0001517175-23-000010 | 10-Q | XBRL Viewer

Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2023

Stockholders' Equity Note [Abstract]

Schedule of Restricted Stock Awards Activity

The following table reflects the activity of RSAs during the thirteen weeks ended March 31, 2023:


	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 30, 2022	464,972	$	31.74	335,425	$	32.25	333,114	$	30.30
Granted	197,345	32.55		713,490	33.16		87,942	28.84
Vested	(161,555)	31.82		—	—		—	—
Forfeited	—	—		—	—		—	—
Unvested at March 31, 2023	500,762	$	32.03	1,048,915	$	32.87	421,056	$	30.00

Share-Based Payment Arrangement, Option, Activity

The following table summarizes stock option activity during the thirteen weeks ended March 31, 2023:


	Shares	Weighted Average Exercise Price		Aggregate Intrinsic Value		Weighted Average Remaining Contractual Term (in years)




Outstanding December 30, 2022	112,232	$	20.23	$	1,465	3.2

Exercised	—	—

Outstanding March 31, 2023	112,232	$	20.23	$	1,551	2.9
Exercisable at March 31, 2023	112,232	20.23		$	1,551	2.9

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Retained Earnings
Balance, beginning (in shares) at Dec. 24, 2021		37,887,675
Balance, beginning 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
Warrants issued for acquisition	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, ending (in shares) at Mar. 25, 2022		38,256,461
Balance, ending at Mar. 25, 2022	$ 354,425	$ 383	316,943	(1,897)	38,996
Balance, beginning (in shares) at Dec. 30, 2022	38,599,390	38,599,390
Balance, beginning at Dec. 30, 2022	$ 401,509	$ 386	337,947	(2,185)	65,361
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,401				1,401
Stock compensation (in shares)		998,777
Stock compensation	4,790	$ 10	4,780
Cumulative translation adjustment	81			81
Shares surrendered to pay tax withholding (in shares)		(54,036)
Shares surrendered to pay tax withholding	$ (1,829)	$ (1)	(1,828)
Balance, ending (in shares) at Mar. 31, 2023	39,544,131	39,544,131
Balance, ending at Mar. 31, 2023	$ 405,952	$ 395	$ 340,899	$ (2,104)	$ 66,762

Property and Equipment - Equipment, Leasehold Improvements, and Software (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 30, 2022
Property, Plant and Equipment [Line Items]
Equipment, leasehold improvements and software, gross	$ 317,471	$ 304,741
Less: accumulated depreciation and amortization	(121,215)	(119,013)
Property and equipment, net	196,256	185,728
Land
Property, Plant and Equipment [Line Items]
Equipment, leasehold improvements and software, gross	$ 5,542	5,542
Buildings
Property, Plant and Equipment [Line Items]
Useful Lives (in years)	20 years
Equipment, leasehold improvements and software, gross	$ 40,591	39,893
Machinery and equipment
Property, Plant and Equipment [Line Items]
Equipment, leasehold improvements and software, gross	$ 38,214	32,107
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	$ 19,667	18,475
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	$ 48,541	42,609
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	$ 119,213	94,245
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	$ 2,949	3,825
Vehicles
Property, Plant and Equipment [Line Items]
Equipment, leasehold improvements and software, gross	$ 31,421	31,462
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	$ 11,333	$ 36,583

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2023

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 31, 2023				March 25, 2022
Center-of-the-Plate	$	306,305	42.6	%	$	238,776	46.6	%
Dry Goods	122,934		17.1	%	68,796		13.4	%
Pastry	89,162		12.4	%	50,395		9.8	%
Cheese and Charcuterie	55,141		7.7	%	38,388		7.5	%
Produce	52,999		7.4	%	57,154		11.2	%
Dairy and Eggs	49,078		6.8	%	26,951		5.3	%
Oils and Vinegars	28,878		4.0	%	21,025		4.1	%
Kitchen Supplies	15,148		2.0	%	10,618		2.1	%
Total	$	719,645	100	%	$	512,103	100	%

Net Income per Share (Tables)

3 Months Ended

Mar. 31, 2023

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 per common share:


	Thirteen Weeks Ended
	March 31, 2023		March 25, 2022
Net income per share:
Basic	$	0.04	$	0.04
Diluted	$	0.04	$	0.04
Weighted average common shares:
Basic	37,507,093		36,935,717
Diluted	38,161,269		37,307,478

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

Reconciliation of net income per common share:


	Thirteen Weeks Ended
	March 31, 2023		March 25, 2022
Numerator:
Net income	$	1,401	$	1,385



Denominator:
Weighted average basic common shares outstanding	37,507,093		36,935,717
Dilutive effect of unvested common shares	577,557		330,415
Dilutive effect of stock options and warrants	76,619		41,346

Weighted average diluted common shares outstanding	38,161,269		37,307,478

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 per common share because the effect is anti-dilutive are as follows:


	Thirteen Weeks Ended
	March 31, 2023	March 25, 2022
Restricted share awards (“RSAs”)	—	113,061
Stock options and warrants	—	293,407
Convertible notes	7,483,870	4,616,033

Operations and Basis of Presentation - Narrative (Details)	3 Months Ended
	Mar. 31, 2023 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	3
Number of reportable segments	1

Net Income per Share - Schedule of Reconciliation of Earnings per Share (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 25, 2022
Numerator:
Net income	$ 1,401	$ 1,385
Denominator:
Weighted average basic common shares outstanding (in shares)	37,507,093	36,935,717
Dilutive effect of unvested common shares (in shares)	577,557	330,415
Dilutive effect of stock options and warrants (in shares)	76,619	41,346
Weighted average diluted common shares outstanding (in shares)	38,161,269	37,307,478

- 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 per Share - Computation of Basic and Diluted Earnings per Share (Details) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 25, 2022
Net income per share:
Basic (in dollars per share)	$ 0.04	$ 0.04
Diluted (in dollars per share)	$ 0.04	$ 0.04
Weighted average common shares:
Basic (in shares)	37,507,093	36,935,717
Diluted (in shares)	38,161,269	37,307,478

- Definition

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

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+ Details

- 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

Property and Equipment (Tables)

3 Months Ended

Mar. 31, 2023

Property, Plant and Equipment [Abstract]

Schedule of equipment, leasehold improvements and software

Property and equipment as of March 31, 2023 and December 30, 2022 consisted of the following:



	Useful Lives	March 31, 2023		December 30, 2022
Land	Indefinite	$	5,542	$	5,542
Buildings	20 years	40,591		39,893
Machinery and equipment	5 - 10 years	38,214		32,107
Computers, data processing and other equipment	3 - 7 years	19,667		18,475
Software	3 - 7 years	48,541		42,609
Leasehold improvements	1 - 40 years	119,213		94,245
Furniture and fixtures	7 years	2,949		3,825
Vehicles	5 - 10 years	31,421		31,462

Construction-in-process		11,333		36,583
		317,471		304,741
Less: accumulated depreciation and amortization		(121,215)		(119,013)
Property and equipment, net		$	196,256	$	185,728

The components of depreciation and amortization expense were as follows:


	Thirteen Weeks Ended
	March 31, 2023		March 25, 2022
Depreciation expense	$	5,542	$	4,415
Software amortization	$	1,469	$	1,474
	$	7,011	$	5,889

Property and Equipment - Components of Depreciation and Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 25, 2022
Property, Plant and Equipment [Line Items]
Depreciation expense and amortization	$ 7,011	$ 5,889
Depreciation expense
Property, Plant and Equipment [Line Items]
Depreciation expense and amortization	5,542	4,415
Software
Property, Plant and Equipment [Line Items]
Depreciation expense and amortization	$ 1,469	$ 1,474

