O'Reilly Auto Parts 2014 Annual Report Download - page 29

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FORM 10-K
22
Years ended December 31, 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005
(In thousands, except per share,
Team Members, stores and ratio
data)
BALANCE SHEET DATA:
Working capital ($) 236,422 412,191 460,083 1,027,600 1,072,294 1,007,576 821,932 573,328 566,892 424,974
Total assets ($) 6,540,301 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
Inventory turnover 1.4 1.4 1.4 1.5 1.4 1.4 1.6 1.6 1.6 1.7
Inventory turnover, net of
payables 21.8 10.7 7.4 3.4 2.5 2.6 3.1 3.0 2.8 2.8
Accounts payable to inventory 94.6% 86.6% 84.7% 64.4% 44.3% 42.8% 46.9% 43.2% 39.2% 40.3%
Current portion of long-term
debt and short-term debt ($) 25 67 222 662 1,431 106,708 8,131 25,320 309 75,313
Long-term debt, less current
portion ($) 1,396,615 1,396,141 1,095,734 796,912 357,273 684,040 724,564 75,149 110,170 25,461
Shareholders' equity ($) 2,018,418 1,966,321 2,108,307 2,844,851 3,209,685 2,685,865 2,282,218 1,592,477 1,364,096 1,145,769
CASH FLOW DATA:
Cash provided by operating
activities ($) 1,190,430 908,026 1,251,555 1,118,991 703,687 285,200 298,542 299,418 185,928 206,685
Capital expenditures 429,987 395,881 300,719 328,319 365,419 414,779 341,679 282,655 228,871 205,159
Free cash flow (f) 760,443 512,145 950,836 790,672 338,268 (129,579) (43,137) 16,763 (42,943) 1,526
(a) Adjusted for a 2-for-1 stock split in 2005.
(b) 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.
(c) 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.
(d) 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.
(e) 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.
(f) Free cash flow is calculated as net cash provided by operating activities, less capital expenditures for the period.