$927.3 M

CHEF Mkt cap, 11-Oct-2018

$689.1 M

The Chefs' Warehouse Revenue Q2, 2018
The Chefs' Warehouse Gross profit (Q2, 2018)172.8 M
The Chefs' Warehouse Gross profit margin (Q2, 2018), %25.1%
The Chefs' Warehouse Net income (Q2, 2018)7.4 M
The Chefs' Warehouse EBIT (Q2, 2018)20.7 M
The Chefs' Warehouse Cash, 29-Jun-201839.6 M
The Chefs' Warehouse EV1.2 B

The Chefs' Warehouse Revenue

The Chefs' Warehouse revenue was $1.30 b in FY, 2017

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The Chefs' Warehouse Income Statement

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Revenue

673.5m836.6m1.1b1.2b1.3b

Revenue growth, %

24%27%13%

Cost of goods sold

501.2m630.6m789.5m891.6m972.1m

Gross profit

172.4m206.1m269.5m301.2m329.4m

Gross profit Margin, %

26%25%25%25%25%

EBIT

36.6m33.0m40.4m47.2m41.1m

EBIT margin, %

5%4%4%4%3%

Interest expense

7.8m8.2m13.0m41.6m22.7m

Pre tax profit

28.8m24.8m27.7m5.7m18.4m

Income tax expense

10.6m11.5m2.7m4.0m

Net Income

17.0m14.2m16.2m3.0m14.4m

Quarterly

USDQ2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q1, 2018Q2, 2018

Revenue

213.1m208.1m198.9m282.9m277.5m262.4m291.2m297.9m287.7m318.6m689.1m

Cost of goods sold

160.7m157.4m148.5m211.1m207.1m196.4m219.4m223.5m213.8m239.1m516.3m

Gross profit

52.4m50.7m50.3m71.8m70.5m66.0m71.8m74.4m73.9m79.5m172.8m

Gross profit Margin, %

25%24%25%25%25%25%25%25%26%25%25%

EBIT

8.6m9.0m3.1m9.3m12.9m5.4m11.2m8.3m3.1m5.7m20.7m

EBIT margin, %

4%4%2%3%5%2%4%3%1%2%3%

Interest expense

2.1m1.9m1.8m3.6m3.9m3.7m25.7m5.9m5.9m5.0m10.4m

Pre tax profit

6.5m7.1m1.7m5.8m8.9m1.7m(14.5m)2.3m(2.8m)761.0k10.3m

Income tax expense

686.0k(6.0m)(1.2m)217.0k2.9m

Net Income

3.8m4.2m967.0k3.4m5.2m993.0k(8.5m)1.3m(1.6m)544.0k7.4m

The Chefs' Warehouse Balance Sheet

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Cash

20.0m3.3m2.5m32.9m41.5m

Accounts Receivable

15.1m

Inventories

16.3m9.8m9.2m87.5m102.1m

Current Assets

180.1m189.0m233.8m264.5m296.8m

PP&E

68.4m

Goodwill

78.0m78.5m155.8m163.8m173.2m

Total Assets

354.8m376.2m586.2m633.5m687.7m

Accounts Payable

33.9m43.2m64.9m65.5m70.0m

Short-term debt

6.9m7.7m6.3m14.8m3.8m

Current Liabilities

62.6m77.1m103.1m107.4m108.3m

Long-term debt

140.8m135.8m268.5m317.7m314.0m

Total Debt

147.7m143.5m274.8m332.5m317.8m

Total Liabilities

439.8m439.1m

Additional Paid-in Capital

97.0m98.0m125.2m127.2m167.0m

Retained Earnings

35.1m49.3m65.5m68.5m82.9m

Total Equity

146.8m188.0m193.8m248.6m

Debt to Equity Ratio

1 x1.5 x1.7 x

Debt to Assets Ratio

0.4 x0.4 x0.5 x0.5 x

Financial Leverage

2.6 x3.1 x3.3 x2.8 x

Quarterly

USDQ2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q1, 2018Q2, 2018

