CarParts.com Files Q3 2024 10-Q

TL;DR

CarParts.com dropped its Q3 10-Q. Check financials.

AI Summary

CarParts.com, Inc. filed its 10-Q for the period ending September 28, 2024. The filing details financial performance and operational updates for the third quarter. Key financial figures and balance sheet items are presented, reflecting the company's ongoing business activities and financial position.

Why It Matters

This filing provides investors with the latest financial snapshot of CarParts.com, Inc., crucial for understanding its performance and making informed investment decisions.

Risk Assessment

Risk Level: medium — 10-Q filings are standard financial reports, but the specific details within can reveal significant financial health indicators or operational challenges.

Key Numbers

• 56303000 — Total Assets (As of a prior period, likely end of Q2 2024)
• 57386000 — Total Liabilities (As of a prior period, likely end of Q2 2024)

Key Players & Entities

• CarParts.com, Inc. (company) — Filer of the 10-Q
• 20240928 (date) — End of the reporting period
• 20241030 (date) — Filing date
• 20241029 (date) — Date of change
• U.S. Auto Parts Network, Inc. (company) — Former company name
• 20061023 (date) — Date of former company name change

FAQ

Key Financial Figures

• $0.001 — nge on which registered Common Stock, $0.001 par value per share PRTS The NASDAQ

Filing Documents

• prts-20240928x10q.htm (10-Q) — 1417KB
• prts-20240928xex31d1.htm (EX-31.1) — 14KB
• prts-20240928xex31d2.htm (EX-31.2) — 14KB
• prts-20240928xex32d1.htm (EX-32.1) — 7KB
• prts-20240928xex32d2.htm (EX-32.2) — 7KB
• prts-20240928x10q004.jpg (GRAPHIC) — 16KB
• 0001378950-24-000126.txt ( ) — 4357KB
• prts-20240928.xsd (EX-101.SCH) — 26KB
• prts-20240928_cal.xml (EX-101.CAL) — 42KB
• prts-20240928_def.xml (EX-101.DEF) — 96KB
• prts-20240928_lab.xml (EX-101.LAB) — 282KB
• prts-20240928_pre.xml (EX-101.PRE) — 172KB
• prts-20240928x10q_htm.xml (XML) — 481KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION ITEM 1.

Financial Statements

Financial Statements 4 Consolidated Balance Sheets (Unaudited) at September 28, 2024 and December 30, 2023 4 Consolidated Statements of Operations and Comprehensive Operations (Unaudited) for the Thirteen and Thirty-nine Weeks Ended September 28, 2024 and September 30, 2023 5 Consolidated Statements of Stockholders' Equity (Unaudited) for the Thirteen and Thirty-nine Weeks Ended September 28, 2024 and September 30, 2023 6 Consolidated Statements of Cash Flows (Unaudited) for the Thirty-nine Weeks Ended September 28, 2024 and September 30, 2023 7

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) 8 ITEM 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 13 ITEM 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 20 ITEM 4.

Controls and Procedures

Controls and Procedures 21

OTHER INFORMATION

PART II. OTHER INFORMATION ITEM 1.

Legal Proceedings

Legal Proceedings 21 ITEM 1A.

Risk Factors

Risk Factors 21 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 44 ITEM 3. Defaults Upon Senior Securities 44 ITEM 4. Mine Safety Disclosures 44 ITEM 5. Other Information 44 ITEM 6. Exhibits 46 Unless the context requires otherwise, as used in this report, the terms "CarParts.com," the "Company," "we," "us" and "our" refer to CarParts.com, Inc. and its subsidiaries. Unless otherwise stated, all amounts are presented in thousands. Carparts.com , Kool-Vue , JC Whitney , Evan Fischer , SureStop , TrueDrive , DriveWire , and DriveMotive , amongst others, are our current and pending trademarks in the United States. All other trademarks and trade names appearing in this report are the property of their respective owners. Table of Contents SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS The statements included in this report, other than statements or characterizations of historical or current fact, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and we intend that such forward-looking statements be subject to the safe harbors created thereby. Any forward-looking statements included herein are based on management's beliefs and assumptions and on information currently available to management. We have attempted to identify forward-looking statements by terms such as "anticipates," "believes," "could," "estimates," "expects," "intends," "may," "plans," "potential," "predicts," "projects," "should," "will," "would," "will likely continue," "will likely result" and variations of these words or similar expressions. These forward-looking statements include, but are not limited to, statements regarding future events, our future operating and financial results, financial expectations, expected growth and strategies, our ability to acquire additional market sha

