Advance Auto Parts Inc. (NYSE:AAP) Q1 2020 Earnings Conference Call - Final Transcript

May 19, 2020 • 08:00 am ET


Advance Auto Parts Inc. (NYSE:AAP) Q1 2020 Earnings Conference Call - Final Transcript


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Welcome to the Advanced Auto Parts First Quarter 2020 Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded. [Operator Instructions]

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. Please go ahead, Ms. Eisleben.

Elisabeth Eisleben

Good morning and thank you for joining us to discuss our first quarter 2020 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 may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts are forward-looking statements, including but not limited to statements about our strategic initiatives, operational plans, and objectives and future business and financial performance as well as statements regarding underlying assumptions related thereto. 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 materially from the forward-looking statements can be found under the caption Forward-Looking Statements and Risk Factors in our most recent Annual Report on Form 10-K, filed with the Securities and Exchange Commission and under similar captions in subsequent filings made with the commission in our quarterly earnings press release.

Now, let me turn the call over to Tom Greco.

Tom Greco

Thanks, Elizabeth. And good morning to everyone joining. I'd like to begin by taking a moment to acknowledge the COVID-19 pandemic and how it affected each of us. No one asked for this crisis and the stories of the loss are incredibly sad. Most important, I sincerely hope you and your families are safe and doing well. Well, there is no playbook on navigating a crisis of this magnitude. Our team members are doing extremely well to adjust to this environment. Over the last few weeks, we urgently adapted to help safeguard our team members and their families, our customers and our communities. I'd like to thank all of our front-line team members and Independent Carquest Partners, who are making tremendous sacrifices to keep our customers on the road. I also want to thank the many AAP team members who've turned on the dime to operationalize new ways of working and serving our customers during this time.

Throughout COVID-19, we've been focused on three overarching priorities. First, prioritize the health and safety of our team members and customers. Second, preserve cash and protect the P&L during the crisis. And third, prepare to be stronger following the crisis. Allow me to provide a summary of how we have approached these priorities.

First, well, not a new concept, nothing is more important than the health and safety