I NEED IT IN 8 HOURS !

EXCELAutozone.xlsx

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This spreadsheet supports STUDENT analysis of the case “AutoZone, Inc.” (Case 30).

This spreadsheet was prepared by Professor Kenneth Eades, Paul Tudor Jones Research Professor of Business Administration. Copyright © 2012 by the University of Virginia Darden School Foundation, Charlottesville, VA. All rights reserved. For customer service inquiries, send an e-mail [email protected]. No part of this publication may be reproduced, stored in a retrieval system, posted to the Internet, or transmitted in any form or by any means—electronic, mechanical, photocopying, recording, or otherwise—without the permission of the Darden School Foundation.

Rev. Jan. 18, 2013

Ex1_Price Performance

3/29/02	6/28/02	9/30/02	12/31/02	3/31/03	6/30/03	9/30/03	12/31/03	3/31/04	6/30/04	9/30/04	12/31/04	3/31/05	6/30/05	9/30/05	12/30/05	3/31/06	6/30/06	9/29/06	12/29/06	3/30/07	6/29/07	9/28/07	12/31/07	3/31/08	6/30/08	9/30/08	12/31/08	3/31/09	6/30/09	9/30/09	12/31/09	3/31/10	6/30/10	9/30/10	12/31/10	3/31/11	6/30/11	9/30/11	1/24/12
RBS	25.5	25.5	25.5	25.5	25.5	25.5	19.9	19.9	19.9	19.9	20.6	21.3	21.3	21.3	21.3	22	22	22	22	22	22	22	22	22.9	22.9	22.9	22.9	23.3	23.4	20.9	20.2	19.3	19.3	13.5	12.5	11.2	10.6	9.6	9.2	2.3
ESL	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0.9	4.4	4	3.5	3.5	3.1	3	1.5
Total (mm)	25.5	25.5	25.5	25.5	25.5	25.5	19.9	19.9	19.9	19.9	20.6	21.3	21.3	21.3	21.3	22	22	22	22	22	22	22	22	22.9	22.9	22.9	22.9	23.3	23.4	20.9	20.2	19.3	20.2	17.9	16.5	14.7	14.1	12.7	12.2	3.8
Value	$1,755.68	$1,971.15	$2,010.93	$1,801.58	$1,752.11	$1,937.24	$1,781.65	$1,695.68	$1,710.80	$1,593.99	$1,591.35	$1,944.90	$1,825.41	$1,969.40	$1,773.23	$2,018.50	$2,193.18	$1,940.40	$2,272.60	$2,542.32	$2,819.08	$3,005.64	$2,555.08	$2,745.94	$2,606.71	$2,771.13	$2,824.49	$3,249.65	$3,805.31	$3,158.20	$2,953.64	$3,050.75	$3,496.42	$3,458.64	$3,777.02	$4,007.07	$3,857.20	$3,744.60	$3,894.12	$1,317.65
BB Last Pr	68.85	77.3	78.86	70.65	68.71	75.97	89.53	85.21	85.97	80.1	77.25	91.31	85.7	92.46	83.25	91.75	99.69	88.2	103.3	115.56	128.14	136.62	116.14	119.91	113.83	121.01	123.34	139.47	162.62	151.11	146.22	158.07	173.09	193.22	228.91	272.59	273.56	294.85	319.19	346.75
Indexed to Time 0	Absolute Numbers
Date	AutoZone	S&P 500	S&P 500	AZO	SPX	SPXT
12/31/96	100.0%	100.0%	100.0%	27.5	740.74	973.9
1/31/97	78.6%	106.1%	106.2%	21.625	786.16	1034.74
2/28/97	90.0%	106.8%	107.1%	24.75	790.82	1042.85
3/31/97	81.8%	102.2%	102.7%	22.5	757.12	1000
4/30/97	89.1%	108.2%	108.8%	24.5	801.34	1059.7
5/30/97	85.0%	114.5%	115.4%	23.375	848.28	1124.22
6/30/97	85.0%	119.5%	120.6%	23.375	885.14	1174.59
7/31/97	104.3%	128.8%	130.2%	28.688	954.29	1268.05
8/29/97	102.7%	121.4%	122.9%	28.25	899.47	1197.01
9/30/97	108.6%	127.9%	129.6%	29.875	947.28	1262.56
10/31/97	107.5%	123.5%	125.3%	29.563	914.62	1220.4
11/28/97	109.1%	129.0%	131.1%	30	955.4	1276.89
12/31/97	105.5%	131.0%	133.4%	29	970.43	1298.82
1/30/98	99.8%	132.3%	134.8%	27.438	980.28	1313.19
2/27/98	110.0%	141.7%	144.6%	30.25	1049.34	1407.9
3/31/98	123.2%	148.7%	152.0%	33.875	1101.75	1480
4/30/98	109.8%	150.1%	153.5%	30.188	1111.75	1494.89
5/29/98	120.9%	147.3%	150.9%	33.25	1090.82	1469.19
6/30/98	116.1%	153.1%	157.0%	31.938	1133.84	1528.87
7/31/98	124.5%	151.3%	155.3%	34.25	1120.67	1512.59
8/31/98	94.3%	129.2%	132.9%	25.938	957.28	1293.9
9/30/98	89.5%	137.3%	141.4%	24.625	1017.01	1376.79
10/30/98	95.7%	148.3%	152.9%	26.313	1098.67	1488.78
11/30/98	109.5%	157.1%	162.1%	30.125	1163.63	1579.02
12/31/98	119.8%	165.9%	171.5%	32.938	1229.23	1670.01
1/29/99	123.2%	172.8%	178.6%	33.875	1279.64	1739.84
2/26/99	127.3%	167.2%	173.1%	35	1238.33	1685.77
3/31/99	110.5%	173.7%	180.0%	30.375	1286.37	1753.21
4/30/99	109.1%	180.2%	187.0%	30	1335.18	1821.11
5/31/99	105.2%	175.7%	182.6%	28.938	1301.84	1778.1
6/30/99	109.5%	185.3%	192.7%	30.125	1372.71	1876.78
7/30/99	89.8%	179.4%	186.7%	24.688	1328.72	1818.18
8/31/99	86.6%	178.3%	185.8%	23.813	1320.41	1809.19
9/30/99	102.0%	173.2%	180.7%	28.063	1282.71	1759.59
10/29/99	96.6%	184.0%	192.1%	26.563	1362.93	1870.94
11/30/99	100.2%	187.5%	196.0%	27.563	1388.91	1908.97
12/31/99	117.5%	198.3%	207.6%	32.313	1469.25	2021.4
1/31/00	95.5%	188.3%	197.1%	26.25	1394.46	1919.84
2/29/00	87.3%	184.5%	193.4%	24	1366.42	1883.5
3/31/00	100.9%	202.3%	212.3%	27.75	1498.58	2067.76
4/28/00	83.4%	196.1%	205.9%	22.938	1452.43	2005.55
5/31/00	101.8%	191.8%	201.7%	28	1420.6	1964.4
6/30/00	80.1%	196.4%	206.7%	22.016	1454.6	2012.83
7/31/00	83.2%	193.2%	203.4%	22.875	1430.83	1981.36
8/31/00	81.9%	204.9%	216.1%	22.52	1517.68	2104.43
9/29/00	82.5%	193.9%	204.7%	22.688	1436.51	1993.33
10/31/00	97.5%	193.0%	203.8%	26.813	1429.4	1984.9
11/30/00	93.9%	177.5%	187.7%	25.813	1314.95	1828.42
12/29/00	103.6%	178.2%	188.7%	28.5	1320.28	1837.36
1/31/01	94.7%	184.4%	195.4%	26.03	1366.02	1902.55
2/28/01	91.9%	167.4%	177.5%	25.26	1239.95	1729.07
3/30/01	101.9%	156.6%	166.3%	28.02	1160.33	1619.54
4/30/01	114.0%	168.7%	179.2%	31.34	1249.47	1745.39
5/31/01	120.3%	169.5%	180.4%	33.07	1255.83	1757.09
6/29/01	136.4%	165.3%	176.0%	37.5	1224.42	1714.32
7/31/01	172.1%	163.5%	174.3%	47.33	1211.23	1697.44
8/31/01	168.0%	153.0%	163.4%	46.2	1133.59	1591.18
9/28/01	188.6%	140.5%	150.2%	51.86	1040.95	1462.69
10/31/01	212.8%	143.1%	153.1%	58.53	1059.78	1490.58
11/30/01	244.7%	153.8%	164.8%	67.3	1139.46	1604.92
12/31/01	261.1%	155.0%	166.2%	71.8	1148.08	1618.98
1/31/02	246.0%	152.6%	163.8%	67.65	1130.2	1595.35
2/28/02	241.3%	149.4%	160.7%	66.36	1106.73	1564.59
3/29/02	250.4%	154.9%	166.7%	68.85	1147.39	1623.43
4/30/02	276.4%	145.4%	156.6%	76	1076.92	1525
5/31/02	297.6%	144.1%	155.4%	81.85	1067.14	1513.77
6/28/02	281.1%	133.6%	144.4%	77.3	989.81	1405.94
7/31/02	268.2%	123.1%	133.1%	73.75	911.62	1296.34
8/30/02	263.1%	123.7%	134.0%	72.35	916.07	1304.86
9/30/02	286.8%	110.1%	119.4%	78.86	815.28	1163.04
10/31/02	311.9%	119.6%	129.9%	85.77	885.76	1265.41
11/29/02	297.1%	126.4%	137.6%	81.7	936.31	1339.89
12/31/02	256.9%	118.8%	129.5%	70.65	879.82	1261.18
1/31/03	238.9%	115.5%	126.1%	65.71	855.7	1228.14
2/28/03	239.3%	113.6%	124.2%	65.8	841.15	1209.71
3/31/03	249.9%	114.5%	125.4%	68.71	848.18	1221.46
4/30/03	293.9%	123.8%	135.8%	80.81	916.92	1322.07
