x
|
ANNUAL REPORT PURSUANT TO
SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
o
|
TRANSITION REPORT PURSUANT TO
SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
Delaware
(State
or other jurisdiction of
incorporation
or organization)
|
54-2049910
(I.R.S.
Employer
Identification No.)
|
5008 Airport
Road
Roanoke,
Virginia
(Address
of Principal Executive Offices)
|
24012
(Zip
Code)
|
Title of each
class
Common Stock
($0.0001 par value)
|
Name of each exchange on which
registered
New York
Stock Exchange
|
Large accelerated filer x | Accelerated filer o | |
Non-accelerated filer o (Do not check if a smaller reporting company) | Smaller reporting company o |
·
|
the
implementation of our business strategies and
goals;
|
· |
our
ability to expand our business;
|
· |
competitive
pricing and other competitive pressures;
|
· |
a
decrease in demand for our products;
|
· |
the
occurrence of natural disasters and/or extended periods of unfavorable
weather;
|
· |
our
ability to obtain affordable insurance against the financial impacts of
natural disasters;
|
· |
the
availability of suitable real estate locations;
|
· |
our
overall credit rating which impacts our debt interest rate and ability to
obtain additional debt;
|
· |
deterioration
in general economic conditions;
|
· |
our
ability to attract and retain qualified team
members;
|
· |
our
relationship with our vendors;
|
· |
our
involvement as a defendant in litigation or incurrence of judgements,
fines or legal costs;
|
· |
adherence
to the restrictions and covenants imposed under our revolving and term
loan facilities;
|
· |
war
or acts of terrorism; and
|
· |
other
statements that are not of historical fact made throughout this report,
including in the sections entitled "Business," "Management's Discussion
and Analysis of Financial Condition and Results of Operations" and "Risk
Factors."
|
Business.
|
Filters
|
Alternators
|
Transmissions
|
Windshield
Wipers
|
Radiators
|
Batteries
|
Clutches
|
Windshield
Washer Fluid
|
Brake
pads
|
Shock
Absorbers
|
Electronic
Ignition Components
|
Floor
Mats
|
Belts
and Hoses
|
Struts
|
Engines
|
Steering
Wheel Covers
|
Radiator
hoses
|
Suspension
Parts
|
Oil
and Transmission Fluid
|
Lighting
|
Starters
|
Spark
Plugs
|
Antifreeze
|
Wash
and Waxes
|
Battery installation | “How-To” Project Kiosks | Electrical system testing |
Wiper installation | “How-To” Video Clinics | Oil and battery recycling |
Number
of
|
Number
of
|
Number
of
|
||||||||
Location
|
Stores
|
Location
|
Stores
|
Location
|
Stores
|
|||||
Alabama
|
117
|
Maryland
|
72
|
Oklahoma
|
30
|
|||||
Arkansas
|
36
|
Massachusetts
|
50
|
Pennsylvania
|
156
|
|||||
Colorado
|
36
|
Michigan
|
83
|
Puerto
Rico
|
29
|
|||||
Connecticut
|
32
|
Minnesota
|
16
|
Rhode
Island
|
7
|
|||||
Delaware
|
5
|
Mississippi
|
58
|
South
Carolina
|
122
|
|||||
Florida
|
447
|
Missouri
|
41
|
South
Dakota
|
7
|
|||||
Georgia
|
226
|
Nebraska
|
19
|
Tennessee
|
144
|
|||||
Illinois
|
82
|
New
Hampshire
|
9
|
Texas
|
162
|
|||||
Iowa
|
26
|
New
Mexico
|
1
|
Vermont
|
7
|
|||||
Indiana
|
96
|
New
Jersey
|
47
|
Virgin
Islands
|
1
|
|||||
Kansas
|
26
|
New
York
|
117
|
Virginia
|
166
|
|||||
Kentucky
|
89
|
North
Carolina
|
225
|
West
Virginia
|
65
|
|||||
Louisiana
|
59
|
North
Dakota
|
4
|
Wisconsin
|
45
|
|||||
Maine
|
11
|
Ohio
|
180
|
Wyoming
|
2
|
2007
|
2006
|
2005
|
2004
|
2003
|
||||||||||||||||
Beginning
Stores
|
2,995 | 2,810 | 2,652 | 2,539 | 2,435 | |||||||||||||||
New
Stores
(1)
|
175 | 190 | 169 | 125 | 125 | |||||||||||||||
Stores
Closed
|
(17 | ) | (5 | ) | (11 | ) | (12 | ) | (21 | ) | ||||||||||
Ending
Stores (2)
|
3,153 | 2,995 | 2,810 | 2,652 | 2,539 |
(1) |
Does
not include stores that opened as relocations of previously existing
stores within the same general market area or substantial renovations of
stores.
|
(2) | Includes 2 and 7 stores not operating at December 30, 2006 and December 31, 2005, respectively, primarily due to hurricane damage. |
Number
of
|
Number
of
|
Number
of
|
||||||||
Location
|
Stores
|
Location
|
Stores
|
Location
|
Stores
|
|||||
Connecticut
|
17
|
New
Hampshire
|
8
|
Pennsylvania
|
9
|
|||||
Maine
|
5
|
New
Jersey
|
9
|
Rhode
Island
|
4
|
|||||
Massachusetts
|
33
|
New
York
|
22
|
Vermont
|
1
|
2007
|
2006
|
2005
|
|
|
||||||||||||||||
Beginning
Stores
|
87 | 62 | - | |||||||||||||||||
New
Stores
|
21 | 25 | 62 | (1) | ||||||||||||||||
Stores
Closed
|
- | - | - | |||||||||||||||||
Ending
Stores
|
108 | 87 | 62 |
(1) |
Of
the 62 new stores in 2005, 61 stores were acquired in September 2005 as a
result of our AI acquisition.
|
·
|
general
economic conditions and conditions in our local markets, which could
reduce our sales;
|
· |
the
competitive environment in the automotive aftermarket parts and
accessories retail sector that may force us to reduce prices beyond our
normal control or increase promotional
spending;
|
· |
changes
in the automotive aftermarket parts manufacturing industry, such as
consolidation, which may disrupt or sever one or more of our vendor
relationships;
|
· |
our
ability to anticipate and meet changes in consumer preferences and/or
needs for automotive products (particularly parts availability),
accessories and services in a timely
manner;
|
· |
our
ability to stimulate DIY customer traffic;
and
|
· |
our
continued ability to hire and retain qualified personnel, which depends in
part on the types of recruiting, training, compensation and benefit
programs we adopt or
maintain.
|
·
|
our
ability to manage the expansion and hire, train and retain qualified sales
associates;
|
· |
the
availability of potential store locations in highly visible,
well-trafficked areas; and
|
· |
the
negotiation of acceptable lease or purchase terms for new
locations.
|
·
|
the
difficulty of identifying appropriate strategic partners or acquisition
candidates;
|
· |
the
difficulty of assimilating and integrating the operations of the
respective
entities;
|
·
|
the
potential disruption to our ongoing business and diversion of our
management's attention;
|
· |
the
inability to maintain uniform standards, controls, procedures and
policies; and
|
· |
the
impairment of relationships with team members and customers as a result of
changes in
management.
|
·
|
the
weather, as vehicle maintenance may be deferred during periods of
unfavorable weather;
|
· |
the
economy, as during periods of good economic conditions, more of our DIY
customers may pay others to repair and maintain their cars instead of
working on their own cars. In periods of declining economic conditions,
including higher fuel prices, higher credit costs, possible recession and
other factors, both DIY and DIFM customers may defer vehicle maintenance
or repair;
|
· |
the
decline of the average age of vehicles, miles driven or number of cars on
the road may result in a reduction in the demand for our product
offerings; and
|
· |
the
refusal of vehicle manufacturers to make available to the automotive
aftermarket industry diagnostic, repair and maintenance information that
our DIY and DIFM customers require to diagnose, repair and maintain their
vehicles may force consumers to have all diagnostic work, repairs and
maintenance performed by the vehicle manufacturers’ dealer
network.
|
·
|
incurring
or guaranteeing additional
indebtedness;
|
· |
making
capital expenditures and other
investments;
|
· |
incurring
liens on our assets and engaging in sale-leaseback
transactions;
|
· |
issuing
or selling capital stock of our
subsidiaries;
|
· |
transferring
or selling assets currently held by us;
and
|
· |
engaging
in mergers or
acquisitions.
|
Unresolved
Staff Comments.
|
Properties.
|
Opening
|
Size
|
Nature
of
|
|||||||
Facility
|
Date
|
Area
Served
|
(Sq.
ft.)(1)
|
Occupancy
|
|||||
Main
Distribution Centers:
|
|||||||||
Roanoke,
Virginia
|
1988
|
Mid-Atlantic
|
433,681
|
Leased
|
|||||
Lehigh,
Pennsylvania
|
2004
|
Northeast
|
635,487
|
Owned
|
|||||
Lakeland,
Florida
|
1982
|
Florida
|
552,796
|
Owned
|
|||||
Gastonia,
North Carolina
|
1969
|
South,
Offshore
|
634,472
|
Owned
|
|||||
Gallman,
Mississippi
|
2001
|
South
|
388,168
|
Owned
|
|||||
Salina,
Kansas
|
1971
|
West,
Midwest
|
413,500
|
Owned
|
|||||
Delaware,
Ohio
|
1972
|
Northeast
|
480,100
|
Owned
|
|||||
Thomson,
Georgia
|
1999
|
Southeast
|
374,400
|
Owned
|
|||||
Master
PDQ® Warehouse:
|
|||||||||
Andersonville,
Tennessee
|
1998
|
All
|
115,019
|
Leased
|
|||||
PDQ®
Warehouses:
|
|||||||||
Youngwood,
Pennsylvania
|
1999
|
East
|
39,878
|
Leased
|
|||||
Riverside,
Missouri
|
1999
|
West
|
43,912
|
Leased
|
|||||
Guilderland
Center, New York
|
1999
|
Northeast
|
40,950
|
Leased
|
|||||
Temple,
Texas
|
1999
|
Southwest
|
61,343
|
Leased
|
|||||
Altamonte
Springs, Florida
|
1996
|
Central
Florida
|
10,000
|
Owned
|
|||||
Jacksonville,
Florida
|
1997
|
Northern
Florida and Southern Georgia
|
12,712
|
Owned
|
|||||
Tampa,
Florida
|
1997
|
West
Central Florida
|
10,000
|
Owned
|
|||||
Hialeah,
Florida
|
1997
|
South
Florida
|
12,500
|
Owned
|
|||||
West
Palm Beach, Florida
|
1998
|
Southeast
Florida
|
13,300
|
Leased
|
|||||
Mobile,
Alabama
|
1998
|
Alabama
and Mississippi
|
10,000
|
Owned
|
|||||
Atlanta,
Georgia
|
1999
|
Georgia
and South Carolina
|
16,786
|
Leased
|
|||||
Tallahassee,
Florida
|
1999
|
South
Georgia and Northwest
|
10,000
|
Owned
|
|||||
Florida
|
|||||||||
Fort
Myers, Florida
|
1999
|
Southwest
Florida
|
14,330
|
Owned
|
|||||
Corporate/Administrative
Offices:
|
|||||||||
Roanoke,
Virginia
|
1995
|
All
|
49,000
|
Leased
|
|||||
Roanoke,
Virginia
|
2002
|
All
|
144,000
|
Leased
|
|||||
AI
Properties:
|
|||||||||
Norton,
Massachusetts(2)
|
2006
|
AI
corporate office
|
30,000
|
Leased
|
|||||
Norton,
Massachusetts(2)
|
2006
|
New
England, New York - AI
|
317,500
|
Leased
|
(1)
|
Square
footage amounts exclude adjacent office
space.
|
(2)
|
This
facility began servicing AI stores in January
2007.
|
Years
|
AAP
Stores
|
AI
Stores
|
Total
|
|||
2007-2008
|
12
|
5
|
17
|
|||
2009-2013
|
218
|
53
|
271
|
|||
2014-2018
|
629
|
30
|
659
|
|||
2019-2028
|
842
|
20
|
862
|
|||
2029-2038
|
704
|
-
|
704
|
|||
2039-2055
|
127
|
-
|
127
|
|||
2,532
|
108
|
2,640
|
Legal
Proceedings.
|
Submission
of Matters to a Vote of Security
Holders.
|
Market
for Registrant’s Common Equity, Related Stockholder Matters and Issuer
Purchases of Equity Securities.
