O’Reilly Automotive, Inc. Reports Third Quarter 2024 Results
O'Reilly Automotive (ORLY) reported Q3 2024 results with revenue increasing 4% to $4.36 billion and comparable store sales growth of 1.5%. Net income rose 2% to $665 million, with diluted EPS up 6% to $11.41. The company updated its full-year 2024 guidance, tightening comparable store sales expectations to 2.0-3.0% from previous 2.0-4.0%. Gross profit increased 4% to $2.25 billion, while operating income remained flat at $897 million. During Q3, the company repurchased 0.5 million shares for $541 million and operated 6,291 stores across U.S., Puerto Rico, Mexico, and Canada.
O'Reilly Automotive (ORLY) ha riportato i risultati del terzo trimestre 2024 con un aumento del fatturato del 4% a 4,36 miliardi di dollari e una crescita delle vendite nei negozi comparabili dell'1,5%. L'utile netto è aumentato del 2% a 665 milioni di dollari, con l’EPS diluito in crescita del 6% a 11,41 dollari. L'azienda ha aggiornato le previsioni per l'intero anno 2024, restringendo le aspettative di vendita nelle stesse attività a un range del 2,0-3,0% rispetto al precedente 2,0-4,0%. Il profitto lordo è aumentato del 4% a 2,25 miliardi di dollari, mentre l'utile operativo è rimasto stabile a 897 milioni di dollari. Durante il terzo trimestre, l'azienda ha riacquistato 0,5 milioni di azioni per 541 milioni di dollari e gestito 6.291 negozi negli Stati Uniti, Porto Rico, Messico e Canada.
O'Reilly Automotive (ORLY) reportó los resultados del tercer trimestre de 2024, con un aumento del 4% en los ingresos, alcanzando 4.36 mil millones de dólares y un crecimiento en ventas de tiendas comparables del 1.5%. El ingreso neto aumentó un 2% hasta 665 millones de dólares, y las ganancias por acción diluidas subieron un 6% a 11.41 dólares. La compañía actualizó su guía para el año completo 2024, ajustando las expectativas de ventas en tiendas comparables a un rango del 2.0-3.0% en lugar del anterior 2.0-4.0%. El beneficio bruto aumentó un 4% a 2.25 mil millones de dólares, mientras que el ingreso operativo se mantuvo plano en 897 millones de dólares. Durante el tercer trimestre, la empresa recompró 0.5 millones de acciones por 541 millones de dólares y operó 6,291 tiendas en EE. UU., Puerto Rico, México y Canadá.
오라일리 오토모티브 (ORLY)는 2024년 3분기 실적을 발표하며 수익이 4% 증가하여 43억 6천만 달러에 이르고, 비교 가능한 매장 판매는 1.5% 성장했습니다. 순이익은 2% 증가하여 6억 6천 5백만 달러로, 희석 주당순이익(EPS)은 6% 증가하여 11.41 달러에 도달했습니다. 회사는 2024년 전체 연도 가이던스를 업데이트하며 비교 가능한 매장 판매 전망을 이전의 2.0-4.0%에서 2.0-3.0%로 축소했습니다. 총 이익은 4% 증가하여 22억 5천만 달러에 이르고, 운영 이익은 8억 9천 7백만 달러로 변동이 없었습니다. 3분기 동안, 회사는 5억 4천 1백만 달러에 50만 주를 재매입했으며, 미국, 푸에르토리코, 멕시코 및 캐나다에서 6,291개의 매장을 운영했습니다.
O'Reilly Automotive (ORLY) a annoncé ses résultats pour le 3e trimestre 2024, avec des revenus en hausse de 4% à 4,36 milliards de dollars et une croissance des ventes dans les magasins comparables de 1,5%. Le bénéfice net a augmenté de 2% à 665 millions de dollars, avec un BPA dilué en hausse de 6% à 11,41 dollars. L'entreprise a mis à jour ses prévisions pour l'année entière 2024, en resserrant les attentes de ventes dans les magasins comparables à 2,0-3,0% contre 2,0-4,0% auparavant. Le bénéfice brut a augmenté de 4% à 2,25 milliards de dollars, tandis que le résultat d'exploitation est resté stable à 897 millions de dollars. Au cours du 3e trimestre, la société a racheté 0,5 million d'actions pour 541 millions de dollars et a exploité 6 291 magasins aux États-Unis, à Porto Rico, au Mexique et au Canada.
