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Posted

ADVANCE AUTO PARTS REPORTS SECOND QUARTER 2023 RESULTS

 

Q2 Net Sales Increased 0.8% to $2.7 Billion; Comparable Store Sales Decreased 0.6%

Operating Income of $134.4 Million; Operating Income Margin of 5.0%

Separately Announces Leadership Appointments

Initiated Comprehensive Operational and Strategic Review

RALEIGH, N.C.--(BUSINESS WIRE)-- Advance Auto Parts, Inc. (NYSE: AAP), a leading automotive aftermarket parts provider in North America, that serves both professional installer and do-it-yourself customers, announced its financial results for the second quarter ended July 15, 2023. The company also announced that it has initiated a comprehensive operational and strategic review.

Tom Greco, president and chief executive officer, said, “I want to thank the entire Advance family for their dedication and focus on serving our customers in the second quarter while we continued to execute against our priorities to improve operational performance. Profitability in the quarter was below expectations, primarily related to our inability to price to cover inflation. However, we began to see early signs that the strategic investments we are making are beginning to drive an improvement in topline sales and transactions. This is evidenced by positive comparable store sales growth in the final four weeks of the second quarter, which has continued into the third quarter.”

Gene Lee, interim executive chair, continued, “Since expanding my role to serve as interim executive chair and partnering more closely with Tom and the leadership team, I have taken a deeper dive into the business and our strategy. As we look to the balance of 2023, we are updating our full-year guidance. We recognize that there is significant work to be done to improve execution across the business and are conducting a comprehensive operational and strategic review to position Advance for long-term success and increase shareholder value. Importantly, as announced separately today, we have identified Advance’s next CEO and look forward to welcoming Shane O’Kelly, an accomplished executive with extensive operational and supply chain experience. The board will work with Shane and the management team to ensure Advance is taking the right steps to build a stronger, more resilient business for the benefit of all stakeholders.”

Second Quarter 2023 Results (1)

Second quarter of 2023 Net sales totaled $2.7 billion, a 0.8% increase compared with the second quarter of the prior year, primarily driven by new store openings. This was partially offset by a decline of comparable store sales of 0.6%.

Gross profit decreased 3.2% to $1.1 billion. Gross profit margin was 42.7% of Net sales compared with 44.5% of Net sales in the second quarter of the prior year. This was primarily driven by higher product costs and supply chain deleverage that were not fully covered by pricing actions, partially offset by a reduction in LIFO-related expenses.

SG&A expenses were $1.0 billion, which were 37.7% of Net sales compared with 36.9% in the second quarter of the prior year. This was primarily driven by inflation within labor and benefit-related expenses.

The company's Operating income was $134.4 million, or 5.0% of Net sales, compared with 7.6% in the second quarter of the prior year.

The company's effective tax rate was 25.9%, compared with 24.3% in the second quarter of the prior year. The company's Diluted EPS was $1.43, compared with $2.38 in the second quarter of the prior year.

Net cash used in operating activities was $164.6 million through the second quarter of 2023 versus $308.5 million provided by operating activities in the same period of the prior year. The decrease was primarily driven by lower Net income and an increase in cash used in working capital, primarily in Accounts payable. Free cash flow through the second quarter of 2023 was an outflow of $309.4 million compared with an inflow of $97.3 million in the same period of the prior year.

(1) All comparisons are based on the same time period in the prior year. Comparable store sales include locations open for 13 complete accounting periods and excludes sales to independently owned Carquest locations.

Capital Allocation

On August 7, 2023, the company declared a regular cash dividend of $0.25 per share to be paid on October 27, 2023 to all common stockholders of record as of October 13, 2023.

Full Year 2023 Guidance

Tony Iskander, interim chief financial officer, said, “We are updating our full-year guidance, which considers a modest step up in net and comparable store sales growth driven by strengthening of our professional business. However, we are reducing our outlook for operating income margin rate, diluted earnings per share and free cash flow. This reflects additional headwinds anticipated in the back half of the year driven by our ongoing commitment to maintain competitive price targets, impacts from a shift in channel mix and investments in our team to help retain top talent.”

