Company: CHEF
Filing Date: 2025-10-29
Form Type: 10-Q
Source: 0001517175-25-000021
Chunk: 56

Company: Chefs' Warehouse, Inc.
Filing Date: 2025-10-29
Form: 10-Q
Item: Item 8
Chunk 56
---
 facilities. Non-production costs include purchase incentives and product purchase credits from certain vendors.(3)Food processing costs include but are not limited to, direct labor and benefits, applicable overhead and depreciation of equipment and facilities used in food processing activities.(4)Food processing costs included $242 and $300 of depreciation expense for the thirteen weeks ended September 26, 2025 and September 27, 2024, respectively and $760 and $962 for the thirty-nine weeks ended September 26, 2025 and September 27, 2024, respectively.Refer to the condensed consolidated statements of operations and comprehensive income for the reconciliation of consolidated gross profit, which is the Company’s segment measure of profit or loss, to consolidated income before income taxes.

Note 12 – Supplemental Disclosures of Cash Flow Information

Thirty-Nine Weeks EndedSeptember 26, 2025September 27, 2024Supplemental cash flow disclosures:Cash paid for income taxes$16,726 $9,727 Cash paid for interest, net of cash received27,505 29,555 Cash paid for amounts included in the measurement of lease liabilities:Operating cash flows from operating leases$28,718 $29,486 Operating cash flows from finance leases4,130 1,540 ROU assets obtained in exchange for lease liabilities:Operating leases$28,137 $4,747 Finance leases75,059 27,205 

16

Note 13 – Subsequent Events

On October 1, 2025, the Company entered into an asset purchase agreement to acquire substantially all of the assets of Italco Food Products, a specialty food distributor based in Denver, Colorado. The purchase price was $16,500, consisting of $5,500 cash paid at closing and $11,000 from the issuance of an unsecured note and is subject to customary working capital true-ups. The assets acquired consist primarily of inventory, accounts receivable and goodwill and other intangibles and are not material to the Company’s consolidated financial statements.

17

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND 

RESULTS OF OPERATIONS

Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) is provided as a supplement to the accompanying condensed consolidated financial statements and footnotes to help provide an understanding of our financial condition, changes in our financial condition and results of operations. The following discussion should be read in conjunction with information included in our Annual Report on