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Ashlon Jackson scores career-best 30 points to lead No. 14 Duke past No. 10 Kansas 73-62WALNUT CREEK, Calif.--(BUSINESS WIRE)--Nov 25, 2024-- Central Garden & Pet Company (NASDAQ: CENT) (NASDAQ: CENTA) ("Central"), a market leader in the pet and garden industries, today announced results for its fourth quarter and fiscal year ended September 28, 2024. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20241125974807/en/ "We have a lot to be proud of this year. We increased non-GAAP EPS, continued margin expansion, made significant progress on our Cost and Simplicity program, and achieved strong profits in our Pet segment and record cash flow for the company. We accomplished this despite continued soft demand across our Pet segment, in particular in durable pet products, and a difficult garden season," said Niko Lahanas, Central Garden & Pet's new CEO. "While we expect the external environment to remain challenging, I am confident we have the right strategy and people in place to deliver profitable growth in fiscal 2025 and for the long term." Fiscal 2024 Results Net sales were $3.2 billion compared to $3.3 billion in the prior year, a decrease of 3%. Fiscal 2023 benefited from an additional week in the fourth quarter. Organic net sales decreased 4% excluding the impact of the acquisition of TDBBS in fiscal 2024 and the sale of the independent garden channel distribution business in fiscal 2023. Net sales for the Pet segment were $1.83 billion compared to $1.88 billion a year ago, a decrease of 2%. Pet organic net sales decreased 6%. Net sales for the Garden segment were $1.37 billion compared to $1.43 billion in the prior year, a decrease of 5%. Garden organic net sales decreased 1%. Gross margin expanded by 90 basis points to 29.5% from 28.6% in the prior year. On a non-GAAP basis, gross margin expanded by 110 basis points to 30.0% from 28.9% a year ago driven by productivity efforts and moderating inflation. Operating income was $185 million compared to $211 million in the prior year, a decrease of 12%. On a non-GAAP basis, operating income was $223 million compared to $227 million a year ago. Operating margin was 5.8% compared to 6.4% in the prior year. On a non-GAAP basis, operating margin expanded to 7.0% from 6.9% a year ago due to improved gross margin and continued cost discipline in selling, general and administrative expense. Net interest expense was $38 million compared to $50 million in the prior year driven by higher interest income. Other expense was $5.1 million compared to other income of $1.5 million a year ago due to the impairment of two underperforming equity investments in the fourth quarter. Net income was $108 million compared to $126 million in the prior year. On a non-GAAP basis, net income increased to $142 million from $138 million a year ago. Earnings per share were $1.62 compared to $1.88 in the prior year. On a non-GAAP basis, earnings per share increased to $2.13 from $2.07 a year ago. Adjusted EBITDA was $334 million compared to $343 million in the prior year. The effective tax rate for the fiscal year was 23.2% compared to 22.4% a year ago primarily due to an increase in the blended state income tax rate in the current year compared to the prior year. Fourth Quarter Fiscal 2024 Results Net sales were $669 million compared to $750 million a year ago, a decrease of 11%. The prior year quarter benefited from an extra week. Organic net sales decreased 13% excluding the impact of the acquisition of TDBBS and the sale of the independent garden channel distribution business. Gross margin contracted by 110 basis points to 25.2% compared to 26.3% a year ago primarily driven by the impairment of grass seed inventory more than offsetting moderating inflation and productivity efforts. On a non-GAAP basis, gross margin contracted by 60 basis points to 26.0% from 26.6% in the prior year. Operating loss was $32 million compared to operating income of $9 million a year ago. On a non-GAAP basis, operating loss was $11 million compared to operating income of $12 million reflecting lower volumes, the inventory impairment, and the timing of expenses related to productivity and commercial initiatives. Operating