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O’Reilly Automotive, Inc. Reports Second Quarter 2022 Results

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O'Reilly Automotive, Inc.
O'Reilly Automotive, Inc.
  • Second quarter comparable store sales growth of 4.3%, three-year stack increase of 30.4%

  • 25% three-year compound growth in second quarter diluted earnings per share

  • $1.4 billion net cash provided by operating activities year-to-date

SPRINGFIELD, Mo., July 27, 2022 (GLOBE NEWSWIRE) -- O’Reilly Automotive, Inc. (the “Company” or “O’Reilly”) (Nasdaq: ORLY), a leading retailer in the automotive aftermarket industry, today announced record revenue for its second quarter ended June 30, 2022.

2nd Quarter Financial Results
Greg Johnson, O’Reilly’s President and CEO, commented, “Our second quarter comparable store sales increase of 4.3%, and the corresponding three-year comparable store sales stack increase of 30.4%, are clear indicators of our Team’s ability to grow our business and take market share. After experiencing volatility in our sales results in the first quarter, the trends in our business improved and were steady throughout the second quarter.”

Mr. Johnson continued, “We continue to be very pleased with the strong growth in our professional business, which performed in line with our expectations for the second quarter, while our DIY business faced more pronounced pressure from the impact of high fuel prices and continued significant broad-based inflation. Even facing these macroeconomic challenges, we are pleased with the strong sales volumes our Team is generating in 2022, against comparisons to record comparable store sales results the last two years. We are extremely proud of Team O’Reilly’s ability to deliver continued growth on top of the strongest years in our Company’s history, and I am grateful for the unrelenting focus each of our Team Members places on taking care of our customers.”

Sales for the second quarter ended June 30, 2022, increased $205 million, or 6%, to $3.67 billion from $3.47 billion for the same period one year ago. Gross profit for the second quarter increased 3% to $1.88 billion (or 51.3% of sales) from $1.83 billion (or 52.7% of sales) for the same period one year ago. Selling, general and administrative expenses (“SG&A”) for the second quarter increased 5% to $1.09 billion (or 29.6% of sales) from $1.03 billion (or 29.7% of sales) for the same period one year ago. Operating income for the second quarter increased to $799 million (or 21.8% of sales) from $796 million (or 23.0% of sales) for the same period one year ago.

Net income for the second quarter ended June 30, 2022, decreased $9 million, or 1%, to $577 million (or 15.7% of sales) from $585 million (or 16.9% of sales) for the same period one year ago. Diluted earnings per common share for the second quarter increased 5% to $8.78 on 66 million shares versus $8.33 on 70 million shares for the same period one year ago.

Year-to-Date Financial Results
Mr. Johnson concluded, “The pressure on our DIY customers from heightened inflation and fuel prices has impacted our year-to-date performance, and we have factored the current environment into our expectations for the second half of the year. As a result, we are reducing our full-year comparable store sales guidance to a range of 3% to 5%. Despite these pressures, we remain confident in the strength of the core underlying demand drivers of our business. We are pleased with our start to the third quarter in July and are extremely confident in our Team’s ability to execute our business model and provide the excellent customer service that drives our success as we finish out 2022.”

Sales for the first six months of 2022 increased $410 million, or 6%, to $6.97 billion from $6.56 billion for the same period one year ago. Gross profit for the first six months of 2022 increased 4% to $3.59 billion (or 51.6% of sales) from $3.47 billion (or 52.9% of sales) for the same period one year ago. SG&A for the first six months of 2022 increased 7% to $2.12 billion (or 30.5% of sales) from $1.98 billion (or 30.2% of sales) for the same period one year ago. Operating income for the first six months of 2022 decreased 1% to $1.47 billion (or 21.1% of sales) from $1.49 billion (or 22.7% of sales) for the same period one year ago.

Net income for the first six months of 2022 decreased $28 million, or 3%, to $1.06 billion (or 15.2% of sales) from $1.09 billion (or 16.6% of sales) for the same period one year ago. Diluted earnings per common share for the first six months of 2022 increased 4% to $15.94 on 66 million shares versus $15.39 on 71 million shares for the same period one year ago.

2nd Quarter Comparable Store Sales Results
Comparable store sales are calculated based on the change in sales for U.S. stores open at least one year and exclude sales of specialty machinery, sales to independent parts stores and sales to Team Members. Online sales for ship-to-home orders and pick-up-in-store orders for U.S. stores open at least one year are included in the comparable store sales calculation. Comparable store sales increased 4.3% for the second quarter ended June 30, 2022, on top of 9.9% for the same period one year ago. Comparable store sales increased 4.5% for the six months ended June 30, 2022, on top of 16.5% for the same period one year ago.

