Carparts.Com Inc (PRTS) 2025 Q3 法說會逐字稿

Good afternoon. At this time, all participants will be in a listen-only mode. 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.此時，所有參與者將處於只聽模式。請注意，本次通話正在錄音。現在我謹將會議交給我們的主持人，財務長瑞安·洛克伍德。請繼續。

Hello everyone and thank you for joining us for the CarParts.com Third Quarter 2025 conference call. Joining me today is David Menian, Chief Executive Officer.

大家好，感謝各位參加 CarParts.com 2025 年第三季電話會議。今天和我一起的是執行長大衛·梅尼安。

Before I turn it over to David to start the call, I have some important disclosures. Our remarks on this call could contain certain forward-looking statements related to our company and our strategic initiatives under the Federal securities laws.

在把電話交給大衛開始通話之前，我有一些重要的聲明要說明。我們在本次電話會議上的發言可能包含一些與本公司及根據聯邦證券法制定的策略性舉措相關的前瞻性陳述。

Actual results may differ materially from those contained in or implied by these forward-looking statements due to various risks and uncertainties.

由於各種風險和不確定性，實際結果可能與這些前瞻性聲明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 has filed with the SEC, all of which can be found on our investor relations website.

有關可能影響業績的重大風險和其他重要因素的討論，請參閱 carparts.com 的年度報告（表格 10-K）和季度報告（表格 10-Q），這些報告均已提交給美國證券交易委員會 (SEC)，您可以在我們的投資者關係網站上找到它們。

On the call, both GAAP and non-GAAP financial measures will be discussed.

在電話會議上，我們將討論GAAP和非GAAP財務指標。

A reconciliation of GAAP to non-GAAP financial measures is provided in the press release that we issued today. With that, I would now like to turn the call over to David.

我們今天發布的新聞稿中提供了 GAAP 與非 GAAP 財務指標的調整表。接下來，我將把電話交給大衛。

Thank you, Ryan and thanks everyone for joining us today. Earlier this year, we began exploring strategic alternatives to maximize shareholder value. That process has now concluded, and I'm pleased to announce that in early September, CarParts.com closed on a $35.7 million strategic investment from A Premium, Zongtang Group, and CDH Investments.

謝謝瑞恩，也謝謝今天所有到場的各位。今年早些時候，我們開始探索各種策略方案，以最大限度地提高股東價值。流程現已完成，我很高興地宣布，9月初，CarParts.com 完成了來自 A Premium、宗堂集團和鼎暉投資的 3,570 萬美元戰略投資。

Now I want to spend a few minutes on each of these strategic partners and why we're excited about the value creation opportunities we see.

現在我想花幾分鐘時間介紹這些策略夥伴，以及我們為什麼對我們看到的價值創造機會感到興奮。

Zongtang Group is a global e-commerce logistics leader operating more than 24 million square feet of fulfillment space and serving over 60,000 cross-border sellers. Through this partnership, we gain access to a nationwide US network of more than 50 facilities and a fully integrated global logistics network, enabling us to reduce delivery times, improve inventory efficiency, and lower fulfillment costs as we integrate their network.

宗堂集團是全球領先的電子商務物流企業，經營超過2,400萬平方英尺的倉儲空間，為超過6萬家跨境賣家提供服務。透過此次合作，我們得以利用遍布全美的 50 多個設施以及完全整合的全球物流網絡，從而縮短交貨時間、提高庫存效率並降低履行成本，同時整合他們的網絡。

Importantly, this partnership eliminates the need to open additional distribution centers, allowing us to continue leveraging our existing network for large non-conveyable items while relying on Zongtang's high velocity automated capabilities for smaller conveyable products. The result is a highly complementary logistics model that delivers scale, speed, and flexibility without significant capital outlay.

重要的是，這種合作關係消除了開設額外配送中心的必要性，使我們能夠繼續利用我們現有的網絡來配送大型非傳送式物品，同時依靠宗堂高速自動化能力來配送較小的傳送式產品。最終形成了高度互補的物流模式，無需大量資本投入即可實現規模化、速度快、靈活性高。

A Premium is a fast growing global auto parts brand recognized for its quality, innovation, and broad product portfolio. Within the CarParts.com assortment, collision and replacement represents about 70% of our business, while mechanical parts have historically been secondary and require significant capital investments to build out selection and inventory depth.

