$AAP
ADVANCE AUTO PARTS INC

2014 Q2 Form 10-Q Financial Statement

#000115844914000095 Filed on May 28, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2
Revenue $2.970B $2.015B
YoY Change 47.35% 2.96%
Cost Of Revenue $1.616B $1.007B
YoY Change 60.5% 3.12%
Gross Profit $1.353B $1.008B
YoY Change 34.21% 2.8%
Gross Profit Margin 45.57% 50.03%
Selling, General & Admin $1.097B $804.1M
YoY Change 36.46% 6.35%
% of Gross Profit 81.1% 79.76%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $88.20M $64.00M
YoY Change 37.81% 14.7%
% of Gross Profit 6.52% 6.35%
Operating Expenses $1.097B $804.1M
YoY Change 36.46% 6.35%
Operating Profit $255.8M $204.1M
YoY Change 25.33% -9.13%
Interest Expense -$23.60M -$10.70M
YoY Change 120.56% 8.08%
% of Operating Profit -9.23% -5.24%
Other Income/Expense, Net $600.0K $1.000M
YoY Change -40.0% 100.0%
Pretax Income $232.8M $194.4M
YoY Change 19.75% -9.67%
Income Tax $85.00M $72.60M
% Of Pretax Income 36.51% 37.35%
Net Earnings $147.7M $121.8M
YoY Change 21.26% -8.76%
Net Earnings / Revenue 4.97% 6.04%
Basic Earnings Per Share
Diluted Earnings Per Share $2.012M $1.650M
COMMON SHARES
Basic Shares Outstanding 72.95M shares 72.96M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $83.00M $408.0M
YoY Change -79.66% 12.09%
Cash & Equivalents $83.36M $407.7M
Short-Term Investments
Other Short-Term Assets $70.87M $59.17M
YoY Change 19.78% 12.54%
Inventory $3.911B $2.424B
Prepaid Expenses
Receivables $576.6M $272.2M
Other Receivables $18.00M $6.000M
Total Short-Term Assets $4.642B $3.163B
YoY Change 46.76% 18.47%
LONG-TERM ASSETS
Property, Plant & Equipment $1.425B $1.285B
YoY Change 10.92% 4.14%
Goodwill $1.011B $201.8M
YoY Change 401.17% 164.16%
Intangibles $789.8M $57.99M
YoY Change 1261.91% 91.48%
Long-Term Investments
YoY Change
Other Assets $44.43M $37.79M
YoY Change 17.59% 10.73%
Total Long-Term Assets $3.271B $1.585B
YoY Change 106.44% 15.22%
TOTAL ASSETS
Total Short-Term Assets $4.642B $3.163B
Total Long-Term Assets $3.271B $1.585B
Total Assets $7.913B $4.747B
YoY Change 66.68% 17.36%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.976B $2.102B
YoY Change 41.61% 20.96%
Accrued Expenses $541.5M $381.3M
YoY Change 42.0% 1.2%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $70.87M $689.0K
YoY Change 10185.2% -14.62%
Total Short-Term Liabilities $3.664B $2.624B
YoY Change 39.64% 16.7%
LONG-TERM LIABILITIES
Long-Term Debt $2.002B $604.3M
YoY Change 231.27% 0.74%
Other Long-Term Liabilities $580.5M $248.6M
YoY Change 133.46% 14.1%
Total Long-Term Liabilities $2.582B $852.9M
YoY Change 202.76% 4.3%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.664B $2.624B
Total Long-Term Liabilities $2.582B $852.9M
Total Liabilities $6.246B $3.477B
YoY Change 79.65% 13.39%
SHAREHOLDERS EQUITY
Retained Earnings $1.232B $832.3M
YoY Change 48.08% 75.61%
Common Stock $542.5M $520.3M
YoY Change 4.26% 2.63%
Preferred Stock
YoY Change
Treasury Stock (at cost) $108.5M $87.01M
YoY Change 24.7% 1581.74%
Treasury Stock Shares
Shareholders Equity $1.667B $1.270B
YoY Change
Total Liabilities & Shareholders Equity $7.913B $4.747B
YoY Change 66.68% 17.36%

