Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 30, 2019 | May 08, 2019 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | U.S. Auto Parts Network, Inc. | |
Entity Central Index Key | 0001378950 | |
Current Fiscal Year End Date | --12-28 | |
Entity Filer Category | Non-accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Mar. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | PRTS | |
Amendment Flag | false | |
Smaller Reporting Company | true | |
Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 35,520,871 |
CONSOLIDATED BALANCE SHEETS (Un
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Mar. 30, 2019 | Dec. 29, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 4,835 | $ 2,031 |
Short-term investments | 2 | 1 |
Accounts receivable, net | 5,746 | 3,727 |
Inventory | 51,706 | 49,626 |
Other current assets | 3,799 | 3,400 |
Total current assets | 66,088 | 58,785 |
Deferred income taxes | 21,615 | 21,833 |
Property and equipment, net | 8,051 | 15,184 |
Right-of-use - assets - operating leases, net | 967 | |
Right-of-use - assets - financing leases, net | 8,750 | |
Other non-current assets | 2,607 | 2,163 |
Total assets | 108,078 | 97,965 |
Current liabilities: | ||
Accounts payable | 42,372 | 34,039 |
Accrued expenses | 12,581 | 10,247 |
Current portion of capital leases payable | 594 | |
Customer deposits | 663 | 521 |
Right-of-use - obligation - operating, short term | 779 | |
Right-of-use - obligation - finance, short term | 617 | |
Other current liabilities | 3,584 | 2,918 |
Total current liabilities | 60,596 | 48,319 |
Capital leases payable, net of current portion | 8,559 | |
Right-of-use - obligation - operating, long term | 192 | |
Right-of-use - obligation - finance, long term | 8,223 | |
Other non-current liabilities | 1,977 | 2,265 |
Total liabilities | 70,988 | 59,143 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Series A convertible preferred stock, $0.001 par value; $1.45 per share liquidation value or aggregate of $6,017; 4,150 shares authorized; 2,771 shares issued and outstanding at both March 30, 2019 and December 29, 2018 | 3 | 3 |
Common stock, $0.001 par value; 100,000 shares authorized; 35,433 and 34,992 shares issued and outstanding at March 30, 2019 and December 29, 2018 (of which 2,525 are treasury stock) | 38 | 38 |
Treasury stock | (7,146) | (7,146) |
Additional paid-in capital | 183,409 | 183,139 |
Accumulated other comprehensive income | 574 | 579 |
Accumulated deficit | (139,788) | (137,791) |
Total stockholders’ equity | 37,090 | 38,822 |
Total liabilities and stockholders’ equity | $ 108,078 | $ 97,965 |
CONSOLIDATED BALANCE SHEETS (_2
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 30, 2019 | Dec. 29, 2018 |
Common stock, par value (in usd per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 35,433,000 | 34,992,000 |
Common stock, shares outstanding (in shares) | 35,433,000 | 34,992,000 |
Treasury stock (in shares) | 2,525,000 | 2,525,000 |
Series A Convertible Preferred Stock | ||
Series A convertible preferred stock, par value (in usd per share) | $ 0.001 | $ 0.001 |
Share liquidation value (in usd per share) | $ 1.45 | $ 1.45 |
Share aggregate value | $ 6,017 | $ 6,017 |
Series A convertible preferred stock, shares authorized (in shares) | 4,150,000 | 4,150,000 |
Series A convertible preferred stock, shares issued (in shares) | 2,771,000 | 2,771,000 |
Series A convertible preferred stock, shares outstanding (in shares) | 2,771,000 | 2,771,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | ||
Income Statement [Abstract] | |||
Net sales | $ 74,739 | $ 78,385 | |
Cost of sales | [1] | 54,610 | 55,166 |
Gross profit | 20,129 | 23,219 | |
Operating expenses: | |||
Marketing | 11,668 | 9,982 | |
General and administrative | 4,944 | 4,885 | |
Fulfillment | 5,576 | 5,848 | |
Technology | 1,362 | 1,088 | |
Amortization of intangible assets | 25 | 47 | |
Total operating expenses | 23,575 | 21,850 | |
(Loss) income from operations | (3,446) | 1,369 | |
Other income (expense): | |||
Other, net | (3) | 1 | |
Interest expense | (412) | (433) | |
Total other expense, net | (415) | (432) | |
(Loss) income before income taxes | (3,861) | 937 | |
Income tax (benefit) provision | (280) | 369 | |
Net (loss) income | (3,581) | 568 | |
Other comprehensive income: | |||
Foreign currency translation adjustments | (5) | 19 | |
Total other comprehensive income | (5) | 19 | |
Comprehensive (loss) income | $ (3,586) | $ 587 | |
(Loss) income from continuing operations per share: | |||
Basic (loss) income from continuing operations per share | $ (0.10) | $ 0.02 | |
Diluted (loss) income from continuing operations per share | $ (0.10) | $ 0.01 | |
Weighted average common shares outstanding: | |||
Shares used in computation of basic income from continuing operations per share (in shares) | 35,365 | 34,821 | |
Shares used in computation of diluted income from continuing operations per share (in shares) | 35,365 | 38,066 | |
[1] | Excludes depreciation and amortization expense which is included in marketing, general and administrative and fulfillment expense. |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Preferred Stock | Common Stock | Additional Paid-in Capital | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit | Total |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Effect of new accounting adoption | $ 343 | $ 343 | |||||
Balance as currently stated at, December 30, 2017 | $ 3 | $ 37 | $ 179,906 | $ (7,146) | $ 557 | (132,653) | 40,704 |
Beginning balance (in shares) at Dec. 30, 2017 | 2,771 | 34,666 | |||||
Beginning balance at Dec. 30, 2017 | $ 3 | $ 37 | 179,906 | (7,146) | 557 | (132,996) | 40,361 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net (loss) income | 568 | 568 | |||||
Issuance of shares in connection with restricted stock units vesting (in shares) | 438 | ||||||
Minimum tax withholding on RSU's (in shares) | (166) | ||||||
Minimum tax withholdings on options exercised | (395) | (395) | |||||
