Document and Entity Information Document
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6 Months Ended | ||
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Jul. 02, 2013
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Aug. 09, 2013
Common Class A [Member]
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Aug. 09, 2013
Common Class B [Member]
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Document Information [Line Items] | |||
Entity Registrant Name | NOODLES & Co | ||
Entity Central Index Key | 0001275158 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Document Type | 10-Q | ||
Document Period End Date | Jul. 02, 2013 | ||
Document Fiscal Year Focus | 2013 | ||
Document Fiscal Period Focus | Q2 | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 23,107,010 | 6,292,640 |
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Consolidated Balance Sheets (Parenthetical) (USD $)
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Jul. 02, 2013
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Jan. 01, 2013
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Common stock subject to put options | 0 | 296,828 |
Preferred stock, par value (USD per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 1,000,000 | 2,885,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (USD per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 180,000,000 | 34,043,001 |
Common stock, shares, issued | 29,399,650 | 23,238,984 |
Common stock, shares, outstanding | 29,399,650 | 23,238,984 |
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Consolidated Statements of Income (USD $)
In Thousands, except Share data, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
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Jul. 02, 2013
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Jul. 03, 2012
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Jul. 02, 2013
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Jul. 03, 2012
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Revenue: | ||||
Restaurant revenue | $ 88,362 | $ 74,757 | $ 168,880 | $ 143,955 |
Franchising royalties and fees | 877 | 737 | 1,639 | 1,427 |
Total revenue | 89,239 | 75,494 | 170,519 | 145,382 |
Restaurant operating costs (exclusive of depreciation and amortization shown separately below): | ||||
Cost of sales | 23,096 | 19,947 | 44,397 | 38,177 |
Labor | 26,289 | 22,184 | 51,119 | 42,937 |
Occupancy | 8,595 | 7,265 | 16,954 | 14,201 |
Other restaurant operating costs | 11,575 | 9,711 | 22,635 | 19,264 |
General and administrative | 12,646 | 6,217 | 19,881 | 12,659 |
Depreciation and amortization | 5,035 | 4,099 | 9,836 | 7,831 |
Pre-opening | 769 | 590 | 1,690 | 1,171 |
Asset disposals, closure costs and restaurant impairments | 297 | 282 | 498 | 462 |
Total costs and expenses | 88,302 | 70,295 | 167,010 | 136,702 |
Income from operations | 937 | 5,199 | 3,509 | 8,680 |
Interest expense | 1,014 | 1,492 | 2,067 | 2,776 |
Income (loss) before income taxes | (77) | 3,707 | 1,442 | 5,904 |
Provision (benefit) for income taxes | (145) | 1,527 | 450 | 2,433 |
Net income | $ 68 | $ 2,180 | $ 992 | $ 3,471 |
Earnings per share of Class A and Class B common stock, combined: | ||||
Basic (USD per share) | $ 0.00 | $ 0.09 | $ 0.04 | $ 0.15 |
Diluted (USD per share) | $ 0.00 | $ 0.09 | $ 0.04 | $ 0.15 |
Weighted average shares of Class A and Class B common stock outstanding, combined: | ||||
Basic (in shares) | 23,509,781 | 23,238,984 | 23,374,383 | 23,238,984 |
Diluted (in shares) | 24,189,814 | 23,244,680 | 23,979,011 | 23,242,831 |
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Consolidated Statements of Comprehensive Income Statement (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
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Jul. 02, 2013
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Jul. 03, 2012
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Jul. 02, 2013
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Jul. 03, 2012
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Net income | $ 68 | $ 2,180 | $ 992 | $ 3,471 |
Cash flow hedges: | ||||
Loss recognized in accumulated other comprehensive income | 0 | 0 | 0 | (186) |
Reclassification of loss to net income | 0 | 104 | 39 | 208 |
Unrealized income on cash flow hedges | 0 | 104 | 39 | 22 |
Provision for income tax on cash flow hedges | 0 | (31) | (15) | (62) |
Other comprehensive income (loss), net of tax | 0 | 73 | 24 | (40) |
Comprehensive income | $ 68 | $ 2,253 | $ 1,016 | $ 3,431 |
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Business and Summary and Basis of Presentation
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6 Months Ended |