|
High
|
Low
|
|||||||
Fiscal
Year Ended December 29, 2007
|
||||||||
Fourth
Quarter
|
$ | 40.73 | $ | 31.53 | ||||
Third
Quarter
|
$ | 40.15 | $ | 29.51 | ||||
Second
Quarter
|
$ | 43.62 | $ | 39.22 | ||||
First
Quarter
|
$ | 40.80 | $ | 34.90 | ||||
Fiscal
Year Ended December 30, 2006
|
||||||||
Fourth
Quarter
|
$ | 38.58 | $ | 34.01 | ||||
Third
Quarter
|
$ | 35.31 | $ | 27.65 | ||||
Second
Quarter
|
$ | 42.30 | $ | 28.40 | ||||
First
Quarter
|
$ | 45.50 | $ | 38.35 |
Period
|
Total
Number of Shares Purchased
|
Average
Price
Paid
per
Share (1)
|
Total
Number of Shares Purchased as Part of Publicly Announced Plans or Programs
(2)
|
Maximum
Dollar Value that May Yet Be Purchased Under the Plans or Programs (2)(3)
|
||||||||||||
October
7, 2007, to November 3, 2007
|
841 | $ | 35.63 | 841 | $ | 305,179 | ||||||||||
November
4, 2007, to December 1, 2007
|
- | - | - | 305,179 | ||||||||||||
December
2, 2007, to December 29, 2007
|
1,171 | 38.10 | 1,171 | 260,567 | ||||||||||||
Total
|
2,012 | $ | 37.07 | 2,012 | $ | 260,567 |
(1) | Average price paid per share excludes related expenses paid on previous repurchases. |
(2) |
All
of the above repurchases were made on the open market at prevailing market
rates plus related expenses under our stock repurchase program, which
authorized the repurchase of up to $500 million in common
stock. Our stock repurchase program was authorized by our Board
of Directors and publicly announced on August 8, 2007 and replaced the
remaining portion of the $300 million stock repurchase program authorized
by our Board of Directors and announced on August 17,
2005.
|
(3) | The maximum dollar value yet to be purchased under our stock repurchase program excludes related expenses paid on previous purchases or anticipated expenses on future purchases. |
Number
of shares to be issued upon exercise of outstanding options, warrants, and
rights
(1)
|
Weighted-average
exercise price of outstanding options, warrants, and rights
(2)
|
Number
of securities remaining available
for
future issuance
under
equity compensation
plans(1)(3)
|
||||||||||
Equity
compensation plans
|
||||||||||||
approved
by stockholders
|
6,097 | (4) | $ | 32.68 | 3,766 | |||||||
Equity
compensation plans
|
||||||||||||
not
approved by stockholders
|
- | - | - | |||||||||
Total
|
6,097 | $ | 32.68 | 3,766 |
(1) |
Number
of shares presented is in thousands.
|
(2) |
Includes
weighted average exercise price of outstanding stock options and stock
appreciation rights, or SARs, only.
|
(3) |
Excludes
shares reflected in the first column.
|
(4) |
Includes
grants of stock options, SARs, restricted stock and deferred stock
units.
|
Company
/ Index
|
Dec
28, 2002
|
Jan
3, 2004
|
Jan
1, 2005
|
Dec
31, 2005
|
Dec
30, 2006
|
Dec
29, 2007
|
Advance
Auto Parts
|
100
|
165.69
|
177.78
|
265.32
|
218.51
|
236.04
|
S&P
500 Index
|
100
|
128.93
|
143.41
|
150.45
|
174.21
|
185.06
|
S&P
500 Specialty Retail Index
|
100
|
145.06
|
166.28
|
171.04
|
182.39
|
144.80
|
Fiscal
Year (1)(2)
|
||||||||||||||||||||
2007
|
2006
|
2005
|
2004
|
2003
|
||||||||||||||||
(in
thousands, except per share data)
|
||||||||||||||||||||
Statement
of Operations Data:
|
||||||||||||||||||||
Net
sales
|
$ | 4,844,404 | $ | 4,616,503 | $ | 4,264,971 | $ | 3,770,297 | $ | 3,493,696 | ||||||||||
Cost
of sales
|
2,523,435 | 2,415,339 | 2,250,493 | 2,016,926 | 1,889,178 | |||||||||||||||
Gross
profit
|
2,320,969 | 2,201,164 | 2,014,478 | 1,753,371 | 1,604,518 | |||||||||||||||
Selling,
general and administrative expenses (3)
|
1,904,540 | 1,797,814 | 1,605,986 | 1,424,613 | 1,305,867 | |||||||||||||||
Expenses
associated with merger and integration (4)
|
- | - | - | - | 10,417 | |||||||||||||||
Operating
income
|
416,429 | 403,350 | 408,492 | 328,758 | 288,234 | |||||||||||||||
Interest
expense
|
(34,809 | ) | (35,992 | ) | (32,384 | ) | (20,069 | ) | (37,576 | ) | ||||||||||
Gain
(loss) on extinguishment of debt
|
- | 986 | - | (3,230 | ) | (47,288 | ) | |||||||||||||
Other
income, net
|
1,014 | 1,571 | 2,815 | 289 | 341 | |||||||||||||||
Income
from continiuing operations before income taxes and loss
on discontinued operations
|
382,634 | 369,915 | 378,923 | 305,748 | 203,711 | |||||||||||||||
Income
tax expense
|
144,317 | 138,597 | 144,198 | 117,721 | 78,424 | |||||||||||||||
Income
from continuing operations before loss on discontinued
operations
|
238,317 | 231,318 | 234,725 | 188,027 | 125,287 | |||||||||||||||
Discontinued
operations:
|
||||||||||||||||||||
Loss
from operations of discontinued Wholesale Distribution Network (including
loss on disposal of $2,693 in 2003)
|
- | - | - | (63 | ) | (572 | ) | |||||||||||||
Benefit
for income taxes
|
- | - | - | (24 | ) | (220 | ) | |||||||||||||
Loss
on discontinued operations
|
- | - | - | (39 | ) | (352 | ) | |||||||||||||
Net
income
|
$ | 238,317 | $ | 231,318 | $ | 234,725 | $ | 187,988 | $ | 124,935 | ||||||||||
Per
Share Data (5):
|
||||||||||||||||||||
Income
from continuing operations before loss on discontinued operations per
basic share
|
$ | 2.30 | $ | 2.18 | $ | 2.17 | $ | 1.70 | $ | 1.15 | ||||||||||
Income
from continuing operations before loss on discontinued operations per
diluted share
|
$ | 2.28 | $ | 2.16 | $ | 2.13 | $ | 1.66 | $ | 1.12 | ||||||||||
Net
income per basic share
|
$ | 2.30 | $ | 2.18 | $ | 2.17 | $ | 1.70 | $ | 1.14 | ||||||||||
Net
income per diluted share
|
$ | 2.28 | $ | 2.16 | $ | 2.13 | $ | 1.66 | $ | 1.11 | ||||||||||
Cash
dividends declared per basic share
|
$ | 0.24 | $ | 0.24 | $ | - | $ | - | $ | - | ||||||||||
Weighted
average basic shares outstanding
|
103,826 | 106,129 | 108,318 | 110,846 | 109,499 | |||||||||||||||
Weighted
average diluted shares outstanding
|
104,654 | 107,124 | 109,987 | 113,222 | 112,115 | |||||||||||||||
Cash
flows provided by (used in):
|
||||||||||||||||||||
Operating
activities
|
$ | 410,542 | $ | 333,604 | $ | 321,632 | $ | 260,397 | $ | 355,921 | ||||||||||
Investing
activities
|
(202,143 | ) | (258,642 | ) | (302,780 | ) | (166,822 | ) | (85,474 | ) | ||||||||||
Financing
activities
|
(204,873 | ) | (104,617 | ) | (34,390 | ) | (48,741 | ) | (272,845 | ) |
Fiscal
Year (1)(2)
|
||||||||||||||||||||
2007
|
2006
|
2005
|
2004
|
2003
|
||||||||||||||||
(in
thousands, except per share data and ratios)
|
||||||||||||||||||||
Balance
Sheet and Other Financial Data:
|
||||||||||||||||||||
Cash
and cash equivalents
|
$ | 14,654 | $ | 11,128 | $ | 40,783 | $ | 56,321 | $ | 11,487 | ||||||||||
Inventory
|
$ | 1,529,469 | $ | 1,463,340 | $ | 1,367,099 | $ | 1,201,450 | $ | 1,113,781 | ||||||||||
Inventory
turnover (6)
|
1.69 | 1.71 | 1.75 | 1.74 | 1.72 | |||||||||||||||
Inventory
per store (7)
|
$ | 469 | $ | 475 | $ | 476 | $ | 453 | $ | 439 | ||||||||||
Accounts
payable to inventory ratio (8)
|
55.1 | % | 53.2 | % | 54.8 | % | 53.7 | % | 51.0 | % | ||||||||||
Net
working capital (9)
|
$ | 456,897 | $ | 498,553 | $ | 406,476 | $ | 416,302 | $ | 372,509 | ||||||||||
Capital
expenditures
|
$ | 210,600 | $ | 258,586 | $ | 216,214 | $ | 179,766 | $ | 101,177 | ||||||||||
Total
assets
|
$ | 2,805,566 | $ | 2,682,681 | $ | 2,542,149 | $ | 2,201,962 | $ | 1,983,071 | ||||||||||
Total
debt
|
$ | 505,672 | $ | 477,240 | $ | 438,800 | $ | 470,000 | $ | 445,000 | ||||||||||
Total
net debt (10)
|
$ | 521,018 | $ | 500,318 | $ | 448,187 | $ | 433,863 | $ | 464,598 | ||||||||||
Total
stockholders' equity
|
$ | 1,023,795 | $ | 1,030,854 | $ | 919,771 | $ | 722,315 | $ | 631,244 | ||||||||||
Selected
Store Data:
|
||||||||||||||||||||
Comparable
store sales growth (11)
|
0.8 | % | 2.1 | % | 8.7 | % | 6.1 | % | 3.1 | % | ||||||||||
Number
of stores at beginning of year
|
3,082 | 2,872 | 2,652 | 2,539 | 2,435 | |||||||||||||||
New
stores
|
196 | 215 | 231 | 125 | 125 | |||||||||||||||
Closed
stores
|
(17 | ) | (5 | ) | (11 | ) | (12 | ) | (21 | ) | ||||||||||
Number
of stores, end of period
|
3,261 | 3,082 | 2,872 | 2,652 | 2,539 | |||||||||||||||
Relocated
stores
|
29 | 47 | 54 | 34 | 32 | |||||||||||||||
Stores
with commercial delivery program, end of period
|
2,712 | 2,526 | 2,254 | 1,945 | 1,625 | |||||||||||||||
Total
commercial sales, as a percentage of total sales
|
26.6 | % | 25.0 | % | 21.8 | % | 18.4 | % | 15.8 | % | ||||||||||
SG&A
expenses per store (in
thousands) (12)(13)
|
$ | 601 | $ | 604 | $ | 586 | $ | 549 | $ | 525 | ||||||||||
Total
store square footage, end of period
|
23,982 | 22,753 | 21,246 | 19,734 | 18,875 | |||||||||||||||
Average
net sales per store (in
thousands) (13)(14)
|
$ | 1,527 | $ | 1,551 | $ | 1,555 | $ | 1,453 | $ | 1,379 | ||||||||||
Average
net sales per square foot (13)(15)
|
$ | 207 | $ | 210 | $ | 209 | $ | 195 | $ | 186 |
(1)
|
Our
fiscal year consists of 52 or 53 weeks ending on the Saturday nearest to
December 31. All fiscal years presented are 52 weeks, with the
exception of fiscal 2003, which consists of 53
weeks.
|
(2)
|
The
statement of operations data for each of the years presented reflects the
operating results of the wholesale distribution segment as discontinued
operations.
|
(3)
|
Selling,
general and administrative expenses exclude certain charges disclosed
separately and discussed in note (4)
below.
|
(4)
|
Represents
certain expenses related to, among other things, overlapping
administrative functions and store conversions as a result of the Discount
acquisition.
|
(5)
|
Basic
and diluted shares outstanding for each of the years presented gives
effect to a 3-for-2 stock split effectuated by us in the form of a 50%
stock dividend distributed on September 23, 2005 and a 2-for-1 stock split
effectuated by us in the form of a 100% stock dividend distributed on
January 2, 2004.
|
(6)
|
Inventory
turnover is calculated as cost of sales divided by the average of
beginning and ending inventories. The fiscal 2003 cost of sales
excludes the effect of the 53rd
week in the amount of $34.3
million.
|
(7)
|
Inventory
per store is calculated as ending inventory divided by ending store count.
