$ORLY
O REILLY AUTOMOTIVE INC

2016 Q2 Form 10-Q Financial Statement

#000089817316000359 Filed on August 08, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $2.177B $2.036B
YoY Change 6.94% 10.2%
Cost Of Revenue $1.050B $976.7M
YoY Change 7.45% 8.98%
Gross Profit $1.127B $1.059B
YoY Change 6.46% 11.35%
Gross Profit Margin 51.78% 52.02%
Selling, General & Admin $702.1M $673.0M
YoY Change 4.32% 9.54%
% of Gross Profit 62.29% 63.57%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $53.60M $51.00M
YoY Change 5.1% 7.37%
% of Gross Profit 4.76% 4.82%
Operating Expenses $702.1M $673.0M
YoY Change 4.32% 9.54%
Operating Profit $425.1M $385.8M
YoY Change 10.19% 14.65%
Interest Expense -$17.50M -$13.70M
YoY Change 27.74% 11.38%
% of Operating Profit -4.12% -3.55%
Other Income/Expense, Net -$16.27M -$13.56M
YoY Change 19.96% 16.14%
Pretax Income $408.8M $372.2M
YoY Change 9.83% 14.6%
Income Tax $151.0M $138.7M
% Of Pretax Income 36.94% 37.26%
Net Earnings $257.8M $233.5M
YoY Change 10.4% 13.55%
Net Earnings / Revenue 11.84% 11.47%
Basic Earnings Per Share $2.69 $2.32
Diluted Earnings Per Share $2.65 $2.29
COMMON SHARES
Basic Shares Outstanding 95.97M shares 100.5M shares
Diluted Shares Outstanding 97.28M shares 102.1M shares

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $398.0M $260.0M
YoY Change 53.08% -42.6%
Cash & Equivalents $398.3M $260.0M
Short-Term Investments
Other Short-Term Assets $33.83M $37.71M
YoY Change -10.29% -2.14%
Inventory $2.741B $2.561B
Prepaid Expenses
Receivables $186.2M $175.3M
Other Receivables $79.00M $75.00M
Total Short-Term Assets $3.438B $3.109B
YoY Change 10.59% -1.98%
LONG-TERM ASSETS
Property, Plant & Equipment $2.979B $2.744B
YoY Change 8.58% 8.5%
Goodwill $757.1M $756.9M
YoY Change 0.04% 0.07%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $36.14M $43.14M
YoY Change -16.22% 21.83%
Total Long-Term Assets $3.773B $3.559B
YoY Change 6.0% 6.69%
TOTAL ASSETS
Total Short-Term Assets $3.438B $3.109B
Total Long-Term Assets $3.773B $3.559B
Total Assets $7.211B $6.668B
YoY Change 8.14% 2.46%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.915B $2.536B
YoY Change 14.93% 10.15%
Accrued Expenses $123.0M $137.0M
YoY Change -10.22% 15.13%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $3.367B $3.007B
YoY Change 11.97% 10.26%
LONG-TERM LIABILITIES
Long-Term Debt $1.886B $1.397B
YoY Change 35.03% 0.07%
Other Long-Term Liabilities $194.7M $217.1M
YoY Change -10.35% 8.17%
Total Long-Term Liabilities $2.081B $217.1M
YoY Change 858.34% 8.17%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.367B $3.007B
Total Long-Term Liabilities $2.081B $217.1M
Total Liabilities $5.448B $3.224B
YoY Change 68.97% 10.11%
SHAREHOLDERS EQUITY
Retained Earnings $379.6M $726.2M
YoY Change -47.72% -23.44%
Common Stock $1.310B $1.244B
YoY Change 5.35% 6.39%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.690B $1.970B
YoY Change
Total Liabilities & Shareholders Equity $7.211B $6.668B
YoY Change 8.14% 2.46%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income $257.8M $233.5M
YoY Change 10.4% 13.55%
Depreciation, Depletion And Amortization $53.60M $51.00M
YoY Change 5.1% 7.37%
Cash From Operating Activities $325.6M $292.5M
YoY Change 11.32% -5.65%
INVESTING ACTIVITIES
Capital Expenditures -$116.4M -$95.40M
YoY Change 22.01% -14.67%
Acquisitions
YoY Change
Other Investing Activities $1.100M $2.000M
YoY Change -45.0% 42.86%
Cash From Investing Activities -$115.3M -$93.40M
YoY Change 23.45% -15.4%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -528.0M -412.6M
YoY Change 27.97% 59.92%
NET CHANGE
Cash From Operating Activities 325.6M 292.5M
Cash From Investing Activities -115.3M -93.40M
Cash From Financing Activities -528.0M -412.6M
Net Change In Cash -317.7M -213.5M
YoY Change 48.81% 265.58%
FREE CASH FLOW
Cash From Operating Activities $325.6M $292.5M
Capital Expenditures -$116.4M -$95.40M
Free Cash Flow $442.0M $387.9M
YoY Change 13.95% -8.04%

