0001517175-22-000008 | 10-Q | XBRL Viewer

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Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 25, 2022	Apr. 25, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 25, 2022
Document Transition Report	false
Entity File Number	001-35249
Entity Registrant Name	CHEFS’ WAREHOUSE, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-3031526
Entity Address, Address Line One	100 East Ridge Road
Entity Address, City or Town	Ridgefield
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06877
City Area Code	203
Local Phone Number	894-1345
Title of 12(b) Security	Common Stock, par value $0.01
Trading Symbol	CHEF
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		38,232,118
Entity Central Index Key	0001517175
Current Fiscal Year End Date	--12-30
Amendment Flag	false
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2022

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 25, 2022	Dec. 24, 2021
Current assets:
Cash and cash equivalents	$ 79,439	$ 115,155
Accounts receivable, net of allowance of $19,168 in 2022 and $20,260 in 2021	169,792	172,540
Inventories, net	152,443	144,491
Prepaid expenses and other current assets	37,002	37,774
Total current assets	438,676	469,960
Equipment, leasehold improvements and software, net	151,751	133,622
Operating lease right-of-use assets	148,381	130,701
Goodwill	230,988	221,775
Intangible assets, net	108,832	104,743
Deferred taxes, net	8,876	9,380
Other assets	4,065	3,614
Total assets	1,091,569	1,073,795
Current liabilities:
Accounts payable	121,444	118,284
Accrued liabilities	34,852	35,390
Short-term operating lease liabilities	17,835	15,882
Accrued compensation	15,069	22,321
Current portion of long-term debt	4,971	5,141
Total current liabilities	194,171	197,018
Long-term debt, net of current portion	393,565	394,160
Operating lease liabilities	143,827	127,296
Other liabilities and deferred credits	5,581	5,110
Total liabilities	737,144	723,584
Commitments and contingencies
Stockholders’ equity:
Preferred Stock - $0.01 par value, 5,000,000 shares authorized, no shares issued and outstanding at March 25, 2022 and December 24, 2021	0	0
Common Stock, - $0.01 par value, 100,000,000 shares authorized, 38,256,461 and 37,887,675 shares issued and outstanding at March 25, 2022 and December 24, 2021, respectively	383	380
Additional paid in capital	316,943	314,242
Accumulated other comprehensive loss	(1,897)	(2,022)
Retained earnings	38,996	37,611
Total stockholders’ equity	354,425	350,211
Total liabilities and stockholders’ equity	$ 1,091,569	$ 1,073,795

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 25, 2022	Dec. 24, 2021
Current assets:
Accounts receivable, allowance for credit loss, current	$ (19,168)	$ (20,260)
Stockholders’ equity:
Preferred Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred Stock, authorized (in shares)	5,000,000	5,000,000
Preferred Stock, issued (in shares)	0	0
Preferred Stock, outstanding (in shares)	0	0
Common Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, authorized (in shares)	100,000,000	100,000,000
Common Stock, issued (in shares)	38,256,461	37,887,675
Common Stock, outstanding (in shares)	38,256,461	37,887,675

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 25, 2022	Mar. 26, 2021
Income Statement [Abstract]
Net sales	$ 512,103	$ 280,217
Cost of sales	394,590	221,270
Gross profit	117,513	58,947
Selling, general and administrative expenses	110,086	80,245
Other operating expenses (income), net	1,163	(1,170)
Operating income (loss)	6,264	(20,128)
Interest expense	4,365	4,763
Income (loss) before income taxes	1,899	(24,891)
Provision for income tax expense (benefit)	514	(6,970)
Net income (loss)	1,385	(17,921)
Other comprehensive income:
Foreign currency translation adjustments	125	81
Comprehensive income (loss)	$ 1,510	$ (17,840)
Net income (loss) per share:
Basic (in dollars per share)	$ 0.04	$ (0.49)
Diluted (in dollars per share)	$ 0.04	$ (0.49)
Weighted average common shares outstanding:
Basic (in shares)	36,935,717	36,401,748
Diluted (in shares)	37,307,478	36,401,748

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid in Capital	Accumulated Other Comprehensive Loss	Retained Earnings
Balance (in shares) at Dec. 25, 2020		37,274,768
Balance at Dec. 25, 2020	$ 344,590	$ 373	$ 303,734	$ (2,051)	$ 42,534
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	(17,921)				(17,921)
Stock compensation (in shares)		673,430
Stock compensation	2,458	$ 6	2,452
Cumulative translation adjustment	81			81
Shares surrendered to pay tax withholding (in shares)		(38,503)
Shares surrendered to pay tax withholding	(1,192)		(1,192)
Balance (in shares) at Mar. 26, 2021		37,909,695
Balance at Mar. 26, 2021	$ 328,016	$ 379	304,994	(1,970)	24,613
Balance (in shares) at Dec. 24, 2021	37,887,675	37,887,675
Balance at Dec. 24, 2021	$ 350,211	$ 380	314,242	(2,022)	37,611
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,385				1,385
Stock compensation (in shares)		433,115
Stock compensation	3,043	$ 4	3,039
Shares issued for acquisitions	1,701		1,701
Cumulative translation adjustment	125			125
Shares surrendered to pay tax withholding (in shares)		(64,329)
Shares surrendered to pay tax withholding	$ (2,040)	$ (1)	(2,039)
Balance (in shares) at Mar. 25, 2022	38,256,461	38,256,461
Balance at Mar. 25, 2022	$ 354,425	$ 383	$ 316,943	$ (1,897)	$ 38,996

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 25, 2022	Mar. 26, 2021
Cash flows from operating activities:
Net income (loss)	$ 1,385	$ (17,921)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	5,889	5,107
Amortization of intangible assets	3,356	3,539
Benefit for allowance for doubtful accounts	(178)	(451)
Non-cash operating lease expense	802	109
Provision (benefit) for deferred income taxes	504	(5,025)
Amortization of deferred financing fees	539	864
Stock compensation	3,043	2,458
Change in fair value of contingent earn-out liabilities	299	(1,308)
Loss on asset disposal	17	5
Changes in assets and liabilities, net of acquisitions:
Accounts receivable	10,084	(2,585)
Inventories	(4,391)	(9,357)
Prepaid expenses and other current assets	(1,080)	850
Accounts payable, accrued liabilities and accrued compensation	(9,830)	12,026
Other assets and liabilities	(156)	26
Net cash provided by (used in) operating activities	10,283	(11,663)
Cash flows from investing activities:
Capital expenditures	(14,206)	(2,896)
Cash paid for acquisitions, net of cash received	(28,000)	0
Net cash used in investing activities	(42,206)	(2,896)
Cash flows from financing activities:
Payment of debt, finance lease and other financing obligations	(1,405)	(32,834)
Proceeds from debt issuance	0	51,750
Payment of deferred financing fees	(406)	(1,450)
Surrender of shares to pay withholding taxes	(2,040)	(1,192)
Payments under asset-based loan facility	0	(20,000)
Net cash used in financing activities	(3,851)	(3,726)
Effect of foreign currency on cash and cash equivalents	58	4
Net change in cash and cash equivalents	(35,716)	(18,281)
Cash and cash equivalents-beginning of period	115,155	193,281
Cash and cash equivalents-end of period	$ 79,439	$ 175,000

