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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Advance Auto Parts | NYSE:AAP | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 76.31 | 0 | 09:29:19 |
|
Delaware
(State or other jurisdiction of
incorporation or organization)
|
54-2049910
(I.R.S. Employer
Identification No.)
|
2635 East Millbrook Road
Raleigh, North Carolina
(Address of principal executive offices)
|
27604
(Zip Code)
|
Title of each class
|
|
Trading symbol
|
|
Name of each exchange on which registered
|
Common Stock, $0.0001 par value
|
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AAP
|
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New York Stock Exchange
|
Large accelerated filer
x
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Accelerated filer
o
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Non-accelerated filer
o
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Smaller reporting company
o
|
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Emerging growth company
o
|
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ITEM 1.
|
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
|
|
April 20, 2019
|
|
December 29, 2018
|
||||
Assets
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
537,330
|
|
|
$
|
896,527
|
|
Receivables, net
|
684,419
|
|
|
624,972
|
|
||
Inventories
|
4,433,981
|
|
|
4,362,547
|
|
||
Other current assets
|
126,108
|
|
|
198,408
|
|
||
Total current assets
|
5,781,838
|
|
|
6,082,454
|
|
||
Property and equipment, net of accumulated depreciation of $1,951,225 and $1,918,502
|
1,363,128
|
|
|
1,368,985
|
|
||
Operating lease right-of-use assets
|
2,371,362
|
|
|
—
|
|
||
Goodwill
|
991,240
|
|
|
990,237
|
|
||
Intangible assets, net
|
527,702
|
|
|
550,593
|
|
||
Other assets
|
46,241
|
|
|
48,379
|
|
||
|
$
|
11,081,511
|
|
|
$
|
9,040,648
|
|
Liabilities and Stockholders’ Equity
|
|
|
|
|
|
||
Current liabilities:
|
|
|
|
|
|
||
Accounts payable
|
$
|
3,276,955
|
|
|
$
|
3,172,790
|
|
Accrued expenses
|
530,277
|
|
|
623,141
|
|
||
Other current liabilities
|
491,645
|
|
|
90,019
|
|
||
Total current liabilities
|
4,298,877
|
|
|
3,885,950
|
|
||
Long-term debt
|
746,767
|
|
|
1,045,720
|
|
||
Noncurrent operating lease liabilities
|
2,054,173
|
|
|
—
|
|
||
Deferred income taxes
|
310,404
|
|
|
318,353
|
|
||
Other long-term liabilities
|
124,067
|
|
|
239,812
|
|
||
Commitments and contingencies
|
|
|
|
|
|
||
Stockholders’ equity:
|
|
|
|
|
|
||
Preferred stock, nonvoting, $0.0001 par value
|
—
|
|
|
—
|
|
||
Common stock, voting, $0.0001 par value
|
8
|
|
|
8
|
|
||
Additional paid-in capital
|
706,360
|
|
|
694,797
|
|
||
Treasury stock, at cost
|
(560,245
|
)
|
|
(425,954
|
)
|
||
Accumulated other comprehensive loss
|
(40,038
|
)
|
|
(44,193
|
)
|
||
Retained earnings
|
3,441,138
|
|
|
3,326,155
|
|
||
Total stockholders’ equity
|
3,547,223
|
|
|
3,550,813
|
|
||
|
$
|
11,081,511
|
|
|
$
|
9,040,648
|
|
|
Sixteen Weeks Ended
|
||||||
|
April 20, 2019
|
|
April 21, 2018
|
||||
Net sales
|
$
|
2,952,036
|
|
|
$
|
2,873,848
|
|
Cost of sales,
including purchasing and warehousing costs
|
1,647,424
|
|
|
1,601,564
|
|
||
Gross profit
|
1,304,612
|
|
|
1,272,284
|
|
||
Selling, general and administrative expenses
|
1,096,672
|
|
|
1,074,043
|
|
||
Operating income
|
207,940
|
|
|
198,241
|
|
||
Other, net:
|
|
|
|
||||
Interest expense
|
(14,944
|
)
|
|
(17,682
|
)
|
||
Other (expense) income, net
|
(2,238
|
)
|
|
458
|
|
||
Total other, net
|
(17,182
|
)
|
|
(17,224
|
)
|
||
Income before provision for income taxes
|
190,758
|
|
|
181,017
|
|
||
Provision for income taxes
|
48,258
|
|
|
44,290
|
|
||
Net income
|
$
|
142,500
|
|
|
$
|
136,727
|
|
|
|
|
|
||||
Basic earnings per common share
|
$
|
1.99
|
|
|
$
|
1.85
|
|
Weighted average common shares outstanding
|
71,787
|
|
|
73,979
|
|
||
Diluted earnings per common share
|
$
|
1.98
|
|
|
$
|
1.84
|
|
Weighted average common shares outstanding
|
72,103
|
|
|
74,205
|
|
|
Sixteen Weeks Ended
|
||||||
|
April 20, 2019
|
|
April 21, 2018
|
||||
Net income
|
$
|
142,500
|
|
|
$
|
136,727
|
|
Other comprehensive income (loss):
|
|
|
|
||||
Changes in net unrecognized other postretirement benefit income (costs), net of tax of $17 and $32
|
95
|
|
|
(91
|
)
|
||
Currency translation adjustments
|
4,060
|
|
|
(3,767
|
)
|
||
Total other comprehensive income (loss)
|
4,155
|
|
|
(3,858
|
)
|
||
Comprehensive income
|
$
|
146,655
|
|
|
$
|
132,869
|
|
Advance Auto Parts, Inc. and Subsidiaries
Condensed Consolidated Statements of Changes in Stockholders’ Equity
(In thousands, except per share data) (Unaudited)
|
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Sixteen Weeks Ended April 20, 2019
|
|||||||||||||||||||||||||
|
Common Stock
|
|
Additional
Paid-in Capital
|
|
Treasury Stock, at Cost
|
|
Accumulated Other
Comprehensive Loss
|
|
Retained Earnings
|
|
Total
Stockholders’ Equity
|
|||||||||||||||
|
Shares
|
|
Amount
|
|
|
|
|
|||||||||||||||||||
Balance, December 29, 2018
|
72,460
|
|
|
$
|
8
|
|
|
$
|
694,797
|
|
|
$
|
(425,954
|
)
|
|
$
|
(44,193
|
)
|
|
$
|
3,326,155
|
|
|
$
|
3,550,813
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
142,500
|
|
|
142,500
|
|
||||||
