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ADVICS Wins Automotive Communications Award At AAPEX 2021


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ADVICS won an Automotive Communications Award at AAPEX 2021 for “Best B2B Technical Article/Blog/Content Piece,” for its technical article titled “Ceramic vs. Semi-Metallic Brake Pads: How They Work and What They’re Made Of.”

The award-winning article drove more website traffic than any other paid or organic source, achieving more than 55% of total website visits between October 2020 and August 2021. Additionally, the article had a bounce rate of only .06% – far lower than the industry-standard bounce-rate benchmark of 24% to 40%.

“As the leader in braking technology for the automotive aftermarket, we recognize the importance of providing quality technical resources to technicians and automotive repair professionals,” said Fumiko Higa-Bales, branding and supply chain manager, aftermarket. “We are proud to accept this award for our content that has not only helped to educate technicians, but has also achieved outstanding results for our brand in the way of SEO, website traffic, brand awareness and more.”

The results achieved by this article can be attributed to both the content resonating with the target audience and also the way it was optimized to serve ADVICS’ existing SEO strategy. Written using the analysis and findings from ongoing SEO-keyword research, this article achieved rankings on 26 tracked keywords, with 10 of those keywords ranking in first place.

The award winning article, featured in the “Technical Resources” section of the ADVICS website, was written and optimized by

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, a full-service marketing communications agency based in Bloomfield Hills, Michigan.

The Automotive Communications Awards, presented by Women in Auto Care, acknowledge companies and agencies for their outstanding advertising, marketing and public relations efforts in the automotive aftermarket.

For more information on ADVICS, visit

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, and find its entire library of
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.

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      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
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      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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