Second Quarter Net Sales Increased 0.2% to
$2.3B; Comparable Store Sales Flat
Diluted EPS Increased 8.8% to $1.73; Adjusted
Diluted EPS Increased 1.5% to $2.00
Announces New $400M Share Repurchase
Authorization
Advance Auto Parts, Inc. (NYSE: AAP), a leading automotive
aftermarket parts provider in North America, that serves both
professional installer and do-it-yourself customers, today
announced its financial results for the second quarter ended July
13, 2019.
"As we begin the second half of 2019, I want to recognize the
relentless focus and commitment of our entire team, including our
network of Independent partners, as we work every day to execute
our Strategic Plan," said Tom Greco, President and Chief Executive
Officer. "While the second quarter was challenging, we continue to
make progress, including building a differentiated Customer Value
Proposition in both Professional and DIY Omnichannel in addition to
driving productivity for the long term. We remain committed to our
disciplined approach to increasing comparable store sales,
expanding margins and delivering significant cash flow in the back
half of 2019. This, combined with a strong industry backdrop, gives
us confidence that our transformation plan is on track.
Importantly, we continue to make meaningful improvements in working
capital and free cash flow and are pleased to announce a new $400
million share repurchase authorization. In line with our financial
priorities, coupled with the strength of our balance sheet, we
expect to deliver significant shareholder value throughout the
remainder of 2019 and for several years to come."
Year to Date Highlights
- Net sales increased 1.6% to $5.3B; Comparable store sales (a)
increased 1.5%
- Operating income increased 3.5% to $378.7M; Adjusted operating
income (a) increased 2.5% to $440.0M
- Operating cash flow increased 10.9% to $492.2M
- Diluted EPS Increased 8.2% to $3.71; Adjusted Diluted EPS (a)
Increased 9.6% to $4.46
(a) Comparable store sales exclude sales to independently owned
Carquest locations. For a better understanding of the Company's
adjusted results, refer to the reconciliation of non-GAAP
adjustments in the accompanying financial tables included
herein.
Second Quarter and Year to Date 2019 Financial
Results
Net sales for the second quarter of 2019 were $2.3 billion, a
0.2% increase versus the second quarter of the prior year.
Comparable store sales for the second quarter of 2019 were flat.
Year to date 2019, Net sales were $5.3 billion, an increase of 1.6%
from the same period of the prior year. Through the second quarter
2019, Comparable store sales increased 1.5%.
Adjusted gross profit margin was 43.3% of Net sales in the
second quarter of 2019, a 42 basis point decrease from the second
quarter of 2018. The decrease was primarily driven by channel and
product mix, in addition to planned supply chain wage investments
in the second quarter. These headwinds were partially offset by
continued improvements in utilization and management of inventory.
Increased material costs due to both inflation and tariff related
costs were fully offset by pricing actions in the quarter. The
Company's GAAP Gross profit margin decreased to 43.3% from 43.5% in
the second quarter of the prior year. Adjusted gross profit margin
was 44.0% year to date, an increase of 2 basis points from the same
period prior year. The Company's GAAP Gross profit margin decreased
43.8% year to date, from 43.9% for the same period of 2018.
Adjusted SG&A was 34.9% of Net sales in the second quarter
of 2019, which was flat as compared to the second quarter of 2018.
This was driven by an increase in professional fees and support
contracts related to our investments and targeted marketing spend,
which were offset primarily by safety related improvements driving
favorability in insurance and claims expenses. The Company's GAAP
SG&A of 36.0% of Net sales improved from 36.3% in the second
quarter of 2018. Year to date, Adjusted SG&A was 35.7% of Net
sales, which was an improvement of 5 basis points compared to the
same period of the prior year. The Company's year to date 2019 GAAP
SG&A of 36.6% of Net sales improved from 36.9% for the same
period of 2018.
The Company's Adjusted operating income was $196.4 million in
the second quarter of 2019, a decrease of 4.3% versus the second
quarter of the prior year. Adjusted operating income margin
declined to 8.4% of Net sales for the second quarter, a decrease of
40 basis points compared to the second quarter of the prior year.
On a GAAP basis, the Company's Operating income was $170.8 million,
7.3% of Net sales, an increase of 12 basis points from the second
quarter of 2018. Year to date, the Company's Adjusted operating
income was $440.0 million, an increase of 2.5% compared to the same
period of the prior year. On a rate basis, the year to date
Adjusted operating income margin was 8.3%, which was an improvement
of 7 basis points compared to the same period of the prior year. On
a GAAP basis, the Company's Operating income was $378.7 million
year to date, 7.2% of Net sales, an increase of 13 basis points
from the same period of the prior year.
