PRTS - $9.59 Intraday) Price Target: $13.00Ryan Sigdahl, CPA, CFA Matt WegnerSenior Research Analyst Research Analyst(612) 334-6376 (612) 334-6374ryan.sigdahl@craig-hallum.com matthew.wegner@craig-hallum.comSearch Traffic Surges In June As Business Trends Continue To Accelerate. Reiterate BUYRating And Raising Price Target To $13.PRTS is a leading provider of automotive aftermarket products through its e-commerce website and online marketplaces
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nxi Liu Joins U.S. Auto Parts Network Board of Directors
July 16, 2020 08:00 AM Eastern Daylight Time
TORRANCE, Calif.--(BUSINESS WIRE)--U.S. Auto Parts Network, Inc. (NASDAQ: PRTS), and its flagship brand, CarParts.com, welcomes Nanxi Liu to its board of directors.Nanxi Liu is CEO and Co-Founder of Enplug, a leading digital display software company used by Fortune 500 companies, and was named one of Forbes 30 Under 30 and Fortune's 10 Most Promising Women Entrepreneurs. Nanxi also serves on the Board of Advisors for Covington Capital, which manages $3 billion, and is a Partner at XFactor Ventures, where she invests in women-founded startups. In 2019, Nanxi was appointed as one of five voting members to the California Department of Motor Vehicles' New Motor Vehicle Board.
With the growth of CarParts.com as a leading e-commerce and automotive company, Nanxi will bring her tech-savvy and experience to the team to help shape the way the brand, and industry, think about the future of auto.
"I am thrilled to join the U.S. Auto Parts Network team and work with the industry leader in e-commerce," said Liu. "We need to think about the new generation of buyers. Gen Z and Millennials prefer digital, which impacts how we approach the future of the automotive industry. Physical retail is a thing of the past, and CarParts.com and U.S. Auto Parts Network are well poised to dominate the future of e-commerce."
About CarParts.com
Established in 1999, CarParts.com is an e-commerce auto parts retailer that specializes in O.E. replacement collision, repair, and maintenance parts. With over 50 million parts delivered, we've helped millions of drivers across the United States find the right parts to fix their cars and keep their vehicles on the road. Our vehicle selector and easy-to-navigate, mobile-friendly website offers customers guaranteed fitment and a convenient online shopping experience. Paired with our 90-day return policy and satisfaction guarantee, CarParts.com makes it easier than ever to get the parts you need delivered straight to your door.
About U.S. Auto Parts Network, Inc.
Established in 1995, U.S. Auto Parts is a leading online provider of automotive aftermarket parts, including collision, engine, and performance parts and accessories. Through its flagships websites www.carparts.com and www.jcwhitney.com, U.S. Auto Parts provides consumers with a broad selection of competitively priced products, all mapped by a proprietary database with applications based on vehicle makes, models and years. The Company's corporate website is www.usautoparts.com. U.S. Auto Parts is headquartered in Torrance, California.
Contacts
Media Inquiries:
Sasha Trosman
press@usautoparts.com
Investor Relations:
Ryan Lockwood
July 16, 2020 08:00 AM Eastern Daylight Time
TORRANCE, Calif.--(BUSINESS WIRE)--U.S. Auto Parts Network, Inc. (NASDAQ: PRTS), and its flagship brand, CarParts.com, welcomes Nanxi Liu to its board of directors.Nanxi Liu is CEO and Co-Founder of Enplug, a leading digital display software company used by Fortune 500 companies, and was named one of Forbes 30 Under 30 and Fortune's 10 Most Promising Women Entrepreneurs. Nanxi also serves on the Board of Advisors for Covington Capital, which manages $3 billion, and is a Partner at XFactor Ventures, where she invests in women-founded startups. In 2019, Nanxi was appointed as one of five voting members to the California Department of Motor Vehicles' New Motor Vehicle Board.
“Nanxi is a leader in the tech industry, and we are proud to welcome her energy and expertise. Nanxi will be instrumental in enhancing the customer experience as CarParts.com continues to evolve in the tech and e-commerce space.”
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"We are excited to welcome Nanxi to our board of directors," said Lev Peker, CEO of U.S. Auto Parts Network. "Nanxi is a leader in the tech industry, and we are proud to welcome her energy and expertise. Nanxi will be instrumental in enhancing the customer experience as CarParts.com continues to evolve in the tech and e-commerce space."Tweet this
With the growth of CarParts.com as a leading e-commerce and automotive company, Nanxi will bring her tech-savvy and experience to the team to help shape the way the brand, and industry, think about the future of auto.
"I am thrilled to join the U.S. Auto Parts Network team and work with the industry leader in e-commerce," said Liu. "We need to think about the new generation of buyers. Gen Z and Millennials prefer digital, which impacts how we approach the future of the automotive industry. Physical retail is a thing of the past, and CarParts.com and U.S. Auto Parts Network are well poised to dominate the future of e-commerce."