A Premium 是一個快速發展的全球汽車零件品牌，以其品質、創新和廣泛的產品組合而聞名。在 CarParts.com 的產品系列中，碰撞和更換零件約占我們業務的 70%，而機械零件歷來是次要的，需要大量的資本投資來擴大選擇範圍和庫存深度。

Through our collaboration we're adding over 100,000 SKUs including exclusive kits and bundles that strengthen our offering for both do it-yourself customers and professional installers with minimal capital outlays.

透過此次合作，我們新增了超過 10 萬個 SKU，包括獨家套裝和組合包，從而以最少的資金投入，增強了我們為 DIY 客戶和專業安裝人員提供的產品和服務。

We've already onboarded the majority of the catalog since the investment announcement in September, with current sales trending at an approximate $20 million annualized run rate, and we're targeting $50 million in incremental revenue in the near term. And believe this partnership has the potential to exceed $100 million annually over time contingent on market acceptance and successful integration execution.

自 9 月宣布投資以來，我們已經完成了大部分產品目錄的上線，目前的銷售額正以每年約 2000 萬美元的速度增長，我們的目標是在近期內實現 5000 萬美元的增量收入。並且相信，隨著市場接受度的提高和整合的成功執行，這種合作關係有可能在未來每年帶來超過 1 億美元的收益。

CDH investment brings far more than capital with approximately $20 billion in assets under management and a proven track record of investing in more than 350 companies, including over 100 successful public listings.

CDH 的投資帶來的不僅僅是資金，其管理的資產規模約為 200 億美元，並且在投資超過 350 家公司方面擁有良好的業績記錄，其中包括 100 多家成功的上市公司。

CDH offers not only deep financial expertise but also exceptional operational insight and governance discipline that will be incredibly valuable as we continue to scale and execute on our growth ambitions. Together these partnerships strengthen our product assortment, logistics capabilities, and capital and strategic positions, setting up for sustainable, profitable growth.

CDH不僅擁有深厚的財務專業知識，還擁有卓越的營運洞察力和治理紀律，這對我們不斷擴大規模和實現成長目標來說將非常有價值。這些合作關係共同增強了我們的產品種類、物流能力、資本和策略地位，為永續的獲利成長奠定了基礎。

We want to provide an update on the tariff environment. The current situation remains fluid with rates, applications, and effective dates continuing to evolve in real time. Approximately 20% of our private label products are imported from China, with the remainder sourced from Taiwan and other countries.

我們想向大家介紹一下關稅環境的最新情況。目前情況仍瞬息萬變，利率、申請流程和生效日期都在即時調整。我們自有品牌產品中約有 20% 來自中國，其餘則來自台灣和其他國家。

Our team is actively managing this environment through a range of initiatives, including negotiating cost concessions with vendors, implementing dynamic pricing adjustments, and optimizing our supply chain. And operating expenses.

我們的團隊正透過一系列措施積極應對這一環境，包括與供應商協商成本讓步、實施動態價格調整以及優化供應鏈。以及營運費用。

We've made intentional decision on what to import and what to hold when it comes to inventory from China. Overall, we are comfortable with our inventory position, but given how quickly conditions are shifting, we continue to monitor developments closely and adjust as needed.

對於從中國進口哪些商品以及庫存哪些商品需要保留，我們已經做出了有意識的決定。總體而言，我們對目前的庫存狀況感到滿意，但鑑於情況變化如此之快，我們將繼續密切關注事態發展，並根據需要進行調整。

Currently, automotive products sourced from Taiwan are currently subject to tariffs of about 25%, and products from China have tariffs ranging from 55% to 75%. While these tariffs represent a near term headwind to gross margin, our proactive sourcing and pricing strategies are designed to mitigate impact and protect long-term profitability.

目前，從台灣進口的汽車產品需繳納約 25% 的關稅，而從中國大陸進口的汽車產品則需繳納 55% 至 75% 的關稅。雖然這些關稅在短期內會對毛利率造成不利影響，但我們積極主動的採購和定價策略旨在減輕影響並保護長期獲利能力。

Now turning to our 3rd quarter results, revenue was $128 million, down 12% year over year, reflecting our strategic shift in consumer acquisition approach that I'll detail in a moment. The important story is profitability improvement. From a profitability standpoint, we continue to make steady sequential progress.

