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þ | Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
o | Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Nevada | 62-1482048 | |
(State or other jurisdiction of | (I.R.S. Employer Identification No.) | |
incorporation or organization) | ||
123 South Front Street, Memphis, Tennessee | 38103 | |
(Address of principal executive offices) | (Zip Code) |
Large accelerated filer þ | Accelerated filer o | Non-accelerated filer o | Smaller reporting company o |
2
Item 1. | Financial Statements. |
February 12, | August 28, | |||||||
(in thousands) | 2011 | 2010 | ||||||
|
||||||||
Assets
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$ | 107,881 | $ | 98,280 | ||||
Accounts receivable
|
140,227 | 125,802 | ||||||
Merchandise inventories
|
2,418,751 | 2,304,579 | ||||||
Other current assets
|
71,256 | 83,160 | ||||||
|
||||||||
Total current assets
|
2,738,115 | 2,611,821 | ||||||
|
||||||||
Property and equipment:
|
||||||||
Property and equipment
|
4,173,972 | 4,067,261 | ||||||
Less: Accumulated depreciation and amortization
|
(1,619,108 | ) | (1,547,315 | ) | ||||
|
||||||||
|
2,554,864 | 2,519,946 | ||||||
|
||||||||
Goodwill
|
302,645 | 302,645 | ||||||
Deferred income taxes
|
59,634 | 46,223 | ||||||
Other long-term assets
|
110,345 | 90,959 | ||||||
|
||||||||
|
472,624 | 439,827 | ||||||
|
||||||||
|
$ | 5,765,603 | $ | 5,571,594 | ||||
|
||||||||
|
||||||||
Liabilities and Stockholders’ Deficit
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$ | 2,524,539 | $ | 2,433,050 | ||||
Accrued expenses and other
|
414,502 | 432,368 | ||||||
Income taxes payable
|
85,356 | 25,385 | ||||||
Deferred income taxes
|
159,809 | 146,971 | ||||||
Short-term borrowings
|
40,930 | 26,186 | ||||||
|
||||||||
Total current liabilities
|
3,225,136 | 3,063,960 | ||||||
|
||||||||
Long-term debt
|
3,208,300 | 2,882,300 | ||||||
Other long-term liabilities
|
370,579 | 364,099 | ||||||
|
||||||||
Commitments and contingencies
|
— | — | ||||||
|
||||||||
Stockholders’ deficit:
|
||||||||
Preferred stock, authorized 1,000 shares; no shares issued
|
— | — | ||||||
Common stock, par value $.01 per share, authorized
200,000 shares; 43,819 shares issued and 42,611 shares
outstanding as of February 12, 2011; 50,061 shares issued
and 45,107 shares outstanding as of August 28, 2010
|
438 | 501 | ||||||
Additional paid-in capital
|
535,945 | 557,955 | ||||||
Retained deficit
|
(1,172,935 | ) | (245,344 | ) | ||||
Accumulated other comprehensive loss
|
(92,338 | ) | (106,468 | ) | ||||
Treasury stock, at cost
|
(309,522 | ) | (945,409 | ) | ||||
|
||||||||
Total stockholders’ deficit
|
(1,038,412 | ) | (738,765 | ) | ||||
|
||||||||
|
$ | 5,765,603 | $ | 5,571,594 | ||||
|
3
Twelve Weeks Ended | Twenty-Four Weeks Ended | |||||||||||||||
February 12, | February 13, | February 12, | February 13, | |||||||||||||
(in thousands, except per share data) | 2011 | 2010 | 2011 | 2010 | ||||||||||||
|
||||||||||||||||
Net sales
|
$ | 1,660,946 | $ | 1,506,225 | $ | 3,452,608 | $ | 3,095,469 | ||||||||
Cost of sales, including warehouse and delivery
