0001517175-24-000011 | 10-Q | XBRL Viewer

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CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 29, 2024	Dec. 29, 2023
Current assets:
Accounts receivable, allowance for credit loss, current	$ (23,153)	$ (21,423)
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)	39,773,355	39,665,796
Common Stock, outstanding (in shares)	39,773,355	39,665,796

Goodwill and Other Intangible Assets

3 Months Ended

Mar. 29, 2024

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 29, 2023	$	356,021
Goodwill adjustments (1)	656

Foreign currency translation	(98)
Carrying amount as of March 29, 2024	$	356,579

(1) The goodwill adjustments represent measurement period adjustments related to certain acquisitions completed in the prior year.

Other intangible assets are net of accumulated amortization of $138,831 and $132,660 as of March 29, 2024 and December 29, 2023, respectively. Amortization expense for other intangibles was $6,171 and $4,697 for the thirteen weeks ended March 29, 2024 and March 31, 2023, respectively.

Supplemental Disclosures of Cash Flow Information

3 Months Ended

Mar. 29, 2024

Supplemental Cash Flow Elements [Abstract]

Supplemental Disclosures of Cash Flow Information


	Thirteen Weeks Ended
	March 29, 2024		March 31, 2023
Supplemental cash flow disclosures:
Cash paid for income taxes	$	1,522	$	2,539
Cash paid for interest, net of cash received	$	10,403	$	7,366
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	9,812	$	9,001
Operating cash flows from finance leases	$	379	$	914
ROU assets obtained in exchange for lease liabilities:
Operating leases	$	396	$	32,615
Finance leases	$	11,587	$	2,697
Non-cash investing and financing activities:







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

Supplemental Disclosures of Cash Flow Information - Summary of Supplemental Cash Flow Disclosures (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2024	Mar. 31, 2023
Supplemental cash flow disclosures:
Cash paid for income taxes	$ 1,522	$ 2,539
Cash paid for interest, net of cash received	10,403	7,366
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	9,812	9,001
Operating cash flows from finance leases	379	914
ROU assets obtained in exchange for lease liabilities:
Operating leases	396	32,615
Finance leases	11,587	2,697
Non-cash investing and financing activities:
Contingent earn-out liabilities for acquisitions	$ 0	$ 7,800

Debt Obligations (Tables)

3 Months Ended

Mar. 29, 2024

Debt Disclosure [Abstract]

Schedule of debt obligations

Debt obligations as of March 29, 2024 and December 29, 2023 consisted of the following:


	Weighted Average Effective Interest Rate at March 29, 2024		Maturity	March 29, 2024		December 29, 2023
Senior secured term loans	10.08	%	August 2029	$	269,500	$	276,250
2028 Convertible senior notes	2.77	%	December 2028	287,500		287,500
2024 Convertible senior notes	2.34	%	December 2024	39,684		39,684
Asset-based loan facility	7.45	%	March 2027	100,000		100,000

Finance leases and other financing obligations	6.25	%	Various	42,121		31,892



Unamortized deferred costs and premium				(16,005)		(17,339)
Total debt obligations				722,800		717,987
Less: current installments				(55,510)		(53,185)
Total long-term debt				$	667,290	$	664,802

Schedule of convertible senior notes

The net carrying value of the Company’s convertible senior notes as of March 29, 2024 and December 29, 2023 was:


	March 29, 2024						December 29, 2023
	Principal Amount		Unamortized Deferred Costs and Premium		Net Amount		Principal Amount		Unamortized Deferred Costs and Premium		Net Amount
2028 Notes	$	287,500	$	(5,444)	$	282,056	$	287,500	$	(5,730)	$	281,770
2024 Notes	39,684		(139)		39,545		39,684		(185)		39,499
Total	$	327,184	$	(5,583)	$	321,601	$	327,184	$	(5,915)	$	321,269

Schedule of components of interest expense

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


	Thirteen Weeks Ended
	March 29, 2024		March 31, 2023
Coupon interest	$	1,893	$	1,899
Amortization of deferred costs and premium	333		335

Total interest	$	2,226	$	2,234

Net Income per Share - Computation of Basic and Diluted Earnings per Share (Details) - $ / shares	3 Months Ended
	Mar. 29, 2024	Mar. 31, 2023
Net income per share:
Basic (in dollars per share)	$ 0.05	$ 0.04
Diluted (in dollars per share)	$ 0.05	$ 0.04
Weighted average common shares:
Basic (in shares)	37,820,725	37,507,093
Diluted (in shares)	38,626,885	38,161,269

- 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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- 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.

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+ Details

Summary of Significant Accounting Policies - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Net sales	$ 874,488	$ 719,645
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	$ 342,936	$ 306,305
Center-of-the-Plate \| Net Sales \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of total net sales	39.20%	42.60%
Total Specialty
Disaggregation of Revenue [Line Items]
Net sales	$ 531,552	$ 413,340
Total Specialty \| Net Sales \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of total net sales	60.80%	57.40%
Dry Goods
Disaggregation of Revenue [Line Items]
Net sales	$ 138,810	$ 122,934
Dry Goods \| Net Sales \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of total net sales	15.90%	17.10%
Produce
Disaggregation of Revenue [Line Items]
Net sales	$ 126,125	$ 52,999
Produce \| Net Sales \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of total net sales	14.40%	7.40%
Pastry
Disaggregation of Revenue [Line Items]
Net sales	$ 101,868	$ 89,162
Pastry \| Net Sales \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of total net sales	11.60%	12.40%
Cheese and Charcuterie
Disaggregation of Revenue [Line Items]
Net sales	$ 59,299	$ 55,141
Cheese and Charcuterie \| Net Sales \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of total net sales	6.80%	7.70%
Dairy and Eggs
Disaggregation of Revenue [Line Items]
Net sales	$ 58,126	$ 49,078
Dairy and Eggs \| Net Sales \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of total net sales	6.60%	6.80%
Oils and Vinegars
Disaggregation of Revenue [Line Items]
Net sales	$ 29,806	$ 28,878
Oils and Vinegars \| Net Sales \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of total net sales	3.40%	4.00%
Kitchen Supplies
Disaggregation of Revenue [Line Items]
Net sales	$ 17,518	$ 15,148
Kitchen Supplies \| Net Sales \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of total net sales	2.10%	2.00%