For fiscal 2003, ending inventory used in this calculation excludes
certain inventory related to the wholesale distribution segment. The
wholesales distribution segment, which was discontinued in fiscal 2003,
consisted of independently owned and operated dealer locations, for which
the Company supplied merchandise
inventory.
|
(8)
|
Accounts
payable to inventory ratio is calculated as ending accounts payable
divided by ending inventory. Beginning in fiscal 2004, as a result of our
new vendor financing program, we aggregate financed vendor accounts
payable with accounts payable to calculate our accounts payable to
inventory ratio.
|
(9)
|
Net
working capital is calculated by subtracting current liabilities from
current assets.
|
(10)
|
Net
debt includes total debt and bank overdrafts, less cash and cash
equivalents.
|
(11)
|
Comparable
store sales is calculated based on the change in net sales starting once a
store has been open for 13 complete accounting periods (each period
represents four weeks). Relocations are included in comparable store sales
from the original date of opening. We do not include net sales
from the Offshore and AI stores in our comparable store calculation. In
2003, the comparable store sales calculation included sales from our
53rd
week compared to our first week of operation in 2003 (the comparable
calendar week). In 2004, as a result of the 53rd
week in 2003, the comparable store sales calculation excluded week one of
sales from 2003.
|
(12)
|
Selling,
general and administrative, or SG&A, per store is calculated as total
SG&A expenses divided by the average of beginning and ending store
count.
|
(13)
|
The
ending store count and/or store square footage used in the calculation of
the 2005 ratios has been weighted for the period of the AI
acquisition.
|
(14)
|
Average
net sales per store is calculated as net sales divided by the average of
beginning and ending number of stores for the respective period. The
fiscal 2003 net sales exclude the effect of the 53rd
week in the amount of $63.0
million.
|
(15)
|
Average
net sales per square foot is calculated as net sales divided by the
average of the beginning and ending total store square footage for the
respective period. The fiscal 2003 net sales exclude the effect of the
53rd
week in the amount of $63.0
million.
|
Management's
Discussion and Analysis of Financial Condition and Results of
Operations.
|
AAP
|
||||||||||||
Fiscal
Year
|
||||||||||||
2007
|
2006
|
2005
|
||||||||||
Number
of stores at beginning of year
|
2,995 | 2,810 | 2,652 | |||||||||
New
stores
|
175 | 190 | 169 | |||||||||
Closed
stores
|
(17 | ) | (5 | ) | (11 | ) | ||||||
Number
of stores, end of period(a)
|
3,153 | 2,995 | 2,810 | |||||||||
Relocated
stores
|
29 | 47 | 54 | |||||||||
Stores
with commercial delivery programs
|
2,604 | 2,439 | 2,192 | |||||||||
AI
|
||||||||||||
Fiscal
Year
|
||||||||||||
2007
|
2006
|
2005
|
||||||||||
Number
of stores at beginning of year
|
87 | 62 | - | |||||||||
New
stores(b)
|
21 | 25 | 62 | |||||||||
Closed
stores
|
- | - | - | |||||||||
Number
of stores, end of period
|
108 | 87 | 62 | |||||||||
Relocated
stores
|
- | - | - | |||||||||
Stores
with commercial delivery programs
|
108 | 87 | 62 |
(a)
|
Includes
2 and 7 stores not operating at December 30, 2006 and December 31, 2005,
respectively, primarily due to hurricane
damage.
|
(b)
|
Of
the 62 new stores in 2005, 61 stores were acquired in September 2005 as a
result of our AI acquisition.
|
Fiscal
Year
|
||||||||||||
2007
|
2006
|
2005
|
||||||||||
Total net sales (in
thousands)
|
$ | 4,844,404 | $ | 4,616,503 | $ | 4,264,971 | ||||||
Total commercial net sales
(in
thousands)
|
$ | 1,290,602 | $ | 1,155,953 | $ | 931,320 | ||||||
Comparable
store net sales growth
|
0.8 | % | 2.1 | % | 8.7 | % | ||||||
DIY
comparable store net sales growth
|
(1.0 | %) | (0.3 | %) | 4.8 | % | ||||||
DIFM
comparable store net sales growth
|
6.7 | % | 10.8 | % | 25.2 | % | ||||||
Average net sales per store
(in
thousands)
|
$ | 1,527 | $ | 1,551 | $ | 1,555 | ||||||
Average
net sales per square foot
|
$ | 207 | $ | 210 | $ | 209 | ||||||
Inventory per
store (in
thousands)
|
$ | 469 | $ | 475 | $ | 476 | ||||||
SG&A expenses per
store (in
thousands)
|
$ | 601 | $ | 604 | $ | 586 | ||||||
Gross
margin
|
47.9 | % | 47.7 | % | 47.2 | % | ||||||
Operating
margin
|
8.6 | % | 8.7 | % | 9.6 | % |
|
Note:
These metrics should be reviewed along with the footnotes to the table
setting forth our selected store data in Item 6 “Selected Financial
Data” located elsewhere in this report. The footnotes contain
descriptions regarding the calculation of these
metrics.
|
Fiscal
Year Ended
|
||||||||||||
December
29,
|
December
30,
|
December
31,
|
||||||||||
2007
|
2006
|
2005
|
||||||||||
Net
sales
|
100.0 | % | 100.0 | % | 100.0 | % | ||||||
Cost
of sales
|
52.1 | 52.3 | 52.8 | |||||||||
Gross
profit
|
47.9 | 47.7 | 47.2 | |||||||||
Selling,
general and administrative expenses
|
39.3 | 39.0 | 37.6 | |||||||||
Operating
income
|
8.6 | 8.7 | 9.6 | |||||||||
Interest
expense
|
(0.7 | ) | (0.8 | ) | (0.7 | ) | ||||||
Loss
on extinguishment of debt
|
- | 0.0 | - | |||||||||
Other
income, net
|
0.0 | 0.1 | 0.0 | |||||||||
Income
tax expense
|
3.0 | 3.0 | 3.4 | |||||||||
Net
income
|
4.9 | 5.0 | 5.5 |
·
|
recording
share-based compensation expense of approximately 0.4% of net sales upon
the implementation of SFAS 123R on January 1,
2006;
|
· |
a
0.5% increase in certain fixed costs as a percentage of sales during the
year, including rent and depreciation, as a result of low comparable sales
growth; and
|
· |
a
0.3% increase in expenses associated with higher costs for insurance
programs, including workers’ compensation, auto liability and general
liability.
|
16-Weeks
|
12-Weeks
|
12-Weeks
|
12-Weeks
|
16-Weeks
|
12-Weeks
|
12-Weeks
|
12-Weeks
|
|||||||||||||||||||||||||
Ended
|
Ended
|
Ended
|
Ended
|
Ended
|
Ended
|
Ended
|
Ended
|
|||||||||||||||||||||||||
4/22/2006
|
7/15/2006
|
10/7/2006
|
12/30/2006
|
4/21/2007
|
7/14/2007
|
10/6/2007
|
12/29/2007
|
|||||||||||||||||||||||||
Net
sales
|
$ | 1,393,010 | $ | 1,107,857 | $ | 1,099,486 | $ | 1,016,150 | $ | 1,468,120 | $ | 1,169,859 | $ | 1,158,043 | $ | 1,048,382 | ||||||||||||||||
Gross
profit
|
665,168 | 527,359 | 530,206 | 478,431 | 709,403 | 562,861 | 555,113 | 493,592 | ||||||||||||||||||||||||
Net
income
|
$ | 74,081 | $ | 62,936 | $ | 58,947 | $ | 35,354 | $ | 76,101 | $ | 68,424 | $ | 59,040 | $ | 34,752 | ||||||||||||||||
Net
income per share:
|
||||||||||||||||||||||||||||||||
Basic
|
$ | 0.69 | $ | 0.60 | $ | 0.56 | $ | 0.34 | $ | 0.72 | $ | 0.64 | $ | 0.58 | $ | 0.35 | ||||||||||||||||
Diluted
|
$ | 0.68 | $ | 0.59 | $ | 0.56 | $ | 0.33 | $ | 0.71 | $ | 0.64 | $ | 0.57 | $ | 0.35 |
Fiscal
Year
|
||||||||||||
(in
millions)
|
2007
|
2006
|
2005
|
|||||||||
Cash
flows from operating activities
|
$ | 410.5 | $ | 333.6 | $ | 321.6 | ||||||
Cash
flows from investing activities
|
(202.1 | ) | (258.6 | ) | (302.8 | ) | ||||||
Cash
flows from financing activities
|
(204.9 | ) | (104.6 | ) | (34.3 | ) | ||||||
Net
increase (decrease) in cash and
|
||||||||||||
cash
equivalents
|
$ | 3.5 | $ | (29.6 | ) | $ | (15.5 | ) |
·
|
a
$41.2 million increase in cash flows from inventory, net of accounts
payable, reflective of our slow down of inventory growth in line with our
current sales trend, while maintaining adequate levels of inventory to
support our parts availability initiative;
and
|
· |
a
$35.7 million increase in cash flows comprised of other movements in
working capital, including the timing in payment of certain operating
expenses.
|
·
|
$15.2
million increase in earnings exclusive of $18.7 million of incremental,
non-cash, share-based compensation expense compared to the same period in
fiscal 2005;
|
· |
$19.5
million increase in depreciation and
amortization;
|
· |
$24.1
million decrease in cash inflows primarily related to the sale of our
private label credit card portfolio in fiscal
2005;
|
· |
$24.9
million reduction in cash outflows, net of accounts payable, as a result
of reducing inventory growth rates in line with our current sales
trend;
|
· |
$33.4
million increase in cash flows from other assets related to the timing of
payments for normal operating expenses, primarily our monthly
rent;
|
· |
$17.5
million decrease in cash inflows relating to the timing of accrued
operating expenses; and
|
· |
$30.3
million decrease in cash flows from tax benefits related to exercise of
stock options.
|
·
|
a
decrease in capital expenditures of $48.0 million resulting primarily from
less spending on capital assets in our store locations, the impact of the
reduced scope in remodels and fewer relocations as compared to 2006;
and
|
· |
the
absence of a $12.5 million business acquisition payment made in fiscal
2006.
|
·
|
$111.8
million related to acquisitions in fiscal 2005, of which $12.5 million was
paid in fiscal
2006;
|
· |
an
increase in capital expenditures of $42.4 million used primarily to
accelerate our square footage growth through adding new stores (including
ownership of selected new stores) and remodeling existing
stores.
|
·
|
an
$11.8 million cash inflow resulting from the timing of bank
overdrafts;
|
· |
$17.8
million increase in financed vendor accounts payable, which reflected the
growth in our vendor financing
program;
|
· |
an
increase of $25.3 million from the issuance of common stock, resulting
from an increase in the exercise of stock options mainly associated with
the departure of our former CEO and another executive officer during 2007;
and
|
· |
a
$6.6 million cash inflow from additional tax benefits realized from the
increased level of stock options
exercised.
|
·
|
a
reduction of $14.3 million in net borrowings primarily under our credit
facilities;
|
· |
$6.0
million of additional cash dividends paid due primarily to the timing in
payments; and
|
· |
an
additional $145.4 million of common stock repurchased under our stock
repurchase
program.
|
·
|
$46.0
million cash outflow resulting from the timing of bank
overdrafts;
|
· |
$54.3
million decrease in financed vendor accounts
payable;
|
· |
$504.0
million cash inflow resulting from an increase in net
borrowings;
|
· |
$433.8
million used for early extinguishment of debt in fiscal
2006;
|
· |
$19.2
million paid in dividends in fiscal 2006;
|
· |
$36.0
million increase in cash used to repurchase shares of our common stock
under our stock repurchase program;
|
· |
$15.1
million decrease in proceeds from the exercise of stock options;
and
|
· |
$26.3
million increase resulting from the repayment of secured borrowings in
fiscal 2005.
|
Contractual
Obligations
|
Total
|
Fiscal
2008
|
Fiscal
2009
|
Fical
2010
|
Fiscal
2011
|
Fiscal
2012
|
Thereafter
|
|||||||||||||||||||||
(in
thousands)
|
||||||||||||||||||||||||||||
Long-term
debt
|
$ | 505,672 | $ | 610 | $ | 740 | $ | 704 | $ | 501,662 | $ | 742 | $ | 1,214 | ||||||||||||||
Interest
payments
|
$ | 102,509 | $ | 26,397 | $ | 25,244 | $ | 26,522 | $ | 24,301 | $ | 44 | $ | 1 | ||||||||||||||
Operating
leases(1)
|
$ | 2,142,659 | $ | 265,506 | $ | 236,655 | $ | 218,592 | $ | 196,658 | $ | 173,768 | $ | 1,051,480 | ||||||||||||||
Purchase
obligations(2)
|
$ | 8,727 | $ | 8,727 | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||
Other
long-term liabilities(3)
|
$ | 50,781 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - |
(1)
|
We
lease certain store locations, distribution centers, office space,
equipment and vehicles. Our property leases generally contain renewal and
escalation clauses and other concessions. These provisions are considered
in our calculation of our minimum lease payments which are recognized as
expense on a straight-line basis over the applicable lease term. In
accordance with SFAS No. 13, “Accounting for Leases,” as amended by SFAS
No. 29, “Determining Contingent Rental,” any lease payments that are based
upon an existing index or rate, are included in our minimum lease payment
calculations.
|
(2)
|
For
the purposes of this table, purchase obligations are defined as agreements
that are enforceable and legally binding and that specify all significant
terms, including: fixed or minimum quantities to be purchased; fixed,
minimum or variable price provisions; and the approximate timing of the
transaction. Our open purchase orders are based on current inventory or
operational needs and are fulfilled by our vendors within short periods of
time. We currently do not have minimum purchase commitments under our
vendor supply agreements nor are our open purchase orders for goods and
services binding agreements. Accordingly, we have excluded open purchase
orders from this table. The purchase obligations consist of the amount of
fuel required to be purchased by us under certain fixed price fuel supply
agreements and certain commitments for training and development. All of
these agreements expire in
2008.
|
(3)
|
Primarily
includes employee benefits accruals, restructuring and closed store
liabilities and deferred income taxes for which no contractual payment
schedule exists and we expect the payments to occur beyond 12 months from
December 29, 2007. Additionally, other long-term liabilities include $20.4
million of unrecognized income tax benefits as a result of our adoption on
FIN 48 on December 31, 2006. During the next 12 months, it is possible
that we could conclude on $2 to $3 million of the contingencies associated
with these tax uncertainties, a portion of which may be settled in cash.
