(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
Title of each class | Trading symbol | Name of each exchange on which registered | ||
Exhibit No. | Exhibit Description |
101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |
101.SCH | Inline XBRL Taxonomy Extension Schema Document. |
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. |
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. |
101.LAB | Inline XBRL Taxonomy Extension Labels Linkbase Document. |
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. |
ADVANCE AUTO PARTS, INC. | ||
Date: November 12, 2019 | /s/ Jeffrey W. Shepherd | |
Jeffrey W. Shepherd | ||
Executive Vice President, Chief Financial Officer |
Prior Outlook | Updated Outlook | ||||||||||||||
As of August 13, 2019 | As of November 12, 2019 | ||||||||||||||
Full Year 2019 | Full Year 2019 | ||||||||||||||
($ in millions) | Low | High | Low | High | |||||||||||
Net sales | $ | 9,650 | $ | 9,750 | $ | 9,650 | $ | 9,750 | |||||||
Comparable store sales | 1.0 | % | 2.0 | % | 1.0 | % | 1.5 | % | |||||||
Adjusted operating income margin (a) | 8.0 | % | 8.2 | % | 8.0 | % | 8.2 | % | |||||||
Income tax rate | 24 | % | 26 | % | 24 | % | 26 | % | |||||||
Transformation expenses (a) | $ | 80 | $ | 100 | $ | 80 | $ | 100 | |||||||
Capital expenditures | $ | 250 | $ | 300 | $ | 250 | $ | 300 | |||||||
Free cash flow (a) | Minimum $700 | Minimum $700 |
Investor Relations Contact: | Media Contact: |
Elisabeth Eisleben | Darryl Carr |
T: (919) 227-5466 | T: (540) 589-8102 |
E: invrelations@advanceautoparts.com | E: darryl.carr@advance-auto.com |
Advance Auto Parts, Inc. and Subsidiaries | |||||||
Condensed Consolidated Balance Sheets | |||||||
(in thousands) | |||||||
(unaudited) | |||||||
October 5, 2019 | December 29, 2018 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 573,726 | $ | 896,527 | |||
Receivables, net | 721,342 | 624,972 | |||||
Inventories | 4,391,093 | 4,362,547 | |||||
Other current assets | 140,487 | 198,408 | |||||
Total current assets | 5,826,648 | 6,082,454 | |||||
Property and equipment, net | 1,389,089 | 1,368,985 | |||||
Operating lease right-of-use assets | 2,335,732 | — | |||||
Goodwill | 991,375 | 990,237 | |||||
Intangible assets, net | 514,512 | 550,593 | |||||
Other assets | 49,446 | 48,379 | |||||
$ | 11,106,802 | $ | 9,040,648 | ||||
Liabilities and Stockholders' Equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 3,402,538 | $ | 3,172,790 | |||
Accrued expenses | 579,074 | 623,141 | |||||
Other current liabilities | 482,301 | 90,019 | |||||
Total current liabilities | 4,463,913 | 3,885,950 | |||||
Long-term debt | 747,136 | 1,045,720 | |||||
Noncurrent operating lease liabilities | 1,997,721 | — | |||||
Deferred income taxes | 318,309 | 318,353 | |||||
Other long-term liabilities | 124,781 | 239,812 | |||||
Total stockholders' equity | 3,454,942 | 3,550,813 | |||||
$ | 11,106,802 | $ | 9,040,648 |
Advance Auto Parts, Inc. and Subsidiaries | |||||||||||||||
Condensed Consolidated Statements of Operations | |||||||||||||||
(in thousands, except per share data) | |||||||||||||||
(unaudited) | |||||||||||||||
Twelve Weeks Ended | Forty Weeks Ended | ||||||||||||||