Share Repurchase Program
During the second quarter ended June 30, 2022, the Company repurchased 2.2 million shares of its common stock, at an average price per share of $620.27, for a total investment of $1.38 billion. During the first six months of 2022, the Company repurchased 3.4 million shares of its common stock, at an average price per share of $635.40, for a total investment of $2.15 billion. Subsequent to the end of the second quarter and through the date of this release, the Company repurchased an additional 0.4 million shares of its common stock, at an average price per share of $654.37, for a total investment of $268 million. The Company has repurchased a total of 89.4 million shares of its common stock under its share repurchase program since the inception of the program in January of 2011 and through the date of this release, at an average price of $214.47, for a total aggregate investment of $19.16 billion. As of the date of this release, the Company had approximately $1.09 billion remaining under its current share repurchase authorization.

Updated Full-Year 2022 Guidance
The table below outlines the Company’s updated guidance for selected full-year 2022 financial data:

 

 

 

 

    

For the Year Ending

 

 

December 31, 2022

Comparable store sales

 

3% to 5%

Total revenue

 

$14.0 billion to $14.3 billion

Gross profit as a percentage of sales

 

50.8% to 51.3%

Operating income as a percentage of sales

 

20.0% to 20.3%

Effective income tax rate

 

23.0%

Diluted earnings per share (1)

 

$31.25 to $31.75

Net cash provided by operating activities

 

$2.1 billion to $2.5 billion

Capital expenditures

 

$650 million to $750 million

Free cash flow (2)

 

$1.3 billion to $1.6 billion

(1)  Weighted-average shares outstanding, assuming dilution, used in the denominator of this calculation, includes share repurchases made by the Company through the date of this release.

(2)  Free cash flow is a non-GAAP financial measure. The table below reconciles Free cash flow guidance to Net cash provided by operating activities guidance, the most directly comparable GAAP financial measure:

 

 

 

 

 

 

 

 

 

 

 

    

For the Year Ending

(in millions)

 

December 31, 2022

Net cash provided by operating activities

 

$

2,140

 

to

 

$

2,560

Less:

Capital expenditures

 

 

650

 

to

 

 

750

 

Excess tax benefit from share-based compensation payments

 

 

10

 

to

 

 

20

 

Investment in tax credit equity investments

 

 

180

 

to

 

 

190

Free cash flow

 

$

1,300

 

to

 

$

1,600

Non-GAAP Information
This release contains certain financial information not derived in accordance with United States generally accepted accounting principles (“GAAP”). These items include adjusted debt to earnings before interest, taxes, depreciation, amortization, share-based compensation and rent (“EBITDAR”) and free cash flow. The Company does not, nor does it suggest investors should, consider such non-GAAP financial measures in isolation from, or as a substitute for, GAAP financial information. The Company believes that the presentation of adjusted debt to EBITDAR and free cash flow provide meaningful supplemental information to both management and investors that is indicative of the Company’s core operations. The Company has included a reconciliation of this additional information to the most comparable GAAP measure in the table above and the selected financial information below.

Earnings Conference Call Information
The Company will host a conference call on Thursday, July 28, 2022, at 10:00 a.m. Central Time to discuss its results as well as future expectations. Investors may listen to the conference call live on the Company’s website at www.OReillyAuto.com by clicking on “Investor Relations” and then “News Room.” Interested analysts are invited to join the call. The dial-in number for the call is (404) 400-0571 and the conference call identification number is 87962276#. A replay of the conference call will be available on the Company’s website through Thursday, July 27, 2023.

About O’Reilly Automotive, Inc.
O’Reilly Automotive, Inc. was founded in 1957 by the O’Reilly family and is one of the largest specialty retailers of automotive aftermarket parts, tools, supplies, equipment and accessories in the United States, serving both the do-it-yourself and professional service provider markets. Visit the Company’s website at www.OReillyAuto.com for additional information about O’Reilly, including access to online shopping and current promotions, store locations, hours and services, employment opportunities and other programs. As of June 30, 2022, the Company operated 5,873 stores in 47 U.S. states and 27 stores in Mexico.

