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Elliott Drives to Third-Place Finish in Second Duel at Daytona


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  • Chase Elliott was 14th fastest in Wednesday night’s DAYTONA 500 qualifying, putting him in the second Duel at Daytona International Speedway on Thursday evening.
  • The 2020 NASCAR Cup Series champion started the second Duel from the seventh position and battled inside the top 10 for a majority of the race, ultimately crossing the line in third with his No. 9
    link hidden, please login to view
    Chevrolet Camaro ZL1.
  • With the third-place result, Elliott will line up eighth for Sunday’s 65th running of the DAYTONA 500.

After laying down the 14th fastest lap in Wednesday night’s DAYTONA 500 qualifying, Chase Elliott started seventh in the second Duel on Thursday evening at Daytona International Speedway. From the drop of the green flag, the Dawsonville, Georgia, native maintained his top-10 running position and was in seventh when the first caution of the night came out on lap seven for debris on the backstretch. Under the yellow flag, Elliott reported that he liked the way his No. 9 NAPA Auto Parts Chevrolet Camaro ZL1 drove. After a fuel-only pit stop by the No. 9 crew, the 27-year-old driver lined up seventh for the restart on lap 10.

#9: Chase Elliott, Hendrick Motorsports, NAPA Auto Parts Chevrolet Camaro

As a long green-flag run ensued, the field began to run single-file. Elliott was running in the sixth position until he made a move to the outside with 21 laps to go. Just two laps later the caution flag waved for a multi-car incident on the backstretch. The 2020 NASCAR Cup Series champion narrowly escaped the melee and was scored in the 10th position. The team made another fuel-only pit stop and then decided to bring the NAPA Auto Parts Chevrolet back in for four fresh tires. Elliott restarted just outside the top 10 with 14 laps remaining and maneuvered his way to ninth within two laps. He continued to improve his position from there, making moves on the final lap to score a third-place finish.

With the third-place result, Elliott will start eighth in Sunday’s 65th running of the DAYTONA 500.

#9: Chase Elliott, Hendrick Motorsports, NAPA Auto Parts Chevrolet Camaro

“I had a pretty good run going. Austin (Hill) blocked that and then that kind of stalled the top,” Elliott said. “Then from there, we got really lucky because whoever got loose made a great save up there because I thought we were all wrecked. It was good to get back to third there and get a good start for Sunday. We will try and make our No. 9 NAPA Auto Parts Chevy drive a little better; keep the same pace and I think we’ll be alright.”

Start / Finish: 7/ 3

Next Race: Sunday, February 19, Daytona International Speedway
How to Watch or Listen: 2:00 p.m. ET on FOX, MRN and SiriusXM

NAPA: 

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      (0.5
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      0.5
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      Operating income margin
       
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      300
       
       
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      40
       
       
       
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      984,037
       
       
       
      2,394,365
       
       
       
      2,287,287
       
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      201,682
       
       
       
      224,367
       
       
       
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      1,009
       
       
       
      (575
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      (10,918
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      (49,578
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      (31,058
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      115,183
       
       
       
      190,764
       
       
       
      174,789
       
       
       
      373,894
       
      Provision for income taxes
       
      29,821
       
       
       
      46,362
       
       
       
      46,776
       
       
       
      89,701
       
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      85,362
       
       
      $
      144,402
       
       
      $
      128,013
       
       
      $
      284,193
       
       
       
       
       
       
       
       
       
      Basic earnings per common share
      $
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      $
      2.39
       
       
      $
      2.16
       
       
      $
      4.67
       
      Weighted-average common shares outstanding
       
      59,451
       
       
       
      60,452
       
       
       
      59,384
       
       
       
      60,914
       
       
       
       
       
       
       
       
       
      Diluted earnings per common share
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      $
      2.38
       
       
      $
      2.15
       
       
      $
      4.63
       
      Weighted-average common shares outstanding
       
      59,604
       
       
       
      60,782
       
       
       
      59,570
       
       
       
      61,328
       
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      July 16, 2022 (1)
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      Net income
      $
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      $
      284,193
       
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      Depreciation and amortization
       
      162,974
       
       
       
      148,691
       
      Share-based compensation
       
      26,791
       
       
       
      29,345
       
      Loss and impairment on property and equipment, net
       
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      7,408
       
      Provision for deferred income taxes
       
      16,249
       
       
       
      8,779
       
      Other, net
       
      1,170
       
       
       
      1,575
       
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      Receivables, net
       
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      Accounts payable
       
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      168,219
       
      Accrued expenses
       
      120,888
       
       
       
      (46,887
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      29,805
       
      Net cash (used in) provided by operating activities
       
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      308,543
       
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      (211,212
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      Proceeds from sales of property and equipment
       
      1,532
       
       
       
