Carparts.Com, Inc. (NASDAQ:PRTS) Q3 2022 Earnings Conference Call November 9, 2022 5:00 PM ET

Company Participants

Tina Mirfarsi - VP, Communications and Culture

David Meniane - CEO, SVP & Director

Ryan Lockwood - CFO

Conference Call Participants

Thomas Forte - D.A. Davidson & Co.

Ryan Meyers - Lake Street Capital Markets

Dillon Heslin - ROTH Capital Partners

Ryan Sigdahl - Craig-Hallum

Operator

Good afternoon, and welcome to the CarParts.com Third Quarter 2022 Conference Call. [Operator Instructions].

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

Tina Mirfarsi

Hello, everyone. Thank you for joining the call today to discuss our third quarter 2022 results. Joining me today from the company are David Meniane, Chief Executive Officer; and Ryan Lockwood, Chief Financial Officer.

The 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-Qs 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.

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

David Meniane

Thank you, Tina, and good afternoon, everyone. As reported in today's release for Q3 2022, our team achieved our best third quarter sales on record of $165 million, up 16% versus the same period last year and marking our 11th quarter in a row of double-digit year-over-year sales growth. On a 2-year stack, revenues are up 37%.

Like many throughout the United States, our customers are not immune from the inflationary pressures causing them to tighten their belts. However, we have 2 things working in our favor. First, many of our items are less discretionary as consumers push to keep their vehicles on the road longer; and second, we believe that as continue to be pressured by high interest rates and inflation, some customers who were previously Do-It-For-Me customers will step into the do-it-yourself space in order to save money.