Advance Auto Parts, Inc. (NYSE: AAP), the largest automotive aftermarket
parts provider in North America, serving both the do-it-yourself and
professional installer markets, today announced its financial results
for the first quarter ended April 19, 2014. First quarter comparable
earnings per diluted share (EPS) were $2.25, an increase of 35.5% versus
the first quarter last year. These first quarter comparable results
exclude $0.11 of amortization of acquired intangible assets, integration
costs of $0.10 associated with the acquisition of General Parts
International, Inc. (General Parts) and $0.03 of integration costs
associated with the integration of B.W.P. Distributors, Inc. (BWP).
|
|
|
|
|
Comparable First Quarter Performance Summary (1,2)
|
|
|
|
|
|
|
|
|
|
|
|
Sixteen Weeks Ended
|
|
|
|
April 19,
|
|
April 20,
|
|
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
Sales (in millions)
|
|
$
|
2,969.5
|
|
|
$
|
2,015.3
|
|
|
|
|
|
|
|
|
|
|
Comp Store Sales %
|
|
2.4
|
%
|
|
(3.2
|
%)
|
|
|
|
|
|
|
|
|
|
Gross Profit (in millions)
|
|
$
|
1,353.1
|
|
|
$
|
1,008.2
|
|
|
|
|
|
|
|
|
|
|
Comparable SG&A (in millions)
|
|
$
|
1,068.7
|
|
|
$
|
802.4
|
|
|
|
|
|
|
|
|
|
|
Comparable Operating Income (in millions)
|
|
$
|
284.4
|
|
|
$
|
205.8
|
|
|
|
|
|
|
|
|
|
|
Comparable Cash EPS
|
|
$
|
2.25
|
|
|
$
|
1.66
|
|
|
|
|
|
|
|
|
|
|
Avg Diluted Shares (in thousands)
|
|
73,355
|
|
|
73,806
|
|
|
|
|
|
|
(1)
|
|
The Comparable SG&A, Comparable Operating Income and Comparable
Cash EPS for the sixteen weeks ended April 19, 2014 have been
reported on a comparable basis to exclude BWP integration costs of
$4.0 million, General Parts integration costs of $11.5 million and
General Parts amortization of $13.1 million related to the
acquired intangible assets. The Comparable SG&A, Comparable
Operating Income and Comparable Cash EPS for the sixteen weeks
ended April 20, 2013 have been reported on a comparable basis to
exclude BWP integration costs of $1.7 million. Refer to the
presentation of the respective financial measures on a GAAP basis
and reconciliation of the financial results reported on a
comparable basis to the GAAP basis in the accompanying financial
tables in this press release.
|
|
|
|
|
|
(2)
|
|
Consistent with its comparable sales policy, the Company will not
include the sales from General Parts in its comparable sales results
in 2014.
|
|
|
|
|
"The General Parts acquisition coupled with strong execution from our
Team Members delivered Comparable Cash EPS growth of approximately 36%
and an increase in comparable store sales of 2.4% in the quarter," said
Darren R. Jackson, Chief Executive Officer. "We are off to an
encouraging start to the year and remain focused on our core business
outcomes while making positive progress with our integration of General
Parts. Together, our operational and integration momentum position our
business for a strong 2014.”
First Quarter 2014 Highlights
Total sales for the first quarter increased 47.3% to $2.97 billion, as
compared with total sales during the first quarter of fiscal 2013 of
$2.02 billion. The sales increase was driven by the acquisition of
General Parts, solid execution delivering a comparable same store sales
increase of 2.4% and the addition of new stores over the past 12 months.
The Company's gross profit rate was 45.6% of sales during the first
quarter as compared to 50.0% during the first quarter last year. The 446
basis-point decrease in gross profit rate was the result of the higher
mix of commercial sales which has a lower gross margin rate resulting
from the acquisition of General Parts partially offset by synergy
savings in the quarter.
The Company's Comparable SG&A rate was 36.0% of sales during the first
quarter as compared to 39.8% during the same period last year. The 383
basis-point decrease was the result of the acquired General Parts
business having a lower SG&A infrastructure and fixed cost leverage from
the positive sales performance, partially offset by higher occupancy
costs driven by harsh winter weather. On a GAAP basis, the Company's
SG&A rate was 37.0% of sales during the first quarter as compared to
39.9% during the same period last year.
