Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Oct. 03, 2017 | Mar. 08, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Oct. 3, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | JAMBA, INC. | |
Entity Central Index Key | 1,316,898 | |
Current Fiscal Year End Date | --01-02 | |
Entity Filer Category | Accelerated Filer | |
Trading Symbol | JMBA | |
Entity Common Stock, Shares Outstanding | 15,588,206 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Oct. 03, 2017 | Jan. 03, 2017 |
Current Assets: | ||
Cash and cash equivalents | $ 11,871 | $ 7,133 |
Receivables, net of allowances of $877 and $1,808 | 7,270 | 11,778 |
Inventories | 466 | 534 |
Prepaid rent | 779 | 1,053 |
Assets held for sale | 206 | |
Prepaid expenses and other current assets | 2,972 | 3,000 |
Total current assets | 23,358 | 23,704 |
Property, fixtures and equipment, net of accumulated depreciation of $31,942 and $38,645 | 10,991 | 12,512 |
Goodwill | 1,181 | 1,183 |
Trademarks and other intangible assets, net of accumulated amortization of $828 and $2,606 | 1,239 | 1,327 |
Notes receivable and other long-term assets | 923 | 2,894 |
Total assets | 37,692 | 41,620 |
Current Liabilities: | ||
Accounts payable and accrued expenses | 9,630 | 10,407 |
Accrued compensation and benefits | 2,430 | 4,255 |
Accrued gift card liability | 22,381 | 24,131 |
Other current liabilities | 9,368 | 7,664 |
Total current liabilities | 43,809 | 46,457 |
Deferred rent and other long-term liabilities | 7,819 | 8,940 |
Total liabilities | 51,628 | 55,397 |
Commitments and contingencies (Note 8) | ||
Shareholders’ (deficit) equity: | ||
Common stock, $0.001 par value—30,000,000 shares authorized; 18,447,023 and 15,588,206 shares issued and outstanding, respectively, at October 3, 2017, and 18,268,885 and 15,410,068 shares issued and outstanding, respectively, at January 3, 2017 | 18 | 18 |
Additional paid-in capital | 409,298 | 407,273 |
Treasury shares, at cost 2,858,817 | (40,009) | (40,009) |
Accumulated deficit | (383,243) | (381,059) |
Total shareholders’ (deficit) equity | (13,936) | (13,777) |
Total liabilities and shareholders' (deficit) equity | $ 37,692 | $ 41,620 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Oct. 03, 2017 | Jan. 03, 2017 |
Receivables, allowances (in dollars) | $ 877 | $ 1,808 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $ 31,942 | $ 38,645 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 30,000,000 | 30,000,000 |
Common stock, shares issued | 18,447,023 | 18,268,885 |
Common stock, shares outstanding | 15,588,206 | 15,410,068 |
Treasury Stock, Shares | 2,858,817 | 2,858,817 |
Trade Marks And Other Intangible Assets [Member] | ||
Finite-Lived Intangible Assets, Accumulated Amortization | $ 828 | $ 2,606 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 03, 2017 | Sep. 27, 2016 | Oct. 03, 2017 | Sep. 27, 2016 | |
Revenue: | ||||
Company stores | $ 11,222 | $ 14,350 | $ 35,591 | $ 40,177 |
Franchise and other revenue | 6,934 | 7,711 | 20,692 | 22,178 |
Total revenue | 18,156 | 22,061 | 56,283 | 62,355 |
Costs and operating expenses: | ||||
Cost of sales | 2,460 | 3,437 | 8,050 | 9,720 |
Labor | 3,589 | 4,644 | 12,158 | 13,470 |
Occupancy | 1,504 | 1,879 | 4,978 | 5,815 |
Store operating | 1,988 | 2,381 | 6,317 | 6,674 |
Depreciation and amortization | 897 | 1,068 | 2,677 | 4,244 |
General and administrative | 6,505 | 9,699 | 21,863 | 26,732 |
Loss (gain) on disposal of assets | 117 | 204 | 671 | 501 |
Store pre-opening | 150 | 210 | 493 | 860 |
Impairment of long-lived assets | 229 | 356 | ||
Store lease termination and closure | (29) | 178 | 209 | 242 |
Other operating, net | 1,336 | 104 | 545 | 961 |
Total costs and operating expenses | 18,517 | 24,033 | 57,961 | 69,575 |
Income (loss) from operations | (361) | (1,972) | (1,678) | (7,220) |
Other income (expenses): | ||||
Interest income | 2 | 50 | 97 | 195 |
Interest expense | (81) | (51) | (247) | (169) |
Total other income (expenses), net | (79) | (1) | (150) | 26 |
Income (loss) before income taxes | (440) | (1,973) | (1,828) | (7,194) |
Income tax (expense) benefit | (17) | 9 | (56) | (69) |
Net income (loss) | $ (457) | $ (1,964) | $ (1,884) | $ (7,263) |
Weighted-average shares used in the computation of income (loss) per share: | ||||
Basic | 15,580,074 | 15,292,699 | 15,487,969 | 15,181,695 |
Diluted | 15,580,074 | 15,292,699 | 15,487,969 | 15,181,695 |
Income (loss) per share: | ||||
Basic | $ (0.03) | $ (0.13) | $ (0.12) | $ (0.48) |
Diluted | $ (0.03) | $ (0.13) | $ (0.12) | $ (0.48) |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 03, 2017 | Sep. 27, 2016 | |
Cash (used in) provided by operating activities: | ||
Net income (loss) | $ (1,884) | $ (7,263) |
Adjustments to reconcile net income (loss) to net cash (used in) operating activities: | ||
Depreciation and amortization | 2,677 | 4,244 |
Lease termination, store closure costs, impairment and gain on disposals | 463 | 683 |
Gift card breakage income | (2,481) | (2,180) |
Stock-based compensation | 1,020 | 2,366 |
Bad debt and inventory reserves | 273 | (42) |
Deferred rent | 66 | (1,334) |
Equity loss from joint ventures | 64 | 26 |
Changes in operating assets and liabilities: | ||
Receivables | 4,192 | 5,269 |
Inventories | 35 | 188 |
Prepaid expenses and other current assets | 242 | 1,624 |
Other long-term assets | 1,907 | 987 |
Accounts payable and accrued expenses | (508) | (2,424) |
Accrued compensation and benefits | (1,826) | (151) |
Accrued gift card liability | 731 | (3,413) |
Other current liabilities | 1,703 | 24 |
Other long-term liabilities | (1,272) | (809) |
Cash (used in) provided by operating activities | 5,402 | (2,205) |
Cash (used in) provided by investing activities: | ||
Capital expenditures | (1,774) | (3,884) |
Proceeds from sale of assets | 409 | |
Cash (used in) provided by investing activities | (1,365) | (3,884) |
Cash (used in) provided by financing activities: | ||
Payment on capital lease obligations | (4) | (4) |
Proceeds pursuant to stock plan | 705 | 620 |
Cash (used in) provided by financing activities | 701 | 616 |
Net increase (decrease) in cash and cash equivalents | 4,738 | (5,473) |
Cash and cash equivalents at beginning of period | 7,133 | 19,730 |
Cash and cash equivalents at end of period | 11,871 | 14,257 |
Supplemental cash flow information: | ||
Cash paid for interest | 25 | 14 |
Income taxes paid | 4 | 13 |
Noncash investing and financing activities: | ||
Property, fixtures and equipment in accounts payable | $ 98 | 971 |
Property, fixtures and equipment funded by a tenant allowance | $ 380 |
Description Of Business
Description Of Business | 9 Months Ended |
Oct. 03, 2017 | |
Business Combination Description [Abstract] | |
