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Advance Foundation Gifts $300K to Broward College
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By Counterman
The
link hidden, please login to view, International Truck and IC Bus have partnered to provide what they said is a unique training opportunity for 10 outstanding instructors from ASE-accredited post-secondary medium/heavy truck training programs. link hidden, please login to view The following instructors were chosen to attend a five-day, hands-on training session at the Navistar OEM state-of-the-art training center in Woodridge, Illinois, and received a $1,000 scholarship to underwrite travel expenses.
Nathan Berry, University of Alaska Anchorage Wayne Carpenter, Auto/Diesel Institute of Michigan Brad Conklin, Pennsylvania College of Technology Justin Conway, Lehigh Career and Technical Institute Robbie Lindhorst, Southeastern Illinois College Shannon McCarty, Ashland Community and Technical College Chad Parsons, Laramie County Community College Joe Valora, Elizabethtown Community and Technical College Brad Wake, Francis Tuttle Tech Center Lane Yarbrough, East Mississippi Community College To be eligible for the scholarships, instructors had to be nominated by their supervisors and submit an application, explaining how their program and students would benefit and why they should be selected. Representatives from the ASE Education Foundation, International Truck and IC Bus reviewed the submissions and selected the 10 winners whose programs would benefit the most from attending the hands-on training.
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By Counterman
Applications are now being accepted for the 2024 Byrl Shoemaker/ASE Education Foundation Instructor of the Year. The award recognizes a high school or college instructor from an ASE accredited automotive, diesel/truck or collision repair program who demonstrates excellence through their personal dedication and commitment to the young men and women who have chosen to pursue a technical career in the automotive service industry.
The winner of the Byrl Shoemaker/ASE Education Foundation Instructor of the Year will receive a plaque, an $1,000 award, and an expenses-paid trip for two to attend the ASE Instructor Training Conference held July 15-18 in Minneapolis and ASE’s fall board of directors meeting to be celebrated at the annual technician of the year recognition banquet on Nov. 20 in New Orleans.
link hidden, please login to view Candidates must be nominated by an administrator such as a principal, program director, dean, department chair or CTE director. Finalists will be contacted by ASE Education Foundation field managers to verify their information and eligibility. To nominate an outstanding instructor, administrators should complete the form at
link hidden, please login to view by April 30, 2024. Dr. Shoemaker was the state director of vocational and adult education at the Ohio Department of Education from 1962 to 1982. He was a major contributor to education, including the development of the system of career technical education programs in Ohio and the development of the two-year post high school technician education centers that have grown into the system of community colleges across Ohio. Dr. Shoemaker was also instrumental in the development of VICA (now SkillsUSA) in Ohio as well as nationally and the development of NATEF (now ASE Education Foundation) accreditation, ensuring entry-level automotive repair training programs meet standards set by the automotive service industry at the national level, according to the ASE Education Foundation.
“There are many individuals within the automotive service education field whose contributions continue to influence and inspire long after they are gone. Such an individual was Byrl Shoemaker, Ph.D.,” said Mike Coley, ASE Education Foundation president. “Few have done as much to advance technician education as Dr. Shoemaker. Each year, the ASE Education Foundation honors his memory with the presentation of an award in his name. It is a once-in-a-lifetime achievement for those outstanding instructors whose work reflects the same dedication to technical education modeled by Dr. Shoemaker.”
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By Advance Auto Parts
Advance Auto Parts Appoints Three New Independent Directors
03/11/2024 Enters into Cooperation Agreement with Third Point LLC and Saddle Point Management L.P.
RALEIGH, N.C.--(BUSINESS WIRE)-- Advance Auto Parts, Inc. (NYSE: AAP), a leading automotive aftermarket parts provider in North America that serves both professional installer and do-it-yourself customers, today announced that it has appointed A. Brent Windom, Gregory L. Smith and Thomas W. Seboldt as independent directors to the Advance Auto Parts board, effective immediately. In connection with these appointments, the company has entered into a cooperation agreement with Third Point LLC (together with its affiliates, “Third Point”) and Saddle Point Management, L.P. (together with its affiliates, “Saddle Point”).
