The Chefs' Warehouse Financials

$287.7 M

Revenue Q1, 2017

$553.2 M

Mkt cap, 16-Feb-2018
Gross profit (Q1, 2017)73.9 M
Gross profit margin (Q1, 2017), %26%
Net income (Q1, 2017)(1.6 M)
EBIT (Q1, 2017)3.1 M
Cash, 31-Mar-201735.8 M

Financials

Market Value

Revenue/Financials

Income Statement

Annual

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

Revenue

673.5 m836.6 m1.1 b1.2 b

Revenue growth, %

24%27%13%

Cost of goods sold

501.2 m630.6 m789.5 m891.6 m

Gross profit

172.4 m206.1 m269.5 m301.2 m

Gross profit Margin, %

26%25%25%25%

EBIT

36.6 m33 m40.4 m47.2 m

EBIT margin, %

5%4%4%4%

Interest expense

7.8 m8.2 m13 m41.6 m

Pre tax profit

28.8 m24.8 m27.7 m5.7 m

Income tax expense

10.6 m11.5 m2.7 m

Net Income

17 m14.2 m16.2 m3 m

Quarterly

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

Revenue

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

Cost of goods sold

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

Gross profit

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

Gross profit Margin, %

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

EBIT

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

EBIT margin, %

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

Interest expense

2.1 m1.9 m1.8 m3.6 m3.9 m3.7 m25.7 m5.9 m5.9 m

Pre tax profit

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

Income tax expense

686 k(6 m)(1.2 m)

Net Income

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

Balance Sheet

Annual

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

Cash

20 m3.3 m2.5 m32.9 m

Accounts Receivable

15.1 m

Inventories

16.3 m9.8 m9.2 m87.5 m

Current Assets

180.1 m189 m233.8 m264.5 m

Goodwill

78 m78.5 m155.8 m163.8 m

Total Assets

354.8 m376.2 m586.2 m633.5 m

Accounts Payable

33.9 m43.2 m64.9 m65.5 m

Short-term debt

6.9 m7.7 m6.3 m14.8 m

Current Liabilities

62.6 m77.1 m103.1 m107.4 m

Long-term debt

140.8 m135.8 m268.5 m317.7 m

Total Debt

147.7 m143.5 m274.8 m332.5 m

Total Liabilities

439.8 m

Additional Paid-in Capital

97 m98 m125.2 m127.2 m

Retained Earnings

35.1 m49.3 m65.5 m68.5 m

Total Equity

146.8 m188 m193.8 m

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 x

Quarterly

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

Cash

14.7 m5.2 m2 m2.4 m1.5 m2.7 m48.3 m26.2 m35.8 m

Inventories

67 m70.6 m71 m91.9 m93 m91.3 m91.3 m89 m91.2 m

Current Assets

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

Goodwill

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

Total Assets

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

Accounts Payable

31.4 m32.1 m44 m50.6 m53.7 m57.9 m54.6 m59.2 m64 m

Short-term debt

7.1 m7.3 m7.6 m7.3 m7.6 m4.7 m13.3 m13.6 m15.8 m

Current Liabilities

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

Long-term debt

139 m137.6 m136.7 m305.4 m284.4 m262.6 m332.6 m319 m316.1 m

Additional Paid-in Capital

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

Retained Earnings

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

Total Equity

147.7 m177 m

Financial Leverage

2.5 x3.3 x

Cash Flow

Annual

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

Net Income

17 m14.2 m16.2 m3 m

Depreciation and Amortization

2.5 m3.1 m15.4 m7.1 m

Accounts Receivable

(5.9 m)(21 m)(11 m)(2.5 m)

Inventories

395 k(11 m)(6.1 m)7 m

Cash From Operating Activities

10.6 m9.8 m37.7 m38.9 m

Capital Expenditures

(11.7 m)(24.2 m)(21.7 m)(16.6 m)

Cash From Investing Activities

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

Cash From Financing Activities

98.7 m(2.7 m)91 m27.2 m

Interest Paid

6 m8.2 m

Income Taxes Paid

11.5 m10.7 m

Free Cash Flow

22.3 m34 m59.4 m22.3 m

Quarterly

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

Net Income

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

Depreciation and Amortization

2.1 m

Accounts Receivable

5.4 m

Inventories

(3.4 m)

Accounts Payable

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

Cash From Operating Activities

8.1 m

Capital Expenditures

(3.8 m)

Cash From Investing Activities

(3.8 m)

Cash From Financing Activities

(1.4 m)

Free Cash Flow

4.4 m

Ratios

USDY, 2017

Revenue/Employee

147.7 k

Operating Metrics

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

SKUs Offered

30 k31.8 k31.8 k33.7 k33.7 k34 k34 k35 k43 k43 k43 k

Distribution Centers

2021212121252222242424

Suppliers

1.6 k1.7 k1.8 k

Customer Locations

20 k22.6 k22.6 k24.5 k24.5 k26 k26 k26.5 k28 k28 k28 k