Issuance of shares in connection with BOD Fees (in shares) | 1 | ||||||
Issuance of shares in connection with BOD Fees | 4 | 4 | |||||
Share-based compensation | 1,002 | 1,002 | |||||
Common Stock Dividend on preferred stock | (40) | (40) | |||||
Effect of changes in foreign currencies | 22 | 22 | |||||
Ending balance (in shares) at Mar. 31, 2018 | 2,771 | 34,939 | |||||
Ending balance at Mar. 31, 2018 | $ 3 | $ 37 | 180,517 | (7,146) | 579 | (132,125) | 41,865 |
Beginning balance (in shares) at Dec. 30, 2017 | 2,771 | 34,666 | |||||
Beginning balance at Dec. 30, 2017 | $ 3 | $ 37 | 179,906 | (7,146) | 557 | (132,996) | 40,361 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Balance as currently stated at, December 30, 2017 (in shares) | 2,771 | 34,992 | |||||
Ending balance (in shares) at Dec. 29, 2018 | 2,771 | 34,992 | |||||
Ending balance at Dec. 29, 2018 | $ 3 | $ 38 | 183,139 | (7,146) | 579 | (137,791) | 38,822 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Effect of new accounting adoption | 1,623 | 1,623 | |||||
Balance as currently stated at, December 30, 2017 | $ 3 | $ 38 | 183,139 | (7,146) | 579 | (136,168) | 40,445 |
Net (loss) income | (3,581) | (3,581) | |||||
Issuance of shares in connection with restricted stock units vesting (in shares) | 437 | ||||||
Issuance of shares in connection with restricted stock units vesting | (288) | (288) | |||||
Issuance of shares in connection with BOD Fees (in shares) | 4 | ||||||
Issuance of shares in connection with BOD Fees | 4 | 4 | |||||
Share-based compensation | 554 | 554 | |||||
Common Stock Dividend on preferred stock | (39) | (39) | |||||
Effect of changes in foreign currencies | (5) | (5) | |||||
Ending balance (in shares) at Mar. 30, 2019 | 2,771 | 35,433 | |||||
Ending balance at Mar. 30, 2019 | $ 3 | $ 38 | $ 183,409 | $ (7,146) | $ 574 | $ (139,788) | $ 37,090 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 30, 2019 | Mar. 31, 2018 | |
Operating activities | ||
Net (loss) income | $ (3,581) | $ 568 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization expense | 1,529 | 1,504 |
Amortization of intangible assets | 25 | 47 |
Deferred income taxes | (328) | 342 |
Share-based compensation expense | 550 | 976 |
Stock awards issued for non-employee director service | 4 | 4 |
Amortization of deferred financing costs | 1 | 1 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (2,019) | (887) |
Inventory | (2,080) | (3,649) |
Other current assets | (802) | (442) |
Other non-current assets | (70) | 20 |
Accounts payable and accrued expenses | 10,753 | 10,339 |
Other current liabilities | 890 | (402) |
Right-of-Use Obligation - Operating Leases - Current | 983 | |
Right-of-Use Obligation - Operating Leases - Long-term | (978) | |
Other non-current liabilities | (2) | 139 |
Net cash provided by operating activities | 4,875 | 8,560 |
Investing activities | ||
Additions to property and equipment | (1,587) | (1,490) |
Net cash used in investing activities | (1,587) | (1,490) |
Financing activities | ||
Borrowings from revolving loan payable | 4,096 | 3,106 |
Payments made on revolving loan payable | (4,096) | (3,106) |
Payments on capital leases | (149) | |
Payments on capital leases | (144) | |
Statutory tax withholding payment for share-based compensation | (287) | (395) |
Payment of liabilities related to financing activities | (100) | |
Preferred stock dividends paid | (41) | (41) |
Net cash used in financing activities | (477) | (680) |
Effect of exchange rate changes on cash | (7) | (18) |
Net change in cash and cash equivalents | 2,804 | 6,372 |
Cash and cash equivalents, beginning of period | 2,031 | 2,850 |
Cash and cash equivalents, end of period | 4,835 | 9,222 |
Supplemental disclosure of non-cash investing and financing activities: | ||
Accrued asset purchases | 904 | 766 |
Supplemental disclosure of cash flow information: | ||
Cash paid during the period for interest | $ 430 | $ 442 |
Basis of Presentation and Descr
Basis of Presentation and Description of Company | 3 Months Ended |
Mar. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Description of Company | Note 1 – Basis of Presentation and Description of Company U.S. Auto Parts Network, Inc. (including its subsidiaries) is a leading online provider of aftermarket auto parts and accessories and was established in 1995. The Company entered the e-commerce sector by launching its first website in 2000 and currently derives the majority of its revenues from online sales channels. The Company sells its products to individual consumers through a network of websites and online marketplaces. Our flagship consumer websites are located at www.autopartswarehouse.com , www.carparts.com , and www.jcwhitney.com and our corporate website is located at www.usautoparts.net . References to the “Company,” “we,” “us,” or “our” refer to U.S. Auto Parts Network, Inc. and its consolidated subsidiaries. The Company’s products consist of collision parts serving the body repair market, engine parts to serve the replacement parts market, and performance parts and accessories. The collision parts category is primarily comprised of body parts for the exterior of an automobile. Our parts in this category are typically replacement parts for original body parts that have been damaged as a result of a collision or through general wear and tear. The majority of these products are sold through our websites. In addition, we sell an extensive line of mirror products, including our own private-label brand called Kool-Vue ® , which are marketed and sold as aftermarket replacement parts and as upgrades to existing parts. The engine parts category is comprised of engine components and other mechanical and electrical parts including our private label brand of catalytic converters called Evan Fischer ® . These parts serve as replacement parts for existing engine parts and are generally used by professionals and do-it-yourselfers for engine