October 5, 2019 | October 6, 2018 | October 5, 2019 | October 6, 2018 | ||||||||||||
Net sales | $ | 2,312,106 | $ | 2,274,982 | $ | 7,596,389 | $ | 7,475,482 | |||||||
Cost of sales, including purchasing and warehousing costs | 1,300,180 | 1,268,055 | 4,270,412 | 4,184,713 | |||||||||||
Gross profit | 1,011,926 | 1,006,927 | 3,325,977 | 3,290,769 | |||||||||||
Selling, general and administrative expenses | 839,598 | 852,686 | 2,774,936 | 2,770,747 | |||||||||||
Operating income | 172,328 | 154,241 | 551,041 | 520,022 | |||||||||||
Other, net: | |||||||||||||||
Interest expense | (8,443 | ) | (13,076 | ) | (32,062 | ) | (43,613 | ) | |||||||
Other (expense) income, net | (3,145 | ) | 5,755 | (1,272 | ) | 8,998 | |||||||||
Total other, net | (11,588 | ) | (7,321 | ) | (33,334 | ) | (34,615 | ) | |||||||
Income before provision for income taxes | 160,740 | 146,920 | 517,707 | 485,407 | |||||||||||
Provision for income taxes | 37,071 | 31,077 | 126,718 | 115,002 | |||||||||||
Net income | $ | 123,669 | $ | 115,843 | $ | 390,989 | $ | 370,405 | |||||||
Basic earnings per common share | $ | 1.76 | $ | 1.57 | $ | 5.48 | $ | 5.01 | |||||||
Weighted average common shares outstanding | 70,381 | 73,888 | 71,351 | 73,974 | |||||||||||
Diluted earnings per common share | $ | 1.75 | $ | 1.56 | $ | 5.46 | $ | 4.99 | |||||||
Weighted average common shares outstanding | 70,664 | 74,190 | 71,643 | 74,212 |
Advance Auto Parts, Inc. and Subsidiaries | |||||||
Condensed Consolidated Statements of Cash Flows | |||||||
(in thousands) | |||||||
(unaudited) | |||||||
Forty Weeks Ended | |||||||
October 5, 2019 | October 6, 2018 | ||||||
Cash flows from operating activities: | |||||||
Net income | $ | 390,989 | $ | 370,405 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 179,565 | 183,584 | |||||
Share-based compensation | 28,038 | 19,265 | |||||
Provision for deferred income taxes | 7,653 | 17,029 | |||||
Other, net | 16,497 | 7,953 | |||||
Net change in: | |||||||
Receivables, net | (95,280 | ) | (93,595 | ) | |||
Inventories | (24,985 | ) | (22,862 | ) | |||
Accounts payable | 227,822 | 131,572 | |||||
Accrued expenses | (29,672 | ) | 122,779 | ||||
Other assets and liabilities, net | 7,919 | (54,627 | ) | ||||
Net cash provided by operating activities | 708,546 | 681,503 | |||||
Cash flows from investing activities: | |||||||
Purchases of property and equipment | (169,224 | ) | (105,132 | ) | |||
Proceeds from sales of property and equipment | 8,714 | 1,450 | |||||
Net cash used in investing activities | (160,510 | ) | (103,682 | ) | |||
Cash flows from financing activities: | |||||||
Decrease in bank overdrafts | (59,351 | ) | (11,973 | ) | |||
Redemption of senior unsecured notes | (310,047 | ) | — | ||||
Dividends paid | (17,185 | ) | (17,819 | ) | |||
Proceeds from the issuance of common stock | 2,358 | 2,290 | |||||
Tax withholdings related to the exercise of stock appreciation rights | (162 | ) | (490 | ) | |||
Repurchases of common stock | (486,381 | ) | (126,482 | ) | |||
Other, net | (96 | ) | 814 | ||||
Net cash used in financing activities | (870,864 | ) | (153,660 | ) | |||
Effect of exchange rate changes on cash | 27 | (1,092 | ) | ||||
Net (decrease) increase in cash and cash equivalents | (322,801 | ) | 423,069 | ||||
