Workflow
The Chefs' Warehouse(CHEF)
icon
Search documents
The Chefs' Warehouse to Announce Fourth Quarter and Fiscal Year 2023 Results on February 14, 2024
Newsfilter· 2024-01-31 13:00
RIDGEFIELD, Conn., Jan. 31, 2024 (GLOBE NEWSWIRE) -- The Chefs' Warehouse, Inc. (NASDAQ:CHEF) today announced that the Company intends to release its financial results for the fourth quarter and fiscal year ended December 29, 2023 before the opening of the stock market on Wednesday, February 14, 2024 and host a conference call at 8:30 a.m. ET on Wednesday, February 14, 2024 to review those results. The conference call will be webcast live from the Company's investor relations website at http://investors.che ...
Red Sea disruption forces retailers to rethink back-to-school and holiday shipments
Market Watch· 2024-01-30 19:50
The disruption caused by Houthi attacks on cargo ships in the Red Sea is forcing U.S. retailers to rethink how they handle back-to-school and holiday shipments, according to the National Retail Federation.The Red Sea is an important shipping conduit for the Suez Canal, a vital artery for global trade. While the overall volume of U.S. trade that transits the Suez Canal is only about 12%, the impacts of the Houthi attacks are being felt far and wide, Jonathan Gold, the trade group’s vice president of supply-c ...
Red Sea attacks add ‘element of uncertainty' for food retailers, says BMO
Market Watch· 2024-01-29 13:18
The disruption caused by the Houthi attacks on cargo ships in the Red Sea could result in incremental costs for food retailers, according to BMO Capital Markets.“This adds an element of uncertainty for retailers (DLTR, TGT, WMT, COST, DG) as it relates to guidance/visibility in 2024, and if temporary, could add some incremental costs that companies may be reluctant to pass on given the rapid changes and uncertainty,” wrote BMO Capital Markets analyst Kelly Bania, in a note released Monday.However, BMO said ...
The Chefs' Warehouse(CHEF) - 2023 Q3 - Quarterly Report
2023-11-02 16:00
If an emerging growth company, indicate by check mark if registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR For the transition period from _________ to _________ THE CHEFS' WAREHOUSE, INC. (Exact name of registrant as specified in its charter) Registrant's telephone number, inc ...
The Chefs' Warehouse(CHEF) - 2023 Q3 - Earnings Call Transcript
2023-11-01 19:04
The Chefs' Warehouse, Inc. (NASDAQ:CHEF) Q3 2023 Earnings Conference Call November 1, 2023 8:30 AM ET Company Participants Alex Aldous - General Counsel, Corporate Secretary and Chief Government Relations Officer Chris Pappas - Founder, Chairman and CEO Jim Leddy - CFO Conference Call Participants Alex Slagle - Jefferies Mark Cullen - UBS Peter Saleh - BTIG Todd Brooks - Benchmark Company Andrew Wolf - C.L. King Kelly Bania - BMO Capital Markets Ben Klieve - Lake Street Capital Operator Greeting, and welcom ...
