$AAP
ADVANCE AUTO PARTS INC

2022 Q2 Form 10-Q Financial Statement

#000115844922000176 Filed on May 24, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2021 Q2
Revenue $3.374B $3.330B
YoY Change 1.32% 23.44%
Cost Of Revenue $1.868B $1.843B
YoY Change 1.33% 20.95%
Gross Profit $1.507B $1.487B
YoY Change 1.3% 26.68%
Gross Profit Margin 44.65% 44.66%
Selling, General & Admin $1.293B $1.200B
YoY Change 7.73% 11.32%
% of Gross Profit 85.81% 80.7%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $85.58M $77.30M
YoY Change 10.71% -1.65%
% of Gross Profit 5.68% 5.2%
Operating Expenses $1.293B $1.200B
YoY Change 7.73% 11.32%
Operating Profit $213.7M $287.1M
YoY Change -25.56% 199.37%
Interest Expense -$12.87M -$11.20M
YoY Change 14.89% -8.2%
% of Operating Profit -6.02% -3.9%
Other Income/Expense, Net $136.0K $4.800M
YoY Change -97.17% -180.0%
Pretax Income $183.1M $245.8M
YoY Change -25.5% 308.31%
Income Tax $43.34M $59.80M
% Of Pretax Income 23.67% 24.33%
Net Earnings $139.8M $185.9M
YoY Change -24.8% 326.38%
Net Earnings / Revenue 4.14% 5.58%
Basic Earnings Per Share
Diluted Earnings Per Share $2.264M $2.812M
COMMON SHARES
Basic Shares Outstanding 60.64M shares 65.44M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q2 2021 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $138.7M $880.0M
YoY Change -84.23% -31.25%
Cash & Equivalents $138.7M $880.2M
Short-Term Investments
Other Short-Term Assets $182.4M $149.0M
YoY Change 22.41% 7.39%
Inventory $4.779B $4.477B
Prepaid Expenses
Receivables $957.8M $804.8M
Other Receivables $93.14M $26.00M
Total Short-Term Assets $6.058B $6.311B
YoY Change -4.01% -3.98%
LONG-TERM ASSETS
Property, Plant & Equipment $1.568B $1.464B
YoY Change 7.1% 1.35%
Goodwill $993.8M $994.5M
YoY Change -0.07% 0.55%
Intangibles $642.1M $672.5M
YoY Change -4.51% -3.66%
Long-Term Investments
YoY Change
Other Assets $53.19M $47.83M
YoY Change 11.21% -3.26%
Total Long-Term Assets $5.945B $5.558B
YoY Change 6.96% 1.04%
TOTAL ASSETS
Total Short-Term Assets $6.058B $6.311B
Total Long-Term Assets $5.945B $5.558B
Total Assets $12.00B $11.87B
YoY Change 1.13% -1.69%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.942B $3.738B
YoY Change 5.47% 13.12%
Accrued Expenses $617.8M $603.3M
YoY Change 2.4% 14.23%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $5.053B $4.792B
YoY Change 5.43% -0.8%
LONG-TERM LIABILITIES
Long-Term Debt $1.187B $1.033B
YoY Change 14.88% -16.73%
Other Long-Term Liabilities $102.2M $148.0M
YoY Change -30.95% 10.47%
Total Long-Term Liabilities $102.2M $1.181B
YoY Change -91.35% 781.76%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.053B $4.792B
Total Long-Term Liabilities $102.2M $1.181B
Total Liabilities $9.093B $5.974B
YoY Change 52.21% 20.32%
SHAREHOLDERS EQUITY
Retained Earnings $4.653B $4.301B
YoY Change 8.19% 13.21%
Common Stock $862.5M $799.9M
YoY Change 7.82% 6.7%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.565B $1.578B
YoY Change 62.56% 64.32%
Treasury Stock Shares
Shareholders Equity $2.910B $3.502B
YoY Change
Total Liabilities & Shareholders Equity $12.00B $11.87B
YoY Change 1.13% -1.69%