現在來看我們第三季的業績，營收為 1.28 億美元，年減 12%，這反映了我們在消費者獲取方式上的策略轉變，我稍後會詳細介紹。最重要的訊息是獲利能力的提升。從獲利能力來看，我們持續取得穩定進展。

As a reminder, due to the success and throughput of our Las Vegas facility we opened last year, combined with operational improvements in the remainder of the network, we have excess capacity in our distribution network.

再次提醒大家，由於我們去年開設的拉斯維加斯工廠取得了成功，吞吐量也很高，再加上其他地區的營運改進，我們的分銷網絡目前產能過剩。

As a result, we closed our Virginia facility at the end of October, aligning operational fixed costs with our volume. We have also streamlined corporate headcounts, including full-time employees, third-party contractors, and operational partners, and cut back on underperforming or non-critical software.

因此，我們在 10 月底關閉了位於維吉尼亞州的工廠，使營運固定成本與我們的產量保持一致。我們也精簡了公司人員編制，包括全職員工、第三方承包商和營運合作夥伴，並削減了表現不佳或非關鍵軟體。

Adjusted EBITDA dot and free cash flow both improved quarter over quarter even with seasonal headwinds. Q3 outperformed Q2, which outperformed Q1.

即使受到季節性不利因素的影響，調整後的 EBITDA 點和自由現金流量也都較上季改善。第三季業績優於第二季度，第二季業績又優於第一季。

Gross margin increased from 32.1% in the first quarter to 33.1% in the third.

毛利率從第一季的 32.1% 成長到第三季的 33.1%。

With our focus on profitability, optimizing channel and customer mix, and improving warehouse labor efficiency, variable contribution margin expanded from the low 6% range in Q1 to the high 7% range in Q2 and reached the low 9% range in Q3.

我們專注於獲利能力、優化管道和客戶組合以及提高倉庫勞動效率，可變貢獻毛利率從第一季的 6% 左右擴大到第二季的 7% 左右，並在第三季達到 9% 左右。

And at the same time, fixed operating expenses adjusted for transaction and restructuring costs declined sequentially in both Q2 and Q3. We now have a business that's leaner, more efficient, and more profitable on a contribution margin basis with a smaller fixed cost base.

同時，經交易和重組成本調整後的固定營運費用在第二季和第三季均較上季下降。我們現在擁有一個更精簡、更有效率、利潤率更高（以貢獻毛利計算）且固定成本更低的企業。

We're tackling every critical lever of the P&L gross margin, variable costs, operational efficiency, and fixed expenses with the goal of driving sustained free cash flow generation.

我們正在著手解決損益表毛利率、變動成本、營運效率和固定費用等每一個關鍵槓桿，目標是推動持續的自由現金流產生。

This marks the strategic evolution of our operating model, one that prioritizes profitable growth, operational discipline, and sustained free cash flow generation.

這標誌著我們營運模式的策略演變，該模式優先考慮獲利成長、營運紀律和持續的自由現金流產生。

Now these improvements are the direct results of strategic choices we've made over the past 2 years to strengthen our platform, diversify our revenue streams, and enhance customer lifetime value.

這些改進是我們過去兩年為加強平台、多元化收入來源和提升客戶終身價值而做出的策略選擇的直接結果。

Number 1, we re-platformed the CarParts.com website, improving speed, scalability, and user experience. We completely rebuilt our search and product recommendation engine using artificial intelligence, resulting in more relevant results and higher conversion rates.

第一，我們對 CarParts.com 網站進行了平台重構，提高了速度、可擴展性和使用者體驗。我們利用人工智慧徹底重建了搜尋和產品推薦引擎，從而獲得了更相關的搜尋結果和更高的轉換率。

Number 2, we launched and continue to grow our mobile app, which has quickly become an important growth driver.

第二，我們推出了行動應用程序，並且不斷發展壯大，該應用程式已迅速成為重要的成長驅動力。

Mobile app revenue has increased from under 9% of e-commerce sales at the beginning of the year to more than 13% by the end of the third quarter.

