Advance Auto Parts, Inc. (AAP) CEO Tom Greco on Q2 2022 Results - Earnings Call Transcript

Advance Auto Parts, Inc. (NYSE:AAP) Q2 2022 Results Conference Call August 24, 2022 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

Christopher Horvers - JPMorgan

Michael Lasser - UBS

Simeon Gutman - Morgan Stanley

Bret Jordan - Jefferies

Scott Ciccarelli - Truist

Nathan Friedman - Wedbush Securities

David Bellinger - MKM Partners

Michael Baker - D. A. Davidson

Greg Melich - Evercore ISI

Zach Fadem - Wells Fargo

Operator

Welcome to the Advance Auto Parts Second Quarter 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.

Elisabeth Eisleben

Good morning and thank you for joining us to discuss our second quarter 2022 results. I'm joined by Tom Greco, our President and Chief Executive Officer; and Jeff Shepherd, our 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 our remarks today will contain forward-looking statements. All statements other than statements of historical facts 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 we begin, I'd like to thank our entire Advance team and Carquest independent partners for their dedication throughout Q2. Thanks to their relentless focus on improving the customer experience and disciplined execution of our strategy, we delivered double-digit adjusted diluted earnings per share growth in the quarter.

I'll begin my remarks today with a review of our Q2 performance, as well as the factors that led to the revisions made to our full year guidance outlined in our press release. I'll then discuss the consistent progress we're making on our primary strategic initiatives before turning it over to Jeff to review our Q2 financial performance, including an update on cash returns to shareholders.