Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 24, 2021 | Feb. 07, 2022 | Jun. 25, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 24, 2021 | ||
Current Fiscal Year End Date | --12-24 | ||
Document Transition Report | false | ||
Entity File Number | 001-35249 | ||
Entity Registrant Name | THE 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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 910,539,402 | ||
Entity Common Stock, Shares Outstanding | 37,886,478 | ||
Documents Incorporated by Reference | Document Parts Into Which Incorporated Proxy Statement for the Annual Meeting of Stockholders expected to be held on May 20, 2022 (“Proxy Statement”) Part III | ||
Entity Central Index Key | 0001517175 | ||
Amendment Flag | false | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2021 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 24, 2021 | |
Audit Information [Abstract] | |
Auditor Name | BDO USA, LLP |
Auditor Location | Stamford, CT |
Auditor Firm ID | 243 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 24, 2021 | Dec. 25, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 115,155 | $ 193,281 |
Accounts receivable, net of allowance of $20,260 in 2021 and $24,027 in 2020 | 172,540 | 96,383 |
Inventories, net | 144,491 | 82,519 |
Prepaid expenses and other current assets | 37,774 | 33,479 |
Total current assets | 469,960 | 405,662 |
Equipment, leasehold improvements and software, net | 133,622 | 115,448 |
Operating lease right-of-use assets | 130,701 | 115,224 |
Goodwill | 221,775 | 214,864 |
Intangible assets, net | 104,743 | 111,717 |
Deferred taxes, net | 9,380 | 7,535 |
Other assets | 3,614 | 3,875 |
Total assets | 1,073,795 | 974,325 |
Current liabilities: | ||
Accounts payable | 118,284 | 57,515 |
Accrued liabilities | 35,390 | 27,924 |
Short-term operating lease liabilities | 15,882 | 17,167 |
Accrued compensation | 22,321 | 9,401 |
Current portion of long-term debt | 5,141 | 6,095 |
Total current liabilities | 197,018 | 118,102 |
Long-term debt, net of current portion | 394,160 | 398,084 |
Operating lease liabilities | 127,296 | 109,133 |
Other liabilities and deferred credits | 5,110 | 4,416 |
Total liabilities | 723,584 | 629,735 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred Stock - $0.01 par value, 5,000,000 shares authorized, no shares issued and outstanding at December 24, 2021 and December 25, 2020, respectively | 0 | 0 |
Common Stock, - $0.01 par value, 100,000,000 shares authorized, 37,887,675 and 37,274,768 shares issued and outstanding at December 24, 2021 and December 25, 2020, respectively | 380 | 373 |
Additional paid in capital | 314,242 | 303,734 |
Accumulated other comprehensive loss | (2,022) | (2,051) |
Retained earnings | 37,611 | 42,534 |
Total stockholders’ equity | 350,211 | 344,590 |
Total liabilities and stockholders’ equity | $ 1,073,795 | $ 974,325 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 24, 2021 | Dec. 25, 2020 |
Current assets: | ||
Allowance for accounts receivable | $ (20,260) | $ (24,027) |
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) | 37,887,675 | 37,274,768 |
Common Stock, outstanding (in shares) | 37,887,675 | 37,274,768 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 24, 2021 | Dec. 25, 2020 | Dec. 27, 2019 | |
Income Statement [Abstract] | |||
Net sales | $ 1,745,757 | $ 1,111,631 | $ 1,591,834 |
Cost of sales | 1,355,272 | 863,480 | 1,205,266 |
Gross profit | 390,485 | 248,151 | 386,568 |
Selling, general and administrative expenses | 379,252 | 336,394 | 329,542 |
Other operating expenses, net | 422 | 14,417 | 6,359 |
Operating income (loss) | 10,811 | (102,660) | 50,667 |
Interest expense | 17,587 | 20,946 | 18,264 |
(Loss) income before income taxes | (6,776) | (123,606) | 32,403 |
Provision for income tax (benefit) expense | (1,853) | (40,703) | 8,210 |
Net (loss) income | (4,923) | (82,903) | 24,193 |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments | 29 | (3) | 173 |
Comprehensive (loss) income | $ (4,894) | $ (82,906) | $ 24,366 |
Net (loss) income per share: | |||
Basic (in dollars per share) | $ (0.13) | $ (2.46) | $ 0.82 |
Diluted (in dollars per share) | $ (0.13) | $ (2.46) | $ 0.81 |
Weighted average common shares outstanding: | |||
Basic (in shares) | 36,744,304 | 33,716,157 | 29,532,342 |
Diluted (in shares) | 36,744,304 | 33,716,157 | 30,073,338 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Common Stock | Additional Paid in Capital | Accumulated Other Comprehensive Loss | Retained Earnings | Retained EarningsCumulative Effect, Period of Adoption, Adjustment |
Balance, beginning (in shares) at Dec. 28, 2018 | 29,968,483 | ||||||
Balance, beginning at Dec. 28, 2018 | $ 308,676 | $ (2,027) | $ 300 | $ 207,326 | $ (2,221) | $ 103,271 | $ (2,027) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net (loss) income | 24,193 | 24,193 | |||||
Stock compensation (in shares) | 329,338 | ||||||
Stock compensation | 4,399 | $ 3 | 4,396 | ||||
Option exercises (in shares) | 76,169 | ||||||
Option exercises | 1,541 | $ 1 | 1,540 | ||||
Cumulative translation adjustment | 173 | 173 | |||||
Shares surrendered to pay withholding taxes (in shares) | (32,049) | ||||||
Shares surrendered to pay withholding taxes | (1,022) | (1,022) | |||||
Balance, ending (in shares) at Dec. 27, 2019 | 30,341,941 | ||||||
Balance, ending at Dec. 27, 2019 | 335,933 | $ 304 | 212,240 | (2,048) | 125,437 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net (loss) income | (82,903) | (82,903) | |||||
Stock compensation (in shares) | 500,100 | ||||||
Stock compensation | 9,292 | $ 5 | 9,287 | ||||
Public offering (in shares) | 6,634,615 | ||||||
Public offering | 85,941 | $ 66 | 85,875 | ||||
Cumulative translation adjustment | (3) | (3) | |||||
Shares surrendered to pay withholding taxes (in shares) | (201,888) | ||||||
Shares surrendered to pay withholding taxes | $ (3,670) | $ (2) | (3,668) | ||||
Balance, ending (in shares) at Dec. 25, 2020 | 37,274,768 | 37,274,768 | |||||
Balance, ending at Dec. 25, 2020 | $ 344,590 | $ 373 | 303,734 | (2,051) | 42,534 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net (loss) income | (4,923) | (4,923) | |||||
Stock compensation (in shares) | 679,330 | ||||||
Stock compensation | 11,479 | $ 7 | 11,472 | ||||
Warrants issued for acquisition | 1,120 | 1,120 | |||||
Cumulative translation adjustment | 29 | 29 | |||||
Shares surrendered to pay withholding taxes (in shares) | (66,423) | ||||||
Shares surrendered to pay withholding taxes | $ (2,084) | (2,084) | |||||
Balance, ending (in shares) at Dec. 24, 2021 | 37,887,675 | 37,887,675 | |||||
Balance, ending at Dec. 24, 2021 | $ 350,211 | $ 380 | $ 314,242 | $ (2,022) | $ 37,611 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 24, 2021 | Dec. 25, 2020 | Dec. 27, 2019 | |
Cash flows from operating activities: | |||
Net (loss) income | $ (4,923) | $ (82,903) | $ 24,193 |
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | |||
Software amortization | 21,998 | 19,774 | 13,328 |
Amortization of intangible assets | 12,967 | 13,502 | 12,663 |
Provision for allowance for doubtful accounts | (422) | 21,372 | 4,981 |
Non-cash operating lease expense | 1,402 | 689 | 2,043 |
(Benefit) provision for deferred income taxes | (1,845) | (18,418) | 2,063 |
Amortization of deferred financing fees | 2,299 | 3,426 | 2,168 |
Stock compensation | 11,479 | 9,292 | 4,399 |
Change in fair value of contingent earn-out liabilities | (1,296) | (11,479) | 5,879 |
Intangible asset impairment | 597 | 24,200 | 0 |
Loss on asset disposal | 193 | 151 | 101 |
Changes in assets and liabilities, net of acquisitions: | |||
Accounts receivable | (70,777) | 77,590 | (13,213) |
Inventories | (60,799) | 49,050 | (9,439) |
Prepaid expenses and other current assets | (2,183) | (18,240) | (1,813) |
Accounts payable, accrued liabilities and accrued compensation | 71,519 | (46,442) | 3,775 |
Other assets and liabilities | (108) | 1,317 | (6,121) |
Net cash (used in) provided by operating activities | (19,899) | 42,881 | 45,007 |
Cash flows from investing activities: | |||
Capital expenditures | (38,801) | (7,036) | (16,077) |
Cash paid for acquisitions | (10,190) | (60,932) | (28,077) |
Net cash used in investing activities | (48,991) | (67,968) | (44,154) |
Cash flows from financing activities: | |||
Payment of debt, finance lease and other financing obligations | (37,610) | (40,432) | (1,894) |
Proceeds from the issuance of common stock, net of issuance costs | 0 | 85,941 | 0 |
Proceeds from debt issuance | 51,750 | 0 | 150,000 |
Payment of deferred financing fees | (1,450) | (856) | (5,082) |
Proceeds from exercise of stock options | 0 | 0 | 1,541 |
Surrender of shares to pay withholding taxes | (1,829) | (3,670) | (1,022) |
Cash paid for contingent earn-out liabilities | (83) | (2,927) | (2,412) |
Borrowings under asset based loan facility | 0 | 100,000 | 0 |
Payments under asset based loan facility | (20,000) | (60,000) | (44,184) |
Net cash (used in ) provided by financing activities | (9,222) | 78,056 | 96,947 |
Effect of foreign currency on cash and cash equivalents | (14) | 79 | 23 |
Net change in cash and cash equivalents | (78,126) | 53,048 | 97,823 |
Cash and cash equivalents at beginning of year | 193,281 | 140,233 | 42,410 |
Cash and cash equivalents at end of year | $ 115,155 | $ 193,281 | $ 140,233 |
Operations and Basis of Present
Operations and Basis of Presentation | 12 Months Ended |
Dec. 24, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Operations and Basis of Presentation | Operations and Basis of Presentation Description of Business and Basis of Presentation The financial statements include the consolidated accounts of The Chefs’ Warehouse, Inc. (the “Company”), and its wholly-owned subsidiaries. The Company’s quarterly periods end on the thirteenth Friday of each quarter. Every six to seven years the Company will add a fourteenth week to its fourth quarter to more closely align its year end to the calendar year. The Company’s business consists of three operating segments: East Coast, Midwest and West Coast that aggregate into one reportable segment, food product distribution, which is concentrated 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 and specialty food stores. The COVID-19 Pandemic The COVID-19 pandemic (the “Pandemic”), has had and continues to have an adverse impact on numerous aspects of the Company’s business and those of its customers including, but not limited to, demand for the Company’s products, cost inflation and labor shortages. The future impact of the Pandemic on the Company’s business, operations and liquidity is difficult to predict at this time and is highly dependent on future developments including new information that may emerge on the severity or transmissibility of the disease, new variants, government responses, trends in infection rates, development and distribution of effective medical treatments and vaccines, and future consumer spending behavior, among others. Consolidation The consolidated financial statements include all the accounts of the Company and its direct and indirect wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. Guidance Adopted in Fiscal 2021 Simplifying the Accounting for Income Taxes : In December 2019, the Financial Accounting Standards Board (the “FASB”) issued guidance that eliminates certain exceptions related to the approach for intraperiod tax allocations, the methodology for calculating income taxes in an interim period and other simplifications and clarifications. As a result of the new guidance, the Company may recognize additional income tax benefits during interim periods in which interim losses exceed full year projections due to provisions in the guidance that remove loss limitation rules. This guidance was adopted on December 26, 2020 and adoption had an immaterial impact on the Company’s consolidated financial statements. Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity : In August 2020, the FASB issued guidance that simplifies the accounting models for financial instruments with characteristics of debt and equity. The amendments in the guidance result in fewer instances in which an embedded conversion feature must be accounted for separately from its host contract. This guidance will be effective for fiscal years beginning after December 15, 2021. This guidance was adopted on December 26, 2020 and adoption did not impact the Company’s consolidated financial statements. Guidance Not Yet Adopted There is no recent accounting guidance not yet adopted that is expected to have a material impact on the Company’s financial statements when adopted. Use of Estimates The preparation of the Company’s consolidated financial statements in conformity with generally accepted accounting principles requires it to make estimates and assumptions that affect reported amounts of assets, liabilities, revenues, expenses and disclosure of contingent assets and liabilities. Estimates are used in determining, among other items, the allowance for doubtful accounts, inventory valuation adjustments, self-insurance reserves for group medical insurance, workers’ compensation insurance and automobile liability insurance, future cash flows associated with impairment testing for intangible |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 24, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 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 20 to 60 days from delivery. Shipping and handling activities are costs to fulfill the Company’s performance obligations. These costs are expensed as incurred and presented within selling, general and administrative expenses on the consolidated statements of operations. The Company offers certain sales incentives to customers in the form of rebates or discounts. These sales incentives are accounted as variable consideration. The Company estimates these amounts based on the expected amount to be provided to customers and records a corresponding reduction in revenue. The Company does not expect a significant reversal in the amount of cumulative revenue recognized. Sales tax billed to customers is not included in revenue but rather recorded as a liability owed to the respective taxing authorities at the time the sale is recognized. The following table presents the Company’s net sales disaggregated by principal product category: Fiscal Year Ended December 24, 2021 December 25, 2020 December 27, 2019 Center-of-the-Plate $ 877,060 50.2 % $ 533,813 48.0 % $ 711,980 44.7 % Dry Goods 238,758 13.7 % 150,631 13.6 % 260,976 16.4 % Pastry 178,352 10.2 % 135,913 12.2 % 221,041 13.9 % Cheeses and Charcuterie 143,048 8.2 % 107,915 9.7 % 158,834 10.0 % Produce 120,759 6.9 % 80,920 7.3 % 17,955 1.1 % Dairy and Eggs 79,512 4.6 % 38,172 3.4 % 110,740 7.0 % Oils and Vinegars 71,369 4.1 % 40,389 3.6 % 80,155 5.0 % Kitchen Supplies 36,899 2.1 % 23,878 2.2 % 30,153 1.9 % Total $ 1,745,757 100 % $ 1,111,631 100 % $ 1,591,834 100 % 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. Deferred Revenue Certain customer arrangements in the Company’s direct-to-consumer business, prepaid gift plans and gift card purchases, result in deferred revenues when cash payments are received in advance of performance. The Company recognizes revenue on its prepaid gift plans when control of each product is transferred to the customer. Performance obligations under the Company’s prepaid gift plans are satisfied within a period of twelve months or less. Gift cards issued by the Company do not have expiration dates. The Company records a liability for unredeemed gift cards at the time gift cards are sold and the liability is reduced when the card is redeemed, the value of the card is escheated to the appropriate government agency, or through breakage. Gift card breakage is estimated based on the Company’s historical redemption experience and expected trends in redemption patterns. Amounts recognized through breakage represent the portion of the gift card liability that is not subject to unclaimed property laws and for which the likelihood of redemption is remote. The Company recorded deferred revenues, reflected as accrued liabilities on the Company’s consolidated balance sheets, of $2,294 and $2,558 as of December 24, 2021 and December 25, 2020, respectively. Right of Return The Company’s standard terms and conditions provide customers with a right of return if the goods received are not merchantable. Customers are either issued a replacement order at no cost, or are issued a credit for the returned goods. The Company recorded a refund liability of $389 and $174 as of December 24, 2021 and December 25, 2020, respectively. Refund liabilities are reflected as accrued liabilities on the Company’s consolidated balance sheets. The Company recognized a corresponding asset of $238 and $107 as of December 24, 2021 and December 25, 2020, respectively, for its right to recover products from customers on settling its refund liabilities. This asset is reflected as inventories, net on the Company’s consolidated balance sheets. Contract Costs Sales commissions are expensed when incurred because the amortization period is one year or less. These costs are presented within selling, general and administrative expenses on the Company’s consolidated statements of operations. Cost of Sales The Company records cost of sales based upon the net purchase price paid for a product, including applicable freight charges incurred to deliver the product to the Company’s warehouse, and 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 $28,374, $18,682 and $19,785 for fiscal 2021, 2020 and 2019, respectively. Selling, General and Administrative Expenses Selling, general and administrative expenses include facilities costs, product shipping and handling costs, warehouse costs, and other selling, general and administrative costs. Shipping and handling costs included in selling, general and administrative expenses were $98,697, $78,152 and $85,620 for fiscal 2021, 2020 and 2019, respectively. Other Operating Expenses Other operating expenses includes expenses primarily related to changes in the fair value of the Company’s earn-out liabilities, gains and losses on asset disposals, asset impairments and certain third-party deal costs incurred in connection with business acquisitions or financing arrangements. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of less than three months to be cash equivalents. The Company periodically maintains balances at financial institutions which may exceed Federal Deposit Insurance Corporation insured limits. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant risks on its cash in bank accounts. Accounts Receivable Accounts receivable consist of trade receivables from customers and are recorded net of an allowance for doubtful accounts. The allowance for doubtful accounts is determined based upon a number of specific criteria, such as whether a customer has filed for or been placed into bankruptcy, has had accounts referred to outside parties for collections or has had accounts significantly past due. The allowance also covers short paid invoices the Company deems to be uncollectable as well as a portion of trade accounts receivable balances projected to become uncollectable based upon historic patterns and macro-economic factors in existence as of the balance sheet date that may impact the food-away-from-home industry and/or its customers, and specifically, beginning in the first quarter of fiscal 2020, the impact of the Pandemic. Inventories Inventories consist primarily of finished goods, food and related food products held for resale and are valued at the lower of cost or market. Our different entities record inventory using a mixture of first-in, first-out and average cost, which we believe approximates first-in, first-out. The Company adjusts inventory balances for excess and obsolete inventories to approximate their net realizable value. Vendor Rebates and Other Promotional Incentives The Company receives consideration and product purchase credits from certain vendors that the Company accounts for as a reduction of cost of sales. There are several types of cash consideration received from vendors. The purchase incentive is primarily in the form of a specified amount per pound or per case, or an amount for year-over-year growth. For the fiscal years ended December 24, 2021, December 25, 2020 and December 27, 2019, the recorded purchase incentives totaled approximately $20,296, $12,678 and $21,769, respectively. Concentrations of Credit Risks Financial instruments that subject the Company to concentrations of credit risk consist of cash, temporary cash investments and trade receivables. The Company’s policy is to deposit its cash and temporary cash investments with major financial institutions. The Company distributes its food and related products to a customer base that consists primarily of leading menu-driven independent restaurants, fine dining establishments, country clubs, hotels, caterers, culinary schools, bakeries, patisseries, chocolateries, cruise lines, casinos and specialty food stores. To reduce credit risk, the Company performs ongoing credit evaluations of its customers’ financial conditions. The Company generally does not require collateral. However, the Company, in certain instances, has obtained personal guarantees from certain customers. There is no significant balance with any individual customer. Equipment and Leasehold Improvements Equipment and leasehold improvements are recorded at cost and are depreciated on a straight-line basis over the shorter of the estimated useful life of the asset or the lease term. Equipment and leasehold improvements are reviewed for impairment in accordance with ASC 360-10-35-15, “Impairment or Disposal of Long-Lived Assets ” which only requires testing whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. If any indicators are present, a recoverability test is performed by comparing the carrying amount of the asset to the net undiscounted cash flows expected to be generated from the asset. If the net undiscounted cash flows do not exceed the carrying amount (i.e., the asset is not recoverable), an additional step is performed that determines the fair value of the asset and the Company records an impairment, if any. The adverse impact to the Company’s customer base and market capitalization at the onset of the Pandemic were considered triggering events during the first quarter of fiscal 2020, and accordingly, the Company performed a long-lived asset recoverability test as of March 27, 2020 the results of which indicated no impairment. The Company has not recorded any impairment of equipment and leasehold improvements in fiscal 2021, 2020 or 2019. Leases The Company leases various distribution centers, office facilities, vehicles and equipment. The Company determines if an arrangement contains a lease at contract inception. An arrangement is or contains a lease if the agreement identifies an asset, implicitly or explicitly, that the Company has the right to use over a period of time. If an arrangement contains a lease, the Company classifies the lease as either an operating lease or as a finance lease based on the five criteria defined in ASC 842. Lease liabilities are recognized at commencement date based on the present value of the remaining lease payments over the lease term. The corresponding right-of-use (“ROU”) asset is recognized for the same amount as the lease liability adjusted for any payments made at or before the commencement date, any lease incentives received, and any initial direct costs. The Company’s lease agreements may include options to renew, extend or terminate the lease. These clauses are included in the initial measurement of the lease liability when at lease commencement the Company is reasonably certain that it will exercise such options. The discount rate used is based on the Company’s incremental borrowing rate since the implicit rate in the Company’s leases is not readily determinable. Operating lease expense is recognized on a straight-line basis over the lease term and presented within selling, general and administrative expenses on the Company’s consolidated statements of operations. Finance lease ROU assets are amortized on a straight-line basis over the shorter of the useful life of the asset or the lease term. Interest expense on the finance lease liability is recognized using the effective interest rate method and is presented within interest expense on the Company’s consolidated statements of operations. Variable rent payments related to both operating and finance leases are expensed as incurred. The Company’s variable lease payments primarily consist of real estate taxes, maintenance and usage charges. The Company made an accounting policy election to combine lease and non-lease components (maintenance, taxes and insurance) when measuring lease liabilities for vehicle and equipment leases. The Company has elected to exclude short-term leases from the recognition requirements of ASC 842. A lease is short-term if, at the commencement date, it has a term of less than or equal to one year. Lease expense related to short-term leases is recognized on a straight-line basis over the lease term. Software Costs The Company capitalizes certain computer software licenses and software implementation costs that are included in software costs in its consolidated balance sheets. These costs were incurred in connection with developing or obtaining computer software for internal use if it has a useful life in excess of one year, in accordance with Accounting Standards Codification (“ASC”) 350-40 “Internal-Use Software.” Subsequent additions, modifications or upgrades to internal-use software are capitalized only to the extent that they allow the software to perform a task that it previously did not perform. Internal use software is amortized on a straight-line basis over a three Convertible Debt The Company evaluates debt instruments with embedded conversion features in accordance with ASC 815 “Derivatives and Hedging” and ASC 470 “Debt” both of which provide several criteria that determine whether a conversion feature must be bifurcated from its debt host and accounted as a separate financial instrument. An entity is not required to bifurcate if the conversion feature is indexed to its own stock, meets all equity classification criteria and does not contain a beneficial conversion feature. The Company determined that bifurcation of its convertible debt instruments was not required and recognized the principal amount of these instruments as debt in its consolidated balance sheets. Debt Issuance Costs Certain up-front costs associated with the Company’s asset based loan facility are capitalized and included in other non-current assets in the Company’s consolidated balance sheets. The Company had $460 and $826 of such unamortized costs as of December 24, 2021 and December 25, 2020, respectively. Costs associated with the issuance of other debt instruments are capitalized and presented as a direct deduction from the carrying amount of the underlying debt liability. The Company had $4,976 and $7,172 of such unamortized costs as of December 24, 2021 and December 25, 2020, respectively. These costs are amortized over the terms of the related debt instruments by the effective interest rate method. Amortization of debt issuance costs was $2,299 for the fiscal year ended December 24, 2021, $3,426 for the fiscal year ended December 25, 2020 and $2,168 for the fiscal year ended December 27, 2019. Business Combinations The Company accounts for acquisitions in accordance with ASC 805 “Business Combinations.” Assets acquired and liabilities assumed are recorded in the accompanying consolidated balance sheets at their estimated fair values, as of the acquisition date. The excess of the purchase price over the fair values of identifiable assets and liabilities is recorded as goodwill. Acquisition-related expenses are recognized separately from the business combination and are expensed as incurred and presented in operating expenses in the Company’s consolidated results of operations. Results of operations are included in the Company’s financial statements from the date of acquisition. Intangible Assets The intangible assets recorded by the Company consist of customer relationships, covenants not to compete and trademarks which are amortized over their useful lives on a schedule that approximates the pattern in which economic benefits of the intangible assets are consumed. Intangible assets with finite lives are tested for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. If any indicators are present, a recoverability test is performed by comparing the carrying amount of the asset to the net undiscounted cash flows expected to be generated from the asset. Undiscounted cash flows expected to be generated by the related assets are estimated over the assets’ useful lives based on updated projections. If the evaluation indicates that the carrying amount of the asset may not be recoverable, the potential impairment is measured based on a projected discounted cash flow model. The adverse impact to the Company’s customer base and market capitalization at the onset of the Pandemic were considered triggering events during the first quarter of fiscal 2020, and accordingly, the Company performed a long-lived asset recoverability test as of March 27, 2020 the results of which indicated no impairment. During the second quarter of fiscal 2021, the Company recorded a $597 impairment charge, $433 net of tax, to fully write-down the net book value of its Cambridge trademark. During the fourth quarter of fiscal 2020, the Company recorded a $24,200 impairment charge, $17,545 net of tax, to write-down the value of its Del Monte and Bassian Farms trademarks. These impairment charges are presented within other operating expense s on the consolidated statements of operations. See Note 8 for more information. There have been no other events or changes in circumstances during fiscal 2021, 2020 or 2019, indicating that the carrying value of the Company’s finite-lived intangible assets are not recoverable. Goodwill Goodwill is the excess of the acquisition cost of businesses over the fair value of identifiable net assets acquired in accordance with ASC 350, “Intangibles-Goodwill and Other.” The Company’s business consists of three operating segments: East Coast, Midwest and West Coast and these operating segments represent our reporting units. The Company evaluates the recoverability of goodwill at each of its reporting units annually in the fourth quarter, or more frequently when circumstances indicate an impairment may have occurred. A goodwill impairment loss, if any, would be recognized for the amount by which a reporting unit’s carrying value exceeded its fair value. The Company has the option to evaluate goodwill impairment using a qualitative or quantitative analysis. The adverse impact to the Company’s customer base and market capitalization at the onset of the Pandemic were considered triggering events during the first quarter of fiscal 2020, and accordingly, the Company performed an interim goodwill impairment test as of March 27, 2020, the results of which indicated no impairment. For its annual goodwill impairment test performed during the fourth quarter of fiscal 2020, the Company tested goodwill for impairment using a quantitative analysis. The Company estimated the fair value of its reporting units using an income approach and determined the fair value of its reporting units substantially exceeded their respective carry values. The Company’s income approach incorporates the use of a discounted cash flow methodology that involves many management assumptions that are based upon future growth projections which include estimates for the duration of the Pandemic’s impact on the Company’s customers. Assumptions include estimates of future revenue based upon budget projections and growth rates. The Company develops estimates of future levels of gross and operating profits and projected capital expenditures. This methodology includes the use of estimated discount rates based upon industry and competitor analysis as well as other factors. The Company also performed a reconciliation of its market capitalization and the estimate of the aggregate fair value of its reporting units, including consideration of a control premium. For the fiscal years ended December 24, 2021 and December 27, 2019, the Company assessed the recoverability of goodwill using a qualitative analysis and determined that it is more likely than not that the fair value of its reporting units exceeded their respective carry values. The qualitative analysis considered various factors including macroeconomic conditions, market conditions, industry trends, cost factors and financial performance, among others. There have been no events or changes in circumstances, other than the onset of the Pandemic, during fiscal 2021, 2020 or 2019, indicating that goodwill may be impaired. Employee Benefit Programs The Company sponsors a defined contribution plan covering substantially all full-time employees (the “401(k) Plan”). The Company recognized expense related to the 401(k) Plan totaling $683, $720 and $1,268, respectively, for fiscal 2021, 2020 and 2019. Income Taxes The Company accounts for income taxes in accordance with ASC 740, “Income Taxes.” Deferred tax assets or liabilities are recorded to reflect the future tax consequences of temporary differences between the financial reporting basis of assets and liabilities and their tax basis at each year-end. These amounts are adjusted, as appropriate, to reflect enacted changes in tax rates expected to be in effect when the temporary differences reverse. The Company estimates its ability to recover deferred tax assets within the jurisdiction from which they arise. This evaluation considers several factors, including results of recent operations, future taxable income, scheduled reversal of deferred tax liabilities, and tax planning strategies. As of December 24, 2021 and December 25, 2020, the Company had valuation allowances of $2,046 and $2,261, respectively, relating to certain net operating losses that may not be realizable in the future based on taxable income forecasts and certain state net operating loss limitations. The Company follows certain provisions of ASC 740, “Income Taxes” which established a single model to address accounting for uncertain tax positions and clarifies the accounting for income taxes by prescribing a minimum recognition threshold that a tax position is required to meet before being recognized in the financial statements. The Company evaluates uncertain tax positions, if any, by determining if it is more likely than not to be sustained upon examination by the tax authorities. The Company records uncertain tax positions when it is estimable and probable that such liabilities have been incurred. The Company, when required, will accrue interest and penalties related to income tax matters in income tax expense. The Company releases disproportionate tax effects from accumulated other comprehensive income as individual items are liquidated. Commitments and Contingencies The Company is subject to various claims and contingencies related to lawsuits, taxes and environmental matters, as well as commitments under contractual and other commercial obligations. The Company recognizes liabilities for contingencies and commitments when a loss is probable and can be reasonably estimated. Contingent Earn-out Liabilities The Company accounts for contingent consideration relating to business combinations as a liability and an increase to goodwill at the date of the acquisition and continually remeasures the liability at each balance sheet date by recording changes in the fair value through the consolidated statements of operations. The Company determines the fair value of contingent consideration based on future operating projections under various potential scenarios, including the use of Monte Carlo simulations, and weighs the probability of these outcomes. The ultimate settlement of contingent earn-out liabilities relating to business combinations may be for amounts which are materially different from the amounts initially recorded and may cause volatility in the Company’s results of operations. Stock-Based Compensation The Company measures stock-based compensation at the grant date based on the fair value of the award. Restricted stock awards (“RSAs”) and performance share units are valued based on the fair value of the stock on the grant date. The related compensation expense is recognized over the service period on a straight-line basis and reduced by forfeitures when they occur. Compensation expense on performance share units reflects the estimated probable outcome at the end of the performance period. The fair value of stock options and RSAs with market conditions is determined based on a Monte Carlo simulation in order to simulate a range of possible future stock prices for the Company’s common stock. For awards subject to graded vesting, the Company ensures that the compensation expense recognized is at least equal to the vested portion of the award. Self-Insurance Reserves The Company maintains a self-insured group medical program. The program contains individual stop loss thresholds of $300 per incident and aggregate stop loss thresholds based upon the average number of employees enrolled in the program throughout the year. The amount in excess of the self-insured levels is fully insured by third party insurers. Liabilities associated with this program are estimated in part by considering historical claims experience and medical cost trends. Projections of future loss expenses are inherently uncertain because of the random nature of insurance claims occurrences and could be significantly affected if future occurrences and claims differ from these assumptions and historical trends. The Company maintains an insurance program for its automobile liability and workers’ compensation insurance subject to deductibles or self-insured retentions of $500 per occurrence. The amounts in excess of the deductibles are fully insured by third party insurers. Liabilities associated with this program are estimated in part by considering historical claims experience and cost trends. Projections of future loss expenses are inherently uncertain because of the random nature of insurance claims occurrences and could be significantly affected if future occurrences and claims differ from these assumptions and historical trends. Assets and Liabilities Measured at Fair Value The Company accounts for certain assets and liabilities at fair value. The Company categorizes each of its fair value measurements in one of the following three levels based on the lowest level input that is significant to the fair value measurement in its entirety: Level 1 - Inputs to the valuation methodology are unadjusted quoted prices in active markets for identical assets. Level 2 - Observable inputs other than quoted prices in active markets for identical assets and liabilities include the following: a) quoted prices for similar assets in active markets; b) quoted prices for identical or similar assets in inactive markets; c) inputs other than quoted prices that are observable for the asset; and d) inputs that are derived principally from or corroborated by observable market data by correlation or other means. If the asset has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset. Level 3 - Inputs to the valuation methodology are unobservable (i.e., supported by little or no market activity) and significant to the fair value measure. |
Net (Loss) Income per Share
Net (Loss) Income per Share | 12 Months Ended |
Dec. 24, 2021 | |
Earnings Per Share [Abstract] | |
Net (Loss) Income per Share | Net (Loss) Income per Share The following table sets forth the computation of basic and diluted earnings per share: Fiscal Year Ended December 24, 2021 December 25, 2020 December 27, 2019 Net (loss) income per share: Basic $ (0.13) $ (2.46) $ 0.82 Diluted $ (0.13) $ (2.46) $ 0.81 Weighted average common shares: Basic 36,744,304 33,716,157 29,532,342 Diluted 36,744,304 33,716,157 30,073,338 Reconciliation of net (loss) income per common share: Fiscal Year Ended December 24, 2021 December 25, 2020 December 27, 2019 Numerator: Net (loss) income $ (4,923) $ (82,903) $ 24,193 Add effect of dilutive securities: Interest on convertible notes, net of tax — — 207 Adjusted net (loss) income $ (4,923) $ (82,903) $ 24,400 Denominator: Weighted average basic common shares outstanding 36,744,304 33,716,157 29,532,342 Dilutive effect of unvested common shares — — 144,311 Dilutive effect of stock options and warrants — — 66,739 Dilutive effect of convertible notes — — 329,946 Weighted average diluted common shares outstanding 36,744,304 33,716,157 30,073,338 Potentially dilutive securities that have been excluded from the calculation of diluted net (loss) income per common share because the effect is anti-dilutive are as follows: Fiscal Year Ended December 24, 2021 December 25, 2020 December 27, 2019 Restricted share awards 306,084 505,568 132,861 Stock options and warrants 139,198 115,639 — Convertible notes 4,410,639 3,484,788 76,384 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 24, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 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. 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. The Pandemic’s impact on the Company’s revenue growth and profitability resulted in a significant reduction in the fair value of its contingent earn-out liabilities. Changes in the fair value of contingent earn-out liabilities are reflected in other operating expenses on the Company’s consolidated statements of operations. The following table presents the changes in Level 3 contingent earn-out liabilities: Fells Point Bassian Sid Wainer Other Acquisitions Total Balance December 27, 2019 $ 4,544 $ 7,957 $ — $ 2,197 $ 14,698 Acquisition value — — 2,081 1,383 3,464 Cash payments — (2,250) — (1,677) (3,927) Changes in fair value (4,544) (4,631) (1,570) (734) (11,479) Balance December 25, 2020 — 1,076 511 1,169 2,756 Acquisition value — — — 5,500 5,500 Cash payments — — — (83) (83) Changes in fair value — 57 (511) (842) (1,296) Balance December 24, 2021 $ — $ 1,133 $ — $ 5,744 $ 6,877 The long-term portion of contingent earn-out liabilities was $3,252 and $2,556 as of December 24, 2021 and December 25, 2020, respectively, and are reflected as other liabilities and deferred credits on the Company’s consolidated balance sheets. The remaining short-term portion of earn-out liabilities are reflected as accrued liabilities on the Company’s consolidated balance sheets. Contingent earn-out liability payments in excess of the acquisition date fair value of the underlying contingent earn-out liability are classified as operating activities on the Company’s consolidated statements of cash flows and all other such payments are classified as financing activities. Fair Value of Financial Instruments The carrying amounts reported in the Company’s 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 December 24, 2021 and December 25, 2020 as these instruments had variable interest rates that reflected current market rates available to the Company. The following table presents the carrying value and fair value of the Company’s convertible notes (more fully described in Note 9). In estimating the fair value of its convertible notes, the Company utilized Level 3 inputs including prevailing market interest rates to estimate the debt portion of the instrument and a Black Scholes valuation model to estimate the fair value of the conversion options. 