We do not anticipate any significant impact on our liquidity and capital
resources due to the conclusion of these tax
matters.
|
Quantitative
and Qualitative Disclosures about Market
Risks.
|
Fiscal
2008
|
Fiscal
2009
|
Fiscal
2010
|
Fiscal
2011
|
Fiscal
2012
|
Thereafter
|
Total
|
Fair
Market
Liability
|
|||||||||||||||||||||||||
Long-term
debt:
|
(dollars
in thousands)
|
|||||||||||||||||||||||||||||||
Variable
rate
|
$ | - | $ | - | $ | - | $ | 501,000 | $ | - | $ | - | $ | 501,000 | $ | 498,000 | (1) | |||||||||||||||
Weighted
average interest rate
|
4.8 | % | 4.3 | % | 4.9 | % | 5.3 | % | - | - | 4.8 | % | - | |||||||||||||||||||
Interest
rate swap:
|
||||||||||||||||||||||||||||||||
Variable
to fixed(2)
|
$ | 275,000 | $ | 275,000 | $ | 275,000 | $ | 275,000 | - | - | - | $ | 7,645 | |||||||||||||||||||
Weighted
average pay rate
|
0.9 | % | 1.3 | % | 0.9 | % | 0.5 | % | - | - | 0.9 | % | - | |||||||||||||||||||
Weighted
average receive rate
|
0.0 | % | - | 0.1 | % | 0.5 | % | - | - | 0.2 | % | - |
(1)
|
The
fair value of our variable rate debt is approximated based on similar
issues available to us as of December 29,
2007.
|
(2)
|
Amounts
presented may not be outstanding for the entire
year.
|
Financial
Statements and Supplementary Data.
|
Changes
in and Disagreements with Accountants on Accounting and Financial
Disclosure.
|
Controls
and Procedures.
|
Other
Information.
|
Directors,
Executive Officers and Corporate
Governance.
|
Executive
Compensation.
|
Security
Ownership of Certain Beneficial Owners and Management and Related
Stockholder Matters.
|
|
|||
(a)
(1) Financial Statements.
|
|
||
Audited Consolidated Financial
Statements of Advance Auto Parts, Inc. and Subsidiaries for the years
ended December 29, 2007, December 30, 2006 and December 31,
2005:
|
|||
F-1
|
|||
F-2
|
|||
F-4
|
|||
F-5
|
|||
F-6
|
|||
Consolidated Statements of Cash Flows |
F-7
|
||
Notes to Consolidated Financial Statements |
F-9
|
||
(2) Financial Statement Schedules |
|
||
Report of Independent Registered Public Accounting Firm |
F-36
|
||
Schedule I Condensed Financial Information of the Registrant |
F-37
|
||
Schedule II Valuation and Qualifying Accounts |
F-42
|
||
(3) Exhibits |
|
||
The Exhibit Index following the signatures for this report is incorporated herein by reference. |
/s/ Darren R. Jackson | /s/ Michael A. Norona | ||
Darren R. Jackson | Michael A. Norona | ||
President, Chief
Executive Officer and Director
|
Executive Vice President,
Chief Financial Officer and
Secretary
|
December
29,
|
December
30,
|
|||||||
Assets
|
2007
|
2006
|
||||||
Current
assets:
|
||||||||
Cash
and cash equivalents
|
$ | 14,654 | $ | 11,128 | ||||
Receivables,
net
|
84,983 | 97,046 | ||||||
Inventories,
net
|
1,529,469 | 1,463,340 | ||||||
Other
current assets
|
53,719 | 40,459 | ||||||
Total
current assets
|
1,682,825 | 1,611,973 | ||||||
Property
and equipment, net of accumulated depreciation of
|
||||||||
$753,024
and $670,571
|
1,047,944 | 994,977 | ||||||
Assets
held for sale
|
3,274 | 1,548 | ||||||
Goodwill
|
33,718 | 33,718 | ||||||
Intangible
assets, net
|
26,844 | 27,926 | ||||||
Other
assets, net
|
10,961 | 12,539 | ||||||
$ | 2,805,566 | $ | 2,682,681 | |||||
Liabilities and
Stockholders' Equity
|
||||||||
Current
liabilities:
|
||||||||
Bank
overdrafts
|
$ | 30,000 | $ | 34,206 | ||||
Current
portion of long-term debt
|
610 | 67 | ||||||
Financed
vendor accounts payable
|
153,549 | 127,543 | ||||||
Accounts
payable
|
688,970 | 651,587 | ||||||
Accrued
expenses
|
301,414 | 252,975 | ||||||
Other
current liabilities
|
51,385 | 47,042 | ||||||
Total
current liabilities
|
1,225,928 | 1,113,420 | ||||||
Long-term
debt
|
505,062 | 477,173 | ||||||
Other
long-term liabilities
|
50,781 | 61,234 | ||||||
Commitments
and contingencies
|
||||||||
Stockholders'
equity:
|
||||||||
Preferred
stock, nonvoting, $0.0001 par value,
|
||||||||
10,000
shares authorized; no shares issued or outstanding
|
- | - | ||||||
Common
stock, voting, $0.0001 par value, 200,000
|
||||||||
shares
authorized; 101,072 shares issued and 99,060 outstanding
|
||||||||
in
2007 and 105,351 issued and outstanding in 2006
|
10 | 11 | ||||||
Additional
paid-in capital
|
274,659 | 414,153 | ||||||
Treasury
stock, at cost, 2,012 shares
|
(74,644 | ) | - | |||||
Accumulated
other comprehensive income
|
(701 | ) | 3,472 | |||||
Retained
earnings
|
824,471 | 613,218 | ||||||
Total
stockholders' equity
|
1,023,795 | 1,030,854 | ||||||
$ | 2,805,566 | $ | 2,682,681 |
Fiscal
Years Ended
|
||||||||||||
2007
|
2006
|
2005
|
||||||||||
Net
sales
|
$ | 4,844,404 | $ | 4,616,503 | $ | 4,264,971 | ||||||
Cost of sales, including
purchasing and warehousing costs
|
2,523,435 | 2,415,339 | 2,250,493 | |||||||||
Gross
profit
|
2,320,969 | 2,201,164 | 2,014,478 | |||||||||
Selling,
general and administrative expenses
|
1,904,540 | 1,797,814 | 1,605,986 | |||||||||
Operating
income
|
416,429 | 403,350 | 408,492 | |||||||||
Other,
net:
|
||||||||||||
Interest
expense
|
(34,809 | ) | (35,992 | ) | (32,384 | ) | ||||||
Gain
on extinguishment of debt
|
- | 986 | - | |||||||||
Other
income, net
|
1,014 | 1,571 | 2,815 | |||||||||
Total
other, net
|
(33,795 | ) | (33,435 | ) | (29,569 | ) | ||||||
Income
before provision for income taxes
|
382,634 | 369,915 | 378,923 | |||||||||
Provision
for income taxes
|
144,317 | 138,597 | 144,198 | |||||||||
Net
income
|
238,317 | 231,318 | 234,725 | |||||||||
Basic
earnings per share
|
$ | 2.30 | $ | 2.18 | $ | 2.17 | ||||||
Diluted
earnings per share
|
$ | 2.28 | $ | 2.16 | $ | 2.13 | ||||||
Average
common shares outstanding
|
103,826 | 106,129 | 108,318 | |||||||||
Dilutive
effect of share-based compensation
|
828 | 995 | 1,669 | |||||||||
Average
common shares outstanding - assuming dilution
|
104,654 | 107,124 | 109,987 |
Accumulated
|
|
||||||||||||||||||||||||||||||
Additional
|
Treasury
Stock,
|
Other
|
|
Total
|
|||||||||||||||||||||||||||
Preferred
Stock
|
Common
Stock
|
Paid-in
|
at cost
|
Comprehensive
|
Retained
|
Stockholders'
|
|||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Shares
|
Amount
|
Income
|
Earnings
|
Equity
|
||||||||||||||||||||||
Balance, January 1,
2005
|
-
|
$
|
-
|
113,917
|
$
|
11
|
$
|
695,212
|
5,550
|
$
|
(146,370
|
)
|
$
|
814
|
|
$
|
172,648
|
|
$
|
722,315
|
|||||||||||
Net
income
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
234,725
|
234,725
|
|||||||||||||||||||||
Unrealized
gain on hedge arrangement
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
2,276
|
-
|
2,276
|
|||||||||||||||||||||
Comprehensive
income
|
237,001
|
||||||||||||||||||||||||||||||
Issuance
of shares upon the exercise of stock options
|
-
|
-
|
2,727
|
-
|
28,696
|
-
|
-
|
-
|
-
|
28,696
|
|||||||||||||||||||||
Tax
benefit related to exercise of stock options
|
-
|
-
|
-
|
-
|
30,300
|
-
|
-
|
-
|
-
|
30,300
|
|||||||||||||||||||||
Stock
issued under employee stock purchase plan
|
-
|
-
|
110
|
-
|
3,286
|
-
|
-
|
-
|
-
|
3,286
|
|||||||||||||||||||||
Treasury
stock purchased
|
-
|
-
|
-
|
-
|
-
|
3,011
|
(102,483
|
)
|
-
|
-
|
(102,483
|
)
|
|||||||||||||||||||
Treasury
stock retired
|
- | - | (7,122 | ) | (193,185 | ) | (7,122 | ) | 193,185 | - | - | - | |||||||||||||||||||
Other
|
-
|
-
|
5
|
-
|
656
|
-
|
-
|
-
|
-
|
656
|
|||||||||||||||||||||
Balance, December 31,
2005
|
-
|
$
|
-
|
109,637
|
$
|
11
|
$
|
564,965
|
1,439
|
$
|
(55,668
|
)
|
$
|
3,090
|
$
|
407,373
|
$
|
919,771
|
|||||||||||||
Net
income
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
231,318
|
231,318
|
|||||||||||||||||||||
Unrealized
loss on hedge arrangement, net of $12 tax
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(61
|
)
|
-
|
(61
|
)
|
|||||||||||||||||||
Adjustment
to adopt FASB Statement No. 158, net of $2,041 tax
|
- | - | - | - | - | - | - | 3,316 | - | 3,316 | |||||||||||||||||||||
Reclassification
of gain on hedge arrangements into earnings, before tax
|
- | - | - | - | - | - | - | (2,873 |
)
|
- | (2,873 |
)
|
|||||||||||||||||||
Comprehensive
income
|
231,700
|
||||||||||||||||||||||||||||||
Issuance
of shares upon the exercise of stock options
|
-
|
-
|
741
|
-
|
14,043
|
-
|
-
|
-
|
-
|
14,043
|
|||||||||||||||||||||
Tax
benefit from share-based compensation
|
-
|
-
|
-
|
-
|
5,272
|
-
|
-
|
-
|
-
|
5,272
|
|||||||||||||||||||||
Share-based compensation
|
-
|
-
|
-
|
-
|
19,052
|
-
|
-
|
-
|
-
|
19,052
|
|||||||||||||||||||||
Stock
issued under employee stock purchase plan
|
- | - | 90 | - | 2,908 | - | - | - | - | 2,908 | |||||||||||||||||||||
Treasury
stock purchased
|
-
|
-
|
-
|
-
|
-
|
3,678
|
(136,671
|
)
|
-
|
-