 

Prior FY 2023 Outlook

 

Updated FY 2023 Outlook

 

As of May 31, 2023

 

As of August 23, 2023

($ in millions, except per share data)

Low

 

High

 

Low

 

High

Net sales

$

11,200

 

 

$

11,300

 

 

$

11,250

 

 

$

11,350

 

Comparable store sales (1)

 

(1.0

)%

 

 

%

 

 

(0.5

)%

 

 

0.5

%

Operating income margin

 

5.0

%

 

 

5.3

%

 

 

4.0

%

 

 

4.3

%

Income tax rate

 

24.0

%

 

 

25.0

%

 

 

25.0

%

 

 

25.0

%

Diluted EPS

$

6.00

 

 

$

6.50

 

 

$

4.50

 

 

$

5.10

 

Capital expenditures

$

250

 

 

$

300

 

 

$

200

 

 

$

250

 

Free cash flow (2)

$

200

 

 

$

300

 

 

$

150

 

 

$

250

 

New store and branch openings

 

40

 

 

 

60

 

 

 

40

 

 

 

60

 

(1)

 

Comparable store sales include locations open for 13 complete accounting periods and excludes sales to independently owned Carquest locations.

(2)

 

Free cash flow is a non-GAAP measure. For a better understanding of the company's non-GAAP adjustments, refer to the reconciliation of non-GAAP financial measures in the accompanying financial tables included herein.

Investor Conference Call

The company will detail its results for the second quarter ended July 15, 2023 via a webcast scheduled to begin at 8 a.m. Eastern Time on Wednesday, August 23, 2023. The webcast will be accessible via the Investor Relations page of the company's website (

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).

To join by phone, please 

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 for dial-in and passcode information. Upon registering, participants will receive a confirmation with call details and a registrant ID. While registration is open through the live call, the company suggests registering a day in advance or at minimum 10 minutes before the start of the call. A replay of the conference call will be available on the company's Investor Relations website for one year.

About Advance Auto Parts

Advance Auto Parts, Inc. is a leading automotive aftermarket parts provider that serves both professional installer and do-it-yourself customers. As of July 15, 2023 Advance operated 4,790 stores and 319 Worldpac branches primarily within the United States, with additional locations in Canada, Puerto Rico and the U.S. Virgin Islands. The company also served 1,307 independently owned Carquest branded stores across these locations in addition to Mexico and various Caribbean islands. Additional information about Advance, including employment opportunities, customer services, and online shopping for parts, accessories and other offerings can be found at 

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.

Forward-Looking Statements

Certain statements herein are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are usually identifiable by words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “guidance,” “intend,” “likely,” “may,” “plan,” “position,” “possible,” “potential,” “probable,” “project,” “should,” “strategy,” “will,” or similar language. All statements other than statements of historical fact are forward-looking statements, including, but not limited to, statements about our leadership transition, strategic initiatives, operational plans and objectives, our planned strategic and operational review and expectations for economic conditions, future business results and future financial performance, as well as statements regarding underlying assumptions related thereto. Forward-looking statements reflect our views based on historical results, current information and assumptions related to future developments. Except as may be required by law, we undertake no obligation to update any forward-looking statements made herein. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those projected or implied by the forward-looking statements. They include, among others, factors related to the company’s leadership transition, the timing and implementation of strategic initiatives, our ability to hire, train and retain qualified employees, deterioration of general macroeconomic conditions, the highly competitive nature of our industry, demand for our products and services, complexities in our inventory and supply chain and challenges with transforming and growing our business. Please refer to “Item 1A. Risk Factors” of our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”), as updated by our subsequent filings with the SEC, for a description of these and other risks and uncertainties that could cause actual results to differ materially from those projected or implied by the forward-looking statements.

