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The Chefs' Warehouse(CHEF) - 2024 Q4 - Annual Results
CHEFThe Chefs' Warehouse(CHEF)2025-02-12 13:31

Financial Performance - Net sales for Q4 2024 increased by 8.7% to 1,033.6million,upfrom1,033.6 million, up from 950.5 million in Q4 2023[4] - Gross profit rose by 9.8% to 251.0million,withgrossprofitmarginsincreasingbyapproximately23basispointsto24.3251.0 million, with gross profit margins increasing by approximately 23 basis points to 24.3%[5] - GAAP net income for Q4 2024 was 23.9 million, or 0.55perdilutedshare,comparedto0.55 per diluted share, compared to 16.0 million, or 0.38perdilutedshareinQ42023[10]−AdjustedEBITDAforQ42024was0.38 per diluted share in Q4 2023[10] - Adjusted EBITDA for Q4 2024 was 68.2 million, an increase from 59.0millioninQ42023[10]−OperatingincomeforQ42024was59.0 million in Q4 2023[10] - Operating income for Q4 2024 was 46.5 million, representing an increase from 38.2millioninQ42023,withoperatingincomeasapercentageofnetsalesat4.538.2 million in Q4 2023, with operating income as a percentage of net sales at 4.5%[9] - Net income for the fifty-two weeks ended December 27, 2024, was 55,479, up 60.5% from 34,590in2023[21]−Basicnetincomepershareincreasedto34,590 in 2023[21] - Basic net income per share increased to 1.46 for the fifty-two weeks ended December 27, 2024, compared to 0.92in2023,reflectinga58.70.92 in 2023, reflecting a 58.7% growth[21] - Net income for the thirteen weeks ended December 27, 2024, was 23,926,000, an increase of 49.5% compared to 16,000,000forthesameperiodin2023[30]−Adjustednetincomeforthesameperiodwas16,000,000 for the same period in 2023[30] - Adjusted net income for the same period was 23,905,000, up 18.0% from 20,186,000year−over−year[30]−Dilutedadjustednetincomepercommonshareincreasedto20,186,000 year-over-year[30] - Diluted adjusted net income per common share increased to 0.55, a rise of 17.0% from 0.47intheprioryear[30]GuidanceandProjections−Thecompanyprovidedfiscal2025guidancewithnetsalesexpectedintherangeof0.47 in the prior year[30] Guidance and Projections - The company provided fiscal 2025 guidance with net sales expected in the range of 3.94 billion to 4.04billion[14]−ThecompanyprovidedadjustedEBITDAguidanceforfiscal2025,estimatingarangebetween4.04 billion[14] - The company provided adjusted EBITDA guidance for fiscal 2025, estimating a range between 233,000,000 and 246,000,000[31]−Thelow−endguidancefornetincomeinfiscal2025issetat246,000,000[31] - The low-end guidance for net income in fiscal 2025 is set at 68,000,000, while the high-end is 72,000,000[31]ExpensesandLiabilities−Selling,generalandadministrativeexpensesincreasedbyapproximately8.972,000,000[31] Expenses and Liabilities - Selling, general and administrative expenses increased by approximately 8.9% to 206.8 million, maintaining a ratio of 20.0% of net sales[6] - Total liabilities increased to 1,321,045asofDecember27,2024,from1,321,045 as of December 27, 2024, from 1,250,634 in 2023, an increase of 5.6%[23] - The company reported a provision for allowance for credit losses of 11,982forthefifty−twoweeksendedDecember27,2024,comparedto11,982 for the fifty-two weeks ended December 27, 2024, compared to 8,078 in 2023, representing a 48.5% increase[25] Cash Flow and Assets - Total current assets rose to 868,043asofDecember27,2024,from868,043 as of December 27, 2024, from 730,943 in 2023, marking an increase of 18.8%[23] - Cash and cash equivalents increased significantly to 114,655asofDecember27,2024,comparedto114,655 as of December 27, 2024, compared to 49,878 in 2023, a growth of 130%[23] - Net cash provided by operating activities for the fifty-two weeks ended December 27, 2024, was 153,061,comparedto153,061, compared to 61,639 in 2023, indicating a substantial increase of 147%[25] Adjustments and Other Income - Other operating income for Q4 2024 was 2.3million,asignificantimprovementfromanexpenseof2.3 million, a significant improvement from an expense of 0.5 million in Q4 2023[7] - Total adjustments to reconcile net income to adjusted net income amounted to 17,791,000forthefifty−twoweeksendedDecember27,2024[30]−Stockcompensationadjustmentsforfiscal2025areprojectedbetween17,791,000 for the fifty-two weeks ended December 27, 2024[30] - Stock compensation adjustments for fiscal 2025 are projected between 17,500,000 and 18,500,000[31]−Duplicaterentexpensesareexpectedtorangefrom18,500,000[31] - Duplicate rent expenses are expected to range from 1,500,000 to 2,500,000infiscal2025[31]−Movingexpensesforfiscal2025areestimatedbetween2,500,000 in fiscal 2025[31] - Moving expenses for fiscal 2025 are estimated between 500,000 and $1,000,000[31] Organic Growth - Organic case count in the specialty category grew by approximately 6.1%, with unique customers and placements increasing by 4.5% and 12.3% respectively[4]