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Advance Giving Away Free Batteries to Randomly Selected Customers on National Battery Day
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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
This winter, extreme weather patterns have been disrupting daily routines nationwide. Flooding, snowfall and subzero temperatures all have taken a toll on our roadways and vehicles, leaving many stranded or unable to leave their homes. For those who can make it out to the streets, driving conditions can be hazardous. Having a reliable, fully charged battery is critical during these weather events.
Several news reports lately have highlighted the negative effects of extreme weather on the growing segment of electric vehicles (EVs). Just as the lead-acid batteries found in conventional automobiles suffer during cold snaps, the battery packs found in EV and hybrid vehicles endure a similar kind of stress. As temperatures drop to freezing and below, EV efficiency (measured in miles per kilowatt-hour, or m/kWh) can be reduced by as much as 34%, shortening effective range. Unfortunately for EV owners, the reduction in range brought about by these cold temperatures means more frequent charging events.
As temperatures plunge, these charging events can take even longer. EV batteries need to achieve a minimum internal temperature before accepting a charge, so the vehicle prioritizes battery preheating before it begins the actual charging process, which itself is less efficient at low temperatures. These delays can lead to lines at public charging stations, and increased numbers of immobile EVs stranded roadside when batteries go flat before reaching a charging station.
Our customers with EVs still have the same type of 12-volt auxiliary battery commonly found in ICE-powered vehicles featuring stop-start technology. The BCI groups 400 and LN1 are just two of the popular AGM applications in this category. For ESS or hybrid vehicles, this battery is necessary for powering accessories when the engine is off, while EVs need a 12-volt power source isolated from their high-voltage traction systems. Maintenance-free AGM batteries are most often used in these applications, due to their ability to recharge quickly and a longer service life when compared to other types of lead-acid batteries.
Lithium-ion batteries (like those used in cordless tools around the shop) are becoming a popular auxiliary option for EVs as well as ICE-powered vehicles. Lithium-ion batteries have a higher energy density than their lead-acid counterparts, so they can pack the same amount of power into a smaller (and lighter) case. Tesla has been using lithium-ion technology for its auxiliary battery in the Model 3, S, X and Y since 2021.
Intelligent Battery Sensors
As batteries and charging systems become more advanced, use of an intelligent battery sensor (IBS) is becoming more commonplace. BMW has used battery sensors since 2002, and uniquely requires “registration” to notify the PCM that a new battery has been installed. This update allows the PCM to tailor the battery-management system to the output of the new battery. The sensor now has a reset “baseline” to make decisions on charging voltage, idle speed and other parameters that affect drivability and battery life. In addition to measuring current in and out of the battery, the IBS also may monitor battery state of charge, state of health and even temperature.
No matter if you’re daily-driving an ICE or an EV, a properly maintained battery and charging system is critical to reliable starting in all kinds of weather. Fortunately, given today’s battery technologies, it’s even easier to maintain and monitor these systems than ever before!
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By NAPA
A resilient effort by Christian Eckes and the
link hidden, please login to view team salvaged a top-10 finish in the NASCAR Craftsman Truck Series (NCTS) opener at Daytona International Speedway on Friday night. The driver of the No. 19 NAPA Auto Care Chevrolet Silverado RST finished 10th despite being involved in three multi-truck accidents in the second half of the event. His 10th-place result earned him 39 points and places him third in the NCTS championship standings.
Eckes was buried deep in the field after qualifying 25th, but he instantly darted toward the front once the green flag flew. Eckes’ aggression was immediately evident as he made three-wide moves on the opening lap. He narrowly avoided a multi-truck accident on lap six and joined the top-10 on lap 13. A one-lap dash to close Stage 1 saw Eckes grab three points in eighth position on lap 20.
Crew chief Charles Denike kept Eckes on track during the caution to inherit track position and found themselves in the mix for the race lead when Stage 2 went green at lap 27. Eckes was in the thick of the battle for the race lead and pushed his new MHR teammate Tyler Ankrum to the Stage 2 win. Eckes pocketed another nine points by running second at the end of the segment on lap 40.
Under the second-stage caution, Eckes pitted for four tires and fuel and restarted 12th on lap 45. A caution on lap 57 allowed him, and several other competitors, to make their final stop for fuel. Eckes restarted 16th on lap 62 and rocketed to the front with some aggressive drafting. He briefly took the lead on lap 72 but was involved in an accident on lap 79 while running second. Despite losing a lap, the NAPA Auto Care team made ample repairs and allowed Eckes to regain his lap on lap 86. With five laps to go, he suffered minor damage in an incident which set up an overtime restart. After restarting 24th with two laps remaining, Eckes drove halfway back through the field but was swept into a track-blocking accident on the final lap and suffered significant damage.
Eckes was able to refire his Chevrolet Silverado RST and drove back around to the checkered flag to finish 10th and start the season just four points out of the championship lead.
“Tonight was a wild night, for sure,” Eckes said. “We were able to drive our NAPA Auto Care Chevrolet up to the front a couple times and were going to be one of the trucks to beat. I was able to work well with our teammates for a while tonight until we got turned off Turn 4 there with 20-to-go or so. I’m proud of the guys on our NAPA team to get it fixed and got our lap back. We never gave up tonight and we saved a ton of points because of it.”
Start / Finish: 25 / 10
Points Standing / Total: 3rd / 39 pts. (-4)
Next Race: Saturday, Feb. 24, Atlanta Motor Speedway
How to Watch or Listen: 2:00 p.m. ET on FS1, MRN or SiriusXM
NAPA:
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