The Company's Comparable Operating Income was $284.4 million during the
first quarter, an increase of 38.2% versus the first quarter of fiscal
2013. As a percentage of sales, Comparable Operating Income in the first
quarter was 9.6% compared to 10.2% during the first quarter of fiscal
2013. On a GAAP basis, the Company's operating income during the first
quarter of $255.8 million increased 25.4% versus the first quarter of
fiscal 2013. As a percentage of sales, operating income was 8.6% during
the first quarter as compared to 10.1% during the first quarter of
fiscal 2013.
In the first quarter, the Company generated $81.1 million in operating
cash flow compared to $135.3 million in the first quarter of fiscal
2013. Free cash flow in the first quarter was $20.6 million versus $81.3
million in the first quarter last year. This decrease in free cash flow
was primarily due to an increase in owned inventory, a decrease in
accrued expenses, offset by an increase in net income. Capital
expenditures in the first quarter were $60.5 million as compared to
$63.1 million in the first quarter of fiscal 2013.
“We are pleased with the progress we made during the first quarter as a
combined team post acquisition with General Parts that allowed us to
deliver positive sales performance and approximately 38% growth in
operating income dollars,” said Mike Norona, Executive Vice President
and Chief Financial Officer. “Our base business and integration work
continue to progress well and our synergy work is on-track further
reinforcing our confidence in driving long term value from the
acquisition. Given our performance in the first quarter and the
execution momentum we continue to build, we are raising our full year
guidance for Comparable Cash EPS to be in the range of $7.30 - $7.50.”
Store Information
As of April 19, 2014, the Company operated 5,276 company-operated stores
and 105 Worldpac branches, and served approximately 1,400
independently-owned Carquest stores. The below table summarizes the
changes in the number of the company-operated stores and branches during
the first quarter.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AAP
|
|
AI
|
|
BWP
|
|
CARQUEST
|
|
WORLDPAC
|
|
Total
|
|
December 28, 2013
|
|
3,741
|
|
|
217
|
|
|
91
|
|
|
—
|
|
|
—
|
|
|
4,049
|
|
|
New
|
|
17
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
2
|
|
|
22
|
|
|
Closed
|
|
(2
|
)
|
|
(1
|
)
|
|
—
|
|
|
(6
|
)
|
|
—
|
|
|
(9
|
)
|
|
Acquired (1)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,233
|
|
|
103
|
|
|
1,336
|
|
|
Consolidated
|
|
—
|
|
|
—
|
|
|
(17
|
)
|
|
—
|
|
|
—
|
|
|
(17
|
)
|
|
Converted
|
|
18
|
|
|
—
|
|
|
(18
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
April 19, 2014
|
|
3,774
|
|
|
216
|
|
|
56
|
|
|
1,230
|
|
|
105
|
|
|
5,381
|
|
|
|
|
|
|
(1)
|
|
The Company acquired the Carquest stores and Worldpac branches as
part of its acquisition of General Parts on January 2, 2014. The
number of acquired Carquest stores is 15 less than previously
reported due to reclassification of certain locations.
|
|
|
|
|
Dividend
On May 14, 2014, the Company's Board of Directors declared a regular
quarterly cash dividend of $0.06 per share to be paid on July 2, 2014 to
stockholders of record as of June 18, 2014.
Annual Stockholders' Meeting Announcements
The Company held its annual meeting of stockholders on May 14, 2014.
During the meeting, the following individuals were elected to serve on
the Company's Board of Directors for the next year: John F. Bergstrom,
John C. Brouillard, Fiona P. Dias, Darren R. Jackson, William S.
Oglesby, J. Paul Raines, Gilbert T. Ray, Carlos A. Saladrigas O. Temple
Sloan, III, and Jimmie L. Wade.
The Company's stockholders voted to approve the compensation of the
Company's named executive officers and approved the 2014 long-term
incentive plan. The stockholders also ratified the appointment by the
Company's Audit Committee of Deloitte & Touche LLP as its independent
registered public accounting firm for 2014. A majority of the shares
voted were cast against an advisory proposal regarding the ability of
stockholders to act by written consent.