O'Reilly Automotive (ORLY) hat die Ergebnisse des 3. Quartals 2024 veröffentlicht, wobei der Umsatz um 4% auf 4,36 Milliarden Dollar gestiegen ist und das Wachstum der vergleichbaren Einzelhandelsumsätze 1,5% betrug. Der Nettogewinn stieg um 2% auf 665 Millionen Dollar, während der verwässerte Gewinn pro Aktie um 6% auf 11,41 Dollar anstieg. Das Unternehmen aktualisierte seine Prognose für das Gesamtjahr 2024 und passte die Erwartungen an den vergleichbaren Einzelhandelsumsatz auf 2,0-3,0% von zuvor 2,0-4,0% an. Der Bruttogewinn erhöhte sich um 4% auf 2,25 Milliarden Dollar, während das Betriebsergebnis bei 897 Millionen Dollar stabil blieb. Im 3. Quartal kaufte das Unternehmen 0,5 Millionen Aktien für 541 Millionen Dollar zurück und betrieb 6.291 Geschäfte in den USA, Puerto Rico, Mexiko und Kanada.
- Revenue increased 4% to $4.36 billion in Q3 2024
- Net income grew 2% to $665 million
- Diluted EPS increased 6% to $11.41
- Gross profit margin improved to 51.6% from 51.4% year-over-year
- Strong professional business growth and market share gains
- Comparable store sales growth slowed to 1.5% vs 8.7% in prior year
- Operating margin declined to 20.5% from 21.3% year-over-year
- SG&A expenses increased 7%, outpacing revenue growth
- Lowered full-year comparable store sales guidance
- Faced broad-based consumer pressures and soft demand environment
Insights
O'Reilly's Q3 results reveal a mixed performance with some concerning trends. The
The company's aggressive share buyback program continues, with
The automotive aftermarket sector is showing signs of pressure, with O'Reilly's results indicating broader industry challenges. Consumer spending constraints are affecting both DIY and professional segments, though the company continues to gain market share in the professional business. The reduced guidance suggests a cautious outlook for the remainder of 2024, reflecting broader economic headwinds.
Despite current headwinds, O'Reilly maintains strong cash generation with
- Third quarter comparable store sales growth of
1.5% 6% increase in third quarter diluted earnings per share to$11.41 $2.4 billion net cash provided by operating activities year-to-date
SPRINGFIELD, Mo., Oct. 23, 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 third quarter ended September 30, 2024.
3rd Quarter Financial Results
Brad Beckham, O’Reilly’s CEO, commented, “Our comparable store sales increased
Sales for the third quarter ended September 30, 2024, increased
Net income for the third quarter ended September 30, 2024, increased
Year-to-Date Financial Results
Mr. Beckham concluded, “We are tightening our full-year comparable store sales guidance from a range of
Sales for the first nine months of 2024 increased
Net income for the first nine months of 2024 increased
3rd 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 nine months ended September 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
Share Repurchase Program
During the third quarter ended September 30, 2024, the Company repurchased 0.5 million shares of its common stock, at an average price per share of
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 | ||
Total revenue | ||
Gross profit as a percentage of sales | ||
Operating income as a percentage of sales | ||
Effective income tax rate | ||
Diluted earnings per share (1) | ||
Net cash provided by operating activities | ||
Capital expenditures | ||
Free cash flow (2) | ||
(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 | $ | 2,730 | to | $ | 3,140 | ||||
Less: | Capital expenditures | 900 | to | 1,000 | |||||
Excess tax benefit from share-based compensation payments | 30 | to | 40 | ||||||
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, October 24, 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 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 (888) 506-0062 and the conference call identification number is 560004. A replay of the conference call will be available on the Company’s website through Thursday, October 23, 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 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 September 30, 2024, the Company operated 6,291 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 |
