Carparts.Com Inc (PRTS) 2025 Q1 法說會逐字稿

Good afternoon. (Operator Instructions) Please note, this call is being recorded. I would now like to pass the conference over to our host, Ryan Lockwood, Chief Financial Officer. Please go ahead.

午安.（操作員指示）請注意，此通話正在錄音。現在，我想將會議交給我們的主持人、財務長瑞安洛克伍德 (Ryan Lockwood)。請繼續。

Hello, everyone, and thank you for joining us for the CarParts.com first quarter 2025 conference call. Joining me today is David Meniane, Chief Executive Officer. Before I turn it over to David to start the call, I have some important disclosures. The prepared remarks 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.

大家好，感謝您參加 CarParts.com 2025 年第一季電話會議。今天與我一起出席的是執行長 David Meniane。在我將電話交給戴維開始通話之前，我有一些重要的消息需要披露。準備好的評論包含與聯邦證券法下的業務相關的某些前瞻性陳述。由於與業務相關的風險和不確定性，實際結果可能與這些前瞻性陳述中包含或暗示的結果有重大差異。

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 the quarterly reports on Form 10-Q, each as filed with the SEC, both of which can be found on our Investor Relations website.

有關可能影響結果的重大風險和其他重要因素的討論，請參閱 CarParts.com 向美國證券交易委員會 (SEC) 提交的 10-K 表年度報告和 10-Q 表季度報告，這兩份報告均可在我們的投資者關係網站上找到。

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.

在電話會議上，我們將討論 GAAP 和非 GAAP 財務指標。CarParts.com 今天發布的新聞稿提供了 GAAP 與非 GAAP 財務指標的對帳表。

With that, I would now like to turn the call over to David.

說完這些，我現在想把電話轉給大衛。

Thank you, Ryan, and thanks, everyone, for joining us today. At the outset, let me say that today, we are not going to take questions related to our strategic alternatives process beyond what we announced on March 5. That process is ongoing and being overseen by our Board of Directors with the assistance of financial and legal advisers.

謝謝你，瑞安，也謝謝大家今天加入我們。首先我要說的是，今天我們不會回答與我們的策略替代方案流程無關的問題，除了我們在 3 月 5 日宣布的內容之外。這個過程正在進行中，並由我們的董事會在財務和法律顧問的協助下進行監督。

Now turning to tariffs. While the current headlines are broadly known, the final rates and applications have not been finalized yet. Our internal team, including leaders from trade compliance, procurement, forecasting, merchandising and pricing are focused on navigating and helping us make decisions. Specific to our exposure, less than one quarter of our private label products are imported from China and approximately two-thirds from Taiwan.

現在談談關稅。雖然目前的頭條新聞已廣為人知，但最終的費率和應用尚未最終確定。我們的內部團隊，包括貿易合規、採購、預測、銷售和定價部門的領導，致力於指導我們並幫助我們做出決策。具體到我們的業務，我們的自有品牌產品中不到四分之一是從中國進口的，約三分之二是從台灣進口的。

Over time, we believe tariffs will raise part prices in the market. Historically, tariff increases have benefited our industry as used car values are expected to rise faster than the vehicle repair costs. Our team is working on mitigating tariff impacts through a variety of actions, including prebuying extra inventory prior to the main tariff implementation, potential cost concessions from vendor partnerships, dynamic pricing adjustments and identifying supply chain and operating expenses optimization.

隨著時間的推移，我們相信關稅將會提高市場上的零件價格。從歷史上看，關稅上調對我們的行業有利，因為二手車價值預計上漲速度將快於汽車維修成本。我們的團隊正在透過各種行動來減輕關稅的影響，包括在主要關稅實施之前預先購買額外的庫存、從供應商合作夥伴那裡獲得潛在的成本優惠、動態價格調整以及確定供應鏈和營運費用優化。

Over the last several weeks, our team conducted a comprehensive review of every product at the vendor level, assessing tariff exposure based on country of origin, material composition and other relevant factors. For products sourced from Taiwan, the majority of our purchases are currently subject to tariffs of approximately 25%.

在過去的幾周里，我們的團隊對供應商層面的每種產品進行了全面審查，根據原產國、材料成分和其他相關因素評估關稅風險。對於來自台灣的產品，我們目前大部分採購需繳納約 25% 的關稅。

For products from China, current tariff rates range from 55% to 145% and but we are strongly encouraged by the joint announcement made yesterday between the US and China government and look forward to reviewing the details as it relates to its impact on our products and supply chain. We will be monitoring in real-time any changes in trade policy or regulations.