|
(136,671
|
)
|
|||||||||||||||||||
Treasury
stock retired
|
-
|
-
|
(5,117
|
)
|
-
|
(192,339
|
)
|
(5,117
|
)
|
192,339
|
-
|
-
|
-
|
||||||||||||||||||
Cash
dividends
|
- | - | - | - | - | - | - | - | (25,473 |
)
|
(25,473 |
)
|
|||||||||||||||||||
Other
|
-
|
-
|
-
|
-
|
252
|
-
|
-
|
-
|
-
|
252
|
|||||||||||||||||||||
Balance, December 30,
2006
|
-
|
$
|
-
|
105,351
|
$
|
11
|
$
|
414,153
|
-
|
$
|
-
|
|
$
|
3,472
|
$
|
613,218
|
$
|
1,030,854
|
|||||||||||||
Net
income
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
238,317
|
238,317
|
|||||||||||||||||||||
Changes
in net unrecognized other postretirement benefit costs, net of $414
tax
|
- | - | - | - | - | - | - | 636 | - | 636 | |||||||||||||||||||||
Unrealized
loss on hedge arrangement, net of $3,087 tax
|
- | - | - | - | - | - | - | (4,809 | ) | - | (4,809 | ) | |||||||||||||||||||
Comprehensive
income
|
234,144
|
||||||||||||||||||||||||||||||
Issuance
of shares upon the exercise of stock options
|
-
|
-
|
1,867
|
-
|
40,468
|
-
|
-
|
-
|
-
|
40,468
|
|||||||||||||||||||||
Tax
benefit from share-based compensation
|
-
|
-
|
-
|
-
|
11,088
|
-
|
-
|
-
|
-
|
11,088
|
|||||||||||||||||||||
Issuance
of restricted stock, net of forfeitures
|
- | - | 130 | - | - | - | - | - | - | - | |||||||||||||||||||||
Amortization
of restricted stock balance
|
- | - | - | - | 1,341 | - | - | - | - | 1,341 | |||||||||||||||||||||
Share-based
compensation
|
-
|
-
|
-
|
-
|
16,755
|
-
|
-
|
-
|
-
|
16,755
|
|||||||||||||||||||||
Stock
issued under employee stock purchase plan
|
-
|
-
|
53
|
-
|
1,888
|
-
|
-
|
-
|
-
|
1,888
|
|||||||||||||||||||||
Treasury
stock purchased
|
-
|
-
|
-
|
-
|
-
|
8,341
|
(285,869
|
)
|
-
|
-
|
(285,869
|
)
|
|||||||||||||||||||
Treasury
stock retired
|
-
|
-
|
(6,329
|
)
|
(1
|
)
|
(211,225
|
)
|
(6,329
|
)
|
211,225
|
-
|
-
|
(1
|
) | ||||||||||||||||
Cash
dividends
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(24,789
|
)
|
(24,789
|
)
|
|||||||||||||||||||
Adoption
of FIN No. 48
|
- | - | - | - | - | - | - | - | (2,275 | ) | (2,275 | ) | |||||||||||||||||||
Other
|
-
|
-
|
-
|
-
|
191
|
-
|
-
|
-
|
-
|
191
|
|||||||||||||||||||||
Balance, December 30,
2006
|
-
|
$
|
-
|
101,072
|
$
|
10
|
$
|
274,659
|
2,012
|
$
|
(74,644
|
) |
$
|
(701
|
) |
$
|
824,471
|
$
|
1,023,795
|
Fiscal
Years Ended
|
||||||||||||
2007
|
2006
|
2005
|
||||||||||
Cash
flows from operating activities:
|
||||||||||||
Net
income
|
$ | 238,317 | $ | 231,318 | $ | 234,725 | ||||||
Adjustments
to reconcile net income to net cash provided by
|
||||||||||||
operating
activities:
|
||||||||||||
Depreciation
and amortization
|
147,264 | 139,423 | 119,938 | |||||||||
Amortization
of deferred debt issuance costs
|
236 | 534 | 620 | |||||||||
Share-based
compensation
|
18,096 | 19,052 | 363 | |||||||||
Loss
on disposal of property and equipment, net
|
11,066 | 2,103 | 503 | |||||||||
(Benefit)
provision for deferred income taxes
|
(20,535 | ) | (6,562 | ) | 2,790 | |||||||
Excess
tax benefit from share-based compensation
|
(11,841 | ) | (5,272 | ) | - | |||||||
Tax
benefit related to exercise of stock options
|
- | - | 30,300 | |||||||||
Loss
on extinguishment of debt
|
- | 1,887 | - | |||||||||
Net
decrease (increase) in:
|
||||||||||||
Receivables,
net
|
5,951 | (2,318 | ) | 21,819 | ||||||||
Inventories,
net
|
(66,129 | ) | (92,239 | ) | (130,426 | ) | ||||||
Other
assets
|
(10,709 | ) | 9,412 | (23,963 | ) | |||||||
Net
increase (decrease) in:
|
||||||||||||
Accounts
payable
|
37,383 | 22,339 | 35,610 | |||||||||
Accrued expenses
|
55,256 | 15,264 | 32,805 | |||||||||
Other
liabilities
|
6,187 | (1,337 | ) | (3,452 | ) | |||||||
Net
cash provided by operating activities
|
410,542 | 333,604 | 321,632 | |||||||||
Cash
flows from investing activities:
|
||||||||||||
Purchases
of property and equipment
|
(210,600 | ) | (258,586 | ) | (216,214 | ) | ||||||
Insurance
proceeds related to damaged property
|
6,636 | - | - | |||||||||
Business
acquisitions, net of cash acquired
|
- | (12,500 | ) | (99,300 | ) | |||||||
Proceeds
from sales of property and equipment
|
1,821 | 12,444 | 12,734 | |||||||||
Net
cash used in investing activities
|
(202,143 | ) | (258,642 | ) | (302,780 | ) | ||||||
Cash
flows from financing activities:
|
||||||||||||
(Decrease)
increase in bank overdrafts
|
(4,206 | ) | (15,964 | ) | 29,986 | |||||||
Increase
in financed vendor accounts payable
|
26,006 | 8,192 | 62,455 | |||||||||
Early
extinguishment of debt
|
- | (433,775 | ) | - | ||||||||
Dividends
paid
|
(25,152 | ) | (19,153 | ) | - | |||||||
(Payments)
borrowings on note payable
|
4,232 | (60 | ) | 500 | ||||||||
Borrowings
under credit facilities
|
495,400 | 678,075 | 1,500 | |||||||||
Payments
on credit facilities
|
(471,200 | ) | (205,800 | ) | (33,200 | ) | ||||||
Payment
of debt related costs
|
(821 | ) | (1,070 | ) | - | |||||||
Proceeds
from the issuance of common stock, primarily exercise
|
||||||||||||
of
stock options
|
42,547 | 17,203 | 32,275 | |||||||||
Excess
tax benefit from share-based compensation
|
11,841 | 5,272 | - | |||||||||
Repurchase
of common stock
|
(282,910 | ) | (137,560 | ) | (101,594 | ) | ||||||
Borrowings
secured by trade receivables
|
(610 | ) | 23 | (26,312 | ) | |||||||
Net
cash used in financing activities
|
(204,873 | ) | (104,617 | ) | (34,390 | ) | ||||||
Net
increase (decrease) in cash and cash equivalents
|
3,526 | (29,655 | ) | (15,538 | ) | |||||||
Cash and cash
equivalents, beginning of period
|
11,128 | 40,783 | 56,321 | |||||||||
Cash and cash
equivalents, end of period
|
$ | 14,654 | $ | 11,128 | $ | 40,783 |
Fiscal
Years Ended
|
||||||||||||
2007
|
2006
|
2005
|
||||||||||
Supplemental
cash flow information:
|
||||||||||||
Interest
paid
|
$ | 26,112 | $ | 24,822 | $ | 23,455 | ||||||
Income
tax payments, net
|
158,314 | 130,131 | 115,408 | |||||||||
Non-cash
transactions:
|
||||||||||||
Accrued
purchases of property and equipment
|
30,523 | 24,011 | 39,105 | |||||||||
Repurchases
of common stock not settled
|
2,959 | - | 889 | |||||||||
Retirement
of common stock
|
211,225 | 192,339 | 193,185 | |||||||||
Changes
in other comprehensive income
|
(4,173 | ) | 382 | 2,276 | ||||||||
Adoption
of FIN No. 48, net of tax
|
2,275 | - | - | |||||||||
Declared
but unpaid cash dividends
|
5,957 | 6,320 | - | |||||||||
Contingent
payment accrued on acquisition
|
- | - | 12,500 | |||||||||
Accounts
and note receivable upon disposal of property and
equipment
|
- | - | 2,714 |
December
29,
|
December
30,
|
December
31,
|
||||||||||
2007
|
2006
|
2005
|
||||||||||
Self-insurance
reserves, beginning of period
|
$ | 71,519 | $ | 54,899 | $ | 44,102 | ||||||
Reserves
established
|
102,641 | 97,201 | 80,811 | |||||||||
Reserves
utilized
|
(88,637 | ) | (80,581 | ) | (70,014 | ) | ||||||
Self-insurance
reserves, end of period
|
$ | 85,523 | $ | 71,519 | $ | 54,899 |
December
29,
|
December
30,
|
December
31,
|
||||||||||
2007
|
2006
|
2005
|
||||||||||
Warranty
reserves, beginning of period
|
$ | 13,069 | $ | 11,352 | $ | 10,960 | ||||||
Reserves
established
|
24,722 | 17,352 | 14,268 | |||||||||
Reserves
utilized
|
(20,034 | ) | (15,635 | ) | (13,876 | ) | ||||||
Warranty
reserves, end of period
|
$ | 17,757 | $ | 13,069 | $ | 11,352 |
2005
|
||||
Net
income, as reported
|
$ | 234,725 | ||
Add:
Total stock-based employee compensation
|
||||
expense
included in reported net income, net
|
||||
of
related tax effects
|
225 | |||
Deduct:
Total stock-based employee compensation
|
||||
expense
determined under fair value based method
|
||||
for
all awards, net of related tax effects
|
(9,622 | ) | ||
Pro
forma net income
|
$ | 225,328 | ||
Net
income per share:
|
||||
Basic,
as reported
|
$ | 2.17 | ||
Basic,
pro forma
|
2.08 | |||
Diluted,
as reported
|
2.13 | |||
Diluted,
pro forma
|
2.04 |
Unrealized
gain (loss) on hedge arrangement
|
Unrealized
gain on postretirement
plan
|
Accumulated
Other
Comprehensive Income
|
||||||||||
Balance,
January 1, 2005
|
$ | 814 | $ | - | $ | 814 | ||||||
Fiscal
2005 activity
|
2,276 | - | 2,276 | |||||||||
Balance,
December 31, 2005
|
$ | 3,090 | $ | - | $ | 3,090 | ||||||
Fiscal
2006 activity
|
(2,934 | ) | 3,316 | 382 | ||||||||
Balance,
December 30, 2006
|
$ | 156 | $ | 3,316 | $ | 3,472 | ||||||
Fiscal
2007 activity
|
(4,809 | ) | 636 | (4,173 | ) | |||||||
Balance,
December 29, 2007
|
$ | (4,653 | ) | $ | 3,952 | $ | (701 | ) |
·
|
Significant
negative industry trends;
|
· |
Significant
changes in technology;
|
· |
Significant
underutilization of assets; and
|
· |
Significant
changes in how assets are used or are planned to be
used.