About CarParts.com
Established in 1999, CarParts.com is an e-commerce auto parts retailer that specializes in O.E. replacement collision, repair, and maintenance parts. With over 50 million parts delivered, we've helped millions of drivers across the United States find the right parts to fix their cars and keep their vehicles on the road. Our vehicle selector and easy-to-navigate, mobile-friendly website offers customers guaranteed fitment and a convenient online shopping experience. Paired with our 90-day return policy and satisfaction guarantee, CarParts.com makes it easier than ever to get the parts you need delivered straight to your door.
About U.S. Auto Parts Network, Inc.
Established in 1995, U.S. Auto Parts is a leading online provider of automotive aftermarket parts, including collision, engine, and performance parts and accessories. Through its flagships websites www.carparts.com and www.jcwhitney.com, U.S. Auto Parts provides consumers with a broad selection of competitively priced products, all mapped by a proprietary database with applications based on vehicle makes, models and years. The Company's corporate website is www.usautoparts.com. U.S. Auto Parts is headquartered in Torrance, California.
Contacts
Media Inquiries:
Sasha Trosman
press@usautoparts.com
Investor Relations:
Ryan Lockwood
[h=1]U.S. Auto Parts Network Is Now CarParts.com[/h]
[FONT="]July 27, 2020 08:15 AM Eastern Daylight Time
TORRANCE, Calif.--(BUSINESS WIRE)--U.S. Auto Parts Network, Inc. (NASDAQ: PRTS) today announced it has formally changed its name to CarParts.com, Inc. Following its sales growth and its inclusion in the Russell 2000® Index, the company decided it needed a name that reflected the tech-forward company it has become. The company, which has been a leader in online aftermarket auto parts for over 20 years, has built a strong brand identity and loyal, engaged consumer base under its flagship brand – CarParts.com – and decided its official corporate name should reflect this progression.
As an e-commerce auto parts company, CarParts.com has carved a niche in the tech sector. CarParts.com is transforming the way drivers shop for auto parts in order to benefit today’s digital consumer. Through its simple and convenient website, CarParts.com enables consumers to connect with the parts that they need to get their vehicle on the road.
The U.S. Auto Parts NASDAQ ticker (PRTS) will be retained. CarParts.com, Inc. common stock has been assigned the CUSIP number 14427M107. Trading under the new name will begin at market opening on Tuesday, July 28, 2020. Holders of common stock are not required to exchange currently outstanding stock certificates for new stock certificates.
CarParts.com remains committed to maintaining the customer-centric strategy that has drawn consumer trust and respect for over two decades. The updated corporate identification reflects the company’s customer-first mentality in making the process of purchasing car parts online reliable, fast, cost-effective, and easy. Through continued innovation and growth, CarParts.com is dedicated to improving the e-commerce customer experience for drivers.
About CarParts.com, Inc.
For over 20 years, CarParts.com has been a leader in the e-commerce automotive aftermarket, providing collision, engine, and performance parts and accessories. With over 50 million parts delivered, we’ve helped everyday drivers across the continental United States find the right parts to keep their vehicles on the road.
With a focus on the end-to-end customer experience, we’ve designed our website and sourcing network to simplify the way drivers get the parts they need. Our vehicle selector and easy-to-navigate, mobile-friendly website offer customers guaranteed fitment and a convenient online shopping experience. And with our own wide distribution network, we bring the very best brands and manufacturers directly to consumer hands, cutting out all the brick-and-mortar supply chain costs to provide quality parts at a discount for our loyal customers. Combined with our 90-day return policy and satisfaction guarantee, CarParts.com makes it simple for customers to get parts delivered straight to their door.
CarParts.com is headquartered in Torrance, California.
[/FONT]
U.S. Auto Parts Network, Inc. Announces Corporate Name Change to CarParts.com, Inc. Effective Immediately
[FONT="]July 27, 2020 08:15 AM Eastern Daylight Time
TORRANCE, Calif.--(BUSINESS WIRE)--U.S. Auto Parts Network, Inc. (NASDAQ: PRTS) today announced it has formally changed its name to CarParts.com, Inc. Following its sales growth and its inclusion in the Russell 2000® Index, the company decided it needed a name that reflected the tech-forward company it has become. The company, which has been a leader in online aftermarket auto parts for over 20 years, has built a strong brand identity and loyal, engaged consumer base under its flagship brand – CarParts.com – and decided its official corporate name should reflect this progression.
“Like the best tech firms, CarParts.com’s value is in its people, expertise, supply chain, proprietary software, parts catalogue, and consumer brand. The new name speaks to the way we have used technology and e-commerce expertise to increase sales and profitability.”
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“CarParts.com is a tech company,” said Lev Peker, CEO of CarParts.com. “Like the best tech firms, CarParts.com’s value is in its people, expertise, supply chain, proprietary software, parts catalogue, and consumer brand. The new name speaks to the way we have used technology and e-commerce expertise to increase sales and profitability.”Tweet this
As an e-commerce auto parts company, CarParts.com has carved a niche in the tech sector. CarParts.com is transforming the way drivers shop for auto parts in order to benefit today’s digital consumer. Through its simple and convenient website, CarParts.com enables consumers to connect with the parts that they need to get their vehicle on the road.