margin was (4.8)% compared to 1.2% in the prior year. On a non-GAAP basis, operating margin contracted to (1.7)% from 1.6% a year ago. Other expense was $6 million compared to $2 million in the prior year. Net interest expense was $6 million compared to $8 million a year ago. Net loss was $34 million compared to net income of $3 million in the prior year. On a non-GAAP basis, net loss was $12 million compared to net income $5 million a year ago. Loss per share was $0.51 compared to earnings per share of $0.04 in the prior year. On a non-GAAP basis, loss per share was $0.18 compared to earnings per share of $0.08 a year ago. Adjusted EBITDA was $17 million compared to $42 million in the prior year. Pet Segment Fourth Quarter Fiscal 2024 Results Net sales for the Pet segment were $435 million compared to $483 million in the prior year, a decrease of 10%. The decrease was primarily due to an extra week in the prior year quarter. Organic net sales decreased 14% excluding the impact of the acquisition of TDBBS. The Pet segment’s operating income was $14 million compared to $43 million a year ago. On a non-GAAP basis, operating income was $35 million compared to $48 million in the prior year due to lower volume and the timing of expenses related to productivity and commercial initiatives. Operating margin was 3.3% compared to 9.0% in the prior year. On a non-GAAP basis, operating margin was 8.0% compared to 9.9% a year ago. Pet segment adjusted EBITDA was $45 million compared to $58 million in the prior year quarter. Garden Segment Fourth Quarter Fiscal 2024 Results Net sales for the Garden segment were $234 million compared to $267 million a year ago, a decrease of 12%. The decrease was primarily due to an extra week in the prior year quarter. Organic net sales decreased 11% excluding the impact of the sale of the independent garden channel distribution business. The Garden segment’s operating loss was $29 million compared to a loss of $3 million in the prior year. On a non-GAAP basis, operating loss was $25 million compared to a loss of $5 million a year ago due to lower volume as well as the impairment of grass seed inventory. Operating margin was (12.3)% compared to (1.3)% in the prior year. On a non-GAAP basis, operating margin was (10.6)% compared to (2.0)% a year ago. Garden segment adjusted EBITDA was $(14) million compared to $6 million in the prior year. Liquidity and Debt At September 28, 2024, cash and cash equivalents was $754 million, compared to $489 million a year ago. The increase in cash and cash equivalents was driven by converting inventory to cash over the last 12 months and lower capital expenditures. Cash provided by operations for fiscal 2024 was $395 million, compared to $382 million in the prior year. The increase in cash provided by operations was primarily due to changes in working capital driven by the reduction in inventory. Total debt at September 28, 2024 and September 30, 2023 was $1.2 billion. The gross leverage ratio, calculated using the definitions for Indebtedness and EBITDA in Central's credit agreement, at the end of the quarter was 3.1x, in line with the prior year. Central repurchased 270,032 shares or $9 million of its stock during the quarter. Subsequent to the fiscal year end, Central purchased an additional 1,663,479 shares or $52 million of its stock through November 21, 2024. Non-GAAP Adjustments Fiscal 2024 Central recognized $45 million in non-GAAP charges in fiscal 2024, $28 million of which related to Cost & Simplicity initiatives. Within the Garden segment, this included closure and consolidation of one manufacturing facility, six distribution facilities and one research facility as well as beginning the wind-down of Central's pottery business. Within the Pet segment, this included the announced closure and consolidation of two manufacturing facilities related to a durable pet supply business as well as impairment of intangible assets related to this business due to changing market conditions and increased international competition. In addition to Cost & Simplicity related charges, Central recognized $4 million in charges related to the impairment of equity investments in two underperforming private businesses, partially offset