|
Cost of
Sales
|
SG&A
|
||||||
●
|
Total
cost of merchandise sold including:
|
●
|
Payroll
and benefit costs for retail and corporate
|
||||
–
|
Freight
expenses associated with moving
|
team
members;
|
|||||
merchandise
inventories from our vendors to
|
●
|
Occupancy
costs of retail and corporate facilities;
|
|||||
our
distribution center,
|
●
|
Depreciation
related to retail and corporate assets;
|
|||||
–
|
Vendor
incentives, and
|
●
|
Advertising;
|
||||
–
|
Cash
discounts on payments to vendors;
|
●
|
Costs
associated with our commercial delivery
|
||||
●
|
Inventory
shrinkage;
|
program,
including payroll and benefit costs,
|
|||||
●
|
Defective
and warranty costs;
|
and
transportation expenses associated with moving
|
|||||
●
|
Costs
associated with operating our distribution
|
merchandise
inventories from our retail stores to
|
|||||
network,
including payroll and benefit costs,
|
our
customer locations;
|
||||||
occupancy
costs and depreciation; and
|
●
|
Freight
expenses associated with moving
|
|||||
●
|
Freight
expenses associated with moving
|
merchandise
inventories from our Local Area
|
|||||
merchandise
inventories from our distribution
|
Warehouses,
or LAWs, and Parts Delivered Quickly
|
||||||
center to our retail stores. |
warehouses,
or PDQs, to our retail stores after the
|
||||||
customer
has special-ordered the merchandise;
|
|||||||
●
|
Self-insurance
costs;
|
||||||
●
|
Professional
services; and
|
||||||
●
|
Other
administrative costs, such as credit card
|
||||||
service
fees, supplies, travel and
lodging.
|
September
14,
|
||||
2005
|
||||
Cash
|
$ | 223 | ||
Receivables,
net
|
10,224 | |||
Inventories
|
32,914 | |||
Other
current assets
|
812 | |||
Property
and equipment
|
5,332 | |||
Goodwill
|
17,625 | |||
Intangible
assets
|
29,000 | |||
Other
assets
|
1,454 | |||
Total
assets acquired
|
97,584 | |||
Accounts
payable
|
(5,690 | ) | ||
Current
liabilities
|
(4,062 | ) | ||
Other
long-term liabilities
|
(206 | ) | ||
Total
liabilities assumed
|
(9,958 | ) | ||
Net
assets acquired
|
$ | 87,626 |
December
31,
2005
|
||||
Net
sales
|
$ | 4,337,461 | ||
Net
income
|
238,290 | |||
Earnings
per diluted share
|
2.17 |
Acquired
intangible assets
|
||||||||||||||||
Not
Subject
|
||||||||||||||||
Subject
to Amortization
|
to
Amortization
|
|||||||||||||||
Customer
|
Trademark
and
|
Intangible
|
||||||||||||||
Relationships
|
Other
|
Tradenames
|
Assets,
net
|
|||||||||||||
Gross
carrying amount
|
$ | 9,600 | $ | 885 | $ | 18,800 | $ | 29,285 | ||||||||
2006
amortization
|
(1,181 | ) | (178 | ) | - | (1,359 | ) | |||||||||
Net
book value at December 30, 2006
|
$ | 8,419 | $ | 707 | $ | 18,800 | $ | 27,926 | ||||||||
2007
amortization
|
(955 | ) | (127 | ) | - | (1,082 | ) | |||||||||
Net
book value at December 29, 2007
|
$ | 7,464 | $ | 580 | $ | 18,800 | $ | 26,844 |
2008
|
$ | 1,087 | |||
2009
|
1,087 | ||||
2010
|
1,059 | ||||
2011
|
967 | ||||
2012
|
967 |
AAP
Segment
|
AI
Segment
|
Total
|
||||||||||
Balance
at December 31, 2005
|
$ | 16,654 | $ | 50,440 | $ | 67,094 | ||||||
Reclassification
to intangible assets among
|
||||||||||||
other
purchase accounting adjustments
|
(561 | ) | (32,815 | ) | (33,376 | ) | ||||||
Balance
at December 30, 2006
|
$ | 16,093 | $ | 17,625 | $ | 33,718 | ||||||
Fiscal
2007 activity
|
- | - | - | |||||||||
Balance
at December 29, 2007
|
$ | 16,093 | $ | 17,625 | $ | 33,718 |
December
31,
|
|||||
2005
|
|||||
Estimated
fixed costs
|
$ | 15,351 | |||
Insurance
recovery of fixed costs, net of deductibles
|
(6,518 | ) | |||
Insurance
recovery for merchandise inventories settled during the year, net of
deductibles
|
(8,941 | ) | |||
Net
expense
|
$ | (108 | ) |
(a)
|
December
29,
|
December
30,
|
|||||||
2007
|
2006
|
|||||||
Trade
|
$ | 14,782 | $ | 13,149 | ||||
Vendor
|
71,403 | 73,724 | ||||||
Insurance
recovery
|
- | 9,676 | ||||||
Other
|
2,785 | 5,137 | ||||||
Total
receivables
|
88,970 | 101,686 | ||||||
Less: Allowance
for doubtful accounts
|
(3,987 | ) | (4,640 | ) | ||||
Receivables,
net
|
$ | 84,983 | $ | 97,046 |
December
29,
|
December
30,
|
|||||||
2007
|
2006
|
|||||||
Inventories
at FIFO, net
|
$ | 1,435,697 | $ | 1,380,573 | ||||
Adjustments
to state inventories at LIFO
|
93,772 | 82,767 | ||||||
Inventories
at LIFO, net
|
$ | 1,529,469 | $ | 1,463,340 |
December
29,
|
December
30,
|
December
31,
|
||||||||||
2007
|
2006
|
2005
|
||||||||||
Inventory
reserves, beginning of period
|
$ | 31,376 | $ | 22,825 | $ | 21,929 | ||||||
Reserves
established
|
106,387 | 94,206 | 90,431 | |||||||||
Reserves
utilized
|
(102,198 | ) | (85,655 | ) | (89,535 | ) | ||||||
Inventory
reserves, end of period
|
$ | 35,565 | $ | 31,376 | $ | 22,825 |
Original
Useful
Lives
|
December
29, 2007
|
December
30, 2006
|
|||||||
Land
and land improvements
|
0 -
10 years
|
$ | 274,710 | $ | 238,186 | ||||
Buildings
|
40
years
|
358,366 | 328,997 | ||||||
Building
and leasehold improvements
|
10
- 40 years
|
208,395 | 197,657 | ||||||
Furniture,
fixtures and equipment
|
3 -
12 years
|
868,421 | 843,645 | ||||||
Vehicles
|
2 -
10 years
|
26,382 | 24,682 | ||||||
Construction
in progress
|
60,464 | 28,151 | |||||||
Other
|
4,230 | 4,230 | |||||||
1,800,968 | 1,665,548 | ||||||||
Less
- Accumulated depreciation and amortization
|
(753,024 | ) | (670,571 | ) | |||||
Property
and equipment, net
|
$ | 1,047,944 | $ | 994,977 |
December
29,
|
December
30,
|
|||||||
2007
|
2006
|
|||||||
Payroll
and related benefits
|
$ | 42,845 | $ | 48,477 | ||||
Warranty
|
17,757 | 13,069 | ||||||
Capital
expenditures
|
21,523 | 24,011 | ||||||
Self-insurance
reserves (a)
|
85,523 | 58,755 | ||||||
Property
taxes
|
28,924 | 23,427 | ||||||
Other
|
104,842 | 85,236 | ||||||
Total
accrued expenses
|
$ | 301,414 | $ | 252,975 |
December
29,
2007
|
December
30,
2006
|
|||||||
Senior
Debt:
|
||||||||
Revolving
facility at variable interest rates
|
||||||||
(5.93%
and 6.13% at December 29, 2007 and December 30,
|
||||||||
2006,
respectively) due October 2011
|
$ | 451,000 | $ | 476,800 | ||||
Term
loan at variable interest rates
|
||||||||
(6.19%
at December 29, 2007) due October 2011
|
50,000 | - | ||||||
Other
|
4,672 | 440 | ||||||
505,672 | 477,240 | |||||||
Less:
Current portion of long-term debt
|
(610 | ) | (67 | ) | ||||
Long-term
debt, excluding current portion
|
$ | 505,062 | $ | 477,173 |
2008
|
$ | 610 | ||
2009
|
740 | |||
2010
|
704 | |||
2011
|
501,662 | |||
2012
|
742 | |||
Thereafter
|
1,214 | |||
$ | 505,672 |
Balance
at December 31, 2006
|
$ 16,453
|
|
Gross
increases related to prior period tax positions
|
1,279
|
|
Gross
decreases related to prior period tax positions
|
(1,853)
|
|
Gross
increases related to current period tax positions
|
5,340
|
|
Settlements
|
(539)
|
|
Expiration
of statute of limitations
|
(271)
|
|
Balance
at December 29, 2007
|
$ 20,409
|
Current
|
Deferred
|
Total
|
||||||||||
2007-
|
||||||||||||
Federal
|
$ | 143,726 | $ | (17,444 | ) | $ | 126,282 | |||||
State
|
21,126 | (3,091 | ) | 18,035 | ||||||||
$ | 164,852 | $ | (20,535 | ) | $ | 144,317 | ||||||
2006- | ||||||||||||
Federal
|
$ | 126,726 | $ | (4,874 | ) | $ | 121,852 | |||||
State
|
18,433 | (1,688 | ) | 16,745 | ||||||||
$ | 145,159 | $ | (6,562 | ) | $ | 138,597 | ||||||
2005- | ||||||||||||
Federal
|
$ | 124,978 | $ | (1,343 | ) | $ | 123,635 | |||||
State
|
16,430 | 4,133 | 20,563 | |||||||||
$ | 141,408 | $ | 2,790 | $ | 144,198 |
2007
|
2006
|
2005
|
||||||||||
Income
from continuing operations
|
||||||||||||
at
statutory U.S. federal income tax rate (35%)
|
$ | 133,922 | $ | 129,470 | $ | 132,623 | ||||||
State
income taxes, net of federal
income
tax benefit
|
11,723 | 10,884 | 13,366 | |||||||||
Non-deductible
expenses
|
1,181 | 1,155 | (3 | ) | ||||||||
Valuation
allowance
|
221 | 70 | 75 | |||||||||
Other,
net
|
(2,730 | ) | (2,982 | ) | (1,863 | ) | ||||||
$ | 144,317 | $ | 138,597 | $ | 144,198 |
December
29,
|
December
30,
|
|||||||
2007
|
2006
|
|||||||
Deferred
income tax assets
|
$ | 73,660 | $ | 52,873 | ||||
Valuation
allowance
|
(1,396 | ) | (1,174 | ) | ||||
Deferred
income tax liabilities
|
(118,404 | ) | (119,361 | ) | ||||
Net
deferred income tax liabilities
|
$ | (46,140 | ) | $ | (67,662 | ) |
December
29,
|
December
30,
|
|||||||
2007
|
2006
|
|||||||
Current
deferred income tax liabilities
|
||||||||
Inventory
differences
|
$ | (86,012 | ) | $ | (79,071 | ) | ||
Accrued
medical and workers compensation
|
26,125 | 22,114 | ||||||
Accrued
expenses not currently deductible for tax
|
13,635 | 15,213 | ||||||
Net
operating loss carryforwards
|
817 | 130 | ||||||
Total
current deferred income tax assets (liabilities)
|
$ | (45,435 | ) | $ | (41,614 | ) | ||
Long-term
deferred income tax liabilities
|
||||||||
Property
and equipment
|
(32,392 | ) | (40,194 | ) | ||||
Postretirement
benefit obligation
|
3,661 | 4,423 | ||||||
Share-based
compensation
|
12,854 | 7,671 | ||||||
Net
operating loss carryforwards
|
2,397 | 1,622 | ||||||
Valuation
allowance
|
(1,396 | ) | (1,174 | ) | ||||
Other,
net
|
14,171 | 1,604 | ||||||
Total
long-term deferred income tax assets (liabilities)
|
$ | (705 | ) | $ | (26,048 | ) |
Total
|
|||||
2008
|
$ | 265,506 | |||
2009
|
236,655 | ||||
2010
|
218,592 | ||||
2011
|
196,658 | ||||
2012
|
173,768 | ||||
Thereafter
|
1,051,480 | ||||
$ | 2,142,659 |
2007
|
2006
|
2005
|
||||||||||
Minimum
facility rentals
|
$ | 245,135 | $ | 217,588 | $ | 191,897 | ||||||
Contingent
facility rentals
|
730 | 1,090 | 1,334 | |||||||||
Equipment
rentals
|
5,490 | 5,735 | 4,128 | |||||||||
Vehicle
rentals
|
14,572 | 13,554 | 11,316 | |||||||||
265,927 | 237,967 | 208,675 | ||||||||||
Less: Sub-lease
income
|
(4,038 | ) | (4,166 | ) | (3,665 | ) | ||||||
$ | 261,889 | $ | 233,801 | $ | 205,010 |
2007
|
2006
|
|||||||
Change
in benefit obligation:
|
||||||||
Benefit
obligation at beginning of the year
|
$ | 10,517 | $ | 13,711 | ||||
Interest
cost
|
550 | 726 | ||||||
Benefits
paid
|
(673 | ) | (794 | ) | ||||
Actuarial
gain
|
(1,631 | ) | (3,126 | ) | ||||
Benefit
obligation at end of the year
|
8,763 | 10,517 | ||||||
Change
in plan assets:
|
||||||||
Fair
value of plan assets at beginning of the year
|
- | - | ||||||
Employer
contributions
|
673 | 794 | ||||||
Participant
contributions
|
995 | 1,088 | ||||||
Benefits
paid
|
(1,668 | ) | (1,882 | ) | ||||
Fair
value of plan assets at end of year
|
- | - | ||||||
Funded
Status
|
$ | 8,763 | $ | 10,517 |
2007
|
2006
|
2005
|
||||||||||
Service
cost
|
$ | - | $ | - | $ | - | ||||||
Interest
cost
|
550 | 726 | 802 | |||||||||
Amortization
of the prior service cost
|
(581 | ) | (581 | ) | (581 | ) | ||||||
Amortization
of recognized net losses
|
- | 210 | 239 | |||||||||
$ | (31 | ) | $ | 355 | $ | 460 |
2007
|
2006
|
|||||||
Postretirement
benefit obligation
|
5.50% | 5.50% | ||||||
Net
periodic postretirement benefit cost
|
6.00% | 5.50% |
Amount
|
|||||
2008
|
$ | 930 | |||
2009
|
1,008 | ||||
2010
|
1,010 | ||||
2011
|
1,015 | ||||
2012
|
994 | ||||
2013-2017
|
3,989 |
Before
Application
of Statement 158
|
Adjustments
|
After
Application
of
Statement 158
|
||||||||||
Accrued
expenses
|
$ | 251,955 | $ | 1,020 | $ | 252,975 | ||||||
Other
long-term liabilities
|
65,570 | (4,336 | ) | 61,234 | ||||||||
Accumulated
other comprehensive income
|
156 | 3,316 | 3,472 | |||||||||
Total
stockholders' equity
|
1,027,538 | 3,316 | 1,030,854 |
Black-Scholes
Option Valuation Assumptions (1)
|
2007
|
2006
|
2005
|
|||||||||
Risk-free
interest rate (2)
|
4.8% | 4.6% | 3.7% | |||||||||
Expected
dividend yield (3)
|
0.6% | 0.6% | - | |||||||||
Expected
stock price volatility (4)
|
29.0% | 28.0% | 33.2% | |||||||||
Expected
life of stock options (in months) (5)
|
51 | 44 | 48 |
(1)
|
Forfeitures
are based on historical
experience.
