The Chefs’ Warehouse Reports First Quarter 2025 Financial Results
The Chefs' Warehouse reported strong Q1 2025 financial results with net sales increasing 8.7% to $950.7 million, up from $874.5 million in Q1 2024. The company's GAAP net income rose significantly to $10.3 million ($0.25 per diluted share), compared to $1.9 million ($0.05 per diluted share) in the previous year.
Key performance highlights include:
- Adjusted EBITDA reached $47.5 million, up from $40.2 million
- Specialty category saw 5.7% organic case count growth
- Unique customers increased by 4.5%
- Product placements grew by 7.7%
The company provided 2025 guidance projecting net sales between $3.96-4.04 billion, gross profit of $954-976 million, and adjusted EBITDA of $234-246 million. Operating performance improved with operating income at 2.4% of net sales, up from 1.7% in the previous year.
The Chefs' Warehouse ha riportato risultati finanziari solidi nel primo trimestre 2025, con un aumento delle vendite nette dell'8,7%, raggiungendo 950,7 milioni di dollari rispetto ai 874,5 milioni del primo trimestre 2024. L'utile netto GAAP dell'azienda è cresciuto significativamente a 10,3 milioni di dollari (0,25 dollari per azione diluita), rispetto a 1,9 milioni (0,05 dollari per azione diluita) dell'anno precedente.
I principali risultati di performance includono:
- L'EBITDA rettificato ha raggiunto 47,5 milioni di dollari, in aumento rispetto a 40,2 milioni
- La categoria specialty ha registrato una crescita organica del 5,7% nel numero di casse
- I clienti unici sono aumentati del 4,5%
- Le posizioni di prodotto sono cresciute del 7,7%
L'azienda ha fornito le previsioni per il 2025, stimando vendite nette tra 3,96 e 4,04 miliardi di dollari, un margine lordo compreso tra 954 e 976 milioni e un EBITDA rettificato tra 234 e 246 milioni. La performance operativa è migliorata con un reddito operativo pari al 2,4% delle vendite nette, rispetto all'1,7% dell'anno precedente.
The Chefs' Warehouse reportó sólidos resultados financieros en el primer trimestre de 2025, con ventas netas que aumentaron un 8,7%, alcanzando 950,7 millones de dólares, frente a los 874,5 millones del primer trimestre de 2024. El ingreso neto GAAP de la compañía creció significativamente a 10,3 millones de dólares (0,25 dólares por acción diluida), comparado con 1,9 millones (0,05 dólares por acción diluida) del año anterior.
Los aspectos destacados clave del desempeño incluyen:
- El EBITDA ajustado alcanzó los 47,5 millones de dólares, frente a 40,2 millones
- La categoría specialty experimentó un crecimiento orgánico del 5,7% en el conteo de cajas
- Los clientes únicos aumentaron un 4,5%
- Las colocaciones de productos crecieron un 7,7%
La compañía proporcionó una guía para 2025 proyectando ventas netas entre 3,96 y 4,04 mil millones de dólares, un beneficio bruto de 954 a 976 millones y un EBITDA ajustado de 234 a 246 millones. El desempeño operativo mejoró con un ingreso operativo del 2,4% de las ventas netas, frente al 1,7% del año anterior.
The Chefs' Warehouse는 2025년 1분기에 강력한 재무 실적을 보고했으며, 순매출은 전년 동기 8억 7,450만 달러에서 8.7% 증가한 9억 5,070만 달러를 기록했습니다. 회사의 GAAP 순이익은 전년 190만 달러(희석 주당 0.05달러)에서 크게 상승하여 1,030만 달러(희석 주당 0.25달러)를 기록했습니다.
주요 성과 하이라이트는 다음과 같습니다:
- 조정 EBITDA는 4,750만 달러로, 이전의 4,020만 달러에서 증가
- 스페셜티 카테고리의 유기적 케이스 수가 5.7% 성장
- 고유 고객 수가 4.5% 증가
- 제품 배치가 7.7% 증가
회사는 2025년 가이던스를 제공하며 순매출 39억 6천만 달러에서 40억 4천만 달러, 총이익 9억 5,400만 달러에서 9억 7,600만 달러, 조정 EBITDA 2억 3,400만 달러에서 2억 4,600만 달러를 예상했습니다. 영업 성과는 순매출 대비 영업이익률이 1.7%에서 2.4%로 개선되었습니다.