行動應用營收佔電子商務銷售額的比例從年初的不到 9% 成長到第三季末的超過 13%。

3, we've also focused on expanding higher margin recurring revenue streams, fee-based income, including product and shipping protection, and our car parts Plus membership program and roadside assistance is now running at nearly $4 million annualized run rate. We now have over 8,000 Car Parts Plus members.

3.我們也專注於擴大高利潤的經常性收入來源、收費收入，包括產品和運輸保護，我們的汽車零件 Plus 會員計劃和道路救援服務目前的年化運行率接近 400 萬美元。我們現在擁有超過 8,000 名 Car Parts Plus 會員。

And 4 retention revenue has grown from under 7% to approximately 10% in less than a year, reflecting stronger customer engagement, loyalty, and lifetime value.

4. 留存收入在不到一年的時間內從不足 7% 成長到約 10%，反映出顧客參與度、忠誠度和終身價值的增強。

Now I want to discuss our e-commerce customer acquisition strategy and how it's driving better unit economics. We're shifting from volume focused acquisition through paid search to a more balanced approach emphasizing retention, mobile app, and own channels. Now this isn't about accepting lower growth.

現在我想討論我們的電子商務客戶獲取策略，以及它如何帶來更好的單位經濟效益。我們正從以付費搜尋為導向的以流量為中心的獲客方式，轉向更平衡的方式，強調用戶留存、行動應用程式和自有管道。但這並非意味著要接受較低的成長速度。

It's about building sustainable, profitable growth by pairing improved contribution margins with the a premium partnership with $50 million in targeted incremental revenue. We're creating a more durable and efficient business model.

其目標是透過將提高貢獻利潤率與優質合作夥伴關係相結合，實現可持續的盈利增長，並實現 5000 萬美元的目標增量收入。我們正在打造更持久、更有效率的商業模式。

That means being more selective about where and how we invest marketing dollars, prioritizing channels that drive profitable customer relationships, and repeat purchase behavior over one-time transactions. We want to build a more efficient and sustainable growth engine.

這意味著我們要更謹慎地選擇行銷資金的投資方向和方式，優先考慮能夠帶來獲利的客戶關係和重複購買行為的管道，而不是一次性交易。我們希望建構一個更有效率、更永續的成長引擎。

Historically, much of our business relied heavily on paid traffic through Google product listing ads, which drive high volume but dramatically lower contribution margins.

從歷史上看，我們的大部分業務嚴重依賴透過Google產品清單廣告獲得的付費流量，雖然流量很高，但利潤率卻低得多。

By rebalancing the traffic mix toward our owned and retained channels including our mobile app life cycle marketing and, and CRM-driven initiatives we're lowering acquisition costs, increasing customer lifetime value, and driving more predictable profitability.

透過重新平衡流量組合，轉向我們自有和保留的管道，包括我們的行動應用程式生命週期行銷和 CRM 驅動的舉措，我們正在降低獲客成本，提高客戶終身價值，並實現更可預測的獲利能力。

This pivot isn't about pulling back on growth. It's about redefining growth to be profitable, repeatable, and cash flow positive. We've already seen early proof of success through improved conversion rates, increased units per order, and stronger contribution margins.

這次轉型並非意味著要放緩成長步伐。它旨在重新定義成長，使其具有盈利性、可複製性和正現金流。我們已經透過提高轉換率、增加每筆訂單的商品數量和提高利潤率，初步證明了成功。

Bringing this all together, the shift we made in e-commerce acquisition is fully aligned with the partnerships and operational progress we've been discussing. When you combine our focus on contribution margin and profitable customer growth with a leaner fixed cost structure and you layer on the incremental high margin sales from the a premium partnership, you see the full picture of our transformation.

綜上所述，我們在電子商務獲客方面所做的轉變與我們一直在討論的合作關係和營運進展完全一致。當我們把對貢獻毛利和獲利性客戶成長的關注與更精簡的固定成本結構結合起來，再加上來自高級合作夥伴關係的增量高利潤銷售額，你就能看到我們轉型的全貌。

Our plan is clear disciplined execution, profitable growth, and operational efficiency working together to drive sustained free cash flow. Every part of the business is moving in the same direction, and the results we're seeing each quarter reinforce that model that the model is working.

