0001517175-22-000012 | 10-Q | XBRL Viewer

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Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 23, 2022	Oct. 24, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 23, 2022
Document Transition Report	false
Entity File Number	001-35249
Entity Registrant Name	CHEFS’ WAREHOUSE, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-3031526
Entity Address, Address Line One	100 East Ridge Road
Entity Address, City or Town	Ridgefield
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06877
City Area Code	203
Local Phone Number	894-1345
Title of 12(b) Security	Common Stock, par value $0.01
Trading Symbol	CHEF
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		38,270,107
Entity Central Index Key	0001517175
Current Fiscal Year End Date	--12-30
Amendment Flag	false
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2022

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 23, 2022	Dec. 24, 2021
Current assets:
Cash and cash equivalents	$ 145,425	$ 115,155
Accounts receivable, net of allowance of $21,147 in 2022 and $20,260 in 2021	208,939	172,540
Inventories, net	190,668	144,491
Prepaid expenses and other current assets	46,464	37,774
Total current assets	591,496	469,960
Property, plant and equipment, net	158,569	133,622
Operating lease right-of-use assets	135,286	130,701
Goodwill	245,428	221,775
Intangible assets, net	116,112	104,743
Deferred taxes, net	2,259	9,380
Other assets	3,609	3,614
Total assets	1,252,759	1,073,795
Current liabilities:
Accounts payable	142,963	118,284
Accrued liabilities	48,751	35,390
Short-term operating lease liabilities	17,180	15,882
Accrued compensation	21,929	22,321
Current portion of long-term debt	6,067	5,141
Total current liabilities	236,890	197,018
Long-term debt, net of current portion	493,148	394,160
Operating lease liabilities	131,910	127,296
Other liabilities and deferred credits	5,862	5,110
Total liabilities	867,810	723,584
Commitments and contingencies
Stockholders’ equity:
Preferred Stock - $0.01 par value, 5,000,000 shares authorized, no shares issued and outstanding at September 23, 2022 and December 24, 2021	0	0
Common Stock - $0.01 par value, 100,000,000 shares authorized, 38,270,107 and 37,887,675 shares issued and outstanding at September 23, 2022 and December 24, 2021, respectively	383	380
Additional paid-in capital	322,505	314,242
Accumulated other comprehensive loss	(2,127)	(2,022)
Retained earnings	64,188	37,611
Total stockholders’ equity	384,949	350,211
Total liabilities and stockholders’ equity	$ 1,252,759	$ 1,073,795

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 23, 2022	Dec. 24, 2021
Current assets:
Accounts receivable, allowance for credit loss, current	$ (21,147)	$ (20,260)
Stockholders’ equity:
Preferred Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred Stock, authorized (in shares)	5,000,000	5,000,000
Preferred Stock, issued (in shares)	0	0
Preferred Stock, outstanding (in shares)	0	0
Common Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, authorized (in shares)	100,000,000	100,000,000
Common Stock, issued (in shares)	38,270,107	37,887,675
Common Stock, outstanding (in shares)	38,270,107	37,887,675

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 23, 2022	Sep. 24, 2021	Sep. 23, 2022	Sep. 24, 2021
Income Statement [Abstract]
Net sales	$ 661,856	$ 484,321	$ 1,822,063	$ 1,187,506
Cost of sales	504,068	374,346	1,390,758	922,710
Gross profit	157,788	109,975	431,305	264,796
Selling, general and administrative expenses	130,255	99,431	364,828	270,034
Other operating expenses (income), net	5,458	105	10,504	(208)
Operating income (loss)	22,075	10,439	55,973	(5,030)
Interest expense	10,737	4,191	19,567	13,362
Income (loss) before income taxes	11,338	6,248	36,406	(18,392)
Provision for income tax expense (benefit)	3,061	2,792	9,829	(5,025)
Net income (loss)	8,277	3,456	26,577	(13,367)
Other comprehensive (loss) income:
Foreign currency translation adjustments	(156)	(90)	(105)	67
Comprehensive income (loss)	$ 8,121	$ 3,366	$ 26,472	$ (13,300)
Net income (loss) per share:
Basic (in dollars per share)	$ 0.22	$ 0.09	$ 0.72	$ (0.36)
Diluted (in dollars per share)	$ 0.21	$ 0.09	$ 0.68	$ (0.36)
Weighted average common shares outstanding:
Basic (in shares)	37,120,926	36,875,784	37,047,653	36,701,927
Diluted (in shares)	42,044,053	37,105,746	41,942,676	36,701,927

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Retained Earnings
Balance (in shares) at Dec. 25, 2020		37,274,768
Balance at Dec. 25, 2020	$ 344,590	$ 373	$ 303,734	$ (2,051)	$ 42,534
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(17,921)				(17,921)
Stock compensation (in shares)		673,430
Stock compensation	2,458	$ 6	2,452
Cumulative translation adjustment	81			81
Shares surrendered to pay tax withholding (in shares)		(38,503)
Shares surrendered to pay tax withholding	(1,192)		(1,192)
Balance (in shares) at Mar. 26, 2021		37,909,695
Balance at Mar. 26, 2021	328,016	$ 379	304,994	(1,970)	24,613
Balance (in shares) at Dec. 25, 2020		37,274,768
Balance at Dec. 25, 2020	344,590	$ 373	303,734	(2,051)	42,534
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(13,367)
Cumulative translation adjustment	67
Balance (in shares) at Sep. 24, 2021		37,884,249
Balance at Sep. 24, 2021	339,066	$ 380	311,503	(1,984)	29,167
Balance (in shares) at Mar. 26, 2021		37,909,695
Balance at Mar. 26, 2021	328,016	$ 379	304,994	(1,970)	24,613
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	1,098				1,098
Stock compensation (in shares)		69,245
Stock compensation	3,280	$ 1	3,279
Warrants issued for acquisition	1,120		1,120
Cumulative translation adjustment	76			76
Shares surrendered to pay tax withholding (in shares)		(17,077)
Shares surrendered to pay tax withholding	(541)		(541)
Balance (in shares) at Jun. 25, 2021		37,961,863
Balance at Jun. 25, 2021	333,049	$ 380	308,852	(1,894)	25,711
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	3,456				3,456
Stock compensation (in shares)		(75,597)
Stock compensation	2,710		2,710
Cumulative translation adjustment	(90)			(90)
Shares surrendered to pay tax withholding (in shares)		(2,017)
Shares surrendered to pay tax withholding	(59)		(59)
Balance (in shares) at Sep. 24, 2021		37,884,249
Balance at Sep. 24, 2021	$ 339,066	$ 380	311,503	(1,984)	29,167
Balance (in shares) at Dec. 24, 2021	37,887,675	37,887,675
Balance at Dec. 24, 2021	$ 350,211	$ 380	314,242	(2,022)	37,611
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	1,385				1,385
Stock compensation (in shares)		433,115
Stock compensation	3,043	$ 4	3,039
Warrants issued for acquisition	1,701		1,701
Cumulative translation adjustment	125			125
Shares surrendered to pay tax withholding (in shares)		(64,329)
Shares surrendered to pay tax withholding	(2,040)	$ (1)	(2,039)
Balance (in shares) at Mar. 25, 2022		38,256,461
Balance at Mar. 25, 2022	$ 354,425	$ 383	316,943	(1,897)	38,996
Balance (in shares) at Dec. 24, 2021	37,887,675	37,887,675
Balance at Dec. 24, 2021	$ 350,211	$ 380	314,242	(2,022)	37,611
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ 26,577
Exercise of stock options (in shares)	3,407
Cumulative translation adjustment	$ (105)
Balance (in shares) at Sep. 23, 2022	38,270,107	38,270,107
Balance at Sep. 23, 2022	$ 384,949	$ 383	322,505	(2,127)	64,188
Balance (in shares) at Mar. 25, 2022		38,256,461
Balance at Mar. 25, 2022	354,425	$ 383	316,943	(1,897)	38,996
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	16,915				16,915
Stock compensation (in shares)		16,131
Stock compensation	2,939		2,939
Cumulative translation adjustment	(74)			(74)
Shares surrendered to pay tax withholding (in shares)		(15,137)
Shares surrendered to pay tax withholding	(518)		(518)
Balance (in shares) at Jun. 24, 2022		38,257,455
Balance at Jun. 24, 2022	373,687	$ 383	319,364	(1,971)	55,911
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	8,277				8,277
Stock compensation (in shares)		9,986
Stock compensation	$ 3,099		3,099
Exercise of stock options (in shares)	3,407
Exercise of stock options	$ 69
Cumulative translation adjustment	(156)			(156)
Shares surrendered to pay tax withholding (in shares)		(741)
Shares surrendered to pay tax withholding	$ (27)		(27)
Balance (in shares) at Sep. 23, 2022	38,270,107	38,270,107
Balance at Sep. 23, 2022	$ 384,949	$ 383	$ 322,505	$ (2,127)	$ 64,188

