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O’Reilly Automotive, Inc. Reports Second Quarter 2024 Results

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OReilly Auto Parts

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SPRINGFIELD, Mo., July 24, 2024 (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, 2024.

  • Second quarter comparable store sales growth of 2.3%
  • 7% increase in year-to-date earnings per share to $19.75
  • $1.7 billion net cash provided by operating activities year-to-date

SPRINGFIELD, Mo., July 24, 2024 (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, 2024.

2nd Quarter Financial Results 
Brad Beckham, O’Reilly’s CEO, commented, “I would like to thank all of Team O’Reilly for their tremendous hard work and unwavering commitment to providing excellent customer service and taking care of our customers every day. Our comparable store sales results were below our expectations for the second quarter, as the soft demand environment we experienced at the beginning of the quarter persisted through May. Sales trends improved in June, in line with our expectations, aided by strong performance in summer weather-related categories in many of our markets. Against this challenging backdrop, our Team generated a second quarter comparable store sales increase of 2.3%, on top of a 9.0% increase last year, driven by solid, mid-single digit growth in our professional business. Our Team of Professional Parts People continues to be relentlessly focused on delivering unsurpassed levels of service to our customers, while also prudently managing expenses.”

Sales for the second quarter ended June 30, 2024, increased $203 million, or 5%, to $4.27 billion from $4.07 billion for the same period one year ago. Gross profit for the second quarter increased 4% to $2.17 billion (or 50.7% of sales) from $2.09 billion (or 51.3% of sales) for the same period one year ago. Selling, general and administrative expenses (“SG&A”) for the second quarter increased 6% to $1.30 billion (or 30.5% of sales) from $1.23 billion (or 30.3% of sales) for the same period one year ago. Operating income for the second quarter increased 1% to $863 million (or 20.2% of sales) from $854 million (or 21.0% of sales) for the same period one year ago.

Net income for the second quarter ended June 30, 2024, decreased $5 million, or 1%, to $623 million (or 14.6% of sales) from $627 million (or 15.4% of sales) for the same period one year ago. Diluted earnings per common share for the second quarter increased 3% to $10.55 on 59 million shares versus $10.22 on 61 million shares for the same period one year ago.

Year-to-Date Financial Results 
Mr. Beckham concluded, “Based on our results so far this year, we are updating our full-year comparable store sales guidance from a range of 3.0% to 5.0% to a range of 2.0% to 4.0%. Despite the challenges we have seen in the demand environment in the first half of 2024, we believe our industry’s long-term drivers for demand remain strong. More importantly, we remain confident in our Team’s ability to grow market share by continuously providing exceptional service, supported by best-in-class inventory availability. We continue to be pleased with our new store performance and our Team’s ability to further grow share with expansion in both new and existing markets. During the first half of 2024, we opened 64 new stores in the U.S. and Mexico, and we continue to expect to hit our target of 190 to 200 net, new store openings this year.”

Sales for the first six months of 2024 increased $472 million, or 6%, to $8.25 billion from $7.78 billion for the same period one year ago. Gross profit for the first six months of 2024 increased 6% to $4.20 billion (or 50.9% of sales) from $3.98 billion (or 51.1% of sales) for the same period one year ago. SG&A for the first six months of 2024 increased 7% to $2.59 billion (or 31.4% of sales) from $2.41 billion (or 30.9% of sales) for the same period one year ago. Operating income for the first six months of 2024 increased 3% to $1.62 billion (or 19.6% of sales) from $1.57 billion (or 20.2% of sales) for the same period one year ago.

Net income for the first six months of 2024 increased $26 million, or 2%, to $1.17 billion (or 14.2% of sales) from $1.14 billion (or 14.7% of sales) for the same period one year ago. Diluted earnings per common share for the first six months of 2024 increased 7% to $19.75 on 59 million shares versus $18.49 on 62 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, as well as sales from Leap Day in the six months ended June 30, 2024. 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 2.3% for the second quarter ended June 30, 2024, on top of 9.0% for the same period one year ago. Comparable store sales increased 2.8% for the six months ended June 30, 2024, on top of 9.8% for the same period one year ago.

Share Repurchase Program 
During the second quarter ended June 30, 2024, the Company repurchased 0.8 million shares of its common stock, at an average price per share of $1,012.14, for a total investment of $794 million. During the first six months of 2024, the Company repurchased 1.0 million shares of its common stock, at an average price per share of $1,016.43, for a total investment of $1.06 billion. Excise tax on shares repurchased, assessed at one percent of the fair market value of shares repurchased, was $10.6 million for the six months ended June 30, 2024. Subsequent to the end of the second quarter and through the date of this release, the Company repurchased an additional 0.2 million shares of its common stock, at an average price per share of $1,036.84, for a total investment of $224 million. The Company has repurchased a total of 95.3 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 $256.59, for a total aggregate investment of $24.47 billion. As of the date of this release, the Company had approximately $1.28 billion remaining under its current share repurchase authorization.