by a gain on the settlement of a litigation. The $45 million overall charge was mostly noncash, with $16 million included in cost of goods sold, $21 million in selling, general and administrative expense, and $8 million in other expense. Fourth Quarter Fiscal 2024 Non-GAAP charges for the fourth quarter were $29 million, $12 million of which related to Cost & Simplicity initiatives, $13 million related to intangible impairments, and $4 million related to the equity investment write downs and partially offsetting a gain on the settlement of a litigation. The $29 million overall charge was mostly noncash, with $5 million included in cost of goods sold, $16 million in selling, general and administrative expense, and $8 million in other expense. Outlook for Fiscal 2025 Central currently expects fiscal 2025 non-GAAP EPS to be $2.20 or better. This outlook takes into consideration deflationary pressure in certain commodity businesses, evolving consumer behavior in an environment of macroeconomic and geopolitical uncertainty, and the challenging brick-and-mortar retail environment. Central expects fiscal 2025 capital spending to be in the range of $60-70 million. This outlook excludes the impact of any acquisitions, divestitures or restructuring activities that may occur during fiscal 2025, including projects under the Cost and Simplicity program. Conference Call Central will hold a conference call today at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time), hosted by Niko Lahanas, CEO, and Brad Smith, CFO, to discuss these results and to 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 #13748436. 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 2024 net sales of $3.2 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 ®, C&S ®, Farnam ®, Ferry-Morse ®, Four Paws ®, Kaytee ®, Nylabone ® and Pennington ®, strong manufacturing and distribution capabilities, and a passionate, entrepreneurial growth culture. Central is based in Walnut Creek, California, with 6,450 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, productivity initiatives and estimated capital spending, and earnings guidance for fiscal 2025, 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 actual results to differ materially from the forward-looking statements contained in this release including, but not limited to, the following factors: 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 GARDEN & PET COMPANY CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) (unaudited) ASSETS September 28, 2024 September 30, 2023 Current assets: Cash and cash equivalents $ 753,550 $ 488,730 Restricted cash 14,853 14,143 Accounts receivable, net 326,220 332,890 Inventories, net 757,943 838,188 Prepaid expenses and other 34,240 33,172 Total current assets 1,886,806 1,707,123 Plant, property and equipment, net 379,166 391,768 Goodwill 551,361 546,436 Other intangible assets, net 473,280 497,228 Operating lease right-of-use assets 205,137 173,540 Other assets 57,689 62,553 Total $ 3,553,439 $ 3,378,648 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 212,606 $ 190,902 Accrued expenses 245,226 216,241 Current lease liabilities 57,313 50,597 Current portion of long-term debt 239 247 Total current liabilities 515,384 457,987 Long-term debt 1,189,809 1,187,956 Long-term lease liabilities 173,086 135,621 Deferred income taxes and other long-term obligations 117,615 144,271 Equity: Common stock ($.01 par value; 80 million shares authorized; 11,074,620 and 11,077,612 issued, respectively) 111 111 Class A common stock ($.01 par value; 100 million shares authorized; 54,446,194 and 54,472,902 issued, respectively) 544 544 Class B stock ($.01 par value; 3 million shares authorized; 1,602,374 and 1,602,374 issued, respectively) 16 16 Additional paid-in capital 598,098 594,282 Retained earnings 959,511 859,370 Accumulated other comprehensive loss (2,626 ) (2,970 ) Total Central Garden & Pet shareholders’ equity 1,555,654 1,451,353 Noncontrolling interest 1,891 1,460 Total equity 1,557,545 1,452,813 Total $ 3,553,439 $ 3,378,648 CENTRAL GARDEN & PET COMPANY CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) (unaudited) Three Months Ended Fiscal Year Ended September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 