對於來自中國的產品，目前的關稅稅率為55％至145％，但我們對中美兩國政府昨天發表的聯合聲明感到非常鼓舞，並期待審查其對我們的產品和供應鏈的影響的細節。我們將即時監控貿易政策或法規的任何變化。

Turning to 2025 performance. In the first two months, we saw soft consumer demand very bad weather in many parts of the country on a relative basis, and our company was not immune. In addition, we experienced a significant increase in cost per click rates on search engines, which we believe is a response to the growth of AI models taking share from traditional search, while at the same time, selling prices for parts online fell as retailers try to capture as much demand as possible. While our top line and operating expenses came in line with our expectations, the gross margin compression and advertising spend climate put significant pressure on our profitability in the first quarter.

展望2025年的表現。前兩個月，消費需求疲軟，全國許多地方的天氣相對較惡劣，我們公司也無法倖免。此外，我們發現搜尋引擎的每次點擊費用大幅增加，我們認為這是對人工智慧模型的增長以及傳統搜尋份額的增長的反應，同時，由於零售商試圖盡可能多地滿足需求，在線零件的銷售價格下降。雖然我們的營業收入和營運費用符合我們的預期，但毛利率壓縮和廣告支出環境給我們第一季的獲利能力帶來了巨大壓力。

This reinforces how critical it is for us to continue upgrading our customer base with higher income and less price-sensitive customers to diversify our acquisition mix, realigning our business around products to target higher-margin sales adding high-margin fee income, growing customer lifetime value with our mobile app and increasing our focus on wholesale and other commercial opportunities. We continue to believe these are the right bets as we counteract these external pressures.

這強調了我們必須繼續升級我們的客戶群，吸引收入更高、對價格不太敏感的客戶，以實現收購組合多樣化，圍繞產品重新調整業務，瞄準利潤率更高的銷售額，增加高利潤的費用收入，利用我們的行動應用程式提高客戶終身價值，並增加對批發和其他商業機會的關注。當我們抵消這些外在壓力時，我們仍然相信這些都是正確的選擇。

Our first quarter results were disappointing, especially as measured by our profitability. But behind the scenes, we made a lot of progress, and we're seeing momentum with our 2025 plan. For the first 6 weeks of the second quarter, we are seeing revenues up double digits year-over-year on sequentially lower marketing spend. Our focus on repeat customers, mobile app traffic and high-margin fee income are all paying off and we are seeing record levels for all three.

我們的第一季業績令人失望，尤其是以獲利能力來衡量。但在幕後，我們取得了很大進展，我們的 2025 計畫也正在取得進展。在第二季的前六週，我們看到營收年增兩位數，而行銷支出則連續下降。我們對回頭客、行動應用流量和高利潤費用收入的關注都得到了回報，我們看到這三項都達到了創紀錄的水平。

While early in the process, we're slowly changing our customer acquisition mix and margin profile to transform our company's profitability. As we continue to scale these initiatives, and grow our assortment, we can leverage our supply chain and fulfillment network, increase operating leverage and return the business to strong profitable growth.

雖然在流程早期，我們正在慢慢改變客戶獲取組合和利潤狀況，以改變公司的獲利能力。隨著我們繼續擴大這些舉措並增加我們的產品種類，我們可以利用我們的供應鏈和履行網絡，提高經營槓桿並使業務恢復強勁的盈利增長。

On the wholesale side, we have onboarded over 700 new commercial customers and continue to leverage our catalog to target collision shops and mechanics in key markets. During the balance of this fiscal year, we will continue to focus on navigating a dynamic macroeconomic environment, including tariffs and volatile prices. Given the uncertain environment, we are redoubling our focus on growth and profitability, supported by a strong foundation already in place.

在批發方面，我們已經吸收了超過 700 個新的商業客戶，並繼續利用我們的目錄來瞄準主要市場的碰撞修理廠和機械師。在本財政年度的剩餘時間裡，我們將繼續致力於應對動態的宏觀經濟環境，包括關稅和波動的價格。鑑於不確定的環境，我們將加倍專注於成長和獲利能力，並以現有的強大基礎為支撐。

We're confident that our current investments will help unlock future opportunities and drive stronger financial performance. While certain investments will yield results sooner than others, we remain flexible, continuously refining our approach to achieve sustainable profitability.

