Fiscal 2024 Q2 net sales of $900 million
compared to $909 million a year ago
Fiscal 2024 Q2 GAAP EPS of $0.93 vs. $0.72 a
year ago, Non-GAAP EPS of $0.99
Maintains outlook for fiscal 2024 non-GAAP
EPS of $2.00 or better ($2.50 or better before the February 2024
stock dividend)
Central Garden & Pet Company (NASDAQ: CENT) (NASDAQ: CENTA)
(“Central”), a market leader in the Pet and Garden industries,
today announced financial results for its fiscal 2024 second
quarter ended March 30, 2024.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20240508389740/en/
“We delivered a solid second quarter with earnings per share
well ahead of prior year. We are particularly pleased with the
progress on our Cost and Simplicity program,” said Beth Springer,
Interim CEO of Central Garden & Pet. “With a large part of the
garden season still in front of us and some continuing external
challenges, we are maintaining our outlook for the fiscal year.
Importantly, our teams remain focused on executing our long-term
strategy.”
Fiscal 2024 Second Quarter Financial Results
Net sales were $900 million compared to $909 million a year ago,
a decrease of 1%. Organic net sales also decreased 1%.
Gross profit was $279 million compared to $260 million in the
prior year. Non-GAAP gross profit was $281 million. Gross margin
increased 240 basis points to 31.0% compared to 28.6%. Non-GAAP
gross margin was 31.3%. Both segments benefited from prior year
projects made under Central's Cost and Simplicity program including
the sale of the independent garden channel distribution business
and exit of some private label pet bed product lines, as well as
moderating inflation.
Operating income was $93 million compared to $78 million a year
ago, an increase of 20%. On a non-GAAP basis, operating income was
$99 million. Operating margin increased 180 basis points to 10.4%
compared to 8.6%. On a non-GAAP basis, operating margin was 11.0%.
The increase was driven by improved gross margin.
Net interest expense was $11 million compared to $15 million a
year ago driven by higher interest income from higher cash balances
and higher interest rates.
Net income was $62 million compared to $48 million a year ago,
an increase of 29%. On a non-GAAP basis, net income was $66
million. Earnings per share were $0.93 compared to $0.72, an
increase of $0.21. On a non-GAAP basis, earnings per share were
$0.99. Adjusted EBITDA was $124 million compared to $107 million a
year ago.
The effective tax rate was 23.4% compared to 23.9% in the prior
year.
Pet Segment Fiscal 2024 Second Quarter Results
Net sales for the Pet segment were $480 million compared to $475
million in the prior year, an increase of 1% driven by growth in
Consumables businesses and the recent TDBBS acquisition. Organic
net sales decreased 3% excluding the impact of TDBBS.
Pet segment operating income was $63 million compared to $55
million a year ago, an increase of 13%. Operating margin increased
140 basis points to 13.0% compared to 11.6% driven by improved
gross margin. Pet segment adjusted EBITDA was $74 million compared
to $66 million in the prior year.
Garden Segment Fiscal 2024 Second Quarter Results
Net sales for the Garden segment were $420 million compared to
$434 million a year ago, a decrease of 3%. Organic net sales
increased 2% excluding the impact of the sale of the independent
garden channel distribution business. Growth in Live Plants, Grass
Seed and Controls & Fertilizer more than offset lower sales in
Wild Bird.
Garden segment operating income was $57 million compared to $50
million in the prior year, an increase of 15%. On a non-GAAP basis,
operating income was $62 million. Operating margin increased 220
basis point to 13.6% compared to 11.4%. On a non-GAAP basis,
operating margin was 14.8%. The increase was driven by improved
gross margin. Garden segment adjusted EBITDA was $73 million
compared to $60 million a year ago.
Liquidity and Debt
The cash balance at the end of the quarter was $301 million
compared to $61 million a year ago, driven by a reduction in
inventory due to converting inventory to cash over the last 12
months.
Cash used by operations during the quarter was $25 million
compared to $34 million a year ago.
Total debt as of March 30, 2024, and March 25, 2023 was $1.2
billion. The leverage ratio, as defined in Central's credit
agreement, at the end of the second quarter was 2.9x compared to
3.3x at the end of the prior year quarter.
Cost and Simplicity Program
Central continues to advance its multi-year Cost and Simplicity
program consisting of a pipeline of projects across procurement,
manufacturing, logistics, portfolio management and administrative
costs to simplify its business and improve efficiency across the
organization.