Cumulative effect of accounting change from adoption of ASU 2016-02, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(23,165
|
)
|
|
(23,165
|
)
|
||||||
Total other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,155
|
|
|
—
|
|
|
4,155
|
|
||||||
Issuance of shares upon the exercise of stock appreciation rights
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Tax withholdings related to the exercise of stock appreciation rights
|
—
|
|
|
—
|
|
|
(99
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(99
|
)
|
||||||
Restricted stock units and deferred stock units vested
|
111
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Share-based compensation
|
—
|
|
|
—
|
|
|
10,984
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,984
|
|
||||||
Stock issued under employee stock purchase plan
|
5
|
|
|
—
|
|
|
678
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
678
|
|
||||||
Repurchases of common stock
|
(840
|
)
|
|
—
|
|
|
—
|
|
|
(134,291
|
)
|
|
—
|
|
|
—
|
|
|
(134,291
|
)
|
||||||
Cash dividends declared ($0.06 per common share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,352
|
)
|
|
(4,352
|
)
|
||||||
Balance, April 20, 2019
|
71,737
|
|
|
$
|
8
|
|
|
$
|
706,360
|
|
|
$
|
(560,245
|
)
|
|
$
|
(40,038
|
)
|
|
$
|
3,441,138
|
|
|
$
|
3,547,223
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Sixteen Weeks Ended April 21, 2018
|
|||||||||||||||||||||||||
|
Common Stock
|
|
Additional
Paid-in Capital
|
|
Treasury Stock, at Cost
|
|
Accumulated Other
Comprehensive Loss
|
|
Retained Earnings
|
|
Total
Stockholders’ Equity
|
|||||||||||||||
|
Shares
|
|
Amount
|
|
|
|
|
|||||||||||||||||||
Balance, December 30, 2017
|
73,936
|
|
|
$
|
8
|
|
|
$
|
664,646
|
|
|
$
|
(144,600
|
)
|
|
$
|
(24,954
|
)
|
|
$
|
2,920,096
|
|
|
$
|
3,415,196
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
136,727
|
|
|
136,727
|
|
||||||
Total other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,858
|
)
|
|
—
|
|
|
(3,858
|
)
|
||||||
Issuance of shares upon the exercise of stock appreciation rights
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Tax withholdings related to the exercise of stock appreciation rights
|
—
|
|
|
—
|
|
|
(93
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(93
|
)
|
||||||
Restricted stock units and deferred stock units vested
|
119
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Share-based compensation
|
—
|
|
|
|
|
7,642
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,642
|
|
|||||||
Stock issued under employee stock purchase plan
|
18
|
|
|
—
|
|
|
754
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
754
|
|
||||||
Repurchases of common stock
|
(45
|
)
|
|
—
|
|
|
—
|
|
|
(5,224
|
)
|
|
—
|
|
|
—
|
|
|
(5,224
|
)
|
||||||
Cash dividends declared ($0.06 per common share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,487
|
)
|
|
(4,487
|
)
|
||||||
Other
|
—
|
|
|
—
|
|
|
(36
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(36
|
)
|
||||||
Balance, April 21, 2018
|
74,030
|
|
|
$
|
8
|
|
|
$
|
672,913
|
|
|
$
|
(149,824
|
)
|
|
$
|
(28,812
|
)
|
|
$
|
3,052,336
|
|
|
$
|
3,546,621
|
|
|
Sixteen Weeks Ended
|
||||||
|
April 20, 2019
|
|
April 21, 2018
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net income
|
$
|
142,500
|
|
|
$
|
136,727
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
69,885
|
|
|
71,692
|
|
||
Share-based compensation
|
10,984
|
|
|
7,642
|
|
||
Loss on disposal and impairment of long-lived assets
|
125
|
|
|
3,208
|
|
||
(Benefit) provision for deferred income taxes
|
(250
|
)
|
|
7,340
|
|
||
Other
|
11,348
|
|
|
672
|
|
||
Net change in:
|
|
|
|
||||
Receivables, net
|
(58,757
|
)
|
|
(14,012
|
)
|
||
Inventories
|
(68,742
|
)
|
|
(64,369
|
)
|
||
Accounts payable
|
102,941
|
|
|
(2,948
|
)
|
||
Accrued expenses
|
(62,751
|
)
|
|
20,765
|
|
||
Other assets and liabilities, net
|
57,259
|
|
|
(12,747
|
)
|
||
Net cash provided by operating activities
|
204,542
|
|
|
153,970
|
|
||
Cash flows from investing activities:
|
|
|
|
|
|
||
Purchases of property and equipment
|
(61,312
|
)
|
|
(34,474
|
)
|
||
Proceeds from sales of property and equipment
|
553
|
|
|
530
|
|
||
Net cash used in investing activities
|
(60,759
|
)
|
|
(33,944
|
)
|
||
Cash flows from financing activities:
|
|
|
|
|
|
||
Decrease in bank overdrafts
|
(50,578
|
)
|
|
(12,101
|
)
|
||
Redemption of senior unsecured notes
|
(310,047
|
)
|
|
—
|
|
||
Dividends paid
|
(8,723
|
)
|
|
(8,930
|
)
|
||
Proceeds from the issuance of common stock
|
678
|
|
|
754
|
|
||
Tax withholdings related to the exercise of stock appreciation rights
|
(99
|
)
|
|
(93
|
)
|
||
Repurchases of common stock
|
(134,291
|
)
|
|
(5,224
|
)
|
||
Other, net
|
(116
|
)
|
|
(1,163
|
)
|
||
Net cash used in financing activities
|
(503,176
|
)
|
|
(26,757
|
)
|
||
Effect of exchange rate changes on cash
|
196
|
|
|
(1,063
|
)
|
||
Net (decrease) increase in cash and cash equivalents
|
(359,197
|
)
|
|
92,206
|
|
||
Cash and cash equivalents
, beginning of period
|
896,527
|
|
|
546,937
|
|
||
Cash and cash equivalents
, end of period
|
$
|
537,330
|
|
|
$
|
639,143
|
|
|
|
|
|
||||
Non-cash transactions:
|
|
|
|
||||
Accrued purchases of property and equipment
|
$
|
14,194
|
|
|
$
|
8,591
|
|
1.
