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

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OReilly Auto Parts

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  • First quarter comparable store sales growth of 3.4%
  • 11% increase in first quarter diluted earnings per share to $9.20
  • Completed the acquisition of Groupe Del Vasto in January

SPRINGFIELD, Mo., April 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 and earnings for its first quarter ended March 31, 2024.

1st Quarter Financial Results
Brad Beckham, O’Reilly’s CEO, commented, “We are pleased to report a solid start to 2024, highlighted by a 3.4% comparable store sales increase, which was on top of the very strong 10.8% comparable store sales increase from the first quarter last year. Our comparable store sales increase was comprised of solid growth in both professional and DIY, which grew mid-single digit and low-single digit, respectively, in the quarter. Our team’s continued strong execution drove an 11% increase in diluted earnings per share, and is a clear demonstration of Team O’Reilly’s commitment to our culture values of hard work and excellent customer service. I would like to thank each of our over 90,000 Team Members for their ongoing dedication to O’Reilly’s success.”

Sales for the first quarter ended March 31, 2024, increased $268 million, or 7%, to $3.98 billion from $3.71 billion for the same period one year ago. Gross profit for the first quarter increased 8% to $2.03 billion (or 51.2% of sales) from $1.89 billion (or 51.0% of sales) for the same period one year ago. Selling, general and administrative expenses for the first quarter increased 9% to $1.28 billion (or 32.2% of sales) from $1.17 billion (or 31.7% of sales) for the same period one year ago. Operating income for the first quarter increased 5% to $752 million (or 18.9% of sales) from $717 million (or 19.3% of sales) for the same period one year ago.

Net income for the first quarter ended March 31, 2024, increased $30 million, or 6%, to $547 million (or 13.8% of sales) from $517 million (or 13.9% of sales) for the same period one year ago. Diluted earnings per common share for the first quarter increased 11% to $9.20 on 59 million shares versus $8.28 on 62 million shares for the same period one year ago.

Mr. Beckham concluded, “During the first quarter, we opened 37 stores across 20 U.S. states and Mexico and continue to be extremely pleased with the performance of our new stores. Additionally, we began operating 23 stores in Canada after closing on the acquisition of Vast Auto in January. With the talented and experienced Vast Auto team now officially a part of Team O’Reilly, we are very pleased with the early momentum we have generated in Canada. We remain excited about the future opportunities we have before us in the Canadian market and throughout North America and look forward to growing our market share in new and existing markets as the industry leader in excellent customer service.”

1st 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 three months ended March 31, 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 3.4% for the first quarter ended March 31, 2024, on top of 10.8% for the same period one year ago.  

Share Repurchase Program
During the first quarter ended March 31, 2024, the Company repurchased 0.3 million shares of its common stock, at an average price per share of $1,029.24, for a total investment of $270 million.   Excise tax on shares repurchased, assessed at one percent of the fair market value of shares repurchased, was $2.7 million for the three months ended March 31, 2024. Subsequent to the end of the first quarter and through the date of this release, the Company repurchased an additional 0.1 million shares of its common stock, at an average price per share of $1,102.00, for a total investment of $79 million. The Company has repurchased a total of 94.4 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 $249.17, for a total aggregate investment of $23.53 billion.   As of the date of this release, the Company had approximately $2.22 billion remaining under its current share repurchase authorizations.

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   3.0% to 5.0%
Total revenue   $16.8 billion to $17.1 billion
Gross profit as a percentage of sales   51.0% to 51.5%
Operating income as a percentage of sales   19.7% to 20.2%
Effective income tax rate   22.4%
Diluted earnings per share (1)   $41.35 to $41.85
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
     

 

(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, April 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 193896. A replay of the conference call will be available on the Company’s website through Thursday, April 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 March 31, 2024, the Company operated 6,217 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,” 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)
                   
    March 31, 2024   March 31, 2023   December 31, 2023
       (Unaudited)      (Unaudited)      (Note)
Assets                  
Current assets:                  
Cash and cash equivalents   $ 89,264     $ 59,872     $ 279,132  
Accounts receivable, net     437,821       346,037       375,049  
Amounts receivable from suppliers     139,267       128,758       140,443  
Inventory     4,805,164       4,543,980       4,658,367  
Other current assets     128,181       109,347       105,311  
Total current assets     5,599,697       5,187,994       5,558,302  
                   
Property and equipment, at cost     8,555,556       7,649,066       8,312,367  
Less: accumulated depreciation and amortization     3,360,351       3,090,010       3,275,387  
Net property and equipment     5,195,205       4,559,056       5,036,980  
                   
Operating lease, right-of-use assets     2,227,783       2,166,646       2,200,554  
Goodwill     1,009,857       892,094       897,696  
Other assets, net     180,512       167,026       179,463  
Total assets   $ 14,213,054     $ 12,972,816     $ 13,872,995  
                   