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 23, 2022	Sep. 24, 2021
Cash flows from operating activities:
Net income (loss)	$ 26,577	$ (13,367)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	17,667	16,270
Amortization of intangible assets	10,289	9,778
Provision (benefit) for allowance for doubtful accounts	3,138	(744)
Non-cash operating lease expense	1,329	505
Provision (benefit) for deferred income taxes	7,121	(4,855)
Amortization of deferred financing fees	1,621	1,832
Loss on debt extinguishment	142	0
Stock compensation	9,081	8,448
Change in fair value of contingent earn-out liabilities	8,358	(1,359)
Intangible asset impairment	0	597
Loss on asset disposal	17	257
Changes in assets and liabilities, net of acquisitions:
Accounts receivable	(25,402)	(51,582)
Inventories	(40,519)	(49,148)
Prepaid expenses and other current assets	(9,848)	(3,304)
Accounts payable, accrued liabilities and accrued compensation	21,938	60,443
Other assets and liabilities	238	(101)
Net cash provided by (used in) operating activities	31,747	(26,330)
Cash flows from investing activities:
Capital expenditures	(31,666)	(17,872)
Cash paid for acquisitions, net of cash received	(62,007)	(7,280)
Net cash used in investing activities	(93,673)	(25,152)
Cash flows from financing activities:
Payment of debt, finance lease and other financing obligations	(171,434)	(35,918)
Proceeds from debt issuance	300,000	51,750
Payment of deferred financing fees	(11,258)	(1,450)
Proceeds from exercise of stock options	69	0
Surrender of shares to pay withholding taxes	(2,584)	(1,792)
Cash paid for contingent earn-out liability	(2,538)	(83)
Payments under asset-based loan facility	(20,000)	(20,000)
Net cash provided by (used in) financing activities	92,255	(7,493)
Effect of foreign currency on cash and cash equivalents	(59)	(89)
Net change in cash and cash equivalents	30,270	(59,064)
Cash and cash equivalents-beginning of period	115,155	193,281
Cash and cash equivalents-end of period	$ 145,425	$ 134,217

Operations and Basis of Presentation	9 Months Ended
Operations and Basis of Presentation	Sep. 23, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Operations and Basis of Presentation	Operations and Basis of Presentation Description of Business and Basis of Presentation The financial statements include the consolidated accounts of The Chefs’ Warehouse, Inc. (the “Company”), and its wholly-owned subsidiaries. The Company’s quarterly periods end on the thirteenth Friday of each quarter. Every six to seven years, the Company will add a fourteenth week to its fourth quarter to more closely align its year-end to the calendar year. Fiscal 2022 will include a fourteenth week in the fourth quarter. The Company’s business consists of three operating segments: East Coast, Midwest and West Coast that aggregate into one reportable segment, foodservice distribution, which is concentrated primarily in the United States. The Company’s customer base consists primarily of menu-driven independent restaurants, fine dining establishments, country clubs, hotels, caterers, culinary schools, bakeries, patisseries, chocolateries, cruise lines, casinos, specialty food stores, grocers and warehouse clubs. Consolidation The consolidated financial statements include all the accounts of the Company and its direct and indirect wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. Unaudited Interim Financial Statements The accompanying unaudited consolidated financial statements and the related interim information contained within the notes to such unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the applicable rules of the Securities and Exchange Commission (“SEC”) for interim information and quarterly reports on Form 10-Q. Accordingly, they do not include all the information and disclosures required by GAAP for complete financial statements. These unaudited consolidated financial statements and related notes should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto for the fiscal year ended December 24, 2021 filed as part of the Company’s Annual Report on Form 10-K, as filed with the SEC on February 22, 2022. The unaudited consolidated financial statements appearing in this Form 10-Q have been prepared on the same basis as the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K, as filed with the SEC on February 22, 2022, and in the opinion of management, include all normal recurring adjustments that are necessary for the fair statement of the Company’s interim period results. The year-end consolidated balance sheet data was derived from the audited financial statements but does not include all disclosures required by GAAP. Due to seasonal fluctuations, the COVID-19 pandemic and other factors, the results of operations for the thirteen and thirty-nine weeks ended September 23, 2022 are not necessarily indicative of the results to be expected for the full year. The preparation of financial statements in conformity with GAAP requires management to make significant estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from management’s estimates.

Summary of Significant Accounting Policies

9 Months Ended

Sep. 23, 2022

Revenue from Contract with Customer [Abstract]

Summary of Significant Accounting Policies

Revenue Recognition

Revenues from product sales are recognized at the point at which control of each product is transferred to the customer. The Company’s contracts contain performance obligations which are satisfied when customers have physical possession of each product. The majority of customer orders are fulfilled within a day and customer payment terms are typically 14 to 60 days from delivery. Shipping and handling activities are costs to fulfill the Company’s performance obligations. These costs are expensed as incurred and presented within selling, general and administrative expenses on the consolidated statements of operations. The Company offers certain sales incentives to customers in the form of rebates or discounts. These sales incentives are accounted as variable consideration. The Company estimates these amounts based on the expected amount to be provided to customers and records a corresponding reduction in revenue. The Company does not expect a significant reversal in the amount

of cumulative revenue recognized. Sales tax billed to customers is not included in revenue but rather recorded as a liability owed to the respective taxing authorities at the time the sale is recognized.

The following table presents the Company’s net sales disaggregated by principal product category:


	Thirteen Weeks Ended								Thirty-Nine Weeks Ended
	September 23, 2022				September 24, 2021				September 23, 2022				September 24, 2021
Center-of-the-Plate	$	280,272	42.3	%	$	238,783	49.3	%	$	803,334	44.1	%	$	593,717	50.0	%
Dry Goods	108,908		16.5	%	66,455		13.7	%	291,020		16.0	%	163,352		13.8	%
Pastry	79,899		12.1	%	48,842		10.1	%	213,970		11.7	%	118,952		10.0	%
Cheese and Charcuterie	61,123		9.2	%	40,403		8.3	%	163,720		9.0	%	97,805		8.2	%
Produce	39,302		5.9	%	35,900		7.4	%	104,413		5.7	%	87,049		7.3	%
Dairy and Eggs	41,780		6.3	%	21,922		4.5	%	111,046		6.1	%	53,405		4.5	%
Oils and Vinegars	33,437		5.1	%	21,855		4.5	%	89,041		4.9	%	48,210		4.1	%
Kitchen Supplies	17,135		2.6	%	10,161		2.2	%	45,519		2.5	%	25,016		2.1	%
Total	$	661,856	100	%	$	484,321	100	%	$	1,822,063	100	%	$	1,187,506	100	%

The Company determines its product category classification based on how the Company currently markets its products to its customers. The Company’s definition of its principal product categories may differ from the way in which other companies present similar information.

Food Processing Costs

Food processing costs include but are not limited to direct labor and benefits, applicable overhead and depreciation of equipment and facilities used in food processing activities. Food processing costs included in cost of sales were $10,089 and $7,524 for the thirteen weeks ended September 23, 2022 and September 24, 2021, respectively, and $28,523 and $19,599 for the thirty-nine weeks ended September 23, 2022 and September 24, 2021, respectively.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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Reference 34: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Net Income (Loss) per Share

9 Months Ended

Sep. 23, 2022

Earnings Per Share [Abstract]

Net Income (Loss) per Share

The following table sets forth the computation of basic and diluted net income (loss) per common share:


	Thirteen Weeks Ended				Thirty-Nine Weeks Ended
	September 23, 2022		September 24, 2021		September 23, 2022		September 24, 2021
Net income (loss) per share:
Basic	$	0.22	$	0.09	$	0.72	$	(0.36)
Diluted	$	0.21	$	0.09	$	0.68	$	(0.36)
Weighted average common shares:
Basic	37,120,926		36,875,784		37,047,653		36,701,927
Diluted	42,044,053		37,105,746		41,942,676		36,701,927

Reconciliation of net income (loss) per common share:


	Thirteen Weeks Ended				Thirty-Nine Weeks Ended
	September 23, 2022		September 24, 2021		September 23, 2022		September 24, 2021
Numerator:
Net income (loss)	$	8,277	$	3,456	$	26,577	$	(13,367)
Add effect of dilutive securities
Interest on convertible notes, net of tax	683		—		2,048		—
Net income (loss) available to common shareholders	$	8,960	$	3,456	$	28,625	$	(13,367)
Denominator:
Weighted average basic common shares outstanding	37,120,926		36,875,784		37,047,653		36,701,927
Dilutive effect of unvested common shares	316,358		229,962		304,391		—
Dilutive effect of stock options and warrants	81,789		—		65,652		—
Dilutive effect of convertible notes	4,524,980		—		4,524,980		—
Weighted average diluted common shares outstanding	42,044,053		37,105,746		41,942,676		36,701,927

Potentially dilutive securities that have been excluded from the calculation of diluted net income (loss) per common share because the effect is anti-dilutive are as follows:


	Thirteen Weeks Ended		Thirty-Nine Weeks Ended
	September 23, 2022	September 24, 2021	September 23, 2022	September 24, 2021
Restricted share awards (“RSAs”)	80,844	50,412	68,784	297,978
Stock options and warrants	—	126,359	—	122,956
Convertible notes	91,053	4,616,033	91,053	4,341,664

Fair Value Measurements

9 Months Ended

Sep. 23, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

Assets and Liabilities Measured at Fair Value

The Company’s contingent earn-out liabilities are measured at fair value. These liabilities were estimated using Level 3 inputs. Long-term earn-out liabilities were $4,130 and $3,252 as of September 23, 2022 and December 24, 2021, respectively, and are reflected as other liabilities and deferred credits on the consolidated balance sheets. The remaining short-term earn-out liabilities are reflected as accrued liabilities on the consolidated balance sheets. The fair value of contingent consideration was determined based on a probability-based approach which includes projected results, percentage probability of occurrence and the application of a discount rate to present value the payments. A significant change in projected results, discount rate, or probabilities of occurrence could result in a significantly higher or lower fair value measurement. Changes in the fair value of contingent earn-out liabilities are reflected in other operating expenses (income), net on the consolidated statements of operations.

The following table presents the changes in Level 3 contingent earn-out liabilities:


	Total





Balance December 24, 2021	$	6,877
Acquisition value	1,200

Cash payments	(2,538)
Changes in fair value	8,358
Balance September 23, 2022	$	13,897

Fair Value of Financial Instruments

The following table presents the carrying value and fair value of the Company’s convertible notes. In estimating the fair value of the convertible notes, the Company utilized Level 3 inputs including prevailing market interest rates to estimate the debt portion of the instrument and a Black Scholes valuation model to estimate the fair value of the conversion option. The Black Scholes model utilizes the market price of the Company’s common stock, estimates of the stock’s volatility and the prevailing risk-free interest rate in calculating the fair value estimate.