Description of Business | 1. DESCRIPTION OF BUSINESS Jamba, Inc. through its wholly-owned subsidiary, Jamba Juice Company (“the Company”), is a global healthy lifestyle brand that inspires and simplifies healthful living, through freshly blended whole fruit and vegetable smoothies, bowls, juices cold-pressed shots boosts, snacks, and meal replacements. Jamba’s blends are made with premium ingredients free of artificial flavors and preservatives so guests can feel their best and blend the most into life. The Company’s headquarters were relocated to Frisco, Texas, from Emeryville, California, in the fourth quarter of fiscal year 2016. As of October 3, 2017, there were 866 Jamba Juice stores globally, consisting of 52 Company-owned and operated stores (“Company Stores”), 743 franchisee-owned and operated stores (“Franchise Stores”) in the United States and 71 Franchise Stores in international locations (“International Stores”). |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Oct. 03, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation and consolidation The accompanying unaudited Condensed Consolidated Financial Statements of Jamba, Inc. have been prepared pursuant to generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information and the rules and regulations of the United States Securities and Exchange Commission (the “SEC”) for Form 10-Q. The January 3, 2017 Condensed Consolidated Balance Sheet was derived from the audited financial statements, but does not include all disclosures required by U.S. GAAP. Certain information and note disclosures normally included in annual financial statements have been condensed or omitted pursuant to the rules and regulations of the SEC. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. The results of the 13-week and 39-week periods ended October 3, 2017 are not necessarily indicative of the results of operations to be expected for the entire fiscal year. The Condensed Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiary, Jamba Juice Company. All significant intercompany balances and transactions have been eliminated in consolidation. Certain reclassifications were made to the Company’s prior financial statements to conform to current year presentation. These Condensed Consolidated Financial Statements should be read in conjunction with the financial statements and notes thereto included in the Annual Report on Form 10-K for the year ended January 3, 2017. Effect of prior period misstatements In the Condensed Consolidated Statements of Operations for the 13-week and 39-week periods ended September 27, 2016, the Company corrected certain errors including an overstatement of expenses included within depreciation expense of approximately $0.6 million and other income, net of approximately $0.3 million, related to prior period financial statements. These adjustments was related to both the prior quarters of 2016 and prior year 2015 results. The Company determined that the corrections were neither quantitatively or qualitatively material to those periods individually and in the aggregate. In addition, these items are expected to have an immaterial impact on net income for the full 2016 fiscal year. Use of estimates The preparation of the Condensed Consolidated Financial Statements and accompanying notes are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Preparing Condensed Consolidated Financial Statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reported periods. Actual results could differ from those estimates. Comprehensive Income Comprehensive income is defined as the change in equity during a period from transactions and other events, excluding changes resulting from investments from owners and distributions to owners. The Company currently has no components of comprehensive income other than net income, therefore no separate statement of comprehensive income is presented. Income (Loss) Per Share Basic income (loss) per share is computed based on the weighted-average number of common shares outstanding during the period. Diluted income (loss) per share is computed based on the weighted-average number of common shares and potentially dilutive securities, which includes outstanding options and restricted stock awards granted under the Company’s stock option plans. Anti-dilutive common stock equivalents totaling 1.5 million and 1.8 million were excluded from the calculation of diluted weighted-average shares outstanding for the 13-week and 39-week periods ended October 3, 2017, respectively. Anti-dilutive common stock equivalents totaling 2.1 million and 1.9 million were excluded from the calculation of diluted weighted-average shares outstanding for the 13-week and 39-week periods ended September 27, 2016, respectively. Basic and diluted income (loss) per share do not differ when there is a net loss position as potentially dilutive securities are anti-dilutive. Assets Held for Sale The Company classifies assets as held for sale and suspends depreciation and amortization when approval at the appropriate level has been provided, the assets can be immediately removed from operations, an active program has begun to locate a buyer, the assets are being actively marketed for sale at or near their current fair value, significant changes to the plan of sale are not likely and the sale is probable within one year. Upon classification as held for sale, long-lived assets are no longer depreciated, and an assessment of impairment is performed to identify and expense any excess of carrying value over fair value less costs to sell. Subsequent changes to the estimated fair value less costs to sell will impact the measurement of assets held for sale. To the extent fair value increases, any impairment previously recorded is reversed. If the carrying value of the assets held for sale exceeds the fair value less costs to sell, the Company will record a loss for the amount of the excess. The Company also reclassifies the associated prior year balances for assets reclassified to assets held for sale. If the Company decides not to sell previously classified assets held for sale, the asset is reclassified back to their original asset group. The assets are recorded at the lower of the carrying value before being classified as held for sale adjusted for depreciation that would have been recognized during the time they were classified as held for sale or fair value at the date the Company decided not to sell. In November 2016, the Company announced plans to refranchise 13 Company-owned stores in the Chicago area which was subsequently completed in the second quarter of 2017. Fair Value of Financial Instruments The following instruments are not measured at fair value on the Company’s Condensed Consolidated Balance Sheets but require disclosure of their fair values: cash and cash equivalents, accounts receivables, notes receivable and accounts payable. The estimated fair value of such instruments, excluding notes receivable, approximates their carrying value as reported in the Company’s Condensed Consolidated Balance Sheets due to their short-term nature. The estimated fair value of notes receivable approximates its carrying value due to the interest rates aligning with market rates. The fair value of such financial instruments is determined using the income approach