0001517175-23-000014 | 10-Q | XBRL Viewer

Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2023

Stockholders' Equity Note [Abstract]

Schedule of restricted stock awards activity

The following table reflects the activity of RSAs during the twenty-six weeks ended June 30, 2023:


	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 30, 2022	464,972	$	31.74	335,425	$	32.25	333,114	$	30.30
Granted	224,634	32.71		742,744	33.17		87,942	28.84
Vested	(208,936)	31.76		—	—		—	—
Forfeited	(3,000)	34.48		—	—		—	—
Unvested at June 30, 2023	477,670	$	32.17	1,078,169	$	32.88	421,056	$	30.00

Share-based payment arrangement, option, activity

The following table summarizes stock option activity during the twenty-six weeks ended June 30, 2023:


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




Outstanding December 30, 2022	112,232	$	20.23	$	1,465	3.2

Exercised	—	—

Outstanding June 30, 2023	112,232	$	20.23	$	1,743	2.7
Exercisable at June 30, 2023	112,232	20.23		$	1,743	2.7

Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2023

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 30, 2022	$	287,120
Goodwill adjustments (1)	1,859
Acquisitions	59,936
Foreign currency translation	36
Carrying amount as of June 30, 2023	$	348,951

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

Other intangible assets as of June 30, 2023 and December 30, 2022 consisted of the following:


June 30, 2023	Weighted-Average Remaining Amortization Period	Gross Carrying Amount		Accumulated Amortization		Net Amount
Customer relationships	111 months	$	249,628	$	(93,433)	$	156,195

Trademarks	148 months	57,655		(18,484)		39,171
Non-compete agreements	21 months	8,899		(8,480)		419
Total		$	316,182	$	(120,397)	$	195,785


December 30, 2022	Weighted-Average Remaining Amortization Period	Gross Carrying Amount		Accumulated Amortization		Net Amount
Customer relationships	117 months	$	205,608	$	(85,447)	$	120,161
Trademarks	165 months	51,137		(16,201)		34,936
Non-compete agreements	25 months	8,899		(8,293)		606
Total		$	265,644	$	(109,941)	$	155,703

Amortization expense for other intangibles was $5,759 and $3,463 for the thirteen weeks ended June 30, 2023 and June 24, 2022, respectively, and $10,456 and $6,819 for the twenty-six weeks ended June 30, 2023 and June 24, 2022, respectively.

The Company recognized a customer relationships intangible asset impairment charge of $1,838 related to the loss of a significant Hardie’s Fresh Foods customer post acquisition. The Company’s valuation of the Hardie’s Fresh Foods’ customer list intangible asset as of the acquisition date, a Level 3 measurement, was based on an income approach using the excess earnings method which requires significant assumptions including future sales forecasts and a discount rate. The impairment charge was measured by reducing its assumption of future sales for the significant customer lost post-acquisition to zero.The impairment charge is presented within other operating expenses, net on the condensed consolidated statements of operations.

Estimated amortization expense for other intangible assets for the remainder of the fiscal year ending December 29, 2023 and each of the next four fiscal years and thereafter is as follows:


2023	$	10,940
2024	21,428
2025	21,130
2026	21,017
2027	20,449
Thereafter	100,821
Total	$	195,785

Operations and Basis of Presentation	6 Months Ended
Operations and Basis of Presentation	Jun. 30, 2023
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 condensed 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 contained a fourteenth week in the fourth quarter. The Company’s business consists of three operating segments: East, Midwest and West 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 unaudited condensed 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 condensed consolidated financial statements and the related interim information contained within the notes to such unaudited condensed 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 condensed 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 30, 2022 filed as part of the Company’s Annual Report on Form 10-K, as filed with the SEC on February 28, 2023. The unaudited condensed 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 28, 2023, 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 and other factors, the results of operations for the thirteen and twenty-six weeks ended June 30, 2023 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.

Debt Obligations - Schedule of Convertible Senior Notes (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 30, 2022
Debt Instrument [Line Items]
Deferred Costs and Premium	$ (18,372)	$ (20,050)
Total	724,934
Convertible Debt
Debt Instrument [Line Items]
Principal Amount	327,184	333,184
Deferred Costs and Premium	(6,581)	(7,249)
Total	320,603	325,935
Convertible Debt \| 2028 Convertible Senior Notes
Debt Instrument [Line Items]
Principal Amount	287,500	287,500
Deferred Costs and Premium	(6,303)	(6,876)
Total	281,197	280,624
Convertible Debt \| 2024 Convertible Senior Notes
Debt Instrument [Line Items]
Principal Amount	39,684	41,684
Deferred Costs and Premium	(278)	(373)
Total	39,406	41,311
Convertible Debt \| Convertible unsecured note
Debt Instrument [Line Items]
Principal Amount	0	4,000
Deferred Costs and Premium	0	0
Total	$ 0	$ 4,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

- Definition

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

+ References + Details

Acquisitions - Narrative (Details) $ in Thousands				3 Months Ended		6 Months Ended
Acquisitions - Narrative (Details) $ in Thousands	May 01, 2023 USD ($) shares	Mar. 20, 2023 USD ($)	Nov. 01, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 24, 2022 USD ($)	Jun. 30, 2023 USD ($) acquisition	Jun. 24, 2022 USD ($)	Dec. 30, 2022 USD ($)
Business Acquisition [Line Items]
Goodwill				$ 348,951		$ 348,951		$ 287,120
Increase in goodwill						1,859
Professional fees				1,385	$ 1,019	2,628	$ 1,862
Asset-based loan facility
Business Acquisition [Line Items]
Long-term debt				$ 90,000		$ 90,000		$ 40,000
GreenLeaf
Business Acquisition [Line Items]
Purchase price	$ 86,124
Cash amount paid	72,157
Net working capital adjustment	1,471
Deferred payments	$ 10,000
Shares of common stock acquired (in shares) \| shares	75,008
Goodwill, useful life				15 years		15 years
Total	$ 86,124
Goodwill	46,055
GreenLeaf \| Customer relationships
Business Acquisition [Line Items]
Finite-lived intangible assets	27,760
GreenLeaf \| Trademarks
Business Acquisition [Line Items]
Finite-lived intangible assets	2,900
GreenLeaf \| Non-compete agreements
Business Acquisition [Line Items]
Finite-lived intangible assets	0
GreenLeaf \| Customer Relationships and Trademark
Business Acquisition [Line Items]
Finite-lived intangible asset, useful life				10 years		10 years
GreenLeaf \| Common Stock
Business Acquisition [Line Items]
Approximate value of common stock acquired	2,496
GreenLeaf \| Asset-based loan facility
Business Acquisition [Line Items]
Long-term debt	$ 40,000
Hardie’s Fresh Foods
Business Acquisition [Line Items]
Purchase price		$ 42,070
Cash amount paid		38,000
Goodwill, useful life				15 years		15 years
Business combination, contingent consideration, liability		4,070
Estimated fair value of contingent earn-out liability		$ 10,000
Business combination, contingent consideration, liability, term		2 years
Total		$ 42,070
Goodwill		7,990
Hardie’s Fresh Foods \| Customer relationships
Business Acquisition [Line Items]
Finite-lived intangible assets		$ 13,800
Finite-lived intangible asset, useful life		10 years
Hardie’s Fresh Foods \| Trademarks
Business Acquisition [Line Items]
Finite-lived intangible assets		$ 3,600
Finite-lived intangible asset, useful life		5 years
Hardie’s Fresh Foods \| Non-compete agreements
Business Acquisition [Line Items]
Finite-lived intangible assets		$ 0
Other Acquisitions
Business Acquisition [Line Items]
Cash amount paid						$ 12,971
Deferred payments						$ 2,215
Goodwill, useful life				15 years		15 years
Estimated fair value of contingent earn-out liability						$ 2,562
Number of acquisitions \| acquisition						3
Total				$ 16,851		$ 16,851
Goodwill				5,891		5,891
Other Acquisitions \| Customer relationships
Business Acquisition [Line Items]
Finite-lived intangible assets				$ 4,276		$ 4,276
Finite-lived intangible asset, useful life				10 years		10 years
Other Acquisitions \| Trademarks
Business Acquisition [Line Items]
Finite-lived intangible assets				$ 0		$ 0
Other Acquisitions \| Non-compete agreements
Business Acquisition [Line Items]
Finite-lived intangible assets				0		0
Other Acquisitions \| Other Fiscal 2023 Acquisition Date Earn-Out Liability
Business Acquisition [Line Items]
Business combination, contingent consideration, liability				1,665		$ 1,665
Chef Middle East
Business Acquisition [Line Items]
Purchase price			$ 116,515
Cash amount paid			108,749
Net working capital adjustment			166
Business combination, contingent consideration, liability			7,600
Estimated fair value of contingent earn-out liability			$ 10,000
Business combination, contingent consideration, liability, term			2 years
Total			$ 116,515
Goodwill			24,548
Increase in goodwill				735
Decrease in inventory				735
Increase in earn-out liability				100
Increase in accrued liabilities				313
Decrease in other assets				82
Decrease in deferred tax liabilities				$ 35
Chef Middle East \| Customer relationships
Business Acquisition [Line Items]
Finite-lived intangible assets			$ 25,800
Finite-lived intangible asset, useful life			10 years
Chef Middle East \| Trademarks
Business Acquisition [Line Items]
Finite-lived intangible assets			$ 11,400
Finite-lived intangible asset, useful life			15 years
Chef Middle East \| Non-compete agreements
Business Acquisition [Line Items]
Finite-lived intangible assets			$ 320
Finite-lived intangible asset, useful life			3 years