Cashflow Statement

Concept 2022 Q2 2021 Q2
OPERATING ACTIVITIES
Net Income $139.8M $185.9M
YoY Change -24.8% 326.38%
Depreciation, Depletion And Amortization $85.58M $77.30M
YoY Change 10.71% -1.65%
Cash From Operating Activities -$54.94M $329.9M
YoY Change -116.65% 2926.61%
INVESTING ACTIVITIES
Capital Expenditures -$114.9M -$70.90M
YoY Change 61.99% -14.78%
Acquisitions
YoY Change
Other Investing Activities $828.0K $600.0K
YoY Change 38.0% 500.0%
Cash From Investing Activities -$114.0M -$70.30M
YoY Change 62.2% -15.4%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -273.7M -216.7M
YoY Change 26.32% -123.13%
NET CHANGE
Cash From Operating Activities -54.94M 329.9M
Cash From Investing Activities -114.0M -70.30M
Cash From Financing Activities -273.7M -216.7M
Net Change In Cash -442.7M 42.90M
YoY Change -1131.94% -95.04%
FREE CASH FLOW
Cash From Operating Activities -$54.94M $329.9M
Capital Expenditures -$114.9M -$70.90M
Free Cash Flow $59.91M $400.8M
YoY Change -85.05% 325.93%

