Fox Factory Holding (FOXF) 10-Q 6 May 21 2021 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Apr. 02, 2021	May 03, 2021	Jan. 01, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Apr. 2, 2021
Document Transition Report	false
Entity File Number	001-36040
Entity Registrant Name	Fox Factory Holding Corp.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-1647258
Entity Address, Address Line One	6634 Hwy 53
Entity Address, City or Town	Braselton
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30517
City Area Code	831
Local Phone Number	274-6500
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	FOXF
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Common stock, shares outstanding (in shares)	41,964,000		41,802,000
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001424929
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		41,964,252

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Apr. 02, 2021	Jan. 01, 2021
Current assets:
Cash and cash equivalents	$ 291,471	$ 245,764
Accounts receivable (net of allowances of $803 and $663 at April 2, 2021 and January 1, 2021, respectively)	137,022	121,194
Inventory	166,546	127,091
Prepaids and other current assets	55,814	87,920
Total current assets	650,853	581,969
Property, plant and equipment, net	170,793	163,288
Lease right-of-use assets	25,308	26,148
Deferred tax assets	17,663	19,362
Goodwill	289,175	289,349
Intangibles, net	200,027	204,491
Other assets	3,279	1,954
Total assets	1,357,098	1,286,561
Current liabilities:
Accounts payable	121,722	92,403
Accrued expenses	63,812	59,391
Reserve for uncertain tax positions	0	1,095
Current portion of long-term debt	12,500	12,500
Total current liabilities	198,034	165,389
Long-term debt, less current portion	374,933	377,088
Other liabilities	21,840	24,913
Total liabilities	594,807	567,390
Commitments and contingencies (Refer to Note 9 - Commitments and Contingencies)
Stockholders’ equity
Preferred stock, $0.001 par value — 10,000 authorized and no shares issued or outstanding as of April 2, 2021 and January 1, 2021	0	0
Common stock, $0.001 par value — 90,000 authorized; 42,854 shares issued and 41,964 outstanding as of April 2, 2021; 42,692 shares issued and 41,802 outstanding as of January 1, 2021	42	42
Additional paid-in capital	340,347	336,834
Treasury stock, at cost; 890 common shares as of April 2, 2021 and January 1, 2021	(13,754)	(13,754)
Accumulated other comprehensive income	2,689	1,068
Retained earnings	432,967	394,981
Total stockholders’ equity	762,291	719,171
Total liabilities and stockholders’ equity	$ 1,357,098	$ 1,286,561

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Apr. 02, 2021	Jan. 01, 2021
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 803	$ 663
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	90,000,000	90,000,000
Common stock, shares issued (in shares)	42,854,000	42,692,000
Common stock, shares outstanding (in shares)	41,964,000	41,802,000
Treasury stock, shares (in shares)	890,000	890,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Apr. 02, 2021	Apr. 03, 2020
Income Statement [Abstract]
Sales	$ 281,136	$ 184,361
Cost of sales	183,212	127,746
Gross profit	97,924	56,615
Operating expenses:
Sales and marketing	16,858	12,063
Research and development	9,876	8,029
General and administrative	20,369	22,413
Amortization of purchased intangibles	4,965	2,543
Total operating expenses	52,068	45,048
Income from operations	45,856	11,567
Interest and other expense, net:
Interest expense	2,904	1,847
Other expense	959	62
Interest and other expense, net	3,863	1,909
Income before income taxes	41,993	9,658
Provision for income taxes	4,007	920
Net income	37,986	8,738
Less: net income attributable to non-controlling interest	0	488
Net income attributable to FOX stockholders	$ 37,986	$ 8,250
Earnings per share:
Basic (in dollars per share)	$ 0.91	$ 0.21
Diluted (in dollars per share)	$ 0.90	$ 0.21
Weighted-average shares used to compute earnings per share:
Basic (in shares)	41,851	38,571
Diluted (in shares)	42,343	39,151

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Apr. 02, 2021	Apr. 03, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 37,986	$ 8,738
Other comprehensive income (loss)
Interest rate swap, net of tax effects	2,145	0
Foreign currency translation adjustments, net of tax effects	(524)	(940)
Other comprehensive income (loss)	1,621	(940)
Comprehensive income	39,607	7,798
Less: comprehensive income attributable to non-controlling interest	0	488
Comprehensive income attributable to FOX stockholders	$ 39,607	$ 7,310

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity and Redeemable Non-controlling Interest - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Treasury	Additional paid-in capital	Accumulated other comprehensive income (loss)	Retained earnings
Beginning Balance (in shares) at Jan. 03, 2020		39,448	890
Beginning balance at Jan. 03, 2020	$ 422,200	$ 39	$ (13,754)	$ 123,274	$ 150	$ 312,491
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under equity compensation plans, net of shares repurchased for income tax withholding (in shares)		45
Issuance of common stock under equity compensation plans, net of shares repurchased for income tax withholding	(2,047)			(2,047)
Issuance of stock for business acquisition	322			322
Stock-based compensation expense	1,921			1,921
Other comprehensive income (loss)	(940)				(940)
Net income	8,250					8,250
Ending Balance (in shares) at Apr. 03, 2020		39,493	890
Ending balance at Apr. 03, 2020	429,706	$ 39	$ (13,754)	123,470	(790)	320,741
Beginning Balance at Jan. 03, 2020	15,719
Increase (Decrease) in Temporary Equity [Roll Forward]
Temporary Equity, Net Income	488
Ending Balance at Apr. 03, 2020	$ 16,207
Beginning Balance (in shares) at Jan. 01, 2021	41,802	42,692	890
Beginning balance at Jan. 01, 2021	$ 719,171	$ 42	$ (13,754)	336,834	1,068	394,981
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under equity compensation plans, net of shares repurchased for income tax withholding (in shares)		162
Issuance of common stock under equity compensation plans, net of shares repurchased for income tax withholding	598			598
Stock-based compensation expense	2,915			2,915
Other comprehensive income (loss)	1,621				1,621
Net income	$ 37,986					37,986
Ending Balance (in shares) at Apr. 02, 2021	41,964	42,854	890
Ending balance at Apr. 02, 2021	$ 762,291	$ 42	$ (13,754)	$ 340,347	$ 2,689	$ 432,967
Beginning Balance at Jan. 01, 2021	0
Increase (Decrease) in Temporary Equity [Roll Forward]
Temporary Equity, Net Income	0
Ending Balance at Apr. 02, 2021	$ 0

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Apr. 02, 2021	Apr. 03, 2020
OPERATING ACTIVITIES:
Net income	$ 37,986	$ 8,738
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	10,069	5,829
Stock-based compensation	2,494	1,921
Deferred taxes and uncertain tax positions	(438)	(8,649)
Amortization of loan fees	411	389
Changes in operating assets and liabilities, net of acquisition of business:
Accounts receivable	(16,536)	14,391
Inventory	(40,074)	(22,479)
Income taxes	2,288	916
Prepaids and other assets	33,263	(61,695)
Accounts payable	33,653	30,345
Accrued expenses and other liabilities	2,912	(3,191)
Net cash provided by (used in) operating activities	66,028	(33,485)
INVESTING ACTIVITIES:
Purchases of property and equipment	(16,885)	(12,841)
Acquisition of businesses, net of cash acquired	0	(329,209)
Net cash used in investing activities	(16,885)	(342,050)
FINANCING ACTIVITIES:
Proceeds from line of credit	8,480	156,000
Payments on line of credit	(8,480)	(139,000)
Proceeds from issuance of debt, net of origination fees of $6,622	0	393,379
Repayment of debt	(2,500)	0
Installment on purchase of non-controlling interest	(1,850)	0
Proceeds (repurchases) from stock compensation program, net	598	(2,047)
Net cash (used in) provided by financing activities	(3,752)	408,332
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	316	(351)
CHANGE IN CASH AND CASH EQUIVALENTS	45,707	32,446
CASH AND CASH EQUIVALENTS—Beginning of period	245,764	43,736
CASH AND CASH EQUIVALENTS—End of period	291,471	76,182
Interest and Income Taxes Paid [Abstract]
Income taxes	2,048	9,280
Cash paid for interest, net of capitalized interest	2,422	729
Cash paid for amounts included in the measurement of lease liabilities	1,994	1,602
Cash Flow, Noncash Operating Activities Disclosure [Abstract]
Right-of-use assets obtained in exchange for lease obligations	1,160	4,336
Capital expenditures included in accounts payable	$ 3,633	$ 3,805

Description of the Business, Ba

Description of the Business, Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Apr. 02, 2021
Accounting Policies [Abstract]
Description of the Business, Basis of Presentation and Summary of Significant Accounting Policies	Description of the Business, Basis of Presentation, and Summary of Significant Accounting Policies - Fox Factory Holding Corp. (the "Company") designs, engineers, manufactures, and markets performance-defining products and systems for customers worldwide. Our premium brand, performance-defining products and systems are used primarily for bicycles ("bikes"), side-by-side vehicles ("Side-by-Sides"), on-road vehicles with and without off-road capabilities, off-road vehicles and trucks, all-terrain vehicles ("ATVs"), snowmobiles, specialty vehicles and applications, motorcycles and commercial trucks. Some of our products are specifically designed and marketed to the leading cycling and powered vehicle original equipment manufacturers ("OEMs"), while others are distributed to consumers through a global network of dealers and distributors. Throughout this Form 10-Q, unless stated otherwise or as the context otherwise requires, the "Company," "FOX," "Fox Factory," "we," "us," "our," and "ours" refer to Fox Factory Holding Corp. and its operating subsidiaries on a consolidated basis. Basis of Presentation - The accompanying condensed consolidated financial statements are unaudited. These unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted (“GAAP”) in the United States of America ("U.S." or "United States") and applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the fiscal year ended January 1, 2021 included in the Company’s Annual Report on Form 10-K, as filed with the SEC on February 25, 2021. In management’s opinion, the unaudited interim condensed consolidated financial statements reflect all adjustments, which are of a normal and recurring nature, that are necessary for a fair presentation of financial results for the interim periods presented. Operating results for any quarter are not necessarily indicative of the results for the full fiscal year. Fiscal Year Calendar - The Company operates on a 52-53 week fiscal year calendar. For 2021 and 2020, the Company's fiscal year will end or has ended on December 31, 2021 and January 1, 2021, respectively. The twelve month periods ended December 31, 2021 and January 1, 2021, will include or have included 52 weeks. The three month periods ended April 2, 2021 and April 3, 2020 each included 13 weeks. Principles of Consolidation - These condensed consolidated financial statements include the Company and its subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. Summary of Significant Accounting Policies - There have been no changes to our significant accounting policies described in our Annual Report on Form 10-K for the fiscal year ended January 1, 2021, as filed with the SEC on February 25, 2021 that have had a material impact on our condensed consolidated financial statements and related notes. Revenue Recognition - Revenues are generated from the sale of performance-defining products and systems to customers worldwide. The Company’s performance-defining products and systems are solutions that improve performance of powered vehicles and bikes. Powered vehicles include Side-by-Sides, on-road vehicles with off-road capabilities, off-road vehicles and trucks, ATVs, snowmobiles, specialty vehicles and applications, and motorcycles. Revenue is measured based on the consideration specified in a contract with a customer. The Company recognizes revenue when it satisfies a performance obligation by transferring control of a product to a customer, generally at the time of shipment. Contracts are generally in the form of purchase orders and are governed by standard terms and conditions. For larger OEMs, the Company may also enter into master agreements. Provisions for discounts, rebates, sales incentives, returns, and other adjustments are generally provided for in the period the related sales are recorded, based on management’s assessment of historical trends and projection of future results. Certain pricing provisions that provide the customer with future discounts are considered a material right. Such material rights result in the deferral of revenue that are recognized when the rights are exercised by the customer. Measuring the material rights requires judgments including forecasts of future sales and product mix. Segments - The Company has determined that it has a single operating and reportable segment; manufacturing, sale and service of performance-defining products. The Company considers operating segments to be components of the Company in which separate financial information is available that is evaluated regularly by the Company’s chief operating decision maker in deciding how to allocate resources and in assessing performance. The chief operating decision maker for the Company is the Chief Executive Officer. The Chief Executive Officer reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance. Use of Estimates - The preparation of the Company’s condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. These estimates are based on information available as of the date of the financial statements; therefore, actual results could differ from management’s estimates. Certain Significant Risks and Uncertainties - The Company is subject to those risks common in manufacturing-driven markets, including, but not limited to, competitive forces, dependence on key personnel, customer demand for its products, the successful protection of its proprietary technologies, compliance with government regulations, and the possibility of not being able to obtain additional financing when needed. Additionally, the Company has been impacted by the ongoing coronavirus (“COVID-19”) outbreak. The global outbreak of COVID-19 has negatively affected the U.S. and global economy, disrupted global supply chains, resulted in significant travel and transport restrictions, including mandated closures and orders to “shelter-in-place,” and created significant disruption of the financial markets. Despite the Company’s efforts to manage and remedy these impacts to the Company, the ultimate impact and the extent to which the COVID-19 pandemic will continue to affect the business, results of operation and financial condition is difficult to predict and depends on numerous evolving factors outside of the Company’s control, including: the duration and scope of the pandemic; government, social, business and other actions that have been and will be taken in response to the pandemic; increases in COVID-19 case counts; any additional waves of the virus, availability and ultimate efficacy of the vaccine on the new variants of the virus; and the effect of the pandemic on short- and long-term general economic conditions. Fair Value Measurements and Financial Instruments - The Financial Accounting Standards Board ("FASB") has issued Accounting Standards Codification ("ASC") 820, Fair Value Measurements and Disclosures, that requires the valuation of assets and liabilities required or permitted to be either recorded or disclosed at fair value based on hierarchy of available inputs as follows: Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2: Quoted prices for similar assets and liabilities in active markets, quoted prices for identical assets and liabilities in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; and Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). The carrying amounts of the Company's financial instruments, including cash, receivables, accounts payable, and accrued liabilities approximate their fair values due to their short-term nature. Amounts owed under the Company's First Amended and Restated Credit Facility (as defined in Note 8 - Debt below) approximate fair value due to the variable interest rate features embedded in both the line of credit and the term debt. Recent Accounting Pronouncements - In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes, which helps simplify how entities account for income taxes by removing various exceptions related to the recognition of deferred tax liabilities and updating other tax computation requirements. This standard is effective for fiscal years beginning after December 15, 2020 and early adoption is permitted. The Company adopted ASU 2019-12 effective in the first quarter of fiscal year 2021. The adoption of ASU 2019-12 did not have a material impact on the Company's consolidated financial statements. In October 2020, the FASB issued ASU 2020-10, Codification Improvements. The amendments in ASU 2020-10 contain improvements to the Codification by including disclosure guidance in appropriate disclosure and ensuring that all guidance that requires or provides an option for an entity to provide information in the notes to financial statements is codified in the Disclosure Section of the Codification. The ASU also provides clarification to various codification topics to improve consistency in guidance application. The amendments are effective for interim and annual reporting periods in fiscal years beginning after December 15, 2020, with early adoption permitted. The Company adopted ASU 2020-10 effective in the first quarter of fiscal year 2021. The adoption of ASU 2020-10 did not have a material impact on the Company's consolidated financial statements and related disclosures.

Revenues

Revenues	3 Months Ended
	Apr. 02, 2021
Revenue from Contract with Customer [Abstract]
Revenues	Revenues The following table summarizes total sales by product category: For the three months ended April 2, 2021 April 3, 2020 Powered Vehicles $ 162,747 $ 120,526 Specialty Sports 118,389 63,835 Total sales $ 281,136 $ 184,361 The following table summarizes total sales by sales channel: For the three months ended April 2, 2021 April 3, 2020 OEM $ 151,480 $ 103,748 Aftermarket 129,656 80,613 Total sales $ 281,136 $ 184,361 The following table summarizes total sales generated by geographic location of the customer: For the three months ended April 2, 2021 April 3, 2020 North America $ 180,483 $ 130,622 Asia 51,856 22,878 Europe 45,739 28,959 Rest of the world 3,058 1,902 Total sales $ 281,136 $ 184,361

Inventory

Inventory	3 Months Ended
	Apr. 02, 2021
Inventory Disclosure [Abstract]
Inventory	Inventory Inventory consisted of the following: April 2, January 1, 2021 2021 Raw materials $ 118,902 $ 87,503 Work-in-process 12,067 5,306 Finished goods 35,577 34,282 Total inventory $ 166,546 $ 127,091

Prepaids and Other Assets

Prepaids and Other Assets	3 Months Ended
	Apr. 02, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaids and Other Current Assets	Prepaids and Other Current Assets Prepaids and other current assets consisted of the following: April 2, January 1, 2021 2021 Prepaid chassis deposits $ 30,150 $ 66,812 Advanced payments and prepaid contracts 12,140 8,683 Current portion of acquisition-related compensation held in escrow 4,229 4,518 Other current assets 9,295 7,907 Total $ 55,814 $ 87,920

Property, Plant and Equipment,

Property, Plant and Equipment, net	3 Months Ended
	Apr. 02, 2021
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment, net	Property, Plant and Equipment, net Property, plant and equipment, net consisted of the following: April 2, January 1, 2021 2021 Building and building improvements $ 75,738 $ 75,753 Information systems, office equipment and furniture 15,396 14,176 Internal-use computer software 20,752 19,853 Land 9,642 9,698 Leasehold improvements 16,385 15,075 Machinery and manufacturing equipment 89,517 81,281 Transportation equipment 6,475 6,187 Total 233,905 222,023 Less: accumulated depreciation and amortization (63,112) (58,735) Property, plant and equipment, net $ 170,793 $ 163,288 The Company’s long-lived assets by geographic location are as follows: April 2, January 1, 2021 2021 United States $ 149,277 $ 144,529 International 21,516 18,759 Total long-lived assets $ 170,793 $ 163,288

Leases

Leases	3 Months Ended
	Apr. 02, 2021
Leases [Abstract]
Leases	Leases The Company has operating lease agreements for administrative, research and development, manufacturing, and sales and marketing facilities. These leases have remaining lease terms ranging from 1 to 7 years, some of which include options to extend the lease term for up to 5 years, and some of which include options to terminate the leases within 1 year. Certain leases are subject to annual escalations as specified in the lease agreements. The Company considered these options in determining the lease term used to establish its right-of-use assets and lease liabilities. These lease agreements do not contain any material residual value guarantees or material restrictive covenants. As most of the Company's leases do not provide an interest rate, the Company used the incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The weighted-average remaining lease term for the Company's operating leases was 4.36 years and the weighted-average incremental borrowing rate was 3.14% as of April 2, 2021. Operating lease costs consisted of the following: For the three months ended April 2, 2021 April 3, 2020 Operating lease cost $ 2,070 $ 1,576 Other lease costs (1) 225 274 Total $ 2,295 $ 1,850 (1) Includes short-term leases and variable lease costs. The Company elected a policy exclusion permitting leases with an original lease term of less than one year to be excluded from the right-of-use assets and lease liabilities. Supplemental balance sheet information related to the Company's operating leases is as follows: Balance Sheet Classification April 2, 2021 Operating lease right-of-use assets Lease right-of-use assets $ 25,308 Current lease liabilities Accrued expenses $ 7,200 Non-current lease liabilities Other liabilities $ 17,947 Maturities of lease liabilities by fiscal year for the Company's operating leases are as follows: For fiscal year Total future payments 2021 (excluding the 3 months ended April 2, 2021) $ 5,983 2022 6,731 2023 5,260 2024 3,499 2025 2,775 Thereafter 2,727 Total lease payments 26,975 Less: imputed interest (1,828) Present value of lease liabilities 25,147 Less: current portion (7,200) Lease liabilities less current portion $ 17,947

Accrued Expenses

Accrued Expenses	3 Months Ended
	Apr. 02, 2021
Payables and Accruals [Abstract]
Accrued Expenses	Accrued Expenses Accrued expenses consisted of the following: April 2, January 1, 2021 2021 Payroll and related expenses $ 19,268 $ 22,407 Current portion of lease liabilities 7,200 6,754 Warranty 11,521 9,835 Income tax payable 10,231 7,595 Accrued sales rebate 6,904 4,471 Current portion of non-controlling interest buyout liability 3,600 4,550 Other accrued expenses 5,088 3,779 Total $ 63,812 $ 59,391 Activity related to warranties is as follows: For the three months ended April 2, 2021 April 3, 2020 Beginning warranty liability $ 9,835 $ 5,649 Charge to cost of sales 3,261 1,054 Fair value of warranty assumed in acquisition — 3,158 Costs incurred (1,575) (1,142) Ending warranty liability $ 11,521 $ 8,719

Debt

Debt	3 Months Ended
	Apr. 02, 2021
Debt Disclosure [Abstract]
Debt	Debt First Amended and Restated Credit Facility In June 2019, the Company entered into a credit facility with Bank of America and other named lenders, which was amended and restated on March 11, 2020 and June 19, 2020 (as most recently amended and restated as the "First Amended and Restated Credit Facility"). The First Amended and Restated Credit Facility, which matures on March 11, 2025, provides a senior secured revolving line of credit with a borrowing capacity of $250,000 and a term loan of $400,000. The term loan is subject to quarterly amortization payments. The Company paid $7,615 in debt issuance costs, of which $6,458 were allocated to the term debt and $1,157 were allocated to the line of credit. Additionally, the Company had $434 of remaining unamortized debt issuance costs. The Company expensed $277 of the remaining unamortized debt issuance costs, which are included in interest and other expense, net in the condensed consolidated statements of income for the three months ended April 3, 2020. The remaining $157 were allocated to the line of credit. Loan fees allocated to the term debt will be amortized using the interest method and loan fees allocated to the line of credit will be amortized on a straight-line basis over the term of the First Amended and Restated Credit Facility. The First Amended and Restated Credit Facility provides for interest at a rate either based on the London Interbank Offered Rate, or LIBOR, plus a margin ranging from 1.00% to 2.25%, with a floor rate of 0.50%, or based on the base rate offered by Bank of America plus a margin ranging from 0.00% to 1.25%. At April 2, 2021, the one-month LIBOR and prime rates were 0.11% and 3.25%, respectively. At April 2, 2021, our weighted-average interest rate on outstanding borrowing was 1.87%. The First Amended and Restated Credit Facility is secured by substantially all of the Company’s assets, restricts the Company's ability to make certain payments and engage in certain transactions, and requires that the Company satisfy customary financial ratios. The Company was in compliance with the covenants as of April 2, 2021. In August 2020, the Company entered into an interest rate swap agreement to hedge the variability of cash flows in interest payments associated with $200,000 of its variable rate term debt. Refer to Note 10 - Derivatives and Hedging for further details of this agreement. The First Amended and Restated Credit Facility permits up to $25,000 of the aggregate revolving commitment to be used by the Company for issuance of letters of credit, of which $15,000 was outstanding at April 2, 2021. The following table summarizes the line of credit under the First Amended and Restated Credit Facility: April 2, 2021 Amount outstanding $ — Standby letters of credit 15,000 Available borrowing capacity 235,000 Total borrowing capacity $ 250,000 Maturity date March 11, 2025

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Apr. 02, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Indemnification Agreements - In the ordinary course of business, the Company may provide indemnifications of varying scope and terms to customers, vendors, lessors, business partners, and other parties with respect to certain matters, including, but not limited to, losses arising out of breach of such agreements, services to be provided by the Company or intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with directors and certain officers and employees that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors, officers or employees. While the outcome of these matters cannot be predicted with certainty, the Company does not believe that the outcome of any claims under indemnification arrangements will have a material effect on the Company’s results of operations, financial position or liquidity. Legal Proceedings - A lawsuit was filed on December 17, 2015 by SRAM Corporation (“SRAM”) in the U.S. District Court, Northern District of Illinois, against the Company’s wholly-owned subsidiary, RFE Canada Holding Corp. (“RFE Canada”). The lawsuit alleges patent infringement of U.S. Patent number 9,182,027 ("027 Patent") and violation of the Lanham Act. SRAM filed a second lawsuit in the same court against RFE Canada on May 16, 2016, alleging patent infringement of U.S Patent number 9,291,250 ("250 Patent"). The Company believes that the lawsuits are without merit and intends to vigorously defend itself. As such, the Company has filed, before the U. S. Patent and Trademark Appeals Board ("PTAB"), for Interparties Reviews ("IPR") of the 027 Patent and separately the same for the 250 Patent. In February 2021, the PTAB issued opinions in the 027 Patent petition cases stating that the Company has shown all of the claims of the 027 Patent to be obvious. The PTAB has also issued an opinion in the 250 Patent case stating that the Company has not shown the claims of the 250 Patent to be obvious. In a separate action, the Company filed a lawsuit on January 29, 2016 in the U.S. District Court, Northern District of California against SRAM. That lawsuit alleges SRAM’s infringement of two separate Company owned patents, specifically U.S. Patent numbers 6,135,434 and 6,557,674. The Company filed a second lawsuit on July 1, 2016 in the U.S. District Court, Northern District of California against SRAM alleging infringement of the Company’s U.S. Patent numbers 8,226,172 and 8,974,009. These lawsuits have been moved to U.S. District Court, District of Colorado and are otherwise proceeding. The U.S. District Court, Northern District of Illinois has, in view of the 027 Patent PTAB process and opinion, stayed the SRAM lawsuits against the Company. Due to the inherent uncertainties of litigation, the Company is not able to predict either the outcomes or a range of reasonably possible losses, if any, at this time. Accordingly, no amounts have been recorded in the consolidated financial statements for the settlement of these matters. Were an unfavorable ruling to occur, or if factors indicate that a loss is probable and reasonably estimable, the Company's business, financial condition or results of operations could be materially and adversely affected. The Company is involved in other legal matters that arise in the ordinary course of business. Based on information currently available, management does not believe that the ultimate resolution of these matters will have a material adverse effect on the Company's financial condition, results of operations or cash flows. Other Commitments - On November 30, 2017, the Company through FF US Holding Corp., acquired the assets of Flagship, Inc. d/b/a Tuscany and issued a 20% interest in FF US Holding Corp. to Flagship, Inc. A stockholders' agreement with Flagship, Inc. provided the Company with a call option (the "Call Option") to acquire the remaining 20% of FF US Holding Corp. at any time from November 30, 2019 through November 30, 2024 at a value that approximates fair market value. On July 22, 2020, the Company exercised the Call Option and, pursuant to a stock purchase agreement with Flagship, Inc., the Company purchased the remaining 20% interest for $24,975 payable in a combination of stock and cash. The cash portion has been or will be settled in quarterly installment payments beginning in July 2020 through July 2022, which amount to $6,556, $4,550 and $2,700 in 2020, 2021 and 2022, respectively. The Company paid $1,850 during the three months ended April 2, 2021 and had a remaining liability of $16,569 as of April 2, 2021. The stock portion of 136 shares held in escrow has been or will be released quarterly starting January 2021 through July 2022. The Company released 19 shares of stock during the three months ended April 2, 2021. The exercise of the Call Option effectively canceled the put option held by Flagship, Inc. Other Contingencies - On June 21, 2018, the U.S. Supreme Court (the “Court”) decided South Dakota v. Wayfair, Inc., et al., holding that internet retailers do not have to maintain a physical presence in a state in order to be required to collect the state’s sales and use tax. As a result of the Court’s decision, most states enacted legislation to require sellers who meet economic nexus thresholds to register, collect and remit sales and use taxes on transactions with out-of-state customers. The Company believes that it is possible that it will incur a liability for uncollected sales tax on some portion of its e-commerce sales through April 2, 2021. Based on information currently available, any retroactively imposed liability is not expected to be material to the Company’s results of operations or financial position because direct end-user sales in states where the Company is not registered comprise a small portion of total revenues.

Derivatives and Hedging

Derivatives and Hedging	3 Months Ended
	Apr. 02, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedging	Derivatives and Hedging On August 17, 2020 the Company entered into a swap (the "Swap") to mitigate the cash flow risk associated with changes in interest rates on $200,000 of its variable rate debt. Refer to Note 8 - Debt for further details of the Company's variable rate debt. The Swap matures on March 11, 2025. The Company pays a base fixed rate of 0.73% and in return receives the greater of (1) 1-month LIBOR, or (2) 0.50%. The Company accounts for interest rate swap contracts in accordance with ASC 815, Derivatives and Hedging, which requires all derivatives, including derivatives designated as accounting hedges, to be recorded on the balance sheet at fair value. The Swap has been designated and accounted for as a cash flow hedge for a portion of the forecasted interest payments on the Company’s debt. As long as the Swap continues to be a highly effective hedge of the designated interest rate risk, changes in the fair value of the Swap are recorded in accumulated other comprehensive income (loss), a component of equity. Any ineffective portion of a change in the fair value of a hedge is recorded in earnings. The fair value of the Swap on April 2, 2021 was an asset of $1,895. Refer to Note 11 - Fair Value Measurements and Financial Instruments for additional information on determining the fair value. The asset is included in Other Assets in the Consolidated Balance Sheets. At both the inception of the Swap and at April 2, 2021, the interest rate swap was considered highly effective and accordingly, the $1,895 change in fair value incurred from inception was deferred and recorded in other comprehensive income (loss), net of taxes. As required under ASC 815, the Swap’s effectiveness will be assessed on a quarterly basis. The Company’s derivative counterparty is an investment grade financial institution. The Company does not have any collateral arrangements with its derivative counterparty and the derivative contract does not contain credit risk related contingent features.

Fair Value Measurements and Fin

Fair Value Measurements and Financial Instruments	3 Months Ended
	Apr. 02, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements and Financial Instruments	Fair Value Measurements and Financial Instruments The following table presents the Company's hierarchy for its assets, liabilities and redeemable non-controlling interest measured at fair value on a recurring basis as of the following periods: April 2, 2021 January 1, 2021 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Interest Rate Swap $ — $ 1,895 $ — $ 1,895 $ — $ — $ — $ — Total assets measured at fair value $ — $ 1,895 $ — $ 1,895 $ — $ — $ — $ — Liabilities: Credit Facility $ — $ 387,433 $ — $ 387,433 $ — $ 389,588 $ — $ 389,588 Interest Rate Swap — — — — — 915 — 915 Total liabilities measured at fair value $ — $ 387,433 $ — $ 387,433 $ — $ 390,503 $ — $ 390,503 There were no transfers of assets or liabilities between Level 1, Level 2, and Level 3 categories of the fair value hierarchy during the three month period ended April 2, 2021. The Company used Level 2 inputs to determine the fair value of its First Amended and Restated Credit Facility. The Company believes the carrying amount of its First Amended and Restated Credit Facility approximates the fair value at April 2, 2021 because, while subject to a minimum LIBOR floor rate, the interest rate approximates current market rates of debt with similar terms and comparable credit risk. On August 17, 2020 the Company entered into an interest rate swap agreement to mitigate the cash flow risk associated with changes in interest rates on its variable rate debt. Refer to N ote 10 - Derivatives and Hedging for additional details of the agreement. In accordance with ASC 815, Derivatives and Hedging, an interest rate swap contract is recognized as an asset or liability on the consolidated balance sheets and is measured at fair value. The fair value was calculated utilizing Level 2 inputs.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Apr. 02, 2021
Share-based Payment Arrangement [Abstract]
Stockholders' Equity	Stockholders' Equity Secondary Stock Offerings In June 2020, the Company completed a secondary offering whereby it sold 2,760 shares of its common stock at a price of $76.00 per share for gross proceeds of $209,760. The net proceeds to the Company after underwriters' discounts and commissions of $11,015 and $511 of offering costs was $198,233. The total shares sold included 360 shares that were sold in connection with the underwriters' option to purchase additional shares. This offering was made pursuant to the Company's registration statement on Form S-3. Equity Incentive Plans The following table summarizes the allocation of stock-based compensation in the accompanying consolidated statements of income: For the three months ended April 2, 2021 April 3, 2020 Cost of sales $ 121 $ 129 Sales and marketing 152 152 Research and development 187 201 General and administrative 2,034 1,439 Total $ 2,494 $ 1,921 As of January 1, 2021, $421 of stock-based compensation expense related to our executive bonus plan is included in Accrued Expenses on the Consolidated Balance Sheets. This amount was recognized as additional paid in capital during the three months ended April 2, 2021 upon the issuance of the underlying restricted stock units. The following table summarizes the activity for the Company's unvested restricted stock units ("RSU") for the three months ended April 2, 2021: Unvested RSUs Number of shares outstanding Weighted-average grant date fair value Unvested at January 1, 2021 450 $ 50.12 Granted 36 $ 141.35 Canceled (3) $ 46.70 Vested (19) $ 55.00 Unvested at April 2, 2021 464 $ 56.97 As of April 2, 2021, the Company had approximately $19,544 of unrecognized stock-based compensation expense related to RSUs, which will be recognized over the remaining weighted-average vesting period of approximately 2.45 years. During the three months ended April 2, 2021, the Company issued performance share units (“PSUs”) to certain executives that represent shares potentially issuable in the future. Issuance is based upon the Company's performance, over a 2-3 year performance period, on certain measures including return on invested capital and free cash flow. The PSUs vest only upon the achievement of the applicable performance goals for the performance period and depending on the actual achievement on the performance goals, the grantee may earn between 0% and 200% of the target PSUs. The fair value of performance share units is calculated based on the stock price on the date of grant. The following table summarizes the activity for the Company's unvested PSUs for the three months ended April 2, 2021: Unvested PSUs Number of shares outstanding Weighted-average grant date fair value Unvested at January 1, 2021 — $ — Granted 26 $ 140.24 Unvested at April 2, 2021 26 $ 140.24 The stock-based compensation expense recognized each period is dependent upon our estimate of the number of shares that will ultimately be issued. Future stock-based compensation expense for unvested performance based awards could reach a maximum of $7,270 assuming payout of all unvested awards. The unrecognized stock-based compensation expense is expected to be recognized over a weighted average period of 2.25 years. For the three months ended April 2, 2021, the Company had 54 unvested RSUs and PSUs outstanding which were excluded from the calculation of dilutive earnings per share because the effect would be anti-dilutive. During the three months ended April 2, 2021, 144 shares of common stock were issued due to the exercise of stock options and no options to purchase common stock expired or were forfeited. As of April 2, 2021, stock-based compensation expense related to stock options has been fully recognized.

Income Taxes

Income Taxes	3 Months Ended
	Apr. 02, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For the three months ended April 2, 2021 April 3, 2020 Provision for income taxes $ 4,007 $ 920 Effective tax rates 9.5 % 9.5 % For the three months ended April 2, 2021, the difference between the Company's effective tax rate of 9.5% and the 21% federal statutory rate resulted primarily from windfall on stock based compensation, the recognition of uncertain tax positions due to the conclusion of an audit and a lower tax rate on foreign derived intangible income. These benefits were partially offset by an increase in the valuation allowance for foreign tax credits, state taxes and non-deductible expenses. For the three months ended April 3, 2020, the difference between the Company's effective tax rate of 9.5% and the 21% federal statutory rate resulted primarily from the negotiated reduction of Switzerland withholding tax on prior year earnings. These benefits were partially offset by state taxes, global low-tax intangible income tax, non-deductible expenses, and an excess benefit related to stock-based compensation. There are no ongoing income tax audits as of April 2, 2021.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Apr. 02, 2021
Related Party Transactions [Abstract]
Related Party Agreements	Related Party Transactions On May 3, 2019, the Company acquired substantially all of the assets of Air Ride Technologies, Inc., d/b/a Ridetech. Ridetech has a building lease for its manufacturing and office facilities in Jasper, Indiana. The buildings are owned by a former owner of Ridetech, who is now an employee of the Company. The lease is effective from May 1, 2019 through April 1, 2024, with monthly rent payments of $16. Rent expense under this lease was $48 for the three months ended April 2, 2021. On March 11, 2020, the Company acquired 100% of the issued and outstanding stock of SCA Performance Holdings, Inc. ("SCA"). The Company has transactions with an automotive dealership owned by a former owner of SCA, who is now an employee of the Company. The Company purchased approximately $202 of parts and vehicles and sold approximately $120 of upfit packages to the dealership during the three months ended April 2, 2021. As of April 2, 2021, the Company had $27 and $88 in accounts payable and accounts receivable, respectively, related to this dealership. Refer to Note 15 - Acquisitions for further details of this acquisition. On July 22, 2020 the Company, pursuant to a stock purchase agreement with Flagship, Inc., purchased the remaining 20% interest of FF US Holding Corp. for $24,975 payable in a combination of stock and cash. The cash portion will be settled in quarterly installment payments through July 2022. Refer to Note 9 - Commitments and Contingencies for additional details of this agreement.

Acquisitions

Acquisitions	3 Months Ended
	Apr. 02, 2021
Business Combinations [Abstract]
Acquisitions	Acquisitions On March 11, 2020, the Company, through Fox Factory, Inc., acquired 100% of the issued and outstanding stock of SCA from Southern Rocky Holdings, LLC for $331,853, net of cash acquired and exclusive of vehicle inventory. SCA is a leading OEM authorized specialty vehicle manufacturer for light duty trucks and SUVs with headquarters in Trussville, Alabama. SCA operates under three aftermarket brands: SCA Performance, Rocky Ridge Trucks, and Rocky Mountain Truckworks. This transaction was accounted for as a business combination. The Company also agreed to an additional $10,589 of contingent retention incentives for key SCA management, of which $9,283 is cash and $1,306 is stock, to be held in escrow and payable over the next two years. The Company recognized $1,290 in costs associated with such retention incentives during the three months ended April 2, 2021. The Company’s allocation of the purchase price to the net tangible and intangible assets acquired and liabilities assumed is as follows: Fair market values Tangible assets acquired $ 28,678 Liabilities assumed (32,479) Intangible assets 139,900 Goodwill 195,754 Total $ 331,853 The Company incurred $10,579 of acquisition costs in conjunction with the SCA acquisition, including $1,750 of transaction compensation, during the three months ended April 3, 2020. These costs are classified as general and administrative expenses in the accompanying condensed consolidated statements of income. The values assigned to the identifiable intangible assets were determined by discounting the estimated future cash flows associated with these assets to their present value. The goodwill of $195,754 reflects the strategic fit of SCA with the Company’s operations. The Company will amortize the acquired customer relationships assets over their expected useful lives of 5-10 years. Trademarks, brand names and goodwill are expected to have an indefinite life, and will be subject to impairment testing. The goodwill is not deductible for income tax purposes. SCA previously purchased intangibles in asset acquisitions with a remaining net tax basis approximating $77,989, which the Company may deduct for income tax purposes.

Description of the Business, _2

Description of the Business, Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Apr. 02, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation - The accompanying condensed consolidated financial statements are unaudited. These unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted (“GAAP”) in the United States of America ("U.S." or "United States") and applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the fiscal year ended January 1, 2021 included in the Company’s Annual Report on Form 10-K, as filed with the SEC on February 25, 2021. In management’s opinion, the unaudited interim condensed consolidated financial statements reflect all adjustments, which are of a normal and recurring nature, that are necessary for a fair presentation of financial results for the interim periods presented. Operating results for any quarter are not necessarily indicative of the results for the full fiscal year.
Fiscal Year	Fiscal Year Calendar - The Company operates on a 52-53 week fiscal year calendar. For 2021 and 2020, the Company's fiscal year will end or has ended on December 31, 2021 and January 1, 2021, respectively. The twelve month periods ended December 31, 2021 and January 1, 2021, will include or have included 52 weeks. The three month periods ended April 2, 2021 and April 3, 2020 each included 13 weeks.
Principles of Consolidation	Principles of Consolidation - These condensed consolidated financial statements include the Company and its subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.
Revenue Recognition	Revenue Recognition - Revenues are generated from the sale of performance-defining products and systems to customers worldwide. The Company’s performance-defining products and systems are solutions that improve performance of powered vehicles and bikes. Powered vehicles include Side-by-Sides, on-road vehicles with off-road capabilities, off-road vehicles and trucks, ATVs, snowmobiles, specialty vehicles and applications, and motorcycles. Revenue is measured based on the consideration specified in a contract with a customer. The Company recognizes revenue when it satisfies a performance obligation by transferring control of a product to a customer, generally at the time of shipment. Contracts are generally in the form of purchase orders and are governed by standard terms and conditions. For larger OEMs, the Company may also enter into master agreements. Provisions for discounts, rebates, sales incentives, returns, and other adjustments are generally provided for in the period the related sales are recorded, based on management’s assessment of historical trends and projection of future results. Certain pricing provisions that provide the customer with future discounts are considered a material right. Such material rights result in the deferral of revenue that are recognized when the rights are exercised by the customer. Measuring the material rights requires judgments including forecasts of future sales and product mix.
Segments	Segments - The Company has determined that it has a single operating and reportable segment; manufacturing, sale and service of performance-defining products. The Company considers operating segments to be components of the Company in which separate financial information is available that is evaluated regularly by the Company’s chief operating decision maker in deciding how to allocate resources and in assessing performance. The chief operating decision maker for the Company is the Chief Executive Officer. The Chief Executive Officer reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance.
Use of Estimates	Use of Estimates - The preparation of the Company’s condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. These estimates are based on information available as of the date of the financial statements; therefore, actual results could differ from management’s estimates.
Certain Significant Risks and Uncertainties	Certain Significant Risks and Uncertainties - The Company is subject to those risks common in manufacturing-driven markets, including, but not limited to, competitive forces, dependence on key personnel, customer demand for its products, the successful protection of its proprietary technologies, compliance with government regulations, and the possibility of not being able to obtain additional financing when needed. Additionally, the Company has been impacted by the ongoing coronavirus (“COVID-19”) outbreak. The global outbreak of COVID-19 has negatively affected the U.S. and global economy, disrupted global supply chains, resulted in significant travel and transport restrictions, including mandated closures and orders to “shelter-in-place,” and created significant disruption of the financial markets. Despite the Company’s efforts to manage and remedy these impacts to the Company, the ultimate impact and the extent to which the COVID-19 pandemic will continue to affect the business, results of operation and financial condition is difficult to predict and depends on numerous evolving factors outside of the Company’s control, including: the duration and scope of the pandemic; government, social, business and other actions that have been and will be taken in response to the pandemic; increases in COVID-19 case counts; any additional waves of the virus, availability and ultimate efficacy of the vaccine on the new variants of the virus; and the effect of the pandemic on short- and long-term general economic conditions.
Fair Value Measurements and Financial Instruments	Fair Value Measurements and Financial Instruments - The Financial Accounting Standards Board ("FASB") has issued Accounting Standards Codification ("ASC") 820, Fair Value Measurements and Disclosures, that requires the valuation of assets and liabilities required or permitted to be either recorded or disclosed at fair value based on hierarchy of available inputs as follows: Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2: Quoted prices for similar assets and liabilities in active markets, quoted prices for identical assets and liabilities in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; and Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity).
Recent Accounting Pronouncements	Recent Accounting Pronouncements - In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes, which helps simplify how entities account for income taxes by removing various exceptions related to the recognition of deferred tax liabilities and updating other tax computation requirements. This standard is effective for fiscal years beginning after December 15, 2020 and early adoption is permitted. The Company adopted ASU 2019-12 effective in the first quarter of fiscal year 2021. The adoption of ASU 2019-12 did not have a material impact on the Company's consolidated financial statements. In October 2020, the FASB issued ASU 2020-10, Codification Improvements. The amendments in ASU 2020-10 contain improvements to the Codification by including disclosure guidance in appropriate disclosure and ensuring that all guidance that requires or provides an option for an entity to provide information in the notes to financial statements is codified in the Disclosure Section of the Codification. The ASU also provides clarification to various codification topics to improve consistency in guidance application. The amendments are effective for interim and annual reporting periods in fiscal years beginning after December 15, 2020, with early adoption permitted. The Company adopted ASU 2020-10 effective in the first quarter of fiscal year 2021. The adoption of ASU 2020-10 did not have a material impact on the Company's consolidated financial statements and related disclosures.

Revenues (Tables)

Revenues (Tables)	3 Months Ended
	Apr. 02, 2021
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenues	The following table summarizes total sales by product category: For the three months ended April 2, 2021 April 3, 2020 Powered Vehicles $ 162,747 $ 120,526 Specialty Sports 118,389 63,835 Total sales $ 281,136 $ 184,361 The following table summarizes total sales by sales channel: For the three months ended April 2, 2021 April 3, 2020 OEM $ 151,480 $ 103,748 Aftermarket 129,656 80,613 Total sales $ 281,136 $ 184,361 The following table summarizes total sales generated by geographic location of the customer: For the three months ended April 2, 2021 April 3, 2020 North America $ 180,483 $ 130,622 Asia 51,856 22,878 Europe 45,739 28,959 Rest of the world 3,058 1,902 Total sales $ 281,136 $ 184,361

Inventory (Tables)

Inventory (Tables)	3 Months Ended
	Apr. 02, 2021
Inventory Disclosure [Abstract]
Inventory	Inventory consisted of the following: April 2, January 1, 2021 2021 Raw materials $ 118,902 $ 87,503 Work-in-process 12,067 5,306 Finished goods 35,577 34,282 Total inventory $ 166,546 $ 127,091

Prepaids and Other Current Asse

Prepaids and Other Current Assets (Tables)	3 Months Ended
	Apr. 02, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Current Assets	Prepaids and other current assets consisted of the following: April 2, January 1, 2021 2021 Prepaid chassis deposits $ 30,150 $ 66,812 Advanced payments and prepaid contracts 12,140 8,683 Current portion of acquisition-related compensation held in escrow 4,229 4,518 Other current assets 9,295 7,907 Total $ 55,814 $ 87,920

Property, Plant and Equipment_2

Property, Plant and Equipment, net (Tables)	3 Months Ended
	Apr. 02, 2021
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment, net	Property, plant and equipment, net consisted of the following: April 2, January 1, 2021 2021 Building and building improvements $ 75,738 $ 75,753 Information systems, office equipment and furniture 15,396 14,176 Internal-use computer software 20,752 19,853 Land 9,642 9,698 Leasehold improvements 16,385 15,075 Machinery and manufacturing equipment 89,517 81,281 Transportation equipment 6,475 6,187 Total 233,905 222,023 Less: accumulated depreciation and amortization (63,112) (58,735) Property, plant and equipment, net $ 170,793 $ 163,288
Long-lived Assets by Geographic Location	The Company’s long-lived assets by geographic location are as follows: April 2, January 1, 2021 2021 United States $ 149,277 $ 144,529 International 21,516 18,759 Total long-lived assets $ 170,793 $ 163,288

Leases (Tables)

Leases (Tables)	3 Months Ended
	Apr. 02, 2021
Leases [Abstract]
Lease Costs	Operating lease costs consisted of the following: For the three months ended April 2, 2021 April 3, 2020 Operating lease cost $ 2,070 $ 1,576 Other lease costs (1) 225 274 Total $ 2,295 $ 1,850 (1) Includes short-term leases and variable lease costs. The Company elected a policy exclusion permitting leases with an original lease term of less than one year to be excluded from the right-of-use assets and lease liabilities.
Supplemental Balance Sheet Disclosure	Supplemental balance sheet information related to the Company's operating leases is as follows: Balance Sheet Classification April 2, 2021 Operating lease right-of-use assets Lease right-of-use assets $ 25,308 Current lease liabilities Accrued expenses $ 7,200 Non-current lease liabilities Other liabilities $ 17,947
Maturity of Lease Liabilities	Maturities of lease liabilities by fiscal year for the Company's operating leases are as follows: For fiscal year Total future payments 2021 (excluding the 3 months ended April 2, 2021) $ 5,983 2022 6,731 2023 5,260 2024 3,499 2025 2,775 Thereafter 2,727 Total lease payments 26,975 Less: imputed interest (1,828) Present value of lease liabilities 25,147 Less: current portion (7,200) Lease liabilities less current portion $ 17,947

Accrued Expenses (Tables)

Accrued Expenses (Tables)	3 Months Ended
	Apr. 02, 2021
Payables and Accruals [Abstract]
Accrued Expenses	Accrued expenses consisted of the following: April 2, January 1, 2021 2021 Payroll and related expenses $ 19,268 $ 22,407 Current portion of lease liabilities 7,200 6,754 Warranty 11,521 9,835 Income tax payable 10,231 7,595 Accrued sales rebate 6,904 4,471 Current portion of non-controlling interest buyout liability 3,600 4,550 Other accrued expenses 5,088 3,779 Total $ 63,812 $ 59,391
Activity Related to Warranties	Activity related to warranties is as follows: For the three months ended April 2, 2021 April 3, 2020 Beginning warranty liability $ 9,835 $ 5,649 Charge to cost of sales 3,261 1,054 Fair value of warranty assumed in acquisition — 3,158 Costs incurred (1,575) (1,142) Ending warranty liability $ 11,521 $ 8,719

Debt (Tables)

Debt (Tables)	3 Months Ended
	Apr. 02, 2021
Debt Disclosure [Abstract]
Summary of Second Amended and Restated Credit Facility	The following table summarizes the line of credit under the First Amended and Restated Credit Facility: April 2, 2021 Amount outstanding $ — Standby letters of credit 15,000 Available borrowing capacity 235,000 Total borrowing capacity $ 250,000 Maturity date March 11, 2025
Schedule of Future Principal Payments	As of April 2, 2021, future principal payments for long-term debt, including the current portion, as summarized as follows: April 2, 2021 For fiscal year 2021 (remaining 9 months) $ 10,000 2022 17,500 2023 20,000 2024 20,000 2025 325,000 Total 392,500 Debt issuance cost (5,067) Long-term debt, net of issuance cost 387,433 Less: current portion (12,500) Long-term debt less current portion $ 374,933

Fair Value Measurements and F_2

Fair Value Measurements and Financial Instruments (Tables)	3 Months Ended
	Apr. 02, 2021
Fair Value Disclosures [Abstract]
Liabilities Measured at Fair Value on Recurring Basis	The following table presents the Company's hierarchy for its assets, liabilities and redeemable non-controlling interest measured at fair value on a recurring basis as of the following periods: April 2, 2021 January 1, 2021 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Interest Rate Swap $ — $ 1,895 $ — $ 1,895 $ — $ — $ — $ — Total assets measured at fair value $ — $ 1,895 $ — $ 1,895 $ — $ — $ — $ — Liabilities: Credit Facility $ — $ 387,433 $ — $ 387,433 $ — $ 389,588 $ — $ 389,588 Interest Rate Swap — — — — — 915 — 915 Total liabilities measured at fair value $ — $ 387,433 $ — $ 387,433 $ — $ 390,503 $ — $ 390,503

