Advance Auto Parts, Inc. (AAP) Q4 2022 Earnings Call Transcript

Advance Auto Parts, Inc. (NYSE:AAP) Q4 2022 Earnings Conference Call February 28, 2023 8:00 AM ET

Company Participants

Elisabeth Eisleben - Senior Vice President, Communications and Investor Relations

Tom Greco - President and Chief Executive Officer

Jeff Shepherd - Executive Vice President and Chief Financial Officer

Conference Call Participants

Simeon Gutman - Morgan Stanley

Christian Carlino - JPMorgan Chase

Elizabeth Suzuki - Bank of America

Bret Jordan - Jefferies

Michael Lasser - UBS

Brian Nagel - Oppenheimer

David Bellinger - MKM Partners

Zach Fadem - Wells Fargo

Scot Ciccarelli - Truist

Steven Zaccone - Citigroup

Seth Sigman - Barclays

Seth Basham - Wedbush

Operator

Hello and welcome to the Advance Auto Parts Fourth Quarter and Full Year 2022 Conference Call. Before we begin, Elisabeth Eisleben, Senior Vice President, Communications and Investor Relations, will make a brief statement concerning forward-looking statements that will be discussed on this call. You may now begin.

Elisabeth Eisleben

Good morning, and thank you for joining us to discuss our Q4 and full year 2022 results. I'm joined by Tom Greco, President and Chief Executive Officer; and Jeff Shepherd, Executive Vice President and Chief Financial Officer. Following their prepared remarks, we will turn our attention to answering your questions.

Before we begin, please be advised that remarks today will contain forward-looking statements. All statements, other than statements of historical fact are forward-looking statements, including, but not limited to, statements regarding our initiatives, plans, projections and future performance. Actual results could differ materially from those projected or implied by the forward-looking statements. Additional information about factors that could cause actual results to differ can be found under the caption Forward-Looking Statements and Risk Factors in our most recent annual report on Form 10-K and subsequent filings made with the commission.

Now let me turn the call over to Tom Greco.

Tom Greco

Thanks, Elisabeth, and good morning, everyone. Before getting into the details of the fourth quarter and full year 2022 results, I'd like to begin by addressing our CEO succession news announced this morning. After months of deliberation, I've informed the Board that I plan to retire at the end of the year. I believe that now is the right time to begin transitioning leadership for Advance's next chapter, not only for my family and me, but for the business for two important reasons.

First, we're in the final year of our 3-year strategic plan and are in the process of updating our next multi-year strategy. The timing will help enable my successor to play a role as we undertake this work to ensure the long-term success of Advance.