Michigan Advance wins second straight Michigan Press Association News Media Publication of the Year
The Michigan Advance has been named the Michigan Press Association's News Media Publication of the Year for 2024, the second straight year the publication has won the organization's top honor.
The awards were announced Thursday evening at the association's annual gathering in Frankenmuth. The theme for the event was 'Journalism…Democracy in Action.'
In total, the Michigan Advance took home 17 awards spanning 18 categories in the 2024 MPA Better Newspaper Contest, including first place for Government/Education News, Sports Writing, Digital Presentation, News Photo, and Feature Photo.
'Myself and the staff at Michigan Advance are incredibly honored to have again been selected as News Media Publication of the Year by the Michigan Press Association. This recognition is a testament to our team's dedication to public service journalism, spanning in-depth government coverage to compelling visual storytelling. Our back-to-back win reinforces the Advance's commitment to informing and engaging Michiganders every single day,' said Editor-in-Chief Jon King.
The annual contest ran from Aug. 1, 2023, through July 31, 2024.
The Michigan Advance is a member of States Newsroom, the nation's largest state-focused nonprofit news organization. The network reports on politics and policy from every capital, with coverage provided free of charge – without pop-ups, paywalls or ads.
Competing against other statewide publications, Michigan Advance won second place in 2021 and 2022 for Newspaper of the Year. Previously, the Advance was named the 2020 Newspaper of the Year for Class D weekly publications. The Advance also took second place for Newspaper of the Year in that category in 2019.
'The annual Michigan Press Association Better Newspaper Contest gives our members a chance each year to assess and put forth their team's best work in journalism, photojournalism, column writing, graphic design and advertising,' said Wes Smith, Michigan Press Association past president and group publisher of View Newspaper Group.
'It is a rare moment in our profession where we allow ourselves to reflect and experience something akin to satisfaction for a job well done. Anyone in this business today is in it, not for kudos, but because of a passion and desire to serve our readers, our advertisers and our communities.'
2024 Statewide News Media Publication of the Year
1st Place – Best Digital Presentation – Nelle Dunlap, Goran Butorac, Susan J. Demas
1st Place – Government/Education News – Was Ottawa County's newest commissioner punished for running? – Sarah Leach
2nd Place – Government/Education News – 'Trauma after trauma': Nassar survivors grapple with another sexual abuse investigation at MSU – Anna Gustafson
1st Place – Best Newspaper/Publication Design – Nelle Dunlap, Goran Butorac, Susan J. Demas
1st Place – Sports Writing – Riley Gaines' selection as commencement speaker riles some Adrian College alums – Jon King
1st Place – News Photo – Supporters defiantly wave Trump's mug shot as he speaks in Detroit – Andrew Roth
2nd Place – News Photo – President Biden warns Trump is out for 'revenge' – Andrew Roth
1st Place – Feature Photo – Ms. Tea says the rent is 'too damn high' – Anna Liz Nichols
2nd Place – Feature Photo – Abortion rights loom large in 2024 campaign – Lucy Valeski
3rd Place – Feature Photo – Legendary singer Diana Ross wows Detroit at Michigan Central Station reopening – Andrew Roth
2nd Place – Reporter of the Year – Anna Liz Nichols
2nd Place – Spot News Story – Michigan State University to release thousands of Nassar documents, Nessel reopens investigation – Anna Liz Nichols
2nd Place – Best Page or Pages Design – 'Yearning for help': Teen dating violence survivors and allies call for more education on abuse – Anna Liz Nichols, Susan J. Demas
2nd Place – News Enterprise Reporting – LGBTQ+ Michiganders struggle for rights, acceptance – Jon King, Anna Liz Nichols, Andrew Roth
3rd Place – News Enterprise Reporting – The 'mom gap': Few mothers have served in the Michigan Legislature while raising children – Anna Liz Nichols
3rd Place – Business/Agriculture News – 'We fight the good fight and continue forward'- Jon King, Susan J. Demas
3rd Place – Opinion – Rick Haglund
