Company: CHEF
Filing Date: 2025-10-29
Form Type: 10-Q
Source: 0001517175-25-000021
Chunk: 15

Company: Chefs' Warehouse, Inc.
Filing Date: 2025-10-29
Form: 10-Q
Item: Item 1
Chunk 15
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 earn-out liabilities— (683)Non-cash interest and other operating activities5,345 3,233 Changes in assets and liabilities, net of acquisitions:  Accounts receivable11,327 (8,708)Inventories(70,137)(51,786)Prepaid expenses and other current assets(1,085)(5,899)Accounts payable, accrued liabilities and accrued compensation(26,825)40,938 Other assets and liabilities(257)(3,501)Net cash provided by operating activities55,352 80,057 Cash flows from investing activities:  Capital expenditures(33,340)(41,131)Cash paid for acquisitions, net of cash acquired— (315)Net cash used in investing activities(33,340)(41,446)Cash flows from financing activities:  Payment of debt and other financing obligations(12,250)(18,500)Payment of finance leases(11,843)(5,001)Common stock repurchases(15,005)(10,004)Payment of deferred financing fees(658)— Proceeds from exercise of stock options— 55 Surrender of shares to pay withholding taxes(11,833)(7,377)Cash paid for contingent earn-out liability— (3,800)Borrowings under asset-based loan and revolving credit facilities— 6,801 Payments under asset-based loan facility (20,000)— Net cash used in financing activities(71,589)(37,826)Effect of foreign currency on cash and cash equivalents(17)42 Net change in cash and cash equivalents(49,594)827 Cash and cash equivalents-beginning of period114,655 49,878 Cash and cash equivalents-end of period$65,061 $50,705 

See accompanying notes to the condensed consolidated financial statements.

8

THE CHEFS’ WAREHOUSE, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(Amounts in thousands, except share and per share amounts)

Note 1 - Operations and Basis of Presentation

 Description of Business and Basis of Presentation The Chefs’ Warehouse, Inc. (the “Company”), and its wholly-owned subsidiaries, is a distributor of specialty food and center-of-the-plate products in the United States, the Middle East and Canada. The Company is focused on serving the specific needs of chefs who own and/or operate restaurants, country clubs,