$AAP
ADVANCE AUTO PARTS INC

2016 Q2 Form 10-Q Financial Statement

#000115844916000418 Filed on May 31, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $2.980B $3.038B
YoY Change -1.92% 2.31%
Cost Of Revenue $1.630B $1.644B
YoY Change -0.88% 1.73%
Gross Profit $1.350B $1.394B
YoY Change -3.16% 3.02%
Gross Profit Margin 45.3% 45.88%
Selling, General & Admin $1.079B $1.131B
YoY Change -4.64% 3.11%
% of Gross Profit 79.92% 81.17%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $79.30M $83.20M
YoY Change -4.69% -5.67%
% of Gross Profit 5.87% 5.97%
Operating Expenses $1.079B $1.131B
YoY Change -4.64% 3.11%
Operating Profit $271.0M $262.5M
YoY Change 3.24% 2.62%
Interest Expense -$18.90M -$21.80M
YoY Change -13.3% -7.63%
% of Operating Profit -6.97% -8.3%
Other Income/Expense, Net $3.100M -$1.900M
YoY Change -263.16% -416.67%
Pretax Income $255.2M $238.8M
YoY Change 6.87% 2.58%
Income Tax $96.40M $90.70M
% Of Pretax Income 37.77% 37.98%
Net Earnings $158.8M $148.1M
YoY Change 7.22% 0.27%
Net Earnings / Revenue 5.33% 4.87%
Basic Earnings Per Share
Diluted Earnings Per Share $2.152M $2.009M
COMMON SHARES
Basic Shares Outstanding 73.56M shares 73.18M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $104.0M $124.0M
YoY Change -16.13% 49.4%
Cash & Equivalents $103.7M $123.8M
Short-Term Investments
Other Short-Term Assets $78.56M $76.34M
YoY Change 2.9% 7.72%
Inventory $4.433B $4.105B
Prepaid Expenses
Receivables $651.0M $631.9M
Other Receivables $13.00M $10.00M
Total Short-Term Assets $5.266B $4.937B
YoY Change 6.67% 6.36%
LONG-TERM ASSETS
Property, Plant & Equipment $1.433B $1.398B
YoY Change 2.49% -1.91%
Goodwill $993.7M $993.3M
YoY Change 0.05% -1.78%
Intangibles $1.013B $1.068B
YoY Change -5.1% 35.22%
Long-Term Investments
YoY Change
Other Assets $69.87M $88.22M
YoY Change -20.8% 98.55%
Total Long-Term Assets $3.173B $3.210B
YoY Change -1.16% -1.88%
TOTAL ASSETS
Total Short-Term Assets $5.266B $4.937B
Total Long-Term Assets $3.173B $3.210B
Total Assets $8.439B $8.147B
YoY Change 3.59% 2.95%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.318B $3.139B
YoY Change 5.72% 5.46%
Accrued Expenses $534.7M $536.9M
YoY Change -0.42% -0.83%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $598.0K $587.0K
YoY Change 1.87% -99.17%
Total Short-Term Liabilities $3.909B $3.824B
YoY Change 2.2% 4.37%
LONG-TERM LIABILITIES
Long-Term Debt $1.230B $1.610B
YoY Change -23.59% -19.59%
Other Long-Term Liabilities $229.1M $565.9M
YoY Change -59.52% -2.5%
Total Long-Term Liabilities $1.459B $2.176B
YoY Change -32.94% -15.75%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.909B $3.824B
Total Long-Term Liabilities $1.459B $2.176B
Total Liabilities $5.368B $6.000B
YoY Change -10.54% -3.94%
SHAREHOLDERS EQUITY
Retained Earnings $2.175B $1.709B
YoY Change 27.29% 38.67%
Common Stock $613.0M $572.2M
YoY Change 7.14% 5.48%
Preferred Stock
YoY Change
Treasury Stock (at cost) $131.5M $114.6M
YoY Change 14.73% 5.65%
Treasury Stock Shares
Shareholders Equity $2.629B $2.147B
YoY Change
Total Liabilities & Shareholders Equity $8.439B $8.147B
YoY Change 3.59% 2.95%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income $158.8M $148.1M
YoY Change 7.22% 0.27%
Depreciation, Depletion And Amortization $79.30M $83.20M
YoY Change -4.69% -5.67%
Cash From Operating Activities $88.40M $102.2M
YoY Change -13.5% 26.02%
INVESTING ACTIVITIES
Capital Expenditures -$89.10M -$57.00M
YoY Change 56.32% -5.79%
Acquisitions
YoY Change
Other Investing Activities $1.200M -$100.0K
YoY Change -1300.0% -100.0%
Cash From Investing Activities -$87.90M -$57.20M
YoY Change 53.67% -97.3%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 9.800M -25.30M
YoY Change -138.74% -102.51%
NET CHANGE
Cash From Operating Activities 88.40M 102.2M
Cash From Investing Activities -87.90M -57.20M
Cash From Financing Activities 9.800M -25.30M
Net Change In Cash 10.30M 19.70M
YoY Change -47.72% -101.92%
FREE CASH FLOW
Cash From Operating Activities $88.40M $102.2M
Capital Expenditures -$89.10M -$57.00M
Free Cash Flow $177.5M $159.2M
YoY Change 11.49% 12.43%