Investor Conference Call
The Company will host a conference call on Thursday, May 15, 2014, at
10:00 a.m. Eastern Time to discuss its quarterly results. To listen to
the live call, please log on to the Company's website, www.AdvanceAutoParts.com,
or dial (866) 908-1AAP. The call will be archived on the Company's
website until May 15, 2015.
About Advance Auto Parts
Headquartered in Roanoke, Va., Advance Auto Parts, Inc., the largest
automotive aftermarket parts provider in North America, serves both the
do-it-yourself and professional installer markets. As of April 19, 2014
Advance operated 5,276 company-operated stores, 105 Worldpac branches,
and served approximately 1,400 independently owned Carquest branded
stores in 49 states, Puerto Rico, the Virgin Islands and Canada. Advance
employs approximately 74,000 Team Members. Additional information about
the Company, employment opportunities, customer services, and on-line
shopping for parts, accessories and other offerings can be found on the
Company's website at www.AdvanceAutoParts.com.
Forward Looking Statements
Certain statements contained in this release are forward-looking
statements, as that term is used in the Private Securities Litigation
Reform Act of 1995. Forward-looking statements address future events or
developments, and typically use words such as believe, anticipate,
expect, intend, plan, forecast, outlook or estimate. These forward
looking statements include, but are not limited to, statements regarding
the benefits and other effects of the acquisition of General Parts; the
combined company’s plans, objectives and expectations; expected growth
and future performance of AAP, including store growth, capital
expenditures, comparable store sales, SG&A, operating income, gross
profit rate, free cash flow, integration costs for BWP and General
Parts, synergies, expenses to achieve synergies, comparable cash
earnings per diluted share for fiscal year 2014; earnings per share
impact for the 53rd week of fiscal 2014 and other statements that are
not historical facts. These forward-looking statements are subject to
significant risks, uncertainties and assumptions, and actual future
events or results may differ materially from such forward-looking
statements. Such differences may result from, among other things, the
risk that the benefits of the General Parts acquisition, including
synergies, may not be fully realized or may take longer to realize than
expected; the possibility that the General Parts acquisition may not
advance AAP’s business strategy; the risk that AAP may experience
difficulty integrating General Part’s employees, business systems and
technology; the potential diversion of AAP’s management’s attention from
AAP’s other businesses resulting from the General Parts acquisition; the
impact of the General Parts acquisition on third-party relationships,
including customers, wholesalers, independently owned and jobber stores
and suppliers; changes in regulatory, social and political conditions,
as well as general economic conditions; competitive pressures; demand
for AAP’s and General Part’s products; the market for auto parts; the
economy in general; inflation; consumer debt levels; the weather;
business interruptions; information technology security; availability of
suitable real estate; dependence on foreign suppliers; and other factors
disclosed in AAP’s 10-K for the fiscal year ended December 28, 2013 and
other filings made by AAP with the Securities and Exchange Commission.
Readers are cautioned not to place undue reliance on these
forward-looking statements. AAP intends these forward-looking statements
to speak only as of the time of this communication and does not
undertake to update or revise them as more information becomes available.
|
|
|
|
Advance Auto Parts, Inc. and Subsidiaries
|
|
Condensed Consolidated Balance Sheets
|
|
(in thousands)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
April 19,
|
|
December 28,
|
|
April 20,
|
|
|
|
2014
|
|
2013
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
83,358
|
|
|
$
|
1,112,471
|
|
|
$
|
407,724
|
|
Receivables, net
|
|
576,606
|
|
|
277,595
|
|
|
272,208
|
|
Inventories, net
|
|
3,910,948
|
|
|
2,556,557
|
|
|
2,423,772
|
|
Other current assets
|
|
70,872
|
