| | |
Per 2028 note
|
| |
Total
|
| |
Per 2033 note
|
| |
Total
|
| ||||||||||||
Public offering price(1)
|
| | | | 99.905% | | | | | $ | 499,525,000 | | | | | | 99.737% | | | | | $ | 498,685,000 | | |
Underwriting discount(2)
|
| | | | 0.602% | | | | | $ | 3,010,000 | | | | | | 0.652% | | | | | $ | 3,260,000 | | |
Proceeds (before expenses) to AutoZone, Inc.
|
| | | | 99.303% | | | | | $ | 496,515,000 | | | | | | 99.085% | | | | | $ | 495,425,000 | | |
|
BofA Securities
|
| |
J.P. Morgan
|
| |
Truist Securities
|
| |
US Bancorp
|
|
|
Wells Fargo Securities
|
|
| Prospectus Supplement | | | | | | | |
| | | | | S-ii | | | |
| | | | | S-iii | | | |
| | | | | S-1 | | | |
| | | | | S-11 | | | |
| | | | | S-15 | | | |
| | | | | S-16 | | | |
| | | | | S-32 | | | |
| | | | | S-37 | | | |
| | | | | S-43 | | | |
| | | | | S-43 | | | |
| | | | | S-43 | | | |
| | | | | S-44 | | |
| Prospectus | | | | | | | |
| | | | | ii | | | |
| | | | | ii | | | |
| | | | | ii | | | |
| | | | | 1 | | | |
| | | | | 1 | | | |
| | | | | 1 | | | |
| | | | | 3 | | | |
| | | | | 4 | | | |
| | | | | 8 | | | |
| | | | | 10 | | | |
| | | | | 10 | | |
| | |
GAAP Results
|
| |||||||||
| | |
Fourth Quarter
Ended August 26, 2023 |
| |
Fourth Quarter
Ended August 27, 2022 |
| ||||||
Net sales
|
| | | $ | 5,690,618 | | | | | $ | 5,348,355 | | |
Cost of sales
|
| | | | 2,690,947 | | | | | | 2,592,505 | | |
Gross profit
|
| | | | 2,999,671 | | | | | | 2,755,850 | | |
Operating, SG&A expenses
|
| | | | 1,777,175 | | | | | | 1,652,036 | | |
Operating profit (EBIT)
|
| | | | 1,222,496 | | | | | | 1,103,814 | | |
Interest expense, net
|
| | | | 108,727 | | | | | | 63,995 | | |
Income before taxes
|
| | | | 1,113,769 | | | | | | 1,039,819 | | |
Income tax expense
|
| | | | 248,928 | | | | | | 229,777 | | |
Net income
|
| | | $ | 864,841 | | | | | $ | 810,042 | | |
Net income per share: | | | | | | | | | | | | | |
Basic
|
| | | $ | 47.83 | | | | | $ | 41.81 | | |
Diluted
|
| | | $ | 46.46 | | | | | $ | 40.51 | | |
Weighted average shares outstanding: | | | | | | | | | | | | | |
Basic
|
| | | | 18,080 | | | | | | 19,373 | | |
Diluted
|
| | | | 18,613 | | | | | | 19,996 | | |
| | |
GAAP Results
|
| |||||||||
| | |
Year Ended
August 26, 2023 |
| |
Year Ended
August 27, 2022 |
| ||||||
Net sales
|
| | | $ | 17,457,209 | | | | | $ | 16,252,230 | | |
Cost of sales
|
| | | | 8,386,787 | | | | | | 7,779,580 | | |
Gross profit
|
| | | | 9,070,422 | | | | | | 8,472,650 | | |
Operating, SG&A expenses
|
| | | | 5,596,436 | | | | | | 5,201,921 | | |
Operating profit (EBIT)
|
| | | | 3,473,986 | | | | | | 3,270,729 | | |
Interest expense, net
|
| | | | 306,372 | | | | | | 191,638 | | |
Income before taxes
|
| | | | 3,167,614 | | | | | | 3,079,091 | | |
Income tax expense
|
| | | | 639,188 | | | | | | 649,487 | | |
Net income
|
| | | $ | 2,528,426 | | | | | $ | 2,429,604 | | |
Net income per share: | | | | | | | | | | | | | |
Basic
|
| | | $ | 136.60 | | | | | $ | 120.83 | | |
Diluted
|
| | | $ | 132.36 | | | | | $ | 117.19 | | |
Weighted average shares outstanding: | | | | | | | | | | | | | |