Advance Auto Parts, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(In thousands) (unaudited)

 

 

July 15,

2023 (1)

 

December 31, 2022 (2)

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

277,064

 

$

269,282

Receivables, net

 

793,772

 

 

698,613

Inventories, net

 

5,067,467

 

 

4,915,262

Other current assets

 

188,169

 

 

163,695

Total current assets

 

6,326,472

 

 

6,046,852

Property and equipment, net

 

1,688,891

 

 

1,690,139

Operating lease right-of-use assets

 

2,618,822

 

 

2,607,690

Goodwill

 

991,871

 

 

990,471

Other intangible assets, net

 

606,450

 

 

620,901

Other assets

 

71,870

 

 

62,429

Total assets

$

12,304,376

 

$

12,018,482

Liabilities and Stockholders' Equity

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

3,780,215

 

$

4,123,462

Accrued expenses

 

685,191

 

 

634,447

Current portion of long-term debt

 

95,000

 

 

185,000

Other current liabilities

 

465,972

 

 

427,480

Total current liabilities

 

5,026,378

 

 

5,370,389

Long-term debt

 

1,785,074

 

 

1,188,283

Noncurrent operating lease liabilities

 

2,249,994

 

 

2,278,318

Deferred income taxes

 

432,680

 

 

415,997

Other long-term liabilities

 

87,063

 

 

87,214

Total stockholders' equity

 

2,723,187

 

 

2,678,281

Total liabilities and stockholders’ equity

$

12,304,376

 

$

12,018,482

(1)

 

This preliminary condensed consolidated balance sheet has been prepared on a basis consistent with the company's previously prepared consolidated balance sheets filed with the Securities and Exchange Commission (“SEC”), but does not include the footnotes required by accounting principles generally accepted in the United States of America (“GAAP”).

(2)

 

The balance sheet at December 31, 2022 has been derived from the audited consolidated financial statements at that date, but does not include the footnotes required by GAAP.

Advance Auto Parts, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations

(In thousands, except per share data) (unaudited)

 

 

 

 

 

 

Twelve Weeks Ended

 

Twenty-Eight Weeks Ended

 

July 15, 2023 (1)

 

July 16, 2022 (1)

 

July 15, 2023 (1)

 

July 16, 2022 (1)

Net sales

$

2,686,066

 

 

$

2,665,426

 

 

$

6,103,659

 

 

$

6,039,636

 

Cost of sales, including purchasing and warehousing costs

 

1,537,997

 

 

 

1,479,707

 

 

 

3,484,927

 

 

 

3,347,397

 

Gross profit

 

1,148,069

 

 

 

1,185,719

 

 

 

2,618,732

 

 

 

2,692,239

 

Selling, general and administrative expenses (2)

 

1,013,701

 

 

 

984,037

 

 

 

2,394,365

 

 

 

2,287,287

 

Operating income

 

134,368

 

 

 

201,682

 

 

 

224,367

 

 

 

404,952

 

Other, net:

 

 

 

 

 

 

 

Interest expense

 

(20,869

)

 

 

(10,207

)

 

 

(50,587

)

 

 

(23,075

)

Loss on early redemption of senior unsecured notes

 

 

 

 

 

 

 

 

 

 

(7,408

)

Other income (expense), net

 

1,684

 

 

 

(711

)

 

 

1,009

 

 

 

(575

)

Total other, net

 

(19,185

)

 

 

(10,918

)

 

 

(49,578

)

 

 

(31,058

)

Income before provision for income taxes

 

115,183

 

 

 

190,764

 

 

 

174,789

 

 

 

373,894

 

Provision for income taxes

 

29,821

 

 

 

46,362

 

 

 

46,776

 

 

 

89,701

 

Net income

$

85,362

 

 

$

144,402

 

 

$

128,013

 

 

$

284,193

 

 

 

 

 

 

 

 

 

Basic earnings per common share

$

1.44

 

 

$

2.39

 

 

$

2.16

 

 

$

4.67

 

Weighted-average common shares outstanding

 

59,451

 

 

 

60,452

 

 

 

59,384

 

 

 

60,914

 

 

 

 

 

 

 

 

 

Diluted earnings per common share

$

1.43

 

 

$

2.38

 

 

$

2.15

 

 

$

4.63

 

Weighted-average common shares outstanding

 

59,604

 

 

 

60,782

 

 

 

59,570

 

 

 

61,328

 

(1)

 

These preliminary condensed consolidated statements of operations have been prepared on a basis consistent with the company's previously prepared consolidated statements of operations filed with the SEC, but do not include the footnotes required by GAAP.