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RALEIGH, N.C.--(BUSINESS WIRE)--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 second quarter ended July 12, 2025. "The Advance team delivered solid second-quarter results, with both sales and operating margin at the upper end of our expectations. I want to thank the team for their dedication and hard work throughout the quarter," said Shane O'Kelly, president and chief executive officer. "Our comparable sales performance was fueled by growth in the Pro business, and we are encouraged by the early signs of stabilization in our DIY business. Our strategic plan is designed to establish a strong foundation for consistently delivering exceptional customer service, and I am pleased with the progress being made by the team. Q2 also marked an important milestone with Advance returning to profitability. 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Expand Capital Allocation On August 5, 2025, the Company declared a regular cash dividend of $0.25 per share to be paid on October 24, 2025, to all common stockholders of record as of October 10, 2025. Full Year 2025 Guidance (53 weeks) The Company has revised adjusted diluted EPS guidance to account for higher net interest expense related to its recent senior notes offering. Other guidance items remain unchanged, as shown in the table below. Full year 2025 guidance assumes current tariffs remain in place for the remainder of 2025. (1) Includes approximately $100 to $120 million of net sales in the 53rd week. (2) The Company calculates comparable store sales based on the change in store sales starting once a location has been open for approximately one year and by including e-commerce sales and excluding sales fulfilled by distribution centers to independently owned Carquest locations. 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Expand Investor Conference Call The Company will detail its results for the second quarter ended July 12, 2025, via a webcast scheduled to begin at 8 a.m. Eastern Time on Thursday, August 14, 2025. The webcast will be accessible via the Investor Relations page of the Company's website ( To join by phone, please pre-register online for dial-in and passcode information. Upon registering, participants will receive a confirmation with call details and a registrant ID. While registration is open through the live call, the Company suggests registering a day in advance or at minimum 10 minutes before the start of the call. A replay of the conference call will be available on the Company's Investor Relations website for one year. About Advance Auto Parts Advance Auto Parts, Inc. is a leading automotive aftermarket parts provider that serves both professional installers and do-it-yourself customers. 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Expand Advance Auto Parts, Inc. and Subsidiaries Condensed Consolidated Statements of Operations (In millions, except per share data) (unaudited) Twelve Weeks Ended Twenty-Eight Weeks Ended July 12, 2025 (1) July 13, 2024 (1) July 12, 2025 (1) July 13, 2024 (1) Net sales $ 2,010 $ 2,178 $ 4,593 $ 4,950 Cost of sales 1,136 1,228 2,609 2,797 Gross profit 874 950 1,984 2,153 Selling, general and administrative expenses, exclusive of restructuring and related expenses 823 889 1,945 2,039 Restructuring and related expenses $ 29 7 $ 148 8 Selling, general and administrative expenses 852 896 2,093 2,047 Operating (loss) income 22 54 (109 ) 106 Other, net: Interest expense (19 ) (19 ) (46 ) (43 ) Other income, net 18 9 45 10 Total other, net (1 ) (10 ) (1 ) (33 ) (Loss) income before income taxes 21 44 (110 ) 73 Income tax (benefit) expense 6 13 (149 ) 25 Net income from continuing operations 15 31 39 48 Net income from discontinued operations — 14 — 37 Net income $ 15 $ 45 $ 39 $ 85 Basic earnings per common share from continuing operations $ 0.25 $ 0.51 $ 0.65 $ 0.81 Basic earnings per common share from discontinued operations — 0.24 — 0.62 Basic earnings per common share $ 0.25 $ 0.75 $ 0.65 $ 1.43 Basic weighted-average common shares outstanding 59.9 59.6 59.9 59.6 Diluted earnings per common share from continuing operations $ 0.25 $ 0.51 $ 0.65 $ 0.80 Diluted earnings per common share from discontinued operations — 0.24 — 0.62 Diluted earnings per common share $ 0.25 $ 0.75 $ 0.65 $ 1.42 Diluted weighted-average common shares outstanding 60.5 59.9 60.3 59.9 Expand (1) These preliminary condensed consolidated statements of operations have been prepared on a basis consistent with the Company's previously prepared statements of operations filed with the SEC, but do not include the footnotes required by GAAP. Expand Advance Auto Parts, Inc. and Subsidiaries Condensed Consolidated Statements of Cash Flows (In millions) (unaudited) Twenty-Eight Weeks Ended July 12, 