Chefs' Warehouse, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Chefs' Warehouse, Inc. filed its 2023 10-K, detailing financial performance and operations for the fiscal year ending December 29, 2023.</b>

AI Summary

Chefs' Warehouse, Inc. (CHEF) filed a Annual Report (10-K) with the SEC on February 27, 2024. The Chefs' Warehouse, Inc. filed its 2023 Form 10-K on February 27, 2024, reporting for the fiscal year ended December 29, 2023. The filing covers financial data and business operations for the fiscal year 2023. Key financial statement dates include 2023-12-29, 2022-12-30, and 2021-12-24. The company's fiscal year end is December 29. The filing includes data related to common stock, additional paid-in capital, accumulated other comprehensive income, and retained earnings across multiple fiscal years.

Why It Matters

For investors and stakeholders tracking Chefs' Warehouse, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of the company's financial health, operational performance, and strategic positioning for the fiscal year 2023, crucial for investors and stakeholders to assess its current standing and future prospects. The detailed financial data, including segment information and balance sheet components, allows for a thorough analysis of revenue streams, profitability, and capital structure, enabling informed investment decisions.

Risk Assessment

Risk Level: medium — Chefs' Warehouse, Inc. shows moderate risk based on this filing. The filing is a standard 10-K, which is a comprehensive annual report. While it contains detailed financial information, it does not inherently signal immediate positive or negative developments beyond the typical reporting cycle, thus presenting a medium level of risk associated with standard disclosure requirements.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand the company's performance and potential challenges in fiscal year 2023.

Key Numbers

• 2023-12-29 — Fiscal Year End (Conformed period of report)
• 2024-02-27 — Filing Date (Filed as of date)
• 108 — Public Document Count (Number of documents in the filing)
• 001-35249 — SEC File Number (SEC file number for the company)

Key Players & Entities

• Chefs' Warehouse, Inc. (company) — Filer name
• 2023-12-29 (date) — Fiscal year end date
• 2024-02-27 (date) — Filing date
• 0001517175-24-000005 (filing_id) — Accession number
• 5141 (sic_code) — Standard Industrial Classification code
• DE (state) — State of incorporation

FAQ

Industry Context

The Chefs' Warehouse, Inc. operates in the wholesale grocery and general line distribution sector, serving the foodservice industry.

Regulatory Implications

The filing is a standard Form 10-K, mandated by the Securities Exchange Act of 1934 for public companies to provide an annual summary of their financial condition.

What Investors Should Do

1. Analyze the financial statements for revenue trends, profitability, and balance sheet health.
2. Review any disclosed risk factors to understand potential challenges and mitigation strategies.
3. Compare key financial metrics to previous years to identify performance changes.

Key Dates

• 2023-12-29: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-27: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial analysis of the 2023 10-K filing. A comparison to the previous year's filing would require access to that document.

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 CHEF The NASDAQ Stock Market LLC Secu
• $1.6 billion — enues have increased from approximately $1.6 billion for the fiscal year ended December 27,
• $3.4 billion — fiscal year ended December 27, 2019 to $3.4 billion for the fiscal year ended December 29,
• $387.2 m — p-front cash consideration of more than $387.2 million, which we funded with cash genera

Filing Documents

• chef-20231229.htm (10-K) — 1866KB
• chef-formseveranceagreemen.htm (EX-10.44) — 32KB
• subsidiariesofthecompany12.htm (EX-21) — 44KB
• consentofindependent122920.htm (EX-23.1) — 3KB
• chef-12292023xex31x1.htm (EX-31.1) — 10KB
• chef-12292023xex31x2.htm (EX-31.2) — 10KB
• chef-12292023xex32x1.htm (EX-32.1) — 6KB
• chef-12292023xex32x2.htm (EX-32.2) — 5KB
• chef-20231229_g1.jpg (GRAPHIC) — 47KB
• 0001517175-24-000005.txt (&nbsp;) — 10739KB
• chef-20231229.xsd (EX-101.SCH) — 61KB
• chef-20231229_cal.xml (EX-101.CAL) — 115KB
• chef-20231229_def.xml (EX-101.DEF) — 310KB
• chef-20231229_lab.xml (EX-101.LAB) — 944KB
• chef-20231229_pre.xml (EX-101.PRE) — 627KB
• chef-20231229_htm.xml (XML) — 1676KB