Forward-Looking Statements
The Company claims the protection of the safe-harbor for forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by forward-looking words such as “estimate,” “may,” “could,” “will,” “believe,” “expect,” “would,” “consider,” “should,” “anticipate,” “project,” “plan,” “intend” or similar words. In addition, statements contained within this press release that are not historical facts are forward-looking statements, such as statements discussing, among other things, expected growth, store development, integration and expansion strategy, business strategies, future revenues and future performance. These forward-looking statements are based on estimates, projections, beliefs and assumptions and are not guarantees of future events and results. Such statements are subject to risks, uncertainties and assumptions, including, but not limited to, the COVID-19 pandemic or other public health crises; the economy in general; inflation; consumer debt levels; product demand; the market for auto parts; competition; weather; tariffs; availability of key products and supply chain disruptions; business interruptions, including terrorist activities, war and the threat of war; failure to protect our brand and reputation; challenges in international markets; volatility of the market price of our common stock; our increased debt levels; credit ratings on public debt; historical growth rate sustainability; our ability to hire and retain qualified employees; risks associated with the performance of acquired businesses; information security and cyber-attacks; and governmental regulations. Actual results may materially differ from anticipated results described or implied in these forward-looking statements. Please refer to the “Risk Factors” section of the annual report on Form 10-K for the year ended December 31, 2021, and subsequent Securities and Exchange Commission filings for additional factors that could materially affect the Company’s financial performance. Forward-looking statements speak only as of the date they were made and the Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

 

 

For further information contact:

Investor & Media Contacts

 

Mark Merz (417) 829-5878

 

Eric Bird (417) 868-4259



O’REILLY AUTOMOTIVE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2022

 

June 30, 2021

 

December 31, 2021

 

    

(Unaudited)

    

(Unaudited)

    

(Note)

Assets

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

253,904

 

 

$

631,618

 

 

$

362,113

 

Accounts receivable, net

 

 

330,672

 

 

 

273,148

 

 

 

272,562

 

Amounts receivable from suppliers

 

 

123,112

 

 

 

113,174

 

 

 

113,112

 

Inventory

 

 

4,005,384

 

 

 

3,647,413

 

 

 

3,686,383

 

Other current assets

 

 

86,800

 

 

 

72,994

 

 

 

70,092

 

Total current assets

 

 

4,799,872

 

 

 

4,738,347

 

 

 

4,504,262

 

 

 

 

 

 

 

 

 

 

 

Property and equipment, at cost

 

 

7,160,583

 

 

 

6,767,596

 

 

 

6,948,038

 

Less: accumulated depreciation and amortization

 

 

2,878,170

 

 

 

2,603,442

 

 

 

2,734,523

 

Net property and equipment

 

 

4,282,413

 

 

 

4,164,154

 

 

 

4,213,515

 

 

 

 

 

 

 

 

 

 

 

Operating lease, right-of-use assets

 

 

1,965,941

 

 

 

2,028,329

 

 

 

1,982,478

 

Goodwill

 

 

881,299

 

 

 

881,207

 

 

 

879,340

 

Other assets, net

 

 

138,164

 

 

 

137,296

 

 

 

139,112

 

Total assets

 

$

12,067,689

 

 

$

11,949,333

 

 

$

11,718,707

 

 

 

 

 

 

 

 

 

 

 

Liabilities and shareholders’ equity (deficit)

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

5,258,712

 

 

$

4,583,570

 

 

$

4,695,312

 

Self-insurance reserves

 

 

137,281

 

 

 

118,259

 

 

 

128,794

 

Accrued payroll

 

 

106,814

 

 

 

129,025

 

 

 

107,588

 

Accrued benefits and withholdings

 

 

148,805

 

 

 

221,382

 

 

 

234,872

 

Income taxes payable

 

 

2,080

 

 

 

29,776

 

 

 

 

Current portion of operating lease liabilities

 

 

341,705

 

 

 

333,624

 

 

 

337,832

 

Other current liabilities

 

 

417,792

 

 

 

355,976

 

 

 

370,217

 

Total current liabilities

 

 

6,413,189

 

 

 

5,771,612

 

 

 

5,874,615

 

 

 

 

 

 

 

 

 

 

 

Long-term debt

 

 

4,669,833

 

 

 

3,825,177

 

 

 

3,826,978

 

Operating lease liabilities, less current portion

 

 

1,683,216

 

 

 

1,747,267

 

 

 

1,701,757

 

Deferred income taxes

 

 

203,744

 

 

 

177,118

 

 

 