Operations and Basis of Presentation	3 Months Ended
Operations and Basis of Presentation	Mar. 25, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Operations and Basis of Presentation	Operations and Basis of Presentation Description of Business and Basis of Presentation The financial statements include the consolidated accounts of The Chefs’ Warehouse, Inc. (the “Company”), and its wholly-owned subsidiaries. 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 Coast, Midwest and West Coast that aggregate into one reportable segment, foodservice distribution, which is concentrated primarily in the United States. The Company’s customer base consists primarily of menu-driven independent restaurants, fine dining establishments, country clubs, hotels, caterers, culinary schools, bakeries, patisseries, chocolateries, cruise lines, casinos, specialty food stores, grocers and warehouse clubs. Consolidation The 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 consolidated financial statements and the related interim information contained within the notes to such unaudited 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 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 24, 2021 filed as part of the Company’s Annual Report on Form 10-K, as filed with the SEC on February 22, 2022. The unaudited 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 Annual Report on Form 10-K, as filed with the SEC on February 22, 2022, 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, the COVID-19 pandemic and other factors, the results of operations for the thirteen weeks ended March 25, 2022 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.

Summary of Significant Accounting Policies

3 Months Ended

Mar. 25, 2022

Revenue from Contract with Customer [Abstract]

Summary of Significant Accounting Policies

Revenue Recognition

Revenues from product sales are recognized at the point at which control of each product is transferred to the customer. The Company’s contracts contain performance obligations which are satisfied when customers have physical possession of each product. The majority of customer orders are fulfilled within a day and customer payment terms are typically 14 to 60 days from delivery. Shipping and handling activities are costs to fulfill the Company’s performance obligations. These costs are expensed as incurred and presented within selling, general and administrative expenses on the consolidated statements of operations. The Company offers certain sales incentives to customers in the form of rebates or discounts. These sales incentives are accounted as variable consideration. The Company estimates these amounts based on the expected amount to be provided to customers and records a corresponding reduction in revenue. The Company does not expect a significant reversal in the amount

of cumulative revenue recognized. Sales tax billed to customers is not included in revenue but rather recorded as a liability owed to the respective taxing authorities at the time the sale is recognized.

The following table presents the Company’s net sales disaggregated by principal product category:


	Thirteen Weeks Ended
	March 25, 2022				March 26, 2021
Center-of-the-Plate	$	238,776	46.6	%	$	139,845	49.9	%
Dry Goods	78,515		15.3	%	39,780		14.2	%
Pastry	57,751		11.3	%	28,798		10.3	%
Cheese and Charcuterie	43,488		8.5	%	23,099		8.2	%
Produce	27,897		5.4	%	20,591		7.3	%
Dairy and Eggs	29,420		5.7	%	12,581		4.5	%
Oils and Vinegars	24,087		4.7	%	9,474		3.4	%
Kitchen Supplies	12,169		2.5	%	6,049		2.2	%
Total	$	512,103	100	%	$	280,217	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.

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 $9,036 and $5,396 for the thirteen weeks ended March 25, 2022 and March 26, 2021, respectively.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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+ Details

Net Income (Loss) per Share

3 Months Ended

Mar. 25, 2022

Earnings Per Share [Abstract]

Net Income (Loss) per Share

The following table sets forth the computation of basic and diluted net income (loss) per common share:


	Thirteen Weeks Ended
	March 25, 2022		March 26, 2021
Net income (loss) per share:
Basic	$	0.04	$	(0.49)
Diluted	$	0.04	$	(0.49)
Weighted average common shares:
Basic	36,935,717		36,401,748
Diluted	37,307,478		36,401,748

Reconciliation of net income (loss) per common share:


	Thirteen Weeks Ended
	March 25, 2022		March 26, 2021
Numerator:
Net income (loss)	$	1,385	$	(17,921)



Denominator:
Weighted average basic common shares outstanding	36,935,717		36,401,748
Dilutive effect of unvested common shares	330,415		—
Dilutive effect of stock options and warrants	41,346		—

Weighted average diluted common shares outstanding	37,307,478		36,401,748

Potentially dilutive securities that have been excluded from the calculation of diluted net income (loss) per common share because the effect is anti-dilutive are as follows:


	Thirteen Weeks Ended
	March 25, 2022	March 26, 2021
Restricted share awards (“RSAs”)	113,061	779,968
Stock options and warrants	293,407	115,639
Convertible notes	4,616,033	3,795,570

Fair Value Measurements

3 Months Ended

Mar. 25, 2022

Fair Value Disclosures [Abstract]

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. Long-term earn-out liabilities were $3,551 and $3,252 as of March 25, 2022 and December 24, 2021, respectively, and are reflected as other liabilities and deferred credits on the consolidated balance sheets. The remaining short-term earn-out liabilities are reflected as accrued liabilities on the consolidated balance sheets. The fair value of contingent consideration was 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 (income)expenses, net on the consolidated statements of operations.

The following table presents the changes in Level 3 contingent earn-out liabilities:


	Bassian		Sid Wainer		Other Acquisitions		Total





Balance December 24, 2021	$	1,133	$	—	$	5,744	$	6,877



Changes in fair value	232		—		67		299
Balance March 25, 2022	$	1,365	$	—	$	5,811	$	7,176

Fair Value of Financial Instruments

The following table presents the carrying value and fair value of the Company’s convertible notes. In estimating the fair value of the convertible 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.


	March 25, 2022				December 24, 2021
	Carrying Value		Fair Value		Carrying Value		Fair Value
Convertible Senior Notes	$	200,000	$	208,722	$	200,000	$	206,182
Convertible Unsecured Note	$	4,000	$	4,172	$	4,000	$	4,102

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Acquisitions

3 Months Ended

Mar. 25, 2022

Business Combination and Asset Acquisition [Abstract]

Acquisitions

On December 28, 2021, pursuant to an asset purchase agreement, the Company acquired substantially all of the assets of CGC Holdings, Inc. (“Capital Seaboard”), a specialty seafood and produce distributor in Maryland. The purchase price was approximately $29,701 consisting of $28,000 paid in cash at closing, subject to a customary working capital adjustment, and common stock warrants of $1,701. The Company is in the process of finalizing a valuation of tangible and intangible assets of Capital Seaboard as of the acquisition date. When applicable, these valuations require the use of Level 3 inputs. Goodwill for the Capital Seaboard acquisition will be amortized over 15 years for tax purposes. The goodwill recorded primarily reflects the value of acquiring an established specialty seafood and produce distributor to leverage the Company’s existing products in the markets served by Capital Seaboard, to supply Capital Seaboard’s product offerings to our East Coast markets and any intangible assets that do not qualify for separate recognition.