In the second quarter of fiscal 2024, Central initiated the
closure of a manufacturing facility in Chico, CA, and began the
Southeast consolidation of four distribution locations into one
modern facility. As a result, Central incurred $5.3 million of
one-time costs, including $2.5 million in cost of goods sold and
$2.8 million in selling, general and administrative costs, the
majority of which were non-cash.
Fiscal 2024 Guidance
Central continues to expect fiscal 2024 non-GAAP EPS to be $2.00
or better ($2.50 or better before the February 2024 stock
dividend).
This outlook reflects uncertain consumer demand and retailer
dynamics and an environment of macroeconomic and geopolitical
volatility. It includes modest carryover pricing actions to help
mitigate inflationary headwinds. This outlook excludes the impact
of any acquisitions, divestitures or restructuring activities that
may occur during fiscal 2024, including any projects under the Cost
and Simplicity program and the recent TDBBS acquisition. Central
expects fiscal 2024 capital spending to be approximately $70
million.
Conference Call
Central's senior management will hold a conference call today at
4:30 p.m. Eastern Time (1:30 p.m. Pacific Time) to discuss its
fiscal 2024 second quarter results and provide a general business
update. The conference call and related materials can be accessed
at http://ir.central.com.
Alternatively, to listen to the call by telephone, dial (201)
689-8345 (domestic and international) using confirmation
#13744528.
About Central Garden & Pet
Central Garden & Pet Company (NASDAQ: CENT) (NASDAQ: CENTA)
understands home is central to life and has proudly nurtured happy
and healthy homes for over 40 years. With fiscal 2023 net sales of
$3.3 billion, Central is on a mission to lead the future of the Pet
and Garden industries. The Company’s innovative and trusted
products are dedicated to helping lawns grow greener, gardens bloom
bigger, pets live healthier, and communities grow stronger. Central
is home to a leading portfolio of more than 65 high-quality brands
including Amdro®, Aqueon®, Cadet®, Farnam®, Ferry-Morse®, Four
Paws®, Kaytee®, K&H®, Nylabone® and Pennington®, strong
manufacturing and distribution capabilities, and a passionate,
entrepreneurial growth culture. Central is based in Walnut Creek,
California, with 6,700 employees primarily across North America.
Visit www.central.com to learn more.
Safe Harbor Statement
“Safe Harbor” Statement under the Private Securities Litigation
Reform Act of 1995: The statements contained in this release which
are not historical facts, including statements concerning evolving
consumer demand and unfavorable retailer dynamics, anticipated
pricing actions, productivity initiatives and estimated capital
spending, and earnings guidance for fiscal 2024, are
forward-looking statements that are subject to risks and
uncertainties that could cause actual results to differ materially
from those set forth in or implied by forward-looking statements.
All forward-looking statements are based upon Central's current
expectations and various assumptions. There are a number of risks
and uncertainties that could cause our actual results to differ
materially from the forward-looking statements contained in this
release including, but not limited to, the following factors:
- high inflation and interest rates, and other adverse
macro-economic conditions;
- fluctuations in market prices for seeds and grains and other
raw materials;
- our inability to pass through cost increases in a timely
manner;
- our ability to recruit and retain new members of our management
team and employees, including a Chief Executive Officer, to support
our businesses;
- fluctuations in energy prices, fuel and related petrochemical
costs;
- declines in consumer spending and increased inventory risk
during economic downturns;
- reductions in demand for product categories that benefited from
the COVID-19 pandemic;
- adverse weather conditions;
- the success of our Central to Home strategy and our Cost and
Simplicity program;
- risks associated with our acquisition strategy, including our
ability to successfully integrate acquisitions and the impact of
purchase accounting on our financial results;
- material weaknesses relating to the internal controls of
recently acquired companies;
- seasonality and fluctuations in our operating results and cash
flow;
- supply shortages in pet birds, small animals and fish;
- dependence on a small number of customers for a significant
portion of our business;
- consolidation trends in the retail industry;
- risks associated with new product introductions, including the
risk that our new products will not produce sufficient sales to
recoup our investment;
- competition in our industries;
- continuing implementation of an enterprise resource planning
information technology system;
- potential environmental liabilities;
- risks associated with international sourcing;
- impacts of tariffs or a trade war;
- access to and cost of additional capital;
- potential goodwill or intangible asset impairment;
- our ability to remediate material weaknesses in our internal
control over financial reporting;
- our dependence upon our key executives;
- our ability to protect our trademarks and other proprietary
rights;
- litigation and product liability claims;
- regulatory issues;
- the impact of product recalls;
- potential costs and risks associated with actual or potential
cyberattacks;
- potential dilution from issuance of authorized shares;
- the voting power associated with our Class B stock; and
- the impact of new accounting regulations and the possibility
our effective tax rate will increase as a result of future changes
in the corporate tax rate or other tax law changes.