Facts In Submission

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us-gaap Net Income Loss
NetIncomeLoss
148112000 USD
us-gaap Net Income Loss
NetIncomeLoss
158813000 USD
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
147578000 USD
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
158203000 USD
us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
13973000 USD
us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
20504000 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-23685000 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-15820000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
262528000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
270999000 USD
CY2016Q1 us-gaap Other Assets Current
OtherAssetsCurrent
77408000 USD
CY2016Q2 us-gaap Other Assets Current
OtherAssetsCurrent
78558000 USD
CY2016Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
75769000 USD
CY2016Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
69869000 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 Net Of Tax
OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax
-182000 USD
us-gaap Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss Arising During Period Tax
OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodTax
115000 USD
us-gaap Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss Arising During Period Tax
OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodTax
118000 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 Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
16425000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-7641000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
16243000 USD
CY2016Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
39794000 USD
CY2016Q2 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
55243000 USD
CY2016Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
229354000 USD
CY2016Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
229079000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-818000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
2006000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-1908000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
3123000 USD
us-gaap Participating Securities Distributed And Undistributed Earnings Loss Diluted
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossDiluted
534000 USD
us-gaap Participating Securities Distributed And Undistributed Earnings Loss Diluted
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossDiluted
610000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
1590000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
11813000 USD
CY2016 us-gaap Payments For Restructuring
PaymentsForRestructuring
28049000 USD
us-gaap Payments For Restructuring
PaymentsForRestructuring
10816000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
8813000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
8850000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
7572000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
11134000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
433000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
0 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
57038000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
89138000 USD
CY2016Q1 us-gaap Percentage Of Lifo Inventory
PercentageOfLIFOInventory
0.89
CY2016Q2 us-gaap Percentage Of Lifo Inventory
PercentageOfLIFOInventory
0.89
CY2016Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2016Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2016Q1 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2016Q2 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2016 us-gaap Prior Period Reclassification Adjustment
PriorPeriodReclassificationAdjustment
6864000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
1352000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
1085000 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
442600000 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
357500000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-110000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-125000 USD
us-gaap Proceeds From Repayments Of Bank Overdrafts
ProceedsFromRepaymentsOfBankOverdrafts
11628000 USD
us-gaap Proceeds From Repayments Of Bank Overdrafts
ProceedsFromRepaymentsOfBankOverdrafts
14644000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
295000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
1227000 USD
CY2016Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1434577000 USD
CY2016Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1432698000 USD
CY2016Q1 us-gaap Receivables Net Current
ReceivablesNetCurrent
597788000 USD
CY2016Q2 us-gaap Receivables Net Current
ReceivablesNetCurrent
650993000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
469300000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
331500000 USD
CY2016 us-gaap Restructuring Charges
RestructuringCharges
52469000 USD
us-gaap Restructuring Charges
RestructuringCharges
14641000 USD
CY2015Q1 us-gaap Restructuring Reserve
RestructuringReserve
26890000 USD
CY2016Q1 us-gaap Restructuring Reserve
RestructuringReserve
49096000 USD
CY2016Q2 us-gaap Restructuring Reserve
RestructuringReserve
51468000 USD
CY2016 us-gaap Restructuring Reserve Accrual Adjustment
RestructuringReserveAccrualAdjustment
-2214000 USD
us-gaap Restructuring Reserve Accrual Adjustment
RestructuringReserveAccrualAdjustment
-1453000 USD
CY2016Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
2021077000 USD
CY2016Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
2175437000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
3038233000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
2979778000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1131396000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1078890000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
8945000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
6654000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.002
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.275
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.012
CY2016Q2 us-gaap Share Price
SharePrice
158.40
CY2016Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Equity Instruments Other Than Options Aggregate Intrinsic Value Outstanding
SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueOutstanding
113986000 USD
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P57M
CY2015Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
47972000 USD
CY2016Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
44479000 USD
CY2016Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
43950000 USD
CY2016 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
47860000 USD
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
11436000 USD
CY2016 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
44367000 USD
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
10907000 USD
us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
1011000 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
1000 USD
CY2016Q1 us-gaap Stockholders Equity
StockholdersEquity
2460648000 USD
CY2016Q2 us-gaap Stockholders Equity
StockholdersEquity
2629139000 USD
us-gaap Stockholders Equity Other
StockholdersEquityOther
73000 USD
CY2016Q1 us-gaap Treasury Stock Value
TreasuryStockValue
119709000 USD
CY2016Q2 us-gaap Treasury Stock Value
TreasuryStockValue
131522000 USD
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
11813000 USD
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
73653000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
73847000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
73122000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
73401000 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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