The Company reflected net sales and income before taxes in its consolidated statement of operations related to the acquisitions as follows:


	Thirteen Weeks Ended
	March 25, 2022
Net sales	$	31,682
Income before income taxes	$	1,133

The table below presents unaudited pro forma consolidated income statement information of the Company as if the Capital Seaboard acquisition had occurred on December 26, 2020. 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 acquisition. The pro forma information is not necessarily indicative of the Company’s results of operations had the acquisition 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 acquisition, any incremental costs for Capital Seaboard transitioning to become a public company, and also does not reflect additional revenue opportunities following the acquisition. The pro forma information reflects amortization and depreciation of the Capital Seaboard acquisition at their respective fair values.


	Thirteen Weeks Ended
	March 25, 2022		March 26, 2021
Net sales	$	512,103	$	306,712
Income (loss) before income taxes	$	1,899	$	(25,716)

The table below sets forth the preliminary purchase price allocation of this acquisition:


	Capital Seaboard
Current assets	$	10,130
Customer relationships	4,500
Trademarks	2,900

Goodwill	9,129
Fixed assets	9,552
Other assets	122

Right-of-use assets	16,427

Lease liabilities	(16,427)

Current liabilities	(6,632)


Issuance of warrants	(1,701)

Total cash consideration	$	28,000

The Company recognized professional fees of $659 in operating expenses related to acquisition related activities in the first quarter of fiscal 2022.

Inventories	3 Months Ended
Inventories	Mar. 25, 2022
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consist primarily of finished product and are reflected net of adjustments for shrinkage, excess and obsolescence totaling $9,273 and $8,312 at March 25, 2022 and December 24, 2021, respectively.

Equipment, Leasehold Improvements and Software

3 Months Ended

Mar. 25, 2022

Property, Plant and Equipment [Abstract]

Equipment, Leasehold Improvements and Software

Equipment, leasehold improvements and software as of March 25, 2022 and December 24, 2021 consisted of the following:



	Useful Lives	March 25, 2022		December 24, 2021
Land	Indefinite	$	5,542	$	5,020
Buildings	20 years	23,436		18,406
Machinery and equipment	5 - 10 years	29,013		28,099
Computers, data processing and other equipment	3 - 7 years	15,811		15,480
Software	3 - 7 years	39,988		39,799
Leasehold improvements	1 - 40 years	77,326		69,105
Furniture and fixtures	7 years	3,648		3,582
Vehicles	5 - 10 years	29,412		29,632

Construction-in-process		31,461		24,335
		255,637		233,458
Less: accumulated depreciation and amortization		(103,886)		(99,836)
Equipment, leasehold improvements and software, net		$	151,751	$	133,622

Construction-in-process at March 25, 2022 and December 24, 2021 related primarily to the build-outs of the Company’s Los Angeles and Miami distribution facilities. The net book value of equipment financed under finance leases at March 25, 2022 and December 24, 2021 was $10,450 and $10,874, respectively.

The components of depreciation and amortization expense were as follows:


	Thirteen Weeks Ended
	March 25, 2022		March 26, 2021
Depreciation expense	$	4,415	$	3,935
Software amortization	$	1,474	$	1,172
	$	5,889	$	5,107

Goodwill and Other Intangible Assets

3 Months Ended

Mar. 25, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

The changes in the carrying amount of goodwill are presented as follows:






Carrying amount as of December 24, 2021	$	221,775
Goodwill adjustments	58
Acquisitions	9,129
Foreign currency translation	26
Carrying amount as of March 25, 2022	$	230,988

Other intangible assets as of March 25, 2022 and December 24, 2021 consisted of the following:


March 25, 2022	Weighted-Average Remaining Amortization Period	Gross Carrying Amount		Accumulated Amortization		Net Amount
Customer relationships	120 months	$	160,201	$	(77,180)	$	83,021
Non-compete agreements	23 months	8,579		(8,085)		494
Trademarks	165 months	39,436		(14,119)		25,317
Total		$	208,216	$	(99,384)	$	108,832


December 24, 2021	Weighted-Average Remaining Amortization Period	Gross Carrying Amount		Accumulated Amortization		Net Amount
Customer relationships	120 months	$	155,678	$	(74,644)	$	81,034
Non-compete agreements	26 months	8,579		(8,018)		561
Trademarks	179 months	36,514		(13,366)		23,148
Total		$	200,771	$	(96,028)	$	104,743

Amortization expense for other intangibles was $3,356 and $3,539 for the thirteen weeks ended March 25, 2022 and March 26, 2021, respectively.

Estimated amortization expense for other intangible assets for the remainder of the fiscal year ending December 30, 2022 and each of the next four fiscal years and thereafter is as follows:


2022	$	9,523
2023	11,841
2024	10,980
2025	10,561
2026	10,561
Thereafter	55,366
Total	$	108,832

Debt Obligations

3 Months Ended

Mar. 25, 2022

Debt Disclosure [Abstract]

Debt Obligations

Debt obligations as of March 25, 2022 and December 24, 2021 consisted of the following:


	March 25, 2022		December 24, 2021
Senior secured term loans	$	168,247	$	168,675
Convertible senior notes	200,000		200,000
Asset-based loan facility	20,000		20,000
Finance lease and other financing obligations	10,875		11,602
Convertible unsecured note	4,000		4,000


Deferred finance fees and original issue premium (discount)	(4,586)		(4,976)
Total debt obligations	398,536		399,301
Less: current installments	(4,971)		(5,141)
Total debt obligations excluding current installments	$	393,565	$	394,160

On March 11, 2022, the Company entered into a third amendment to its asset-based loan facility (“ABL Facility”) which increased the aggregate commitments from $150,000 to $200,000. The interest rate charged on borrowings under the ABL Facility is equal to a spread plus, at the Company’s option, either the Base Rate (as defined in the ABL Credit Agreement) or a forward-looking term rate based on the secured overnight financing rate term (except for swingline loans) for one-, three-, or six-month interest periods chosen by the Company. The ABL Facility matures on March 11, 2027 subject to a springing maturity date of March 24, 2025 should the Company’s term loan not have been been extended to at least March 11, 2027 or March 24, 2024 if the Company’s 1.875% Convertible Senior Notes due 2024 in an aggregate principal amount in excess of $40,000 remain outstanding having a maturity date not earlier than six months after March 11, 2027.

The ABL Credit Agreement contains customary affirmative covenants, negative covenants and events of default as more particularly described in the ABL Credit Agreement. The Company is required to comply with a minimum consolidated fixed charge coverage ratio of 1:1 if the amount of availability under the ABL Facility falls below $14,000 or 10% of the lesser of the aggregate commitments and the borrowing base then in effect.

The Company incurred transaction costs of $406 which were capitalized as deferred financing fees, presented in other assets on the Company’s consolidated balance sheets, to be amortized over the term of the ABL Facility.

