$PRTS reports record-breaking results, positioning for future growth.
Mar 7th 2023, 9:08 pm
Analyst Summary: CarParts.com, Inc., a leading e-commerce provider of automotive parts and accessories, has reported its financial results for the fourth quarter and fiscal year ended December 31, 2022. The company has enjoyed record-breaking success, and its revenues have more than doubled since 2019, for the third consecutive year of double-digit revenue growth. The company is well-positioned with a strong cash balance and profitable growth for the future. For the first eight weeks of fiscal year 2023, the company saw high single-digit year-over-year revenue growth with combined sequential gross margin expansion, demonstrating its ability to balance growth with profitability and free cash flow generation. Despite seasonal freight charges, CarParts.com continued to increase its sales and investments in the business. The company believes that its strategy centered around customers and team members will benefit future shareholder value. The adjusted EBITDA metric is used by management for planning purposes, as well as for evaluating operational strategies. CarPart.com's CEO David Meniane and CFO Ryan Lockwood discussed the results during the conference call and expressed that the future is bright. Investors should remain mindful of the risks associated with forward-looking statements, and to not rely on any single financial measure when evaluating a company's financial strength.