These risks and others are described in Central’s Securities and
Exchange Commission filings. Central undertakes no obligation to
publicly update these forward-looking statements to reflect new
information, subsequent events or otherwise. Central has not filed
its Form 10-Q for the fiscal quarter ended March 30, 2024, so all
financial results are preliminary and subject to change.
CENTRAL GARDEN & PET
COMPANY
CONDENSED CONSOLIDATED BALANCE
SHEETS
(in thousands, except share
and per share amounts, unaudited)
March 30, 2024
March 25, 2023
September 30, 2023
ASSETS
Current assets:
Cash and cash equivalents
$
301,332
$
60,607
$
488,730
Restricted cash
14,197
13,475
14,143
Accounts receivable (less allowance for
credit losses and customer allowances of $27,677, $28,283 and
$25,797)
578,237
564,874
332,890
Inventories, net
914,352
966,900
838,188
Prepaid expenses and other
42,501
48,019
33,172
Total current assets
1,850,619
1,653,875
1,707,123
Plant, property and equipment, net
387,203
395,788
391,768
Goodwill
546,436
546,436
546,436
Other intangible assets, net
480,910
525,301
497,228
Operating lease right-of-use assets
170,849
174,435
173,540
Other assets
104,002
54,963
62,553
Total
$
3,540,019
$
3,350,798
$
3,378,648
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable
$
237,310
$
225,311
$
190,902
Accrued expenses
267,813
201,286
216,241
Current lease liabilities
51,045
49,082
50,597
Current portion of long-term debt
322
270
247
Total current liabilities
556,490
475,949
457,987
Long-term debt
1,188,955
1,212,053
1,187,956
Long-term lease liabilities
134,723
135,695
135,621
Deferred income taxes and other long-term
obligations
147,683
154,854
144,271
Equity:
Common stock, $0.01 par value: 11,077,612,
11,236,635 and 11,077,612 shares outstanding at March 30, 2024,
March 25, 2023 and September 30, 2023
111
112
111
Class A common stock, $0.01 par value:
54,659,683, 54,822,098 and 54,472,902 shares outstanding at March
30, 2024, March 25, 2023 and September 30, 2023
547
548
544
Class B stock, $0.01 par value: 1,602,374
shares outstanding at March 30, 2024, March 25, 2023 and September
30, 2023
16
16
16
Additional paid-in capital
592,136
587,243
594,282
Retained earnings
920,803
786,776
859,370
Accumulated other comprehensive loss
(2,825
)
(3,601
)
(2,970
)
Total Central Garden & Pet Company
shareholders’ equity
1,510,788
1,371,094
1,451,353
Noncontrolling interest
1,379
1,153
1,460
Total equity
1,512,167
1,372,247
1,452,813
Total
$
3,540,018
$
3,350,798
$
3,378,648
CENTRAL GARDEN & PET
COMPANY
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(in thousands, except per
share amounts, unaudited)
Three Months Ended
Six Months Ended
March 30, 2024
March 25, 2023
March 30, 2024
March 25, 2023
Net sales
$
900,090
$
909,004
$
1,534,623
$
1,536,667
Cost of goods sold
621,210
649,366
1,076,898
1,105,330
Gross profit
278,880
259,638
457,725
431,337
Selling, general and administrative
expenses
185,433
181,597
355,866
352,890
Operating income
93,447
78,041
101,859
78,447
Interest expense
(14,376
)
(14,876
)
(28,692
)
(29,345
)
Interest income
2,903
186
7,512
879
Other (expense) income
(171
)
595
822
2,294
Income before income taxes and
noncontrolling interest
81,803
63,946
81,501
52,275
Income tax expense
19,134
15,268
18,265
12,446
Income including noncontrolling
interest
62,669
48,678
63,236
39,829
Net income attributable to noncontrolling
interest
682
563
819
147
Net income attributable to Central Garden
& Pet Company
$
61,987
$
48,115
$
62,417
$
39,682
Net income per share attributable to
Central Garden & Pet Company:
Basic
$
0.94
$
0.73
$
0.95
$
0.61
Diluted
$
0.93
$
0.72
$
0.93
$
0.59
Weighted average shares used in the
computation of net income per share:
Basic
65,638
65,554
65,526
65,576
Diluted
66,831
66,918
66,815
66,900
CENTRAL GARDEN & PET
COMPANY
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(in thousands,
unaudited)
Six Months Ended
March 30, 2024
March 25, 2023
Cash flows from operating activities:
Net income
$
63,236
$
39,829
Adjustments to reconcile net income to net
cash used by operating activities:
Depreciation and amortization
45,357
43,801
Amortization of deferred financing