based on the present value of estimated future cash flows. The fair value of these instruments would be categorized as Level 2 in the fair value hierarchy, with the exception of cash and cash equivalents, which would be categorized as Level 1. Recently Adopted Accounting Pronouncements Inventory In July 2015, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2015-11, Simplifying the Measurement of Inventory We adopted ASU 2015-11 effective January 4, 2017 Stock Compensation In March 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation: Improvements to Employee Share-Based Payment Accounting Upcoming Accounting Pronouncements The Company is currently assessing the potential impact of the following pronouncements on its Condensed Consolidated Financial Statements and related disclosures: Revenue Recognition In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers Revenue from Contracts with Customers Deferral of the effective date, Leases In February 2016, the FASB issued ASU 2016-02, Leases , Liabilities In March 2016, the FASB issued ASU 2016-04, Recognition of Breakage for Certain Prepaid Stored-Value Products Liabilities-Extinguishments of Liabilities Other Accounting Pronouncements The Company has not yet adopted and does not expect the adoption of the following pronouncements to have a significant impact on its Condensed Consolidated Financial Statements and related disclosures: Financial Instruments In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities Statement of Cash Flows In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments, Stock Compensation In January 2017, the FASB issued ASU 2017-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The amendments provide guidance on determining which changes to the terms and conditions of share-based payment awards require an entity to apply modification accounting under Topic 718. This guidance will be effective for the Company’s fiscal year 2018, with early adoption permitted. Intangibles In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, which eliminates Step 2 from the goodwill impairment test. The impairment amount will be calculated at Step 1. The amendments also eliminate the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails that qualitative test, to perform Step 2 of the goodwill impairment test. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. This guidance will be effective for the Company’s fourth quarter annual impairment test in fiscal year 2019, with early adoption permitted. |
Severance and Other Compensatio
Severance and Other Compensation | 9 Months Ended |
Oct. 03, 2017 | |
Severance Disclosure [Abstract] | |
Severance and Other Compensation | 3. SEVERANCE AND OTHER COMPENSATION In connection with the relocation of the Company’s headquarters from Emeryville, California to Frisco, Texas, the Company incurred severance and retention obligations. At October 3, 2017, $0.8 million of severance and $0.2 million of retention expenses are classified in accrued compensation and benefits and accounts payable, respectively, in the Condensed Consolidated Balance Sheets. At January 3, 2017, $1.6 million of severance and $0.8 million of retention expenses are classified in accrued compensation and benefits and accounts payable and accrued expenses, respectively, in the Condensed Consolidated Balance Sheets. The Company made severance and retention payments of $0.6 million and $2.8 million during the 13-week and 39-week periods ended October 3, 2017, respectively. The Company incurred additional expense related to these actions of $0.2 million and $1.4 million during the 13-week and 39-week periods ended October 3, 2017, respectively. The remaining severance and retention payments will be completed by the end of the second quarter in fiscal 2018. |
Fair Value Measurement
Fair Value Measurement | 9 Months Ended |
Oct. 03, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | 4. FAIR VALUE MEASUREMENT Financial Assets and Liabilities Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. A three-tier fair value hierarchy is established as a basis for considering such assumptions and for inputs used in the valuation methodologies in measuring fair value: • Level 1: Quoted prices are available in active markets for identical assets or liabilities. • Level 2: Inputs are other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable. • Level 3: Unobservable inputs that are supported by little or no market activity, therefore requiring an entity to develop its own assumptions that market participants would use in pricing. Non-financial Assets and Liabilities The Company’s non-financial assets and liabilities primarily consist of long-lived assets, trademarks and other intangibles, and are reported at carrying value. They are not required to be measured at fair value on a recurring basis. The Company evaluates long-lived assets for impairment when facts and circumstances indicate that their carrying values may not be recoverable. Trademarks and other intangibles are evaluated for impairment annually or more frequently if events or changes in circumstances indicate that the asset might be impaired. As a result of the quarterly impairment reviews, the Company had no impairment during the 13-week and 39-week periods ended October 3, 2017 and recognized impairment total losses of $0.2 million and $0.4 million during the 13-week and 39-week periods ended September 27, 2016, included in impairment of long-lived assets in Condensed Consolidated Statements of Operations. The losses in fiscal year 2016 related to the impairment of fixed assets of an individual store. |
Credit Agreement
Credit Agreement | 9 Months Ended |
Oct. 03, 2017 | |
Debt Disclosure [Abstract] | |
Credit Agreement | 5. CREDIT AGREEMENT On November 3, 2016, the Company entered into a credit agreement with Cadence Bank, NA (“New Credit Agreement”). The New Credit Agreement provides an aggregate principal amount of up to $10.0 million. The New Credit Agreement also allows the Company to request an additional $5.0 million for an aggregate principal amount of up to $15.0 million. The New Credit Agreement accrues interest at a per annum rate equal to the LIBOR rate plus 2.50% and has a five-year term. Under the terms of the New Credit Agreement, the Company is required to either maintain minimum cash or consolidated EBITDA levels and a minimum fixed charge coverage ratio. To acquire the New Credit Agreement, the Company incurred upfront fees, which are being amortized over the term of the New Credit Agreement. As of October 3, 2017, the unamortized commitment fee amount was not material and is recorded in prepaid expenses in the Condensed Consolidated Balance Sheets. During the 13-week and 39-week periods ended October 3, 2017, there were no borrowings under the New Credit Agreement. |
Share-Based Compensation
Share-Based Compensation | 9 Months Ended |