expenses
|
815,335 | 752,489 | 1,699,249 | 1,541,809 | ||||||||||||
|
||||||||||||||||
Gross profit
|
845,611 | 753,736 | 1,753,359 | 1,553,660 | ||||||||||||
Operating, selling, general and administrative expenses
|
573,863 | 523,355 | 1,175,491 | 1,062,850 | ||||||||||||
|
||||||||||||||||
Operating profit
|
271,748 | 230,381 | 577,868 | 490,810 | ||||||||||||
Interest expense, net
|
39,576 | 36,309 | 76,829 | 72,650 | ||||||||||||
|
||||||||||||||||
Income before income taxes
|
232,172 | 194,072 | 501,039 | 418,160 | ||||||||||||
Income taxes
|
84,116 | 70,739 | 180,908 | 151,527 | ||||||||||||
|
||||||||||||||||
Net income
|
$ | 148,056 | $ | 123,333 | $ | 320,131 | $ | 266,633 | ||||||||
|
||||||||||||||||
|
||||||||||||||||
Weighted average shares for basic earnings per share
|
43,399 | 49,436 | 44,034 | 49,775 | ||||||||||||
Effect of dilutive stock equivalents
|
979 | 750 | 972 | 730 | ||||||||||||
|
||||||||||||||||
Adjusted weighted average shares for diluted earnings
per share
|
44,378 | 50,186 | 45,006 | 50,505 | ||||||||||||
|
||||||||||||||||
Basic earnings per share
|
$ | 3.41 | $ | 2.49 | $ | 7.27 | $ | 5.36 | ||||||||
|
||||||||||||||||
Diluted earnings per share
|
$ | 3.34 | $ | 2.46 | $ | 7.11 | $ | 5.28 | ||||||||
|
4
Twenty-Four Weeks Ended | ||||||||
February 12, | February 13, | |||||||
(in thousands) | 2011 | 2010 | ||||||
|
||||||||
Cash flows from operating activities:
|
||||||||
Net income
|
$ | 320,131 | $ | 266,633 | ||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Depreciation and amortization of property and equipment
|
88,417 | 87,099 | ||||||
Amortization of debt origination fees
|
3,898 | 2,999 | ||||||
Income tax benefit from exercise of stock options
|
(15,847 | ) | (7,061 | ) | ||||
Deferred income taxes
|
(1,955 | ) | (2,145 | ) | ||||
Share-based compensation expense
|
12,119 | 8,867 | ||||||
Changes in operating assets and liabilities:
|
||||||||
Accounts receivable
|
(13,903 | ) | (20,849 | ) | ||||
Merchandise inventories
|
(104,770 | ) | (52,560 | ) | ||||
Accounts payable and accrued expenses
|
65,957 | 9,965 | ||||||
Income taxes payable
|
75,513 | 46,532 | ||||||
Other, net
|
11,549 | 9,428 | ||||||
|
||||||||
Net cash provided by operating activities
|
441,109 | 348,908 | ||||||
|
||||||||
|
||||||||
Cash flows from investing activities:
|
||||||||
Capital expenditures
|
(108,357 | ) | (111,128 | ) | ||||
Purchase of marketable securities
|
(22,581 | ) | (10,467 | ) | ||||
Proceeds from sale of marketable securities
|
19,454 | 8,015 | ||||||
Disposal of capital assets
|
2,158 | 4,231 | ||||||
|
||||||||
Net cash used in investing activities
|
(109,326 | ) | (109,349 | ) | ||||
|
||||||||
|
||||||||
Cash flows from financing activities:
|
||||||||
Net proceeds from commercial paper
|
25,300 | 47,800 | ||||||
Net proceeds from short-term borrowings
|
12,493 | — | ||||||
Proceeds from issuance of debt
|
500,000 | — | ||||||
Repayment of debt
|
(199,300 | ) | — | |||||
Net proceeds from sale of common stock
|
33,249 | 18,726 | ||||||
Purchase of treasury stock
|
