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The Chefs' Warehouse (CHEF) presents at ICR Conference 2022 (Slideshow)
2022-01-11 19:29
The Chefs' Warehouse, Inc. 1 INVESTOR PRESENTATION JANUARY 2022 Safe Harbor Statement Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Statements in this presentation regarding the business of The Chefs' Warehouse, Inc. (the "Company") that are not historical facts are "forward-looking statements" that involve risks and uncertainties and are based on current expectations and management estimates; actual results may differ materially. The risks and uncertainties which could i ...
The Chefs' Warehouse(CHEF) - 2021 Q3 - Earnings Call Transcript
2021-10-27 17:06
The Chefs' Warehouse, Inc. (NASDAQ:CHEF) Q3 2021 Earnings Conference Call October 27, 2021 8:30 AM ET Company Participants Alex Aldous - General Counsel, Corporate Secretary & Chief Government Relations Officer Chris Pappas - Founder, Chairman & Chief Executive Officer Jim Leddy - Chief Financial Officer Conference Call Participants Fred Wightman - Wolfe Research Alex Slagle - Jefferies Kelly Bania - BMO Capital Peter Saleh - BTIG Todd Brooks - C.L. King Ben Klieve - Lake Street Capital Markets Operator Gre ...
The Chefs' Warehouse(CHEF) - 2021 Q3 - Quarterly Report
2021-10-26 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 24, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ Commission file number: 001-35249 THE CHEFS' WAREHOUSE, INC. (Exact name of registrant as specified in its charter) Delaware 20-3031526 (State ...
The Chefs' Warehouse(CHEF) - 2021 Q2 - Earnings Call Transcript
2021-07-28 16:27
Financial Data and Key Metrics Changes - Net sales for Q2 2021 increased approximately 111% to $423 million from $200.5 million in Q2 2020, driven by a 106.1% increase in organic sales and a 4.9% contribution from acquisitions [16][21] - Gross profit increased 120.8% to $95.9 million for Q2 2021 compared to $43.4 million for Q2 2020, with gross profit margins improving approximately 101 basis points to 22.7% [17][18] - Adjusted EBITDA was positive at $17.2 million for Q2 2021, compared to a negative adjusted EBITDA of $13.7 million for the prior year [22] Business Line Data and Key Metrics Changes - Specialty sales increased approximately 48.1% sequentially versus Q1 2021, with average unique customers increasing by 22% and placements rising by approximately 36% [7] - Specialty gross margin increased 316 basis points compared to Q1 2021, while center-of-the-plate gross margin increased 31 basis points [10] Market Data and Key Metrics Changes - Recent sales have been trending in line with 2019 sales, inclusive of acquisitions completed in 2020 and 2021 [13] - Net inflation was reported at 11.5% in Q2 2021, with specialty category inflation at 10.6% and center-of-the-plate inflation at 12.1% compared to the prior year [17] Company Strategy and Development Direction - The company completed the acquisition of Nicola Imports to expand its presence in Arizona and enter the Denver market, indicating a focus on geographic expansion [11] - The company is implementing system and process improvements to enhance efficiency and has nearly 100% of specialty locations utilizing mobile truck scanning [12] Management's Comments on Operating Environment and Future Outlook - Management noted that the return of indoor and outdoor dining capacity has strengthened consumer demand, and they are optimistic about future growth as travel and hospitality sectors recover [6][30] - The company is cautious about providing guidance for 2021 due to uncertainties regarding economic recovery and travel-related business activity [24] Other Important Information - Total operating expenses increased approximately 32.5% to $91.2 million for Q2 2021, driven by higher compensation and transportation costs [19] - The company had total liquidity of $247.7 million as of June 25, 2021, comprised of $146.9 million in cash and $100.8 million available under its ABL facility [23] Q&A Session Summary Question: Can you provide more color on the ramp in demand and how you captured it? - Management noted that major cities began to open in mid to late May, leading to a significant ramp in demand, particularly in June [26] Question: How much of the