5/30/03	304.3%	130.1%	142.9%	83.68	963.59	1391.72
6/30/03	276.3%	131.6%	144.7%	75.97	974.5	1409.48
7/31/03	302.8%	133.7%	147.3%	83.26	990.31	1434.33
8/29/03	333.8%	136.1%	150.1%	91.8	1008.01	1462.3
9/30/03	325.6%	134.5%	148.6%	89.53	995.97	1446.77
10/31/03	349.5%	141.8%	157.0%	96.1	1050.71	1528.62
11/28/03	347.9%	142.9%	158.3%	95.66	1058.2	1542.07
12/31/03	309.9%	150.1%	166.6%	85.21	1111.92	1622.94
1/30/04	306.6%	152.7%	169.7%	84.32	1131.13	1652.73
2/27/04	326.2%	154.6%	172.1%	89.7	1144.94	1675.7
3/31/04	312.6%	152.0%	169.5%	85.97	1126.21	1650.42
4/30/04	318.4%	149.5%	166.8%	87.57	1107.3	1624.51
5/31/04	315.5%	151.3%	169.1%	86.75	1120.68	1646.8
6/30/04	291.3%	154.0%	172.4%	80.1	1140.84	1678.83
7/30/04	280.7%	148.7%	166.7%	77.2	1101.72	1623.26
8/31/04	269.3%	149.1%	167.4%	74.06	1104.24	1629.83
9/30/04	280.9%	150.5%	169.2%	77.25	1114.58	1647.48
10/29/04	297.5%	152.6%	171.7%	81.81	1130.2	1672.65
11/30/04	311.3%	158.5%	178.7%	85.6	1173.82	1740.33
12/31/04	332.0%	163.6%	184.8%	91.31	1211.92	1799.55
1/31/05	324.5%	159.5%	180.3%	89.25	1181.27	1755.68
2/28/05	352.4%	162.5%	184.1%	96.9	1203.6	1792.63
3/31/05	311.6%	159.4%	180.8%	85.7	1180.59	1760.89
4/29/05	301.8%	156.2%	177.4%	83	1156.85	1727.49
5/31/05	329.2%	160.9%	183.0%	90.52	1191.5	1782.46
6/30/05	336.2%	160.8%	183.3%	92.46	1191.33	1784.99
7/29/05	354.3%	166.6%	190.1%	97.44	1234.18	1851.37
8/31/05	343.6%	164.7%	188.4%	94.5	1220.33	1834.48
9/30/05	302.7%	165.9%	189.9%	83.25	1228.81	1849.33
10/31/05	294.2%	162.9%	186.7%	80.9	1207.01	1818.5
11/30/05	323.9%	168.7%	193.8%	89.06	1249.48	1887.28
12/30/05	333.6%	168.5%	193.9%	91.75	1248.29	1887.94
1/31/06	355.5%	172.8%	199.0%	97.75	1280.08	1937.93
2/28/06	351.6%	172.9%	199.5%	96.68	1280.66	1943.19
3/31/06	362.5%	174.8%	202.0%	99.69	1294.83	1967.38
4/28/06	340.4%	176.9%	204.7%	93.61	1310.61	1993.79
5/31/06	329.9%	171.5%	198.8%	90.73	1270.09	1936.41
6/30/06	320.7%	171.5%	199.1%	88.2	1270.2	1939.03
7/31/06	319.5%	172.3%	200.3%	87.87	1276.66	1950.99
8/31/06	328.4%	176.0%	205.1%	90.3	1303.82	1997.42
9/29/06	375.6%	180.3%	210.4%	103.3	1335.85	2048.89
10/31/06	407.3%	186.0%	217.2%	112	1377.94	2115.65
11/30/06	413.1%	189.1%	221.4%	113.61	1400.63	2155.89
12/29/06	420.2%	191.5%	224.5%	115.56	1418.3	2186.13	AutoZone	S&P 500	S&P 500 Total Return
1/31/07	456.8%	194.2%	227.9%	125.63	1438.24	2219.19	100%	100%	100%
2/28/07	456.2%	189.9%	223.4%	125.46	1406.82	2175.78	100%	98%	98%
3/30/07	466.0%	191.8%	225.9%	128.14	1420.86	2200.12	102%	99%	99%
4/30/07	483.8%	200.1%	235.9%	133.04	1482.37	2297.57	106%	103%	104%
5/31/07	467.7%	206.6%	244.1%	128.63	1530.62	2377.75	102%	106%	107%
6/29/07	496.8%	203.0%	240.1%	136.62	1503.35	2338.25	109%	105%	105%
7/31/07	461.1%	196.5%	232.6%	126.81	1455.27	2265.75	101%	101%	102%
8/31/07	441.1%	199.0%	236.1%	121.29	1473.99	2299.71	97%	102%	104%
9/28/07	422.3%	206.1%	245.0%	116.14	1526.75	2385.72	92%	106%	108%
10/31/07	452.4%	209.2%	248.9%	124.41	1549.38	2423.67	99%	108%	109%
11/30/07	405.9%	200.0%	238.5%	111.63	1481.14	2322.34	89%	103%	105%
12/31/07	436.0%	198.2%	236.8%	119.91	1468.36	2306.23	95%	102%	104%
1/31/08	438.7%	186.1%	222.6%	120.65	1378.55	2167.9	96%	96%	98%
2/29/08	418.5%	179.6%	215.4%	115.08	1330.63	2097.48	92%	93%	95%
3/31/08	413.9%	178.6%	214.4%	113.83	1322.7	2088.42	91%	92%	94%
4/30/08	439.1%	187.1%	224.9%	120.75	1385.59	2190.13	96%	96%	99%
5/30/08	460.2%	189.1%	227.8%	126.56	1400.38	2218.5	101%	97%	100%
6/30/08	440.0%	172.8%	208.6%	121.01	1280	2031.47	96%	89%	92%
7/31/08	473.8%	171.1%	206.8%	130.29	1267.38	2014.39	104%	88%	91%
8/29/08	499.0%	173.2%	209.8%	137.23	1282.83	2043.53	109%	89%	92%
9/30/08	448.5%	157.5%	191.1%	123.34	1166.36	1861.44	98%	81%	84%
10/31/08	462.9%	130.8%	159.0%	127.29	968.75	1548.81	101%	67%	70%
11/28/08	397.2%	121.0%	147.6%	109.22	896.24	1437.68	87%	62%	65%
12/31/08	507.2%	121.9%	149.2%	139.47	903.25	1452.98	111%	63%	65%
1/30/09	483.2%	111.5%	136.6%	132.89	825.88	1330.51	106%	57%	60%
2/27/09	517.2%	99.2%	122.1%	142.23	735.09	1188.84	113%	51%	54%
3/31/09	591.3%	107.7%	132.8%	162.62	797.87	1292.98	129%	55%	58%
4/30/09	605.1%	117.8%	145.5%	166.39	872.81	1416.73	132%	61%	64%
5/29/09	553.3%	124.1%	153.6%	152.15	919.14	1495.97	121%	64%	67%
6/30/09	549.5%	124.1%	153.9%	151.11	919.32	1498.94	120%	64%	68%
7/31/09	558.4%	133.3%	165.6%	153.57	987.48	1612.31	122%	69%	73%
8/31/09	535.5%	137.8%	171.5%	147.25	1020.62	1670.52	117%	71%	75%
9/30/09	531.7%	142.7%	177.9%	146.22	1057.08	1732.86	116%	73%	78%
10/30/09	492.0%	139.9%	174.6%	135.31	1036.19	1700.67	108%	72%	77%
11/30/09	537.7%	147.9%	185.1%	147.87	1095.63	1802.68	118%	76%	81%
12/31/09	574.8%	150.5%	188.7%	158.07	1115.1	1837.5	126%	78%	83%
1/29/10	563.7%	145.0%	181.9%	155.03	1073.87	1771.4	123%	75%	80%
2/26/10	603.4%	149.1%	187.5%	165.93	1104.49	1826.27	132%	77%	82%
3/31/10	629.4%	157.9%	198.8%	173.09	1169.43	1936.48	138%	81%	87%
4/30/10	672.8%	160.2%	202.0%	185.01	1186.69	1967.05	147%	83%	89%
5/31/10	694.1%	147.1%	185.8%	190.88	1089.41	1809.98	152%	76%	82%
6/30/10	702.6%	139.1%	176.1%	193.22	1030.71	1715.23	154%	72%	77%
7/30/10	769.3%	148.7%	188.5%	211.57	1101.6	1835.4	168%	77%	83%
8/31/10	762.8%	141.7%	180.0%	209.78	1049.33	1752.55	167%	73%	79%
9/30/10	832.4%	154.1%	196.0%	228.91	1141.2	1908.95	182%	79%	86%
10/29/10	864.1%	159.7%	203.5%	237.63	1183.26	1981.59	189%	82%	89%
11/30/10	943.3%	159.4%	203.5%	259.41	1180.55	1981.84	206%	82%	89%
12/31/10	991.2%	169.8%	217.1%	272.59	1257.64	2114.29	217%	87%	95%
1/31/11	921.9%	173.6%	222.2%	253.53	1286.12	2164.4	202%	89%	98%
2/28/11	938.0%	179.2%	229.9%	257.95	1327.22	2238.55	205%	92%	101%
3/31/11	994.8%	179.0%	229.9%	273.56	1325.83	2239.44	218%	92%	101%
4/29/11	1026.8%	184.1%	236.8%	282.38	1363.61	2305.76	225%	95%	104%
5/31/11	1069.1%	181.6%	234.1%	294	1345.2	2279.66	234%	94%	103%
6/30/11	1072.2%	178.3%	230.2%	294.85	1320.64	2241.66	235%	92%	101%
7/29/11	1038.0%	174.5%	225.5%	285.45	1292.28	2196.08	227%	90%	99%
8/31/11	1116.4%	164.6%	213.2%	307	1218.89	2076.78	244%	85%	94%
9/30/11	1160.7%	152.7%	198.3%	319.19	1131.42	1930.79	254%	79%	87%
10/31/11	1176.7%	169.2%	219.9%	323.59	1253.3	2141.81	258%	87%	97%
11/30/11	1194.1%	168.3%	219.4%	328.38	1246.96	2137.08	261%	87%	96%
12/30/11	1181.7%	169.8%	221.7%	324.97	1257.6	2158.94	259%	87%	97%
1/31/12	1265.0%	177.2%	231.6%	347.88	1312.41	2255.69	277%	91%	102%

