Net Sales Increased 1.6% to $2.3B; Comparable
Store Sales Increased 1.2% Operating Income Increased 11.7% to
$172.3M; Adjusted Operating Income Increased 5.9% to $205.1M
Diluted EPS Increased 12.2% to $1.75; Adjusted Diluted EPS
Increased 11.1% to $2.10
Announces Additional $700.0M 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 third quarter ended October
5, 2019.
"The Advance team, including our network of Independent
Partners, delivered our sixth consecutive quarter of net sales
growth in the third quarter as a result of our unrelenting focus on
the Customer. We also expanded margins and remained highly
disciplined in our approach to cost reduction," said Tom Greco,
President and Chief Executive Officer. "In addition to our
performance improvements and margin expansion, we continue to
invest in critical information technology and supply chain
initiatives that are expected to unlock significant productivity
over the next several years. Notably, our working capital
improvements were driven by our focus on cash management across the
board. I am confident in our teams’ ability to drive additional
sales and margin progress. We are on track to deliver record free
cash flow, resulting in a substantial year over year increase in
2019 versus the prior year. Consistent with our commitment to drive
significant value growth for our shareholders, I am also pleased to
announce an additional $700.0 million share repurchase
authorization."
Third Quarter Highlights
- Net sales increased 1.6% to $2.3B; Comparable store sales (a)
increased 1.2%
- Operating income increased 11.7% to $172.3M; Adjusted operating
income (a) increased 5.9% to $205.1M
- Diluted EPS increased 12.2% to $1.75; Adjusted Diluted EPS (a)
increased 11.1% to $2.10
Year to Date Highlights
- Net sales increased 1.6% to $7.6B; Comparable store sales (a)
increased 1.4%
- Operating income increased 6.0% to $551.0M; Adjusted operating
income (a) increased 3.5% to $645.1M
- Operating cash flow increased 4.0% to $708.5M
- Diluted EPS increased 9.4% to $5.46; Adjusted Diluted EPS (a)
increased 9.9% to $6.55
(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.
Third Quarter 2019 Financial Results
Net sales for the third quarter of 2019 were $2.3 billion, a
1.6% increase versus the third quarter of the prior year.
Comparable store sales for the third quarter of 2019 increased
1.2%.
Adjusted gross profit margin was 43.9% of Net sales in the third
quarter of 2019, a 39 basis point decrease from the third quarter
of 2018. The decrease was primarily driven by an approximate $14.0
million increase in coupon redemptions in connection with the
impact of the launch of the Company's enhanced loyalty program
initiatives. The headwinds were partially offset by improvements in
operational productivity relating to the Company's ability to
leverage its supply chain. The Company's GAAP Gross profit margin
decreased to 43.8% from 44.3% in the third quarter of the prior
year.
Adjusted SG&A was 35.0% of Net sales in the third quarter of
2019, which improved 74 basis points as compared to the third
quarter of 2018. Favorability was driven by improvements in labor
related costs, occupancy expenses and insurance claims from
continued progress in Team Member safety, which were slightly
offset primarily by investments in information technology. The
Company's GAAP SG&A of 36.3% of Net sales in the third quarter
of 2019 improved from 37.5% in the third quarter of 2018.
The Company's Adjusted operating income was $205.1 million in
the third quarter of 2019, an increase of 5.9% versus the third
quarter of the prior year. Adjusted operating income margin
increased to 8.9% of Net sales for the third quarter, an increase
of 36 basis points compared to the third quarter of the prior year.
On a GAAP basis, the Company's Operating income was $172.3 million,
or 7.5% of Net sales, an increase of 67 basis points from the third
quarter of 2018.
The Company's effective tax rate in the third quarter of 2019
was 23.1%, compared to 21.2% in the third quarter of the prior
year. The Company's Adjusted Diluted EPS was $2.10 for the third
quarter of 2019, an increase of 11.1% compared to the third quarter
of the prior year. On a GAAP basis, the Company's Diluted EPS
increased 12.2% in the third quarter of 2019 to $1.75.
Operating cash flow was $708.5 million through the third quarter
of 2019 versus $681.5 million in the same period of the prior year,
an increase of 4.0%. Free cash flow through the third quarter of
2019 was $539.3 million, a decrease of 6.4% compared to the same
period of the prior year, primarily driven by a 61.0% increase in
capital spending.
2019 Full Year Guidance
Prior Outlook
Updated Outlook
As of August 13, 2019
As of November 12,
2019
Full Year 2019
Full Year 2019
($ in millions)
Low
High
Low
High
Net sales
$
9,650
$
9,750
$
9,650
$
9,750
Comparable store sales
1.0
%
2.0
%
1.0
%
1.5
%
Adjusted operating income margin (a)
8.0
%
8.2
%
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 $700
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
During the third quarter, the Company repurchased 1.0 million
shares of its common stock at an aggregate amount of $140.0 million
under the August 8, 2018 share repurchase program for an average
price of $141.54. On August 7, 2019 the Company's Board of
Directors authorized a new $400.0 million share repurchase program
that replaced the previous $600.0 million share repurchase program.