Basic
|
| | | | 18,510 | | | | | | 20,107 | | |
Diluted
|
| | | | 19,103 | | | | | | 20,733 | | |
| | |
August 26, 2023
|
| |
August 27, 2022
|
| ||||||
Cash and cash equivalents
|
| | | $ | 277,054 | | | | | $ | 264,380 | | |
Merchandise inventories
|
| | | | 5,764,143 | | | | | | 5,638,004 | | |
Current assets
|
| | | | 6,779,426 | | | | | | 6,627,984 | | |
Property and equipment, net
|
| | | | 5,596,548 | | | | | | 5,170,419 | | |
Operating lease right-of-use assets
|
| | | | 2,998,097 | | | | | | 2,918,817 | | |
Total assets
|
| | | | 15,985,878 | | | | | | 15,275,043 | | |
Accounts payable
|
| | | | 7,201,281 | | | | | | 7,301,347 | | |
Current liabilities
|
| | | | 8,511,856 | | | | | | 8,588,393 | | |
Operating lease liabilities, less current portion
|
| | | | 2,917,046 | | | | | | 2,837,973 | | |
Total debt
|
| | | | 7,668,549 | | | | | | 6,122,092 | | |
Stockholders’ deficit
|
| | | | (4,349,894) | | | | | | (3,538,913) | | |
Working capital
|
| | | | (1,732,430) | | | | | | (1,960,409) | | |
| | |
Fourth
Quarter Ended August 26, 2023 |
| |
Fourth
Quarter Ended August 27, 2022 |
| |
Year Ended
August 26, 2023 |
| |
Year Ended
August 27, 2022 |
| ||||||||||||
Depreciation and amortization
|
| | | $ | 158,490 | | | | | $ | 140,858 | | | | | $ | 497,577 | | | | | $ | 442,223 | | |
Cash flow from operations
|
| | | | 1,068,012 | | | | | | 1,228,021 | | | | | | 2,940,788 | | | | | | 3,211,135 | | |
Capital spending
|
| | | | 366,216 | | | | | | 303,041 | | | | | | 796,657 | | | | | | 672,391 | | |
| | |
Fourth
Quarter Ended August 26, 2023 |
| |
Fourth
Quarter Ended August 27, 2022 |
| |
Year Ended
August 26, 2023 |
| |
Year Ended
August 27, 2022 |
| ||||||||||||
Domestic: | | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning stores
|
| | | | 6,248 | | | | | | 6,115 | | | | | | 6,168 | | | | | | 6,051 | | |
Stores opened
|
| | | | 53 | | | | | | 53 | | | | | | 133 | | | | | | 118 | | |
Stores closed
|
| | | | (1) | | | | | | — | | | | | | (1) | | | | | | (1) | | |
Ending domestic stores
|
| | | | 6,300 | | | | | | 6,168 | | | | | | 6,300 | | | | | | 6,168 | | |
Relocated stores
|
| | | | 7 | | | | | | 5 | | | | | | 12 | | | | | | 13 | | |
Stores with commercial programs
|
| | | | 5,682 | | | | | | 5,342 | | | | | | 5,682 | | | | | | 5,342 | | |
Square footage (in thousands)
|
| | | | 41,635 | | | | | | 40,653 | | | | | | 41,635 | | | | | | 40,653 | | |
Mexico: | | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning stores
|
| | | | 713 | | | | | | 673 | | | | | | 703 | | | | | | 664 | | |
Stores opened
|
| | | | 27 | | | | | | 30 | | | | | | 37 | | | | | | 39 | | |
Ending Mexico stores
|
| | | | 740 | | | | | | 703 | | | | | | 740 | | | | | | 703 | | |
Brazil: | | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning stores
|
| | | | 83 | | | | | | 58 | | | | | | 72 | | | | | | 52 | | |
Stores opened
|
| | | | 17 | | | | | | 14 | | | | | | 28 | | | | | | 20 | | |
Ending Brazil stores
|
| | | | 100 | | | | | | 72 | | | | | | 100 | | | | | | 72 | | |
Total
|
| | | | 7,140 | | | | | | 6,943 | | | | | | 7,140 | | | | | | 6,943 | | |
