The Chefs’ Warehouse, Inc. (NASDAQ: CHEF) (the “Company” or
“Chefs’”), a premier distributor of specialty food products in the
United States and Canada, today reported financial results for its
third quarter ended September 24, 2021.
Financial highlights for the third quarter of
2021:
- Net sales increased 90.7% to $484.3
million for the third quarter of 2021 from $254.0 million for the
third quarter of 2020.
- GAAP net income was $3.5 million,
or $0.09 per diluted share, for the third quarter of 2021 compared
to net loss of $11.4 million, or $(0.31) per diluted share, in the
third quarter of 2020.
- Adjusted EPS1 was $0.12 for the
third quarter of 2021 compared to $(0.38) for the third quarter of
2020.
- Adjusted EBITDA1 was $23.4 million
for the third quarter of 2021 compared to negative adjusted EBITDA
$(4.9) million for the third quarter of 2020.
“Revenue trends remained strong as momentum from
second quarter customer and consumer demand continued into the
third quarter,” said Chris Pappas, Chairman and Chief Executive
Officer of the Company. “Moderate growth in market segments and
business activity related to return to offices, travel and
hospitality contributed to a steady increase in weekly sales as the
quarter progressed. We exited the quarter at approximately 103% of
2019 sales, inclusive of acquisitions completed in 2020 and
2021.”
Third Quarter Fiscal 2021 Results
Net sales for the quarter ended
September 24, 2021 increased 90.7% to $484.3 million from
$254.0 million for the quarter ended September 25, 2020.
Organic sales increased $213.7 million,
or 84.2% versus the prior year quarter. Sales
growth of $16.6 million, or 6.5%, resulted from
acquisitions. Organic case count increased approximately 57.5% in
the Company’s specialty category with unique customers and
placements increases at 36.9% and 50.4%,
respectively, compared to the prior year quarter. Organic pounds
sold in the Company’s center-of-the-plate category
increased approximately 56.9% compared to the prior year
quarter. Estimated inflation was 10.9% in the Company’s
specialty categories and 28.0% in the center-of-the-plate
categories compared to the prior year quarter.
Gross profit increased approximately 82.2% to $110.0 million for
the third quarter of 2021 from $60.4 million for the third quarter
of 2020. Gross profit margin decreased approximately 105 basis
points to 22.7% from 23.8%. Gross margins in the Company’s
specialty category increased 301 basis points and gross margins
decreased 488 basis points in the Company’s center-of-the-plate
category compared to the prior year quarter.
Selling, general and administrative expenses
increased by approximately 30.1% to $99.4 million for the third
quarter of 2021 from $76.4 million for the third quarter of 2020.
These increases were primarily volume-based increases to support
our sales growth for the quarter ended September 24, 2021. As a
percentage of net sales, operating expenses were 20.5% in the third
quarter of 2021 compared to 30.1% in the third quarter of 2020.
Other operating expense increased by
approximately $4.3 million primarily due to changes in the fair
value of our contingent earn-out liabilities which caused a
non-cash charge of $0.1 million in the current period compared to
non-cash credits of $4.6 million in the prior year period.
Operating income for the third quarter of 2021
was $10.4 million compared to operating loss of $11.9 million for
the third quarter of 2020. The increase in operating income was
driven primarily by higher gross profit, partially offset by higher
selling, general and administrative, as discussed above. As a
percentage of net sales, operating income was 2.2% in the third
quarter of 2021 as compared to operating loss of 4.7% in the third
quarter of 2020.
Total interest expense decreased to $4.2 million
for the third quarter of 2021 compared to $4.7 million for the
third quarter of 2020. The decrease in interest expense is the
result of lower effective interest rates charged on the Company’s
outstanding debt.
Net income for the third quarter of 2021 was
$3.5 million, or $0.09 per diluted share, compared to net loss of
$11.4 million, or $(0.31) per diluted share, for the third quarter
of 2020.