(2)

 

The twenty-eight weeks ended July 15, 2023 included an out-of-period charge of approximately $17 million related to costs incurred in prior years but not expensed in the corresponding periods. The company determined the cumulative impact was not material to the current period or any previously issued financial statements.

Advance Auto Parts, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(In thousands) (unaudited)

 

 

 

 

 

Twenty-Eight Weeks Ended

 

July 15, 2023 (1)

 

July 16, 2022 (1)

Cash flows from operating activities:

 

 

 

Net income

$

128,013

 

 

$

284,193

 

Adjustments to reconcile net income to net cash used in operating activities:

 

 

 

Depreciation and amortization

 

162,974

 

 

 

148,691

 

Share-based compensation

 

26,791

 

 

 

29,345

 

Loss and impairment on property and equipment, net

 

859

 

 

 

2,970

 

Loss on early redemption of senior unsecured notes

 

 

 

 

7,408

 

Provision for deferred income taxes

 

16,249

 

 

 

8,779

 

Other, net

 

1,170

 

 

 

1,575

 

Net change in:

 

 

 

Receivables, net

 

(93,539

)

 

 

(149,255

)

Inventories, net

 

(145,148

)

 

 

(176,300

)

Accounts payable

 

(346,808

)

 

 

168,219

 

Accrued expenses

 

120,888

 

 

 

(46,887

)

Other assets and liabilities, net

 

(36,008

)

 

 

29,805

 

Net cash (used in) provided by operating activities

 

(164,559

)

 

 

308,543

 

Cash flows from investing activities:

 

 

 

Purchases of property and equipment

 

(144,874

)

 

 

(211,212

)

Proceeds from sales of property and equipment

 

1,532

 

 

 

830

 

Net cash used in investing activities

 

(143,342

)

 

 

(210,382

)

Cash flows from financing activities:

 

 

 

Borrowings under credit facilities

 

4,327,000

 

 

 

743,000

 

Payments on credit facilities

 

(4,417,000

)

 

 

(643,000

)

Borrowings on senior unsecured notes

 

599,571

 

 

 

348,618

 

Payments on senior unsecured notes

 

 

 

 

(201,081

)

Dividends paid

 

(179,347

)

 

 

(245,599

)

Repurchases of common stock

 

(13,808

)

 

 

(466,169

)

Other, net

 

(2,013

)

 

 

(1,329

)

Net cash provided by (used in) financing activities

 

314,403

 

 

 

(465,560

)

Effect of exchange rate changes on cash

 

1,280

 

 

 

6,522

 

Net increase (decrease) in cash and cash equivalents

 

7,782

 

 

 

(360,877

)

Cash and cash equivalents, beginning of period

 

269,282

 

 

 

601,428

 

Cash and cash equivalents, end of period

$

277,064

 

 

$

240,551

 

(1)

 

These preliminary condensed consolidated statements of cash flows have been prepared on a consistent basis with the company's previously prepared statements of cash flows filed with the SEC, but do not include the footnotes required by GAAP.

Reconciliation of Non-GAAP Financial Measure

The company's financial results include certain financial measures not derived in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Management uses Free cash flow as a measure of its liquidity and believes it is a useful indicator to investors or potential investors of the company's ability to implement growth strategies and service debt. Free cash flow is a non-GAAP measure and should be considered in addition to, but not as a substitute for, information contained in the company's condensed consolidated statement of cash flows as a measure of liquidity.

Reconciliation of Free Cash Flow:

 

Twenty-Eight Weeks Ended

(in thousands)

July 15, 2023

 

July 16, 2022

Cash flows (used in) provided by operating activities

$

(164,559

)

 

$

308,543

 

Purchases of property and equipment

 

(144,874

)

 

 

(211,212

)

Free cash flow

$

(309,433

)

 

$

97,331

 

Adjusted Debt to Adjusted EBITDAR: (1)

 

 

 

 

 

 

Four Quarters Ended

 

(In thousands, except adjusted debt to adjusted EBITDAR ratio)

July 15,

2023

 

 

December 31, 2022

 

Total GAAP debt

$

1,880,074

 

 

$

1,373,283

 