“We are pleased to welcome Brent, Greg and Tom to the Advance Auto Parts board,” said Gene Lee, independent chair of the board of directors. “These directors’ automotive industry and supply chain experience will help us progress in our plan to return the company to profitable growth. With new management in place, important strategic actions underway, and an enhanced board, we are confident that Advance is on the right path to create significant long-term value for shareholders.”
“At Advance, our board prioritizes ongoing refreshment to help ensure we have the right expertise and experience to oversee our strategy while profitably growing our business,” said Shane O'Kelly, president and chief executive officer. “As we continue our operational initiatives focusing on the fundamentals, improving our competitive position, and serving our customers better than anyone else, including through the consolidation of our supply chain to a single unified network, we look forward to benefiting from our new directors’ extensive industry relationships and experience.”
“These three directors bring essential operational experience and industry expertise to support Shane as he executes on an ambitious agenda,” said Daniel S. Loeb, chief executive officer of Third Point. “With fresh perspectives in the C-suite and board room and a long runway for growth, we believe Advance is well positioned to create meaningful value for shareholders.”
“Advance has enormous potential to deliver better results for customers, suppliers, team members, and shareholders. The company's collaborative and focused approach is a key enabling factor for success," said Roy J. Katzovicz, chief executive officer of Saddle Point Management, L.P.
The full cooperation agreement, which contains customary standstill, voting and other provisions, will be filed by the company with the U.S. Securities and Exchange Commission as an exhibit to a Current Report on Form 8-K. Additionally, Legion Partners Holdings, LLC (together with its affiliates, “Legion”), another Advance Auto Parts shareholder, has indicated its support for the additions of Mr. Windom, Mr. Smith and Mr. Seboldt to the company’s board of directors.
With the appointments announced today, the company’s board will temporarily expand to 12 directors. At the 2024 annual meeting scheduled for May 22, 2024, 11 director nominees are expected to stand for election to the Advance Auto Parts board, including the three newly appointed directors.
Advisors
Centerview Partners LLC is acting as financial advisor to Advance Auto Parts and Hogan Lovells US LLP is acting as legal counsel. Willkie Farr & Gallagher LLP is acting as legal counsel to Third Point and Saddle Point, and Proskauer Rose LLP is acting as legal counsel to Saddle Point.
About A. Brent Windom
Brent Windom, 63, is an experienced automotive industry executive, having spent nearly four decades working in roles across the sector. Most recently, Mr. Windom served as President and Chief Executive Officer of Uni-Select Inc., a leading automotive refinish, industrial coatings and automotive aftermarket parts distributor. Previously, Mr. Windom was President and COO of Canadian Automotive Group from July 2017 to May 2019, as well as president and Chief Executive Officer of Auto Plus ǀ Pep Boys, which was formed following Icahn Enterprises L.P.’s acquisition of Uni-Select USA, Inc. and Beck/Arnley Worldparts, Inc. Prior to joining IEH Auto Parts, Mr. Windom spent 10 years with Uni-Select, where he held positions of increasing responsibility including President and Chief Operating Officer, Uni-Select USA.
About Gregory L. Smith
Gregory L. Smith, 60, is a proven supply chain expert with nearly 30 years of experience across a variety of industries. Mr. Smith currently serves as Executive Vice President, Global Operation and Supply Chain of Medtronic plc. Prior to joining Medtronic in 2021, Mr. Smith was Executive Vice President, Supply Chain of Walmart Inc. from 2017 to 2021 and Senior Vice President, Global Operations of The Goodyear Tire and Rubber Company from 2011 to 2016. Earlier in his career, Mr. Smith spent a decade with Conagra Foods, Inc., where he served in several leadership positions, including Executive Vice President, Supply Chain. He previously held roles with United Signature Foods LLC and Aurora Foods Inc.
About Thomas W. Seboldt
Thomas W. Seboldt, 57, is a seasoned automotive executive with over three decades of industry experience. Mr. Seboldt spent the vast majority of his career with O’Reilly Automotive, Inc., where he held several titles of increasing responsibility, including Vice President, Merchandising. Mr. Seboldt has also served on the Board of prominent industry associations including the California Automotive Wholesalers' Association (“CAWA”) and the Auto Care Association. During his tenure on the CAWA Board, Mr. Seboldt has served in a variety of positions, including as President, Vice President, Executive Committee member and Treasurer.
