O'Reilly Auto Parts 2013 Annual Report Download - page 30

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FORM 10-K
24
Years ended December 31, 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004
SELECTED OPERATING
DATA:
Number of Team Members at
year end 61,909 53,063 49,324 46,858 44,880 40,735 23,576 21,920 19,614 17,410
Number of stores at year end
(c) 4,166 3,976 3,740 3,570 3,421 3,285 1,830 1,640 1,470 1,249
Total store square footage at
year end (in 000s)(d) 30,077 28,628 26,530 25,315 24,200 23,205 12,439 11,004 9,801 8,318
Sales per weighted-average
store (in 000s)(d)($) 1,614 1,590 1,566 1,527 1,424 1,379 1,430 1,439 1,478 1,443
Sales per weighted-average
square foot (in 000s)(d)($) 224 224 221 216 202 201 212 215 220 217
Percentage increase in same
store sales (e)(f) 4.3% 3.8% 4.6% 8.8% 4.6% 1.5% 3.7% 3.3% 7.5% 6.8%
Years ended December 31, 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004
(In thousands, except ratio
data)
BALANCE SHEET DATA:
Working capital ($) 412,191 460,083 1,027,600 1,072,294 1,007,576 821,932 573,328 566,892 424,974 479,662
Total assets ($) 6,067,208 5,749,187 5,500,501 5,047,827 4,781,471 4,193,317 2,279,737 1,977,496 1,718,896 1,432,357
Inventory turnover 1.4 1.4 1.5 1.4 1.4 1.6 1.6 1.6 1.7 1.6
Inventory turnover, net of
payables 10.7 7.4 3.4 2.5 2.6 3.1 3.0 2.8 2.8 2.5
Accounts payable to
inventory 86.6% 84.7% 64.4% 44.3% 42.8% 46.9% 43.2% 39.2% 40.3% 38.5%
Current portion of long-term
debt and short-term debt ($) 67 222 662 1,431 106,708 8,131 25,320 309 75,313 592
Long-term debt, less current
portion ($) 1,396,141 1,095,734 796,912 357,273 684,040 724,564 75,149 110,170 25,461 100,322
Shareholders’ equity ($) 1,966,321 2,108,307 2,844,851 3,209,685 2,685,865 2,282,218 1,592,477 1,364,096 1,145,769 947,817
Years ended December 31, 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004
(In thousands)
CASH FLOW DATA:
Cash provided by operating
activities ($) 908,026 1,251,555 1,118,991 703,687 285,200 298,542 299,418 185,928 206,685 226,536
Capital expenditures 395,881 300,719 328,319 365,419 414,779 341,679 282,655 228,871 205,159 173,486
Free cash flow (g) 512,145 950,836 790,672 338,268 (129,579) (43,137) 16,763 (42,943) 1,526 53,050
(a) The cumulative change in accounting method, effective January 1, 2004, changed the method of applying last-in, first-out accounting policy for certain inventory
costs. Under the new method, included in the value of inventory are certain procurement, warehousing and distribution center costs. The previous method was to
recognize those costs as incurred, reported as a component of costs of goods sold.
(b) Adjusted for a 2-for-1 stock split in 2005.
(c) In 2005, 2008 and 2012, the Company acquired Midwest Auto Parts Distributors (“Midwest”), CSK Auto Corporation (“CSK”) and VIP Parts, Tires & Service
(“VIP”), respectively. The 2005 Midwest acquisition added 72 stores, the 2008 CSK acquisition added 1,342 stores and the 2012 VIP acquisition added 56 stores to
the O’Reilly store count. Financial results for these acquired companies have been included in the Company’s consolidated financial statements from the dates of
the acquisitions forward.
(d) Total square footage includes normal selling, office, stockroom and receiving space. Sales per weighted-average store and square foot are weighted to consider the
approximate dates of store openings, expansions, closures or acquisitions.
(e) Same-store sales are calculated based on the change in sales of stores open at least one year. Percentage increase in same-store sales is calculated based on store
sales results, which exclude sales of specialty machinery, sales by outside salesmen, sales to Team Members and sales during the one to two week period certain CSK
branded stores were closed for conversion.
(f) Same-store sales for 2008 include sales for stores acquired in the CSK acquisition. Comparable store sales for stores operating on O’Reilly systems open at least
one year increased 2.6% for the year ended December 31, 2008. Comparable store sales for stores operating on the legacy CSK system open at least one year decreased
1.7% for the portion of CSK’s sales in 2008 since the July 11, 2008, acquisition.
(g) Free cash flow is calculated as net cash provided by operating activities, less capital expenditures for the period.