(694,050 | ) | (291,888 | ) | ||||
Income tax benefit from exercise of stock options
|
15,847 | 7,061 | ||||||
Payments of capital lease obligations
|
(10,903 | ) | (9,084 | ) | ||||
Other, net
|
(5,450 | ) | — | |||||
|
||||||||
Net cash used in financing activities
|
(322,814 | ) | (227,385 | ) | ||||
|
||||||||
Effect of exchange rate changes on cash
|
632 | 281 | ||||||
|
||||||||
|
||||||||
Net increase in cash and cash equivalents
|
9,601 | 12,455 | ||||||
Cash and cash equivalents at beginning of period
|
98,280 | 92,706 | ||||||
|
||||||||
Cash and cash equivalents at end of period
|
$ | 107,881 | $ | 105,161 | ||||
|
5
Twenty-Four Weeks Ended | ||||||||
February 12, | February 13, | |||||||
2011 | 2010 | |||||||
|
||||||||
Expected price volatility
|
31 | % | 31 | % | ||||
Risk-free interest rate
|
1.0 | % | 1.8 | % | ||||
Weighted average expected lives (in years)
|
4.3 | 4.3 | ||||||
Forfeiture rate
|
10.0 | % | 10.0 | % | ||||
Dividend yield
|
0.0 | % | 0.0 | % |
6
February 12, 2011 | ||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Fair Value | ||||||||||||
|
||||||||||||||||
Other current assets
|
$ | 5,955 | $ | 60 | $ | — | $ | 6,015 | ||||||||
Other long-term assets
|
62,812 | 6,385 | — | 69,197 | ||||||||||||
|
||||||||||||||||
|
$ | 68,767 | $ | 6,445 | $ | — | $ | 75,212 | ||||||||
|
August 28, 2010 | ||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Fair Value | ||||||||||||
|
||||||||||||||||
Other current assets
|
$ | 11,307 | $ | 4,996 | $ | — | $ | 16,303 | ||||||||
Other long-term assets
|
47,725 | 8,673 | — | 56,398 | ||||||||||||
Accrued expenses and other
|
— | (9,979 | ) | — | (9,979 | ) | ||||||||||
|
||||||||||||||||
|
$ | 59,032 | $ | 3,690 | $ | — | $ | 62,722 | ||||||||
|
7
February 12, 2011 | ||||||||||||||||
Amortized | Gross | Gross | ||||||||||||||
Cost | Unrealized | Unrealized | ||||||||||||||
(in thousands) | Basis | Gains | Losses | Fair Value | ||||||||||||
|
||||||||||||||||
Corporate securities
|
$ | 24,394 | $ | 232 | $ | (27 | ) | $ | 24,599 | |||||||
Government bonds
|
30,709 | 36 | (104 | ) | 30,641 | |||||||||||
Mortgage-backed securities
|
5,625 | 106 | — | 5,731 | ||||||||||||
Asset-backed securities and other
|
14,099 | 158 | (16 | ) | 14,241 | |||||||||||
|
||||||||||||||||
|
$ | 74,827 | $ | 532 | $ | (147 | ) | $ | 75,212 | |||||||
|
August 28, 2010 | ||||||||||||||||
Amortized | Gross | Gross | ||||||||||||||
Cost | Unrealized | Unrealized | ||||||||||||||
(in thousands) | Basis | Gains | Losses | Fair Value | ||||||||||||
|
||||||||||||||||
Corporate securities
|
$ | 28,707 | $ | 490 | $ | (1 | ) | $ | 29,196 | |||||||
Government bonds
|
24,560 | 283 | — | 24,843 | ||||||||||||
Mortgage-backed securities
|
8,603 | 192 | — | 8,795 | ||||||||||||
Asset-backed securities and other
|
9,831 | 47 | (11 | ) | 9,867 | |||||||||||
|
||||||||||||||||
|
$ | 71,701 | $ | 1,012 | $ | (12 | ) | $ | 72,701 | |||||||
|
8
Twelve Weeks Ended | Twenty-Four Weeks Ended | |||||||||||||||
February 12, | February 13, | February 12, | February 13, | |||||||||||||
(in thousands) | 2011 | 2010 | 2011 | 2010 | ||||||||||||