175,212

 

Other liabilities

 

 

205,137

 

 

 

210,465

 

 

 

206,568

 

 

 

 

 

 

 

 

 

 

 

Shareholders’ equity (deficit):

 

 

 

 

 

 

 

 

 

Common stock, $0.01 par value:

 

 

 

 

 

 

 

 

 

Authorized shares – 245,000,000

 

 

 

 

 

 

 

 

 

Issued and outstanding shares –

 

 

 

 

 

 

 

 

 

63,752,833 as of June 30, 2022,

 

 

 

 

 

 

 

 

 

69,132,589 as of June 30, 2021, and

 

 

 

 

 

 

 

 

 

67,029,042 as of December 31, 2021

 

 

638

 

 

 

691

 

 

 

670

 

Additional paid-in capital

 

 

1,286,651

 

 

 

1,295,363

 

 

 

1,305,508

 

Retained deficit

 

 

(2,391,108

)

 

 

(1,075,769

)

 

 

(1,365,802

)

Accumulated other comprehensive loss

 

 

(3,611

)

 

 

(2,591

)

 

 

(6,799

)

Total shareholders’ (deficit) equity

 

 

(1,107,430

)

 

 

217,694

 

 

 

(66,423

)

 

 

 

 

 

 

 

 

 

 

Total liabilities and shareholders’ equity (deficit)

 

$

12,067,689

 

 

$

11,949,333

 

 

$

11,718,707

 

Note: The balance sheet at December 31, 2021, has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by United States generally accepted accounting principles for complete financial statements.


O’REILLY AUTOMOTIVE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended

 

For the Six Months Ended

 

 

June 30, 

 

June 30, 

 

    

2022

    

2021

    

2022

    

2021

Sales

 

$

3,670,737

 

 

$

3,465,601

 

 

$

6,966,748

 

 

$

6,556,500

 

Cost of goods sold, including warehouse and distribution expenses

 

 

1,786,019

 

 

 

1,639,223

 

 

 

3,373,958

 

 

 

3,089,327

 

Gross profit

 

 

1,884,718

 

 

 

1,826,378

 

 

 

3,592,790

 

 

 

3,467,173

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative expenses

 

 

1,086,168

 

 

 

1,030,795

 

 

 

2,124,710

 

 

 

1,980,485

 

Operating income

 

 

798,550

 

 

 

795,583

 

 

 

1,468,080

 

 

 

1,486,688

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

  

 

 

  

 

 

  

 

 

  

Interest expense

 

 

(37,384

)

 

 

(37,657

)

 

 

(72,225

)

 

 

(75,163

)

Interest income

 

 

682

 

 

 

456

 

 

 

1,192

 

 

 

993

 

Other, net

 

 

(4,550

)

 

 

2,952

 

 

 

(6,488

)

 

 

4,643

 

Total other expense

 

 

(41,252

)

 

 

(34,249

)

 

 

(77,521

)

 

 

(69,527

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

 

757,298

 

 

 

761,334

 

 

 

1,390,559

 

 

 

1,417,161

 

Provision for income taxes

 

 

180,538

 

 

 

175,883

 

 

 

331,919

 

 

 

330,101

 

Net income

 

$

576,760

 

 

$

585,451

 

 

$

1,058,640

 

 

$

1,087,060

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share-basic:

 

 

  

 

 

  

 

 

  

 

 

  

Earnings per share

 

$

8.86

 

 

$

8.41

 

 

$

16.08

 

 

$

15.53

 

Weighted-average common shares outstanding – basic

 

 

65,116

 

 

 

69,618

 

 

 

65,840

 

 

 

69,997

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share-assuming dilution:

 

 

  

 

 

  

 

 

  

 

 

  

Earnings per share

 

$

8.78

 

 

$

8.33

 

 

$

15.94

 

 

$

15.39

 

Weighted-average common shares outstanding – assuming dilution

 

 

65,686

 

 

 

70,264

 

 

 

66,434

 

 

 

70,640

 


O’REILLY AUTOMOTIVE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)

 

 

 

 

 

 

 

 

 

For the Six Months Ended

 

 

June 30, 

 

    

2022

    

2021

Operating activities:

 

 

  

 

 

  

Net income

 

$

1,058,640

 

 

$

1,087,060

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

  

 

 

  

Depreciation and amortization of property, equipment and intangibles

 

 

168,045

 

 

 

158,917

 

Amortization of debt discount and issuance costs

 

 