Oct. 03, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-Based Compensation | 6. SHARE-BASED COMPENSATION The Jamba, Inc. 2013 Equity Incentive Plan (“the Plan”) authorizes the Company to provide incentive compensation in the form of stock options (“options”), restricted stock and stock units (“RSUs”), performance based and market based shares and units (“PSUs”) and (“MBRSUs”), other stock-based and restricted stock-based awards (“RSAs”), cash-based awards and deferred compensation awards. In addition, the Company periodically authorizes grants of stock-based compensation as inducement awards to new employees. This type of award does not require shareholder approval in accordance with Rule 5635(c)(4) of the Nasdaq listing rules. Share-based compensation expense, which is included in general and administrative expenses, was $0.6 million and $1.0 million for the 13-week and 39-week periods ended October 3, 2017 $0.7 million and $2.4 million for the Stock Options — A summary of options activity under the Plan as of October 3, 2017, and changes during the 39-week period then ended are presented below (shares in thousands): Weighted-Average Number of Weighted-Average Contractual Term Aggregate Options Shares Exercise Price Remaining (years) Intrinsic Value Balance at January 3, 2017 1,200 $ 12.40 5.05 $ 1,213 Granted 15 9.25 Exercised (178 ) 3.96 Canceled (371 ) 15.04 Balance at October 3, 2017 666 $ 13.11 5.04 $ 20 Vested and expected to vest—October 3, 2017 666 $ 13.11 5.04 $ 20 Exercisable—October 3, 2017 360 $ 13.14 3.12 $ 20 During the 39-week period ended October 3, 2017, options exercisable for 15,000 shares of the Company’s common stock were granted as an inducement award to a new employee at a weighted average grant date fair value of $3.54. There were no options granted during the 13-week period ended October 3, 2017. During the 13-week and 39-week periods ended September 27, 2016, options of 18,500 and 300,000 were granted under the 2013 Equity Incentive Plan at a weighted average grant date fair value of $3.97 and $4.31, respectively. Included in the totals during the 13-week and 39-week periods ended September 27, 2016, 15,000 and 90,000 options, respectively, were granted as inducement awards to new employees. The weighted average grant date fair value of the stock options was $3.96 and $4.21 for the 13-week and 39-week period ended September 27, 2016, respectively. The fair value of options was estimated at the date of grant using a Black-Scholes option pricing model with the following weighted-average assumptions: 39-Week Period Ended October 3, 2017 Risk-free interest rate 2.0 % Expected term (in years) 5.39 Expected volatility 38.8 % Expected dividend yield 0 % Time-Based Restricted Stock Units — Information regarding activities during the 39-week period ended October 3, 2017 for outstanding RSUs granted under the 2013 Equity Incentive Plan is as follows (shares in thousands): Weighted-Average Number of Grant Date RSUs Shares of RSUs Fair Value Non-vested at January 3, 2017 68 $ 13.11 Granted - - Vested - - Forfeited (7 ) 14.02 Non-vested at October 3, 2017 61 $ 13.01 During the 13-week and 39-week periods ended October 3, 2017, no RSUs were granted under the 2013 Equity Incentive Plan. During the 39-week period ended September 27, 2016, RSUs of 32,520 were granted under the 2013 Equity Incentive Plan at a weighted average grant date fair value of $11.36. RSUs totaling 5,000 and 11,000 were granted as inducement awards to new employees during the 13-week and 39-week periods ended September 27, 2016, at weighted average grant date fair values of $10.87 and $11.14. Restricted Stock Awards — RSAs are granted to members of the Company’s Board of Directors as part of their compensation. Awards are fully vested and expensed when granted. The fair value of restricted stock awards is the market close price of the Company’s common stock on the date of the grant. During the 13-week and 39-week periods ended October 3, 2017, no restricted stock awards were issued. There were no restricted stock awards issued in the 13-week period ended September 27, 2016, and there were 3,514 restricted stock awards issued during the 39-week period ended September 27, 2016. Performance-Based Restricted Stock Units — No performance stock units were granted or vested during the 39-week periods ended October 3, 2017 and September 27, 2016. Information regarding activities during fiscal 2017 for outstanding performance-based RSUs is as follows (shares in thousands): Weighted-Average Number of Grant Date PSUs Shares of PSUs Fair Value Non-vested at January 3, 2017 17 $ 12.27 Granted - - Vested - - Forfeited (8 ) 14.04 Non-vested at October 3, 2017 9 $ 10.87 Market-Based Restricted Stock Units — Information regarding activities during fiscal 2017 for outstanding market-based RSUs is as follows (shares in thousands): Weighted-Average Number of Grant Date MBRSUs Shares of MBRSUs Fair Value Non-vested at January 3, 2017 505 $ 3.04 Granted 70 1.06 Vested - - Forfeited - - Non-vested at October 3, 2017 575 $ 2.80 There were no market-based RSUs granted during the 13-week period ended October 3, 2017, and there were 70,000 market-based RSUs granted under the 2013 Equity Incentive Plan during the 39-week period ended October 3, 2017, at a weighted average grant date fair value of $1.06. During the 13-week and 39-week periods ended September 27, 2016, there were 70,000 and 505,000 market-based RSUs granted at a weighted average grant fair value of $2.79 and $3.04, respectively. The market-based RSU’s will vest upon achievement of compound annual stock price growth rate targets of 15%, 22.5% and 30%. The Company recognizes compensation expense related to market-based RSUs over the requisite service period on a straight-line basis. The requisite service period is a measure of the expected time to reach the respective vesting threshold. The Company estimated the expense and service period by utilizing a Monte Carlo simulation, considering only those stock price-paths in which the threshold was exceeded. |
Other Operating, Net
Other Operating, Net | 9 Months Ended |
Oct. 03, 2017 | |
Other Operating Net [Abstract] | |