|
Nature of Operations and Basis of Presentation:
|
2.
|
Significant Accounting Policies:
|
|
|
Sixteen Weeks Ended
|
||||
|
|
April 20, 2019
|
|
April 21, 2018
|
||
Percentage of Net sales, by product group:
|
|
|
|
|
||
Parts and batteries
|
|
66
|
%
|
|
65
|
%
|
Accessories and chemicals
|
|
21
|
|
|
20
|
|
Engine maintenance
|
|
12
|
|
|
14
|
|
Other
|
|
1
|
|
|
1
|
|
Total
|
|
100
|
%
|
|
100
|
%
|
3.
|
Inventories
|
(in thousands)
|
April 20, 2019
|
|
December 29, 2018
|
||||
Inventories at first in, first out (“FIFO”)
|
$
|
4,217,495
|
|
|
$
|
4,119,617
|
|
Adjustments to state inventories at LIFO
|
216,486
|
|
|
242,930
|
|
||
Inventories at LIFO
|
$
|
4,433,981
|
|
|
$
|
4,362,547
|
|
4.
|
Exit Activities
|
5.
|
Intangible Assets
|
6.
|
Receivables, net
|
(in thousands)
|
April 20, 2019
|
|
December 29, 2018
|
||||
Trade
|
$
|
465,085
|
|
|
$
|
397,909
|
|
Vendor
|
225,845
|
|
|
228,024
|
|
||
Other
|
12,264
|
|
|
17,081
|
|
||
Total receivables
|
703,194
|
|
|
643,014
|
|
||
Less: allowance for doubtful accounts
|
(18,775
|
)
|
|
(18,042
|
)
|
||
Receivables, net
|
$
|
684,419
|
|
|
$
|
624,972
|
|
7.
|
Long-term Debt and Fair Value of Financial Instruments
|
(in thousands)
|
April 20, 2019
|
|
December 29, 2018
|
||||
Total long-term debt
|
$
|
746,830
|
|
|
$
|
1,045,930
|
|
Less: current portion of long-term debt
|
(63
|
)
|
|
(210
|
)
|
||
Long-term debt, excluding current portion
|
$
|
746,767
|
|
|
$
|
1,045,720
|
|
|
|
|
|
||||
Fair value of long-term debt
|
$
|
781,000
|
|
|
$
|
1,074,000
|
|
8.
|
Leases
|
(in thousands)
|
April 20, 2019
|
||
Total operating lease liabilities
|
$
|
2,503,875
|
|
Less: Current portion of operating lease liabilities
|
(449,702
|
)
|
|
Noncurrent operating lease liabilities
|
$
|
2,054,173
|
|
(in thousands)
|
April 20, 2019
|
||
Operating lease cost
|
$
|
160,046
|
|
Variable lease cost
|
49,690
|
|
|
Total lease cost
|
$
|
209,736
|
|
(in thousands)
|
April 20, 2019
|
||
Remainder of 2019
|
$
|
386,478
|
|
2020
|
540,813
|
|
|
2021
|
441,696
|
|
|
2022
|
347,796
|
|
|
2023
|
293,444
|
|
|
Thereafter
|
924,022
|
|
|
Total lease payments
|
$
|
2,934,249
|
|
Less: Imputed interest
|
(430,374
|
)
|
|
Total operating lease liabilities
|
$
|
2,503,875
|
|
Year
|
|
December 29, 2018
|
|||
(in thousands)
|
|
|
|||
2019
|
|
|
$
|
520,541
|
|
2020
|
|
|
481,812
|
|
|
2021
|
|
|
416,895
|
|
|
2022
|
|
|
349,470
|
|
|
2023
|
|
|
270,116
|
|
|
Thereafter
|
|
|
837,441
|
|
|
|
|
$
|
2,876,275
|
|
9.
|
Warranty Liabilities
|
|
Sixteen Weeks Ended
|
|
Fifty-Two Weeks Ended
|
||||
(in thousands)
|
April 20, 2019
|
|
December 29, 2018
|
||||
Warranty reserve, beginning of period
|
$
|
45,280
|
|
|
$
|
49,024
|
|
Additions to warranty reserves
|
12,724
|
|
|
43,200
|
|
||
Reserves utilized
|
(12,929
|
)
|
|
(46,944
|
)
|
||
Warranty reserve, end of period
|
$
|
45,075
|
|
|
$
|
45,280
|
|
10.
|
Share Repurchase Program
|
11.
|
Earnings per Share
|
|
Sixteen Weeks Ended
|
||||||
(in thousands, except per share data)
|
April 20, 2019
|
|
April 21, 2018
|
||||
Numerator
|
|
|
|
||||
Net income applicable to common shares
|
$
|
142,500
|
|
|
$
|
136,727
|
|
Denominator
|
|
|
|
|
|||
Basic weighted average common shares
|
71,787
|
|
|
73,979
|
|
||
Dilutive impact of share-based awards
|
316
|
|
|
226
|
|
||
Diluted weighted average common shares
|
72,103
|
|
|
74,205
|
|
||
|
|
|
|
|
|||
Basic earnings per common share
|
$
|
1.99
|
|
|
$
|
1.85
|
|
Diluted earnings per common share
|
$
|
1.98
|
|
|
$
|
1.84
|
|
12.
|
Share-Based Compensation
|
13.
|
Condensed Consolidating Financial Statements
|
(in thousands)
|
Advance Auto Parts, Inc.
