$ORLY
O REILLY AUTOMOTIVE INC

2022 Q1 Form 10-Q Financial Statement

#000089817322000022 Filed on May 09, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $3.296B $3.091B
YoY Change 6.64% 24.81%
Cost Of Revenue $1.588B $1.450B
YoY Change 9.51% 22.83%
Gross Profit $1.708B $1.641B
YoY Change 4.1% 26.61%
Gross Profit Margin 51.82% 53.08%
Selling, General & Admin $1.039B $949.7M
YoY Change 9.36% 8.87%
% of Gross Profit 60.8% 57.88%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $82.92M $79.76M
YoY Change 3.97% 7.83%
% of Gross Profit 4.85% 4.86%
Operating Expenses $1.039B $949.7M
YoY Change 9.36% 8.87%
Operating Profit $669.5M $691.1M
YoY Change -3.12% 63.17%
Interest Expense -$32.83M -$35.50M
YoY Change -7.52% -19.13%
% of Operating Profit -4.9% -5.14%
Other Income/Expense, Net -$36.27M -$35.28M
YoY Change 2.81% -19.64%
Pretax Income $633.3M $655.8M
YoY Change -3.44% 72.74%
Income Tax $151.4M $154.2M
% Of Pretax Income 23.9% 23.52%
Net Earnings $481.9M $501.6M
YoY Change -3.93% 66.96%
Net Earnings / Revenue 14.62% 16.23%
Basic Earnings Per Share $7.24 $7.13
Diluted Earnings Per Share $7.17 $7.06
COMMON SHARES
Basic Shares Outstanding 66.57M 70.38M
Diluted Shares Outstanding 67.19M 71.02M

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $191.5M $611.0M
YoY Change -68.65% 112.89%
Cash & Equivalents $191.5M $610.9M
Short-Term Investments
Other Short-Term Assets $81.58M $73.95M
YoY Change 10.32% 38.49%
Inventory $3.846B $3.622B
Prepaid Expenses
Receivables $305.4M $265.9M
Other Receivables $99.02M $115.0M
Total Short-Term Assets $4.523B $4.688B
YoY Change -3.5% 11.56%
LONG-TERM ASSETS
Property, Plant & Equipment $4.237B $4.113B
YoY Change 3.01% 2.6%
Goodwill $881.8M $879.5M
YoY Change 0.26% -3.37%
Intangibles
YoY Change
Long-Term Investments $53.37M $47.00M
YoY Change 13.55% 67.86%
Other Assets $142.6M $129.8M
YoY Change 9.86% 144.97%
Total Long-Term Assets $7.237B $7.163B
YoY Change 1.03% 3.71%
TOTAL ASSETS
Total Short-Term Assets $4.523B $4.688B
Total Long-Term Assets $7.237B $7.163B
Total Assets $11.76B $11.85B
YoY Change -0.76% 6.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.943B $4.318B
YoY Change 14.47% 14.91%
Accrued Expenses $567.9M $657.0M
YoY Change -13.56% 33.27%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $299.9M
YoY Change
Total Short-Term Liabilities $6.171B $5.903B
YoY Change 4.54% 27.64%
LONG-TERM LIABILITIES
Long-Term Debt $3.828B $3.824B
YoY Change 0.09% -14.47%
Other Long-Term Liabilities $210.5M $203.4M
YoY Change 3.51% 20.6%
Total Long-Term Liabilities $4.038B $4.028B
YoY Change 0.27% -13.19%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.171B $5.903B
Total Long-Term Liabilities $4.038B $4.028B
Total Liabilities $10.21B $9.931B
YoY Change 2.8% 7.19%
SHAREHOLDERS EQUITY
Retained Earnings -$1.636B -$1.275B
YoY Change 28.29% 12.13%
Common Stock $1.310B $1.275B
YoY Change 2.75% 0.22%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$328.3M -$6.977M
YoY Change
Total Liabilities & Shareholders Equity $11.76B $11.85B
YoY Change -0.76% 6.68%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income $481.9M $501.6M
YoY Change -3.93% 66.96%
Depreciation, Depletion And Amortization $82.92M $79.76M
YoY Change 3.97% 7.83%
Cash From Operating Activities $689.9M $890.7M
YoY Change -22.54% 94.01%
INVESTING ACTIVITIES
Capital Expenditures $104.0M $94.88M
YoY Change 9.6% -28.81%
Acquisitions
YoY Change
Other Investing Activities $68.00K $969.0K
YoY Change -92.98%
Cash From Investing Activities -$105.0M -$93.76M
YoY Change 11.97% -58.63%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $775.2M $664.5M
YoY Change 16.65% 15.76%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -755.6M -651.3M
YoY Change 16.02% -4356.89%
NET CHANGE
Cash From Operating Activities 689.9M 890.7M
Cash From Investing Activities -105.0M -93.76M
Cash From Financing Activities -755.6M -651.3M
Net Change In Cash -170.6M 145.2M
YoY Change -217.44% -41.12%
FREE CASH FLOW
Cash From Operating Activities $689.9M $890.7M
Capital Expenditures $104.0M $94.88M
Free Cash Flow $585.9M $795.8M
YoY Change -26.38% 144.25%