Facts In Submission

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;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&#8217;Reilly Automotive, Inc. and its subsidiaries (the &#8220;Company&#8221; or &#8220;O&#8217;Reilly&#8221;) have been prepared in accordance with United States generally accepted accounting principles (&#8220;U.S. GAAP&#8221;) 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, 2016</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, 2016</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&#8217;s Annual Report on Form 10-K 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;">.</font></div></div>
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%;text-align:left;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 &#8220;FASB&#8221;) issued Accounting Standard Update (&#8220;ASU&#8221;) No. 2014-09, &#8220;Revenue from Contracts with Customers (Topic 606)&#8221; (&#8220;ASU 2014-09&#8221;). 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, &#8220;Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date&#8221; (&#8220;ASU 2015-14&#8221;), to defer the effective date of ASU 2014-09 by one year. For public companies, ASU 2015-14 changes ASU 2014-09 to be effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. These ASUs can be adopted retrospectively or as a cumulative-effective adjustment at the date of adoption, with early adoption permitted, but not before 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, and which method of adoption is most appropriate for the Company.</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 February of 2016, the FASB issued ASU No. 2016-02, &#8220;Leases (Topic 842)&#8221; (&#8220;ASU 2016-02&#8221;). Under ASU 2016-02, an entity will be required to recognize right-of-use assets and lease liabilities on its balance sheet and disclose key information about leasing arrangements. ASU 2016-02 offers specific accounting guidance for a lessee, a lessor and sale and leaseback transactions. Lessees and lessors are required to disclose qualitative and quantitative information about leasing arrangements to enable a user of the financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. For public companies, ASU 2016-02 is effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period, and requires a modified retrospective adoption, with early adoption permitted. The Company will adopt this guidance beginning with its first quarter ending March 31, 2019. The Company is in the process of evaluating the future impact of ASU 2016-02 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 March of 2016, the FASB issued ASU No. 2016-06, &#8220;Derivatives and Hedging (Topic 815): Contingent Put and Call Options in Debt Instruments&#8221; (&#8220;ASU 2016-06&#8221;). ASU 2016-06 clarifies the requirements for assessing whether contingent call or put options that can accelerate the payment of principal on debt instruments are clearly and closely related to the economic characteristics and risks of the debt hosts and requires entities to solely use the four-step decision sequence, which is already in existence, when assessing the embedded call or put options. For public companies, ASU 2016-06 is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period, and can be adopted on a modified retrospective basis, with early adoption permitted. The Company will adopt this guidance beginning with its first quarter ending March 31, 2017. The application of this guidance is not expected to have a material impact on the Company&#8217;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;">In March of 2016, the FASB issued ASU No. 2016-09, &#8220;Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting&#8221; (&#8220;ASU 2016-09&#8221;). Under ASU 2016-09, several aspects of the accounting for share-based payment transactions, including tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows, were simplified. For public companies, ASU 2016-09 is effective for annual reporting beginning after December 15, 2016, including interim periods within that reporting period, with early adoption permitted. ASU 2016-09 includes various adoption methods, depending on the guidance being adopted; amendments related to the timing of when excess tax benefits are recognized, minimum statutory withholding requirements and forfeitures should be applied using a modified retrospective transition method, while the amendments related to the presentation of employee taxes paid on the statement of cash flows should be applied retrospectively, the amendments requiring recognition of excess tax benefits and deficiencies in the income statement should be applied prospectively, and amendments related to the presentation of excess tax benefits on the statement of cash flows should be applied either prospectively or retrospectively. The Company will adopt this guidance beginning with its first quarter ending March 31, 2017. The Company is in the process of evaluating the future impact of ASU 2016-09 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 June of 2016, the FASB issued ASU No. 2016-13, &#8220;Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments&#8221; (&#8220;ASU 2016-13&#8221;). Under ASU 2016-13, businesses and other organizations are required to present financial assets, measured at amortized costs basis, at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis, such as trade receivables. The measurement of expected credit loss will be based on historical experience, current conditions, and reasonable and supportable forecasts that affect the collectibility of the reported amount. For public companies, ASU 2016-13 is effective for annual reporting periods beginning after December 15, 2019, including interim periods within that reporting period, and requires a modified retrospective adoption, with early adoption permitted. The Company will adopt this guidance beginning with its first quarter ending March 31, 2020. The application of this guidance is not expected to have a material impact on the Company&#8217;s consolidated financial condition, results of operations or cash flows.</font></div></div>

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