AutoZone Stock Price Performance

AutoZone 35430 35461 35489 35520 35550 35580 35611 35642 35671 35703 35734 35762 35795 35825 35853 35885 35915 35944 35976 36007 36038 36068 36098 36129 36160 36189 36217 36250 36280 36311 36341 36371 36403 36433 36462 36494 36525 36556 36585 36616 36644 36677 36707 36738 36769 36798 36830 36860 36889 36922 36950 36980 37011 37042 37071 37103 37134 37162 37195 37225 37256 37287 37315 37344 37376 37407 37435 37468 37498 37529 37560 37589 37621 37652 37680 37711 37741 37771 37802 37833 37862 37894 37925 37953 37986 38016 38044 38077 38107 38138 38168 38198 38230 38260 38289 38321 38352 38383 38411 38442 38471 38503 38533 38562 38595 38625 38656 38686 38716 38748 38776 38807 38835 38868 38898 38929 38960 38989 39021 39051 39080 39113 39141 39171 39202 39233 39262 39294 39325 39353 39386 39416 39447 39478 39507 39538 39568 39598 39629 39660 39689 39721 39752 39780 39813 39843 39871 39903 39933 39962 39994 40025 40056 40086 40116 40147 40178 40207 40235 40268 40298 40329 40359 40389 40421 40451 40480 40512 40543 40574 40602 40633 40662 40694 40724 40753 40786 40816 40847 40877 40907 40939 1 0.78636363636363638 0.9 0.81818181818181823 0.89090909090909087 0.85 0.85 1.0431999999999999 1.0272727272727273 1.0863636363636364 1.0750181818181819 1.0909090909090908 1.0545454545454545 0.99774545454545449 1.1000000000000001 1.2318181818181819 1.0977454545454546 1.209090909090909 1.1613818181818181 1.2454545454545454 0.94319999999999993 0.8954545454545455 0.9568363636363636 1.0954545454545455 1.1977454545454547 1.2318181818181819 1.2727272727272727 1.1045454545454545 1.0909090909090908 1.0522909090909089 1.0954545454545455 0.89774545454545451 0.86592727272727266 1.0204727272727272 0.96592727272727263 1.0022909090909091 1.175018181818182 0.95454545454545459 0.87272727272727268 1.009090909090909 0.83410909090909091 1.0181818181818181 0.80058181818181817 0.83181818181818179 0.81890909090909092 0.82501818181818176 0.97501818181818178 0.93865454545454541 1.0363636363636364 0.94654545454545458 0.91854545454545455 1.018909090909091 1.1396363636363636 1.2025454545454546 1.3636363636363635 1.721090909090909 1.6800000000000002 1.8858181818181818 2.1283636363636362 2.4472727272727273 2.6109090909090908 2.4600000000000004 2.4130909090909092 2.5036363636363634 2.7636363636363637 2.9763636363636361 2.810909090909091 2.6818181818181817 2.6309090909090909 2.8676363636363638 3.1189090909090909 2.9709090909090912 2.5690909090909093 2.3894545454545453 2.3927272727272726 2.4985454545454542 2.9385454545454546 3.0429090909090912 2.7625454545454544 3.0276363636363639 3.3381818181818179 3.2556363636363637 3.4945454545454542 3.4785454545454546 3.0985454545454543 3.0661818181818181 3.2618181818181817 3.1261818181818182 3.1843636363636363 3.1545454545454548 2.9127272727272726 2.8072727272727276 2.693090909090909 2.8090909090909091 2.9749090909090912 3.1127272727272723 3.3203636363636364 3.2454545454545456 3.5236363636363639 3.1163636363636367 3.0181818181818181 3.2916363636363637 3.3621818181818179 3.5432727272727274 3.4363636363636365 3.0272727272727273 2.9418181818181819 3.2385454545454548 3.3363636363636364 3.5545454545454547 3.5156363636363639 3.6250909090909089 3.4039999999999999 3.2992727272727276 3.2072727272727275 3.1952727272727275 3.2836363636363637 3.7563636363636363 4.0727272727272723 4.1312727272727274 4.2021818181818187 4.5683636363636362 4.5621818181818181 4.6596363636363636 4.8378181818181814 4.6774545454545455 4.968 4.611272727272727 4.4105454545454545 4.2232727272727271 4.524 4.0592727272727274 4.360363636363636 4.3872727272727277 4.1847272727272724 4.1392727272727274 4.3909090909090907 4.6021818181818182 4.4003636363636369 4.7378181818181817 4.9901818181818181 4.4850909090909088 4.6287272727272732 3.9716363636363634 5.0716363636363635 4.8323636363636355 5.1719999999999997 5.9134545454545453 6.0505454545454542 5.5327272727272732 5.4949090909090916 5.5843636363636362 5.3545454545454545 5.3170909090909086 4.9203636363636365 5.3770909090909091 5.7479999999999993 5.6374545454545455 6.033818181818182 6.2941818181818183 6.7276363636363632 6.9410909090909092 7.0261818181818185 7.6934545454545455 7.6283636363636367 8.3239999999999998 8.6410909090909094 9.4330909090909092 9.9123636363636347 9.2192727272727275 9.379999999999999 9.9476363636363629 10.268363636363636 10.690909090909091 10.721818181818183 10.379999999999999 11.163636363636364 11.60690909090909 11.76690909090909 11.941090909090908 11.81709090909091 12.650181818181817 S & P 500 35430 35461 35489 35520 35550 35580 35611 35642 35671 35703 35734 35762 35795 35825 35853 35885 35915 35944 35976 36007 36038 36068 36098 36129 36160 36189 36217 36250 36280 36311 36341 36371 36403 36433 36462 36494 36525 36556 36585 36616 36644 36677 36707 36738 36769 36798 36830 36860 36889 36922 36950 36980 37011 37042 37071 37103 37134 37162 37195 37225 37256 37287 37315 37344 37376 37407 37435 37468 37498 37529 37560 37589 37621 37652 37680 37711 37741 37771 37802 37833 37862 37894 37925 37953 37986 38016 38044 38077 38107 38138 38168 38198 38230 38260 38289 38321 38352 38383 38411 38442 38471 38503 38533 38562 38595 38625 38656 38686 38716 38748 38776 38807 38835 38868 38898 38929 38960 38989 39021 39051 39080 39113 39141 39171 39202 39233 39262 39294 39325 39353 39386 39416 39447 39478 39507 39538 39568 39598 39629 39660 39689 39721 39752 39780 39813 39843 39871 39903 39933 39962 39994 40025 40056 40086 40116 40147 40178 40207 40235 40268 40298 40329 40359 40389 40421 40451 40480 40512 40543 40574 40602 40633 40662 40694 40724 40753 40786 40816 40847 40877 40907 40939 1 1.0624704795153508 1.0707978231851318 1.0267994660642776 1.088099394188315 1.1543484957387822 1.2060683848444398 1.3020330629428072 1.2290892288736011 1.2963959338741144 1.2531060683848445 1.3111099702228157 1.3336276825136051 1.3483827908409489 1.4456309682718966 1.519663209775131 1.5349522538248281 1.5085635075469761 1.569842899681692 1.5531266043741656 1.3285758291405689 1.4136872368826368 1.5286785090871753 1.6213368929048158 1.7147653763220043 1.7864667830372727 1.7309477359071774 1.8001950918985523 1.8699147756443166 1.825752130608892 1.9270767019201149 1.8669062532087484 1.8576753260088306 1.8067460724920423 1.9210801930382997 1.9601293767327241 2.0755724407023308 1.9712906869288427 1.9339767943320669 2.1231748639490711 2.0592976691652121 2.0170448711366671 2.0667727692781601 2.0344593900811172 2.1608276003696476 2.0467501796899064 2.0380942601909848 1.8774206797412467 1.8866002669678612 1.9535373241605913 1.7754081527877605 1.6629428072697403 1.7921655200739297 1.8041790738268815 1.7602628606633124 1.7429304856761476 1.6338227744121574 1.5018893110175584 1.5305267481260909 1.6479309990758806 1.6623677995687443 1.6381045281856452 1.6065201766095081 1.6669370571927304 1.5658691857480234 1.5543382277441216 1.4436184413184106 1.3310812198377657 1.3398295512886333 1.1942088510113975 1.2993223123523976 1.3757983365848652 1.2949789506109457 1.261053496252182 1.2421295820926175 1.2541944758188726 1.3575007700995996 1.4290173529109766 1.4472533114282782 1.4727692781599753 1.5014888592257931 1.4855426635178151 1.5695861998151761 1.5833966526337406 1.6664339254543588 1.6970222815484137 1.7206078652839101 1.6946503747818051 1.6680460006160798 1.6909333607146524 1.7238217476126911 1.6667625012834995 1.6735085737755415 1.6916315843515761 1.7174761269124141 1.7869699147756444 1.8477769791559708 1.8027312865797311 1.8406715268508063 1.808080911797926 1.773785809631379 1.8302289762809325 1.832826778930075 1.9009857274874216 1.883643084505596 1.8988910565766506 1.8672348290378888 1.9378580963137899 1.9385357839613924 1.9898654892699457 1.9952664544614438 2.0201047335455389 2.047222507444296 1.988304754081528 1.9909949686826163 2.0032754902967449 2.0509497895061095 2.103799158024438 2.1723482903788893 2.2136667008933153 2.2447171167470996 2.2786631070951846 2.2340897422733343 2.2590820412773387 2.3591436492453024 2.4414724304343363 2.4009138515247974 2.3264708902351372 2.36134100010268 2.4496560221788681 2.4886230619160079 2.3845774720197146 2.368035732621419 2.2259985624807475 2.1536913440805012 2.1443885409179591 2.2488243146113565 2.2779546154635999 2.0859123113255982 2.0683745764452204 2.0982955128863332 1.9113255981106891 1.5903172810350139 1.4762090563712909 1.4919190882020741 1.3661669575931821 1.2207002772358557 1.3276311736317898 1.4546976075572442 1.5360611972481775 1.5391107916623885 1.6555190471300956 1.7152890440496971 1.7792997227641441 1.7462470479515351 1.8509908614847521 1.8867440188931102 1.8188725741862615 1.8752130608892084 1.9883766300441525 2.0197658897217372 1.8584864975870212 1.761197248177431 1.8845877400143753 1.7995174042509499 1.9601088407434029 2.0346955539583118 2.0349522538248279 2.1709518431050414 2.2224047643495228 2.2985419447581892 2.2994557962829862 2.367553136872369 2.3407536708080912 2.3017352910976485 2.2549337714344388 2.1324365951329707 1.9825341410822466 2.1992093644111304 2.1943526029366462 2.2167984392648119 2.3161412876065306

