CarParts.com Reports Record Third Quarter 2022 Results

"Q3 was another record for our company," said David Meniane, CEO of CarParts.com. "We are excited to continue building a trusted and disruptive platform where we can help our customers solve their auto repair and maintenance needs.  Over one-third of our revenue comes from repeat customers and we are consistently growing our addressable market. We launched our Do-It-For-Me program on our website, called Get It Installed, and are one step closer to our goal of becoming the number one destination for our customers."    

"One of our core strategic pillars is financial discipline. As evidenced by our record third quarter Adjusted EBITDA and ample liquidity, we feel confident that we do not need to raise capital at current valuations and can continue to self-fund growth for the foreseeable future." 

"We see staying laser-focused on positive unit economics, free cash flow, operational efficiencies, and customer experience as key to building an exceptional and durable company for our long-term stakeholders."

Third Quarter 2022 Financial Results

Net sales in the third quarter of 2022 were $164.8 million up 16% from the year-ago quarter. For the month of October, we saw double digit, year-over-year revenue growth and continue to balance growth with profitability and free cash flow generation.

Gross profit in the third quarter increased 19% to $56.1 million compared to $47.3 million in the year-ago quarter, with gross margin increasing 70 basis points to 34.1%.

Total operating expenses in the third quarter were $56.7 million compared to $51.7 million in the year-ago quarter, mainly due to an increase in sales and investments in the business.

Net loss in the third quarter was ($0.9) million compared to a net loss of ($4.7) million in the year-ago quarter.

Adjusted EBITDA in the third quarter was $6.3 million compared to $2.3 million in the year-ago quarter.

On October 1, 2022, the Company had a cash balance of $16.7 million, revolver debt of $5.0 million and no outstanding trade letters of credit ("LCs"), compared to no revolver debt, no outstanding trade LCs and a $18.1 million cash balance at prior fiscal year-end January 1, 2022. 

Conference Call

CarParts.com CEO David Meniane and CFO Ryan Lockwood will host a conference call today to discuss the results, followed by a question and answer period.

Date: Wednesday, November 9, 2022
Time: 5:00 p.m. Eastern time (2:00 p.m. Pacific time) 
Webcast: www.carparts.com/investor/news-events 

To listen to the live call, please click the link above to access the webcast. A replay of the audio webcast will be archived on the Company's website at www.carparts.com/investor.  

About CarParts.com, Inc.

With over 25 years of experience, and more than 50 million parts delivered, we've streamlined our website and sourcing network to better serve the way drivers get the parts they need. Utilizing the latest technologies and design principles, we've created an easy-to-use, mobile-friendly shopping experience that, alongside our own nationwide distribution network, cuts out the brick-and-mortar supply chain costs and provides quality parts at competitive prices.

CarParts.com is headquartered in Torrance, California.

Non-GAAP Financial Measures

Regulation G, and other provisions of the Securities Exchange Act of 1934, as amended, define and prescribe the conditions for use of certain non-GAAP financial information. We provide "Adjusted EBITDA," which is a non-GAAP financial measure. Adjusted EBITDA consists of net (loss) income before (a) interest expense, net; (b) income tax provision; (c) depreciation and amortization expense; (d) amortization of intangible assets; and (e) share-based compensation expense. A reconciliation of Adjusted EBITDA to net (loss) income is provided below.

The Company believes that this non-GAAP financial measure provides important supplemental information to management and investors. This non-GAAP financial measure reflects an additional way of viewing aspects of the Company's operations that, when viewed with the GAAP results and the accompanying reconciliation to corresponding GAAP financial measures, provides a more complete understanding of factors and trends affecting the Company's business and results of operations.

Management uses Adjusted EBITDA as one measure of the Company's operating performance because it assists in comparing the Company's operating performance on a consistent basis by removing the impact of stock compensation expense as well as other items that we do not believe are representative of our ongoing operating performance. Internally, this non-GAAP measure is also used by management for planning purposes, including the preparation of internal budgets; for allocating resources to enhance financial performance; and for evaluating the effectiveness of operational strategies. The Company also believes that analysts and investors use Adjusted EBITDA as a supplemental measure to evaluate the ongoing operations of companies in our industry.

This non-GAAP financial measure is used in addition to and in conjunction with results presented in accordance with GAAP and should not be relied upon to the exclusion of GAAP financial measures. Management strongly encourages investors to review the Company's consolidated financial statements in their entirety and to not rely on any single financial measure. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies' non-GAAP financial measures having the same or similar names. In addition, the Company expects to continue to incur expenses similar to the non-GAAP adjustments described above, and exclusion of these items from the Company's non-GAAP measures should not be construed as an inference that these costs are all unusual, infrequent or non-recurring.

Safe Harbor Statement

This press release contains statements which are based on management's current expectations, estimates and projections about the Company's business and its industry, as well as certain assumptions made by the Company. These statements are forward looking statements for the purposes of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended and Section 27A of the Securities Act of 1933, as amended. Words such as "anticipates," "could," "expects," "intends," "plans," "potential," "believes," "predicts," "projects," "seeks," "estimates," "may," "will," "would," "will likely continue" and variations of these words or similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to, statements regarding our future operating results and financial condition, our potential growth, our ability to innovate, our ability to gain market share, and our ability to expand and improve our product offerings. We undertake no obligation to revise or update publicly any forward-looking statements for any reason. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Therefore, our actual results could differ materially and adversely from those expressed in any forward-looking statements as a result of various factors.

Important factors that may cause such a difference include, but are not limited to, competitive pressures, our dependence on search engines to attract customers, demand for the Company's products, the online market and channel mix for aftermarket auto parts, the economy in general, increases in commodity and component pricing that would increase the Company's product costs, the operating restrictions in its credit agreement, the weather and any other factors discussed in the Company's filings with the Securities and Exchange Commission (the "SEC"), including the Risk Factors contained in the Company's Annual Report on Form 10–K and Quarterly Reports on Form 10–Q, which are available at www.carparts.com/investor and the SEC's website at www.sec.gov. You are urged to consider these factors carefully in evaluating the forward-looking statements in this release and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by this cautionary statement. Unless otherwise required by law, the Company expressly disclaims any obligation to update publicly any forward-looking statements, whether as result of new information, future events or otherwise.

Investor Relations:

Ryan Lockwood, CFA
IR@carparts.com

Summarized information for the periods presented is as follows (in millions):

		Thirteen Weeks Ended			Thirteen Weeks Ended			Thirty-Nine Weeks Ended			Thirty-Nine Weeks Ended
		October 1, 2022			October 2, 2021			October 1, 2022			October 2, 2021
Net sales		$	164.81		$	141.85		$	507.08		$	444.18
Gross profit		$	56.15		$	47.33		$	179.25		$	149.86
			34.1	%		33.4	%		35.3	%		33.7	%
Operating expense		$	56.73		$	51.67		$	173.14		$	154.35
			34.4	%		36.4	%		34.1	%		34.7	%
Net (loss) income		$	(0.95)		$	(4.66)		$	5.27		$	(5.31)
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