The Chefs' Warehouse a annoncé de solides résultats financiers pour le premier trimestre 2025, avec une augmentation des ventes nettes de 8,7% à 950,7 millions de dollars, contre 874,5 millions au premier trimestre 2024. Le bénéfice net GAAP de la société a fortement augmenté pour atteindre 10,3 millions de dollars (0,25 dollar par action diluée), contre 1,9 million (0,05 dollar par action diluée) l'année précédente.
Les points clés de performance incluent :
- L'EBITDA ajusté a atteint 47,5 millions de dollars, en hausse par rapport à 40,2 millions
- La catégorie specialty a connu une croissance organique de 5,7 % du nombre de cas
- Le nombre de clients uniques a augmenté de 4,5 %
- Les placements de produits ont progressé de 7,7 %
La société a fourni ses prévisions pour 2025, prévoyant des ventes nettes comprises entre 3,96 et 4,04 milliards de dollars, un bénéfice brut de 954 à 976 millions, et un EBITDA ajusté de 234 à 246 millions. La performance opérationnelle s'est améliorée avec un résultat opérationnel représentant 2,4 % des ventes nettes, contre 1,7 % l'année précédente.
The Chefs' Warehouse meldete starke finanzielle Ergebnisse für das erste Quartal 2025 mit einem Anstieg der Nettoumsätze um 8,7% auf 950,7 Millionen US-Dollar gegenüber 874,5 Millionen US-Dollar im ersten Quartal 2024. Der GAAP-Nettogewinn des Unternehmens stieg deutlich auf 10,3 Millionen US-Dollar (0,25 US-Dollar je verwässerter Aktie) im Vergleich zu 1,9 Millionen US-Dollar (0,05 US-Dollar je verwässerter Aktie) im Vorjahr.
Wesentliche Leistungshighlights umfassen:
- Das bereinigte EBITDA erreichte 47,5 Millionen US-Dollar, gegenüber 40,2 Millionen US-Dollar
- Die Specialty-Kategorie verzeichnete ein organisches Wachstum der Fallzahlen um 5,7%
- Die Anzahl der einzigartigen Kunden stieg um 4,5%
- Produktplatzierungen wuchsen um 7,7%
Das Unternehmen gab eine Prognose für 2025 ab, mit erwarteten Nettoumsätzen zwischen 3,96 und 4,04 Milliarden US-Dollar, einem Bruttogewinn von 954 bis 976 Millionen US-Dollar und einem bereinigten EBITDA von 234 bis 246 Millionen US-Dollar. Die operative Leistung verbesserte sich mit einem operativen Einkommen von 2,4 % der Nettoumsätze gegenüber 1,7 % im Vorjahr.
- Net sales increased 8.7% to $950.7M in Q1 2025
- GAAP net income grew to $10.3M ($0.25/share) from $1.9M ($0.05/share) YoY
- Adjusted EBITDA improved to $47.5M from $40.2M YoY
- Specialty category organic case count up 5.7% with customer base up 4.5%
- Operating income margin improved to 2.4% from 1.7% YoY
- SG&A expenses decreased as percentage of sales to 21.3% from 21.8%
- Lower other operating expenses ($0.5M vs $3.1M YoY)
- Center-of-plate category saw 1.3% decrease in organic pounds sold
- Gross profit margins declined 18 basis points to 23.8%
- Center-of-plate category margins decreased 83 basis points
- SG&A expenses increased 6.5% to $202.8M due to higher compensation and facility costs
Insights
Chefs' Warehouse reports strong Q1 results with 8.7% revenue growth and 440% net income increase, while providing solid FY2025 guidance.
Chefs' Warehouse delivered impressive Q1 2025 financial results with substantial improvements across key metrics. The specialty food distributor reported an 8.7% increase in net sales to
The underlying operational metrics reveal a nuanced performance picture. In the specialty category, organic case count increased
Gross profit rose
The company demonstrated improved cost control with selling, general and administrative expenses increasing
Operating income jumped
Adjusted EBITDA – a key measure of operational performance – increased
For fiscal year 2025, management provided guidance projecting net sales between
CEO Christopher Pappas noted typical seasonal business activity, with revenue trends strengthening from January through March, and continuing into April with expected seasonality patterns.
