$ORLY
O REILLY AUTOMOTIVE INC

2020 Q2 Form 10-Q Financial Statement

#000155837020009976 Filed on August 07, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2 2019 Q1
Revenue $3.092B $2.590B $2.411B
YoY Change 19.37% 5.45% 5.6%
Cost Of Revenue $1.454B $1.222B $1.131B
YoY Change 19.06% 4.64% 4.61%
Gross Profit $1.637B $1.368B $1.279B
YoY Change 19.65% 6.18% 6.5%
Gross Profit Margin 52.96% 52.83% 53.07%
Selling, General & Admin $900.7M $870.2M $834.5M
YoY Change 3.5% 7.5% 7.21%
% of Gross Profit 55.01% 63.6% 65.23%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $77.90M $68.30M $63.96M
YoY Change 14.06% 12.15% -8.52%
% of Gross Profit 4.76% 4.99% 5.0%
Operating Expenses $900.7M $870.2M $834.5M
YoY Change 3.5% 7.5% 7.21%
Operating Profit $736.5M $498.1M $444.8M
YoY Change 47.87% 3.95% 5.19%
Interest Expense -$36.60M -$32.90M -$33.60M
YoY Change 11.25% 8.58% 21.74%
% of Operating Profit -4.97% -6.61% -7.55%
Other Income/Expense, Net -$36.08M -$33.10M -$30.63M
YoY Change 8.99% 13.07% 11.64%
Pretax Income $700.4M $465.0M $414.2M
YoY Change 50.64% 3.36% 4.74%
Income Tax $168.7M $111.3M $93.00M
% Of Pretax Income 24.09% 23.93% 22.46%
Net Earnings $531.7M $353.7M $321.2M
YoY Change 50.32% 0.17% 5.33%
Net Earnings / Revenue 17.2% 13.66% 13.32%
Basic Earnings Per Share $7.16 $4.56 $4.09
Diluted Earnings Per Share $7.10 $4.51 $4.05
COMMON SHARES
Basic Shares Outstanding 74.21M 77.61M 78.48M
Diluted Shares Outstanding 74.83M 78.41M 79.30M

Balance Sheet

Concept 2020 Q2 2019 Q2 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $872.0M $56.00M $57.00M
YoY Change 1457.14% 51.35% 46.15%
Cash & Equivalents $872.4M $55.81M $56.72M
Short-Term Investments
Other Short-Term Assets $53.21M $42.36M $46.90M
YoY Change 25.6% -18.6% -10.71%
Inventory $3.529B $3.262B $3.229B
Prepaid Expenses
Receivables $243.7M $262.2M $250.7M
Other Receivables $86.00M $78.00M $66.00M
Total Short-Term Assets $4.784B $3.701B $3.650B
YoY Change 29.29% 5.71% 5.9%
LONG-TERM ASSETS
Property, Plant & Equipment $4.038B $3.754B $3.677B
YoY Change 7.57% 9.3% 8.47%
Goodwill $873.0M $808.4M $808.7M
YoY Change 7.99% 2.44% 2.49%
Intangibles
YoY Change
Long-Term Investments $33.00M $4.000M $3.000M
YoY Change 725.0%
Other Assets $106.3M $43.53M $40.13M
YoY Change 144.21% 3.55% -3.03%
Total Long-Term Assets $6.944B $6.501B $6.412B
YoY Change 6.81% 52.4% 51.93%
TOTAL ASSETS
Total Short-Term Assets $4.784B $3.701B $3.650B
Total Long-Term Assets $6.944B $6.501B $6.412B
Total Assets $11.73B $10.20B $10.06B
YoY Change 14.96% 31.35% 31.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.936B $3.516B $3.439B
YoY Change 11.95% 6.08% 6.7%
Accrued Expenses $566.0M $467.0M $456.0M
YoY Change 21.2% 203.25% 210.2%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $5.022B $4.360B $4.326B
YoY Change 15.18% 14.18% 15.42%
LONG-TERM LIABILITIES
Long-Term Debt $4.127B $3.784B $3.461B
YoY Change 9.08% 16.3% 8.39%
Other Long-Term Liabilities $182.1M $167.9M $163.2M
YoY Change 8.46% -21.87% -22.97%
Total Long-Term Liabilities $4.309B $3.952B $3.624B
YoY Change 9.06% 13.93% 6.44%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.022B $4.360B $4.326B
Total Long-Term Liabilities $4.309B $3.952B $3.624B
Total Liabilities $9.332B $8.312B $7.950B
YoY Change 12.27% 14.06% 11.15%
SHAREHOLDERS EQUITY
Retained Earnings -$679.5M -$1.115B -$896.5M
YoY Change -39.06% 29.1% 8.74%
Common Stock $1.291B $1.260B $1.269B
YoY Change 2.46% 0.88% 1.65%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $589.1M $144.7M $372.4M
YoY Change
Total Liabilities & Shareholders Equity $11.73B $10.20B $10.06B
YoY Change 14.96% 31.35% 31.24%