Relative Cumulative Return

Lampert Position in AutoZone

Shares 37344 37435 37529 37621 37711 37802 37894 37986 38077 38168 38260 38352 38442 38533 38625 38716 38807 38898 38989 39080 39171 39262 39353 39447 39538 39629 39721 39813 39903 39994 40086 40178 40268 40359 40451 40543 40633 40724 40816 40932 25.5 25.5 25.5 25.5 25.5 25.5 19.899999999999999 19.899999999999999 19.899999999999999 19.899999999999999 20.6 21.3 21.3 21.3 21.3 22 22 22 22 22 22 22 22 22.9 22.9 22.9 22.9 23.3 23.4 20.9 20.2 19.3 20.2 17.899999999999999 16.5 14.7 14.1 12.7 12.2 3.8

Shares Held (millions)

AutoZone Stock Price Performance

Relative Cumulative Return

Lampert Position in AutoZone

Shares Held (millions)

Ex2_Inc Statements

AutoZone Income Statements	Year ended	Year ended	Year ended
(in thousands, except	August 27,	August 28,	August 29,	August 30,	August 25,	August 26,	August 27,	August 28,	August 30,	August 31,	August 25,	August 26,	August 28,	August 29,	August 30,	August 31,	% change
per share data)	2011	2010	2009	2008	2007	2006	2005	2004	2003	2002	2001	2000	1999	1998	1997	1996
Net sales	$8,072,973	$7,362,618	$6,816,824	$6,522,706	$6,169,804	$5,948,355	$5,710,882	$5,637,025	$5,457,123	$5,325,510	$4,818,185	$4,482,696	$4,116,392	$3,242,922	$2,691,440	$2,242,633	30.85%
Cost of sales	3,953,510	3,650,874	3,400,375	3,254,645	3,105,554	3,009,835	2,918,334	2,880,446	2,942,114	2,950,123	2,804,896	2,602,386	2,384,970	1,889,847	1,559,296	1,307,638	27.30%
Gross profit	4,119,463	3,711,744	3,416,449	3,268,061	3,064,250	2,938,520	2,792,548	2,756,579	2,515,009	2,375,387	2,013,289	1,880,310	1,731,422	1,353,075	1,132,144	934,995	34.44%
ERROR:#DIV/0!
SG&A	2,624,660	2,392,330	2,240,387	2,143,927	2,008,984	1,928,595	1,816,884	1,757,873	1,597,212	1,604,379	1,625,598	1,368,290	1,298,327	970,768	810,793	666,061	30.65%
Operating profit	1,494,803	1,319,414	1,176,062	1,124,134	1,055,266	1,009,925	975,664	998,706	917,797	771,008	387,691	512,020	433,095	382,307	321,351	268,934	41.65%
ERROR:#DIV/0!
Interest expense, net	170,557	158,909	142,316	116,745	119,116	107,889	102,443	92,804	84,790	79,860	100,665	76,830	45,312	18,204	8,843	1,969	43.19%
Income before income taxes	1,324,246	1,160,505	1,033,746	1,007,389	936,150	902,036	873,221	905,902	833,007	691,148	287,026	435,190	387,783	364,103	312,508	266,965	41.46%
ERROR:#DIV/0!
Income tax expense	475,272	422,194	376,697	365,783	340,478	332,761	302,202	339,700	315,403	263,000	111,500	167,600	143,000	136,200	117,500	99,800	39.59%
Net income	$848,974	$738,311	$657,049	$641,606	$595,672	$569,275	$571,019	$566,202	$517,604	$428,148	$175,526	$267,590	$244,783	$227,903	$195,008	$167,165	42.52%
Wt. avg. shares for basic EPS	42,632	48,488	55,282	63,295	69,101	-38.30%
Effect of dilutive stock equivalents	971	816	710	580	743	30.69%
Adj. wt. avg. shares for diluted EPS	43,603	49,304	55,992	63,875	69,844	75,859	79,508	86,350	96,963	107,111	113,801	133,869	150,257	154,070	152,535	151,238	-37.57%
ERROR:#DIV/0!
Basic earnings per share	$19.91	$15.23	$11.89	$10.14	$8.62	$7.57	130.97%
Diluted earnings per share	$19.47	$14.97	$11.73	$10.04	$8.53	$7.50	$7.18	$6.56	$5.34	$4.00	$1.54	$2.00	$1.63	$1.48	$1.28	$1.11	128.25%
Other information:
EBIT	$1,494,803	$1,319,414	$1,176,062	$1,124,134	$1,055,266	$1,009,925	$975,664	$998,706	$917,797	$771,008	$387,691	$512,020	$433,095	$382,307	$321,351	$268,934	41.65%
Depr. & Amort.	196,209	192,084	180,433	169,509	159,411	139,465	135,597	106,891	109,748	118,255	131,333	126,800	128,531	96,599	77,821	63,541	23.08%
EBITDA	$1,691,012	$1,511,498	$1,356,495	$1,293,643	$1,214,677	$1,149,390	$1,111,261	$1,105,597	$1,027,545	$889,263	$519,024	$638,820	$561,626	$478,906	$399,172	$332,475	39.21%
ERROR:#DIV/0!
EBITDA/Interest	9.9x	9.5x	9.5x	11.1x	10.2x	-2.77%
Data source: AutoZone annual reports.
EPS	$19.47	$14.97	$11.73	$10.04	$8.53
Net Income	Adj. wt. avg. shares for diluted EPS	Stock price	EPS before share repurchase	EPS after share repurchase	EPS diffrences	P/E Ratio	Stock Price contributed by Share Repurchase	EPS diffrences	P/E Ratio	Stock Price contributed by Share Repurchase
Aug.25,2007	$ 595,672	69844	120.5	N/A	$ 8.53	N/A	14.13	N/A	N/A	14.13	N/A
Aug.30,2008	$ 641,606	63875	138	$ 9.19	$ 10.04	$ 0.85	13.75	11.73	$ 0.85	13.75	11.73
Aug.29,2009	$ 675,049	55992	149.6	$ 10.29	$ 11.73	$ 1.44	12.75	18.41	$ 1.44	12.75	18.41
Aug.28,2010	$ 738,311	49304	211.66	$ 13.19	$ 14.97	$ 1.78	14.14	25.22	$ 1.78	14.14	25.22
Aug.27,2011	$ 848,974	43603	297.96	$ 17.22	$ 19.47	$ 2.25	15.3	34.45	$ 2.25	15.3	34.45