The Chefs' Warehouse(CHEF) - 2023 Q2 - Earnings Call Transcript
2023-08-02 18:35
Financial Data and Key Metrics Changes - Net sales for Q2 2023 increased approximately 36.1% to $881.8 million from $648.1 million in Q2 2022, driven by an 8.1% organic sales increase and a 28% contribution from acquisitions [12][29] - Adjusted net income was $14.4 million or $0.35 per diluted share for Q2 2023, compared to $20.9 million or $0.51 per diluted share for Q2 2022 [14] - Adjusted EBITDA for Q2 2023 was $51.1 million, up from $45.3 million in the prior year [29] Business Line Data and Key Metrics Changes - Specialty sales grew 11.4% organically year-over-year, driven by unique customer growth of approximately 8.7% and placement growth of 11.9% [6] - Organic pounds in center-of-the-plate were approximately 5.9% higher than the prior year [21] - Gross profit increased 33.6% to $208.4 million for Q2 2023 compared to $156 million for Q2 2022, but gross profit margins decreased approximately 43 basis points to 23.6% [52] Market Data and Key Metrics Changes - The company experienced moderate inflation of 3.6% in Q2, with 5.7% inflation in the specialty category and 1.1% in the center-of-the-plate category [52] - The hospitality sector is recovering, but labor shortages persist, affecting service levels [89] Company Strategy and Development Direction - The company aims to leverage significant investments in infrastructure, capacity expansion, strategic acquisitions, and geographical growth to achieve a 5-year goal of $5 billion in revenue and over $300 million in adjusted EBITDA [7][24] - Focus on organic growth and operational efficiency through technology and process improvements [23] Management's Comments on Operating Environment and Future Outlook - Management noted that the second quarter returned to more normal seasonal trends, but June was impacted by air quality issues and extreme weather [20] - The company expects to see benefits from investments in capacity and infrastructure over the next 24 to 36 months, targeting a 60% growth in capacity [23][24] Other Important Information - The company completed two large acquisitions during the quarter, which contributed to higher operating expenses [28] - Total liquidity at the end of Q2 was $144.9 million, with net debt approximately $661.5 million [30] Q&A Session Summary Question: Guidance and margin cadence for the year - Management indicated that the second quarter's performance was strong, and the third quarter is expected to be more normal, with acquisitions contributing positively [32] Question: Changes in protein market dynamics - Management noted an abnormal quarter for protein sales, with expectations of high prices due to a lack of cattle in the system [36] Question: Impact of acquisitions on margins - The integration of acquired companies is expected to improve adjusted EBITDA margins over time, but initial margins may be lower due to the nature of the acquired businesses [50][110] Question: Inflation outlook for the second half of the year - Management expects continued disinflation trends, particularly in larger commodities that experienced extreme inflation in 2022 [81] Question: Recovery in the hospitality sector - The hospitality sector is recovering, but labor shortages remain a challenge, affecting service levels [89]
The Chefs' Warehouse(CHEF) - 2023 Q2 - Quarterly Report
2023-08-01 16:00
FORM 10-Q Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒ Number of shares of common stock, par value $.01 per share, outstanding at July 31, 2023: 39,665,691 | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------|-----------| | outstan ...
The Chefs' Warehouse(CHEF) - 2023 Q1 - Quarterly Report
2023-05-09 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 If an emerging growth company, indicate by check mark if registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ 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 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 ...
The Chefs' Warehouse(CHEF) - 2023 Q1 - Earnings Call Transcript
2023-05-03 18:06
The Chefs' Warehouse, Inc. (NASDAQ:CHEF) Q1 2023 Earnings Conference Call May 3, 2023 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 Alex Slagle - Jefferies Peter Saleh - BTIG Kelly Bania - BMO Capital Markets Andrew Wolf - C.L. King Todd Brooks - Benchmark Company Ben Klieve - Lake Street Operator Good day, and w ...
The Chefs' Warehouse(CHEF) - 2022 Q4 - Annual Report
2023-02-27 16:00