Facts In Submission

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us-gaap Repayments Of Unsecured Debt
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us-gaap Payments Of Dividends
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Net Cash Provided By Used In Financing Activities
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2292000 USD
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45241000 USD
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
601428000 USD
CY2021Q1 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2021Q2 us-gaap Cash And Cash Equivalents At Carrying Value
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us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
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15272000 USD
us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
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3505000 USD
dei Document Period End Date
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2022-04-23
dei Document Period End Date
DocumentPeriodEndDate
2022-04-23
dei Document Period End Date
DocumentPeriodEndDate
2022-04-23
aap Percentage Of Sales By Product Group
PercentageOfSalesByProductGroup
1
aap Percentage Of Sales By Product Group
PercentageOfSalesByProductGroup
1
CY2022Q2 us-gaap Percentage Of Lifo Inventory
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0.903
dei Document Period End Date
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2022-04-23
CY2022Q1 us-gaap Percentage Of Lifo Inventory
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0.898
us-gaap Inventory Lifo Reserve Effect On Income Net
InventoryLIFOReserveEffectOnIncomeNet
-81500000 USD
us-gaap Inventory Lifo Reserve Effect On Income Net
InventoryLIFOReserveEffectOnIncomeNet
-3100000 USD
dei Document Period End Date
DocumentPeriodEndDate
2022-04-23
dei Document Period End Date
DocumentPeriodEndDate
2022-04-23
CY2022Q2 us-gaap Fifo Inventory Amount
FIFOInventoryAmount
4827206000 USD
CY2022Q1 us-gaap Fifo Inventory Amount
FIFOInventoryAmount
4625900000 USD
CY2022Q2 us-gaap Inventory Lifo Reserve
InventoryLIFOReserve
48357000 USD
CY2022Q1 us-gaap Inventory Lifo Reserve
InventoryLIFOReserve
-33118000 USD
CY2022Q2 us-gaap Inventory Net
InventoryNet
4778849000 USD
CY2022Q1 us-gaap Inventory Net
InventoryNet
4659018000 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
9500000 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
9700000 USD
dei Document Period End Date
DocumentPeriodEndDate
2022-04-23
dei Document Period End Date
DocumentPeriodEndDate
2022-04-23
CY2022Q2 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
969979000 USD
CY2022Q1 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
792947000 USD
CY2022Q2 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
12180000 USD
CY2022Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
10162000 USD
CY2022Q2 us-gaap Receivables Net Current
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957799000 USD
CY2022Q1 us-gaap Receivables Net Current
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782785000 USD
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2022-04-23
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1187170000 USD
CY2022Q1 us-gaap Long Term Debt
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1034320000 USD
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1104000000 USD
CY2022Q1 us-gaap Long Term Debt Fair Value
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1092000000 USD
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DocumentPeriodEndDate
2022-04-23
dei Document Period End Date
DocumentPeriodEndDate
2022-04-23
dei Document Period End Date
DocumentPeriodEndDate
2022-04-23
CY2022Q2 aap Charges Relatingto Make Whole Provisionof2022 Senior Unsecured Notes Agreement
ChargesRelatingtoMakeWholeProvisionof2022SeniorUnsecuredNotesAgreement
7000000 USD
CY2022Q2 aap Charges Relatingto Debt Issuance Costsfrom2022 Senior Unsecured Notes
ChargesRelatingtoDebtIssuanceCostsfrom2022SeniorUnsecuredNotes
400000 USD
CY2022Q2 us-gaap Guarantee Obligations Maximum Exposure
GuaranteeObligationsMaximumExposure
44500000 USD
CY2022Q1 us-gaap Guarantee Obligations Maximum Exposure
GuaranteeObligationsMaximumExposure
31700000 USD
dei Document Period End Date
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2022-04-23
CY2022Q2 aap Guarantor Obligations Collateral Held
GuarantorObligationsCollateralHeld
105800000 USD
CY2022Q1 aap Guarantor Obligations Collateral Held
GuarantorObligationsCollateralHeld
86900000 USD
dei Document Period End Date
DocumentPeriodEndDate
2022-04-23
dei Document Period End Date
DocumentPeriodEndDate
2022-04-23
CY2022Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
2798628000 USD
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
2802772000 USD
CY2022Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
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CY2022Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
465121000 USD
CY2022Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
2330532000 USD
CY2022Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
2337651000 USD
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
436146000 USD
dei Document Period End Date
DocumentPeriodEndDate
2022-04-23
us-gaap Operating Lease Cost
OperatingLeaseCost
173035000 USD
us-gaap Operating Lease Cost
OperatingLeaseCost
161984000 USD
us-gaap Variable Lease Cost
VariableLeaseCost
53296000 USD
us-gaap Variable Lease Cost
VariableLeaseCost
43525000 USD
us-gaap Lease Cost
LeaseCost
226331000 USD
us-gaap Lease Cost
LeaseCost
205509000 USD
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
355398000 USD
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
543223000 USD
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
471972000 USD
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
330471000 USD
CY2022Q2 aap Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
989142000 USD
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
3126352000 USD
CY2022Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
327724000 USD
CY2022Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
2798628000 USD
dei Document Period End Date
DocumentPeriodEndDate
2022-04-23
CY2022Q2 aap Lessee Optionto Extend Reasonably Certain
LesseeOptiontoExtendReasonablyCertain
72300000 USD
CY2022Q2 aap Operatingleaselegallybindingminimumpaymentsforleasethathavenotyetcommenced
Operatingleaselegallybindingminimumpaymentsforleasethathavenotyetcommenced
89100000 USD
CY2022Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P7Y1M6D
CY2022Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.030
dei Document Period End Date
DocumentPeriodEndDate
2022-04-23
dei Document Period End Date
DocumentPeriodEndDate
2022-04-23
us-gaap Operating Lease Payments
OperatingLeasePayments
190542000 USD
us-gaap Operating Lease Payments
OperatingLeasePayments
185083000 USD
dei Document Period End Date
DocumentPeriodEndDate
2022-04-23
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
147015000 USD
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
118448000 USD
aap Treasury Stock Shares Acquiredas Partof Plan
TreasuryStockSharesAcquiredasPartofPlan
1100000 shares
aap Paymentsfor Repurchaseof Common Stock Acquiredas Partof Plan
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248200000 USD
aap Acquired Average Cost Per Share Acquiredas Partof Plan
AcquiredAverageCostPerShareAcquiredasPartofPlan
231.41
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
CY2022Q2 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
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1300000000 USD
dei Document Period End Date
DocumentPeriodEndDate
2022-04-23
us-gaap Weighted Average Number Of Shares Outstanding Basic
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65688000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
471000 shares
dei Document Period End Date
DocumentPeriodEndDate
2022-04-23
us-gaap Net Income Loss
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139791000 USD
us-gaap Net Income Loss
NetIncomeLoss
185930000 USD
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
61261000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
414000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
61732000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
66102000 shares
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.28
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.83
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.26
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.81
dei Document Period End Date
DocumentPeriodEndDate
2022-04-23
dei Document Period End Date
DocumentPeriodEndDate
2022-04-23
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
114000 shares
dei Document Period End Date
DocumentPeriodEndDate
2022-04-23
dei Document Period End Date
DocumentPeriodEndDate
2022-04-23
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
53.98
dei Document Period End Date
DocumentPeriodEndDate
2022-04-23
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
4200000 USD
dei Document Period End Date
DocumentPeriodEndDate
2022-04-23
CY2022Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
101500000 USD
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y8M12D

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