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Jul. 02, 2013
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business and Summary and Basis of Presentation | Business and Summary and Basis of Presentation Business Noodles & Company, a Delaware corporation (the "Company" or "Noodles & Company"), develops and operates fast casual restaurants that serve globally inspired noodle dishes and pasta dishes, soups, salads and sandwiches. As of July 2, 2013, there were 295 company-owned restaurants and 53 franchise restaurants in 26 states and the District of Columbia. The Company operates its business as one operating and reportable segment. On July 2, 2013, the Company completed an initial public offering ("IPO") of shares of Class A common stock at $18.00 per share. The Company issued 6,160,714 shares of Class A common stock, $0.01 par value, including 803,571 shares sold to the underwriters in the IPO pursuant to their over-allotment option. After underwriter discounts and commissions and estimated offering expenses, the Company received net proceeds from the offering of approximately $100.2 million. These proceeds were used to repay all but $0.2 million of outstanding debt under the Company's credit facility. The accompanying interim unaudited consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC"). Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles in the United States ("U.S. GAAP") for complete financial statements. In the opinion of the Company, all adjustments considered necessary for the fair presentation of the Company's results of operations, financial position and cash flows for the periods presented have been included and are of a normal, recurring nature. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. These financial statements should be read in conjunction with the audited financial statements and the related notes for the year ended January 1, 2013 included in the Company's final prospectus filed June 28, 2013. Principles of Consolidation The accompanying consolidated financial statements include the accounts of Noodles & Company and its subsidiaries. All intercompany balances and transactions are eliminated in consolidation. Fiscal Year The Company operates on a 52- or 53-week fiscal year ending on the Tuesday closest to December 31. Fiscal year 2013, which ends on December 31, 2013 and fiscal year 2012, which ended on January 1, 2013, each contains 52 weeks. Fiscal quarters each contain thirteen weeks, with the exception of the fourth quarter of a 53 week fiscal year, which contains fourteen weeks. Recent Accounting Pronouncements In February 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2013-02, "Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income," which revises disclosure requirements related to components of other comprehensive income. The Company adopted ASU 2013-02 effective January 2, 2013. The adoption concerns presentation and disclosure only and did not have an impact on the Company's consolidated financial position or results of operations. |
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Supplemental Financial Information
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Jul. 02, 2013
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Supplemental Financial Information [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Financial Information | Supplemental Financial Information Prepaid expenses and other assets consist of the following (in thousands):
2. Supplemental Financial Information (Continued) Property and equipment, net, consist of the following (in thousands):
Accrued payroll and benefits consist of the following (in thousands):
Accrued expense and other liabilities consist of the following (in thousands):
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Borrowings
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6 Months Ended |
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Jul. 02, 2013
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Debt Disclosure [Abstract] | |
Borrowings | Borrowings The Company has a credit facility with a borrowing capacity of $120.0 million, consisting of a $75.0 million senior term loan and a $45.0 million revolving line of credit, expiring in July 2017. In connection with the IPO, the Company repaid in full its outstanding $75.0 million senior term loan and the majority of the revolving line of credit. The Company will continue to have access to the funds and the ability to borrow under the revolving line of credit; however, the amounts repaid on the senior term loan cannot be re-borrowed. As of July 2, 2013, the Company had $207,000 outstanding and $42.5 million available for borrowing under the credit facility. Outstanding letters of credit aggregating $2.3 million reduce the amount of borrowings available under the agreement. The credit facility bore interest from 3.5% to 5.5% for the second quarter of 2013 and the first two quarters of 2013. The Company was in compliance with all of its debt covenants as of July 2, 2013. |
