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Advance Auto Parts Inc (AAP) SEC Filing 10-K Annual Report for the fiscal year ending Saturday, January 1, 2022

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Advance Auto Parts Inc

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CIK: 1158449 Ticker: AAP

Exhibit 99.1
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Advance Auto Parts Reports Fourth Quarter and Record Full Year 2021 Results
Full Year Net Sales Increased 8.8% to $11.0 Billion; Comparable Store Sales Increased 10.7%
Operating Cash Flow Increased 14.7% to $1.1 Billion; Free Cash Flow Increased 17.2% to $822.6 Million
Returned $1.0 Billion in Cash to Shareholders

$1.0 Billion Increase to Existing Share Repurchase Authorization
Quarterly Cash Dividend Increased 50% to $1.50 Per Share

RALEIGH, N.C., February 14, 2022 —
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 (12 weeks) and full year (52 weeks) ended January 1, 2022. The company's 2020 results in both the fourth quarter (13 weeks) and full year (53 weeks) include an additional week.

"Advance had a strong fourth quarter and delivered a record year in 2021 across all key metrics. We remained focused throughout the year on the execution of the strategy we outlined last April to deliver top quartile total shareholder return. Thanks to the dedication of our team members and Independent partners, our business is substantially stronger and better positioned today than it was prior to the pandemic,” said Tom Greco, president and chief executive officer. “We closed the year with a record $11.0 billion in net sales and approximately 159 basis points in adjusted operating income margin expansion relative to the comparative 52 weeks in 2020. We also returned a record $1.0 billion in cash to shareholders through share repurchases and quarterly cash dividends. In addition, we've now granted over 24,000 stock awards to frontline team members, valued at over $60 million upon grant since the inception of our Fuel the Frontline program. This investment creates an ownership culture that helps enable Advance to remain an employer of choice for the long-term."

“As we begin 2022, we remain focused on the disciplined execution of our strategic plan. While we are still navigating uncertain times as it relates to macroeconomic factors, including significant inflation, the investments we've made in differentiating our business will continue to provide competitive advantage for Advance. We believe these investments, along with industry tailwinds, such as improvement in miles driven and an aging fleet will enable us to continue to drive profitable growth and total shareholder return.”

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The following information was filed by Advance Auto Parts Inc (AAP) on Monday, February 14, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Advance Auto Parts Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Stockholders' Equity
Consolidated Statements Of Changes In Stockholders' Equity (Parenthetical)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Comprehensive Income (Parenthetical)
Consolidated Statements Of Operations
Accrued Expenses
Accrued Expenses (Details)
Accrued Expenses (Tables)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss (Details)
Accumulated Other Comprehensive Loss (Tables)
Benefit Plans
Benefit Plans (Details)
Contingencies
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables)
Goodwill And Intangible Assets - Goodwill (Details)
Goodwill And Intangible Assets - Intangibles (Details)
Income Taxes
Income Taxes (Details)
Income Taxes (Tables)
Inventories
Inventories (Details)
Inventories (Tables)
Leases And Other Commitments
Leases And Other Commitments (Details)
Leases And Other Commitments (Tables)
Long-Term Debt And Fair Value Of Financial Instruments
Long-Term Debt And Fair Value Of Financial Instruments (Tables)
Long-Term Debt And Fair Value Of Financial Instruments - Additional Information (Details)
Long-Term Debt And Fair Value Of Financial Instruments - Future Payments (Details)
Long-Term Debt And Fair Value Of Financial Instruments - Schedule Of Debt (Details)
Nature Of Operations And Basis Of Presentation
Nature Of Operations And Basis Of Presentation (Details)
Property And Equipment
Property And Equipment (Details)
Property And Equipment (Tables)
Receivables, Net
Receivables, Net (Details)
Receivables, Net (Tables)
Share Repurchase Program
Share Repurchase Program (Details)
Share-Based Compensation
Share-Based Compensation (Details)
Share-Based Compensation (Tables)
Significant Accounting Policies
Significant Accounting Policies (Details)
Significant Accounting Policies (Policies)
Significant Accounting Policies (Tables)
Valuation And Qualifying Accounts
Valuation And Qualifying Accounts (Details)
Valuation And Qualifying Accounts (Tables)
Ticker: AAP
CIK: 1158449
Form Type: 10-K Annual Report
Accession Number: 0001158449-22-000037
Submitted to the SEC: Tue Feb 15 2022 4:20:02 PM EST
Accepted by the SEC: Tue Feb 15 2022
Period: Saturday, January 1, 2022
Industry: Retail Auto And Home Supply Stores

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