RIDGEFIELD, Conn., April 30, 2025 (GLOBE NEWSWIRE) -- The Chefs’ Warehouse, Inc. (NASDAQ: CHEF) (the “Company” or “Chefs’”), a premier distributor of specialty food products in the United States, the Middle East, and Canada, today reported financial results for its first quarter ended March 28, 2025.
Financial highlights for the first quarter of 2025:
- Net sales increased
8.7% to$950.7 million for the first quarter of 2025 from$874.5 million for the first quarter of 2024. - GAAP net income was
$10.3 million , or$0.25 per diluted share, for the first quarter of 2025 compared to$1.9 million , or$0.05 per diluted share, in the first quarter of 2024. - Adjusted net income per share1 was
$0.25 for the first quarter of 2025 compared to$0.15 for the first quarter of 2024. - Adjusted EBITDA1 was
$47.5 million for the first quarter of 2025 compared to$40.2 million for the first quarter of 2024.
“First quarter 2025 business activity displayed typical seasonal cadence as revenue trends coming out of January increased steadily into February and March. During the quarter, our business units, international and domestic, delivered strong growth in unique item placements and solid operating leverage versus the prior year first quarter”, said Christopher Pappas, Chairman and Chief Executive of the Company. “As we entered the second quarter, revenue builds during the first few weeks of April continued to display typical seasonality. I would like to thank all our Chefs’ Warehouse Teams, from sales and operations to all the supporting functions, for delivering a great start to 2025. I would also like to recognize our customer and supplier partners for their support and confidence in our people, quality and diversity of products, and our high-touch, flexible distribution platform.”
First Quarter Fiscal 2025 Results
Net sales for the first quarter of 2025 increased
Gross profit increased
Selling, general and administrative expenses increased by approximately
Other operating expenses, net was
Operating income for the first quarter of 2025 was
The Company’s effective tax rate was
Net income for the first quarter of 2025 was
Adjusted EBITDA1 was
2025 Guidance
We are providing fiscal 2025 full year financial guidance as follows:
- Net sales in the range of
$3.96 billion to$4.04 billion , - Gross profit to be between
$954 million and$976 million and - Adjusted EBITDA to be between
$234 million and$246 million .
First Quarter 2025 Earnings Conference Call
The Company will host a conference call to discuss first quarter 2025 financial results today at 8:30 a.m. EDT. Hosting the call will be Chris Pappas, chairman and chief executive officer, and Jim Leddy, chief financial officer. The conference call will be webcast live from the Company’s investor relations website at http://investors.chefswarehouse.com. An online archive of the webcast will be available on the Company’s investor relations website.
Non-GAAP Financial Measures
We present EBITDA, adjusted EBITDA, adjusted net income and adjusted net income per share, as well as forecasted EBITDA and adjusted EBITDA ranges, which are not measurements determined in accordance with the U.S. Generally Accepted Accounting Principles (“GAAP”), because we believe these measures provide additional metrics to evaluate our operations and our forecasted results and which we believe, when considered with both our GAAP results and the reconciliation to net income and net income available to common shareholders, provide a more complete understanding of our business than could be obtained absent this disclosure. We use EBITDA, adjusted EBITDA, adjusted net income and adjusted net income per share together with financial measures prepared in accordance with GAAP, such as revenue and cash flows from operations, to assess our historical and prospective operating performance and to enhance our understanding of our core operating performance. The use of EBITDA, adjusted EBITDA, adjusted net income and adjusted net income per share as performance measures permits a comparative assessment of our operating performance relative to our GAAP performance while isolating the effects of some items that vary from period to period without any correlation to core operating performance or that vary widely among similar companies.
Other companies may calculate these non-GAAP financial measures differently, and therefore our measures may not be comparable to similarly titled measures of other companies. These non-GAAP financial measures should only be used as supplemental measures of our operating performance.
Please see the schedules accompanying this earnings release for a reconciliation of EBITDA, adjusted EBITDA, adjusted net income and adjusted net income per share to these measures’ most directly comparable GAAP measure.
