Q3 fiscal 2022 net sales of $1,015
million
Q3 fiscal 2022 diluted GAAP EPS of
$1.39
Maintains outlook for fiscal 2022 diluted
GAAP EPS at or above prior year
Central Garden & Pet Company (NASDAQ: CENT) (NASDAQ: CENTA)
(“Central”), a market leader in the Garden and Pet industries,
today announced financial results for its fiscal 2022 third quarter
ended June 25, 2022.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20220803005741/en/
“In the face of a challenging environment, Central delivered
third quarter EPS two cents above the prior year quarter,” said Tim
Cofer, CEO of Central Garden & Pet. “Despite softness in the
garden segment due to unfavorable weather, evolving consumer
behavior, reduced foot traffic and changing retailer inventory
expectations, our team continued to execute well during the
quarter. We remain confident in our Central to Home strategy and
will make purposeful investments to capture opportunities in the
pet and garden industries that will drive profitable long-term
growth.”
Third Quarter Fiscal 2022 Financial Results
Net sales decreased 2% to $1,015 million compared to $1,037
million a year ago primarily due to softness in the garden segment.
Organic net sales decreased 5% compared to the prior year
quarter.
Gross margin of 30.3% was 60 basis points below prior year, as
pricing and productivity improvements were more than offset by cost
inflation in commodities, freight and labor, and unfavorable
product mix.
Operating income of $114 million grew 1% compared to $113
million in the prior year. Operating margin increased 30 basis
points to 11.2% despite continued inflation and heightened
investment spending.
Net interest expense was $14 million compared to $13 million a
year ago.
The Company's net income was $75 million, a decrease of 1% from
$76 million a year ago. Diluted GAAP earnings per share for the
quarter increased $0.02 to $1.39 from $1.37 in the prior year
quarter. Adjusted EBITDA of $141 million was in line with $141
million a year ago.
The Company’s effective tax rate was 23.7% compared to 22.5% in
the prior year quarter.
Garden Segment Third Quarter Fiscal 2022 Results
Net sales for the Garden segment decreased 4% to $511 million
from $529 million a year ago as contributions from the Company's
fourth quarter 2021 D&D acquisition were more than offset by a
decline in organic sales of 8%. Unfavorable weather impacted the
majority of the Company's garden business other than wild bird. On
a two-year compound annualized growth rate basis, organic Garden
segment sales increased 14% in the third quarter.
Garden segment operating income increased 13% to $76 million
driven by the strong performance of recent acquisitions. Operating
margin grew 210 basis points to 14.8%, mainly driven by
contributions from recent acquisitions and improved pricing,
partially offset by inflationary pressures and heightened
investment spending. Garden segment adjusted EBITDA increased 9% to
$85 million from $78 million in the prior year quarter.
Pet Segment Third Quarter Fiscal 2022 Results
Net sales for the Pet segment of $505 million were largely in
line with prior year sales of $508 million, with notable
contributions from the Company's dog & cat treats and toys and
outdoor cushion businesses, offset by reduced sales of pet beds
primarily due to SKU rationalization.
Pet segment operating income decreased 12% to $63 million, and
operating margin declined 160 basis points to 12.4%. Pet segment
adjusted EBITDA decreased 9% to $72 million from $80 million a year
ago, largely driven by inflationary headwinds and heightened
investment spending, partially offset by improved pricing.
Additional Information
The Company's cash balance at the end of the quarter was $196
million compared to $517 million a year ago.
Cash provided by operations during the quarter was $190 million
compared to $299 million a year ago. The decrease in cash provided
by operations was primarily due to changes in working capital
driven in part by management's decision to maintain adequate
inventory levels to combat a challenged supply chain as well as
higher cost of inventory in this inflationary environment.
Total debt was $1.2 billion as of June 25, 2022 and June 26,
2021. The Company's leverage ratio(1) was 2.9x at the end of the
third quarter and at the end of the prior year quarter. The Company
repurchased approximately 542 thousand shares or $22.1 million of
its stock during the quarter.
Fiscal 2022 Guidance
As indicated in our press release dated June 22, 2022, the
Company expects fiscal 2022 GAAP EPS to be at or above prior year.
The outlook takes into account increasing costs for commodities and
freight, exacerbated by the current geopolitical environment, labor
and a return to more normalized consumer demand patterns following
extraordinary demand spanning two fiscal years. This guidance
further includes anticipated pricing actions across the Company's
portfolio as well as investments in capacity expansion, brand
building, consumer insights, innovation and eCommerce to drive
sustainable growth. This outlook does not include the impact of
acquisitions that may close during fiscal 2022.
Conference Call
The Company's senior management will host a conference call
today at 4:30 p.m. Eastern Time | 1:30 p.m. Pacific Time to discuss
the Company's third quarter fiscal 2022 results. 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).
(1) Calculated using adjusted EBITDA as per the Company’s credit
agreement, filed with the SEC on December 21, 2021.
About Central Garden & Pet
Central Garden & Pet (NASDAQ: CENT) (NASDAQ: CENTA)
understands that home is central to life and has proudly nurtured
happy and healthy homes for over 40 years. With fiscal 2021 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 Pennington, Nylabone, Kaytee, Amdro
and Aqueon, strong manufacturing and distribution capabilities and
a passionate, entrepreneurial growth culture. Central Garden &
Pet is based in Walnut Creek, California and has over 7,000
employees across North America and Europe. For additional
information about Central, please visit www.central.com.
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 expectations for increased
levels of investment to drive capacity expansion, brand building
and eCommerce, increases in labor and freight cost as well as key
commodities, the accretive expectations for recent acquisitions, a
return to more normalized consumer demand patterns, in addition to
resuming more normal levels of travel, and their impact on future
growth, and earnings guidance for fiscal 2022, 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 the Company’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:
- rising inflation, a potential recession 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;
- fluctuations in energy prices, fuel and related petrochemical
costs;
- declines in consumer spending and increased inventory risk
during economic downturns;
- our ability to successfully manage the continuing impact of
COVID-19 on our business, including but not limited to, the impact
on our workforce, operations, fill rates, supply chain, demand for
our products and services, and our financial results and
condition;
- the potential for future reductions in demand for product
categories that benefited from the COVID-19 pandemic, including the
potential for reduced orders as retailers work through excess
inventory;
- adverse weather conditions;
- the success of our Central to Home strategy;
- risks associated with our acquisition strategy, including our
ability to successfully integrate acquisitions and the impact of
purchase accounting on our financial results;
- supply chain delays and disruptions resulting in lost sales,
reduced fill rates and service levels and delays in expanding
capacity and automating processes;
- 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;
- risk 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 dependence upon our key executives;
- our ability to recruit and retain new members of our management
team to support our growing businesses and to hire and retain
employees;
- our inability to protect our trademarks and other proprietary
rights;
- litigation and product liability claims;
- the impact of product recalls;
- potential costs and risks associated with actual or potential
cyber attacks;
- 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 the Company’s Securities
and Exchange Commission filings. The Company undertakes no
obligation to publicly update these forward-looking statements to
reflect new information, subsequent events or otherwise. The
Company has not filed its Form 10-Q for the fiscal quarter ended
June 25, 2022, 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)
ASSETS
June 25, 2022
June 26, 2021
September 25, 2021
Current assets:
Cash and cash equivalents
$
195,791
$
517,052
$
426,422
Restricted cash
12,676
11,679
13,100
Accounts receivable (less allowances of
$28,106, $30,506 and $29,219)
505,896
494,432
385,384
Inventories, net
882,522
626,635
685,237
Prepaid expenses and other
36,359
32,955
33,514
Total current assets
1,633,244
1,682,753
1,543,657
Plant, property and equipment, net
390,326
306,229
328,571
Goodwill
511,973
289,955
369,391
Other intangible assets, net
490,959
125,069
134,431
Operating lease right-of-use assets
193,627
149,628
165,602
Other assets
125,797
569,870
575,028
Total
$
3,345,926
$
3,123,504
$
3,116,680
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable
$
241,093
$
237,050
$
245,542
Accrued expenses
228,882
234,314
234,965
Current lease liabilities
45,860
39,557
40,731
Current portion of long-term debt
352
86
1,081
Total current liabilities
516,187
511,007
522,319
Long-term debt
1,185,842
1,183,591
1,184,683
Long-term lease liabilities
155,002
115,178
130,125
Deferred income taxes and other long-term
obligations
136,490
71,783
56,012
Equity:
Common stock, $0.01 par value: 11,322,012,
11,336,358 and 11,335,658 shares outstanding at June 25, 2022, June
26, 2021 and September 25, 2021
113
113
113
Class A common stock, $0.01 par value:
41,745,551, 42,726,118 and 42,282,922 shares outstanding at June
25, 2022, June 26, 2021 and September 25, 2021
417
427
423
Class B stock, $0.01 par value: 1,612,374,
1,612,374 and 1,612,374 at June 25, 2022, June 26, 2021 and
September 25, 2021
16
16
16
Additional paid-in capital
581,060
576,104
576,446
Retained earnings
771,341
665,534
646,082
Accumulated other comprehensive loss
(1,924
)
(1,831
)
(831
)
Total Central Garden & Pet Company
shareholders’ equity
1,351,023
1,240,363
1,222,249
Noncontrolling interest
1,382
1,582
1,292
Total equity
1,352,405
1,241,945
1,223,541
Total
$
3,345,926
$
3,123,504
$
3,116,680
CENTRAL GARDEN & PET COMPANY
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(in thousands, except per
share amounts, unaudited)
Three Months Ended
Nine Months Ended
June 25, 2022
June 26, 2021
June 25, 2022
June 26, 2021
Net sales
$
1,015,378
$
1,037,075
$
2,631,146
$
2,564,557
Cost of goods sold
707,752
716,765
1,838,532
1,806,427
Gross profit
307,626
320,310
792,614
758,130
Selling, general and administrative
expenses
193,547
207,069
545,476
513,239
Operating income
114,079
113,241
247,138
244,891
Interest expense
(14,422
)
(13,131
)
(43,633
)
(44,328
)
Interest income
87
45
188
322
Other (expense) income
(759
)
(1,086
)
(1,337
)
370
Income before income taxes and
noncontrolling interest
98,985
99,069
202,356
201,255
Income tax expense
23,430
22,315
47,319
45,260
Income including noncontrolling
interest
75,555
76,754
155,037
155,995
Net income attributable to noncontrolling
interest
135
568
895
1,242
Net income attributable to Central Garden
& Pet Company
$
75,420
$
76,186
$
154,142
$
154,753
Net income per share attributable to
Central Garden & Pet Company:
Basic
$
1.42
$
1.41
$
2.89
$
2.87
Diluted
$
1.39
$
1.37
$
2.82
$
2.80
Weighted average shares used in the
computation of net income per share:
Basic
53,237
53,976
53,392
53,882
Diluted
54,329
55,658
54,658
55,236
CENTRAL GARDEN & PET
COMPANY
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(in thousands,
unaudited)
Nine Months Ended
June 25, 2022
June 26, 2021
Cash flows from operating activities:
Net income
$
155,037
$
155,995
Adjustments to reconcile net income to net
cash (used) provided by operating activities:
Depreciation and amortization
58,333
52,759
Amortization of deferred financing
costs
1,982
1,577
Non-cash lease expense
36,042
29,914
Stock-based compensation
18,879
17,040
Debt extinguishment costs
169
8,577
Loss on sale of business
—
2,611
Deferred income taxes
8,199
6,992
(Gain) loss on sale of property and
equipment
(53
)
62
Other
7
2,083
Change in assets and liabilities
(excluding businesses acquired):
Accounts receivable
(121,392
)
(49,099
)
Inventories
(198,360
)
(85,382
)
Prepaid expenses and other assets
1,383
33,571
Accounts payable
(1,679
)
21,862
Accrued expenses
(7,072
)
10,102
Other long-term obligations
236
(640
)
Operating lease liabilities
(34,108
)
(29,402
)
Net cash (used) provided by operating
activities
(82,397
)
178,622
Cash flows from investing activities:
Additions to plant, property and
equipment
(98,553
)
(57,047
)
Payments to acquire companies, net of cash