	September 23, 2022				December 24, 2021
	Carrying Value		Fair Value		Carrying Value		Fair Value
Convertible Senior Notes	$	200,000	$	204,340	$	200,000	$	206,182
Convertible Unsecured Note	$	4,000	$	4,221	$	4,000	$	4,102

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Acquisitions

9 Months Ended

Sep. 23, 2022

Business Combination and Asset Acquisition [Abstract]

Acquisitions

Capital Seaboard

On December 28, 2021, pursuant to an asset purchase agreement, the Company acquired substantially all of the assets of CGC Holdings, Inc. (“Capital Seaboard”), a specialty seafood and produce distributor in Maryland. The purchase price was approximately $31,036, consisting of $28,000 paid in cash at closing, common stock warrants valued at $1,701, and $1,335 paid upon settlement of a net working capital true-up. The Company is in the process of finalizing a valuation of tangible and intangible assets of Capital Seaboard as of the acquisition date. When applicable, these valuations require the use of Level 3 inputs. Goodwill for the Capital Seaboard acquisition will be amortized over 15 years for tax purposes. The goodwill recorded primarily reflects the value of acquiring an established specialty seafood and produce distributor to leverage the Company’s existing products in the markets served by Capital Seaboard, to supply Capital Seaboard’s product offerings to our East Coast markets and any intangible assets that do not qualify for separate recognition.

Other Acquisitions

During the thirty-nine weeks ended September 23, 2022 , the Company completed three other acquisitions for an aggregate purchase price of approximately $32,500, paid in cash, subject to customary working capital adjustments. The Company will also pay additional contingent consideration, if earned, in the form of earn-out amounts which could total $2,000 in the aggregate. The Company is in the process of finalizing a valuation of the tangible and intangible assets as of the acquisition date. When applicable, these valuations require the use of Level 3 inputs. Goodwill of $16,252 will be amortized over 15 years for tax purposes.

The Company reflected net sales and income before income taxes in its consolidated statement of operations related to the acquisitions follows:


	Thirteen Weeks Ended		Thirty-Nine Weeks Ended
	September 23, 2022			September 23, 2022
Net sales	$	58,466		$	135,260
Income before income taxes	$	4,970		$	8,892

The table below presents unaudited pro forma consolidated income statement information of the Company as if the acquisitions had occurred on December 26, 2020. The pro forma results were prepared from financial information obtained from the sellers of the business, as well as information obtained during the due diligence process associated with the acquisitions. The pro forma information is not necessarily indicative of the Company’s results of operations had the acquisitions been completed on the above date, nor is it necessarily indicative of the Company’s future results. The pro forma information does not reflect any cost savings from operating efficiencies or synergies that could result from the acquisitions, any incremental costs for transitioning to become a public company, and also does not reflect additional revenue opportunities following the acquisitions. The pro forma information reflects amortization and depreciation of the acquisitions at their respective fair values.


	Thirteen Weeks Ended				Thirty-Nine Weeks Ended
	September 23, 2022		September 24, 2021		September 23, 2022		September 24, 2021
Net sales	$	698,650	$	544,562	$	1,871,994	$	1,357,312
Income (loss) before income taxes	$	11,699	$	7,875	$	37,152	$	(16,040)

The table below sets forth the preliminary purchase price allocation for these acquisitions:


	Capital Seaboard		Other Acquisitions
Current assets	$	10,130	$	11,498
Customer relationships	7,250		11,100
Trademarks	2,280		1,000

Goodwill	8,334		16,252
Fixed assets	9,552		633
Other assets	122		18





Current liabilities	(6,632)		(6,801)
Earn-out liability	—		(1,200)



Total consideration	$	31,036	$	32,500

The Company recognized professional fees of $728 and $1,747 in operating expenses related to acquisition related activities during the thirteen and thirty-nine weeks ended September 23, 2022, respectively.

Inventories	9 Months Ended
Inventories	Sep. 23, 2022
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consist primarily of finished product and are reflected net of adjustments for shrinkage, excess and obsolescence totaling $9,616 and $8,312 at September 23, 2022 and December 24, 2021, respectively.

Property, Plant and Equipment

9 Months Ended

Sep. 23, 2022

Property, Plant and Equipment [Abstract]

Equipment, Leasehold Improvements and Software

Property, Plant and Equipment

Equipment, leasehold improvements and software as of September 23, 2022 and December 24, 2021 consisted of the following:



	Useful Lives	September 23, 2022		December 24, 2021
Land	Indefinite	$	5,542	$	5,020
Buildings	20 years	23,552		18,406
Machinery and equipment	5 - 10 years	30,845		28,099
Computers, data processing and other equipment	3 - 7 years	16,986		15,480
Software	3 - 7 years	42,399		39,799
Leasehold improvements	1 - 40 years	92,517		69,105
Furniture and fixtures	7 years	3,671		3,582
Vehicles	5 - 10 years	28,395		29,632

Construction-in-process		27,870		24,355
		271,777		233,478
Less: accumulated depreciation and amortization		(113,208)		(99,856)
Equipment, leasehold improvements and software, net		$	158,569	$	133,622

Construction-in-process at September 23, 2022 related primarily to the implementation of the Company’s Enterprise Resource Planning (“ERP”) system and the build-out of the Company’s Miami distribution facility and at December 24, 2021 related primarily to the build-outs of the Company’s Miami and Los Angeles distribution facilities. The net book value of equipment financed under finance leases at September 23, 2022 and December 24, 2021 was $9,302 and $10,874, respectively.

The components of depreciation and amortization expense were as follows:


	Thirteen Weeks Ended				Thirty-Nine Weeks Ended
	September 23, 2022		September 24, 2021		September 23, 2022		September 24, 2021
Depreciation expense	$	4,455	$	3,903	$	13,255	$	11,679
Software amortization	$	1,457	$	1,707	$	4,412	$	4,591
	$	5,912	$	5,610	$	17,667	$	16,270

Goodwill and Other Intangible Assets

9 Months Ended

Sep. 23, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

The changes in the carrying amount of goodwill are presented as follows:






Carrying amount as of December 24, 2021	$	221,775
Goodwill adjustments (1)	(792)
Acquisitions	24,586
Foreign currency translation	(141)
Carrying amount as of September 23, 2022	$	245,428

(1) The goodwill adjustments represent measurement period adjustments related to certain acquisitions completed in the prior year.

Other intangible assets as of September 23, 2022 and December 24, 2021 consisted of the following:


September 23, 2022	Weighted-Average Remaining Amortization Period	Gross Carrying Amount		Accumulated Amortization		Net Amount
Customer relationships	120 months	$	174,105	$	(82,688)	$	91,417
Non-compete agreements	17 months	8,579		(8,218)		361
Trademarks	144 months	39,745		(15,411)		24,334
Total		$	222,429	$	(106,317)	$	116,112


December 24, 2021	Weighted-Average Remaining Amortization Period	Gross Carrying Amount		Accumulated Amortization		Net Amount
Customer relationships	120 months	$	155,678	$	(74,644)	$	81,034
Non-compete agreements	26 months	8,579		(8,018)		561
Trademarks	179 months	36,514		(13,366)		23,148
Total		$	200,771	$	(96,028)	$	104,743

Amortization expense for other intangibles was $3,470 and $3,135 for the thirteen weeks ended September 23, 2022 and September 24, 2021, respectively, and $10,289 and $9,778 for the thirty-nine weeks ended September 23, 2022 and September 24, 2021, respectively.

Estimated amortization expense for other intangible assets for the remainder of the fiscal year ending December 30, 2022 and each of the next four fiscal years and thereafter is as follows:


2022	$	3,274
2023	12,796
2024	11,943
2025	11,529
2026	11,529
Thereafter	65,041
Total	$	116,112

Debt Obligations

9 Months Ended

Sep. 23, 2022

Debt Disclosure [Abstract]

Debt Obligations

Debt obligations as of September 23, 2022 and December 24, 2021 consisted of the following:


	September 23, 2022		December 24, 2021
Senior secured term loans	$	300,000	$	168,675
Convertible senior notes	200,000		200,000
Asset-based loan facility	—		20,000
Finance lease and other financing obligations	9,732		11,602
Convertible unsecured note	4,000		4,000


Deferred finance fees and original issue premium (discount)	(14,517)		(4,976)
Total debt obligations	499,215		399,301
Less: current installments	(6,067)		(5,141)
Total debt obligations excluding current installments	$	493,148	$	394,160

On August 23, 2022, the Company entered into an eighth amendment (“Eight Amendment”) to its senior secured term loan credit agreement (“Term Credit Agreement”). The Company borrowed $300,000 maturing on August 23, 2029 (“2029 Term Loans”), comprising of a refinancing of the then existing term loans balance under the Term Credit Agreement of $167,391 and an incremental borrowing of $132,609. The incremental funds are to be used for capital expenditures, permitted acquisitions, working capital, and general corporate purposes of the Company. Additionally, the Term Credit Agreement includes an accordion which permits the Company to request that the lenders extend additional Term Loans based on certain performance, leverage ratio and other restrictions. The Eight Amendment includes a springing maturity of June 22, 2024 if, by June 22, 2024, more than $40,000 in principal remains outstanding on the Company’s Convertible Senior Notes has not been repaid, repurchased, redeemed or refinanced with permitted indebtedness having a maturity date not earlier than six months after August 23, 2029.

The interest charged on the 2029 Term Loans is equal to, at the Company’s option, either the Alternate Base Rate (as defined in the Eight Amendment) plus 375 basis points or the secured overnight financing rate (“SOFR”) for one, two, three or six-month interest periods chosen by the Company plus 475 basis points. The interest rate on the 2029 Term Loans at September 23, 2022 was 7.9%.