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 estimates. December 24, 2021 December 25, 2020 Carrying Value Fair Value Carrying Value Fair Value Convertible Senior Notes $ 200,000 $ 206,182 $ 150,000 $ 163,204 Convertible Unsecured Note $ 4,000 $ 4,102 $ 4,000 $ 4,290 |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 24, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions | Acquisitions During fiscal 2021, the Company completed three acquisitions for an aggregate purchase price of approximately $11,310, consisting of $10,190 paid in cash, subject to customary working capital adjustments, and common stock warrants of $1,120. The Company will also pay additional contingent consideration, if earned, in the form of earn-out amounts which could total $9,750 in aggregate. The Company is in the process of finalizing valuations of tangible and intangible assets as of the acquisition dates. When applicable, these valuations require the use of Level 3 inputs. Goodwill for these acquisitions will be amortized over 15 years for tax purposes. The Company reflected net sales and loss before taxes in its consolidated statement of operations related to the fiscal 2021 acquisitions as follows: Fiscal Year Ended December 24, 2021 Net sales $ 49,485 Loss before income taxes $ (44) Pro forma financial information for these acquisitions are not presented because the effect of these acquisition are not material to the Company’s results of operations. Sid Wainer On January 27, 2020, pursuant to an asset purchase agreement, the Company acquired substantially all of the assets, including certain real-estate assets, of Sid Wainer & Son (“Sid Wainer”), a specialty food and produce distributor in New England. The final purchase price was approximately $44,081, consisting of $46,450 paid in cash at closing, partially offset by a $2,369 net working capital true-up. The Company will also pay additional contingent consideration, if earned, in the form of an earn-out amount which could total $4,000 over a two-year period. The payment of the earn-out liability is subject to the successful achievement of certain gross profit targets. Trademarks were valued at fair value using Level 3 inputs and are being amortized over 15 years. Goodwill for the Sid Wainer acquisition will be amortized over 15 years for tax purposes. The goodwill recorded primarily reflects the value of acquiring an established specialty food and produce distributor to leverage the Company’s existing products in the markets served by Sid Wainer, to supply Sid Wainer’s produce offerings to the Company’s metro New York market and any intangible assets that do not qualify for separate recognition. Bassian On February 25, 2019, pursuant to an asset purchase agreement, the Company acquired substantially all of the assets of Bassian Farms, Inc. and certain affiliated entities (“Bassian”), a specialty center-of-the-plate distributor based in northern California. The aggregate purchase price for the transaction was approximately $31,777, including $27,990 paid in cash at closing and the issuance of a $4,000 unsecured convertible note, partially offset by the settlement of a net working capital true-up. The Company will also pay additional contingent consideration, if earned, in the form of an earn-out amount which could total $9,000 over a four-year period. The payment of the contingent earn-out liability is subject to the successful achievement of certain gross profit targets. Customer relationships, non-compete agreements and trademarks are valued at fair value using Level 3 inputs and are being amortized over 15, 5 and 10 years, respectively. Goodwill for the Bassian acquisition is being amortized over 15 years for tax purposes. The goodwill recorded primarily reflects the value of acquiring an established center-of-the-plate distributor to grow the Company's center-of-the-plate product category in the West Coast region, as well as any intangible assets that do not qualify for separate recognition. The table below sets forth the purchase price allocation of these and other acquisitions: Sid Wainer Bassian Other Acquisitions Current assets $ 22,960 $ 6,657 $ 14,244 Customer relationships — 15,530 11,067 Trademarks 3,500 4,610 2,812 Non-compete agreements — 1,000 — Goodwill 11,571 13,065 13,636 Fixed assets 19,425 856 1,433 Other assets — 10 — Right-of-use assets 8,259 — 2,787 Lease liabilities (8,259) — (2,787) Current liabilities (11,294) (2,501) (6,449) Earn-out liability (2,081) (7,450) (7,783) Other long-term liabilities — — (499) Issuance of warrants — — (1,120) Total consideration $ 44,081 $ 31,777 $ 27,341 The Company recognized professional fees of $450, $435 and $235 in other operating expenses related to acquisition activities in fiscal 2021, 2020 and 2019, respectively. During the years ended December 24, 2021, December 25, 2020, and December 27, 2019, the Company also paid approximately $10,190, $16,851, and $300 respectively, on other strategic acquisitions. |
Inventories
Inventories | 12 Months Ended |
Dec. 24, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consist primarily of finished product. Our entities record inventory using a mixture of first-in, first-out and average cost, which we believe approximates first-in, first-out. Inventory is reflected net of adjustments for shrinkage, excess and obsolescence totaling $8,312 and $9,013 at December 24, 2021 and December 25, 2020, respectively. |
Equipment, Leasehold Improvemen
Equipment, Leasehold Improvements and Software | 12 Months Ended |
Dec. 24, 2021 | |
Property, Plant and Equipment [Abstract] | |
Equipment, Leasehold Improvements and Software | Equipment, Leasehold Improvements and Software Equipment, leasehold improvements and software as of December 24, 2021 and December 25, 2020 consisted of the following: Useful Lives December 24, 2021 December 25, 2020 Land Indefinite $ 5,020 $ 5,020 Buildings 20 years 18,406 15,685 Machinery and equipment 5 - 10 years 28,099 24,900 Computers, data processing and other equipment 3 - 7 years 15,480 14,207 Software 3 - 7 years 39,799 33,063 Leasehold improvements 1- 40 years 69,105 68,747 Furniture and fixtures 7 years 3,582 3,500 Vehicles 5 - 10 years 29,632 21,873 Construction-in-process 24,355 8,115 233,478 195,110 Less: accumulated depreciation and amortization (99,856) (79,662) Equipment, leasehold improvements and software, net $ 133,622 $ 115,448 Construction-in-process at December 24, 2021 related primarily to the build-outs of the Company’s Los Angeles and Miami distribution facilities which are expected to be completed in fiscal 2022 for approximately $20,000. Construction-in-process at December 25, 2020 related primarily to the implementation of the Company’s Enterprise Resource Planning (“ERP”) system. The net book value of equipment financed under finance leases at December 24, 2021 and December 25, 2020 was $10,874 and $14,705, respectively. No interest expense was capitalized during the fiscal years ended December 24, 2021, December 25, 2020 and December 27, 2019. The components of depreciation and amortization expense were as follows: Fiscal Year Ended December 24, 2021 December 25, 2020 December 27, 2019 Depreciation expense $ 15,918 $ 14,984 $ 9,535 Software amortization $ 6,080 $ 4,790 $ 3,793 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 24, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The changes in the carrying amount of goodwill are presented as follows: Carrying amount as of December 27, 2019 $ 197,743 Acquisitions 17,104 Foreign currency translation 17 Carrying amount as of December 25, 2020 214,864 Acquisitions 6,845 Foreign currency translation 66 Carrying amount as of December 24, 2021 $ 221,775 Other intangible assets as of December 24, 2021 and December 25, 2020 consisted of the following: Weighted Average Gross Carrying Accumulated Net Amount December 24, 2021 Customer relationships 120 months $ 155,678 $ (74,644) $ 81,034 Non-compete agreements 26 months 8,579 (8,018) 561 Trademarks 179 months 36,514 (13,366) 23,148 Total $ 200,771 $ (96,028) $ 104,743 December 25, 2020 Customer relationships 128 months $ 141,679 $ (55,135) $ 86,544 Non-compete agreements 37 months 8,579 (7,752) 827 Trademarks 209 months 44,520 (20,174) 24,346 Total $ 194,778 $ (83,061) $ 111,717 During the second quarter of fiscal 2021, the Company recorded a $597 impairment charge, $433 net of tax, to fully write-down the net book value of its Cambridge trademark. During fourth quarter of fiscal 2020, the Company committed to a plan to shift its brand strategy, to commence in the second quarter of fiscal 2021, to leverage its Allen Brothers brand in its west coast region and determined its Del Monte, Ports Seafood and Bassian Farms trademarks did not fit the Company’s long-term strategic objectives. The Company assessed these trademarks for impairment and used the relief of royalty method to determine fair value. Significant assumptions used include future sales forecasts, royalty rates and discount rates. As a result of the assessment, the Company recorded a $24,200 impairment charge, $17,545 net of tax, to write-down the value of its Del Monte and Bassian Farms trademarks. This impairment charge is presented within other operating expense s on the consolidated statements of operations. Amortization expense for other intangibles was $12,967, $13,502 and $12,663 for the fiscal years ended December 24, 2021, December 25, 2020 and December 27, 2019, respectively. As of December 24, 2021, estimated amortization expense for other intangible assets for each of the next five fiscal years and thereafter is as follows: 2022 $ 11,984 2023 10,955 2024 10,097 2025 9,680 2026 9,680 Thereafter 52,347 Total $ 104,743 |
Debt Obligations
Debt Obligations | 12 Months Ended |
Dec. 24, 2021 | |
Debt Disclosure [Abstract] | |
Debt Obligations | Debt Obligations Debt obligations as of December 24, 2021 and December 25, 2020 consisted of the following: December 24, 2021 December 25, 2020 Senior secured term loan $ 168,675 $ 201,553 Convertible senior notes 200,000 150,000 Asset-based loan facility 20,000 40,000 Finance lease and other financing obligations 11,602 15,798 Convertible unsecured note 4,000 4,000 Deferred finance fees and original issue discount (4,976) (7,172) Total debt obligations 399,301 404,179 Less: current installments (5,141) (6,095) Total debt obligations excluding current installments $ 394,160 $ 398,084 Maturities of the Company’s debt, excluding finance leases, for each of the next five years and thereafter at December 24, 2021 are as follows: 2022 $ 1,712 2023 25,712 2024 201,712 2025 163,539 2026 — Thereafter — Total $ 392,675 Senior Secured Term Loan Credit Facility On June 22, 2016, the Company refinanced its debt structure by entering into a credit agreement (the “Term Loan Credit Agreement”) with a group of lenders for which Jefferies Finance LLC acts as administrative agent and collateral agent. The Term Loan Credit Agreement provides for a senior secured term loan B facility (the “Term Loan Facility”) in an aggregate amount of $305,000 (the loans outstanding under the Term Loan Facility, the “Term Loans”) maturing on June 22, 2022. Additionally, the Term Loan Facility includes an accordion which permits the Company to request that the lenders extend additional Term Loans in an aggregate principal amount of up to $50,000 (less the aggregate amount of certain indebtedness incurred to finance acquisitions) plus an unlimited amount subject to the Company’s Total Leverage Ratio not exceeding 4.90:1.00 on a pro forma basis. Substantially all of the Company’s assets are pledged as collateral. Borrowings were used to repay the Company’s senior secured notes, as well as the prior term loan and revolving credit facility. Remaining funds were used for capital expenditures, permitted acquisitions, working capital and general corporate purposes of the Company. On December 13, 2017, the Company completed a repricing of the Term Loan Facility to reduce Applicable Rate (as defined in the Term Loan Credit Agreement) from 475 basis points to 400 basis points over the London Inter-bank Offered Rate (“LIBOR”). In connection with the repricing, the Company paid debt financing costs of $761 which were capitalized as deferred financing charges. On July 6, 2018, the Company made a $47,100 prepayment and was no longer required to make quarterly amortization payments on the Term Loans. On November 16, 2018, the Company completed a repricing of the Term Loan Facility to reduce the Applicable Rate from 400 basis points to 350 basis points over LIBOR. In connection with the repricing, the Company paid debt financing costs of $626 which were capitalized as deferred financing charges. The Company wrote off unamortized deferred financing fees of $1,081 as a result of this repricing. On June 8, 2020, the Company entered into a sixth amendment (the “Sixth Amendment”) to its Term Loan Credit Agreement. Upon the consent of the lenders, the Sixth Amendment converted a portion of the term loans then outstanding of $238,129 (the “Term Loans”) into a new tranche of term loans (the “2025 Tranche”) which among other things extended the maturity date by three years and increased the fixed-rate portion of interest charged by 200 basis points. The portion of the Term Loans that did not convert (the “2022 Tranche”) retained the maturity date and interest rate in effect prior to the Sixth Amendment. The Company made a prepayment of $35,719 on the 2025 Tranche immediately after it was established. On March 1, 2021, the Company repaid all outstanding borrowings under the 2022 tranche of senior secured term loans. The following table summarizes the key terms of the Term Loans as of December 24, 2021: Term Loans Principal Outstanding Interest Rate Maturity Date Scheduled Principal Payments 2025 Tranche $ 168,675 LIBOR + 5.5% June 22, 2025 0.25% per quarter The 2025 Tranche has a springing maturity date of June 22, 2024 if, as of that date, the Company’s 1.875% convertible senior notes maturing on December 1, 2024 have not been repaid or refinanced by debt having a maturity date on or after December 23, 2025. The Sixth Amendment was accounted for as a debt modification. The Company incurred lender fees of $856 which were capitalized as debt issuance costs. Third-party transaction costs of $1,233 were expensed as incurred. The interest charged on the Term Loans, will be equal to a spread plus, at the Company’s option, either the Base Rate (as defined in the Term Loan Credit Agreement) or LIBOR for one, two, three, six or (if consented to by the lenders) twelve-month interest periods chosen by the Company. The interest rate on the Term Loans at December 24, 2021 was 5.6%. The Term Loan Facility contains affirmative covenants, negative covenants and events of default customary for a term loan B facility of this type, as more particularly described in the Term Loan Credit Agreement. The Sixth Amendment introduced a minimum liquidity covenant which requires the Company to maintain at least $35,000 of liquidity as of the last day of any fiscal quarter where EBITDA, as defined in the Credit Agreement, is less than $10,000. The Company had minimum liquidity, as defined in the Credit Agreement, of $225,886 as of December 24, 2021. On February 16, 2022, the Company obtained unconditional waivers from its Term Loan and ABL lenders in connection with noncompliance with certain negative covenants under the Company’s Term Loan Credit Agreement. Asset-Based Loan Facility On June 29, 2018, the Company entered into a credit agreement (the “ABL Credit Agreement”) with a group of lenders for which BMO Harris Bank, N.A. acts as administrative agent. The ABL Credit Agreement provides for an asset-based loan facility (the “ABL”) in the aggregate amount of up to $150,000. Borrowings under the ABL will be used, and are expected to be used, for capital expenditures, permitted acquisitions, working capital and general corporate purposes of the Company. Availability under the ABL will be limited to a borrowing base equal to the lesser of: (i) the aggregate amount of commitments or (ii) the sum of specified percentages of eligible receivables and eligible inventory, minus certain availability reserves. The co-borrowers under the ABL are entitled on one or more occasions, subject to the satisfaction of certain conditions, to request an increase in the commitments under the ABL in an aggregate principal amount of up to $25,000. The ABL matures on the earlier of June 29, 2023 and 90 days prior to the maturity date of the Company’s Term Loan Facility. The Company incurred transaction costs of $877 which were capitalized as deferred financing fees to be amortized over the term of the ABL. The interest rate charged on borrowing under the ABL is equal to a spread plus, at the Company’s option, either the Base Rate (as defined in the ABL Credit Agreement) or LIBOR (except for swingline loans) for one, two, three, six or (if consented to by the lenders) twelve-month, interest periods chosen by the Company. The Company will pay certain recurring fees with respect to the ABL, including fees on unused lender commitments. The interest rate on the ABL at December 24, 2021 was 1.4%. The ABL Credit Agreement contains customary affirmative covenants, negative covenants and events of default as more particularly described in the ABL Credit Agreement. The Company is required to comply with a minimum consolidated fixed charge coverage ratio of 1:1 if the amount of availability under the ABL falls below $10,000 or 10% of the borrowing base. The Company had reserved $20,541 of the ABL for the issuance of letters of credit. As of December 24, 2021, funds totaling $109,459 were available for borrowing under the ABL. Convertible Senior Notes On November 22, 2019, the Company issued $150,000 aggregate principal amount of 1.875% Convertible Senior Notes (the “Senior Notes”). The Senior Notes were issued pursuant to an indenture, dated as of November 22, 2019 (the “Indenture”), between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee. Approximately $43,225 of the net proceeds were used to repay all borrowings then outstanding under the ABL and the remainder was used for working capital, general corporate purposes and acquisitions. The Company incurred transaction costs of approximately $5,082 which were capitalized as deferred financing fees to be amortized over the term of the Senior Notes. On March 1, 2021, the Company issued $50,000 aggregate principal amount of Senior Notes at a premium which were offered as an additional issuance and under the same terms as the Senior Notes initially issued on November 22, 2019. Net proceeds were used to repay all outstanding borrowings under the Company's 2022 tranche of senior secured term loans of $31,166 and repay a portion of borrowings outstanding under the Company’s ABL. The Company incurred transaction costs of approximately $1,350 which were capitalized as deferred financing fees to be amortized over the term of the Convertible Senior Notes due 2024. At December 24, 2021, the effective interest rate charged on the Company’s Convertible Senior Notes was approximately 2.3%. The net carry value of the Company’s Convertible Senior Notes as of December 24, 2021 and December 25, 2020 was: December 24, 2021 December 25, 2020 Principal amount outstanding $ 200,000 $ 150,000 Unamortized deferred financing fees and premium (2,686) (3,999) Net carry value $ 197,314 $ 146,001 The components of interest expense on the Company’s Convertible Senior Notes were as follows: Fiscal Year Ended December 24, 2021 December 25, 2020 December 27, 2019 Coupon interest $ 3,594 $ 2,813 $ 234 Amortization of deferred financing fees and premium $ 913 $ 1,000 $ 83 Total interest $ 4,507 $ 3,813 $ 317 The Senior Notes bear interest of 1.875% per annum payable semiannually in arrears on June 1 and December 1 of each year, beginning on June 1, 2020. At any time before the close of business on the scheduled trading day immediately before the maturity date, the Senior Notes will be convertible at the option of holders into shares of the Company’s common stock, together with cash in lieu of any fractional share, at an initial conversion price of approximately $44.20 per share. The conversion price is subject to adjustments upon the occurrence of certain events. The Senior Notes will mature on December 1, 2024, unless earlier converted or repurchased in accordance with their terms. The Company may not redeem the Senior Notes at its option prior to maturity. In addition, if the Company undergoes a fundamental change, as described in the Indenture, holders may require the Company to repurchase for cash all or part of their Senior Notes at a repurchase price equal to 100% of the principal amount of the Senior Notes to be repurchased, plus accrued and unpaid interest up to, but excluding, the required repurchase date. Convertible Unsecured Note On February 25, 2019, the Company issued a $4,000 convertible unsecured note (the “Unsecured Note”), maturing on June 29, 2023, to Bassian Farms, Inc. (the “Holder”) as partial consideration in the Bassian acquisition. The interest rate charged on the Unsecured Note is 