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Current assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
4
|
|
|
$
|
485,512
|
|
|
$
|
51,818
|
|
|
$
|
(4
|
)
|
|
$
|
537,330
|
|
Receivables, net
|
—
|
|
|
644,983
|
|
|
39,436
|
|
|
—
|
|
|
684,419
|
|
|||||
Inventories
|
—
|
|
|
4,245,643
|
|
|
188,338
|
|
|
—
|
|
|
4,433,981
|
|
|||||
Other current assets
|
1,421
|
|
|
120,529
|
|
|
4,158
|
|
|
—
|
|
|
126,108
|
|
|||||
Total current assets
|
1,425
|
|
|
5,496,667
|
|
|
283,750
|
|
|
(4
|
)
|
|
5,781,838
|
|
|||||
Property and equipment, net of accumulated depreciation
|
72
|
|
|
1,354,398
|
|
|
8,658
|
|
|
—
|
|
|
1,363,128
|
|
|||||
Operating lease right-of-use assets
|
—
|
|
|
2,328,974
|
|
|
42,388
|
|
|
—
|
|
|
2,371,362
|
|
|||||
Goodwill
|
—
|
|
|
943,502
|
|
|
47,738
|
|
|
—
|
|
|
991,240
|
|
|||||
Intangible assets, net
|
—
|
|
|
487,802
|
|
|
39,900
|
|
|
—
|
|
|
527,702
|
|
|||||
Other assets, net
|
2,294
|
|
|
45,664
|
|
|
577
|
|
|
(2,294
|
)
|
|
46,241
|
|
|||||
Investment in subsidiaries
|
4,077,071
|
|
|
495,756
|
|
|
—
|
|
|
(4,572,827
|
)
|
|
—
|
|
|||||
Intercompany note receivable
|
749,248
|
|
|
—
|
|
|
—
|
|
|
(749,248
|
)
|
|
—
|
|
|||||
Due from intercompany, net
|
—
|
|
|
179,333
|
|
|
354,702
|
|
|
(534,035
|
)
|
|
—
|
|
|||||
|
$
|
4,830,110
|
|
|
$
|
11,332,096
|
|
|
$
|
777,713
|
|
|
$
|
(5,858,408
|
)
|
|
$
|
11,081,511
|
|
Liabilities and Stockholders' Equity
|
|
|
|
|
|
|
|
|
|
||||||||||
Current liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Accounts payable
|
$
|
—
|
|
|
$
|
3,076,126
|
|
|
$
|
200,829
|
|
|
$
|
—
|
|
|
$
|
3,276,955
|
|
Accrued expenses
|
2,085
|
|
|
503,766
|
|
|
24,426
|
|
|
—
|
|
|
530,277
|
|
|||||
Other current liabilities
|
—
|
|
|
483,144
|
|
|
8,505
|
|
|
(4
|
)
|
|
491,645
|
|
|||||
Total current liabilities
|
2,085
|
|
|
4,063,036
|
|
|
233,760
|
|
|
(4
|
)
|
|
4,298,877
|
|
|||||
Long-term debt
|
746,767
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
746,767
|
|
|||||
Noncurrent operating lease liabilities
|
—
|
|
|
2,021,182
|
|
|
32,991
|
|
|
—
|
|
|
2,054,173
|
|
|||||
Deferred income taxes
|
—
|
|
|
297,743
|
|
|
14,955
|
|
|
(2,294
|
)
|
|
310,404
|
|
|||||
Other long-term liabilities
|
—
|
|
|
123,816
|
|
|
251
|
|
|
—
|
|
|
124,067
|
|
|||||
Intercompany note payable
|
—
|
|
|
749,248
|
|
|
—
|
|
|
(749,248
|
)
|
|
—
|
|
|||||
Due to intercompany, net
|
534,035
|
|
|
—
|
|
|
—
|
|
|
(534,035
|
)
|
|
—
|
|
|||||
Commitments and contingencies
|
|
|
|
|
|
|
|
|
|
||||||||||
Stockholders' equity
|
3,547,223
|
|
|
4,077,071
|
|
|
495,756
|
|
|
(4,572,827
|
)
|
|
3,547,223
|
|
|||||
|
$
|
4,830,110
|
|
|
$
|
11,332,096
|
|
|
$
|
777,713
|
|
|
$
|
(5,858,408
|
)
|
|
$
|
11,081,511
|
|
(in thousands)
|
Advance Auto Parts, Inc.