Updated Full-Year 2024 Guidance 
The table below outlines the Company’s updated guidance for selected full-year 2024 financial data:

   
  For the Year Ending
  December 31, 2024
Net, new store openings 190 to 200
Comparable store sales 2.0% to 4.0%
Total revenue $16.6 billion to $16.9 billion
Gross profit as a percentage of sales 51.0% to 51.5%
Operating income as a percentage of sales 19.6% to 20.1%
Effective income tax rate 22.4%
Diluted earnings per share (1) $40.75 to $41.25
Net cash provided by operating activities $2.7 billion to $3.1 billion
Capital expenditures $900 million to $1.0 billion
Free cash flow (2) $1.8 billion to $2.1 billion
   

As previously announced, the Company completed the acquisition of Groupe Del Vasto in Canada (“Vast Auto”) in January of 2024, and the results of Vast Auto’s operations have been included in the Company’s consolidated financial statements since the acquisition date. The above updated consolidated guidance for selected full-year 2024 financial data includes expected impacts from Vast Auto’s operations, including an updated estimate of 30 basis points of dilution to gross profit as a percentage of sales but an unchanged estimate of 15 basis points of dilution to operating income as a percentage of sales for the full-year 2024.

(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, 2024
Net cash provided by operating activities   $ 2,715   to   $ 3,125
Less: Capital expenditures     900   to     1,000
  Excess tax benefit from share-based compensation payments     15   to     25
Free cash flow   $ 1,800   to   $ 2,100
                 

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 25, 2024, 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 

link hidden, please login to view
 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 (888) 506-0062 and the conference call identification number is 298734. A replay of the conference call will be available on the Company’s website through Thursday, July 24, 2025.

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 

link hidden, please login to view
 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, 2024, the Company operated 6,244 stores across 48 U.S. states, Puerto Rico, Mexico, and Canada.

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,” “guidance,” “target,” 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 economy in general; inflation; consumer debt levels; product demand; a public health crisis; 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; damage, failure, or interruption of information technology systems, including information security and cyber-attacks; historical growth rate sustainability; our ability to hire and retain qualified employees; risks associated with the performance of acquired businesses; 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, 2023, 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 Relations Contacts
  Mark Merz (417) 829-5878
  Eric Bird (417) 868-4259
   
  Media Contact
  Sonya Cox (417) 829-5709
   

 

O’REILLY AUTOMOTIVE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
                   
    June 30, 2024   June 30, 2023   December 31, 2023
       (Unaudited)      (Unaudited)      (Note)
Assets                  
Current assets:                  
Cash and cash equivalents   $ 145,042     $ 57,880     $ 279,132  
Accounts receivable, net     475,596       374,714       375,049  
Amounts receivable from suppliers     144,303       138,666       140,443  
Inventory     4,788,686       4,626,410       4,658,367  
Other current assets     125,861       113,597       105,311  
Total current assets     5,679,488       5,311,267       5,558,302  
                   
Property and equipment, at cost     8,730,297       7,872,672       8,312,367  
Less: accumulated depreciation and amortization     3,434,610       3,170,474       3,275,387  
Net property and equipment     5,295,687       4,702,198       5,036,980  
                   
Operating lease, right-of-use assets     2,240,314       2,185,196       2,200,554  
Goodwill     1,000,074       897,128       897,696  
Other assets, net     177,619       180,834       179,463  
Total assets   $ 14,393,182     $ 13,276,623     $ 13,872,995  
                   
Liabilities and shareholders’ deficit                  
Current liabilities:                  
Accounts payable   $ 6,226,238     $ 6,219,838     $ 6,091,700  
Self-insurance reserves     125,859       131,781       128,548  
Accrued payroll     143,194       127,333       138,122  
Accrued benefits and withholdings     186,715       150,453       174,650  
Income taxes payable     89,344       233,507       7,860  
Current portion of operating lease liabilities     401,713       380,618       389,536  
Other current liabilities     950,145       450,169       730,937  
Total current liabilities     8,123,208       7,693,699       7,661,353  
                   