and mechanical maintenance and repair. We also offer performance versions of many parts sold in each of the above categories. Performance parts and accessories generally consist of parts that enhance the performance of the automobile, upgrade existing functionality of a specific part or improve the physical appearance or comfort of the automobile. The Company is a Delaware C corporation and is headquartered in Carson, California. The Company has employees located in both the United States and the Philippines. Basis of Presentation The consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and with the instructions to U.S. Securities and Exchange Commission (“SEC”) Form 10‑Q and Article 10 of SEC Regulation S-X. In the opinion of management, the accompanying consolidated financial statements contain all adjustments, consisting of normal recurring adjustments, necessary to present fairly the consolidated financial position of the Company as of March 30, 2019 and the consolidated results of operations and cash flows for the thirteen weeks ended March 30, 2019 and March 31, 2018. The Company’s results for the interim periods are not necessarily indicative of the results that may be expected for any other interim period, or for the full year. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in our Annual Report on Form 10‑K for the year ended December 29, 2018, which was filed with the SEC on March 13, 2019 and all our other periodic filings, including Current Reports on Form 8‑K, filed with the SEC after the end of our 2018 fiscal year, and throughout the date of this report. During the thirteen weeks ended March 30, 2019, the Company incurred a net loss of $3,581 compared to net income of $568 during the thirteen weeks ended March 31, 2018. Based on our current operating plan, we believe that our existing cash, cash equivalents, investments, cash flows from operations and available debt financing will be sufficient to finance our operational cash needs through at least the next twelve months. Recently Adopted Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2016 02, “Leases” (“ASU 2016 02”). The objective of this update is to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The new standard became effective for us on January 1, 2019. We recognized a cumulative adjustment of $1,623 to the opening balance of retained earnings as of the adoption date and recognized additional right-of-use (“ROU”) assets and operating lease liabilities on our consolidated balance sheet. Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2018 15, “Intangibles—Goodwill and Other— Internal-Use Software (Subtopic 350-40)” (“ASU 2018 15”). The objective of this update is to align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The new standard is effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2019. Early adoption is permitted. The Company is currently evaluating the effect that ASU 2018 15 will have on the consolidated financial statements and related disclosures. |
Borrowings
Borrowings | 3 Months Ended |
Mar. 30, 2019 | |
Debt Disclosure [Abstract] | |
Borrowings | Note 2 – Borrowings The Company maintains an asset-based revolving credit facility ("Credit Facility") that provides for, among other things, a revolving commitment in an aggregate principal amount of up to $30,000, which is subject to a borrowing base derived from certain receivables, inventory, and property and equipment. At March 30, 2019, our outstanding revolving loan balance was $0. The guaranteed total letters of credit balance at March 30, 2019 was $16,371, of which $12,482 was utilized and included in accounts payable in our consolidated balance sheet. Loans drawn under the Credit Facility bear interest, at the Company’s option, at a per annum rate equal to either (a) LIBOR plus an applicable margin of 1.75%, or (b) an “alternate prime base rate” subject to an increase or reduction by up to 0.25% per annum based on the Company’s fixed charge coverage ratio. At March 30, 2019, the Company’s LIBOR based interest rate was 4.25% (on $0 principal) and the Company’s prime based rate was 5.25% (on $0 principal). A commitment fee, based upon undrawn availability under the Credit Facility bearing interest at a rate of 0.25% per annum, is payable monthly. Under the terms of the credit agreement with JP Morgan Chase Bank (the "Credit Agreement"), cash receipts are deposited into a lock-box, which are at the Company’s discretion unless the “cash dominion period” is in effect, during which cash receipts will be used to reduce amounts owing under the Credit Agreement. The cash dominion period is triggered in an event of default or if excess availability is less than the $3,600 for three business days (on a cumulative basis) and will continue until, during the preceding 60 consecutive days, no event of default existed and excess availability has been greater than $3,600 at all times (with such trigger subject to adjustment based on the Company’s revolving commitment). In addition, in the event that “excess availability,” as defined under the Credit Agreement, is less than $2,400, the Company shall be required to maintain a minimum fixed charge coverage ratio of 1.0 to 1.0 (with the trigger subject to adjustment based on the Company’s revolving commitment). The Company’s excess availability was $8,864 at March 30, 2019. As of the date hereof, the cash dominion period has not been in effect; accordingly, no principal payments are due. The Credit Agreement requires us to obtain a prior written consent from JPMorgan Chase Bank when we determine to pay any dividends on or make any distribution with respect to our common stock. The credit facility matures on April 26, 2020. |
Stockholders' Equity and Share-
Stockholders' Equity and Share-Based Compensation | 3 Months Ended |