Business

Business 5 Item 1A

Risk Factors

Risk Factors 14 Item 1B Unresolved Staff Comments 28 Item 1C Cybersecurity 29 Item 2

Properties

Properties 30 Item 3

Legal Proceedings

Legal Proceedings 30 Item 4 Mine Safety Disclosures 30 Part II Item 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 31 Item 6 Reserved 32 Item 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 33 Item 7A

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 41 Item 8 Consolidated Financial Statements and Supplementary Data 42 Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 72 Item 9A

Controls and Procedures

Controls and Procedures 72 Item 9B Other Information 75 Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 75 Part III Item 10 Directors, Executive Officers and Corporate Governance 76 Item 11

Executive Compensation

Executive Compensation 76 Item 12

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 76 Item 13 Certain Relationships and Related Transactions, and Director Independence 76 Item 14 Principal Accounting Fees and Services 76 Part IV Item 15 Exhibits and Financial Statement Schedules 77 Item 16 Form 10-K Summary 77

Signatures

Signatures 83 2 CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K of The Chefs' Warehouse, Inc. contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements provide our current expectations or forecasts of future events and are not statements of historical fact. These forward-looking statements include information about possible or assumed future events, including, among other things, discussion and analysis of our future financial condition, results of operations, our strategic plans and objectives, cost management, liquidity and ability to refinance our indebtedness as it matures, anticipated capital expenditures (and access to capital) required to complete projects, amounts of cash distributions to our stockholders in the future, if any, and other matters. Words such as "anticipates," "expects," "predicts," "contemplates," "projects," "forecasts,' "intends," "plans," "believes," "seeks," "estimates," "could," "should," "will," "may," "would" and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control, are difficult to predict and/or could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. Forward-looking statements involve inherent uncertainty and may ultimately prove to be incorrect or false. Investors in our common stock are cautioned not to place undue reliance on forward-looking statements. Except as otherwise may be required by law, we undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or actual operating results. Our a

BUSINESS

Item 1. BUSINESS We are a premier distributor of specialty food and center-of-the-plate products in the United States, the Middle East, and Canada. We are focused on serving the specific needs of chefs who own and/or operate some of the leading menu-driven independent restaurants, fine dining establishments, country clubs, hotels, caterers, culinary schools, bakeries, patisseries, chocolateries, cruise lines, casinos and specialty food stores in the United States, the Middle East, and Canada (collectively, our "Core Customers"). We believe that we have a distinct competitive advantage in serving these customers as a result of our extensive selection of distinctive and hard-to-find specialty and center-of-the-plate food products, our product knowledge and our customer service. We define specialty food products as gourmet foods and ingredients that are of the highest grade, quality or style as measured by their uniqueness, exotic origin or particular processing method. Our product portfolio includes over 70,000 stock-keeping units ("SKUs") from more than 3,000 different suppliers and is comprised primarily of imported and domestic specialty food products, such as artisan charcuterie, specialty cheeses, unique oils and vinegars, truffles, caviar, chocolate and pastry products. We also offer an extensive line of center-of-the-plate products, including custom cut beef, seafood and hormone-free poultry, as well as produce and broadline food products, such as cooking oils, butter, eggs, milk and flour. When marketing our products to our customers, we focus our efforts on chefs, and we believe that, by offering a wide selection of both distinctive and hard-to-find products, together with center-of-the-plate proteins and staple broadline food products, we are able to differentiate ourselves from larger, traditional broadline foodservice distributors, while simultaneously enabling our customers to utilize us as their primary foodservice distributor. Additionally, we marke

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View this 10-K filing on SEC EDGAR