The Eight Amendment involved multiple members of a loan syndicate. The Company performed an analysis for each lender in accordance with ASC 470 “Debt” to determine whether the Eighth Amendment resulted in a substantial change to the remaining cash flows which is defined as a change in present value of remaining cash flows of 10% or more. As a result of the analysis, the Company incurred a loss on debt extinguishment of $142 which represents the portion of unamortized deferred financing fees attributable to lenders that exited the loan syndicate. The transaction was accounted for as a modification for existing lenders that participated in the 2029 Term Loans. The Company deferred lender and third-party fees of $10,852 as debt issuance costs, presented in other assets in the Company’s consolidated balance sheet, to be amortized over the term of the term loan. Arrangement and third-party transaction costs of $4,498 were expensed as incurred.

The Eight Amendment removed the minimum liquidity covenant which required the Company to maintain at least $35,000 of liquidity as of the last day of any fiscal quarter where EBITDA, as defined in the Term Credit Agreement, was less than $10,000.

The following table summarizes the key terms as of the Term Loans as of September 23, 2022:

Term Loans

Principal Outstanding

Interest Rate

Maturity Date

Scheduled Principal Payments

2029 Term Loans

300,000

SOFR + 4.75%

August 23, 2029

0.25% per quarter

On March 11, 2022, the Company entered into a third amendment to its asset-based loan facility (“ABL Facility”) which increased the aggregate commitments from $150,000 to $200,000. The interest rate charged on borrowings under the ABL Facility is equal to a spread plus, at the Company’s option, either the Base Rate (as defined in the ABL Credit Agreement) or a forward-looking term rate based on the secured overnight financing rate term (except for swingline loans) for one-, three-, or six-month interest periods chosen by the Company. The ABL Facility matures on March 11, 2027 subject to a springing maturity date that occurs 90 days prior to the earliest maturity date under the Company’s senior secured term loan facility or

March 24, 2024 if the Company’s 1.875% Convertible Senior Notes due 2024 in an aggregate principal amount in excess of $40,000 remain outstanding that have not been repaid, repurchased, redeemed or refinanced having a maturity date not earlier than six months after March 11, 2027.

The ABL Credit Agreement contains customary affirmative covenants, negative covenants and events of default as more particularly described in the ABL Credit Agreement. The Company is required to comply with a minimum consolidated fixed charge coverage ratio of 1:1 if the amount of availability under the ABL Facility falls below the greater of $14,000 and 10%, of the lesser of the aggregate commitments and the borrowing base then in effect.

The third amendment was accounted for as a debt modification. The Company incurred transaction costs of $406 which were capitalized as deferred financing fees, presented in other assets on the Company’s consolidated balance sheets, to be amortized over the term of the ABL Facility.

On September 23, 2022, the Company fully paid all borrowings outstanding under the ABL and had reserved $23,181 of the ABL Facility for the issuance of letters of credit. As of September 23, 2022, funds totaling $176,820 were available for borrowing under the ABL Facility.

The net carry value of the Company’s Convertible Senior Notes as of September 23, 2022 and December 24, 2021 was:


	September 23, 2022		December 24, 2021
Principal amount outstanding	$	200,000	$	200,000
Unamortized deferred financing fees and premium	(2,014)		(2,686)
Net carry value	$	197,986	$	197,314

The components of interest expense on the Company’s Convertible Senior Notes were as follows:


	Thirteen Weeks Ended				Thirty-Nine Weeks Ended
	September 23, 2022		September 24, 2021		September 23, 2022		September 24, 2021
Coupon interest	$	938	$	938	$	2,813	$	2,656
Amortization of deferred financing fees and premium	$	224	$	224	$	672	$	689
Total interest	$	1,162	$	1,162	$	3,485	$	3,345

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Stockholders' Equity

9 Months Ended

Sep. 23, 2022

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stockholders’ Equity

Equity Awards

The following table reflects the activity of RSAs during the thirty-nine weeks ended September 23, 2022:


	Time-based			Performance-based			Market-based
	Shares	Weighted Average Grant Date Fair Value		Shares	Weighted Average Grant Date Fair Value		Shares	Weighted Average Grant Date Fair Value




Unvested at December 24, 2021	617,996	$	28.33	187,437	$	32.04	185,129	$	31.44
Granted	183,244	33.60		167,261	32.44		167,261	29.12
Vested	(315,722)	26.43		—	—		—	—
Forfeited	(15,691)	29.83		(21,420)	32.14		(21,423)	30.82
Unvested at September 23, 2022	469,827	$	31.61	333,278	$	32.23	330,967	$	30.31

The Company granted 517,766 RSAs to its employees at a weighted average grant date fair value of $31.41 during the thirty-nine weeks ended September 23, 2022. These awards are a mix of time-, market- and performance-based grants that generally vest over a range of periods up to four years. The Company recognized expense totaling $3,099 and $2,710 on its RSAs during the thirteen weeks ended September 23, 2022 and September 24, 2021, respectively and $9,081 and $8,448 during the thirty-nine weeks ended September 23, 2022 and September 24, 2021, respectively.

At September 23, 2022, the total unrecognized compensation cost for unvested RSAs was $21,353 and the weighted-average remaining period was approximately 2.1 years. Of this total, $11,051 related to RSAs with time-based vesting provisions and $10,302 related to RSAs with performance- and market-based vesting provisions. At September 23, 2022, the weighted-average remaining period for time-based vesting and performance-based vesting RSAs were approximately 2.2 years and 2.0 years, respectively.

No share-based compensation expense related to the Company’s RSAs or stock options has been capitalized. As of September 23, 2022, there were 2,053,840 shares available for grant under the 2019 Omnibus Equity Incentive Plan.

The following table summarizes stock option activity during the thirty-nine weeks ended September 23, 2022:


	Shares	Weighted Average Exercise Price		Aggregate Intrinsic Value		Weighted Average Remaining Contractual Term (in years)




Outstanding December 24, 2021	115,639	$	20.23	$	2,051	6.2

Exercised	(3,407)	20.23

Outstanding September 23, 2022	112,232	$	20.23	$	1,127	3.5
Exercisable at September 23, 2022	112,232	20.23		$	1,127	3.5

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Income Taxes	9 Months Ended
Income Taxes	Sep. 23, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe Company’s effective tax rate was 27.0% and 44.7% thirteen weeks ended September 23, 2022 and September 24, 2021 and 27.0% and 27.3% for the thirty-nine weeks ended September 23, 2022 and September 24, 2021. The effective tax rate varies from the 21% statutory rate primarily due to state taxes. The high effective tax rate for the thirteen weeks ended September 24, 2021 was driven by various discrete items.As a result of the Coronavirus Aid, Relief, and Economic Security Act (“Cares Act”), the Company had carried back federal net operating losses resulting in a federal income tax refund receivable of $21,250, which is classified within prepaid expenses and other current assets on the Company’s consolidated balance sheets as of September 23, 2022 and December 24, 2021. The IRS is experiencing significant processing delays driven by an increase in net operating loss carryback requests as a result of the CARES Act, along with other factors. As a result, the processing and expected receipt of the federal income tax refund receivable has been significantly delayed. The Company is currently working with IRS Taxpayer’s Advocate Services and consultants to resolve the processing issue. While progress has been made with the IRS and the Company expects to receive the refund within one year, the exact timing of the receipt is difficult to predict.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Related Parties	9 Months Ended
Related Parties	Sep. 23, 2022
Related Party Transactions [Abstract]
Related Parties	Related Parties The Chefs’ Warehouse Mid-Atlantic, LLC, a subsidiary of the Company, leases a distribution facility that is 100% owned by entities controlled by Christopher Pappas, the Company’s chairman, president and chief executive officer, and John Pappas, the Company’s vice chairman and one of its directors, and are deemed to be affiliates of these individuals. Expense related to this facility totaled $123 during the thirteen weeks ended September 23, 2022 and September 24, 2021, and $369 during the thirty-nine weeks ended September 23, 2022 and September 24, 2021.

Supplemental Disclosures of Cash Flow Information

9 Months Ended

Sep. 23, 2022

Supplemental Cash Flow Elements [Abstract]

Supplemental Disclosures of Cash Flow Information


	Thirty-Nine Weeks Ended
	September 23, 2022		September 24, 2021
Supplemental cash flow disclosures:
Cash paid (received) for income taxes	$	3,483	$	(194)
Cash paid for interest, net of cash received	$	17,636	$	10,690
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	20,835	$	18,965
Operating cash flows from finance leases	$	325	$	422
ROU assets obtained in exchange for lease liabilities:
Operating leases	$	21,779	$	13,308
Finance leases	$	791	$	536
Other non-cash investing and financing activities:
Warrants issued for acquisitions	$	1,701	$	1,120