Mar. 30, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stockholders' Equity and Share-Based Compensation | Note 3 – Stockholders’ Equity and Share-Based Compensation Options and Restricted Stock Units The Company had the following common stock option activity during the thirteen weeks ended March 30, 2019: · Granted options to purchase 3,290 common shares. · Exercise of 0 options to purchase common shares. · Forfeiture of 1,250 option to purchase common shares. · Expiration of 711 options to purchase common shares. The following table summarizes the Company’s restricted stock unit ("RSU") activity for the thirteen weeks ended March 30, 2019, and details regarding the awards outstanding and exercisable at March 30, 2019 (in thousands): Weighted Average Weighted Remaining Average Contractual Aggregate Shares Exercise Price Term (in years) Intrinsic Value Vested and expected to vest at December 29, 2018 1,454 $ — Awarded — $ — Vested (803) $ — Forfeited (398) $ — Awards outstanding, March 30, 2019 253 $ — 0.51 $ 256 Vested and expected to vest at March 30, 2019 253 $ — 0.51 $ 256 During the thirteen weeks ended March 30, 2019, 191 RSUs that vested were time-based and 44 were performance-based. For the RSUs awarded, the number of shares issued on the date of vest is net of the minimum statutory withholding requirements that we pay in cash to the appropriate taxing authorities on behalf of our employees. For those employees who elect not to receive shares net of the minimum statutory withholding requirements, the appropriate taxes are paid directly by the employee. During the thirteen weeks ended March 30, 2019, we withheld 284 shares to satisfy $287 of employees’ tax obligations. Although shares withheld are not issued, they are treated as a common stock repurchase in our consolidated financial statements, as they reduce the number of shares that would have been issued upon vesting. For the thirteen weeks ended March 30, 2019, we recorded compensation costs related to stock options and RSUs of $554. For the thirteen weeks ended March 31, 2018 we recorded compensation costs related to stock options and RSUs of $ 1,003 . March 30, 2019, there was unrecognized compensation expense related to stock options and RSUs of $2,680. |
Net (Loss) Income Per Share
Net (Loss) Income Per Share | 3 Months Ended |
Mar. 30, 2019 | |
Earnings Per Share [Abstract] | |
Net (Loss) Income Per Share | Note 4 – Net (Loss) Income Per Share The following table sets forth the computation of basic and diluted net income per share (in thousands, except per share data): Thirteen Weeks Ended March 30, 2019 March 31, 2018 Net income per share: (As Restated) Numerator: (Loss) income from continuing operations (3,581) 568 Dividends on Series A Convertible Preferred Stock 40 40 (Loss) income from continuing operations available to common shares $ (3,621) $ 528 Denominator: Weighted-average common shares outstanding (basic) 35,365 34,821 Common equivalent shares from common stock options, restricted stock, preferred stock and warrants — 3,245 Weighted-average common shares outstanding (diluted) 35,365 38,066 Basic net (loss) income from continuing operations per share $ (0.10) $ 0.02 Diluted net (loss) income from continuing operations per share $ (0.10) $ 0.01 The anti-dilutive securities, which are excluded from the calculation of diluted earnings per share due to their anti-dilutive effect are as follows (in thousands): Thirteen Weeks Ended March 30, 2019 March 31, 2018 Performance stock units 13 743 Restricted stock units 329 525 Series A Convertible Preferred Stock 2,771 — Options to purchase common stock 6,311 5,438 Total 9,424 6,706 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 5 – Income Taxes The Company is subject to U.S. federal income tax as well as income tax of foreign and state tax jurisdictions. The tax years 2014‑2018 remain open to examination by the major taxing jurisdictions to which the Company is subject, except the Internal Revenue Service for which the tax years 2015‑2018 remain open. For the thirteen weeks ended March 30, 2019 the effective tax rate for the Company’s continuing operations was 7.3%. The effective tax rate for the thirteen weeks ended March 30, 2019 differed from the U.S. federal statutory rate primarily due to state income taxes and share-based compensation that is either not deductible for tax purposes or for which the tax deductible amount is different than the financial reporting amount. For the thirteen weeks ended March 31, 2018, the effective tax rate for the Company’s continuing operations was 39.4%. The effective tax rate for the thirteen weeks ended March 31, 2018 differed from the U.S. federal statutory rate primarily due to state income taxes and share-based compensation that is either non-deductible for tax purposes or for which the tax deductible amount is different than the financial reporting amount. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 6 – Commitments and Contingencies Facilities Leases Facility rent expense for the thirteen weeks ended March 30, 2019 was $4 51 compared to $441 for the same period in 2018. Quantitative information regarding the Company’s leases as of March 30, 2019 is as follows (in thousands): Thirteen weeks ended Components of lease cost Finance lease cost components Amortization of finance lease assets $ 237 Interest on finance lease liabilities 172 Total finance lease costs $ 409 Operating lease components Operating lease cost $ 210 Short-term lease cost — Total operating lease costs $ 210 Total lease cost $ 619 Supplemental cash flow information related to our operating leases is as follows for the period ended March 30, 2019: Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflow from operating leases $ 206 Weighted-average remaining lease term-finance leases (in years) 13.3 Weighted-average remaining lease term-operating leases (in years) 0.9 Weighted-average discount rate-finance leases 7.71 % Weighted-average discount rate-operating leases 5.72 % Capital lease commitments as of March 30, 2019 were as follows (in thousands): Finance