Ex3_Bal Sheets

AutoZone Balance Sheet Statements ($ thousands)	August 27,	August 28,	August 29,	August 30,	August 25,	August 26,	August 27,	August 28,	August 30,	August 31,	August 25,	August 26,	August 28,	August 29,	August 30,	August 31,
2011	2010	2009	2008	2007	2006	2005	2004	2003	2002	2001	2000	1999	1998	1997	1996
Assets
Current assets:
Cash and cash equivalents	$97,606	$98,280	$92,706	$242,461	$86,654	$91,558	$74,810	$76,852	$93,102	$6,498	$7,286	$6,969	$5,918	$6,631	$4,668	$3,904
Accounts receivable	140,690	125,802	126,514	71,241	59,876	80,363	118,263	68,372	43,746	23,782	19,135	21,407	25,917	42,252	18,713	15,466
Merchandise inventories	2,466,107	2,304,579	2,207,497	2,150,109	2,007,430	1,846,650	1,663,860	1,561,479	1,511,316	1,375,584	1,242,896	1,108,978	1,129,693	966,560	709,446	555,894
Other current assets	88,022	83,160	135,013	122,490	116,495	100,356	72,526	49,054	19,194	11,690	18,426	30,214	33,468	39,683	20,987	19,225
Deferred income taxes	-	-	-	-	-	-	-	-	3,996	32,574	40,768	19,212	30,088	61,964	24,988	18,608
Total current assets	2,792,425	2,611,821	2,561,730	2,586,301	2,270,455	2,118,927	1,929,459	1,755,757	1,671,354	1,450,128	1,328,511	1,186,780	1,225,084	1,117,090	778,802	613,097
Property and equipment:
Land	740,276	690,098	656,516	643,699	625,992	588,444	559,231	538,920	525,473	502,302	492,287	458,217	390,920	320,203	243,587	190,660
Buildings and improvements	2,177,476	2,013,301	1,900,610	1,814,668	1,720,172	1,566,002	1,450,814	1,370,079	1,325,759	1,228,604	1,182,880	1,149,900	1,003,308	851,083	682,710	523,240
Equipment	994,369	923,595	887,521	850,679	780,199	729,426	662,495	574,882	551,465	533,121	505,282	484,967	438,855	374,465	267,536	248,275
Leasehold improvements	275,299	247,748	219,606	202,098	183,601	165,577	150,846	137,562	125,592	114,317	116,639	117,452	102,646	82,273	45,667	36,708
Construction in progress	184,452	192,519	145,161	128,133	85,581	134,359	155,251	87,694	44,871	53,786	75,223	109,840	153,323	150,461	97,411	62,283
Gross property and equipment	4,371,872	4,067,261	3,809,414	3,639,277	3,395,545	3,183,808	2,978,637	2,709,137	2,573,160	2,432,130	2,372,311	2,320,376	2,089,052	1,778,485	1,336,911	1,061,166
Less: Accumulated depreciation and amortization	1,702,997	1,547,315	1,455,057	1,349,621	1,217,703	1,132,500	1,041,022	919,048	857,407	770,402	661,868	561,936	450,566	350,979	255,783	198,292
Net property and equipment	2,668,875	2,519,946	2,354,357	2,289,656	2,177,842	2,051,308	1,937,615	1,790,089	1,715,753	1,661,728	1,710,443	1,758,440	1,638,486	1,427,506	1,081,128	862,874
Goodwill	302,645	302,645	302,645	302,645	302,645	302,645	302,699	301,015	294,348	305,390	305,390	324,494	337,261	181,315	16,570	17,187
Deferred income taxes	10,661	46,223	59,067	38,283	21,331	20,643	32,917	-	25,543	60,304	80,593	52,182	76,412	3,510	4,339	2,938
Other long-term assets	94,996	90,959	40,606	40,227	32,436	32,783	42,567	65,704	59,828	241	7,575	11,322	7,524	18,692	3,178	2,301
Total assets	$5,869,602	$5,571,594	$5,318,405	$5,257,112	$4,804,709	$4,526,306	$4,245,257	$3,912,565	$3,766,826	$3,477,791	$3,432,512	$3,333,218	$3,284,767	$2,748,113	$1,884,017	$1,498,397

Liabilities and Stockholders’ Deficit
Current liabilities:
Accounts payable	$2,755,853	$2,433,050	$2,118,746	$2,043,271	$1,870,668	$1,699,667	$1,539,776	$1,429,128	$1,360,482	$1,145,533	$945,666	$788,825	$757,447	$683,372	$449,793	$401,309
Accrued expenses and other	449,327	432,368	381,271	327,664	307,633	280,419	255,672	243,816	310,944	344,600	292,153	227,682	230,036	176,457	122,580	104,909
Income taxes payable	25,185	25,385	35,145	11,582	25,442	24,378	4,753	72,096	39,978	43,438	28,835	18,037	13,071	-	20,079	12,260
Deferred income taxes	166,449	146,971	171,590	136,803	82,152	50,104	10,958	6,011	-	-	-	-	-	-	-	-
Short-term borrowings	34,082	26,186	-	-	-	-	-	-	-	-	-	-	-	-	-	94,400
Total current liabilities	3,430,896	3,063,960	2,706,752	2,519,320	2,285,895	2,054,568	1,811,159	1,751,051	1,711,404	1,533,571	1,266,654	1,034,544	1,000,554	859,829	592,452	612,878
Long-term debt	3,317,600	2,882,300	2,726,900	2,250,000	1,935,618	1,857,157	1,861,850	1,869,250	1,546,845	1,194,517	1,225,402	1,249,937	888,340	545,067	198,400	-
Other long-term liabilities	375,338	364,099	317,827	258,105	179,996	145,053	181,241	120,870	134,819	60,576	74,243	56,558	72,072	41,160	17,957	19,937
Stockholders’ deficit:
Common stock, par: $0.01/share	441	501	579	636	713	772	811	894	1,007	1,100	1,195	1,543	1,540	1,530	1,513	1,501
Additional paid-in capital	591,384	557,955	549,326	537,005	545,404	500,880	462,289	414,231	410,962	370,457	295,629	301,901	289,084	277,528	249,853	235,247
Retained earnings	(643,998)	(245,344)	136,935	206,099	546,049	559,208	370,276	580,147	869,739	974,141	825,196	1,564,118	1,296,528	1,051,745	823,842	628,834
Accumulated other comprehensive loss	(119,691)	(106,468)	(92,035)	(4,135)	(9,550)	(15,500)	(36,581)	(15,653)	(37,297)	(11,603)	(7,219)	(4,468)	(3)	-	-	-
Treasury stock, at cost	(1,082,368)	(945,409)	(1,027,879)	(509,918)	(679,416)	(575,832)	(405,788)	(808,226)	(870,653)	(644,968)	(248,588)	(870,915)	(263,348)	(28,746)	-	-
Total stockholders’ equity	(1,254,232)	(738,765)	(433,074)	229,687	403,200	469,528	391,007	171,393	373,758	689,127	866,213	992,179	1,323,801	1,302,057	1,075,208	865,582
Total liabilities and stockholders’ equity	$5,869,602	$5,571,594	$5,318,405	$5,257,112	$4,804,709	$4,526,306	$4,245,257	$3,912,565	$3,766,826	$3,477,791	$3,432,512	$3,333,218	$3,284,767	$2,748,113	$1,884,017	$1,498,397
Shares issued	44,084	50,061	57,881	63,600	71,250	77,240	81,111	89,393	100,670	109,962	119,518	154,328	153,963	153,039	151,313	150,137
Shares outstanding	40,109	45,107	50,801	59,608	65,960	71,082	76,539	79,628	88,708	99,268	109,408	121,510	144,353	152,086	151,313	150,137
Other information:
Capital lease obligations	86,656	88,280	54,764	64,061	55,088	-	-	-	-	-	-	-	-	-	-	-
Data source: AutoZone annual reports.