The net carry value of the Company’s Convertible Senior Notes as of March 25, 2022 and December 24, 2021 was:


	March 25, 2022		December 24, 2021
Principal amount outstanding	$	200,000	$	200,000
Unamortized deferred financing fees and premium	(2,462)		(2,686)
Net carry value	$	197,538	$	197,314

The components of interest expense on the Company’s Convertible Senior Notes were as follows:


	Thirteen Weeks Ended
	March 25, 2022		March 26, 2021
Coupon interest	$	938	$	781
Amortization of deferred financing fees and premium	$	224	$	241
Total interest	$	1,162	$	1,022

The Company’s senior secured term loan credit agreement requires the Company to maintain at least $35,000 of liquidity as of the last day of any fiscal quarter where EBITDA, as defined in the Credit Agreement, is less than $10,000. The Company had minimum liquidity, as defined in the Credit Agreement, of $210,831 as of March 25, 2022.

As of March 25, 2022, the Company had reserved $20,541 of the ABL Facility for the issuance of letters of credit. As of March 25, 2022, funds totaling $126,240 were available for borrowing under the ABL Facility. At March 25, 2022, the interest rate charged on the Company’s senior secured term loan was approximately 5.7% and the interest rate charged on the Company’s ABL Facility was approximately 1.8%.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

Stockholders' Equity

3 Months Ended

Mar. 25, 2022

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stockholders’ Equity

Equity Awards

The following table reflects the activity of RSAs during the thirteen weeks ended March 25, 2022:


	Time-based			Performance-based			Market-based
	Shares	Weighted Average Grant Date Fair Value		Shares	Weighted Average Grant Date Fair Value		Shares	Weighted Average Grant Date Fair Value




Unvested at December 24, 2021	617,996	$	28.33	187,437	$	32.04	185,129	$	31.44
Granted	115,695	32.44		167,261	32.44		167,261	29.12
Vested	(240,112)	27.50		—	—		—	—
Forfeited	(7,615)	27.32		(4,743)	32.13		(4,744)	30.85
Unvested at March 25, 2022	485,964	$	29.73	349,955	$	32.23	347,646	$	30.33

The Company granted 450,217 RSAs to its employees at a weighted average grant date fair value of $31.21 during the thirteen weeks ended March 25, 2022. These awards are a mix of time-, market- and performance-based grants that generally vest over a range of periods up to four years. The Company recognized expense totaling $3,043 and $2,458 on its RSAs during the thirteen weeks ended March 25, 2022 and March 26, 2021, respectively.

At March 25, 2022, the total unrecognized compensation cost for unvested RSAs was $26,685 and the weighted-average remaining period was approximately 2.4 years. Of this total, $12,445 related to RSAs with time-based vesting provisions and $14,240 related to RSAs with performance- and market-based vesting provisions. At March 25, 2022, the weighted-average remaining period for time-based vesting and performance-based vesting RSAs were approximately 2.4 years and 2.5 years, respectively.

No share-based compensation expense related to the Company’s RSAs or stock options has been capitalized. As of March 25, 2022, there were 449,957 shares available for grant under the 2019 Omnibus Equity Incentive Plan.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

Related Parties	3 Months Ended
Related Parties	Mar. 25, 2022
Related Party Transactions [Abstract]
Related Parties	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 related to this facility totaled $123 during the thirteen weeks ended March 25, 2022 and March 26, 2021.

Supplemental Disclosures of Cash Flow Information

3 Months Ended

Mar. 25, 2022

Supplemental Cash Flow Elements [Abstract]

Supplemental Disclosures of Cash Flow Information


	Thirteen Weeks Ended
	March 25, 2022		March 26, 2021
Supplemental cash flow disclosures:
Cash received for income taxes	$	(282)	$	(237)
Cash paid for interest, net of cash received	$	3,011	$	2,929
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	6,766	$	6,369
Operating cash flows from finance leases	$	1,028	$	145
ROU assets obtained in exchange for lease liabilities:
Operating leases	$	8,589	$	14
Finance leases	$	—	$	162
Other non-cash investing and financing activities:
Warrants issued for acquisitions	$	1,701	$	—

Operations and Basis of Presentation (Policies)	3 Months Ended
Operations and Basis of Presentation (Policies)	Mar. 25, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Fiscal Period	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.
Segment Reporting	The Company’s business consists of three operating segments: East Coast, Midwest and West Coast that aggregate into one reportable segment, foodservice distribution, which is concentrated primarily in the United States.
Consolidation	The 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 consolidated financial statements and the related interim information contained within the notes to such unaudited 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 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 24, 2021 filed as part of the Company’s Annual Report on Form 10-K, as filed with the SEC on February 22, 2022. The unaudited 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 Annual Report on Form 10-K, as filed with the SEC on February 22, 2022, 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, the COVID-19 pandemic and other factors, the results of operations for the thirteen weeks ended March 25, 2022 are not necessarily indicative of the results to be expected for the full year.
Use of Estimates	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.
Revenue Recognition and Food Processing Costs	Revenues from product sales are recognized at the point at which control of each product is transferred to the customer. The Company’s contracts contain performance obligations which are satisfied when customers have physical possession of each product. The majority of customer orders are fulfilled within a day and customer payment terms are typically 14 to 60 days from delivery. Shipping and handling activities are costs to fulfill the Company’s performance obligations. These costs are expensed as incurred and presented within selling, general and administrative expenses on the consolidated statements of operations. The Company offers certain sales incentives to customers in the form of rebates or discounts. These sales incentives are accounted as variable consideration. The Company estimates these amounts based on the expected amount to be provided to customers and records a corresponding reduction in revenue. The Company does not expect a significant reversal in the amount of cumulative revenue recognized. Sales tax billed to customers is not included in revenue but rather recorded as a liability owed to the respective taxing authorities at the time the sale is recognized.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.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.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
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-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130561-203045

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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+ Details

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 25, 2022

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The following table presents the Company’s net sales disaggregated by principal product category:


	Thirteen Weeks Ended
	March 25, 2022				March 26, 2021
Center-of-the-Plate	$	238,776	46.6	%	$	139,845	49.9	%
Dry Goods	78,515		15.3	%	39,780		14.2	%
Pastry	57,751		11.3	%	28,798		10.3	%
Cheese and Charcuterie	43,488		8.5	%	23,099		8.2	%
Produce	27,897		5.4	%	20,591		7.3	%
Dairy and Eggs	29,420		5.7	%	12,581		4.5	%
Oils and Vinegars	24,087		4.7	%	9,474		3.4	%
Kitchen Supplies	12,169		2.5	%	6,049		2.2	%
Total	$	512,103	100	%	$	280,217	100	%

Net Income (Loss) per Share (Tables)

3 Months Ended

Mar. 25, 2022

Earnings Per Share [Abstract]

Schedule of computation of basic and diluted net income (loss) per share

The following table sets forth the computation of basic and diluted net income (loss) per common share:


