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CarParts.com Reports Record First Quarter 2023 Results

CarParts.com Logo (PRNewsfoto/CarParts.com, Inc.)

News provided by

CarParts.com, Inc.

May 02, 2023, 16:01 ET

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Record First Quarter Sales of $175.5 million, up 6% Year over Year  

13th Consecutive Quarter of Year over Year Sales Growth

TORRANCE, Calif., May 2, 2023 /PRNewswire/ -- CarParts.com, Inc. (NASDAQ: PRTS), one of the leading e-commerce providers of automotive parts and accessories, and a one-stop shop for vehicle repair and maintenance needs, is reporting results for the first quarter ended April 1, 2023. 

First Quarter 2023 Summary vs. Year-Ago Quarter  

  • Net sales increased 6% year over year to $175.5 million and increased 20% on a two-year stack.
  • Gross profit increased 2% to $62.6 million, with gross margin of 35.6%.
  • Net income was $1.1 million or $0.02 per diluted share, compared to $2.1 million or $0.04 per diluted share.
  • Adjusted EBITDA was flat at $9.4 million.
  • Cash of $49.3 million and no revolver debt.

Management Commentary

"Q1 marked our 13th consecutive quarter of growth all while building up a robust balance sheet.  Our team grew revenues and maintained profitability despite a challenging macro environment," said David Meniane, CEO of CarParts.com.  "For the remainder of the year, we will continue to drive operating improvements, expand our assortment, and enhance our website with new functionality."

"These results are the latest chapter in our success story, which is the product of a complete transformation that included a refreshed management team, restructured departments, new tech stacks, and improved operating efficiencies. No matter how you look at it, what the team has accomplished is remarkable. Our commitment to our customers, shareholders, and employees remains unwavering.  And as we look ahead, we believe we can continue to drive growth, profitability, and shareholder returns."

First Quarter 2023 Financial Results

Net sales in the first quarter of 2023 were $175.5 million, up 6% from the year-ago quarter.

Gross profit in the first quarter increased 2% to $62.6 million compared to $61.2 million in the year-ago quarter, with gross margin decreasing 120 basis points to 35.6%, primarily driven by unfavorable freight charges.

Total operating expenses in the first quarter were $61.9 million and 35.3% of sales compared to $58.8 million and 35.4% of sales in the year-ago quarter. The improvement in operating leverage was primarily driven by increased operating efficiencies combined with lower marketing expense as a percent of sales.

Net income in the first quarter was $1.1 million compared to net income of $2.1 million in the year-ago quarter.

Adjusted EBITDA in the first quarter was $9.4 million compared to $9.4 million in the year-ago quarter.

On April 1, 2023, the Company had a cash balance of $49.3 million, no revolver debt and no outstanding trade letters of credit ("LCs"), compared to no revolver debt, no outstanding trade LCs and a $18.8 million cash balance at prior fiscal year-end December 31, 2022. 

Conference Call

CarParts.com CEO David Meniane, CFO Ryan Lockwood and COO Michael Huffaker will host a conference call today to discuss the results, followed by a question and answer period.

Date: Tuesday, May 2, 2023
Time: 5:00 p.m. Eastern time (2:00 p.m. Pacific time) 
Webcast: www.carparts.com/investor/news-events 

To listen to the live call, please click the link above to access the webcast. A replay of the audio webcast will be archived on the Company's website at www.carparts.com/investor.  

About CarParts.com, Inc.

CarParts.com is the go-to eCommerce platform for auto care and maintenance. We offer drivers quality parts at competitive prices and allow customers to schedule an appointment with a trusted mechanic directly from our website. We use world-class design principles and the latest technologies to deliver a fast, easy-to-use, and mobile-intuitive website. And with our company-owned national distribution network, we bring the best brands and manufacturers directly to consumers, cutting out the costs associated with brick-and-mortar retailers. Our team members around the globe are dedicated to Empowering Drivers Along Their Journey.

CarParts.com is headquartered in Torrance, California.

Non-GAAP Financial Measures

Regulation G, and other provisions of the Securities Exchange Act of 1934, as amended, define and prescribe the conditions for use of certain non-GAAP financial information. We provide "Adjusted EBITDA" and "EBITDAS," in this earnings release and on today's scheduled conference call, which are non-GAAP financial measures. Adjusted EBITDA, and EBITDAS, consist of net income (loss) before (a) interest expense, net; (b) income tax provision; (c) depreciation and amortization expense; (d) amortization of intangible assets; and (e) share-based compensation expense. A reconciliation of Adjusted EBITDA and EBITDAS to net income (loss) is provided below. With respect to EBITDAS from fiscal year 2018 (trailing twelve months ended December 29, 2018) provided below, we excluded the previously disclosed adjustments of employee transition costs, customs costs and proceeds from AutoMD sale in order to provide a more accurate comparison, adjusting only for share-based compensation expense. 

The Company believes that these non-GAAP financial measures provide important supplemental information to management and investors. These non-GAAP financial measures reflect an additional way of viewing aspects of the Company's operations that, when viewed with the GAAP results and the accompanying reconciliations to corresponding GAAP financial measures, provides a more complete understanding of factors and trends affecting the Company's business and results of operations.

