The Chefs' Warehouse(US:CHEF)2019-01-15 17:32Company Overview - The Chefs' Warehouse (CW) is a premier distributor of specialty food products, serving over 34,000 customer locations across the U S and Canada[5] - As of LTM 9/28/18, CW's net sales were $1408 million and adjusted EBITDA was $74.5 million[5] - The company offers a diverse portfolio of over 55,000 SKUs from more than 1,800 different suppliers[5] Industry Position and Growth Strategy - CW's LTM 9/28/18 net sales of $1.4 billion represents approximately 5% of the company's targeted market[6] - The company focuses on the top 35% of independent restaurants, representing a market of approximately $25-$30 billion[6] - CW aims to grow market share by increasing penetration with existing customers, increasing the number of unique customers, and establishing new markets and product categories[20] Financial Performance and Guidance - The company's adjusted EBITDA growth was 17%, with a margin increase of 35 bps[21] - Free cash flow increased by 16% to $63 million[22] - The company anticipates net sales between $1.520 billion and $1.570 billion, gross profit between $390 million and $400 million, and adjusted EBITDA between $86 million and $90 million for fiscal year 2019[27] E-commerce - Approximately 13% of specialty transactions were placed via e-commerce in December 2018[15]