Net sales $ 669,489 $ 750,147 $ 3,200,460 $ 3,310,083 Cost of goods sold 500,537 552,694 2,256,725 2,363,241 Gross profit 168,952 197,453 943,735 946,842 Selling, general and administrative expenses 201,360 188,084 758,348 736,196 Operating (loss) income (32,408 ) 9,369 185,387 210,646 Interest expense (14,115 ) (13,138 ) (57,527 ) (57,025 ) Interest income 7,639 5,075 19,655 7,362 Other income (expense), net (6,137 ) (1,685 ) (5,090 ) 1,462 Income (loss) before income taxes and noncontrolling interest (45,021 ) (379 ) 142,425 162,445 Income tax (benefit) expense (10,621 ) (3,098 ) 33,112 36,348 Net income (loss) including noncontrolling interest (34,400 ) 2,719 109,313 126,097 Net income (loss) attributable to noncontrolling interest (242 ) (116 ) 1,330 454 Net income (loss) attributable to Central Garden & Pet Company $ (34,158 ) $ 2,835 $ 107,983 $ 125,643 Net income (loss) per share attributable to Central Garden & Pet Company: Basic $ (0.52 ) $ 0.04 $ 1.64 $ 1.92 Diluted $ (0.51 ) $ 0.04 $ 1.62 $ 1.88 Weighted average shares used in the computation of net income per share: Basic 65,939 65,265 65,711 65,493 Diluted 66,917 66,671 66,860 66,783 CENTRAL GARDEN & PET COMPANY CONSOLIDATED STATEMENTS OF CASH FLOWS Fiscal Year Ended September 28, 2024 September 30, 2023 September 24, 2022 (in thousands) Cash flows from operating activities: Net income $ 109,313 $ 126,097 $ 152,672 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 90,807 87,700 80,948 Amortization of deferred financing costs 2,687 2,698 2,657 Non-cash lease expense 56,180 51,868 48,656 Stock-based compensation 20,583 27,990 25,817 Debt extinguishment costs — — 169 Gain on sale of business — (5,845 ) — Deferred income taxes (14,482 ) (12,253 ) 28,128 Facility closures and business exit costs 27,842 15,674 — Impairment of intangibles 12,790 — — Other asset impairments 7,462 750 — Other 906 (525 ) (648 ) Changes in assets and liabilities (excluding businesses acquired): Receivables 11,857 43,980 7,004 Inventories 86,980 (256,443 ) Prepaid expenses and other assets 11,944 8,813 (6,031 ) Accounts payable 18,373 (19,962 ) (31,209 ) Accrued expenses 6,766 (33,495 ) Other long-term obligations (12,631 ) 9,595 (7,728 ) Operating lease liabilities (50,197 ) (48,692 ) (44,527 ) Net cash provided by (used in) operating activities 394,892 381,634 (34,030 ) Cash flows from investing activities: Additions to property, plant and equipment (43,135 ) (53,966 ) (115,205 ) Business acquired, net of cash acquired (60,226 ) — — Proceeds from sale of business — 20,000 — Payments for investments (1,650 ) (500 ) (27,818 ) Other investing activities (175 ) (115 ) 40 Net cash used in investing activities (105,186 ) (34,581 ) (142,983 ) Cash flows from financing activities: Repayments on revolving line of credit — (48,000 ) — Borrowings on revolving line of credit — 48,000 — Repayments of long-term debt (370 ) (338 ) (1,096 ) Repurchase of common stock, including shares surrendered for tax withholding (24,075 ) (37,161 ) (62,287 ) Payments of contingent consideration (95 ) (54 ) (216 ) Distribution to noncontrolling interest (899 ) — (806 ) Payment of financing costs — — (2,410 ) Net cash used in financing activities (25,438 ) (37,553 ) (66,815 ) Effect of exchange rate changes on cash and equivalents 1,261 1,189 (3,510 ) Net increase (decrease) in cash, cash equivalents and restricted cash 265,530 310,689 (247,338 ) Cash, cash equivalents and restricted cash at beginning of year 502,873 192,184 439,522 Cash, cash equivalents and restricted cash at end of year $ 768,403 $ 502,873 $ 192,184 Supplemental information: Cash paid for interest $ 57,531 $ 57,143 $ 57,928 Cash paid for income taxes – net of refunds 53,582 17,910 34,964 Non-cash investing and financing activities: Capital expenditures incurred but not paid 1,936 2,243 8,016 Liability for contingent performance based payments (20 ) (374 ) (847 ) Shares of common stock repurchased but not settled 536 — 911 Lease liabilities arising from obtaining right-of-use assets 95,391 42,777 70,794 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, non-GAAP gross profit and gross margin, non-GAAP selling, general and administrative expense, 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. 