2025 (1) July 13, 2024 (1) Cash flows from operating activities: Net income $ 39 $ 85 Net income from discontinued operations — 37 Net income from continuing operations 39 48 Adjustments to reconcile net income to net cash used in operating activities: Depreciation and amortization 146 151 Share-based compensation 20 25 Loss (gain) on sale and impairment of long-lived assets, net 11 (16 ) Provision for deferred income taxes (21 ) 14 Other, net 3 2 Net change in: Receivables, net 54 (41 ) Inventories, net (73 ) (56 ) Operating lease right of use assets 62 (9 ) Other assets (65 ) (16 ) Accounts payable (90 ) (117 ) Accrued expenses (83 ) 36 Operating lease liabilities (109 ) 26 Other liabilities — (8 ) Net cash (used in) provided by operating activities of continuing operations (106 ) 39 Net cash provided by operating activities of discontinued operations — 49 Net cash (used in) provided by operating activities (106 ) 88 Cash flows from investing activities: Purchases of property and equipment (95 ) (87 ) Proceeds from sales of property and equipment 20 12 Net cash used in investing activities of continuing operations (75 ) (75 ) Net cash used in investing activities of discontinued operations — (5 ) Net cash used in investing activities (75 ) (80 ) Cash flows from financing activities: Dividends paid (30 ) (30 ) Purchase of noncontrolling interest — (9 ) Proceeds from the issuance of common stock 2 2 Repurchases of common stock (3 ) (5 ) Other, net (1 ) (1 ) Net cash used in financing activities (32 ) (43 ) Twenty-Eight Weeks Ended July 12, 2025 (1) July 13, 2024 (1) Effect of exchange rate changes on cash 1 11 Net decrease in cash and cash equivalents (212 ) (24 ) Cash and cash equivalents, beginning of period 1,869 503 Cash and cash equivalents, end of period $ 1,657 $ 479 Non-cash transactions of continuing operations: Accrued purchases of property and equipment $ 15 $ 5 Summary of cash and cash equivalents: Cash and cash equivalents of continuing operations, end of period $ 1,657 $ 419 Cash and cash equivalents of discontinued operations, end of period — 60 Cash and cash equivalents, end of period $ 1,657 $ 479 Expand (1) This condensed consolidated statement of cash flows has been prepared on a basis consistent with the Company's previously prepared statements of operations filed with the SEC, but does not include the footnotes required by GAAP. Expand Reconciliation of Non-GAAP Financial Measures The Company uses certain non-GAAP financial measures described below to supplement the Company's unaudited condensed consolidated financial statements prepared and presented in accordance with GAAP and to understand and evaluate the Company's core operating performance. These non-GAAP financial measures, which may be different than similarly titled measures used by other companies, are presented as the Company believes that such non-GAAP financial measures provide useful information about our financial performance, enhance the overall understanding of our past performance and future prospects, and allow for greater transparency with respect to important metrics used by management for financial and operational decision-making. The Company is presenting these non-GAAP metrics to provide investors insight to the information used by our management to evaluate our business and financial performance. 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The Company has presented these non-GAAP financial measures as the Company believes that the presentation of the financial results that exclude (1) transformation expenses under the Company's turnaround plan, inclusive of the Worldpac divestiture and (2) other significant expenses, are useful and indicative of the Company's base operations because the expenses vary from period to period in terms of size, nature and significance. The income tax impact of these non-GAAP adjustments is also adjusted for using the estimated tax rate in effect for the respective non-GAAP adjustments. These measures assist in comparing the Company's current operating results with past periods and with the operational performance of other companies in the industry. The disclosure of these measures allows investors to evaluate the Company's performance using the same measures management uses in developing internal budgets and forecasts and in evaluating management's compensation. Included below is a description of the expenses the Company has determined are not normal, recurring cash operating expenses necessary to operate the Company's business and the rationale for why providing these measures is useful to investors as a supplement to the GAAP measures. Transformation Expenses Expenses incurred in connection with the Company's turnaround plan and specific transformative activities related to asset optimization that the Company does not view to be normal cash operating expenses. 