$AAP
ADVANCE AUTO PARTS INC

2015 Q2 Form 10-Q Financial Statement

#000115844915000127 Filed on June 02, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $3.038B $2.970B
YoY Change 2.31% 47.35%
Cost Of Revenue $1.644B $1.616B
YoY Change 1.73% 60.5%
Gross Profit $1.394B $1.353B
YoY Change 3.02% 34.21%
Gross Profit Margin 45.88% 45.57%
Selling, General & Admin $1.131B $1.097B
YoY Change 3.11% 36.46%
% of Gross Profit 81.17% 81.1%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $83.20M $88.20M
YoY Change -5.67% 37.81%
% of Gross Profit 5.97% 6.52%
Operating Expenses $1.131B $1.097B
YoY Change 3.11% 36.46%
Operating Profit $262.5M $255.8M
YoY Change 2.62% 25.33%
Interest Expense -$21.80M -$23.60M
YoY Change -7.63% 120.56%
% of Operating Profit -8.3% -9.23%
Other Income/Expense, Net -$1.900M $600.0K
YoY Change -416.67% -40.0%
Pretax Income $238.8M $232.8M
YoY Change 2.58% 19.75%
Income Tax $90.70M $85.00M
% Of Pretax Income 37.98% 36.51%
Net Earnings $148.1M $147.7M
YoY Change 0.27% 21.26%
Net Earnings / Revenue 4.87% 4.97%
Basic Earnings Per Share
Diluted Earnings Per Share $2.009M $2.012M
COMMON SHARES
Basic Shares Outstanding 73.18M shares 72.95M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $124.0M $83.00M
YoY Change 49.4% -79.66%
Cash & Equivalents $123.8M $83.36M
Short-Term Investments
Other Short-Term Assets $76.34M $70.87M
YoY Change 7.72% 19.78%
Inventory $4.105B $3.911B
Prepaid Expenses
Receivables $631.9M $576.6M
Other Receivables $10.00M $18.00M
Total Short-Term Assets $4.937B $4.642B
YoY Change 6.36% 46.76%
LONG-TERM ASSETS
Property, Plant & Equipment $1.398B $1.425B
YoY Change -1.91% 10.92%
Goodwill $993.3M $1.011B
YoY Change -1.78% 401.17%
Intangibles $1.068B $789.8M
YoY Change 35.22% 1261.91%
Long-Term Investments
YoY Change
Other Assets $88.22M $44.43M
YoY Change 98.55% 17.59%
Total Long-Term Assets $3.210B $3.271B
YoY Change -1.88% 106.44%
TOTAL ASSETS
Total Short-Term Assets $4.937B $4.642B
Total Long-Term Assets $3.210B $3.271B
Total Assets $8.147B $7.913B
YoY Change 2.95% 66.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.139B $2.976B
YoY Change 5.46% 41.61%
Accrued Expenses $536.9M $541.5M
YoY Change -0.83% 42.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $587.0K $70.87M
YoY Change -99.17% 10185.2%
Total Short-Term Liabilities $3.824B $3.664B
YoY Change 4.37% 39.64%
LONG-TERM LIABILITIES
Long-Term Debt $1.610B $2.002B
YoY Change -19.59% 231.27%
Other Long-Term Liabilities $565.9M $580.5M
YoY Change -2.5% 133.46%
Total Long-Term Liabilities $2.176B $2.582B
YoY Change -15.75% 202.76%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.824B $3.664B
Total Long-Term Liabilities $2.176B $2.582B
Total Liabilities $6.000B $6.246B
YoY Change -3.94% 79.65%
SHAREHOLDERS EQUITY
Retained Earnings $1.709B $1.232B
YoY Change 38.67% 48.08%
Common Stock $572.2M $542.5M
YoY Change 5.48% 4.26%
Preferred Stock
YoY Change
Treasury Stock (at cost) $114.6M $108.5M
YoY Change 5.65% 24.7%
Treasury Stock Shares
Shareholders Equity $2.147B $1.667B
YoY Change
Total Liabilities & Shareholders Equity $8.147B $7.913B
YoY Change 2.95% 66.68%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income $148.1M $147.7M
YoY Change 0.27% 21.26%
Depreciation, Depletion And Amortization $83.20M $88.20M
YoY Change -5.67% 37.81%
Cash From Operating Activities $102.2M $81.10M
YoY Change 26.02% -40.06%
INVESTING ACTIVITIES
Capital Expenditures -$57.00M -$60.50M
YoY Change -5.79% -4.12%
Acquisitions
YoY Change
Other Investing Activities -$100.0K -$2.057B
YoY Change -100.0% 1057.51%
Cash From Investing Activities -$57.20M -$2.117B
YoY Change -97.3% 779.32%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -25.30M 1.008B
YoY Change -102.51% -1288.21%
NET CHANGE
Cash From Operating Activities 102.2M 81.10M
Cash From Investing Activities -57.20M -2.117B
Cash From Financing Activities -25.30M 1.008B
Net Change In Cash 19.70M -1.029B
YoY Change -101.92% 440.57%
FREE CASH FLOW
Cash From Operating Activities $102.2M $81.10M
Capital Expenditures -$57.00M -$60.50M
Free Cash Flow $159.2M $141.6M
YoY Change 12.43% -28.63%