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 exits of business, intangible and investment impairments and gains from a litigation settlement. 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. We have not provided a reconciliation of non-GAAP guidance measures to the corresponding GAAP measures on a forward-looking basis as we cannot do so without unreasonable efforts due to the potential variability and limited visibility of excluded items. For the same reasons, we are unable to address the probable significance of the unavailable information. Non-GAAP financial measures reflect adjustments based on the following items: 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 made reflect the following: Facility closures and business exits (1) During the fourth quarter of fiscal year 2024, we recognized incremental expense of $7.5 million in our Pet segment in the consolidated statement of operations, from the closure of manufacturing facilities in California and Arizona. Additionally, we recognized incremental expense in our Garden segment of $3.9 million related to facility closures and business exits announced in fiscal 2023 and earlier in fiscal 2024. (2) During the third quarter of fiscal 2024, we recognized incremental expense of $11.1 million in the consolidated statement of operations, from the decision to exit the pottery business, the closure of a live goods distribution facility in Delaware and the relocation of our grass seed research facility. (3) 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 California and the consolidation of our Southeast distribution network. (4) During the fourth quarter of fiscal 2023, we recognized a gain of $5.8 million from the sale of our independent garden center distribution business, which includes the impact of associated facility closure costs. The gain is included in selling, general and administrative expense in the consolidated statement of operations. (5) In fiscal 2023, we recognized incremental expense of $13.9 million in our Pet segment in the consolidated statement of operations from the closure of a manufacturing and distribution facility in Texas. Additionally, we recognized incremental expense of $1.8 million in our Pet segment in the consolidated statement of operations, from the closure of a second manufacturing and distribution facility in Texas. Intangible Impairments (6) During the fourth quarter of fiscal 2024, we recognized a non-cash impairment charge in our Pet segment of $12.8 million related to the impairment of intangible assets due primarily to changing market conditions resulting from the decline in demand for durable products and increased international competition. (7) In fiscal 2023, we recognized a non-cash impairment charge in our Pet segment of $2.8 million related to the impairment of intangible assets caused by the loss of a significant customer in our live fish business. Also, we recognized a non-cash impairment charge in our Garden segment of $3.9 million related to the impairment of intangible assets due to reduced demand for products we sold under an acquired trade name. The impairments were recorded as part of selling, general and administrative costs. Gain from litigation and investment impairment (8) Within corporate, the Company received $3.2 million during the fourth quarter of fiscal 2024 in settlement of litigation which gain is included in selling, general and administrative expense. Additionally, we recognized a $7.5 million non-cash impairment charge for two related private company investments that is included within Other income (expense) in the consolidated statement of operations. Net Income and Diluted Net Income Per Share Reconciliation GAAP to Non-GAAP Reconciliation Three Months Ended Fiscal Year Ended September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 (in thousands, except per share amount) GAAP net (loss) income attributable to Central Garden & Pet Company $ (34,158 ) $ 2,835 $ 107,983 $ 125,643 Facility closures (1)(2)(3)(5) 11,457 1,751 27,842 15,672 Intangible impairments (6)(7) 12,790 6,731 12,790 6,731 Litigation settlement (8) (3,200 ) — (3,200 ) — Independent channel distribution business sale (4) — (5,844 ) — (5,844 ) Investment impairment (8) 7,461 — 7,461 — Tax effect of adjustments (6,725 ) (332 ) (10,437 ) (3,705 ) Non-GAAP net (loss) income attributable to Central Garden & Pet Company $ (12,375 ) $ 5,141 $ 142,439 $ 138,497 GAAP diluted net income per share $ (0.51 ) $ 0.04 $ 1.62 $ 1.88 Non-GAAP diluted net income per share $ (0.18 ) $ 0.08 $ 2.13 $ 2.07 Shares used in GAAP and non-GAAP diluted net income per share calculation 66,917 66,671 66,860 66,783 Operating Income Reconciliation GAAP to Non-GAAP Reconciliation Three Months Ended September 28, 2024 Fiscal Year Ended September 28, 2024 GAAP Adjustments (1)(6)(8) Non-GAAP GAAP Adjustments (1)(2)(3)(6)(8) Non-GAAP (in thousands) Net sales $ 669,489 $ — $ 669,489 $ 3,200,460 $ — $ 3,200,460 Cost of goods sold and occupancy 500,537 5,209 495,328 2,256,725 16,349 2,240,376 Gross profit 168,952 (5,209 ) 174,161 943,735 (16,349 ) 960,084 Selling, general and administrative expenses 201,360 15,838 185,522 758,348 21,083 737,265 (Loss) Income from operations $ (32,408 ) $ (21,047 ) $ (11,361 ) $ 185,387 $ (37,432 ) $ 222,819 Gross margin 25.2 % 26.0 % 29.5 % 30.0 % Operating margin (4.8 )% (1.7 )% 5.8 % 7.0 % Operating Income Reconciliation GAAP to Non-GAAP Reconciliation Three Months Ended September 30, 2023 Fiscal Year Ended September 30, 2023 GAAP Adjustments (4)(5)(7) Non-GAAP GAAP Adjustments (4)(5)(7) Non-GAAP (in thousands) Net sales $ 750,147 $ — $ 750,147 $ 3,310,083 $ — $ 3,310,083 Cost of goods sold and occupancy 552,694 1,751 550,943 2,363,241 9,761 2,353,480 Gross profit 197,453 (1,751 ) 199,204 946,842 (9,761 ) 956,603 Selling, general and administrative expenses 188,084 887 187,197 736,196 6,798 729,398 Income from operations $ 9,369 $ (2,638 ) $ 12,007 $ 210,646 $ (16,559 ) $ 227,205 Gross margin 26.3 % 26.6 % 28.6 % 28.9 % Operating margin 1.2 % 1.6 % 6.4 % 6.9 % Pet Segment Operating Income Reconciliation GAAP to Non-GAAP Reconciliation Three Months Ended Fiscal Year Ended September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 (in thousands) GAAP operating income $ 14,310 $ 43,225 $ 203,425 $ 198,004 Facility closures (1)(5) 7,549 1,751 7,549 15,672 Intangible impairments (6)(7) 12,790 2,785 12,790 2,785 Non-GAAP operating income $ 34,649 $ 47,761 $ 223,764 $ 216,461 GAAP operating margin 3.3 % 9.0 % 11.1 % 10.5 % Non-GAAP operating margin 8.0 % 9.9 % 12.2 % 11.5 % Garden Segment Operating Income Reconciliation GAAP to Non-GAAP Reconciliation Three Months Ended Fiscal Year Ended September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 (in thousands) GAAP operating income $ (28,806 ) $ (3,432 ) $ 81,893 $ 123,455 Facility closures (1)(2)(3) 3,908 — 20,293 — Independent channel distribution business sale (4) — (5,844 ) — (5,844 ) Intangible impairments (7) — 3,946 — 3,946 Non-GAAP operating income (loss) $ (24,898 ) $ (5,330 ) $ 102,186 $ 121,557 GAAP operating margin (12.3 )% (1.3 )% 6.0 % 8.6 % Non-GAAP operating margin (10.6 )% (2.0 )% 7.5 % 8.5 % Organic Net Sales Reconciliation GAAP to Non-GAAP Reconciliation Three Months Ended September 28, 2024 Fiscal Year Ended September 28, 2024 Net sales (GAAP) Effect of acquisitions & divestiture on net sales Net sales organic Net sales (GAAP) Effect of acquisitions & divestitures on net sales Net sales organic (in millions) Reported net sales FY 2024 $ 669.5 $ 18.0 $ 651.5 $ 3,200.5 $ 66.4 $ 3,134.1 Reported net sales FY 2023 750.1 3.7 746.4 3,310.1 48.1 3,262.0 $ decrease $ (80.6 ) $ 14.3 $ (94.9 ) $ (109.6 ) $ 18.3 $ (127.9 ) % decrease (10.7 )% (12.7 )% (3.3 )% (3.9 )% Organic Pet Segment Net Sales Reconciliation GAAP to Non-GAAP Reconciliation Three Months Ended September 28, 2024 Fiscal Year Ended September 28, 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) Reported net sales FY 2024 $ 435.3 $ 18.0 $ 417.3 $ 1,832.8 $ 66.4 $ 1,766.4 Reported net sales FY 2023 482.8 — 482.8 1,877.2 — 1,877.2 $ decrease $ (47.5 ) $ 18.0 $ (65.5 ) $ (44.4 ) $ 66.4 $ (110.8 ) % decrease (9.8 )% (13.6 )% (2.4 )% (5.9 )% Organic Garden Segment Net Sales Reconciliation GAAP to Non-GAAP Reconciliation Three Months Ended September 28, 2024 Fiscal Year Ended September 28, 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) Reported net sales FY 2024 $ 234.2 $ — $ 234.2 $ 