Acquisitions - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
Acquisitions - Narrative (Details) - USD ($) $ in Thousands	Mar. 29, 2024	Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Cash paid for acquisitions, net of cash acquired	$ (315)	$ (50,937)
Goodwill adjustments	656
Decrease in prepaid expenses and other current assets	341
Professional fees	$ 0	$ 1,243

Income Taxes	3 Months Ended
Income Taxes	Mar. 29, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s effective tax rate was 30.0% and 26.0% for the thirteen weeks ended March 29, 2024 and March 31, 2023, respectively. The higher effective tax rate for the thirteen weeks ended March 29, 2024 is primarily due by the non-deductibility of certain compensation related items.. The effective tax rate otherwise varies from the 21% statutory rate primarily due to state taxes. The Company’s income tax provision reflects the impact of an expected income tax refund receivable of $23,301 as of March 29, 2024 which is reflected in prepaid expenses and other current assets on the Company’s condensed consolidated balance sheet.

- 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.

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2024	Mar. 31, 2023
Income Statement [Abstract]
Net sales	$ 874,488	$ 719,645
Cost of sales	665,052	549,937
Gross profit	209,436	169,708
Selling, general and administrative expenses	190,321	156,137
Other operating expenses, net	3,112	1,672
Operating income	16,003	11,899
Interest expense	13,244	10,006
Income before income taxes	2,759	1,893
Provision for income tax expense	828	492
Net income	1,931	1,401
Other comprehensive (loss) income:
Foreign currency translation adjustments	(323)	81
Comprehensive income	$ 1,608	$ 1,482
Net income per share:
Basic (in dollars per share)	$ 0.05	$ 0.04
Diluted (in dollars per share)	$ 0.05	$ 0.04
Weighted average common shares outstanding:
Basic (in shares)	37,820,725	37,507,093
Diluted (in shares)	38,626,885	38,161,269

Acquisitions - Pro Forma Consolidated Statement of Operations Information (Details) - Other Acquisitions $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Business Acquisition [Line Items]
Net sales	$ 803,488
Income before income taxes	$ 2,131

Related Parties - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2024	Mar. 31, 2023
Restructuring Cost and Reserve [Line Items]
Ownership interest in facilities owned by entities controlled by company's stockholders (as a percent)	100.00%
Leased Distribution Facility Owned by CEO
Restructuring Cost and Reserve [Line Items]
Expense related to affiliate distribution facility	$ 176	$ 123

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Debt Obligations

3 Months Ended

Mar. 29, 2024

Debt Disclosure [Abstract]

Debt Obligations

Debt obligations as of March 29, 2024 and December 29, 2023 consisted of the following:


	Weighted Average Effective Interest Rate at March 29, 2024		Maturity	March 29, 2024		December 29, 2023
Senior secured term loans	10.08	%	August 2029	$	269,500	$	276,250
2028 Convertible senior notes	2.77	%	December 2028	287,500		287,500
2024 Convertible senior notes	2.34	%	December 2024	39,684		39,684
Asset-based loan facility	7.45	%	March 2027	100,000		100,000

Finance leases and other financing obligations	6.25	%	Various	42,121		31,892



Unamortized deferred costs and premium				(16,005)		(17,339)
Total debt obligations				722,800		717,987
Less: current installments				(55,510)		(53,185)
Total long-term debt				$	667,290	$	664,802

Senior Secured Term Loan Credit Facility

In March 2024, the Company entered into an eleventh amendment (“Eleventh Amendment”) to its senior secured term loan agreement, which reduced the interest rate spread on its senior secured term loan B facility. As a result of this amendment, the Company incurred a loss on debt extinguishment of $50, which represents the portion of unamortized deferred financing fees attributable to the lender that exited the loan syndicate. Arrangement fees of $775 and third-party transaction costs of $91 were expensed as incurred and included in interest expense and other operating expenses, respectively, within the Company’s condensed consolidated statements of operations.

Additionally, during the thirteen weeks ended March 29, 2024, the Company made voluntary principal prepayments totaling $6,000 towards the senior secured term loan. In connection with the prepayments, the Company wrote-off unamortized deferred financing fees of $239, which are included in interest expense within the Company’s condensed consolidated statements of operations.

Convertible Notes

The net carrying value of the Company’s convertible senior notes as of March 29, 2024 and December 29, 2023 was:


	March 29, 2024						December 29, 2023
	Principal Amount		Unamortized Deferred Costs and Premium		Net Amount		Principal Amount		Unamortized Deferred Costs and Premium		Net Amount
2028 Notes	$	287,500	$	(5,444)	$	282,056	$	287,500	$	(5,730)	$	281,770
2024 Notes	39,684		(139)		39,545		39,684		(185)		39,499
Total	$	327,184	$	(5,583)	$	321,601	$	327,184	$	(5,915)	$	321,269

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


	Thirteen Weeks Ended
	March 29, 2024		March 31, 2023
Coupon interest	$	1,893	$	1,899
Amortization of deferred costs and premium	333		335

Total interest	$	2,226	$	2,234

As of March 29, 2024, the Company had reserved $27,970 of its asset-based loan facility for the issuance of letters of credit and funds totaling $162,064 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://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
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-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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+ Details

Fair Value Measurements - Summary of Changes in Level 3 Contingent Consideration Liability (Details) $ in Thousands	3 Months Ended
	Mar. 29, 2024 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	$ 9,765
Cash payments	(2,000)
Changes in fair value	(613)
Balance at end of period	$ 7,152

Operations and Basis of Presentation	3 Months Ended
Operations and Basis of Presentation	Mar. 29, 2024
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 Chefs’ Warehouse, Inc. (the “Company”), and its wholly-owned subsidiaries, is a premier distributor of specialty food and center-of-the-plate products in the United States, the Middle East and Canada. The Company is focused on serving the specific needs of chefs who own and/or operate some of the nation’s leading menu-driven independent restaurants, fine dining establishments, country clubs, hotels, caterers, culinary schools, bakeries, patisseries, chocolateries, cruise lines, casinos and specialty food stores. The 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, Midwest and West that aggregate into one reportable segment, foodservice distribution, which is concentrated primarily in the United States. Consolidation The unaudited 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 29, 2023 filed as part of the Company’s Annual Report on Form 10-K (the “2023 Form 10-K”). 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 2023 Form 10-K, 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 29, 2024 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.

Debt Obligations - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Mar. 29, 2024	Mar. 29, 2024	Mar. 31, 2023
Debt Instrument [Line Items]
Loss on extinguishment of debt		$ 289	$ 0
Eleventh amendment \| Senior secured term loans
Debt Instrument [Line Items]
Arrangement fees	$ 775
Third-party transaction costs	91
Senior secured term loans \| Senior secured term loans
Debt Instrument [Line Items]
Voluntary prepayment		6,000
Unamortized deferred financing fees written off	$ 239	$ 239

Operations and Basis of Presentation (Policies)	3 Months Ended
Operations and Basis of Presentation (Policies)	Mar. 29, 2024
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 unaudited 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 29, 2023 filed as part of the Company’s Annual Report on Form 10-K (the “2023 Form 10-K”). 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 2023 Form 10-K, 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 29, 2024 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	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. Net sales by product category includes estimates of product mix for certain locations that are not yet fully integrated into the Company’s information technology systems as of the reporting date. 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.
Share Repurchases	The Company has a share repurchase program that is executed through purchases made from time to time either in the open market or through private market transactions. Shares purchased under the program are recorded at cost and held as treasury stock.
Guidance Not Yet Adopted	Improvements to Income Tax Disclosures: In December 2023, the Financial Accounting Standards Board (“FASB”) issued guidance designed to improve the transparency and usefulness of income tax disclosures. The amendments include provisions to address the consistency of the income tax rate reconciliation and requirement to disaggregate income taxes paid by jurisdiction. The guidance is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company expects to adopt this guidance when effective and is evaluating the impact of adoption on its consolidated financial statements, which is limited to financial statement disclosures. Improvements to Reportable Segment Disclosures: In November 2023, the FASB issued guidance which requires entities, including those with one reportable segment, to enhance reportable segment disclosures requirements particularly with respect to significant expenses. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 on a retrospective basis. Early adoption is permitted. The Company expects to adopt this guidance when effective and is evaluating the impact of adoption on its consolidated financial statements, which is limited to financial statement disclosures.
Net Income per Share	Basic net income per share is calculated by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted net income per share adjusts basic net income per share for all the potentially dilutive shares outstanding during the period.

Supplemental Disclosures of Cash Flow Information (Tables)

3 Months Ended

Mar. 29, 2024

Supplemental Cash Flow Elements [Abstract]

Schedule of supplemental disclosures of cash flow information


	Thirteen Weeks Ended
	March 29, 2024		March 31, 2023
Supplemental cash flow disclosures:
Cash paid for income taxes	$	1,522	$	2,539
Cash paid for interest, net of cash received	$	10,403	$	7,366
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	9,812	$	9,001
Operating cash flows from finance leases	$	379	$	914
ROU assets obtained in exchange for lease liabilities:
Operating leases	$	396	$	32,615
Finance leases	$	11,587	$	2,697
Non-cash investing and financing activities:







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

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 29, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net income	$ 1,931	$ 1,401

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B

Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Net Income per Share

3 Months Ended

Mar. 29, 2024

Earnings Per Share [Abstract]

Net Income per Share

Basic net income per share is calculated by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted net income per share adjusts basic net income per share for all the potentially dilutive shares outstanding during the period.

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


	Thirteen Weeks Ended
	March 29, 2024		March 31, 2023
Net income per share:
Basic	$	0.05	$	0.04
Diluted	$	0.05	$	0.04
Weighted average common shares:
Basic	37,820,725		37,507,093
Diluted	38,626,885		38,161,269

Reconciliation of net income per common share:


	Thirteen Weeks Ended
	March 29, 2024		March 31, 2023
Numerator:
Net income	$	1,931	$	1,401



Denominator:
Weighted average basic common shares outstanding	37,820,725		37,507,093
Dilutive effect of unvested common shares	756,440		577,557
Dilutive effect of stock options and warrants	49,720		76,619

Weighted average diluted common shares outstanding	38,626,885		38,161,269

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 29, 2024	March 31, 2023
Restricted share awards (“RSAs”) and restricted stock units (“RSUs”)	146,810	—

Convertible notes	7,392,817	7,483,870

Stockholders' Equity

3 Months Ended

Mar. 29, 2024

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stockholders’ Equity

Equity Awards

The following table reflects the activity of RSAs and RSUs during the thirteen weeks ended March 29, 2024:


	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 29, 2023	461,752	$	32.13	1,078,169	$	32.88	421,056	$	30.00
Granted	214,880	38.01		313,188	38.53		55,270	34.68
Vested	(174,852)	32.28		(168,654)	32.04		(166,343)	31.43
Forfeited	(1,875)	32.55		(324,717)	33.48		(3,956)	31.00
Unvested at March 29, 2024	499,905	$	34.60	897,986	$	34.79	306,027	$	30.06

The Company granted 583,338 RSAs and RSUs to its employees and directors at a weighted average grant date fair value of $37.97 during the thirteen weeks ended March 29, 2024. 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 $3,590 and $4,790 on its RSAs during the thirteen weeks ended March 29, 2024 and March 31, 2023, respectively.

At March 29, 2024, the total unrecognized compensation cost for unvested RSAs was $30,463 and the weighted-average remaining period was approximately 2.2 years. Of this total, $15,195 related to RSAs with time-based vesting provisions and $15,268 related to RSAs with performance- and market-based vesting provisions. At March 29, 2024, the weighted-average remaining period for time-based vesting and performance-based vesting RSAs were approximately 2.1 years and 2.2 years, respectively.

No share-based compensation expense has been capitalized.

Share Repurchase Program

In November 2023, the Company announced a two-year share repurchase program in an amount up to $100,000, targeting $25.0 million to $100.0 million of share repurchases by the end of fiscal 2025. The remaining share purchase authorization was $95,000 at March 29, 2024. The Company is not obligated to repurchase any specific number of shares and may suspend or discontinue the program at any time.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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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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-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 29, 2024

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 29, 2024				March 31, 2023
Center-of-the-Plate	$	342,936	39.2	%	$	306,305	42.6	%
Specialty:
Dry Goods	138,810		15.9	%	122,934		17.1	%
Produce	126,125		14.4	%	52,999		7.4	%
Pastry	101,868		11.6	%	89,162		12.4	%
Cheese and Charcuterie	59,299		6.8	%	55,141		7.7	%
Dairy and Eggs	58,126		6.6	%	49,078		6.8	%
Oils and Vinegars	29,806		3.4	%	28,878		4.0	%
Kitchen Supplies	17,518		2.1	%	15,148		2.0	%
Total Specialty	$	531,552	60.8	%	$	413,340	57.4	%
Total net sales	$	874,488	100	%	$	719,645	100	%

Inventories	3 Months Ended
Inventories	Mar. 29, 2024
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 $11,256 and $11,205 at March 29, 2024 and December 29, 2023, respectively.

Goodwill and Other Intangible Assets - Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 29, 2024 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 356,021
Goodwill adjustments	656
Foreign currency translation	(98)
Ending balance	$ 356,579

- 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

Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	Mar. 29, 2024	Dec. 29, 2023
Fair Value Disclosures [Abstract]
Long-term earn-out liabilities	$ 593	$ 50

Debt Obligations - Schedule of Debt Obligations (Details) - USD ($) $ in Thousands	Mar. 29, 2024	Dec. 29, 2023
Debt Instrument [Line Items]
Finance leases and other financing obligations, weighted-average discount rate	6.25%
Finance leases and other financing obligations	$ 42,121	$ 31,892
Unamortized deferred costs and premium	(16,005)	(17,339)
Total debt obligations	722,800	717,987
Less: current installments	(55,510)	(53,185)
Total long-term debt	$ 667,290	664,802
Senior secured term loans \| Senior secured term loans
Debt Instrument [Line Items]
Effective interest rate	10.08%
Long-term debt	$ 269,500	276,250
Convertible Debt
Debt Instrument [Line Items]
Long-term debt	327,184	327,184
Unamortized deferred costs and premium	$ (5,583)	(5,915)
Convertible Debt \| 2028 Notes
Debt Instrument [Line Items]
Effective interest rate	2.77%
Long-term debt	$ 287,500	287,500
Unamortized deferred costs and premium	$ (5,444)	(5,730)
Convertible Debt \| 2024 Notes
Debt Instrument [Line Items]
Effective interest rate	2.34%
Long-term debt	$ 39,684	39,684
Unamortized deferred costs and premium	$ (139)	(185)
Asset-based loan facility
Debt Instrument [Line Items]
Effective interest rate	7.45%
Long-term debt	$ 100,000	$ 100,000

Stockholders' Equity (Tables)

3 Months Ended

Mar. 29, 2024

Stockholders' Equity Note [Abstract]

Schedule of restricted stock awards activity

The following table reflects the activity of RSAs and RSUs during the thirteen weeks ended March 29, 2024:


	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 29, 2023	461,752	$	32.13	1,078,169	$	32.88	421,056	$	30.00
Granted	214,880	38.01		313,188	38.53		55,270	34.68
Vested	(174,852)	32.28		(168,654)	32.04		(166,343)	31.43
Forfeited	(1,875)	32.55		(324,717)	33.48		(3,956)	31.00
Unvested at March 29, 2024	499,905	$	34.60	897,986	$	34.79	306,027	$	30.06

Net Income per Share (Tables)

3 Months Ended

Mar. 29, 2024

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 29, 2024		March 31, 2023
Net income per share:
Basic	$	0.05	$	0.04
Diluted	$	0.05	$	0.04
Weighted average common shares:
Basic	37,820,725		37,507,093
Diluted	38,626,885		38,161,269

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

Reconciliation of net income per common share:


	Thirteen Weeks Ended
	March 29, 2024		March 31, 2023
Numerator:
Net income	$	1,931	$	1,401



Denominator:
Weighted average basic common shares outstanding	37,820,725		37,507,093
Dilutive effect of unvested common shares	756,440		577,557
Dilutive effect of stock options and warrants	49,720		76,619

Weighted average diluted common shares outstanding	38,626,885		38,161,269

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 29, 2024	March 31, 2023
Restricted share awards (“RSAs”) and restricted stock units (“RSUs”)	146,810	—

Convertible notes	7,392,817	7,483,870

Insider Trading Arrangements

3 Months Ended

Mar. 29, 2024

Trading Arrangements, by Individual

Rule 10b5-1 Arrangement Adopted

true

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Alexandros Aldous [Member]

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

During the quarterly period covered by this report, our directors and officers (as defined in Rule 16a-1(f) of the Securities Exchange Act, of 1934, as amended) adopted, terminated or modified the following Rule 10b5-1 or non-Rule

10b5-1 trading arrangements (as defined in Item 408 of Regulation S-K):

Name

Title

Type of Trading Arrangement

Security

Action

Date of Action

Duration of Trading Arrangement

Aggregate Number of Securities Covered

Alexandros Aldous

General Counsel, Corporate Secretary & Chief Government Relations Officer

Rule 10b-5 Plan to Sell

Common Stock

Adoption

March 14, 2024

Up to March 1, 2025

25,000

Each trading arrangement reported above is subject to a number of conditions, including as to the price at which, and the timing of when, purchases and/or sales may occur, and it is possible that any trading arrangement may not result in the purchase and/or sale of any or all of the aggregate number of securities covered by such trading arrangement during the term of the trading arrangement. Additionally, these trading arrangements are subject to modification or termination in accordance with applicable law.

Name

Alexandros Aldous

Title

General Counsel, Corporate Secretary & Chief Government Relations Officer

Adoption Date

March 14, 2024

Arrangement Duration

352 days

Aggregate Available

25,000

Property and Equipment	3 Months Ended
Property and Equipment	Mar. 29, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment Property and equipment is net of accumulated depreciation and amortization of $146,138 and $137,008 at March 29, 2024 and December 29, 2023, respectively.

Inventories - Narrative (Details) - USD ($) $ in Thousands	Mar. 29, 2024	Dec. 29, 2023
Inventory Disclosure [Abstract]
Reserves for shrinkage, excess and obsolescence	$ 11,256	$ 11,205

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2024	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Cost of food processing	$ 19,070	$ 11,674

Summary of Significant Accounting Policies

3 Months Ended

Mar. 29, 2024

Revenue from Contract with Customer [Abstract]

Summary of Significant Accounting Policies

Revenue Recognition

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


	Thirteen Weeks Ended
	March 29, 2024				March 31, 2023
Center-of-the-Plate	$	342,936	39.2	%	$	306,305	42.6	%
Specialty:
Dry Goods	138,810		15.9	%	122,934		17.1	%
Produce	126,125		14.4	%	52,999		7.4	%
Pastry	101,868		11.6	%	89,162		12.4	%
Cheese and Charcuterie	59,299		6.8	%	55,141		7.7	%
Dairy and Eggs	58,126		6.6	%	49,078		6.8	%
Oils and Vinegars	29,806		3.4	%	28,878		4.0	%
Kitchen Supplies	17,518		2.1	%	15,148		2.0	%
Total Specialty	$	531,552	60.8	%	$	413,340	57.4	%
Total net sales	$	874,488	100	%	$	719,645	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. Net sales by product category includes estimates of product mix for certain locations that are not yet fully integrated into the Company’s information technology systems as of the reporting date.

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 $19,070 and $11,674 for the thirteen weeks ended March 29, 2024 and March 31, 2023, respectively.

Share Repurchases

The Company has a share repurchase program that is executed through purchases made from time to time either in the open market or through private market transactions. Shares purchased under the program are recorded at cost and held as treasury stock.

Guidance Not Yet Adopted

Improvements to Income Tax Disclosures: In December 2023, the Financial Accounting Standards Board (“FASB”) issued guidance designed to improve the transparency and usefulness of income tax disclosures. The amendments include provisions to address the consistency of the income tax rate reconciliation and requirement to disaggregate income taxes paid by jurisdiction. The guidance is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company expects to adopt this guidance when effective and is evaluating the impact of adoption on its consolidated financial statements, which is limited to financial statement disclosures.

Improvements to Reportable Segment Disclosures: In November 2023, the FASB issued guidance which requires entities, including those with one reportable segment, to enhance reportable segment disclosures requirements particularly with respect to significant expenses. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 on a retrospective basis. Early adoption is permitted. The Company expects to adopt this guidance when effective and is evaluating the impact of adoption on its consolidated financial statements, which is limited to financial statement disclosures.

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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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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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Acquisitions

3 Months Ended

Mar. 29, 2024

Business Combination and Asset Acquisition [Abstract]

Acquisitions

The Company paid approximately $315 during the thirteen weeks ended March 29, 2024 upon settlement of net working capital true-ups on prior year acquisitions, resulting in measurement period adjustments which increased goodwill by $656 and reduced prepaid expenses and other current assets by $341.

The Company recognized professional fees related to acquisition activities of zero and $1,243 during the thirteen weeks ended March 29, 2024 and March 31, 2023, respectively, presented within other operating expenses, net on the condensed consolidated statements of operations.

Unaudited Pro forma Financial Information

The table below presents unaudited pro forma condensed consolidated income statement information of the Company as if the GreenLeaf and Hardie’s Fresh Foods acquisitions had occurred on December 30, 2022. 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. The pro forma information also reflects additional interest expense that would have been incurred by the Company to finance the acquisitions. Pro forma interest expense was estimated based on the prevailing interest rates charged on the Company’s senior secured term loan during fiscal 2022.


	Thirteen Weeks Ended
		March 31, 2023
Net sales		$	803,488
Income before income taxes		$	2,131

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income	$ 1,931	$ 1,401
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	9,234	7,011
Amortization of intangible assets	6,171	4,697
Provision for allowance for doubtful accounts	4,361	1,849
Provision for deferred income taxes	334	123
Loss on extinguishment of debt	289	0
Stock compensation	4,199	5,334
Change in fair value of contingent earn-out liabilities	(613)	372
Non-cash interest and other operating activities	1,578	1,609
Changes in assets and liabilities, net of acquisitions:
Accounts receivable	16,411	9,860
Inventories	13,148	(20,075)
Prepaid expenses and other current assets	(454)	1,612
Accounts payable, accrued liabilities and accrued compensation	(22,914)	(15,044)
Other assets and liabilities	(2,775)	(1,010)
Net cash provided by (used in) operating activities	30,900	(2,261)
Cash flows from investing activities:
Capital expenditures	(17,066)	(8,696)
Cash paid for acquisitions, net of cash acquired	(315)	(50,937)
Net cash used in investing activities	(17,381)	(59,633)
Cash flows from financing activities:
Payment of debt and other financing obligations	(6,750)	(3,228)
Payment of finance leases	(1,125)	(150)
Common stock repurchases	(5,004)	0
Surrender of shares to pay withholding taxes	(7,073)	(1,763)
Cash paid for contingent earn-out liability	(1,300)	0
Net cash used in financing activities	(21,252)	(5,141)
Effect of foreign currency on cash and cash equivalents	121	(23)
Net change in cash and cash equivalents	(7,612)	(67,058)
Cash and cash equivalents-beginning of period	49,878	158,800
Cash and cash equivalents-end of period	$ 42,266	$ 91,742

Acquisitions (Tables)

3 Months Ended

Mar. 29, 2024

Business Combination and Asset Acquisition [Abstract]

Schedule of pro forma consolidated statement of operations information

The pro forma information reflects amortization and depreciation of the acquisitions at their respective fair value. The pro forma information also reflects additional interest expense that would have been incurred by the Company to finance the acquisitions. Pro forma interest expense was estimated based on the prevailing interest rates charged on the Company’s senior secured term loan during fiscal 2022.


	Thirteen Weeks Ended
		March 31, 2023
Net sales		$	803,488
Income before income taxes		$	2,131

Goodwill and Other Intangible Assets (Tables)

3 Months Ended

Mar. 29, 2024

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 29, 2023	$	356,021
Goodwill adjustments (1)	656

Foreign currency translation	(98)
Carrying amount as of March 29, 2024	$	356,579

(1) The goodwill adjustments represent measurement period adjustments related to certain acquisitions completed in the prior year.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
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-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ 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. 29, 2024	Mar. 31, 2023
Restricted share awards (“RSAs”) and restricted stock units (“RSUs”)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares (in shares)	146,810	0
Convertible notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares (in shares)	7,392,817	7,483,870

Fair Value Measurements - Summary of the Carrying Value and Fair Value of Convertible Subordinated Notes (Details) - USD ($) $ in Thousands	Mar. 29, 2024	Dec. 29, 2023
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
Senior Notes \| Carrying Value \| Level 3 \| 2024 Convertible Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible Notes	39,684	39,684
Senior Notes \| Fair Value \| Level 1 \| 2028 Convertible senior notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible Notes	313,914	277,354
Senior Notes \| Fair Value \| Level 3 \| 2024 Convertible Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible Notes	41,578	38,609
Unsecured Notes \| Carrying Value \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
GreenLeaf Note	10,000	10,000
Unsecured Notes \| Fair Value \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
GreenLeaf Note	$ 10,177	$ 9,991

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Retained Earnings	Treasury Stock
Balance, beginning (in shares) at Dec. 30, 2022		38,599,390
Treasury stock, beginning balance (in shares) at Dec. 30, 2022						0
Balance, beginning at Dec. 30, 2022	$ 401,509	$ 386	$ 337,947	$ (2,185)	$ 65,361	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,401				1,401
Stock compensation (in shares)		0
Stock compensation	4,780	$ 0	4,780
Cumulative translation adjustment	81			81
Common stock issued under stock plans, net of shares surrendered to pay tax withholding (in shares)		944,741
Common stock issued under stock plans, net of shares surrendered to pay tax withholding	(1,819)	$ 9	(1,828)
Balance, ending (in shares) at Mar. 31, 2023		39,544,131
Treasury stock, ending balance (in shares) at Mar. 31, 2023						0
Balance, ending at Mar. 31, 2023	$ 405,952	$ 395	340,899	(2,104)	66,762	$ 0
Balance, beginning (in shares) at Dec. 29, 2023	39,665,796	39,665,796
Treasury stock, beginning balance (in shares) at Dec. 29, 2023						0
Balance, beginning at Dec. 29, 2023	$ 454,672	$ 396	356,157	(1,832)	99,951	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,931				1,931
Stock compensation	3,590		3,590
Common stock repurchased (in shares)						(134,553)
Common stock repurchased	(5,004)					$ (5,004)
Exercise of stock options (in shares)		32,454
Exercise of stock options	0	$ 1	(1)
Cumulative translation adjustment	(323)			(323)
Common stock issued under stock plans, net of shares surrendered to pay tax withholding (in shares)		75,105
Common stock issued under stock plans, net of shares surrendered to pay tax withholding	$ (7,073)	$ 1	(7,074)
Balance, ending (in shares) at Mar. 29, 2024	39,773,355	39,773,355
Treasury stock, ending balance (in shares) at Mar. 29, 2024						(134,553)
Balance, ending at Mar. 29, 2024	$ 447,793	$ 398	$ 352,672	$ (2,155)	$ 101,882	$ (5,004)

