Advance Auto Parts Files 8-K on Material Agreement & Financials
Ticker: AAP · Form: 8-K · Filed: Feb 28, 2024 · CIK: 1158449
Sentiment: neutral
Topics: material-agreement, financial-condition, corporate-filing
Related Tickers: AAP
TL;DR
**Advance Auto Parts just dropped an 8-K on a new material agreement and their latest financials, so keep an eye on AAP!**
AI Summary
Advance Auto Parts, Inc. filed an 8-K on February 28, 2024, reporting on an entry into a material definitive agreement and results of operations and financial condition. The filing indicates the company's current status regarding its financial and operational performance, as well as any significant agreements made. This report provides an update on the company's business activities and financial health.
Why It Matters
This filing provides investors with crucial updates on Advance Auto Parts' operational and financial health, which can influence stock performance and future investment decisions.
Risk Assessment
Risk Level: medium — This 8-K is a standard disclosure of events and does not inherently indicate increased risk without further details on the agreement or financial results.
Key Players & Entities
- ADVANCE AUTO PARTS INC (company) — registrant
- February 28, 2024 (date) — date of earliest event reported
- Delaware (location) — state of incorporation
- 4200 Six Forks Road, Raleigh, North Carolina 27609 (location) — principal executive offices address
- 540-362-4911 (phone_number) — registrant's telephone number
FAQ
What was the date of the earliest event reported in this 8-K filing?
The date of the earliest event reported was February 28, 2024.
What is the exact name of the registrant as specified in its charter?
The exact name of the registrant as specified in its charter is ADVANCE AUTO PARTS, INC.
In which state is Advance Auto Parts, Inc. incorporated?
Advance Auto Parts, Inc. is incorporated in Delaware.
What are the two main items of information reported in this 8-K?
The two main items of information reported are "Entry into a Material Definitive Agreement" and "Results of Operations and Financial Condition."
What is the business address of Advance Auto Parts, Inc.?
The business address of Advance Auto Parts, Inc. is 4200 Six Forks Road, Raleigh, North Carolina 27609.
Filing Stats: 716 words · 3 min read · ~2 pages · Grade level 10.1 · Accepted 2024-02-28 06:30:58
Key Financial Figures
- $0.0001 — ange on which registered Common Stock, $0.0001 par value AAP New York Stock Exchange
- $400 m — f consolidated net tangible assets with $400 million, and eliminated the $250 million
- $250 million — s with $400 million, and eliminated the $250 million basket for accounts receivable securiti
Filing Documents
- aap-20240228.htm (8-K) — 28KB
- aap_exhibit1001x12302023.htm (EX-10.1) — 56KB
- aap_exhibit991xq4x2023.htm (EX-99.1) — 307KB
- aap-20240228_g1.jpg (GRAPHIC) — 191KB
- flagicona01a.jpg (GRAPHIC) — 43KB
- footera08a.jpg (GRAPHIC) — 11KB
- 0001158449-24-000028.txt ( ) — 1084KB
- aap-20240228.xsd (EX-101.SCH) — 2KB
- aap-20240228_lab.xml (EX-101.LAB) — 24KB
- aap-20240228_pre.xml (EX-101.PRE) — 12KB
- aap-20240228_htm.xml (XML) — 3KB
01 Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement. On February 26, 2024, we entered into Amendment No. 4 to the Credit Agreement dated November 9, 2021, with Advance Auto Parts, Inc., as Borrower, Advance Stores Company, Incorporated, as a Guarantor, the lenders party thereto, and Bank of America, N.A., as administrative agent (the "2021 Credit Agreement") to enable certain addbacks to the definition of Consolidated EBITDA contained therein for specific write-downs of inventory and vendor receivables. Amendment No. 4 also updated certain limitations on future incurrence of other indebtedness and liens, replacing the cap thereon of 10% of consolidated net tangible assets with $400 million, and eliminated the $250 million basket for accounts receivable securitization transactions. The foregoing summary of the amendment is qualified by reference to the full text of the amendment, which is attached as Exhibit 10.1 hereto and incorporated by reference herein.
02 Results of Operations and Financial Condition
Item 2.02 Results of Operations and Financial Condition. On February 28, 2024 , the Company issued a press release setting forth its financial results for its fourth quarter and year ended December 30, 2023. The press release is furnished as Exhibit 99.1 to this Report and is hereby incorporated by reference in this Item 2.02. As provided in General Instruction B.2 of Form 8-K, the information and exhibit contained in this Current Report on Form 8-K shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Exhibit Description 10.1 Amendment No. 4 to the Credit Agreement dated as of February 26, 2024 99.1 Press Release, dated February 28, 2024, issued by Advance Auto Parts, Inc. 101.1 Pursuant to Rule 406 of Regulation S-T, the cover page to this Current Report on Form 8-K is formatted in Inline XBRL. 104.1 Cover Page Interactive Data File (embedded within the Inline XBRL document included in Exhibit 101.1)
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ADVANCE AUTO PARTS, INC. Date: February 28, 2024 /s/ Ryan P. Grimsland Ryan P. Grimsland Executive Vice President, Chief Financial Officer