Chefs Warehouse Inc
For the period ended Dec 29, 2023. Filed Feb 27, 2024.
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FY2023 · Filed Feb 27, 2024
CHEF$108.18+0.8%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands)
| Fiscal Years Ended | |||
|---|---|---|---|
| December 29,2023 | December 30,2022 | December 24,2021 | |
| Cash flows from operating activities: | |||
| Net income (loss) | $34,590 | $27,750 | $(4,923) |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
| Depreciation and amortization | 32,887 | 24,332 | 21,998 |
| Amortization of intangible assets | 22,719 | 13,913 | 12,967 |
| Provision for allowance for doubtful accounts | 8,078 | 6,048 | (422) |
| Provision (benefit) for deferred income taxes | 8,114 | 9,601 | (1,845) |
| Loss on debt extinguishment | — | 14,287 | — |
| Stock compensation | 20,042 | 13,602 | 11,479 |
| Change in fair value of contingent earn-out liabilities | 3,081 | 8,505 | (1,296) |
| Intangible asset impairment | 1,838 | — | 597 |
| Non-cash interest and other operating activities | 5,456 | 3,037 | 3,894 |
| Changes in assets and liabilities, net of acquisitions: | |||
| Accounts receivable | (48,813) | (48,229) | (70,777) |
| Inventories | (28,759) | (49,931) | (60,799) |
| Prepaid expenses and other current assets | (7,234) | (17,603) | (2,183) |
| Accounts payable, accrued liabilities and accrued compensation | 19,598 | 19,163 | 71,519 |
| Other assets and liabilities | (9,958) | (1,341) | (108) |
| Net cash provided by (used in) operating activities | 61,639 | 23,134 | (19,899) |
| Cash flows from investing activities: | |||
| Capital expenditures | (57,427) | (45,848) | (38,801) |
| Cash paid for acquisitions, net | (121,884) | (186,175) | (10,190) |
| Net cash used in investing activities | (179,311) | (232,023) | (48,991) |
| Cash flows from financing activities: | |||
| Payment of debt and other financing obligations | (29,000) | (327,741) | (32,879) |
| Payment of finance leases | (4,327) | (3,332) | (4,731) |
| Proceeds from debt issuance | — | 587,500 | 51,750 |
| Payment of deferred financing fees | (1,739) | (19,039) | (1,450) |
| Proceeds from exercise of stock options | 55 | 69 | — |
| Surrender of shares to pay withholding taxes | (2,134) | (2,674) | (1,829) |
| Cash paid for contingent earn-out liabilities | (11,625) | (3,788) | (83) |
| Borrowings under asset-based loan facility and revolving credit facilities | 60,000 | 42,220 | — |
| Payments under asset-based loan facility | (2,220) | (20,000) | (20,000) |
| Net cash provided by (used in) financing activities | 9,010 | 253,215 | (9,222) |
| Effect of foreign currency on cash and cash equivalents | (260) | (681) | (14) |
| Net change in cash and cash equivalents | (108,922) | 43,645 | (78,126) |
| Cash and cash equivalents at beginning of year | 158,800 | 115,155 | 193,281 |
| Cash and cash equivalents at end of year | $49,878 | $158,800 | $115,155 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.