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Autozone Inc. Q1 FY2024 results: revenue $4.2 billion, up 5.1% on the year

Autozone Inc. (AZO) reported revenue of $4.2 billion for Q1 FY2024, the quarter ended 18 November 2023, up 5.1% on the same quarter a year earlier. Net income was $593 million, up 10.0% on the year, and diluted earnings per share $32.55. The figures are the company's own, from the 10-Q it filed with the SEC on 18 December 2023.

Revenue$4.2 billionup 5.1%
Net income$593 millionup 10.0%
Diluted EPS$32.55
QuarterQ1 FY2024ended 18 November 2023

The quarter, against the one before and a year earlier

LineQ1 FY2024Q4 FY2023A year earlierChange on the year
Revenue4,1905,691n/an/a
Cost of revenue1,9762,691n/an/a
Gross profit2,2143,000n/an/a
Gross margin52.8%52.7%n/a
Selling, general and administrative1,3651,777n/an/a
Operating income8491,222n/an/a
Operating margin20.3%21.5%n/a
Pre-tax income7571,114n/an/a
Income tax164249n/an/a
Effective tax rate21.6%22.3%n/a
Net income593865n/an/a
Net margin14.2%15.2%n/a
Diluted EPS$32.55$46.15n/an/a

$ million except per share. Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

LineQ1 FY2024Q4 FY2023A year earlierChange on the year
Operating cash flow830n/an/an/a
Capital expenditure235n/an/an/a
Free cash flow595n/an/an/a
Free cash flow margin14.2%n/an/a
Depreciation and amortisation120n/an/an/a
Share-based compensation22.9n/an/an/a
Buybacks1,487n/an/an/a
Diluted shares, weighted18m19mn/an/a
Shares outstanding at period end17m18mn/an/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

LineQ1 FY2024Q4 FY2023A year earlierChange on the year
Total assets16,29315,986n/an/a
Cash and equivalents283277n/an/a
Receivables512520n/an/a
Goodwill303303n/an/a
Total debt, as filed8,6337,710n/an/a
Long-term debt8,5847,669n/an/a
Borrowings, as the company tags themn/a7,710n/an/a
Operating lease liabilities2,9112,917n/an/a
Finance lease liabilitiesn/a201n/an/a
Shareholders' equity-5,214-4,350n/an/a

Quarterly results, the last 12 quarters

Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026Q3 FY2026
Revenue5,6914,1903,8594,2356,2054,2803,9524,4646,2434,6294,2744,841
Cost of revenue2,6911,9761,7791,9702,9482,0121,8242,1113,0262,2692,0312,316
Gross profit3,0002,2142,0802,2663,2582,2682,1282,3543,2162,3592,2432,525
Gross margin53%53%54%53%53%53%54%53%52%51%52%52%
SG&A1,7771,3651,3361,3651,9611,4271,4221,4872,0201,5751,5451,601
Operating income1,2228497439001,2978417078661,196784698924
Operating margin21%20%19%21%21%20%18%19%19%17%16%19%
Pre-tax income1,1147576417961,1447345987551,048678591813
Tax rate22%22%20%18%21%23%18%19%20%22%21%21%
Net income865593515652902565488608837531469641
Net margin15%14%13%15%15%13%12%14%13%11%11%13%
Diluted EPS$46.15$32.55$28.89$36.69$51.42$32.52$28.29$35.36$48.70$31.04$27.63$38.07
Operating cash flown/a830n/an/an/a812n/an/an/a944n/an/a
Capital expendituren/a235n/an/an/a247n/an/an/a314n/an/a
Free cash flown/a595n/an/an/a565n/an/an/a630n/an/a
Buybacksn/a1,487n/an/an/a540n/an/an/a427n/an/a
Shares outstanding18m17m17m17m17m17m17m17m17m17m16m16m
Filing10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 18 November 2023, filed 18 December 2023, accession 0001558370-23-019871: the filing on EDGAR. All of Autozone Inc.'s filings: EDGAR company page.

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