Contingent earn-out liabilities for acquisitions	$	1,200	$	3,400

Operations and Basis of Presentation (Policies)	9 Months Ended
Operations and Basis of Presentation (Policies)	Sep. 23, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Fiscal Period	The Company’s quarterly periods end on the thirteenth Friday of each quarter. Every six to seven years, the Company will add a fourteenth week to its fourth quarter to more closely align its year-end to the calendar year.
Segment Reporting	The Company’s business consists of three operating segments: East Coast, Midwest and West Coast that aggregate into one reportable segment, foodservice distribution, which is concentrated primarily in the United States.
Consolidation	The consolidated financial statements include all the accounts of the Company and its direct and indirect wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated.
Unaudited Interim Financial Statements	The accompanying unaudited consolidated financial statements and the related interim information contained within the notes to such unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the applicable rules of the Securities and Exchange Commission (“SEC”) for interim information and quarterly reports on Form 10-Q. Accordingly, they do not include all the information and disclosures required by GAAP for complete financial statements. These unaudited consolidated financial statements and related notes should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto for the fiscal year ended December 24, 2021 filed as part of the Company’s Annual Report on Form 10-K, as filed with the SEC on February 22, 2022. The unaudited consolidated financial statements appearing in this Form 10-Q have been prepared on the same basis as the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K, as filed with the SEC on February 22, 2022, and in the opinion of management, include all normal recurring adjustments that are necessary for the fair statement of the Company’s interim period results. The year-end consolidated balance sheet data was derived from the audited financial statements but does not include all disclosures required by GAAP. Due to seasonal fluctuations, the COVID-19 pandemic and other factors, the results of operations for the thirteen and thirty-nine weeks ended September 23, 2022 are not necessarily indicative of the results to be expected for the full year.
Use of Estimates	The preparation of financial statements in conformity with GAAP requires management to make significant estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from management’s estimates.
Revenue Recognition and Food Processing Costs	Revenues from product sales are recognized at the point at which control of each product is transferred to the customer. The Company’s contracts contain performance obligations which are satisfied when customers have physical possession of each product. The majority of customer orders are fulfilled within a day and customer payment terms are typically 14 to 60 days from delivery. Shipping and handling activities are costs to fulfill the Company’s performance obligations. These costs are expensed as incurred and presented within selling, general and administrative expenses on the consolidated statements of operations. The Company offers certain sales incentives to customers in the form of rebates or discounts. These sales incentives are accounted as variable consideration. The Company estimates these amounts based on the expected amount to be provided to customers and records a corresponding reduction in revenue. The Company does not expect a significant reversal in the amount of cumulative revenue recognized. Sales tax billed to customers is not included in revenue but rather recorded as a liability owed to the respective taxing authorities at the time the sale is recognized.The Company determines its product category classification based on how the Company currently markets its products to its customers. The Company’s definition of its principal product categories may differ from the way in which other companies present similar information.Food processing costs include but are not limited to direct labor and benefits, applicable overhead and depreciation of equipment and facilities used in food processing activities.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
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-Paragraph 17
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+ Details

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 23, 2022

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The following table presents the Company’s net sales disaggregated by principal product category:


	Thirteen Weeks Ended								Thirty-Nine Weeks Ended
	September 23, 2022				September 24, 2021				September 23, 2022				September 24, 2021
Center-of-the-Plate	$	280,272	42.3	%	$	238,783	49.3	%	$	803,334	44.1	%	$	593,717	50.0	%
Dry Goods	108,908		16.5	%	66,455		13.7	%	291,020		16.0	%	163,352		13.8	%
Pastry	79,899		12.1	%	48,842		10.1	%	213,970		11.7	%	118,952		10.0	%
Cheese and Charcuterie	61,123		9.2	%	40,403		8.3	%	163,720		9.0	%	97,805		8.2	%
Produce	39,302		5.9	%	35,900		7.4	%	104,413		5.7	%	87,049		7.3	%
Dairy and Eggs	41,780		6.3	%	21,922		4.5	%	111,046		6.1	%	53,405		4.5	%
Oils and Vinegars	33,437		5.1	%	21,855		4.5	%	89,041		4.9	%	48,210		4.1	%
Kitchen Supplies	17,135		2.6	%	10,161		2.2	%	45,519		2.5	%	25,016		2.1	%
Total	$	661,856	100	%	$	484,321	100	%	$	1,822,063	100	%	$	1,187,506	100	%

Net Income (Loss) per Share (Tables)

9 Months Ended

Sep. 23, 2022

Earnings Per Share [Abstract]

Schedule of computation of basic and diluted net income (loss) per share

The following table sets forth the computation of basic and diluted net income (loss) per common share:


	Thirteen Weeks Ended				Thirty-Nine Weeks Ended
	September 23, 2022		September 24, 2021		September 23, 2022		September 24, 2021
Net income (loss) per share:
Basic	$	0.22	$	0.09	$	0.72	$	(0.36)
Diluted	$	0.21	$	0.09	$	0.68	$	(0.36)
Weighted average common shares:
Basic	37,120,926		36,875,784		37,047,653		36,701,927
Diluted	42,044,053		37,105,746		41,942,676		36,701,927

Schedule of reconciliation of net income (loss) per common share

Reconciliation of net income (loss) per common share:


	Thirteen Weeks Ended				Thirty-Nine Weeks Ended
	September 23, 2022		September 24, 2021		September 23, 2022		September 24, 2021
Numerator:
Net income (loss)	$	8,277	$	3,456	$	26,577	$	(13,367)
Add effect of dilutive securities
Interest on convertible notes, net of tax	683		—		2,048		—
Net income (loss) available to common shareholders	$	8,960	$	3,456	$	28,625	$	(13,367)
Denominator:
Weighted average basic common shares outstanding	37,120,926		36,875,784		37,047,653		36,701,927
Dilutive effect of unvested common shares	316,358		229,962		304,391		—
Dilutive effect of stock options and warrants	81,789		—		65,652		—
Dilutive effect of convertible notes	4,524,980		—		4,524,980		—
Weighted average diluted common shares outstanding	42,044,053		37,105,746		41,942,676		36,701,927

Schedule of dilutive securities that have been excluded from the calculation of diluted net income (loss) per common share

Potentially dilutive securities that have been excluded from the calculation of diluted net income (loss) per common share because the effect is anti-dilutive are as follows:


	Thirteen Weeks Ended		Thirty-Nine Weeks Ended
	September 23, 2022	September 24, 2021	September 23, 2022	September 24, 2021
Restricted share awards (“RSAs”)	80,844	50,412	68,784	297,978
Stock options and warrants	—	126,359	—	122,956
Convertible notes	91,053	4,616,033	91,053	4,341,664

Fair Value Measurements (Tables)

9 Months Ended

Sep. 23, 2022

Fair Value Disclosures [Abstract]

Schedule of changes in Level 3 contingent consideration liability

The following table presents the changes in Level 3 contingent earn-out liabilities:


	Total





Balance December 24, 2021	$	6,877
Acquisition value	1,200

Cash payments	(2,538)
Changes in fair value	8,358
Balance September 23, 2022	$	13,897

Schedule of carrying value and fair value of the Company's convertible subordinated notes


	September 23, 2022				December 24, 2021
	Carrying Value		Fair Value		Carrying Value		Fair Value
Convertible Senior Notes	$	200,000	$	204,340	$	200,000	$	206,182
Convertible Unsecured Note	$	4,000	$	4,221	$	4,000	$	4,102

Acquisitions (Tables)

9 Months Ended

Sep. 23, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of pro forma consolidated statement of operations information

The Company reflected net sales and income before income taxes in its consolidated statement of operations related to the acquisitions follows:


	Thirteen Weeks Ended		Thirty-Nine Weeks Ended
	September 23, 2022			September 23, 2022
Net sales	$	58,466		$	135,260
Income before income taxes	$	4,970		$	8,892

The pro forma information reflects amortization and depreciation of the acquisitions at their respective fair values.


	Thirteen Weeks Ended				Thirty-Nine Weeks Ended
	September 23, 2022		September 24, 2021		September 23, 2022		September 24, 2021
Net sales	$	698,650	$	544,562	$	1,871,994	$	1,357,312
Income (loss) before income taxes	$	11,699	$	7,875	$	37,152	$	(16,040)

Schedule of purchase price allocation

The table below sets forth the preliminary purchase price allocation for these acquisitions:


	Capital Seaboard		Other Acquisitions
Current assets	$	10,130	$	11,498
Customer relationships	7,250		11,100
Trademarks	2,280		1,000

Goodwill	8,334		16,252
Fixed assets	9,552		633
Other assets	122		18





Current liabilities	(6,632)		(6,801)
Earn-out liability	—		(1,200)



Total consideration	$	31,036	$	32,500

Property, Plant and Equipment (Tables)

9 Months Ended

Sep. 23, 2022

Property, Plant and Equipment [Abstract]

Schedule of equipment, leasehold improvements and software

Equipment, leasehold improvements and software as of September 23, 2022 and December 24, 2021 consisted of the following:



	Useful Lives	September 23, 2022		December 24, 2021
Land	Indefinite	$	5,542	$	5,020
Buildings	20 years	23,552		18,406
Machinery and equipment	5 - 10 years	30,845		28,099
Computers, data processing and other equipment	3 - 7 years	16,986		15,480
Software	3 - 7 years	42,399		39,799
Leasehold improvements	1 - 40 years	92,517		69,105
Furniture and fixtures	7 years	3,671		3,582
Vehicles	5 - 10 years	28,395		29,632

Construction-in-process		27,870		24,355
		271,777		233,478
Less: accumulated depreciation and amortization		(113,208)		(99,856)
Equipment, leasehold improvements and software, net		$	158,569	$	133,622

The components of depreciation and amortization expense were as follows:


	Thirteen Weeks Ended				Thirty-Nine Weeks Ended
	September 23, 2022		September 24, 2021		September 23, 2022		September 24, 2021
Depreciation expense	$	4,455	$	3,903	$	13,255	$	11,679
Software amortization	$	1,457	$	1,707	$	4,412	$	4,591
	$	5,912	$	5,610	$	17,667	$	16,270

Goodwill and Other Intangible Assets (Tables)

9 Months Ended

Sep. 23, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of goodwill

The changes in the carrying amount of goodwill are presented as follows:






Carrying amount as of December 24, 2021	$	221,775
Goodwill adjustments (1)	(792)
Acquisitions	24,586
Foreign currency translation	(141)
Carrying amount as of September 23, 2022	$	245,428

(1) The goodwill adjustments represent measurement period adjustments related to certain acquisitions completed in the prior year.