	Thirteen Weeks Ended
	March 25, 2022		March 26, 2021
Net income (loss) per share:
Basic	$	0.04	$	(0.49)
Diluted	$	0.04	$	(0.49)
Weighted average common shares:
Basic	36,935,717		36,401,748
Diluted	37,307,478		36,401,748

Schedule of reconciliation of net income (loss) per common share

Reconciliation of net income (loss) per common share:


	Thirteen Weeks Ended
	March 25, 2022		March 26, 2021
Numerator:
Net income (loss)	$	1,385	$	(17,921)



Denominator:
Weighted average basic common shares outstanding	36,935,717		36,401,748
Dilutive effect of unvested common shares	330,415		—
Dilutive effect of stock options and warrants	41,346		—

Weighted average diluted common shares outstanding	37,307,478		36,401,748

Schedule of dilutive securities that have been excluded from the calculation of diluted net income (loss) per common share

Potentially dilutive securities that have been excluded from the calculation of diluted net income (loss) per common share because the effect is anti-dilutive are as follows:


	Thirteen Weeks Ended
	March 25, 2022	March 26, 2021
Restricted share awards (“RSAs”)	113,061	779,968
Stock options and warrants	293,407	115,639
Convertible notes	4,616,033	3,795,570

Fair Value Measurements (Tables)

3 Months Ended

Mar. 25, 2022

Fair Value Disclosures [Abstract]

Schedule of changes in Level 3 contingent consideration liability

The following table presents the changes in Level 3 contingent earn-out liabilities:


	Bassian		Sid Wainer		Other Acquisitions		Total





Balance December 24, 2021	$	1,133	$	—	$	5,744	$	6,877



Changes in fair value	232		—		67		299
Balance March 25, 2022	$	1,365	$	—	$	5,811	$	7,176

Schedule of carrying value and fair value of the Company's convertible subordinated notes


	March 25, 2022				December 24, 2021
	Carrying Value		Fair Value		Carrying Value		Fair Value
Convertible Senior Notes	$	200,000	$	208,722	$	200,000	$	206,182
Convertible Unsecured Note	$	4,000	$	4,172	$	4,000	$	4,102

Acquisitions (Tables)

3 Months Ended

Mar. 25, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of pro forma consolidated statement of operations information

The Company reflected net sales and income before taxes in its consolidated statement of operations related to the acquisitions as follows:


	Thirteen Weeks Ended
	March 25, 2022
Net sales	$	31,682
Income before income taxes	$	1,133

The pro forma information reflects amortization and depreciation of the Capital Seaboard acquisition at their respective fair values.


	Thirteen Weeks Ended
	March 25, 2022		March 26, 2021
Net sales	$	512,103	$	306,712
Income (loss) before income taxes	$	1,899	$	(25,716)

Schedule of purchase price allocation

The table below sets forth the preliminary purchase price allocation of this acquisition:


	Capital Seaboard
Current assets	$	10,130
Customer relationships	4,500
Trademarks	2,900

Goodwill	9,129
Fixed assets	9,552
Other assets	122

Right-of-use assets	16,427

Lease liabilities	(16,427)

Current liabilities	(6,632)


Issuance of warrants	(1,701)

Total cash consideration	$	28,000

Equipment, Leasehold Improvements and Software (Tables)

3 Months Ended

Mar. 25, 2022

Property, Plant and Equipment [Abstract]

Schedule of equipment, leasehold improvements and software

Equipment, leasehold improvements and software as of March 25, 2022 and December 24, 2021 consisted of the following:



	Useful Lives	March 25, 2022		December 24, 2021
Land	Indefinite	$	5,542	$	5,020
Buildings	20 years	23,436		18,406
Machinery and equipment	5 - 10 years	29,013		28,099
Computers, data processing and other equipment	3 - 7 years	15,811		15,480
Software	3 - 7 years	39,988		39,799
Leasehold improvements	1 - 40 years	77,326		69,105
Furniture and fixtures	7 years	3,648		3,582
Vehicles	5 - 10 years	29,412		29,632

Construction-in-process		31,461		24,335
		255,637		233,458
Less: accumulated depreciation and amortization		(103,886)		(99,836)
Equipment, leasehold improvements and software, net		$	151,751	$	133,622

The components of depreciation and amortization expense were as follows:


	Thirteen Weeks Ended
	March 25, 2022		March 26, 2021
Depreciation expense	$	4,415	$	3,935
Software amortization	$	1,474	$	1,172
	$	5,889	$	5,107

Goodwill and Other Intangible Assets (Tables)

3 Months Ended

Mar. 25, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of goodwill

The changes in the carrying amount of goodwill are presented as follows:






Carrying amount as of December 24, 2021	$	221,775
Goodwill adjustments	58
Acquisitions	9,129
Foreign currency translation	26
Carrying amount as of March 25, 2022	$	230,988

Schedule of other intangible assets

Other intangible assets as of March 25, 2022 and December 24, 2021 consisted of the following:


March 25, 2022	Weighted-Average Remaining Amortization Period	Gross Carrying Amount		Accumulated Amortization		Net Amount
Customer relationships	120 months	$	160,201	$	(77,180)	$	83,021
Non-compete agreements	23 months	8,579		(8,085)		494
Trademarks	165 months	39,436		(14,119)		25,317
Total		$	208,216	$	(99,384)	$	108,832


December 24, 2021	Weighted-Average Remaining Amortization Period	Gross Carrying Amount		Accumulated Amortization		Net Amount
Customer relationships	120 months	$	155,678	$	(74,644)	$	81,034
Non-compete agreements	26 months	8,579		(8,018)		561
Trademarks	179 months	36,514		(13,366)		23,148
Total		$	200,771	$	(96,028)	$	104,743

Schedule of estimated future amortization expense

Estimated amortization expense for other intangible assets for the remainder of the fiscal year ending December 30, 2022 and each of the next four fiscal years and thereafter is as follows:


2022	$	9,523
2023	11,841
2024	10,980
2025	10,561
2026	10,561
Thereafter	55,366
Total	$	108,832

Debt Obligations (Tables)

3 Months Ended

Mar. 25, 2022

Debt Disclosure [Abstract]

Schedule of debt obligations

Debt obligations as of March 25, 2022 and December 24, 2021 consisted of the following:


	March 25, 2022		December 24, 2021
Senior secured term loans	$	168,247	$	168,675
Convertible senior notes	200,000		200,000
Asset-based loan facility	20,000		20,000
Finance lease and other financing obligations	10,875		11,602
Convertible unsecured note	4,000		4,000


Deferred finance fees and original issue premium (discount)	(4,586)		(4,976)
Total debt obligations	398,536		399,301
Less: current installments	(4,971)		(5,141)
Total debt obligations excluding current installments	$	393,565	$	394,160

Schedule of convertible senior notes

The net carry value of the Company’s Convertible Senior Notes as of March 25, 2022 and December 24, 2021 was:


	March 25, 2022		December 24, 2021
Principal amount outstanding	$	200,000	$	200,000
Unamortized deferred financing fees and premium	(2,462)		(2,686)
Net carry value	$	197,538	$	197,314

Schedule of components of interest expense

The components of interest expense on the Company’s Convertible Senior Notes were as follows:


	Thirteen Weeks Ended
	March 25, 2022		March 26, 2021
Coupon interest	$	938	$	781
Amortization of deferred financing fees and premium	$	224	$	241
Total interest	$	1,162	$	1,022

Stockholders' Equity (Tables)

3 Months Ended

Mar. 25, 2022

Stockholders' Equity Note [Abstract]

Schedule of restricted stock awards activity

The following table reflects the activity of RSAs during the thirteen weeks ended March 25, 2022:


	Time-based			Performance-based			Market-based
	Shares	Weighted Average Grant Date Fair Value		Shares	Weighted Average Grant Date Fair Value		Shares	Weighted Average Grant Date Fair Value




Unvested at December 24, 2021	617,996	$	28.33	187,437	$	32.04	185,129	$	31.44
Granted	115,695	32.44		167,261	32.44		167,261	29.12
Vested	(240,112)	27.50		—	—		—	—
Forfeited	(7,615)	27.32		(4,743)	32.13		(4,744)	30.85
Unvested at March 25, 2022	485,964	$	29.73	349,955	$	32.23	347,646	$	30.33

Supplemental Disclosures of Cash Flow Information (Tables)

3 Months Ended

Mar. 25, 2022

Supplemental Cash Flow Elements [Abstract]

Schedule of supplemental disclosures of cash flow information


	Thirteen Weeks Ended
	March 25, 2022		March 26, 2021
Supplemental cash flow disclosures:
Cash received for income taxes	$	(282)	$	(237)
Cash paid for interest, net of cash received	$	3,011	$	2,929
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	6,766	$	6,369
Operating cash flows from finance leases	$	1,028	$	145
ROU assets obtained in exchange for lease liabilities:
Operating leases	$	8,589	$	14
Finance leases	$	—	$	162
Other non-cash investing and financing activities:
Warrants issued for acquisitions	$	1,701	$	—

Operations and Basis of Presentation - Narrative (Details)	3 Months Ended
	Mar. 25, 2022 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	3
Number of reportable segments	1

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 25, 2022	Mar. 26, 2021
Disaggregation of Revenue [Line Items]
Cost of sales	$ 394,590	$ 221,270
Food Processing
Disaggregation of Revenue [Line Items]
Cost of sales	$ 9,036	$ 5,396
Minimum
Disaggregation of Revenue [Line Items]
Payment term for contracts with customers (in days)	14 days
Maximum
Disaggregation of Revenue [Line Items]
Payment term for contracts with customers (in days)	60 days

Summary of Significant Accounting Policies - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 25, 2022	Mar. 26, 2021
Disaggregation of Revenue [Line Items]
Net sales	$ 512,103	$ 280,217
Net Sales \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of total net sales	100.00%	100.00%
Center-of-the-Plate
Disaggregation of Revenue [Line Items]
Net sales	$ 238,776	$ 139,845
Center-of-the-Plate \| Net Sales \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of total net sales	46.60%	49.90%
Dry Goods
Disaggregation of Revenue [Line Items]
Net sales	$ 78,515	$ 39,780
Dry Goods \| Net Sales \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of total net sales	15.30%	14.20%
Pastry
Disaggregation of Revenue [Line Items]
Net sales	$ 57,751	$ 28,798
Pastry \| Net Sales \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of total net sales	11.30%	10.30%
Cheese and Charcuterie
Disaggregation of Revenue [Line Items]
Net sales	$ 43,488	$ 23,099
Cheese and Charcuterie \| Net Sales \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of total net sales	8.50%	8.20%
Produce
Disaggregation of Revenue [Line Items]
Net sales	$ 27,897	$ 20,591
Produce \| Net Sales \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of total net sales	5.40%	7.30%
Dairy and Eggs
Disaggregation of Revenue [Line Items]
Net sales	$ 29,420	$ 12,581
Dairy and Eggs \| Net Sales \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of total net sales	5.70%	4.50%
Oils and Vinegars
Disaggregation of Revenue [Line Items]
Net sales	$ 24,087	$ 9,474
Oils and Vinegars \| Net Sales \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of total net sales	4.70%	3.40%
Kitchen Supplies
Disaggregation of Revenue [Line Items]
Net sales	$ 12,169	$ 6,049
Kitchen Supplies \| Net Sales \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of total net sales	2.50%	2.20%

Net Income (Loss) per Share - Computation of Basic and Diluted Earnings per Share (Details) - $ / shares	3 Months Ended
	Mar. 25, 2022	Mar. 26, 2021
Net income (loss) per share:
Basic (in dollars per share)	$ 0.04	$ (0.49)
Diluted (in dollars per share)	$ 0.04	$ (0.49)
Weighted average common shares:
Basic (in shares)	36,935,717	36,401,748
Diluted (in shares)	37,307,478	36,401,748

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

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+ Details

Net Income (Loss) per Share - Schedule of Reconciliation of Earnings per Share (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 25, 2022	Mar. 26, 2021
Numerator:
Net income (loss)	$ 1,385	$ (17,921)
Denominator:
Weighted average basic common shares outstanding (in shares)	36,935,717	36,401,748
Dilutive effect of unvested common shares (in shares)	330,415	0
Dilutive effect of stock options and warrants (in shares)	41,346	0
Weighted average diluted common shares outstanding (in shares)	37,307,478	36,401,748

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Net Income (Loss) per Share - Schedule of Potentially Dilutive Securities Excluded from Calculation of Diluted Net Loss per Share (Details) - shares	3 Months Ended
	Mar. 25, 2022	Mar. 26, 2021
Restricted share awards (“RSAs”)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares	113,061	779,968
Stock options and warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares	293,407	115,639
Convertible notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares	4,616,033	3,795,570

Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	Mar. 25, 2022	Dec. 24, 2021
Fair Value Disclosures [Abstract]
Long-term earn-out liabilities	$ 3,551	$ 3,252

Fair Value Measurements - Summary of Changes in Level 3 Contingent Consideration Liability (Details) $ in Thousands	3 Months Ended
	Mar. 25, 2022 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	$ 6,877
Changes in fair value	299
Balance at end of period	7,176
Bassian
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	1,133
Changes in fair value	232
Balance at end of period	1,365
Sid Wainer
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	0
Changes in fair value	0
Balance at end of period	0
Other Acquisitions
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	5,744
Changes in fair value	67
Balance at end of period	$ 5,811

Fair Value Measurements - Summary of the Carrying Value and Fair Value of Convertible Subordinated Notes (Details) - Fair Value Inputs Level 3 - USD ($) $ in Thousands	Mar. 25, 2022	Dec. 24, 2021
Senior Notes \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible Notes	$ 200,000	$ 200,000
Senior Notes \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible Notes	208,722	206,182
Unsecured Note \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible Notes	4,000	4,000
Unsecured Note \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible Notes	$ 4,172	$ 4,102

