Every material Form 8-K Chefs' Warehouse filed with the SEC in 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
The Chefs' Warehouse reported third-quarter 2024 results for the period ended September 27, 2024. Net sales rose 5.6% to $931.5 million, GAAP net income rose to $14.1 million from $7.3 million, and diluted earnings per share were $0.34 versus $0.19 a year earlier. The company also issued fiscal 2024 guidance of $3.710 billion to $3.775 billion in net sales and $210.0 million to $219.0 million in adjusted EBITDA, but the filing does not state how this compares with prior guidance.
Net sales rose 5.6% to $931.5 million from $881.8 million in the third quarter of 2023.
GAAP net income was $14.1 million, or $0.34 per diluted share, versus $7.3 million, or $0.19 per diluted share, a year earlier.
Adjusted EBITDA was $54.5 million versus $50.3 million; adjusted net income per diluted share was $0.36 versus $0.33.
Fiscal 2024 guidance: net sales of $3.710 billion to $3.775 billion; gross profit of $890.0 million to $906.0 million; adjusted EBITDA of $210.0 million to $219.0 million.
On October 22, 2024, Chefs' Warehouse entered Amendment No. 12 to its senior secured term loan credit agreement, lowering the margin on its term loan B facility from 400 basis points over term SOFR to 350 basis points. The SOFR floor of 0.50% and the August 23, 2029 maturity were unchanged, and $262 million of term loans remain outstanding. The change lowers the company's borrowing cost on this facility, though the filing does not quantify expected savings.
Term loan B margin cut from 400 to 350 basis points over term SOFR (alternate base rate margin cut from 300 to 250 basis points)
Aggregate principal of term loans outstanding after the amendment: $262 million
Adjusted Term SOFR floor of 0.50% and scheduled maturity of August 23, 2029 unchanged
The Chefs' Warehouse reported results for the second quarter ended June 28, 2024, with net sales up 8.3% to $954.7 million and GAAP net income of $15.5 million, or $0.37 per diluted share, compared with $9.9 million, or $0.25, a year earlier. The company also issued fiscal 2024 guidance of $3.665 billion to $3.785 billion in net sales and $208.0 million to $219.0 million in adjusted EBITDA, which shareholders can compare with future results.
Net sales rose 8.3% to $954.7 million from $881.8 million; organic sales grew about 7.2%.
GAAP net income was $15.5 million, or $0.37 per diluted share, versus $9.9 million, or $0.25, in Q2 2023.
Adjusted EBITDA was $56.2 million versus $51.1 million; adjusted net income per share was $0.40 versus $0.35.
Fiscal 2024 guidance: net sales $3.665 billion to $3.785 billion; gross profit $874.0 million to $902.0 million; adjusted EBITDA $208.0 million to $219.0 million.
Chefs' Warehouse amended its March 1, 2024 Cooperation Agreement with activist investor group Legion Partners on May 31, 2024. The amendment makes the board's commitments on director nominations and board size subject to its fiduciary duties, and would free the Legion group to seek election of its nominees if the board declines to act on them.
Amendment dated May 31, 2024 to the Cooperation Agreement dated March 1, 2024
Board's support for Richard N. Peretz and Wendy M. Weinstein as directors is now subject to its fiduciary duties
If the board declines required actions, Legion group may seek director election, solicit proxies and end voting, standstill and non-disparagement obligations
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.
Only material 8-Ks get a brief: results, deals, executive changes, restructuring, impairments, delisting notices, restatements, cybersecurity incidents and other disclosed events. Routine filings (vote results, exhibits only) are skipped. Every Chefs' Warehouse filing is on SEC EDGAR ↗. 8-K briefs of other companies →