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CarParts.com, Inc. (PRTS -3.26%)
Q1 2022 Earnings Call
May 03, 2022, 5:00 p.m. ET

Contents:

  • Prepared Remarks
  • Questions and Answers
  • Call Participants

Prepared Remarks:

Operator

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.

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 — Vice President of Communications and Culture

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.

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 — Chief Executive Officer

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.

We are humbled and honored to take the leadership roles at a truly world-class organization with such an exceptional team. We also want to welcome Kals Subramanian, as our chief technology officer. As we continue to invest in technology and expand our executive team to build upon the strong foundation, we have established over the years Kals deep e-commerce expertise will be of great value to the company. Sanjiv Gomes has moved into our chief information officer position, which will allow him to better focus on engineering and architecture.

As this is my first earnings call as CEO, let me just take a few minutes to discuss our core commitments, as well as where we are focusing our attention. First and foremost, we remain committed to: one, our shareholders to be prudent, disciplined with every dollar we deploy; two, our customers, to help them get back on the road with quality products at competitive prices; three, our team, to invest in their safety, growth and personal development to ensure they have the tools and support they need to succeed and truly feel like owners in our business; four, …….

Source: https://www.fool.com/earnings/call-transcripts/2022/05/04/carpartscom-inc-prts-q1-2022-earnings-call-transcr/

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