Part I [Business Overview](index=5&type=section&id=Item%201.%20BUSINESS) The company is a premier distributor of specialty food products to over 40,000 customer locations across the US, Middle East, and Canada, focusing on organic growth and strategic acquisitions - The company is a leading distributor of specialty food products, offering over **55,000 SKUs** from more than **2,500 suppliers** to over **40,000 customer locations**[11](index=11&type=chunk)[17](index=17&type=chunk) - Net revenues grew from approximately **$1.3 billion in fiscal 2018 to $2.6 billion in fiscal 2022**, supported by organic growth and **sixteen acquisitions** since December 2018 with an aggregate cash consideration of over **$294.5 million**[12](index=12&type=chunk) - The company's growth strategy focuses on four key pillars: increasing sales to existing customers, expanding the customer base in current markets, improving operating margins through efficiency gains, and pursuing selective strategic acquisitions[22](index=22&type=chunk)[23](index=23&type=chunk)[24](index=24&type=chunk)[25](index=25&type=chunk) - Operations are supported by a network of **44 distribution centers** and a sales force of approximately **720 professionals**, many with culinary backgrounds[48](index=48&type=chunk)[35](index=35&type=chunk) [Risk Factors](index=16&type=section&id=Item%201A.%20RISK%20FACTORS) The company faces diverse risks including macroeconomic factors, supply chain and labor issues, geographic concentration, IT and data security threats, regulatory compliance, and substantial indebtedness [Business and Macroeconomic Risk](index=16&type=section&id=Business%20and%20Macroeconomic%20Risk) Business success depends on consumer spending and successful acquisition integration, operating in a low-margin industry sensitive to inflation and intense competition - Business success is significantly tied to consumer discretionary spending, which affects the food-away-from-home industry[91](index=91&type=chunk) - Future growth is dependent on expanding operations and penetrating new markets, with a history of growth through acquisitions that present integration challenges and financial risks[67](index=67&type=chunk)[69](index=69&type=chunk)[93](index=93&type=chunk) - The foodservice distribution industry is a low-margin business, making profitability sensitive to inflationary pressures and volatile food costs[98](index=98&type=chunk)[129](index=129&type=chunk) [Supply Chain and Labor Risk](index=20&type=section&id=Supply%20Chain%20and%20Labor%20Risk) The company faces supply chain disruptions, volatile food costs, and rising labor expenses, including potential shortages and unionization risks, with 4% of employees unionized - Profitability is dependent on anticipating and reacting to interruptions in the distribution network and changes in food costs, with reliance on numerous third-party suppliers without long-term contracts[109](index=109&type=chunk)[141](index=141&type=chunk) - Center-of-the-plate products (meat, poultry, seafood) expose the company to significant price volatility due to factors like feed costs, weather, and livestock diseases[112](index=112&type=chunk)[144](index=144&type=chunk) - The company faces risks from rising labor costs, potential shortages of qualified personnel, and unionization efforts. As of December 30, 2022, **181 of 4,124 full-time employees (approx. 4%)** are represented by unions[181](index=181&type=chunk)[152](index=152&type=chunk) [Geographic and Global Risk](index=23&type=section&id=Geographic%20and%20Global%20Risk) Operations are concentrated in key culinary markets, with New York representing **18.8% of net sales in fiscal 2022**, making the company vulnerable to regional events and public health crises - Operations are concentrated in key culinary markets, with the New York market representing **18.8% of net sales in fiscal 2022**, creating exposure to regional economic conditions and events[122](index=122&type=chunk)[154](index=154&type=chunk) - Significant public health crises, like the COVID-19 pandemic, can adversely affect business by impacting customer demand, supply chains, and labor availability[184](index=184&type=chunk)[121](index=121&type=chunk) [Information Technology, Intellectual Property and Data Risk](index=24&type=section&id=Information%20Technology%2C%20Intellectual%20Property%20and%20Data%20Risk) Heavy reliance on IT systems exposes the company to failures and cyber threats, while new technology investments may not yield benefits, and intellectual property protection is crucial - The company relies on IT systems for business processes and is exposed to risks of system failures and cybersecurity incidents that could interrupt operations and cause data