2,242

 

 

 

2,207

 

Deferred income taxes

 

 

28,302

 

 

 

21,922

 

Share-based compensation programs

 

 

12,702

 

 

 

12,575

 

Other

 

 

283

 

 

 

1,382

 

Changes in operating assets and liabilities:

 

 

  

 

 

  

Accounts receivable

 

 

(60,593

)

 

 

(45,359

)

Inventory

 

 

(318,756

)

 

 

6,357

 

Accounts payable

 

 

563,012

 

 

 

398,785

 

Income taxes payable

 

 

12,013

 

 

 

12,408

 

Other

 

 

(73,917

)

 

 

56,578

 

Net cash provided by operating activities

 

 

1,391,973

 

 

 

1,712,832

 

 

 

 

 

 

 

 

Investing activities:

 

 

  

 

 

  

Purchases of property and equipment

 

 

(228,921

)

 

 

(222,607

)

Proceeds from sale of property and equipment

 

 

8,222

 

 

 

4,566

 

Investment in tax credit equity investments

 

 

(4,080

)

 

 

(1,768

)

Other

 

 

(86

)

 

 

(1,083

)

Net cash used in investing activities

 

 

(224,865

)

 

 

(220,892

)

 

 

 

 

 

 

 

Financing activities:

 

 

  

 

 

  

Proceeds from borrowings on revolving credit facility

 

 

785,800

 

 

 

 

Payments on revolving credit facility

 

 

(785,800

)

 

 

 

Proceeds from the issuance of long-term debt

 

 

847,314

 

 

 

 

Principal payments on long-term debt

 

 

 

 

 

(300,000

)

Payment of debt issuance costs

 

 

(6,323

)

 

 

(3,299

)

Repurchases of common stock

 

 

(2,151,242

)

 

 

(1,064,189

)

Net proceeds from issuance of common stock

 

 

35,112

 

 

 

41,921

 

Other

 

 

(350

)

 

 

(313

)

Net cash used in financing activities

 

 

(1,275,489

)

 

 

(1,325,880

)

 

 

 

 

 

 

 

Effect of exchange rate changes on cash

 

 

172

 

 

 

(82

)

Net (decrease) increase in cash and cash equivalents

 

 

(108,209

)

 

 

165,978

 

Cash and cash equivalents at beginning of the period

 

 

362,113

 

 

 

465,640

 

Cash and cash equivalents at end of the period

 

$

253,904

 

 

$

631,618

 

 

 

 

 

 

 

 

Supplemental disclosures of cash flow information:

 

 

  

 

 

  

Income taxes paid

 

$

291,695

 

 

$

292,673

 

Interest paid, net of capitalized interest

 

 

68,318

 

 

 

76,788

 


O’REILLY AUTOMOTIVE, INC. AND SUBSIDIARIES
SELECTED FINANCIAL INFORMATION
(Unaudited)

 

 

 

 

 

 

 

 

 

 

For the Twelve Months Ended

 

 

June 30, 

Adjusted Debt to EBITDAR:

    

2022

    

2021

(In thousands, except adjusted debt to EBITDAR ratio)

 

 

  

 

 

  

GAAP debt

 

$

4,669,833

 

$

3,825,177

Add:

Letters of credit

 

 

108,891

 

 

84,045

 

Discount on senior notes

 

 

6,692

 

 

4,700

 

Debt issuance costs

 

 

23,475

 

 

20,123

 

Six-times rent expense

 

 

2,282,502

 

 

2,182,596

Adjusted debt

 

$

7,091,393

 

$

6,116,641

 

 

 

 

 

 

 

GAAP net income

 

$

2,136,265

 

$

2,007,257

Add:

Interest expense

 

 

141,830

 

 

155,180

 

Provision for income taxes

 

 

619,047

 

 

596,239

 

Depreciation and amortization

 

 

337,345

 

 

321,679

 

Share-based compensation expense

 

 

24,783

 

 

23,842

 

Rent expense (i)

 

 

380,417

 

 

363,766

EBITDAR

 

$

3,639,687

 

$

3,467,963

 

 

 

 

 

 

 

Adjusted debt to EBITDAR

 

 

1.95

 

 

1.76

(i)   The table below outlines the calculation of Rent expense and reconciles Rent expense to Total lease cost, per ASC 842, the most directly comparable GAAP financial measure, for the twelve months ended June 30, 2022 and 2021 (in thousands):

 

 

 

 

 