我們相信，我們目前的投資將有助於釋放未來的機會並推動更強勁的財務表現。雖然某些投資會比其他投資更快產生結果，但我們仍將保持靈活性，並不斷改進我們的方法以實現可持續盈利。

We have important work ahead and we will be laser-focused on execution. Before covering our financial results, I want to reiterate some of the strategic initiatives that are starting to pay off.

我們面前有重要的工作，我們將全心全意地執行。在介紹我們的財務表現之前，我想重申一些開始取得成效的策略舉措。

Number one, we have scaled and optimized our vertically integrated supply chain with tightly controlled in-house and often proprietary capabilities, leading to an attractive product margin in the mid-50s percent. We have extra capacity in our network, which we can leverage as the business grows and drive more operating leverage.

首先，我們擴大並優化了垂直整合的供應鏈，嚴格控制內部和專有能力，使產品利潤率達到 50% 左右，頗具吸引力。我們的網路擁有額外的容量，隨著業務的成長，我們可以利用這些容量來提高營運槓桿。

Number two, we continued investing in our fitment-based proprietary catalog, this catalog, which was built and refined over the last 20 years, serves a full assortment across collision, mechanical, private label and branded products with the ability to build custom sets and kits. Today, our catalog contains 83,000 private label SKUs, 1.5 million premium branded SKUs and continues to grow each year.

第二，我們繼續投資於基於配件的專有目錄，該目錄經過了過去 20 年的建立和完善，提供涵蓋碰撞、機械、自有品牌和品牌產品的全系列產品，並能夠構建定制套裝和套件。如今，我們的目錄包含 83,000 個自有品牌 SKU、150 萬個優質品牌 SKU，並且每年都在持續成長。

Number three, we continue to be the second largest importer of aftermarket collision parts in the US and the world's number 1 seller on eBay Motors. As a reminder, our collision parts account for approximately two-thirds of our purchases and are primarily sourced from Taiwan, which is not currently subject to the same high tariffs imposed on products made in China.

第三，我們繼續成為美國第二大售後碰撞零件進口商和 eBay Motors 上全球第一大賣家。提醒一下，我們的碰撞零件約佔採購量的三分之二，主要來自台灣，目前台灣不受對中國製造的產品徵收的高額關稅。

Number four, we fully replatformed our CarParts.com website with a best-in-class mobile-first, fit-specific user experience, which generates 100 million annual visits and served 10 million customers with a new search, product recommendations and fee income capabilities Our best-in-class mobile app is well on the way to 1 million users and now accounts for over 10% of our e-commerce revenue, and growing while allowing for a long-term reduction in our paid versus nonpaid traffic mix and associated customer acquisition costs.

第四，我們完全重新打造了 CarParts.com 網站，提供一流的行動優先、特定適配的用戶體驗，每年產生 1 億次訪問量，並透過新的搜尋、產品推薦和費用收入功能為 1000 萬客戶提供服務。我們一流的行動應用程式即將擁有 100 萬用戶，現在占我們電子商務收入的 10% 以上，並且還在增長，同時允許長期減少我們的付費和非付費流量組合以及相關的客戶獲取成本。

And five, our highly profitable wholesale business recently launched same and next-day last mile delivery in both the Texas and North Florida market with a contribution margin up to 3 times higher than e-commerce. We are leveraging real-time integrations with shop management and estimating systems to drive profitable volume to this business.

第五，我們利潤豐厚的批發業務最近在德州和北佛羅裡達州市場推出了當日和隔天最後一哩配送服務，其貢獻利潤率比電子商務高出 3 倍。我們正在利用與商店管理和估算系統的即時整合來推動該業務的獲利量。

While the first months of the year presented their share of challenges, we made significant progress in key areas that position us well for future growth. I'll now turn it over to Ryan to review our financial results.

儘管今年頭幾個月我們面臨不少挑戰，但我們在關鍵領域取得了重大進展，為未來的成長奠定了良好的基礎。現在我將把任務交給瑞安來審查我們的財務結果。

Thank you, David. In the first quarter, we reported revenues of $147.4 million, down 11% from $166.3 million last year. The decline was primarily driven by inclement weather, softer consumer demand and continued pressures in lighting and mirrors. Gross profit for the quarter was $47.3 million, down 12% compared to prior year. Gross profit margin was 32.1%, down slightly from 32.4% in the prior year period. The decline in gross margin was primarily driven by increased outbound transportation costs.