The U.S. Auto Parts NASDAQ ticker (PRTS) will be retained. CarParts.com, Inc. common stock has been assigned the CUSIP number 14427M107. Trading under the new name will begin at market opening on Tuesday, July 28, 2020. Holders of common stock are not required to exchange currently outstanding stock certificates for new stock certificates.
CarParts.com remains committed to maintaining the customer-centric strategy that has drawn consumer trust and respect for over two decades. The updated corporate identification reflects the company’s customer-first mentality in making the process of purchasing car parts online reliable, fast, cost-effective, and easy. Through continued innovation and growth, CarParts.com is dedicated to improving the e-commerce customer experience for drivers.
About CarParts.com, Inc.
For over 20 years, CarParts.com has been a leader in the e-commerce automotive aftermarket, providing collision, engine, and performance parts and accessories. With over 50 million parts delivered, we’ve helped everyday drivers across the continental United States find the right parts to keep their vehicles on the road.
With a focus on the end-to-end customer experience, we’ve designed our website and sourcing network to simplify the way drivers get the parts they need. Our vehicle selector and easy-to-navigate, mobile-friendly website offer customers guaranteed fitment and a convenient online shopping experience. And with our own wide distribution network, we bring the very best brands and manufacturers directly to consumer hands, cutting out all the brick-and-mortar supply chain costs to provide quality parts at a discount for our loyal customers. Combined with our 90-day return policy and satisfaction guarantee, CarParts.com makes it simple for customers to get parts delivered straight to their door.
CarParts.com is headquartered in Torrance, California.
[/FONT]
CarParts.com Reports Record Sales and Gross Profit for Second Quarter 2020
Mon August 10, 2020 4:01 PM|PR Newswire|About:PRTS
TORRANCE, Calif., Aug. 10, 2020 /PRNewswire/ -- CarParts.com (PRTS), Inc. (NASDAQ: PRTS), one of the leading e-commerce providers of automotive parts and accessories, is reporting results for the second quarter ended June 27, 2020.
Q2 2020 Highlights vs. Year-Ago Period
"This quarter marked another period of significant growth for our company as we reported record-breaking sales and gross profit," saidLev Peker, CEO of CarParts.com. "In addition to our strong top-line momentum, we drove exceptional year-over-year bottom-line improvements in both net income and Adjusted EBITDA.
"Despite the ongoing pandemic and an uncertain market environment, our accelerated momentum points to the continued success of our strategy and resilience of our business. Overall e-commerce penetration for totalU.S.retail sales reached 28% for Q2 while auto parts remains in the mid-single digits. We believe that the industry will continue to experience the shift to online and we are well-positioned to take advantage of this new demand over the long term.
"Following our strong growth and inclusion in the Russell 2000® Index this quarter, we decided that we needed a new name that better reflected the tech-forward company we have become. In late July we rebranded to CarParts.com, marking the culmination of our efforts to consolidate our websites over the past several quarters. In conjunction with the rebrand, we completed our site consolidation and are now officially down to one flagship website, CarParts.com. Being one brand with one site allows us to optimize our position in the market while being more efficient with our marketing and improving brand presence both online and offline.
"Our work over the past 18 months to optimize our supply chain, marketing and technology capabilities is paying off, however we still have plenty of work in these areas to take CarParts.com to the next level. We will remain prudent stewards of capital while continuing to drive further improvements in our business. We want to thank our warehouse associates for their hard work, as well as all of our team members for their support and commitment to the new CarParts.com."
Second Quarter 2020 Financial Results
Net sales in the second quarter of 2020 increased 61% to a record $118.9 million compared to $73.7 million in the year-ago quarter. The increase was primarily driven by significant revenue growth from our flagship website, CarParts.com, which was up triple digits over the prior year quarter.
Gross profit in the second quarter increased 88% to a record $40.8 million compared to $21.8 million in the second quarter of last year, with gross margin up 480 basis points to 34.3% compared to 29.5%. These increases were primarily driven by improved product mix and supply chain optimizations. This was the Company's sixth consecutive quarter of gross margin expansion.
Total operating expenses in the second quarter were $38.7 million compared to $23.0 million in the second quarter last year. The increase was driven by increased marketing and fulfillment expenses.
Net income in the second quarter improved significantly to $1.6 million or $0.03 per diluted share, compared to a net loss of $(1.5) million or $(0.04) per basic and diluted share in the second quarter of last year.
Adjusted EBITDA in the second quarter increased significantly to $5.6 million compared to $1.4 million in the year-ago quarter, with the improvement driven by the benefit of operational investments made in all areas of the business over the past 18 months.
On June 27, 2020, the company had a cash balance of $24.9 million compared to $2.3 million on December 28, 2019. The increase in cash was primarily driven by higher net cash from operations and improved working capital.
Conference Call
CarParts.com CEOLev Pekerand CFO/COODavid Menianewill host a conference call today, followed by a question and answer period.
Date: Monday, August 10, 2020
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 at least 5-10 minutes prior to the start time to register your name and organization. The audio webcast will be archived on the Company's website atwww.carparts.com/investor.
