$ORLY
O REILLY AUTOMOTIVE INC

2015 Q4 Form 10-Q Financial Statement

#000089817315000189 Filed on November 06, 2015

View on sec.gov

Income Statement

Concept 2015 Q4 2015 Q3 2014 Q3
Revenue $1.949B $2.080B $1.877B
YoY Change 10.48% 10.83% 8.61%
Cost Of Revenue $921.4M $990.9M $908.7M
YoY Change 8.13% 9.05% 7.05%
Gross Profit $1.028B $1.089B $968.2M
YoY Change 12.67% 12.5% 10.13%
Gross Profit Margin 52.73% 52.36% 51.59%
Selling, General & Admin $665.0M $674.0M $624.4M
YoY Change 9.18% 7.94% 7.89%
% of Gross Profit 64.71% 61.88% 64.49%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $52.20M $52.10M $48.50M
YoY Change 2.96% 7.42% 4.53%
% of Gross Profit 5.08% 4.78% 5.01%
Operating Expenses $665.0M $674.0M $624.4M
YoY Change 9.18% 7.94% 7.89%
Operating Profit $362.6M $415.3M $343.8M
YoY Change 19.67% 20.8% 14.44%
Interest Expense -$13.50M -$13.70M -$12.40M
YoY Change 0.0% 10.48% -3.13%
% of Operating Profit -3.72% -3.3% -3.61%
Other Income/Expense, Net $500.0K -$14.39M -$11.45M
YoY Change -16.67% 25.69% -5.3%
Pretax Income $349.6M $400.9M $332.3M
YoY Change 20.51% 20.63% 15.27%
Income Tax $131.1M $134.6M $115.3M
% Of Pretax Income 37.5% 33.58% 34.7%
Net Earnings $218.6M $266.3M $217.0M
YoY Change 20.31% 22.71% 16.36%
Net Earnings / Revenue 11.21% 12.8% 11.56%
Basic Earnings Per Share $2.22 $2.68 $2.10
Diluted Earnings Per Share $2.19 $2.64 $2.06
COMMON SHARES
Basic Shares Outstanding 98.64M shares 99.27M shares 103.5M shares
Diluted Shares Outstanding 100.8M shares 105.2M shares

Balance Sheet

Concept 2015 Q4 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $116.0M $277.0M $298.0M
YoY Change -53.78% -7.05% -17.91%
Cash & Equivalents $116.3M $276.9M $298.3M
Short-Term Investments
Other Short-Term Assets $29.02M $33.09M $34.69M
YoY Change -38.01% -4.62% 2.03%
Inventory $2.631B $2.607B $2.518B
Prepaid Expenses
Receivables $161.1M $163.9M $152.8M
Other Receivables $73.00M $77.00M $67.00M
Total Short-Term Assets $3.010B $3.158B $3.071B
YoY Change -1.81% 2.83% 3.18%
LONG-TERM ASSETS
Property, Plant & Equipment $2.862B $2.805B $2.601B
YoY Change 7.64% 7.84% 9.38%
Goodwill $757.1M $757.1M $756.3M
YoY Change 0.1% 0.1%
Intangibles $12.40M
YoY Change -16.81%
Long-Term Investments
YoY Change
Other Assets $34.74M $41.19M $32.70M
YoY Change -9.55% 25.99% 63.48%
Total Long-Term Assets $3.667B $3.618B $3.404B
YoY Change 5.77% 6.26% 6.69%
TOTAL ASSETS
Total Short-Term Assets $3.010B $3.158B $3.071B
Total Long-Term Assets $3.667B $3.618B $3.404B
Total Assets $6.677B $6.775B $6.475B
YoY Change 2.21% 4.63% 5.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.608B $2.626B $2.409B
YoY Change 7.9% 9.01% 16.04%
Accrued Expenses $131.0M $149.0M $130.0M
YoY Change -7.09% 14.62% 23.81%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00 $0.00
YoY Change -100.0%
Total Short-Term Liabilities $3.046B $3.104B $2.846B
YoY Change 8.29% 9.06% 16.68%
LONG-TERM LIABILITIES
Long-Term Debt $1.390B $1.397B $1.396B
YoY Change 0.15% 0.07% 0.0%
Other Long-Term Liabilities $199.2M $200.1M $194.6M
YoY Change -4.95% 2.84% -2.72%
Total Long-Term Liabilities $1.589B $200.1M $194.6M
YoY Change 658.39% 2.84% -87.81%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.046B $3.104B $2.846B
Total Long-Term Liabilities $1.589B $200.1M $194.6M
Total Liabilities $4.636B $3.304B $3.040B
YoY Change 53.35% 8.67% -26.4%
SHAREHOLDERS EQUITY
Retained Earnings $678.8M $732.7M $806.6M
YoY Change -17.46% -9.16%
Common Stock $1.282B $1.269B $1.170B
YoY Change 7.24% 8.51%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.961B $2.002B $1.976B
YoY Change
Total Liabilities & Shareholders Equity $6.677B $6.775B $6.475B
YoY Change 2.21% 4.63% 5.0%

Cashflow Statement

Concept 2015 Q4 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income $218.6M $266.3M $217.0M
YoY Change 20.31% 22.71% 16.36%
Depreciation, Depletion And Amortization $52.20M $52.10M $48.50M
YoY Change 2.96% 7.42% 4.53%
Cash From Operating Activities $282.8M $364.2M $327.5M
YoY Change 36.35% 11.21% 16.8%
INVESTING ACTIVITIES
Capital Expenditures -$117.5M -$110.0M -$122.3M
YoY Change 4.17% -10.06% -0.49%
Acquisitions
YoY Change
Other Investing Activities $1.600M $1.600M $2.500M
YoY Change 6.67% -36.0% 13.64%
Cash From Investing Activities -$116.0M -$108.3M -$119.8M
YoY Change 4.22% -9.6% -0.83%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -327.5M -239.1M -362.8M
YoY Change 127.59% -34.1% 123.12%
NET CHANGE
Cash From Operating Activities 282.8M 364.2M 327.5M
Cash From Investing Activities -116.0M -108.3M -119.8M
Cash From Financing Activities -327.5M -239.1M -362.8M
Net Change In Cash -160.7M 16.80M -155.1M
YoY Change 236.19% -110.83% 5070.0%
FREE CASH FLOW
Cash From Operating Activities $282.8M $364.2M $327.5M
Capital Expenditures -$117.5M -$110.0M -$122.3M
Free Cash Flow $400.3M $474.2M $449.8M
YoY Change 25.02% 5.42% 11.53%

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 nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September&#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. In August of 2015, the FASB issued ASU No. 2015-14, "Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date" ("ASU 2015-14"), to defer the effective date of ASU 2014-09 by one year. 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 could be adopted either retrospectively or as a cumulative effect adjustment at the date of adoption, with early adoption not permitted. For public companies, ASU 2015-14 changes ASU 2014-09 to be effective for annual reporting periods beginning after December 15, 2017, including periods within that reporting period, and can be adopted retrospectively or as a cumulative effective adjustment at the date of adoption, with early adoption allowed, but not before ASU 2014-09's 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. In August of 2015, the FASB issued ASU 2015-15, "Interest - Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements - Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015, EITF Meeting" ("ASU 2015-15"), to update ASU 2015-03 to reflect a Securities and Exchange Commission change. ASU 2015-15 allows an entity, in the case of a line-of-credit arrangement, to either follow ASU 2015-03 or defer and present debt issuance costs as an asset and subsequently amortize the deferred debt issuance costs ratable over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. 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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