O'Reilly Automotive, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>O'Reilly Automotive, Inc. has submitted its 2023 annual report (10-K) detailing financial performance and corporate structure.</b>

AI Summary

O REILLY AUTOMOTIVE INC (ORLY) filed a Annual Report (10-K) with the SEC on February 28, 2024. O'Reilly Automotive, Inc. filed its 2023 Form 10-K on February 28, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business address is 233 S Patterson Ave, Springfield, MO 65802. The filing includes data related to common stock, retained earnings, and additional paid-in capital for fiscal years 2021, 2022, and 2023. Information on employee stock options, restricted stock, profit sharing, and savings plans is also detailed for the fiscal year 2023.

Why It Matters

For investors and stakeholders tracking O REILLY AUTOMOTIVE INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of O'Reilly's financial health and operational status for the fiscal year 2023, crucial for investors assessing the company's performance and future prospects. The detailed breakdown of equity, debt, and employee compensation plans offers insights into the company's capital structure, shareholder value, and management incentives.

Risk Assessment

Risk Level: low — O REILLY AUTOMOTIVE INC shows low risk based on this filing. The risk is low as this is a standard annual report filing (10-K) which is routine for publicly traded companies and does not contain immediate negative news.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand O'Reilly's performance and potential challenges in the automotive retail sector.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reported fiscal year end)
• 2024-02-28 — Filing Date (Date the 10-K was filed)
• 5531 — SIC Code (Standard Industrial Classification code)

Key Players & Entities

• O'Reilly Automotive Inc (company) — Filer name
• 233 S Patterson Ave (address) — Business and mailing address
• Springfield (location) — City for business and mailing address
• MO (location) — State for business and mailing address
• 65802 (postal_code) — ZIP code for business and mailing address
• 2023-12-31 (date) — Fiscal year end date
• 2024-02-28 (date) — Filing date

FAQ

Industry Context

O'Reilly Automotive operates in the retail automotive parts and accessories sector, serving both professional service providers and do-it-yourself customers.

Regulatory Implications

The filing adheres to the Securities Exchange Act of 1934, requiring public companies to submit annual reports (Form 10-K) to the SEC.

What Investors Should Do

1. Analyze the financial statements for revenue trends, profitability, and balance sheet health.
2. Review the Management's Discussion and Analysis (MD&A) section for insights into business performance and outlook.
3. Examine the Risk Factors section for potential challenges and uncertainties facing the company.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-28: Filing Date — Date O'Reilly Automotive, Inc. filed its 10-K.

Year-Over-Year Comparison

This is the initial 10-K filing for the fiscal year ending December 31, 2023, following the previous year's filing.

Key Financial Figures

• $0.01 — ge on which Registered Common Stock $0.01 par value ORLY The Nasdaq Stock Mar

Filing Documents

• orly-20231231x10k.htm (10-K) — 2928KB
• orly-20231231xex21d1.htm (EX-21.1) — 9KB
• orly-20231231xex23d1.htm (EX-23.1) — 5KB
• orly-20231231xex31d1.htm (EX-31.1) — 21KB
• orly-20231231xex31d2.htm (EX-31.2) — 21KB
• orly-20231231xex32d1.htm (EX-32.1) — 9KB
• orly-20231231xex32d2.htm (EX-32.2) — 9KB
• orly-20231231xex97d1.htm (EX-97.1) — 192KB
• orly-20231231xex97d2.htm (EX-97.2) — 12KB
• orly-20231231x10k003.jpg (GRAPHIC) — 10KB
• orly-20231231x10k007.jpg (GRAPHIC) — 75KB
• 0000898173-24-000009.txt (&nbsp;) — 12608KB
• orly-20231231.xsd (EX-101.SCH) — 72KB
• orly-20231231_cal.xml (EX-101.CAL) — 85KB
• orly-20231231_def.xml (EX-101.DEF) — 303KB
• orly-20231231_lab.xml (EX-101.LAB) — 673KB
• orly-20231231_pre.xml (EX-101.PRE) — 536KB
• orly-20231231x10k_htm.xml (XML) — 2254KB

Business

Business 5 Item 1A.

Risk Factors

Risk Factors 18 Item 1B. Unresolved Staff Comments 23 Item 1C. Cyb ersecurity 23 Item 2.

Properties

Properties 25 Item 3.

Legal Proceedings

Legal Proceedings 25 Item 4. Mine Safety Disclosures 26 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities 27 Item 6. [Reserved] 28 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 29 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 40 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 41 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 73 Item 9A.

Controls and Procedures

Controls and Procedures 73 Item 9B. Other Information 74 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 74 PART III Item 10. Directors, Executive Officers, and Corporate Governance 75 Item 11.

Executive Compensation

Executive Compensation 75 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters 76 Item 13. Certain Relationships and Related Transactions, and Director Independence 76 Item 14. Principal Accountant Fees and Services 76 PART IV Item 15. Exhibits and Financial Statement Schedules 77 Item 16 Form 10-K Summary 80 3

Forward-Looking Statements

Forward-Looking Statements We claim 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 annual report 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 in this annual report on Form 10-K for the year ended December 31, 2023, and subsequent Securiti

Business

Item 1. Business GENERAL INFORMATION Unless otherwise indicated, "we," "us," "our," and similar terms, as well as references to the "Company," refer to O'Reilly Automotive, Inc. and its Subsidiaries. O'Reilly is one of the largest specialty retailers of automotive aftermarket parts, tools, supplies, equipment, and accessories in the United States ("U.S."), selling our products to both do-it-yourself ("DIY") and professional service provider customers, our "dual market strategy." The business was founded in 1957 by Charles F. O'Reilly and his son, Charles H. "Chub'' O'Reilly, Sr., and initially operated from a single store in Springfield, Missouri. Our common stock has traded on The Nasdaq Global Select Market under the symbol "ORLY" since April 22, 1993. At December 31, 2023, we operated 6,095 stores in 48 states in the United States and Puerto Rico and 62 stores in Mexico. On December 18, 2023, we announced that we had entered into a definitive stock purchase agreement with the shareholders of Groupe Del Vasto, an auto parts supplier headquartered in Montreal, Quebec, Canada, under which O'Reilly would acquire all of the outstanding shares of Groupe Del Vasto and its affiliated entities. In January of 2024, we completed the acquisition of Groupe Del Vasto. Our stores carry an extensive product line, including new and remanufactured automotive hard parts and maintenance items, such as alternators, batteries, brake system components, belts, chassis parts, driveline parts, engine parts, fuel pumps, hoses, starters, temperature control, water pumps, antifreeze, appearance products, engine additives, filters, fluids, lighting, oil, and wiper blades and accessories, such as floor mats, seat covers, and truck accessories. Our stores offer many enhanced services and programs to our customers, such as battery diagnostic testing; battery, wiper, and bulb replacement; check engine light code extraction, where allowed by law, with diagnostic information, list of

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View this 10-K filing on SEC EDGAR