$CHEF
Chefs' Warehouse, Inc.

2024 Q2 Form 10-Q Financial Statement

#000151717524000011 Filed on May 01, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q1
Revenue $954.7M $874.5M $719.6M
YoY Change 8.27% 21.52% 40.53%
Cost Of Revenue $725.7M $665.1M $549.9M
YoY Change 7.77% 20.93% 39.37%
Gross Profit $229.0M $209.4M $169.7M
YoY Change 9.86% 23.41% 44.42%
Gross Profit Margin 23.99% 23.95% 23.58%
Selling, General & Admin $194.8M $190.3M $156.1M
YoY Change 8.82% 21.89% 41.83%
% of Gross Profit 85.08% 90.87% 92.0%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $15.71M $9.234M $11.71M
YoY Change 8.86% -21.13% 98.81%
% of Gross Profit 6.86% 4.41% 6.9%
Operating Expenses $194.8M $190.3M $157.8M
YoY Change 6.49% 20.6% 43.35%
Operating Profit $33.87M $16.00M $11.90M
YoY Change 32.91% 34.49% 89.96%
Interest Expense -$11.69M $13.24M -$10.01M
YoY Change -2.63% -232.36% -329.23%
% of Operating Profit -34.52% 82.76% -84.09%
Other Income/Expense, Net
YoY Change
Pretax Income $22.18M $2.759M $1.893M
YoY Change 66.32% 45.75% -0.32%
Income Tax $6.653M $828.0K $492.0K
% Of Pretax Income 30.0% 30.01% 25.99%
Net Earnings $15.52M $1.931M $1.401M
YoY Change 57.33% 37.83% 1.16%
Net Earnings / Revenue 1.63% 0.22% 0.19%
Basic Earnings Per Share $0.41 $0.05 $0.04
Diluted Earnings Per Share $0.37 $0.05 $0.04
COMMON SHARES
Basic Shares Outstanding 39.77M shares 39.67M shares 38.60M shares
Diluted Shares Outstanding 45.95M shares 38.63M shares 38.16M shares

