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美國
證券交易委員會
華盛頓特區20549
表格 10-Q
☒根據1934年證券交易法第13或15(d)節的季度報告
截至季度結束日期的財務報告2024年9月27日
或者
☐根據1934年證券交易法第13或15(d)節的轉型報告書
在過渡期間從_________到_________
委託文件號碼：001-35249
CW_Horizontal_Logo.jpg
THE 廚師倉庫股份有限公司。
(根據其章程規定的註冊人準確名稱)
特拉華州 20-3031526
（國家或其他管轄區的
公司成立或組織）		 （IRS僱主
唯一識別號碼）
東脊路100號
裏奇菲爾德, 康涅狄格州 06877
，（主要行政辦公地址）

公司電話號碼，包括區號：（203) 894-1345

在法案第12(b)條的規定下注冊的證券：
每一類的名稱交易標誌在其上註冊的交易所的名稱
普通股，面值0.01美元CHEF納斯達克交易所
請在以下方框內打勾，表示報告人(1)在過去12個月內（或報告人所需被要求提交這些報告的較短期間內，如果有）已經提交了所有根據1934年證券交易法第13或15(d)節規定所需提交的報告， 並且(2)在過去90天內一直受到此類提交要求的約束。是  ☒    否  ☐
請在以下勾選方框表示註冊人是否已在Regulation S-T Rule 405規定的前12個月(或在註冊人需要提交此類文件的較短期間內)提交了每個互動數據文件。是  ☒    否  ☐
請勾選標記以說明註冊人是大型快速申報人、加速申報人、非加速申報人、較小的報告公司還是新興成長型公司。請查看《交易所法》第120億.2條中「大型快速申報人」、「加速申報人」、「較小的報告公司」和「新興成長型公司」的定義。
大型加速報告人☒加速文件提交人☐非加速文件提交人☐較小的報告公司☐新興成長公司☐
如果是新興成長型公司，請勾選，表明註冊公司已選擇不使用《證券交易法》第13(a)節規定的任何新的或修訂的財務會計準則的延期過渡期。 ☐
請勾選：註冊人是否爲外殼公司（根據《交易所法案》120億.2規定定義）。是 ☐    否  ☒
2024年10月28日，每股面值爲$0.01的普通股的股份數量： 39,554,511
1

THE CHEFS’ WAREHOUSE, INC.
10-Q表格
目錄
  頁面
第一部分財務信息 
   
第 1 項。
   
 
   
 
   
   
 
   
第 2 項。
   
第 3 項。
   
第 4 項。
   
第二部分。其他信息 
   
第 1 項。
   
第 1A 項。
   
第 2 項。
   
第 3 項。
   
第 4 項。
   
第 5 項。
   
第 6 項。
   

 

2

有關前瞻性聲明的警告聲明

本報告中關於The Chefs’ Warehouse，Inc.（以下簡稱「公司」）業務的陳述如果不是歷史事實，而是「前瞻性陳述」，則涉及風險和不確定性，基於當前預期和管理估計；實際結果可能會有很大不同。諸如「預期」，「預計」，「打算」，「計劃」，「相信」，「尋求」，「估計」和這些詞的變體以及類似表達旨在識別前瞻性陳述。這些陳述不構成未來績效的保證，可能會面臨風險、不確定因素和其他一些因素，其中一些超出了我們的控制範圍，難以預測和/或可致使實際結果與前瞻性陳述中表達或預測的結果有很大不同。能夠影響這些陳述的風險和不確定因素包括但不限於以下內容：一般經濟狀況，包括可支配收入水平和消費者自由支出的變化；我們通過收購擴大我們在現有市場的業務及進入新市場的能力；我們業務的相對低毛利率對通貨膨脹和緊縮壓力以及激烈競爭的敏感性；大宗商品、原料、包材、其它原材料、分銷和勞動力供應的成本上漲和/或供應減少的影響；原油價格及其對分銷、包裝和能源成本的影響；我們持續成功推廣品牌的能力，預見並響應新客戶需求，以及開發新產品和市場以有效競爭；我們以及供應鏈合作伙伴繼續運營分銷中心等工作地點而無法受到重大幹擾，以及儘管供應鏈中斷或勞動力短缺可能導致原材料或某些產品的供應中斷，或損害我們的聲譽的原料、包材或其他原材料的採購能力；與業務擴展有關的風險；我們可能無法識別新的收購目標或整合最近或將來的收購，或無法實現預期的收入增加、成本節約或其他協同效應；其他影響整個食品行業的因素，包括：產品出現質量問題導致召回、如果產品消費導致傷害可能導致法律責任、原料披露和標籤規定和可能造成客戶對某些食品產品安全和質量失去信心的可能性；關於飲食健康的新信息或態度，或有關我們分銷產品的健康影響的不良看法；可支配收入水平和消費者購買習慣的變化；競爭對手的定價策略和促銷支出水平；我們客戶庫存水平和信貸等相關的業務風險波動；與第三方供應商相關的風險，包括我們的一個或多個第三方供應商未能遵守食品安全或其他法律法規可能導致中斷我們的原材料或某些產品供應或損害我們的聲譽之風險；我們招聘和留住高級管理人員和高技能多樣化員工的能力；未預期的費用，包括但不限於訴訟或法律和解費用；我們的保險政策的成本和充分性；公共衛生危機、大流行和流行病等的影響和影響，如COVID-19爆發及其對我們的業務、財務狀況和運營結果的不利影響；重大的政府監管以及未能遵守這些規定的潛在風險；美國及我們經營的外國國家的聯邦、州、省和地方稅務規定，包括稅收改革和立法；與我們的重大負債有關的風險；我們籌集額外資本和/或以商業上合理的條款或根本無法獲得債務或其他融資的能力；我們滿足未來現金需求的能力，包括有效進入金融市場和保持足夠流動性的能力；根據各司法管轄區的貨幣波動對美元的影響；國際貿易爭端、關稅、配額以及其他對我們的國際採購、銷售和運營產生的進口或出口限制的影響；在本報告其他地方討論的其他因素，包括本表格10-K的第I部分，第1A項目以及我們與證券交易委員會（「SEC」）的其他公開文件中的其他部分。

Any forward-looking statements are made pursuant to the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and, as such, speak only as of the date made. A more detailed description of these and other risk factors is contained in the Company’s most recent Annual Report on Form 10-K filed with the SEC on February 27, 2024 and other reports, including this Quarterly Report on Form 10-Q, filed by the Company with the SEC since that date. The Company is not undertaking to update any information in the foregoing reports until the filing or effective dates of its future reports required by applicable laws.

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PART I FINANCIAL INFORMATION
ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

THE CHEFS’ WAREHOUSE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
 (Unaudited)
(Amounts in thousands, except share data)
September 27, 2024 December 29, 2023
ASSETS  
Current assets:  
Cash and cash equivalents$50,705 $49,878 
Accounts receivable, net of allowances ($21,081 in 2024, $21,423 in 2023)
334,362 334,015 
Inventories336,289 284,528 
Prepaid expenses and other current assets70,958 62,522 
Total current assets792,314 730,943 
Property and equipment, net269,890 234,793 
Operating lease right-of-use assets181,689 192,307 
Goodwill356,591 356,021 
Intangible assets, net166,635 184,863 
Other assets6,507 6,379 
Total assets$1,773,626 $1,705,306 
LIABILITIES AND STOCKHOLDERS’ EQUITY  
Current liabilities:  
Accounts payable$232,153 $200,547 
Accrued liabilities66,153 70,728 
Short-term operating lease liabilities23,045 24,246 
Accrued compensation43,046 37,071 
Current portion of long-term debt64,716 53,185 
Total current liabilities429,113 385,777 
Long-term debt, net of current portion666,558 664,802 
Operating lease liabilities174,991 184,034 
Deferred taxes, net19,829 14,418 
Other liabilities2,790 1,603 
Total liabilities1,293,281 1,250,634 
Commitments and contingencies
Stockholders’ equity:  
Preferred Stock - $0.01 par value, 5,000,000 shares authorized, no shares issued and outstanding at September 27, 2024 and December 29, 2023, respectively
— — 
Common Stock - $0.01 par value, 100,000,000 shares authorized, 39,555,254 and 39,665,796 shares issued and outstanding at September 27, 2024 and December 29, 2023, respectively
396 396 
Additional paid-in capital358,647 356,157 
Accumulated other comprehensive loss(2,564)(1,832)
Retained earnings123,866 99,951 
Total stockholders’ equity480,345 454,672 
Total liabilities and stockholders’ equity$1,773,626 $1,705,306 

See accompanying notes to the condensed consolidated financial statements.
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THE CHEFS’ WAREHOUSE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(Unaudited)
(Amounts in thousands, except share and per share amounts)
Thirteen Weeks EndedThirty-Nine Weeks Ended
September 27,
2024		September 29,
2023		September 27,
2024		September 29,
2023
Net sales$931,452 $881,825 $2,760,644 $2,483,290 
Cost of sales706,704 674,127 2,097,458 1,897,440 
Gross profit224,748 207,698 663,186 585,850 
Selling, general and administrative expenses192,894 179,614 578,049 514,793 
Other operating (income) expenses, net(28)2,535 3,385 8,269 
Operating income31,882 25,549 81,752 62,788 
Interest expense11,743 11,379 36,677 33,391 
Income before income taxes20,139 14,170 45,075 29,397 
Provision for income tax expense6,041 6,848 13,522 10,807 
Net income$14,098 $7,322 $31,553 $18,590 
Other comprehensive (loss) income:  
Foreign currency translation adjustments(280)(231)(732)43 
Comprehensive income$13,818 $7,091 $30,821 $18,633 
Net income per share:   
Basic$0.37 $0.19 $0.83 $0.49 
Diluted$0.34 $0.19 $0.77 $0.49 
Weighted average common shares outstanding:  
Basic37,863,580 37,692,588 37,868,675 37,611,179 
Diluted45,941,315 45,717,496 45,888,029 39,143,774 
 
See accompanying notes to the condensed consolidated financial statements.
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THE CHEFS’ WAREHOUSE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(Unaudited)
(Amounts in thousands, except share amounts)
 Common StockAdditional
Paid-in
Capital		Accumulated
Other
Comprehensive
Loss
 
Retained
Earnings
Treasury StockTotal
 SharesAmountSharesAmount
Balance December 29, 202339,665,796 $396 $356,157 $(1,832)$99,951 — $— $454,672 
Net income— — — — 1,931 — — 1,931 
Stock compensation— — 3,590 — — — — 3,590 
Common stock repurchased— — — — — (134,553)(5,004)(5,004)
Warrants exercised32,454 1 (1)— — — — — 
Cumulative translation adjustment— — — (323)— — — (323)
Common stock issued under stock plans, net of shares surrendered to pay tax withholding75,105 1 (7,074)— — — — (7,073)
Balance March 29, 202439,773,355 $398 $352,672 $(2,155)$101,882 (134,553)$(5,004)$447,793 
Net income— — — — 15,524 — — 15,524 
Stock compensation— — 3,946 — — — — 3,946 
Common stock repurchased— — — — — (129,523)(5,000)(5,000)
Warrants exercised1,850 — — — — — — — 
Cumulative translation adjustment— — — (129)— — — (129)
Common stock issued under stock plans, net of shares surrendered to pay tax withholding30,512 — (255)— — — — (255)
Balance June 28, 202439,805,717 $398 $356,363 $(2,284)$117,406 (264,076)$(10,004)$461,879 
Net income— — — — 14,098 — — 14,098 
Stock compensation— — 3,813 — — — — 3,813 
Common stock retired(264,076)(2)(2,364)— (7,638)264,076 10,004 — 
Warrants exercised1,185 — — — — — — — 
Cumulative translation adjustment— — — (280)— — — (280)
Common stock issued under stock plans, net of shares surrendered to pay tax withholding12,428 — 835 — — — — 835 
Balance September 27, 202439,555,254 $396 $358,647 $(2,564)$123,866 — $— $480,345 






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THE CHEFS’ WAREHOUSE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (continued)
(Unaudited)
(Amounts in thousands, except share amounts)

Common StockAdditional
Paid-in
Capital		Accumulated
Other
Comprehensive
Loss
 
Retained
Earnings
Treasury StockTotal
SharesAmountSharesAmount
Balance December 30, 202238,599,390 $386 $337,947 $(2,185)$65,361 — $— $401,509 
Net income— — — — 1,401 — — 1,401 
Stock compensation— — 4,780 — — — — 4,780 
Cumulative translation adjustment— — — 81 — — — 81 
Common stock issued under stock plans, net of shares surrendered to pay tax withholding944,741 9 (1,828)— — — — (1,819)
Balance March 31, 202339,544,131 $395 $340,899 $(2,104)$66,762 — $— $405,952 
Net income— — — — 9,867 — — 9,867 
Stock compensation— — 4,704 — — — — 4,704 
Shares issued for acquisition75,008 1 2,495 — — — — 2,496 
Cumulative translation adjustment— — — 193 — — — 193 
Common stock issued under stock plans, net of shares surrendered to pay tax withholding46,552 — (237)— — — — (237)
Balance June 30, 202339,665,691 $396 $347,861 $(1,911)$76,629 — $— $422,975 
Net income— — — — 7,322 — — 7,322 
Stock compensation— — 4,729 — — — — 4,729 
Cumulative translation adjustment— — — (231)— — — (231)
Common stock issued under stock plans, net of shares surrendered to pay tax withholding1,474 1 (14)— — — — (13)
Balance September 29, 202339,667,165 $397 $352,576 $(2,142)$83,951 — $— $434,782 

See accompanying notes to the condensed consolidated financial statements.
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THE CHEFS’ WAREHOUSE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Amounts in thousands)
Thirty-Nine Weeks Ended
September 27, 2024September 29, 2023
Cash flows from operating activities:  
Net income $31,553 $18,590 
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation and amortization29,361 24,167 
Amortization of intangible assets18,216 16,924 
Provision for allowance for doubtful accounts8,228 5,216 
Provision for deferred income taxes5,416 3,018 
Loss on debt extinguishment512 — 
Stock compensation13,177 15,855 
Change in fair value of contingent earn-out liabilities(683)2,850 
Intangible asset impairment— 1,838 
Non-cash interest and other operating activities3,233 6,040 
Changes in assets and liabilities, net of acquisitions:  
Accounts receivable(8,708)(27,387)
Inventories(51,786)(56,350)
Prepaid expenses and other current assets(5,899)(3,460)
Accounts payable, accrued liabilities and accrued compensation40,938 18,740 
Other assets and liabilities(3,501)(5,996)
Net cash provided by operating activities80,057 20,045 
Cash flows from investing activities:  
Capital expenditures(41,131)(35,130)
Cash paid for acquisitions, net of cash acquired(315)(120,600)
Net cash used in investing activities(41,446)(155,730)
Cash flows from financing activities:  
Payment of debt and other financing obligations(18,500)(30,448)
Payment of finance leases(5,001)(2,996)
Common stock repurchases(10,004)— 
Payment of deferred financing fees— (354)
Proceeds from exercise of stock options55 55 
Surrender of shares to pay withholding taxes(7,377)(2,134)
Cash paid for contingent earn-out liability(3,800)(3,650)
Borrowings under asset-based loan facility and revolving credit facilities6,801 50,000 
Net cash (used in) provided by financing activities(37,826)10,473 
Effect of foreign currency on cash and cash equivalents42 (530)
Net change in cash and cash equivalents827 (125,742)
Cash and cash equivalents-beginning of period49,878 158,800 
Cash and cash equivalents-end of period$50,705 $33,058 

See accompanying notes to the condensed consolidated financial statements.
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THE CHEFS’ WAREHOUSE, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Amounts in thousands, except share and per share amounts)

Note 1 - Operations and Basis of Presentation
 
Description of Business and Basis of Presentation
 
The Chefs’ Warehouse, Inc. (the “Company”), and its wholly-owned subsidiaries, is a distributor of specialty food and center-of-the-plate products in the United States, the Middle East and Canada. The Company is focused on serving the specific needs of chefs who own and/or operate some of the nation’s leading menu-driven independent restaurants, fine dining establishments, country clubs, hotels, caterers, culinary schools, bakeries, patisseries, chocolateries, cruise lines, casinos and specialty food stores.

The Company’s quarterly periods end on the thirteenth Friday of each quarter. Every six to seven years, the Company will add a fourteenth week to its fourth quarter to more closely align its year-end to the calendar year. The Company’s business consists of three operating segments: East, Midwest and West that aggregate into one reportable segment, foodservice distribution, which is concentrated primarily in the United States.

Consolidation

The unaudited condensed consolidated financial statements include all the accounts of the Company and its direct and indirect wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated.

Unaudited Interim Financial Statements

The accompanying unaudited condensed consolidated financial statements and the related interim information contained within the notes to such unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the applicable rules of the Securities and Exchange Commission (“SEC”) for interim information and quarterly reports on Form 10-Q. Accordingly, they do not include all the information and disclosures required by GAAP for complete financial statements. These unaudited condensed consolidated financial statements and related notes should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto for the fiscal year ended December 29, 2023 filed as part of the Company’s Annual Report on Form 10-K (the “2023 Form 10-K”).

The unaudited condensed consolidated financial statements appearing in this Form 10-Q have been prepared on the same basis as the audited consolidated financial statements included in the Company’s 2023 Form 10-K, and in the opinion of management, include all normal recurring adjustments that are necessary for the fair statement of the Company’s interim period results. The year-end consolidated balance sheet data was derived from the audited financial statements but does not include all disclosures required by GAAP. Due to seasonal fluctuations and other factors, the results of operations for the thirteen and thirty-nine weeks ended September 27, 2024 are not necessarily indicative of the results to be expected for the full year.

The preparation of financial statements in conformity with GAAP requires management to make significant 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 revenues and expenses during the reporting periods. Actual results could differ from management’s estimates.


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Note 2 – Summary of Significant Accounting Policies

Revenue Recognition
 
The following table presents the Company’s net sales disaggregated by principal product category:
Thirteen Weeks EndedThirty-Nine Weeks Ended
September 27, 2024September 29, 2023September 27, 2024September 29, 2023
Center-of-the-Plate$349,263 37.5 %$333,809 37.9 %$1,057,586 38.3 %$980,120 39.5 %
Specialty:
Dry Goods148,345 15.9 %134,398 15.2 %441,730 16.0 %395,723 15.9 %
Produce137,898 14.8 %137,760 15.6 %400,318 14.5 %310,313 12.5 %
Pastry111,059 11.9 %102,562 11.6 %327,151 11.9 %300,814 12.1 %
Cheese and Charcuterie69,124 7.4 %64,639 7.3 %197,243 7.1 %185,303 7.5 %
Dairy and Eggs63,626 6.8 %56,849 6.4 %184,426 6.7 %163,600 6.6 %
Oils and Vinegars33,144 3.6 %34,097 3.9 %96,761 3.5 %96,607 3.9 %
Kitchen Supplies18,993 2.1 %17,711 2.1 %55,429 2.0 %50,810 2.0 %
Total Specialty$582,189 62.5 %$548,016 62.1 %$1,703,058 61.7 %$1,503,170 60.5 %
Total net sales$931,452 100 %$881,825 100 %$2,760,644 100 %$2,483,290 100 %

The Company determines its product category classification based on how the Company currently markets its products to its customers. The Company’s definition of its principal product categories may differ from the way in which other companies present similar information. Net sales by product category includes estimates of product mix for certain locations that are not yet fully integrated into the Company’s information technology systems as of the reporting date.

Food Processing Costs

Food processing costs include, but are not limited to, direct labor and benefits, applicable overhead and depreciation of equipment and facilities used in food processing activities. Food processing costs included in cost of sales were $18,315 and $19,081 for the thirteen weeks ended September 27, 2024 and September 29, 2023, respectively, and $55,662 and $47,370 for the thirty-nine weeks ended September 27, 2024 and September 29, 2023, respectively.

Share Repurchases

The Company has a share repurchase program that is executed through purchases made from time to time either in the open market or through private market transactions. Prior to June 29, 2024, shares purchased under the program were recorded at cost and held as treasury stock. During the thirteen weeks ended September 27, 2024, all shares repurchased under the share repurchase program have been retired. These shares were returned to the status of authorized and unissued shares. When treasury shares are retired, the Company allocates the excess of the repurchase price over the par value of shares acquired between additional paid-in capital and retained earnings. The portion allocated to additional paid-in capital is limited to the pro rata portion of additional paid-in capital for the retired treasury shares. Any further excess of the repurchase price is allocated to retained earnings.

Guidance Not Yet Adopted

Improvements to Income Tax Disclosures: In December 2023, the Financial Accounting Standards Board (“FASB”) issued guidance designed to improve the transparency and usefulness of income tax disclosures. The amendments include provisions to address the consistency of the income tax rate reconciliation and requirement to disaggregate income taxes paid by jurisdiction. The guidance is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company expects to adopt this guidance when effective and is evaluating the impact of adoption on its consolidated financial statements, which is limited to financial statement disclosures.

Improvements to Reportable Segment Disclosures: In November 2023, the FASB issued guidance which requires entities, including those with one reportable segment, to enhance reportable segment disclosures requirements particularly with respect to significant expenses. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 on a retrospective basis. Early adoption is permitted. The Company
10

expects to adopt this guidance when effective and is evaluating the impact of adoption on its consolidated financial statements, which is limited to financial statement disclosures.

Note 3 – Net Income per Share
 
Basic net income per share is calculated by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted net income per share adjusts basic net income per share for all the potentially dilutive shares outstanding during the period.

The following table sets forth the computation of basic and diluted net income per common share:
 Thirteen Weeks EndedThirty-Nine Weeks Ended
 September 27, 2024September 29, 2023September 27, 2024September 29, 2023
Net income per share:   
Basic$0.37 $0.19 $0.83 $0.49 
Diluted$0.34 $0.19 $0.77 $0.49 
Weighted average common shares:   
Basic37,863,580 37,692,588 37,868,675 37,611,179 
Diluted45,941,315 45,717,496 45,888,029 39,143,774 

Reconciliation of net income per common share:
 Thirteen Weeks EndedThirty-Nine Weeks Ended
 September 27, 2024September 29, 2023September 27, 2024September 29, 2023
Numerator:   
Net income$14,098 $7,322 $31,553 $18,590 
Add effect of dilutive securities   
Interest on convertible notes, net of tax1,322 1,369 3,950 403 
Net income available to common shareholders$15,420 $8,691 $35,503 $18,993 
Denominator:   
Weighted average basic common shares outstanding37,863,580 37,692,588 37,868,675 37,611,179 
Dilutive effect of unvested common shares621,999 594,416 570,736 580,675 
Dilutive effect of stock options and warrants62,919 37,675 55,801 54,073 
Dilutive effect of convertible notes7,392,817 7,392,817 7,392,817 897,847 
Weighted average diluted common shares outstanding45,941,315 45,717,496 45,888,029 39,143,774 
 
Potentially dilutive securities that have been excluded from the calculation of diluted net income per common share because the effect is anti-dilutive are as follows:
 Thirteen Weeks EndedThirty-Nine Weeks Ended
 September 27, 2024September 29, 2023September 27, 2024September 29, 2023
Restricted share awards (“RSAs”) and restricted stock units (“RSUs”)— 292,778 322,518 37,236 
Stock options and warrants— 300,000 — — 
Convertible notes— — — 6,494,970 


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Note 4 – Fair Value Measurements
 
Assets and Liabilities Measured at Fair Value
 
The Company’s contingent earn-out liabilities are measured at fair value. These liabilities were estimated using Level 3 inputs. The fair value of contingent consideration was predominantly determined based on a probability-based approach which includes projected results, percentage probability of occurrence and the application of a discount rate to present value the payments. A significant change in projected results, discount rate, or probabilities of occurrence could result in a significantly higher or lower fair value measurement. Changes in the fair value of contingent earn-out liabilities are reflected in other operating expenses, net on the condensed consolidated statements of operations.

The following table presents the changes in Level 3 contingent earn-out liabilities:
Total
Balance December 29, 2023$9,765 
Cash payments(4,500)
Changes in fair value(683)
Balance September 27, 2024$4,582 

The long-term portion of contingent earn-out liabilities were $682 and $50 as of September 27, 2024 and December 29, 2023, respectively, and are reflected as other liabilities on the Company’s condensed consolidated balance sheets. The remaining short-term portion of earn-out liabilities are reflected as accrued liabilities on the Company’s condensed consolidated balance sheets. Contingent earn-out liability payments in excess of the acquisition date fair value of the underlying contingent earn-out liability are classified as operating activities on the Company’s condensed consolidated statements of cash flows and all other such payments are classified as financing activities.

Fair Value of Financial Instruments

The carrying amounts reported in the Company’s condensed consolidated balance sheets for accounts receivable and accounts payable approximate fair value due to their immediate to short-term nature. The fair values of the asset-based loan facility and term loan approximated their book values as of September 27, 2024 and December 29, 2023, as these instruments had variable interest rates that reflected current market rates available to the Company and are classified as Level 2 fair value measurements.

The following table presents the carrying value and fair value of the Company’s convertible notes and its unsecured note issued in connection with the acquisition of Oakville Produce Partners, LLC (“GreenLeaf”) in fiscal 2023 (“GreenLeaf Note”). The fair value of the Company’s 2028 Convertible Senior Notes was based on Level 1 inputs. In estimating the fair value of its 2024 Convertible Senior Notes, the Company utilized Level 3 inputs including prevailing market interest rates to estimate the debt portion of the instrument and a Black Scholes valuation model to estimate the fair value of the conversion option. The Black Scholes model utilizes the market price of the Company’s common stock, estimates of the stock’s volatility and the prevailing risk-free interest rate in calculating the fair value estimate. The fair value of the GreenLeaf Note was determined based upon observable market prices of similar debt instruments.

 September 27, 2024December 29, 2023
Fair Value HierarchyCarrying ValueFair ValueCarrying ValueFair Value
2028 Convertible Senior NotesLevel 1$287,500 $335,656 $287,500 $277,354 
2024 Convertible Senior NotesLevel 3$39,684 $40,738 $39,684 $38,609 
GreenLeaf NoteLevel 2$5,000 $5,000 $10,000 $9,991 
 
Note 5 – Acquisitions

The Company paid approximately $315 during the thirty-nine weeks ended September 27, 2024 upon settlement of net working capital true-ups on prior year acquisitions, resulting in measurement period adjustments which increased goodwill by $656 and reduced prepaid expenses and other current assets by $341.

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The Company recognized professional fees related to acquisition activities of $710 and $3,338 during the thirteen and thirty-nine weeks ended September 29, 2023, respectively, presented within other operating expenses, net on the condensed consolidated statements of operations. There were no professional fees related to acquisition activities recorded during the thirteen and thirty-nine weeks ended September 27, 2024.