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Impairment and write-down of long-lived assets: Expenses relating to the impairment of operating lease ROU assets and property and equipment, incremental depreciation as a result of accelerating long-lived assets over a shorter useful life, depreciation of long-lived assets and ROU asset amortization after store closure, and incremental lease abandonment expenses as a result of accelerating ROU asset amortization for leases the Company expects to exit before the end of the contractual term, net of gains on lease terminations, in connection with the 2024 Restructuring Plan and Other Restructuring Plan. Distribution network optimization: Expenses primarily relating to the conversion of the stores and distribution centers to market hubs, including, realized losses on liquidated inventory, temporary labor, nonrecurring professional service fees and team member severance. Other Expenses Expenses incurred by the Company that are not viewed as normal cash operating expenses and vary from period to period in terms of size, nature, and significance. These expenses primarily include: Other professional service fees: Expenses relating to nonrecurring services rendered by third-party vendors engaged to perform a strategic business review, including the Company's transformation initiatives. Worldpac post transaction-related expenses: Expenses primarily relating to non-recurring separation activities provided by third-party professionals subsequent to the sale of Worldpac. Executive turnover: Expenses associated with executive level reorganization, including expenses for executive severance, the hiring search for leadership positions and certain compensation benefits. Material weakness remediation: Incremental expenses associated with the remediation of the Company's previously disclosed material weaknesses in internal control over financial reporting. Cybersecurity incident: Expenses related to the response and remediation of a cybersecurity incident. Other tax adjustments: Certain tax items that are unrelated to the fiscal year in which they are recorded are excluded in order to provide a clearer understanding of the Company's ongoing Non-GAAP tax rate and after-tax earnings. (1) Restructuring and other related expenses for the twelve weeks ended July 12, 2025 includes $5 million of nonrecurring services rendered by third-party vendors assisting with the 2024 Restructuring Plan and $2 million of other related expenses associated with location closures, including the transfer of assets. Restructuring and other related expenses for the twenty-eight weeks ended5 July 12, 2025 includes $35 million of nonrecurring services rendered by third-party vendors assisting with the 2024 Restructuring Plan, $15 million of severance and other labor related costs, $7 million for reserves on independent loans and $14 million of other related expenses associated with location closures, including the transfer of assets. (2) The Company recorded incremental accelerated depreciation and amortization for property and equipment and ROU assets of $13 million for the twelve weeks ended July 12, 2025. The Company recorded incremental accelerated depreciation and amortization for property and equipment and ROU assets of $49 million and impairment charges for ROU assets and property and equipment of $9 million, net of gains on sale, for the twenty-eight weeks ended July 12, 2025. (3) The income tax impact of non-GAAP adjustments is calculated using the estimated tax rate in effect for the respective non-GAAP adjustments. (4) Income tax (benefit) expenses included a discrete non-recurring tax benefit associated with capital loss deductions effectuated in the first quarter of fiscal 2025. The benefit has been excluded from Non-GAAP results in order to provide a clearer understanding of ongoing Non-GAAP tax rate and after-tax earnings. (5) Other professional service fees in fiscal 2024 were classified as restructuring and related expenses based on the underlying activity to which they related. Expand Reconciliation of Adjusted Gross Profit Twelve Weeks Ended Twenty-Eight Weeks Ended (in millions) July 12, 2025 July 13, 2024 July 12, 2025 July 13, 2024 Gross Profit (GAAP) $ 