Supplemental Disclosures of Cash Flow Information (Tables)

3 Months Ended

Mar. 31, 2023

Supplemental Cash Flow Elements [Abstract]

Schedule of supplemental disclosures of cash flow information


	Thirteen Weeks Ended
	March 31, 2023		March 25, 2022
Supplemental cash flow disclosures:
Cash paid (received) for income taxes	$	2,539	$	(282)
Cash paid for interest, net of cash received	$	7,366	$	3,011
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	9,001	$	6,766
Operating cash flows from finance leases	$	914	$	1,028
Other non-cash investing and financing activities
ROU assets obtained in exchange for lease liabilities:
Operating leases	$	32,615	$	8,589
Finance leases	$	2,697	$	—

Warrants issued for acquisitions	$	—	$	1,701






Contingent earn-out liabilities for acquisitions	$	7,800	$	—

Acquisitions - Schedule of Purchase Price Allocation (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 20, 2023	Dec. 30, 2022	Dec. 28, 2021
Business Acquisition [Line Items]
Goodwill	$ 307,773		$ 287,120
Chef Middle East
Business Acquisition [Line Items]
Current assets				$ 84,076
Goodwill				24,680
Fixed assets				16,953
Other assets				941
Deferred tax liability				(3,600)
Right-of-use assets				5,321
Lease liabilities				(5,321)
Current liabilities				(44,155)
Earn-out liability				(7,500)
Total consideration				108,915
Chef Middle East \| Customer relationships
Business Acquisition [Line Items]
Finite-lived intangible assets				25,800
Chef Middle East \| Trademarks
Business Acquisition [Line Items]
Finite-lived intangible assets				11,400
Chef Middle East \| Non-compete agreements
Business Acquisition [Line Items]
Finite-lived intangible assets				$ 320
Hardie’s Fresh Foods
Business Acquisition [Line Items]
Current assets		$ 27,479
Goodwill		14,720
Fixed assets		5,582
Other assets		854
Deferred tax liability		0
Right-of-use assets		13,303
Lease liabilities		(13,303)
Current liabilities		(17,235)
Earn-out liability		(6,500)
Total consideration		38,000
Hardie’s Fresh Foods \| Customer relationships
Business Acquisition [Line Items]
Finite-lived intangible assets		11,200
Hardie’s Fresh Foods \| Trademarks
Business Acquisition [Line Items]
Finite-lived intangible assets		1,900
Hardie’s Fresh Foods \| Non-compete agreements
Business Acquisition [Line Items]
Finite-lived intangible assets		$ 0
Other Acquisitions
Business Acquisition [Line Items]
Current assets	9,787
Goodwill	4,596
Fixed assets	117
Other assets	15
Deferred tax liability	0
Right-of-use assets	3,258
Lease liabilities	(3,258)
Current liabilities	(2,880)
Earn-out liability	(1,300)
Total consideration	14,436
Other Acquisitions \| Customer relationships
Business Acquisition [Line Items]
Finite-lived intangible assets	1,531
Other Acquisitions \| Trademarks
Business Acquisition [Line Items]
Finite-lived intangible assets	2,600
Other Acquisitions \| Non-compete agreements
Business Acquisition [Line Items]
Finite-lived intangible assets	$ 0

Fair Value Measurements - Summary of Changes in Level 3 Contingent Consideration Liability (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	$ 17,294
Acquisition value	7,800
Cash payments	0
Changes in fair value	372
Balance at end of period	$ 25,466

Supplemental Disclosures of Cash Flow Information

3 Months Ended

Mar. 31, 2023

Supplemental Cash Flow Elements [Abstract]

Supplemental Disclosures of Cash Flow Information


	Thirteen Weeks Ended
	March 31, 2023		March 25, 2022
Supplemental cash flow disclosures:
Cash paid (received) for income taxes	$	2,539	$	(282)
Cash paid for interest, net of cash received	$	7,366	$	3,011
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	9,001	$	6,766
Operating cash flows from finance leases	$	914	$	1,028
Other non-cash investing and financing activities
ROU assets obtained in exchange for lease liabilities:
Operating leases	$	32,615	$	8,589
Finance leases	$	2,697	$	—

Warrants issued for acquisitions	$	—	$	1,701






Contingent earn-out liabilities for acquisitions	$	7,800	$	—

Related Parties - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 25, 2022
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	$ 123

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 30, 2022
Current assets:
Cash and cash equivalents	$ 91,742	$ 158,800
Accounts receivable, net of allowance of $22,571 in 2023 and $20,260 in 2022	274,598	260,167
Inventories, net	274,787	245,693
Prepaid expenses and other current assets	55,714	56,200
Total current assets	696,841	720,860
Property and equipment, net	196,256	185,728
Operating lease right-of-use assets	178,872	156,629
Goodwill	307,773	287,120
Intangible assets, net	167,823	155,703
Other assets	4,566	3,256
Total assets	1,552,131	1,509,296
Current liabilities:
Accounts payable	169,912	163,397
Accrued liabilities	72,057	54,325
Short-term operating lease liabilities	21,690	19,428
Accrued compensation	27,370	34,167
Current portion of long-term debt	13,199	12,428
Total current liabilities	304,228	283,745
Long-term debt, net of current portion	654,417	653,504
Operating lease liabilities	171,972	151,406
Deferred taxes, net	6,221	6,098
Other liabilities and deferred credits	9,341	13,034
Total liabilities	1,146,179	1,107,787
Commitments and contingencies
Stockholders’ equity:
Preferred Stock - $0.01 par value, 5,000,000 shares authorized, no shares issued and outstanding at March 31, 2023 and December 30, 2022	0	0
Common Stock - $0.01 par value, 100,000,000 shares authorized, 39,544,131 and 38,599,390 shares issued and outstanding at March 31, 2023 and December 30, 2022, respectively	395	386
Additional paid-in capital	340,899	337,947
Accumulated other comprehensive loss	(2,104)	(2,185)
Retained earnings	66,762	65,361
Total stockholders’ equity	405,952	401,509
Total liabilities and stockholders’ equity	$ 1,552,131	$ 1,509,296

Debt Obligations (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Schedule of debt obligations

Debt obligations as of March 31, 2023 and December 30, 2022 consisted of the following:


	Weighted Average Effective Interest Rate at March 31, 2023		Maturity	March 31, 2023		December 30, 2022
Senior secured term loans	10.32	%	August 2029	$	298,500	$	299,250
2028 Convertible senior notes	2.77	%	December 2028	287,500		287,500
2024 Convertible senior notes	2.34	%	December 2024	39,684		41,684
Asset-based loan facility	7.12	%	March 2027	40,000		40,000
Finance leases	5.61	%	Various	14,913		11,331
Convertible unsecured note	5.00	%	June 2023	4,000		4,000
Other revolving credit facilities	7.72	%	April 2023	2,217		2,217

Unamortized deferred costs and premium				(19,198)		(20,050)
Total debt obligations				667,616		665,932
Less: current installments				(13,199)		(12,428)
Total debt obligations excluding current installments				$	654,417	$	653,504

Schedule of debt maturities

Maturities of the Company’s debt, excluding finance leases, for the remainder of the fiscal year ending December 29, 2023 and each of the next four fiscal years and thereafter is as follows:


2023	$	8,467
2024	42,684
2025	3,000
2026	3,000
2027	43,000
Thereafter	571,750
Total	$	671,901

Schedule of convertible senior notes

The net carry value of the Company’s convertible notes as of March 31, 2023 and December 30, 2022 was:


	March 31, 2023						December 30, 2022
	Principal Amount		Unamortized Deferred Costs and Premium		Net Amount		Principal Amount		Unamortized Deferred Costs and Premium		Net Amount
2028 Convertible Senior Notes	$	287,500	$	(6,589)	$	280,911	$	287,500	$	(6,876)	$	280,624
2024 Convertible Senior Notes	39,684		(325)		39,359		41,684		(373)		41,311
Convertible Unsecured Note	4,000		—		4,000		4,000		—		4,000
Total	$	331,184	$	(6,914)	$	324,270	$	333,184	$	(7,249)	$	325,935

Schedule of components of interest expense

The components of interest expense on the Company’s convertible notes were as follows:


	Thirteen Weeks Ended
	March 31, 2023		March 25, 2022
Coupon interest	$	1,899	$	938
Amortization of deferred costs and premium	335		224

Total interest	$	2,234	$	1,162

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 25, 2022
Cash flows from operating activities:
Net income	$ 1,401	$ 1,385
Adjustments to reconcile net income to net cash (used in ) provided by operating activities:
Depreciation and amortization	7,011	5,889
Amortization of intangible assets	4,697	3,356
Provision (benefit) for allowance for doubtful accounts	1,849	(178)
Non-cash operating lease expense	585	802
Provision for deferred income taxes	123	504
Amortization of deferred financing fees	967	539
Stock compensation	5,334	3,043
Change in fair value of contingent earn-out liabilities	372	299
Loss on asset disposal	57	17
Changes in assets and liabilities, net of acquisitions:
Accounts receivable	9,860	10,084
Inventories	(20,075)	(4,391)
Prepaid expenses and other current assets	1,612	(1,080)
Accounts payable, accrued liabilities and accrued compensation	(15,044)	(9,830)
Other assets and liabilities	(1,010)	(156)
Net cash (used in) provided by operating activities	(2,261)	10,283
Cash flows from investing activities:
Capital expenditures	(8,696)	(14,206)
Cash paid for acquisitions, net of cash acquired	(50,937)	(28,000)
Net cash used in investing activities	(59,633)	(42,206)
Cash flows from financing activities:
Payment of debt, finance lease and other financing obligations	(3,378)	(1,405)
Payment of deferred financing fees	0	(406)
Surrender of shares to pay withholding taxes	(1,763)	(2,040)
Net cash used in financing activities	(5,141)	(3,851)
Effect of foreign currency on cash and cash equivalents	(23)	58
Net change in cash and cash equivalents	(67,058)	(35,716)
Cash and cash equivalents-beginning of period	158,800	115,155
Cash and cash equivalents-end of period	$ 91,742	$ 79,439

Subsequent Events (Details) - USD ($) $ in Thousands	May 01, 2023	Mar. 31, 2023	Dec. 30, 2022
Asset-based loan facility
Subsequent Event [Line Items]
Long-term debt		$ 40,000	$ 40,000
Subsequent Event \| Greenleaf Produce and Specialty Foods
Subsequent Event [Line Items]
Purchase price	$ 80,000
Cash amount paid	70,000
Unsecured note	$ 10,000
Subsequent Event \| Convertible Unsecured Note \| Greenleaf Produce and Specialty Foods
Subsequent Event [Line Items]
Interest rate	4.47%
Subsequent Event \| Asset-based loan facility
Subsequent Event [Line Items]
Long-term debt	$ 40,000

Fair Value Measurements

3 Months Ended

Mar. 31, 2023

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 $6,790 and $10,483 as of March 31, 2023 and December 30, 2022, respectively, and are reflected as other liabilities and deferred credits on the condensed consolidated balance sheets. The remaining short-term earn-out liabilities are reflected as accrued liabilities on the condensed 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 expenses, net on the condensed consolidated statements of operations.

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


	Total





Balance December 30, 2022	$	17,294
Acquisition value	7,800

Cash payments	—
Changes in fair value	372
Balance March 31, 2023	$	25,466

Fair Value of Financial Instruments

The carrying amounts reported in the Company’s condensed consolidated balance sheets for accounts receivable and accounts payable approximate fair value due to the immediate to short-term nature of these financial instruments. The fair values of the asset based loan facility and term loan approximated their book values as of March 31, 2023 and December 30, 2022 as these instruments had variable interest rates that reflected current market rates available to the Company and are classified as Level 2 fair value measurements.

The following table presents the carrying value and fair value of the Company’s convertible notes. The fair value of the Company’s 2029 Convertible Senior Notes was based on Level 1 inputs. In estimating the fair value of its 2024 Convertible Senior Notes and Convertible Unsecured Note, 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 31, 2023				December 30, 2022
	Fair Value Hierarchy	Carrying Value		Fair Value		Carrying Value		Fair Value
2028 Convertible Senior Notes	Level 1	$	287,500	$	291,813	$	287,500	$	292,531
2024 Convertible Senior Notes	Level 3	$	39,684	$	40,695	$	41,684	$	43,723
Convertible Unsecured Note	Level 3	$	4,000	$	4,120	$	4,000	$	4,345

- 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

Stockholders' Equity - Schedule of Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 30, 2022
Shares
Outstanding, beginning balance (in shares)	112,232
Exercised (in shares)	0
Outstanding, ending balance (in shares)	112,232	112,232
Exercisable, ending balance (in shares)	112,232
Weighted Average Grant Date Fair Value
Outstanding, beginning balance (in usd per share)	$ 20.23
Exercised (in usd per share)	0
Outstanding, ending balance (in usd per share)	20.23	$ 20.23
Exercisable, ending balance (in usd per share)	$ 20.23
Aggregate Intrinsic Value
Outstanding, beginning balance	$ 1,465
Outstanding, ending balance	1,551	$ 1,465
Exercisable, ending balance	$ 1,551
Weighted-Average Remaining Contractual Term (in years)
Outstanding, ending balance	2 years 10 months 24 days	3 years 2 months 12 days
Exercisable, ending balance	2 years 10 months 24 days

Stockholders' Equity - Schedule of Restricted Stock Awards (Details)	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Time-based
Shares
Unvested at beginning balance (in shares) \| shares	464,972
Granted (in shares) \| shares	197,345
Vested (in shares) \| shares	(161,555)
Forfeited (in shares) \| shares	0
Unvested at ending balance (in shares) \| shares	500,762
Weighted Average Grant Date Fair Value
Unvested at beginning balance (in usd per shares) \| $ / shares	$ 31.74
Granted (in usd per share) \| $ / shares	32.55
Vested (in usd per share) \| $ / shares	31.82
Forfeited (in usd per share) \| $ / shares	0
Unvested at ending balance (in usd per shares) \| $ / shares	$ 32.03
Performance-based
Shares
Unvested at beginning balance (in shares) \| shares	335,425
Granted (in shares) \| shares	713,490
Vested (in shares) \| shares	0
Forfeited (in shares) \| shares	0
Unvested at ending balance (in shares) \| shares	1,048,915
Weighted Average Grant Date Fair Value
Unvested at beginning balance (in usd per shares) \| $ / shares	$ 32.25
Granted (in usd per share) \| $ / shares	33.16
Vested (in usd per share) \| $ / shares	0
Forfeited (in usd per share) \| $ / shares	0
Unvested at ending balance (in usd per shares) \| $ / shares	$ 32.87
Market-based
Shares
Unvested at beginning balance (in shares) \| shares	333,114
Granted (in shares) \| shares	87,942
Vested (in shares) \| shares	0
Forfeited (in shares) \| shares	0
Unvested at ending balance (in shares) \| shares	421,056
Weighted Average Grant Date Fair Value
Unvested at beginning balance (in usd per shares) \| $ / shares	$ 30.30
Granted (in usd per share) \| $ / shares	28.84
Vested (in usd per share) \| $ / shares	0
Forfeited (in usd per share) \| $ / shares	0
Unvested at ending balance (in usd per shares) \| $ / shares	$ 30.00