Stockholders' Equity - Schedule of Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 30, 2022
Shares
Outstanding, beginning balance (in shares)	112,232
Exercised (in shares)	0
Outstanding, ending balance (in shares)	112,232	112,232
Exercisable, ending balance (in shares)	112,232
Weighted Average Grant Date Fair Value
Outstanding, beginning balance (in usd per share)	$ 20.23
Exercised (in usd per share)	0
Outstanding, ending balance (in usd per share)	20.23	$ 20.23
Exercisable, ending balance (in usd per share)	$ 20.23
Aggregate Intrinsic Value
Outstanding, beginning balance	$ 1,465
Outstanding, ending balance	1,743	$ 1,465
Exercisable, ending balance	$ 1,743
Weighted Average Remaining Contractual Term (in years)
Outstanding, ending balance	2 years 8 months 12 days	3 years 2 months 12 days
Exercisable, ending balance	2 years 8 months 12 days

Supplemental Disclosures of Cash Flow Information (Tables)

6 Months Ended

Jun. 30, 2023

Supplemental Cash Flow Elements [Abstract]

Schedule of supplemental disclosures of cash flow information


	Twenty-Six Weeks Ended
	June 30, 2023		June 24, 2022
Supplemental cash flow disclosures:
Cash paid (received) for income taxes	$	10,673	$	(239)
Cash paid for interest, net of cash received	$	20,266	$	7,718
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	18,591	$	13,837
Operating cash flows from finance leases	$	336	$	223
Other non-cash investing and financing activities
ROU assets obtained in exchange for lease liabilities:
Operating leases	$	42,182	$	20,116
Finance leases	$	3,684	$	411
Other non-cash investing and financing activities:
Warrants issued for acquisitions	$	—	$	1,701



Common stock issued for acquisitions	$	2,496	$	—

Unsecured notes issued for acquisitions	$	10,000	$	—
Contingent earn-out liabilities for acquisitions	$	5,835	$	1,200

Net Income per Share - Schedule of Reconciliation of Earnings per Share (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 24, 2022	Mar. 25, 2022	Jun. 30, 2023	Jun. 24, 2022
Numerator:
Net income	$ 9,867	$ 1,401	$ 16,915	$ 1,385	$ 11,268	$ 18,300
Add effect of dilutive securities
Interest on convertible notes, net of tax	1,397		719		0	1,365
Net income available to common shareholders	$ 11,264		$ 17,634		$ 11,268	$ 19,665
Denominator:
Weighted average basic common shares outstanding (in shares)	37,634,127		37,100,968		37,570,595	37,018,044
Dilutive effect of unvested common shares (in shares)	521,102		263,071		564,119	296,538
Dilutive effect of stock options and warrants (in shares)	56,251		73,381		66,694	56,817
Dilutive effect of convertible notes (in shares)	7,392,817		4,616,033		0	4,524,980
Weighted average diluted common shares outstanding (in shares)	45,604,297		42,053,453		38,201,408	41,896,379

Stockholders' Equity

6 Months Ended

Jun. 30, 2023

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stockholders’ Equity

Equity Awards

The following table reflects the activity of RSAs during the twenty-six weeks ended June 30, 2023:


	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 30, 2022	464,972	$	31.74	335,425	$	32.25	333,114	$	30.30
Granted	224,634	32.71		742,744	33.17		87,942	28.84
Vested	(208,936)	31.76		—	—		—	—
Forfeited	(3,000)	34.48		—	—		—	—
Unvested at June 30, 2023	477,670	$	32.17	1,078,169	$	32.88	421,056	$	30.00

The Company granted 1,055,320 RSAs to its employees at a weighted average grant date fair value of $32.71 during the twenty-six weeks ended June 30, 2023. These awards are a mix of time-, market- and performance-based grants that generally vest over a range of periods up to five years. The Company recognized expense totaling $4,704 and $2,939 on its RSAs during the thirteen weeks ended June 30, 2023 and June 24, 2022, respectively, and $9,494 and $5,982 during the twenty-six weeks ended June 30, 2023 and June 24, 2022, respectively.

At June 30, 2023, the total unrecognized compensation cost for unvested RSAs was $34,735 and the weighted-average remaining period was approximately 1.3 years. Of this total, $12,783 related to RSAs with time-based vesting provisions and $21,952 related to RSAs with performance- and market-based vesting provisions. At June 30, 2023, the weighted-average remaining period for time-based vesting and performance-based vesting RSAs were approximately 2.2 years and 0.7 years, respectively.

No share-based compensation expense related to the Company’s RSAs or stock options has been capitalized. As of June 30, 2023, there were 1,088,116 shares available for grant under the 2019 Omnibus Equity Incentive Plan.

The following table summarizes stock option activity during the twenty-six weeks ended June 30, 2023:


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




Outstanding December 30, 2022	112,232	$	20.23	$	1,465	3.2

Exercised	—	—

Outstanding June 30, 2023	112,232	$	20.23	$	1,743	2.7
Exercisable at June 30, 2023	112,232	20.23		$	1,743	2.7

In connection with the CME acquisition, the Company issued stock awards to certain members of the CME management team

which were classified as liabilities. These awards vest over a period of up to 4 years. Stock-based compensation expense for

these awards was $544 and $0 during the thirteen weeks ended June 30, 2023 and June 24, 2022, respectively, and $1,087 and $0 during the twenty-six weeks ended June 30, 2023 and June 24, 2022, respectively. The fair value of these awards was $1,450 and $362 as of June 30, 2023 and December 30, 2022, respectively, and is presented within Other liabilities and deferred credits on the Company’s condensed consolidated balance sheets.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stockholders' Equity - Schedule of Restricted Stock Awards (Details)	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Time-based
Shares
Unvested at beginning balance (in shares) \| shares	464,972
Granted (in shares) \| shares	224,634
Vested (in shares) \| shares	(208,936)
Forfeited (in shares) \| shares	(3,000)
Unvested at ending balance (in shares) \| shares	477,670
Weighted Average Grant Date Fair Value
Unvested at beginning balance (in usd per shares) \| $ / shares	$ 31.74
Granted (in usd per share) \| $ / shares	32.71
Vested (in usd per share) \| $ / shares	31.76
Forfeited (in usd per share) \| $ / shares	34.48
Unvested at ending balance (in usd per shares) \| $ / shares	$ 32.17
Performance-based
Shares
Unvested at beginning balance (in shares) \| shares	335,425
Granted (in shares) \| shares	742,744
Vested (in shares) \| shares	0
Forfeited (in shares) \| shares	0
Unvested at ending balance (in shares) \| shares	1,078,169
Weighted Average Grant Date Fair Value
Unvested at beginning balance (in usd per shares) \| $ / shares	$ 32.25
Granted (in usd per share) \| $ / shares	33.17
Vested (in usd per share) \| $ / shares	0
Forfeited (in usd per share) \| $ / shares	0
Unvested at ending balance (in usd per shares) \| $ / shares	$ 32.88
Market-based
Shares
Unvested at beginning balance (in shares) \| shares	333,114
Granted (in shares) \| shares	87,942
Vested (in shares) \| shares	0
Forfeited (in shares) \| shares	0
Unvested at ending balance (in shares) \| shares	421,056
Weighted Average Grant Date Fair Value
Unvested at beginning balance (in usd per shares) \| $ / shares	$ 30.30
Granted (in usd per share) \| $ / shares	28.84
Vested (in usd per share) \| $ / shares	0
Forfeited (in usd per share) \| $ / shares	0
Unvested at ending balance (in usd per shares) \| $ / shares	$ 30.00

Insider Trading Arrangements

3 Months Ended

6 Months Ended

Jun. 30, 2023

Trading Arrangements, by Individual

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Tim McCauley [Member]

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

During the quarterly period covered by this report, our directors and officers (as defined in Rule 16a-1(f) of the Securities Exchange Act, of 1934, as amended) adopted, terminated or modified the following Rule 10b5-1 or or non-Rule

10b5-1 trading arrangements (as defined in Item 408 of Regulation S-K):

Name

Title

Type of Trading Arrangement

Security

Action

Date of Action

Duration of Trading Arrangement

Aggregate Number of Securities Covered

Tim McCauley

Chief Accounting Officer

Rule 10b-5 Plan to Sell

Common Stock

Adoption

June 5, 2023

Up to October 2, 2025

18,000

Each trading arrangement reported above is subject to a number of conditions, including as to the price at which, and

the timing of when,purchases and/or sales may occur, and it is possible that any trading arrangement may not result in the purchase and/or sale of any or all of the aggregate number of securities covered by such trading arrangement during the term of the trading arrangement. Additionally, these trading arrangements are subject to modification or termination in accordance with applicable law.

Name

Tim McCauley

Title

Chief Accounting Officer

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

June 5, 2023

Arrangement Duration

850 days

Aggregate Available

18,000

Officer Trading Arrangement [Member]

Trading Arrangements, by Individual

Rule 10b5-1 Arrangement Adopted

true

Acquisitions

6 Months Ended

Jun. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Acquisitions

GreenLeaf

On May 1, 2023, the Company entered into a stock purchase agreement to acquire substantially all of the equity interests of Oakville Produce Partners, LLC (“GreenLeaf”), a leading produce and specialty food distributor in Northern California. The final purchase price was $86,124 consisting of $72,157 paid in cash at closing, $1,471 paid upon settlement of a net working capital true-up, the issuance of a $10,000 unsecured note and 75,008 shares of the Company’s common stock with an approximate value of $2,496 based on the trading price of the Company’s common stock on the date of acquisition. The acquisition was partially funded by a $40,000 incremental draw on the Company’s asset-based loan facility. The Company’s purchase price allocation is preliminary and is subject to revision pending the valuation of goodwill and intangible assets acquired. This valuation is incomplete as of June 30, 2023 as the Company is currently in the process of completing its assessment of valuation inputs and assumptions. When applicable, these valuations require the use of Level 3 inputs. All goodwill for the GreenLeaf acquisition will be amortized over 15 years for tax purposes. The goodwill recorded primarily reflects the value of acquiring an established specialty produce distributor to leverage the Company’s existing products in the markets served by GreenLeaf and any intangible assets that do not qualify for separate recognition, including assembled workforce. The intangible assets acquired consisted of customer relationships and trademarks valued at $27,760 and $2,900, respectively, as of the acquisition date. The customer relationships and trademarks are being amortized over 10 years.