The Company's effective tax rate in the second quarter of 2019
was 24.9%, compared to 25.2% in the second quarter of the prior
year. The Company's Adjusted Diluted EPS was $2.00 for the second
quarter of 2019, an increase of 1.5% compared to the second quarter
of the prior year. On a GAAP basis, the Company's Diluted EPS
increased 8.8% to $1.73. The Company's effective tax rate year to
date was 25.1%, compared to 24.8% in the same period of the prior
year. The Company's Adjusted Diluted EPS was $4.46 year to date, an
increase of 9.6% compared to the prior year. On a GAAP basis, the
Company's Diluted EPS increased year to date 8.2% to $3.71.
Operating cash flow was $492.2 million through the second
quarter of 2019 versus $444.0 million in the same period of the
prior year, an increase of 10.9%. Free cash flow through the second
quarter of 2019 was $380.7 million, a decrease of 0.4% compared to
the same period of the prior year.
2019 Full Year Guidance
“We remain focused on executing our long term strategic
objectives,” said Executive Vice President and Chief Financial
Officer Jeff Shepherd. “We are confident that despite short term
headwinds in the second quarter, which caused volatility in our
financial results, we will deliver meaningful progress against our
transformation plan in 2019. In addition, we expect to deliver
sales growth and margin expansion in the back half of the year,
resulting in our second consecutive year of top and bottom line
growth. Importantly, we continue to invest in critical technology
and systems integration to unlock long term margin expansion.”
Prior Outlook
Updated Outlook
As of May 22, 2019
As of August 13, 2019
Full Year 2019
Full Year 2019
($ in millions)
Low
High
Low
High
Net sales
$
9,650
$
9,800
$
9,650
$
9,750
Comparable store sales
1.0
%
2.5
%
1.0
%
2.0
%
Adjusted operating income margin (a)
8.0
%
8.4
%
8.0
%
8.2
%
Income tax rate
24
%
26
%
24
%
26
%
Transformation expenses (a)
$
80
$
100
$
80
$
100
Capital expenditures
$
250
$
300
$
250
$
300
Free cash flow (a)
Minimum $650
Minimum $700
(a) For a better understanding of the Company's adjusted
results, refer to the reconciliation of non-GAAP adjustments in the
accompanying financial tables included herein. Because of the
forward-looking nature of the 2019 non-GAAP financial measures,
specific quantifications of the amounts that would be required to
reconcile these non-GAAP financial measures to their most directly
comparable GAAP financial measures are not available at this
time.
Capital Allocation
On August 7, 2019, the Company's Board of Directors authorized a
$400.0 million share repurchase program, which replaced the
remaining portion of the Company's $600.0 million share repurchase
program that was authorized in August 2018.
On August 7, 2019, the Company's Board of Directors declared a
regular quarterly cash dividend of $0.06 per share to be paid on
October 4, 2019 to all common shareholders of record as of
September 20, 2019.
Investor Conference Call
The Company will discuss its results for the second quarter of
2019 via a webcast scheduled to begin at 8 a.m. Eastern Time on
Tuesday, August 13, 2019. The webcast will be accessible via the
Investor Relations page of the Company's website
(www.AdvanceAutoParts.com).
For individuals unable to access the webcast, the event will be
available by dialing (844) 877-5989 and referencing conference
identification number 3641019. A replay of the conference call will
be available on the Company's website for one year.
About Advance Auto Parts
Advance Auto Parts, Inc. is a leading automotive aftermarket
parts provider that serves both professional installer and
do-it-yourself customers. As of July 13, 2019, Advance operated
4,912 stores and 150 Worldpac branches in the United States,
Canada, Puerto Rico and the U.S. Virgin Islands. The Company also
serves 1,250 independently owned Carquest branded stores across
these locations in addition to Mexico, the Bahamas, Turks and
Caicos and British Virgin Islands. Additional information about
Advance, including employment opportunities, customer services, and
online shopping for parts, accessories and other offerings can be
found at www.AdvanceAutoParts.com.
Forward-Looking Statements
Certain statements in this report are “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995. All statements, other than statements of
historical facts, may be forward-looking statements.