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Current assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
—
|
|
|
$
|
785,605
|
|
|
$
|
110,922
|
|
|
$
|
—
|
|
|
$
|
896,527
|
|
Receivables, net
|
—
|
|
|
590,269
|
|
|
34,703
|
|
|
—
|
|
|
624,972
|
|
|||||
Inventories
|
—
|
|
|
4,182,973
|
|
|
179,574
|
|
|
—
|
|
|
4,362,547
|
|
|||||
Other current assets
|
3,103
|
|
|
191,318
|
|
|
3,987
|
|
|
—
|
|
|
198,408
|
|
|||||
Total current assets
|
3,103
|
|
|
5,750,165
|
|
|
329,186
|
|
|
—
|
|
|
6,082,454
|
|
|||||
Property and equipment, net of accumulated depreciation
|
77
|
|
|
1,359,980
|
|
|
8,928
|
|
|
—
|
|
|
1,368,985
|
|
|||||
Goodwill
|
—
|
|
|
943,364
|
|
|
46,873
|
|
|
—
|
|
|
990,237
|
|
|||||
Intangible assets, net
|
—
|
|
|
510,586
|
|
|
40,007
|
|
|
—
|
|
|
550,593
|
|
|||||
Other assets, net
|
2,408
|
|
|
47,815
|
|
|
564
|
|
|
(2,408
|
)
|
|
48,379
|
|
|||||
Investment in subsidiaries
|
3,945,862
|
|
|
474,772
|
|
|
—
|
|
|
(4,420,634
|
)
|
|
—
|
|
|||||
Intercompany note receivable
|
1,048,993
|
|
|
—
|
|
|
—
|
|
|
(1,048,993
|
)
|
|
—
|
|
|||||
Due from intercompany, net
|
—
|
|
|
102,886
|
|
|
297,580
|
|
|
(400,466
|
)
|
|
—
|
|
|||||
|
$
|
5,000,443
|
|
|
$
|
9,189,568
|
|
|
$
|
723,138
|
|
|
$
|
(5,872,501
|
)
|
|
$
|
9,040,648
|
|
Liabilities and Stockholders' Equity
|
|
|
|
|
|
|
|
|
|
||||||||||
Current liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Accounts payable
|
$
|
—
|
|
|
$
|
2,954,632
|
|
|
$
|
218,158
|
|
|
$
|
—
|
|
|
$
|
3,172,790
|
|
Accrued expenses
|
3,444
|
|
|
603,460
|
|
|
16,237
|
|
|
—
|
|
|
623,141
|
|
|||||
Other current liabilities
|
—
|
|
|
91,994
|
|
|
(1,975
|
)
|
|
—
|
|
|
90,019
|
|
|||||
Total current liabilities
|
3,444
|
|
|
3,650,086
|
|
|
232,420
|
|
|
—
|
|
|
3,885,950
|
|
|||||
Long-term debt
|
1,045,720
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,045,720
|
|
|||||
Deferred income taxes
|
—
|
|
|
306,127
|
|
|
14,634
|
|
|
(2,408
|
)
|
|
318,353
|
|
|||||
Other long-term liabilities
|
—
|
|
|
238,500
|
|
|
1,312
|
|
|
—
|
|
|
239,812
|
|
|||||
Intercompany note payable
|
—
|
|
|
1,048,993
|
|
|
—
|
|
|
(1,048,993
|
)
|
|
—
|
|
|||||
Due to intercompany, net
|
400,466
|
|
|
—
|
|
|
—
|
|
|
(400,466
|
)
|
|
—
|
|
|||||
Commitments and contingencies
|
|
|
|
|
|
|
|
|
|
||||||||||
Stockholders' equity
|
3,550,813
|
|
|
3,945,862
|
|
|
474,772
|
|
|
(4,420,634
|
)
|
|
3,550,813
|
|
|||||
|
$
|
5,000,443
|
|
|
$
|
9,189,568
|
|
|
$
|
723,138
|
|
|
$
|
(5,872,501
|
)
|
|
$
|
9,040,648
|
|
(in thousands)
|
Advance Auto Parts, Inc.
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Net sales
|
$
|
—
|
|
|
$
|
2,852,700
|
|
|
$
|
147,290
|
|
|
$
|
(47,954
|
)
|
|
$
|
2,952,036
|
|
Cost of sales,
including purchasing and warehousing costs
|
—
|
|
|
1,598,539
|
|
|
96,839
|
|
|
(47,954
|
)
|
|
1,647,424
|
|
|||||
Gross profit
|
—
|
|
|
1,254,161
|
|
|
50,451
|
|
|
—
|
|
|
1,304,612
|
|
|||||
Selling, general and administrative expenses
|
12,119
|
|
|
1,077,144
|
|
|
31,409
|
|
|
(24,000
|
)
|
|
1,096,672
|
|
|||||
Operating (loss) income
|
(12,119
|
)
|
|
177,017
|
|
|
19,042
|
|
|
24,000
|
|
|
207,940
|
|
|||||
Other, net:
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest expense
|
(13,512
|
)
|
|
(1,406
|
)
|
|
(26
|
)
|
|
—
|
|
|
(14,944
|
)
|
|||||
Other income (expense), net
|
26,211
|
|
|
(6,891
|
)
|
|
2,442
|
|
|
(24,000
|
)
|
|
(2,238
|
)
|
|||||
Total other, net
|
12,699
|
|
|
(8,297
|
)
|
|
2,416
|
|
|
(24,000
|
)
|
|
(17,182
|
)
|
|||||
Income before provision for income taxes
|
580
|
|
|
168,720
|
|
|
21,458
|
|
|
—
|
|
|
190,758
|
|
|||||
Provision for income taxes
|
1,300
|
|
|
42,294
|
|
|
4,664
|
|
|
—
|
|
|
48,258
|
|
|||||
(Loss) income before equity in earnings of subsidiaries
|
(720
|
)
|
|
126,426
|
|
|
16,794
|
|
|
—
|
|
|
142,500
|
|
|||||
Equity in earnings of subsidiaries
|
143,220
|
|
|
16,794
|
|
|
—
|
|
|
(160,014
|
)
|
|
—
|
|
|||||
Net income
|
$
|
142,500
|
|
|
$
|
143,220
|
|
|
$
|
16,794
|
|
|
$
|
(160,014
|
)
|
|
$
|
142,500
|
|
(in thousands)
|
Advance Auto Parts, Inc.