recent sales level is due to openings and celebrations? - Management indicated that recent business activity is similar to June levels, and they have not seen significant changes as they enter the quieter season [28] Question: What does the sales force look like compared to 2019? - Management reported that they are approaching 2019 levels in terms of average weekly customers actively buying [35] Question: Can you discuss the factors affecting gross margin? - Management explained that gross margins are approximately 300 basis points below 2019 levels, primarily due to inflation and volume recovery [36] Question: How is inflation being absorbed throughout the supply chain? - Management confirmed that there is pricing power throughout the value chain, and while inflation is pronounced compared to Q2 2020, it is less so compared to 2019 [42][44] Question: What is the status of inventory levels? - Management stated that they have a strong cash position and are effectively managing working capital, with additional investments expected [46] Question: Can you elaborate on the Texas ramp-up? - Management expressed satisfaction with the Texas business moving towards breakeven faster than expected, with ongoing investments in hiring and market opportunities [48] Question: What are the expectations for the exit rate for fiscal '21? - Management remains conservative, expecting to come out of the year at a run rate similar to pre-pandemic levels, but is cautious about making bold predictions [60]
The Chefs' Warehouse(CHEF) - 2021 Q2 - Quarterly Report
2021-07-27 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 25, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ Commission file number: 001-35249 THE CHEFS' WAREHOUSE, INC. (Exact name of registrant as specified in its charter) Delaware 20-3031526 (State or o ...
The Chefs' Warehouse(CHEF) - 2021 Q1 - Earnings Call Transcript
2021-04-28 18:09
The Chefs' Warehouse, Inc. (NASDAQ:CHEF) Q1 2021 Earnings Conference Call April 28, 2021 8:30 AM ET Company Participants Alex Aldous - General Counsel, Corporate Secretary & Chief Government Relations Officer Chris Pappas - Chairman and Chief Executive Officer Jim Leddy - Chief Financial Officer Conference Call Participants Alex Slagle - Jefferies Peter Saleh - BTIG Kelly Bania - BMO Capital Todd Brooks - C.L. King & Associates Ben Klieve - Lake Street Capital Markets Operator Greetings, and welcome to The ...
The Chefs' Warehouse(CHEF) - 2021 Q1 - Quarterly Report
2021-04-27 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 26, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ Commission file number: 001-35249 THE CHEFS' WAREHOUSE, INC. (Exact name of registrant as specified in its charter) Delaware 20-3031526 (State or ...
The Chefs' Warehouse(CHEF) - 2020 Q4 - Annual Report
2021-02-22 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 25, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission file number: 001-35249 THE CHEFS' WAREHOUSE, INC. (Exact name of registrant as specified in its charter) Delaware 20-3031526 (State or ...
The Chefs' Warehouse(CHEF) - 2020 Q4 - Earnings Call Transcript
2021-02-10 18:12
The Chefs' Warehouse, Inc. (NASDAQ:CHEF) Q4 2020 Earnings Conference Call February 10, 2021 8:30 AM ET Company Participants Chris Pappas - Chairman and CEO Jim Leddy - CFO Alex Aldous - General Counsel, Corporate Secretary & Chief Government Relations Officer Conference Call Participants Alex Slagle - Jefferies Peter Saleh - BTIG Kelly Bania - BMO Capital Markets Todd Brooks - C.L. King & Associates Ben Klieve - National Securities Corporation Nicole Miller - Piper Sandler Operator Greetings, and welcome to ...
The Chefs' Warehouse(CHEF) - 2020 Q3 - Earnings Call Transcript
2020-10-29 04:30
The Chefs' Warehouse, Inc. (NASDAQ:CHEF) Q3 2020 Earnings Conference Call October 28, 2020 8:30 AM ET Company Participants Alex Aldous - General Counsel, Corporate Secretary & Chief Government Relations Officer Chris Pappas - Founder, Chairman & Chief Executive Officer Jim Leddy - Chief Financial Officer Conference Call Participants Peter Saleh - BTIG Alex Slagle - Jefferies Nicole Miller - Piper Sandler Kelly Bania - BMO Capital Markets Todd Brooks - C.L. King Ben Klieve - National Securities Corporation O ...