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

    in O'Reilly Auto Parts Forum

    Posted

    • 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 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 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 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 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.

     

    O’Reilly Automotive, Inc. Announces Dates for Its First Quarter 2024 Earnings Release and Conference Call

    in O'Reilly Auto Parts Forum

    Posted

    SPRINGFIELD, Mo., April 01, 2024 (GLOBE NEWSWIRE) -- O’Reilly Automotive, Inc. (the “Company” or “O’Reilly”) (Nasdaq: ORLY), a leading retailer in the automotive aftermarket industry, announces the release date for its first quarter 2024 results as Wednesday, April 24, 2024, with a conference call to follow on Thursday, April 25, 2024.

    The Company’s first quarter 2024 results will be released after 3:30 p.m. Central Time on Wednesday, April 24, 2024, and can be viewed, at that time, on the Company’s website at www.OReillyAuto.com by clicking on “Investor Relations” and then “News Room.”

    Investors are invited to listen to the Company’s conference call discussing the financial results for the first quarter of 2024, on Thursday, April 25, 2024, at 10:00 a.m. Central Time, via webcast 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 193896. A replay of the conference call will be available on the Company’s website through 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 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 December 31, 2023, the Company operated 6,157 stores across 48 U.S. states, Puerto Rico, and Mexico. 

     

    View the full article

    O’Reilly Automotive, Inc. Reports Fourth Quarter And Full-Year 2023 Results

    in O'Reilly Auto Parts Forum

    Posted

    • Fourth quarter comparable store sales growth of 3.4%, full-year increase of 7.9%
    • 11% increase in fourth quarter diluted earnings per share to $9.26, full-year increase of 15% to $38.47
    • Completed previously announced Leadership Succession Plan

    SPRINGFIELD, Mo., Feb. 07, 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 fourth quarter and full-year ended December 31, 2023. The results represent 31 consecutive years of comparable store sales growth and record revenue and operating income for O’Reilly since becoming a public company in April of 1993

    View the full article

    O’Reilly Automotive, Inc. Announces Dates for Its Fourth Quarter and Full-Year 2023 Earnings Release and Conference Call

    in O'Reilly Auto Parts Forum

    Posted

    SPRINGFIELD, Mo., Jan. 02, 2024 (GLOBE NEWSWIRE) -- O’Reilly Automotive, Inc. (the “Company” or “O’Reilly”) (Nasdaq: ORLY), a leading retailer in the automotive aftermarket industry, announces the release date for its fourth quarter and full-year 2023 results as Wednesday, February 7, 2024, with a conference call to follow on Thursday, February 8, 2024.

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    O’Reilly Automotive, Inc. to Acquire Groupe Del Vasto, Headquartered in Montreal, Canada

    in O'Reilly Auto Parts Forum

    Posted

     

    SPRINGFIELD, Mo., Dec. 18, 2023 (GLOBE NEWSWIRE) -- O’Reilly Automotive, Inc. (the “Company” or “O’Reilly”) (Nasdaq: ORLY), a leading retailer in the automotive aftermarket industry, announced that it has entered into a definitive stock purchase agreement with the shareholders of Groupe Del Vasto, headquartered in Montreal, Quebec, Canada, under which O’Reilly will acquire all of the outstanding shares of Groupe Del Vasto and its affiliated entities. The stock purchase is expected to be completed in January 2024, subject to customary closing conditions and regulatory approvals. Groupe Del Vasto operates as Vast-Auto Distribution (“Vast-Auto”).

    “We are excited to announce our purchase agreement with Vast-Auto, a highly respected, family-owned and operated auto parts supplier in Canada,” said Greg Johnson, O’Reilly CEO. “From their beginning more than 35 years ago, Vast-Auto has built a very successful business by focusing on the same fundamental culture values of hard work and excellent customer service that have also been key to O’Reilly’s success. This strategic acquisition represents another important milestone in O’Reilly’s rich history, as we extend our footprint into Canada and continue our long track record of profitable growth throughout North America.”

    Vast-Auto operates two distribution centers and six satellite warehouses that support a network of 23 company-owned stores, hundreds of strategic independent partners, as well as a widespread service reach that extends to thousands of other independent jobber and professional customers across Eastern Canada.

    “Vast-Auto’s seasoned management team, led by Mauro Cifelli, will continue to operate the business,” said Brad Beckham, O’Reilly Co-President. “Partnering with the experienced O’Reilly leadership, we will continue to grow the successful and profitable organization they’ve established. We cannot wait to welcome the more than 500 Vast-Auto team members to the O’Reilly family and look forward to working together as we build upon Vast-Auto’s strong and rich history in the Canadian automotive aftermarket, as our two amazing teams come together as one.”

    Vast-Auto leadership is equally excited about the acquisition. “This is a significant milestone and fantastic opportunity for Vast-Auto and will be a catalyst to accelerate our expansion throughout Canada,” said Mauro Cifelli, Vast-Auto’s president and CEO. “Our company has always been committed to a strong culture, hard work, and exceptional customer service and these values align perfectly with O’Reilly’s culture. We recognize the unique contributions that each company brings to the table and are excited to become a part of the O’Reilly family.”

    John Del Vasto, founder and chairman of Groupe Del Vasto, began his career as a mechanic and then owner of a service station and an auto parts store. “Our number one priority was finding the right long-term partner to safeguard the legacy of Vast-Auto,” he said. “O’Reilly has a very similar heritage to our company, and we know that our entire team will thrive under the ownership of O’Reilly far into the future we build together.”

    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, 2023, the Company operated 6,111 stores across 48 U.S. states, Puerto Rico, and Mexico.

    About Vast-Auto Distribution

    Vast-Auto Distribution was founded in 1986 by John Del Vasto and is a leader in the distribution and marketing of automotive parts for auto parts stores in Eastern Canada. Vast-Auto offers its customers a complete business solution, including a wide range of quality parts, innovative marketing programs as well as training and business management systems. As of December 18, 2023, Vast-Auto operated 23 company-owned stores across five Canadian provinces.

    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; historical growth rate sustainability; our ability to hire and retain qualified employees; risks associated with the performance of acquired businesses; damage, failure or interruption of information technology systems, including information security and cyber-attacks; 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, 2022, 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.

     

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