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Apr. 02, 2021
Share-based Payment Arrangement [Abstract]
Summary of Stock-based Compensation Allocation	The following table summarizes the allocation of stock-based compensation in the accompanying consolidated statements of income: For the three months ended April 2, 2021 April 3, 2020 Cost of sales $ 121 $ 129 Sales and marketing 152 152 Research and development 187 201 General and administrative 2,034 1,439 Total $ 2,494 $ 1,921
Summary of Unvested Restricted Stock Units (RSU) Activity	The following table summarizes the activity for the Company's unvested restricted stock units ("RSU") for the three months ended April 2, 2021: Unvested RSUs Number of shares outstanding Weighted-average grant date fair value Unvested at January 1, 2021 450 $ 50.12 Granted 36 $ 141.35 Canceled (3) $ 46.70 Vested (19) $ 55.00 Unvested at April 2, 2021 464 $ 56.97
Summary of Unvested PSUs Activity	The following table summarizes the activity for the Company's unvested PSUs for the three months ended April 2, 2021: Unvested PSUs Number of shares outstanding Weighted-average grant date fair value Unvested at January 1, 2021 — $ — Granted 26 $ 140.24 Unvested at April 2, 2021 26 $ 140.24

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Apr. 02, 2021
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	For the three months ended April 2, 2021 April 3, 2020 Provision for income taxes $ 4,007 $ 920 Effective tax rates 9.5 % 9.5 %

Acquisitions (Tables)

Acquisitions (Tables)	3 Months Ended
	Apr. 02, 2021
Business Combinations [Abstract]
Schedule of Allocation of Purchase Price	The Company’s allocation of the purchase price to the net tangible and intangible assets acquired and liabilities assumed is as follows: Fair market values Tangible assets acquired $ 28,678 Liabilities assumed (32,479) Intangible assets 139,900 Goodwill 195,754 Total $ 331,853

Revenues - Sales by Product Cat

Revenues - Sales by Product Category (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 02, 2021	Apr. 03, 2020
Disaggregation of Revenue [Line Items]
Total sales	$ 281,136	$ 184,361
Powered Vehicles
Disaggregation of Revenue [Line Items]
Total sales	162,747	120,526
Specialty Sports
Disaggregation of Revenue [Line Items]
Total sales	$ 118,389	$ 63,835

Revenues - Sales by Sales Chann

Revenues - Sales by Sales Channel (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 02, 2021	Apr. 03, 2020
Disaggregation of Revenue [Line Items]
Total sales	$ 281,136	$ 184,361
OEM
Disaggregation of Revenue [Line Items]
Total sales	151,480	103,748
Aftermarket
Disaggregation of Revenue [Line Items]
Total sales	$ 129,656	$ 80,613

Revenues - Sales by Geographic

Revenues - Sales by Geographic Location (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 02, 2021	Apr. 03, 2020
Disaggregation of Revenue [Line Items]
Total sales	$ 281,136	$ 184,361
North America
Disaggregation of Revenue [Line Items]
Total sales	180,483	130,622
Asia
Disaggregation of Revenue [Line Items]
Total sales	51,856	22,878
Europe
Disaggregation of Revenue [Line Items]
Total sales	45,739	28,959
Rest of the world
Disaggregation of Revenue [Line Items]
Total sales	$ 3,058	$ 1,902

Revenues - Narrative (Details)

Revenues - Narrative (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 $ in Thousands	Apr. 02, 2021USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
revenue expected to be recognized from remaining performance obligations	$ 30,304
Expected timing of performance obligation	1 year

Inventory (Details)

Inventory (Details) - USD ($) $ in Thousands	Apr. 02, 2021	Jan. 01, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 118,902	$ 87,503
Work-in-process	12,067	5,306
Finished goods	35,577	34,282
Total inventory	$ 166,546	$ 127,091

Prepaids and Other Current As_2

Prepaids and Other Current Assets (Details) - USD ($) $ in Thousands	Apr. 02, 2021	Jan. 01, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid chassis deposits	$ 30,150	$ 66,812
Advanced payments and prepaid contracts	12,140	8,683
Current portion of acquisition-related compensation held in escrow	4,229	4,518
Other current assets	9,295	7,907
Total	$ 55,814	$ 87,920

Property, Plant and Equipment_3

Property, Plant and Equipment, net - Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Apr. 02, 2021	Jan. 01, 2021
Property, Plant and Equipment [Line Items]
Property, plant and equipment gross	$ 233,905	$ 222,023
Less: accumulated depreciation and amortization	(63,112)	(58,735)
Property, plant and equipment, net	170,793	163,288
Building and building improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment gross	75,738	75,753
Information systems, office equipment and furniture
Property, Plant and Equipment [Line Items]
Property, plant and equipment gross	15,396	14,176
Internal-use computer software
Property, Plant and Equipment [Line Items]
Property, plant and equipment gross	20,752	19,853
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment gross	9,642	9,698
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment gross	16,385	15,075
Machinery and manufacturing equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment gross	89,517	81,281
Transportation equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment gross	$ 6,475	$ 6,187

Property, Plant and Equipment_4

Property, Plant and Equipment, net - Long-lived Assets by Geographic Location (Details) - USD ($) $ in Thousands	Apr. 02, 2021	Jan. 01, 2021
Property, Plant and Equipment [Line Items]
Total long-lived assets	$ 170,793	$ 163,288
United States
Property, Plant and Equipment [Line Items]
Total long-lived assets	149,277	144,529
International
Property, Plant and Equipment [Line Items]
Total long-lived assets	$ 21,516	$ 18,759

Leases - Narrative (Details)

Leases - Narrative (Details)	3 Months Ended
	Apr. 02, 2021
Lessee, Lease, Description [Line Items]
Renewal term	5 years
Option to terminate, term	1 year
Weighted-average remaining lease term	4 years 4 months 9 days
Weighted-average incremental borrowing rate	3.14%
Minimum
Lessee, Lease, Description [Line Items]
Contract term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Contract term	7 years

Leases - Lease Costs (Details)

Leases - Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 02, 2021	Apr. 03, 2020
Leases [Abstract]
Operating lease cost	$ 2,070	$ 1,576
Other lease costs	225	274
Total	$ 2,295	$ 1,850

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Apr. 02, 2021	Jan. 01, 2021
Leases [Abstract]
Operating lease right-of-use assets	$ 25,308	$ 26,148
Current lease liabilities	7,200	$ 6,754
Non-current lease liabilities	$ 17,947

Leases - Maturity of Lease Liab

Leases - Maturity of Lease Liabilities (Details) - USD ($) $ in Thousands	Apr. 02, 2021	Jan. 01, 2021
Leases [Abstract]
2021 (excluding the 3 months ended April 2, 2021)	$ 5,983
2022	6,731
2023	5,260
2024	3,499
2025	2,775
Thereafter	2,727
Total lease payments	26,975
Less: imputed interest	(1,828)
Present value of lease liabilities	25,147
Less: current portion	(7,200)	$ (6,754)
Lease liabilities less current portion	$ 17,947

Accrued Expenses - Accrued Expe

Accrued Expenses - Accrued Expense Components (Details) - USD ($) $ in Thousands	Apr. 02, 2021	Jan. 01, 2021	Apr. 03, 2020	Jan. 03, 2020
Payables and Accruals [Abstract]
Payroll and related expenses	$ 19,268	$ 22,407
Current portion of lease liabilities	7,200	6,754
Warranty	11,521	9,835	$ 8,719	$ 5,649
Income tax payable	10,231	7,595
Accrued sales rebate	6,904	4,471
Current portion of non-controlling interest buyout liability	3,600	4,550
Other accrued expenses	5,088	3,779
Accrued expenses	$ 63,812	$ 59,391

Accrued Expenses - Activity Rel

Accrued Expenses - Activity Related to Warranties (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 02, 2021	Apr. 03, 2020
Movement in Standard Product Warranty Accrual [Roll Forward]
Beginning warranty liability	$ 9,835	$ 5,649
Charge to cost of sales	3,261	1,054
Fair value of warranty assumed in acquisition	0	3,158
Costs incurred	(1,575)	(1,142)
Ending warranty liability	$ 11,521	$ 8,719

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($) $ in Thousands	May 11, 2016	Apr. 02, 2021	Aug. 17, 2020	Jun. 19, 2020	Mar. 11, 2020
Debt Instrument [Line Items]
Debt issuance costs		$ 7,615
Unamortized debt issuance costs		$ 434
Weighted average interest rate on outstanding borrowings		1.87%
Interest rate swap
Debt Instrument [Line Items]
Amount of interest rate swap			$ 200,000
Other Expense
Debt Instrument [Line Items]
Unamortized debt issuance costs		$ 277
LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)		0.11%
LIBOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.00%
LIBOR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	2.25%
Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)		3.25%
Prime Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	0.00%
Prime Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.25%
Term Loan
Debt Instrument [Line Items]
Term loan amount				$ 400,000
Debt issuance costs		$ 6,458
Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility		25,000			$ 250,000
Debt issuance costs		1,157
Unamortized debt issuance costs		157
Standby letters of credit		$ 15,000

