The Chefs' Warehouse, Inc. · NASDAQ:CHEF
The Chefs' Warehouse — Q4 2024 Earnings Presentation
10 slides from The Chefs' Warehouse's earnings presentation, Feb 12, 2025
Slide 1: Fourth Quarter 2024 Earnings Presentation
Fourth Quarter 2024 Earnings Presentation The Chefs’ Warehouse, Inc. 1
Slide 2: Safe Harbor Statement
Safe Harbor Statement Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Statements in this presentation regarding the business of The Chefs’ Warehouse, Inc. (the “Company”) that are not historical facts are "forward-looking statements" that involve risks and uncertain
Slide 3: Fourth Quarter 2024 Highlights
Fourth Quarter 2024 Highlights Q4 2024 vs. Q4 2023 Sales +8.7% Specialty Sales +11.5% Unique Customers +4.5% Placements +12.3% Specialty Cases +6.1% Center-of-Plate Pounds +3.6% The Chefs’ Warehouse, Inc. *As of Q3 2024, 100% of the total sales is organic. 3
Slide 4: Updates: GP$ per Route and Adj. EBITDA per Headcount
Fourth Quarter 2024 Updates $3,000 $2,500 GP$ per Route: 2024 +33% vs. 2019 GP $ / ROUTE (US& CANADA) ** $2,000 Facility Consolidations $1,500 Acquisition integrations $1,000 $500 Transfer reductions $- 2019 2024 $1,000 $44,000 $900 $800 $42,000 adj. EBITDA per employee 76.0% GP & ADJ. OPEX $ (MILLI
Slide 5: Digital Updates
Fourth Quarter 2024 Updates Digital Unique Customers Ordering Online (Specialty) * 2019 2023 2024 20% 48% 56% Specialty Online adoption continues to grow 60% 50% Approximately 56% of specialty 40% 30% location customers ordering via 20% digital platform 10% 0% 2019 2023 2024 % of Customers (1) % of
Slide 6: 2028 Financial Goals
2028 Financial Goals $400.0 $300 - $350 $350.0 Procurement & Pricing Digital $300.0 Operations AI driven Sales Growth Predictive Merch. Adj. EBITDA $250.0 demand 6.5 -7.0% Acquisition $ Millions $219 4 – 7% (organic) Route Consolidation forecasting Integration Real-time $200.0 data to High-growth Se
Slide 7: Financial Summary
Fourth Quarter 2024 Financial Summary Q4 2024 vs. Q4 2023 Net Sales +8.7% Gross Profit Dollars +9.8% SG&A +8.9% *Adj. Opex +7.7% *Adj. EBITDA +15.6% The Chefs’ Warehouse, Inc. *Please refer to reconciliation of Adjusted EBITDA & Adjusted Operating Expense included with this 7 presentation
Slide 8: Capital Allocation and Year-end 2025 Targets
Capital Allocation Year-end 2025 Targets Net Debt Leverage Share Repurchases 2.5x – 3.0x Free Cash Flow* $25mm - $100mm (in thousands) Debt Balances YE 2023 YE 2024 2022-23 2024 2025 Secured Term Loan 276,250 260,000 (Est’d) • Chefs repurchased $17.4mm Senior Convert 2028 287,500 287,500 of common s
Slide 9: Reconciliation of Net Income to EBITDA and Adj. EBITDA
Reconciliation of Net Income to EBITDA and Adj. EBITDA Fiscal Years Ended 2019 2023 2024 (Unaudited, in millions) YOY ∆ Quarterly YOY Q4 2024 Q4 2023 Net Income $ 24.2 $ 34.6 $ 55.5 (Unaudited, in millions) Interest Expense 18.3 45.5 48.7 Net Income $ 23.9 $ 16.0 Depreciation and Amortization 26.0 5
Slide 10: Reconciliation of Total Opex to Adj. Opex
Reconciliation of Total Opex to Adj. Opex Fiscal Years Ended 2019 2023 2024 Quarterly YOY Q4 2024 Q4 2023 YOY ∆ (Unaudited, in millions) (Unaudited, in millions) Selling, general and administrative expenses $ 329.5 $ 704.8 $ 784.9 Selling, general and administrative expenses $ 206.8 $ 190.0 Other op