CarParts.com (PRTS) 10-Q 11 May 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Apr. 03, 2021	May 05, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Apr. 3, 2021
Entity File Number	001-33264
Entity Registrant Name	CARPARTS.COM, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	68-0623433
Entity Address, Address Line One	2050 W. 190th Street
Entity Address, Address Line Two	Suite 400
Entity Address, City or Town	Torrance
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90504
City Area Code	424
Local Phone Number	702-1455
Title of 12(b) Security	Common Stock, $0.001 par value per share
Trading Symbol	PRTS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Smaller Reporting Company	false
Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		48,092,549
Current Fiscal Year End Date	--01-01
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001378950
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Apr. 03, 2021	Jan. 02, 2021
Current assets:
Cash and cash equivalents	$ 45,896	$ 35,802
Accounts receivable, net	9,735	6,318
Inventory	97,942	89,316
Other current assets	9,840	7,939
Total current assets	163,413	139,375
Property and equipment, net	16,063	14,742
Right-of-use - assets - operating leases, net	16,716	17,507
Right-of-use - assets - finance leases, net	13,875	12,457
Other non-current assets	2,301	2,892
Total assets	212,368	186,973
Current liabilities:
Accounts payable	58,306	45,302
Accrued expenses	26,492	18,190
Customer deposits	2,204	630
Right-of-use - obligation - operating, current	2,451	2,527
Right-of-use - obligation - finance, current	1,950	1,583
Other current liabilities	4,537	3,747
Total current liabilities	95,940	71,979
Right-of-use - obligation - operating, non-current	15,215	16,046
Right-of-use - obligation - finance, non-current	12,521	11,428
Other non-current liabilities	3,631	4,031
Total liabilities	127,307	103,484
Commitments and contingencies
Stockholders' equity:
Common stock, $0.001 par value; 100,000 shares authorized; 50,603 and 48,091 shares issued and outstanding as of April 3, 2021 and January 2, 2021 (of which 2,525 are treasury stock)	53	51
Treasury stock	(7,146)	(7,146)
Additional paid-in capital	264,503	260,260
Accumulated other comprehensive (loss) income	(166)	(215)
Accumulated deficit	(172,183)	(169,461)
Total stockholders' equity	85,061	83,489
Total liabilities and stockholders' equity	$ 212,368	$ 186,973

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares shares in Thousands	Apr. 03, 2021	Jan. 02, 2021
CONSOLIDATED BALANCE SHEETS (Unaudited)
Common stock, par value (in USD per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	100,000	100,000
Common stock, shares issued (in shares)	50,603	48,091
Common stock, shares outstanding (in shares)	50,603	48,091
Treasury stock (in shares)	2,525	2,525

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE OPERATIONS (Unaudited) - USD ($) $ in Thousands		3 Months Ended
		Apr. 03, 2021	Mar. 28, 2020
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE OPERATIONS (Unaudited)
Net sales		$ 144,802	$ 87,818
Cost of sales (1)	[1]	95,628	58,039
Gross profit		49,174	29,779
Operating expenses
Operating expense		51,672	30,132
Loss from operations		(2,498)	(353)
Other income (expense):
Other, net		81	71
Interest expense		(250)	(660)
Total other expense, net		(169)	(589)
Loss before income taxes		(2,667)	(942)
Income tax provision		55	36
Net loss		(2,722)	(978)
Other comprehensive gain (loss)
Foreign currency translation adjustments		14	(6)
Unrealized gain (loss) on deferred compensation trust assets		35	(95)
Total other comprehensive gain (loss)		49	(101)
Comprehensive loss		$ (2,673)	$ (1,079)
Net loss per share:
Basic and diluted net loss per share		$ (0.06)	$ (0.03)
Weighted-average common shares outstanding:
Shares used in computation of basic and diluted net loss per share		48,760	36,871
[1]	Excludes depreciation and amortization expense which is included in operating expense.