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Net sales
|
$
|
—
|
|
|
$
|
2,775,903
|
|
|
$
|
152,119
|
|
|
$
|
(54,174
|
)
|
|
$
|
2,873,848
|
|
Cost of sales,
including purchasing and warehousing costs
|
—
|
|
|
1,551,041
|
|
|
104,697
|
|
|
(54,174
|
)
|
|
1,601,564
|
|
|||||
Gross profit
|
—
|
|
|
1,224,862
|
|
|
47,422
|
|
|
—
|
|
|
1,272,284
|
|
|||||
Selling, general and administrative expenses
|
4,811
|
|
|
1,054,389
|
|
|
30,582
|
|
|
(15,739
|
)
|
|
1,074,043
|
|
|||||
Operating (loss) income
|
(4,811
|
)
|
|
170,473
|
|
|
16,840
|
|
|
15,739
|
|
|
198,241
|
|
|||||
Other, net:
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest expense
|
(16,078
|
)
|
|
(1,604
|
)
|
|
—
|
|
|
—
|
|
|
(17,682
|
)
|
|||||
Other income (expense), net
|
21,257
|
|
|
(2,993
|
)
|
|
(2,067
|
)
|
|
(15,739
|
)
|
|
458
|
|
|||||
Total other, net
|
5,179
|
|
|
(4,597
|
)
|
|
(2,067
|
)
|
|
(15,739
|
)
|
|
(17,224
|
)
|
|||||
Income before provision for income taxes
|
368
|
|
|
165,876
|
|
|
14,773
|
|
|
—
|
|
|
181,017
|
|
|||||
Provision for income taxes
|
1,263
|
|
|
40,452
|
|
|
2,575
|
|
|
—
|
|
|
44,290
|
|
|||||
(Loss) income before equity in earnings of subsidiaries
|
(895
|
)
|
|
125,424
|
|
|
12,198
|
|
|
—
|
|
|
136,727
|
|
|||||
Equity in earnings of subsidiaries
|
137,622
|
|
|
12,198
|
|
|
—
|
|
|
(149,820
|
)
|
|
—
|
|
|||||
Net income
|
$
|
136,727
|
|
|
$
|
137,622
|
|
|
$
|
12,198
|
|
|
$
|
(149,820
|
)
|
|
$
|
136,727
|
|
(in thousands)
|
Advance Auto Parts, Inc.
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Net income
|
$
|
142,500
|
|
|
$
|
143,220
|
|
|
$
|
16,794
|
|
|
$
|
(160,014
|
)
|
|
$
|
142,500
|
|
Other comprehensive income
|
4,155
|
|
|
4,155
|
|
|
4,060
|
|
|
(8,215
|
)
|
|
4,155
|
|
|||||
Comprehensive income
|
$
|
146,655
|
|
|
$
|
147,375
|
|
|
$
|
20,854
|
|
|
$
|
(168,229
|
)
|
|
$
|
146,655
|
|
(in thousands)
|
Advance Auto Parts, Inc.
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Net income
|
$
|
136,727
|
|
|
$
|
137,622
|
|
|
$
|
12,198
|
|
|
$
|
(149,820
|
)
|
|
$
|
136,727
|
|
Other comprehensive loss
|
(3,858
|
)
|
|
(3,858
|
)
|
|
(3,767
|
)
|
|
7,625
|
|
|
(3,858
|
)
|
|||||
Comprehensive income
|
$
|
132,869
|
|
|
$
|
133,764
|
|
|
$
|
8,431
|
|
|
$
|
(142,195
|
)
|
|
$
|
132,869
|
|
(in thousands)
|
Advance Auto Parts, Inc.
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Net cash provided by (used in) operating activities
|
$
|
—
|
|
|
$
|
264,504
|
|
|
$
|
(59,962
|
)
|
|
$
|
—
|
|
|
$
|
204,542
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Purchases of property and equipment
|
—
|
|
|
(60,966
|
)
|
|
(346
|
)
|
|
—
|
|
|
(61,312
|
)
|
|||||
Proceeds from sales of property and equipment
|
—
|
|
|
552
|
|
|
1
|
|
|
—
|
|
|
553
|
|
|||||
Net cash used in investing activities
|
—
|
|
|
(60,414
|
)
|
|
(345
|
)
|
|
—
|
|
|
(60,759
|
)
|
|||||
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
(Decrease) increase in bank overdrafts
|
—
|
|
|
(51,585
|
)
|
|
1,007
|
|
|
—
|
|
|
(50,578
|
)
|
|||||
Redemption of senior unsecured notes
|
—
|
|
|
(310,047
|
)
|
|
—
|
|
|
—
|
|
|
(310,047
|
)
|
|||||
Dividends paid
|
—
|
|
|
(8,723
|
)
|
|
—
|
|
|
—
|
|
|
(8,723
|
)
|
|||||
Proceeds from the issuance of common stock
|
—
|
|
|
678
|
|
|
—
|
|
|
—
|
|
|
678
|
|
|||||
Tax withholdings related to the exercise of stock appreciation rights
|
—
|
|
|
(99
|
)
|
|
—
|
|
|
—
|
|
|
(99
|
)
|
|||||
Repurchases of common stock
|
—
|
|
|
(134,291
|
)
|
|
—
|
|
|
—
|
|
|
(134,291
|
)
|
|||||
Other, net
|
4
|
|
|
(116
|
)
|
|
—
|
|
|
(4
|
)
|
|
(116
|
)
|
|||||
Net cash provided by (used in) financing activities
|
4
|
|
|
(504,183
|
)
|
|
1,007
|
|
|
(4
|
)
|
|
(503,176
|
)
|
|||||
Effect of exchange rate changes on cash
|
—
|
|
|
—
|
|
|
196
|
|
|
—
|
|
|
196
|
|
|||||
Net increase (decrease) in cash and cash equivalents
|
4
|
|
|
(300,093
|
)
|
|
(59,104
|
)
|
|
(4
|
)
|
|
(359,197
|
)
|
|||||
Cash and cash equivalents
, beginning of period
|
—
|
|
|
785,605
|
|
|
110,922
|
|
|
—
|
|
|
896,527
|
|
|||||
Cash and cash equivalents
, end of period
|
$
|
4
|
|
|
$
|
485,512
|
|
|
$
|
51,818
|
|
|
$
|
(4
|
)
|
|
$
|
537,330
|
|
(In thousands)
|
Advance Auto Parts, Inc.
