$AAP
ADVANCE AUTO PARTS INC

2021 Q2 Form 10-Q Financial Statement

#000115844921000132 Filed on June 02, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q2
Revenue $3.330B $2.698B
YoY Change 23.44% -8.61%
Cost Of Revenue $1.843B $1.524B
YoY Change 20.95% -7.48%
Gross Profit $1.487B $1.174B
YoY Change 26.68% -10.03%
Gross Profit Margin 44.66% 43.52%
Selling, General & Admin $1.200B $1.078B
YoY Change 11.32% -0.43%
% of Gross Profit 80.7% 91.83%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $77.30M $78.60M
YoY Change -1.65% 12.45%
% of Gross Profit 5.2% 6.7%
Operating Expenses $1.200B $1.078B
YoY Change 11.32% -0.43%
Operating Profit $287.1M $95.90M
YoY Change 199.37% -56.82%
Interest Expense -$11.20M -$12.20M
YoY Change -8.2% -18.12%
% of Operating Profit -3.9% -12.72%
Other Income/Expense, Net $4.800M -$6.000M
YoY Change -180.0% 172.73%
Pretax Income $245.8M $60.20M
YoY Change 308.31% -68.45%
Income Tax $59.80M $16.60M
% Of Pretax Income 24.33% 27.57%
Net Earnings $185.9M $43.60M
YoY Change 326.38% -69.4%
Net Earnings / Revenue 5.58% 1.62%
Basic Earnings Per Share
Diluted Earnings Per Share $2.812M $628.2K
COMMON SHARES
Basic Shares Outstanding 65.44M shares 69.10M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q2 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $880.0M $1.280B
YoY Change -31.25% 138.36%
Cash & Equivalents $880.2M $1.280B
Short-Term Investments
Other Short-Term Assets $149.0M $138.7M
YoY Change 7.39% 10.02%
Inventory $4.477B $4.526B
Prepaid Expenses
Receivables $804.8M $627.4M
Other Receivables $26.00M $25.00M
Total Short-Term Assets $6.311B $6.572B
YoY Change -3.98% 13.67%
LONG-TERM ASSETS
Property, Plant & Equipment $1.464B $1.444B
YoY Change 1.35% 5.97%
Goodwill $994.5M $989.1M
YoY Change 0.55% -0.21%
Intangibles $672.5M $698.0M
YoY Change -3.66% 32.28%
Long-Term Investments
YoY Change
Other Assets $47.83M $49.44M
YoY Change -3.26% 6.93%
Total Long-Term Assets $5.558B $5.501B
YoY Change 1.04% 3.79%
TOTAL ASSETS
Total Short-Term Assets $6.311B $6.572B
Total Long-Term Assets $5.558B $5.501B
Total Assets $11.87B $12.07B
YoY Change -1.69% 8.94%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.738B $3.304B
YoY Change 13.12% 0.83%
Accrued Expenses $603.3M $528.2M
YoY Change 14.23% -0.4%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $500.0M
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.792B $4.831B
YoY Change -0.8% 12.38%
LONG-TERM LIABILITIES
Long-Term Debt $1.033B $1.241B
YoY Change -16.73% 66.18%
Other Long-Term Liabilities $148.0M $134.0M
YoY Change 10.47% 7.99%
Total Long-Term Liabilities $1.181B $134.0M
YoY Change 781.76% -84.61%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.792B $4.831B
Total Long-Term Liabilities $1.181B $134.0M
Total Liabilities $5.974B $4.965B
YoY Change 20.32% -3.96%
SHAREHOLDERS EQUITY
Retained Earnings $4.301B $3.799B
YoY Change 13.21% 10.4%
Common Stock $799.9M $749.7M
YoY Change 6.7% 6.14%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.578B $960.2M
YoY Change 64.32% 71.38%
Treasury Stock Shares
Shareholders Equity $3.502B $3.537B
YoY Change
Total Liabilities & Shareholders Equity $11.87B $12.07B
YoY Change -1.69% 8.94%