我們的計劃是：透過清晰、嚴謹的執行、獲利成長和營運效率的共同作用，推動持續的自由現金流。公司的各個部門都朝著同一個方向發展，我們每季看到的業績都印證了這個模式的有效性。

We're confident that this approach supported by the foundation we've built and the partnerships established through the strategic review positions CarParts.com for long-term profitability.

我們相信，在已建立的基礎和透過策略審查建立的合作夥伴關係的支持下，這種方法將使 CarParts.com 獲得長期盈利能力。

We expect to be free cash flow positive in 2026.

我們預計2026年將實現自由現金流為正。

We recognize that there are still challenges ahead. The operating environment remains complex, with continued tariff uncertainty, shifting consumer demands, and inflationary pressures across labor, logistics, and product costs.

我們意識到，未來仍面臨諸多挑戰。經營環境依然複雜，關稅持續存在不確定性，消費者需求不斷變化，勞動力、物流和產品成本面臨通膨壓力。

Certain areas of our business, particularly in the marketplaces segment, continue to face pressure. The ongoing influx of non-compliant products imported from China, often sold without proper safety standards or regulatory oversight, distorts the competitive landscape and creates pricing pressure. In response, we're doubling down on our own e-commerce channel, CarParts.com, and emphasizing cappa certified parts and trusted in-house brands like J.C. Whitney.

我們業務的某些領域，特別是市場板塊，持續面臨壓力。不斷湧入的來自中國的不合規產品，往往缺乏適當的安全標準或監管，扭曲了競爭格局，造成了價格壓力。為此，我們將加倍投入我們自己的電子商務管道 CarParts.com，並專注於推廣經 CAPPA 認證的零件和值得信賴的自有品牌，例如 J.C. Whitney。

This allows us to control the customer experience, ensure quality and compliance, and the long-term direct relationships with our customers.

這使我們能夠控制客戶體驗，確保品質和合規性，並與客戶建立長期的直接關係。

Tariffs and inflation also continue to weigh on demand, particularly in discretionary categories. We're mitigating these effects through measured pricing, gradual cost passthroughs, and greater sourcing diversification to reduce volatility.

關稅和通貨膨脹也繼續對需求構成壓力，尤其是在非必需消費品類別中。我們正在透過審慎定價、逐步轉嫁成本以及擴大採購多元化來減輕這些影響，從而降低波動性。

While the market may take time to adjust, our discipline pricing, balanced sourcing, and diversified marketing strategy position us for greater stability and profitability over time.

雖然市場可能需要時間進行調整，但我們嚴格的定價、均衡的採購和多元化的營銷策略使我們能夠隨著時間的推移獲得更大的穩定性和盈利能力。

We're also expanding into adjacent segments such as European and OE Premium parts to reach new customers and serve more vehicle owners across more categories.

我們也拓展到歐洲和OE高級零件等鄰近領域，以接觸新客戶，並為更多類別的車主提供服務。

Now for those who are newer to the carparts.com story, I want to take a moment to share why we're confident in our strategy and why we believe we're building a stronger and more competitive company for the long-term.

現在，對於那些還不了解 carparts.com 故事的人，我想花點時間分享我們為什麼對我們的策略充滿信心，以及為什麼我們相信我們正在打造一家更強大、更具競爭力的公司，以實現長期發展。

One, we built a mobile first data driven platform with over 100 million annual site visits and more than 1 million app users. Our AI driven personalization delivers best in class fitment accuracy and product recommendations, creating a seamless shopping experience that drives higher conversion and greater customer lifetime value.

第一，我們建立了一個行動優先、數據驅動的平台，網站年訪問量超過 1 億次，應用程式用戶超過 100 萬。我們採用人工智慧驅動的個人化技術，提供一流的合身度和產品推薦，打造無縫的購物體驗，進而提高轉換率和客戶終身價值。

2, we operate nearly 1 million square feet of optimized warehouse space across the US designed to handle both conveyable and non-conveyable products efficiently. Proprietary tools such as box-on-demand and custom packaging technology help lower freight costs and improve speed, while vertical integration gives us control over quality and cost.