Forward-looking statements address future events or developments,
and typically use words such as “believe,” “anticipate,” “expect,”
“intend,” “plan,” “forecast,” “guidance,” “outlook” or “estimate”
or similar expressions. These forward-looking statements include,
but are not limited to, key assumptions for future financial
performance including net sales, store growth, comparable store
sales, gross profit rate, SG&A, adjusted operating income,
income tax rate, transformation costs, adjusted operating income
rate targets, capital expenditures, inventory levels and free cash
flow; statements regarding expected growth and future performance
of the Company; statements regarding enhancements to stockholder
value, strategic plans or initiatives, growth or profitability,
productivity targets and all other statements that are not
statements of historical facts. These statements are based upon
assessments and assumptions of management in light of historical
results and trends, current conditions and potential future
developments that often involve judgment, estimates, assumptions
and projections. Forward-looking statements reflect current views
about the Company's plans, strategies and prospects, which are
based on information currently available as of the date of this
release. Except as required by law, the Company undertakes no
obligation to update any forward-looking statements to reflect
events or circumstances after the date of such statements. Please
refer to the risk factors discussed in "Item 1a. Risk Factors" in
the Company's most recent Annual Report on Form 10-K, as updated by
its Quarterly Report on Form 10-Q and other filings made by the
Company with the Securities and Exchange Commission for additional
factors that could materially affect the Company’s actual results.
Forward-looking statements are subject to risks and uncertainties,
many of which are outside its control, which could cause actual
results to differ materially from these statements. Therefore, you
should not place undue reliance on those statements.
Advance Auto Parts, Inc. and
Subsidiaries
Condensed Consolidated Balance
Sheets
(in thousands)
(unaudited)
July 13, 2019
December 29, 2018
Assets
Current assets:
Cash and cash equivalents
$
747,719
$
896,527
Receivables, net
713,061
624,972
Inventories
4,374,933
4,362,547
Other current assets
126,758
198,408
Total current assets
5,962,471
6,082,454
Property and equipment, net
1,381,388
1,368,985
Operating lease right-of-use
assets
2,360,019
—
Goodwill
992,432
990,237
Intangible assets, net
521,969
550,593
Other assets
49,667
48,379
$
11,267,946
$
9,040,648
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable
$
3,317,972
$
3,172,790
Accrued expenses
587,119
623,141
Other current liabilities
467,314
90,019
Total current liabilities
4,372,405
3,885,950
Long-term debt
746,951
1,045,720
Noncurrent operating lease
liabilities
2,032,350
—
Deferred income taxes
313,903
318,353
Other long-term liabilities
131,035
239,812
Total stockholders' equity
3,671,302
3,550,813
$
11,267,946
$
9,040,648
NOTE: These preliminary condensed consolidated balance sheets
have been prepared on a basis consistent with the Company's
previously prepared balance sheets filed with the Securities and
Exchange Commission ("SEC"), but do not include the footnotes
required by accounting principles generally accepted in the United
States of America (“GAAP”).
Advance Auto Parts, Inc. and
Subsidiaries
Condensed Consolidated
Statements of Operations
(in thousands, except per share
data)
(unaudited)
Twelve Weeks Ended
Twenty-Eight Weeks
Ended
July 13, 2019
July 14, 2018
July 13, 2019
July 14, 2018
Net sales
$
2,332,246
$
2,326,652
$
5,284,283
$
5,200,500
Cost of sales, including purchasing and
warehousing costs
1,322,808
1,315,093
2,970,233
2,916,658
Gross profit
1,009,438
1,011,559
2,314,050
2,283,842
Selling, general and administrative
expenses
838,666
844,018
1,935,338
1,918,061
Operating income
170,772
167,541
378,712
365,781
Other, net:
Interest expense
(8,675
)
(12,855
)
(23,619
)
(30,537
)
Other income, net
4,113
2,785
1,874
3,243
Total other, net
(4,562
)
(10,070
)
(21,745
)
(27,294
)
Income before provision for income
taxes
166,210
157,471
356,967
338,487
Provision for income taxes
41,390
39,635
89,647
83,925
Net income
$
124,820
$
117,836
$
267,320
$
254,562
Basic earnings per common share
$
1.74
$
1.59
$
3.73
$
3.44
Weighted average common shares
outstanding
71,738
74,054
71,767
74,011
Diluted earnings per common share
$
1.73
$
1.59
$
3.71
$
3.43
Weighted average common shares
outstanding
72,008
74,244
72,063
74,222
NOTE: These preliminary condensed consolidated statements of
operations have been prepared on a basis consistent with the
Company's previously prepared statements of operations filed with
the SEC, but do not include the footnotes required by GAAP.