|
||||||||||||||||
Interest cost
|
$ | 2,570 | $ | 2,611 | $ | 5,139 | $ | 5,222 | ||||||||
Expected return on plan assets
|
(2,152 | ) | (2,087 | ) | (4,304 | ) | (4,175 | ) | ||||||||
Amortization of net loss
|
2,170 | 1,877 | 4,341 | 3,755 | ||||||||||||
|
||||||||||||||||
Net periodic pension expense
|
$ | 2,588 | $ | 2,401 | $ | 5,176 | $ | 4,802 | ||||||||
|
February 12, | August 28, | |||||||
(in thousands) | 2011 | 2010 | ||||||
|
||||||||
4.75% Senior Notes due November 2010, effective interest rate of 4.17%
|
$ | — | $ | 199,300 | ||||
5.875% Senior Notes due October 2012, effective interest rate of 6.33%
|
300,000 | 300,000 | ||||||
4.375% Senior Notes due June 2013, effective interest rate of 5.65%
|
200,000 | 200,000 | ||||||
6.5% Senior Notes due January 2014, effective interest rate of 6.63%
|
500,000 | 500,000 | ||||||
5.75% Senior Notes due January 2015, effective interest rate of 5.89%
|
500,000 | 500,000 | ||||||
5.5% Senior Notes due November 2015, effective interest rate of 4.86%
|
300,000 | 300,000 | ||||||
6.95% Senior Notes due June 2016, effective interest rate of 7.09%
|
200,000 | 200,000 | ||||||
7.125% Senior Notes due August 2018, effective interest rate of 7.28%
|
250,000 | 250,000 | ||||||
4.000% Senior Notes due November 2020, effective interest rate of 4.43%
|
500,000 | — | ||||||
Commercial paper, weighted average interest rate of 0.37% and 0.41% at
February 12, 2011 and August 28, 2010, respectively
|
458,300 | 433,000 | ||||||
|
||||||||
|
$ | 3,208,300 | $ | 2,882,300 | ||||
|
9
Twelve Weeks Ended | Twenty-Four Weeks Ended | |||||||||||||||
February 12, | February 13, | February 12, | February 13, | |||||||||||||
(in thousands) | 2011 | 2010 | 2011 | 2010 | ||||||||||||
|
||||||||||||||||
Net income
|
$ | 148,056 | $ | 123,333 | $ | 320,131 | $ | 266,633 | ||||||||
Foreign currency translation adjustments
|
3,614 | (1,554 | ) | 16,282 | (66 | ) | ||||||||||
Net impact from derivative instruments
|
(3,939 | ) | (141 | ) | (4,998 | ) | (282 | ) | ||||||||
Pension liability adjustments
|
1,620 | 2,461 | 3,243 | 2,461 | ||||||||||||
Unrealized (losses) gains from
marketable securities
|
(327 | ) | (84 | ) | (400 | ) | 99 | |||||||||
|
||||||||||||||||
Comprehensive income
|
$ | 149,024 | $ | 124,015 | $ | 334,258 | $ | 268,845 | ||||||||
|
10
Twelve Weeks Ended | Twenty-Four Weeks Ended | |||||||||||||||
February 12, | February 13, | February 12, | February 13, | |||||||||||||
(in thousands) | 2011 | 2010 | 2011 | 2010 | ||||||||||||
|
||||||||||||||||
Net Sales
|
||||||||||||||||
Auto Parts Stores
|
$ | 1,623,949 | $ | 1,472,958 | $ | 3,378,936 | $ | 3,029,218 | ||||||||
Other
|
36,997 | 33,267 | 73,672 | 66,251 | ||||||||||||
|
||||||||||||||||
Total
|
$ | 1,660,946 | $ | 1,506,225 | $ | 3,452,608 | $ | 3,095,469 | ||||||||
|
||||||||||||||||
|
||||||||||||||||
Segment Profit
|
||||||||||||||||
Auto Parts Stores
|
$ | 816,692 | $ | 726,797 | $ | 1,695,558 | $ | 1,499,795 | ||||||||
Other
|
28,919 | 26,939 | 57,801 | 53,865 | ||||||||||||
|
||||||||||||||||
Gross profit
|
845,611 | 753,736 | 1,753,359 | 1,553,660 | ||||||||||||