2，我們在美國各地經營近 100 萬平方英尺的最佳化倉庫空間，旨在高效處理可輸送和不可輸送的產品。專有工具，例如按需包裝箱和客製化包裝技術，有助於降低運費和提高速度，而垂直整合使我們能夠控製品質和成本。

3, we're leaders in assortment and brand. Our collision private label business represents about 70% of our revenue encompassing more than 70,000 SKUs while J.C. Whitney continues to build trust, loyalty, and brand equity. Our proprietary kits and bundles increase basket size and simplify repairs, and we're expanding into European and premium segments to reach new customers.

3.我們在產品種類和品牌方面處於領先地位。我們的碰撞自有品牌業務約占我們收入的 70%，涵蓋超過 70,000 個 SKU，而 J.C. Whitney 則繼續建立信任、忠誠度和品牌資產。我們專有的套件和組合增加了籃子容量並簡化了維修，我們正在向歐洲和高端市場拓展，以吸引新客戶。

And 4, our strategic partnerships with A Premium, Zongtang, and CDH further extend our reach and strengthen our foundation. A Premium allows us to scale mechanical private label assortments from 20,000 to over 120,000 SKUs with zero capital outlay. Zongtang's global logistics network adds capital light scaling and flexibility.

第四，我們與 A Premium、宗堂和鼎暉的策略夥伴關係進一步擴大了我們的業務範圍，並鞏固了我們的基礎。Premium 讓我們能夠將機械自有品牌產品系列從 20,000 個 SKU 擴展到超過 120,000 個 SKU，而無需任何資本投入。宗堂的全球物流網絡具備輕資本擴張和靈活性的優勢。

And CDH brings operational expertise and investment discipline. Together these partnerships enhance capacity, efficiency, and profitability positioning. Carparts.com to maximize free cash flow and long-term value creation.

CDH 帶來了營運方面的專業知識和投資紀律。這些合作關係共同提升了產能、效率和獲利能力。Carparts.com 旨在最大限度地提高自由現金流和創造長期價值。

This combination customer experience, supply chain strength, product leadership, and strategic partnerships is what strengthens CarParts.com's competitive position. It's why we believe we're positioned to win and why we're confident we're building a stronger, more competitive company in the long-term.

客戶體驗、供應鏈實力、產品領先地位和策略合作夥伴關係的結合，增強了 CarParts.com 的競爭地位。正因為如此，我們相信我們有能力贏得勝利，我們有信心在長期內打造一家更強大、更具競爭力的公司。

Now I'll turn it over to Ryan to walk through the financials.

現在我把麥克風交給瑞恩，讓他來分析財務狀況。

Thank you, David.

謝謝你，大衛。

Before I discuss the quarter results, I'd like to drill down on some of David's comments around the strategic changes we made during the quarter and the year as a whole.

在討論季度業績之前，我想深入探討大衛對我們在本季和全年所作策略調整的一些評論。

We started the year with an incredibly challenging e-commerce marketing environment with ad spend running 17.7% of gross sales.

今年年初，我們面臨極為嚴峻的電子商務行銷環境，廣告支出佔總銷售額的 17.7%。

By September, we had reduced this to 12.5% of gross e-commerce revenue, and we expect to see continued improvement through the rest of this year and 2026. In the short run this will result in lower revenue, but in the long run it will be better for the company's overall profitability.

到 9 月份，我們已將這一比例降至電子商務總收入的 12.5%，我們預計今年剩餘時間和 2026 年將繼續改善。短期內這將導致收入減少，但從長遠來看，這將有利於公司的整體獲利能力。

Our contribution margin as a percentage of revenue has improved by over 300 basis points from Q1 to Q3, demonstrating the effectiveness of this approach. To put this in perspective, our average weekly net sales in January was $9.7 million and generated under $600,000 of variable contribution margin.

從第一季到第三季度，我們的貢獻毛利率佔收入的百分比提高了 300 多個基點，證明了這種方法的有效性。為了讓大家更直觀地了解情況，我們一月份的平均每週淨銷售額為 970 萬美元，而可變貢獻毛利不到 60 萬美元。

By contrast, our average weekly sales in September was $9 million and generated over 900,000 of variable contribution margin. So, while we are giving up some revenue, we believe the strategic changes we've made to increase in profitability are trending in the right direction.