Other Operating, Net | 7 . OTHER OPERATING, NET For the 13-week and 39-week periods ended October 3, 2017 and September 27, 2016, the components of other operating, net were as follows (in thousands): 13-Week Period Ended 39-Week Period Ended October 3, 2017 September 27, 2016 October 3, 2017 September 27, 2016 Gift card breakage income $ (534 ) $ (536 ) $ (2,481 ) $ (2,180 ) Gift card expense 98 237 550 652 Consumer packaged goods and JambaGO® direct expense 30 279 76 1,364 Franchise gift card discount expense 270 98 497 411 Franchise sublease income (124 ) (180 ) (464 ) (477 ) Franchise bad debt 88 42 316 42 Franchise other expense 1,467 2 2,428 786 International expense 23 163 106 486 Other expense (income) 18 (1 ) (483 ) (123 ) Total other operating, net $ 1,336 $ 104 $ 545 $ 961 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Oct. 03, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 8 . COMMITMENTS AND CONTINGENCIES The Company records a liability for litigation claims and contingencies when payment is probable and the amount of loss can be reasonably estimated. During the 39-week period ended October 3, 2017, the Company increased a liability for an ongoing litigation matter by $1.0 million. No additional liabilities were incurred in the 13-week period ended October 3, 2017. The estimated losses are included in general and administrative expenses in the Company’s financial statements. In fiscal year 2016, the Company recognized $2.0 million for estimated losses associated with ongoing and settled litigation matters based on the available information at the time. The amounts recognized relate to aggregate amounts estimated for resolution of the Company’s ordinary course employment based litigation cases estimated at $1.0 million and a commercial vendor dispute settled for $1.0 million. As of October 3, 2017 and January 3, 2017, the liabilities associated with these matters are recorded in accrued expenses in the Condensed Consolidated Balance Sheets and were $2.0 million and $1.4 million, respectively. The Company is a defendant in litigation arising in the normal course of business. Although there can be no assurance as to the ultimate disposition of these matters, it is the opinion of the Company’s management, based upon the information available at this time, that the expected outcome of these matters, individually or in the aggregate, will not have a material adverse effect on the results of operations, liquidity or financial condition of the Company. |
Related-Party Transactions
Related-Party Transactions | 9 Months Ended |
Oct. 03, 2017 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | 9 . RELATED-PARTY TRANSACTIONS For the 13-week and 39-week periods ended October 3, 2017 and September 27, 2016, the Company received $0.2 million and $0.1 million, respectively, from Sodexo related to licensing fees for Jamba units operated by Sodexo. For the 13-week and 39-week periods ended September 27, 2016, respectively, the Company received $0.2 million from Country Pure Foods related to vendor supply chain management fees. One Jamba Juice Director is on the Board of Directors of Country Pure Foods and another Jamba Juice Director is an executive with Sodexo. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Oct. 03, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | 10 . SUBSEQUENT EVENTS During the fourth quarter of fiscal 2017, we recorded severance of $0.3 million for the departure of one senior executive. Additionally, during the first quarter of 2018, we recorded $0.3 million of severance for the departure of one senior executive. |
Summary of Significant Accoun16
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Oct. 03, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Consolidation | Basis of presentation and consolidation The accompanying unaudited Condensed Consolidated Financial Statements of Jamba, Inc. have been prepared pursuant to generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information and the rules and regulations of the United States Securities and Exchange Commission (the “SEC”) for Form 10-Q. The January 3, 2017 Condensed Consolidated Balance Sheet was derived from the audited financial statements, but does not include all disclosures required by U.S. GAAP. Certain information and note disclosures normally included in annual financial statements have been condensed or omitted pursuant to the rules and regulations of the SEC. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. The results of the 13-week and 39-week periods ended October 3, 2017 are not necessarily indicative of the results of operations to be expected for the entire fiscal year. The Condensed Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiary, Jamba Juice Company. All significant intercompany balances and transactions have been eliminated in consolidation. Certain reclassifications were made to the Company’s prior financial statements to conform to current year presentation. These Condensed Consolidated Financial Statements should be read in conjunction with the financial statements and notes thereto included in the Annual Report on Form 10-K for the year ended January 3, 2017. |
Effect of Prior Period Misstatements | Effect of prior period misstatements In the Condensed Consolidated Statements of Operations for the 13-week and 39-week periods ended September 27, 2016, the Company corrected certain errors including an overstatement of expenses included within depreciation expense of approximately $0.6 million and other income, net of approximately $0.3 million, related to prior period financial statements. These adjustments was related to both the prior quarters of 2016 and prior year 2015 results. The Company determined that the corrections were neither quantitatively or qualitatively material to those periods individually and in the aggregate. In addition, these items are expected to have an immaterial impact on net income for the full 2016 fiscal year. |
Use of Estimates | Use of estimates The preparation of the Condensed Consolidated Financial Statements and accompanying notes are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Preparing Condensed Consolidated Financial Statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reported periods. Actual results could differ from those estimates. |
Comprehensive Income | Comprehensive Income Comprehensive income is defined as the change in equity during a period from transactions and other events, excluding changes resulting from investments from owners and distributions to owners. The Company currently has no components of comprehensive income other than net income, therefore no separate statement of comprehensive income is presented. |
Income (Loss) Per Share | Income (Loss) Per Share Basic income (loss) per share is computed based on the weighted-average number of common shares outstanding during the period. Diluted income (loss) per share is computed based on the weighted-average number of common shares and potentially dilutive securities, which includes outstanding options and restricted stock awards granted under the Company’s stock option plans. Anti-dilutive common stock equivalents totaling 1.5 million and 1.8 million were excluded from the calculation of diluted weighted-average shares outstanding for the 13-week and 39-week periods ended October 3, 2017, respectively. Anti-dilutive common stock equivalents totaling 2.1 million and 1.9 million were excluded from the calculation of diluted weighted-average shares outstanding for the 13-week and 39-week periods ended September 27, 2016, respectively. Basic and diluted income (loss) per share do not differ when there is a net loss position as potentially dilutive securities are anti-dilutive. |