Leases Operating Leases Total 2019 $ 962 $ 640 $ 1,602 2020 1,111 349 1,460 2021 944 19 963 2022 952 — 952 2023 966 — 966 Thereafter 9,749 — 9,749 Total minimum payments required 14,684 1,008 15,692 Less portion representing interest 5,844 37 5,881 Present value of lease obligations $ 8,840 $ 971 $ 9,811 Less current portion of lease obligations 617 779 1,396 Long-term portion of lease obligations $ 8,223 $ 192 $ 8,415 Legal Matters Asbestos . A wholly-owned subsidiary of the Company, Automotive Specialty Accessories and Parts, Inc. and its wholly-owned subsidiary Whitney Automotive Group, Inc. ("WAG"), are named defendants in several lawsuits involving claims for damages caused by installation of brakes during the late 1960’s and early 1970’s that contained asbestos. WAG marketed certain brakes, but did not manufacture any brakes. WAG maintains liability insurance coverage to protect its and the Company’s assets from losses arising from the litigation and coverage is provided on an occurrence rather than a claims made basis, and the Company is not expected to incur significant out-of-pocket costs in connection with this matter that would be material to its consolidated financial statements. Customs Issues. On April 2, 2018, the Company filed a complaint against the United States of America, the United States Department of Homeland Security (“DHS”), Secretary Kirstjen Nielsen, and Chief Frederick Eisler (collectively, the “Defendants”) in the United States Court of International Trade (the “Court”) (Case No. 1:18‑cv‑00068) seeking (i) relief from a single entry bonding requirement set by the United States Customs and Border Protection (“CBP”), an agency of DHS, at a level equivalent to three times the commercial invoice value of each shipment (the “Bonding Requirement”), (ii) a declaration that the Bonding Requirement is unlawful, (iii) an injunction prohibiting additional delayed entry for all of the Company’s currently-held goods being denied entry into the United States by CBP and all of the Company’s future imports, and (iv) recovery of our attorneys’ fees incurred in connection with the action. The genesis for the action is CBP’s wrongful seizure of aftermarket vehicle grilles and associated parts being imported by the Company (“Repair Grilles”) on the basis that the Repair Grilles allegedly bear counterfeit trademarks of the original automobile manufacturers (i.e., original-equipment manufacturers, or “OEMs”). Generally, these trademarks, as applied against the Company, purport to cover the shape of the grilles themselves, or the OEM’s logo or name. However, the Repair Grilles are not counterfeit and do not cause a likelihood of confusion amongst purchasers or the relevant consuming public which are prerequisites for seizures under the pertinent provision of the Tariff Act being relied upon by CBP to seize the Repair Grilles. On May 25, 2018, the Court granted the Company’s motion for preliminary injunction and ordered that (i) the Defendants are restrained from enforcing the 3X Bonding Requirement, the Three Percent Bonding Requirement, and any other enhanced bonding requirement on the Company in order to obtain entry of its shipments into the United States, and (ii) CBP shall use its best efforts to process all of the Company’s shipping containers and release all of the Company’s imports not implicated by CBP’s underlying trademark infringement allegations in a timely manner. The Court’s decision may be appealed by DHS, and no assurance may be given as to the outcome of any such appeal. The Court’s May 25, 2018 decision is described herein in summary fashion only. The full text of the decision should be read in its entirety. Copies of the decision are available on the Court’s electronic filing system (located on the Court’s docket at No. 18‑00068). Despite the favorable court order, the Company continued to experience issues with product flow arising from CBP’s inability to process the Company’s shipping containers in an expeditious fashion. As a result, the Company incurred significant port and carrier fees resulting from the increased period of time the Company’s containers remained at the port. The fees associated with this unreleased product, as well as the increased legal costs associated with the product seizures and the bonding litigation, aggregated to $266 during the first quarter of 2019. All product not implicated by the trademark infringement allegations has been released by CBP. Ordinary course litigation. The Company is subject to legal proceedings and claims which arise in the ordinary course of its business. As of the date hereof, the Company believes that the final disposition of such matters will not have a material adverse effect on the financial position, results of operations or cash flow of the Company. The Company maintains liability insurance coverage to protect the Company’s assets from losses arising out of or involving activities associated with ongoing and normal business operations. |
Product Information
Product Information | 3 Months Ended |
Mar. 30, 2019 | |
Segment Reporting [Abstract] | |
Product Information | Note 7 – Product Information As described in Note 1 above, the Company’s products consist of collision parts serving the body repair market, engine parts to serve the replacement parts market, and performance parts and accessories. The following table summarizes the approximate distribution of the Company’s revenue by product type. Thirteen Weeks Ended March 30, 2019 March 31, 2018 Private Label Collision 57 % 58 % Engine 19 % 17 % Performance 1 % 1 % Branded Collision 1 % 1 % Engine 12 % 11 % Performance 10 % 12 % Total 100 % 100 % |
Subsequent Event
Subsequent Event | 3 Months Ended |
Mar. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Event | Note 8 – Subsequent Event In May, 2019 we signed a five year lease for a 125,000 square foot distribution center in Las Vegas, Nevada. |
Basis of Presentation and Des_2