If you are unable to join via the webcast, you may dial in to the call at 833-649-1138 (domestic) or 918-922-3112 (international) using access code 9326289. A telephone replay will also be available on the same day through August 17, 2020 at 855-859-2056 (domestic) or 404-537-3406 (international) using access code 9326289.
About CarParts.com
For over 20 years, CarParts.com has been a leader in the e-commerce automotive aftermarket, providing collision, engine, and performance parts and accessories. With over 50 million parts delivered, we've helped everyday drivers across the contiguousUnited Statesfind the right parts to keep their vehicles on the road.
With a focus on the end-to-end customer experience, we've designed our website and sourcing network to simplify the way drivers get the parts they need. Our vehicle selector and easy-to-navigate, mobile-friendly website offer customers guaranteed fitment and a convenient online shopping experience. And with our own wide distribution network, we bring the very best brands and manufacturers directly to consumer hands, cutting out all the brick-and-mortar supply chain costs to provide quality parts at a discount for our loyal customers. Combined with our 90-day return policy and satisfaction guarantee, CarParts.com makes it simple for customers to get parts delivered straight to their door.
CarParts.com is headquartered inTorrance, 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," which is a non-GAAP financial measure. Adjusted EBITDA consists of net income (loss) before (a) interest expense, net; (b) income tax provision (benefit); (c) depreciation and amortization expense; (d) amortization of intangible assets; (e) share-based compensation expense; and in 2019, (f) costs associated with our customs issue; and (g) costs associated with employee transitions.
The Company believes that this non-GAAP financial measure provides important supplemental information to management and investors. This non-GAAP financial measure reflects an additional way of viewing aspects of the Company's operations that, when viewed with the GAAP results and the accompanying reconciliation 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 as one measure 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 and the costs associated with the customs issue, as well as other items that we do not believe are representative of our ongoing operating performance. Internally, this non-GAAP measure is 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 Adjusted EBITDA as a supplemental measure to evaluate the ongoing operations of companies in our industry.
This non-GAAP financial measure is 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, its future operating results and financial condition, the impact of changes in our key operating metrics, and our potential growth and our liquidity requirements. 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, the impact of the customs issues 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:
Sean Mansouri, CFA orCody Slach
Gateway Investor Relations
949–574–3860
Mon August 10, 2020 4:01 PM|PR Newswire|About:PRTS
TORRANCE, Calif., Aug. 10, 2020 /PRNewswire/ -- CarParts.com (PRTS), Inc. (NASDAQ: PRTS), one of the leading e-commerce providers of automotive parts and accessories, is reporting results for the second quarter ended June 27, 2020.
Q2 2020 Highlights vs. Year-Ago Period
- Q2 net sales increased 61% to a company record $118.9 million vs. $73.7 million.
- Q2 gross profit increased 88% to a company record $40.8 million vs. $21.8 million.
- Q2 gross margin increased 480 basis points to 34.3% vs. 29.5%.
- Q2 net income improved significantly to $1.6 million or $0.03 per diluted share, compared to a net loss of $(1.5) million or $(0.04) per basic and diluted share.
- Q2 Adjusted EBITDA increased 4x to $5.6 million compared to $1.4 million.
- Net sales in July were up more than 60% compared to the same prior year period.
"This quarter marked another period of significant growth for our company as we reported record-breaking sales and gross profit," saidLev Peker, CEO of CarParts.com. "In addition to our strong top-line momentum, we drove exceptional year-over-year bottom-line improvements in both net income and Adjusted EBITDA.
"Despite the ongoing pandemic and an uncertain market environment, our accelerated momentum points to the continued success of our strategy and resilience of our business. Overall e-commerce penetration for totalU.S.retail sales reached 28% for Q2 while auto parts remains in the mid-single digits. We believe that the industry will continue to experience the shift to online and we are well-positioned to take advantage of this new demand over the long term.
"Following our strong growth and inclusion in the Russell 2000® Index this quarter, we decided that we needed a new name that better reflected the tech-forward company we have become. In late July we rebranded to CarParts.com, marking the culmination of our efforts to consolidate our websites over the past several quarters. In conjunction with the rebrand, we completed our site consolidation and are now officially down to one flagship website, CarParts.com. Being one brand with one site allows us to optimize our position in the market while being more efficient with our marketing and improving brand presence both online and offline.
"Our work over the past 18 months to optimize our supply chain, marketing and technology capabilities is paying off, however we still have plenty of work in these areas to take CarParts.com to the next level. We will remain prudent stewards of capital while continuing to drive further improvements in our business. We want to thank our warehouse associates for their hard work, as well as all of our team members for their support and commitment to the new CarParts.com."
Second Quarter 2020 Financial Results
Net sales in the second quarter of 2020 increased 61% to a record $118.9 million compared to $73.7 million in the year-ago quarter. The increase was primarily driven by significant revenue growth from our flagship website, CarParts.com, which was up triple digits over the prior year quarter.