acquired
—
(733,614
)
Proceeds from the sale of business
—
2,400
Investments
(2,318
)
—
Other investing activities
40
(633
)
Net cash used in investing activities
(100,831
)
(788,894
)
Cash flows from financing activities:
Repayments of long-term debt
(992
)
(400,072
)
Proceeds from issuance of long-term
debt
—
900,000
Borrowings under revolving line of
credit
—
858,000
Repayments under revolving line of
credit
—
(858,000
)
Premium paid on extinguishment of debt
—
(6,124
)
Repurchase of common stock, including
shares surrendered for tax withholding
(41,834
)
(7,811
)
Payment of contingent consideration
liability
(196
)
(254
)
Distribution to noncontrolling
interest
(806
)
(531
)
Payment of financing costs
(2,410
)
(14,109
)
Net cash (used) provided by financing
activities
(46,238
)
471,099
Effect of exchange rate changes on cash,
cash equivalents and restricted cash
(1,589
)
1,507
Net decrease in cash, cash equivalents and
restricted cash
(231,055
)
(137,666
)
Cash, cash equivalents and restricted cash
at beginning of period
439,522
666,397
Cash, cash equivalents and restricted cash
at end of period
$
208,467
$
528,731
Supplemental information:
Cash paid for interest
$
48,902
$
33,933
Cash paid for taxes
$
31,406
$
52,162
New operating lease right of use
assets
$
64,504
$
63,503
Use of Non-GAAP Financial Measures
We report our financial results in accordance with accounting
principles generally accepted in the United States (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, adjusted EBITDA and
organic sales. Management believes these non-GAAP financial
measures that exclude the impact of specific items (described
below) 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.
Adjusted EBITDA is defined by us as income before income tax,
net other expense, net interest expense, depreciation and
amortization and stock-based compensation (or operating income plus
depreciation and amortization and stock-based compensation
expense). 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 evaluation. 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.
We have also provided organic net sales, a non-GAAP measure that
excludes the impact of businesses purchased or exited in the prior
12 months, because we believe it permits investors to better
understand the performance of our historical business without the
impact of recent acquisitions or dispositions.
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. We have not
provided a reconciliation of non-GAAP guidance measures to the
corresponding GAAP measures on a forward-looking basis due to the
potential significant variability and limited visibility of the
excluded items. We believe that the non-GAAP financial measures
provide useful information to investors and other users of our
financial statements by allowing for greater transparency in the
review of our financial and operating performance. Management also
uses these non-GAAP financial measures in making financial,
operating and planning decisions and in evaluating our performance,
and we believe these measures similarly may be useful to investors
in evaluating our financial and operating performance and the
trends in our business from management's point of view. While our
management believes that non-GAAP measurements 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.
Non-GAAP financial measures reflect adjustments based on the
following items:
- Incremental expenses from note redemption and issuance: we have
excluded the impact of the incremental expenses incurred from the
note redemption and issuance as they represent an infrequent
transaction that occurs in limited circumstances that impacts the
comparability between operating periods. We believe the adjustment
of these expenses supplements the GAAP information with a measure
that may be used to assess the sustainability of our operating
performance.
- Loss on sale of business: we have excluded the impact of the
loss on the sale of a business as it represents an infrequent
transaction that occurs in limited circumstances that impacts the
comparability between operating periods. We believe the adjustment
of this loss 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.
The non-GAAP adjustments reflect the following:
- During the first quarter of fiscal 2021, we issued $500 million
aggregate principal amount of 4.125% senior notes due October 2030.