costs
1,340
1,349
Non-cash lease expense
25,753
25,369
Stock-based compensation
8,927
13,327
Deferred income taxes
2,673
7,486
Other operating activities
1,811
136
Change in assets and liabilities
(excluding businesses acquired):
Accounts receivable
(240,408
)
(187,745
)
Inventories
(59,263
)
(27,152
)
Prepaid expenses and other assets
(7,492
)
(3,868
)
Accounts payable
41,475
15,421
Accrued expenses
46,785
(462
)
Other long-term obligations
673
(21
)
Operating lease liabilities
(25,169
)
(24,542
)
Net cash used by operating activities
(94,302
)
(97,072
)
Cash flows from investing activities:
Additions to plant, property and
equipment
(19,478
)
(30,228
)
Payments to acquire companies, net of cash
acquired
(59,818
)
—
Investments
(850
)
(500
)
Other investing activities
(140
)
(100
)
Net cash used in investing activities
(80,286
)
(30,828
)
Cash flows from financing activities:
Repayments of long-term debt
(159
)
(182
)
Borrowings under revolving line of
credit
—
48,000
Repayments under revolving line of
credit
—
(23,000
)
Repurchase of common stock, including
shares surrendered for tax withholding
(12,055
)
(16,165
)
Payment of contingent consideration
liability
(57
)
(12
)
Distribution to noncontrolling
interest
(900
)
—
Net cash (used) provided by financing
activities
(13,171
)
8,641
Effect of exchange rate changes on cash,
cash equivalents and restricted cash
415
1,157
Net decrease in cash, cash equivalents and
restricted cash
(187,344
)
(118,102
)
Cash, cash equivalents and restricted cash
at beginning of period
502,873
192,184
Cash, cash equivalents and restricted cash
at end of period
$
315,529
$
74,082
Supplemental information:
Cash paid for interest
$
28,695
$
29,343
Cash paid for income taxes
$
13,775
$
1,889
New operating lease right of use
assets
$
24,652
$
13,776
Use of Non-GAAP Financial Measures
We report our financial results in accordance with GAAP.
However, to supplement the financial results prepared in accordance
with GAAP, we use non-GAAP financial measures including non-GAAP
net income and diluted net income per share, non-GAAP operating
income, adjusted EBITDA and organic net sales. Management uses
these non-GAAP financial measures that exclude the impact of
specific items (described below) in making financial, operating and
planning decisions and in evaluating our performance. Also,
Management believes that these non-GAAP financial measures may be
useful to investors in their assessment of our ongoing operating
performance and provide additional meaningful comparisons between
current results and results in prior operating periods. While
Management believes that non-GAAP measures are useful supplemental
information, such adjusted results are not intended to replace our
GAAP financial results and should be read in conjunction with those
GAAP results.
Adjusted EBITDA is defined by us as income before income tax,
net other expense, net interest expense and depreciation and
amortization and stock-based compensation expense (or operating
income plus depreciation and amortization expense and stock-based
compensation expense). Adjusted EBITDA further excludes one-time
charges related to facility closures. We present adjusted EBITDA
because we believe that adjusted EBITDA is a useful supplemental
measure in evaluating the cash flows and performance of our
business and provides greater transparency into our results of
operations. Adjusted EBITDA is used by our management to perform
such evaluations. Adjusted EBITDA should not be considered in
isolation or as a substitute for cash flow from operations, income
from operations or other income statement measures prepared in
accordance with GAAP. We believe that adjusted EBITDA is frequently
used by investors, securities analysts and other interested parties
in their evaluation of companies, many of which present adjusted
EBITDA when reporting their results. Other companies may calculate
adjusted EBITDA differently and it may not be comparable.
The reconciliations of these non-GAAP measures to the most
directly comparable financial measures calculated and presented in
accordance with GAAP are shown in the tables below.