Total Company stores opened, net
|
| | | | 96 | | | | | | 97 | | | | | | 197 | | | | | | 176 | | |
Square footage (in thousands)
|
| | | | 47,899 | | | | | | 46,435 | | | | | | 47,899 | | | | | | 46,435 | | |
Square footage per store
|
| | | | 6,709 | | | | | | 6,688 | | | | | | 6,709 | | | | | | 6,688 | | |
Total AutoZone Stores (Domestic, Mexico and Brazil)
|
| |
Fourth
Quarter Ended August 26, 2023 |
| |
Fourth
Quarter Ended August 27, 2022 |
| |
Year Ended
August 26, 2023 |
| |
Year Ended
August 27, 2022 |
| ||||||||||||
Sales per average store
|
| | | $ | 788 | | | | | $ | 762 | | | | | $ | 2,435 | | | | | $ | 2,329 | | |
Sales per average square foot
|
| | | $ | 118 | | | | | $ | 114 | | | | | $ | 363 | | | | | $ | 349 | | |
Auto Parts (Domestic, Mexico and Brazil) | | | | | | | | | | | | | | | | | | | | | | | | | |
Total auto parts sales
|
| | | $ | 5,589,429 | | | | | $ | 5,256,176 | | | | | $ | 17,145,137 | | | | | $ | 15,963,196 | | |
% Increase vs. LY
|
| | | | 6.3% | | | | | | 8.8% | | | | | | 7.4% | | | | | | 11.0% | | |
Domestic Commercial | | | | | | | | | | | | | | | | | | | | | | | | | |
Total domestic commercial sales
|
| | | $ | 1,499,040 | | | | | $ | 1,442,313 | | | | | $ | 4,598,456 | | | | | $ | 4,230,414 | | |
% Increase vs. LY
|
| | | | 3.9% | | | | | | 22.0% | | | | | | 8.7% | | | | | | 26.5% | | |
Average sales per program per week
|
| | | $ | 16.7 | | | | | $ | 17.0 | | | | | $ | 16.0 | | | | | $ | 15.5 | | |
% Increase vs. LY
|
| | | | (1.8)% | | | | | | 18.1% | | | | | | 3.2% | | | | | | 23.0% | | |
All Other, including ALLDATA | | | | | | | | | | | | | | | | | | | | | | | | | |
All other sales
|
| | | $ | 101,189 | | | | | $ | 92,179 | | | | | $ | 312,072 | | | | | $ | 289,034 | | |
% Increase vs. LY
|
| | | | 9.8% | | | | | | 10.6% | | | | | | 8.0% | | | | | | 16.6% | | |
Same store sales(1)
|
| |
Fourth
Quarter Ended August 26, 2023 |
| |
Fourth
Quarter Ended August 27, 2022 |
| |
Year Ended
August 26, 2023 |
| |
Year Ended
August 27, 2022 |
| ||||||||||||
Domestic
|
| | | | 1.7% | | | | | | 6.2% | | | | | | 3.4% | | | | | | 8.4% | | |
International
|
| | | | 34.1% | | | | | | 18.0% | | | | | | 29.3% | | | | | | 19.1% | | |
Total Company
|
| | | | 4.5% | | | | | | 7.1% | | | | | | 5.6% | | | | | | 9.2% | | |
International – Constant Currency
|
| | | | 14.9% | | | | | | 19.0% | | | | | | 17.5% | | | | | | 19.2% | | |
Total Company – Constant Currency
|
| | | | 2.8% | | | | | | 7.2% | | | | | | 4.6% | | | | | | 9.2% | | |
| | |
Year Ended
|
| |||||||||
| | |
August 26, 2023
|
| |
August 27, 2022
|
| ||||||
Net income
|
| | | $ | 2,528,426 | | | | | $ | 2,429,604 | | |
Add: Interest expense
|
| | | | 306,372 | | | | | | 191,638 | | |
Income tax expense
|
| | | | 639,188 | | | | | | 649,487 | | |
EBIT
|
| | | | 3,473,986 | | | | | | 3,270,729 | | |
Add: Depreciation and amortization
|
| | | | 497,577 | | | | | | 442,223 | | |
Rent expense(2)
|
| | | | 406,398 | | | | | | 373,278 | | |
Share-based expense
|
| | | | 93,087 | | | | | | 70,612 | | |
EBITDAR
|
| | | $ | 4,471,048 | | | | | $ | 4,156,842 | | |