|
|
42,761
|
|
|
59,170
|
|
Total current assets
|
|
4,641,784
|
|
|
3,989,384
|
|
|
3,162,874
|
|
|
|
|
|
|
|
|
|
|
|
Property and equipment, net
|
|
1,425,117
|
|
|
1,283,970
|
|
|
1,284,805
|
|
Assets held for sale
|
|
615
|
|
|
2,064
|
|
|
2,237
|
|
Goodwill
|
|
1,011,299
|
|
|
199,835
|
|
|
201,789
|
|
Intangible assets, net
|
|
789,825
|
|
|
49,872
|
|
|
57,994
|
|
Other assets, net
|
|
44,434
|
|
|
39,649
|
|
|
37,786
|
|
|
|
$
|
7,913,074
|
|
|
$
|
5,564,774
|
|
|
$
|
4,747,485
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
|
Current portion of long-term debt
|
|
$
|
70,865
|
|
|
$
|
916
|
|
|
$
|
689
|
|
Accounts payable
|
|
2,975,975
|
|
|
2,180,614
|
|
|
2,101,549
|
|
Accrued expenses
|
|
541,451
|
|
|
428,625
|
|
|
381,315
|
|
Other current liabilities
|
|
75,956
|
|
|
154,630
|
|
|
140,588
|
|
Total current liabilities
|
|
3,664,247
|
|
|
2,764,785
|
|
|
2,624,141
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt
|
|
2,001,740
|
|
|
1,052,668
|
|
|
604,265
|
|
Other long-term liabilities
|
|
580,456
|
|
|
231,116
|
|
|
248,632
|
|
Total stockholders' equity
|
|
1,666,631
|
|
|
1,516,205
|
|
|
1,270,447
|
|
|
|
$
|
7,913,074
|
|
|
$
|
5,564,774
|
|
|
$
|
4,747,485
|
|
|
|
NOTE: These preliminary condensed consolidated balance sheets
have been prepared on a basis consistent with our previously
prepared balance sheets filed with the Securities and Exchange
Commission for our prior quarter and annual report, but do not
include the footnotes required by generally accepted accounting
principles, or GAAP, for complete financial statements.
|
|
|
|
|
|
Advance Auto Parts, Inc. and Subsidiaries
|
|
Condensed Consolidated Statements of Operations
|
|
Sixteen Week Periods Ended
|
|
April 19, 2014 and April 20, 2013
|
|
(in thousands, except per share data)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1 2014
|
|
Q1 2013
|
|
|
|
|
|
Comparable
|
|
|
|
|
|
Comparable
|
|
|
|
|
|
As Reported
|
|
Adjustments (a)
|
|
Comparable
|
|
As Reported
|
|
Adjustments (a)
|
|
Comparable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
$
|
2,969,499
|
|
|
$
|
—
|
|
|
$
|
2,969,499
|
|
|
$
|
2,015,304
|
|
|
$
|
—
|
|
|
$
|
2,015,304
|
|
|
Cost of sales
|
|
1,616,377
|
|
|
—
|
|
|
1,616,377
|
|
|
1,007,098
|
|
|
—
|
|
|
1,007,098
|
|
|
Gross profit
|
|
1,353,122
|
|
|
—
|
|
|
1,353,122
|
|
|
1,008,206
|
|
|
—
|
|
|
1,008,206
|
|
|
Selling, general and administrative expenses
|
|
1,097,320
|
|
|
(28,579
|
)
|
|
1,068,741
|
|
|
804,138
|
|
|
(1,701
|
)
|
|
802,437
|
|
|
Operating income
|
|
255,802
|
|
|
28,579
|
|
|
284,381
|
|
|
204,068
|
|
|
1,701
|
|
|
205,769
|
|
|
Other, net:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
(23,642
|
)
|
|
—
|
|
|
(23,642
|
)
|
|
(10,660
|
)
|
|
—
|
|
|
(10,660
|
)
|
|
Other income, net
|
|
603
|
|
|
—
|
|
|
603
|
|
|
958
|
|
|
—
|
|
|
958
|
|
|
Total other, net
|
|
(23,039
|
)
|
|
—
|
|
|
(23,039
|
)
|
|
(9,702
|
)
|
|
—
|
|
|
(9,702
|
)
|
|
Income before provision for income taxes
|
|
232,763
|
|
|
28,579
|
|
|
261,342
|
|
|
194,366
|
|
|
1,701
|
|
|
196,067
|
|
|
Provision for income taxes
|
|
85,037
|
|
|
10,860
|
|
|
95,897
|
|
|
72,576
|
|
|
646
|
|
|
73,222
|
|
|
Net income
|
|
$
|
147,726
|
|
|
$
|
17,719
|
|
|
$
|
165,445
|
|
|
$
|
121,790
|
|
|
$
|
1,055
|
|
|
$
|
122,845
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share (b)
|
|
$
|
2.02
|
|
|
$
|
0.24
|
|
|
$
|
2.26
|
|
|
$
|
1.66
|
|
|
$
|
0.01
|
|
|
$
|
1.67
|
|
|
Diluted earnings per share (b)
|
|
$
|
2.01
|
|
|
$
|
0.24
|
|
|
$
|
2.25
|
|
|
$
|
1.65
|
|
|
$
|
0.01
|
|
|
$
|
1.66
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average common shares outstanding (b)
|
|
72,869
|
|
|
72,869
|
|
|
72,869
|
|
|
73,194
|
|
|
73,194
|
|
|
73,194
|
|
|
Average diluted common shares outstanding (b)
|
|
73,355
|
|
|
73,355
|
|
|
73,355
|
|
|
73,806
|
|
|
73,806
|
|
|
73,806
|
|
|
|
|
|
|
(a)
|
|
The comparable adjustments to Selling, general and
administrative expenses for Q1 2014 includes BWP integration costs
of $4.0 million, GPI integration costs of $11.5 million and GPI
amortization of $13.1 million related to the acquired intangible
assets. The comparable adjustments to Selling, general and
administrative expenses for Q1 2013 includes BWP integration costs
of $1.7 million.