Forward-Looking Statements
Statements in this press release regarding the Company’s business that are not historical facts are “forward-looking statements” that involve risks and uncertainties and are based on current expectations and management estimates; actual results may differ materially. The risks and uncertainties which could impact these statements include, but are not limited to the following: our success depends to a significant extent upon general economic conditions, including disposable income levels and changes in consumer discretionary spending; the relatively low margins of our business, which are sensitive to inflationary and deflationary pressures and intense competition; changes in our credit profile and any effect they may have on our relationships with suppliers; the effects of rising costs for and/or decreases in supply of commodities, ingredients, packaging, other raw materials, distribution and labor; price reductions by our manufacturers of products that we sell which could cause the value of our inventory to decline or our customers to demand lower sales prices; fuel cost volatility and its impact on distribution, packaging and energy costs; our continued ability to promote our brand successfully, to anticipate and respond to new customer demands, and to develop new products and markets to compete effectively; our ability and the ability of our supply chain partners to continue to operate distribution centers and other work locations without material disruption, and to procure ingredients, packaging and other raw materials when needed despite disruptions in the supply chain or labor shortages; risks associated with the expansion of our business; our possible inability to identify new acquisitions or to integrate recent or future acquisitions, or our failure to realize anticipated revenue enhancements, cost savings or other synergies from recent or future acquisitions; other factors that affect the food industry generally, including: recalls if products become adulterated or misbranded, liability if product consumption causes injury, ingredient disclosure and labeling laws and regulations and the possibility that customers could lose confidence in the safety and quality of certain food products; new information or attitudes regarding diet and health or adverse opinions about the health effects of the products we distribute; dependence on independent certifications for products; changes in disposable income levels and consumer purchasing habits; competitors’ pricing practices and promotional spending levels; fluctuations in the level of our customers’ inventories and credit and other related business risks; and the risks associated with third-party suppliers, including the risk that any failure by one or more of our third-party suppliers to comply with food safety or other laws and regulations may disrupt our supply of raw materials or certain products or injure our reputation; our ability to recruit and retain senior management and a highly skilled and diverse workforce; unanticipated expenses, including, without limitation, litigation or legal settlement expenses, adverse judgments, or impairment charges; the cost and adequacy of our insurance policies; the impact and effects of public health crises, pandemics and epidemics and the adverse impact thereof on our business, financial condition, and results of operations; economic and other developments, or events, including adverse weather conditions, in the culinary markets in which we operate; information technology system failures, cybersecurity incidents, or other disruptions to our use of technology and networks; our ability to realize the benefits we anticipate from investments in information technology; our ability to protect our intellectual property; significant governmental regulation and any potential failure to comply with such regulations; changing rules, public disclosure regulations and stakeholder expectations on ESG-related matters; federal, state, provincial and local tax rules in the United States and the foreign countries in which we operate, including tax reform and legislation; climate change, or the legal, regulatory or market measures being implemented to address climate change; the concentration of ownership among our existing executive officers, directors and their affiliates which may prevent new investors from influencing significant corporate decisions; risks relating to our substantial indebtedness; our ability to raise additional capital and/or obtain debt or other financing, on commercially reasonable terms or at all; our ability to meet future cash requirements, including the ability to access financial markets effectively and maintain sufficient liquidity; the effects of currency movements in the jurisdictions in which we operate as compared to the U.S. dollar; and the effects of international trade disputes, tariffs, quotas and other import or export restrictions on our international procurement, sales and operations. Any forward-looking statements are made pursuant to the Private Securities Litigation Reform Act of 1995 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 Securities and Exchange Commission (“SEC”) on February 25, 2025 and other reports filed by the Company with the SEC since that date. The Company is not undertaking to update any information until required by applicable laws. Any projections of future results of operations are based on a number of assumptions, many of which are outside the Company’s control and should not be construed in any manner as a guarantee that such results will in fact occur. These projections are subject to change and could differ materially from final reported results. The Company may from time to time update these publicly announced projections, but it is not obligated to do so.
About The Chefs’ Warehouse
The Chefs’ Warehouse, Inc. (http://www.chefswarehouse.com) is a premier distributor of specialty food products in the United States, the Middle East and Canada 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 Chefs’ Warehouse, Inc. carries and distributes more than 88,000 products to more than 50,000 customer locations throughout the United States, the Middle East and Canada.
Contact:
Investor Relations
Jim Leddy, CFO, (718) 684-8415
1 EBITDA, Adjusted EBITDA, adjusted net income and adjusted net income per share are non-GAAP measures. Please see the schedules accompanying this earnings release for a reconciliation of EBITDA, Adjusted EBITDA, adjusted net income and adjusted net income per share to these measures’ most directly comparable GAAP measure.
| THE CHEFS’ WAREHOUSE, INC. | |||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||
| (unaudited; in thousands except share amounts and per share data) | |||||
| Thirteen Weeks Ended | |||||
| March 28, 2025 | March 29, 2024 | ||||
| Net sales | $ | 950,748 | $ | 874,488 | |
| Cost of sales | 724,753 | 665,052 | |||
| Gross profit | 225,995 | 209,436 | |||
| Selling, general and administrative expenses | 202,763 | 190,321 | |||
| Other operating expenses, net | 497 | 3,112 | |||
| Operating income | 22,735 | 16,003 | |||
| Interest expense | 10,253 | 13,244 | |||
| Income before income taxes | 12,482 | 2,759 | |||
| Provision for income tax expense | 2,194 | 828 | |||
| Net income | $ | 10,288 | $ | 1,931 | |
| Net income per share: | |||||
| Basic | $ | 0.27 | $ | 0.05 | |
| Diluted | $ | 0.25 | $ | 0.05 | |
| Numerator: | |||||
| Net income | $ | 10,288 | $ | 1,931 | |
| Add effect of dilutive securities: | |||||
| Interest on convertible notes, net of tax | 1,212 | — | |||
| Net income available to common shareholders | $ | 11,500 | $ | 1,931 | |
| Denominator: | |||||
| Weighted average basic common shares outstanding | 38,695,791 | 37,820,725 | |||
| Dilutive effect of unvested common shares, stock options and warrants | 900,680 | 806,160 | |||
| Dilutive effect of convertible notes | 6,494,970 | — | |||
| Weighted average diluted common shares outstanding | 46,091,441 | 38,626,885 | |||
| THE CHEFS’ WAREHOUSE, INC. | |||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
| AS OF MARCH 28, 2025 AND DECEMBER 27, 2024 | |||||||
| (unaudited; in thousands) | |||||||
| March 28, 2025 | December 27, 2024 | ||||||
| Cash and cash equivalents | $ | 116,530 | $ | 114,655 | |||
| Accounts receivable, net | 335,846 | 366,311 | |||||
| Inventories | 316,849 | 316,014 | |||||
| Prepaid expenses and other current assets | 65,791 | 71,063 | |||||
| Total current assets | 835,016 | 868,043 | |||||
| Property and equipment, net | 294,255 | 275,781 | |||||
| Operating lease right-of-use assets | 192,357 | 191,423 | |||||
| Goodwill | 356,343 | 356,298 | |||||
| Intangible assets, net | 154,302 | 160,383 | |||||
| Other assets | 6,303 | 6,763 | |||||
| Total assets | $ | 1,838,576 | $ | 1,858,691 | |||
| Accounts payable | $ | 249,545 | $ | 266,775 | |||
| Accrued liabilities | 73,897 | 68,538 | |||||
| Short-term operating lease liabilities | 21,898 | 21,965 | |||||
| Accrued compensation | 41,651 | 50,078 | |||||
| Current portion of long-term debt | 20,269 | 18,040 | |||||
| Total current liabilities | 407,260 | 425,396 | |||||
| Long-term debt, net of current portion | 681,078 | 688,744 | |||||
| Operating lease liabilities | 188,647 | 187,079 | |||||
| Deferred taxes, net | 16,066 | 15,891 | |||||
| Other liabilities | 3,885 | 3,935 | |||||
| Total liabilities | 1,296,936 | 1,321,045 | |||||
| Common stock | 406 | 402 | |||||
| Additional paid in capital | 392,636 | 399,111 | |||||
| Accumulated other comprehensive loss | (3,630 | ) | (3,807 | ) | |||
| Retained earnings | 152,228 | 141,940 | |||||
| Stockholders’ equity | 541,640 | 537,646 | |||||
| Total liabilities and stockholders’ equity | $ | 1,838,576 | $ | 1,858,691 | |||
| THE CHEFS’ WAREHOUSE, INC. | |||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
| (unaudited; in thousands) | |||||||
| Thirteen Weeks Ended | |||||||