Liabilities and shareholders’ deficit                  
Current liabilities:                  
Accounts payable   $ 6,117,068     $ 6,055,992     $ 6,091,700  
Self-insurance reserves     130,974       136,723       128,548  
Accrued payroll     127,704       111,324       138,122  
Accrued benefits and withholdings     174,125       132,022       174,650  
Income taxes payable     147,645       117,790       7,860  
Current portion of operating lease liabilities     399,245       375,451       389,536  
Other current liabilities     791,633       427,006       730,937  
Total current liabilities     7,888,394       7,356,308       7,661,353  
                   
Long-term debt     5,288,632       4,927,678       5,570,125  
Operating lease liabilities, less current portion     1,900,200       1,854,533       1,881,344  
Deferred income taxes     321,323       249,903       295,471  
Other liabilities     205,703       209,411       203,980  
                   
Shareholders’ equity (deficit):                  
Common stock, $0.01 par value:                  
Authorized shares – 245,000,000                  
Issued and outstanding shares –                  
58,982,123 as of March 31, 2024, and                  
61,038,936 as of March 31, 2023, and                  
59,072,792 as of December 31, 2023     590       610       591  
Additional paid-in capital     1,410,756       1,305,276       1,352,275  
Retained deficit     (2,849,108 )     (2,952,797 )     (3,131,532 )
Accumulated other comprehensive income     46,564       21,894       39,388  
Total shareholders’ deficit     (1,391,198 )     (1,625,017 )     (1,739,278 )
                   
Total liabilities and shareholders’ deficit   $ 14,213,054     $ 12,972,816     $ 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
(In thousands, except per share data)
             
    For the Three Months Ended
    March 31, 
       2024      2023
Sales   $ 3,976,240     $ 3,707,864  
Cost of goods sold, including warehouse and distribution expenses     1,942,068       1,817,535  
Gross profit     2,034,172       1,890,329  
             
Selling, general and administrative expenses     1,281,691       1,173,684  
Operating income     752,481       716,645  
             
Other income (expense):            
Interest expense     (57,148 )     (44,572 )
Interest income     1,656       868  
Other, net     3,401       4,479  
Total other expense     (52,091 )     (39,225 )
             
Income before income taxes     700,390       677,420  
Provision for income taxes     153,152       160,535  
Net income   $ 547,238     $ 516,885  
             
Earnings per share-basic:            
Earnings per share   $ 9.27     $ 8.36  
Weighted-average common shares outstanding – basic     59,017       61,840  
             
Earnings per share-assuming dilution:            
Earnings per share   $ 9.20     $ 8.28  
Weighted-average common shares outstanding – assuming dilution     59,454       62,398  
                 

 

O’REILLY AUTOMOTIVE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
             
    For the Three Months Ended
    March 31, 
    2024   2023
Operating activities:            
Net income   $ 547,238     $ 516,885  
Adjustments to reconcile net income to net cash provided by operating activities:            
Depreciation and amortization of property, equipment and intangibles     109,648       93,747  
Amortization of debt discount and issuance costs     1,593       1,215  
Deferred income taxes     2,374       3,393  
Share-based compensation programs     7,022       7,435  
Other     2,997       29  
Changes in operating assets and liabilities:            
Accounts receivable     (36,954 )     (2,610 )
Inventory     (92,042 )     (179,481 )
Accounts payable     6,107       172,701  
Income taxes payable     140,025       145,441  
Other     16,207       (44,991 )
Net cash provided by operating activities     704,215       713,764  
             
Investing activities:            
Purchases of property and equipment     (249,240 )     (223,268 )
Proceeds from sale of property and equipment     3,853       2,704  
Other, including acquisitions, net of cash acquired     (155,366 )     (956 )
Net cash used in investing activities     (400,753 )     (221,520 )
             
Financing activities:            
Proceeds from borrowings on revolving credit facility     30,000       1,216,000  
Payments on revolving credit facility     —       (661,000 )
Net payments of commercial paper     (310,805 )     —  
Repurchases of common stock     (270,019 )     (1,111,461 )
Net proceeds from issuance of common stock     57,815       15,146  
Other     (569 )     (354 )
Net cash used in financing activities     (493,578 )     (541,669 )
             
Effect of exchange rate changes on cash     248       714  
Net decrease in cash and cash equivalents     (189,868 )     (48,711 )
Cash and cash equivalents at beginning of the period     279,132       108,583  
Cash and cash equivalents at end of the period   $ 89,264     $ 59,872  
             
Supplemental disclosures of cash flow information:            
Income taxes paid   $ 9,798     $ 9,696  
Interest paid, net of capitalized interest     34,671       26,531  
                 

 

O’REILLY AUTOMOTIVE, INC. AND SUBSIDIARIES
SELECTED FINANCIAL INFORMATION
(Unaudited)
               
    For the Twelve Months Ended
    March 31, 
Adjusted Debt to EBITDAR:   2024   2023
(In thousands, except adjusted debt to EBITDAR ratio)            
GAAP debt   $ 5,288,632   $ 4,927,678
Add: Letters of credit     137,848     116,688
  Unamortized discount and debt issuance costs     28,368     27,322
  Six-times rent expense     2,587,056     2,404,986
Adjusted debt   $ 8,041,904   $ 7,476,674
             
