Advance Auto Parts Files 8-K with Material Agreement Details

TL;DR

AAP filed an 8-K on 8/22 for a material agreement - big news incoming.

AI Summary

On August 22, 2024, Advance Auto Parts, Inc. filed an 8-K report detailing a material definitive agreement. The filing also included Regulation FD disclosures and financial statements/exhibits. Specific details of the agreement, including parties involved and financial terms, are not fully elaborated in the provided text but are indicated as significant.

Why It Matters

This filing signals a significant business development for Advance Auto Parts, potentially impacting its operations, financial standing, and investor outlook.

Risk Assessment

Risk Level: medium — Material definitive agreements can introduce significant financial or operational risks and opportunities, requiring careful investor scrutiny.

Key Numbers

• 001-16797 — Commission File Number (Identifies the company's filing with the SEC.)
• 54-2049910 — I.R.S. Employer Identification No. (Company's tax identification number.)

Key Players & Entities

• ADVANCE AUTO PARTS, INC. (company) — Registrant
• August 22, 2024 (date) — Date of Report
• Delaware (jurisdiction) — State of Incorporation
• 4200 Six Forks Road (address) — Principal executive offices
• Raleigh, North Carolina 27609 (address) — Principal executive offices

FAQ

Key Financial Figures

• $0.0001 — ange on which registered Common Stock, $0.0001 par value AAP New York Stock Exchan
• $1.5 billion — pany, Worldpac, for a purchase price of $1.5 billion in cash, with customary adjustments for
• $1.2 billion — taxes and expenses to be approximately $1.2 billion. The Company intends to use net proceed
• $400 million — lose the Transaction that a new 364-day $400 million supply chain financing program for Worl
• $200 million — to provide a letter of credit of up to $200 million for up to 12 months after Closing as cr
• $90 million — aid to the Company a termination fee of $90 million if the Agreement is validly terminated

Filing Documents

• d858165d8k.htm (8-K) — 35KB
• d858165dex101.htm (EX-10.1) — 697KB
• d858165dex991.htm (EX-99.1) — 14KB
• g858165g0822183116944.jpg (GRAPHIC) — 2KB
• g858165g0822183117153.jpg (GRAPHIC) — 3KB
• g858165g0822225419722.jpg (GRAPHIC) — 10KB
• 0001193125-24-205390.txt ( ) — 1068KB
• aap-20240822.xsd (EX-101.SCH) — 3KB
• aap-20240822_lab.xml (EX-101.LAB) — 17KB
• aap-20240822_pre.xml (EX-101.PRE) — 11KB
• d858165d8k_htm.xml (XML) — 3KB

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 sale of Worldpac, including statements regarding the benefits of the sale and the anticipated timing of Closing, the expected use of proceeds and 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, complexities in the Company's inventory and supply chain and challenges with transforming and growing its business. Except as may be required by law, the Company

Financial Statements and Exhibits

Financial Statements and Exhibits. (d) Exhibits. Exhibit Description 10.1 Sale and Purchase Agreement, dated August 22, 2024, between Advance Auto Parts, Inc. and Wheels Bidco, Inc.* 99.1 Press Release of Advance Auto Parts, Inc., dated August 22, 2024. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) * Certain exhibits and schedules have been omitted in accordance with Item 601(a)(5) of Regulation S-K. The registrant agrees to furnish supplementally a copy of any omitted exhibit or schedule to the SEC upon its request.

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. Dated: August 22, 2024 By: /s/ Ryan Grimsland Ryan Grimsland Executive Vice President and Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR