Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Oct. 30, 2017 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | U.S. Auto Parts Network, Inc. | |
Entity Central Index Key | 1,378,950 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus (Q1,Q2,Q3,FY) | Q3 | |
Trading Symbol | PRTS | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 35,528,610 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 6,673 | $ 6,643 |
Short-term investments | 7 | 30 |
Accounts receivable, net of allowances of $6 and $36 at September 30, 2017 and December 31, 2016, respectively | 2,930 | 3,266 |
Inventory | 53,719 | 50,904 |
Other current assets | 3,015 | 2,815 |
Total current assets | 66,344 | 63,658 |
Deferred income taxes | 25,881 | 0 |
Property and equipment, net | 15,179 | 16,478 |
Intangible assets, net | 698 | 969 |
Other non-current assets | 798 | 1,029 |
Total assets | 108,900 | 82,134 |
Current liabilities: | ||
Accounts payable | 37,320 | 33,697 |
Accrued expenses | 8,069 | 6,860 |
Current portion of capital leases payable | 567 | 542 |
Customer deposits | 3,153 | 3,718 |
Other current liabilities | 2,395 | 1,972 |
Total current liabilities | 51,504 | 46,789 |
Capital leases payable, net of current portion | 9,325 | 9,770 |
Deferred income taxes | 0 | 156 |
Other non-current liabilities | 2,242 | 2,097 |
Total liabilities | 63,071 | 58,812 |
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 and 4,150 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively | 3 | 4 |
Common stock, $0.001 par value; 100,000 shares authorized; 35,528 and 34,623 shares issued and outstanding at September 30, 2017 and December 31, 2016 | 37 | 35 |
Treasury stock | (5,167) | (1,376) |
Additional paid-in capital | 179,247 | 180,153 |
Accumulated other comprehensive income | 563 | 557 |
Accumulated deficit | (128,854) | (156,520) |
Total stockholders’ equity | 45,829 | 22,853 |
Noncontrolling interest | 0 | 469 |
Total equity | 45,829 | 23,322 |
Total liabilities and stockholders’ equity | $ 108,900 | $ 82,134 |
Consolidated Balance Sheets (U3
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Accounts receivable, allowances | $ 6 | $ 36 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 100,000 | 100,000 |
Common stock, shares issued (in shares) | 35,528 | 34,623 |
Common stock, shares outstanding (in shares) | 35,528 | 34,623 |
Series A Convertible Preferred Stock | ||
Series A convertible preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Share liquidation value (in dollars per share) | $ 1.45 | $ 1.45 |
Share aggregate value | $ 6,017 | $ 6,017 |
Series A convertible preferred stock, shares authorized (in shares) | 4,150 | 4,150 |
Series A convertible preferred stock, shares issued (in shares) | 2,771 | 4,150 |
Series A convertible preferred stock, shares outstanding (in shares) | 2,771 | 4,150 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Oct. 01, 2016 | Sep. 30, 2017 | Oct. 01, 2016 | ||
Income Statement [Abstract] | |||||
Net sales | $ 73,807 | $ 73,452 | $ 234,848 | $ 232,197 | |
Cost of sales | [1] | 51,930 | 51,081 | 165,940 | 161,593 |
Gross profit | 21,877 | 22,371 | 68,908 | 70,604 | |
Operating expenses: | |||||
Marketing | 9,476 | 10,158 | 30,038 | 31,376 | |
General and administrative | 4,275 | 4,350 | 13,386 | 13,323 | |
Fulfillment | 5,584 | 5,596 | 17,595 | 17,292 | |
Technology | 1,163 | 1,517 | 3,572 | 4,158 | |
Amortization of intangible assets | 47 | 111 | 271 | 336 | |
Total operating expenses | 20,545 | 21,732 | 64,862 | 66,485 | |
Income from operations | 1,332 | 639 | 4,046 | 4,119 | |
Other income (expense): | |||||
Other income, net | 15 | 8 | 50 | 25 | |
Interest expense | (400) | (291) | (1,247) | (889) | |
Total other expense, net | (385) | (283) | (1,197) | (864) | |
Income from continuing operations before income taxes | 947 | 356 | 2,849 | 3,255 | |
Income tax (benefit) provision | 28 | (2) | (25,804) | 87 | |
Income from continuing operations | 919 | 358 | 28,653 | 3,168 | |
Discontinued operations | |||||
Loss from operations and disposal of discontinued AutoMD operations | [2] | 0 | (723) | (558) | (2,156) |
Income tax (benefit) provision | [2] | 0 | (5) | 1 | (299) |
Loss on discontinued operations | [2] | 0 | (718) | (559) | (1,857) |
Net income (loss) | 919 | (360) | 28,094 | 1,311 | |
Other comprehensive income (loss): | |||||
Foreign currency translation adjustments | 9 | (16) | 6 | (29) | |
Total other comprehensive income (loss) | 9 | (16) | 6 | (29) | |
Comprehensive income (loss) | $ 928 | $ (376) | $ 28,100 | $ 1,282 | |
Income from continuing operations per share: | |||||
Basic income from continuing operations per share (in USD per share) | $ 0.02 | $ 0.01 | $ 0.81 | $ 0.09 | |
Diluted income from continuing operations per share (in USD per share) | $ 0.02 | $ 0.01 | $ 0.72 | $ 0.07 | |
Weighted average common shares outstanding: | |||||
Shares used in computation of basic income from continuing operations per share (in shares) | 35,856 | 34,932 | 35,233 | 34,728 | |
Shares used in computation of diluted income from continuing operations per share (in shares) | 39,485 | 40,591 | 39,858 | 40,076 | |
[1] | Excludes depreciation and amortization expense which is included in marketing, general and administrative and fulfillment expense. | ||||
[2] | During March 2017, AutoMD filed for dissolution and the AutoMD operating segment has been classified as discontinued operations. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Oct. 01, 2016 | |
Operating activities | ||
Net income | $ 28,094 | $ 1,311 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization expense | 4,890 | 5,601 |
Amortization of intangible assets | 271 | 361 |
Deferred income taxes | (25,881) | (299) |
Share-based compensation expense | 2,198 | 2,475 |
Stock awards issued for non-employee director service | 7 | 6 |
Amortization of deferred financing costs | 31 | 61 |
Gain from disposition of assets | (8) | 0 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 336 | 245 |
Inventory | (2,815) | 1,745 |
Other current assets | (361) | (751) |
Other non-current assets | 218 | 168 |
Accounts payable and accrued expenses | 4,947 | 7,825 |
Other current liabilities | (121) | 291 |
Other non-current liabilities | 268 | 257 |
Net cash provided by operating activities | 12,074 | 19,296 |
Investing activities | ||
Additions to property and equipment | (3,672) | (4,570) |
Proceeds from sale of property and equipment | 39 | 0 |
Cash paid for intangible assets | 0 | (125) |
Net cash used in investing activities | (3,633) | (4,695) |
Financing activities | ||
Borrowings from revolving loan payable | 3,750 | 11,976 |
Payments made on revolving loan payable | (3,750) | (23,735) |
Proceeds from stock options | 258 | 734 |
Minority shareholder redemption | (2,485) | 0 |
Payments on capital leases | (418) | (449) |
Treasury stock repurchase | (3,823) | 0 |
Statutory tax withholding payment for share-based compensation | (1,644) | (969) |
Payment of liabilities related to financing activities | (100) | (100) |
Preferred stock dividends paid | (169) | (61) |
Net cash used in financing activities | (8,381) | (12,604) |
Effect of exchange rate changes on cash | (30) | (29) |
Net change in cash and cash equivalents | 30 | 1,968 |
Cash and cash equivalents, beginning of period | 6,643 | 5,537 |
Cash and cash equivalents, end of period | 6,673 | 7,505 |
Supplemental disclosure of non-cash investing and financing activities: | ||
Accrued asset purchases | 662 | 1,050 |
Property acquired under capital lease | 0 | 211 |
Unrealized (loss) gain on investments | 0 | (2) |
Supplemental disclosure of cash flow information: | ||
Cash paid during the period for income taxes | 62 | 69 |
Cash paid during the period for interest | $ 1,158 | $ 825 |
Basis of Presentation and Descr
Basis of Presentation and Description of Company | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Description of Company | 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. Through AutoMD.com, the Company also educates consumers on maintenance and service of their vehicles. Our flagship consumer websites are located at www.autopartswarehouse.com , www.carparts.com , www.jcwhitney.com and www.AutoMD.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. 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 September 30, 2017 and the consolidated results of operations and cash flows for the thirteen and thirty-nine weeks ended September 30, 2017 and October 1, 2016 . 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 31, 2016 , which was filed with the SEC on March 7, 2017 and all our other periodic filings, including Current Reports on Form 8-K, filed with the SEC after the end of our 2016 fiscal year, and throughout the date of this report. During the thirteen and thirty-nine weeks ended September 30, 2017 , the Company had net income of $919 and $28,094 , respectively, compared to net loss of $360 and net income of $1,311 during the thirteen and thirty-nine weeks ended October 1, 2016 , respectively. 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. Discontinued Operations The Company historically operated in two reportable operating segments. The criteria the Company used to identify operating segments were primarily the nature of the products we sell or services we provided and the consolidated operating results that were regularly reviewed by our chief operating decision maker to assess performance and make operating decisions. We previously identified two reportable operating segments, the core auto parts business ("Base USAP"), and an online automotive repair information source of which we were a majority stockholder ("AutoMD"). On March 6, 2017, AutoMD redeemed its stock from the minority stockholders and subsequently dissolved. The AutoMD operating segment has been classified as discontinued operations for all periods presented. See "Note 9 - Discontinued Operations" for further discussion. The Company continues to operate AutoMD.com as a media business and includes its results of operations under continued operations. Recently Adopted Accounting Pronouncements In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2016-09, “Compensation - Stock Compensation” (“ASU 2016-09”). The objective of this update is to simplify accounting related to stock compensation. The new standard is effective for fiscal years beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted. The Company adopted ASU 2016-09 for fiscal 2017. The Company will no longer utilize an estimated forfeiture rate, and will utilize the actual forfeiture date. The result was a $249 increase in accumulated stock compensation, with a corresponding decrease in our retained earnings. |
Intangible Assets, Net
Intangible Assets, Net | 9 Months Ended |
Sep. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets, Net | Intangible Assets, Net Intangible assets consisted of the following at September 30, 2017 and December 31, 2016 (in thousands): September 30, 2017 December 31, 2016 Useful Life Gross Carrying Amount Accumulated Amort. and Impairment Net Carrying Amount Gross Carrying Amount Accumulated Amort. and Impairment Net Carrying Amount Intangible assets subject to amortization: Product design intellectual property 4 years $ 2,750 $ (2,750 ) $ — $ 2,750 $ (2,620 ) $ 130 Patent license agreements 3 - 5 years 462 (337 ) $ 125 562 (368 ) $ 194 Domain and trade names 10 years 1,407 (834 ) $ 573 1,407 (762 ) $ 645 Total $ 4,619 $ (3,921 ) $ 698 $ 4,719 $ (3,750 ) $ 969 Intangible assets subject to amortization are amortized on a straight-line basis. Amortization expense relating to intangible assets held for continuing operations was $47 and $271 for the thirteen and thirty-nine weeks ended September 30, 2017 , respectively, compared to $111 and $336 for the same periods in 2016 . The following table summarizes the future estimated annual amortization expense for these assets: 2017 $ 47 2018 185 2019 100 2020 100 2021 100 Thereafter 166 Total $ 698 |
Borrowings
Borrowings | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Borrowings | 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 September 30, 2017 , our outstanding revolving loan balance was $0 and our outstanding letters of credit balance was $14,990 . 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% , or (b) a “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 September 30, 2017 , the Company’s LIBOR based interest rate was 2.50% (on $0 principal) and the Company’s prime based rate was 4.00% (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, 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 $10,041 at September 30, 2017 . As of the date hereof, the cash dominion period has not been in effect; accordingly, no principal payments are due. |
Stockholders' Equity and Share-
Stockholders' Equity and Share-Based Compensation | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stockholders' Equity and Share-Based Compensation | Stockholders’ Equity and Share-Based Compensation Options and Restricted Stock Units The Company had the following common stock option activity during the thirty-nine weeks ended September 30, 2017 : • Granted options to purchase 1,445 common shares. • Exercise of 1,074 options to purchase common shares. • Forfeiture of 161 option to purchase common shares. • Expiration of 361 options to purchase common shares. The following table summarizes the Company’s restricted stock unit ("RSU") activity for the thirty-nine weeks ended September 30, 2017 , and details regarding the awards outstanding and exercisable at September 30, 2017 (in thousands): Shares Weighted Weighted Average Aggregate Awards outstanding, December 31, 2016 937 $ — Awarded 1,649 $ — Vested (592 ) $ — Forfeited (903 ) $ — Awards outstanding, September 30, 2017 1,091 $ — 0.85 $ 3,153 Vested and expected to vest at September 30, 2017 1,091 $ — 0.85 $ 3,153 During the thirty-nine weeks ended September 30, 2017 , 67 RSU's that vested were time-based and 525 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 thirty-nine weeks ended September 30, 2017 , we withheld 220 shares to satisfy $743 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 and thirty-nine weeks ended September 30, 2017 , we recorded compensation expense of $ 574 and $2,242 , respectively. As of September 30, 2017 , there was unrecognized compensation expense of $4,844 . Non-Controlling Interest Non-controlling interests represent equity interests in consolidated subsidiaries that are not attributable, either directly or indirectly, to the Company (i.e., minority interests). The Company's non-controlling interests consisted of the minority equity holders' proportionate share of the equity of AutoMD. However, during March, 2017 AutoMD filed for dissolution, therefore the Company no longer has any non-controlling interests. As of December 31, 2016 there were 1,405 stock options outstanding under the AutoMD 2014 Equity Incentive Plan (the "AMD Plan"). On March 6, 2017, the AMD Plan was terminated upon the dissolution of AutoMD, and all outstanding options were canceled. |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Share | Net Income (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 Thirty-Nine Weeks Ended September 30, October 1, September 30, October 1, Net income (loss) per share: Numerator: Income from continuing operations $ 919 $ 358 28,653 3,168 Dividends on Series A Convertible Preferred Stock 41 61 149 180 Income from continuing operations available to common shares $ 878 $ 297 $ 28,504 $ 2,988 Denominator: Weighted-average common shares outstanding (basic) 35,856 34,932 35,233 34,728 Common equivalent shares from common stock options, restricted stock, preferred stock and warrants 3,629 5,659 4,625 5,348 Weighted-average common shares outstanding (diluted) 39,485 40,591 39,858 40,076 Basic net income from continuing operations per share $ 0.02 $ 0.01 $ 0.81 $ 0.09 Diluted net income from continuing operations per share $ 0.02 $ 0.01 $ 0.72 $ 0.07 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 Thirty-Nine Weeks Ended September 30, 2017 October 1, 2016 September 30, 2017 October 1, 2016 Common stock warrants — 20 8 20 Series A Convertible Preferred Stock — — — — Performance stock units 224 555 302 528 Restricted stock units 115 — 221 — Options to purchase common stock 3,572 1,142 3,156 2,107 Total 3,911 1,717 3,687 2,655 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 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 2013-2016 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 2014-2016 remain open. For the thirteen and thirty-nine weeks ended September 30, 2017 the effective tax rate for the Company's continuing operations was 3% and (906)% , respectively. The effective tax rate for the thirteen and thirty-nine weeks ended September 30, 2017 differed from the U.S. federal statutory rate primarily as a result of the partial release of the valuation allowance maintained against the Company's gross deferred tax assets. As of December 31, 2016, the Company’s deferred tax assets were primarily the result of U.S. federal and state net operating loss carryforwards. A valuation allowance of $46,775 was recorded against its gross deferred tax asset balance as of December 31, 2016. As of the end of the second quarter of 2017, management determined that sufficient positive evidence existed to conclude that it was more likely than not that deferred taxes of $27,248 were realizable, and therefore, reduced the valuation allowance accordingly. 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 September 30, 2017, there was no material change in the amount of the Company's deferred tax assets that are more likely than not to be realized in future years. For the thirteen and thirty-nine weeks ended October 1, 2016 , the effective tax rate for the Company's continuing operations was (0.6)% and 2.7% , respectively. The effective tax rate for the thirteen and thirty-nine weeks ended October 1, 2016 differed from the U.S. federal statutory rate primarily as a result of the recording of valuation allowance against the pre-tax losses that was offset by the tax benefit resulting from the reduction of excess book basis in the Company's investment in AutoMD over its tax basis due to AutoMD's pre-tax losses. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Facilities Leases Facility rent expense for the thirteen and thirty-nine weeks ended September 30, 2017 was $430 and $1,289 , respectively, compared to $437 and $1,241 for the thirteen and thirty-nine weeks ended October 1, 2016 , respectively. Minimum lease commitments under non-cancellable operating leases as of September 30, 2017 were as follows (in thousands): 2017 $ 1,516 2018 1,349 2019 728 2020 36 Total $ 3,629 Capital lease commitments as of September 30, 2017 were as follows (in thousands): 2017 $ 1,295 2018 1,309 2019 1,212 2020 964 2021 967 Thereafter 11,222 Total minimum payments required 16,969 Less amount representing interest 7,076 Present value of minimum capital lease payments $ 9,893 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. 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. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2017 | |
Segment Reporting [Abstract] | |
Segment information | Segment 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 Thirty-Nine Weeks Ended September 30, 2017 October 1, 2016 September 30, 2017 October 1, 2016 Private Label Collision 54% 49% 54% 50% Engine 18% 16% 18% 15% Performance 1% 1% 1% 1% Branded Collision 1% 2% 1% 2% Engine 11% 13% 10% 13% Performance 15% 19% 16% 19% Total 100% 100% 100% 100% |
Discontinued Operations
Discontinued Operations | 9 Months Ended |
Sep. 30, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations On March 6, 2017, AutoMD filed for dissolution. The AutoMD operating segment has been classified as discontinued operations and its results of operations are reflected under loss from discontinued operations in our consolidated financial statements. The Company continues to operate AutoMD.com as a media business and includes its results under continuing operations. The following table summarizes the results of discontinued operations: Thirteen Weeks Ended Thirty-Nine Weeks Ended September 30, October 1, September 30, October 1, Net Sales — 63 37 179 Loss from operations and disposal of discontinued AutoMD operations — (723 ) (558 ) (2,156 ) Income tax provision (benefit) — (5 ) 1 (299 ) Loss from discontinued operations — (718 ) (559 ) (1,857 ) Loss from operations and disposal of discontinued AutoMD operations for the thirty-nine weeks ended September 30, 2017 consisted of severance costs of $221 , contract termination costs of $164 as well as loss from operations of $173 , and included net loss attributable to noncontrolling interests of $59 . Loss from discontinued operations for the thirteen and thirty-nine weeks ended October 1, 2016 included net loss attributable to noncontrolling interests of $258 and $773 , respectively. |
Basis of Presentation and Des15
Basis of Presentation and Description of Company (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
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 September 30, 2017 and the consolidated results of operations and cash flows for the thirteen and thirty-nine weeks ended September 30, 2017 and October 1, 2016 . 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 31, 2016 , which was filed with the SEC on March 7, 2017 and all our other periodic filings, including Current Reports on Form 8-K, filed with the SEC after the end of our 2016 fiscal year, and throughout the date of this report. |
Discontinued Operations | Discontinued Operations The Company historically operated in two reportable operating segments. The criteria the Company used to identify operating segments were primarily the nature of the products we sell or services we provided and the consolidated operating results that were regularly reviewed by our chief operating decision maker to assess performance and make operating decisions. We previously identified two reportable operating segments, the core auto parts business ("Base USAP"), and an online automotive repair information source of which we were a majority stockholder ("AutoMD"). On March 6, 2017, AutoMD redeemed its stock from the minority stockholders and subsequently dissolved. The AutoMD operating segment has been classified as discontinued operations for all periods presented. See "Note 9 - Discontinued Operations" for further discussion. The Company continues to operate AutoMD.com as a media business and includes its results of operations under continued operations. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2016-09, “Compensation - Stock Compensation” (“ASU 2016-09”). The objective of this update is to simplify accounting related to stock compensation. The new standard is effective for fiscal years beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted. The Company adopted ASU 2016-09 for fiscal 2017. The Company will no longer utilize an estimated forfeiture rate, and will utilize the actual forfeiture date. The result was a $249 increase in accumulated stock compensation, with a corresponding decrease in our retained earnings. |
Intangible Assets, Net (Tables)
Intangible Assets, Net (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Intangible Assets | Intangible assets consisted of the following at September 30, 2017 and December 31, 2016 (in thousands): September 30, 2017 December 31, 2016 Useful Life Gross Carrying Amount Accumulated Amort. and Impairment Net Carrying Amount Gross Carrying Amount Accumulated Amort. and Impairment Net Carrying Amount Intangible assets subject to amortization: Product design intellectual property 4 years $ 2,750 $ (2,750 ) $ — $ 2,750 $ (2,620 ) $ 130 Patent license agreements 3 - 5 years 462 (337 ) $ 125 562 (368 ) $ 194 Domain and trade names 10 years 1,407 (834 ) $ 573 1,407 (762 ) $ 645 Total $ 4,619 $ (3,921 ) $ 698 $ 4,719 $ (3,750 ) $ 969 |
Summary of Future Estimated Annual Amortization Expense | The following table summarizes the future estimated annual amortization expense for these assets: 2017 $ 47 2018 185 2019 100 2020 100 2021 100 Thereafter 166 Total $ 698 |
Stockholders' Equity and Shar17
Stockholders' Equity and Share-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
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 thirty-nine weeks ended September 30, 2017 , and details regarding the awards outstanding and exercisable at September 30, 2017 (in thousands): Shares Weighted Weighted Average Aggregate Awards outstanding, December 31, 2016 937 $ — Awarded 1,649 $ — Vested (592 ) $ — Forfeited (903 ) $ — Awards outstanding, September 30, 2017 1,091 $ — 0.85 $ 3,153 Vested and expected to vest at September 30, 2017 1,091 $ — 0.85 $ 3,153 |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Net Income (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 Thirty-Nine Weeks Ended September 30, October 1, September 30, October 1, Net income (loss) per share: Numerator: Income from continuing operations $ 919 $ 358 28,653 3,168 Dividends on Series A Convertible Preferred Stock 41 61 149 180 Income from continuing operations available to common shares $ 878 $ 297 $ 28,504 $ 2,988 Denominator: Weighted-average common shares outstanding (basic) 35,856 34,932 35,233 34,728 Common equivalent shares from common stock options, restricted stock, preferred stock and warrants 3,629 5,659 4,625 5,348 Weighted-average common shares outstanding (diluted) 39,485 40,591 39,858 40,076 Basic net income from continuing operations per share $ 0.02 $ 0.01 $ 0.81 $ 0.09 Diluted net income from continuing operations per share $ 0.02 $ 0.01 $ 0.72 $ 0.07 |
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 Thirty-Nine Weeks Ended September 30, 2017 October 1, 2016 September 30, 2017 October 1, 2016 Common stock warrants — 20 8 20 Series A Convertible Preferred Stock — — — — Performance stock units 224 555 302 528 Restricted stock units 115 — 221 — Options to purchase common stock 3,572 1,142 3,156 2,107 Total 3,911 1,717 3,687 2,655 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Future Minimum Lease Payments under Non-Cancellable Operating Leases | Minimum lease commitments under non-cancellable operating leases as of September 30, 2017 were as follows (in thousands): 2017 $ 1,516 2018 1,349 2019 728 2020 36 Total $ 3,629 |
Summary of Capital Lease Commitments | Capital lease commitments as of September 30, 2017 were as follows (in thousands): 2017 $ 1,295 2018 1,309 2019 1,212 2020 964 2021 967 Thereafter 11,222 Total minimum payments required 16,969 Less amount representing interest 7,076 Present value of minimum capital lease payments $ 9,893 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Segment Reporting [Abstract] | |
Summarized Segment Information | The following table summarizes the approximate distribution of the Company's revenue by product type. Thirteen Weeks Ended Thirty-Nine Weeks Ended September 30, 2017 October 1, 2016 September 30, 2017 October 1, 2016 Private Label Collision 54% 49% 54% 50% Engine 18% 16% 18% 15% Performance 1% 1% 1% 1% Branded Collision 1% 2% 1% 2% Engine 11% 13% 10% 13% Performance 15% 19% 16% 19% Total 100% 100% 100% 100% |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Summary of Discontinued Operations | The following table summarizes the results of discontinued operations: Thirteen Weeks Ended Thirty-Nine Weeks Ended September 30, October 1, September 30, October 1, Net Sales — 63 37 179 Loss from operations and disposal of discontinued AutoMD operations — (723 ) (558 ) (2,156 ) Income tax provision (benefit) — (5 ) 1 (299 ) Loss from discontinued operations — (718 ) (559 ) (1,857 ) |
Basis of Presentation and Des22
Basis of Presentation and Description of Company (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2017USD ($) | Oct. 01, 2016USD ($) | Sep. 30, 2017USD ($) | Oct. 01, 2016USD ($) | Dec. 31, 2016USD ($)segment | |
Accounting Policies [Abstract] | |||||
Net income | $ 919 | $ (360) | $ 28,094 | $ 1,311 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Reportable operating segments | segment | 2 | ||||
Retained earnings | Accounting Standards Update 2016-09 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Cumulative effect of new accounting principle | $ (249) | ||||
Additional paid-in capital | Accounting Standards Update 2016-09 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Cumulative effect of new accounting principle | $ 249 |
Intangible Assets, Net - Summar
Intangible Assets, Net - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Dec. 31, 2016 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 4,619 | $ 4,719 |
Accumulated Amort. and Impairment | (3,921) | (3,750) |
Net Carrying Amount | $ 698 | 969 |
Product design intellectual property | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Life | 4 years | |
Gross Carrying Amount | $ 2,750 | 2,750 |
Accumulated Amort. and Impairment | (2,750) | (2,620) |
Net Carrying Amount | 0 | 130 |
Patent license agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 462 | 562 |
Accumulated Amort. and Impairment | (337) | (368) |
Net Carrying Amount | $ 125 | 194 |
Domain and trade names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Life | 10 years | |
Gross Carrying Amount | $ 1,407 | 1,407 |
Accumulated Amort. and Impairment | (834) | (762) |
Net Carrying Amount | $ 573 | $ 645 |
Minimum | Patent license agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Life | 3 years | |
Maximum | Patent license agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Life | 5 years |
Intangible Assets, Net - Additi
Intangible Assets, Net - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Oct. 01, 2016 | Sep. 30, 2017 | Oct. 01, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization expense relating to intangible assets | $ 47 | $ 111 | $ 271 | $ 336 |
Intangible Assets, Net - Summ25
Intangible Assets, Net - Summary of Future Estimated Annual Amortization Expense (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
2,017 | $ 47 | |
