Consolidated Balance Sheets (Parenthetical) - $ / shares |
Apr. 04, 2023 |
Jan. 03, 2023 |
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| Statement Of Financial Position [Abstract] | ||
| Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
| Preferred stock, issued | 0 | 0 |
| Preferred stock, outstanding | 0 | 0 |
| Common stock, par value | $ 0 | $ 0 |
| Common stock, shares authorized | 125,000,000 | 125,000,000 |
| Common stock, shares issued | 23,529,000 | 23,392,000 |
| Common stock, shares outstanding | 23,529,000 | 23,392,000 |
Unaudited Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | |||
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Apr. 04, 2023 |
Mar. 29, 2022 |
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| Income Statement [Abstract] | ||||
| Revenues | $ 341,280 | $ 298,729 | ||
| Restaurant operating costs (excluding depreciation and amortization): | ||||
| Cost of sales | 90,877 | 81,466 | ||
| Labor and benefits | 128,333 | 116,286 | ||
| Occupancy and operating | 79,146 | 71,701 | ||
| General and administrative | 19,706 | 18,253 | ||
| Depreciation and amortization | 17,612 | 17,976 | ||
| Restaurant opening | 844 | 583 | ||
| Loss on disposal and impairment of assets, net | 2,146 | 157 | ||
| Total costs and expenses | 338,664 | 306,422 | ||
| Income (loss) from operations | 2,616 | (7,693) | ||
| Other (expense) income: | ||||
| Other income (expense): | (1,121) | (634) | ||
| Other income (expense), net | [1] | 196 | (388) | |
| Total other expense | (925) | (1,022) | ||
| Income (loss) before income taxes | 1,691 | (8,715) | ||
| Income tax benefit | (1,790) | (10,175) | ||
| Net income | $ 3,481 | $ 1,460 | ||
| Net income per share: | ||||
| Basic | $ 0.15 | $ 0.06 | ||
| Diluted | $ 0.15 | $ 0.06 | ||
| Weighted average number of shares outstanding: | ||||
| Basic | 23,481 | 23,377 | ||
| Diluted | 23,926 | 23,716 | ||
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Unaudited Consolidated Statements of Operations (Parenthetical) - USD ($) |
3 Months Ended | |
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Apr. 04, 2023 |
Mar. 29, 2022 |
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| Income Statement [Abstract] | ||
| Related party net loss related to investment | $ 40,000 | $ 0 |
Basis of Presentation |
3 Months Ended |
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Apr. 04, 2023 | |
| Accounting Policies [Abstract] | |
| Basis of Presentation | 1. BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements include the accounts of BJ’s Restaurants, Inc. (referred to herein as the “Company,” “we,” “us” and “our”) and our wholly owned subsidiaries. The consolidated financial statements presented herein include all material adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary for a fair presentation of our financial condition, results of operations, shareholders’ equity and cash flows for the periods presented. Our consolidated financial statements and accompanying notes have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Certain information and footnote disclosures normally included in consolidated financial statements in accordance with U.S. GAAP have been omitted pursuant to the U.S. Securities and Exchange Commission (“SEC”) rules. The preparation of financial statements in conformity with U.S. GAAP requires us to make certain estimates and assumptions for the reporting periods covered by the financial statements. These estimates and assumptions affect the reported amounts of assets, liabilities, revenues and expenses. Actual amounts could differ from these estimates. Our operating results for the thirteen weeks ended April 4, 2023 may not be indicative of operating results for the entire year. A description of our accounting policies and other financial information is included in our audited consolidated financial statements filed with the SEC on Form 10-K for the fiscal year ended January 3, 2023. The disclosures included in our accompanying interim consolidated financial statements and footnotes should be read in conjunction with our consolidated financial statements and notes thereto included in the Annual Report on Form 10-K and our other reports filed from time to time with the Securities and Exchange Commission. |
Revenue Recognition |
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| Revenue From Contract With Customer [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue Recognition | 2. REVENUE RECOGNITION Our revenues are comprised of food and beverage sales from our restaurants. Revenues from restaurant sales are recognized when payment is tendered. Amounts paid with a credit card are recorded in accounts and other receivables until payment is collected from the credit card processor. We sell gift cards which do not have an expiration date, and we do not deduct non-usage fees from outstanding gift card balances. Gift card sales are recorded as a liability and recognized as revenues upon redemption in our restaurants. Based on historical redemption rates, a portion of our gift card sales are not expected to be redeemed and will be recognized as gift card “breakage.” Estimated gift card breakage is recorded as revenue and recognized in proportion to our historical redemption pattern, unless there is a legal obligation to remit the unredeemed gift cards to government authorities. Our “BJ’s Premier Rewards Plus” guest loyalty program enables participants to earn points for qualifying purchases that can be redeemed for food and beverages in the future. We allocate the transaction price between the goods delivered and the future goods that will be delivered on a relative standalone selling price basis, and defer the revenues allocated to the points, less expected expirations, until such points are redeemed.
The liability related to our gift card and loyalty program, included in “Accrued expenses” on our Consolidated Balance Sheets is as follows (in thousands):
Revenue recognized for the redemption of gift cards and loyalty rewards deferred at the beginning of each respective fiscal year is as follows (in thousands):
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Leases |
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| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases | 3. LEASES We determine if a contract contains a lease at inception. Our material operating leases consist of restaurant locations and office space. U.S. GAAP requires that our leases be evaluated and classified as operating or finance leases for financial reporting purposes. The classification evaluation begins at the commencement date, and the lease term used in the evaluation includes the non-cancellable period for which we have the right to use the underlying asset, together with renewal option periods when the exercise of the renewal option is reasonably certain and failure to exercise such option would result in an economic penalty. All of our restaurant and office space leases are classified as operating leases. We have elected to account for lease and non-lease components as a single lease component for office and beverage gas equipment. We do not have any finance leases. Lease costs included in “Occupancy and operating” on the Consolidated Statements of Operations consisted of the following (in thousands):
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Long-Term Debt |
3 Months Ended |
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Apr. 04, 2023 | |
| Debt Disclosure [Abstract] | |
| Long-Term Debt | 4. LONG-TERM DEBT
Line of Credit On November 3, 2021, we entered into a Fourth Amended and Restated Credit Agreement (“Credit Facility”) with Bank of America, N.A. (“BofA”), JPMorgan Chase Bank, N.A., and certain other parties to amend and restate our revolving line of credit (the “Line of Credit”) to improve the pricing, extend the maturity date, change the interest reference rate, eliminate certain financial covenants and conditions, and reset other financial covenants starting with the fourth quarter of 2021. Our Credit Facility matures on November 3, 2026, and provides us with revolving loan commitments totaling $215 million, which may be increased up to $315 million, of which $50 million may be used for the issuance of letters of credit. Availability under the Credit Facility is reduced by outstanding letters of credit, which are used to support our self-insurance programs. On April 4, 2023, there were borrowings of $60.0 million and letters of credit of $16.2 million outstanding, leaving $138.8 million available to borrow. Borrowings under the Line of Credit bear interest at an annual rate equal to either (a) the Bloomberg Short-Term Bank Yield Index rate (“BSBY”) plus a percentage not to exceed 2.00% (with a floor on BSBY of 0.00%), or (b) a percentage not to exceed 1.00% above a Base Rate equal to the highest of (i) the Federal Funds Rate plus 1/2 of 1.00%, (ii) BofA’s Prime Rate, (iii) the BSBY rate plus 1.00%, and (iv) 1.00%, in either case depending on the level of lease and debt obligations of the Company as compared to EBITDA plus lease expenses. The weighted average interest rate during the thirteen weeks ended April 4, 2023 and March 29, 2022 was approximately 6.4% and 2.1%, respectively. The Credit Facility is secured by the Company’s assets and contains provisions requiring us to maintain compliance with certain covenants, including a Fixed Charge Coverage Ratio and a Lease Adjusted Leverage Ratio. On April 4, 2023, we were in compliance with these covenants. Pursuant to the Line of Credit, we are required to pay certain customary fees and expenses associated with maintenance and use of the Line of Credit, including letter of credit issuance fees, unused commitment fees and interest, which are payable monthly. Interest expense and commitment fees under the Credit Facility were approximately $1.1 million and $0.6 million, for the thirteen weeks ended April 4, 2023 and March 29, 2022, respectively. We also capitalized approximately $0.1 million and $37,000 of interest expense related to new restaurant construction during each of the thirteen weeks ended April 4, 2023 and March 29, 2022, respectively. |
Net Income Per Share |
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| Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Income Per Share | 5. NET INCOME PER SHARE Basic and diluted net income per share is calculated by dividing net income by the weighted average number of common shares outstanding during the period. The number of diluted shares reflects the potential dilution that could occur if holders of in-the-money options and warrants were to exercise their right to convert these instruments into common stock and the restrictions on restricted stock units (“RSUs”) were to lapse. Additionally, performance-based RSUs are considered contingent shares; therefore, at each reporting date we determine the probable number of shares that will vest and include these contingently issuable shares in our diluted share calculation unless they are anti-dilutive. Once these performance-based RSUs vest, they are included in our basic net income per share calculation. The following table presents a reconciliation of basic and diluted net income per share, including the number of dilutive equity awards included in the dilutive net income per share computation (in thousands):
For the thirteen weeks ended April 4, 2023 and March 29, 2022, there were approximately 0.9 million and 1.1 million of equity awards, respectively, that were excluded from the calculation of diluted net income per share because they are anti-dilutive. |
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Stock-Based Compensation |
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| Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-Based Compensation | 6. STOCK-BASED COMPENSATION Our current shareholder approved stock-based compensation plan is the BJ’s Restaurants, Inc. Equity Incentive Plan, (as amended from time to time, “the Plan”). Under the Plan, we may issue shares of our common stock to team members, officers, directors and consultants. We have historically granted incentive stock options, non-qualified stock options, restricted stock and performance and time-based restricted stock units. Stock options are charged against the Plan share reserve on the basis of one share for each share of common stock issuable upon exercise of options granted. All options granted under the Plan expire within 10 years of their date of grant. Grants of restricted stock, RSUs, performance shares and performance units, if any, are currently charged against the Plan share reserve on the basis of 1.5 shares for each share granted. The Plan also contains other limits on the terms of incentive grants such as the maximum number that can be granted to a team member during any fiscal year. Under the Plan, we issue time-based and performance-based RSUs and non-qualified stock options to senior vice presidents and above on an annual basis. We issue time-based RSUs and non-qualified stock options to vice presidents on an annual basis. New hires are given the option between receiving their full grant as a time-based RSU or split evenly between non-qualified stock options and time-based RSUs. We issue time-based RSUs to other select support team members, and we issue time-based RSUs to non-employee members of our Board of Directors. We also issue time-based RSUs in connection with the BJ’s Gold Standard Stock Ownership Program (the “GSSOP”). The GSSOP is a long-term equity incentive program for our restaurant general managers, executive kitchen managers, directors of operations and directors of kitchen operations. All GSSOP participants are required to remain in good standing during their vesting period. The Plan permits our Board of Directors to set the vesting terms and exercise period for awards at their discretion; however, the grant of awards with no minimum vesting period or a vesting period less than one year may not exceed 5% of the total number of shares authorized under the Plan. Stock options and time-based RSUs vest ratably over one, three or five years for non-GSSOP participants and either cliff vest at five years or cliff vest at 33% on the third anniversary and 67% on the fifth anniversary for GSSOP participants. Performance-based RSUs cliff vest on the third anniversary of the grant date in an amount from 0% to 225% of the grant quantity, dependent on the level of performance target achievement. The following table presents the stock-based compensation recognized within our consolidated financial statements (in thousands):
(1) Capitalized stock-based compensation relates to our restaurant development personnel and is included in “Property and equipment, net” on the Consolidated Balance Sheets. Stock Options The fair value of each stock option was estimated on the grant date using the Black‑Scholes option-pricing model with the following weighted average assumptions:
U.S. GAAP requires us to make certain assumptions and estimates regarding the grant date fair value. These include expected volatility, risk-free interest rate, expected option life, and dividend yield. These assumptions and estimates are determined using inputs that, in many cases, are outside of our control. Changes in these assumptions and estimates, including stock price volatility, dividend yield and risk-free interest rate, may significantly impact the fair value of future grants resulting in a significant impact to our financial results. Under our stock-based compensation plan, the exercise price of a stock option is required to equal or exceed the fair value of our common stock at market close on the option grant date or the last trading day prior to the date of grant when grants take place on a day when the market is closed. The following table presents stock option activity:
As of April 4, 2023, total unrecognized stock-based compensation expense related to non-vested stock options was approximately $3.5 million, which is expected to be recognized over the next three years. Restricted Stock Units Time-Based Restricted Stock Units The following table presents time-based restricted stock unit activity:
The fair value of time-based RSUs is equal to the fair value of our common stock at market close on the date of grant or the last trading day prior to the date of grant when grants take place on a day when the market is closed. The fair value of each time-based RSU is expensed over the vesting period (e.g., one, three or five years). As of April 4, 2023, total unrecognized stock-based compensation expense related to non-vested RSUs was approximately $13.7 million, which is expected to be recognized over the next five years. Performance-Based Restricted Stock Units The following table presents performance-based restricted stock unit activity:
The fair value of performance-based RSUs is equal to the fair value of our common stock at market close on the date of grant or the last trading day prior to the date of grant when grants take place on a day when the market is closed. The fair value of each performance-based RSU is expensed, based on management’s current estimate of the level that the performance goal will be achieved. As of April 4, 2023, based on the target level of performance, the total unrecognized stock-based compensation expense related to non-vested performance-based RSUs was approximately $2.9 million, which is expected to be recognized over the next three years. |
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Income Taxes |
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| Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes | 7. INCOME TAXES We calculate our interim income tax provision in accordance with ASC Topic 270, “Interim Reporting” and ASC Topic 740, “Accounting for Income Taxes.” The related tax expense or benefit is recognized in the interim period in which it occurs. In addition, the effect of changes in enacted tax laws, rates or tax status is recognized in the interim period in which the change occurs. The computation of the annual estimated effective tax rate at each interim period requires certain significant estimates and judgment including the expected operating income for the year, permanent and temporary differences as a result of differences between amounts measured and recognized in accordance with tax laws and financial accounting standards, and the likelihood of recovering deferred tax assets. The accounting estimates used to compute income tax expense may change as new events occur, additional information is obtained or the tax environment changes. Our effective income tax benefit rate for the thirteen weeks ended April 4, 2023 was a benefit of 105.9% compared to a benefit rate of 116.8% for the comparable thirteen-week period of 2022. The effective tax rate benefit for the thirteen weeks ended April 4, 2023 and March 29, 2022, was different from the statutory tax rate primarily as a result of significant Federal Insurance Contributions Act (“FICA”) tax tip credits. As of April 4, 2023, we had unrecognized tax benefits of approximately $1.0 million, of which approximately $0.9 million, if reversed, would impact our effective tax rate. A reconciliation of the beginning and ending amount of unrecognized tax benefits is the following (in thousands):
Our uncertain tax positions are related to tax years that remain subject to examination by tax agencies. As of April 4, 2023, the earliest tax year still subject to examination by the Internal Revenue Service is 2015. The earliest year still subject to examination by a significant state or local taxing authority is 2018. |
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Legal Proceedings |
3 Months Ended |
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Apr. 04, 2023 | |
| Commitments And Contingencies Disclosure [Abstract] | |
| Legal Proceedings | 8. LEGAL PROCEEDINGS We are subject to lawsuits, administrative proceedings and demands that arise in the ordinary course of our business and which typically involve claims from guests, team members and others related to operational, employment, real estate and intellectual property issues common to the foodservice industry. A number of these claims may exist at any given time. We are self-insured for a portion of our general liability, team member workers’ compensation and employment practice liability insurance requirements. We maintain coverage with a third-party insurer to limit our total exposure. We believe that most of our claims will be covered by our insurance, subject to coverage limits and the portion of such claims that are self-insured; however, punitive damages awards are not covered by our insurance. To date, we have not been ordered to pay punitive damages with respect to any claims, but there can be no assurance that punitive damages will not be awarded with respect to any future claims. We could be affected by adverse publicity resulting from allegations in lawsuits, claims and proceedings, regardless of whether these allegations are valid or whether we are ultimately determined to be liable. We currently believe that the final disposition of these type of lawsuits, proceedings and claims will not have a material adverse effect on our financial position, results of operations or liquidity. It is possible, however, that our future results of operations for a particular quarter or fiscal year could be impacted by changes in circumstances relating to lawsuits, proceedings or claims. |
Shareholders' Equity |
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Apr. 04, 2023 | |
| Equity [Abstract] | |
| Shareholders' Equity | 9. SHAREHOLDERS’ EQUITY Stock Repurchases During the thirteen weeks ended April 4, 2023, we did not repurchase shares of our common stock. As of April 4, 2023, we have approximately $22.1 million remaining under the current $500 million share repurchase plan approved by our Board of Directors. Repurchases may be made at any time. Cash Dividends Due to the COVID-19 pandemic, we suspended quarterly cash dividends until such time as the Board of Directors determines that resumption of dividend payments is in the best interest of the Company and its shareholders. The only cash dividends paid during the thirteen weeks ended April 4, 2023 were related to dividends (declared prior to fiscal 2020) which vested under our stock compensation plans. |
Related Party Transactions |
3 Months Ended |
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Apr. 04, 2023 | |
| Related Party Transactions [Abstract] | |
| Related Party Transactions | 10. RELATED PARTY TRANSACTIONS BJ's Act III, LLC On January 17, 2022, we entered into a consulting agreement for defined services with Act III Management, LLC, an affiliate of BJ’s Act III, LLC, one of our beneficial stockholders, and Act III Holdings, LLC, of which two current members of the Board of Directors are a partner, for $100,000, with a possible additional phase for $45,000. During fiscal 2022, we moved forward with the additional phase, and in October 2022 we signed an extension to the agreement for a second additional phase for $50,000, bringing the total agreement to $195,000. All phases were completed and the agreement expired on December 31, 2022. Equity Method Investment During fiscal 2022, we contributed internally developed software valued at $5.0 million to a company, of which our retired Chief Executive Officer and a member of our Board of Directors has a less than 1% interest. We recorded this non-cash contribution, in exchange for a 20% ownership of the company, as an investment within “Equity method investment” on our Consolidated Balance Sheets, and the related gain within “Loss on disposal and impairment of assets, net” on our Consolidated Statements of Operations. For the thirteen weeks ended April 4, 2023, we recorded our interest in the net loss related to the investment of $40,000 within “Other income (expense), net,” and accordingly adjusted the investment carrying amount on our Consolidated Balance Sheets. |
Basis of Presentation (Policies) |
3 Months Ended |
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Apr. 04, 2023 | |
| Accounting Policies [Abstract] | |
| Basis of Presentation | The accompanying unaudited consolidated financial statements include the accounts of BJ’s Restaurants, Inc. (referred to herein as the “Company,” “we,” “us” and “our”) and our wholly owned subsidiaries. The consolidated financial statements presented herein include all material adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary for a fair presentation of our financial condition, results of operations, shareholders’ equity and cash flows for the periods presented. Our consolidated financial statements and accompanying notes have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Certain information and footnote disclosures normally included in consolidated financial statements in accordance with U.S. GAAP have been omitted pursuant to the U.S. Securities and Exchange Commission (“SEC”) rules. The preparation of financial statements in conformity with U.S. GAAP requires us to make certain estimates and assumptions for the reporting periods covered by the financial statements. These estimates and assumptions affect the reported amounts of assets, liabilities, revenues and expenses. Actual amounts could differ from these estimates. Our operating results for the thirteen weeks ended April 4, 2023 may not be indicative of operating results for the entire year. A description of our accounting policies and other financial information is included in our audited consolidated financial statements filed with the SEC on Form 10-K for the fiscal year ended January 3, 2023. The disclosures included in our accompanying interim consolidated financial statements and footnotes should be read in conjunction with our consolidated financial statements and notes thereto included in the Annual Report on Form 10-K and our other reports filed from time to time with the Securities and Exchange Commission. |
| Net (Loss) Income Per Share | Basic and diluted net income per share is calculated by dividing net income by the weighted average number of common shares outstanding during the period. The number of diluted shares reflects the potential dilution that could occur if holders of in-the-money options and warrants were to exercise their right to convert these instruments into common stock and the restrictions on restricted stock units (“RSUs”) were to lapse. Additionally, performance-based RSUs are considered contingent shares; therefore, at each reporting date we determine the probable number of shares that will vest and include these contingently issuable shares in our diluted share calculation unless they are anti-dilutive. Once these performance-based RSUs vest, they are included in our basic net income per share calculation. |
Revenue Recognition (Tables) |
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Apr. 04, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
| Revenue From Contract With Customer [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
| Gift Card Liability and Loyalty Program Included in Accrued Expenses on Consolidated Balance Sheets | The liability related to our gift card and loyalty program, included in “Accrued expenses” on our Consolidated Balance Sheets is as follows (in thousands):
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| Revenue Recognized for Redemption of Gift Cards and Loyalty Rewards Deferred | Revenue recognized for the redemption of gift cards and loyalty rewards deferred at the beginning of each respective fiscal year is as follows (in thousands):
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Leases (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 04, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Lease Costs | Lease costs included in “Occupancy and operating” on the Consolidated Statements of Operations consisted of the following (in thousands):
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Net Income Per Share (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 04, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reconciliation of Basic and Diluted Net Income Per Share Computations and Number of Dilutive Equity Awards Included in Dilutive Net Income Per Share Computation | The following table presents a reconciliation of basic and diluted net income per share, including the number of dilutive equity awards included in the dilutive net income per share computation (in thousands):
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Stock-Based Compensation (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 04, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-Based Compensation Recognized within Our Consolidated Financial Statements | The following table presents the stock-based compensation recognized within our consolidated financial statements (in thousands):
(1)
Capitalized stock-based compensation relates to our restaurant development personnel and is included in “Property and equipment, net” on the Consolidated Balance Sheets. |
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| Black-Scholes Option-Pricing Model, Weighted Average Assumptions Used to Estimate the Fair Value of Each Stock Option | The fair value of each stock option was estimated on the grant date using the Black‑Scholes option-pricing model with the following weighted average assumptions:
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| Stock Option Activity | Under our stock-based compensation plan, the exercise price of a stock option is required to equal or exceed the fair value of our common stock at market close on the option grant date or the last trading day prior to the date of grant when grants take place on a day when the market is closed. The following table presents stock option activity:
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| Time-Vested Restricted Stock Units | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restricted Stock Unit Activity | The following table presents time-based restricted stock unit activity:
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| Performance Based Restricted Stock Units | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restricted Stock Unit Activity | The following table presents performance-based restricted stock unit activity:
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Income Taxes (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 04, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is the following (in thousands):
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Gift Card Liability and Loyalty Program Included in Accrued Expenses on Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands |
Apr. 04, 2023 |
Jan. 03, 2023 |
|---|---|---|
| Contract With Customer Asset And Liability [Abstract] | ||
| Gift card liability | $ 9,944 | $ 14,417 |
| Deferred loyalty revenue | $ 3,410 | $ 3,129 |
Revenue Recognized for Redemption of Gift Cards and Loyalty Rewards Deferred (Detail) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Apr. 04, 2023 |
Mar. 29, 2022 |
|
| Disaggregation Of Revenue [Abstract] | ||
| Revenue recognized from gift card liability | $ 7,861 | $ 6,680 |
| Revenue recognized from guest loyalty program | $ 4,083 | $ 4,105 |
Leases - Summary of Lease Costs (Detail) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Apr. 04, 2023 |
Mar. 29, 2022 |
|
| Leases [Abstract] | ||
| Lease cost | $ 14,896 | $ 14,835 |
| Variable lease cost | 989 | 708 |
| Total lease costs | $ 15,885 | $ 15,543 |
Long-Term Debt - Additional Information (Detail) - USD ($) |
3 Months Ended | 12 Months Ended | |
|---|---|---|---|
Apr. 04, 2023 |
Mar. 29, 2022 |
Dec. 28, 2021 |
|
| Line of Credit Facility [Line Items] | |||
| Loan agreement, initiation Date | Nov. 03, 2021 | ||
| Weighted average interest rate | 6.40% | 2.10% | |
| Loan agreement, description | The Credit Facility is secured by the Company’s assets and contains provisions requiring us to maintain compliance with certain covenants, including a Fixed Charge Coverage Ratio and a Lease Adjusted Leverage Ratio. | ||
| Credit Facility Debt Instrument | |||
| Line of Credit Facility [Line Items] | |||
| Loan agreement, expiration date | Nov. 03, 2026 | ||
| Revolving loan commitments under loan agreement | $ 215,000,000 | ||
| Letters of credit outstanding amount | $ 16,200,000 | ||
| Line of credit outstanding amount | 60,000,000.0 | ||
| Available borrowings under credit facility | 138,800,000 | ||
| Interest expense and commitment fees | 1,100,000 | $ 600,000 | |
| Interest expense on line of credit | $ 100,000 | $ 37,000 | |
| Letter of Credit | |||
| Line of Credit Facility [Line Items] | |||
| Revolving loan commitments under loan agreement | 50,000,000 | ||
| BSBY | |||
| Line of Credit Facility [Line Items] | |||