Facts In Submission

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NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
13973000 USD
CY2015Q1 us-gaap Other Assets Current
OtherAssetsCurrent
119589000 USD
CY2015Q2 us-gaap Other Assets Current
OtherAssetsCurrent
76341000 USD
CY2015Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
45122000 USD
CY2015Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
88224000 USD
us-gaap Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax
-184000 USD
us-gaap Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax
-178000 USD
us-gaap Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss Arising During Period Tax
OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodTax
118000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-110000 USD
CY2015Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
580069000 USD
us-gaap Participating Securities Distributed And Undistributed Earnings Loss Diluted
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossDiluted
534000 USD
us-gaap Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss Arising During Period Tax
OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodTax
115000 USD
CY2015Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
565942000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
615000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-3240000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-7463000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-3424000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-7641000 USD
CY2015Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
126446000 USD
CY2015Q2 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
148386000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-792000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-818000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
603000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-1908000 USD
us-gaap Participating Securities Distributed And Undistributed Earnings Loss Diluted
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossDiluted
440000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
1590000 USD
us-gaap Payments For Restructuring
PaymentsForRestructuring
9465000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
8781000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
8813000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
3118000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
7572000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
2056937000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
433000 USD
CY2015 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
757453000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
60529000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
57038000 USD
CY2015Q1 us-gaap Percentage Of Lifo Inventory
PercentageOfLIFOInventory
0.88
CY2015Q2 us-gaap Percentage Of Lifo Inventory
PercentageOfLIFOInventory
0.89
CY2015Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2015Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2015Q1 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2015Q2 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
2979000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
1352000 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
1527600000 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
442600000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-232000 USD
us-gaap Proceeds From Repayments Of Bank Overdrafts
ProceedsFromRepaymentsOfBankOverdrafts
-5796000 USD
us-gaap Proceeds From Repayments Of Bank Overdrafts
ProceedsFromRepaymentsOfBankOverdrafts
11628000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
33000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
295000 USD
CY2015Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1432030000 USD
CY2015Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1397950000 USD
CY2015Q1 us-gaap Receivables Net Current
ReceivablesNetCurrent
579825000 USD
CY2015Q2 us-gaap Receivables Net Current
ReceivablesNetCurrent
631926000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
508600000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
469300000 USD
us-gaap Restructuring Charges
RestructuringCharges
10999000 USD
CY2015Q1 us-gaap Restructuring Reserve
RestructuringReserve
26890000 USD
CY2015Q2 us-gaap Restructuring Reserve
RestructuringReserve
29365000 USD
us-gaap Restructuring Reserve Accrual Adjustment
RestructuringReserveAccrualAdjustment
941000 USD
us-gaap Stockholders Equity Other
StockholdersEquityOther
11000 USD
CY2015Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
1565341000 USD
CY2015Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
1709024000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
2969499000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
3038233000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1097320000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1131396000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
7133000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
8945000 USD
CY2013Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
39512000 USD
CY2015Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
47972000 USD
CY2015Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
48469000 USD
CY2015 us-gaap Standard Product Warranty Accrual Additions From Business Acquisition
StandardProductWarrantyAccrualAdditionsFromBusinessAcquisition
4490000 USD
us-gaap Standard Product Warranty Accrual Additions From Business Acquisition
StandardProductWarrantyAccrualAdditionsFromBusinessAcquisition
0 USD
CY2015 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
48336000 USD
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
14343000 USD
CY2015 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
52306000 USD
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
14840000 USD
us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
1341000 USD
us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
0 USD
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
0 USD
CY2015Q1 us-gaap Stockholders Equity
StockholdersEquity
2002912000 USD
CY2015Q2 us-gaap Stockholders Equity
StockholdersEquity
2146588000 USD
CY2015Q1 us-gaap Treasury Stock Value
TreasuryStockValue
113044000 USD
CY2015Q2 us-gaap Treasury Stock Value
TreasuryStockValue
114634000 USD
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
1590000 USD
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
73355000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
73653000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
72869000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
73122000 shares
us-gaap Default Longterm Debt Description Of Violation Or Event Of Default
DefaultLongtermDebtDescriptionOfViolationOrEventOfDefault
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">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 </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">$25,000</font><font style="font-family:inherit;font-size:10pt;"> 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 </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">25%</font><font style="font-family:inherit;font-size:10pt;"> 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.</font></div></div>

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