Assets Held for Sale | Assets Held for Sale The Company classifies assets as held for sale and suspends depreciation and amortization when approval at the appropriate level has been provided, the assets can be immediately removed from operations, an active program has begun to locate a buyer, the assets are being actively marketed for sale at or near their current fair value, significant changes to the plan of sale are not likely and the sale is probable within one year. Upon classification as held for sale, long-lived assets are no longer depreciated, and an assessment of impairment is performed to identify and expense any excess of carrying value over fair value less costs to sell. Subsequent changes to the estimated fair value less costs to sell will impact the measurement of assets held for sale. To the extent fair value increases, any impairment previously recorded is reversed. If the carrying value of the assets held for sale exceeds the fair value less costs to sell, the Company will record a loss for the amount of the excess. The Company also reclassifies the associated prior year balances for assets reclassified to assets held for sale. If the Company decides not to sell previously classified assets held for sale, the asset is reclassified back to their original asset group. The assets are recorded at the lower of the carrying value before being classified as held for sale adjusted for depreciation that would have been recognized during the time they were classified as held for sale or fair value at the date the Company decided not to sell. In November 2016, the Company announced plans to refranchise 13 Company-owned stores in the Chicago area which was subsequently completed in the second quarter of 2017. |
Fair Value Measurement | Fair Value of Financial Instruments The following instruments are not measured at fair value on the Company’s Condensed Consolidated Balance Sheets but require disclosure of their fair values: cash and cash equivalents, accounts receivables, notes receivable and accounts payable. The estimated fair value of such instruments, excluding notes receivable, approximates their carrying value as reported in the Company’s Condensed Consolidated Balance Sheets due to their short-term nature. The estimated fair value of notes receivable approximates its carrying value due to the interest rates aligning with market rates. The fair value of such financial instruments is determined using the income approach based on the present value of estimated future cash flows. The fair value of these instruments would be categorized as Level 2 in the fair value hierarchy, with the exception of cash and cash equivalents, which would be categorized as Level 1. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements Inventory In July 2015, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2015-11, Simplifying the Measurement of Inventory We adopted ASU 2015-11 effective January 4, 2017 Stock Compensation In March 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation: Improvements to Employee Share-Based Payment Accounting |
Upcoming Accounting Pronouncements | Upcoming Accounting Pronouncements The Company is currently assessing the potential impact of the following pronouncements on its Condensed Consolidated Financial Statements and related disclosures: Revenue Recognition In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers Revenue from Contracts with Customers Deferral of the effective date, Leases In February 2016, the FASB issued ASU 2016-02, Leases , Liabilities In March 2016, the FASB issued ASU 2016-04, Recognition of Breakage for Certain Prepaid Stored-Value Products Liabilities-Extinguishments of Liabilities Other Accounting Pronouncements The Company has not yet adopted and does not expect the adoption of the following pronouncements to have a significant impact on its Condensed Consolidated Financial Statements and related disclosures: Financial Instruments In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities Statement of Cash Flows In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments, Stock Compensation In January 2017, the FASB issued ASU 2017-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The amendments provide guidance on determining which changes to the terms and conditions of share-based payment awards require an entity to apply modification accounting under Topic 718. This guidance will be effective for the Company’s fiscal year 2018, with early adoption permitted. Intangibles In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, which eliminates Step 2 from the goodwill impairment test. The impairment amount will be calculated at Step 1. The amendments also eliminate the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails that qualitative test, to perform Step 2 of the goodwill impairment test. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. This guidance will be effective for the Company’s fourth quarter annual impairment test in fiscal year 2019, with early adoption permitted. |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 9 Months Ended |
Oct. 03, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Stock Option Activities | A summary of options activity under the Plan as of October 3, 2017, and changes during the 39-week period then ended are presented below (shares in thousands): Weighted-Average Number of Weighted-Average Contractual Term Aggregate Options Shares Exercise Price Remaining (years) Intrinsic Value Balance at January 3, 2017 1,200 $ 12.40 5.05 $ 1,213 Granted 15 9.25 Exercised (178 ) 3.96 Canceled (371 ) 15.04 Balance at October 3, 2017 666 $ 13.11 5.04 $ 20 Vested and expected to vest—October 3, 2017 666 $ 13.11 5.04 $ 20 Exercisable—October 3, 2017 360 $ 13.14 3.12 $ 20 |
Schedule of Fair Value of Stock Options Estimated at Date of Grant Using Black-Scholes Option Pricing Model with Weighted-Average Assumptions | The fair value of options was estimated at the date of grant using a Black-Scholes option pricing model with the following weighted-average assumptions: 39-Week Period Ended October 3, 2017 Risk-free interest rate 2.0 % Expected term (in years) 5.39 Expected volatility 38.8 % Expected dividend yield 0 % |
Summary of Outstanding Time-Based Restricted Stock Units | Information regarding activities during the 39-week period ended October 3, 2017 for outstanding RSUs granted under the 2013 Equity Incentive Plan is as follows (shares in thousands): Weighted-Average Number of Grant Date RSUs Shares of RSUs Fair Value Non-vested at January 3, 2017 68 $ 13.11 Granted - - Vested - - Forfeited (7 ) 14.02 Non-vested at October 3, 2017 61 $ 13.01 |
Summary of Outstanding Performance-Based Restricted Stock Units | Information regarding activities during fiscal 2017 for outstanding performance-based RSUs is as follows (shares in thousands): Weighted-Average Number of Grant Date PSUs Shares of PSUs Fair Value Non-vested at January 3, 2017 17 $ 12.27 Granted - - Vested - - Forfeited (8 ) 14.04 Non-vested at October 3, 2017 9 $ 10.87 |