Cash

14.7m5.2m2.0m2.4m1.5m2.7m48.3m26.2m35.8m45.1m39.6m

Inventories

67.0m70.6m71.0m91.9m93.0m91.3m91.3m89.0m91.2m101.5m115.9m

Current Assets

177.3m178.7m177.8m226.4m226.6m221.2m286.2m265.3m261.0m290.3m308.9m

PP&E

69.5m72.0m

Goodwill

79.2m77.5m78.4m149.7m155.1m155.8m155.3m163.8m166.6m177.1m182.0m

Total Assets

354.8m358.2m370.3m588.5m580.1m570.5m635.6m632.3m629.1m681.2m708.1m

Accounts Payable

31.4m32.1m44.0m50.6m53.7m57.9m54.6m59.2m64.0m68.5m83.3m

Short-term debt

7.1m7.3m7.6m7.3m7.6m4.7m13.3m13.6m15.8m3.4m3.2m

Current Liabilities

61.2m62.0m71.1m82.2m88.5m92.0m95.1m102.8m104.4m100.9m119.4m

Long-term debt

139.0m137.6m136.7m305.4m284.4m262.6m332.6m319.0m316.1m313.7m313.3m

Total Debt

317.1m316.6m

Total Liabilities

432.7m452.0m

Additional Paid-in Capital

97.4m97.5m98.1m124.2m124.5m125.4m126.1m126.5m127.7m167.4m168.3m

Retained Earnings

39.9m44.1m50.2m53.6m58.8m66.5m58.0m59.4m66.9m83.4m90.2m

Total Equity

147.7m177.0m

Financial Leverage

2.5 x3.3 x

The Chefs' Warehouse Cash Flow

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Net Income

17.0m14.2m16.2m3.0m14.4m

Depreciation and Amortization

2.5m3.1m15.4m7.1m8.5m

Accounts Receivable

(5.9m)(21.0m)(11.0m)(2.5m)(13.6m)

Inventories

395.0k(11.0m)(6.1m)7.0m(11.8m)

Accounts Payable

10.4m

Cash From Operating Activities

10.6m9.8m37.7m38.9m31.5m

Cash From Investing Activities

(89.7m)(23.7m)(129.3m)(35.8m)(42.4m)

Cash From Financing Activities

98.7m(2.7m)91.0m27.2m19.4m

Interest Paid

6.0m8.2m

Income Taxes Paid

11.5m10.7m

Free Cash Flow

22.3m34.0m59.4m22.3m19.2m

Quarterly

USDQ2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q1, 2018Q2, 2018

Net Income

3.8m4.2m967.0k3.4m5.2m993.0k(8.5m)1.3m(1.6m)544.0k7.4m

Depreciation and Amortization

2.1m5.2m10.5m

Accounts Receivable

5.4m6.5m(173.0k)

Inventories

(3.4m)754.0k(10.2m)

Accounts Payable

31.4m32.1m44.0m50.6m53.7m57.9m54.6m59.2m

Cash From Operating Activities

8.1m10.5m18.9m

Cash From Investing Activities

(3.8m)(5.3m)(17.4m)

Cash From Financing Activities

(1.4m)(1.7m)(3.4m)

Free Cash Flow

4.4m7.6m13.4m

The Chefs' Warehouse Ratios

USDY, 2018

EV/EBIT

58.2 x

EV/CFO

63.7 x

EV/FCF

90.1 x
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The Chefs' Warehouse Operating Metrics

Q1, 2015FY, 2014Q2, 2015Q3, 2015Q1, 2016FY, 2015Q2, 2016Q3, 2016FY, 2016Q1, 2017Q2, 2017

SKUs Offered

30 k31.80 k31.80 k33.70 k33.70 k34 k34 k35 k43 k43 k43 k

Distribution Centers

20 21 21 21 21 25 22 22 24 24 24

Suppliers

1.60 k1.70 k1.80 k

Customer Locations

20 k22.60 k22.60 k24.50 k24.50 k26 k26 k26.50 k28 k28 k28 k
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