breaches[156](index=156&type=chunk)[188](index=188&type=chunk)[189](index=189&type=chunk) - Significant investments in new information technology may not produce the anticipated benefits in operational efficiency and cost savings[158](index=158&type=chunk)[190](index=190&type=chunk) - The company's ability to protect its intellectual property, including trademarks and proprietary brands, is crucial, and failure to do so could harm brand value and business performance[159](index=159&type=chunk)[191](index=191&type=chunk) [Legal and Regulatory Risk](index=25&type=section&id=Legal%20and%20Regulatory%20Risk) As a food distributor, the company faces product liability claims and extensive governmental regulation from agencies like the FDA and USDA, with non-compliance risking penalties - The company faces inherent risk of product liability claims if its products cause injury or illness, which could result in substantial costs and reputational damage[161](index=161&type=chunk)[192](index=192&type=chunk) - The business is highly regulated by federal, state, and local authorities in the U.S., Canada, and the Middle East, including the FDA, USDA, and Health Canada. Non-compliance can lead to significant penalties[163](index=163&type=chunk)[194](index=194&type=chunk) [Financial Risk](index=28&type=section&id=Financial%20Risk) The company's substantial indebtedness of approximately **$686.0 million** as of December 30, 2022, limits investment, increases vulnerability to downturns, and restricts financial flexibility - As of December 30, 2022, the company had approximately **$686.0 million** in total indebtedness, which may limit its ability to invest in the business and increases financial vulnerability[199](index=199&type=chunk) - The substantial debt requires a significant portion of cash flow for service payments, limits flexibility, and makes the company more vulnerable to interest rate increases on its variable-rate borrowings[170](index=170&type=chunk)[200](index=200&type=chunk) [Risks Relating to Ownership of our Common Stock](index=29&type=section&id=Risks%20Relating%20to%20Ownership%20of%20our%20Common%20Stock) Common stock ownership risks include price volatility influenced by market conditions, significant ownership concentration by insiders (**11.9%** as of February 13, 2023), and no anticipated dividends - The market price of the company's common stock may be volatile due to factors like earnings performance, analyst recommendations, and general market conditions[174](index=174&type=chunk)[204](index=204&type=chunk) - As of February 13, 2023, executive officers, directors, and their affiliates beneficially owned approximately **11.9%** of outstanding common stock, enabling significant influence over corporate matters[206](index=206&type=chunk)[230](index=230&type=chunk) - The company does not anticipate paying cash dividends in the foreseeable future, meaning investment returns depend on potential stock price appreciation[177](index=177&type=chunk)[207](index=207&type=chunk) [Unresolved Staff Comments](index=32&type=section&id=Item%201B.%20UNRESOLVED%20STAFF%20COMMENTS) The company reports no unresolved staff comments from the Securities and Exchange Commission - There are no unresolved staff comments[234](index=234&type=chunk) [Properties](index=33&type=section&id=Item%202.%20PROPERTIES) As of February 13, 2023, the company operates **44 distribution centers** totaling approximately **2.9 million square feet** across the US, Canada, and the Middle East, with most properties leased - The company operates **44 distribution centers** totaling approximately **2.9 million square feet** in the U.S., Canada, Qatar, Oman, and the United Arab Emirates[211](index=211&type=chunk) - The company owns **five facilities** and leases all other properties, including its corporate headquarters in Ridgefield, Connecticut[211](index=211&type=chunk)[212](index=212&type=chunk) [Legal Proceedings](index=33&type=section&id=Item%203.%20LEGAL%20PROCEEDINGS) The company is not currently aware of any pending or threatened legal proceedings that would materially adversely affect its business or financial condition - The company is not currently aware of any pending legal proceedings that would have a material adverse effect on its financial condition or operations[236](index=236&type=chunk) [Mine Safety Disclosures](index=33&type=section&id=Item%204.%20MINE%20SAFETY%20DISCLOSURES) This item is not applicable to the company - Not applicable[237](index=237&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=34&type=section&id=Item%205.