相比之下，我們9月份的平均每週銷售額為900萬美元，並產生了超過90萬美元的可變貢獻毛利。因此，雖然我們損失了一些收入，但我們相信，我們為提高獲利能力所做的策略調整正朝著正確的方向發展。

We're laser focused on driving profitability through the P&L and believe these changes position carparts.com to achieve free cash flow positive performance in 2026.

我們正全力以赴地透過損益表提高獲利能力，並相信這些改變將使 carparts.com 在 2026 年實現自由現金流為正。

In the third quarter, we reported revenues of $127.8 million, down 12% from $144.8 million last year. The decrease was primarily driven by our efforts to increase profitability by rationalizing advertising expense.

第三季度，我們的營收為 1.278 億美元，比去年同期的 1.448 億美元下降了 12%。廣告支出減少主要是因為我們努力透過合理化廣告費用來提高獲利能力。

Gross profit for the quarter was $42.3 million, down 17% compared to the prior year. Gross margin was 33.1%, down from 35.2% in the prior year period.

本季毛利為 4,230 萬美元，較上年同期下降 17%。毛利率為 33.1%，低於去年同期的 35.2%。

The decline in gross margin was primarily driven by increased outbound freight, cost of goods sold, and tariff charges, slightly offset by pricing increases.

毛利率下降的主要原因是出境運費、銷售成本和關稅增加，價格上漲略微抵消了這種影響。

GAAP net loss for the quarter was $11 million compared to a loss of $10 million in the prior year period, primarily driven by lower revenues partially offset by lower operating costs.

本季 GAAP 淨虧損為 1,100 萬美元，而去年同期虧損為 1,000 萬美元，主要原因是收入下降，但部分被營運成本下降所抵銷。

The current quarter was also impacted by one-time advisory fees related to our strategic review as well as restructuring costs. For the third quarter, the adjusted EBITDA loss was $2.2 million down from adjusted EBITDA loss of $1.2 million in the prior year period, primarily due to lower gross margin.

本季也受到與策略審查相關的一次性諮詢費以及重組成本的影響。第三季調整後 EBITDA 虧損為 220 萬美元，而去年同期調整後 EBITDA 虧損為 120 萬美元，主因是毛利率下降。

We ended the quarter with $36 million of cash and no revolver debt.

本季末，我們擁有 3,600 萬美元現金，且無循環債務。

Earlier this year, we started proactively investing in the inventory ahead of tariffs to improve the continuity of our supply chain.

今年早些時候，我們開始積極投資庫存，以應對關稅，從而提高供應鏈的連續性。

This works out to about 2 extra weeks of stock ship cost of goods sold. As a reminder, our inventory has low obsolescent risk and no risk of spoilage, and our free freight margins are over 50%. Our inventory balance was $94 million at the end of the quarter versus $90 million at the end of 2024. I'll now turn it over to David for final remarks.

這相當於額外兩週的庫存出貨成本。再次提醒，我們的庫存過時風險低，無變質風險，而且我們的免運費利潤率超過 50%。本季末，我們的庫存餘額為 9,400 萬美元，而 2024 年底的庫存餘額為 9,000 萬美元。現在我將把發言權交給大衛，請他做最後的總結發言。

Thank you, Ryan. Before we move on, I want to share an important leadership update. After thoughtful consideration, Ryan has decided to pursue a new opportunity with a high growth private company in the technology and services space.

謝謝你，瑞恩。在繼續之前，我想分享一項重要的領導層最新情況。經過深思熟慮，瑞恩決定加入一家高速發展的科技和服務領域的私人公司，尋求新的發展機會。

He will remain with us during the transition period as we start the process to identify his replacement. I'm grateful for his leadership and the impact he has had on strengthening our financial foundation and supporting our transformation, and we wish him continued success in his next chapter.