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Net cash provided by operating activities
|
$
|
—
|
|
|
$
|
142,408
|
|
|
$
|
11,562
|
|
|
$
|
—
|
|
|
$
|
153,970
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Purchases of property and equipment
|
—
|
|
|
(34,153
|
)
|
|
(321
|
)
|
|
—
|
|
|
(34,474
|
)
|
|||||
Proceeds from sales of property and equipment
|
—
|
|
|
486
|
|
|
44
|
|
|
—
|
|
|
530
|
|
|||||
Net cash used in investing activities
|
—
|
|
|
(33,667
|
)
|
|
(277
|
)
|
|
—
|
|
|
(33,944
|
)
|
|||||
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Decrease in bank overdrafts
|
—
|
|
|
(9,790
|
)
|
|
(2,311
|
)
|
|
—
|
|
|
(12,101
|
)
|
|||||
Dividends paid
|
—
|
|
|
(8,930
|
)
|
|
—
|
|
|
—
|
|
|
(8,930
|
)
|
|||||
Proceeds from the issuance of common stock
|
—
|
|
|
754
|
|
|
—
|
|
|
—
|
|
|
754
|
|
|||||
Tax withholdings related to the exercise of stock appreciation rights
|
—
|
|
|
(93
|
)
|
|
—
|
|
|
—
|
|
|
(93
|
)
|
|||||
Repurchases of common stock
|
—
|
|
|
(5,224
|
)
|
|
—
|
|
|
—
|
|
|
(5,224
|
)
|
|||||
Other, net
|
—
|
|
|
(1,163
|
)
|
|
—
|
|
|
—
|
|
|
(1,163
|
)
|
|||||
Net cash used in financing activities
|
—
|
|
|
(24,446
|
)
|
|
(2,311
|
)
|
|
—
|
|
|
(26,757
|
)
|
|||||
Effect of exchange rate changes on cash
|
—
|
|
|
—
|
|
|
(1,063
|
)
|
|
—
|
|
|
(1,063
|
)
|
|||||
Net increase in cash and cash equivalents
|
—
|
|
|
84,295
|
|
|
7,911
|
|
|
—
|
|
|
92,206
|
|
|||||
Cash and cash equivalents
, beginning of period
|
23
|
|
|
482,620
|
|
|
64,317
|
|
|
(23
|
)
|
|
546,937
|
|
|||||
Cash and cash equivalents
, end of period
|
$
|
23
|
|
|
$
|
566,915
|
|
|
$
|
72,228
|
|
|
$
|
(23
|
)
|
|
$
|
639,143
|
|
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
|
Sixteen Weeks Ended
|
||||||
|
April 20, 2019
|
|
April 21, 2018
|
||||
Transformation expenses
|
$
|
0.14
|
|
|
$
|
0.12
|
|
GPI integration and store closure and consolidation expenses
|
$
|
—
|
|
|
$
|
0.02
|
|
GPI amortization of acquired intangible assets
|
$
|
0.09
|
|
|
$
|
0.12
|
|
Other adjustments
|
$
|
0.25
|
|
|
$
|
—
|
|
•
|
Net sales during the
first
quarter of
2019
were
$3.0 billion
,
an increase
of
2.7%
as compared to the
first
quarter of
2018
, primarily driven by an increase in comparable store sales of
2.7%
.
|
•
|
Operating income for the
first
quarter of
2019
was
$207.9 million
,
an increase
of
$9.7 million
as compared to the
first
quarter of
2018
. As a percentage of total sales, operating income was
7.0%
,
an increase
of
15
basis points as compared to the
first
quarter of
2018
due to an increase in comparable store sales and continued material cost improvement. Partially offsetting these improvements, we incurred an increase in supply chain costs and an increase in fuel and transportation expenses related to higher utilization of our cross banner visibility.
|
•
|
We generated operating cash flow of
$204.5 million
for the
sixteen
weeks ended
April 20, 2019
,
an increase
of
32.8%
as compared to the same period in
2018
, primarily due to improvement in our management of working capital and an increase in net income.
|
•
|
Development of a demand-based assortment, leveraging purchase and search history from our common catalog, versus our existing push-down supply approach. This technology is a first step in moving from a supply-driven to a demand-driven assortment.
|
•
|
Continued movement towards optimizing our footprint by market to drive share, repurposing our in-market store and asset base and optimizing our distribution centers.
|
•
|
Progress in the development of a more efficient end-to-end supply chain to deliver our broad assortment.
|
•
|
Continued success of Professional omni-channel capabilities, including increased adoption and utilization of MyAdvance.com with our Professional customers.
|
•
|
Expanded our TechNet program, which is a business solutions partnership program designed to help independently owned repair facilities grow their business and develop customer loyalty while maintaining their own identities and serving their local communities.
|
•
|
Continued focus on Worldpac branch openings in 2019 to drive Professional growth while investing in online and digital to drive DIY improvements.
