CarParts.com, Inc. (NASDAQ:PRTS) Q2 2022 Earnings Conference Call August 2, 2022 5:00 PM ET
Company Participants
Tina Mirfarsi - VP of Communications & Culture
David Meniane - CEO
Ryan Lockwood - CFO
Conference Call Participants
Thomas Forte - D.A. Davidson
Darren Aftahi - ROTH Capital Partners
Ryan Meyers - Lake Street Capital
Ryan Sigdahl - Craig-Hallum
Operator
Good afternoon and welcome to [technical difficulty] Second Quarter 2022 Conference Call. 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.
[technical difficulty] Tina Mirfarsi, Vice President of Communications and Culture. Please go ahead.
Tina Mirfarsi
Hello, everyone and thank you for joining the call today to discuss our second 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 business under the federal securities laws. Actual results may differ materially from those contained in or implied by these forward-looking statements due to 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.
And 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 Q2 2022, our team achieved record sales of $176 million, up 12% year-over-year and adjusted EBITDA of $8.3 million. This represents our 10th consecutive quarter of double-digit year-over-year revenue growth and a 44% increase on a two-year stack. We're also excited to announce our new $150 million, five-year credit facility with our partners at JPMorgan Chase.
Our leadership has continued executing on the four areas of focus; outstanding customer service, operational excellence, financial discipline, and innovation. Number one, outstanding customer service. As a reminder, over one-third of our e-commerce revenues come from repeat customers.
As we think about capital and resource allocation, we see a significant opportunity to increase our focus and efforts on customer-centric initiatives. Our entire team is fully committed to simplifying and removing the stress from vehicle care by redefining ourselves from a parts company to a customer-oriented company with an unparalleled digital first experience.