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $38.34M $42.27M $91.74M
YoY Change -35.66% -53.93% 15.49%
Cash & Equivalents $38.34M $42.27M $91.74M
Short-Term Investments
Other Short-Term Assets $93.67M $88.83M $55.71M
YoY Change 137.22% 59.45% 50.57%
Inventory $310.4M $271.8M $274.8M
Prepaid Expenses
Receivables $323.4M $313.1M $274.6M
Other Receivables -$25.24M -$23.30M $0.00
Total Short-Term Assets $740.5M $692.7M $696.8M
YoY Change 3.77% -0.6% 58.85%
LONG-TERM ASSETS
Property, Plant & Equipment $259.6M $250.7M $375.1M
YoY Change -33.05% -33.17% 147.2%
Goodwill $356.5M $356.6M $307.8M
YoY Change 2.17% 15.86% 33.24%
Intangibles $172.5M $178.6M $167.8M
YoY Change -11.91% 6.45% 54.2%
Long-Term Investments
YoY Change
Other Assets $6.482M $6.346M $4.566M
YoY Change 32.72% 38.98% 12.32%
Total Long-Term Assets $974.9M $977.7M $855.3M
YoY Change 4.0% 14.31% 31.0%
TOTAL ASSETS
Total Short-Term Assets $740.5M $692.7M $696.8M
Total Long-Term Assets $974.9M $977.7M $855.3M
Total Assets $1.715B $1.670B $1.552B
YoY Change 3.9% 7.62% 42.19%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $220.4M $183.0M $169.9M
YoY Change 11.26% 7.7% 39.91%
Accrued Expenses $61.76M $63.37M $121.1M
YoY Change -49.92% -47.68% 247.52%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $56.63M $55.51M $13.20M
YoY Change 371.22% 320.56% 165.52%
Total Short-Term Liabilities $399.5M $359.9M $304.2M
YoY Change 19.82% 18.29% 56.68%
LONG-TERM LIABILITIES
Long-Term Debt $660.8M $667.3M $654.4M
YoY Change -6.81% 1.97% 66.28%
Other Long-Term Liabilities $2.794M $2.053M $181.3M
YoY Change -98.43% -98.87% 3148.75%
Total Long-Term Liabilities $663.6M $669.3M $835.7M
YoY Change -25.22% -19.91% 109.38%
TOTAL LIABILITIES
Total Short-Term Liabilities $399.5M $359.9M $304.2M
Total Long-Term Liabilities $663.6M $669.3M $835.7M
Total Liabilities $1.254B $1.223B $1.146B
YoY Change 2.08% 6.67% 55.49%
SHAREHOLDERS EQUITY
Retained Earnings $117.4M $101.9M $66.76M
YoY Change 53.21% 52.6% 71.2%
Common Stock $398.0K $398.0K $395.0K
YoY Change 0.51% 0.76% 3.13%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $461.9M $447.8M $406.0M
YoY Change
Total Liabilities & Shareholders Equity $1.715B $1.670B $1.552B
YoY Change 3.9% 7.62% 42.19%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income $15.52M $1.931M $1.401M
YoY Change 57.33% 37.83% 1.16%
Depreciation, Depletion And Amortization $15.71M $9.234M $11.71M
YoY Change 8.86% -21.13% 98.81%
Cash From Operating Activities $29.33M $30.90M -$2.261M
YoY Change 124.82% -1466.65% -121.99%
INVESTING ACTIVITIES
Capital Expenditures $16.06M $17.07M $8.696M
YoY Change 11.05% 96.25% -161.21%
Acquisitions $315.0K $50.94M
YoY Change -99.38% 81.92%
Other Investing Activities $0.00 -$315.0K -$50.94M
YoY Change -100.0% -99.38% 81.92%
Cash From Investing Activities -$16.06M -$17.38M -$59.63M
YoY Change -80.68% -70.85% 41.29%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $6.750M $3.228M
YoY Change 109.11%
Cash From Financing Activities -17.11M -$21.25M -5.141M
YoY Change -144.87% 313.38% 33.5%
NET CHANGE
Cash From Operating Activities 29.33M $30.90M -2.261M
Cash From Investing Activities -16.06M -$17.38M -59.63M
Cash From Financing Activities -17.11M -$21.25M -5.141M
Net Change In Cash -3.842M -$7.612M -67.04M
YoY Change -87.96% -88.64% 87.69%
FREE CASH FLOW
Cash From Operating Activities $29.33M $30.90M -$2.261M
Capital Expenditures $16.06M $17.07M $8.696M
Free Cash Flow $13.27M $13.83M -$10.96M
YoY Change -1037.74% -226.26% -144.74%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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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.
CY2024Q1 us-gaap Number Of Operating Segments
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CY2024Q1 us-gaap Number Of Reportable Segments
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<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div>
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AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
146138000 usd
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
137008000 usd
CY2023Q4 us-gaap Goodwill
Goodwill
356021000 usd
CY2024Q1 us-gaap Goodwill Purchase Accounting Adjustments
GoodwillPurchaseAccountingAdjustments
656000 usd
CY2024Q1 us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
-98000 usd
CY2024Q1 us-gaap Goodwill
Goodwill
356579000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
138831000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
132660000 usd
CY2024Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
6171000 usd
CY2023Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
4697000 usd
CY2024Q1 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.0625
CY2024Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
42121000 usd
CY2023Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
31892000 usd
CY2024Q1 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
16005000 usd
CY2023Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
17339000 usd
CY2024Q1 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities
722800000 usd
CY2023Q4 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities
717987000 usd
CY2024Q1 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
55510000 usd
CY2023Q4 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
53185000 usd
CY2024Q1 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
667290000 usd
CY2023Q4 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
664802000 usd
CY2024Q1 chef Amounts Reserved For Issuance Of Letters Of Credit
AmountsReservedForIssuanceOfLettersOfCredit
27970000 usd
CY2024Q1 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
0 usd
CY2023Q4 chef Stock Repurchase Program Program Term
StockRepurchaseProgramProgramTerm
P2Y
CY2023Q4 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
100000000 usd
CY2024Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
95000000 usd
CY2024Q1 chef Ownership Interest In Facilities Owned By Entities Controlled By Companys Stockholders
OwnershipInterestInFacilitiesOwnedByEntitiesControlledByCompanysStockholders
1
CY2024Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.300
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.260
CY2024Q1 us-gaap Income Taxes Receivable
IncomeTaxesReceivable
23301000 usd
CY2024Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
1522000 usd
CY2023Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
2539000 usd
CY2024Q1 us-gaap Interest Paid Net
InterestPaidNet
10403000 usd
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
7366000 usd
CY2024Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
9812000 usd
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
9001000 usd
CY2024Q1 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
379000 usd
CY2023Q1 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
914000 usd
CY2024Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
396000 usd
CY2023Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
32615000 usd
CY2024Q1 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
11587000 usd
CY2023Q1 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
2697000 usd
CY2024Q1 us-gaap Noncash Or Part Noncash Acquisition Value Of Liabilities Assumed1
NoncashOrPartNoncashAcquisitionValueOfLiabilitiesAssumed1
0 usd
CY2023Q1 us-gaap Noncash Or Part Noncash Acquisition Value Of Liabilities Assumed1
NoncashOrPartNoncashAcquisitionValueOfLiabilitiesAssumed1
7800000 usd
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
true
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

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chef-20240329_cal.xml Edgar Link unprocessable