Management uses Adjusted EBITDA, and EBITDAS, as measures of the Company's operating performance because it assists in comparing the Company's operating performance on a consistent basis by removing the impact of stock compensation expense as well as other items that we do not believe are representative of our ongoing operating performance. Internally, these non-GAAP measures are also used by management for planning purposes, including the preparation of internal budgets; for allocating resources to enhance financial performance; and for evaluating the effectiveness of operational strategies. The Company also believes that analysts and investors use these non-GAAP measures as supplemental measures to evaluate the ongoing operations of companies in our industry.

These non-GAAP financial measures are used in addition to and in conjunction with results presented in accordance with GAAP and should not be relied upon to the exclusion of GAAP financial measures. Management strongly encourages investors to review the Company's consolidated financial statements in their entirety and to not rely on any single financial measure. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies' non-GAAP financial measures having the same or similar names. In addition, the Company expects to continue to incur expenses similar to the non-GAAP adjustments described above, and exclusion of these items from the Company's non-GAAP measures should not be construed as an inference that these costs are all unusual, infrequent or non-recurring.

Safe Harbor Statement

This press release contains statements which are based on management's current expectations, estimates and projections about the Company's business and its industry, as well as certain assumptions made by the Company. These statements are forward looking statements for the purposes of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended and Section 27A of the Securities Act of 1933, as amended. Words such as "anticipates," "could," "expects," "intends," "plans," "potential," "believes," "predicts," "projects," "seeks," "estimates," "may," "will," "would," "will likely continue" and variations of these words or similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to, statements regarding our future operating results and financial condition, our potential growth, our ability to innovate, our ability to gain market share, and our ability to expand and improve our product offerings. We undertake no obligation to revise or update publicly any forward-looking statements for any reason. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Therefore, our actual results could differ materially and adversely from those expressed in any forward-looking statements as a result of various factors.

Important factors that may cause such a difference include, but are not limited to, competitive pressures, our dependence on search engines to attract customers, demand for the Company's products, the online market and channel mix for aftermarket auto parts, the economy in general, increases in commodity and component pricing that would increase the Company's product costs, the operating restrictions in its credit agreement, the weather and any other factors discussed in the Company's filings with the Securities and Exchange Commission (the "SEC"), including the Risk Factors contained in the Company's Annual Report on Form 10–K and Quarterly Reports on Form 10–Q, which are available at www.carparts.com/investor and the SEC's website at www.sec.gov. You are urged to consider these factors carefully in evaluating the forward-looking statements in this release and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by this cautionary statement. Unless otherwise required by law, the Company expressly disclaims any obligation to update publicly any forward-looking statements, whether as result of new information, future events or otherwise.

Investor Relations:

Ryan Lockwood, CFA
[email protected]

Summarized information for the periods presented is as follows (in millions):




Thirteen Weeks Ended


Thirteen Weeks Ended




April 1, 2023


April 2, 2022


Net sales


$

175.49


$

166.05


Gross profit


$

62.55


$

61.16





35.6

%


36.8

%

Operating expense


$

61.92


$

58.77





35.3

%


35.4

%

Net income


$

1.05


$

2.10





0.6

%


1.3

%

Adjusted EBITDA


$

9.37


$

9.42





5.3

%


5.7

%

The table below reconciles net income to Adjusted EBITDA for the periods presented (in thousands):




Thirteen Weeks Ended


Thirteen Weeks Ended



April 1, 2023


April 2, 2022

Net income


$

1,051


$

2,103

Depreciation & amortization



3,919



2,957

Amortization of intangible assets



11



28

Interest expense, net



347



291

Taxes



141



52

EBITDA


$

5,469


$

5,431

Stock compensation expense


$

3,899


$

3,992

Adjusted EBITDA


$

9,368


$

9,423

The table below reconciles net loss to EBITDAS for the periods presented (in thousands):




Trailing Twelve Months Ended


Trailing Twelve Months Ended



April 1, 2023


December 29, 2018

Net loss


$

(2,003)


$

(4,889)

Depreciation & amortization



14,569



5,802

Amortization of intangible assets



91



185

Interest expense, net



1,477



1,595

Taxes



721



(329)

EBITDA


$

14,855


$

2,364

Stock compensation expense


$

11,203


$

3,595

EBITDAS


$

26,058


$

5,959

CARPARTS.COM, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE OPERATIONS
(Unaudited, In Thousands, Except Per Share Data)




Thirteen Weeks Ended



April 1,


April 2,



2023


2022

Net sales


$

175,492


$

166,053

Cost of sales (1)



112,941



104,891

Gross profit



62,551



61,162

Operating expense



61,915



58,771

Income from operations



636



2,391

Other income (expense):







Other income, net



914



56

Interest expense



(358)



(292)

Total other income (expense), net



556



(236)

Income before income taxes



1,192



2,155

Income tax provision



141



52

Net income



1,051



2,103

Other comprehensive gain (loss):







Foreign currency translation adjustments



—



20

Unrealized gain (loss) on deferred compensation trust assets



24



(34)

Total other comprehensive gain (loss)



24



(14)

Comprehensive income


$

1,075


$

2,089

Net income per share:







Basic net income per share


$

0.02


$

0.04

Diluted net income per share


$

0.02


$

0.04

Weighted-average common shares outstanding:







Shares used in computation of basic net income per share



55,047



53,251

Shares used in computation of diluted net income per share



58,037



57,172



(1)

Excludes depreciation and amortization expense which is included in operating expense.