Operations and Basis of Presentation - Narrative (Details)	3 Months Ended
	Mar. 29, 2024 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	3
Number of reportable segments	1

Related Parties	3 Months Ended
Related Parties	Mar. 29, 2024
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 $176 and $123 during the thirteen weeks ended March 29, 2024 and March 31, 2023.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Property and Equipment - Narrative (Details) - USD ($) $ in Thousands	Mar. 29, 2024	Dec. 29, 2023
Property, Plant and Equipment [Abstract]
Accumulated depreciation and amortization	$ (146,138)	$ (137,008)

Fair Value Measurements

3 Months Ended

Mar. 29, 2024

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. The fair value of contingent consideration was predominantly 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 29, 2023	$	9,765


Cash payments	(2,000)
Changes in fair value	(613)
Balance March 29, 2024	$	7,152

The long-term portion of contingent earn-out liabilities were $593 and $50 as of March 29, 2024 and December 29, 2023, respectively, and are reflected as other liabilities on the Company’s condensed consolidated balance sheets. The remaining short-term portion of earn-out liabilities are reflected as accrued liabilities on the Company’s condensed consolidated balance sheets.

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 29, 2024 and December 29, 2023, 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 and its unsecured note issued in connection with the acquisition of Oakville Produce Partners, LLC (“GreenLeaf”) in fiscal 2023 (“GreenLeaf Note”). The fair value of the Company’s 2028 Convertible Senior Notes was based on Level 1 inputs. In estimating the fair value of its 2024 Convertible Senior 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. The fair value of the GreenLeaf Note was determined based upon observable market prices of similar debt instruments.


		March 29, 2024				December 29, 2023
	Fair Value Hierarchy	Carrying Value		Fair Value		Carrying Value		Fair Value
2028 Convertible Senior Notes	Level 1	$	287,500	$	313,914	$	287,500	$	277,354
2024 Convertible Senior Notes	Level 3	$	39,684	$	41,578	$	39,684	$	38,609
GreenLeaf Note	Level 2	$	10,000	$	10,177	$	10,000	$	9,991

- 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

Fair Value Measurements (Tables)

3 Months Ended

Mar. 29, 2024

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 29, 2023	$	9,765


Cash payments	(2,000)
Changes in fair value	(613)
Balance March 29, 2024	$	7,152

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


		March 29, 2024				December 29, 2023
	Fair Value Hierarchy	Carrying Value		Fair Value		Carrying Value		Fair Value
2028 Convertible Senior Notes	Level 1	$	287,500	$	313,914	$	287,500	$	277,354
2024 Convertible Senior Notes	Level 3	$	39,684	$	41,578	$	39,684	$	38,609
GreenLeaf Note	Level 2	$	10,000	$	10,177	$	10,000	$	9,991

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 29, 2024	Apr. 29, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 29, 2024
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		39,771,675
Entity Central Index Key	0001517175
Current Fiscal Year End Date	--12-27
Amendment Flag	false
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2024

Debt Obligations - Schedule of Components of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2024	Mar. 31, 2023
Debt Instrument [Line Items]
Amounts reserved for issuance of letters of credit	$ 27,970
Convertible Debt
Debt Instrument [Line Items]
Coupon interest	1,893	$ 1,899
Amortization of deferred costs and premium	333	335
Total interest	2,226	$ 2,234
Senior secured term loans \| Asset-based loan facility
Debt Instrument [Line Items]
Line of credit facility, current borrowing capacity	$ 162,064

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Stockholders' Equity - Schedule of Restricted Stock Awards (Details)	3 Months Ended
	Mar. 29, 2024 $ / shares shares
Time-based
Shares
Unvested at beginning balance (in shares) \| shares	461,752
Granted (in shares) \| shares	214,880
Vested (in shares) \| shares	(174,852)
Forfeited (in shares) \| shares	(1,875)
Unvested at ending balance (in shares) \| shares	499,905
Weighted Average Grant Date Fair Value
Unvested at beginning balance (in dollars per share) \| $ / shares	$ 32.13
Granted (in dollars per share) \| $ / shares	38.01
Vested (in dollars per share) \| $ / shares	32.28
Forfeited (in dollars per share) \| $ / shares	32.55
Unvested at ending balance (in dollars per share) \| $ / shares	$ 34.60
Performance-based
Shares
Unvested at beginning balance (in shares) \| shares	1,078,169
Granted (in shares) \| shares	313,188
Vested (in shares) \| shares	(168,654)
Forfeited (in shares) \| shares	(324,717)
Unvested at ending balance (in shares) \| shares	897,986
Weighted Average Grant Date Fair Value
Unvested at beginning balance (in dollars per share) \| $ / shares	$ 32.88
Granted (in dollars per share) \| $ / shares	38.53
Vested (in dollars per share) \| $ / shares	32.04
Forfeited (in dollars per share) \| $ / shares	33.48
Unvested at ending balance (in dollars per share) \| $ / shares	$ 34.79
Market-based
Shares
Unvested at beginning balance (in shares) \| shares	421,056
Granted (in shares) \| shares	55,270
Vested (in shares) \| shares	(166,343)
Forfeited (in shares) \| shares	(3,956)
Unvested at ending balance (in shares) \| shares	306,027
Weighted Average Grant Date Fair Value
Unvested at beginning balance (in dollars per share) \| $ / shares	$ 30.00
Granted (in dollars per share) \| $ / shares	34.68
Vested (in dollars per share) \| $ / shares	31.43
Forfeited (in dollars per share) \| $ / shares	31.00
Unvested at ending balance (in dollars per share) \| $ / shares	$ 30.06