Adjusted EBITDA1 was $23.4 million for the third
quarter of 2021 compared to negative adjusted EBITDA of $(4.9)
million for the third quarter of 2020. For the third quarter of
2021, adjusted net income1 was $4.5 million, or $0.12 per diluted
share compared to adjusted net loss of $13.7 million, or $(0.38)
per diluted share for the third quarter of 2020.
Full Year 2021 Guidance
Due to the continued uncertainty regarding the
pace of broader economic recovery and the timing of event and
travel related business activity, the Company will not be providing
guidance for 2021 at this time. The Company will look to provide
guidance as it gains more clarity as to the pace of recovery,
outlook and the broader post-pandemic related environment.
Third Quarter 2021 Earnings Conference Call
The Company will host a conference call to
discuss third quarter 2021 financial results today at 8:30 a.m.
EDT. Hosting the call will be Chris Pappas, chairman and chief
executive officer, and Jim Leddy, chief financial officer. The
conference call will be webcast live from the Company’s investor
relations website at http://investors.chefswarehouse.com/. An
online archive of the webcast will be available on the Company’s
investor relations website.
Forward-Looking Statements
Statements in this press release regarding the
Company’s business that are not historical facts are
“forward-looking statements” that involve risks and uncertainties
and are based on current expectations and management estimates;
actual results may differ materially. The risks and uncertainties
which could impact these statements include, but are not limited to
the following: our sensitivity to general economic conditions,
including disposable income levels and changes in consumer
discretionary spending; our ability to expand our operations in our
existing markets and to penetrate new markets through acquisitions;
we may not achieve the benefits expected from our acquisitions,
which could adversely impact our business and operating results; we
may have difficulty managing and facilitating our future growth;
conditions beyond our control could materially affect the cost
and/or availability of our specialty food products or
center-of-the-plate products and/or interrupt our distribution
network; our increased distribution of center-of-the-plate
products, like meat, poultry and seafood, involves increased
exposure to price volatility experienced by those products; our
business is a low-margin business and our profit margins may be
sensitive to inflationary and deflationary pressures; because our
foodservice distribution operations are concentrated in certain
culinary markets, we are susceptible to economic and other
developments, including adverse weather conditions, in these areas;
fuel cost volatility may have a material adverse effect on our
business, financial condition or results of operations; our ability
to raise capital in the future may be limited; we may be unable to
obtain debt or other financing, including financing necessary to
execute on our acquisition strategy, on favorable terms or at all;
interest charged on our outstanding debt may be adversely affected
by changes in the method of determining London Interbank Offered
Rate (LIBOR), or the replacement of LIBOR with an alternative rate;
our business operations and future development could be
significantly disrupted if we lose key members of our management
team; and significant public health epidemics or pandemics,
including COVID-19, may adversely affect our business,
results of operations and financial condition. Any forward-looking
statements are made pursuant to the Private Securities Litigation
Reform Act of 1995 and, as such, speak only as of the date made. A
more detailed description of these and other risk factors is
contained in the Company’s most recent annual report on Form 10-K
filed with the SEC on February 23, 2021 and other reports
filed by the Company with the SEC since that date. The Company is
not undertaking to update any information until required by
applicable laws. Any projections of future results of operations
are based on a number of assumptions, many of which are outside the
Company’s control and should not be construed in any manner as a
guarantee that such results will in fact occur. These projections
are subject to change and could differ materially from final
reported results. The Company may from time to time update these
publicly announced projections, but it is not obligated to do
so.
About The Chefs’ Warehouse
The Chefs’ Warehouse, Inc.
(http://www.chefswarehouse.com) is a premier distributor of
specialty food products in the United States and Canada focused on
serving the specific needs of chefs who own and/or operate some of
the nation’s leading menu-driven independent restaurants, fine
dining establishments, country clubs, hotels, caterers, culinary
schools, bakeries, patisseries, chocolateries, cruise lines,
casinos and specialty food stores. The Chefs’ Warehouse, Inc.
carries and distributes more than 50,000 products to more than
34,000 customer locations throughout the United States and
Canada.