Fair Value Measurements - Summary of the Carrying Value and Fair Value of Convertible Subordinated Notes (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 30, 2022
2028 Convertible Senior Notes \| Carrying Value \| Level 1 \| 2028 Convertible Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible Notes	$ 287,500	$ 287,500
2028 Convertible Senior Notes \| Carrying Value \| Level 3 \| 2024 Convertible Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible Notes	39,684	41,684
2028 Convertible Senior Notes \| Fair Value \| Level 1 \| 2028 Convertible Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible Notes	291,813	292,531
2028 Convertible Senior Notes \| Fair Value \| Level 3 \| 2024 Convertible Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible Notes	40,695	43,723
Convertible Unsecured Note \| Carrying Value \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible Notes	4,000	4,000
Convertible Unsecured Note \| Fair Value \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible Notes	$ 4,120	$ 4,345

Income Taxes - Narrative (Details)	3 Months Ended
Income Taxes - Narrative (Details)	Mar. 31, 2023	Mar. 25, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate (as a percent)	26.00%	27.10%

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2023	May 08, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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		39,542,217
Entity Central Index Key	0001517175
Current Fiscal Year End Date	--12-30
Amendment Flag	false
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2023

Goodwill and Other Intangible Assets - Intangible assets (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 30, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 282,461	$ 265,644
Accumulated Amortization	(114,638)	(109,941)
Net Amount	$ 167,823	$ 155,703
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Remaining Amortization Period (in months)	113 months	117 months
Gross Carrying Amount	$ 220,531	$ 205,608
Accumulated Amortization	(89,038)	(85,447)
Net Amount	$ 131,493	$ 120,161
Trademarks
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Remaining Amortization Period (in months)	159 months	165 months
Gross Carrying Amount	$ 53,031	$ 51,137
Accumulated Amortization	(17,213)	(16,201)
Net Amount	$ 35,818	$ 34,936
Non-compete agreements
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Remaining Amortization Period (in months)	23 months	25 months
Gross Carrying Amount	$ 8,899	$ 8,899
Accumulated Amortization	(8,387)	(8,293)
Net Amount	$ 512	$ 606

Stockholders' Equity

3 Months Ended

Mar. 31, 2023

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stockholders’ Equity

Equity Awards

The following table reflects the activity of RSAs during the thirteen weeks ended March 31, 2023:


	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 30, 2022	464,972	$	31.74	335,425	$	32.25	333,114	$	30.30
Granted	197,345	32.55		713,490	33.16		87,942	28.84
Vested	(161,555)	31.82		—	—		—	—
Forfeited	—	—		—	—		—	—
Unvested at March 31, 2023	500,762	$	32.03	1,048,915	$	32.87	421,056	$	30.00

The Company granted 998,777 RSAs to its employees at a weighted average grant date fair value of $32.66 during the thirteen weeks ended March 31, 2023. These awards are a mix of time-, market- and performance-based grants that generally vest over a range of periods up to five years. The Company recognized expense totaling $4,790 and $3,043 on its RSAs during the thirteen weeks ended March 31, 2023 and March 25, 2022, respectively.

At March 31, 2023, the total unrecognized compensation cost for unvested RSAs was $37,653 and the weighted-average remaining period was approximately 2.9 years. Of this total, $13,865 related to RSAs with time-based vesting provisions and $23,788 related to RSAs with performance- and market-based vesting provisions. At March 31, 2023, the weighted-average remaining period for time-based vesting and performance-based vesting RSAs were approximately 2.6 years and 3.0 years, respectively.

No share-based compensation expense related to the Company’s RSAs or stock options has been capitalized. As of March 31, 2023, there were 1,542,375 shares available for grant under the 2019 Omnibus Equity Incentive Plan.

The following table summarizes stock option activity during the thirteen weeks ended March 31, 2023:


	Shares	Weighted Average Exercise Price		Aggregate Intrinsic Value		Weighted Average Remaining Contractual Term (in years)




Outstanding December 30, 2022	112,232	$	20.23	$	1,465	3.2

Exercised	—	—

Outstanding March 31, 2023	112,232	$	20.23	$	1,551	2.9
Exercisable at March 31, 2023	112,232	20.23		$	1,551	2.9

In connection with the CME acquisition, the Company issued stock awards to certain members of the CME management team

which were classified as liabilities. These awards vest over a period of up to four years. Stock-based compensation expense for

these awards was $544 and $0 during the thirteen weeks ended March 31, 2023 and March 25, 2022, respectively. The fair value of these awards was $906 and $362 as of March 31, 2023 and December 30, 2022, respectively, and is presented within Other liabilities and deferred credits on the Company’s condensed consolidated balance sheets.

- 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.

+ References

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+ Details

Related Parties	3 Months Ended
Related Parties	Mar. 31, 2023
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 31, 2023 and March 25, 2022.

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 30, 2022
Current assets:
Accounts receivable, allowance for credit loss, current	$ 22,571	$ 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)	39,544,131	38,599,390
Common Stock, outstanding (in shares)	39,544,131	38,599,390

Inventories	3 Months Ended
Inventories	Mar. 31, 2023
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consist primarily of finished product and are reflected net of adjustments for shrinkage, excess and obsolescence to approximate their net realizable value totaling $10,127 and $9,198 at March 31, 2023 and December 30, 2022, respectively.

Debt Obligations

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Debt Obligations

Debt obligations as of March 31, 2023 and December 30, 2022 consisted of the following:


	Weighted Average Effective Interest Rate at March 31, 2023		Maturity	March 31, 2023		December 30, 2022
Senior secured term loans	10.32	%	August 2029	$	298,500	$	299,250
2028 Convertible senior notes	2.77	%	December 2028	287,500		287,500
2024 Convertible senior notes	2.34	%	December 2024	39,684		41,684
Asset-based loan facility	7.12	%	March 2027	40,000		40,000
Finance leases	5.61	%	Various	14,913		11,331
Convertible unsecured note	5.00	%	June 2023	4,000		4,000
Other revolving credit facilities	7.72	%	April 2023	2,217		2,217

Unamortized deferred costs and premium				(19,198)		(20,050)
Total debt obligations				667,616		665,932
Less: current installments				(13,199)		(12,428)
Total debt obligations excluding current installments				$	654,417	$	653,504

Maturities of the Company’s debt, excluding finance leases, for the remainder of the fiscal year ending December 29, 2023 and each of the next four fiscal years and thereafter is as follows:


2023	$	8,467
2024	42,684
2025	3,000
2026	3,000
2027	43,000
Thereafter	571,750
Total	$	671,901

The net carry value of the Company’s convertible notes as of March 31, 2023 and December 30, 2022 was:


	March 31, 2023						December 30, 2022
	Principal Amount		Unamortized Deferred Costs and Premium		Net Amount		Principal Amount		Unamortized Deferred Costs and Premium		Net Amount
2028 Convertible Senior Notes	$	287,500	$	(6,589)	$	280,911	$	287,500	$	(6,876)	$	280,624
2024 Convertible Senior Notes	39,684		(325)		39,359		41,684		(373)		41,311
Convertible Unsecured Note	4,000		—		4,000		4,000		—		4,000
Total	$	331,184	$	(6,914)	$	324,270	$	333,184	$	(7,249)	$	325,935

The components of interest expense on the Company’s convertible notes were as follows:


	Thirteen Weeks Ended
	March 31, 2023		March 25, 2022
Coupon interest	$	1,899	$	938
Amortization of deferred costs and premium	335		224

Total interest	$	2,234	$	1,162

As of March 31, 2023, the Company had reserved $24,170 of the asset-based loan facility for the issuance of letters of credit and funds totaling $135,830 were available for borrowing.

