Advance Auto Parts Files 2023 Annual Report Amendment

TL;DR

AAP filed an amendment to its 2023 10-K on 5/30. Check for updates.

AI Summary

Advance Auto Parts Inc. filed an amendment (10-K/A) to its 2023 annual report on May 30, 2024. The filing pertains to the fiscal year ending December 30, 2023. The company is headquartered in Raleigh, NC, and operates in the auto and home supply retail sector.

Why It Matters

This amendment provides updated or corrected information for the company's 2023 fiscal year, which could impact investor understanding of its financial performance and position.

Risk Assessment

Risk Level: low — This filing is an amendment to a previous annual report, typically for corrections or updates, and does not inherently signal new risks.

Key Numbers

• 20231230 — Fiscal Year End (The reporting period for the amended 10-K.)
• 20240530 — Filing Date (The date the amendment was filed with the SEC.)

Key Players & Entities

• ADVANCE AUTO PARTS INC (company) — Filer
• 4200 SIX FORKS ROAD (address) — Business and Mail Address
• RALEIGH (city) — Business and Mail City
• NC (state) — Business and Mail State
• 27609 (zip_code) — Business and Mail Zip Code
• 5403624911 (phone_number) — Business Phone

FAQ

Key Financial Figures

• $0.0001 — ange on which registered Common Stock, $0.0001 par value AAP New York Stock Exchange

Filing Documents

• aap-20231230.htm (10-K/A) — 2035KB
• aap_exhibit231x12x30x2023xa.htm (EX-23.1) — 2KB
• aap_exhibit311x12302023xa.htm (EX-31.1) — 10KB
• aap_exhibit312x12302023xa.htm (EX-31.2) — 9KB
• aap_exhibit321x12302023xa.htm (EX-32.1) — 7KB
• aap-20231230_g1.jpg (GRAPHIC) — 191KB
• 0001158449-24-000128.txt ( ) — 10744KB
• aap-20231230.xsd (EX-101.SCH) — 52KB
• aap-20231230_cal.xml (EX-101.CAL) — 88KB
• aap-20231230_def.xml (EX-101.DEF) — 288KB
• aap-20231230_lab.xml (EX-101.LAB) — 702KB
• aap-20231230_pre.xml (EX-101.PRE) — 477KB
• aap-20231230_htm.xml (XML) — 1971KB

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 3 Item 9A.

Controls and Procedures

Controls and Procedures 3 Part IV. Item 15. Exhibits, Financial Statement Schedules 6

Signatures

Signatures 55 Table of Contents EXPLANATORY NOTE Advance Auto Parts, Inc. (the "Company") is filing this Amendment No. 1 on Form 10-K/A (this "Amendment") to its Annual Report on Form 10-K for the fiscal year ended December 30, 2023, originally filed with the Securities and Exchange Commission ("SEC") on March 12, 2024 (the "Original Filing") to amend Item 8 of Part II, "Financial Statements and Supplementary Data" and Item 9A of Part II, "Controls and Procedures," related to (1) our description of the conclusions regarding the effectiveness of the Company's disclosure controls and procedures and internal control over financial reporting and (2) Deloitte & Touche LLP's ("Deloitte") report on the Company's internal control over financial reporting, in each case, to reflect an additional material weakness. The Company is also filing as exhibits currently dated certifications by its Chief Executive Officer and Chief Financial Officer and an updated Consent of Independent Registered Public Accounting Firm. Subsequent to the Original Filing, the Company's management determined that there was an additional material weakness in the Company's internal control over financial reporting that existed as of December 30, 2023, relating to ineffective control activities including account reconciliations. As a result of this additional material weakness, the Company has restated its report on internal control over financial reporting from the Original Filing. See Item 9A of Part II, "Controls and Procedures." The material weakness described above resulted in immaterial errors impacting the Company's previously issued annual and interim period consolidated financial statements through and including the period ended December 30, 2023. The Company evaluated these errors and concluded that they did not, individually or in the aggregate, result in a material misstatement of its previously issued annual or interim consolidated financial statements and that such financial state

FORWARD-LOOKING STATEMENTS

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 strategic initiatives, including cost reduction initiatives, the potential sales of the Worldpac and Carquest Canada portions of our business, operational plans and objectives, expectations for economic conditions, future business and 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 transitions, our ability to complete the potential divestitures of Worldpac and Carquest Canada, our ability to hire, train and retain qualified employees, the timing and implementation of strategic initiatives, deterioration of general macroeconomic conditions, geopolitical conflicts, the highly competitive nature of our industry, demand for our products and services, access to financing on favorable terms, complexities in our inventory and supply chain and challenges with transforming and growing our business. Except as may be required b

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data. This information is included in " Item 15. Exhibits, Financial Statement Schedules " of this annual report and is incorporated herein by reference.

Controls and Procedures

Item 9A. Controls and Procedures. Disclosure Controls and Procedures Disclosure controls and procedures (as that term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")), are management's controls and other procedures that are designed to ensure that information required to be disclosed by management in the Company's reports that are filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to management, including the Company's principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure. Internal controls over financial reporting, no matter how well designed, have inherent limitations, including the possibility of human error and the override of controls. Therefore, even those systems determined to be effective can provide only "reasonable assurance" with respect to the reliability of financial reporting and financial statement preparation and presentation. Further, because of changes in conditions, the effectiveness may vary over time. Evaluation of Disclosure Controls and Procedures Management evaluated, with the participation of the Company's principal executive officer and principal financial officer, the effectiveness of its disclosure controls and procedures as of December 30, 2023. Based on this evaluation, the Company's principal executive officer and our principal financial officer have concluded that, as of the end of the period covered by this report, the Company's disclosure controls and procedures were not effective to accomplish their objectives at the reasonable assurance level due to the material weaknesses described below. Management's Report on Internal Control over Financial Reporting Management is responsible for establishing and maintaining ade

Exhibits, Financial Statement Schedules

Item 15. Exhibits, Financial Statement Schedules. (1) Financial Statements Audited Consolidated Financial Statements of Advance Auto Parts, Inc. and Subsidiaries for the years ended December 30 , 2023 , December 31, 2022 and January 1, 2022: Reports of Independent Registered Public Accounting Firm (PCAOB ID No. 34 ) 7 Consolidated Balance Sheets 11 Consolidated Statements of Operations 12 Consolidated Statements of Comprehensive Income 12 Consolidated Statements of Changes in Stockholders' Equity 13 Consolidated Statements of Cash Flows 14 Notes to the Consolidated Financial Statements 15 (2) Financial Statement Schedule Schedule II - Valuation and Qualifying Accounts 50 (3) Exhibits Exhibit Index 51 6 Table of Contents REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the stockholders and the Board of Directors of Advance Auto Parts, Inc. Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of Advance Auto Parts, Inc. and subsidiaries (the "Company") as of December 30, 2023 and December 31, 2022, the related consolidated statements of operations, comprehensive income, changes in stockholders' equity, and cash flows for each of the three years in the period ended December 30, 2023, and the related notes and the schedule listed in the Index at Item 15 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 30, 2023 and December 31, 2022, and the results of its operations and its cash flows for each of the three years in the period ended December 30, 2023, in conformity with accounting principles generally accepted in the United States of America. We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of

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View this 10-K/A filing on SEC EDGAR