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Preferred Stock	Common Stock	Additional Paid-in- Capital	Treasury Stock	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit	Total
Beginning balance (in shares) at Dec. 28, 2019	2,771	36,167
Beginning balance at Dec. 28, 2019	$ 3	$ 38	$ 187,147	$ (7,146)	$ 214	$ (167,876)	$ 12,380
Increase (Decrease) in Stockholders' Equity
Net loss						(978)	(978)
Issuance of shares in connection with stock option exercise		$ 1	1,119				1,120
Issuance of shares in connection with stock option exercise (in shares)		523
Issuance of shares in connection with restricted stock units vesting		$ 2	(86)				(84)
Issuance of shares in connection with restricted stock units vesting (in shares)		1,809
Issuance of shares in connection with BOD Fees			6				6
Issuance of shares in connection with BOD Fees (in shares)		3
Share-based compensation			2,819				2,819
Common stock dividend on preferred stock			38			(39)	(1)
Common stock dividend on preferred stock (in shares)		20
Conversion of preferred stock (in shares)	(150)	150
Unrealized (loss) gain on deferred compensation trust assets					(95)		(95)
Effect of changes in foreign currencies					(6)		(6)
Ending balance (in shares) at Mar. 28, 2020	2,621	38,672
Ending balance at Mar. 28, 2020	$ 3	$ 41	191,043	(7,146)	113	(168,893)	15,161
Beginning balance (in shares) at Jan. 02, 2021	0	48,091
Beginning balance at Jan. 02, 2021	$ 0	$ 51	260,260	(7,146)	(215)	(169,461)	83,489
Increase (Decrease) in Stockholders' Equity
Net loss						(2,722)	(2,722)
Issuance of shares in connection with stock option exercise			163				$ 163
Issuance of shares in connection with stock option exercise (in shares)		130					130
Issuance of shares in connection with restricted stock units vesting		$ 2	(6)				$ (4)
Issuance of shares in connection with restricted stock units vesting (in shares)		2,382
Issuance of shares in connection with BOD Fees			6				6
Share-based compensation			4,080				4,080
Unrealized (loss) gain on deferred compensation trust assets					35		35
Effect of changes in foreign currencies					14		14
Ending balance (in shares) at Apr. 03, 2021	0	50,603
Ending balance at Apr. 03, 2021	$ 0	$ 53	$ 264,503	$ (7,146)	$ (166)	$ (172,183)	$ 85,061

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Apr. 03, 2021	Mar. 28, 2020
Operating activities
Net loss	$ (2,722)	$ (978)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization expense	2,379	1,898
Amortization of intangible assets	28	25
Deferred income taxes		(22)
Share-based compensation expense	3,573	2,663
Stock awards issued for non-employee director service	6	6
Amortization of deferred financing costs	5	5
Changes in operating assets and liabilities:
Accounts receivable	(3,417)	(2,362)
Inventory	(8,627)	(4,860)
Other current assets	(1,903)	(713)
Other non-current assets	554	(197)
Accounts payable and accrued expenses	21,265	18,022
Other current liabilities	2,364	808
Right-of-use obligation - operating leases - current	(72)	234
Right-of-use obligation - operating leases - long-term	(44)	(231)
Other non-current liabilities	(338)	1
Net cash provided by operating activities	13,051	14,299
Investing activities
Additions to property and equipment	(2,630)	(2,050)
Net cash used in investing activities	(2,630)	(2,050)
Financing activities
Borrowings from revolving loan payable	69	1,170
Payments made on revolving loan payable	(69)	(1,170)
Payments of notes payable		(1,226)
Payments on finance leases	(476)	(178)
Statutory tax withholding payment for share-based compensation	(3)	(84)
Proceeds from exercise of stock options	163	1,120
Net cash used in financing activities	(316)	(368)
Effect of exchange rate changes on cash	(11)	(6)
Net change in cash and cash equivalents	10,094	11,875
Cash and cash equivalents, beginning of period	35,802	2,273
Cash and cash equivalents, end of period	45,896	14,148
Supplemental disclosure of non-cash investing and financing activities:
Right-of-use operating asset acquired	17	5,325
Right-of-use finance asset acquired	1,936	130
Accrued asset purchases	1,877	662
Share-based compensation expense capitalized in property and equipment	507	155
Supplemental disclosure of cash flow information:
Cash (received) paid during the period for income taxes	(135)
Cash paid during the period for interest	$ 287	$ 433