4.5% per annum and increases to 5.0% after the two-year anniversary of the closing date. The Company |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 24, 2021 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Stockholders’ Equity Warrants In connection with an acquisition during the second quarter of fiscal 2021, the Company issued warrants with a fair value of $1,120 to purchase up to 150,000 shares of the Company’s common stock at an exercise price of $31.96 per share. These warrants expire on April 22, 2024. Preferred Stock Purchase Rights On March 22, 2020, the Company’s board of directors approved a limited duration Preferred Stock Purchase Rights Agreement (the “Rights Agreement”). Under the Rights Agreement, the board of directors approved a dividend of one preferred share purchase right (a “Right”) for each share outstanding share of the Company’s common stock to purchase one one-thousandth of a share of Series A Preferred Stock of the Company at a price of $40.00 per Unit of Preferred Stock, subject to adjustment as provided in the Rights Agreement. The Rights expired on March 21, 2021. Public Common Stock Offering On May 14, 2020, the Company completed a public offering of 5,769,231 shares of its common stock at a price of $13.00 per share to the underwriters, to be reoffered by the underwriters at variable prices per share, which resulted in net proceeds of approximately $74,691 after deducting underwriters’ fees, commissions and transaction expenses. In addition, the Company granted a 30-day option to purchase up to an additional 865,384 shares of its common stock at a price of $13.00 per share to the underwriters, to be reoffered by the underwriters at variable prices per share. The option was fully exercised on June 2, 2020 and resulted in additional proceeds of $11,250. Equity Incentive Plan On May 17, 2019, the Company’s stockholders approved the 2019 Omnibus Equity Incentive Plan (the “2019 Plan”). Concurrently, the 2011 Omnibus Equity Incentive Plan (the “2011 Plan”) was terminated and any shares remaining available for new grants under the 2011 Plan share reserve were extinguished. The purpose of the 2019 Plan is to promote the interests of the Company and its stockholders by (i) attracting and retaining key officers, employees and directors of, and consultants to, the Company and its Subsidiaries and Affiliates; (ii) motivating such individuals by means of performance-related incentives to achieve long-range performance goals; (iii) enabling such individuals to participate in the long-term growth and financial success of the Company; (iv) encouraging ownership of stock in the Company by such individuals; and (v) linking their compensation to the long-term interests of the Company and its stockholders. The 2019 Plan is administered by the Compensation and Human Capital Committee (the “Committee”) of the Board of Directors and allows for the issuance of stock options, stock appreciation rights (“SARs”), RSAs, restricted share units, performance awards, or other stock-based awards. Stock option exercise prices are fixed by the Committee but shall not be less than the fair market value of a common share on the date of the grant of the option, except in the case of substitute awards. Similarly, the grant price of an SAR may not be less than the fair market value of a common share on the date of the grant. The Committee will determine the expiration date of each stock option and SAR, but in no case shall the stock option or SAR be exercisable after the expiration of 10 years from the date of the grant. The 2019 Plan provides for 2,600,000 shares available for grant. As of December 24, 2021, there were 883,042 shares available for grant. Stock compensation expense was $11,479, $9,292 and $4,399 for the fiscal years ended December 24, 2021, December 25, 2020 and December 27, 2019, respectively. The related tax benefit for stock-based compensation was $49, $133 and $883 for the fiscal years ended December 24, 2021, December 25, 2020 and December 27, 2019, respectively. The following table reflects the activity of RSAs during the fiscal year ended December 24, 2021: Time-based Performance-based Market-based Shares Weighted Average Shares Weighted Average Shares Weighted Average Unvested at December 25, 2020 901,318 $ 16.14 — $ — 26,952 $ 30.16 Granted 377,154 31.89 201,547 32.03 199,241 31.44 Vested (592,057) 12.14 — — (24,981) 30.17 Forfeited (68,419) 27.36 (14,110) 32.00 (16,083) 31.25 Unvested at December 24, 2021 617,996 $ 28.33 187,437 $ 32.04 185,129 $ 31.44 The fair value of RSAs vested during the fiscal years ended December 24, 2021, December 25, 2020 and December 27, 2019, was $7,848, $8,109 and $3,742, respectively. These awards are a mix of time-, market- and performance-based grants awarded to key employees and non-employee directors that generally vest over a range of periods up to five-years. The market- and performance-based RSAs generally cliff vest, if at all, after the conclusion of a three-year performance period and vesting is subject to the award recipient’s continued service to the Company as of the vesting date. The number of performance-based RSAs that ultimately vest is based on the Company’s attainment of certain profitability and return on invested capital targets. During fiscal 2019, the Company awarded market-based RSAs that vest based on the Company’s attainment of an average closing trade price of the Company’s common stock of $39.86 per share, based on an average of 20 consecutive trading days. The grant date fair value of these market-based performance awards was determined using a Monte Carlo simulation in order to simulate a range of possible future stock prices. Key assumptions used included a risk-free interest rate of 2.2% and expected volatility of 44.6%. During the fourth quarter of fiscal 2020, the Company modified its 2018 performance-awards and certain 2018 time-based awards such that they vested on December 17, 2020. The modifications affected seventeen employees and resulted in incremental stock compensation expense of $1,999. Concurrent with these modifications, the Company also cancelled its 2020 and 2019 performance-based awards and its 2020 market-based equity awards. At December 24, 2021, the total unrecognized compensation cost for the Company’s unvested RSAs was $18,302 to be recognized over a weighted-average period of approximately 2.2 years. Of this total, $10,946 related to RSAs with time-based vesting provisions to be recognized over a weighted average period of 2.1 years and $7,356 related to RSAs with performance- or market-based vesting provisions to be recognized over a weighted average period of 2.2 years. The following table summarizes stock option activity during the fiscal year ended December 24, 2021: Shares Weighted Aggregate Weighted Average Outstanding December 25, 2020 115,639 $ 20.23 $ 2,051 6.2 Outstanding December 24, 2021 115,639 $ 20.23 $ 1,427 5.2 Exercisable at December 24, 2021 115,639 20.23 $ 1,427 5.2 The Company issues new shares upon the exercise of stock options. No stock option expense was recognized during the fiscal years ended December 24, 2021 and December 25, 2020. The Company recognized expense on stock options of $114 during the fiscal year ended December 27, 2019, the year in which all options outstanding were fully vested. No compensation expense related to the Company’s RSAs or stock options has been capitalized. |
Leases
Leases | 12 Months Ended |
Dec. 24, 2021 | |
Leases [Abstract] | |
Leases | Leases The components of net lease cost were as follows: Fiscal Year Ended December 24, 2021 December 25, 2020 December 27, 2019 Operating lease cost $ 26,531 $ 27,521 $ 27,415 Finance lease cost: Amortization of right-of-use asset 4,667 4,166 308 Interest expense on lease liabilities 555 552 96 Total finance lease cost $ 5,222 $ 4,718 $ 404 Short-term lease cost 3,491 2,475 2,143 Variable lease cost 3,331 1,990 2,707 Sublease income (430) (96) (514) Total lease cost, net $ 38,145 $ 36,608 $ 32,155 The maturities of the Company’s lease liabilities for each of the next five fiscal years and thereafter at December 24, 2021 were as follows: Operating Leases Finance Leases Related Party Real Estate Third Party Real Estate Vehicles and Equipment Total Vehicles and Equipment 2022 $ 509 $ 17,085 $ 7,132 $ 24,726 $ 3,834 2023 387 16,145 4,738 21,270 3,041 2024 — 14,711 2,186 16,897 2,512 2025 — 13,644 1,048 14,692 1,992 2026 — 12,949 3 12,952 1,200 Thereafter — 125,886 — 125,886 169 Total $ 896 $ 200,420 $ 15,107 $ 216,423 $ 12,748 Less interest (73,245) (1,146) Present value $ 143,178 $ 11,602 Supplemental balance sheet information related to finance leases was as follows: Balance Sheet Location December 24, 2021 December 25, 2020 Short-term finance lease liabilities Current portion of long-term debt $ 3,429 $ 4,383 Long-term finance lease liabilities Long-term debt, net of current portion $ 8,173 $ 11,415 At December 24, 2021, the weighted-average lease term for operating and finance leases was 12.0 years and 4.0 years, respectively. At December 24, 2021, the weighted-average discount rate for operating and finance leases was 6.8% and 4.1%, respectively. As of December 24, 2021, the Company is contractually obligated to make payments of approximately $9,983 related to leases for distribution facilities that have not commenced. Accordingly, the Company has not recognized ROU assets or lease liabilities associated with these leases. |
Leases | Leases The components of net lease cost were as follows: Fiscal Year Ended December 24, 2021 December 25, 2020 December 27, 2019 Operating lease cost $ 26,531 $ 27,521 $ 27,415 Finance lease cost: Amortization of right-of-use asset 4,667 4,166 308 Interest expense on lease liabilities 555 552 96 Total finance lease cost $ 5,222 $ 4,718 $ 404 Short-term lease cost 3,491 2,475 2,143 Variable lease cost 3,331 1,990 2,707 Sublease income (430) (96) (514) Total lease cost, net $ 38,145 $ 36,608 $ 32,155 The maturities of the Company’s lease liabilities for each of the next five fiscal years and thereafter at December 24, 2021 were as follows: Operating Leases Finance Leases Related Party Real Estate Third Party Real Estate Vehicles and Equipment Total Vehicles and Equipment 2022 $ 509 $ 17,085 $ 7,132 $ 24,726 $ 3,834 2023 387 16,145 4,738 21,270 3,041 2024 — 14,711 2,186 16,897 2,512 2025 — 13,644 1,048 14,692 1,992 2026 — 12,949 3 12,952 1,200 Thereafter — 125,886 — 125,886 169 Total $ 896 $ 200,420 $ 15,107 $ 216,423 $ 12,748 Less interest (73,245) (1,146) Present value $ 143,178 $ 11,602 Supplemental balance sheet information related to finance leases was as follows: Balance Sheet Location December 24, 2021 December 25, 2020 Short-term finance lease liabilities Current portion of long-term debt $ 3,429 $ 4,383 Long-term finance lease liabilities Long-term debt, net of current portion $ 8,173 $ 11,415 At December 24, 2021, the weighted-average lease term for operating and finance leases was 12.0 years and 4.0 years, respectively. At December 24, 2021, the weighted-average discount rate for operating and finance leases was 6.8% and 4.1%, respectively. As of December 24, 2021, the Company is contractually obligated to make payments of approximately $9,983 related to leases for distribution facilities that have not commenced. Accordingly, the Company has not recognized ROU assets or lease liabilities associated with these leases. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 24, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesIn response to the Pandemic, the Coronavirus Aid, Relief, and Economic Security Act was signed into law on March 27, 2020. Among other provisions it allows for a refundable Employee Retention Tax Credit (“ERTC”) to eligible employers equal to 50% of qualified wages paid to employees from March 12, 2020 to December 31, 2020, capped at $10 per employee. In December 2020, the Consolidated Appropriations Act of 2021 was passed, which expands the ERTC by increasing the credit to 70% of qualified wages paid from January 1, 2021 through June 30, 2021, capped at $10 per employee per quarter. During the second quarter of fiscal 2021, the Company recognized a receivable of $1,418 related to the ERTC which is presented within prepaid expenses and other current assets on the consolidated balance sheet and the related expense reduction is presented within selling, general and administrative expenses on the consolidated statements of operations The Company’s effective income tax rate was 27.3% and 32.9% for the fifty-two weeks ended December 24, 2021 and December 25, 2020, respectively. The higher effective tax rate in the prior fiscal year is primarily related to the carryback of a portion of the Company’s fiscal 2020 net loss which, under the CARES Act, allows the Company to claim Federal tax refunds against prior year taxes paid, including taxes paid in fiscal 2015 and 2017, both of which were at statutory tax rates of 35%. The Company’s fiscal 2020 income tax provision reflects the impact of an expected income tax refund receivable of $21,250 which is reflected in prepaid expenses and other current assets on the Company’s consolidated balance sheets as of December 24, 2021 and December 25, 2020. The provision for income taxes consists of the following: Fiscal Year Ended December 24, 2021 December 25, 2020 December 27, 2019 Current income tax (benefit) expense: Federal $ (285) $ (21,877) $ 4,003 State 277 (408) 2,144 Total current income tax (benefit) expense (8) (22,285) 6,147 Deferred income tax (benefit) expense: Federal (2,002) (10,740) 1,617 Foreign (22) 50 17 State 179 (7,728) 429 Total deferred income tax (benefit) expense (1,845) (18,418) 2,063 Total income tax (benefit) expense $ (1,853) $ (40,703) $ 8,210 Income tax (benefit) expense differed from amounts computed using the statutory federal income tax rate due to the following reasons: Fiscal Year Ended December 24, 2021 December 25, 2020 December 27, 2019 Statutory U.S. Federal tax $ (1,423) $ (25,957) $ 6,805 Differences due to: State and local taxes, net of federal benefit (396) (6,414) 2,078 Change in valuation allowance (215) 1,354 95 Changes in tax rates (55) 24 (95) Federal NOL rate differential — (5,212) — Stock compensation (361) (102) (676) Other 597 (4,396) 3 Income tax (benefit) expense $ (1,853) $ (40,703) $ 8,210 Deferred tax assets and liabilities at December 24, 2021 and December 25, 2020 consist of the following: December 24, 2021 December 25, 2020 Deferred tax assets: Receivables and inventory $ 9,425 $ 10,944 Self-insurance reserves 2,211 2,210 Net operating loss carryforwards 15,177 15,413 Debt discount and interest 2,526 3,093 Stock compensation 3,246 1,686 Charitable contribution carryforward 3,865 3,166 Operating lease liabilities 39,335 34,460 Other 1,875 1,307 Total deferred tax assets 77,660 72,279 Deferred tax liabilities: Property & equipment (7,808) (11,289) Goodwill and intangible assets (20,648) (17,709) Prepaid expenses and other (1,916) (2,071) Operating lease right-of-use assets (35,862) (31,414) Total deferred tax liabilities (66,234) (62,483) Valuation allowance (2,046) (2,261) Total net deferred tax asset $ 9,380 $ 7,535 The deferred tax provision results from the effects of net changes during the year in deferred tax assets and liabilities arising from temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The Company files income tax returns in the U.S. Federal and various state and local jurisdictions as well as the Canadian Federal and provincial districts. For Federal income tax purposes, the 2018 through 2021 tax years remain open for examination by the tax authorities under the normal three-year statute of limitations and the fact that we have not yet filed our tax return for 2021. For state tax purposes, the 2017 through 2021 tax years remain open for examination by the tax authorities under a four-year statute of limitations. The Company records interest and penalties, if any, in income tax expense. The Company considered all available positive and negative evidence to determine if based on the weight of such evidence, a valuation allowance is needed. At December 24, 2021, the Company had a valuation allowance of $2,046, which consisted of $1,235 and $811 against foreign and certain state net operating loss carryforwards, respectively, as they are not expected to be fully realizable in the future. Despite the loss for fiscal year ended December 24, 2021 as a direct impact of the Pandemic, the Company considered the substantial amount of taxable income available in carryback years under applicable tax law, strong history of earnings, no history of tax attributes expiring before utilization, reversing taxable temporary differences scheduled to reverse within the reversal period of the respective deferred tax assets, the long term and indefinite nature of tax attributes on hand, and forecasts of future taxable income in determining a valuation allowance is not needed on the remaining deferred tax assets. However, the impacts of the Pandemic on the Company’s business are uncertain and will depend on future developments, and as such, it is possible that under certain circumstances the Company may be required to recognize a valuation allowance in the future. The Company’s Canada net operating loss carryforward of $1,458 expires at various dates between fiscal 2038 and 2040. The Company’s state net operating loss carryforwards of $6,328 expire at various dates, the earliest of which expire in fiscal 2026 while others are indefinite-lived. The Company’s federal net operating loss carry forward of $7,391 is indefinite-lived and its charitable contributions carry forward of $3,865 expire between fiscal 2024 and 2026. The Company’s foreign subsidiaries had operating (loss) income before income taxes as follows: Fiscal Year Ended December 24, 2021 December 25, 2020 December 27, 2019 Foreign subsidiaries operating (loss) income before income taxes $ (2,420) $ (4,231) $ 18 |
Supplemental Disclosures of Cas
Supplemental Disclosures of Cash Flow Information | 12 Months Ended |
Dec. 24, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Disclosures of Cash Flow Information | Supplemental Disclosures of Cash Flow Information December 24, 2021 December 25, 2020 December 27, 2019 Cash paid for income taxes, net of cash received $ (230) $ 308 $ 6,046 Cash paid for interest $ 15,387 $ 18,182 $ 16,271 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 25,111 $ 25,090 $ 25,302 Operating cash flows from finance leases $ 555 $ 3,856 $ 96 ROU assets obtained in exchange for lease liabilities: Operating leases $ 32,741 $ 7,201 $ 155,027 Finance leases $ 536 $ 16,063 $ 4,183 Non-cash investing and financing activities: Warrants issued for acquisition $ 1,120 $ — $ — Contingent earn-out liabilities for acquisitions $ 5,500 $ 3,464 $ 7,929 Convertible notes issued for acquisitions $ — $ — $ 4,000 |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 24, 2021 | |
Postemployment Benefits [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans Employee Tax-Deferred Savings Plan The Company offers a 401(k) Plan to eligible employees that provides for tax-deferred salary deductions for eligible employees. Employees may choose to make voluntary contributions of their annual compensation to the 401(k) Plan, limited to an annual maximum amount as set periodically by the Internal Revenue Service. The Company provides discretionary matching contributions equal to 50 percent of the employee’s contribution amount, up to a maximum of six of the employee’s annual salary, capped at $2.5 per employee per year. Matching contributions begin vesting after one year and are fully vested after five years. Employee contributions are fully vested when made. As a result of the Pandemic, the Company’s matching contributions were temporarily suspended from March 31, 2020 through August 31, 2021. Under the 401(k) Plan there is no option available to the employee to receive or purchase the Company’s common stock. Matching contributions under the 401(k) Plan were $683, $720 and $1,268, respectively, for fiscal 2021, 2020 and 2019. |
Related Parties
Related Parties | 12 Months Ended |
Dec. 24, 2021 | |
Related Party Transactions [Abstract] | |
Related Parties | Related PartiesThe 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 was $493 for fiscal 2021, $488 for fiscal 2020 and $433 for fiscal 2019. This lease was amended during the first quarter of fiscal 2020 and expires on September 30, 2023. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 24, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Legal Contingencies The Company is involved in various legal proceedings. The Company establishes reserves for specific legal proceedings when it determines that the likelihood of an unfavorable outcome is probable and the amount of loss can be reasonably estimated. Management has also identified certain other legal matters where the Company believes an unfavorable outcome is reasonably possible and/or for which no estimate of possible losses can be made. The Company does not believe that there is a reasonable possibility of material loss or loss in excess of the amount that the Company has accrued. The Company recognizes legal fees related to any ongoing legal proceeding as incurred. Tax Audits The Company is involved in various tax matters, with respect to some of which the outcome is uncertain. These audits may result in the assessment of additional taxes that are subsequently resolved with authorities or potentially through the courts. Risk Management Programs The Company’s self-insurance reserves for its medical program totaled $2,373 and $1,220 at December 24, 2021 and December 25, 2020, respectively. The Company’s self-insurance reserves for its automobile liability program totaled $3,980 and $3,450 at December 24, 2021 and December 25, 2020, respectively. Self-insurance reserves for workers’ compensation totaled $7,053 and $7,696 at December 24, 2021 and December 25, 2020, respectively. Workforce As of December 24, 2021, approximately 9% of the Company’s employees are represented by unions, all of whom are operating under collective bargaining agreements which expire at various times between fiscal 2022 and 2025. Approximately 0.9% of the Company’s employees are under a collective bargaining agreement that expires in fiscal 2022. |