%20MARKET%20FOR%20REGISTRANT%27S%20COMMON%20EQUITY%2C%20RELATED%20STOCKHOLDER%20MATTERS%20AND%20ISSUER%20PURCHASES%20OF%20EQUITY%20SECURITIES) The company's common stock trades on NASDAQ under "CHEF", with **204 holders of record** as of December 31, 2022, and no cash dividends are anticipated due to credit facility restrictions - The company's common stock is traded on the NASDAQ under the symbol "CHEF", with **204 holders of record** as of December 31, 2022[215](index=215&type=chunk) - The company has never paid a cash dividend and does not plan to in the foreseeable future, a policy reinforced by restrictions in its credit facilities[238](index=238&type=chunk) 5-Year Cumulative Total Return Comparison | Index | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | The Chefs' Warehouse, Inc. | $100.00 | $152.83 | $185.22 | $116.54 | $158.88 | $162.34 | | NASDAQ Composite Index | $100.00 | $95.38 | $130.47 | $185.48 | $226.75 | $151.61 | | S&P Smallcap Food Distributor Index | $100.00 | $63.50 | $59.46 | $63.45 | $122.95 | $112.92 | [Reserved](index=35&type=section&id=Item%206.%20RESERVED) This item is reserved and contains no information [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=36&type=section&id=Item%207.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management discusses the company's financial performance, including **$2.6 billion** in net sales for fiscal 2022, liquidity with **$686.0 million** in debt, and critical accounting estimates [Overview and Recent Developments](index=36&type=section&id=Overview%20and%20Recent%20Developments) The company, a premier specialty food distributor, returned to profitability in Q2 2021, driven by key acquisitions including Chef Middle East LLC for **$108.7 million** and Capital Seaboard for **$31.0 million** - On November 1, 2022, the company acquired Chef Middle East LLC (CME) for approximately **$108.7 million** in cash, expanding its presence to the United Arab Emirates, Qatar, and Oman[225](index=225&type=chunk) - On December 28, 2021, the company acquired Capital Seaboard, a specialty seafood and produce distributor in Maryland, for a purchase price of approximately **$31.0 million**[247](index=247&type=chunk) [Results of Operations](index=42&type=section&id=Results%20of%20Operations) Financial performance significantly improved in fiscal 2022, with net sales increasing **49.7%** to **$2.6 billion** and net income reaching **$27.8 million**, driven by pandemic recovery and acquisitions Consolidated Results of Operations (in thousands) | Metric | FY 2022 | FY 2021 | FY 2020 | | :--- | :--- | :--- | :--- | | Net Sales | $2,613,399 | $1,745,757 | $1,111,631 | | Gross Profit | $618,636 | $390,485 | $248,151 | | Operating Income (Loss) | $85,738 | $10,811 | $(102,660) | | Net Income (Loss) | $27,750 | $(4,923) | $(82,903) | [Fiscal Year 2022 Compared to Fiscal Year 2021](index=42&type=section&id=Fiscal%20Year%202022%20Compared%20to%20Fiscal%20Year%202021) In fiscal 2022, net sales surged **49.7%** to **$2.61 billion**, driven by organic growth and acquisitions, leading to a **58.4%** increase in gross profit and a net income of **$27.8 million** FY 2022 vs. FY 2021 Performance | Metric | 2022 | 2021 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Net Sales | $2,613,399 | $1,745,757 | $867,642 | 49.7% | | Gross Profit | $618,636 | $390,485 | $228,151 | 58.4% | | Gross Profit Margin | 23.7% | 22.4% | - | 1.3 ppt | | SG&A Expenses | $518,219 | $379,252 | $138,967 | 36.6% | - Organic growth contributed **$561.6 million (32.2%)** to sales growth, while acquisitions added **$306.1 million (17.5%)**. The 53rd week of the fiscal year contributed approximately **2.0%** to annual sales growth[283](index=283&type=chunk) [Fiscal Year 2021 Compared to Fiscal Year 2020](index=43&type=section&id=Fiscal%20Year%202021%20Compared%20to%20Fiscal%20Year%202020) Fiscal 2021 saw a significant recovery, with net sales increasing **57.0%** to **$1.75 billion**, and the net loss narrowing dramatically to **$4.9 million** from **$82.9 million** in fiscal 2020 FY 2021 vs. FY 2020 Performance | Metric | 2021 | 2020 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Net Sales | $1,745,757 | $1,111,631 | $634,126 | 57.0% | | Gross Profit | $390,485 | $248,151 | $142,334 | 57.4% | | Gross Profit Margin | 22.4% | 22.3% | - | 0.1 ppt | | SG&A Expenses | $379,252 | $336,394 | $42,858 | 12.7% | - Organic growth contributed **$574.2 million (51.6%)** to sales growth, primarily driven by recovery from the COVID-19 pandemic[288](index=288&type=chunk) [Liquidity and Capital Resources](index=44&type=section&id=Liquidity%20and%20Capital%20Resources) As of December 30, 