Advance Auto Parts, Inc. and
Subsidiaries
Condensed Consolidated
Statements of Cash Flows
(in thousands)
(unaudited)
Twenty-Eight Weeks
Ended
July 13, 2019
July 14, 2018
Cash flows from operating
activities:
Net income
$
267,320
$
254,562
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
123,257
128,244
Share-based compensation
19,425
12,413
Provision for deferred income taxes
2,930
11,195
Other, net
14,016
5,937
Net change in:
Receivables, net
(85,941
)
(59,995
)
Inventories
(5,685
)
2,140
Accounts payable
142,002
19,083
Accrued expenses
(21,272
)
112,214
Other assets and liabilities, net
36,109
(41,825
)
Net cash provided by operating
activities
492,161
443,968
Cash flows from investing
activities:
Purchases of property and equipment
(111,425
)
(61,815
)
Proceeds from sales of property and
equipment
8,566
578
Net cash used in investing activities
(102,859
)
(61,237
)
Cash flows from financing
activities:
Decrease in bank overdrafts
(70,265
)
(8,362
)
Redemption of senior unsecured notes
(310,047
)
—
Dividends paid
(13,028
)
(13,398
)
Proceeds from the issuance of common
stock
1,648
1,697
Tax withholdings related to the exercise
of stock appreciation rights
(123
)
(304
)
Repurchases of common stock
(146,638
)
(5,657
)
Other, net
(113
)
784
Net cash used in financing activities
(538,566
)
(25,240
)
Effect of exchange rate changes on
cash
456
(2,179
)
Net (decrease) increase in cash and
cash equivalents
(148,808
)
355,312
Cash and cash equivalents,
beginning of period
896,527
546,937
Cash and cash equivalents, end of
period
$
747,719
$
902,249
NOTE: These preliminary condensed consolidated statements of
cash flows have been prepared on a consistent basis with the
Company's previously prepared statements of cash flows filed with
the SEC, but do not include the footnotes required by GAAP.
Reconciliation of Non-GAAP Financial
Measures
The Company's financial results include certain financial
measures not derived in accordance with GAAP. Non-GAAP financial
measures should not be used as a substitute for GAAP financial
measures, or considered in isolation, for the purpose of analyzing
operating performance, financial position or cash flows. Management
presented these non-GAAP financial measures as they believe that
the presentation of its financial results that exclude (1)
transformation expenses under its strategic business plan; (2)
non-operational expenses associated with the integration of General
Parts International, Inc. ("GPI") and store closure and
consolidation; (3) non-cash charges related to the acquired GPI
intangible assets; and (4) other non-recurring adjustments is
useful and indicative of its base operations because the expenses
vary from period to period in terms of size, nature and
significance and/or relate to the integration of GPI and store
closure and consolidation activity in excess of historical levels.
These measures assist in comparing current operating results with
past periods and with the operational performance of other
companies in its industry. The disclosure of these measures allows
investors to evaluate the Company's performance using the same
measures management uses in developing internal budgets and
forecasts and in evaluating management’s compensation. Included
below is a description of the expenses that the Company have
determined are not normal, recurring cash operating expenses
necessary to operate its business and the rationale for why
providing these measures is useful to investors as a supplement to
the GAAP measures.
Transformation Expenses -
Management expects to recognize a significant amount of
transformation expenses over the next several years as they
transition from integration of the Advance Auto Parts/Carquest
businesses to a plan that involves a more holistic and integrated
transformation of the entire Company, including Worldpac and
Autopart International. These expenses will include, but not be
limited to, restructuring costs, store closure costs and
third-party professional services and other significant costs to
integrate and streamline operating structure across the enterprise.
Management is focused on several areas throughout Advance, such as
supply chain and information technology.
GPI Integration and Store Closure and
Consolidation Expenses - The multi-year plan to integrate
the operations of GPI that the Company acquired in 2014 with
Advance Auto Parts substantially ended in 2018. Due to the size of
this acquisition, the Company considered these expenses to be
outside of its base business. Management believed providing
additional information in the form of non-GAAP measures that
excluded these costs was beneficial to the users of its financial
statements in evaluating the operating performance of its base
business and the sustainability once the integration was complete.