Basis of Presentation and Descr

Basis of Presentation and Description of Company	3 Months Ended
	Apr. 03, 2021
Basis of Presentation and Description of Company
Basis of Presentation and Description of Company	Note 1 – Basis of Presentation and Description of Company CarParts.com, Inc. (including its subsidiaries) is a leading online provider of aftermarket auto parts and accessories. The Company sells its products primarily to individual consumers through its flagship website located at www.carparts.com www.carparts.com/investor The Company’s products consist of replacement parts serving the wear and tear and body repair market, hard parts to serve the maintenance and repair market, and performance parts and accessories. The replacement parts category is primarily comprised of body parts for the exterior of an automobile as well as certain other mechanical or electrical parts that are not related to the functioning of the engine or drivetrain. Our parts in this category typically replace original body parts that have been damaged as a result of general wear and tear or a collision. In addition, we sell an extensive line of mirror products, including parts from our own house brand called Kool-Vue ® ® ® The Company is a Delaware C corporation and is headquartered in Torrance, 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 April 3, 2021 and the consolidated results of operations and cash flows for the thirteen weeks ended April 3, 2021 and March 28, 2020. 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 January 2, 2021, which was filed with the SEC on March 16, 2021 and all our other periodic filings, including Current Reports on Form 8-K, filed with the SEC after the end of our 2020 fiscal year, and throughout the date of this report. During the thirteen weeks ended April 3, 2021, the Company incurred a net loss of $2,722 compared to a net loss of $978 during the thirteen weeks ended March 28, 2020. 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.

Borrowings

Borrowings	3 Months Ended
	Apr. 03, 2021
Borrowings
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. Our Credit Facility also provides for an option to increase the aggregate principal amount from $30,000 to $40,000 subject to lender approval. As of April 3, 2021, our outstanding revolving loan balance was $0. The outstanding standby letters of credit balance as of April 3, 2021 was $1,435, and we had $0 of our trade letters of credit outstanding 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 1.25% to 1.75% per annum based on the Company's fixed charge coverage ratio, or (b) an “alternate prime base rate” subject to a reduction by 0.25% to 0.75% per annum based on the Company’s fixed charge coverage ratio. As of April 3, 2021, the Company’s LIBOR based interest rate was 1.38% (on $0 principal) and the Company’s prime based rate was 3.00% (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 JPMorgan 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 consecutive business days and will continue until, during the preceding 45 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 $3,000, 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 $26,302 as of April 3, 2021. 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 December 16, 2022.

Stockholders' Equity and Share-

Stockholders' Equity and Share-Based Compensation	3 Months Ended
	Apr. 03, 2021
Stockholders' Equity and Share-Based Compensation
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 April 3, 2021: ● Granted options to purchase 0 common shares. ● Exercise of 130 options to purchase common shares. ● Forfeiture of 5 options to purchase common shares. ● Expiration of 0 options to purchase common shares. The following table summarizes the Company’s restricted stock unit ("RSU") activity for the thirteen weeks ended April 3, 2021, and details regarding the awards outstanding and exercisable as of April 3, 2021 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ ​ ​ ​ Weighted ​ Remaining ​ ​ ​ ​ ​ ​ ​ Average ​ Contractual ​ Aggregate ​ Shares Exercise Price Term (in years) Intrinsic Value Vested and expected to vest as of January 2, 2021 ​ 3,143 $ — ​ ​ ​ ​ ​ Awarded ​ 1,834 $ — ​ ​ ​ ​ ​ Vested ​ (2,381) $ — ​ ​ ​ ​ ​ Forfeited ​ (2) $ — ​ ​ ​ ​ ​ Awards outstanding, April 3, 2021 ​ 2,594 $ — ​ 8.80 $ 40,021 Vested and expected to vest as of April 3, 2021 ​ 2,594 $ — ​ 8.80 $ 40,021 ​ During the thirteen weeks ended April 3, 2021, 9 RSUs that vested were time-based and 2,372 were performance-based. For the thirteen weeks ended April 3, 2021 and March 28, 2020, we recorded compensation costs related to stock options and RSUs of $4,080 and $2,819, respectively. As of April 3, 2021, there was unrecognized compensation expense related to stock options and RSUs of $23,550 that will be expensed through March 2025.