Cashflow Statement

Concept 2021 Q2 2020 Q2
OPERATING ACTIVITIES
Net Income $185.9M $43.60M
YoY Change 326.38% -69.4%
Depreciation, Depletion And Amortization $77.30M $78.60M
YoY Change -1.65% 12.45%
Cash From Operating Activities $329.9M $10.90M
YoY Change 2926.61% -94.67%
INVESTING ACTIVITIES
Capital Expenditures -$70.90M -$83.20M
YoY Change -14.78% 35.73%
Acquisitions
YoY Change
Other Investing Activities $600.0K $100.0K
YoY Change 500.0% -83.33%
Cash From Investing Activities -$70.30M -$83.10M
YoY Change -15.4% 36.68%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -216.7M 936.9M
YoY Change -123.13% -286.19%
NET CHANGE
Cash From Operating Activities 329.9M 10.90M
Cash From Investing Activities -70.30M -83.10M
Cash From Financing Activities -216.7M 936.9M
Net Change In Cash 42.90M 864.7M
YoY Change -95.04% -340.53%
FREE CASH FLOW
Cash From Operating Activities $329.9M $10.90M
Capital Expenditures -$70.90M -$83.20M
Free Cash Flow $400.8M $94.10M
YoY Change 325.93% -64.6%

Facts In Submission

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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-216689000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
936858000 USD
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
2292000 USD
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-3461000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
45241000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
861173000 USD
CY2021Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
834992000 USD
CY2019Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
418665000 USD
CY2021Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
880233000 USD
CY2020Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1279838000 USD
us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
3505000 USD
us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
25080000 USD
aap Percentage Of Sales By Product Group
PercentageOfSalesByProductGroup
1
aap Percentage Of Sales By Product Group
PercentageOfSalesByProductGroup
1
CY2021Q2 us-gaap Percentage Of Lifo Inventory
PercentageOfLIFOInventory
0.88
CY2021Q1 us-gaap Percentage Of Lifo Inventory
PercentageOfLIFOInventory
0.88
us-gaap Inventory Lifo Reserve Effect On Income Net
InventoryLIFOReserveEffectOnIncomeNet
-3100000 USD
us-gaap Inventory Lifo Reserve Effect On Income Net
InventoryLIFOReserveEffectOnIncomeNet
-8800000 USD
CY2021Q2 us-gaap Fifo Inventory Amount
FIFOInventoryAmount
4324383000 USD
CY2021Q1 us-gaap Fifo Inventory Amount
FIFOInventoryAmount
4382779000 USD
CY2021Q2 us-gaap Inventory Lifo Reserve
InventoryLIFOReserve
152273000 USD
CY2021Q1 us-gaap Inventory Lifo Reserve
InventoryLIFOReserve
155420000 USD
CY2021Q2 us-gaap Inventory Net
InventoryNet
4476656000 USD
CY2021Q1 us-gaap Inventory Net
InventoryNet
4538199000 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
9700000 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
9700000 USD
CY2021Q2 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
814974000 USD
CY2021Q1 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
761928000 USD
CY2021Q2 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
10148000 USD
CY2021Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
11929000 USD
CY2021Q2 us-gaap Receivables Net Current
ReceivablesNetCurrent
804826000 USD
CY2021Q1 us-gaap Receivables Net Current
ReceivablesNetCurrent
749999000 USD
CY2021Q2 us-gaap Long Term Debt
LongTermDebt
1033369000 USD
CY2021Q1 us-gaap Long Term Debt
LongTermDebt
1032984000 USD
CY2021Q2 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
1106000000 USD
CY2021Q1 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
1145000000 USD
CY2020Q3 aap Charges Relatingto Tender Premiumsof2023 Senior Unsecured Notes Agreement
ChargesRelatingtoTenderPremiumsof2023SeniorUnsecuredNotesAgreement
30500000 USD
CY2020Q3 aap Charges Relatingto Debt Issuance Costsfrom2023 Senior Unsecured Notes
ChargesRelatingtoDebtIssuanceCostsfrom2023SeniorUnsecuredNotes
1400000 USD
CY2021Q2 us-gaap Guarantee Obligations Maximum Exposure
GuaranteeObligationsMaximumExposure
73700000 USD
CY2021Q1 us-gaap Guarantee Obligations Maximum Exposure
GuaranteeObligationsMaximumExposure
23600000 USD
CY2021Q2 aap Guarantor Obligations Collateral Held
GuarantorObligationsCollateralHeld
61900000 USD
CY2021Q1 aap Guarantor Obligations Collateral Held
GuarantorObligationsCollateralHeld
57500000 USD
CY2021Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
2460951000 USD
CY2021Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