Cash and cash equivalents, beginning of period | 896,527 | 546,937 | |||||
Cash and cash equivalents, end of period | $ | 573,726 | $ | 970,006 |
Reconciliation of Adjusted Net Income and Adjusted EPS: | |||||||||||||||
Twelve Weeks Ended | Forty Weeks Ended | ||||||||||||||
(in thousands, except per share data) | October 5, 2019 | October 6, 2018 | October 5, 2019 | October 6, 2018 | |||||||||||
Net income (GAAP) | $ | 123,669 | $ | 115,843 | $ | 390,989 | $ | 370,405 | |||||||
Cost of sales adjustments: | |||||||||||||||
Transformation expenses | 2,991 | 513 | 3,272 | 5,839 | |||||||||||
Other adjustment (a) | — | — | 13,010 | — | |||||||||||
SG&A adjustments: | |||||||||||||||
Transformation expenses | 23,386 | 28,360 | 56,633 | 63,214 | |||||||||||
GPI integration and store closure and consolidation expenses | — | 1,768 | — | 4,706 | |||||||||||
GPI amortization of acquired intangible assets | 6,362 | 8,802 | 21,157 | 29,268 | |||||||||||
Other income adjustment (b) | — | — | 10,756 | — | |||||||||||
Provision for income taxes on adjustments (c) | (8,185 | ) | (9,664 | ) | (26,207 | ) | (25,242 | ) | |||||||
Impact of the Act | — | (5,665 | ) | — | (5,665 | ) | |||||||||
Adjusted net income (Non-GAAP) | $ | 148,223 | $ | 139,957 | $ | 469,610 | $ | 442,525 | |||||||
Diluted earnings per share (GAAP) | $ | 1.75 | $ | 1.56 | $ | 5.46 | $ | 4.99 | |||||||
Adjustments, net of tax | 0.35 | 0.33 | 1.09 | 0.97 | |||||||||||
Adjusted EPS (Non-GAAP) | $ | 2.10 | $ | 1.89 | $ | 6.55 | $ | 5.96 |
(a) | During the sixteen weeks ended April 20, 2019, the Company made an out-of-period correction, which increased Cost of sales by $13.0 million, related to received not invoiced inventory. |
(b) | During the sixteen weeks ended April 20, 2019, the Company 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 its 2020 senior unsecured notes. |
(c) | The income tax impact of non-GAAP adjustments is calculated using the estimated tax rate in effect for the respective non-GAAP adjustments. |
Reconciliation of Adjusted Gross Profit: | |||||||||||||||
Twelve Weeks Ended | Forty Weeks Ended | ||||||||||||||
(in thousands) | October 5, 2019 | October 6, 2018 | October 5, 2019 | October 6, 2018 | |||||||||||
Gross profit (GAAP) | $ | 1,011,926 | $ | 1,006,927 | $ | 3,325,977 | $ | 3,290,769 | |||||||
Gross profit adjustments | 2,991 | 513 | 16,282 | 5,839 | |||||||||||
Adjusted gross profit (Non-GAAP) | $ | 1,014,917 | $ | 1,007,440 | $ | 3,342,259 | $ | 3,296,608 |
Reconciliation of Adjusted Selling, General and Administrative Expenses: | |||||||||||||||
Twelve Weeks Ended | Forty Weeks Ended | ||||||||||||||
(in thousands) | October 5, 2019 | October 6, 2018 | October 5, 2019 | October 6, 2018 | |||||||||||
SG&A (GAAP) | $ | 839,598 | $ | 852,686 | $ | 2,774,936 | $ | 2,770,747 | |||||||
SG&A adjustments | (29,748 | ) | (38,930 | ) | (77,790 | ) | (97,188 | ) | |||||||
Adjusted SG&A (Non-GAAP) | $ | 809,850 | $ | 813,756 | $ | 2,697,146 | $ | 2,673,559 |
Reconciliation of Adjusted Operating Income: | |||||||||||||||
Twelve Weeks Ended | Forty Weeks Ended | ||||||||||||||
(in thousands) | October 5, 2019 | October 6, 2018 | October 5, 2019 | October 6, 2018 | |||||||||||