2022, total debt was **$674.7 million**, with key financing activities including a **$300.0 million** term loan refinancing and **$287.5 million** in new convertible notes, resulting in **$23.1 million** cash from operations Indebtedness (in thousands) | Debt Instrument | Dec 30, 2022 | Dec 24, 2021 | | :--- | :--- | :--- | | Senior secured term loan | $299,250 | $168,675 | | Total convertible debt | $333,184 | $204,000 | | ABL and revolving credit | $42,217 | $20,000 | | Finance leases & other | $11,331 | $11,602 | Cash Flow Summary (in thousands) | Cash Flow Activity | FY 2022 | FY 2021 | FY 2020 | | :--- | :--- | :--- | :--- | | Operating Activities | $23,134 | $(19,899) | $42,881 | | Investing Activities | $(232,023) | $(48,991) | $(67,968) | | Financing Activities | $253,215 | $(9,222) | $78,056 | - Significant 2022 financing activities included refinancing the senior secured term loan for **$300.0 million** and issuing **$287.5 million** in 2.375% Convertible Senior Notes due 2028[322](index=322&type=chunk)[296](index=296&type=chunk) [Critical Accounting Estimates](index=47&type=section&id=Critical%20Accounting%20Estimates) The company's financial statements rely on critical accounting estimates for doubtful accounts, inventory, business combinations, goodwill, intangible assets, self-insurance, income taxes, and contingent earn-out liabilities - Key critical accounting policies requiring significant estimates include: allowance for doubtful accounts, inventory valuation, business combinations, goodwill and intangible asset valuation, self-insurance reserves, income taxes, and contingent earn-out liabilities[307](index=307&type=chunk) - The allowance for doubtful accounts was **$20.7 million** as of Dec 30, 2022, against an accounts receivable balance of **$260.2 million**[308](index=308&type=chunk) - Goodwill is tested for impairment annually in the fourth quarter. For fiscal 2022 and 2021, a qualitative assessment was performed, which concluded that the fair value of reporting units exceeded their carrying values[359](index=359&type=chunk)[338](index=338&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=49&type=section&id=Item%207A.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company's primary market risk is interest rate exposure on its **$341.5 million** floating-rate debt as of December 30, 2022, where a **100 basis point** increase would reduce after-tax earnings by **$2.5 million** annually - The company's main market risk is interest rate risk from its debt. As of December 30, 2022, it had **$341.5 million** in floating-rate debt[343](index=343&type=chunk) - A **100 basis point** increase in interest rates would reduce after-tax earnings by approximately **$2.5 million** annually[343](index=343&type=chunk) [Consolidated Financial Statements and Supplementary Data](index=51&type=section&id=Item%208.%20CONSOLIDATED%20FINANCIAL%20STATEMENTS%20AND%20SUPPLEMENTARY%20DATA) This section presents the company's audited consolidated financial statements for fiscal years 2020-2022, including balance sheets and cash flows, which received an unqualified opinion from BDO USA, LLP - The independent registered public accounting firm, BDO USA, LLP, issued an unqualified opinion on the consolidated financial statements[345](index=345&type=chunk)[370](index=370&type=chunk) Key Financial Statement Data (in thousands) | Metric | FY 2022 | FY 2021 | | :--- | :--- | :--- | | Total Assets | $1,509,296 | $1,073,795 | | Total Liabilities | $1,107,787 | $723,584 | | Total Stockholders' Equity | $401,509 | $350,211 | [Notes to Consolidated Financial Statements](index=58&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail accounting policies, recent acquisitions like Chef Middle East and Capital Seaboard, goodwill and intangible assets, and debt obligations totaling **$665.9 million** as of December 30, 2022 - Note 5 details the acquisition of Chef Middle East for ~**$108.7 million** and Capital Seaboard for ~**$31.0 million**, including purchase price allocations[476](index=476&type=chunk)[452](index=452&type=chunk) - Note 9 provides a comprehensive breakdown of debt obligations, which totaled **$665.9 million** as of December 30, 2022, including senior secured term loans and convertible senior notes[485](index=485&type=chunk) - Note 8 shows that Goodwill increased to **$287.1 million** in 2022 from **$221.8 million** in 2021, primarily due to acquisitions. Net intangible assets also increased to **$155.7 million** from **$104.7 million**[507](index=507&type=chunk)[483](index=483&type=chunk) [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=83&type=section&id=Item%209.