Contact:Investor Relations Jim Leddy, CFO,
(718) 684-8415
__________________1EBITDA, Adjusted EBITDA,
adjusted net income (loss) and adjusted EPS are non-GAAP measures.
Please see the schedules accompanying this earnings release for a
reconciliation of EBITDA, Adjusted EBITDA, adjusted net income
(loss) and adjusted EPS to these measures’ most directly comparable
GAAP measure.
THE CHEFS’ WAREHOUSE, INC. |
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS |
(unaudited, in thousands except share amounts and per share
data) |
|
|
Thirteen Weeks Ended |
|
Thirty-Nine Weeks Ended |
|
September 24,2021 |
|
September 25,2020 |
|
September 24,2021 |
|
September 25,2020 |
Net sales |
$ |
484,321 |
|
|
$ |
254,030 |
|
|
$ |
1,187,506 |
|
|
$ |
829,957 |
|
Cost of sales |
374,346 |
|
|
193,668 |
|
|
922,710 |
|
|
640,681 |
|
Gross profit |
109,975 |
|
|
60,362 |
|
|
264,796 |
|
|
189,276 |
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses |
99,431 |
|
|
76,433 |
|
|
270,034 |
|
|
253,480 |
|
Other operating (income)
expenses, net |
105 |
|
|
(4,146 |
) |
|
(208 |
) |
|
(9,812 |
) |
Operating income (loss) |
10,439 |
|
|
(11,925 |
) |
|
(5,030 |
) |
|
(54,392 |
) |
|
|
|
|
|
|
|
|
Interest expense |
4,191 |
|
|
4,706 |
|
|
13,362 |
|
|
15,602 |
|
Income (loss) before income taxes |
6,248 |
|
|
(16,631 |
) |
|
(18,392 |
) |
|
(69,994 |
) |
|
|
|
|
|
|
|
|
Provision for income tax
expense (benefit) |
2,792 |
|
|
(5,204 |
) |
|
(5,025 |
) |
|
(24,148 |
) |
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
3,456 |
|
|
$ |
(11,427 |
) |
|
$ |
(13,367 |
) |
|
$ |
(45,846 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
share: |
|
|
|
|
|
|
|
Basic |
$ |
0.09 |
|
|
$ |
(0.31 |
) |
|
$ |
(0.36 |
) |
|
$ |
(1.39 |
) |
Diluted |
$ |
0.09 |
|
|
$ |
(0.31 |
) |
|
$ |
(0.36 |
) |
|
$ |
(1.39 |
) |
|
|
|
|
|
|
|
|
Weighted average common shares
outstanding: |
|
|
|
|
|
|
|
Basic |
36,875,784 |
|
|
36,283,883 |
|
|
36,701,927 |
|
|
32,868,162 |
|
Diluted |
37,105,746 |
|
|
36,283,883 |
|
|
36,701,927 |
|
|
32,868,162 |
|
|
THE CHEFS’ WAREHOUSE, INC. |
CONDENSED CONSOLIDATED BALANCE SHEETS |
AS OF SEPTEMBER 24, 2021 AND DECEMBER 25,
2020 |
(in thousands) |
|
|
September 24, 2021 |
|
December 25, 2020 |
|
(unaudited) |
|
|
Cash and cash equivalents |
$ |
134,217 |
|
|
$ |
193,281 |
|
Accounts receivable, net |
151,720 |
|
|
96,383 |
|
Inventories, net |
132,802 |
|
|
82,519 |
|
Prepaid expenses and other
current assets |
37,759 |
|
|
33,479 |
|
Total current assets |
456,498 |
|
|
405,662 |
|
|
|
|
|
Equipment, leasehold
improvements and software, net |
118,143 |
|
|
115,448 |
|
Operating lease right-of-use
assets |
115,182 |
|
|
115,224 |
|
Goodwill |
220,376 |
|
|
214,864 |
|
Intangible assets, net |
105,696 |
|
|
111,717 |
|
Deferred taxes, net |
12,390 |
|
|
7,535 |
|
Other assets |
3,727 |
|
|
3,875 |
|
Total assets |
$ |
1,032,012 |
|
|
$ |
974,325 |
|
|
|
|
|
|
|
|
|
Accounts payable |
$ |
108,972 |
|
|
$ |
57,515 |
|
Accrued liabilities |
33,746 |
|
|
27,924 |
|
Short-term operating lease
liabilities |