Unaudited Pro forma Financial Information

The table below presents unaudited pro forma condensed consolidated income statement information of the Company as if the GreenLeaf and Hardie’s Fresh Foods acquisitions had occurred on December 30, 2022. The pro forma results were prepared from financial information obtained from the sellers of the business, as well as information obtained during the due diligence process associated with the acquisitions. The pro forma information is not necessarily indicative of the Company’s results of operations had the acquisitions been completed on the above date, nor is it necessarily indicative of the Company’s future results. The pro forma information does not reflect any cost savings from operating efficiencies or synergies that could result from the acquisitions, any incremental costs for transitioning to become a public company, and also does not reflect additional revenue opportunities following the acquisitions. The pro forma information reflects amortization expense related to the acquired intangible assets and depreciation expense on the acquired fair value of property and equipment. The pro forma information also reflects additional interest expense that would have been incurred by the Company to finance the acquisitions. Pro forma interest expense was estimated based on the prevailing interest rates charged on the Company’s senior secured term loan during fiscal 2022.
 Thirteen Weeks EndedThirty-Nine Weeks Ended
 September 29, 2023September 29, 2023
Net sales$881,825 $2,577,474 
Income before income taxes$14,170 $30,479 

Note 6 – Inventories
 
Inventories consist primarily of finished product and are reflected net of adjustments for shrinkage, excess and obsolescence to approximate their net realizable value totaling $11,941 and $11,205 at September 27, 2024 and December 29, 2023, respectively.

Note 7 – Property and Equipment
 
Property and equipment is net of accumulated depreciation and amortization of $164,831 and $137,008 at September 27, 2024 and December 29, 2023, respectively.

Note 8 – Goodwill and Other Intangible Assets

The changes in the carrying amount of goodwill are presented as follows:
Carrying amount as of December 29, 2023$356,021 
Goodwill adjustments656 
Foreign currency translation(86)
Carrying amount as of September 27, 2024$356,591 
The goodwill adjustments included in the table above represent measurement period adjustments related to certain acquisitions completed in the prior year.

Other intangible assets are net of accumulated amortization of $150,876 and $132,660 as of September 27, 2024 and December 29, 2023, respectively. Amortization expense for other intangibles was $5,874 and $6,468 for the thirteen weeks ended September 27, 2024 and September 29, 2023, respectively, and $18,216 and $16,924 for the thirty-nine weeks ended September 27, 2024 and September 29, 2023, respectively.

The Company recognized a customer relationships intangible asset impairment charge of $1,838, $1,333 net of tax, during the thirty-nine weeks ended September 29, 2023 related to the loss of a significant Hardie’s Fresh Foods customer post-acquisition.


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Note 9 – Debt Obligations

Debt obligations as of September 27, 2024 and December 29, 2023 consisted of the following:
Weighted Average Effective Interest Rate at September 27, 2024
MaturitySeptember 27, 2024December 29, 2023
Senior secured term loans9.59 %August 2029$262,750 $276,250 
2028 Convertible senior notes2.77 %December 2028287,500 287,500 
2024 Convertible senior notes2.34 %December 202439,684 39,684 
Asset-based loan facility7.40 %March 2027100,000 100,000 
Finance leases and other financing obligations6.54 %Various55,651 31,892 
Unamortized deferred costs and premium(14,311)(17,339)
Total debt obligations731,274 717,987 
Less: current installments(64,716)(53,185)
Total long-term debt$666,558 $664,802 

Senior Secured Term Loan Credit Facility

In March 2024, the Company entered into an amendment (“Eleventh Amendment”) to its senior secured term loan agreement, which reduced the interest rate spread on its senior secured term loan facility. As a result of this amendment, the Company incurred a loss on debt extinguishment of $50 during the thirty-nine weeks ended September 27, 2024, which represents the portion of unamortized deferred financing fees attributable to the lender that exited the loan syndicate. Arrangement fees of $775 and third-party transaction costs of $91 were expensed as incurred during the thirty-nine weeks ended September 27, 2024 and included in interest expense and other operating expenses, respectively, within the Company’s condensed consolidated statements of operations.

Additionally, during the thirty-nine weeks ended September 27, 2024, the Company made voluntary principal prepayments totaling $12,000 towards the senior secured term loan. In connection with the prepayments, the Company wrote-off unamortized deferred financing fees of $146 and $462 during the thirteen and thirty-nine weeks ended September 27, 2024, respectively, which were included in interest expense within the Company’s condensed consolidated statements of operations.

GreenLeaf Unsecured Note

During the thirty-nine weeks ended September 27, 2024, the Company made a scheduled principal payment of $5,000 towards the GreenLeaf Note. The GreenLeaf Note is presented under the caption “Finance leases and other financing obligations” in the table above.

Convertible Notes

The net carrying value of the Company’s convertible senior notes as of September 27, 2024 and December 29, 2023 was:
September 27, 2024December 29, 2023
Principal AmountUnamortized Deferred Costs and PremiumNet AmountPrincipal AmountUnamortized Deferred Costs and PremiumNet Amount
2028 Notes$287,500 $(4,870)$282,630 $287,500 $(5,730)$281,770 
2024 Notes39,684 (46)39,638 39,684 (185)39,499 
Total$327,184 $(4,916)$322,268 $327,184 $(5,915)$321,269 


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The components of interest expense on the Company’s convertible notes were as follows:

 Thirteen Weeks EndedThirty-Nine Weeks Ended
 September 27, 2024September 29, 2023September 27, 2024September 29, 2023
Coupon interest$1,893 $1,893 $5,679 $5,685 
Amortization of deferred costs and premium333 333 999 1,001 
Total interest$2,226 $2,226 $6,678 $6,686 

As of September 27, 2024, the Company had reserved $29,377 of its asset-based loan facility for the issuance of letters of credit and funds totaling $170,623 were available for borrowing.

Note 10 – Stockholders’ Equity

Equity Awards

The following table reflects the activity of RSAs and RSUs during the thirty-nine weeks ended September 27, 2024:
Time-basedPerformance-basedMarket-based
SharesWeighted Average
Grant Date Fair Value		SharesWeighted Average
Grant Date Fair Value		SharesWeighted Average
Grant Date Fair Value
Unvested at December 29, 2023461,752 $32.13 1,078,169 $32.88 421,056 $30.00 
Granted259,522 38.25 313,188 38.53 55,270 34.68 
Vested(230,684)31.87 (172,232)32.07 (166,343)31.43 
Forfeited(7,945)34.62 (337,625)33.55 (6,947)31.39 
Unvested at September 27, 2024482,645 $35.50 881,500 $34.79 303,036 $30.04 

The Company granted 627,980 RSAs and RSUs to its employees and directors at a weighted average grant date fair value of $38.08 during the thirty-nine weeks ended September 27, 2024. These awards are a mix of time-, market- and performance-based grants that generally vest over a range of periods up to 5 years. The Company recognized expense on its RSAs and RSUs totaling $3,813 and $4,730 during the thirteen weeks ended September 27, 2024 and September 29, 2023, respectively, and $11,349 and $14,224 during the thirty-nine weeks ended September 27, 2024 and September 29, 2023, respectively.

At September 27, 2024, the total unrecognized compensation cost for unvested RSAs and RSUs was $23,897 and the weighted-average remaining period was approximately 1.7 years. Of this total, $12,990 related to awards with time-based vesting provisions and $10,907 related to awards with performance- and market-based vesting provisions. At September 27, 2024, the weighted-average remaining period for time-based vesting and performance-based vesting RSAs and RSUs were approximately 1.6 years and 1.9 years, respectively.

No share-based compensation expense has been capitalized.

Share Repurchase Program

In November 2023, the Company announced a two-year share repurchase program in an amount up to $100,000, targeting $25,000 to $100,000 of share repurchases by the end of fiscal 2025. The remaining share purchase authorization was $90,000 at September 27, 2024. The Company is not obligated to repurchase any specific number of shares and may suspend or discontinue the program at any time.

Note 11 – Related Parties
 
The Chefs’ Warehouse Mid-Atlantic, LLC, a subsidiary of the Company, leases a distribution facility that is 100% owned by entities controlled by Christopher Pappas, the Company’s Chairman, President and Chief Executive Officer, and John Pappas, the Company’s Vice Chairman and Chief Operating Officer, and are deemed to be affiliates of these individuals. Expense
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related to this facility totaled $176 and $123 during the thirteen weeks ended September 27, 2024 and September 29, 2023, respectively, and $529 and $369 during the thirty-nine weeks ended September 27, 2024 and September 29, 2023, respectively.

Note 12 – Income Taxes

The Company’s effective tax rate was 30.0% and 48.3% for the thirteen weeks ended September 27, 2024 and September 29, 2023, respectively, and 30.0% and 36.8% for the thirty-nine weeks ended September 27, 2024 and September 29, 2023, respectively. The higher effective tax rate in the prior year period was primarily due to a discrete charge for return-to-provision adjustments related to certain nondeductible costs identified in the completion of the Company’s fiscal 2022 tax return. The effective tax rate otherwise varies from the 21% statutory rate primarily due to state taxes and permanent adjustments.

The Company’s income tax provision reflects the impact of an expected income tax refund receivable of $25,592 as of September 27, 2024, which is reflected in prepaid expenses and other current assets on the Company’s condensed consolidated balance sheet.

The Organization for Economic Co-operation and Development (the “OECD”) introduced a framework under Pillar Two which includes a global corporate minimum tax rate of 15%. Some jurisdictions in which the Company operates have started to enact laws implementing Pillar Two. The Company is monitoring these developments and currently does not believe the rules effective in fiscal 2024 will have a material impact on its consolidated financial statements.


Note 13 – Supplemental Disclosures of Cash Flow Information
Thirty-Nine Weeks Ended
September 27, 2024September 29, 2023
Supplemental cash flow disclosures:
Cash paid for income taxes$9,727 $17,574 
Cash paid for interest, net of cash received$29,555 $28,339 
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$29,486 $28,203 
Operating cash flows from finance leases$1,540 $524 
ROU assets obtained in exchange for lease liabilities:
Operating leases$4,747 $42,991 
Finance leases$27,205 $3,963 
Non-cash investing and financing activities:
Common stock issued for acquisitions$— $2,496 
Unsecured notes issued for acquisitions$— $10,000 
Contingent earn-out liabilities for acquisitions$— $5,765 

Note 14 – Subsequent Events

On October 22, 2024, the Company entered into a twelfth amendment to its senior secured term loan agreement, which reduced the interest charged on the senior secured term loan B facility by 50 basis points.
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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS

Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) is provided as a supplement to the accompanying condensed consolidated financial statements and footnotes to help provide an understanding of our financial condition, changes in our financial condition and results of operations. The following discussion should be read in conjunction with information included in our Annual Report on Form 10-K for the fiscal year ended December 29, 2023 (the “2023 Form 10-K”) filed with the SEC. Unless otherwise indicated, the terms “Company”, “Chefs’ Warehouse”, “we”, “us” and “our” refer to The Chefs’ Warehouse, Inc. and its subsidiaries.

Business Overview

We are a premier distributor of specialty foods in the leading culinary markets in the United States, the Middle East and Canada. We offer more than 70,000 stock-keeping units (“SKUs”), ranging from high-quality specialty foods and ingredients to basic ingredients and staples and center-of-the-plate proteins. We serve more than 44,000 core customer locations, primarily located in our 23 geographic markets across the United States, the Middle East and Canada, and the majority of our customers are independent restaurants and fine dining establishments. We also sell certain of our products directly to consumers through our Allen Brothers retail channel.

Acquisitions

On May 1, 2023, the Company entered into a stock purchase agreement to acquire substantially all of the equity interests of Oakville Produce Partners, LLC (“GreenLeaf”), a leading produce and specialty food distributor in Northern California. The final purchase price was $88.2 million consisting of $72.2 million paid in cash at closing, $3.5 million paid upon settlement of a net working capital true-up, the issuance of a $10.0 million unsecured note, and 75,008 shares of the Company’s common stock with an approximate value of $2.5 million based on the trading price of the Company’s common stock on the date of acquisition.

On March 20, 2023, pursuant to an asset purchase agreement, we acquired substantially all of the assets of Hardie’s F&V, LLC (“Hardie’s Fresh Foods”), a specialty produce distributor with operations in Texas. The final purchase price was approximately $41.4 million, consisting of $38.0 million paid in cash at closing, $0.6 million received upon settlement of a net working capital true-up, and an earn-out liability valued at approximately $4.0 million as of the acquisition date. If earned, the earn-out liability could total up to $10.0 million over a two-year period.

RESULTS OF OPERATIONS
Thirteen Weeks EndedThirty-Nine Weeks Ended
(in thousands)September 27, 2024September 29, 2023September 27, 2024September 29, 2023
Net sales$931,452 $881,825 $2,760,644 $2,483,290 
Cost of sales706,704 674,127 2,097,458 1,897,440 
Gross profit224,748 207,698 663,186 585,850 
Selling, general and administrative expenses192,894 179,614 578,049 514,793 
Other operating (income) expenses, net(28)2,535 3,385 8,269 
Operating income31,882 25,549 81,752 62,788 
Interest expense11,743 11,379 36,677 33,391 
Income before income taxes20,139 14,170 45,075 29,397 
Provision for income tax expense6,041 6,848 13,522 10,807 
Net income$14,098 $7,322 $31,553 $18,590 

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Thirteen Weeks Ended September 27, 2024 Compared to Thirteen Weeks Ended September 29, 2023

Net Sales
20242023$ Change% Change
Net sales$931,452 $881,825 $49,627 5.6 %

Case count increased approximately 3.1% in our specialty category. In addition, specialty unique customers and placements increased 4.7% and 10.8%, respectively, compared to the prior year period. Pounds sold in our center-of-the-plate category increased 1.0% compared to the prior year. Estimated inflation was 4.3% in our specialty category and 1.4% in our center-of-the-plate category compared to the prior year period.