|
(2)
|
The
risk-free interest rate is based on a U.S. Treasury constant maturity
interest rate whose term is consistent with the expected life of the
Company’s stock options and SARs.
|
(3)
|
The
Company declared its first ever cash dividend beginning in its first
quarter of 2006.
|
(4)
|
Expected
volatility is based on the historical volatility of the Company’s common
stock for the period consistent with the expected life of the Company’s
stock options and SARs.
|
(5)
|
The
expected life of the Company’s stock options and SARs represents the
estimated period of time until exercise and is based on historical
experience of such awards.
|
Number
of Awards
|
Weighted-
Average
Exercise
Price
|
Weighted-
Average
Remaining
Contractual
Term
(in years)
|
Aggregate
Intrinsic
Value
|
|||||||||||||
Outstanding
at December 31, 2006
|
7,269 | $ | 29.31 | |||||||||||||
Granted
|
1,538 | 38.20 | ||||||||||||||
Exercised
|
(1,867 | ) | 21.69 | |||||||||||||
Forfeited
|
(1,001 | ) | 37.20 | |||||||||||||
Outstanding
at December 29, 2007
|
5,939 | $ | 32.68 | 4.34 | $ | 36,718 | ||||||||||
Vested
and expected to vest
|
5,732 | $ | 32.48 | 4.34 | $ | 36,509 | ||||||||||
Outstanding
and exercisable
|
3,182 | $ | 27.78 | 3.40 | $ | 34,465 |
Number
of
Awards
|
Weighted-
Average
Grant
Date
Fair
Value
|
||||
Unvested
at December 31, 2006
|
-
|
$ -
|
|||
Granted
|
160
|
38.14
|
|||
Vested
|
-
|
-
|
|||
Forfeited
|
(30)
|
38.03
|
|||
Unvested
at December 29, 2007
|
130
|
$ 38.17
|
2007
|
2006
|
2005
|
||||||||||
Net
Sales
|
||||||||||||
AAP
|
$ | 4,709,390 | $ | 4,505,437 | $ | 4,234,667 | ||||||
AI
|
135,014 | 111,066 | 30,304 | |||||||||
Total
Net Sales
|
$ | 4,844,404 | $ | 4,616,503 | $ | 4,264,971 | ||||||
Percentage
of Sales, by Product Group
|
||||||||||||
in
AAP Segment (1)
|
||||||||||||
Parts
|
57 | % | 57 | % | 61 | % | ||||||
Accessories
|
18 | % | 18 | % | 15 | % | ||||||
Chemicals
|
12 | % | 12 | % | 12 | % | ||||||
Oil
|
9 | % | 9 | % | 7 | % | ||||||
Other
|
4 | % | 4 | % | 5 | % | ||||||
Total
|
100 | % | 100 | % | 100 | % | ||||||
Income
(loss) before provision (benefit) for income taxes
|
||||||||||||
AAP
|
$ | 383,392 | $ | 368,818 | $ | 377,205 | ||||||
AI
|
(758 | ) | 1,097 | 1,718 | ||||||||
Total
income (loss) before provision (benefit) for income
taxes
|
$ | 382,634 | $ | 369,915 | $ | 378,923 | ||||||
Provision
(benefit) for income taxes
|
||||||||||||
AAP
|
$ | 144,579 | $ | 138,144 | $ | 143,514 | ||||||
AI
|
(262 | ) | 453 | 684 | ||||||||
Total
provision (benefit) for income taxes
|
$ | 144,317 | $ | 138,597 | $ | 144,198 | ||||||
Segment
assets
|
||||||||||||
AAP
|
$ | 2,663,791 | $ | 2,565,986 | $ | 2,446,226 | ||||||
AI
|
141,775 | 116,695 | 95,923 | |||||||||
Total
segment assets
|
$ | 2,805,566 | $ | 2,682,681 | $ | 2,542,149 | ||||||
Depreciation
and amortization
|
||||||||||||
AAP
|
$ | 142,194 | $ | 135,159 | $ | 119,184 | ||||||
AI
|
5,070 | 4,264 | 754 | |||||||||
Total
depreciation and amortization
|
$ | 147,264 | $ | 139,423 | $ | 119,938 | ||||||
Capital
expenditures
|
||||||||||||
AAP
|
$ | 203,486 | $ | 251,024 | $ | 215,585 | ||||||
AI
|
7,114 | 7,562 | 629 | |||||||||
Total
capital expenditures
|
$ | 210,600 | $ | 258,586 | $ | 216,214 |
2007
|
First
|
Second
|
Third
|
Fourth
|
||||||||||||
(16
weeks)
|
(12
weeks)
|
(12
weeks)
|
(12
weeks)
|
|||||||||||||
Net
sales
|
$ | 1,468,120 | $ | 1,169,859 | $ | 1,158,043 | $ | 1,048,382 | ||||||||
Gross
profit
|
709,403 | 562,861 | 555,113 | 493,592 | ||||||||||||
Income
from continuing operations
|
76,101 | 68,424 | 59,040 | 34,752 | ||||||||||||
Net
income
|
76,101 | 68,424 | 59,040 | 34,752 | ||||||||||||
Basic
earning per share
|
0.72 | 0.64 | 0.58 | 0.35 | ||||||||||||
Diluted
earnings per share
|
0.71 | 0.64 | 0.57 | 0.35 | ||||||||||||
2006
|
First
|
Second
|
Third
|
Fourth
|
||||||||||||
(16
weeks)
|
(12
weeks)
|
(12
weeks)
|
(12
weeks)
|
|||||||||||||
Net
sales
|
$ | 1,393,010 | $ | 1,107,857 | $ | 1,099,486 | $ | 1,016,150 | ||||||||
Gross
profit
|
665,168 | 527,359 | 530,206 | 478,431 | ||||||||||||
Income
from continuing operations
|
74,081 | 62,936 | 58,947 | 35,354 | ||||||||||||
Net
income
|
74,081 | 62,936 | 58,947 | 35,354 | ||||||||||||
Basic
earnings per share
|
0.69 | 0.60 | 0.56 | 0.34 | ||||||||||||
Diluted
earnings per share
|
0.68 | 0.59 | 0.56 | 0.33 |
December
29,
|
December
30,
|
|||||||
2007
|
2006
|
|||||||
Assets
|
||||||||
Cash
and cash equivalents
|
$ | 23 | $ | 23 | ||||
Other
current assets
|
3 | 3 | ||||||
Investment
in subsidiary
|
1,677,384 | 1,417,907 | ||||||
Total
assets
|
$ | 1,677,410 | $ | 1,417,933 | ||||
Liabilities
and stockholders' equity
|
||||||||
Accrued
expenses
|
$ | 33 | $ | 57 | ||||
Dividends
payable
|
5,957 | 6,320 | ||||||
Intercompany
payable, net
|
647,625 | 380,702 | ||||||
Total
liabilities
|
653,615 | 387,079 | ||||||
Stockholders'
equity
|
||||||||
Preferred
stock, nonvoting, $0.0001 par value,
|
||||||||
10,000
shares authorized; no shares issued or outstanding
|
- | - | ||||||
Common
stock, voting $0.0001 par value; 200,000
|
||||||||
shares
authorized; 101,072 shares issued and 99,060 outstanding
|
||||||||
in
2007 and 105,351 issued and outstanding in 2006
|
10 | 11 | ||||||
Additional
paid-in capital
|
274,659 | 414,153 | ||||||
Treasury
stock, at cost, 2,012 shares in 2007
|
(74,644 | ) | - | |||||
Accumulated
other comprehensive income
|
(701 | ) | 3,472 | |||||
Retained
earnings
|
824,471 | 613,218 | ||||||
Total
stockholders' equity
|
1,023,795 | 1,030,854 | ||||||
Total
liabilities and stockholders' equity
|
$ | 1,677,410 | $ | 1,417,933 |
For
the Years Ended
|
||||||||||||
2007
|
2006
|
2005
|
||||||||||
Selling,
general and administrative expenses
|
$ | 166 | $ | 165 | $ | 165 | ||||||
Loss
before benefit for income taxes
|
(166 | ) | (165 | ) | (165 | ) | ||||||
Income
tax benefit
|
(60 | ) | (58 | ) | (59 | ) | ||||||
Loss
before equity in earnings of subsidiaries
|
(106 | ) | (107 | ) | (106 | ) | ||||||
Equity
in earnings of subsidiaries
|
238,423 | 231,425 | 234,831 | |||||||||
Net
income
|
$ | 238,317 | $ | 231,318 | $ | 234,725 | ||||||
Net
income per basic share
|
$ | 2.30 | $ | 2.18 | $ | 2.17 | ||||||
Net
income per diluted share
|
$ | 2.28 | $ | 2.16 | $ | 2.13 | ||||||
Average
common shares outstanding
|
103,826 | 106,129 | 108,318 | |||||||||
Dilutive
effect of share-based compensation
|
828 | 995 | 1,669 | |||||||||
Average
common shares outstanding - assuming dilution
|
104,654 | 107,124 | 109,987 |
For
the Years Ended
|
||||||||||||
2007
|
2006
|
2005
|
||||||||||
Cash
flows from operating activities:
|
||||||||||||
Net
income
|
$ | 238,317 | $ | 231,318 | $ | 234,725 | ||||||
Adjustments
to reconcile net income to net cash
|
||||||||||||
(used
in) provided by operations:
|
||||||||||||
Equity
in earnings of subsidiary
|
(238,423 | ) | (231,425 | ) | (234,831 | ) | ||||||
Net
(increase) decrease in working capital
|
(24 | ) | 295 | (95 | ) | |||||||
Net
cash (used in) provided by operating activities
|
(130 | ) | 188 | (201 | ) | |||||||
Cash
flows from investing activities:
|
||||||||||||
Change
in net intercompany with subsidiaries
|
130 | (188 | ) | 201 | ||||||||
Net
cash provided by (used in) investing activities
|
130 | (188 | ) | 201 | ||||||||
Cash
flows from financing activities:
|
- | - | - | |||||||||
Net
increase (decrease) in cash and cash equivalents
|
- | - | - | |||||||||
Cash
and cash equivalents, beginning of year
|
23 | 23 | 23 | |||||||||
Cash
and cash equivalents, end of year
|
$ | 23 | $ | 23 | $ | 23 | ||||||
Supplemental
cash flow information:
|
||||||||||||
Interest
paid
|
$ | - | $ | - | $ | - | ||||||
Income
taxes paid, net
|
- | - | - | |||||||||
Noncash
transactions:
|
||||||||||||
Repurchase of Parent's common stock by Stores | $ | 282,910 | $ | 137,560 | $ | 101,594 | ||||||
Retirement
of common stock
|
211,225 | 192,339 | 193,185 | |||||||||
Proceeds received by Stores from stock transactions under the | ||||||||||||
Parent's
stock subscription plan and Stores' stock option plan
|
42,547 | 17,203 | 28,696 | |||||||||
Cash
dividends paid by Stores on behalf of Parent
|
25,152 | 19,153 | - | |||||||||
Declared
but unpaid cash dividends
|
5,957 | 6,320 | - | |||||||||
Changes
in other comprehensive income
|
(4,173 | ) | 382 | 2,276 | ||||||||
Adoption
of FIN No. 48, net of tax
|
2,275 | - | - |
Allowance for doubtful accounts
receivable:
|
Balance at Beginning
of
Period
|
Charges to
Expenses
|
Deductions
|
Other
|
Balance at
End of
Period
|
|||||||||||||||
December
31, 2005
|
$
|
8,103
|
$
|
2,081
|
$
|
(6,066
|
)
|
(1
|
)
|
$
|
568
|
(2 |
)
|
$
|
4,686
|
|||||
December
30, 2006
|
4,686
|
1,228
|
(1,274
|
)
|
(1
|
)
|
-
|
|
|
4,640
|
||||||||||
December
29, 2007
|
4,640
|
996
|
(1,649
|
)
|
(1
|
)
|
-
|
3,987
|
||||||||||||
(1)
|
Accounts
written off during the period. These amounts did not impact our statement
of operations for any year presented.