- 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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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+ Details

Property and Equipment - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 30, 2022
Property, Plant and Equipment [Line Items]
Net book value of equipment	$ 196,256	$ 185,728
Assets held under finance leases
Property, Plant and Equipment [Line Items]
Net book value of equipment	$ 10,036	$ 11,579

Debt Obligations - Schedule of Debt Obligations (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 30, 2022
Debt Instrument [Line Items]
Finance leases	$ 14,913	$ 11,331
Unamortized deferred costs and premium	(19,198)	(20,050)
Total debt obligations	667,616	665,932
Less: current installments	(13,199)	(12,428)
Total debt obligations excluding current installments	$ 654,417	653,504
Finance leases, weighted-average discount rate	5.61%
Other revolving credit facilities \| Senior secured term loans
Debt Instrument [Line Items]
Long-term debt	$ 2,217	2,217
Effective interest rate	7.72%
Senior secured term loans \| Senior Secured Term Loan
Debt Instrument [Line Items]
Long-term debt	$ 298,500	299,250
Effective interest rate	10.32%
Convertible Debt
Debt Instrument [Line Items]
Long-term debt	$ 331,184	333,184
Unamortized deferred costs and premium	(6,914)	(7,249)
Convertible Debt \| 2028 Convertible senior notes
Debt Instrument [Line Items]
Long-term debt	287,500	287,500
Unamortized deferred costs and premium	$ (6,589)	(6,876)
Effective interest rate	2.77%
Convertible Debt \| 2024 Convertible Senior Notes
Debt Instrument [Line Items]
Long-term debt	$ 39,684	41,684
Unamortized deferred costs and premium	$ (325)	(373)
Effective interest rate	2.34%
Asset-based loan facility
Debt Instrument [Line Items]
Long-term debt	$ 40,000	40,000
Effective interest rate	7.12%
Convertible unsecured note
Debt Instrument [Line Items]
Long-term debt	$ 4,000	$ 4,000
Convertible unsecured debt, interest rate	5.00%

Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 30, 2022
Fair Value Disclosures [Abstract]
Long-term earn-out liabilities	$ 6,790	$ 10,483

Stockholders' Equity - Narrative (Details) - USD ($)	3 Months Ended		12 Months Ended
Stockholders' Equity - Narrative (Details) - USD ($)	Mar. 31, 2023	Mar. 25, 2022	Dec. 30, 2022
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)	1,542,375
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)	998,777
Weighted average grant date fair value (in usd per share)	$ 32.66
Recognized expense	$ 4,790,000	$ 3,043,000
Total unrecognized compensation cost, RSAs	$ 37,653,000
Weighted average remaining term (in years)	2 years 10 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)	5 years
Time-based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)	197,345
Weighted average grant date fair value (in usd per share)	$ 32.55
Total unrecognized compensation cost, RSAs	$ 13,865,000
Weighted average remaining term (in years)	2 years 7 months 6 days
Performance-based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)	713,490
Weighted average grant date fair value (in usd per share)	$ 33.16
Total unrecognized compensation cost, RSAs	$ 23,788,000
Weighted average remaining term (in years)	3 years
Stock options and warrants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized expense	$ 544,000	$ 0
Share-based payment award, vested in period, fair value	$ 906,000		$ 362,000
Stock options and warrants \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	4 years

Operations and Basis of Presentation	3 Months Ended
Operations and Basis of Presentation	Mar. 31, 2023
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 condensed 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. Fiscal 2022 contained a fourteenth week in the fourth quarter. The Company’s business consists of three operating segments: East, Midwest and West 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 condensed 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 condensed consolidated financial statements and the related interim information contained within the notes to such unaudited condensed 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 condensed 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 30, 2022 filed as part of the Company’s Annual Report on Form 10-K, as filed with the SEC on February 28, 2023. The unaudited condensed 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 28, 2023, 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 and other factors, the results of operations for the thirteen weeks ended March 31, 2023 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.

Acquisitions - Pro Forma Consolidated Statement of Operations Information (Details) - Other Acquisitions - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 25, 2022
Business Acquisition [Line Items]
Net sales	$ 20,207
Income before income taxes	1,760
Net sales	773,547	$ 621,761
Income before income taxes	$ 1,159	$ 7,139

Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2023

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 30, 2022	$	287,120
Goodwill adjustments (1)	1,342
Acquisitions	19,316
Foreign currency translation	(5)
Carrying amount as of March 31, 2023	$	307,773

(1) Reflect measurement period adjustments primarily related to net working capital true-ups of prior year acquisitions.

Other intangible assets as of March 31, 2023 and December 30, 2022 consisted of the following:


March 31, 2023	Weighted-Average Remaining Amortization Period	Gross Carrying Amount		Accumulated Amortization		Net Amount
Customer relationships	113 months	$	220,531	$	(89,038)	$	131,493
Trademarks	159 months	53,031		(17,213)		35,818
Non-compete agreements	23 months	8,899		(8,387)		512
Total		$	282,461	$	(114,638)	$	167,823


December 30, 2022	Weighted-Average Remaining Amortization Period	Gross Carrying Amount		Accumulated Amortization		Net Amount
Customer relationships	117 months	$	205,608	$	(85,447)	$	120,161
Trademarks	165 months	51,137		(16,201)		34,936
Non-compete agreements	25 months	8,899		(8,293)		606
Total		$	265,644	$	(109,941)	$	155,703

Amortization expense for other intangibles was $4,697 and $3,356 for the thirteen weeks ended March 31, 2023 and March 25, 2022, respectively.

Estimated amortization expense for other intangible assets for the remainder of the fiscal year ending December 29, 2023 and each of the next four fiscal years and thereafter is as follows:


2023	$	18,713
2024	18,045
2025	17,901
2026	17,701
2027	17,196
Thereafter	78,267
Total	$	167,823

Debt Obligations - Schedule of Maturities of the Company's Debt (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Long-term Debt and Lease Obligation, Including Current Maturities [Abstract]
2023	$ 8,467
2024	42,684
2025	3,000
2026	3,000
2027	43,000
Thereafter	571,750
Total	$ 671,901

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Goodwill and Other Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2023

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 30, 2022	$	287,120
Goodwill adjustments (1)	1,342
Acquisitions	19,316
Foreign currency translation	(5)
Carrying amount as of March 31, 2023	$	307,773

(1) Reflect measurement period adjustments primarily related to net working capital true-ups of prior year acquisitions.