About Advance Auto Parts
Advance Auto Parts, Inc. is a leading automotive aftermarket parts provider that serves both professional installer and do-it-yourself customers. As of December 30, 2023, Advance operated 4,786 stores and 321 Worldpac branches primarily within the United States, with additional locations in Canada, Puerto Rico and the U.S. Virgin Islands. The company also served 1,245 independently owned Carquest branded stores across these locations in addition to Mexico and various Caribbean islands. Additional information about Advance, including employment opportunities, customer services, and online shopping for parts, accessories and other offerings can be found at
link hidden, please login to view. Forward-Looking Statements
Certain statements herein are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are usually identifiable by words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “guidance,” “intend,” “likely,” “may,” “plan,” “position,” “possible,” “potential,” “probable,” “project,” “should,” “strategy,” “will,” or similar language. All statements other than statements of historical fact are forward-looking statements, including, but not limited to, statements about our strategic initiatives, operational plans and objectives, corporate governance, board performance, director nominees at the 2024 annual meeting of stockholders, expectations for economic conditions, future business results and future financial performance, as well as statements regarding underlying assumptions related thereto. Forward-looking statements reflect our views based on historical results, current information and assumptions related to future developments. Except as may be required by law, the company undertakes no obligation to update any forward-looking statements made herein. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those projected or implied by the forward-looking statements. They include, among others, factors related to the company’s leadership transition, the timing and implementation of our initiatives, our potential divestiture of Worldpac and the company's Canada business, our ability to hire, train and retain qualified employees, deterioration of general macroeconomic conditions, the highly competitive nature of our industry, demand for our products and services, complexities in our inventory and supply chain and challenges with transforming and growing our business. Please refer to “Item 1A. Risk Factors” of our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”), as updated by our subsequent filings with the SEC, for a description of these and other risks and uncertainties that could cause actual results to differ materially from those projected or implied by the forward-looking statements.
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By Advance Auto Parts
Advance Auto Parts Reports Fourth Quarter and Full Year 2023 Results
02/28/2024 RALEIGH, N.C.--(BUSINESS WIRE)-- Advance Auto Parts, Inc. (NYSE: AAP), a leading automotive aftermarket parts provider in North America, that serves both professional installer and do-it-yourself customers, announced its financial results for the fourth quarter and full year ended December 30, 2023.
“As we closed out 2023, we continued to act with a sense of urgency to stabilize the business and position the company to return to profitable growth,” said Shane O'Kelly, president and chief executive officer. “Our full year results are well below our expectations, and we are focused on instilling greater discipline and accountability both in the fundamental business and in how the organization executes across the board. In addition to the operational improvements we are implementing, we are strengthening internal controls and enhancing the quality of our accounting information to help better inform how we drive the business forward.
“We continue to advance our ongoing operational and strategic review of the business, including the separate sales processes for Worldpac and our Canadian business. We have streamlined and reorganized the company’s leadership structure and have made several important new hires, including the appointments of Ryan Grimsland as Chief Financial Officer and Elizabeth Dreyer as Chief Accounting Officer. Building on the $150 million in annualized SG&A reductions our team executed in the fourth quarter, we recently launched an initiative to eliminate costs related to our indirect spend by an additional $50 million on an annualized basis. We are also moving forward with the consolidation of our supply chain to a single, unified network to create efficiencies and better serve customers. Looking ahead, we are committed to driving enhanced value for shareholders by executing on the fundamentals of our business – focusing on the customer, investing in our frontline and strengthening our competitive position.”
Fourth Quarter and Full Year 2023 Results (1)
Fourth quarter 2023 Net sales totaled $2.5 billion, a 0.4% decrease compared with the prior year. Comparable store sales for the fourth quarter 2023 decreased 1.4%. For full year 2023, Net sales of $11.3 billion increased 1.2% from 2022. Comparable store sales for the full year decreased 0.3%.
The company's Gross profit decreased 11.9% from the fourth quarter of the prior year to $950.8 million or 38.6% of Net sales compared with 43.6% in the prior year quarter. This result reflects both business performance and atypical drivers, primarily attributable to a change in inventory related items and elevated supply chain costs. The company's full year Gross profit was $4.5 billion, or 40.1% of Net sales, representing a 414 basis points decrease from the prior year primarily driven by inventory related items and costs not fully covered by pricing actions.