Ex4_Cash Flows

AutoZone Cash Flow Statements ($ thousands)
Year ended	Year ended	Year ended
August 27,	August 28,	August 29,	August 30,	August 25,	August 26,	August 27,	August 28,	August 30,	August 31,	August 25,	August 26,	August 28,	August 29,	August 30,	August 31,
2011	2010	2009	2008	2007	2006	2005	2004	2003	2002	2001	2000	1999	1998	1997	1996
Cash flows from operating activities:
Net income	$848,974	$738,311	$657,049	$641,606	$595,672	$569,275	$571,019	$566,202	$517,604	$428,148	$175,526	$267,590	$244,783	$227,903	$195,008	$167,165
Adjustments to reconcile net income to
net cash provided by operating activities:
Depreciation and amortization of property and equipment	196,209	192,084	180,433	169,509	159,411	139,465	135,597	106,891	109,748	118,255	131,333	126,800	128,531	96,599	77,821	63,541
Amortization of debt origination fees	8,962	6,495	3,644	1,837	1,719	1,559	2,343	4,230	7,334	2,283	-	-	-	-	-	-
Income tax benefit from exercise of stock options	(34,945)	(22,251)	(8,407)	(10,142)	(16,523)	(10,608)	31,828	24,339	37,402	42,159	13,495	4,050	4,300	16,200	-	-
Deferred income taxes	44,667	(9,023)	46,318	67,474	24,844	36,306	(16,628)	44,498	65,701	28,483	(46,981)	39,338	42,929	20,241	(7,781)	6,082
Share-based compensation expense	26,625	19,120	19,135	18,388	18,462	17,370	-	-	-	-	-	-	-	-	-	-
Other	-	-	-	-	-	-	19,791	(42,094)	(8,695)	-	156,822	-	-	-	-	-
Changes in operating assets and liabilities:
Accounts receivable	(14,605)	782	(56,823)	(11,145)	20,487	37,900	(42,485)	3,759	(19,964)	(12,879)	10,562	7,764	20,399	(15,260)	(5,009)	(7,564)
Merchandise inventories	(155,421)	(96,077)	(76,337)	(137,841)	(160,780)	(182,790)	(124,566)	(119,539)	(135,732)	(168,150)	(164,164)	20,715	(201,553)	(47,285)	(153,552)	(158,673)
Accounts payable and accrued expenses	342,826	349,122	137,158	175,733	186,228	184,986	109,341	43,612	164,201	282,408	187,801	61,382	70,304	127,683	66,155	94,916
Income taxes payable	34,319	12,474	32,264	(3,861)	17,587	28,676	(67,343)	32,118	(3,460)	13,743	10,798	4,966	13,367	(22,230)	7,819	6,493
Other, net	(6,073)	5,215	(10,626)	9,542	(1,913)	608	29,186	(25,637)	(13,332)	1,720	(16,255)	(19,645)	(11,392)	(20,813)	(2,898)	2,930
Net cash provided by operating activities	1,291,538	1,196,252	923,808	921,100	845,194	822,747	648,083	638,379	720,807	736,170	458,937	512,960	311,668	383,038	177,563	174,890
Cash flows from investing activities:
Capital expenditures	(321,604)	(315,400)	(272,247)	(243,594)	(224,474)	(263,580)	(283,478)	(184,870)	(182,242)	(117,239)	(169,296)	(249,657)	(428,315)	(337,202)	(295,417)	(280,237)
Purchase of marketable securities	(43,772)	(56,156)	(48,444)	(54,282)	(94,615)	(159,957)	-	-	-	-	-	(4,463)	-	-	-	-
Proceeds from sale of marketable securities	43,081	52,620	46,306	50,712	86,921	145,369	-	-	-	1,911	2,552	-	-	-	-	-
Acquisitions	-	-	-	-	-	-	(3,090)	(11,441)	-	-	-	-	-	(100,031)	-	-
Disposal of capital assets	3,301	11,489	10,663	4,014	3,453	9,845	3,797	2,590	14,443	50,817	44,601	11,771	-	-	-	-
Net cash used in investing activities	(318,994)	(307,447)	(263,722)	(243,150)	(228,715)	(268,323)	(282,771)	(193,721)	(167,799)	(64,511)	(122,143)	(242,349)	(428,315)	(437,233)	(295,417)	(280,237)
Cash flows from financing activities:
Net proceeds from commercial paper	134,600	155,400	277,600	(206,700)	84,300	(51,993)	(304,700)	254,400	44,800	(162,247)	(381,853)	234,300	228,000	305,000	-	-
Net proceeds from short-term borrowings	6,901	26,186	-	-	-	0	0	0	-	-	104,000	84,900
Proceeds from issuance of debt	500,000	-	500,000	750,000	-	200,000	300,000	500,000	500,000	150,000	465,000	120,000	114,863	33,401	-	-
Repayment of debt	(199,300)	-	(300,700)	(229,827)	(5,839)	(150,000)	-	(431,995)	(215,000)	(15,000)	(105,000)	-	-	(265,429)	-	(4,003)
Net proceeds from sale of common stock	55,846	52,922	39,855	27,065	58,952	38,253	64,547	33,552	45,303	55,676	48,410	5,455	7,266	11,492	14,618	17,699
Purchase of treasury stock	(1,466,802)	(1,123,655)	(1,300,002)	(849,196)	(761,887)	(578,066)	(426,852)	(848,102)	(891,095)	(698,983)	(366,097)	(639,925)	(234,602)	(28,746)	-	-
Income tax benefit from exercise of stock options	34,945	22,251	8,407	10,142	16,523	10,608	-	-	-	-	-	-	-	-	-	-
Payments of capital lease obligations	(22,781)	(16,597)	(17,040)	(15,880)	(11,360)	-	-	-	-	-	-	-	-	-	-	-
Other	(17,180)	-	(15,016)	(8,286)	(2,072)	(6,478)	(349)	31,237	(14,220)	(4,814)	3,063	10,610	407	440	-	4,244
Net cash used in financing activities	(973,771)	(883,493)	(806,896)	(522,682)	(621,383)	(537,676)	(367,354)	(460,908)	(530,212)	(675,368)	(336,477)	(269,560)	115,934	56,158	118,618	102,840
Effect of exchange rate changes on cash	553	262	(2,945)	539	-	-	-	-	-	-	-	-	-	-	-	-
Net (decrease) increase in cash and cash equivalents	(674)	5,574	(149,755)	155,807	(4,904)	16,748	(2,042)	(16,250)	22,796	(3,709)	317	1,051	(713)	1,963	764	(2,507)
Cash and cash equivalents at beginning of year	98,280	92,706	242,461	86,654	91,558	74,810	76,852	93,102	70,306	74,015	6,969	5,918	6,631	4,668	3,904	6,411
Cash and cash equivalents at end of year	$97,606	$98,280	$92,706	$242,461	$86,654	$91,558	$74,810	$76,852	$93,102	$70,306	$7,286	$6,969	$5,918	$6,631	$4,668	$3,904
Supplemental cash flow information:
Interest paid, net of interest cost capitalized	$155,531	$150,745	$132,905	$107,477	$116,580	$104,929	$98,937	$77,871	$77,533	$77,935	$97,968	$74,745	$41,533	$17,042	$8,779	$1,971
Income taxes paid	$405,654	$420,575	$299,021	$313,875	$299,566	$267,913	$339,245	$237,010	$215,760	$178,417	$100,702	$123,036	$93,073	$122,529	$109,681	$69,791
Assets acquired through capital lease	$32,301	$75,881	$16,880	$61,572	$69,325	-	-
Data source: AutoZone annual reports.

Ex5_Stockholders Equity

AutoZone 2011 Statement of Stockholders’ Equity ($ thousands)
Accumulated
Common	Additional	Retained	Other
Shares	Common	Paid-in	(Deficit)	Comprehensive	Treasury
(in thousands)	Issued (000)	Stock	Capital	Earnings	Loss	Stock	Total
Balance at August 30, 2008	63,600	$636	$537,005	$206,099	($4,135)	($509,918)	$229,687
Net income	657,049	657,049
Pension liability adjustments, net of taxes of ($29,481)	(46,956)	(46,956)
Foreign currency translation adjustment	(43,655)	(43,655)
Unrealized gain adjustment on marketable securities, net of taxes of $306	568	568
Reclassification of net loss on termination of swap into earnings, net of taxes of $1,601	2,744	2,744
Reclassification of net gain on derivatives into earnings	(612)	(612)
Comprehensive income	569,138
Cumulative effect of adopting ASC Topic 715 measurement date, net of taxes of $198	300	11	311
Purchase of 9,313 shares of treasury stock	(1,300,002)	(1,300,002)
Issuance of 3 shares of common stock	395	395
Retirement of treasury shares	(6,223)	(62)	(55,071)	(726,513)	781,646	—
Sale of common stock under stock option and stock purchase plans	504	5	39,850	39,855
Share-based compensation expense	19,135	19,135
Income tax benefit from exercise of stock options	8,407	8,407
Balance at August 29, 2009	57,881	$579	$549,326	$136,935	($92,035)	($1,027,879)	($433,074)
Net income	738,311	738,311
Pension liability adjustments, net of taxes of ($5,504)	(8,133)	(8,133)
Foreign currency translation adjustment	705	705
Unrealized loss adjustment on marketable securities, net of taxes of ($56)	(104)	(104)
Net losses on outstanding derivatives, net of taxes of ($3,700)	(6,278)	(6,278)
Reclassification of net gain on derivatives into earnings	(612)	(612)
Comprehensive income	723,889
Purchase of 6,376 shares of treasury stock	(1,123,655)	(1,123,655)
Retirement of treasury shares	(8,504)	(85)	(85,657)	(1,120,289)	1,206,031	—
Sale of common stock under stock options and stock purchase plan	684	7	52,915	52,922
Share-based compensation expense	19,120	19,120
Income tax benefit from exercise of stock options	22,251	22,251
Other	(301)	(11)	94	(218)
Balance at August 28, 2010	50,061	$501	$557,955	($245,344)	($106,468)	($945,409)	($738,765)
Net income	848,974	848,974
Pension liability adjustments, net of taxes of ($3,998)	(17,346)	(17,346)
Foreign currency translation adjustment	8,347	8,347
Unrealized loss adjustment on marketable securities, net of taxes of ($91)	(171)	(171)
Net losses on terminated derivatives	(5,453)	(5,453)
Reclassification of net losses on derivatives into earnings	1,400	1,400
Comprehensive income	835,751
Purchase of 5,598 shares of treasury stock	(1,466,802)	(1,466,802)
Retirement of treasury shares	(6,577)	(66)	(82,150)	(1,247,627)	1,329,843	—
Sale of common stock under stock options and stock purchase plan	600	6	55,840	55,846
Share-based compensation expense	24,794	24,794
Income tax benefit from exercise of stock options	34,945	34,945
Other	(1)	(1)
Balance at August 27, 2011	44,084	$441	$591,384	($643,998)	($119,691)	($1,082,368)	($1,254,232)
Data source: AutoZone annual reports.