謝謝你，大衛。第一季度，我們的營收為 1.474 億美元，比去年的 1.663 億美元下降 11%。下滑的主要原因是惡劣天氣、消費者需求疲軟以及照明和鏡子市場持續承壓。本季毛利為 4,730 萬美元，較上年下降 12%。毛利率為32.1%，較去年同期的32.4%略有下降。毛利率下降主要是因為出境運輸成本增加所致。

GAAP net loss for the quarter was $15.3 million compared to a loss of $6.5 million in the prior year period, primarily driven by lower gross margins and higher marketing costs. For the first quarter, adjusted EBITDA loss was $6.2 million, down from adjusted EBITDA of $1.1 million in the prior year period, primarily due to soft consumer demand and increased competitive pressure in performance marketing.

本季 GAAP 淨虧損為 1,530 萬美元，而去年同期的淨虧損為 650 萬美元，主要原因是毛利率下降和行銷成本增加。第一季度，調整後 EBITDA 虧損為 620 萬美元，低於去年同期的 110 萬美元，主要原因是消費者需求疲軟以及績效行銷競爭壓力加大。

Turning to the balance sheet. We ended the quarter with $38.5 million of cash and no revolver debt, and we generated $0.3 million of interest income. Earlier this year, in the face of uncertainty, we started proactively investing in inventory ahead of the tariffs to improve the continuity of our supply chain. This works out to about two extra weeks of stop ship cost of goods sold.

轉向資產負債表。本季末，我們擁有 3,850 萬美元的現金，沒有循環債務，並產生了 30 萬美元的利息收入。今年早些時候，面對不確定性，我們在關稅實施前就開始積極投資庫存，以提高供應鏈的連續性。這相當於大約額外兩週的停運所售商品的成本。

As a reminder, our inventory has very low obsolescence risk and no risk of spoilage and our pre-freight margins are over 50%. Our inventory balance was $94 million at quarter end versus $90 million at the end of 2024. As of the end of the quarter, our cash position and untapped revolver continue to provide the necessary liquidity to support our business plan.

提醒一下，我們的庫存過時風險非常低，沒有損壞風險，而且我們的運費前利潤率超過 50%。本季末我們的庫存餘額為 9,400 萬美元，而 2024 年底為 9,000 萬美元。截至本季末，我們的現金狀況和未使用的循環信貸繼續提供必要的流動性來支持我們的業務計劃。

I'll now turn it back over to David for final remarks.

現在我將把發言權交還給戴維，請他做最後的評論。

Thank you, Ryan. Looking ahead, we are confident that the foundation and improvements across our business secured in the last 18 months have set us on a path to achieve long-term sustainable positive net income and adjusted EBITDA.

謝謝你，瑞安。展望未來，我們相信，過去 18 個月我們業務上打下的基礎和取得的進步已使我們走上了實現長期可持續的正淨收入和調整後 EBITDA 的道路。

Our priorities in 2025 include: one, continue to expand our product offering to attract new customers and increase average basket size; two, monetize our 100 million annual visits and customer list with high-margin fee income; three, scale our B2B offering with last-mile transportation and higher touch sales in key markets; four, grow our mobile app business to diversify our marketing mix and deliver greater customer lifetime value; five, maintain a strong balance sheet with a focus on managing cash flow and inventory levels while navigating the uncertainty of the tariff environment.

我們 2025 年的首要任務包括：一、繼續擴大我們的產品範圍以吸引新客戶並增加平均購物籃規模；二、透過高利潤率的費用收入將我們每年 1 億次的訪問量和客戶名單貨幣化；三、透過最後一英里的運輸和在主要市場的更高接觸銷售來擴大我們的 B2B產品範圍；四、發展我們的行動應用業務以多樣化我們的行銷組合併提供更大的客戶終身價值；五、保持強勁的資產負債表，重點是管理現金流和庫存水平，同時應對關稅環境的不確定性。

We are committed to maximizing long-term shareholder value as we focus on capturing the growing opportunity in front of us within the highly fragmented and underserved $400 billion auto parts market. I would like to thank our global team for their resilience, hard work and commitment as we continue to transform our business.

我們致力於最大化長期股東價值，同時專注於在高度分散且服務不足的 4000 億美元汽車零件市場中抓住我們面前的成長機會。我要感謝我們的全球團隊在我們繼續轉型業務過程中所展現的韌性、辛勤工作和承諾。

Thank you, everyone, for joining today's call. We'll now turn it back over to the operator.

感謝大家參加今天的電話會議。我們現在將其交還給操作員。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。