Basis of Presentation and Description of Company (Policies) | 3 Months Ended |
Mar. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and with the instructions to U.S. Securities and Exchange Commission (“SEC”) Form 10‑Q and Article 10 of SEC Regulation S-X. In the opinion of management, the accompanying consolidated financial statements contain all adjustments, consisting of normal recurring adjustments, necessary to present fairly the consolidated financial position of the Company as of March 30, 2019 and the consolidated results of operations and cash flows for the thirteen weeks ended March 30, 2019 and March 31, 2018. The Company’s results for the interim periods are not necessarily indicative of the results that may be expected for any other interim period, or for the full year. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in our Annual Report on Form 10‑K for the year ended December 29, 2018, which was filed with the SEC on March 13, 2019 and all our other periodic filings, including Current Reports on Form 8‑K, filed with the SEC after the end of our 2018 fiscal year, and throughout the date of this report. During the thirteen weeks ended March 30, 2019, the Company incurred a net loss of $3,581 compared to net income of $568 during the thirteen weeks ended March 31, 2018. Based on our current operating plan, we believe that our existing cash, cash equivalents, investments, cash flows from operations and available debt financing will be sufficient to finance our operational cash needs through at least the next twelve months. |
Recently Adopted and Recent Accounting Accounting Pronouncements | Recently Adopted Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2016 02, “Leases” (“ASU 2016 02”). The objective of this update is to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The new standard became effective for us on January 1, 2019. We recognized a cumulative adjustment of $1,623 to the opening balance of retained earnings as of the adoption date and recognized additional right-of-use (“ROU”) assets and operating lease liabilities on our consolidated balance sheet. Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2018 15, “Intangibles—Goodwill and Other— Internal-Use Software (Subtopic 350-40)” (“ASU 2018 15”). The objective of this update is to align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The new standard is effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2019. Early adoption is permitted. The Company is currently evaluating the effect that ASU 2018 15 will have on the consolidated financial statements and related disclosures. |
Stockholders' Equity and Shar_2
Stockholders' Equity and Share-Based Compensation (Tables) | 3 Months Ended |
Mar. 30, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Restricted Stock Unit Activity | The following table summarizes the Company’s restricted stock unit ("RSU") activity for the thirteen weeks ended March 30, 2019, and details regarding the awards outstanding and exercisable at March 30, 2019 (in thousands): Weighted Average Weighted Remaining Average Contractual Aggregate Shares Exercise Price Term (in years) Intrinsic Value Vested and expected to vest at December 29, 2018 1,454 $ — Awarded — $ — Vested (803) $ — Forfeited (398) $ — Awards outstanding, March 30, 2019 253 $ — 0.51 $ 256 Vested and expected to vest at March 30, 2019 253 $ — 0.51 $ 256 |
Net (Loss) Income Per Share (Ta
Net (Loss) Income Per Share (Tables) | 3 Months Ended |
Mar. 30, 2019 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Net Income Per Share | The following table sets forth the computation of basic and diluted net income per share (in thousands, except per share data): Thirteen Weeks Ended March 30, 2019 March 31, 2018 Net income per share: (As Restated) Numerator: (Loss) income from continuing operations (3,581) 568 Dividends on Series A Convertible Preferred Stock 40 40 (Loss) income from continuing operations available to common shares $ (3,621) $ 528 Denominator: Weighted-average common shares outstanding (basic) 35,365 34,821 Common equivalent shares from common stock options, restricted stock, preferred stock and warrants — 3,245 Weighted-average common shares outstanding (diluted) 35,365 38,066 Basic net (loss) income from continuing operations per share $ (0.10) $ 0.02 Diluted net (loss) income from continuing operations per share $ (0.10) $ 0.01 |
Anti-Dilutive Securities Excluded from Calculation of Diluted Earnings Per Share | The anti-dilutive securities, which are excluded from the calculation of diluted earnings per share due to their anti-dilutive effect are as follows (in thousands): Thirteen Weeks Ended March 30, 2019 March 31, 2018 Performance stock units 13 743 Restricted stock units 329 525 Series A Convertible Preferred Stock 2,771 — Options to purchase common stock 6,311 5,438 Total 9,424 6,706 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of quantitative information | Quantitative information regarding the Company’s leases as of March 30, 2019 is as follows (in thousands): Thirteen weeks ended Components of lease cost Finance lease cost components Amortization of finance lease assets $ 237 Interest on finance lease liabilities 172 Total finance lease costs $ 409 Operating lease components Operating lease cost $ 210 Short-term lease cost — Total operating lease costs $ 210 Total lease cost $ 619 Supplemental cash flow information related to our operating leases is as follows for the period ended March 30, 2019: Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflow from operating leases $ 206 Weighted-average remaining lease term-finance leases (in years) 13.3 Weighted-average remaining lease term-operating leases (in years) 0.9 Weighted-average discount rate-finance leases 7.71 % Weighted-average discount rate-operating leases 5.72 % |