Schedule of other intangible assets

Other intangible assets as of March 31, 2023 and December 30, 2022 consisted of the following:


March 31, 2023	Weighted-Average Remaining Amortization Period	Gross Carrying Amount		Accumulated Amortization		Net Amount
Customer relationships	113 months	$	220,531	$	(89,038)	$	131,493
Trademarks	159 months	53,031		(17,213)		35,818
Non-compete agreements	23 months	8,899		(8,387)		512
Total		$	282,461	$	(114,638)	$	167,823


December 30, 2022	Weighted-Average Remaining Amortization Period	Gross Carrying Amount		Accumulated Amortization		Net Amount
Customer relationships	117 months	$	205,608	$	(85,447)	$	120,161
Trademarks	165 months	51,137		(16,201)		34,936
Non-compete agreements	25 months	8,899		(8,293)		606
Total		$	265,644	$	(109,941)	$	155,703

Schedule of estimated future amortization expense

Estimated amortization expense for other intangible assets for the remainder of the fiscal year ending December 29, 2023 and each of the next four fiscal years and thereafter is as follows:


2023	$	18,713
2024	18,045
2025	17,901
2026	17,701
2027	17,196
Thereafter	78,267
Total	$	167,823

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1A
-URI https://asc.fasb.org/extlink&oid=121556970&loc=SL108378252-109267

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13854-109267

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 55
-Paragraph 24
-URI https://asc.fasb.org/extlink&oid=122137925&loc=d3e14258-109268

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

+ Details

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 25, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 4,697	$ 3,356

Acquisitions - Narrative (Details) $ in Thousands			3 Months Ended
Acquisitions - Narrative (Details) $ in Thousands	Mar. 20, 2023 USD ($)	Nov. 01, 2022 USD ($)	Mar. 31, 2023 USD ($) acquisition	Mar. 25, 2022 USD ($)	Dec. 30, 2022 USD ($)	Dec. 28, 2021 USD ($)
Business Acquisition [Line Items]
Number of acquisitions \| acquisition			2
Goodwill			$ 307,773		$ 287,120
Goodwill adjustments			1,342
Professional fees			1,243	$ 659
Hardie’s Fresh Foods
Business Acquisition [Line Items]
Purchase price	$ 38,000
Estimated fair value of contingent earn-out liability	$ 10,000
Business combination, contingent consideration, liability, term	2 years
Business combination, contingent consideration, liability	$ 6,500		6,500
Total consideration	38,000
Goodwill	$ 14,720
Chef Middle East
Business Acquisition [Line Items]
Purchase price		$ 108,915
Estimated fair value of contingent earn-out liability		$ 10,000
Business combination, contingent consideration, liability, term		2 years
Business combination, contingent consideration, liability			7,500		$ 7,500
Cash amount paid		$ 108,749
Total consideration						$ 108,915
Goodwill						$ 24,680
Net working capital adjustment		$ 166
Goodwill adjustments			866
Inventory adjustments			(735)
Deferred tax liabilities adjustments			35
Other Acquisitions
Business Acquisition [Line Items]
Estimated fair value of contingent earn-out liability			2,000
Business combination, contingent consideration, liability			1,300
Cash amount paid			12,221
Total consideration			14,436
Deferred payments			2,215
Goodwill			$ 4,596

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 25, 2022
Income Statement [Abstract]
Net sales	$ 719,645	$ 512,103
Cost of sales	549,937	394,590
Gross profit	169,708	117,513
Selling, general and administrative expenses	156,137	110,086
Other operating expenses, net	1,672	1,163
Operating income	11,899	6,264
Interest expense	10,006	4,365
Income before income taxes	1,893	1,899
Provision for income tax expense	492	514
Net income	1,401	1,385
Other comprehensive income:
Foreign currency translation adjustments	81	125
Comprehensive income	$ 1,482	$ 1,510
Net income per share:
Basic (in dollars per share)	$ 0.04	$ 0.04
Diluted (in dollars per share)	$ 0.04	$ 0.04
Weighted average common shares outstanding:
Basic (in shares)	37,507,093	36,935,717
Diluted (in shares)	38,161,269	37,307,478

Debt Obligations - Schedule of Components of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 25, 2022
Debt Instrument [Line Items]
Coupon interest	$ 1,899	$ 938
Amortization of deferred costs and premium	335	224
Amounts reserved for issuance of letters of credit	24,170
Convertible Debt
Debt Instrument [Line Items]
Coupon interest	1,899	938
Amortization of deferred costs and premium	335	224
Total interest	2,234	$ 1,162
Senior secured term loans \| Asset-based loan facility
Debt Instrument [Line Items]
Line of credit facility, current borrowing capacity	$ 135,830

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

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:


	Total





Balance December 30, 2022	$	17,294
Acquisition value	7,800

Cash payments	—
Changes in fair value	372
Balance March 31, 2023	$	25,466

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


		March 31, 2023				December 30, 2022
	Fair Value Hierarchy	Carrying Value		Fair Value		Carrying Value		Fair Value
2028 Convertible Senior Notes	Level 1	$	287,500	$	291,813	$	287,500	$	292,531
2024 Convertible Senior Notes	Level 3	$	39,684	$	40,695	$	41,684	$	43,723
Convertible Unsecured Note	Level 3	$	4,000	$	4,120	$	4,000	$	4,345

Goodwill and Other Intangible Assets - Future amortization (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Estimated amortization in fiscal year:
2023	$ 18,713
2024	18,045
2025	17,901
2026	17,701
2027	17,196
Thereafter	78,267
Total	$ 167,823

Acquisitions

3 Months Ended

Mar. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Acquisitions

Hardie’s Fresh Foods

On March 20, 2023, pursuant to an asset purchase agreement, the Company acquired substantially all of the assets of Hardie’s F&V, LLC (“Hardie’s Fresh Foods”), a specialty produce distributor with operations in Texas. The purchase price was approximately $38,000, paid in cash at closing. The Company will also pay additional contingent consideration, if earned, in the form of an earn-out amount which could total $10,000 over a two-year period. The payment of the earn-out liability is subject to the successful achievement of certain gross profit targets. The Company estimated the fair value of this contingent earn-out liability to be $6,500 as of March 20, 2023 and March 31, 2023. The Company is in the process of finalizing a valuation of tangible and intangible assets of Hardie’s Fresh Foods as of the acquisition date. When applicable, these valuations require the use of Level 3 inputs. Goodwill for the Hardie’s Fresh Foods acquisition will be amortized over 15 years for tax purposes. The goodwill recorded primarily reflects the value of acquiring an established specialty produce distributor to leverage the Company’s existing products in the markets served by Hardie’s Fresh Foods and any intangible assets that do not qualify for separate recognition.

Other Fiscal 2023 Acquisitions

During the thirteen weeks ended March 31, 2023, the Company completed two other acquisitions for an aggregate purchase price of approximately $14,436, consisting of $12,221 paid in cash at closing, subject to customary working capital adjustments, and $2,215 of deferred payments. The Company will also pay additional contingent consideration, if earned, in the form of earn-out amount which could total $2,000 in the aggregate. The Company estimated the fair value of the contingent earn-out liability to be $1,300 as of March 31, 2023. The Company is in the process of finalizing a valuation of the tangible and intangible assets as of the acquisition date. When applicable, these valuations require the use of Level 3 inputs. Goodwill of $4,596 will be amortized over 15 years for tax purposes.

The Company reflected net sales and income before income taxes in its condensed consolidated statement of operations related to the fiscal 2023 acquisitions as follows:


	Thirteen Weeks Ended
	March 31, 2023
Net sales	$	20,207
Income before income taxes	$	1,760

Chef Middle East

On November 1, 2022, pursuant to a share sale and purchase agreement, the Company acquired substantially all of the shares of Chef Middle East LLC (“CME”), a specialty food distributor with operations in the United Arab Emirates, Qatar and Oman. The purchase price was approximately $108,915, consisting of $108,749 paid in cash at closing and $166 paid upon settlement of a net working capital true-up. The measurement period adjustments recorded during the first quarter of fiscal 2023 resulted in a goodwill increase of $866, a decrease in inventories of $735 and a decrease in deferred tax liabilities of $35. The Company will also pay additional contingent consideration, if earned, in the form of an earn-out amount which could total $10,000 over

a two-year period. The payment of the earn-out liability is subject to the successful achievement of certain gross profit targets. The Company estimated the fair value of this contingent earn-out liability to be $7,500 as of March 31, 2023 and December 30, 2022. The Company is in the process of finalizing a valuation of tangible and intangible assets of CME as of the acquisition date. When applicable, these valuations require the use of Level 3 inputs. The goodwill recorded primarily reflects the value of acquiring an established specialty seafood and produce distributor and any intangible assets that do not qualify for separate recognition.