Debt - Summary of Amended and R

Debt - Summary of Amended and Restated Credit Facility (Details) $ in Thousands	Apr. 02, 2021USD ($)
Debt Disclosure [Abstract]
Amount outstanding	$ 0
Available borrowing capacity	$ 235,000

Debt - Future Payments for Long

Debt - Future Payments for Long-term Debt (Details) - USD ($) $ in Thousands	Apr. 02, 2021	Jan. 01, 2021
Debt Disclosure [Abstract]
2021 (remaining 9 months)	$ 10,000
2022	17,500
2023	20,000
2024	20,000
2025	325,000
Total	392,500
Debt issuance cost	(5,067)
Long-term debt, net of issuance cost	387,433
Less: current portion	(12,500)	$ (12,500)
Long-term debt less current portion	$ 374,933	$ 377,088

Commitment and Contingencies (D

Commitment and Contingencies (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 02, 2021	Apr. 03, 2020	Jul. 22, 2020	Nov. 30, 2017
Loss Contingencies [Line Items]
Installment payment, 2020	$ 6,556
Installment payment, 2021	4,550
Installment payment, 2022	2,700
Payments for Repurchase of Redeemable Noncontrolling Interest	$ 1,850	$ 0
Shares held in escrow (in shares)	136,000
Remaining liability	$ 16,569
Shares released (in shares)	19,000
SCA
Loss Contingencies [Line Items]
Call option to acquire remaining interest			20.00%	20.00%

Derivatives and Hedging (Detail

Derivatives and Hedging (Details) - Interest rate swap - USD ($) $ in Thousands	Apr. 02, 2021	Aug. 17, 2020
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of interest rate swap		$ 200,000
Base fixed rate, payment		0.73%
Return rate		0.50%
Fair value of interest rate swap	$ 1,895

Fair Value Measurements and F_3

Fair Value Measurements and Financial Instruments - Liabilities at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Apr. 02, 2021	Jan. 01, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets measured at fair value	$ 1,895	$ 0
Credit Facility	387,433	389,588
Total liabilities measured at fair value	387,433	390,503
Interest rate swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest Rate Swap, asset	1,895	0
Interest Rate Swap, liability	0	915
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets measured at fair value	0	0
Credit Facility	0	0
Total liabilities measured at fair value	0	0
Level 1 | Interest rate swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest Rate Swap, asset	0	0
Interest Rate Swap, liability	0	0
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets measured at fair value	1,895	0
Credit Facility	387,433	389,588
Total liabilities measured at fair value	387,433	390,503
Level 2 | Interest rate swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest Rate Swap, asset	1,895	0
Interest Rate Swap, liability	0	915
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets measured at fair value	0	0
Credit Facility	0	0
Total liabilities measured at fair value	0	0
Level 3 | Interest rate swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest Rate Swap, asset	0	0
Interest Rate Swap, liability	$ 0	$ 0

Stockholders' Equity - Narrtive

Stockholders' Equity - Narrtive (Details) - USD ($) $ / shares in Units, $ in Thousands	Jan. 01, 2021	Jun. 30, 2020	Apr. 02, 2021	Apr. 03, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Underwriters commission		$ 511
Allocated share-based compensation expense	$ 421		$ 2,494	$ 1,921
Number of stock options exercised (in shares)			144,000
Anti-dilutive shares excluded from calculation of diluted earnings per share			54,000
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense related to RSUs			$ 19,544
Period for recognition of unrecognized stock-based compensation expense			2 years 5 months 12 days
PSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense related to RSUs			$ 7,270
Period for recognition of unrecognized stock-based compensation expense			2 years 3 months
PSU | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period			2
Performance goal, percentage			0.00%
PSU | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period			3
Performance goal, percentage			200.00%
Secondary Stock Offering
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued (in shares)		2,760,000
Purchase price (in dollars per share)		$ 76
Proceeds from issuance of common stock		$ 209,760
Underwriters discounts		$ 11,015
Over-Allotment Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued (in shares)		360,000
Net proceeds from issuance of common stock		$ 198,233

Stockholders' Equity - Equity I

Stockholders' Equity - Equity Incentive Plans (Details) - USD ($) $ in Thousands	Jan. 01, 2021	Apr. 02, 2021	Apr. 03, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Allocated share-based compensation expense	$ 421	$ 2,494	$ 1,921
Cost of sales
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Allocated share-based compensation expense		121	129
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Allocated share-based compensation expense		152	152
Research and development
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Allocated share-based compensation expense		187	201
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Allocated share-based compensation expense		$ 2,034	$ 1,439

Stockholders' Equity - Unvested

Stockholders' Equity - Unvested RSU Activity (Details)	3 Months Ended
	Apr. 02, 2021$ / sharesshares
Number of shares outstanding
Granted (in shares) | shares	36,000
Canceled (in shares) | shares	(3,000)
Vested (in shares) | shares	(19,000)
Unvested at end of period (in shares) | shares	464,000
Weighted-average grant date fair value
Granted (in usd per share) | $ / shares	$ 141.35
Forfeited (in usd per share) | $ / shares	46.70
Vested (in usd per share) | $ / shares	55
Unvested at end of period (in usd per share) | $ / shares	$ 56.97
RSUs
Number of shares outstanding
Unvested at beginning of period (in shares) | shares	450,000
Weighted-average grant date fair value
Unvested at beginning of period (in usd per share) | $ / shares	$ 50.12

Stockholders' Equity - Unvest_2

Stockholders' Equity - Unvested PSU Activity (Details)	3 Months Ended
	Apr. 02, 2021$ / sharesshares
Number of shares outstanding
Granted (in shares) | shares	36,000
Unvested at end of period (in shares) | shares	464,000
Weighted-average grant date fair value
Granted (in usd per share) | $ / shares	$ 141.35
Unvested at end of period (in usd per share) | $ / shares	$ 56.97
PSU
Number of shares outstanding
Unvested at beginning of period (in shares) | shares	0
Granted (in shares) | shares	26,000
Unvested at end of period (in shares) | shares	26,000
Weighted-average grant date fair value
Unvested at beginning of period (in usd per share) | $ / shares	$ 0
Granted (in usd per share) | $ / shares	140.24
Unvested at end of period (in usd per share) | $ / shares	$ 140.24

Income Taxes - Components (Deta

Income Taxes - Components (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 02, 2021	Apr. 03, 2020
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 4,007	$ 920
Effective tax rates	9.50%	9.50%

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details)	3 Months Ended
	Apr. 02, 2021	Apr. 03, 2020
Income Tax Disclosure [Abstract]
Effective tax rates	9.50%	9.50%
Federal statutory rate	21.00%

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	Jul. 22, 2020	Mar. 11, 2020	Apr. 02, 2021
Rental of Buildings
Related Party Transaction [Line Items]
Payments made under lease			$ 16
Founder and Minority Stockholder
Related Party Transaction [Line Items]
Payments made under lease			48
SCA
Related Party Transaction [Line Items]
Purchase of vehicle parts		$ 202
Sale of unfit packages		$ 120
Related parties, accounts payable			27
Related parties, accounts receivable			$ 88
Call option to acquire remaining interest	20.00%
Business combination, consideration transferred	$ 24,975

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) - USD ($) $ in Thousands	Mar. 11, 2020	Apr. 02, 2021	Apr. 03, 2020	Jan. 01, 2021
Business Acquisition [Line Items]
Ownership interest acquired	100.00%
Goodwill		$ 289,175		$ 289,349
Minimum
Business Acquisition [Line Items]
Useful life	5 years
Maximum
Business Acquisition [Line Items]
Useful life	10 years
SCA
Business Acquisition [Line Items]
Business combination, purchase price	$ 331,853
Performance-based retention incentives	10,589
Cash performance-based retention incentive	9,283
Stock performance-based retention incentives	1,306
Costs associated with performance-based incentives		1,290
Acquisition cost			$ 10,579
Business acquisition, executive compensation of acquiree management		$ 1,750
Goodwill	195,754
Remaining net tax basis	$ 77,989

Acquisitions - Allocation of Pu

Acquisitions - Allocation of Purchase Price (Details) - USD ($) $ in Thousands	Apr. 02, 2021	Jan. 01, 2021	Mar. 11, 2020
Business Acquisition [Line Items]
Goodwill	$ 289,175	$ 289,349
SCA
Business Acquisition [Line Items]
Tangible assets acquired			$ 28,678
Liabilities assumed	$ (32,479)
Intangible assets			139,900
Goodwill			195,754
Total			$ 331,853