Advance Auto Parts Files Q2 2024 10-Q

TL;DR

AAP Q2 10-Q is in. Check the financials.

AI Summary

Advance Auto Parts Inc. reported its Q2 results for the period ending July 13, 2024. The company's financial statements and disclosures are included in this 10-Q filing. Specific financial figures and operational details for the quarter are presented within the document.

Why It Matters

This filing provides investors with the official financial performance data for Advance Auto Parts for the second quarter of 2024, crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: medium — 10-Q filings are standard disclosures, but the underlying financial performance of the company can present risks.

Key Players & Entities

• ADVANCE AUTO PARTS INC (company) — Filer
• 20240713 (date) — Period of Report
• 20240822 (date) — Filing Date

FAQ

Key Financial Figures

• $0.0001 — ange on which registered Common Stock, $0.0001 par value AAP New York Stock Exchange
• $62.9 million — A") and other income (expense), net, of $62.9 million , $36.6 million and $1.7 million incurr
• $36.6 million — come (expense), net, of $62.9 million , $36.6 million and $1.7 million incurred in prior year
• $1.7 million — t, of $62.9 million , $36.6 million and $1.7 million incurred in prior years but not previou
• $400 million — f consolidated net tangible assets with $400 million , and eliminated the $250 million baske
• $250 million — with $400 million , and eliminated the $250 million basket for accounts receivable securiti

Filing Documents

• aap-20240713.htm (10-Q) — 970KB
• aap_exhibit31x07132024.htm (EX-3.1) — 9KB
• aap_exhibit32x07132024.htm (EX-3.2) — 19KB
• aap_exhibit311x07132024.htm (EX-31.1) — 9KB
• aap_exhibit312x07132024.htm (EX-31.2) — 9KB
• aap_exhibit321x07132024.htm (EX-32.1) — 6KB
• aap-20240713_g1.jpg (GRAPHIC) — 191KB
• 0001158449-24-000195.txt ( ) — 5616KB
• aap-20240713.xsd (EX-101.SCH) — 33KB
• aap-20240713_cal.xml (EX-101.CAL) — 49KB
• aap-20240713_def.xml (EX-101.DEF) — 166KB
• aap-20240713_lab.xml (EX-101.LAB) — 472KB
• aap-20240713_pre.xml (EX-101.PRE) — 335KB
• aap-20240713_htm.xml (XML) — 586KB

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 19 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 24 Item 4.

Controls and Procedures

Controls and Procedures 24 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 25 Item 1A.

Risk Factors

Risk Factors 27 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 27 Item 5. Other Information 27 Item 6. Exhibits 28 SIGNATURE 29 Table of Contents

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 the Company's strategic initiatives, operational plans and objectives, statements about the sale of the Company's Worldpac business, including statements regarding the benefits of the sale and the anticipated timing of closing, statements regarding expectations for economic conditions, future business and financial performance, as well as statements regarding underlying assumptions related thereto. Forward-looking statements reflect the Company's views based on historical results, current information and assumptions related to future developments. 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, the Company's 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 the industry, demand for the Company's products and services, the Company's ability to consummate the sale of Worldpac on a timely basis or at all, including failure to obtain the required regulatory approvals or to satisfy the other conditions to the closing, the Company's use of proceeds and ability to maintain credit ratings, access to financing on favorable terms, complexities in the Co

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Advance Auto Parts, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (in thousands, except per share data) (Unaudited) Assets July 13, 2024 December 30, 2023 Current assets: Cash and cash equivalents $ 479,418 $ 503,471 Receivables, net 847,609 800,141 Inventories, net 4,903,490 4,857,702 Other current assets 229,623 215,707 Total current assets 6,460,140 6,377,021 Property and equipment, net of accumulated depreciation of $ 2,996,092 and $ 2,857,726 1,579,886 1,648,546 Operating lease right-of-use assets 2,596,201 2,578,776 Goodwill 990,266 991,743 Other intangible assets, net 577,275 593,341 Other assets 86,038 86,899 Total assets $ 12,289,806 $ 12,276,326 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 4,048,321 $ 4,177,974 Accrued expenses 694,970 671,237 Other current liabilities 513,483 458,194 Total current liabilities 5,256,774 5,307,405 Long-term debt 1,787,867 1,786,361 Noncurrent operating lease liabilities 2,177,074 2,215,766 Deferred income taxes 375,658 362,542 Other long-term liabilities 85,681 84,524 Total liabilities 9,683,054 9,756,598 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 975,540 946,099 Treasury stock, at cost ( 2,937,903 ) ( 2,933,286 ) Accumulated other comprehensive loss ( 44,531 ) ( 52,232 ) Retained earnings 4,613,638 4,559,139 Total stockholders' equity 2,606,752 2,519,728 Total liabilities and stockholders' equity $ 12,289,806 $ 12,276,326 The accompanying notes to the condensed consolidated financial statements are an integral part of these statements. 2 Table of Contents 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 1

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View this 10-Q filing on SEC EDGAR