1,367.7 $ — $ 1,367.7 Reported net sales FY 2023 267.3 3.7 263.6 1,432.9 48.1 1,384.8 $ decrease $ (33.1 ) $ (3.7 ) $ (29.4 ) $ (65.2 ) $ (48.1 ) $ (17.1 ) % decrease (12.4 )% (11.2 )% (4.6 )% (1.2 )% Adjusted EBITDA Reconciliation GAAP to Non-GAAP Reconciliation Fiscal Year Ended September 28, 2024 Pet Garden Corp Total (in thousands) Net income attributable to Central Garden & Pet $ — $ — $ — $ 107,983 Interest expense, net — — — 37,872 Other expense — — — 5,090 Income tax expense — — — 33,112 Net income attributable to noncontrolling interest — — — 1,330 Sum of items below operating income — — — 77,404 Income (loss) from operations 203,425 81,893 (99,931 ) 185,387 Depreciation & amortization 43,642 44,403 2,762 90,807 Noncash stock-based compensation — — 20,583 20,583 Non-GAAP adjustments (1)(2)(3)(6)(8) 20,339 20,293 (3,200 ) 37,432 Adjusted EBITDA $ 267,406 $ 146,589 $ (79,786 ) $ 334,209 GAAP to Non-GAAP Reconciliation Fiscal Year Ended September 30, 2023 Pet Garden Corp Total (in thousands) Net income attributable to Central Garden & Pet $ — $ — $ — $ 125,643 Interest expense, net — — — 49,663 Other income — — — (1,462 ) Income tax expense — — — 36,348 Net income attributable to noncontrolling interest — — — 454 Sum of items below operating income — — — 85,003 Income (loss) from operations 198,004 123,455 (110,813 ) 210,646 Depreciation & amortization 41,126 43,375 3,199 87,700 Noncash stock-based compensation — — 27,990 27,990 Non-GAAP adjustments (4)(5)(7) 18,457 (1,898 ) — 16,559 Adjusted EBITDA $ 257,587 $ 164,932 $ (79,624 ) $ 342,895 Adjusted EBITDA Reconciliation GAAP to Non-GAAP Reconciliation Three Months Ended September 28, 2024 Pet Garden Corp Total (in thousands) Net loss attributable to Central Garden & Pet $ — $ — $ — $ (34,158 ) Interest expense, net — — — 6,476 Other expense — — — 6,137 Income tax benefit — — — (10,621 ) Net loss attributable to noncontrolling interest — — — (242 ) Sum of items below operating income — — — 1,750 Income (loss) from operations 14,310 (28,806 ) (17,912 ) (32,408 ) Depreciation & amortization 10,741 11,375 622 22,738 Noncash stock-based compensation — — 5,445 5,445 Non-GAAP adjustments (1)(2)(3)(6)(8) 20,339 3,908 (3,200 ) 21,047 Adjusted EBITDA $ 45,390 $ (13,523 ) $ (15,045 ) $ 16,822 Adjusted EBITDA Reconciliation GAAP to Non-GAAP Reconciliation Three Months Ended September 30, 2023 Pet Garden Corp Total (in thousands) Net income attributable to Central Garden & Pet $ — $ — $ — $ 2,835 Interest expense, net — — — 8,063 Other expense — — — 1,685 Income tax benefit — — — (3,098 ) Net loss attributable to noncontrolling interest — — — (116 ) Sum of items below operating income — — — 6,534 Income (loss) from operations 43,225 (3,432 ) (30,424 ) 9,369 Depreciation & amortization 10,479 10,892 825 22,196 Noncash stock-based compensation — — 7,358 7,358 Non-GAAP adjustments (4)(5)(7) 4,536 (1,898 ) — 2,638 Adjusted EBITDA $ 58,240 $ 5,562 $ (22,241 ) $ 41,561 View source version on businesswire.com : https://www.businesswire.com/news/home/20241125974807/en/ CONTACT: Investor & Media Contact Friederike Edelmann VP of Investor Relations & Corporate Sustainability (925) 412 6726 |fedelmann@central.com KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: RETAIL CONSUMER HOME GOODS SPECIALTY PETS CONSTRUCTION & PROPERTY LANDSCAPE SOURCE: Central Garden & Pet Company Copyright Business Wire 2024. PUB: 11/25/2024 04:03 PM/DISC: 11/25/2024 04:03 PM http://www.businesswire.com/news/home/20241125974807/enGARY LINEKER has landed his first job since announcing his Match of the Day exit. The legendary England striker, 63, revealed earlier this month he will leave the iconic BBC programme at the end of the season after 25 years as host. And just two weeks later his newest project has been unveiled as he prepares to get involved in Baller League UK. The football tournament was launched in Germany earlier this year and includes the likes of Mats Hummels and Lukasz Podolski. The league is made up of 12 teams consisting of six players on each side, with weekly matches taking place indoors across two 15-minute halves. Now the trailer announcing UK and US versions has been released on social media - with a plethora of star-studded names