Acquisitions - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended
Acquisitions - Narrative (Details) - USD ($) $ in Thousands	Dec. 28, 2021	Mar. 25, 2022
Business Acquisition [Line Items]
Common stock warrants issued for acquisition	$ 1,701
Professional fees		$ 659
Capital Seaboard
Business Acquisition [Line Items]
Purchase price	29,701
Cash amount paid	$ 28,000

Acquisitions - Pro Forma Consolidated Statement of Operations Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 25, 2022	Mar. 26, 2021
Series of Individually Immaterial Business Acquisitions
Business Acquisition [Line Items]
Net sales	$ 31,682
Income before income taxes	1,133
Capital Seaboard
Business Acquisition [Line Items]
Net sales	512,103	$ 306,712
Income (loss) before income taxes	$ 1,899	$ (25,716)

Acquisitions - Schedule of Purchase Price Allocation (Details) - USD ($) $ in Thousands	Mar. 25, 2022	Dec. 28, 2021	Dec. 24, 2021
Business Acquisition [Line Items]
Goodwill	$ 230,988		$ 221,775
Capital Seaboard
Business Acquisition [Line Items]
Current assets		$ 10,130
Goodwill		9,129
Fixed assets		9,552
Other assets		122
Right-of-use assets		16,427
Lease liabilities		(16,427)
Current liabilities		(6,632)
Issuance of warrants		(1,701)
Total cash consideration		28,000
Capital Seaboard \| Customer relationships
Business Acquisition [Line Items]
Finite-lived intangible assets		4,500
Capital Seaboard \| Trademarks
Business Acquisition [Line Items]
Finite-lived intangible assets		$ 2,900

Inventories - Narrative (Details) - USD ($) $ in Thousands	Mar. 25, 2022	Dec. 24, 2021
Inventory Disclosure [Abstract]
Reserves for shrinkage, excess and obsolescence	$ 9,273	$ 8,312

Equipment, Leasehold Improvements and Software (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 25, 2022	Dec. 24, 2021
Property, Plant and Equipment [Line Items]
Equipment, leasehold improvements and software, gross	$ 255,637	$ 233,458
Less: accumulated depreciation and amortization	(103,886)	(99,836)
Equipment, leasehold improvements and software, net	151,751	133,622
Land
Property, Plant and Equipment [Line Items]
Equipment, leasehold improvements and software, gross	$ 5,542	5,020
Buildings
Property, Plant and Equipment [Line Items]
Useful Lives (in years)	20 years
Equipment, leasehold improvements and software, gross	$ 23,436	18,406
Machinery and equipment
Property, Plant and Equipment [Line Items]
Equipment, leasehold improvements and software, gross	$ 29,013	28,099
Machinery and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful Lives (in years)	5 years
Machinery and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful Lives (in years)	10 years
Computers, data processing and other equipment
Property, Plant and Equipment [Line Items]
Equipment, leasehold improvements and software, gross	$ 15,811	15,480
Computers, data processing and other equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful Lives (in years)	3 years
Computers, data processing and other equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful Lives (in years)	7 years
Software
Property, Plant and Equipment [Line Items]
Equipment, leasehold improvements and software, gross	$ 39,988	39,799
Software \| Minimum
Property, Plant and Equipment [Line Items]
Useful Lives (in years)	3 years
Software \| Maximum
Property, Plant and Equipment [Line Items]
Useful Lives (in years)	7 years
Leasehold improvements
Property, Plant and Equipment [Line Items]
Equipment, leasehold improvements and software, gross	$ 77,326	69,105
Leasehold improvements \| Minimum
Property, Plant and Equipment [Line Items]
Useful Lives (in years)	1 year
Leasehold improvements \| Maximum
Property, Plant and Equipment [Line Items]
Useful Lives (in years)	40 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Useful Lives (in years)	7 years
Equipment, leasehold improvements and software, gross	$ 3,648	3,582
Vehicles
Property, Plant and Equipment [Line Items]
Equipment, leasehold improvements and software, gross	$ 29,412	29,632
Vehicles \| Minimum
Property, Plant and Equipment [Line Items]
Useful Lives (in years)	5 years
Vehicles \| Maximum
Property, Plant and Equipment [Line Items]
Useful Lives (in years)	10 years
Construction-in-process
Property, Plant and Equipment [Line Items]
Equipment, leasehold improvements and software, gross	$ 31,461	$ 24,335

Equipment, Leasehold Improvements and Software - Components of Depreciation and Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 25, 2022	Mar. 26, 2021	Dec. 24, 2021
Property, Plant and Equipment [Line Items]
Net book value of equipment under finance leases	$ 151,751		$ 133,622
Depreciation expense and amortization	5,889	$ 5,107
Assets held under finance leases
Property, Plant and Equipment [Line Items]
Net book value of equipment under finance leases	10,450		$ 10,874
Excluding assets held under finance leases
Property, Plant and Equipment [Line Items]
Depreciation expense and amortization	4,415	3,935
Software
Property, Plant and Equipment [Line Items]
Depreciation expense and amortization	$ 1,474	$ 1,172

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 25, 2022	Mar. 26, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 3,356	$ 3,539

Goodwill and Other Intangible Assets - Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 25, 2022 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 221,775
Goodwill adjustments	58
Acquisitions	9,129
Foreign currency translation	26
Ending balance	$ 230,988

Goodwill and Other Intangible Assets - Intangible assets (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 25, 2022	Dec. 24, 2021
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 208,216	$ 200,771
Accumulated Amortization	(99,384)	(96,028)
Net Amount	$ 108,832	$ 104,743
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Remaining Amortization Period (in months)	120 months	120 months
Gross Carrying Amount	$ 160,201	$ 155,678
Accumulated Amortization	(77,180)	(74,644)
Net Amount	$ 83,021	$ 81,034
Non-compete agreements
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Remaining Amortization Period (in months)	23 months	26 months
Gross Carrying Amount	$ 8,579	$ 8,579
Accumulated Amortization	(8,085)	(8,018)
Net Amount	$ 494	$ 561
Trademarks
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Remaining Amortization Period (in months)	165 months	179 months
Gross Carrying Amount	$ 39,436	$ 36,514
Accumulated Amortization	(14,119)	(13,366)
Net Amount	$ 25,317	$ 23,148

Goodwill and Other Intangible Assets - Future amortization (Details) $ in Thousands	Mar. 25, 2022 USD ($)
Estimated amortization in fiscal year:
2022	$ 9,523
2023	11,841
2024	10,980
2025	10,561
2026	10,561
Thereafter	55,366
Total	$ 108,832