16,936 |
|
|
17,167 |
|
Accrued compensation |
18,624 |
|
|
9,401 |
|
Current portion of long-term
debt |
5,624 |
|
|
6,095 |
|
Total current liabilities |
183,902 |
|
|
118,102 |
|
|
|
|
|
Long-term debt, net of current
portion |
394,979 |
|
|
398,084 |
|
Operating lease
liabilities |
109,827 |
|
|
109,133 |
|
Other liabilities |
4,238 |
|
|
4,416 |
|
Total liabilities |
692,946 |
|
|
629,735 |
|
|
|
|
|
Preferred stock |
— |
|
|
— |
|
Common stock |
380 |
|
|
373 |
|
Additional paid in
capital |
311,503 |
|
|
303,734 |
|
Cumulative foreign currency
translation adjustment |
(1,984 |
) |
|
(2,051 |
) |
Retained earnings |
29,167 |
|
|
42,534 |
|
Stockholders’ equity |
339,066 |
|
|
344,590 |
|
|
|
|
|
Total liabilities and
stockholders’ equity |
$ |
1,032,012 |
|
|
$ |
974,325 |
|
|
THE CHEFS’ WAREHOUSE, INC. |
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS |
FOR THE THIRTY-NINE WEEKS ENDED SEPTEMBER 24, 2021 AND
SEPTEMBER 25, 2020 |
(unaudited, in thousands) |
|
|
September 24,2021 |
|
September 25,2020 |
Cash flows from
operating activities: |
|
|
|
Net loss |
$ |
(13,367 |
) |
|
$ |
(45,846 |
) |
|
|
|
|
Adjustments to reconcile net
loss to net cash (used in) provided by operating activities: |
|
|
|
Depreciation and amortization |
16,270 |
|
|
14,714 |
|
Amortization of intangible assets |
9,778 |
|
|
10,111 |
|
(Benefit) provision for allowance for doubtful accounts |
(744 |
) |
|
20,447 |
|
Non-cash operating lease expense |
505 |
|
|
604 |
|
Benefit for deferred income taxes |
(4,855 |
) |
|
(6,527 |
) |
Amortization of deferred financing fees |
1,832 |
|
|
2,152 |
|
Stock compensation |
8,448 |
|
|
4,925 |
|
Change in fair value of contingent earn-out liabilities |
(1,359 |
) |
|
(11,219 |
) |
Intangible asset impairment |
597 |
|
|
— |
|
Loss on asset disposal |
257 |
|
|
52 |
|
Changes in assets and
liabilities, net of acquisitions: |
|
|
|
Accounts receivable |
(51,582 |
) |
|
74,236 |
|
Inventories |
(49,148 |
) |
|
33,285 |
|
Prepaid expenses and other current assets |
(3,304 |
) |
|
(16,227 |
) |
Accounts payable, accrued liabilities and accrued compensation |
60,443 |
|
|
(29,455 |
) |
Other assets and liabilities |
(101 |
) |
|
2,617 |
|
Net cash (used in)
provided by operating activities |
(26,330 |
) |
|
53,869 |
|
|
|
|
|
Cash flows from
investing activities: |
|
|
|
Capital expenditures |
(17,872 |
) |
|
(5,409 |
) |
Cash paid for acquisitions, net of cash received |
(7,280 |
) |
|
(60,437 |
) |
Net cash used in
investing activities |
(25,152 |
) |
|
(65,846 |
) |
|
|
|
|
Cash flows from
financing activities: |
|
|
|
Payment of debt, finance lease and other financing obligations |
(35,918 |
) |
|
(38,924 |
) |
Proceeds from the issuance of common stock, net of issuance
costs |
— |
|
|
85,941 |
|
Proceeds from debt issuance |
51,750 |
|
|
— |
|
Payment of deferred financing fees |
(1,450 |
) |
|
(856 |
) |
Surrender of shares to pay withholding taxes |
(1,792 |
) |
|
(2,777 |
) |
Cash paid for contingent earn-out liabilities |
(83 |
) |
|
(2,927 |
) |