Net Loss Per Share

Net Loss Per Share	3 Months Ended
	Apr. 03, 2021
Net Loss Per Share
Net Loss Per Share	Note 4 – Net Loss Per Share The following table sets forth the computation of basic and diluted net loss per share (in thousands, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ Thirteen Weeks Ended ​ April 3, 2021 March 28, 2020 Net loss per share: ​ ​ Numerator: ​ ​ Net loss ​ $ (2,722) ​ $ (978) Dividends on Series A Convertible Preferred Stock ​ — ​ 38 Net loss allocable to common shares ​ $ (2,722) ​ $ (1,016) Denominator: ​ ​ Weighted-average common shares outstanding (basic and diluted) ​ 48,760 ​ 36,871 Basic and diluted net loss per share ​ $ (0.06) ​ $ (0.03) ​ For the thirteen months ended April 3, 2021 and March 28, 2020, all outstanding potentially dilutive securities have been excluded from the calculation of diluted net loss per share as the effect of including such securities would have been anti-dilutive.

Income Taxes

Income Taxes	3 Months Ended
	Apr. 03, 2021
Income Taxes
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 2016-2020 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 2017-2020 remain open. For the thirteen weeks ended April 3, 2021, the effective tax rate for the Company was (2.1)%. The effective tax rate differed from the U.S. federal statutory rate primarily due to state income taxes, certain employee compensation, 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, and a change in the valuation allowance that offset the tax benefit on the current period pre-tax loss. For the thirteen weeks ended March 28, 2020, the effective tax rate for the Company was (3.8)%. The effective tax rate differed from the U.S. federal statutory rate primarily due to state income taxes, 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, and a change in the valuation allowance that offset the tax benefit of the current period pre-tax loss. The Company accounts for income taxes in accordance with ASC Topic 740 - Income Taxes (“ASC 740”). Under the provisions of ASC 740, management is required to evaluate whether a valuation allowance should be established against its deferred tax assets. We currently have a full valuation allowance against our deferred tax assets. As of each reporting date, the Company’s management considers new evidence, both positive and negative, that could impact management’s view with regard to future realization of deferred tax assets. For the thirteen weeks ended April 3, 2021, there was no material change from fiscal year ended January 2, 2021 in the amount of the Company's deferred tax assets that are not considered to be more likely than not to be realized in future years. ​ On December 27, 2020, the Consolidated Appropriations Act (“CAA”) was enacted in further response to the COVID-19 pandemic, in combination with omnibus spending for the 2021 federal fiscal year. The CAA extended many of the provisions enacted by the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), which did not have a material impact on the Company’s consolidated financial statements for the thirteen weeks ended April 3, 2021. On March 11, 2021, the American Rescue Plan Act of 2021 ("ARPA") was enacted in still further response to the COVID-19 pandemic. The Company is evaluating the provisions of ARPA, but does not expect it to have a material impact on the Company's consolidated financial statements for the 2021 fiscal year.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Apr. 03, 2021
Commitments and Contingencies.
Commitments and Contingencies	Note 6 – Commitments and Contingencies Legal Matters Asbestos . Ordinary course litigation.