Operating, selling,
general and
administrative expenses
|
(573,863 | ) | (523,355 | ) | (1,175,491 | ) | (1,062,850 | ) | ||||||||
Interest expense, net
|
(39,576 | ) | (36,309 | ) | (76,829 | ) | (72,650 | ) | ||||||||
|
||||||||||||||||
Income before income taxes
|
$ | 232,172 | $ | 194,072 | $ | 501,039 | $ | 418,160 | ||||||||
|
11
12
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations. |
13
14
15
16
A | B | A-B=C | D | C+D | ||||||||||||||||
|
||||||||||||||||||||
Trailing Four | ||||||||||||||||||||
Fiscal Year | Twenty-Four | Twenty-Eight | Twenty-Four | Quarters | ||||||||||||||||
Ended | Weeks Ended | Weeks Ended | Weeks Ended | Ended | ||||||||||||||||
August 28, | February 13, | August 28, | February 12, | February 12, | ||||||||||||||||
(in thousands, except percentage) | 2010 | 2010 | 2010 | 2011 | 2011 | |||||||||||||||
Net income
|
$ | 738,311 | $ | 266,633 | $ | 471,678 | $ | 320,131 | $ | 791,809 | ||||||||||
Adjustments:
|
||||||||||||||||||||
Interest expense
|
158,909 | 72,650 | 86,259 | 76,829 | 163,088 | |||||||||||||||
Rent expense
|
195,632 | 88,106 | 107,526 | 96,692 | 204,218 | |||||||||||||||
Tax effect
(1)
|
(128,983 | ) | (58,355 | ) | (70,628 | ) | (62,987 | ) | (133,615 | ) | ||||||||||
|
||||||||||||||||||||
After-tax return
|
$ | 963,869 | $ | 369,034 | $ | 594,835 | $ | 430,665 | $ | 1,025,500 | ||||||||||
|
||||||||||||||||||||
Average debt
(2)
|
$ | 2,902,027 | ||||||||||||||||||
Average deficit
(3)
|
(695,593 | ) | ||||||||||||||||||
Rent x 6
(4)
|
1,225,308 | |||||||||||||||||||
Average capital lease obligations
(5)
|
74,039 | |||||||||||||||||||
|
||||||||||||||||||||
Pre-tax invested capital
|
$ | 3,505,781 | ||||||||||||||||||
|
||||||||||||||||||||
ROIC
|
29.3 | % | ||||||||||||||||||
|
A | B | A-B=C | D | C+D | ||||||||||||||||
|
||||||||||||||||||||
Trailing Four | ||||||||||||||||||||
Fiscal Year | Twenty-Four | Twenty-Eight | Twenty-Four | Quarters | ||||||||||||||||
Ended | Weeks Ended | Weeks Ended | Weeks Ended | Ended | ||||||||||||||||
August 29, | February 14, | August 29, | February 13, | February 13, | ||||||||||||||||
(in thousands, except percentage) | 2009 | 2009 | 2009 | 2010 | 2010 | |||||||||||||||
Net income
|
$ | 657,049 | $ | 247,235 | $ | 409,814 | $ | 266,633 | $ | 676,447 | ||||||||||
Adjustments:
|
||||||||||||||||||||
Interest expense
|
142,316 | 63,072 | 79,244 | 72,650 | 151,894 | |||||||||||||||
Rent expense
|
181,308 | 81,369 | 99,939 | 88,106 | 188,045 | |||||||||||||||
Tax effect
(1)
|
(117,929 | ) | (52,432 | ) | (65,497 | ) | (58,355 | ) | (123,852 | ) | ||||||||||
|
||||||||||||||||||||
After-tax return
|
$ | 862,744 | $ | 339,244 | $ | 523,500 | $ | 369,034 | $ | 892,534 | ||||||||||
|
||||||||||||||||||||
Average debt
(2)
|
$ | 2,667,551 | ||||||||||||||||||
Average deficit
(3)
|
(314,226 | ) | ||||||||||||||||||
Rent x 6
(4)
|
1,128,270 | |||||||||||||||||||
Average capital lease obligations
(5)
|
55,105 | |||||||||||||||||||
|
||||||||||||||||||||
Pre-tax invested capital
|
$ | 3,536,700 | ||||||||||||||||||
|
||||||||||||||||||||
ROIC
|