Hardie’s Fresh Foods

On March 20, 2023, pursuant to an asset purchase agreement, the Company acquired substantially all of the assets of Hardie’s F&V, LLC (“Hardie’s Fresh Foods”), a specialty produce distributor with operations in Texas. The initial purchase price was approximately $42,070, consisting of $38,000 paid in cash at closing, subject to customary net working capital adjustments, and an earn-out liability valued at approximately $4,070 as of the acquisition date. If earned, the earn-out liability could total up to $10,000 over a two-year period. The payment of the earn-out liability is subject to the successful achievement of certain EBITDA targets. The Company’s purchase price allocation is preliminary and is subject to revision pending the valuation of goodwill and intangible assets acquired. This valuation is incomplete as of June 30, 2023 as the Company is currently in the process of completing its assessment of valuation inputs and assumptions as well as opening working capital. When applicable, these valuations require the use of Level 3 inputs. All goodwill for the Hardie’s Fresh Foods acquisition will be amortized over 15 years for tax purposes. The goodwill recorded primarily reflects the value of acquiring an established specialty produce distributor to leverage the Company’s existing products in the markets served by Hardie’s Fresh Foods and any intangible

assets that do not qualify for separate recognition, including assembled workforce. The intangible assets acquired consisted of customer relationships and trademarks valued at $13,800 and $3,600, respectively, as of the acquisition date. The customer relationships and trademarks are being amortized over 10 years, and 5 years, respectively.

Other Fiscal 2023 Acquisitions

During the twenty-six weeks ended June 30, 2023, the Company completed three other acquisitions for an aggregate initial purchase price of approximately $16,851, consisting of $12,971 paid in cash at closing, subject to customary working capital adjustments, earn-out liabilities valued at approximately of $1,665 as of the dates of acquisition, and $2,215 of deferred payments. If earned, these earn-out liabilities could total up to $2,562 in the aggregate. The Company’s aggregate purchase price allocation is preliminary and is subject to revision pending the valuations of goodwill and intangible assets acquired. This valuation is incomplete as of June 30, 2023 as the Company is currently in the process of completing its assessment of valuation inputs and assumptions as well as opening working capital. When applicable, these valuations require the use of Level 3 inputs. All goodwill of $5,891 will be amortized over 15 years for tax purposes. The intangible assets acquired consisted of customer relationships valued at $4,276 as of the acquisition dates. The customer relationships are being amortized over 10 years.

The Company reflected net sales and income before income taxes in its condensed consolidated statement of operations related to the fiscal 2023 acquisitions as follows:


	Thirteen Weeks Ended		Twenty-Six Weeks Ended
	June 30, 2023			June 30, 2023
Net sales	$	100,181		$	120,403
Income before income taxes	$	4,428		$	6,188

Chef Middle East

On November 1, 2022, pursuant to a share sale and purchase agreement, the Company acquired substantially all of the shares of Chef Middle East LLC (“CME”), a specialty food distributor with operations in the United Arab Emirates, Qatar and Oman. The final purchase price was approximately $116,515, consisting of $108,749 paid in cash at closing, $166 paid upon settlement of a net working capital true-up, and an earn-out liability valued at $7,600 as of the date of acquisition. If earned, the earn-out liability could total up to $10,000 over a two-year period. The measurement period adjustments recorded through the second quarter of fiscal 2023 resulted in a goodwill increase of $735, a decrease in inventories of $735, an increase in the earn-out liability of $100, an increase in accrued liabilities of $313, a decrease in other assets of $82, and a decrease in deferred tax liabilities of $35. The valuation of tangible and intangible assets acquired has been completed as of June 30, 2023. The intangible assets acquired consists of customer relationships, trademarks, and non-compete agreements valued at $25,800, $11,400, and $320, respectively, as of the acquisition date. The customer relationships, trademarks, and non-compete agreements are being amortized over 10, 15, and 3 years, respectively.

Pro forma Financial Information

The table below presents unaudited pro forma condensed consolidated income statement information of the Company as if the GreenLeaf and Hardie’s Fresh Foods acquisitions had occurred on December 25, 2021, and the CME acquisition 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 value. CME did not have a pro forma impact during the thirteen and twenty-six weeks ended June 30, 2023 as it was included in the condensed consolidated results of operations for the entire period.


	Thirteen Weeks Ended				Twenty-Six Weeks Ended
	June 30, 2023		June 24, 2022		June 30, 2023		June 24, 2022
Net sales	$	892,161	$	788,182	$	1,695,649	$	1,435,104
Income before income taxes	$	13,617	$	28,513	$	16,752	$	39,144

The table below sets forth the total assets acquired and liabilities assumed:


	Chef Middle East		Hardie’s Fresh Foods		GreenLeaf		Other Acquisitions
Current assets	$	84,076	$	27,479	$	16,068	$	9,783
Customer relationships	25,800		13,800		27,760		4,276
Trademarks	11,400		3,600		2,900		—
Non-compete agreements	320		—		—		—
Goodwill	24,548		7,990		46,055		5,891
Fixed assets	16,953		5,582		2,477		497
Other assets	859		854		104		—
Deferred tax liability	(3,600)		—		—		(241)
Right-of-use assets	5,321		13,303		2,026		3,258

Lease liabilities	(5,321)		(13,303)		(2,026)		(3,258)

Current liabilities	(43,841)		(17,235)		(9,240)		(3,336)

Other long-term liabilities	—		—		—		(19)


Total	$	116,515	$	42,070	$	86,124	$	16,851

The Company recognized professional fees related to acquisition activities of $1,385 and $1,019 during the thirteen weeks ended June 30, 2023 and June 24, 2022, respectively, and $2,628 and $1,862 during the twenty-six weeks ended June 30, 2023 and June 24, 2022, respectively, presented within other operating expenses, net on the condensed consolidated statements of operations.

Goodwill and Other Intangible Assets - Goodwill (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 287,120
Goodwill adjustments	1,859
Acquisitions	59,936
Foreign currency translation	36
Ending balance	$ 348,951

- 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

Subsequent Events (Details) - USD ($) $ in Millions	Jul. 07, 2023	Jul. 06, 2023
Subsequent Event \| Asset-based loan facility \| Senior secured term loans
Subsequent Event [Line Items]
Line of credit facility, maximum borrowing capacity	$ 300	$ 200

Property and Equipment - Equipment, Leasehold Improvements, and Software (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 30, 2022
Property, Plant and Equipment [Line Items]
Equipment, leasehold improvements and software, gross	$ 334,904	$ 304,741
Less: accumulated depreciation and amortization	(129,369)	(119,013)
Property and equipment, net	205,535	185,728
Land
Property, Plant and Equipment [Line Items]
Equipment, leasehold improvements and software, gross	$ 5,542	5,542
Buildings
Property, Plant and Equipment [Line Items]
Useful Lives (in years)	20 years
Equipment, leasehold improvements and software, gross	$ 40,704	39,893
Machinery and equipment
Property, Plant and Equipment [Line Items]
Equipment, leasehold improvements and software, gross	$ 34,722	32,107
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	$ 20,326	18,475
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	$ 48,544	42,609
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	$ 124,386	94,245
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	$ 3,883	3,825
Vehicles
Property, Plant and Equipment [Line Items]
Equipment, leasehold improvements and software, gross	$ 34,810	31,462
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	$ 21,987	$ 36,583

Fair Value Measurements

6 Months Ended

Jun. 30, 2023

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 $928 and $10,483 as of June 30, 2023 and December 30, 2022, respectively, and are reflected as other liabilities and deferred credits on the condensed consolidated balance sheets. The remaining short-term earn-out liabilities are reflected as accrued liabilities on the condensed 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, net on the condensed consolidated statements of operations.

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


	Total





Balance December 30, 2022	$	17,294
Acquisition value	5,835

Cash payments	(4,250)
Changes in fair value	1,092
Balance June 30, 2023	$	19,971

Fair Value of Financial Instruments

The carrying amounts reported in the Company’s condensed consolidated balance sheets for accounts receivable and accounts payable approximate fair value due to the immediate to short-term nature of these financial instruments. The fair values of the asset-based loan facility and term loan approximated their book values as of June 30, 2023 and December 30, 2022 as these instruments had variable interest rates that reflected current market rates available to the Company and are classified as Level 2 fair value measurements.

The following table presents the carrying value and fair value of the Company’s convertible notes and GreenLeaf Note. The fair value of the Company’s 2028 Convertible Senior Notes was based on Level 1 inputs. In estimating the fair value of its 2024 Convertible Senior Notes and Convertible Unsecured Note, 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. The fair value of the GreenLeaf Note was determined based upon observable market prices of similar debt instruments. The Convertible Unsecured Note matured on June 29, 2023 and was repaid in full.