Schedule of capital lease commitments - Finance lease | Capital lease commitments as of March 30, 2019 were as follows (in thousands): Finance Leases Operating Leases Total 2019 $ 962 $ 640 $ 1,602 2020 1,111 349 1,460 2021 944 19 963 2022 952 — 952 2023 966 — 966 Thereafter 9,749 — 9,749 Total minimum payments required 14,684 1,008 15,692 Less portion representing interest 5,844 37 5,881 Present value of lease obligations $ 8,840 $ 971 $ 9,811 Less current portion of lease obligations 617 779 1,396 Long-term portion of lease obligations $ 8,223 $ 192 $ 8,415 |
Schedule of capital lease commitments - Operating lease | Finance Leases Operating Leases Total 2019 $ 962 $ 640 $ 1,602 2020 1,111 349 1,460 2021 944 19 963 2022 952 — 952 2023 966 — 966 Thereafter 9,749 — 9,749 Total minimum payments required 14,684 1,008 15,692 Less portion representing interest 5,844 37 5,881 Present value of lease obligations $ 8,840 $ 971 $ 9,811 Less current portion of lease obligations 617 779 1,396 Long-term portion of lease obligations $ 8,223 $ 192 $ 8,415 |
Product Information (Tables)
Product Information (Tables) | 3 Months Ended |
Mar. 30, 2019 | |
Segment Reporting [Abstract] | |
Summary of Revenue by Product Type | The following table summarizes the approximate distribution of the Company’s revenue by product type. Thirteen Weeks Ended March 30, 2019 March 31, 2018 Private Label Collision 57 % 58 % Engine 19 % 17 % Performance 1 % 1 % Branded Collision 1 % 1 % Engine 12 % 11 % Performance 10 % 12 % Total 100 % 100 % |
Basis of Presentation and Des_3
Basis of Presentation and Description of Company (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 30, 2019 | Mar. 31, 2018 | Jan. 01, 2019 | Dec. 29, 2018 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Net income | $ (3,581) | $ 568 | ||
Cumulative effect adjustment | $ (139,788) | $ (137,791) | ||
ASU 2016-02 | Restatement Adjustment | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Cumulative effect adjustment | $ 1,623 |
Borrowings (Details)
Borrowings (Details) - JP Morgan Chase Bank | 3 Months Ended |
Mar. 30, 2019USD ($) | |
Revolving Credit Facility | |
Line of Credit Facility [Line Items] | |
Maximum borrowing capacity (up to) | $ 30,000,000 |
Revolving loan payable | $ 0 |
Unused credit commitment fee (percent) | 0.25% |
Credit facility trigger amount | $ 3,600,000 |
Consecutive business days below minimum excess availability | 3 days |
Number of consecutive days excess availability is above required amount | 60 days |
Event of default amount | $ 0 |
Minimum availability required under availability block | $ 2,400,000 |
Minimum fixed charge ratio if less than minimum excess availability | 1 |
Excess availability under credit facility | $ 8,864,000 |
Principal payments due | 0 |
Letter of Credit | |
Line of Credit Facility [Line Items] | |
Maximum borrowing capacity (up to) | 16,371,000 |
Outstanding letters of credit amount | $ 12,482,000 |
One-Month London Interbank Offered Rate (LIBOR) | Revolving Credit Facility | |
Line of Credit Facility [Line Items] | |
Applicable margin for LIBOR-based interest rate and applicable margin for alternate based rate (percent) | 1.75% |
Base Rate | Revolving Credit Facility | |
Line of Credit Facility [Line Items] | |
Applicable margin for LIBOR-based interest rate and applicable margin for alternate based rate (percent) | 0.25% |
Interest rate (percent) | 5.25% |
LIBOR based interest rate, principal amount | $ 0 |
London Interbank Offered Rate (LIBOR) | Revolving Credit Facility | |
Line of Credit Facility [Line Items] | |
Interest rate (percent) | 4.25% |
LIBOR based interest rate, principal amount | $ 0 |
Stockholders' Equity and Shar_3
Stockholders' Equity and Share-Based Compensation - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 30, 2019 | Mar. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of stock options granted (in shares) | 3,290,000 | |
Number of options exercised (in shares) | 0 | |
Number of stock options forfeited (in shares) | 1,250,000 | |
Number of stock options expired (in shares) | 711,000 | |
Time Based RSU | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vested (in shares) | 191,000 | |
Performance based RSU | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vested (in shares) | 44,000 | |
Restricted stock units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vested (in shares) | 803,000 | |
Shares withheld to satisfy employee tax obligations (in shares) | 284,000 | |
Adjustment related employee tax obligations | $ 287 | |
Compensation expense | 554 | $ 1,003 |
Unrecognized compensation expense | $ 2,680 |
Stockholders' Equity and Shar_4
Stockholders' Equity and Share-Based Compensation - Summary of Restricted Stock Unit Activity (Details) - Restricted stock units $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended |
Mar. 30, 2019USD ($)$ / sharesshares | |
Shares | |
Awards outstanding, beginning balance (in shares) | shares | 1,454 |
Vested (in shares) | shares | (803) |
Forfeited (in shares) | shares | (398) |
Awards outstanding, ending balance (in shares) | shares | 253 |
Vested and expected to vest, ending balance (in shares) | shares | 253 |
Weighted Average Exercise Price | |
Awards outstanding, weighted average exercise price, beginning balance (in usd per share) | $ 0 |
Awarded, weighted average exercise price (in usd per share) | 0 |
Vested, weighted average exercise price (in usd per share) | 0 |
Forfeited, weighted average exercise price (in usd per share) | 0 |
Awards outstanding, weighted average exercise price, ending balance (in usd per share) | 0 |
Vested and expected to vest, weighted average exercise price, ending balance (in usd per share) | $ 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |
Awards outstanding, weighted average remaining contractual term (in years) | 6 months 4 days |
Vested and expected to vest, weighted average remaining contractual term (in years) | 6 months 4 days |
Awards outstanding, aggregate intrinsic value | $ | $ 256 |
Vested and expected to vest, aggregate intrinsic value | $ | $ 256 |