25.2 | % | ||||||||||||||||||
|
(1) | The effective tax rate over the trailing four quarters ended February 12, 2011 and February 13, 2010 is 36.3% in each period. | |
(2) | Average debt is equal to the average of our debt measured as of the previous five quarters. | |
(3) | Average equity is equal to the average of our stockholders’ deficit measured as of the previous five quarters. | |
(4) | Rent is multiplied by a factor of six to capitalize operating leases in the determination of pre-tax invested capital. | |
(5) | Average capital lease obligations are equal to the average of our capital lease obligations measured as of the previous five quarters. |
17
A | B | A-B=C | D | C+D | ||||||||||||||||
|
||||||||||||||||||||
Trailing Four | ||||||||||||||||||||
Fiscal Year | Twenty-Four | Twenty-Eight | Twenty-Four | Quarters | ||||||||||||||||
Ended | Weeks Ended | Weeks Ended | Weeks Ended | Ended | ||||||||||||||||
August 28, | February 13, | August 28, | February 12, | February 12, | ||||||||||||||||
(in thousands, except ratio) | 2010 | 2010 | 2010 | 2011 | 2011 | |||||||||||||||
Net income
|
$ | 738,311 | $ | 266,633 | $ | 471,678 | $ | 320,131 | $ | 791,809 | ||||||||||
Add: Interest expense
|
158,909 | 72,650 | 86,259 | 76,829 | 163,088 | |||||||||||||||
Income tax expense
|
422,194 | 151,527 | 270,667 | 180,908 | 451,575 | |||||||||||||||
|
||||||||||||||||||||
EBIT
|
1,319,414 | 490,810 | 828,604 | 577,868 | 1,406,472 | |||||||||||||||
Add: Depreciation expense
|
192,084 | 87,099 | 104,985 | 88,417 | 193,402 | |||||||||||||||
Rent expense
|
195,632 | 88,106 | 107,526 | 96,692 | 204,218 | |||||||||||||||
Share-based expense
|
19,120 | 8,867 | 10,253 | 12,119 | 22,372 | |||||||||||||||
|
||||||||||||||||||||
EBITDAR
|
$ | 1,726,250 | $ | 674,882 | $ | 1,051,368 | $ | 775,096 | $ | 1,826,464 | ||||||||||
|
||||||||||||||||||||
Debt
|
$ | 3,249,230 | ||||||||||||||||||
Capital lease obligations
|
81,848 | |||||||||||||||||||
Add: Rent x 6
(1)
|
1,225,308 | |||||||||||||||||||
|
||||||||||||||||||||
Adjusted debt
|
$ | 4,556,386 | ||||||||||||||||||
|
||||||||||||||||||||
Adjusted debt / EDITDAR
|
2.5 | |||||||||||||||||||
|
A | B | A-B=C | D | C+D | ||||||||||||||||
|
||||||||||||||||||||
Trailing Four | ||||||||||||||||||||
Fiscal Year | Twenty-Four | Twenty-Eight | Twenty-Four | Quarters | ||||||||||||||||
Ended | Weeks Ended | Weeks Ended | Weeks Ended | Ended | ||||||||||||||||
August 29, | February 14, | August 29, | February 13, | February 13, | ||||||||||||||||
(in thousands, except ratio) | 2009 | 2009 | 2009 | 2010 | 2010 | |||||||||||||||
Net income
|
$ | 657,049 | $ | 247,235 | $ | 409,814 | $ | 266,633 | $ | 676,447 | ||||||||||
Add: Interest expense
|
142,316 | 63,072 | 79,244 | 72,650 | 151,894 | |||||||||||||||
Income tax expense
|
376,697 | 142,927 | 233,770 | 151,527 | 385,297 | |||||||||||||||
|
||||||||||||||||||||
EBIT
|
1,176,062 | 453,234 | 722,828 | 490,810 | 1,213,638 | |||||||||||||||
Add: Depreciation expense
|
180,433 | 81,964 | 98,469 | 87,099 | 185,568 | |||||||||||||||
Rent expense
|
181,308 | 81,369 | 99,939 | 88,106 | 188,045 | |||||||||||||||