Debt
|
| | | $ | 7,668,549 | | | | | $ | 6,122,092 | | |
Financing lease liabilities
|
| | | | 287,618 | | | | | | 310,305 | | |
Add: Rent x 6(2)(3)
|
| | | | 2,438,388 | | | | | | 2,239,668 | | |
Adjusted debt
|
| | | $ | 10,394,555 | | | | | $ | 8,672,065 | | |
Adjusted debt to EBITDAR
|
| | | | 2.3 | | | | | | 2.1 | | |
| | |
Year Ended
|
| |||||||||
| | |
August 26, 2023
|
| |
August 27, 2022
|
| ||||||
Net income
|
| | | $ | 2,528,426 | | | | | $ | 2,429,604 | | |
Adjustments: | | | | | | | | | | | | | |
Interest expense
|
| | | | 306,372 | | | | | | 191,638 | | |
Rent expense(2)
|
| | | | 406,398 | | | | | | 373,278 | | |
Tax effect(4)
|
| | | | (143,980) | | | | | | (119,197) | | |
Adjusted after-tax return
|
| | | $ | 3,097,216 | | | | | $ | 2,875,323 | | |
Average debt(5)
|
| | | $ | 6,900,354 | | | | | $ | 5,712,301 | | |
Average stockholders’ deficit(5)
|
| | | | (4,042,495) | | | | | | (2,797,181) | | |
Add: Rent x 6(2)(3)
|
| | | | 2,438,388 | | | | | | 2,239,668 | | |
Average financing lease liabilities(5)
|
| | | | 296,599 | | | | | | 284,453 | | |
Invested capital
|
| | | $ | 5,592,846 | | | | | $ | 5,439,241 | | |
Adjusted After-Tax ROIC
|
| | | | 55.4% | | | | | | 52.9% | | |
| | |
Year Ended
|
| |||||||||
(in thousands)
|
| |
August 26,
2023 |
| |
August 27,
2022 |
| ||||||
Total lease cost, per ASC 842
|
| | | $ | 524,283 | | | | | $ | 470,563 | | |
Less: Financing lease interest and amortization
|
| | | | (86,521) | | | | | | (69,564) | | |
Less: Variable operating lease components, related to insurance and common area maintenance
|
| | | | (31,364) | | | | | | (27,721) | | |
Rent expense
|
| | | $ | 406,398 | | | | | $ | 373,278 | | |
| | |
August 26,
2023 |
| |
August 27,
2022 |
| ||||||
Cumulative share repurchases ($ since fiscal 1998)
|
| | | $ | 33,815,711 | | | | | $ | 30,092,422 | | |
Remaining share repurchase authorization ($)
|
| | | | 1,834,289 | | | | | | 1,057,578 | | |
Cumulative share repurchases (shares since fiscal 1998)
|
| | | | 154,032 | | | | | | 152,508 | | |
Shares outstanding, end of quarter
|
| | | | 17,857 | | | | | | 19,126 | | |
| | |
as of
August 26, 2023 |
| |
as of
August 27, 2022 |
| ||||||
Accounts payable/inventory
|
| | | | 124.9% | | | | | | 129.5% | | |
($ in thousands) | | | | | | | | | | | | | |
Inventory
|
| | | $ | 5,764,143 | | | | | $ | 5,638,004 | | |
Inventory per store
|
| | | | 807 | | | | | | 812 | | |
Net inventory (net of payables)
|
| | | | (1,437,138) | | | | | | (1,663,343) | | |
Net inventory/per store
|
| | | | (201) | | | | | | (240) | | |
| | |
Trailing 5 Quarters
|
| |||||||||
| | |
August 26, 2023
|
| |
August 27, 2022
|
| ||||||
Inventory turns
|
| | | | 1.5x | | | | | | 1.5x | | |
Underwriter
|
| |
Principal Amount
of 2028 Notes |
| |
Principal Amount
of 2033 Notes |
| ||||||
BofA Securities, Inc.
|
| | | $ | 75,755,000 | | | | | $ | 75,770,000 | | |
J.P. Morgan Securities LLC
|
| | | $ | 75,755,000 | | | | | $ | 75,770,000 | | |
Truist Securities, Inc.
|
| | | $ | 75,755,000 | | | | | $ | 75,770,000 | | |
U.S. Bancorp Investments, Inc.