Product Information

Product Information	3 Months Ended
	Apr. 03, 2021
Product Information
Product Information	Note 7 – Product Information As described in Note 1 above, the Company’s products consist of replacement parts serving the wear and tear and body repair market, hard parts to serve the maintenance and repair market, and performance parts and accessories. The following table summarizes the approximate distribution of the Company’s revenue by product type. ​ ​ ​ ​ ​ ​ ​ Thirteen Weeks Ended ​ ​ ​ April 3, 2021 March 28, 2020 House Brands Replacement Parts 70 % 72 % Hard Parts 17 % 19 % Performance 1 % 1 % ​ ​ ​ ​ ​ ​ Branded Replacement Parts 1 % 1 % Hard Parts 6 % 4 % Performance 5 % 3 % ​ ​ ​ ​ ​ ​ Total 100 % 100 % ​

Basis of Presentation and Des_2

Basis of Presentation and Description of Company (Policies)	3 Months Ended
	Apr. 03, 2021
Basis of Presentation and Description of Company
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 April 3, 2021 and the consolidated results of operations and cash flows for the thirteen weeks ended April 3, 2021 and March 28, 2020. 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 January 2, 2021, which was filed with the SEC on March 16, 2021 and all our other periodic filings, including Current Reports on Form 8-K, filed with the SEC after the end of our 2020 fiscal year, and throughout the date of this report. During the thirteen weeks ended April 3, 2021, the Company incurred a net loss of $2,722 compared to a net loss of $978 during the thirteen weeks ended March 28, 2020. 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.

Stockholders' Equity and Shar_2

Stockholders' Equity and Share-Based Compensation (Tables)	3 Months Ended
	Apr. 03, 2021
Stockholders' Equity and Share-Based Compensation
Summary of Restricted Stock Unit Activity	The following table summarizes the Company’s restricted stock unit ("RSU") activity for the thirteen weeks ended April 3, 2021, and details regarding the awards outstanding and exercisable as of April 3, 2021 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ ​ ​ ​ Weighted ​ Remaining ​ ​ ​ ​ ​ ​ ​ Average ​ Contractual ​ Aggregate ​ Shares Exercise Price Term (in years) Intrinsic Value Vested and expected to vest as of January 2, 2021 ​ 3,143 $ — ​ ​ ​ ​ ​ Awarded ​ 1,834 $ — ​ ​ ​ ​ ​ Vested ​ (2,381) $ — ​ ​ ​ ​ ​ Forfeited ​ (2) $ — ​ ​ ​ ​ ​ Awards outstanding, April 3, 2021 ​ 2,594 $ — ​ 8.80 $ 40,021 Vested and expected to vest as of April 3, 2021 ​ 2,594 $ — ​ 8.80 $ 40,021

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	3 Months Ended
	Apr. 03, 2021
Net Loss Per Share
Computation of Basic and Diluted Net Income Per Share	The following table sets forth the computation of basic and diluted net loss per share (in thousands, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ Thirteen Weeks Ended ​ April 3, 2021 March 28, 2020 Net loss per share: ​ ​ Numerator: ​ ​ Net loss ​ $ (2,722) ​ $ (978) Dividends on Series A Convertible Preferred Stock ​ — ​ 38 Net loss allocable to common shares ​ $ (2,722) ​ $ (1,016) Denominator: ​ ​ Weighted-average common shares outstanding (basic and diluted) ​ 48,760 ​ 36,871 Basic and diluted net loss per share ​ $ (0.06) ​ $ (0.03)

Product Information (Tables)

Product Information (Tables)	3 Months Ended
	Apr. 03, 2021
Product Information
Summary of Revenue by Product Type	​ ​ ​ ​ ​ ​ ​ Thirteen Weeks Ended ​ ​ ​ April 3, 2021 March 28, 2020 House Brands Replacement Parts 70 % 72 % Hard Parts 17 % 19 % Performance 1 % 1 % ​ ​ ​ ​ ​ ​ Branded Replacement Parts 1 % 1 % Hard Parts 6 % 4 % Performance 5 % 3 % ​ ​ ​ ​ ​ ​ Total 100 % 100 %

Basis of Presentation and Des_3

Basis of Presentation and Description of Company (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 03, 2021	Mar. 28, 2020
Basis of Presentation and Description of Company
Net loss	$ 2,722	$ 978

Borrowings (Details)

