CarParts.com, Inc. (PRTS) Q2 2022 Earnings Call Transcript – The Motley Fool
CarParts.com, Inc. (PRTS 6.31%)
Q2 2022 Earnings Call
Aug 02, 2022, 5:00 p.m. ET
- Prepared Remarks
- Questions and Answers
- Call Participants
Good afternoon, and welcome to the CarParts.com second quarter 2022 conference call. [Operator Instructions] Please note, this call is being recorded. I would now like to turn the call over to your host, Tina Mirfarsi, vice president of communications & culture. Please go ahead.
Tina Mirfarsi — Vice President, Communications and Culture
Hello, everyone. 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 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 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.
With that, I would now like to turn the call over to David.
David Meniane — Chief Operating and Financial Officer
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 tenth 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 J.P.
Morgan 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. Number two, operational excellence. As the business continues to grow and evolve, we see opportunities for our teams to collaborate and improve performance by systematically removing inefficiencies and improving process.
Focusing on driving results is key for us as evidenced with our year-to-date results and our ability to simultaneously open two distribution centers in this environment. We’re always raising the bar and aligning people, process and strategy with the needs of our customers, which is part of our DNA. Number three, financial discipline. Over the last three and a half years, we have invested in building a scalable foundation, which we are now leveraging.
Our management team strongly believes that financial resilience and disciplined capital allocation will be key to our success in …….