Valuation Reserves
Valuation Reserves | 12 Months Ended |
Dec. 24, 2021 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Valuation Reserves | Valuation Reserves The following tables summarize the activity in our valuation accounts during the fiscal years ended December 24, 2021, December 25, 2020 and December 27, 2019: Balance at Beginning of Period Additions (Recoveries) Charged to Expense Deductions Balance at End of Period Allowance for doubtful accounts December 24, 2021 $ 24,027 $ (422) $ (3,345) $ 20,260 December 25, 2020 8,846 21,372 (6,191) 24,027 December 27, 2019 7,460 4,981 (3,595) 8,846 Allowance for deferred tax assets December 24, 2021 $ 2,261 $ (215) $ — $ 2,046 December 25, 2020 907 1,354 — 2,261 December 27, 2019 812 95 — 907 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 24, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On December 28, 2021, the Company entered into an asset purchase agreement to acquire substantially all of the assets of CGC Holdings, Inc., a specialty seafood and produce distributor in Maryland. The purchase price was $28,000 paid in cash at closing and is subject to a customary working capital true-up. The Company has not provided the preliminary purchase price allocations for this acquisition as the initial accounting is incomplete . |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 24, 2021 | |
Accounting Policies [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. |
Revenue Recognition, Deferred Revenue, Right of Return, Cost of Sales, and Vendor Rebates and Other Promotional Incentives | 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 20 to 60 days from delivery. Shipping and handling activities are costs to fulfill the Company’s performance obligations. These costs are expensed as incurred and presented within selling, general and administrative expenses on the consolidated statements of operations. The Company offers certain sales incentives to customers in the form of rebates or discounts. These sales incentives are accounted as variable consideration. The Company estimates these amounts based on the expected amount to be provided to customers and records a corresponding reduction in revenue. The Company does not expect a significant reversal in the amount of cumulative revenue recognized. Sales tax billed to customers is not included in revenue but rather recorded as a liability owed to the respective taxing authorities at the time the sale is recognized. |
Contract Costs and Selling, General and Administrative Expenses | Sales commissions are expensed when incurred because the amortization period is one year or less. These costs are presented within selling, general and administrative expenses on the Company’s consolidated statements of operations. |
Other Operating Expenses | Other operating expenses includes expenses primarily related to changes in the fair value of the Company’s earn-out liabilities, gains and losses on asset disposals, asset impairments and certain third-party deal costs incurred in connection with business acquisitions or financing arrangements. |
Segment Reporting | The Company’s business consists of three operating segments: East Coast, Midwest and West Coast that aggregate into one reportable segment, food product distribution, which is concentrated in the United States. |
Consolidation | The consolidated financial statements include all the accounts of the Company and its direct and indirect wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. |
Guidance Adopted and Not Yet Adopted | Guidance Adopted in Fiscal 2021 Simplifying the Accounting for Income Taxes : In December 2019, the Financial Accounting Standards Board (the “FASB”) issued guidance that eliminates certain exceptions related to the approach for intraperiod tax allocations, the methodology for calculating income taxes in an interim period and other simplifications and clarifications. As a result of the new guidance, the Company may recognize additional income tax benefits during interim periods in which interim losses exceed full year projections due to provisions in the guidance that remove loss limitation rules. This guidance was adopted on December 26, 2020 and adoption had an immaterial impact on the Company’s consolidated financial statements. Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity : In August 2020, the FASB issued guidance that simplifies the accounting models for financial instruments with characteristics of debt and equity. The amendments in the guidance result in fewer instances in which an embedded conversion feature must be accounted for separately from its host contract. This guidance will be effective for fiscal years beginning after December 15, 2021. This guidance was adopted on December 26, 2020 and adoption did not impact the Company’s consolidated financial statements. Guidance Not Yet Adopted There is no recent accounting guidance not yet adopted that is expected to have a material impact on the Company’s financial statements when adopted. |
Use of Estimates | The preparation of the Company’s consolidated financial statements in conformity with generally accepted accounting principles requires it to make estimates and assumptions that affect reported amounts of assets, liabilities, revenues, expenses and disclosure of contingent assets and liabilities. Estimates are used in determining, among other items, the allowance for doubtful accounts, inventory valuation adjustments, self-insurance reserves for group medical insurance, workers’ compensation insurance and automobile liability insurance, future cash flows associated with impairment testing for intangible assets (including goodwill) and long-lived assets, useful lives for intangible assets, stock-based compensation, contingent earn-out liabilities and tax reserves. Actual results could differ from estimates. |
Cash and Cash Equivalents | The Company considers all highly liquid investments with an original maturity of less than three months to be cash equivalents. The Company periodically maintains balances at financial institutions which may exceed Federal Deposit Insurance Corporation insured limits. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant risks on its cash in bank accounts. |
Accounts receivable | Accounts receivable consist of trade receivables from customers and are recorded net of an allowance for doubtful accounts. The allowance for doubtful accounts is determined based upon a number of specific criteria, such as whether a customer has filed for or been placed into bankruptcy, has had accounts referred to outside parties for collections or has had accounts significantly past due. The allowance also covers short paid invoices the Company deems to be uncollectable as well as a portion of trade accounts receivable balances projected to become uncollectable based upon historic patterns and macro-economic factors in existence as of the balance sheet date that may impact the food-away-from-home industry and/or its customers, and specifically, beginning in the first quarter of fiscal 2020, the impact of the Pandemic. |
Inventories | Inventories consist primarily of finished goods, food and related food products held for resale and are valued at the lower of cost or market. Our different entities record inventory using a mixture of first-in, first-out and average cost, which we believe approximates first-in, first-out. The Company adjusts inventory balances for excess and obsolete inventories to approximate their net realizable value. |
Concentrations of Credit Risks | Financial instruments that subject the Company to concentrations of credit risk consist of cash, temporary cash investments and trade receivables. The Company’s policy is to deposit its cash and temporary cash investments with major financial institutions. The Company distributes its food and related products to a customer base that consists primarily of leading menu-driven independent restaurants, fine dining establishments, country clubs, hotels, caterers, culinary schools, bakeries, patisseries, chocolateries, cruise lines, casinos and specialty food stores. To reduce credit risk, the Company performs ongoing credit evaluations of its customers’ financial conditions. The Company generally does not require collateral. However, the Company, in certain instances, has obtained personal guarantees from certain customers. There is no significant balance with any individual customer. |
Equipment and Leasehold Improvements | Equipment and leasehold improvements are recorded at cost and are depreciated on a straight-line basis over the shorter of the estimated useful life of the asset or the lease term. Equipment and leasehold improvements are reviewed for impairment in accordance with ASC 360-10-35-15, “Impairment or Disposal of Long-Lived Assets ” which only requires testing whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. If any indicators are present, a recoverability test is performed by comparing the carrying amount of the asset to the net undiscounted cash flows expected to be generated from the asset. If the net undiscounted cash flows do not exceed the carrying amount (i.e., the asset is not recoverable), an additional step is performed that determines the fair value of the asset and the Company records an impairment, if any. The adverse impact to the Company’s customer base and market capitalization at the onset of the Pandemic were considered triggering events during the first quarter of fiscal 2020, and accordingly, the Company performed a long-lived asset recoverability test as of March 27, 2020 the results of which indicated no impairment. The Company has not recorded any impairment of equipment and leasehold improvements in fiscal 2021, 2020 or 2019. |
Leases | The Company leases various distribution centers, office facilities, vehicles and equipment. The Company determines if an arrangement contains a lease at contract inception. An arrangement is or contains a lease if the agreement identifies an asset, implicitly or explicitly, that the Company has the right to use over a period of time. If an arrangement contains a lease, the Company classifies the lease as either an operating lease or as a finance lease based on the five criteria defined in ASC 842. Lease liabilities are recognized at commencement date based on the present value of the remaining lease payments over the lease term. The corresponding right-of-use (“ROU”) asset is recognized for the same amount as the lease liability adjusted for any payments made at or before the commencement date, any lease incentives received, and any initial direct costs. The Company’s lease agreements may include options to renew, extend or terminate the lease. These clauses are included in the initial measurement of the lease liability when at lease commencement the Company is reasonably certain that it will exercise such options. The discount rate used is based on the Company’s incremental borrowing rate since the implicit rate in the Company’s leases is not readily determinable. Operating lease expense is recognized on a straight-line basis over the lease term and presented within selling, general and administrative expenses on the Company’s consolidated statements of operations. Finance lease ROU assets are amortized on a straight-line basis over the shorter of the useful life of the asset or the lease term. Interest expense on the finance lease liability is recognized using the effective interest rate method and is presented within interest expense on the Company’s consolidated statements of operations. Variable rent payments related to both operating and finance leases are expensed as incurred. The Company’s variable lease payments primarily consist of real estate taxes, maintenance and usage charges. The Company made an accounting policy election to combine lease and non-lease components (maintenance, taxes and insurance) when measuring lease liabilities for vehicle and equipment leases. The Company has elected to exclude short-term leases from the recognition requirements of ASC 842. A lease is short-term if, at the commencement date, it has a term of less than or equal to one year. Lease expense related to short-term leases is recognized on a straight-line basis over the lease term. |
Software Costs | The Company capitalizes certain computer software licenses and software implementation costs that are included in software costs in its consolidated balance sheets. These costs were incurred in connection with developing or obtaining computer software for internal use if it has a useful life in excess of one year, in accordance with Accounting Standards Codification (“ASC”) 350-40 “Internal-Use Software.” Subsequent additions, modifications or upgrades to internal-use software are capitalized only to the extent that they allow the software to perform a task that it previously did not perform. Internal use software is amortized on a straight-line basis over a three |
Convertible Debt and Debt Issuance Costs | The Company evaluates debt instruments with embedded conversion features in accordance with ASC 815 “Derivatives and Hedging” and ASC 470 “Debt” both of which provide several criteria that determine whether a conversion feature must be bifurcated from its debt host and accounted as a separate financial instrument. An entity is not required to bifurcate if the conversion feature is indexed to its own stock, meets all equity classification criteria and does not contain a beneficial conversion feature. The Company determined that bifurcation of its convertible debt instruments was not required and recognized the principal amount of these instruments as debt in its consolidated balance sheets. Certain up-front costs associated with the Company’s asset based loan facility are capitalized and included in other non-current assets |
Business Combinations | The Company accounts for acquisitions in accordance with ASC 805 “Business Combinations.” Assets acquired and liabilities assumed are recorded in the accompanying consolidated balance sheets at their estimated fair values, as of the acquisition date. The excess of the purchase price over the fair values of identifiable assets and liabilities is recorded as goodwill. Acquisition-related expenses are recognized separately from the business combination and are expensed as incurred and presented in operating expenses |
Intangible Assets | The intangible assets recorded by the Company consist of customer relationships, covenants not to compete and trademarks which are amortized over their useful lives on a schedule that approximates the pattern in which economic benefits of the intangible assets are consumed. Intangible assets with finite lives are tested for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. If any indicators are present, a recoverability test is performed by comparing the carrying amount of the asset to the net undiscounted cash flows expected to be generated from the asset. Undiscounted cash flows expected to be generated by the related assets are estimated over the assets’ useful lives based on updated projections. If the evaluation indicates that the carrying amount of the asset may not be recoverable, the potential impairment is measured based on a projected discounted cash flow model. The adverse impact to the Company’s customer base and market capitalization at the onset of the Pandemic were considered triggering events during the first quarter of fiscal 2020, and accordingly, the Company performed a long-lived asset recoverability test as of March 27, 2020 the results of which indicated no impairment. |
Goodwill | Goodwill is the excess of the acquisition cost of businesses over the fair value of identifiable net assets acquired in accordance with ASC 350, “Intangibles-Goodwill and Other.” The Company’s business consists of three operating segments: East Coast, Midwest and West Coast and these operating segments represent our reporting units. The Company evaluates the recoverability of goodwill at each of its reporting units annually in the fourth quarter, or more frequently when circumstances indicate an impairment may have occurred. A goodwill impairment loss, if any, would be recognized for the amount by which a reporting unit’s carrying value exceeded its fair value. The Company has the option to evaluate goodwill impairment using a qualitative or quantitative analysis. The adverse impact to the Company’s customer base and market capitalization at the onset of the Pandemic were considered triggering events during the first quarter of fiscal 2020, and accordingly, the Company performed an interim goodwill impairment test as of March 27, 2020, the results of which indicated no impairment. For its annual goodwill impairment test performed during the fourth quarter of fiscal 2020, the Company tested goodwill for impairment using a quantitative analysis. The Company estimated the fair value of its reporting units using an income approach and determined the fair value of its reporting units substantially exceeded their respective carry values. The Company’s income approach incorporates the use of a discounted cash flow methodology that involves many management assumptions that are based upon future growth projections which include estimates for the duration of the Pandemic’s impact on the Company’s customers. Assumptions include estimates of future revenue based upon budget projections and growth rates. The Company develops estimates of future levels of gross and operating profits and projected capital expenditures. This methodology includes the use of estimated discount rates based upon industry and competitor analysis as well as other factors. The Company also performed a reconciliation of its market capitalization and the estimate of the aggregate fair value of its reporting units, including consideration of a control premium. For the fiscal years ended December 24, 2021 and December 27, 2019, the Company assessed the recoverability of goodwill using a qualitative analysis and determined that it is more likely than not that the fair value of its reporting units exceeded their respective carry values. The qualitative analysis considered various factors including macroeconomic conditions, market conditions, industry trends, cost factors and financial performance, among others. |
Employee Benefit Programs | The Company sponsors a defined contribution plan covering substantially all full-time employees (the “401(k) Plan”). |
Income Taxes | The Company accounts for income taxes in accordance with ASC 740, “Income Taxes.” Deferred tax assets or liabilities are recorded to reflect the future tax consequences of temporary differences between the financial reporting basis of assets and liabilities and their tax basis at each year-end. These amounts are adjusted, as appropriate, to reflect enacted changes in tax rates expected to be in effect when the temporary differences reverse. The Company estimates its ability to recover deferred tax assets within the jurisdiction from which they arise. This evaluation considers several factors, including results of recent operations, future taxable income, scheduled reversal of deferred tax liabilities, and tax planning strategies.The Company follows certain provisions of ASC 740, “Income Taxes” which established a single model to address accounting for uncertain tax positions and clarifies the accounting for income taxes by prescribing a minimum recognition threshold that a tax position is required to meet before being recognized in the financial statements. The Company evaluates uncertain tax positions, if any, by determining if it is more likely than not to be sustained upon examination by the tax authorities. The Company records uncertain tax positions when it is estimable and probable that such liabilities have been incurred. The Company, when required, will accrue interest and penalties related to income tax matters in income tax expense. The Company releases disproportionate tax effects from accumulated other comprehensive income as individual items are liquidated. |
Commitments and Contingencies | The Company is subject to various claims and contingencies related to lawsuits, taxes and environmental matters, as well as commitments under contractual and other commercial obligations. The Company recognizes liabilities for contingencies and commitments when a loss is probable and can be reasonably estimated. |
Contingent Earn-out Liabilities | The Company accounts for contingent consideration relating to business combinations as a liability and an increase to goodwill at the date of the acquisition and continually remeasures the liability at each balance sheet date by recording changes in the fair value through the consolidated statements of operations. The Company determines the fair value of contingent consideration based on future operating projections under various potential scenarios, including the use of Monte Carlo simulations, and weighs the probability of these outcomes. The ultimate settlement of contingent earn-out liabilities relating to business combinations may be for amounts which are materially different from the amounts initially recorded and may cause volatility in the Company’s results of operations. |