Non-GAAP financial measures reflect adjustments based on the
following items:
- Facility closures: we have excluded the impact of the closure
of our garden controls manufacturing facility in Chico, California
and the Southeast consolidation of our distribution facilities as
they represent infrequent transactions that occur in limited
circumstances that impact the comparability between operating
periods. We believe the adjustment of closure and network
optimization costs supplements the GAAP information with a measure
that may be used to assess the sustainability of our operating
performance.
From time to time in the future, there may be other items that
we may exclude if we believe that doing so is consistent with the
goal of providing useful information to investors and
management.
(1)
During the second quarter of fiscal 2024,
we recognized incremental expense of $5.3 million in the
consolidated statement of operations, from the closure of a
manufacturing facility in Chico, California and the consolidation
of our Southeast distribution network.
Net Income and Diluted Net Income Per
Share Reconciliation
GAAP to Non-GAAP
Reconciliation
Three Months Ended
GAAP to Non-GAAP
Reconciliation
Six Months Ended
March 30, 2024
March 25, 2023
March 30, 2024
March 25, 2023
(in thousands, except per
share amounts)
GAAP net income attributable to Central
Garden & Pet Company
$
61,987
$
48,115
$
62,417
$
39,682
Facility closures
(1)
5,270
—
5,270
—
Tax effect of facility closures
(1,233
)
—
(1,233
)
—
Non-GAAP net income attributable to
Central Garden & Pet Company
$
66,024
$
48,115
$
66,454
$
39,682
GAAP diluted net income per share
$
0.93
$
0.72
$
0.93
$
0.59
Non-GAAP diluted net income per share
$
0.99
$
0.72
$
0.99
$
0.59
Shares used in GAAP and non-GAAP diluted
net earnings per share calculation
66,831
66,918
66,815
66,900
Operating Income Reconciliation
GAAP to Non-GAAP
Reconciliation
Three Months Ended March 30,
2024
Six Months Ended March 30,
2024
GAAP
Facility closures (1)
Non-GAAP
GAAP
Facility closures (1)
Non-GAAP
(in thousands)
Net sales
$
900,090
$
—
$
900,090
$
1,534,623
$
—
$
1,534,623
Cost of goods sold and occupancy
621,210
2,527
618,683
1,076,898
2,527
1,074,371
Gross profit
$
278,880
$
(2,527
)
$
281,407
$
457,725
$
(2,527
)
$
460,252
Selling, general and administrative
expenses
185,433
2,743
182,690
355,866
2,743
353,123
Income from operations
$
93,447
$
(5,270
)
$
98,717
$
101,859
$
(5,270
)
$
107,129
Garden Segment Operating Income
Reconciliation
GAAP to Non-GAAP
Reconciliation
Three Months Ended
GAAP to Non-GAAP
Reconciliation
Six Months Ended
March 30, 2024
March 25, 2023
March 30, 2024
March 25, 2023
(in thousands)
(in thousands)
GAAP operating income
$
57,066
$
49,619
$
48,180
$
38,799
Facility closures
(1)
5,270
—
5,270
—
Non-GAAP operating income
$
62,336
$
49,619
$
53,450
$
38,799
GAAP operating margin
13.6
%
11.4
%
7.5
%
6.0
%
Non-GAAP operating margin
14.8
%
11.4
%
8.3
%
6.0
%
Organic Net Sales Reconciliation
GAAP to Non-GAAP
Reconciliation
Three Months Ended March 30,
2024
Six Months Ended March 30,
2024
Net sales (GAAP)
Effect of acquisitions &
divestitures on net sales
Net sales organic
Net sales (GAAP)
Effect of acquisitions &
divestitures on net sales
Net sales organic
(in millions)
Q2 FY 24
$
900.1
$
19.3
$
880.8
$
1,534.6
$
32.5
$
1,502.1
Q2 FY 23
909.0
21.9
887.1
1,536.7
31.5
1,505.2
$ decrease
$
(8.9
)
$
(6.3
)
$
(2.1
)
$
(3.1
)
% decrease
(1.0
)%
(0.7
)%
(0.1
)%
(0.2
)%
Organic Pet Segment Net Sales
Reconciliation
GAAP to Non-GAAP
Reconciliation
Three Months Ended March 30,
2024
Six Months Ended March 30,
2024
Net sales (GAAP)