Gross Profit
20242023$ Change% Change
Gross profit$224,748 $207,698 $17,050 8.2 %
Gross profit margin24.1 %23.6 %

Gross profit dollars increased primarily as a result of increased sales and price inflation. Gross profit margin increased approximately 58 basis points. Gross profit margins increased 50 basis points in the Company’s specialty category and increased 45 basis points in the Company’s center-of-the-plate category.

Selling, General and Administrative Expenses
20242023$ Change% Change
Selling, general and administrative expenses$192,894 $179,614 $13,280 7.4 %
Percentage of net sales20.7 %20.4 %

The increase in selling, general and administrative expenses was primarily due to higher depreciation and amortization expenses driven by facility investments, and higher costs associated with compensation and benefits, facilities and distribution to support sales growth. Our ratio of selling, general and administrative expenses to net sales increased 30 basis points due to increased near-term costs associated with our investments in facilities.

Other Operating (Income) Expenses, Net
20242023$ Change% Change
Other operating (income) expenses, net$(28)$2,535 $(2,563)(101.1)%

Other operating (income) expenses, net decreased by $2.6 million primarily due non-cash charges of $1.8 million recorded during the thirteen weeks ended September 29, 2023 for changes in the fair value of our contingent liabilities compared to non-cash credits of $0.1 million recorded during the thirteen weeks ended September 27, 2024, as well as lower third-party deal costs incurred in connection with business acquisitions and financing arrangements during the thirteen weeks ended September 27, 2024 compared to the prior year quarter.

Interest Expense
20242023$ Change% Change
Interest expense$11,743 $11,379 $364 3.2 %

Interest expense increased primarily due to higher aggregate principal amounts of debt outstanding, partially offset by lower interest rates.

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Provision for Income Tax Expense
20242023$ Change% Change
Provision for income tax expense$6,041 $6,848 $(807)(11.8)%
Effective tax rate30.0 %48.3 %

The higher effective tax rate for the thirteen weeks ended September 29, 2023 was primarily driven by a $2.1 million charge in the prior year period for return-to-provision adjustments identified in the completion of our fiscal 2022 tax return and the impact of those adjustments on the fiscal 2023 estimated annual effective tax rate.

Thirty-Nine Weeks Ended September 27, 2024 Compared to Thirty-Nine Weeks Ended September 29, 2023

Net Sales
20242023$ Change% Change
Net sales$2,760,644 $2,483,290 $277,354 11.2 %

Organic growth contributed $175.8 million, or 7.1%, to sales growth and the remaining sales growth of $101.6 million, or 4.1%, resulted from acquisitions. Organic case count increased approximately 4.1% in our specialty category. In addition, specialty unique customers and placements increased 7.4% and 11.3%, respectively, compared to the prior year period. Organic pounds sold in our center-of-the-plate category increased 3.2% compared to the prior year. Estimated inflation was 2.9% in our specialty category and 3.4% in our center-of-the-plate category compared to the prior year period.

Gross Profit
20242023$ Change% Change
Gross profit$663,186 $585,850 $77,336 13.2 %
Gross profit margin24.0 %23.6 %

Gross profit dollars increased primarily as a result of sales growth and price inflation. Gross profit margin increased approximately 43 basis points. Gross profit margins increased 35 basis points in the Company’s specialty category and increased 20 basis points in the Company’s center-of-the-plate category.

Selling, General and Administrative Expenses
20242023$ Change% Change
Selling, general and administrative expenses$578,049 $514,793 $63,256 12.3 %
Percentage of net sales20.9 %20.7 %

The increase in selling, general and administrative expenses was primarily due to higher depreciation and amortization expenses, driven by acquisitions and facility investments, and higher costs associated with compensation and benefits, facilities and distribution to support sales growth. Our ratio of selling, general and administrative expenses to net sales increased by 20 basis points due to increased near-term costs associated with our investments in facilities and acquisitions.

Other Operating Expenses, Net
20242023$ Change% Change
Other operating expenses, net$3,385 $8,269 $(4,884)(59.1)%

The decrease in net other operating expense was primarily due to an impairment charge on customer relationships intangible assets of $1.8 million recorded during the thirty-nine weeks ended September 29, 2023 related to the loss of a significant Hardie’s Fresh Foods customer post-acquisition, non-cash credits of $0.7 million for changes in the fair value of our contingent earn-out liabilities in the current period compared to non-cash charges of $2.9 million in the prior year period and lower third-party deal costs incurred in connection with business acquisitions and financing arrangements during the thirty-nine weeks ended September 27, 2024, partially offset by charges associated with employee severance in the first quarter of 2024.


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Interest Expense
20242023$ Change% Change
Interest expense$36,677 $33,391 $3,286 9.8 %

Interest expense increased primarily driven by higher average principal amounts of outstanding debt during the period and higher rates of interest charged on the variable rate portion of our outstanding debt.

Provision for Income Taxes
20242023$ Change% Change
Provision for income tax expense$13,522 $10,807 $2,715 25.1 %
Effective tax rate30.0 %36.8 %

The higher effective tax rate for the thirty-nine weeks ended September 29, 2023 was primarily driven by a $2.1 million charge in the prior year period for return-to-provision adjustments identified in the completion of our fiscal 2022 tax return and the impact of those adjustments on the fiscal 2023 estimated annual effective tax rate.

LIQUIDITY AND CAPITAL RESOURCES

We finance our day-to-day operations and growth primarily with cash flows from operations, borrowings under our senior secured credit facilities and other indebtedness, operating leases, trade payables and equity financing.

Indebtedness

The following table presents selected financial information on our indebtedness (in thousands):
September 27, 2024December 29, 2023
Senior secured term loan$262,750 $276,250 
Total convertible debt327,184 327,184 
Borrowings outstanding on asset-based loan facility100,000 100,000 
Finance leases and other financing obligations55,651 31,892 

Recent Financing Transactions

In March 2024, we amended our senior secured term loan agreement, which reduced the interest rate spread by 75 basis points on our senior secured term loan facility. On October 22, 2024, we further amended our senior secured term loan agreement, which reduced the interest rate spread by an additional 50 basis points. Additionally, during the thirty-nine weeks ended September 27, 2024, we made voluntary principal prepayments of $12.0 million towards the senior secured term loan.

During the thirty-nine weeks ended September 27, 2024, we made a scheduled principal payment of $5.0 million towards the unsecured note issued in connection with the GreenLeaf acquisition. The note is presented under the caption “Finance leases and other financing obligations” in the table above.