Stock-Based Compensation | The Company measures stock-based compensation at the grant date based on the fair value of the award. Restricted stock awards (“RSAs”) and performance share units are valued based on the fair value of the stock on the grant date. The related compensation expense is recognized over the service period on a straight-line basis and reduced by forfeitures when they occur. Compensation expense on performance share units reflects the estimated probable outcome at the end of the performance period. The fair value of stock options and RSAs with market conditions is determined based on a Monte Carlo simulation in order to simulate a range of possible future stock prices for the Company’s common stock. For awards subject to graded vesting, the Company ensures that the compensation expense recognized is at least equal to the vested portion of the award. |
Self-insurance Reserves | The Company maintains a self-insured group medical program. The program contains individual stop loss thresholds of $300 per incident and aggregate stop loss thresholds based upon the average number of employees enrolled in the program throughout the year. The amount in excess of the self-insured levels is fully insured by third party insurers. Liabilities associated with this program are estimated in part by considering historical claims experience and medical cost trends. Projections of future loss expenses are inherently uncertain because of the random nature of insurance claims occurrences and could be significantly affected if future occurrences and claims differ from these assumptions and historical trends. |
Assets and Liabilities Measured at Fair Value | The Company accounts for certain assets and liabilities at fair value. The Company categorizes each of its fair value measurements in one of the following three levels based on the lowest level input that is significant to the fair value measurement in its entirety: Level 1 - Inputs to the valuation methodology are unadjusted quoted prices in active markets for identical assets. Level 2 - Observable inputs other than quoted prices in active markets for identical assets and liabilities include the following: a) quoted prices for similar assets in active markets; b) quoted prices for identical or similar assets in inactive markets; c) inputs other than quoted prices that are observable for the asset; and d) inputs that are derived principally from or corroborated by observable market data by correlation or other means. If the asset has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset. Level 3 - Inputs to the valuation methodology are unobservable (i.e., supported by little or no market activity) and significant to the fair value measure. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 24, 2021 | |
Accounting Policies [Abstract] | |
Schedule of disaggregation of revenue | The following table presents the Company’s net sales disaggregated by principal product category: Fiscal Year Ended December 24, 2021 December 25, 2020 December 27, 2019 Center-of-the-Plate $ 877,060 50.2 % $ 533,813 48.0 % $ 711,980 44.7 % Dry Goods 238,758 13.7 % 150,631 13.6 % 260,976 16.4 % Pastry 178,352 10.2 % 135,913 12.2 % 221,041 13.9 % Cheeses and Charcuterie 143,048 8.2 % 107,915 9.7 % 158,834 10.0 % Produce 120,759 6.9 % 80,920 7.3 % 17,955 1.1 % Dairy and Eggs 79,512 4.6 % 38,172 3.4 % 110,740 7.0 % Oils and Vinegars 71,369 4.1 % 40,389 3.6 % 80,155 5.0 % Kitchen Supplies 36,899 2.1 % 23,878 2.2 % 30,153 1.9 % Total $ 1,745,757 100 % $ 1,111,631 100 % $ 1,591,834 100 % |
Net (Loss) Income per Share (Ta
Net (Loss) Income per Share (Tables) | 12 Months Ended |
Dec. 24, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of net (loss) income per share | The following table sets forth the computation of basic and diluted earnings per share: Fiscal Year Ended December 24, 2021 December 25, 2020 December 27, 2019 Net (loss) income per share: Basic $ (0.13) $ (2.46) $ 0.82 Diluted $ (0.13) $ (2.46) $ 0.81 Weighted average common shares: Basic 36,744,304 33,716,157 29,532,342 Diluted 36,744,304 33,716,157 30,073,338 Reconciliation of net (loss) income per common share: Fiscal Year Ended December 24, 2021 December 25, 2020 December 27, 2019 Numerator: Net (loss) income $ (4,923) $ (82,903) $ 24,193 Add effect of dilutive securities: Interest on convertible notes, net of tax — — 207 Adjusted net (loss) income $ (4,923) $ (82,903) $ 24,400 Denominator: Weighted average basic common shares outstanding 36,744,304 33,716,157 29,532,342 Dilutive effect of unvested common shares — — 144,311 Dilutive effect of stock options and warrants — — 66,739 Dilutive effect of convertible notes — — 329,946 Weighted average diluted common shares outstanding 36,744,304 33,716,157 30,073,338 |
Schedule of dilutive securities that have been excluded from the calculation of diluted net (loss) income per common share | Potentially dilutive securities that have been excluded from the calculation of diluted net (loss) income per common share because the effect is anti-dilutive are as follows: Fiscal Year Ended December 24, 2021 December 25, 2020 December 27, 2019 Restricted share awards 306,084 505,568 132,861 Stock options and warrants 139,198 115,639 — Convertible notes 4,410,639 3,484,788 76,384 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 24, 2021 | |
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: Fells Point Bassian Sid Wainer Other Acquisitions Total Balance December 27, 2019 $ 4,544 $ 7,957 $ — $ 2,197 $ 14,698 Acquisition value — — 2,081 1,383 3,464 Cash payments — (2,250) — (1,677) (3,927) Changes in fair value (4,544) (4,631) (1,570) (734) (11,479) Balance December 25, 2020 — 1,076 511 1,169 2,756 Acquisition value — — — 5,500 5,500 Cash payments — — — (83) (83) Changes in fair value — 57 (511) (842) (1,296) Balance December 24, 2021 $ — $ 1,133 $ — $ 5,744 $ 6,877 |
Schedule of carrying value and fair value of the company's convertible subordinated notes | The following table presents the carrying value and fair value of the Company’s convertible notes (more fully described in Note 9). In estimating the fair value of its convertible notes, the Company utilized Level 3 inputs including prevailing market interest rates to estimate the debt portion of the instrument and a Black Scholes valuation model to estimate the fair value of the conversion options. 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 estimates. December 24, 2021 December 25, 2020 Carrying Value Fair Value Carrying Value Fair Value Convertible Senior Notes $ 200,000 $ 206,182 $ 150,000 $ 163,204 Convertible Unsecured Note $ 4,000 $ 4,102 $ 4,000 $ 4,290 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 24, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of pro forma consolidated income statement information | The Company reflected net sales and loss before taxes in its consolidated statement of operations related to the fiscal 2021 acquisitions as follows: Fiscal Year Ended December 24, 2021 Net sales $ 49,485 Loss before income taxes $ (44) |
Schedule of assets acquired and liabilities assumed | The table below sets forth the purchase price allocation of these and other acquisitions: Sid Wainer Bassian Other Acquisitions Current assets $ 22,960 $ 6,657 $ 14,244 Customer relationships — 15,530 11,067 Trademarks 3,500 4,610 2,812 Non-compete agreements — 1,000 — Goodwill 11,571 13,065 13,636 Fixed assets 19,425 856 1,433 Other assets — 10 — Right-of-use assets 8,259 — 2,787 Lease liabilities (8,259) — (2,787) Current liabilities (11,294) (2,501) (6,449) Earn-out liability (2,081) (7,450) (7,783) Other long-term liabilities — — (499) Issuance of warrants — — (1,120) Total consideration $ 44,081 $ 31,777 $ 27,341 |
Equipment, Leasehold Improvem_2
Equipment, Leasehold Improvements and Software (Tables) | 12 Months Ended |
Dec. 24, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of plant, equipment and leasehold improvements | Equipment, leasehold improvements and software as of December 24, 2021 and December 25, 2020 consisted of the following: Useful Lives December 24, 2021 December 25, 2020 Land Indefinite $ 5,020 $ 5,020 Buildings 20 years 18,406 15,685 Machinery and equipment 5 - 10 years 28,099 24,900 Computers, data processing and other equipment 3 - 7 years 15,480 14,207 Software 3 - 7 years 39,799 33,063 Leasehold improvements 1- 40 years 69,105 68,747 Furniture and fixtures 7 years 3,582 3,500 Vehicles 5 - 10 years 29,632 21,873 Construction-in-process 24,355 8,115 233,478 195,110 Less: accumulated depreciation and amortization (99,856) (79,662) Equipment, leasehold improvements and software, net $ 133,622 $ 115,448 The components of depreciation and amortization expense were as follows: Fiscal Year Ended December 24, 2021 December 25, 2020 December 27, 2019 Depreciation expense $ 15,918 $ 14,984 $ 9,535 Software amortization $ 6,080 $ 4,790 $ 3,793 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 24, 2021 | |
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 27, 2019 $ 197,743 Acquisitions 17,104 Foreign currency translation 17 Carrying amount as of December 25, 2020 214,864 Acquisitions 6,845 Foreign currency translation 66 Carrying amount as of December 24, 2021 $ 221,775 |
Schedule of other intangible assets | Other intangible assets as of December 24, 2021 and December 25, 2020 consisted of the following: Weighted Average Gross Carrying Accumulated Net Amount December 24, 2021 Customer relationships 120 months $ 155,678 $ (74,644) $ 81,034 Non-compete agreements 26 months 8,579 (8,018) 561 Trademarks 179 months 36,514 (13,366) 23,148 Total $ 200,771 $ (96,028) $ 104,743 December 25, 2020 Customer relationships 128 months $ 141,679 $ (55,135) $ 86,544 Non-compete agreements 37 months 8,579 (7,752) 827 Trademarks 209 months 44,520 (20,174) 24,346 Total $ 194,778 $ (83,061) $ 111,717 |
Schedule of estimated future amortization expense | As of December 24, 2021, estimated amortization expense for other intangible assets for each of the next five fiscal years and thereafter is as follows: 2022 $ 11,984 2023 10,955 2024 10,097 2025 9,680 2026 9,680 Thereafter 52,347 Total $ 104,743 |
Debt Obligations (Tables)
Debt Obligations (Tables) | 12 Months Ended |
Dec. 24, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of debt obligations | Debt obligations as of December 24, 2021 and December 25, 2020 consisted of the following: December 24, 2021 December 25, 2020 Senior secured term loan $ 168,675 $ 201,553 Convertible senior notes 200,000 150,000 Asset-based loan facility 20,000 40,000 Finance lease and other financing obligations 11,602 15,798 Convertible unsecured note 4,000 4,000 Deferred finance fees and original issue discount (4,976) (7,172) Total debt obligations 399,301 404,179 Less: current installments (5,141) (6,095) Total debt obligations excluding current installments $ 394,160 $ 398,084 |
Schedule of maturities of the company's debt | Maturities of the Company’s debt, excluding finance leases, for each of the next five years and thereafter at December 24, 2021 are as follows: 2022 $ 1,712 2023 25,712 2024 201,712 2025 163,539 2026 — Thereafter — Total $ 392,675 |
Schedule of term loans | The following table summarizes the key terms of the Term Loans as of December 24, 2021: Term Loans Principal Outstanding Interest Rate Maturity Date Scheduled Principal Payments 2025 Tranche $ 168,675 LIBOR + 5.5% June 22, 2025 0.25% per quarter |
Schedule of convertible senior notes | The net carry value of the Company’s Convertible Senior Notes as of December 24, 2021 and December 25, 2020 was: December 24, 2021 December 25, 2020 Principal amount outstanding $ 200,000 $ 150,000 Unamortized deferred financing fees and premium (2,686) (3,999) Net carry value $ 197,314 $ 146,001 |
Schedule of components of interest expense | The components of interest expense on the Company’s Convertible Senior Notes were as follows: Fiscal Year Ended December 24, 2021 December 25, 2020 December 27, 2019 Coupon interest $ 3,594 $ 2,813 $ 234 Amortization of deferred financing fees and premium $ 913 $ 1,000 $ 83 Total interest $ 4,507 $ 3,813 $ 317 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 24, 2021 | |
Stockholders' Equity Note [Abstract] | |
Schedule of restricted stock activity | The following table reflects the activity of RSAs during the fiscal year ended December 24, 2021: Time-based Performance-based Market-based Shares Weighted Average Shares Weighted Average Shares Weighted Average Unvested at December 25, 2020 901,318 $ 16.14 — $ — 26,952 $ 30.16 Granted 377,154 31.89 201,547 32.03 199,241 31.44 Vested (592,057) 12.14 — — (24,981) 30.17 Forfeited (68,419) 27.36 (14,110) 32.00 (16,083) 31.25 Unvested at December 24, 2021 617,996 $ 28.33 187,437 $ 32.04 185,129 $ 31.44 |
Summary of stock option activity | The following table summarizes stock option activity during the fiscal year ended December 24, 2021: Shares Weighted Aggregate Weighted Average Outstanding December 25, 2020 115,639 $ 20.23 $ 2,051 6.2 Outstanding December 24, 2021 115,639 $ 20.23 $ 1,427 5.2 Exercisable at December 24, 2021 115,639 20.23 $ 1,427 5.2 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 24, 2021 | |
Leases [Abstract] | |
Components of lease expense | The components of net lease cost were as follows: Fiscal Year Ended December 24, 2021 December 25, 2020 December 27, 2019 Operating lease cost $ 26,531 $ 27,521 $ 27,415 Finance lease cost: Amortization of right-of-use asset 4,667 4,166 308 Interest expense on lease liabilities 555 552 96 Total finance lease cost $ 5,222 $ 4,718 $ 404 Short-term lease cost 3,491 2,475 2,143 Variable lease cost 3,331 1,990 2,707 Sublease income (430) (96) (514) Total lease cost, net $ 38,145 $ 36,608 $ 32,155 |
Maturities of lease liabilities, operating leases | The maturities of the Company’s lease liabilities for each of the next five fiscal years and thereafter at December 24, 2021 were as follows: Operating Leases Finance Leases Related Party Real Estate Third Party Real Estate Vehicles and Equipment Total Vehicles and Equipment 2022 $ 509 $ 17,085 $ 7,132 $ 24,726 $ 3,834 2023 387 16,145 4,738 21,270 3,041 2024 — 14,711 2,186 16,897 2,512 2025 — 13,644 1,048 14,692 1,992 2026 — 12,949 3 12,952 1,200 Thereafter — 125,886 — 125,886 169 Total $ 896 $ 200,420 $ 15,107 $ 216,423 $ 12,748 Less interest (73,245) (1,146) Present value $ 143,178 $ 11,602 |
Maturities of lease liabilities, finance leases | The maturities of the Company’s lease liabilities for each of the next five fiscal years and thereafter at December 24, 2021 were as follows: Operating Leases Finance Leases Related Party Real Estate Third Party Real Estate Vehicles and Equipment Total Vehicles and Equipment 2022 $ 509 $ 17,085 $ 7,132 $ 24,726 $ 3,834 2023 387 16,145 4,738 21,270 3,041 2024 — 14,711 2,186 16,897 2,512 2025 — 13,644 1,048 14,692 1,992 2026 — 12,949 3 12,952 1,200 Thereafter — 125,886 — 125,886 169 Total $ 896 $ 200,420 $ 15,107 $ 216,423 $ 12,748 Less interest (73,245) (1,146) Present value $ 143,178 $ 11,602 |
Supplemental balance sheet information | Supplemental balance sheet information related to finance leases was as follows: Balance Sheet Location December 24, 2021 December 25, 2020 Short-term finance lease liabilities Current portion of long-term debt $ 3,429 $ 4,383 Long-term finance lease liabilities Long-term debt, net of current portion $ 8,173 $ 11,415 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 24, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of provision for income taxes | The provision for income taxes consists of the following: Fiscal Year Ended December 24, 2021 December 25, 2020 December 27, 2019 Current income tax (benefit) expense: Federal $ (285) $ (21,877) $ 4,003 State 277 (408) 2,144 Total current income tax (benefit) expense (8) (22,285) 6,147 Deferred income tax (benefit) expense: Federal (2,002) (10,740) 1,617 Foreign (22) 50 17 State 179 (7,728) 429 Total deferred income tax (benefit) expense (1,845) (18,418) 2,063 Total income tax (benefit) expense $ (1,853) $ (40,703) $ 8,210 |
Schedule of income tax reconciliation | Income tax (benefit) expense differed from amounts computed using the statutory federal income tax rate due to the following reasons: Fiscal Year Ended December 24, 2021 December 25, 2020 December 27, 2019 Statutory U.S. Federal tax $ (1,423) $ (25,957) $ 6,805 Differences due to: State and local taxes, net of federal benefit (396) (6,414) 2,078 Change in valuation allowance (215) 1,354 95 Changes in tax rates (55) 24 (95) Federal NOL rate differential — (5,212) — Stock compensation (361) (102) (676) Other 597 (4,396) 3 Income tax (benefit) expense $ (1,853) $ (40,703) $ 8,210 |
Schedule of deferred tax assets and liabilities | Deferred tax assets and liabilities at December 24, 2021 and December 25, 2020 consist of the following: December 24, 2021 December 25, 2020 Deferred tax assets: Receivables and inventory $ 9,425 $ 10,944 Self-insurance reserves 2,211 2,210 Net operating loss carryforwards 15,177 15,413 Debt discount and interest 2,526 3,093 Stock compensation 3,246 1,686 Charitable contribution carryforward 3,865 3,166 Operating lease liabilities 39,335 34,460 Other 1,875 1,307 Total deferred tax assets 77,660 72,279 Deferred tax liabilities: Property & equipment (7,808) (11,289) Goodwill and intangible assets (20,648) (17,709) Prepaid expenses and other (1,916) (2,071) Operating lease right-of-use assets (35,862) (31,414) Total deferred tax liabilities (66,234) (62,483) Valuation allowance (2,046) (2,261) Total net deferred tax asset $ 9,380 $ 7,535 |
Schedule of operating (loss) income before income taxes for foreign subsidiaries | The Company’s foreign subsidiaries had operating (loss) income before income taxes as follows: Fiscal Year Ended December 24, 2021 December 25, 2020 December 27, 2019 Foreign subsidiaries operating (loss) income before income taxes $ (2,420) $ (4,231) $ 18 |
Supplemental Disclosures of C_2
Supplemental Disclosures of Cash Flow Information (Tables) | 12 Months Ended |
Dec. 24, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of supplemental disclosures of cash flow information | December 24, 2021 December 25, 2020 December 27, 2019 Cash paid for income taxes, net of cash received $ (230) $ 308 $ 6,046 Cash paid for interest $ 15,387 $ 18,182 $ 16,271 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 25,111 $ 25,090 $ 25,302 Operating cash flows from finance leases $ 555 $ 3,856 $ 96 ROU assets obtained in exchange for lease liabilities: Operating leases $ 32,741 $ 7,201 $ 155,027 Finance leases $ 536 $ 16,063 $ 4,183 Non-cash investing and financing activities: Warrants issued for acquisition $ 1,120 $ — $ — Contingent earn-out liabilities for acquisitions $ 5,500 $ 3,464 $ 7,929 Convertible notes issued for acquisitions $ — $ — $ 4,000 |
Valuation Reserves (Tables)
Valuation Reserves (Tables) | 12 Months Ended |
Dec. 24, 2021 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule of allowance for doubtful accounts | The following tables summarize the activity in our valuation accounts during the fiscal years ended December 24, 2021, December 25, 2020 and December 27, 2019: Balance at Beginning of Period Additions (Recoveries) Charged to Expense Deductions Balance at End of Period Allowance for doubtful accounts December 24, 2021 $ 24,027 $ (422) $ (3,345) $ 20,260 December 25, 2020 8,846 21,372 (6,191) 24,027 December 27, 2019 7,460 4,981 (3,595) 8,846 |
Schedule of allowance for deferred tax assets | Allowance for deferred tax assets December 24, 2021 $ 2,261 $ (215) $ — $ 2,046 December 25, 2020 907 1,354 — 2,261 December 27, 2019 812 95 — 907 |
Operations and Basis of Prese_2
Operations and Basis of Presentation (Details) | 12 Months Ended |
Dec. 24, 2021segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of operating segments | 3 |
Number of reportable segments | 1 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Narrative (Details) | 3 Months Ended | 12 Months Ended | ||||
Jun. 25, 2021USD ($) | Dec. 25, 2020USD ($) | Dec. 24, 2021USD ($)segment | Dec. 25, 2020USD ($) | Dec. 27, 2019USD ($) | Dec. 28, 2018USD ($) | |
Disaggregation of Revenue [Line Items] | ||||||
Deferred revenues | $ 2,558,000 | $ 2,294,000 | $ 2,558,000 | |||
Refund liability | (174,000) | (389,000) | (174,000) | |||
Right to recover product | 107,000 | $ 238,000 | 107,000 | |||
Contract costs, amortization period (in years) | 1 year | |||||
Cost of sales | $ 1,355,272,000 | 863,480,000 | $ 1,205,266,000 | |||
Purchase incentives | 20,296,000 | 12,678,000 | 21,769,000 | |||
Capitalized software costs, net of accumulated amortization | 14,087,000 | 14,780,000 | 14,087,000 | |||
Unamortized costs of certain up-front costs | 826,000 | 460,000 | 826,000 | |||
Unamortized costs if issuance of other debt instruments | 7,172,000 | 4,976,000 | 7,172,000 | |||
Amortization of debt issuance costs | 2,299,000 | 3,426,000 | 2,168,000 | |||
Intangible asset impairment | $ 597,000 | 24,200,000 | $ 597,000 | 24,200,000 | 0 | |
Intangible asset impairment, net of tax | $ 433,000 | 17,545,000 | ||||
Number of operating segments | segment | 3 | |||||
Matching contribution under 401k plan | $ 683,000 | 720,000 | 1,268,000 | |||
Self-insurance stop loss threshold | 300,000 | |||||
Allowance for deferred tax assets | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Valuation allowances | $ 2,261,000 | 2,046,000 | 2,261,000 | 907,000 | $ 812,000 | |