Under this new share repurchase program the Company repurchased 1.4
million shares of its common stock at an aggregate amount of $198.6
million for an average price of $136.77 per share. At the end of
the third quarter of 2019, the Company had $201.4 million remaining
under the share repurchase program. On November 8, 2019, the
Company's Board of Directors authorized $700.0 million as an
addition to the existing share repurchase program.
On November 8, 2019, the Company's Board of Directors declared a
regular quarterly cash dividend of $0.06 per share to be paid on
January 3, 2020 to all common shareholders of record as of December
20, 2019.
Investor Conference Call
The Company will discuss its results for the third quarter of
2019 via a webcast scheduled to begin at 8 a.m. Eastern Time on
Tuesday, November 12, 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 2439758. 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 October 5, 2019, Advance operated
4,891 stores and 152 Worldpac branches in the United States,
Canada, Puerto Rico and the U.S. Virgin Islands. The Company also
serves 1,260 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 Reports 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)
October 5, 2019
December 29, 2018
Assets
Current assets:
Cash and cash equivalents
$
573,726
$
896,527
Receivables, net
721,342
624,972
Inventories
4,391,093
4,362,547
Other current assets
140,487
198,408
Total current assets
5,826,648
6,082,454
Property and equipment, net
1,389,089
1,368,985
Operating lease right-of-use
assets
2,335,732
—
Goodwill
991,375
990,237
Intangible assets, net
514,512
550,593
Other assets
49,446
48,379
$
11,106,802
$
9,040,648
Liabilities and Stockholders'
Equity
Current liabilities:
Accounts payable
$
3,402,538
$
3,172,790
Accrued expenses
579,074
623,141
Other current liabilities
482,301
90,019
Total current liabilities
4,463,913
3,885,950
Long-term debt
747,136
1,045,720
Noncurrent operating lease
liabilities
1,997,721
—
Deferred income taxes
318,309
318,353
Other long-term liabilities
124,781
239,812
Total stockholders' equity
3,454,942
3,550,813
$
11,106,802
$
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
Forty Weeks Ended
October 5, 2019
October 6, 2018
October 5, 2019
October 6, 2018
Net sales
$
2,312,106
$
2,274,982
$
7,596,389
$
7,475,482
Cost of sales, including purchasing and
warehousing costs
1,300,180
1,268,055
4,270,412
4,184,713
Gross profit
1,011,926
1,006,927
3,325,977
3,290,769
Selling, general and administrative
expenses
839,598
852,686
2,774,936
2,770,747
Operating income
172,328
154,241
551,041
520,022
Other, net:
Interest expense
(8,443
)
(13,076
)
(32,062
)
(43,613
)
Other (expense) income, net
(3,145
)
5,755
(1,272
)
8,998
Total other, net
(11,588
)
(7,321
)
(33,334
)
(34,615
)
Income before provision for income
taxes
160,740
146,920
517,707
485,407
Provision for income taxes
37,071
31,077
126,718
115,002
Net income
$
123,669
$
115,843
$
390,989
$
370,405
Basic earnings per common share
$
1.76
$
1.57
$
5.48
$
5.01
Weighted average common shares
outstanding
70,381
73,888
71,351
73,974
Diluted earnings per common share
$
1.75
$
1.56
$
5.46
$
4.99
Weighted average common shares
outstanding
70,664
74,190
71,643
74,212
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)
Forty Weeks Ended
October 5, 2019
October 6, 2018
Cash flows from operating
activities:
Net income
$
390,989
$
370,405
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
179,565
183,584
Share-based compensation
28,038
19,265
Provision for deferred income taxes
7,653
17,029
Other, net
16,497
7,953
Net change in:
Receivables, net
(95,280
)
(93,595
)
Inventories
(24,985
)
(22,862
)
Accounts payable
227,822
131,572
Accrued expenses
(29,672
)
122,779
Other assets and liabilities, net
7,919
(54,627
)
Net cash provided by operating
activities
708,546
681,503
Cash flows from investing
activities:
Purchases of property and equipment
(169,224
)
(105,132
)
Proceeds from sales of property and
equipment
8,714
1,450
Net cash used in investing activities
(160,510
)
(103,682
)
Cash flows from financing
activities:
Decrease in bank overdrafts
(59,351
)
(11,973
)
Redemption of senior unsecured notes
(310,047
)
—
Dividends paid
(17,185
)
(17,819
)
Proceeds from the issuance of common
stock
2,358
2,290
Tax withholdings related to the exercise
of stock appreciation rights
(162
)
(490
)
Repurchases of common stock
(486,381
)
(126,482
)
Other, net
(96
)
814
Net cash used in financing activities
(870,864
)
(153,660
)
Effect of exchange rate changes on
cash
27
(1,092
)
Net (decrease) increase in cash and
cash equivalents
(322,801
)
423,069
Cash and cash equivalents,
beginning of period
896,527
546,937
Cash and cash equivalents, end of
period
$
573,726
$
970,006
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 our 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; (4) other non-recurring adjustments; and (5)
nonrecurring impact of the U.S. Tax Cuts and Jobs Act (the “Act”),
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 represented 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.