We used a portion of the proceeds to redeem all of our outstanding
6.125% senior notes due 2023. As a result of our redemption of the
2023 Notes, we incurred incremental expenses of approximately $10.0
million, comprised of a call premium payment of $6.1 million,
overlapping interest expense of approximately $1.4 million and a
$2.5 million non-cash charge for the write-off of unamortized
financing costs. These amounts are included in Interest expense in
the condensed consolidated statements of operations.
- During the first quarter of fiscal 2021, we recognized a loss
of $2.6 million, included in selling, general and administrative
expense in the consolidated statement of operations, from the sale
of our Breeder’s Choice business unit after concluding it was not a
strategic business for our Pet segment.
GAAP to Non-GAAP
Reconciliation
For the Three Months
Ended
For the Nine Months
Ended
Net Income and Diluted Net Income Per
Share Reconciliation
June 25, 2022
June 26, 2021
June 25, 2022
June 26, 2021
(in thousands, except per
share amounts)
GAAP net income attributable to Central
Garden & Pet Company
$
75,420
$
76,186
$
154,142
$
154,753
Incremental expenses from note redemption
and issuance
(1
)
—
—
—
9,952
Loss on sale of business
(2
)
—
—
—
2,611
Tax effect of incremental redemption
expenses and loss on sale
—
—
—
(2,825
)
Non-GAAP net income attributable to
Central Garden & Pet Company
$
75,420
$
76,186
$
154,142
$
164,491
GAAP diluted net income per share
$
1.39
$
1.37
$
2.82
$
2.80
Non-GAAP diluted net income per share
$
1.39
$
1.37
$
2.82
$
2.98
Shares used in GAAP and non-GAAP diluted
net earnings per share calculation
54,329
55,658
54,658
55,236
Organic Net Sales Reconciliation
We have provided organic net sales, a non-GAAP measure that
excludes the impact of recent acquisitions and dispositions,
because we believe it permits investors to better understand the
performance of our historical business. We define organic net sales
as net sales from our historical business derived by excluding the
net sales from businesses acquired or exited in the preceding 12
months. After an acquired business has been part of our
consolidated results for 12 months, the change in net sales
thereafter is considered part of the increase or decrease in
organic net sales.
Consolidated
GAAP to Non-GAAP
Reconciliation
For Three Months Ended June
25, 2022
For the Nine Months Ended June
25, 2022
Net sales (GAAP)
Effect of acquisition &
divestitures on increase in net sales
Net sales organic
Net sales (GAAP)
Effect of acquisition &
divestitures on increase in net sales
Net sales organic
(in millions)
Q3 FY 22
$
1,015.4
$
25.1
$
990.3
$
2,631.1
$
146.9
$
2,484.2
Q3 FY 21
1,037.1
—
1,037.1
2,564.6
3.9
2,560.7
$ increase (decrease)
$
(21.7
)
$
(46.8
)
$
66.5
$
(76.5
)
% increase (decrease)
(2.1
) %
(4.5
) %
2.6
%
(3.0
) %
Pet
GAAP to Non-GAAP
Reconciliation
For Three Months Ended June
25, 2022
For the Nine Months Ended June
25, 2022
Net sales (GAAP)
Effect of acquisition &
divestitures on increase in net sales
Net sales organic
Net sales (GAAP)
Effect of acquisition &
divestitures on increase in net sales
Net sales organic
(in millions)
Q3 FY 22
$
504.8
$
—
$
504.8
$
1,438.4
$
—
$
1,438.4
Q3 FY 21
507.8
—
507.8
1,436.2
3.9
1,432.3
$ increase
$
(3.0
)
$
(3.0
)
$
2.2
$
6.1
% increase
(0.6
) %
(0.6
) %
0.2
%
0.4
%
Garden
GAAP to Non-GAAP
Reconciliation
For Three Months Ended June
25, 2022