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Fair Value Measurements
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Jul. 02, 2013
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Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and all other current liabilities approximate fair values due to the short maturities of these instruments. The carrying amounts of borrowings approximate fair value as interest rate on the the line of credit borrowings varies with market interest rates and negotiated terms and conditions are consistent with current market rates. |
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Income Taxes
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Jul. 02, 2013
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Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes The following table presents the Company's provision for income taxes for the quarters ended July 2, 2013 and July 3, 2012 (dollars in thousands):
The 2013 estimated annual effective tax rate is expected to be 39.2% compared to 38.4% for the full year 2012. The effective tax rate for the first two quarters of 2013 includes the discrete adjustment for certain transaction costs related to the IPO. |
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Stock-Based Compensation
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Jul. 02, 2013
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation The Stock Incentive Plan, as amended and restated in May of 2013, authorizes the grant of nonqualified stock options, incentive stock options, stock appreciation rights, restricted stock, restricted stock units and incentive bonuses to employees, officers, non-employee directors and other service providers. The number of shares of common stock available for issuance pursuant to awards granted under the Stock Incentive Plan on or after the closing of the IPO shall not exceed 3,750,500. There were 538,273 and 168,195 stock options granted in the second quarters and first two quarters of 2013 and 2012, respectively, and no options exercised in those periods. The weighted average fair market value of stock options granted in the second quarters of 2013 and 2012 was $5.81 and $1.21, respectively. The stock options granted in the second quarter of 2013 included 403,900 awards to two executive officers of which 50% vested at IPO and the remaining vest annually over four years on the anniversary of the grant in equal installments. In the second quarter of 2013, 9,261 stock options were forfeited. Stock-based compensation expense is included in general and administrative expense on the consolidated statements of income. During the second quarters of 2013 and 2012, the Company recorded $3.6 million and $297,000, respectively, of stock-based compensation expense. During the first two quarters of 2013 and 2012, the Company recorded $3.9 million and $0.6 million, respectively, of stock-based compensation expense. Of the total stock-based compensation recognized in the second quarter of 2013, $2.0 million related to accelerated vesting of outstanding stock options at the IPO and $1.2 million of stock-based compensation related to stock options granted at the IPO to two executive officers of which 50% were vested at the time of grant. Stock-based compensation of $41,000 and $36,000 is included in capitalized internal costs in the first two quarters of 2013 and 2012, respectively. |
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Earnings Per Share
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Jul. 02, 2013
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Earnings Per Share | Earnings Per Share EPS is calculated by dividing income available to common shareholders by the weighted-average number of shares of common stock outstanding during each period. Diluted earnings per share ("diluted EPS") is calculated using income available to common shareholders divided by diluted weighted-average shares of common stock outstanding during each period. Potentially dilutive securities include shares of common stock underlying stock options and restricted common stock. Diluted EPS considers the impact of potentially dilutive securities. The following table sets forth the computations of basic and dilutive earnings per share:
7. Earnings Per Share (Continued) In the second quarter of 2013 and 2012 and in the first two quarters of 2013 and 2012, 357,261 and 2,721,215 and 347,227 and 2,671,120 outstanding options, respectively, were excluded from the diluted earnings per share calculation because their inclusion would be antidilutive. All outstanding warrants are dilutive and were included in the calculation of diluted earnings per share. |
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Supplemental Disclosures to Consolidated Statements of Cash Flows
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 02, 2013
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Elements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Disclosures to Consolidated Statements of Cash Flows | Supplemental Disclosures to Consolidated Statements of Cash Flows The following table presents the supplemental disclosures to the consolidated statements of cash flows (in thousands) for the first two quarters ended July 2, 2013 and July 3, 2012:
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
Commitments and Contingencies
|
6 Months Ended |
---|---|
Jul. 02, 2013
|
|
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies In the normal course of business, the Company is subject to proceedings, lawsuits, and claims. Such matters are subject to many uncertainties, and outcomes are not predictable with assurance. Consequently, the Company is unable to ascertain the ultimate aggregate amount of monetary liability or financial impact with respect to these matters as of July 2, 2013. These matters could affect the operating results of any one financial reporting period when resolved in future periods. Management believes that an unfavorable outcome with respect to these matters is remote or a potential range of loss is not material to the Company's consolidated financial statements. Significant increases in the number of these claims, or one or more successful claims that result in greater liabilities than the Company currently anticipates, could materially and adversely affect the Company's business, financial condition, results of operations, or cash flows. The Company entered into employment agreements with two of its executives in connection with the IPO superseding the previous employment agreements with these executives. The agreements have an initial term of three years and automatically renew annually unless earlier terminated. Under each of the employment agreements, if the executive's employment is terminated by the Company without "cause" or by the executive with "good reason," (as such terms are defined in the applicable employment agreement) the executive is entitled to receive compensation equal to 18 months of the executive's then-current base salary, payable in equal installments over 18 months, a pro rata bonus for the year of termination and reimbursement of "COBRA" premiums for up to 18 months for the executive and his dependents. The severance payments are conditioned upon the executive entering into a mutual release of claims with the Company. The prior employment agreements with such executives which were superseded by the agreements entered into in connection with the IPO, included a call option in favor of the Company and a put option in favor of the executive, for the Company to purchase certain shares at fair market value if the employment agreement was terminated prior to a qualified initial public offering. The put option did not result in the executive avoiding the risks and rewards of owning the shares. The fair value of the shares of common stock subject to such put options was presented as temporary equity in the Company's consolidated financial statements. In connection with the IPO, the put options were terminated and amounts previously presented in temporary equity were reclassified to permanent stockholders' equity in the Company's consolidated financial statements. |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Related-Party Transactions
|
6 Months Ended |
---|---|
Jul. 02, 2013
|
|
Related Party Transactions [Abstract] | |
Related-Party Transactions | Related-Party Transactions In the first two quarters of 2013 and the first two quarters of 2012, the Company paid $375,000 and $625,000 respectively, to Catterton Partners and Argentia Private Investments Inc. or their affiliates ("Equity Sponsors") for management service fees and Class C Dividends pursuant to a management services agreement and an agreement to pay dividends on its Class C common stock. Management service fees and Class C dividends paid in prior fiscal quarters varies due to the timing of payments. In connection with the IPO, the management services agreement expired and the one share of Class C common stock was redeemed. In connection with the IPO during the second quarter of 2013, the Company paid $1.7 million of transaction bonuses and related payroll taxes to employees of the Company and $800,000 in transaction payments to the Equity Sponsors. |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Subsequent Events (Notes)
|
6 Months Ended |
---|---|
Jul. 02, 2013
|
|
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events The Company has evaluated subsequent events and found there to be no events requiring recognition or disclosure through the date of issuance of this report. |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Business and Summary and Basis of Presentation (Policies)
|
6 Months Ended |
---|---|
Jul. 02, 2013
|
|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements include the accounts of Noodles & Company and its subsidiaries. All intercompany balances and transactions are eliminated in consolidation. |
Fiscal Year | Fiscal Year The Company operates on a 52- or 53-week fiscal year ending on the Tuesday closest to December 31. Fiscal year 2013, which ends on December 31, 2013 and fiscal year 2012, which ended on January 1, 2013, each contains 52 weeks. Fiscal quarters each contain thirteen weeks, with the exception of the fourth quarter of a 53 week fiscal year, which contains fourteen weeks. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In February 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2013-02, "Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income," which revises disclosure requirements related to components of other comprehensive income. The Company adopted ASU 2013-02 effective January 2, 2013. The adoption concerns presentation and disclosure only and did not have an impact on the Company's consolidated financial position or results of operations. |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
Supplemental Financial Information (Tables)
|
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 02, 2013
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Financial Information [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Prepaid Expenses and Other Assets | Prepaid expenses and other assets consist of the following (in thousands):
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Property and Equipment | Property and equipment, net, consist of the following (in thousands):
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accrued Liabilities and Other Liabilities | Accrued payroll and benefits consist of the following (in thousands):
Accrued expense and other liabilities consist of the following (in thousands):
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Income Taxes (Tables)
|
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 02, 2013
|
||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Provision for Income Taxes | The following table presents the Company's provision for income taxes for the quarters ended July 2, 2013 and July 3, 2012 (dollars in thousands):
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Earnings Per Share (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 02, 2013
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share | The following table sets forth the computations of basic and dilutive earnings per share:
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Supplemental Disclosures to Consolidated Statements of Cash Flows (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 02, 2013
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Elements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Cash Flow, Supplemental Disclosures | The following table presents the supplemental disclosures to the consolidated statements of cash flows (in thousands) for the first two quarters ended July 2, 2013 and July 3, 2012:
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
Business and Summary and Basis of Presentation (Details) (USD $)
In Thousands, except Share data, unless otherwise specified |
6 Months Ended | 12 Months Ended | 6 Months Ended | 3 Months Ended | |||
---|---|---|---|---|---|---|---|
Jul. 02, 2013
segment
state
|
Jul. 03, 2012
|
Jan. 01, 2013
|
Jul. 02, 2013
Company-Owned [Member]
restaurant
|
Jul. 02, 2013
Franchise [Member]
restaurant
|
Jul. 02, 2013
IPO [Member]
|
Jul. 02, 2013
Common Class A [Member]
IPO [Member]
|
|
Franchisor Disclosure [Line Items] | |||||||
Number of restaurants | 295 | 53 | |||||
Number of states in which Noodles & Company operates | 26 | ||||||
Number of operating segments | 1 | ||||||
Number of reportable segments | 1 | ||||||
Share price (USD per share) | $ 18.00 | ||||||
Shares issued | 6,160,714 | ||||||
Common stock, par value (USD per share) | $ 0.01 | $ 0.01 | $ 0.01 | ||||
Shares sold to underwriters | 803,571 | ||||||
Proceeds from IPO | $ 100,237 | $ (48) | $ 100,200 | ||||
Amount outstanding | $ 207 | ||||||
Number of weeks in fiscal year | 364 days | 364 days |
X | ||||||||||
- Definition
Number of Weeks in Fiscal Year No definition available.
|
X | ||||||||||
- Definition
Stock Issued During Period, Value, New Issues, Shares Sold to Underwriters No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Supplemental Financial Information (Prepaid Expenses and Other Assets) (Details) (USD $)
In Thousands, unless otherwise specified |
Jul. 02, 2013
|
Jan. 01, 2013
|
---|---|---|
Supplemental Financial Information [Abstract] | ||
Prepaid occupancy related costs | $ 2,875 | $ 2,700 |
Other prepaid expenses | 1,643 | 1,191 |
Other current assets | 58 | 79 |
Prepaid expenses and other assets | $ 4,576 | $ 3,970 |
X | ||||||||||
- Definition
Prepaid Occupancy Expense, Current No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Supplemental Financial Information (Property and Equipment) (Details) (USD $)
In Thousands, unless otherwise specified |
Jul. 02, 2013
|
Jan. 01, 2013
|
---|---|---|
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 246,725 | $ 224,987 |
Accumulated depreciation and amortization | (96,831) | (88,700) |
Property and equipment, net | 149,894 | 136,287 |
Leasehold Improvements [Member]
|
||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 153,991 | 139,907 |
Furniture, Fixtures, and Equipment [Member]
|
||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 84,867 | 77,202 |
Construction in Progress [Member]
|
||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 7,867 | $ 7,878 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Supplemental Financial Information (Accrued Payroll and Benefits) (Details) (USD $)
In Thousands, unless otherwise specified |
Jul. 02, 2013
|
Jan. 01, 2013
|
---|---|---|
Supplemental Financial Information [Abstract] | ||
Accrued payroll and related liabilities | $ 3,024 | $ 2,537 |
Accrued bonus | 2,527 | 1,981 |
Insurance liabilities | 1,148 | 827 |
Accrued payroll and benefits | $ 6,699 | $ 5,345 |
X | ||||||||||
- Definition
Employee-related Liabilities, Insurance, Current No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Supplemental Financial Information (Accrued Expense and Other Liabilities) (Details) (USD $)
In Thousands, unless otherwise specified |
Jul. 02, 2013
|
Jan. 01, 2013
|
---|---|---|
Supplemental Financial Information [Abstract] | ||
Gift card liability | $ 1,650 | $ 2,182 |
Occupancy related | 1,188 | 1,264 |
Utilities | 1,183 | 1,002 |
Other accrued expenses | 3,496 | 2,801 |
Accrued expenses and other current liabilities | $ 7,517 | $ 7,249 |
X | ||||||||||
- Definition
Accrued Occupancy Liability, Current No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Borrowings (Details) (USD $)
|
3 Months Ended |
---|---|
Jul. 02, 2013
|
|
Line of Credit Facility [Line Items] | |
Maximum borrowing capacity | $ 120,000,000.0 |
Amount outstanding | 207,000 |
Remaining borrowing capacity | 42,500,000 |
Letters of credit outstanding | 2,300,000 |
Revolving Line of Credit [Member]
|
|
Line of Credit Facility [Line Items] | |
Maximum borrowing capacity | 45,000,000.0 |
Senior Term Loan [Member] | IPO [Member]
|
|
Line of Credit Facility [Line Items] | |
Maximum borrowing capacity | $ 75,000,000.0 |
Minimum [Member]
|
|
Line of Credit Facility [Line Items] | |
Interest rate | 3.50% |
Maximum [Member]
|
|
Line of Credit Facility [Line Items] | |
Interest rate | 5.50% |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Income Taxes (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Jul. 02, 2013
|
Jul. 03, 2012
|
Jul. 02, 2013
|
Jul. 03, 2012
|
Jan. 01, 2013
|
|
Operating Loss Carryforwards [Line Items] | |||||
Provision (benefit) for income taxes | $ (145) | $ 1,527 | $ 450 | $ 2,433 | |
Effective tax rate | 31.20% | 41.20% | 38.40% | ||
Minimum [Member]
|
|||||
Operating Loss Carryforwards [Line Items] | |||||
Estimated effective tax rate | 39.20% | 39.20% |
X | ||||||||||
- Definition
Effective Income Tax Rate Reconciliation, Estimate of Annual Effective Tax Rate for Current Year, Percent No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
Stock-Based Compensation (Details) (USD $)
In Thousands, except Share data, unless otherwise specified |
3 Months Ended | 6 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Jul. 02, 2013
|
Jul. 03, 2012
|
Jul. 02, 2013
General and Administrative Expense [Member]
|
Jul. 03, 2012
General and Administrative Expense [Member]
|
Jul. 02, 2013
Executive Officer [Member]
officer
|
Jul. 02, 2013
IPO [Member]
|
May 31, 2013
IPO [Member]
|
Jul. 02, 2013