Share-based expense
|
19,135 | 9,307 | 9,828 | 8,867 | 18,695 | |||||||||||||||
|
||||||||||||||||||||
EBITDAR
|
$ | 1,556,938 | $ | 625,874 | $ | 931,064 | $ | 674,882 | $ | 1,605,946 | ||||||||||
|
||||||||||||||||||||
Debt
|
$ | 2,774,700 | ||||||||||||||||||
Capital lease obligations
|
51,713 | |||||||||||||||||||
Add: Rent x 6
(1)
|
1,128,270 | |||||||||||||||||||
|
||||||||||||||||||||
Adjusted debt
|
$ | 3,954,683 | ||||||||||||||||||
|
||||||||||||||||||||
Adjusted debt / EDITDAR
|
2.5 | |||||||||||||||||||
|
(1) | Rent is multiplied by a factor of six to capitalize operating leases in the determination of adjusted debt. |
18
Item 3. | Quantitative and Qualitative Disclosures About Market Risk. |
Item 4. | Controls and Procedures. |
Item 4T. | Controls and Procedures. |
19
Item 1. | Legal Proceedings. |
Item 1A. | Risk Factors. |
20
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds. |
Total Number of | Maximum Dollar | |||||||||||||||
Shares Purchased as | Value that May Yet | |||||||||||||||
Total Number | Average | Part of Publicly | Be Purchased Under | |||||||||||||
of Shares | Price Paid | Announced Plans or | the Plans or | |||||||||||||
Period | Purchased | per Share | Programs | Programs | ||||||||||||
November 21, 2010 to December 18,
2010
|
327,900 | $ | 258.55 | 327,900 | $ | 800,994,423 | ||||||||||
December 19, 2010 to January 15, 2011
|
652,700 | 260.04 | 652,700 | 631,268,708 | ||||||||||||
January 16, 2011 to February 12, 2011
|
555,400 | 251.87 | 555,400 | 491,378,008 | ||||||||||||
|
||||||||||||||||
Total
|
1,536,000 | $ | 256.77 | 1,536,000 | $ | 491,378,008 | ||||||||||
|
Item 3. | Defaults Upon Senior Securities. |
Item 4. | Removed and Reserved. |
Item 5. | Other Information. |
21
Item 6. | Exhibits. |
3.1 |
Restated Articles of Incorporation of AutoZone, Inc. incorporated by reference to Exhibit 3.1 to the Form 10-Q
for the quarter ended February 13, 1999.
|
|||
|
||||
3.2 |
Fourth Amended and Restated By-laws of AutoZone, Inc. incorporated by reference to Exhibit 99.2 to the
Form 8-K dated September 28, 2007.
|
|||
|
||||
*10.1 |
Restricted Stock Award Grant Notice and Restricted Stock Award Agreement between AutoZone, Inc. and Robert D. Olsen dated January 25, 2011.
|
|||
|
||||
*10.2 |
Form of Stock Option Agreement under the 2011 Equity Incentive Award Plan.
|
|||
|
||||
*10.3 |
Form of Stock Option Agreement under the 2011 Equity Incentive Award Plan for certain executive officers.
|
|||
|
||||
*10.4 |
First Amended and Restated AutoZone, Inc. Enhanced Severance Pay Plan.
|
|||
|
||||
12.1 |
Computation of Ratio of Earnings to Fixed Charges.
|
|||
|
||||
15.1 |
Letter Regarding Unaudited Interim Financial Statements.
|
|||
|
||||
31.1 |
Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities
Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|||
|
||||
31.2 |
Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities
Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|||
|
||||
32.1 |
Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section
906 of the Sarbanes-Oxley Act of 2002.