| March 28, 2025 | March 29, 2024 | ||||||
| Cash flows from operating activities: | |||||||
| Net income | $ | 10,288 | $ | 1,931 | |||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
| Depreciation and amortization | 12,244 | 9,234 | |||||
| Amortization of intangible assets | 6,094 | 6,171 | |||||
| Provision for allowance for credit losses | 2,702 | 4,361 | |||||
| Deferred income tax provision | 205 | 334 | |||||
| Loss on debt extinguishment | — | 289 | |||||
| Stock compensation | 4,763 | 4,199 | |||||
| Change in fair value of contingent earn-out liabilities | — | (613 | ) | ||||
| Non-cash interest and other operating activities | 1,316 | 1,578 | |||||
| Changes in assets and liabilities, net of acquisitions: | |||||||
| Accounts receivable | 27,826 | 16,411 | |||||
| Inventories | (774 | ) | 13,148 | ||||
| Prepaid expenses and other current assets | 4,115 | (454 | ) | ||||
| Accounts payable, accrued liabilities and accrued compensation | (19,591 | ) | (22,914 | ) | |||
| Other assets and liabilities | 378 | (2,775 | ) | ||||
| Net cash provided by operating activities | 49,566 | 30,900 | |||||
| Cash flows from investing activities: | |||||||
| Capital expenditures | (12,344 | ) | (17,066 | ) | |||
| Cash paid for acquisitions | — | (315 | ) | ||||
| Net cash used in investing activities | (12,344 | ) | (17,381 | ) | |||
| Cash flows from financing activities: | |||||||
| Payment of debt and other financing obligations | (750 | ) | (6,750 | ) | |||
| Payment of finance leases | (3,253 | ) | (1,125 | ) | |||
| Common stock repurchases | — | (5,004 | ) | ||||
| Surrender of shares to pay withholding taxes | (11,409 | ) | (7,073 | ) | |||
| Cash paid for contingent earn-out liabilities | — | (1,300 | ) | ||||
| Payments under asset-based loan facility | (20,000 | ) | — | ||||
| Net cash used in financing activities | (35,412 | ) | (21,252 | ) | |||
| Effect of foreign currency translation on cash and cash equivalents | 65 | 121 | |||||
| Net change in cash and cash equivalents | 1,875 | (7,612 | ) | ||||
| Cash and cash equivalents at beginning of period | 114,655 | 49,878 | |||||
| Cash and cash equivalents at end of period | $ | 116,530 | $ | 42,266 | |||
| THE CHEFS’ WAREHOUSE, INC. | |||||
| RECONCILIATION OF NET INCOME TO EBITDA AND ADJUSTED EBITDA | |||||
| (unaudited; in thousands) | |||||
| Thirteen Weeks Ended | |||||
| March 28, 2025 | March 29, 2024 | ||||
| Net income | $ | 10,288 | $ | 1,931 | |
| Interest expense | 10,253 | 13,244 | |||
| Depreciation and amortization | 12,244 | 9,234 | |||
| Amortization of intangible assets | 6,094 | 6,171 | |||
| Provision for income tax expense | 2,194 | 828 | |||
| EBITDA (1) | 41,073 | 31,408 | |||
| Adjustments: | |||||
| Stock compensation (2) | 4,763 | 4,199 | |||
| Other operating expenses, net (3) | 497 | 3,112 | |||
| Duplicate rent (4) | 953 | 1,362 | |||
| Moving expenses (5) | 197 | 79 | |||
| Adjusted EBITDA (1) | $ | 47,483 | $ | 40,160 | |
- See the “Non-GAAP Financial Measures” section of the press release.
- Represents non-cash stock compensation expense associated with awards of restricted shares of our common stock and stock options to our key employees and our independent directors.
- Represents non-cash changes in the fair value of contingent earn-out liabilities related to our acquisitions, non-cash charges related to asset disposals, asset impairments, including intangible asset impairment charges, certain third-party deal costs incurred in connection with our acquisitions or financing arrangements and certain other costs.
- Represents rent and occupancy costs expected to be incurred in connection with our facility consolidations while we are unable to use those facilities.