Borrowings (Details)	3 Months Ended
	Apr. 03, 2021USD ($)
JP Morgan Chase Bank | Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 30,000,000
Increased aggregate borrowing capacity	40,000,000
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	45 days
Event of default amount	$ 0
Minimum availability required under availability block	$ 3,000,000
Minimum fixed charge ratio if less than minimum excess availability	1
Excess availability under credit facility	$ 26,302,000
JP Morgan Chase Bank | Letter of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity	1,435,000
Outstanding letters of credit amount	$ 0
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)	1.25%
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)	1.75%
Base Rate | JP Morgan Chase Bank | Revolving Credit Facility
Line of Credit Facility [Line Items]
Interest rate (percent)	3.00%
LIBOR based interest rate, principal amount	$ 0
London Interbank Offered Rate (LIBOR) | JP Morgan Chase Bank | Revolving Credit Facility
Line of Credit Facility [Line Items]
Interest rate (percent)	1.38%
LIBOR based interest rate, principal amount	$ 0
Prime rate | Revolving Credit Facility | Maximum
Line of Credit Facility [Line Items]
Applicable margin for LIBOR-based interest rate and applicable margin for alternate based rate (percent)	0.25%
Prime rate | Revolving Credit Facility | Minimum
Line of Credit Facility [Line Items]
Applicable margin for LIBOR-based interest rate and applicable margin for alternate based rate (percent)	0.75%

Stockholders' Equity and Shar_3

Stockholders' Equity and Share-Based Compensation - Narrative (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Apr. 03, 2021	Mar. 28, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (in shares)	0
Number of options exercised (in shares)	130
Number of stock options forfeited (in shares)	5
Number of stock options expired (in shares)	0
Time Based RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested (in shares)	9
Performance based RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested (in shares)	2,372
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested (in shares)	2,381
Unrecognized compensation expense	$ 23,550
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 4,080	$ 2,819

Stockholders' Equity and Shar_4

Stockholders' Equity and Share-Based Compensation - Summary of Restricted Stock Unit Activity (Details) shares in Thousands, $ in Thousands	3 Months Ended
	Apr. 03, 2021USD ($)shares
Restricted stock units
Shares
Vested and expected to vest as of January 2, 2021 (in shares)	3,143
Awarded (in shares)	1,834
Vested (in shares)	(2,381)
Forfeited (in shares)	(2)
Awards outstanding, April 3, 2021	2,594
Vested and expected to vest as of April 3, 2021 (in shares)	2,594
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)	8 years 9 months 18 days
Vested and expected to vest, weighted average remaining contractual term (in years	8 years 9 months 18 days
Awards outstanding, Aggregate Intrinsic Value | $	$ 40,021
Vested and expected to vest, Aggregate Intrinsic Value | $	$ 40,021
Time Based RSU
Shares
Vested (in shares)	(9)
Performance based RSU
Shares
Vested (in shares)	(2,372)

Net Loss Per Share - Computatio

Net Loss Per Share - Computation of Basic and Diluted Net Loss Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Apr. 03, 2021	Mar. 28, 2020
Numerator:
Net loss	$ (2,722)	$ (978)
Dividends on Series A Convertible Preferred Stock		38
Net loss allocable to common shares	$ (2,722)	$ (1,016)
Denominator:
Weighted-average common shares outstanding (basic and diluted)	48,760	36,871
Basic and diluted net loss per share	$ (0.06)	$ (0.03)

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
	Apr. 03, 2021	Mar. 28, 2020
Income Taxes
Effective tax rate	(2.10%)	(3.80%)

Product Information (Details)

Product Information (Details) - Sales Revenue, Product Line - Product Concentration Risk	3 Months Ended
	Apr. 03, 2021	Mar. 28, 2020
Product Information
Concentration risk percentage	100.00%	100.00%
House Brands, Replacement parts
Product Information
Concentration risk percentage	70.00%	72.00%
House Brands, Hard parts
Product Information
Concentration risk percentage	17.00%	19.00%
House Brands, Performance
Product Information
Concentration risk percentage	1.00%	1.00%
Branded, Replacement parts
Product Information
Concentration risk percentage	1.00%	1.00%
Branded, Hard parts
Product Information
Concentration risk percentage	6.00%	4.00%
Branded, Performance
Product Information
Concentration risk percentage	5.00%	3.00%