In November 2023, we announced a two-year share repurchase program in an amount up to $100.0 million, targeting $25.0 million to $100.0 million of share repurchases by the end of fiscal 2025. During the thirty-nine weeks ended September 27, 2024, we repurchased and retired 264,076 shares of our common stock at an average purchase price of $37.86 per share. The share repurchases were funded by our available cash. The remaining share purchase authorization was $90.0 million at September 27, 2024. We are not obligated to repurchase any specific number of shares and may suspend or discontinue the program at any time.

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Liquidity

The following table presents selected financial information on liquidity (in thousands):
September 27, 2024December 29, 2023
Cash and cash equivalents$50,705 $49,878 
Working capital(1), excluding cash and cash equivalents
312,496 295,288 
Availability under asset-based loan facility170,623 172,030 
(1) We define working capital as current assets less current liabilities.

We expect our capital expenditures, excluding cash paid for acquisitions, for fiscal 2024 will be approximately $45.0 million to $50.0 million. We believe our existing balances of cash and cash equivalents, working capital and the availability under our asset-based loan facility, are sufficient to satisfy our working capital needs, capital expenditures, debt service and other liquidity requirements associated with our current operations over the next twelve months.

Cash Flows

The following table presents selected financial information on cash flows (in thousands):
Thirty-Nine Weeks Ended
September 27, 2024September 29, 2023
Net cash provided by operating activities$80,057 $20,045 
Net cash used in investing activities(41,446)(155,730)
Net cash (used in) provided by financing activities(37,826)10,473 

Our cash provided by operating activities is predominately driven by net sales to our customers. Our cash used in operating activities is primarily driven by our payments to suppliers for our inventory, employee compensation, payments to support our facilities, our distribution network, interest on our indebtedness, payments to tax authorities and other general corporate expenditures. Net cash provided by operations was $80.1 million for the thirty-nine weeks ended September 27, 2024 compared to $20.0 million for the thirty-nine weeks ended September 29, 2023. The increase in cash provided by operating activities was primarily due to sales growth and lower inventory purchase levels in the current period as the prior year results included a strategic pull forward of inventory purchases that did not recur.

Net cash used in investing activities was $41.4 million for the thirty-nine weeks ended September 27, 2024, driven by capital expenditures of $41.1 million.

Net cash used in financing activities was $37.8 million for the thirty-nine weeks ended September 27, 2024 driven by $18.5 million of payments of debt and other financing obligations, $10.0 million used to repurchase our common stock, $7.4 million paid for shares surrendered to pay tax withholding related to the vesting of equity incentive plan awards, $3.8 million of earn-out payments and $5.0 million of finance lease payments, partially offset by $6.8 million of borrowings under our revolving credit facilities.

Recent Accounting Pronouncements

Information related to new accounting guidance is included in Note 1 “Operations and Basis of Presentation” to our condensed consolidated financial statements in this Quarterly Report on Form 10-Q.
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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Interest Rate Risk

Our exposure to interest rate market risk relates primarily to our long-term debt. As of September 27, 2024, we had aggregate indebtedness outstanding of $369.6 million that bore interest at variable rates. A 100 basis point increase in market interest rates would decrease our after-tax earnings by approximately $2.6 million per annum, holding other variables constant.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

The Company, under the supervision and with the participation of its management, including the Chief Executive Officer and the Chief Financial Officer, evaluated the effectiveness of the design and operation of the Company’s “disclosure controls and procedures” (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) as of the end of the period covered by this report. Based on that evaluation, the Chief Executive Officer and the Chief Financial Officer concluded that the Company's disclosure controls and procedures were effective as of September 27, 2024.

Changes in Internal Control over Financial Reporting

There were no changes in our internal control over financial reporting that occurred during the quarter ended September 27, 2024 that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

We are involved in legal proceedings, claims and litigation arising out of the ordinary conduct of our business. Although we cannot assure the outcome, management presently believes that the result of such legal proceedings, either individually or in the aggregate, will not have a material adverse effect on our condensed consolidated financial statements, and no material amounts have been accrued in our condensed consolidated financial statements with respect to these matters.

ITEM 1A. RISK FACTORS

There have been no material changes to our risk factors as previously disclosed in Part I, Item 1A. included in our Annual Report on Form 10-K for the year ended December 29, 2023. In addition to the information contained herein, you should consider the risk factors disclosed in our Annual Report on Form 10-K.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES, USE OF PROCEEDS AND ISSUER PURCHASES OF EQUITY SECURITIES

Issuer Purchases of Equity Securities
Total Number
of Shares
Repurchased(1)
Average
Price
Paid Per Share
Total
Number of Shares
Purchased as Part
of Publicly
Announced Plans
or Programs(2)
Approximate
Dollar Value of
Shares That May
Yet Be Purchased
Under the Plans
or Programs (in thousands)(2)
June 29, 2024 to July 26, 2024— $— — $90,000 
July 27, 2024 to August 23, 20242,428 37.93 — 90,000 
August 24, 2024 to September 27, 2024— — — 90,000 
Total2,428 $37.93 — $90,000 

(1)Represents withholding of 2,428 shares of our common stock during the thirteen weeks ended September 27, 2024 to satisfy tax withholding requirements related to restricted shares of our common stock awarded to our officers and key
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employees resulting from either elections under 83(b) of the Internal Revenue Code of 1986, as amended, or upon vesting of such awards.
(2)In November 2023, we announced a two-year share repurchase program in an amount up to $100.0 million targeting $25.0 million to $100.0 million of share repurchases by the end of fiscal 2025.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

None.

ITEM 5. OTHER INFORMATION

Rule 10b5-1 and Non-Rule 10b5-1 Trading Arrangements

During the quarterly period covered by this report, none of the Company’s directors or officers (as defined in Rule 16a-1(f) of the Securities Exchange Act, of 1934, as amended) adopted, terminated or modified any contract, instruction or written plan for the purchase or sale of the Company’s common stock that was intended to satisfy the affirmative defense conditions of Exchange Act Rule 10b5-1(c) or any non-Rule 10b5-1 trading arrangement (as defined in Item 408 of Regulation S-K).





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ITEM 6. EXHIBITS
Exhibit No. Description
 Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
   
 Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
   
 Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
   
 Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS XBRL Instance Document – the instance document does not appear on the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
  
101.SCH XBRL Taxonomy Extension Schema Document
  
101.CAL XBRL Taxonomy Extension Calculation Linkbase Document
  
101.DEF XBRL Taxonomy Extension Definition Linkbase Document
  
101.LAB XBRL Taxonomy Extension Label Linkbase Document
  
101.PRE XBRL Taxonomy Extension Presentation Linkbase Document
104Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized on October 30, 2024.
 THE CHEFS’ WAREHOUSE, INC.
 (Registrant)
  
Date: October 30, 2024  /s/ James Leddy
James Leddy
 Chief Financial Officer
 (Principal Financial Officer)
 
Date: October 30, 2024  /s/ Timothy McCauley
Timothy McCauley
 Chief Accounting Officer
 (Principal Accounting Officer)

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