2,018 | 185 | |
2,019 | 100 | |
2,020 | 100 | |
2,021 | 100 | |
Thereafter | 166 | |
Net Carrying Amount | $ 698 | $ 969 |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) - JP Morgan Chase Bank - Revolving Credit Facility | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Line of Credit Facility [Line Items] | |
Maximum borrowing capacity (up to) | $ 30,000,000 |
Revolving loan payable | 0 |
Outstanding letters of credit amount | $ 14,990,000 |
Unused credit commitment fee (percent) | 0.25% |
Minimum availability required trigger amount (if less than) | $ 3,600,000 |
Number of days below minimum excess availability that triggers cash dominion period | 3 days |
Number of consecutive days excess availability is above required amount | 60 days |
Event of default amount | $ 0 |
Excess availability (greater than) | 3,600,000 |
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 | $ 10,041,000 |
Principal payments due | $ 0 |
One-Month London Interbank Offered Rate (LIBOR) | |
Line of Credit Facility [Line Items] | |
Applicable margin for LIBOR-based interest rate/ Applicable margin for alternate based rate (percent) | 1.25% |
Base Rate | |
Line of Credit Facility [Line Items] | |
Applicable margin for LIBOR-based interest rate/ Applicable margin for alternate based rate (percent) | 0.25% |
Interest rate (percent) | 4.00% |
Prime based rate, principal | $ 0 |
London Interbank Offered Rate (LIBOR) | |
Line of Credit Facility [Line Items] | |
Interest rate (percent) | 2.50% |
LIBOR based interest rate, principal | $ 0 |
Stockholders' Equity and Shar27
Stockholders' Equity and Share-Based Compensation - Narrative (Detail) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of stock options granted (in shares) | 1,445 | ||
Number of options exercised (in shares) | 1,074 | ||
Number of stock options forfeited (in shares) | 161 | ||
Number of stock options expired (in shares) | 361 | ||
Time Based RSU | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vested (in shares) | 67 | ||
Performance based RSU | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vested (in shares) | 525 | ||
Restricted stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vested (in shares) | 592 | ||
Shares withheld to satisfy employee tax obligations (in shares) | 220 | ||
Adjustment related employee tax obligations | $ 743 | ||
Compensation expense | $ 574 | 2,242 | |
Unrecognized compensation expense | $ 4,844 | $ 4,844 | |
AMD Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options outstanding (in shares) | 1,405 |
Stockholders' Equity and Shar28
Stockholders' Equity and Share-Based Compensation - Summary of Restricted Stock Unit Activity (Details) - Restricted stock units $ / shares in Units, shares in Thousands, $ in Thousands | 9 Months Ended |
Sep. 30, 2017USD ($)$ / sharesshares | |
Shares | |
Awards outstanding, beginning balance (in shares) | shares | 937 |
Awarded (in shares) | shares | 1,649 |
Vested (in shares) | shares | (592) |
Forfeited (in shares) | shares | (903) |
Awards outstanding, ending balance (in shares) | shares | 1,091 |
Vested and expected to vest, ending balance (in shares) | shares | 1,091 |
Weighted Average Exercise Price | |
Awards outstanding, weighted average exercise price, beginning balance (in dollars per share) | $ / shares | $ 0 |
Awarded, weighted average exercise price (in dollars per share) | $ / shares | 0 |
Vested, weighted average exercise price (in dollars per share) | $ / shares | 0 |
Forfeited, weighted average exercise price (in dollars per share) | $ / shares | 0 |
Awards outstanding, weighted average exercise price, ending balance (in dollars per share) | $ / shares | 0 |
Vested and expected to vest, weighted average exercise price, ending balance (in dollars per share) | $ / shares | $ 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) | 10 months 6 days |
Vested and expected to vest, weighted average remaining contractual term (in years) | 10 months 6 days |
Awards outstanding, aggregate intrinsic value | $ | $ 3,153 |
Vested and expected to vest, aggregate intrinsic value | $ | $ 3,153 |
Net Income (Loss) Per Share - C
Net Income (Loss) Per Share - Computation of Basic and Diluted Net Income (Loss) Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Oct. 01, 2016 | Sep. 30, 2017 | Oct. 01, 2016 | |
Numerator: | ||||
Income from continuing operations | $ 919 | $ 358 | $ 28,653 | $ 3,168 |
Dividends on Series A Convertible Preferred Stock | 41 | 61 | 149 | 180 |
Income from continuing operations available to common shares | $ 878 | $ 297 | $ 28,504 | $ 2,988 |
Denominator: | ||||
Weighted-average common shares outstanding (basic) (in shares) | 35,856 | 34,932 | 35,233 | 34,728 |
Common equivalent shares from common stock options, restricted stock, preferred stock and warrants (in shares) | 3,629 | 5,659 | 4,625 | 5,348 |
Weighted-average common shares outstanding (diluted) (in shares) | 39,485 | 40,591 | 39,858 | 40,076 |
Basic net income from continuing operations per share (USD per share) | $ 0.02 | $ 0.01 | $ 0.81 | $ 0.09 |
