M $511.8M
Short-Term Investments
Other Short-Term Assets $40.93M $40.66M
YoY Change 0.65% 16.18%
Inventory $2.528B $2.397B
Prepaid Expenses
Receivables $162.0M $142.7M
Other Receivables $70.00M $69.00M
Total Short-Term Assets $3.274B $3.161B
YoY Change 3.57% 15.33%
LONG-TERM ASSETS
Property, Plant & Equipment $2.699B $2.463B
YoY Change 9.57% 9.76%
Goodwill $756.4M $756.2M
YoY Change 0.02%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $43.94M $37.01M
YoY Change 18.73% 85.06%
Total Long-Term Assets $3.512B $3.269B
YoY Change 7.44% 7.2%
TOTAL ASSETS
Total Short-Term Assets $3.274B $3.161B
Total Long-Term Assets $3.512B $3.269B
Total Assets $6.786B $6.430B
YoY Change 5.54% 11.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.471B $2.161B
YoY Change 14.34% 9.86%
Accrued Expenses $117.0M $107.0M
YoY Change 9.35% 11.46%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00
YoY Change
Total Short-Term Liabilities $2.952B $2.598B
YoY Change 13.65% 10.59%
LONG-TERM LIABILITIES
Long-Term Debt $1.397B $1.396B
YoY Change 0.07% 27.37%
Other Long-Term Liabilities $211.8M $197.3M
YoY Change 7.33% 4.39%
Total Long-Term Liabilities $211.8M $197.3M
YoY Change 7.33% -84.65%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.952B $2.598B
Total Long-Term Liabilities $211.8M $197.3M
Total Liabilities $3.164B $2.795B
YoY Change 13.2% -24.8%
SHAREHOLDERS EQUITY
Retained Earnings $908.4M $999.7M
YoY Change -9.14%
Common Stock $1.235B $1.163B
YoY Change 6.16%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.144B $2.163B
YoY Change
Total Liabilities & Shareholders Equity $6.786B $6.430B
YoY Change 5.54% 11.05%

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income $212.9M $173.9M
YoY Change 22.43% 12.66%
Depreciation, Depletion And Amortization $54.95M $47.48M
YoY Change 15.74% 7.47%
Cash From Operating Activities $406.0M $345.5M
YoY Change 17.5% 52.67%
INVESTING ACTIVITIES
Capital Expenditures $91.14M $83.09M
YoY Change 9.69% 13.07%
Acquisitions
YoY Change
Other Investing Activities $1.600M $1.200M
YoY Change 33.33% -14.29%
Cash From Investing Activities -$89.55M -$81.90M
YoY Change 9.34% 13.59%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $134.8M $22.07M
YoY Change 510.93% -90.32%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$93.39M $16.86M
YoY Change -653.86% -108.56%
NET CHANGE
Cash From Operating Activities $406.0M $345.5M
Cash From Investing Activities -$89.55M -$81.90M
Cash From Financing Activities -$93.39M $16.86M
Net Change In Cash $223.1M $280.5M
YoY Change -20.47% -756.66%
FREE CASH FLOW
Cash From Operating Activities $406.0M $345.5M
Capital Expenditures $91.14M $83.09M
Free Cash Flow $314.9M $262.5M
YoY Change 19.97% 71.7%

Facts In Submission

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2018418000 USD
CY2015Q1 us-gaap Stockholders Equity
StockholdersEquity
2143500000 USD
CY2015Q1 us-gaap Trading Securities Unrealized Holding Gain
TradingSecuritiesUnrealizedHoldingGain
400000 USD
CY2015Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
644500000 USD
CY2014Q1 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
149000 shares
CY2014Q1 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
148.18
CY2015Q1 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
207.50
CY2014Q1 us-gaap Treasury Stock Value Acquired Par Value Method
TreasuryStockValueAcquiredParValueMethod
22065000 USD
CY2015Q1 us-gaap Treasury Stock Value Acquired Par Value Method
TreasuryStockValueAcquiredParValueMethod
134803000 USD
CY2014Q4 us-gaap Unsecured Debt
UnsecuredDebt
0 USD
CY2015Q1 us-gaap Unsecured Debt
UnsecuredDebt
0 USD
CY2014Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
108070000 shares
CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
103257000 shares
CY2014Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
106191000 shares
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
101612000 shares
CY2015Q1 us-gaap Basis Of Accounting
BasisOfAccounting
<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</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2015</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, 2015</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, 2014</font><font style="font-family:inherit;font-size:10pt;">.</font></div></div>
CY2015Q1 us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<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 (the "FASB") issued Accounting Standard Update ("ASU") No. 2014-09, "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. For public companies, 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;background-color:#ffffff;">In January of 2015, the FASB issued ASU No. 2015-01, "Extraordinary and Unusual Items (Subtopic 225-20)" ("ASU 2015-01"). ASU 2015-01 eliminates from generally accepted accounting principles the concept of extraordinary items; such that, an entity will no longer need to assess whether a particular event or transaction event is extraordinary. ASU 2015-01 is effective for annual reporting periods beginning after December 15, 2015, including periods within that reporting period, and early adoption is permitted. The Company will adopt this guidance beginning with its first quarter ending March 31, 2016. The application of this guidance is not expected to have a material impact on the Company's consolidated financial condition, results of operations or 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;background-color:#ffffff;">In April of 2015, the FASB issued ASU No. 2015-03, "Interest - Imputation of Interest (Subtopic 835-30)" ("ASU 2015-03"). ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. ASU 2015-03 is effective for annual reporting periods beginning after December 15, 2015, including periods within that reporting period, requires retrospective application, and early adoption is permitted. The Company will adopt this guidance with its first quarter ending March 31, 2016. The application of this guidance affects classification only, and therefore, it is not expected to have a material impact on the Company's consolidated financial condition, results of operations or cash</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">flows.</font></div></div>

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