| Debt instrument, description of variable rate basis | BSBY rate plus 1.00% | ||
| Maximum | Credit Facility Debt Instrument | |||
| Line of Credit Facility [Line Items] | |||
| Increase in line of credit | $ 315,000,000 | ||
| Maximum | BSBY | Credit Facility Debt Instrument | |||
| Line of Credit Facility [Line Items] | |||
| Line of credit, adjustment to interest rate | 2.00% | ||
| Minimum | Base Rate | |||
| Line of Credit Facility [Line Items] | |||
| Line of credit, adjustment to interest rate | 1.00% | ||
Reconciliation of Basic and Diluted Net Income Per Share Computations and Number of Dilutive Equity Awards Included in Dilutive Net Income Per Share Computation (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | |
|---|---|---|
Apr. 04, 2023 |
Mar. 29, 2022 |
|
| Earnings Per Share [Abstract] | ||
| Net income | $ 3,481 | $ 1,460 |
| Weighted-average shares outstanding – basic | 23,481 | 23,377 |
| Dilutive effect of equity awards | 445 | 339 |
| Weighted-average shares outstanding – diluted | 23,926 | 23,716 |
| Net income per share: | ||
| Basic | $ 0.15 | $ 0.06 |
| Diluted | $ 0.15 | $ 0.06 |
Net Income Per Share - Additional Information (Detail) - shares shares in Millions |
3 Months Ended | |
|---|---|---|
Apr. 04, 2023 |
Mar. 29, 2022 |
|
| Equity Awards and Warrants | ||
| Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
| Antidilutive securities excluded from computation of net (loss) income per share | 0.9 | 1.1 |
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended |
|---|---|---|
Apr. 04, 2023 |
Sep. 27, 2022 |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Number of shares charged to reserve per granted share | 1 | |
| Share basis for number shares charged to reserve | 1 | |
| Expiration term of stock options | 10 years | |
| Vesting terms | The Plan permits our Board of Directors to set the vesting terms and exercise period for awards at their discretion; however, the grant of awards with no minimum vesting period or a vesting period less than one year may not exceed 5% of the total number of shares authorized under the Plan. | |
| Restricted Stock Units (RSUs) | ||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Number of shares charged to reserve per granted share | 1.5 | |
| Stock Options and Time-based RSUs [Member] | Vesting Period One | ||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Vesting period (in years) | 1 year | |
| Stock Options and Time-based RSUs [Member] | Vesting Period Two | ||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Vesting period (in years) | 3 years | |
| Stock Options and Time-based RSUs [Member] | Vesting Period Three | ||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Vesting period (in years) | 5 years | |
| Stock Options and Time-based RSUs [Member] | Cliff Vesting Third Anniversary | ||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Vesting percentage | 33.00% | |
| Stock Options and Time-based RSUs [Member] | Cliff Vesting Fifth Anniversary | ||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Vesting percentage | 67.00% | |
| Stock Options and Time-based RSUs [Member] | Cliff Vesting Period One | ||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Vesting period (in years) | 3 years | |
| Stock Options and Time-based RSUs [Member] | Cliff Vesting Period Two | ||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Vesting period (in years) | 5 years | |
| Performance Based Restricted Stock Units | ||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Unrecognized stock-based compensation expense | $ 2.9 | |
| Unrecognized stock-based compensation expenses recognition period (in years) | 3 years | |
| Performance Based Restricted Stock Units | Minimum | Cliff Vesting Third Anniversary | ||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Vesting percentage | 0.00% | |
| Performance Based Restricted Stock Units | Maximum | Cliff Vesting Third Anniversary | ||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Vesting percentage | 225.00% | |
| Stock Options | ||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Unrecognized stock-based compensation expense | $ 3.5 | |
| Unrecognized stock-based compensation expenses recognition period (in years) | 3 years | |
| Time-Based Restricted Stock Units | ||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Unrecognized stock-based compensation expense | $ 13.7 | |
| Unrecognized stock-based compensation expenses recognition period (in years) | 5 years |
Stock-Based Compensation Recognized within Our Consolidated Financial Statements (Detail) - USD ($) $ in Thousands |
3 Months Ended | |||
|---|---|---|---|---|
Apr. 04, 2023 |
Mar. 29, 2022 |
|||
| Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
| Capitalized | [1] | $ 93 | $ 76 | |
| Labor and benefits | ||||
| Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
| Stock-based compensation | 866 | 751 | ||
| General and administrative | ||||
| Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
| Stock-based compensation | $ 1,776 | $ 1,961 | ||
| ||||
Black-Scholes Option-Pricing Model, Weighted Average Assumptions Used to Estimate the Fair Value of Each Stock Option (Detail) - $ / shares |
3 Months Ended | |
|---|---|---|
Apr. 04, 2023 |
Mar. 29, 2022 |
|
| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
| Expected volatility | 66.90% | 63.20% |
| Risk-free interest rate | 3.50% | 1.60% |
| Expected option life | 5 years | 5 years |