|
|
|
|
|
|
(b)
|
|
Average common shares outstanding is calculated based on the
weighted average number of shares outstanding during the quarter.
At April 19, 2014 and April 20, 2013, we had 72,947 and 72,958
shares outstanding, respectively.
|
|
|
|
NOTE: These preliminary condensed consolidated statements of
operations have been prepared on a basis consistent with our
previously prepared statements of operations filed with the
Securities and Exchange Commission for our prior quarter and
annual report, with the exception of the footnotes required by
GAAP for complete financial statements and inclusion of certain
non-GAAP adjustments and measures as described in footnote (a)
above. Management believes the reporting of comparable results is
important in assessing the overall performance of the business and
is therefore useful for investors and prospective investors.
|
|
|
|
|
|
Advance Auto Parts, Inc. and Subsidiaries
|
|
Condensed Consolidated Statements of Cash Flows
|
|
Sixteen Week Periods Ended
|
|
April 19, 2014 and April 20, 2013
|
|
(in thousands)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
April 19,
|
|
April 20,
|
|
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
Net income
|
|
$
|
147,726
|
|
|
$
|
121,790
|
|
|
Depreciation and amortization
|
|
88,205
|
|
|
64,027
|
|
|
Share-based compensation
|
|
7,133
|
|
|
2,664
|
|
|
(Benefit) provision for deferred income taxes
|
|
5,202
|
|
|
(3,249
|
)
|
|
Excess tax benefit from share-based compensation
|
|
(4,165
|
)
|
|
(11,971
|
)
|
|
Other non-cash adjustments to net income
|
|
1,247
|
|
|
589
|
|
|
(Increase) decrease in:
|
|
|
|
|
|
|
|
Receivables, net
|
|
(45,507
|
)
|
|
(19,247
|
)
|
|
Inventories, net
|
|
(196,062
|
)
|
|
(70,728
|
)
|
|
Other assets
|
|
(16,458
|
)
|
|
(11,228
|
)
|
|
Increase (decrease) in:
|
|
|
|
|
|
|
|
Accounts payable
|
|
101,381
|
|
|
35,363
|
|
|
Accrued expenses
|
|
(10,739
|
)
|
|
19,240
|
|
|
Other liabilities
|
|
3,168
|
|
|
8,035
|
|
|
Net cash provided by operating activities
|
|
81,131
|
|
|
135,285
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
Purchases of property and equipment
|
|
(60,529
|
)
|
|
(63,124
|
)
|
|
Business acquisitions, net of cash acquired
|
|
(2,056,937
|
)
|
|
(186,859
|
)
|
|
Sale of certain assets of acquired business
|
|
—
|
|
|
9,004
|
|
|
Proceeds from sales of property and equipment
|
|
33
|
|
|
136
|
|
|
Net cash used in investing activities
|
|
(2,117,433
|
)
|
|
(240,843
|
)
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
Decrease in bank overdrafts
|
|
(5,796
|
)
|
|
(8,711
|
)
|
|
Net (payments) borrowings on credit facilities
|
|
1,019,000
|
|
|
—
|
|
|
Dividends paid
|
|
(8,781
|
)
|
|
(8,800
|
)
|
|
Proceeds from the issuance of common stock, primarily exercise of
stock options
|
|
2,979
|
|
|
2,434
|
|
|
Tax withholdings related to the exercise of stock appreciation rights
|
|
(3,118
|
)
|
|
(16,910
|
)
|
|
Excess tax benefit from share-based compensation
|
|
4,165
|
|
|
11,971
|
|
|
Repurchase of common stock
|
|
(615
|
)
|
|
(59,918
|
)
|
|
Contingent consideration related to previous business acquisitions
|
|
—
|
|
|
(4,726
|
)
|
|
Other
|
|
(232
|
)
|
|
(169
|
)
|
|
Net cash provided by (used in) financing activities
|
|
1,007,602
|
|
|
(84,829
|
)