Long-term debt     5,397,774       4,873,702       5,570,125  
Operating lease liabilities, less current portion     1,912,036       1,870,392       1,881,344  
Deferred income taxes     335,600       260,642       295,471  
Other liabilities     207,956       205,661       203,980  
                   
Shareholders’ equity (deficit):                  
Common stock, $0.01 par value:                  
Authorized shares – 245,000,000                  
Issued and outstanding shares –                  
58,238,711 as of June 30, 2024, and                  
60,402,359 as of June 30, 2023, and                  
59,072,792 as of December 31, 2023     582       604       591  
Additional paid-in capital     1,415,799       1,330,270       1,352,275  
Retained deficit     (3,008,665 )     (2,994,418 )     (3,131,532 )
Accumulated other comprehensive income     8,892       36,071       39,388  
Total shareholders’ deficit     (1,583,392 )     (1,627,473 )     (1,739,278 )
                   
Total liabilities and shareholders’ deficit   $ 14,393,182     $ 13,276,623     $ 13,872,995  

Note: The balance sheet at December 31, 2023, 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
(Unaudited)
(In thousands, except per share data)
                         
    For the Three Months Ended   For the Six Months Ended
    June 30,    June 30, 
       2024        2023        2024        2023  
Sales   $ 4,272,201     $ 4,068,991     $ 8,248,441     $ 7,776,855  
Cost of goods sold, including warehouse and distribution expenses     2,104,141       1,982,409       4,046,209       3,799,944  
Gross profit     2,168,060       2,086,582       4,202,232       3,976,911  
                         
Selling, general and administrative expenses     1,304,762       1,232,809       2,586,453       2,406,493  
Operating income     863,298       853,773       1,615,779       1,570,418  
                         
Other income (expense):                            
Interest expense     (54,831 )     (49,587 )     (111,979 )     (94,159 )
Interest income     1,528       760       3,184       1,628  
Other, net     1,561       4,186       4,962       8,665  
Total other expense     (51,742 )     (44,641 )     (103,833 )     (83,866 )
                         
Income before income taxes     811,556       809,132       1,511,946       1,486,552  
Provision for income taxes     188,708       181,767       341,860       342,302  
Net income   $ 622,848     $ 627,365     $ 1,170,086     $ 1,144,250  
                         
Earnings per share-basic:                            
Earnings per share   $ 10.61     $ 10.32     $ 19.88     $ 18.66  
Weighted-average common shares outstanding – basic     58,679       60,817       58,849       61,324  
                         
Earnings per share-assuming dilution:                            
Earnings per share   $ 10.55     $ 10.22     $ 19.75     $ 18.49  
Weighted-average common shares outstanding – assuming dilution     59,044       61,366       59,250       61,878  

 

 
O’REILLY AUTOMOTIVE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
             
    For the Six Months Ended
    June 30, 
       2024        2023  
Operating activities:              
Net income   $ 1,170,086     $ 1,144,250  
Adjustments to reconcile net income to net cash provided by operating activities:              
Depreciation and amortization of property, equipment and intangibles     222,885       191,673  
Amortization of debt discount and issuance costs     3,201       2,431  
Deferred income taxes     18,175       13,507  
Share-based compensation programs     14,229       14,571  
Other     5,215       75  
Changes in operating assets and liabilities:              
Accounts receivable     (79,475 )     (31,443 )
Inventory     (85,137 )     (257,337 )
Accounts payable     117,582       335,299  
Income taxes payable     81,228       261,208  
Other     185,085       (22,865 )
Net cash provided by operating activities     1,653,074       1,651,369  
             
Investing activities:              
Purchases of property and equipment     (474,607 )     (460,942 )
Proceeds from sale of property and equipment     7,528       7,056  
Investment in tax credit equity investments     —       (4,149 )
Other, including acquisitions, net of cash acquired     (155,376 )     (1,971 )
Net cash used in investing activities     (622,455 )     (460,006 )
             
Financing activities:              
Proceeds from borrowings on revolving credit facility     30,000       2,776,000  
Payments on revolving credit facility     (30,000 )     (1,976,000 )
Net payments of commercial paper     (173,500 )     —  
Principal payments on long-term debt     —       (300,000 )
Payment of debt issuance costs     —       (24 )
Repurchases of common stock     (1,063,791 )     (1,791,451 )
Net proceeds from issuance of common stock     73,790       48,680  
Other     (569 )     (354 )
Net cash used in financing activities     (1,164,070 )     (1,243,149 )
             
Effect of exchange rate changes on cash     (639 )     1,083  
Net decrease in cash and cash equivalents     (134,090 )     (50,703 )
Cash and cash equivalents at beginning of the period     279,132       108,583  
Cash and cash equivalents at end of the period   $ 145,042     $ 57,880  
             