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Mar. 29, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate (as a percent)	30.00%	26.00%
Income tax refund receivable	$ 23,301

Debt Obligations - Schedule of Convertible Senior Notes (Details) - USD ($) $ in Thousands	Mar. 29, 2024	Dec. 29, 2023
Debt Instrument [Line Items]
Deferred Costs and Premium	$ (16,005)	$ (17,339)
Convertible Debt
Debt Instrument [Line Items]
Principal Amount	327,184	327,184
Deferred Costs and Premium	(5,583)	(5,915)
Net Amount	321,601	321,269
Convertible Debt \| 2028 Notes
Debt Instrument [Line Items]
Principal Amount	287,500	287,500
Deferred Costs and Premium	(5,444)	(5,730)
Net Amount	282,056	281,770
Convertible Debt \| 2024 Notes
Debt Instrument [Line Items]
Principal Amount	39,684	39,684
Deferred Costs and Premium	(139)	(185)
Net Amount	$ 39,545	$ 39,499

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

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

+ References + Details

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2024	Mar. 31, 2023	Dec. 29, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Other intangible assets, net of accumulated amortization	$ (138,831)		$ (132,660)
Amortization expense	$ 6,171	$ 4,697

Net Income per Share - Schedule of Reconciliation of Earnings per Share (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2024	Mar. 31, 2023
Numerator:
Net income	$ 1,931	$ 1,401
Denominator:
Weighted average basic common shares outstanding (in shares)	37,820,725	37,507,093
Dilutive effect of unvested common shares (in shares)	756,440	577,557
Dilutive effect of stock options and warrants (in shares)	49,720	76,619
Weighted average diluted common shares outstanding (in shares)	38,626,885	38,161,269

- Definition

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

+ References

+ Details

Stockholders' Equity - Narrative (Details) - USD ($)	1 Months Ended	3 Months Ended
Stockholders' Equity - Narrative (Details) - USD ($)	Nov. 30, 2023	Mar. 29, 2024	Mar. 31, 2023	Dec. 29, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, capitalized		$ 0
Share repurchase program, term	2 years
Share repurchase program, amount authorized	$ 100,000,000
Stock repurchase program, remaining authorized repurchase amount		$ 95,000,000
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share repurchase program, amount of shares targeted to be repurchased in the next twenty four months (in shares)				$ 100,000,000
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share repurchase program, amount of shares targeted to be repurchased in the next twenty four months (in shares)				$ 25,000,000
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)		583,338
Weighted average grant date fair value (in dollars per share)		$ 37.97
Recognized expense		$ 3,590,000	$ 4,790,000
Total unrecognized compensation cost, RSAs		$ 30,463,000
Weighted average remaining term (in years)		2 years 2 months 12 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)		214,880
Weighted average grant date fair value (in dollars per share)		$ 38.01
Total unrecognized compensation cost, RSAs		$ 15,195,000
Weighted average remaining term (in years)		2 years 1 month 6 days
Performance-based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)		313,188
Weighted average grant date fair value (in dollars per share)		$ 38.53
Total unrecognized compensation cost, RSAs		$ 15,268,000
Weighted average remaining term (in years)		2 years 2 months 12 days

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 29, 2024	Dec. 29, 2023
Current assets:
Cash and cash equivalents	$ 42,266	$ 49,878
Accounts receivable, net of allowances ($23,153 in 2024, $21,423 in 2023)	313,098	334,015
Inventories	271,791	284,528
Prepaid expenses and other current assets	65,533	62,522
Total current assets	692,688	730,943
Property and equipment, net	250,689	234,793
Operating lease right-of-use assets	185,425	192,307
Goodwill	356,579	356,021
Intangible assets, net	178,647	184,863
Other assets	6,346	6,379
Total assets	1,670,374	1,705,306
Current liabilities:
Accounts payable	183,003	200,547
Accrued liabilities	63,372	70,728
Short-term operating lease liabilities	23,280	24,246
Accrued compensation	34,702	37,071
Current portion of long-term debt	55,510	53,185
Total current liabilities	359,867	385,777
Long-term debt, net of current portion	667,290	664,802
Operating lease liabilities	178,625	184,034
Deferred taxes, net	14,746	14,418
Other liabilities	2,053	1,603
Total liabilities	1,222,581	1,250,634
Commitments and contingencies
Stockholders’ equity:
Preferred Stock - $0.01 par value, 5,000,000 shares authorized, no shares issued and outstanding at March 29, 2024 and December 29, 2023, respectively	0	0
Common Stock - $0.01 par value, 100,000,000 shares authorized, 39,773,355 and 39,665,796 shares issued and outstanding at March 29, 2024 and December 29, 2023, respectively	398	396
Additional paid-in capital	352,672	356,157
Accumulated other comprehensive loss	(2,155)	(1,832)
Retained earnings	101,882	99,951
Treasury stock	(5,004)	0
Total stockholders’ equity	447,793	454,672
Total liabilities and stockholders’ equity	$ 1,670,374	$ 1,705,306