Chefs' Warehouse, Inc. Files 10-Q for Q1 2024

TL;DR

<b>Chefs' Warehouse, Inc. filed its Q1 2024 10-Q report on May 1, 2024.</b>

AI Summary

Chefs' Warehouse, Inc. (CHEF) filed a Quarterly Report (10-Q) with the SEC on May 1, 2024. Chefs' Warehouse, Inc. filed its 10-Q report for the period ending March 29, 2024. The filing covers the first quarter of fiscal year 2024. The company's fiscal year ends on December 27th. The filing was submitted on May 1, 2024. The company's principal business is wholesale groceries and general line distribution.

Why It Matters

For investors and stakeholders tracking Chefs' Warehouse, Inc., this filing contains several important signals. This 10-Q provides investors with a quarterly update on the company's financial performance and operational status. Understanding the details within this filing is crucial for assessing the company's trajectory and making informed investment decisions.

Risk Assessment

Risk Level: medium — Chefs' Warehouse, Inc. shows moderate risk based on this filing. The company operates in the wholesale grocery sector, which can be subject to fluctuations in demand and supply chain disruptions, as indicated by its business classification.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis in the 10-Q to understand the drivers of performance and future outlook.

Key Numbers

• 2024-03-29 — Reporting Period End Date (Conformed Period of Report)
• 2024-05-01 — Filing Date (Filed as of date)
• 12/27 — Fiscal Year End (Fiscal year end)
• 5141 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• Chefs' Warehouse, Inc. (company) — Filer name
• 2024-03-29 (date) — Conformed period of report
• 2024-05-01 (date) — Filed as of date
• 100 EAST RIDGE ROAD (address) — Business address
• RIDGEFIELD (location) — Business address city
• CT (location) — Business address state
• 06877 (postal_code) — Business address zip
• 203031526 (tax_id) — IRS Number

FAQ

Industry Context

Chefs' Warehouse operates within the wholesale grocery sector, serving as a distributor of specialty food products.

Regulatory Implications

As a publicly traded company, Chefs' Warehouse is subject to SEC regulations and reporting requirements, including the filing of quarterly 10-Q reports.

What Investors Should Do

1. Analyze the revenue and profitability trends for Q1 2024.
2. Examine any disclosed risks or uncertainties that could impact future performance.
3. Compare key financial metrics to previous periods and industry benchmarks.

Key Dates

• 2024-03-29: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-01: Filing Date — Date the 10-Q was officially submitted to the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides investors with a timely update on the company's financial performance and operational status.)

Fiscal Year End

The last day of a company's fiscal year. (Helps in understanding the timing of financial reporting cycles.)

Year-Over-Year Comparison

This filing represents the quarterly update for Q1 2024, following the company's previous filings.

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 CHEF The NASDAQ Stock Market LLC Indi

Filing Documents

• chef-20240329.htm (10-Q) — 758KB
• chef-10qxex31x103292024.htm (EX-31.1) — 10KB
• chef-10qxex31x203292024.htm (EX-31.2) — 10KB
• chef-10qxex32x103292024.htm (EX-32.1) — 6KB
• chef-10qxex32x203292024.htm (EX-32.2) — 6KB
• chef-20240329_g1.jpg (GRAPHIC) — 244KB
• 0001517175-24-000011.txt (&nbsp;) — 5325KB
• chef-20240329.xsd (EX-101.SCH) — 35KB
• chef-20240329_cal.xml (EX-101.CAL) — 51KB
• chef-20240329_def.xml (EX-101.DEF) — 129KB
• chef-20240329_lab.xml (EX-101.LAB) — 472KB
• chef-20240329_pre.xml (EX-101.PRE) — 330KB
• chef-20240329_htm.xml (XML) — 586KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Condensed Consolidated Financial Statements (unaudited)

Item 1. Condensed Consolidated Financial Statements (unaudited): 4 Condensed Consolidated Balance Sheets 4 Condensed Consolidated Statements of Operations and Comprehensive Income 5 Condensed Consolidated Statements of Changes in Stockholders' Equity 6 Condensed Consolidated Statements of Cash Flows 7 Notes to Condensed Consolidated Financial Statements 8

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 16

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 20

Controls and Procedures

Item 4. Controls and Procedures 20

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 20

Risk Factors

Item 1A. Risk Factors 20

Unregistered Sales of Equity Securities , Use of Proceeds and Issuer Purchase s of Equity Securities

Item 2. Unregistered Sales of Equity Securities , Use of Proceeds and Issuer Purchase s of Equity Securities 21

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 21

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 21

Other Information

Item 5. Other Information 21

Exhibits

Item 6. Exhibits 22

Signatures

Signatures 23 2 CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS THE CHEFS' WAREHOUSE, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Amounts in thousands, except share data) March 29, 2024 December 29, 2023 ASSETS Current assets: Cash and cash equivalents $ 42,266 $ 49,878 Accounts receivable, net of allowances ($ 23,153 in 2024, $ 21,423 in 2023) 313,098 334,015 Inventories 271,791 284,528 Prepaid expenses and other current assets 65,533 62,522 Total current assets 692,688 730,943 Property and equipment, net 250,689 234,793 Operating lease right-of-use assets 185,425 192,307 Goodwill 356,579 356,021 Intangible assets, net 178,647 184,863 Other assets 6,346 6,379 Total assets $ 1,670,374 $ 1,705,306 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 183,003 $ 200,547 Accrued liabilities 63,372 70,728 Short-term operating lease liabilities 23,280 24,246 Accrued compensation 34,702 37,071 Current portion of long-term debt 55,510 53,185 Total current liabilities 359,867 385,777 Long-term debt, net of current portion 667,290 664,802 Operating lease liabilities 178,625 184,034 Deferred taxes, net 14,746 14,418 Other liabilities 2,053 1,603 Total liabilities 1,222,581 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 March 29, 2024 and December 29, 2023, respectively — — Common Stock - $ 0.01 par value, 100,000,000 shares authorized, 39,773,355 and 39,665,796 shares issued and outstanding at March 29, 2024 and December 29, 2023, respectively 398 396 Additional paid-in capital 352,672 356,157 Accumulated other comprehensive loss ( 2,155 ) ( 1,832 ) Retained earnings 101,882 99,951 Treasury stock ( 5,004 ) — Total stockholders' equity 447,793 454,672 Total liabilities and stockholders' equity $ 1,670,374 $ 1,705,306 See accompanying notes to the condensed consolidated financial statements.

View Full Filing

View this 10-Q filing on SEC EDGAR