CHEF FY 2019 Earnings Report — The Chefs' Warehouse, Inc. Revenue & Financial Results | Market Cap Arena

The Chefs' Warehouse, Inc.CHEF

FY 2019 Earnings

Reported February 24, 2020

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2019	Prior Q	FY 2018	QoQ Change	YoY Change
Revenue	$1.6B	—	$1.4B	—	10.2%
Op. Income	$51M	—	$49M	—	4.1%
Gross Margin	25.5%	—	25.4%	—	0.1pp
Net Margin	1.5%	—	1.4%	—	0.1pp
EPS (Diluted)	$0.81	—	$0.69	—	17.4%
Free Cash Flow	$29M	—	$25M	—	14.5%

Revenue Flow

Item	Amount
REVENUE	$1.6B
Cost of Revenue	$1.2B
GROSS PROFIT	$406M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$350M
Other Expenses	$6M
Operating Expenses	$356M
Cost & Expenses	$1.5B
OPERATING INCOME	$51M
Interest Income	$0
Interest Expense	$18M
Other Income/Expenses	-$18M
INCOME BEFORE TAX	$32M
Income Tax Expense	$8M
Net Income from Continuing Ops	$24M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$24M
Net Income Deductions	$207.0K
BOTTOM LINE NET INCOME	$24M
D&A	$26M
EBIT	$51M
EBITDA	$77M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$1.6B
Cost of Revenue	$1.2B
GROSS PROFIT	$406M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$350M
Other Expenses	$6M
Operating Expenses	$356M
Cost & Expenses	$1.5B
OPERATING INCOME	$51M
Interest Income	$0
Interest Expense	$18M
Other Income/Expenses	-$18M
INCOME BEFORE TAX	$32M
Income Tax Expense	$8M
Net Income from Continuing Ops	$24M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$24M
Net Income Deductions	$207.0K
BOTTOM LINE NET INCOME	$24M
D&A	$26M
EBIT	$51M
EBITDA	$77M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$24M
Depreciation & Amortization	$26M
Stock-Based Compensation	$4M
Deferred Income Tax	$2M
Other Non-Cash Items	$15M
Change in Working Capital	-$27M
OPERATING CASH FLOW	$45M
Capital Expenditure	-$16M
Acquisitions (Net)	-$28M
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	$0
NET CASH FROM INVESTING	-$44M
Net Debt Issuance	$104M
Common Stock Repurchased	-$1M
Common Dividends Paid	$0
Other Financing Activities	-$6M
NET CASH FROM FINANCING	$97M
FREE CASH FLOW	$29M
Net Change in Cash	$98M

Balance Sheet

Item	Amount
Cash & Equivalents	$140M
Short-Term Investments	$0
Net Receivables	$175M
Inventory	$124M
Other Current Assets	$0
TOTAL CURRENT ASSETS	$453M
PP&E (Net)	$220M
Goodwill	$198M
Intangible Assets	$139M
Long-Term Investments	-$47M
Tax Assets	$47M
Other Non-Current Assets	$4M
TOTAL NON-CURRENT ASSETS	$561M
TOTAL ASSETS	$1.0B
Account Payables	$94M
Short-Term Debt	$721.0K
Deferred Revenue	$1M
Other Current Liabilities	$7M
TOTAL CURRENT LIABILITIES	$150M
Long-Term Debt	$386M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$11M
Other Non-Current Liabilities	$10M
TOTAL NON-CURRENT LIABILITIES	$528M
TOTAL LIABILITIES	$678M
Common Stock	$304.0K
Additional Paid-In Capital	$212M
Retained Earnings	$125M
Treasury Stock	$0
Accum. Other Comp. Income	-$2M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$336M
Minority Interest	$0
TOTAL EQUITY	$336M
TOTAL LIABILITIES & EQUITY	$1.0B
Total Debt	$525M
Net Debt	$385M