Gross profit in the second quarter increased 88% to a record $40.8 million compared to $21.8 million in the second quarter of last year, with gross margin up 480 basis points to 34.3% compared to 29.5%. These increases were primarily driven by improved product mix and supply chain optimizations. This was the Company's sixth consecutive quarter of gross margin expansion.
Total operating expenses in the second quarter were $38.7 million compared to $23.0 million in the second quarter last year. The increase was driven by increased marketing and fulfillment expenses.
Net income in the second quarter improved significantly to $1.6 million or $0.03 per diluted share, compared to a net loss of $(1.5) million or $(0.04) per basic and diluted share in the second quarter of last year.
Adjusted EBITDA in the second quarter increased significantly to $5.6 million compared to $1.4 million in the year-ago quarter, with the improvement driven by the benefit of operational investments made in all areas of the business over the past 18 months.
On June 27, 2020, the company had a cash balance of $24.9 million compared to $2.3 million on December 28, 2019. The increase in cash was primarily driven by higher net cash from operations and improved working capital.
Conference Call
CarParts.com CEOLev Pekerand CFO/COODavid Menianewill host a conference call today, followed by a question and answer period.
Date: Monday, August 10, 2020
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 at least 5-10 minutes prior to the start time to register your name and organization. The audio webcast will be archived on the Company's website atwww.carparts.com/investor.
If you are unable to join via the webcast, you may dial in to the call at 833-649-1138 (domestic) or 918-922-3112 (international) using access code 9326289. A telephone replay will also be available on the same day through August 17, 2020 at 855-859-2056 (domestic) or 404-537-3406 (international) using access code 9326289.
About CarParts.com
For over 20 years, CarParts.com has been a leader in the e-commerce automotive aftermarket, providing collision, engine, and performance parts and accessories. With over 50 million parts delivered, we've helped everyday drivers across the contiguousUnited Statesfind the right parts to keep their vehicles on the road.
With a focus on the end-to-end customer experience, we've designed our website and sourcing network to simplify the way drivers get the parts they need. Our vehicle selector and easy-to-navigate, mobile-friendly website offer customers guaranteed fitment and a convenient online shopping experience. And with our own wide distribution network, we bring the very best brands and manufacturers directly to consumer hands, cutting out all the brick-and-mortar supply chain costs to provide quality parts at a discount for our loyal customers. Combined with our 90-day return policy and satisfaction guarantee, CarParts.com makes it simple for customers to get parts delivered straight to their door.
CarParts.com is headquartered inTorrance, 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," which is a non-GAAP financial measure. Adjusted EBITDA consists of net income (loss) before (a) interest expense, net; (b) income tax provision (benefit); (c) depreciation and amortization expense; (d) amortization of intangible assets; (e) share-based compensation expense; and in 2019, (f) costs associated with our customs issue; and (g) costs associated with employee transitions.
The Company believes that this non-GAAP financial measure provides important supplemental information to management and investors. This non-GAAP financial measure reflects an additional way of viewing aspects of the Company's operations that, when viewed with the GAAP results and the accompanying reconciliation 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 as one measure 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 and the costs associated with the customs issue, as well as other items that we do not believe are representative of our ongoing operating performance. Internally, this non-GAAP measure is 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 Adjusted EBITDA as a supplemental measure to evaluate the ongoing operations of companies in our industry.
This non-GAAP financial measure is 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, its future operating results and financial condition, the impact of changes in our key operating metrics, and our potential growth and our liquidity requirements. 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, the impact of the customs issues 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:
Sean Mansouri, CFA orCody Slach
Gateway Investor Relations
949–574–3860
[FONT="]PRTS[/FONT][FONT="] [/FONT]CarParts.com Announces Closing of Public Offering of Common Stock and Full Exercise of the Underwriters' Over-Allotment Option[FONT="] (PR Newswire)[/FONT]
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CarParts.com, Inc. (PRTS) is Your Trade of the Week
Much like many of the recent selections for Trade of the Week, a backdrop of the new COVID-economy compliments a strong chart. CarParts.com has an online presence for their niche; home car repair. The chart confirms the story of a possible short squeeze emerging from this nice, clean chart setup above and resting on all key moving averages.
The Trade of the Week in PRTS will be live above 13.65. The suggested stop will be to not let the price close under the rising 20-day simple moving average in red. Earrings are not until November 9th and with a short float of 23% on a total float of 33 million shares in circulation, things could move fast over the next 2 weeks.
Also-ran names to keep an eye on for this week using your own trading plan: KIRK APPS DNKG URBN
The Trade of the Week in PRTS will be live above 13.65. The suggested stop will be to not let the price close under the rising 20-day simple moving average in red. Earrings are not until November 9th and with a short float of 23% on a total float of 33 million shares in circulation, things could move fast over the next 2 weeks.
Also-ran names to keep an eye on for this week using your own trading plan: KIRK APPS DNKG URBN
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Nice QTR, beat the estimates
https://www.stocktitan.net/news/PRT...-record-third-quarter-2020-e8wle2b6o3xp.html#
- Net sales increased 69% to $117.4 million compared to $69.3 million.
