Central Garden & Pet Co. Q3 2024 Update

TL;DR

**CENTRAL GARDEN & PET CO: $2.2B sales YTD, fiscal year ends Sept 28. 10-Q filed.**

AI Summary

Central Garden & Pet Co. reported its Q3 2024 results, with net sales for the nine months ended June 29, 2024, reaching $2.2 billion. The company's fiscal year ends on September 28. This filing provides an update on their financial performance and operational status.

Why It Matters

This 10-Q filing provides investors with crucial financial data for Central Garden & Pet Co., impacting investment decisions and market perception.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing (10-Q) with no immediate red flags or significant negative news.

Key Numbers

• $2.2B — Net Sales (YTD) (Nine months ended June 29, 2024)
• 0928 — Fiscal Year End (Indicates when the company's annual financial reporting cycle concludes.)

Key Players & Entities

• CENTRAL GARDEN & PET CO (company) — Filer
• 20240629 (date) — End of reporting period
• 20240808 (date) — Filing date
• $2.2 billion (dollar_amount) — Net sales for nine months ended June 29, 2024
• 0928 (date) — Fiscal year end

FAQ

Filing Documents

• cent-20240629.htm (10-Q) — 1494KB
• q32024exhibit41.htm (EX-4.1) — 25KB
• q32024exhibit42.htm (EX-4.2) — 29KB
• q32024exhibit22.htm (EX-22) — 33KB
• q32024exhibit311.htm (EX-31.1) — 10KB
• q32024exhibit312.htm (EX-31.2) — 9KB
• q32024exhibit321.htm (EX-32.1) — 4KB
• q32024exhibit322.htm (EX-32.2) — 4KB
• cent-20240629_g1.jpg (GRAPHIC) — 99KB
• 0000887733-24-000023.txt ( ) — 7795KB
• cent-20240629.xsd (EX-101.SCH) — 29KB
• cent-20240629_cal.xml (EX-101.CAL) — 62KB
• cent-20240629_def.xml (EX-101.DEF) — 213KB
• cent-20240629_lab.xml (EX-101.LAB) — 507KB
• cent-20240629_pre.xml (EX-101.PRE) — 357KB
• cent-20240629_htm.xml (XML) — 1441KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited): Condensed Consolidated Balance Sheets as of June 29, 2024, June 24, 2023 and September 30, 2023 4 Condensed Consolidated Statements of Operations Three and Nine Months Ended June 29, 2024 and June 24, 2023 5 Condensed Consolidated Statements of Comprehensive Income Three and Nine Months Ended June 29, 2024 and June 24, 2023 6 Condensed Consolidated Statements of Cash Flows Nine Months Ended June 29, 2024 and June 24, 2023 7 Notes to Condensed Consolidated Financial Statements 8

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 22

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 36

Controls and Procedures

Item 4. Controls and Procedures 37

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 38

Risk Factors

Item 1A. Risk Factors 38

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 38

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 39

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 39

Other Information

Item 5. Other Information 39

Exhibits

Item 6. Exhibits 39 Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 This Form 10-Q includes "forward-looking statements." Forward-looking statements include statements concerning our plans, objectives, goals, strategies, future events, future revenues or performance, projected cost savings, capital expenditures, financing needs, plans or intentions relating to acquisitions, our competitive strengths and weaknesses, our business strategy and the trends we anticipate in the industries and markets in which we operate and other information that is not historical information. When used in this Form 10-Q, the words "estimates," "expects," "anticipates," "projects," "plans," "intends," "believes" and variations of such words or similar expressions are intended to identify forward-looking statements. All forward-looking statements, including, without limitation, our examination of historical operating trends, are based upon our current expectations and various assumptions. Our expectations, beliefs and projections are expressed in good faith, and we believe there is a reasonable basis for them, but we cannot assure you that our expectations, beliefs and projections will be realized. 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 Form 10-Q. Important factors that could cause our actual results to differ materially from the forward-looking statements we make in this Form 10-Q are set forth in the Form 10-K for the fiscal year ended September 30, 2023, including the factors described in the section entitled "Item 1A – Risk Factors." If any of these risks or uncertainties materializes, or if any of our underlying assumptions are incorrect, our actual results may differ significantly from the results that we express in, or imply by, any of our forward-looking statements. We do not undertake any obligation to revise these forward-look

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements CENTRAL GARDEN & PET COMPANY CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share amounts, unaudited) June 29, 2024 June 24, 2023 September 30, 2023 ASSETS Current assets: Cash and cash equivalents $ 570,398 $ 333,139 $ 488,730 Restricted cash 13,980 13,542 14,143 Accounts receivable (less allowance for credit losses and customer allowances of $ 24,838 , $ 29,245 and $ 25,797 ) 507,524 492,850 332,890 Inventories, net 784,775 865,496 838,188 Prepaid expenses and other 33,493 36,655 33,172 Total current assets 1,910,170 1,741,682 1,707,123 Plant, property and equipment, net 384,373 392,332 391,768 Goodwill 546,436 546,436 546,436 Other intangible assets, net 472,854 512,175 497,228 Operating lease right-of-use assets 188,506 172,379 173,540 Other assets 105,539 54,943 62,553 Total $ 3,607,878 $ 3,419,947 $ 3,378,648 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 191,041 $ 198,406 $ 190,902 Accrued expenses 276,751 247,517 216,241 Current lease liabilities 53,363 50,209 50,597 Current portion of long-term debt 290 255 247 Total current liabilities 521,445 496,387 457,987 Long-term debt 1,189,366 1,187,498 1,187,956 Long-term lease liabilities 151,038 132,419 135,621 Deferred income taxes and other long-term obligations 150,249 156,537 144,271 Equity: Common stock, $ 0.01 par value: 11,077,612 , 11,098,584 and 11,077,612 shares outstanding at June 29, 2024, June 24, 2023 and September 30, 2023 111 111 111 Class A common stock, $ 0.01 par value: 54,719,533 , 54,408,159 and 54,472,902 shares outstanding at June 29, 2024, June 24, 2023 and September 30, 2023 547 544 544 Class B stock, $ 0.01 par value: 1,602,374 shares outstanding at June 29, 2024, June 24, 2023 and September 30, 2023 16 16 16 Additional paid-in capital 595,646 588,597 594,282 Retained earnings 1,000,527 858,217 859,370 Accumulated other comprehensive loss ( 3,199 ) ( 1,955 ) ( 2,970 ) Total C

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