Schedule of other intangible assets

Other intangible assets as of September 23, 2022 and December 24, 2021 consisted of the following:


September 23, 2022	Weighted-Average Remaining Amortization Period	Gross Carrying Amount		Accumulated Amortization		Net Amount
Customer relationships	120 months	$	174,105	$	(82,688)	$	91,417
Non-compete agreements	17 months	8,579		(8,218)		361
Trademarks	144 months	39,745		(15,411)		24,334
Total		$	222,429	$	(106,317)	$	116,112


December 24, 2021	Weighted-Average Remaining Amortization Period	Gross Carrying Amount		Accumulated Amortization		Net Amount
Customer relationships	120 months	$	155,678	$	(74,644)	$	81,034
Non-compete agreements	26 months	8,579		(8,018)		561
Trademarks	179 months	36,514		(13,366)		23,148
Total		$	200,771	$	(96,028)	$	104,743

Schedule of estimated future amortization expense

Estimated amortization expense for other intangible assets for the remainder of the fiscal year ending December 30, 2022 and each of the next four fiscal years and thereafter is as follows:


2022	$	3,274
2023	12,796
2024	11,943
2025	11,529
2026	11,529
Thereafter	65,041
Total	$	116,112

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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+ Details

Debt Obligations (Tables)

9 Months Ended

Sep. 23, 2022

Debt Disclosure [Abstract]

Schedule of debt obligations

Debt obligations as of September 23, 2022 and December 24, 2021 consisted of the following:


	September 23, 2022		December 24, 2021
Senior secured term loans	$	300,000	$	168,675
Convertible senior notes	200,000		200,000
Asset-based loan facility	—		20,000
Finance lease and other financing obligations	9,732		11,602
Convertible unsecured note	4,000		4,000


Deferred finance fees and original issue premium (discount)	(14,517)		(4,976)
Total debt obligations	499,215		399,301
Less: current installments	(6,067)		(5,141)
Total debt obligations excluding current installments	$	493,148	$	394,160

Schedule of convertible senior notes

The net carry value of the Company’s Convertible Senior Notes as of September 23, 2022 and December 24, 2021 was:


	September 23, 2022		December 24, 2021
Principal amount outstanding	$	200,000	$	200,000
Unamortized deferred financing fees and premium	(2,014)		(2,686)
Net carry value	$	197,986	$	197,314

Schedule of components of interest expense

The components of interest expense on the Company’s Convertible Senior Notes were as follows:


	Thirteen Weeks Ended				Thirty-Nine Weeks Ended
	September 23, 2022		September 24, 2021		September 23, 2022		September 24, 2021
Coupon interest	$	938	$	938	$	2,813	$	2,656
Amortization of deferred financing fees and premium	$	224	$	224	$	672	$	689
Total interest	$	1,162	$	1,162	$	3,485	$	3,345

Schedule of term loans

The following table summarizes the key terms as of the Term Loans as of September 23, 2022:

Term Loans

Principal Outstanding

Interest Rate

Maturity Date

Scheduled Principal Payments

2029 Term Loans

300,000

SOFR + 4.75%

August 23, 2029

0.25% per quarter

Stockholders' Equity (Tables)

9 Months Ended

Sep. 23, 2022

Stockholders' Equity Note [Abstract]

Schedule of restricted stock awards activity

The following table reflects the activity of RSAs during the thirty-nine weeks ended September 23, 2022:


	Time-based			Performance-based			Market-based
	Shares	Weighted Average Grant Date Fair Value		Shares	Weighted Average Grant Date Fair Value		Shares	Weighted Average Grant Date Fair Value




Unvested at December 24, 2021	617,996	$	28.33	187,437	$	32.04	185,129	$	31.44
Granted	183,244	33.60		167,261	32.44		167,261	29.12
Vested	(315,722)	26.43		—	—		—	—
Forfeited	(15,691)	29.83		(21,420)	32.14		(21,423)	30.82
Unvested at September 23, 2022	469,827	$	31.61	333,278	$	32.23	330,967	$	30.31

Share-Based Payment Arrangement, Option, Activity

The following table summarizes stock option activity during the thirty-nine weeks ended September 23, 2022:


	Shares	Weighted Average Exercise Price		Aggregate Intrinsic Value		Weighted Average Remaining Contractual Term (in years)




Outstanding December 24, 2021	115,639	$	20.23	$	2,051	6.2

Exercised	(3,407)	20.23

Outstanding September 23, 2022	112,232	$	20.23	$	1,127	3.5
Exercisable at September 23, 2022	112,232	20.23		$	1,127	3.5

Supplemental Disclosures of Cash Flow Information (Tables)

9 Months Ended

Sep. 23, 2022

Supplemental Cash Flow Elements [Abstract]

Schedule of supplemental disclosures of cash flow information


	Thirty-Nine Weeks Ended
	September 23, 2022		September 24, 2021
Supplemental cash flow disclosures:
Cash paid (received) for income taxes	$	3,483	$	(194)
Cash paid for interest, net of cash received	$	17,636	$	10,690
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	20,835	$	18,965
Operating cash flows from finance leases	$	325	$	422
ROU assets obtained in exchange for lease liabilities:
Operating leases	$	21,779	$	13,308
Finance leases	$	791	$	536
Other non-cash investing and financing activities:
Warrants issued for acquisitions	$	1,701	$	1,120






Contingent earn-out liabilities for acquisitions	$	1,200	$	3,400

Operations and Basis of Presentation - Narrative (Details)	9 Months Ended
	Sep. 23, 2022 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	3
Number of reportable segments	1

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 23, 2022	Sep. 24, 2021	Sep. 23, 2022	Sep. 24, 2021
Disaggregation of Revenue [Line Items]
Cost of sales	$ 504,068	$ 374,346	$ 1,390,758	$ 922,710
Food Processing
Disaggregation of Revenue [Line Items]
Cost of sales	$ 10,089	$ 7,524	$ 28,523	$ 19,599
Minimum
Disaggregation of Revenue [Line Items]
Payment term for contracts with customers (in days)			14 days
Maximum
Disaggregation of Revenue [Line Items]
Payment term for contracts with customers (in days)			60 days

Summary of Significant Accounting Policies - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 23, 2022	Sep. 24, 2021	Sep. 23, 2022	Sep. 24, 2021
Disaggregation of Revenue [Line Items]
Net sales	$ 661,856	$ 484,321	$ 1,822,063	$ 1,187,506
Net Sales \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of total net sales	100.00%	100.00%	100.00%	100.00%
Center-of-the-Plate
Disaggregation of Revenue [Line Items]
Net sales	$ 280,272	$ 238,783	$ 803,334	$ 593,717
Center-of-the-Plate \| Net Sales \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of total net sales	42.30%	49.30%	44.10%	50.00%
Dry Goods
Disaggregation of Revenue [Line Items]
Net sales	$ 108,908	$ 66,455	$ 291,020	$ 163,352
Dry Goods \| Net Sales \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of total net sales	16.50%	13.70%	16.00%	13.80%
Pastry
Disaggregation of Revenue [Line Items]
Net sales	$ 79,899	$ 48,842	$ 213,970	$ 118,952
Pastry \| Net Sales \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of total net sales	12.10%	10.10%	11.70%	10.00%
Cheese and Charcuterie
Disaggregation of Revenue [Line Items]
Net sales	$ 61,123	$ 40,403	$ 163,720	$ 97,805
Cheese and Charcuterie \| Net Sales \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of total net sales	9.20%	8.30%	9.00%	8.20%
Produce
Disaggregation of Revenue [Line Items]
Net sales	$ 39,302	$ 35,900	$ 104,413	$ 87,049
Produce \| Net Sales \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of total net sales	5.90%	7.40%	5.70%	7.30%
Dairy and Eggs
Disaggregation of Revenue [Line Items]
Net sales	$ 41,780	$ 21,922	$ 111,046	$ 53,405
Dairy and Eggs \| Net Sales \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of total net sales	6.30%	4.50%	6.10%	4.50%
Oils and Vinegars
Disaggregation of Revenue [Line Items]
Net sales	$ 33,437	$ 21,855	$ 89,041	$ 48,210
Oils and Vinegars \| Net Sales \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of total net sales	5.10%	4.50%	4.90%	4.10%
Kitchen Supplies
Disaggregation of Revenue [Line Items]
Net sales	$ 17,135	$ 10,161	$ 45,519	$ 25,016
Kitchen Supplies \| Net Sales \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of total net sales	2.60%	2.20%	2.50%	2.10%

Net Income (Loss) per Share - Computation of Basic and Diluted Earnings per Share (Details) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 23, 2022	Sep. 24, 2021	Sep. 23, 2022	Sep. 24, 2021
Net income (loss) per share:
Basic (in dollars per share)	$ 0.22	$ 0.09	$ 0.72	$ (0.36)
Diluted (in dollars per share)	$ 0.21	$ 0.09	$ 0.68	$ (0.36)
Weighted average common shares:
Basic (in shares)	37,120,926	36,875,784	37,047,653	36,701,927
Diluted (in shares)	42,044,053	37,105,746	41,942,676	36,701,927

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 7
-URI https://asc.fasb.org/extlink&oid=126958026&loc=d3e1337-109256

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

+ Details

Net Income (Loss) per Share - Schedule of Reconciliation of Earnings per Share (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 23, 2022	Jun. 24, 2022	Mar. 25, 2022	Sep. 24, 2021	Jun. 25, 2021	Mar. 26, 2021	Sep. 23, 2022	Sep. 24, 2021
Numerator:
Net income (loss)	$ 8,277	$ 16,915	$ 1,385	$ 3,456	$ 1,098	$ (17,921)	$ 26,577	$ (13,367)
Interest on convertible notes, net of tax	683			0			2,048	0
Net income (loss) available to common shareholders	$ 8,960			$ 3,456			$ 28,625	$ (13,367)
Denominator:
Weighted average basic common shares outstanding (in shares)	37,120,926			36,875,784			37,047,653	36,701,927
Dilutive effect of unvested common shares (in shares)	316,358			229,962			304,391	0
Dilutive effect of stock options and warrants (in shares)	81,789			0			65,652	0
Dilutive effect of convertible notes (in shares)	4,524,980			0			4,524,980	0
Weighted average diluted common shares outstanding (in shares)	42,044,053			37,105,746			41,942,676	36,701,927