- Gross profit more than doubled to a company record $43.1 million compared to $21.1 million.
- Gross margin expanded 620 basis points to a company record 36.7% compared to 30.5%.
- Net income improved significantly to $1.4 million or $0.03 per diluted share, compared to a net loss of $(1.4) million or $(0.04) per share.
- Adjusted EBITDA increased almost 4x to $5.1 million compared to $1.3 million.
- Successfully completed a public equity offering of $60.5 million in net proceeds, which closed on August 18, 2020 and was 3 times oversubscribed.
https://www.stocktitan.net/news/PRT...-record-third-quarter-2020-e8wle2b6o3xp.html#
[FONT="]Carparts.com CEO on the company’s third quarter earnings and future prospects[/FONT]
https://www.cnbc.com/video/2020/11/11/carparts-com-ceo-on-the-companys-third-quarter-earnings-and-future-prospects.html?__source=sharebar|email&par=sharebar
https://www.cnbc.com/video/2020/11/11/carparts-com-ceo-on-the-companys-third-quarter-earnings-and-future-prospects.html?__source=sharebar|email&par=sharebar
Dr. Lisa Costa, Chief Information Officer at U.S. Special Operations Command and Advisor to Fortune 500 Companies, Joins CarParts.com Board of Directors
Dr. Lisa Costa, Chief Information Officer at U.S. Special Operations Command and Advisor to Fortune 500 Companies, Joins CarParts.com Board of Directors (Photo: Business Wire)
November 12, 2020 08:01 AM Eastern Standard Time
TORRANCE, Calif.--(BUSINESS WIRE)--CarParts.com, Inc. (NASDAQ: PRTS) ("CarParts.com"), announced today that Dr. Lisa Costa, Chief Information Officer of the U.S. Military’s Special Operations Command (USSOCOM), joins the CarParts.com Board of Directors. As a leading cybersecurity and data analytics experts, she will provide valuable guidance and insights into how both the company and its customers can stay ahead of online threats while utilizing information to better serve customers.
CarParts.com COO David Meniane is particularly excited about Dr. Costa’s expertise in data analytics. “The companies that will win the future will be the companies that can marshal all available information to create terrific experiences for their customers – to deliver services that truly serve their customers’ needs,” said Meniane. “Dr. Costa’s expertise in data analytics will yield vital insights for CarParts.com, insights that will help us provide the best service for our customers.”
In addition to serving as CIO for USSOCOM – where she oversees a $1.2 billion budget and an IT system including cloud infrastructure, mobility, satellite and terrestrial communications, and DevSeCops agile software development supporting artificial intelligence and machine learning – Dr. Costa was a member of multiple Defense Science Boards, invented the first fully spherical immersive digital video system, and has advised Presidential Transition Teams on national security issues. She served on the board of Hire Our Heroes and has advised Fortune 500 companies, including Target, Hilton, Starbucks, Cheniere, and FedEx, on data analytics and cybersecurity. She is also an honoree of the James Schlesinger Award for Service to Our Nation.
“I am excited to be joining the CarParts.com Board of Directors,” said Dr. Costa. “CarParts.com was born online – its entire history is in the ecommerce space, the same space that so many other companies are struggling to enter. For 25 years, it has stayed true to its ecommerce lineage. It is a relentless innovator and puts technology first. I am thrilled to lend my expertise to the company as it continues to grow, and as it sprints towards the countless opportunities it sees.”
About CarParts.com
For over 25 years, CarParts.com has been a leader in the e-commerce automotive aftermarket, providing collision, engine, and performance parts and accessories. With over 50 million parts delivered, we've helped everyday drivers across the continental United States find the right parts to keep their vehicles on the road.
With a focus on the end-to-end customer experience, we've designed our website and sourcing network to simplify the way drivers get the parts they need. Our vehicle selector and easy-to-navigate, mobile-friendly website offers customers guaranteed fitment and a convenient online shopping experience. And with our own wide distribution network, we bring the very best brands and manufacturers directly to consumer hands, cutting out all the brick-and-mortar supply chain costs to provide quality parts at a discount for our loyal customers. Combined with our 90-day return policy and satisfaction guarantee, CarParts.com makes it simple for customers to get parts delivered straight to their door.
CarParts.com is headquartered in Torrance, California.
Dr. Costa will provide big data, cyber, and tech expertise to growing e-commerce company
November 12, 2020 08:01 AM Eastern Standard Time
TORRANCE, Calif.--(BUSINESS WIRE)--CarParts.com, Inc. (NASDAQ: PRTS) ("CarParts.com"), announced today that Dr. Lisa Costa, Chief Information Officer of the U.S. Military’s Special Operations Command (USSOCOM), joins the CarParts.com Board of Directors. As a leading cybersecurity and data analytics experts, she will provide valuable guidance and insights into how both the company and its customers can stay ahead of online threats while utilizing information to better serve customers.
“Dr. Costa’s expertise in data analytics will yield vital insights for CarParts.com, insights that will help us provide the best service for our customers.”