Effect of acquisitions &
divestitures on net sales
Net sales organic
Net sales (GAAP)
Effect of acquisitions &
divestitures on net sales
Net sales organic
(in millions)
Q2 FY 24
$
480.2
$
19.3
$
460.9
$
889.4
$
32.5
$
856.9
Q2 FY 23
475.2
—
475.2
891.0
—
891.0
$ increase (decrease)
$
5.0
$
(14.3
)
$
(1.6
)
$
(34.1
)
% increase (decrease)
1.1
%
(3.0
)%
(0.2
)%
(3.8
)%
Organic Garden Segment Net Sales
Reconciliation
GAAP to Non-GAAP
Reconciliation
Three Months Ended March 30,
2024
Six Months Ended March 30,
2024
Net sales (GAAP)
Effect of acquisitions &
divestitures on net sales
Net sales organic
Net sales (GAAP)
Effect of acquisitions &
divestitures on net sales
Net sales organic
(in millions)
Q2 FY 24
$
419.9
$
—
$
419.9
$
645.2
$
—
$
645.2
Q2 FY 23
433.8
21.9
411.9
645.7
31.5
614.2
$ increase (decrease)
$
(13.9
)
$
8.0
$
(0.5
)
$
31.0
% increase (decrease)
(3.2
)%
1.9
%
(0.1
)%
5.0
%
Adjusted EBITDA Reconciliation
GAAP to Non-GAAP
Reconciliation
Three Months Ended March 30,
2024
Pet
Garden
Corporate
Total
(in thousands)
Net income attributable to Central Garden
& Pet Company
$
—
$
—
$
—
$
61,987
Interest expense, net
—
—
—
11,473
Other expense
—
—
—
171
Income tax expense
—
—
—
19,134
Net income attributable to noncontrolling
interest
—
—
—
682
Income (loss) from operations
$
62,659
$
57,066
$
(26,278
)
$
93,447
Depreciation & amortization
11,124
11,014
674
22,812
Noncash stock-based compensation
—
—
2,907
2,907
Facility closures
(1)
—
5,270
—
5,270
Adjusted EBITDA
$
73,783
$
73,350
$
(22,697
)
$
124,436
Adjusted EBITDA Reconciliation
GAAP to Non-GAAP
Reconciliation
Three Months Ended March 25,
2023
Pet
Garden
Corporate
Total
(in thousands)
Net income attributable to Central Garden
& Pet Company
$
—
$
—
$
—
$
48,115
Interest expense, net
—
—
—
14,690
Other income
—
—
—
(595
)
Income tax expense
—
—
—
15,268
Net income attributable to noncontrolling
interest
—
—
—
563
Income (loss) from operations
$
55,255
$
49,619
$
(26,833
)
$
78,041
Depreciation & amortization
10,474
10,818
817
22,109
Noncash stock-based compensation
—
—
6,750
6,750
Adjusted EBITDA
$
65,729
$
60,437
$
(19,266
)
$
106,900
Adjusted EBITDA Reconciliation
GAAP to Non-GAAP
Reconciliation
Six Months Ended March 30,
2024
Pet
Garden
Corporate
Total
(in thousands)
Net income attributable to Central Garden
& Pet Company
$
—
$
—
$
—
$
62,417
Interest expense, net
—
—
—
21,180
Other income
—
—
—
(822
)
Income tax expense
—
—
—
18,265
Net income attributable to noncontrolling
interest
—
—
—
819
Income (loss) from operations
$
106,047
$
48,180
$
(52,368
)
$
101,859
Depreciation & amortization
21,922
22,020
1,415
45,357
Noncash stock-based compensation
—
—
8,927
8,927
Facility closures
(1)
—
5,270
—
5,270
Adjusted EBITDA
$
127,969
$
75,470
$
(42,026
)
$
161,413
Adjusted EBITDA Reconciliation
GAAP to Non-GAAP
Reconciliation
Six Months Ended March 25,
2023
Pet
Garden
Corporate
Total
(in thousands)
Net income attributable to Central Garden
& Pet Company
$
—
$
—
$
—
$
39,682
Interest expense, net
—
—
—
28,466
Other income
—
—
—
(2,294
)
Income tax expense
—
—
—
12,446
Net income attributable to noncontrolling
interest
—
—
—
147
Income (loss) from operations
$
94,810
$
38,799
$
(55,162
)
$
78,447
Depreciation & amortization
20,586
21,660
1,555
43,801
Noncash stock-based compensation
—
—
13,327
13,327
Adjusted EBITDA
$
115,396
$
60,459
$
(40,280
)
$
135,575
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240508389740/en/
Investor Relations Contact Friederike Edelmann VP,
Investor Relations & Corporate Sustainability (925) 412-6726
fedelmann@central.com
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