U.S. Tax Reform — On December 22,
2017, the U.S. Tax Cuts and Jobs Act was signed into law. The Act
amends the Internal Revenue Code of 1986 by, among other things,
permanently lowering the corporate tax rate to 21% from the
existing maximum rate of 35%, implementing a territorial tax system
and imposing a one-time repatriation tax on deemed repatriated
earnings of foreign subsidiaries. During the third quarter of 2018,
and in conjunction with the completion of the Company's 2017 U.S.
income tax return, the Company identified a change in estimate, in
accordance with SAB 118, to amounts previously estimated for the
remeasurement of the net deferred tax liability and nonrecurring
repatriation tax on accumulated earnings foreign subsidiaries.
Reconciliation of
Adjusted Net Income and Adjusted EPS:
Twelve Weeks Ended
Forty Weeks Ended
(in thousands, except per share
data)
October 5, 2019
October 6, 2018
October 5, 2019
October 6, 2018
Net income (GAAP)
$
123,669
$
115,843
$
390,989
$
370,405
Cost of sales adjustments:
Transformation expenses
2,991
513
3,272
5,839
Other adjustment (a)
—
—
13,010
—
SG&A adjustments:
Transformation expenses
23,386
28,360
56,633
63,214
GPI integration and store closure and
consolidation expenses
—
1,768
—
4,706
GPI amortization of acquired intangible
assets
6,362
8,802
21,157
29,268
Other income adjustment (b)
—
—
10,756
—
Provision for income taxes on adjustments
(c)
(8,185
)
(9,664
)
(26,207
)
(25,242
)
Impact of the Act
—
(5,665
)
—
(5,665
)
Adjusted net income (Non-GAAP)
$
148,223
$
139,957
$
469,610
$
442,525
Diluted earnings per share (GAAP)
$
1.75
$
1.56
$
5.46
$
4.99
Adjustments, net of tax
0.35
0.33
1.09
0.97
Adjusted EPS (Non-GAAP)
$
2.10
$
1.89
$
6.55
$
5.96
(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
Forty Weeks Ended
(in thousands)
October 5, 2019
October 6, 2018
October 5, 2019
October 6, 2018
Gross profit (GAAP)
$
1,011,926
$
1,006,927
$
3,325,977
$
3,290,769
Gross profit adjustments
2,991
513
16,282
5,839
Adjusted gross profit (Non-GAAP)
$
1,014,917
$
1,007,440
$
3,342,259
$
3,296,608
Reconciliation of
Adjusted Selling, General and Administrative
Expenses:
Twelve Weeks Ended
Forty Weeks Ended
(in thousands)
October 5, 2019
October 6, 2018
October 5, 2019
October 6, 2018
SG&A (GAAP)
$
839,598
$
852,686
$
2,774,936
$
2,770,747
SG&A adjustments
(29,748
)
(38,930
)
(77,790
)
(97,188
)
Adjusted SG&A (Non-GAAP)
$
809,850
$
813,756
$
2,697,146
$
2,673,559
Reconciliation of
Adjusted Operating Income:
Twelve Weeks Ended
Forty Weeks Ended
(in thousands)
October 5, 2019
October 6, 2018
October 5, 2019
October 6, 2018
Operating income (GAAP)
$
172,328
$
154,241
$
551,041
$
520,022
Cost of sales and SG&A adjustments
32,739
39,443
94,072
103,027
Adjusted operating income (Non-GAAP)
$
205,067
$
193,684
$
645,113
$
623,049
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:
Forty Weeks Ended
(In thousands)
October 5, 2019
October 6, 2018
Cash flows from operating activities
$
708,546
$
681,503
Purchases of property and equipment
(169,224
)
(105,132
)
Free cash flow
$
539,322
$
576,371
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)
October 5, 2019
December 29, 2018
Total debt
$
747,136
$
1,045,930
Add: Operating lease liabilities (a)
2,441,221
2,425,325
Adjusted debt
3,188,357
3,471,255
Operating income
635,294
604,275
Add: Adjustments (b)
117,778
107,867
Depreciation and amortization
234,165
238,184
Adjusted EBITDA
987,237
950,326
Rent expense
555,360
553,377
Share-based compensation
36,533
27,760
Adjusted EBITDAR
$
1,579,130
$
1,531,463
Adjusted Debt to Adjusted EBITDAR
(c)
2.0
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
October 5, 2019, $2.4 billion of operating lease liabilities were
recorded in the Company's condensed consolidated balance sheet. (b)
The adjustments to the four quarters ended October 5, 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 October 5, 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
October 5, 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 forty weeks ended October 5, 2019, 16 stores and
branches were opened and 82 were closed or consolidated, resulting
in a total of 5,043 stores and branches as of October 5, 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/20191112005336/en/
Investor Relations Contact: Elisabeth Eisleben T: (919)
227-5466 E: invrelations@advanceautoparts.com
Media Contact: Darryl Carr T: (540) 589-8102 E:
darryl.carr@advance-auto.com
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