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“We are honored to have Dr. Costa join the board,” said CarParts.com CEO Lev Peker. “With her deep understanding of business, technology, and eCommerce, as well as success in advising Fortune 500 companies, Dr. Costa is an incredible and invaluable addition to the team. Her guidance and expertise will be key, and we're confident that both our customers and our company will greatly benefit from her joining the board.”Tweet this
CarParts.com COO David Meniane is particularly excited about Dr. Costa’s expertise in data analytics. “The companies that will win the future will be the companies that can marshal all available information to create terrific experiences for their customers – to deliver services that truly serve their customers’ needs,” said Meniane. “Dr. Costa’s expertise in data analytics will yield vital insights for CarParts.com, insights that will help us provide the best service for our customers.”
In addition to serving as CIO for USSOCOM – where she oversees a $1.2 billion budget and an IT system including cloud infrastructure, mobility, satellite and terrestrial communications, and DevSeCops agile software development supporting artificial intelligence and machine learning – Dr. Costa was a member of multiple Defense Science Boards, invented the first fully spherical immersive digital video system, and has advised Presidential Transition Teams on national security issues. She served on the board of Hire Our Heroes and has advised Fortune 500 companies, including Target, Hilton, Starbucks, Cheniere, and FedEx, on data analytics and cybersecurity. She is also an honoree of the James Schlesinger Award for Service to Our Nation.
“I am excited to be joining the CarParts.com Board of Directors,” said Dr. Costa. “CarParts.com was born online – its entire history is in the ecommerce space, the same space that so many other companies are struggling to enter. For 25 years, it has stayed true to its ecommerce lineage. It is a relentless innovator and puts technology first. I am thrilled to lend my expertise to the company as it continues to grow, and as it sprints towards the countless opportunities it sees.”
About CarParts.com
For over 25 years, CarParts.com has been a leader in the e-commerce automotive aftermarket, providing collision, engine, and performance parts and accessories. With over 50 million parts delivered, we've helped everyday drivers across the continental United States find the right parts to keep their vehicles on the road.
With a focus on the end-to-end customer experience, we've designed our website and sourcing network to simplify the way drivers get the parts they need. Our vehicle selector and easy-to-navigate, mobile-friendly website offers customers guaranteed fitment and a convenient online shopping experience. And with our own wide distribution network, we bring the very best brands and manufacturers directly to consumer hands, cutting out all the brick-and-mortar supply chain costs to provide quality parts at a discount for our loyal customers. Combined with our 90-day return policy and satisfaction guarantee, CarParts.com makes it simple for customers to get parts delivered straight to their door.
CarParts.com is headquartered in Torrance, California.
CarParts.com Releases National Ad Campaign and Brand Identity
(Photo: Business Wire)
November 17, 2020 08:00 AM Eastern Standard Time
TORRANCE, Calif.--(BUSINESS WIRE)--Today, CarParts.com, Inc. (NASDAQ: PRTS) ("CarParts.com") announced the release of its all-new and first-ever live shot national advertising campaign, featuring the brand’s evolved look and feel. CarParts.com teased the new branding earlier this month with Front Row Motorsports and Michael McDowell ahead of the November 1st NASCAR Cup Series race at Martinsville.
As for the ecommerce company’s new advertising campaign, it highlights how CarParts.com’s intuitive mobile shopping experience and savings of up to 50% off make CarParts.com the smarter way to shop for all of your vehicle’s repair and maintenance needs. The ad started airing today across major networksand YouTube. The full ad can be viewed here: https://youtu.be/X7HOFgoPU9c.
“CarParts.com has always been about putting the customer experience first,” said CarParts.com CEO Lev Peker. “In building that experience, the first step is to put ourselves in our customers’ shoes. We understand that people need their cars, whether it’s for their jobs or just for camping trips. Waiting days for a replacement part isn’t an option, and it shouldn’t be. That’s why getting a guaranteed fit the first time is so important. Our new ad highlights how customers win when they shop with us. We’re excited to see how our customers respond.”
The ad marks another step in CarParts.com’s rapid growth. In Q3, CarParts.com’s net sales increased 69%, with gross profit more than doubling. As the company’s third consecutive record-breaking quarter and seventh consecutive quarter of gross margin expansion, Q3’s results are part of a trend dating back over a year. CarParts.com’s leadership fueled this growth with an aggressive operational, supply-chain, and marketing strategy, working tirelessly to find new customers. Their strategy includes a data-driven approach, as well as the sponsorship of Front Row Motorsports and NASCAR Cup Series driver Michael McDowell, and venturing into the TV space with commercials and the company’s most recent integrations with Brenton Productions’ Truck U and Two Guys Garage on the MotorTrend Network. The release of today’s ad marks the next step in the strategy.
“CarParts.com’s success is due to our relentless efforts to always do better than we have before,” said Akhavan. “We’re always trying to reach new customers and offer them better service at better prices, exactly when they need it. Our new ad is yet one more example of us striving to do better. Adding to our recent company turnaround and emphasis on being a tech brand, we now have a future-proof identity on our journey to be the leading auto parts company in the U.S.”