Ex6_Capital Structure

Year	Interest Expense ($mm)	Depr Expense ($mm)	Debt ($B)	Equity ($B)	EBIT	EBITDA	Coverage Ratio
1996	$1.97	$63.54	0.09	0.87	268.93	332.48	168.9x
1997	$8.84	$77.82	0.20	1.08	321.35	399.17	45.1x
1998	$18.20	$96.60	0.55	1.30	382.31	478.91	26.3x
1999	$45.31	$128.53	0.89	1.32	433.10	561.63	12.4x
2000	$76.83	$126.80	1.25	0.99	512.02	638.82	8.3x
2001	$100.67	$131.33	1.23	0.87	387.69	519.02	5.2x
2002	$79.86	$118.26	1.19	0.69	771.01	889.26	11.1x
2003	$84.79	$109.75	1.55	0.37	917.80	1,027.55	12.1x
2004	$92.80	$106.89	1.87	0.17	998.71	1,105.60	11.9x
2005	$102.44	$135.60	1.86	0.39	975.66	1,111.26	10.8x
2006	$107.89	$139.47	1.86	0.47	1,009.93	1,149.39	10.7x
2007	$119.12	$159.41	1.94	0.40	1,055.27	1,214.68	10.2x
2008	$116.75	$169.51	2.25	0.23	1,124.13	1,293.64	11.1x
2009	$142.32	$180.43	2.73	(0.43)	1,176.06	1,356.50	9.5x
2010	$158.91	$192.08	2.91	(0.74)	1,319.41	1,511.50	9.5x
2011	$170.56	$196.21	3.35	(1.25)	1,494.80	1,691.01	9.9x
Note: Coverage ratio is defined as EBITDA divided by interest expense.
Data source: AutoZone annual reports.

AutoZone Capital Structure and Coverage Ratio

Debt ($B) 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 9.4399999999999998E-2 0.19839999999999999 0.54506699999999997 0.88834000000000002 1.2499370000000001 1.2254020000000001 1.1945170000000001 1.546845 1.8692500000000001 1.86185 1.8571569999999999 1.9356180000000001 2.25 2.7269000000000001 2.9084859999999999 3.3516819999999998 Equity ($B) 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 0.86558199999999996 1.0752079999999999 1.302057 1.323801 0.99217900000000003 0.86621300000000001 0.68912700000000005 0.37375799999999998 0.17139299999999999 0.39100699999999999 0.469528 0.4032 0.229687 -0.43307400000000001 -0.73876500000000001 -1.254232 Coverage Ratio 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 168.85474860335196 45.139884654529006 26.307734563832124 12.394641596045197 8.3147208121827401 5.1559529131277007 11.135274229902329 12.118705035971223 11.913247273824403 10.847603057309918 10.653449378527931 10.19742939655462 11.080928519422674 9.5315705893926186 9.5117205444625554 9.9146443710900183

Book Values ($ billions)

Coverage Ratio

Ex7_Cars,Miles

Average age for:
Date	Annual Vehicle-Distance Traveled (Billion Miles)	Year	Passenger	Light Trucks	Average age	Distance traveled
Jan-86	1,784	1995	8.4	8.3	8.4	2.3
Feb-86	1,788	1996	8.5	8.3	8.5	2.4
Mar-86	1,795	1997	8.7	8.5	8.6	2.4
Apr-86	1,797	1998	8.9	8.5	8.8	2.5
May-86	1,801	1999	9.1	8.5	8.8	2.6
Jun-86	1,805	2000	9.1	8.4	8.9	2.6
Jul-86	1,809	2001	9.3	8.4	8.9	2.7
Aug-86	1,813	2002	9.4	8.4	9.0	2.8
Sep-86	1,818	2003	9.6	8.5	9.1	2.8
Oct-86	1,823	2004	9.8	8.6	9.4	2.9
Nov-86	1,830	2005	10.1	8.7	9.5	2.9
Dec-86	1,838	2006	10.3	8.9	9.7	3.0
Jan-87	1,845	2007	10.4	9.0	9.8	3.0
Feb-87	1,858	2008	10.6	9.3	10.0	3.0
Mar-87	1,864	2009	10.8	9.8	10.3	3.0
Apr-87	1,874	2010	11.0	10.1	10.6	3.0
May-87	1,881	2011	11.1	10.4	10.8	3.0
Jun-87	1,886
Jul-87	1,891
Aug-87	1,894
Sep-87	1,903
Oct-87	1,911
Nov-87	1,918
Dec-87	1,924
Jan-88	1,933
Feb-88	1,939
Mar-88	1,949
Apr-88	1,956
May-88	1,967
Jun-88	1,977
Jul-88	1,986
Aug-88	1,994
Sep-88	2,000
Oct-88	2,009
Nov-88	2,016
Dec-88	2,026
Jan-89	2,036
Feb-89	2,041
Mar-89	2,049
Apr-89	2,056
May-89	2,063
Jun-89	2,068
Jul-89	2,075
Aug-89	2,084
Sep-89	2,090
Oct-89	2,098
Nov-89	2,104
Dec-89	2,107
Jan-90	2,111
Feb-90	2,118
Mar-90	2,121
Apr-90	2,126
May-90	2,131
Jun-90	2,136
Jul-90	2,141
Aug-90	2,143
Sep-90	2,145
Oct-90	2,145
Nov-90	2,146
Dec-90	2,148
Jan-91	2,142
Feb-91	2,142
Mar-91	2,142
Apr-91	2,142
May-91	2,145
Jun-91	2,149
Jul-91	2,152
Aug-91	2,159
Sep-91	2,164
Oct-91	2,170
Nov-91	2,168
Dec-91	2,172
Jan-92	2,182
Feb-92	2,189
Mar-92	2,194
Apr-92	2,200
May-92	2,205
Jun-92	2,209
Jul-92	2,217
Aug-92	2,218
Sep-92	2,225
Oct-92	2,231
Nov-92	2,239
Dec-92	2,247
Jan-93	2,251
Feb-93	2,254
Mar-93	2,258
Apr-93	2,261
May-93	2,270
Jun-93	2,272
Jul-93	2,275
Aug-93	2,280
Sep-93	2,283
Oct-93	2,286
Nov-93	2,291
Dec-93	2,297
Jan-94	2,294
Feb-94	2,298
Mar-94	2,306
Apr-94	2,313
May-94	2,314
Jun-94	2,321
Jul-94	2,326
Aug-94	2,332
Sep-94	2,339
Oct-94	2,344
Nov-94	2,351
Dec-94	2,358
Jan-95	2,382
Feb-95	2,387
Mar-95	2,392
Apr-95	2,395
May-95	2,401
Jun-95	2,405
Jul-95	2,407
Aug-95	2,411
Sep-95	2,415
Oct-95	2,418
Nov-95	2,423
Dec-95	2,423
Jan-96	2,412
Feb-96	2,418
Mar-96	2,421
Apr-96	2,428
May-96	2,434
Jun-96	2,438
Jul-96	2,446
Aug-96	2,456
Sep-96	2,460
Oct-96	2,469
Nov-96	2,474
Dec-96	2,482
Jan-97	2,489
Feb-97	2,496
Mar-97	2,504
Apr-97	2,510
May-97	2,517
Jun-97	2,524
Jul-97	2,536
Aug-97	2,540
Sep-97	2,546
Oct-97	2,552
Nov-97	2,555
Dec-97	2,560
Jan-98	2,567
Feb-98	2,570
Mar-98	2,573
Apr-98	2,579
May-98	2,581
Jun-98	2,588
Jul-98	2,591
Aug-98	2,594
Sep-98	2,600
Oct-98	2,608
Nov-98	2,616
Dec-98	2,625
Jan-99	2,622
Feb-99	2,626
Mar-99	2,633
Apr-99	2,636
May-99	2,639
Jun-99	2,646
Jul-99	2,649
Aug-99	2,654
Sep-99	2,659
Oct-99	2,664
Nov-99	2,674
Dec-99	2,679
Jan-00	2,689
Feb-00	2,697
Mar-00	2,709
Apr-00	2,716
May-00	2,727
Jun-00	2,735
Jul-00	2,737
Aug-00	2,743
Sep-00	2,747
Oct-00	2,750
Nov-00	2,751
Dec-00	2,748
Jan-01	2,754
Feb-01	2,756
Mar-01	2,755
Apr-01	2,760
May-01	2,762
Jun-01	2,763
Jul-01	2,768
Aug-01	2,774
Sep-01	2,772
Oct-01	2,776
Nov-01	2,784
Dec-01	2,796
Jan-02	2,801
Feb-02	2,808
Mar-02	2,812
Apr-02	2,817
May-02	2,823
Jun-02	2,827
Jul-02	2,833
Aug-02	2,838
Sep-02	2,845
Oct-02	2,850
Nov-02	2,851
Dec-02	2,856
Jan-03	2,859
Feb-03	2,854
Mar-03	2,855
Apr-03	2,857
May-03	2,859
Jun-03	2,863
Jul-03	2,869
Aug-03	2,871
Sep-03	2,875
Oct-03	2,883
Nov-03	2,886
Dec-03	2,890
Jan-04	2,894
Feb-04	2,904
Mar-04	2,918
Apr-04	2,929
May-04	2,933
Jun-04	2,938
Jul-04	2,942
Aug-04	2,944
Sep-04	2,950
Oct-04	2,951
Nov-04	2,957
Dec-04	2,965
Jan-05	2,966
Feb-05	2,973
Mar-05	2,975
Apr-05	2,975
May-05	2,980
Jun-05	2,987
Jul-05	2,987
Aug-05	2,990
Sep-05	2,989
Oct-05	2,986
Nov-05	2,989
Dec-05	2,989
Jan-06	2,999
Feb-06	2,999
Mar-06	3,003
Apr-06	3,003
May-06	3,003
Jun-06	3,003
Jul-06	3,000
Aug-06	3,000
Sep-06	3,003
Oct-06	3,010
Nov-06	3,012
Dec-06	3,014
Jan-07	3,015
Feb-07	3,013
Mar-07	3,016
Apr-07	3,018
May-07	3,023
Jun-07	3,024
Jul-07	3,028
Aug-07	3,034
Sep-07	3,035
Oct-07	3,038
Nov-07	3,039
Dec-07	3,031
Jan-08	3,031
Feb-08	3,033
Mar-08	3,026
Apr-08	3,026
May-08	3,021
Jun-08	3,011
Jul-08	3,006
Aug-08	2,996
Sep-08	2,989
Oct-08	2,984
Nov-08	2,975
Dec-08	2,977
Jan-09	2,969
Feb-09	2,967
Mar-09	2,964
Apr-09	2,964
May-09	2,963
Jun-09	2,967
Jul-09	2,972
Aug-09	2,973
Sep-09	2,978
Oct-09	2,977
Nov-09	2,979
Dec-09	2,978
Jan-10	2,974
Feb-10	2,967
Mar-10	2,973
Apr-10	2,976
May-10	2,976
Jun-10	2,979
Jul-10	2,981
Aug-10	2,985
Sep-10	2,989
Oct-10	2,995
Nov-10	2,998
Dec-10	2,999
Jan-11	3,000
Feb-11	3,001
Mar-11	2,998
Apr-11	2,992
May-11	2,988
Jun-11	2,984
Jul-11	2,977
Aug-11	2,972
Sep-11	2,968
Oct-11	2,962
Nov-11	2,960
Dec-11	2,963
Data source: U.S. Department of Transportation (miles driven) and, Polk Research (vehicle age).