Borrowings under asset based loan facility |
— |
|
|
100,000 |
|
Payments under asset based loan facility |
(20,000 |
) |
|
(60,000 |
) |
Net cash (used in)
provided by financing activities |
(7,493 |
) |
|
80,457 |
|
|
|
|
|
Effect of foreign currency
translation on cash and cash equivalents |
(89 |
) |
|
(168 |
) |
|
|
|
|
Net (decrease)
increase in cash and cash equivalents |
(59,064 |
) |
|
68,312 |
|
Cash and cash equivalents at
beginning of period |
193,281 |
|
|
140,233 |
|
Cash and cash
equivalents at end of period |
$ |
134,217 |
|
|
$ |
208,545 |
|
|
THE CHEFS’ WAREHOUSE, INC. |
RECONCILIATION OF GAAP NET INCOME (LOSS) PER COMMON
SHARE |
(unaudited; in thousands except share amounts and per share
data) |
|
|
Thirteen Weeks Ended |
|
Thirty-Nine Weeks Ended |
|
September 24,2021 |
|
September 25,2020 |
|
September 24,2021 |
|
September 25,2020 |
Numerator: |
|
|
|
|
|
|
|
Net income (loss) |
$ |
3,456 |
|
|
$ |
(11,427 |
) |
|
$ |
(13,367 |
) |
|
$ |
(45,846 |
) |
Denominator: |
|
|
|
|
|
|
|
Weighted average basic common
shares outstanding |
36,875,784 |
|
|
36,283,883 |
|
|
36,701,927 |
|
|
32,868,162 |
|
Dilutive effect of unvested
common shares |
229,962 |
|
|
— |
|
|
— |
|
|
— |
|
Weighted average diluted
common shares outstanding |
37,105,746 |
|
|
36,283,883 |
|
|
36,701,927 |
|
|
32,868,162 |
|
|
|
|
|
|
|
|
|
Net income (loss) per
share: |
|
|
|
|
|
|
|
Basic |
$ |
0.09 |
|
|
$ |
(0.31 |
) |
|
$ |
(0.36 |
) |
|
$ |
(1.39 |
) |
Diluted |
$ |
0.09 |
|
|
$ |
(0.31 |
) |
|
$ |
(0.36 |
) |
|
$ |
(1.39 |
) |
|
THE CHEFS’ WAREHOUSE, INC. |
RECONCILIATION OF EBITDA AND ADJUSTED EBITDA TO NET INCOME
(LOSS) |
(unaudited; in thousands) |
|
|
Thirteen Weeks Ended |
|
Thirty-Nine Weeks Ended |
|
September 24,2021 |
|
September 25,2020 |
|
September 24,2021 |
|
September 25,2020 |
Net income (loss) |
$ |
3,456 |
|
|
$ |
(11,427 |
) |
|
$ |
(13,367 |
) |
|
$ |
(45,846 |
) |
Interest expense |
4,191 |
|
|
4,706 |
|
|
13,362 |
|
|
15,602 |
|
Depreciation |
5,610 |
|
|
5,039 |
|
|
16,270 |
|
|
14,714 |
|
Amortization |
3,135 |
|
|
3,391 |
|
|
9,778 |
|
|
10,111 |
|
Provision for income tax expense (benefit) |
2,792 |
|
|
(5,204 |
) |
|
(5,025 |
) |
|
(24,148 |
) |
EBITDA (1) |
19,184 |
|
|
(3,495 |
) |
|
21,018 |
|
|
(29,567 |
) |
|
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
Stock compensation (2) |
2,710 |
|
|
2,075 |
|
|
8,448 |
|
|
4,925 |
|
Other operating income (3) |
105 |
|
|
(4,146 |
) |
|
(208 |
) |
|
(9,812 |
) |
Duplicate rent (4) |
935 |
|
|
699 |
|
|
2,324 |
|
|
2,095 |
|
Payroll tax credit (5) |
— |
|
|
— |
|
|
(1,418 |
) |
|
— |
|
Moving expenses (6) |
452 |
|
|
— |
|
|
890 |
|
|
— |
|
|
|
|
|
|
|
|
|
Adjusted EBITDA (1) |
$ |
23,386 |
|
|
$ |
(4,867 |
) |
|
$ |
31,054 |
|
|
$ |
(32,359 |
) |
- We are presenting EBITDA and
Adjusted EBITDA, which are not measurements determined in
accordance with the U.S. generally accepted accounting principles,
or GAAP, because we believe these measures provide additional
metrics to evaluate our operations and which we believe, when