		June 30, 2023				December 30, 2022
	Fair Value Hierarchy	Carrying Value		Fair Value		Carrying Value		Fair Value
2028 Convertible Senior Notes	Level 1	$	287,500	$	302,338	$	287,500	$	292,531
2024 Convertible Senior Notes	Level 3	$	39,684	$	41,070	$	41,684	$	43,723
GreenLeaf Note	Level 2	$	10,000	$	9,706	$	—	$	—
Convertible Unsecured Note	Level 3	$	—	$	—	$	4,000	$	4,345

- 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

Goodwill and Other Intangible Assets - Future amortization (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Estimated amortization in fiscal year:
2023	$ 10,940
2024	21,428
2025	21,130
2026	21,017
2027	20,449
Thereafter	100,821
Total	$ 195,785

Goodwill and Other Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2023

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 30, 2022	$	287,120
Goodwill adjustments (1)	1,859
Acquisitions	59,936
Foreign currency translation	36
Carrying amount as of June 30, 2023	$	348,951

(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 June 30, 2023 and December 30, 2022 consisted of the following:


June 30, 2023	Weighted-Average Remaining Amortization Period	Gross Carrying Amount		Accumulated Amortization		Net Amount
Customer relationships	111 months	$	249,628	$	(93,433)	$	156,195

Trademarks	148 months	57,655		(18,484)		39,171
Non-compete agreements	21 months	8,899		(8,480)		419
Total		$	316,182	$	(120,397)	$	195,785


December 30, 2022	Weighted-Average Remaining Amortization Period	Gross Carrying Amount		Accumulated Amortization		Net Amount
Customer relationships	117 months	$	205,608	$	(85,447)	$	120,161
Trademarks	165 months	51,137		(16,201)		34,936
Non-compete agreements	25 months	8,899		(8,293)		606
Total		$	265,644	$	(109,941)	$	155,703

Schedule of estimated future amortization expense

Estimated amortization expense for other intangible assets for the remainder of the fiscal year ending December 29, 2023 and each of the next four fiscal years and thereafter is as follows:


2023	$	10,940
2024	21,428
2025	21,130
2026	21,017
2027	20,449
Thereafter	100,821
Total	$	195,785

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-SubTopic 20
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+ Details

Related Parties - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 24, 2022	Jun. 30, 2023	Jun. 24, 2022
Related Party
Restructuring Cost and Reserve [Line Items]
Ownership interest in facilities owned by entities controlled by company's stockholders (as a percent)			100.00%
Leased Distribution Facility Owned by CEO
Restructuring Cost and Reserve [Line Items]
Expense related to affiliate distribution facility	$ 123	$ 123	$ 246	$ 246

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2023

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 condensed 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								Twenty-Six Weeks Ended
	June 30, 2023				June 24, 2022				June 30, 2023				June 24, 2022
Center-of-the-Plate	$	336,459	38.2	%	$	284,286	43.9	%	$	642,764	40.1	%	$	523,062	45.1	%
Dry Goods	162,653		18.4	%	91,852		14.2	%	284,168		17.7	%	160,648		13.8	%
Pastry	122,240		13.9	%	67,408		10.4	%	211,239		13.2	%	117,803		10.2	%
Cheese and Charcuterie	75,892		8.6	%	52,778		8.1	%	130,020		8.1	%	91,166		7.9	%
Produce	65,994		7.5	%	72,889		11.2	%	127,827		8.0	%	130,043		11.2	%
Dairy and Eggs	60,372		6.8	%	36,735		5.7	%	105,985		6.6	%	63,686		5.5	%
Oils and Vinegars	37,539		4.3	%	27,842		4.3	%	64,137		4.0	%	48,867		4.2	%
Kitchen Supplies	20,671		2.3	%	14,314		2.2	%	35,325		2.3	%	24,932		2.1	%
Total	$	881,820	100	%	$	648,104	100	%	$	1,601,465	100	%	$	1,160,207	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 $16,615 and $9,398 for the thirteen weeks ended June 30, 2023 and June 24, 2022, respectively, and $28,289 and $18,434 for the twenty-six weeks ended June 30, 2023 and June 24, 2022, respectively.

Immaterial Correction of Prior Period Disclosures

During the first quarter of fiscal 2023 and subsequent to the issuance of the fiscal year 2022 consolidated financial statements, immaterial errors were identified in the weighted average remaining amortization period of intangible assets, the intangible asset amortization schedule and the debt maturity schedule. The weighted average remaining amortization period for customer relationships, non-compete agreements and trademarks were previously disclosed as 232 months, 73 months and 250 months instead of 117 months, 25 months and 165 months, respectively. This had a corresponding immaterial impact on the intangible asset amortization schedule.

In addition, the debt maturity schedule previously included the $40,000 due upon maturity of the asset-based loan facility in the thereafter total instead of in the 2027 total. Further, the Company omitted that the asset-based loan facility and term loan are classified as Level 2 within the fair value hierarchy. These immaterial errors and omissions have been corrected in Note 4 “Fair Value Measurements”, Note 8 “Goodwill and Other Intangible Assets” and Note 9 “Debt Obligations”, within these condensed consolidated financial statements.

- 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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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 24, 2022
Cash flows from operating activities:
Net income	$ 11,268	$ 18,300
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	15,682	11,755
Amortization of intangible assets	10,456	6,819
Provision for allowance for doubtful accounts	3,311	1,817
Non-cash operating lease expense	1,812	1,076
Provision for deferred income taxes	990	5,004
Amortization of deferred financing fees	1,813	1,009
Stock compensation	10,581	5,982
Change in fair value of contingent earn-out liabilities	1,092	3,628
Intangible asset impairment	1,838	0
Loss on asset disposal	22	17
Changes in assets and liabilities, net of acquisitions:
Accounts receivable	(9,854)	(24,659)
Inventories	(35,450)	(30,569)
Prepaid expenses and other current assets	(2,435)	106
Accounts payable, accrued liabilities and accrued compensation	453	19,733
Other assets and liabilities	(796)	(237)
Net cash provided by operating activities	10,783	19,781
Cash flows from investing activities:
Capital expenditures	(23,155)	(23,490)
Cash paid for acquisitions, net of cash acquired	(119,580)	(52,007)
Net cash used in investing activities	(142,735)	(75,497)
Cash flows from financing activities:
Payment of debt, finance lease and other financing obligations	(11,680)	(2,769)
Payment of deferred financing fees	0	(406)
Surrender of shares to pay withholding taxes	(2,115)	(2,558)
Cash paid for contingent earn-out liability	(3,210)	(2,000)
Borrowings under asset-based loan facility	50,000	0
Net cash provided by (used in) financing activities	32,995	(7,733)
Effect of foreign currency on cash and cash equivalents	(251)	100
Net change in cash and cash equivalents	(99,208)	(63,349)
Cash and cash equivalents-beginning of period	158,800	115,155
Cash and cash equivalents-end of period	$ 59,592	$ 51,806

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 24, 2022	Jun. 30, 2023	Jun. 24, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 5,759	$ 3,463	$ 10,456	$ 6,819
Intangible asset impairment			$ 1,838	$ 0

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe Company’s effective tax rate was 26.0% and 27.0% for the thirteen weeks and twenty-six weeks-ended June 30, 2023 and June 24, 2022, respectively. The effective tax rate varies from the 21% statutory rate primarily due to state taxes. The lower effective tax rate for the thirteen weeks and twenty-six weeks-ended June 30, 2023 was primarily driven by a greater mix of foreign earnings that are subject to tax rates below the US statutory rate of 21%. The Company’s income tax provision reflects the impact of an expected income tax refund receivable of $21,250 as of June 30, 2023 which is reflected in prepaid expenses and other current assets on the Company’s consolidated balance sheet.

- 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
-Topic 946
-SubTopic 20
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-Section 50
-Paragraph 13
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+ Details

Debt Obligations - Schedule of Maturities of the Company's Debt (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Long-term Debt and Lease Obligation, Including Current Maturities [Abstract]
2023	$ 1,500
2024	47,684
2025	8,000
2026	3,000
2027	93,000
Thereafter	571,750
Total	$ 724,934

- Definition

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

+ References + Details

Stockholders' Equity - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
Stockholders' Equity - Narrative (Details) - USD ($)	Jun. 30, 2023	Jun. 24, 2022	Jun. 30, 2023	Jun. 24, 2022	Dec. 30, 2022
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)	1,088,116		1,088,116
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)			1,055,320
Weighted average grant date fair value (in usd per share)			$ 32.71
Recognized expense	$ 4,704,000	$ 2,939,000	$ 9,494,000	$ 5,982,000
Total unrecognized compensation cost, RSAs	$ 34,735,000		$ 34,735,000
Weighted average remaining term (in years)			1 year 3 months 18 days
Time , Market, And Performance Based Grants \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	5 years
Time-based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)			224,634
Weighted average grant date fair value (in usd per share)			$ 32.71
Total unrecognized compensation cost, RSAs	$ 12,783,000		$ 12,783,000
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)			742,744
Weighted average grant date fair value (in usd per share)			$ 33.17
Total unrecognized compensation cost, RSAs	21,952,000		$ 21,952,000
Weighted average remaining term (in years)			8 months 12 days
Stock options and warrants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized expense	544,000	$ 0	$ 1,087,000	$ 0
Share-based payment award, vested in period, fair value	$ 1,450,000				$ 362,000
Stock options and warrants \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	4 years

Fair Value Measurements - Summary of Changes in Level 3 Contingent Consideration Liability (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	$ 17,294
Acquisition value	5,835
Cash payments	(4,250)
Changes in fair value	1,092
Balance at end of period	$ 19,971

Operations and Basis of Presentation (Policies)	6 Months Ended
Operations and Basis of Presentation (Policies)	Jun. 30, 2023
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, Midwest and West that aggregate into one reportable segment, foodservice distribution, which is concentrated primarily in the United States.
Consolidation	The unaudited condensed 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 condensed consolidated financial statements and the related interim information contained within the notes to such unaudited condensed 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 condensed 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 30, 2022 filed as part of the Company’s Annual Report on Form 10-K, as filed with the SEC on February 28, 2023. The unaudited condensed 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 28, 2023, 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 and other factors, the results of operations for the thirteen and twenty-six weeks ended June 30, 2023 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 condensed 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-17

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 19
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-19

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-18

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-18

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-20

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-20

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-20

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-20

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (e)
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483426/235-10-50-4

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

- Definition

Disclosure of accounting policy for segment reporting.

