CarParts.com, Inc. (NASDAQ:PRTS) Q2 2023 Earnings Conference Call August 1, 2023 5:00 PM ET

Company Participants

Tina Mirfarsi - SVP, Communications and Culture

David Meniane - CEO and SVP

Michael Huffaker - COO

Ryan Lockwood - CFO

Conference Call Participants

Ryan Meyers - Lake Street Capital Markets

Ryan Sigdahl - Craig-Hallum Capital Group

Thomas Forte - D.A. Davidson & Company

Darren Aftahi - ROTH MKM

Operator

Good afternoon. At this time, all participants will be in a listen-only mode. After the presentation, there will be a question-and-answer session. Please note, this call is being recorded.

I would now like to pass the conference over to our host, Tina Mirfarsi, Senior Vice President of Global Communications and Culture. Please go ahead.

Tina Mirfarsi

Hello everyone and thank you for joining us for the CarParts.com Second Quarter 2023 Conference Call. I'd like to start by welcoming the investors and others who are attending this meeting remotely. Joining me today from the company are David Meniane, Chief Executive Officer; Ryan Lockwood, Chief Financial Officer; and Michael Huffaker, Chief Operating Officer.

Before I turn it over to David to start the meeting, I have some important disclosures. Their prepared remarks and responses to your questions could contain certain forward-looking statements related to the business under the Federal Securities laws.

Actual results may differ materially from those contained in or implied by these forward-looking statements due to the risks and uncertainties associated with the business.

For a discussion of the material risks and other important factors that could affect results, please refer to the CarParts.com annual report on Form 10-K and 10-Q as filed with the SEC, both of which can be found on the Investor Relations website.

On the call, both GAAP and non-GAAP financial measures will be discussed. A reconciliation of GAAP to non-GAAP financial measures is provided in the CarParts.com press release issued today.

And with that, I would now like to turn the call over to David.

David Meniane

Thank you, Tina. Good afternoon everyone and thank you for joining us. Today, we reported $177 million of sales, up slightly from the $176 million we generated last year in the second quarter, marking our 14th consecutive quarter of year-over-year growth and the highest sales level for any quarter in our company's history. On a two-year stack, revenues for the quarter are up 12%.

Adjusted EBITDA was $6.3 million. We also repurchased 250,000 shares during the quarter. The $79 million in cash on our balance sheet at the end of the quarter is a testament to the strong unit economics and cash generating capabilities of our business. And we're also happy to announce the launch of our new mobile app now available on both iOS and Android.