|
|
|
Sixteen Weeks Ended
|
|
$ Increase/(Decrease)
|
|
Basis Points
|
|||||||||||||||
(in millions)
|
|
April 20, 2019
|
|
April 21, 2018
|
|
|
|||||||||||||||
Net sales
|
|
$
|
2,952.0
|
|
|
100.0
|
%
|
|
$
|
2,873.8
|
|
|
100.0
|
%
|
|
$
|
78.2
|
|
|
—
|
|
Cost of sales
|
|
1,647.4
|
|
|
55.8
|
|
|
1,601.6
|
|
|
55.7
|
|
|
45.8
|
|
|
8
|
|
|||
Gross profit
|
|
1,304.6
|
|
|
44.2
|
|
|
1,272.3
|
|
|
44.3
|
|
|
32.3
|
|
|
(8
|
)
|
|||
Selling, general and administrative expenses
|
|
1,096.7
|
|
|
37.2
|
|
|
1,074.0
|
|
|
37.4
|
|
|
22.7
|
|
|
(22
|
)
|
|||
Operating income
|
|
207.9
|
|
|
7.0
|
|
|
198.2
|
|
|
6.9
|
|
|
9.7
|
|
|
15
|
|
|||
Interest expense
|
|
(14.9
|
)
|
|
(0.5
|
)
|
|
(17.7
|
)
|
|
(0.6
|
)
|
|
2.8
|
|
|
11
|
|
|||
Other (expense) income, net
|
|
(2.2
|
)
|
|
(0.1
|
)
|
|
0.5
|
|
|
0.0
|
|
|
(2.7
|
)
|
|
(9
|
)
|
|||
Provision for income taxes
|
|
48.3
|
|
|
1.6
|
|
|
44.3
|
|
|
1.5
|
|
|
4.0
|
|
|
9
|
|
|||
Net income
|
|
$
|
142.5
|
|
|
4.8
|
%
|
|
$
|
136.7
|
|
|
4.8
|
%
|
|
$
|
5.8
|
|
|
7
|
|
|
|
Sixteen Weeks Ended
|
||||||
(in millions, except per share data)
|
|
April 20, 2019
|
|
April 21, 2018
|
||||
Net income (GAAP)
|
|
$
|
142.5
|
|
|
$
|
136.7
|
|
Cost of sales adjustments:
|
|
|
|
|
||||
Transformation expenses
|
|
0.3
|
|
|
—
|
|
||
Other adjustment
(1)
|
|
13.0
|
|
|
—
|
|
||
SG&A adjustments:
|
|
|
|
|
||||
Transformation expenses
|
|
13.9
|
|
|
11.9
|
|
||
GPI integration and store closure and consolidation expenses
|
|
—
|
|
|
2.2
|
|
||
GPI amortization of acquired intangible assets
|
|
8.5
|
|
|
11.7
|
|
||
Other income adjustment
(2)
|
|
10.8
|
|
|
—
|
|
||
Provision for income taxes on adjustments
(3)
|
|
(11.6
|
)
|
|
(6.5
|
)
|
||
Adjusted net income (Non-GAAP)
|
|
$
|
177.3
|
|
|
$
|
156.1
|
|
|
|
|
|
|
||||
Diluted earnings per share (GAAP)
|
|
$
|
1.98
|
|
|
$
|
1.84
|
|
Adjustments, net of tax
|
|
0.48
|
|
|
0.26
|
|
||
Adjusted EPS (Non-GAAP)
|
|
$
|
2.46
|
|
|
$
|
2.10
|
|
(1)
|
During the sixteen weeks ended
April 20, 2019
, we made an out-of-period correction, which increased Accounts payable and Cost of sales by
$13.0 million
, related to received not invoiced inventory.
|
(2)
|
During the
sixteen
weeks ended
April 20, 2019
, we incurred charges relating to a make-whole provision and debt issuance costs of
$10.1 million
and
$0.7 million
resulting from the early redemption of our 2020 Notes. For further information, see Note 7,
Long-term Debt and Fair Value of Financial Instruments
, included in our condensed consolidated financial statements.
|
(3)
|
The income tax impact of non-GAAP adjustments is calculated using the estimated tax rate in effect for the respective non-GAAP adjustments.
|
|
Sixteen Weeks Ended
|
||||||
(in millions)
|
April 20, 2019
|
|
April 21, 2018
|
||||
Cash flows provided by operating activities
|
$
|
204.5
|
|
|
$
|
154.0
|
|
Cash flows used in investing activities
|
(60.8
|
)
|
|
(33.9
|
)
|
||
Cash flows used in financing activities
|
(503.2
|
)
|
|
(26.8
|
)
|
||
Effect of exchange rate changes on cash
|
0.2
|
|
|
(1.1
|
)
|
||
Net (decrease) increase in Cash and cash equivalents
|
$
|
(359.2
|
)
|
|
$
|
92.2
|
|
ITEM 3.
|
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
ITEM 4.
|
CONTROLS AND PROCEDURES
|
ITEM 1.
|
LEGAL PROCEEDINGS
|
ITEM 2.
|
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
|
|
|
Total Number of Shares Purchased
(1)
|
|
Average Price Paid per Share
(1)
|
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
(2)
|
|
Maximum Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs
(2)
(In thousands)
|
||||||
December 30, 2018 to January 26, 2019
|
|
796,849
|
|
|
$
|
159.65
|
|
|
796,849
|
|
|
$
|
200,000
|
|
January 27, 2019 to February 23, 2019
|
|
4,144
|
|
|
155.92
|
|
|
—
|
|
|
200,000
|
|
||
February 24, 2019 to March 23, 2019
|
|
26,681
|
|
|
160.62
|
|
|
—
|
|
|
200,000
|
|
||
March 24, 2019 to April 20, 2019
|
|
11,903
|
|
|
179.96
|
|
|
—
|
|
|
200,000
|
|
||
Total
|
|
839,577
|
|
|
$
|
159.95
|
|
|
796,849
|
|
|
$
|
200,000
|
|
(1)
|
The aggregate cost of repurchasing shares in connection with the net settlement of shares issued as a result of the vesting of restricted stock units was
$7.1 million
, or an average price of
$165.55
per share, during the
sixteen
weeks ended
April 20, 2019
.
|
(2)
|
Our share repurchase program authorizing the repurchase of up to
$600.0 million
in common stock was authorized by our Board of Directors on
August 8, 2018
and publicly announced on
August 14, 2018
.
|
ITEM 6.
|
EXHIBITS
|
|
|
Incorporated by Reference
|
Filed
|
||
Exhibit No.
|
Exhibit Description
|
Form
|
Exhibit
|
Filing Date
|
Herewith
|
10-Q
|
3.1
|
8/14/2018
|
|
||
10-Q
|
3.2
|
5/22/2018
|
|
||
8-K
|
10.1
|
1/15/2019
|
|
||
|
|
|
X
|
||
|
|
|
X
|
||
|
|
|
X
|
||
101.INS
|
XBRL Instance Document
|
|
|
|
X
|
101.SCH
|
XBRL Taxonomy Extension Schema Document
|
|
|
|
X
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
|
X
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
|
|
X
|
101.LAB
|
XBRL Taxonomy Extension Labels Linkbase Document
|
|
|
|
X
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
|
|
X
|
|
|
ADVANCE AUTO PARTS, INC.
|
|
|
|
Date: May 22, 2019
|
|
/s/ Jeffrey W. Shepherd
|
|
|
Jeffrey W. Shepherd
Executive Vice President, Chief Financial Officer
|
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