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Advance Auto Parts, Inc. 2016 Annual Report

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Advance Auto Parts, Inc. 2016 Annual Report ADVANCING A WORLD IN MOTION 2016 ANNUAL REPORT 5008 Airport Road | Roanoke, VA 24012 | 877.238. 2623 | AdvanceAutoParts.com EXECUTIVE TEAM SENIOR LEADERSHIP TEAM * Executive Officers Tom R. Greco* Scott P. Bauhofer David L. McCartney President Senior Vice President, Senior Vice President and and Chief Executive Officer E-Business President, Southern Division Robert B. Cushing* Ashish Bharara Michael J. Pack Executive Vice President, Senior Vice President, Senior Vice President and Professional Market Availability, Replenishment President, Western Division and Merchandising Operations Tammy M. Finley* James A. Paisley Executive Vice President, Michael T. Broderick Senior Vice President, “This is a new AAP with a clear plan to drive value. We’re General Counsel and Senior Vice President, Chief Information Officer Corporate Secretary Merchandising evolving the culture of the company to one that is obsessively Natalie S. Schechtman* focused on the customer and one with an exceedingly high Thomas B. Okray* William H. Carter* Senior Vice President, Executive Vice President, Senior Vice President, Human Resources level of accountability, ownership and drive for results.” Chief Financial Officer Independent Business Walter L. Scott Charles E. Tyson* Michael C. Creedon, Jr. Senior Vice President, Executive Vice President, Senior Vice President and Chief Marketing Officer Jeffrey Smith Tom Greco Merchandising, Marketing President, Autopart International Chairman of the Board President and Chief Jeffrey W. Shepherd* Executive Officer and Replenishment Todd A. Greener Senior Vice President, Controller Maria R. Ayres Senior Vice President, and Chief Accounting Officer Senior Vice President and Supply Chain President, Northern Division Robert A. Wheeler COMPANY HIGHLIGHTS Steven P. Gushie Senior Vice President, Senior Vice President and Professional (1) ADJUSTED OPERATING RESULTS President, Carquest Canada BOARD OF DIRECTORS ‡Committee Chair Jeffrey C. Smith Brad W. Buss (1‡, 3) Adriana Karaboutis (1, 4) Chair, Advance Auto Parts, Inc. Retired Chief Financial Officer, Former Executive Vice President, 5 , Managing Member, Solarcity Corporation Technology, Business Solutions 1 $ 8 7 5 ,2 9 Chief Executive Officer and and Corporate Affairs, Biogen Inc. 5 1 , 9 $ 3 3 5 7 7 Chief Investment Officer, Fiona P. Dias (2, 3) $ 2 9 . $ 5 $ $ . 6 9 9 9 7 Starboard Value LP Principal Digital Partner, Eugene I. Lee, Jr. (2, 4) 9 . 7 8 5 4 2 7 Ryan Retail Consulting President and ‡ 14 14 14 John F. Bergstrom (2 ) Chief Executive Officer, 15 15 15 Chairman and John F. Ferraro (1, 4‡) Darden Restaurants, Inc. 16 16 16 Chief Executive Officer, Retired Global Chief Operating ‡ (2) Officer, Ernst & Young William S. Oglesby (2, 3 ) REVENUE IN BILLIONS DILUTED EARNINGS PER SHARE NUMBER OF STORES Bergstrom Corporation Senior Advisor, John C. Brouillard (3) Tom R. Greco The Blackstone Group, L.P. Retired Chief Administration President (1) Sales have been reported on an adjusted basis to exclude the impact of the 53rd week of operations in 2014. Diluted earnings per share have been reported and Financial Officer, and Chief Executive Officer Reuben E. Slone (1, 3) on an adjusted basis to exclude certain non-operational and non-cash expenses in 2016, 2015 and 2014, including General Parts International, Inc. (“GPI”) integration costs; amortization related to the acquired intangible assets from GPI; and store closure and consolidation costs and support center restructuring costs. H.E. Butt Grocery Company Senior Vice President, A reconciliation of the adjusted financial results to the most comparable GAAP results for 2016 and 2015 can be found on pages 20 and 26 of “Management’s Supply Chain Management, Discussion and Analysis of Financial Condition and Results of Operations” in our 2016 Form 10-K included in this annual report. A reconciliation of the adjusted Walgreen Co. financial results to the most comparable GAAP results for 2014 can be found on pages 23 and 29 of “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our 2015 Form 10-K filed with the SEC on March 1, 2016. (2) Our 2016, 2015 and 2014 ending store count includes 127, 122 and 111 WORLDPAC branches, respectively. Committee Membership: 1 – Audit 2 – Compensation 3 – Finance 4 – Nominating and Corporate Governance DEAR FELLOW SHAREHOLDERS 2016 was a year of significant change and critical customer segments laid the foundation progress at AAP. To capitalize on the tremendous of a long term strategic business plan. Our potential of our company, we made substantial strategic business plan was several months in changes to our leadership team, our strategy, the making and we could not be more excited and our approach to execution. This included about how it has come together — driving and transitions on our Board along with our crystallizing our prospects for the future. Our management team as we appointed a new plan focuses on what is needed to win both Chairman of the Board, a new President and today and in the future; it is comprehensive; it Chief Executive Officer and a new Chief Financial is integrated, and it is compelling. We now have Officer. These organizational changes were a very clear five year plan to capitalize on our necessary to develop and implement the change enormous opportunity. we need to dramatically improve performance in the coming years. We are confident that a Our strategy has four major growth drivers that will revitalized Board of Directors and Leadership drive shareholder value. We have subsequently Team will bring the skills and experiences we need aligned our organization on these growth drivers: to drive value for the benefit of all shareholders. 