Cashflow Statement

Concept 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income $147.7M $121.8M
YoY Change 21.26% -8.76%
Depreciation, Depletion And Amortization $88.20M $64.00M
YoY Change 37.81% 14.7%
Cash From Operating Activities $81.10M $135.3M
YoY Change -40.06% -42.52%
INVESTING ACTIVITIES
Capital Expenditures -$60.50M -$63.10M
YoY Change -4.12% -23.52%
Acquisitions
YoY Change
Other Investing Activities -$2.057B -$177.7M
YoY Change 1057.51% -88950.0%
Cash From Investing Activities -$2.117B -$240.8M
YoY Change 779.32% 192.59%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.008B -84.80M
YoY Change -1288.21% -155.42%
NET CHANGE
Cash From Operating Activities 81.10M 135.3M
Cash From Investing Activities -2.117B -240.8M
Cash From Financing Activities 1.008B -84.80M
Net Change In Cash -1.029B -190.3M
YoY Change 440.57% -162.17%
FREE CASH FLOW
Cash From Operating Activities $81.10M $135.3M
Capital Expenditures -$60.50M -$63.10M
Free Cash Flow $141.6M $198.4M
YoY Change -28.63% -37.59%

Facts In Submission

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CY2014Q2 us-gaap Loans Payable
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CY2013Q4 us-gaap Long Term Debt Current
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us-gaap Long Term Debt Description
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On December 5, 2013, the Company entered into a new credit agreement (the “2013 Credit Agreement”) which provides a $700,000 unsecured term loan and a $1,000,000 unsecured revolving credit facility with Advance Stores, as Borrower, the lenders party thereto, and JPMorgan Chase Bank, N.A., as administrative agent. This revolving credit facility replaced the revolver under the Company’s former Credit Agreement dated as of May 27, 2011 with Advance Stores, as Borrower, the lenders party thereto, and JPMorgan Chase Bank, N.A., as administrative agent (the “2011 Credit Agreement”). Upon execution of the 2013 Credit Agreement, the lenders’ commitments under the 2011 Credit Agreement were terminated and the liabilities of the Company and its subsidiaries with respect to their obligations under the 2011 Credit Agreement were discharged. The new revolving credit facility also provides for the issuance of letters of credit with a sub-limit of $300,000 and swingline loans in an amount not to exceed $50,000. The Company may request, subject to agreement by one or more lenders, that the total revolving commitment be increased by an amount not to exceed $250,000 by those respective lenders (up to a total commitment of $1,250,000) during the term of the credit agreement. Voluntary prepayments and voluntary reductions of the revolving balance are permitted in whole or in part, at the Company’s option, in minimum principal amounts as specified in the 2013 Credit Agreement. Under the terms of the 2013 Credit Agreement the revolving credit facility terminates in December 2018 and the term loan matures in January 2019.
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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P5Y4M10D
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us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
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CY2013Q4 us-gaap Treasury Stock Value
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CY2013Q2 us-gaap Treasury Stock Value
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us-gaap Treasury Stock Value Acquired Cost Method
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615000 USD
us-gaap Treasury Stock Value Acquired Cost Method
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us-gaap Undistributed Earnings Allocated To Participating Securities
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us-gaap Undistributed Earnings Allocated To Participating Securities
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2013Q4 aap Accounts Receivable Vendor
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aap Accrued Purchase Price Of Business Acquisition
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aap Accrued Purchase Price Of Business Acquisition
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0 USD
CY2014Q2 aap Aggregate Instinisic Value Stock Price
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CY2014Q1 aap Amountpaidformakewholefeesandtransactionrelatedfees
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aap Business Combination Eliminationofdeferredgainfromsaleleasebacktransaction
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1588000 USD
CY2014Q1 aap Cashpaidinacquisition
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CY2014Q2 dei Entity Common Stock Shares Outstanding
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aap Income Before Equity In Earnings Of Subsidiaries
