Company: CHEF
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001517175-25-000008
Chunk: 40

Company: Chefs' Warehouse, Inc.
Filing Date: 2025-04-30
Form: 10-Q
Item: Item 8
Chunk 40
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 Less:Cost of sales - non-production costs (1)706,501 645,982 Cost of sales - food processing costs (2) (3)18,252 19,070 Cost of sales724,753 665,052 Gross profit$225,995 $209,436 (1)Non-production costs represent the net purchase price paid for products sold, plus the cost of transportation necessary to bring the product to the Company’s distribution facilities. Non-production costs include purchase incentives and product purchase credits from certain vendors.(2)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.(3)Food processing costs included $261 and $336 of depreciation expense for the thirteen weeks ended March 28, 2025 and March 29, 2024, respectively.

Note 12 – Supplemental Disclosures of Cash Flow Information

Thirteen Weeks EndedMarch 28, 2025March 29, 2024Supplemental cash flow disclosures:Cash paid for income taxes$376 $1,522 Cash paid for interest, net of cash received8,228 10,403 Cash paid for amounts included in the measurement of lease liabilities:Operating cash flows from operating leases$9,934 $9,812 Operating cash flows from finance leases1,019 379 ROU assets obtained in exchange for lease liabilities:Operating leases$6,094 $396 Finance leases17,591 11,587 

14

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 Form 10-K for the fiscal year ended December 27, 2024 (the “2024 Form 10-K”) filed with the SEC. Unless otherwise indicated, the terms “Company”, “Chefs’ Warehouse”, “we”, “us” and “our” refer to The Chefs’ Warehouse, Inc. and its subsidiaries. All dollar amounts included in the tables in the following discussion are presented in thousands.

Business Overview

We are a premier distributor of specialty foods in the