Workers Compensation | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Self insured retention amount per claim | 500,000 | |||||
Automobiles | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Self insured retention amount per claim | 500,000 | |||||
Equipment and Leasehold Improvements | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Asset impairment charges | 0 | 0 | 0 | |||
Food Processing | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Cost of sales | 28,374,000 | 18,682,000 | 19,785,000 | |||
Shipping and Handling | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Cost of sales | $ 98,697,000 | $ 78,152,000 | $ 85,620,000 | |||
Minimum | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Payment terms for contracts with customers (in days) | 20 days | |||||
Minimum | Software and Software Development Costs | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Useful life of computer software (in years) | 3 years | |||||
Maximum | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Payment terms for contracts with customers (in days) | 60 days | |||||
Maximum | Software and Software Development Costs | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Useful life of computer software (in years) | 7 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 24, 2021 | Dec. 25, 2020 | Dec. 27, 2019 | |
Disaggregation of Revenue [Line Items] | |||
Net sales | $ 1,745,757 | $ 1,111,631 | $ 1,591,834 |
Net Sales | Product Concentration Risk | |||
Disaggregation of Revenue [Line Items] | |||
Percentage of total net sales | 100.00% | 100.00% | 100.00% |
Center-of-the-Plate | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | $ 877,060 | $ 533,813 | $ 711,980 |
Center-of-the-Plate | Net Sales | Product Concentration Risk | |||
Disaggregation of Revenue [Line Items] | |||
Percentage of total net sales | 50.20% | 48.00% | 44.70% |
Dry Goods | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | $ 238,758 | $ 150,631 | $ 260,976 |
Dry Goods | Net Sales | Product Concentration Risk | |||
Disaggregation of Revenue [Line Items] | |||
Percentage of total net sales | 13.70% | 13.60% | 16.40% |
Pastry | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | $ 178,352 | $ 135,913 | $ 221,041 |
Pastry | Net Sales | Product Concentration Risk | |||
Disaggregation of Revenue [Line Items] | |||
Percentage of total net sales | 10.20% | 12.20% | 13.90% |
Cheeses and Charcuterie | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | $ 143,048 | $ 107,915 | $ 158,834 |
Cheeses and Charcuterie | Net Sales | Product Concentration Risk | |||
Disaggregation of Revenue [Line Items] | |||
Percentage of total net sales | 8.20% | 9.70% | 10.00% |
Produce | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | $ 120,759 | $ 80,920 | $ 17,955 |
Produce | Net Sales | Product Concentration Risk | |||
Disaggregation of Revenue [Line Items] | |||
Percentage of total net sales | 6.90% | 7.30% | 1.10% |
Dairy and Eggs | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | $ 79,512 | $ 38,172 | $ 110,740 |
Dairy and Eggs | Net Sales | Product Concentration Risk | |||
Disaggregation of Revenue [Line Items] | |||
Percentage of total net sales | 4.60% | 3.40% | 7.00% |
Oils and Vinegars | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | $ 71,369 | $ 40,389 | $ 80,155 |
Oils and Vinegars | Net Sales | Product Concentration Risk | |||
Disaggregation of Revenue [Line Items] | |||
Percentage of total net sales | 4.10% | 3.60% | 5.00% |
Kitchen Supplies | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | $ 36,899 | $ 23,878 | $ 30,153 |
Kitchen Supplies | Net Sales | Product Concentration Risk | |||
Disaggregation of Revenue [Line Items] | |||
Percentage of total net sales | 2.10% | 2.20% | 1.90% |
Net (Loss) Income per Share - S
Net (Loss) Income per Share - Schedule of earnings per share (Details) - $ / shares | 12 Months Ended | ||
Dec. 24, 2021 | Dec. 25, 2020 | Dec. 27, 2019 | |
Net (loss) income per share: | |||
Basic (in dollars per share) | $ (0.13) | $ (2.46) | $ 0.82 |
Diluted (in dollars per share) | $ (0.13) | $ (2.46) | $ 0.81 |
Weighted average common shares: | |||
Basic (in shares) | 36,744,304 | 33,716,157 | 29,532,342 |
Diluted (in shares) | 36,744,304 | 33,716,157 | 30,073,338 |
Net (Loss) Income per Share -_2
Net (Loss) Income per Share - Schedule of reconciliation of earnings per share (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 24, 2021 | Dec. 25, 2020 | Dec. 27, 2019 | |
Net Income (Loss) Available to Common Stockholders, Basic [Abstract] | |||
Net (loss) income | $ (4,923) | $ (82,903) | $ 24,193 |
Net Income (Loss) Available to Common Stockholders, Diluted [Abstract] | |||
Interest on convertible notes, net of tax | 0 | 0 | 207 |
Adjusted net (loss) income | $ (4,923) | $ (82,903) | $ 24,400 |
Earnings Per Share, Basic and Diluted, Other Disclosures [Abstract] | |||
Weighted average basic common shares outstanding (in shares) | 36,744,304 | 33,716,157 | 29,532,342 |
Dilutive effect of stock options and unvested common shares (in shares) | 0 | 0 | 144,311 |
Dilutive effect of stock options and warrants (in shares) | 0 | 0 | 66,739 |
Dilutive effect of convertible notes (in shares) | 0 | 0 | 329,946 |
Weighted average diluted common shares outstanding (in shares) | 36,744,304 | 33,716,157 | 30,073,338 |
Net (Loss) Income per Share -_3
Net (Loss) Income per Share - Schedule of dilutive securities that have been excluded from the calculation of diluted net income (Details) - shares | 12 Months Ended | ||
Dec. 24, 2021 | Dec. 25, 2020 | Dec. 27, 2019 | |
Restricted share awards | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive shares (in shares) | 306,084 | 505,568 | 132,861 |
Stock options and warrants | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive shares (in shares) | 139,198 | 115,639 | 0 |
Convertible notes | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive shares (in shares) | 4,410,639 | 3,484,788 | 76,384 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands | Dec. 24, 2021 | Dec. 25, 2020 |
Fair Value Disclosures [Abstract] | ||
Long-term liability value | $ 3,252 | $ 2,556 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Changes in Level 3 Contingent Consideration Liability (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 24, 2021 | Dec. 25, 2020 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at beginning | $ 2,756 | $ 14,698 |
Acquisition value | 5,500 | 3,464 |
Cash payments | (83) | (3,927) |
Changes in fair value | (1,296) | (11,479) |
Balance at ending | 6,877 | 2,756 |
Fells Point | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at beginning | 0 | 4,544 |
Acquisition value | 0 | 0 |
Cash payments | 0 | 0 |
Changes in fair value | 0 | (4,544) |
Balance at ending | 0 | 0 |
Bassian | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at beginning | 1,076 | 7,957 |
Acquisition value | 0 | 0 |
Cash payments | 0 | (2,250) |
Changes in fair value | 57 | (4,631) |
Balance at ending | 1,133 | 1,076 |
Sid Wainer | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at beginning | 511 | 0 |
Acquisition value | 0 | 2,081 |
Cash payments | 0 | 0 |
Changes in fair value | (511) | (1,570) |
Balance at ending | 0 | 511 |
Acquisitions | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at beginning | 1,169 | 2,197 |
Acquisition value | 5,500 | 1,383 |
Cash payments | (83) | (1,677) |
Changes in fair value | (842) | (734) |
Balance at ending | $ 5,744 | $ 1,169 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of the Carrying Value and Fair Value of Convertible Subordinated Notes (Details) - Fair Value Inputs Level 3 - USD ($) $ in Thousands | Dec. 24, 2021 | Dec. 25, 2020 |
Senior Notes | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Convertible Senior Notes | $ 200,000 | $ 150,000 |
Convertible Unsecured Note | 200,000 | 150,000 |
Senior Notes | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Convertible Senior Notes | 206,182 | 163,204 |
Convertible Unsecured Note | 206,182 | 163,204 |
Unsecured Debt | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Convertible Senior Notes | 4,000 | 4,000 |
Convertible Unsecured Note | 4,000 | 4,000 |
Unsecured Debt | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Convertible Senior Notes | 4,102 | 4,290 |
Convertible Unsecured Note | $ 4,102 | $ 4,290 |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) $ in Thousands | Jan. 27, 2020USD ($) | Feb. 25, 2019USD ($) | Dec. 24, 2021USD ($)acquisition | Dec. 25, 2020USD ($) | Dec. 27, 2019USD ($) |
Business Acquisition [Line Items] | |||||
Professional fees | $ 450 | $ 435 | $ 235 | ||
Other Strategic Acquisitions | |||||
Business Acquisition [Line Items] | |||||
Payments for asset acquisitions | $ 10,190 | $ 16,851 | $ 300 | ||
Sid Wainer | |||||
Business Acquisition [Line Items] | |||||
Purchase price | $ 44,081 | ||||
Cash amount paid | 46,450 | ||||
Cash received | (2,369) | ||||
Additional contingent consideration, amount | $ 4,000 | ||||
Additional contingent consideration, term (in years) | 2 years | ||||
Sid Wainer | Trademarks | |||||
Business Acquisition [Line Items] | |||||
Finite-lived intangible assets, amortization period (in years) | 15 years | ||||
Bassian | |||||
Business Acquisition [Line Items] | |||||
Purchase price | $ 31,777 | ||||
Cash amount paid | 27,990 | ||||
Additional contingent consideration, amount | $ 9,000 | ||||
Additional contingent consideration, term (in years) | 4 years | ||||
Issuance of common shares | $ 4,000 | ||||
Bassian | Customer relationships | |||||
Business Acquisition [Line Items] | |||||
Finite-lived intangible assets, amortization period (in years) | 15 years | ||||
Bassian | Non-compete agreements | |||||
Business Acquisition [Line Items] | |||||
Finite-lived intangible assets, amortization period (in years) | 5 years | ||||
Bassian | Trademarks | |||||
Business Acquisition [Line Items] | |||||
Finite-lived intangible assets, amortization period (in years) | 10 years | ||||
Other Acquisitions | |||||
Business Acquisition [Line Items] | |||||
Number of acquisitions | acquisition | 3 | ||||
Purchase price | $ 11,310 | ||||
Cash amount paid | 10,190 | ||||
Common stock warrants issued for acquisition | (1,120) | ||||
Estimated fair value of contingent earn-out liability | $ 9,750 |
Acquisitions - Summary of Cash
Acquisitions - Summary of Cash Price for Acquisition (Details) - USD ($) $ in Thousands | Dec. 24, 2021 | Dec. 25, 2020 | Sep. 25, 2020 | Jan. 27, 2020 | Dec. 27, 2019 | Feb. 25, 2019 |
Business Acquisition [Line Items] | ||||||
Goodwill | $ 221,775 | $ 214,864 | $ 197,743 | |||
Sid Wainer | ||||||
Business Acquisition [Line Items] | ||||||
Current assets | $ 22,960 | |||||
Goodwill | 11,571 | |||||
Fixed assets | 19,425 | |||||
Other assets | 0 | |||||
Right-of-use assets | 8,259 | |||||
Lease liabilities | (8,259) | |||||
Current liabilities | (11,294) | |||||
Earn-out liability | (2,081) | |||||
Other long-term liabilities | 0 | |||||
Issuance of warrants | 0 | |||||
Total consideration | 44,081 | |||||
Sid Wainer | Customer relationships | ||||||
Business Acquisition [Line Items] | ||||||
Finite-lived intangible assets | 0 | |||||
Sid Wainer | Trademarks | ||||||
Business Acquisition [Line Items] | ||||||
Finite-lived intangible assets | 3,500 | |||||
Sid Wainer | Non-compete agreements | ||||||
Business Acquisition [Line Items] | ||||||
Finite-lived intangible assets | $ 0 | |||||
Bassian | ||||||
Business Acquisition [Line Items] | ||||||
Current assets | $ 6,657 | |||||
Goodwill | 13,065 | |||||
Fixed assets | 856 | |||||
Other assets | 10 | |||||
Right-of-use assets | 0 | |||||
Lease liabilities | 0 | |||||
Current liabilities | (2,501) | |||||
Earn-out liability | (7,450) | |||||
Other long-term liabilities | 0 | |||||
Issuance of warrants | 0 | |||||
Total consideration | 31,777 | |||||
Bassian | Customer relationships | ||||||
Business Acquisition [Line Items] | ||||||
Finite-lived intangible assets | 15,530 | |||||
Bassian | Trademarks | ||||||
Business Acquisition [Line Items] | ||||||
Finite-lived intangible assets | 4,610 | |||||
Bassian | Non-compete agreements | ||||||
Business Acquisition [Line Items] | ||||||
Finite-lived intangible assets | $ 1,000 | |||||
Other Acquisitions | ||||||
Business Acquisition [Line Items] | ||||||
Current assets | $ 14,244 | |||||
Goodwill | 13,636 | |||||
Fixed assets | 1,433 | |||||
Other assets | 0 | |||||
Right-of-use assets | 2,787 | |||||
Lease liabilities | (2,787) | |||||
Current liabilities | (6,449) | |||||
Earn-out liability | (7,783) | |||||
Other long-term liabilities | (499) | |||||
Issuance of warrants | (1,120) | |||||
Total consideration | 27,341 | |||||
Other Acquisitions | Customer relationships | ||||||
Business Acquisition [Line Items] | ||||||
Finite-lived intangible assets | 11,067 | |||||
Other Acquisitions | Trademarks | ||||||
Business Acquisition [Line Items] | ||||||
Finite-lived intangible assets | 2,812 | |||||
Other Acquisitions | Non-compete agreements | ||||||
Business Acquisition [Line Items] | ||||||
Finite-lived intangible assets | $ 0 |
Acquisitions - Pro Forma Consol
Acquisitions - Pro Forma Consolidated Income Statement Information (Details) $ in Thousands | 12 Months Ended |
Dec. 24, 2021USD ($) | |
Business Acquisition [Line Items] | |
Net sales | $ 49,485 |
Acquisitions | |
Business Acquisition [Line Items] | |
Loss before income taxes | $ (44) |
Inventories - Narrative (Detail
Inventories - Narrative (Details) - USD ($) $ in Thousands | Dec. 24, 2021 | Dec. 25, 2020 |
Inventory Disclosure [Abstract] | ||
Reserves for shrinkage, excess and obsolescence | $ 8,312 | $ 9,013 |
Equipment, Leasehold Improvem_3
Equipment, Leasehold Improvements and Software (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 24, 2021 | Dec. 25, 2020 | |
Property, Plant and Equipment [Line Items] | ||
Equipment, leasehold improvements and software, gross | $ 233,478 | $ 195,110 |
Less: accumulated depreciation and amortization | (99,856) | (79,662) |
Equipment, leasehold improvements and software, net | 133,622 | 115,448 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Equipment, leasehold improvements and software, gross | $ 5,020 | 5,020 |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 20 years | |
Equipment, leasehold improvements and software, gross | $ 18,406 | 15,685 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Equipment, leasehold improvements and software, gross | 28,099 | 24,900 |
Computers, data processing and other equipment | ||
Property, Plant and Equipment [Line Items] | ||
Equipment, leasehold improvements and software, gross | 15,480 | 14,207 |
Software | ||
Property, Plant and Equipment [Line Items] | ||
Equipment, leasehold improvements and software, gross | 39,799 | 33,063 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Equipment, leasehold improvements and software, gross | $ 69,105 | 68,747 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 7 years | |
Equipment, leasehold improvements and software, gross | $ 3,582 | 3,500 |
Vehicles | ||
Property, Plant and Equipment [Line Items] | ||
Equipment, leasehold improvements and software, gross | 29,632 | 21,873 |
Construction-in-process | ||
Property, Plant and Equipment [Line Items] | ||
Equipment, leasehold improvements and software, gross | 24,355 | $ 8,115 |
Construction-in-process | Los Angeles and Miami Distribution Facilities | ||
Property, Plant and Equipment [Line Items] | ||
Equipment, leasehold improvements and software, gross | $ 20 | |
Minimum | Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 5 years | |
Minimum | Computers, data processing and other equipment | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 3 years | |
Minimum | Software | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 3 years | |
Minimum | Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 1 year | |
Minimum | Vehicles | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 5 years | |
Maximum | Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 10 years | |
Maximum | Computers, data processing and other equipment | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 7 years | |
Maximum | Software | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 7 years | |
Maximum | Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 40 years | |
Maximum | Vehicles | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 10 years |
Equipment, Leasehold Improvem_4
Equipment, Leasehold Improvements and Software - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 24, 2021 | Dec. 25, 2020 | Dec. 27, 2019 | |
Property, Plant and Equipment [Line Items] | |||
Book value of equipment under finance leases | $ 133,622,000 | $ 115,448,000 | |
Capitalized interest expense | 0 | 0 | $ 0 |
Equipment, leasehold improvements and software, gross | 233,478,000 | 195,110,000 | |
Assets held under finance leases | |||
Property, Plant and Equipment [Line Items] | |||
Book value of equipment under finance leases | 10,874,000 | 14,705,000 | |
Construction-in-process | |||
Property, Plant and Equipment [Line Items] | |||
Equipment, leasehold improvements and software, gross | 24,355,000 | $ 8,115,000 | |
Construction-in-process | Los Angeles and Miami Distribution Facilities | |||
Property, Plant and Equipment [Line Items] | |||
Equipment, leasehold improvements and software, gross | $ 20,000 |
Equipment, Leasehold Improvem_5
Equipment, Leasehold Improvements and Software - Depreciation and Amortization (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 24, 2021 | Dec. 25, 2020 | Dec. 27, 2019 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | $ 21,998 | $ 19,774 | $ 13,328 |
Software amortization | 21,998 | 19,774 | 13,328 |
Excluding assets held under finance leases | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | 15,918 | 14,984 | 9,535 |
Software amortization | 15,918 | 14,984 | 9,535 |
Software | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | 6,080 | 4,790 | 3,793 |
Software amortization | $ 6,080 | $ 4,790 | $ 3,793 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 24, 2021 | Dec. 25, 2020 | |
Goodwill [Roll Forward] | ||
Beginning balance | $ 214,864 | $ 197,743 |
Acquisitions | 6,845 | 17,104 |
Foreign currency translation | 66 | 17 |
Ending balance | $ 221,775 | $ 214,864 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Jun. 25, 2021 | Dec. 25, 2020 | Dec. 24, 2021 | Dec. 25, 2020 | Dec. 27, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||||
Intangible asset impairment | $ 597 | $ 24,200 | $ 597 | $ 24,200 | $ 0 |
Intangible asset impairment, net of tax | $ 433 | $ 17,545 | |||
Amortization expense | $ 12,967 | $ 13,502 | $ 12,663 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Intangible assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 24, 2021 | Dec. 25, 2020 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 200,771 | $ 194,778 |
Accumulated Amortization | (96,028) | (83,061) |
Net Amount | $ 104,743 | $ 111,717 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Remaining Amortization Period (in months) | 120 months | 128 months |
Gross Carrying Amount | $ 155,678 | $ 141,679 |
Accumulated Amortization | (74,644) | (55,135) |
Net Amount | $ 81,034 | $ 86,544 |
Non-compete agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Remaining Amortization Period (in months) | 26 months | 37 months |
Gross Carrying Amount | $ 8,579 | $ 8,579 |
Accumulated Amortization | (8,018) | (7,752) |
Net Amount | $ 561 | $ 827 |
Trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Remaining Amortization Period (in months) | 179 months | 209 months |
Gross Carrying Amount | $ 36,514 | $ 44,520 |
Accumulated Amortization | (13,366) | (20,174) |
Net Amount | $ 23,148 | $ 24,346 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Future amortization (Details) $ in Thousands | Dec. 24, 2021USD ($) |
Estimated amortization in fiscal year: | |
2022 | $ 11,984 |
2023 | 10,955 |
2024 | 10,097 |
2025 | 9,680 |
2026 | 9,680 |
Thereafter | 52,347 |
Total | $ 104,743 |
Debt Obligations - Schedule of
Debt Obligations - Schedule of debt obligations (Details) - USD ($) $ in Thousands | Dec. 24, 2021 | Dec. 25, 2020 |
Debt Instrument [Line Items] | ||
Finance lease and other financing obligations | $ 11,602 | $ 15,798 |
Deferred finance fees and original issue discount | (4,976) | (7,172) |
Total debt obligations | 399,301 | 404,179 |
Less: current installments | (5,141) | (6,095) |
Total debt obligations excluding current installments | 394,160 | 398,084 |
Senior secured term loan | ||
Debt Instrument [Line Items] | ||
Long-term debt | 168,675 | 201,553 |
Convertible senior notes | ||
Debt Instrument [Line Items] | ||
Long-term debt | 200,000 | 150,000 |
Deferred finance fees and original issue discount | (2,686) | (3,999) |
Asset-based loan facility | ||
Debt Instrument [Line Items] | ||
Long-term debt | 20,000 | 40,000 |
Convertible unsecured note | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 4,000 | $ 4,000 |
Debt Obligations - Schedule o_2
Debt Obligations - Schedule of maturities of the company's debt (Details) $ in Thousands | Dec. 24, 2021USD ($) |
Long-term Debt and Lease Obligation, Including Current Maturities [Abstract] | |
2022 | $ 1,712 |
2023 | 25,712 |
2024 | 201,712 |
2025 | 163,539 |
2026 | 0 |
Thereafter | 0 |
Net carry value | $ 392,675 |
Debt Obligations - Senior Secur
Debt Obligations - Senior Secured Term Loan Credit Facility (Details) | Jun. 08, 2020USD ($) | Nov. 22, 2019USD ($) | Nov. 16, 2018USD ($) | Jul. 06, 2018USD ($) | Dec. 13, 2017USD ($) | Jun. 22, 2016USD ($) | Dec. 24, 2021USD ($) | Dec. 25, 2020USD ($) | Dec. 27, 2019USD ($) | Jun. 29, 2018USD ($) |