+ References + Details

Inventories	6 Months Ended
Inventories	Jun. 30, 2023
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consist primarily of finished product and are reflected net of adjustments for shrinkage, excess and obsolescence to approximate their net realizable value totaling $10,187 and $9,198 at June 30, 2023 and December 30, 2022, respectively.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 24, 2022	Jun. 30, 2023	Jun. 24, 2022
Income Statement [Abstract]
Net sales	$ 881,820	$ 648,104	$ 1,601,465	$ 1,160,207
Cost of sales	673,376	492,100	1,223,313	886,690
Gross profit	208,444	156,004	378,152	273,517
Selling, general and administrative expenses	179,042	124,487	335,179	234,573
Other operating expenses, net	4,062	3,883	5,734	5,046
Operating income	25,340	27,634	37,239	33,898
Interest expense	12,006	4,465	22,012	8,830
Income before income taxes	13,334	23,169	15,227	25,068
Provision for income tax expense	3,467	6,254	3,959	6,768
Net income	9,867	16,915	11,268	18,300
Other comprehensive income:
Foreign currency translation adjustments	193	(74)	274	51
Comprehensive income	$ 10,060	$ 16,841	$ 11,542	$ 18,351
Net income per share:
Basic (in dollars per share)	$ 0.26	$ 0.46	$ 0.30	$ 0.49
Diluted (in dollars per share)	$ 0.25	$ 0.42	$ 0.29	$ 0.47
Weighted average common shares outstanding:
Basic (in shares)	37,634,127	37,100,968	37,570,595	37,018,044
Diluted (in shares)	45,604,297	42,053,453	38,201,408	41,896,379

Fair Value Measurements - Summary of the Carrying Value and Fair Value of Convertible Subordinated Notes (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 30, 2022
2028 Convertible Senior Notes \| Carrying Value \| Level 1 \| 2028 Convertible Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible Notes	$ 287,500	$ 287,500
2028 Convertible Senior Notes \| Carrying Value \| Level 3 \| 2024 Convertible Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible Notes	39,684	41,684
2028 Convertible Senior Notes \| Fair Value \| Level 1 \| 2028 Convertible Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible Notes	302,338	292,531
2028 Convertible Senior Notes \| Fair Value \| Level 3 \| 2024 Convertible Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible Notes	41,070	43,723
Unsecured note \| Carrying Value \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
GreenLeaf Note	10,000
Unsecured note \| Carrying Value \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible Notes	0	4,000
Unsecured note \| Fair Value \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
GreenLeaf Note	9,706
Unsecured note \| Fair Value \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible Notes	$ 0	$ 4,345

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2023

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								Twenty-Six Weeks Ended
	June 30, 2023				June 24, 2022				June 30, 2023				June 24, 2022
Center-of-the-Plate	$	336,459	38.2	%	$	284,286	43.9	%	$	642,764	40.1	%	$	523,062	45.1	%
Dry Goods	162,653		18.4	%	91,852		14.2	%	284,168		17.7	%	160,648		13.8	%
Pastry	122,240		13.9	%	67,408		10.4	%	211,239		13.2	%	117,803		10.2	%
Cheese and Charcuterie	75,892		8.6	%	52,778		8.1	%	130,020		8.1	%	91,166		7.9	%
Produce	65,994		7.5	%	72,889		11.2	%	127,827		8.0	%	130,043		11.2	%
Dairy and Eggs	60,372		6.8	%	36,735		5.7	%	105,985		6.6	%	63,686		5.5	%
Oils and Vinegars	37,539		4.3	%	27,842		4.3	%	64,137		4.0	%	48,867		4.2	%
Kitchen Supplies	20,671		2.3	%	14,314		2.2	%	35,325		2.3	%	24,932		2.1	%
Total	$	881,820	100	%	$	648,104	100	%	$	1,601,465	100	%	$	1,160,207	100	%

Property and Equipment - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 30, 2022
Property, Plant and Equipment [Line Items]
Net book value of equipment	$ 205,535	$ 185,728
Assets held under finance leases
Property, Plant and Equipment [Line Items]
Net book value of equipment	$ 12,572	$ 11,579

Net Income per Share - Schedule of Potentially Dilutive Securities Excluded from Calculation of Diluted Net Loss per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 24, 2022	Jun. 30, 2023	Jun. 24, 2022
Restricted share awards (“RSAs”)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares	46,746	106,571	29,717	83,001
Convertible notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares	0	0	7,392,817	91,053

Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 30, 2022
Fair Value Disclosures [Abstract]
Long-term earn-out liabilities	$ 928	$ 10,483

Debt Obligations (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Schedule of debt obligations

Debt obligations as of June 30, 2023 and December 30, 2022 consisted of the following:


	Weighted Average Effective Interest Rate at June 30, 2023		Maturity	June 30, 2023		December 30, 2022
Senior secured term loans	10.61	%	August 2029	$	297,750	$	299,250
2028 Convertible senior notes	2.77	%	December 2028	287,500		287,500
2024 Convertible senior notes	2.34	%	December 2024	39,684		41,684
Asset-based loan facility	6.80	%	March 2027	90,000		40,000

Finance leases and other financing obligations	5.38	%	Various	24,528		13,548
Convertible unsecured note	—	%	June 2023	—		4,000


Unamortized deferred costs and premium				(18,372)		(20,050)
Total debt obligations				721,090		665,932
Less: current installments				(12,017)		(12,428)
Total debt obligations excluding current installments				$	709,073	$	653,504

Schedule of debt maturities

Maturities of the Company’s debt, excluding finance leases, for the remainder of the fiscal year ending December 29, 2023 and each of the next four fiscal years and thereafter is as follows:


2023	$	1,500
2024	47,684
2025	8,000
2026	3,000
2027	93,000
Thereafter	571,750
Total	$	724,934

Schedule of convertible senior notes

The net carry value of the Company’s convertible notes as of June 30, 2023 and December 30, 2022 was:


	June 30, 2023						December 30, 2022
	Principal Amount		Unamortized Deferred Costs and Premium		Net Amount		Principal Amount		Unamortized Deferred Costs and Premium		Net Amount
2028 Convertible Senior Notes	$	287,500	$	(6,303)	$	281,197	$	287,500	$	(6,876)	$	280,624
2024 Convertible Senior Notes	39,684		(278)		39,406		41,684		(373)		41,311
Convertible Unsecured Note	—		—		—		4,000		—		4,000
Total	$	327,184	$	(6,581)	$	320,603	$	333,184	$	(7,249)	$	325,935

Schedule of components of interest expense

The components of interest expense on the Company’s convertible notes were as follows:


	Thirteen Weeks Ended				Twenty-Six Weeks Ended
	June 30, 2023		June 24, 2022		June 30, 2023		June 24, 2022
Coupon interest	$	1,893	$	938	$	3,792	$	1,875
Amortization of deferred costs and premium	333		224		668		448

Total interest	$	2,226	$	1,162	$	4,460	$	2,323

Supplemental Disclosures of Cash Flow Information - Summary of Supplemental Cash Flow Disclosures (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 24, 2022
Supplemental cash flow disclosures:
Cash paid (received) for income taxes	$ 10,673	$ (239)
Cash paid for interest, net of cash received	20,266	7,718
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	18,591	13,837
Operating cash flows from finance leases	336	223
ROU assets obtained in exchange for lease liabilities:
Operating leases	42,182	20,116
Finance leases	3,684	411
Warrants issued for acquisitions	0	1,701
Common stock issued for acquisitions	2,496	0
Unsecured notes issued for acquisitions	10,000	0
Contingent earn-out liabilities for acquisitions	$ 5,835	$ 1,200

Acquisitions (Tables)

6 Months Ended

Jun. 30, 2023

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 condensed consolidated statement of operations related to the fiscal 2023 acquisitions as follows:


	Thirteen Weeks Ended		Twenty-Six Weeks Ended
	June 30, 2023			June 30, 2023
Net sales	$	100,181		$	120,403
Income before income taxes	$	4,428		$	6,188

The pro forma information reflects amortization and depreciation of the acquisitions at their respective fair value. CME did not have a pro forma impact during the thirteen and twenty-six weeks ended June 30, 2023 as it was included in the condensed consolidated results of operations for the entire period.