Leslie Skorick (417) 874-7142 | |
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) | ||||||||||||
September 30, 2024 | September 30, 2023 | December 31, 2023 | ||||||||||
(Unaudited) | (Unaudited) | (Note) | ||||||||||
Assets | ||||||||||||
Current assets: | ||||||||||||
Cash and cash equivalents | $ | 115,613 | $ | 82,664 | $ | 279,132 | ||||||
Accounts receivable, net | 401,950 | 399,654 | 375,049 | |||||||||
Amounts receivable from suppliers | 154,300 | 156,727 | 140,443 | |||||||||
Inventory | 4,913,237 | 4,631,511 | 4,658,367 | |||||||||
Other current assets | 113,187 | 107,156 | 105,311 | |||||||||
Total current assets | 5,698,287 | 5,377,712 | 5,558,302 | |||||||||
Property and equipment, at cost | 8,969,137 | 8,136,342 | 8,312,367 | |||||||||
Less: accumulated depreciation and amortization | 3,532,755 | 3,248,165 | 3,275,387 | |||||||||
Net property and equipment | 5,436,382 | 4,888,177 | 5,036,980 | |||||||||
Operating lease, right-of-use assets | 2,269,929 | 2,213,884 | 2,200,554 | |||||||||
Goodwill | 997,226 | 895,399 | 897,696 | |||||||||
Other assets, net | 175,698 | 176,666 | 179,463 | |||||||||
Total assets | $ | 14,577,522 | $ | 13,551,838 | $ | 13,872,995 | ||||||
Liabilities and shareholders’ deficit | ||||||||||||
Current liabilities: | ||||||||||||
Accounts payable | $ | 6,359,619 | $ | 6,199,816 | $ | 6,091,700 | ||||||
Self-insurance reserves | 123,505 | 128,892 | 128,548 | |||||||||
Accrued payroll | 141,361 | 124,040 | 138,122 | |||||||||
Accrued benefits and withholdings | 201,351 | 170,550 | 174,650 | |||||||||
Income taxes payable | 206,776 | 325,693 | 7,860 | |||||||||
Current portion of operating lease liabilities | 408,571 | 385,942 | 389,536 | |||||||||
Other current liabilities | 743,982 | 496,149 | 730,937 | |||||||||
Total current liabilities | 8,185,165 | 7,831,082 | 7,661,353 | |||||||||
Long-term debt | 5,359,810 | 5,102,350 | 5,570,125 | |||||||||
Operating lease liabilities, less current portion | 1,938,162 | 1,895,991 | 1,881,344 | |||||||||
Deferred income taxes | 325,869 | 282,894 | 295,471 | |||||||||
Other liabilities | 207,580 | 199,990 | 203,980 | |||||||||
Shareholders’ equity (deficit): | ||||||||||||
Common stock, | ||||||||||||
Authorized shares – 245,000,000 | ||||||||||||
Issued and outstanding shares – | ||||||||||||
57,838,920 as of September 30, 2024, | ||||||||||||
59,621,138 as of September 30, 2023, and | ||||||||||||
59,072,792 as of December 31, 2023 | 578 | 596 | 591 | |||||||||
Additional paid-in capital | 1,449,447 | 1,341,163 | 1,352,275 | |||||||||
Retained deficit | (2,875,955 | ) | (3,132,517 | ) | (3,131,532 | ) | ||||||
Accumulated other comprehensive (loss) income | (13,134 | ) | 30,289 | 39,388 | ||||||||
Total shareholders’ deficit | (1,439,064 | ) | (1,760,469 | ) | (1,739,278 | ) | ||||||
Total liabilities and shareholders’ deficit | $ | 14,577,522 | $ | 13,551,838 | $ | 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 Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Sales | $ | 4,364,437 | $ | 4,203,380 | $ | 12,612,878 | $ | 11,980,235 | ||||||||
Cost of goods sold, including warehouse and distribution expenses | 2,113,212 | 2,042,917 | 6,159,421 | 5,842,861 | ||||||||||||
Gross profit | 2,251,225 | 2,160,463 | 6,453,457 | 6,137,374 | ||||||||||||
Selling, general and administrative expenses | 1,354,497 | 1,263,241 | 3,940,950 | 3,669,734 | ||||||||||||
Operating income | 896,728 | 897,222 | 2,512,507 | 2,467,640 | ||||||||||||
Other income (expense): | ||||||||||||||||
Interest expense | (55,166 | ) | (51,361 | ) | (167,145 | ) | (145,520 | ) | ||||||||
Interest income | 2,055 | 1,292 | 5,239 | 2,920 | ||||||||||||
