$ORLY
O REILLY AUTOMOTIVE INC

2015 Q2 Form 10-Q Financial Statement

#000089817315000163 Filed on August 07, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $2.036B $1.847B
YoY Change 10.2% 7.7%
Cost Of Revenue $976.7M $896.2M
YoY Change 8.98% 6.3%
Gross Profit $1.059B $950.9M
YoY Change 11.35% 9.06%
Gross Profit Margin 52.02% 51.48%
Selling, General & Admin $673.0M $614.4M
YoY Change 9.54% 6.74%
% of Gross Profit 63.57% 64.61%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $51.00M $47.50M
YoY Change 7.37% 4.4%
% of Gross Profit 4.82% 5.0%
Operating Expenses $673.0M $614.4M
YoY Change 9.54% 6.74%
Operating Profit $385.8M $336.5M
YoY Change 14.65% 13.57%
Interest Expense -$13.70M -$12.30M
YoY Change 11.38% 11.82%
% of Operating Profit -3.55% -3.66%
Other Income/Expense, Net -$13.56M -$11.68M
YoY Change 16.14% 15.22%
Pretax Income $372.2M $324.8M
YoY Change 14.6% 13.52%
Income Tax $138.7M $119.2M
% Of Pretax Income 37.26% 36.68%
Net Earnings $233.5M $205.6M
YoY Change 13.55% 16.1%
Net Earnings / Revenue 11.47% 11.13%
Basic Earnings Per Share $2.32 $1.94
Diluted Earnings Per Share $2.29 $1.91
COMMON SHARES
Basic Shares Outstanding 100.5M shares 105.8M shares
Diluted Shares Outstanding 102.1M shares 107.6M shares

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $260.0M $453.0M
YoY Change -42.6% 23.77%
Cash & Equivalents $260.0M $453.4M
Short-Term Investments
Other Short-Term Assets $37.71M $38.54M
YoY Change -2.14% 7.04%
Inventory $2.561B $2.463B
Prepaid Expenses
Receivables $175.3M $156.6M
Other Receivables $75.00M $60.00M
Total Short-Term Assets $3.109B $3.172B
YoY Change -1.98% 5.56%
LONG-TERM ASSETS
Property, Plant & Equipment $2.744B $2.529B
YoY Change 8.5% 9.86%
Goodwill $756.9M $756.3M
YoY Change 0.07%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $43.14M $35.41M
YoY Change 21.83% 68.6%
Total Long-Term Assets $3.559B $3.336B
YoY Change 6.69% 6.95%
TOTAL ASSETS
Total Short-Term Assets $3.109B $3.172B
Total Long-Term Assets $3.559B $3.336B
Total Assets $6.668B $6.508B
YoY Change 2.46% 6.27%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.536B $2.302B
YoY Change 10.15% 11.82%
Accrued Expenses $137.0M $119.0M
YoY Change 15.13% 16.67%
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 $3.007B $2.727B
YoY Change 10.26% 12.23%
LONG-TERM LIABILITIES
Long-Term Debt $1.397B $1.396B
YoY Change 0.07% 0.0%
Other Long-Term Liabilities $217.1M $200.8M
YoY Change 8.17% -1.59%
Total Long-Term Liabilities $217.1M $200.8M
YoY Change 8.17% -87.45%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.007B $2.727B
Total Long-Term Liabilities $217.1M $200.8M
Total Liabilities $3.224B $2.928B
YoY Change 10.11% -28.9%
SHAREHOLDERS EQUITY
Retained Earnings $726.2M $948.5M
YoY Change -23.44%
Common Stock $1.244B $1.169B
YoY Change 6.39%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.970B $2.118B
YoY Change
Total Liabilities & Shareholders Equity $6.668B $6.508B
YoY Change 2.46% 6.27%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income $233.5M $205.6M
YoY Change 13.55% 16.1%
Depreciation, Depletion And Amortization $51.00M $47.50M
YoY Change 7.37% 4.4%
Cash From Operating Activities $292.5M $310.0M
YoY Change -5.65% 45.47%
INVESTING ACTIVITIES
Capital Expenditures -$95.40M -$111.8M
YoY Change -14.67% 8.44%
Acquisitions
YoY Change
Other Investing Activities $2.000M $1.400M
YoY Change 42.86% 0.0%
Cash From Investing Activities -$93.40M -$110.4M
YoY Change -15.4% 8.66%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -412.6M -258.0M
YoY Change 59.92% -625.46%
NET CHANGE
Cash From Operating Activities 292.5M 310.0M
Cash From Investing Activities -93.40M -110.4M
Cash From Financing Activities -412.6M -258.0M
Net Change In Cash -213.5M -58.40M
YoY Change 265.58% -136.36%
FREE CASH FLOW
Cash From Operating Activities $292.5M $310.0M
Capital Expenditures -$95.40M -$111.8M
Free Cash Flow $387.9M $421.8M
YoY Change -8.04% 33.4%

Facts In Submission

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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 six</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 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>
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 (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. Originally, for public companies, ASU 2014-09 was 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. In July of 2015, the FASB voted to approve amendments that would defer the effective date by one year to be effective for annual reporting periods beginning after December 15, 2017. The amendment allows early adoption, but not before the original effective date of December 15, 2016. The Company will adopt this guidance beginning with its first quarter ending March 31, 2018. 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 U.S. GAAP 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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