	Thirteen Weeks Ended				Twenty-Six Weeks Ended
	June 30, 2023		June 24, 2022		June 30, 2023		June 24, 2022
Net sales	$	892,161	$	788,182	$	1,695,649	$	1,435,104
Income before income taxes	$	13,617	$	28,513	$	16,752	$	39,144

Schedule of purchase price allocation

The table below sets forth the total assets acquired and liabilities assumed:


	Chef Middle East		Hardie’s Fresh Foods		GreenLeaf		Other Acquisitions
Current assets	$	84,076	$	27,479	$	16,068	$	9,783
Customer relationships	25,800		13,800		27,760		4,276
Trademarks	11,400		3,600		2,900		—
Non-compete agreements	320		—		—		—
Goodwill	24,548		7,990		46,055		5,891
Fixed assets	16,953		5,582		2,477		497
Other assets	859		854		104		—
Deferred tax liability	(3,600)		—		—		(241)
Right-of-use assets	5,321		13,303		2,026		3,258

Lease liabilities	(5,321)		(13,303)		(2,026)		(3,258)

Current liabilities	(43,841)		(17,235)		(9,240)		(3,336)

Other long-term liabilities	—		—		—		(19)


Total	$	116,515	$	42,070	$	86,124	$	16,851

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 24, 2022	Jun. 30, 2023	Jun. 24, 2022	Dec. 30, 2022
Disaggregation of Revenue [Line Items]
Cost of food processing	$ 16,615	$ 9,398	$ 28,289	$ 18,434
Asset-based loan facility
Disaggregation of Revenue [Line Items]
Long-term debt, maturity, year five					$ 40,000
Asset-based loan facility \| As Reported
Disaggregation of Revenue [Line Items]
Long-term debt, maturity, after year five					$ 40,000
Customer relationships
Disaggregation of Revenue [Line Items]
Weighted-average remaining amortization period (in months)	111 months		111 months		117 months
Customer relationships \| As Reported
Disaggregation of Revenue [Line Items]
Weighted-average remaining amortization period (in months)					232 months
Non-compete agreements
Disaggregation of Revenue [Line Items]
Weighted-average remaining amortization period (in months)	21 months		21 months		25 months
Non-compete agreements \| As Reported
Disaggregation of Revenue [Line Items]
Weighted-average remaining amortization period (in months)					73 months
Trademarks
Disaggregation of Revenue [Line Items]
Weighted-average remaining amortization period (in months)	148 months		148 months		165 months
Trademarks \| As Reported
Disaggregation of Revenue [Line Items]
Weighted-average remaining amortization period (in months)					250 months
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

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 30, 2022
Current assets:
Cash and cash equivalents	$ 59,592	$ 158,800
Accounts receivable, net of allowance of $23,673 in 2023 and $20,733 in 2022	301,375	260,167
Inventories, net	291,917	245,693
Prepaid expenses and other current assets	60,735	56,200
Total current assets	713,619	720,860
Property and equipment, net	205,535	185,728
Operating lease right-of-use assets	182,215	156,629
Goodwill	348,951	287,120
Intangible assets, net	195,785	155,703
Other assets	4,884	3,256
Total assets	1,650,989	1,509,296
Current liabilities:
Accounts payable	198,087	163,397
Accrued liabilities	71,739	54,325
Short-term operating lease liabilities	23,104	19,428
Accrued compensation	28,486	34,167
Current portion of long-term debt	12,017	12,428
Total current liabilities	333,433	283,745
Long-term debt, net of current portion	709,073	653,504
Operating lease liabilities	175,142	151,406
Deferred taxes, net	7,294	6,098
Other liabilities and deferred credits	3,072	13,034
Total liabilities	1,228,014	1,107,787
Commitments and contingencies
Stockholders’ equity:
Preferred Stock - $0.01 par value, 5,000,000 shares authorized, no shares issued and outstanding at June 30, 2023 and December 30, 2022	0	0
Common Stock - $0.01 par value, 100,000,000 shares authorized, 39,665,691 and 38,599,390 shares issued and outstanding at June 30, 2023 and December 30, 2022, respectively	396	386
Additional paid-in capital	347,861	337,947
Accumulated other comprehensive loss	(1,911)	(2,185)
Retained earnings	76,629	65,361
Total stockholders’ equity	422,975	401,509
Total liabilities and stockholders’ equity	$ 1,650,989	$ 1,509,296

Property and Equipment

6 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment as of June 30, 2023 and December 30, 2022 consisted of the following:



	Useful Lives	June 30, 2023		December 30, 2022
Land	Indefinite	$	5,542	$	5,542
Buildings	20 years	40,704		39,893
Machinery and equipment	5 - 10 years	34,722		32,107
Computers, data processing and other equipment	3 - 7 years	20,326		18,475
Software	3 - 7 years	48,544		42,609
Leasehold improvements	1 - 40 years	124,386		94,245
Furniture and fixtures	7 years	3,883		3,825
Vehicles	5 - 10 years	34,810		31,462

Construction-in-process		21,987		36,583
		334,904		304,741
Less: accumulated depreciation and amortization		(129,369)		(119,013)
Property and equipment, net		$	205,535	$	185,728

Construction-in-process at June 30, 2023 related primarily to the build-out of the Company’s Richmond, CA and Gibbstown, NJ distribution facilities and at December 30, 2022 related primarily to the build-out of the Company’s Miami, Dallas and Richmond, CA distribution facilities and the implementation of the Company’s Enterprise Resource Planning system. The net book value of equipment financed under finance leases at June 30, 2023 and December 30, 2022 was $12,572 and $11,579, respectively.

The components of depreciation and amortization expense were as follows:


	Thirteen Weeks Ended				Twenty-Six Weeks Ended
	June 30, 2023		June 24, 2022		June 30, 2023		June 24, 2022
Depreciation expense	$	7,132	$	4,385	$	12,674	$	8,800
Software amortization	$	1,539	$	1,481	$	3,008	$	2,955
	$	8,671	$	5,866	$	15,682	$	11,755

Goodwill and Other Intangible Assets - Intangible assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 30, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 316,182	$ 265,644
Accumulated Amortization	(120,397)	(109,941)
Net Amount	$ 195,785	$ 155,703
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Remaining Amortization Period (in months)	111 months	117 months
Gross Carrying Amount	$ 249,628	$ 205,608
Accumulated Amortization	(93,433)	(85,447)
Net Amount	$ 156,195	$ 120,161
Trademarks
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Remaining Amortization Period (in months)	148 months	165 months
Gross Carrying Amount	$ 57,655	$ 51,137
Accumulated Amortization	(18,484)	(16,201)
Net Amount	$ 39,171	$ 34,936
Non-compete agreements
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Remaining Amortization Period (in months)	21 months	25 months
Gross Carrying Amount	$ 8,899	$ 8,899
Accumulated Amortization	(8,480)	(8,293)
Net Amount	$ 419	$ 606

Debt Obligations - Schedule of Components of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 24, 2022	Jun. 30, 2023	Jun. 24, 2022
Debt Instrument [Line Items]
Amounts reserved for issuance of letters of credit	$ 24,170		$ 24,170
Convertible Debt
Debt Instrument [Line Items]
Coupon interest	1,893	$ 938	3,792	$ 1,875
Amortization of deferred costs and premium	333	224	668	448
Total interest	2,226	$ 1,162	4,460	$ 2,323
Senior secured term loans \| Asset-based loan facility
Debt Instrument [Line Items]
Line of credit facility, current borrowing capacity	$ 85,830		$ 85,830

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn July 7, 2023 the Company entered into a sixth amendment to the ABL Credit Agreement which increased the aggregate commitments to $300,000, up from $200,000, maturing on March 11, 2027.

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 24, 2022	Jun. 30, 2023	Jun. 24, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate (as a percent)	26.00%	27.00%	26.00%	27.00%
Income tax refund receivable	$ 21,250		$ 21,250

Inventories - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 30, 2022
Inventory Disclosure [Abstract]
Reserves for shrinkage, excess and obsolescence	$ 10,187	$ 9,198

Property and Equipment (Tables)

6 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

Schedule of equipment, leasehold improvements and software

Property and equipment as of June 30, 2023 and December 30, 2022 consisted of the following:



	Useful Lives	June 30, 2023		December 30, 2022
Land	Indefinite	$	5,542	$	5,542
Buildings	20 years	40,704		39,893
Machinery and equipment	5 - 10 years	34,722		32,107
Computers, data processing and other equipment	3 - 7 years	20,326		18,475
Software	3 - 7 years	48,544		42,609
Leasehold improvements	1 - 40 years	124,386		94,245
Furniture and fixtures	7 years	3,883		3,825
Vehicles	5 - 10 years	34,810		31,462

Construction-in-process		21,987		36,583
		334,904		304,741
Less: accumulated depreciation and amortization		(129,369)		(119,013)
Property and equipment, net		$	205,535	$	185,728

The components of depreciation and amortization expense were as follows:


	Thirteen Weeks Ended				Twenty-Six Weeks Ended
	June 30, 2023		June 24, 2022		June 30, 2023		June 24, 2022
Depreciation expense	$	7,132	$	4,385	$	12,674	$	8,800
Software amortization	$	1,539	$	1,481	$	3,008	$	2,955
	$	8,671	$	5,866	$	15,682	$	11,755

Acquisitions - Pro Forma Consolidated Statement of Operations Information (Details) - Other Acquisitions - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 24, 2022	Jun. 30, 2023	Jun. 24, 2022
Business Acquisition [Line Items]
Net sales	$ 100,181		$ 120,403
Income before income taxes	4,428		6,188
Net sales	892,161	$ 788,182	1,695,649	$ 1,435,104
Income before income taxes	$ 13,617	$ 28,513	$ 16,752	$ 39,144

Debt Obligations

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Debt Obligations

Debt obligations as of June 30, 2023 and December 30, 2022 consisted of the following:


	Weighted Average Effective Interest Rate at June 30, 2023		Maturity	June 30, 2023		December 30, 2022
Senior secured term loans	10.61	%	August 2029	$	297,750	$	299,250
2028 Convertible senior notes	2.77	%	December 2028	287,500		287,500
2024 Convertible senior notes	2.34	%	December 2024	39,684		41,684
Asset-based loan facility	6.80	%	March 2027	90,000		40,000

Finance leases and other financing obligations	5.38	%	Various	24,528		13,548
Convertible unsecured note	—	%	June 2023	—		4,000


Unamortized deferred costs and premium				(18,372)		(20,050)
Total debt obligations				721,090		665,932
Less: current installments				(12,017)		(12,428)
Total debt obligations excluding current installments				$	709,073	$	653,504

In connection with the GreenLeaf acquisition, the Company issued a $10,000 unsecured note bearing interest of 4.47%. The principal on the unsecured note is due in two equal installments on April 30, 2024 and 2025 and is presented under the caption “Finance leases and other financing obligations” in the table above. The convertible unsecured note matured on June 29, 2023 and was repaid in full, including all accrued interest, for $4,049 in cash.

