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% |