GAAP net income   $ 2,376,934   $ 2,207,655
Add: Interest expense     214,244     167,451
  Provision for income taxes     650,786     635,159
  Depreciation and amortization     424,962     368,757
  Share-based compensation expense     27,098     27,360
  Rent expense (i)     431,176     400,831
EBITDAR   $ 4,125,200   $ 3,807,213
             
Adjusted debt to EBITDAR     1.95     1.96
 

 

(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 March 31, 2024 and 2023 (in thousands):

  

               
    For the Twelve Months Ended
    March 31,
    2024   2023
Total lease cost, per ASC 842   $ 510,208   $ 476,439
Less: Variable non-contract operating lease components, related to property taxes and insurance     79,032     75,608
Rent expense   $ 431,176   $ 400,831

 

                 
    March 31, 
    2024   2023
Selected Balance Sheet Ratios:                
Inventory turnover (1)     1.7       1.7  
Average inventory per store (in thousands) (2)   $ 773     $ 754  
Accounts payable to inventory (3)     127.3 %     133.3 %

 

               
      For the Three Months Ended
      March 31, 
      2024   2023
Reconciliation of Free Cash Flow (in thousands):            
Net cash provided by operating activities   $ 704,215   $ 713,764
Less: Capital expenditures     249,240     223,268
  Excess tax benefit from share-based compensation payments     16,120     4,378
Free cash flow   $ 438,855   $ 486,118

 

             
    For the Three Months Ended
    March 31, 
       2024   2023
Revenue Disaggregation (in thousands):          
Sales to do-it-yourself customers $ 2,001,986   $ 1,918,467
Sales to professional service provider customers     1,869,740     1,711,964
Other sales, sales adjustments, and sales from the acquired Vast Auto stores     104,514     77,433
Total sales   $ 3,976,240   $ 3,707,864

 

                 
    For the Three Months Ended   For the Twelve Months Ended
    March 31,    March 31, 
       2024   2023      2024   2023
Store Count:                
Beginning domestic store count   6,095   5,929     5,986     5,811  
New stores opened   36   59     146     179  
Stores closed   —   (2 )   (1 )   (4 )
Ending domestic store count   6,131   5,986     6,131     5,986  
                 
Beginning Mexico store count   62   42     43     27  
New stores opened   1   1     20     16  
Ending Mexico store count   63   43     63     43  
                 
Beginning Canada store count   —   —     —     —  
Stores acquired   23   —     23     —  
Ending Canada store count   23   —     23     —  
                 
Total ending store count   6,217   6,029     6,217     6,029  

 

                         
    For the Three Months Ended   For the Twelve Months Ended
    March 31,    March 31, 
       2024   2023   2024   2023
Store and Team Member Information:                        
Total employment     90,601     89,125            
Square footage (in thousands) (4)     47,143     45,117            
Sales per weighted-average square foot (4)(5)   $ 82.59   $ 81.09   $ 341.62   $ 328.29
Sales per weighted-average store (in thousands) (4)(6)   $ 634   $ 611   $ 2,601   $ 2,467

 

(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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      Dorman Releases Dozens of Automotive Repair Solutions
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      link hidden, please login to view announced the release of 164 new automotive repair solutions this month for its Light Duty segment. The new products join a growing Light Duty catalog of over 133,000 SKUs, offering millions of new sales opportunities for automotive parts distributors, retailers and repair shops, as well as more accessible solutions for vehicle owners, according to Dorman. This month’s releases include a dozen new Dorman OE FIX repair innovations that provide customers with improved performance and repair convenience that they may not be able to obtain with parts acquired from a dealership,
      link hidden, please login to view said. The company added that one of those OE FIX innovations is an upgraded camshaft bridge cover designed for select Volkswagen and Audi vehicles equipped with 2.0L engines. The original equipment cover may fail from pressure pulsations that can cause internal component damage. The Dorman replacement features several design improvements that help mitigate the pulsations and prevent filter clogging that can starve the engine for oil and harm vehicle performance.
      “At Dorman, innovation drives everything we do,” said Eric Luftig, senior vice president. “We’re proud to bring groundbreaking solutions to the automotive aftermarket, helping consumers find the right parts when they need them most. Our commitment to empowering vehicle owners and repair professionals with quality, accessibility and reliability continues to fuel our passion for progress.”
      Dorman said it continues to expand its components for turbocharger repair and replacement, adding a new OE FIX oil feed line constructed of braided stainless steel over the line’s flexible sections. The line is engineered to offer a more durable replacement compared to the original equipment’s braided nylon sheathing used in certain Ford Escape and Ford Fusion models, the company said.
      Additional highlights for March include:
      An OE FIX radiator outlet hose for select Dodge Durango and Jeep Grand Cherokee SUVs. The line features a rugged aluminum Y-connector in place of the factory’s plastic connector. A main battery fuse with coverage designed for a significant number of Cadillac and Chevrolet vehicles, and engineered to match the performance of the original equipment fuse. A new transmission oil cooler designed to match the performance of the factory cooler on select Dodge Durango SUVs. The cooler joins a comprehensive lineup of quality fluid coolers from Dorman.
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