Summary of Outstanding Market-Based Restricted Stock Units | Information regarding activities during fiscal 2017 for outstanding market-based RSUs is as follows (shares in thousands): Weighted-Average Number of Grant Date MBRSUs Shares of MBRSUs Fair Value Non-vested at January 3, 2017 505 $ 3.04 Granted 70 1.06 Vested - - Forfeited - - Non-vested at October 3, 2017 575 $ 2.80 |
Other Operating, Net (Tables)
Other Operating, Net (Tables) | 9 Months Ended |
Oct. 03, 2017 | |
Other Operating Net [Abstract] | |
Schedule of Components of Other Operating, Net | For the 13-week and 39-week periods ended October 3, 2017 and September 27, 2016, the components of other operating, net were as follows (in thousands): 13-Week Period Ended 39-Week Period Ended October 3, 2017 September 27, 2016 October 3, 2017 September 27, 2016 Gift card breakage income $ (534 ) $ (536 ) $ (2,481 ) $ (2,180 ) Gift card expense 98 237 550 652 Consumer packaged goods and JambaGO® direct expense 30 279 76 1,364 Franchise gift card discount expense 270 98 497 411 Franchise sublease income (124 ) (180 ) (464 ) (477 ) Franchise bad debt 88 42 316 42 Franchise other expense 1,467 2 2,428 786 International expense 23 163 106 486 Other expense (income) 18 (1 ) (483 ) (123 ) Total other operating, net $ 1,336 $ 104 $ 545 $ 961 |
Description Of Business - Addit
Description Of Business - Additional Information (Details) | Oct. 03, 2017 |
Jamba Juice stores [Member] | |
Franchisor Disclosure [Line Items] | |
Number of stores | 866 |
Company Stores [Member] | |
Franchisor Disclosure [Line Items] | |
Number of stores | 52 |
Franchise Stores [Member] | |
Franchisor Disclosure [Line Items] | |
Number of stores | 743 |
International Stores [Member] | |
Franchisor Disclosure [Line Items] | |
Number of stores | 71 |
Summary of Significant Accoun20
Summary of Significant Accounting Policies - Additional Information (Details) shares in Millions | 3 Months Ended | 9 Months Ended | ||||
Oct. 03, 2017USD ($)shares | Sep. 27, 2016USD ($)shares | Oct. 03, 2017USD ($)shares | Sep. 27, 2016USD ($)shares | Jul. 04, 2017Store | Apr. 04, 2017USD ($) | |
Antidilutive securities excluded from computation of earnings per share, amount | shares | 1.5 | 2.1 | 1.8 | 1.9 | ||
Net result on adoption of accounting policy on deferred taxes | $ 0 | |||||
Recognized federal and state net operating loss carryforwards, net of tax | $ 800,000 | |||||
Retained Earnings [Member] | ||||||
Effect of new accounting principle in period of adoption | $ 300,000 | $ 300,000 | ||||
Refranchise [Member] | Chicago [Member] | ||||||
Number of stores | Store | 13 | |||||
Depreciation expense [Member] | ||||||
Overstatement of expenses related to prior period financial statements, errors corrected | $ 600,000 | $ 600,000 | ||||
Other income, net [Member] | ||||||
Overstatement of expenses related to prior period financial statements, errors corrected | $ 300,000 | $ 300,000 |
Severance and Other Compensat21
Severance and Other Compensation - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Oct. 03, 2017 | Oct. 03, 2017 | Jan. 03, 2017 | |
Restructuring Cost and Reserve [Line Items] | |||
Retention expenses classified in accounts payable and accrued expenses | $ 2,430 | $ 2,430 | $ 4,255 |
Headquarters Relocation [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance costs classified in accrued compensation and benefits | 800 | 800 | 1,600 |
Retention expenses classified in accounts payable and accrued expenses | 200 | 200 | $ 800 |
Severance and Retention payments | 600 | 2,800 | |
Additional severance and retention payments | $ 200 | $ 1,400 |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Oct. 03, 2017 | Sep. 27, 2016 | Oct. 03, 2017 | Sep. 27, 2016 | |
Fair Value Disclosures [Abstract] | ||||
Asset Impairment Charges | $ 0 | $ 200,000 | $ 0 | $ 400,000 |
Credit Agreement - Additional I
Credit Agreement - Additional Information (Details) - Cadence Bank NA [Member] - USD ($) | Nov. 03, 2016 | Oct. 03, 2017 |
Credit Agreement [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 10,000,000 | $ 15,000,000 |
Line of credit facility, additional borrowing capacity | $ 5,000,000 | |
Debt instrument, description of variable rate basis | accrues interest at a per annum rate equal to the LIBOR rate plus 2.50% | |
Debt instrument, term | 5 years | |
Credit facility outstanding amount | $ 0 | |
LIBOR [Member] | ||
Credit Agreement [Line Items] | ||
Debt instrument, basis spread on variable rate | 2.50% | |
Line of Credit [Member] | ||
Credit Agreement [Line Items] | ||
Debt instrument, maturity date | Nov. 3, 2021 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Oct. 03, 2017 | Sep. 27, 2016 | Oct. 03, 2017 | Sep. 27, 2016 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Unvested share-based compensation | $ 1,500,000 | $ 1,500,000 | ||
Share Based Compensation Arrangement By Share Based Payment Award Option And Restricted Stock, Remaining Weighted Average Vesting Period | 1 year | |||
Employee service share-based compensation, tax benefit from compensation expense | $ 0 | $ 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 15,000 | |||
Restricted Stock Awards [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of shares, granted | 0 | 0 | 0 | 3,514 |
Performance-Based Restricted Stock Units [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of shares, granted | 0 | 0 | ||
Number of shares vested | 0 | 0 | ||
Market-Based Restricted Stock Units [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of shares, granted | 0 | 70,000 | ||
Weighted-Average Grant Date Fair Value, granted | $ 1.06 | |||
Market-Based Restricted Stock Units [Member] | Share-based Compensation Award, Tranche One [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation arrangement by share-based payment award, purchase price of common stock, percent | 15.00% | |||
Market-Based Restricted Stock Units [Member] | Share-based Compensation Award, Tranche Two [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation arrangement by share-based payment award, purchase price of common stock, percent | 22.50% | |||
Market-Based Restricted Stock Units [Member] | Share-based Compensation Award, Tranche Three [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation arrangement by share-based payment award, purchase price of common stock, percent | 30.00% | |||
Employee Stock Option [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 3.97 | $ 4.31 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 18,500 | 300,000 | |
Inducement Awards [Member] | Time-Based Restricted Stock Units [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 10.87 | $ 11.14 | ||
Number of shares, granted | 5,000 | 11,000 | ||
Inducement Awards [Member] | Employee Stock Option [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 15,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 3.96 | $ 3.54 | $ 4.21 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 15,000 | 90,000 | ||
Equity Incentive Plan 2013 [Member] | Time-Based Restricted Stock Units [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 11.36 | |||
Number of shares, granted | 0 | 0 | 32,520 | |