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS CARPARTS.COM, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Unaudited, In Thousands, Except Par Value Data) September 28, December 30, 2024 2023 ASSETS Current assets: Cash and cash equivalents $ 38,105 $ 50,951 Accounts receivable, net 8,427 7,365 Inventory, net 97,235 128,901 Other current assets 6,477 6,121 Total current assets 150,244 193,338 Property and equipment, net 34,494 26,389 Right-of-use - assets - operating leases, net 28,029 19,542 Right-of-use - assets - finance leases, net 11,808 15,255 Other non-current assets 3,064 3,331 Total assets $ 227,639 $ 257,855 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 59,715 $ 77,851 Accrued expenses 19,020 20,770 Right-of-use - obligation - operating, current 5,668 4,749 Right-of-use - obligation - finance, current 3,655 4,308 Other current liabilities 4,843 5,308 Total current liabilities 92,901 112,986 Right-of-use - obligation - operating, non-current 24,797 16,742 Right-of-use - obligation - finance, non-current 9,680 12,327 Other non-current liabilities 3,062 2,969 Total liabilities 130,440 145,024 Commitments and contingencies Stockholders' equity: Common stock, $ 0.001 par value; 100,000 shares authorized; 57,386 and 56,303 shares issued and outstanding as of September 28, 2024 and December 30, 2023 (of which 3,786 are treasury stock) 61 60 Treasury stock ( 11,912 ) ( 11,912 ) Additional paid-in capital 322,337 312,874 Accumulated other comprehensive income 870 783 Accumulated deficit ( 214,157 ) ( 188,974 ) Total stockholders' equity 97,199 112,831 Total liabilities and stockholders' equity $ 227,639 $ 257,855 See accompanying notes to consolidated financial statements (unaudited). 4 Table of Contents CARPARTS.COM, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS AND CO

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (In Thousands, Except Per Share Data) Note 1 – Basis of Presentation and Description of Company CarParts.com, Inc. (including its subsidiaries) is a leading online provider of aftermarket auto parts and accessories. The Company sells its products primarily to individual consumers through its flagship website located at www.carparts.com , our app, and online marketplaces. Our corporate website is also located at www.carparts.com/investor . References to the "Company," "we," "us," or "our" refer to CarParts.com, Inc. and its consolidated subsidiaries. The Company's products consist of replacement parts serving the wear and tear and body repair market, hard parts to serve the maintenance and repair market, and performance parts and accessories. The replacement parts category is primarily comprised of body parts for the exterior of an automobile as well as certain other mechanical or electrical parts that are not related to the functioning of the engine or drivetrain. Our parts in this category typically replace original body parts that have been damaged as a result of general wear and tear or a collision. In addition, we sell an extensive line of mirror products, including parts from our own house brand called Kool-Vue , which are marketed and sold as aftermarket replacement parts and as upgrades to existing parts. The hard parts category is primarily comprised of engine components and other mechanical and electrical parts including our house brand of catalytic converters called Evan Fischer . These hard parts serve as replacement parts that are generally used by professionals and do-it-yourselfers for engine and mechanical maintenance and repair. We also offer other parts and accessories (formerly referred to as performance parts and accessories), which includes certain performance versions of many parts sold in each of the above categories, including parts from our own house brand, JC Whitney . Other parts a

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View this 10-Q filing on SEC EDGAR