|
| | | $ | 75,755,000 | | | | | $ | 75,770,000 | | |
Wells Fargo Securities, LLC
|
| | | $ | 75,755,000 | | | | | $ | 75,770,000 | | |
Mizuho Securities USA LLC
|
| | | $ | 24,910,000 | | | | | $ | 24,930,000 | | |
PNC Capital Markets LLC
|
| | | $ | 24,910,000 | | | | | $ | 24,930,000 | | |
BMO Capital Markets Corp.
|
| | | $ | 4,650,000 | | | | | $ | 4,650,000 | | |
BBVA Securities Inc.
|
| | | $ | 4,650,000 | | | | | $ | 4,650,000 | | |
Capital One Securities, Inc.
|
| | | $ | 4,650,000 | | | | | $ | 4,650,000 | | |
Citigroup Global Markets Inc.
|
| | | $ | 4,650,000 | | | | | $ | 4,650,000 | | |
Citizens JMP Securities, LLC
|
| | | $ | 4,650,000 | | | | | $ | 4,650,000 | | |
Credit Agricole Securities (USA) Inc.
|
| | | $ | 4,650,000 | | | | | $ | 4,650,000 | | |
Deutsche Bank Securities Inc.
|
| | | $ | 4,650,000 | | | | | $ | 4,650,000 | | |
Fifth Third Securities, Inc.
|
| | | $ | 4,650,000 | | | | | $ | 4,650,000 | | |
Huntington Securities, Inc.
|
| | | $ | 4,650,000 | | | | | $ | 4,650,000 | | |
KeyBanc Capital Markets Inc.
|
| | | $ | 4,650,000 | | | | | $ | 4,650,000 | | |
MUFG Securities Americas Inc.
|
| | | $ | 4,650,000 | | | | | $ | 4,650,000 | | |
Regions Securities LLC
|
| | | $ | 4,650,000 | | | | | $ | 4,650,000 | | |
Santander Investment Securities Inc.
|
| | | $ | 4,650,000 | | | | | $ | 4,650,000 | | |
SMBC Nikko Securities America, Inc.
|
| | | $ | 4,650,000 | | | | | $ | 4,650,000 | | |
TD Securities (USA) LLC
|
| | | $ | 4,650,000 | | | | | $ | 4,650,000 | | |
Siebert Williams Shank & Co., LLC
|
| | | $ | 1,655,000 | | | | | $ | 1,540,000 | | |
Total
|
| | | $ | 500,000,000 | | | | | $ | 500,000,000 | | |
| | |
Paid by us
|
| |||
Per 2028 note
|
| | | | 0.602% | | |
Per 2033 note
|
| | | | 0.652% | | |
Total
|
| | | $ | 6,270,000 | | |
| | | | | ii | | | |
| | | | | ii | | | |
| | | | | ii | | | |
| | | | | 1 | | | |
| | | | | 1 | | | |
| | | | | 1 | | | |
| | | | | 3 | | | |
| | | | | 4 | | | |
| | | | | 8 | | | |
| | | | | 10 | | | |
| | | | | 10 | | |
Exhibit 107
Calculation of Filing Fee Tables
424(b)(2)
(Form Type)
AutoZone, Inc.
(Exact Name of Registrant as Specified in its Charter)
Table 1: Newly Registered Securities
The prospectus supplement to which this Exhibit is attached is a final prospectus for the related offering. The maximum aggregate amount of that offering is $1,000,000,000.
Security Type |
Security Class Title |
Fee Calculation or Carry Forward Rule |
Amount Registered |
Proposed Maximum Offering Price Per Unit |
Maximum Aggregate Offering Price |
Fee Rate |
Amount of Registration Fee | |
Fees to Be Paid | Debt | 6.250% Senior Notes due 2028 | 457(r) | $500,000,000 | 99.905% | $499,525,000 | 0.0001476 | $73,729.89 |
Debt | 6.550% Senior Notes due 2033 | 457(r) | $500,000,000 | 99.737% | $498,685,000 | 0.0001476 | $73,605.91 | |
Fees Previously Paid |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
|
N/A |
Total Offering Amounts | $998,210,000 | $147,335.80 | ||||||
Total Fees Previously Paid | N/A | |||||||
Total Fee Offsets | N/A | |||||||
Net Fee Due | $147,335.80 |
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