在尋找他的繼任者的過渡期內，他將繼續留任。我感謝他的領導才能，以及他對加強我們的財務基礎和支持我們轉型所做的貢獻，我們祝福他在人生的下一個階段繼續取得成功。

Let me close with what we're focused on for the remainder of the year. We'll continue to expand our product offering to attract new customers and increase average basket size with a strong focus on the premium catalog. We'll focus on monetizing our 100 million annual website visits and customer lists through high margin fee income opportunities.

最後，我想談談我們今年剩餘時間的工作重點。我們將繼續擴大產品供應範圍，以吸引新客戶並提高平均客單價，並專注於高端產品目錄。我們將專注於透過高利潤的手續費收入機會，將我們每年 1 億的網站流量和客戶名單變現。

We'll continue to grow our mobile app business to diversify our marketing mix, strengthen customer engagement, and increase customer lifetime value. And we'll protect our balance sheet by carefully managing cash flow and inventory levels as we navigate the uncertainty in the tariff environment.

我們將繼續發展行動應用業務，以實現行銷組合多元化，加強客戶互動，並提高客戶終身價值。我們將透過謹慎管理現金流和庫存水準來保護我們的資產負債表，以應對關稅環境的不確定性。

We know this transformation is a multi-year effort. Our focus remains on rebuilding the foundation of CarParts.com into a company that can scale efficiently, innovate rapidly, and deliver a seamless, high-quality customer experience while driving greater discipline in both our cost structure and capital deployment.

我們知道這轉變是一個多年過程。我們將繼續致力於重建 CarParts.com 的基礎，使其成為一家能夠高效擴展、快速創新並提供無縫、高品質客戶體驗的公司，同時在成本結構和資本部署方面加強自律。

Much of this work is happening behind the scenes, from realigning our fulfillment network to investing in AI and automation, and we expect these efforts to become more visible over the next year as these initiatives come together, we're confident that our financial performance will follow first, continued margin and efficiency gained, and then through earnings growth.

這項工作的大部分都在幕後進行，從調整我們的物流網絡到投資人工智慧和自動化，我們預計隨著這些舉措的逐步落實，這些努力將在未來一年變得更加顯而易見。我們相信，我們的財務表現將首先隨之提升，利潤率和效率將持續提高，然後透過獲利成長來實現成長。

We believe these improvements will stabilize and build through next year with our goal of achieving free cash flow break even in 2026.

我們相信這些改善將在明年趨於穩定並持續發展，我們的目標是在 2026 年實現自由現金流收支平衡。

Before we wrap up the call, I want to take a moment to thank the entire CarParts.com team. Over the past year, our people have worked incredibly hard in an environment filled with uncertainty and change. Their resilience, focus, and determination have been the driving force behind our progress.

在結束通話之前，我想藉此機會感謝CarParts.com團隊的全體成員。過去一年，我們的員工在充滿不確定性和變化的環境中付出了巨大的努力。他們的韌性、專注和決心是我們進步的驅動力。

Because of their efforts, we're able to deliver measurable improvements across the business and establish 3 transformative strategic partnerships with A Premium, Zongtang, and CDH. These partnerships represent a major milestone for CarParts.com and provide exciting opportunities for growth, innovation, and operational excellence.

由於他們的努力，我們得以在整個業務範圍內取得可衡量的改進，並與 A Premium、宗堂和 CDH 建立了 3 個變革性的策略合作夥伴關係。這些合作關係對 CarParts.com 而言是一個重要的里程碑，並為成長、創新和卓越營運提供了令人興奮的機會。

I am proud of what we've achieved together and energized by the momentum we're carrying forward. We have a clear strategy, strong partners, and an exceptional team dedicated to executing our vision. While challenges remain, we feel confident about where we're headed in our path to profitability and free cash flow in 2026.

我為我們共同取得的成就感到自豪，也為我們正在保持的前進勢頭而感到振奮。我們擁有清晰的策略、強大的合作夥伴和一支致力於實現我們願景的卓越團隊。儘管挑戰依然存在，但我們對2026年實現獲利和自由現金流的目標充滿信心。

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

感謝各位參加今天的電話會議。現在我們將把機器交還給操作員。

We currently don't see any questions in the Q&A queue. This concludes today's conference call.

目前問答隊列中沒有任何問題。今天的電話會議到此結束。

Thank you for participating. You may now disconnect.

感謝您的參與。您現在可以斷開連線了。