Facts In Submission

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CY2021Q1 us-gaap Payments For Proceeds From Other Investing Activities
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CY2021Q1 us-gaap Net Cash Provided By Used In Investing Activities
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CY2022Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
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CY2021Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
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ProceedsFromStockPlans
19939000
CY2021Q1 us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
13557000
CY2022Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-350000
CY2021Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-313000
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-755619000
CY2021Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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CY2022Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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147000
CY2021Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-371000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-170567000
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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IncomeTaxesPaid
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InterestPaidNet
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CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2021Q1 us-gaap Interest Paid Net
InterestPaidNet
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CY2022Q1 us-gaap Basis Of Accounting
BasisOfAccounting
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt;">NOTE 1 – BASIS OF PRESENTATION</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">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 three months ended March 31, 2022, are not necessarily indicative of the results that may be expected for the year ended December 31, 2022.  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 December 31, 2021.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 3pt 0pt;"><i style="font-style:italic;">Principles of consolidation:</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries.  All inter-company balances and transactions have been eliminated in consolidation.    </p>
CY2022Q1 orly Number Of Unconsolidated Tax Credit Fund Entities That Were Considered To Be Variable Interest Entities
NumberOfUnconsolidatedTaxCreditFundEntitiesThatWereConsideredToBeVariableInterestEntities
4
CY2022Q1 orly Variable Interest Entity Equity Method Investment Carry Amount
VariableInterestEntityEquityMethodInvestmentCarryAmount
24100000
CY2022Q1 us-gaap Increase Decrease In Trading Securities
IncreaseDecreaseInTradingSecurities
-2800000
CY2021Q1 us-gaap Increase Decrease In Trading Securities
IncreaseDecreaseInTradingSecurities
1500000
CY2022Q1 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
53370000
CY2021Q4 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
52456000
CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
89709000
CY2021Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
87219000
CY2022Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
2777000
CY2021Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
1933000
CY2022Q1 us-gaap Variable Lease Cost
VariableLeaseCost
23457000
CY2021Q1 us-gaap Variable Lease Cost
VariableLeaseCost
21944000
CY2022Q1 us-gaap Sublease Income
SubleaseIncome
1145000
CY2021Q1 us-gaap Sublease Income
SubleaseIncome
1198000
CY2022Q1 us-gaap Lease Cost
LeaseCost
114798000
CY2021Q1 us-gaap Lease Cost
LeaseCost
109898000
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
89829000
CY2021Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
84415000
CY2022Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
63934000
CY2021Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
110567000
CY2021Q4 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
3850000000
CY2022Q1 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
22109000
CY2021Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
23022000
CY2022Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
3827891000
CY2021Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
3826978000
CY2021Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
77199000
CY2022Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
32247000
CY2022Q1 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
32292000
CY2022Q1 us-gaap Standard And Extended Product Warranty Accrual Foreign Currency Translation Gain Loss
StandardAndExtendedProductWarrantyAccrualForeignCurrencyTranslationGainLoss
15000
CY2022Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
77259000
CY2021Q4 orly Stock Repurchase Program Increase In Authorized Amount
StockRepurchaseProgramIncreaseInAuthorizedAmount
1500000000
CY2021Q4 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
18800000000
CY2021Q4 us-gaap Stock Repurchase Program Period In Force1
StockRepurchaseProgramPeriodInForce1
P3Y
CY2022Q1 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
1167000
CY2022Q1 us-gaap Treasury Stock Value Acquired Par Value Method
TreasuryStockValueAcquiredParValueMethod
775196000
CY2021Q1 us-gaap Treasury Stock Value Acquired Par Value Method
TreasuryStockValueAcquiredParValueMethod
664533000
CY2022Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
1200000000
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3296011000
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3090899000
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
481880000
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
501609000
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
66572000
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
70383000
CY2022Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
618000
CY2021Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
632000
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
67190000
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
71015000
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
7.24
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
7.13
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
7.17
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
7.06
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
115000
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
211000
CY2022Q1 orly Share Based Compensation Arrangement By Share Based Payment Award Options Antidilutive In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAntidilutiveInPeriodWeightedAverageExercisePrice
657.14
CY2021Q1 orly Share Based Compensation Arrangement By Share Based Payment Award Options Antidilutive In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAntidilutiveInPeriodWeightedAverageExercisePrice
437.90

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