Cashflow Statement

Concept 2020 Q2 2019 Q2 2019 Q1
OPERATING ACTIVITIES
Net Income $531.7M $353.7M $321.2M
YoY Change 50.32% 0.17% 5.33%
Depreciation, Depletion And Amortization $77.90M $68.30M $63.96M
YoY Change 14.06% 12.15% -8.52%
Cash From Operating Activities $1.100B $406.4M $440.6M
YoY Change 170.67% -8.24% 1.93%
INVESTING ACTIVITIES
Capital Expenditures -$111.2M -$142.7M $152.9M
YoY Change -22.07% 30.56% 33.15%
Acquisitions
YoY Change
Other Investing Activities $2.600M $800.0K $295.0K
YoY Change 225.0% -61.9% -21.33%
Cash From Investing Activities -$108.6M -$141.9M -$151.4M
YoY Change -23.47% 32.49% 32.26%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $321.9M
YoY Change -41.42%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -406.0M -265.4M -263.8M
YoY Change 52.98% -21.36% -18.98%
NET CHANGE
Cash From Operating Activities 1.100B 406.4M 440.6M
Cash From Investing Activities -108.6M -141.9M -151.4M
Cash From Financing Activities -406.0M -265.4M -263.8M
Net Change In Cash 585.4M -900.0K 25.40M
YoY Change -65144.44% -47.06% -424.71%
FREE CASH FLOW
Cash From Operating Activities $1.100B $406.4M $440.6M
Capital Expenditures -$111.2M -$142.7M $152.9M
Free Cash Flow $1.211B $549.1M $287.7M
YoY Change 120.58% -0.56% -9.36%

Facts In Submission

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<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 and six months ended June 30, 2020, are not necessarily indicative of the results that may be expected for the year ended December 31, 2020.  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, 2019.</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;">Certain prior period amounts have been reclassified to conform to current period presentation.  These reclassifications had no effect on reported totals for assets, liabilities, shareholders’ equity, cash flows or net income.</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><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;">Variable Interest Entities:</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The Company invests in certain tax credit funds that promote renewable energy.  These investments generate a return primarily through the realization of federal tax credits and other tax benefits.  The Company accounts for the tax attributes of its renewable energy investments using the deferral method.  Under this method, realized investment tax credits and other tax benefits are recognized as a reduction of the renewable energy investments. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The Company determined its investment in these tax credit funds was an investment in a variable interest entity (“VIE”).  The Company analyzes any investments in VIEs at inception and again if certain triggering events are identified to determine if it is the primary beneficiary.  The Company considers a variety of factors in identifying the entity that holds the power to direct matters that most significantly impact the VIE’s economic performance including, but not limited to, the ability to direct financing, leasing, construction and other operating decisions and activities.  As of June 30, 2020, the Company invested in two unconsolidated tax credit fund entities that were considered to be VIEs and concluded it was not the primary beneficiary of either entity, as it did not have the power to control the activities that most significantly impact the entities, and has accounted for these investments using the equity method.  The Company’s maximum exposure to losses associated with these VIEs is limited to its net investment, which was $14.3 million as of June 30, 2020, and was included in “Other assets, net” on the accompanying Condensed Consolidated Balance Sheets. </p>
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