Equity Incentive Plan 2013 [Member] | Market-Based Restricted Stock Units [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of shares, granted | 70,000 | 70,000 | 505,000 | |
Weighted-Average Grant Date Fair Value, granted | $ 2.79 | $ 1.06 | $ 3.04 | |
General and Administrative Expense | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Allocated share-based compensation expense | $ 600,000 | $ 700,000 | $ 1,000,000 | $ 2,400,000 |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Stock Option Activities (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 9 Months Ended | 12 Months Ended |
Oct. 03, 2017USD ($)$ / sharesshares | Jan. 03, 2017USD ($)$ / sharesshares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Number of Shares, beginning balance | shares | 1,200 | |
Number of Shares, Granted | shares | 15 | |
Number of Shares, Exercised | shares | (178) | |
Number of Shares, Canceled | shares | (371) | |
Number of Shares, ending balance | shares | 666 | 1,200 |
Number of Shares, Vested and expected to vest—October 3, 2017 | shares | 666 | |
Number of Shares, Exercisable—October 3, 2017 | shares | 360 | |
Weighted-Average Exercise Price, beginning balance (in dollars per share) | $ / shares | $ 12.40 | |
Weighted-Average Exercise Price, Granted (in dollars per share) | $ / shares | 9.25 | |
Weighted-Average Exercise Price, Exercised (in dollars per share) | $ / shares | 3.96 | |
Weighted-Average Exercise Price, Canceled (in dollars per share) | $ / shares | 15.04 | |
Weighted-Average Exercise Price, ending balance (in dollars per share) | $ / shares | 13.11 | $ 12.40 |
Weighted-Average Exercise Price, Vested and expected to vest—October 3, 2017 | $ / shares | 13.11 | |
Weighted-Average Exercise Price, Exercisable—October 3, 2017 | $ / shares | $ 13.14 | |
Weighted-Average Contractual Term Remaining (years) | 5 years 14 days | 5 years 18 days |
Weighted-Average Contractual Term Remaining (years), Vested and expected to vest—October 3, 2017 | 5 years 14 days | |
Weighted-Average Contractual Term Remaining (years), Exercisable—October 3, 2017 | 3 years 1 month 13 days | |
Aggregate Intrinsic Value, Outstanding | $ | $ 20 | $ 1,213 |
Aggregate Intrinsic Value, Vested and expected to vest—October 3, 2017 | $ | 20 | |
Aggregate Intrinsic Value, Exercisable—October 3, 2017 | $ | $ 20 |
Share-Based Compensation - Sche
Share-Based Compensation - Schedule of Fair Value of Stock Options Estimated at Date of Grant Using Black-Scholes Option Pricing Model with Weighted-Average Assumptions (Details) | 9 Months Ended |
Oct. 03, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Risk-free interest rate | 2.00% |
Expected term (in years) | 5 years 4 months 20 days |
Expected volatility | 38.80% |
Expected dividend yield | 0.00% |
Share-Based Compensation - Su27
Share-Based Compensation - Summary of Outstanding Time-Based Restricted Stock Units (Details) - Time-Based Restricted Stock Units [Member] shares in Thousands | 9 Months Ended |
Oct. 03, 2017$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Shares, Non-vested | shares | 68 |
Number of Shares, Forfeited | shares | (7) |
Number of Shares, Non-vested | shares | 61 |
Weighted-Average Grant Date Fair Value, Non-vested | $ / shares | $ 13.11 |
Weighted-Average Grant Date Fair Value, Forfeited | $ / shares | 14.02 |
Weighted-Average Grant Date Fair Value, Non-vested | $ / shares | $ 13.01 |
Share-Based Compensation - Su28
Share-Based Compensation - Summary of Outstanding Performance-Based Restricted Stock Units (Details) - Performance-Based Restricted Stock Units [Member] - $ / shares | 9 Months Ended | |
Oct. 03, 2017 | Sep. 27, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Shares, Non-vested | 17,000 | |
Number of Shares, Granted | 0 | 0 |
Number of Shares, Vested | 0 | 0 |
Number of Shares, Forfeited | (8,000) | |
Number of Shares, Non-vested | 9,000 | |
Weighted-Average Grant Date Fair Value, Non-vested | $ 12.27 | |
Weighted-Average Grant Date Fair Value, Forfeited | 14.04 | |
Weighted-Average Grant Date Fair Value, Non-vested | $ 10.87 |
Share-Based Compensation - Su29
Share-Based Compensation - Summary of Outstanding Market-Based Restricted Stock Units (Details) - Market-Based Restricted Stock Units [Member] - $ / shares | 3 Months Ended | 9 Months Ended |
Oct. 03, 2017 | Oct. 03, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Shares, Non-vested | 505,000 | |
Number of Shares, Granted | 0 | 70,000 |
Number of Shares, Non-vested | 575,000 | 575,000 |
Weighted-Average Grant Date Fair Value, Non-vested | $ 3.04 | |
Weighted-Average Grant Date Fair Value, Granted | 1.06 | |
Weighted-Average Grant Date Fair Value, Non-vested | $ 2.80 | $ 2.80 |
Other Operating, Net - Schedule
Other Operating, Net - Schedule of Components of Other Operating, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 03, 2017 | Sep. 27, 2016 | Oct. 03, 2017 | Sep. 27, 2016 | |
Other Operating Net [Abstract] | ||||
Gift card breakage income | $ (534) | $ (536) | $ (2,481) | $ (2,180) |
Gift card expense | 98 | 237 | 550 | 652 |
Consumer packaged goods and JambaGO® direct expense | 30 | 279 | 76 | 1,364 |
Franchise gift card discount expense | 270 | 98 | 497 | 411 |
Franchise sublease income | (124) | (180) | (464) | (477) |
Franchise bad debt | 88 | 42 | 316 | 42 |
Franchise other expense | 1,467 | 2 | 2,428 | 786 |
International expense | 23 | 163 | 106 | 486 |
Other expense (income) | 18 | (1) | (483) | (123) |
Total other operating, net | $ 1,336 | $ 104 | $ 545 | $ 961 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Oct. 03, 2017 | Oct. 03, 2017 | Jan. 03, 2017 | |
Loss Contingencies [Line Items] | |||
Loss contingency, estimated losses associated with ongoing and settled litigation matters | $ 0 | $ 1,000,000 | $ 2,000,000 |
Loss contingency, estimated losses associated with ordinary course employment based litigation cases | 1,000,000 | ||
Accrued Expenses [Member] | |||
Loss Contingencies [Line Items] | |||
Liabilties for litigation claims and contingrncies | $ 2,000,000 | 2,000,000 | $ 1,400,000 |
Commercial Vendor Dispute [Member] | |||
Loss Contingencies [Line Items] | |||
Loss contingency, estimated losses associated with ongoing and settled litigation matters | $ 1,000,000 |
Related-Party Transactions - Ad
Related-Party Transactions - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 03, 2017 | Sep. 27, 2016 | Oct. 03, 2017 | Sep. 27, 2016 | |
Country Pure Foods [Member] | ||||
Related Party Transaction [Line Items] | ||||
Management fees revenue, total | $ 0.2 | $ 0.2 | ||
Sodexo [Member] | ||||
Related Party Transaction [Line Items] | ||||
Licenses revenue | $ 0.2 | $ 0.1 | $ 0.2 | $ 0.1 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - Other Senior Executives [Member] - Employee Severance [Member] - USD ($) $ in Millions | 3 Months Ended | |
Apr. 03, 2018 | Jan. 02, 2018 | |
Scenario, Forecast [Member] | ||
Subsequent Event [Line Items] | ||
Severance cost | $ 0.3 | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Severance cost | $ 0.3 |