CARPARTS.COM, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited, In Thousands, Except Par Value Data)




April 1,


December 31,



2023


2022

ASSETS







Current assets:







Cash and cash equivalents


$

49,305


$

18,767

Accounts receivable, net



9,745



6,406

Inventory, net



112,364



136,026

Other current assets



7,183



6,672

Total current assets



178,597



167,871

Property and equipment, net



24,423



24,290

Right-of-use - assets - operating leases, net



22,850



23,951

Right-of-use - assets - finance leases, net



18,401



19,750

Other non-current assets



2,589



2,537

Total assets


$

246,860


$

238,399

LIABILITIES AND STOCKHOLDERS' EQUITY







Current liabilities:







Accounts payable


$

55,221


$

57,616

Accrued expenses



20,924



16,466

Right-of-use - obligation - operating, current



4,640



4,571

Right-of-use - obligation - finance, current



4,601



4,753

Other current liabilities



6,071



4,622

Total current liabilities



91,457



88,028

Right-of-use - obligation - operating, non-current



20,306



21,412

Right-of-use - obligation - finance, non-current



14,826



15,916

Other non-current liabilities



3,202



2,971

Total liabilities



129,791



128,327

Commitments and contingencies







Stockholders' equity:







Common stock, $0.001 par value; 100,000 shares authorized; 56,203 and 54,693 shares issued and outstanding as of April 1, 2023 and December 31, 2022 (of which 2,565 are treasury stock)



59



57

Treasury stock



(7,625)



(7,625)

Additional paid-in capital



303,185



297,265

Accumulated other comprehensive income



1,150



1,126

Accumulated deficit



(179,700)



(180,751)

Total stockholders' equity



117,069



110,072

Total liabilities and stockholders' equity


$

246,860


$

238,399

CARPARTS.COM, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, In Thousands)




Thirteen Weeks Ended



April 1,


April 2,



2023


2022

Operating activities







Net income


$

1,051


$

2,103

Adjustments to reconcile net income to net cash provided by operating activities:







Depreciation and amortization expense



3,919



2,957

Amortization of intangible assets



11



28

Share-based compensation expense



3,899



3,992

Stock awards issued for non-employee director service



6



6

Stock awards related to officers and directors stock purchase plan from payroll deferral



—



23

Amortization of deferred financing costs



16



4

Changes in operating assets and liabilities:







Accounts receivable



(3,362)



(1,445)

Inventory



23,662



(19,087)

Other current assets



(511)



(998)

Other non-current assets



(55)



(503)

Accounts payable and accrued expenses



2,399



18,296

Other current liabilities



1,450



(136)

Right-of-use obligation - operating leases - current



181



125

Right-of-use obligation - operating leases - long-term



(117)



(1)

Other non-current liabilities



232



(98)

Net cash provided by operating activities



32,781



5,266

Investing activities







Additions to property and equipment



(2,745)



(3,760)

Net cash used in investing activities



(2,745)



(3,760)

Financing activities







Borrowings from revolving loan payable



76



5,032

Payments made on revolving loan payable



(76)



(32)

Payments on finance leases



(1,242)



(844)

Net proceeds from issuance of common stock for ESPP



221



431

Proceeds from exercise of stock options



1,523



792

Net cash provided by financing activities



502



5,379

Effect of exchange rate changes on cash



—



6

Net change in cash and cash equivalents



30,538



6,891

Cash and cash equivalents, beginning of period



18,767



18,144

Cash and cash equivalents, end of period


$

49,305


$

25,035

Supplemental disclosure of non-cash investing and financing activities:







Right-of-use finance asset acquired


$

—


$

3,206

Accrued asset purchases


$

312


$

1,560

Share-based compensation expense capitalized in property and equipment


$

271


$

314

Stock issued for services


$

—


$

81

Supplemental disclosure of cash flow information:







Cash (received) paid during the period for income taxes


$

(34)


$

15

Cash paid during the period for interest


$

381


$

306

SOURCE CarParts.com, Inc.

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CarParts.com Announces Board Transitions Following Strategic Investment

CarParts.com Announces Board Transitions Following Strategic Investment

CarParts.com, Inc. (NASDAQ: PRTS), a leading e-commerce provider of automotive parts and accessories, today announced board transitions following its ...

CarParts.com Secures Strategic Investment from Global Industry Leaders ZongTeng Group, A-Premium, and CDH Investments

CarParts.com Secures Strategic Investment from Global Industry Leaders ZongTeng Group, A-Premium, and CDH Investments

CarParts.com, Inc. (NASDAQ: PRTS), a leading e-commerce provider of automotive parts and accessories, today announced that it has secured a strategic ...

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