IPO [Member]
Accelerated Vesting of Outstanding Stock Options [Member]
|
Jul. 02, 2013
IPO [Member]
Stock Options Granted [Member]
|
|
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||||||
Maximum shares reserved for issuance | 3,750,500 | ||||||||
Options granted | 538,273 | 168,195 | 403,900 | ||||||
Options exercised | 0 | 0 | |||||||
Weighted average fair value of options granted (USD per share) | $ 5.81 | $ 1.21 | |||||||
Number of officers granted awards | 2 | ||||||||
Vesting percentage | 50.00% | ||||||||
Vesting period | 4 years | ||||||||
Options forfeited | 9,261 | ||||||||
Share-based compensation expense | $ 3,900 | $ 600 | $ 3,600 | $ 297 | $ 2,000 | $ 1,200 | |||
Stock-based compensation, capitalized amount | $ 41 | $ 36 |
X | ||||||||||
- Definition
Share-based Compensation Arrangement by Share-based Payment Award, Number of Officers Granted Awards No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Earnings Per Share (Details) (USD $)
In Thousands, except Share data, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 02, 2013
|
Jul. 03, 2012
|
Jul. 02, 2013
|
Jul. 03, 2012
|
|
Earnings Per Share [Abstract] | ||||
Net income | $ 68 | $ 2,180 | $ 992 | $ 3,471 |
Shares: | ||||
Basic weighted average shares outstanding (in shares) | 23,509,781 | 23,238,984 | 23,374,383 | 23,238,984 |
Dilutive stock options and warrants (in shares) | 680,033 | 5,696 | 604,628 | 3,847 |
Diluted weighted average number of shares outstanding (in shares) | 24,189,814 | 23,244,680 | 23,979,011 | 23,242,831 |
Earnings per share: | ||||
Basic EPS (USD per share) | $ 0.00 | $ 0.09 | $ 0.04 | $ 0.15 |
Diluted EPS (USD per share) | $ 0.00 | $ 0.09 | $ 0.04 | $ 0.15 |
Antidilutive securities excluded from computation of earnings per share | 357,261 | 2,721,215 | 347,227 | 2,671,120 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
Supplemental Disclosures to Consolidated Statements of Cash Flows (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | |
---|---|---|
Jul. 02, 2013
|
Jul. 03, 2012
|
|
Supplemental Cash Flow Elements [Abstract] | ||
Interest paid (net of amounts capitalized) | $ 2,485 | $ 2,554 |
Income taxes paid | 134 | 216 |
(Payments for) purchases of property and equipment accrued in accounts payable | $ (1,752) | $ 1,091 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
Commitments and Contingencies (Details) (Executives [Member])
|
6 Months Ended |
---|---|
Jul. 02, 2013
officer
|
|
Executives [Member]
|
|
Loss Contingencies [Line Items] | |
Employment agreement, number of executives | 2 |
Employment agreement, initial term | 3 years |
Employment agreement, severance pay, number of equivalent months | 18 months |
Employment agreement, period for equal installments | 18 months |
Employment agreement, cancelation notice period | 18 months |
X | ||||||||||
- Definition
Employment Agreement, Cancelation Notice Period No definition available.
|
X | ||||||||||
- Definition
Employment Agreement, Initial Term No definition available.
|
X | ||||||||||
- Definition
Employment Agreement, Number of Executive Officers No definition available.
|
X | ||||||||||
- Definition
Employment Agreement, Period for Equal Installments No definition available.
|
X | ||||||||||
- Definition
Employment Agreement, Severance Pay, Period of Then Current Salary No definition available.
|
X | ||||||||||
- Details
|
Related-Party Transactions (Details) (USD $)
|
3 Months Ended | |
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Jul. 02, 2013
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Jul. 03, 2012
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Management Services Fees [Member] | Equity Sponsors [Member]
|
||
Related Party Transaction [Line Items] | ||
Amount paid to related party | $ 375,000 | $ 375,000,000 |
Dividend Paid [Member] | Class C Common Stock [Member] | Equity Sponsors [Member]
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||
Related Party Transaction [Line Items] | ||
Amount paid to related party | 625,000 | 625,000 |
IPO [Member] | Bonuses and Payroll Taxes [Member] | Equity Sponsors [Member]
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||
Related Party Transaction [Line Items] | ||
Amount paid to related party | 800,000 | |
IPO [Member] | Bonuses and Payroll Taxes [Member] | Employees [Member]
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||
Related Party Transaction [Line Items] | ||
Amount paid to related party | $ 1,700,000 |
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- Definition
No authoritative reference available. No definition available.
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- Details
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