Operating income (GAAP) | $ | 172,328 | $ | 154,241 | $ | 551,041 | $ | 520,022 | |||||||
Cost of sales and SG&A adjustments | 32,739 | 39,443 | 94,072 | 103,027 | |||||||||||
Adjusted operating income (Non-GAAP) | $ | 205,067 | $ | 193,684 | $ | 645,113 | $ | 623,049 |
Reconciliation of Free Cash Flow: | |||||||
Forty Weeks Ended | |||||||
(In thousands) | October 5, 2019 | October 6, 2018 | |||||
Cash flows from operating activities | $ | 708,546 | $ | 681,503 | |||
Purchases of property and equipment | (169,224 | ) | (105,132 | ) | |||
Free cash flow | $ | 539,322 | $ | 576,371 |
Adjusted Debt to Adjusted EBITDAR: | |||||||
Four Quarters Ended | |||||||
(In thousands, except adjusted debt to adjusted EBITDAR ratio) | October 5, 2019 | December 29, 2018 | |||||
Total debt | $ | 747,136 | $ | 1,045,930 | |||
Add: Operating lease liabilities (a) | 2,441,221 | 2,425,325 | |||||
Adjusted debt | 3,188,357 | 3,471,255 | |||||
Operating income | 635,294 | 604,275 | |||||
Add: Adjustments (b) | 117,778 | 107,867 | |||||
Depreciation and amortization | 234,165 | 238,184 | |||||
Adjusted EBITDA | 987,237 | 950,326 | |||||
Rent expense | 555,360 | 553,377 | |||||
Share-based compensation | 36,533 | 27,760 | |||||
Adjusted EBITDAR | $ | 1,579,130 | $ | 1,531,463 | |||
Adjusted Debt to Adjusted EBITDAR (c) | 2.0 | 2.3 |
(a) | On December 30, 2018 the Company recorded operating lease liabilities of $2.4 billion upon adoption of Accounting Standards Update 2016-02, Leases (Topic 842) (“ASU 2016-2”). As of October 5, 2019, $2.4 billion of operating lease liabilities were recorded in the Company's condensed consolidated balance sheet. |
(b) | The adjustments to the four quarters ended October 5, 2019 and December 29, 2018 include GPI integration, store consolidation costs and transformation expenses. |
(c) | Ratio is derived by utilizing the operating lease liabilities recorded by the Company upon adoption of ASU 2016-02 rather than utilizing estimated capitalized lease obligations (six times rent expense), which were $3.3 billion as of October 5, 2019 and December 29, 2018. For comparability purposes, the Adjusted Debt to Adjusted EBITDAR ratio calculated using the historical estimated capitalized lease obligations would be 2.6 and 2.9 as of October 5, 2019 and December 29, 2018. |
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Cover Document |
Nov. 12, 2019 |
---|---|
Cover Page [Abstract] | |
Entity Central Index Key | 0001158449 |
Title of 12(b) Security | Common Stock, $0.0001 par value |
Entity Incorporation, State or Country Code | DE |
Document Type | 8-K |
Document Period End Date | Nov. 12, 2019 |
Entity Registrant Name | ADVANCE AUTO PARTS, INC. |
Entity File Number | 001-16797 |
Entity Tax Identification Number | 54-2049910 |
Entity Address, Address Line One | 2635 East Millbrook Road |
Entity Address, City or Town | Raleigh |
Entity Address, State or Province | NC |
Entity Address, Postal Zip Code | 27604 |
City Area Code | 540 |
Local Phone Number | 362-4911 |
Trading Symbol | AAP |
Security Exchange Name | NYSE |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
Amendment Flag | false |
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