|
|||
|
||||
32.2 |
Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section
906 of the Sarbanes-Oxley Act of 2002.
|
|||
|
||||
**101.INS |
XBRL Instance Document
|
|||
|
||||
**101.SCH |
XBRL Taxonomy Extension Schema Document
|
|||
|
||||
**101.CAL |
XBRL Taxonomy Extension Calculation Document
|
|||
|
||||
**101.LAB |
XBRL Taxonomy Extension Labels Document
|
|||
|
||||
**101.PRE |
XBRL Taxonomy Extension Presentation Document
|
|||
|
||||
**101.DEF |
XBRL Taxonomy Extension Definition Document
|
* | Management contract or compensatory plan or arrangement. | |
** | In accordance with Regulation S-T, the Interactive Data Files in Exhibit 101 to the Quarterly Report on Form 10-Q shall be deemed “furnished” and not “filed.” |
22
AUTOZONE, INC.
|
||||
By: | /s/ WILLIAM T. GILES | |||
William T. Giles | ||||
Chief Financial Officer, Executive Vice President,
Finance, Information Technology and Store Development (Principal Financial Officer) |
||||
By: | /s/ CHARLIE PLEAS, III | |||
Charlie Pleas, III | ||||
Senior Vice President, Controller
(Principal Accounting Officer) |
23
3.1 |
Restated Articles of Incorporation of AutoZone, Inc. incorporated by reference to Exhibit 3.1 to the Form
10-Q for the quarter ended February 13, 1999.
|
|||
|
||||
3.2 |
Fourth Amended and Restated By-laws of AutoZone, Inc. incorporated by reference to Exhibit 99.2 to the
Form 8-K dated September 28, 2007.
|
|||
|
||||
*10.1 |
Restricted Stock Award Grant Notice and Restricted Stock Award Agreement between AutoZone, Inc. and Robert D. Olsen dated January 25, 2011.
|
|||
|
||||
*10.2 |
Form of Stock Option Agreement under the 2011 Equity Incentive Award Plan.
|
|||
|
||||
*10.3 |
Form of Stock Option Agreement under the 2011 Equity Incentive Award Plan for certain executive officers.
|
|||
|
||||
*10.4 |
First Amended and Restated AutoZone, Inc. Enhanced Severance Pay Plan.
|
|||
|
||||
12.1 |
Computation of Ratio of Earnings to Fixed Charges.
|
|||
|
||||
15.1 |
Letter Regarding Unaudited Interim Financial Statements.
|
|||
|
||||
31.1 |
Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities
Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|||
|
||||
31.2 |
Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities
Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|||
|
||||
32.1 |
Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350 as adopted pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002.
|
|||
|
||||
32.2 |
Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350 as adopted pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002.
|
|||
|
||||
**101.INS |
XBRL Instance Document
|
|||
|
||||
**101.SCH |
XBRL Taxonomy Extension Schema Document
|
|||
|
||||
**101.CAL |
XBRL Taxonomy Extension Calculation Document
|
|||
|
||||
**101.LAB |
XBRL Taxonomy Extension Labels Document
|
|||
|
||||
**101.PRE |
XBRL Taxonomy Extension Presentation Document
|
|||
|
||||
**101.DEF |
XBRL Taxonomy Extension Definition Document
|
* | Management contract or compensatory plan or arrangement. | |
** | In accordance with Regulation S-T, the Interactive Data Files in Exhibit 101 to the Quarterly Report on Form 10-Q shall be deemed “furnished” and not “filed.” |
24
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
---|
DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
---|
No information found
No Customers Found
Suppliers
Supplier name | Ticker |
---|---|
Toyota Motor Corporation | TM |
ORIX Corporation | IX |
Citigroup Inc. | C |
Bank of America Corporation | BAC |
Tesla, Inc. | TSLA |
Danaher Corporation | DHR |
Union Pacific Corporation | UNP |
Price
Yield
Owner | Position | Direct Shares | Indirect Shares |
---|