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The Chefs' Warehouse(CHEF) - 2022 Q4 - Earnings Call Transcript
2023-02-15 18:25
The Chefs' Warehouse, Inc. (NASDAQ:CHEF) Q4 2022 Earnings Conference Call February 15, 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 Kelly Bania - BMO Capital Alex Slagle - Jefferies Peter Saleh - BTIG Andrew Wolf - C.L. King Todd Brooks - Benchmark Company Operator Greetings and welcome to The Chefs' Wareho ...
Chefs' Warehouse (CHEF) Investor Presentation - Slideshow
2023-01-23 12:11
➢ More targeted talent acquisition ➢ Improved benefit propositions ➢ Upgraded health coverage and 401k options ➢ Competitive pay ➢ Training and talent development The Chefs' Warehouse, Inc. 16 2019 — 2022* *Based on 2022 Full-Year Guidance Mid-Point 2019 2022* 2019 2022* $387 $594 Gross Profit Adjusted Operating Expenses $297 $442 *Based on 2022 Full-Year Guidance Mid-Point 1.0x since 2019 (1) Free Cash Flow defined as Adjusted EBITDA less Capital Expenditures. (2) Free Cash flow Conversion defined as Free ...
The Chefs' Warehouse(CHEF) - 2022 Q3 - Earnings Call Transcript
2022-10-26 17:33
The Chefs' Warehouse, Inc. (NASDAQ:CHEF) Q3 2022 Earnings Conference Call October 26, 2022 8:30 AM ET Company Participants Alexandros Aldous - General Counsel, Corporate Secretary, Chief Government Relations Officer, and Chief Administrative Officer Christopher Pappas - Founder, Chairman, President and Chief Executive Officer James Leddy - Chief Financial Officer Conference Call Participants Alexander Slagle - Jefferies Peter Saleh - BTIG Andrew Wolf - C.L. King Todd Brooks - The Benchmark Company Operator ...
The Chefs' Warehouse(CHEF) - 2022 Q3 - Quarterly Report
2022-10-25 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 23, 2022 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) - 2022 Q2 - Earnings Call Transcript
2022-07-27 14:41
Financial Data and Key Metrics Changes - Net sales for Q2 2022 increased approximately 53.2% to $648.1 million from $423 million in Q2 2021, driven by a 36% increase in organic sales and a 17.2% contribution from acquisitions [12][16] - Gross profit increased 62.7% to $156 million, with gross profit margins rising approximately 140 basis points to 24.1% [13][16] - Adjusted EBITDA for Q2 2022 was $45.3 million, compared to $17.2 million for the prior year [17] - GAAP net income was $16.9 million or $0.42 per diluted share, compared to $1.1 million or $0.03 per diluted share in Q2 2021 [16] Business Line Data and Key Metrics Changes - Specialty sales grew 52.2% organically over the prior year, with unique customer growth of approximately 35.9% and placement growth of 54.6% [7] - Organic pounds in the center of the plate business were approximately 14.2% higher than the prior year [7] - Gross profit margins in the specialty category decreased 70 basis points, while margins in the center of the plate category increased 230 basis points year-over-year [8] Market Data and Key Metrics Changes - Net inflation was 13.6% in Q2 2022, with 16.4% inflation in the specialty category and 10.9% in the center of the plate category compared to the prior year [12] Company Strategy and Development Direction - The company completed three acquisitions to enhance its distribution capabilities and expand its market presence, including University Foods, Alexa Specialty Foods, and Master Purveyors [9][10] - The focus remains on integrating these acquisitions to create operating leverage and drive growth in key regions [10][35] - The company aims to maintain a strong balance sheet while pursuing further acquisitions and expanding its distribution capacity [24][54] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about returning to normal seasonality and the potential for continued growth as hospitality and event-related business improves [6][30] - There is cautious optimism regarding the macroeconomic environment, with management acknowledging potential challenges but also recognizing strong consumer demand [30][40] - The company anticipates that the reopening of the economy will benefit its business, particularly in the hospitality sector [30][42] Other Important Information - Total liquidity at the end of Q2 2022 was $210.8 million, consisting of $51.8 million in cash and $159 million available under the ABL facility [18] - The company raised its full-year financial guidance, estimating net sales for 2022 to be in the range of $2.375 billion to $2.475 billion [19] Q&A Session Summary Question: Guidance and seasonality - The guidance reflects acquisitions and a return to normal seasonality, with the second quarter typically being stronger than the third [21][23] Question: Trends throughout the quarter - The quarter was driven by firm pricing and a return to over 100% of volume from 2019, with Q3 expected to be seasonally weaker [26][27] Question: Pricing and deflation outlook - Management anticipates moderate deflation in center of the plate pricing, but overall pricing is expected to remain firm due to market dynamics [28][29] Question: Acquisitions and customer base - Acquisitions are aimed at expanding the customer base and leveraging synergies, with a focus on integrating new businesses effectively [35][44] Question: Future growth drivers - The company sees potential for growth as hospitality recovers, with a focus on high-end customers and strategic acquisitions [39][42] Question: Inflation/deflation impact - Management views deflation as a mixed bag, with high-end customers able to pass costs along while others adjust menus creatively [46][48] Question: M&A environment - The pace of acquisitions is expected to increase as the market normalizes, with a focus on synergistic deals [50][53] Question: Return on investment in talent - Investments in sales and operations are starting to yield results, contributing to strong organic growth [57][59]
The Chefs' Warehouse(CHEF) - 2022 Q2 - Quarterly Report
2022-07-26 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 June 24, 2022 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) - 2022 Q1 - Earnings Call Transcript
2022-04-27 15:32
The Chefs' Warehouse, Inc. (NASDAQ:CHEF) Q1 2022 Earnings Conference Call April 27, 2022 8:30 AM ET Company Participants Christopher Pappas – Founder, Chairman & Chief Executive Officer James Leddy – Chief Financial Officer Alexandros Aldous – General Counsel, Corporate Secretary & Chief Government Relations Officer Conference Call Participants Alexander Slagle – Jefferies Peter Saleh – BTIG Andrew Wolf – CLK Fred Wightman – Wolfe Research Ben Klieve – Lake Street Capital Markets Kelly Bania – BMO Capital T ...
The Chefs' Warehouse(CHEF) - 2022 Q1 - Quarterly Report
2022-04-26 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 March 25, 2022 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) - 2021 Q4 - Annual Report
2022-02-21 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 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 or ...
The Chefs' Warehouse(CHEF) - 2021 Q4 - Earnings Call Transcript
2022-02-09 15:38
The Chefs' Warehouse, Inc. (NASDAQ:CHEF) Q4 2021 Earnings Conference Call February 8, 2022 8:30 AM ET Company Participants Alex Aldous - General Counsel, Corporate Secretary & Chief Government Relations Officer Chris Pappas - Founder, Chairman & CEO Jim Leddy - CFO Conference Call Participants Alex Slagle - Jefferies Fred Wightman - Wolfe Research Peter Saleh - BTIG Todd Brooks - Benchmark Kelly Bania - BMO Capital Disclaimer*: This transcript is designed to be used alongside the freely available audio reco ...