involved. READ MORE ON GARY LINEKER The ad, set in an airport, features a mix of YouTubers and ex-footballers. Lineker is joined by Match of the Day pundits Alan Shearer and Micah Richards for his segment of the video. Lineker and Shearer are left in hysterics as Richards swandives on to the floor and rips his trousers in an attempt to beat his MOTD pals to a header. The BBC presenter then says "Talk about bursting on the seam!" - a play-on words on Richards' famous "bursting on to the scene" quote. Most read in Sport CASINO SPECIAL - BEST CASINO WELCOME OFFERS Lineker has been named a team manager in the league - with a host of former players joining him to head up rival sides. Shearer and Richards have also been confirmed as head coaches, along with Chelsea legend and ex-England captain John Terry - who replicates his 2012 Champions League final antics by appearing in the video in full kit. Arsenal Invincibles trio Jens Lehmann, Robert Pires and Freddie Ljunberg will also be coaches, as will ex- Real Madrid superstar Luis Figo. Ronaldinho is also seen at the end of the clip as he smiles on a plane in a scene with IShowSpeed - who will be the Baller League USA president. It is unclear what Ronaldinho's involvement will be. KSI has been announced as the president of Baller League UK. It is set to get underway in March next year and finish in May - with coverage being hosted by Chunkz on Twitch. Rule changes will also take place during certain matches - including 3 vs 3 games, goals scored from the back two thirds of the pitch counting for double, and one-on-one match-ups starting behind the halfway line. Trials for players hoping to take part in the league will be staged in London and Manchester. They will include free agents, futsal players, academy youngsters, street ballers and retired pros. KSI said: "I have high hopes for what this league can bring to the sport. READ MORE SUN STORIES "We're bringing a different style to football, a different energy to the normal and showing a different level of entertainment to the sport. "Very exciting times ahead!" GARY LINEKER dropped the shock news that he is QUITTING Match of the Day. The popular presenter, 63, took over hosting duties on the flagship BBC programme from Des Lynam in 1999. But after more than 25 years in the studio hotseat, he has called time on his MOTD gig. But as part of a huge shake-up, the BBC is considering rotating the presenters on a weekly basis. So with Lineker vacating the chair, new names will step into his giant boots. But who could they be? MARK CHAPMAN Chapman, 51, is the obvious early favourite to follow on from Lineker as MOTD presenter. He already has the gig as MOTD2 host on a Sunday night plus landed the presenting job for the new BBC Champions League highlights show. ALEX SCOTT Scott gets the nod from the Beeb bosses when Lineker is away. The former right-back, 40, is used to presenting the Saturday night show as well as live match coverage - plus ticks the box as a former England international. GABBY LOGAN Like Scott, Logan, 51, is one of the understudies to step in when Lineker is not available. She has done most gigs since joining the BBC in 2007, including Olympics, Sports Personality of the Year and Final Score. MICAH RICHARDS Lineker's top pick to replace him is exuberant former Man City defender Richards. The departing host told his close pal, 36, on their Stick to Football podcast: "I'd love to see you take over Micah, I think you'd be brilliant in the chair." JASON MOHAMMAD Mohammad could earn the "promotion" from Final Score to Match of the Day. The 51-year-old Welshman - who took over from Logan in 2013 - is one of the BBC's top earners already and is more senior than fellow Final Score and BBC Sport broadcaster Kelly Somers, who could in theory become the main live host for the afternoon slot. JEFF STELLING He couldn't, could he? While Lineker has been the face of Saturday night TV for football fans for years, the face of the afternoons was Stelling in his role as Sky Sports' Soccer Saturday presenter. He would bring plenty of on-screen charisma, wit and legendary TV expertise - but at nearly 70 and currently with talkSPORT, the Hartlepool fan would not be a cheap or long-term appointment.