CarParts.com, Inc.

Good afternoon and welcome to the carparts.com first quarter 2022 conference call. At this time, all participants will be in a listen-only mode. After the presentation, there will be a question and answer session. Please note, this call is being recorded. I would now like to hand the conference over to your host, Tina Murfarsi, Vice President of Communications and Culture. Please go ahead.

Hello, everyone, and thank you for joining the call today to discuss our first quarter 2022 results. Joining me today from the company are David Mignon, 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-Qs 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. And with that, I would now like to turn the call over to David.

Thank you, Tina, and good afternoon, everyone. As reported in today's release, CarParts.com achieved record sales up 15% to $166 million from the year-ago period and adjusted EBITDA up 165% to a record $9.4 million. This is our ninth consecutive quarter of double-digit year-over-year revenue growth and an 80% increase on a two-year stack. Ryan will go into the details of the financials in just a moment, but clearly there have been some exciting developments at CarParts.com since our last call. We're humbled and honored to take the leadership roles at a truly world-class organization with such an exceptional team. We also want to welcome Kyle Subramanian as our Chief Technology Officer. As we continue to invest in technology and expand our executive team to build upon the strong foundation we have established over the years, Cal's deep e-commerce expertise will be of great value to the company. Sanjeev Gomes has moved into our chief information officer position, which will allow him to better focus on engineering and architecture. As this is my first earnings call as CEO, let me just take a few minutes to discuss our core commitments as well as where we are focusing our attention. First and foremost, we remain committed to, one, our shareholders to be prudent, disciplined with every dollar we deploy. Two, our customers to help them get back on the road with quality products at competitive prices. Three, our team to invest in their safety, growth, and personal development to ensure they have the tools and support they need to succeed and truly feel like owners in our business. Four, last but not least, our vendors, partners, communities, and everyone who has been an integral part of the CarParts.com ecosystem for the last 25 years. Our commitment to these stakeholders has always been unwavering and will never change. Turning now to areas of focus, our company is on solid ground, both operationally and financially, as we have plenty of growth runway ahead as we are still a small fish in a huge pond. As a reminder, The total addressable market for aftermarket parts exceeds $300 billion, and we are less than 1% of that amount. As we continue to execute on our mission, we think it's important to communicate the areas of focus you can expect from our leadership team. Number one, outstanding customer service. CarParts.com is made up of our employees, partners, shareholders, and communities, but none of us are here without the customer. Our customer is and has to be at the core of everything we do. Laser focus on serving customers and building an incredible user experience is the secret to long-lasting success. Currently, over one-third of our e-commerce revenues come from repeat customers, so we have a solid foundation from which to grow. Long-term, we see a huge opportunity to become the number one online destination for auto repair and maintenance. This opportunity starts and ends with our ability to satisfy and delight our valued customers. If there is one takeaway from this call as to what you can expect from our leadership team, it is this. We will focus on the customer. Number two, operational excellence. Because how you do anything is how you do everything. As the business continues to grow, we see an opportunity to continue to leverage our operating model by doubling down on operational excellence, high performance, and a winning mindset across the organization. Focusing on driving results, always raising the bar, and aligning people, process, and strategy with the needs of our customers remained a core principle for us. Number three, financial discipline. Over the last several years, we have invested heavily for profitable growth, and those investments are paying off. We will continue to invest in foundational improvements for the business, as well as industry disruptive initiatives in the do-it-for-me space. In markets like these, we know that financial resilience remains key to long-term success. Profitable growth and free cash flow generation are timeless principles that serve companies in good times as well as in times of market uncertainty, and it is where we will focus our energy and resources. Number four, innovation. We're very proud of what we have built over the last few years, and as we turn to the future, we will double down on innovation and positive disruption. How do we grow our total addressable market and turn more of our customers into repeat customers? The answer is the do-it-for-me market. We're very encouraged with the early progress we have made and we continue to make towards being able to offer transparent pricing and installation right on our website. We expect various phases of these capabilities to be rolled out as we progress throughout the rest of the year and we look forward to discussing this progress with you on future calls. With that, I'd like to turn it over to Ryan to discuss our financial results.