The Chefs' Warehouse, Inc. · NASDAQ:CHEF
The Chefs' Warehouse — Q3 2024 Earnings Presentation
10 slides from The Chefs' Warehouse's earnings presentation, Oct 30, 2024
Slide 1: Third Quarter 2024 Earnings Presentation
Third 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: Third Quarter 2024 Highlights
Third Quarter 2024 Highlights Q3 2024 vs. Q3 2023 Sales +5.6% Specialty Sales +7.5% Unique Customers +4.7% Placements +10.8% Specialty Cases +3.1% Center-of-Plate Pounds +1.0% 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
Third Quarter 2024 Updates $3,000 $2,500 GP$ per Route: TTM Q3 24 +32% vs. 2019 GP $ / ROUTE (US& CANADA) ** $2,000 Facility Consolidations $1,500 Acquisition integrations $1,000 $500 Transfer reductions $- 2019 LTM Q3 2024 $1,000 $42,000 $900 $41,000 $800 adj. EBITDA per employee $40,000 76.1% GP &
Slide 5: Digital Updates
Third Quarter 2024 Updates Digital Unique Customers Ordering Online (Specialty) * 2019 2023 LTM Q3 2024 20% 48% 54% Specialty Online adoption continues to grow 60% 50% Over 50% of specialty location 40% customers ordering via digital 30% platform 20% 10% 0% Positive impact to GPM and GP$ 2019 2023 L
Slide 6: 2028 Financial Goals
2028 Financial Goals $400.0 $300 - $350 $350.0 Procurement Digital $300.0 & Pricing Operations AI driven Sales Growth Predictive Merch. Adj. EBITDA $250.0 demand 6.5 -7.0% Acquisition $ Millions 4–7% (organic) Route Consolidation forecasting $200.0 $193 Integration Real-time data to High-growth Sele
Slide 7: Financial Summary
Third Quarter 2024 Financial Summary Q3 2024 vs. Q3 2023 Net Sales +5.6% Gross Profit Dollars +8.2% SG&A +7.4% *Adj. Opex +8.2% *Adj. EBITDA +8.3% The Chefs’ Warehouse, Inc. *Please refer to reconciliation of Adjusted EBITDA & Adjusted Operating Expense included with this 7 presentation
Slide 8: Capital Allocation: Year-end 2025 Targets
Capital Allocation Year-end 2025 Targets Net Debt Leverage Share Repurchases Free Cash Flow* 2.5x – 3.0x $25mm - $100mm (in thousands) Debt Balances YE 2023 Q3 2024 2022-23 2025 Secured Term Loan 276,250 262,750 • Chefs repurchased $10mm of Senior Convert 2028 287,500 287,500 Senior Convert 2024 39,
Slide 9: Reconciliation of Net Income to EBITDA and Adj. EBITDA
Reconciliation of Net Income to EBITDA and Adj. EBITDA Fiscal Year Ended 2019 2023 2024* (6) (Unaudited, in millions) Quarterly YOY Q3 2024 Q3 2023 YOY ∆ Net Income 24.2 34.6 52.1 (Unaudited, in millions) Interest Expense 18.3 45.5 50.0 Net Income 14.1 7.3 Depreciation and Amortization 26.0 55.6 64.
Slide 10: Reconciliation of Total Opex to Adj. Opex
Reconciliation of Total Opex to Adj. Opex Fiscal Year Ended 2019 2023 2024* (6) Quarterly YOY Q3 2024 Q3 2023 YOY ∆ (Unaudited, in millions) (Unaudited, in millions) Selling, general and administrative expenses 329.5 704.8 770.0 Selling, general and administrative expenses 192.9 179.6 Other operatin