considered with both our GAAP results and the reconciliation to net
income, provide a more complete understanding of our business than
could be obtained absent this disclosure. We use EBITDA and
Adjusted EBITDA, together with financial measures prepared in
accordance with GAAP, such as revenue and cash flows from
operations, to assess our historical and prospective operating
performance and to enhance our understanding of our core operating
performance. The use of EBITDA and Adjusted EBITDA as performance
measures permits a comparative assessment of our operating
performance relative to our performance based upon GAAP results
while isolating the effects of some items that vary from period to
period without any correlation to core operating performance or
that vary widely among similar companies.
- Represents non-cash stock
compensation expense associated with awards of restricted shares of
our common stock and stock options to our key employees and our
independent directors.
- Represents non-cash changes in the
fair value of contingent earn-out liabilities related to our
acquisitions, non-cash charges related to asset disposals, asset
impairments, including intangible asset impairment charges, and
certain third-party deal costs incurred in connection with our
acquisitions or financing arrangements.
- Represents duplicate rent and
occupancy costs for our Los Angeles, CA and Richmond, CA
facilities.
- Represents a payroll tax credit
earned in accordance with the Employee Retention Credit under the
CARES Act.
- Represents moving expenses for the
consolidation of certain facilities in New England.
THE CHEFS’ WAREHOUSE, INC. |
RECONCILIATION OF ADJUSTED NET INCOME (LOSS) TO NET INCOME
(LOSS) |
(unaudited; in thousands except share amounts and per share
data) |
|
|
Thirteen Weeks Ended |
|
Thirty-Nine Weeks Ended |
|
September 24,2021 |
|
September 25,2020 |
|
September 24,2021 |
|
September 25,2020 |
Net income (loss) |
$ |
3,456 |
|
|
$ |
(11,427 |
) |
|
$ |
(13,367 |
) |
|
$ |
(45,846 |
) |
|
|
|
|
|
|
|
|
Adjustments to Reconcile Net
Income (Loss) to Adjusted Net Income (Loss) (1): |
|
|
|
|
|
|
|
Other operating expenses (2) |
105 |
|
|
(4,146 |
) |
|
(208 |
) |
|
(9,812 |
) |
Duplicate rent (3) |
935 |
|
|
699 |
|
|
2,324 |
|
|
2,095 |
|
Moving expenses (4) |
452 |
|
|
— |
|
|
890 |
|
|
— |
|
Third party debt modification fees (5) |
— |
|
|
— |
|
|
— |
|
|
1,233 |
|
Payroll tax credit (6) |
— |
|
|
— |
|
|
(1,418 |
) |
|
— |
|
Tax effect of adjustments (7) |
(418 |
) |
|
1,159 |
|
|
(445 |
) |
|
2,237 |
|
|
|
|
|
|
|
|
|
Total adjustments |
1,074 |
|
|
(2,288 |
) |
|
1,143 |
|
|
(4,247 |
) |
|
|
|
|
|
|
|
|
Adjusted net income
(loss) |
$ |
4,530 |
|
|
$ |
(13,715 |
) |
|
$ |
(12,224 |
) |
|
$ |
(50,093 |
) |
|
|
|
|
|
|
|
|
Diluted adjusted income (loss)
per common share |
$ |
0.12 |
|
|
$ |
(0.38 |
) |
|
$ |
(0.33 |
) |
|
$ |
(1.52 |
) |
|
|
|
|
|
|
|
|
Diluted shares outstanding -
adjusted |
37,105,746 |
|
|
36,283,883 |
|
|
36,701,927 |
|
|
32,868,162 |
|
- We are presenting adjusted net income and adjusted earnings per