Net (Loss) Income Per Share - C
Net (Loss) Income Per Share - Computation of Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 30, 2019 | Mar. 31, 2018 | |
Numerator: | ||
(Loss) income from continuing operations | $ (3,581) | $ 568 |
Dividends on Series A Convertible Preferred Stock | 40 | 40 |
(Loss) income from continuing operations available to common shares | $ (3,621) | $ 528 |
Denominator: | ||
Weighted-average common shares outstanding (basic) (in shares) | 35,365 | 34,821 |
Common equivalent shares from common stock options, restricted stock, preferred stock and warrants (in shares) | 3,245 | |
Weighted-average common shares outstanding (diluted) (in shares) | 35,365 | 38,066 |
Basic net (loss) income from continuing operations per share | $ (0.10) | $ 0.02 |
Diluted net (loss) income from continuing operations per share | $ (0.10) | $ 0.01 |
Net (Loss) Income Per Share - A
Net (Loss) Income Per Share - Anti-Dilutive Securities Excluded from Calculation of Diluted Earnings Per Share (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 30, 2019 | Mar. 31, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from calculation of diluted earnings per share (in shares) | 9,424 | 6,706 |
Performance stock units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from calculation of diluted earnings per share (in shares) | 13 | 743 |
Restricted stock units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from calculation of diluted earnings per share (in shares) | 329 | 525 |
Series A Convertible Preferred Stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from calculation of diluted earnings per share (in shares) | 2,771 | 0 |
Options to purchase common stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from calculation of diluted earnings per share (in shares) | 6,311 | 5,438 |
Income Taxes (Details)
Income Taxes (Details) | 3 Months Ended | |
Mar. 30, 2019 | Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||
Effective tax rate | 7.30% | 39.40% |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 30, 2019 | Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Facility rent expense | $ 451 | |
Facility rent expense | $ 441 | |
Fees associated with unreleased product | $ 266 |
Commitments and Contingencies -
Commitments and Contingencies - Summary of Future Minimum Lease Payments Under Non-Cancellable Operating Leases (Details) $ in Thousands | 3 Months Ended |
Mar. 30, 2019USD ($) | |
Finance lease cost components | |
Amortization of finance lease assets | $ 237 |
Interest on finance lease liabilities | 172 |
Total finance lease costs | 409 |
Operating lease components | |
Operating lease cost | 210 |
Total operating lease costs | 210 |
Total lease costs | 619 |
Operating cash outflows from operating leases | $ 206 |
Weighted-average remaining lease term-finance leases (in years) | 13 years 3 months 18 days |
Weighted-average remaining lease term-operating leases (in years) | 10 months 24 days |
Weighted-average discount rate-finance leases | 7.71% |
Weighted-average discount rate-operating leases | 5.72% |
Commitments and Contingencies_3
Commitments and Contingencies - Capital lease commitments (Details) $ in Thousands | Mar. 30, 2019USD ($) |
Finance Leases | |
2019 | $ 962 |
2020 | 1,111 |
2021 | 944 |
2022 | 952 |
2023 | 966 |
Thereafter | 9,749 |
Total minimum payments required | 14,684 |
Less portion representing interest | 5,844 |
Present value of lease obligations | 8,840 |
Less current portion of lease obligations | 617 |
Long-term portion of lease obligations | 8,223 |
Operating Leases | |
2019 | 640 |
2020 | 349 |
2021 | 19 |
Total minimum payments required | 1,008 |
Less portion representing interest | 37 |
Present value of lease obligations | 971 |
Less current portion of lease obligations | 779 |
Long-term portion of lease obligations | 192 |
Finance and Operating Leases | |
2019 | 1,602 |
2020 | 1,460 |
2021 | 963 |
2022 | 952 |
2023 | 966 |
Thereafter | 9,749 |
Total minimum payments required | 15,692 |
Less portion representing interest | 5,881 |
Present value of lease obligations | 9,811 |
Less current portion of lease obligations | 1,396 |
Long-term portion of lease obligations | $ 8,415 |
Product Information (Details)
Product Information (Details) - Sales Revenue, Product Line - Product Concentration Risk - Base USAP | 3 Months Ended | |
Mar. 30, 2019 | Mar. 31, 2018 | |
Segment Reporting Information [Line Items] | ||
Concentration risk percentage | 100.00% | 100.00% |
Private Label, Collision | ||
Segment Reporting Information [Line Items] | ||
Concentration risk percentage | 57.00% | 58.00% |
Private Label, Engine | ||
Segment Reporting Information [Line Items] | ||
Concentration risk percentage | 19.00% | 17.00% |
Private Label, Performance | ||
Segment Reporting Information [Line Items] | ||
Concentration risk percentage | 1.00% | 1.00% |
Branded, Collision | ||
Segment Reporting Information [Line Items] | ||
Concentration risk percentage | 1.00% | 1.00% |
Branded, Engine | ||
Segment Reporting Information [Line Items] | ||
Concentration risk percentage | 12.00% | 11.00% |
Branded, Performance | ||
Segment Reporting Information [Line Items] | ||
Concentration risk percentage | 10.00% | 12.00% |
Subsequent Event (Details)
Subsequent Event (Details) - Las Vegas, Nevada - Subsequent Event | May 31, 2019ft² |
Subsequent Event [Line Items] | |
Term of lease | 5 years |
Area of real estate property | 125,000 |
Uncategorized Items - prts-2019
Label | Element | Value |
Preferred Stock [Member] | ||
Stockholders Equity Shares Including Portion Attributable To Noncontrolling Interest Adjusted Balance 1 | prts_StockholdersEquitySharesIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | 2,771,000 |
Common Stock [Member] | ||
Stockholders Equity Shares Including Portion Attributable To Noncontrolling Interest Adjusted Balance 1 | prts_StockholdersEquitySharesIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | 34,666,000 |