CarParts.com reported its Q4 2022 earnings, which it says marks the company’s 12th consecutive quarter of double-digit YoY sales growth of $154.5 million, up 11.8% from the year prior.
“2022 was a record-breaking year for us, marking our third consecutive year of double-digit revenue growth. Since 2019, we have more than doubled our revenues and returned the company to profitability by leveraging our positive unit economics,” said David Meniane, CEO of CarParts.com. “I’m also excited to announce we’ve built up a robust balance sheet which reinforces our confidence that we can continue to self-fund our future growth without reliance on outside capital.
“For 2023 and beyond, we continue to put our customers and team members at the center of our strategy and feel prepared to tackle the future with intention, focus, and discipline as we gain market share. We are in a strong position to thrive and continue delivering profitable growth amid whatever changes the market brings us. We believe that doing this will benefit our shareholders in the years to come and grow the intrinsic value of our company.”
CarParts.com says other Q4 highlights include:
- Gross profit increased 9% to $51.6 million, with gross margin of 33.4%.
- Net loss was ($6.2) million or ($0.11) per diluted share, compared to a net loss of ($5.0) million or ($0.10) per diluted share.
- Adjusted EBITDA of $2.1 million vs. $2.6 million.
CarParts.com also announced these Fiscal Year 2022 Financial Results:
Net sales in fiscal year 2022 were $661.6 million up 14% from $582.4 million in fiscal year 2021. For the first eight weeks of fiscal year 2023, CarParts.com produced high single digit year-over-year revenue growth combined with sequential gross margin expansion and continue to balance growth with profitability and free cash flow generation.
Gross profit increased 17% to $230.9 million in fiscal year 2022 compared to $197.3 million in fiscal year 2021. Gross margin increased 100 basis points to 34.9% in fiscal year 2022 compared to 33.9% in fiscal year 2021. The increase in gross margin was primarily driven by favorable freight costs in 2022.
Total operating expenses in fiscal year 2022 were $230.2 million compared to $206.4 million in fiscal year 2021, mainly due to an increase in sales and investments in the business.
Net loss in fiscal year 2022 was ($1.0) million compared to a net loss of ($10.3) million in fiscal year 2021, both predominantly driven by non-cash charges.
Adjusted EBITDA in fiscal year 2022 was $26.1 million compared to $16.8 million in the fiscal year 2021.
On December 31, 2022, the Company had a cash balance of $18.8 million, no revolver debt and no outstanding trade letters of credit (“LCs”), compared to no revolver debt, no outstanding trade LCs and a $18.1 million cash balance at prior fiscal year-end January 1, 2022.
For more information, visit carparts.com.