Net Income (Loss) per Share - Schedule of Potentially Dilutive Securities Excluded from Calculation of Diluted Net Loss per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 23, 2022	Sep. 24, 2021	Sep. 23, 2022	Sep. 24, 2021
Restricted share awards (“RSAs”)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares	80,844	50,412	68,784	297,978
Stock options and warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares	0	126,359	0	122,956
Convertible notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares	91,053	4,616,033	91,053	4,341,664

Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	Sep. 23, 2022	Dec. 24, 2021
Fair Value Disclosures [Abstract]
Long-term earn-out liabilities	$ 4,130	$ 3,252

Fair Value Measurements - Summary of Changes in Level 3 Contingent Consideration Liability (Details) $ in Thousands	9 Months Ended
	Sep. 23, 2022 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	$ 6,877
Acquisition value	1,200
Cash payments	(2,538)
Changes in fair value	8,358
Balance at end of period	$ 13,897

Fair Value Measurements - Summary of the Carrying Value and Fair Value of Convertible Subordinated Notes (Details) - Fair Value Inputs Level 3 - USD ($) $ in Thousands	Sep. 23, 2022	Dec. 24, 2021
Convertible Senior Notes \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible Notes	$ 200,000	$ 200,000
Convertible Senior Notes \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible Notes	204,340	206,182
Convertible Unsecured Note \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible Notes	4,000	4,000
Convertible Unsecured Note \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible Notes	$ 4,221	$ 4,102

Acquisitions - Narrative (Details) $ in Thousands		3 Months Ended	9 Months Ended
Acquisitions - Narrative (Details) $ in Thousands	Dec. 28, 2021 USD ($)	Sep. 23, 2022 USD ($)	Sep. 23, 2022 USD ($) acquisition	Dec. 24, 2021 USD ($)
Business Acquisition [Line Items]
Number of acquisitions \| acquisition			3
Goodwill		$ 245,428	$ 245,428	$ 221,775
Common stock warrants issued for acquisition	$ 1,701
Professional fees		728	1,747
Capital Seaboard
Business Acquisition [Line Items]
Total consideration	31,036
Goodwill	8,334
Purchase price	31,036
Cash amount paid	28,000
Net working capital adjustment	$ 1,335
Other Acquisitions
Business Acquisition [Line Items]
Total consideration		32,500	32,500
Estimated fair value of contingent earn-out liability			2,000
Goodwill		$ 16,252	$ 16,252

Acquisitions - Pro Forma Consolidated Statement of Operations Information - Capital Seaboard (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 23, 2022	Sep. 24, 2021	Sep. 23, 2022	Sep. 24, 2021
Series of Individually Immaterial Business Acquisitions
Business Acquisition [Line Items]
Net sales	$ 58,466		$ 135,260
Income before income taxes	4,970		8,892
Capital Seaboard
Business Acquisition [Line Items]
Net sales	698,650	$ 544,562	1,871,994	$ 1,357,312
Income (loss) before income taxes	$ 11,699	$ 7,875	$ 37,152	$ (16,040)

Acquisitions - Schedule of Purchase Price Allocation (Details) - USD ($) $ in Thousands	Sep. 23, 2022	Dec. 28, 2021	Dec. 24, 2021
Business Acquisition [Line Items]
Goodwill	$ 245,428		$ 221,775
Capital Seaboard
Business Acquisition [Line Items]
Current assets		$ 10,130
Goodwill		8,334
Fixed assets		9,552
Other assets		122
Current liabilities		(6,632)
Earn-out liability		0
Total consideration		31,036
Capital Seaboard \| Customer relationships
Business Acquisition [Line Items]
Finite-lived intangible assets		7,250
Capital Seaboard \| Trademarks
Business Acquisition [Line Items]
Finite-lived intangible assets		$ 2,280
Other Acquisitions
Business Acquisition [Line Items]
Current assets	11,498
Goodwill	16,252
Fixed assets	633
Other assets	18
Current liabilities	(6,801)
Earn-out liability	(1,200)
Total consideration	32,500
Other Acquisitions \| Customer relationships
Business Acquisition [Line Items]
Finite-lived intangible assets	11,100
Other Acquisitions \| Trademarks
Business Acquisition [Line Items]
Finite-lived intangible assets	$ 1,000

Inventories - Narrative (Details) - USD ($) $ in Thousands	Sep. 23, 2022	Dec. 24, 2021
Inventory Disclosure [Abstract]
Reserves for shrinkage, excess and obsolescence	$ 9,616	$ 8,312

Property, Plant and Equipment (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 23, 2022	Dec. 24, 2021
Property, Plant and Equipment [Line Items]
Equipment, leasehold improvements and software, gross	$ 271,777	$ 233,478
Less: accumulated depreciation and amortization	(113,208)	(99,856)
Equipment, leasehold improvements and software, net	158,569	133,622
Land
Property, Plant and Equipment [Line Items]
Equipment, leasehold improvements and software, gross	$ 5,542	5,020
Buildings
Property, Plant and Equipment [Line Items]
Useful Lives (in years)	20 years
Equipment, leasehold improvements and software, gross	$ 23,552	18,406
Machinery and equipment
Property, Plant and Equipment [Line Items]
Equipment, leasehold improvements and software, gross	$ 30,845	28,099
Machinery and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful Lives (in years)	5 years
Machinery and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful Lives (in years)	10 years
Computers, data processing and other equipment
Property, Plant and Equipment [Line Items]
Equipment, leasehold improvements and software, gross	$ 16,986	15,480
Computers, data processing and other equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful Lives (in years)	3 years
Computers, data processing and other equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful Lives (in years)	7 years
Software
Property, Plant and Equipment [Line Items]
Equipment, leasehold improvements and software, gross	$ 42,399	39,799
Software \| Minimum
Property, Plant and Equipment [Line Items]
Useful Lives (in years)	3 years
Software \| Maximum
Property, Plant and Equipment [Line Items]
Useful Lives (in years)	7 years
Leasehold improvements
Property, Plant and Equipment [Line Items]
Equipment, leasehold improvements and software, gross	$ 92,517	69,105
Leasehold improvements \| Minimum
Property, Plant and Equipment [Line Items]
Useful Lives (in years)	1 year
Leasehold improvements \| Maximum
Property, Plant and Equipment [Line Items]
Useful Lives (in years)	40 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Useful Lives (in years)	7 years
Equipment, leasehold improvements and software, gross	$ 3,671	3,582
Vehicles
Property, Plant and Equipment [Line Items]
Equipment, leasehold improvements and software, gross	$ 28,395	29,632
Vehicles \| Minimum
Property, Plant and Equipment [Line Items]
Useful Lives (in years)	5 years
Vehicles \| Maximum
Property, Plant and Equipment [Line Items]
Useful Lives (in years)	10 years
Construction-in-process
Property, Plant and Equipment [Line Items]
Equipment, leasehold improvements and software, gross	$ 27,870	$ 24,355

Property, Plant and Equipment - Components of Depreciation and Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 23, 2022	Sep. 24, 2021	Sep. 23, 2022	Sep. 24, 2021	Dec. 24, 2021
Property, Plant and Equipment [Line Items]
Net book value of equipment under finance leases	$ 158,569		$ 158,569		$ 133,622
Depreciation expense and amortization	5,912	$ 5,610	17,667	$ 16,270
Assets held under finance leases
Property, Plant and Equipment [Line Items]
Net book value of equipment under finance leases	9,302		9,302		$ 10,874
Excluding assets held under finance leases
Property, Plant and Equipment [Line Items]
Depreciation expense and amortization	4,455	3,903	13,255	11,679
Software
Property, Plant and Equipment [Line Items]
Depreciation expense and amortization	$ 1,457	$ 1,707	$ 4,412	$ 4,591

Goodwill and Other Intangible Assets - Goodwill (Details) $ in Thousands	9 Months Ended
	Sep. 23, 2022 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 221,775
Goodwill adjustments	(792)
Acquisitions	24,586
Foreign currency translation	(141)
Ending balance	$ 245,428

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Goodwill and Other Intangible Assets - Intangible assets (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 23, 2022	Dec. 24, 2021
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 222,429	$ 200,771
Accumulated Amortization	(106,317)	(96,028)
Net Amount	$ 116,112	$ 104,743
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Remaining Amortization Period (in months)	120 months	120 months
Gross Carrying Amount	$ 174,105	$ 155,678
Accumulated Amortization	(82,688)	(74,644)
Net Amount	$ 91,417	$ 81,034
Non-compete agreements
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Remaining Amortization Period (in months)	17 months	26 months
Gross Carrying Amount	$ 8,579	$ 8,579
Accumulated Amortization	(8,218)	(8,018)
Net Amount	$ 361	$ 561
Trademarks
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Remaining Amortization Period (in months)	144 months	179 months
Gross Carrying Amount	$ 39,745	$ 36,514
Accumulated Amortization	(15,411)	(13,366)
Net Amount	$ 24,334	$ 23,148

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 23, 2022	Sep. 24, 2021	Sep. 23, 2022	Sep. 24, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 3,470	$ 3,135	$ 10,289	$ 9,778

Goodwill and Other Intangible Assets - Future amortization (Details) $ in Thousands	Sep. 23, 2022 USD ($)
Estimated amortization in fiscal year:
2022	$ 3,274
2023	12,796
2024	11,943
2025	11,529
2026	11,529
Thereafter	65,041
Total	$ 116,112