2477087000 USD
CY2021Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
425166000 USD
CY2021Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
462588000 USD
CY2021Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
2035785000 USD
CY2021Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
2014499000 USD
us-gaap Operating Lease Cost
OperatingLeaseCost
161984000 USD
us-gaap Operating Lease Cost
OperatingLeaseCost
161805000 USD
us-gaap Variable Lease Cost
VariableLeaseCost
43525000 USD
us-gaap Variable Lease Cost
VariableLeaseCost
43537000 USD
us-gaap Lease Cost
LeaseCost
205509000 USD
us-gaap Lease Cost
LeaseCost
205342000 USD
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
367689000 USD
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
474071000 USD
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
436532000 USD
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
361383000 USD
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
315001000 USD
CY2021Q2 aap Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
852365000 USD
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
2807041000 USD
CY2021Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
346090000 USD
CY2021Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.034
CY2021Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
2460951000 USD
CY2021Q2 aap Lessee Optionto Extend Reasonably Certain
LesseeOptiontoExtendReasonablyCertain
95200000 USD
CY2021Q2 aap Operatingleaselegallybindingminimumpaymentsforleasethathavenotyetcommenced
Operatingleaselegallybindingminimumpaymentsforleasethathavenotyetcommenced
79300000 USD
CY2021Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P7Y
us-gaap Operating Lease Payments
OperatingLeasePayments
185083000 USD
us-gaap Operating Lease Payments
OperatingLeasePayments
167273000 USD
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
118448000 USD
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
85491000 USD
CY2021Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
14120000 USD
CY2019Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
36820000 USD
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
2724000 USD
CY2021 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
14907000 USD
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
9525000 USD
CY2021 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
37607000 USD
CY2021Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
7319000 USD
CY2021Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
14120000 USD
aap Treasury Stock Shares Acquiredas Partof Plan
TreasuryStockSharesAcquiredasPartofPlan
1100000 shares
aap Paymentsfor Repurchaseof Common Stock Acquiredas Partof Plan
PaymentsforRepurchaseofCommonStockAcquiredasPartofPlan
170400000 USD
aap Acquired Average Cost Per Share Acquiredas Partof Plan
AcquiredAverageCostPerShareAcquiredasPartofPlan
157.84
aap Treasury Stock Shares Acquiredas Partof Plan
TreasuryStockSharesAcquiredasPartofPlan
200000 shares
aap Paymentsfor Repurchaseof Common Stock Acquiredas Partof Plan
PaymentsforRepurchaseofCommonStockAcquiredasPartofPlan
29000000.0 USD
aap Acquired Average Cost Per Share Acquiredas Partof Plan
AcquiredAverageCostPerShareAcquiredasPartofPlan
128.36
CY2021Q2 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
1300000000 USD
us-gaap Net Income Loss
NetIncomeLoss
185930000 USD
us-gaap Net Income Loss
NetIncomeLoss
43588000 USD
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
65688000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
69181000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
414000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
211000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
66102000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
69392000 shares
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.83
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.63
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.81
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
47.19
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.63
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
43000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
271000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
124000 shares
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
3900000 USD
CY2021Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
94500000 USD
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y9M18D

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