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash
|
|
(413
|
)
|
|
—
|
|
|
|
|
|
|
|
|
|
|
Net decrease in cash and cash equivalents
|
|
(1,029,113
|
)
|
|
(190,387
|
)
|
|
Cash and cash equivalents, beginning of period
|
|
1,112,471
|
|
|
598,111
|
|
|
Cash and cash equivalents, end of period
|
|
$
|
83,358
|
|
|
$
|
407,724
|
|
|
|
|
NOTE: These preliminary condensed consolidated statements of
cash flows have been prepared on a consistent basis with
previously prepared statements of cash flows filed with the
Securities and Exchange Commission for our prior quarter and
annual report, but do not include the footnotes required by GAAP
for complete financial statements.
|
|
|
|
|
|
Advance Auto Parts, Inc. and Subsidiaries
|
|
Supplemental Financial Schedules
|
|
Sixteen Week Periods Ended
|
|
April 19, 2014 and April 20, 2013
|
|
(in thousands)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
Reconciliation of Free Cash Flow:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
April 19,
|
|
April 20,
|
|
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
Cash flows from operating activities
|
|
$
|
81,131
|
|
|
$
|
135,285
|
|
|
Cash flows used in investing activities
|
|
(2,117,433
|
)
|
|
(240,843
|
)
|
|
Less: Cash used in business acquisitions
|
|
(2,056,937
|
)
|
|
(186,859
|
)
|
|
|
|
|
|
|
|
|
|
Free cash flow
|
|
$
|
20,635
|
|
|
$
|
81,301
|
|
|
|
|
NOTE: Management uses free cash flow as a measure of our
liquidity and believes it is a useful indicator to stockholders of
our ability to implement our growth strategies and service our
debt. Free cash flow is a non-GAAP measure and should be
considered in addition to, but not as a substitute for,
information contained in our condensed consolidated statement of
cash flows.
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter Performance Summary on a
GAAP Basis(1):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sixteen Weeks Ended
|
|
|
|
April 19,
|
|
April 20,
|
|
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
Sales (in millions)
|
|
$
|
2,969.5
|
|
|
$
|
2,015.3
|
|
|
|
|
|
|
|
|
|
|
Comp Store Sales %
|
|
2.4
|
%
|
|
(3.2
|
%)
|
|
|
|
|
|
|
|
|
|
Gross Profit (in millions)
|
|
1,353.1
|
|
|
1,008.2
|
|
|
|
|
|
|
|
|
|
|
SG&A (in millions)
|
|
1,097.3
|
|
|
804.1
|
|
|
|
|
|
|
|
|
|
|
Operating Income
|
|
255.8
|
|
|
204.1
|
|
|
|
|
|
|
|
|
|
|
Diluted EPS
|
|
$
|
2.01
|
|
|
$
|
1.65
|
|
|
|
|
|
|
|
|
|
|
Avg Diluted Shares (in thousands)
|
|
73,355
|
|
|
73,806
|
|
|
|
|
|
|
(1)
|
|
These financial metrics have been reported on a GAAP basis
which includes the impact of BWP integration costs of $4.0
million, GPI integration costs of $11.5 million and GPI
amortization of $13.1 million related to the acquired intangible
assets in the first quarter of 2014, and BWP integration costs of
$1.7 million in the first quarter of 2013. These financial
measures should be read in conjunction with our financial measures
presented on a comparable basis earlier in this press release.
Management believes the reporting of financial results on a
non-GAAP basis to remain comparable is important in assessing the
overall performance of the business and is therefore useful for
investors and prospective investors.
|
|
|
|
|
Copyright Business Wire 2014