Debt Obligations - Schedule of Debt Obligations (Details) - USD ($) $ in Thousands	Sep. 23, 2022	Dec. 24, 2021
Debt Instrument [Line Items]
Finance lease and other financing obligations	$ 9,732	$ 11,602
Deferred finance fees and original issue premium (discount)	(14,517)	(4,976)
Total debt obligations	499,215	399,301
Less: current installments	(6,067)	(5,141)
Total debt obligations excluding current installments	493,148	394,160
Senior secured term loans
Debt Instrument [Line Items]
Long-term debt	300,000	168,675
Convertible senior notes
Debt Instrument [Line Items]
Long-term debt	200,000	200,000
Deferred finance fees and original issue premium (discount)	(2,014)	(2,686)
Asset-based loan facility
Debt Instrument [Line Items]
Long-term debt	0	20,000
Convertible unsecured note
Debt Instrument [Line Items]
Long-term debt	$ 4,000	$ 4,000

Debt Obligations - Narrative (Details)			9 Months Ended
Debt Obligations - Narrative (Details)	Aug. 23, 2022 USD ($)	Mar. 11, 2022 USD ($)	Sep. 23, 2022 USD ($)	Sep. 24, 2021 USD ($)	Mar. 10, 2022 USD ($)	Dec. 24, 2021 USD ($)
Debt Instrument [Line Items]
Loss on debt extinguishment			$ 142,000	$ 0
Payment of deferred financing fees			(11,258,000)	$ (1,450,000)
Debt instrument, covenant, minimum liquidity, amount			35,000,000
Debt instrument, covenant, minimum EBITDA, amount			10,000,000
Convertible senior notes
Debt Instrument [Line Items]
Long-term debt			200,000,000			$ 200,000,000
Senior secured term loans
Debt Instrument [Line Items]
Long-term debt			$ 300,000,000			$ 168,675,000
2029 Term Loans \| Senior secured term loans \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis points			4.75%
2029 Term Loans \| Senior secured term loans
Debt Instrument [Line Items]
Long-term debt	$ 300,000,000
Principle amount	$ 40,000,000
Basis points	3.75%
Effective interest rate			7.90%
Loss on debt extinguishment			$ 142,000
Payment of deferred financing fees			(10,852,000)
Debt transaction cost			4,498,000
2029 Term Loans \| Senior secured term loans \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis points	4.75%
ABL Facility \| Senior secured term loans
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 200,000,000			$ 150,000,000
Line of credit, covenant terms, minimum consolidated fixed charge coverage ratio		1
Line of credit, covenant terms, minimum borrowing base, amount		$ 14,000,000
Line of credit, covenant terms, minimum borrowing base, percentage		10.00%
Debt issuance costs, net		$ 406,000
Amounts reserved for issuance of letters of credit			23,181,000
Line of credit facility, current borrowing capacity			$ 176,820,000
1.875% Convertible Senior Notes \| Convertible senior notes
Debt Instrument [Line Items]
Principle amount		$ 40,000,000
Interest rate		1.875%
Senior Secured Term Loans 2025 \| Senior secured term loans
Debt Instrument [Line Items]
Long-term debt	$ 167,391,000
Debt instrument, incremental borrowing	$ 132,609,000

Debt Obligations - Schedule of Term Loans (Details) - 2029 Term Loans - Senior secured term loans	9 Months Ended
	Sep. 23, 2022
Debt Instrument [Line Items]
Scheduled Principal Payments	0.25%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Interest Rate	4.75%

Debt Obligations - Schedule of Convertible Senior Notes (Details) - USD ($) $ in Thousands	Sep. 23, 2022	Dec. 24, 2021
Debt Instrument [Line Items]
Unamortized deferred financing fees and premium	$ (14,517)	$ (4,976)
Convertible senior notes
Debt Instrument [Line Items]
Principal amount outstanding	200,000	200,000
Unamortized deferred financing fees and premium	(2,014)	(2,686)
Net carry value	$ 197,986	$ 197,314

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Debt Obligations - Schedule of Components of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 23, 2022	Sep. 24, 2021	Sep. 23, 2022	Sep. 24, 2021
Debt Disclosure [Abstract]
Coupon interest	$ 938	$ 938	$ 2,813	$ 2,656
Amortization of deferred financing fees and premium	224	224	672	689
Total interest	$ 1,162	$ 1,162	$ 3,485	$ 3,345

Stockholders' Equity - Schedule of Restricted Stock Awards (Details)	9 Months Ended
	Sep. 23, 2022 $ / shares shares
Time-based
Shares
Unvested at beginning balance (in shares) \| shares	617,996
Granted (in shares) \| shares	183,244
Vested (in shares) \| shares	(315,722)
Forfeited (in shares) \| shares	(15,691)
Unvested at ending balance (in shares) \| shares	469,827
Weighted Average Grant Date Fair Value
Unvested at beginning balance (in usd per shares) \| $ / shares	$ 28.33
Granted (in usd per share) \| $ / shares	33.60
Vested (in usd per share) \| $ / shares	26.43
Forfeited (in usd per share) \| $ / shares	29.83
Unvested at ending balance (in usd per shares) \| $ / shares	$ 31.61
Performance-based
Shares
Unvested at beginning balance (in shares) \| shares	187,437
Granted (in shares) \| shares	167,261
Vested (in shares) \| shares	0
Forfeited (in shares) \| shares	(21,420)
Unvested at ending balance (in shares) \| shares	333,278
Weighted Average Grant Date Fair Value
Unvested at beginning balance (in usd per shares) \| $ / shares	$ 32.04
Granted (in usd per share) \| $ / shares	32.44
Vested (in usd per share) \| $ / shares	0
Forfeited (in usd per share) \| $ / shares	32.14
Unvested at ending balance (in usd per shares) \| $ / shares	$ 32.23
Market-based
Shares
Unvested at beginning balance (in shares) \| shares	185,129
Granted (in shares) \| shares	167,261
Vested (in shares) \| shares	0
Forfeited (in shares) \| shares	(21,423)
Unvested at ending balance (in shares) \| shares	330,967
Weighted Average Grant Date Fair Value
Unvested at beginning balance (in usd per shares) \| $ / shares	$ 31.44
Granted (in usd per share) \| $ / shares	29.12
Vested (in usd per share) \| $ / shares	0
Forfeited (in usd per share) \| $ / shares	30.82
Unvested at ending balance (in usd per shares) \| $ / shares	$ 30.31

Stockholders' Equity - Schedule of Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 23, 2022	Sep. 23, 2022	Dec. 24, 2021
Shares
Outstanding, beginning balance (in shares)		115,639
Exercised (in shares)	(3,407)	(3,407)
Outstanding, ending balance (in shares)	112,232	112,232	115,639
Exercisable, ending balance (in shares)	112,232	112,232
Weighted Average Grant Date Fair Value
Outstanding, beginning balance (in usd per share)		$ 20.23
Exercised (in usd per share)		20.23
Outstanding, ending balance (in usd per share)	$ 20.23	20.23	$ 20.23
Exercisable, ending balance (in usd per share)	$ 20.23	$ 20.23
Aggregate Intrinsic Value
Outstanding, beginning balance		$ 2,051
Outstanding, ending balance	$ 1,127	1,127	$ 2,051
Exercisable, ending balance	$ 1,127	$ 1,127
Weighted-Average Remaining Contractual Term (in years)
Outstanding, ending balance		3 years 6 months	6 years 2 months 12 days
Exercisable, ending balance		3 years 6 months

Stockholders' Equity - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
Stockholders' Equity - Narrative (Details) - USD ($)	Sep. 23, 2022	Sep. 24, 2021	Sep. 23, 2022	Sep. 24, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, capitalized			$ 0
Number of shares available for grant (in shares)	2,053,840		2,053,840
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)			517,766
Weighted average grant date fair value (in usd per share)			$ 31.41
Recognized expense	$ 3,099,000	$ 2,710,000	$ 9,081,000	$ 8,448,000
Total unrecognized compensation cost, RSAs	21,353,000		$ 21,353,000
Weighted average remaining term (in years)			2 years 1 month 6 days
Time , Market, And Performance Based Grants \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)			4 years
Time-based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)			183,244
Weighted average grant date fair value (in usd per share)			$ 33.60
Total unrecognized compensation cost, RSAs	11,051,000		$ 11,051,000
Weighted average remaining term (in years)			2 years 2 months 12 days
Performance-based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)			167,261
Weighted average grant date fair value (in usd per share)			$ 32.44
Total unrecognized compensation cost, RSAs	$ 10,302,000		$ 10,302,000
Weighted average remaining term (in years)			2 years

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Sep. 23, 2022	Sep. 24, 2021	Sep. 23, 2022	Sep. 24, 2021	Dec. 24, 2021
Income Tax Disclosure [Abstract]
Effective income tax rate (as a percent)	27.00%	44.70%	27.00%	27.30%
CARES Act, Income tax refund receivable	$ 21,250		$ 21,250		$ 21,250

Related Parties - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 23, 2022	Sep. 24, 2021	Sep. 23, 2022	Sep. 24, 2021
Related Party Transactions [Abstract]
Ownership interest in facilities owned by entities controlled by company's stockholders (as a percent)			100.00%
Expenses related to transactions with related parties	$ 123	$ 123	$ 369	$ 369

Supplemental Disclosures of Cash Flow Information - Summary of Supplemental Cash Flow Disclosures (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 23, 2022	Sep. 24, 2021
Supplemental cash flow disclosures:
Cash paid (received) for income taxes	$ 3,483	$ (194)
Cash paid for interest, net of cash received	17,636	10,690
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	20,835	18,965
Operating cash flows from finance leases	325	422
ROU assets obtained in exchange for lease liabilities:
Operating leases	21,779	13,308
Finance leases	791	536
Other non-cash investing and financing activities:
Warrants issued for acquisitions	1,701	1,120
Contingent earn-out liabilities for acquisitions	$ 1,200	$ 3,400