1. Building an advantaged Supply Chain is the A LONG TERM STRATEGY TO WIN foundation of our efforts. Our primary objective is In developing our strategy, we needed a plan to get the right part in the right place at the right to win over the long term. We looked forward, time. This requires us to raise our game on service assessed the future landscape and conducted to our customers and deliver high quality, high the most comprehensive piece of industry, value parts, accurately, reliably and consistently consumer, and customer research we have ever exactly when our customers need them. We are done. Our research further confirmed our belief making changes in how we distribute, assort and that we have a tremendous opportunity for growth deliver parts to our customers, and we’ll do it in the future. The auto parts industry continues to faster, more accurately, and more consistently grow above GDP growth rates and is forecasted than we do today. to do so for the foreseeable future. Capturing our 2. In Professional, we are enabling dramatic fair share of this growth is Job #1 as we put the improvements in the customer experience at customer at the center of everything we do. every touchpoint as we ramp up sales and Our research and strategy further informed service capabilities to earn and maintain first us that winning requires us to focus on what call status with new and existing customers. We matters most to our Professional customers and are well positioned with the industry’s strongest Do-It-Yourself (DIY) consumers. More specifically, asset base including: understanding the drivers of choice for these — continued • The deepest brand portfolio in the industry the Productivity pipeline we have constructed for • Import expertise with WORLDPAC and the future as we plan to remove at least $500 Autopart International million of unnecessary costs over the next five years. As we implement our Productivity • Professional training platforms with Carquest agenda starting in 2017, we will do so with a Technical Institute and WORLDPAC Technical focus on sustainable savings, not short term institute, and cost reduction, and most importantly, we will • The leading Professional online platform remove costs thoughtfully without impacting our customers. We will leverage all our assets more efficiently to provide the best availability and experience At the center of all of this — is our Talent and for our Professional customers. We will drive Culture — which will support and facilitate our scale benefits through best practices, market ability to execute each initiative. We are making differentiators and technology platforms across sure we have the right talent to succeed, the all of our Professional businesses to make it right capabilities to win at the highest level simple to do business with AAP and add value to and, critically, we are creating a culture which our customers’ businesses with every interaction. is obsessively focused on the customer up and down the organization. 3. In DIY, we are hard at work strengthening our business and are extremely excited about the FOCUSED ON OUR MISSION opportunity ahead of us to improve the customer Passion for Customers... Passion for Yes! experience and build stronger loyalty with DIYers. Our enduring mission is to be passionate about We will look to drive market share by: serving our customers better than anyone else • Growing our DIY customer base led by priority and to be passionate about saying Yes to our customer segments where we are confident customers. Our people love and want to say Yes we have the assets and capabilities to our customers every single time. We will work to succeed. harder every day and with each interaction to • Driving frequency as we strengthen and fully exceed customer expectations. Delivering great leverage our Speed Perks loyalty program service starts with our Team Members. We are and build momentum around new ways to empowering our team of 74,000 strong to rally cultivate a much stronger relationship with around our passion for the customer. In doing so, DIY customers. we are reinventing our customer service models and removing barriers to enable flawless execution • Improving the customer experience at each such that we meet the needs of our customers touchpoint both in store and by reinventing like never before in the history of the company.
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