The table below presents unaudited pro forma condensed consolidated income statement information of the Company as if the Hardie’s Fresh Foods and CME acquisitions had occurred on December 25, 2021. 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 acquisitions. The pro forma information is not necessarily indicative of the Company’s results of operations had the acquisitions 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 acquisitions, any incremental costs for transitioning to become a public company, and also does not reflect additional revenue opportunities following the acquisitions. The pro forma information reflects amortization and depreciation of the acquisitions at their respective fair value. CME did not have a proforma impact during the thirteen weeks ended March 31, 2023 as it was included in the condensed consolidated results of operations for the entire period.


	Thirteen Weeks Ended
	March 31, 2023		March 25, 2022
Net sales	$	773,547	$	621,761
Income before income taxes	$	1,159	$	7,139

The table below sets forth the preliminary purchase price allocation for the Company’s acquisitions:


	Chef Middle East		Hardie’s Fresh Foods		Other Acquisitions
Current assets	$	84,076	$	27,479	$	9,787
Customer relationships	25,800		11,200		1,531
Trademarks	11,400		1,900		2,600
Non-compete agreements	320		—		—
Goodwill	24,680		14,720		4,596
Fixed assets	16,953		5,582		117
Other assets	941		854		15
Deferred tax liability	(3,600)		—		—
Right-of-use assets	5,321		13,303		3,258

Lease liabilities	(5,321)		(13,303)		(3,258)

Current liabilities	(44,155)		(17,235)		(2,880)
Earn-out liability	(7,500)		(6,500)		(1,300)



Total consideration	$	108,915	$	38,000	$	14,436

The Company recognized professional fees of $1,243 and $659 in operating expenses related to acquisition related activities during the thirteen weeks ended weeks ended March 31, 2023 and March 25, 2022, respectively.

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn May 1, 2023, the Company entered into a stock purchase agreement to acquire substantially all of the assets of Greenleaf Produce and Specialty Foods, a leading produce and specialty food distributor in Northern California. The initial purchase price was $80,000 consisting of $70,000 paid in cash at closing, subject to a customary working capital true-up, and the issuance of a $10,000 unsecured note. The unsecured note matures on April 30, 2025 and bears interest of 4.47%. The Company has not provided preliminary purchase price allocation for this acquisition as the initial accounting is incomplete. The acquisition was partially funded by a $40,000 incremental draw on the Company’s asset-based loan facility.

Supplemental Disclosures of Cash Flow Information - Summary of Supplemental Cash Flow Disclosures (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 25, 2022
Supplemental cash flow disclosures:
Cash paid (received) for income taxes	$ 2,539	$ (282)
Cash paid for interest, net of cash received	7,366	3,011
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	9,001	6,766
Operating cash flows from finance leases	914	1,028
ROU assets obtained in exchange for lease liabilities:
Operating leases	32,615	8,589
Finance leases	2,697	0
Warrants issued for acquisitions	0	1,701
Contingent earn-out liabilities for acquisitions	$ 7,800	$ 0

Property and Equipment

3 Months Ended

Mar. 31, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment as of March 31, 2023 and December 30, 2022 consisted of the following:



	Useful Lives	March 31, 2023		December 30, 2022
Land	Indefinite	$	5,542	$	5,542
Buildings	20 years	40,591		39,893
Machinery and equipment	5 - 10 years	38,214		32,107
Computers, data processing and other equipment	3 - 7 years	19,667		18,475
Software	3 - 7 years	48,541		42,609
Leasehold improvements	1 - 40 years	119,213		94,245
Furniture and fixtures	7 years	2,949		3,825
Vehicles	5 - 10 years	31,421		31,462

Construction-in-process		11,333		36,583
		317,471		304,741
Less: accumulated depreciation and amortization		(121,215)		(119,013)
Property and equipment, net		$	196,256	$	185,728

Construction-in-process at March 31, 2023 related primarily to the build-out of the Company’s Miami, Richmond, CA and Gibbstown, NJ distribution facilities and at December 30, 2022 related primarily to the build-out of the Company’s Miami, Dallas and Richmond, CA distribution facilities and the implementation of the Company’s Enterprise Resource Planning system. The net book value of equipment financed under finance leases at March 31, 2023 and December 30, 2022 was $10,036 and $11,579, respectively.

The components of depreciation and amortization expense were as follows:


	Thirteen Weeks Ended
	March 31, 2023		March 25, 2022
Depreciation expense	$	5,542	$	4,415
Software amortization	$	1,469	$	1,474
	$	7,011	$	5,889

Summary of Significant Accounting Policies - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 25, 2022
Disaggregation of Revenue [Line Items]
Net sales	$ 719,645	$ 512,103
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	$ 306,305	$ 238,776
Center-of-the-Plate \| Net Sales \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of total net sales	42.60%	46.60%
Dry Goods
Disaggregation of Revenue [Line Items]
Net sales	$ 122,934	$ 68,796
Dry Goods \| Net Sales \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of total net sales	17.10%	13.40%
Pastry
Disaggregation of Revenue [Line Items]
Net sales	$ 89,162	$ 50,395
Pastry \| Net Sales \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of total net sales	12.40%	9.80%
Cheese and Charcuterie
Disaggregation of Revenue [Line Items]
Net sales	$ 55,141	$ 38,388
Cheese and Charcuterie \| Net Sales \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of total net sales	7.70%	7.50%
Produce
Disaggregation of Revenue [Line Items]
Net sales	$ 52,999	$ 57,154
Produce \| Net Sales \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of total net sales	7.40%	11.20%
Dairy and Eggs
Disaggregation of Revenue [Line Items]
Net sales	$ 49,078	$ 26,951
Dairy and Eggs \| Net Sales \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of total net sales	6.80%	5.30%
Oils and Vinegars
Disaggregation of Revenue [Line Items]
Net sales	$ 28,878	$ 21,025
Oils and Vinegars \| Net Sales \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of total net sales	4.00%	4.10%
Kitchen Supplies
Disaggregation of Revenue [Line Items]
Net sales	$ 15,148	$ 10,618
Kitchen Supplies \| Net Sales \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of total net sales	2.00%	2.10%

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2023

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 condensed 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 31, 2023				March 25, 2022
Center-of-the-Plate	$	306,305	42.6	%	$	238,776	46.6	%
Dry Goods	122,934		17.1	%	68,796		13.4	%
Pastry	89,162		12.4	%	50,395		9.8	%
Cheese and Charcuterie	55,141		7.7	%	38,388		7.5	%
Produce	52,999		7.4	%	57,154		11.2	%
Dairy and Eggs	49,078		6.8	%	26,951		5.3	%
Oils and Vinegars	28,878		4.0	%	21,025		4.1	%
Kitchen Supplies	15,148		2.0	%	10,618		2.1	%
Total	$	719,645	100	%	$	512,103	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 $11,674 and $9,036 for the thirteen weeks ended March 31, 2023 and March 25, 2022, respectively.