Other, net | 4,304 | (486 | ) | 9,266 | 8,179 | |||||||||||
Total other expense | (48,807 | ) | (50,555 | ) | (152,640 | ) | (134,421 | ) | ||||||||
Income before income taxes | 847,921 | 846,667 | 2,359,867 | 2,333,219 | ||||||||||||
Provision for income taxes | 182,457 | 196,840 | 524,317 | 539,142 | ||||||||||||
Net income | $ | 665,464 | $ | 649,827 | $ | 1,835,550 | $ | 1,794,077 | ||||||||
Earnings per share-basic: | ||||||||||||||||
Earnings per share | $ | 11.47 | $ | 10.82 | $ | 31.34 | $ | 29.46 | ||||||||
Weighted-average common shares outstanding – basic | 57,998 | 60,082 | 58,563 | 60,905 | ||||||||||||
Earnings per share-assuming dilution: | ||||||||||||||||
Earnings per share | $ | 11.41 | $ | 10.72 | $ | 31.14 | $ | 29.20 | ||||||||
Weighted-average common shares outstanding – assuming dilution | 58,335 | 60,590 | 58,942 | 61,445 |
O’REILLY AUTOMOTIVE, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In thousands) | ||||||||
For the Nine Months Ended | ||||||||
September 30, | ||||||||
2024 | 2023 | |||||||
Operating activities: | ||||||||
Net income | $ | 1,835,550 | $ | 1,794,077 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization of property, equipment and intangibles | 339,324 | 296,583 | ||||||
Amortization of debt discount and issuance costs | 4,870 | 3,597 | ||||||
Deferred income taxes | 8,536 | 35,982 | ||||||
Share-based compensation programs | 21,600 | 21,948 | ||||||
Other | 5,928 | 3,574 | ||||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable | (9,175 | ) | (58,658 | ) | ||||
Inventory | (212,491 | ) | (263,896 | ) | ||||
Accounts payable | 252,454 | 315,910 | ||||||
Income taxes payable | 198,780 | 353,366 | ||||||
Other | (20,287 | ) | 15,172 | |||||
Net cash provided by operating activities | 2,425,089 | 2,517,655 | ||||||
Investing activities: | ||||||||
Purchases of property and equipment | (732,916 | ) | (753,958 | ) | ||||
Proceeds from sale of property and equipment | 10,268 | 10,461 | ||||||
Investment in tax credit equity investments | — | (4,150 | ) | |||||
Other, including acquisitions, net of cash acquired | (160,960 | ) | (2,126 | ) | ||||
Net cash used in investing activities | (883,608 | ) | (749,773 | ) | ||||
Financing activities: | ||||||||
Proceeds from borrowings on revolving credit facility | 30,000 | 3,227,000 | ||||||
Payments on revolving credit facility | (30,000 | ) | (3,227,000 | ) | ||||
Net (payments) proceeds of commercial paper | (706,850 | ) | 1,025,075 | |||||
Proceeds from the issuance of long-term debt | 498,910 | — | ||||||
Principal payments on long-term debt | — | (300,000 | ) | |||||
Payment of debt issuance costs | (3,900 | ) | (39 | ) | ||||
Repurchases of common stock | (1,604,509 | ) | (2,590,980 | ) | ||||
Net proceeds from issuance of common stock | 112,825 | 71,604 | ||||||
Other | (569 | ) | (354 | ) | ||||
Net cash used in financing activities | (1,704,093 | ) | (1,794,694 | ) | ||||
Effect of exchange rate changes on cash | (907 | ) | 893 | |||||
Net decrease in cash and cash equivalents | (163,519 | ) | (25,919 | ) | ||||
Cash and cash equivalents at beginning of the period | 279,132 | 108,583 | ||||||
Cash and cash equivalents at end of the period | $ | 115,613 | $ | 82,664 | ||||
Supplemental disclosures of cash flow information: | ||||||||
Income taxes paid | $ | 419,331 | $ | 147,128 | ||||
Interest paid, net of capitalized interest | 139,228 | 127,085 |
O’REILLY AUTOMOTIVE, INC. AND SUBSIDIARIES SELECTED FINANCIAL INFORMATION (Unaudited) | |||||||||
For the Twelve Months Ended | |||||||||
September 30, | |||||||||
Adjusted Debt to EBITDAR: | 2024 | 2023 | |||||||
(In thousands, except adjusted debt to EBITDAR ratio) | |||||||||
GAAP debt | $ | 5,359,810 | $ | 5,102,350 | |||||
Add: | Letters of credit | 127,234 | 111,732 | ||||||
Unamortized discount and debt issuance costs | 30,190 | 27,650 | |||||||
Six-times rent expense | 2,664,996 | 2,507,928 | |||||||
Adjusted debt | $ | 8,182,230 | $ | 7,749,660 | |||||