Add: Operating lease liabilities

 

2,705,388

 

 

 

2,692,861

 

Adjusted debt

$

4,585,462

 

 

$

4,066,144

 

 

 

 

 

 

 

GAAP Net income

$

345,692

 

 

$

501,872

 

Depreciation and amortization

 

298,083

 

 

 

283,800

 

Interest expense

 

78,572

 

 

 

51,060

 

Other expense, net

 

5,412

 

 

 

6,996

 

Provision for income taxes

 

103,890

 

 

 

146,815

 

Rent expense

 

596,537

 

 

 

594,838

 

Share-based compensation

 

48,424

 

 

 

50,978

 

Other non-cash charges

 

17,725

 

 

 

 

Adjusted EBITDAR

$

1,494,335

 

 

$

1,636,359

 

 

 

 

 

 

 

Adjusted Debt to Adjusted EBITDAR

 

3.1

 

 

 

2.5

 

(1)

 

Beginning in first quarter 2023, the company no longer excludes transformation-related activities in non-GAAP measures. Prior period has been recast to conform to current year presentation.

NOTE: Management believes its Adjusted Debt to Adjusted EBITDAR ratio (“leverage ratio”) is a key financial metric for debt securities, as reviewed by rating agencies, and believes its debt levels are best analyzed using this measure. The company’s goal is to maintain an investment grade rating. The company's credit rating directly impacts the interest rates on borrowings under its existing credit facility and could impact the company's ability to obtain additional funding. If the company was unable to maintain its investment grade rating this could negatively impact future performance and limit growth opportunities. Similar measures are utilized in the calculation of the financial covenants and ratios contained in the company's financing arrangements. The leverage ratio calculated by the company is a non-GAAP measure and should not be considered a substitute for debt to net earnings, net earnings or debt as determined in accordance with GAAP. The company adjusts the calculation to remove rent expense and to add back the company’s existing operating lease liabilities related to their right-of-use assets to provide a more meaningful comparison with the company’s peers and to account for differences in debt structures and leasing arrangements. The company’s calculation of its leverage ratio might not be calculated in the same manner as, and thus might not be comparable to, similarly titled measures by other companies.

Store Information

During the twenty-eight weeks ended July 15, 2023, 39 stores and branches were opened and 16 were closed or consolidated, resulting in a total of 5,109 stores and branches as of July 15, 2023, compared with a total of 5,086 stores and branches as of December 31, 2022.

The below table summarizes the changes in the number of company-operated store and branch locations during the twelve and twenty-eight weeks ended July 15, 2023:

 

 

Twelve Weeks Ended

 

 

AAP

 

CARQUEST

 

WORLDPAC (1)

 

Total

April 22, 2023

 

4,456

 

322

 

318

 

5,096

New

 

17

 

 

1

 

18

Closed

 

(2)

 

(3)

 

 

(5)

July 15, 2023

 

4,471

 

319

 

319

 

5,109

 

 

Twenty-Eight Weeks Ended

 

 

AAP

 

CARQUEST

 

WORLDPAC (1)

 

Total

December 31, 2022

 

4,440

 

330

 

316

 

5,086

New

 

36

 

 

3

 

39

Closed

 

(5)

 

(11)

 

 

(16)

July 15, 2023

 

4,471

 

319

 

319

 

5,109

There were no consolidated, converted or relocated stores during the twelve and twenty-eight weeks ended July 15, 2023.

(1) Certain converted Autopart International ("AI") locations will remain branded as AI going forward.

 

CT?id=bwnews&sty=20230822858609r1&sid=ac

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Investor Relations Contact:
Elisabeth Eisleben
T: (919) 227-5466
E: [email protected]

Media Contact:
Darryl Carr
T: (984) 389-7207
E: [email protected]

Source: Advance Auto Parts, Inc.

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      Ms. Bhatia received her MBA at the Amity Business School and a bachelor's degree at IT College, both located in India.