- Represents moving expenses for the consolidation and expansion of several of our distribution facilities.
| THE CHEFS’ WAREHOUSE, INC. | |||||||
| RECONCILIATION OF NET INCOME TO ADJUSTED NET INCOME AND | |||||||
| ADJUSTED NET INCOME PER SHARE | |||||||
| (unaudited; in thousands except share amounts and per share data) | |||||||
| Thirteen Weeks Ended | |||||||
| March 28, 2025 | March 29, 2024 | ||||||
| Net income | $ | 10,288 | $ | 1,931 | |||
| Adjustments to reconcile net income to adjusted net income (1): | |||||||
| Other operating expenses, net (2) | 497 | 3,112 | |||||
| Duplicate rent (3) | 953 | 1,362 | |||||
| Moving expenses (4) | 197 | 79 | |||||
| Debt modification and extinguishment expenses (5) | — | 1,064 | |||||
| Tax effect of adjustments (6) | (1,762 | ) | (1,685 | ) | |||
| Total adjustments | (115 | ) | 3,932 | ||||
| Adjusted net income (1) | $ | 10,173 | $ | 5,863 | |||
| Diluted adjusted net income per common share (1) | $ | 0.25 | $ | 0.15 | |||
| Numerator: | |||||||
| Adjusted net income (1) | $ | 10,173 | $ | 5,863 | |||
| Add effect of dilutive securities: | |||||||
| Interest on convertible notes, net of tax | 1,212 | 128 | |||||
| Adjusted net income available to common shareholders | $ | 11,385 | $ | 5,991 | |||
| Denominator: | |||||||
| Weighted average basic common shares outstanding | 38,695,791 | 37,820,725 | |||||
| Dilutive effect of unvested common shares, stock options and warrants | 900,680 | 806,160 | |||||
| Dilutive effect of convertible notes | 6,494,970 | 897,847 | |||||
| Weighted average diluted common shares outstanding | 46,091,441 | 39,524,732 | |||||
- See the “Non-GAAP Financial Measures” section of the press release.
- Represents non-cash changes in the fair value of contingent earn-out liabilities related to our acquisitions, non-cash charges related to asset disposals, asset impairments, including intangible asset impairment charges, certain third-party deal costs incurred in connection with our acquisitions or financing arrangements and certain other costs.
- Represents rent and occupancy costs expected to be incurred in connection with our facility consolidations while we are unable to use those facilities.
- Represents moving expenses for the consolidation and expansion of several of our distribution facilities.
- Represents debt modification costs, extinguishment costs and interest expense related to the write-off of certain deferred financing fees related to our credit agreements.
- Represents the adjustments to the tax provision values to a normalized annual effective tax rate on adjusted pretax earnings to
28.0% and30.0% for the first quarters of 2025 and 2024, respectively.
| THE CHEFS’ WAREHOUSE, INC. | |||||
| RECONCILIATION OF ADJUSTED EBITDA GUIDANCE FOR FISCAL 2025 | |||||
| (unaudited; in thousands) | |||||
| Low-End Guidance | High-End Guidance | ||||
| Net income: | $ | 71,500 | $ | 75,500 | |
| Provision for income tax expense | 26,000 | 27,500 | |||
| Depreciation and amortization | 74,000 | 76,000 | |||
| Interest expense | 42,000 | 44,000 | |||
| EBITDA (1) | 213,500 | 223,000 | |||
| Adjustments: | |||||
| Stock compensation (2) | 17,500 | 18,500 | |||
| Duplicate rent (3) | 2,000 | 2,500 | |||
| Other operating expenses (4) | 1,000 | 2,000 | |||
| Adjusted EBITDA (1) | $ | 234,000 | $ | 246,000 | |
- See the “Non-GAAP Financial Measures” section of the press release.
- Represents non-cash stock compensation expense associated with awards of restricted shares of our common stock and stock options to our key employees and our independent directors.
- Represents rent and occupancy costs expected to be incurred in connection with our facility consolidations while we are unable to use those facilities.
- Represents non-cash changes in the fair value of contingent earn-out liabilities related to our acquisitions, non-cash charges related to asset disposals, asset impairments, including intangible asset impairment charges, certain third-party deal costs incurred in connection with our acquisitions or financing arrangements and certain other costs.
FAQ
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