Total lease cost, per ASC 842, for the twelve months ended June 30, 2022

 

$

453,697

Less:

Variable non-contract operating lease components, related to property taxes and insurance, for the twelve months ended June 30, 2022

 

 

73,280

Rent expense for the twelve months ended June 30, 2022

 

$

380,417

 

 

 

 

 

Total lease cost, per ASC 842, for the twelve months ended June 30, 2021

 

$

432,619

Less:

Variable non-contract operating lease components, related to property taxes and insurance, for the twelve months ended June 30, 2021

 

 

68,853

Rent expense for the twelve months ended June 30, 2021

 

$

363,766


 

 

 

 

 

 

 

 

 

 

 

June 30, 

 

    

2022

 

2021

Selected Balance Sheet Ratios:

 

 

  

 

 

 

  

 

Inventory turnover (1)

 

 

1.7

 

 

 

1.7

 

Average inventory per store (in thousands) (2)

 

$

679

 

 

$

636

 

Accounts payable to inventory (3)

 

 

131.3

%

 

 

125.7

%


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended

 

For the Six Months Ended

 

 

 

June 30, 

 

June 30, 

 

 

    

2022

    

2021

    

2022

    

2021

Reconciliation of Free Cash Flow (in thousands):

 

 

  

 

 

  

 

 

  

 

 

  

Net cash provided by operating activities

 

$

702,087

 

$

822,160

 

$

1,391,973

 

$

1,712,832

Less:

Capital expenditures

 

 

124,931

 

 

127,728

 

 

228,921

 

 

222,607

 

Excess tax benefit from share-based compensation payments

 

 

3,353

 

 

10,808

 

 

5,819

 

 

16,815

 

Investment in tax credit equity investments

 

 

 

 

1,762

 

 

4,080

 

 

1,768

Free cash flow

 

$

573,803

 

$

681,862

 

$

1,153,153

 

$

1,471,642


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended

 

For the Six Months Ended

 

For the Twelve Months Ended

 

 

June 30, 

 

June 30, 

 

June 30, 

 

    

2022

    

2021

    

2022

   

2021

    

2022

    

2021

Store Count:

 

 

 

 

 

 

 

 

 

 

 

 

Beginning domestic store count

 

5,811

 

5,660

 

5,759

 

 

5,594

 

 

5,710

 

 

5,562

 

New stores opened

 

62

 

50

 

115

 

 

118

 

 

164

 

 

159

 

Stores closed

 

 

 

(1

)

 

(2

)

 

(1

)

 

(11

)

Ending domestic store count

 

5,873

 

5,710

 

5,873

 

 

5,710

 

 

5,873

 

 

5,710

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning Mexico store count

 

27

 

22

 

25

 

 

22

 

 

22

 

 

21

 

New stores opened

 

 

 

2

 

 

 

 

5

 

 

1

 

Ending Mexico store count

 

27

 

22

 

27

 

 

22

 

 

27

 

 

22

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total ending store count

 

5,900

 

5,732

 

5,900

 

 

5,732

 

 

5,900

 

 

5,732

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended

 

For the Twelve Months Ended

 

 

June 30, 

 

June 30, 

 

    

2022

    

2021

    

2022

    

2021

Store and Team Member Information: (4)

 

 

 

 

 

 

 

 

 

 

 

 

Total employment

 

 

84,788

 

 

79,170

 

 

  

 

 

 

Square footage (in thousands)

 

 

44,072

 

 

42,714

 

 

 

 

 

 

Sales per weighted-average square foot (5)

 

$

82.30

 

$

80.35

 

$

311.47

 

$

295.60

Sales per weighted-average store (in thousands) (6)

 

$

617

 

$

600

 

$

2,335

 

$

2,202

(1)   Calculated as cost of goods sold for the last 12 months divided by average inventory. Average inventory is calculated as the average of inventory for the trailing four quarters used in determining the denominator.

(2)   Calculated as inventory divided by store count at the end of the reported period.

(3)   Calculated as accounts payable divided by inventory.

(4)   Represents O’Reilly’s U.S. operations only.

(5)   Calculated as sales less jobber sales, divided by weighted-average square footage. Weighted-average square footage is determined by weighting store square footage based on the approximate dates of store openings, acquisitions, expansions or closures.

(6)   Calculated as sales less jobber sales, divided by weighted-average stores. Weighted-average stores is determined by weighting stores based on their approximate dates of openings, acquisitions or closures.