For the Nine Months Ended June
25, 2022
Net sales (GAAP)
Effect of acquisition &
divestitures on increase in net sales
Net sales organic
Net sales (GAAP)
Effect of acquisition &
divestitures on increase in net sales
Net sales organic
(in millions)
Q3 FY 22
$
510.6
$
25.1
$
485.5
$
1,192.7
$
146.9
$
1,045.8
Q3 FY 21
529.3
—
529.3
1,128.4
—
1,128.4
$ increase (decrease)
$
(18.7
)
$
(43.8
)
$
64.3
$
(82.6
)
% increase (decrease)
(3.5
) %
(8.3
) %
5.7
%
(7.3
) %
Adjusted EBITDA Reconciliation
GAAP to Non-GAAP
Reconciliation
For the Three Months Ended
June 25, 2022
Garden
Pet
Corp
Total
(in thousands)
Net income attributable to Central Garden
& Pet Company
$
—
$
—
$
—
$
75,420
Interest expense, net
—
—
—
14,335
Other expense
—
—
—
759
Income tax expense
—
—
—
23,430
Net income attributable to noncontrolling
interest
—
—
—
135
Sum of items below operating income
—
—
—
38,659
Income (loss) from operations
$
75,564
$
62,616
$
(24,101
)
$
114,079
Depreciation & amortization
9,118
9,791
975
19,884
Noncash stock-based compensation
—
—
7,400
7,400
Adjusted EBITDA
$
84,682
$
72,407
$
(15,726
)
$
141,363
Adjusted EBITDA Reconciliation
GAAP to Non-GAAP
Reconciliation
For the Three Months Ended
June 26, 2021
Garden
Pet
Corp
Total
(in thousands)
Net income attributable to Central Garden
& Pet Company
$
—
$
—
$
—
$
76,186
Interest expense, net
—
—
—
13,086
Other expense
—
—
—
1,086
Income tax expense
—
—
—
22,315
Net income attributable to noncontrolling
interest
—
—
—
568
Sum of items below operating income
—
—
—
37,055
Income (loss) from operations
$
67,037
$
71,021
$
(24,817
)
$
113,241
Depreciation & amortization
10,808
8,960
1,222
20,990
Noncash stock-based compensation
—
—
6,646
6,646
Adjusted EBITDA
$
77,845
$
79,981
$
(16,949
)
$
140,877
Adjusted EBITDA Reconciliation
GAAP to Non-GAAP
Reconciliation
For the Nine Months Ended June
25, 2022
Garden
Pet
Corp
Total
(in thousands)
Net income attributable to Central Garden
& Pet Company
$
—
$
—
$
—
$
154,142
Interest expense, net
—
—
—
43,445
Other expense
—
—
—
1,337
Income tax expense
—
—
—
47,319
Net income attributable to noncontrolling
interest
—
—
—
895
Sum of items below operating income
—
—
—
92,996
Income (loss) from operations
$
152,132
$
168,512
$
(73,506
)
$
247,138
Depreciation & amortization
26,457
28,879
2,997
58,333
Noncash stock-based compensation
—
—
18,879
18,879
Adjusted EBITDA
$
178,589
$
197,391
$
(51,630
)
$
324,350
Adjusted EBITDA Reconciliation
GAAP to Non-GAAP
Reconciliation
For the Nine Months Ended June
26, 2021
Garden
Pet
Corp
Total
(in thousands)
Net income attributable to Central Garden
& Pet Company
$
—
$
—
$
—
$
154,753
Interest expense, net
—
—
—
44,006
Other income
—
—
—
(370
)
Income tax expense
—
—
—
45,260
Net income attributable to noncontrolling
interest
—
—
—
1,242
Sum of items below operating income
—
—
—
90,138
Income (loss) from operations
$
137,650
$
176,604
$
(69,363
)
$
244,891
Depreciation & amortization
22,250
26,927
3,582
52,759
Noncash stock-based compensation
—
—
17,040
17,040
Adjusted EBITDA
$
159,900
$
203,531
$
(48,741
)
$
314,690
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220803005741/en/
Investor Relations Contact Friederike Edelmann VP,
Investor Relations (925) 412-6726 fedelmann@central.com
Central Garden and Pet (NASDAQ:CENT)
Historical Stock Chart
From Jun 2024 to Jul 2024
Central Garden and Pet (NASDAQ:CENT)
Historical Stock Chart
From Jul 2023 to Jul 2024