Maturities of the Company’s debt, excluding finance leases, for the remainder of the fiscal year ending December 29, 2023 and each of the next four fiscal years and thereafter is as follows:


2023	$	1,500
2024	47,684
2025	8,000
2026	3,000
2027	93,000
Thereafter	571,750
Total	$	724,934

The net carry value of the Company’s convertible notes as of June 30, 2023 and December 30, 2022 was:


	June 30, 2023						December 30, 2022
	Principal Amount		Unamortized Deferred Costs and Premium		Net Amount		Principal Amount		Unamortized Deferred Costs and Premium		Net Amount
2028 Convertible Senior Notes	$	287,500	$	(6,303)	$	281,197	$	287,500	$	(6,876)	$	280,624
2024 Convertible Senior Notes	39,684		(278)		39,406		41,684		(373)		41,311
Convertible Unsecured Note	—		—		—		4,000		—		4,000
Total	$	327,184	$	(6,581)	$	320,603	$	333,184	$	(7,249)	$	325,935

The components of interest expense on the Company’s convertible notes were as follows:


	Thirteen Weeks Ended				Twenty-Six Weeks Ended
	June 30, 2023		June 24, 2022		June 30, 2023		June 24, 2022
Coupon interest	$	1,893	$	938	$	3,792	$	1,875
Amortization of deferred costs and premium	333		224		668		448

Total interest	$	2,226	$	1,162	$	4,460	$	2,323

As of June 30, 2023, the Company had reserved $24,170 of the asset-based loan facility for the issuance of letters of credit and funds totaling $85,830 were available for borrowing.

- 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://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
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-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Acquisitions - Schedule of Purchase Price Allocation (Details) - USD ($) $ in Thousands	Jun. 30, 2023	May 01, 2023	Mar. 20, 2023	Dec. 30, 2022	Nov. 01, 2022
Business Acquisition [Line Items]
Goodwill	$ 348,951			$ 287,120
Chef Middle East
Business Acquisition [Line Items]
Current assets					$ 84,076
Goodwill					24,548
Fixed assets					16,953
Other assets					859
Deferred tax liability					(3,600)
Right-of-use assets					5,321
Lease liabilities					(5,321)
Current liabilities					(43,841)
Other long-term liabilities					0
Total					116,515
Chef Middle East \| Customer relationships
Business Acquisition [Line Items]
Finite-lived intangible assets					25,800
Chef Middle East \| Trademarks
Business Acquisition [Line Items]
Finite-lived intangible assets					11,400
Chef Middle East \| Non-compete agreements
Business Acquisition [Line Items]
Finite-lived intangible assets					$ 320
Hardie’s Fresh Foods
Business Acquisition [Line Items]
Current assets			$ 27,479
Goodwill			7,990
Fixed assets			5,582
Other assets			854
Deferred tax liability			0
Right-of-use assets			13,303
Lease liabilities			(13,303)
Current liabilities			(17,235)
Other long-term liabilities			0
Total			42,070
Hardie’s Fresh Foods \| Customer relationships
Business Acquisition [Line Items]
Finite-lived intangible assets			13,800
Hardie’s Fresh Foods \| Trademarks
Business Acquisition [Line Items]
Finite-lived intangible assets			3,600
Hardie’s Fresh Foods \| Non-compete agreements
Business Acquisition [Line Items]
Finite-lived intangible assets			$ 0
GreenLeaf
Business Acquisition [Line Items]
Current assets		$ 16,068
Goodwill		46,055
Fixed assets		2,477
Other assets		104
Deferred tax liability		0
Right-of-use assets		2,026
Lease liabilities		(2,026)
Current liabilities		(9,240)
Other long-term liabilities		0
Total		86,124
GreenLeaf \| Customer relationships
Business Acquisition [Line Items]
Finite-lived intangible assets		27,760
GreenLeaf \| Trademarks
Business Acquisition [Line Items]
Finite-lived intangible assets		2,900
GreenLeaf \| Non-compete agreements
Business Acquisition [Line Items]
Finite-lived intangible assets		$ 0
Other Acquisitions
Business Acquisition [Line Items]
Current assets	9,783
Goodwill	5,891
Fixed assets	497
Other assets	0
Deferred tax liability	(241)
Right-of-use assets	3,258
Lease liabilities	(3,258)
Current liabilities	(3,336)
Other long-term liabilities	(19)
Total	16,851
Other Acquisitions \| Customer relationships
Business Acquisition [Line Items]
Finite-lived intangible assets	4,276
Other Acquisitions \| Trademarks
Business Acquisition [Line Items]
Finite-lived intangible assets	0
Other Acquisitions \| Non-compete agreements
Business Acquisition [Line Items]
Finite-lived intangible assets	$ 0

Net Income per Share - Computation of Basic and Diluted Earnings per Share (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 24, 2022	Jun. 30, 2023	Jun. 24, 2022
Net income per share:
Basic (in dollars per share)	$ 0.26	$ 0.46	$ 0.30	$ 0.49
Diluted (in dollars per share)	$ 0.25	$ 0.42	$ 0.29	$ 0.47
Weighted average common shares:
Basic (in shares)	37,634,127	37,100,968	37,570,595	37,018,044
Diluted (in shares)	45,604,297	42,053,453	38,201,408	41,896,379

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
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Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 260
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-Name Accounting Standards Codification
-Section 45
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-URI https://asc.fasb.org//1943274/2147482689/260-10-45-7

+ Details

Net Income per Share

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Net Income per Share

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


	Thirteen Weeks Ended				Twenty-Six Weeks Ended
	June 30, 2023		June 24, 2022		June 30, 2023		June 24, 2022
Net income per share:
Basic	$	0.26	$	0.46	$	0.30	$	0.49
Diluted	$	0.25	$	0.42	$	0.29	$	0.47
Weighted average common shares:
Basic	37,634,127		37,100,968		37,570,595		37,018,044
Diluted	45,604,297		42,053,453		38,201,408		41,896,379

Reconciliation of net income per common share:


	Thirteen Weeks Ended				Twenty-Six Weeks Ended
	June 30, 2023		June 24, 2022		June 30, 2023		June 24, 2022
Numerator:
Net income	$	9,867	$	16,915	$	11,268	$	18,300
Add effect of dilutive securities
Interest on convertible notes, net of tax	1,397		719		—		1,365
Net income available to common shareholders	$	11,264	$	17,634	$	11,268	$	19,665
Denominator:
Weighted average basic common shares outstanding	37,634,127		37,100,968		37,570,595		37,018,044
Dilutive effect of unvested common shares	521,102		263,071		564,119		296,538
Dilutive effect of stock options and warrants	56,251		73,381		66,694		56,817
Dilutive effect of convertible notes	7,392,817		4,616,033		—		4,524,980
Weighted average diluted common shares outstanding	45,604,297		42,053,453		38,201,408		41,896,379

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


	Thirteen Weeks Ended		Twenty-Six Weeks Ended
	June 30, 2023	June 24, 2022	June 30, 2023	June 24, 2022
Restricted share awards (“RSAs”)	46,746	106,571	29,717	83,001

Convertible notes	—	—	7,392,817	91,053

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023	Jun. 24, 2022	Mar. 25, 2022	Jun. 30, 2023	Jun. 24, 2022
Pay vs Performance Disclosure
Net income	$ 9,867	$ 1,401	$ 16,915	$ 1,385	$ 11,268	$ 18,300

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Summary of Significant Accounting Policies - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 24, 2022	Jun. 30, 2023	Jun. 24, 2022
Disaggregation of Revenue [Line Items]
Net sales	$ 881,820	$ 648,104	$ 1,601,465	$ 1,160,207
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	$ 336,459	$ 284,286	$ 642,764	$ 523,062
Center-of-the-Plate \| Net Sales \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of total net sales	38.20%	43.90%	40.10%	45.10%
Dry Goods
Disaggregation of Revenue [Line Items]
Net sales	$ 162,653	$ 91,852	$ 284,168	$ 160,648
Dry Goods \| Net Sales \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of total net sales	18.40%	14.20%	17.70%	13.80%
Pastry
Disaggregation of Revenue [Line Items]
Net sales	$ 122,240	$ 67,408	$ 211,239	$ 117,803
Pastry \| Net Sales \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of total net sales	13.90%	10.40%	13.20%	10.20%
Cheese and Charcuterie
Disaggregation of Revenue [Line Items]
Net sales	$ 75,892	$ 52,778	$ 130,020	$ 91,166
Cheese and Charcuterie \| Net Sales \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of total net sales	8.60%	8.10%	8.10%	7.90%
Produce
Disaggregation of Revenue [Line Items]
Net sales	$ 65,994	$ 72,889	$ 127,827	$ 130,043
Produce \| Net Sales \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of total net sales	7.50%	11.20%	8.00%	11.20%
Dairy and Eggs
Disaggregation of Revenue [Line Items]
Net sales	$ 60,372	$ 36,735	$ 105,985	$ 63,686
Dairy and Eggs \| Net Sales \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of total net sales	6.80%	5.70%	6.60%	5.50%
Oils and Vinegars
Disaggregation of Revenue [Line Items]
Net sales	$ 37,539	$ 27,842	$ 64,137	$ 48,867
Oils and Vinegars \| Net Sales \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of total net sales	4.30%	4.30%	4.00%	4.20%
Kitchen Supplies
Disaggregation of Revenue [Line Items]
Net sales	$ 20,671	$ 14,314	$ 35,325	$ 24,932
Kitchen Supplies \| Net Sales \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of total net sales	2.30%	2.20%	2.30%	2.10%

Supplemental Disclosures of Cash Flow Information

6 Months Ended

Jun. 30, 2023

Supplemental Cash Flow Elements [Abstract]