      830
       
      Net cash used in investing activities
       
      (143,342
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      (210,382
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      Borrowings under credit facilities
       
      4,327,000
       
       
       
      743,000
       
      Payments on credit facilities
       
      (4,417,000
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      (643,000
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      Borrowings on senior unsecured notes
       
      599,571
       
       
       
      348,618
       
      Payments on senior unsecured notes
       

       
       
       
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      (13,808
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      (466,169
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      (1,329
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      Net cash provided by (used in) financing activities
       
      314,403
       
       
       
      (465,560
      )
      Effect of exchange rate changes on cash
       
      1,280
       
       
       
      6,522
       
      Net increase (decrease) in cash and cash equivalents
       
      7,782
       
       
       
      (360,877
      )
      Cash and cash equivalents, beginning of period
       
      269,282
       
       
       
      601,428
       
      Cash and cash equivalents, end of period
      $
      277,064
       
       
      $
      240,551
       
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      July 16, 2022
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      $
      308,543
       
      Purchases of property and equipment
       
      (144,874
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      (211,212
      )
      Free cash flow
      $
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      $
      97,331
       
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      Four Quarters Ended
        (In thousands, except adjusted debt to adjusted EBITDAR ratio)
      July 15,
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      December 31, 2022
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      $
      1,880,074
         
      $
      1,373,283
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      2,705,388
         
       
      2,692,861
        Adjusted debt
      $
      4,585,462
         
      $
      4,066,144
         
       
         
       
        GAAP Net income
      $
      345,692
         
      $
      501,872
        Depreciation and amortization
       
      298,083
         
       
      283,800
        Interest expense
       
      78,572
         
       
      51,060
        Other expense, net
       
      5,412
         
       
      6,996
        Provision for income taxes
       
      103,890
         
       
      146,815
        Rent expense
       
      596,537
         
       
      594,838
        Share-based compensation
       
      48,424
         
       
      50,978
        Other non-cash charges
       
      17,725
         
       

        Adjusted EBITDAR
      $
      1,494,335
         
      $
      1,636,359
         
       
         
       
        Adjusted Debt to Adjusted EBITDAR
       
      3.1
         
       
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        (1)
        Beginning in first quarter 2023, the company no longer excludes transformation-related activities in non-GAAP measures. Prior period has been recast to conform to current year presentation.
      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 an investment grade rating. The company's credit rating directly impacts the interest rates on borrowings under its existing credit facility and could impact the company's ability to obtain additional funding. If the company was unable to maintain its investment grade rating this could negatively impact future performance and limit growth opportunities. Similar measures are utilized in the calculation of the financial covenants and ratios contained in the company's financing arrangements. The leverage ratio calculated by the company is a non-GAAP measure and should not be considered a substitute for debt to net earnings, net earnings or debt as determined in accordance with GAAP. The company adjusts the calculation to remove rent expense and to add back the company’s existing operating lease liabilities related to their right-of-use assets to provide a more meaningful comparison with the company’s peers and to account for differences in debt structures and leasing arrangements. The company’s calculation of its leverage ratio might not be calculated in the same manner as, and thus might not be comparable to, similarly titled measures by other companies.
      Store Information
      During the twenty-eight weeks ended July 15, 2023, 39 stores and branches were opened and 16 were closed or consolidated, resulting in a total of 5,109 stores and branches as of July 15, 2023, compared with a total of 5,086 stores and branches as of December 31, 2022.
      The below table summarizes the changes in the number of company-operated store and branch locations during the twelve and twenty-eight weeks ended July 15, 2023:
       
       
      Twelve Weeks Ended
       
       
      AAP
       
      CARQUEST
       
      WORLDPAC (1)
       
      Total
      April 22, 2023
       
      4,456
       
      322
       
      318
       
      5,096
      New
       
      17
       

       
      1
       
      18
      Closed
       
      (2)
       
      (3)
       

       
      (5)
      July 15, 2023
       
      4,471
       
      319
       
      319
       
      5,109
       
       
      Twenty-Eight Weeks Ended
       
       
      AAP
       
      CARQUEST
       
      WORLDPAC (1)
       
      Total
      December 31, 2022
       
      4,440
       
      330
       
      316
       
      5,086
      New
       
      36
       

       
      3
       
      39
      Closed
       
      (5)
       
      (11)
       

       
      (16)
      July 15, 2023
       
      4,471
       
      319
       
      319
       
      5,109
      There were no consolidated, converted or relocated stores during the twelve and twenty-eight weeks ended July 15, 2023. (1) Certain converted Autopart International ("AI") locations will remain branded as AI going forward.
       

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      Investor Relations Contact:
      Elisabeth Eisleben
      T: (919) 227-5466
      E: [email protected]
      Media Contact:
      Darryl Carr
      T: (984) 389-7207
      E: [email protected]
      Source: Advance Auto Parts, Inc.

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