About CarParts.com
Regardless of your experience level with cars, we believe that getting the right parts for yours should be easy, so you can reinvest your time and energy in the journey ahead.
Which is why at CarParts.com, we put the customer experience first. With a simple and convenient online platform, we have transformed the way drivers shop for parts in today’s digital world. It’s smarter, quicker, and hassle-free.
With over 25 years of experience, and 50 million parts delivered, we’ve streamlined our website and sourcing network to better serve the way drivers get the parts they need. Utilizing the latest technologies and design principles, we’ve created an easy-to-use, mobile-friendly shopping experience that, alongside our own nationwide distribution network, cuts out the brick-and-mortar supply chain costs and provides quality parts at a budget-friendly price.
At CarParts.com, we know that drivers need to get back on the road quickly, so no matter who you are, what you drive, or where you’re going, we’re here for you.
Contacts
Media:
Sasha Trosman
strosman@carparts.com
Investors:
Ad Highlights How CarParts.com is the Smarter Way to Shop
November 17, 2020 08:00 AM Eastern Standard Time
TORRANCE, Calif.--(BUSINESS WIRE)--Today, CarParts.com, Inc. (NASDAQ: PRTS) ("CarParts.com") announced the release of its all-new and first-ever live shot national advertising campaign, featuring the brand’s evolved look and feel. CarParts.com teased the new branding earlier this month with Front Row Motorsports and Michael McDowell ahead of the November 1st NASCAR Cup Series race at Martinsville.
“CarParts.com’s success is due to our relentless efforts to always do better than we have before”
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“The new brand identity is all about becoming our customers’ teammates, to form a community with them,” said CarParts.com Chief Marketing Officer Houman Akhavan. “We’re here to make shopping for auto parts hassle-free and budget-friendly, and to help fuel our customers’ journeys. Whether it’s getting an essential worker to her critical job, being there for a family’s weekend getaway, or maybe just a holiday drive-through event, CarParts.com is here to get drivers from point A to point B with confidence. We want to be a part of your journey and help create memories that last.” More about the new branding is available here: https://youtu.be/VpdQO7PAsLk.Tweet this
As for the ecommerce company’s new advertising campaign, it highlights how CarParts.com’s intuitive mobile shopping experience and savings of up to 50% off make CarParts.com the smarter way to shop for all of your vehicle’s repair and maintenance needs. The ad started airing today across major networksand YouTube. The full ad can be viewed here: https://youtu.be/X7HOFgoPU9c.
“CarParts.com has always been about putting the customer experience first,” said CarParts.com CEO Lev Peker. “In building that experience, the first step is to put ourselves in our customers’ shoes. We understand that people need their cars, whether it’s for their jobs or just for camping trips. Waiting days for a replacement part isn’t an option, and it shouldn’t be. That’s why getting a guaranteed fit the first time is so important. Our new ad highlights how customers win when they shop with us. We’re excited to see how our customers respond.”
The ad marks another step in CarParts.com’s rapid growth. In Q3, CarParts.com’s net sales increased 69%, with gross profit more than doubling. As the company’s third consecutive record-breaking quarter and seventh consecutive quarter of gross margin expansion, Q3’s results are part of a trend dating back over a year. CarParts.com’s leadership fueled this growth with an aggressive operational, supply-chain, and marketing strategy, working tirelessly to find new customers. Their strategy includes a data-driven approach, as well as the sponsorship of Front Row Motorsports and NASCAR Cup Series driver Michael McDowell, and venturing into the TV space with commercials and the company’s most recent integrations with Brenton Productions’ Truck U and Two Guys Garage on the MotorTrend Network. The release of today’s ad marks the next step in the strategy.
“CarParts.com’s success is due to our relentless efforts to always do better than we have before,” said Akhavan. “We’re always trying to reach new customers and offer them better service at better prices, exactly when they need it. Our new ad is yet one more example of us striving to do better. Adding to our recent company turnaround and emphasis on being a tech brand, we now have a future-proof identity on our journey to be the leading auto parts company in the U.S.”
About CarParts.com
Regardless of your experience level with cars, we believe that getting the right parts for yours should be easy, so you can reinvest your time and energy in the journey ahead.
Which is why at CarParts.com, we put the customer experience first. With a simple and convenient online platform, we have transformed the way drivers shop for parts in today’s digital world. It’s smarter, quicker, and hassle-free.
With over 25 years of experience, and 50 million parts delivered, we’ve streamlined our website and sourcing network to better serve the way drivers get the parts they need. Utilizing the latest technologies and design principles, we’ve created an easy-to-use, mobile-friendly shopping experience that, alongside our own nationwide distribution network, cuts out the brick-and-mortar supply chain costs and provides quality parts at a budget-friendly price.
At CarParts.com, we know that drivers need to get back on the road quickly, so no matter who you are, what you drive, or where you’re going, we’re here for you.
Contacts
Media:
Sasha Trosman
strosman@carparts.com
Investors:
Very nice call. If I'd had put the same amount on this one that I put on PRED, I'd actually be rich and retiring early, lol. Live and learn I guess, I've still had a great year anyways...