Supplemental Disclosures of Cash Flow Information


	Twenty-Six Weeks Ended
	June 30, 2023		June 24, 2022
Supplemental cash flow disclosures:
Cash paid (received) for income taxes	$	10,673	$	(239)
Cash paid for interest, net of cash received	$	20,266	$	7,718
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	18,591	$	13,837
Operating cash flows from finance leases	$	336	$	223
Other non-cash investing and financing activities
ROU assets obtained in exchange for lease liabilities:
Operating leases	$	42,182	$	20,116
Finance leases	$	3,684	$	411
Other non-cash investing and financing activities:
Warrants issued for acquisitions	$	—	$	1,701



Common stock issued for acquisitions	$	2,496	$	—

Unsecured notes issued for acquisitions	$	10,000	$	—
Contingent earn-out liabilities for acquisitions	$	5,835	$	1,200

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2023

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 30, 2022	$	17,294
Acquisition value	5,835

Cash payments	(4,250)
Changes in fair value	1,092
Balance June 30, 2023	$	19,971

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


		June 30, 2023				December 30, 2022
	Fair Value Hierarchy	Carrying Value		Fair Value		Carrying Value		Fair Value
2028 Convertible Senior Notes	Level 1	$	287,500	$	302,338	$	287,500	$	292,531
2024 Convertible Senior Notes	Level 3	$	39,684	$	41,070	$	41,684	$	43,723
GreenLeaf Note	Level 2	$	10,000	$	9,706	$	—	$	—
Convertible Unsecured Note	Level 3	$	—	$	—	$	4,000	$	4,345

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Retained Earnings
Balance, beginning (in shares) at Dec. 24, 2021		37,887,675
Balance, beginning at Dec. 24, 2021	$ 350,211	$ 380	$ 314,242	$ (2,022)	$ 37,611
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,385				1,385
Stock compensation (in shares)		433,115
Stock compensation	3,043	$ 4	3,039
Shares and Warrants issued for acquisitions	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, ending (in shares) at Mar. 25, 2022		38,256,461
Balance, ending at Mar. 25, 2022	354,425	$ 383	316,943	(1,897)	38,996
Balance, beginning (in shares) at Dec. 24, 2021		37,887,675
Balance, beginning at Dec. 24, 2021	350,211	$ 380	314,242	(2,022)	37,611
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	18,300
Cumulative translation adjustment	51
Balance, ending (in shares) at Jun. 24, 2022		38,257,455
Balance, ending at Jun. 24, 2022	373,687	$ 383	319,364	(1,971)	55,911
Balance, beginning (in shares) at Mar. 25, 2022		38,256,461
Balance, beginning at Mar. 25, 2022	354,425	$ 383	316,943	(1,897)	38,996
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	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, ending (in shares) at Jun. 24, 2022		38,257,455
Balance, ending at Jun. 24, 2022	$ 373,687	$ 383	319,364	(1,971)	55,911
Balance, beginning (in shares) at Dec. 30, 2022	38,599,390	38,599,390
Balance, beginning at Dec. 30, 2022	$ 401,509	$ 386	337,947	(2,185)	65,361
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,401				1,401
Stock compensation (in shares)		998,777
Stock compensation	4,790	$ 10	4,780
Cumulative translation adjustment	81			81
Shares surrendered to pay tax withholding (in shares)		(54,036)
Shares surrendered to pay tax withholding	(1,829)	$ (1)	(1,828)
Balance, ending (in shares) at Mar. 31, 2023		39,544,131
Balance, ending at Mar. 31, 2023	$ 405,952	$ 395	340,899	(2,104)	66,762
Balance, beginning (in shares) at Dec. 30, 2022	38,599,390	38,599,390
Balance, beginning at Dec. 30, 2022	$ 401,509	$ 386	337,947	(2,185)	65,361
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	11,268
Cumulative translation adjustment	$ 274
Balance, ending (in shares) at Jun. 30, 2023	39,665,691	39,665,691
Balance, ending at Jun. 30, 2023	$ 422,975	$ 396	347,861	(1,911)	76,629
Balance, beginning (in shares) at Mar. 31, 2023		39,544,131
Balance, beginning at Mar. 31, 2023	405,952	$ 395	340,899	(2,104)	66,762
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	9,867				9,867
Stock compensation (in shares)		53,543
Stock compensation	4,704		4,704
Shares issued for acquisitions (in shares)		75,008
Shares and Warrants issued for acquisitions	2,496	$ 1	2,495
Cumulative translation adjustment	193			193
Shares surrendered to pay tax withholding (in shares)		(6,991)
Shares surrendered to pay tax withholding	$ (237)		(237)
Balance, ending (in shares) at Jun. 30, 2023	39,665,691	39,665,691
Balance, ending at Jun. 30, 2023	$ 422,975	$ 396	$ 347,861	$ (1,911)	$ 76,629

Net Income per Share (Tables)

6 Months Ended

Jun. 30, 2023

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 per common share:


	Thirteen Weeks Ended				Twenty-Six Weeks Ended
	June 30, 2023		June 24, 2022		June 30, 2023		June 24, 2022
Net income per share:
Basic	$	0.26	$	0.46	$	0.30	$	0.49
Diluted	$	0.25	$	0.42	$	0.29	$	0.47
Weighted average common shares:
Basic	37,634,127		37,100,968		37,570,595		37,018,044
Diluted	45,604,297		42,053,453		38,201,408		41,896,379

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

Reconciliation of net income per common share:


	Thirteen Weeks Ended				Twenty-Six Weeks Ended
	June 30, 2023		June 24, 2022		June 30, 2023		June 24, 2022
Numerator:
Net income	$	9,867	$	16,915	$	11,268	$	18,300
Add effect of dilutive securities
Interest on convertible notes, net of tax	1,397		719		—		1,365
Net income available to common shareholders	$	11,264	$	17,634	$	11,268	$	19,665
Denominator:
Weighted average basic common shares outstanding	37,634,127		37,100,968		37,570,595		37,018,044
Dilutive effect of unvested common shares	521,102		263,071		564,119		296,538
Dilutive effect of stock options and warrants	56,251		73,381		66,694		56,817
Dilutive effect of convertible notes	7,392,817		4,616,033		—		4,524,980
Weighted average diluted common shares outstanding	45,604,297		42,053,453		38,201,408		41,896,379

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 per common share because the effect is anti-dilutive are as follows:


	Thirteen Weeks Ended		Twenty-Six Weeks Ended
	June 30, 2023	June 24, 2022	June 30, 2023	June 24, 2022
Restricted share awards (“RSAs”)	46,746	106,571	29,717	83,001

Convertible notes	—	—	7,392,817	91,053

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2023	Jul. 31, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
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		39,665,691
Entity Central Index Key	0001517175
Current Fiscal Year End Date	--12-30
Amendment Flag	false
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2023

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 30, 2022
Current assets:
Accounts receivable, allowance for credit loss, current	$ 23,673	$ 20,733
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)	39,665,691	38,599,390
Common Stock, outstanding (in shares)	39,665,691	38,599,390

Operations and Basis of Presentation - Narrative (Details)	6 Months Ended
	Jun. 30, 2023 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	3
Number of reportable segments	1

Property and Equipment - Components of Depreciation and Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 24, 2022	Jun. 30, 2023	Jun. 24, 2022
Property, Plant and Equipment [Line Items]
Depreciation expense and amortization	$ 8,671	$ 5,866	$ 15,682	$ 11,755
Depreciation expense
Property, Plant and Equipment [Line Items]
Depreciation expense and amortization	7,132	4,385	12,674	8,800
Software
Property, Plant and Equipment [Line Items]
Depreciation expense and amortization	$ 1,539	$ 1,481	$ 3,008	$ 2,955

Debt Obligations - Schedule of Debt Obligations (Details) - USD ($)	Jun. 29, 2023	May 01, 2023	Jun. 30, 2023	Dec. 30, 2022
Debt Instrument [Line Items]
Finance leases, weighted-average discount rate			5.38%
Finance leases and other financing obligations			$ 24,528,000	$ 13,548,000
Unamortized deferred costs and premium			(18,372,000)	(20,050,000)
Total debt obligations			721,090,000	665,932,000
Less: current installments			(12,017,000)	(12,428,000)
Total debt obligations excluding current installments			$ 709,073,000	653,504,000
GreenLeaf
Debt Instrument [Line Items]
Deferred payments		$ 10,000,000
Senior secured term loans \| Senior secured term loans
Debt Instrument [Line Items]
Effective interest rate			10.61%
Long-term debt			$ 297,750,000	299,250,000
Convertible Debt
Debt Instrument [Line Items]
Long-term debt			327,184,000	333,184,000
Unamortized deferred costs and premium			$ (6,581,000)	(7,249,000)
Convertible Debt \| 2028 Convertible senior notes
Debt Instrument [Line Items]
Effective interest rate			2.77%
Long-term debt			$ 287,500,000	287,500,000
Unamortized deferred costs and premium			$ (6,303,000)	(6,876,000)
Convertible Debt \| 2024 Convertible Senior Notes
Debt Instrument [Line Items]
Effective interest rate			2.34%
Long-term debt			$ 39,684,000	41,684,000
Unamortized deferred costs and premium			$ (278,000)	(373,000)
Asset-based loan facility
Debt Instrument [Line Items]
Effective interest rate			6.80%
Long-term debt			$ 90,000,000	40,000,000
Asset-based loan facility \| GreenLeaf
Debt Instrument [Line Items]
Long-term debt		$ 40,000,000
Convertible unsecured note
Debt Instrument [Line Items]
Convertible unsecured debt, interest rate			0.00%
Long-term debt			$ 0	$ 4,000,000
Repayments of long-term debt	$ 4,049,000
Unsecured note
Debt Instrument [Line Items]
Effective interest rate			4.47%

Related Parties	6 Months Ended
Related Parties	Jun. 30, 2023
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 June 30, 2023 and June 24, 2022, and $246 during the twenty-six weeks ended June 30, 2023 and June 24, 2022.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details