Debt Obligations - Schedule of Debt Obligations (Details) - USD ($) $ in Thousands	Mar. 25, 2022	Dec. 24, 2021
Debt Instrument [Line Items]
Finance lease and other financing obligations	$ 10,875	$ 11,602
Deferred finance fees and original issue premium (discount)	(4,586)	(4,976)
Total debt obligations	398,536	399,301
Less: current installments	(4,971)	(5,141)
Total debt obligations excluding current installments	393,565	394,160
Senior secured term loans
Debt Instrument [Line Items]
Long-term debt	168,247	168,675
Convertible senior notes
Debt Instrument [Line Items]
Long-term debt	200,000	200,000
Deferred finance fees and original issue premium (discount)	(2,462)	(2,686)
Asset-based loan facility
Debt Instrument [Line Items]
Long-term debt	20,000	20,000
Convertible unsecured note
Debt Instrument [Line Items]
Long-term debt	$ 4,000	$ 4,000

Debt Obligations - Narrative (Details)		3 Months Ended
Debt Obligations - Narrative (Details)	Mar. 11, 2022 USD ($)	Mar. 25, 2022 USD ($)	Mar. 10, 2022 USD ($)
Senior Secured Term Loan \| Credit facility
Debt Instrument [Line Items]
Effective interest rate		5.70%
Minimum liquidity covenant		$ 35,000,000
EBITDA covenant		10,000,000
Minimum liquidity amount		$ 210,831,000
ABL Facility \| Credit facility
Debt Instrument [Line Items]
Effective interest rate		1.80%
Amounts reserved for issuance of letters of credit		$ 20,541,000
Line of credit facility, current borrowing capacity		126,240,000
Line of credit, covenant terms, minimum consolidated fixed charge coverage ratio	1
Line of credit, covenant terms, minimum borrowing base, amount	$ 14,000,000
Line of credit, covenant terms, minimum borrowing base, percentage	10.00%
Line of credit facility, maximum borrowing capacity	$ 200,000,000		$ 150,000,000
Debt issuance costs, net		$ 406,000
1.875% Convertible Senior Notes \| Convertible senior notes
Debt Instrument [Line Items]
Principle amount	$ 40,000,000
Interest rate	1.875%

Debt Obligations - Schedule of Convertible Senior Notes (Details) - USD ($) $ in Thousands	Mar. 25, 2022	Dec. 24, 2021
Debt Instrument [Line Items]
Unamortized deferred financing fees and premium	$ (4,586)	$ (4,976)
Convertible senior notes
Debt Instrument [Line Items]
Principal amount outstanding	200,000	200,000
Unamortized deferred financing fees and premium	(2,462)	(2,686)
Net carry value	$ 197,538	$ 197,314

- Definition

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References + Details

Debt Obligations - Schedule of Components of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 25, 2022	Mar. 26, 2021
Debt Disclosure [Abstract]
Coupon interest	$ 938	$ 781
Amortization of deferred financing fees and premium	224	241
Total interest	$ 1,162	$ 1,022

Stockholders' Equity - Narrative (Details) - USD ($)	3 Months Ended
Stockholders' Equity - Narrative (Details) - USD ($)	Mar. 25, 2022	Mar. 26, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, capitalized	$ 0
Number of shares available for grant (in shares)	449,957
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)	450,217
Weighted average grant date fair value (in usd per share)	$ 31.21
Recognized expense	$ 3,043,000	$ 2,458,000
Total unrecognized compensation cost, RSAs	$ 26,685,000
Weighted average remaining term (in years)	2 years 4 months 24 days
Time , Market, And Performance Based Grants \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	4 years
Time-based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)	115,695
Weighted average grant date fair value (in usd per share)	$ 32.44
Total unrecognized compensation cost, RSAs	$ 12,445,000
Weighted average remaining term (in years)	2 years 4 months 24 days
Performance-based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)	167,261
Weighted average grant date fair value (in usd per share)	$ 32.44
Total unrecognized compensation cost, RSAs	$ 14,240,000
Weighted average remaining term (in years)	2 years 6 months

Stockholders' Equity - Schedule of Restricted Stock Awards (Details)	3 Months Ended
	Mar. 25, 2022 $ / shares shares
Time-based
Shares
Unvested at beginning balance (in shares) \| shares	617,996
Granted (in shares) \| shares	115,695
Vested (in shares) \| shares	(240,112)
Forfeited (in shares) \| shares	(7,615)
Unvested at ending balance (in shares) \| shares	485,964
Weighted Average Grant Date Fair Value
Unvested at beginning balance (in usd per shares) \| $ / shares	$ 28.33
Granted (in usd per share) \| $ / shares	32.44
Vested (in usd per share) \| $ / shares	27.50
Forfeited (in usd per share) \| $ / shares	27.32
Unvested at ending balance (in usd per shares) \| $ / shares	$ 29.73
Performance-based
Shares
Unvested at beginning balance (in shares) \| shares	187,437
Granted (in shares) \| shares	167,261
Vested (in shares) \| shares	0
Forfeited (in shares) \| shares	(4,743)
Unvested at ending balance (in shares) \| shares	349,955
Weighted Average Grant Date Fair Value
Unvested at beginning balance (in usd per shares) \| $ / shares	$ 32.04
Granted (in usd per share) \| $ / shares	32.44
Vested (in usd per share) \| $ / shares	0
Forfeited (in usd per share) \| $ / shares	32.13
Unvested at ending balance (in usd per shares) \| $ / shares	$ 32.23
Market-based
Shares
Unvested at beginning balance (in shares) \| shares	185,129
Granted (in shares) \| shares	167,261
Vested (in shares) \| shares	0
Forfeited (in shares) \| shares	(4,744)
Unvested at ending balance (in shares) \| shares	347,646
Weighted Average Grant Date Fair Value
Unvested at beginning balance (in usd per shares) \| $ / shares	$ 31.44
Granted (in usd per share) \| $ / shares	29.12
Vested (in usd per share) \| $ / shares	0
Forfeited (in usd per share) \| $ / shares	30.85
Unvested at ending balance (in usd per shares) \| $ / shares	$ 30.33

Related Parties - Narrative (Details) $ in Thousands	3 Months Ended
Related Parties - Narrative (Details) $ in Thousands	Mar. 25, 2022 USD ($)
Related Party Transactions [Abstract]
Ownership interest in facilities owned by entities controlled by company's stockholders (as a percent)	100.00%
Expenses related to transactions with related parties	$ 123

Supplemental Disclosures of Cash Flow Information - Summary of Supplemental Cash Flow Disclosures (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 25, 2022	Mar. 26, 2021
Supplemental cash flow disclosures:
Cash received for income taxes	$ (282)	$ (237)
Cash paid for interest, net of cash received	3,011	2,929
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	6,766	6,369
Operating cash flows from finance leases	1,028	145
ROU assets obtained in exchange for lease liabilities:
Operating leases	8,589	14
Finance leases	0	162
Other non-cash investing and financing activities:
Warrants issued for acquisitions	$ 1,701	$ 0