GAAP net income | $ | 2,388,054 | $ | 2,322,649 | |||||
Add: | Interest expense | 223,293 | 187,851 | ||||||
Provision for income taxes | 643,344 | 656,817 | |||||||
Depreciation and amortization | 451,802 | 396,468 | |||||||
Share-based compensation expense | 27,163 | 29,493 | |||||||
Rent expense (i) | 444,166 | 417,988 | |||||||
EBITDAR | $ | 4,177,822 | $ | 4,011,266 | |||||
Adjusted debt to EBITDAR | 1.96 | 1.93 | |||||||
(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 September 30, 2024 and 2023 (in thousands):
For the Twelve Months Ended | |||||||||
September 30, | |||||||||
2024 | 2023 | ||||||||
Total lease cost, per ASC 842 | $ | 530,689 | $ | 495,360 | |||||
Less: | Variable non-contract operating lease components, related to property taxes and insurance | 86,523 | 77,372 | ||||||
Rent expense | $ | 444,166 | $ | 417,988 |
September 30, | ||||||||
2024 | 2023 | |||||||
Selected Balance Sheet Ratios: | ||||||||
Inventory turnover (1) | 1.7 | 1.7 | ||||||
Average inventory per store (in thousands) (2) | $ | 781 | $ | 758 | ||||
Accounts payable to inventory (3) | 129.4 | % | 133.9 | % |
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||
Reconciliation of Free Cash Flow (in thousands): | |||||||||||||||||
Net cash provided by operating activities | $ | 772,015 | $ | 866,286 | $ | 2,425,089 | $ | 2,517,655 | |||||||||
Less: | Capital expenditures | 258,309 | 293,016 | 732,916 | 753,958 | ||||||||||||
Excess tax benefit from share-based compensation payments | 13,666 | 8,862 | 35,044 | 27,852 | |||||||||||||
Investment in tax credit equity investments | — | 1 | — | 4,150 | |||||||||||||
Free cash flow | $ | 500,040 | $ | 564,407 | $ | 1,657,129 | $ | 1,731,695 |
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Revenue Disaggregation (in thousands): | ||||||||||||||||
Sales to do-it-yourself customers | $ | 2,215,640 | $ | 2,206,511 | $ | 6,366,670 | $ | 6,254,980 | ||||||||
Sales to professional service provider customers | 2,032,376 | 1,914,884 | 5,901,820 | 5,480,212 | ||||||||||||
Other sales, sales adjustments, and sales from the acquired Vast Auto stores | 116,421 | 81,985 | 344,388 | 245,043 | ||||||||||||
Total sales | $ | 4,364,437 | $ | 4,203,380 | $ | 12,612,878 | $ | 11,980,235 |
For the Three Months Ended | For the Nine Months Ended | For the Twelve Months Ended | ||||||||||||||||
September 30, | September 30, | September 30, | ||||||||||||||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |||||||||||||
Store Count: | ||||||||||||||||||
Beginning domestic store count | 6,152 | 6,027 | 6,095 | 5,929 | 6,063 | 5,910 | ||||||||||||
New stores opened | 35 | 36 | 92 | 136 | 125 | 156 | ||||||||||||
Stores closed | — | — | — | (2 | ) | (1 | ) | (3 | ) | |||||||||
Ending domestic store count | 6,187 | 6,063 | 6,187 | 6,063 | 6,187 | 6,063 | ||||||||||||
Beginning Mexico store count | 69 | 44 | 62 | 42 | 48 | 28 | ||||||||||||
New stores opened | 9 | 4 | 16 | 6 | 30 | 20 | ||||||||||||
Ending Mexico store count | 78 | 48 | 78 | 48 | 78 | 48 | ||||||||||||
Beginning Canada store count | 23 | — | — | — | — | — | ||||||||||||
Stores acquired | — | — | 23 | — | 23 | — | ||||||||||||
New stores opened | 3 | — | 3 | — | 3 | — | ||||||||||||
Ending Canada store count | 26 | — | 26 | — | 26 | — | ||||||||||||
Total ending store count | 6,291 | 6,111 | 6,291 | 6,111 | 6,291 | 6,111 |
For the Three Months Ended | For the Twelve Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Store and Team Member Information: | ||||||||||||||||
Total employment | 92,709 | 90,910 | ||||||||||||||
Square footage (in thousands) (4) | 47,949 | 46,258 | ||||||||||||||
Sales per weighted-average square foot (4)(5) | $ | 89.17 | $ | 89.99 | $ | 340.84 | $ | 339.76 | ||||||||
Sales per weighted-average store (in thousands) (4)(6) | $ | 689 | $ | 683 | $ | 2,620 | $ | 2,564 | ||||||||
(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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