|
(2)
|
Reserves
assumed in the acquisition of Autopart
International.
|
Dated: February 26, 2008 | |||
|
|
ADVANCE
AUTO PARTS, INC.
|
|
By: |
/s/
Michael A. Norona
|
||
Michael A.
Norona
Executive
Vice President, Chief Financial Officer and
Secretary
|
Signature
|
Title
|
Date
|
|
/s/
Darren R. Jackson
|
President,
Chief Executive
|
February
26, 2008
|
|
Darren
R. Jackson
|
Officer
and Director (Principal
|
||
Executive
Officer)
|
|||
/s/
Michael A. Norona
|
Executive
Vice President, Chief
|
February
26, 2008
|
|
Michael
A. Norona
|
Financial
Officer and Secretary
|
||
(Principal
Financial and
|
|||
Accounting
Officer)
|
|||
/s/
John C. Brouillard
|
Chairman
and Director
|
February
26, 2008
|
|
John
C. Brouillard
|
|||
/s/
Lawrence P. Castellani
|
Director
|
February
26, 2008
|
|
Lawrence
P. Castellani
|
|||
/s/
Nicholas J. LaHowchic
|
Director
|
February
26, 2008
|
|
Nicholas
J. LaHowchic
|
|||
/s/
William S. Oglesby
|
Director
|
February
26, 2008
|
|
William
S. Oglesby
|
|||
/s/
Gilbert T. Ray
|
Director
|
February
26, 2008
|
|
Gilbert
T. Ray
|
|||
/s/
Carlos A. Saladrigas
|
Director
|
February
26, 2008
|
|
Carlos
A. Saladrigas
|
|||
/s/
William L. Salter
|
Director
|
February
26, 2008
|
|
William
L. Salter
|
|||
/s/
Francesca Spinelli
|
Director
|
February
26, 2008
|
|
Francesca
Spinelli
|
|||
Exhibit
Number
|
Description
|
3.1(6)
|
Restated
Certificate of Incorporation of Advance Auto Parts, Inc. (“Advance
Auto”)(as amended on May 19, 2004).
|
3.2
(14)
|
Bylaws
of Advance Auto. (as amended on February 13,
2008).
|
10.1(11)
|
Credit
Agreement dated as of October 5, 2006 among Advance Auto, Advance Stores
Company, Incorporated (“Advance Stores”), as borrower, the lenders party
hereto and JPMorgan Chase Bank, N.A., as administrative
agent.
|
10.2(11)
|
Guarantee
Agreement dated as of October 5, 2006 among Advance Auto and JP Morgan
Chase Bank N.A., as administrative agent.
|
10.3(3)
|
Indemnity,
Subrogation and Contribution Agreement dated as of November 28, 2001 among
Advance Auto, Advance Stores, the Guarantors listed therein and JP Morgan
Chase, as collateral agent.
|
10.4(1) |
Lease
Agreement dated as of January 1, 1997 between Nicholas F. Taubman and
Advance Stores for the distribution center located at 1835 Blue Hills
Drive, N.E., Roanoke, Virginia, as amended.
|
10.5(2)
|
Advance
Auto 2001 Senior Executive Stock Option Plan.
|
10.6(2)
|
Form
of Advance Auto 2001 Senior Executive Stock Option
Agreement.
|
10.7(2)
|
Advance
Auto 2001 Executive Stock Option Plan.
|
10.8(2)
|
Form
of Advance Auto 2001 Stock Option Agreement.
|
10.9(6)
|
Form
of Indemnity Agreement between each of the directors of Advance Auto and
Advance Auto, as successor in interest to Advance
Holding.
|
10.10(2)
|
Form
of Advance Auto 2001 Stock Option Agreement for holders of Discount Auto
Parts, Inc. (“Discount”) fully converted options.
|
10.11(2)
|
Purchase
Agreement dated as of October 31, 2001 among Advance Stores, Advance
Trucking Corporation, LARALEV, INC., Western Auto Supply Company, J.P.
Morgan Securities Inc., Credit Suisse First Boston Corporation and Lehman
Brothers Inc.
|
10.12(3)
|
Joinder
to the Purchase Agreement dated as of November 28, 2001 by and among
Advance Aircraft Company, Inc., Advance Merchandising Company, Inc., WASCO
Insurance Agency, Inc., Western Auto of Puerto Rico, Inc., Western Auto of
St. Thomas, Inc., Discount, DAP Acceptance Corporation, J.P. Morgan
Securities, Inc., Credit Suisse First Boston Corporation and Lehman
Brothers Inc.
|
10.13(4)
|
Form
of Master Lease dated as of February 27, 2001 by and between Dapper
Properties I, II and III, LLC and Discount.
|
10.14(3)
|
Form
of Amendment to Master Lease dated as of December 28, 2001 between Dapper
Properties I, II and III, LLC and Discount.
|
10.15(4)
|
Form
of Sale-Leaseback Agreement dated as of February 27, 2001 by and between
Dapper Properties I, II and III, LLC and
Discount.
|
10.16(3)
|
Substitution
Agreement dated as of November 28, 2001 by and among GE Capital Franchise
Finance Corporation, Washington Mutual Bank, FA, Dapper Properties I, II
and III, LLC, Autopar Remainder I, II and III, LLC, Discount and Advance
Stores.
|
10.17(3)
|
First
Amendment to Substitution Agreement dated as of December 28, 2001 by and
among GE Capital Franchise Finance Corporation, Washington Mutual Bank,
FA, Dapper Properties I, II and III, LLC, Autopar Remainder I, II and III,
LLC, Discount, Advance Stores and Western Auto Supply
Company.
|
10.18(7)
|
Reaffirmation
Agreement dated as of November 3, 2004 among Advance Auto, Advance Stores,
the lenders party thereto and JP Morgan Chase, as administrative agent and
collateral agent.
|
10.19(15) |
Advance
Auto Parts, Inc. 2004 Long-Term Incentive Plan (as amended May 16,
2007).
|
10.20(5) |
Form
of Advance Auto Parts, Inc. 2004 Long-Term Incentive Plan Stock Option
Agreement.
|
10.21(5) |
Form
of Advance Auto Parts, Inc. 2004 Long-Term Incentive Plan Award
Notice.
|
10.22 |
Advance
Auto Parts, Inc. Deferred Stock Unit Plan for Non-Employee Directors and
Selected Executives (as amended January 1, 2008).
|
10.23(8)
|
Amended
Advance Auto Parts, Inc. Employee Stock Purchase
Plan.
|
10.24 |
Advance
Auto Parts, Inc. Deferred Compensation Plan (as amended January 1,
2008).
|
10.25(8)
|
Advance
Auto Parts, Inc. 2006 Executive Bonus Plan.
|
10.26(9)
|
Form
of Employment Agreement among Advance Auto and Advance Stores and Michael
N. Coppola, Paul W. Klasing, Michael O. Moore, David B. Mueller, Elwyn G.
Murray III, Jimmie L. Wade and Keith A.
Oreson.
|
Exhibit
Number
|
Description
|
10.27(10)
|
Release and
Termination Agreement dated as of October 5, 2006, among Advance
Auto, Advance Stores Company, Incorporated and JPMorgan Chase Bank, N.A.,
as administrative agent.
|
10.28(11)
|
Form
of Advance Auto Parts, Inc. 2007 Restricted Stock
Award.
|
10.29(11)
|
Form
of Advance Auto Parts, Inc. 2007 Stock Appreciation Right
Award.
|
10.30(12) |
Term
Loan Credit Agreement dated as of December 4, 2007 among Advance Auto
Parts, Inc., Advance Stores Company, Incorporated, as borrower, the
lenders party hereto and JPMorgan Chase Bank, N.A. as administrative
agent.
|
10.31(12) |
Guarantee
Agreement dated as of December 4, 2007 among Advance Auto Parts, Inc. and
JPMorgan Chase Bank, N.A., as administrative agent for the
lenders.
|
10.32(13) |
Employment
Agreement effective January 7, 2008 between Advance Auto Parts, Inc., and
Darren R. Jackson.
|
10.32(15) |
Advance
Auto Parts, Inc. Executive Incentive Plan.
|
21.1
|
Subsidiaries
of Advance Auto.
|
23.1
|
Consent
of Deloitte & Touche LLP.
|
31.1
|
Certification
of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002.
|
31.2
|
Certification
of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002.
|
32.1
|
Certifications
of Chief Executive Officer and Chief Financial Officer Pursuant to Section
906 of the Sarbanes-Oxley Act of
2002.
|
(1) |
Filed
on June 4, 1998 as an exhibit to Registration Statement on Form S-4 (No.
333-56013) of Advance Stores Company, Incorporated.
|
(2)
|
Furnished
on November 6, 2001 as an exhibit to Amendment No. 2 to Registration
Statement on Form S-4 (No. 333-68858) of Advance Auto Parts,
Inc.
|
(3)
|
Filed
on January 22, 2002 as an exhibit to Registration Statement on Form S-4
(No. 333-81180) of Advance Stores Company,
Incorporated.
|
(4)
|
Filed
on April 2, 2001 as an exhibit to the Quarterly Report on Form 10-Q of
Discount.
|
(5)
|
Filed
on August 16, 2004 as an exhibit to the Quarterly Report on Form 10-Q of
Advance Auto Parts, Inc.
|
(6)
|
Filed
on May 20, 2004 as an exhibit to Current Report on Form 8-K of Advance
Auto Parts, Inc.
|
(7)
|
Filed
on November 9, 2004 as an exhibit to Current Report on Form 8-K of Advance
Auto Parts, Inc.
|
(8)
|
Filed
on March 16, 2006 as an exhibit to the Annual Report on Form 10-K of
Advance Auto Parts, Inc.
|
(9)
|
Filed
on April 6, 2006 as an exhibit to the Annual Report on Form 8-K of Advance
Auto Parts, Inc.
|
(10)
|
Filed
on October 12, 2006 as an exhibit to Current Report on Form 8-K of Advance
Auto Parts, Inc.
|
(11)
|
Filed
on February 26, 2007 as an exhibit to Current Report on Form 8-K of
Advance Auto Parts, Inc.
|
(12) |
Filed
on December 10, 2007 as an exhibit to Current Report on Form 8-K of
Advance Auto Parts, Inc.
|
(13) |
Filed
on January 11, 2008 as an exhibit to Current Report on Form 8-K of Advance
Auto Parts, Inc.
|
(14) |
Filed
on February 19, 2008 as an exhibit to Current Report on Form 8-K of
Advance Auto Parts, Inc.
|
(15) |
Filed
on April 11, 2007 as an exhibit to the Definitive Proxy Statement of
Advance Auto Parts, Inc.
|