Company: CHEF
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001517175-25-000008
Chunk: 43

Company: Chefs' Warehouse, Inc.
Filing Date: 2025-04-30
Form: 10-Q
Item: Item 8
Chunk 43
---
$259,250 $260,000 Convertible senior notes287,500 287,500 Borrowings outstanding on asset-based loan facility100,000 120,000 Finance leases and other financing obligations67,583 52,673 

Financing Transactions

During the thirteen weeks ended March 29, 2024, we made voluntary principal prepayments of $6.0 million towards the senior secured term loan.

In November 2023, we announced a two-year share repurchase program in an amount up to $100.0 million, targeting $25.0 million to $100.0 million of share repurchases by the end of fiscal 2025. During the thirteen weeks ended March 29, 2024, we repurchased 134,553 shares of our common stock at an average purchase price of $37.16 per share. The share repurchases were funded by our available cash. There were no share repurchases during the thirteen weeks ended March 28, 2025. The remaining share purchase authorization was $82.6 million at March 28, 2025. We are not obligated to repurchase any specific number of shares and may suspend or discontinue the program at any time.

Liquidity

The following table presents selected financial information on liquidity: 

March 28, 2025December 27, 2024Cash and cash equivalents$116,530 $114,655 Working capital(1), excluding cash and cash equivalents311,226 327,992 Availability under asset-based loan facility162,425 146,674 

(1) We define working capital as current assets less current liabilities.

We expect our capital expenditures, excluding cash paid for acquisitions, for fiscal 2025 will be approximately $40.0 million to $50.0 million. We believe our existing balances of cash and cash equivalents, working capital and the availability under our asset-based loan facility, are sufficient to satisfy our working capital needs, capital expenditures, debt service and other liquidity requirements associated with our current operations over the next twelve months.

17

Cash Flows

The following table presents selected financial information on cash flows: 

Thirteen Weeks EndedMarch 28, 2025March 29, 2024Net cash provided by operating activities$49,566 $30,900 Net cash used in investing activities(12,344)(17,381)Net cash used in financing activities(35,412)(21,252)

Our