Supplemental disclosures of cash flow information:              
Income taxes paid   $ 80,401     $ 65,361  
Interest paid, net of capitalized interest     110,449       88,924  

 

 
O’REILLY AUTOMOTIVE, INC. AND SUBSIDIARIES
SELECTED FINANCIAL INFORMATION
(Unaudited)
               
    For the Twelve Months Ended
    June 30, 
Adjusted Debt to EBITDAR:      2024      2023
(In thousands, except adjusted debt to EBITDAR ratio)              
GAAP debt   $ 5,397,774   $ 4,873,702
Add: Letters of credit     137,501     111,428
  Unamortized discount and debt issuance costs     27,226     26,298
  Six-times rent expense     2,625,438     2,455,938
Adjusted debt   $ 8,187,939   $ 7,467,366
             
GAAP net income   $ 2,372,417   $ 2,258,260
Add: Interest expense     219,488     179,654
  Provision for income taxes     657,727     636,388
  Depreciation and amortization     440,273     381,561
  Share-based compensation expense     27,169     28,327
  Rent expense (i)     437,573     409,323
EBITDAR   $ 4,154,647   $ 3,893,513
             
Adjusted debt to EBITDAR     1.97     1.92

(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, 2024 and 2023 (in thousands):

    For the Twelve Months Ended
    June 30, 
    2024   2023
Total lease cost, per ASC 842      $ 520,327   $ 485,805
Less: Variable non-contract operating lease components, related to property taxes and insurance     82,754     76,482
Rent expense   $ 437,573   $ 409,323

 

    June 30, 
       2024   2023
Selected Balance Sheet Ratios:                  
Inventory turnover (1)     1.7     1.7
Average inventory per store (in thousands) (2)   $ 767   $ 762
Accounts payable to inventory (3)     130.0%     134.4%

 

      For the Three Months Ended   For the Six Months Ended
      June 30,    June 30, 
         2024      2023      2024      2023
Reconciliation of Free Cash Flow (in thousands):                            
Net cash provided by operating activities   $ 948,859   $ 937,605   $ 1,653,074   $ 1,651,369
Less: Capital expenditures     225,367     237,674     474,607     460,942
  Excess tax benefit from share-based compensation payments     5,258     14,612     21,378     18,990
  Investment in tax credit equity investments     —     4,149     —     4,149
Free cash flow   $ 718,234   $ 681,170   $ 1,157,089   $ 1,167,288

 

    For the Three Months Ended   For the Six Months Ended
    June 30,    June 30, 
       2024      2023      2024      2023
Revenue Disaggregation (in thousands):                      
Sales to do-it-yourself customers $ 2,149,044   $ 2,130,002   $ 4,151,030   $ 4,048,469
Sales to professional service provider customers     1,999,704     1,853,364     3,869,444     3,565,328
Other sales, sales adjustments, and sales from the acquired Vast Auto stores     123,453     85,625     227,967     163,058
Total sales   $ 4,272,201   $ 4,068,991   $ 8,248,441   $ 7,776,855

 

    For the Three Months Ended   For the Six Months Ended   For the Twelve Months Ended
    June 30,    June 30,    June 30, 
       2024      2023      2024     2023        2024        2023  
Store Count:                        
Beginning domestic store count   6,131   5,986   6,095   5,929     6,027     5,873  
New stores opened   21   41   57   100     126     158  
Stores closed   —   —   —   (2 )   (1 )   (4 )
Ending domestic store count   6,152   6,027   6,152   6,027     6,152     6,027  
                         
Beginning Mexico store count   63   43   62   42     44     27  
New stores opened   6   1   7   2     25     17  
Ending Mexico store count   69   44   69   44     69     44  
                         
Beginning Canada store count   23   —   —   —     —     —  
Stores acquired   —   —   23   —     23     —  
Ending Canada store count   23   —   23   —     23     —  
                         
Total ending store count   6,244   6,071   6,244   6,071     6,244     6,071  

 

    For the Three Months Ended   For the Twelve Months Ended
    June 30,    June 30, 
       2024      2023      2024      2023
Store and Team Member Information:                        
Total employment     91,874     90,670             
Square footage (in thousands) (4)     47,500     45,622            
Sales per weighted-average square foot (4)(5)   $ 87.88   $ 88.12   $ 341.51   $ 334.21
Sales per weighted-average store (in thousands) (4)(6)   $ 677   $ 665   $ 2,613   $ 2,516

(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. and Puerto Rico 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.

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