%20CHANGES%20IN%20AND%20DISAGREEMENTS%20WITH%20ACCOUNTANTS%20ON%20ACCOUNTING%20AND%20FINANCIAL%20DISCLOSURE) The company reports no changes in or disagreements with its accountants regarding accounting principles, financial disclosure, or auditing scope - There were no disagreements with accountants on accounting and financial disclosure[630](index=630&type=chunk) [Controls and Procedures](index=83&type=section&id=Item%209A.%20CONTROLS%20AND%20PROCEDURES) Management concluded that disclosure controls and internal control over financial reporting were effective as of December 30, 2022, a conclusion attested to by BDO USA, LLP with an unqualified opinion - Management concluded that the company's disclosure controls and procedures were effective as of the end of the period covered by the report[662](index=662&type=chunk) - Based on an assessment using the COSO framework, management concluded that the company's internal control over financial reporting was effective as of December 30, 2022[632](index=632&type=chunk) - The independent registered public accounting firm, BDO USA, LLP, provided an unqualified attestation report on the company's internal control over financial reporting[623](index=623&type=chunk)[665](index=665&type=chunk) [Other Information](index=85&type=section&id=Item%209B.%20OTHER%20INFORMATION) The company reports no other information for this item - None[669](index=669&type=chunk) [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](index=85&type=section&id=Item%209C.%20DISCLOSURE%20REGARDING%20FOREIGN%20JURISDICTIONS%20THAT%20PREVENT%20INSPECTIONS) This item is not applicable to the company - Not applicable[620](index=620&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=86&type=section&id=Item%2010.%20DIRECTORS%2C%20EXECUTIVE%20OFFICERS%20AND%20CORPORATE%20GOVERNANCE) Information on directors, executive officers, and corporate governance is incorporated by reference from the 2023 Annual Meeting of Stockholders Proxy Statement - Required information is incorporated by reference from the company's Proxy Statement for the 2023 Annual Meeting of Stockholders[640](index=640&type=chunk) [Executive Compensation](index=86&type=section&id=Item%2011.%20EXECUTIVE%20COMPENSATION) Information regarding executive compensation is incorporated by reference from the 2023 Annual Meeting of Stockholders Proxy Statement - Required information is incorporated by reference from the company's Proxy Statement for the 2023 Annual Meeting of Stockholders[671](index=671&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=86&type=section&id=Item%2012.%20SECURITY%20OWNERSHIP%20OF%20CERTAIN%20BENEFICIAL%20OWNERS%20AND%20MANAGEMENT%20AND%20RELATED%20STOCKHOLDER%20MATTERS) Information on security ownership of beneficial owners, management, and related stockholder matters is incorporated by reference from the 2023 Annual Meeting of Stockholders Proxy Statement - Required information is incorporated by reference from the company's Proxy Statement for the 2023 Annual Meeting of Stockholders[591](index=591&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=86&type=section&id=Item%2013.%20CERTAIN%20RELATIONSHIPS%20AND%20RELATED%20TRANSACTIONS%2C%20AND%20DIRECTOR%20INDEPENDENCE) Information on certain relationships, related transactions, and director independence is incorporated by reference from the 2023 Annual Meeting of Stockholders Proxy Statement - Required information is incorporated by reference from the company's Proxy Statement for the 2023 Annual Meeting of Stockholders[672](index=672&type=chunk) [Principal Accounting Fees and Services](index=86&type=section&id=Item%2014.%20PRINCIPAL%20ACCOUNTING%20FEES%20AND%20SERVICES) Information regarding principal accounting fees and services is incorporated by reference from the 2023 Annual Meeting of Stockholders Proxy Statement - Required information is incorporated by reference from the company's Proxy Statement for the 2023 Annual Meeting of Stockholders[592](index=592&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=87&type=section&id=Item%2015.%20EXHIBITS%20AND%20FINANCIAL%20STATEMENT%20SCHEDULES) This section lists all financial statements, schedules, and exhibits filed as part of the Annual Report on Form 10-K, with financial statements indexed under Item 8 - This section provides a list of all financial statements and exhibits filed with the Form 10-K[674](index=674&type=chunk) [Form 10-K Summary](index=87&type=section&id=Item%2016.%20FORM%2010-K%20SUMMARY) The company has chosen not to provide a summary for its Form 10-K - None provided[594](index=594&type=chunk)