Diluted net income from continuing operations per share (USD per share) | $ 0.02 | $ 0.01 | $ 0.72 | $ 0.07 |
Net Income (Loss) Per Share - A
Net Income (Loss) Per Share - Anti-Dilutive Securities Excluded from Calculation of Diluted Earnings Per Share (Detail) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Oct. 01, 2016 | Sep. 30, 2017 | Oct. 01, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities excluded from calculation of diluted earnings per share (in shares) | 3,911 | 1,717 | 3,687 | 2,655 |
Common stock warrants | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities excluded from calculation of diluted earnings per share (in shares) | 0 | 20 | 8 | 20 |
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) | 0 | 0 | 0 | 0 |
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) | 224 | 555 | 302 | 528 |
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) | 115 | 0 | 221 | 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) | 3,572 | 1,142 | 3,156 | 2,107 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Oct. 01, 2016 | Sep. 30, 2017 | Oct. 01, 2016 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||||
Effective tax rate | 3.00% | (0.60%) | (906.00%) | 2.70% | |
Valuation allowance | $ 46,775 | ||||
Reduction of valuation allowance | $ 27,248 | $ 27,248 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Oct. 01, 2016 | Sep. 30, 2017 | Oct. 01, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | ||||
Facility rent expense | $ 430 | $ 437 | $ 1,289 | $ 1,241 |
Commitments and Contingencies33
Commitments and Contingencies - Summary of Future Minimum Lease Payments under Non-Cancellable Operating Leases (Detail) $ in Thousands | Sep. 30, 2017USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,017 | $ 1,516 |
2,018 | 1,349 |
2,019 | 728 |
2,020 | 36 |
Total | $ 3,629 |
Commitments and Contingencies34
Commitments and Contingencies - Summary of Capital Lease Commitments (Detail) $ in Thousands | Sep. 30, 2017USD ($) |
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,017 | $ 1,295 |
2,018 | 1,309 |
2,019 | 1,212 |
2,020 | 964 |
2,021 | 967 |
Thereafter | 11,222 |
Total minimum payments required | 16,969 |
Less amount representing interest | 7,076 |
Present value of minimum capital lease payments | $ 9,893 |
Segment Information - Summary o
Segment Information - Summary of Segment Percentages (Details) - Sales Revenue, Product Line - Product Concentration Risk - Base USAP | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Oct. 01, 2016 | Sep. 30, 2017 | Oct. 01, 2016 | |
Segment Reporting Information [Line Items] | ||||
Concentration risk percentage | 100.00% | 100.00% | 100.00% | 100.00% |
Private Label, Collision | ||||
Segment Reporting Information [Line Items] | ||||
Concentration risk percentage | 54.00% | 49.00% | 54.00% | 50.00% |
Private Label, Engine | ||||
Segment Reporting Information [Line Items] | ||||
Concentration risk percentage | 18.00% | 16.00% | 18.00% | 15.00% |
Private Label, Performance | ||||
Segment Reporting Information [Line Items] | ||||
Concentration risk percentage | 1.00% | 1.00% | 1.00% | 1.00% |
Branded, Collision | ||||
Segment Reporting Information [Line Items] | ||||
Concentration risk percentage | 1.00% | 2.00% | 1.00% | 2.00% |
Branded, Engine | ||||
Segment Reporting Information [Line Items] | ||||
Concentration risk percentage | 11.00% | 13.00% | 10.00% | 13.00% |
Branded, Performance | ||||
Segment Reporting Information [Line Items] | ||||
Concentration risk percentage | 15.00% | 19.00% | 16.00% | 19.00% |
Discontinued Operations - Summa
Discontinued Operations - Summary of Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Oct. 01, 2016 | Sep. 30, 2017 | Oct. 01, 2016 | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Loss from operations and disposal of discontinued AutoMD operations | [1] | $ 0 | $ (723) | $ (558) | $ (2,156) |
Income tax (benefit) provision | [1] | 0 | (5) | 1 | (299) |
Loss on discontinued operations | [1] | 0 | (718) | (559) | (1,857) |
AutoMD | Discontinued Operations, Disposed of by Means Other than Sale | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Net Sales | 0 | 63 | 37 | 179 | |
Loss from operations and disposal of discontinued AutoMD operations | 0 | (723) | (558) | (2,156) | |
Income tax (benefit) provision | 0 | (5) | 1 | (299) | |
Loss on discontinued operations | $ 0 | $ (718) | $ (559) | $ (1,857) | |
[1] | During March 2017, AutoMD filed for dissolution and the AutoMD operating segment has been classified as discontinued operations. |
Discontinued Operations - Narra
Discontinued Operations - Narrative (Details) - AutoMD - Discontinued Operations, Disposed of by Means Other than Sale - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Oct. 01, 2016 | Sep. 30, 2017 | Oct. 01, 2016 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Severance costs | $ 221 | ||
Contract termination cost | 164 | ||
Loss from operations | 173 | ||
Net loss attributable to noncontrolling interest | $ 258 | $ 59 | $ 773 |