In addition to integration expenses, the Company incurred store
closure and consolidation expenses that consisted of expenses
associated with plans to convert and consolidate the Carquest
stores acquired from GPI. While periodic store closures are common,
these closures represent a significant program outside of the
Company's typical market evaluation process. The Company believes
it was useful to provide additional non-GAAP measures that excluded
these costs to provide investors greater comparability of its base
business and core operating performance.
Reconciliation of Adjusted Net Income and Adjusted
EPS:
Twelve Weeks Ended
Twenty-Eight Weeks
Ended
(in thousands, except per share
data)
July 13, 2019
July 14, 2018
July 13, 2019
July 14, 2018
Net income (GAAP)
$
124,820
$
117,836
$
267,320
$
254,562
Cost of sales adjustments:
Transformation expenses
—
5,327
281
5,327
Other adjustment (a)
—
—
13,010
—
SG&A adjustments:
Transformation expenses
19,316
22,974
33,247
34,853
GPI integration and store closure and
consolidation expenses
—
716
—
2,938
GPI amortization of acquired intangible
assets
6,336
8,750
14,795
20,466
Other income adjustment (b)
—
—
10,756
—
Provision for income taxes on adjustments
(c)
(6,413
)
(9,442
)
(18,022
)
(15,896
)
Adjusted net income (Non-GAAP)
$
144,059
$
146,161
$
321,387
$
302,250
Diluted earnings per share (GAAP)
$
1.73
$
1.59
$
3.71
$
3.43
Adjustments, net of tax
0.27
0.38
0.75
0.64
Adjusted EPS (Non-GAAP)
$
2.00
$
1.97
$
4.46
$
4.07
(a)
During the sixteen weeks ended April 20, 2019, the Company made
an out-of-period correction, which increased Cost of sales by $13.0
million, related to received not invoiced inventory.
(b)
During the sixteen weeks ended April 20, 2019, the Company
incurred charges relating to a make-whole provision and debt
issuance costs of $10.1 million and $0.7 million resulting from the
early redemption of its 2020 senior unsecured notes.
(c)
The income tax impact of non-GAAP adjustments is calculated
using the estimated tax rate in effect for the respective non-GAAP
adjustments.
Reconciliation of Adjusted Gross Profit:
Twelve Weeks Ended
Twenty-Eight Weeks
Ended
(in thousands)
July 13, 2019
July 14, 2018
July 13, 2019
July 14, 2018
Gross profit (GAAP)
$
1,009,438
$
1,011,559
$
2,314,050
$
2,283,842
Gross profit adjustments
—
5,327
13,291
5,327
Adjusted gross profit (Non-GAAP)
$
1,009,438
$
1,016,886
$
2,327,341
$
2,289,169
Reconciliation of Adjusted Selling, General and
Administrative Expenses:
Twelve Weeks Ended
Twenty-Eight Weeks
Ended
(in thousands)
July 13, 2019
July 14, 2018
July 13, 2019
July 14, 2018
SG&A (GAAP)
$
838,666
$
844,018
$
1,935,338
$
1,918,061
SG&A adjustments
(25,652
)
(32,440
)
(48,042
)
(58,257
)
Adjusted SG&A (Non-GAAP)
$
813,014
$
811,578
$
1,887,296
$
1,859,804
Reconciliation of Adjusted Operating
Income:
Twelve Weeks Ended
Twenty-Eight Weeks
Ended
(in thousands)
July 13, 2019
July 14, 2018
July 13, 2019
July 14, 2018
Operating income (GAAP)
$
170,772
$
167,541
$
378,712
$
365,781
Cost of sales and SG&A adjustments
25,652
37,767
61,333
63,584
Adjusted operating income (Non-GAAP)
$
196,424
$
205,308
$
440,045
$
429,365
NOTE: Adjusted gross profit, Adjusted gross profit margin
(calculated by dividing Adjusted gross profit by Net sales),
Adjusted SG&A, Adjusted SG&A as a percentage of Net sales,
Adjusted operating income and Adjusted operating income margin
(calculated by dividing Adjusted operating income by Net sales) are
non-GAAP measures. Management believes these non-GAAP measures are
important metrics in assessing the overall performance of the
business and utilizes these metrics in its ongoing reporting. On
that basis, Management believes it is useful to provide these
metrics to investors and prospective investors to evaluate the
Company’s operating performance across periods adjusting for these
items (refer to the reconciliations of non-GAAP adjustments above).