| Dividend yield | 0.00% | 0.00% |
| Fair value of options granted | $ 18.32 | $ 17.38 |
Stock Option Activity (Detail) shares in Thousands |
3 Months Ended |
|---|---|
|
Apr. 04, 2023
$ / shares
shares
| |
| Options Outstanding, Shares | |
| Outstanding, Beginning Balance | shares | 824 |
| Granted | shares | 120 |
| Forfeited | shares | (13) |
| Outstanding, Ending Balance | shares | 931 |
| Options Outstanding, Weighted Average Exercise Price | |
| Outstanding, Beginning Balance | $ / shares | $ 40.48 |
| Granted | $ / shares | 31.34 |
| Forfeited | $ / shares | 33.95 |
| Outstanding, Ending Balance | $ / shares | $ 39.39 |
| Options Exercisable, Shares | |
| Options Exercisable Outstanding, Beginning Balance | shares | 601 |
| Options Exercisable Outstanding, Ending Balance | shares | 697 |
| Options Exercisable, Weighted Average Exercise Price | |
| Options Exercisable, Beginning Balance | $ / shares | $ 41.57 |
| Options Exercisable, Ending Balance | $ / shares | $ 41.25 |
Time-Based Restricted Stock Unit Activity (Detail) - Time-Based Restricted Stock Units shares in Thousands |
3 Months Ended |
|---|---|
|
Apr. 04, 2023
$ / shares
shares
| |
| Shares Outstanding | |
| Outstanding Beginning Balance, Shares | shares | 729 |
| Granted, Shares | shares | 167 |
| Released. Shares | shares | (113) |
| Forfeited, Shares | shares | (24) |
| Outstanding Ending Balance, Shares | shares | 759 |
| Weighted Average Fair Value | |
| Outstanding Beginning Balance, Weighted Average Fair Value | $ / shares | $ 34.10 |
| Granted, Weighted Average Fair Value | $ / shares | 31.34 |
| Released, Weighted Average Fair Value | $ / shares | 36.39 |
| Forfeited, Weighted Average Fair Value | $ / shares | 34.51 |
| Outstanding Ending Balance, Weighted Average Fair Value | $ / shares | $ 33.16 |
Performance-Based Restricted Stock Unit Activity (Detail) - Performance Based Restricted Stock Units shares in Thousands |
3 Months Ended |
|---|---|
|
Apr. 04, 2023
$ / shares
shares
| |
| Shares Outstanding | |
| Outstanding Beginning Balance, Shares | shares | 123 |
| Granted, Shares | shares | 52 |
| Released. Shares | shares | (40) |
| Forfeited, Shares | shares | (3) |
| Outstanding Ending Balance, Shares | shares | 132 |
| Weighted Average Fair Value | |
| Outstanding Beginning Balance, Weighted Average Fair Value | $ / shares | $ 38.89 |
| Granted, Weighted Average Fair Value | $ / shares | 31.87 |
| Released, Weighted Average Fair Value | $ / shares | 38.90 |
| Forfeited, Weighted Average Fair Value | $ / shares | 38.24 |
| Outstanding Ending Balance, Weighted Average Fair Value | $ / shares | $ 36.15 |
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands |
3 Months Ended | |||
|---|---|---|---|---|
Apr. 04, 2023 |
Mar. 29, 2022 |
Jan. 03, 2023 |
Dec. 28, 2021 |
|
| Significant Change In Unrecognized Tax Benefits Is Reasonably Possible [Line Items] | ||||
| Income tax benefit rate | (105.90%) | (116.80%) | ||
| Unrecognized tax benefits | $ 1,031 | $ 1,219 | $ 1,249 | $ 1,198 |
| Unrecognized tax benefits that would impact effective tax rate, if reversed | $ 900 | |||
| Federal [Member] | Earliest Tax Year [Member] | ||||
| Significant Change In Unrecognized Tax Benefits Is Reasonably Possible [Line Items] | ||||
| Income tax examination, years open | 2015 | |||
| State or Local Taxing Jurisdiction [Member] | Earliest Tax Year [Member] | ||||
| Significant Change In Unrecognized Tax Benefits Is Reasonably Possible [Line Items] | ||||
| Income tax examination, years open | 2018 | |||
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Apr. 04, 2023 |
Mar. 29, 2022 |
|
| Income Tax Disclosure [Abstract] | ||
| Beginning gross unrecognized tax benefits | $ 1,249 | $ 1,198 |
| Increases for tax positions taken in prior years | 18 | 3 |
| Decreases for tax positions taken in prior years | (1) | |
| Increases for tax positions taken in the current year | 19 | |
| Decreases due to lapse of statute of limitations | (236) | |
| Ending gross unrecognized tax benefits | $ 1,031 | $ 1,219 |
Shareholders' Equity - Additional Information (Detail) |
Apr. 04, 2023
USD ($)
|
|---|---|
| Class Of Stock [Line Items] | |
| Common stock remaining under the share repurchase plan | $ 22,100,000 |
| Current amount authorized under the share repurchase plan | $ 500,000,000 |
Related Party Transactions - Additional Information (Detail) - USD ($) |
1 Months Ended | 3 Months Ended | 12 Months Ended | |
|---|---|---|---|---|
Jan. 17, 2022 |
Oct. 31, 2022 |
Apr. 04, 2023 |
Jan. 03, 2023 |
|
| Related Party Transaction [Line Items] | ||||
| Payment for consulting agreement for defined services | $ 100,000,000 | $ 195,000 | ||
| Payment for possible additional phase | $ 45,000,000 | |||
| Payment for extension to additional phase | $ 50,000,000 | |||
| Agreement maturity date | Dec. 31, 2022 | |||
| Equity method investment | $ 4,960,000 | 5,000,000 | ||
| Loss related to investment | $ (40,000) | |||
| Internally Developed Software | Other Current Assets | ||||
| Related Party Transaction [Line Items] | ||||
| Equity method investment | $ 5,000,000.0 | |||
| Purchasing Company of Internally Developed Software | ||||
| Related Party Transaction [Line Items] | ||||
| Equity method investment, ownership percentage | 20.00% | |||
| Purchasing Company of Internally Developed Software | Maximum | ||||
| Related Party Transaction [Line Items] | ||||
| Equity method investment interest percentage | 1.00% |