Debt Instrument [Line Items] | ||||||||||
Payments of debt financing costs | $ 1,450,000 | $ 856,000 | $ 5,082,000 | |||||||
Payments under revolving credit line | 20,000,000 | 60,000,000 | $ 44,184,000 | |||||||
Debt issuance costs | 460,000 | $ 826,000 | ||||||||
Credit facility | Term Loan Credit Agreement | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maximum debt borrowing capacity | $ 305,000,000 | |||||||||
Payments of debt financing costs | $ 626,000 | $ 761,000 | ||||||||
Payments under revolving credit line | $ 47,100,000 | |||||||||
Write off, unamortized deferred financing fees | $ 1,081,000 | |||||||||
Debt issuance costs | $ 856,000 | |||||||||
Debt transaction costs | 1,233,000 | |||||||||
Minimum liquidity covenant | 35,000,000 | |||||||||
EBITDA covenant | 10,000,000 | |||||||||
Minimum liquidity amount | $ 225,886,000 | |||||||||
Effective interest rate | 5.60% | |||||||||
Credit facility | Term Loan Credit Agreement | LIBOR | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis points | 3.50% | 4.00% | 4.75% | |||||||
Credit facility | Delayed Draw Term Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maximum debt borrowing capacity | $ 50,000,000 | |||||||||
Budgeted leverage ratio | 4.90 | |||||||||
Credit facility | 2025 Tranche | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Term loans | $ 238,129,000 | |||||||||
Term loans, maturity date extension (in years) | 3 years | |||||||||
Prepayment | $ 35,719,000 | |||||||||
Credit facility | 2025 Tranche | Base Rate | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis points | 2.00% | |||||||||
Credit facility | Asset-based loan facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maximum debt borrowing capacity | $ 150,000,000 | |||||||||
Payments under revolving credit line | $ 43,225,000 | |||||||||
Convertible senior notes | Convertible 1.875% Senior Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Effective interest rate | 2.30% |
Debt Obligations - Schedule o_3
Debt Obligations - Schedule of Term Loans (Details) - Senior secured term loan - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 24, 2021 | Dec. 25, 2020 | |
Debt Instrument [Line Items] | ||
Principal amount outstanding | $ 168,675 | $ 201,553 |
2025 Tranche | ||
Debt Instrument [Line Items] | ||
Principal amount outstanding | $ 168,675 | |
Scheduled Principal Payments (as a percent) | 0.25% | |
2025 Tranche | LIBOR | ||
Debt Instrument [Line Items] | ||
Interest Rate (as a percent) | 5.50% |
Debt Obligations - Asset-Based
Debt Obligations - Asset-Based Loan Facility (Details) | Jun. 29, 2018USD ($) | Dec. 24, 2021USD ($) | Dec. 25, 2020USD ($) |
Debt Instrument [Line Items] | |||
Deferred financing fees | $ 4,976,000 | $ 7,172,000 | |
Asset-based loan facility | ABL Credit Agreement | |||
Debt Instrument [Line Items] | |||
Maximum debt borrowing capacity | $ 150,000,000 | ||
Potential principal amount increase | 25,000,000 | ||
Deferred financing fees | $ 877,000 | ||
Interest rate | 1.40% | ||
Minimum consolidated fixed charge coverage ratio | 1 | ||
Minimum borrowing base | $ 10,000,000 | ||
Minimum borrowing base, percentage | 10.00% | ||
Amounts reserved for issuance of letters of credit | $ 20,541,000 | ||
Line of credit facility, current borrowing capacity | $ 109,459,000 |
Debt Obligations - Convertible
Debt Obligations - Convertible Senior Notes (Details) - USD ($) | Mar. 01, 2021 | Nov. 22, 2019 | Dec. 24, 2021 | Dec. 25, 2020 | Dec. 27, 2019 |
Debt Instrument [Line Items] | |||||
Payments under revolving credit line | $ 20,000,000 | $ 60,000,000 | $ 44,184,000 | ||
Unamortized costs of certain up-front costs | $ 460,000 | $ 826,000 | |||
Convertible senior notes | 1.875% Convertible Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Principal amount | $ 150,000,000 | ||||
Interest rate | 1.875% | ||||
Unamortized costs of certain up-front costs | $ 5,082,000 | ||||
Conversion price (in dollars per share) | $ 44.20 | ||||
Redemption price, percentage of principal amount (as a percent) | 100.00% | ||||
Convertible senior notes | Convertible 1.875% Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Principal amount | $ 50,000,000 | ||||
Debt issuance costs | 1,350,000 | ||||
Effective interest rate | 2.30% | ||||
Asset-based loan facility | ABL Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Payments under revolving credit line | $ 43,225,000 | ||||
Senior secured term loan | Senior Secured Term Loans, 2022 Tranche | |||||
Debt Instrument [Line Items] | |||||
Repayment of outstanding borrowings | $ 31,166,000 |
Debt Obligations - Schedule o_4
Debt Obligations - Schedule of Convertible Senior Notes (Details) - USD ($) $ in Thousands | Dec. 24, 2021 | Dec. 25, 2020 |
Debt Instrument [Line Items] | ||
Unamortized deferred financing fees and premium | $ (4,976) | $ (7,172) |
Net carry value | 392,675 | |
Convertible senior notes | ||
Debt Instrument [Line Items] | ||
Principal amount outstanding | 200,000 | 150,000 |
Unamortized deferred financing fees and premium | (2,686) | (3,999) |
Net carry value | $ 197,314 | $ 146,001 |
Debt Obligations - Schedule o_5
Debt Obligations - Schedule of Components of Interest Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 24, 2021 | Dec. 25, 2020 | Dec. 27, 2019 | |
Debt Disclosure [Abstract] | |||
Coupon interest | $ 3,594 | $ 2,813 | $ 234 |
Amortization of deferred financing fees and premium | 913 | 1,000 | 83 |
Total interest | $ 4,507 | $ 3,813 | $ 317 |
Debt Obligations - Convertibl_2
Debt Obligations - Convertible Unsecured Debt (Details) - Convertible senior notes - Convertible note maturing on June 29, 2023 | Feb. 25, 2019USD ($)$ / shares |
Debt Instrument [Line Items] | |
Principal amount | $ | $ 4,000,000 |
Interest rate | 4.50% |
Interest rate, after two-year anniversary | 5.00% |
Earliest date term (in years) | 2 years |
Term after issuance to redeem or convert (in months) | 18 months |
Conversion price (in dollars per share) | $ / shares | $ 43.93 |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narrative (Details) | Jun. 02, 2020USD ($) | May 14, 2020USD ($)$ / sharesshares | Jun. 25, 2021USD ($)$ / sharesshares | Dec. 25, 2020USD ($)employee | Dec. 24, 2021USD ($)shares | Dec. 25, 2020USD ($) | Dec. 27, 2019USD ($)$ / shares | Mar. 22, 2020$ / sharesshares | May 17, 2019shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Warrants issued for acquisitions | $ 1,120,000 | ||||||||
Number of shares callable by warrants (in shares) | shares | 150,000 | ||||||||
Exercise price of right (in dollars per share) | $ / shares | $ 31.96 | ||||||||
Weighted average remaining term (in years) | 10 years | ||||||||
Number of shares available for grant (in shares) | shares | 883,042 | 2,600,000 | |||||||
Stock compensation expense | $ 11,479,000 | $ 9,292,000 | $ 4,399,000 | ||||||
Tax benefit for stock compensation | 49,000 | 133,000 | 883,000 | ||||||
Number of employees affected by award plan modifications | employee | 17 | ||||||||
Incremental stock compensation expense resulting from award plan modifications | $ 1,999,000 | ||||||||
Compensation expense capitalized | $ 0 | ||||||||
Restricted Stock | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Weighted average remaining term (in years) | 2 years 2 months 12 days | ||||||||
Fair value of RSAs vested | $ 7,848,000 | 8,109,000 | $ 3,742,000 | ||||||
Total unrecognized compensation cost | $ 18,302,000 | ||||||||
Time and Performance Based Grants | Maximum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Vesting period (in years) | 5 years | ||||||||
Time-Based Restricted Awards | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Weighted average remaining term (in years) | 2 years 1 month 6 days | ||||||||
Total unrecognized compensation cost | $ 10,946,000 | ||||||||
Performance-Based Restricted Awards | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Weighted average remaining term (in years) | 2 years 2 months 12 days | ||||||||
Vesting period (in years) | 3 years | ||||||||
Total unrecognized compensation cost | $ 7,356,000 | ||||||||
Market-based Restricted Stock Awards | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Per share weighted average price of shares purchased (in dollars per share) | $ / shares | $ 39.86 | ||||||||
Common stock trading period (in days) | 20 days | ||||||||
Risk free interest rate | 2.20% | ||||||||
Expected volatility rate | 44.60% | ||||||||
Stock options and warrants | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Stock or unit option plan expense | $ 0 | $ 0 | $ 114,000 | ||||||
Public Stock Offering | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Shares sold in offering (in shares) | shares | 5,769,231 | ||||||||
Offering price per share (in dollars per share) | $ / shares | $ 13 | ||||||||
Aggregate net proceeds from stock offering | $ 74,691,000 | ||||||||
Over-Allotment Option | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Shares sold in offering (in shares) | shares | 865,384 | ||||||||
Offering price per share (in dollars per share) | $ / shares | $ 13 | ||||||||
Aggregate net proceeds from stock offering | $ 11,250,000 | ||||||||
Series A Preferred Stock | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Exercise price of right (in dollars per share) | $ / shares | $ 40 | ||||||||
Number of shares that can be purchased by each right (in shares) | shares | 0.001 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of restricted stock activity (Details) | 12 Months Ended |
Dec. 24, 2021$ / sharesshares | |
Time-based | |
Shares | |
Unvested at beginning (in shares) | shares | 901,318 |
Granted (in shares) | shares | 377,154 |
Vested (in shares) | shares | (592,057) |
Forfeited (in shares) | shares | (68,419) |
Unvested at ending (in shares) | shares | 617,996 |
Weighted Average Grant Date Fair Value | |
Unvested at beginning (in dollars per share) | $ / shares | $ 16.14 |
Granted (in dollars per share) | $ / shares | 31.89 |
Vested (in dollars per share) | $ / shares | 12.14 |
Forfeited (in dollars per share) | $ / shares | 27.36 |
Unvested at ending (in dollars per share) | $ / shares | $ 28.33 |
Performance-based | |
Shares | |
Unvested at beginning (in shares) | shares | 0 |
Granted (in shares) | shares | 201,547 |
Vested (in shares) | shares | 0 |
Forfeited (in shares) | shares | (14,110) |
Unvested at ending (in shares) | shares | 187,437 |
Weighted Average Grant Date Fair Value | |
Unvested at beginning (in dollars per share) | $ / shares | $ 0 |
Granted (in dollars per share) | $ / shares | 32.03 |
Vested (in dollars per share) | $ / shares | 0 |
Forfeited (in dollars per share) | $ / shares | 32 |
Unvested at ending (in dollars per share) | $ / shares | $ 32.04 |
Market-based | |
Shares | |
Unvested at beginning (in shares) | shares | 26,952 |
Granted (in shares) | shares | 199,241 |
Vested (in shares) | shares | (24,981) |
Forfeited (in shares) | shares | (16,083) |
Unvested at ending (in shares) | shares | 185,129 |
Weighted Average Grant Date Fair Value | |
Unvested at beginning (in dollars per share) | $ / shares | $ 30.16 |
Granted (in dollars per share) | $ / shares | 31.44 |
Vested (in dollars per share) | $ / shares | 30.17 |
Forfeited (in dollars per share) | $ / shares | 31.25 |
Unvested at ending (in dollars per share) | $ / shares | $ 31.44 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of stock option activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 24, 2021 | Dec. 25, 2020 | |
Shares | ||
Outstanding (in shares) | 115,639 | |
Outstanding (in shares) | 115,639 | 115,639 |
Exercisable (in shares) | 115,639 | |
Weighted Average Exercise Price | ||
Outstanding (in usd per share) | $ 20.23 | |
Outstanding (in usd per share) | 20.23 | $ 20.23 |
Exercisable (in usd per share) | $ 20.23 | |
Aggregate Intrinsic Value | ||
Outstanding | $ 1,427 | $ 2,051 |
Exercisable | $ 1,427 | |
Weighted Average Remaining Contractual Term (in years) | ||
Outstanding | 5 years 2 months 12 days | 6 years 2 months 12 days |
Exercisable | 5 years 2 months 12 days |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 24, 2021 | Dec. 25, 2020 | Dec. 27, 2019 | |
Leases [Abstract] | |||
Operating lease cost | $ 26,531 | $ 27,521 | $ 27,415 |
Finance lease cost: | |||
Amortization of right-of-use asset | 4,667 | 4,166 | 308 |
Interest expense on lease liabilities | 555 | 552 | 96 |
Total finance lease cost | 5,222 | 4,718 | 404 |
Short-term lease cost | 3,491 | 2,475 | 2,143 |
Variable lease cost | 3,331 | 1,990 | 2,707 |
Sublease income | (430) | (96) | (514) |
Total lease cost, net | $ 38,145 | $ 36,608 | $ 32,155 |
Leases - Maturities of Lease Li
Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 24, 2021 | Dec. 25, 2020 |
Operating Leases | ||
2022 | $ 24,726 | |
2023 | 21,270 | |
2024 | 16,897 | |
2025 | 14,692 | |
2026 | 12,952 | |
Thereafter | 125,886 | |
Total | 216,423 | |
Less interest | (73,245) | |
Present value | 143,178 | |
Finance Leases | ||
2022 | 3,834 | |
2023 | 3,041 | |
2024 | 2,512 | |
2025 | 1,992 | |
2026 | 1,200 | |
Thereafter | 169 | |
Total | 12,748 | |
Less interest | (1,146) | |
Present value | 11,602 | $ 15,798 |
Real Estate | Third Party | ||
Operating Leases | ||
2022 | 17,085 | |
2023 | 16,145 | |
2024 | 14,711 | |
2025 | 13,644 | |
2026 | 12,949 | |
Thereafter | 125,886 | |
Total | 200,420 | |
Real Estate | Related Party | ||
Operating Leases | ||
2022 | 509 | |
2023 | 387 | |
2024 | 0 | |
2025 | 0 | |
2026 | 0 | |
Thereafter | 0 | |
Total | 896 | |
Vehicles and Equipment | ||
Operating Leases | ||
2022 | 7,132 | |
2023 | 4,738 | |
2024 | 2,186 | |
2025 | 1,048 | |
2026 | 3 | |
Thereafter | 0 | |
Total | $ 15,107 |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands | Dec. 24, 2021 | Dec. 25, 2020 |
Leases [Abstract] | ||
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | Current portion of long-term debt | Current portion of long-term debt |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Long-term debt, net of current portion | Long-term debt, net of current portion |
Short-term finance lease liabilities | $ 3,429 | $ 4,383 |
Long-term finance lease liabilities | $ 8,173 | $ 11,415 |
Leases - Additional Information
Leases - Additional Information (Details) $ in Thousands | Dec. 24, 2021USD ($) |
Leases [Abstract] | |
Operating leases, weighted-average lease term (in years) | 12 years |
Finance leases, weighted-average lease term (in years) | 4 years |
Operating leases, weighted-average discount rate | 6.80% |
Finance leases, weighted-average discount rate | 4.10% |
Lease not yet commenced, contractually obligated payments | $ 9,983 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 24, 2021 | Dec. 25, 2020 | Jun. 25, 2021 | |
Operating Loss Carryforwards [Line Items] | |||
Effective income tax rate (as a percent) | 27.30% | 32.90% | |
CARES Act, Income tax refund receivable | $ 21,250 | ||
Deferred tax assets, valuation allowance | 2,046 | $ 2,261 | |
Charitable contribution carryforward | 3,865 | $ 3,166 | |
State | |||
Operating Loss Carryforwards [Line Items] | |||
Net loss carryforwards | 6,328 | ||
Valuation against state net operating loss carryforwards | 811 | ||
Canada Revenue Agency | |||
Operating Loss Carryforwards [Line Items] | |||
Net loss carryforwards | 1,458 | ||
Domestic Tax Authority | |||
Operating Loss Carryforwards [Line Items] | |||
Net loss carryforwards | 7,391 | ||
Canada Revenue Agency | |||
Operating Loss Carryforwards [Line Items] | |||
Valuation against state net operating loss carryforwards | $ 1,235 | ||
CARES Act | |||
Operating Loss Carryforwards [Line Items] | |||
Receivable related to the ETRC | $ (1,418) |
Income Taxes - Schedule of prov
Income Taxes - Schedule of provision of income taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 24, 2021 | Dec. 25, 2020 | Dec. 27, 2019 | |
Current income tax (benefit) expense: | |||
Federal | $ (285) | $ (21,877) | $ 4,003 |
State | 277 | (408) | 2,144 |
Total current income tax (benefit) expense | (8) | (22,285) | 6,147 |
Deferred income tax (benefit) expense: | |||
Federal | (2,002) | (10,740) | 1,617 |
Foreign | (22) | 50 | 17 |
State | 179 | (7,728) | 429 |
Total deferred income tax (benefit) expense | (1,845) | (18,418) | 2,063 |
Total income tax (benefit) expense | $ (1,853) | $ (40,703) | $ 8,210 |
Income Taxes - Schedule of inco
Income Taxes - Schedule of income tax reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 24, 2021 | Dec. 25, 2020 | Dec. 27, 2019 | |
Income Tax Disclosure [Abstract] | |||
Statutory U.S. Federal tax | $ (1,423) | $ (25,957) | $ 6,805 |
Differences due to: | |||
State and local taxes, net of federal benefit | (396) | (6,414) | 2,078 |
Change in valuation allowance | (215) | 1,354 | 95 |
Changes in tax rates | (55) | 24 | (95) |
Federal NOL rate differential | 0 | (5,212) | 0 |
Stock compensation | (361) | (102) | (676) |
Other | 597 | (4,396) | 3 |
Total income tax (benefit) expense | $ (1,853) | $ (40,703) | $ 8,210 |
Income Taxes - Schedule of defe
Income Taxes - Schedule of deferred tax assets and liabilities (Details) - USD ($) $ in Thousands | Dec. 24, 2021 | Dec. 25, 2020 |
Deferred tax assets: | ||
Receivables and inventory | $ 9,425 | $ 10,944 |
Self-insurance reserves | 2,211 | 2,210 |
Net operating loss carryforwards | 15,177 | 15,413 |
Debt discount and interest | 2,526 | 3,093 |
Stock compensation | 3,246 | 1,686 |
Charitable contribution carryforward | 3,865 | 3,166 |
Operating lease liabilities | 39,335 | 34,460 |
Other | 1,875 | 1,307 |
Total deferred tax assets | 77,660 | 72,279 |
Deferred tax liabilities: | ||
Property & equipment | (7,808) | (11,289) |
Goodwill and intangible assets | (20,648) | (17,709) |
Prepaid expenses and other | (1,916) | (2,071) |
Operating lease right-of-use assets | (35,862) | (31,414) |
Total deferred tax liabilities | (66,234) | (62,483) |
Valuation allowance | (2,046) | (2,261) |
Total net deferred tax asset | $ 9,380 | $ 7,535 |
Income Taxes - Schedule of oper
Income Taxes - Schedule of operating (loss) income before income taxes for foreign subsidiaries (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 24, 2021 | Dec. 25, 2020 | Dec. 27, 2019 | |
Income Tax Disclosure [Abstract] | |||
Foreign subsidiaries operating (loss) income before income taxes | $ (2,420) | $ (4,231) | $ 18 |
Supplemental Disclosures of C_3
Supplemental Disclosures of Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 24, 2021 | Dec. 25, 2020 | Dec. 27, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |||
Cash paid for income taxes, net of cash received | $ (230) | $ 308 | $ 6,046 |
Cash paid for interest | 15,387 | 18,182 | 16,271 |
Cash paid for amounts included in the measurement of lease liabilities: | |||
Operating cash flows from operating leases | 25,111 | 25,090 | 25,302 |
Operating cash flows from finance leases | 555 | 3,856 | 96 |
ROU assets obtained in exchange for lease liabilities: | |||
Operating leases | 32,741 | 7,201 | 155,027 |
Finance leases | 536 | 16,063 | 4,183 |
Non-cash investing and financing activities: | |||
Warrants issued for acquisition | 1,120 | 0 | 0 |
Contingent earn-out liabilities for acquisitions | 5,500 | 3,464 | 7,929 |
Convertible notes issued for acquisitions | $ 0 | $ 0 | $ 4,000 |
Employee Benefit Plans - Narrat
Employee Benefit Plans - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 24, 2021 | Dec. 25, 2020 | Dec. 27, 2019 | |
Postemployment Benefits [Abstract] | |||
Employers contribution to employees under 401k plan | 50.00% | ||
Maximum employees contribution under 401k plan | 6.00% | ||
Capped employers contribution, per associate | $ 2,500 | ||
Matching contribution under 401k plan begin vesting period (in years) | 1 year | ||
Matching contribution under 401k plan fully vested period (in years) | 5 years | ||
Matching contribution under 401k plan | $ 683,000 | $ 720,000 | $ 1,268,000 |
Related Parties (Details)
Related Parties (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 24, 2021 | Dec. 25, 2020 | Dec. 27, 2019 | |
Related Party Transactions [Abstract] | |||
Ownership interest in facilities owned by entities controlled by company's stockholders (as a percent) | 100.00% | ||
Expenses from transactions with related party | $ 493 | $ 488 | $ 433 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands | Dec. 24, 2021 | Dec. 25, 2020 |
Other Commitments [Line Items] | ||
Percentage of employees represented by unions | 9.00% | |
Expiring in fiscal 2022 | ||
Other Commitments [Line Items] | ||
Percentage of employees represented by unions | 0.90% | |
Medical Program | ||
Other Commitments [Line Items] | ||
Self insurance reserve | $ 2,373 | $ 1,220 |
Automobiles | ||
Other Commitments [Line Items] | ||
Self insurance reserve | 3,980 | 3,450 |
Workers Compensation | ||
Other Commitments [Line Items] | ||
Self insurance reserve | $ 7,053 | $ 7,696 |
Valuation Reserves (Details)
Valuation Reserves (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 24, 2021 | Dec. 25, 2020 | Dec. 27, 2019 | |
Allowance for doubtful accounts | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | $ 24,027 | $ 8,846 | $ 7,460 |
Additions (Recoveries) Charged to Expense | (422) | 21,372 | 4,981 |
Deductions | (3,345) | (6,191) | (3,595) |
Balance at End of Period | 20,260 | 24,027 | 8,846 |
Allowance for deferred tax assets | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 2,261 | 907 | 812 |
Additions (Recoveries) Charged to Expense | (215) | 1,354 | 95 |
Deductions | 0 | 0 | 0 |
Balance at End of Period | $ 2,046 | $ 2,261 | $ 907 |
Subsequent Events (Details)
Subsequent Events (Details) $ in Thousands | Dec. 28, 2021USD ($) |
CGC Holdings, Inc. | Subsequent Event | |
Subsequent Event [Line Items] | |
Cash amount paid | $ 28,000 |