Company: CHEF
Filing Date: 2025-10-29
Form Type: 10-Q
Source: 0001517175-25-000021
Chunk: 36

Company: Chefs' Warehouse, Inc.
Filing Date: 2025-10-29
Form: 10-Q
Item: Item 1
Chunk 36
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The following table presents selected financial information on liquidity: 

September 26, 2025December 27, 2024Cash and cash equivalents$65,061 $114,655 Working capital(1), excluding cash and cash equivalents398,177 327,992 Availability under asset-based loan facility159,516 146,674 

(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.

Cash Flows

The following table presents selected financial information on cash flows: 

Thirty-Nine Weeks EndedSeptember 26, 2025September 27, 2024Net cash provided by operating activities$55,352 $80,057 Net cash used in investing activities(33,340)(41,446)Net cash used in financing activities(71,589)(37,826)

Our cash provided by operating activities is predominately driven by net sales to our customers. Our cash used in operating activities is primarily driven by our payments to suppliers for our inventory, employee compensation, payments to support our facilities, our distribution network, interest on our indebtedness, payments to tax authorities and other general corporate expenditures. Net cash provided by operations was $55.4 million for the thirty-nine weeks ended September 26, 2025 compared to $80.1 million for the thirty-nine weeks ended September 27, 2024. The decrease in cash provided by operating activities was primarily due to timing of payments and a strategic pull-forward of certain inventory purchases, partially offset by sales growth.

Net cash used in investing activities was $33.3 million for the thirty-nine weeks ended September 26, 2025, driven by capital expenditures.

Net cash used in financing activities was $71.6 million for the thirty-nine weeks ended September 26, 2025 driven by $20.0 million of payments under our revolving credit facilities, $12.3 million of payments of term loan debt, $11.8 million paid for shares surrendered to pay tax withholding related to the vesting of equity incentive plan awards, $15.0 million used to repurchase our common stock and