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aap Indentureprovisionsforeventsofdefault
Indentureprovisionsforeventsofdefault
The Indenture contains customary provisions for events of default including for: (i) failure to pay principal or interest when due and payable; (ii) failure to comply with covenants or agreements in the Indenture or the Notes and failure to cure or obtain a waiver of such default upon notice; (iii) a default under any debt for money borrowed by the Company or any of its subsidiaries that results in acceleration of the maturity of such debt, or failure to pay any such debt within any applicable grace period after final stated maturity, in an aggregate amount greater than $25,000 without such debt having been discharged or acceleration having been rescinded or annulled within 10 days after receipt by the Company of notice of the default by the Trustee or holders of not less than 25% in aggregate principal amount of the Notes then outstanding; and (iv) events of bankruptcy, insolvency or reorganization affecting the Company and certain of its subsidiaries. In the case of an event of default, the principal amount of the Notes plus accrued and unpaid interest may be accelerated. The Indenture also contains covenants limiting the ability of the Company and its subsidiaries to incur debt secured by liens and to enter into sale and lease-back transactions.
CY2014Q2 aap Intercompany Note Receivable
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0 USD
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0 USD
CY2014Q2 aap Line Of Credit Letter Of Credit Sublimit
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aap Receivable For Sale Of Certain Assets Of Acquired Business
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0 USD
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7794000 USD
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aap Sale Of Certain Assets Of Acquired Business
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0 USD
aap Share Based Compensation Arrangement By Share Based Payment Award Performance Based Restricted Stock Grants In Period
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19000 shares
aap Share Based Compensation Arrangement By Share Based Payment Award Performance Based Sars Grants In Period
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65000 shares
aap Share Based Compensation Arrangement By Share Based Payment Award Time Based Restricted Stock Grants In Period
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aap Sharebased Compensation Arrangementby Sharebased Payment Award Performance Based Sa Rs Grantsin Period Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementbySharebasedPaymentAwardPerformanceBasedSARsGrantsinPeriodWeightedAverageGrantDateFairValue
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aap Sharebased Compensation Arrangementby Sharebased Payment Award Time Basedand Performance Based Restricted Stock Grantsin Period Weighted Average Grant Date Fair Value
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124.03 USD
CY2014Q2 aap Shareholdersequityexcludingaccumulatedothercomprehensiveincome
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1666372000 USD
CY2014Q2 aap Termloanmaximumborrowingcapacity
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700000000 USD
aap Total Other Net
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aap Total Other Net
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dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--01-03
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Period End Date
DocumentPeriodEndDate
2014-04-19
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0001158449
dei Entity Current Reporting Status
EntityCurrentReportingStatus
No
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2013Q3 dei Entity Public Float
EntityPublicFloat
5984488886 USD
dei Entity Registrant Name
EntityRegistrantName
Advance Auto Parts Inc
dei Entity Voluntary Filers
EntityVoluntaryFilers
No
dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
Yes

Files In Submission

Name View Source Status
0001158449-14-000095-index-headers.html Edgar Link pending
0001158449-14-000095-index.html Edgar Link pending
0001158449-14-000095.txt Edgar Link pending
0001158449-14-000095-xbrl.zip Edgar Link pending
aap-20140419.xml Edgar Link completed
aap-20140419.xsd Edgar Link pending
aap-20140419_cal.xml Edgar Link unprocessable
aap-20140419_def.xml Edgar Link unprocessable
aap-20140419_lab.xml Edgar Link unprocessable
aap-20140419_pre.xml Edgar Link unprocessable
aaplogo.jpg Edgar Link pending
aap_10q4192014.htm Edgar Link pending
aap_exhibit311x4192014.htm Edgar Link pending
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