The company's SG&A was $999.4 million in the fourth quarter, or 40.6% of Net sales compared with 38.8% for the prior year quarter. This was primarily driven by a year over year increase in occupancy costs and store labor. The company's full year SG&A was $4.4 billion, or 39.1% of Net sales compared with 38.2% in the prior year.
The company's fourth quarter Operating loss was $48.6 million, or (2.0)% of Net sales compared with the fourth quarter of the prior year Operating income of $119.3 million or 4.8% of Net sales. The company's full year Operating income was $114.4 million, or 1.0% of Net sales, compared with $670.3 million, or 6.0% of Net sales, in the prior year.
The company's effective tax rate in the fourth quarter of 2023 was 42.3%. The company's Diluted loss per share was $0.59 compared with Diluted earnings per share of $1.39 in the fourth quarter of the prior year. The company's effective tax rate for full year 2023 was 6.6%. The company's 2023 Diluted earnings per share was $0.50 compared with $7.65 in the prior year.
Net cash provided by operating activities was $0.3 billion for the full year 2023 versus $0.7 billion for the prior year. The decrease was primarily driven by lower Net income and working capital. Free cash flow for the full year 2023 was $43.7 million, compared with $312.5 million for the prior year.
During management’s review, the company identified issues with certain previously reported financials. All comparisons are based on the corrected historical results as depicted in the financial tables herein, which include the correction of non-material errors in previously reported results.
The company filed a Form 12b-25 with the Securities and Exchange Commission and disclosed that it expects to file its Form 10-K prior to the expiration of the extension period.
(1) All comparisons are based on the same time period in the prior year. Comparable store sales include locations open for 13 complete accounting periods and excludes sales to independently owned Carquest locations.
Capital Allocation
On February 13, 2024, the company declared a regular cash dividend of $0.25 per share to be paid on April 26, 2024 to all common stockholders of record as of April 12, 2024.
Subsequent Events
On February 26, 2024, the company entered into an amendment to its revolving credit facility to enable certain addbacks to financial covenants for specific write-downs of inventory and vendor receivables. As of December 30, 2023, considering the amendment, the company was in compliance with the credit facility’s financial covenants.
Full Year 2024 Guidance (1)
"In 2024, we are refining our operational improvement plans and building on the decisive actions we have taken to turn around the company’s performance. We are committed to improving overall productivity and taking a disciplined approach to reducing expenses, which will support our focus on investing in our team members. Our 2024 full year guidance is reflective of the steps we must take to reset the business and solidify our foundation for the long term," said Ryan Grimsland, executive vice president and chief financial officer.
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By Counterman
The ASE Education Foundation is partnering with auto dealer associations to conduct student automotive competitions designed to increase awareness of career opportunities in the automotive industry.
“The goal of the student competitions is to connect businesses with schools and increase the interest of students, encouraging them to work and stay within the automotive field,” said Mike Coley, ASE Education Foundation president. “The most recent competition was held in December in Texas and was a big success with 40 teams competing and over 700 students participating in a career fair. These types of events are another way the ASE Education Foundation is working to reduce the industry’s technician shortage.”
Three student competitions are currently scheduled for 2024, with more being planned. Competitions are scheduled for March in Charlotte and the fall in Houston.
During the December event at Texas Motor Speedway, 117 high school seniors from ASE accredited training programs competed in the North Texas Automobile Dealers Auto Tech Competition. Dealer technicians were paired with each of the 40 teams for several weeks leading up to the event, which featured students trying to diagnose and repair bugged vehicles where the problems were notated on repair orders.
The competition format is flexible and can be modified for local or organizational needs. Unlike traditional student competitions where school instructors train and prepare students, these competitions are based on a partnership between schools and the local businesses.
The students selected for the competition job-shadow at a local employer’s service facility and prepare for the contest alongside the technicians in the shop. A list of specific skills for the students to experience is provided to each employer.
The goal is to provide real-world experience to the students while exposing them to job opportunities in the local market, the foundation noted.
To learn more about the student competitions, contact George Arrants, vice president of the ASE Education Foundation, at [email protected].
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