Miles Driven and Average Vehicle Age

Distance traveled 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2.3260000000000001 2.407 2.4460000000000002 2.536 2.5910000000000002 2.649 2.7370000000000001 2.7679999999999998 2.8330000000000002 2.8690000000000002 2.9420000000000002 2.9870000000000001 3 3.028 3.0059999999999998 2.972 2.9809999999999999 Average age 8.4 8.5 8.6 8.8000000000000007 8.8000000000000007 8.9 8.9 9 9.1 9.4 9.5 9.6999999999999993 9.8000000000000007 10 10.3 10.6 10.8

Distance traveled (trillion miles)

Average Vehicle Age (years)

Ex9_Repurchase & ROIC

$ 000, except share repurchases in $ millions	1995	1996	1997	1998	1999	2000	2001	2002	2003	2004	2005	2006	2007	2008	2009	2010	2011
Share repurchases	$0	$0	$29	$235	$640	$366	$699	$891	$848	$427	$578	$762	$849	$1,300	$1,124	$1,467
Net income	$167,165	$195,008	$227,903	$244,783	$267,590	$175,526	$428,148	$517,604	$566,202	$571,019	$569,275	$595,672	$641,606	$657,049	$738,311	$848,974
Adjustments
Interest expense	1,969	8,843	18,204	45,312	76,830	100,665	79,860	84,790	92,804	102,443	107,889	119,116	116,745	142,316	158,909	170,557
Rent expense	30,626	39,078	56,410	96,200	95,700	100,397	99,032	110,665	118,087	150,645	143,888	152,523	165,121	181,308	195,632	213,846
Tax effect	(12,185)	(18,018)	(27,911)	(52,184)	(66,445)	(78,106)	(68,073)	(74,006)	(79,081)	(87,588)	(92,881)	(98,795)	(102,346)	(117,929)	(128,983)	(137,962)
After-tax return	$187,575	$224,911	$274,606	$334,111	$373,675	$298,482	$538,967	$639,054	$698,012	$736,519	$728,172	$768,516	$821,126	$862,744	$963,869	$1,095,415
Average debt	$53,952	$146,400	$371,734	$716,704	$1,069,139	$1,237,670	$1,209,960	$1,370,681	$1,708,048	$1,865,550	$1,859,504	$1,896,388	$2,092,809	$2,488,450	$2,817,693	$3,130,084
Average equity	775,146	970,395	1,188,633	1,312,929	1,157,990	929,196	777,670	531,443	272,576	281,200	430,268	436,364	316,444	(101,694)	(585,920)	(996,499)
Rent x 6	183,756	234,468	338,460	577,200	574,200	602,381	594,195	663,993	708,521	774,706	863,331	915,138	990,726	1,087,848	1,173,792	1,283,076
Average capital lease obligations	0	0	0	0	0	0	0	0	0	0	0	27,544	59,575	59,413	71,522	87,468
Pre-tax invested capital	$1,012,854	$1,351,263	$1,898,826	$2,606,833	$2,801,329	$2,769,246	$2,581,824	$2,566,116	$2,689,144	$2,921,456	$3,153,102	$3,275,434	$3,459,553	$3,534,017	$3,477,088	$3,504,130
ROIC	18.5%	16.6%	14.5%	12.8%	13.3%	10.8%	20.9%	24.9%	26.0%	25.2%	23.1%	23.5%	23.7%	24.4%	27.7%	31.3%
Effective Tax Rate	37.4%	37.6%	37.4%	36.9%	38.5%	38.8%	38.1%	37.9%	37.5%	34.6%	36.9%	36.4%	36.3%	36.4%	36.4%	35.9%
Note: ROIC is calculated as the sum of net income and tax-adjusted interest and rent expenses divided by the sum of average debt, average equity, six times rent expense (to approximate capitalizing rent), and average capital lease obligations.
Data source: AutoZone annual reports

AutoZone’s Share Repurchases and ROIC

Share repurchases 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 0 0 28.745999999999999 234.602 639.92499999999995 366.09699999999998 698.98299999999995 891.09500000000003 848.10199999999998 426.85199999999998 578.06600000000003 761.88699999999994 849.19600000000003 1300.002 1123.655 1466.8019999999999 ROIC 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 0.18519455505759524 0.16644514447340705 0.1446189081608131 0.12816727523878865 0.13339220808828336 0.10778456805656289 0.20875440028672923 0.24903539590786553 0.25956655813703933 0.25210681880488633 0.23093824960360473 0.23463026332523743 0.23735044390500662 0.24412571520559256 0.27720593379985026 0.31260680611117803

Share Repurchase Amount ($ millions)

Returns

Ex10_Industry Structure

Year	Industry	Top 10 Auto Parts Stores
2001	35,238	30%
2002	35,590	31%
2003	35,357	32%
2004	35,405	34%
2005	35,690	36%
2006	35,850	38%
2007	36,224	41%
2008	36,152	42%
2009	35,708	44%
2010	35,427	45%
Top 10 Stores
Pos.	Stores	Company
1	4728	AutoZone
2	3657	O'Reilly Auto Parts
3	3627	Advance Auto Parts
4	1500	General Parts / CARQUEST
5	1035	Genuine Parts / NAPA
6	630	Pep Boys
7	406	Fisher Auto Parts
8	273	Uni-Select
9	155	Replacement Parts
10	128	Auto-Wares Group
Note: The top 10 companies (stores) as of August 2010: AutoZone (4,728), O’Reilly Auto Parts (3,657), Advance Auto Parts (3,627), General Parts/CARQUEST (1,500), Genuine Parts/NAPA (1,035), Pep Boys (630), Fisher Auto Parts (406), Uni-Select (273), Replacement Parts (155), and Auto-Wares Group (128).
Data source: AAIA Factbook and SEC filings

Aftermarket Auto Parts Industry

Industry 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 35238 35590 35357 35405 35690 35850 36224 36152 35708 35427 Top 10 Auto Parts Stores 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 0.3 0.31 0.32 0.34 0.36 0.38 0.41 0.42 0.44 0.45

Total Stores for Inudstry

Concentration of Top 10 Retailers