CarParts.com, Inc. (NASDAQ:PRTS) Q1 2022 Earnings Conference Call May 3, 2022 5:00 PM ET

Company Participants

Tina Mirfarsi - VP of Communications & Culture

David Meniane - CEO

Ryan Lockwood - CFO

Conference Call Participants

Ryan Sigdahl - Craig-Hallum

Ryan Meyers - Lake Street Capital

Thomas Forte - D.A. Davidson

Disclaimer*: This transcript is designed to be used alongside the freely available audio recording on this page. Timestamps within the transcript are designed to help you navigate the audio should the corresponding text be unclear. The machine-assisted output provided is partly edited and is designed as a guide.

Operator

00:03 Good afternoon, and welcome to CarParts.com First 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.

00:19 I would now like to turn the conference over to your host Tina Mirfarsi, Vice President of Communications and Culture. Please go ahead.

Tina Mirfarsi

00:35 Hello, everyone and thank you for joining the call today to discuss our first 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.

01:10 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.

01:40 And with that, I would now like to turn the call over to David.

David Meniane

01:45 Thank you, Tina and good afternoon, everyone. As reported in today's release CarParts.com achieved record sales up 15% to $166 million from the year ago period and adjusted EBITDA up 165% to a record $9.4 million. This is our nineth consecutive quarter of double-digit year-over-year revenue growth and an 80% increase on a two-year stack. Ryan will go into the details of the financials in just a moment, but clearly there have been some exciting developments at CarParts.com since our last call.