874 $ 950 $ 1,984 $ 2,153 Gross Profit adjustments 6 — 6 — Adjusted Gross Profit (Non-GAAP) $ 880 $ 950 $ 1,990 $ 2,153 Gross Profit Margin (GAAP) (1) 43.5 % 43.6 % 43.2 % 43.5 % Adjusted Gross Profit Margin (Non-GAAP) (1) 43.8 % 43.6 % 43.3 % 43.5 % Expand (1) These GAAP and Non-GAAP measures are calculated as a percentage of Net sales. Expand Reconciliation of Adjusted Selling, General and Administrative Expenses Twelve Weeks Ended Twenty-Eight Weeks Ended (in millions) July 12, 2025 July 13, 2024 July 12, 2025 July 13, 2024 Selling, general and administrative ("SG&A") expenses (GAAP) $ 852 $ 896 $ 2,093 $ 2,047 SG&A adjustments (33 ) (8 ) (157 ) (11 ) Adjusted SG&A (Non-GAAP) $ 819 $ 888 $ 1,936 $ 2,036 SG&A Margin (GAAP) (1) 42.4 % 41.1 % 45.6 % 41.4 % Adjusted SG&A Margin (Non-GAAP) (1) 40.7 % 40.8 % 42.2 % 41.1 % Expand (1) These GAAP and Non-GAAP measures are calculated as a percentage of Net sales. Expand Reconciliation of Adjusted Operating Income Twelve Weeks Ended Twenty-Eight Weeks Ended (in millions) July 12, 2025 July 13, 2024 July 12, 2025 July 13, 2024 Operating (Loss) Income (GAAP) $ 22 $ 54 $ (109 ) $ 106 Gross Profit adjustments 6 — 6 — SG&A adjustments 33 8 157 11 Adjusted Operating Income (Non-GAAP) $ 61 $ 62 $ 54 $ 117 Operating (Loss) Income Margin (GAAP) (1) 1.1 % 2.5 % (2.4 )% 2.1 % Adjusted Operating Income Margin (Non-GAAP) (1) 3.0 % 2.8 % 1.2 % 2.4 % Expand (1) These GAAP and Non-GAAP measures are calculated as a percentage of Net sales. Expand Reconciliation of Free Cash Flow (in millions) July 12, 2025 July 13, 2024 Cash flows (used in) provided by operating activities of continuing operations $ (106 ) $ 39 Purchases of property and equipment (95 ) (87 ) Free cash flow $ (201 ) $ (48 ) Expand Reconciliation of Adjusted Net Debt to Adjusted EBITDAR (1) Four Quarters Ended (In millions, except adjusted debt to adjusted EBITDAR ratio) July 12, 2025 Total Debt (GAAP) $ 1,792 Add: Operating lease liabilities 2,252 Less: Cash & cash equivalents (1,657 ) Adjusted Net Debt (Non-GAAP) $ 2,387 Net loss from continuing operations (GAAP) $ (596 ) Depreciation and amortization 288 Interest expense 85 Other income, net (61 ) Income tax benefit (355 ) Rent expense 607 Share-based compensation 35 Other charges (2) 25 Transformation related charges 846 Adjusted EBITDAR (Non-GAAP) $ 874 Debt to Net Loss from continuing operations (GAAP) (3.0 ) Adjusted Net Debt to Adjusted EBITDAR (Non-GAAP) 2.7 Expand (1) Management believes its Adjusted Net Debt to Adjusted EBITDAR ratio ('leverage ratio') is a key financial metric for debt securities, as reviewed by rating agencies, and believes its debt levels are best analyzed using this measure. The Company's goal is to maintain an investment grade rating. The Company's credit rating could impact the Company's ability to obtain additional funding. A negative change in the Company's investment rating, could negatively impact future performance and limit growth opportunities. The leverage ratio calculated by the Company is a Non-GAAP measure and should not be considered a substitute for debt to net income, as determined in accordance with GAAP. The Company adjusts the calculation to remove rent expense, deduct available cash & cash equivalents and to add back the Company's existing operating lease liabilities related to their right-of-use assets to provide a more meaningful comparison with the Company's peers and to account for differences in debt structures and leasing arrangements. The Company's calculation of its leverage ratio may not be calculated in the same manner as other companies, and thus may not be comparable to similarly titled measures used by other companies. (2) The adjustments to the four quarters ended July 12, 2025, include expenses associated with the Company's material weakness remediation efforts and executive turnover. Expand Store Information During the twenty-eight weeks ended July 12, 2025, 18 stores were opened and 514 were closed, resulting in a total of 4,292 stores as of July 12, 2025, compared with a total of 4,788 stores as of December 28, 2024. The below table summarizes the changes in the number of company-operated stores during the twelve and twenty-eight weeks ended July 12, 2025: Twelve Weeks Ended AAP CARQUEST Total April 19, 2025 4,051 234 4,285 New 5 3 8 Closed (1 ) — (1 ) Relocated — — — July 12, 2025 4,055 237 4,292 Expand Twenty-Eight Weeks Ended AAP CARQUEST Total December 28, 2024 4,507 281 4,788 New 14 4 18 Closed (467 ) (47 ) (514 ) Relocated 1 (1 ) — July 12, 2025 4,055 237 4,292 Expand