These non-GAAP measures might not be calculated in the same manner
as, and thus might not be comparable to, similarly titled measures
reported by other companies. Non-GAAP measures should not be used
by investors or third parties as the sole basis for formulating
investment decisions, as they may exclude a number of important
cash and non-cash recurring items.
Reconciliation of Free Cash
Flow:
Twenty-Eight Weeks
Ended
(In thousands)
July 13, 2019
July 14, 2018
Cash flows from operating activities
$
492,161
$
443,968
Purchases of property and equipment
(111,425
)
(61,815
)
Free cash flow
$
380,736
$
382,153
NOTE: Management uses Free cash flow as a measure of its
liquidity and believes it is a useful indicator to investors or
potential investors of the Company's ability to implement growth
strategies and service debt. Free cash flow is a non-GAAP measure
and should be considered in addition to, but not as a substitute
for, information contained in the Company's condensed consolidated
statement of cash flows as a measure of liquidity.
Adjusted Debt to Adjusted
EBITDAR:
Four Quarters Ended
(In thousands, except adjusted
debt to adjusted EBITDAR ratio)
July 13, 2019
December 29, 2018
Total debt
$
746,951
$
1,045,930
Add: Operating lease liabilities (a)
2,481,431
2,425,325
Adjusted debt
3,228,382
3,471,255
Operating income
617,206
604,275
Add: Adjustments (b)
122,042
107,867
Depreciation and amortization
233,197
238,184
Adjusted EBITDA
972,445
950,326
Rent expense
554,910
553,377
Share-based compensation
34,772
27,760
Adjusted EBITDAR
$
1,562,127
$
1,531,463
Adjusted Debt to Adjusted EBITDAR
(c)
2.1
2.3
(a)
On December 30, 2018 the Company recorded
operating lease liabilities of $2.4 billion upon adoption of
Accounting Standards Update 2016-02, Leases (Topic 842) (“ASU
2016-2”). As of July 13, 2019, $2.5 billion of operating lease
liabilities were recorded in the Company's condensed consolidated
balance sheet.
(b)
The adjustments to the four quarters ended
July 13, 2019 and December 29, 2018 include GPI integration, store
consolidation costs and transformation expenses.
(c)
Ratio is derived by utilizing the
operating lease liabilities recorded by the Company upon adoption
of ASU 2016-02 rather than utilizing estimated capitalized lease
obligations (six times rent expense), which were $3.3 billion as of
July 13, 2019 and December 29, 2018. For comparability purposes,
the Adjusted Debt to Adjusted EBITDAR ratio calculated using the
historical estimated capitalized lease obligations would be 2.6 and
2.9 as of July 13, 2019 and December 29, 2018.
NOTE: Management believes its Adjusted Debt to Adjusted EBITDAR
ratio (“leverage ratio”) is a key financial metric for debt
securities, as reviewed by rating agencies, and believes its debt
levels are best analyzed using this measure. The Company’s goal is
to maintain a 2.5 times leverage ratio and investment grade rating.
The Company's credit rating directly impacts the interest rates on
borrowings under its existing credit facility and could impact the
Company's ability to obtain additional funding. If the Company was
unable to maintain its investment grade rating this could
negatively impact future performance and limit growth
opportunities. Similar measures are utilized in the calculation of
the financial covenants and ratios contained in the Company's
financing arrangements. The leverage ratio calculated by the
Company is a non-GAAP measure and should not be considered a
substitute for debt to net earnings, net earnings or debt as
determined in accordance with GAAP. The Company adjusts the
calculation to remove rent expense and to add back the Company’s
existing operating lease liabilities related to their right-of-use
assets to provide a more meaningful comparison with the Company’s
peers and to account for differences in debt structures and leasing
arrangements. The Company’s calculation of its leverage ratio might
not be calculated in the same manner as, and thus might not be
comparable to, similarly titled measures by other companies.
Store Information:
During the twenty-eight weeks ended July 13, 2019, 12 stores and
branches were opened and 59 were closed or consolidated, resulting
in a total of 5,062 stores and branches as of July 13, 2019,
compared to a total of 5,109 stores and branches as of December 29,
2018.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190813005341/en/
Investor Relations: Elisabeth Eisleben T: (919) 227-5466
E: invrelations@advanceautoparts.com
Media Darryl Carr T: (540) 589-8102 E:
darryl.carr@advance-auto.com
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