common share (EPS), which are not measurements determined in
accordance with U.S. generally accepted accounting principles, or
GAAP, because we believe these measures provide additional metrics
to evaluate our operations and which we believe, when considered
with both our GAAP results and the reconciliation to net income
available to common stockholders, provide a more complete
understanding of our business than could be obtained absent this
disclosure. We use adjusted net income available to common
stockholders and adjusted EPS, together with financial measures
prepared in accordance with GAAP, such as revenue and cash flows
from operations, to assess our historical and prospective operating
performance and to enhance our understanding of our core operating
performance. The use of adjusted net income available to common
stockholders and adjusted EPS as performance measures permits a
comparative assessment of our operating performance relative to our
performance based upon our GAAP results while isolating the effects
of some items that vary from period to period without any
correlation to core operating performance or that vary widely among
similar companies.
- Represents non-cash changes in the fair value of contingent
earn-out liabilities related to our acquisitions, non-cash charges
related to asset disposals, asset impairments, including intangible
asset impairments, and certain third-party deal costs incurred in
connection with our acquisitions or financing arrangements.
- Represents duplicate rent and occupancy costs for our Los
Angeles, CA and Richmond, CA facilities.
- Represents moving expenses for the consolidation of certain
facilities in New England.
- Represents interest expense related to investment banking fees
paid in connection with the modification of our senior secured term
loan.
- Represents a payroll tax credit earned in accordance with the
Employee Retention Credit under the CARES Act.
- Represents the tax effect of items 2 through 6 above.
THE CHEFS’ WAREHOUSE, INC. |
RECONCILIATION OF ADJUSTED EARNINGS PER COMMON
SHARE |
(unaudited; in thousands except share amounts and per share
data) |
|
|
Thirteen Weeks Ended |
|
Thirty-Nine Weeks Ended |
|
September 24,2021 |
|
September 25,2020 |
|
September 24,2021 |
|
September 25,2020 |
Numerator: |
|
|
|
|
|
|
|
Adjusted net income (loss) |
$ |
4,530 |
|
|
$ |
(13,715 |
) |
|
$ |
(12,224 |
) |
|
$ |
(50,093 |
) |
Denominator: |
|
|
|
|
|
|
|
Weighted average basic common
shares outstanding |
36,875,784 |
|
|
36,283,883 |
|
|
36,701,927 |
|
|
32,868,162 |
|
Dilutive effect of unvested
common shares |
229,962 |
|
|
— |
|
|
— |
|
|
— |
|
Weighted average diluted
common shares outstanding |
37,105,746 |
|
|
36,283,883 |
|
|
36,701,927 |
|
|
32,868,162 |
|
|
|
|
|
|
|
|
|
Adjusted earnings per
share: |
|
|
|
|
|
|
|
Diluted |
$ |
0.12 |
|
|
$ |
(0.38 |
) |
|
$ |
(0.33 |
) |
|
$ |
(1.52 |
) |
Chefs Warehouse (NASDAQ:CHEF)
Historical Stock Chart
From Aug 2024 to Sep 2024
Chefs Warehouse (NASDAQ:CHEF)
Historical Stock Chart
From Sep 2023 to Sep 2024