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    • By Counterman
      NexaMotion Group (NMG) announced the opening of a new C&M Auto Parts location in the Chicago area. The new store, located at 780 W Belden Avenue, Unit G, in Addison, Illinois, offers customers a full line of general repair and transmission parts. NMG said the new location combines the trusted quality of C&M and Transtar products with unmatched customer support, delivering a comprehensive resource that empowers repair shops to serve the local market.
      “This is just the start for NMG in 2025,” said Neil Sethi, CEO of
      link hidden, please login to view. “Customers can expect to see additional new locations throughout the year, as well as expanded product lines and additional partnerships to serve them better. We’re continuing with our strategic vision to grow our markets and deliver unmatched value to our customers. The new location gives us a great opportunity to serve our customers in a key market.”  C&M Auto Parts provides a complete range of automotive aftermarket parts, expertly catering to the diverse needs of repair shops in the local market. In collaboration with its affiliate
      link hidden, please login to viewCompany, Transtar Aftermarket Solutions, this facility offers customers a customized product selection that simplifies complex vehicle repairs to keep the world moving, the company said.
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    • By APF
      When selecting parts for a car repair, it pays to know the differences between original and aftermarket parts. Whenever possible, get estimates for both.

      Choosing between original and aftermarket car parts — and even used parts of either type — is all about squaring your priorities with your budget.
      You’ll have different options depending on the part and the shop. And the best choice will depend on whether you’re trying to keep repairs cheap, restore your car’s appearance after a wreck or soup up your ride.
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      Before we get into that, here are the key differences:
      Original equipment manufacturer (OEM) parts match those that came with your car, and are of the same quality as its original parts. They’re also the most expensive. Aftermarket parts are cheaper, and made by other manufacturers — often several, giving you more options. Used parts may have a bit of wear and tear, but should be inspected or rebuilt to ensure they’ll work. These are the cheapest option. Choosing between aftermarket and OEM parts
      Your decision will depend on the type of repair and the quality and price of the parts. Always look for parts that come with a warranty, even if they’re OEM, so you’ll be protected in case they fail.
      Auto body repairs
      Some aftermarket parts may be OK for 
      link hidden, please login to view, but others won’t be as good, says Michael Calkins, manager of technical services at AAA. “There’s a lot of variation in quality.” For example, he says, aftermarket parts often don’t have the same level of rustproofing as original parts, fit and finish don’t match, or panels don’t align properly. If OEM parts are used in auto body repair, the car should look and work exactly as it did before the damage, because everything will match up. OEM parts are also crash-tested, unlike many aftermarket parts.
      Aftermarket parts come at varying price points and levels of quality, but because they are cheaper, insurance companies often prefer them. If you want OEM parts but are dealing with an insurer that wants the shop to use aftermarket parts, ask to pay the difference.
      “There’s also the option of used parts, depending on the age of the vehicle,” Calkins says. “It may be cheaper than an aftermarket part but still have all of the original quality.”
      Mechanical repairs
      A used part, whether it’s OEM or aftermarket, can really save money on repairs under the hood, so long as it’s inspected first and warrantied. And some aftermarket companies reverse-engineer their products to be even better than OEM versions.
      For example, many car buffs will tell you that you can get heavy-duty shocks and struts or brake pads that are made of stronger materials. Scan some reviews online, or talk with your mechanic if you’re not sure whether an aftermarket part could be an upgrade.
      Adding some extras
      If you’d like to modify your ride by adding something like a backup camera or back-seat TV screen, you’ll probably be looking for aftermarket parts. Certain aftermarket upgrades could increase 
      link hidden, please login to view. This is especially true for improvements like a better sound system or alloy wheels, rather than mechanical repairs. Who provides OEM or aftermarket parts?
      The options you’ll have for parts depends on the nature of the repairs and what type of shop you take your car to:
      Dealership repair shops will offer only OEM parts — they have no reason to offer a cheaper product from a competitor link hidden, please login to view may be able to offer you a choice between OEM and aftermarket parts Independent garages that specialize in your type of vehicle will likely have both, but with quicker access to OEM parts, including used OEM parts, which can really save you Auto body shops can offer both, but if your collision repair is part of an insurance claim, the insurer will likely prefer aftermarket parts to save money Depending on the job, the cost of OEM versus aftermarket parts varies. Whenever you’re given the choice, ask to see estimates for both so you can weigh your options.
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