Immaterial Correction of Prior Period Disclosures

Subsequent to the issuance of the fiscal year 2022 consolidated financial statements, immaterial errors were identified in the weighted average remaining amortization period of intangible assets, the intangible asset amortization schedule and the debt maturity schedule. The weighted average remaining amortization period for customer relationships, non-compete agreements and trademarks were previously disclosed as 232 months, 73 months and 250 months instead of 117 months, 25 months and 165 months, respectively. This had a corresponding immaterial impact on the intangible asset amortization schedule.

In addition, the debt maturity schedule previously included the $40,000 due upon maturity of the asset-based loan facility in the thereafter total instead of in the 2027 total. Further, the Company omitted that the asset-based loan facility and term loan are classified as Level 2 within the fair value hierarchy. These immaterial errors and omissions have been corrected in Note 4 “Fair Value Measurements”, Note 8 “Goodwill and Other Intangible Assets” and Note 9 “Debt Obligations”, within these condensed consolidated financial statements.

- 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

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 25, 2022	Dec. 30, 2022
Disaggregation of Revenue [Line Items]
Cost of sales	$ 549,937	$ 394,590
Asset-based loan facility
Disaggregation of Revenue [Line Items]
Long-term debt, maturity, year five			$ 40
Asset-based loan facility \| As Reported
Disaggregation of Revenue [Line Items]
Long-term debt, maturity, after year five			$ 40
Customer relationships
Disaggregation of Revenue [Line Items]
Weighted-average remaining amortization period (in months)	113 months		117 months
Customer relationships \| As Reported
Disaggregation of Revenue [Line Items]
Weighted-average remaining amortization period (in months)			232 months
Non-compete agreements
Disaggregation of Revenue [Line Items]
Weighted-average remaining amortization period (in months)	23 months		25 months
Non-compete agreements \| As Reported
Disaggregation of Revenue [Line Items]
Weighted-average remaining amortization period (in months)			73 months
Trademarks
Disaggregation of Revenue [Line Items]
Weighted-average remaining amortization period (in months)	159 months		165 months
Trademarks \| As Reported
Disaggregation of Revenue [Line Items]
Weighted-average remaining amortization period (in months)			250 months
Food Processing
Disaggregation of Revenue [Line Items]
Cost of sales	$ 11,674	$ 9,036
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

Operations and Basis of Presentation (Policies)	3 Months Ended
Operations and Basis of Presentation (Policies)	Mar. 31, 2023
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, Midwest and West that aggregate into one reportable segment, foodservice distribution, which is concentrated primarily in the United States.
Consolidation	The condensed 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 condensed consolidated financial statements and the related interim information contained within the notes to such unaudited condensed 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 condensed 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 30, 2022 filed as part of the Company’s Annual Report on Form 10-K, as filed with the SEC on February 28, 2023. The unaudited condensed 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 28, 2023, 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 and other factors, the results of operations for the thirteen weeks ended March 31, 2023 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 condensed 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

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+ Details

Net Income per Share

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Net Income per Share

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


	Thirteen Weeks Ended
	March 31, 2023		March 25, 2022
Net income per share:
Basic	$	0.04	$	0.04
Diluted	$	0.04	$	0.04
Weighted average common shares:
Basic	37,507,093		36,935,717
Diluted	38,161,269		37,307,478

Reconciliation of net income per common share:


	Thirteen Weeks Ended
	March 31, 2023		March 25, 2022
Numerator:
Net income	$	1,401	$	1,385



Denominator:
Weighted average basic common shares outstanding	37,507,093		36,935,717
Dilutive effect of unvested common shares	577,557		330,415
Dilutive effect of stock options and warrants	76,619		41,346

Weighted average diluted common shares outstanding	38,161,269		37,307,478

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


	Thirteen Weeks Ended
	March 31, 2023	March 25, 2022
Restricted share awards (“RSAs”)	—	113,061
Stock options and warrants	—	293,407
Convertible notes	7,483,870	4,616,033

Debt Obligations - Schedule of Convertible Senior Notes (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 30, 2022
Debt Instrument [Line Items]
Unamortized Deferred Costs and Premium	$ (19,198)	$ (20,050)
Total	671,901
Convertible Debt
Debt Instrument [Line Items]
Principal Amount	331,184	333,184
Unamortized Deferred Costs and Premium	(6,914)	(7,249)
Total	324,270	325,935
Convertible Debt \| 2028 Convertible Senior Notes
Debt Instrument [Line Items]
Principal Amount	287,500	287,500
Unamortized Deferred Costs and Premium	(6,589)	(6,876)
Total	280,911	280,624
Convertible Debt \| 2024 Convertible Senior Notes
Debt Instrument [Line Items]
Principal Amount	39,684	41,684
Unamortized Deferred Costs and Premium	(325)	(373)
Total	39,359	41,311
Convertible Debt \| Convertible unsecured note
Debt Instrument [Line Items]
Principal Amount	4,000	4,000
Unamortized Deferred Costs and Premium	0	0
Total	$ 4,000	$ 4,000

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Goodwill and Other Intangible Assets - Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 287,120
Goodwill adjustments	1,342
Acquisitions	19,316
Foreign currency translation	(5)
Ending balance	$ 307,773

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe Company’s effective tax rate was 26.0% and 27.1% thirteen weeks ended March 31, 2023 and March 25, 2022. The effective tax rate varies from the 21% statutory rate primarily due to state taxes. The lower effective tax rate for the thirteen weeks ended March 31, 2023 was primarily driven by a greater mix of foreign earnings that are subject to tax rates below the US statutory rate of 21%.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

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+ Details

Net Income per Share - Schedule of Potentially Dilutive Securities Excluded from Calculation of Diluted Net Loss per Share (Details) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 25, 2022
Restricted share awards (“RSAs”)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares	0	113,061
Stock options and warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares	0	293,407
Convertible notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares	7,483,870	4,616,033

Acquisitions (Tables)

3 Months Ended

Mar. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of pro forma consolidated statement of operations information

The Company reflected net sales and income before income taxes in its condensed consolidated statement of operations related to the fiscal 2023 acquisitions as follows:


	Thirteen Weeks Ended
	March 31, 2023
Net sales	$	20,207
Income before income taxes	$	1,760

The pro forma information reflects amortization and depreciation of the acquisitions at their respective fair value. CME did not have a proforma impact during the thirteen weeks ended March 31, 2023 as it was included in the condensed consolidated results of operations for the entire period.


	Thirteen Weeks Ended
	March 31, 2023		March 25, 2022
Net sales	$	773,547	$	621,761
Income before income taxes	$	1,159	$	7,139

Schedule of purchase price allocation

The table below sets forth the preliminary purchase price allocation for the Company’s acquisitions:


	Chef Middle East		Hardie’s Fresh Foods		Other Acquisitions
Current assets	$	84,076	$	27,479	$	9,787
Customer relationships	25,800		11,200		1,531
Trademarks	11,400		1,900		2,600
Non-compete agreements	320		—		—
Goodwill	24,680		14,720		4,596
Fixed assets	16,953		5,582		117
Other assets	941		854		15
Deferred tax liability	(3,600)		—		—
Right-of-use assets	5,321		13,303		3,258

Lease liabilities	(5,321)		(13,303)		(3,258)

Current liabilities	(44,155)		(17,235)		(2,880)
Earn-out liability	(7,500)		(6,500)		(1,300)



Total consideration	$	108,915	$	38,000	$	14,436

Inventories - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 30, 2022
Inventory Disclosure [Abstract]
Reserves for shrinkage, excess and obsolescence	$ 10,127	$ 9,198